IDT Corporation to Report Second Quarter Fiscal Year 2021 Results
NEWARK, N.J., Feb. 24, 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 second quarter of its fiscal year 2021 (the three months ended January 31, 2021) on Thursday, March 4, 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 1-888-348-8417 (from US) or 1-412-902-4243 (international) and request the IDT Corporation call.
A replay of the conference call will be available approximately three hours after the call concludes through March 11, 2021. To access the call replay, dial toll free 1-844-512-2921 (from US) or 1-412-317-6671 (international) and provide this replay number: 10151915. 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. 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.
New Look Reflects the Evolution of the Popular BOSS Revolution Service
NEWARK, N.J., Jan. 5, 2021 – IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications and traditional communications services, today unveiled a refreshed logo for BOSS Revolution, its flagship consumer service.
“The new Boss Revolution logo has been updated to capture the evolution of our brand while reflecting our abiding commitment to provide immigrant communities with innovative services that keep them close to friends and family,” said Jessica Poverene, EVP Marketing for BOSS Revolution.
“The previous logo was introduced in 2008 when BOSS Revolution was solely an affordable international long-distance service distributed through our Boss Revolution retailer network,” Poverene added.
“Since then, we’ve continuously listened to our customers and have developed additional services and features to meet their needs,” she said. “Today’s BOSS Revolution offers a robust array of services that make it more convenient than ever to ‘connect, support and share’ with family and friends back home through our popular BOSS Revolution Calling and BOSS Revolution Money apps, our website and kiosks, and our neighborhood BOSS Revolution retailers.”
The BOSS Revolution service now offers:
Ultra-clear international calls to over 200 countries via low per minute rates and affordable unlimited plans.
Mobile top-up for prepaid mobile phones of family and friends in 90+ countries with more than 150 carriers around the globe including Tigo, Claro, Cubacel, MTN, Orange, Airtel, Natcom, Flow, Digicel and Glo.
Money transfer through the interconnected BOSS Revolution Money app, website and authorized BOSS Revolution Money retailers, allowing customers to send money to friends and family in any one of 59 popular destination countries.
Free calls to other BOSS Revolution app users worldwide when both the caller and recipient use data or Wi-Fi connections.
Free and fast messaging to any other BOSS Revolution app user. Chat one-on-one or in groups and share pictures, stickers, videos, voice messages and more.
Free local news, radio, weather and trending movies, music and trending Twitter from around the world.
Free balance sharing in the BOSS Revolution app. Balance sharing makes it easy to let friends and family get in on fun.
“Our new logo represents all of these great features backed by our dedication to outstanding customer service and continued innovation,” added Poverene. “The one constant over the years has been our dedication to developing new BOSS Revolution services to help our customers stay close with their families and friends no matter where they are.”
BOSS Revolution customers can use cash at any one of BOSS Revolution’s 35,000+ retailers nationwide. Find the retailer nearest to you here.
The highly rated BOSS Revolution Calling and the BOSS Revolution Money apps are available free on Google Play and in the App Store.
New BOSS Revolution Calling app customers in the U.S. and Canada get $2 FREE credit. BOSS Revolution Money customers’ first money transfer up to $300 is free. Just activate the apps anytime in 2021.
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 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 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.
net2phone Named A Most Promising Retail Solutions Provider
NEWARK, N.J., Dec. 17, 2020 – net2phone, a global provider of cloud communications solutions to businesses, has been named ‘A Most Promising Retail Solutions Provider’ by CIOReview in the technology magazine’s listing of 20 top companies providing transformative solutions for retail businesses.
“By delivering purpose-built retail cloud phone systems with integrated unified communications tools, net2phone assists retailers in addressing customer communication challenges and providing a superior customer experience,” CIOReview said.
CIOReview is a leading technology magazine guiding enterprises through the continuously evolving business environment with information about solutions and services. The magazine serves as a knowledge source as well as a platform for technology buyers, experts and decision-makers to share their valuable insights about new solutions and marketplace trends.
“We are very excited that net2phone has been named a Most Promising Retail Solutions Provider,” said Jonah Fink, president of net2phone. “We’re seeing tremendous growth in the retailer vertical as retailers become more agile and seek to connect with customers across channels and devices.”
net2phone connects retailers to their customers with VoIP, chat, text, and video conferencing solutions that scale as the retailer grows, all within the cloud. Equally important, net2phone’s reporting and analytics features deliver needed insight to drive smarter conversations which in turn engender better business decisions.
“As a retailer, your challenge is to re-create the in-store experience digitally and provide your customers with support and information across multiple customer communication channels to help them complete their journey. That’s exactly what we provide,” added Fink.
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 global provider of fintech, cloud communications and traditional communications services. To learn more, please visit net2phone.com or connect with us on LinkedIn. Channel partner contact: partner@net2phone.com. Customer contact: sales@net2phone.com.
BOSS Revolution Initiates Money Transfer Service to Southern Asia
Free Transfers to Nepal and Pakistan with the BOSS Revolution Money App*
NEWARK, N.J., Dec. 15, 2020 – IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications and traditional communications services, today announced that BOSS Revolution Money Transfer customers can now send money to friends and family in Nepal and Pakistan. BOSS Revolution’s money transfer service to Southern Asia is powered by a new partnership with Tranglo, a leading cross-border payment hub serving both countries.
