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IDT:Segments
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE
QUARTERLY PERIOD ENDED OCTOBER 31, 2023
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission
File Number: 1-16371
IDT
CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
Delaware |
|
22-3415036 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
Number) |
520
Broad Street, Newark, New Jersey |
|
07102 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(973)
438-1000
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Name
of each exchange on which registered |
Class
B common stock, par value $.01 per share |
|
New
York Stock Exchange |
Trading
symbol: IDT
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of
“large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging
growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☒ |
Non-accelerated
filer |
☐ |
Smaller
reporting company |
☐ |
Emerging
growth company |
☐ |
|
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ☐ No
☒
As
of December 7, 2023, the registrant had the following shares outstanding:
Class A common stock, $.01 par value: |
1,574,326
shares outstanding (excluding 1,698,000 treasury shares) |
Class B common stock, $.01 par value: |
23,586,304
shares outstanding (excluding 4,278,712 treasury shares) |
IDT
CORPORATION
TABLE
OF CONTENTS
PART
I. FINANCIAL INFORMATION
Item
1. |
Financial
Statements (Unaudited) |
IDT
CORPORATION
CONSOLIDATED
BALANCE SHEETS
| |
October 31,
2023
| | |
July 31,
2023 | |
| |
(Unaudited) | | |
(Note 1) | |
| |
(in thousands, except per share data) | |
Assets | |
| | |
| |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 121,668 | | |
$ | 103,637 | |
Restricted cash and cash equivalents | |
| 86,785 | | |
| 95,186 | |
Debt securities | |
| 33,242 | | |
| 42,414 | |
Equity investments | |
| 4,761 | | |
| 6,198 | |
Trade accounts receivable, net of allowance for credit losses of $5,909 at October 31, 2023 and allowance for doubtful accounts of $5,642 at July 31, 2023 | |
| 35,328 | | |
| 32,092 | |
Settlement assets, net of reserve of $1,469 at October 31, 2023 and $1,143 at July 31, 2023 | |
| 18,122 | | |
| 32,396 | |
Disbursement prefunding | |
| 35,733 | | |
| 30,113 | |
Prepaid expenses | |
| 19,502 | | |
| 16,638 | |
Other current assets | |
| 27,034 | | |
| 28,394 | |
| |
| | | |
| | |
Total current assets | |
| 382,175 | | |
| 387,068 | |
Property, plant, and equipment, net | |
| 38,802 | | |
| 38,655 | |
Goodwill | |
| 26,311 | | |
| 26,457 | |
Other intangibles, net | |
| 7,215 | | |
| 8,196 | |
Equity investments | |
| 8,150 | | |
| 9,874 | |
Operating lease right-of-use assets | |
| 4,910 | | |
| 5,540 | |
Deferred income tax assets, net | |
| 20,539 | | |
| 24,101 | |
Other assets | |
| 10,944 | | |
| 10,919 | |
| |
| | | |
| | |
Total assets | |
$ | 499,046 | | |
$ | 510,810 | |
| |
| | | |
| | |
Liabilities, redeemable noncontrolling interest, and equity | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Trade accounts payable | |
$ | 24,469 | | |
$ | 22,231 | |
Accrued expenses | |
| 100,107 | | |
| 110,796 | |
Deferred revenue | |
| 34,042 | | |
| 35,343 | |
Customer deposits | |
| 79,541 | | |
| 86,481 | |
Settlement liabilities | |
| 19,268 | | |
| 21,495 | |
Other current liabilities | |
| 18,507 | | |
| 17,761 | |
| |
| | | |
| | |
Total current liabilities | |
| 275,934 | | |
| 294,107 | |
Operating lease liabilities | |
| 2,346 | | |
| 2,881 | |
Other liabilities | |
| 3,220 | | |
| 3,354 | |
| |
| | | |
| | |
Total liabilities | |
| 281,500 | | |
| 300,342 | |
Commitments and contingencies | |
| - | | |
| - | |
Redeemable noncontrolling interest | |
| 10,579 | | |
| 10,472 | |
Equity: | |
| | | |
| | |
IDT Corporation stockholders’ equity: | |
| | | |
| | |
Preferred stock, $.01 par value; authorized shares—10,000; no shares issued | |
| — | | |
| — | |
Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at October 31, 2023 and July 31, 2023 | |
| 33 | | |
| 33 | |
Class B common stock, $.01 par value; authorized shares—200,000; 27,865 and 27,851 shares issued and 23,586 and 23,699 shares outstanding at October 31, 2023 and July 31, 2023, respectively | |
| 279 | | |
| 279 | |
Common stock, value | |
| 279 | | |
| 279 | |
Additional paid-in capital | |
| 302,351 | | |
| 301,408 | |
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,279 and 4,152 shares of Class B common stock at October 31, 2023 and July 31, 2023, respectively | |
| (118,312 | ) | |
| (115,461 | ) |
Accumulated other comprehensive loss | |
| (16,627 | ) | |
| (17,192 | ) |
Retained earnings | |
| 32,321 | | |
| 24,662 | |
| |
| | | |
| | |
Total IDT Corporation stockholders’ equity | |
| 200,045 | | |
| 193,729 | |
Noncontrolling interests | |
| 6,922 | | |
| 6,267 | |
| |
| | | |
| | |
Total equity | |
| 206,967 | | |
| 199,996 | |
| |
| | | |
| | |
Total liabilities, redeemable noncontrolling interest, and equity | |
$ | 499,046 | | |
$ | 510,810 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
| |
2023
| | |
2022 | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022 | |
| |
(in thousands, except per share data) | |
| |
| | |
| |
Revenues | |
$ | 301,205 | | |
$ | 321,816 | |
Direct cost of revenues | |
| 206,777 | | |
| 232,670 | |
Gross profit | |
| 94,428 | | |
| 89,146 | |
Operating expenses (gains): | |
| | | |
| | |
Selling, general and administrative (i) | |
| 77,222 | | |
| 69,620 | |
Severance | |
| 525 | | |
| 100 | |
Other operating gain, net (see Note 10) | |
| (484 | ) | |
| (800 | ) |
| |
| | | |
| | |
Total operating expenses | |
| 77,263 | | |
| 68,920 | |
| |
| | | |
| | |
Income from operations | |
| 17,165 | | |
| 20,226 | |
Interest income, net | |
| 844 | | |
| 509 | |
Other expense, net | |
| (5,586 | ) | |
| (3,842 | ) |
| |
| | | |
| | |
Provision for income taxes | |
| (3,947 | ) | |
| (4,338 | ) |
| |
| | | |
| | |
Net income | |
| 8,476 | | |
| 12,555 | |
Net income attributable to noncontrolling interests | |
| (817 | ) | |
| (1,553 | ) |
| |
| | | |
| | |
Net income attributable to IDT Corporation | |
$ | 7,659 | | |
$ | 11,002 | |
| |
| | | |
| | |
Earnings per share attributable to IDT Corporation common stockholders: | |
| | | |
| | |
Basic | |
$ | 0.30 | | |
$ | 0.43 | |
| |
| | | |
| | |
Diluted | |
$ | 0.30 | | |
$ | 0.43 | |
| |
| | | |
| | |
Weighted-average number of shares used in calculation of earnings per share: | |
| | | |
| | |
Basic | |
| 25,178 | | |
| 25,603 | |
| |
| | | |
| | |
Diluted | |
| 25,277 | | |
| 25,616 | |
| |
| | | |
| | |
(i) Stock-based compensation included in selling, general and administrative expense | |
$ | 771 | | |
$ | 572 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| |
2023
| | |
2022
| |
| |
Three Months Ended
October 31,
| |
| |
2023
| | |
2022
| |
| |
(in thousands) | |
Net income | |
$ | 8,476 | | |
$ | 12,555 | |
Other comprehensive (loss) income: | |
| | | |
| | |
Change in unrealized loss on available-for-sale securities | |
| (66 | ) | |
| (222 | ) |
Foreign currency translation adjustments | |
| 631 | | |
| (145 | ) |
| |
| | | |
| | |
Other comprehensive income (loss) | |
| 565 | | |
| (367 | ) |
| |
| | | |
| | |
Comprehensive income | |
| 9,041 | | |
| 12,188 | |
Comprehensive income attributable to noncontrolling interests | |
| (817 | ) | |
| (1,553 | ) |
| |
| | | |
| | |
Comprehensive income attributable to IDT Corporation | |
$ | 8,224 | | |
$ | 10,635 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
CONSOLIDATED
STATEMENTS OF EQUITY (Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Three Months Ended October 31, 2023
(in thousands) | |
| |
IDT Corporation Stockholders |
| |
| |
Class A Common Stock | | |
Class B Common Stock | | |
Additional Paid-In Capital | | |
Treasury Stock | | |
Accumulated Other Comprehensive Loss | | |
Retained Earnings | | |
Noncontrolling Interests | | |
Total Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
BALANCE AT JULY 31, 2023 | |
$ | 33 | | |
$ | 279 | | |
$ | 301,408 | | |
$ | (115,461 | ) | |
$ | (17,192 | ) | |
$ | 24,662 | | |
$ | 6,267 | | |
$ | 199,996 | |
Exercise of stock options | |
| — | | |
| — | | |
| 172 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 172 | |
Repurchases of Class B common stock through repurchase program | |
| — | | |
| — | | |
| — | | |
| (2,836 | ) | |
| — | | |
| — | | |
| — | | |
| (2,836 | ) |
Restricted Class B common stock purchased from employees | |
| — | | |
| — | | |
| — | | |
| (15 | ) | |
| — | | |
| — | | |
| — | | |
| (15 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| 771 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 771 | |
Distributions to noncontrolling interests | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (55 | ) | |
| (55 | ) |
Other comprehensive income | |
| — | | |
| — | | |
| — | | |
| — | | |
| 565 | | |
| — | | |
| — | | |
| 565 | |
Stock issued to certain executive officers for bonus payments | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 7,659 | | |
| 710 | | |
| 8,369 | |
BALANCE AT OCTOBER 31, 2023 | |
$ | 33 | | |
$ | 279 | | |
$ | 302,351 | | |
$ | (118,312 | ) | |
$ | (16,627 | ) | |
$ | 32,321 | | |
$ | 6,922 | | |
$ | 206,967 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Three Months Ended October 31, 2022
(in thousands) | |
| |
IDT Corporation Stockholders |
| |
| |
Class A Common Stock | | |
Class B Common Stock | | |
Additional Paid-In Capital | | |
Treasury Stock | | |
Accumulated Other Comprehensive Loss | | |
Accumulated Deficit | | |
Noncontrolling Interests | | |
Total Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
BALANCE AT JULY 31, 2022 | |
$ | 33 | | |
$ | 277 | | |
$ | 296,005 | | |
$ | (101,565 | ) | |
$ | (11,305 | ) | |
$ | (15,830 | ) | |
$ | 3,022 | | |
$ | 170,637 | |
BALANCE | |
$ | 33 | | |
$ | 277 | | |
$ | 296,005 | | |
$ | (101,565 | ) | |
$ | (11,305 | ) | |
$ | (15,830 | ) | |
$ | 3,022 | | |
$ | 170,637 | |
Repurchases of Class B common stock through repurchase program | |
| — | | |
| — | | |
| — | | |
| (5,006 | ) | |
| — | | |
| — | | |
| — | | |
| (5,006 | ) |
Restricted Class B common stock purchased from employees | |
| — | | |
| — | | |
| — | | |
| (335 | ) | |
| — | | |
| — | | |
| — | | |
| (335 | ) |
Stock issued to certain executive officers for bonus payments | |
| — | | |
| — | | |
| 615 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 615 | |
Stock-based compensation | |
| — | | |
| 1 | | |
| 571 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 572 | |
Distributions to noncontrolling interests | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (99 | ) | |
| (99 | ) |
Other comprehensive loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (367 | ) | |
| — | | |
| — | | |
| (367 | ) |
Net income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 11,002 | | |
| 1,420 | | |
| 12,422 | |
BALANCE AT OCTOBER 31, 2022 | |
$ | 33 | | |
$ | 278 | | |
$ | 297,191 | | |
$ | (106,906 | ) | |
$ | (11,672 | ) | |
$ | (4,828 | ) | |
$ | 4,343 | | |
$ | 178,439 | |
BALANCE | |
$ | 33 | | |
$ | 278 | | |
$ | 297,191 | | |
$ | (106,906 | ) | |
$ | (11,672 | ) | |
$ | (4,828 | ) | |
$ | 4,343 | | |
$ | 178,439 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
| |
2023
| | |
2022
| |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022 | |
| |
(in thousands) | |
Operating activities | |
| | | |
| | |
Net income | |
$ | 8,476 | | |
$ | 12,555 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 5,047 | | |
| 4,790 | |
Deferred income taxes | |
| 3,561 | | |
| 3,672 | |
Provision for credit losses, doubtful accounts receivable, and reserve for
settlement assets | |
| 759 | | |
| 430 | |
Net unrealized loss from marketable securities | |
| 1,528 | | |
| 1,846 | |
Stock-based compensation | |
| 771 | | |
| 572 | |
Other | |
| 897 | | |
| 756 | |
Changes in assets and liabilities: | |
| | | |
| | |
Trade accounts receivable | |
| (4,572 | ) | |
| 2,442 | |
Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets | |
| 8,250 | | |
| (4,380 | ) |
Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities | |
| (7,061 | ) | |
| (6,970 | ) |
Customer deposits at IDT Financial Services Limited (Gibraltar-based bank) | |
| (2,326 | ) | |
| 2,865 | |
Deferred revenue | |
| (540 | ) | |
| (394 | ) |
| |
| | | |
| | |
Net cash provided by operating activities | |
| 14,790 | | |
| 18,184 | |
Investing activities | |
| | | |
| | |
Capital expenditures | |
| (4,322 | ) | |
| (5,172 | ) |
Purchase of convertible preferred stock in equity method investment | |
| (672 | ) | |
| — | |
Proceeds from maturities and sales of debt securities and equity investments | |
| 17,067 | | |
| 11,472 | |
| |
| | | |
| | |
Net cash provided by investing activities | |
| 4,323 | | |
| 4,242 | |
Financing activities | |
| | | |
| | |
Distributions to noncontrolling interests | |
| (55 | ) | |
| (99 | ) |
Proceeds from other liabilities | |
| 100 | | |
| 300 | |
Repayment of other liabilities | |
| (15 | ) | |
| (1,916 | ) |
Proceeds from borrowings under revolving credit facility | |
| 30,315 | | |
| — | |
Repayment of borrowings under revolving credit facility | |
| (30,315 | ) | |
| — | |
Proceeds from exercise of stock options | |
| 172 | | |
| — | |
Repurchases of Class B common stock | |
| (2,851 | ) | |
| (5,341 | ) |
| |
| | | |
| | |
Net cash used in financing activities | |
| (2,649 | ) | |
| (7,056 | ) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents | |
| (6,834 | ) | |
| (6,157 | ) |
| |
| | | |
| | |
Net increase in cash, cash equivalents, and restricted cash and cash equivalents | |
| 9,630 | | |
| 9,213 | |
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period | |
| 198,823 | | |
| 189,562 | |
| |
| | | |
| | |
Cash, cash equivalents, and restricted cash and cash equivalents at end of period | |
$ | 208,453 | | |
$ | 198,775 | |
| |
| | | |
| | |
Supplemental Schedule of Non-Cash Financing Activities | |
| | | |
| | |
Stock issued to certain executive officers for bonus payments | |
$ | — | | |
$ | 615 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note
1—Basis of Presentation
The
accompanying unaudited consolidated financial statements of IDT Corporation and its subsidiaries (the “Company” or “IDT”)
have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include
all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the
three months ended October 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending July
31, 2024. The balance sheet at July 31, 2023 has been derived from the Company’s audited financial statements at that date but
does not include all of the information and notes required by U.S. GAAP for complete financial statements. For further information, please
refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the
fiscal year ended July 31, 2023, as filed with the U.S. Securities and Exchange Commission (the “SEC”).
The
Company’s fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal year ending
in the calendar year indicated (e.g., fiscal 2024 refers to the fiscal year ending July 31, 2024).
As
of October 31, 2023, the Company owned 90.0% of the outstanding shares of its subsidiary, net2phone 2.0, Inc. (“net2phone 2.0”),
which owns and operates the net2phone segment, and 80.0% of the outstanding shares of National Retail Solutions (“NRS”),
and, on a fully diluted basis assuming all the vesting criteria related to various rights granted have been met and other assumptions,
the Company would own 85.8% of net2phone 2.0 and 77.7% of NRS.
Reclassifications
As
of August 1, 2023, the Company includes depreciation and amortization in “Direct cost of revenues” and “Selling,
general and administrative” expense and is reporting gross profit in the consolidated statements of income. Prior to August 1,
2023, depreciation and amortization was a separate caption in the consolidated statements of income. Depreciation and amortization
expense of $4.8
million in the three months ended October 31, 2022 was reclassified to conform to the current year’s presentation as follows:
$1.0
million was reclassified to “Direct cost of revenues” and $3.8
million was reclassified to “Selling, general and administrative” expense.
In
the consolidated statements of cash flows, cash provided by “Trade accounts receivable” in the three months ended October
31, 2022 of $2.7 million was reclassified to “Settlement assets, disbursement prefunding, prepaid expenses, other
current assets, and other assets” to conform to the current year’s presentation.
Recently
Adopted Accounting Standard
On
August 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit
Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, that changed the impairment model for most financial
assets and certain other instruments. For receivables, entities are required to use a new forward-looking current expected credit loss
model to determine its allowance for credit losses, which replaced the allowance for doubtful accounts. When determining the allowance
for credit losses for its trade accounts receivable, the Company considers the probability of recoverability of accounts receivable based
on past experience, taking into account current collection trends and general economic factors, including bankruptcy rates. The Company
also considers future economic trends to estimate expected credit losses over the lifetime of the asset. Credit risks will be assessed
based on historical write-offs, net of recoveries, as well as an analysis of the aged accounts receivable balances with allowances generally
increasing as the receivable ages. Accounts receivable may be fully reserved for when specific collection issues are known to exist,
such as pending bankruptcies. Account balances are written off against the allowance when it is determined that the receivable will not
be recovered. For available-for-sale debt securities with unrealized losses, the concept of “other-than-temporary” impairment
was replaced by a determination whether any impairment is a result of a credit loss or other factors. The portion of the unrealized loss
that is the result of a credit loss is recognized as an allowance and a corresponding expense recorded in “Other expense,
net” in the consolidated statements of income. Unrealized loss that is not the result of a credit loss is recorded in “Accumulated
other comprehensive loss” in the consolidated balance sheets. The adoption of the new standard did not have a material impact on
the Company’s consolidated financial statements, and it was not necessary to record a cumulative-effect adjustment to retained
earnings as of August 1, 2023.
Note
2—Business Segment Information
The
Company has four reportable business segments, NRS, Fintech, net2phone, and Traditional Communications.
The
NRS segment is an operator of a nationwide point-of-sale (“POS”) network providing independent retailers with store management
software, electronic payment processing, and other ancillary merchant services. NRS’ POS platform provides marketers with digital
out-of-home advertising and transaction data.
The Fintech segment is comprised of BOSS Money, a provider of international money remittance and related value/payment transfer services,
as well as other, significantly smaller, financial services businesses, including Leaf Global Fintech Corporation (“Leaf”),
a provider of digital wallet services in emerging markets, a variable interest entity that operates money transfer businesses, and IDT
Financial Services Limited (“IDT Financial Services”), the Company’s Gibraltar-based bank.
The net2phone segment is comprised of net2phone’s cloud communications and contact center offerings.
The
Traditional Communications segment includes IDT Digital Payments, which enables customers to transfer airtime and bundles of airtime,
messaging, and data to international and domestic mobile accounts, BOSS Revolution Calling, an international long-distance calling service
marketed primarily to immigrant communities in the United States and Canada, and IDT Global, a wholesale provider of international voice
and SMS termination and outsourced traffic management solutions to telecoms worldwide. Traditional Communications also includes other
small businesses and offerings including early-stage business initiatives and mature businesses in harvest mode.
The
Company’s reportable segments are distinguished by types of service, customers, and methods used to provide their services. The
operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker. The accounting
policies of the segments are the same as the accounting policies of the Company as a whole. There are no significant asymmetrical allocations
to segments. The Company evaluates the performance of its business segments based primarily on income (loss) from operations.
Corporate
costs mainly include compensation, consulting fees, treasury, tax and accounting services, human resources, corporate purchasing, corporate
governance including Board of Directors’ fees, internal and external audit, investor relations, corporate insurance, corporate
legal, and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any
direct cost of revenues.
Operating
results for the business segments of the Company were as follows:
Schedule of Operating Results of Business Segments
(in thousands) | |
National Retail Solutions | | |
Fintech | | |
net2phone | | |
Traditional Communications | | |
Corporate | | |
Total | |
Three Months Ended October 31, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues | |
$ | 23,995 | | |
$ | 26,563 | | |
$ | 19,927 | | |
$ | 230,720 | | |
$ | — | | |
$ | 301,205 | |
Income (loss) from operations | |
| 5,460 | | |
| (1,383 | ) | |
| (7 | ) | |
| 15,406 | | |
| (2,311 | ) | |
| 17,165 | |
Depreciation and amortization: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Included in “Direct cost of revenues” | |
| 450 | | |
| 22 | | |
| 600 | | |
| 184 | | |
| — | | |
| 1,256 | |
Included in “Selling, general and administrative expense” | |
| 285 | | |
| 671 | | |
| 840 | | |
| 1,964 | | |
| 31 | | |
| 3,791 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Three Months Ended October 31, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues | |
$ | 19,313 | | |
$ | 19,887 | | |
$ | 16,950 | | |
$ | 265,666 | | |
$ | — | | |
$ | 321,816 | |
Income (loss) from operations | |
| 5,231 | | |
| 1,512 | | |
| (1,056 | ) | |
| 17,263 | | |
| (2,724 | ) | |
| 20,226 | |
Depreciation and amortization: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Included in “Direct cost of revenues” | |
| 320 | | |
| 23 | | |
| 498 | | |
| 193 | | |
| — | | |
| 1,034 | |
Included in “Selling, general and administrative expense” | |
| 158 | | |
| 598 | | |
| 854 | | |
| 2,128 | | |
| 18 | | |
| 3,756 | |
Total depreciation and amortization | |
| 158 | | |
| 598 | | |
| 854 | | |
| 2,128 | | |
| 18 | | |
| 3,756 | |
Note
3—Revenue Recognition
The
Company earns revenue from contracts with customers, primarily through the provision of retail telecommunications and payment offerings
as well as wholesale international voice and SMS termination. BOSS Money, NRS, and net2phone are technology-driven, synergistic businesses
that leverage the Company’s core assets. BOSS Money’s and NRS’ revenues are primarily recognized at a point in time, and net2phone’s
revenue is mainly recognized over time. Traditional Communications are mostly minute-based, paid-voice communications services, and revenue
is primarily recognized at a point in time. The Company’s most significant revenue streams are from IDT Digital Payments, BOSS
Revolution Calling, and IDT Global. IDT Digital Payments and BOSS Revolution Calling are sold direct-to-consumer and through distributors
and retailers.
Disaggregated
Revenues
The
following table shows the Company’s revenues disaggregated by business segment and service offered to customers:
Schedule of Revenues Disaggregated by Business Segment and Service Offered to Customers
| |
2023
| | |
2022 | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022 | |
| |
(in thousands) | |
National Retail Solutions | |
$ | 23,995 | | |
$ | 19,313 | |
| |
| | | |
| | |
BOSS Money | |
| 24,239 | | |
| 17,554 | |
Other | |
| 2,324 | | |
| 2,333 | |
| |
| | | |
| | |
Total Fintech | |
| 26,563 | | |
| 19,887 | |
| |
| | | |
| | |
net2phone | |
| 19,927 | | |
| 16,950 | |
| |
| | | |
| | |
IDT Digital Payments | |
| 99,986 | | |
| 109,048 | |
BOSS Revolution Calling | |
| 71,222 | | |
| 86,253 | |
IDT Global | |
| 52,034 | | |
| 61,611 | |
Other | |
| 7,478 | | |
| 8,754 | |
| |
| | | |
| | |
Total Traditional Communications | |
| 230,720 | | |
| 265,666 | |
| |
| | | |
| | |
Total | |
$ | 301,205 | | |
$ | 321,816 | |
Revenues | |
$ | 301,205 | | |
$ | 321,816 | |
The
following table shows the Company’s revenues disaggregated by geographic region, which is determined based on selling location:
Schedule
of Revenues Disaggregated by Geographic Region
(in thousands) | |
National Retail Solutions | | |
Fintech | | |
net2phone | | |
Traditional Communications | | |
Total | |
Three Months Ended October 31, 2023 | |
| | |
| | |
| | |
| | |
| |
United States | |
$ | 23,995 | | |
$ | 25,834 | | |
$ | 10,688 | | |
$ | 162,998 | | |
$ | 223,515 | |
Outside the United States: | |
| | | |
| | | |
| | | |
| | | |
| | |
United Kingdom | |
| — | | |
| — | | |
| — | | |
| 58,843 | | |
| 58,843 | |
Other | |
| — | | |
| 729 | | |
| 9,239 | | |
| 8,879 | | |
| 18,847 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total outside the United States | |
| — | | |
| 729 | | |
| 9,239 | | |
| 67,722 | | |
| 77,690 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 23,995 | | |
$ | 26,563 | | |
$ | 19,927 | | |
$ | 230,720 | | |
$ | 301,205 | |
Revenues | |
$ | 23,995 | | |
$ | 26,563 | | |
$ | 19,927 | | |
$ | 230,720 | | |
$ | 301,205 | |
(in thousands) | |
National Retail Solutions | | |
Fintech | | |
net2phone | | |
Traditional Communications | | |
Total | |
Three Months Ended October 31, 2022 | |
| | |
| | |
| | |
| | |
| |
United States | |
$ | 19,313 | | |
$ | 19,255 | | |
$ | 8,802 | | |
$ | 184,838 | | |
$ | 232,208 | |
Outside the United States: | |
| | | |
| | | |
| | | |
| | | |
| | |
United Kingdom | |
| — | | |
| — | | |
| — | | |
| 68,940 | | |
| 68,940 | |
Other | |
| — | | |
| 632 | | |
| 8,148 | | |
| 11,888 | | |
| 20,668 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total outside the United States | |
| — | | |
| 632 | | |
| 8,148 | | |
| 80,828 | | |
| 89,608 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 19,313 | | |
$ | 19,887 | | |
$ | 16,950 | | |
$ | 265,666 | | |
$ | 321,816 | |
Revenues | |
$ | 19,313 | | |
$ | 19,887 | | |
$ | 16,950 | | |
$ | 265,666 | | |
$ | 321,816 | |
Remaining
Performance Obligations
The
following table includes revenue by business segment expected to be recognized in the future from performance obligations that were unsatisfied
or partially unsatisfied as of October 31, 2023. The table excludes contracts that had an original expected duration of one year or less.
Schedule of Estimated Revenue by Business Segment
(in thousands) | |
National Retail Solutions | | |
net2phone | | |
Total | |
Twelve-month period ending October 31: | |
| | |
| | |
| |
2024 | |
$ | 5,740 | | |
$ | 38,430 | | |
$ | 44,170 | |
2025 | |
| 4,767 | | |
| 19,092 | | |
| 23,859 | |
Thereafter | |
| 4,682 | | |
| 6,718 | | |
| 11,400 | |
| |
| | | |
| | | |
| | |
Total | |
$ | 15,189 | | |
$ | 64,240 | | |
$ | 79,429 | |
Accounts
Receivable and Contract Balances
The
timing of revenue recognition may differ from the time of billing to the Company’s customers. Trade accounts receivable in the
Company’s consolidated balance sheets represent unconditional rights to consideration. The Company would record a contract asset
when revenue is recognized in advance of its right to bill and receive consideration. The Company has not currently identified any contract
assets.
Contract
liabilities arise when the Company receives consideration or bills its customers prior to providing the goods or services promised in
the contract. The Company’s contract liability balance is primarily payments received for prepaid BOSS Revolution Calling. Contract
liabilities are recognized as revenue when services are provided to the customer. The contract liability balances are presented in the
Company’s consolidated balance sheets as “Deferred revenue”.
The
following table presents information about the Company’s contract liability balance:
Schedule of Information About Contract Liabilities
| |
2023
| | |
2022
| |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022
| |
| |
(in thousands) | |
Revenue recognized in the period from amounts included in the contract liability balance at the beginning of the period | |
$ | 16,089 | | |
$ | 17,906 | |
Deferred
Customer Contract Acquisition and Fulfillment Costs
The
Company recognizes as an asset its incremental costs of obtaining a contract with a customer that it expects to recover. The Company’s
incremental costs of obtaining a contract with a customer are sales commissions paid to employees and third parties on sales to end users.
