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06.06.2017 22:35
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PR Newswire
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IDT Corporation Reports Third Quarter Fiscal 2017 Results
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PR Newswire
NEWARK, N.J., June 6, 2017
NEWARK, N.J., June 6, 2017 /PRNewswire/ -- IDT Corporation (NYSE: IDT) reported a loss per share of $0.21 and Non-GAAP earnings per share (EPS)* of $0.28 on revenue of $370.0 million for the third quarter of its fiscal year 2017, the three months ended April 30, 2017.
HIGHLIGHTS
(Results for 3Q17 compared to 3Q16)
- Revenue of $370.0 million compared to $355.2 million;
- Loss from operations of $6.5 million, including a charge of $10.2 million for a legal settlement, compared to income from operations of $5.7 million, including a gain of $1.1 million on the sale of Fabrix;
- Adjusted EBITDA* of $9.1 million compared to $10.3 million;
- Loss per share of $0.21 compared to EPS of $0.19;
- Non-GAAP EPS* of $0.28 compared to $0.38;
- IDT has declared a dividend of $0.19 per share for 3Q17 to be paid on or about June 30, 2017.
*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
"I am very pleased by the growth of our early stage business initiatives during the third quarter, even as we took steps to strengthen our core business offerings and further streamline operations.
"National Retail Solutions continues to expand rapidly and is developing new ways to leverage our point-of-sale network to create additional value for our retailers, consumer package good suppliers and our BR Club members. At net2phone, our cloud-based PBX offering is on track to double the number of seats it serves in the first six months of the year. We also successfully launched the offering in Brazil in January and in Argentina in May.
"Our Boss Revolution money transfer business completed its best quarter ever. We expect to drive additional retail growth by gradually expanding our presence beyond our original focus on ten states. In addition, the fastest increase in transaction volumes is coming from our direct to consumer digital channel, including the Boss Revolution Money app, which is doubling in volume every three to four months and already contributes more than one in four transactions.
"From a corporate perspective, we continue to streamline our operations and tighten our strategic focus. As part of this effort, we expect to spin-off our real estate assets together with our interests in Rafael Pharmaceuticals, Inc. (formerly Cornerstone Pharmaceuticals, Inc.) and certain other investments as Rafael Holdings later this year."
3Q17 CONSOLIDATED RESULTS
| Results (in millions, except EPS) | 3Q17 | 2Q17 | 3Q16 | 3Q17 - 3Q16 Change (%/$) |
| Revenue | $370.0 | $367.6 | $355.2 | +4.2% |
| Direct cost of revenue | $314.7 | $310.9 | $293.2 | +7.3% |
| Direct cost of revenue as a percentage of revenue | 85.0% | 84.6% | 82.6% | +240 BP |
| SG&A expense | $46.2 | $47.3 | $51.6 | (10.5)% |
| Depreciation and amortization | $5.5 | $5.3 | $5.5 | (0.8)% |
| Other (losses) gains | $(10.2) | $(0.9) | $1.1 | $(11.3) |
| (Loss) income from operations | $(6.5) | $3.1 | $5.7 | $(12.2) |
| Adjusted EBITDA* | $9.1 | $9.3 | $10.3 | $(1.2) |
| Net (loss) income attributable to IDT | $(4.8) | $0.9 | $4.2 | $(9.0) |
| (Loss) earnings per share | $(0.21) | $0.04 | $0.19 | $(0.40) |
| Non-GAAP net income* | $6.5 | $6.1 | $8.6 | $(2.1) |
| Non-GAAP diluted EPS* | $0.28 | $0.27 | $0.38 | $(0.10) |
Consolidated results in 3Q16 include the results of Zedge, which was spun off to IDT stockholders on June 1, 2016. Zedge contributed $2.6 million in revenue, $239 thousand in income from operations, and $392 thousand in Adjusted EBITDA in 3Q16. Zedge did not contribute to results in fiscal 2017.
Consolidated results for all periods presented include corporate overhead. In 3Q17, corporate G&A expense decreased 30.2% to $2.0 million from $2.8 million in the year ago quarter. Consolidated results also included a loss of $10.1 million in 3Q17, resulting from the previously announced agreement with Straight Path Communications Inc. (SPCI), to settle potential liabilities and claims under agreements related to the spin-off of SPCI from IDT in 2013, as well as associated legal costs.
At April 30, 2017, IDT had $132.3 million in unrestricted cash, cash equivalents and marketable securities. In addition, the company reported $93.3 million in current restricted cash and cash equivalents, nearly all of which represents customer deposits held by IDT's Gibraltar-based bank. Current assets totaled $327.0 million and current liabilities were $332.7 million.
Net cash provided by operating activities during 3Q17 was $1.3 million compared to $10.7 million in 3Q16. For the same periods, capital expenditures were $6.5 million compared to $4.7 million, respectively.
3Q17 RESULTS BY SEGMENT
(Results are for 3Q17 unless otherwise noted).
| Results (in millions) | TPS | UCaaS | CPS | ALL OTHER | ||||
| 3Q17 | 3Q16 | 3Q17 | 3Q16 | 3Q17 | 3Q16 | 3Q17 | 3Q16 | |
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