“We are excited to launch the BOSS Revolution money transfer service to Nepal and Pakistan over our omnichannel consumer platform through our partnership with Tranglo,” said Alfredo O’Hagan, Senior Vice President, Payment Services at IDT. “Customers can get started using the convenient BOSS Revolution Money app or stop in at any BOSS Revolution Money Transfer retailer.”
“We are proud to partner with Tranglo. Their outstanding commitment to customer service and extensive payout networks in both Nepal and Pakistan help ensure that we can offer our customers an outstanding solution every time,” O’Hagan added.
Tranglo CEO Jacky Lee said, “We are glad that IDT has chosen to work with us to expand their service. With our single interface solution, we are confident of powering their payments to 20 countries, including Nepal and Pakistan, quickly and securely.”
Transfers to Nepal and Pakistan are fee free* when using the BOSS Revolution Money App through January 31st, 2021 for transfer amounts up to $2,999. And like all BOSS Revolution Money Transfers, transfers to Nepal and Pakistan will always be rewarded with ultra-competitive exchange rates.
Transfers to Nepal and Pakistan can be sent either directly to bank accounts throughout Nepal and Pakistan or sent for cash pick up at over 22,000 locations in Nepal and 1,200 locations in Pakistan.
All BOSS Revolution Money Transfer customers can use debit or credit cards to make transfers 24/7 through the popular BOSS Revolution Money app (available for free on Google Play and in the App Store) or online at www.bossrevolution.com. Customers that prefer to use cash can go to any authorized BOSS Revolution Money Transfer agents located in over 25 states. To find an agent nearby, visit https://www.bossrevolution.com/en-us/shop-local-store-locator.
BOSS Revolution launched its Money Transfer service in 2013, starting with a few destination countries in Latin America. It expanded rapidly to meet the growing need for reliable, low cost remittances from the U.S. to Latin America, Africa, the Middle East and Europe. With the addition of Nepal and Pakistan, BOSS Revolution Money Transfer now offers transfer to 320,000 locations in 59 countries on five continents.
*Customers sending up to $2,999 pay no fee on transfers to Pakistan or Nepal when using the BOSS Revolution Money App. This special offer is valid through January 31, 2021.
About IDT Corporation: IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud and traditional communications services. Our fintech businesses include BOSS Revolution® Money Transfer, an international remittance and financial services provider, and National Retail Solutions®, operator of a nationwide point-of-sale retail network providing payment processing, digital advertising, transaction data and ancillary services. net2phone provides cloud communications and collaboration solutions for businesses and organizations. IDT’s traditional communications platform offerings include international long-distance calling, mobile top-up and wholesale telecom services.
About Tranglo: Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittance and mobile payment solutions. Founded in 2008, we have offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Our global network spans more than 100 countries, 250 mobile operators, 1,300 banks/wallets and 130,000 cash pickup points. For more info on Tranglo, visit www.tranglo.com, LinkedIn, Facebook or Twitter.
NEWARK, N.J., Dec. 10, 2020 – IDT Express, a leading digital platform provider of wholesale voice and direct inward dialing numbers (DIDs) to businesses, today unveiled a new postpaid billing plan for DIDs. IDT Express clients can now leverage IDT Express’ affordable, global DID coverage with unprecedented financial flexibility.
“Demand for virtual numbers is escalating as businesses worldwide leverage the power and flexibility of cloud communications solutions,” said Sid Bhutani, VP – IDT Express. “To provide businesses with the DIDs they need for their critical communications applications, we have leveraged IDT’s extensive global communications network to create a world-class programmable number service. Now, our DID provisioning platform provides postpaid options to help businesses manage their cash-flows.”
IDT Express clients are integrating virtual numbers into a wide variety of business use cases including:
PSTN replacement numbers for PBX/ Cloud PBX operators
Programmable phone numbers for UCaas / CPaas companies
Number masking services for ride share companies
Access numbers for the PIN-less / printed calling card industry
Affordable calling solutions for prison inmates
Inbound and outbound numbers for contact centers
Bundled software and voice for SaaS developers
International numbers to businesses for CLECs
A second phone line to consumers globally for software companies
Program specific numbers for marketing ROI analysis and CRM integration
Toll-free vanity numbers.
“IDT Express helped to transform the wholesale voice arena when we introduced our convenient, automated platform to provision flexible and affordable voice minutes nearly a decade ago. Now, we are replicating that success with DID numbers to serve customers worldwide,” said Peter Broes – IDT Express’ Director – Product Management.
IDT Express postpaid DID service is available in 70+ countries and includes IDT Express’s full range of number offerings including toll free and mobile. To take advantage of the IDT Express DID product, visit us at https://www.idtexpress.com/ or e-mail: idtexpresssales@idt.net.
