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.  

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SOURCE IDT Corporation

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.

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SOURCE net2phone

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 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

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 31^st from 112,000 a year earlier and from 154,000 at July 31^st.
• 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.

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.

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SOURCE IDT Corporation

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. 

View original content to download multimedia:http://www.prnewswire.com/news-releases/idt-corporation-to-report-first-quarter-fiscal-year-2021-results-301180670.html

SOURCE IDT Corporation

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.

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SOURCE National Retail Solutions

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.

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SOURCE IDT Corporation

NEWARK, N.J., Oct. 27, 2020 – National Retail Solutions (NRS), the leading point-of-sale platform for independent convenience stores, today announced the launch of its NRS EMV EZ Pump Solution, a convenient, affordable pay-at-the-pump retrofit and payment processing service that accepts EMV (chip) payment cards.

Beginning in April of 2021, major credit card companies plan to hold gas stations liable for fraudulent purchases, chargebacks and other counterfeit transactions if they have not converted to accept chip card payments at each pump and payment point.

The NRS EMV EZ Pump Solution offers gas station operators nationwide an affordable, easy to install, set-up and operate pump retrofit and payment processing solution that accepts EMV payments and complies with EMV standards.

The alternatives to the NRS EMV EZ Pump Solution are often more expensive and may entail substantially more disruption to station operations during installation.  New EMV-compliant gas pumps can cost $20,000 or more plus installation and associated downtime.  Retrofit kits offered by gas pump manufactures can cost $5,000 to $10,000 or more per pump.

Eric Goldberg, Vice President of NRS Petro, NRS’ new division for fuel retailer solutions, said, “Independently owned gas station owners are deeply concerned by the April 2021 outdoor EMV liability deadline.  Some are considering closing altogether because they cannot afford the high costs of new pumps or manufacturers’ pump retrofits. Fortunately, the NRS EMV EZ Pump Solution is EMV compliant, cost-effective, entails minimal disruption and is easy to operate.  Owners should fully explore all their options before they make their compliance decision.  I strongly urge them to contact NRS Petro today to learn how affordable and beneficial EMV compliance can be.”

The NRS EMV EZ Pump Solution also accepts contactless payments, mobile wallets, tap to pay, and other options to eliminate common touch points at the pump – an important feature during the Covid-19 pandemic. 

The NRS EMV EZ Pump Solution includes NRS Pay credit card processing to provide integrated credit card processing at hyper-competitive rates for additional savings.  NRS Pay also works hand-in-hand with NRS Petro’s point-of-sale (POS) terminals for retailers who want a fully integrated management system and flexible loyalty program.

Elie Y. Katz, President and CEO of NRS, commented, “NRS Petro’s POS terminals and the NRS EMV EZ Pump Solution with NRS Pay operate together as an integrated system.  They make EMV acceptance and payment processing more affordable and make it much easier for store owners and managers to organize their store, attract customers and increase revenue.”

For more information and a complimentary site survey, please visit nrspetro.com or contact Eric Goldberg at (888) 260-0112 or nrspetro@nrsplus.com.

About National Retail Solutions (NRS)

National Retail Solutions, Inc. (NRS), a subsidiary of IDT Corporation (NYSE: IDT) offers a point-of-sale (POS) platform for independent c-stores, gas stations, grocery, liquor and tobacco stores nationwide. The NRS platform provides robust hardware with powerful merchant software to help retailers compete more effectively, organize their business, attract customers and increase revenue. NRS’ credit card processing service, NRS PAY, offers processing that integrates seamlessly with the NRS point of sale system or that can be used independently.  For more information, visit nrsplus.com.

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SOURCE National Retail Solutions

NEWARK, N.J., Oct. 1, 2020 — IDT Corporation (NYSE: IDT) reported net income per diluted share of $0.82 and Non-GAAP earnings per diluted share* of $0.62 on revenue of $360.3 million for the fourth quarter of FY 2020, the three months ended July 31, 2020.  For the full fiscal year 2020, net income per diluted share was $0.81 and non-GAAP earnings per diluted share* was $0.86 on revenue of $1,345.8 million.

