UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JANUARY
31, 2016
or
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 1-16371
IDT CORPORATION
(Exact Name of Registrant as Specified in
its Charter)
Delaware |
|
22-3415036 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification Number) |
|
|
|
520 Broad Street, Newark, New Jersey |
|
07102 |
(Address of principal executive offices) |
|
(Zip Code) |
(973) 438-1000
(Registrant’s telephone number, including
area code)
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files). Yes x
No ¨
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2
of the Exchange Act.
Large accelerated filer |
¨ |
Accelerated filer |
x |
Non-accelerated filer |
¨ (Do not check if a smaller reporting company) |
Smaller reporting company |
¨ |
Indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ¨ No x
As of March 8, 2016, the registrant had
the following shares outstanding:
Class A common stock, $.01 par value: |
1,574,326 shares outstanding (excluding 1,698,000 treasury shares) |
Class B common stock, $.01 par value: |
21,355,714 shares outstanding (excluding 3,930,919 treasury shares) |
IDT
CORPORATION
TABLE
OF CONTENTS
PART
I. FINANCIAL INFORMATION |
3 |
|
|
|
Item 1. |
Financial Statements (Unaudited) |
3 |
|
|
|
|
Consolidated Balance Sheets |
3 |
|
|
|
|
Consolidated Statements of Income |
4 |
|
|
|
|
Consolidated Statements of Comprehensive
(Loss) Income |
5 |
|
|
|
|
Consolidated Statements of Cash
Flows |
6 |
|
|
|
|
Notes to Consolidated Financial
Statements |
7 |
|
|
|
Item 2. |
Management’s
Discussion and Analysis of Financial Condition and Results of Operations |
16 |
|
|
|
Item 3. |
Quantitative and Qualitative Disclosures
About Market Risks |
27 |
|
|
|
Item 4. |
Controls and Procedures |
28 |
|
|
PART
II. OTHER INFORMATION |
28 |
|
|
|
Item 1. |
Legal Proceedings |
28 |
|
|
|
Item 1A. |
Risk Factors |
28 |
|
|
|
Item 2. |
Unregistered Sales of Equity Securities
and Use of Proceeds |
29 |
|
|
|
Item 3. |
Defaults Upon Senior Securities |
29 |
|
|
|
Item 4. |
Mine Safety Disclosures |
30 |
|
|
|
Item 5. |
Other Information |
30 |
|
|
|
Item 6. |
Exhibits |
30 |
|
|
SIGNATURES
|
31 |
PART
I. FINANCIAL INFORMATION
Item 1. Financial
Statements (Unaudited)
IDT
CORPORATION
CONSOLIDATED BALANCE SHEETS
| |
January
31, 2016 | | |
July 31,
2015 | |
| |
(Unaudited) | | |
(Note
1) | |
| |
(in
thousands) | |
Assets | |
| | |
| |
Current assets: | |
| | |
| |
Cash
and cash equivalents | |
$ | 99,514 | | |
$ | 110,361 | |
Restricted
cash and cash equivalents | |
| 88,792 | | |
| 91,035 | |
Marketable
securities | |
| 46,797 | | |
| 40,287 | |
Trade
accounts receivable, net of allowance for doubtful accounts of $4,939 at January 31, 2016 and $5,645 at July 31, 2015 | |
| 55,384 | | |
| 58,543 | |
Receivable
from sale of interest in Fabrix Systems Ltd. | |
| 3,702 | | |
| 8,471 | |
Prepaid
expenses | |
| 13,769 | | |
| 17,304 | |
Other
current assets | |
| 15,530 | | |
| 14,344 | |
| |
| | | |
| | |
Total
current assets | |
| 323,488 | | |
| 340,345 | |
Property,
plant and equipment, net | |
| 90,394 | | |
| 91,316 | |
Goodwill | |
| 13,452 | | |
| 14,388 | |
Other
intangibles, net | |
| 1,050 | | |
| 1,277 | |
Investments | |
| 11,292 | | |
| 12,344 | |
Deferred
income tax assets, net | |
| 8,654 | | |
| 13,324 | |
Other
assets | |
| 7,513 | | |
| 12,688 | |
| |
| | | |
| | |
Total
assets | |
$ | 455,843 | | |
$ | 485,682 | |
| |
| | | |
| | |
Liabilities
and equity | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Trade
accounts payable | |
$ | 28,687 | | |
$ | 29,140 | |
Accrued
expenses | |
| 122,190 | | |
| 139,272 | |
Deferred
revenue | |
| 86,269 | | |
| 86,302 | |
Customer
deposits | |
| 85,129 | | |
| 84,454 | |
Income
taxes payable | |
| 550 | | |
| 391 | |
Notes
payable—current portion | |
| — | | |
| 6,353 | |
Other
current liabilities | |
| 3,563 | | |
| 3,000 | |
| |
| | | |
| | |
Total
current liabilities | |
| 326,388 | | |
| 348,912 | |
Other
liabilities | |
| 1,765 | | |
| 1,830 | |
| |
| | | |
| | |
Total
liabilities | |
| 328,153 | | |
| 350,742 | |
Commitments
and contingencies | |
| | | |
| | |
Equity: | |
| | | |
| | |
IDT
Corporation stockholders’ equity: | |
| | | |
| | |
Preferred
stock, $.01 par value; authorized shares—10,000; no shares issued | |
| — | | |
| — | |
Class A
common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at January
31, 2016 and July 31, 2015 | |
| 33 | | |
| 33 | |
Class
B common stock, $.01 par value; authorized shares—200,000; 25,287 and 25,276 shares issued and 21,356 and 21,755 shares
outstanding at January 31, 2016 and July 31, 2015, respectively | |
| 253 | | |
| 253 | |
Additional
paid-in capital | |
| 404,790 | | |
| 403,146 | |
Treasury
stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 3,931 and 3,521 shares of Class B common
stock at January 31, 2016 and July 31, 2015, respectively | |
| (115,316 | ) | |
| (110,543 | ) |
Accumulated
other comprehensive (loss) income | |
| (2,744 | ) | |
| 771 | |
Accumulated
deficit | |
| (160,196 | ) | |
| (159,829 | ) |
| |
| | | |
| | |
Total
IDT Corporation stockholders’ equity | |
| 126,820 | | |
| 133,831 | |
Noncontrolling
interests | |
| 870 | | |
| 1,109 | |
| |
| | | |
| | |
Total
equity | |
| 127,690 | | |
| 134,940 | |
| |
| | | |
| | |
Total
liabilities and equity | |
$ | 455,843 | | |
$ | 485,682 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
| |
Three
Months Ended January 31, | | |
Six
Months Ended January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
(in
thousands, except per share data) | |
Revenues | |
$ | 382,454 | | |
$ | 394,173 | | |
$ | 773,032 | | |
$ | 807,051 | |
Costs
and expenses: | |
| | | |
| | | |
| | | |
| | |
Direct
cost of revenues (exclusive of depreciation and amortization) | |
| 319,724 | | |
| 328,737 | | |
| 644,235 | | |
| 672,544 | |
Selling,
general and administrative (i) | |
| 51,054 | | |
| 57,394 | | |
| 104,143 | | |
| 114,392 | |
Depreciation
and amortization | |
| 4,973 | | |
| 4,440 | | |
| 10,025 | | |
| 8,845 | |
Research
and development | |
| — | | |
| — | | |
| — | | |
| 1,656 | |
Severance | |
| — | | |
| 351 | | |
| — | | |
| 1,899 | |
Total
costs and expenses | |
| 375,751 | | |
| 390,922 | | |
| 758,403 | | |
| 799,336 | |
Loss
on disposal of property, plant and equipment | |
| (326 | ) | |
| — | | |
| (326 | ) | |
| — | |
Gain
on sale of interest in Fabrix Systems Ltd. | |
| — | | |
| 484 | | |
| — | | |
| 75,629 | |
| |
| | | |
| | | |
| | | |
| | |
Income
from operations | |
| 6,377 | | |
| 3,735 | | |
| 14,303 | | |
| 83,344 | |
Interest
income (expense), net | |
| 534 | | |
| (40 | ) | |
| 692 | | |
| (131 | ) |
Other
(expense) income, net | |
| (234 | ) | |
| 967 | | |
| (844 | ) | |
| 2,290 | |
| |
| | | |
| | | |
| | | |
| | |
Income
before income taxes | |
| 6,677 | | |
| 4,662 | | |
| 14,151 | | |
| 85,503 | |
Provision
for income taxes | |
| (2,014 | ) | |
| (1,905 | ) | |
| (4,911 | ) | |
| (2,392 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
income | |
| 4,663 | | |
| 2,757 | | |
| 9,240 | | |
| 83,111 | |
Net
income attributable to noncontrolling interests | |
| (598 | ) | |
| (247 | ) | |
| (981 | ) | |
| (445 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
income attributable to IDT Corporation | |
$ | 4,065 | | |
$ | 2,510 | | |
$ | 8,259 | | |
$ | 82,666 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings
per share attributable to IDT Corporation common stockholders: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.18 | | |
$ | 0.11 | | |
$ | 0.36 | | |
$ | 3.63 | |
Diluted | |
$ | 0.18 | | |
$ | 0.11 | | |
$ | 0.36 | | |
$ | 3.57 | |
Weighted-average
number of shares used in calculation of earnings per share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 22,799 | | |
| 22,818 | | |
| 22,867 | | |
| 22,783 | |
Diluted | |
| 22,799 | | |
| 23,225 | | |
| 22,884 | | |
| 23,155 | |
| |
| | | |
| | | |
| | | |
| | |
Dividends
declared per common share | |
$ | 0.19 | | |
$ | 0.82 | | |
$ | 0.37 | | |
$ | 1.67 | |
| |
| | | |
| | | |
| | | |
| | |
(i)
Stock-based compensation included in selling, general and administrative expenses | |
$ | 873 | | |
$ | 2,172 | | |
$ | 1,644 | | |
$ | 3,020 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
| |
Three
Months Ended January 31, | | |
Six
Months Ended January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
(in
thousands) | |
Net
income | |
$ | 4,663 | | |
$ | 2,757 | | |
$ | 9,240 | | |
$ | 83,111 | |
Other
comprehensive (loss) income: | |
| | | |
| | | |
| | | |
| | |
Change
in unrealized gain on available-for-sale securities | |
| (143 | ) | |
| 8 | | |
| 385 | | |
| 15 | |
Foreign
currency translation adjustments | |
| (4,011 | ) | |
| (2,119 | ) | |
| (3,900 | ) | |
| (3,977 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
comprehensive loss | |
| (4,154 | ) | |
| (2,111 | ) | |
| (3,515 | ) | |
| (3,962 | ) |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive
income | |
| 509 | | |
| 646 | | |
| 5,725 | | |
| 79,149 | |
Comprehensive
income attributable to noncontrolling interests | |
| (598 | ) | |
| (247 | ) | |
| (981 | ) | |
| (445 | ) |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive
(loss) income attributable to IDT Corporation | |
$ | (89 | ) | |
$ | 399 | | |
$ | 4,744 | | |
$ | 78,704 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
| |
Six
Months Ended January 31, | |
| |
2016 | | |
2015 | |
| |
(in
thousands) | |
Operating
activities | |
| | |
| |
Net
income | |
$ | 9,240 | | |
$ | 83,111 | |
Adjustments
to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation
and amortization | |
| 10,025 | | |
| 8,845 | |
Deferred
income taxes | |
| 4,708 | | |
| 2,441 | |
Provision
for doubtful accounts receivable | |
| 486 | | |
| 35 | |
Gain
on sale of interest in Fabrix Systems Ltd. | |
| — | | |
| (75,629 | ) |
Realized
(gain) loss on marketable securities | |
| (543 | ) | |
| 54 | |
Interest
in the equity of investments | |
| (79 | ) | |
| (1,459 | ) |
Stock-based
compensation | |
| 1,644 | | |
| 3,020 | |
Change
in assets and liabilities: | |
| | | |
| | |
Restricted
cash and cash equivalents | |
| (5,360 | ) | |
| (7,912 | ) |
Trade
accounts receivable | |
| (1,366 | ) | |
| 3,285 | |
Prepaid
expenses, other current assets and other assets | |
| 7,644 | | |
| 5,787 | |
Trade
accounts payable, accrued expenses, other current liabilities and other liabilities | |
| (10,814 | ) | |
| (7,478 | ) |
Customer
deposits | |
| 8,200 | | |
| 8,193 | |
Income
taxes payable | |
| 159 | | |
| (292 | ) |
Deferred
revenue | |
| 1,202 | | |
| (1,047 | ) |
Net
cash provided by operating activities | |
| 25,146 | | |
| 20,954 | |
Investing
activities | |
| | | |
| | |
Capital
expenditures | |
| (9,223 | ) | |
| (13,946 | ) |
Proceeds
from sale of interest in Fabrix Systems Ltd., net of cash and cash equivalents sold | |
| 4,769 | | |
| 36,039 | |
Purchase of investments | |
| (350 | ) | |
| (125 | ) |
Proceeds
from sale and redemption of investments | |
| 626 | | |
| 43 | |
Purchases
of marketable securities | |
| (24,480 | ) | |
| (18,382 | ) |
Proceeds
from maturities and sales of marketable securities | |
| 18,720 | | |
| 12,104 | |
Net
cash (used in) provided by investing activities | |
| (9,938 | ) | |
| 15,733 | |
Financing
activities | |
| | | |
| | |
Dividends
paid | |
| (8,626 | ) | |
| (38,891 | ) |
Distributions
to noncontrolling interests | |
| (1,220 | ) | |
| (750 | ) |
Proceeds
from exercise of stock options. | |
| — | | |
| 2,896 | |
Repayments
of revolving credit loan payable and other borrowings | |
| (6,353 | ) | |
| (13,132 | ) |
Repurchases
of Class B common stock | |
| (4,773 | ) | |
| (703 | ) |
Net
cash used in financing activities | |
| (20,972 | ) | |
| (50,580 | ) |
Effect
of exchange rate changes on cash and cash equivalents | |
| (5,083 | ) | |
| (6,789 | ) |
Net
(decrease) increase in cash and cash equivalents | |
| (10,847 | ) | |
| (20,682 | ) |
Cash
and cash equivalents at beginning of period | |
| 110,361 | | |
| 153,823 | |
Cash
and cash equivalents at end of period | |
$ | 99,514 | | |
$ | 133,141 | |
Supplemental
schedule of non-cash investing and financing activities | |
| | | |
| | |
Net
liabilities excluding cash and cash equivalents of Fabrix Systems Ltd. sold | |
$ | — | | |
$ | 14,333 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note
1—Basis of Presentation
The
accompanying unaudited consolidated financial statements of IDT Corporation and its subsidiaries (the “Company” or
“IDT”) have been prepared in accordance with accounting principles generally accepted in the United States of America
(“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation
have been included. Operating results for the three and six months ended January 31, 2016 are not necessarily indicative of the
results that may be expected for the fiscal year ending July 31, 2016. The balance sheet at July 31, 2015 has been derived
from the Company’s audited financial statements at that date but does not include all of the information and footnotes required
by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements
and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2015, as filed with
the U.S. Securities and Exchange Commission (“SEC”).
The
Company’s fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal
year ending in the calendar year indicated (e.g., fiscal 2016 refers to the fiscal year ending July 31, 2016).
In
August 2015, the Company’s Board of Directors approved a plan to reorganize the Company into three separate entities by
spinning off two business units to its stockholders. The three separate companies are expected to consist of (1) IDT Telecom,
(2) Zedge, Inc. (formerly known as Zedge Holdings, Inc.) (“Zedge”) and (3) other holdings. The reorganization and
the specific components are subject to change and both internal and third party contingencies, and must receive final approval
from the Company’s Board of Directors and certain third parties. The Company is targeting completion of the Zedge spin-off
before the end of fiscal 2016 and the remainder of the reorganization in the second half of calendar year 2016.
On
March 8, 2016, Zedge filed a Form 10 Registration Statement with the SEC related to the planned spin-off of the Company’s
majority interest in Zedge to the Company’s stockholders. The Zedge spin-off is intended to be tax-free to the Company’s
stockholders, and the Company expects to receive a legal opinion as to the spin-off’s
tax-free status. In connection with the spin-off, it is expected that each of the Company’s stockholder will receive one
share of Zedge Class A common stock for every three shares of the Company’s Class A common stock and one share of Zedge
Class B common stock for every three shares of the Company’s Class B common stock. Upon completion of the spin-off, the
Company’s expects that its stockholders as of the record date will hold approximately 83% of Zedge.
Note
2—Sale of Interest in Fabrix Systems Ltd.
On
October 8, 2014, the Company completed the sale of its interest in Fabrix Systems Ltd. (“Fabrix”) to Telefonaktiebolget
LM Ericsson (publ) (“Ericsson”). The final sale price for 100% of the shares in Fabrix was $95 million in cash, excluding
transaction costs and working capital and other adjustments. The Company owned approximately 78% of Fabrix on a fully diluted
basis. The Company’s share of the sale price was $68.1 million, after reflecting the impact of working capital and other
adjustments. At January 31, 2016, the Company had received cash of $64.4 million and had aggregate receivables of $3.7 million,
which was classified as “Receivable from sale of interest in Fabrix Systems Ltd.” in the accompanying consolidated
balance sheet. The Company and the other shareholders placed $13.0 million of the proceeds in escrow for the resolution of post-closing
claims that may arise, of which $6.5 million was released in October 2015. Any remaining unclaimed escrow balance will be released
in April 2016. The Company recorded a gain on the sale of its interest in Fabrix of $76.9 million, of which $75.6 million was
recorded in the six months ended January 31, 2015.
Fabrix’
income before income taxes and income before income taxes attributable to the Company, which is included in the accompanying consolidated
statements of income, were as follows:
| |
Three
Months Ended January 31, | | |
Six
Months Ended January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
(in
thousands) | |
Income
before income taxes | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 917 | |
| |
| | | |
| | | |
| | | |
| | |
Income
before income taxes attributable to IDT Corporation | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,325 | |
Note
3—Marketable Securities
The
following is a summary of marketable securities:
| |
Amortized
Cost | | |
Gross
Unrealized Gains | | |
Gross
Unrealized Losses | | |
Fair
Value | |
| |
(in
thousands) | |
Available-for-sale
securities: | |
| | |
| | |
| | |
| |
January
31, 2016: | |
| | |
| | |
| | |
| |
Certificates
of deposit* | |
$ | 21,831 | | |
$ | — | | |
$ | (7 | ) | |
$ | 21,824 | |
Federal
Government Sponsored Enterprise notes | |
| 5,813 | | |
| 10 | | |
| — | | |
| 5,823 | |
Mutual
funds | |
| 5,063 | | |
| — | | |
| (231 | ) | |
| 4,832 | |
Corporate
bonds | |
| 2,467 | | |
| 6 | | |
| (11 | ) | |
| 2,462 | |
U.S.
Treasury notes | |
| 2,785 | | |
| 32 | | |
| — | | |
| 2,817 | |
Municipal
bonds | |
| 9,028 | | |
| 12 | | |
| (1 | ) | |
| 9,039 | |
Total | |
$ | 46,987 | | |
$ | 60 | | |
$ | (250 | ) | |
$ | 46,797 | |
July
31, 2015: | |
| | | |
| | | |
| | | |
| | |
Certificates
of deposit* | |
$ | 22,736 | | |
$ | 3 | | |
$ | (2 | ) | |
$ | 22,737 | |
Federal
Home Loan Bank bonds | |
| 795 | | |
| — | | |
| — | | |
| 795 | |
International
agency notes | |
| 1,120 | | |
| — | | |
| (1 | ) | |
| 1,119 | |
Mutual
funds | |
| 5,000 | | |
| — | | |
| (18 | ) | |
| 4,982 | |
Straight
Path Communications Inc. common stock | |
| 2,086 | | |
| — | | |
| (563 | ) | |
| 1,523 | |
Municipal
bonds | |
| 9,125 | | |
| 9 | | |
| (3 | ) | |
| 9,131 | |
Total | |
$ | 40,862 | | |
$ | 12 | | |
$ | (587 | ) | |
$ | 40,287 | |
*
Each of the Company’s certificates of deposit has a CUSIP, was purchased in the secondary market through a broker and may
be sold in the secondary market.
In
July 2015, the Company received 64,624 shares of Straight Path Communications Inc. (“Straight Path”) Class B common
stock in connection with the lapsing of restrictions on awards of Straight Path restricted stock to certain of the Company’s
employees. The Company spun-off Straight Path in July 2013. As part of the Straight Path spin-off, holders of the Company’s
restricted Class B common stock received, in respect of those restricted shares, one share of Straight Path’s Class B common
stock for every two restricted shares of the Company that they held as of the record date for the Straight Path spin-off. The
Company received the Straight Path shares in exchange for the payment of an aggregate of $2.1 million for the employees’
tax withholding obligations upon the vesting event. The number of shares was determined based on their fair market value on the
trading day immediately prior to the vesting date. In September and October 2015, the Company sold all of the shares for $2.6
million and recorded a gain on the sale of $0.5 million.
Proceeds
from maturities and sales of available-for-sale securities were $9.9 million and $5.3 million in the three months ended January
31, 2016 and 2015, respectively, and $18.7 million and $12.1 million in the six months ended January 31, 2016 and 2015, respectively.
The gross realized losses that were included in earnings as a result of sales were nil and $14,000 in the three months ended January
31, 2016 and 2015, respectively, and gains of $0.5 million and losses of $54,000 in the six months ended January 31, 2016 and
2015, respectively. The Company uses the specific identification method in computing the gross realized gains and gross realized
losses on the sales of marketable securities.
The
contractual maturities of the Company’s available-for-sale debt securities at January 31, 2016 were as follows:
| |
Fair
Value | |
| |
(in
thousands) | |
Within
one year | |
$ | 19,311 | |
After
one year through five years | |
| 20,564 | |
After
five years through ten years | |
| 1,799 | |
After
ten years | |
| 291 | |
Total | |
$ | 41,965 | |
The
following available-for-sale securities were in an unrealized loss position for which other-than-temporary impairments have not
been recognized:
| |
Unrealized Losses | | |
Fair
Value | |
| |
(in
thousands) | |
January
31, 2016: | |
| | |
| |
Certificates
of deposit | |
$ | 7 | | |
$ | 11,217 | |
Mutual
funds | |
| 231 | | |
| 4,832 | |
Corporate
bonds | |
| 11 | | |
| 1,083 | |
Municipal
bonds | |
| 1 | | |
| 1,550 | |
Total | |
$ | 250 | | |
$ | 18,682 | |
July
31, 2015: | |
| | | |
| | |
Certificates
of deposit | |
$ | 2 | | |
$ | 2,194 | |
International
agency notes | |
| 1 | | |
| 1,119 | |
Mutual
funds | |
| 18 | | |
| 4,982 | |
Straight
Path Communications Inc. common stock | |
| 563 | | |
| 1,523 | |
Municipal
bonds | |
| 3 | | |
| 3,466 | |
Total | |
$ | 587 | | |
$ | 13,284 | |
At
January 31, 2016 and July 31, 2015, there were no securities in a continuous unrealized loss position for 12 months or longer.
Note
4—Fair Value Measurements
The
following tables present the balance of assets and liabilities measured at fair value on a recurring basis:
| |
Level 1 (1) | | |
Level 2 (2) | | |
Level 3 (3) | | |
Total | |
| |
(in
thousands) | |
January 31, 2016 | |
| | |
| | |
| | |
| |
Assets: | |
| | |
| | |
| | |
| |
Available-for-sale
securities | |
$ | 7,649 | | |
$ | 39,148 | | |
$ | — | | |
$ | 46,797 | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Foreign
exchange forwards | |
$ | — | | |
$ | 131 | | |
$ | — | | |
$ | 131 | |
July
31, 2015 | |
| | | |
| | | |
| | | |
| | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Available-for-sale
securities | |
$ | 6,505 | | |
$ | 33,782 | | |
$ | — | | |
$ | 40,287 | |
Foreign
exchange forwards | |
| — | | |
| 38 | | |
| — | | |
| 38 | |
Total | |
$ | 6,505 | | |
$ | 33,820 | | |
$ | — | | |
$ | 40,325 | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Foreign
exchange forwards | |
$ | — | | |
$ | 39 | | |
$ | — | | |
$ | 39 | |
(1) –
quoted prices in active markets for identical assets or liabilities
(2) –
observable inputs other than quoted prices in active markets for identical assets and liabilities
(3) –
no observable pricing inputs in the market
At
January 31, 2016 and July 31, 2015, the Company had $8.6 million and $9.1 million, respectively, in investments in hedge funds,
which were included in “Investments” in the accompanying consolidated balance sheets. The Company’s investments
in hedge funds are accounted for using the equity method or the cost method; therefore investments in hedge funds are not measured
at fair value.
