Idt Corp 10-Q for FY2024 Q3

Idt Corp (IDT)

10-Q 2024-06-10 For: 2024-04-30

Added on April 12, 2026

About this 10-Q

Idt Corp filed this 10-Q on June 10, 2024, covering the quarter ended April 30, 2024 (FY2024 Q3).

Headline figures

Quarter ended April 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $299.64M; up 0.1% from $299.3M a year earlier
Net income: $5.55M; down 19.4% from net income of $6.89M a year earlier
Diluted EPS: $0.22; down 18.5% from $0.27 a year earlier

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Delaware	22-3415036
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

520 Broad Street, Newark, New Jersey	07102
(Address of principal executive offices)	(Zip Code)

Title of each class		Name of each exchange on which registered
Class B common stock, par value $.01 per share		New York Stock Exchange

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

Class A common stock, $.01 par value:	1,574,326 shares outstanding (excluding 1,698,000 treasury shares)
Class B common stock, $.01 par value:	23,764,649 shares outstanding (excluding 4,400,168 treasury shares)

PART I. FINANCIAL INFORMATION		3

Item 1.	Financial Statements (Unaudited)	3

	Consolidated Balance Sheets	3

	Consolidated Statements of Income	4

	Consolidated Statements of Comprehensive Income	5

	Consolidated Statements of Equity	6

	Consolidated Statements of Cash Flows	8

	Notes to Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures About Market Risks	38

Item 4.	Controls and Procedures	39

PART II. OTHER INFORMATION		40

Item 1.	Legal Proceedings	40

Item 1A.	Risk Factors	40

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40

Item 3.	Defaults Upon Senior Securities	40

Item 4.	Mine Safety Disclosures	40

Item 5.	Other Information	40

Item 6.	Exhibits	40

SIGNATURES		41

	April 30, 2024			July 31, 2023
	(Unaudited)			(Note 1)
	(in thousands, except per share data)
Assets
Current assets:
Cash and cash equivalents	$	139,773		$	103,637
Restricted cash and cash equivalents		93,072			95,186
Debt securities		29,384			42,414
Equity investments		4,844			6,198
Trade accounts receivable, net of allowance for credit losses of $6,717 at April 30, 2024 and allowance for doubtful accounts of $5,642 at July 31, 2023		38,967			32,092
Settlement assets, net of reserve of $1,676 at April 30, 2024 and $1,143 at July 31, 2023		21,435			32,396
Disbursement prefunding		36,626			30,113
Prepaid expenses		20,046			16,638
Other current assets		24,385			28,394

Total current assets		408,532			387,068
Property, plant, and equipment, net		38,515			38,655
Goodwill		26,254			26,457
Other intangibles, net		6,591			8,196
Equity investments		6,630			9,874
Operating lease right-of-use assets		4,370			5,540
Deferred income tax assets, net		15,270			24,101
Other assets		11,140			10,919

Total assets	$	517,302		$	510,810

Liabilities, redeemable noncontrolling interest, and equity
Current liabilities:
Trade accounts payable	$	23,976		$	22,231
Accrued expenses		99,335			110,796
Deferred revenue		32,070			35,343
Customer deposits		83,660			86,481
Settlement liabilities		22,853			21,495
Other current liabilities		15,937			17,761

Total current liabilities		277,831			294,107
Operating lease liabilities		1,753			2,881
Other liabilities		3,647			3,354

Total liabilities		283,231			300,342
Commitments and contingencies		-			-
Redeemable noncontrolling interest		10,791			10,472
Equity:
IDT Corporation stockholders’ equity:
Preferred stock, $.01 par value; authorized shares—10,000; no shares issued		—			—
Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at April 30, 2024 and July 31, 2023		33			33
Class B common stock, $.01 par value; authorized shares—200,000; 28,165 and 27,851 shares issued and 23,766 and 23,699 shares outstanding at April 30, 2024 and July 31, 2023, respectively		282			279
Common stock, value		282			279
Additional paid-in capital		303,055			301,408
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,399 and 4,152 shares of Class B common stock at April 30, 2024 and July 31, 2023, respectively		(122,668	)		(115,461	)
Accumulated other comprehensive loss		(17,243	)		(17,192	)
Retained earnings		51,028			24,662

Total IDT Corporation stockholders’ equity		214,487			193,729
Noncontrolling interests		8,793			6,267