If the amortization period were one year or less for the asset that would be recognized from deferring these costs, the Company applies
the practical expedient whereby the Company charges these costs to expense when incurred. For net2phone sales, the Company defers these
costs and amortizes them over the expected customer relationship period when it is expected to exceed one year.
The
Company’s costs to fulfill its contracts do not meet the criteria to be recognized as an asset, therefore these costs are charged
to expense as incurred.
The
Company’s deferred customer contract acquisition costs were as follows:
Schedule of Deferred Customer Contract Acquisition Costs
| |
| | | |
| | |
| |
October 31,
2023 | | |
July 31,
2023
| |
| |
(in thousands) | |
Deferred customer contract acquisition costs included in “Other current assets” | |
$ | 4,180 | | |
$ | 4,460 | |
Deferred customer contract acquisition costs included in “Other assets” | |
| 3,744 | | |
| 3,734 | |
| |
| | | |
| | |
Total | |
$ | 7,924 | | |
$ | 8,194 | |
The Company’s amortization of deferred customer contract acquisition costs during the periods were as follows:
Schedule of Amortization of Deferred Customer Contract Acquisition Costs
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022
| |
| |
(in thousands) | |
Amortization of deferred customer contract acquisition costs | |
$ | 1,215 | | |
$ | 1,176 | |
Note
4—Leases
The
Company’s leases primarily consist of operating leases for office space. These leases have remaining terms from less than one year
to five years. net2phone also has operating leases for office equipment. Certain of these leases contain renewal options that may be
exercised and/or options to terminate the lease. The Company has concluded that it is not reasonably certain that it would exercise any
of these options.
net2phone
is the lessee under equipment leases that are classified as finance leases. The assets and liabilities related to these finance leases
are not material to the Company’s consolidated balance sheets.
Supplemental
disclosures related to the Company’s operating leases were as follows:
Schedule of Supplemental Disclosures Related to the Company's Operating Leases
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022
| |
| |
(in thousands) | |
Operating lease cost | |
$ | 758 | | |
$ | 767 | |
Short-term lease cost | |
| 326 | | |
| 269 | |
| |
| | | |
| | |
Total lease cost | |
$ | 1,084 | | |
$ | 1,036 | |
| |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Operating cash flows from operating leases | |
$ | 791 | | |
$ | 764 | |
Cash paid for amounts included
in the measurement of lease liabilities: Operating cash flows from operating leases | |
$ | 791 | | |
$ | 764 | |
Schedule of Supplemental Disclosures Related Weighted Average Operating Leases
| |
October 31,
2023 | | |
July 31,
2023
| |
Weighted-average remaining lease term-operating leases | |
| 2.1 years | | |
| 2.3 years | |
| |
| | | |
| | |
Weighted-average discount rate-operating leases | |
| 3.9 | % | |
| 3.7 | % |
In
the three months ended October 31, 2023 and 2022, the Company obtained right-of-use assets of $0.1 million and $0.4 million, respectively,
in exchange for new operating lease liabilities.
The
Company’s aggregate operating lease liability was as follows:
Schedule of Aggregate Operating Lease Liability
| |
| | | |
| | |
| |
October 31,
2023 | | |
July 31,
2023
| |
| |
(in thousands) | |
Operating lease liabilities included in “Other current liabilities” | |
$ | 2,732 | | |
$ | 2,861 | |
Operating lease liabilities included in noncurrent liabilities | |
| 2,346 | | |
| 2,881 | |
| |
| | | |
| | |
Total | |
$ | 5,078 | | |
$ | 5,742 | |
Future
minimum maturities of operating lease liabilities were as follows:
Schedule of Future Minimum Maturities of Operating Lease Liabilities
(in thousands) | |
| | |
Twelve-month period ending October 31: | |
| | |
2024 | |
$ | 2,883 | |
2025 | |
| 1,713 | |
2026 | |
| 478 | |
2027 | |
| 220 | |
2028 | |
| 12 | |
Thereafter | |
| — | |
| |
| | |
Total lease payments | |
| 5,306 | |
Less imputed interest | |
| (228 | ) |
| |
| | |
Total operating lease liabilities | |
$ | 5,078 | |
Note
5—Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents
The
following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported in the consolidated
balance sheets that equals the total of the same amounts reported in the consolidated statements of cash flows:
Schedule of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents
| |
| | | |
| | |
| |
October 31,
2023 | | |
July 31,
2023
| |
| |
(in thousands) | |
Cash and cash equivalents | |
$ | 121,668 | | |
$ | 103,637 | |
Restricted cash and cash equivalents | |
| 86,785 | | |
| 95,186 | |
| |
| | | |
| | |
Total cash, cash equivalents, and restricted cash and cash equivalents | |
$ | 208,453 | | |
$ | 198,823 | |
At
October 31, 2023 and July 31, 2023, restricted cash and cash equivalents included $80.1 million and $87.3 million, respectively, in restricted
cash and cash equivalents for customer deposits held by IDT Financial Services. Certain of the electronic money financial services regulations
in Gibraltar require IDT Financial Services to safeguard cash held for customer deposits, segregate cash held for customer deposits from
any other cash that IDT Financial Services holds and utilize the cash only for the intended payment transaction.
Company
Restricted Cash and Cash Equivalents
The
Company treats unrestricted cash and cash equivalents held by IDT Payment Services, Inc. and IDT Payment Services of New York, LLC, which
provide the Company’s international money transfer services in the United States, as substantially restricted and unavailable for
other purposes. At October 31, 2023 and July 31, 2023, “Cash and cash equivalents” in the Company’s consolidated balance
sheets included an aggregate of $35.1 million and $20.6 million, respectively, held by IDT Payment Services, Inc. and IDT Payment Services
of New York, LLC, that was unavailable for other purposes.
Note
6—Debt Securities
The following is a summary of available-for-sale debt securities:
Schedule of Available-for-sale Securities
| |
Amortized Cost | | |
Gross Unrealized Gains
| | |
Gross Unrealized Losses | | |
Fair Value | |
| |
(in thousands) | |
October 31, 2023: | |
| | |
| | |
| | |
| |
Certificates of deposit* | |
$ | 1,920 | | |
$ | — | | |
$ | (3 | ) | |
$ | 1,917 | |
U.S. Treasury bills and notes | |
| 25,085 | | |
| — | | |
| (141 | ) | |
| 24,944 | |
Government sponsored enterprise notes | |
| | |
| | |
| ) | |
| |
Corporate bonds | |
| 3,901 | | |
| — | | |
| (564 | ) | |
| 3,337 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 33,953 | | |
$ | — | | |
$ | (711 | ) | |
$ | 33,242 | |
| |
| | | |
| | | |
| | | |
| | |
July 31, 2023: | |
| | | |
| | | |
| | | |
| | |
Certificates of deposit* | |
$ | 4,080 | | |
$ | — | | |
$ | (4 | ) | |
$ | 4,076 | |
U.S. Treasury bills and notes | |
| 31,186 | | |
| — | | |
| (148 | ) | |
| 31,038 | |
Government sponsored enterprise notes | |
| | |
| | |
| ) | |
| |
Corporate bonds | |
| 3,912 | | |
| — | | |
| (485 | ) | |
| 3,427 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 43,059 | | |
$ | — | | |
$ | (645 | ) | |
$ | 42,414 | |
The gross unrealized losses in the table above are recorded in “Accumulated other comprehensive loss” in the consolidated
balance sheets. As of October 31, 2023, the Company determined that the unrealized losses were due to changes in interest rates or market
liquidity and were not due to credit losses. In addition, the Company does not intend to sell any of the securities with unrealized losses,
and it is not more likely than not that the Company will be required to sell any of the securities with unrealized losses.
Proceeds from maturities and sales of debt securities and redemptions of equity investments were $17.1 million and $11.5 million in the
three months ended October 31, 2023 and 2022, respectively. There were no realized gains or realized losses from sales of debt securities
in the three months ended October 31, 2023 and 2022. The Company uses the specific identification method in computing the realized gains
and realized losses on the sales of debt securities.
The contractual maturities of the Company’s available-for-sale debt securities at October 31, 2023 were as follows:
Schedule of Contractual Maturities of Available-for-sale Debt Securities
| |
Fair Value
| |
| |
| (in thousands) | |
Within one year | |
$ | 26,185 | |
After one year through five years | |
| 5,904 | |
After five years through ten years | |
| 1,110 | |
After ten years | |
| 43 | |
| |
| | |
Total | |
$ | 33,242 | |
The following available-for-sale debt securities were in an unrealized loss position for which other-than-temporary impairments were
not recognized:
Schedule of Available-for-sale Securities, Unrealized Loss Position
| |
Unrealized Losses | | |
Fair Value
| |
| |
(in thousands) | |
October 31, 2023: | |
| | |
| |
Certificates of deposit | |
$ | 3 | | |
$ | 1,917 | |
U.S. Treasury bills and notes | |
| 141 | | |
| 24,944 | |
Government sponsored enterprise notes | |
| | |
| |
Corporate bonds | |
| 564 | | |
| 3,337 | |
| |
| | | |
| | |
Total | |
$ | 711 | | |
$ | 33,242 | |
| |
| | | |
| | |
July 31, 2023: | |
| | | |
| | |
Certificates of deposit | |
$ | 4 | | |
$ | 3,356 | |
U.S. Treasury bills and notes | |
| 148 | | |
| 31,038 | |
Government sponsored enterprise notes | |
| | |
| |
Corporate bonds | |
| 485 | | |
| 3,368 | |
| |
| | | |
| | |
Total | |
$ | 645 | | |
$ | 41,635 | |
The
following available-for-sale debt securities included in the table above were in a continuous unrealized loss position for 12 months
or longer:
Schedule of Continuous Unrealized Loss Position for 12 Months or Longer
| |
Unrealized Losses
| | |
Fair Value | |
| |
(in thousands) | |
October 31, 2023: | |
| | |
| |
U.S. Treasury bills and notes | |
$ | 66 | | |
$ | 639 | |
Corporate bonds | |
| 556 | | |
| 3,216 | |
| |
| | | |
| | |
Total | |
$ | 622 | | |
$ | 3,855 | |
| |
| | | |
| | |
July 31, 2023: | |
| | | |
| | |
U.S. Treasury bills and notes | |
$ | 86 | | |
$ | 816 | |
Corporate bonds | |
| 484 | | |
| 3,299 | |
| |
| | | |
| | |
Total | |
$ | 570 | | |
$ | 4,115 | |
At
October 31, 2023 and July 31, 2023, the Company did not intend to sell any of the debt securities included in the table above, and it
is not more likely than not that the Company will be required to sell any of these securities before recovery of the unrealized losses,
which may be at maturity.
Note
7—Equity Investments
Equity
investments consist of the following:
Schedule of Equity Investments
| |
| | | |
| | |
| |
October 31,
2023
| | |
July 31,
2023 | |
| |
(in thousands) | |
Zedge, Inc. Class B common stock, 42,282 shares at October 31, 2023 and July 31, 2023 | |
$ | 81 | | |
$ | 89 | |
Rafael Holdings, Inc. Class B common stock, 278,810 shares at October 31, 2023 and July 31, 2023 | |
| 496 | | |
| 558 | |
Other marketable equity securities | |
| 281 | | |
| 1,497 | |
Fixed income mutual funds | |
| 3,903 | | |
| 4,054 | |
| |
| | | |
| | |
Current equity investments | |
$ | 4,761 | | |
$ | 6,198 | |
| |
| | | |
| | |
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”) | |
$ | 1,249 | | |
$ | 1,263 | |
Convertible preferred stock—equity method investment | |
| 2,444 | | |
| 2,784 | |
Hedge funds | |
| 3,002 | | |
| 3,002 | |
Other | |
| 1,455 | | |
| 2,825 | |
| |
| | | |
| | |
Noncurrent equity investments | |
$ | 8,150 | | |
$ | 9,874 | |
Howard
S. Jonas, the Chairman of the Company (an executive officer position) and the Chairman of the Company’s Board of Directors, is
also the Vice-Chairman of the Board of Directors of Zedge, Inc. and
the Chairman of the Board of Directors and Executive Chairman of Rafael Holdings, Inc.
The
changes in the carrying value of the Company’s equity investments without readily determinable fair values for which the Company
elected the measurement alternative was as follows:
Schedule of Carrying Value of Equity Investments
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022 | |
| |
(in thousands) | |
Balance, beginning of period | |
$ | 1,632 | | |
$ | 1,501 | |
Adjustment for observable transactions involving a similar investment from the same issuer | |
| (14 | ) | |
| (27 | ) |
Upward adjustment | |
| 129 | | |
| — | |
Impairments | |
| — | | |
| — | |
| |
| | | |
| | |
Balance, end of the period | |
$ | 1,747 | | |
$ | 1,474 | |
The
Company decreased the carrying value of the shares of Visa Series C Preferred it held based on the fair value of Visa Class
A common stock, including a discount for lack of current marketability, which is classified as “Adjustment for observable transactions
involving a similar investment from the same issuer” in the table above. In addition, in connection with the acquisition of Regal Bancorp by SR Bancorp in September 2023, the Company adjusted
the carrying value of its shares of Regal Bancorp common stock.
Unrealized losses for all equity investments measured at fair value included the following:
Schedule of Unrealized (losses) Gains for All Equity Investments
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022
| |
| |
(in thousands) | |
Net losses recognized during the period on equity investments | |
$ | (917 | ) | |
$ | (1,941 | ) |
Plus: net losses recognized during the period on equity investments sold during the period | |
| — | | |
| 4 | |
| |
| | | |
| | |
Unrealized losses recognized during the period on equity investments still held at the reporting date | |
$ | (917 | ) | |
$ | (1,937 | ) |
The
unrealized gains and losses for all equity investments measured at fair value in the table above included the following:
| |
| | |
| |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
Unrealized losses recognized during the period on equity investments: | |
| | |
| |
| |
| | |
| |
Rafael Class B common stock | |
$ | (62 | ) | |
$ | (72 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Zedge Class B common stock | |
$ | (8 | ) | |
$ | (27 | ) |
Unrealized losses recognized during the period on equity investments still held at the reporting date | |
$ | (917 | ) | |
$ | (1,937 | ) |
Equity
Method Investment
The
Company has an investment in shares of convertible preferred stock of a communications company (the equity method investee, or “EMI”).
As of both October 31, 2023 and July 31, 2023, the Company’s ownership was 33.3%
of the EMI’s outstanding shares on an as converted basis. The Company accounts for this investment using the equity method since
the Company can exercise significant influence over the operating and financial policies of the EMI but does not have a controlling interest.
The
Company determined that on the dates of the acquisitions of the EMI’s shares, there were differences between its investment in
the EMI and its proportional interest in the equity of the EMI of an aggregate of $8.2 million, which represented the share of the EMI’s
customer list on the dates of the acquisitions attributed to the Company’s interest in the EMI. These basis differences are being
amortized over the 6-year estimated life of the customer list. In the accompanying consolidated statements of income, amortization of
equity method basis difference is included in the equity in the net loss of investee, which is recorded in “Other expense, net”
(see Note 17).
The
following table summarizes the change in the balance of the Company’s equity method investment:
Summary of Changes in Equity Method Investments
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Balance,
beginning of period | |
$ | 2,784 | | |
$ | 1,001 | |
Purchase
of convertible preferred stock | |
| 672 | | |
| — | |
Equity
in the net loss of investee | |
| (670 | ) | |
| (470 | ) |
Amortization
of equity method basis difference | |
| (342 | ) | |
| (182 | ) |
| |
| | | |
| | |
Balance,
end of period | |
$ | 2,444 | | |
$ | 349 | |
Summarized
financial information of the EMI was as follows:
Summary of Statements of Operations
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Revenues | |
$ | 2,551 | | |
$ | 1,873 | |
Costs
and expenses: | |
| | | |
| | |
Direct
cost of revenues | |
| 2,193 | | |
| 1,694 | |
Selling,
general and administrative | |
| 2,093 | | |
| 1,636 | |
Total
costs and expenses | |
| 4,286 | | |
| 3,330 | |
Loss
from operations | |
| (1,735 | ) | |
| (1,457 | ) |
Other
expense, net | |
| (104 | ) | |
| (344 | ) |
Net
loss | |
$ | (1,839 | ) | |
$ | (1,801 | ) |
Note
8—Fair Value Measurements
The
following table presents the balance of assets and liabilities measured at fair value on a recurring basis:
Schedule of Balance of Assets Measured at Fair Value on a Recurring Basis
| |
Level
1 (1) | | |
Level
2 (2) | | |
Level
3 (3) | | |
Total | |
| |
(in
thousands) | |
October
31, 2023 | |
| | | |
| | | |
| | | |
| | |
Debt
securities | |
$ | 24,944 | | |
$ | 8,298 | | |
$ | — | | |
$ | 33,242 | |
Equity
investments included in current assets | |
| 4,761 | | |
| — | | |
| — | | |
| 4,761 | |
Equity
investments included in noncurrent assets | |
| — | | |
| 1,230 | | |
| 1,249 | | |
| 2,479 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 29,705 | | |
$ | 9,528 | | |
$ | 1,249 | | |
$ | 40,482 | |
| |
| | | |
| | | |
| | | |
| | |
Acquisition
consideration included in: | |
| | | |
| | | |
| | | |
| | |
Other
current liabilities | |
$ | — | | |
$ | — | | |
$ | (1,834 | ) | |
$ | (1,834 | ) |
Other
noncurrent liabilities | |
| — | | |
| — | | |
| (2,754 | ) | |
| (2,754 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | — | | |
$ | — | | |
$ | (4,588 | ) | |
$ | (4,588 | ) |
| |
| | | |
| | | |
| | | |
| | |
July
31, 2023 | |
| | | |
| | | |
| | | |
| | |
Debt
securities | |
$ | 31,038 | | |
$ | 11,376 | | |
$ | — | | |
$ | 42,414 | |
Equity
investments included in current assets | |
| 6,198 | | |
| — | | |
| — | | |
| 6,198 | |
Equity
investments included in noncurrent assets | |
| — | | |
| 2,500 | | |
| 1,263 | | |
| 3,763 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 37,236 | | |
$ | 13,876 | | |
$ | 1,263 | | |
$ | 52,375 | |
| |
| | | |
| | | |
| | | |
| | |
Acquisition
consideration included in: | |
| | | |
| | | |
| | | |
| | |
Other
current liabilities | |
$ | — | | |
$ | — | | |
$ | (2,032 | ) | |
$ | (2,032 | ) |
Other
noncurrent liabilities | |
| — | | |
| — | | |
| (2,773 | ) | |
| (2,773 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | — | | |
$ | — | | |
$ | (4,805 | ) | |
$ | (4,805 | ) |
At
both October 31, 2023 and July 31, 2023, the Company had $3.0
million in investments in hedge
funds, which were included in noncurrent “Equity investments” in the accompanying consolidated balance sheets. The Company’s
investments in hedge funds were accounted for using the equity method, therefore they were not measured at fair value.
The
following table summarizes the change in the balance of the Company’s assets measured at fair value on a recurring basis using
significant unobservable inputs (Level 3):
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | | |
| |
Balance,
beginning of period | |
$ | 1,263 | | |
$ | 1,132 | |
Total
losses included in “Other expense, net” | |
| (14 | ) | |
| (27 | ) |
| |
| | | |
| | |
Balance,
end of period | |
$ | 1,249 | | |
$ | 1,105 | |
| |
| | | |
| | |
Change
in unrealized gains or losses for the period included in earnings for assets held at the end of the period | |
$ | — | | |
$ | — | |
The
following table summarizes the change in the balance of the Company’s liabilities measured at fair value on a recurring basis using
significant unobservable inputs (Level 3):
Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Balance,
beginning of period | |
$ | 4,805 | | |
$ | 8,546 | |
Payments | |
| (214 | ) | |
| (375 | ) |
Total
gain included in: | |
| | | |
| | |
“Other
operating gain, net” | |
| — | | |
| (1,565 | ) |
“Foreign
currency translation adjustment” | |
| (3 | ) | |
| (3 | ) |
| |
| | | |
| | |
Balance,
end of period | |
$ | 4,588 | | |
$ | 6,603 | |
| |
| | | |
| | |
Change
in unrealized gains or losses for the period included in earnings for liabilities held at the end of the period | |
$ | — | | |
$ | — | |
In
the three months ended October 31, 2023, the Company paid an aggregate of $0.2 million in contingent consideration related to a prior
acquisition. In the three months ended October 31, 2022, the Company paid an aggregate of $0.4
million in contingent consideration related to
prior acquisitions. In addition, in September 2022, the Company determined that the requirements for a portion of the contingent consideration
payments related to the acquisition of Leaf would not be met. The Company recorded a gain of $1.6
million on the write-off of this contingent consideration
payment obligation, which was included in “Other operating gain, net” in the accompanying consolidated statements
of income.
Fair
Value of Other Financial Instruments
The estimated fair value of the Company’s other financial instruments was determined using available market information or other
appropriate valuation methodologies. However, considerable judgment is required in interpreting these data to develop estimates of fair
value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current
market exchange.
Cash and cash equivalents, restricted cash and cash equivalents, settlement assets, other current assets, customer deposits, settlement
liabilities, and other current liabilities. At October 31, 2023 and July 31, 2023, the carrying amount of these assets and liabilities
approximated fair value because of the short period of time to maturity. The fair value estimates for cash, cash equivalents, and restricted
cash and cash equivalents were classified as Level 1 and settlement assets, other current assets, customer deposits, settlement liabilities,
and other current liabilities were classified as Level 2 of the fair value hierarchy.
Other assets and other liabilities. At October 31, 2023 and July 31, 2023, the carrying amount of these assets and liabilities
approximated fair value. The fair values were estimated based on the Company’s assumptions, which were classified as Level 3 of
the fair value hierarchy.
Note
9—Variable Interest Entity
The
Company is the primary beneficiary of a variable interest entity (“VIE”) that operates money transfer businesses. The Company
determined that, effective May 31, 2021, it had the power to direct the activities of the VIE that most significantly impact its economic
performance, and the Company has the obligation to absorb losses of and the right to receive benefits from the VIE that could potentially
be significant to it. As a result, the Company consolidates the VIE. The Company does not currently own any interest in the VIE and thus
the net income incurred by the VIE was attributed to noncontrolling interests in the accompanying consolidated statements of income.
The
VIE’s net income and aggregate funding provided by the Company were as follows:
Schedule of Net Income and Aggregate Funding to the Company by VIE
| |
| | | |
| | |
| |
Three
Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Net
income of the VIE | |
$ | 81 | | |
$ | 140 | |
| |
| | | |
| | |
Aggregate
funding provided by the Company, net | |
$ | 114 | | |
$ | 97 | |
The
VIE’s summarized consolidated balance sheet amounts are as follows:
VIE’s Summarized Consolidated Balance Sheet
| |
| | | |
| | |
| |
October
31,
2023 | | |
July
31,
2023 | |
| |
(in
thousands) | |
Assets: | |
| | | |
| | |
Cash
and equivalents | |
$ | 1,881 | | |
$ | 1,596 | |
Restricted
cash | |
| 6,578 | | |
| 7,848 | |
Trade
accounts receivable, net | |
| 23 | | |
| 62 | |
Disbursement
prefunding | |
| 1,037 | | |
| 585 | |
Prepaid
expenses | |
| 294 | | |
| 197 | |
Other
current assets | |
| 383 | | |
| 317 | |
Property,
plant, and equipment, net | |
| 219 | | |
| 272 | |
Other
intangibles, net | |
| 699 | | |
| 737 | |
| |
| | | |
| | |
Total
assets | |
$ | 11,114 | | |
$ | 11,614 | |
| |
| | | |
| | |
Liabilities
and noncontrolling interests: | |
| | | |
| | |
Trade
accounts payable | |
$ | — | | |
$ | — | |
Accrued
expenses | |
| 86 | | |
| 70 | |
Settlement
liabilities | |
| 6,882 | | |
| 7,573 | |
Due
to the Company | |
| 140 | | |
| 26 | |
Accumulated
other comprehensive income | |
| 1 | | |
| 21 | |
Noncontrolling
interests | |
| 4,005 | | |
| 3,924 | |
| |
| | | |
| | |
Total
liabilities and noncontrolling interests | |
$ | 11,114 | | |
$ | 11,614 | |
The
VIE’s assets may only be used to settle the VIE’s obligations and may not be used for other consolidated entities. The VIE’s
liabilities are non-recourse to the general credit of the Company’s other consolidated entities.
Note
10—Other Operating Gain, Net
The
following table summarizes the other operating gain, net by business segment:
Schedule
of Other Operating Gain, Net
| |
| | | |
| | |
| |
Three
Months Ended
October
31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Corporate—Straight
Path Communications Inc. class action legal fees | |
$ | (212 | ) | |
$ | (2,512 | ) |
Corporate—Straight
Path Communications Inc. class action insurance claims | |
| 684 | | |
| 1,725 | |
Corporate—other | |
| 12 | | |
| — | |
Fintech—write-off
of contingent consideration liability | |
| — | | |
| 1,565 | |
Fintech—government
grants | |
| — | | |
| 33 | |
Traditional
Communications—cable telephony customer indemnification claim | |
| — | | |
| (11 | ) |
| |
| | | |
| | |
Total | |
$ | 484 | | |
$ | 800 | |
Straight
Path Communications Inc. Class Action
As
discussed in Note 16, the Company (as well as other defendants) was named in a class action on behalf of the stockholders of the
Company’s former subsidiary, Straight Path Communications Inc. (“Straight Path”). The Company incurred legal fees and
recorded offsetting gains from insurance claims related to this action in the three months ended October 31, 2023 and 2022. On October
3, 2023, the Court of Chancery of the State of Delaware dismissed all claims against the Company, and found that, contrary to the plaintiffs’
allegations, the class suffered no damages. The plaintiffs will have 30 days from entry of the final order to file an appeal.
Write-off
of Contingent Consideration Liability
In
September 2022, the Company determined that the requirements for a portion of the contingent consideration payments related to the Leaf
acquisition would not be met. The Company recognized a gain on the write-off of this contingent consideration payment obligation.
Government
Grants
In
the three months ended October 31, 2022, Leaf received payments from government grants for the development and commercialization of blockchain-backed
financial technologies.
Indemnification
Claim
Beginning
in June 2019, as part of a commercial resolution, the Company indemnified a cable telephony customer related to patent infringement claims
brought against the customer. On May 8, 2023, the Company and the customer agreed to release the Company from the indemnification agreement
in exchange for $3.9 million, which was recorded as an expense in the third quarter of fiscal 2023.
Note
11—Revolving Credit Facility
The
Company’s subsidiary, IDT Telecom, Inc. (“IDT Telecom”), entered into a credit agreement, dated as of May 17, 2021,
with TD Bank, N.A. for a revolving credit facility for up to a maximum principal amount of $25.0 million. As of July 28, 2023, IDT Telecom
and TD Bank, N.A. amended certain terms of the credit agreement. IDT Telecom may use the proceeds to finance working capital requirements
and for certain closing costs of the facility. At October 31, 2023 and July 31, 2023, there were no amounts outstanding under this facility.
In the three months ended October 31, 2023 and 2022, IDT Telecom borrowed and repaid an aggregate of $30.3 million and nil, respectively,
under the facility. The revolving credit facility is secured by primarily all of IDT Telecom’s assets. The principal outstanding
bears interest per annum at the secured overnight financing rate published by the Federal Reserve Bank of New York plus 10 basis points,
plus depending upon IDT Telecom’s leverage ratio as computed for the most recent fiscal quarter, 125 to 175 basis points. Interest
is payable monthly, and all outstanding principal and any accrued and unpaid interest is due on May 16, 2026. IDT Telecom pays a quarterly
unused commitment fee on the average daily balance of the unused portion of the $25.0 million commitment of 30 to 85 basis points, depending
upon IDT Telecom’s leverage ratio as computed for the most recent fiscal quarter. IDT Telecom is required to comply with various
affirmative and negative covenants as well as maintain certain targets based on financial ratios during the term of the revolving credit
facility. As of October 31, 2023 and July 31, 2023, IDT Telecom was in compliance with all of the covenants.
Note
12—Equity
2024
Equity Incentive Plan
On
October 26, 2023, the Company’s Board of Directors adopted the Company’s 2024 Equity Incentive Plan (the “2024 Plan”),
which is intended to provide incentives to officers, employees, directors, and consultants of the Company, including stock options, stock
appreciation rights, deferred stock units (“DSUs”), and restricted stock. The number of shares of the Company’s Class
B common stock available for the grant of awards under the 2024 Plan will be 250,000 shares. The 2024 Plan is subject to approval by
the Company’s stockholders at its annual meeting of stockholders on December 13, 2023. The Company’s current equity incentive
plan, the 2015 Stock Option and Incentive Plan (the “2015 Plan”), is scheduled to expire on September 16, 2024.
