IDT Corporation (NYSE:IDT) Q3 2024 Earnings Conference Call June 5, 2024 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 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. During remarks by IDT's Chief Executive Officer, Shmuel Jonas, all participants will be in a 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, John. First of all, I apologize the lease is a little longer than I prefer to read, but nonetheless, here it goes. Welcome to IDT's earnings conference call. My remarks today focus on the third quarter of our fiscal year 2024, the three months ended April 30. For a more detailed discussion of our financial and operational results for the quarter, please read our earnings release filed earlier today and our Form 10-Q that we expect to file with the SEC on Monday.

IDT's three high growth, high margin businesses again delivered strong results in the third quarter, contributing to a 310 basis point improvement in our consolidated gross margin. NRS has surpassed 30,000 active terminal this quarter, making it the largest POS network for C-stores in the country. And net2phone, adjusted EBITDA doubled year-over-year in the current quarter as the business continues to scale and improve its operating leverage.