Fair
Value of Other Financial Instruments
The
estimated fair value of the Company’s other financial instruments was determined using available market information or other
appropriate valuation methodologies. However, considerable judgment is required in interpreting these data to develop estimates
of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid
in a current market exchange.
Cash
and cash equivalents, restricted cash and cash equivalents, other current assets, customer deposits, notes payable—current
portion and other current liabilities. At January 31, 2016 and July 31, 2015, the carrying amount of these assets and liabilities
approximated fair value because of the short period of time to maturity. The fair value estimates for cash, cash equivalents and
restricted cash and cash equivalents were classified as Level 1 and other current assets, customer deposits, notes payable—current
portion and other current liabilities were classified as Level 2 of the fair value hierarchy.
Other
assets and other liabilities. At January 31, 2016 and July 31, 2015, the carrying amount of these assets and liabilities approximated
fair value. The fair values were estimated based on the Company’s assumptions, which were classified as Level 3 of the fair
value hierarchy.
The
Company’s investments at January 31, 2016 and July 31, 2015 included investments in the equity of certain privately held
entities and other investments that are accounted for at cost. It is not practicable to estimate the fair value of these investments
because of the lack of a quoted market price for the shares of these entities, and the inability to estimate their fair value
without incurring excessive cost. The carrying value of these investments was $3.9 million and $3.4 million at January 31, 2016
and July 31, 2015, respectively, which the Company believes was not impaired.
Note
5—Derivative Instruments
The
primary risk managed by the Company using derivative instruments is foreign exchange risk. Foreign exchange forward contracts
are entered into as hedges against unfavorable fluctuations in the U.S. Dollar – Norwegian Krone (“NOK”) exchange
rate. Zedge is based in New York and Norway and much of its operations are located in Norway. The Company does not apply hedge
accounting to these contracts, therefore the changes in fair value are recorded in earnings. By using derivative instruments to
mitigate exposures to changes in foreign exchange rates, the Company is exposed to credit risk from the failure of the counterparty
to perform under the terms of the contract. The Company minimizes the credit or repayment risk by entering into transactions with
high-quality counterparties.
The
Company’s outstanding contracts at January 31, 2016 were as follows:
Settlement
Date | |
U.S.
Dollar Amount | | |
NOK
Amount | |
February 2016 | |
| 800,000 | | |
| 6,772,360 | |
May 2016 | |
| 1,000,000 | | |
| 8,238,600 | |
July 2016 | |
| 1,000,000 | | |
| 8,200,000 | |
The
fair value of outstanding derivative instruments recorded as assets in the accompanying consolidated balance sheets were as follows:
Asset
Derivatives | |
Balance
Sheet Location | |
January
31, 2016 | | |
July
31,
2015 | |
| |
| |
(in
thousands) | |
Derivatives not designated or not qualifying as hedging instruments: | |
| |
| | |
| |
Foreign
exchange forwards | |
Other
current assets | |
$ | — | | |
$ | 38 | |
The
fair value of outstanding derivative instruments recorded as liabilities in the accompanying consolidated balance sheets were
as follows:
Liability
Derivatives | |
Balance
Sheet Location | |
January
31, 2016 | | |
July
31,
2015 | |
| |
| |
(in
thousands) | |
Derivatives not designated or not qualifying as hedging instruments: | |
| |
| | |
| |
Foreign
exchange forwards | |
Other
current liabilities | |
$ | 131 | | |
$ | 39 | |
The
effects of derivative instruments on the consolidated statements of operations were as follows:
| |
Amount
of Gain (Loss) Recognized on Derivatives | |
| |
Three
Months Ended January
31, | | |
Six
Months Ended January
31, | |
Derivatives
not designated or not qualifying as hedging instruments | |
Location
of Gain (Loss) Recognized on Derivatives | |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
| |
(in
thousands) | |
Foreign
exchange forwards | |
Other
(expense) income, net | |
$ | (123 | ) | |
$ | — | | |
$ | (225 | ) | |
$ | — | |
Note
6—Equity
Changes
in the components of equity were as follows:
| |
Six
Months Ended January 31, 2016 | |
| |
Attributable
to IDT Corporation | | |
Noncontrolling
Interests | | |
Total | |
|
(in
thousands) | |
Balance,
July 31, 2015 | |
$ | 133,831 | | |
$ | 1,109 | | |
$ | 134,940 | |
Dividends declared
($0.37 per share) | |
| (8,626 | ) | |
| — | | |
| (8,626 | ) |
Restricted
Class B common stock purchased from employees | |
| (134 | ) | |
| — | | |
| (134 | ) |
Repurchases
of Class B common stock through repurchase program | |
| (4,639 | ) | |
| — | | |
| (4,639 | ) |
Distributions
to noncontrolling interests | |
| — | | |
| (1,220 | ) | |
| (1,220 | ) |
Stock-based
compensation | |
| 1,644 | | |
| — | | |
| 1,644 | |
Comprehensive
income: | |
| | | |
| | | |
| | |
Net
income | |
| 8,259 | | |
| 981 | | |
| 9,240 | |
Other
comprehensive loss | |
| (3,515 | ) | |
| — | | |
| (3,515 | ) |
Comprehensive
income | |
| 4,744 | | |
| 981 | | |
| 5,725 | |
Balance,
January 31, 2016 | |
$ | 126,820 | | |
$ | 870 | | |
$ | 127,690 | |
Dividend
Payments
In
the six months ended January 31, 2016, the Company paid aggregate cash dividends of $0.37 per share on its Class A common
stock and Class B common stock, or $8.6 million in total. In the six months ended January 31, 2015, the Company paid aggregate
cash dividends of $1.67 per share on its Class A common stock and Class B common stock, or $38.9 million in total. The aggregate
cash dividends included special dividends of $0.68 per share and $0.64 per share paid in November 2014 and January 2015, respectively.
In
March 2016, the Company’s Board of Directors declared a dividend of $0.19 per share for the second quarter of fiscal 2016
to holders of the Company’s Class A common stock and Class B common stock. The dividend will be paid on or about March 25,
2016 to stockholders of record as of the close of business on March 15, 2016.
Stock
Repurchases
The
Company had a stock repurchase program for the repurchase of up to an aggregate of 8.3 million shares of the Company’s
Class B common stock. In the six months ended January 31, 2016, the Company repurchased 398,376 shares of Class B common
stock for an aggregate purchase price of $4.6 million. In the six months ended January 31, 2015, the Company repurchased 29,675
shares of Class B common stock for an aggregate purchase price of $0.4 million. On January 22, 2016, the Company’s Board
of Directors approved a stock repurchase program to purchase up to 8.0 million shares of the Company’s Class B common
stock and cancelled the previous stock repurchase program, which had 4.6 million shares remaining available for repurchase. At
January 31, 2016, 8.0 million shares remained available for repurchase under the stock repurchase program.
In
the six months ended January 31, 2016 and 2015, the Company paid $0.1 million and $0.3 million, respectively, to repurchase 11,250
and 16,330 shares of Class B common stock, respectively, that were tendered by employees of the Company to satisfy the employees’
tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. Such shares are repurchased
by the Company based on their fair market value on the trading day immediately prior to the vesting date.
2015
Stock Option and Incentive Plan
On
December 14, 2015, the Company’s stockholders approved an amendment to the Company’s 2015 Stock Option and Incentive
Plan to increase the number of shares of the Company’s Class B common stock available for the grant of awards thereunder
by an additional 0.1 million shares.
Note
7—Earnings Per Share
Basic
earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the
weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per
share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted
stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock
method, unless the effect of such increase is anti-dilutive.
The
weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s
common stockholders consists of the following:
| |
Three
Months Ended January 31, | | |
Six
Months Ended January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
(in
thousands) | |
Basic
weighted-average number of shares | |
| 22,799 | | |
| 22,818 | | |
| 22,867 | | |
| 22,783 | |
Effect
of dilutive securities: | |
| | | |
| | | |
| | | |
| | |
Stock
options | |
| — | | |
| 52 | | |
| — | | |
| 40 | |
Non-vested
restricted Class B common stock | |
| — | | |
| 355 | | |
| 17 | | |
| 332 | |
Diluted
weighted-average number of shares | |
| 22,799 | | |
| 23,225 | | |
| 22,884 | | |
| 23,155 | |
The
following outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise price
of the stock option was greater than the average market price of the Company’s stock during the period:
| |
Three
Months Ended January 31, | | |
Six
Months Ended January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
(in
thousands) | |
Shares
excluded from the calculation of diluted earnings per share | |
| 265 | | |
| 16 | | |
| 266 | | |
| 16 | |
Note
8—Revolving Credit Loan Payable
The
Company’s subsidiary, IDT Telecom, Inc., entered into a credit agreement, dated July 12, 2012, with TD Bank, N.A. for
a line of credit facility for up to a maximum principal amount of $25.0 million. IDT Telecom may use the proceeds to finance working
capital requirements, acquisitions and for other general corporate purposes. The line of credit facility is secured by primarily
all of IDT Telecom’s assets. The principal outstanding bears interest per annum, at the option of IDT Telecom, at either
(a) the U.S. Prime Rate less 125 basis points, or (b) the LIBOR rate adjusted by the Regulation D maximum reserve requirement
plus 150 basis points. Interest is payable monthly and all outstanding principal and any accrued and unpaid interest is due on
the maturity date. In January 2016, the maturity date was extended to January 31, 2018. At January 31, 2016 and July 31, 2015,
there were no amounts outstanding under the facility. The Company intends to borrow under the facility from time to time. IDT
Telecom pays a quarterly unused commitment fee of 0.375% per annum on the average daily balance of the unused portion of
the $25.0 million commitment. IDT Telecom is required to comply with various affirmative and negative covenants as well as maintain
certain financial targets and ratios during the term of the line of credit, including IDT Telecom may not pay any dividend on
its capital stock and IDT Telecom’s aggregate loans and advances to affiliates or subsidiaries may not exceed $110.0 million.
At January 31, 2016 and July 31, 2015, there were no amounts utilized for letters of credit under the line of credit, IDT Telecom
was in compliance with all of the covenants, and IDT Telecom’s aggregate loans and advances to affiliates and subsidiaries
was $83.2 million and $90.1 million, respectively.
Note
9—Severance Expense
Severance
expense of $0.4 million and $1.9 million in the three and six months ended January 31, 2015, respectively, was due to a downsizing
of certain IDT Telecom sales and administrative functions in Europe and the U.S. In addition, in February and March 2015, the
Company completed a reduction of its workforce and incurred severance expense of $6.2 million in the third quarter of fiscal 2015.
At January 31, 2016 and July 31, 2015, there was accrued severance of $0.9 million and $3.7 million, respectively, included in
“Accrued expenses” in the accompanying consolidated balance sheets for the February and March 2015 headcount reductions.
Note
10—Accumulated Other Comprehensive (Loss) Income
The
accumulated balances for each classification of other comprehensive income (loss) were as follows:
| |
Unrealized
Gain (Loss) on Available-for-Sale Securities | | |
Foreign
Currency Translation | | |
Accumulated
Other Comprehensive Income (Loss) | | |
Location
of (Gain) Loss Recognized |
| |
(in
thousands) |
Balance,
July 31, 2015 | |
$ | (575 | ) | |
$ | 1,346 | | |
$ | 771 | | |
|
Other
comprehensive income (loss) attributable to IDT Corporation before reclassifications | |
| 928 | | |
| (3,900 | ) | |
| (2,972 | ) | |
|
Less:
reclassification for gain included in net income | |
| (543 | ) | |
| — | | |
| (543 | ) | |
Other (expense)
income, net |
| |
| | | |
| | | |
| | | |
|
Net
other comprehensive income (loss) attributable to IDT Corporation | |
| 385 | | |
| (3,900 | ) | |
| (3,515 | ) | |
|
| |
| | | |
| | | |
| | | |
|
Balance,
January 31, 2016 | |
$ | (190 | ) | |
$ | (2,554 | ) | |
$ | (2,744 | ) | |
|
Note
11—Business Segment Information
The
Company has two reportable business segments, Telecom Platform Services and Consumer Phone Services. Operating segments that are
not reportable individually are included in All Other. The Company’s reportable segments are distinguished by types of service,
customers and methods used to provide their services. The operating results of these business segments are regularly reviewed
by the Company’s chief operating decision maker.
The
Telecom Platform Services segment provides retail telecommunications and payment offerings as well as wholesale international
long distance traffic termination. The Consumer Phone Services segment provides consumer local and long distance services in certain
U.S. states. Telecom Platform Services and Consumer Phone Services comprise the IDT Telecom division. All Other includes Zedge,
which provides a content platform that enables consumers to personalize their mobile devices with free, high quality ringtones,
wallpapers, home screen app icons and notification sounds. All Other also includes the Company’s real estate holdings and
other, smaller, businesses. Until the sale of Fabrix in October 2014, All Other included Fabrix, a software development company
offering a cloud-based scale-out storage and computing platform optimized for big data, virtualization and media storage, processing
and delivery. Corporate costs include certain services, such as compensation, consulting fees, treasury and accounts payable,
tax and accounting services, human resources and payroll, corporate purchasing, corporate governance including Board of Directors’
fees, internal and external audit, investor relations, corporate insurance, corporate legal, business development, and other corporate-related
general and administrative expenses including, among others, facilities costs, charitable contributions and travel, as well as
depreciation expense on corporate assets. Corporate does not generate any revenues, nor does it incur any direct cost of revenues.
The
accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the
performance of its business segments based primarily on income (loss) from operations. IDT Telecom depreciation and amortization
are allocated to Telecom Platform Services and Consumer Phone Services because the related assets are not tracked separately by
segment. There are no other significant asymmetrical allocations to segments.
Operating
results for the business segments of the Company are as follows:
(in
thousands) | |
Telecom
Platform Services | | |
Consumer
Phone Services | | |
All
Other | | |
Corporate | | |
Total | |
Three Months Ended January
31, 2016 | |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 376,692 | | |
$ | 1,766 | | |
$ | 3,996 | | |
$ | — | | |
$ | 382,454 | |
Income (loss) from operations | |
| 6,302 | | |
| 289 | | |
| 1,845 | | |
| (2,059 | ) | |
| 6,377 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Three Months Ended January
31, 2015 | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues | |
$ | 388,970 | | |
$ | 2,243 | | |
$ | 2,960 | | |
$ | — | | |
$ | 394,173 | |
Income (loss) from operations | |
| 6,870 | | |
| 306 | | |
| (602 | ) | |
| (2,839 | ) | |
| 3,735 | |
Gain on sale of interest in Fabrix Systems
Ltd. | |
| — | | |
| — | | |
| 484 | | |
| — | | |
| 484 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Six Months Ended January
31, 2016 | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues | |
$ | 762,380 | | |
$ | 3,595 | | |
$ | 7,057 | | |
$ | — | | |
$ | 773,032 | |
Income (loss) from operations | |
| 16,027 | | |
| 629 | | |
| 2,275 | | |
| (4,628 | ) | |
| 14,303 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Six Months Ended January
31, 2015 | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues | |
$ | 792,758 | | |
$ | 4,554 | | |
$ | 9,739 | | |
$ | — | | |
$ | 807,051 | |
Income (loss) from operations | |
| 12,540 | | |
| 662 | | |
| 75,936 | | |
| (5,794 | ) | |
| 83,344 | |
Gain on sale of interest in Fabrix Systems
Ltd. | |
| — | | |
| — | | |
| 75,629 | | |
| — | | |
| 75,629 | |
Note
12—Commitments and Contingencies
Legal
Proceedings
On
May 5, 2004, the Company filed a complaint in the Supreme Court of the State of New York, County of New York, seeking injunctive
relief and damages against Tyco Group, S.A.R.L., Tyco Telecommunications (US) Inc. (f/k/a TyCom (US) Inc.), Tyco International,
Ltd., Tyco International (US) Inc., and TyCom Ltd. (collectively “Tyco”). The Company alleged that Tyco breached a
settlement agreement that it had entered into with the Company to resolve certain disputes and civil actions among the parties.
The Company alleged that Tyco did not provide the Company, as required under the settlement agreement, free of charge and for
the Company’s exclusive use, a 15-year indefeasible right to use four Wavelengths in Ring Configuration (as defined in the
settlement agreement) on a global undersea fiber optic network that Tyco was deploying at that time. After extensive proceedings,
including several decisions and appeals, the New York Court of Appeals affirmed a lower court decision to dismiss the Company’s
claim and denied the Company’s motion for re-argument of that decision. On June 23, 2015, the Company filed a new summons
and complaint against Tyco in the Supreme Court of the State of New York, County of New York alleging that Tyco breached the settlement
agreement. In September 2015, Tyco filed a motion to dismiss the complaint, which the Company opposed. Oral arguments were held
on March 9, 2016. The parties are now awaiting a decision from the Court.
In
addition to the foregoing, the Company is subject to other legal proceedings that have arisen in the ordinary course of business
and have not been finally adjudicated. Although there can be no assurance in this regard, the Company believes that none of the
other legal proceedings to which the Company is a party will have a material adverse effect on the Company’s results of
operations, cash flows or financial condition.
Purchase
Commitments
The
Company had purchase commitments of $1.6 million at January 31, 2016.
Letters
of Credit
At
January 31, 2016, the Company had letters of credit outstanding totaling $0.3 million for IDT Telecom’s business. The letters
of credit outstanding at January 31, 2016 expire in the twelve month period ending January 31, 2017.
Performance
Bonds
IDT
Payment Services and IDT Telecom have performance bonds issued through third parties for the benefit of various states in order
to comply with the states’ financial requirements for money remittance licenses and telecommunications resellers, respectively.
At January 31, 2016, the Company had aggregate performance bonds of $13.1 million outstanding.
Customer
Deposits
At
January 31, 2016 and July 31, 2015, “Customer deposits” in the Company’s consolidated balance sheets included
refundable customer deposits of $85.1 million and $84.5 million, respectively, related to IDT Financial Services Ltd., the Company’s
Gibraltar-based bank.
Substantially
Restricted Cash and Cash Equivalents
The
Company treats unrestricted cash and cash equivalents held by IDT Payment Services and IDT Financial Services Ltd. as substantially
restricted and unavailable for other purposes. At January 31, 2016 and July 31, 2015, “Cash and cash equivalents”
in the Company’s consolidated balance sheets included an aggregate of $9.1 million and $7.5 million, respectively, held
by IDT Payment Services and IDT Financial Services Ltd. that was unavailable for other purposes.
Restricted
Cash and Cash Equivalents
Restricted
cash and cash equivalents consist of the following:
| |
January
31, 2016 | | |
July 31,
2015 | |
| |
(in
thousands) | |
IDT
Financial Services customer deposits | |
$ | 88,335 | | |
$ | 87,613 | |
Related
to letters of credit | |
| 272 | | |
| 3,163 | |
Other | |
| 185 | | |
| 259 | |
Total
restricted cash and cash equivalents | |
$ | 88,792 | | |
$ | 91,035 | |
Note
13—Other (Expense) Income, Net
Other
(expense) income, net consists of the following:
| |
Three Months Ended
January 31, | | |
Six Months Ended
January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
(in
thousands) | |
Foreign currency transaction
(losses) gains | |
$ | (1,096 | ) | |
$ | 322 | | |
$ | (2,258 | ) | |
$ | 1,089 | |
(Loss) gain on marketable securities | |
| — | | |
| (16 | ) | |
| 543 | | |
| (57 | ) |
Gain (loss) on investments | |
| 236 | | |
| (439 | ) | |
| 80 | | |
| 1,459 | |
Other | |
| 626 | | |
| 1,100 | | |
| 791 | | |
| (201 | ) |
Total
other (expense) income, net | |
$ | (234 | ) | |
$ | 967 | | |
$ | (844 | ) | |
$ | 2,290 | |
Note
14—Recently Adopted Accounting Standard and Recently Issued Accounting Standards Not Yet Adopted
In
November 2015, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”)
to simplify the presentation of deferred income taxes, as well as align the presentation of deferred income tax assets and liabilities
with International Financial Reporting Standards (“IFRS”). The amendments in the ASU require that deferred tax assets
and liabilities be classified as noncurrent in a classified balance sheet instead of separated into current and noncurrent amounts.
The Company adopted the ASU on November 1, 2015 and retrospectively applied the change. As a result, $0.8 million of deferred
income tax assets that were included in current assets at July 31, 2015 were reclassified to noncurrent in the accompanying consolidated
balance sheet.
In
May 2014, the FASB and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard
that will supersede most of the current revenue recognition guidance under U.S. GAAP and IFRS. The goals of the revenue recognition
project were to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that
would streamline and enhance revenue recognition requirements. The Company will adopt this standard on August 1, 2018. Entities
have the option of using either a full retrospective or modified retrospective approach for the adoption of the standard. The
Company is evaluating the impact that the standard will have on its consolidated financial statements.
In
January 2016, the FASB issued an ASU to provide more information about recognition, measurement, presentation and disclosure of
financial instruments. The amendments in the ASU include, among other changes, the following: (1) equity investments (except those
accounted for under the equity method or that result in consolidation) will be measured at fair value with changes in fair value
recognized in net income, (2) a qualitative assessment each reporting period to identify impairment of equity investments without
readily determinable fair values, (3) financial assets and financial liabilities will be presented separately by measurement category
and form of financial asset on the balance sheet or the notes to the financial statements, and (4) an entity should evaluate the
need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s
other deferred tax assets. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities
classified as available-for-sale in other comprehensive income. In addition, a practicability exception will be available for
equity investments that do not have readily determinable fair values and do not qualify for the net asset value practical expedient.
These investments may be measured at cost, less any impairment, plus or minus changes resulting from observable price changes
in orderly transactions for an identical or similar investment of the same issuer. Entities will have to reassess at each reporting
period whether an investment qualifies for this practicability exception. The Company will adopt the amendments in this ASU on
August 1, 2018. The Company is evaluating the impact that the ASU will have on its consolidated financial statements.
In
February 2016, the FASB issued an ASU related to the accounting for leases. The new standard establishes a right-of-use (“ROU”)
model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer
than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense
recognition in the income statement. The Company will adopt the new standard on August 1, 2019. A modified retrospective transition
approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest
comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating
the impact that the new standard will have on its consolidated financial statements.
Note
15—IDT Financial Services Ltd. Recent Transactions
In
December 2015, MasterCard Europe released IDT Financial Services Ltd.’s security deposit. IDT Financial Services Ltd. received
cash of $4.7 million from MasterCard Europe. At July 31, 2015, this security deposit was included in “Other assets”
in the accompanying consolidated balance sheet.
On November 2, 2015, Visa Inc.
entered into an agreement to acquire Visa Europe Limited subject to regulatory approvals. IDT Financial Services Ltd. is a member
of Visa Europe and, if the transaction is consummated, will receive part of the consideration from the intended acquisition. Visa
Inc. will pay for the acquisition in two tranches. The first tranche will include cash and preferred stock convertible into Visa
Inc. Class A common stock. Visa Europe estimated that IDT Financial Services Ltd. will receive, subject to adjustment, €4.7
million ($5.1 million at January 31, 2016) in cash and €1.6 million ($1.8 million at January 31, 2016) in Visa Inc. preferred
stock. The first tranche is expected to be paid during the second quarter of calendar 2016. The second tranche is a potential earn-out,
subject to certain achievements that if fulfilled, would be paid in 2020. The amount of consideration expected to be received is
preliminary, the amounts may change, and the closing of the transaction cannot be assured. The Visa Inc. preferred stock would
become fully convertible into Class A common stock of Visa Inc. twelve years after the closing. Beginning four years after closing,
Visa Inc. will assess whether it is appropriate to effect a partial conversion. In addition, there will be restrictions on transferring
the preferred stock until it is converted into Class A common stock. The preferred stock may only be transferred to other Visa
Europe members, or to existing qualifying holders of Visa Inc.’s Class B common stock. Also, the preferred stock will not
be registered under the U.S. Securities Act of 1933 and therefore is not transferable unless such transfer is registered or an
exemption from registration is available.