2015
Stock Option and Incentive Plan
On
October 11, 2023, the Company’s Board of Directors amended the Company’s 2015 Plan to increase the number of shares of the
Company’s Class B common stock available for the grant of awards thereunder by an additional 250,000 shares. The amendment is subject
to approval by the Company’s stockholders at its annual meeting of stockholders on December 13, 2023.
In the three months ended October 31, 2023, the Company received cash from the exercise of stock options of $0.2
million for which the Company issued 12,500 shares of its Class B common stock. There were no stock option exercises in the three months
ended October 31, 2022.
Stock
Repurchases
The
Company has an existing stock repurchase program authorized by its Board of Directors for the repurchase of shares of the Company’s
Class B common stock. The Board of Directors authorized the repurchase of up to 8.0 million shares in the aggregate. In the three months
ended October 31, 2023, the Company repurchased 125,470 shares of its Class B common stock for an aggregate purchase price of $2.8 million.
In the three months ended October 31, 2022, the Company repurchased 203,436 shares of its Class B common stock for an aggregate purchase
price of $5.0 million. At October 31, 2023, 4.6 million shares remained available for repurchase under the stock repurchase program.
In
the three months ended October 31, 2023 and 2022, the Company paid $15,000 and $0.3
million, respectively, to repurchase 654
and 13,403
shares, respectively, of the Company’s Class B common stock that were tendered by employees of the Company to satisfy the
employees’ tax withholding obligations in connection with the vesting of DSUs, the lapsing of restrictions on restricted
stock, and shares issued for bonus payments. Such shares were repurchased by the Company based on their fair
market value as of the close of business on the trading day immediately prior to the vesting date.
Note
13—Redeemable Noncontrolling Interest
On
September 29, 2021, NRS sold shares of its Class B common stock representing 2.5% of its outstanding capital stock on a fully diluted
basis to Alta Fox Opportunities Fund LP (“Alta Fox”) for cash of $10 million. Alta Fox has the right to request that NRS
redeem all or any portion of the NRS common shares that it purchased at the per share purchase price during a period of 182 days following
the fifth anniversary of this transaction. The redemption right shall terminate upon the consummation of (i) a sale of NRS or its assets
for cash or securities that are listed on a national securities exchange, (ii) a public offering of NRS’ securities, or (iii) a
distribution of NRS’ capital stock following which NRS’ common shares are listed on a national securities exchange.
The
shares of NRS’ Class B common stock sold to Alta Fox have been classified as mezzanine equity in the accompanying consolidated
balance sheets because they may be redeemed at the option of Alta Fox, although the shares are not mandatorily redeemable. The carrying
amount of the shares includes the noncontrolling interest in the net income of NRS. The net income attributable to the mezzanine equity’s
noncontrolling interest during the periods were as follows:
Schedule of Net Income Attributable to Mezzanine Equity’s Noncontrolling Interest
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
Net income of NRS attributable to the mezzanine equity’s noncontrolling interest | |
$ | 107 | | |
$ | 133 | |
Note
14— Earnings Per Share
Basic
earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted
average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed
in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject
to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect
of such increase is anti-dilutive.
The
weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s
common stockholders consists of the following:
Schedule of Weighted-average Number of Shares Used in the Calculation of Basic and Diluted Earnings Per Share
| |
| | | |
| | |
| |
| Three
Months Ended
October 31, | |
| |
| 2023 | | |
| 2022 | |
| |
| (in thousands) | |
Basic weighted-average number of shares | |
| 25,178 | | |
| 25,603 | |
Effect of dilutive securities: | |
| | | |
| | |
Stock options | |
| 3 | | |
| 12 | |
Non-vested restricted Class B common stock | |
| 96 | | |
| 1 | |
| |
| | | |
| | |
Diluted weighted-average number of shares | |
| 25,277 | | |
| 25,616 | |
There were no shares excluded from the calculation of diluted earnings per share in the three months ended October
31, 2023 and 2022.
Note
15—Accumulated Other Comprehensive Loss
The accumulated balances for each classification of other comprehensive income were as follows:
Schedule of Accumulated Balances for Each Classification of Other Comprehensive Loss
| |
Unrealized Loss on Available-for-Sale Securities | | |
Foreign Currency Translation | | |
Accumulated Other Comprehensive Loss | |
| |
(in thousands) | |
Balance, July 31, 2023 | |
$ | (645 | ) | |
$ | (16,547 | ) | |
$ | (17,192 | ) |
Other comprehensive (loss) income attributable to IDT Corporation | |
| (66 | ) | |
| 631 | | |
| 565 | |
| |
| | | |
| | | |
| | |
Balance, October 31, 2023 | |
$ | (711 | ) | |
$ | (15,916 | ) | |
$ | (16,627 | ) |
Note
16—Commitments and Contingencies
COVID-19
In
May 2023, the World Health Organization declared an end to COVID-19 as a public health emergency. As of the date of this Quarterly Report,
the Company continues to monitor the situation. The Company cannot predict with certainty the potential impact of COVID-19 if it re-invigorates
on the Company’s results of operations, financial condition, or cash flows.
Legal
Proceedings
On
July 5, 2017, plaintiff JDS1, LLC, on behalf of itself and all other similarly situated stockholders of Straight Path, and derivatively
on behalf of Straight Path as nominal defendant, filed a putative class action and derivative complaint in the Court of Chancery of the
State of Delaware against the Company, The Patrick Henry Trust (a trust formed by Howard S. Jonas that held record and beneficial ownership
of certain shares of Straight Path he formerly held), Howard S. Jonas, and each of Straight Path’s directors. The complaint alleged
that the Company aided and abetted Straight Path Chairman of the Board and Chief Executive Officer Davidi Jonas, and Howard S. Jonas
in his capacity as controlling stockholder of Straight Path, in breaching their fiduciary duties to Straight Path in connection with
the settlement of claims between Straight Path and the Company related to potential indemnification claims concerning Straight Path’s
obligations under the Consent Decree it entered into with the Federal Communications Commission (“FCC”), as well as the sale
of Straight Path’s subsidiary Straight Path IP Group, Inc. to the Company in connection with that settlement. That action was consolidated
with a similar action that was initiated by The Arbitrage Fund. The Plaintiffs sought, among other things, (i) a declaration that the
action may be maintained as a class action or in the alternative, that demand on the Straight Path Board is excused; (ii) that the term
sheet is invalid; (iii) awarding damages for the unfair price stockholders received in the merger between Straight Path and Verizon Communications
Inc. for their shares of Straight Path’s Class B common stock; and (iv) ordering Howard S. Jonas, Davidi Jonas, and the Company
to disgorge any profits for the benefit of the class Plaintiffs. On August 28, 2017, the Plaintiffs filed an amended complaint. The trial
was held in August and December 2022, and closing arguments were presented on May 3, 2023. On October 3, 2023, the Court of Chancery
of the State of Delaware dismissed all claims against the Company, and found that, contrary to the plaintiffs’ allegations, the
class suffered no damages. The plaintiffs will have 30 days from entry of the final order to file an appeal.
In
addition to the foregoing, the Company is subject to other legal proceedings that have arisen in the ordinary course of business and
have not been finally adjudicated. Although there can be no assurance in this regard, the Company believes that none of the other legal
proceedings to which the Company is a party will have a material adverse effect on the Company’s results of operations, cash flows
or financial condition.
Sales
Tax Contingency
On
June 21, 2018, the United States Supreme Court rendered a decision in South Dakota v. Wayfair, Inc., holding that a state may require
a remote seller with no physical presence in the state to collect and remit sales tax on goods and services provided to purchasers in
the state, overturning certain existing court precedent. It is possible that one or more jurisdictions may assert that the Company has
liability for periods for which it has not collected sales, use or other similar taxes, and if such an assertion or assertions were successful
it could materially and adversely affect the Company’s business, financial position, and operating results. One or more jurisdictions
may change their laws or policies to apply their sales, use or other similar taxes to the Company’s operations, and if such changes
were made it could materially and adversely affect the Company’s business, financial position, and operating results.
Regulatory
Fees Audit
The Company’s 2017 FCC Form 499-A, which reports its calendar year 2016 revenue, was audited by the Universal Service Administrative
Company (“USAC”). The USAC’s final decision imposed a $2.9 million charge on the Company for the Federal Telecommunications
Relay Service (“TRS”) Fund. The Company has appealed the USAC’s final decision to the FCC and does not intend to remit
payment for the TRS Fund fees unless and until a negative decision on its appeal has been issued. The Company has made certain changes
to its filing policies and procedures for years that remain potentially under audit. At October 31, 2023 and July 31, 2023, the Company’s
accrued expenses included $23.9 million and $26.8 million, respectively, for FCC-related regulatory fees for the year covered by the
audit, as well as prior and subsequent years.
Purchase
Commitments
At
October 31, 2023, the Company had purchase commitments of $18.6 million primarily for equipment and services.
Performance
Bonds
The
Company has performance bonds issued through third parties for the benefit of various states in order to comply with the states’
financial requirements for money remittance licenses and telecommunications resellers. At October 31, 2023, the Company had aggregate
performance bonds of $29.0 million outstanding.
Note
17—Other Expense, Net
Other
expense, net consists of the following:
Schedule of Other (Expense) Income, Net
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
Foreign currency transaction losses | |
$ | (3,499 | ) | |
$ | (1,030 | ) |
Equity in net loss of investee | |
| (1,012 | ) | |
| (652 | ) |
Losses on investments | |
| (917 | ) | |
| (1,941 | ) |
Other | |
| (158 | ) | |
| (219 | ) |
| |
| | | |
| | |
Total | |
$ | (5,586 | ) | |
$ | (3,842 | ) |
Note
18—Income Taxes
The Company’s income tax expense in the three months ended October 31, 2023 was based on an effective tax rate of 31.8% compared
to 27.0% for fiscal 2023. The change in the estimated effective tax rate was mainly due to differences in the amount of taxable income
earned in the various taxing jurisdictions.
Note
19—Recently Issued Accounting Standards Not Yet Adopted
In November 2023, the Financial Accounting
Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment
Disclosures, to improve the disclosures about reportable segments and add more detailed information about a reportable segment’s
expenses. The amendments in the ASU require public entities to disclose on an annual and interim basis significant segment expenses that
are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment
profit or loss, other segment items by reportable segment, the title and position of the CODM, and an explanation of how the CODM uses
the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU does
not change the definition of a segment, the method for determining segments, the criteria for aggregating operating segments into reportable
segments, or the current specifically enumerated segment expenses that are required to be disclosed. The Company will adopt the amendments
in this ASU for its fiscal year beginning on August 1, 2024 applied retrospectively to all prior periods presented. The Company is evaluating
the impact that this ASU will have on its consolidated financial statements.
In June 2022, the FASB issued ASU No. 2022-03,
Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,
that clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the
equity security and, therefore, is not considered in measuring fair value. The ASU also requires specific disclosures related to equity
securities that are subject to contractual sales restrictions. The Company will adopt the amendments in this ASU prospectively on August
1, 2024. The Company is evaluating the impact that this ASU will have on its consolidated financial statements.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following information should be read in conjunction with the accompanying consolidated financial statements and the associated notes
thereto of this Quarterly Report, and the audited consolidated financial statements and the notes thereto and our Management’s
Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year
ended July 31, 2023, as filed with the U.S. Securities and Exchange Commission (or SEC).
As
used below, unless the context otherwise requires, the terms “the Company,” “IDT,” “we,” “us,”
and “our” refer to IDT Corporation, a Delaware corporation, its predecessor, International Discount Telecommunications, Corp.,
a New York corporation, and their subsidiaries, collectively.
Forward-Looking
Statements
This
Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including statements that contain the words “believes,” “anticipates,”
“expects,” “plans,” “intends,” and similar words and phrases. These forward-looking statements are
subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking
statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks, and uncertainties
that could result in those differences include, but are not limited to, those discussed under Item 1A to Part I “Risk Factors”
in our Annual Report on Form 10-K for the fiscal year ended July 31, 2023. The forward-looking statements are made as of the date of
this report and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ
from those projected in the forward-looking statements. Investors should consult all of the information set forth in this report and
the other information set forth from time to time in our reports filed with the SEC pursuant to the Securities Act of 1933 and the Securities
Exchange Act of 1934, including our Annual Report on Form 10-K for the fiscal year ended July 31, 2023.
Recently
Issued Accounting Standards Not Yet Adopted
In November 2023, the Financial Accounting
Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2023-07, Segment Reporting (Topic 280), Improvements
to Reportable Segment Disclosures, to improve the disclosures about reportable segments and add more detailed information about a
reportable segment’s expenses. The amendments in the ASU require public entities to disclose on an annual and interim basis significant
segment expenses that are regularly provided to the chief operating decision maker, or CODM, and included within each reported measure
of segment profit or loss, other segment items by reportable segment, the title and position of the CODM, and an explanation of how the
CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The
ASU does not change the definition of a segment, the method for determining segments, the criteria for aggregating operating segments
into reportable segments, or the current specifically enumerated segment expenses that are required to be disclosed. We will adopt the
amendments in this ASU for our fiscal year beginning on August 1, 2024 applied retrospectively to all prior periods presented. We are
evaluating the impact that this ASU will have on our consolidated financial statements.
In June 2022, the FASB issued ASU No. 2022-03,
Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,
that clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the
equity security and, therefore, is not considered in measuring fair value. The ASU also requires specific disclosures related to equity
securities that are subject to contractual sales restrictions. We will adopt the amendments in this ASU prospectively on August 1, 2024.
We are evaluating the impact that this ASU will have on our consolidated financial statements.
Results
of Operations
We
evaluate the performance of our business segments based primarily on income (loss) from operations. Accordingly, the income and expense
line items below income (loss) from operations are only included in our discussion of the consolidated results of operations.
As
of October 31, 2023, we owned 90.0% of the outstanding shares of our subsidiary, net2phone 2.0, Inc., or net2phone 2.0, which owns and
operates the net2phone segment, and 80.0% of the outstanding shares of National Retail Solutions, or NRS, and, on a fully diluted basis
assuming all the vesting criteria related to various rights granted have been met and other assumptions, we would own 85.8% of net2phone
2.0 and 77.7% of NRS.
As
of August 1, 2023, we include depreciation and amortization in “Direct cost of revenues” and “Selling, general and
administrative” expense. Prior to August 1, 2023, depreciation and amortization was a separate caption in the consolidated
statements of income. In addition, as of August 1, 2023, we are reporting gross profit and gross margin percentage in our
“Results of Operations.” Depreciation and amortization expense of $4.8 million in the three months ended October 31,
2022 was reclassified to conform to the current year’s presentation as follows: $1.0 million was reclassified to “Direct
cost of revenues” and $3.8 million was reclassified to “Selling, general and administrative” expense. Depreciation
and amortization expense included in our business segments was as follows:
(in
millions) | |
National
Retail Solutions | | |
Fintech | | |
net2phone | | |
Traditional
Communications | | |
Corporate | | |
Total | |
Three
Months Ended October 31, 2023 | |
| | |
| | |
| | |
| | |
| | |
| |
Depreciation
and amortization: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Included
in “Direct cost of revenues” | |
$ | 0.5 | | |
$ | — | | |
$ | 0.6 | | |
$ | 0.2 | | |
$ | — | | |
$ | 1.3 | |
Included
in “Selling, general and administrative expense” | |
| 0.3 | | |
| 0.7 | | |
| 0.8 | | |
| 2.0 | | |
| — | | |
| 3.8 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Three
Months Ended October 31, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Depreciation
and amortization: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Included
in “Direct cost of revenues” | |
$ | 0.3 | | |
$ | — | | |
$ | 0.5 | | |
$ | 0.2 | | |
$ | — | | |
$ | 1.0 | |
Included
in “Selling, general and administrative expense” | |
| 0.2 | | |
| 0.6 | | |
| 0.9 | | |
| 2.1 | | |
| — | | |
| 3.8 | |
COVID-19
In
May 2023, the World Health Organization declared an end to COVID-19 as a public health emergency. As of the date of this Quarterly Report,
we continue to monitor the situation. We cannot predict with certainty the potential impact of COVID-19 if it re-invigorates on our results
of operations, financial condition, or cash flows.
Explanation
of Performance Metrics
Our
results of operations discussion include the following performance metrics:
|
● |
for
NRS, active point-of-sale, or POS, terminals, payment processing accounts, and recurring revenue, |
|
● |
for
net2phone, seats and subscription revenue, and |
|
● |
for
Traditional Communications, minutes of use. |
NRS
uses two key metrics, among others, to measure the size of its customer base: active POS terminals and payment processing accounts.
Active POS terminals are the number of POS terminals that have completed at least one transaction in the calendar month. It excludes
POS terminals that have not been fully installed by the end of the month. Payment processing accounts are NRS PAY accounts that can generate revenue. It
excludes accounts that have been approved but not activated. NRS’ recurring revenue is NRS’ revenue in accordance with
U.S. GAAP excluding its revenue from POS terminal sales.
net2phone’s
cloud communications offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization.
net2phone’s subscription revenue is its revenue in accordance with U.S. GAAP excluding its equipment revenue and revenue generated
by a legacy SIP trunking offering in Brazil.
The
trends and comparisons between periods for the number of active POS terminals, NRS PAY accounts, seats served, recurring revenue, and
subscription revenue are used in the analysis of NRS’ or net2phone’s revenues and direct cost of revenues and are strong
indications of the top-line growth and performance of the business.
Minutes
of use is a nonfinancial metric that measures aggregate customer usage during a reporting period. Minutes of use is an important factor
in BOSS Revolution Calling’s and IDT Global’s revenue recognition since satisfaction of our performance obligation occurs
when the customer uses our service. Minutes of use trends and comparisons between periods are used in the analysis of revenues and direct
cost of revenues.
Three
Months Ended October 31, 2023 Compared to Three Months Ended October 31, 2022
National
Retail Solutions Segment
NRS,
which represented 8.0% and 6.0% of our total revenues in the three months ended October 31, 2023 and 2022, respectively, is an operator
of a nationwide POS network providing independent retailers with store management software, electronic payment processing, and other
ancillary merchant services. NRS’ POS platform provides marketers with digital out-of-home advertising and transaction data.
| |
Three months ended
October 31, | | |
Change | |
| |
2023 | | |
2022 | | |
$/# | | |
% | |
| |
(in millions) | |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Recurring | |
$ | 22.4 | | |
$ | 17.8 | | |
$ | 4.6 | | |
| 24.2 | % |
Other | |
| 1.6 | | |
| 1.5 | | |
| 0.1 | | |
| 1.4 | |
| |
| | | |
| | | |
| | | |
| | |
Total revenues | |
| 24.0 | | |
| 19.3 | | |
| 4.7 | | |
| 24.2 | |
Direct cost of revenues | |
| (3.1 | ) | |
| (2.3 | ) | |
| 0.8 | | |
| 35.1 | |
Gross profit | |
| 20.9 | | |
| 17.0 | | |
| 3.9 | | |
| 22.8 | |
Selling, general and administrative | |
| (15.4 | ) | |
| (11.8 | ) | |
| 3.6 | | |
| 30.9 | |
| |
| | | |
| | | |
| | | |
| | |
Income from operations | |
$ | 5.5 | | |
$ | 5.2 | | |
$ | 0.3 | | |
| 4.4 | % |
Gross margin percentage | |
| 87.1 | % | |
| 88.1 | % | |
| (1.0 | )% | |
| | |
| |
October 31, | | |
Change | |
| |
2023 | | |
2022 | | |
# | | |
% | |
| |
(in thousands) | |
Active POS terminals | |
| 27.2 | | |
| 20.8 | | |
| 6.4 | | |
| 31 | % |
Payment processing accounts | |
| 17.1 | | |
| 11.3 | | |
| 5.8 | | |
| 51 | % |
Revenues.
Revenues increased in the three months ended October 31, 2023 compared to the similar period in fiscal 2023 driven primarily by revenue
growth from NRS’ merchant services, as well as the expansion of NRS’ POS network.
Direct
Cost of Revenues. Direct cost of revenues increased in the three months ended October 31, 2023 compared to the similar period in
fiscal 2023 primarily due to the increase in the direct costs of NRS’ POS terminal sales.
Selling, General and Administrative. Selling, general and administrative expense increased in the three months ended October 31,
2023 compared to the similar period in fiscal 2023 primarily due to increases in sales commissions and employee compensation. As a percentage
of NRS’ revenue, NRS’ selling, general and administrative expense increased to 64.3% from 61.0% in the three months ended
October 31, 2023 and 2022, respectively.
Fintech
Segment
Fintech,
which represented 8.8% and 6.2% of our total revenues in the three months ended October 31, 2023 and 2022, respectively, is comprised
of BOSS Money, a provider of international money remittance and related value/payment transfer services, as well as other, significantly
smaller, financial services businesses, including Leaf Global Fintech Corporation, or Leaf, a provider of digital wallet services in
emerging markets, a variable interest entity, or VIE, that operates money transfer businesses, and IDT Financial Services Limited, or
IDT Financial Services, our Gibraltar-based bank.
| |
Three months ended
October 31, | | |
Change | |
| |
2023 | | |
2022 | | |
$/# | | |
% | |
| |
(in millions) | |
Revenues: | |
| | | |
| | | |
| | | |
| | |
BOSS Money | |
$ | 24.3 | | |
$ | 17.6 | | |
$ | 6.7 | | |
| 38.1 | % |
Other | |
| 2.3 | | |
| 2.3 | | |
| — | | |
| (0.4 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total revenues | |
| 26.6 | | |
| 19.9 | | |
| 6.7 | | |
| 33.6 | |
Direct cost of revenues | |
| (11.8 | ) | |
| (8.3 | ) | |
| 3.5 | | |
| 41.2 | |
Gross profit | |
| 14.8 | | |
| 11.6 | | |
| 3.2 | | |
| 28.1 | |
Selling, general and administrative | |
| (16.2 | ) | |
| (11.7 | ) | |
| 4.5 | | |
| 39.0 | |
Other operating gain | |
| — | | |
| 1.6 | | |
| (1.6 | ) | |
| (100.0 | ) |
| |
| | | |
| | | |
| | | |
| | |
(Loss) income from operations | |
$ | (1.4 | ) | |
$ | 1.5 | | |
$ | (2.9 | ) | |
| (191.5 | )% |
Gross margin percentage | |
| 55.9 | % | |
| 58.2 | % | |
| (2.3 | )% | |
| | |
Revenues.
Revenues from BOSS Money increased in the three months ended October 31, 2023 compared to the similar period in fiscal 2023 primarily
because of increased transaction volume in BOSS Money’s retail and digital channels. BOSS Money continues to
benefit from the ongoing expansion of its retail agent network and cross-marketing to BOSS Revolution Calling customers.
Direct
Cost of Revenues. Direct cost of revenues increased in the three months ended October 31, 2023 compared to the similar period in
fiscal 2023 primarily due to an increase BOSS Money’s direct cost of revenues,
which reflected the increase in BOSS Money’s revenue.
Selling, General and Administrative. Selling, general and administrative expense increased in the three months ended October 31,
2023 compared to the similar period in fiscal 2023 primarily due to increases in debit and credit card processing charges, employee compensation,
and bank fees. The increase in card processing charges was the result of increased credit and debit card transactions through
our BOSS Money app and other digital channels. As a percentage of Fintech’s revenue, Fintech’s selling, general and administrative
expense increased to 61.1% from 58.7% in the three months ended October 31, 2023 and 2022, respectively.
Other
Operating Gain. In September 2022, we determined that the requirements for a portion of the contingent consideration payments related
to the Leaf acquisition would not be met. We recognized a gain of $1.6 million on the write-off of this contingent consideration payment
obligation.
net2phone
Segment
The net2phone segment, which represented 6.6% and 5.3% of our total revenues in the three months ended October 31, 2023 and 2022, respectively,
is comprised of net2phone’s cloud communications and contact center offerings.
| |
Three months ended
October 31, | | |
Change | |
| |
2023 | | |
2022 | | |
$/# | | |
% | |
| |
(in millions) | |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Subscription | |
$ | 18.5 | | |
$ | 15.5 | | |
$ | 3.0 | | |
| 19.0 | % |
Other | |
| 1.4 | | |
| 1.4 | | |
| — | | |
| 1.6 | |
| |
| | | |
| | | |
| | | |
| | |
Total revenues | |
| 19.9 | | |
| 16.9 | | |
| 3.0 | | |
| 17.6 | |
Direct cost of revenues | |
| (3.8 | ) | |
| (3.3 | ) | |
| 0.5 | | |
| 13.8 | |
Gross profit | |
| 16.1 | | |
| 13.6 | | |
| 2.5 | | |
| 18.5 | |
Selling, general and administrative | |
| (16.1 | ) | |
| (14.7 | ) | |
| 1.4 | | |
| 10.0 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
$ | — | | |
$ | (1.1 | ) | |
$ | 1.1 | | |
| 99.3 | % |
Gross margin percentage | |
| 80.9 | % | |
| 80.3 | % | |
| 0.6 | % | |
| | |
| |
October 31, | | |
Change | |
| |
2023 | | |
2022 | | |
# | | |
% | |
| |
| (in thousands) | | |
Seats served | |
| 364 | | |
| 309 | | |
| 55 | | |
| 18 | % |
Revenues.
net2phone’s revenues increased in the three months ended October 31, 2023 compared to the similar period in fiscal 2023 driven
primarily by the growth in subscription revenue in the U.S. and Latin American markets, which reflected the increase in seats served
at October 31, 2023 compared to October 31, 2022.
Direct
Cost of Revenues. Direct cost of revenues increased in the three months ended October 31, 2023 compared to the similar period in
fiscal 2023 primarily due to the increase in revenues, with the largest increase in the U.S. markets. net2phone’s
focus on mid-sized businesses, multi-channel strategies, and localized offerings generated revenue growth that exceeded the increase
in direct cost of revenues.
Selling,
General and Administrative. Selling, general and administrative expense increased in the three months ended October 31, 2023 compared
to the similar period in fiscal 2023 primarily due to increases in sales commissions, employee compensation, and consulting expense.
As a percentage of net2phone’s revenues, net2phone’s selling, general and administrative expense decreased to 81.0% from
86.5% in the three months ended October 31, 2023 and 2022, respectively.
net2phone
derives a significant portion of its revenues from existing customers. Attracting new customers usually involves additional costs compared
to retention of existing customers. If existing customers’ subscriptions and related usage decrease or are terminated, net2phone
will need to spend more money to acquire new customers and still may not be able to maintain its existing level of revenues or profitability.
In addition, net2phone needs to acquire new customers to increase its revenues. net2phone incurs significant sales and marketing expenses
to acquire new customers. It is therefore expected that selling, general and administrative expense will remain a significant percentage
of net2phone’s revenues for the foreseeable future.
Traditional
Communications Segment
The
Traditional Communications segment, which represented 76.6% and 82.5% of our total revenues in the three months ended October 31, 2023
and 2022, respectively, includes IDT Digital Payments, which enables customers to transfer airtime and bundles of airtime, messaging,
and data to international and domestic mobile accounts, BOSS Revolution Calling, an international long-distance calling service marketed
primarily to immigrant communities in the United States and Canada, and IDT Global, a wholesale provider of international voice and SMS
termination and outsourced traffic management solutions to telecoms worldwide. Traditional Communications also includes other small businesses
and offerings including early-stage business initiatives and mature businesses in harvest mode.
