IDT Corp (IDT) 2025 Q1 法說會逐字稿

Good evening, and welcome to the IDT Corporation's First Quarter Fiscal Year 2025 Earnings Call. In today's presentation, IDT's management will discuss IDT's financial and operational results for the 3-month period ended October 31, 2024. During prepared remarks by IDT's Chief Executive Officer, Samuel Jonas, (Operator Instructions) After Mr. Jonas' remarks, Marcelo Fischer, IDT's Chief Financial Officer, will join Mr. Jonas for Q&A with investors.

晚上好，歡迎參加 IDT Corporation 2025 財年第一季財報電話會議。在今天的演示中，IDT 管理層將討論 IDT 截至 2024 年 10 月 31 日的三個月期間的財務和營運表現。在 IDT 執行長 Samuel Jonas 準備好的演講中（操作員說明） Jonas 先生講話後，IDT 財務長 Marcelo Fischer 將與 Jonas 先生一起與投資者進行問答。

Any forward-looking statement made during this conference call, either in the prepared remarks or in the Q&A session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports that IDT files periodically with the SEC. IDT assumes no obligation either to update any forward-looking statements that they have made or may make or to update the factors that they may cause -- that may cause actual results to differ materially from those that they forecast. In their presentation or in the Q&A session, IDT's management may make reference to non-GAAP measures, including adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share. A schedule provided in the IDT earnings release reconciles adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share to the nearest corresponding GAAP measures.

本次電話會議期間所做的任何前瞻性聲明，無論是在準備好的發言中還是在問答環節中，無論是一般性的還是具體的，都面臨風險和不確定性，可能導致實際結果與公司預期存在重大差異。這些風險和不確定性包括但不限於 IDT 定期向 SEC 提交的報告中討論的特定風險和不確定性。IDT 不承擔更新其已做出或可能做出的任何前瞻性聲明的義務，也不承擔更新其可能導致的因素（可能導致實際結果與其預測存在重大差異）的義務。在演示或問答環節中，IDT 管理層可能會參考非 GAAP 指標，包括調整後的 EBITDA、非 GAAP 淨利潤和非 GAAP 每股收益。IDT 收益發布中提供的時間表將調整後的 EBITDA、非 GAAP 淨利潤和非 GAAP 每股收益與最接近的相應 GAAP 指標進行了核對。

Please note that the IDT earnings release is available on the Investor Relations page of the IDT Corporation website. The earnings release has also been filed on Form 8-K with the SEC. I will now turn the conference over to Mr. Jonas.

請注意，IDT 收益發布可在 IDT Corporation 網站的投資者關係頁面上取得。收益報告也以 8-K 表格的形式向 SEC 提交。我現在將會議交給喬納斯先生。

Thank you, John. I apologize for my voice. Welcome to IDT's earnings conference call. My remarks today focused on the first quarter of our fiscal year 2025, the 3 and 12 months ended October 31. For a more detailed discussion of our financial and operational results for the quarter, please read our earnings release filed earlier today in our Form 10-K that we expect to file with the SEC next Tuesday.

謝謝你，約翰。我為我的聲音道歉。歡迎參加 IDT 的財報電話會議。我今天的發言重點是 2025 財年第一季度，截至 10 月 31 日的 3 個月和 12 個月。有關我們本季財務和營運業績的更詳細討論，請閱讀今天早些時候在我們預計下週二向 SEC 提交的 10-K 表格中提交的收益報告。

Building on our momentum from fiscal 2024, IDT delivered strong financial results in the first quarter of fiscal 2025, including record levels of gross profit, gross profit margin and adjusted EBITDA. Consolidated revenue has now increased sequentially for three consecutive quarters. NRS along with our fintech segment powered by BOSS Money and net2phone each achieved robust increases in revenue, gross profit and adjusted EBITDA. At NRS, we are focused on providing solutions to address the needs of our independent retailer market while heavily investing to develop new products and services to broaden our addressable markets. In Q1, we continued to achieve increased adoption rates on our payment processing offerings and SaaS feature plans.

憑藉 2024 財年的勢頭，IDT 在 2025 財年第一季實現了強勁的財務業績，包括創紀錄的毛利、毛利率和調整後 EBITDA 水平。合併收入現已連續三個季度環比增長。NRS 以及由 BOSS Money 和 net2phone 支持的金融科技部門均實現了收入、毛利和調整後 EBITDA 的強勁成長。在 NRS，我們專注於提供解決方案來滿足獨立零售商市場的需求，同時大力投資開發新產品和服務，以擴大我們的潛在市場。第一季度，我們的支付處理產品和 SaaS 功能計畫的採用率持續提高。

We look forward to continuing this momentum through the remainder of the fiscal year. BOSS Money's Q1 results reflected our decision to enhance margins, particularly within our retail channel. As a result, BOSS Money's gross margin expanded significantly and transaction growth slowed somewhat. The enhanced margins boosted Fintech's Q1 income from operations by $4.6 million year-over-year. And in November, following the quarter's close, transaction growth rebounded led by D2C.

