GlobeNewswire Inc | Sep 14, 2021 04:05PM EDT

September 14, 2021

Key Highlights

-- Record fourth quarter and fiscal year 2021 results -- Continued 100% retention of our top 20 clients for the fiscal year -- Over 3,200 seats expected to come online in the first half of fiscal year 2022 -- $57.8 million cash and cash equivalents at the end of fiscal year 2021 -- 2022 guidance for strong revenue and EBITDA growth

WASHINGTON, Sept. 14, 2021 (GLOBE NEWSWIRE) -- IBEX Limited(ibex), a leading global provider in business process outsourcing (BPO) and end-to-end customer engagement technology solutions, today announced financial results for the fourth quarter and fiscal year ended June 30, 2021.

I am so proud of what ibex has accomplished in fiscal year 2021 said Bob Dechant, CEO of ibex. We completed a record year with revenues of $443.7 million, approximately 10 percent organic growth, and adjusted EBITDA of $66.2 million, a 20 percent increase, despite an incredibly challenging COVID environment.

Dechant continued, In fiscal year 2016, we pivoted our business away from a commoditized voice-only business and shifted focus to the digital-first marketplace where we can fully leverage our differentiated capabilities. As a result of this shift, these new customers now represent $230 million, or 52%, of our current revenues, and have grown at a 5-year CAGR of 84% with an equally impressive 40% increase this past year. I am proud to announce that we have also retained 100% of our top 20 clients for the fiscal year, extending this achievement to four consecutive years which is further evidence of continued client confidence.

Additionally, to support our growth we added over 3,300 new seats a 34% increase to our high-margin nearshore and offshore footprint.With the business we won from new and existing clients in fiscal year 2021, we also established a revenue backlog of another 3,200 seats that are expected to launch in the first half of fiscal year 2022 to service this demand, which will bring our total footprint to over 21,000. More importantly, we are delivering these record margins while our regions are currently at 50% usable capacity due to social distancing restrictions in place; we estimate that this existing footprint would afford us additional revenue potential of $200 million annually in a pre-Pandemic operating environment.

Our balance sheet transformation is almost complete with a growing cash balance. With a high-performance, customer-first business model, the wind at our back, and high ROI opportunities in front of us, were positioned well for flexible and highly attractive capital allocation and superior compounded shareholder returns.

Fiscal Year 2021 Financial Highlights

Revenue

-- Revenue increased 9.5% to $443.7 million, compared to $405.1 million in the prior year.

Net Income / (loss)

-- Net income was $2.8 million, compared to net income of $7.8 million in the prior year. -- Net income margin decreased to 0.6%, compared to 1.9% in the prior year. -- Non-GAAP adjusted net income increased to $23.6 million, compared to $17.0 million in the prior year (see Exhibit 1 for reconciliation). -- Non-GAAP adjusted net income margin increased to 5.3%, compared to 4.2% in the prior year (see Exhibit 1 for reconciliation).

Adjusted EBITDA

-- Non-GAAP adjusted EBITDA increased to $66.2 million, compared to $55.2 million in the prior year (see Exhibit 2 for reconciliation). -- Non-GAAP adjusted EBITDA margin increased to 14.9%, compared to 13.6% in the prior year (see Exhibit 2 for reconciliation).

Earnings Per Share

-- IFRS basic and fully diluted earnings per share was $0.16 and $0.15, compared to IFRS basic and fully diluted earnings per share of $0.00 in the prior year.* -- Non-GAAP pro forma fully diluted adjusted earnings per share increased to $1.28, compared to $0.93 in the prior year (see Exhibit 1 for reconciliation).

Fourth Quarter 2021 Financial Highlights

Revenue

-- Revenue increased 7.9% to $108.9 million, compared to $100.9 million in the prior year quarter.

Net Income / (loss)

-- Net income was $4.0 million, compared to net loss of $3.8 million in the prior year quarter. -- Net income / (loss) margin increased to 3.7%, compared to (3.8)% in the prior year quarter. -- Non-GAAP adjusted net income increased to $5.8 million, compared to $3.1 million in the prior year quarter (see Exhibit 1 for reconciliation). -- Non-GAAP adjusted net income margin increased to 5.3%, compared to 3.0% in the prior year quarter (see Exhibit 1 for reconciliation).

