0001213900-17-013080.txt : 20171211 0001213900-17-013080.hdr.sgml : 20171211 20171211144941 ACCESSION NUMBER: 0001213900-17-013080 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 71 CONFORMED PERIOD OF REPORT: 20171031 FILED AS OF DATE: 20171211 DATE AS OF CHANGE: 20171211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDT CORP CENTRAL INDEX KEY: 0001005731 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 223415036 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-16371 FILM NUMBER: 171249328 BUSINESS ADDRESS: STREET 1: 520 BROAD ST CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 973 438 1000 MAIL ADDRESS: STREET 1: 520 BROAD STREET CITY: NEWARK STATE: NJ ZIP: 07102 10-Q 1 f10q1017_idtcorporation.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 10-Q

 

 

 

☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED OCTOBER 31, 2017

 

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   ☒     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 ☒  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

  Large accelerated filer ☐ Accelerated filer ☒
         
  Non-accelerated filer ☐  (Do not check if a smaller reporting company) Smaller reporting company ☐
         
  Emerging growth company ☐    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ☐     No ☒

 

As of December 7, 2017, 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: 23,266,555 shares outstanding (excluding 2,298,593 treasury shares)

 

 

 

 

 

 

IDT CORPORATION

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION 1
     
Item 1. Financial Statements (Unaudited) 1
     
  Consolidated Balance Sheets 1
     
  Consolidated Statements of Operations 2
     
  Consolidated Statements of Comprehensive (Loss) Income 3
     
  Consolidated Statements of Cash Flows 4
     
  Notes to Consolidated Financial Statements 5
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 17
     
Item 3. Quantitative and Qualitative Disclosures About Market Risks 27
     
Item 4. Controls and Procedures 27
 
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 28
     
Item 3. Defaults Upon Senior Securities 28
     
Item 4. Mine Safety Disclosures 28
     
Item 5. Other Information 28
     
Item 6. Exhibits 29
   
SIGNATURES 30

 

 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1.Financial Statements (Unaudited)

 

IDT CORPORATION

CONSOLIDATED BALANCE SHEETS

 

   October 31,
2017		   July 31,
2017		 
   (Unaudited)   (Note 1) 
   (in thousands) 
Assets        
Current assets:        
Cash and cash equivalents  $52,755   $90,344 
Marketable securities   54,291    58,272 
Trade accounts receivable, net of allowance for doubtful accounts of $2,408 at October 31, 2017 and $2,657 at July 31, 2017   78,949    64,979 
Prepaid expenses   15,796    14,506 
Other current assets   29,961    18,749 
Assets held for sale   110,666    124,267 
Total current assets   342,418    371,117 
Property, plant and equipment, net   88,617    88,994 
Goodwill   11,303    11,326 
Investments   26,390    26,894 
Deferred income tax assets, net   10,524    11,841 
Other assets   3,774    3,657 
Assets held for sale   5,146    5,134 
Total assets  $488,172   $518,963 
Liabilities and equity          
Current liabilities:          
Trade accounts payable  $47,220   $40,989 
Accrued expenses   109,155    125,359 
Deferred revenue   74,849    76,451 
Other current liabilities   5,272    4,659 
Liabilities held for sale   101,943    115,318 
Total current liabilities   338,439    362,776 
Other liabilities   1,169    1,080 
Liabilities held for sale   515    550 
Total liabilities   340,123    364,406 
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 October 31, 2017 and July 31, 2017   33    33 
Class B common stock, $.01 par value; authorized shares—200,000; 25,566 and 25,561 shares issued and 23,267 and 23,264 shares outstanding at October 31, 2017 and July 31, 2017, respectively   256    256 
Additional paid-in capital   395,272    394,462 
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 2,299 and 2,297 shares of Class B common stock at October 31, 2017 and July 31, 2017, respectively   (83,327)   (83,304)
Accumulated other comprehensive loss   (2,741)   (2,343)
Accumulated deficit   (170,182)   (163,370)
Total IDT Corporation stockholders’ equity   139,311    145,734 
Noncontrolling interests   8,738    8,823 
Total equity   148,049    154,557 
Total liabilities and equity  $488,172   $518,963 

 

See accompanying notes to consolidated financial statements.

 

 1 

 

 

IDT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 

   Three Months Ended
October 31,		 
   2017   2016 
   (in thousands, except per share data) 
Revenues  $393,555   $369,151 
Costs and expenses:          
Direct cost of revenues (exclusive of depreciation and amortization)   336,510    313,029 
Selling, general and administrative (i)   50,071    45,438 
Depreciation and amortization   5,673    5,299 
Severance   439    — 
Total costs and expenses   392,693    363,766 
Other operating expense   (779)   (199)
Income from operations   83    5,186 
Interest income, net   362    301 
Other (expense) income, net   (826)   2,392 
(Loss) income before income taxes   (381)   7,879 
(Provision for) benefit from income taxes   (1,416)   14,415 
Net (loss) income   (1,797)   22,294 
Net income attributable to noncontrolling interests   (295)   (376)
Net (loss) income attributable to IDT Corporation  $(2,092)  $21,918 
           
(Loss) earnings per share attributable to IDT Corporation common stockholders:          
Basic  $(0.08)  $0.97 
Diluted  $(0.08)  $0.96 
           
Weighted-average number of shares used in calculation of (loss) earnings per share:          
Basic   24,628    22,712 
Diluted   24,628    22,899 
           
Dividends declared per common share  $0.19   $0.19 
           
(i) Stock-based compensation included in selling, general and administrative expenses  $810   $702 

 

See accompanying notes to consolidated financial statements.