Item 2. Management’s
Discussion and Analysis of Financial Condition and Results of Operations
The
following information should be read in conjunction with the accompanying consolidated financial statements and the associated
notes thereto of this Quarterly Report, and the audited consolidated financial statements and the notes thereto and our Management’s
Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year
ended July 31, 2015, as filed with the U.S. Securities and Exchange Commission (or SEC).
As
used below, unless the context otherwise requires, the terms “the Company,” “IDT,” “we,” “us,”
and “our” refer to IDT Corporation, a Delaware corporation, its predecessor, International Discount Telecommunications,
Corp., a New York corporation, and their subsidiaries, collectively.
Forward-Looking
Statements
This
Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements that contain the words “believes,”
“anticipates,” “expects,” “plans,” “intends,” and similar words and phrases. These
forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the
results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements,
other important factors, risks and uncertainties that could result in those differences include, but are not limited to, those
discussed under Item 1A to Part I “Risk Factors” in our Form 10-K for the year ended July 31, 2015, and in Item 1A
to Part II “Risk Factors” in this Form 10-Q. The forward-looking statements are made as of the date of this report
and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ
from those projected in the forward-looking statements. Investors should consult all of the information set forth in this report
and the other information set forth from time to time in our reports filed with the SEC pursuant to the Securities Act of 1933
and the Securities Exchange Act of 1934, including our Form 10-K for the year ended July 31, 2015.
Overview
We
are a multinational holding company with operations primarily in the telecommunications and payment industries. We have two reportable
business segments, Telecom Platform Services and Consumer Phone Services. Telecom Platform Services provides retail telecommunications
and payment offerings as well as wholesale international long distance traffic termination. Consumer Phone Services provides consumer
local and long distance services in certain U.S. states. Telecom Platform Services and Consumer Phone Services comprise our IDT
Telecom division. Operating segments not reportable individually are included in All Other. All Other includes Zedge, Inc. (formerly
known as Zedge Holdings, Inc.), or Zedge, which provides a content platform that enables consumers to personalize their mobile
devices with free, high quality ringtones, wallpapers, home screen app icons and notification sounds. All Other also includes
our real estate holdings and other, smaller, businesses. Until the sale of Fabrix Systems Ltd., or Fabrix, in October 2014, All
Other included Fabrix, a software development company offering a cloud-based scale-out storage and computing platform optimized
for big data, virtualization and media storage, processing and delivery.
In
August 2015, our Board of Directors approved a plan to reorganize into three separate entities by spinning off two business units
to our stockholders. The three separate companies are expected to consist of (1) IDT Telecom, (2) Zedge and (3) other holdings.
The reorganization and the specific components are subject to change and both internal and third party contingencies, and must
receive final approval from our Board of Directors and certain third parties. We are targeting completion of the Zedge spin-off
before the end of fiscal 2016 and the remainder of the reorganization in the second half of calendar year 2016.
On March 8, 2016, Zedge filed a Form
10 Registration Statement with the SEC related to the planned spin-off of our majority interest in Zedge to our stockholders. The
Zedge spin-off is intended to be tax-free to our stockholders, and we expect to receive a legal opinion as to the spin-off’s
tax-free status. In connection with the spin-off, it is expected that each of our stockholder will receive one share of Zedge Class
A common stock for every three shares of our Class A common stock and one share of Zedge Class B common stock for every three shares
of our Class B common stock. Upon completion of the spin-off, we expect that our stockholders as of the record date will hold approximately
83% of Zedge.
Since
our inception, we have derived the majority of our revenues and operating expenses from IDT Telecom’s businesses. IDT Telecom’s
revenues represented 99.1% and 98.8% of our total revenues in the six months ended January 31, 2016 and 2015, respectively.
Telecom
Platform Services, which represented 99.5% and 99.4% of IDT Telecom’s total revenues in the six months ended January 31,
2016 and 2015, respectively, markets and distributes multiple communications and payment services across four broad business verticals:
| ● | Retail
Communications provides international long-distance calling products primarily to foreign-born
communities worldwide, with its core markets in the United States; |
| | |
| | |
| ● | Wholesale
Carrier Services is a global telecom carrier, terminating international long distance
calls around the world for Tier 1 fixed line and mobile network operators, as well as
other service providers; |
| ● | Payment
Services provides payment offerings, including international and domestic airtime top-up
and international money transfer sold over our Boss Revolution platform and other channels;
and |
| | |
| ● | Hosted
Platform Solutions provides customized communications services that leverage our proprietary
networks, platforms and/or technology to cable companies and other service providers. |
Critical
Accounting Policies
Our
consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted
in the United States of America, or U.S. GAAP. Our significant accounting policies are described in Note 1 to the consolidated
financial statements included in our Form 10-K for fiscal 2015. The preparation of financial statements requires management to
make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as the disclosure
of contingent assets and liabilities. Critical accounting policies are those that require application of management’s most
subjective or complex judgments, often as a result of matters that are inherently uncertain and may change in subsequent periods.
Our critical accounting policies include those related to the allowance for doubtful accounts, goodwill, valuation of long-lived
and intangible assets, income taxes and regulatory agency fees, and IDT Telecom direct cost of revenues—disputed amounts.
Management bases its estimates and judgments on historical experience and other factors that are believed to be reasonable under
the circumstances. Actual results may differ from these estimates under different assumptions or conditions. For additional discussion
of our critical accounting policies, see our Management’s Discussion and Analysis of Financial Condition and Results
of Operations in our Form 10-K for fiscal 2015.
Recently
Issued Accounting Standards Not Yet Adopted
In
May 2014, the Financial Accounting Standards Board, or FASB, and the International Accounting Standards Board jointly issued a
comprehensive new revenue recognition standard that will supersede most of the current revenue recognition guidance under U.S.
GAAP and International Financial Reporting Standards, or IFRS. The goals of the revenue recognition project were to clarify and
converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance
revenue recognition requirements. We will adopt this standard on August 1, 2018. Entities have the option of using either a full
retrospective or modified retrospective approach for the adoption of the standard. We are evaluating the impact that the standard
will have on our consolidated financial statements.
In
January 2016, the FASB issued an Accounting Standards Update, or
ASU, to provide more information about recognition, measurement, presentation and disclosure
of financial instruments. The amendments in the ASU include, among other changes, the following: (1) equity investments (except
those accounted for under the equity method or that result in consolidation) will be measured at fair value with changes in fair
value recognized in net income, (2) a qualitative assessment each reporting period to identify impairment of equity investments
without readily determinable fair values, (3) financial assets and financial liabilities will be presented separately by measurement
category and form of financial asset on the balance sheet or the notes to the financial statements, and (4) an entity should evaluate
the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s
other deferred tax assets. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities
classified as available-for-sale in other comprehensive income. In addition, a practicability exception will be available for
equity investments that do not have readily determinable fair values and do not qualify for the net asset value practical expedient.
These investments may be measured at cost, less any impairment, plus or minus changes resulting from observable price changes
in orderly transactions for an identical or similar investment of the same issuer. Entities will have to reassess at each reporting
period whether an investment qualifies for this practicability exception. We will adopt the amendments in this ASU on August 1,
2018. We are evaluating the impact that the ASU will have on our consolidated financial statements.
In
February 2016, the FASB issued an ASU related to the accounting for leases. The new standard establishes a right-of-use, or ROU,
model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer
than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense
recognition in the income statement. We will adopt the new standard on August 1, 2019. A modified retrospective transition approach
is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative
period presented in the financial statements, with certain practical expedients available. We are evaluating the impact that the
new standard will have on our consolidated financial statements.
Results
of Operations
Three
and Six Months Ended January 31, 2016 Compared to Three and Six Months Ended January 31, 2015
We
evaluate the performance of our operating business segments based primarily on income (loss) from operations. Accordingly, the
income and expense line items below income (loss) from operations are only included in our discussion of the consolidated results
of operations.
IDT
Telecom—Telecom Platform Services and Consumer Phone Services Segments
| |
Three months ended January 31, | | |
Change | | |
Six months ended January 31, | | |
Change | |
| |
2016 | | |
2015 | | |
$ | | |
% | | |
2016 | | |
2015 | | |
$ | | |
% | |
| |
(in millions) | |
Revenues | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Telecom Platform Services | |
$ | 376.7 | | |
$ | 389.0 | | |
$ | (12.3 | ) | |
| (3.2 | )% | |
$ | 762.4 | | |
$ | 792.8 | | |
$ | (30.4 | ) | |
| (3.8 | )% |
Consumer Phone Services | |
| 1.8 | | |
| 2.2 | | |
| (0.4 | ) | |
| (21.2 | ) | |
| 3.6 | | |
| 4.5 | | |
| (0.9 | ) | |
| (21.1 | ) |
Total revenues | |
$ | 378.5 | | |
$ | 391.2 | | |
$ | (12.7 | ) | |
| (3.3 | )% | |
$ | 766.0 | | |
$ | 797.3 | | |
$ | (31.3 | ) | |
| (3.9 | )% |
Revenues.
IDT Telecom revenues decreased in the three and six months ended January 31, 2016 compared to the similar periods in fiscal
2015 due to decreases in both Telecom Platform Services’ and Consumer Phone Services’ revenues. Telecom Platform Services’
revenues, minutes of use and average revenue per minute for the three and six months ended January 31, 2016 and 2015 by business
vertical consisted of the following:
| |
Three months ended
January 31, | | |
Change | | |
Six
months ended
January 31, | | |
Change | |
| |
2016 | | |
2015 | | |
$/# | | |
% | | |
2016 | | |
2015 | | |
$/# | | |
% | |
| |
(in
millions, except revenue per minute) | |
Telecom
Platform Services Revenues | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Retail
Communications | |
$ | 168.6 | | |
$ | 182.6 | | |
$ | (14.0 | ) | |
| (7.7 | )% | |
$ | 342.4 | | |
$ | 367.1 | | |
$ | (24.7 | ) | |
| (6.7 | )% |
Wholesale
Carrier Services | |
| 147.2 | | |
| 146.6 | | |
| 0.6 | | |
| 0.5 | | |
| 295.3 | | |
| 304.5 | | |
| (9.2 | ) | |
| (3.0 | ) |
Payment
Services | |
| 53.3 | | |
| 49.8 | | |
| 3.5 | | |
| 6.9 | | |
| 108.8 | | |
| 101.0 | | |
| 7.8 | | |
| 7.7 | |
Hosted
Platform Solutions | |
| 7.6 | | |
| 10.0 | | |
| (2.4 | ) | |
| (24.0 | ) | |
| 15.9 | | |
| 20.2 | | |
| (4.3 | ) | |
| (21.4 | ) |
Total
Telecom Platform Services revenues | |
$ | 376.7 | | |
$ | 389.0 | | |
$ | (12.3 | ) | |
| (3.2 | )% | |
$ | 762.4 | | |
$ | 792.8 | | |
$ | (30.4 | ) | |
| (3.8 | )% |
Minutes
of use | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Retail
Communications | |
| 2,095 | | |
| 2,422 | | |
| (327 | ) | |
| (13.5 | )% | |
| 4,240 | | |
| 4,854 | | |
| (614 | ) | |
| (12.7 | )% |
Wholesale
Carrier Services | |
| 4,773 | | |
| 4,926 | | |
| (153 | ) | |
| (3.1 | ) | |
| 9,618 | | |
| 9,773 | | |
| (155 | ) | |
| (1.6 | ) |
Hosted
Platform Solutions | |
| 162 | | |
| 184 | | |
| (22 | ) | |
| (11.6 | ) | |
| 337 | | |
| 387 | | |
| (50 | ) | |
| (12.9 | ) |
Total
minutes of use | |
| 7,030 | | |
| 7,532 | | |
| (502 | ) | |
| (6.7 | )% | |
| 14,195 | | |
| 15,014 | | |
| (819 | ) | |
| (5.5 | )% |
Average
revenue per minute | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Retail
Communications | |
$ | 0.0805 | | |
$ | 0.0754 | | |
$ | 0.0051 | | |
| 6.8 | % | |
$ | 0.0807 | | |
$ | 0.0756 | | |
$ | 0.0051 | | |
| 6.8 | % |
Wholesale
Carrier Services | |
| 0.0308 | | |
| 0.0298 | | |
| 0.0010 | | |
| 3.7 | | |
| 0.0307 | | |
| 0.0312 | | |
| (0.0005 | ) | |
| (1.4 | ) |
Retail
Communications’ revenue decreased 7.7% and 6.7% in the three and six months ended January 31, 2016, respectively, compared
to the similar periods in fiscal 2015. Revenue from our Boss Revolution international calling service, which is Retail Communications’
most significant offering, declined 1.8% in the three months ended January 31, 2016 compared to the similar period in fiscal 2015,
and declined 1.3% compared to the prior quarter. Revenue from Boss Revolution also decreased 0.6% in the six months ended January
31, 2016 compared to the similar period in fiscal 2015. Following regulatory changes intended to increase domestic competition
in the Mexican telecommunications market, the cost of terminating international calls to Mexico has declined significantly. As
a result, many of our competitors, including some of the large U.S. mobile operators, offer unlimited Mexico calling as part of
their monthly pricing plans. This impact is likely to continue at least for the remainder of the year, but is expected to become
less impactful on revenue over time. In addition, the decrease in Retail Communications’ revenue in the three and six months
ended January 31, 2016 compared to the similar periods in fiscal 2015 was due to continuing revenue declines in Europe, South
America and Asia, and traditional disposable calling cards in the U.S. Retail Communications’ minutes of use decreased 13.5%
and 12.7% in the three and six months ended January 31, 2016, respectively, compared to the similar periods in fiscal 2015 because
of decreases in Boss Revolution minutes of use as well as traditional disposable calling cards’ minutes of use. In addition,
minutes of use decreased in Europe and Asia in the three and six months ended January 31, 2016 compared to the similar periods
in fiscal 2015, although minutes of use increased in South America in the three and six months ended January 31, 2016 compared
to the similar periods in fiscal 2015. We intend to launch a new version of the Boss Revolution app including peer-to-peer voice
calling and instant messaging in the second quarter of calendar 2016. We expect the updated app will increase Boss Revolution’s
market penetration and enhance the brand. Retail Communications’ revenue comprised 44.9% and 46.3% of Telecom Platform Services’
revenue in the six months ended January 31, 2016 and 2015, respectively.
Wholesale
Carrier Services’ revenue increased 0.5% in the three months ended January 31, 2016 compared to the similar period in fiscal
2015 primarily due to a shift to relatively higher revenue per minute destinations, partially offset by a decline in minutes of
use. In the three months ended January 31, 2016 compared to the similar period in fiscal 2015, Wholesale Carrier Services’
average revenue per minute increased 3.7% and minutes of use decreased 3.1%. Wholesale Carrier Services’ revenue decreased
3.0% in the six months ended January 31, 2016 compared to the similar period in fiscal 2015 mostly because certain exchange rate
driven arbitrage-pricing opportunities in Latin America declined in the six months ended January 31, 2016 compared to the similar
period in fiscal 2015. In addition, in the six months ended January 31, 2016 compared to the similar period in fiscal 2015, Wholesale
Carrier Services’ minutes of use decreased 1.6% and average revenue per minute decreased 1.4%. Wholesale Carrier Services’
revenue comprised 38.7% and 38.4% of Telecom Platform Services’ revenue in the six months ended January 31, 2016 and 2015,
respectively.
Payment
Services’ revenue increased 6.9% and 7.7% in the three and six months ended January 31, 2016, respectively, compared to
the similar periods in fiscal 2015 due to an increase in international airtime top-up revenue, as well as increases in revenue
from our international money transfer service and IDT Financial Services Ltd., our Gibraltar-based bank. Future growth will be,
in large part, contingent upon the introduction of new payment offerings through the Boss Revolution mobile app and website. At
January 31, 2016, we had money transmitter licenses in 45 of the 47 states that require such a license, as well as in Puerto Rico
and Washington, D.C., and have an application pending in one additional state. Payment Services’ revenue comprised 14.3%
and 12.7% of Telecom Platform Services’ revenue in the six months ended January 31, 2016 and 2015, respectively.
Hosted
Platform Solutions’ revenue declined 24.0% and 21.4% in the three and six months ended January 31, 2016, respectively, compared
to the similar periods in fiscal 2015. The declines were due to decreases in revenues from managed services and from our cable
telephony business. Within our cable telephony business, we renewed multi-year contracts with key cable telephony customers
in the second half of fiscal 2014, but at lower rates, reflecting the long-term decline in the underlying costs of hosted telephony
services. In addition, several of our other managed services operators are continuing to experience attrition in their customer
base. Hosted Platform Solutions’ revenue comprised 2.1% and 2.6% of Telecom Platform Services’ revenue in the six
months ended January 31, 2016 and 2015, respectively. Hosted Platform Solutions minutes of use decreased 11.6% and 12.9% in the
three and six months ended January 31, 2016, respectively, compared to the similar periods in fiscal 2015, primarily as a result
of the decline in minutes of use from managed services and cable telephony customers. In general, since our Hosted Platform Solutions
business’ revenues and cash flows are driven far more by the number of existing subscribers in the form of a per-subscriber
fee rather than by subscriber minutes of use, we do not view Hosted Platform Solutions minutes of use as a significant metric
for evaluating that business’ performance.
Consumer
Phone Services revenues declined 21.2% and 21.1% in the three and six months ended January 31, 2016, respectively, compared to
the similar periods in fiscal 2015 as we continued to operate the business in harvest mode. This strategy has been in effect since
calendar 2005 when the FCC decided to terminate the UNE-P pricing regime, which resulted in significantly inferior economics in
the operating model for this business. The customer base for our bundled, unlimited local and long distance services business
was approximately 4,600 at January 31, 2016 compared to 5,600 at January 31, 2015. We currently offer local service in the following
11 states: New York, New Jersey, Pennsylvania, Maryland, Delaware, Massachusetts, New Hampshire, West Virginia, Maine, Rhode Island
and California. In addition, the customer base for our long distance-only services was approximately 20,200 at January 31, 2016
compared to 25,300 at January 31, 2015. We anticipate that Consumer Phone Services’ customer base and revenues will continue
to decline. Minutes of use relating to our Consumer Phone Services segment is not tracked as a meaningful business metric as the
domestic traffic generated by this segment is not carried on our network, and the international traffic generated by this segment,
though carried on our own network, is insignificant.
| |
Three months ended January 31, | | |
Change | | |
Six months ended January 31, | | |
Change | |
| |
2016 | | |
2015 | | |
$ | | |
% | | |
2016 | | |
2015 | | |
$ | | |
% | |
| |
(in millions) | |
Direct cost of revenues | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Telecom Platform Services | |
$ | 318.6 | | |
$ | 327.4 | | |
$ | (8.8 | ) | |
| (2.7 | )% | |
$ | 642.0 | | |
$ | 669.0 | | |
$ | (27.0 | ) | |
| (4.0 | )% |
Consumer Phone Services | |
| 0.8 | | |
| 1.1 | | |
| (0.3 | ) | |
| (25.4 | ) | |
| 1.6 | | |
| 2.1 | | |
| (0.5 | ) | |
| (22.2 | ) |
Total direct cost of revenues | |
$ | 319.4 | | |
$ | 328.5 | | |
$ | (9.1 | ) | |
| (2.7 | )% | |
$ | 643.6 | | |
$ | 671.1 | | |
$ | (27.5 | ) | |
| (4.1 | )% |
| |
Three months ended
January 31, | | |
| | |
Six months ended
January 31, | | |
| |
| |
2016 | | |
2015 | | |
Change | | |
2016 | | |
2015 | | |
Change | |
Direct cost of revenues as a percentage of revenues | |
| | |
| | |
| | |
| | |
| | |
| |
Telecom
Platform Services | |
| 84.6 | % | |
| 84.2 | % | |
| 0.4 | % | |
| 84.2 | % | |
| 84.4 | % | |
| (0.2 | )% |
Consumer
Phone Services | |
| 44.8 | | |
| 47.3 | | |
| (2.5 | ) | |
| 45.8 | | |
| 46.5 | | |
| (0.7 | ) |
Total | |
| 84.4 | % | |
| 84.0 | % | |
| 0.4 | % | |
| 84.0 | % | |
| 84.2 | % | |
| (0.2 | )% |
Direct
Cost of Revenues. Direct cost of revenues in Telecom Platform Services decreased in the three and six months ended January
31, 2016 compared to the similar periods in fiscal 2015 mainly due to the 6.7% and 5.5% decrease in Telecom Platform Services’
minutes of use in the three and six months ended January 31, 2016, respectively, compared to the similar periods in fiscal 2015.
Direct cost of revenues as a percentage of revenues in Telecom Platform Services increased 40 basis points in the three months
ended January 31, 2016 compared to the similar period in fiscal 2015 primarily as a result of an increase in Wholesale Carrier
Services’ direct cost of revenues as a percentage of revenues in the three months ended January 31, 2016 compared to the
similar period in fiscal 2015. Direct cost of revenues as a percentage of revenues in Telecom Platform Services decreased 20 basis
points in the six months ended January 31, 2016 compared to the similar period in fiscal 2015 primarily as a result of the 6.8%
increase in Retail Communications’ average revenue per minute in the six months ended January 31, 2016 compared to the similar
period in fiscal 2015, partially offset by the 1.4% decrease in Wholesale Carrier Services’ average revenue per minute in
the six months ended January 31, 2016 compared to the similar period in fiscal 2015.
Direct
cost of revenues in our Consumer Phone Services segment decreased the three and six months ended January 31, 2016 compared to
the similar periods in fiscal 2015 primarily as a result of the declining customer base.
| |
Three months ended
January 31, | | |
Change | | |
Six months ended
January 31, | | |
Change | |
| |
2016 | | |
2015 | | |
$ | | |
% | | |
2016 | | |
2015 | | |
$ | | |
% | |
| |
(in
millions) | |
Selling,
general and administrative expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Telecom
Platform Services | |
$ | 46.7 | | |
$ | 50.4 | | |
$ | (3.7 | ) | |
| (7.3 | )% | |
$ | 95.0 | | |
$ | 101.6 | | |
$ | (6.6 | ) | |
| (6.6 | )% |
Consumer
Phone Services | |
| 0.7 | | |
| 0.9 | | |
| (0.2 | ) | |
| (21.7 | ) | |
| 1.3 | | |
| 1.8 | | |
| (0.5 | ) | |
| (25.6 | ) |
Total
selling, general and administrative expenses | |
$ | 47.4 | | |
$ | 51.3 | | |
$ | (3.9 | ) | |
| (7.6 | )% | |
$ | 96.3 | | |
$ | 103.4 | | |
$ | (7.1 | ) | |
| (6.9 | )% |
Selling,
General and Administrative. Selling, general and administrative expenses in our Telecom Platform Services segment decreased
in the three and six months ended January 31, 2016 compared to the similar periods in fiscal 2015 primarily due to decreases in
employee compensation, marketing and advertising costs, commissions and consulting expenses. The decrease in employee compensation
was the result of the headcount reductions in fiscal 2015 that were partially offset by annual payroll increases. Marketing and
advertising costs in both the second and first quarters of fiscal 2016 were lower than in any quarter in fiscal 2015, and marketing
and advertising costs in the three months ended January 31, 2016 were lower than in the prior quarter. As a percentage of Telecom
Platform Services’ revenue, Telecom Platform Services’ selling, general and administrative expenses decreased to 12.4%
from 13.0% in the three months ended January 31, 2016 and 2015, respectively, and decreased to 12.5% from 12.8% in the six months
ended January 31, 2016 and 2015, respectively.