Adjusted EBITDA

-- Non-GAAP adjusted EBITDA, increased to $15.9 million, compared to $13.9 million in the prior year quarter (see Exhibit 2 for reconciliation). -- Non-GAAP adjusted EBITDA margin increased to 14.6%, compared to 13.8% in the prior year quarter (see Exhibit 2 for reconciliation).

Earnings Per Share

-- IFRS basic and fully diluted earnings per share was $0.22 and $0.21, compared to IFRS basic and fully diluted earnings per share of $0.00 in the prior year quarter.* -- Non-GAAP pro forma fully diluted adjusted earnings per share increased to $0.31, compared to $0.16 in the prior year quarter (see Exhibit 1 for reconciliation).

* IFRS fully diluted earnings per share for the three and twelve months ended June 30, 2020 does not reflect the recapitalization that occurred in connection with ibexs August 7, 2020 initial public offering.

Balance Sheet

-- As of June 30, 2021, the Company had cash and cash equivalents of $57.8 million, total borrowings of $28.5 million, and lease liabilities of $84.0 million, compared to cash and cash equivalents of $21.9 million, total borrowings of $31.3 million, and lease liabilities of $74.7 million as of June 30, 2020.

Fiscal Year 2021 Business Highlights

-- Won 23 new clients, primarily Digital First companies in the Retail and E-Commerce, FinTech, and HealthTech verticals. -- Legacy top three client concentration decreased to 34.2% of revenue from 43.7% in the prior year, and exited the year at 28.2% in the fourth quarter. -- Added over 3,300 seats in high margin nearshore and offshore locations. -- Invested in our employees through $12.8 million of cost incurred, of which $8.3 million is considered non-recurring, as part of our employee COVID health and safety program, which includes private employee transportation, vaccine procurement, and COVID testing, as well as deep site cleaning. The investment in the program resulted in: 100% of IBEXs sites globally have remained operational throughout the pandemic with 100% of health audits passed.High vaccination rate across our regions including 95% and 70% employee vaccination rate in Pakistan and the Philippines, respectively.

Fiscal Year 2022 Business Outlook

-- Fiscal Year 2022 organic revenue growth of 7% to 9%. Revenue growth will accelerate beginning in the second quarter as we onboard new capacity in Q1. -- Adjusted EBITDA of $69.0 million to $71.0 million. -- Capex of $30.0 million to $35.0 million. We expect to return to significantly lower, normalized capex spend when social distancing restrictions subside.

Conference Call and Webcast InformationIBEX Limited will host a conference call and live webcast to discuss its fourth quarter and full fiscal year 2021 financial results at 4:30 p.m. Eastern Time today, September 14, 2021. To access the conference call, dial (833) 614-1408 for the U.S. or Canada, or for international callers (914) 987-7129 and provide conference ID 5259104. The webcast will be available live on the Investors section of ibex's website at: https://investors.ibex.co/.

An audio replay of the call will also be available to investors beginning at approximately 7:30 p.m. Eastern Time on September 14, 2021, until 7:30 p.m. Eastern Time on September 21, 2021, by dialing (855) 859-2056 for the U.S. or Canada, or for international callers, (404) 537-3406 and entering passcode 5259104. In addition, an archived webcast will be available on the Investors section of ibex's website at: https://investors.ibex.co/.

Financial InformationWhile the financial information included in this press release has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) applicable to financial statements for interim periods and full fiscal years, as applicable, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, Interim Financial Reporting or a financial statement as defined by International Accounting Standards 1 Presentation of Financial Statements. The financial information in this press release has not been audited. Our independent registered public accounting firm, BDO LLP, has not audited, reviewed, compiled, or performed any procedures with respect to our results for the fourth quarters presented herein.

Non-GAAP Financial MeasuresWe present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures depict the true performance of the business by encompassing only relevant and controllable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles.

ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable IFRS measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, fair value adjustments, and share-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on IFRS reported results for the guidance period.

About ibexibex helps the worlds preeminent brands more effectively engage their customers with services ranging from customer support, technical support, inbound/outbound sales, business intelligence and analytics, digital demand generation, and CX surveys and feedback analytics.

