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| Statement |
|---|
| We’ve been growing at around 35%, 40% clip, which is excellent, better than other in this industry |
| The businesses within our Traditional Communications segment continue to generate strong cash flows |
| The second quarter was highlighted by the continued expansion of our growth businesses, with both NRS and BOSS Money surpassing the $100 million annual revenue run rate milestone |
| We do believe that scale matters hugely in terms of getting to higher profitability in that industry and growing organically have been good for us |
| We again saw strong growth in Merchant Services and SaaS revenues, and increased Merchant Services revenue per NRS Pay account |
| BOSS Money delivered another quarter of impressive results with 42% year-over-year revenue growth |
| Its improving economics helped our Fintech segment to achieve adjusted EBITDA breakeven for the quarter |
| In light of our robust financial position and positive outlook, the Board felt that we should supplement our ongoing program of opportunistic stock buybacks, which can vary from quarter-to-quarter, with regular, predictable dividend payments to our stockholders |
| We are seeing good customer response in the remittance corridors where we have launched this offering and we’ll be expanding the service to many other destinations in the coming months |
| I am also very pleased with net2phone increasing subscription revenue 19% year-over-year and achieving cash flow breakeven, which we measure as adjusted EBITDA less CapEx |
| Together, our combined growth segments propelled IDT to achieve another quarter of record consolidated gross profit and increased gross margin |
| The strength of our operational results and our balance sheet, including our enhanced liquidity, provides us with flexibility as we invest in the development of our next generation of exciting early-stage initiatives and scout for other growth opportunities and other countries in which to add our services |
| NRS continued to deliver robust recurring revenue per terminal |
| Meanwhile, we expect cash flows from our traditional business to continue to remain robust for years to come |
| So, overall, I think that the stores are doing pretty well |
| I know that’s not as maybe as exciting, but we think we do pretty well and we’re going to continue to try to grow things organically |
| So it’s doing well, and that EBITDA will continue to grow at its scales, but to some extent, BOSS Money now growing EBITDA, funding other investments in that segment, right |
| I mean we think that we have a lot of projects that are being worked on internally, and we’re very happy with the pace there |
| One key to the continued growth in this business has been our commitment to making money transfers faster, more convenient and secure for our customers |
| You will see the benefits of these efforts in the third quarter and beyond |
| I don’t know if that answers your question, but, Marcelo, you have anything to add maybe? Marcelo Fischer I would say, William, just put a little more context, is that, obviously the Money Transfer business, BOSS Money is the lion’s share of the Fintech segment in terms of revenue, and that part of the business, BOSS Money have been generating positive EBITDA now for the last two quarters, and now probably, I think, did more than $1 million in positive EBITDA the last six months |
| And as I said, help us grow into new countries and new verticals |
| Congratulations on the great quarter |
| I think our sales were up about 7.4% |
| But it’s definitely going to be a profitable and growing part of our business |
| However, our expense management was not where I wanted to be for the quarter, and I expect it will get better |
| I want to thank our employees at all our offices worldwide for their hard work to make these results possible and thank our Board for their support |
| As for NRS, I think one day it’s going to make a great independent company |
| So getting to a scale where you can reach profitability and getting that transaction volume through |
| And I think that when that right time to spin-off is, I can’t comment on that today, but we continue to build it for it to become much more valuable than it is now |
| Statement |
|---|
| We did have some one-time cost related to bad debt which affected our quarter |
| So you’re – when you’re in a weak vertical, you get judged amongst them as well |
| These risks and uncertainties include, but are not unlimited to, specific risks and uncertainties discussed in the reports that IDT files periodically with the SEC |
| The market has still really not been particularly strong for companies, I’ll say, in our verticals, even though I think we’re by far the best |
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