Traditional
Communications’ most significant revenue streams are from IDT Digital Payments, BOSS Revolution Calling, and IDT Global. IDT Digital
Payments and BOSS Revolution Calling are sold directly to consumers and through distributors and retailers. We receive payments for BOSS
Revolution Calling, traditional calling cards, and IDT Digital Payments prior to providing the services. We recognize the revenue when
services are provided to the customer. Traditional Communications’ revenues tend to be somewhat seasonal, with the second fiscal
quarter (which contains Christmas and New Year’s Day) and the fourth fiscal quarter (which contains Mother’s Day and Father’s
Day) typically showing higher minute volumes.
| |
Three months ended
October 31, | | |
Change | |
| |
2023 | | |
2022 | | |
$/# | | |
% | |
| |
(in millions) | |
Revenues: | |
| | | |
| | | |
| | | |
| | |
IDT
Digital Payments | |
$ | 100.0 | | |
$ | 109.0 | | |
$ | (9.0 | ) | |
| (8.3 | )% |
BOSS
Revolution Calling | |
| 71.2 | | |
| 86.3 | | |
| (15.1 | ) | |
| (17.4 | ) |
IDT
Global | |
| 52.0 | | |
| 61.6 | | |
| (9.6 | ) | |
| (15.5 | ) |
Other | |
| 7.5 | | |
| 8.8 | | |
| (1.3 | ) | |
| (14.6 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total
revenues | |
| 230.7 | | |
| 265.7 | | |
| (35.0 | ) | |
| (13.2 | ) |
Direct
cost of revenues | |
| (188.1 | ) | |
| (218.8 | ) | |
| (30.7 | ) | |
| (14.0 | ) |
Gross
profit | |
| 42.6 | | |
| 46.9 | | |
| (4.3 | ) | |
| (9.3 | ) |
Selling,
general and administrative | |
| (26.7 | ) | |
| (29.5 | ) | |
| (2.8 | ) | |
| (9.9 | ) |
Severance | |
| (0.5 | ) | |
| (0.1 | ) | |
| 0.4 | | |
| 423.5 | |
| |
| | | |
| | | |
| | | |
| | |
Income
from operations | |
$ | 15.4 | | |
$ | 17.3 | | |
$ | (1.9 | ) | |
| (10.8 | )% |
| |
| | | |
| | | |
| | | |
| | |
Gross
margin percentage | |
| 18.4 | % | |
| 17.7 | % | |
| 0.7 | % | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Minutes
of use: | |
| | | |
| | | |
| | | |
| | |
BOSS
Revolution Calling | |
| 496 | | |
| 626 | | |
| (130 | ) | |
| (21 | )% |
IDT
Global | |
| 1,401 | | |
| 1,706 | | |
| (305 | ) | |
| (18 | )% |
Revenues. Revenues
from IDT Digital Payments decreased in the three months ended October 31, 2023 compared to the similar period in fiscal 2023
primarily from the deterioration of a key international corridor that was particularly impactful to revenues in the wholesale channel.
Revenues
and minutes of use from BOSS Revolution Calling decreased in the three months ended October 31, 2023 compared to the similar period in
fiscal 2023. BOSS Revolution Calling continues to be impacted by persistent, market-wide trends, including the proliferation of unlimited
calling plans offered by wireless carriers and mobile virtual network operators, and the increasing penetration of free and paid over-the-top
voice, video conferencing, and messaging services.
Revenues
and minutes of use from IDT Global decreased in the three months ended October 31, 2023 compared to the similar period in fiscal 2023
as communications globally continued to transition away from international voice calling. This trend was accelerated by the impact of
COVID-19 as business communications shifted from calling to video conferencing and other collaboration platforms. We expect that IDT
Global will continue to be adversely impacted by these trends, and minutes of use and revenues will likely continue to decline from quarter-to-quarter,
as we seek to maximize economics rather than necessarily sustain minutes of use or revenues.
Direct
Cost of Revenues. Direct cost of revenues decreased in the three months ended October 31, 2023 compared to the similar period in
fiscal 2023 primarily due to the decreases in minutes of use and revenues.
Selling,
General and Administrative. Selling, general and administrative expense decreased in the three months ended October 31, 2023
compared to the similar period in fiscal 2023 primarily due to decreases in employee compensation, sales commissions, marketing
expense, and debit and credit card processing charges. As a percentage of Traditional Communications’ revenue, Traditional Communications’ selling, general and
administrative expense increased to 11.5% from 11.1% in the three months ended October 31, 2023 and 2022, respectively.
Severance Expense. In the three months ended October 31, 2023 and 2022, Traditional Communications incurred severance expense
of $0.5 million and $0.1 million, respectively.
Corporate
| |
Three months ended
October 31, | | |
Change | |
| |
2023 | | |
2022 | | |
$ | | |
% | |
| |
(in millions) | |
General and administrative | |
$ | (2.8 | ) | |
$ | (1.9 | ) | |
$ | 0.9 | | |
| 44.3 | % |
Other operating gain (expense), net | |
| 0.5 | | |
| (0.8 | ) | |
| (1.3 | ) | |
| (161.4 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
$ | (2.3 | ) | |
$ | (2.7 | ) | |
$ | 0.4 | | |
| 15.2 | % |
Corporate
costs mainly include compensation, consulting fees, treasury, tax and accounting services, human resources, corporate purchasing, corporate
governance including Board of Directors’ fees, internal and external audit, investor relations, corporate insurance, corporate
legal, and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any
direct cost of revenues.
General
and Administrative. Corporate general and administrative expense increased in the three months ended October 31, 2023 compared
to the similar period in fiscal 2023 primarily because of increases in audit and accounting fees and employee compensation. As a
percentage of our consolidated revenues, Corporate general and administrative expense was 0.9% and 0.6% in the three months ended
October 31, 2023 and 2022, respectively.
Other Operating Expense, net.
As discussed in Note 16 to the Consolidated Financial Statements included in Item 1 to Part I of this Quarterly Report, we (as well as
other defendants) were named in a class action on behalf of the stockholders of our former subsidiary, Straight Path Communications
Inc., or Straight Path. We incurred legal fees of $0.2 million and $2.5 million in the three months ended October 31, 2023 and 2022,
respectively, related to this action. Also, we recorded offsetting gains from insurance claims for this matter of $0.7 million and $1.7
million in the three months ended October 31, 2023 and 2022, respectively. On October 3, 2023, the Court of Chancery of the State of
Delaware dismissed all claims against us, and found that, contrary to the plaintiffs’ allegations, the class suffered no damages.
The plaintiffs will have 30 days from entry of the final order to file an appeal.
Consolidated
The
following is a discussion of our consolidated stock-based compensation expense, and our consolidated income and expense line items below
income from operations.
Stock-Based
Compensation Expense. Stock-based compensation expense included in consolidated selling, general and administrative expense was
$0.8 million and $0.6 million in the three months ended October 31, 2023 and 2022, respectively. The increase in stock-based
compensation expense was primarily due to the grant in fiscal 2023 of deferred stock units, or DSUs, that, upon vesting, will
entitle the grantees to receive shares of our Class B common stock. We estimated that the fair value of the DSUs on the date of
grants was an aggregate of $5.4 million, which is being recognized on a graded vesting basis over the requisite service periods
ending in February 2025. At October 31, 2023, there was $1.6 million of total unrecognized compensation cost related to non-vested
DSUs.
Effective
as of June 30, 2022, restricted shares of NRS’ Class B common stock were granted to certain NRS employees. The restrictions on
the shares will lapse in three installments on each of June 1, 2024, 2026, and 2027. The estimated fair value of the restricted shares
on the grant date was $3.3 million, which is being recognized over the vesting period. At October 31, 2023, unrecognized compensation
cost related to NRS’ non-vested Class B common stock was an aggregate of $2.4 million. The unrecognized compensation cost is expected
to be recognized over the remaining vesting period that ends in fiscal 2027.
| |
Three months ended
October 31, | | |
Change | |
| |
2023 | | |
2022 | | |
$ | | |
% | |
| |
(in millions) | |
Income from operations | |
$ | 17.2 | | |
$ | 20.2 | | |
$ | (3.0 | ) | |
| (15.1 | )% |
Interest income, net | |
| 0.8 | | |
| 0.5 | | |
| 0.3 | | |
| 65.8 | |
Other expense, net | |
| (5.6 | ) | |
| (3.8 | ) | |
| (1.8 | ) | |
| (45.4 | ) |
Provision for income taxes | |
| (3.9 | ) | |
| (4.3 | ) | |
| 0.4 | | |
| 9.0 | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
| 8.5 | | |
| 12.6 | | |
| (4.1 | ) | |
| (32.5 | ) |
Net income attributable to noncontrolling interests | |
| (0.8 | ) | |
| (1.6 | ) | |
| 0.8 | | |
| 47.4 | |
| |
| | | |
| | | |
| | | |
| | |
Net income attributable to IDT Corporation | |
$ | 7.7 | | |
$ | 11.0 | | |
$ | (3.3 | ) | |
| (30.4 | )% |
Other
Expense, net. Other expense, net consists of the following:
| |
Three months ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in millions) | |
Foreign currency transaction losses | |
$ | (3.5 | ) | |
$ | (1.0 | ) |
Equity in the net loss of investee | |
| (1.0 | ) | |
| (0.7 | ) |
Losses on investments | |
| (0.9 | ) | |
| (1.9 | ) |
Other | |
| (0.2 | ) | |
| (0.2 | ) |
| |
| | | |
| | |
Total | |
$ | (5.6 | ) | |
$ | (3.8 | ) |
We
have an investment in shares of convertible preferred stock of a communications company (the equity method investee, or EMI). As of October
31, 2023 and 2022, our ownership was 33.3% and 26.57%, respectively, of the EMI’s outstanding shares on an as converted basis.
We account for this investment using the equity method since we can exercise significant influence over the operating and financial policies
of the EMI but do not have a controlling interest. We determined that on the dates of the acquisitions of the EMI’s shares, there
were differences between our investment in the EMI and our proportional interest in the equity of the EMI of an aggregate of $8.2 million,
which represented the share of the EMI’s customer list on the dates of the acquisitions attributed to our interest in the EMI.
These basis differences are being amortized over the 6-year estimated life of the customer list. “Equity in the net loss of investee”
includes the amortization of equity method basis difference.
Provision
for Income Taxes. The change in income tax expense in the three months ended October 31, 2023 compared to the similar
period in fiscal 2023 was primarily due to differences in the amount of taxable income earned in the various taxing jurisdictions.
Net
Income Attributable to Noncontrolling Interests. The change in the net income attributable to noncontrolling interests in the
three months ended October 31, 2023 compared to the similar period in fiscal 2023 was primarily due to changes in amounts
attributable to the noncontrolling interests in NRS, net2phone 2.0, and the VIE.
Liquidity
and Capital Resources
As of the date of this Quarterly Report, we expect our cash flow from operations and the balance of cash, cash equivalents, debt
securities, and current equity investments that we held on October 31, 2023 will be sufficient to meet our currently anticipated
working capital and capital expenditure requirements during the twelve-month period ending October 31, 2024.
At
October 31, 2023, we had cash, cash equivalents, debt securities, and current equity investments of $159.7 million and working capital
(current assets in excess of current liabilities) of $106.2 million.
We
treat unrestricted cash and cash equivalents held by IDT Payment Services, Inc. and IDT Payment Services of New York, LLC as substantially
restricted and unavailable for other purposes. At October 31, 2023, “Cash and cash equivalents” in our consolidated balance
sheet included an aggregate of $35.1 million held by IDT Payment Services, Inc. and IDT Payment Services of New York, LLC that was unavailable
for other purposes.
Contractual
Obligations and Commitments
The following table includes our anticipated material cash requirements from contractual obligations and other commitments at October
31, 2023:
Payments Due by Period (in
millions) | |
Total | | |
Less than
1 year | | |
1–3 years | | |
4–5 years | | |
After
5 years | |
Purchase commitments | |
$ | 18.6 | | |
$ | 18.6 | | |
$ | — | | |
$ | — | | |
$ | — | |
Connectivity obligations under service agreements | |
| 0.7 | | |
| 0.6 | | |
| 0.1 | | |
| — | | |
| — | |
Operating leases including short-term leases | |
| 6.5 | | |
| 3.7 | | |
| 2.6 | | |
| 0.2 | | |
| — | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total (1) | |
$ | 25.8 | | |
$ | 22.9 | | |
$ | 2.7 | | |
$ | 0.2 | | |
$ | — | |
|
(1) |
The
above table does not include up to $10 million for the potential redemption of shares of NRS’ Class B common stock, an aggregate
of $29.0 million in performance bonds, and up to $8.8 million for other potential payments including contingent consideration related
to business acquisitions, due to the uncertainty of the amount and/or timing of any such payments. |
Consolidated
Financial Condition
| |
Three months ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in millions) | |
Cash flows provided by (used in): | |
| | | |
| | |
Operating activities | |
$ | 14.8 | | |
$ | 18.2 | |
Investing activities | |
| 4.3 | | |
| 4.2 | |
Financing activities | |
| (2.6 | ) | |
| (7.1 | ) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents | |
| (6.9 | ) | |
| (6.1 | ) |
Increase in cash, cash equivalents, and restricted cash and cash equivalents | |
$ | 9.6 | | |
$ | 9.2 | |
Operating
Activities
Our
cash flow from operations varies significantly from quarter to quarter and from year to year, depending on our operating results and
the timing of operating cash receipts and payments, specifically trade accounts receivable and trade accounts payable.
Gross
trade accounts receivable increased to $41.2 million at October 31, 2023 from $37.7 million at July 31, 2023 primarily due to amounts billed
in the three months ended October 31, 2023 that were greater than collections during the period.
Deferred
revenue arises from sales of prepaid products and varies from period to period depending on the mix and the timing of revenues. Deferred
revenue decreased to $34.0 million at October 31, 2023 from $35.3 million at July 31, 2023 primarily due to decreases in the BOSS Revolution
Calling and IDT Digital Payments deferred revenue balances.
Customer
deposit liabilities at IDT Financial Services decreased to $79.5 million at October 31, 2023 from $86.5 million at July 31, 2023. Our
restricted cash and cash equivalents included $80.1 million and $87.3 million at October 31, 2023 and July 31, 2023, respectively, held
by the bank.
In
September 2017, we and certain of our subsidiaries were certified by the New Jersey Economic Development Authority, or NJEDA, as having
met the requirements of the Grow New Jersey Assistance Act Tax Credit Program. The program provides for credits against a corporation’s
New Jersey corporate business tax liability for maintaining a minimum number of employees in New Jersey, and that tax credits may be
sold subject to certain conditions. On June 5, 2023, we received a 2019 tax credit certificate for $1.8 million from the NJEDA. In August
2023, we sold the certificate for cash of $1.6 million.
On
June 21, 2018, the United States Supreme Court rendered a decision in South Dakota v. Wayfair, Inc., holding that a state may require
a remote seller with no physical presence in the state to collect and remit sales tax on goods and services provided to purchasers in
the state, overturning certain existing court precedent. It is possible that one or more jurisdictions may assert that we have liability
for periods for which we have not collected sales, use or other similar taxes, and if such an assertion or assertions were successful
it could materially and adversely affect our business, financial position, and operating results. One or more jurisdictions may change
their laws or policies to apply their sales, use or other similar taxes to our operations, and if such changes were made it could materially
and adversely affect our business, financial position, and operating results.
As
discussed in Note 16 to the Consolidated Financial Statements included in Item 1 to Part I of this Quarterly Report, we (as well as other
defendants) were named in a class action on behalf of the stockholders of our former subsidiary, Straight Path. On October 3, 2023,
the Court of Chancery of the State of Delaware dismissed all claims against us, and found that, contrary to the plaintiffs’ allegations,
the class suffered no damages. The plaintiffs will have 30 days from entry of the final order to file an appeal.
Investing
Activities
Our
capital expenditures were $4.3 million and $5.2 million in the three months ended October 31, 2023 and 2022, respectively. We currently
anticipate that total capital expenditures in the twelve-month period ending October 31, 2024 will be $21 million to $23 million. We
expect to fund our capital expenditures with our net cash provided by operating activities and cash, cash equivalents, debt securities,
and current equity investments on hand.
As
of July 27, 2023, the EMI’s shareholders including us agreed to purchase additional shares of the EMI’s convertible preferred
stock. We subscribed to purchase additional shares for an aggregate of $1.0 million. In the three months ended October 31, 2023, we paid
$0.7 million to purchase a portion of the shares.
Purchases
of debt securities and equity investments were $7.8 million and $2.1 million in the three months ended October 31, 2023 and 2022, respectively.
Proceeds from maturities and sales of debt securities and redemptions of equity investments were $17.1 million and $11.5 million in the
three months ended October 31, 2023 and 2022, respectively.
Financing
Activities
We
distributed cash of $0.1 million in both the three months ended October 31, 2023 and 2022 to the noncontrolling
interests in certain of our subsidiaries.
In
the three months ended October 31, 2023 and 2022, we received proceeds from financing-related other liabilities of $0.1 million and $0.3
million, respectively.
In
the three months ended October 31, 2023 and 2022, we repaid financing-related other liabilities of $15,000 and $1.9 million, respectively.
Our
subsidiary, IDT Telecom, Inc., or IDT Telecom, entered into a credit agreement, dated as of May 17, 2021, with TD Bank, N.A. for a revolving
credit facility for up to a maximum principal amount of $25.0 million. As of July 28, 2023, IDT Telecom and TD Bank, N.A. amended certain
terms of the credit agreement. IDT Telecom may use the proceeds to finance working capital requirements and for certain closing costs
of the facility. At October 31, 2023 and July 31, 2023, there were no amounts outstanding under this facility. In the three months ended
October 31, 2023 and 2022, IDT Telecom borrowed and repaid an aggregate of $30.3 million and nil, respectively, under the facility. The
revolving credit facility is secured by primarily all of IDT Telecom’s assets. The principal outstanding bears interest per annum
at the secured overnight financing rate published by the Federal Reserve Bank of New York plus 10 basis points, plus depending upon IDT
Telecom’s leverage ratio as computed for the most recent fiscal quarter, 125 to 175 basis points. Interest is payable monthly,
and all outstanding principal and any accrued and unpaid interest is due on May 16, 2026. IDT Telecom pays a quarterly unused commitment
fee on the average daily balance of the unused portion of the $25.0 million commitment of 30 to 85 basis points, depending upon IDT Telecom’s
leverage ratio as computed for the most recent fiscal quarter. IDT Telecom is required to comply with various affirmative and negative
covenants as well as maintain certain targets based on financial ratios during the term of the revolving credit facility. As of October
31, 2023, IDT Telecom was in compliance with all of the covenants.
In the three months ended October 31, 2023, we received cash from the exercise of stock options of $0.2 million for
which we issued 12,500 shares of our Class B common stock. There were no stock option exercises in the three months ended October 31,
2022.
We
have an existing stock repurchase program authorized by our Board of Directors for the repurchase of shares of our Class B common stock.
The Board of Directors authorized the repurchase of up to 8.0 million shares in the aggregate. In the three months ended October 31,
2023, we repurchased 125,470 shares of Class B common stock for an aggregate purchase price of $2.8 million. In the three months ended
October 31, 2022, we repurchased 203,436 shares of Class B common stock for an aggregate purchase price of $5.0 million. At October 31,
2023, 4.6 million shares remained available for repurchase under the stock repurchase program.
In
the three months ended October 31, 2023 and 2022, we paid $15,000 and $0.3 million, respectively, to repurchase 654 and 13,403
shares, respectively, of our Class B common stock that were tendered by employees of ours to satisfy the employees’ tax
withholding obligations in connection with the vesting of DSUs, the lapsing of restrictions on restricted stock, and shares issued for bonus payments. Such shares were repurchased by us based on their fair market value as of the close of
business on the trading day immediately prior to the vesting date.
Other
Sources and Uses of Resources
We
are considering spin-offs and other potential dispositions of certain of our subsidiaries. Some of the transactions under consideration
are in early stages and others are more advanced. A spin-off may include the contribution of a significant amount of cash, cash equivalents,
debt securities, and/or equity securities to the subsidiary prior to the spin-off, which would reduce our capital resources. There is
no assurance that any of these transactions will be completed.
We
intend to, where appropriate, make strategic investments and acquisitions to complement, expand, and/or enter into new businesses. In
considering acquisitions and investments, we search for opportunities to profitably grow our existing businesses and/or to add qualitatively
to the range and diversification of businesses in our portfolio. We cannot guarantee that we will be presented with acquisition opportunities
that meet our return-on-investment criteria, or that our efforts to make acquisitions that meet our criteria will be successful.
Item
3. Quantitative and Qualitative Disclosures About Market Risks
Foreign
Currency Risk
Revenues
from our international operations were 26% and 28% of our consolidated revenues in the three months ended October 31, 2023 and
2022, respectively. A significant portion of our revenues is in currencies other than the U.S. Dollar. Our foreign currency exchange risk is
somewhat mitigated by our ability to offset a portion of these non-U.S. Dollar-denominated revenues with operating expenses that are
paid in the same currencies. While the impact from fluctuations in foreign exchange rates affects our revenues and expenses
denominated in foreign currencies, the net amount of our exposure to foreign currency exchange rate changes at the end of each
reporting period is generally not material.
Investment
Risk
We
hold a portion of our assets in debt and equity securities, including hedge funds, for strategic and speculative purposes. At October
31, 2023 and July 31, 2023, the value of our debt and equity security holdings was an aggregate of $46.2 million and $58.5 million, respectively,
which represented 9% and 11% of our total assets at October 31, 2023 and July 31, 2023, respectively. Investments in debt and equity
securities carry a degree of risk and depend to a great extent on correct assessments of the future course of price movements of securities
and other instruments. There can be no assurance that our investment managers will be able to accurately predict these price movements.
The securities markets have in recent years been characterized by great volatility and unpredictability. Accordingly, the value of our
investments may go down as well as up and we may not receive the amounts originally invested upon redemption.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures. Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of
our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended),
as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and
Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of October 31, 2023.
Changes
in Internal Control over Financial Reporting. There were no changes in our internal control over financial reporting during the fiscal
quarter ended October 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.
PART
II. OTHER INFORMATION
Item
1. Legal Proceedings
Legal
proceedings in which we are involved are described in Note 16 to the Consolidated Financial Statements included in Item 1 to Part I of
this Quarterly Report.
Item
1A. Risk Factors
There
are no material changes from the risk factors previously disclosed in Item 1A to Part I of our Annual Report on Form 10-K for the fiscal
year ended July 31, 2023.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
The
following table provides information with respect to purchases by us of our shares during the first quarter of fiscal 2024:
| |
Total Number of Shares Purchased | | |
Average Price per Share | | |
Total Number of Shares Purchased as part of Publicly Announced Plans or Programs | | |
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) | |
August 1-31, 2023 | |
| 32,772 | | |
$ | 22.95 | | |
| 32,772 | | |
| 4,669,435 | |
September 1–30, 2023 (2) | |
| 61,178 | | |
$ | 22.61 | | |
| 60,524 | | |
| 4,608,911 | |
October 1–31, 2023 | |
| 32,174 | | |
$ | 22.12 | | |
| 32,174 | | |
| 4,576,737 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
| 126,124 | | |
$ | 22.57 | | |
| 125,470 | | |
| | |
| (1) | On
January 22, 2016, our Board of Directors approved a stock repurchase program to purchase
up to 8.0 million shares of our Class
B common stock. |
| | |
| (2) | Total
number of shares purchased includes 654 shares of our Class B common stock that were tendered
by an employee of ours to satisfy the employee’s tax withholding obligations in connection
with the lapsing of restrictions on deferred stock units. Such shares
were repurchased by us based on their fair market value as of the close of business on the
trading day immediately prior to the vesting date. |
Item
3. Defaults Upon Senior Securities
None
Item
4. Mine Safety Disclosures
Not
applicable
Item
5. Other Information
None
Item
6. Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
IDT
CORPORATION |
|
|
|
December
11, 2023 |
By: |
/s/
SHMUEL JONAS |
|
|
Shmuel Jonas
Chief Executive Officer |
|
|
|
December
11, 2023 |
By: |
/s/
MARCELO FISCHER |
|
|
Marcelo Fischer
Chief Financial Officer |
EXHIBIT
31.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Shmuel Jonas, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of IDT Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
December 11, 2023
|
/s/
SHMUEL JONAS |
|
Shmuel
Jonas |
|
Chief
Executive Officer |
EXHIBIT
31.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
PURSUANT
TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Marcelo Fischer, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of IDT Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
December 11, 2023
|
/s/
MARCELO FISCHER |
|
Marcelo
Fischer |
|
Chief
Financial Officer |
EXHIBIT
32.1
Certification
Pursuant to
18
U.S.C. Section 1350
(as
Adopted Pursuant to Section 906 of
the
Sarbanes-Oxley Act Of 2002)
In
connection with the Quarterly Report of IDT Corporation (the “Company”) on Form 10-Q for the quarter ended October 31, 2023
as filed with the Securities and Exchange Commission (the “Report”), I, Shmuel Jonas, Chief Executive Officer of the Company,
certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
December 11, 2023
|
/s/
SHMUEL JONAS |
|
Shmuel
Jonas |
|
Chief
Executive Officer |
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided
to IDT Corporation and will be retained by IDT Corporation and furnished to the Securities and Exchange Commission or its staff upon
request.
EXHIBIT
32.2
Certification
Pursuant to
18
U.S.C. Section 1350
(as
Adopted Pursuant to Section 906 of
the
Sarbanes-Oxley Act Of 2002)
In
connection with the Quarterly Report of IDT Corporation (the “Company”) on Form 10-Q for the quarter ended October 31, 2023
as filed with the Securities and Exchange Commission (the “Report”), I, Marcelo Fischer, Chief Financial Officer of the Company,
certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
December 11, 2023
|
/s/
MARCELO FISCHER |
|
Marcelo
Fischer |
|
Chief
Financial Officer |
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided
to IDT Corporation and will be retained by IDT Corporation and furnished to the Securities and Exchange Commission or its staff upon
request.