我們期待在本財年剩餘時間內繼續保持這一勢頭。BOSS Money 第一季的業績反映了我們提高利潤率的決定，特別是在我們的零售通路內。受此影響，BOSS Money的毛利率大幅擴張，交易成長放緩。利潤率的提高使金融科技第一季的營運收入比去年同期增加了 460 萬美元。11 月份，該季度結束後，交易成長在 D2C 的帶動下出現反彈。

Net2phone increased seats served to over 400,000, driving a 13% increase in subscription revenue, despite the negative FX impact to its Latin American operations from a strong US dollar. Net2phone's financial discipline also contributed to healthy increases in income from operations and adjusted EBITDA. In the Traditional Communications segment, our ongoing efforts to streamline these business units and improve their economics and -- continued to pay off in Q1. The year-over-year revenue decrease was 4%, while income from operations increased by 2%.

儘管美元走強對其拉丁美洲業務產生了負面影響，Net2phone 的服務席位仍增加至超過 40 萬個，推動訂閱收入成長 13%。Net2phone 的財務紀律也有助於營運收入和調整後 EBITDA 的健康成長。在傳統通訊領域，我們不斷努力精簡這些業務部門並提高其經濟效益，並在第一季繼續獲得回報。營收年減 4%，而營運收入則成長 2%。

In light of the strong financial performance across our key businesses this quarter, we are now on track to significantly beat the EBITDA projections that we've previously had.

鑑於本季度我們主要業務的強勁財務業績，我們現在預計將大幅超過我們先前的 EBITDA 預測。

I'll wrap by wishing the entire IDT team, including all of our colleagues across the globe, retail partners and investors a very joyous holiday season shared with family and friends. We very much appreciate your support and hard work and look forward to sharing more good IDT news with you in 2025. Now Marcelo and I will be happy to take your questions.

最後，我祝福整個 IDT 團隊，包括我們在全球的所有同事、零售合作夥伴和投資者與家人和朋友度過一個愉快的假期。我們非常感謝您的支持和辛勤工作，並期待在 2025 年與您分享更多 IDT 好消息。現在馬塞洛和我很樂意回答你們的問題。

We will now begin the question-and-answer session. (Operator Instructions) Your first question comes from [Inigo Alonso].

我們現在開始問答環節。（操作員說明）您的第一個問題來自[伊尼戈·阿隆索]。

Thank you for the results again. I have questions on the three growing businesses. I'll start with a double question on net2phone and BOSS Money. BOSS Money has had extraordinary growth in the last couple of years, and a lot of that growth has been driven by the mass immigration into the US during the last presidential term.

再次感謝您的結果。我對這三家成長型企業有疑問。我將從 net2phone 和 BOSS Money 的雙重問題開始。BOSS Money 在過去幾年中取得了非凡的成長，其中很大一部分是由上屆總統任期內大量移民進入美國所推動的。

So how confident do you feel on your ability to keep growing at those rates and in stealing market share from your competitors if the immigration policies into the US tightens? And then the second question about net2phone is, we have over 50% of the revenues coming from Latin America. And with the strengthening of the USD, we are seeing that ForEx impact. Last week, we had a huge event in the Brazilian real with devaluation on currency, where you're really strong.

那麼，如果美國的移民政策收緊，您對自己以這樣的速度保持增長並從競爭對手手中奪取市場份額的能力有多大信心？關於 net2phone 的第二個問題是，我們超過 50% 的收入來自拉丁美洲。隨著美元走強，我們看到了外匯的影響。上週，我們在巴西雷亞爾發生了一場重大事件，貨幣貶值，這方面你真的很強大。

I was wondering on your confidence level to achieve double-digit revenue growth this year.

我想知道您對今年實現兩位數收入成長的信心程度如何。

Okay. So I'll try to answer your question on immigration first. It's really, in my opinion, too early to tell what will really be the end result of the new administration policies. My personal opinion is that you can't build things in America and make America stronger without immigration into this country. So if you're going to have tariffs, you need immigrants to work hard and help build America like they always have.

好的。所以我會先試著回答你關於移民的問題。在我看來，現在判斷新政府政策的最終結果還為時過早。我個人的觀點是，如果沒有移民進入這個國家，你就無法在美國建立東西並使美國變得更強大。因此，如果要徵收關稅，就需要移民像往常一樣努力工作並幫助建立美國。

That's my personal opinion. But as for what really happens, I don't know. One thing I would say is that we continue to focus on improving the product every day and that, that is, in my opinion, what really drives the results, not how many people cross the border on a daily basis. But that's my own opinion.

這是我個人的看法。但至於到底發生了什麼，我不知道。我想說的一件事是，我們每天繼續專注於改進產品，也就是說，在我看來，真正推動結果的因素，而不是每天有多少人跨越邊境。但這是我自己的意見。

Yes, I'll answer the question to you on net2phone. So you're absolutely right. The exchange rates are not helping net2phone right now. As you know, a significant portion of the business comes from Latin American countries, Brazil and Mexico, in particular. When you look about year-over-year, Q1 versus Q1, the Brazilian real is down about 14%.

