$IDT reports strong Q2 FY2023 results with high-growth fintech and communications businesses
Mar 8th 2023, 9:47 pm
Analyst Summary: IDT Corporation, a global provider of fintech, cloud communications, and traditional communications services, has reported its Q2 FY2023 results for the three months ended January 31, 2023. The company's high-growth, high-margin businesses, including NRS, BOSS Money, and net2phone, performed very well this quarter, with significant year-over-year increases in Adjusted EBITDA, income from operations, and EPS. According to IDT's CEO Shmuel Jonas, "each of these businesses grew robustly in the second quarter." NRS doubled its recurring revenue, while net2phone achieved 30% year-over-year subscription revenue growth. Furthermore, transaction volumes through both retail and direct-to-consumer sales channels increased by 39% year-over-year at BOSS Money. Forward-looking statements in the press release indicated that actual results may differ materially from the results expressed or implied by those statements. As of January 31, 2023, IDT held $156.8 million in cash, cash equivalents, debt securities, and current equity investments. The company had no outstanding debt at the end of the quarter.