Forward Looking StatementsIn addition to historical information, this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as believe, may, will, estimate, continue, anticipate, intend, should, plan, expect, predict, potential, or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: developments relating to COVID-19; our ability to attract new business and retain key clients; our ability to enter into multi-year contracts with our clients at appropriate rates; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities; our ability to operate as an integrated company under the ibex brand; our ability to manage portions of our business that have long sales cycles and long implementation cycles that require significant resources and working capital; our ability to manage our international operations, particularly in Pakistan and the Philippines and increasingly in Jamaica and Nicaragua; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security; our ability to manage the inelasticity of our labor costs relative to short-term movements in client demand; our ability to realize the anticipated strategic and financial benefits of our relationship with Amazon; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands; our ability to maintain and enhance our reputation and brand; and other factors discussed under the heading Risk Factors in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on October 23, 2020 and any other risk factors we include in subsequent reports on Form 6-K. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

Media Contact: Brad Jones, Senior Director, PR & Communications, ibex, 720.643.8731, Brad.Jones@ibex.co

IR Contact: Daniel Bellehsen, Executive Vice President, Investor Relations & Corporate Development, ibex, Dan.Bellehsen@ibex.co

IBEX LimitedUnaudited Consolidated Statements of Financial Position

June30, June30,US$ in thousands 2021 2020 Assets Current assets Cash and cash equivalents $ 57,842 $ 21,870 Trade and other receivables 81,104 62,579 Due from related parties 1,755 1,587 Warrant asset 673 - Total current assets $ 141,374 $ 86,036 Non-current assets Property and equipment $ 106,703 $ 84,588 Goodwill 11,832 11,832 Other intangible assets 3,209 2,781 Warrant asset 1,420 2,611 Investment in joint venture 258 331 Deferred tax asset 4,252 2,223 Other assets 5,239 4,834 Total non-current assets $ 132,913 $ 109,200 Total assets $ 274,287 $ 195,236 Liabilities and equity Current liabilities Trade and other payables $ 54,863 $ 53,213 Deferred revenue 4,077 3,470 Lease liabilities 12,121 12,668 Borrowings 26,716 27,476 Due to related parties 4,275 5,739 Income tax payables 3,663 3,087 Total current liabilities $ 105,715 $ 105,653 Non-current liabilities Deferred revenue $ 3,010 $ 434 Lease liabilities 71,878 62,044 Borrowings 1,801 3,782 Deferred tax liability 86 117 Other non-current liabilities 11,138 7,058 Total non-current liabilities $ 87,913 $ 73,435 Total liabilities $ 193,628 $ 179,088 Equity attributable to owners of the parentShare capital $ 2 $ 12 Additional paid-in capital 158,157 96,207 Other reserves 33,180 29,456 Accumulated deficit (110,680 ) (109,527 )Total equity $ 80,659 $ 16,148 Total equity and liabilities $ 274,287 $ 195,236

IBEX LimitedUnaudited Consolidated Statements of Profit or Loss and Other Comprehensive Income / (Loss)

Three months ended June30, Year ended June30,US$ inthousands,except share 2021 2020 2021 2020 and per shareamountsRevenue $ 108,878 $ 100,880 $ 443,662 $ 405,135 Payroll and $ 73,189 $ 69,009 296,799 276,255 related costsShare-based $ 517 $ 478 4,521 359 paymentsResellercommission $ 2,973 $ 3,724 13,749 17,328 and leadexpensesDepreciationand $ 7,517 $ 6,012 28,197 24,472 amortizationFair valuemeasurement $ (446 ) $ 2,506 9,732 3,138 of sharewarrantsOtheroperating $ 19,154 $ 19,885 76,865 64,070 costsIncome /(loss) from $ 5,974 $ (734 ) $ 13,799 $ 19,513 operations Finance $ (2,111 ) $ (2,238 ) (9,034 ) (9,428 )expensesIncome /(loss) before $ 3,863 $ (2,972 ) $ 4,765 $ 10,085 taxation Income taxbenefit / $ 164 $ (833 ) (1,918 ) (2,315 )(expense)Net income / $ 4,027 $ (3,805 ) $ 2,847 $ 7,770 (loss) Othercomprehensive income /(loss)Item thatwill not besubsequently reclassifiedto profit orlossActuarialloss on $ (26 ) $ (184 ) $ (26 ) $ (184 )retirementbenefitsItems thatwill besubsequently reclassifiedto profit orlossForeigncurrency $ (108 ) $ (211 ) $ (122 ) $ (248 )translationadjustmentCash flowhedge - $ 44 $ (518 ) 202 (518 )changes infair value $ (90 ) $ (913 ) $ 54 $ (950 )Totalcomprehensive $ 3,937 $ (4,718 ) $ 2,901 $ 6,820 income /(loss) Earnings pershareattributableto the ordinaryequityholders ofthe parentBasic $ 0.22 $ - $ 0.16 $ - Diluted $ 0.21 $ - $ 0.15 $ - Weightedaverage sharesoutstandingBasic 18,172,372 1,176,370 17,649,446 1,176,370 Diluted 18,874,132 12,936,962 18,384,921 12,936,962