Selling,
general and administrative expenses in our Consumer Phone Services segment decreased in the three and six months ended January
31, 2016 compared to the similar periods in fiscal 2015 as the cost structure for this segment continued to be right-sized to
the needs of its declining revenue base.
| |
Three months ended January 31, | | |
Change | | |
Six months ended January 31, | | |
Change | |
| |
2016 | | |
2015 | | |
$ | | |
% | | |
2016 | | |
2015 | | |
$ | | |
% | |
| |
(in millions) | |
Depreciation and amortization | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Telecom Platform Services | |
$ | 4.7 | | |
$ | 3.9 | | |
$ | 0.8 | | |
| 18.2 | % | |
$ | 9.1 | | |
$ | 7.7 | | |
$ | 1.4 | | |
| 17.4 | % |
Consumer Phone Services | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Total depreciation and amortization | |
$ | 4.7 | | |
$ | 3.9 | | |
$ | 0.8 | | |
| 18.2 | % | |
$ | 9.1 | | |
$ | 7.7 | | |
$ | 1.4 | | |
| 17.4 | % |
Depreciation
and Amortization. The increase in depreciation and amortization expense in the three and six months ended January 31,
2016 compared to the similar periods in fiscal 2015 was due to increases in depreciation of capitalized costs of consultants and
employees developing internal use software.
| |
Three months ended
January 31, | | |
Change | | |
Six months ended
January 31, | | |
Change | |
| |
2016 | | |
2015 | | |
$ | | |
% | | |
2016 | | |
2015 | | |
$ | | |
% | |
| |
(in
millions) | |
Severance
expense | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Telecom
Platform Services | |
$ | — | | |
$ | 0.3 | | |
$ | (0.3 | ) | |
| (100.0 | )% | |
$ | — | | |
$ | 1.9 | | |
$ | (1.9 | ) | |
| (100.0 | )% |
Consumer
Phone Services | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Total
severance expense | |
$ | — | | |
$ | 0.3 | | |
$ | (0.3 | ) | |
| (100.0 | )% | |
$ | — | | |
$ | 1.9 | | |
$ | (1.9 | ) | |
| (100.0 | )% |
Severance
expense. Severance expense in the three and six months ended January 31, 2015 was due to a downsizing of certain Telecom Platform
Services’ sales and administrative functions in Europe and the U.S. Approximately 20 employees were terminated in the six
months ended January 31, 2015 as a result of the downsizing.
| |
Three months ended
January 31, | | |
Change | | |
Six months ended
January 31, | | |
Change | |
| |
2016 | | |
2015 | | |
$ | | |
% | | |
2016 | | |
2015 | | |
$ | | |
% | |
| |
(in
millions) | |
Loss
on disposal of property, plant and equipment | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Telecom
Platform Services | |
$ | 0.3 | | |
$ | — | | |
$ | 0.3 | | |
| nm | | |
$ | 0.3 | | |
$ | — | | |
$ | 0.3 | | |
| nm | |
Consumer
Phone Services | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Total
loss on disposal of property, plant and equipment | |
$ | 0.3 | | |
$ | — | | |
$ | 0.3 | | |
| nm | | |
$ | 0.3 | | |
$ | — | | |
$ | 0.3 | | |
| nm | |
nm—not
meaningful
Loss
on disposal of property, plant and equipment. The loss on disposal of property, plant and equipment in the three and six months
ended January 31, 2016 was due to the write-off of capitalized costs of certain projects that were terminated prior to competion.
| |
Three months ended
January 31, | | |
Change | | |
Six months ended
January 31, | | |
Change | |
| |
2016 | | |
2015 | | |
$ | | |
% | | |
2016 | | |
2015 | | |
$ | | |
% | |
| |
(in
millions) | |
Income
from operations | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Telecom
Platform Services | |
$ | 6.3 | | |
$ | 6.9 | | |
$ | (0.6 | ) | |
| (8.3 | )% | |
$ | 16.1 | | |
$ | 12.5 | | |
$ | 3.6 | | |
| 27.8 | % |
Consumer
Phone Services | |
| 0.3 | | |
| 0.3 | | |
| — | | |
| (5.5 | ) | |
| 0.6 | | |
| 0.7 | | |
| (0.1 | ) | |
| (5.0 | ) |
Total
income from operations | |
$ | 6.6 | | |
$ | 7.2 | | |
$ | (0.6 | ) | |
| (8.2 | )% | |
$ | 16.7 | | |
$ | 13.2 | | |
$ | 3.5 | | |
| 26.2 | % |
All
Other
Currently,
we report aggregate results for all of our operating businesses other than IDT Telecom in All Other. In addition, Fabrix was included
in All Other until it was sold in October 2014. Therefore, in fiscal 2015, All Other included two months of Fabrix’ results
of operations.
| |
Three months ended
January 31, | | |
Change | | |
Six
months ended January 31, | | |
Change | |
| |
2016 | | |
2015 | | |
$ | | |
% | | |
2016 | | |
2015 | | |
$ | | |
% | |
| |
(in
millions) | |
Revenues | |
$ | 4.0 | | |
$ | 3.0 | | |
$ | 1.0 | | |
| 35.0 | % | |
$ | 7.1 | | |
$ | 9.7 | | |
$ | (2.6 | ) | |
| (27.5 | )% |
Direct
cost of revenues | |
| (0.3 | ) | |
| (0.3 | ) | |
| — | | |
| (0.1 | ) | |
| (0.6 | ) | |
| (1.4 | ) | |
| 0.8 | | |
| 60.0 | |
Selling,
general and administrative | |
| (1.6 | ) | |
| (3.3 | ) | |
| 1.7 | | |
| 52.0 | | |
| (3.3 | ) | |
| (5.2 | ) | |
| 1.9 | | |
| 37.2 | |
Depreciation | |
| (0.3 | ) | |
| (0.5 | ) | |
| 0.2 | | |
| 36.8 | | |
| (0.9 | ) | |
| (1.1 | ) | |
| 0.2 | | |
| 14.7 | |
Research
and development | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1.7 | ) | |
| 1.7 | | |
| 100.0 | |
Gain
on sale of interest in Fabrix Systems Ltd. | |
| — | | |
| 0.5 | | |
| (0.5 | ) | |
| (100.0 | ) | |
| — | | |
| 75.6 | | |
| (75.6 | ) | |
| (100.0 | ) |
Income
(loss) from operations | |
$ | 1.8 | | |
$ | (0.6 | ) | |
$ | 2.4 | | |
| 406.6 | % | |
$ | 2.3 | | |
$ | 75.9 | | |
$ | (73.6 | ) | |
| (97.0 | )% |
Following
are the results of operations of Fabrix, which were included in All Other until it was sold in October 2014:
| |
Three months ended January 31, | | |
Change | | |
Six months ended January 31, | | |
Change | |
Fabrix | |
2016 | | |
2015 | | |
$ | | |
% | | |
2016 | | |
2015 | | |
$ | | |
% | |
| |
(in millions) | |
Revenues | |
$ | — | | |
$ | — | | |
$ | — | | |
| — | % | |
$ | — | | |
$ | 4.2 | | |
$ | (4.2 | ) | |
| (100.0 | )% |
Direct cost of revenues | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 0.9 | | |
| (0.9 | ) | |
| (100.0 | ) |
Selling, general and administrative | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 0.6 | | |
| (0.6 | ) | |
| (100.0 | ) |
Depreciation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 0.1 | | |
| (0.1 | ) | |
| (100.0 | ) |
Research and development | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1.7 | | |
| (1.7 | ) | |
| (100.0 | ) |
Income from operations | |
$ | — | | |
$ | — | | |
$ | — | | |
| — | % | |
$ | — | | |
$ | 0.9 | | |
$ | (0.9 | ) | |
| (100.0 | )% |
Revenues.
The increase in All Other’s revenues in the three months ended January 31, 2016 compared to the similar period in fiscal
2015 was mostly due to an increase in Zedge’s revenues, which increased to $3.5 million in the three months ended January
31, 2016 from $2.4 million in the three months ended January 31, 2015. Excluding Fabrix’ revenues that were included in
All Other in the six months ended January 31, 2015, the increase in All Other’s revenues in the six months ended January
31, 2016 compared to the similar period in fiscal 2015 was primarily due to an increase in Zedge’s revenues, which increased
to $6.1 million in the six months ended January 31, 2016 from $4.4 million in the six months ended January 31, 2015. The increase
in Zedge’s revenues in the three and six months ended January 31, 2016 compared to the similar periods in fiscal 2015 was
driven by continued user growth, increased customer engagement and increased revenue per impression.
Direct
Cost of Revenues. Direct cost of revenues in All Other in the three months ended January 31, 2016 and 2015 were incurred by
Zedge and were basically unchanged in the three months ended January 31, 2016 compared to the similar period in fiscal 2015. The
decrease in direct cost of revenues in the six months ended January 31, 2016 compared to the similar period in fiscal 2015 was
primarily due to the sale of Fabrix in October 2014. Direct cost of revenues incurred by Zedge in the six months ended January
31, 2016 and 2015 were $0.6 million and $0.5 million, respectively.
Selling,
General and Administrative. Selling, general and administrative expenses in All Other decreased in the three and six months
ended January 31, 2016 compared to the similar periods in fiscal 2015 mostly due to a decrease in Zedge’s stock-based compensation
expense. In addition, the decrease in selling, general and administrative expense in All Other in the six months ended January
31, 2015 was due to the sale of Fabrix in October 2014.
Gain
on Sale of Interest in Fabrix Systems Ltd. On October 8, 2014, we completed the sale of our interest in Fabrix to Telefonaktiebolget
LM Ericsson (publ), or Ericsson. The final sale price for 100% of the shares in Fabrix was $95 million in cash, excluding transaction
costs and working capital and other adjustments. We owned approximately 78% of Fabrix on a fully diluted basis. Our share of the
sale price was $68.1 million, after reflecting the impact of working capital and other adjustments. We and the other shareholders
placed $13.0 million of the proceeds in escrow for the resolution of post-closing claims that may arise, of which $6.5 million
was released in October 2015. Any unclaimed escrow balance will be released in April 2016. In fiscal 2015, we recorded a gain
on the sale of our interest in Fabrix of $76.9 million, of which $75.6 million was recorded in the six months ended January 31,
2015. In the three months ended January 31, 2015, we recorded gain on the sale of our interest in Fabrix of $0.5 million, which
represented our share of working capital and other adjustments.
Income
(loss) from operations. Income (loss) from operations in All Other increased in the three months ended January 31, 2016 compared
to the similar period in fiscal 2015 primarily due to the increase in Zedge’s income (loss) from operations from loss of
$0.6 million in the three months ended January 31, 2015 to income of $1.7 million in the three months ended January 31, 2016.
Income (loss) from operations in All Other decreased in the six months ended January 31, 2016 compared to the similar period in
fiscal 2015 due to the gain on sale of interest in Fabrix of $75.6 million in the six months ended January 31, 2015. Excluding
the gain on sale of interest in Fabrix and Fabrix’ income from operations that were included in All Other’s income
from operations in the six months ended January 31, 2015, income (loss) from operations increased from loss of $0.6 million in
the six months ended January 31, 2015 to income of $2.3 million in the six months ended January 31, 2016 primarily due to the
increase in Zedge’s income from operations in the six months ended January 31, 2016 compared to the similar period in fiscal
2015.
Corporate
| |
Three months ended
January 31, | | |
Change | | |
Six months ended
January 31, | | |
Change | |
| |
2016 | | |
2015 | | |
$ | | |
% | | |
2016 | | |
2015 | | |
$ | | |
% | |
| |
(in
millions) | |
General
and administrative expenses | |
$ | 2.1 | | |
$ | 2.8 | | |
$ | (0.7 | ) | |
| (27.5 | )% | |
$ | 4.6 | | |
$ | 5.8 | | |
$ | (1.2 | ) | |
| (20.1 | )% |
Other | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Loss
from operations | |
$ | 2.1 | | |
$ | 2.8 | | |
$ | (0.7 | ) | |
| (27.5 | )% | |
$ | 4.6 | | |
$ | 5.8 | | |
$ | (1.2 | ) | |
| (20.1 | )% |
Corporate
costs include compensation, consulting fees, treasury and accounts payable, tax and accounting services, human resources and payroll,
corporate purchasing, corporate governance including Board of Directors’ fees, internal and external audit, investor relations,
corporate insurance, corporate legal, business development, and other corporate-related general and administrative expenses, including,
among others, facilities costs, charitable contributions and travel, as well as depreciation expense on corporate assets. Corporate
does not generate any revenues, nor does it incur any direct cost of revenues.
General
and Administrative. The decrease in Corporate general and administrative expenses in the three and six months ended January
31, 2016 compared to the similar periods in fiscal 2015 was primarily due to decreases in stock-based compensation expense, legal
fees and insurance expense. Corporate general and administrative expenses in the three and six months ended January 31, 2016 and
2015 were net of amounts billed to our former subsidiaries Genie Energy Ltd., or Genie, which was spun-off in October 2011, and
Straight Path Communications Inc., or Straight Path, which was spun-off in July 2013. Straight Path utilizes other vendors for
the transition services that we were providing although Straight Path may seek services from us on an ad hoc basis. The fees charged
to Genie, net of amounts charged by Genie to us, were $0.7 million and $0.8 million in the three months ended January 31, 2016
and 2015, respectively, and $1.5 million in both the six months ended January 31, 2016 and 2015. The fees charged to Straight
Path were nil and $0.3 million in the three months ended January 31, 2016 and 2015, respectively, and nil and $1.1 million in
the six months ended January 31, 2016 and 2015, respectively. As a percentage of our total consolidated revenues, Corporate general
and administrative expenses was 0.5% and 0.7% in the three months ended January 31, 2016 and 2015, respectively, and 0.6% and
0.7% in the six months ended January 31, 2016 and 2015, respectively.
Consolidated
The
following is a discussion of our consolidated stock-based compensation expense, and our consolidated income and expense line items
below income from operations.
Stock-Based
Compensation Expense. Stock-based compensation expense included in consolidated selling, general and administrative expenses
was $0.9 million and $2.2 million in the three months ended January 31, 2016 and 2015, respectively, and $1.6 million and $3.0
million in the six months ended January 31, 2016 and 2015, respectively. At January 31, 2016, unrecognized compensation cost related
to non-vested stock-based compensation, including stock options and restricted stock, was an aggregate of $5.8 million. The unrecognized
compensation cost is expected to be recognized over the remaining vesting period that ends in 2020.
| |
Three months ended January 31, | | |
Change | | |
Six months ended January 31, | | |
Change | |
| |
2016 | | |
2015 | | |
$ | | |
% | | |
2016 | | |
2015 | | |
$ | | |
% | |
| |
(in millions) | |
Income from operations | |
$ | 6.4 | | |
$ | 3.7 | | |
$ | 2.7 | | |
| 70.7 | % | |
$ | 14.3 | | |
$ | 83.3 | | |
$ | (69.0 | ) | |
| (82.8 | )% |
Interest income (expense), net | |
| 0.5 | | |
| (0.1 | ) | |
| 0.6 | | |
| nm | | |
| 0.7 | | |
| (0.1 | ) | |
| 0.8 | | |
| 628.2 | |
Other (expense) income, net | |
| (0.2 | ) | |
| 1.0 | | |
| (1.2 | ) | |
| (124.2 | ) | |
| (0.8 | ) | |
| 2.3 | | |
| (3.1 | ) | |
| (136.9 | ) |
Provision for income taxes | |
| (2.0 | ) | |
| (1.9 | ) | |
| (0.1 | ) | |
| (5.7 | ) | |
| (4.9 | ) | |
| (2.4 | ) | |
| (2.5 | ) | |
| (105.3 | ) |
Net income | |
| 4.7 | | |
| 2.7 | | |
| 2.0 | | |
| 69.1 | | |
| 9.3 | | |
| 83.1 | | |
| (73.8 | ) | |
| (88.9 | ) |
Net income attributable to noncontrolling interests | |
| (0.6 | ) | |
| (0.2 | ) | |
| (0.4 | ) | |
| (142.1 | ) | |
| (1.0 | ) | |
| (0.4 | ) | |
| (0.6 | ) | |
| (120.4 | ) |
Net income attributable to IDT Corporation | |
$ | 4.1 | | |
$ | 2.5 | | |
$ | 1.6 | | |
| 62.0 | % | |
$ | 8.3 | | |
$ | 82.7 | | |
$ | (74.4 | ) | |
| (90.0 | )% |
nm—not
meaningful
Other
(Expense) Income, net. Other (expense) income, net consists of the following:
| |
Three months ended January 31, | | |
Six months ended January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
(in millions) | |
Foreign currency transaction (losses) gains | |
$ | (1.1 | ) | |
$ | 0.3 | | |
$ | (2.3 | ) | |
$ | 1.1 | |
Gain (loss) on marketable securities | |
| — | | |
| — | | |
| 0.5 | | |
| (0.1 | ) |
Gain (loss) on investments | |
| 0.2 | | |
| (0.4 | ) | |
| 0.1 | | |
| 1.5 | |
Other | |
| 0.7 | | |
| 1.1 | | |
| 0.9 | | |
| (0.2 | ) |
Total other (expense) income, net | |
$ | (0.2 | ) | |
$ | 1.0 | | |
$ | (0.8 | ) | |
$ | 2.3 | |
Income
Taxes. The $75.6 million gain on the sale of our interest in Fabrix in the six months ended January 31, 2015 was recorded
by a wholly-owned non-U.S. subsidiary. The gain is not taxable in the subsidiary’s tax domicile and is not subject to U.S.
tax until repatriated. There are no current plans to repatriate the proceeds of the sale. The increase in income tax expense in
the three and six months ended January 31, 2016 compared to the similar periods in fiscal 2015 was primarily due to the increase
in income before income taxes excluding the gain on the sale of our interest in Fabrix, as well as an increase in the effective
income tax rate used in the tax provision, based upon the tax rates in the jurisdictions in which the income was earned.
Net
Income Attributable to Noncontrolling Interests. The change in the net income attributable
to noncontrolling interests in the three and six months ended January 31, 2016 compared to the similar periods in fiscal 2015
was due to the change in the results of operations of Zedge, which changed from a net loss in the three and six months ended January
31, 2015 to net income in the three and six months ended January 31, 2016. The change in the net income attributable to noncontrolling
interests in the six months ended January 31, 2016 compared to the similar period in fiscal 2015 was also due to the reduction
in the net loss in Fabrix, partially offset by a decrease in net income of certain IDT Telecom subsidiaries.
Liquidity
and Capital Resources
General
We
currently expect our cash from operations in the next twelve months and the balance of cash, cash equivalents and marketable securities
that we held as of January 31, 2016 to be sufficient to meet our currently anticipated working capital and capital expenditure
requirements during the twelve month period ending January 31, 2017.
At
January 31, 2016, we had cash, cash equivalents and marketable securities of $146.3 million and a deficit in working capital (current
liabilities in excess of current assets) of $2.9 million. At January 31, 2016, we also had $8.6 million in investments in
hedge funds, which were included in “Investments” in our consolidated balance sheet.
We
treat unrestricted cash and cash equivalents held by IDT Payment Services and IDT Financial Services Ltd. as substantially restricted
and unavailable for other purposes. At January 31, 2016, “Cash and cash equivalents” in our consolidated balance sheet
included an aggregate of $9.1 million held by IDT Payment Services and IDT Financial Services Ltd. that was unavailable for other
purposes.
At
January 31, 2016, we had restricted cash and cash equivalents of $88.8 million, which was included in “Restricted cash and
cash equivalents” in our consolidated balance sheet. Our restricted cash and cash equivalents primarily include restricted
balances pursuant to banking regulatory and other requirements and customer deposits related to IDT Financial Services Ltd.
| |
Six months ended January 31, | |
| |
2016 | | |
2015 | |
| |
(in millions) | |
Cash flows provided by (used in): | |
| | |
| |
Operating activities | |
$ | 25.1 | | |
$ | 21.0 | |
Investing activities | |
| (9.9 | ) | |
| 15.7 | |
Financing activities | |
| (21.0 | ) | |
| (50.6 | ) |
Effect of exchange rate changes on cash and cash equivalents | |
| (5.0 | ) | |
| (6.8 | ) |
(Decrease) increase in cash and cash equivalents | |
$ | (10.8 | ) | |
$ | (20.7 | ) |
Operating
Activities
Our
cash flow from operations varies significantly from quarter to quarter and from year to year, depending on our operating results
and the timing of operating cash receipts and payments, specifically trade accounts receivable and trade accounts payable.
In
December 2015, MasterCard Europe released IDT Financial Services Ltd.’s security deposit. IDT Financial Services Ltd. received
cash of $4.7 million from MasterCard Europe. At July 31, 2015, this security deposit was included in “Other assets”
in the accompanying consolidated balance sheet.
On November 2, 2015, Visa Inc. entered
into an agreement to acquire Visa Europe Limited subject to regulatory approvals. IDT Financial Services Ltd. is a member of Visa
Europe and, if the transaction is consummated, will receive part of the consideration from the intended acquisition. Visa Inc.
will pay for the acquisition in two tranches. The first tranche will include cash and preferred stock convertible into Visa Inc.
Class A common stock. Visa Europe estimated that IDT Financial Services Ltd. will receive, subject to adjustment, €4.7 million
($5.1 million at January 31, 2016) in cash and €1.6 million ($1.8 million at January 31, 2016) in Visa Inc. preferred stock.
The first tranche is expected to be paid during the second quarter of calendar 2016. The second tranche is a potential earn-out,
subject to certain achievements that if fulfilled, would be paid in 2020. The amount of consideration expected to be received is
preliminary, the amounts may change, and the closing of the transaction cannot be assured. The Visa Inc. preferred stock
would become fully convertible into Class A common stock of Visa Inc. twelve years after the closing. Beginning four years after
closing, Visa Inc. will assess whether it is appropriate to effect a partial conversion. In addition, there will be restrictions
on transferring the preferred stock until it is converted into Class A common stock. The preferred stock may only be transferred
to other Visa Europe members, or to existing qualifying holders of Visa Inc.’s Class B common stock. Also, the preferred
stock will not be registered under the U.S. Securities Act of 1933 and therefore is not transferable unless such transfer is registered
or an exemption from registration is available.
Investing
Activities
Our
capital expenditures were $9.2 million and $13.9 million in the six months ended January 31, 2016 and 2015, respectively. We currently
anticipate that total capital expenditures for the twelve month period ending January 31, 2017 will be between $19 million and
$21 million. We expect to fund our capital expenditures with our net cash provided by operating activities and cash, cash equivalents
and marketable securities on hand.
On
October 8, 2014, we completed the sale of our interest in Fabrix to Ericsson. The final sale price for 100% of the shares in Fabrix
was $95 million in cash, excluding transaction costs and working capital and other adjustments. We owned approximately 78% of
Fabrix on a fully diluted basis. Our share of the sale price was $68.1 million, after reflecting the impact of working capital
and other adjustments. At January 31, 2016, we had received cash of $64.4 million and had aggregate receivables of $3.7 million,
which was classified as “Receivable from sale of interest in Fabrix Systems Ltd.” in our consolidated balance sheet.
We and the other shareholders placed $13.0 million of the proceeds in escrow for the resolution of post-closing claims that may
arise, of which $6.5 million was released in October 2015. Any unclaimed escrow balance will be released in April 2016. In fiscal
2015, we recorded a gain on the sale of our interest in Fabrix of $76.9 million, of which $75.6 million was recorded in the six
months ended January 31, 2015.
In
the six months ended January 31, 2016 and 2015, we used cash of $0.4 million and $0.1 million, respectively, for additional investments.
We
received $0.6 million and $43,000 in the six months ended January 31, 2016 and 2015, respectively, from the sale and redemption
of certain of our investments.
Purchases
of marketable securities were $24.5 million and $18.4 million in the six months ended January 31, 2016 and 2015, respectively.
Proceeds from maturities and sales of marketable securities were $18.7 million and $12.1 million in the six months ended January
31, 2016 and 2015, respectively.
Financing
Activities
In
the six months ended January 31, 2016, we paid aggregate cash dividends of $0.37 per share on our Class A common stock and Class
B common stock, or $8.6 million in total. In the six months ended January 31, 2015, we paid cash dividends of $1.67 per share
on our Class A common stock and Class B common stock, or $38.9 million in total. The aggregate cash dividends in the six months
ended January 31, 2015 included special dividends of $0.68 per share and $0.64 per share paid in November 2014 and January 2015,
respectively. In March 2016, our Board of Directors declared a dividend of $0.19 per share for the second quarter of fiscal 2016
to holders of our Class A common stock and Class B common stock. The dividend will be paid on or about March 25, 2016 to stockholders
of record as of the close of business on March 15, 2016.
We
distributed cash of $1.2 million and $0.8 million in the six months ended January 31, 2016 and 2015, respectively, to the holders
of noncontrolling interests in certain of our IDT Telecom subsidiaries.
