0001720420-24-000062 | 10-Q | XBRL Viewer

Fair Value

3 Months Ended

Sep. 30, 2024

FAIR VALUE

The fair value hierarchy prioritized the input to valuation techniques used to measure fair value. The hierarchy requires that the Company maximize the use of observable inputs and minimize the use of unobservable inputs. The levels of the fair value hierarchy are as follows:

Level 1: Quoted prices for identical instruments traded in active markets.

Level 2: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3: Unobservable inputs that cannot be supported by market activity and that are significant to the fair value of the asset, liability, or equity such as the use of certain pricing models, discounted cash flow models and similar techniques that use significant unobservable inputs.

The carrying value of our cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued payroll and employee-related liabilities, approximate fair value because of their short-term nature. The Company measures its debt at carrying value including accrued interest, which approximates fair value because of its short-term nature.

Derivatives designated as cash flow hedges

The values of our derivative instruments are derived from pricing models using inputs based upon market information, including contractual terms, market prices and yield curves. The inputs to the valuation pricing models are observable in the market, and as such the derivatives are classified as Level 2 in the fair value hierarchy.

Phantom stock awards

The Company uses the Black-Scholes option pricing model to value our phantom stock awards. All inputs to the model are derived from active market information for identical or similar instruments, including stock price, volatility, and interest rates. The inputs to the valuation pricing models are observable in the market, and as such the phantom stock awards are classified as Level 2 in the fair value hierarchy.

The following is a summary of the Company’s fair value measurements on a recurring basis as of September 30, 2024 and June 30, 2024:


As of September 30, 2024	Fair Value Measurements Using
($000s)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash flow hedge - foreign currency collars, net	$	—	$	218	$	—
Total assets	$	—	$	218	$	—

Liabilities
Phantom stock options	$	—	$	1,395	$	—
Total liabilities	$	—	$	1,395	$	—


As of June 30, 2024	Fair Value Measurements Using
($000s)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)




Liabilities
Cash flow hedge - foreign currency collars, net	$	—	$	335	$	—
Phantom stock options	—		1,014		—
Total liabilities	$	—	$	1,349	$	—

These balances are included in other current assets, accounts payable and accrued liabilities, and other non-current liabilities in the consolidated balance sheets.

There were no transfers between the different hierarchy levels during the three months ended September 30, 2024 and 2023

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Overview and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating segments	An operating segment is defined as a component of a company for which separate financial information is available and which is regularly evaluated by the chief operating decision maker (“CODM”) for the purpose of making decisions regarding resource allocation and performance assessment. The Company’s CODM is the chief executive officer (“CEO”). The Company’s CODM reviews consolidated financial results to make decisions, allocate resources and assess performance. Therefore, the Company has determined that it operates in a single operating and reportable segment.
Basis of presentation and principles of consolidation	The Company’s interim consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the financial results of all wholly-owned subsidiaries. When the Company does not have majority ownership in an entity but exerts significant influence over that entity, the Company accounts for the entity under the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. These unaudited consolidated financial statements and accompanying notes have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the “Annual Report”) as filed with the SEC. There have been no changes to the Company’s significant accounting policies described in the Annual Report that have had a material impact on the Company’s consolidated financial statements and related notes. In the opinion of the Company, these unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2024, its results of operations, comprehensive income, and shareholders’ equity for the three months ended September 30, 2024 and 2023, and cash flows for the three months ended September 30, 2024 and 2023. The consolidated balance sheet as of June 30, 2024 was derived from the audited annual financial statements included in the Annual Report.
Basis of presentation and principles of consolidation	The Company’s interim consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the financial results of all wholly-owned subsidiaries. When the Company does not have majority ownership in an entity but exerts significant influence over that entity, the Company accounts for the entity under the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. These unaudited consolidated financial statements and accompanying notes have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the “Annual Report”) as filed with the SEC. There have been no changes to the Company’s significant accounting policies described in the Annual Report that have had a material impact on the Company’s consolidated financial statements and related notes. In the opinion of the Company, these unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2024, its results of operations, comprehensive income, and shareholders’ equity for the three months ended September 30, 2024 and 2023, and cash flows for the three months ended September 30, 2024 and 2023. The consolidated balance sheet as of June 30, 2024 was derived from the audited annual financial statements included in the Annual Report.
Use of estimates	The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include useful lives for property and equipment; impairment of long-lived assets, operating lease assets and liabilities, goodwill, and other intangible assets; allowance for credit losses; valuation allowances for deferred tax assets and other receivables; fair value of share-based compensation, warrants, and derivatives, and legal provisions. The Company bases its estimates on historical experience and other assumptions it believes are reasonable, including the use of outside experts as necessary, and updates these estimates on an ongoing basis and as new events occur, more experience is acquired and/or more information is obtained. Actual results could differ materially from these estimates.
Revenue recognition	The Company recognizes revenues for services for which control has transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring the promised services. This process involves identifying the customer contract, determining the performance obligations in the contract, determining the transaction price, allocating the transaction price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it (a) provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and (b) is separately identified in the contract. The Company considers a performance obligation satisfied as it provides services to a customer, meaning the customer has the ability to direct the use and obtain the benefit of the service. Revenues from contact center services, which consist of customer service, technical support and other value-added outsourced back-office services, are recognized as the services are performed on the basis of the number of billable minutes or hours, contractual rates, and other contractually agreed metrics, if applicable. Certain of our client contracts include bonus and penalty provisions. Revenues related to training that occurs upon commencement of a new client contract or statement of work are deferred and recognized on a straight-line basis over the estimated life of the client program, as it is not considered to have a standalone value to the customer. The related expenses are expensed as incurred. Revenues are recognized over time as performance obligations are satisfied and in the period in which the Company has a right to invoice, net of discounts, incentives, and/or penalties as per contractual terms. Bonuses and penalties accrue for the current billing period and do not depend on future performance. In some cases, we may estimate these bonuses or penalties using the “most likely amount” method based on actual data and historical experience. Revenues from Digital services are recognized at a point in time upon the successful consumer activation or purchase of clients’ services. We utilize third parties in the satisfaction of this performance obligation; however, because we retain control over these third parties and are solely responsible for the risk and reward associated with this performance obligation, we have determined that we are the principal in these transactions and therefore recognize revenue on a gross basis. Revenues from CX software-as-a-service products are recognized over time based on the term of the subscription. Set-up fees to customize the customer experience solution for client’s specific needs are deferred and recognized on a straight-line basis over the term of the subscription. Revenues related to additional consulting services are recognized over the period as the related services are performed on a per hour basis. All of our contracts include the right to invoice for services on a monthly basis. None of our contracts include significant termination penalties, and generally may be terminated for convenience at any time with a short notice period (generally 30 to 120 days). The Company generally does not incur significant upfront costs to fulfill or obtain a contract that would qualify for capitalization under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers.
Trade receivables	In accordance with Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326), the Company estimates its credit losses using the lifetime expected credit loss model. The allowance for credit losses is calculated quarterly based on the Company’s historical loss percentages, net of recoveries. In addition to the evaluation of historical losses, the Company considers current and future economic conditions and events such as changes in customer credit quality and liquidity. The Company will write-off accounts receivable against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Concentration of credit risk	The Company is exposed to credit risk in the normal course of business, primarily related to accounts receivable and derivative instruments. Historically, the losses related to credit risk have been immaterial. The Company regularly monitors its credit risk to mitigate losses. The Company evaluates the creditworthiness of its clients prior to and throughout the life of the client relationship. The Company does not believe it is exposed to more than a nominal amount of credit risk in its derivative instruments as all of its counterparties are investment-grade financial institutions.
Property and equipment, net	Property and equipment and assets leased under financing leases are carried at cost at the acquisition date and are depreciated using the straight-line method over their estimated useful lives. Property and equipment assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is assessed by a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying value of the asset, an impairment loss is recognized to the extent its carrying value exceeds its estimated fair value.
Leases	The Company determines whether an arrangement contains a lease at inception in accordance with the provisions of ASC 842, Leases. Operating leases are included in operating lease assets and current and non-current operating lease liabilities, and assets leased under finance leases are included in property and equipment, net and current and long-term debt in the consolidated balance sheets. Operating lease assets represent the Company’s right to use an underlying asset for the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease expense is recognized on a straight-line basis over the lease term in cost of services or selling, general and administrative expense, as applicable. Interest on finance leases is included in interest expense in the consolidated statements of comprehensive income.
Contingencies	The Company is subject to claims and lawsuits filed in the ordinary course of business. Although management does not believe that any such proceedings will have a material adverse effect on its consolidated financial position, results of operations, or cash flows, no assurances to that effect can be given based on the uncertainty of litigation and demands of third parties. The Company records a liability for pending litigation and claims where losses are both probable and can be reasonably estimated. Legal fees are expensed as incurred.
Share-based compensation plans	The Company accounts for its share-based awards in accordance with provisions of ASC 718, Compensation - Stock Compensation. The Company calculates the fair value of option awards using the Black-Scholes model. For equity-classified awards, total compensation cost is based on the grant date fair value. For liability-classified awards, total compensation cost is based on the fair value of the award on the date the award is granted and is subsequently re-measured at each reporting date until settlement. The Company recognizes share-based compensation expense over the requisite vesting period using a graded vesting model. Awards to employees and directors may contain service, performance and/or market vesting conditions. For unvested awards with performance conditions, the Company assesses the probability of attaining the performance conditions at each reporting period. Awards that are deemed probable of attainment are recognized in expense over the requisite service period. The Company accounts for forfeitures as they occur.
Income taxes	Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are also recognized for the estimated future effects of tax loss carry forwards. The effect of changes in tax rates on deferred taxes is recognized in the period in which the enactment dates change. The Company records valuation allowances against its deferred tax assets based on whether it is more likely than not that the deferred tax assets will be realized.
Share repurchase programs	The Company’s board of directors (the “Board”) may authorize share repurchases of the Company’s common shares. Purchases made pursuant to these authorizations may be carried out through open market transactions, negotiated purchases or otherwise, at times and in such amounts as the Company deems appropriate. Shares repurchased under such authorizations are held in treasury for general corporate purposes, including issuances under various employee share-based award plans. When Company shares are repurchased, the amount of the consideration paid (including directly attributable costs, net of any tax effects) is recognized as a deduction of additional paid in capital. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity. When treasury shares are subsequently sold or reissued, the amount received is recognized as an increase in additional paid in capital, and any resulting surplus or deficit on the transaction is reclassified to accumulated deficit. The Board will review the repurchase program periodically and may authorize adjustment of its terms and size, and suspend or discontinue the program. The Company has funded and expects to fund future repurchases with its existing cash balance. The share repurchase programs do not obligate the Company to acquire any particular amount of common shares. See Note 11. “Stockholders’ Equity” for more information on share repurchases.
Cloud Computing Software Implementation Costs	The Company incurs costs to implement cloud computing arrangements that are hosted by a third-party vendor. In accordance with ASC 350-40, Goodwill and Other, Internal-Use Software, for cloud computing arrangements that meet the definition of a service contract, the Company capitalizes qualifying implementation costs incurred during the application development stage in other non-current assets. Capitalized costs are primarily comprised of third-party consulting fees, direct labor, and related expenses. Capitalization of these costs concludes once the project is substantially complete and the software is ready for the Company's intended use. Once available for its intended use, the capitalized costs will be amortized on a straight-line basis over the term of the associated hosting arrangement including periods covered by an option to extend, and are included in selling, general and administrative expenses in the consolidated statements of comprehensive income. Costs related to data conversion, overhead, general and administrative activities, maintenance, and training are expensed as incurred.
Emerging Growth Company	The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Accordingly, the Company has the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to non-emerging growth companies or (ii) within the same time periods as private companies pursuant to Section 13(a) of the Exchange Act. The Company has elected to use the extended transition period until we are no longer an emerging growth company or until we choose to opt out of the extended transition period affirmatively and irrevocably.
Recently Issued Accounting Pronouncements	In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments in ASU No. 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of the new guidance on the disclosures to our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign), and (3) the income tax expense or benefit from continuing operations (separated by federal, state and foreign). This update also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The amendments in ASU No. 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of the new guidance on the disclosures to our consolidated financial statements. In March 2024, the SEC issued its final climate disclosure rules, which require the disclosure of climate-related information in annual reports and registration statements. The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material. Disclosure requirements were set to begin phasing in for fiscal years beginning on or after January 1, 2025. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. We are currently evaluating the impact of the new rules on the disclosures to our consolidated financial statements.

Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash flow hedge - foreign currency collars, net	$ 0
Total assets	0
Liabilities
Cash flow hedge - foreign currency collars, net		$ 0
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Phantom stock options
Liabilities
Phantom stock options	0	0
Significant Other Observable Inputs (Level 2)
Assets
Cash flow hedge - foreign currency collars, net	218
Total assets	218
Liabilities
Cash flow hedge - foreign currency collars, net		335
Total liabilities	1,395	1,349
Significant Other Observable Inputs (Level 2) \| Phantom stock options
Liabilities
Phantom stock options	1,395	1,014
Significant Unobservable Inputs (Level 3)
Assets
Cash flow hedge - foreign currency collars, net	0
Total assets	0
Liabilities
Cash flow hedge - foreign currency collars, net		0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) \| Phantom stock options
Liabilities
Phantom stock options	$ 0	$ 0

Investment in Joint Venture - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ 415	$ 415	$ 385	$ 372
Lake Ball, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in joint venture	47.50%

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 7,531,000	$ 7,425,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,369,000	5,042,000
Noncash lease expense	3,326,000	3,225,000
Warrant contra revenue	0	287,000
Deferred income tax	(130,000)	244,000
Share-based compensation expense	670,000	848,000
Allowance of expected credit losses	83,000	11,000
Change in assets and liabilities:
Increase in accounts receivable	(7,649,000)	(3,792,000)
Increase in prepaid expenses and other current assets	(1,735,000)	(1,256,000)
Increase in accounts payable and accrued liabilities	4,574,000	206,000
Increase / (decrease) in deferred revenue	79,000	(372,000)
Decrease in operating lease liabilities	(3,356,000)	(3,184,000)
Net cash inflow from operating activities	7,762,000	8,684,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(3,630,000)	(2,052,000)
Net cash outflow from investing activities	(3,630,000)	(2,052,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit	60,000	37,000
Repayments of line of credit	(60,000)	(89,000)
Proceeds from the exercise of options	382,000	5,000
Principal payments on finance leases	(171,000)	(88,000)
Purchase of treasury shares	(4,807,000)	(1,832,000)
Net cash outflow from financing activities	(4,596,000)	(1,967,000)
Effects of exchange rate difference on cash and cash equivalents	49,000	(65,000)
Net (decrease) / increase in cash and cash equivalents	(415,000)	4,600,000
Cash and cash equivalents, beginning	62,720,000	57,429,000
Cash and cash equivalents, ending	62,305,000	62,029,000
Supplemental cash flow disclosures
Cash paid for interest	162,000	104,000
Cash paid for income taxes	3,383,000	1,086,000
Supplemental non-cash disclosures
Change in accounts payable related to fixed assets	$ 3,677,000
Change in accounts payable related to fixed assets		$ (115,000)

Subsequent Event	3 Months Ended
Subsequent Event	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT HSBC Credit Facilities U.S. Credit Agreement On October 29, 2024 (the “Effective Date”), the Company's subsidiaries, Ibex Global Solutions, Inc. ("Ibex US") and Digital Globe Services, LLC, as borrowers, together with the Company and Ibex Global Limited, as guarantors, and the other loan parties and guarantor parties party thereto from time to time, entered into a credit agreement with HSBC Bank USA, National Association ("HSBC U.S.") (the “U.S. Credit Agreement”), which provides for a $25 million secured revolving credit facility (the “U.S. Credit Facility”). The U.S. Credit Facility matures on the earlier of October 29, 2027 and the termination or maturity of the obligations under the UAE Credit Agreement. The U.S. Credit Agreement and the UAE Credit Agreement (as defined and described below) replaced the PNC Credit Facility. Borrowings under the U.S. Credit Facility bear interest at a per annum rate equal to term Secured Overnight Financing Rate ("SOFR") plus 2%, or equal to alternate base rate plus 1%. In addition: (i) a closing fee at 0.15% of the facility is payable at the time of accepting the U.S. Credit Agreement; and (ii) a commitment fee at 0.25% per annum will be payable by the Company on the non-utilized portion of the U.S. Credit Facility. The U.S. Credit Agreement includes certain financial covenants in respect of a total net leverage ratio and a fixed charge coverage ratio, and non-financial covenants, including, but not limited to, restrictions on incurring additional debt and liens, making certain restricted payments and investments and engaging in certain transactions with affiliates. The U.S. Credit Agreement contains events of default customary for facilities of this nature. Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the U.S. Credit Agreement, the lenders can declare any outstanding principal of the U.S. Credit Facility debt, together with accrued and unpaid interest, to be immediately due and payable and exercise other remedies. The U.S. Credit Facility is secured by substantially all of the assets of Ibex US and its wholly owned subsidiaries and guaranteed by the wholly owned U.S. subsidiaries of Ibex US, with an additional guaranty by the Company and Ibex Global Limited. UAE Credit Agreement On the Effective Date, the Company's subsidiary, Ibex Global FZ-LLC (the “UAE Company”) entered into: (i) a revolving loan agreement (committed) together with (ii) a facility offer letter (the “Facility Offer Letter”); (iii) a general terms and conditions applicable to corporate banking credit facilities; and (iv) a letter of deviation (collectively, the “UAE Credit Agreement”), in each case, with HSBC Bank Middle East Limited ("HSBC UAE”). The UAE Credit Agreement provides for a committed $50 million post shipment seller revolving loan credit facility (the “UAE Loan Facility”) and a $50,000 credit card facility (the “Commercial Card Facility” and collectively with the UAE Loan Facility, the “UAE Facilities”). The final repayment date for the UAE Credit Agreement is two years from the Effective Date. To secure the UAE Facilities, the Company provided an irrevocable and unconditional guarantee in favor of the Bank with respect to all monies and liabilities owing or incurred by the UAE Company to or in favor of the Bank. Borrowings under the UAE Loan Facility bear interest at a per annum rate equal to 3-month term SOFR plus 2%. In addition: (i) a processing fee at 0.15% of the UAE Facilities is payable at the time of accepting the Facility Offer Letter; and (ii) a commitment fee at 0.25% per annum will be payable by the UAE Company on the non-utilized portion of the UAE Loan Facility. The Commercial Card Facility is subject to HSBC UAE’s standard commercial card terms and conditions. The UAE Credit Agreement includes financial covenants in respect of a total net leverage ratio, and non-financial covenants, including, but not limited to, restrictions on disposal of assets and raising additional debt. The UAE Credit Agreement contains events of default customary for facilities of this nature. Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the UAE Credit Agreement, the Bank can declare any outstanding principal of the UAE Facilities debt, together with accrued and unpaid interest, to be immediately due and payable and exercise other remedies. Termination of the PNC Credit Facility On the Effective Date, the PNC Credit Facility and related agreements with PNC were terminated and the PNC Credit Facility was repaid in full. Upon repayment, all liens and collateral were released.

Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 1,982	$ 1,388
Effective income tax rate reconciliation, percent	20.80%	15.70%
Income tax holiday, aggregate dollar amount	$ 1,400	$ 1,400
Reduction in income tax expense (in dollars per share)	$ 0.08	$ 0.07

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Investment in Joint Venture (Tables)

3 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Summarized Financial Information for Joint Venture

The table below presents our investment in the joint venture:


	Three Months Ended September 30,
($000s)	2024		2023
Beginning balance	$	415	$	372
Dividends received	(97)		(257)
Share of profit	97		270
Ending balance	$	415	$	385

Weighted Average Share Counts

3 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Weighted Average Share Counts

WEIGHTED AVERAGE SHARE COUNTS

The following table sets forth the components of the computation from basic to diluted earnings per share for net income for the three months ended September 30, 2024 and 2023:


	Three Months Ended September 30,
(000s)	2024	2023
Shares used in basic earnings per share calculation	16,880	18,287
Effect of dilutive securities:
Employee share-based compensation	80	112
Warrant	530	499
Total effects of dilutive securities	610	611
Shares used in dilutive earnings per share calculation	17,490	18,898

Shares considered anti-dilutive using the treasury method	453	499

Accounts Receivable and Significant Client - Narrative (Details)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Client 1 \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of revenues	11.00%	12.00%

Share Based Compensation

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share Based Compensation

SHARE BASED COMPENSATION

The following tables summarize the components of share-based compensation expense recognized in the Company’s consolidated statements of comprehensive income, both by line item and by plan:


	Three Months Ended September 30,
($000s)	2024		2023
Cost of services	$	135	$	(103)
Selling, general and administrative	535		951
Total share-based compensation expense	$	670	$	848

	Three Months Ended September 30,
	2024		2023
Phantom Stock Plans	$	380	$	(449)
2020 Long term Incentive Plan	290		1,297
Total share-based compensation expense	$	670	$	848

As of September 30, 2024, there was $5.4 million of total unrecognized compensation expense related to non-vested share-based awards, which is expected to be recognized over a weighted-average period of 4.82 years.

Share Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Unrecognized compensation expense	$ 5.4
Weighted average period	4 years 9 months 25 days

Share Based Compensation (Tables)

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Components of Share-Based Compensation Expense

The following tables summarize the components of share-based compensation expense recognized in the Company’s consolidated statements of comprehensive income, both by line item and by plan:


	Three Months Ended September 30,
($000s)	2024		2023
Cost of services	$	135	$	(103)
Selling, general and administrative	535		951
Total share-based compensation expense	$	670	$	848

	Three Months Ended September 30,
	2024		2023
Phantom Stock Plans	$	380	$	(449)
2020 Long term Incentive Plan	290		1,297
Total share-based compensation expense	$	670	$	848

Leases (Tables)

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease Cost and Supplemental Cash Flow Information

The components of lease cost are as follows:


	Three Months Ended September 30,
($000s)	2024		2023
Operating lease cost:
Operating lease cost	$	4,870	$	4,886
Variable lease cost	733		781
Short-term lease cost	149		—
Total operating lease cost	$	5,752	$	5,667

Finance lease cost:
Amortization of right of use assets	$	221	$	100
Interest on lease liabilities	81		43
Total finance lease cost	$	302	$	143

The following table presents supplemental cash flow information related to leases:


	Three Months Ended September 30,
($000s)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	3,356	$	3,184
Operating cash flows paid for interest portion of finance leases	$	81	$	43
Financing cash flows paid for principal portion of finance leases	$	171	$	88

The following table presents supplemental noncash information related to leases:


	Three Months Ended September 30,
($000s)	2024		2023
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	2,694	$	49
Finance leases	$	140	$	110


	September 30,		June 30,
	2024		2024
Weighted average remaining lease term (in years)
Operating leases	4.9		5.1
Finance leases	2.1		2.2

Weighted average discount rate
Operating leases	10.5	%	10.5	%
Finance leases	22.3	%	22.3	%

Schedule of Assets and Liabilities, Leases

The following table presents supplemental balance sheet information related to leases:


	September 30,		June 30,
($000s)	2024		2024
Operating lease assets	$	58,806	$	59,145

Operating lease liabilities, current	12,395		12,051
Operating lease liabilities, non-current	52,832		53,441
Total operating lease liabilities	$	65,227	$	65,492

Finance lease assets, net	$	1,623	$	1,697

Finance lease liabilities, current	$	698	$	660
Finance lease liabilities, non-current	802		867
Total finance lease liabilities	$	1,500	$	1,527

Schedule of Operating Lease Maturity

The following table presents the maturities of our lease liabilities as of September 30, 2024:


($000s)	Operating Leases		Finance Leases
2025-remainder of year	$	13,381	$	724
2026	16,778		763
2027	16,490		366
2028	14,905		7
2029	12,563		—
Thereafter	10,892		—
Total undiscounted lease payments	85,009		1,860
Less: liability accretion	(19,782)		(360)
Total lease liabilities	$	65,227	$	1,500

Schedule of Finance Lease Maturity

The following table presents the maturities of our lease liabilities as of September 30, 2024:


($000s)	Operating Leases		Finance Leases
2025-remainder of year	$	13,381	$	724
2026	16,778		763
2027	16,490		366
2028	14,905		7
2029	12,563		—
Thereafter	10,892		—
Total undiscounted lease payments	85,009		1,860
Less: liability accretion	(19,782)		(360)
Total lease liabilities	$	65,227	$	1,500

Accounts Receivable and Significant Client

3 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Accounts Receivable and Significant Client

ACCOUNTS RECEIVABLE AND SIGNIFICANT CLIENT

Accounts receivable, net in the accompanying consolidated balance sheets, consists of the following:


	September 30,		June 30,
($000s)	2024		2024
Accounts receivable	$	106,198	$	98,438
Less: Allowance for credit losses	(155)		(72)
Accounts receivable, net	$	106,043	$	98,366

The Company will write-off accounts receivable against the allowance when it determines a balance is uncollectible. The Company did not have any write-offs for the three months ended September 30, 2024 and 2023.

Activity in the Company’s allowance for credit losses consists of the following:


	Three Months Ended September 30,
($000s)	2024		2023
Beginning balance	$	72	$	120
Provision for credit losses	83		11



Ending balance	$	155	$	131

Significant Client

During the three months ended September 30, 2024 and 2023, the Company had one client that contributed approximately 11% and 12% of total revenue, respectively.

To limit the Company’s credit risk with its clients, management regularly monitors the aging of customer receivables, maintains allowances for credit losses and may require prepayment for services from certain clients. Based on currently available information, management does not believe significant credit risk exists as of September 30, 2024.