 

 2 

 

 

IDT CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited)

 

   Three Months Ended
October 31,		 
   2017   2016 
   (in thousands) 
Net (loss) income  $(1,797)  $22,294 
Other comprehensive loss:          
Change in unrealized gain on available-for-sale securities   (30)   (23)
Foreign currency translation adjustments   (368)   (2,862)
Other comprehensive loss   (398)   (2,885)
Comprehensive (loss) income   (2,195)   19,409 
Comprehensive income attributable to noncontrolling interests   (295)   (376)
Comprehensive (loss) income attributable to IDT Corporation  $(2,490)  $19,033 

 

See accompanying notes to consolidated financial statements.

 

 3 

 

 
IDT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

   Three Months Ended
October 31,		 
   2017   2016 
   (in thousands) 
Operating activities        
Net (loss) income  $(1,797)  $22,294 
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:          
Depreciation and amortization   5,673    5,299 
Deferred income taxes   1,317    (14,483)
Provision for doubtful accounts receivable   566    260 
Realized gain on marketable securities   (7)   — 
Interest in the equity of investments   104    (263)
Stock-based compensation   810    702 
Change in assets and liabilities:          
Restricted cash and cash equivalents   14,742    9,939 
Trade accounts receivable   (13,952)   (13,132)
Prepaid expenses, other current assets and other assets   (12,832)   (10)
Trade accounts payable, accrued expenses, other current liabilities and other liabilities   (9,359)   6,125 
Customer deposits   (14,226)   (9,127)
Deferred revenue   (1,556)   (2,114)
Net cash (used in) provided by operating activities   (30,517)   5,490 
Investing activities          
Capital expenditures   (5,324)   (5,515)
Proceeds from sale of interest in Straight Path IP Group Holding, Inc.   6,000    — 
Purchase of IP Interest from Straight Path Communications Inc.   (6,000)   — 
Cash used for investments   —    (8,008)
Proceeds from sale and redemption of investments   —    2 
Purchases of marketable securities   (15,671)   (10,969)
Proceeds from maturities and sales of marketable securities   19,560    6,001 
Net cash used in investing activities   (1,435)   (18,489)
Financing activities          
Dividends paid   (4,720)   (4,379)
Distributions to noncontrolling interests   (380)   (389)
Proceeds from exercise of stock options   —    407 
Proceeds from sale of member interests in CS Pharma Holdings, LLC   —    1,250 
Repurchases of Class B common stock   (23)   (23)
Net cash used in financing activities   (5,123)   (3,134)
Effect of exchange rate changes on cash and cash equivalents   (173)   (1,476)
Net decrease in cash and cash equivalents   (37,248)   (17,609)
Cash and cash equivalents at beginning of period, including $5,716 held for sale at July 31, 2017   96,060    109,537 
Cash and cash equivalents at end of period, including $6,057 held for sale at October 31, 2017  $58,812   $91,928 
Supplemental schedule of non-cash financing activities          
Reclassification of liability for member interests in CS Pharma Holdings, LLC  $—   $8,750 

 

See accompanying notes to consolidated financial statements.

 

 4 

 

 

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 months ended October 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2018. The balance sheet at July 31, 2017 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 fiscal year ended July 31, 2017, 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 2018 refers to the fiscal year ending July 31, 2018).

 

Note 2— IDT Financial Services Holding Limited Assets and Liabilities Held for Sale

 

On June 22, 2017, the Company’s wholly-owned subsidiary IDT Telecom, Inc. (“IDT Telecom”) entered into a Share Purchase Agreement with JAR Fintech Limited (“JAR Fintech”) and JAR Capital Limited to sell the capital stock of IDT Financial Services Holding Limited, a company incorporated under the laws of Gibraltar and a wholly-owned subsidiary of IDT Telecom, to JAR Fintech. IDT Financial Services Holding Limited is the sole shareholder of IDT Financial Services Limited, a Gibraltar-based bank and e-money issuer, providing prepaid card solutions across the European Economic Area. The Share Purchase Agreement provides for an aggregate purchase price for the outstanding equity interests of IDT Financial Services Holding Limited of approximately $3.8 million plus an amount equal to the value of IDT Financial Services Holding Limited’s net assets, to be paid at closing, subject to adjustments relating to customer assets of IDT Financial Services Holding Limited. The net asset value of IDT Financial Services Holding Limited was $13.9 million at October 31, 2017. A portion of the purchase price will be placed in escrow and released to IDT Telecom once all of the conditions have been met under the Share Purchase Agreement. The sale is expected to close in the first quarter of calendar 2018, subject to regulatory approval and other customary conditions set forth in the Share Purchase Agreement. The remaining closing conditions are outside of the Company’s control and there can be no assurance that the sale will be completed.