We
received proceeds from the exercise of our stock options of nil and $2.9 million in the six months ended January 31, 2016 and
2015, respectively.
We
paid the outstanding principal of $6.4 million on the mortgage on our building in Piscataway, New Jersey on the maturity date
of September 1, 2015.
Our
subsidiary, IDT Telecom, Inc., entered into a credit agreement, dated July 12, 2012, with TD Bank, N.A. for a line of credit
facility for up to a maximum principal amount of $25.0 million. IDT Telecom may use the proceeds to finance working capital requirements,
acquisitions and for other general corporate purposes. The line of credit facility is secured by primarily all of IDT Telecom’s
assets. The principal outstanding bears interest per annum, at the option of IDT Telecom, at either (a) the U.S. Prime Rate
less 125 basis points, or (b) the LIBOR rate adjusted by the Regulation D maximum reserve requirement plus 150 basis points.
Interest is payable monthly and all outstanding principal and any accrued and unpaid interest is due on the maturity date. In
January 2016, the maturity date was extended to January 31, 2018. IDT Telecom pays a quarterly unused commitment fee of 0.375% per
annum on the average daily balance of the unused portion of the $25.0 million commitment. IDT Telecom is required to comply with
various affirmative and negative covenants as well as maintain certain financial targets and ratios during the term of the line
of credit, including IDT Telecom may not pay any dividend on its capital stock and IDT Telecom’s aggregate loans and advances
to affiliates or subsidiaries may not exceed $110.0 million. At January 31, 2016, there were no amounts borrowed or utilized for
letters of credit under the line of credit, IDT Telecom was in compliance with all of the covenants, and IDT Telecom’s aggregate
loans and advances to affiliates and subsidiaries was $83.2 million. We intend to borrow under the facility from time to time.
In the six months ended January 31, 2015, IDT Telecom repaid $13.0 million, which was the outstanding principal at the time.
Repayments
of other borrowings were $0.1 million in the six months ended January 31, 2015.
In
the six months ended January 31, 2016 and 2015, we paid $0.1 million and $0.3 million, respectively, to repurchase 11,250 and
16,330 shares of Class B common stock, respectively, that were tendered by employees of ours to satisfy the employees’ tax
withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. Such shares are repurchased
by us based on their fair market value on the trading day immediately prior to the vesting date.
We
had a stock repurchase program for the repurchase of up to an aggregate of 8.3 million shares of our Class B common
stock. In the six months ended January 31, 2016, we repurchased 398,376 shares of Class B common stock for an aggregate purchase
price of $4.6 million. In the six months ended January 31, 2015, we repurchased 29,675 shares of Class B common stock for an aggregate
purchase price of $0.4 million. On January 22, 2016, our Board of Directors approved a stock repurchase program to purchase up
to 8.0 million shares of our Class B common stock and cancelled the previous stock repurchase program, which had 4.6 million
shares remaining available for repurchase. At January 31, 2016, 8.0 million shares remained available for repurchase under the
stock repurchase program.
Changes
in Trade Accounts Receivable and Allowance for Doubtful Accounts
Gross
trade accounts receivable decreased to $60.3 million at January 31, 2016 from $64.2 million at July 31, 2015 due to a $4.6 million
decrease in IDT Telecom’s gross trade accounts receivable balance, partially offset by a $0.7 million increase in Zedge’s
gross trade accounts receivable balance.
The
allowance for doubtful accounts as a percentage of gross trade accounts receivable was 8.2% at January 31, 2016 and 8.8% at July
31, 2015 as a result of a 12.5% decline in the allowance balance and a 6.0% decrease in the gross trade accounts receivable balance.
Other
Sources and Uses of Resources
We
intend to, where appropriate, make strategic investments and acquisitions to complement, expand, and/or enter into new businesses.
In considering acquisitions and investments, we search for opportunities to profitably grow our existing businesses and/or to
add qualitatively to the range and diversification of businesses in our portfolio. At this time, we cannot guarantee that we will
be presented with acquisition opportunities that meet our return on investment criteria, or that our efforts to make acquisitions
that meet our criteria will be successful.
Contractual
Obligations and Other Commercial Commitments
The
following tables quantify our future contractual obligations and commercial commitments at January 31, 2016:
Contractual
Obligations
Payments
Due by Period (in
millions) | |
Total | | |
Less than
1 year | | |
1–3 years | | |
4–5 years | | |
After 5 years | |
Operating
leases | |
$ | 7.3 | | |
$ | 3.3 | | |
$ | 2.7 | | |
$ | 1.2 | | |
$ | 0.1 | |
Revolving
credit unused commitment fee | |
| 0.2 | | |
| 0.1 | | |
| 0.1 | | |
| — | | |
| — | |
Purchase
commitments | |
| 1.6 | | |
| 1.6 | | |
| — | | |
| — | | |
| — | |
Total
contractual obligations | |
$ | 9.1 | | |
$ | 5.0 | | |
$ | 2.8 | | |
$ | 1.2 | | |
$ | 0.1 | |
Other
Commercial Commitments
Payments
Due by Period (in
millions) | |
Total | | |
Less than
1 year | | |
1–3 years | | |
4–5 years | | |
After 5 years | |
Standby
letters of credit (1) | |
$ | 0.3 | | |
$ | 0.3 | | |
$ | — | | |
$ | — | | |
$ | — | |
(1) | The
above table does not include an aggregate of $13.1 million in performance bonds due to
the uncertainty of the amount and/or timing of any such payments. |
Off-Balance
Sheet Arrangements
We
do not have any “off-balance sheet arrangements,” as defined in relevant SEC regulations that are reasonably likely
to have a current or future effect on our financial condition, results of operations, liquidity, capital expenditures or capital
resources, other than the following.
In
connection with our spin-off of Genie Energy Ltd., or Genie, in October 2011, we and Genie entered into various agreements prior
to the spin-off including a Separation and Distribution Agreement to effect the separation and provide a framework for our relationship
with Genie after the spin-off, and a Tax Separation Agreement, which sets forth the responsibilities of us and Genie with respect
to, among other things, liabilities for federal, state, local and foreign taxes for periods before and including the spin-off,
the preparation and filing of tax returns for such periods and disputes with taxing authorities regarding taxes for such periods.
Pursuant to the Separation and Distribution Agreement, among other things, we indemnify Genie and Genie indemnifies us for losses
related to the failure of the other to pay, perform or otherwise discharge, any of the liabilities and obligations set forth in
the agreement. Pursuant to the Tax Separation Agreement, among other things, we indemnify Genie from all liability for taxes of
ours with respect to any taxable period, and Genie indemnifies us from all liability for taxes of Genie and its subsidiaries with
respect to any taxable period, including, without limitation, the ongoing tax audits related to Genie’s business.
In
connection with our spin-off of Straight Path Communications Inc., or Straight Path, in July 2013, we and Straight Path entered
into various agreements prior to the spin-off including a Separation and Distribution Agreement to effect the separation and provide
a framework for our relationship with Straight Path after the spin-off, and a Tax Separation Agreement, which sets forth the responsibilities
of us and Straight Path with respect to, among other things, liabilities for federal, state, local and foreign taxes for periods
before and including the spin-off, the preparation and filing of tax returns for such periods and disputes with taxing authorities
regarding taxes for such periods. Pursuant to the Separation and Distribution Agreement, we indemnify Straight Path and Straight
Path indemnifies us for losses related to the failure of the other to pay, perform or otherwise discharge, any of the liabilities
and obligations set forth in the agreement. Pursuant to the Tax Separation Agreement, we indemnify Straight Path from all liability
for taxes of Straight Path or any of its subsidiaries or relating to the Straight Path business with respect to taxable periods
ending on or before the spin-off, from all liability for taxes of ours, other than Straight Path and its subsidiaries, for any
taxable period, and from all liability for taxes due to the spin-off.
IDT
Payment Services and IDT Telecom have performance bonds issued through third parties for the benefit of various states in order
to comply with the states’ financial requirements for money remittance licenses and telecommunications resellers, respectively.
At January 31, 2016, we had aggregate performance bonds of $13.1 million outstanding.
Item 3. Quantitative
and Qualitative Disclosures About Market Risks
Foreign
Currency Risk
Revenues
from our international operations were 31% and 30% of our consolidated revenues for the six months ended January 31, 2016 and
2015, respectively. A significant portion of these revenues is in currencies other than the U.S. Dollar. Our foreign currency
exchange risk is somewhat mitigated by our ability to offset a portion of these non U.S. Dollar-denominated revenues with
operating expenses that are paid in the same currencies. While the impact from fluctuations in foreign exchange rates affects
our revenue and expenses denominated in foreign currencies, the net amount of our exposure to foreign currency exchange rate changes
at the end of each reporting period is generally not material.
We
enter into foreign exchange forward contracts as hedges against unfavorable fluctuations in the U.S. Dollar – Norwegian
Krone, or NOK, exchange rate. Zedge is based in New York and Norway and much of its operations are located in Norway. While this
limits the downside risk of adverse foreign exchange movements, it also limits future gains from favorable movements. We do not
apply hedge accounting to these contracts, therefore the changes in fair value are recorded in earnings. By using derivative instruments
to mitigate exposures to changes in foreign exchange rates, we are exposed to credit risk from the failure of the counterparty
to perform under the terms of the contract. We minimize the credit or repayment risk by entering into transactions with high-quality
counterparties.
Our
outstanding contracts at January 31, 2016 were as follows:
|
Settlement
Date | |
U.S.
Dollar Amount | | |
NOK
Amount | |
|
February
2016 | |
| 800,000 | | |
| 6,772,360 | |
|
May 2016 | |
| 1,000,000 | | |
| 8,238,600 | |
|
July 2016 | |
| 1,000,000 | | |
| 8,200,000 | |
Investment
Risk
In
addition to, but separate from our primary business, we hold a portion of our assets in marketable securities and hedge funds
for strategic and speculative purposes. At January 31, 2016, the carrying value of our marketable securities and investments in
hedge funds was $46.8 million and $8.6 million, respectively. Investments in marketable securities and hedge funds carry a degree
of risk, and depend to a great extent on correct assessments of the future course of price movements of securities and other instruments.
There can be no assurance that our investment managers will be able to accurately predict these price movements. The securities
markets have in recent years been characterized by great volatility and unpredictability. Accordingly, the value of our investments
may go down as well as up and we may not receive the amounts originally invested upon redemption.
Item 4. Controls
and Procedures
Evaluation
of Disclosure Controls and Procedures. Our Chief Executive Officer and Principal Financial Officer have evaluated the
effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange
Act of 1934, as amended), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation,
our Chief Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures were effective
as of January 31, 2016.
Changes
in Internal Control over Financial Reporting. There were no changes in our internal control over financial reporting
during the quarter ended January 31, 2016 that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
PART
II. OTHER INFORMATION
Item 1. Legal
Proceedings
Legal
proceedings in which we are involved are more fully described in Note 12 to the Consolidated Financial Statements included in
Item 1 to Part I of this Quarterly Report on Form 10-Q.
Item 1A. Risk
Factors
There
are no material changes from the risk factors previously disclosed in Item 1A to Part I of our Form 10-K for the year ended July
31, 2015, except for the following:
We
could be harmed by network disruptions, security breaches, or other significant disruptions or failures of our IT infrastructure
and related systems or of those we operate for certain of our customers.
To
be successful, we need to continue to have available, for our and our customers’ use, a high capacity, reliable and secure
network and other IT infrastructure and systems. We face the risk, as does any company, of a security breach, whether through
cyber-attacks, malware, computer viruses, sabotage, or other significant disruption of our IT infrastructure and related systems.
As such, there is a risk of a security breach or disruption of the systems we operate, including possible unauthorized access
to our and our customers’ proprietary or classified information. We are also subject to the risk of breaches of our network
resulting in unauthorized utilization of our services or products, which subject us to the costs of providing those products or
services, which are likely not recoverable.
We
also rely on internet-based systems for certain interactions with customers and disruptions in the functioning and availability
of our websites could impact our revenues and customer relationships. Such disruptions could be caused by malicious action on
the part of third parties, or deliberate or negligent action on the part of service providers or third parties.
The
secure maintenance and transmission of our and our customer’s information is a critical element of our operations. Our information
technology and other systems that maintain and transmit customer information, or those of service providers or business partners,
may be compromised by a malicious third party penetration of our network security, or that of a third party service provider or
business partner, or impacted by advertent or inadvertent actions or inactions by our employees, or those of a third party service
provider or business partner. As a result, our or our customers’ information may be lost, disclosed, accessed or taken without
the customers’ consent, or our products and services may be used without payment.
Although
we make significant efforts to maintain the security and integrity of these types of information and systems, there can be no
assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not
be successful or damaging, especially in light of the growing sophistication of cyber-attacks and intrusions. We may be unable
to anticipate all potential types of attacks or intrusions or to implement adequate security barriers or other preventative measures.
Certain of our business units have been the subject of attempted and successful cyber-attacks in the past. We have researched
the situations and do not believe any material information, internal or customer, has been compromised.
In
the second quarter of fiscal 2016, we were subject to several separate denial of service attacks on our internet telephony and
web infrastructures. Two of these attacks were short in duration, and volumetric in nature and the others were of a non-volumetric
nature. The attacks lasted between several minutes and five hours. We do not believe that these attacks resulted in any breach
in or misappropriation of internal or customer data. The non-volumetric attacks displayed considerable knowledge of weaknesses
in leading industry security products, and appeared to require some knowledge of our systems or inside information to implement.
We have not suffered any material direct impact from these attacks, but there were limited direct losses, possible lost revenue
opportunities and internal costs in responding, investigating and mitigating the events.
We
have implemented additional measures to protect ourselves and enhance our ability to respond and are evaluating several possible
solutions that would provide even more robust protection. We are also considering changes to certain policies related to customer,
distributor and reseller interfaces to bolster protection and plug perceived areas of vulnerability.
In
addition, we have been subject to other attempts to breach security, including phishing e-mails, attempted delivery of malware
and emails purported to be from our executives. We do not believe that we have suffered any significant security breaches, or
that we have had any damages to date from this sort of activity.
Network
disruptions, security breaches and other significant failures of the above-described systems or other platforms could (i) disrupt
the proper functioning of our networks and systems and therefore our operations or those of certain of our customers; (ii) result
in the unauthorized use of our services or products without payment, (iii) result in the unauthorized access to, and destruction,
loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or
our customers, including trade secrets, which others could use to compete against us or for disruptive, destructive or otherwise
harmful purposes and outcomes; (iv) require significant management attention or financial resources to remedy the damages
that result or to change our systems and processes; (v) subject us to claims for contract breach, damages, credits, fines,
penalties, termination or other remedies; or (vi) result in a loss of business, damage our reputation among our customers
and the public generally, subject us to additional regulatory scrutiny or expose us to litigation. Any or all of which could have
a negative impact on our results of operations, financial condition and cash flows.
Item 2. Unregistered
Sales of Equity Securities and Use of Proceeds
The
following table provides information with respect to purchases by us of our shares during the second quarter of fiscal 2016:
| |
Total
Number of Shares Purchased | | |
Average
Price per Share | | |
Total Number
of Shares Purchased as part of Publicly Announced Plans or Programs | | |
Maximum
Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) | |
November 1-30, 2015 | |
| — | | |
$ | — | | |
| — | | |
| 5,035,117 | |
December 1–31, 2015 (2) | |
| 253,558 | | |
$ | 11.74 | | |
| 253,063 | | |
| 4,782,054 | |
January 1–31,
2016 (2) | |
| 154,526 | | |
$ | 11.47 | | |
| 145,313 | | |
| 8,000,000 | |
Total | |
| 408,084 | | |
$ | 11.64 | | |
| 398,376 | | |
| | |
(1) | Under
our stock repurchase program that was in effect until January 22, 2016, which was approved
by our Board of Directors on June 13, 2006, we were authorized to repurchase up
to an aggregate of 8.3 million shares of our Class B common stock and, until April
2011, our common stock, without regard to class. On December 17, 2008, our Board
of Directors (i) approved a one-for-three reverse stock split of all classes of
our common stock which was effective on February 24, 2009, and (ii) amended
the stock repurchase program to increase the aggregate number of shares of our Class
B common stock and common stock, without regard to class, that we are authorized to repurchase
from the 3.3 million shares that remained available for repurchase to 8.3 million
shares. On January 22, 2016, our Board of Directors approved a stock repurchase program
to purchase up to 8.0 million shares of our Class B common stock and cancelled the previous
stock repurchase program, which had 4,636,741 shares remaining available for repurchase. |
| |
(2) | Includes
253,063 shares and 145,313 shares of Class B common stock purchased pursuant to the stock
repurchase program in December 2015 and January 2016, respectively, as well as 495 shares
and 9,213 shares of Class B common stock that were tendered by employees of ours in December
2015 and January 2016, respectively, to satisfy the employees’ tax withholding
obligations in connection with the lapsing of restrictions on awards of restricted stock.
Such shares were repurchased by us based on their fair market value on the trading day
immediately prior to the vesting date and the proceeds utilized to pay the taxes due
upon such vesting event. |
Item 3. Defaults
Upon Senior Securities
None
Item 4. Mine
Safety Disclosures
Not
applicable
Item 5. Other
Information
None
Item 6. Exhibits
Exhibit
Number
|
|
Description
|
|
|
|
31.1* |
|
Certification
of Chief Executive Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act of
2002. |
|
|
|
31.2* |
|
Certification
of Principal Financial Officer pursuant to 17 CFR 240.13a-14(a), as adopted pursuant to §302 of the Sarbanes-Oxley Act
of 2002. |
|
|
|
32.1* |
|
Certification
of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act
of 2002. |
|
|
|
32.2* |
|
Certification
of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to §906 of the Sarbanes-Oxley
Act of 2002. |
|
|
|
101.INS* |
|
XBRL
Instance Document |
|
|
|
101.SCH* |
|
XBRL
Taxonomy Extension Schema Document |
|
|
|
101.CAL* |
|
XBRL
Taxonomy Extension Calculation Linkbase Document |
|
|
|
101.DEF* |
|
XBRL
Taxonomy Extension Definition Linkbase Document |
|
|
|
101.LAB* |
|
XBRL
Taxonomy Extension Label Linkbase Document |
|
|
|
101.PRE* |
|
XBRL
Taxonomy Extension Presentation Linkbase Document |
*
Filed or furnished herewith.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
|
IDT
Corporation |
|
|
|
March
11, 2016 |
By: |
/s/ Shmuel
Jonas
|
|
|
Shmuel
Jonas
Chief
Executive Officer |
|
|
|
March
11, 2016 |
By: |
/s/ Marcelo
Fischer
|
|
|
Marcelo
Fischer
Senior
Vice President of Finance
(Principal
Financial Officer) |
31
EXHIBIT 31.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Shmuel Jonas, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of IDT Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
March 11, 2016
|
/s/ Shmuel
Jonas |
|
Shmuel
Jonas
Chief
Executive Officer |
EXHIBIT
31.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO EXCHANGE ACT RULE 13a-14(a)/15d-14(a)
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I,
Marcelo Fischer, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of IDT Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
March 11, 2016
|
/s/ Marcelo
Fischer |
|
Marcelo
Fischer
Senior
Vice President of Finance
(Principal
Financial Officer) |
EXHIBIT
32.1
Certification
Pursuant to
18 U.S.C. Section 1350
(as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act Of 2002)
In
connection with the Quarterly Report of IDT Corporation (the “Company”) on Form 10-Q for the quarter ended January
31, 2016 as filed with the Securities and Exchange Commission (the “Report”), I, Shmuel Jonas, Chief Executive Officer
of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that to my knowledge:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
March 11, 2016
|
/s/ Shmuel
Jonas |
|
Shmuel
Jonas
Chief
Executive Officer |
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906,
has been provided to IDT Corporation and will be retained by IDT Corporation and furnished to the Securities and Exchange Commission
or its staff upon request.
EXHIBIT
32.2
Certification
Pursuant to
18 U.S.C. Section 1350
(as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act Of 2002)
In
connection with the Quarterly Report of IDT Corporation (the “Company”) on Form 10-Q for the quarter ended January
31, 2016 as filed with the Securities and Exchange Commission (the “Report”), I, Marcelo Fischer, Senior Vice President
of Finance of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to my knowledge:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
March 11, 2016
|
/s/ Marcelo
Fischer |
|
Marcelo
Fischer
Senior
Vice President of Finance
(Principal
Financial Officer) |
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906,
has been provided to IDT Corporation and will be retained by IDT Corporation and furnished to the Securities and Exchange Commission
or its staff upon request.
