IDT Corp (IDT) 2025 Q4 法說會逐字稿

Good evening. Welcome to the IDT Corporation's fourth quarter and full fiscal year 2025 earnings conference call. (Operator Instructions) Please note, this conference call is being recorded.

晚安.歡迎參加 IDT 公司 2025 財年第四季和全年財報電話會議。（操作員指示）請注意，本次電話會議正在錄音。

I will now turn the call over to Bill Ulrey of IDT Investor Relations. Bill, you may begin.

現在我將把電話轉給 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 3- and 12-month periods 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 3 個月和 12 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 during 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.

本次電話會議期間所做的任何前瞻性陳述，無論是在其演講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。

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, non-GAAP earnings per share, NRS' Rule of 40 score, and adjusted net cash provided by operating activities. Schedules provided in the IDT earnings release reconcile theses non-GAAP measures to the nearest corresponding GAAP measures.

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、非 GAAP 每股收益、NRS 的 40 規則評分以及調整後的經營活動提供的淨現金。IDT 收益報告中提供的時間表將這些非 GAAP 指標與最接近的相應 GAAP 指標進行協調。

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，請他評論本季的業績。

Thank you, Bill. IDT's fourth quarter capped off a strong fiscal year, highlighted by full-year double-digit adjusted EBITDA expansion at each of our operating segments, combining to drive a 43% increase in consolidated adjusted EBITDA to a record $129 million.

謝謝你，比爾。IDT 第四季為強勁的財年畫上了圓滿的句號，其中各營運部門全年調整後 EBITDA 均實現兩位數增長，共同推動合併調整後 EBITDA 增長 43%，達到創紀錄的 1.29 億美元。

At NRS, merchant services and SaaS fee revenue drove the top-line growth, while NRS operating leverage continued to contribute to net margin expansion. In fiscal 2026, we expect that merchant services and SaaS fee revenue will again drive significant increases in revenue per terminal and adjusted EBITDA. Also at NRS, we continue to work on several early-stage initiatives that true to our mission will help our retailers to prosper.

在 NRS，商家服務和 SaaS 費用收入推動了營業收入的成長，而 NRS 的經營槓桿繼續促進了淨利潤率的擴大。在2026財年，我們預期商家服務和SaaS費用收入將再次推動每終端收入和調整後EBITDA的大幅成長。此外，在 NRS，我們繼續致力於幾項早期計劃，這些計劃忠於我們的使命，將幫助我們的零售商繁榮發展。

In fiscal 2025, we began to integrate select retailers of DoorDash. Our retailers are thrilled by the new orders DoorDash is bringing to them. Building on this success, we are preparing to begin integrations with another large delivery service.

在 2025 財年，我們開始整合 DoorDash 的精選零售商。我們的零售商對 DoorDash 為他們帶來的新訂單感到非常興奮。基於這項成功，我們正準備開始與另一家大型送貨服務公司進行整合。

NRS's data business, NRS Insights, just signed a deal with one of the largest coupon providers in the country. Once this deal is launched in calendar year 2026, our retailers will be able to offer digital coupons to their customers, helping their customers to save money while opening a new channel for our brand partners to engage with customers.

NRS 的數據業務 NRS Insights 剛剛與該國最大的優惠券提供商之一簽署了協議。一旦這項交易在 2026 年推出，我們的零售商將能夠向他們的客戶提供數位優惠券，幫助他們的客戶省錢，同時為我們的品牌合作夥伴開闢與客戶互動的新管道。

BOSS Money's fourth-quarter and full-year results reflected strong digital channel expansion, which is now contributing over 80% of our remittance volume. The industry-wide customer-led migration from retail to digital provides us a large opportunity.

BOSS Money 第四季和全年業績反映了強勁的數位通路擴張，目前該通路貢獻了我們匯款量的 80% 以上。全行業由客戶主導的從零售到數位化的遷移為我們提供了巨大的機會。

In the year ahead, we expect to continue to build market share by increasing our marketing and cross-marketing efforts within the larger BOSS ecosystem, while also expanding our reach through our integration with WhatsApp and deployment of a cross-border digital wallet. In our digital channel, the amount of cash our customers sent increased by 41% in the fourth quarter, while transactions increased 34%. Customers are spending larger amounts and fewer transactions.

在未來的一年裡，我們期望透過在更大的 BOSS 生態系統中加強行銷和交叉行銷來繼續擴大市場份額，同時透過與 WhatsApp 的整合和部署跨境數位錢包來擴大我們的覆蓋範圍。在我們的數位管道中，第四季度客戶發送的現金金額增加了 41%，交易量增加了 34%。顧客的消費金額越來越大，但交易次數卻越來越少。

Last quarter, I mentioned that we would adapt our pricing to capture more of the upside, and we have begun to do that, removing some discounts for larger transactions. In our back office, our efforts to leverage machine learning and AI to reduce costs and improve the customer experience have been very successful, and we will continue to invest in AI-driven efforts to improve our remittance services and many other areas as well.

上個季度，我提到我們將調整定價以獲取更多的收益，而且我們已經開始這樣做了，取消了一些大額交易的折扣。在我們的後台，我們利用機器學習和人工智慧來降低成本和改善客戶體驗的努力非常成功，我們將繼續投資人工智慧驅動的努力來改善我們的匯款服務和許多其他領域。

At net2phone, we are very excited by the potential we see in the marketplace of AI agentic offerings and the progress we have made to date in developing and deploying these solutions. Already, approximately 1 in 10 of our sales conversations includes an AI agent, and we have successfully sold and launched hundreds of agents already. Keep in mind that our agentic AI program is still in the warm-up stage. We are not playing ball yet, but when we do, we expect to win a lot. As it becomes a key driver of net2phone's growth, our revenue model will gradually shift from a seat-based model to one based on usage that we expect will generate significant revenues at high margins.