GROWTH BUSINESS HIGHLIGHTS
(IDT’s Growth Businesses include BOSS Revolution Money Transfer, net2phone’s UCaaS service and National Retail Solutions’ (NRS) point-of-sale terminal network-based offerings. Results for 4Q20 are compared to 4Q19 and results for FY 2020 are compared to FY 2019)

• BOSS Revolution Money Transfer revenue increased 206% to $21.3 million in 4Q20. FY20 money transfer revenue increased 108% to $48.0 million. The sequential and year over year gains were powered by surging adoption of the BR Money App and advantageous but transient foreign exchange market conditions.
• net2phone-UCaaS subscription revenue increased 26% to $8.0 million in 4Q20 led by increased sales in the US. FY20 subscription revenue increased 40% to $30.0 million. UCaaS seats served increased to 151,000 at July 31, 2020 from 137,000 at April 30^th and 100,000 at July 31, 2019. net2phone introduced its Huddle video-conferencing solution to its current subscribers during the quarter.
• NRS’ revenue increased 144% to $4.7 million in 4Q20. FY20 revenue increased 93% to $12.0 million. Sales of NRS’ merchant services, advertising and data analytics offerings all increased significantly. Active point-of-sale (POS) terminals increased to 10,000 at July 31, 2020 from 7,800 a year earlier.

CONSOLIDATED HIGHLIGHTS
(Results for 4Q20 are compared to 4Q19 and results for FY20 are compared to FY19.)

• Continued revenue and margin contribution expansion from IDT’s Growth Businesses were augmented by very strong results from Core Business consumer offerings including year-over-year and sequential increases in quarterly margin contribution.
• BOSS Revolution consumer offerings (Calling, Mobile Top-Up, Money Transfer) experienced increased demand as families enhanced communications and resource sharing during the global pandemic.
• Revenue increased 1.2% to $360.3 million in 4Q20. FY20 consolidated revenue decreased 4.5% to $1,345.8 million.
• Income from operations increased to $14.2 million in 4Q20 from a loss from operations of $1.2 million in 4Q19. FY20 income from operations increased to $17.9 million from a loss from operations of $1.0 million.
• Adjusted EBITDA* increased to $22.4 million in 4Q20 from $7.4 million. FY20 Adjusted EBITDA* increased to $46.9 million from $30.8 million.
• Diluted EPS increased to $0.82 in 4Q20 from $0.06. FY20 diluted EPS increased to $0.81 from $0.01 in FY19. 4Q20 and FY20 EPS include the positive impact of a $0.32 per diluted share adjustment to an income tax valuation allowance.
• Non-GAAP earnings per diluted share* – which excludes the positive impact of the income tax valuation adjustment – increased to $0.62 in 4Q20 from $0.15. FY20 non-GAAP earnings per diluted share* increased to $0.86 from $0.38.
• IDT repurchased approximately 630,000 shares of its Class B common stock in 4Q20 for $4.0 million. In FY20, the company repurchased approximately 670,000 shares of its Class B common stock in the open market for $4.2 million.

REMARKS BY SHMUEL JONAS, CEO
“Our fourth quarter results were quite good.  We achieved our highest levels of consolidated quarterly margin contribution and Adjusted EBITDA* in over a decade.

“We experienced strong demand across all of our BOSS Revolution consumer offerings. In particular, our Money Transfer business built upon its strong organic growth by leveraging certain, favorable foreign exchange market conditions to deliver exceptional results this quarter.  These forex conditions are transient, however, and they began to normalize following the quarter close.

“The continued expansion of our higher margin Growth businesses and the resilience of our consumer Core offerings position IDT to deliver improving results and to create significant long-term value.”

CONSOLIDATED FINANCIAL RESULTS 

RESULTS BY SEGMENT
(Results for 4Q20 are compared to 4Q19. Results for FY20 are compared to FY19)

Telecom & Payment Services (TPS)

The TPS segment comprises two verticals: 

• Growth includes National Retail Solutions’ point-of-sale network offerings and BOSS Revolution Money Transfer, an international money remittance service for customers in the US.
• Core includes IDT’s three largest communications and payments offerings by revenue: BOSS Revolution Calling, an international long-distance calling service marketed primarily to immigrant communities in the US; Mobile Top-Up, which enables customers to transfer airtime and bundles of airtime, messaging and data credits to mobile accounts internationally and domestically; and Carrier Services, which provides international voice and text termination as well as outsourced traffic management solutions to telecoms globally. Core also includes smaller communications and payments offerings, many in harvest mode.

net2phone

The net2phone segment comprises two verticals: 

• net2phone-UCaaS – a cloud communications service for businesses in North and South America and certain other international markets.
• net2phone Platform Services – telephony services to cable operators and other offerings that leverage a common technology platform.

