IBEX 2027年度第1四半期決算説明会：過去最高売上高とガイダンス上方修正

IBEXは、新規顧客の獲得、既存顧客との取引拡大、ならびに高採算サービスおよび地域での成長を背景に、2027年度第1四半期決算で過去最高の実績を発表した。経営陣は通期の売上高および調整後EBITDAのガイダンスを引き上げた。

主なポイント

• 売上高は前年同期比16%増の1億7,520万ドルと過去最高を記録し、7四半期連続で2桁のオーガニック成長を達成した。
• 調整後EBITDAは29%増の2,520万ドルとなった。調整後EBITDAマージンは150ベーシスポイント（bp）拡大し、14.4%に達した。
• GAAPベースの純利益は1,480万ドルに達し、希薄化後GAAP EPSは20%増の0.99ドルとなった。調整後EPSは21%増の1.10ドルに増加した。
• 2026年度に新規獲得した顧客および直近の2027年度の獲得案件が、四半期の売上高成長の約50%をもたらした。また、IBEXは99%超の売上高維持率および顧客維持率を維持した。
• 経営陣は、2027年度の売上高ガイダンスを7億2,000万〜7億3,500万ドルに、調整後EBITDAガイダンスを9,600万〜9,900万ドルにそれぞれ引き上げた。
• Sierraとの提携により、IBEXのAIエージェント導入が加速している。当四半期末以降、同社はAIエージェントの新規案件を4件獲得したほか、当四半期中に開始が見込まれる従来のBPO案件3件について内諾を得た。

主要財務データ

IBEXは当四半期末時点で現金3,670万ドル、有利子負債170万ドルを保有し、ネットキャッシュは3,500万ドルとなった。当四半期中、同社は平均価格35.92ドルで約12万3,000株を440万ドルで自社株買いした。自社株買いの承認残高は1,350万ドルとなった。

事業および営業実績

ヘルスケアテクノロジー（HealthTech）部門の売上高は40%増となり、四半期売上高の17.5%を占めた。旅行・輸送・物流は16%増、テクノロジーは10%増、小売り・eコマースは9%増となった。「その他」カテゴリーはデジタル顧客獲得事業が牽引し、31%増加した。

オンショア（国内）売上高は、高採算のデジタル顧客獲得サービスおよびヘルスケアテクノロジー提供の拡大を反映して37%増加した。オフショア（海外委託）売上高は14%増となり、総売上高の50%を占めた。ニアショア（近隣国）売上高は前年同期比横ばいだった。

IBEXの上位5社、上位10社、上位25社の顧客からの売上高は、それぞれ14%増、13%増、18%増となった。最大顧客が売上高に占める割合は9%で、上位5社、上位10社、上位25社はそれぞれ34%、53%、75%を占めた。

IBEXは当四半期中に従来のBPOで新規顧客4社を獲得した。2026年度第4四半期以降に獲得した顧客のうち3社は、すでに2027年度の同社上位25位顧客に入るペースで推移している。

同社によると、Sierraとの提携により、AIエージェントの導入迅速化や、AIと有人対応を統合したカスタマーエクスペリエンス（CX）ソリューションの展開が後押しされている。ある光ファイバー事業者への導入事例では、IBEXは6週間以内にAIエージェントと統合CCaaSソリューションを立ち上げた。このソリューションにより、顧客側で人員を追加することなく放棄呼が60%以上削減された。その後、この顧客は従来の有人オペレーターによるCX業務のすべてをIBEXに発注し、移行作業は12月末までに完了する見込みである。

IBEXはエジプトにも進出し、オフショアの英語対応能力と幅広い多言語対応力を強化した。経営陣によると、同社はすでに現地で複数の英語およびフランス語プログラムを受注している。

業績予想（ガイダンス）

経営陣は、この見通しにより2027年度の調整後EBITDAマージンが50〜70ベーシスポイント（bp）拡大することを示唆していると述べた。第1四半期に記録した150 bpのペースには及ばないものの、残りの各四半期においても前年同期比でのマージン改善を見込んでいる。

同社は、個別項目（一時的要因）を除く実効税率を約21%〜22%と予想している。設備投資額は売上高の4%を超えると見込まれており、そのうち約1.5%が維持更新に充てられ、残りは成長投資に充当される見通しだ。

