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08.03.2018 22:30
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PR Newswire
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IDT Corporation Reports Second Quarter Fiscal Year 2018 Results
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PR Newswire
NEWARK, N.J., March 8, 2018
NEWARK, N.J., March 8, 2018 /PRNewswire/ -- IDT Corporation (NYSE: IDT) reported EPS of $0.06 on revenue of $395.9 million for the second quarter of FY 2018, the three months ended January 31, 2018.
HIGHLIGHTS
(2Q18 results are compared to 2Q17)
- The spin-off of Rafael Holdings to IDT stockholders has been scheduled for on or about March 26th;
- IDT has declared a dividend of $0.09 per share for 2Q18;
- Revenue of $395.9 million compared to $367.6 million;
- Loss from operations of $0.5 million compared to income from operations of $3.1 million;
- Adjusted EBITDA* of $6.3 million compared to $9.3 million;
- EPS of $0.06 compared to EPS of $0.04;
- Non-GAAP EPS* of $0.00 compared to $0.12;
- The sale of IDT's Gibraltar-based bank remains pending regulatory approval.
*Throughout this release, non-GAAP EPS, Adjusted EBITDA, and non-GAAP Net Income for all periods presented are non-GAAP measures intended to provide useful information that supplements IDT's or the relevant segment's core results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this release for an explanation of these terms and their respective reconciliations to the most directly comparable GAAP measure.
REMARKS BY SHMUEL JONAS, CEO OF IDT CORPORATION
"Last week, the Securities and Exchange Commission concluded its review of our spin-off of Rafael Holdings. As previously announced, we now expect to distribute the Rafael Holdings shares to our stockholders on or about March 26th. The spin-off of Rafael Holdings will include our pharma investments and over $100 million of real estate, cash, marketable securities and investments.
"IDT's consolidated revenue of $395.9 million in the second quarter represents a $28.3 million increase compared to the year ago quarter. The revenue growth was contributed by two verticals - Wholesale Carrier, which generated its sixth consecutive quarter of revenue increases and Payment Services, reflecting increases in money remittance transactions originating from our direct to consumer channels and by sales of international and domestic mobile top-up. Retail Communications revenue decreased, but we have slowed the rate of decline while improving Retail's margin contribution.
"Our growth initiatives are performing well and have begun to contribute significantly to our top line growth. Looking ahead, we will be reducing our SG&A spend, primarily in our legacy offerings, while continuing to maintain and support the investment behind our growth initiatives.
"In light of our intention to continue to invest heavily in our promising growth initiatives and the impact of the spin-off of Rafael on our balance sheet, IDT's Board of Directors has reduced our dividend for the second quarter to $0.09 per share."
2Q18 CONSOLIDATED RESULTS
(Results are for 2Q18 and compared to 2Q17 unless otherwise noted).
| Results (in millions, except EPS) | 2Q18 | 1Q18 | 2Q17 | 2Q18 - 2Q17 Change (%/$) |
| Revenue | $395.9 | $393.6 | $367.6 | +7.7% |
| Direct cost of revenue | $337.2 | $336.5 | $310.9 | +8.5% |
| Direct cost of revenue as a percentage | 85.2% | 85.5% | 84.6% | +60 BP |
| SG&A expense | $52.4 | $50.1 | $47.3 | +10.6% |
| Depreciation and amortization | $5.7 | $5.7 | $5.3 | +8.2% |
| (Loss) income from operations | $(0.5) | $0.1 | $3.1 | $(3.6) |
| Adjusted EBITDA* | $6.3 | $7.0 | $9.3 | $(3.0) |
| Net income (loss) attributable to IDT | $1.5 | $(2.1) | $0.9 | +$0.6 |
| Diluted earnings (loss) per share | $0.06 | $(0.08) | $0.04 | +$0.02 |
| Non-GAAP net income* | $0.0 | $0.2 | $2.7 | $(2.7) |
| Non-GAAP EPS* | $0.00 | $0.01 | $0.12 | $(0.12) |
Consolidated results for all periods presented include corporate overhead as a separate segment. The corporate segment loss from operations decreased to $3.3 million from $3.7 million in 2Q17 primarily because of a decrease in stock-based compensation, which declined to $632 thousand from $1.0 million.
Net income attributable to IDT in 2Q18 was $1.5 million or $0.06 per diluted share, including a benefit from income taxes of $3.3 million as a result of a change in US tax law, compared to net income attributable to IDT of $0.9 million or $0.04 per diluted share in 2Q17.
At January 31, 2018, IDT held $100.3 million in cash, cash equivalents and marketable securities. At the time of the spin-off, Rafael Holdings will have approximately $44 million in cash, cash equivalents, and marketable securities, as well as $6 million in hedge fund investments and other investment securities. The hedge fund and securities holdings are currently included in "Investments" on the balance sheet.
Net cash provided by operating activities during 2Q18 was $3.5 million compared to net cash used in operating activities of $6.3 million in 2Q17. In the same periods, capital expenditures were $5.6 million and $5.0 million, respectively.
2Q18 RESULTS BY SEGMENT
(Results are for 2Q18 and compared to 2Q17 unless otherwise noted).
| Quarterly Results by (in millions) | TPS | net2phone-UCaaS | All Other | Corporate | ||||
| 2Q18 | 2Q17 | 2Q18 | 2Q17 | 2Q18 | 2Q17 | 2Q18 | 2Q17 | |
| Revenue | $387.1 | $359.9 | $8.3 | $7.1 | $0.5 | $0.5 Werbung Mehr Nachrichten zur IDT Aktie kostenlos abonnieren
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