ABOUT IDT
IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud communications and traditional communications services. Our fintech businesses include BOSS Revolution® Money Transfer, an international remittance and financial services provider, and National Retail Solutions®, operator of a nationwide point-of-sale retail network providing payment processing, digital advertising, transaction data and ancillary services. net2phone provides cloud communications and collaboration solutions for businesses and organizations. IDT’s traditional communications platform offerings include international voice and text, mobile top-up and wholesale telecom services.
net2phone’s Slack Integration Enhances Collaboration with Intelligent Voice and Video
NEWARK, N.J., Dec. 7, 2020 – net2phone, a global provider of cloud communications solutions to businesses, today announced net2phone for Slack. The integration brings net2phone’s intelligent video, voice and call management capabilities to Slack, the leading channel-based messaging platform.
net2phone for Slack installation processes are automated and fully managed. The integration simplifies day-to-day communications such as making and receiving voice calls, video conferencing and text messaging. Call management becomes effortless with simplified and intelligent call forwarding, managed workflows, voicemail and optimized caller ID settings.
“net2phone for Slack transforms the Slack experience by bringing powerful new capabilities that multiply its collaboration, communication and organizational capabilities across channels,” said Jonah Fink, President of net2phone. “Slack teams will be delighted by the ease with which they can make and return video and voice calls and intelligently manage all their voice and video communications with a few intuitive keystrokes.”
With the net2phone Slack Integration, users can:
seamlessly click-to-call
launch conference calls and video calls with net2phone Huddle
change their callerID
set up call forwarding
look up user directory information such as extension and email
set up notifications for missed calls, voicemails, etc
acknowledge and return missed calls
retrieve, listen to and delete voicemails
“Like with all the innovative work we do here, net2phone for Slack was designed first and foremost to provide a superb user experience,” said Arunim Devroy, net2phone’s Vice President of Engineering. “Our net2phone Slack integration makes communication and collaboration quick, intuitive and effective to simplify the way we work.”
net2phone’s video conferencing service, Huddle, becomes a powerful collaboration tool within Slack, enabling fast and effortless screen sharing and video calling. For users on-the-go with teammates and clients around the world, the integration provides unlimited voice calling to over forty destination countries. Tethered or untethered, net2phone for Slack provides a portfolio of powerful tools to effortlessly smooth workflows and continue conversations across channels.
Accessing the integration is easy. Follow this link and click ‘Add to Slack.’ You can also access the net2phone integration within Slack by searching for ‘net2phone’. Email sales@net2phone.com to learn more.
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 global provider of fintech, cloud communications and traditional communications services. To learn more, please visit net2phone.com or connect with us on LinkedIn. Channel partner contact: partner@net2phone.com. Customer contact: sales@net2phone.com.
IDT Corporation Reports First Quarter Fiscal Year 2021 Results
NEWARK, N.J., Dec. 3, 2020 — IDT Corporation (NYSE: IDT) reported net income per diluted share of $0.32 and Non-GAAP earnings per diluted share* of $0.35 on revenue of $343 million for the first quarter of FY 2021, the three months ended October 31, 2020.
1Q FY21 HIGHLIGHTS (Results are for 1Q21 and are compared to 1Q20)
Consolidated revenue increased 1% to $343 million from $340 million.
Consolidated revenue less direct cost of revenue increased 16% to $70 million from $61 million, the fifth consecutive year-over-year quarterly increase.
BOSS Revolution Money Transfer, National Retail Solutions (NRS) and net2phone (subscription) revenue increased by 111%, 109% and 32%, respectively. These three businesses in the aggregate increased their share of consolidated revenue less direct cost of revenue to 31% from 19%.
Consolidated income from operations increased to $13.3 million from a loss from operations of $1.4 million.
Adjusted EBITDA* increased 148% to $18.1 million from $7.3 million, and Adjusted EBITDA less CAPEX** increased 291% to $13.5 million from $3.5 million.
EPS was $0.32 compared to a loss per share of $0.06. Non-GAAP earnings per diluted share* was $0.35 compared to $0.10.
IDT repurchased 463,792 shares of its Class B common stock for $2.8 million during 1Q21.
REMARKS BY SHMUEL JONAS, CEO “This was another strong financial quarter for IDT, with substantial year-over-year improvements in revenue less direct cost of revenue and bottom-line results.
“All three of our high growth, higher margin businesses – BOSS Revolution Money Transfer, NRS and net2phone’s cloud communications offerings - generated impressive year over year revenue growth.
“In aggregate, these businesses have been contributing an increasing share of our consolidated revenue less direct cost of revenue, and this quarter their contribution topped 30%. Our money transfer business again benefitted, although less significantly, from the favorable foreign exchange market conditions that boosted its results last quarter.
“As a result of strong operational cash generation, IDT closed the quarter with a stronger balance sheet, even as we continued to invest in our businesses and repurchase our stock.”