 

The pending disposition of IDT Financial Services Holding Limited did not meet the criteria to be reported as a discontinued operation and accordingly, its results of operations and cash flows have not been reclassified. The IDT Financial Services Holding Limited assets and liabilities held for sale included the following:

 

   October 31,
2017		   July 31,
2017		 
   (in thousands) 
Current assets held for sale:        
Cash and cash equivalents  $6,057   $5,716 
Restricted cash and cash equivalents   101,614    115,609 
Trade accounts receivable, net of allowance for doubtful accounts of $2,977 and $2,550 at October 31, 2017 and July 31, 2017, respectively   1,681    1,844 
Prepaid expenses   866    758 
Other current assets   448    340 
Total current assets held for sale  $110,666   $124,267 
           
Noncurrent assets held for sale:          
Property, plant and equipment, net  $21   $24 
Other intangibles, net   159    165 
Other assets   4,966    4,945 
Total noncurrent assets held for sale  $5,146   $5,134 
           
Current liabilities held for sale:          
Trade accounts payable  $718   $372 
Accrued expenses   272    226 
Customer deposits   100,873    114,689 
Other current liabilities   80    31 
Total current liabilities held for sale  $101,943   $115,318 
           
Noncurrent liabilities held for sale:          
Other liabilities  $515   $550 
Total noncurrent liabilities held for sale  $515   $550 

 

 5 

 

 

IDT Financial Services Holding Limited is included in the Telecom Platform Services segment. IDT Financial Services Holding Limited’s (loss) income before income taxes and (loss) income before income taxes attributable to the Company, which is included in the accompanying consolidated statements of operations, were as follows:

 

   Three Months Ended
October 31,		 
   2017   2016 
   (in thousands) 
     
(Loss) income before income taxes  $(450)  $595 
           
(Loss) income before income taxes attributable to IDT Corporation  $(450)  $595 

 

Note 3—Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc.

 

On October 31, 2017, the Company’s subsidiary, Rafael Holdings, Inc. (“RHI”), filed a registration statement on Form 10 (containing a preliminary Information Statement for the Company’s stockholders) with the SEC. The Company intends to spin-off RHI to the Company’s stockholders, so that RHI will be a separate publicly traded company. RHI intends to apply to have its Class B common stock listed for trading on the NYSE American under the symbol “RFL”. Approval of the spin-off by the Company’s stockholders is not required. The Company’s Board of Directors believes that the spin-off will allow RHI to better focus on its strategic mission and that its potential can be better realized as an independent entity. The spin-off of RHI will occur by way of a pro rata distribution of RHI’s capital stock to the Company’s stockholders. On the distribution date, the Company currently expects that each of the Company’s stockholders as of the record date for the distribution will receive one share of RHI Class A common stock for every two shares of the Company’s Class A common stock and one share of RHI Class B common stock for every two shares of the Company’s Class B common stock. Completion of the RHI spin-off is subject to final approval by the Company’s Board of Directors, receipt of a favorable opinion as to the spin-off’s tax-free status, as well as effectiveness of the Form 10 registration statement filed with the SEC. The Company’s Board of Directors reserves the right to amend, modify or abandon the RHI spin-off and the related transactions at any time prior to the distribution date.

 

RHI will own certain commercial real estate assets and interests in clinical and early stage pharmaceutical companies that are currently owned by the Company. The commercial real estate holdings consist of the Company’s headquarters building and its associated public garage in Newark, New Jersey, an office/data center building in Piscataway, New Jersey and an office condominium in Israel that hosts offices for the Company and certain affiliates. The pharmaceutical holdings include interests in Rafael Pharmaceuticals, Inc. (“Rafael Pharma”), which is a clinical stage, oncology-focused pharmaceutical company committed to the development and commercialization of therapies that exploit the metabolic differences between normal cells and cancer cells, and an equity interest in Lipomedix Pharmaceuticals Ltd., an early stage pharmaceutical development company based in Israel. In addition, prior to the spin-off, the Company intends to contribute cash to RHI so that it holds $50 million to $60 million in cash.

 

RHI’s interests in Rafael Pharma, which are held through a 90%-owned non-operating subsidiary, IDT-Rafael Holdings, LLC (“IDT-Rafael Holdings”), include convertible notes issued by Rafael Pharma, and a warrant held by the Company and certain minority holders to purchase up to a majority equity stake in Rafael Pharma at the Company’s discretion in accordance with the terms of the convertible note and the warrant.

 

IDT-Rafael Holdings had the contractual right to receive additional shares of Rafael Pharma representing 10% of the outstanding capital stock of Rafael Pharma that will be issued upon the occurrence of any of the following: (i) Food and Drug Administration approval of a Rafael Pharma drug application, (ii) an initial public offering of Rafael Pharma at a valuation of over $500 million, or (iii) a sale of Rafael Pharma above certain valuations. Currently, none of the conditions have been satisfied and the right remains contingent. On September 14, 2017, IDT-Rafael Holdings distributed this right to its members on a pro rata basis such that the Company received the right to 9% of the outstanding capital stock of Rafael Pharma and Howard S. Jonas, the Company’s Chairman of the Board, and Chairman of the Board of Rafael Pharma, received the right to 1% of the outstanding capital stock of Rafael Pharma. In addition, as compensation for assuming the role of Chairman of the Board of Rafael Pharma, and to create additional incentive to contribute to the success of Rafael Pharma, on September 19, 2017, the Company transferred its right to receive 9% of the outstanding capital stock of Rafael Pharma to Mr. Jonas. The right is further transferable at the discretion of Mr. Jonas.

