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.
IDT Corporation Reports Fourth Quarter and Fiscal Year 2021 Results
NEWARK, NJ, Oct. 06, 2021 — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications and traditional communications services, today announced results for the fourth quarter and full fiscal year 2021, the three and twelve months ended July 31, 2021.
IDT reported 4Q21 EPS of $1.46 and Non-GAAP EPS* of $0.66 on revenue of $390 million. FY2021 EPS was $3.70 and Non-GAAP EPS* was $1.98 on revenue of $1,447 million.
FOURTH QUARTER AND FULL FISCAL YEAR 2021 HIGHLIGHTS
(4Q21results are compared to 4Q20, and fiscal year 2021 results are compared to fiscal year 2020. EPS, Non-GAAP EPS* and all other per share results are per diluted share.)
4Q21 consolidated revenue increased 8% to $390 million from $360 million. FY2021 consolidated revenue increased 7.5% to $1,447 million from $1,346 million. Key 4Q21 business unit revenue included:
net2phone subscription revenue increased 46% to $11.7 million.
National Retail Solutions (NRS) revenue increased 76% to $8.2 million.
Mobile Top-Up revenue increased 41% to $136.6 million, while revenue from the broader traditional communications segment increased 10% to $358.6 million.
4Q21 consolidated revenue-less-direct-cost-of-revenue increased 2% to $79 million from $77 million, the eighth consecutive quarter of year-over-year increases. FY2021 consolidated revenue-less-direct-cost-of-revenue increased 12% to $293 million.
4Q21 consolidated income from operations increased 19% to $16.9 million from $14.2 million. FY2021 consolidated income from operations increased 217% to $56.9 million from $17.9 million.
4Q21 Adjusted EBITDA* decreased 1% to $22.2 million from $22.4 million. FY2021 Adjusted EBITDA increased 59% to $74.5 million from $46.9 million.
4Q21 Adjusted EBITDA* less capital expenditures (CAPEX)** increased to $18.8 million from $17.8 million. FY2021 Adjusted EBITDA* less CAPEX** increased to $57.6 million from $30.5 million.
4Q21 EPS increased to $1.46 from $0.82 including the positive impact of the reversal of income tax valuation allowances of $0.84 per share compared to a positive impact of $0.32 per share from a similar reversal in 4Q20. FY2021 EPS increased to $3.70 from $0.81 including the positive impact of a reversal of income tax valuation allowances of $1.78 per share compared to a positive impact of $0.32 per share in FY2020.
4Q21 Non-GAAP EPS* – which excludes the positive impacts of the income tax valuation allowance reversals – increased to $0.66 from $0.62. FY2021 Non-GAAP EPS* increased to $1.98 from $0.86.
Following the quarter close, IDT announced that NRS had sold a 2.5% percent stake to Alta Fox Opportunities Fund, L.P., a private investment fund, for $10 million.
REMARKS BY SHMUEL JONAS, CEO
“We continued to drive strong improvement in IDT’s results during the fourth quarter of fiscal 2021 powered by growth at net2phone, NRS and our Mobile Top-Up businesses.
“net2phone’s subscription revenue growth accelerated in the fourth quarter, increasing 46% year over year. Growth in our Latin American, US and Canadian markets was again very strong. Our subscription revenue margin remained robust, increasing 10 basis points to 83.5%. net2phone’s strategic focus on mid-sized businesses, multi-channel go-to-market strategies and deeply localized in-country offerings consistently generate gross margins and revenue growth metrics above UCaaS industry averages.
“NRS revenue increased by 76% year over year led by increased sales of merchant services, and specifically, NRS PAY payment processing. Advertising and data sales at NRS were also robust in the fourth quarter. At July 31st, NRS had over 14,000 active terminals and over 5,600 payment processing accounts, more than double the number of accounts a year earlier.
“Money Transfer revenue decreased by 49% compared to the year ago quarter. As we have discussed previously, transitory foreign exchange market conditions materially boosted revenue and gross profit in the fourth quarter of fiscal 2020 and persisted through the second quarter of fiscal 2021. Absent that impact, fourth quarter fiscal 2021 revenue would have increased by 36% compared to the year ago quarter. Sequentially, Money Transfer revenue increased by over 6%.
“Our largest segment, Traditional Communications, continued to exceed our expectations. Traditional Communications revenue in the fourth quarter increased 10% year over year. Within Traditional Communications, Mobile Top-Up revenue increased by 41% powered by increased sales in its B2B channel. We expect that our efforts over the past year to expand our Mobile Top-Up business into the African market — led by the recent acquisition of a majority stake in a mobile top-up operator with an extensive footprint in Africa, our increased focus in the B2B space, as well as the growing demand for data-heavy services worldwide — will continue to drive Mobile Top-Up revenue growth.”
