IDT Corp (IDT) 2026 Q1 法說會逐字稿

Good evening. Welcome to the IDT Corporation's first quarter fiscal year 2026 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2026財年第一季財報電話會議。（操作員說明）請注意，本次電話會議正在錄音。現在我將把電話轉交給IDT投資者關係部的比爾·烏爾雷。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 months ended October 31, 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 10 月 31 日的三個月的財務和營運業績。他們發言結束後，將樂意回答您的問題。

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 in which the company anticipates.

在本次電話會議期間，無論是發言中還是隨後的問答環節中，任何前瞻性陳述，無論是概括性的還是具體的，都存在風險和不確定性，可能導致實際結果與公司預期的結果存在重大差異。

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.

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具體風險和不確定性。IDT 不承擔更新其已作出或可能作出的任何前瞻性聲明的義務，也不承擔更新可能導致實際結果與其預測結果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, adjusted EBITDA margin, non-GAAP earnings per share, NRS's Rule of 40 score and adjusted net cash provided by operating activities.

在演示或問答環節中，IDT 的管理層可能會提及非 GAAP 指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率、非 GAAP 每股收益、NRS 的 40 法則評分和經營活動產生的調整後淨現金流。

Schedules provided in the IDT earnings release reconcile these non-GAAP measures to their nearest corresponding GAAP measures. 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.

IDT 獲利報告中提供的附表將這些非 GAAP 指標與其最接近的對應 GAAP 指標進行了調整。請注意，IDT 的收益報告可在 IDT 公司網站的投資者關係頁面上找到。該盈利報告也已以 8-K 表格的形式提交給美國證券交易委員會。

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

現在我將把電話交給什穆埃爾，請他對本季業績發表評論。

Thank you, Bill. And thanks, everyone, on the call for joining this evening. IDT delivered consolidated revenue growth and record levels of gross profit, adjusted EBITDA -- and adjusted EBITDA in the first quarter. NRS led top line expansion, while all three of our growth segments reported strong bottom line results.

謝謝你，比爾。感謝今晚所有參加電話會議的朋友們。IDT 在第一季實現了合併收入成長和毛利、調整後 EBITDA 創歷史新高。NRS引領了營收成長，而我們所有三個成長部門都實現了強勁的獲利業績。

Our Traditional Communications segment again provided steady cash generation. NRS recurring revenue increased 22% year-over-year, helping to drive a 35% increase in income from operations and a 33% increase in adjusted EBITDA. This quarter, we continue to launch and build out innovative premium services, delivery integrations, couponing and product data scan programs to name a few.

我們的傳統通訊業務板塊再次為我們帶來了穩定的現金流。NRS 經常性營收年增 22%，推動營業收入成長 35%，調整後 EBITDA 成長 33%。本季度，我們將繼續推出和完善創新高級服務、配送整合、優惠券和產品資料掃描程序等等。

Our premium offerings are becoming important growth drivers and factored into the large increase in average recurring revenue per terminal this quarter. There is tremendous opportunity for additional long-term growth through innovation, both in NRS's current and adjacent markets.

我們的高階產品和服務正成為重要的成長動力，並促成了本季每個終端平均經常性收入的大幅成長。透過創新，NRS 在現有市場和鄰近市場都擁有巨大的長期成長機會。

At BOSS Money, our digital channel continues to outperform retail and that churn may accelerate as implementation of the new federal excise tax on cash remittances begins on January 1. The Fintech segment's income from operations and adjusted EBITDA nearly doubled year-over-year, aided by BOSS Money's increasing operating leverage and enhanced profitability of other smaller fintech initiatives.

在 BOSS Money，我們的數位通路持續優於零售通路，隨著 1 月 1 日開始實施新的聯邦現金匯款消費稅，這種客戶流失可能會加速。由於 BOSS Money 不斷提高的營運槓桿以及其他規模較小的金融科技項目盈利能力的增強，金融科技部門的營業收入和調整後 EBITDA 同比增長近一倍。

Our push to integrate tailored AI and machine learning into BOSS Money customer service and fraud detection activities have helped to significantly improve unit economics. Looking ahead, we will soon introduce the first integration of the BOSS Wallet, enabling our US customers to share money and receive rewards.