 

 6 

 

 

Howard Jonas and his wife Deborah Jonas jointly own $525,000 of Series C Convertible Notes of Rafael Pharma, and The Howard S. and Deborah Jonas Foundation own an additional $525,000 of Series C Convertible Notes of Rafael Pharma. 

 

The Company’s controlled 50%-owned subsidiary, CS Pharma Holdings, LLC (“CS Pharma”), holds Rafael Pharma’s Series D convertible promissory note with a principal amount of $10 million (the “Series D Note”). The Series D Note earns interest at 3.5% per annum, with principal and accrued interest due and payable on September 16, 2018. The Series D Note is convertible at the holder’s option into shares of Rafael Pharma’s Series D Preferred Stock. The Series D Note also includes a mandatory conversion into Rafael Pharma common stock upon a qualified initial public offering, and conversion at the holder’s option upon an unqualified financing event. In all cases, the Series D Note conversion price is based on the applicable financing purchase price.

 

The Company and CS Pharma hold warrants to purchase shares of capital stock of Rafael Pharma representing in the aggregate up to 56% of the then issued and outstanding capital stock of Rafael Pharma, on an as-converted and fully diluted basis. The right to exercise warrants as to the first $10 million thereof is held by CS Pharma. The exercise price of the warrant is the lower of 70% of the price sold in an equity financing, or $1.25 per share, subject to certain adjustments. The minimum initial and subsequent exercises of the warrant shall be for such number of shares that will result in at least $5 million of gross proceeds to Rafael Pharma, or such lesser amount as represents 5% of the outstanding capital stock of Rafael Pharma, or such lesser amount as may then remain unexercised. The warrant will expire upon the earlier of December 31, 2020 or a qualified initial public offering or liquidation event. 

 

The Company’s investment in Rafael Pharma, which was included in “Investments” in the accompanying consolidated balance sheets, consists of the following:

 

   October 31,
2017		   July 31,
2017		 
   (in thousands) 
Series D Note (at fair value)  $6,300   $6,300 
Warrants (at cost)   5,400    5,400 
Right to receive additional shares (at cost)   —    400 
Total investment in Rafael Pharma  $11,700   $12,100 

 

Rafael Pharma is a variable interest entity, however, the Company has determined that it is not the primary beneficiary as the Company does not have the power to direct the activities of Rafael Pharma that most significantly impact Rafael Pharma’s economic performance. At October 31, 2017, the Company’s maximum exposure to loss as a result of its involvement with Rafael Pharma was its $11.7 million investment, since there were no other arrangements, events or circumstances that could expose the Company to additional loss.

 

Note 4—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:                
October 31, 2017:                
Certificates of deposit*  $31,908   $2   $(2)  $31,908 
Federal Government Sponsored Enterprise notes   3,217    —    (17)   3,200 
International agency notes   402    —    (3)   399 
Mutual funds   5,391    56    —    5,447 
Corporate bonds   3,379    —    (4)   3,375 
Equity   75    —    (6)   69 
U.S. Treasury notes   5,396    —    (22)   5,374 
Municipal bonds   4,519    3    (3)   4,519 
Total  $54,287   $61   $(57)  $54,291 
July 31, 2017:                    
Certificates of deposit*  $29,011   $1   $(7)  $29,005 
Federal Government Sponsored Enterprise notes   3,992    —    (14)   3,978 
International agency notes   291    —    —    291 
Mutual funds   5,353    77    —    5,430 
Corporate bonds   4,643    —    —    4,643 
Equity   74    —    (26)   48 
U.S. Treasury notes   6,673    —    —    6,673 
Municipal bonds   8,201    4    (1)   8,204 
Total  $58,238   $82   $(48)  $58,272 

 

* 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.

 

 7 

 

 

At October 31, 2017 and July 31, 2017, the Company owned 23,741 and 23,227 shares, respectively, of Zedge, Inc. Class B common stock that had a fair value of $69,000 and $48,000, respectively.

