NRSInsights’ June 2024 Retail Same-Store Sales Report
June same-store sales increased 5.1% year-over-year
NEWARK, N.J., July 08, 2024 — NRSInsights, a provider of sales data and analytics drawn from retail transactions processed through the National Retail Solutions (NRS) point-of-sale (POS) platform, today announced comparative same-store sales results for June 2024.
As of June 30, 2024, the NRS retail network comprised approximately 31,400 active terminals scanning purchases at independent retailers including bodegas, convenience stores, liquor stores, grocers, tobacco, and sundries sellers nationwide, predominantly serving urban consumers.
June Retail Same-Store Sales Highlights
(Same-store sales, unit sales, transactions, and average price data throughout this release refer to June 2024 unless otherwise noted. All comparisons are provided on a “per calendar day” basis to remove from consideration variability in the number of days per month.)
Same-store sales increased 5.1% from a year earlier (June 2023). In the previous month (May 2024), same-store sales had increased 4.7% compared to May 2023.
Same-store sales increased 1.6% compared to the previous month (May 2024). Same-store sales in May 2024 had increased 3.4% compared to the previous month (April 2024).
For the three months ended June 30, 2024, same-store sales increased 3.5% compared to the three months ended June 30, 2023.
The number of units sold increased 5.5% from a year earlier (June 2023). In the previous month (May 2024), the number of items sold had increased 4.7% compared to May 2023.
The average number of transactions per store increased 2.8% from a year earlier (June 2023). In the previous month (May 2024), the average number of transactions had increased 2.3% compared to May 2023.
A dollar-weighted average of prices for the top 500 items purchased increased 1.1% year-over-year, a decrease from the 1.6% year-over-year increase recorded in May 2024.
Retail Trade Comparative Data
The table below provides historical comparative data with the U.S. Commerce Department’s Advance Monthly Retail Trade same-store sales data excluding food service:
The NRSInsights data in the chart above have not been adjusted to reflect inflation, demographic distributions, seasonal buying patterns, item substitution, days per month, or other factors that may facilitate comparisons to other periods, to other same-store retail sales data, or to the U.S. Commerce Department’s retail data.
Commentary from Suzy Silliman (SVP, Data Strategy and Sales at NRS)
“June 2024 again produced strong results across the NRS network versus June of 2023 in all three same-store sales metrics: dollars, units sold, and transactions (baskets).
“Growth was spread across geographic regions, with thirty-seven of the fifty U.S. states increasing all three metrics and all but eight states enjoying transaction growth. States in the Northeast were responsible for over 50% of the network transaction growth versus June 2023 while stores in Florida and Texas, in aggregate, underperformed.
“With much of the U.S. under a heat advisory during at least part of June this year, seasonal categories outperformed. Sun Care led with dollars, units sold, and baskets all tracking over 50% ahead of June 2023’s levels. Ice, Condiments, Pest Control and Deodorant also trended higher. In terms of its impact on sales dollar growth for the NRS network in aggregate, Packaged Beverages, including both alcoholic and non-alcoholic categories, was the key driver.
“Sales for both the Candy/Gum/Mints and the Tobacco Alternatives/Vape categories underperformed in June versus a year ago, continuing a recent trend. Sweet Snacks – which includes packaged cakes, cupcakes and pies, muffins, dessert bars, doughnuts, and similar items – also had a softer June this year for all three sales metrics. In recent months, Sweet Snacks had benefitted from shoppers who had switched from Candy to satisfy their sweet tooth, so we are keeping an eye on this month’s break in that trend.”
NRSInsights Reports
The NRSInsights monthly Same-Store Retail Sales Reports are intended to provide timely topline data reflective of sales at NRS’ network of independent, predominantly urban, retail stores.
Same-store data comparisons of June 2024 with June 2023 are derived from approximately 186 million transactions processed through the approximately 18,400 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of June 2024 with May 2024 are derived from approximately 246 million transactions processed through approximately 26,200 stores.
Same-store data comparisons for the three months ended June 30, 2024 with the year-ago three months are derived from approximately 530 million scanned transactions processed through the stores that were in the NRS network in both quarters.
NRS POS Network
The NRS network comprises approximately 31,400 active POS terminals operating in approximately 27,300 independent retail stores. Its platform predominantly serves small-format, independent, retail stores including convenience stores, bodegas, liquor stores, grocers, tobacco, and sundries sellers. The network includes retailers in all 50 states as well as the District of Columbia, and in 200 of the 210 designated market areas (DMAs) in the United States. NRS’ POS terminals processed $19.1 billion in sales through approximately 1.4 billion transactions during the twelve months ended June 30, 2024.
About National Retail Solutions (NRS):
National Retail Solutions operates the largest point-of-sale (POS) terminal-based platform and digital payment processing service for independent retailers nationwide. Retailers utilize NRS offerings to process transactions and effectively manage their businesses. Consumer packaged goods (CPG) suppliers, brokers, analytics firms, and advertisers access the terminal’s digital display network to reach these retailers’ predominantly urban, multi-cultural shopper base, and to harness transaction data-based learnings to identify growth opportunities and measure execution and returns on marketing investment. NRS is a subsidiary of IDT Corporation (NYSE: IDT).
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
NRSInsights Contact: Suzy Silliman SVP, Data Strategy and Sales at NRS National Retail Solutions suzy.silliman@nrsplus.com
NRSInsights’ May 2024 Retail Same-Store Sales Report
May same-store sales increased 4.7% year-over-year
NEWARK, N.J., June 07, 2024 — NRSInsights, a provider of sales data and analytics drawn from retail transactions processed through the National Retail Solutions (NRS) point-of-sale (POS) platform, today announced comparative same-store sales results for May 2024.
As of May 31, 2024, the NRS retail network comprised approximately 30,800 active terminals scanning purchases at independent retailers including bodegas, convenience stores, liquor stores, grocers, tobacco, and sundries sellers nationwide, predominantly serving urban consumers.
May Retail Same-Store Sales Highlights
(Same-store sales, unit sales, transactions, and average price data throughout this release refer to May 2024 unless otherwise noted. All comparisons are provided on a “per calendar day” basis to remove from consideration variability in the number of days per month.)
Same-store sales increased 4.7% from a year earlier (May 2023). In the previous month (April 2024), average sales had increased 2.5% compared to April 2023.
Same-store sales increased 3.4% compared to the previous month (April 2024). Same-store sales in April 2024 had decreased 0.9% compared to the previous month (March 2024).
For the three months ended May 31, 2024, same-store sales increased 4.3% compared to the three months ended May 31, 2023.
The number of items sold increased 4.7% from a year earlier (May 2023). In the previous month (April 2024), the number of items sold had increased 3.7% compared to April 2023.
The average number of transactions per store increased 2.3% from a year earlier (May 2023). In the previous month (April 2024), the average number of transactions had increased 1.7% compared to April 2023.
A dollar-weighted average of prices for the top 500 items purchased increased 1.6% year-over-year, an increase from the 0.2% year-over-year increase recorded in April 2024 and the highest rate of price increases reported since November 2023.
Commentary from Suzy Silliman (SVP, Data Strategy and Sales at NRS)
“In May, the NRS point-of-sale network generated solid same-store sales growth versus the year ago and prior month across dollars, baskets, and units scanned.
“Looking at popular categories, Smokeless Tobacco sales continued their upward trajectory propelled by the surging popularity of nicotine pouches, while Tobacco and Cigarette sales declined modestly from year ago levels. Within the Tobacco Alternatives category, Vape scans stood out with continued year-over-year decreases in baskets, units and dollar sales.
“Within Beverages, mid-May marks the start of ‘cold beverage season.’ This May we did indeed see the expected, sequential lift across most cold beverage categories. Beer, NA Beer, FMB/Cider/Seltzer, Soft Drinks, Water (still, value-add, and sparkling), and Coconut Water all grew dollar sales sequentially and year over year. Bucking the trend, Energy Drinks and Sports Drinks saw little seasonal benefit and trailed year-ago sales levels.