リスクと注視点

IBEXの実効税率は、課税管轄地域における売上構成比の変化や、前年同期における一時的な税務上の恩恵を反映し、11%から19%に上昇した。

売掛金回転日数（DSO）は、前四半期末の69日および前年同期の71日から72日に長期化した。経営陣は、DSOが70日台前半から半ばの範囲にとどまると見込んでいる。

通信部門の売上高は横ばいで推移し、総売上高に占める割合は10.2%から8.8%に低下した。フィンテック部門の売上高もほぼ横ばいで推移し、売上構成比は11%から9.3%に低下した。

決算説明会では、AIがオペレーターの業務量に及ぼす潜在的な影響についても言及された。経営陣は、一部の顧客事例においてAIがやり取りの20%〜40%を解決できると指摘しつつも、IBEXはAI関連売上、新規顧客の獲得、ならびに有人サービスにおける市場シェアの拡大によってこの影響を相殺していると説明した。

アナリスト質疑応答の要点

経営陣によると、IBEXの既存顧客は1億ドルから最大10億ドル規模のアウトソーシング予算を有していることが多く、さらなる市場シェア拡大の余地があるという。これらの大口顧客における取引拡大の要因として、優れた業務執行力と99%を超える顧客維持率を挙げた。

利益率について、経営陣は2027年度のガイダンスにおいて、成長投資を維持しながら、残りのすべての四半期で前年同期比の調整後EBITDAマージン拡大が継続的に織り込まれていることを改めて強調した。

資本配分について、IBEXは投資回収期間が約1年と見込まれるオフショア拠点の能力拡大を最優先事項としていると述べた。自社株買いは引き続き戦略の一環であるが、オーガニックな成長とAIエージェントソリューションへの注力を背景に、企業買収の優先順位は高くないとしている。ただし、特定の地域やバーティカル（特定業界向け）市場を補強できる案件であれば検討する意向を示した。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

[Operator Instructions] 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 Greg Bradbury, Investor Relations for IBEX.

Greg Bradbury

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 10, 2026, and any other risk factors we include in subsequent filings with the SEC. With that, I will now turn the call over to IBEX CEO, Bob Dechant.

Robert Dechant

Thanks, Greg. Good afternoon, and thank you all for joining us today for our first quarter fiscal '27 earnings call. Fiscal Q1 marked another period of strong growth and great momentum. IBEX continued to capitalize on its differentiated offerings, driving top-line performance from our new logo engine, and further market share gains within our existing customer base. We also achieved important wins with our AI agent solution, supported by our growing partnership with Sierra.

We began the fiscal year with a powerful 16% increase in revenue, bringing quarterly revenue to an all-time high of $175.2 million, marking our 7th consecutive quarter of double-digit growth. Our top-line growth continues to flow throughout the P&L. In the first quarter, we delivered record results for net income, adjusted net income, adjusted EBITDA, EPS, adjusted EPS, operating cash flow, and free cash flow. Adjusted EBITDA margin was a robust 14.4%, up 150 basis points year-over-year. GAAP EPS and adjusted EPS have now each grown by double digits in 9 of the past 10 quarters.

As we have said previously, IBEX is structurally built for performance, with each of our growth vectors also contributing to margin expansion, a trend we expect to continue. Perhaps most importantly, these results continue to validate a core theme we have discussed for several quarters: IBEX is getting better as it grows. Our financial performance continues to set new records, our new logo engine is accelerating, our client and employee satisfaction scores are reaching new heights, and our differentiation continues to separate us further from the legacy BPO pack.

As we scale, this flywheel effect is becoming more powerful, and we are now seeing the impact of this compounding across the business, giving us increased confidence in our future performance. Our business continues to build momentum, fueled in part by our strategic partnership with Sierra. In the quarter, we signed 4 new logos for traditional BPO services. And in the weeks since, we have won 4 new AI agent deals and secured verbal wins on 3 more traditional BPO opportunities, all of which we expect to launch this quarter.

Combined with the 9 new logo additions in Q4 FY '26, our new logo engine is firing on all cylinders, not only powering our growth flywheel, but accelerating it. We are seeing both the number of deals and the size of the opportunities increase across our land and expand model, and we are excited about the opportunities ahead. The revenues from our new logo wins for FY '26 and the first quarter of FY '27 further illustrate this momentum.