在 net2phone，我們對 AI 代理產品市場中的潛力以及迄今為止在開發和部署這些解決方案方面取得的進展感到非常興奮。目前，我們大約十分之一的銷售對話都涉及人工智慧代理，而且我們已經成功銷售和推出了數百名代理。請記住，我們的代理 AI 程式仍處於預熱階段。我們還沒有開始比賽，但是當我們開始比賽時，我們期望贏得很多勝利。隨著它成為 net2phone 成長的關鍵驅動力，我們的收入模式將逐漸從基於座位的模式轉變為基於使用量的模式，我們預計這將產生高利潤的可觀收入。

In fiscal 2026, we will focus on building out net2phone's AI agent and coach product, our data-driven coaching agent and deploying tailored solutions for specific industry verticals, including offerings for hospitality and medical operators. With this investment, we believe that by year-end, 30% or more of our sales will include one or both of these, even as we continue to steadily expand our base of UCaaS and CCaaS customers.

在 2026 財年，我們將專注於構建 net2phone 的 AI 代理和教練產品、我們的數據驅動的教練代理，並為特定行業垂直領域部署定制解決方案，包括為酒店和醫療運營商提供的服務。透過這項投資，我們相信，到年底，我們 30% 或更多的銷售額將包括其中一項或兩項，同時我們將繼續穩步擴大 UCaaS 和 CCaaS 客戶群。

To that last one, we have already picked up momentum with several large contact center wins to start the new fiscal year. In our Traditional Communications segment, IDT Digital Payments business and BOSS Calling both continue to benefit from our efforts to streamline operating costs, which is helping us expand margins. Meanwhile, we continue to operate BOSS Calling and IDT Global, both of which participate in the international long-distance mint business, for maximum cash flow efficiency. Across IDT, we expect to build on the considerable progress we made during fiscal 2025 with top-line growth and stronger cash generation.

對於最後一個，我們已經在新財年伊始贏得了幾個大型聯絡中心，並由此獲得了發展勢頭。在我們的傳統通訊部門，IDT 數位支付業務和 BOSS 呼叫都繼續受益於我們精簡營運成本的努力，這有助於我們擴大利潤率。同時，我們繼續經營 BOSS Calling 和 IDT Global，這兩家公司都參與國際長途鑄幣業務，以實現現金流效率的最大化。在整個 IDT 中，我們期望在 2025 財年取得的顯著進步的基礎上，實現營收成長和更強勁的現金產生。

In all our markets, consumer attitudes, government policy and/or technology are driving rapid change, and we are working hard to capitalize on the exciting opportunities in each of our growth businesses. Backed by the cash on our balance sheet and strengthening financial performance, we will continue returning cash to our stockholders through opportunistic buybacks and our quarterly dividend. We will also continue to evaluate potential acquisitions. Our conservative approach to M&A had led to some almost acquisitions, but we won't pursue deals at prices that don't make sense.

在我們所有的市場中，消費者態度、政府政策和/或技術都在推動快速變化，我們正在努力利用每個成長業務中令人興奮的機會。憑藉資產負債表上的現金和不斷增強的財務業績，我們將繼續透過機會性回購和季度股息向股東返還現金。我們也將繼續評估潛在的收購。我們對併購採取的保守態度導致了一些幾乎被收購的交易，但我們不會以不合理的價格進行交易。

I am very excited about the potential for fiscal year 2026 because, every day, I see how enthusiastic our customers are about our services, whether they are NRS retailers expanding their businesses, hard-working customers supporting their families through BOSS Money and calling home, or businesses relying on net2phone team to improve their business, please customers, and operate more leanly and intelligently with services like Coach that we offer them.

我對 2026 財年的潛力感到非常興奮，因為每天我都能看到客戶對我們的服務充滿熱情，無論他們是擴大業務的 NRS 零售商、透過 BOSS Money 和打電話回家支持家人的辛勤客戶，還是依靠 net2phone 團隊來改善業務、取悅客戶並透過我們為他們提供的 Coach 等服務更精簡、更智能地運營的企業。

Our ability to continue to outperform depends, of course, on the commitment and hard work of our employees around the globe who have been nothing short of amazing. Their expertise and professionalism power everything we do. Each day, I am first and foremost grateful to them. And to you, our stockholders, thank you for your continued support and guidance. We look forward to reporting to you on our progress in the fiscal year ahead.

當然，我們能否繼續保持優異表現取決於我們全球員工的奉獻和辛勤工作，他們的表現非常出色。他們的專業知識和專業精神為我們所做的一切提供支持。每天，我首先要感謝他們。感謝各位股東一直以來的支持與指導。我們期待向您報告未來財政年度的進展。

Thank you. Now I will pass the call over to Marcelo.

謝謝。現在我將把電話轉給馬塞洛。

Thank you, Shmuel. As always, my remarks on our fourth quarter and full fiscal year '25 results will focus on the year-over-year comparisons to set aside seasonal impacts on our business. Our fourth quarter extends the strong year-over-year growth trajectory that we have followed throughout the fiscal year. Full-year adjusted EBITDA totaled $128.7 million, surpassing our updated $126 million guidance. IDT increased consolidated revenue in Q4 by 3% as our three high-margin growth segments, namely NRS, FinTech, and net2phone, continue to expand to top lines.

謝謝你，Shmuel。與往常一樣，我對我們第四季度和 25 財年全年業績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。我們的第四季延續了整個財年強勁的年成長軌跡。全年調整後的 EBITDA 總計 1.287 億美元，超過了我們更新後的 1.26 億美元預期。由於我們的三個高利潤成長部門（即 NRS、金融科技和 net2phone）持續擴大營收，IDT 第四季的綜合收入成長了 3%。

Collectively, these fast-growing segments contributed 31% of total revenue in the fourth quarter compared to 27% a year earlier. IDT's fiscal 2025 revenue increased 2%, and that's the first full-year increase since 2021 and represent a significant inflection point, signaling the start of what we expect will become a long-term trend of sustained revenue growth as the increasing revenue from our growth businesses more than offset the continued declines in revenue from our two ILD voice businesses.

總體而言，這些快速成長的部門在第四季度貢獻了總收入的 31%，而去年同期為 27%。IDT 2025 財年的收入增長了 2%，這是自 2021 年以來的首次全年增長，代表著一個重要的轉折點，標誌著我們預期的長期持續收入增長趨勢的開始，因為我們增長業務的收入增長足以抵消我們兩項 ILD 語音業務收入的持續下滑。

Each of our four reporting segments, including traditional communications, increased their gross profit contribution for both the fourth quarter and full year with our consolidated gross margins increasing 310 and 380 basis points, respectively. These increases reflect the continued expansion of our high-margin segments, and in the Traditional Communications segment, the increased contribution from our digital payments and IDT Global wholesale carrier businesses.