v3.23.3
Cover - shares
|
3 Months Ended |
|
Oct. 31, 2023 |
Dec. 07, 2023 |
Document Type |
10-Q
|
|
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false
|
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|
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false
|
|
Document Period End Date |
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|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--07-31
|
|
Entity File Number |
1-16371
|
|
Entity Registrant Name |
IDT
CORPORATION
|
|
Entity Central Index Key |
0001005731
|
|
Entity Tax Identification Number |
22-3415036
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
520
Broad Street
|
|
Entity Address, City or Town |
Newark
|
|
Entity Address, State or Province |
NJ
|
|
Entity Address, Postal Zip Code |
07102
|
|
City Area Code |
(973)
|
|
Local Phone Number |
438-1000
|
|
Title of 12(b) Security |
Class
B common stock, par value $.01 per share
|
|
Trading Symbol |
IDT
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
|
|
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|
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v3.23.3
Consolidated Balance Sheets - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 121,668
|
$ 103,637
|
Restricted cash and cash equivalents |
86,785
|
95,186
|
Debt securities |
33,242
|
42,414
|
Equity investments |
4,761
|
6,198
|
Trade accounts receivable, net of allowance for credit losses of $5,909 at October 31, 2023 and allowance for doubtful accounts of $5,642 at July 31, 2023 |
35,328
|
32,092
|
Settlement assets, net of reserve of $1,469 at October 31, 2023 and $1,143 at July 31, 2023 |
18,122
|
32,396
|
Disbursement prefunding |
35,733
|
30,113
|
Prepaid expenses |
19,502
|
16,638
|
Other current assets |
27,034
|
28,394
|
Total current assets |
382,175
|
387,068
|
Property, plant, and equipment, net |
38,802
|
38,655
|
Goodwill |
26,311
|
26,457
|
Other intangibles, net |
7,215
|
8,196
|
Equity investments |
8,150
|
9,874
|
Operating lease right-of-use assets |
4,910
|
5,540
|
Deferred income tax assets, net |
20,539
|
24,101
|
Other assets |
10,944
|
10,919
|
Total assets |
499,046
|
510,810
|
Current liabilities: |
|
|
Trade accounts payable |
24,469
|
22,231
|
Accrued expenses |
100,107
|
110,796
|
Deferred revenue |
34,042
|
35,343
|
Customer deposits |
79,541
|
86,481
|
Settlement liabilities |
19,268
|
21,495
|
Other current liabilities |
18,507
|
17,761
|
Total current liabilities |
275,934
|
294,107
|
Operating lease liabilities |
2,346
|
2,881
|
Other liabilities |
3,220
|
3,354
|
Total liabilities |
281,500
|
300,342
|
Commitments and contingencies |
|
|
Redeemable noncontrolling interest |
10,579
|
10,472
|
IDT Corporation stockholders’ equity: |
|
|
Preferred stock, $.01 par value; authorized shares—10,000; no shares issued |
|
|
Additional paid-in capital |
302,351
|
301,408
|
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,279 and 4,152 shares of Class B common stock at October 31, 2023 and July 31, 2023, respectively |
(118,312)
|
(115,461)
|
Accumulated other comprehensive loss |
(16,627)
|
(17,192)
|
Retained earnings |
32,321
|
24,662
|
Total IDT Corporation stockholders’ equity |
200,045
|
193,729
|
Noncontrolling interests |
6,922
|
6,267
|
Total equity |
206,967
|
199,996
|
Total liabilities, redeemable noncontrolling interest, and equity |
499,046
|
510,810
|
Common Class A [Member] |
|
|
IDT Corporation stockholders’ equity: |
|
|
Common stock, value |
33
|
33
|
Common Class B [Member] |
|
|
IDT Corporation stockholders’ equity: |
|
|
Common stock, value |
$ 279
|
$ 279
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
Allowance for doubtful accounts receivable current |
$ 5,909
|
$ 5,642
|
Settlement assets, net of reserve |
$ 1,469
|
$ 1,143
|
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized |
10,000
|
10,000
|
Preferred stock, shares issued |
0
|
0
|
Common Class A [Member] |
|
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
35,000
|
35,000
|
Common stock, shares issued |
3,272
|
3,272
|
Common stock, shares outstanding |
1,574
|
1,574
|
Treasury stock shares |
1,698
|
1,698
|
Common Class B [Member] |
|
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
200,000
|
200,000
|
Common stock, shares issued |
27,865
|
27,851
|
Common stock, shares outstanding |
23,586
|
23,699
|
Treasury stock shares |
4,279
|
4,152
|
X |
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v3.23.3
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Income Statement [Abstract] |
|
|
|
Revenues |
|
$ 301,205
|
$ 321,816
|
Direct cost of revenues |
|
206,777
|
232,670
|
Gross profit |
|
94,428
|
89,146
|
Operating expenses (gains): |
|
|
|
Selling, general and administrative |
[1] |
77,222
|
69,620
|
Severance |
|
525
|
100
|
Other operating gain, net (see Note 10) |
|
(484)
|
(800)
|
Total operating expenses |
|
77,263
|
68,920
|
Income from operations |
|
17,165
|
20,226
|
Interest income, net |
|
844
|
509
|
Other expense, net |
|
(5,586)
|
(3,842)
|
Income before income taxes |
|
12,423
|
16,893
|
Provision for income taxes |
|
(3,947)
|
(4,338)
|
Net income |
|
8,476
|
12,555
|
Net income attributable to noncontrolling interests |
|
(817)
|
(1,553)
|
Net income attributable to IDT Corporation |
|
$ 7,659
|
$ 11,002
|
Earnings per share attributable to IDT Corporation common stockholders: |
|
|
|
Basic |
|
$ 0.30
|
$ 0.43
|
Diluted |
|
$ 0.30
|
$ 0.43
|
Weighted-average number of shares used in calculation of earnings per share: |
|
|
|
Basic |
|
25,178
|
25,603
|
Diluted |
|
25,277
|
25,616
|
|
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.23.3
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Additional Paid-in Capital [Member] |
Treasury Stock, Common [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
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$ 170,637
|
$ 33
|
$ 277
|
$ 296,005
|
$ (101,565)
|
$ (11,305)
|
$ (15,830)
|
$ 3,022
|
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(5,006)
|
|
|
|
(5,006)
|
|
|
|
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(335)
|
|
|
|
(335)
|
|
|
|
Stock-based compensation |
572
|
|
1
|
571
|
|
|
|
|
Distributions to noncontrolling interests |
(99)
|
|
|
|
|
|
|
(99)
|
Other comprehensive loss |
(367)
|
|
|
|
|
(367)
|
|
|
Stock issued to certain executive officers for bonus payments |
615
|
|
|
615
|
|
|
|
|
Net income |
12,422
|
|
|
|
|
|
11,002
|
1,420
|
BALANCE at Oct. 31, 2022 |
178,439
|
33
|
278
|
297,191
|
(106,906)
|
(11,672)
|
(4,828)
|
4,343
|
BALANCE at Jul. 31, 2023 |
199,996
|
33
|
279
|
301,408
|
(115,461)
|
(17,192)
|
24,662
|
6,267
|
Exercise of stock options |
172
|
|
|
172
|
|
|
|
|
Repurchases of Class B common stock through repurchase program |
(2,836)
|
|
|
|
(2,836)
|
|
|
|
Restricted Class B common stock purchased from employees |
(15)
|
|
|
|
(15)
|
|
|
|
Stock-based compensation |
771
|
|
|
771
|
|
|
|
|
Distributions to noncontrolling interests |
(55)
|
|
|
|
|
|
|
(55)
|
Other comprehensive loss |
565
|
|
|
|
|
565
|
|
|
Stock issued to certain executive officers for bonus payments |
|
|
|
|
|
|
|
|
Net income |
8,369
|
|
|
|
|
|
7,659
|
710
|
BALANCE at Oct. 31, 2023 |
$ 206,967
|
$ 33
|
$ 279
|
$ 302,351
|
$ (118,312)
|
$ (16,627)
|
$ 32,321
|
$ 6,922
|
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Operating activities |
|
|
|
Net income |
|
$ 8,476
|
$ 12,555
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
|
5,047
|
4,790
|
Deferred income taxes |
|
3,561
|
3,672
|
Provision for credit losses, doubtful accounts receivable, and reserve for settlement assets |
|
759
|
430
|
Net unrealized loss from marketable securities |
|
1,528
|
1,846
|
Stock-based compensation |
[1] |
771
|
572
|
Other |
|
897
|
756
|
Changes in assets and liabilities: |
|
|
|
Trade accounts receivable |
|
(4,572)
|
2,442
|
Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets |
|
8,250
|
(4,380)
|
Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities |
|
(7,061)
|
(6,970)
|
Customer deposits at IDT Financial Services Limited (Gibraltar-based bank) |
|
(2,326)
|
2,865
|
Deferred revenue |
|
(540)
|
(394)
|
Net cash provided by operating activities |
|
14,790
|
18,184
|
Investing activities |
|
|
|
Capital expenditures |
|
(4,322)
|
(5,172)
|
Purchase of convertible preferred stock in equity method investment |
|
(672)
|
|
Purchases of debt securities and equity investments |
|
(7,750)
|
(2,058)
|
Proceeds from maturities and sales of debt securities and equity investments |
|
17,067
|
11,472
|
Net cash provided by investing activities |
|
4,323
|
4,242
|
Financing activities |
|
|
|
Distributions to noncontrolling interests |
|
(55)
|
(99)
|
Proceeds from other liabilities |
|
100
|
300
|
Repayment of other liabilities |
|
(15)
|
(1,916)
|
Proceeds from borrowings under revolving credit facility |
|
30,315
|
|
Repayment of borrowings under revolving credit facility |
|
(30,315)
|
|
Proceeds from exercise of stock options |
|
172
|
|
Repurchases of Class B common stock |
|
(2,851)
|
(5,341)
|
Net cash used in financing activities |
|
(2,649)
|
(7,056)
|
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents |
|
(6,834)
|
(6,157)
|
Net increase in cash, cash equivalents, and restricted cash and cash equivalents |
|
9,630
|
9,213
|
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period |
|
198,823
|
189,562
|
Cash, cash equivalents, and restricted cash and cash equivalents at end of period |
|
208,453
|
198,775
|
Supplemental Schedule of Non-Cash Financing Activities |
|
|
|
Stock issued to certain executive officers for bonus payments |
|
|
$ 615
|
|
|
X |
- DefinitionAmount of other increase (decrease) in additional paid in capital (APIC).
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v3.23.3
Basis of Presentation
|
3 Months Ended |
Oct. 31, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Note
1—Basis of Presentation
The
accompanying unaudited consolidated financial statements of IDT Corporation and its subsidiaries (the “Company” or “IDT”)
have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include
all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the
three months ended October 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending July
31, 2024. The balance sheet at July 31, 2023 has been derived from the Company’s audited financial statements at that date but
does not include all of the information and notes required by U.S. GAAP for complete financial statements. For further information, please
refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the
fiscal year ended July 31, 2023, as filed with the U.S. Securities and Exchange Commission (the “SEC”).
The
Company’s fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal year ending
in the calendar year indicated (e.g., fiscal 2024 refers to the fiscal year ending July 31, 2024).
As
of October 31, 2023, the Company owned 90.0% of the outstanding shares of its subsidiary, net2phone 2.0, Inc. (“net2phone 2.0”),
which owns and operates the net2phone segment, and 80.0% of the outstanding shares of National Retail Solutions (“NRS”),
and, on a fully diluted basis assuming all the vesting criteria related to various rights granted have been met and other assumptions,
the Company would own 85.8% of net2phone 2.0 and 77.7% of NRS.
Reclassifications
As
of August 1, 2023, the Company includes depreciation and amortization in “Direct cost of revenues” and “Selling,
general and administrative” expense and is reporting gross profit in the consolidated statements of income. Prior to August 1,
2023, depreciation and amortization was a separate caption in the consolidated statements of income. Depreciation and amortization
expense of $4.8
million in the three months ended October 31, 2022 was reclassified to conform to the current year’s presentation as follows:
$1.0
million was reclassified to “Direct cost of revenues” and $3.8
million was reclassified to “Selling, general and administrative” expense.
In
the consolidated statements of cash flows, cash provided by “Trade accounts receivable” in the three months ended October
31, 2022 of $2.7 million was reclassified to “Settlement assets, disbursement prefunding, prepaid expenses, other
current assets, and other assets” to conform to the current year’s presentation.
Recently
Adopted Accounting Standard
On
August 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit
Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, that changed the impairment model for most financial
assets and certain other instruments. For receivables, entities are required to use a new forward-looking current expected credit loss
model to determine its allowance for credit losses, which replaced the allowance for doubtful accounts. When determining the allowance
for credit losses for its trade accounts receivable, the Company considers the probability of recoverability of accounts receivable based
on past experience, taking into account current collection trends and general economic factors, including bankruptcy rates. The Company
also considers future economic trends to estimate expected credit losses over the lifetime of the asset. Credit risks will be assessed
based on historical write-offs, net of recoveries, as well as an analysis of the aged accounts receivable balances with allowances generally
increasing as the receivable ages. Accounts receivable may be fully reserved for when specific collection issues are known to exist,
such as pending bankruptcies. Account balances are written off against the allowance when it is determined that the receivable will not
be recovered. For available-for-sale debt securities with unrealized losses, the concept of “other-than-temporary” impairment
was replaced by a determination whether any impairment is a result of a credit loss or other factors. The portion of the unrealized loss
that is the result of a credit loss is recognized as an allowance and a corresponding expense recorded in “Other expense,
net” in the consolidated statements of income. Unrealized loss that is not the result of a credit loss is recorded in “Accumulated
other comprehensive loss” in the consolidated balance sheets. The adoption of the new standard did not have a material impact on
the Company’s consolidated financial statements, and it was not necessary to record a cumulative-effect adjustment to retained
earnings as of August 1, 2023.
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v3.23.3
Business Segment Information
|
3 Months Ended |
Oct. 31, 2023 |
Segment Reporting [Abstract] |
|
Business Segment Information |
Note
2—Business Segment Information
The
Company has four reportable business segments, NRS, Fintech, net2phone, and Traditional Communications.
The
NRS segment is an operator of a nationwide point-of-sale (“POS”) network providing independent retailers with store management
software, electronic payment processing, and other ancillary merchant services. NRS’ POS platform provides marketers with digital
out-of-home advertising and transaction data.
The Fintech segment is comprised of BOSS Money, a provider of international money remittance and related value/payment transfer services,
as well as other, significantly smaller, financial services businesses, including Leaf Global Fintech Corporation (“Leaf”),
a provider of digital wallet services in emerging markets, a variable interest entity that operates money transfer businesses, and IDT
Financial Services Limited (“IDT Financial Services”), the Company’s Gibraltar-based bank.
The net2phone segment is comprised of net2phone’s cloud communications and contact center offerings.
The
Traditional Communications segment includes IDT Digital Payments, which enables customers to transfer airtime and bundles of airtime,
messaging, and data to international and domestic mobile accounts, BOSS Revolution Calling, an international long-distance calling service
marketed primarily to immigrant communities in the United States and Canada, and IDT Global, a wholesale provider of international voice
and SMS termination and outsourced traffic management solutions to telecoms worldwide. Traditional Communications also includes other
small businesses and offerings including early-stage business initiatives and mature businesses in harvest mode.
The
Company’s reportable segments are distinguished by types of service, customers, and methods used to provide their services. The
operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker. The accounting
policies of the segments are the same as the accounting policies of the Company as a whole. There are no significant asymmetrical allocations
to segments. The Company evaluates the performance of its business segments based primarily on income (loss) from operations.
Corporate
costs mainly include compensation, consulting fees, treasury, tax and accounting services, human resources, corporate purchasing, corporate
governance including Board of Directors’ fees, internal and external audit, investor relations, corporate insurance, corporate
legal, and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any
direct cost of revenues.
Operating
results for the business segments of the Company were as follows:
Schedule of Operating Results of Business Segments
(in thousands) | |
National Retail Solutions | | |
Fintech | | |
net2phone | | |
Traditional Communications | | |
Corporate | | |
Total | |
Three Months Ended October 31, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues | |
$ | 23,995 | | |
$ | 26,563 | | |
$ | 19,927 | | |
$ | 230,720 | | |
$ | — | | |
$ | 301,205 | |
Income (loss) from operations | |
| 5,460 | | |
| (1,383 | ) | |
| (7 | ) | |
| 15,406 | | |
| (2,311 | ) | |
| 17,165 | |
Depreciation and amortization: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Included in “Direct cost of revenues” | |
| 450 | | |
| 22 | | |
| 600 | | |
| 184 | | |
| — | | |
| 1,256 | |
Included in “Selling, general and administrative expense” | |
| 285 | | |
| 671 | | |
| 840 | | |
| 1,964 | | |
| 31 | | |
| 3,791 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Three Months Ended October 31, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues | |
$ | 19,313 | | |
$ | 19,887 | | |
$ | 16,950 | | |
$ | 265,666 | | |
$ | — | | |
$ | 321,816 | |
Income (loss) from operations | |
| 5,231 | | |
| 1,512 | | |
| (1,056 | ) | |
| 17,263 | | |
| (2,724 | ) | |
| 20,226 | |
Depreciation and amortization: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Included in “Direct cost of revenues” | |
| 320 | | |
| 23 | | |
| 498 | | |
| 193 | | |
| — | | |
| 1,034 | |
Included in “Selling, general and administrative expense” | |
| 158 | | |
| 598 | | |
| 854 | | |
| 2,128 | | |
| 18 | | |
| 3,756 | |
Total depreciation and amortization | |
| 158 | | |
| 598 | | |
| 854 | | |
| 2,128 | | |
| 18 | | |
| 3,756 | |
|
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v3.23.3
Revenue Recognition
|
3 Months Ended |
Oct. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
Note
3—Revenue Recognition
The
Company earns revenue from contracts with customers, primarily through the provision of retail telecommunications and payment offerings
as well as wholesale international voice and SMS termination. BOSS Money, NRS, and net2phone are technology-driven, synergistic businesses
that leverage the Company’s core assets. BOSS Money’s and NRS’ revenues are primarily recognized at a point in time, and net2phone’s
revenue is mainly recognized over time. Traditional Communications are mostly minute-based, paid-voice communications services, and revenue
is primarily recognized at a point in time. The Company’s most significant revenue streams are from IDT Digital Payments, BOSS
Revolution Calling, and IDT Global. IDT Digital Payments and BOSS Revolution Calling are sold direct-to-consumer and through distributors
and retailers.
Disaggregated
Revenues
The
following table shows the Company’s revenues disaggregated by business segment and service offered to customers:
Schedule of Revenues Disaggregated by Business Segment and Service Offered to Customers
| |
2023
| | |
2022 | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022 | |
| |
(in thousands) | |
National Retail Solutions | |
$ | 23,995 | | |
$ | 19,313 | |
| |
| | | |
| | |
BOSS Money | |
| 24,239 | | |
| 17,554 | |
Other | |
| 2,324 | | |
| 2,333 | |
| |
| | | |
| | |
Total Fintech | |
| 26,563 | | |
| 19,887 | |
| |
| | | |
| | |
net2phone | |
| 19,927 | | |
| 16,950 | |
| |
| | | |
| | |
IDT Digital Payments | |
| 99,986 | | |
| 109,048 | |
BOSS Revolution Calling | |
| 71,222 | | |
| 86,253 | |
IDT Global | |
| 52,034 | | |
| 61,611 | |
Other | |
| 7,478 | | |
| 8,754 | |
| |
| | | |
| | |
Total Traditional Communications | |
| 230,720 | | |
| 265,666 | |
| |
| | | |
| | |
Total | |
$ | 301,205 | | |
$ | 321,816 | |
Revenues | |
$ | 301,205 | | |
$ | 321,816 | |
The
following table shows the Company’s revenues disaggregated by geographic region, which is determined based on selling location:
Schedule
of Revenues Disaggregated by Geographic Region
(in thousands) | |
National Retail Solutions | | |
Fintech | | |
net2phone | | |
Traditional Communications | | |
Total | |
Three Months Ended October 31, 2023 | |
| | |
| | |
| | |
| | |
| |
United States | |
$ | 23,995 | | |
$ | 25,834 | | |
$ | 10,688 | | |
$ | 162,998 | | |
$ | 223,515 | |
Outside the United States: | |
| | | |
| | | |
| | | |
| | | |
| | |
United Kingdom | |
| — | | |
| — | | |
| — | | |
| 58,843 | | |
| 58,843 | |
Other | |
| — | | |
| 729 | | |
| 9,239 | | |
| 8,879 | | |
| 18,847 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total outside the United States | |
| — | | |
| 729 | | |
| 9,239 | | |
| 67,722 | | |
| 77,690 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 23,995 | | |
$ | 26,563 | | |
$ | 19,927 | | |
$ | 230,720 | | |
$ | 301,205 | |
Revenues | |
$ | 23,995 | | |
$ | 26,563 | | |
$ | 19,927 | | |
$ | 230,720 | | |
$ | 301,205 | |
(in thousands) | |
National Retail Solutions | | |
Fintech | | |
net2phone | | |
Traditional Communications | | |
Total | |
Three Months Ended October 31, 2022 | |
| | |
| | |
| | |
| | |
| |
United States | |
$ | 19,313 | | |
$ | 19,255 | | |
$ | 8,802 | | |
$ | 184,838 | | |
$ | 232,208 | |
Outside the United States: | |
| | | |
| | | |
| | | |
| | | |
| | |
United Kingdom | |
| — | | |
| — | | |
| — | | |
| 68,940 | | |
| 68,940 | |
Other | |
| — | | |
| 632 | | |
| 8,148 | | |
| 11,888 | | |
| 20,668 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total outside the United States | |
| — | | |
| 632 | | |
| 8,148 | | |
| 80,828 | | |
| 89,608 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 19,313 | | |
$ | 19,887 | | |
$ | 16,950 | | |
$ | 265,666 | | |
$ | 321,816 | |
Revenues | |
$ | 19,313 | | |
$ | 19,887 | | |
$ | 16,950 | | |
$ | 265,666 | | |
$ | 321,816 | |
Remaining
Performance Obligations
The
following table includes revenue by business segment expected to be recognized in the future from performance obligations that were unsatisfied
or partially unsatisfied as of October 31, 2023. The table excludes contracts that had an original expected duration of one year or less.
Schedule of Estimated Revenue by Business Segment
(in thousands) | |
National Retail Solutions | | |
net2phone | | |
Total | |
Twelve-month period ending October 31: | |
| | |
| | |
| |
2024 | |
$ | 5,740 | | |
$ | 38,430 | | |
$ | 44,170 | |
2025 | |
| 4,767 | | |
| 19,092 | | |
| 23,859 | |
Thereafter | |
| 4,682 | | |
| 6,718 | | |
| 11,400 | |
| |
| | | |
| | | |
| | |
Total | |
$ | 15,189 | | |
$ | 64,240 | | |
$ | 79,429 | |
Accounts
Receivable and Contract Balances
The
timing of revenue recognition may differ from the time of billing to the Company’s customers. Trade accounts receivable in the
Company’s consolidated balance sheets represent unconditional rights to consideration. The Company would record a contract asset
when revenue is recognized in advance of its right to bill and receive consideration. The Company has not currently identified any contract
assets.
Contract
liabilities arise when the Company receives consideration or bills its customers prior to providing the goods or services promised in
the contract. The Company’s contract liability balance is primarily payments received for prepaid BOSS Revolution Calling. Contract
liabilities are recognized as revenue when services are provided to the customer. The contract liability balances are presented in the
Company’s consolidated balance sheets as “Deferred revenue”.
The
following table presents information about the Company’s contract liability balance:
Schedule of Information About Contract Liabilities
| |
2023
| | |
2022
| |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022
| |
| |
(in thousands) | |
Revenue recognized in the period from amounts included in the contract liability balance at the beginning of the period | |
$ | 16,089 | | |
$ | 17,906 | |
Deferred
Customer Contract Acquisition and Fulfillment Costs
The
Company recognizes as an asset its incremental costs of obtaining a contract with a customer that it expects to recover. The Company’s
incremental costs of obtaining a contract with a customer are sales commissions paid to employees and third parties on sales to end users.
If the amortization period were one year or less for the asset that would be recognized from deferring these costs, the Company applies
the practical expedient whereby the Company charges these costs to expense when incurred. For net2phone sales, the Company defers these
costs and amortizes them over the expected customer relationship period when it is expected to exceed one year.
The
Company’s costs to fulfill its contracts do not meet the criteria to be recognized as an asset, therefore these costs are charged
to expense as incurred.
The
Company’s deferred customer contract acquisition costs were as follows:
Schedule of Deferred Customer Contract Acquisition Costs
| |
| | | |
| | |
| |
October 31,
2023 | | |
July 31,
2023
| |
| |
(in thousands) | |
Deferred customer contract acquisition costs included in “Other current assets” | |
$ | 4,180 | | |
$ | 4,460 | |
Deferred customer contract acquisition costs included in “Other assets” | |
| 3,744 | | |
| 3,734 | |
| |
| | | |
| | |
Total | |
$ | 7,924 | | |
$ | 8,194 | |
The Company’s amortization of deferred customer contract acquisition costs during the periods were as follows:
Schedule of Amortization of Deferred Customer Contract Acquisition Costs
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022
| |
| |
(in thousands) | |
Amortization of deferred customer contract acquisition costs | |
$ | 1,215 | | |
$ | 1,176 | |
|
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v3.23.3
Leases
|
3 Months Ended |
Oct. 31, 2023 |
Leases |
|
Leases |
Note
4—Leases
The
Company’s leases primarily consist of operating leases for office space. These leases have remaining terms from less than one year
to five years. net2phone also has operating leases for office equipment. Certain of these leases contain renewal options that may be
exercised and/or options to terminate the lease. The Company has concluded that it is not reasonably certain that it would exercise any
of these options.
net2phone
is the lessee under equipment leases that are classified as finance leases. The assets and liabilities related to these finance leases
are not material to the Company’s consolidated balance sheets.
Supplemental
disclosures related to the Company’s operating leases were as follows:
Schedule of Supplemental Disclosures Related to the Company's Operating Leases
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022
| |
| |
(in thousands) | |
Operating lease cost | |
$ | 758 | | |
$ | 767 | |
Short-term lease cost | |
| 326 | | |
| 269 | |
| |
| | | |
| | |
Total lease cost | |
$ | 1,084 | | |
$ | 1,036 | |
| |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Operating cash flows from operating leases | |
$ | 791 | | |
$ | 764 | |
Cash paid for amounts included
in the measurement of lease liabilities: Operating cash flows from operating leases | |
$ | 791 | | |
$ | 764 | |
Schedule of Supplemental Disclosures Related Weighted Average Operating Leases
| |
October 31,
2023 | | |
July 31,
2023
| |
Weighted-average remaining lease term-operating leases | |
| 2.1 years | | |
| 2.3 years | |
| |
| | | |
| | |
Weighted-average discount rate-operating leases | |
| 3.9 | % | |
| 3.7 | % |
In
the three months ended October 31, 2023 and 2022, the Company obtained right-of-use assets of $0.1 million and $0.4 million, respectively,
in exchange for new operating lease liabilities.
The
Company’s aggregate operating lease liability was as follows:
Schedule of Aggregate Operating Lease Liability
| |
| | | |
| | |
| |
October 31,
2023 | | |
July 31,
2023
| |
| |
(in thousands) | |
Operating lease liabilities included in “Other current liabilities” | |
$ | 2,732 | | |
$ | 2,861 | |
Operating lease liabilities included in noncurrent liabilities | |
| 2,346 | | |
| 2,881 | |
| |
| | | |
| | |
Total | |
$ | 5,078 | | |
$ | 5,742 | |
Future
minimum maturities of operating lease liabilities were as follows:
Schedule of Future Minimum Maturities of Operating Lease Liabilities
(in thousands) | |
| | |
Twelve-month period ending October 31: | |
| | |
2024 | |
$ | 2,883 | |
2025 | |
| 1,713 | |
2026 | |
| 478 | |
2027 | |
| 220 | |
2028 | |
| 12 | |
Thereafter | |
| — | |
| |
| | |
Total lease payments | |
| 5,306 | |
Less imputed interest | |
| (228 | ) |
| |
| | |
Total operating lease liabilities | |
$ | 5,078 | |
|
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v3.23.3
Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents
|
3 Months Ended |
Oct. 31, 2023 |
Cash and Cash Equivalents [Abstract] |
|
Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents |
Note
5—Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents
The
following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported in the consolidated
balance sheets that equals the total of the same amounts reported in the consolidated statements of cash flows:
Schedule of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents
| |
| | | |
| | |
| |
October 31,
2023 | | |
July 31,
2023
| |
| |
(in thousands) | |
Cash and cash equivalents | |
$ | 121,668 | | |
$ | 103,637 | |
Restricted cash and cash equivalents | |
| 86,785 | | |
| 95,186 | |
| |
| | | |
| | |
Total cash, cash equivalents, and restricted cash and cash equivalents | |
$ | 208,453 | | |
$ | 198,823 | |
At
October 31, 2023 and July 31, 2023, restricted cash and cash equivalents included $80.1 million and $87.3 million, respectively, in restricted
cash and cash equivalents for customer deposits held by IDT Financial Services. Certain of the electronic money financial services regulations
in Gibraltar require IDT Financial Services to safeguard cash held for customer deposits, segregate cash held for customer deposits from
any other cash that IDT Financial Services holds and utilize the cash only for the intended payment transaction.
Company
Restricted Cash and Cash Equivalents
The
Company treats unrestricted cash and cash equivalents held by IDT Payment Services, Inc. and IDT Payment Services of New York, LLC, which
provide the Company’s international money transfer services in the United States, as substantially restricted and unavailable for
other purposes. At October 31, 2023 and July 31, 2023, “Cash and cash equivalents” in the Company’s consolidated balance
sheets included an aggregate of $35.1 million and $20.6 million, respectively, held by IDT Payment Services, Inc. and IDT Payment Services
of New York, LLC, that was unavailable for other purposes.
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- DefinitionThe entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.
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v3.23.3
Debt Securities
|
3 Months Ended |
Oct. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] |
|
Debt Securities |
Note
6—Debt Securities
The following is a summary of available-for-sale debt securities:
Schedule of Available-for-sale Securities
| |
Amortized Cost | | |
Gross Unrealized Gains
| | |
Gross Unrealized Losses | | |
Fair Value | |
| |
(in thousands) | |
October 31, 2023: | |
| | |
| | |
| | |
| |
Certificates of deposit* | |
$ | 1,920 | | |
$ | — | | |
$ | (3 | ) | |
$ | 1,917 | |
U.S. Treasury bills and notes | |
| 25,085 | | |
| — | | |
| (141 | ) | |
| 24,944 | |
Government sponsored enterprise notes | |
| | |
| | |
| ) | |
| |
Corporate bonds | |
| 3,901 | | |
| — | | |
| (564 | ) | |
| 3,337 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 33,953 | | |
$ | — | | |
$ | (711 | ) | |
$ | 33,242 | |
| |
| | | |
| | | |
| | | |
| | |
July 31, 2023: | |
| | | |
| | | |
| | | |
| | |
Certificates of deposit* | |
$ | 4,080 | | |
$ | — | | |
$ | (4 | ) | |
$ | 4,076 | |
U.S. Treasury bills and notes | |
| 31,186 | | |
| — | | |
| (148 | ) | |
| 31,038 | |
Government sponsored enterprise notes | |
| | |
| | |
| ) | |
| |
Corporate bonds | |
| 3,912 | | |
| — | | |
| (485 | ) | |
| 3,427 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 43,059 | | |
$ | — | | |
$ | (645 | ) | |
$ | 42,414 | |
* | Each of the Company’s
certificates of deposit has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market. |
The gross unrealized losses in the table above are recorded in “Accumulated other comprehensive loss” in the consolidated
balance sheets. As of October 31, 2023, the Company determined that the unrealized losses were due to changes in interest rates or market
liquidity and were not due to credit losses. In addition, the Company does not intend to sell any of the securities with unrealized losses,
and it is not more likely than not that the Company will be required to sell any of the securities with unrealized losses.
Proceeds from maturities and sales of debt securities and redemptions of equity investments were $17.1 million and $11.5 million in the
three months ended October 31, 2023 and 2022, respectively. There were no realized gains or realized losses from sales of debt securities
in the three months ended October 31, 2023 and 2022. The Company uses the specific identification method in computing the realized gains
and realized losses on the sales of debt securities.
