Good evening, and welcome to the IDT Corporation's Third Quarter Fiscal Year 2021 Earnings Call. In today's presentation, IDT's management will discuss IDT's financial and operational results for the 3-month period ended April 30, 2021. After the prepared remarks, Marcelo Fischer, IDT's Chief Financial Officer, will join Mr. Jonas for Q&A. Any forward-looking statements made during this conference call, either in the prepared remarks or in the Q&A session, whether general or specific in nature are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports that IDT files periodically with the SEC. IDT assumes no obligation to either update any forward-looking statements that they have made or may make or to update the factors that may cause actual results to differ materially from those that they forecast. In their presentation or in the Q&A session, IDT's management may make reference to non-GAAP measures, including adjusted EBITDA, adjusted EBITDA less CapEx, non-GAAP net income and non-GAAP earnings per share. A schedule provided in IDT's earnings release reconciles adjusted EBITDA, adjusted EBITDA less CapEx, non-GAAP net income and non-GAAP earnings per share to the nearest corresponding GAAP measures. Please note that the IDT earnings release is available on the Investor Relations page of the IDT Corporation website. The earnings release has also been filed on a Form 8-K with the SEC. I would now turn the call over to Mr. Jonas.

Thank you, operator. Welcome to IDT's third quarter fiscal year 2021 earnings call covering results for the 3-months ended April 30, 2021. I'm joined today on the call by Marcelo Fischer, IDT's Chief Financial Officer. For a detailed report on our financial and operational results, please read our earnings release filed earlier today and our Form 10-Q, which we expect to file with the SEC on or about June 9th. IDT continued to deliver strong results reflecting the sustained execution of our strategic priorities and the robust operational performances of our businesses. As a result, our top and bottom lines increased appreciably compared to the year ago and prior quarters, even when excluding the positive impacts of a reversal of income tax valuation allowances and gains on investments recorded this quarter. Consolidated revenue increased $52 million year-over-year to $374 million. With our fourth consecutive quarter of year-over-year revenue increases, we observed solid performances across the board, including an exceptional increase in mobile top-up revenue among our traditional communications offerings. Consolidated income from operations increased $10.1 million to $13.9 million this quarter. Our adjusted EBITDA less CapEx, which is overall a good proxy for cash generation, jumped to $13.2 million from $5.7 million. All three of our reporting segments, net2phone-UCaaS, Fintech and traditional communications met or exceeded our expectations. Our high growth, high margin businesses once again performed extremely well. net2phone delivered subscription revenue growth of 39% year-over-year. The increase reflected in part our progress on the net2phone development roadmap. net2phone continued to add API third party integrations and now offers integrations with Salesforce, Zoho, PurpleCloud, Slack, Zapier and Microsoft Teams, among others. Its growing integration toolkit enhances access to new segments across its domestic and international markets. In our Fintech segment, NRS accelerated its impressive revenue growth, increasing revenue by over 120% year-over-year led by payment processing and digital advertising services. This quarter, NRS announced a partnership enabling our independent retailers to ship and receive commerce packages. This deal illustrates the real strength of the NRF ecosystem, namely its ability to generate revenue from a variety of services in ways that add tremendous value to our retailers. Within Fintech, our BOSS Revolution Money Transfer business remained strong, generating 63% revenue growth year-over-year after excluding the significant positive impact of the transient FX opportunities we successfully pursued starting with the year ago quarter, which finally and completely ceased in the second quarter of this year. Our Money Transfer team has done an excellent job enhancing the BOSS Revolution money app user experience and systematically cross-selling customers from our other BOSS offerings. In the coming months, we will continue to grow our Money Transfer service to new corridors, enhance our distribution network, notably in Africa, and expand it to new origination markets. These initiatives offer abundant long-term growth potential. Finally, within our largest segment, traditional communications, mobile top-up revenue jumped by $36 million sequentially and by $47 million year-over-year, underscoring the vigor of these offerings and the potential to sustain long-term cash generation. This significant revenue increase reflects our recent efforts to grow our share in the mobile top-up space. Powered by mobile top-up, adjusted EBITDA less CapEx for the traditional communication segment jumped to $20.8 million, an increase of $8.7 million from the year-ago quarter. Finishing up our strong third quarter operational results enabled us to further strengthen our balance sheet with a significant improvement in available cash and current ratios this quarter. Now, Marcelo and I would be happy to take your questions.

