IDT Corporation (NYSE:IDT) Q2 2024 Earnings Conference Call March 6, 2024 5:30 PM ET

Company Participants

Shmuel Jonas - Chief Executive Officer

Marcelo Fischer - Chief Financial Officer

Conference Call Participants

Jason Lustig - J. Goldman & Company

Operator

Good evening and welcome to IDT Corporation’s Second 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 January 31, 2024. 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, 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 may make reference to non-GAAP measures, including adjusted EBITDA, non-GAAP net income, and non-GAAP earnings per share.

A schedule provided in the IDT earnings release reconciles adjusted EBITDA, non-GAAP net income and non-GAAP earnings 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. Welcome to IDT’s earnings conference call. My remarks stay focused on the second quarter of our fiscal year 2024, the three months ended January 31st. For a more detailed discussion of our financial and operational results for the quarter, please read our earnings release filed earlier today and our 10-Q that we expect to file with the SEC on Monday.

The second quarter was highlighted by the continued expansion of our growth businesses, with both NRS and BOSS Money surpassing the $100 million annual revenue run rate milestone. However, our expense management was not where I wanted to be for the quarter, and I expect it will get better. NRS continued to deliver robust recurring revenue per terminal.