IDT Acquires Sochitel, A Global FinTech and Digital Distribution Business
NEWARK, NJ, Jan. 20, 2022 — : IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications services, announced today that it has acquired a majority stake in Sochitel, a global hub and digital distribution platform for mobile top-up, electronic vouchers, and other value transfer services.
Headquartered in London and Lagos, Sochitel has a deep footprint across Africa interconnecting Mobile Network Operators, banks, and financial service providers. Sochitel’s fintech platform empowers the continent’s leading banks to deliver digital, value-added services to over 60 million customers across Africa and supplies its services to corporate clients worldwide.
IDT and Sochitel will leverage their combined capabilities to expand the reach of IDT’s current digital offerings, including mobile top-up and money transfers into Africa, and to support future offerings including bill payment and e-vouchers.
Emilio del Rio, Senior Vice President of Prepaid Services at IDT, said, “Our combination with Sochitel significantly expands and streamlines our distribution network in key African markets, broadens our mobile top-up platform with new digital services, and provides access to a significant new base of partners and clients as we continue to grow our global value transfer businesses.”
Jerry Ejikeme, CEO of Sochitel, said, “We are delighted to join the IDT family. Africa is enjoying unprecedented growth while pacing the world in the adoption of digital fintech solutions. Combining our strength and depth in the African market with IDT’s distribution capabilities positions us for significant expansion as we further integrate Africa with the global marketplace.”
Africa, with a population of over 1.2 billion and some of the developing world’s most dynamic economies, represents a significant growth opportunity for the mobile financial service sector. According to the Global System for Mobile Communications (GSMA), Sub-Saharan Africa alone is home to half of the world’s mobile money services and generates two-thirds of global mobile money transactions value. Increasing mobile penetration, a scarcity of traditional transaction infrastructure, and the region’s rapidly evolving mobile payments infrastructure are creating tremendous opportunities for financial service providers to unlock significant value.
Shmuel Jonas, CEO of IDT Corporation, added, “We are already in advanced stages of our effort to fully integrate Sochitel’s platform. Looking ahead, we intend to provide a seamless financial and digital services hub for African consumers that will enable our commercial partners worldwide with powerful tools to serve diverse African markets.
About IDT Corporation:
IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud communications, and traditional communications services. We make it easy for families to communicate and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight.
Our BOSS Money international remittance and BOSS Revolution international calling services make sending money and speaking with friends and family around the world convenient and reliable. National Retail Solutions‘ (NRS) point-of-sale retail network enables independent retailers to operate and process transactions more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone‘s unified communications as a service solution provides businesses with intelligently integrated cloud communications and collaboration tools across channels and devices. Our IDT Global and IDT Express wholesale offerings enable communications service enterprises to provision and manage international voice and SMS services.
About Sochitel:
Headquartered in London and Lagos, Sochitel has a strong pan-African footprint supplying digital products and services to major banks and Mobile Money Operators in over 20 countries, as well as corporate clients across the world. Its leading FinTech platform enables financial and corporate partners to offer an extensive and growing range of digital products that supports their customers’ daily activities.
In this press release, 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 Media and Investor Contact: Bill Ulrey IDT Investor Relations Phone: (973) 438-3838 E-mail: invest@idt.net
Sochitel Media Contact: Jon Stewart Chief People & Brand Phone: Tel: +44(0)207 183 5517 | Mobile:
+447795 566708 E-mail: Jon@sochitel.com
# # #
NRS Launches NRS eWIC
AffordableNew SolutionEnables Independent Retailers to AccepteWIC Payments
NEWARK, N.J., Jan. 04, 2022 — National Retail Solutions (NRS), the operator of a leading point-of-sale (POS) network and payment processing service for independent retailers, today announced the introduction of NRS eWIC, a breakthrough eWIC payment processing service purpose-built for the independent retailer.
WIC is the Supplemental Nutrition Program for Women, Infants and Children (WIC), a federal program administered by the states to provide healthy food to nutritionally at-risk pregnant women and new mothers, infants and young children.
Across the country, states are migrating their distribution of WIC benefits from paper vouchers to electronic benefit transfer cards (eWIC). Retail stores must operate a state-certified eWIC processing service in order to accept WIC payments.
“NRS eWIC is a breakthrough integrated payments solution that, for the first time, enables independent retailers to affordably and conveniently serve customers who pay with eWIC,” said Michael From, Manager of NRS Government Programs. “NRS eWIC does away with the need for expensive, dedicated equipment and laborious manual paperwork. It is integrated with the NRS point of sale terminal and NRS PAY, our popular credit card processing service, to provide a holistic solution that processes every sale and seamlessly accepts eWIC and other popular forms of payment.”
NRS eWIC has been certified in New York and New Jersey to process payments made by eWIC beneficiaries. The Company expects to seek certification of NRS eWIC in additional states in the coming months.
According to the US Department of Agriculture, which administers the federal WIC program, there are over 500,000 WIC beneficiaries in New Jersey and New York and over six million nationwide.
“We continue to develop the technology behind our platform to help independent retailers grow their businesses,” said Elie Y. Katz, founder and CEO of NRS. “For many years, large retail chains were able to leverage technology and scale to take business away from neighborhood retailers, bodegas and convenience stores. NRS gives independent retailers the tools and technologies — now including NRS eWIC — that they need to expand their markets and take back market share from the large retail chains.”
National Retail Solutions operates a point-of-sale (POS) terminal-based platform and digital payment processing service for independent retailers and bodega owners nationwide. Retailers utilize NRS offerings to process transactions and manage operations more effectively. Advertisers access the terminal’s digital display network to reach these retailers’ massive, predominantly urban customer bases. Consumer packaged goods (CPG) suppliers leverage the NRS platform to provision promotions, coupons and special offers to independent retailers. NRS is a subsidiary of IDT Corporation (NYSE: IDT).