We will now begin the question-and-answer session. Our first question will come from James Smith, a private investor. Please go ahead.

Hi, good evening, I had two questions. The first one is in relation to IMTU, the large sequential jump. If you could just go into a little more detail there as to product development initiatives, and you know the extent to which you think that's sustainable in future quarters? And then the second question was on MarketSpark, in early April, just a little more detail on what that product is, in which division it's going to see it and sort of what the plan is there? Thank you.

Okay. Marcelo, if you want to answer any or part of it, please feel free to jump in. The IMTU business was really a broad-based gain. I mean, we had gains at retail, wholesale, direct-to-consumer, Africa, and Latin America. There were some significant opportunities that we seized upon this quarter that we believe will continue and we think that it has a bright future ahead. As far as MarketSpark, it's been an interesting ride so far. We're very excited about it. That being said, we're not used to being passive investors, we're used to being real operators, and we did not do the MarketSpark investment as the management in the business. That being said, I think the management in the business is very strong. The basic opportunity that we see in MarketSpark is there's a need to move from what people call pipelines to basically cellular lines, as carriers effectively try to cut the copper wires in whole sections of the country. There's a need for security systems, POS systems, really any phone lines that require a specialized connection, that was done over copper for years and years, to switch to cellular. MarketSpark provides the technology to do so and it's a very compelling offer for a variety of reasons, the easiest one being that there’s a big advantage in the offer based on the taxes. The FCC taxes pipelines at a very high rate and cellular at a very low rate. So immediately, you're able to save customers money, almost guaranteed. And that's been the reason why they've landed many large customers so quickly. That being said, it's having its growing pains, but we think that it has a very bright future. So I hope that kind of answers your question. Does that answer the question for you?

Yeah. And James in terms of where it belongs, because as Samuel mentioned, we have taken a minority position in the company. Therefore, we are going to be accounting for that investment under the equity method. We are not consolidating it and the results of that business will be collected as an operating income or expense item in our P&L.

That makes sense. Thank you very much.

Sure.

Our next question will come from Brian Warner, a private investor. Please go ahead.

Hi. Sorry about that. I'm not sure what when I got cut off, but I had three questions. One was maybe you can give us a little more color on what you're doing in mobile top-up to take share there, because that was quite a quarter, and maybe you can frame the opportunity as you see it over the next few years for that piece of traditional? Secondly, maybe you could touch on how your mobile offering with T-Mobile is going? And then finally, maybe you can give us a little color on the timing and anything else you might want to share on the net2phone spin-off?

So maybe not in order of the way you asked them, but on the third one, I mean, I think that we answered that question to a previous caller. There's no change in the timeframe that we provided last quarter. As far as the MVNO through T-Mobile, it's actually going very well. We had our best growth so far in the past couple of weeks. Again, it's a product that had a hard time launching, but we're actually doing pretty good numbers so far. As far as the IMTU, as I said, it's really been very broad-based. Again, really, throughout every channel that we sell internationally, domestically, B2B, wholesale, etc. We really did well across the board. There are always market opportunities and we try to capitalize on them when they come. We believe that a lot of the small acquisitions that we've made in the space are helping with it, both in terms of the technology that we acquired, as well as the expertise and pricing information that we now have. That's allowed us to capture a larger percentage of the market. We think it's a very growing market in general. The amount of data that people are using worldwide continues to grow and the need for people to top-up both their loved ones' phones and their own phones continues to grow. We’re providing those services in both locations, both domestically and internationally.

I got you. It sounds great. Congratulations.

Thank you.

As there are no more questions, this concludes our question-and-answer session and conference call. Thank you for attending today's presentation. You may now disconnect.