IDT Q2 2024 Earnings Report
Key Takeaways
IDT Corporation reported its second quarter fiscal year 2024 results, with GAAP EPS unchanged year-over-year at $0.57 and non-GAAP EPS increasing to $0.67 from $0.62. The company highlighted the expansion of its growth businesses, NRS and BOSS Money, both surpassing $100 million in annual revenue run rate. A quarterly dividend of $0.05 per share was initiated.
NRS and BOSS Money both surpassed the $100 million annual revenue run rate milestone.
NRS saw strong growth in Merchant Services and SaaS revenues, and increased Merchant Services revenue per NRS Pay account, adding approximately 1500 net new terminals.
BOSS Money delivered 42% year-over-year revenue growth, helping the Fintech segment achieve Adjusted EBITDA break-even.
net2phone increased subscription revenue 19% year over year and achieved cash flow break-even.
IDT
IDT
Forward Guidance
The company expects to see benefits from overhead reduction and streamlining operations in Traditional Communications and company-wide in the third quarter and beyond.