About IDT Corporation:
IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud and traditional communications services. We make it easy for families to communicate and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight.
Our BOSS Money branded international remittance service and BOSS Revolution branded international calling service make sending money and speaking with friends and family around the world convenient and reliable. National Retail Solutions‘ (NRS) point-of-sale retail network enables independent retailers to operate and process transactions more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone‘s unified communications as a service solution provides businesses with intelligently integrated cloud communications and collaboration tools across channels and devices. Our IDT Carrier Services and IDT Express wholesale offerings enable communications companies to provision and manage international voice and SMS services.
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.
Avant’s Trusted Advisors Will Offer net2phone Solutions to Customers Worldwide
Newark, NJ, Dec. 20, 2021 — net2phone, a global business cloud communications provider, today announced a strategic partnership with Avant, a platform for IT decision-making and the nation’s premier distributor for next generation technologies. Through the partnership, Avant’s global network of Trusted Advisors will offer net2phone’s advanced communications and collaboration solutions to customers in the US and in net2phone’s international markets.
“Avant’s strength in the provision of communications solutions and well-earned reputation for technical and customer-focused excellence is an ideal match for net2phone as we continue to build out our feature set for enterprise clients,” said Jonah Fink, President of net2phone. “We were pleased to participate in the Avant Special Forces Summit during our soft launch in September. Since that introduction, we’ve begun to leverage our unrivaled channel partner programs for Avant’s Trusted Advisors.”
net2phone’s cloud communications solution includes advanced feature sets and robust integrations with popular applications including Microsoft Teams, Salesforce, Slack and Zoho. net2phone’s channel partner programs reflect a deep commitment to the channel including industry-leading channel incentives, flexible pricing, white-glove on-boarding and customer success teams.
Avant’s Trusted Advisors are positioned to leverage net2phone’s solutions to pursue opportunities in the US and in net2phone’s international markets. net2phone’s fully localized solution across its global marketplace includes: unlimited in-country calling; unlimited international calling to popular international destinations; net2phone Huddle video conferencing; mobile and untethered device functionality, and messaging. In-country presence in Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, and Spain allow for additional local infrastructure, licensing, language, currency, marketing, and sales support.
“Our Trusted Advisors continually search to optimize communications solutions that will effectively increase their enterprise clients’ productivity while reducing complexity within the enterprise technology ecosystem,” said Jennifer Gallego, EVP of Global Sales of AVANT. “net2phone’s rapidly expanding portfolio of integrations and advanced features broadens its use-case for our partners and clients, and positions our Trusted Advisors to pursue the exceptional opportunities in this rapidly growing market.”
About net2phone:
net2phone’s cloud communications solutions help businesses around the globe succeed through smarter conversations. net2phone is a subsidiary of IDT Corporation (NYSE: IDT), a provider of telecommunications and payment services. To learn more, please visit net2phone.com or connect on LinkedIn.
About AVANT: AVANT is a platform for IT decision-making and the nation’s premier distributor for next-generation technologies. AVANT provides unique value to its extensive network of Trusted Advisors with original research, channel sales assistance, training, and tools to guide decision-making around IT services that promote business growth. From complex cloud designs to global wide-area network deployments to the latest in security services, AVANT sets the industry standard in enabling its partners and clients to make intelligent, data-driven decisions about services, technology and cost-effective communications. For more information, visit www.goavant.net, or connect on Twitter and LinkedIn.
net2phone Media Contact: Denise D’Arienzo Director of Marketing Phone: 973.438.3227 Email: denise.darienzo@net2phone.com
IDT Corporation Reports First Quarter Fiscal Year 2022 Results
NEWARK, NJ, Dec. 07, 2021 — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications services, today reported results for the first quarter of its 2022 fiscal year, the three months ended October 31, 2021.
FIRST QUARTER FISCAL YEAR 2022(1Q22) HIGHLIGHTS (Throughout this release, results are for 1Q22and are compared to 1Q21 unless otherwise noted.Loss per share, EPS, Non-GAAP loss per share*, and Non-GAAP EPS* are per diluted share.)
Consolidated revenue increased 8% to $370 million from $343 million. Key business unit revenue included:
National Retail Solutions (NRS) revenue increased 104.3% to $10.1 million.
net2phone subscription revenue increased 37.5% to $12.5 million.
Money Transfer revenue decreased 18% to $12.5 million. The decrease was entirely due to the positive impact of transitory foreign exchange market conditions that, as previously disclosed, materially improved revenue and gross profit during the second half of fiscal 2020 and the first half of fiscal 2021. Absent that impact, revenue would have increased by 45%.
Mobile Top-Up revenue increased 34.1% to $128.5 million, driving a 6.7% increase in the broader Traditional Communications segment’s revenue to $334.6 million.
Consolidated revenue-less-direct-cost-of-revenue increased 12% to $78 million from $70 million, the ninth consecutive quarter of year-over-year increases.
Consolidated income from operations increased 3.9% to $13.8 million from $13.3 million.
Adjusted EBITDA* increased 1.3% to $18.3 million from $18.1 million. Adjusted EBITDA* less capital expenditures (CAPEX)** increased 3.3% to $14.0 million from $13.5 million.
Loss per share was $0.10 compared to EPS of $0.32 as a result of an unrealized $12.5 million loss on the mark-to-market value of the Company’s investment in Rafael Holdings, Inc.’s Class B common stock. The Non-GAAP loss per share*, inclusive of this unrealized loss, was $0.08 compared to Non-GAAP EPS* of $0.35.