Total equity		223,280			199,996

Total liabilities, redeemable noncontrolling interest, and equity	$	517,302		$	510,810

	2024			2023			2024			2023
	Three Months Ended April 30,						Nine Months Ended April 30,
	2024			2023			2024			2023
	(in thousands, except per share data)

Revenues	$	299,643		$	299,295		$	896,946		$	935,047
Direct cost of revenues		202,599			211,734			608,982			668,513
Gross profit		97,044			87,561			287,964			266,534
Operating expenses:
Selling, general and administrative (i)		68,962			60,130			200,685			177,475
Technology and development (i)		12,640			12,145			37,975			35,870
Severance		779			145			1,648			458
Other operating expense, net (see Note 10)		3,231			4,764			3,041			3,948

Total operating expenses		85,612			77,184			243,349			217,751

Income from operations		11,432			10,377			44,615			48,783
Interest income, net		1,162			709			3,201			2,029
Other expense, net		(3,273	)		(382	)		(6,326	)		(2,610	)

Income before income taxes		9,321			10,704			41,490			48,202
Provision for income taxes		(2,979	)		(2,960	)		(10,918	)		(12,594	)

Net income		6,342			7,744			30,572			35,608
Net income attributable to noncontrolling interests		(791	)		(854	)		(2,937	)		(3,093	)

Net income attributable to IDT Corporation	$	5,551		$	6,890		$	27,635		$	32,515

Earnings per share attributable to IDT Corporation common stockholders:
Basic	$	0.22		$	0.27		$	1.10		$	1.27
Diluted	$	0.22		$	0.27		$	1.09		$	1.27

Weighted-average number of shares used in calculation of earnings per share:
Basic		25,345			25,518			25,233			25,544
Diluted		25,516			25,612			25,380			25,589

(i) Stock-based compensation included in:

Selling, general and administrative expense	$	2,027		$	1,579		$	5,025		$	3,096
Technology and development expense	$	91		$	100		$	350		$	441


	Three Months Ended April 30, 2024 (in thousands)
		IDT Corporation Stockholders
		Class A Common Stock		Class B Common Stock		Additional Paid-In Capital		Treasury Stock			Accumulated Other Comprehensive Loss			Retained Earnings			Noncontrolling Interests			Total Equity
BALANCE AT JANUARY 31, 2024	$	33	$	281	$	300,631	$	(118,631	)	$	(17,276	)	$	46,746		$	8,103		$	219,887
Dividends declared ($0.05 per share)		—		—		—		—			—			(1,269	)		—			(1,269	)
Repurchases of Class B common stock through repurchase program		—		—		—		(2,520	)		—			—			—			(2,520	)
Restricted Class B common stock purchased from employees		—		—		—		(1,517	)		—			—			—			(1,517	)
Stock issued to an executive officer for bonus payment		—		—		1,495		—			—			—			—			1,495
Business acquisition holdback payment		—		—		100		—			—			—			—			100
Exercise of stock options
Restricted Class B common stock purchased from employees
Stock-based compensation		—		1		829		—			—			—			—			830
Distributions to noncontrolling interests		—		—		—		—			—			—			(3	)		(3	)
Other comprehensive income		—		—		—		—			33			—			—			33
Net income		—		—		—		—			—			5,551			693			6,244
BALANCE AT APRIL 30, 2024	$	33	$	282	$	303,055	$	(122,668	)	$	(17,243	)	$	51,028		$	8,793		$	223,280

	Nine Months Ended April 30, 2024 (in thousands)
		IDT Corporation Stockholders
		Class A Common Stock		Class B Common Stock		Additional Paid-In Capital			Treasury Stock			Accumulated Other Comprehensive Loss			Retained Earnings			Noncontrolling Interests			Total Equity
BALANCE AT JULY 31, 2023	$	33	$	279	$	301,408		$	(115,461	)	$	(17,192	)	$	24,662		$	6,267		$	199,996
Dividends declared ($0.05 per share)		—		—		—			—			—			(1,269	)		—			(1,269	)
Exercise of stock options		—		—		172			—			—			—			—			172
Repurchases of Class B common stock through repurchase program		—		—		—			(5,675	)		—			—			—			(5,675	)
Restricted Class B common stock purchased from employees		—		—		—			(1,532	)		—			—			—			(1,532	)
Restricted net2phone common stock purchased from employees		—		—		(3,611	)		—			—			—			53			(3,558	)
Exchange of National Retail Solutions shares for Class B common stock		—		2		81			—			—			—			(83	)		—
Stock issued to an executive officer for bonus payment		—		—		1,495			—			—			—			—			1,495
Business acquisition holdback payment		—		—		100			—			—			—			—			100
Stock-based compensation		—		1		3,410			—			—			—			—			3,411
Distributions to noncontrolling interests		—		—		—			—			—			—			(62	)		(62	)
Other comprehensive loss		—		—		—			—			(51	)		—			—			(51	)
Net income		—		—		—			—			—			27,635			2,618			30,253
BALANCE AT APRIL 30, 2024	$	33	$	282	$	303,055		$	(122,668	)	$	(17,243	)	$	51,028		$	8,793		$	223,280

