IDT Corp (IDT) 2025 Q3 法說會逐字稿

Good evening. Welcome to the IDT Corporation's third quarter fiscal 2025 earnings conference call. (Operator Instructions) Please note, this conference call is being recorded. I will now turn the call over to Bill Ulrey of IDT Investor Relations. Bill, you may begin.

晚安.歡迎參加 IDT 公司 2025 財年第三季財報電話會議。（操作員指示）請注意，本次電話會議正在錄音。現在我將電話轉給 IDT 投資者關係部的 Bill Ulrey。比爾，你可以開始了。

Thank you, John. In today's presentation, IDT's Chief Executive Officer, Shmuel Jonas; and Chief Financial Officer, Marcelo Fischer, will discuss IDT's financial and operational results for the three-month period ended April 30, 2025. After their remarks, they will be happy to take your questions.

謝謝你，約翰。在今天的演講中，IDT 執行長 Shmuel Jonas 和財務長 Marcelo Fischer 將討論 IDT 截至 2025 年 4 月 30 日的三個月的財務和營運業績。發言結束後，他們將很樂意回答您的提問。

Any forward-looking statements made during this conference call, either in their remarks or in the Q&A that follows, 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 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. Schedules provided in the IDT earnings release reconcile adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share to the nearest corresponding GAAP measures.

本次電話會議中所做的任何前瞻性陳述，無論是在其評論中還是在隨後的問答中，無論是一般性還是具體性，都受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與公司預期的結果存在重大差異。這些風險和不確定性包括但不限於 IDT 定期向美國證券交易委員會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或更新可能導致實際結果與其預測存在重大差異的因素的義務。在演示或問答環節中，IDT 的管理層可能會參考非 GAAP 指標，包括調整後的 EBITDA、非 GAAP 淨收入和非 GAAP 每股盈餘。IDT 收益報告中提供的時間表將調整後的 EBITDA、非 GAAP 淨收入和非 GAAP 每股收益與最接近的相應 GAAP 指標進行調整。

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 a Form 8-K with the SEC.

請注意，IDT 收益報告可在 IDT 公司網站的投資者關係頁面上查閱。收益報告也已以 8-K 表格形式提交給美國證券交易委員會 (SEC)。

Now I'll turn the call over to Shmuel for his comments on the quarter's results.

現在我將把電話轉給 Shmuel，請他評論本季的表現。

Thank you, Bill, and thank you, John and Marcelo. IDT's third quarter was solid with strong year-over-year gains while slightly softer than our second quarter, in part because of expected seasonal factors. Year-over-year revenue growth and continued expansion of each of our business segments' bottom line results drove a 133% year-over-year increase in consolidated income from operations, a 57% increase in consolidated adjusted EBITDA and a 290% increase in EPS.

謝謝你，比爾，謝謝你，約翰和馬塞洛。IDT 第三季度表現穩健，年成長強勁，但略低於第二季度，部分原因是預期的季節性因素。營收年增 133%，綜合調整後各業務部門獲利的持續擴大，推動綜合營業收入年增 133%，綜合調整後 EBITDA 成長 57%，每股盈餘成長 290%。

At NRS, recurring revenue increased 23% year-over-year, powered by a 37% revenue increase from NRS' largest vertical, merchant services and a 33% increase in SaaS fees, which more than offset a 12% decrease in advertising and data revenue. Income from operations and adjusted EBITDA were both up 29% year-over-year, and the business has generated a record $32 million in adjusted EBITDA over the past 12 months. Looking ahead, we continue to focus on developing new offerings that leverage the NRS platform to enable retailers to compete more effectively with large retail chains. For instance, independent neighborhood retailers have not yet meaningfully benefited from the consumer shift to online ordering and delivery. We are working to change that by integrating our network with online ordering and delivery platforms, enabling retailers on the NRS network to provide hyper-fast local delivery of sundries and prepared foods.

NRS 的經常性收入年增 23%，其中，NRS 最大的垂直業務商戶服務收入增長 37%，SaaS 費用增長 33%，這足以抵消廣告和數據收入 12% 的下降。營業收入和調整後 EBITDA 均年增 29%，且該業務在過去 12 個月內創造了創紀錄的 3,200 萬美元調整後 EBITDA。展望未來，我們將繼續專注於開發利用 NRS 平台的新產品，使零售商能夠更有效地與大型零售連鎖店競爭。例如，獨立的社區零售商尚未從消費者轉向線上訂購和送貨中獲得實質利益。我們正在努力透過將我們的網路與線上訂購和配送平台相結合來改變這種狀況，使 NRS 網路上的零售商能夠提供超快速的雜貨和熟食本地配送。

The 100 or so retailers we have signed up so far are already receiving in aggregate over 2,000 delivery orders a week.

目前我們已經簽約的 100 多家零售商每週累計收到超過 2,000 份送貨訂單。

BOSS Money, our remittance platform, increased transactions by 27% and revenue by 25%. The growth rates have been impacted by the deliberate shift we made last summer to prioritize gross profit per transaction in our retail channel rather than market share and by a recent shift in customer preferences towards larger send amounts per remittance through fewer transactions. The Fintech segment, which includes BOSS Money and early-stage fintech initiatives, generated over $5 million in adjusted EBITDA compared to $244,000 in the year ago quarter. Looking ahead, BOSS Money is working on initiatives to drive sustained long-term growth and innovations that reduce cross-border friction and increase profitability.

