The following is a summary of the IDT Corporation (IDT) Q2 2024 Earnings Call Transcript:
Financial Performance:
IDT achieved over $100 million annual revenue run rate for both NRS and BOSS Money in Q2 2024.
Gross margin reached a record high, sparked by a 42% YoY increase in BOSS Money and a 19% increase in net2phone subscription revenue.
The Fintech segment, principally driven by BOSS Money, broke even in terms of adjusted EBITDA this quarter.
One-time bad debt caused disproportionately high expenses, impacting overall financial management.
Business Progress:
IDT added around 1,500 net new terminals to the NRS network.
BOSS Money launched a feature for US customers to send money to bank accounts via Visa or Mastercard, with plans for further expansion.
IDT is streamlining operations and cutting overhead, which are expected to deliver positive outcomes from Q3 onwards.
IDT continues to explore growth opportunities - both organically and through potential acquisitions, with a particular focus on the Fintech sector.
The company's Gibraltar Bank is nearing full operational licensing, with concurrent online banking initiatives through Neo-Bank.
More details: IDT Corp IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.