IDT Corporation Reports Impressive Growth in FY 2024

By Tamara Parker • Wednesday, October 09 10:18 • Permanent Link

IDT Corporation (NYSE: IDT) has reported its fourth-quarter and fiscal year 2024 results, with significant year-over-year growth across various segments.

In the fourth quarter of 2024 (4Q24), the company saw year-over-year revenue growth rates of 42% for National Retail Solutions (NRS), 41% for Fintech segment (Boss Money), and 15% for Net2Phone. Additionally, income from operations in 4Q24 increased by 68% year-over-year to $20.1 million, while adjusted EBITDA reached a record $25.2 million, marking a 40% increase.

The GAAP EPS for 4Q24 increased year-over-year to $1.45 from $0.31, and the non-GAAP EPS increased to $0.57 from $0.36.

In the full fiscal year 2024, NRS added approximately 6,400 net new active terminals and increased recurring revenue by 36% to $96.9 million. Boss Money increased transaction volume by 41% to 18.34 million and revenue by 41% to $108.3 million, and Net2Phone increased subscription revenue by 17% to $78.4 million.

IDT Corporation's consolidated gross profit increased 9.2% to $390.2 million, reaching an all-time, full fiscal year record level, with a gross profit margin of 32.4%. Income from operations increased by 7% year-over-year to $64.8 million, while net income attributable to IDT increased by 59% to $64.5 million.

The GAAP EPS for the full fiscal year 2024 increased to $2.54 from $1.58, and the non-GAAP EPS increased to $1.95 from $1.86. Adjusted EBITDA increased by 4% to $89.7 million, the highest level in IDT’s history.

In terms of segment performance, NRS added 1,800 net new active point-of-sale (POS) terminals in 4Q24, reaching approximately 32,100 at the end of the period, with recurring revenue increasing by 42% to $26.7 million. Boss Money increased remittance transactions by 42% to 5.4 million, and Net2Phone added approximately 12,000 net seats, reaching approximately 396,000 seats at the end of 4Q24.

IDT Corporation's CEO, Shmuel Jonas, highlighted the strong performance across NRS, Boss Money, and Net2Phone, with a focus on strategic priorities and continued expansion.

The company enters fiscal 2025 with strong momentum, focusing on driving the continued expansion of its profitable segments and investing in new growth initiatives while maximizing cash generation and returning value to stockholders through investments, share buybacks, and dividends.

Today the company's shares have moved 13.6% to a price of $43.68. If you want to know more, read the company's complete 8-K report here.

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