IBEX LimitedUnaudited Consolidated Statements of Cash Flows

Three months ended June30, Year ended June30,US$ in 2021 2020 2021 2020 thousandsCASH FLOWSFROM OPERATINGACTIVITIESIncome /(loss) $ 3,863 $ (2,972 ) $ 4,765 $ 10,085 beforetaxationAdjustmentsto reconcileincomebeforetaxation to net cashprovided byoperatingactivities:Depreciationand 7,517 6,012 28,197 24,472 amortizationAmortizationof warrant (160 ) 154 517 705 assetForeigncurrencytranslation (31 ) (444 ) 198 (195 )(gain) /lossFair valuemeasurement (446 ) 2,506 9,732 3,138 of sharewarrantsPhantomstock (62 ) 166 851 (31 )expenseShare-based 579 312 3,670 390 paymentsAllowancefor expected (45 ) 123 291 224 creditlossesShare ofprofit frominvestment (177 ) (119 ) (577 ) (533 )in jointventureLoss /(gain) on - 63 - (10 )disposal offixed assetsLoss /(gain) on 121 - (923 ) - leaseterminationsProvisionfor defined 34 (13 ) 228 121 benefitschemeImpairmentof - 777 - 777 intangiblesFinance 2,111 2,239 9,034 9,429 expenses(Increase) /Decrease intrade and (2,969 ) 888 (13,327 ) 9,042 otherreceivablesDecrease /(Increase)in 965 (35 ) (405 ) (1,435 )prepaymentsand otherassets(Decrease) /Increase intrade andother (4,698 ) 12,027 (1,655 ) 7,106 payables andotherliabilitiesCash inflowfrom 6,602 21,684 40,596 63,285 operationsInterest (2,111 ) (2,239 ) (9,034 ) (9,429 )paidIncome taxes (2,713 ) (1,379 ) (5,665 ) (2,137 )paidNet cashinflow from $ 1,778 $ 18,066 $ 25,897 $ 51,719 operatingactivities CASH FLOWSFROM INVESTINGACTIVITIESPurchase ofproperty and $ (4,763 ) $ (264 ) $ (19,360 ) $ (4,283 )equipmentPurchase ofother (189 ) (497 ) (1,463 ) (982 )intangibleassetsDividendreceived 277 121 650 430 from jointventureNet cashoutflow from $ (4,675 ) $ (640 ) $ (20,173 ) $ (4,835 )investingactivities CASH FLOWSFROM FINANCINGACTIVITIESProceedsfrom line of $ 24,767 $ 20,042 $ 116,026 $ 127,567 creditRepaymentsof line of (21,789 ) (24,633 ) (115,189 ) (142,118 )creditProceedsfrom - - 1,714 1,000 borrowingsRepayment of (1,757 ) (3,227 ) (11,080 ) (8,033 )borrowingsPayment ofrelated - - (1,614 ) - party loansNet proceedsfrom initial - - 63,107 - publicofferingPayment oflisting (22 ) - (1,074 ) - related costExercise of - - 28 - optionsPrincipalpayments on (2,845 ) (3,227 ) (17,489 ) (12,162 )leaseobligationsDividend - - (4,000 ) (121 )distributionNet cash(outflow) /inflow from $ (1,646 ) $ (11,045 ) $ 30,429 $ (33,867 )financingactivitiesEffects ofexchangeratedifference (167 ) 18 (181 ) (20 )on cash andcashequivalentsNet(decrease) /increase in $ (4,710 ) $ 6,399 $ 35,972 $ 12,997 cash andcashequivalentsCash andcashequivalents $ 62,552 $ 15,471 $ 21,870 $ 8,873 at beginningof theperiodCash andcashequivalents $ 57,842 $ 21,870 $ 57,842 $ 21,870 at end ofthe period

IBEX LimitedReconciliation of IFRS Financial Measures to Non-GAAP Financial Measures