v3.3.1.900
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v3.3.1.900
Consolidated Balance Sheets - USD ($) $ in Thousands |
Jan. 31, 2016 |
Jul. 31, 2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 99,514
|
$ 110,361
|
Restricted cash and cash equivalents |
88,792
|
91,035
|
Marketable securities |
46,797
|
40,287
|
Trade accounts receivable, net of allowance for doubtful accounts of $4,939 at January 31, 2016 and $5,645 at July 31, 2015 |
55,384
|
58,543
|
Receivable from sale of interest in Fabrix Systems Ltd. |
3,702
|
8,471
|
Prepaid expenses |
13,769
|
17,304
|
Other current assets |
15,530
|
14,344
|
Total current assets |
323,488
|
340,345
|
Property, plant and equipment, net |
90,394
|
91,316
|
Goodwill |
13,452
|
14,388
|
Other intangibles, net |
1,050
|
1,277
|
Investments |
11,292
|
12,344
|
Deferred income tax assets, net |
8,654
|
13,324
|
Other assets |
7,513
|
12,688
|
Total assets |
455,843
|
485,682
|
Current liabilities: |
|
|
Trade accounts payable |
28,687
|
29,140
|
Accrued expenses |
122,190
|
139,272
|
Deferred revenue |
86,269
|
86,302
|
Customer deposits |
85,129
|
84,454
|
Income taxes payable |
$ 550
|
391
|
Notes payable-current portion |
|
6,353
|
Other current liabilities |
$ 3,563
|
3,000
|
Total current liabilities |
326,388
|
348,912
|
Other liabilities |
1,765
|
1,830
|
Total liabilities |
$ 328,153
|
$ 350,742
|
Commitments and contingencies |
|
|
IDT Corporation stockholders' equity: |
|
|
Preferred stock, $.01 par value; authorized shares-10,000; no shares issued |
|
|
Additional paid-in capital |
$ 404,790
|
$ 403,146
|
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 3,931 and 3,521 shares of Class B common stock at January 31, 2016 and July 31, 2015, respectively |
(115,316)
|
(110,543)
|
Accumulated other comprehensive (loss) income |
(2,744)
|
771
|
Accumulated deficit |
(160,196)
|
(159,829)
|
Total IDT Corporation stockholders' equity |
126,820
|
133,831
|
Noncontrolling interests |
870
|
1,109
|
Total equity |
127,690
|
134,940
|
Total liabilities and equity |
455,843
|
485,682
|
Class A common stock |
|
|
IDT Corporation stockholders' equity: |
|
|
Common stock, value |
33
|
33
|
Class B common stock |
|
|
IDT Corporation stockholders' equity: |
|
|
Common stock, value |
$ 253
|
$ 253
|
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v3.3.1.900
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Jan. 31, 2016 |
Jul. 31, 2015 |
Allowance for doubtful accounts |
$ 4,939
|
$ 5,645
|
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
Preferred stock, authorized shares |
10,000
|
10,000
|
Preferred stock, shares issued |
|
|
Class A common stock |
|
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
35,000
|
35,000
|
Common stock, shares issued |
3,272
|
3,272
|
Common stock, shares outstanding |
1,574
|
1,574
|
Treasury stock, common stock shares |
1,698
|
1,698
|
Class B common stock |
|
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
200,000
|
200,000
|
Common stock, shares issued |
25,287
|
25,276
|
Common stock, shares outstanding |
21,356
|
21,755
|
Treasury stock, common stock shares |
3,931
|
3,521
|
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v3.3.1.900
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Consolidated Statements of Income [Abstract] |
|
|
|
|
Revenues |
$ 382,454
|
$ 394,173
|
$ 773,032
|
$ 807,051
|
Costs and expenses: |
|
|
|
|
Direct cost of revenues (exclusive of depreciation and amortization) |
319,724
|
328,737
|
644,235
|
672,544
|
Selling, general and administrative (i) |
51,054
|
57,394
|
104,143
|
114,392
|
Depreciation and amortization |
$ 4,973
|
$ 4,440
|
$ 10,025
|
8,845
|
Research and development |
|
|
|
1,656
|
Severance |
|
$ 351
|
|
1,899
|
Total costs and expenses |
$ 375,751
|
$ 390,922
|
$ 758,403
|
$ 799,336
|
Loss on disposal of property, plant and equipment |
$ (326)
|
|
$ (326)
|
|
Gain on sale of interest in Fabrix Systems Ltd. |
|
$ 484
|
|
$ 75,629
|
Income from operations |
$ 6,377
|
3,735
|
$ 14,303
|
83,344
|
Interest income (expense), net |
534
|
(40)
|
692
|
(131)
|
Other (expense) income, net |
(234)
|
967
|
(844)
|
2,290
|
Income before income taxes |
6,677
|
4,662
|
14,151
|
85,503
|
Provision for income taxes |
(2,014)
|
(1,905)
|
(4,911)
|
(2,392)
|
Net income |
4,663
|
2,757
|
9,240
|
83,111
|
Net income attributable to noncontrolling interests |
(598)
|
(247)
|
(981)
|
(445)
|
Net income attributable to IDT Corporation |
$ 4,065
|
$ 2,510
|
$ 8,259
|
$ 82,666
|
Earnings per share attributable to IDT Corporation common stockholders: |
|
|
|
|
Basic |
$ 0.18
|
$ 0.11
|
$ 0.36
|
$ 3.63
|
Diluted |
$ 0.18
|
$ 0.11
|
$ 0.36
|
$ 3.57
|
Weighted-average number of shares used in calculation of earnings per share: |
|
|
|
|
Basic |
22,799
|
22,818
|
22,867
|
22,783
|
Diluted |
22,799
|
23,225
|
22,884
|
23,155
|
Dividends declared per common share |
$ 0.19
|
$ 0.82
|
$ 0.37
|
$ 1.67
|
(i) Stock-based compensation included in selling, general and administrative expenses |
$ 873
|
$ 2,172
|
$ 1,644
|
$ 3,020
|
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v3.3.1.900
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Consolidated Statements of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 4,663
|
$ 2,757
|
$ 9,240
|
$ 83,111
|
Other comprehensive (loss) income: |
|
|
|
|
Change in unrealized gain on available-for-sale securities |
(143)
|
8
|
385
|
15
|
Foreign currency translation adjustments |
(4,011)
|
(2,119)
|
(3,900)
|
(3,977)
|
Other comprehensive loss |
(4,154)
|
(2,111)
|
(3,515)
|
(3,962)
|
Comprehensive income |
509
|
646
|
5,725
|
79,149
|
Comprehensive income attributable to noncontrolling interests |
(598)
|
(247)
|
(981)
|
(445)
|
Comprehensive (loss) income attributable to IDT Corporation |
$ (89)
|
$ 399
|
$ 4,744
|
$ 78,704
|
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v3.3.1.900
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Operating activities |
|
|
Net income |
$ 9,240
|
$ 83,111
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
10,025
|
8,845
|
Deferred income taxes |
4,708
|
2,441
|
Provision for doubtful accounts receivable |
$ 486
|
35
|
Gain on sale of interest in Fabrix Systems Ltd. |
|
(75,629)
|
Realized (gain) loss on marketable securities |
$ (543)
|
54
|
Interest in the equity of investments |
(79)
|
(1,459)
|
Stock-based compensation |
1,644
|
3,020
|
Change in assets and liabilities: |
|
|
Restricted cash and cash equivalents |
(5,360)
|
(7,912)
|
Trade accounts receivable |
(1,366)
|
3,285
|
Prepaid expenses, other current assets and other assets |
7,644
|
5,787
|
Trade accounts payable, accrued expenses, other current liabilities and other liabilities |
(10,814)
|
(7,478)
|
Customer deposits |
8,200
|
8,193
|
Income taxes payable |
159
|
(292)
|
Deferred revenue |
1,202
|
(1,047)
|
Net cash provided by operating activities |
25,146
|
20,954
|
Investing activities |
|
|
Capital expenditures |
(9,223)
|
(13,946)
|
Proceeds from sale of interest in Fabrix Systems Ltd., net of cash and cash equivalents sold. |
4,769
|
36,039
|
Purchase of investments |
(350)
|
(125)
|
Proceeds from sale and redemption of investments |
626
|
43
|
Purchases of marketable securities |
(24,480)
|
(18,382)
|
Proceeds from maturities and sales of marketable securities |
18,720
|
12,104
|
Net cash (used in) provided by investing activities |
(9,938)
|
15,733
|
Financing activities |
|
|
Dividends paid |
(8,626)
|
(38,891)
|
Distributions to noncontrolling interests |
$ (1,220)
|
(750)
|
Proceeds from exercise of stock options. |
|
2,896
|
Repayments of revolving credit loan payable and other borrowings |
$ (6,353)
|
(13,132)
|
Repurchases of Class B common stock |
(4,773)
|
(703)
|
Net cash used in financing activities |
(20,972)
|
(50,580)
|
Effect of exchange rate changes on cash and cash equivalents |
(5,083)
|
(6,789)
|
Net (decrease) increase in cash and cash equivalents |
(10,847)
|
(20,682)
|
Cash and cash equivalents at beginning of period |
110,361
|
153,823
|
Cash and cash equivalents at end of period |
$ 99,514
|
133,141
|
Supplemental schedule of non-cash investing and financing activities |
|
|
Net liabilities excluding cash and cash equivalents of Fabrix Systems Ltd. sold |
|
$ 14,333
|
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v3.3.1.900
Basis of Presentation
|
6 Months Ended |
Jan. 31, 2016 |
Basis of Presentation [Abstract] |
|
Basis of Presentation |
Note 1—Basis of Presentation
The accompanying unaudited consolidated financial statements of IDT Corporation and its subsidiaries (the “Company” or “IDT”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended January 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2016. The balance sheet at July 31, 2015 has been derived from the Company’s audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2015, as filed with the U.S. Securities and Exchange Commission (“SEC”).
The Company’s fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal year ending in the calendar year indicated (e.g., fiscal 2016 refers to the fiscal year ending July 31, 2016).
In August 2015, the Company’s Board of Directors approved a plan to reorganize the Company into three separate entities by spinning off two business units to its stockholders. The three separate companies are expected to consist of (1) IDT Telecom, (2) Zedge, Inc. (formerly known as Zedge Holdings, Inc.) (“Zedge”) and (3) other holdings. The reorganization and the specific components are subject to change and both internal and third party contingencies, and must receive final approval from the Company’s Board of Directors and certain third parties. The Company is targeting completion of the Zedge spin-off before the end of fiscal 2016 and the remainder of the reorganization in the second half of calendar year 2016.
On March 8, 2016, Zedge filed a Form 10 Registration Statement with the SEC related to the planned spin-off of the Company’s majority interest in Zedge to the Company’s stockholders. The Zedge spin-off is intended to be tax-free to the Company’s stockholders, and the Company expects to receive a legal opinion as to the spin-off’s tax-free status. In connection with the spin-off, it is expected that each of the Company’s stockholder will receive one share of Zedge Class A common stock for every three shares of the Company’s Class A common stock and one share of Zedge Class B common stock for every three shares of the Company’s Class B common stock. Upon completion of the spin-off, the Company’s expects that its stockholders as of the record date will hold approximately 83% of Zedge.
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v3.3.1.900
Sale of Interest in Fabrix Systems Ltd.
|
6 Months Ended |
Jan. 31, 2016 |
Sale of Interest in Fabrix Systems Ltd. [Abstract] |
|
Sale of Interest in Fabrix Systems Ltd. |
Note 2—Sale of Interest in Fabrix Systems Ltd. On October 8, 2014, the Company completed the sale of its interest in Fabrix Systems Ltd. (“Fabrix”) to Telefonaktiebolget LM Ericsson (publ) (“Ericsson”). The final sale price for 100% of the shares in Fabrix was $95 million in cash, excluding transaction costs and working capital and other adjustments. The Company owned approximately 78% of Fabrix on a fully diluted basis. The Company’s share of the sale price was $68.1 million, after reflecting the impact of working capital and other adjustments. At January 31, 2016, the Company had received cash of $64.4 million and had aggregate receivables of $3.7 million, which was classified as “Receivable from sale of interest in Fabrix Systems Ltd.” in the accompanying consolidated balance sheet. The Company and the other shareholders placed $13.0 million of the proceeds in escrow for the resolution of post-closing claims that may arise, of which $6.5 million was released in October 2015. Any remaining unclaimed escrow balance will be released in April 2016. The Company recorded a gain on the sale of its interest in Fabrix of $76.9 million, of which $75.6 million was recorded in the six months ended January 31, 2015. Fabrix’ income before income taxes and income before income taxes attributable to the Company, which is included in the accompanying consolidated statements of income, were as follows: | | Three Months Ended January 31, | | | Six Months Ended January 31, | | | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | (in thousands) | | Income before income taxes | | $ | — | | | $ | — | | | $ | — | | | $ | 917 | | | | | | | | | | | | | | | | | | | Income before income taxes attributable to IDT Corporation | | $ | — | | | $ | — | | | $ | — | | | $ | 1,325 | |
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v3.3.1.900
Marketable Securities
|
6 Months Ended |
Jan. 31, 2016 |
Marketable Securities [Abstract] |
|
Marketable Securities |
Note 3—Marketable Securities The following is a summary of marketable securities: | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | | | (in thousands) | | Available-for-sale securities: | | | | | | | | | | | | | January 31, 2016: | | | | | | | | | | | | | Certificates of deposit* | | $ | 21,831 | | | $ | — | | | $ | (7 | ) | | $ | 21,824 | | Federal Government Sponsored Enterprise notes | | | 5,813 | | | | 10 | | | | — | | | | 5,823 | | Mutual funds | | | 5,063 | | | | — | | | | (231 | ) | | | 4,832 | | Corporate bonds | | | 2,467 | | | | 6 | | | | (11 | ) | | | 2,462 | | U.S. Treasury notes | | | 2,785 | | | | 32 | | | | — | | | | 2,817 | | Municipal bonds | | | 9,028 | | | | 12 | | | | (1 | ) | | | 9,039 | | Total | | $ | 46,987 | | | $ | 60 | | | $ | (250 | ) | | $ | 46,797 | | July 31, 2015: | | | | | | | | | | | | | | | | | Certificates of deposit* | | $ | 22,736 | | | $ | 3 | | | $ | (2 | ) | | $ | 22,737 | | Federal Home Loan Bank bonds | | | 795 | | | | — | | | | — | | | | 795 | | International agency notes | | | 1,120 | | | | — | | | | (1 | ) | | | 1,119 | | Mutual funds | | | 5,000 | | | | — | | | | (18 | ) | | | 4,982 | | Straight Path Communications Inc. common stock | | | 2,086 | | | | — | | | | (563 | ) | | | 1,523 | | Municipal bonds | | | 9,125 | | | | 9 | | | | (3 | ) | | | 9,131 | | Total | | $ | 40,862 | | | $ | 12 | | | $ | (587 | ) | | $ | 40,287 | |
* Each of the Company’s certificates of deposit has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market. In July 2015, the Company received 64,624 shares of Straight Path Communications Inc. (“Straight Path”) Class B common stock in connection with the lapsing of restrictions on awards of Straight Path restricted stock to certain of the Company’s employees. The Company spun-off Straight Path in July 2013. As part of the Straight Path spin-off, holders of the Company’s restricted Class B common stock received, in respect of those restricted shares, one share of Straight Path’s Class B common stock for every two restricted shares of the Company that they held as of the record date for the Straight Path spin-off. The Company received the Straight Path shares in exchange for the payment of an aggregate of $2.1 million for the employees’ tax withholding obligations upon the vesting event. The number of shares was determined based on their fair market value on the trading day immediately prior to the vesting date. In September and October 2015, the Company sold all of the shares for $2.6 million and recorded a gain on the sale of $0.5 million. Proceeds from maturities and sales of available-for-sale securities were $9.9 million and $5.3 million in the three months ended January 31, 2016 and 2015, respectively, and $18.7 million and $12.1 million in the six months ended January 31, 2016 and 2015, respectively. The gross realized losses that were included in earnings as a result of sales were nil and $14,000 in the three months ended January 31, 2016 and 2015, respectively, and gains of $0.5 million and losses of $54,000 in the six months ended January 31, 2016 and 2015, respectively. The Company uses the specific identification method in computing the gross realized gains and gross realized losses on the sales of marketable securities. The contractual maturities of the Company’s available-for-sale debt securities at January 31, 2016 were as follows: | | Fair Value | | | | (in thousands) | | Within one year | | $ | 19,311 | | After one year through five years | | | 20,564 | | After five years through ten years | | | 1,799 | | After ten years | | | 291 | | Total | | $ | 41,965 | |
The following available-for-sale securities were in an unrealized loss position for which other-than-temporary impairments have not been recognized: | | Unrealized Losses | | | Fair Value | | | | (in thousands) | | January 31, 2016: | | | | | | | Certificates of deposit | | $ | 7 | | | $ | 11,217 | | Mutual funds | | | 231 | | | | 4,832 | | Corporate bonds | | | 11 | | | | 1,083 | | Municipal bonds | | | 1 | | | | 1,550 | | Total | | $ | 250 | | | $ | 18,682 | | July 31, 2015: | | | | | | | | | Certificates of deposit | | $ | 2 | | | $ | 2,194 | | International agency notes | | | 1 | | | | 1,119 | | Mutual funds | | | 18 | | | | 4,982 | | Straight Path Communications Inc. common stock | | | 563 | | | | 1,523 | | Municipal bonds | | | 3 | | | | 3,466 | | Total | | $ | 587 | | | $ | 13,284 | |
At January 31, 2016 and July 31, 2015, there were no securities in a continuous unrealized loss position for 12 months or longer.
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v3.3.1.900
Fair Value Measurements
|
6 Months Ended |
Jan. 31, 2016 |
Fair Value Measurements [Abstract] |
|
Fair Value Measurements |
Note 4—Fair Value Measurements The following tables present the balance of assets and liabilities measured at fair value on a recurring basis: | | Level 1 (1) | | | Level 2 (2) | | | Level 3 (3) | | | Total | | | | (in thousands) | | January 31, 2016 | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | Available-for-sale securities | | $ | 7,649 | | | $ | 39,148 | | | $ | — | | | $ | 46,797 | | Liabilities: | | | | | | | | | | | | | | | | | Foreign exchange forwards | | $ | — | | | $ | 131 | | | $ | — | | | $ | 131 | | July 31, 2015 | | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | | Available-for-sale securities | | $ | 6,505 | | | $ | 33,782 | | | $ | — | | | $ | 40,287 | | Foreign exchange forwards | | | — | | | | 38 | | | | — | | | | 38 | | Total | | $ | 6,505 | | | $ | 33,820 | | | $ | — | | | $ | 40,325 | | Liabilities: | | | | | | | | | | | | | | | | | Foreign exchange forwards | | $ | — | | | $ | 39 | | | $ | — | | | $ | 39 | |
(1) – quoted prices in active markets for identical assets or liabilities (2) – observable inputs other than quoted prices in active markets for identical assets and liabilities (3) – no observable pricing inputs in the market At January 31, 2016 and July 31, 2015, the Company had $8.6 million and $9.1 million, respectively, in investments in hedge funds, which were included in “Investments” in the accompanying consolidated balance sheets. The Company’s investments in hedge funds are accounted for using the equity method or the cost method; therefore investments in hedge funds are not measured at fair value. Fair Value of Other Financial Instruments The estimated fair value of the Company’s other financial instruments was determined using available market information or other
appropriate valuation
methodologies. However, considerable judgment is required in interpreting these data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. Cash and cash equivalents, restricted cash and cash equivalents, other current assets, customer deposits, notes payable—current portion and other current liabilities. At January 31, 2016 and July 31, 2015, the carrying amount of these assets and liabilities approximated fair value because of the short period of time to maturity. The fair value estimates for cash, cash equivalents and restricted cash and cash equivalents were classified as Level 1 and other current assets, customer deposits, notes payable—current portion and other current liabilities were classified as Level 2 of the fair value hierarchy. Other assets and other liabilities. At January 31, 2016 and July 31, 2015, the carrying amount of these assets and liabilities approximated fair value. The fair values were estimated based on the Company’s assumptions, which were classified as Level 3 of the fair value hierarchy. The Company’s investments at January 31, 2016 and July 31, 2015 included investments in the equity of certain privately held entities and other investments that are accounted for at cost. It is not practicable to estimate the fair value of these investments because of the lack of a quoted market price for the shares of these entities, and the inability to estimate their fair value without incurring excessive cost. The carrying value of these investments was $3.9 million and $3.4 million at January 31, 2016 and July 31, 2015, respectively, which the Company believes was not impaired.
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v3.3.1.900
Derivative Instruments
|
6 Months Ended |
Jan. 31, 2016 |
Derivative Instruments [Abstract] |
|
Derivative Instruments |
Note 5—Derivative Instruments The primary risk managed by the Company using derivative instruments is foreign exchange risk. Foreign exchange forward contracts are entered into as hedges against unfavorable fluctuations in the U.S. Dollar – Norwegian Krone (“NOK”) exchange rate. Zedge is based in New York and Norway and much of its operations are located in Norway. The Company does not apply hedge accounting to these contracts, therefore the changes in fair value are recorded in earnings. By using derivative instruments to mitigate exposures to changes in foreign exchange rates, the Company is exposed to credit risk from the failure of the counterparty to perform under the terms of the contract. The Company minimizes the credit or repayment risk by entering into transactions with high-quality counterparties. The Company’s outstanding contracts at January 31, 2016 were as follows: Settlement Date | | U.S. Dollar Amount | | | NOK Amount | | February 2016 | | | 800,000 | | | | 6,772,360 | | May 2016 | | | 1,000,000 | | | | 8,238,600 | | July 2016 | | | 1,000,000 | | | | 8,200,000 | |
The fair value of outstanding derivative instruments recorded as assets in the accompanying consolidated balance sheets were as follows: Asset Derivatives | | Balance Sheet Location | | January 31, 2016 | | | July 31, 2015 | | | | | | (in thousands) | | Derivatives not designated or not qualifying as hedging instruments: | | | | | | | | | Foreign exchange forwards | | Other current assets | | $ | — | | | $ | 38 | |
The fair value of outstanding derivative instruments recorded as liabilities in the accompanying consolidated balance sheets were as follows: Liability Derivatives | | Balance Sheet Location | | January 31, 2016 | | | July 31, 2015 | | | | | | (in thousands) | | Derivatives not designated or not qualifying as hedging instruments: | | | | | | | | | Foreign exchange forwards | | Other current liabilities | | $ | 131 | | | $ | 39 | |
The effects of derivative instruments on the consolidated statements of operations were as follows: | | Amount of Gain (Loss) Recognized on Derivatives | | | | Three Months Ended January 31, | | | Six Months Ended January 31, | | Derivatives not designated or not qualifying as hedging instruments | | Location of Gain (Loss) Recognized on Derivatives | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | | | (in thousands) | | Foreign exchange forwards | | Other (expense) income, net | | $ | (123 | ) | | $ | — | | | $ | (225 | ) | | $ | — | |
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
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Equity
|
6 Months Ended |
Jan. 31, 2016 |
Equity [Abstract] |
|
Equity |
Note 6—Equity Changes in the components of equity were as follows: | | | Six Months Ended January 31, 2016 | | | | | Attributable to IDT Corporation | | | | Noncontrolling Interests | | | | Total | | | | | (in thousands) | | Balance, July 31, 2015 | | $ | 133,831 | | | $ | 1,109 | | | $ | 134,940 | | Dividends declared ($0.37 per share) | | | (8,626 | ) | | | — | | | | (8,626 | ) | Restricted Class B common stock purchased from employees | | | (134 | ) | | | — | | | | (134 | ) | Repurchases of Class B common stock through repurchase program | | | (4,639 | ) | | | — | | | | (4,639 | ) | Distributions to noncontrolling interests | | | — | | | | (1,220 | ) | | | (1,220 | ) | Stock-based compensation | | | 1,644 | | | | — | | | | 1,644 | | Comprehensive income: | | | | | | | | | | | | | Net income | | | 8,259 | | | | 981 | | | | 9,240 | | Other comprehensive loss | | | (3,515 | ) | | | — | | | | (3,515 | ) | Comprehensive income | | | 4,744 | | | | 981 | | | | 5,725 | | Balance, January 31, 2016 | | $ | 126,820 | | | $ | 870 | | | $ | 127,690 | |
Dividend Payments In the six months ended January 31, 2016, the Company paid aggregate cash dividends of $0.37 per share on its Class A common stock and Class B common stock, or $8.6 million in total. In the six months ended January 31, 2015, the Company paid aggregate cash dividends of $1.67 per share on its Class A common stock and Class B common stock, or $38.9 million in total. The aggregate cash dividends included special dividends of $0.68 per share and $0.64 per share paid in November 2014 and January 2015, respectively. In March 2016, the Company’s Board of Directors declared a dividend of $0.19 per share for the second quarter of fiscal 2016 to holders of the Company’s Class A common stock and Class B common stock. The dividend will be paid on or about March 25, 2016 to stockholders of record as of the close of business on March 15, 2016. Stock Repurchases The Company had a stock repurchase program for the repurchase of up to an aggregate of 8.3 million shares of the Company’s Class B common stock. In the six months ended January 31, 2016, the Company repurchased 398,376 shares of Class B common stock for an aggregate purchase price of $4.6 million. In the six months ended January 31, 2015, the Company repurchased 29,675 shares of Class B common stock for an aggregate purchase price of $0.4 million. On January 22, 2016, the Company’s Board of Directors approved a stock repurchase program to purchase up to 8.0 million shares of the Company’s Class B common stock and cancelled the previous stock repurchase
program, which had 4.6 million shares remaining available for repurchase. At January 31, 2016, 8.0 million shares remained available for repurchase under the stock repurchase program. In the six months ended January 31, 2016 and 2015, the Company paid $0.1 million and $0.3 million, respectively, to repurchase 11,250 and 16,330 shares of Class B common stock, respectively, that were tendered by employees of the Company to satisfy the employees’ tax withholding obligations in connection with the lapsing of restrictions on awards of restricted stock. Such shares are repurchased by the Company based on their fair market value on the trading day immediately prior to the vesting date. 2015 Stock Option and Incentive Plan On December 14, 2015, the Company’s stockholders approved an amendment to the Company’s 2015 Stock Option and Incentive Plan to increase the number of shares of the Company’s Class B common stock available for the grant of awards thereunder by an additional 0.1 million shares.
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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Earnings Per Share
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6 Months Ended |
Jan. 31, 2016 |
Earnings Per Share [Abstract] |
|
Earnings Per Share |
Note 7—Earnings Per Share Basic earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive. The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following: | | Three Months Ended January 31, | | | Six Months Ended January 31, | | | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | | (in thousands) | | Basic weighted-average number of shares | | | 22,799 | | | | 22,818 | | | | 22,867 | | | | 22,783 | | Effect of dilutive securities: | | | | | | | | | | | | | | | | | Stock options | | | — | | | | 52 | | | | — | | | | 40 | | Non-vested restricted Class B common stock | | | — | | | | 355 | | | | 17 | | | | 332 | | Diluted weighted-average number of shares | | | 22,799 | | | | 23,225 | | | | 22,884 | | | | 23,155 | |
The following outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise price of the stock option was greater than the average market price of the Company’s stock during the period: | | Three Months Ended January 31, | | | Six Months Ended January 31, | | | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | | (in thousands) | | Shares excluded from the calculation of diluted earnings per share | | | 265 | | | | 16 | | | | 266 | | | | 42 | |
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v3.3.1.900
Revolving Credit Loan Payable
|
6 Months Ended |
Jan. 31, 2016 |
Revolving Credit Loan Payable [Abstract] |
|
Revolving Credit Loan Payable |
Note 8—Revolving Credit Loan Payable The Company’s subsidiary, IDT Telecom, Inc., entered into a credit agreement, dated July 12, 2012, with TD Bank, N.A. for a line of credit facility for up to a maximum principal amount of $25.0 million. IDT Telecom may use the proceeds to finance working capital requirements, acquisitions and for other general corporate purposes. The line of credit facility is secured by primarily all of IDT Telecom’s assets. The principal outstanding bears interest per annum, at the option of IDT Telecom, at either (a) the U.S. Prime Rate less 125 basis points, or (b) the LIBOR rate adjusted by the Regulation D maximum reserve requirement plus 150 basis points. Interest is payable monthly and all outstanding principal and any accrued and unpaid interest is due on the maturity date. In January 2016, the maturity date was extended to January 31, 2018. At January 31, 2016 and July 31, 2015, there were no amounts outstanding under the facility. The Company intends to borrow under the facility from time to time. IDT Telecom pays a quarterly unused commitment fee of 0.375% per annum on the average daily balance of the unused portion of the $25.0 million commitment. IDT Telecom is required to comply with various affirmative and negative covenants as well as maintain certain financial targets and ratios during the term of the line of credit, including IDT Telecom may not pay any dividend on its capital stock and IDT Telecom’s aggregate loans and advances to affiliates or subsidiaries may not exceed $110.0 million. At January 31, 2016 and July 31, 2015, there were no amounts utilized for letters of credit under the line of credit, IDT Telecom was in compliance with all of the covenants, and IDT Telecom’s aggregate loans and advances to affiliates and subsidiaries was $83.2 million and $90.1 million, respectively.
