Welcome to the IBEX Fourth Quarter, Full Year 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. To note, there is an accompanying earnings presentation available on the IBEX Investor Relations website at investors.ibex.co. I will now turn this conference over to Mr. Michael Darwal, Head of Investor Relations for IBEX.

Good afternoon, and thank you for joining us today. Before we begin, I want to remind you that matters discussed on today's call may include forward-looking statements related to our operating performance, financial goals and business outlook, which are based on management's current beliefs and assumptions. Please note that these forward-looking statements reflect our opinion as of the date of this call, and we undertake no obligation to revise this information as a result of new developments, which may occur. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause our actual results to differ materially from those expected and described today. For a more detailed description of our risk factors, please review our annual report on Form 10-K filed with the U.S. Securities and Exchange Commission on September 11, 2025, and any other risk factors we include in subsequent filings with the SEC. With that, I will now turn the call over to IBEX'S CEO, Bob Dechant.

Thanks, Mike. Good afternoon, and thank you all for joining us today as we share our fourth quarter and fiscal year 2025 results. Before we get into the details of our results, I think it might be helpful to step back and look at how our business has evolved over the past decade and why we are confident in our continued ability to outperform the market. In FY '16, when I joined as CEO, we undertook a strategic journey of transforming IBEX into a differentiated customer experience company. This strategy was built on 3 key pillars: one, the blend of our culture, engagement and branding; two, our purpose-built technology, we call Wave X and three, our deep analytics and business insights capabilities. We call this BPO 2.0. Today, we believe we are best-in-class in each area. And the result of this is a differentiated company that is and can continue to outperform the competition. These capabilities, those 3 key pillars have enabled us to consistently win trophy new logo clients who are looking to a partner who can disrupt the status quo. Equally important, these attributes do in fact, empower us to outperform our competitors and consequently, win new market share. The thesis is if you have an extremely engaged employee, powered with great technology and analytics, you will outperform your competition, delight and retain your clients, and our financial results continue to validate our differentiation. In FY '24, as the market began to look at the intersection of AI and CX as a threat, we set our new vision to BPO 3.0 with the goal to extend our capabilities and become an industry leader in delivering AI solutions to our clients, and as a result, create an even stronger company. I am proud to report that FY '25 saw…

Thank you, Bob, and good afternoon, everyone. Thank you for joining the call today. In my discussions of our fourth quarter and fiscal year 2025 financial results, references to revenue, net income and net cash generated from operations are all on a U.S. GAAP basis, while adjusted net income, adjusted earnings per share, adjusted EBITDA and free cash flow are on a non-GAAP basis. Reconciliations of our U.S. GAAP to non-GAAP measures are included in the tables attached to our earnings press release. Our fourth quarter results are once again among the strongest in our history, with record results across the board for revenue, adjusted EBITDA, EPS, adjusted EPS and free cash flow. Fourth quarter revenue was $147.1 million, an increase of 18.2% from $124.5 million in the prior year quarter. This was our highest growth quarter in approximately 3 years. Revenue growth was driven by vertical growth in Retail & E-commerce of 25%, HealthTech up 19%; Travel, Transportation and Logistics up 10% and outstanding growth in our digital acquisition business. Our focused efforts to grow our higher-margin offshore delivery locations are continuing to have a favorable impact on bottom line results. Offshore revenue grew 17% from the prior year and comprised 49% of total revenue, allowing us to maintain our strong gross margin of 31.4%. Revenue mix in our higher-margin digital and omnichannel services also continues to be strong. Digital and omnichannel delivery represented 82% of our total revenue, an increase from 77% in the prior year quarter and grew 25% versus the same quarter a year ago. For context, digital and omnichannel comprised roughly 65% at the time of our IPO in 2020 and was basically negligible when we started this journey in 2016. We expect that we'll continue to be successful driving growth in these higher-margin regions…

[Operator Instructions] Our first question comes from David Koning with Baird.