“Sales of high-protein offerings, including Performance Nutritional Shakes and Bars, as well as Protein Salty Snacks have increased significantly in recent months. Their market strength closely correlates with broader retail patterns influenced by the increasing popularity of GLP-1 agonist weight loss drugs, which are often paired with high-protein diets for optimal outcomes. Across the retail landscape, health trends, consumer preferences, and product innovation remain key inter-connected drivers of category and brand performance.”
Retail Trade Comparative Data
The table below provides historical comparative data with the U.S. Commerce Department’s Advance Monthly Retail Trade same-store sales data excluding food service:
The NRSInsights data in the chart above have not been adjusted to reflect inflation, demographic distributions, seasonal buying patterns, item substitution, days per month, or other factors that may facilitate comparisons to other periods, to other same-store retail sales data, or to the U.S. Commerce Department’s retail data.
NRSInsights Reports
The NRSInsights monthly Same-Store Retail Sales Reports are intended to provide timely topline data reflective of sales at NRS’ network of independent, predominantly urban, retail stores.
Same-store data comparisons of May 2024 with May 2023 are derived from approximately 187 million transactions processed through the approximately 18,000 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of May 2024 with April 2024 are derived from approximately 238 million transactions processed through approximately 25,700 stores.
Same-store data comparisons for the three months ended May 31, 2024 with the year-ago three months are derived from approximately 516 million scanned transactions processed through the stores that were in the NRS network in both quarters.
NRS POS Network
The NRS network comprises approximately 30,800 active POS terminals operating in approximately 26,800 independent retail stores. Its platform predominantly serves small-format, independent, retail stores including convenience stores, bodegas, liquor stores, grocers, tobacco and sundries sellers. The network includes retailers in all 50 states and in 198 of the 210 designated market areas (DMAs) in the United States. NRS’ POS terminals have processed $18.8 billion in sales through approximately 1.3 billion transactions during the twelve months ended May 31, 2024.
About National Retail Solutions (NRS):
National Retail Solutions operates the largest point-of-sale (POS) terminal-based platform and digital payment processing service for independent retailers nationwide. Retailers utilize NRS offerings to process transactions and effectively manage their businesses. Consumer packaged goods (CPG) suppliers, brokers, analytics firms, and advertisers access the terminal’s digital display network to reach these retailers’ predominantly urban, multi-cultural shopper base, and to harness transaction data-based learnings to identify growth opportunities and measure execution and returns on marketing investment. NRS is a subsidiary of IDT Corporation (NYSE: IDT).
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
NRSInsights Contact: Suzy Silliman SVP, Data Strategy and Sales at NRS National Retail Solutions suzy.silliman@nrsplus.com
IDT Corporation Reports Third Quarter Fiscal Year 2024 Results
NRS: Recurring Revenue* Up 45%; Income from Operations Up 129%, Adjusted EBITDA** Up 108% net2phone: Subscription Revenue* Up 17%; Income from Operations Up 226%; Adjusted EBITDA Up 107% BOSS Money: Transactions Up 44%; Revenue Up 42% — Fintech Segment Adjusted EBITDA Turns Positive
NEWARK, NJ, June 05, 2024 — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, today reported results for the third quarter of its fiscal year 2024, the three months ended April 30, 2024.
HIGHLIGHTS
(Throughout this release, unless otherwise noted, results are for the third quarter of fiscal year 2024 (3Q24) and are compared to the third quarter of fiscal year 2023 (3Q23). All earnings per share (EPS) and other ‘per share’ results are per diluted share. For 3Q24 and all prior periods presented, IDT reclassified most of its technology and development expenses from SG&A expense to a new “Technology and development” expense line item and reclassified a small portion to “Direct cost of revenues.”)
•
National Retail Solutions (NRS) added approximately 1,600 net active point-of-sale (POS) terminals during 3Q24, to reach approximately 30,300 as of April 30th. NRS recurring revenue increased 45% year-over-year to $24.0 million;
•
BOSS Money, the principal business in IDT’s Fintech segment, increased revenue 42% to $27.6 million, while increasing remittance transactions by 44% to 4.7 million;
•
net2phone added approximately 9,000 net seats served, to reach approximately 384,000 as of April 30th. Subscription revenue increased 17% to $20.0 million;
•
Consolidated revenue of $299.6 million compared to $299.3 million;
•
Consolidated gross profit increased 11% to a record $97.0 million from $87.6 million, and the consolidated gross profit margin increased 310 basis points to 32.4% from 29.3%;
•
Consolidated income from operations increased to $11.4 million from $10.4 million;
•
Net income attributable to IDT decreased to $5.6 million from $6.9 million, primarily due to an increase in the effective income tax rate in 3Q24 and to certain foreign currency transaction losses realized;
•
Consolidated Adjusted EBITDA increased to $20.6 million from $20.5 million;
•
GAAP EPS decreased to $0.22 from $0.27. Non-GAAP EPS** decreased to $0.38 from $0.46 as a result of the decrease in net income attributable to IDT;
•
During 3Q24, IDT repurchased 68,846 shares of its Class B common stock for $2.5 million.
(See ‘Notes’ later in this release for supplemental information on asterisked metrics).
REMARKS BY SHMUEL JONAS, CEO
“IDT’s three high-growth, high-margin businesses again delivered strong results in the third quarter, contributing to a 310-basis point improvement in our consolidated gross margin. NRS has surpassed the 30 thousand active terminal milestone, making it the largest POS network for C-stores in the country. At net2phone, Adjusted EBITDA doubled year-over-year in the current quarter, as the business continues to scale and improve its operating leverage. And at BOSS Money, our balanced, omni-channel approach to customer acquisition and focus on customer service and user experience drove another quarter of strong revenue increases, helping the Fintech segment to its first Adjusted EBITDA positive quarter.
“Looking ahead, we are very excited by the potential of each of these three businesses for sustainable, profitable growth. In our Traditional Communications segment, we are making progress turning around our IDT Digital Payments business and expect its bottom-line results will continue to improve.”
CONSOLIDATED RESULTS
IDT Consolidated Results ($ in millions, except gross profit margin and EPS)
3Q24
2Q24
1Q24
4Q23
3Q23
3Q24-3Q23 variance
Revenue
$
299.6
$
296.1
$
301.2
$
303.8
$
299.3
+0.1
%
Gross profit
$
97.0
$
96.9
$
94.0
$
90.7
$
87.6
+10.8
%
Gross profit margin
32.4
%
32.7
%
31.2
%
29.9
%
29.3
%
+310 bps
SG&A
$
69.0
$
67.3
$
64.4
$
65.7
$
60.1
+14.7
%
Technology and development
$
12.6
$
12.9
$
12.4
$
12.1
$
12.1
+4.1
%
Income from operations
$
11.4
$
16.0
$
17.2
$
12.0
$
10.4
+$
1.1
Adjusted EBITDA
$
20.6
$
21.8
$
22.3
$
18.1
$
20.5
+$
0.1
Net income attributable to IDT
$
5.6
$
14.4
$
7.7
$
8.0
$
6.9
$
(1.3
)
EPS (diluted)
$
0.22
$
0.57
$
0.30
$
0.31
$
0.27
$
(0.05
)
Non-GAAP EPS (diluted)
$
0.38
$
0.67
$
0.32
$
0.36
$
0.46
$
(0.08
)
RESULTS BY SEGMENT
National Retail Solutions (NRS)
During 3Q24 and 3Q23, the NRS segment contributed 8.6% and 6.0% of IDT’s consolidated revenue, respectively.