包括傳統通訊在內的四個報告部門在第四季度和全年的毛利貢獻均有所增加，我們的綜合毛利率分別增加了 310 個基點和 380 個基點。這些成長反映了我們高利潤部門的持續擴張，以及傳統通訊部門的數位支付和 IDT Global 批發業者業務的貢獻增加。

Consolidated income from operations increased 9% to $21.9 million in the fourth quarter and increased 55% to $100.4 million for the full year. Adjusted EBITDA increased 33% to $33.4 million in Q4 and increased 43% to $128.7 million for the full year. These increases were driven by the operational leverage of our three high-margin growth segments which together generated over 50% of our consolidated adjusted EBITDA for the first time and in the Traditional Communications segment by significant reduction in OpEx and improved margins on our mobile top-up offerings within our IDT Digital Payments business.

第四季綜合營業收入成長 9% 至 2,190 萬美元，全年成長 55% 至 1.004 億美元。第四季調整後 EBITDA 成長 33% 至 3,340 萬美元，全年成長 43% 至 1.287 億美元。這些成長是由我們三個高利潤成長部門的營運槓桿推動的，這些部門首次共同產生了超過 50% 的合併調整後 EBITDA，而傳統通訊部門則透過大幅降低營運支出和提高 IDT 數位支付業務中的行動充值產品的利潤率來推動。

At NRS, income from operations in the fourth quarter decreased 3% to $5.8 million, reflecting the impact of nonrecurring expenses, while adjusted EBITDA increased 32% to $9.3 million. For the full fiscal year, income from operations at NRS increased 28% to $27.8 million, and adjusted EBITDA increased 37% to $34.2 million.

NRS 第四季營業收入下降 3% 至 580 萬美元，反映了非經常性費用的影響，而調整後的 EBITDA 則增加 32% 至 930 萬美元。整個財年，NRS 的營業收入成長 28% 至 2,780 萬美元，調整後 EBITDA 成長 37% 至 3,420 萬美元。

Recurring revenue increased 22% in the fourth quarter to $32.6 million and increased 27% to $122.6 million for the full year. These increases were powered by merchant services and SaaS fees revenue growth, both of which exceeded 30%. Advertising and data revenue decreased 8% year over year in Q4 and was roughly unchanged for the full year.

第四季經常性收入成長 22% 至 3,260 萬美元，全年經常性收入成長 27% 至 1.226 億美元。這些成長主要得益於商家服務和 SaaS 費用收入的成長，這兩項收入均超過了 30%。第四季廣告和數據收入年減 8%，全年基本保持不變。

We have now fully worked through the impact of the loss of a programmatic advertising partner and look forward to returning NRS advertising revenue once again into growth mode. A significant part of NRS's growth story has been the increase in monthly average recurring revenue per terminal, which reached $299 in the fourth quarter.

我們現在已經完全克服了失去程序化廣告合作夥伴的影響，並期待 NRS 廣告收入再次恢復成長模式。NRS 成長故事的一個重要部分是每個終端的每月平均經常性收入的成長，第四季達到 299 美元。

Recurring revenue per terminal has benefited from increased penetration of our NRS Pay offering from our work to provide retailers with premium payment processing plans and SaaS plans and from the ongoing migration of consumers in general from cash to credit and debit card payment methods. We expect to drive continued strong gains in recurring revenue per terminal. And as such, we believe this will help us sustain revenue growth in fiscal 2026 of 20% to 25% and adjusted EBITDA growth at an even faster clip.

我們為零售商提供優質支付處理計劃和 SaaS 計劃，從而提高了 NRS Pay 產品的普及率，同時消費者的支付方式也從現金向信用卡和借記卡的轉變，使得每個終端的經常性收入受益匪淺。我們預計每個終端的經常性收入將持續強勁成長。因此，我們相信這將有助於我們在 2026 財年維持 20% 至 25% 的營收成長，並以更快的速度實現調整後的 EBITDA 成長。

In our FinTech segment, income from operations increased 88% to $4.8 million in the fourth quarter and adjusted EBITDA climbed over threefold to $5.5 million. For the full fiscal year 2024, Fintech generated a loss from operations of $100,000. But now in fiscal 2025, income from operations surged to $15.4 million. Adjusted EBITDA increased over 16-fold from just $1.1 million in fiscal '24 to $18.4 million in fiscal '25.

在我們的金融科技部門，第四季營業收入成長 88%，達到 480 萬美元，調整後 EBITDA 成長兩倍多，達到 550 萬美元。2024財年全年，金融科技的經營虧損為10萬美元。但現在到了 2025 財年，營業收入飆升至 1,540 萬美元。調整後的 EBITDA 成長了 16 倍多，從 24 財年的 110 萬美元增至 25 財年的 1,840 萬美元。

We have long said that our BOSS Money international remittance business could scale to achieve adjusted EBITDA margins comparable to industry peers in the 15% to 20% range. And in the fourth quarter, for the very first time, it did enter that range when viewed on a stand-alone basis.

我們早就說過，我們的 BOSS Money 國際匯款業務可以擴大規模，實現與行業同業相當的 15% 至 20% 的調整後 EBITDA 利潤率。而在第四季度，從獨立角度來看，它首次進入了該範圍。

Fourth-quarter remittance transactions surpassed an annual run rate of $26 million with digital transactions contributing 83% of all remittances. The rate of transaction growth slowed somewhat as our customers sent more money per transaction while cutting back on the frequency of those transactions. Digital transactions increased 28% in the fourth quarter, while the related dollars sent increased by 41%.

第四季匯款交易額超過了 2,600 萬美元的年增長率，其中數位交易占所有匯款金額的 83%。由於我們的客戶每次交易的金額增加，同時交易頻率減少，交易成長率有所放緩。第四季數位交易量成長了28%，相關匯出金額成長了41%。

As Shmuel mentioned, we have recently introduced fee pricing initiatives that will help capture more of the said volume growth upside. As those of you who follow the remittance space already know, a new 1% federal tax on remittances originated with cash or money orders is scheduled to go into effect on January 1, '26. We expect that the effect of the tax will result in an acceleration of the industry-wide migration of remittance transactions to the digital channel, which is effectively exempted from this new tax, since customers must use a debit or credit card or ACH to effectuate a digital channel transaction.