CONSOLIDATED RESULTS
Results
(in millions, except EPS)
1Q21
4Q20
1Q20
1Q21 – 1Q20 change (%/$)
Revenue
$343
$360
$340
+0.9%
Direct cost of revenue
$273
$283
$279
(2.2)%
Revenue less direct cost of revenue
$70
$77
$61
+15.7%
Revenue less direct cost of revenue as a percentage of revenue**
20.5%
21.5%
17.9%
+260 bps
SG&A expense
$52
$55
$53
(2.4)%
Depreciation and amortization
$4.5
$4.7
$5.3
$(0.8)
Severance expense
$0.1
$1.8
$0.6
$(0.5)
Other operating expense, net
$0.3
$1.7
$2.8
$(2.5)
Income (loss) from operations
$13.3
$14.2
$(1.4)
+$14.6
Adjusted EBITDA*
$18.1
$22.4
$7.3
+$10.8
Adjusted EBTIDA* less CAPEX**
$13.5
$18.2
$3.5
+$10.1
Net income (loss) attributable to IDT
$8.3
$21.5
$(1.5)
+$9.8
Diluted earnings per share
$0.32
$0.82
$(0.06)
+$0.38
Non-GAAP net income*
$9.0
$16.3
$2.8
+$6.3
Non-GAAP earnings per diluted share*
$0.35
$0.62
$0.10
+$0.25
* Throughout this release, Adjusted EBITDA, Non-GAAP net income and Non-GAAP earnings per diluted share are 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 and Adjusted EBITDA less CAPEX are 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 1Q21 and are compared to 1Q20 except where otherwise noted)
IDT has revised its segment reporting for FY 2021 to reflect the growth of its fintech and cloud communications businesses and their increased contributions to the Company’s consolidated results. The Company is reporting results for three new reporting segments. Comparative results have been reclassified and restated for all periods presented. The revised reportable business segments reflect management’s approach to analyzing results, its resource allocation strategy and its assessment of business performance.
Fintech - Comprises BOSS Revolution Money Transfer, a provider of international money remittance and related value/payment transfer services and National Retail Solutions (NRS), operator of a nationwide point-of-sale retail network providing payment processing, digital advertising, transaction dataand ancillary services. BOSS Revolution Money Transfer and NRS were formerly reported in the Company’s Telecom & Payment Services (TPS) segment as TPS’ Growth vertical.
net2phone-UCaaS - Comprises net2phone’s cloud communications offerings, which were previously reported in the net2phone segment.
Traditional Communications - Comprises lines of business participating in whole or in part in the paid minute telecommunications market and other smaller lines of business.
BOSS Revolution Calling, an international long-distance calling service marketed primarily to immigrant communities in the U.S.;
Mobile Top-Up, which enables customers to transfer airtime and
bundles of airtime, messaging, and data to international and domestic mobile accounts;
Carrier Services, a wholesale provider of international voice and SMS termination as well as outsourced traffic management solutions to telecoms worldwide; and
Other, which includes net2phone-Platform Services and smaller communications and payments offerings, many of which are in harvest mode.
Traditional Communications businesses were previously reported in the former TPS segment except for net2phone-Platform Services, which was previously included within the former net2phone segment.
IDT continues to report its corporate overhead separately.
Segment Financial Results
(in millions)
Fintech
net2phone-UCaaS
Traditional Communications
1Q21
4Q20
1Q20
1Q21
4Q20
1Q20
1Q21
4Q20
1Q20
Revenue
$20.1
$25.9
$9.6
$9.6
$8.6
$7.2
$313.7
$325.8
$323.4
Revenue less direct cost of revenue
$13.9
$20.1
$5.7
$7.6
$6.8
$5.7
$48.7
$50.5
$49.3
SG&A
$10.4
$10.6
$8.1
$10.3
$9.6
$8.5
$29.3
$32.7
$34.6
Income (loss) from operations
$3.1
$9.1
$(2.7)
$(3.8)
$(3.9)
$(3.7)
$15.8
$11.5
$7.5
Adjusted EBITDA*
$3.5
$9.4
$(2.4)
$(2.7)
$(2.7)
$(2.7)
$19.5
$17.8
$14.7
Fintech The Fintech segment accounted for 6% and 3% of IDT’s consolidated revenue and 20% and 9% of IDT’s consolidated revenue less direct cost of revenue in 1Q21 and 1Q20, respectively.
Fintech Takeaways:
BOSS Revolution Money Transfer revenue inc
reased 111% to $15.2 million from $7.2 million, driven primarily by increased transaction volume. Money Transfer’s top and bottom-line results also reflect a significant but diminished benefit from the transient FX market conditions that positively impacted 4Q20 results.
Money Transfer transactions increased 59% to 1.8 million from 1.1 million in 1Q20 fueled by 77% growth in Money Transfer’s digital channel.
National Retail Solutions (NRS) revenue increased 109% to $4.9 million from $2.4 million, driven primarily by the expansion of its point-of-sale network and by increased sales of payment processing services and digital out-of-home (DOOH) advertising offerings.
At October 31, 2020, NRS had deployed 12,500 billable POS terminals and had 3,100 payment processing merchant accounts.
net2phone-UCaaS The net2phone-UCaaS segment accounted for 3% and 2% of IDT’s consolidated revenue and 11% and 9% of IDT’s consolidated revenue less direct cost of revenue in 1Q21 and 1Q20, respectively.
net2phone-UCaaS Takeaways:
Seats served increased 58% to 176,000 at October 31st from 112,000 a year earlier and from 154,000 at July 31st.