The contractual maturities of the Company’s available-for-sale debt securities at October 31, 2023 were as follows:
Schedule of Contractual Maturities of Available-for-sale Debt Securities
| |
Fair Value
| |
| |
| (in thousands) | |
Within one year | |
$ | 26,185 | |
After one year through five years | |
| 5,904 | |
After five years through ten years | |
| 1,110 | |
After ten years | |
| 43 | |
| |
| | |
Total | |
$ | 33,242 | |
The following available-for-sale debt securities were in an unrealized loss position for which other-than-temporary impairments were
not recognized:
Schedule of Available-for-sale Securities, Unrealized Loss Position
| |
Unrealized Losses | | |
Fair Value
| |
| |
(in thousands) | |
October 31, 2023: | |
| | |
| |
Certificates of deposit | |
$ | 3 | | |
$ | 1,917 | |
U.S. Treasury bills and notes | |
| 141 | | |
| 24,944 | |
Government sponsored enterprise notes | |
| | |
| |
Corporate bonds | |
| 564 | | |
| 3,337 | |
| |
| | | |
| | |
Total | |
$ | 711 | | |
$ | 33,242 | |
| |
| | | |
| | |
July 31, 2023: | |
| | | |
| | |
Certificates of deposit | |
$ | 4 | | |
$ | 3,356 | |
U.S. Treasury bills and notes | |
| 148 | | |
| 31,038 | |
Government sponsored enterprise notes | |
| | |
| |
Corporate bonds | |
| 485 | | |
| 3,368 | |
| |
| | | |
| | |
Total | |
$ | 645 | | |
$ | 41,635 | |
The
following available-for-sale debt securities included in the table above were in a continuous unrealized loss position for 12 months
or longer:
Schedule of Continuous Unrealized Loss Position for 12 Months or Longer
| |
Unrealized Losses
| | |
Fair Value | |
| |
(in thousands) | |
October 31, 2023: | |
| | |
| |
U.S. Treasury bills and notes | |
$ | 66 | | |
$ | 639 | |
Corporate bonds | |
| 556 | | |
| 3,216 | |
| |
| | | |
| | |
Total | |
$ | 622 | | |
$ | 3,855 | |
| |
| | | |
| | |
July 31, 2023: | |
| | | |
| | |
U.S. Treasury bills and notes | |
$ | 86 | | |
$ | 816 | |
Corporate bonds | |
| 484 | | |
| 3,299 | |
| |
| | | |
| | |
Total | |
$ | 570 | | |
$ | 4,115 | |
At
October 31, 2023 and July 31, 2023, the Company did not intend to sell any of the debt securities included in the table above, and it
is not more likely than not that the Company will be required to sell any of these securities before recovery of the unrealized losses,
which may be at maturity.
|
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- DefinitionThe entire disclosure for investments in certain debt and equity securities.
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v3.23.3
Equity Investments
|
3 Months Ended |
Oct. 31, 2023 |
Cash and Cash Equivalents [Abstract] |
|
Equity Investments |
Note
7—Equity Investments
Equity
investments consist of the following:
Schedule of Equity Investments
| |
| | | |
| | |
| |
October 31,
2023
| | |
July 31,
2023 | |
| |
(in thousands) | |
Zedge, Inc. Class B common stock, 42,282 shares at October 31, 2023 and July 31, 2023 | |
$ | 81 | | |
$ | 89 | |
Rafael Holdings, Inc. Class B common stock, 278,810 shares at October 31, 2023 and July 31, 2023 | |
| 496 | | |
| 558 | |
Other marketable equity securities | |
| 281 | | |
| 1,497 | |
Fixed income mutual funds | |
| 3,903 | | |
| 4,054 | |
| |
| | | |
| | |
Current equity investments | |
$ | 4,761 | | |
$ | 6,198 | |
| |
| | | |
| | |
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”) | |
$ | 1,249 | | |
$ | 1,263 | |
Convertible preferred stock—equity method investment | |
| 2,444 | | |
| 2,784 | |
Hedge funds | |
| 3,002 | | |
| 3,002 | |
Other | |
| 1,455 | | |
| 2,825 | |
| |
| | | |
| | |
Noncurrent equity investments | |
$ | 8,150 | | |
$ | 9,874 | |
Howard
S. Jonas, the Chairman of the Company (an executive officer position) and the Chairman of the Company’s Board of Directors, is
also the Vice-Chairman of the Board of Directors of Zedge, Inc. and
the Chairman of the Board of Directors and Executive Chairman of Rafael Holdings, Inc.
The
changes in the carrying value of the Company’s equity investments without readily determinable fair values for which the Company
elected the measurement alternative was as follows:
Schedule of Carrying Value of Equity Investments
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022 | |
| |
(in thousands) | |
Balance, beginning of period | |
$ | 1,632 | | |
$ | 1,501 | |
Adjustment for observable transactions involving a similar investment from the same issuer | |
| (14 | ) | |
| (27 | ) |
Upward adjustment | |
| 129 | | |
| — | |
Impairments | |
| — | | |
| — | |
| |
| | | |
| | |
Balance, end of the period | |
$ | 1,747 | | |
$ | 1,474 | |
The
Company decreased the carrying value of the shares of Visa Series C Preferred it held based on the fair value of Visa Class
A common stock, including a discount for lack of current marketability, which is classified as “Adjustment for observable transactions
involving a similar investment from the same issuer” in the table above. In addition, in connection with the acquisition of Regal Bancorp by SR Bancorp in September 2023, the Company adjusted
the carrying value of its shares of Regal Bancorp common stock.
Unrealized losses for all equity investments measured at fair value included the following:
Schedule of Unrealized (losses) Gains for All Equity Investments
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022
| |
| |
(in thousands) | |
Net losses recognized during the period on equity investments | |
$ | (917 | ) | |
$ | (1,941 | ) |
Plus: net losses recognized during the period on equity investments sold during the period | |
| — | | |
| 4 | |
| |
| | | |
| | |
Unrealized losses recognized during the period on equity investments still held at the reporting date | |
$ | (917 | ) | |
$ | (1,937 | ) |
The
unrealized gains and losses for all equity investments measured at fair value in the table above included the following:
| |
| | |
| |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
Unrealized losses recognized during the period on equity investments: | |
| | |
| |
| |
| | |
| |
Rafael Class B common stock | |
$ | (62 | ) | |
$ | (72 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Zedge Class B common stock | |
$ | (8 | ) | |
$ | (27 | ) |
Unrealized losses recognized during the period on equity investments still held at the reporting date | |
$ | (917 | ) | |
$ | (1,937 | ) |
Equity
Method Investment
The
Company has an investment in shares of convertible preferred stock of a communications company (the equity method investee, or “EMI”).
As of both October 31, 2023 and July 31, 2023, the Company’s ownership was 33.3%
of the EMI’s outstanding shares on an as converted basis. The Company accounts for this investment using the equity method since
the Company can exercise significant influence over the operating and financial policies of the EMI but does not have a controlling interest.
The
Company determined that on the dates of the acquisitions of the EMI’s shares, there were differences between its investment in
the EMI and its proportional interest in the equity of the EMI of an aggregate of $8.2 million, which represented the share of the EMI’s
customer list on the dates of the acquisitions attributed to the Company’s interest in the EMI. These basis differences are being
amortized over the 6-year estimated life of the customer list. In the accompanying consolidated statements of income, amortization of
equity method basis difference is included in the equity in the net loss of investee, which is recorded in “Other expense, net”
(see Note 17).
The
following table summarizes the change in the balance of the Company’s equity method investment:
Summary of Changes in Equity Method Investments
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Balance,
beginning of period | |
$ | 2,784 | | |
$ | 1,001 | |
Purchase
of convertible preferred stock | |
| 672 | | |
| — | |
Equity
in the net loss of investee | |
| (670 | ) | |
| (470 | ) |
Amortization
of equity method basis difference | |
| (342 | ) | |
| (182 | ) |
| |
| | | |
| | |
Balance,
end of period | |
$ | 2,444 | | |
$ | 349 | |
Summarized
financial information of the EMI was as follows:
Summary of Statements of Operations
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Revenues | |
$ | 2,551 | | |
$ | 1,873 | |
Costs
and expenses: | |
| | | |
| | |
Direct
cost of revenues | |
| 2,193 | | |
| 1,694 | |
Selling,
general and administrative | |
| 2,093 | | |
| 1,636 | |
Total
costs and expenses | |
| 4,286 | | |
| 3,330 | |
Loss
from operations | |
| (1,735 | ) | |
| (1,457 | ) |
Other
expense, net | |
| (104 | ) | |
| (344 | ) |
Net
loss | |
$ | (1,839 | ) | |
$ | (1,801 | ) |
|
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- DefinitionThe entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment.
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v3.23.3
Fair Value Measurements
|
3 Months Ended |
Oct. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Note
8—Fair Value Measurements
The
following table presents the balance of assets and liabilities measured at fair value on a recurring basis:
Schedule of Balance of Assets Measured at Fair Value on a Recurring Basis
| |
Level
1 (1) | | |
Level
2 (2) | | |
Level
3 (3) | | |
Total | |
| |
(in
thousands) | |
October
31, 2023 | |
| | | |
| | | |
| | | |
| | |
Debt
securities | |
$ | 24,944 | | |
$ | 8,298 | | |
$ | — | | |
$ | 33,242 | |
Equity
investments included in current assets | |
| 4,761 | | |
| — | | |
| — | | |
| 4,761 | |
Equity
investments included in noncurrent assets | |
| — | | |
| 1,230 | | |
| 1,249 | | |
| 2,479 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 29,705 | | |
$ | 9,528 | | |
$ | 1,249 | | |
$ | 40,482 | |
| |
| | | |
| | | |
| | | |
| | |
Acquisition
consideration included in: | |
| | | |
| | | |
| | | |
| | |
Other
current liabilities | |
$ | — | | |
$ | — | | |
$ | (1,834 | ) | |
$ | (1,834 | ) |
Other
noncurrent liabilities | |
| — | | |
| — | | |
| (2,754 | ) | |
| (2,754 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | — | | |
$ | — | | |
$ | (4,588 | ) | |
$ | (4,588 | ) |
| |
| | | |
| | | |
| | | |
| | |
July
31, 2023 | |
| | | |
| | | |
| | | |
| | |
Debt
securities | |
$ | 31,038 | | |
$ | 11,376 | | |
$ | — | | |
$ | 42,414 | |
Equity
investments included in current assets | |
| 6,198 | | |
| — | | |
| — | | |
| 6,198 | |
Equity
investments included in noncurrent assets | |
| — | | |
| 2,500 | | |
| 1,263 | | |
| 3,763 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 37,236 | | |
$ | 13,876 | | |
$ | 1,263 | | |
$ | 52,375 | |
| |
| | | |
| | | |
| | | |
| | |
Acquisition
consideration included in: | |
| | | |
| | | |
| | | |
| | |
Other
current liabilities | |
$ | — | | |
$ | — | | |
$ | (2,032 | ) | |
$ | (2,032 | ) |
Other
noncurrent liabilities | |
| — | | |
| — | | |
| (2,773 | ) | |
| (2,773 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | — | | |
$ | — | | |
$ | (4,805 | ) | |
$ | (4,805 | ) |
(1) | – quoted
prices in active markets for identical assets or liabilities |
(2) | – observable
inputs other than quoted prices in active markets for identical assets and liabilities |
(3) | – no observable
pricing inputs in the market |
At
both October 31, 2023 and July 31, 2023, the Company had $3.0
million in investments in hedge
funds, which were included in noncurrent “Equity investments” in the accompanying consolidated balance sheets. The Company’s
investments in hedge funds were accounted for using the equity method, therefore they were not measured at fair value.
The
following table summarizes the change in the balance of the Company’s assets measured at fair value on a recurring basis using
significant unobservable inputs (Level 3):
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | | |
| |
Balance,
beginning of period | |
$ | 1,263 | | |
$ | 1,132 | |
Total
losses included in “Other expense, net” | |
| (14 | ) | |
| (27 | ) |
| |
| | | |
| | |
Balance,
end of period | |
$ | 1,249 | | |
$ | 1,105 | |
| |
| | | |
| | |
Change
in unrealized gains or losses for the period included in earnings for assets held at the end of the period | |
$ | — | | |
$ | — | |
The
following table summarizes the change in the balance of the Company’s liabilities measured at fair value on a recurring basis using
significant unobservable inputs (Level 3):
Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Balance,
beginning of period | |
$ | 4,805 | | |
$ | 8,546 | |
Payments | |
| (214 | ) | |
| (375 | ) |
Total
gain included in: | |
| | | |
| | |
“Other
operating gain, net” | |
| — | | |
| (1,565 | ) |
“Foreign
currency translation adjustment” | |
| (3 | ) | |
| (3 | ) |
| |
| | | |
| | |
Balance,
end of period | |
$ | 4,588 | | |
$ | 6,603 | |
| |
| | | |
| | |
Change
in unrealized gains or losses for the period included in earnings for liabilities held at the end of the period | |
$ | — | | |
$ | — | |
In
the three months ended October 31, 2023, the Company paid an aggregate of $0.2 million in contingent consideration related to a prior
acquisition. In the three months ended October 31, 2022, the Company paid an aggregate of $0.4
million in contingent consideration related to
prior acquisitions. In addition, in September 2022, the Company determined that the requirements for a portion of the contingent consideration
payments related to the acquisition of Leaf would not be met. The Company recorded a gain of $1.6
million on the write-off of this contingent consideration
payment obligation, which was included in “Other operating gain, net” in the accompanying consolidated statements
of income.
Fair
Value of Other Financial Instruments
The estimated fair value of the Company’s other financial instruments was determined using available market information or other
appropriate valuation methodologies. However, considerable judgment is required in interpreting these data to develop estimates of fair
value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current
market exchange.
Cash and cash equivalents, restricted cash and cash equivalents, settlement assets, other current assets, customer deposits, settlement
liabilities, and other current liabilities. At October 31, 2023 and July 31, 2023, the carrying amount of these assets and liabilities
approximated fair value because of the short period of time to maturity. The fair value estimates for cash, cash equivalents, and restricted
cash and cash equivalents were classified as Level 1 and settlement assets, other current assets, customer deposits, settlement liabilities,
and other current liabilities were classified as Level 2 of the fair value hierarchy.
Other assets and other liabilities. At October 31, 2023 and July 31, 2023, the carrying amount of these assets and liabilities
approximated fair value. The fair values were estimated based on the Company’s assumptions, which were classified as Level 3 of
the fair value hierarchy.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.3
Variable Interest Entity
|
3 Months Ended |
Oct. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Variable Interest Entity |
Note
9—Variable Interest Entity
The
Company is the primary beneficiary of a variable interest entity (“VIE”) that operates money transfer businesses. The Company
determined that, effective May 31, 2021, it had the power to direct the activities of the VIE that most significantly impact its economic
performance, and the Company has the obligation to absorb losses of and the right to receive benefits from the VIE that could potentially
be significant to it. As a result, the Company consolidates the VIE. The Company does not currently own any interest in the VIE and thus
the net income incurred by the VIE was attributed to noncontrolling interests in the accompanying consolidated statements of income.
The
VIE’s net income and aggregate funding provided by the Company were as follows:
Schedule of Net Income and Aggregate Funding to the Company by VIE
| |
| | | |
| | |
| |
Three
Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Net
income of the VIE | |
$ | 81 | | |
$ | 140 | |
| |
| | | |
| | |
Aggregate
funding provided by the Company, net | |
$ | 114 | | |
$ | 97 | |
The
VIE’s summarized consolidated balance sheet amounts are as follows:
VIE’s Summarized Consolidated Balance Sheet
| |
| | | |
| | |
| |
October
31,
2023 | | |
July
31,
2023 | |
| |
(in
thousands) | |
Assets: | |
| | | |
| | |
Cash
and equivalents | |
$ | 1,881 | | |
$ | 1,596 | |
Restricted
cash | |
| 6,578 | | |
| 7,848 | |
Trade
accounts receivable, net | |
| 23 | | |
| 62 | |
Disbursement
prefunding | |
| 1,037 | | |
| 585 | |
Prepaid
expenses | |
| 294 | | |
| 197 | |
Other
current assets | |
| 383 | | |
| 317 | |
Property,
plant, and equipment, net | |
| 219 | | |
| 272 | |
Other
intangibles, net | |
| 699 | | |
| 737 | |
| |
| | | |
| | |
Total
assets | |
$ | 11,114 | | |
$ | 11,614 | |
| |
| | | |
| | |
Liabilities
and noncontrolling interests: | |
| | | |
| | |
Trade
accounts payable | |
$ | — | | |
$ | — | |
Accrued
expenses | |
| 86 | | |
| 70 | |
Settlement
liabilities | |
| 6,882 | | |
| 7,573 | |
Due
to the Company | |
| 140 | | |
| 26 | |
Accumulated
other comprehensive income | |
| 1 | | |
| 21 | |
Noncontrolling
interests | |
| 4,005 | | |
| 3,924 | |
| |
| | | |
| | |
Total
liabilities and noncontrolling interests | |
$ | 11,114 | | |
$ | 11,614 | |
The
VIE’s assets may only be used to settle the VIE’s obligations and may not be used for other consolidated entities. The VIE’s
liabilities are non-recourse to the general credit of the Company’s other consolidated entities.
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v3.23.3
Other Operating Gain, Net
|
3 Months Ended |
Oct. 31, 2023 |
Other Income and Expenses [Abstract] |
|
Other Operating Gain, Net |
Note
10—Other Operating Gain, Net
The
following table summarizes the other operating gain, net by business segment:
Schedule
of Other Operating Gain, Net
| |
| | | |
| | |
| |
Three
Months Ended
October
31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Corporate—Straight
Path Communications Inc. class action legal fees | |
$ | (212 | ) | |
$ | (2,512 | ) |
Corporate—Straight
Path Communications Inc. class action insurance claims | |
| 684 | | |
| 1,725 | |
Corporate—other | |
| 12 | | |
| — | |
Fintech—write-off
of contingent consideration liability | |
| — | | |
| 1,565 | |
Fintech—government
grants | |
| — | | |
| 33 | |
Traditional
Communications—cable telephony customer indemnification claim | |
| — | | |
| (11 | ) |
| |
| | | |
| | |
Total | |
$ | 484 | | |
$ | 800 | |
Straight
Path Communications Inc. Class Action
As
discussed in Note 16, the Company (as well as other defendants) was named in a class action on behalf of the stockholders of the
Company’s former subsidiary, Straight Path Communications Inc. (“Straight Path”). The Company incurred legal fees and
recorded offsetting gains from insurance claims related to this action in the three months ended October 31, 2023 and 2022. On October
3, 2023, the Court of Chancery of the State of Delaware dismissed all claims against the Company, and found that, contrary to the plaintiffs’
allegations, the class suffered no damages. The plaintiffs will have 30 days from entry of the final order to file an appeal.
Write-off
of Contingent Consideration Liability
In
September 2022, the Company determined that the requirements for a portion of the contingent consideration payments related to the Leaf
acquisition would not be met. The Company recognized a gain on the write-off of this contingent consideration payment obligation.
Government
Grants
In
the three months ended October 31, 2022, Leaf received payments from government grants for the development and commercialization of blockchain-backed
financial technologies.
Indemnification
Claim
Beginning
in June 2019, as part of a commercial resolution, the Company indemnified a cable telephony customer related to patent infringement claims
brought against the customer. On May 8, 2023, the Company and the customer agreed to release the Company from the indemnification agreement
in exchange for $3.9 million, which was recorded as an expense in the third quarter of fiscal 2023.
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v3.23.3
Revolving Credit Facility
|
3 Months Ended |
Oct. 31, 2023 |
Debt Disclosure [Abstract] |
|
Revolving Credit Facility |
Note
11—Revolving Credit Facility
The
Company’s subsidiary, IDT Telecom, Inc. (“IDT Telecom”), entered into a credit agreement, dated as of May 17, 2021,
with TD Bank, N.A. for a revolving credit facility for up to a maximum principal amount of $25.0 million. As of July 28, 2023, IDT Telecom
and TD Bank, N.A. amended certain terms of the credit agreement. IDT Telecom may use the proceeds to finance working capital requirements
and for certain closing costs of the facility. At October 31, 2023 and July 31, 2023, there were no amounts outstanding under this facility.
In the three months ended October 31, 2023 and 2022, IDT Telecom borrowed and repaid an aggregate of $30.3 million and nil, respectively,
under the facility. The revolving credit facility is secured by primarily all of IDT Telecom’s assets. The principal outstanding
bears interest per annum at the secured overnight financing rate published by the Federal Reserve Bank of New York plus 10 basis points,
plus depending upon IDT Telecom’s leverage ratio as computed for the most recent fiscal quarter, 125 to 175 basis points. Interest
is payable monthly, and all outstanding principal and any accrued and unpaid interest is due on May 16, 2026. IDT Telecom pays a quarterly
unused commitment fee on the average daily balance of the unused portion of the $25.0 million commitment of 30 to 85 basis points, depending
upon IDT Telecom’s leverage ratio as computed for the most recent fiscal quarter. IDT Telecom is required to comply with various
affirmative and negative covenants as well as maintain certain targets based on financial ratios during the term of the revolving credit
facility. As of October 31, 2023 and July 31, 2023, IDT Telecom was in compliance with all of the covenants.
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v3.23.3
Equity
|
3 Months Ended |
Oct. 31, 2023 |
Equity: |
|
Equity |
Note
12—Equity
2024
Equity Incentive Plan
On
October 26, 2023, the Company’s Board of Directors adopted the Company’s 2024 Equity Incentive Plan (the “2024 Plan”),
which is intended to provide incentives to officers, employees, directors, and consultants of the Company, including stock options, stock
appreciation rights, deferred stock units (“DSUs”), and restricted stock. The number of shares of the Company’s Class
B common stock available for the grant of awards under the 2024 Plan will be 250,000 shares. The 2024 Plan is subject to approval by
the Company’s stockholders at its annual meeting of stockholders on December 13, 2023. The Company’s current equity incentive
plan, the 2015 Stock Option and Incentive Plan (the “2015 Plan”), is scheduled to expire on September 16, 2024.
2015
Stock Option and Incentive Plan
On
October 11, 2023, the Company’s Board of Directors amended the Company’s 2015 Plan to increase the number of shares of the
Company’s Class B common stock available for the grant of awards thereunder by an additional 250,000 shares. The amendment is subject
to approval by the Company’s stockholders at its annual meeting of stockholders on December 13, 2023.
In the three months ended October 31, 2023, the Company received cash from the exercise of stock options of $0.2
million for which the Company issued 12,500 shares of its Class B common stock. There were no stock option exercises in the three months
ended October 31, 2022.
Stock
Repurchases
The
Company has an existing stock repurchase program authorized by its Board of Directors for the repurchase of shares of the Company’s
Class B common stock. The Board of Directors authorized the repurchase of up to 8.0 million shares in the aggregate. In the three months
ended October 31, 2023, the Company repurchased 125,470 shares of its Class B common stock for an aggregate purchase price of $2.8 million.
In the three months ended October 31, 2022, the Company repurchased 203,436 shares of its Class B common stock for an aggregate purchase
price of $5.0 million. At October 31, 2023, 4.6 million shares remained available for repurchase under the stock repurchase program.
In
the three months ended October 31, 2023 and 2022, the Company paid $15,000 and $0.3
million, respectively, to repurchase 654
and 13,403
shares, respectively, of the Company’s Class B common stock that were tendered by employees of the Company to satisfy the
employees’ tax withholding obligations in connection with the vesting of DSUs, the lapsing of restrictions on restricted
stock, and shares issued for bonus payments. Such shares were repurchased by the Company based on their fair
market value as of the close of business on the trading day immediately prior to the vesting date.
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v3.23.3
Redeemable Noncontrolling Interest
|
3 Months Ended |
Oct. 31, 2023 |
Noncontrolling Interest [Abstract] |
|
Redeemable Noncontrolling Interest |
Note
13—Redeemable Noncontrolling Interest
On
September 29, 2021, NRS sold shares of its Class B common stock representing 2.5% of its outstanding capital stock on a fully diluted
basis to Alta Fox Opportunities Fund LP (“Alta Fox”) for cash of $10 million. Alta Fox has the right to request that NRS
redeem all or any portion of the NRS common shares that it purchased at the per share purchase price during a period of 182 days following
the fifth anniversary of this transaction. The redemption right shall terminate upon the consummation of (i) a sale of NRS or its assets
for cash or securities that are listed on a national securities exchange, (ii) a public offering of NRS’ securities, or (iii) a
distribution of NRS’ capital stock following which NRS’ common shares are listed on a national securities exchange.
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shares of NRS’ Class B common stock sold to Alta Fox have been classified as mezzanine equity in the accompanying consolidated
balance sheets because they may be redeemed at the option of Alta Fox, although the shares are not mandatorily redeemable. The carrying
amount of the shares includes the noncontrolling interest in the net income of NRS. The net income attributable to the mezzanine equity’s
noncontrolling interest during the periods were as follows:
Schedule of Net Income Attributable to Mezzanine Equity’s Noncontrolling Interest
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
Net income of NRS attributable to the mezzanine equity’s noncontrolling interest | |
$ | 107 | | |
$ | 133 | |
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v3.23.3
Earnings Per Share
|
3 Months Ended |
Oct. 31, 2023 |
Earnings per share attributable to IDT Corporation common stockholders: |
|
Earnings Per Share |
Note
14— Earnings Per Share
Basic
earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted
average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed
in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject
to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect
of such increase is anti-dilutive.
The
weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s
common stockholders consists of the following:
Schedule of Weighted-average Number of Shares Used in the Calculation of Basic and Diluted Earnings Per Share
| |
| | | |
| | |
| |
| Three
Months Ended
October 31, | |
| |
| 2023 | | |
| 2022 | |
| |
| (in thousands) | |
Basic weighted-average number of shares | |
| 25,178 | | |
| 25,603 | |
Effect of dilutive securities: | |
| | | |
| | |
Stock options | |
| 3 | | |
| 12 | |
Non-vested restricted Class B common stock | |
| 96 | | |
| 1 | |
| |
| | | |
| | |
Diluted weighted-average number of shares | |
| 25,277 | | |
| 25,616 | |
There were no shares excluded from the calculation of diluted earnings per share in the three months ended October
31, 2023 and 2022.
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v3.23.3
Accumulated Other Comprehensive Loss
|
3 Months Ended |
Oct. 31, 2023 |
Equity: |
|
Accumulated Other Comprehensive Loss |
Note
15—Accumulated Other Comprehensive Loss
The accumulated balances for each classification of other comprehensive income were as follows:
Schedule of Accumulated Balances for Each Classification of Other Comprehensive Loss
| |
Unrealized Loss on Available-for-Sale Securities | | |
Foreign Currency Translation | | |
Accumulated Other Comprehensive Loss | |
| |
(in thousands) | |
Balance, July 31, 2023 | |
$ | (645 | ) | |
$ | (16,547 | ) | |
$ | (17,192 | ) |
Other comprehensive (loss) income attributable to IDT Corporation | |
| (66 | ) | |
| 631 | | |
| 565 | |
| |
| | | |
| | | |
| | |
Balance, October 31, 2023 | |
$ | (711 | ) | |
$ | (15,916 | ) | |
$ | (16,627 | ) |
|
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v3.23.3
Commitments and Contingencies
|
3 Months Ended |
Oct. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
16—Commitments and Contingencies
COVID-19
In
May 2023, the World Health Organization declared an end to COVID-19 as a public health emergency. As of the date of this Quarterly Report,
the Company continues to monitor the situation. The Company cannot predict with certainty the potential impact of COVID-19 if it re-invigorates
on the Company’s results of operations, financial condition, or cash flows.
Legal
Proceedings
On
July 5, 2017, plaintiff JDS1, LLC, on behalf of itself and all other similarly situated stockholders of Straight Path, and derivatively
on behalf of Straight Path as nominal defendant, filed a putative class action and derivative complaint in the Court of Chancery of the
State of Delaware against the Company, The Patrick Henry Trust (a trust formed by Howard S. Jonas that held record and beneficial ownership
of certain shares of Straight Path he formerly held), Howard S. Jonas, and each of Straight Path’s directors. The complaint alleged
that the Company aided and abetted Straight Path Chairman of the Board and Chief Executive Officer Davidi Jonas, and Howard S. Jonas
in his capacity as controlling stockholder of Straight Path, in breaching their fiduciary duties to Straight Path in connection with
the settlement of claims between Straight Path and the Company related to potential indemnification claims concerning Straight Path’s
obligations under the Consent Decree it entered into with the Federal Communications Commission (“FCC”), as well as the sale
of Straight Path’s subsidiary Straight Path IP Group, Inc. to the Company in connection with that settlement. That action was consolidated
with a similar action that was initiated by The Arbitrage Fund. The Plaintiffs sought, among other things, (i) a declaration that the
action may be maintained as a class action or in the alternative, that demand on the Straight Path Board is excused; (ii) that the term
sheet is invalid; (iii) awarding damages for the unfair price stockholders received in the merger between Straight Path and Verizon Communications
Inc. for their shares of Straight Path’s Class B common stock; and (iv) ordering Howard S. Jonas, Davidi Jonas, and the Company
to disgorge any profits for the benefit of the class Plaintiffs. On August 28, 2017, the Plaintiffs filed an amended complaint. The trial
was held in August and December 2022, and closing arguments were presented on May 3, 2023. On October 3, 2023, the Court of Chancery
of the State of Delaware dismissed all claims against the Company, and found that, contrary to the plaintiffs’ allegations, the
class suffered no damages. The plaintiffs will have 30 days from entry of the final order to file an appeal.