 

Proceeds from maturities and sales of available-for-sale securities were $19.6 million and $6.0 million in the three months ended October 31, 2017 and 2016, respectively. The gross realized gains that were included in earnings as a result of sales were $7,000 in the three months ended October 31, 2017 and nil in the three months ended October 31, 2016. There were no gross realized losses that were included in earnings as a result of sales in the three months ended October 31, 2017 and 2016. 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 October 31, 2017 were as follows:

 

   Fair Value 
   (in thousands) 
Within one year  $31,586 
After one year through five years   17,189 
After five years through ten years   — 
After ten years   — 
Total  $48,775 

 

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) 
October 31, 2017:        
Certificates of deposit  $2   $7,040 
Federal Government Sponsored Enterprise notes   17    3,200 
International agency notes   3    399 
Corporate bonds   4    2,737 
Equity   6    69 
U.S. Treasury notes   22    5,374 
Municipal bonds   3    3,998 
Total  $57   $22,817 
July 31, 2017:          
Certificates of deposit  $7   $12,155 
Federal Government Sponsored Enterprise notes   14    3,529 
Equity   26    48 
Municipal bonds   1    3,349 
Total  $48   $19,081 

 

At July 31, 2017, there were no securities in a continuous unrealized loss position for 12 months or longer. At October 31, 2017, the following available-for-sale securities included in the table above were in a continuous unrealized loss position for 12 months or longer:

 

   Unrealized
Losses		   Fair Value 
   (in thousands) 
           
Federal Government Sponsored Enterprise notes  $8   $1,362 

 

At October 31, 2017, the Company did not intend to sell the securities that were in a continuous unrealized loss position for 12 months or longer, and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be at maturity.

 

 8 

 

 

Note 5—Fair Value Measurements

 

The following tables present the balance of assets measured at fair value on a recurring basis:

 

   Level 1 (1)   Level 2 (2)   Level 3 (3)   Total 
   (in thousands) 
October 31, 2017                
Available-for-sale securities:                
Marketable securities  $10,891   $43,400   $—   $54,291 
Rafael Pharma Series D Note   —    —    6,300    6,300 
Total  $10,891   $43,400   $6,300   $60,591 
July 31, 2017                    
Available-for-sale securities:                    
Marketable securities  $12,151   $46,121   $—   $58,272 
Rafael Pharma Series D Note   —    —    6,300    6,300 
Total  $12,151   $46,121   $6,300   $64,572 

 

(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 October 31, 2017 and July 31, 2017, the Company did not have any liabilities measured at fair value on a recurring basis.

 

At October 31, 2017 and July 31, 2017, the fair value of the Rafael Pharma Series D Note, which was classified as Level 3, was estimated based on a valuation of Rafael Pharma and other factors that could not be corroborated by the market.

 

The following table summarizes the change in the balance of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). There were no liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) in the three months ended October 31, 2017 and 2016.

 

   Three Months Ended
October 31,		 
   2017   2016 
   (in thousands) 
Balance, beginning of period  $6,300   $2,000 
Purchases   —    2,200 
Balance, end of period  $6,300   $4,200 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period  $—   $— 

 

At both October 31, 2017 and July 31, 2017, the Company had $8.6 million 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 and other current liabilities. At October 31, 2017 and July 31, 2017, 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 and other current liabilities were classified as Level 2 of the fair value hierarchy.

 

 9 

 

 

Other assets and other liabilities. At October 31, 2017 and July 31, 2017, 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 October 31, 2017 and July 31, 2017 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 $10.4 million and $10.8 million at October 31, 2017 and July 31, 2017, respectively, which the Company believes was not impaired.

 

Note 6— Equity

 

Changes in the components of equity were as follows:

 

   Three Months Ended
October 31, 2017		 
   Attributable to IDT Corporation   Noncontrolling Interests   Total 
   (in thousands) 
Balance, July 31, 2017  $145,734   $8,823   $154,557 
Dividends declared ($0.19 per share)   (4,720)   —    (4,720)
Restricted Class B common stock purchased from employees   (23)   —    (23)
Distributions to noncontrolling interests   —    (380)   (380)
Stock-based compensation   810    —    810 
Comprehensive income:               
Net loss   (2,092)   295    (1,797)
Other comprehensive loss   (398)   —    (398)
Comprehensive income   (2,490)   295    (2,195)
Balance, October 31, 2017  $139,311   $8,738   $148,049 

 

Dividend Payments

 

In the three months ended October 31, 2017, the Company paid cash dividends of $0.19 per share on its Class A common stock and Class B common stock, or $4.7 million in total. In the three months ended October 31, 2016, the Company paid cash dividends of $0.19 per share on its Class A common stock and Class B common stock, or $4.4 million in total.

 

On December 4, 2017, the Company’s Board of Directors declared a dividend of $0.19 per share for the first quarter of fiscal 2018 to holders of the Company’s Class A common stock and Class B common stock. The dividend will be paid on or about December 29, 2017 to stockholders of record as of the close of business on December 18, 2017.

 

Stock Repurchases

 

The Company has a stock repurchase program for the repurchase of up to an aggregate of 8.0 million shares of the Company’s Class B common stock. There were no repurchases under the program in the three months ended October 31, 2017 or 2016. At October 31, 2017, 8.0 million shares remained available for repurchase under the stock repurchase program.

 

In each of the three months ended October 31, 2017 and 2016, the Company paid $23,000 to repurchase 1,668 and 1,542 shares, respectively, of Class B common stock 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 were 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 September 28, 2017, the Company’s Board of Directors amended 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 0.3 million shares. The amendment is subject to ratification by the Company’s stockholders at its annual meeting of stockholders on December 14, 2017.