CONSOLIDATED RESULTS
Results (in millions, except EPS)
4Q21
3Q21
4Q20
4Q21 – 4Q20 change (%/$)
FY 2021
FY 2020
FY2021 -FY2020 change (%/$)
Revenue
$
390
$
374
$
360
+8.2%
$
1,447
$
1,346
+7.5%
Revenue-less-direct-cost-of-revenue
$
79
$
73
$
77
+2.1%
$
293
$
262
+11.9%
Revenue-less-direct-cost-of-revenue as a percentage of revenue**
20.3
%
19.5
%
21.5
%
(120) BP
20.2
%
19.5
%
+70 BP
SG&A expense
$
57
$
55
$
55
+3.4%
$
218
$
215
+1.7%
Depreciation and amortization
$
4.4
$
4.4
$
4.7
(6.5
)%
$
17.8
$
20.4
(12.9
)%
Severance expense
–
$
0.2
$
1.8
$(1.8
)
$
0.5
$
3.5
$(3.0
)
Other operating (expense) gain, net
$
(0.8
)
$
0.6
$
(1.7
)
+$0.8
$
0.7
$
(5.1
)
+$5.8
Income from operations
$
16.9
$
13.9
$
14.2
+$2.7
$
57.0
$
17.9
+$39.1
Adjusted EBITDA*
$
22.2
$
17.9
$
22.4
+$(0.2)
$
74.5
$
46.9
+$27.6
Adjusted EBTIDA* less CAPEX**
$
18.8
$
13.2
$
17.8
+$1.0
$
57.6
$
30.5
+$27.1
Net income attributable to IDT
$
38.7
$
36.3
$
21.5
+$17.2
$
96.5
$
21.4
+$75.1
EPS
$
1.46
$
1.39
$
0.82
+$0.64
$
3.70
$
0.81
+$2.89
Non-GAAP net income*
$
17.4
$
12.3
$
16.3
+$1.1
$
51.5
$
22.8
+$28.7
Non-GAAP EPS*
$
0.66
$
0.47
$
0.62
+$0.04
$
1.98
$
0.86
+$1.12
*Throughout this release, Adjusted EBITDA,Non-GAAP net incomeand 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 Revenue per Terminal are key performance metrics. Please refer to the Explanation of Key Performance Metrics at the end of this release for an explanation of these metric s.
RESULTS BY SEGMENT
(Results are for 4Q21 and are compared to 4Q20. Results for FY2021 are compared to FY2020 except where otherwise noted)
Fintech
net2phone-UCaaS
Traditional Communications
(in millions)
4Q21
4Q20
FY21
FY20
4Q21
4Q20
FY21
FY20
4Q21
4Q20
FY21
FY20
Revenue
$
19.1
$
25.9
$
74.3
$
59.9
$
12.3
$
8.6
$
43.9
$
31.8
$
358.6
$
325.8
$
1,328.7
$
1,254.1
Revenue-less-direct-cost-of-revenue
$
11.7
$
20.1
$
48.2
$
40.7
$
10.0
$
6.8
$
35.8
$
25.4
$
57.3
$
50.5
$
208.9
$
195.7
SG&A expense
$
14.1
$
10.6
$
47.9
$
35.8
$
12.2
$
9.6
$
44.9
$
36.3
$
28.8
$
33.0
$
118.1
$
134.1
(Loss) income from operations
$
(2.9
)
$
9.1
$
(1.5
)
$
3.4
$
(3.5
)
$
(3.9
)
$
(14.3
)
$
(15.1
)
$
25.5
$
11.2
$
80.0
$
38.9
Adjusted EBITDA*
$
(2.5
)
$
9.4
$
0.2
$
4.9
$
(2.2
)
$
(2.7
)
$
(9.2
)
$
(10.9
)
$
28.5
$
17.4
$
90.8
$
61.6
Adjusted EBITDA* less CAPEX**
$
(3.1
)
$
8.8
$
(4.1
)
$
2.5
$
(3.3
)
$
(3.9
)
$
(14.6
)
$
(16.4
)
$
27.0
$
15.1
$
83.8
$
53.9
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 4Q21 and 4Q20, the Fintech segment accounted for 4.9% and 7.2% of IDT’s consolidated revenue and 14.8% and 25.9% of IDT’s consolidated revenue-less-direct-cost-of-revenue, respectively. In FY2021 and FY2020, the Fintech segment accounted for 5.2% and 4.4% of IDT’s consolidated revenue and 16.5% and 15.5% of revenue-less-direct-cost-of-revenue, respectively.