	Three Months Ended April 30, 2023 (in thousands)
		IDT Corporation Stockholders
		Class A Common Stock		Class B Common Stock		Additional Paid-In Capital		Treasury Stock			Accumulated Other Comprehensive Loss			Retained Earnings		Noncontrolling Interests			Total Equity
BALANCE AT JANUARY 31, 2023	$	33	$	278	$	298,649	$	(106,906	)	$	(13,711	)	$	9,795	$	4,876		$	193,014
Repurchases of Class B common stock through repurchase program		—		—		—		(2,500	)		—			—		—			(2,500	)
Restricted Class B common stock purchased from employees		—		—		—		(4	)		—			—		—			(4	)
Stock-based compensation		—		—		1,679		—			—			—		—			1,679
Distributions to noncontrolling interests		—		—		—		—			—			—		(106	)		(106	)
Other comprehensive loss		—		—		—		—			(764	)		—		—			(764	)
Net income		—		—		—		—			—			6,890		794			7,684
BALANCE AT APRIL 30, 2023	$	33	$	278	$	300,328	$	(109,410	)	$	(14,475	)	$	16,685	$	5,564		$	199,003

	Nine Months Ended April 30, 2023 (in thousands)
		IDT Corporation Stockholders
		Class A Common Stock		Class B Common Stock		Additional Paid-In Capital		Treasury Stock			Accumulated Other Comprehensive Loss			(Accumulated Deficit) Retained Earnings			Noncontrolling Interests			Total Equity
BALANCE AT JULY 31, 2022	$	33	$	277	$	296,005	$	(101,565	)	$	(11,305	)	$	(15,830	)	$	3,022		$	170,637
BALANCE	$	33	$	277	$	296,005	$	(101,565	)	$	(11,305	)	$	(15,830	)	$	3,022		$	170,637
Exercise of stock options		—		—		172		—			—			—			—			172
Repurchases of Class B common stock through repurchase program		—		—		—		(7,506	)		—			—			—			(7,506	)
Restricted Class B common stock purchased from employees		—		—		—		(339	)		—			—			—			(339	)
Stock issued to certain executive officers for bonus payments		—		—		615		—			—			—			—			615
Stock-based compensation		—		1		3,536		—			—			—			—			3,537
Distributions to noncontrolling interests		—		—		—		—			—			—			(293	)		(293	)
Other comprehensive loss		—		—		—		—			(3,170	)		—			—			(3,170	)
Other comprehensive income (loss)		—		—		—		—			(3,170	)		—			—			(3,170	)
Net income		—		—		—		—			—			32,515			2,835			35,350
BALANCE AT APRIL 30, 2023	$	33	$	278	$	300,328	$	(109,410	)	$	(14,475	)	$	16,685		$	5,564		$	199,003
BALANCE	$	33	$	278	$	300,328	$	(109,410	)	$	(14,475	)	$	16,685		$	5,564		$	199,003

	Three Months Ended April 30, 2023		Nine Months Ended April 30, 2023
	(in thousands)
Selling, general and administrative expense reclassified to:

Direct cost of revenues	$	334	$	944

Technology and development expense	$	8,896	$	26,308
Selling, general and administrative expense	$	8,896	$	26,308

Depreciation and amortization expense reclassified to:

Direct cost of revenues	$	1,150	$	3,289

Selling, general and administrative expense	$	786	$	2,135

Technology and development expense	$	3,249	$	9,562
Depreciation and amortization expense	$	3,249	$	9,562