Our FY '26 new logo cohort and our recent FY '27 wins accounted for approximately 50% of our revenue growth in the quarter. This is a significant increase from the prior 3 years, and we expect in-year revenue from the FY '27 cohort to reach an all-time high. This performance demonstrates the strength of our BPO 3.0 strategy as our competitive moat is growing wider and deeper.

Our growth extended beyond new logos. During the quarter, we gained significant market share with our existing clients, driven by our stellar operational performance. Revenues from our top 5, top 10, and top 25 clients increased 14%, 13%, and 18%, respectively, year-over-year. This performance also reflects strong revenue and client retention, which remain at world-class levels above 99%. These results reinforce our confidence that IBEX is well positioned to navigate the broader AI transition.

I now would like to share an update on our landmark partnership with Sierra, which we formally announced in May 2026. Together, IBEX combines Sierra's market-leading conversational AI technology with our best-in-class CX expertise, technology integration capabilities, and our deep analytics. This enables us to design and deploy scalable, end-to-end AI-powered CX solutions for leading global brands in weeks, not months or years.

Momentum in the partnership continues to exceed our expectations. We are seeing strong results in implementation speed, resolution rates, and customer satisfaction. Our ability to orchestrate seamless interactions between AI agents and human agents further differentiates us. As I noted earlier, these results are contributing to new logo wins and market share gains with existing clients. We are winning AI-led opportunities, traditional BPO opportunities, and increasingly, engagements that combine both.

Our pipeline remains robust, AI deployments are accelerating, and demand is growing among clients seeking an integrated solution that brings together AI agents and industry-leading human support. These solutions also create opportunities for revenue growth and margin expansion, further strengthening our business model.

As an example, earlier this year, we won an opportunity with a leading fiber provider that was facing significant issues in their customer care model, starting with their legacy IVR. IBEX delivered an impactful solution by implementing an AI agent powered by Sierra's solution paired with an integrated CCaaS solution. Within 6 weeks, the AI agent solution was developed, deployed, and launched, displacing their legacy IVR.

By having all contacts immediately reaching an AI agent, we were able to reduce abandoned calls by more than 60% without the need for our client to add additional headcount. Our solution is also showing a marked improvement in CSAT and significant cost savings. Based on the success we are having with this solution, our client has now awarded us their traditional call center work. By the end of December, we will fully displace 1 of our multibillion-dollar competitors, taking 100% of their traditional human agent CX work as well.

This is another example of how AI agents is a growth vector for us in our land and expand strategy. Our ability to respond and execute at the pace of AI has positioned IBEX to bring together the strengths of the leading AI and human-powered support in a seamless solution spanning the customer journey. This is the foundation of our BPO 3.0 leadership, and we are confident it will continue to deliver value for our clients and growth for our business.

I have previously spoken about how proud I am of the strength of our business, our teams, and our brand. In our September call, I reported how our Employee Net Promoter Score increased from an already impressive 77 to an amazing 82. I am now pleased to report that for the year, our Client Net Promoter Score increased from an equally impressive 71 to 83. These combined scores put us in unprecedented territory, not only for traditional BPO peers, but across all industries.

While our financial results already underscore this fact, it's also great to have another validation point that both our employees and our clients remain incredibly committed to IBEX. In September, we announced our official expansion into Egypt, a strategically important market for IBEX. The expansion further strengthens our best-in-class offshore English language footprint while broadening our multilingual capabilities to meet more clients' language needs. Since launch, we have already secured multiple wins, both English and French language programs.

In summary, Fiscal 2027 is off to an outstanding start, positioning us for our 3rd year of double-digit organic growth. We are growing faster, winning larger opportunities, advancing our AI leadership, and deepening our relationships with our clients and employees. As we continue to lead the next era of BPO 3.0, we are confident in our ability to build on this momentum. With that, I will now turn the call over to Taylor to go into more detail on our first quarter 2027 financial results and guidance. Taylor?

Taylor Greenwald

Thank you, Bob, and good afternoon, everyone. Thank you for joining the call today. In my discussion of our first quarter fiscal year '27 financial results, references to revenue, net income, and net cash generated from operations are on a U.S. GAAP basis. 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 table attached to our earnings press release.