National Retail Solutions (NRS) (Terminals and accounts at end of period. $ in millions, except for revenue per terminal)
3Q24
2Q24
1Q24
4Q23
3Q23
3Q24-3Q23 variance
Terminals and payment processing accounts
Active POS terminals
30,300
28,7000
27,200
25,700
23,900
+26.6
%
Payment processing accounts
19,500
18,200
17,100
15,800
14,100
+38.0
%
Recurring revenue
Merchant Services and other
$
14.4
$
12.5
$
11.4
$
10.3
$
8.7
+65.9
%
Advertising & Data
$
6.7
$
8.7
$
8.5
$
6.2
$
5.8
+16.2
%
SaaS Fees
$
2.9
$
2.7
$
2.5
$
2.3
$
2.1
+41.0
%
Total recurring revenue
$
24.0
$
23.9
$
22.4
$
18.8
$
16.5
+45.4
%
POS Terminal Sales
$
1.8
$
1.3
$
1.6
$
1.1
$
1.6
+9.8
%
Total revenue
$
25.7
$
25.2
$
24.0
$
19.9
$
18.1
+42.3
%
Monthly average recurring revenue per terminal*
$
271
$
285
$
282
$
253
$
237
+14.0
%
Gross profit
$
22.1
$
22.5
$
20.8
$
17.2
$
15.0
+47.6
%
SG&A
$
15.7
$
15.2
$
13.6
$
14.0
$
11.6
+35.0
%
Technology and development
$
1.7
$
1.9
$
1.7
$
1.5
$
1.3
+28.5
%
Income from operations
$
4.8
$
5.3
$
5.5
$
1.7
$
2.1
+$
2.7
Adjusted EBITDA
$
5.6
$
6.1
$
6.2
$
2.4
$
2.7
+$
2.9
Take-Aways:
•
During 3Q24, NRS added approximately 1,600 net active terminals and approximately 1,300 net payment processing accounts. NRS continues to incentivize new and existing retailers to utilize its native payment processing solution, NRS Pay.
•
The strong year-over-year increases in both Merchant Services and in SaaS Fees revenues reflects the continued, robust growth in active POS terminals and payment processing accounts, as well as increased sales of higher revenue payment processing and software plans.
•
The year-over-year revenue increase in advertising sales, which comprises most of Advertising & Data revenue, resulted from steady growth stemming from both programmatic and direct sales channel enhancements. The sequential quarterly decline was in line with expected seasonal factors characteristic of the advertising industry.
•
The year-over-year increase in monthly average recurring revenue per terminal was impacted mostly by the strong increases in Merchant Services and SaaS Fees revenues per terminal.
net2phone
During 3Q24 and 3Q23, the net2phone segment contributed 6.9% and 6.2% of IDT’s consolidated revenue, respectively.
net2phone (Seats in thousands at end of period. $ in millions)
3Q24
2Q24
1Q24
4Q23
3Q23
3Q24-3Q23 variance
Seats
384
375
364
352
340
+12.9
%
Revenue
Subscription revenue
$
20.0
$
19.3
$
18.5
$
17.9
$
17.1
+17.1
%
Other revenue
$
0.7
$
1.0
$
1.4
$
1.4
$
1.3
(50.4
)%
Total Revenue
$
20.7
$
20.4
$
19.9
$
19.3
$
18.4
+12.4
%
Gross profit
$
16.4
$
16.1
$
15.8
$
15.2
$
14.6
+12.4
%
SG&A
$
13.0
$
13.1
$
13.3
$
13.2
$
12.5
+4.7
%
Technology and development
$
2.8
$
2.6
$
2.5
$
2.5
$
2.5
+12.1
%
Income (loss) from operations
$
0.5
$
0.4
$
0.0
$
(0.7
)
$
(0.4
)
+$
0.9
Adjusted EBITDA
$
2.1
$
1.8
$
1.4
$
0.9
$
1.0
+$
1.1
Take-Aways:
•
net2phone’s year-over-year increases in seats were powered by expansion in key markets led by the U.S., Brazil, and Mexico.
•
net2phone’s combined SG&A expense and technology and development cost as a percentage of its total revenue decreased to 77% from 81% in the year ago quarter, as it continues to achieve higher levels of operating leverage as the business scales.
Fintech
During 3Q24 and 3Q23, the Fintech segment contributed 10.5% and 7.3% of IDT’s consolidated revenue, respectively.
Fintech (Transactions in millions. $ in millions except for revenue per transaction)
3Q24
2Q24
1Q24
4Q23
3Q23
3Q24-3Q23 variance
BOSS Money Transactions
4.7
4.2
4.0
3.8
3.3
+44.2
%
Fintech Revenue
BOSS Money
$
27.6
$
25.0
$
24.2
$
22.3
$
19.4
+41.9
%
Other
$
3.9
$
2.9
$
2.3
$
2.3
$
2.3
+67.7
%
Total Revenue
$
31.5
$
28.0
$
26.6
$
24.6
$
21.8
+44.7
%
Average revenue per transaction**
$
5.84
$
5.98
$
5.99
$
5.87
$
5.94
(1.6
)%
Gross profit
$
17.3
$
16.1
$
14.8
$
13.6
$
12.6
+37.8
%
SG&A
$
15.3
$
14.3
$
14.2
$
13.6
$
12.0
+26.7
%
Technology and development
$
2.5
$
2.5
$
2.1
$
2.0
$
1.8
+37.3
%
Loss from operations
$
(0.6
)
$
(0.7
)
$
(1.4
)
$
(1.9
)
$
(1.3
)
+$
0.8
Adjusted EBITDA
$
0.2
$
0.0
$
(0.7
)
$
(1.2
)
$
(0.6
)
+$
0.9
Take-Aways:
•
The 44% year-over-year increase in BOSS Money transactions comprised a 43% increase in digital transactions via the BOSS Money and BOSS Calling apps, and a 49% increase in retail transactions. The latter was driven primarily by expansion of the BOSS Money retail agent network.
•
BOSS Money revenue increased 42% as a result of transactions growth, driven by cross-marketing within the larger BOSS ecosystem, the expansion of the BOSS Money retailer network, and enhanced user-experience within the BOSS Money and Boss Calling apps.
•
The Fintech segment generated positive Adjusted EBITDA for the first time, primarily as a result of the continued growth in BOSS Money transactions, revenue, and gross profit.
Traditional Communications
During 3Q24 and 3Q23, the Traditional Communications segment contributed 74.0% and 80.5% of IDT’s consolidated revenue, respectively.
Traditional Communications ($ in millions)
3Q24
2Q24
1Q24
4Q23
3Q23
3Q24-3Q23 variance
Revenue
IDT Digital Payments
$
101.6
$
99.6
$
100.0
$
100.8
$
101.0
+0.5
%
BOSS Revolution Calling
$
63.2
$
66.7
$
71.2
$
75.4
$
77.6
(18.5
)%
IDT Global
$
50.1
$
48.7
$
52.0
$
55.6
$
54.5
(8.1
)%
Other
$
6.9
$
7.5
$
7.5
$
8.2
$
7.9
(13.1
)%
Total Revenue
$
221.7
$
222.5
$
230.7
$
240.0
$
241.0
(8.0
)%
Gross profit
$
41.2
$
42.3
$
42.6
$
44.7
$
45.4
(9.3
)%
SG&A
$
22.7
$
21.4
$
20.6
$
22.3
$
21.8
+4.4
%
Technology & development
$
5.6
$
5.9
$
6.1
$
6.1
$
6.5
(13.3
)%
Income from operations
$
12.5
$
14.6
$
15.4
$
14.1
$
12.9
$
(0.5
)
Adjusted EBITDA
$
14.9
$
17.0
$
18.1
$
18.6
$
19.7
$
(4.8
)
Take-Away:
•
Traditional Communications revenue in the third quarter outperformed expectations with stronger than anticipated results from IDT Global.
OTHER FINANCIAL RESULTS
Consolidated results for all periods presented include corporate overhead. Corporate G&A expense was $2.3 million in both 3Q24 and 3Q23.
As of April 30, 2024, IDT held $174.0 million in cash, cash equivalents, debt securities, and current equity investments. Current assets totaled $408.5 million and current liabilities totaled $277.8 million. IDT had no outstanding debt at the fiscal quarter’s end.