(in thousands)	National Retail Solutions		Fintech			net2phone			Traditional Communications		Corporate			Total
Three Months Ended April 30, 2024
Revenues	$	25,712	$	31,526		$	20,677		$	221,728	$	—		$	299,643
Income (loss) from operations		4,768		(553	)		476			12,467		(5,726	)		11,432
Depreciation and amortization:
Included in “Direct cost of revenues”		501		47			600			168		—			1,316
Included in “Selling, general and administrative” expense		33		33			274			214		17			571
Included in “Technology and development” expense		285		643			700			1,596		—			3,224

Three Months Ended April 30, 2023
Revenues	$	18,073	$	21,787		$	18,392		$	241,043	$	—		$	299,295
Income (loss) from operations		2,079		(1,318	)		(377	)		12,924		(2,931	)		10,377
Depreciation and amortization:
Included in “Direct cost of revenues”		384		21			558			187		—			1,150
Included in “Selling, general and administrative” expense		29		317			213			227		—			786
Included in “Technology and development” expense		203		374			631			2,041		—			3,249

Nine Months Ended April 30, 2024
Revenues	$	74,930	$	86,076		$	60,957		$	674,983	$	—		$	896,946
Income (loss) from operations		15,578		(2,673	)		836			42,491		(11,617	)		44,615
Depreciation and amortization:
Included in “Direct cost of revenues”		1,433		132			1,799			538		—			3,902
Included in “Selling, general and administrative” expense		96		361			709			592		65			1,823
Included in “Technology and development” expense		801		1,648			2,056			5,026		—			9,531

Nine Months Ended April 30, 2023
Revenues	$	57,208	$	61,995		$	53,136		$	762,708	$	—		$	935,047
Income (loss) from operations		12,684		(613	)		(2,008	)		47,195		(8,475	)		48,783
Depreciation and amortization:
Included in “Direct cost of revenues”		1,061		65			1,592			571		—			3,289
Included in “Selling, general and administrative” expense		88		955			762			294		36			2,135
Included in “Technology and development” expense		539		970			1,790			6,263		—			9,562
Total depreciation and amortization		539		970			1,790			6,263		—			9,562

	April 30, 2024			July 31, 2023
Weighted-average remaining lease term-operating leases	2.5 years			2.3 years
Weighted-average discount rate-operating leases		4.4	%		3.7	%

(in thousands)
Twelve-month period ending April 30:
2025	$	2,953
2026		796
2027		559
2028		272
2029		180
Thereafter		105

Total lease payments		4,865
Less imputed interest		(308	)

Total operating lease liabilities	$	4,557

	April 30, 2024		July 31, 2023
	(in thousands)
Deferred customer contract acquisition costs included in “Other current assets”	$	4,145	$	4,460
Deferred customer contract acquisition costs included in “Other assets”		3,957		3,734

Total	$	8,102	$	8,194


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
April 30, 2024:
U.S. Treasury bills and notes	$	23,710	$	—	$	(131	)	$	23,579
Government sponsored enterprise notes		2,378		—		(6	)		2,372
Corporate bonds		3,864		—		(431	)		3,433

Total	$	29,952	$	—	$	(568	)	$	29,384

July 31, 2023:
Certificates of deposit*	$	4,080	$	—	$	(4	)	$	4,076
U.S. Treasury bills and notes		31,186		—		(148	)		31,038
Government sponsored enterprise notes		3,881		—		(8	)		3,873
Corporate bonds		3,912		—		(485	)		3,427

Total	$	43,059	$	—	$	(645	)	$	42,414

	Fair Value
		(in thousands)
Within one year	$	21,816
After one year through five years		6,441
After five years through ten years		1,078
After ten years		49

Total	$	29,384


	Unrealized Losses		Fair Value
	(in thousands)
April 30, 2024:
U.S. Treasury bills and notes	$	131	$	23,579
Government sponsored enterprise notes		6		2,372
Corporate bonds		431		3,433

Total	$	568	$	29,384

July 31, 2023:
Certificates of deposit	$	4	$	3,356
U.S. Treasury bills and notes		148		31,038
Government sponsored enterprise notes		8		3,873
Corporate bonds		485		3,368

Total	$	645	$	41,635


	Three Months Ended April 30,						Nine Months Ended April 30,
	2024			2023			2024			2023
	(in thousands)
Net losses recognized during the period on equity investments	$	(78	)	$	(480	)	$	(280	)	$	(2,649	)
Less: net gains recognized during the period on equity investments sold during the period		—			—			130			18