EXHIBIT 1: Adjusted net income and pro forma adjusted earnings per share dilutedWe define Adjusted net income as net income / (loss) before the effect of the following items: non-recurring expenses (including litigation and settlement expenses, costs related to COVID-19, and expenses related to our initial public offering), amortization of warrant asset, foreign exchange gains or losses, fair value measurement of share warrants, share-based payments, gain or loss on disposal of fixed assets and/or lease terminations, and impairment of intangibles, as applicable, net of the tax effect of such adjustments. The following table provides a reconciliation of adjusted net income to our net income / (loss) for the periods presented:

Three months ended June30, Year ended June30, 2021 2020 2021 2020 US$ inthousands,except share Amount Per Share Amount Per Share Amount Per Share Amount Per Share and per shareamounts,unauditedNet income / $ 4,027 $ 0.22 $ (3,805 ) $ (0.29 ) (d) $ 2,847 $ 0.16 $ 7,770 $ 0.60 (d)(loss)Non-recurring 2,364 0.13 5,085 0.39 10,203 0.58 6,482 0.50 expensesAmortizationof warrant (160 ) (0.01 ) 154 0.01 517 0.03 705 0.05 assetForeigncurrency (31 ) (0.00 ) (444 ) (0.03 ) 198 0.01 (195 ) (0.02 ) translation(gain) / lossFair valuemeasurement (446 ) (0.02 ) 2,506 0.19 9,732 0.55 3,138 0.24 of sharewarrantsShare-based 517 0.03 478 0.04 4,521 0.26 359 0.03 payments^Loss / (gain)on disposal - - 63 0.00 - - (10 ) (0.00 ) of fixedassetsLoss / (gain)on lease 121 0.01 - - (923 ) (0.05 ) - - terminationsImpairment of - - 777 0.06 - - 777 0.06 intangiblesTotal $ 2,365 $ 0.13 $ 8,619 $ 0.67 $ 24,248 $ 1.37 $ 11,256 $ 0.87 adjustmentsTax impact ofadjustments^ (618 ) (0.03 ) (1,739 ) (0.13 ) (3,519 ) (0.20 ) (1,977 ) (0.15 ) (a)Adjusted netincome andadjusted $ 5,774 $ 0.32 $ 3,075 $ 0.24 $ 23,576 $ 1.34 $ 17,049 $ 1.32 earnings pershareAdjusted net 5.3 % 3.0 % 5.3 % 4.2 % income margin Weightedaverageshares 18,172,372 $ 0.32 12,936,962 $ 0.24 17,649,446 $ 1.34 12,936,962 $ 1.32 outstanding -dilutedDilutiveimpact ofshares issued - $ - 3,571,429 $ (0.04 ) - $ - 3,199,609 $ (0.23 ) on August 7,2020^(b)Dilutiveimpact ofpreferredshare - $ - 1,785,565 $ (0.02 ) - $ - 1,785,565 $ (0.13 ) conversion onAugust 7,2020^(b)Dilutiveimpact ofshare-basedcompensation 701,760 $ (0.01 ) 580,176 $ (0.01 ) 735,475 $ (0.05 ) 462,785 $ (0.03 ) and theAmazonwarrant^(b)Pro formaadjustedweightedaveragesharesoutstanding - 18,874,132 $ 0.31 18,874,132 $ 0.16 18,384,921 $ 1.28 18,384,921 $ 0.93 diluted andpro formaadjustedearnings pershare -diluted^(c)^ Includesphantom stock expense