Net cash provided by operating activities during 3Q24 was $9.6 million – an increase from 3Q23 when net cash used in operating activities was $6.9 million. Exclusive of changes in customer deposit balances at IDT’s Gibraltar-based bank, net cash provided by operating activities during 3Q24 increased to $12.3 million compared to net cash used in operating activities of $4.3 million during 3Q23.
Capital expenditures decreased to $4.7 million in 3Q24 from $5.5 million in 3Q23.
DIVIDEND
IDT will pay a $0.05 quarterly dividend on its Class A and Class B Common stock on or about June 17th to stockholders of record as of the close of business on June 10th.
IDT EARNINGS ANNOUNCEMENT INFORMATION
This release is available for download in the “Investors & Media” section of the IDT Corporation website (https://www.idt.net/investors-and-media) and has been filed on a current report (Form 8-K) with the SEC.
IDT will host an earnings conference call beginning at 5:30 PM Eastern today with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and request the IDT Corporation call (participant access code: 217002).
A replay of the conference call will be available approximately three hours after the call concludes through June 19, 2024. To access the call replay, dial 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and provide this replay passcode: 50617. The replay will also be accessible via streaming audio at the IDT investor relations website.
NOTES
*Adjusted EBITDA and Non-GAAP EPS are Non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measures later in this release for an explanation of these terms and their respective reconciliations to the most directly comparable GAAP measures.
**See ‘Explanation of Key Performance Metrics’ at the end of this release.
ABOUT IDT CORPORATION
IDT Corporation (NYSE: IDT) is a global provider of fintech and communications services through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT’s fintech and neo-banking services include BOSS Money, a popular international remittance business, as well as other services that make saving, spending, and sharing money easy and secure; IDT Digital Payments and BOSS Revolution Calling make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
Trade accounts receivable, net of allowance for credit losses of $6,717 at April 30, 2024 and allowance for doubtful accounts of $5,642 at July 31, 2023
38,967
32,092
Settlement assets, net of reserve of $1,676 at April 30, 2024 and $1,143 at July 31, 2023
21,435
32,396
Disbursement prefunding
36,626
30,113
Prepaid expenses
20,046
16,638
Other current assets
24,385
28,394
Total current assets
408,532
387,068
Property, plant, and equipment, net
38,515
38,655
Goodwill
26,254
26,457
Other intangibles, net
6,591
8,196
Equity investments
6,630
9,874
Operating lease right-of-use assets
4,370
5,540
Deferred income tax assets, net
15,270
24,101
Other assets
11,140
10,919
Total assets
$
517,302
$
510,810
Liabilities, redeemable noncontrolling interest, and equity
Current liabilities:
Trade accounts payable
$
23,976
$
22,231
Accrued expenses
99,335
110,796
Deferred revenue
32,070
35,343
Customer deposits
83,660
86,481
Settlement liabilities
22,853
21,495
Other current liabilities
15,937
17,761
Total current liabilities
277,831
294,107
Operating lease liabilities
1,753
2,881
Other liabilities
3,647
3,354
Total liabilities
283,231
300,342
Commitments and contingencies
Redeemable noncontrolling interest
10,791
10,472
Equity:
IDT Corporation stockholders’ equity:
Preferred stock, $.01 par value; authorized shares-10,000; no shares issued
–
–
Class A common stock, $.01 par value; authorized shares-35,000; 3,272 shares issued and 1,574 shares outstanding at April 30, 2024 and July 31, 2023
33
33
Class B common stock, $.01 par value; authorized shares-200,000; 28,165 and 27,851 shares issued and 23,766 and 23,699 shares outstanding at April 30, 2024 and July 31, 2023, respectively
282
279
Additional paid-in capital
303,055
301,408
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,399 and 4,152 shares of Class B common stock at April 30, 2024 and July 31, 2023, respectively
(122,668
)
(115,461
)
Accumulated other comprehensive loss
(17,243
)
(17,192
)
Retained earnings
51,028
24,662
Total IDT Corporation stockholders’ equity
214,487
193,729
Noncontrolling interests
8,793
6,267
Total equity
223,280
199,996
Total liabilities, redeemable noncontrolling interest, and equity
$
517,302
$
510,810
IDT CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended April 30,
Nine Months Ended April 30,
2024
2023
2024
2023
(in thousands, except per share data)
Revenues
$
299,643
$
299,295
$
896,946
$
935,047
Direct cost of revenues
202,599
211,734
608,982
668,513
Gross profit
97,044
87,561
287,964
266,534
Operating expenses:
Selling, general and administrative (i)
68,962
60,130
200,685
177,475
Technology and development (i)
12,640
12,145
37,975
35,870
Severance
779
145
1,648
458
Other operating expense, net
3,231
4,764
3,041
3,948
Total operating expenses
85,612
77,184
243,349
217,751
Income from operations
11,432
10,377
44,615
48,783
Interest income, net
1,162
709
3,201
2,029
Other expense, net
(3,273
)
(382
)
(6,326
)
(2,610
)
Income before income taxes
9,321
10,704
41,490
48,202
Provision for income taxes
(2,979
)
(2,960
)
(10,918
)
(12,594
)
Net income
6,342
7,744
30,572
35,608
Net income attributable to noncontrolling interests
(791
)
(854
)
(2,937
)
(3,093
)
Net income attributable to IDT Corporation
$
5,551
$
6,890
$
27,635
$
32,515
Earnings per share attributable to IDT Corporation common stockholders:
Basic
$
0.22
$
0.27
$
1.10
$
1.27
Diluted
$
0.22
$
0.27
$
1.09
$
1.27
Weighted-average number of shares used in calculation of earnings per share:
Basic
25,345
25,518
25,233
25,544
Diluted
25,516
25,612
25,380
25,589
(i) Stock-based compensation included in:
Selling, general and administrative expense
$
2,027
$
1,579
$
5,025
$
3,096
Technology and development expense
$
91
$
100
$
350
$
441
IDT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended April 30,
2024
2023
(in thousands)
Operating activities
Net income
$
30,572
$
35,608
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
15,256
14,986
Deferred income taxes
8,830
9,200
Provision for credit losses, doubtful accounts receivable, and reserve for settlement assets
3,010
1,180
Net unrealized loss from marketable securities
1,537
3,151
Stock-based compensation
5,375
3,537
Other
2,528
2,114
Change in assets and liabilities:
Trade accounts receivable
(9,000
)
57
Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets
6,797
(29,184
)
Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities
(12,263
)
(6,220
)
Customer deposits at IDT Financial Services Limited (Gibraltar-based bank)
(431
)
(2,570
)
Deferred revenue
(2,903
)
(3,160
)
Net cash provided by operating activities
49,308
28,699
Investing activities
Capital expenditures
(13,621
)
(16,033
)
Purchase of convertible preferred stock in equity method investment
(1,513
)
(168
)
Payments for acquisition
(60
)
–
Purchases of debt securities and equity investments
(27,593
)
(44,166
)
Proceeds from maturities and sales of debt securities and redemptions of equity investments
41,527
34,309
Net cash used in investing activities
(1,260
)
(26,058
)
Financing activities
Dividends paid
(1,269
)
–
Distributions to noncontrolling interests
(62
)
(293
)
Proceeds from notes payable
100
300
Repayment of notes payable.
(128
)
(2,031
)
Proceeds from borrowings under revolving credit facility
32,864
2,383
Repayment of borrowings under revolving credit facility.