Unrealized losses recognized during the period on equity investments still held at the reporting date	$	(78	)	$	(480	)	$	(410	)	$	(2,667	)

	Level 1 (1)		Level 2 (2)		Level 3 (3)			Total
	(in thousands)
April 30, 2024
Debt securities	$	23,579	$	5,805	$	—		$	29,384
Equity investments included in current assets		4,844		—		—			4,844
Equity investments included in noncurrent assets		—		500		1,425			1,925

Total	$	28,423	$	6,305	$	1,425		$	36,153

Acquisition consideration included in:
Other current liabilities	$	—	$	—	$	(190	)	$	(190	)
Other noncurrent liabilities		—		—		(2,722	)		(2,722	)

Total	$	—	$	—	$	(2,912	)	$	(2,912	)

July 31, 2023
Debt securities	$	31,038	$	11,376	$	—		$	42,414
Equity investments included in current assets		6,198		—		—			6,198
Equity investments included in noncurrent assets		—		2,500		1,263			3,763

Total	$	37,236	$	13,876	$	1,263		$	52,375

Acquisition consideration included in:
Other current liabilities	$	—	$	—	$	(2,032	)	$	(2,032	)
Other noncurrent liabilities		—		—		(2,773	)		(2,773	)

Total	$	—	$	—	$	(4,805	)	$	(4,805	)

(1)	– quoted prices in active markets for identical assets or liabilities
(2)	– observable inputs other than quoted prices in active markets for identical assets and liabilities
(3)	– no observable pricing inputs in the market


	April 30, 2024		July 31, 2023
	(in thousands)
Assets:
Cash and equivalents	$	2,529	$	1,596
Restricted cash		8,525		7,848
Trade accounts receivable, net		99		62
Disbursement prefunding		1,375		585
Prepaid expenses		220		197
Other current assets		307		317
Property, plant, and equipment, net		156		272
Other intangibles, net		622		737

Total assets	$	13,833	$	11,614

Liabilities and noncontrolling interests:
Trade accounts payable	$	51	$	—
Accrued expenses		137		70
Settlement liabilities		9,247		7,573
Due to the Company		153		26
Accumulated other comprehensive income		46		21
Noncontrolling interests		4,199		3,924

Total liabilities and noncontrolling interests	$	13,833	$	11,614


	Three Months Ended April 30,				Nine Months Ended April 30,
	2024		2023		2024		2023
		(in thousands)
Net income of NRS attributable to the mezzanine equity’s noncontrolling interest	$	98	$	60	$	319	$	258

	Unrealized Loss on Available-for-Sale Securities			Foreign Currency Translation			Accumulated Other Comprehensive Loss
	(in thousands)
Balance, July 31, 2023	$	(645	)	$	(16,547	)	$	(17,192	)
Other comprehensive income (loss) attributable to IDT Corporation		77			(128	)		(51	)
Balance, April 30, 2024	$	(568	)	$	(16,675	)	$	(17,243	)


	Three Months Ended April 30,						Nine Months Ended April 30,
	2024			2023			2024			2023
	(in thousands)
Foreign currency transaction (losses) gains	$	(2,302	)	$	893		$	(3,291	)	$	2,344
Equity in net loss of investee		(871	)		(768	)		(2,732	)		(2,143	)
Losses on investments, net		(78	)		(480	)		(280	)		(2,649	)
Other		(22	)		(27	)		(23	)		(162	)
Total other expense, net	$	(3,273	)	$	(382	)	$	(6,326	)	$	(2,610	)

	Three Months Ended April 30, 2023		Nine Months Ended April 30, 2023
	(in millions)
Selling, general and administrative expense reclassified to:
Direct cost of revenues	$	0.3	$	0.9
Technology and development expense	$	8.9	$	26.3
Depreciation and amortization expense reclassified to:
Direct cost of revenues	$	1.2	$	3.3
Selling, general and administrative expense	$	0.8	$	2.1
Technology and development expense	$	3.2	$	9.6

	●	for NRS, active point-of-sale, or POS, terminals, payment processing accounts, and recurring revenue,

	●	for net2phone, seats and subscription revenue, and

	●	for Traditional Communications, minutes of use.