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v3.3.1.900
Severance Expense
|
6 Months Ended |
Jan. 31, 2016 |
Severance Expense [Abstract] |
|
Severance Expense |
Note 9—Severance Expense Severance expense of $0.4 million and $1.9 million in the three and six months ended January 31, 2015, respectively, was due to a downsizing of certain IDT Telecom sales and administrative functions in Europe and the U.S. In addition, in February and March 2015, the Company completed a reduction of its workforce and incurred severance expense of $6.2 million in the third quarter of fiscal 2015. At January 31, 2016 and July 31, 2015, there was accrued severance of $0.9 million and $3.7 million, respectively, included in “Accrued expenses” in the accompanying consolidated balance sheets for the February and March 2015 headcount reductions.
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v3.3.1.900
Accumulated Other Comprehensive (Loss) Income
|
6 Months Ended |
Jan. 31, 2016 |
Accumulated Other Comprehensive Income [Abstract] |
|
Accumulated Other Comprehensive Income |
Note 10—Accumulated Other Comprehensive (Loss) Income The accumulated balances for each classification of other comprehensive income (loss) were as follows: | | Unrealized Gain (Loss) on Available-for-Sale Securities | | | Foreign Currency Translation | | | Accumulated Other Comprehensive Income (Loss) | | | Location of (Gain) Loss Recognized | | | | (in thousands) | Balance, July 31, 2015 | | $ | (575 | ) | | $ | 1,346 | | | $ | 771 | | | | Other comprehensive income (loss) attributable to IDT Corporation before reclassifications | | | 928 | | | | (3,900 | ) | | | (2,972 | ) | | | Less: reclassification for gain included in net income | | | (543 | ) | | | — | | | | (543 | ) | | Other (expense) income, net | Net other comprehensive income (loss) attributable to IDT Corporation | | | 385 | | | | (3,900 | ) | | | (3,515 | ) | | | Balance, January 31, 2016 | | $ | (190 | ) | | $ | (2,554 | ) | | $ | (2,744 | ) |
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v3.3.1.900
Business Segment Information
|
6 Months Ended |
Jan. 31, 2016 |
Business Segment Information [Abstract] |
|
Business Segment Information |
Note 11—Business Segment Information The Company has two reportable business segments, Telecom Platform Services and Consumer Phone Services. Operating segments that are not reportable individually are included in All Other. The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker. The Telecom Platform Services segment provides retail telecommunications and payment offerings as well as wholesale international long distance traffic termination. The Consumer Phone Services segment provides consumer local and long distance services in certain U.S. states. Telecom Platform Services and Consumer Phone Services comprise the IDT Telecom division. All Other includes Zedge, which provides a content platform that enables consumers to personalize their mobile devices with free, high quality ringtones, wallpapers, home screen app icons and notification sounds. All Other also includes the Company’s real estate holdings and other, smaller, businesses. Until the sale of Fabrix in October 2014, All Other included Fabrix, a software development company offering a cloud-based scale-out storage and computing platform optimized for big data, virtualization and media storage, processing and delivery. Corporate costs include certain services, such as compensation, consulting fees, treasury and accounts payable, tax and accounting services, human resources and payroll, corporate purchasing, corporate governance including Board of Directors’ fees, internal and external audit, investor relations, corporate insurance, corporate legal, business development, and other corporate-related general and administrative expenses including, among others, facilities costs, charitable contributions and travel, as well as depreciation expense on corporate assets. Corporate does not generate any revenues, nor does it incur any direct cost of revenues. The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its business segments based primarily on income (loss) from operations. IDT Telecom depreciation and amortization are allocated to Telecom Platform Services and Consumer Phone Services because the related assets are not tracked separately by segment. There are no other significant asymmetrical allocations to segments. Operating results for the business segments of the Company are as follows: (in thousands) | | Telecom Platform Services | | | Consumer Phone Services | | | All Other | | | Corporate | | | Total | | Three Months Ended January 31, 2016 | | | | | | | | | | | | | | | | Revenues | | $ | 376,692 | | | $ | 1,766 | | | $ | 3,996 | | | $ | — | | | $ | 382,454 | | Income (loss) from operations | | | 6,302 | | | | 289 | | | | 1,845 | | | | (2,059 | ) | | | 6,377 | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended January 31, 2015 | | | | | | | | | | | | | | | | | | | | | Revenues | | $ | 388,970 | | | $ | 2,243 | | | $ | 2,960 | | | $ | — | | | $ | 394,173 | | Income (loss) from operations | | | 6,870 | | | | 306 | | | | (602 | ) | | | (2,839 | ) | | | 3,735 | | Gain on sale of interest in Fabrix Systems Ltd. | | | — | | | | — | | | | 484 | | | | — | | | | 484 | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended January 31, 2016 | | | | | | | | | | | | | | | | | | | | | Revenues | | $ | 762,380 | | | $ | 3,595 | | | $ | 7,057 | | | $ | — | | | $ | 773,032 | | Income (loss) from operations | | | 16,027 | | | | 629 | | | | 2,275 | | | | (4,628 | ) | | | 14,303 | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended January 31, 2015 | | | | | | | | | | | | | | | | | | | | | Revenues | | $ | 792,758 | | | $ | 4,554 | | | $ | 9,739 | | | $ | — | | | $ | 807,051 | | Income (loss) from operations | | | 12,540 | | | | 662 | | | | 75,936 | | | | (5,794 | ) | | | 83,344 | | Gain on sale of interest in Fabrix Systems Ltd. | | | — | | | | — | | | | 75,629 | | | | — | | | | 75,629 | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.3.1.900
Commitments and Contingencies
|
6 Months Ended |
Jan. 31, 2016 |
Commitments and Contingencies [Abstract] |
|
Commitments and Contingencies |
Note 12—Commitments and Contingencies Legal Proceedings On May 5, 2004, the Company filed a complaint in the Supreme Court of the State of New York, County of New York, seeking injunctive relief and damages against Tyco Group, S.A.R.L., Tyco Telecommunications (US) Inc. (f/k/a TyCom (US) Inc.), Tyco International, Ltd., Tyco International (US) Inc., and TyCom Ltd. (collectively “Tyco”). The Company alleged that Tyco breached a settlement agreement that it had entered into with the Company to resolve certain disputes and civil actions among the parties. The Company alleged that Tyco did not provide the Company, as required under the settlement agreement, free of charge and for the Company’s exclusive use, a 15-year indefeasible right to use four Wavelengths in Ring Configuration (as defined in the settlement agreement) on a global undersea fiber optic network that Tyco was deploying at that time. After extensive proceedings, including several decisions and appeals, the New York Court of Appeals affirmed a lower court decision to dismiss the Company’s claim and denied the Company’s motion for re-argument of that decision. On June 23, 2015, the Company filed a new summons and complaint against Tyco in the Supreme Court of the State of New York, County of New York alleging that Tyco breached the settlement agreement. In September 2015, Tyco filed a motion to dismiss the complaint, which the Company opposed. Oral arguments were held on March 9, 2016. The parties are now awaiting a decision from the Court. In addition to the foregoing, the Company is subject to other legal proceedings that have arisen in the ordinary course of business and have not been finally adjudicated. Although there can be no assurance in this regard, the Company believes that none of the other legal proceedings to which the Company is a party will have a material adverse effect on the Company’s results of operations, cash flows or financial condition. Purchase Commitments The Company had purchase commitments of $1.6 million at January 31, 2016. Letters of Credit At January 31, 2016, the Company had letters of credit outstanding totaling $0.3 million for IDT Telecom’s business. The letters of credit outstanding at January 31, 2016 expire in the twelve month period ending January 31, 2017. Performance Bonds IDT Payment Services and IDT Telecom have performance bonds issued through third parties for the benefit of various states in order to comply with the states’ financial requirements for money remittance licenses and telecommunications resellers, respectively. At January 31, 2016, the Company had aggregate performance bonds of $13.1 million outstanding. Customer Deposits At January 31, 2016 and July 31, 2015, “Customer deposits” in the Company’s consolidated balance sheets included refundable customer deposits of $85.1 million and $84.5 million, respectively, related to IDT Financial Services Ltd., the Company’s Gibraltar-based bank. Substantially Restricted Cash and Cash Equivalents The Company treats unrestricted cash and cash equivalents held by IDT Payment Services and IDT Financial Services Ltd. as substantially restricted and unavailable for other purposes. At January 31, 2016 and July 31, 2015, “Cash and cash equivalents” in the Company’s consolidated balance sheets included an aggregate of $9.1 million and $7.5 million, respectively, held by IDT Payment Services and IDT Financial Services Ltd. that was unavailable for other purposes. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents consist of the following: | | January 31, 2016 | | | July 31, 2015 | | | | (in thousands) | | IDT Financial Services customer deposits | | $ | 88,335 | | | $ | 87,613 | | Related to letters of credit | | | 272 | | | | 3,163 | | Other | | | 185 | | | | 259 | | Total restricted cash and cash equivalents | | $ | 88,792 | | | $ | 91,035 | |
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v3.3.1.900
Other (Expense) Income, Net
|
6 Months Ended |
Jan. 31, 2016 |
Other (Expense) Income, Net [Abstract] |
|
Other (Expense) Income, Net |
Note 13—Other (Expense) Income, Net Other (expense) income, net consists of the following: | | Three Months Ended January 31, | | | Six Months Ended January 31, | | | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | (in thousands) | | Foreign currency transaction (losses) gains | | $ | (1,096 | ) | | $ | 322 | | | $ | (2,258 | ) | | $ | 1,089 | | (Loss) gain on marketable securities | | | — | | | | (16 | ) | | | 543 | | | | (57 | ) | Gain (loss) on investments | | | 236 | | | | (439 | ) | | | 80 | | | | 1,459 | | Other | | | 626 | | | | 1,100 | | | | 791 | | | | (201 | ) | Total other (expense) income, net | | $ | (234 | ) | | $ | 967 | | | $ | (844 | ) | | $ | 2,290 |
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- DefinitionThe entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.
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v3.3.1.900
Recently Adopted Accounting Standard and Recently Issued Accounting Standards Not Yet Adopted
|
6 Months Ended |
Jan. 31, 2016 |
Recently Adopted Accounting Standard and Recently Issued Accounting Standards Not Yet Adopted [Abstract] |
|
Recently Adopted Accounting Standard and Recently Issued Accounting Standards Not Yet Adopted |
Note 14—Recently Adopted Accounting Standard and Recently Issued Accounting Standards Not Yet Adopted In November 2015, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to simplify the presentation of deferred income taxes, as well as align the presentation of deferred income tax assets and liabilities with International Financial Reporting Standards (“IFRS”). The amendments in the ASU require that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet instead of separated into current and noncurrent amounts. The Company adopted the ASU on November 1, 2015 and retrospectively applied the change. As a result, $0.8 million of deferred income tax assets that were included in current assets at July 31, 2015 were reclassified to noncurrent in the accompanying consolidated balance sheet. In May 2014, the FASB and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard that will supersede most of the current revenue recognition guidance under U.S. GAAP and IFRS. The goals of the revenue recognition project were to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance revenue recognition requirements. The Company will adopt this standard on August 1, 2018. Entities have the option of using either a full retrospective or modified retrospective approach for the adoption of the standard. The Company is evaluating the impact that the standard will have on its consolidated financial statements. In January 2016, the FASB issued an ASU to provide more information about recognition, measurement, presentation and disclosure of financial instruments. The amendments in the ASU include, among other changes, the following: (1) equity investments (except those accounted for under the equity method or that result in consolidation) will be measured at fair value with changes in fair value recognized in net income, (2) a qualitative assessment each reporting period to identify impairment of equity investments without readily determinable fair values, (3) financial assets and financial liabilities will be presented separately by measurement category and form of financial asset on the balance sheet or the notes to the financial statements, and (4) an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities classified as available-for-sale in other comprehensive income. In addition, a practicability exception will be available for equity investments that do not have readily determinable fair values and do not qualify for the net asset value practical expedient. These investments may be measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Entities will have to reassess at each reporting period whether an investment qualifies for this practicability exception. The Company will adopt the amendments in this ASU on August 1, 2018. The Company is evaluating the impact that the ASU will have on its consolidated financial statements. In February 2016, the FASB issued an ASU related to the accounting for leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company will adopt the new standard on August 1, 2019. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact that the new standard will have on its consolidated financial statements.
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- DefinitionThe entire disclosure for a new accounting pronouncement that has been issued but not yet adopted.
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v3.3.1.900
IDT Financial Services Ltd. Recent Transactions
|
6 Months Ended |
Jan. 31, 2016 |
IDT Financial Services Ltd. Recent Transactions [Abstract] |
|
IDT Financial Services Ltd. Recent Transactions |
Note 15—IDT Financial Services Ltd. Recent Transactions
In December 2015, MasterCard Europe released IDT Financial Services Ltd.’s security deposit. IDT Financial Services Ltd. received cash of $4.7 million from MasterCard Europe. At July 31, 2015, this security deposit was included in “Other assets” in the accompanying consolidated balance sheet.
On November 2, 2015, Visa Inc. entered into an agreement to acquire Visa Europe Limited subject to regulatory approvals. IDT Financial Services Ltd. is a member of Visa Europe and, if the transaction is consummated, will receive part of the consideration from the intended acquisition. Visa Inc. will pay for the acquisition in two tranches. The first tranche will include cash and preferred stock convertible into Visa Inc. Class A common stock. Visa Europe estimated that IDT Financial Services Ltd. will receive, subject to adjustment, €4.7 million ($5.1 million at January 31, 2016) in cash and €1.6 million ($1.8 million at January 31, 2016) in Visa Inc. preferred stock. The first tranche is expected to be paid during the second quarter of calendar 2016. The second tranche is a potential earn-out, subject to certain achievements that if fulfilled, would be paid in 2020. The amount of consideration expected to be received is preliminary, the amounts may change, and the closing of the transaction cannot be assured. The Visa Inc. preferred stock would become fully convertible into Class A common stock of Visa Inc. twelve years after the closing. Beginning four years after closing, Visa Inc. will assess whether it is appropriate to effect a partial conversion. In addition, there will be restrictions on transferring the preferred stock until it is converted into Class A common stock. The preferred stock may only be transferred to other Visa Europe members, or to existing qualifying holders of Visa Inc.’s Class B common stock. Also, the preferred stock will not be registered under the U.S. Securities Act of 1933 and therefore is not transferable unless such transfer is registered or an exemption from registration is available.
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v3.3.1.900
Marketable Securities (Tables)
|
6 Months Ended |
Jan. 31, 2016 |
Marketable Securities [Abstract] |
|
Summary of marketable securities |
| | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | | | (in thousands) | | Available-for-sale securities: | | | | | | | | | | | | | January 31, 2016: | | | | | | | | | | | | | Certificates of deposit* | | $ | 21,831 | | | $ | — | | | $ | (7 | ) | | $ | 21,824 | | Federal Government Sponsored Enterprise notes | | | 5,813 | | | | 10 | | | | — | | | | 5,823 | | Mutual funds | | | 5,063 | | | | — | | | | (231 | ) | | | 4,832 | | Corporate bonds | | | 2,467 | | | | 6 | | | | (11 | ) | | | 2,462 | | U.S. Treasury notes | | | 2,785 | | | | 32 | | | | — | | | | 2,817 | | Municipal bonds | | | 9,028 | | | | 12 | | | | (1 | ) | | | 9,039 | | Total | | $ | 46,987 | | | $ | 60 | | | $ | (250 | ) | | $ | 46,797 | | July 31, 2015: | | | | | | | | | | | | | | | | | Certificates of deposit* | | $ | 22,736 | | | $ | 3 | | | $ | (2 | ) | | $ | 22,737 | | Federal Home Loan Bank bonds | | | 795 | | | | — | | | | — | | | | 795 | | International agency notes | | | 1,120 | | | | — | | | | (1 | ) | | | 1,119 | | Mutual funds | | | 5,000 | | | | — | | | | (18 | ) | | | 4,982 | | Straight Path Communications Inc. common stock | | | 2,086 | | | | — | | | | (563 | ) | | | 1,523 | | Municipal bonds | | | 9,125 | | | | 9 | | | | (3 | ) | | | 9,131 | | Total | | $ | 40,862 | | | $ | 12 | | | $ | (587 | ) | | $ | 40,287 | |
* Each of the Company’s certificates of deposit has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market.