我們的匯款平台 BOSS Money 的交易量增加了 27%，營收增加了 25%。成長率受到了我們去年夏天做出的刻意轉變的影響，我們優先考慮零售通路每筆交易的毛利而不是市場份額，並且最近客戶偏好轉向透過更少的交易實現每筆匯款的更大金額。金融科技部門（包括 BOSS Money 和早期金融科技專案）的調整後 EBITDA 超過 500 萬美元，而去年同期為 244,000 美元。展望未來，BOSS Money 正在致力於推動長期持續成長和創新，以減少跨國摩擦並提高獲利能力。

net2phone continued its steady progress with balanced growth in the U.S., Brazil and Mexico. The team has done a great job growing its business while holding the line on overhead. net2phone's adjusted EBITDA margins reached 15% in the third quarter of '25. net2phone began to offer its AI agents this quarter and customers are already seeing the benefits, including enhanced efficiency. Even as we deploy AI Agents refined for specific market verticals, we are preparing to launch another AI-powered service, which we internally refer to as Coach.

net2phone 繼續穩步前進，在美國、巴西和墨西哥實現了均衡成長。該團隊在控制管理費用的同時，在業務成長方面做得非常出色。 net2phone 的調整後 EBITDA 利潤率在 25 年第三季達到了 15%。 net2phone 本季開始提供其 AI 代理，客戶已經看到了包括效率提高在內的好處。即使我們部署針對特定垂直市場改進的 AI 代理，我們也正準備推出另一項由 AI 驅動的服務，我們內部稱之為 Coach。

We think will be very successful.

我們認為將會非常成功。

In our Traditional Communications segment, income from operations and adjusted EBITDA both jumped over 30% year-over-year to $17.3 million and $19.3 million, respectively, underscoring that this segment continues to be a long-term cash generator.

在我們的傳統通訊部門，營業收入和調整後的 EBITDA 均較去年同期成長超過 30%，分別達到 1,730 萬美元和 1,930 萬美元，這表明該部門仍然是長期現金來源。

At IDT, on a consolidated basis, we continue to scale our three primary growth businesses and their operating leverage in combination with the resilient contributions of our Traditional Communications businesses are driving expansion in IDT's cash generation and earnings. As we enter our budgeting season, we are fortunate to be in a great position to pursue next generation of exciting growth initiatives. I want to wrap up by thanking the millions of customers who put some of their hard-earned dollars to work through our BOSS offerings and the business customers around the world who rely on us to enhance their businesses and communications. Our ability to provide these services depends on the dedication of our employees who have been executing and innovating on so many fronts and on our stockholders who entrust us with their capital. I am grateful for your continued patronage and support.

在 IDT，在合併基礎上，我們繼續擴大我們的三大主要成長業務及其營運槓桿，加上我們傳統通訊業務的強勁貢獻，推動 IDT 的現金創造和獲利擴張。隨著我們進入預算季節，我們很幸運能夠處於有利位置來推行下一代令人興奮的成長計劃。最後，我要感謝數百萬客戶，他們把辛苦賺來的錢用於我們的 BOSS 產品，也感謝世界各地的企業客戶依靠我們來增強他們的業務和溝通能力。我們提供這些服務的能力取決於我們員工的奉獻精神，他們在許多方面執行和創新，也取決於將資本委託給我們的股東。我感謝您一直以來的惠顧與支持。

Thank you.

謝謝。

Thank you, Shmuel. My remarks on the third quarter's financial results will focus on the year-over-year comparisons in order to set aside seasonal impacts on our business. As Shmuel just mentioned in his remarks, our third quarter was slightly softer than our second quarter and seasonality does factor in our results. For one thing, our fiscal third quarter has just 89 days in years like this one, roughly 3% fewer than the 92 days in our other fiscal quarters. In addition, our February through April fiscal third quarter is typically the lowest revenue quarter for NRS Advertising and advertising budget spend by our customers trend higher over the course of the calendar year.

謝謝你，Shmuel。我對第三季財務表現的評論將側重於同比比較，以排除季節性對我們業務的影響。正如 Shmuel 在演講中提到的那樣，我們的第三季表現比第二季略差，季節性確實影響了我們的業績。首先，與今年相比，我們的第三財季只有 89 天，比其他財季的 92 天少了約 3%。此外，我們二月至四月的第三財季通常是 NRS 廣告收入最低的季度，而我們的客戶的廣告預算支出在整個日曆年中呈上升趨勢。

Given that, we are extremely pleased with our consolidated financial performance in the third quarter. We again grew revenue year-over-year. Expansion of our fintech and SaaS businesses more than offset the expected top line decline of BOSS Revolution calling. Gross profit increased 15% year-over-year, reflecting increased contributions from each of our four reporting segments and was just under last quarter's record level. Our gross profit margin reached another record high of 37.1%.

有鑑於此，我們對第三季的綜合財務業績非常滿意。我們的收入再次年增。我們的金融科技和 SaaS 業務的擴張遠遠抵消了 BOSS Revolution 呼叫預期的收入下滑。毛利年增 15%，反映了我們四個報告部門的貢獻增加，略低於上一季的創紀錄水準。毛利率再創歷史新高，達37.1%。

The robust year-over-year increases in our income from operations, adjusted EBITDA and earnings resulted from the expanding operational leverage of our three high-growth businesses and from a positive contribution from our Traditional Communications segment. Traditional Communications adjusted EBITDA margin for Q3 grew to 9.2% from 6.7% one year ago.

我們的營業收入、調整後 EBITDA 和收益年增強勁成長，得益於我們三大高成長業務的營運槓桿不斷擴大，以及傳統通訊部門的積極貢獻。傳統通訊第三季調整後的 EBITDA 利潤率從一年前的 6.7% 成長至 9.2%。

NRS had solid third quarter results. Merchant services revenue increased 37% year-over-year and SaaS fees increased 33%, powering increases of 29% in both income from operations and adjusted EBITDA. NRS' asset financial results would have been even stronger had it not been for a few proactive steps we took during the quarter. Advertising & Data revenue decreased $821,000 or 12% year-over-year, largely because of our decision to limit sales to one of our larger programmatic platform clients in order to manage our receivables exposure with them. Exclusive of sales to that partner, the underlying advertising business grew nicely compared to the year ago quarter.