	Three months ended April 30,						Change						Nine months ended April 30,						Change
	2024			2023			$/#			%			2024			2023			$/#			%
	(in millions)
Revenues:
Recurring	$	24.0		$	16.5		$	7.5			45.4	%	$	70.2		$	52.6		$	17.6			33.4	%
Other		1.7			1.6			0.1			9.8			4.7			4.6			0.1			3.1
Total revenues		25.7			18.1			7.6			42.3			74.9			57.2			17.7			31.0
Direct cost of revenues		(3.6	)		(3.1	)		0.5			16.2			(9.5	)		(8.1	)		1.4			18.3
Gross profit		22.1			15.0			7.1			47.6			65.4			49.1			16.3			33.1
Selling, general and administrative		(15.6	)		(11.6	)		4.0			35.0			(44.5	)		(32.9	)		11.6			34.9
Technology and development		(1.7	)		(1.3	)		0.4			28.5			(5.3	)		(3.5	)		1.8			52.6
Income from operations	$	4.8		$	2.1		$	2.7			129.4	%	$	15.6		$	12.7		$	2.9			22.8	%

Gross margin percentage		86.1	%		83.0	%		3.1	%					87.3	%		85.9	%		1.4	%

	April 30,				Change
	2024		2023		#		%
		(in thousands)
Active POS terminals		30.3		23.9		6.4		27	%
Payment processing accounts		19.5		14.1		5.4		38	%

	Three months ended April 30,						Change						Nine months ended April 30,						Change
	2024			2023			$/#			%			2024			2023			$/#			%
	(in millions)
Revenues:
BOSS Money	$	27.6		$	19.5		$	8.1			41.9	%	$	76.9		$	54.6		$	22.3			40.7	%
Other		3.9			2.3			1.6			67.7			9.2			7.4			1.8			25.2
Total revenues		31.5			21.8			9.7			44.7			86.1			62.0			24.1			38.8
Direct cost of revenues		(14.2	)		(9.2	)		5.0			54.1			(37.9	)		(25.6	)		12.3			47.9
Gross profit		17.3			12.6			4.7			37.8			48.2			36.4			11.8			32.5
Selling, general and administrative		(15.3	)		(12.1	)		3.2			26.7			(43.7	)		(33.6	)		10.1			29.9
Technology and development		(2.5	)		(1.8	)		0.7			37.3			(7.1	)		(5.3	)		1.8			33.5
Other operating (expense) gains		(0.1	)		—			0.1			nm			(0.1	)		1.9			2.0			103.8
(Loss) income from operations	$	(0.6	)	$	(1.3	)	$	0.7			58.0	%	$	(2.7	)	$	(0.6	)	$	(2.1	)		(336.2	)%

Gross margin percentage		54.9	%		57.6	%		(2.7	)%					56.0	%		58.7	%		(2.7	)%

Payments Due by Period (in millions)	Total		Less than 1 year		1–3 years		4–5 years		After 5 years
Purchase commitments	$	3.2	$	2.7	$	0.5	$	—	$	—
Connectivity obligations under service agreements		1.0		0.8		0.2		—		—
Operating leases including short-term leases		5.7		3.6		1.6		0.4		0.1
Total (1)	$	9.9	$	7.1	$	2.3	$	0.4	$	0.1

	Total Number of Shares Purchased		Average Price per Share		Total Number of Shares Purchased as part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
February 1-29, 2024 (2)		21,229	$	35.63		—		4,566,946
March 1–31, 2024 (2)		20,111	$	37.82		—		4,566,946
April 1–30, 2024		68,846	$	36.58		68,846		4,498,100

Total		110,186	$	36.62		68,846

(1)	On January 22, 2016, our Board of Directors approved a stock repurchase program to purchase up to 8.0 million shares of our Class B common stock.

(2)	Shares of our Class B common stock that were tendered by employees of ours to satisfy the employee’s tax withholding obligations in connection with the lapsing of restrictions on restricted stock and deferred stock units. Such shares were repurchased by us based on their fair market value as of the close of business on the trading day immediately prior to the vesting date.

Exhibit Number		Description

31.1*		Certification of Chief Executive Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Chief Financial Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

	IDT CORPORATION

June 10, 2024	By:	/s/ SHMUEL JONAS
		Shmuel Jonas Chief Executive Officer

June 10, 2024	By:	/s/ MARCELO FISCHER
		Marcelo Fischer Chief Financial Officer