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Earnings Call Summary | IDT Corp(IDT.US) Q2 2024 Earnings Conference

Futu News ·  Mar 7 09:30  · Conference Call

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.

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