我們致力於將客製化的人工智慧和機器學習技術融入 BOSS Money 的客戶服務和詐欺偵測活動中，這大大提高了單位經濟效益。展望未來，我們很快就會推出 BOSS 錢包的首次集成，使我們的美國客戶能夠共享資金並獲得獎勵。

During the quarter, net2phone began offering its AI agent to both our existing and new customers and added our Coach AI solution at quarter's end. Increasingly, our customers are ordering multiple net2phone offerings to enhance their operations and streamline workflows. As a result, we have pivoted from stand-alone product offerings to holistic solutions comprised of multiple offerings tailored to customers' communications and workflow needs. This approach plays net2phone's product and distribution -- plays to net2phone's product and distribution strengths and we are very excited about the potential as we continue to add new AI solutions.

本季度，net2phone 開始向現有客戶和新客戶提供 AI 代理，並在季度末增加了 Coach AI 解決方案。越來越多的客戶訂購多種 net2phone 產品，以增強其營運並簡化工作流程。因此，我們已從提供獨立產品轉向提供由多種產品組成的整體解決方案，以滿足客戶的溝通和工作流程需求。這種方法發揮了 net2phone 的產品和分銷優勢，我們對這種潛力感到非常興奮，因為我們將繼續添加新的 AI 解決方案。

On a final note, the Delaware Supreme Court in a ruling issued yesterday affirmed the decision of the Court of Chancery dismissing all claims against IDT in the Straight Path class action suit, and we are very pleased that this case has now been favorably resolved.

最後，特拉華州最高法院昨天發布的裁決確認了衡平法院駁回針對 IDT 在 Straight Path 集體訴訟中所有索賠的決定，我們非常高興此案現在得到了有利的解決。

I don't usually do this, but I would like to thank a couple of people in particular. I would like to thank Jason Cyrulnik and Paul Fattaruso and Rudy Koch, as well as our own, Menachem Ash. I would also, on a sad note, like to remember our esteemed colleague, Suzy Sillman, who led the data division of NRS and worked tirelessly for NRS even while very sick and in lots of pain and unfortunately, has departed. I will wrap up by thanking everyone on the IDT team for their hard work and another great year and wishing them and all of you on the call a very joyous holiday season.

我通常不會這樣做，但我特別想感謝兩個人。我要感謝 Jason Cyrulnik、Paul Fattaruso 和 Rudy Koch，以及我們自己的 Menachem Ash。此外，我還要懷著悲傷的心情緬懷我們尊敬的同事蘇西·西爾曼，她領導著 NRS 的數據部門，即使在身患重病、飽受病痛折磨的情況下，也依然不知疲倦地為 NRS 工作，不幸的是，她已經離世了。最後，我要感謝IDT團隊的每一位成員的辛勤工作，感謝他們又度過了精彩的一年，並祝福他們以及所有參加電話會議的各位節日快樂。

Now Marcelo will discuss our financial results.

現在馬塞洛將討論我們的財務表現。

Thank you, Shmuel. My remarks on the fourth quarter of our fiscal year 2026 will focus on the year-over-year comparisons to set aside seasonal impacts on our business. From a financial perspective, this was a terrific quarter, highlighted by good top line growth, record gross profit and record adjusted EBITDA and adjusted EBITDA margin.

謝謝你，什穆埃爾。我將在談到 2026 財年第四季時，重點放在同比數據，以排除季節性因素對我們業務的影響。從財務角度來看，這是一個非常棒的季度，亮點包括良好的營收成長、創紀錄的毛利、創紀錄的調整後 EBITDA 和調整後 EBITDA 利潤率。

Consolidated revenue increased 4% to $323 million, driven by our three growth segments: NRS, Fintech and net2phone, which together grew by 16%, with particularly strong contributions from NRS and Fintech. Consolidated gross profit increased 10% to a record $118 million for a gross margin of 37% as we continue to benefit from the increasing contributions of our three higher-margin growth segments relative to that of our low-margin Traditional Communications segment.