REMARKS BY SHMUEL JONAS, CEO
“Our first-quarter operational results were strong once again, highlighted by robust performance from our high-margin net2phone, NRS, and BOSS Money businesses, as well as from Mobile Top-Up. As a result, we delivered year-over-year increases in revenue, gross profit, income from operations, and Adjusted EBITDA.
“At NRS, strong demand for NRS PAY payment processing, digital advertising, and transaction data services – coupled with the continued expansion of our POS network – boosted NRS revenue by 104% year-over-year to $10.1 million in the first quarter. Recurring revenue – which excludes revenue from the sale of new terminals – increased 126% to $8.6 million. As of October 31st, NRS had over 15,100 active terminals – an increase of 37% year-over-year – and over 6,800 payment processing accounts – an increase of 118% year-over-year.
“At our net2phone-UCaaS segment, subscription revenue increased 37.5% year-over-year, and revenue less direct-cost-of-revenue margin increased 20 basis points to 82.3%. Both our subscription revenue growth and revenue margin rates remain well above industry averages. In the United States, our expanding network of channel partnerships drove a 42% year-over-year increase in UCaaS subscription revenue, while in Latin America, our strategic focus on mid-sized businesses, multi-channel go-to-market strategies, and deeply localized in-country offerings helped to increase UCaaS subscription revenue 58%.
“Money Transfer had an exceptional quarter. Revenue increased nearly 15% sequentially to $12.5 million. Although 1Q22 revenue decreased 18% compared to the year-ago quarter, the decline is entirely due to the positive impact of transitory foreign exchange market conditions that materially improved revenue and gross profit during the second half of fiscal 2020 and the first half of fiscal 2021, as we noted in previous quarters. Absent that impact, first-quarter fiscal 2022 revenue would have increased by 45% from the year-ago quarter.
“Traditional Communications revenue increased 6.7% year-over-year to $334.6 million. Within Traditional Communications, Mobile Top-Up revenue increased 34.1% to $128.5 million, and IDT Global carrier services revenue climbed slightly. These increases more than offset a decline in BOSS Revolution Calling revenue in line with expectations.
“Our Mobile Top Up business generated double-digit year-over-year growth in its three largest sales channels – retail, direct to consumer, and B2B wholesale – strengthening its unique position as the only significant omnichannel player in the top-up space.
“Looking ahead, we are making good progress preparing for the potential spin-off of net2phone should our Board authorize it – with timing dependent on market conditions and other factors.”
CONSOLIDATED RESULTS
Results (in millions, except EPS)
1 Q22
4 Q21
1 Q21
1Q22 – 1Q21 change (%/$)
Revenue
$
370
$
390
$
343
+7.8%
Revenue-less-direct-cost-of-revenue
$
78
$
79
$
70
+11.7%
Revenue-less-direct-cost-of-revenue as a percentage of revenue**
21.2
%
20.3
%
20.5
%
+70 bp
SG&A expense
$
60
$
57
$
52
+15.3%
Depreciation and amortization
$
4.4
$
4.4
$
4.5
$
(0.1
)
Income from operations
$
13.8
$
16.9
$
13.3
+$0.5
Adjusted EBITDA*
$
18.3
$
22.2
$
18.1
+$0.2
Adjusted EBITDA* less CAPEX**
$
14.0
$
18.8
$
13.5
+$0.5
Net (loss) income attributable to IDT
$
(2.5
)
$
38.7
$
8.3
$
(10.8
)
(Loss) earnings per share
$
(0.10
)
$
1.46
$
0.32
$
(0.42
)
Non-GAAP net (loss) income*
$
(2.0
)
$
17.4
$
9.0
$
(11.0
)
Non-GAAP (loss) earnings per share*
$
(0.08
)
$
0.66
$
0.35
$
(0.43
)
*Throughout this release, Adjusted EBITDA,Non-GAAP net (loss) income,Non-GAAP loss per share, and Non-GAAPEPSare Non-GAAP 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 at the end of this release for an explanation of these terms and their respective reconciliations to the most directly comparable GAAP measure.
** Revenue–less–direct–cost–of–revenue as a percentage of revenue, Adjusted EBITDA* less CAPEX, and Monthly Average Recurring Revenue per Terminalare key performance metrics. Please refer to the Explanation of Key Performance Metrics at the end of this release for an explanation of these metrics.
RESULTS BY SEGMENT (Results are for 1Q22 and are compared to 1Q21except where otherwise noted)
(in millions)
Fintech
net2phone-UCaaS
Traditional Communications
1 Q22
4 Q21
1 Q21
1 Q22
4 Q21
1 Q21
1 Q22
4 Q21
1 Q21
Revenue
$
22.6
$
19.1
$
20.1
$
12.9
$
12.5
$
9.7
$
334.6
$
358.4
$
313.6
Revenue-less-direct-cost-of-revenue
$
15.3
$
11.7
$
13.9
$
10.4
$
10.1
$
7.6
$
52.7
$
57.3
$
48.7
SG&A expense
$
14.8
$
14.1
$
10.4
$
13.3
$
12.7
$
10.4
$
30.0
$
28.3
$
29.2
Income (loss) from operations
$
0.0
$
(2.9
)
$
3.1
$
(4.2
)
$
(3.9
)
$
(3.9
)
$
20.1
$
26.0
$
15.9
Adjusted EBITDA*
$
0.5
$
(2.5
)
$
3.5
$
(2.9
)
$
(2.6
)
$
(2.8
)
$
22.7
$
29.0
$
19.5
Adjusted EBITDA* less CAPEX**
$
(0.7
)
$
(3.1
)
$
2.3
$
(4.2
)
$
(3.7
)
$
(4.5
)
$
20.9
$
27.4
$
17.9
Fintech
Fintech comprises National Retail Solutions (NRS), an operator of a nationwide Point-Of-Sale (POS) retail network providing merchant services, digital advertising, transaction data, and ancillary services, andBOSS Revolution Money Transfer, a provider of international money remittances.