正如 Shmuel 所提到的，我們最近推出了費用定價舉措，這將有助於獲得更多上述交易量成長的優勢。關注匯款領域的人已經知道，以現金或匯票形式匯款徵收 1% 的新聯邦稅將於 2026 年 1 月 1 日生效。我們預計，該稅的影響將加速全行業匯款交易向數位管道的遷移，數位管道實際上免徵這項新稅，因為客戶必須使用借記卡或信用卡或 ACH 來完成數位管道交易。

The migration from retail to digital channel has been a key driver of BOSS Money's increasing profitability over the past few years, as digital transactions generate approximately 20% more in gross profit per transaction than retail with lower overhead. For fiscal 2026, we are budgeting BOSS Money revenue and adjusted EBITDA to grow at percentage rates in the high-teens, as we continue to win share from retail-centric providers.

從零售通路轉向數位通路的轉變是 BOSS Money 過去幾年獲利能力不斷提升的主要驅動力，因為數位交易每筆交易的毛利比零售通路高出約 20%，而且管理費用更低。對於 2026 財年，我們預計 BOSS Money 營收和調整後的 EBITDA 將以高百分比成長率成長，因為我們將繼續贏得以零售為中心的供應商的份額。

Adjusted EBITDA for the broader Fintech segment is also expected to benefit from bottom line-improvement in our Gibraltar-based bank operations and in other early-stage fintech initiatives.

更廣泛的金融科技部門的調整後 EBITDA 預計也將受益於我們位於直布羅陀的銀行業務和其他早期金融科技計劃的底線改善。

Now moving to net2phone. In fiscal '25, net2phone continued its steady growth trajectory. Income from operations increased 74% to $1.5 million in the fourth quarter, while adjusted EBITDA increased 42% to $3.5 million. For the full-year '25, net2phone's income from operations increased 194% to $4.9 million and adjusted EBITDA increased 54% to $12.1 million.

現在轉向 net2phone。在 25 財年，net2phone 持續保持穩定的成長軌跡。第四季營業收入成長 74% 至 150 萬美元，調整後 EBITDA 成長 42% 至 350 萬美元。25 年全年，net2phone 的營業收入成長 194%，達到 490 萬美元，調整後 EBITDA 成長 54%，達到 1,210 萬美元。

net2phone subscription revenue increased 8% to $22.2 million in the fourth quarter on strong revenue growth achieved in the US. On a constant currency basis, the rate of increase was slightly higher at 9%. For the full 2025 year, the strengthening dollar FX translation impacted financial results from our key South American markets, muting the positive impacts of continued seat growth there.

由於美國市場收入強勁成長，net2phone 訂閱營收在第四季成長 8%，達到 2,220 萬美元。以固定匯率計算，成長率略高，為 9%。就 2025 年全年而言，美元匯率的走強影響了我們主要南美市場的財務業績，削弱了該地區座位量持續增長帶來的正面影響。

For the full year, total net2phone subscription revenue increased 9% to $85.7 million. And in constant currency terms, the revenue increase was 12%. During Q4, net2phone continued its disciplined approach towards customer acquisition spending and fixed overhead cost management. As they did in Q3, the net2phone team was able to hold total SG&A spend year over year almost unchanged again this quarter, even while continuing to grow revenue.

全年來看，net2phone 總訂閱收入成長 9%，達到 8,570 萬美元。以固定匯率計算，營收成長了 12%。在第四季度，net2phone 繼續採取嚴謹的方法來管理客戶獲取支出和固定間接成本。與第三季一樣，net2phone 團隊本季仍能維持銷售、一般及行政開支總額與去年同期相比幾乎沒有變化，同時收入仍在持續成長。

Looking ahead to 2026, we are budgeting for a lift in top-line growth based on sales of net2phone's AI agent layered on our UCaaS and CCaaS offerings.

展望 2026 年，我們計劃根據基於我們的 UCaaS 和 CCaaS 產品分層的 net2phone AI 代理的銷售情況來提高營收成長。

However, we also plan to significantly increase our investment, both in net2phone Coach, product development and in tailored Agentic AI offerings for specific marketing opportunities. As a result, net2phone's adjusted EBITDA percentage growth rate in fiscal 2026 is budgeted to increase more slowly than revenue in the high single digits. And we expect these investments to significantly drive profitability in years ahead.

然而，我們也計劃大幅增加投資，包括對 net2phone Coach、產品開發以及針對特定行銷機會的客製化 Agentic AI 產品的投資。因此，預計 net2phone 2026 財年的調整後 EBITDA 百分比成長率將低於高個位數的營收成長率。我們預計這些投資將在未來幾年顯著提高獲利能力。

At our Traditional Communications segment, gross profit in the fourth quarter increased 2% year over year, powered by IDT Digital Payments and supported by strong results from our IDT Global wholesale carrier business. SG&A expense decreased 1% year over year in the fourth quarter and decreased 6% or $5 million for the full year as we benefited from cost-cutting initiatives previously implemented.

在我們的傳統通訊部門，第四季度的毛利年增 2%，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。由於我們受惠於先前實施的成本削減舉措，第四季度銷售、一般及行政費用年減 1%，全年下降 6% 或 500 萬美元。

Likewise, technology and development expense decreased 5% for the fourth quarter and 7% for the full year, as a result of streamlining efforts. All these cost reductions, in combination with higher gross margins realized by our IDT Digital Payments business helped drive an 11% increase in income from operations to $15.4 million and an 8% increase in adjusted EBITDA to $17.6 million in the fourth quarter.

同樣，由於精簡措施，第四季度技術和開發費用下降了 5%，全年下降了 7%。所有這些成本削減，加上我們的 IDT 數位支付業務實現的更高毛利率，幫助推動第四季度營業收入成長 11% 至 1,540 萬美元，調整後 EBITDA 成長 8% 至 1,760 萬美元。

For the whole fiscal 2025, income from operations increased 18% to $66.5 million and adjusted EBITDA increased 13% to $75 million. In 2026, we do not expect that either of the above factors will be meaningfully in play. And therefore, we expect that steady growth in our IDT Digital Payments business will be offset by the expected declines of our BOSS Revolution Calling and IDT Global businesses. As such, we have assumed in our budget that Traditional Communications' gross profit and adjusted EBITDA will both decline single-digit percentage rates this year.