綜合收入成長 4% 至 3.23 億美元，這主要得益於我們的三個成長部門：NRS、金融科技和 net2phone，這三個部門合計成長了 16%，其中 NRS 和金融科技的貢獻尤為強勁。由於我們三個高利潤成長部門的貢獻不斷增加，而低利潤的傳統通訊部門的貢獻相對較小，因此綜合毛利成長了 10%，達到創紀錄的 1.18 億美元，毛利率為 37%。

Consolidated income from operations increased to $31 million, a 31% year-over-year increase. Adjusted EBITDA and adjusted EBITDA margin also hit record levels at $37.9 million and 11.7%, respectively. EBITDA less CapEx totaled $32.1 million in the first quarter, a 30% year-over-year increase and also an IDT all-time high. EPS increased by 31% or $0.21 to $0.89 per share on both the basic and diluted basis. Non-GAAP diluted EPS also climbed by 32% to $0.94 from $0.71.

合併營業收入增至 3,100 萬美元，年增 31%。調整後 EBITDA 和調整後 EBITDA 利潤率也分別達到創紀錄的 3,790 萬美元和 11.7%。第一季 EBITDA 減去資本支出總計 3,210 萬美元，較去年同期成長 30%，也是 IDT 的歷史最高紀錄。每股盈餘（EPS）以基本和稀釋計算均成長 31% 或 0.21 美元，達到每股 0.89 美元。非GAAP稀釋後每股盈餘也成長了32%，從0.71美元增加到0.94美元。

As Shmuel pointed out, the big driver in the first quarter was again our three growth segments. Together, they contributed $103 million in revenue, equal to 32% of our consolidated revenue compared to 29% a year earlier. But because the average gross margin is 66% compared to 18% in our Traditional Communications segment, they provide tremendous operating leverage as the revenue contribution increases and the cost structures continue to be optimized.

正如 Shmuel 指出的那樣，第一季的主要驅動力仍然是我們的三個成長板塊。它們合計貢獻了 1.03 億美元的收入，相當於我們合併收入的 32%，而去年同期為 29%。但由於其平均毛利率為 66%，而我們傳統通訊部門的毛利率為 18%，因此隨著收入貢獻的增加和成本結構的不斷優化，它們提供了巨大的營運槓桿。

Adjusted EBITDA from NRS, Fintech and net2phone combined totaled $21.4 million in the first quarter, a 50% increase from the first quarter of fiscal 2025. Together, they now represent 57% of our consolidated adjusted EBITDA compared to only 48% one year ago. And because these segments still generate less than a third of our revenue, that rotation from low-margin businesses to higher ones still has a long way to run.

第一季度，NRS、Fintech 和 net2phone 的調整後 EBITDA 合計為 2,140 萬美元，比 2025 財年第一季成長了 50%。目前，它們合計占我們合併調整後 EBITDA 的 57%，而一年前這一比例僅為 48%。由於這些業務板塊目前仍只貢獻了我們不到三分之一的收入，因此從低利潤業務向高利潤業務的轉型還有很長的路要走。

This being said, given the quite solid and consistent profitability results delivered by our Traditional Communications segment, we believe that the largest segment of ours will continue to be a major contributor to our adjusted EBITDA generation for years to come.

儘管如此，鑑於我們傳統通訊業務部門取得了相當穩健且持續的盈利業績，我們相信，我們最大的業務部門將在未來幾年繼續為我們調整後的 EBITDA 做出重大貢獻。

Now let's take a closer look at each of our segments. At NRS, results were highlighted by the very strong increase in the monthly average recurring revenue per terminal to $313 from $295 in the year ago quarter as a result of the strong revenue growth in merchant services, which is up 38% and SaaS fees up 30% that more than offset the 15% decline in advertising and data revenue.