In 1Q22 and 1Q21, the Fintech segment accounted for 6.1% and 5.9% of IDT’s consolidated revenue and 19.5% and 19.8% of IDT’s consolidated revenue-less-direct-cost-of-revenue, respectively.
NRS Revenueand KPIs:
Revenue $ in thousands
1 Q22
4 Q21
1 Q21
1Q22 -1Q21 change %
POS terminals, active – end of period
15,100
14,000
11,100
37
%
Payment processing accounts – end of period
6,800
5,900
3,100
118
%
NRS recurring revenue
Merchant services and other
$
3,112
$
2,865
$
1,263
+146
%
Advertising and data
4,306
3,064
1,872
+130
%
SaaS fees
1,187
950
669
+77
%
Total recurring revenue
$
8,605
$
6,879
$
3,804
+126
%
POS terminal sales
1,467
1,338
1,126
+30
%
Total NRS revenue
$
10,072
$
8,217
$
4,930
+104
%
Monthly average recurring revenue per terminal (excl. POS terminal sales revenue)
$
196
$
169
$
120
+63
%
NRS’ POS terminal network comprised approximately 15,100 active POS terminals at October 31, 2021, an increase of 37% compared to a year earlier. NRS served approximately 6,800 payment processing accounts at October 31, 2021, an increase of 118% compared to a year earlier.
NRS revenue increased 104% to $10.1 million from $4.9 million and recurring revenue increased by 126% to $8.6 million from $3.8 million. The increases were driven by the expansion of the NRS POS and payment processing networks augmented by increases in digital-out-of-home (DOOH) advertising and data sales and merchant services revenue.
NRS monthly average recurring revenue per terminal increased to $196 from $120 reflecting increased merchant services and advertising sales.
Money Transfer Take-Aways:
Transactions increased 18% to 2.13 million from 1.80 million in the year-ago period.
Revenue decreased 18% to $12.5 million from $15.2 million in 1Q21. Excluding the impact of the previously disclosed foreign exchange market conditions that positively affected revenue and transactions during the second half of fiscal 2020 and the first half of fiscal 2021 but ceased thereafter, revenue would have increased 45% and transactions would have increased 38% compared to 1Q21.
net2phone-UCaaS
In 1Q22 and 1Q21, the net2phone-UCaaS segment accounted for 3.5% and 2.8% of IDT’s consolidated revenue and 13.3% and 10.9% of IDT’s consolidated revenue-less-direct-cost-of-revenue, respectively.
net2phone-UCaaS Takeaways:
Total seats served increased 38% to 244,000 at October 31, 2021, from 176,000 a year earlier.
Subscription revenue increased 37.5% to $12.5 million from $9.1 million, led by strong growth in both net2phone’s South and North American regions.
Subscription revenue less direct cost of revenue remained robust in 1Q22, increasing to 82.3% from 82.1% in 1Q21.
net2phone was named ‘Global Partner of the Year’ by UC Today, a leading news service covering the business communications and collaborations industry, for exceptional performance through global channel partners.
During 1Q22, net2phone launched a HIPA
A compliant program for certain of its communications and collaboration solutions and introduced net2phone Phone App for Teams. The app enables Microsoft Teams users to add voice capabilities into Teams environments without additional licenses.
Traditional Communications
In 1Q22 and 1Q21, the Traditional Communications segment accounted for 90.4% and 91.3% of IDT’s consolidated revenue and 67.2% and 69.4% of IDT’s consolidated revenue-less-direct-cost-of-revenue, respectively.
Traditional Communications Takeaways:
Mobile Top-Up revenue increased 34.1% to $128.5 million from $95.8 million, primarily as a result of continued product expansion, growth in the B2B wholesale channel, and expansion in the US to Africa corridor.
BOSS Revolution Calling revenue decreased 9.7% to $106.0 million from $117.3 million, in line with expectations. BOSS Revolution Calling minutes-of-use decreased 13.3% compared to the year-ago quarter.
IDT Global carrier services revenue increased 1.6% to $89.2 million from $87.8 million reflecting increased revenue per minute partially offset by a 29.4% decrease in minutes-of-use.
Traditional Communications revenue-less-direct-cost-of-revenue increased 8.1% to $52.7 million from $48.7 million while decreasing from $57.3 million in 4Q21. The sequential decrease largely resulted from a benefit of approximately $4 million in lower regulatory obligations recorded in 4Q21.
Traditional Communications’ Adjusted EBITDA* less CAPEX** increased 17.0% to $20.9 million from $17.9 million.
NOTES ON FINANCIAL STATEMENTS
Consolidated results for all periods presented include corporate overhead. Corporate G&A expense decreased to $2.0 million in 1Q22 from $2.1 million in 1Q21.
As of October 31, 2021, IDT held $159.3 million in cash, cash equivalents, debt securities, and current equity investments. Current assets totaled $385.5 million and current liabilities totaled $325.9 million.
Net cash used in operating activities during 1Q22 was $5.9 million compared to net cash provided by operating activities of $18.8 million during 1Q21. Exclusive of changes in customer deposit balances at our Gibraltar-based bank, net cash provided by operating activities during 1Q22 decreased to $7.2 million from $19.3 million in 1Q21.
Capital expenditures decreased to $4.4 million in 1Q22 from $4.6 million in 1Q21.
IDT EARNINGS ANNOUNCEMENT & SUPPLEMENTAL 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, outlook, and strategy followed by Q&A with investors.