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Leases [Abstract]
Operating lease assets	$ 58,806	$ 59,145
Operating lease liabilities, current	12,395	12,051
Operating lease liabilities, non-current	52,832	53,441
Total operating lease liabilities	65,227	65,492
Finance lease assets, net	1,623	1,697
Finance lease liabilities, current	698	660
Finance lease liabilities, non-current	802	867
Total lease liabilities	$ 1,500	$ 1,527

Investment in Joint Venture - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) In Equity Method Investment [Roll Forward]
Beginning balance	$ 415	$ 372
Dividends received	(97)	(257)
Share of profit	97	270
Ending balance	$ 415	$ 385

- Definition

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Overview and Summary of Significant Accounting Policies - (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of operating segments	1
Number of reportable segments	1
Capitalized cost \| $	$ 0.8	$ 0.4
Minimum
Restructuring Cost and Reserve [Line Items]
Notice period for contract termination	30 days
Maximum
Restructuring Cost and Reserve [Line Items]
Notice period for contract termination	120 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Narrative (Details)	Sep. 30, 2024
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease term of contract	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease term of contract	15 years

Derivatives (Tables)

3 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following tables show the notional amount and fair value of our foreign exchange cash flow hedging instruments as of September 30, 2024 and June 30, 2024:


Settlement date	Hedged currency	Foreign currency rate	Notional amount ($000s)		Fair Value ($000s)
Foreign currency option contracts - assets
October 8, 2024 through June 19, 2025	PHP	54.00 - 58.00	$	15,248
Fair value as of June 30, 2024					$	—
Fair value as of September 30, 2024					$	218


Settlement date	Hedged currency	Foreign currency rate	Notional amount ($000s)		Fair Value ($000s)
Foreign currency option contracts - liabilities
October 8, 2024 through June 19, 2025	PHP	54.00 - 58.00	$	15,248
Fair value as of June 30, 2024					$	335
Fair value as of September 30, 2024					$	—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Debt

3 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

DEBT

Debt consists of the following:


	September 30,		June 30,
($000s)	2024		2024
Debt
Finance leases	1,500		1,527
Total debt	$	1,500	$	1,527
Less: Current maturities of long-term debt and finance leases	(698)		(660)
Total long-term debt	$	802	$	867

As of September 30, 2024, the Company had $61.0 million of borrowing available under our $80 million revolving credit facility (as amended, the "PNC Credit Facility") with PNC Bank, N.A. ("PNC") based on eligible collateral.

The PNC Credit Facility contains certain financial, operating, and other covenants, including, among other things, covenants restricting additional borrowings, paying any dividends and making certain investments. The Company was in compliance with all debt covenants as of September 30, 2024.

Fair Value (Tables)

3 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements on a Recurring Basis

The following is a summary of the Company’s fair value measurements on a recurring basis as of September 30, 2024 and June 30, 2024:


As of September 30, 2024	Fair Value Measurements Using
($000s)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash flow hedge - foreign currency collars, net	$	—	$	218	$	—
Total assets	$	—	$	218	$	—

Liabilities
Phantom stock options	$	—	$	1,395	$	—
Total liabilities	$	—	$	1,395	$	—


As of June 30, 2024	Fair Value Measurements Using
($000s)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)




Liabilities
Cash flow hedge - foreign currency collars, net	$	—	$	335	$	—
Phantom stock options	—		1,014		—
Total liabilities	$	—	$	1,349	$	—

Derivatives - Fair Value Cash Flow Hedging (Details) - Foreign Exchange Contract $ in Thousands	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, notional amount	$ 15,248
Derivative liability, notional amount	15,248
Fair value, asset	218	$ 0
Fair value, liability	$ 0	$ 335
Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency rate	54.00
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency rate	58.00

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Related Party Transaction [Line Items]
Revenue	$ 129,717	$ 124,609
Accounts receivable	256		$ 192
Other non-current assets	9,491		8,822
Accounts payable	25		60
Related Party
Related Party Transaction [Line Items]
Revenue	10	$ 10
Accounts receivable	300		200
Other non-current assets	1,100		1,100
Accounts payable	$ 30		$ 100

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 7,531	$ 7,425

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
Statement of Financial Position [Abstract]
Common stock: par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock: shares authorized (in shares)	108,057,967	108,057,967
Common stock: shares outstanding (in shares)	16,765,381	17,017,476
Treasury stock at cost (in shares)	1,849,681	1,567,552

Warrant - Narrative (Details) - USD ($)	3 Months Ended
Warrant - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Nov. 13, 2017
Equity [Abstract]
Term of warrants outstanding				10 years
Number of shares called by warrants (in shares)				1,674,017
Percent of fully diluted equity represented				10.00%
Exercise price per share (in dollars per share)				$ 9.42
Number of warrants vested (in shares)			1,171,812
Vesting period				7 years 6 months
Warrant contra revenue	$ 0	$ 287,000

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Revenue	$ 129,717	$ 124,609
Cost of services (exclusive of depreciation and amortization presented separately below)	90,041	88,196
Selling, general and administrative	26,215	23,040
Depreciation and amortization	4,369	5,042
Total operating expenses	120,625	116,278
Income from operations	9,092	8,331
Interest income	583	586
Interest expense	(162)	(104)
Income before income taxes	9,513	8,813
Provision for income tax expense	(1,982)	(1,388)
Net income	7,531	7,425
Other comprehensive income
Foreign currency translation adjustments	1,388	(701)
Unrealized gain / (loss) on cash flow hedging instruments, net of tax	379	(194)
Total other comprehensive income / (loss)	1,767	(895)
Total comprehensive income	$ 9,298	$ 6,530
Net income per share
Basic (in dollars per share)	$ 0.45	$ 0.41
Diluted (in dollars per share)	$ 0.43	$ 0.39
Weighted average common shares outstanding
Basic (in shares)	16,880	18,287
Diluted (in shares)	17,490	18,898

Derivatives - Narrative (Details)	3 Months Ended
Derivatives - Narrative (Details)	Sep. 30, 2024	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Minimum \| Foreign Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Term of contract	3 months
Maximum \| Foreign Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Term of contract	12 months

Stockholders' Equity (Tables)

3 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component

The following table presents changes by component:


($000s)	Foreign Currency Translation Adjustment		Derivative Valuation		Defined Benefit Plan		Total
Balance as of June 30, 2023	$	(6,260)	$	(124)	$	72	$	(6,312)
Foreign currency translation	(701)		—		—		(701)
Unrealized losses on cash flow hedges	—		(235)		—		(235)
Reclassifications to earnings	—		41		—		41
Balance as of September 30, 2023	$	(6,961)	$	(318)	$	72	$	(7,207)


($000s)	Foreign Currency Translation Adjustment		Derivative Valuation		Defined Benefit Plan		Total
Balance as of June 30, 2024	$	(7,883)	$	(235)	$	205	$	(7,913)
Foreign currency translation	1,388		—		—		1,388
Unrealized gains on cash flow hedges	—		298		—		298
Reclassifications to earnings	—		81		—		81
Balance as of September 30, 2024	$	(6,495)	$	144	$	205	$	(6,146)

Revenue from Contracts with Customers - Revenue Disaggregated by Pattern of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 129,717	$ 124,609
Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue	120,938	115,338
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue	$ 8,779	$ 9,271

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Debt - Narrative (Details) - Revolving Credit Facility - Line of Credit $ in Millions	Sep. 30, 2024 USD ($)
Schedule of Debt [Line Items]
Borrowing available	$ 61.0
Maximum borrowing capacity	$ 80.0

Cover - shares	3 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38442
Entity Registrant Name	IBEX LIMITED
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	1717 Pennsylvania Avenue NW
Entity Address, Address Line Two	Suite 825
Entity Address, City or Town	Washington
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20006
City Area Code	202
Local Phone Number	580-6200
Title of 12(b) Security	Common shares, par value $0.0001
Trading Symbol	IBEX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,764,808
Amendment Flag	false
Entity Central Index Key	0001720420
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--06-30

Investment in Joint Venture

3 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Venture

INVESTMENT IN JOINT VENTURE

The Company has an investment in Lake Ball, LLC to procure and sell commercial leads for its customers. The Company’s ownership interest is 47.5% and is accounted for under the equity method. The Company’s investment of $0.4 million at September 30, 2024 and June 30, 2024, respectively, is included in other non-current assets in the consolidated balance sheets, while net earnings from the joint venture are included in selling, general and administrative expense in the consolidated statements of comprehensive income.

The table below presents our investment in the joint venture:


	Three Months Ended September 30,
($000s)	2024		2023
Beginning balance	$	415	$	372
Dividends received	(97)		(257)
Share of profit	97		270
Ending balance	$	415	$	385