Subscription revenue increased 32% to $9.0 million from $6.8 million, led by growth in the U.S. market. Sequentially, however, revenue growth was strongest in net2phone’s Latin American markets as sales began to recover from a COVID-19 related slow down.
net2phone recently released integrations with Slack and Zoho, building on the previously announced integration with Microsoft Teams. The company recently launched service in Peru, Latin America’s sixth largest economy, and plans to expand coverage to six additional cities in Brazil during the current (second) quarter.
Traditional Communications The Traditional Communications segment accounted for 91% and 95% of IDT’s consolidated revenue and 69% and 81% of IDT’s consolidated revenue less direct cost of revenue in 1Q21 and 1Q20, respectively.
Traditional Communications Takeaways:
BOSS Revolution Calling revenue was unchanged at $116 million. Minutes of use decreased by 7% offset by a corresponding increase in revenue per minute.
Mobile Top-Up revenue increased 25% to $96 million from $77 million. The increase was driven by the addition of new mobile partners and increasing demand for data-centric top-up bundles.
Carrier Services revenue decreased 23% to $88 million from $114 million. The decrease reflects the continued, industry-wide decline of international voice calling, accelerated by the rise of over the top and video conferencing particularly among corporate users who have transitioned to work from home.
Other revenue decreased 17% to $14 million from $17 million, in line with expectations. Many of the offerings within Other are in harvest mode.
NOTES ON FINANCIAL STATEMENTS Consolidated results for all periods presented include corporate overhead. Corporate G&A expense of $2.2 million was the same in both 1Q21 and 1Q20.
As of October 31, 2020, IDT held $119.0 million in unrestricted cash, cash equivalents, debt securities and current equity investments. Current assets totaled $325.3 million and current liabilities totaled $319.9 million.
Net cash provided by operating activities during 1Q21 was $18.8 million, compared to net cash used in operating activities of $5.0 million in the year ago quarter. Exclusive of changes in customer deposit balances at the Gibraltar bank, net cash provided by operating activities during 1Q21 was $19.3 million, compared to net cash used in operating activities of $6.7 million in 1Q20.
Capital expenditures (CAPEX) were $4.6 million and $3.9 million in 1Q21 and 1Q20, respectively.
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 1-888-348-8417 (from U.S.) or 1-412-902-4243 (international) and request the IDT Corporation call.
A replay of the conference call will be available approximately three hours after the call concludes through December 10, 2020. To access the call replay, dial toll free 1-844-512-2921 (from U.S.) or 1-412-317-6671 (international) and provide this replay number: 10149919. 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. Our fintech businesses include BOSS Revolution® Money Transfer, an international remittance and financial services provider, and National Retail Solutions®, operator of a nationwide point-of-sale retail network providing payment processing, digital advertising, transaction data and ancillary services. net2phone provides cloud communications and collaboration solutions for businesses and organizations. IDT’s traditional communications platform offerings include international voice and text, mobile top-up and wholesale telecom 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
CONSOLIDATED BALANCE SHEETS
October 31, 2020
July 31, 2020
(Unaudited)
(in thousands)
Assets
Current assets:
Cash and cash equivalents
$ 74,082
$ 84,860
Restricted cash and cash equivalents
114,046
116,362
Debt securities
23,890
18,363
Equity investments
21,036
5,964
Trade accounts receivable, net of allowance for doubtful accounts of $6,361 at October 31, 2020 and $6,085 at July 31, 2020
47,182
44,166
Prepaid expenses
28,042
33,115
Other current assets
17,004
19,302
Total current assets
325,282
322,132
Property, plant and equipment, net
30,509
30,061
Goodwill
12,808
12,858
Other intangibles, net
3,878
3,959
Equity investments
9,748
8,833
Operating lease right-of-use assets
9,435
9,490
Deferred income tax assets, net
5,405
8,512
Other assets
8,881
8,905
Total assets
$ 405,946
$ 404,750
Liabilities and equity
Current liabilities:
Trade accounts payable
$ 31,261
$ 31,147
Accrued expenses
122,498
125,544
Deferred revenue
39,952
40,114
Customer deposits
113,659
115,992
Other current liabilities
12,497
12,073
Total current liabilities
319,867
324,870
Operating lease liabilities
7,193
7,353
Other liabilities
1,303
1,388
Total liabilities
328,363
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 October 31, 2020 and July 31, 2020
33
33
Class B common stock, $.01 par value; authorized shares-200,000; 25,983 and 25,961 shares issued and 23,900 and 24,345 shares outstanding at October 31, 2020 and July 31, 2020, respectively
260
260
Additional paid-in capital
278,134
277,443
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 2,083 and 1,616 shares of Class B common stock at October 31, 2020 and July 31, 2020, respectively
(59,077)
(56,221 )
Accumulated other comprehensive loss
(7,188)
(7,410)
Accumulated deficit
(131,045 )
(139,333 )
Total IDT Corporation stockholders’ equity
81,117
74,772
Noncontrolling interests
(3,534 )
(3,633)
Total equity
77,583