Revenue in 4Q20 and FY20 and comparative periods for all verticals and for the most significant offerings is provided in the following chart:

Segment level financial results are summarized in the following chart:

TPS Segment Takeaways:

• BOSS Revolution Money Transfer revenue more than tripled in 4Q20 compared to the year ago quarter and more than doubled in FY20 compared to FY19. The quarterly increase was driven primarily by exceptionally favorable but transient foreign exchange market conditions as well as increased transaction volumes over the BR Money app.
• NRS’ revenue more than doubled compared to the year ago quarter driven by growth in its credit card processing business, advertising sales and terminal-based software service revenue. The number of POS terminals active in the network as of July 31, 2020 increased to 10,000 from 7,800 a year earlier.
• In TPS’ Core vertical, Mobile Top-Up growth accelerated in 4Q20 on increased demand for broadband connectivity and other bundled offerings. BOSS Revolution Calling reversed long-standing trends and grew revenue sequentially as minutes-of-use increased following the onset of the COVID-19 pandemic. Carrier Services revenue also increased sequentially but continues to be impacted negatively by the pandemic as business communications shift from calling to video conferencing and other collaboration platforms.

net2phone Segment Takeaways:

• net2phone-UCaaS subscription revenue increased 26% in 4Q20 to $8.0 million. For FY20, subscription revenue increased 40% to $30.0 million. Subscription revenue growth strengthened in the US. during the fourth quarter, while the impact of the COVID-19 pandemic and the stronger US dollar negatively impacted revenue growth in key Latin American markets.
• net2phone-UCaaS seats served increased 14,000 during 4Q20 and 51,000 seats during FY20 to 151,000 seats as of July 31, 2020. The rate of growth on a sequential basis remained relatively steady in the US. while slowing modestly in several high-growth Latin American markets.

NOTES ON FINANCIAL STATEMENTS
Consolidated results for all periods presented include corporate overhead.  Corporate G&A expense was $2.1 million in 4Q20, unchanged from 4Q19.  Corporate G&A expense decreased to $9.0 million in FY20 from $9.2 million in FY19.

As of July 31, 2020, IDT held $109.2 million in unrestricted cash, cash equivalents, debt securities and current equity investments. Current assets totaled $322.1 million and current liabilities totaled $324.9 million.

Net cash provided by operating activities increased to $41.1 million in 4Q20 from $37.8 million in 4Q19.  Exclusive of the net impact of changes in customer deposits at IDT’s Gibraltar bank, net cash provided by operating activities increased to $44.2 million in 4Q20 from $11.8 million in 4Q19.  

For FY20, net cash used in operating activities totaled $29.6 million compared to net cash provided by operating activities of $85.1 million in FY19.  Exclusive of the net impact of changes in customer deposits at the Gibraltar bank, net cash provided by operating activities in FY20 increased to $40.8 million from $26.1 million in FY19.

Capital expenditures decreased to $4.2 million in 4Q20 from $5.0 million in 4Q19.  Full year capital expenditures decreased to $16.0 million in FY20 from $18.7 million in FY19. 

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 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 October 8, 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: 10147325.  A replay will also be accessible via streaming audio at the IDT website.

ABOUT IDT
IDT Corporation (NYSE: IDT) provides communications and payment 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.

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.

Reconciliation of Non-GAAP Financial Measures for the
Fourth Quarter and Full Fiscal Years 2020 and 2019 and Explanation of Key Performance Metric

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 4Q20, 3Q20, 4Q19, and the full fiscal years 2020 and 2019, 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 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 2020 and fiscal 2019 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, 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 reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations.

Other operating expense, 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, an accrual for another legal matter, 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 does not believe the losses from these non-routine matters are 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 r
ecognized 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, 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 for IDT on a consolidated basis, (b) for non-GAAP net income, net income, and (c) for non-GAAP earnings per diluted share, diluted earnings per share.

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 our revenue.

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SOURCE IDT Corporation