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES In determining its interim provision for income taxes, the Company used an estimated annual effective tax rate, which is based on expected income before taxes, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the period in which they occur and can be a source of variability in the effective tax rate from quarter to quarter. The Company’s income tax provision includes the results of the Company’s U.S. operations and its various foreign operations including subsidiaries based in Canada, Jamaica, Nicaragua, Pakistan, Honduras, and the Philippines. Historically, the Company’s Bermuda-based companies are not subject to income tax as there is no corporate income tax in Bermuda. On December 27, 2023 the Bermuda Corporate Income Tax Act 2023 was passed which provides for a 15% corporate tax rate beginning on or after January 1, 2025 for companies with revenue in excess of 750 million Euros. The Company is evaluating the impact of this legislation, but it does not anticipate that it will have a material impact on the Company’s operations. The Company recorded a provision for income taxes of $2.0 million and $1.4 million in the three months ended September 30, 2024 and 2023, respectively. The effective tax rate was 20.8% and 15.7% for the three months ended September 30, 2024 and 2023, respectively. The changes in effective tax rates between these periods was primarily attributable to changes in revenue mix across our taxable jurisdictions and discrete items recorded during the prior year quarter. The difference between the effective tax rate applicable to the Company and the 21% U.S. federal statutory rate in the three months ended September 30, 2024 was primarily due to "Tax Holidays" in certain countries in which we operate and the distribution of taxable income in countries with differing tax rates. We have been granted Tax Holidays as an incentive to attract foreign investment by the governments of Nicaragua, Pakistan, Honduras, Jamaica, and certain qualifying locations in the Philippines. Generally, a Tax Holiday is an agreement between us and a foreign government under which we receive certain tax benefits in that country. The aggregate reduction in income tax expense due to the above Tax Holidays was $1.4 million for the three months ended September 30, 2024 and 2023, respectively. The aggregate reduction in income tax expense per diluted share was $0.08 and $0.07 for the three months ended September 30, 2024 and 2023. As of September 30, 2024, we had no unrecognized tax positions and do not expect changes to our uncertain tax positions within the next 12 months. In June 2024, a U.S. subsidiary received a letter from the Internal Revenue Services (“IRS”) requesting information for examination of the year ended June 30, 2022. While we believe that our tax positions are appropriate and in compliance with U.S. federal law, the final determination of any tax, audit, or related litigation could be materially different from our historical tax provisions and accruals. The specific areas of focus for the examination are not yet fully determined.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity - Changes in AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	$ 165,799	$ 149,964
Foreign currency translation	1,388	(701)
Unrealized gains (losses) on cash flow hedges	298	(235)
Reclassifications to earnings	81	41
Balance, end of period	171,091	156,039
Accumulated Other Comprehensive Income / (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(7,913)	(6,312)
Balance, end of period	(6,146)	(7,207)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(7,883)	(6,260)
Foreign currency translation	1,388	(701)
Balance, end of period	(6,495)	(6,961)
Derivative Valuation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	(235)	(124)
Unrealized gains (losses) on cash flow hedges	298	(235)
Reclassifications to earnings	81	41
Balance, end of period	144	(318)
Defined Benefit Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	205	72
Balance, end of period	$ 205	$ 72

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Overview and Summary of Significant Accounting Policies	3 Months Ended
Overview and Summary of Significant Accounting Policies	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview and Summary of Significant Accounting Policies	OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES OVERVIEW IBEX Limited (“IBEX” and together with its subsidiaries, the “Company,” “ibex,” “we,” “us,” or “our”) was incorporated on February 28, 2017 in Hamilton, Bermuda. Our registered office in Bermuda is Crawford House, 50 Cedar Avenue, Hamilton HM 11, Bermuda. We are a “controlled company” within the meaning of the rules of Nasdaq, with The Resource Group International Limited (“TRGI”) being our controlling shareholder. TRG Pakistan Limited holds a controlling interest in TRGI. On August 7, 2020, the Company was admitted to trade on the Nasdaq Global Market under the ticker symbol “IBEX.” The Company is an end-to-end provider of technology-enabled customer lifecycle experience (“CLX”) solutions. Through the Company’s integrated CLX platform, a comprehensive portfolio of solutions is offered to optimize customer acquisition, engagement, expansion and experience for clients. The Company leverages sophisticated technology and proprietary analytics, in combination with its global footprint and business process outsourcing expertise, to protect and enhance clients’ brands. Our Connect business lies at the core of our offerings and generates the majority of the Company’s revenue. This business unit delivers differentiated customer service (assisting our clients’ customers with information about our clients and their products or services), technical support (providing specialized teams to provide information, assistance and technical guidance to our clients’ customers on a specific product or service), revenue generation (upselling and cross selling) and other value-added outsourced back office services (finance and accounting, marketing support, sales operations, and human resources administration) to our clients. We deploy these capabilities through a true omni-channel customer experience ("CX") model, which integrates voice, email, chat, SMS, social media and other communication applications. In addition, our ibex Digital suite of solutions works with consumer-facing businesses to help them build, grow and scale technology-driven customer acquisition solutions, while helping drive digital transformation. We offer digital marketing, e-commerce technology, and platform solutions for our clients, helping them build new customer acquisition channels, increase acquired customers, and often do both at a reduced cost. We also have a small suite of what we call CX services which measures, monitors and manages our clients’ holistic customer experiences. Operating segments An operating segment is defined as a component of a company for which separate financial information is available and which is regularly evaluated by the chief operating decision maker (“CODM”) for the purpose of making decisions regarding resource allocation and performance assessment. The Company’s CODM is the chief executive officer (“CEO”). The Company’s CODM reviews consolidated financial results to make decisions, allocate resources and assess performance. Therefore, the Company has determined that it operates in a single operating and reportable segment. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The Company’s interim consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the financial results of all wholly-owned subsidiaries. When the Company does not have majority ownership in an entity but exerts significant influence over that entity, the Company accounts for the entity under the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. These unaudited consolidated financial statements and accompanying notes have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the “Annual Report”) as filed with the SEC. There have been no changes to the Company’s significant accounting policies described in the Annual Report that have had a material impact on the Company’s consolidated financial statements and related notes. In the opinion of the Company, these unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2024, its results of operations, comprehensive income, and shareholders’ equity for the three months ended September 30, 2024 and 2023, and cash flows for the three months ended September 30, 2024 and 2023. The consolidated balance sheet as of June 30, 2024 was derived from the audited annual financial statements included in the Annual Report. Use of estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include useful lives for property and equipment; impairment of long-lived assets, operating lease assets and liabilities, goodwill, and other intangible assets; allowance for credit losses; valuation allowances for deferred tax assets and other receivables; fair value of share-based compensation, warrants, and derivatives, and legal provisions. The Company bases its estimates on historical experience and other assumptions it believes are reasonable, including the use of outside experts as necessary, and updates these estimates on an ongoing basis and as new events occur, more experience is acquired and/or more information is obtained. Actual results could differ materially from these estimates. Revenue recognition The Company recognizes revenues for services for which control has transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring the promised services. This process involves identifying the customer contract, determining the performance obligations in the contract, determining the transaction price, allocating the transaction price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it (a) provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and (b) is separately identified in the contract. The Company considers a performance obligation satisfied as it provides services to a customer, meaning the customer has the ability to direct the use and obtain the benefit of the service. Revenues from contact center services, which consist of customer service, technical support and other value-added outsourced back-office services, are recognized as the services are performed on the basis of the number of billable minutes or hours, contractual rates, and other contractually agreed metrics, if applicable. Certain of our client contracts include bonus and penalty provisions. Revenues related to training that occurs upon commencement of a new client contract or statement of work are deferred and recognized on a straight-line basis over the estimated life of the client program, as it is not considered to have a standalone value to the customer. The related expenses are expensed as incurred. Revenues are recognized over time as performance obligations are satisfied and in the period in which the Company has a right to invoice, net of discounts, incentives, and/or penalties as per contractual terms. Bonuses and penalties accrue for the current billing period and do not depend on future performance. In some cases, we may estimate these bonuses or penalties using the “most likely amount” method based on actual data and historical experience. Revenues from Digital services are recognized at a point in time upon the successful consumer activation or purchase of clients’ services. We utilize third parties in the satisfaction of this performance obligation; however, because we retain control over these third parties and are solely responsible for the risk and reward associated with this performance obligation, we have determined that we are the principal in these transactions and therefore recognize revenue on a gross basis. Revenues from CX software-as-a-service products are recognized over time based on the term of the subscription. Set-up fees to customize the customer experience solution for client’s specific needs are deferred and recognized on a straight-line basis over the term of the subscription. Revenues related to additional consulting services are recognized over the period as the related services are performed on a per hour basis. All of our contracts include the right to invoice for services on a monthly basis. None of our contracts include significant termination penalties, and generally may be terminated for convenience at any time with a short notice period (generally 30 to 120 days). The Company generally does not incur significant upfront costs to fulfill or obtain a contract that would qualify for capitalization under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers. Trade receivables In accordance with Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326), the Company estimates its credit losses using the lifetime expected credit loss model. The allowance for credit losses is calculated quarterly based on the Company’s historical loss percentages, net of recoveries. In addition to the evaluation of historical losses, the Company considers current and future economic conditions and events such as changes in customer credit quality and liquidity. The Company will write-off accounts receivable against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Concentration of credit risk The Company is exposed to credit risk in the normal course of business, primarily related to accounts receivable and derivative instruments. Historically, the losses related to credit risk have been immaterial. The Company regularly monitors its credit risk to mitigate losses. The Company evaluates the creditworthiness of its clients prior to and throughout the life of the client relationship. The Company does not believe it is exposed to more than a nominal amount of credit risk in its derivative instruments as all of its counterparties are investment-grade financial institutions. Property and equipment, net Property and equipment and assets leased under financing leases are carried at cost at the acquisition date and are depreciated using the straight-line method over their estimated useful lives. Property and equipment assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is assessed by a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying value of the asset, an impairment loss is recognized to the extent its carrying value exceeds its estimated fair value. Leases The Company determines whether an arrangement contains a lease at inception in accordance with the provisions of ASC 842, Leases. Operating leases are included in operating lease assets and current and non-current operating lease liabilities, and assets leased under finance leases are included in property and equipment, net and current and long-term debt in the consolidated balance sheets. Operating lease assets represent the Company’s right to use an underlying asset for the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease expense is recognized on a straight-line basis over the lease term in cost of services or selling, general and administrative expense, as applicable. Interest on finance leases is included in interest expense in the consolidated statements of comprehensive income. Contingencies The Company is subject to claims and lawsuits filed in the ordinary course of business. Although management does not believe that any such proceedings will have a material adverse effect on its consolidated financial position, results of operations, or cash flows, no assurances to that effect can be given based on the uncertainty of litigation and demands of third parties. The Company records a liability for pending litigation and claims where losses are both probable and can be reasonably estimated. Legal fees are expensed as incurred. Share-based compensation plans The Company accounts for its share-based awards in accordance with provisions of ASC 718, Compensation - Stock Compensation. The Company calculates the fair value of option awards using the Black-Scholes model. For equity-classified awards, total compensation cost is based on the grant date fair value. For liability-classified awards, total compensation cost is based on the fair value of the award on the date the award is granted and is subsequently re-measured at each reporting date until settlement. The Company recognizes share-based compensation expense over the requisite vesting period using a graded vesting model. Awards to employees and directors may contain service, performance and/or market vesting conditions. For unvested awards with performance conditions, the Company assesses the probability of attaining the performance conditions at each reporting period. Awards that are deemed probable of attainment are recognized in expense over the requisite service period. The Company accounts for forfeitures as they occur. Income taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are also recognized for the estimated future effects of tax loss carry forwards. The effect of changes in tax rates on deferred taxes is recognized in the period in which the enactment dates change. The Company records valuation allowances against its deferred tax assets based on whether it is more likely than not that the deferred tax assets will be realized. Share repurchase programs The Company’s board of directors (the “Board”) may authorize share repurchases of the Company’s common shares. Purchases made pursuant to these authorizations may be carried out through open market transactions, negotiated purchases or otherwise, at times and in such amounts as the Company deems appropriate. Shares repurchased under such authorizations are held in treasury for general corporate purposes, including issuances under various employee share-based award plans. When Company shares are repurchased, the amount of the consideration paid (including directly attributable costs, net of any tax effects) is recognized as a deduction of additional paid in capital. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity. When treasury shares are subsequently sold or reissued, the amount received is recognized as an increase in additional paid in capital, and any resulting surplus or deficit on the transaction is reclassified to accumulated deficit. The Board will review the repurchase program periodically and may authorize adjustment of its terms and size, and suspend or discontinue the program. The Company has funded and expects to fund future repurchases with its existing cash balance. The share repurchase programs do not obligate the Company to acquire any particular amount of common shares. See Note 11. “Stockholders’ Equity” for more information on share repurchases. Cloud Computing Software Implementation Costs The Company incurs costs to implement cloud computing arrangements that are hosted by a third-party vendor. In accordance with ASC 350-40, Goodwill and Other, Internal-Use Software, for cloud computing arrangements that meet the definition of a service contract, the Company capitalizes qualifying implementation costs incurred during the application development stage in other non-current assets. Capitalized costs are primarily comprised of third-party consulting fees, direct labor, and related expenses. Capitalization of these costs concludes once the project is substantially complete and the software is ready for the Company's intended use. Once available for its intended use, the capitalized costs will be amortized on a straight-line basis over the term of the associated hosting arrangement including periods covered by an option to extend, and are included in selling, general and administrative expenses in the consolidated statements of comprehensive income. Costs related to data conversion, overhead, general and administrative activities, maintenance, and training are expensed as incurred. The Company capitalized $0.8 million and $0.4 million during the three months ended September 30, 2024 and 2023, respectively. Emerging Growth Company The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Accordingly, the Company has the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to non-emerging growth companies or (ii) within the same time periods as private companies pursuant to Section 13(a) of the Exchange Act. The Company has elected to use the extended transition period until we are no longer an emerging growth company or until we choose to opt out of the extended transition period affirmatively and irrevocably. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments in ASU No. 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of the new guidance on the disclosures to our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign), and (3) the income tax expense or benefit from continuing operations (separated by federal, state and foreign). This update also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The amendments in ASU No. 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of the new guidance on the disclosures to our consolidated financial statements. In March 2024, the SEC issued its final climate disclosure rules, which require the disclosure of climate-related information in annual reports and registration statements. The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material. Disclosure requirements were set to begin phasing in for fiscal years beginning on or after January 1, 2025. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. We are currently evaluating the impact of the new rules on the disclosures to our consolidated financial statements.