(a) The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdiction.(b) Represents the dilutive impact of (i) an incremental 3,571,429 and 3,199,609 weighted average shares outstanding for the three and twelve months ended June 30, 2021, respectively, as a result of our initial public offering completed on August 7, 2020, (ii) an incremental 1,785,565 shares outstanding due to the conversion of preferred shares to common shares in connection with our initial public offering on August 7, 2020 and (iii) incremental weighted average shares outstanding resulting from vesting of awards under share-based compensation plans and vesting of the Amazon warrant, using the treasury stock method (as applicable) during the periods presented.(c) We provide pro forma adjusted earnings per share diluted to illustrate the impact on the calculation of adjusted earnings per share of taking into account the dilutive impact of the shares issued in our initial public offering on August 7, 2020, the dilutive impact of the preferred share conversion on August 7, 2020, and the dilutive impact related to vesting of awards under share-based compensation plans and the Amazon warrant on the calculation of weighted average shares outstanding diluted, resulting in pro forma adjusted weighted average shares outstanding diluted. We have used 18,874,132 and 18,384,921 shares, the pro forma adjusted weighted average shares outstanding diluted for the three and twelve months ended June 30, 2021, respectively, to calculate pro forma adjusted earnings per share diluted for the three and twelve months ended June 30, 2020. We believe that pro forma adjusted earnings per share diluted is useful information for investors because it enhances comparability between the current period and prior periods. This non-GAAP measure will be recalculated each reporting period based on the pro forma adjusted weighted average shares outstanding diluted for the latest reporting periods. Therefore, pro forma adjusted earnings per share diluted in future periods may differ from pro forma adjusted earnings per share diluted presented in prior periods. Pro forma adjusted earnings per share diluted may not be comparable to other similarly titled measures of other companies, has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB.(d) See Note 20 to our audited consolidated financial statements included in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on October 23, 2020 for additional information regarding the calculation of basic and diluted earnings / (loss) per share attributable to equity holders of the parent and weighted average shares outstanding basic and diluted. For the periods noted, the amount represents net income divided by the weighted average shares outstanding diluted for the period presented.

EXHIBIT 2: EBITDA and Adjusted EBITDAWe define EBITDA as net income / (loss) before the effect of the following items: finance expenses, income tax (benefit) / expense, and depreciation and amortization, as applicable. We define Adjusted EBITDA as EBITDA before the effect of the following items: non-recurring expenses (including litigation and settlement expenses, costs related to COVID-19, and expenses related to our initial public offering), amortization of warrant asset, foreign exchange gains or losses, fair value measurement of share warrants, share-based payments, gain or loss on disposal of fixed assets and/or lease terminations, and impairment of intangibles, as applicable.

Three months ended Year ended June30, June30,US$ inthousands, 2021 2020 2021 2020 unauditedNet income / $ 4,027 $ (3,805 ) $ 2,847 $ 7,770 (loss)Finance $ 2,111 $ 2,238 9,034 9,428 expensesIncome tax(benefit) / $ (164 ) $ 833 1,918 2,315 expenseDepreciationand $ 7,517 $ 6,012 28,197 24,472 amortizationEBITDA $ 13,491 $ 5,278 $ 41,996 $ 43,985 Non-recurring $ 2,364 $ 5,085 10,203 6,482 expensesAmortization of $ (160 ) $ 154 517 705 warrant assetForeigncurrency $ (31 ) $ (444 ) 198 (195 )translation(gain) / lossFair valuemeasurement of $ (446 ) $ 2,506 9,732 3,138 share warrantsShare-based $ 517 $ 478 4,521 359 payments^Loss / (gain)on disposal of $ - $ 63 - (10 )fixed assetsLoss / (gain)on lease $ 121 $ - (923 ) - terminationsImpairment of $ - $ 777 - 777 intangiblesAdjusted EBITDA $ 15,856 $ 13,897 $ 66,244 $ 55,241 Adjusted EBITDA 14.6 % 13.8 % 14.9 % 13.6 %margin^ Includesphantom stock expense

EXHIBIT 3: Free cash flowWe define free cash flow as net cash provided by operating activities less cash capital expenditures.

Three months ended Year ended June30, June30,US$ in thousands, 2021 2020 2021 2020unaudited Net cash provided by $ 1,778 $ 18,066 $ 25,897 $ 51,719operating activities Less: Cash capital expenditures 4,952 761 20,823 5,265Free cash flow^(1) $ (3,174 ) $ 17,305 $ 5,074 $ 46,454

(1)Excluded from free cash flow are the principal portion of right-of-use lease payments of $2,720 and $2,527 for the three months ended June 30, 2021 and 2020, respectively, and $10,783 and $9,146 for the years ended June 30, 2021 and 2020, respectively. We believe it is useful to consider these payments when analyzing free cash flow as these amounts directly relate to revenue generating assets used in operations.

EXHIBIT 4: Net debtWe define net debt as total debt (borrowings and leases) less cash and cash equivalents.

June30, June30,US$ in thousands, unaudited 2021 2020Borrowings Non-current $ 1,801 $ 3,782Current 26,716 27,476 $ 28,517 $ 31,258Leases Non-current 71,878 62,044Current 12,121 12,668 $ 83,999 $ 74,712Total debt $ 112,516 $ 105,970Cash and cash equivalents 57,842 21,870Net debt $ 54,674 $ 84,100