IDT Corporation Reports Fourth Quarter and Fiscal Year 2024 Financial Results

IDT Corporation Reports Fourth Quarter and Fiscal Year 2024 Financial Results

IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, has announced its financial results for the fourth quarter and full fiscal year ending July 31, 2024.

Key Financial Metrics:

The company showed a significant year-over-year increase in both its GAAP and Non-GAAP EPS, driven by strong performance across its fintech and cloud communications sectors. Revenue grew moderately at 2%, reflecting balanced growth across its diverse business units.

Revenue Performance by Segment:

NRS, BOSS Money, and net2phone all delivered robust revenue growth, marking expansions in key markets and enhancing IDT’s service offerings. Meanwhile, the Traditional Communications segment, while still the largest contributor to revenue, saw a decline in its overall share of total revenue.

Key Developments:

• NRS added 1,800 new active point-of-sale terminals in Q4.
• BOSS Money increased remittance transactions by 42%.
• net2phone added approximately 12,000 net seats, reflecting a 13% increase in serviced seats.

Comments from Shmuel Jonas, CEO:

Shmuel Jonas emphasized IDT’s strong Q4 performance, underlining the record Adjusted EBITDA as a highlight. He detailed strategic advancements across NRS, including market expansion and product diversification. Jonas also noted that BOSS Money reached significant volume and revenue growth milestones, further cementing its market position. Additionally, net2phone’s growth trajectory and improved profitability were highlighted, thanks in part to expanding its CCaaS offering and AI functionalities.

Dividend and Share Repurchase:

IDT paid a quarterly dividend of $0.05 per share and repurchased 94,314 shares of its Class B common stock for $3.4 million.

Forward Guidance:

While the company shared positive aspects of fiscal 2024, no specific forward guidance for fiscal 2025 was provided.

Stock Price Movement:

Following the release of the earnings report, IDT’s stock price saw a modest increase of approximately 0.92%.

IDT Corporation remains well-positioned for continued growth in the fintech and communications sectors, building upon this fiscal year's strong financial performance.