NRS 第三季業績穩健。商家服務收入年增 37%，SaaS 費用成長 33%，推動營業收入和調整後 EBITDA 雙雙成長 29%。如果不是我們在本季採取了一些主動措施，NRS 的資產財務表現可能會更加強勁。廣告和數據收入年減 821,000 美元，即 12%，主要是因為我們決定限制對其中一個較大的程序化平台客戶的銷售，以管理我們與該客戶的應收帳款風險。除對該合作夥伴的銷售外，基礎廣告業務與去年同期相比成長良好。

We also decided in an abundance of caution to set up a bad debt expense provision of $1.4 million relating to amounts due from this client.

我們也謹慎決定針對該客戶應收款項設立 140 萬美元的壞帳準備金。

And finally, IDT exercised its right to purchase certain deferred stock units from NRS employees during the third quarter. This was a win-win deal. It provided NRS employees with access to liquidity while enabling IDT to slightly increase its majority stake in NRS at an attractive valuation. The details of this exchange offer have been fully disclosed in our previously filed 10-Q report. As part of this transaction, NRS incurred additional compensation costs of approximately $0.5 million during Q3.

最後，IDT 在第三季度行使了從 NRS 員工手中購買某些延期股票單位的權利。這是一筆雙贏的交易。它為 NRS 員工提供了流動性管道，同時使 IDT 能夠以有吸引力的估值略微增加其在 NRS 的多數股權。此交換要約的詳細資訊已在我們先前提交的 10-Q 報告中完整揭露。作為這筆交易的一部分，NRS 在第三季產生了約 50 萬美元的額外補償成本。

At BOSS Money, remittance transactions reached another record, 6 million, with digital transactions through our BOSS Money and BOSS Revolutions apps, again constituting more than 80% of our remittances. We did see a reduction in the rate of transaction growth, primarily because of our decision to optimize gross profit per transaction in our retail channel, but also because our customers are now sending more money per transaction while cutting back on the frequency of those transactions. So while transactions and revenue increased 32% and 31%, respectively, digital send volume increased at an even higher rate, 40% year-over-year. Adjusted EBITDA margin for the Fintech segment continued to expand during Q3 to 13%. As the remittance business continues to grow to scale and as we continue to improve operational efficiencies, we expect adjusted EBITDA margin for BOSS Money when considered as a stand-alone business to reach 15% to 20% comparable to other industry players.

BOSS Money 的匯款交易量再創紀錄，達到 600 萬筆，透過 BOSS Money 和 BOSS Revolutions 應用程式進行的數位交易再次占到我們匯款量的 80% 以上。我們確實看到交易成長率下降，這主要是因為我們決定優化零售通路每筆交易的毛利，也是因為我們的客戶現在每筆交易的匯款金額增加，同時交易頻率減少。因此，雖然交易量和收入分別增加了 32% 和 31%，但數位發送量的成長速度甚至更高，比去年同期成長了 40%。金融科技部門的調整後 EBITDA 利潤率在第三季持續擴大至 13%。隨著匯款業務規模不斷擴大以及我們不斷提高營運效率，我們預計 BOSS Money 作為獨立業務的調整後 EBITDA 利潤率將達到 15% 至 20%，與其他行業參與者相當。

net2phone continued on its steady growth trajectory, although foreign exchange translation once again masked the strength of the underlying performance of the business on a year-over-year basis. Subscription revenue increased 7% to $21.5 million in the quarter. However, on a constant currency basis, the rate of increase was higher at 11%. net2phone continued to be disciplined in cost management and in customer acquisition spending. As they did last quarter, the net2phone team was able to decrease SG&A spend year-over-year again this quarter even as its revenue continued to grow.

net2phone 繼續保持穩定的成長軌跡，儘管外匯折算再次掩蓋了該業務同比基本表現的強勁。本季訂閱營收成長 7%，達到 2,150 萬美元。然而，以固定匯率計算，成長率更高，為 11%。 net2phone 在成本管理和客戶獲取支出方面繼續嚴格控制。與上個季度一樣，net2phone 團隊本季在收入持續增長的情況下，再次實現了銷售、一般及行政費用 (SG&A) 支出的同比下降。

thus enabling a 188% increase in income from operations to $1.4 million and a 50% increase in adjusted EBITDA to $3.2 million. At our Traditional Communications segment, gross profit increased 5% year-over-year, powered by IDT Digital Payments and supported by strong results from our IDT Global wholesale carrier business. SG&A expense decreased 9.5% year-over-year or $2.2 million as we continue to benefit from previously announced and ongoing cost reduction initiatives and that helped drive a 39% increase in income from operations and a 30% increase in adjusted EBITDA. The strong gross and net margin results confirm our conviction that Traditional Communications will be a robust and resilient contributor to our long-term profitability. Our balance sheet saw a sequential lift in cash, cash equivalents and current investments to $224 million from $171 million at January 31.

