IDT Corporation Declares Earning Results

IDT Corporation (IDT) on October 1, 2020 declared net income per diluted share of $0.82 and Non-GAAP earnings per diluted share of $0.62 on revenue of $360.3 million for the fourth quarter of FY 2020, the three months ended July 31, 2020.  For the full fiscal year 2020, net income per diluted share was $0.81 and non-GAAP earnings per diluted share* was $0.86 on revenue of $1,345.8 million.

The company reported that BOSS Revolution Money Transfer revenue increased 206% to $21.3 million in 4Q20. FY20 money transfer revenue increased 108% to $48.0 million. The sequential and year over year gains were powered by surging adoption of the BR Money App and advantageous but transient foreign exchange market conditions.

net2phone-UCaaS subscription revenue increased 26% to $8.0 million in 4Q20 led by increased sales in the US. FY20 subscription revenue increased 40% to $30.0 million. UCaaS seats served increased to 151,000 at July 31, 2020 from 137,000 at April 30th and 100,000 at July 31, 2019. net2phone introduced its Huddle video-conferencing solution to its current subscribers during the quarter.

NRS’ revenue increased 144% to $4.7 million in 4Q20. FY20 revenue increased 93% to $12.0 million. Sales of NRS’ merchant services, advertising and data analytics offerings all increased significantly. Active point-of-sale (POS) terminals increased to 10,000 at July 31, 2020 from 7,800 a year earlier.

Consolidated results for all periods presented include corporate overhead.  Corporate G&A expense was $2.1 million in 4Q20, unchanged from 4Q19.  Corporate G&A expense decreased to $9.0 million in FY20 from $9.2 million in FY19.

As of July 31, 2020, IDT held $109.2 million in unrestricted cash, cash equivalents, debt securities and current equity investments. Current assets totaled $322.1 million and current liabilities totaled $324.9 million.

Net cash provided by operating activities increased to $41.1 million in 4Q20 from $37.8 million in 4Q19.  Exclusive of the net impact of changes in customer deposits at IDT’s Gibraltar bank, net cash provided by operating activities increased to $44.2 million in 4Q20 from $11.8 million in 4Q19. 

For FY20, net cash used in operating activities totaled $29.6 million compared to net cash provided by operating activities of $85.1 million in FY19.  Exclusive of the net impact of changes in customer deposits at the Gibraltar bank, net cash provided by operating activities in FY20 increased to $40.8 million from $26.1 million in FY19.

Capital expenditures decreased to $4.2 million in 4Q20 from $5.0 million in 4Q19.  Full year capital expenditures decreased to $16.0 million in FY20 from $18.7 million in FY19.

Recent Trade

IDT Corporation (IDT) reported a gain of 39.10% on Friday and closed at $9.57. The volume was high at 11,877,561 shares compared to its 3-month average volume of 267.72K shares. With the recent price change the company has market cap of $239.01 million with 24.97 million shares.

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