(32,864
)
(2,383
)
Proceeds from exercise of stock options
172
172
Repurchases of Class B common stock
(7,207
)
(7,845
)
Net cash used in financing activities
(8,394
)
(9,697
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents
(5,632
)
2,537
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents
34,022
(4,519
)
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period
198,823
189,562
Cash, cash equivalents, and restricted cash and cash equivalents at end of period
$
232,845
$
185,043
Supplemental schedule of non-cash financing activities
Shares of Class B common stock issued for business acquisition holdback payment
$
100
$
–
Restricted net2phone common stock withheld from employees for income tax obligations
$
3,558
$
–
Value of Class B common stock exchanged for National Retail Solutions shares
$
6,254
$
–
Conversion of equity method investment’s secured promissory notes into convertible preferred stock
$
–
$
4,038
Stock issued to certain executive officers for bonus payments
$
1,495
$
615
*Explanation of Key Performance Metrics
NRS’ recurring revenue is NRS’ revenue in accordance with GAAP excluding revenue from POS terminal sales. NRS’ Monthly Average Recurring Revenue per Terminal is a financial metric. Monthly Average Recurring Revenue per Terminal is calculated by dividing NRS’ recurring revenue by the average number of active POS terminals during the period. The average number of active POS terminals is calculated by adding the beginning and ending number of active POS terminals during the period and dividing by two. NRS’ recurring revenue divided by the average number of active POS terminals is divided by three when the period is a fiscal quarter. Recurring revenue and Monthly Average Recurring Revenue per Terminal are useful for comparisons of NRS’ revenue and revenue per customer to prior periods and to competitors and others in the market, as well as for forecasting future revenue from the customer base.
net2phone’s subscription revenue is its revenue in accordance with GAAP excluding its equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil. net2phone’s cloud communications and contact center offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization. The number of seats served and subscription revenue trends and comparisons between periods are used in the analysis of net2phone’s revenues and direct cost of revenues and are strong indications of the top-line growth and performance of the business.
BOSS Money’s Average Revenue per Transaction is also a financial metric. Average Revenue per Transaction is calculated by dividing BOSS Money’s revenue in accordance with GAAP by the number of transactions during the period. Average Revenue per Transaction is useful for comparisons of BOSS Money’s revenue per transaction to prior periods and to competitors and others in the market, as well as for forecasting future revenue based on transaction trends.
**Reconciliation of Non-GAAP Financial Measures for the Third Quarter Fiscal 2024 and 2023
In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed for 3Q24, 2Q24, 1Q24, 4Q23, and 3Q23 Adjusted EBITDA and non-GAAP earnings per diluted share (EPS), both of which are non-GAAP measures.
Generally, a non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.
IDT’s measure of non-GAAP EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares. IDT’s measure of non-GAAP net income starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expenses, and deducts other operating gains. These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2024 and fiscal 2023 periods.
Management believes that IDT’s Adjusted EBITDA and non-GAAP EPS are measures which provide useful information to both management and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA and non-GAAP EPS to evaluate operating performance in relation to IDT’s competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting.
Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and IDT’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.
While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or capitalized in prior periods. IDT’s Adjusted EBITDA, which is exclusive of depreciation and amortization, is a useful indicator of its current performance.
Severance expense is excluded from the calculation of Adjusted EBITDA and non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations.
Other operating (expense) gain, net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA and non-GAAP EPS. Other operating (expense) gain, net includes, among other items, legal fees net of insurance claims related to Straight Path Communications Inc.’s stockholders’ class action, gains from the write-off of contingent consideration liabilities, gain from the sale of state income tax credits, and fixed asset write-offs. From time-to-time, IDT may have gains or incur costs related to non-routine legal, tax, and other matters, however, these various items generally do not occur each quarter. IDT believes the gain and losses from these non-routine matters are not components of IDT’s or the relevant segment’s core operating results.
Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT’s calculation of non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees’ compensation that impacts their performance.
Adjusted EBITDA and non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurements of Adjusted EBITDA and non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.
Following are reconciliations of Adjusted EBITDA and non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, income (loss) from operations for IDT’s reportable segments and net income for IDT on a consolidated basis, and (b) for non-GAAP EPS, diluted earnings per share.
IDT Corporation Reconciliation of Net Income to Adjusted EBITDA (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions
Total IDT Corporation
Traditional Communica-tions
net2phone
NRS
Fintech
Corporate
Three Months Ended April 30, 2024 (3Q24)
Net income attributable to IDT Corporation
$
5.6
Adjustments:
Net income attributable to noncontrolling interests
0.8
Net income
6.3
Provision for income taxes
3.0
Income before income taxes
9.3
Interest income, net
(1.2
)
Other expense, net
3.3
Income (loss) from operations
11.4
$
12.5
$
0.5
$
4.8
$
(0.6
)
$
(5.7
)
Depreciation and amortization
5.1
2.0
1.6
0.8
0.7
–
Severance
0.8
0.4
0.1
–
–
0.3
Other operating expense, net
3.2
–
–
–
0.1
3.2
Adjusted EBITDA
$
20.6
$
14.9
$
2.1
$
5.6
$
0.2
$
(2.3
)
IDT Corporation Reconciliation of Net Income to Adjusted EBITDA (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions
Total IDT Corporation
Traditional Communica-tions
net2phone
NRS
Fintech
Corporate
Three Months Ended January 31, 2024 (2Q24)
Net income attributable to IDT Corporation
$
14.4
Adjustments:
Net income attributable to noncontrolling interests
1.3
Net income
15.8
Provision for income taxes
4.0
Income before income taxes
19.7
Interest income, net
(1.2
)
Other income, net
(2.5
)
Income (loss) from operations
16.0
$
14.6
$
0.4
$
5.3
$
(0.7
)
$
(3.6
)
Depreciation and amortization
5.1
2.0
1.6
0.8
0.7
–
Severance
0.3
0.3
–
–
–
–
Other operating expense (gain), net
0.3
–
(0.1
)
–
–
0.4
Adjusted EBITDA
$
21.8
$
17.0
$
1.8
$
6.1
$
–
$
(3.2
)
IDT Corporation Reconciliation of Net Income to Adjusted EBITDA (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions
Total IDT Corporation
Traditional Communica-tions
net2phone
NRS
Fintech
Corporate
Three Months Ended October 31, 2023 (1Q24)
Net income attributable to IDT Corporation
$
7.7
Adjustments:
Net income attributable to noncontrolling interests
0.8
Net income
8.5
Provision for income taxes
3.9
Income before income taxes
12.4
Interest income, net
(0.8
)
Other expense, net
5.6
Income (loss) from operations
17.2
$
15.4
$
–
$
5.5
$
(1.4
)
$
(2.3
)
Depreciation and amortization
5.0
2.1
1.4
0.7
0.7
–
Severance
0.5
0.5
–
–
–
–
Other operating gain, net
(0.5
)
–
–
–
–
(0.5
)
Adjusted EBITDA
$
22.3
$
18.1
$
1.4
$
6.2
$
(0.7
)
$
(2.8
)
Total IDT Corporation
Traditional Communica-tions
net2phone
NRS
Fintech
Corporate
Three Months Ended July 31, 2023(4Q23)
Net income attributable to IDT Corporation
$
8.0
Adjustments:
Net income attributable to noncontrolling interests
0.8
Net income
8.8
Provision for income taxes
3.8
Income before income taxes
12.6
Interest income, net
(1.1
)
Other expense, net
0.5
Income (loss) from operations
12.0
$
14.1
$
(0.7
)
$
1.7
$
(1.9
)
$
(1.2
)
Depreciation and amortization
5.1
2.3
1.5
0.7
0.7
–
Severance
0.5
0.4
0.1
–
–
–
Other operating expense (gain), net
0.5
1.8
0.1
–
–
(1.4
)
Adjusted EBITDA
$
18.1
$
18.6
$
0.9
$
2.4
$
(1.2
)
$
(2.6
)
IDT Corporation Reconciliation of Net Income to Adjusted EBITDA (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions
Total IDT Corporation
Traditional Communica-tions
net2phone
NRS
Fintech
Corporate
Three Months Ended April 30, 2023 (3Q23)
Net income attributable to IDT Corporation
$
6.9
Adjustments:
Net income attributable to noncontrolling interests
0.9
Net income
7.7
Provision for income taxes
3.0
Income before income taxes
10.7
Interest income, net
(0.7
)
Other expense, net
0.4
Income (loss) from operations
10.4
$
12.9
$
(0.4
)
$
2.1
$
(1.3
)
$
(2.9
)
Depreciation and amortization
5.2
2.5
1.4
0.6
0.7
–
Severance
0.1
0.1
–
–
–
–
Other operating expense, net
4.8
4.1
–
–
–
0.6
Adjusted EBITDA
$
20.5
$
19.7
$
1.0
$
2.7
$
(0.6
)
$
(2.3
)
IDT Corporation Reconciliation of Earnings per share to Non-GAAP EPS (unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.