從而使營業收入成長 188% 至 140 萬美元，調整後 EBITDA 成長 50% 至 320 萬美元。在我們的傳統通訊部門，毛利年增 5%，這得益於 IDT 數位支付以及 IDT 全球批發業者業務的強勁業績。由於我們繼續受益於先前宣布的和正在進行的成本削減舉措，銷售、一般及行政費用同比下降 9.5% 或 220 萬美元，這有助於推動營業收入增長 39%，調整後 EBITDA 增長 30%。強勁的毛利率和淨利率結果證實了我們的信念：傳統通訊業務將成為我們長期獲利能力的強勁而有彈性的貢獻者。我們的資產負債表顯示，現金、現金等價物和流動投資從 1 月 31 日的 1.71 億美元連續上升至 2.24 億美元。

This quite large $53 million increase is highly impacted by our BOSS Money weekly working capital cycle. On any given week, most of the weekly remittance volumes typically take place over the course of the weekend. In anticipation of this, ahead of each weekend, we must prefund the wallet of our disbursement payers, and we gradually recover the proceeds from the weekend transactions at the beginning of the following week. As a result, for fiscal quarters ending on Thursdays, Fridays and Mondays, we will typically show significantly less cash at quarter end than those ending on Tuesdays or Wednesdays. Such was the case with this quarter's April 30 quarter end, that happened on a Wednesday as compared to the previous quarter's January 31 quarter end that happened on a Friday.

這一相當大的 5,300 萬美元的成長很大程度上受到我們 BOSS Money 每週營運資金週期的影響。在任何一周，大多數的匯款量通常發生在週末。為了應對這種情況，我們必須在每個週末之前預先為付款人的錢包提供資金，並在下週初逐步收回週末交易的收益。因此，對於在週四、週五和週一結束的財政季度，我們通常會在季度末顯示的現金比在週二或週三結束的財政季度少得多。本季的 4 月 30 日季度結束於星期三，而上一季的 1 月 31 日季度結束於星期五。

One final point on capital allocation this quarter. While IDT repurchased just a few thousand shares on the open market in Q3, the company did purchase 6 million of employee-owned shares that vested during the quarter in order to satisfy tax obligations triggered by the vest. I want to wrap up today's remarks by confirming our guidance for the full year fiscal 2025. Last quarter, I said that we expected to double our first half $63 million adjusted EBITDA total for the full year to $126 million. Given our results to date, we remain fully on track to meeting that goal.

關於本季資本配置的最後一點。雖然 IDT 在第三季在公開市場上僅回購了數千股股票，但該公司確實購買了 600 萬股員工持股，這些股票在本季度歸屬，以履行歸屬引發的納稅義務。我想透過確認我們對 2025 財年全年的指導來結束今天的演講。上個季度，我曾表示，我們預計全年調整後 EBITDA 總額將從上半年的 6,300 萬美元翻一番，達到 1.26 億美元。從我們迄今為止的成果來看，我們仍然完全有望實現這一目標。

We are now in the midst of our fiscal 2026 budgeting process, and I look forward to providing guidance for our next fiscal year during our fourth quarter earnings call in late September.

我們目前正處於 2026 財年預算編制過程中，我期待在 9 月底的第四季財報電話會議上為下一個財年提供指導。

Now operator, back to you for Q&A.

現在接線員，回到您的問答環節。

(Operator Instructions) First question comes from [ Anigo Alonzo ] with Morum Capital.

（操作員指示）第一個問題來自 Morum Capital 的 [Anigo Alonzo]。

If I may, I would like to ask a question of each of the fast-growing businesses and another one in capital allocation. I'll start with NRS. Last quarter, you mentioned the additions of the salespeople. There's really interesting numbers in the report today. There's some one hand record terminal revenue when it comes to only purely the product, the terminal itself.

如果可以的話，我想針對每個快速成長的業務問一個問題，並針對資本配置問另一個問題。我將從 NRS 開始。上個季度，您提到了增加銷售人員。今天的報告中有一些非常有趣的數字。當只涉及純粹的產品（即終端本身）時，有一些終端收入的記錄。

And we also see that, that happened despite a lower addition of net terminals. So if you could provide more color on this item in the go-to-market strategy, how you're leveraging your agents versus the third-party distributors now that you have increased the staff? I would really appreciate that.

我們也看到，儘管淨終端數量增加較少，但這種情況仍然發生。因此，如果您可以在行銷策略中為該產品提供更多細節，那麼在增加員工之後，您如何利用代理商而不是第三方經銷商？我將非常感激。

I think just I would say that more effort was put on bringing both new as well as existing retailers that don't yet have our merchant processing to take it this quarter, and that was definitely helped by many of the new salespeople that we brought on.

我想說的是，我們本季投入了更多精力來吸引尚未採用我們的商家處理系統的新零售商和現有零售商，而我們引進的許多新銷售人員無疑對此有所幫助。

Okay. And are you switching towards higher sales cost terminals, maybe kiosk? Or how would you explain the increase over the terminal additions? And also you can add more color on the NRS Pay accounts. That was a record number for Q3, too.

好的。您是否正在轉向銷售成本較高的終端，例如自助服務終端？或者您如何解釋終端增加量的增加？您也可以在 NRS Pay 帳戶上新增更多顏色。這也是第三季的最高紀錄。

Yes. I mean, again, as I said, it's mostly related to just good sales. It wasn't really anything particularly substantively interesting that I could tell you other than that all around, both from distributors, our existing sales base as well as our new salespeople, they all had strong numbers this past quarter. In terms of the other types of, I'll call it, form factors that we provide in the store, I don't think that those had a material impact this particular quarter.

是的。我的意思是，正如我所說，這主要與良好的銷售有關。我實際上沒有什麼特別實質的有趣事情可以告訴你，除了各方面情況，無論是分銷商、我們現有的銷售基礎還是我們的新銷售人員，他們在上個季度都取得了強勁的業績。至於我們在商店中提供的其他類型（我稱之為外形尺寸），我認為這些對本季沒有產生實質影響。

Okay. And let me move to net2phone. So you launched the AI Agent, and you are probably seeing the first customers on that end. And I would like to know more about what type of customers you're seeing? Are those already net2phone customers or you're getting customers outside of that -- outside of those existing clients?