NRS Revenue and KPIs:
4Q21
3Q21
4Q20
4Q21- 4Q20 change %
FY 2021
FY 2020
FY2021 -FY2020 change %
POS Terminals – active at end of period
14,000
13,100
10,000
40
%
Payment Processing Accounts
5,600
4,700
2,500
124
%
NRS Revenue
Merchant Services and other
$
2,865
$
2,116
$
859
234
%
$
7,805
$
1,977
295
%
Advertising and Data
3,064
1,958
2,116
45
%
8,713
4,457
95
%
SaaS Fees
950
856
596
59
%
3,232
2,061
57
%
POS Terminal Sales
1,338
1,454
1,105
21
%
4,998
3,485
43
%
Total NRS Revenue
$
8,217
$
6,384
$
4,676
76
%
$
24,748
$
11,980
107
%
Monthly Average Revenue per Terminal (excl. POS terminal sales revenue)
$
169
$
131
$
126
34
%
NRS revenue increased 76% to $8.2 million from $4.7 million, driven by the growth of payment processing accounts as well as strong increases in digital-out-of-home (DOOH) advertising, monthly terminal charges and data sales. In FY2021, NRS revenue increased 107% to $24.7 million from $12.0 million.
NRS’ POS terminal network comprised approximately 14,000 active POS terminals at July 31, 2021, an increase of 40% compared to a year earlier. NRS payment processing accounts increased 124% year-over-year to approximately 5,600 on July 31st.
Money Transfer Take-Aways:
In 4Q21, Money Transfer transactions increased 10% to 2.05 million from 1.85 million in the year ago period. In FY2021, transactions increased 34% to 7.55 million from 5.63 million in FY2020.
In 4Q21, Money Transfer revenue decreased 49% to $10.9 million from $21.3 million but increased 36% when excluding the impact of the previously disclosed FX market conditions that positively affected revenue and transactions during most of calendar 2020 but ceased thereafter.
In FY2021, Money Transfer revenue increased 3% to $49.6 million from $47.9 million, but increased 52% when excluding the impact of the transitory foreign exchange market conditions noted above.
net2phone-UCaaS
In 4Q21 and 4Q20, the net2phone-UCaaS segment accounted for 3.1% and 2.4% of IDT’s consolidated revenue and 12.7% and 8.8% of IDT’s consolidated revenue-less-direct-cost-of-revenue, respectively. In FY2021 and FY2020, the net2phone-UCaaS segment accounted for 3.0% and 2.4% of IDT’s consolidated revenue and 12.2% and 9.7% of IDT’s consolidated revenue-less-direct-cost-of-revenue, respectively.
net2phone-UCaaS Takeaways:
Total seats served increased 47% to 226,000 at July 31, 2021 from 154,000 a year earlier.
In 4Q21, net2phone’s UCaaS subscription revenue increased 46% to $11.7 million from $8.0 million. The revenue growth rate in South America outpaced North America, although the latter remained strong. For FY2021, subscription revenue increased 39% to $41.5 million from $29.9 million.
Subscription revenue less direct cost of revenue remained robust in 4Q21, increasing to 83.5% from 83.4% in 4Q20.
Traditional Communications
In 4Q21 and 4Q20, the Traditional Communications segment accounted for 92.0% and 90.4% of IDT’s consolidated revenue and 72.5% and 65.3% of IDT’s consolidated revenue-less-direct-cost-of-revenue, respectively. In FY2021 and FY2020, the Traditional Communications segment accounted for 91.8% and 93.2% of IDT’s consolidated revenue and 71.3% and 74.8% of IDT’s consolidated revenue-less-direct-cost-of-revenue, respectively.
Traditional Communications Takeaways:
In 4Q21, Mobile Top-Up revenue increased 41% to $136.6 million from $96.6 million, primarily as a result of continued product expansion a
nd new growth opportunities in the B2B channel. In FY2021, Mobile Top-Up revenue increased 38% to $461.6 million from $334.4 million.
In 4Q21, BOSS Revolution Calling revenue decreased 10% to $112.6 million from $124.5 million. In FY2021, BOSS Revolution Calling revenue decreased 3% to $455.2 million from $468.3 million.
In 4Q21, Carrier Services revenue increased 6% to $97.4 million from $91.7 million. In FY2021, Carrier Services revenue decreased 8% to $361.0 million from $394.3 million.
In 4Q21, Traditional Communications’ revenue-less-direct-cost-of-revenue increased 13% to $57.3 million from $50.5 million. In FY2021, Traditional Communications’ revenue-less-direct-cost-of-revenue increased 7% to $208.9 million from $195.7 million. Both 4Q21 and FY2021 included a benefit of approximately $4 million in lower regulatory obligations.