Turning to our results, our first quarter results are the strongest in our history. They included all-time records across nearly every key operating metric, including revenue, net income, adjusted net income, adjusted EBITDA, EPS, and adjusted EPS. In addition, operating cash flow and free cash flow were first quarter records. This was our 7th consecutive quarter of double-digit organic revenue growth, resulting in top-line growth of 16% for the quarter. Our differentiated solutions and execution are clearly separating us from the traditional BPO pack.

First quarter revenue was $175.2 million, up from $151.2 million in the prior year quarter. Revenue expansion was driven by vertical growth in HealthTech of 40%, Travel, Transportation, and Logistics of 16%, Technology of 10%, and Retail and E-commerce of 9%, with continued growth in our digital acquisition business and accelerating revenues in our AI agent solutions. We continued to win and grow in our onshore and offshore regions during the quarter.

Our onshore region grew 37% compared to the prior year quarter, primarily driven by growth of our high-margin digital acquisition business and in our higher-margin HealthTech vertical. Our highest-margin offshore revenues grew 14% compared to the prior year quarter. Our nearshore locations remained even with the prior year. Offshore revenue comprised 50% of total revenue, remaining relatively consistent as a percentage of our total business and helping us to achieve our strong gross margins of 30.4% for the quarter.

Onshore revenue expanded to 29% of total revenue from 25% in the prior quarter, reflecting the growth in our high-margin digital acquisition services and onshore HealthTech delivery. We have structurally built IBEX so that our growth vectors are our highest-margin regions, services, and vertical markets, and we expect that we will continue to be successful driving long-term margin growth.

First quarter GAAP net income increased to $14.8 million compared to $12 million in the prior year quarter. The increase was primarily driven by the continued revenue growth, particularly in our higher-margin service offerings and regions, which helped to drive gross margin expansion of 90 basis points to 30.4% and operating leverage gained from SG&A as it decreased from 17.5% to 17.2% of revenue, partially offset by an increase in income tax expense compared to the prior year quarter.

Our tax rate was 19% versus 11% in the prior year, primarily attributable to changes in revenue mix across our taxable jurisdictions and favorable discrete tax benefits recognized during the prior year quarter. We expect our effective tax rate before discrete items for the fiscal year to be approximately 21% to 22%. Fully diluted GAAP EPS was $0.99, up 20% from $0.82 in the prior year quarter. Contributing to the EPS growth was the impact from strong operating performance.

Moving to non-GAAP measures, adjusted EBITDA increased 29% from the prior year to a record of $25.2 million, or 14.4% of revenue, from $19.5 million, or 12.9% of revenue, for the same period last year, which represented a 14% increase from our previous adjusted EBITDA record of $22 million in the third quarter of fiscal '26. The 150 basis point improvement in adjusted EBITDA margin was driven by improvement in our gross profit margin and a reduction in SG&A expenses as a percentage of revenue.

Adjusted net income increased to $16.4 million from $13.1 million in the prior year quarter. Non-GAAP fully diluted adjusted earnings per share increased 21% to $1.10 from $0.90 in the prior year quarter. As a company, we're pleased with the client diversification we've established over the last several years.

For the first quarter of fiscal year '27, our largest client accounted for 9% of revenue, and our top 5, top 10, and top 25 clients, where we see many of our largest competitors, represented 34%, 53%, and 75% of overall revenue, respectively, representative of a well-diversified client portfolio. Importantly, we're continuing to grow with our top 5, top 10, and top 25 clients as they grew 14%, 13%, and 18%, respectively, versus the prior year as we continue to gain market share with them.

We've done a tremendous job of not only retaining and growing our top clients, but also winning and growing new strategic clients. In fact, 3 of the new logos we have won since the fourth quarter of fiscal year '26 are already on pace to being our top 25 clients for fiscal year '27.

Switching to our verticals, HealthTech grew 40% and increased to 17.5% of first quarter revenue versus 14.5% in the prior year quarter. Our other vertical grew 31% to 18.1% compared to 16% in the prior year quarter, driven by growth in our digital acquisition business. Retail and E-commerce grew 9% and represented 24.6% compared to 26.3% in the prior year quarter. Travel, Transportation, and Logistics grew 16% and Technology grew 10%, both remaining relatively consistent with the prior year quarter at 14% and 8% of revenue, respectively.