在整個 2025 財年，營業收入成長 18% 至 6,650 萬美元，調整後 EBITDA 成長 13% 至 7,500 萬美元。到 2026 年，我們預期上述任何一個因素都不會發揮重大作用。因此，我們預期 IDT 數位支付業務的穩定成長將被 BOSS Revolution Calling 和 IDT Global 業務的預期下滑所抵銷。因此，我們在預算中假設傳統通訊的毛利和調整後的 EBITDA 今年都將下降個位數百分比。

In terms of our financial condition, at July 31, our balance sheet measure of cash, cash equivalents, and current investments increased $30 million from April 30 to $254 million, reflecting the strong cash generation from all four of our reporting segments.

就我們的財務狀況而言，截至 7 月 31 日，我們的資產負債表現金、現金等價物和流動投資指標較 4 月 30 日增加了 3000 萬美元，達到 2.54 億美元，反映了我們所有四個報告部門的強勁現金產生能力。

I'll wrap up with a brief comment on capital allocation. Unlike in most recent periods, IDT did not repurchase any of its shares on the open market in the fourth quarter nor for most of Q3. During that entire period, IDT was very actively pursuing a highly accretive merger acquisition opportunity of a sizable competitor of one of our growth businesses.

最後，我將對資本配置做一個簡短的評論。與最近大多數時期不同，IDT 在第四季和第三季的大部分時間都沒有在公開市場上回購任何股票。在整個期間，IDT 非常積極地尋求與我們其中一家成長型企業的大型競爭對手進行高度增值的併購機會。

Our acquisition bid, had it been accepted, would have entailed utilizing significant available cash and also adding substantial leverage to our balance sheet. Consequently, we refrain from repurchasing shares in order to further build our cash position. Ultimately, this opportunity did not come to fruition.

如果我們的收購要約被接受，那麼將需要動用大量可用現金，並且還會為我們的資產負債表增加相當大的槓桿。因此，我們避免回購股票，以進一步增強我們的現金狀況。最終，這個機會未能實現。

Historically, we take an opportunistic approach to share buybacks, repurchasing more heavily during share price dips that we are determined to be macro-driven. I expect that unless other sizable M&A opportunities come our way, we will continue to employ this approach towards repurchases in this new fiscal year, even as we continue to build our balance sheet and pay a quarterly dividend.

從歷史上看，我們採取機會主義的方式進行股票回購，在股價下跌時進行更大規模的回購，我們決心以宏觀經濟為驅動。我預計，除非出現其他大規模的併購機會，否則我們將在新的財政年度繼續採用這種回購方式，即使我們繼續建立資產負債表並支付季度股息。

Now turning to our consolidated financial outlook for fiscal 2026. I want to begin by noting that beginning with our Q1 FY26 earnings, we will report a revised measure of our non-GAAP adjusted EBITDA metric. To make our measure of adjusted EBITDA more directly comparable to those reported by our peers and to more closely reflect our cash flow generation, we will exclude non-cash compensation expense from the determination of adjusted EBITDA going forward, and we will adjust prior-period figures to the new measure for comparison purposes.

現在來看看我們對 2026 財年的綜合財務展望。首先我想指出的是，從 2026 財年第一季的收益開始，我們將報告非 GAAP 調整後 EBITDA 指標的修訂結果。為了使我們的調整後 EBITDA 指標與同業報告的指標更直接可比，並更貼切地反映我們的現金流量產生情況，我們將從未來調整後 EBITDA 的確定中排除非現金薪酬費用，並且我們將根據新指標調整前期數據以便進行比較。

Non-cash comp varies from year to year, depending on the timing of equity grants through our employee equity growth plan and specific management incentive awards. Over the past four years, non-cash comp averaged $4.2 million with a high of $7.4 million in fiscal '24 and a low of $1.9 million in fiscal '22. In fiscal '25, just ended, non-cash comp totaled $3.1 million.

非現金薪酬每年都有所不同，取決於透過我們的員工股權成長計畫和特定管理激勵獎勵授予股權的時間。過去四年，非現金薪酬平均為 420 萬美元，24 財年最高 740 萬美元，22 財年最低為 190 萬美元。在剛結束的 25 財年，非現金補償總額為 310 萬美元。

In our earnings release, we provide a reconciliation of our revised measure of adjusted EBITDA to the nearest corresponding GAAP measures for fiscal years '24 and '25.

在我們的收益報告中，我們提供了修訂後的 EBITDA 指標與 24 財年和 25 財年最接近的 GAAP 指標的對帳。

Now, no matter which measure of adjusted EBITDA you use, however, we expect that IDT will deliver another strong increase in fiscal '26, building on our record fiscal '25 level. Utilizing this revised measure of adjusted EBITDA, IDT expects to generate a range of $141 million to $145 million in consolidated adjusted EBITDA for fiscal '26. Our estimate of $141 million to $145 million for fiscal '26 represents a 7% to 10% increase from fiscal year 2025 level of $131.7 million of similarly defined adjusted EBITDA, i.e., exclusive of non-cash comp.

現在，無論您使用哪種調整後的 EBITDA 衡量標準，我們都預計 IDT 將在創紀錄的 25 財年水平的基礎上，在 26 財年再次實現強勁增長。利用這項修訂後的調整後 EBITDA 指標，IDT 預計 26 財年的合併調整後 EBITDA 將達到 1.41 億美元至 1.45 億美元。我們預計 26 財年的營收將在 1.41 億美元至 1.45 億美元之間，較 2025 財年的 1.317 億美元（類似定義的調整後 EBITDA，即不包括非現金補償）增加 7% 至 10%。

I would just like to mention in closing that we filed our annual 10-K report today. Earlier this year, as a result of meeting certain higher public float valuation metrics, IDT Corporation's SEC reporting status changed to become a large accelerated filer. As such, we now have a shorter filing deadline period for our 10-K report, which we are pleased to comply with.