In 4Q21, Traditional Communications’ Adjusted EBITDA* less CAPEX** increased 78% to $27.0 million from $15.1 million. In FY2021, Traditional Communications’ Adjusted EBITDA* less CAPEX** increased 56% to $83.8 million from $53.9 million.
NOTES ON FINANCIAL STATEMENTS
Consolidated results for all periods presented include corporate overhead. Corporate G&A expense decreased to $1.7 million in 4Q21 from $2.1 million in 4Q20. FY2021 corporate G&A expense decreased to $7.5 million from $9.0 million in FY2020.
As of July 31, 2021, IDT held $161.4 million in cash, cash equivalents, debt securities and unrestricted current equity investments, with no debt. Current assets totaled $388.1 million and current liabilities totaled $339.3 million.
Net cash provided by operating activities during 4Q21 was $28.5 million compared to $41.1 million during 4Q20. Exclusive of changes in customer deposit balances at our Gibraltar-based bank, net cash provided by operating activities during 4Q21 decreased to $24.3 million from $44.2 million in 4Q20.
In FY2021, net cash provided by operating activities was $66.6 million compared to net cash used in operating activities of $29.6 million in FY2020. Exclusive of the net impact of changes in customer deposits at the Gibraltar bank, net cash provided by operating activities in FY2021 increased to $73.5 million from $40.8 million in FY2020.
Capital expenditures decreased to $3.3 million in 4Q21 from $4.2 million in 4Q20. In FY2021 capital expenditures increased to $16.8 million from $16.0 million in FY2020.
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.
To listen to the call and participate in the Q&A, dial toll-free 1-888-506-0062 (from US) or 1-973-528-0011 (international) and request the IDT Corporation call (Entry Code: 398147).
A replay of the conference call will be available approximately three hours after the call concludes through October 13, 2021. To access the call replay, dial toll free 1-877-481-4010 (from US) or 1-919-882-2331 (international) and provide this replay number: 42925. A 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 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, mobile top-up and 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 solutions 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.
Trade accounts receivable, net of allowance for doubtful accounts of $4,438 and $6,085 at July 31, 2021 and 2020, respectively
46,644
44,166
Disbursement prefunding
27,656
25,325
Prepaid expenses
13,694
7,790
Other current assets
16,779
19,302
TOTAL CURRENT ASSETS
388,135
322,132
Property, plant, and equipment, net
30,829
30,061
Goodwill
14,897
12,858
Other intangibles, net
7,578
3,959
Equity investments
11,654
8,833
Operating lease right-of-use assets
7,671
9,490
Deferred income tax assets, net
41,502
8,512
Other assets
10,389
8,905
TOTAL ASSETS
$
512,655
$
404,750
LIABILITIES AND EQUITY CURRENT LIABILITIES:
Trade accounts payable
$
24,502
$
25,150
Accrued expenses
129,085
125,544
Deferred revenue
42,293
40,114
Customer deposits
115,524
115,992
Other current liabilities
27,930
18,070
TOTAL CURRENT LIABILITIES
339,334
324,870
Operating lease liabilities
5,473
7,353
Other liabilities
1,234
1,388
TOTAL LIABILITIES
346,041
333,611
Commitments and contingencies
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 July 31, 2021 and 2020
33
33
Class B common stock, $.01 par value; authorized shares-200,000; 26,379 and 25,961 shares issued and 24,187 and 24,345 shares outstanding at July 31, 2021 and 2020, respectively
264
260
Additional paid-in capital
278,021
277,443
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 2,192 and 1,616 shares of Class B common stock at July 31, 2021 and 2020, respectively
(60,413
)
(56,221
)
Accumulated other comprehensive loss
(10,183
)
(7,410
)
Accumulated deficit
(42,858
)
(139,333
)
Total IDT Corporation stockholders’ equity
164,864
74,772
Noncontrolling interests
1,750
(3,633
)
TOTAL EQUITY
166,614
71,139
TOTAL LIABILITIES AND EQUITY
$
512,655
$
404,750
IDT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Year ended July 31 (in thousands, except per share data)
2021
2020
(unaudited)
REVENUES
$
1,446,990
$
1,345,769
COSTS AND EXPENSES:
Direct cost of revenues (exclusive of depreciation and amortization)
1,154,048
1,084,009
Selling, general and administrative (i)
218,467
214,846
Dep
reciation and amortization
17,764
20,406
Severance
452
3,503
TOTAL COSTS AND EXPENSES
1,390,731
1,322,764
Other operating gain (expense), net
731
(5,063
)
Income from operations
56,990
17,942
Interest income, net
318
1,043
Other income (expense), net
7,916
(1,267
)
Income before income taxes
65,224
17,718
Benefit from income taxes
31,667
3,700
NET INCOME
96,891
21,418
Net (income) loss attributable to noncontrolling interests
(416
)
12
NET INCOME ATTRIBUTABLE TO IDT CORPORATION
$
96,475
$
21,430
Earnings per share attributable to IDT Corporation common stockholders:
Basic
$
3.78
$
0.82
Diluted
$
3.70
$
0.81
Weighted-average number of shares used in calculation of earnings per share:
Basic
25,495
26,278
Diluted
26,053
26,441
(i) Stock-based compensation included in selling, general and administrative expenses
$
1,490
$
3,856
IDT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended July 31 (in thousands)
2021
2020
(unaudited)
OPERATING ACTIVITIES
Net income
$
96,891
$
21,418
Adjustments to reconcile
net income to net cash provided by (used in) operating activities:
Depreciation and amortization
17,764
20,406
Deferred income taxes
(32,793
)
(3,805
)
Provision for doubtful accounts receivable
1,782
3,109
Stock-based compensation
1,490
3,856
Other
(7,358
)
352
Changes in assets and liabilities:
Trade accounts receivable
(3,728
)
11,702
Disbursement prefunding, prepaid expenses, other current assets, and other assets
(2,247
)
(1,719
)
Trade accounts payable, accrued expenses, other current liabilities, and other liabilities
(264
)
(12,081
)
Customer deposits at IDT Financial Services Limited (Gibraltar-based bank)
(6,906
)
(70,401
)
Deferred revenue
1,989
(2,428
)
Net cash provided by (used in) operating activities
66,620
(29,591
)
INVESTING ACTIVITIES
Capital expenditures
(16,765
)
(16,041
)
Payments for acquisitions, net of cash acquired
(3,673
)
(450
)
Cash acquired from acquisition of interest in variable interest entity
3,336
–
Purchase of Rafael Holdings, Inc. Class B common stock and warrant
(5,000
)
–
Exercise of warrant to purchase shares of Rafael Holdings, Inc. Class B common stock
(1,000
)
–
Purchase of series B convertible preferred stock in equity method investment
(4,000
)
–
Purchases of debt securities and equity investments
(43,187
)
(22,429
)
Proceeds from maturities and sales of debt securities and redemption of equity investments
26,230
6,457
Net cash used in investing activities
(44,059
)
(32,463
)
FINANCING ACTIVITIES
Distributions to noncontrolling interests
(848
)
(934
)
Payment for acquisition of warrant in variable interest entity
(791
)
–
Proceeds from other liabilities
729
–
Repayment of other liabilities
(108
)
(510
)
Proceeds from note payable
–
10,000
Repayment of note payable
–
(10,000
)
Proceeds from exercise of stock options
687
276
Proceeds from borrowings under revolving credit facility
–
1,429
Repayments of borrowings under revolving credit facility
–
(1,429
)
Repurchases of Class B common stock
(4,192
)
(4,482
)
Net cash used in financing activities
(4,523
)
(5,650
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents
7,656
11,727
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents
25,694
(55,977
)
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of year
201,222
257,199
Cash, cash equivalents, and restricted cash and cash equivalents at end of year
$
226,916
$
201,222
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments made for interest
/td>
$
486
$
388
Cash payments made for income taxes
$
193
$
60
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING AND INVESTING ACTIVITIES
Liabilities incurred for acquisition
$
628
$
375
Stock issued for matching contributions to the 401(k) Plan
$
1,042
$
–
Reconciliation of Non-GAAP Financial Measures for the
Fourth Quarter and Full Fiscal Years 2021 and 2020
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 4Q21, 3Q21, 4Q20, and the full fiscal years 2021 and 2020, Adjusted EBITDA, non-GAAP net 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 income starts with net income (loss) 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 income by the diluted weighted-average shares.
These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2021 and fiscal 2020 periods.
Management believes that IDT’s Adjusted EBITDA, non-GAAP net 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 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 income (loss), 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 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 gain (expense), net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA, non-GAAP net income, and non-GAAP EPS. Other operating gain (expense), net includes a gain from the sale of IDT’s rights under a class action lawsuit,
expense for the indemnification of a net2phone cable telephony customer related to patent infringement claims brought against the customer, legal fees net of insurance claims related to Straight Path Communications Inc.’s stockholders’ putative class action and derivative complaint, accruals for non-income related taxes related to one of IDT’s foreign entities, expense for other legal matters, and the write-off of certain assets. From time-to-time, IDT may have gains or incur costs related to non-routine legal and tax matters, and write-off assets, 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 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, 3Q21 and 4Q20, 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. These income tax benefits are excluded from IDT’s non-GAAP net income and non-GAAP EPS because they are only indirectly related to the current results of IDT’s core operations.
