IDT Q1 2024 Earnings Report

IDT reported strong revenue growth driven by BOSS Money, NRS, and net2phone, resulting in a significant increase in gross profit margin and record gross profit.

Key Takeaways

IDT Corporation reported its Q1 2024 earnings, highlighting strong revenue growth in its high-growth, high-margin businesses, BOSS Money, NRS and net2phone. The growth in these segments drove a 370 basis point year-over-year increase in gross profit margin and record gross profit. The company is also focusing on streamlining overhead and returning value to stockholders through share repurchases.

BOSS Money revenue increased 38% due to growth in both retail and digital money transfer channels.

NRS' recurring revenue increased 25%, driven by expansion and upgrades, with record income from operations.

net2phone delivered steady customer base and topline growth, generating positive Adjusted EBITDA and approaching cash-flow positive status.

IDT is innovating new offerings across its businesses, including BOSS Revolution Calling, and focusing on cost reduction in Traditional Communications.

Previous year: $90.2M

+4.7%