FALSE000172042000017204202025-02-062025-02-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________
FORM 8-K
____________________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 6, 2025
____________________________________________________________
IBEX Limited
(Exact name of registrant as specified in its charter)
____________________________________________________________
Bermuda001-3844200-0000000
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
1717 Pennsylvania Avenue NW, Suite 825
Washington, District of Columbia 20006
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (202) 580-6200
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common shares, par value of $0.0001IBEXNasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company               x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.               o



Item 2.02. Results of Operations and Financial Condition.

On February 6, 2025, IBEX Limited issued a press release announcing its financial results for its second fiscal quarter ended December 31, 2024.

A copy of the February 6, 2025 press release is attached hereto as Exhibit 99.1 to this current report on Form 8-K.

The information in this Item 2.02, including the exhibits attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

EXHIBIT INDEX

Exhibit No.         Description
99.1         Press release announcing financial results for second fiscal quarter ended December 31, 2024,
dated February 6, 2025
104         Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IBEX LIMITED
(Registrant)
Date: February 6, 2025
/s/ Taylor Greenwald
(Signature)
Name:Taylor Greenwald
Title:Chief Financial Officer


Exhibit 99.1
image_0.jpg
IBEX Reports Record Quarterly Revenue and Strong EPS
Quarterly revenue grew 6.1% versus prior year quarter - highest growth in 9 quarters
Strong adjusted EBITDA margin expansion year-over-year - 10 out of the last 11 quarters
Adjusted EPS of $0.59 - an increase of 36% to prior year quarter
Raises guidance on revenue and lower end of EBITDA range
Repurchased approximately 3.6 million shares from TRGI during the second quarter of fiscal year 2025, representing 21% of our shares outstanding and eliminating controlled company status

WASHINGTON, DC— February 6, 2025 —IBEX Limited (“ibex”), a leading provider in global business process outsourcing and end-to-end customer engagement technology solutions, today announced financial results for its second fiscal quarter ended December 31, 2024.

Three months ended
December 31,
Six months ended
December 31,
($ millions, except per share amounts)20242023Change20242023Change
Revenue$140,682 $132,634 6.1 %$270,399 $257,243 5.1 %
Net income$9,268 $6,075 52.6 %$16,799 $13,500 24.4 %
Net income margin6.6 %4.6 %200 bps6.2 %5.2 %100 bps
Adjusted net income (1)$9,615 $8,024 19.8 %$18,647 $15,598 19.5 %
Adjusted net income margin (1)6.8 %6.0 %80 bps6.9 %6.1 %80 bps
Adjusted EBITDA (1)$16,537 $14,324 15.4 %$32,125 $28,035 14.6 %
Adjusted EBITDA margin (1)11.8 %10.8 %100 bps11.9 %10.9 %100 bps
Earnings per share - diluted (2) $0.57 $0.33 73.6 %$1.00 $0.72 38.0 %
Adjusted earnings per share - diluted (1,2)$0.59 $0.44 36.3 %$1.11 $0.84 32.5 %
(1)See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure.
(2)The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented.

“Coming off an outstanding start to fiscal year 2025, I am thrilled to report another quarter of record financial results,” said Bob Dechant, ibex CEO. “Q2 saw our highest revenue growth for ibex in two years with revenues growing over 6%. Our growth continues to be driven by winning new clients and increasing market share within our embedded base clients. These key wins resulted in 14% revenue growth in our most profitable offshore regions. I am also excited to report that we have continued to add key AI opportunity wins that will be deployed in the second half of the year that are expected to drive accretive revenue and margin.”

“Q2 fiscal year 2025 was a strong quarter on all profitability metrics as adjusted EPS grew 36%, adjusted EBITDA grew 15%, and adjusted net income increased 20%, compared to prior year quarter,” added Dechant. “Beyond this, over the last three months we completed a number of important strategic actions, highlighted by the $70 million share repurchase from The Resource Group International Limited (“TRGI”) in November, which has numerous benefits including removing our controlled company status, the additions of JJ Zhuang and Patrick McGinnis to our Board of Directors, and the most recent addition to our Board in January, Karen Batungbacal.”






Second Quarter Financial Performance
Revenue
Revenue of $140.7 million, an increase of 6.1% from $132.6 million in the prior year quarter. Growth in HealthTech (+31.2%), Travel, Transportation and Logistics (+16.7%), and Retail & E-commerce (+4.4%), was partially offset by declines in the FinTech vertical (-14.7%).