|
Summary of available-for-sale securities |
| | Fair Value | | | | (in thousands) | | Within one year | | $ | 19,311 | | After one year through five years | | | 20,564 | | After five years through ten years | | | 1,799 | | After ten years | | | 291 | | Total | | $ | 41,965 |
|
Summary of available-for-sale securities, unrealized loss position |
| | Unrealized Losses | | | Fair Value | | | | (in thousands) | | January 31, 2016: | | | | | | | Certificates of deposit | | $ | 7 | | | $ | 11,217 | | Mutual funds | | | 231 | | | | 4,832 | | Corporate bonds | | | 11 | | | | 1,083 | | Municipal bonds | | | 1 | | | | 1,550 | | Total | | $ | 250 | | | $ | 18,682 | | July 31, 2015: | | | | | | | | | Certificates of deposit | | $ | 2 | | | $ | 2,194 | | International agency notes | | | 1 | | | | 1,119 | | Mutual funds | | | 18 | | | | 4,982 | | Straight Path Communications Inc. common stock | | | 563 | | | | 1,523 | | Municipal
bonds | | | 3 | | | | 3,466 | | Total | | $ | 587 | | | $ | 13,284 |
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v3.3.1.900
Fair Value Measurements (Tables)
|
6 Months Ended |
Jan. 31, 2016 |
Fair Value Measurements [Abstract] |
|
Summary of balance of assets and liabilities measured at fair value on a recurring basis |
| | Level 1 (1) | | | Level 2 (2) | | | Level 3 (3) | | | Total | | | | (in thousands) | | January 31, 2016 | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | Available-for-sale securities | | $ | 7,649 | | | $ | 39,148 | | | $ | — | | | $ | 46,797 | | Liabilities: | | | | | | | | | | | | | | | | | Foreign exchange forwards | | $ | — | | | $ | 131 | | | $ | — | | | $ | 131 | | July 31, 2015 | | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | | Available-for-sale securities | | $ | 6,505 | | | $ | 33,782 | | | $ | — | | | $ | 40,287 | | Foreign exchange forwards | | | — | | | | 38 | | | | — | | | | 38 | | Total | | $ | 6,505 | | | $ | 33,820 | | | $ | — | | | $ | 40,325 | | Liabilities: | | | | | | | | | | | | | | | | | Foreign exchange forwards | | $ | — | | | $ | 39 | | | $ | — | | | $ | 39 | |
(1) – quoted prices in active markets for identical assets or liabilities (2) – observable inputs other than quoted prices in active markets for identical assets and liabilities (3) – no observable pricing inputs in the market
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v3.3.1.900
Derivative Instruments (Tables)
|
6 Months Ended |
Jan. 31, 2016 |
Derivative Instruments [Abstract] |
|
Schedule of derivative instruments outstanding contracts |
Settlement Date | | U.S. Dollar Amount | | | NOK Amount | | February 2016 | | | 800,000 | | | | 6,772,360 | | May 2016 | | | 1,000,000 | | | | 8,238,600 | | July 2016 | | | 1,000,000 | | | | 8,200,000 | |
|
Schedule of derivative assets fair value |
Asset Derivatives | | Balance Sheet Location | | January 31, 2016 | | | July 31, 2015 | | | | | | (in thousands) | | Derivatives not designated or not qualifying as hedging instruments: | | | | | | | | | | | Foreign exchange forwards | | Other current assets | | $ | — | | | $ | 38 |
|
Schedule of derivative liability fair value |
Liability Derivatives | | Balance Sheet Location | | January 31, 2016 | | | July 31, 2015 | | | | | | (in thousands) | | Derivatives not designated or not qualifying as hedging instruments: | | | | | | | | | | | Foreign exchange forwards | | Other current liabilities | | $ | 131 | | | $ | 39 | |
|
Schedule of derivative instruments on the consolidated statements of operations |
| | Amount of Gain (Loss) Recognized on Derivatives | | | | Three Months Ended January 31, | | | Six Months Ended January 31, | | Derivatives not designated or not qualifying as hedging instruments | | Location of Gain (Loss) Recognized on Derivatives | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | | | | (in thousands) | | Foreign exchange forwards | | Other (expense) income, net | | $ | (123 | ) | | $ | — | | | $ | (225 | ) | | $ | — | |
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v3.3.1.900
Equity (Tables)
|
6 Months Ended |
Jan. 31, 2016 |
Equity [Abstract] |
|
Summary of changes in the components of equity |
| | | Six Months Ended January 31, 2016 | | | | | Attributable to IDT Corporation | | | | Noncontrolling Interests | | | | Total | | | | | (in thousands) | | Balance, July 31, 2015 | | $ | 133,831 | | | $ | 1,109 | | | $ | 134,940 | | Dividends declared ($0.37 per share) | | | (8,626 | ) | | | — | | | | (8,626 | ) | Restricted Class B common stock purchased from employees | | | (134 | ) | | | — | | | | (134 | ) | Repurchases of Class B common stock through repurchase program | | | (4,639 | ) | | | — | | | | (4,639 | ) | Distributions to noncontrolling interests | | | — | | | | (1,220 | ) | | | (1,220 | ) | Stock-based compensation | | | 1,644 | | | | — | | | | 1,644 | | Comprehensive income: | | | | | | | | | | | | | Net income | | | 8,259 | | | | 981 | | | | 9,240 | | Other comprehensive loss | | | (3,515 | ) | | | — | | | | (3,515 | ) | Comprehensive income | | | 4,744 | | | | 981 | | | | 5,725 | | Balance, January 31, 2016 | | $ | 126,820 | | | $ | 870 | | | $ | 127,690 |
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v3.3.1.900
Earnings Per Share (Tables)
|
6 Months Ended |
Jan. 31, 2016 |
Earnings Per Share [Abstract] |
|
Summary of weighted-average number of shares used in the calculation of basic and diluted earnings per share |
| | Three Months Ended January 31, | | | Six Months Ended January 31, | | | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | | (in thousands) | | Basic weighted-average number of shares | | | 22,799 | | | | 22,818 | | | | 22,867 | | | | 22,783 | | Effect of dilutive securities: | | | | | | | | | | | | | | | | | Stock options | | | — | | | | 52 | | | | — | | | | 40 | | Non-vested restricted Class B common stock | | | — | | | | 355 | | | | 17 | | | | 332 | | Diluted weighted-average
number of shares | | | 22,799 | | | | 23,225 | | | | 22,884 | | | | 23,155 | |
|
Shares excluded from the diluted earnings per share computations |
| | Three Months Ended January 31, | | | Six Months Ended January 31, | | | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | | (in thousands) | | Shares excluded from the calculation of diluted earnings per share | | | 265 | | | | 16 | | | | 266 | | | | 42 | |
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v3.3.1.900
Accumulated Other Comprehensive (Loss) Income (Tables)
|
6 Months Ended |
Jan. 31, 2016 |
Accumulated Other Comprehensive Income [Abstract] |
|
Schedule of accumulated balances for each classification of other comprehensive income (loss) |
| | Unrealized Gain (Loss) on Available-for-Sale Securities | | | Foreign Currency Translation | | | Accumulated Other Comprehensive Income (Loss) | | | Location of (Gain) Loss Recognized | | | | (in thousands) | Balance, July 31, 2015 | | $ | (575 | ) | | $ | 1,346 | | | $ | 771 | | | | Other comprehensive income (loss) attributable to IDT Corporation before reclassifications | | | 928 | | | | (3,900 | ) | | | (2,972 | ) | | | Less: reclassification for gain included in net income | | | (543 | ) | | | — | | | | (543 | ) | | Other (expense) income, net | Net other comprehensive income (loss) attributable to IDT Corporation | | | 385 | | | | (3,900 | ) | | | (3,515 | ) | | | Balance, January 31, 2016 | | $ | (190 | ) | | $ | (2,554 | ) | | $ | (2,744 | ) |
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v3.3.1.900
Business Segment Information (Tables)
|
6 Months Ended |
Jan. 31, 2016 |
Business Segment Information [Abstract] |
|
Summary of operating results of business segments |
(in thousands) | | Telecom Platform Services | | | Consumer Phone Services | | | All Other | | | Corporate | | | Total | | Three Months Ended January 31, 2016 | | | | | | | | | | | | | | | | | | | | | Revenues | | $ | 376,692 | | | $ | 1,766 | | | $ | 3,996 | | | $ | — | | | $ | 382,454 | | Income (loss) from operations | | | 6,302 | | | | 289 | | | | 1,845 | | | | (2,059 | ) | | | 6,377 | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended January 31, 2015 | | | | | | | | | | | | | | | | | | | | | Revenues | | $ | 388,970 | | | $ | 2,243 | | | $ | 2,960 | | | $ | — | | | $ | 394,173 | | Income (loss) from operations | | | 6,870 | | | | 306 | | | | (602 | ) | | | (2,839 | ) | | | 3,735 | | Gain on sale of interest in Fabrix Systems Ltd. | | | — | | | | — | | | | 484 | | | | — | | | | 484 | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended January 31, 2016 | | | | | | | | | | | | | | | | | | | | | Revenues | | $ | 762,380 | | | $ | 3,595 | | | $ | 7,057 | | | $ | — | | | $ | 773,032 | | Income (loss) from operations | | | 16,027 | | | | 629 | | | | 2,275 | | | | (4,628 | ) | | | 14,303 | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended January 31, 2015 | | | | | | | | | | | | | | | | | | | | | Revenues | | $ | 792,758 | | | $ | 4,554 | | | $ | 9,739 | | | $ | — | | | $ | 807,051 | | Income (loss) from operations | | | 12,540 | | | | 662 | | | | 75,936 | | | | (5,794 | ) | | | 83,344 | | Gain on sale of interest in Fabrix Systems Ltd. | | | — | | | | — | | | | 75,629 | | | | — | | | | 75,629 | |
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v3.3.1.900
Other (Expense) Income, Net (Tables)
|
6 Months Ended |
Jan. 31, 2016 |
Other (Expense) Income, Net [Abstract] |
|
Schedule of other (expense) income, net |
| | Three Months Ended January 31, | | | Six Months Ended January 31, | | | | 2016 | | | 2015 | | | 2016 | | | 2015 | | | | (in thousands) | | Foreign currency transaction (losses) gains | | $ | (1,096 | ) | | $ | 322 | | | $ | (2,258 | ) | | $ | 1,089 | | (Loss) gain on marketable securities | | | — | | | | (16 | ) | | | 543 | | | | (57 | ) | Gain (loss) on investments | | | 236 | | | | (439 | ) | | | 80 | | | | 1,459 | | Other | | | 626 | | | | 1,100 | | | | 791 | | | | (201 | ) | Total other (expense) income, net | | $ | (234 | ) | | $ | 967 | | | $ | (844 | ) | | $ | 2,290 |
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Sale of Interest in Fabrix Systems Ltd. (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
Income before income taxes |
$ 6,677
|
$ 4,662
|
$ 14,151
|
$ 85,503
|
Fabrix Subsidiary [Member] |
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
Income before income taxes |
|
|
|
917
|
Income before income taxes attributable to IDT Corporation |
|
|
|
$ 1,325
|
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Sale of Interest in Fabrix Systems Ltd. (Details Textual) - USD ($) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
Oct. 08, 2014 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Sale of Interest in Fabrix Systems Ltd. (Textual) |
|
|
|
|
|
Gain on sale of interest in Fabrix Systems Ltd. |
|
|
$ 484
|
|
$ 75,629
|
Cash received from divestiture of interest in consolidated subsidiaries parent only portion |
|
|
|
$ 4,769
|
36,039
|
Fabrix Subsidiary [Member] |
|
|
|
|
|
Sale of Interest in Fabrix Systems Ltd. (Textual) |
|
|
|
|
|
Common stock sold to Ericsson |
$ 95,000
|
|
|
|
|
Sale of stock to Ericsson in percentage |
100.00%
|
|
|
|
|
Company owns in Fabrix in percentage |
78.00%
|
|
|
|
|
Escrow deposit |
$ 13,000
|
|
|
|
|
Escrow deposit disbursement |
|
$ 6,500
|
|
6,500
|
|
Gain on sale of interest in Fabrix Systems Ltd. |
|
|
|
76,900
|
$ 75,600
|
Proceeds from divestiture of interest in consolidated subsidiaries |
$ 68,100
|
|
|
|
|
Cash received from divestiture of interest in consolidated subsidiaries parent only portion |
|
|
|
64,400
|
|
Other receivables |
|
$ 3,700
|
|
$ 3,700
|
|
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v3.3.1.900
Marketable Securities (Details) - USD ($) $ in Thousands |
Jan. 31, 2016 |
Jul. 31, 2015 |
Schedule of Available-For-Sale Securities [Line Items] |
|
|
|
Amortized Cost |
|
$ 46,987
|
$ 40,862
|
Gross Unrealized Gains |
|
60
|
12
|
Gross Unrealized Losses |
|
(250)
|
(587)
|
Fair Value |
|
46,797
|
40,287
|
Certificates of Deposit [Member] |
|
|
|
Schedule of Available-For-Sale Securities [Line Items] |
|
|
|
Amortized Cost |
[1] |
$ 21,831
|
22,736
|
Gross Unrealized Gains |
[1] |
|
3
|
Gross Unrealized Losses |
[1] |
$ (7)
|
(2)
|
Fair Value |
[1] |
21,824
|
22,737
|
Federal Home Loan Bank bonds [Member] |
|
|
|
Schedule of Available-For-Sale Securities [Line Items] |
|
|
|
Amortized Cost |
|
|
$ 795
|
Gross Unrealized Gains |
|
|
|
Gross Unrealized Losses |
|
|
|
Fair Value |
|
|
$ 795
|
Federal Government Sponsored Enterprise notes [Member] |
|
|
|
Schedule of Available-For-Sale Securities [Line Items] |
|
|
|
Amortized Cost |
|
5,813
|
|
Gross Unrealized Gains |
|
$ 10
|
|
Gross Unrealized Losses |
|
|
|
Fair Value |
|
$ 5,823
|
|
Mutual funds [Member] |
|
|
|
Schedule of Available-For-Sale Securities [Line Items] |
|
|
|
Amortized Cost |
|
$ 5,063
|
$ 5,000
|
Gross Unrealized Gains |
|
|
|
Gross Unrealized Losses |
|
$ (231)
|
$ (18)
|
Fair Value |
|
4,832
|
4,982
|
Corporate bonds [Member] |
|
|
|
Schedule of Available-For-Sale Securities [Line Items] |
|
|
|
Amortized Cost |
|
2,467
|
|
Gross Unrealized Gains |
|
6
|
|
Gross Unrealized Losses |
|
(11)
|
|
Fair Value |
|
2,462
|
|
U.S. Treasury notes [Member] |
|
|
|
Schedule of Available-For-Sale Securities [Line Items] |
|
|
|
Amortized Cost |
|
2,785
|
|
Gross Unrealized Gains |
|
$ 32
|
|
Gross Unrealized Losses |
|
|
|
Fair Value |
|
$ 2,817
|
|
Municipal Bonds [Member] |
|
|
|
Schedule of Available-For-Sale Securities [Line Items] |
|
|
|
Amortized Cost |
|
9,028
|
9,125
|
Gross Unrealized Gains |
|
12
|
9
|
Gross Unrealized Losses |
|
(1)
|
(3)
|
Fair Value |
|
$ 9,039
|
9,131
|
International agency notes [Member] |
|
|
|
Schedule of Available-For-Sale Securities [Line Items] |
|
|
|
Amortized Cost |
|
|
$ 1,120
|
Gross Unrealized Gains |
|
|
|
Gross Unrealized Losses |
|
|
$ (1)
|
Fair Value |
|
|
1,119
|
Straight Path Communications Inc. common stock [Member] |
|
|
|
Schedule of Available-For-Sale Securities [Line Items] |
|
|
|
Amortized Cost |
|
|
$ 2,086
|
Gross Unrealized Gains |
|
|
|
Gross Unrealized Losses |
|
|
$ (563)
|
Fair Value |
|
|
$ 1,523
|
|
|
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Marketable Securities (Details 2) - USD ($) $ in Thousands |
Jan. 31, 2016 |
Jul. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] |
|
|
Unrealized Losses |
$ 250
|
$ 587
|
Fair Value |
18,682
|
13,284
|
Mutual funds [Member] |
|
|
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|
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|
18
|
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|
4,982
|
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|
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|
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|
|
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|
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7
|
2
|
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11,217
|
2,194
|
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|
|
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|
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|
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|
1,523
|
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|
|
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|
|
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3
|
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|
$ 3,466
|
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v3.3.1.900
Marketable Securities (Details Textual) - USD ($)
|
2 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Oct. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jul. 31, 2015 |
Marketable Securities (Textual) |
|
|
|
|
|
|
Company received number of Straight Path Class B common stock, Value |
|
|
|
$ 18,720,000
|
$ 12,104,000
|
|
Realized gains (losses) from sales of available-for-sale securities |
|
|
$ 14,000
|
500,000
|
(54,000)
|
|
Proceeds from maturities of available-for-sale securities |
|
$ 9,900,000
|
$ 5,300,000
|
$ 18,700,000
|
$ 12,100,000
|
|
Realized gains (losses) from sales excluding temporary impairment |
|
|
|
|
|
|
Straight Path Class B shares [Member] |
|
|
|
|
|
|
Marketable Securities (Textual) |
|
|
|
|
|
|
Company received number of Straight Path Class B common stock, shares |
|
|
|
|
|
64,624
|
Company received number of Straight Path Class B common stock, Value |
$ 2,600,000
|
|
|
|
|
|
Realized gains (losses) from sales of available-for-sale securities |
$ 500,000
|
|
|
|
|
|
Payment of an aggregate for employee tax withholding on Straight Path shares |
|
|
|
|
|
$ 2,100,000
|
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Jan. 31, 2016 |
Jul. 31, 2015 |
Assets: |
|
|
|
Available-for-sale securities |
|
$ 46,797
|
$ 40,287
|
Foreign exchange forwards |
|
|
38
|
Total |
|
|
40,325
|
Liabilities: |
|
|
|
Foreign exchange forwards |
|
131
|
39
|
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] |
|
|
|
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|
|
|
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|
$ 6,505
|
Foreign exchange forwards |
[1] |
|
|
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[1] |
|
$ 6,505
|
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|
|
|
Foreign exchange forwards |
[1] |
|
|
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] |
|
|
|
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|
|
|
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$ 39,148
|
$ 33,782
|
Foreign exchange forwards |
[2] |
|
38
|
Total |
[2] |
|
33,820
|
Liabilities: |
|
|
|
Foreign exchange forwards |
[2] |
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|
$ 39
|
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|
|
|
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|
|
|
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|
|
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|
|
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[3] |
|
|
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|
|
|
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[3] |
|
|
|
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Jan. 31, 2016
USD ($)
|
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NOK
|
February 2016 [Member] |
|
|
Derivative [Line Items] |
|
|
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|
Feb. 29, 2016
|
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|
NOK 6,772,360
|
May 2016 [Member] |
|
|
Derivative [Line Items] |
|
|
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|
May 31, 2016
|
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|
NOK 8,238,600
|
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|
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Derivative [Line Items] |
|
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|
Jul. 31, 2016
|
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|
NOK 8,200,000
|
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3 Months Ended |
6 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Changes in the components of equity [Abstract] |
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|
|
$ 134,940
|
|
Dividends declared ($0.37 per share) |
|
|
(8,626)
|
|
Restricted Class B common stock purchased from employees |
|
|
(134)
|
|
Repurchases of Class B common stock through repurchase program |
|
|
(4,639)
|
|
Distributions to noncontrolling interests |
|
|
(1,220)
|
|
Stock-based compensation |
|
|
1,644
|
|
Comprehensive income: |
|
|
|
|
Net income |
$ 4,663
|
$ 2,757
|
9,240
|
$ 83,111
|
Other comprehensive income |
(4,154)
|
(2,111)
|
(3,515)
|
(3,962)
|
Comprehensive income |
509
|
$ 646
|
5,725
|
$ 79,149
|
Ending Balance |
127,690
|
|
127,690
|
|
Attributable to IDT Corporation [Member] |
|
|
|
|
Changes in the components of equity [Abstract] |
|
|
|
|
Beginning Balance |
|
|
133,831
|
|
Dividends declared ($0.37 per share) |
|
|
(8,626)
|
|
Restricted Class B common stock purchased from employees |
|
|
(134)
|
|
Repurchases of Class B common stock through repurchase program |
|
|
$ (4,639)
|
|
Distributions to noncontrolling interests |
|
|
|
|
Stock-based compensation |
|
|
$ 1,644
|
|
Comprehensive income: |
|
|
|
|
Net income |
|
|
8,259
|
|
Other comprehensive income |
|
|
(3,515)
|
|
Comprehensive income |
|
|
4,744
|
|
Ending Balance |
126,820
|
|
126,820
|
|
Noncontrolling Interests [Member] |
|
|
|
|
Changes in the components of equity [Abstract] |
|
|
|
|
Beginning Balance |
|
|
$ 1,109
|
|
Dividends declared ($0.37 per share) |
|
|
|
|
Restricted Class B common stock purchased from employees |
|
|
|
|
Repurchases of Class B common stock through repurchase program |
|
|
|
|
Distributions to noncontrolling interests |
|
|
$ (1,220)
|
|
Stock-based compensation |
|
|
|
|
Comprehensive income: |
|
|
|
|
Net income |
|
|
$ 981
|
|
Other comprehensive income |
|
|
|
|
Comprehensive income |
|
|
$ 981
|
|
Ending Balance |
$ 870
|
|
$ 870
|
|
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v3.3.1.900
Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Dec. 14, 2015 |
Mar. 31, 2016 |
Jan. 31, 2015 |
Nov. 30, 2014 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 22, 2016 |
Equity (Textual) |
|
|
|
|
|
|
|
|
|
Dividends paid |
|
|
|
|
|
|
$ 8.6
|
$ 38.9
|
|
Dividends paid per share in cash |
|
|
$ 0.64
|
$ 0.68
|
|
|
|
|
|
Dividends declared, per share |
|
|
|
|
$ 0.19
|
$ 0.82
|
$ 0.37
|
$ 1.67
|
|
Class A common stock [Member] |
|
|
|
|
|
|
|
|
|
Equity (Textual) |
|
|
|
|
|
|
|
|
|
Dividends paid per share in cash |
|
|
|
|
|
|
0.37
|
1.67
|
|
Class A common stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
Equity (Textual) |
|
|
|
|
|
|
|
|
|
Common stock dividends declared |
|
$ 0.19
|
|
|
|
|
|
|
|
Paid date of declared dividend |
|
Mar. 25, 2016
|
|
|
|
|
|
|
|
Record date of declared dividend |
|
Mar. 15, 2016
|
|
|
|
|
|
|
|
Class B common stock [Member] |
|
|
|
|
|
|
|
|
|
Equity (Textual) |
|
|
|
|
|
|
|
|
|
Dividends paid per share in cash |
|
|
|
|
|
|
$ 0.37
|
$ 1.67
|
|
Stock repurchase program, remaining number of shares authorized to be repurchased |
|
|
|
|
8,000,000
|
|
8,000,000
|
|
4,600,000
|
Restricted Class B common stock purchased from employees, Shares |
|
|
|
|
8,300,000
|
|
8,300,000
|
|
8,000,000
|
Number of options granted |
100,000
|
|
|
|
|
|
|
|
|
Aggregate purchase price of shares repurchased |
|
|
|
|
|
|
$ 4.6
|
$ 0.4
|
|
Class B common stock shares repurchased |
|
|
|
|
|
|
398,376
|
29,675
|
|
Class B common stock [Member] | Employees |
|
|
|
|
|
|
|
|
|
Equity (Textual) |
|
|
|
|
|
|
|
|
|
Aggregate purchase price of shares repurchased |
|
|
|
|
|
|
$ 0.1
|
$ 0.3
|
|
Class B common stock shares repurchased |
|
|
|
|
|
|
11,250
|
16,330
|
|
Class B common stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
Equity (Textual) |
|
|
|
|
|
|
|
|
|
Common stock dividends declared |
|
$ 0.19
|
|
|
|
|
|
|
|
Paid date of declared dividend |
|
Mar. 25, 2016
|
|
|
|
|
|
|
|
Record date of declared dividend |
|
Mar. 15, 2016
|
|
|
|
|
|
|
|
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v3.3.1.900
Earnings Per Share (Details) - shares shares in Thousands |
3 Months Ended |
6 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Weighted-average number of shares used in the calculation of basic and diluted earnings per share |
|
|
|
|
Basic weighted-average number of shares |
22,799
|
22,818
|
22,867
|
22,783
|
Effect of dilutive securities: |
|
|
|
|
Stock options |
|
52
|
|
40
|
Non-vested restricted Class B common stock |
|
355
|
17
|
332
|
Diluted weighted-average number of shares |
22,799
|
23,225
|
22,884
|
23,155
|
X |
- DefinitionAdditional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of call options and warrants using the treasury stock method.
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Revolving Credit Loan Payable (Details) $ in Thousands |
|
6 Months Ended |
|
Jul. 12, 2012
USD ($)
BasisPoint
|
Jan. 31, 2016
USD ($)
|
Jul. 31, 2015
USD ($)
|
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|
|
|
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$ 25,000
|
|
|
Unused outstanding amount |
$ 25,000
|
|
|
Line of credit maturity date |
|
Jan. 31, 2018
|
|
Line of credit facility, outstanding |
|
|
|
Average percentage of commitment fee per annum |
0.375%
|
|
|
Maximum amount of investments in and advances to affiliates, at fair value |
$ 110,000
|
|
|
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|
$ 83,200
|
$ 90,100
|
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|
0
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0
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Line of Credit [Member] |
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$ 0
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$ 0
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July 30, 2012 [Member] |
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Interest rate description |
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The principal outstanding bears interest per annum, at the option of IDT Telecom, at either (a) the U.S. Prime Rate less 125 basis points, or (b) the LIBOR rate adjusted by the Regulation D maximum reserve requirement plus 150 basis points.
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Severance Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jan. 31, 2016 |
Apr. 30, 2015 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jul. 31, 2015 |
Severance Expense (Textual) |
|
|
|
|
|
|
Severance expense |
|
|
$ 351
|
|
$ 1,899
|
|
Accrued severance |
$ 900
|
|
|
$ 900
|
|
$ 3,700
|
IDT Telecom [Member] |
|
|
|
|
|
|
Severance Expense (Textual) |
|
|
|
|
|
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Severance expense |
|
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Accumulated Other Comprehensive (Loss) Income (Details) $ in Thousands |
6 Months Ended |
Jan. 31, 2016
USD ($)
|
Accumulated Other Comprehensive (Loss) Income [Line Items] |
|
Beginning balance |
$ 771
|
Ending balance |
(2,744)
|
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] |
|
Accumulated Other Comprehensive (Loss) Income [Line Items] |
|
Beginning balance |
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|
Other comprehensive income (loss) attributable to IDT Corporation before reclassifications |
928
|
Less: reclassification for gain included in net income |
(543)
|
Net other comprehensive income (loss) attributable to IDT Corporation |
385
|
Ending balance |
(190)
|
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|
Accumulated Other Comprehensive (Loss) Income [Line Items] |
|
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|
Foreign Currency Translation [Member] |
|
Accumulated Other Comprehensive (Loss) Income [Line Items] |
|
Beginning balance |
1,346
|
Other comprehensive income (loss) attributable to IDT Corporation before reclassifications |
(3,900)
|
Net other comprehensive income (loss) attributable to IDT Corporation |
(3,900)
|
Ending balance |
$ (2,554)
|
Foreign Currency Translation [Member] | Other (expense) income, net [Member] |
|
Accumulated Other Comprehensive (Loss) Income [Line Items] |
|
Less: reclassification for gain included in net income |
|
Accumulated Other Comprehensive Income (Loss) [Member] |
|
Accumulated Other Comprehensive (Loss) Income [Line Items] |
|
Beginning balance |
$ 771
|
Other comprehensive income (loss) attributable to IDT Corporation before reclassifications |
(2,972)
|
Less: reclassification for gain included in net income |
(543)
|
Net other comprehensive income (loss) attributable to IDT Corporation |
(3,515)
|
Ending balance |
(2,744)
|
Accumulated Other Comprehensive Income (Loss) [Member] | Other (expense) income, net [Member] |
|
Accumulated Other Comprehensive (Loss) Income [Line Items] |
|
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v3.3.1.900
Business Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
$ 382,454
|
$ 394,173
|
$ 773,032
|
$ 807,051
|
Income (loss) from operations |
$ 6,377
|
3,735
|
$ 14,303
|
83,344
|
Gain on sale of interest in Fabrix Systems Ltd. |
|
484
|
|
75,629
|
Operating Segments [Member] | Telecom Platform Services [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
$ 376,692
|
388,970
|
$ 762,380
|
792,758
|
Income (loss) from operations |
6,302
|
$ 6,870
|
16,027
|
$ 12,540
|
Gain on sale of interest in Fabrix Systems Ltd. |
|
|
|
|
Operating Segments [Member] | Consumer Phone Services [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
1,766
|
$ 2,243
|
3,595
|
$ 4,554
|
Income (loss) from operations |
289
|
$ 306
|
629
|
$ 662
|
Gain on sale of interest in Fabrix Systems Ltd. |
|
|
|
|
Operating Segments [Member] | All Other [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues |
3,996
|
$ 2,960
|
7,057
|
$ 9,739
|
Income (loss) from operations |
$ 1,845
|
(602)
|
$ 2,275
|
75,936
|
Gain on sale of interest in Fabrix Systems Ltd. |
|
$ 484
|
|
$ 75,629
|
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|
|
|
|
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|
|
|
|
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|
|
|
|
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$ (2,059)
|
$ (2,839)
|
$ (4,628)
|
$ (5,794)
|
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|
|
|
|
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Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands |
6 Months Ended |
|
Jan. 31, 2016 |
Jul. 31, 2015 |
Commitments and Contingencies (Textual) |
|
|
Purchase commitment of company |
$ 1,600
|
|
Letters of credit outstanding |
300
|
|
Performance bonds outstanding |
13,100
|
|
Customer deposits |
85,129
|
$ 84,454
|
IDT Payment Services and IDT Financial Services [Member] |
|
|
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|
|
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|
$ 7,500
|
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|
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|
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Jan. 31, 2017
|
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3 Months Ended |
6 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Other (Expense) Income, Net [Abstract] |
|
|
|
|
Foreign currency transaction (losses) gains |
$ (1,096)
|
$ 322
|
$ (2,258)
|
$ 1,089
|
(Loss) gain on marketable securities |
|
(16)
|
543
|
(57)
|
Gain (loss) on investments |
$ 236
|
(439)
|
80
|
1,459
|
Other |
626
|
1,100
|
791
|
(201)
|
Total other (expense) income, net |
$ (234)
|
$ 967
|
$ (844)
|
$ 2,290
|
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