好的。讓我轉到 net2phone。因此，您啟動了 AI Agent，並且您可能正在看到第一批客戶。我還想進一步了解您所見到的客戶類型嗎？這些人已經是 net2phone 客戶了嗎？或者，除了現有客戶之外，您還在尋找其他客戶嗎？

Most of the customers right now are existing net2phone customers. There's a couple of exceptions to that rule. But we are trying to make sure that it works perfectly for our existing customers, and then we will eventually add on outside parties as well.

目前大多數客戶都是現有的 net2phone 客戶。該規則有幾個例外。但我們正在努力確保它能夠完美地服務我們現有的客戶，然後我們最終也會添加外部方。

Can you provide some color on what type of businesses are purchasing this AI Agent?

您能否介紹一下哪些類型的企業正在購買此 AI 代理程式？

We really -- I mean, all different types of customers, everything from call centers to doctors' offices, to accounting firms to collection companies. There's a bunch of others. Again, we're making a bigger effort in the future to sort of verticalize it into some of those areas. We believe accountants have a need for it. We believe that doctors' offices have a need for it and that we could build similar functionality for each of those ones.

我們真的——我的意思是，所有不同類型的客戶，從呼叫中心到醫生辦公室，從會計師事務所到收款公司。還有許多其他人。再次強調，我們將來會做出更大的努力，將其垂直化到其中一些領域。我們相信會計師有這個需要。我們相信醫生辦公室有此需求，並且我們可以為每個醫生辦公室建立類似的功能。

Same thing for call centers. So we expect it to get a little bit more verticalized over the next year or so. But the sales are really starting to pick up quite a lot, and we're very excited about where it's going to go.

對於呼叫中心來說也是如此。因此我們預計它將在未來一年左右變得更加垂直化。但銷量確實開始大幅回升，我們對未來的發展感到非常興奮。

Is the focus going to be a small, medium enterprise?

重點會放在中小型企業嗎？

No, it's going to be both. I mean we have users who are obviously are going to be smaller businesses, and we have users that are talking about using millions of interactions a month.

不，兩者皆有。我的意思是，我們的用戶顯然是小型企業，而我們的用戶則談論每月使用數百萬次互動。

Okay. Then on BOSS Money, you started this quarter a beta program of the earnings program for the owners in the stores. I think you kicked it in some of your higher traffic stores in the southern part of the country. How did that go? How was the start of that program?

好的。然後在 BOSS Money 上，您本季啟動了針對商店業主的收益計畫的測試版計畫。我認為您已經在該國南部一些客流量較大的商店中開展了這項活動。進展如何？該計劃的開始情況如何？

I'm not honestly sure about the results of the program so far. So I don't feel comfortable commenting.

說實話，到目前為止我還不確定該計劃的結果。所以我不太願意發表評論。

Okay. And then on the last conference that you attended, you mentioned that M&A valuations are attractive. I saw that you recently acquired a really small company for NRS called EG or something like that. I'm not sure how it is pronounced. The -- would we expect any more transactions in the remaining of the year or more bigger transactions?

好的。在您參加的上次會議上，您提到併購估值很有吸引力。我看到您最近為 NRS 收購了一家名為 EG 或類似名稱的小型公司。我不確定它該如何發音。我們預計今年剩餘時間內還會有更多交易或更多更大規模的交易嗎？

Or is this the one you were referring to in that conference?

或者這是您在那次會議上提到的那個？

No, that was not the one I was referring to in that conference. But I mean, we are definitely looking at acquisitions. We believe that you have to pay the right price to really extract the most value out of an acquisition. So we don't chase things at any price. But if we think that there is good value to be created by having it inside of IDT, we definitely pursue it, and we are pursuing a couple of different acquisitions.

不，那不是我在那次會議上提到的那個。但我的意思是，我們肯定在考慮收購。我們相信，您必須支付合理的價格才能真正從收購中獲得最大價值。所以我們不會不惜一切代價去追逐事物。但如果我們認為將其併入 IDT 能夠創造良好的價值，我們肯定會追求它，而且我們正在進行幾項不同的收購。

What type of technology did this last acquisition bring to the table?

此次收購帶來了什麼類型的技術？

If you're referring to the small one Lucci, it's a restaurant and technology company.

如果你指的是小公司 Lucci，它是一家餐飲和科技公司。

Okay. And one last one, if I may. And your stock price is slightly higher and you've been repurchasing a lot. Would you still be keen to repurchase shares? Or are you going to consider a one-off dividend in view that you are going to exceed the targets for the year most likely?

好的。如果可以的話，我還有最後一個問題。而且你的股價略高，你一直在大量回購。您還熱衷於回購股票嗎？或者，考慮到您很有可能超額完成今年的目標，您是否會考慮一次性派發股息？

I would hand that question off to Marcelo. I mean what I would say is that I think that it's definitely not as cheap as it was when we were buying back earlier. I still think it's a great value. But our capital allocation is also dependent on whether or not we're doing acquisitions or not doing acquisitions. And we'll know more on that over, hopefully, the next quarter.

我會把這個問題交給馬塞洛。我的意思是，我認為它肯定不像我們之前買的時候那麼便宜。我仍然認為它很有價值。但我們的資本配置也取決於我們是否進行收購。希望下個季度我們能對此有更多了解。

Yes, Shmuel, as you just mentioned, we believe that repurchasing our stock is a good way of allocating our capital, and we have been doing so. At the same time, okay, we protect our cash to be able to deploy it towards growing the business towards acquisitions. As Shmuel mentioned, the M&A environment right now is quite attractive, and we have been looking at a variety of opportunities in each one of our segments. So to the extent that we decide to deploy that cash in ways to create a lot of value to our shareholders, we will deploy the cash towards growth and M&A. If not, we'll continue to repurchase stock.