Yes. Guys, great job again.

Thanks, Dave. Yes. We're really pleased with the quarter, the year and the trajectory. So thank you.

Yes. Everything looks really good. And I guess maybe to kick it off, the quarter itself, when we've looked at Q4s in the past, I think, every quarter since we've covered the stock, it's been a flat to down sequential quarter. This quarter, you were up 5% sequentially. And I guess, a, is there anything in there that was a little bit onetime in nature? And b, there's a vertical called kind of other that doesn't fit the other the other verticals that you often talk about. And that one was up a lot, I think, over 100% year-over-year, about $8 million sequentially. Was there something in there that maybe a new client that's coming on? And is that sustainable?

Yes. So great question, Dave, and good call out on our Q4, which historically does not jump up like we like it has this year. Here's the cascading down of the growth. And I would -- to your question, is any of this a onetime? And the answer to that is no, this is all kind of sustainable annuity-type business. But what we did exceptional in this quarter is win market share in our embedded base, driven by our great performance. The team on the operational side just continues to outperform the industry and our client services and biz dev team has done an amazing job of leveraging that to win market share, which is growing into new markets. We talked about India. Those are growth vectors and margin -- or market share expansion vectors. And we did that across many, many clients -- of our existing clients. And I'll give you an example of that. Our second largest client, [ Big E-commerce ] company, we grew in every market with them, massively in Pakistan massively in Philippines. And now we even got the go ahead in Central America. It's kind of the one market we didn't have for them. And so we feel really good kind of Q1. And so that was, I think, the first big element is winning market share. Number 2 was our digital acquisition business, the digital marketing business that we've referred to. Under Mike Darwal's leadership, that part of our business accelerated enormously, with focus and execution and just really leveraging kind of those capabilities, our data marketing type capabilities, et cetera, to drive a lot of customer acquisition for our clients. And we see that continuing into this -- in the first half of this year, kind of the power of that. And then the last element, just to touch on was our new logo team just continues to kind of do well and has consistently done well over the years. And you put those together with no client loss and you have the makings of just a powerful growth business?

Yes. That's all good. And then maybe just a follow-up. We talk with you and then a lot of your competitors, and there's been obviously this fear about GenAI and the impact. But when we do our survey, the majority of you and your peers tend to say, yes, there are some volumes we might lose over time, but net, it's probably going to be a positive, and it's just following the normal cadence of automation over time that you've seen for decades, really a little different type, but right? And maybe some commentary just GenAI, how you feel about it positive, negative, et cetera.

Sure, so -- and your comments are pretty well grounded in what we've seen. And again, what's exciting is this Q4, Dave, we went from proof of concept to some full-scale production implementations with our clients. So we've learned a lot as you do that. And what we have seen is there's a lot of opportunity for automation. But you know what's more important is actually the entire customer journey and owning that journey. And so as we've jumped out into the -- and we believe clearly we have a leadership position in this. And as we've jumped out into the leadership position of bringing those solutions to bear, but having that whole embracing the connection from AI agent to human agent and having that end-to-end value proposition, what we've seen as our clients see that as enormously valuable, enormously rich, and I think that's helped drive -- help us create another vector of growth for us. And so I think what you're hearing is right, I think we're further along than anybody. And I think we've also have more data around that end-to-end journey that anybody in this industry has, and we're able to leverage that to our advantage.

This concludes the question-and-answer session. I would now like to turn it back to CEO, Bob Dechant, for closing remarks.

Thanks, Daniel. And I'll be brief. I couldn't be more proud of what IBEX has done and of what my management team just continues to deliver quarter-over-quarter, year-over-year, and we are well positioned for FY '26. So look forward to chatting in the next quarter, but we're really proud of everything that we've done in this space and how we've created ourselves into a truly differentiated company. Thank you all. Have a good day.

This concludes today's conference call. Thank you for participating. You may now disconnect.