 

 10 

 

 

Note 7—(Loss) 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 (loss) earnings per share attributable to the Company’s common stockholders consists of the following:

 

   Three Months Ended
October 31,		 
   2017   2016 
   (in thousands) 
Basic weighted-average number of shares   24,628    22,712 
Effect of dilutive securities:          
Stock options   —    38 
Non-vested restricted Class B common stock   —    149 
Diluted weighted-average number of shares   24,628    22,899 

 

The following shares were excluded from the diluted earnings per share computation:

 

   Three Months Ended
October 31,		 
   2017   2016 
   (in thousands) 
Stock options   1,273    32 
Non-vested restricted Class B common stock   223    — 
Shares excluded from the calculation of diluted earnings per share   1,496    32 

 

In the three months ended October 31, 2017, the diluted loss per share computation equals basic loss per share because the Company had a net loss and the impact of the assumed exercise of stock options and the vesting of restricted stock would have been anti-dilutive. In the three months ended October 31, 2016, stock options with an exercise price that was greater than the average market price of the Company’s stock during the period were excluded from the diluted earnings per share computation.

 

Note 8—Revolving Credit Loan Payable

 

The Company’s subsidiary, IDT Telecom, 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 of April 30, 2018. At October 31, 2017 and July 31, 2017, 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.

 

Note 9—Accumulated Other Comprehensive Loss

 

The accumulated balances for each classification of other comprehensive loss were as follows:

 

   Unrealized
Gain (Loss)
on
Available-for-Sale
Securities		   Foreign
Currency
Translation		   Accumulated
Other
Comprehensive
Loss		   Location
of (Gain)
Loss
Recognized
   (in thousands)
Balance, July 31, 2017  $2,134   $(4,477)  $(2,343)   
Other comprehensive loss attributable to IDT Corporation before reclassifications   (23)   (368)   (391)   
Less: reclassification for gain included in net loss   (7)   —    (7)  Other (expense) income, net
Net other comprehensive loss attributable to IDT Corporation   (30)   (368)   (398)   
Balance, October 31, 2017  $2,104   $(4,845)  $(2,741)   

 

 11 

 

 

At both October 31, 2017 and July 31, 2017, unrealized gain on available-for-sale securities included unrealized gain of $2.1 million on the Rafael Pharma Series D Note.

 

Note 10—Business Segment Information

 

The Company has two reportable business segments, Telecom Platform Services and net2phone-Unified Communications as a Service (“net2phone-UCaaS”) (formerly known as UCaaS). 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.

 

Telecom Platform Services and net2phone-UCaaS comprise the IDT Telecom division. The Telecom Platform Services segment provides retail telecommunications and payment offerings as well as wholesale international long distance traffic termination. The net2phone-UCaaS segment is comprised of (1) cable telephony, (2) cloud-based private branch exchange, or PBX, services offered to enterprise customers exclusively through value-added resellers, service providers, telecom agents and managed service providers, (3) Session Initiation Protocol, or SIP, trunking, which supports inbound and outbound domestic and international calling from an IP PBX, and (4) PicuP, a highly-automated business phone service that answers, routes and manages voice calls.

 

Beginning in the first quarter of fiscal 2018, the Telecom Platform Services segment includes Consumer Phone Services, which was previously reported as a separate segment. Consumer Phone Services provides consumer local and long distance services in certain U.S. states. Comparative results have been reclassified and restated as if Consumer Phone Services was included in Telecom Platform Services in all periods presented.

 

Operating segments not reportable individually are included in All Other. All Other includes the Company’s real estate holdings and other smaller businesses. 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 net2phone-UCaaS 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		   net2phone-UCaaS   All Other   Corporate   Total 
Three Months Ended October 31, 2017                    
Revenues  $385,063   $7,788   $704   $—   $393,555 
Income (loss) from operations   4,561    (674)   (631)   (3,173)   83 
Severance   409    —    —    30    439 
Other operating expense   —    —    —    (779)   (779)
                          
Three Months Ended October 31, 2016                         
Revenues  $361,511   $7,136   $504   $—   $369,151 
Income (loss) from operations   6,544    (174)   90    (1,274)   5,186 
Other operating expense   —    —    —    (199)   (199)

 

 12 

 

 

Note 11—Commitments and Contingencies

 

Legal Proceedings

 

