IDT Corporation (NYSE:IDT) Q4 2020 Earnings Conference Call - Final Transcript

Oct 01, 2020 • 05:30 pm ET

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IDT Corporation (NYSE:IDT) Q4 2020 Earnings Conference Call - Final Transcript

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Presentation
Executive
Shmuel Jonas

that.

Now let's pivot and very briefly review results for IDT Telecoms core offering. BOSS Revolution calling and Mobile Top-Up had strong performances in the fourth quarter as our customers kept in closer touch with and increased their support for friends and families during the pandemic. Our Wholesale Carrier division, which depends on international businesses communications was again impacted by the closure or partial closure of many corporate offices due to the pandemic.

From a balance sheet perspective, we continue to strengthen our position during the fourth quarter. We increased our holdings of cash, debt securities and equity investments by $38.7 million to $109.2 million, even as we returned $4 [Phonetic] million to our stockholders through repurchases of our common stock. We accomplished this while remaining free of debt.

Wrapping up, I again want to thank our amazing IDT net2phone, NRS and BOSS teammates who continued their amazing product development, sales and service during really tough and obviously unprecedented time. Thank you very much.

Now it's on to fiscal 2021. The continued expansion of our higher margin growth businesses and the resilience of our consumer core offerings position IDT to deliver improving results and to create significant long-term value. I'm very excited about the opportunities ahead and I look forward to reporting to you on our progress.

Marcelo and I will be happy to take your questions now. And I apologize for being choppy.