是的，Shmuel，正如您剛才提到的，我們認為回購股票是配置資本的好方法，而且我們一直都這樣做。同時，我們保護我們的現金，以便能夠將其用於業務成長和收購。正如 Shmuel 所提到的，目前的併購環境相當有吸引力，我們一直在尋找各個領域的各種機會。因此，如果我們決定以能夠為股東創造大量價值的方式部署現金，我們將把現金用於成長和併購。如果沒有，我們將繼續回購股票。

Yes. One thing I can tell you for sure is we will not take on debt like some other companies do to take to buy back shares, like we buy back shares with excess cash, not with borrowed cash.

是的。我可以肯定地告訴你的一件事是，我們不會像其他一些公司那樣承擔債務來回購股票，我們是用多餘的現金回購股票，而不是用借來的現金。

William Vaughan, Corient.

威廉·沃恩，科里恩特。

Congrats on the quarter. Really good growth in NRS. It does look like the pace of POS terminal additions, payment processing accounts, merchant service revenue slowing down a little bit. What would you diagnose for the cause of this? Is it economy, industry dynamics, competition?

恭喜本季取得佳績。NRS 確實成長良好。看起來 POS 終端機增加、支付處理帳戶、商家服務收入的速度確實有所放緩。您認為造成這種情況的原因是什麼？是經濟、產業動態、競爭嗎？

Just any commentary you have on just the slowing pace would be helpful.

您對速度放緩的任何評論都會有所幫助。

Yes. I don't know if I would agree that it's a slowing pace. I mean, I think that the numbers might not have been quite as strong as we had hoped as I sort of indicated in our release. But I think that the numbers are still very strong. And actually, again, just from being closer to like what's happening.

是的。我不知道我是否同意這是一個放緩的步伐。我的意思是，我認為這些數字可能並不像我們所希望的那樣強勁，正如我在新聞稿中所指出的那樣。但我認為這些數字仍然非常強勁。事實上，再一次，只是更接近正在發生的事情。

A lot of the accounts that we recently signed on, so what I'll call is like the benefit that you're seeing from added accounts don't really hit us in the past quarter. They hit us in future quarters. So I mean, I expect the fact that we've been growing better than previously actually to help us more in current quarters as well as upcoming quarters after that. So I don't actually think that it's slowing down at all.

我們最近簽約的許多帳戶，也就是您從新增帳戶中看到的好處，在過去的一個季度並沒有為我們帶來什麼真正的好處。它們在未來幾個季度對我們造成打擊。所以我的意思是，我希望我們比以前成長更好的事實實際上會在本季度以及接下來的幾個季度為我們帶來更多幫助。所以我實際上並不認為它正在放緩。

Okay. That's good color. A couple of follow-ups. Can you just describe how the food delivery, the DoorDash and other services, how that actually works with the point-of-sale system? Is it something with the display where drivers can pick things up easier?

好的。這顏色真好。一些後續行動。您能否描述一下食品配送、DoorDash 和其他服務以及它們如何與銷售點系統協同工作？是否有顯示器可以讓駕駛更輕鬆地查看資訊？

I'm just trying to just walk through how it works.

我只是想簡單介紹一下它的工作原理。

It's a variety of different elements to it. It's not a very simple product. But again, just because this is a call, I'm more than happy to have a call with you after the call to explain it in more detail. But I mean, just because this is an earnings call to give you a very brief description of it, basically, all the orders come into our order management system. And then those are placed into queue on the POS or in the kitchen.

它包含多種不同的元素。這不是一個非常簡單的產品。但再說一次，因為這只是一個電話，我很樂意在通話結束後與您通話，以更詳細地解釋。但我的意思是，因為這是一個收益電話會議，所以我只能給你一個非常簡短的描述，基本上，所有訂單都會進入我們的訂單管理系統。然後將它們放入 POS 機或廚房的隊列中。

And then as things are being either worked on or filled, those notifications are then going back to the different delivery companies and/or somebody who's picking up an order saying hey, the order is ready or the order is in process, et cetera, then come and get it. I mean also on the pricing side, it allows retailers to have different pricing when you use delivery services or when you don't use delivery services, it allows them to price it higher in the afternoon hours when people might be less sensitive to pricing than in the morning when they're more sensitive to pricing. There's a lot of features and functionalities that it has that help get more orders.

然後，當事情正在進行或完成時，這些通知就會返回到不同的送貨公司和/或正在領取訂單的人，說嘿，訂單已經準備好了或訂單正在處理中，等等，然後過來取貨。我的意思是，在定價方面，它允許零售商在您使用送貨服務或不使用送貨服務時採用不同的定價，它允許他們在下午定價，因為那時人們對價格的敏感度可能低於上午，而上午人們對價格的敏感度較高。它具有許多特性和功能，可幫助獲得更多訂單。

That's helpful color. Just a question on BOSS Money. The rate of growth is slow overall, but you had really good growth in the digital channel in terms of remittances. And you mentioned profit maximization in terms of improving profit per transaction. I was just wondering if those profit maximization efforts were really only on the retail side versus the digital side versus it's on both.

這是很有幫助的顏色。這只是關於 BOSS Money 的一個問題。總體而言，成長率緩慢，但就匯款而言，數位管道的成長確實很好。您提到了利潤最大化，即提高每筆交易的利潤。我只是想知道這些利潤最大化的努力是否真的只在零售方面、數字方面，還是兩者都有。

It's on both. I mean what I would say is this, there is a dynamic happening, and we -- it's in our earnings release and where transactions are starting to become larger. So where somebody might have sent, let's say, four transactions a month previously, they're now sending three transactions a month. The amount per transaction has actually grown quite a lot, as we said, year-over-year, like our send volume is up 40%. So if you had -- if that had been, I'll call it, standard size of transactions a year ago, that would have been 40% growth.