On July 31, 2013, the Company completed a pro rata distribution of the common stock of the Company’s subsidiary Straight Path Communications Inc. (“Straight Path”) to the Company’s stockholders of record as of the close of business on July 25, 2013 (the “Straight Path Spin-Off”). On July 5, 2017, plaintiff JDS1, LLC, on behalf of itself and all other similarly situated stockholders of Straight Path, and derivatively on behalf of Straight Path as nominal defendant, filed a putative class action and derivative complaint in the Court of Chancery of the State of Delaware against the Company, The Patrick Henry Trust (a trust formed by Howard S. Jonas that holds record and beneficial ownership of certain of his shares of Straight Path), Howard S. Jonas, and each of Straight Path’s directors. The complaint alleges that the Company aided and abetted Straight Path Chairman of the Board and Chief Executive Officer Davidi Jonas, and Howard S. Jonas in his capacity as controlling stockholder of Straight Path, in breaching their fiduciary duties to Straight Path in connection with the settlement of claims between Straight Path and the Company related to potential indemnification claims concerning Straight Path’s obligations under the Consent Decree it entered into with the Federal Communications Commission (“FCC”), as well as the proposed sale of Straight Path’s subsidiary Straight Path IP Group, Inc. (“SPIP”) to the Company in connection with that settlement. That action was consolidated with a similar action that was initiated by The Arbitrage Fund. The Plaintiffs are seeking, among other things, (i) a declaration that the action may be maintained as a class action or in the alternative, that demand on the Straight Path Board is excused; (ii) that the term sheet is invalid; (iii) awarding damages for the unfair price stockholders are receiving in the merger between Straight Path and Verizon Communications Inc. for their shares of Straight Path’s Class B common stock; and (iv) ordering Howard S. Jonas, Davidi Jonas, and the Company to disgorge any profits for the benefit of the class Plaintiffs. On August 28, 2017, the Plaintiffs filed an amended complaint. On September 24, 2017, the Company filed a motion to dismiss the amended complaint. The Company intends to vigorously defend the action. On November 20, 2017, the Delaware Chancery Court issued an order staying the case pending the closing of the transaction between Verizon and Straight Path on the grounds that the claims are not ripe. In the three months ended October 31, 2017, the Company incurred legal fees of $0.8 million related to this putative class action, which is included in “Other operating expense” in the accompanying consolidated statement of operations.

 

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 argument was held on March 9, 2016. On October 17, 2016, the judge granted Tyco’s motion and dismissed the complaint. In August 2017, the Company filed an appeal, which Tyco opposed. On November 22, 2017, oral argument was held on the appeal. The Company awaits the court’s decision.

 

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.

 

Universal Service Fund Audit

 

The Company’s FCC Form 499-A filings for calendar years 2000 through 2006 related to payments to the Universal Service Fund have been audited by the Internal Audit Division (“IAD”) of the Universal Service Administrative Company (“USAC”), which concluded that the Company incorrectly reported certain revenues on Forms 499-A. USAC’s revisions to the Company’s filing methodology resulted in additional regulatory payments for the years covered by the audits. While the Company believes in the accuracy of its filing methodology and the Company’s Request for Review remains pending, the Company has implemented some of the revisions set forth in the IAD’s filings beginning with the Company’s calendar year 2010 Form 499-A. The Company has accrued for all regulatory fees that the Company believes may be incurred under IAD’s methodology from 2002 through the present, in the event the Company’s Request for Review is denied and/or its methodology is not upheld on appeal, and the Company has made certain payments on amounts that have been invoiced to it by USAC and/or other agencies. The Company’s 2017 FCC Form 499-A, which reports its calendar year 2016 revenue, is currently under audit by the IAD. At October 31, 2017 and July 31, 2017, the Company’s accrued expenses included $39.9 million and $43.5 million, respectively, for these regulatory fees for the years covered by the audit and subsequent years. Until a final decision is reached in the Company’s disputes, the Company will continue to accrue in accordance with IAD’s methodology. If the Company does not properly calculate, or has not properly calculated, the amount payable by the Company to the Universal Service Fund, the Company may be subject to interest and penalties.

 

 13 

 

 

Purchase Commitments

 

The Company had purchase commitments of $60.9 million at October 31, 2017, including the aggregate commitment under the Reciprocal Services Agreement described below.

 

Reciprocal Services Agreement

 

In August 2017, the Company entered into a Reciprocal Services Agreement with a telecom operator in Central America for a full range of services, including, but not limited to, termination of inbound and outbound international long-distance voice calls. The Company has committed to pay such telecom operator monthly committed amounts during the term of the agreement. In addition, under certain limited circumstances, the parties may renegotiate the amount of the monthly payments. In the event the parties do not agree on re-pricing terms after good faith negotiations, then either party has the right to terminate the agreement. Pursuant to the agreement, in September 2017, the Company deposited $11.75 million into an escrow account as security for the benefit of the telecom operator, which is included in “Other current assets” in the accompanying consolidated balance sheet.

 

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 October 31, 2017, the Company had aggregate performance bonds of $15.1 million outstanding.

 

Substantially Restricted Cash and Cash Equivalents

 

The Company treats unrestricted cash and cash equivalents held by IDT Payment Services, which provides the Company’s international money transfer services in the United States, as substantially restricted and unavailable for other purposes. At October 31, 2017 and July 31, 2017, “Cash and cash equivalents” in the Company’s consolidated balance sheets included an aggregate of $8.6 million and $10.8 million, respectively, held by IDT Payment Services that was unavailable for other purposes.

 

Straight Path Communications Inc. Settlement Agreement and Mutual Release

 

The Company entered into various agreements with Straight Path prior to the Straight Path Spin-Off including a Separation and Distribution Agreement to effect the separation and provide a framework for the Company’s relationship with Straight Path after the spin-off. On September 20, 2016, the Company received a letter of inquiry from the Enforcement Bureau of the FCC requesting certain information and materials related to an investigation of potential violations by Straight Path Spectrum LLC (formerly a subsidiary of the Company and currently a subsidiary of Straight Path) in connection with licenses to operate on the 28 GHz and 39 GHz bands of the Fixed Microwave Services. The Company has cooperated with the FCC in this matter and has responded to the letter of inquiry. If the FCC were to pursue separate action against the Company, the FCC could seek to fine or impose regulatory penalties or civil liability on the Company related to activities during the period of ownership by the Company.