現在讓我們仔細看看每個部分。NRS 的業績亮點在於，由於商家服務收入強勁增長（增長 38%）和 SaaS 費用增長（增長 30%），每個終端的月平均經常性收入從去年同期的 295 美元大幅增長至 313 美元，這足以抵消廣告和數據收入 15% 的下降。

Merchant services revenue this quarter continued to benefit from consumer and retailer trends that we believe will drive long-term increases in payment processing revenue per account. Overall, NRS's recurring revenue climbed 22% to $35 million. Income from operations in the first quarter increased 35% to $9 million, primarily reflecting a 21% increase in gross profit, while adjusted EBITDA increased 33% to $10.3 million.

本季商家服務收入持續受惠於消費者和零售商的趨勢，我們認為這些趨勢將推動每個帳戶的支付處理收入長期成長。整體而言，NRS 的經常性收入成長了 22%，達到 3,500 萬美元。第一季營業收入成長 35% 至 900 萬美元，主要反映毛利成長 21%；調整後 EBITDA 成長 33% 至 1,030 萬美元。

In our BOSS Money remittance business, revenue growth at our dominant digital channel, which generated 84% of our transactions during the quarter, was 20%. Although revenue growth has slowed, we continue to take market share from our peers, many of whom, especially the retail-centric providers have seen revenues from US-based remittances decrease in recent quarters.

在我們的 BOSS Money 匯款業務中，我們占主導地位的數位管道（該季度產生了我們 84% 的交易）的收入成長了 20%。儘管營收成長放緩，但我們仍在不斷從同行手中奪取市場份額，其中許多同行，尤其是以零售為中心的供應商，近幾個季度來自美國匯款的收入有所下降。

Income from operations in the Fintech segment, which includes also our Gibraltar-based bank and other smaller financial businesses and offerings increased 97% to $6 million, and adjusted EBITDA climbed 87% to $7.5 million. These exceptional increases reflect the reduction in our transaction cost structure that machine learning and AI are providing, the increasing operating leverage of the business and the improving profitability of the other businesses within our Fintech segment.

金融科技業務部門（包括我們位於直布羅陀的銀行和其他規模較小的金融業務及產品）的營運收入成長了 97%，達到 600 萬美元；調整後的 EBITDA 成長了 87%，達到 750 萬美元。這些顯著的成長反映了機器學習和人工智慧降低了我們的交易成本結構，提高了業務的營運槓桿，以及我們金融科技部門其他業務獲利能力的提高。

Fintech's adjusted EBITDA margin climbed to 18%, and BOSS Money as a stand-alone entity would likely have achieved several percentage points above that, an impressive accomplishment that stacks up favorably in comparison to the larger, long-established players in the remittance industry.

Fintech 的調整後 EBITDA 利潤率攀升至 18%，而 BOSS Money 作為一家獨立實體，其利潤率可能會比這高出幾個百分點，這是一項令人印象深刻的成就，與匯款行業中規模更大、歷史更悠久的企業相比，其表現相當出色。

With the recent launch of its AI offerings, net2phone is transitioning its focus away from the per-seat metrics we have traditionally used as a key indicator of the performance of this business. As Shmuel just noted, net2phone customers are now increasingly looking for communications and operating solutions comprised of multiple offerings. So in order to better capture and report this new dynamic, over the next year, net2phone will begin reporting new customer-based KPIs that more meaningfully track the performance of customers -- of customer economics as opposed to per-seat economics.

隨著近期人工智慧產品的推出，net2phone 正在將其關注點從我們傳統上用作衡量該業務績效的關鍵指標的每個席位指標轉移開來。正如 Shmuel 剛才指出的那樣，net2phone 的客戶現在越來越傾向於尋求包含多種產品的通訊和營運解決方案。因此，為了更好地捕捉和報告這種新的動態，在接下來的一年裡，net2phone 將開始報告新的基於客戶的 KPI，這些 KPI 更有意義地追蹤客戶的績效——客戶經濟效益，而不是每個席位的經濟效益。

For now, however, seat growth remains a key performance indicator. And this quarter, seats increased 7% to 432,000, while revenue increased 10% on a net reported basis and 9% on a constant currency basis. Revenue growth outstripped seat growth in part because of some nice win for our higher-value CCaaS offering.

