IDT Corporation (NYSE:IDT) Q4 2020 Earnings Conference Call - Final Transcript
Oct 01, 2020 • 05:30 pm ET
family and friends and deliver their very hard-earned money to [Indecipherable] worldwide. Our business is all about earning their trust that our customers place in us every day. We don't take that responsibility lightly and we work hard every day to make sure that we continue to improve.
As a small token of appreciation for all that our customers do, we developed and underwrote a project called Stories of the American Dream. The project is a collection of stories told by people from all over the world who came to America and are making truly remarkable contributions to our country. You can see this wonderful project by visiting storiesoftheamericandream.com or by following us on social media.
Our fourth quarter results were quite good. We achieved our highest levels of consolidated quarterly margin contribution and adjusted EBITDA in over a decade. Let's start by talking about our exciting growth businesses and their achievements. Money Transfers fourth quarter revenue increased by $14.3 million year-over-year and $9.5 million sequentially to $21.3 million. Full fiscal year 2020 Money Transfer revenue was $48 million, more than doubled the $23.1 million generated in fiscal 2019. Our Money Transfer business built upon its strong organic growth by leveraging certain favorable foreign exchange market condition to deliver exceptional results this quarter. These forex conditions are transient, however, and they began to normalize following the quarter close. Although our digital channels again, were the main contributor to Money Transfer's rapid growth, our complementary in-store Money Transfer channel also as huge potential.
Over the past several quarters, we have dramatically improved our platform and stabilized in-store transaction level and margin contribution. We now believe we are not -- we are in a position to grow our retail footprint. Before this calendar year is out, we expect to build on the success of our BR Money app by launching a synergistic neobank offering. Our BOSS Money Neobank also called Money will have numerous unique features. It will also be monthly fee-free and virtually fee-free in general, and provide robust consumer rewards to drive rapid customer acquisition. As we extend the capabilities of the BR Money app, we are going to expand its reach beyond the USA, and we are developing quite a few additional exciting FinTech products and offerings that will [Indecipherable] to consumers globally.
Continuing with our growth businesses, net2phone's product and development teams were very busy this quarter. We introduced our Microsoft team's integration and late in the third, excuse me, we introduced our Microsoft team's integration late in the third quarter and this quarter we already added over 3,000 people to it. This quarter we also released Huddle, our video-conferencing solution worldwide. Huddle is also getting very good traction with our customers and I personally use it almost every day. In addition, net2phone's rolled out new billing platforms in the US and we'll deploy those billing platforms worldwide over the course of the next year.
Earlier this week we officially released net2phone ZOHO integration, and we will soon