Net Income and Earnings Per Share
Net income increased to $9.3 million compared to $6.1 million in the prior year quarter. Diluted earnings per share increased to $0.57 compared to $0.33 in the prior year quarter. The increases were primarily the result of the impact of revenue growth particularly in our higher margin offshore regions, improved gross margin performance, and fewer diluted shares outstanding compared to the prior year quarter.
Net income margin increased to 6.6% compared to 4.6% in the prior year quarter.
Non-GAAP adjusted net income increased to $9.6 million compared to $8.0 million in the prior year quarter (see Exhibit 1 for reconciliation).
Non-GAAP adjusted diluted earnings per share increased to $0.59 compared to $0.44 in the prior year quarter (see Exhibit 1 for reconciliation). The increase per share was primarily attributable to the impact of higher revenue, improved operating margins and a lower share count.
Non-GAAP adjusted EBITDA
Adjusted EBITDA increased to $16.5 million compared to $14.3 million in the prior year quarter (see Exhibit 2 for reconciliation).
Adjusted EBITDA margin increased to 11.8% compared to 10.8% in the prior year quarter (see Exhibit 2 for reconciliation).

Cash Flow and Balance Sheet
Repurchased approximately 3.6 million shares from TRGI for an aggregate price of $70 million during the second quarter of fiscal 2025.
Capital expenditures were $4.3 million compared to $2.9 million in the prior year quarter. The increase in capital expenditures during this quarter was driven by capacity expansion to meet growing demand in our offshore and nearshore regions.
Cash flow from operating activities was $1.1 million compared to $(1.6) million in the prior year quarter. Free cash flow was $(3.2) million compared to $(4.5) million in the prior year quarter (see Exhibit 3 for reconciliation).
Net debt was $13.7 million compared to net cash of $61.2 million as of June 30, 2024 (see Exhibit 4 for reconciliation). The utilization of cash and debt is primarily attributable to the share repurchase from TRGI.

“We achieved strong top and bottom line second quarter results. We accelerated our top-line momentum with over 6% revenue growth, driven by new client wins over the last year and continued expansion of our embedded client base made possible by our strong service delivery,” said Taylor Greenwald, CFO of ibex.

“Our profitability continues to improve, where for 10 of the last 11 quarters we have delivered year-over-year adjusted EBITDA margin expansion, enabling strategic investments in AI capabilities and sales resources. These results instill continued confidence in the execution of our strategy throughout 2025, enabling us to raise our fiscal year guidance and continue to return value to shareholders.”

Raised Fiscal Year 2025 Guidance
•     Revenue is expected to be in the range of $525 to $535 million versus a previous range of $515 to $525 million.
Adjusted EBITDA is expected to be in the range of $68 to $69 million versus a previous range of $67 to $69 million.
Capital expenditures are expected to remain in the range of $15 to $20 million.




Conference Call and Webcast Information
IBEX Limited will host a conference call and live webcast to discuss its second quarter of fiscal year 2025 financial results at 4:30 p.m. Eastern Time today, February 6, 2025. We will also post to this section of our website the earning slides, which will accompany our conference call and live webcast, and encourage you to review the information that we make available on our website.
Live and archived webcasts can be accessed at: https://investors.ibex.co/.
Financial Information
This announcement does not contain sufficient information to constitute an interim financial report as defined in Financial Accounting Standards ASC 270, “Interim Reporting.” The financial information in this press release has not been audited.
Non-GAAP Financial Measures
We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures provide a more helpful depiction of our performance of the business by encompassing only relevant and manageable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our operating results as reported in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under GAAP and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with GAAP.
ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, foreign currency gains and losses, and share-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.
About ibex
ibex helps the world’s preeminent brands more effectively engage their customers with services ranging from customer support, technical support, inbound/outbound sales, business intelligence and analytics, digital demand generation, and CX surveys and feedback analytics.
Forward Looking Statements
In addition to historical information, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to attract new business and retain key clients; our profitability based on our utilization, pricing and managing costs; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities and current trends toward outsourcing services may reverse; general economic uncertainty in global markets and



unfavorable economic conditions, including inflation, rising interest rates, recession, foreign exchange fluctuations and supply-chain issues; our ability to manage our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua; natural events, health epidemics, global geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other attacks of violence involving any of the countries in which we or our clients operate; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands, including the effective adoption of Artificial Intelligence into our offerings; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security, employment and anti-corruption; the effect of cyberattacks or cybersecurity vulnerabilities on our information technology systems; our ability to realize the anticipated strategic and financial benefits of our relationship with Amazon; the impact of tax matters, including new legislation and actions by taxing authorities; and other factors discussed in the “Risk Factors” described in our periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, and past filings on Form 20-F, and any other risk factors we include in subsequent filings with the SEC. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