最後我想提一下，我們今天提交了年度 10-K 報告。今年早些時候，由於滿足某些更高的公眾流通股估值指標，IDT Corporation 的 SEC 報告狀態變為大型加速申報公司。因此，我們現在縮短了 10-K 報告的提交截止日期，我們很樂意遵守。

Now operator, back to you for Q&A.

現在接線員，回到您的問答環節。

(Operator Instructions) [Anigo Alonzo, Forum Capital].

（操作員指示）[Anigo Alonzo，Forum Capital]。

I have three, four questions, and I'll start with the money remittance business. The whole industry has been subjected to a lot of volatility. You have addressed the tax that is going to be starting next year. I was wondering what's the progress with the stablecoins and the Visa-linked wallets that you mentioned last call, since that has been one of the topics creating that volatility.

我有三、四個問題，先從匯款業務開始。整個產業都遭受了很大的波動。您已經解決了明年開始徵收的稅問題。我想知道您上次提到的穩定幣和 Visa 關聯錢包的進展如何，因為這是造成波動的話題之一。

Yeah. As far as the wallets, we've actually already launched our wallet to some customers. I'll call it it's in a beta phase right now. I think that, over time, most transactions are going to happen using stablecoins. And I think a large portion of transactions that aren't spent right away will end up being stored in wallets using stablecoins, both because of volatility in currency, markets in certain countries, as well as because of the cost and ease of moving funds in that manner.

是的。就錢包而言，我們實際上已經向一些客戶推出了我們的錢包。我認為它現在處於測試階段。我認為，隨著時間的推移，大多數交易都將使用穩定幣進行。我認為，很大一部分未立即使用的交易最終將被儲存在使用穩定幣的錢包中，這不僅是因為某些國家貨幣市場的波動，也是因為以這種方式轉移資金的成本和便利性。

As far as how it's impacted us to date, I can't yet say that it's impacted us in any material way. But I think that it's definitely going to be a bigger part of our future and the money transfer business in general.

就它迄今為止對我們的影響而言，我還不能說它對我們產生了任何實質的影響。但我認為它肯定會成為我們未來以及整個匯款業務中更重要的一部分。

Another one on this topic that I forgot to ask, what's the WhatsApp launch date?

關於這個主題我忘了問的另一個問題是，WhatsApp 的發布日期是什麼時候？

The WhatsApp launch date, is that what you asked? It's also launching in the next couple of days. It's starting with only existing customers, and we expect to launch it to new customers, I would say, probably within 30 to 45 days after.

WhatsApp 發布日期，這是你問的嗎？它也將在未來幾天內推出。它首先從現有客戶開始，我們預計在 30 到 45 天內向新客戶推出。

Okay. And then the stablecoins, are you going to allow for those in your app in the future?

好的。那麼穩定幣，你們將來會在你們的應用程式中允許使用它們嗎？

Yes, 100%.

是的，100%。

Okay. Then switching it slightly to the subject. You have mentioned quite a bit a failed acquisition in the past. You also mentioned being very excited about the prospects that some of your competitors were offering then maybe the opportunity to acquire them.

好的。然後稍微轉換一下主題。您曾多次提到過去失敗的收購。您還提到，您對一些競爭對手提供的前景感到非常興奮，也許有機會收購它們。

We had the acquisition of Intermex by Western Union this quarter. Both of them together is going to be nearly 50% of the money sent to Mexico in the retail space. Do you think there's going to be regulatory concerns and this acquisition could be halted?

本季度，西聯匯款收購了 Intermex。兩者加起來將佔零售業流向墨西哥的資金的近 50%。您是否認為會存在監管方面的擔憂，導致此次收購被叫停？

I can't comment on that. I'm not a regulatory expert, so I don't know. I would suggest if you have a question like that to ask your attorney.

我無法對此發表評論。我不是監管專家，所以我不知道。如果您有這樣的問題，我建議您諮詢您的律師。

Okay. I'll ask another one on the subject. Have the M&A prospects for IDT have changed after what has happened this quarter? Or do you see a still very attractive valuations in the market?

好的。我會就此問題再問一個人。本季發生的事件之後，IDT 的併購前景是否發生了變化？或者您認為市場估值仍然非常有吸引力？

I mean, it's a complicated question to answer. I think that there are always new opportunities that come around. I don't think that the market for money transfer companies has improved over this past quarter in terms of where they trade as a general group. I think there definitely seems to be a large premium being willing to be paid for certain acquisitions. So I think it's a nuanced question that I don't exactly have an answer to.

我的意思是，這是一個很難回答的問題。我認為總會有新的機會出現。我認為，就匯款公司整體的交易情況而言，過去一個季度匯款公司市場並沒有改善。我認為，對於某些收購，人們肯定願意支付高額溢價。所以我認為這是一個微妙的問題，我還沒有確切的答案。

Okay. Organically, what are the main investments that you're going to make as IDT to grow your businesses this year? Those three, four, five items that are top of mind for you?

好的。從本質上講，作為 IDT，今年您將進行哪些主要投資來發展業務？您最關心的三、四、五件事是什麼？

Yeah. I mean, that's a very broad question, and we don't like to give too much guidance to competitors on how we are going to acquire customers better and cheaper than they do. So I will say that we will continue to spend wisely and creatively to acquire customers at the lowest possible cost and with the highest benefit. And we're using all sorts of techniques to do those.

是的。我的意思是，這是一個非常廣泛的問題，我們不想給競爭對手太多指導，告訴他們我們如何比他們更好、更便宜地獲取客戶。所以我想說，我們將繼續明智而富有創意地投入，以盡可能低的成本和最高的效益來獲取客戶。我們正在使用各種技術來實現這些目標。

Okay. And the last question, you mentioned something in net2phone of changing from a seat model to a usage model. Is that going to be for UCaaS? Or is that going to be for the AI agent?

好的。最後一個問題，您提到了 net2phone 中從座位模型到使用模型的轉變。這會用於 UCaaS 嗎？或者這是為了人工智慧代理？

I was more referring to the AI agents in general. I mean, in terms of our UCaaS and CCaaS offerings, those will still be generally sold by the seat. And I was really referring to both our coach service as well as our agentic services that we're offering.

我更多地指的是一般的人工智慧代理。我的意思是，就我們的 UCaaS 和 CCaaS 產品而言，它們仍然通常按座位出售。我實際上指的是我們提供的長途汽車服務以及代理服務。

William Vaughan, Corient.