Adjusted EBITDA, non-GAAP net 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 income (loss), 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 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 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 income for IDT on a consolidated basis, (b) for non-GAAP net income, net income, and (c) for non-GAAP EPS, diluted earnings per share.
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 Communica-tions
net2phone-UCaaS
Fintech
Corporate
Three Months Ended July 31, 2021 (4Q21)
Adjusted EBITDA
$
22.2
$
28.5
$
(2.2
)
$
(2.5
)
$
(1.7
)
Subtract:
Depreciation and amortization
4.4
2.6
1.4
0.5
–
Severance expense
–
–
–
–
–
Other operating expense, net
0.8
0.4
–
–
0.4
Income (loss) from operations
16.9
$
25.5
$
(3.5
)
$
(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
Total IDT Corporation
Traditional Communica-tions
net2phone-UCaaS
Fintech
Corporate
Three Months Ended April 30, 2021 (3Q21)
Adjusted EBITDA
$
17.9
$
22.8
$
(2.3
)
$
(1.0
)
$
(1.7
)
Subtract (Add):
Depreciation and amortization
4.4
2.5
1.4
0.5
–
Severance expense
0.2
0.2
–
–
–
Other operating (gain) expense, net
(0.6
)
0.1
–
(0.1
)
(0.6
)
Income (loss) from operations
13.9
$
20.0
$
(3.7
)
$
(1.4
)
$
(1.1
)
Interest income, net
0.1
Other income, net
3.8
Income before income taxes
17.8
Benefit from income taxes
18.6
Net income
36.4
Net income attributable to noncontrolling interests
(0.1
)
Net income attributable to IDT Corporation
$
36.3
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 July 31, 2020 (4Q20)
Adjusted EBITDA
$
22.4
$
17.4
$
(2.7
)
$
9.4
$
(2.1
)
Subtract (Add):
Depreciation and amortization
4.7
3.1
1.2
0.3
–
Severance expense
1.8
1.8
–
–
–
Other operating expense, net
1.7
1.4
–
–
0.3
Income (loss) from operations
14.2
$
11.2
$
(3.9
)
$
9.1
$
(2.5
)
Interest income, net
0.5
Other income, net
0.1
Income before income taxes
14.8
Benefit from income taxes
6.7
Net income
21.5
Net loss attributable to noncontrolling interests
(0.1
)
Net income attributable to IDT Corporation
$
21.5
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 Communica-tions
net2phone-UCaaS
Fintech
Corporate
Year Ended July 31, 2021 (FY 2021)
Adjusted EBITDA
$
74.5
$
90.8
$
(9.2
)
$
0.2
$
(7.5
)
Subtract (Add):
Depreciation and amortization
17.8
11.0
5.0
1.8
0.1
Severance expense
0.5
0.5
–
–
–
Other operating (gain) expense, net
(0.7
)
(0.6
)
0.1
–
(0.2
)
Income (loss) from operations
57.0
$
80.0
$
(14.3
)
$
(1.5
)
$
(7.4
)
Interest income, net
0.3
Other income, net
7.9
Income before income taxes
65.2
Benefit from income taxes
31.7
Net income
96.9
Net income attributable to noncontrolling interests
(0.4
)
Net income attributable to IDT Corporation
$
96.5
Total IDT Corporation
Traditional Communica-tions
net2phone-UCaaS
Fintech
Corporate
Year Ended July 31, 2020 (FY 2020)
Adjusted EBITDA
$
46.9
$
61.6
$
(10.9
)
$
4.9
$
(9.0
)
Subtract:
Depreciation and amortization
20.4
14.8
4.1
1.5
0.1
Severance expense
3.5
3.5
–
–
–
Other operating expense, net
5.1
4.5
0.1
–
0.5
Income (loss) from operations
17.9
$
38.9
$
(15.1
)
$
3.4
$
(9.7
)
Interest income, net
1.0
Other expense, net
(1.3
)
Income before income taxes
17.7
Benefit from income taxes
3.7
Net income
21.4
Net loss attributable to noncontrolling interests
–
Net income attributable to IDT Corporation
$
21.4
IDT Corporation Reconciliations of Net Income to Non-GAAP Net Income and Earnings per share to Non-GAAP EPS (unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.