兩者都有。我的意思是，我想說的是，正在發生一種動態，而且我們 - 它出現在我們的收益報告中，並且交易量開始變得更大。因此，假設某人以前每月發送四筆交易，那麼現在他們每月發送三筆交易。正如我們所說，每筆交易的金額實際上同比增長了很多，例如我們的發送量增加了 40%。所以如果你有——如果那是，我稱之為，一年前的標準交易規模，那將增加 40%。

Because it's being put into larger transactions, I don't think that we completely optimized our pricing to sort of take into account that people are sending fewer transactions of larger volumes. So we are testing different pricing in different regions to help, I'll call it, improve the profitability. And again, assuming that it doesn't hurt growth or retention in the markets that we're testing, we'll roll it out in all of our markets across the country. As far as new technologies, I mean, again, there's many different things that we're doing. I don't want to -- as I said, this is an earnings call, I don't want to spend a lot of time talking about it.

因為它被納入更大的交易中，所以我認為我們並沒有完全優化我們的定價，以考慮到人們發送的大量交易較少。因此，我們正在不同地區測試不同的定價，以幫助提高獲利能力。再次，假設它不會損害我們正在測試的市場的成長或保留，我們將在全國所有市場推出它。就新技術而言，我的意思是，我們正在做很多不同的事情。我不想——正如我所說，這是一次收益電話會議，我不想花太多時間談論它。

But everything from stable coin transfers to wallets in country that we'll be able to have a Visa card link to so people can spend money in country and we make money on interchange. So there again, a variety of different things being worked on that we think will both add to the profitability as well as really improve the user experience.

但是，從穩定的貨幣轉移到國內的錢包，我們都可以將其與 Visa 卡關聯，這樣人們就可以在國內消費，我們則可以透過交換賺錢。因此，我們認為，我們正在進行的各種不同工作既可以增加獲利能力，又可以真正改善使用者體驗。

Alex Rohr, Emmett Investment Management.

埃米特投資管理公司 (Emmett Investment Management) 的 Alex Rohr。

On the NRS ads business, now that, that one partner has been turned off, what does the ads business look like on a run rate basis? Can you backfill that demand that was turned off? Or are we can sort of be declining year-on-year for a little bit here?

關於 NRS 廣告業務，現在，一個合作夥伴已經關閉，廣告業務的運作率如何？您能補充被關閉的需求嗎？或者我們在這裡可能會出現同比略有下降的情況？

Again, it's too soon for us to give you like a 100% answer to that question. I mean I would say that we are definitely seeing better numbers so far this quarter than we did last quarter. So our -- I'll call it, our other ad partners are making up quite a fair share of it. It hasn't quite filled the total gap yet. But I'm hoping that the fourth quarter's end, we will have filled it back up.

再次強調，現在我們還無法 100% 肯定地回答這個問題。我的意思是，我想說，本季到目前為止我們看到的數字肯定比上一季好。所以我們的——我稱之為，我們的其他廣告合作夥伴佔據了相當大的份額。它還沒有完全填補全部空白。但我希望第四季結束時，我們能夠將其填滿。

At the same time, we're also expanding our direct ad team, but I think Marcelo wants to say something, I apologize.

同時，我們也在擴大我們的直接廣告團隊，但我認為馬塞洛想說些什麼，我很抱歉。

Just to correct, we have not completely shut down the programmatic partner, okay? We have just deliberately reduced significantly the amount of sales we do to them because of the current situation. Now that partner was a very large partner a year ago, probably represented more than 20% of our total advertising revenue. Currently, it represents probably about 5%, a much, much, much smaller number. And the fact that the advertising revenues, excluding that partner have been growing quite nicely, about 10% or so for all the other programmatic partners, we are almost there about being able to completely cover for that decline on that one partner by the growth in the other relationships.

需要糾正的是，我們還沒有完全關閉程序化合作夥伴，好嗎？鑑於目前的情況，我們剛剛故意大幅減少了對他們的銷售量。一年前，該合作夥伴是一個非常大的合作夥伴，可能占我們總廣告收入的 20％ 以上。目前，這一比例大概為 5% 左右，這是一個小得多的數字。事實上，除了該合作夥伴之外，我們的廣告收入一直成長得相當不錯，所有其他程式化合作夥伴的收入都成長了約 10% 左右，我們幾乎能夠透過其他關係的成長完全彌補該合作夥伴收入的下降。

William Vaughan, Corient.

威廉·沃恩，科里恩特。

I had a follow-up on net2phone. Where do you guys think that the EBITDA margins on that business can get to over time, like in terms of a mature steady state?

我對 net2phone 進行了跟進。你們認為隨著時間的推移，該業務的 EBITDA 利潤率會達到什麼水平，例如達到成熟穩定的狀態？

It's not a simple question to answer because, again, we have a lot of new initiatives, particularly with AI Agents and our Coach product that should be launching this quarter. And those have -- we don't have a history, I'll say, of running those programs to sort of know where exactly the margins are going to shake out. My own personal opinion is that they should be accretive by a substantial amount, but it might take a year or two because there's a lot of costs in setting up those programs that don't necessarily, I'll say, hit the bottom line in a positive way. Even though we charge for implementation, we charge a very, very low price for implementation.

這不是一個簡單的問題，因為我們有許多新舉措，特別是 AI Agents 和我們的 Coach 產品，它們將於本季推出。而這些——我想說，我們沒有運行這些程式的歷史，因此無法確切知道利潤率將會如何下降。我個人的觀點是，它們應該會大幅增值，但可能需要一兩年的時間，因為建立這些項目需要花費大量成本，而且我認為，這些項目不一定會對盈利產生積極的影響。儘管我們對實施收取費用，但我們的實施費用非常非常低。

If you were to go and get IT help at Best Buy, it might cost more money than what we charge for AI help. And so essentially speaking, like we are subsidizing the launch of the product by lowering the cost of implementing it for our customers. And that will, over time, probably increase in price once we have more scale. And at the same time, once the customers have been implemented, the usage will hopefully go up quite substantially, and that will obviously add to our margins over time. I know it's not a very quick answer to your question, but that's with more color.