These increases were driven by continued growth in multiple offshore and onshore geographies and our continued ability to win significant new clients in these verticals. Conversely, our exposure to the lower-margin Telecommunications vertical decreased to 8.8% of revenue for the quarter versus 10.2% in the prior year quarter as revenue remained flat in this vertical. Revenues from the FinTech vertical were also relatively flat and represented 9.3% of first quarter revenue versus 11% in the prior year quarter.

Moving to cash flow, net cash generated from operating activities was a first quarter record of $16.3 million compared to $15.7 million for the prior year quarter, which was driven by an increase in our revenues and profitability. Our DSOs were 72 days, up from 69 days at the end of the last quarter and 71 days in the first quarter last year. We expect our DSOs to remain stable in the low to mid-70s on a go-forward basis.

Capital expenditures were $7.2 million, or 4.1% of revenue, for the first quarter of fiscal year '27, down slightly from $7.6 million, or 5.1% of revenue, in the prior year quarter. The capital expenditures during the quarter were driven by $4.6 million related to facility expansions in our offshore regions and $2.6 million to purchases of IT and telecommunications equipment to support growth. Free cash flow for the quarter was also a first quarter record inflow of $9.2 million compared to an inflow of $8 million in the prior year quarter. The increase was primarily driven by the increase in net cash generated from operating activities. We're proud to be achieving record cash flow levels while investing for high growth.

During the quarter, we repurchased approximately 123,000 shares for $4.4 million at an average price of $35.92, leaving $13.5 million on our share repurchase authorization. We ended the first quarter with $36.7 million of cash and debt of $1.7 million for net cash of $35 million, an improvement of $4.1 million compared to net cash of $30.9 million at the end of our last fiscal year.

As I mentioned earlier, fiscal year '27 is off to an exceptional start with first quarter performance that included records across nearly every key operating metric, including revenue, adjusted EBITDA, EPS, and free cash flow. Our financial results were driven by stellar growth from new logos and further augmented expansion in our embedded client base. This combination makes us stronger as we grow, underscoring the long-term and durable value of our differentiated strategy.

Looking ahead, this momentum gives us increased confidence in our outlook for fiscal year '27 to continue to drive double-digit growth and year-over-year margin expansion. In response, we are raising both revenue and adjusted EBITDA guidance for the year. Revenue is now expected to be in the range of $720 million to $735 million, up 12% to 14% from fiscal year '26 versus our previous guidance of $700 million to $715 million for 9% to 11% growth.

Adjusted EBITDA is now expected in the range of $96 million to $99 million, up 17% to 20% from fiscal year '26, versus our previous guidance of $90 million to $94 million for 9% to 14% growth. Capital expenditures for the year are expected to be approximately $30 million at the high end of the previous $25 million to $30 million range, given the increased growth expectations. This represents slightly over 4% of revenue, of which just approximately 1.5% is for maintenance CapEx and the rest for growth.

Looking ahead, we continue to believe in our business as well positioned to continue outperforming the industry and we are excited about the future of IBEX as we head into the second quarter of fiscal year '27 and beyond. With that, Bob and I will now take questions. Operator, please open the line. Thank you.

Operator

[Operator Instructions] And our first question comes from David Koning with Baird. You may proceed.

質疑応答

David Koning

Yes. Hey, guys. Great job. You've turned into one of the fastest growers on our entire list in a market where people have worried that you would get displaced. So clearly you're doing a lot right.

I guess my question is, is the ability to just penetrate the wallets of your clients with new services something that you can actually win more business than they've ever spent with you before because you're bringing new solutions? So, like, are you actually opening up the market rather than AI being like a headwind at all?

Robert Dechant

Yes, Dave, great question. And thanks for joining on the call. Look, we have built a really good flywheel here. And your question about the embedded base clients is really spot on and accurate about how we're winning. We're going in, we're outperforming, the KPIs that we continually deliver on are higher than our competitors, and that's repeated. And over time, our clients just keep awarding us market share based on our ability to out-execute.

And we have numerous examples and that's why we give visibility to our growth with those clients. And it's strong growth, and it has been that way for a while. Now, most of these clients look like this: they have large outsourcing spends, $100 million, $800 million, up to $1 billion. That's all upside for us. That's all TAM for us to go after, which we continually do by our ability to out-execute them.