威廉·沃恩，科里恩特。

Congrats on the good quarter. My first question is about NRS. In the prepared remarks in the release, you mentioned a little increase in the rate of churn or the churn rate in terminals. Do you have an idea of what's causing this churn? And is it folks just switching to other providers, perhaps getting more competitive? Like any color you could give on the churn and other reasons behind it would be helpful.

恭喜本季取得良好業績。我的第一個問題是關於 NRS 的。在新聞稿中的準備好的評論中，您提到了客戶流失率或終端客戶流失率略有增加。你知道造成這種流失的原因是什麼嗎？人們是否只是轉向其他供應商，或許是為了變得更具競爭力？就像您可以給出的任何關於客戶流失及其背後的其他原因的資訊一樣，這將會很有幫助。

Yeah. I mean, I would say that there are a couple of factors. Some of them are larger than other factors. I would say one thing is in certain small areas like there has really been a big uptick in immigration enforcement and it's actually affected retailers in those areas to the point that they're closing. And those aren't really being lost to anybody else. Those stores are being lost because they're out of business.

是的。我的意思是，我想說有幾個因素。其中一些因素比其他因素更大。我想說的是，在某些小地區，移民執法力度確實大幅加強，這實際上影響了這些地區的零售商，導致他們不得不關門。而這些對其他人來說都不算什麼損失。這些商店因停業而倒閉。

I would say, definitely, because we've had success in the market, more competitors have come out of the woodwork and have tried to pretend that they can replicate our pricing and feature set. Most of the time, they deliver far less in savings and functionality to retailers than what they claim, but they do have strong sales teams in some instances that has led to churn. I mean, we do our best to win those types of customers back because most of the time they're very dissatisfied after a short period of time.

我想說，肯定的，因為我們在市場上取得了成功，更多的競爭對手出現並試圖假裝他們可以複製我們的定價和功能集。大多數時候，他們為零售商提供的節省和功能遠低於他們所聲稱的，但在某些情況下，他們確實擁有強大的銷售團隊，這導致了客戶流失。我的意思是，我們會盡力贏回這些類型的客戶，因為大多數情況下，他們在短時間後就會非常不滿意。

I would say two other maybe more recent issues that we've had is one is with some of the card schemes being, maybe I'll say a little bit trigger happy on our merchants in terms of claiming that they're noncompliant with certain of the scheme's rules. And even though they're not fines that are levied by us, they do influence our retailers to think that it's us. I mean, it's really an unfair thing to us, but it has hurt, I would say, churn.

我想說的是，我們最近遇到的另外兩個問題，一個是一些信用卡計劃，也許我會說，他們對我們的商家有點憤怒，聲稱他們不遵守該計劃的某些規則。儘管這些罰款不是我們徵收的，但它們確實會影響我們的零售商，讓他們認為是我們徵收的。我的意思是，這對我們來說確實是一件不公平的事情，但我想說，這確實造成了傷害。

And then we also had some technical issues with some of the equipment that we were purchasing and how it was interacting with some of our service providers. We seem to have gotten it, I would say, 95%, 99%, something in that neighborhood like under control over the past couple of weeks, but it definitely did lead to some spike in churn because essentially, like it was -- I mean, it's hard to go into really the technical reasons of why it was happening, but it was leading to some inaccurate like reporting and retailers sort of believing that the amount of money that they were expecting the next day was different than what they were actually receiving. Again, as I said, it's mostly solved, but it did lead to a little bit of extra churn.

我們購買的一些設備以及它們與我們的一些服務提供者互動的方式也存在一些技術問題。我想說，在過去的幾周里，我們似乎已經控制住了 95% 或 99% 左右的情況，但它確實導致了客戶流失率的飆升，因為從本質上講，我的意思是，很難真正探究其發生的技術原因，但它導致了一些不准確的報告，零售商有點相信他們第二天預期的金額與他們實際收到的金額不同。再說一次，正如我所說，問題基本上已經解決了，但確實導致了一點額外的流失。

Just a little follow-up on one of those points. You mentioned new competitors. Would you say those new competitors are start-ups or legacy businesses, legacy players seeing the success you have in creating a product to try to compete?

僅對其中一點進行一點跟進。您提到了新的競爭對手。您是否認為這些新競爭對手是新創公司還是傳統企業，傳統企業是否看到了您在創造產品方面的成功並試圖與之競爭？

Yeah. I'd say it's a little bit of both. I mean, again, you're seeing the Clovers of the world pretending to be really good for convenience stores, which they're not. And you're also seeing some upstart companies that are, as I said, putting on a good, I'll call it, UI without really having much substance behind it. So it's, as I said, to try to convince retailers that they can do the same thing as we can, even though, as I said, that's usually not the case, and we can usually win those stores back.

是的。我想說兩者都有一點。我的意思是，你再次看到世界上的 Clovers 假裝對便利商店真的很好，但事實並非如此。而且你還會看到一些新興公司，正如我所說，他們推出了一個很好的 UI，但實際上並沒有太多實質內容。所以，正如我所說的，我們要試圖說服零售商，他們可以做和我們一樣的事情，儘管正如我所說的，情況通常並非如此，我們通常可以贏回那些商店。

Awesome. Just another question. This would be on the BOSS Money business. So you guys have been growing really nicely in the past few quarters, 30%. And a lot of other players in the digital remittance space have been growing well also, like taking share from the retail or the physical channel.

驚人的。這只是另一個問題。這將是有關 BOSS Money 業務的。所以你們在過去幾季的成長非常好，達到了 30%。數位匯款領域的許多其他參與者也發展良好，例如從零售或實體管道搶佔份額。

Do you think that you guys can continue this strong growth? I mean, that's a pretty strong growth rate. Is this something that you think can be sustained for a longer period of time? Or you think just naturally over time, it will sort of settle in of something a little bit more mature? I guess what are your thoughts on just the overall growth rate of the digital channel, whether that's sustainable or not?

