IDT Corp. Files Q3 2024 10-Q Report
Ticker: IDT · Form: 10-Q · Filed: Jun 10, 2024 · CIK: 1005731
Sentiment: neutral
Topics: 10-Q, quarterly-report, telecommunications
TL;DR
IDT Corp Q3 10-Q filed. Financials for period ending 4/30/24 out.
AI Summary
IDT Corp. filed its 10-Q for the period ending April 30, 2024, reporting on its third fiscal quarter. The filing details financial performance and operational updates for the company, which operates in the telecommunications sector. Specific financial figures and operational metrics for the quarter and year-to-date periods are provided.
Why It Matters
This filing provides investors and analysts with the latest financial health and operational performance of IDT Corp., crucial for understanding the company's trajectory in the telecommunications industry.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing financial information, not indicating any immediate or significant new risks.
Key Numbers
- 20240430 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
- 0731 — Fiscal Year End (Defines the company's annual financial reporting cycle.)
Key Players & Entities
- IDT CORP (company) — Filer of the 10-Q
- 20240430 (date) — End of the reporting period
- 0731 (date) — Fiscal year end
- 973 438 1000 (dollar_amount) — Business phone number
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended April 30, 2024.
What is IDT Corp's fiscal year end?
IDT Corp's fiscal year ends on July 31.
What is the SIC code for IDT Corp?
The Standard Industrial Classification (SIC) code for IDT Corp is 4813, which corresponds to Telephone Communications (No Radio Telephone).
When was this 10-Q filed?
This 10-Q filing was filed on June 10, 2024.
What is the company's business address?
The business address for IDT Corp. is 520 Broad St, Newark, NJ 07102.
Filing Stats: 4,589 words · 18 min read · ~15 pages · Grade level 19.5 · Accepted 2024-06-10 16:43:30
Filing Documents
- form10-q.htm (10-Q) — 3014KB
- 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
- 0001493152-24-023350.txt ( ) — 13082KB
- idt-20240430.xsd (EX-101.SCH) — 65KB
- idt-20240430_cal.xml (EX-101.CAL) — 95KB
- idt-20240430_def.xml (EX-101.DEF) — 289KB
- idt-20240430_lab.xml (EX-101.LAB) — 438KB
- idt-20240430_pre.xml (EX-101.PRE) — 388KB
- form10-q_htm.xml (XML) — 3243KB
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 27 Item 3.
Quantitative and Qualitative Disclosures About Market Risks
Quantitative and Qualitative Disclosures About Market Risks 38 Item 4.
Controls and Procedures
Controls and Procedures 39
OTHER INFORMATION
PART II. OTHER INFORMATION 40 Item 1.
Legal Proceedings
Legal Proceedings 40 Item 1A.
Risk Factors
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
SIGNATURES 41 2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) IDT CORPORATION CONSOLIDATED BALANCE SHEETS 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