IDT Corporation (NYSE:IDT) Q1 2024 Earnings Call Transcript December 4, 2023 5:30 PM ET
Company Participants
Shmuel Jonas - CEO
Marcelo Fischer - CFO
Conference Call Participants
Operator
Good evening and welcome to the IDT Corporation's First 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 October 31, 2023. During remarks by IDT's Chief Executive Officer Shmuel Jonas, all participants will be in listen-only mode. [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 call, either in the prepared remarks or in the Q&A session, whether general or specific in nature, are subject to risk and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to specific risk 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 they may cause actual results to differ materially from those that they forecast.
In their presentation or in the Q&A session, IDT's management may make reference to non-GAAP measures including adjusted EBITDA, non-GAAP net income, and non-GAAP earnings or loss per share. A schedule provided in the IDT earnings release reconciles adjusted EBITDA, non-GAAP net income, and non-GAAP earnings or loss per share to the nearest corresponding GAAP measures. Please note that the IDT earnings release is available on the investor relations page of the IDT Corporation website. The earnings release has also been filed on Form 8-K with the SEC.
I will now turn the conference over to Mr. Jonas.
Shmuel Jonas
Thank you very much, operator. Welcome to IDT's earnings conference call. My remarks today will focus on the first quarter of fiscal year 2024, the three months ended October 31st. For a more detailed discussion of our financial and operational results for the first quarter, please read our earnings release filed earlier today and our Form 10-K that we expect to file with the SEC a week from today.
Our three primary high-growth, high-margin businesses delivered strong revenue growth in the first quarter, while the businesses in our traditional communication segment performed as expected. In the first quarter, the ongoing growth of BOSS Money, NRS, and net2phone drove a 370 basis point year-over-year increase in gross profit margin and record gross profit. They are steadily becoming more significant contributors to our top and bottom lines, while the cash generation of our paid-minute businesses has been relatively resilient.