如果您去百思買 (Best Buy) 尋求 IT 協助，其費用可能會比我們提供 AI 協助的費用更高。從本質上講，我們透過降低客戶實施產品的成本來補貼產品的推出。隨著時間的推移，一旦我們擴大規模，價格可能會上漲。同時，一旦客戶實施了該技術，使用量有望大幅上升，而隨著時間的推移，這顯然會增加我們的利潤率。我知道這不是對你的問題的一個非常快速的回答，但這更有深度。

Awesome. And just another one circling back to BOSS Money. I know that we're focused on profitable growth, and we always want it to be profitable. I do want to hear your thoughts on -- with the digital channel, and it is a scaled business, so profitability increases as you get more users and customers. What are your thoughts on actually increasing investment just to get more customers?

驚人的。又回 BOSS Money了。我知道我們專注於獲利成長，我們始終希望它能夠獲利。我確實想聽聽你對數位管道的看法，這是一個規模化的業務，因此隨著用戶和客戶的增多，獲利能力也會提高。您對增加投資以獲得更多客戶有何看法？

Just thinking about the landscape of how there's a lot of white space with these legacy players that are mostly retail like Western Union and others. There's a lot of customers to grab there. What are your thoughts --

想想這些傳統參與者（主要是西聯匯款等零售企業）的現狀，其中存在著很大的空白。那裡有很多顧客需要招攬。你的想法是什麼--

I think it's a very fair point. And again, it's budget season, and we are definitely looking at our unit economics, our cost of acquisition, all the types of fun things that you get to try to figure out the season. And what I would say is that like if we don't make any acquisitions in any of these businesses, like we will definitely grow organically at a much faster pace by investing more in acquisitions. And sometimes, I have to say that, that even though it's a slower and we'll call it, harder grind, I actually think that sometimes it's better to grow things organically than do acquisitions because acquisition is going to always have things that go wrong as opposed to like when you're doing it yourself, you kind of know what you're comfortable with and how to do it. So yes, I mean, it's budget season, and I would say that, that is definitely going to be part of our plan into next year.

我認為這是一個非常公平的觀點。再說一次，現在是預算季，我們肯定會關注我們的單位經濟效益、我們的收購成本，以及所有你能想到的有趣的事情，以弄清楚這個季節的情況。我想說的是，如果我們不對這些業務進行任何收購，那麼透過加大收購投資，我們肯定會以更快的速度實現有機成長。有時我必須說，儘管這是一個較慢且更艱難的過程，但實際上我認為有時有機成長比收購更好，因為收購總是會出現問題，而當你自己做的時候，你會知道自己適合做什麼以及如何去做。是的，我的意思是，現在是預算季節，我想說，這肯定會成為我們明年計劃的一部分。

And just to go back a little bit on your comment about net margin growth for net2phone. I think just important to bear in mind as you do your models that for the past few years, we have been investing roughly about $20 million to $25 million each year in customer acquisitions for net2phone. And most likely -- against budget season, but most likely, we will continue to deploy those type of dollars as long as the IRRs for every one of our markets continue to be very attractive. And as we continue to grow with that type of investment, you have seen over the past few quarters how rigid we are in terms of maintaining our fixed cost in steady state. So the business really scales nicely as it continues to grow.

稍微回顧一下您關於 net2phone 淨利成長的評論。我認為，在您建立模型時，重要的是要記住，過去幾年來，我們每年投資約 2000 萬至 2500 萬美元用於 net2phone 的客戶獲取。最有可能的是——與預算季節相反，但最有可能的是，只要我們每個市場的 IRR 繼續非常有吸引力，我們就會繼續部署這些類型的資金。隨著我們繼續透過此類投資實現成長，過去幾季您已經看到，我們在維持穩定固定成本方面有多麼嚴格。因此，隨著業務的持續成長，其規模確實會很好。

A few other things to bear in mind is that as the mix of UCaaS and CCaaS continues to change, that would affect the operating margins as CCaaS customers and CCaaS businesses operate at much higher margins than do our UCaaS businesses. And finally, as we hope to introduce and launch and grow AI Agents and other AI initiatives, all of those things could make a big difference in terms of account ARPU growth that could lead again to enhancing the growth in the net margin.

需要記住的其他幾件事是，隨著 UCaaS 和 CCaaS 的組合不斷變化，這將影響營業利潤率，因為 CCaaS 客戶和 CCaaS 業務的利潤率遠高於我們的 UCaaS 業務。最後，由於我們希望引入、推出和發展 AI 代理和其他 AI 計劃，所有這些都可能對帳戶 ARPU 成長產生重大影響，從而可能再次提高淨利潤率的成長。

Yes. I mean I'll just add one last thing to what Marcelo already said, which is like I think we're much more focused on net2phone going forward on revenue and gross profit and bottom line profitability than we are on seat growth and what have you. And it's -- and even though you need both to get those results, like we're more -- it's a change in mindset, and I think that it will be reflected positively in the business over the next year.

是的。我的意思是，我只想在馬塞洛已經說過的話上補充一點，那就是我認為我們更關注 net2phone 未來的收入、毛利和底線盈利能力，而不是座位增長和其他方面。儘管你需要兩者兼顧才能取得這些成果，但就像我們更多地那樣，這是一種思維方式的轉變，我認為這將在明年的業務中產生積極的影響。

(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.

（操作員指示）由於沒有其他問題，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。