IDT will host an earnings conference call beginning at 5:30 PM Eastern with management’s discussion of results, outlook, and strategy 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: 267194).
A replay of the conference call will be available approximately three hours after the call concludes through December 20, 2021. 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 number: 43480. The replay will also be accessible via streaming audio at the IDT investor relations website.
ABOUT IDT:
IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud, and traditional communications services. We make it easy for families to communicate and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight.
Our BOSS Money international remittance and BOSS Revolution international calling services make sending money and speaking with friends and family around the world convenient and reliable. National Retail Solutions‘ (NRS) point-of-sale retail network enables independent retailers to operate and process transactions more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone‘s unified communications as a service solution provides businesses with intelligently integrated cloud communications and collaboration tools across channels and devices. Our IDT Global and IDT Express wholesale offerings enable communications service enterprises to provision and manage international voice and SMS services.
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 doubtful accounts of $4,810 at October 31, 2021 and $4,438 at July 31, 2021
51,263
46,644
Disbursement prefunding
23,969
27,656
Prepaid expenses
17,130
13,694
Other current assets
26,491
16,779
Total current assets
385,490
388,135
Property, plant, and equipment, net
30,870
30,829
Goodwill
14,798
14,897
Other intangibles, net
7,312
7,578
Equity investments
9,487
11,654
Operating lease right-of-use assets
7,768
7,671
Deferred income tax assets, net
41,686
41,502
Other assets
10,318
10,389
Total assets
$
507,729
$
512,655
Liabilities and equity
Current liabilities:
Trade accounts payable
$
31,615
$
24,502
Accrued expenses
120,440
129,085
Deferred r
evenue
41,299
42,293
Customer deposits
100,342
115,524
Other current liabilities
32,223
27,930
Total current liabilities
325,919
339,334
Operating lease liabilities
5,533
5,473
Other liabilities
975
1,234
Total liabilities
332,427
346,041
Commitments and contingencies
Redeemable noncontrolling interest
10,010
–
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 October 31, 2021 and July 31, 2021
33
33
Class B common stock, $.01 par value; authorized shares-200,000; 26,380 and 26,379 shares issued and 24,188 and 24,187 shares outstanding at October 31, 2021 and July 31, 2021, respectively
264
264
Additional paid-in capital
278,306
278,021
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 2,192 and 2,192 shares of Class B common stock at October 31, 2021 and July 31, 2021, respectively
(60,439
)
(60,413
)
Accumulated other comprehensive loss
(9,226
)
(10,183
)
Accumulated deficit
(45,336
)
(42,858
)
Total IDT Corporation stockholders’ equity
163,602
164,864
Noncontrolling interests
1,690
1,750
Total equity
165,292
166,614
Total liabilities and equity
$
507,729
$
512,655
IDT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended October 31,
2021
2020
(in thousands, except per share data)
Revenues
$370,083
$343,425
Costs and expenses:
Direct cost of revenues (exclusive of depreciation and amortization)
291,625
273,174
Selling, general and administrative (i)
60,113
52,140
Depreciation and amortization
4,446
4,493
Severance
38
113
Total costs and expenses
356,222
329,920
Other operating expense, net
(88
)
(252
)
Income from operations
13,773
13,253
Interest income (expense), net
13
(41
)
Other expense, net
(16,216
)
(1,380
)
(Loss) income before income taxes
(2,430
)
11,832
Benefit from (provision for) income taxes
85
(3,417
)
Net (loss) income
(2,345
)
8,415
Net income attributable to noncontrolling interests
(133
)
(127
)
Net (loss) income attributable to IDT Corporation
$
(2,478
)
$
8,288
(Loss) earnings per share attributable to IDT Corporation common stockholders:
Basic
$
(0.10
)
$
0.32
Diluted
$
(0.10
)
$
0.32
Weighted-average number of shares used in calculation of (loss) earnings per share:
Basic
25,566
25,534
Diluted
25,566
25,861
(i) Stock-based compensation included in selling, general and administrative expenses
$
285
$
506
IDT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended October 31,
2021
2020
(in thousands)
Operating activities
Net (loss) income
$
(2,345
)
$
8,415
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization
4,446
4,493
Deferred income taxes
(413
)
3,104
Provision for doubtful accounts receivable
716
579
Net loss from marketable securities
13,386
17
Stock-based compensation
285
506
Other
1,718
1,077
Changes in assets and liabilities:
Trade accounts receivable
(5,638
)
(4,020
)
Disbursement prefunding, prepaid expenses, other current assets, and other assets
(7,563
)
7,318
Trade accounts payable, accrued expenses, other current liabilities, and other liabilities
3,265
(2,023
)
Customer deposits at IDT Financial Services Limited (Gibraltar-based bank)
(13,069
)
(549
)
Deferred revenue
(641
)
(150
)
Net cash (used in) provided by operating activities
(5,853
)
18,767
Investing activities
Capital expenditures
(4,353
)
(4,564
)
Purchase of convertible preferred stock in equity method investment
(1,051
)
–
Purchases of debt securities and equity investments
(6,260
)
(29,295
)
Proceeds from maturities and sales of debt securities and redemption of equity investments
3,867
6,596
Net cash used in investing activities
(7,797
)
(27,263
)
Financing activities
Distributions to noncontrolling interests
(183
)
(28
)
Proceeds from other liabilities
2,302
–
Repayment of other liabilities
(1,242
)
(40
)
Proceeds from sale of equity in subsidiary
10,000
–
Proceeds from exercise of stock options
–
185
Repurchases of Class B common stock
(26
)
(2,856
)
Net cash provided by (used in) financing activities
10,851
(2,739
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents
(2,257
)
(1,859
)
Net decrease in cash, cash equivalents, and restricted cash and cash equivalents
(5,056
)
(13,094
)
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period
226,916
201,222
Cash, cash equivalents, and restricted cash and cash equivalents at end of period
$
221,860
$
188,128
Reconciliation of Non-GAAP Financial Measures for the First Quarter Fiscal 2022 and 2021
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 1Q22, 4Q21, and 1Q21, Adjusted EBITDA, non-GAAP net (loss) income, and non-GAAP earnings per diluted share (EPS), all 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 Adjusted EBITDA consists of revenue less direct cost of revenues and selling, general and administrative expense. Another way of calculating Adjusted EBITDA is to start with income (loss) from operations, add depreciation and amortization, severance expense, and other operating expense, and deduct other operating gains.
