Q3 2024 IDT Corp Earnings Call Transcript
Key Points
- IDT Corp (IDT)'s three high growth, high margin businesses delivered strong results, contributing to a 310 basis point improvement in consolidated gross margin.
- NRS surpassed 30,000 active terminals, making it the largest POS network for C-stores in the country.
- Net2phone's adjusted EBITDA doubled year over year, showcasing significant operational scaling and improved operating leverage.
- BOSS Money achieved its first adjusted EBITDA positive quarter, driven by a balanced omnichannel approach and strong revenue increases.
- Merchant services revenue increased 66% year over year, driven by increases in NRS Pay accounts and a rise in credit card usage.
- SG&A expenses increased year over year and quarter over quarter, partly due to one-time compensatory arrangements.
- Advertising and data revenue is inherently volatile and driven by industry-wide trends and seasonality.
- Despite efforts, IDT Corp (IDT) has not had massive success in bringing cost savings to its NRS retailers through buying groups and inventory deliveries.
- The traditional communications segment continues to face challenges as the market for paid minute communications declines.
- The company is still in the process of stabilizing its IDT digital payments business and returning it to growth.
Good evening, and welcome to the IDT Corporation's third quarter fiscal year 2024 earnings call. In today's presentation, IDT's management will discuss IDT's financial and operational results for the three month period ended April 30, 2024. (Operator Instructions) After Mr. Jonas's remarks, Marcelo Fischer, IDT's Chief Financial Officer will join Mr. Jonas for Q&A.
Any forward-looking statements made during this conference, either in the prepared remarks or in the Q&A session, whether general or specific in nature are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not unlimited to, specific risks and uncertainties discussed in the reports that IDT files periodically with the SEC.
IDT assumes no obligation either to update any forward-looking statements that they have made or may make or to update the factors that may cause actual results to differ materially from those that they forecast. In their presentation or in the Q&A session, IDT's management
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