In
addition to the foregoing, the Company is subject to other legal proceedings that have arisen in the ordinary course of business and
have not been finally adjudicated. Although there can be no assurance in this regard, the Company believes that none of the other legal
proceedings to which the Company is a party will have a material adverse effect on the Company’s results of operations, cash flows
or financial condition.
Sales
Tax Contingency
On
June 21, 2018, the United States Supreme Court rendered a decision in South Dakota v. Wayfair, Inc., holding that a state may require
a remote seller with no physical presence in the state to collect and remit sales tax on goods and services provided to purchasers in
the state, overturning certain existing court precedent. It is possible that one or more jurisdictions may assert that the Company has
liability for periods for which it has not collected sales, use or other similar taxes, and if such an assertion or assertions were successful
it could materially and adversely affect the Company’s business, financial position, and operating results. One or more jurisdictions
may change their laws or policies to apply their sales, use or other similar taxes to the Company’s operations, and if such changes
were made it could materially and adversely affect the Company’s business, financial position, and operating results.
Regulatory
Fees Audit
The Company’s 2017 FCC Form 499-A, which reports its calendar year 2016 revenue, was audited by the Universal Service Administrative
Company (“USAC”). The USAC’s final decision imposed a $2.9 million charge on the Company for the Federal Telecommunications
Relay Service (“TRS”) Fund. The Company has appealed the USAC’s final decision to the FCC and does not intend to remit
payment for the TRS Fund fees unless and until a negative decision on its appeal has been issued. The Company has made certain changes
to its filing policies and procedures for years that remain potentially under audit. At October 31, 2023 and July 31, 2023, the Company’s
accrued expenses included $23.9 million and $26.8 million, respectively, for FCC-related regulatory fees for the year covered by the
audit, as well as prior and subsequent years.
Purchase
Commitments
At
October 31, 2023, the Company had purchase commitments of $18.6 million primarily for equipment and services.
Performance
Bonds
The
Company has performance bonds issued through third parties for the benefit of various states in order to comply with the states’
financial requirements for money remittance licenses and telecommunications resellers. At October 31, 2023, the Company had aggregate
performance bonds of $29.0 million outstanding.
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v3.23.3
Other Expense, Net
|
3 Months Ended |
Oct. 31, 2023 |
Other Income and Expenses [Abstract] |
|
Other Expense, Net |
Note
17—Other Expense, Net
Other
expense, net consists of the following:
Schedule of Other (Expense) Income, Net
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
Foreign currency transaction losses | |
$ | (3,499 | ) | |
$ | (1,030 | ) |
Equity in net loss of investee | |
| (1,012 | ) | |
| (652 | ) |
Losses on investments | |
| (917 | ) | |
| (1,941 | ) |
Other | |
| (158 | ) | |
| (219 | ) |
| |
| | | |
| | |
Total | |
$ | (5,586 | ) | |
$ | (3,842 | ) |
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v3.23.3
Income Taxes
|
3 Months Ended |
Oct. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
18—Income Taxes
The Company’s income tax expense in the three months ended October 31, 2023 was based on an effective tax rate of 31.8% compared
to 27.0% for fiscal 2023. The change in the estimated effective tax rate was mainly due to differences in the amount of taxable income
earned in the various taxing jurisdictions.
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v3.23.3
Recently Issued Accounting Standards Not Yet Adopted
|
3 Months Ended |
Oct. 31, 2023 |
Accounting Changes and Error Corrections [Abstract] |
|
Recently Issued Accounting Standards Not Yet Adopted |
Note
19—Recently Issued Accounting Standards Not Yet Adopted
In November 2023, the Financial Accounting
Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment
Disclosures, to improve the disclosures about reportable segments and add more detailed information about a reportable segment’s
expenses. The amendments in the ASU require public entities to disclose on an annual and interim basis significant segment expenses that
are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment
profit or loss, other segment items by reportable segment, the title and position of the CODM, and an explanation of how the CODM uses
the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU does
not change the definition of a segment, the method for determining segments, the criteria for aggregating operating segments into reportable
segments, or the current specifically enumerated segment expenses that are required to be disclosed. The Company will adopt the amendments
in this ASU for its fiscal year beginning on August 1, 2024 applied retrospectively to all prior periods presented. The Company is evaluating
the impact that this ASU will have on its consolidated financial statements.
In June 2022, the FASB issued ASU No. 2022-03,
Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,
that clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the
equity security and, therefore, is not considered in measuring fair value. The ASU also requires specific disclosures related to equity
securities that are subject to contractual sales restrictions. The Company will adopt the amendments in this ASU prospectively on August
1, 2024. The Company is evaluating the impact that this ASU will have on its consolidated financial statements.
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v3.23.3
Basis of Presentation (Policies)
|
3 Months Ended |
Oct. 31, 2023 |
Accounting Policies [Abstract] |
|
Reclassifications |
Reclassifications
As
of August 1, 2023, the Company includes depreciation and amortization in “Direct cost of revenues” and “Selling,
general and administrative” expense and is reporting gross profit in the consolidated statements of income. Prior to August 1,
2023, depreciation and amortization was a separate caption in the consolidated statements of income. Depreciation and amortization
expense of $4.8
million in the three months ended October 31, 2022 was reclassified to conform to the current year’s presentation as follows:
$1.0
million was reclassified to “Direct cost of revenues” and $3.8
million was reclassified to “Selling, general and administrative” expense.
In
the consolidated statements of cash flows, cash provided by “Trade accounts receivable” in the three months ended October
31, 2022 of $2.7 million was reclassified to “Settlement assets, disbursement prefunding, prepaid expenses, other
current assets, and other assets” to conform to the current year’s presentation.
|
Recently Adopted Accounting Standard |
Recently
Adopted Accounting Standard
On
August 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit
Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, that changed the impairment model for most financial
assets and certain other instruments. For receivables, entities are required to use a new forward-looking current expected credit loss
model to determine its allowance for credit losses, which replaced the allowance for doubtful accounts. When determining the allowance
for credit losses for its trade accounts receivable, the Company considers the probability of recoverability of accounts receivable based
on past experience, taking into account current collection trends and general economic factors, including bankruptcy rates. The Company
also considers future economic trends to estimate expected credit losses over the lifetime of the asset. Credit risks will be assessed
based on historical write-offs, net of recoveries, as well as an analysis of the aged accounts receivable balances with allowances generally
increasing as the receivable ages. Accounts receivable may be fully reserved for when specific collection issues are known to exist,
such as pending bankruptcies. Account balances are written off against the allowance when it is determined that the receivable will not
be recovered. For available-for-sale debt securities with unrealized losses, the concept of “other-than-temporary” impairment
was replaced by a determination whether any impairment is a result of a credit loss or other factors. The portion of the unrealized loss
that is the result of a credit loss is recognized as an allowance and a corresponding expense recorded in “Other expense,
net” in the consolidated statements of income. Unrealized loss that is not the result of a credit loss is recorded in “Accumulated
other comprehensive loss” in the consolidated balance sheets. The adoption of the new standard did not have a material impact on
the Company’s consolidated financial statements, and it was not necessary to record a cumulative-effect adjustment to retained
earnings as of August 1, 2023.
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v3.23.3
Business Segment Information (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Segment Reporting [Abstract] |
|
Schedule of Operating Results of Business Segments |
Operating
results for the business segments of the Company were as follows:
Schedule of Operating Results of Business Segments
(in thousands) | |
National Retail Solutions | | |
Fintech | | |
net2phone | | |
Traditional Communications | | |
Corporate | | |
Total | |
Three Months Ended October 31, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues | |
$ | 23,995 | | |
$ | 26,563 | | |
$ | 19,927 | | |
$ | 230,720 | | |
$ | — | | |
$ | 301,205 | |
Income (loss) from operations | |
| 5,460 | | |
| (1,383 | ) | |
| (7 | ) | |
| 15,406 | | |
| (2,311 | ) | |
| 17,165 | |
Depreciation and amortization: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Included in “Direct cost of revenues” | |
| 450 | | |
| 22 | | |
| 600 | | |
| 184 | | |
| — | | |
| 1,256 | |
Included in “Selling, general and administrative expense” | |
| 285 | | |
| 671 | | |
| 840 | | |
| 1,964 | | |
| 31 | | |
| 3,791 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Three Months Ended October 31, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues | |
$ | 19,313 | | |
$ | 19,887 | | |
$ | 16,950 | | |
$ | 265,666 | | |
$ | — | | |
$ | 321,816 | |
Income (loss) from operations | |
| 5,231 | | |
| 1,512 | | |
| (1,056 | ) | |
| 17,263 | | |
| (2,724 | ) | |
| 20,226 | |
Depreciation and amortization: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Included in “Direct cost of revenues” | |
| 320 | | |
| 23 | | |
| 498 | | |
| 193 | | |
| — | | |
| 1,034 | |
Included in “Selling, general and administrative expense” | |
| 158 | | |
| 598 | | |
| 854 | | |
| 2,128 | | |
| 18 | | |
| 3,756 | |
Total depreciation and amortization | |
| 158 | | |
| 598 | | |
| 854 | | |
| 2,128 | | |
| 18 | | |
| 3,756 | |
|
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v3.23.3
Revenue Recognition (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Revenues Disaggregated by Business Segment and Service Offered to Customers |
The
following table shows the Company’s revenues disaggregated by business segment and service offered to customers:
Schedule of Revenues Disaggregated by Business Segment and Service Offered to Customers
| |
2023
| | |
2022 | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022 | |
| |
(in thousands) | |
National Retail Solutions | |
$ | 23,995 | | |
$ | 19,313 | |
| |
| | | |
| | |
BOSS Money | |
| 24,239 | | |
| 17,554 | |
Other | |
| 2,324 | | |
| 2,333 | |
| |
| | | |
| | |
Total Fintech | |
| 26,563 | | |
| 19,887 | |
| |
| | | |
| | |
net2phone | |
| 19,927 | | |
| 16,950 | |
| |
| | | |
| | |
IDT Digital Payments | |
| 99,986 | | |
| 109,048 | |
BOSS Revolution Calling | |
| 71,222 | | |
| 86,253 | |
IDT Global | |
| 52,034 | | |
| 61,611 | |
Other | |
| 7,478 | | |
| 8,754 | |
| |
| | | |
| | |
Total Traditional Communications | |
| 230,720 | | |
| 265,666 | |
| |
| | | |
| | |
Total | |
$ | 301,205 | | |
$ | 321,816 | |
Revenues | |
$ | 301,205 | | |
$ | 321,816 | |
|
Schedule of Revenues Disaggregated by Geographic Region |
The
following table shows the Company’s revenues disaggregated by geographic region, which is determined based on selling location:
Schedule
of Revenues Disaggregated by Geographic Region
(in thousands) | |
National Retail Solutions | | |
Fintech | | |
net2phone | | |
Traditional Communications | | |
Total | |
Three Months Ended October 31, 2023 | |
| | |
| | |
| | |
| | |
| |
United States | |
$ | 23,995 | | |
$ | 25,834 | | |
$ | 10,688 | | |
$ | 162,998 | | |
$ | 223,515 | |
Outside the United States: | |
| | | |
| | | |
| | | |
| | | |
| | |
United Kingdom | |
| — | | |
| — | | |
| — | | |
| 58,843 | | |
| 58,843 | |
Other | |
| — | | |
| 729 | | |
| 9,239 | | |
| 8,879 | | |
| 18,847 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total outside the United States | |
| — | | |
| 729 | | |
| 9,239 | | |
| 67,722 | | |
| 77,690 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 23,995 | | |
$ | 26,563 | | |
$ | 19,927 | | |
$ | 230,720 | | |
$ | 301,205 | |
Revenues | |
$ | 23,995 | | |
$ | 26,563 | | |
$ | 19,927 | | |
$ | 230,720 | | |
$ | 301,205 | |
(in thousands) | |
National Retail Solutions | | |
Fintech | | |
net2phone | | |
Traditional Communications | | |
Total | |
Three Months Ended October 31, 2022 | |
| | |
| | |
| | |
| | |
| |
United States | |
$ | 19,313 | | |
$ | 19,255 | | |
$ | 8,802 | | |
$ | 184,838 | | |
$ | 232,208 | |
Outside the United States: | |
| | | |
| | | |
| | | |
| | | |
| | |
United Kingdom | |
| — | | |
| — | | |
| — | | |
| 68,940 | | |
| 68,940 | |
Other | |
| — | | |
| 632 | | |
| 8,148 | | |
| 11,888 | | |
| 20,668 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total outside the United States | |
| — | | |
| 632 | | |
| 8,148 | | |
| 80,828 | | |
| 89,608 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 19,313 | | |
$ | 19,887 | | |
$ | 16,950 | | |
$ | 265,666 | | |
$ | 321,816 | |
Revenues | |
$ | 19,313 | | |
$ | 19,887 | | |
$ | 16,950 | | |
$ | 265,666 | | |
$ | 321,816 | |
|
Schedule of Estimated Revenue by Business Segment |
Schedule of Estimated Revenue by Business Segment
(in thousands) | |
National Retail Solutions | | |
net2phone | | |
Total | |
Twelve-month period ending October 31: | |
| | |
| | |
| |
2024 | |
$ | 5,740 | | |
$ | 38,430 | | |
$ | 44,170 | |
2025 | |
| 4,767 | | |
| 19,092 | | |
| 23,859 | |
Thereafter | |
| 4,682 | | |
| 6,718 | | |
| 11,400 | |
| |
| | | |
| | | |
| | |
Total | |
$ | 15,189 | | |
$ | 64,240 | | |
$ | 79,429 | |
|
Schedule of Information About Contract Liabilities |
The
following table presents information about the Company’s contract liability balance:
Schedule of Information About Contract Liabilities
| |
2023
| | |
2022
| |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022
| |
| |
(in thousands) | |
Revenue recognized in the period from amounts included in the contract liability balance at the beginning of the period | |
$ | 16,089 | | |
$ | 17,906 | |
|
Schedule of Deferred Customer Contract Acquisition Costs |
The
Company’s deferred customer contract acquisition costs were as follows:
Schedule of Deferred Customer Contract Acquisition Costs
| |
| | | |
| | |
| |
October 31,
2023 | | |
July 31,
2023
| |
| |
(in thousands) | |
Deferred customer contract acquisition costs included in “Other current assets” | |
$ | 4,180 | | |
$ | 4,460 | |
Deferred customer contract acquisition costs included in “Other assets” | |
| 3,744 | | |
| 3,734 | |
| |
| | | |
| | |
Total | |
$ | 7,924 | | |
$ | 8,194 | |
|
Schedule of Amortization of Deferred Customer Contract Acquisition Costs |
The Company’s amortization of deferred customer contract acquisition costs during the periods were as follows:
Schedule of Amortization of Deferred Customer Contract Acquisition Costs
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022
| |
| |
(in thousands) | |
Amortization of deferred customer contract acquisition costs | |
$ | 1,215 | | |
$ | 1,176 | |
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v3.23.3
Leases (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Leases |
|
Schedule of Supplemental Disclosures Related to the Company's Operating Leases |
Supplemental
disclosures related to the Company’s operating leases were as follows:
Schedule of Supplemental Disclosures Related to the Company's Operating Leases
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022
| |
| |
(in thousands) | |
Operating lease cost | |
$ | 758 | | |
$ | 767 | |
Short-term lease cost | |
| 326 | | |
| 269 | |
| |
| | | |
| | |
Total lease cost | |
$ | 1,084 | | |
$ | 1,036 | |
| |
| | | |
| | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Operating cash flows from operating leases | |
$ | 791 | | |
$ | 764 | |
Cash paid for amounts included
in the measurement of lease liabilities: Operating cash flows from operating leases | |
$ | 791 | | |
$ | 764 | |
|
Schedule of Supplemental Disclosures Related Weighted Average Operating Leases |
Schedule of Supplemental Disclosures Related Weighted Average Operating Leases
| |
October 31,
2023 | | |
July 31,
2023
| |
Weighted-average remaining lease term-operating leases | |
| 2.1 years | | |
| 2.3 years | |
| |
| | | |
| | |
Weighted-average discount rate-operating leases | |
| 3.9 | % | |
| 3.7 | % |
|
Schedule of Aggregate Operating Lease Liability |
The
Company’s aggregate operating lease liability was as follows:
Schedule of Aggregate Operating Lease Liability
| |
| | | |
| | |
| |
October 31,
2023 | | |
July 31,
2023
| |
| |
(in thousands) | |
Operating lease liabilities included in “Other current liabilities” | |
$ | 2,732 | | |
$ | 2,861 | |
Operating lease liabilities included in noncurrent liabilities | |
| 2,346 | | |
| 2,881 | |
| |
| | | |
| | |
Total | |
$ | 5,078 | | |
$ | 5,742 | |
|
Schedule of Future Minimum Maturities of Operating Lease Liabilities |
Future
minimum maturities of operating lease liabilities were as follows:
Schedule of Future Minimum Maturities of Operating Lease Liabilities
(in thousands) | |
| | |
Twelve-month period ending October 31: | |
| | |
2024 | |
$ | 2,883 | |
2025 | |
| 1,713 | |
2026 | |
| 478 | |
2027 | |
| 220 | |
2028 | |
| 12 | |
Thereafter | |
| — | |
| |
| | |
Total lease payments | |
| 5,306 | |
Less imputed interest | |
| (228 | ) |
| |
| | |
Total operating lease liabilities | |
$ | 5,078 | |
|
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v3.23.3
Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Cash and Cash Equivalents [Abstract] |
|
Schedule of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents |
The
following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported in the consolidated
balance sheets that equals the total of the same amounts reported in the consolidated statements of cash flows:
Schedule of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents
| |
| | | |
| | |
| |
October 31,
2023 | | |
July 31,
2023
| |
| |
(in thousands) | |
Cash and cash equivalents | |
$ | 121,668 | | |
$ | 103,637 | |
Restricted cash and cash equivalents | |
| 86,785 | | |
| 95,186 | |
| |
| | | |
| | |
Total cash, cash equivalents, and restricted cash and cash equivalents | |
$ | 208,453 | | |
$ | 198,823 | |
|
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v3.23.3
Debt Securities (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] |
|
Schedule of Available-for-sale Securities |
The following is a summary of available-for-sale debt securities:
Schedule of Available-for-sale Securities
| |
Amortized Cost | | |
Gross Unrealized Gains
| | |
Gross Unrealized Losses | | |
Fair Value | |
| |
(in thousands) | |
October 31, 2023: | |
| | |
| | |
| | |
| |
Certificates of deposit* | |
$ | 1,920 | | |
$ | — | | |
$ | (3 | ) | |
$ | 1,917 | |
U.S. Treasury bills and notes | |
| 25,085 | | |
| — | | |
| (141 | ) | |
| 24,944 | |
Government sponsored enterprise notes | |
| | |
| | |
| ) | |
| |
Corporate bonds | |
| 3,901 | | |
| — | | |
| (564 | ) | |
| 3,337 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 33,953 | | |
$ | — | | |
$ | (711 | ) | |
$ | 33,242 | |
| |
| | | |
| | | |
| | | |
| | |
July 31, 2023: | |
| | | |
| | | |
| | | |
| | |
Certificates of deposit* | |
$ | 4,080 | | |
$ | — | | |
$ | (4 | ) | |
$ | 4,076 | |
U.S. Treasury bills and notes | |
| 31,186 | | |
| — | | |
| (148 | ) | |
| 31,038 | |
Government sponsored enterprise notes | |
| | |
| | |
| ) | |
| |
Corporate bonds | |
| 3,912 | | |
| — | | |
| (485 | ) | |
| 3,427 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 43,059 | | |
$ | — | | |
$ | (645 | ) | |
$ | 42,414 | |
* | Each of the Company’s
certificates of deposit has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market. |
|
Schedule of Contractual Maturities of Available-for-sale Debt Securities |
The contractual maturities of the Company’s available-for-sale debt securities at October 31, 2023 were as follows:
Schedule of Contractual Maturities of Available-for-sale Debt Securities
| |
Fair Value
| |
| |
| (in thousands) | |
Within one year | |
$ | 26,185 | |
After one year through five years | |
| 5,904 | |
After five years through ten years | |
| 1,110 | |
After ten years | |
| 43 | |
| |
| | |
Total | |
$ | 33,242 | |
|
Schedule of Available-for-sale Securities, Unrealized Loss Position |
The following available-for-sale debt securities were in an unrealized loss position for which other-than-temporary impairments were
not recognized:
Schedule of Available-for-sale Securities, Unrealized Loss Position
| |
Unrealized Losses | | |
Fair Value
| |
| |
(in thousands) | |
October 31, 2023: | |
| | |
| |
Certificates of deposit | |
$ | 3 | | |
$ | 1,917 | |
U.S. Treasury bills and notes | |
| 141 | | |
| 24,944 | |
Government sponsored enterprise notes | |
| | |
| |
Corporate bonds | |
| 564 | | |
| 3,337 | |
| |
| | | |
| | |
Total | |
$ | 711 | | |
$ | 33,242 | |
| |
| | | |
| | |
July 31, 2023: | |
| | | |
| | |
Certificates of deposit | |
$ | 4 | | |
$ | 3,356 | |
U.S. Treasury bills and notes | |
| 148 | | |
| 31,038 | |
Government sponsored enterprise notes | |
| | |
| |
Corporate bonds | |
| 485 | | |
| 3,368 | |
| |
| | | |
| | |
Total | |
$ | 645 | | |
$ | 41,635 | |
|
Schedule of Continuous Unrealized Loss Position for 12 Months or Longer |
The
following available-for-sale debt securities included in the table above were in a continuous unrealized loss position for 12 months
or longer:
Schedule of Continuous Unrealized Loss Position for 12 Months or Longer
| |
Unrealized Losses
| | |
Fair Value | |
| |
(in thousands) | |
October 31, 2023: | |
| | |
| |
U.S. Treasury bills and notes | |
$ | 66 | | |
$ | 639 | |
Corporate bonds | |
| 556 | | |
| 3,216 | |
| |
| | | |
| | |
Total | |
$ | 622 | | |
$ | 3,855 | |
| |
| | | |
| | |
July 31, 2023: | |
| | | |
| | |
U.S. Treasury bills and notes | |
$ | 86 | | |
$ | 816 | |
Corporate bonds | |
| 484 | | |
| 3,299 | |
| |
| | | |
| | |
Total | |
$ | 570 | | |
$ | 4,115 | |
|
X |
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v3.23.3
Equity Investments (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Cash and Cash Equivalents [Abstract] |
|
Schedule of Equity Investments |
Equity
investments consist of the following:
Schedule of Equity Investments
| |
| | | |
| | |
| |
October 31,
2023
| | |
July 31,
2023 | |
| |
(in thousands) | |
Zedge, Inc. Class B common stock, 42,282 shares at October 31, 2023 and July 31, 2023 | |
$ | 81 | | |
$ | 89 | |
Rafael Holdings, Inc. Class B common stock, 278,810 shares at October 31, 2023 and July 31, 2023 | |
| 496 | | |
| 558 | |
Other marketable equity securities | |
| 281 | | |
| 1,497 | |
Fixed income mutual funds | |
| 3,903 | | |
| 4,054 | |
| |
| | | |
| | |
Current equity investments | |
$ | 4,761 | | |
$ | 6,198 | |
| |
| | | |
| | |
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”) | |
$ | 1,249 | | |
$ | 1,263 | |
Convertible preferred stock—equity method investment | |
| 2,444 | | |
| 2,784 | |
Hedge funds | |
| 3,002 | | |
| 3,002 | |
Other | |
| 1,455 | | |
| 2,825 | |
| |
| | | |
| | |
Noncurrent equity investments | |
$ | 8,150 | | |
$ | 9,874 | |
|
Schedule of Carrying Value of Equity Investments |
The
changes in the carrying value of the Company’s equity investments without readily determinable fair values for which the Company
elected the measurement alternative was as follows:
Schedule of Carrying Value of Equity Investments
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022 | |
| |
(in thousands) | |
Balance, beginning of period | |
$ | 1,632 | | |
$ | 1,501 | |
Adjustment for observable transactions involving a similar investment from the same issuer | |
| (14 | ) | |
| (27 | ) |
Upward adjustment | |
| 129 | | |
| — | |
Impairments | |
| — | | |
| — | |
| |
| | | |
| | |
Balance, end of the period | |
$ | 1,747 | | |
$ | 1,474 | |
|
Schedule of Unrealized (losses) Gains for All Equity Investments |
Unrealized losses for all equity investments measured at fair value included the following:
Schedule of Unrealized (losses) Gains for All Equity Investments
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023
| | |
2022
| |
| |
(in thousands) | |
Net losses recognized during the period on equity investments | |
$ | (917 | ) | |
$ | (1,941 | ) |
Plus: net losses recognized during the period on equity investments sold during the period | |
| — | | |
| 4 | |
| |
| | | |
| | |
Unrealized losses recognized during the period on equity investments still held at the reporting date | |
$ | (917 | ) | |
$ | (1,937 | ) |
The
unrealized gains and losses for all equity investments measured at fair value in the table above included the following:
| |
| | |
| |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
Unrealized losses recognized during the period on equity investments: | |
| | |
| |
| |
| | |
| |
Rafael Class B common stock | |
$ | (62 | ) | |
$ | (72 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Zedge Class B common stock | |
$ | (8 | ) | |
$ | (27 | ) |
Unrealized losses recognized during the period on equity investments still held at the reporting date | |
$ | (917 | ) | |
$ | (1,937 | ) |
|
Summary of Changes in Equity Method Investments |
The
following table summarizes the change in the balance of the Company’s equity method investment:
Summary of Changes in Equity Method Investments
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Balance,
beginning of period | |
$ | 2,784 | | |
$ | 1,001 | |
Purchase
of convertible preferred stock | |
| 672 | | |
| — | |
Equity
in the net loss of investee | |
| (670 | ) | |
| (470 | ) |
Amortization
of equity method basis difference | |
| (342 | ) | |
| (182 | ) |
| |
| | | |
| | |
Balance,
end of period | |
$ | 2,444 | | |
$ | 349 | |
|
Summary of Statements of Operations |
Summarized
financial information of the EMI was as follows:
Summary of Statements of Operations
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Revenues | |
$ | 2,551 | | |
$ | 1,873 | |
Costs
and expenses: | |
| | | |
| | |
Direct
cost of revenues | |
| 2,193 | | |
| 1,694 | |
Selling,
general and administrative | |
| 2,093 | | |
| 1,636 | |
Total
costs and expenses | |
| 4,286 | | |
| 3,330 | |
Loss
from operations | |
| (1,735 | ) | |
| (1,457 | ) |
Other
expense, net | |
| (104 | ) | |
| (344 | ) |
Net
loss | |
$ | (1,839 | ) | |
$ | (1,801 | ) |
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v3.23.3
Fair Value Measurements (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Balance of Assets Measured at Fair Value on a Recurring Basis |
The
following table presents the balance of assets and liabilities measured at fair value on a recurring basis:
Schedule of Balance of Assets Measured at Fair Value on a Recurring Basis
| |
Level
1 (1) | | |
Level
2 (2) | | |
Level
3 (3) | | |
Total | |
| |
(in
thousands) | |
October
31, 2023 | |
| | | |
| | | |
| | | |
| | |
Debt
securities | |
$ | 24,944 | | |
$ | 8,298 | | |
$ | — | | |
$ | 33,242 | |
Equity
investments included in current assets | |
| 4,761 | | |
| — | | |
| — | | |
| 4,761 | |
Equity
investments included in noncurrent assets | |
| — | | |
| 1,230 | | |
| 1,249 | | |
| 2,479 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 29,705 | | |
$ | 9,528 | | |
$ | 1,249 | | |
$ | 40,482 | |
| |
| | | |
| | | |
| | | |
| | |
Acquisition
consideration included in: | |
| | | |
| | | |
| | | |
| | |
Other
current liabilities | |
$ | — | | |
$ | — | | |
$ | (1,834 | ) | |
$ | (1,834 | ) |
Other
noncurrent liabilities | |
| — | | |
| — | | |
| (2,754 | ) | |
| (2,754 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | — | | |
$ | — | | |
$ | (4,588 | ) | |
$ | (4,588 | ) |
| |
| | | |
| | | |
| | | |
| | |
July
31, 2023 | |
| | | |
| | | |
| | | |
| | |
Debt
securities | |
$ | 31,038 | | |
$ | 11,376 | | |
$ | — | | |
$ | 42,414 | |
Equity
investments included in current assets | |
| 6,198 | | |
| — | | |
| — | | |
| 6,198 | |
Equity
investments included in noncurrent assets | |
| — | | |
| 2,500 | | |
| 1,263 | | |
| 3,763 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 37,236 | | |
$ | 13,876 | | |
$ | 1,263 | | |
$ | 52,375 | |
| |
| | | |
| | | |
| | | |
| | |
Acquisition
consideration included in: | |
| | | |
| | | |
| | | |
| | |
Other
current liabilities | |
$ | — | | |
$ | — | | |
$ | (2,032 | ) | |
$ | (2,032 | ) |
Other
noncurrent liabilities | |
| — | | |
| — | | |
| (2,773 | ) | |
| (2,773 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | — | | |
$ | — | | |
$ | (4,805 | ) | |
$ | (4,805 | ) |
(1) | – quoted
prices in active markets for identical assets or liabilities |
(2) | – observable
inputs other than quoted prices in active markets for identical assets and liabilities |
(3) | – no observable
pricing inputs in the market |
|
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) |
The
following table summarizes the change in the balance of the Company’s assets measured at fair value on a recurring basis using
significant unobservable inputs (Level 3):
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | | |
| |
Balance,
beginning of period | |
$ | 1,263 | | |
$ | 1,132 | |
Total
losses included in “Other expense, net” | |
| (14 | ) | |
| (27 | ) |
| |
| | | |
| | |
Balance,
end of period | |
$ | 1,249 | | |
$ | 1,105 | |
| |
| | | |
| | |
Change
in unrealized gains or losses for the period included in earnings for assets held at the end of the period | |
$ | — | | |
$ | — | |
|
Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) |
The
following table summarizes the change in the balance of the Company’s liabilities measured at fair value on a recurring basis using
significant unobservable inputs (Level 3):
Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Balance,
beginning of period | |
$ | 4,805 | | |
$ | 8,546 | |
Payments | |
| (214 | ) | |
| (375 | ) |
Total
gain included in: | |
| | | |
| | |
“Other
operating gain, net” | |
| — | | |
| (1,565 | ) |
“Foreign
currency translation adjustment” | |
| (3 | ) | |
| (3 | ) |
| |
| | | |
| | |
Balance,
end of period | |
$ | 4,588 | | |
$ | 6,603 | |
| |
| | | |
| | |
Change
in unrealized gains or losses for the period included in earnings for liabilities held at the end of the period | |
$ | — | | |
$ | — | |
|
X |
- DefinitionTabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.