4Q21
3Q21
4Q20
FY 2021
FY 2020
Net income
$
38.9
$
36.4
$
21.6
$
96.9
$
21.4
Adjustments (add) subtract:
Stock-based compensation
(0.3
)
(0.3
)
(0.5
)
(1.5
)
(3.8
)
Severance expense
–
(0.2
)
(1.8
)
(0.5
)
(3.5
)
Other operating gain (expense), net
(0.8
)
0.6
(1.7
)
0.7
(5.1
)
Release of DTA valuation allowance
22.4
24.0
8.4
46.4
8.4
Total adjustments
21.3
24.1
4.4
45.1
(4.0
)
Income tax effect of total adjustments
(0.2
)
–
(0.9
)
(0.3
)
(2.6
)
(21.5
)
(24.1
)
(5.3
)
(45.4
)
1.4
Non-GAAP net income
$
17.4
$
12.3
$
16.3
$
51.5
$
22.8
Earnings per share:
Basic
$
1.52
$
1.42
$
0.82
$
3.78
$
0.82
Total adjustments
(0.84
)
(0.94
)
(0.20
)
(1.76
)
0.05
Non-GAAP – basic
$
0.68
$
0.48
$
0.62
$
2.02
$
0.87
Weighted-average number of shares used in calculation of basic earnings per share
25.6
25.5
26.1
25.5
26.3
Diluted
$
1.46
$
1.39
$
0.82
$
3.70
$
0.81
Total adjustments
(0.80
)
(0.92
)
(0.20
)
(1.72
)
0.05
Non-GAAP – diluted
$
0.66
$
0.47
$
0.62
$
1.98
$
0.86
Weighted-average number of shares used in calculation of diluted earnings per share
26.5
26.1
26.3
26.1
26.4
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 are 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 Revenue per Terminal is also a financial metric, which 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 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.
# # #
IDT Corporation’s NRS Subsidiary Sells 2.5% Minority Stake to Alta Fox Capital Management for $10 million
NEWARK, NJ, Sept. 29, 2021 — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications and traditional communications services, announced today that its National Retail Solutions (NRS) subsidiary has concluded the sale of a two and one-half percent stake (calculated on a fully diluted basis, including equity incentive grants) for $10 million to Alta Fox Capital Management, a private investment fund based in Fort Worth, Texas.
NRS operates a point-of-sale (POS)-based platform that enables independent retailers to operate and process transactions more effectively, while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. NRS generated revenue of $21.2 million in the twelve months ended April 30, 2021, and increased quarterly revenue by 123% year over year. IDT holds an approximately 81% equity interest in NRS (on a fully-diluted basis) following the sale.
“NRS is a market-leading point of sale provider to bodegas and other independent convenience retailers, and we have only just begun to tap its potential,” said Elie Y. Katz, President of NRS.
“Given IDT’s strong balance sheet and ample cash flows from our mature businesses, we have been reluctant to accept outside investments in NRS,” said Marcelo Fischer, IDT’s Chief Financial Officer. “However, Alta Fox has demonstrated a deep understanding of our markets and growth opportunities, including expansion into adjacent markets. We are excited to have their support.”
“We are impressed by the quality of the NRS business and leadership team,” said Connor Haley, Alta Fox’s Founder and Managing Partner. “NRS has many of the characteristics we seek in our portfolio companies including market leadership, multiple high-margin revenue streams, and a significant revenue growth rate. We believe that NRS has the potential to be worth many multiples of the over $400 million implied enterprise value from our investment as management continues to execute on its strategic roadmap.”
About IDT Corporation:
IDT Corporation (NYSE: IDT) is a global provider of fintech, 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, mobile top-up and 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 solutions 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.
IDT Corporation to Report Fourth Quarter and Fiscal Year 2021 Results
NEWARK, NJ, Sept. 21, 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 fourth quarter and full fiscal year 2021 (the three and twelve months ended July 31st) on Wednesday, October 6, 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 toll-free 1-888-506-0062 (from US) or 1-973-528-0011 (international) and request the IDT Corporation call (Entry Code: 398147).
A replay of the conference call will be available approximately three hours after the call concludes through October 13, 2021. To access the call replay, dial toll free 1-877-481-4010 (from US) or 1-919-882-2331 (international) and provide this replay number: 42925. A 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 communications and traditional communications services. We make it easier for families to connect, support and share across international borders while enabling businesses to transact and communicate with their customers with enhanced intelligence and insight.
Our BOSS Revolution branded money transfer, mobile top-up and 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 solutions 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.
Application Brings Affordable Voice Capabilitiesto Microsoft Teams Users
Newark, NJ, Sept. 13, 2021 — net2phone, a global business cloud communications provider, today announced the introduction of the net2phone Phone App for Teams.
net2phone’s application enables Microsoft Teams users to add voice capabilities into their Teams environments without purchasing additional licenses. The application is easily enabled for any or all Team members in the organization, whether they are using desktop or mobile, regardless of the organization’s Microsoft Teams license.
“Our new Phone App brings affordable calling and key call management functionality to Microsoft Teams users,” said Jonah Fink, President of net2phone. “For the great many organizations that use Microsoft Teams but have chosen not to voice-enable their service due to cost, our new Phone App offers a compelling union of voice and savings.”