71,139
Total liabilities and equity
$ 405,946
$ 404,750
IDT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended October 31,
2020
2019
(in thousands, except per share data)
Revenues
$ 343,425
$ 340,200
Costs and expenses:
Direct cost of revenues (exclusive of depreciation and amortization)
273,174
279,460
Selling, general and administrative (i)
52,140
53,436
Depreciation and amortization
4,493
5,295
Severance
113
626
Total costs and expenses
329,920
338,817
Other operating expense, net
(252)
(2,775)
Income (loss) from operations
13,253
(1,392)
Interest (expense) income, net
p class="prnews_p">(41)
272
Other (expense) income, net
(1,380)
234
Income (loss) before income taxes
11,832
(886)
Provision for income taxes
(3,417)
(536)
Net income (loss)
8,415
(1,422)
Net income attributable to noncontrolling interests
(127)
(91)
Net income (loss) attributable to IDT Corporation
$ 8,288
$ (1,513)
Earnings (loss) per share attributable to IDT Corporation common stockholders:
Basic
$ 0.32
$ (0.06)
Diluted
$ 0.32
$ (0.06)
Weighted-average number of shares used in calculation of earnings (loss) per share:
Basic
25,534
26,279
Diluted
25,861
26,279
(i) Stock-based compensation included in selling, general and administrative expenses
$ 506
$ 1,364
IDT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended October 31,
2020
2019
(in thousands)
Operating activities
Net income (loss)
$ 8,415
$ (1,422)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
4,493
5,295
Deferred income taxes
3,104
479
Provision for doubtful accounts receivable
579
549
Stock-based compensation
506
1,364
Other
1,094
(34)
Changes in assets and liabilities:
Trade accounts receivable
(4,020)
7,975
Prepaid expenses, other current assets and other assets
7,318
(9,166)
Trade accounts payable, accrued expenses, other current liabilities and other liabilities
(2,023)
(10,012)
Customer deposits at IDT Financial Services Limited (Gibraltar-based bank)
(549)
1,793
Deferred revenue
(150)
(1,798)
Net cash provided by (used in) operating activities
18,767
(4,977)
Investing activities
Capital expenditures
(4,564)
(3,851)
Purchases of debt securities and equity investments
(29,295)
(8,195)
Proceeds from maturities and sales of debt securities and redemption of equity investments
6,596
782
Net cash used in investing activities
(27,263)
(11,264)
Financing activities
Distributions to noncontrolling interests
(28 )
(240)
Repayment of other liabilities
(40 )
(19)
Proceeds from exercise of stock options
185
276
Repurchases of Class B common stock
(2,856)
–
Net cash (used in) provided by financing activities
(2,739)
17
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents
(1,859)
11,426
Net decrease in cash, cash equivalents, and restricted cash and cash equivalents
(13,094)
(4,798)
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period
201,222
257,199
Cash, cash equivalents, and restricted cash and cash equivalents at end of period
$ 188,128
$ 252,401
Reconciliation of Non-GAAP Financial Measures for the First Quarter Fiscal 2021 and 2020 and Explanations of Key Performance Metrics
Non-GAAP Financial Measures
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 1Q21, 4Q20, 1Q20, Adjusted EBITDA, non-GAAP net income, and non-GAAP earnings per diluted share, all of which are non-GAAP measures. Generally, a non-GAAP financial 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, net.
IDT’s measure of non-GAAP earnings per diluted share 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 earnings per diluted share 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 earnings per diluted share 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 earnings per diluted share. Severance expense is reflecti
ve 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, 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 earnings per diluted share. Other operating expense, net includes accruals for non-income related taxes related to one of IDT’s foreign entities, expense for the indemnification of a net2phone cable telephony customer related to patent infringement claims brought against the customer, legal fees related to Straight Path Communications Inc.’s stockholders’ putative class action and derivative complaint, expenses for other legal matters, and the write-off of certain assets. From time-to-time, IDT may 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 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 earnings per diluted share 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 4Q20, due to continued and projected profitability in the Unites States, IDT was able to release a portion of its valuation allowance that was recorded against its U.S. deferred tax assets. This income tax benefit is excluded from IDT’s non-GAAP net income and non-GAAP EPS because it only indirectly related to the current results of IDT’s core operations.
Adjusted EBITDA, non-GAAP net income, and non-GAAP earnings per diluted share 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 earnings per diluted share 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 earnings per diluted share 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 (loss) for IDT on a consolidated basis, (b) for non-GAAP net income, net income (loss), and (c) for non-GAAP earnings per diluted share, diluted earnings per share.
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 income 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.