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Debt Disclosure [Abstract]
Finance leases	$ 1,500	$ 1,527
Total debt	1,500	1,527
Less: Current maturities of long-term debt and finance leases	(698)	(660)
Total long-term debt	$ 802	$ 867

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	May 01, 2024
Equity [Abstract]
Share repurchase program, authorized amount			$ 30,000
Share repurchase program, remaining authorized amount	$ 22,200
Shares repurchased (in shares)	282,129	134,524
Purchase of treasury shares	$ 4,678	$ 2,044

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 3,356	$ 3,184
Operating cash flows paid for interest portion of finance leases	81	43
Financing cash flows paid for principal portion of finance leases	171	88
Right-of-use assets obtained in exchange for lease obligations
Operating leases	2,694	49
Finance leases	$ 140	$ 110
Weighted average remaining lease term (in years)
Operating leases	4 years 10 months 24 days		5 years 1 month 6 days
Finance leases	2 years 1 month 6 days		2 years 2 months 12 days
Weighted average discount rate
Operating leases	10.50%		10.50%
Finance leases	22.30%		22.30%

Revenue from Contracts with Customers - Breakdown of Revenues by Geographical Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 129,717	$ 124,609
United States
Disaggregation of Revenue [Line Items]
Revenue	124,648	121,184
Other countries
Disaggregation of Revenue [Line Items]
Revenue	5,069	3,425
Onshore (United States)
Disaggregation of Revenue [Line Items]
Revenue	31,099	31,536
Offshore (Philippines, Pakistan)
Disaggregation of Revenue [Line Items]
Revenue	64,436	57,359
Nearshore (Jamaica, Nicaragua, Honduras)
Disaggregation of Revenue [Line Items]
Revenue	$ 34,182	$ 35,714

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Weighted Average Share Counts (Tables)

3 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Components of Computation from Basic to Diluted Earnings Per Share

The following table sets forth the components of the computation from basic to diluted earnings per share for net income for the three months ended September 30, 2024 and 2023:


	Three Months Ended September 30,
(000s)	2024	2023
Shares used in basic earnings per share calculation	16,880	18,287
Effect of dilutive securities:
Employee share-based compensation	80	112
Warrant	530	499
Total effects of dilutive securities	610	611
Shares used in dilutive earnings per share calculation	17,490	18,898

Shares considered anti-dilutive using the treasury method	453	499

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Current assets
Cash and cash equivalents	$ 62,305	$ 62,720
Accounts receivable, net	106,043	98,366
Prepaid expenses	8,202	7,712
Due from related parties	256	192
Tax advances and receivables	10,153	9,080
Other current assets	1,571	1,888
Total current assets	188,530	179,958
Non-current assets
Property and equipment, net	33,202	29,862
Operating lease assets	58,806	59,145
Goodwill	11,832	11,832
Deferred tax asset, net	4,414	4,285
Other non-current assets	9,491	8,822
Total non-current assets	117,745	113,946
Total assets	306,275	293,904
Current liabilities
Accounts payable and accrued liabilities	19,797	16,719
Accrued payroll and employee-related liabilities	34,095	30,674
Current deferred revenue	4,873	4,749
Current operating lease liabilities	12,395	12,051
Current maturities of long-term debt	698	660
Due to related parties	25	60
Income taxes payable	5,889	6,083
Total current liabilities	77,772	70,996
Non-current liabilities
Non-current deferred revenue	1,083	1,128
Non-current operating lease liabilities	52,832	53,441
Long-term debt	802	867
Other non-current liabilities	2,695	1,673
Total non-current liabilities	57,412	57,109
Total liabilities	135,184	128,105
Stockholders' equity
Common stock: par value $0.0001, 108,057,967 shares authorized, 16,765,381 and 17,017,476 shares outstanding as of September 30, 2024 and June 30, 2024, respectively	2	2
Additional paid-in capital	210,872	210,200
Treasury stock at cost: 1,849,681 and 1,567,552 shares as of September 30, 2024 and June 30, 2024, respectively	(30,045)	(25,367)
Accumulated other comprehensive loss	(6,146)	(7,913)
Accumulated deficit	(3,592)	(11,123)
Total stockholders' equity	171,091	165,799
Total liabilities and stockholders' equity	$ 306,275	$ 293,904

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 4,870	$ 4,886
Variable lease cost	733	781
Short-term lease cost	149	0
Total operating lease cost	5,752	5,667
Amortization of right of use assets	221	100
Interest on lease liabilities	81	43
Total finance lease cost	$ 302	$ 143

Revenue from Contracts with Customers - Movement in Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 5,877	$ 7,796
Revenue recognized	(2,161)	(2,672)
Revenue deferred	2,240	2,300
Ending balance	$ 5,956	$ 7,424