IR Contact:  Michael Darwal, EVP, Investor Relations, ibex, michael.darwal@ibex.co
Media Contact:  Daniel Burris, VP, Marketing and Communication, ibex, daniel.burris@ibex.co



IBEX LIMITED AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
(in thousands)
December 31,
2024
June 30,
2024
Assets
Current assets
Cash and cash equivalents$20,206 $62,720 
Accounts receivable, net120,581 98,366 
Prepaid expenses6,905 7,712 
Due from related parties317 192 
Tax advances and receivables8,968 9,080 
Other current assets2,039 1,888 
Total current assets159,016 179,958 
Non-current assets
Property and equipment, net32,168 29,862 
Operating lease assets54,057 59,145 
Goodwill11,832 11,832 
Deferred tax asset, net5,052 4,285 
Other non-current assets10,373 8,822 
Total non-current assets113,482 113,946 
Total assets$272,498 $293,904 
Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued liabilities$19,924 $16,719 
Accrued payroll and employee-related liabilities33,278 30,674 
Current deferred revenue7,223 4,749 
Current operating lease liabilities12,208 12,051 
Current maturities of long-term debt8,217 660 
Convertible debt25,000 — 
Due to related parties149 60 
Income taxes payable4,643 6,083 
Total current liabilities110,642 70,996 
Non-current liabilities
Non-current deferred revenue1,119 1,128 
Non-current operating lease liabilities48,286 53,441 
Long-term debt695 867 
Other non-current liabilities2,819 1,673 
Total non-current liabilities52,919 57,109 
Total liabilities163,561 128,105 
Stockholders' equity
Common stock
Additional paid-in capital212,116 210,200 
Treasury stock(101,606)(25,367)
Accumulated other comprehensive loss(7,250)(7,913)
Retained earnings / (deficit)5,676 (11,123)
Total stockholders' equity108,937 165,799 
Total liabilities and stockholders' equity$272,498 $293,904 



14IBEX LIMITED AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands, except per share data)
Three Months Ended December 31,Six Months Ended December 31,
2024202320242023
Revenue$140,682 $132,634 $270,399 $257,243 
Cost of services (exclusive of depreciation and amortization presented separately below)98,762 95,884 188,803 184,080 
Selling, general and administrative25,706 24,857 51,921 47,897 
Depreciation and amortization4,286 4,946 8,655 9,988 
Total operating expenses128,754 125,687 249,379 241,965 
Income from operations11,928 6,947 21,020 15,278 
Interest income311 512 894 1,098 
Interest expense(620)(111)(782)(215)
Income before income taxes11,619 7,348 21,132 16,161 
Provision for income tax expense(2,351)(1,273)(4,333)(2,661)
Net income$9,268 $6,075 $16,799 $13,500 
Other comprehensive income
Foreign currency translation adjustments$(911)$679 $477 $(22)
Unrealized (loss) / gain on cash flow hedging instruments, net of tax(193)395 186 201 
Total other comprehensive (loss) / income(1,104)1,074 663 179 
Total comprehensive income$8,164 $7,149 $17,462 $13,679 
Net income per share
Basic$0.61 $0.34 $1.05 $0.75 
Diluted$0.57 $0.33 $1.00 $0.72 
Weighted average common shares outstanding
Basic15,12617,88516,00718,084
Diluted16,45618,44016,97718,667



IBEX LIMITED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)

Three Months Ended December 31,Six Months Ended December 31,
2024202320242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$9,268 $6,075 $16,799 $13,500 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization4,286 4,946 8,655 9,988 
Noncash lease expense3,083 3,297 6,409 6,522 
Warrant contra revenue— 307 — 594 
Deferred income tax(637)52 (767)296 
Share-based compensation expense1,235 1,427 1,905 2,275 
Allowance of expected credit losses240 (5)323 
Change in assets and liabilities:
Increase in accounts receivable(14,856)(14,544)(22,505)(18,336)
Decrease / (increase) in prepaid expenses and other current assets722 (936)(1,013)(2,192)
(Decrease) / increase in accounts payable and accrued liabilities(1,496)338 3,078 544 
Increase in deferred revenue2,386 673 2,465 301 
Decrease in operating lease liabilities(3,090)(3,267)(6,446)(6,451)
Net cash inflow / (outflow) from operating activities1,141 (1,637)8,903 7,047 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment(4,319)(2,892)(7,949)(4,944)
Net cash outflow from investing activities(4,319)(2,892)(7,949)(4,944)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit9,100 59 9,160 96 
Repayments of line of credit(1,600)(59)(1,660)(148)
Proceeds from the exercise of options342 724 11 
Principal payments on finance leases(182)(116)(353)(204)
Purchase of treasury shares(46,562)(8,442)(51,369)(10,274)
Net cash outflow from financing activities(38,902)(8,552)(43,498)(10,519)
Effects of exchange rate difference on cash and cash equivalents(19)68 30 
Net decrease in cash and cash equivalents(42,099)(13,013)(42,514)(8,413)
Cash and cash equivalents, beginning62,305 62,029 62,720 57,429 
Cash and cash equivalents, ending$20,206 $49,016 $20,206 $49,016 