但就目前而言，座位成長仍是一項關鍵的績效指標。本季度，座位數增長了 7%，達到 432,000 個；以淨報告基礎計算，收入增長了 10%；按固定匯率計算，收入增長了 9%。收入成長超過席位成長的部分原因是，我們高價值的 CCaaS 產品取得了一些不錯的成績。

Income from operations increased 94% to $2 million in the first quarter, while adjusted EBITDA increased 44% to $3.6 million. EBITDA less CapEx increased 104% to $1.9 million. Net2phone was able to achieve all of this, while at the same time ramping up its investment in strategic AI technologies. Looking ahead, net2phone expects to further increase its investment in technology development as it build out integrations and features for new verticals, such as health care.

第一季營業收入成長 94% 至 200 萬美元，調整後 EBITDA 成長 44% 至 360 萬美元。EBITDA減去資本支出成長104%至190萬美元。Net2phone 在實現所有這些目標的同時，也增加了對策略性人工智慧技術的投資。展望未來，net2phone 預計將進一步加大對技術開發的投資，為醫療保健等新的垂直領域建立整合和功能。

For our Traditional Communications segment, this was another very good quarter, exceeding our expectations. Income from operations again increased, up 1% year-over-year to $16 million. Adjusted EBITDA increased 2% year-over-year to $18.9 million as modest decreases in gross profit were more than offset by our ongoing efforts to reduce OpEx in our legacy paid minutes businesses. Adjusted EBITDA less CapEx for this segment increased 1% year-over-year to $17.3 million, indicating once again the durability of this segment's free cash flows.

對於我們的傳統通訊業務部門而言，這又是一個非常好的季度，超出了我們的預期。營業收入再次成長，年增 1% 至 1,600 萬美元。經調整的 EBITDA 年成長 2% 至 1,890 萬美元，毛利的輕微下降被我們持續努力降低傳統付費通話業務的營運支出所抵消。該業務板塊的調整後 EBITDA 減去資本支出後同比增長 1% 至 1730 萬美元，再次表明該業務板塊自由現金流的可持續性。

Turning to our balance sheet. At October 31, 2025, IDT held $220 million in cash, cash equivalents, debt securities and current equity investments. This represents a decrease of $34 million compared to the $254 million held at July 31. This reduction mostly reflects the fact that our first quarter fiscal '26 ended on a Friday compared to last quarter, which ended on a Wednesday. As I have mentioned in previous calls, as part of our weekly process of funding, weekend transactions for our BOSS Money remittance business in any given week, our highest cash balances are typically on Wednesdays and our lowest on Fridays.

接下來來看看我們的資產負債表。截至 2025 年 10 月 31 日，IDT 持有 2.2 億美元的現金、現金等價物、債務證券和當前股權投資。與 7 月 31 日的 2.54 億美元相比，減少了 3,400 萬美元。這一減少主要反映了我們 2026 財年第一季於週五結束，而上一季於週三結束。正如我在先前的電話會議中提到的，作為我們每週資金運作流程的一部分，在任何一周的周末，我們 BOSS Money 匯款業務的現金餘額通常在周三最高，在周五最低。

During the first quarter, IDT also repurchased $7.6 million in stock. We expect to opportunistically buy additional shares during the remainder of our fiscal year and to return cash directly to our stockholders through our quarterly dividends.

第一季度，IDT 還回購了價值 760 萬美元的股票。我們預計在本財年剩餘時間內擇機增持股份，並透過季度分紅直接向股東返還現金。

To conclude, after generating $38 million in consolidated adjusted EBITDA this quarter, representing a 26% year-over-year growth, IDT is extremely well positioned to achieve our full year '26 adjusted EBITDA guidance of $141 million to $145 million, which would represent a 7% to 10% full year-over-year growth rate. For now, we will monitor Q2 performance and update our guidance when we report our next quarterly results, God willing, in early March.