IDT’s measure of non-GAAP net (loss) income starts with net (loss) income in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expense, and deducts the release of valuation allowance on deferred tax assets and other operating gains.
IDT’s measure of non-GAAP EPS is calculated by dividing non-GAAP net (loss) income by the diluted weighted-average shares.
These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2022 and fiscal 2021 periods.
Management believes that IDT’s Adjusted EBITDA, non-GAAP net (loss) income, 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, non-GAAP net (loss) income, 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 (loss) 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, non-GAAP net (loss) income, 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, non-GAAP net (loss) income, and non-GAAP EPS. Other operating (expense) gain, net includes legal fees net of insurance claims related to Straight Path Communications Inc.’s stockholders’ putative class action and derivative complaint, expense for the indemnification of a net2phone cable telephony customer related to patent infringement claims brought against the customer, and expense for other legal and regulatory matters. From time-to-time, IDT may have gains or incur costs related to non-routine legal and regulatory 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.
The other calculation of Adjusted EBITDA consists of revenue less direct cost of revenues and selling, general and administrative expense. As the other excluded items are not reflected in this calculation, they are excluded automatically and there is no need to make additional adjustments. This calculation results in the same Adjusted EBITDA amount and its utility and significance is as explained above.
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 net (loss) income and 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.
In 4Q21, due to continued and projected profitability, IDT was able to release a portion of its valuation allowance that was recorded against its deferred tax assets. This income tax benefit is excluded from IDT’s non-GAAP net (loss) income and non-GAAP EPS because it is only indirectly related to the current results of IDT’s core operations.
Adjusted EBITDA, non-GAAP net (loss) income, 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 (loss) 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, non-GAAP net (loss) income, and non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.
Following are reconciliations of Adjusted EBITDA, non-GAAP net (loss) income, 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 (loss) income for IDT on a consolidated basis, (b) for non-GAAP net (loss) income, net (loss) income, and (c) for non-GAAP EPS, diluted earnings per share.
IDT Corporation Reconciliation of Adjusted EBITDA to Net (Loss) Income (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions
Total IDT Corporation
Traditional Communica-tions
net2phone- UCaaS
Fintech
Corporate
Three Months Ended October 31, 2021 (1Q22)
Adjusted EBITDA
$
18.3
$
22.7
$
(2.9
)
$
0.5
$
(2.0
)
Subtract:
Depreciation and amortization
4.4
2.5
1.3
0.6
–
Severance expense
–
–
/td>
–
–
–
Other operating expense, net
0.1
–
–
–
0.1
Income (loss) from operations
13.8
$
20.1
$
(4.2
)
$
–
$
(2.1
)
Interest income, net
–
Other expense, net
(16.2
)
Loss before income taxes
(2.4
)
Benefit from income taxes
0.1
Net loss
(2.3
)
Net income attributable to noncontrolling interests
(0.2
)
Net loss attributable to IDT Corporation
$
(2.5
)
Total IDT Corporation
Traditional Communica-tions
net2phone- UCaaS
Fintech
Corporate
Three Months Ended July 31, 2021 (4Q21)
Adjusted EBITDA
$
22.2
$
29.0
$
(2.6
)
$
(2.5
)
$
(1.7
)
Subtract:
Depreciation and amortization
4.4
2.5
1.4
0.5
–
Severance expense
–
–
–
–
–
Other operating expense, net
0.8
0.4
–
–
0.4
Income (loss) from operations
16.9
$
26.0
$
(3.9
)
$
(2.9
)
$
(2.1
)
Interest income, net
0.1
Other income, net
2.3
Income before income taxes
19.3
Benefit from income taxes
19.5
Net income
38.9
Net income attributable to noncontrolling interests
(0.2
)
Net income attributable to IDT Corporation
$
38.7
IDT Corporation
Reconciliation of Adjusted EBITDA to Net Income (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions.
Total IDT Corporation
Traditional Communic-ations
net2phone-UCaaS
Fintech
Corporate
Three Months Ended October 31, 2020 (1Q21)
Adjusted EBITDA
$
18.1
$
19.5
$
(2.8
)
$
3.5
$
(2.1
)
Subtract (Add):
Depreciation and amortization
4.5
3.0
1.1
0.4
–
Severance expense
0.1
0.1
–
–
–
Other operating expense (gain), net
0.3
0.6
–
–
(0.3
)
Income (loss) from operations
13.3
$
15.9
$
(3.9
)
$
3.1
$
(1.9
)
Interest expense, net
–
Other expense, net
(1.4
)
Income before income taxes
11.8
Provision for income taxes
(3.4
)
Net income
8.4
Net income attributable to noncontrolling interests
(0.1
)
Net income attributable to IDT Corporation
$
8.3
IDT Corporation
Reconciliations of Net (Loss) Income to Non-GAAP Net (Loss) Income and (Loss) Earnings per share to Non-GAAP EPS (unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.