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 October 31, 2020
(1Q21)
Adjusted EBITDA
$ 18.1
$ 19.5
$ (2.7)
$ 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 (income), net
0.3
0.6
–
–
(0.3)
Income (loss) from operations
13.3
$ 15.8
$ (3.8)
$ 3.1
$ (1.9)
Interest expense, net
–
Other expense, net
(1.4)
Income before income taxes
11.8
Provision for income taxes
(3.8)
Net income
8.0
Net income attributable to noncontrolling interests
(0.1)
Net income attributable to IDT Corporation
$ 7.9
Total IDT Corporation
Traditional Communica -tions
net2phone- UCaaS
Fintech
Corporate
Three Months Ended July 31, 2020
(4Q20)
Adjusted EBITDA
$ 22.4
$ 17.8
$ (2.7)
$ 9.4
$ (2.1)
Subtract:
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
$ 11.5
$ (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 income attributable to noncontrolling interests
(0.1)
Net income attributable to IDT Corporation
$ 21.5
IDT Corporation
Reconciliation of Adjusted EBITDA to Net Loss
(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, 2019
(1Q20)
Adjusted EBITDA
$ 7.3
$ 14.7
$ (2.7)
$ (2.4)
$ (2.2)
Subtract:
Depreciation and amortization
5.3
4.1
1.0
0.3
–
Severance expense
0.6
0.6
–
–
–
Other operating expense, net
2.8
2.5
–
–
0.3
(Loss) income from operations
(1.4)
$ 7.5
$ (3.7)
$ (2.7)
$ (2.5)
Interest income, net
0.3
Other income, net
0.2
Loss before income taxes
(0.9)
Provision for income taxes
(0.5)
Net loss
(1.4)
Net income attributable to noncontrolling interests
(0.1)
Net loss attributable to IDT Corporation
$ (1.5)
IDT Corporation Reconciliations of Net Income (Loss) to Non-GAAP Net Income and Earnings (Loss) per share to Non-GAAP Earnings per diluted share (unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.
1Q21
4Q20
1Q20
Net income (loss)
$ 8.4
$ 21.6
$ (1.4)
Adjustments (add) subtract:
Stock-based compensation
(0.5)
(0.5)
(1.3)
Severance expense
(0.1)
(1.8)
(0.6)
Release of prior year DTA valuation allowance
–
8.4
–
Other operating expense, net
(0.3)
(1.7)
(2.8)
Total adjustments
(0.9)
4.4
(4.7)
Income tax effect of total adjustments
0.3
(0.9)
0.5
0.6
(5.3)
4.2
Non-GAAP net income
$ 9.0
$ 16.3
$ 2.8
Earnings (loss) per share:
Basic
$ 0.32
$ 0.82
$ (0.06)
Total adjustments
0.03
(0.20)
0.17
Non-GAAP – basic
$ 0.35
$ 0.62
$ 0.11
Weighted-average number of shares used in calculation of basic earnings (loss) per share
25.5
26.1
26.3
Diluted
$ 0.32
$ 0.82
$ (0.06)
Total adjustments
0.02
(0.20)
0.16
Non-GAAP – diluted
$ 0.35
$ 0.62
$ 0.10
Weighted-average number of shares used in calculation of diluted earnings (loss) per share
IDT Corporation to Report First Quarter Fiscal Year 2021 Results
NEWARK, N.J., Nov. 25, 2020 —IDT Corporation (NYSE: IDT), a global provider of fintech, cloud and traditional communications services, has scheduled its report of financial and operational results for the first quarter of its fiscal year 2021 (the three months ended October 31, 2020) on Thursday, December 3, 2020.
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 1-888-348-8417 (from US) or 1-412-902-4243 (international) and request the IDT Corporation call.
A replay of the conference call will be available approximately three hours after the call concludes through December 10, 2020. To access the call replay, dial toll free 1-844-512-2921 (from US) or 1-412-317-6671 (international) and provide this replay number: 10149919. 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 and traditional communications services. Our fintech businesses include BOSS Revolution® Money Transfer, an international remittance and financial services provider, and National Retail Solutions®, operator of a nationwide point-of-sale retail network providing payment processing, digital advertising, transaction data and ancillary services. net2phone provides cloud communications and collaboration solutions for businesses and organizations. IDT’s traditional communications platform offerings include international long-distance calling, mobile top-up and wholesale telecom services.
NRS Joins Catalina’s Digital Place-Based Media Network
NEWARK, N.J., Nov. 19, 2020 – National Retail Solutions (NRS), operator of a leading point-of-sale network for independent retailers, today announced a partnership with shopper intelligence-leader Catalina. Pursuant to the agreement, Catalina will offer its place-based media clients the ability to deliver messaging through NRS’ extensive digital out-of-home network.
NRS’ Chief Operating Officer, Eli Korn, stated, “Our partnership with Catalina offers an exciting opportunity to expand our digital out-of-home advertising network to leading consumer package goods (CPG) brands. CPG brands view neighborhood markets as an essential advertising venue particularly as consumers stay closer to home. Working with Catalina, we will enable brands to communicate more effectively and efficiently with difficult-to-reach consumer segments.”
NRS’ rapidly growing digital out-of-home media network comprises over 12,000 screens hosted by independent retailers and convenience stores in 45 states and 152 DMAs. The network supports static, animated, and video ads and serves both brand and service-related messages. NRS’ digital screens are effectively positioned to influence shoppers’ buying decisions on their path-to-purchase and in-transaction.
“We are excited to welcome NRS to our growing place-based media network. This partnership expands Catalina’s reach into convenience stores, allowing our CPG brand partners to engage and deliver value to consumers whenever and wherever they shop,” said Tiffany Southwell, Head of Out-of-Home Media for Catalina. “Only Catalina enables brands and retailers to provide a seamless, responsive experience across in-store, digital, online and connected TV, while leveraging real-time purchase data to personalize the shopper journey.”