3Q24
2Q24
1Q24
4Q23
3Q23
Net income attributable to IDT Corporation
$
5.6
$
14.4
$
7.7
$
8.0
$
6.9
Adjustments (add) subtract:
Stock-based compensation
(2.1
)
(2.5
)
(0.8
)
(1.0
)
(1.7
)
Severance expense
(0.8
)
(0.3
)
(0.5
)
(0.5
)
(0.1
)
Other operating (expense) gain, net
(3.2
)
(0.3
)
0.5
(0.5
)
(4.8
)
Total adjustments
(6.1
)
(3.1
)
(0.8
)
(2.0
)
(6.6
)
Income tax effect of total adjustments
(2.0
)
(0.6
)
(0.3
)
(0.7
)
(1.8
)
4.1
2.5
0.5
1.3
4.8
Non-GAAP net income
$
9.7
$
16.9
$
8.2
$
9.3
$
11.7
Earnings per share:
Basic
$
0.22
$
0.57
$
0.30
$
0.31
$
0.27
Total adjustments
0.16
0.10
0.03
0.06
0.19
Non-GAAP – basic
$
0.38
$
0.67
$
0.33
$
0.37
$
0.46
Weighted-average number of shares used in calculation of basic earnings per share
25.3
25.2
25.2
25.4
25.5
Diluted
$
0.22
$
0.57
$
0.30
$
0.31
$
0.27
Total adjustments
0.16
0.10
0.02
0.05
0.19
Non-GAAP – diluted
$
0.38
$
0.67
$
0.32
$
0.36
$
0.46
Weighted-average number of shares used in calculation of diluted earnings per share
25.5
25.3
25.3
25.5
25.6
# # #
BOSS Money Introduces Domestic Money Transfers; Expands Delivery and Payment Options
Newark, NJ, June 04, 2024 — BOSS Money, the remittance and payments brand of IDT Corporation (NYSE: IDT), today announced several significant initiatives to expand its popular money transfer service, including remittances within the United States.
BOSS Money’s new domestic money transfer solution enables customers in the U.S., using the popular BOSS Money or BOSS Revolution apps, to send money to their recipients’ U.S.-issued Visa or Mastercard-branded bank or reloadable debit cards. In most instances, the recipients’ card accounts are credited within minutes.
“With the launch of our domestic money transfer service, BOSS Money continues to make essential financial services more accessible. You can now send money within the U.S. even without a smartphone, internet access or a bank account,” said Esti Witty, EVP Product Management at BOSS Money.
BOSS Money also announced the recent launch of new delivery and payment options.
For money transfers from the U.S. to international destinations, BOSS Money customers can now transfer funds directly to their recipient’s in-country Visa-branded (and, in some instances, Mastercard-branded) debit or reloadable cards. Direct-to-card delivery is currently available for transfers to cards issued in popular Latin American and African destinations, as well as to the Philippines.
In addition, BOSS Money customers sending money both within the U.S. and internationally can now take advantage of reduced transaction fees by funding their transfer directly from their bank account instead of using their debit or credit card. This new, low-fee payment option is available to customers using either the BOSS Money or BOSS Revolution app.
Added Witty, “With our newest direct-to-card delivery and affordable bank account payment options, sending money to family and friends across the country or around the world is more convenient and affordable than ever.”
ABOUT IDT CORPORATION
IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT’s fintech and neo-banking services include BOSS Money, a popular international remittance business, as well as other services that make saving, spending, and sharing money easy and secure; IDT Digital Payments and BOSS Revolution Calling make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
IDT Corporation to Report Third Quarter Fiscal 2024 Results
NEWARK, NJ, May 20, 2024 — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, has scheduled its report of financial and operational results for the third quarter of its fiscal year 2024 (the three months ended April 30, 2024) on Wednesday, June 5, 2024.
IDT’s earnings release will be issued and posted on the IDT investor relations website (https://www.idt.net/investors-and-media) at approximately 4:30 PM Eastern.
IDT will host an earnings conference call beginning at 5:30 PM Eastern with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and request the IDT Corporation call (participant access code: 217002).
A replay of the conference call will be available approximately three hours after the call concludes through June 19, 2024. To access the call replay, dial 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and provide this replay passcode: 50617. The replay will also be accessible via streaming audio at the IDT investor relations website.
ABOUT IDT CORPORATION
IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT’s fintech and neo-banking services include BOSS Money, a popular international remittance business, as well as other services that make saving, spending, and sharing money easy and secure; IDT Digital Payments and BOSS Revolution Calling make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.
BOSS Money Customers Sent Cash Home to Mom at a Record Rate
Remittances Around Mother’s Day Increased by 46%* Over Last Year
Newark, NJ, May 15, 2024 — BOSS Money, the international money remittance service of IDT Corporation (NYSE: IDT), today announced that its customers sent a record number of transfers during the week leading up to Mother’s Day, on May 12, 2024.
“Mother’s Day is always an exciting time for BOSS Money, as we help our customers celebrate their mom and show their love by sending a gift she will appreciate,” said Michelle Rendo, Boss Money’s VP of Marketing.
“BOSS Money generated 46% year-over-year transaction growth and a 41% revenue increase for the week that ended on Mother’s Day,” Rendo added. “Looking only at destination countries that celebrated Mother’s Day this past week, transactions surged 56% compared to last year with strong contributions from both our digital and retail channels.”
BOSS Money’s international remittance service provides affordable, reliable money transfers for residents of the U.S. and Canada to 48 popular destination countries in Latin America, the Caribbean, Africa, and South Asia. The disbursement network in these markets includes an aggregate of 244,000 cash pick-up locations in addition to mobile money, in-country bank account, and debit card direct deposit services.
BOSS Money customers can remit funds through the highly rated BOSS Money and BOSS Calling apps, which are free in the App Store and on Google Play. New users pay no fees on their initial money transfer of up to $2,999. Customers can also remit funds through licensed Boss Money retailers across the United States.
“Whether using either of our BOSS apps or walking into a BOSS Money retailer, our customers know they will get great rates and a service that’s reliable and secure, and when it’s for mom, they want a service they can count on,” Rendo concluded. “If you haven’t tried BOSS Money, walk into your local BOSS Money retailer or use the convenient, easy-to-use BOSS apps, where your first transfer is on us.”
*The rates of increase in transactions and revenue for Mother’s Day 2024 compare the seven days leading up to and including Mother’s Day 2024 (May 5th to 12th) to the comparable week in 2023 (May 7th to 14th). For ‘destination countries that celebrated Mother’s Day,’ the rate of increase in transactions reflects transfers originated in the U.S. and Canada to the 22 destination countries served by BOSS Money that celebrated Mother’s Day during the week ended Sunday, May 12, 2024 and Sunday, May 14, 2023.
ABOUT IDT CORPORATION
IDT Corporation (NYSE: IDT) is a global provider of fintech and communications services through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT’s fintech and neo-banking services include BOSS Money, a popular international remittance business, as well as other services that make saving, spending, and sharing money easy and secure; IDT Digital Payments and BOSS Revolution Calling make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
NRSInsights’ April 2024 Retail Same-Store Sales Report
April same-store sales increased 2.5% year-over-year
Inflationary pressures subsided further – average prices increased just 0.2% year-over-year
The NRS network surpassed 30,000 active terminals nationwide
NEWARK, N.J., May 07, 2024 — NRSInsights, a provider of sales data and analytics drawn from retail transactions processed through the National Retail Solutions (NRS) point-of-sale (POS) platform, today announced comparative same-store sales results for April 2024.