1Q22
4Q21
1Q21
Net (loss) income
$
(2.3
)
$
38.9
$
8.4
Adjustments (add) subtract:
Stock-based compensation
(0.3
)
(0.3
)
(0.5
)
Severance expense
–
–
(0.1
)
Other operating expense, net
(0.1
)
(0.8
)
(0.3
)
Release of DTA valuation allowance
–
22.4
–
Total adjustments
(0.4
)
21.3
(0.9
)
Income tax effect of total adjustments
(0.1
)
(0.2
)
(0.3
)
0.3
(21.5
)
0.6
Non-GAAP net (loss) income
$
(2.0
)
$
17.4
$
9.0
(Loss) earnings per share:
Basic
$
(0.10
)
$
1.52
$
0.32
Total adjustments
0.02
(0.84
)
0.03
Non-GAAP – basic
$
(0.08
)
$
0.68
$
0.35
Weighted-average number of shares used in calculation of basic (loss) earnings per share
25.6
25.6
25.5
Diluted
$
(0.10
)
$
1.46
$
0.32
Total adjustments
0.02
(0.80
)
0.03
Non-GAAP – diluted
$
(0.08
)
$
0.66
$
0.35
Weighted-average number of shares used in calculation of diluted (loss) earnings per share
25.6
26.5
25.9
Explanation of Key Performance Metrics
Revenue-less-direct-cost-of-revenue as a percentage of revenue is a financial metric that measures changes in our revenue relative to changes in direct cost of revenue during the same period. Revenue and direct cost of revenue in this metric are from IDT’s consolidated statements of operations in accordance with GAAP. Revenue-less-direct-cost-of-revenue as a percentage of revenue is a ratio in which revenue-less-direct-cost-of-revenue is the numerator and revenue is the denominator. It is useful for monitoring trends in the generation of revenue as well as for evaluating the net contribution of IDT’s revenue.
Adjusted EBITDA less CAPEX is also a financial metric, which is calculated by deriving Adjusted EBITDA as described above and subtracting capital expenditures in accordance with GAAP as reported in the consolidated statements of cash flows. Management uses Adjusted EBITDA less CAPEX to evaluate the level of capital investment needed to support operations, and as a reasonable proxy for the cash generated by IDT’s businesses. Because IDT’s capital expenditures reflect an allocation of capital for longer-term growth, IDT seeks to strike an appropriate balance between near-term and long-term financial performance as reflected in Adjusted EBITDA less CAPEX. IDT’s measurement of Adjusted EBITDA less CAPEX may not be comparable to similarly titled measures reported by other companies.
Monthly Average Recurring Revenue per Terminal is also a financial metric. Monthly Average Recurring Revenue per Terminal is calculated by dividing NRS’ revenue in accordance with GAAP during a period, excluding revenue from POS terminal sales, by the average number of active POS terminals during the period. The result is divided by three when the period is a fiscal quarter. 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. Monthly Average Recurring Revenue per Terminal is useful for comparisons of NRS’ 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.
# # #
National Retail Solutions Joins Geopath to Enhance Advertising Audience Measurement Capabilities
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IDT Corporation to Report First Quarter Fiscal Year 2022 Results
NEWARK, NJ, Nov. 29, 2021 — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications services, has scheduled its report of financial and operational results for the first quarter of its 2022 fiscal year (the three months ended October 31st) on Tuesday, December 7, 2021.
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, outlook, and strategy 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: 267194).
A replay of the conference call will be available approximately three hours after the call concludes through December 20, 2021. 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 number: 43480. 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, cloud and traditional communications services. We make it easy for families to communicate and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight.
Our BOSS Money international remittance and BOSS Revolution international calling services make sending money and speaking with friends and family around the world convenient and reliable. National Retail Solutions‘ (NRS) point-of-sale retail network enables independent retailers to operate and process transactions more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone‘s unified communications as a service solution provides businesses with intelligently integrated cloud communications and collaboration tools across channels and devices. Our IDT Global and IDT Express wholesale offerings enable communications service enterprises to provision and manage international voice and SMS services.
IDT Corporation to Present at Southwest IDEAS Conference
NEWARK, NJ, Nov. 16, 2021 — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications and traditional communications services, today announced that Shmuel Jonas, Chief Executive Officer, will present at the 13th Annual Southwest IDEAS Investor Conference on November 18th in Dallas, TX. Mr. Jonas’ presentation is scheduled to begin at 9 AM ET, 8 AM CT followed by 1×1 meetings with investors throughout the day.
Mr. Jonas’ presentation will include an overview of the company’s operations, strategy and financial results through the close of its 2021 fiscal year ended July 31st. The presentation will be audio webcast live and may be accessed through the presentations page within the investor relations section of the IDT website: https://www.idt.net/investors-and-media/investors-presentations or though the conference host’s website: https://www.wsw.com/webcast/threepa36/idt/2031090. The presentation will be available for 90 days following the live webcast.
Additional information about the Southwest IDEAS conference is available here: www.IDEASconferences.com. Please contact Lacey Wesley at (817) 769-2373 or lwesley@threepa.com to register.
About IDT Corporation:
IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud and traditional communications services. We make it easy for families to communicate and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight.
Our BOSS Money international remittance and BOSS Revolution international calling services make sending money and speaking with friends and family around the world convenient and reliable. National Retail Solutions‘ (NRS) point-of-sale retail network enables independent retailers to operate and process transactions more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone‘s unified communications as a service solution provides businesses with intelligently integrated cloud communications and collaboration tools across channels and devices. Our IDT Global and IDT Express wholesale offerings enable communications service enterprises to provision and manage international voice and SMS services.