“Consumer brands that advertise through the NRS digital out-of-home network can measure the effectiveness and impact of their campaigns through a portfolio of media measurement analytics that leverage our point-of-sale scanner data,” explained Suzy Silliman, Senior Vice President Data Strategy and Sales of NRS. “The ability to measure return on ad spend is increasingly important in both the digital and out of home spaces,” she added.
“Our partnership with Catalina aligns perfectly with NRS’ mission to help the independent retailers compete with chains and big box stores. Together, we will help these retailers boost purchases of top CPG brands,” added Elie Y. Katz, President of NRS.
About National Retail Solutions (NRS) NRS operates a nationwide point-of-sale (POS) terminal-based platform to bodegas and other independent retailers. The NRS platform provides a robust portfolio of tools to help these retailers compete more effectively including loyalty programs, consumer coupons, and wholesaler discounts and is fully integrated with Boss Revolution® voice and payment services. Consumer packaged goods (CPG) suppliers access the NRS platform to offer promotions, coupons and special offers. The NRS platform provides CPG suppliers with unprecedented access and reach into the urban, ethnically focused consumer markets served predominantly by bodegas and other independent retailers. For more information on NRS DOOH Advertising, visit www.nrsdigitalmedia.com. NRS is a subsidiary of IDT Corporation.
About IDT Corporation: IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud and traditional communications services. Our fintech businesses include BOSS Revolution® Money Transfer, an international remittance and financial services provider, and National Retail Solutions®, operator of a nationwide point-of-sale retail network providing payment processing, digital advertising, transaction data and ancillary services. net2phone provides cloud communications and collaboration solutions for businesses and organizations of all sizes. IDT’s traditional communications platform offerings include international long distance calling, mobile top-up and wholesale telecom services.
About Catalina: Catalina is the market leader in shopper intelligence and highly targeted in-store and digital media that personalizes the shopper journey. Powered by the world’s richest real-time shopper database, Catalina helps CPG brands, retailers and agencies optimize every stage of media planning, execution and measurement to deliver $6.1 billion in consumer value annually. Based in St. Petersburg, FL, Catalina has operations in the United States, Europe and Japan. To learn more, please visit www.catalina.com or follow us on Twitter @Catalina.
All statements within this release that are not purely about historical facts, including, but not limited to, those which 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 IDT’s 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. IDT’s 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.
BOSS Revolution Redesigns its Money App – Sending Money to Family and Friends Has Never Been this Easy, Fast and Satisfying
New ‘Refer a Friend’ program makes it more rewarding to share the app
NEWARK, N.J., Nov. 9, 2020 – BOSS Revolution, the leading consumer fintech and communications brand of IDT, today announced that its popular BOSS Revolution Money app has been completely redesigned with new features and back-end technologies. The new app makes it easier, faster and more rewarding than ever to remit money to family members and friends around the world.
“The refreshed BOSS Revolution Money app makes it even easier to send money and top-up airtime credit,” said Jessica Poverene, EVP Marketing for BOSS Revolution. “Our new ‘Refer a Friend’ program gives you AND your friend $10 each when you introduce your friend to the BOSS Money app and your friend uses the app to send a money transfer of $100 or more. And the first time anyone sends up to $300 through the app there’s no transaction fee.”
“There is nothing more rewarding than a good deal. In addition to our ‘Refer a Friend’ rewards offer, our new Money app makes it easy to compare our rates to our competitors so you can see your savings,” Jessica Poverene added. “We report the exchange rates offered by other services right in the app so you can be sure you are getting a good deal every time you send money.”
Because of its low fees and great exchange rates, convenience and outstanding customer support, the BOSS Revolution Money app has seen remarkable growth since it was introduced less than four years ago. The app is available for free on Google Play and in the App Store where it has received more than 40,000 reviews and earned a high 4.7 out of 5.0 rating on both platforms.
The BOSS Revolution Money app also works seamlessly with the popular BOSS Revolution Calling app, used by millions of customers every month to affordably and conveniently connect with family and friends across borders.
“BOSS Revolution customers are delighted when they see how convenient and intuitive it is to send money and airtime top-up using the redesigned app,” said Zev Green, Principal Fintech Product Manager at IDT. “We’re harnessing the power of machine learning with an infinitely scalable back end to completely transform the user experience, and we have built a foundation to support more exciting new capabilities and features that we’ll be introducing in the coming months. Sharing with the people you love most shouldn’t be a complicated process – it should be a joyful moment. That’s the spirit that animates our new BOSS Revolution Money app.”
The BOSS Revolution Money app offers 24/7 money transfer service and delivery to over 320,000 locations in 59 countries on four continents. App customers can choose to remit cash via direct bank deposits, cash pick-up, home delivery or to a mobile wallet, where available.
About IDT Corporation: IDT Corporation (NYSE: IDT) provides communications and fintech services to individuals and businesses primarily through its Boss Revolution®, net2phone® and National Retail Solutions® brands. IDT’s wholesale carrier services business is a leading global carrier of international long-distance calls. For more information on IDT, please visit our website.