總之，IDT本季實現了3,800萬美元的合併調整後EBITDA，年成長26%，因此完全有能力實現我們2026年全年調整後EBITDA 1.41億美元至1.45億美元的預期目標，這將代表7%至10%的全年同比增長率。目前，我們將密切關注第二季度業績，並在3月初（如果上帝保佑的話）公佈下一季業績時更新我們的業績預期。

Now Shmuel and I would be happy to take your questions.

現在我和什穆埃爾很樂意回答你們的問題。

(Operator Instructions) Inigo Alonso, MORAM Capital.

（操作員指令）Inigo Alonso，MORAM Capital。

Congratulations on the 26% EBITDA growth and on the resolution of the Straight Path litigation. You have always been a really shareholder-friendly company and now that the risk is gone and as you wait for the M&A market to clear out over the first half of the fiscal year, I was wondering if we could expect any special dividend accelerated buybacks in the second half of the year or do you still think that M&A is the way to go for that capital allocation.

恭喜公司 EBITDA 成長 26%，並解決了與 Straight Path 的訴訟。貴公司一直是一家非常重視股東利益的公司，現在風險已經消除，並且貴公司正在等待上半年併購市場回暖，我想知道我們是否可以期待在下半年看到任何特別股息或加速股票回購，或者您仍然認為併購是進行資本配置的最佳途徑。

I mean, on the M&A front, we're not looking at anything very large right now unless something regulatorily changes in the market, I think we're sort of waiting to see how the effects of the tax on money transfers affect retail businesses in particular.

我的意思是，在併購方面，除非市場監管方面發生變化，否則我們目前不會有任何大手筆的交易。我認為我們正在觀望匯款稅對零售企業，特別是零售業的影響。

On the NRS front, we're not looking at any major acquisitions, but we do have one or two small acquisitions in mind for them. And we're continuing to plan sort of our next big move, and we hope that it will be pleasing to our investors.

在 NRS 方面，我們目前沒有考慮任何重大收購，但我們確實為他們考慮了一兩筆小型收購案。我們正在繼續規劃下一步重大舉措，希望能讓我們的投資者感到滿意。

Okay. Another question, this one on additions of net payment processing accounts exceeding that of the terminal accounts. I was wondering if these additions are coming from businesses that do not require a POS. And if so, how relevant is a percentage of businesses to your revenue? Or is it coming from conversions?

好的。還有一個問題，這次是關於淨支付處理帳戶的增加超過了終端帳戶的增加。我想知道這些新增用戶是否來自不需要POS系統的商家。如果是這樣，那麼企業佔比與您的收入有多大關係？或者它是透過轉換獲得的？

No. It's coming from ones that require a POS.

不。它來自那些需要POS機的設備。

Okay. And then in the prepared remarks, you comment on NRS and you mentioned that there's tremendous opportunities for growth in adjacent markets. I was wondering what those adjacent markets are.

好的。然後在準備好的發言稿中，您談到了 NRS，並提到鄰近市場存在巨大的成長機會。我想知道那些相鄰的市場是什麼。

I mean there's a bunch of adjacent markets, some of which we've talked about in the past related to food service and related to international markets that we've yet to really launch in with the exception of Canada. And there's lots of adjacent markets inside of the -- that are sort of specialties inside of the businesses that we do already.

我的意思是，還有很多相鄰的市場，其中一些我們過去曾討論過，與餐飲服務有關，還有一些與國際市場有關，除了加拿大以外，我們還沒有真正進入這些市場。而且，在我們現有的業務範圍內，還有很多相鄰的市場，它們算是我們業務中的一些專業領域。

I mean I can give you a bunch of examples, but you know most of them, whether or not it's hardware stores or CBD shops or there's lots of different verticals. I mean, as I said, I can give you 100 different ones that if we build out a couple of small features for each one of them, they open up tens of thousands of stores each.

我的意思是，我可以給你舉很多例子，但你也知道大多數例子，無論是五金店還是 CBD 商店，還有很多不同的垂直領域。我的意思是，正如我所說，我可以給你 100 個不同的方案，如果我們為每個方案開發一些小功能，每個方案都可以開設數萬家門市。

In the international market comment, do you think we could see other countries added to the IDT ecosystem in '26?