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.
net2phone Named Global Partner of the Year by UC Partner Awards
Newark, NJ, Nov. 15, 2021 — net2phone, a leading business cloud communications provider, was named the ‘Global Partner of the Year’ by UC Today, an international news organization for the unified communications and collaboration industry, as part of the UC Partner Awards 2021.
The Global Partner of the Year award is presented to a unified communications industry participant delivering exceptional performance and solutions through channel partners on a global scale.
The UC Partner Awards 2021 were presented in fourteen categories to recognize excellence across the channel partner marketplace. Winners were selected by a panel of seven industry experts headed by David Dungay, Editor-in-Chief of UC Today.
“Well done net2phone!” exclaimed David Dungay. “This is a great growth story of a partner that went above and beyond during uncertain market conditions. Not only did net2phone deliver in its domestic market, but it also delivered across the globe. net2phone has set the standard in the Global Channel Partner category a fantastic achievement and very well deserved.”
“net2phone has enjoyed phenomenal success driving channel growth across our global markets,” said Jonah Fink, President of net2phone. “Our go-to-market strategy is deeply channel-centric, and includes industry-leading channel incentives, flexible pricing, white-glove on-boarding and customer success teams. We are very pleased and proud to be recognized by UC Today as the world’s premier global partner.”
net2phone’s cloud communications solution, which includes advanced feature sets and robust integrations with popular applications including Microsoft Teams, Salesforce, Slack and Zoho, is available throughout Argentina, Brazil, Canada, Colombia, Mexico, Peru, Spain and the United States.
About net2phone:
net2phone’s cloud communications solutions help businesses around the globe succeed through smarter conversations. net2phone is a subsidiary of IDT Corporation (NYSE: IDT), a provider of. BP: Bill don’t we now use a different description which includes Fintech, Cloud, traditional, etc.? To learn more, please visit net2phone.com or connect on LinkedIn.
About UC Partner Awards:
The UC Partner Awards recognize talent and innovation in the channel globally. The UC Partner Awards are hosted and presented by UC Today, the leading international news organization honoring excellence across the unified communications and collaboration marketplace.
UC Partner Awards is a global awards event that celebrates the partner channel across UC and Collaboration Technology. Established in 2021, UC Partner Awards have a range of categories for channel-centric vendors, service providers and channel partners.
The New Brand for IDT’s Popular Digital Money Transfer Service
Newark, NJ, Nov. 08, 2021 — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications and traditional communications services, today unveiled BOSS Money, the new brand for IDT’s popular digital international remittance service.
“BOSS Money has grown rapidly in the past few years and continues to innovate with exciting new features and more destinations around the world. To better reflect the significant changes in our service, we have updated our brand identity with a new name and next generation logo. BOSS Money succinctly encapsulates our established and trusted BOSS Revolution brand while highlighting our focus on cross-border financial transactions,” said Jessica Poverene, IDT’s EVP of Marketing.
BOSS Money remittances and IDT’s rapidly growing mobile top-up are available on the BOSS Money App. The free App has earned exceptional praise from customers, garnering 4.8 and 4.7 star ratings out of 5 on the App Store and Google Play, respectively.
First time users can try the money transfer service in the BOSS Money App for free when sending up to $300. The App also features an overview of competitors’ fees and exchange rates, enabling senders to see their savings when sending funds with BOSS Money.
IDT continues to build out its global value transfer network. BOSS Money remittances are now available from the U.S. to over 40 popular destination countries, with over 325,000 points of payment in Latin America, the Caribbean, Africa and Asia. IDT’s mobile top-up service now provides international top-ups to recipients in over 160 countries, representing the substantial majority of the world’s 5+ billion mobile users.
About IDT Corporation:
IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud and traditional communications services. We make it easy for families to communicate and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight.
Our BOSS Money branded international remittance service and BOSS Revolution branded international calling service make sending money and speaking with friends and family around the world convenient and reliable. National Retail Solutions‘ (NRS) point-of-sale retail network enables independent retailers to operate and process transactions more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone‘s unified communications as a service solution provides businesses with intelligently integrated cloud communications and collaboration tools across channels and devices. Our IDT Carrier Services and IDT Express wholesale offerings enable communications companies to provision and manage international voice and SMS services.
NEWARK, NJ , Oct. 11, 2021 — IDT Corporation (NYSE: IDT), a global provider of fintech, unified cloud communications and traditional communications services, will present at the 2021 LD Micro Main Event investor conference.
IDT’s Chief Executive Officer, Shmuel Jonas, will update investors on recent results and management’s strategy and outlook. He will also host investor meetings following his presentation.
Mr. Jonas’ presentation is scheduled to begin at 9 AM Pacific time, (12 noon Eastern) on Wednesday, October 13, 2021. His presentation slides will be posted on the IDT website at 9 AM Eastern time on the 13th.
The LD Micro Main event will be held in person in Bel Air, California, on October 12th through 14th. LD Micro is also offering a virtual conference with access to pre-recorded presentations free of charge. To register for either the in-person or virtual conference, visit https://me21.mysequire.com/.
About IDT Corporation:
IDT Corporation (NYSE: IDT) is a global provider of fintech, unified cloud communications and traditional communications services. We make it easier for families to connect, support and share across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight.
Our BOSS Revolution branded money transfer and international calling servicesmake sending money and speaking with friends and family around the world convenient and reliable. National Retail Solutions‘ (NRS) point-of-sale retail network enables independent retailers to operate and process transactions more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone‘s unified communications as a service solution provides businesses with intelligently integrated cloud communications and collaboration solutions across channels and devices. Our IDT Carrier Services and IDTExpress wholesale offerings enable communications companies to provision and manage international voice and SMS services.
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.