Leases - Maturities of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Operating  Leases
2025-remainder of year	$ 13,381
2026	16,778
2027	16,490
2028	14,905
2029	12,563
Thereafter	10,892
Total undiscounted lease payments	85,009
Less: liability accretion	(19,782)
Total lease liabilities	65,227	$ 65,492
Finance  Leases
2025-remainder of year	724
2026	763
2027	366
2028	7
2029	0
Thereafter	0
Total undiscounted lease payments	1,860
Less: liability accretion	(360)
Total lease liabilities	$ 1,500	$ 1,527

Warrant	3 Months Ended
Warrant	Sep. 30, 2024
Equity [Abstract]
Warrant	WARRANT On November 13, 2017, and as subsequently amended, the Company issued to Amazon.com NV Investment Holdings LLC, a subsidiary of Amazon.com, Inc. (“Amazon”), a 10-year warrant to acquire approximately 1,674,017 common shares (the "warrant shares"), representing 10.0% of our equity on a fully diluted basis at the time of the warrant’s issuance. The warrant is exercisable at a price per share of $9.42. The warrant provides for net share settlement, that if elected by the holder, will reduce the number of shares issued upon exercise to reflect the net settlement of the exercise price. The warrant is classified as an equity instrument in accordance with ASU No. 2019-08, which was adopted retroactively on July 1, 2020. The Company determined the grant date fair value of the warrant using the Black-Scholes option pricing model. A total of 1,171,812 warrant shares vested on the satisfaction of specified milestones tied to Amazon’s purchase of services from the Company during a seven-and-a-half-year period ended on June 30, 2024. Amazon is entitled to customary shelf and piggy-back registration rights with respect to the shares issued upon exercise of the warrant. Amazon may not transfer the warrant except to a wholly-owned subsidiary of Amazon. To date, the warrant has not been exercised, expired or cancelled. The Company did not record any warrant contra revenue during the three months ended September 30, 2024, and approximately $0.3 million during the three months ended September 30, 2023.

Share Based Compensation - Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 670	$ 848
Phantom Stock Plans
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	380	(449)
2020 Long term Incentive Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	290	1,297
Cost of services
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	135	(103)
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 535	$ 951

Weighted Average Share Counts (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Shares used in basic earnings per share calculation (in shares)	16,880	18,287
Effect of dilutive securities:
Employee share-based compensation (in shares)	80	112
Warrant (in shares)	530	499
Total effects of dilutive securities (in shares)	610	611
Shares used in dilutive earnings per share calculation (in shares)	17,490	18,898
Shares considered anti-dilutive using the treasury method (in shares)	453	499

Accounts Receivable and Significant Client (Tables)

3 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net in the accompanying consolidated balance sheets, consists of the following:


	September 30,		June 30,
($000s)	2024		2024
Accounts receivable	$	106,198	$	98,438
Less: Allowance for credit losses	(155)		(72)
Accounts receivable, net	$	106,043	$	98,366

Schedule of Activity in Allowance for Credit Losses

Activity in the Company’s allowance for credit losses consists of the following:


	Three Months Ended September 30,
($000s)	2024		2023
Beginning balance	$	72	$	120
Provision for credit losses	83		11



Ending balance	$	155	$	131

Accounts Receivable and Significant Client - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023
Receivables [Abstract]
Accounts receivable	$ 106,198	$ 98,438
Less: Allowance for credit losses	(155)	(72)	$ (131)	$ (120)
Accounts receivable, net	$ 106,043	$ 98,366

Accounts Receivable and Significant Client - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 72	$ 120
Provision for credit losses	83	11
Ending balance	$ 155	$ 131

Revenue from Contracts with Customers

3 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

REVENUE FROM CONTRACTS WITH CUSTOMERS

The majority of the Company’s revenues are derived from contracts with customers who are located in the United States of America (the “United States” or “U.S.”). However, the Company delivers most of its services from regional customer experience delivery centers that are located in geographies outside of the United States. Our global delivery model is built on regional customer experience delivery centers and includes a unique ability to support work-at-home capabilities in any region that we currently operate.

The Company generated its revenue from clients based in the United States and other countries as shown below:


	Three Months Ended September 30,
($000s)	2024		2023
Revenue
United States	$	124,648	$	121,184
Other countries	5,069		3,425
Total	$	129,717	$	124,609

The following table presents the breakdown of the Company’s revenues by geographical location, based on where the services are provided:


	Three Months Ended September 30,
($000s)	2024		2023
Revenue
Onshore (United States)	$	31,099	$	31,536
Offshore (Philippines, Pakistan)	64,436		57,359
Nearshore (Jamaica, Nicaragua, Honduras)	34,182		35,714
Total	$	129,717	$	124,609

The following table presents the breakdown of the Company’s revenue by pattern of revenue recognition:


	Three Months Ended September 30,
($000s)	2024		2023
Pattern of Revenue recognition
Services transferred over time	$	120,938	$	115,338
Services transferred at a point in time	8,779		9,271
Total	$	129,717	$	124,609

The movement in deferred revenue was as follows:


	Three Months Ended September 30,
($000s)	2024		2023
Beginning balance	$	5,877	$	7,796
Revenue recognized	(2,161)		(2,672)
Revenue deferred	2,240		2,300
Ending balance	$	5,956	$	7,424

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

Subsequent Event (Details) - USD ($)	Oct. 29, 2024	Sep. 30, 2024
Revolving Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 80,000,000
Revolving Credit Facility \| US Credit Facility \| Secured Debt \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 25,000,000
Closing fee percentage	0.15%
Commitment fee percentage	0.25%
Revolving Credit Facility \| US Credit Facility \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	2.00%
Revolving Credit Facility \| US Credit Facility \| Secured Debt \| Base Rate \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility \| UAE Loan Facility \| Line of Credit \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 50,000,000
Commitment fee percentage	0.25%
Debt instrument, repayment date measurement period (in years)	2 years
Processing fee percentage	0.15%
Revolving Credit Facility \| UAE Loan Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	2.00%
Credit Card Facility \| Commercial Card Facility \| Line of Credit \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 50,000

Revenue from Contracts with Customers (Tables)

3 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Breakdown of Revenues by Geographical Location

The Company generated its revenue from clients based in the United States and other countries as shown below:


	Three Months Ended September 30,
($000s)	2024		2023
Revenue
United States	$	124,648	$	121,184
Other countries	5,069		3,425
Total	$	129,717	$	124,609

The following table presents the breakdown of the Company’s revenues by geographical location, based on where the services are provided:


	Three Months Ended September 30,
($000s)	2024		2023
Revenue
Onshore (United States)	$	31,099	$	31,536
Offshore (Philippines, Pakistan)	64,436		57,359
Nearshore (Jamaica, Nicaragua, Honduras)	34,182		35,714
Total	$	129,717	$	124,609

Schedule of Revenue Disaggregated by Pattern of Revenue Recognition

The following table presents the breakdown of the Company’s revenue by pattern of revenue recognition:


	Three Months Ended September 30,
($000s)	2024		2023
Pattern of Revenue recognition
Services transferred over time	$	120,938	$	115,338
Services transferred at a point in time	8,779		9,271
Total	$	129,717	$	124,609

Schedule of Movement in Deferred Revenue

The movement in deferred revenue was as follows:


	Three Months Ended September 30,
($000s)	2024		2023
Beginning balance	$	5,877	$	7,796
Revenue recognized	(2,161)		(2,672)
Revenue deferred	2,240		2,300
Ending balance	$	5,956	$	7,424

Related Party Transactions	3 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONSThe Company has agreements with multiple companies under the control of our controlling shareholder, TRGI, and with companies which have common directors with us, in the normal course of business. These transactions were executed on mutually agreed terms and include contact center services, back office support services and an office lease. During the three months ended September 30, 2024 and 2023, the Company recognized revenue of $0.01 million and $0.01 million, respectively, with these related parties. As of September 30, 2024 and June 30, 2024, the Company had accounts receivable of $0.3 million and $0.2 million, respectively, other non-current assets of $1.1 million and $1.1 million, respectively, and accounts payable of $0.03 million and $0.1 million, respectively, with these related parties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Debt (Tables)

3 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt consists of the following:


	September 30,		June 30,
($000s)	2024		2024
Debt
Finance leases	1,500		1,527
Total debt	$	1,500	$	1,527
Less: Current maturities of long-term debt and finance leases	(698)		(660)
Total long-term debt	$	802	$	867