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v3.23.3
Variable Interest Entity (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Net Income and Aggregate Funding to the Company by VIE |
The
VIE’s net income and aggregate funding provided by the Company were as follows:
Schedule of Net Income and Aggregate Funding to the Company by VIE
| |
| | | |
| | |
| |
Three
Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Net
income of the VIE | |
$ | 81 | | |
$ | 140 | |
| |
| | | |
| | |
Aggregate
funding provided by the Company, net | |
$ | 114 | | |
$ | 97 | |
|
VIE’s Summarized Consolidated Balance Sheet |
The
VIE’s summarized consolidated balance sheet amounts are as follows:
VIE’s Summarized Consolidated Balance Sheet
| |
| | | |
| | |
| |
October
31,
2023 | | |
July
31,
2023 | |
| |
(in
thousands) | |
Assets: | |
| | | |
| | |
Cash
and equivalents | |
$ | 1,881 | | |
$ | 1,596 | |
Restricted
cash | |
| 6,578 | | |
| 7,848 | |
Trade
accounts receivable, net | |
| 23 | | |
| 62 | |
Disbursement
prefunding | |
| 1,037 | | |
| 585 | |
Prepaid
expenses | |
| 294 | | |
| 197 | |
Other
current assets | |
| 383 | | |
| 317 | |
Property,
plant, and equipment, net | |
| 219 | | |
| 272 | |
Other
intangibles, net | |
| 699 | | |
| 737 | |
| |
| | | |
| | |
Total
assets | |
$ | 11,114 | | |
$ | 11,614 | |
| |
| | | |
| | |
Liabilities
and noncontrolling interests: | |
| | | |
| | |
Trade
accounts payable | |
$ | — | | |
$ | — | |
Accrued
expenses | |
| 86 | | |
| 70 | |
Settlement
liabilities | |
| 6,882 | | |
| 7,573 | |
Due
to the Company | |
| 140 | | |
| 26 | |
Accumulated
other comprehensive income | |
| 1 | | |
| 21 | |
Noncontrolling
interests | |
| 4,005 | | |
| 3,924 | |
| |
| | | |
| | |
Total
liabilities and noncontrolling interests | |
$ | 11,114 | | |
$ | 11,614 | |
|
X |
- DefinitionTabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.
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v3.23.3
Other Operating Gain, Net (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Other Income and Expenses [Abstract] |
|
Schedule of Other Operating Gain, Net |
The
following table summarizes the other operating gain, net by business segment:
Schedule
of Other Operating Gain, Net
| |
| | | |
| | |
| |
Three
Months Ended
October
31, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Corporate—Straight
Path Communications Inc. class action legal fees | |
$ | (212 | ) | |
$ | (2,512 | ) |
Corporate—Straight
Path Communications Inc. class action insurance claims | |
| 684 | | |
| 1,725 | |
Corporate—other | |
| 12 | | |
| — | |
Fintech—write-off
of contingent consideration liability | |
| — | | |
| 1,565 | |
Fintech—government
grants | |
| — | | |
| 33 | |
Traditional
Communications—cable telephony customer indemnification claim | |
| — | | |
| (11 | ) |
| |
| | | |
| | |
Total | |
$ | 484 | | |
$ | 800 | |
|
X |
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v3.23.3
Accumulated Other Comprehensive Loss (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Equity: |
|
Schedule of Accumulated Balances for Each Classification of Other Comprehensive Loss |
The accumulated balances for each classification of other comprehensive income were as follows:
Schedule of Accumulated Balances for Each Classification of Other Comprehensive Loss
| |
Unrealized Loss on Available-for-Sale Securities | | |
Foreign Currency Translation | | |
Accumulated Other Comprehensive Loss | |
| |
(in thousands) | |
Balance, July 31, 2023 | |
$ | (645 | ) | |
$ | (16,547 | ) | |
$ | (17,192 | ) |
Other comprehensive (loss) income attributable to IDT Corporation | |
| (66 | ) | |
| 631 | | |
| 565 | |
| |
| | | |
| | | |
| | |
Balance, October 31, 2023 | |
$ | (711 | ) | |
$ | (15,916 | ) | |
$ | (16,627 | ) |
|
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v3.23.3
Other Expense, Net (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Other Income and Expenses [Abstract] |
|
Schedule of Other (Expense) Income, Net |
Other
expense, net consists of the following:
Schedule of Other (Expense) Income, Net
| |
| | | |
| | |
| |
Three Months Ended
October 31, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
Foreign currency transaction losses | |
$ | (3,499 | ) | |
$ | (1,030 | ) |
Equity in net loss of investee | |
| (1,012 | ) | |
| (652 | ) |
Losses on investments | |
| (917 | ) | |
| (1,941 | ) |
Other | |
| (158 | ) | |
| (219 | ) |
| |
| | | |
| | |
Total | |
$ | (5,586 | ) | |
$ | (3,842 | ) |
|
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v3.23.3
Basis of Presentation (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Depreciation and amortization |
$ 5,047
|
$ 4,790
|
Trade accounts receivable |
4,572
|
(2,442)
|
Direct Cost of Revenues [Member] |
|
|
Depreciation and amortization |
1,256
|
1,034
|
Selling, General and Administrative Expenses [Member] |
|
|
Depreciation and amortization |
$ 3,791
|
3,756
|
Previously Reported [Member] |
|
|
Trade accounts receivable |
|
2,700
|
Previously Reported [Member] | Direct Cost of Revenues [Member] |
|
|
Depreciation and amortization |
|
1,000
|
Previously Reported [Member] | Selling, General and Administrative Expenses [Member] |
|
|
Depreciation and amortization |
|
$ 3,800
|
net2phone 2.0, Inc. [Member] |
|
|
Ownership percentage |
90.00%
|
|
Fully diluted basis assuming vesting, percentage |
85.80%
|
|
National Retail Solutions [Member] |
|
|
Ownership percentage |
80.00%
|
|
Fully diluted basis assuming vesting, percentage |
77.70%
|
|
X |
- DefinitionFully diluted basis assuming vesting, percentage.
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v3.23.3
Schedule of Operating Results of Business Segments (Details) - USD ($) $ in Thousands |
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Segment Reporting Information [Line Items] |
|
|
Revenues |
$ 301,205
|
$ 321,816
|
Income (loss) from operations |
17,165
|
20,226
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
5,047
|
4,790
|
Direct Cost of Revenues [Member] |
|
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
1,256
|
1,034
|
Selling, General and Administrative Expenses [Member] |
|
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
3,791
|
3,756
|
National Retail Solutions [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenues |
23,995
|
19,313
|
Income (loss) from operations |
5,460
|
5,231
|
National Retail Solutions [Member] | Direct Cost of Revenues [Member] |
|
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
450
|
320
|
National Retail Solutions [Member] | Selling, General and Administrative Expenses [Member] |
|
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
285
|
158
|
Fintech [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenues |
26,563
|
19,887
|
Income (loss) from operations |
(1,383)
|
1,512
|
Fintech [Member] | Direct Cost of Revenues [Member] |
|
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
22
|
23
|
Fintech [Member] | Selling, General and Administrative Expenses [Member] |
|
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
671
|
598
|
net2 phone [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenues |
19,927
|
16,950
|
Income (loss) from operations |
(7)
|
(1,056)
|
net2 phone [Member] | Direct Cost of Revenues [Member] |
|
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
600
|
498
|
net2 phone [Member] | Selling, General and Administrative Expenses [Member] |
|
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
840
|
854
|
Traditional Communications [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenues |
230,720
|
265,666
|
Income (loss) from operations |
15,406
|
17,263
|
Traditional Communications [Member] | Direct Cost of Revenues [Member] |
|
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
184
|
193
|
Traditional Communications [Member] | Selling, General and Administrative Expenses [Member] |
|
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
1,964
|
2,128
|
Corporate Segment [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenues |
|
|
Income (loss) from operations |
(2,311)
|
(2,724)
|
Corporate Segment [Member] | Direct Cost of Revenues [Member] |
|
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
|
|
Corporate Segment [Member] | Selling, General and Administrative Expenses [Member] |
|
|
Depreciation and amortization: |
|
|
Total depreciation and amortization |
$ 31
|
$ 18
|
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v3.23.3
Schedule of Revenues Disaggregated by Business Segment and Service Offered to Customers (Details) - USD ($) $ in Thousands |
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 301,205
|
$ 321,816
|
National Retail Solutions [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
23,995
|
19,313
|
Fintech [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
26,563
|
19,887
|
Fintech [Member] | BOSS Revolution Money Transfer [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
24,239
|
17,554
|
Fintech [Member] | Other [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
2,324
|
2,333
|
net2 phone [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
19,927
|
16,950
|
Traditional Communications [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
230,720
|
265,666
|
Traditional Communications [Member] | Other [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
7,478
|
8,754
|
Traditional Communications [Member] | IDT Digital Payments [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
99,986
|
109,048
|
Traditional Communications [Member] | BOSS Revolution Calling [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
71,222
|
86,253
|
Traditional Communications [Member] | IDT Global [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 52,034
|
$ 61,611
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.3
Schedule of Revenues Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands |
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 301,205
|
$ 321,816
|
National Retail Solutions [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
23,995
|
19,313
|
Fintech [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
26,563
|
19,887
|
net2 phone [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
19,927
|
16,950
|
Traditional Communications [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
230,720
|
265,666
|
UNITED STATES |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
223,515
|
232,208
|
UNITED STATES | National Retail Solutions [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
23,995
|
19,313
|
UNITED STATES | Fintech [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
25,834
|
19,255
|
UNITED STATES | net2 phone [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
10,688
|
8,802
|
UNITED STATES | Traditional Communications [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
162,998
|
184,838
|
UNITED KINGDOM |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
58,843
|
68,940
|
UNITED KINGDOM | National Retail Solutions [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
|
|
UNITED KINGDOM | Fintech [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
|
|
UNITED KINGDOM | net2 phone [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
|
|
UNITED KINGDOM | Traditional Communications [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
58,843
|
68,940
|
Others [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
18,847
|
20,668
|
Others [Member] | National Retail Solutions [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
|
|
Others [Member] | Fintech [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
729
|
632
|
Others [Member] | net2 phone [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
9,239
|
8,148
|
Others [Member] | Traditional Communications [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
8,879
|
11,888
|
Non-US [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
77,690
|
89,608
|
Non-US [Member] | National Retail Solutions [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
|
|
Non-US [Member] | Fintech [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
729
|
632
|
Non-US [Member] | net2 phone [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
9,239
|
8,148
|
Non-US [Member] | Traditional Communications [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 67,722
|
$ 80,828
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.3
Schedule of Estimated Revenue by Business Segment (Details) $ in Thousands |
Oct. 31, 2023
USD ($)
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-31 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Total |
$ 79,429
|
Remaining Performance Obligations, Years |
0 years
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Total |
$ 44,170
|
Remaining Performance Obligations, Years |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-08-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Total |
$ 23,859
|
Remaining Performance Obligations, Years |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-08-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Total |
$ 11,400
|
Remaining Performance Obligations, Years |
0 years
|
National Retail Solutions [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-31 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Total |
$ 15,189
|
National Retail Solutions [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Total |
5,740
|
National Retail Solutions [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-08-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Total |
4,767
|
National Retail Solutions [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-08-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Total |
4,682
|
net2 phone [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-31 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Total |
64,240
|
net2 phone [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Total |
38,430
|
net2 phone [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-08-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Total |
19,092
|
net2 phone [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-08-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Total |
$ 6,718
|
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v3.23.3
Schedule of Aggregate Operating Lease Liability (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
Leases |
|
|
Operating lease liabilities included in “Other current liabilities” |
$ 2,732
|
$ 2,861
|
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] |
Other current liabilities
|
Other current liabilities
|
Operating lease liabilities included in noncurrent liabilities |
$ 2,346
|
$ 2,881
|
Total |
$ 5,078
|
$ 5,742
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v3.23.3
Schedule of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2022 |
Cash and Cash Equivalents [Abstract] |
|
|
|
|
Cash and cash equivalents |
$ 121,668
|
$ 103,637
|
|
|
Restricted cash and cash equivalents |
86,785
|
95,186
|
|
|
Total cash, cash equivalents, and restricted cash and cash equivalents |
$ 208,453
|
$ 198,823
|
$ 198,775
|
$ 189,562
|
X |
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Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents (Details Narrative) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
Restricted cash and cash equivalents, current |
$ 86,785
|
$ 95,186
|
Cash and cash equivalents, at carrying value |
121,668
|
103,637
|
IDT Financial Services Limited [Member] |
|
|
Restricted cash and cash equivalents, current |
80,100
|
87,300
|
IDT Payment Services [Member] |
|
|
Cash and cash equivalents, at carrying value |
$ 35,100
|
$ 20,600
|
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v3.23.3
Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
Debt Securities, Available-for-Sale, Amortized Cost |
|
$ 33,953
|
$ 43,059
|
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax |
|
|
|
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax |
|
(711)
|
(645)
|
Debt Securities, Available-for-Sale |
|
33,242
|
42,414
|
Certificates of Deposit [Member] |
|
|
|
Debt Securities, Available-for-Sale, Amortized Cost |
[1] |
1,920
|
4,080
|
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax |
[1] |
|
|
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax |
[1] |
(3)
|
(4)
|
Debt Securities, Available-for-Sale |
[1] |
1,917
|
4,076
|
US Treasury Bill Securities [Member] |
|
|
|
Debt Securities, Available-for-Sale, Amortized Cost |
|
25,085
|
31,186
|
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax |
|
|
|
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax |
|
(141)
|
(148)
|
Debt Securities, Available-for-Sale |
|
24,944
|
31,038
|
US Government-sponsored Enterprises Debt Securities [Member] |
|
|
|
Debt Securities, Available-for-Sale, Amortized Cost |
|
3,047
|
3,881
|
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax |
|
|
|
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax |
|
(3)
|
(8)
|
Debt Securities, Available-for-Sale |
|
3,044
|
3,873
|
Corporate Bond Securities [Member] |
|
|
|
Debt Securities, Available-for-Sale, Amortized Cost |
|
3,901
|
3,912
|
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax |
|
|
|
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax |
|
(564)
|
(485)
|
Debt Securities, Available-for-Sale |
|
$ 3,337
|
$ 3,427
|
|
|
X |
- DefinitionAmount, before tax, of unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
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v3.23.3
Schedule of Available-for-sale Securities, Unrealized Loss Position (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss |
$ 711
|
$ 645
|
Debt Securities, Available-for-Sale, Unrealized Loss Position |
33,242
|
41,635
|
Certificates of Deposit [Member] |
|
|
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss |
3
|
4
|
Debt Securities, Available-for-Sale, Unrealized Loss Position |
1,917
|
3,356
|
US Treasury Bill Securities [Member] |
|
|
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss |
141
|
148
|
Debt Securities, Available-for-Sale, Unrealized Loss Position |
24,944
|
31,038
|
US Government-sponsored Enterprises Debt Securities [Member] |
|
|
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss |
3
|
8
|
Debt Securities, Available-for-Sale, Unrealized Loss Position |
3,044
|
3,873
|
Corporate Bond Securities [Member] |
|
|
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss |
564
|
485
|
Debt Securities, Available-for-Sale, Unrealized Loss Position |
$ 3,337
|
$ 3,368
|
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Schedule of Continuous Unrealized Loss Position for 12 Months or Longer (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss |
$ 622
|
$ 570
|
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer |
3,855
|
4,115
|
US Treasury Bill Securities [Member] |
|
|
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss |
66
|
86
|
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer |
639
|
816
|
Corporate Bond Securities [Member] |
|
|
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss |
556
|
484
|
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer |
$ 3,216
|
$ 3,299
|
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v3.23.3
Schedule of Equity Investments (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
Current equity investments |
$ 4,761
|
$ 6,198
|
Noncurrent equity investments |
8,150
|
9,874
|
Other Marketable Equity Securities [Member] |
|
|
Current equity investments |
281
|
1,497
|
Mutual Fund [Member] |
|
|
Current equity investments |
3,903
|
4,054
|
Convertible Preferred Stock [Member] |
|
|
Noncurrent equity investments |
2,444
|
2,784
|
Hedge Funds [Member] |
|
|
Noncurrent equity investments |
3,002
|
3,002
|
Other Investments [Member] |
|
|
Noncurrent equity investments |
1,455
|
2,825
|
Common Class B [Member] | Zedge Inc [Member] |
|
|
Current equity investments |
81
|
89
|
Common Class B [Member] | Rafael Holdings Inc [Member] |
|
|
Current equity investments |
496
|
558
|
Series C Convertible Preferred Stock [Member] | Visa Inc [Member] |
|
|
Noncurrent equity investments |
$ 1,249
|
$ 1,263
|
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v3.23.3
Summary of Statements of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Revenues |
|
$ 301,205
|
$ 321,816
|
Selling, general and administrative |
[1] |
77,222
|
69,620
|
Total costs and expenses |
|
77,263
|
68,920
|
Loss from operations |
|
17,165
|
20,226
|
Other expense, net |
|
(5,586)
|
(3,842)
|
Net loss |
|
8,476
|
12,555
|
Equity Method Investee [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
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|
2,551
|
1,873
|
Direct cost of revenues |
|
2,193
|
1,694
|
Selling, general and administrative |
|
2,093
|
1,636
|
Total costs and expenses |
|
4,286
|
3,330
|
Loss from operations |
|
(1,735)
|
(1,457)
|
Other expense, net |
|
(104)
|
(344)
|
Net loss |
|
$ (1,839)
|
$ (1,801)
|
|
|
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v3.23.3
Schedule of Balance of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Debt securities |
|
$ 33,242
|
$ 42,414
|
Fair Value, Recurring [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Debt securities |
|
33,242
|
42,414
|
Equity investments included in current assets |
|
4,761
|
6,198
|
Equity investments included in noncurrent assets |
|
2,479
|
3,763
|
Total |
|
40,482
|
52,375
|
Acquisition consideration included in other current liabilities |
|
(1,834)
|
(2,032)
|
Acquisition consideration included in other noncurrent liabilities |
|
(2,754)
|
(2,773)
|
Acquisition consideration included in other liabilities |
|
(4,588)
|
(4,805)
|
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Debt securities |
[1] |
24,944
|
31,038
|
Equity investments included in current assets |
[1] |
4,761
|
6,198
|
Equity investments included in noncurrent assets |
[1] |
|
|
Total |
[1] |
29,705
|
37,236
|
Acquisition consideration included in other current liabilities |
[1] |
|
|
Acquisition consideration included in other noncurrent liabilities |
[1] |
|
|
Acquisition consideration included in other liabilities |
[1] |
|
|
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Debt securities |
[2] |
8,298
|
11,376
|
Equity investments included in current assets |
[2] |
|
|
Equity investments included in noncurrent assets |
[2] |
1,230
|
2,500
|
Total |
[2] |
9,528
|
13,876
|
Acquisition consideration included in other current liabilities |
[2] |
|
|
Acquisition consideration included in other noncurrent liabilities |
[2] |
|
|
Acquisition consideration included in other liabilities |
[2] |
|
|
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Debt securities |
[3] |
|
|
Equity investments included in current assets |
[3] |
|
|
Equity investments included in noncurrent assets |
[3] |
1,249
|
1,263
|
Total |
[3] |
1,249
|
1,263
|
Acquisition consideration included in other current liabilities |
[3] |
(1,834)
|
(2,032)
|
Acquisition consideration included in other noncurrent liabilities |
[3] |
(2,754)
|
(2,773)
|
Acquisition consideration included in other liabilities |
[3] |
$ (4,588)
|
$ (4,805)
|
|
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Schedule of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Fair Value Disclosures [Abstract] |
|
|
Balance, beginning of period |
$ 1,263
|
$ 1,132
|
Total losses included in “Other expense, net” |
$ (14)
|
(27)
|
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] |
Other expense, net
|
|
Balance, end of period |
$ 1,249
|
1,105
|
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period |
|
|
X |
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Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Fair Value Disclosures [Abstract] |
|
|
Balance, beginning of period |
$ 4,805
|
$ 8,546
|
Payments |
(214)
|
(375)
|
“Other operating gain, net” |
|
$ (1,565)
|
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] |
Other Operating Income (Expense), Net
|
Other Operating Income (Expense), Net
|
“Foreign currency translation adjustment” |
$ (3)
|
$ (3)
|
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] |
Foreign currency translation adjustments
|
Foreign currency translation adjustments
|
Balance, end of period |
$ 4,588
|
$ 6,603
|
Change in unrealized gains or losses for the period included in earnings for liabilities held at the end of the period |
|
|
X |
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Fair Value Measurements (Details Narrative) - USD ($) $ in Millions |
3 Months Ended |
|
Oct. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2023 |
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
Investment in hedge funds |
$ 3.0
|
|
$ 3.0
|
Payment for contingent consideration |
$ 0.2
|
$ 0.4
|
|
Other Operating Income (Expense) [Member] |
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability |
|
$ 1.6
|
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v3.23.3
VIE’s Summarized Consolidated Balance Sheet (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Jul. 31, 2023 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Cash and equivalents |
$ 121,668
|
$ 103,637
|
Trade accounts receivable, net |
35,328
|
32,092
|
Disbursement prefunding |
35,733
|
30,113
|
Prepaid expenses |
19,502
|
16,638
|
Other current assets |
27,034
|
28,394
|
Property, plant, and equipment, net |
38,802
|
38,655
|
Other intangibles, net |
7,215
|
8,196
|
Total assets |
499,046
|
510,810
|
Trade accounts payable |
24,469
|
22,231
|
Accrued expenses |
100,107
|
110,796
|
Settlement liabilities |
19,268
|
21,495
|
Due to the Company |
3,220
|
3,354
|
Accumulated other comprehensive income |
(16,627)
|
(17,192)
|
Noncontrolling interests |
6,922
|
6,267
|
Total liabilities and noncontrolling interests |
499,046
|
510,810
|
Variable Interest Entity, Primary Beneficiary [Member] |
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Cash and equivalents |
1,881
|
1,596
|
Restricted cash |
6,578
|
7,848
|
Trade accounts receivable, net |
23
|
62
|
Disbursement prefunding |
1,037
|
585
|
Prepaid expenses |
294
|
197
|
Other current assets |
383
|
317
|
Property, plant, and equipment, net |
219
|
272
|
Other intangibles, net |
699
|
737
|
Total assets |
11,114
|
11,614
|
Trade accounts payable |
|
|
Accrued expenses |
86
|
70
|
Settlement liabilities |
6,882
|
7,573
|
Accumulated other comprehensive income |
1
|
21
|
Noncontrolling interests |
4,005
|
3,924
|
Total liabilities and noncontrolling interests |
11,114
|
11,614
|
Variable Interest Entity, Primary Beneficiary [Member] | Related Party [Member] |
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Due to the Company |
$ 140
|
$ 26
|
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v3.23.3
Revolving Credit Facility (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
|
|
Oct. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2023 |
May 17, 2021 |
Line of Credit Facility [Line Items] |
|
|
|
|
Borrowing lines of credit |
$ 30,315
|
|
|
|
Repayments of lines of credit |
30,315
|
|
|
|
IDT Telecom [Member] |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Borrowing lines of credit |
30,300
|
|
|
|
Repayments of lines of credit |
30,300
|
|
|
|
Revolving Credit Facility [Member] | TD Bank [Member] |
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
Line of credit facility, maximum borrowing capacity |
|
|
|
$ 25,000
|
Revolving credit amount outstanding |
$ 0
|
|
$ 0
|
|
Credit facility, description |
The revolving credit facility is secured by primarily all of IDT Telecom’s assets. The principal outstanding
bears interest per annum at the secured overnight financing rate published by the Federal Reserve Bank of New York plus 10 basis points,
plus depending upon IDT Telecom’s leverage ratio as computed for the most recent fiscal quarter, 125 to 175 basis points. Interest
is payable monthly, and all outstanding principal and any accrued and unpaid interest is due on May 16, 2026. IDT Telecom pays a quarterly
unused commitment fee on the average daily balance of the unused portion of the $25.0 million commitment of 30 to 85 basis points, depending
upon IDT Telecom’s leverage ratio as computed for the most recent fiscal quarter.
|
|
|
|
Debt instrument maturity date |
May 16, 2026
|
|
|
|
Revolving credit, unused portion amount |
|
|
|
$ 25,000
|
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v3.23.3
Equity (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
Oct. 11, 2023 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 26, 2023 |
Class of Stock [Line Items] |
|
|
|
|
Proceeds from exercise of stock options |
|
$ 172,000
|
|
|
Stock repurchase program, remaining number of shares authorized to be repurchased |
|
4,600,000
|
|
|
Common Class B [Member] | 2024 Equity Incentive Plan [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Number of shares, grant |
|
|
|
250,000
|
Common Class B [Member] | 2015 Stock Option and Incentive Plan [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Additional number of shares authorized |
250,000
|
|
|
|
Proceeds from exercise of stock options |
|
$ 200,000
|
|
|
Exercise of stock options, shares |
|
12,500
|
|
|
Class B Common Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Aggregate repurchased shares |
|
8,000,000.0
|
|
|
Class B common stock shares repurchased |
|
125,470
|
203,436
|
|
Aggregate purchase price of shares repurchased |
|
$ 2,800,000
|
$ 5,000,000.0
|
|
Class B Common Stock [Member] | Employees [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Class B common stock shares repurchased |
|
654
|
13,403
|
|
Aggregate purchase price of shares repurchased |
|
$ 15,000
|
$ 300,000
|
|
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v3.23.3
Schedule of Accumulated Balances for Each Classification of Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
$ (17,192)
|
|
Other Comprehensive Income (Loss), Net of Tax |
565
|
$ (367)
|
Ending balance |
(16,627)
|
|
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
(645)
|
|
Other Comprehensive Income (Loss), Net of Tax |
(66)
|
|
Ending balance |
(711)
|
|
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
(16,547)
|
|
Other Comprehensive Income (Loss), Net of Tax |
631
|
|
Ending balance |
$ (15,916)
|
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v3.23.3
Grafico Azioni IDT (NYSE:IDT)
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Grafico Azioni IDT (NYSE:IDT)
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