IBEX LIMITED AND SUBSIDIARIES
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
EXHIBIT 1: Adjusted net income, adjusted net income margin, and adjusted earnings per share

We define adjusted net income as net income before the effect of the following items: warrant contra revenue, foreign currency gain / loss, and share-based compensation expense, net of the tax impact of such adjustments. We define adjusted net income margin as adjusted net income divided by revenue. We define adjusted earnings per share as adjusted net income divided by weighted average diluted shares outstanding.

The following table provides a reconciliation of net income to adjusted net income, net income margin to adjusted net income margin, and diluted earnings per share to adjusted earnings per share for the periods presented:
Three Months Ended December 31,Six Months Ended December 31,
($000s, except per share amounts)2024202320242023
Net income$9,268 $6,075 $16,799 $13,500 
Net income margin6.6 %4.6 %6.2 %5.2 %
Warrant contra revenue— 307 — 594 
Foreign currency (gain) / loss(912)697 545 (100)
Share-based compensation expense1,235 1,427 1,905 2,275 
Total adjustments$323 $2,431 $2,450 $2,769 
Tax impact of adjustments124 (482)(602)(671)
Adjusted net income$9,615 $8,024 $18,647 $15,598 
Adjusted net income margin6.8 %6.0 %6.9 %6.1 %
Diluted earnings per share$0.57 $0.33 $1.00 $0.72 
Per share impact of adjustments to net income0.02 0.11 0.11 0.11 
Adjusted earnings per share$0.59 $0.44 $1.11 $0.84 
Weighted average diluted shares outstanding16,456 18,440 16,977 18,667 
1The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdictions.



EXHIBIT 2:  EBITDA, adjusted EBITDA, and adjusted EBITDA margin
EBITDA is a non-GAAP profitability measure that represents net income before the effect of the following items: interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before the effect of the following items: interest income, warrant contra revenue, foreign currency gain / loss, and share-based compensation expense. Adjusted EBITDA margin is a non-GAAP profitability measure that represents adjusted EBITDA divided by revenue.

The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA and net income margin to adjusted EBITDA margin for the periods presented:
Three Months Ended December 31,Six Months Ended December 31,
($000s)2024202320242023
Net income$9,268 $6,075 $16,799 $13,500 
Net income margin6.6 %4.6 %6.2 %5.2 %
Interest expense620 111 782 215 
Income tax expense2,351 1,273 4,333 2,661 
Depreciation and amortization4,286 4,946 8,655 9,988 
EBITDA$16,525 $12,405 $30,569 $26,364 
Interest income(311)(512)(894)(1,098)
Warrant contra revenue— 307 — 594 
Foreign currency (gain) / loss(912)697 545 (100)
Share-based compensation expense1,235 1,427 1,905 2,275 
Adjusted EBITDA$16,537 $14,324 $32,125 $28,035 
Adjusted EBITDA margin11.8 %10.8 %11.9 %10.9 %



EXHIBIT 3: Free cash flow

We define free cash flow as net cash provided by operating activities less capital expenditures.
Three Months Ended December 31,Six Months Ended December 31,
($000s)2024202320242023
Net cash provided by operating activities$1,141 $(1,637)$8,903 $7,047 
Less: capital expenditures4,319 2,892 7,949 4,944 
Free cash flow$(3,178)$(4,529)$954 $2,103 
EXHIBIT 4: Net (debt) / cash

We define net (debt) / cash as total cash and cash equivalents less debt.
December 31,June 30,
($000s)20242024
Cash and cash equivalents$20,206 $62,720 
Debt
Current$8,217 $660 
Convertible debt25,000 — 
Non-current695 867 
Total debt$33,912 $1,527 
Net (debt) / cash$(13,706)$61,193 

v3.25.0.1
Cover
Feb. 06, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 06, 2025
Entity Registrant Name IBEX Limited
Entity Incorporation, State or Country Code D0
Entity File Number 001-38442
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common shares, par value of $0.0001
Trading Symbol IBEX
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period false
Amendment Flag false
Entity Central Index Key 0001720420

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