在國際市場評論中，您認為我們能否在 2026 年看到其他國家加入 IDT 生態系統？

Yeah. I mean, again, I can't say 100% that we have decided to go into more countries yet. We're looking at an acquisition outside the country that would accelerate that for us. But it's definitely on the road map. As I said, I'm not sure I can say it will be on the '26 road map, but definitely on the road map.

是的。我的意思是，我再次強調，我還不能百分之百確定我們已經決定進軍更多國家。我們正在考慮在國外進行收購，這將加速我們的發展進程。但這絕對已經在計劃之中了。正如我所說，我不確定它是否會在 2026 年的路線圖上，但肯定會在路線圖上。

And the last one, this is on IDT Global. You guys commented Traditional exceeding the expectations, especially on the bottom line front, and you guys commented on the initiatives to expand the bottom line.

最後一則訊息來自IDT Global。你們評論說，傳統業務超出了預期，尤其是在盈利方面，你們也對擴大盈利的舉措發表了評論。

But you have not commented on the record IDT global top line revenue. I mean, it's a record number for the last two years. I know there's some seasonality to it, but if you could provide some color there, I would appreciate it.

但您尚未對IDT創紀錄的全球營收發表評論。我的意思是，這是近兩年來的最高紀錄。我知道這有一定的季節性，但如果您能提供一些細節方面的信息，我將不勝感激。

Yeah. I mean I think that they're doing a great job all around bringing lots of new and interesting solution to our carrier partners all around the world, whether or not it's SMS solutions, voice solutions, some of even our new AI solutions that we're using in net2phone are being, I'll say, offered to carriers as well. And they've really done a great job all around.

是的。我的意思是，我認為他們在各個方面都做得非常出色，為我們在世界各地的運營商合作夥伴帶來了許多新的、有趣的解決方案，無論是短信解決方案、語音解決方案，甚至是我們 net2phone 中使用的一些新的 AI 解決方案，我也可以說，這些解決方案也提供給了運營商。他們各方面都做得非常好。

Yeah. And Inigo, as we maybe have spoken before, when we manage our IDT Global wholesale carrier business, our account managers are incentivized to manage it in terms of generating maximum gross profit. On any quarter, revenues might go up or down depending on whether they chose the opportunities in a high revenue per minute country or a low revenue per minute country by high margin, low margin.

是的。伊尼戈，正如我們之前可能談到的，當我們管理 IDT Global 的批發業者業務時，我們的客戶經理會受到激勵，以創造最大毛利為目標進行管理。任何一個季度，收入都可能上升或下降，這取決於他們選擇在每分鐘收入高的國家還是每分鐘收入低的國家，以高利潤率還是低利潤率來把握機會。

So the IDT Global folks are doing exceptionally well in the sense that despite that the minutes business have been in decline now for so many years, they have consistently delivered what we look from a managerial perspective, about $9 million to $10 million of GP or gross profit every quarter for now several years, despite the declines in the minutes, right?

因此，IDT Global 的員工表現非常出色，儘管通話時長業務多年來一直在下滑，但從管理角度來看，他們每個季度都能持續實現約 900 萬至 1000 萬美元的毛利潤，這種情況已經持續了好幾年，儘管通話時長有所下降，對吧？

So the fact that the revenue has grown in the last two quarters, it's just a small indicator, okay, on the resilience of the business. And the revenues could come down, but for us, the focus is really that the gross profit continues to be maximized as much as possible.

因此，過去兩個季度營收成長這一事實，只是顯示企業韌性的一個很小的指標。收入可能會下降，但對我們來說，重點仍然是盡可能地提高毛利。

Thank you, again. And sorry for the loss that the NRS team has experienced.

再次感謝。對於NRS團隊遭受的損失，我深感遺憾。

Thank you.

謝謝。

(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。感謝各位參加今天的報告會。您現在可以斷開連線了。