The net2phone Phone App for Teams enables Microsoft Teams users to:
Make phone calls via a dial-pad;
Receive incoming calls across all devices;
Transfer calls to other Teams users & queues; and
Call contacts within the Teams App.
“Organizations looking for a flexible approach to enhance their Teams experience with robust voice and call management capabilities now have a better alternative,” Jonah Fink elaborated. “Organizations can provision our new phone app according to individual user requirements – mixing and matching capabilities with ease. It’s ideal for Microsoft Teams users who utilize Teams’ collaborative functions and are looking for a more cost-effective, entry route for voice-enabling Teams.”
The net2phone Phone App for Teams supplements net2phone’s native integration for Microsoft Teams which brings all of net2phone’s world-class communication services into the Teams environment. net2phone also offers native integrations with popular CRMs and other business applications including Zoho, Slack, Zapier and Salesforce.
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.
Media Contact: Denise D’Arienzo Director of Marketing Communications Phone: 973.438.3227 Email: denise.darienzo@idt.net
Newark, NJ, Aug. 31, 2021 — net2phone, a global business cloud communications provider and subsidiary of IDT Corporation (NYSE: IDT), said today that it has launched a HIPAA* compliance program for select net2phone communications and collaboration solutions.
HIPAA covered entities and their business associates can now leverage net2phone’s HIPAA-eligible services, and net2phone will sign HIPAA business associate agreements.
“Our cloud-based platform is now accessible to healthcare providers whose operations necessitate compliance with HIPAA,” said Jonah Fink, President of net2phone. “The privacy of our customers’ (and their customers’) data has always been a top priority. Our healthcare customers can now use our HIPAA-eligible services knowing that net2phone has a program in place designed to meet the demanding standards for safeguarding protected health information.”
net2hone’s Hosted PBX calling solution is now available with the following HIPAA- ready features:
Call Recording
Voicemail
Voicemail Transcription
Businesses and organizations that gather or deal with HIPAA-covered information can sign up for net2phone’s cloud communications services at net2phone.com or through net2phone’s nationwide network of partner agents.
net2phone’s secure cloud platform continues to provide robust tools enabling intelligent conversations and collaboration across voice, video and messaging including:
UNLIMITED domestic calling;
UNLIMITED international calling to 40 popular international destinations;
Feature-rich functionality and versatility including customized auto-attendants, call recording, advanced call routing, voicemail to email, web-based calling, and live chat;
Mobile Application for iOS and Android to continue business conversations in, or out of the office;
Integrations with popular applications including Microsoft Teams, Zoho, and Salesforce; and
Custom API integration capabilities.
All of these advantages are included in a low, flat monthly rate per user that is well below the cost of premise-based PBX services, affording businesses the opportunity to save over 60% on their business phone system costs.
* HIPAA – U.S. Health Insurance Portability and Accountability Act of 1996
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.
Media Contact:
Denise D’Arienzo Director of Marketing Communications Phone: 973.438.3227 Email: denise.darienzo@idt.net
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BOSS Revolution Offers No-Fee Money Transfers and Special Calling Rates to Haiti After Destructive Earthquake
Newark, NJ, Aug. 15, 2021 — BOSS Revolution, the international money remittance and calling service of IDT Corporation (NYSE: IDT), today announced that it was providing no-fee money transfers and reduced calling rates to Haiti after a devastating earthquake struck the Caribbean nation on Saturday.
The BOSS Revolution Money no-fee offer applies to transfers to Haiti initiated through August 22nd in amounts up to $130, when using a debit card through the BOSS Revolution Money app or website. Senders can choose from several convenient payout options, including cash pick-up and direct deposit, as well as transfers direct to mobile wallets.
The BOSS Revolution Money remittance service is readily available in the US through the convenient BOSS Revolution Money app (free at App Store and Google Play), online and through the nationwide network of BOSS Revolution Money retailers. First time users of the Money app pay no fees on transfers up to $300.
Reduced calling rates from the US and Canada to mobile phones in Haiti are available on the BOSS Revolution Calling app through the end of the day today, August 15th. First time callers on the app always receive $2.00 in free calling credit. In addition, BOSS Revolution customers in the US and Canada can conveniently recharge mobile phone accounts of friends, family and loved ones in Haiti through the app.
“The earthquake has left thousands of families in Southwestern Haiti homeless, and many more without basic necessities. BOSS Revolution is pitching in to support the relief effort by making donations directly to responsible charitable relief organizations and by making it more affordable for members of the Haitian diaspora to send money to and to speak with friends, family and loved ones in Haiti,” said Alfredo O’Hagan, IDT’s SVP for Consumer Payments.
About IDT Corporation:
IDT Corporation (NYSE: IDT) is a global provider of fintech, 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 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 solutions 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.