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Common shares	Treasury Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income / (Loss)	Accumulated Deficit
Balance, beginning of period (in shares) at Jun. 30, 2023		18,280,000
Balance, beginning of period at Jun. 30, 2023	$ 149,964	$ 2	$ (3,682)	$ 204,734	$ (6,312)	$ (44,778)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,425					7,425
Foreign currency translation adjustments	(701)				(701)
Changes in fair value of cash flow hedges	$ (194)				(194)
Purchase of treasury shares (in shares)	(134,524)	(134,000)
Purchase of treasury shares	$ (2,044)		(2,044)
Provision for common stock warrants	287			287
Issuance of common shares (in shares)		23,000
Issuance of common shares	5			5
Share-based compensation expense	1,297			1,297
Balance, end of period (in shares) at Sep. 30, 2023		18,169,000
Balance, end of period at Sep. 30, 2023	$ 156,039	$ 2	(5,726)	206,323	(7,207)	(37,353)
Balance, beginning of period (in shares) at Jun. 30, 2024	17,017,476	17,017,000
Balance, beginning of period at Jun. 30, 2024	$ 165,799	$ 2	(25,367)	210,200	(7,913)	(11,123)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,531					7,531
Foreign currency translation adjustments	1,388				1,388
Changes in fair value of cash flow hedges	$ 379				379
Purchase of treasury shares (in shares)	(282,129)	(282,000)
Purchase of treasury shares	$ (4,678)		(4,678)
Provision for common stock warrants	0			0
Issuance of common shares (in shares)		30,000
Issuance of common shares	382			382
Share-based compensation expense	$ 290			290
Balance, end of period (in shares) at Sep. 30, 2024	16,765,381	16,765,000
Balance, end of period at Sep. 30, 2024	$ 171,091	$ 2	$ (30,045)	$ 210,872	$ (6,146)	$ (3,592)

Leases

3 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

LEASES

The Company has operating lease obligations primarily for its delivery centers and finance lease obligations primarily for vehicles and other equipment. Leases typically have initial terms of two to 15 years and may include renewal options if the Company is reasonably certain to exercise such options.

The components of lease cost are as follows:


	Three Months Ended September 30,
($000s)	2024		2023
Operating lease cost:
Operating lease cost	$	4,870	$	4,886
Variable lease cost	733		781
Short-term lease cost	149		—
Total operating lease cost	$	5,752	$	5,667

Finance lease cost:
Amortization of right of use assets	$	221	$	100
Interest on lease liabilities	81		43
Total finance lease cost	$	302	$	143

The following table presents supplemental balance sheet information related to leases:


	September 30,		June 30,
($000s)	2024		2024
Operating lease assets	$	58,806	$	59,145

Operating lease liabilities, current	12,395		12,051
Operating lease liabilities, non-current	52,832		53,441
Total operating lease liabilities	$	65,227	$	65,492

Finance lease assets, net	$	1,623	$	1,697

Finance lease liabilities, current	$	698	$	660
Finance lease liabilities, non-current	802		867
Total finance lease liabilities	$	1,500	$	1,527

The following table presents supplemental cash flow information related to leases:


	Three Months Ended September 30,
($000s)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	3,356	$	3,184
Operating cash flows paid for interest portion of finance leases	$	81	$	43
Financing cash flows paid for principal portion of finance leases	$	171	$	88

The following table presents supplemental noncash information related to leases:


	Three Months Ended September 30,
($000s)	2024		2023
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	2,694	$	49
Finance leases	$	140	$	110


	September 30,		June 30,
	2024		2024
Weighted average remaining lease term (in years)
Operating leases	4.9		5.1
Finance leases	2.1		2.2

Weighted average discount rate
Operating leases	10.5	%	10.5	%
Finance leases	22.3	%	22.3	%

The following table presents the maturities of our lease liabilities as of September 30, 2024:


($000s)	Operating Leases		Finance Leases
2025-remainder of year	$	13,381	$	724
2026	16,778		763
2027	16,490		366
2028	14,905		7
2029	12,563		—
Thereafter	10,892		—
Total undiscounted lease payments	85,009		1,860
Less: liability accretion	(19,782)		(360)
Total lease liabilities	$	65,227	$	1,500

Leases

LEASES

The components of lease cost are as follows:


	Three Months Ended September 30,
($000s)	2024		2023
Operating lease cost:
Operating lease cost	$	4,870	$	4,886
Variable lease cost	733		781
Short-term lease cost	149		—
Total operating lease cost	$	5,752	$	5,667

Finance lease cost:
Amortization of right of use assets	$	221	$	100
Interest on lease liabilities	81		43
Total finance lease cost	$	302	$	143

The following table presents supplemental balance sheet information related to leases:


	September 30,		June 30,
($000s)	2024		2024
Operating lease assets	$	58,806	$	59,145

Operating lease liabilities, current	12,395		12,051
Operating lease liabilities, non-current	52,832		53,441
Total operating lease liabilities	$	65,227	$	65,492

Finance lease assets, net	$	1,623	$	1,697

Finance lease liabilities, current	$	698	$	660
Finance lease liabilities, non-current	802		867
Total finance lease liabilities	$	1,500	$	1,527

The following table presents supplemental cash flow information related to leases:


	Three Months Ended September 30,
($000s)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	3,356	$	3,184
Operating cash flows paid for interest portion of finance leases	$	81	$	43
Financing cash flows paid for principal portion of finance leases	$	171	$	88

The following table presents supplemental noncash information related to leases:


	Three Months Ended September 30,
($000s)	2024		2023
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	2,694	$	49
Finance leases	$	140	$	110


	September 30,		June 30,
	2024		2024
Weighted average remaining lease term (in years)
Operating leases	4.9		5.1
Finance leases	2.1		2.2

Weighted average discount rate
Operating leases	10.5	%	10.5	%
Finance leases	22.3	%	22.3	%

The following table presents the maturities of our lease liabilities as of September 30, 2024:


($000s)	Operating Leases		Finance Leases
2025-remainder of year	$	13,381	$	724
2026	16,778		763
2027	16,490		366
2028	14,905		7
2029	12,563		—
Thereafter	10,892		—
Total undiscounted lease payments	85,009		1,860
Less: liability accretion	(19,782)		(360)
Total lease liabilities	$	65,227	$	1,500

Stockholders' Equity

3 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

AOCI

The following table presents changes by component:


($000s)	Foreign Currency Translation Adjustment		Derivative Valuation		Defined Benefit Plan		Total
Balance as of June 30, 2023	$	(6,260)	$	(124)	$	72	$	(6,312)
Foreign currency translation	(701)		—		—		(701)
Unrealized losses on cash flow hedges	—		(235)		—		(235)
Reclassifications to earnings	—		41		—		41
Balance as of September 30, 2023	$	(6,961)	$	(318)	$	72	$	(7,207)


($000s)	Foreign Currency Translation Adjustment		Derivative Valuation		Defined Benefit Plan		Total
Balance as of June 30, 2024	$	(7,883)	$	(235)	$	205	$	(7,913)
Foreign currency translation	1,388		—		—		1,388
Unrealized gains on cash flow hedges	—		298		—		298
Reclassifications to earnings	—		81		—		81
Balance as of September 30, 2024	$	(6,495)	$	144	$	205	$	(6,146)

Share repurchase programs

The Board may authorize share repurchases of the Company’s common shares and the Company had multiple share repurchase plans during the three months ended September 30, 2024 and 2023. On May 1, 2024, the Board authorized $30.0 million in share repurchases during the next twelve months (the "2024 Share Repurchase Program"). As of September 30, 2024, the aggregate amount available for repurchase under the 2024 Share Repurchase Program was $22.2 million.

For the three months ended September 30, 2024 and 2023, the Company repurchased 282,129 and 134,524 shares, respectively, of its common shares totaling $4.7 million, and $2.0 million, respectively. All repurchases under these programs were funded with our existing cash balance.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Derivatives

3 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DERIVATIVES

Foreign exchange contracts

From time to time, the Company enters into foreign currency exchange contracts, consisting of offsetting foreign exchange option contracts (“collars”), to mitigate foreign exchange fluctuations on the Philippine Peso (“PHP”) within a certain range and on a certain percentage of its PHP operating costs. The collars are designated as cash flow hedges upon inception, in accordance with ASC 815, in order to match the financial results of the hedges with the forecasted transactions. These contracts cover periods commensurate with the expected exposure, generally three to twelve months. The Company has not experienced any material issues related to derivative counterparty defaults.

The following tables show the notional amount and fair value of our foreign exchange cash flow hedging instruments as of September 30, 2024 and June 30, 2024:


Settlement date	Hedged currency	Foreign currency rate	Notional amount ($000s)		Fair Value ($000s)
Foreign currency option contracts - assets
October 8, 2024 through June 19, 2025	PHP	54.00 - 58.00	$	15,248
Fair value as of June 30, 2024					$	—
Fair value as of September 30, 2024					$	218


Settlement date	Hedged currency	Foreign currency rate	Notional amount ($000s)		Fair Value ($000s)
Foreign currency option contracts - liabilities
October 8, 2024 through June 19, 2025	PHP	54.00 - 58.00	$	15,248
Fair value as of June 30, 2024					$	335
Fair value as of September 30, 2024					$	—

The fair value of the collars is included in other current assets and accounts payable and accrued liabilities in the consolidated balance sheets.

Changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in accumulated other comprehensive income (loss) ("AOCI"). Amounts previously recognized in AOCI are reclassified to cost of services in the periods in which the hedged expenses occur.

Refer to Note 11. "Stockholders' Equity" for further details on the change in fair value of our cash flow hedges and the net gain or loss reclassified to earnings from effective hedges during the three months ended September 30, 2024 and 2023.