是的，我會在 net2phone 上回答你的問題。所以你是完全正確的。目前匯率對 net2phone 沒有幫助。如您所知，很大一部分業務來自拉丁美洲國家，特別是巴西和墨西哥。當你對比第一季與去年同期相比時，巴西雷亞爾下跌了約 14%。

The Mexican peso is down about 11%. So those clearly impact the business when you translate into US dollars. Our subscription revenue growth was 13% for Q1. If not for this FX impact, it would have been 16%.

墨西哥比索下跌約 11%。因此，當你換算成美元時，這些顯然會影響業務。第一季我們的訂閱收入成長了 13%。如果沒有匯率影響，這一數字將為 16%。

So we are looking at it carefully, therefore, we keep on monitoring that.

所以我們正在仔細研究它，因此我們會繼續監控它。

And also, some of the cost inputs in operating the business in Latin America are really US pegged if not US denominated necessarily. So that has also a slight impact on the economics, on the profitability, not just on the translation side. And net2phone team and ourselves are really focusing very much on how we could offset some of those cost implications as well as the growth rates going forward because it does sound like the US

此外，在拉丁美洲經營業務的一些成本投入即使不一定以美元計價，也確實與美元掛鉤。因此，這對經濟、獲利能力也有輕微影響，而不僅僅是翻譯方面。net2phone 團隊和我們自己確實非常關注如何抵消其中一些成本影響以及未來的成長率，因為這聽起來確實像美國

dollar will continue to be strong for the foreseeable future. That being said, those markets in local currencies are really doing very well and continue to grow at a really nice pace, and we feel very positive about the long-term success and growth.

在可預見的未來，美元將持續走強。話雖這麼說，那些以當地貨幣計價的市場確實表現得非常好，並且繼續以非常好的速度成長，我們對長期的成功和成長感到非常積極。

Yes. And I'll just say to add on to what Marcelo already said is that it also lets us put more investment into the US market, where we already have, by far, the best profitability. So if anything, it gets us to focus our energies in the places where we get the most payoff from it. So not a completely bad story, in my opinion.

是的。我只想補充一下馬塞洛已經說過的話，這也讓我們可以向美國市場投入更多投資，到目前為止，我們在美國市場已經擁有最好的獲利能力。因此，如果有什麼不同的話，那就是它讓我們把精力集中在能從中獲得最大回報的地方。所以在我看來，這並不是一個完全糟糕的故事。

Can I ask about NRS? So NRS, this quarter, there was a seasonal churn. I would appreciate if you can provide a little bit of color on the seasonality of the terminal deployments. And I also noted that the terminal sales were lower and I wonder if this is due to the kiosk runout that you mentioned last quarter or there's different impacts here.

可以問一下NRS嗎？NRS，本季出現了季節性流失。如果您能提供有關終端部署季節性的一些信息，我將不勝感激。我還注意到終端銷售額較低，我想知道這是否是由於您上季度提到的售貨亭缺貨造成的，或者這裡有不同的影響。

Yes. I mean, so we have a large seasonal customer in the fireworks business that comes and goes. They were larger this year than they have been previously, which is both good and bad. And so that's really the seasonal impact. As far as your question related to the kiosk, it definitely did have an effect.

是的。我的意思是，我們在煙火行業有一個來來去去的大型季節性客戶。今年的規模比以往更大，這既是好事也是壞事。這確實是季節性的影響。至於你的問題與資訊亭有關，它確實有效果。

And we also had a lot of new product launches in terms of our software plans. And that also really, I think, unfortunately, I'll say, shifted some of the salespeople's attention to educating customers on those new plans and away from pushing out more units, but we're back on track.

在我們的軟體計劃方面，我們也推出了許多新產品。我認為，不幸的是，我想說，這也確實將一些銷售人員的注意力轉移到了向客戶介紹這些新計劃上，而不是推出更多產品，但我們又回到了正軌。

And one final question on NRS. In the last few quarters, you have mentioned how you are offering new forms of advertisement beyond the initial customer facing checkout screens. I was wondering what categories or real estate of businesses you are targeting for these newer screens. Are these screens located in outdoor high traffic areas? Or are they inside businesses?

最後一個問題是關於 NRS 的。在過去的幾個季度中，您提到瞭如何在最初面向客戶的結帳畫面之外提供新的廣告形式。我想知道您針對這些新螢幕的企業類別或房地產。這些螢幕是否位於室外人流量大的區域？還是他們在企業內部？

How many of these screens did you place in Q1, for example?

例如，您在第一季放置了多少個這樣的螢幕？

I don't have the numbers offhand, how many we placed in Q1. I do know that we ordered over 3,000 new screens. I don't believe that they've all arrived yet. And we've mostly placed them into hotels and entertainment attractions. And all of them are pretty highly trafficked.

我沒有現成的數字，我們在第一季放置了多少個。我確實知道我們訂購了 3,000 多個新螢幕。我不相信他們都已經到了。我們主要將它們放置在酒店和娛樂景點中。而且所有這些的流量都非常大。

(Operator Instructions) As there are no more questions, this concludes our question-and-answer session and conference call. Thank you for attending today's presentation. You may now disconnect.

（操作員說明）由於沒有更多問題，我們的問答環節和電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。