As of April 30, 2024, the NRS retail network comprised approximately 30,300 active terminals scanning purchases at independent retailers including bodegas, convenience stores, liquor stores, grocers, tobacco, and sundries sellers nationwide, predominantly serving urban consumers.
Elie Y. Katz, President of NRS, commented, “In just a few years, we have grown from a start-up to become the largest POS platform serving independent retailers and bodegas in the USA. Our network now comprises over 30,000 active terminals in over 26,000 stores – twice the number of locations as the largest U.S. c-store chain. One of the key factors driving our phenomenal growth has been the unique value our technology delivers to our retailer partners – enabling them to operate more profitably in highly competitive retail environments. We are delighted by the enthusiastic reviews we continue to receive from them.”
April Retail Same-Store Sales Highlights
(Same-store sales, unit sales, transactions, and average price data throughout this release refer to April 2024 unless otherwise noted. All comparisons are provided on a “per calendar day” basis to remove from consideration variability in the number of days per month.)
Same-store sales increased 2.5% from a year earlier (April 2023). In the previous month (March 2024), average sales increased 7.2% compared to March 2023.
Same-store sales decreased 0.9% compared to the previous month (March 2024). Same-store sales in March 2024 increased 6.6% compared to the previous month (February 2024).
For the three months ended April 30, 2024, same-store sales increased 3.8% compared to the three months ended April 30, 2023.
The number of items sold increased 3.7% from a year earlier (April 2023). In the previous month (March 2024), the number of items sold increased 7.8% compared to March 2023.
The average number of transactions per store increased 1.7% from a year earlier (April 2023). In the previous month (March 2024), the average number of transactions increased 4.6% compared to March 2023.
A dollar-weighted average of prices for the top 500 items purchased increased 0.2% year-over-year, a decrease from the 0.7% year-over-year increase recorded in March 2024.
Commentary from Suzy Silliman (SVP, Data Strategy and Sales at NRS)
“Sales delivered by NRS retailers showed solid increases in April, particularly in light of the Easter Holiday falling in April last year but in March this year.
“Among notable trends, we saw continued growth for Smokeless Tobacco products fueled by nicotine pouches, as well as both Prepared and Wine-based Cocktails.
“Household grocery staples including eggs, dairy, and bread/buns all declined in both dollars and units sold versus April 2023. Ice Cream and Novelties also had a soft month. Beverages (non-alcoholic) were flat, including Energy Drinks, which recorded another month of stagnation.
“Interestingly, sales of Sports Drinks declined by double-digits in seventeen of the top twenty states including Sports Drinks’ two largest markets — CA and NY. In thirteen of those seventeen states, sales of Performance Nutrition Shakes, a distinct category, grew by double digits, suggesting a significant shift among certain shoppers from Sports Drinks to Performance Nutrition Shakes.”
Retail Trade Comparative Data
The table below provides historical comparative data with the U.S. Commerce Department’s Advance Monthly Retail Trade same-store sales data excluding food service:
The NRSInsights data have not been adjusted to reflect inflation, demographic distributions, seasonal buying patterns, item substitution, days per month, or other factors that may facilitate comparisons to other periods, to other same-store retail sales data, or to the U.S. Commerce Department’s retail data.
NRSInsights Reports
The NRSInsights monthly Same-Store Retail Sales Reports are intended to provide timely topline data reflective of sales at NRS’ network of independent, predominantly urban, retail stores.
Same-store data comparisons of April 2024 with April 2023 are derived from approximately 174 million transactions processed through the 17,623 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of April 2024 with March 2024 are derived from approximately 229 million transactions processed through 25,293 stores.
Same-store data comparisons for the three months ended April 30, 2024 with the year-ago three months are derived from approximately 480 million scanned transactions processed through the stores that were in the NRS network in both quarters.
NRS POS Network
The NRS network comprises approximately 30,300 active POS terminals operating in approximately 26,400 independent retail stores. Its platform predominantly serves small-format, independent, retail stores including convenience stores, bodegas, liquor stores, grocers, tobacco and sundries sellers. The network includes retailers in all 50 states and in 198 of the 210 designated market areas (DMAs) in the United States. NRS’ POS terminals have processed $18.2 billion in sales through approximately 1.3 billion transactions during the twelve months ended April 30, 2024.
About National Retail Solutions (NRS):
National Retail Solutions operates the largest point-of-sale (POS) terminal-based platform and digital payment processing service for independent retailers nationwide. Retailers utilize NRS offerings to process transactions and effectively manage their businesses. Consumer packaged goods (CPG) suppliers, brokers, analytics firms, and advertisers access the terminal’s digital display network to reach these retailers’ predominantly urban, multi-cultural shopper base, and to harness transaction data-based learnings to identify growth opportunities and measure execution and returns on marketing investment. NRS is a subsidiary of IDT Corporation (NYSE: IDT).
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
NRSInsights Contact: Suzy Silliman SVP, Data Strategy and Sales at NRS National Retail Solutions suzy.silliman@nrsplus.com
NRSInsights’ March 2024 Retail Same-Store Sales Report
March same-store sales jumped 7.2% year-over-year, the highest rate of increase since June 2023
Inflationary pressures remained subdued – average prices increased 0.7% year-over-year
NEWARK, N.J., April 08, 2024 — NRSInsights, a provider of sales data and analytics drawn from retail transactions processed through the National Retail Solutions (NRS) point-of-sale (POS) platform, today announced comparative same-store sales results for March 2024.
As of March 31, 2024, the NRS retail network comprised approximately 29,800 active terminals scanning purchases at independent retailers including bodegas, convenience stores, liquor stores, grocers, tobacco, and sundries sellers nationwide, predominantly serving urban consumers.
March Retail Same-Store Sales Highlights
(Same-store sales, unit sales, transactions, and average price data throughout this release refer to March 2024 unless otherwise noted. All comparisons are provided on a “per calendar day” basis to remove from consideration variability in the number of days per month.)
Same-store sales increased 7.2% from a year earlier (March 2023). In February 2024, average sales had increased 3.5% compared to February 2023.
Same-store sales per calendar day increased 6.6% compared to February 2024. Same-store sales per calendar day in February 2024 had increased 7.4% compared to January 2024.
For the three months ended March 31, 2024, same-store sales per calendar day increased 3.3% compared to the three months ended March 31, 2023.
The number of items sold increased 7.8% compared to March 2023. In February 2024, the number of items sold increased 4.4% per calendar day compared to February 2023.
The average number of transactions per store increased 4.6% compared to March 2023. In February 2024, the average number of transactions per calendar day had increased 2.0% compared to February 2023.
A dollar-weighted average of prices for the top 500 items purchased increased 0.7% year-over-year, a decrease from the 1.2% year-over-year increase recorded in February 2024.
Commentary from Suzy Silliman (SVP, Data Strategy and Sales at NRS)
“The NRS Network’s same-store sales were again strong in March, providing further evidence of continued resilience in consumer spending. Dollars, units, and traffic all tallied solid increases versus the year ago, while prices for our most popular items over the same period increased less than one percent. Standouts included increased sales of beverage categories across most alcoholic and non-alcoholic sub-categories with the notable exception of Energy Drinks, which were flat for the second consecutive month, breaking an extended growth trend.”
“Turning to select seasonal trends while same store sales for the Candy category rebounded in February with sequential and year-over-year gains, the momentum was not sustained in March. Candy unit sales decreased ~7% and dollars declined ~2% compared to March 2023. This is notable because Easter, which typically provides Candy with a strong seasonal lift, was in March this year, as opposed to in April in 2023. More granularly, within the Candy category, the increased price of chocolate and the barrage of media coverage on the spiking prices of cocoa and sugar likely contributed to the significant decreases in Chocolate and Confectionary sales this year. Many cooking and baking categories, on the other hand, enjoyed strong March sales versus the year ago, likely reflecting Easter timing.”