Now, that alone puts us in a really, really good position. I know I have to touch on, and we have the best revenue retention in the industry. Clients don't leave us. And so you have the back end shored up.

Now, the other element is our new logo engine is on fire, and it's gotten stronger as we continually articulate that we are the best BPO in the industry in delivering human agents. And we've been demonstrating that quarter-over-quarter for the last several years. But now when you add this AI solution on top of that, that gives our ability and the client the ability to select us to deliver that end-to-end solution, whether it starts with AI or whether it starts with human agents. But it evolves to that land and expand to both.

And then we move into new geographies. We move into additional services. And most of those clients have been sitting with the legacy players, the pack, as I like to call them, the guys that have serviced them for 15 to 20 years, and they're looking for better and we're winning. And so when you put the 2 of those together, we believe that we are able to create a business that will continue to grow double-digit.

Now let me touch on, 'cause you made the comment on AI and what's going to happen to volumes as a result of AI. Well, first and foremost, and we keep articulating this, when we're winning these new logos, the AI revenue and the human agent revenue is all incremental. And you put that together and that is accelerating our growth.

And then by delivering those solutions into our embedded base, we believe that that creates more revenue, higher-margin revenue for us in that embedded base client. Even though we may be, as we highlighted with PAL (Philippine Airlines) last call, same thing with a company like BJ's. Even though we're solving 20% to 40% of those interactions with AI, we're winning the market share game of the human agents.

So we feel like we have a powerful stacking of growth vectors that is putting us in unique space and significantly higher growth rates than anybody in this industry. And we believe that we are in a really good position to continue that. Sorry for the long answer, but there's a lot of complexity into that.

David Koning

Yes, no, that was great. Thank you. And maybe for Taylor, Q1 was a pretty huge margin quarter. You expanded margins a ton, and you really don't need to expand margins, maybe at all even, the rest of the year to hit your full year guidance. Are you being conservative just in how you're thinking about the rest of the year, or are you just going to invest a lot of the margin expansion away just to keep winning clients, keep investing in AI?

Taylor Greenwald

Yes. Thanks for the question, David. And so if you look at our guidance, our guidance implies 50 to 70 basis point improvement in our EBITDA margins in fiscal year '27 versus fiscal year '26, which is exactly what we want, right? Because if you look at the revenue guidance, it's up 12% to 14%, but our EBITDA guidance is up 17% to 20%. So we're getting good leverage throughout the P&L.

But it also implies that we will and we expect to see year-over-year EBITDA improvement throughout the year every quarter, not to the extent that we saw in Q1, but we do expect year-over-year improvement throughout each quarter for the remainder of the year.

David Koning

Got you. Thank you. And I guess finally just capital allocation, like – you haven't bought as much stock back, but you're generating good cash flow. Are you thinking of making acquisitions at this point?

Taylor Greenwald

Yes. You know, if you look at our capital allocation strategy, first and foremost, expanding capacity to meet the strong demand, right? And we get very good payback periods. Most of the capacity we're building out is in offshore regions and the payback period is about a year. So we're very excited to make those investments.

Secondly, as you pointed out, we continue share repurchases. I think we still have $13.5 million left in our current share purchase authorization, but we've repurchased over 30% of our shares in the past 3 years. And we continue to see that as a good investment as our business continues to grow.

From an acquisition standpoint, we're really laser-focused right now on growing our AI agent solutions and with our double-digit organic growth, which has been 7 quarters, will soon be 8 quarters, we don't feel the need to make acquisitions. If the perfect acquisition fell in our lap, like a certain geography or vertical market, we'd certainly take a look at it and listen. But I would not consider it a high priority of our capital allocation strategy right now.

David Koning

Got you. Thanks guys. Great job.

Taylor Greenwald

Yes, thanks. Thank you, Dave.

Operator

Thank you. I would now like to turn the call back over to Bob Dechant for any closing remarks.

Robert Dechant

Well, thank you all for listening today. I want to take a moment to congratulate my team. They continue to deliver quarter after quarter, as you can see through our results, and prove that they're best in the industry. And their dedication and commitment to delivering for our clients puts us into the unique space in this industry as we further separate ourselves. So a shout-out to them for their commitment. And we look forward to talking in the next quarter as our business keeps chugging along. Thank you all.

Operator

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

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