您認為你們能繼續保持這種強勁的成長動能嗎？我的意思是，這是一個相當強勁的成長率。您認為這種情況可以持續較長時間嗎？或者您認為隨著時間的推移，它會自然而然地變得更加成熟？我想問一下，您對數位管道的整體成長率有何看法？它是否可持續？

I would say a couple of things on it. I mean, I would say that, listen, there's no question that immigration policy in general in this country has shifted materially over the past couple of months. And that is definitely not a good thing for the remittance business, whether or not you're a digital remittance player or a retail player. You have effectively less customers choosing to live and work in our great country.

我想就此說幾句話。我的意思是，我想說，聽著，毫無疑問，這個國家的整體移民政策在過去幾個月裡發生了重大變化。這對匯款業務來說絕對不是一件好事，無論你是數位匯款參與者還是零售參與者。實際上，選擇在我們偉大的國家生活和工作的客戶越來越少。

And I think that there is definitely, I would say, a much more -- I don't know the right word, but maybe I won't even explain this one because I don't know how to explain it. But I mean, I think the other thing I would say is that I definitely think that it is becoming a more mature business. And probably because of that, it will grow less than it has traditionally.

我認為肯定還有更多——我不知道用什麼詞來形容，但也許我什至不會解釋這一點，因為我不知道如何解釋它。但我的意思是，我想說的另一件事是，我確實認為它正在成為一個更成熟的業務。可能正因為如此，其成長速度將低於傳統水準。

That being said, there are definitely factors that I think are going to help the digital business in the short term. And there's initiatives that we're doing, whether or not it's in wallets or WhatsApp or other things that we didn't talk about today, that are also going to enhance the growth of our business. And I think that all those things together, like I would say, I would probably -- if I were betting then, say that growth will slow a little bit, but not in a very big way. But again, I think there are things that we don't know yet, what those effects will be.

話雖如此，我認為肯定有一些因素會在短期內對數位業務有所幫助。我們正在進行的舉措，無論是錢包、WhatsApp 還是我們今天沒有談到的其他事物，都將促進我們業務的成長。我認為，所有這些因素加在一起，就像我想說的，如果我當時打賭的話，我可能會說成長會稍微放緩，但幅度不會很大。但我再次認為，有些事情我們還不知道，不知道會產生什麼影響。

I think when this tax comes into place, that's going to bring a lot of people that were going into stores looking for a good alternative to send online. And while I don't think we're the only good alternative, I think we are definitely one of the best alternatives for customers to use. And I think that we will probably get more than our fair share of customers that are looking for a new solution, say it's to save money on the tax.

我認為，當這項稅收開始實施時，將會吸引許多去商店購物的人尋找網上購物的良好替代方案。雖然我不認為我們是唯一好的選擇，但我認為我們絕對是客戶可以使用的最佳選擇之一。我認為，我們可能會得到比我們應得份額更多的客戶，他們正在尋找新的解決方案，例如節省稅金。

That being said, the tax is not as great as it once was planned to be. So it might not have as much of an effect as it could have had the tax come out higher than where it ended up coming out.

話雖如此，稅收並不像以前計劃的那麼高。因此，它可能不會產生太大的影響，因為稅收可能會高於最終的水平。

And as you -- because of all the things that Shmuel said and the broader uncertainty around immigration, et cetera, so when we did the budget for this year, as I mentioned in my prepared remarks, we budgeted that revenue would grow [high-teens] for this year, okay? So time will tell as the months go by as to whether that is a good forecast or not. But from what we know at this point, it's a pretty good baseline for modeling growth.

正如您所說——由於 Shmuel 所說的一切以及移民問題等方面的更廣泛的不確定性，所以當我們制定今年的預算時，正如我在準備好的發言中提到的那樣，我們預算今年的收入將增長 [ 十幾 ]，好嗎？因此，隨著時間的推移，時間將會證明這是否是一個好的預測。但從我們目前所知來看，這是模擬成長的一個相當不錯的基準。

Yeah. I'm usually slightly more pessimistic than Marcelo. But I mean, in this particular case, I'm slightly more optimistic than Marcelo. But we shall see in the results.

是的。我通常比馬塞洛稍微悲觀一點。但我的意思是，在這個特殊情況下，我比馬塞洛稍微樂觀一點。但我們會看到結果。

Last question. You mentioned looking at a potentially larger acquisition in the past quarter, where you've used up a lot of the cash and possibly borrow. With that acquisition opportunity passing just because you're being thoughtful and disciplined on price, which I appreciate, are you focusing more on -- or where do you lean more, towards smaller acquisitions which you can grow once integrated with more resources behind it? Or more larger acquisitions, like the one that you were just looking at? Like where would you say you're leaning more towards in terms of opportunities in the market?

最後一個問題。您提到上個季度正在考慮一項潛在的更大規模的收購，您已經用掉了很多現金並且可能藉了錢。由於您在價格上深思熟慮並嚴守紀律，這次收購機會就此錯過，對此我表示讚賞，您是否會更加關注——或者您更傾向於進行規模較小的收購，一旦整合了更多資源，您就可以實現增長？或者更大規模的收購，就像您剛才考慮的那樣？例如，就市場機會而言，您更傾向於哪些方面？

I don't know if I would tell you which one I'm leaning more to. I mean, I would say that there's less large acquisitions come around that would meet our qualifications to do them than smaller ones. So if I were going to guess, I would tend to say that we will go for smaller acquisitions rather than larger ones.

我不知道我是否會告訴你我更傾向於哪一個。我的意思是，我認為符合我們資格的大型收購比小型收購少。因此，如果讓我猜測的話，我傾向於說我們會進行規模較小的收購，而不是規模較大的收購。

That being said, I think that we have a great team at IDT. And because of, I'll say, our prudence, we've sort of decided to double down on building more things internally and acquiring more customers organically rather than looking to do so through acquisitions.

話雖如此，我認為 IDT 擁有一支優秀的團隊。我想說，由於我們的謹慎，我們決定加倍努力在內部建立更多的東西並有機地獲取更多客戶，而不是尋求透過收購來實現。

So in the short term, I would expect more of an investment to be made in our own efforts, which traditionally have served us, I would say, probably better than most of the acquisitions, although there are some acquisitions that we've done that have been very good.

因此，在短期內，我希望我們能對自己的努力進行更多的投資，傳統上，這些投資對我們很有幫助，我想說，這可能比大多數收購都要好，儘管我們進行的一些收購也非常好。

(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.

（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。