Retail Trade Comparative Data
The table below provides historical comparative data with the U.S. Commerce Department’s Advance Monthly Retail Trade same-store sales data excluding food service:
The NRSInsights data have not been adjusted to reflect inflation, demographic distributions, seasonal buying patterns, item substitution, or other factors that may facilitate comparisons to other periods, to other same-store retail sales data, or to the U.S. Commerce Department’s retail data.
NRSInsights Reports
The NRSInsights monthly Same-Store Retail Sales Reports are intended to provide timely topline data reflective of sales at NRS’ network of independent, predominantly urban, retail stores.
Same-store data comparisons of March 2024 with March 2023 are derived from approximately 172 million transactions processed through the 17,336 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of March 2024 with February 2024 are derived from approximately 216 million transactions processed through 24,745 stores.
Same-store data comparisons for the three months ended March 31, 2024 with the year-ago three months are derived from approximately 460 million scanned transactions processed through the stores that were in the NRS network in both quarters.
NRS POS Network
The NRS network comprises approximately 29,800 active POS terminals operating in approximately 25,900 independent retail stores. Its platform predominantly serves small-format, independent, retail stores including convenience stores, bodegas, liquor stores, grocers, tobacco and sundries sellers. The network includes retailers in all 50 states and in 197 of the 210 designated market areas (DMAs) in the United States. NRS’ POS terminals have processed $18.2 billion in sales through approximately 1.3 billion transactions during the twelve months ended March 31, 2024.
About National Retail Solutions (NRS):
National Retail Solutions operates the largest point-of-sale (POS) terminal-based platform and digital payment processing service for independent retailers nationwide. Retailers utilize NRS offerings to process transactions and effectively manage their businesses. Consumer packaged goods (CPG) suppliers, brokers, analytics firms, and advertisers access the terminal’s digital display network to reach these retailers’ predominantly urban, multi-cultural shopper base, and to harness transaction data-based learnings to identify growth opportunities and measure execution and returns on marketing investment. NRS is a subsidiary of IDT Corporation (NYSE: IDT).
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
NRSInsights Contact: Suzy Silliman SVP, Data Strategy and Sales at NRS National Retail Solutions suzy.silliman@nrsplus.com
IDT Corporation to Present at Sidoti Investor Conference
NEWARK, NJ, March 11, 2024 — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications services, today announced that its management will present to investors at the Sidoti Small Cap Conference on Wednesday, March 13, 2024, from 11:30 AM until 12:00 PM ET in track 1.
The presentation will include management’s overview of the company’s operations, strategy, and financial results.
This link and IDT’s presentation deck will also be available on the investor relations pages of the IDT Corporation website at the time of the presentation.
IDT’s management will host 1×1 meetings with investors during the conference on March 13th and 14th.
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
ABOUT IDT CORPORATION
IDT Corporation (NYSE: IDT) is a global provider of fintech and communications services through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT’s fintech and neo-banking services include BOSS Money, a popular international remittance business, as well as other services that make saving, spending, and sharing money easy and secure; IDT Digital Payments and BOSS Revolution Calling make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.
NRSInsights’ February 2024 Retail Same-Store Sales Report
February same-store sales per calendar day increased 3.5% year-over-year and 7.4% sequentially
Retailers in certain Western states recorded the largest year-over-year gains as winter storms triggered stockpiling
Average prices increased 1.2% year-over-year
NEWARK, N.J., March 08, 2024 — NRSInsights, a provider of sales data and analytics drawn from retail transactions processed through the National Retail Solutions (NRS) point-of-sale (POS) platform, today announced comparative same-store sales results for February 2024.
As of February 29, 2024, the NRS retail network comprised approximately 29,100 active terminals scanning purchases at independent retailers including bodegas, convenience stores, liquor stores, grocers, tobacco, and sundries sellers nationwide, predominantly serving urban consumers.
February Retail Same-Store Sales Highlights
(Same-store sales, unit sales, transactions, and average price data refer to February 2024 unless otherwise noted. All comparisons are provided on a “per calendar day” basis to remove from consideration variability in the number of days per month including the additional day for leap year in February 2024 compared to February 2023.)
Same-store sales increased 3.5% from a year earlier (February 2023). In January 2024, average sales had increased 1.4% compared to January 2023.
NRS retail stores in Arizona, Montana and Wyoming generated the highest rates of year-over-year increases.
Same-store sales increased 7.4% compared to January 2024, consistent with the expected seasonal rebound from the post-holiday dip in January. Same-store sales in January 2024 had decreased 10.0% compared to December 2023.
For the three months ended February 29, 2024, same-store sales increased 2.8% compared to the three months ended February 28, 2023.
The number of items sold increased 4.4% compared to February 2023, the same rate of increase as for January 2024 compared to January 2023.
The average number of transactions per store increased 2.0% compared to February 2023. For January 2024, the average number of transactions had decreased 0.6% compared to January 2023.
A dollar-weighted average of prices for the top 500 items purchased increased 1.2% year-over-year, an increase from the 0.3% year-over-year increase recorded in January 2024, but still well below the 2023 peak level of 5.3% in September.
Commentary from Suzy Silliman (SVP, Data Strategy and Sales at NRS)
“Same-store sales in February – adjusting for the leap year – rebounded from the annual post-holiday retrenchment in January, to increase 7.4% sequentially and 3.5% compared to February 2023. Nearly all categories experienced sequential growth with the notable exceptions of prepared foods and baking staples which declined from January sales levels.
“February’s sales are always interesting because of consumer spending patterns leading up to Valentine’s Day. This February, Candy sales jumped in February after several months of sequential decreases – which was no surprise – but also increased strongly versus February a year ago. On the other hand, sales in the Sparkling Wine/Champagne category, which traditionally spike during this holiday, suffered a decrease of ~7% compared to February 2023.
“Regionally, our retailers in Arizona, Montana and Wyoming saw the most significant year-over-year same-store sales growth. Looking at the data, it is likely that winter weather events in each state drove pre-storm stockpiling.”
Retail Trade Comparative Data
The table below provides historical comparative data with the U.S. Commerce Department’s Advance Monthly Retail Trade same-store sales data excluding food service:
The NRSInsights data have not been adjusted to reflect inflation, demographic distributions, seasonal buying patterns, item substitution, or other factors that may facilitate comparisons to other periods, to other same-store retail sales data, or to the U.S. Commerce Department’s retail data.
NRSInsights Reports
The NRSInsights monthly Same-Store Retail Sales Reports are intended to provide timely topline data reflective of sales at NRS’ network of independent, predominantly urban, retail stores.
Same-store data comparisons of February 2024 with February 2023 are derived from approximately 151 million transactions processed through the 16,886 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of January 2024 with December 2023 are derived from approximately 202 million transactions processed through 24,265 stores.
Same-store data comparisons for the three months ended February 29, 2024 with the year-ago three months are derived from approximately 449 million scanned transactions processed through the stores that were in the NRS network in both quarters.
NRS POS Network
The NRS network comprises approximately 29,100 active POS terminals operating in approximately 25,300 independent retail stores. Its platform predominantly serves small-format, independent, retail stores including convenience stores, bodegas, liquor stores, grocers, tobacco and sundries sellers. The network includes retailers in all 50 states and in 197 of the 210 designated market areas (DMAs) in the United States. Over the past twelve months, NRS’ POS terminals have processed $17.8 billion in sales through approximately 1.3 billion transactions.
About National Retail Solutions (NRS):
National Retail Solutions operates the largest point-of-sale (POS) terminal-based platform and digital payment processing service for independent retailers nationwide. Retailers utilize NRS offerings to process transactions and effectively manage their businesses. Consumer packaged goods (CPG) suppliers, brokers, analytics firms, and advertisers access the terminal’s digital display network to reach these retailers’ predominantly urban, multi-cultural shopper base, and to harness transaction data-based learnings to identify growth opportunities and measure execution and returns on marketing investment. NRS is a subsidiary of IDT Corporation (NYSE: IDT).
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
NRSInsights Contact: Suzy Silliman SVP, Data Strategy and Sales at NRS National Retail Solutions suzy.silliman@nrsplus.com
