IDT Corp Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>IDT Corp filed its Q2 2024 10-Q report, detailing financial performance and position as of January 31, 2024.</b>

AI Summary

IDT CORP (IDT) filed a Quarterly Report (10-Q) with the SEC on March 11, 2024. IDT Corp filed its 10-Q report for the quarter ended January 31, 2024. The filing covers the period from November 1, 2023, to January 31, 2024. It also includes comparative data for the prior year's quarter (November 1, 2022, to January 31, 2023). The report details financial information as of January 31, 2024, and July 31, 2023. Key financial statement components like common stock, additional paid-in capital, and retained earnings are presented for these dates.

Why It Matters

For investors and stakeholders tracking IDT CORP, this filing contains several important signals. This filing provides investors with the latest quarterly financial results, enabling them to assess the company's performance and make informed investment decisions. The detailed financial data allows for trend analysis and comparison against previous periods and industry benchmarks.

Risk Assessment

Risk Level: low — IDT CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures, indicating a routine update of financial information.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand IDT Corp's current operational and financial health.

Key Numbers

• 2024-01-31 — Q2 2024 End Date (Conformed Period of Report)
• 2023-07-31 — Prior Fiscal Year End (Fiscal Year End)
• 2024-03-11 — Filing Date (Filed as of date)
• 2023-08-01 — Start of Fiscal Year 2024 (Fiscal Year Start Date)

Key Players & Entities

• IDT CORP (company) — Filer
• 2024-01-31 (date) — Conformed Period of Report
• 2024-03-11 (date) — Filed as of date
• 0001005731 (company) — Central Index Key
• 4813 (industry_code) — Standard Industrial Classification
• DE (state) — State of Incorporation
• 0731 (fiscal_year_end) — Fiscal Year End
• 973 438 1000 (phone) — Business Phone

FAQ

Industry Context

IDT Corp operates in the telecommunications industry, specifically focusing on telephone communications excluding radio telephone services.

Regulatory Implications

The company is subject to regulations governing telecommunications providers in the United States, as indicated by its SIC code.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity from the previous reporting period.
2. Review the income statement to understand revenue generation and profitability trends for the quarter.
3. Examine the cash flow statement to assess the company's ability to generate cash from its operations, investments, and financing activities.

Key Dates

• 2024-01-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-03-11: Filing Date — Date the 10-Q report was officially submitted to the SEC.
• 2023-07-31: Prior Fiscal Year End — Reference point for year-over-year comparisons.

Year-Over-Year Comparison

This filing represents the Q2 2024 10-Q, providing updated financial data compared to the previous fiscal year's filings.

Filing Documents

• form10-q.htm (10-Q) — 1873KB
• ex31-1.htm (EX-31.1) — 14KB
• ex31-2.htm (EX-31.2) — 14KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-009529.txt (&nbsp;) — 8831KB
• idt-20240131.xsd (EX-101.SCH) — 61KB
• idt-20240131_cal.xml (EX-101.CAL) — 89KB
• idt-20240131_def.xml (EX-101.DEF) — 272KB
• idt-20240131_lab.xml (EX-101.LAB) — 416KB
• idt-20240131_pre.xml (EX-101.PRE) — 367KB
• form10-q_htm.xml (XML) — 1774KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1.

Financial Statements (Unaudited)

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

Notes to Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risks

Quantitative and Qualitative Disclosures About Market Risks 36 Item 4.

Controls and Procedures

Controls and Procedures 36

OTHER INFORMATION

PART II. OTHER INFORMATION 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 37

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) IDT CORPORATION CONSOLIDATED BALANCE SHEETS January 31, 2024 July 31, 2023 (Unaudited) (Note 1) (in thousands, except per share data) Assets Current assets: Cash and cash equivalents $ 141,081 $ 103,637 Restricted cash and cash equivalents 93,231 95,186 Debt securities 31,419 42,414 Equity investments 5,076 6,198 Trade accounts receivable, net of allowance for credit losses of $ 6,315 at January 31, 2024 and allowance for doubtful accounts of $ 5,642 at July 31, 2023 37,392 32,092 Settlement assets, net of reserve of $ 1,514 at January 31, 2024 and $ 1,143 at July 31, 2023 17,200 32,396 Disbursement prefunding 27,749 30,113 Prepaid expenses 23,523 16,638 Other current assets 30,905 28,394 Total current assets 407,576 387,068 Property, plant, and equipment, net 38,713 38,655 Goodwill 26,318 26,457 Other intangibles, net 7,026 8,196 Equity investments 7,558 9,874 Operating lease right-of-use assets 5,079 5,540 Deferred income tax assets, net 18,313 24,101 Other assets 11,195 10,919 Total assets $ 521,778 $ 510,810 Liabilities, redeemable noncontrolling interest, and equity Current liabilities: Trade accounts payable $ 21,514 $ 22,231 Accrued expenses 107,181 110,796 Deferred revenue 33,803 35,343 Customer deposits 87,553 86,481 Settlement liabilities 15,789 21,495 Other current liabilities 19,194 17,761 Total current liabilities 285,034 294,107 Operating lease liabilities 2,448 2,881 Other liabilities 3,716 3,354 Total liabilities 291,198 300,342 Commitments and contingencies - - Redeemable noncontrolling interest 10,693 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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1— Basis of Presentation The accompanying unaudited consolidated financial statements of IDT Corporation and its subsidiaries (the "Company" or "IDT") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended January 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2024. The balance sheet at July 31, 2023 has been derived from the Company's audited financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2023, as filed with the U.S. Securities and Exchange Commission (the "SEC"). The Company's fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal year ending in the calendar year indicated (e.g., fiscal 2024 refers to the fiscal year ending July 31, 2024). As of January 31, 2024, the Company owned 94.0 % of the outstanding shares of its subsidiary, net2phone 2.0, Inc. ("net2phone 2.0"), which owns and operates the net2phone segment, and 81.2 % of the outstanding shares of National Retail Solutions ("NRS"), and, on a fully diluted basis, assuming all the vesting criteria related to various rights granted have been met

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View this 10-Q filing on SEC EDGAR