 

The Separation and Distribution Agreement provides for the Company and Straight Path to indemnify each other for certain liabilities. The Company and Straight Path each communicated that it was entitled to indemnification from the other in connection with the inquiry described above and related matters. On October 24, 2017, the Company, Straight Path, SPIP and PR-SP IP Holdings LLC (“PR-SP”), an entity owned by Howard Jonas, entered into a Settlement Agreement and Release that provides for, among other things, the settlement and mutual release of potential liabilities and claims that may exist or arise under the Separation and Distribution Agreement between the Company and Straight Path. Consistent with the previously announced term sheet dated April 9, 2017, in exchange for the mutual release, the Company paid Straight Path an aggregate of $16 million in cash, Straight Path transferred to the Company its majority ownership interest in Straight Path IP Group Holding, Inc. (“New SPIP”), which holds the equity of SPIP, the entity that holds intellectual property primarily related to communications over computer networks, subject to the right to receive 22% of the net proceeds, if any, received by SPIP from licenses, settlements, awards or judgments involving any of the patent rights and certain transfers of the patents or related rights, that will be retained by Straight Path’s stockholders (such equity interest, subject to the retained interest right, the “IP Interest”), and the Company undertook certain funding and other obligations related to SPIP. The Settlement Agreement and Release allocates (i) $10 million of the payment and the retained interest right to the settlement of claims and the mutual release and (ii) $6 million to the transfer of the IP Interest. 

 

Consistent with the contemplated arrangement that was previously disclosed, on October 24, 2017, the Company sold its entire majority interests in New SPIP to PR-SP in exchange for $6 million and the assumption by PR-SP of the funding and other obligations undertaken by the Company.

 

 14 

 

 

Note 12—Other (Expense) Income, Net

 

Other (expense) income, net consists of the following:

 

   Three Months Ended
October 31,		 
   2017   2016 
   (in thousands) 
Foreign currency transaction (losses) gains  $(728)  $2,059 
(Loss) gain on investments   (119)   263 
Gain on marketable securities   7    — 
Other   14    70 
Total other (expense) income, net  $(826)  $2,392 

 

Note 13—Income Tax and New Jersey Corporation Business Tax

 

In the three months ended October 31, 2016, the Company determined that its valuation allowance on the losses of Elmion Netherlands B.V., a Netherlands subsidiary, was no longer required due to an internal reorganization that generated income and a projection of income in future periods. The Company recorded a benefit from income taxes of $16.6 million in the three months ended October 31, 2016 from the full recognition of the Elmion Netherlands B.V. deferred tax assets.

 

In September 2017, the Company, IDT Domestic Telecom, Inc. (a subsidiary of the Company) and certain other affiliates, were certified by the New Jersey Economic Development Authority as having met all of the requirements of the Grow New Jersey Assistance Act Tax Credit Program. The corporation business tax credits to be received are a maximum of $21.1 million. The Company may claim a tax credit each tax year for ten years beginning in 2017. The tax credit can be applied to 100% of the Company’s New Jersey tax liability each year, and the unused amount of the annual credit can be carried forward. In addition, the Company may apply for a tax credit transfer certificate to sell unused tax credits to another business. The tax credits must be sold for no less than 75% of the value of the tax credits. The tax credits are subject to reduction, forfeiture and recapture if, among other things, the number of full-time employees declines below the program or statewide minimum.

 

Note 14—Recently Issued Accounting Standard Not Yet Adopted

 

In May 2014, the Financial Accounting Standards Board (“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 (“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. Entities have the option of using either a full retrospective or modified retrospective approach for the adoption of the standard. The Company expects to adopt this standard on August 1, 2018 using the modified retrospective approach. The Company has identified its main revenue streams, which include Boss Revolution PIN-less international calling revenue, wholesale carrier services revenue, and domestic and international airtime top-up revenue. The Company is currently reviewing contracts and other relevant documents related to its wholesale carrier services revenue to determine how to apply the new standard to this revenue stream. The Company expects to continue its review and evaluation for its other revenue streams in fiscal 2018. Currently, the Company cannot reasonably estimate the impact that the adoption of 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. 

 

 15 

 

 

In June 2016, the FASB issued an ASU that changes the impairment model for most financial assets and certain other instruments. For receivables, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except the losses will be recognized as allowances instead of reductions in the amortized cost of the securities. In addition, an entity will have to disclose significantly more information about allowances, credit quality indicators and past due securities. The new provisions will be applied as a cumulative-effect adjustment to retained earnings. The Company will adopt the new standard on August 1, 2020. The Company is evaluating the impact that the new standard will have on its consolidated financial statements.

 

In November 2016, the FASB issued an ASU that includes specific guidance on the classification and presentation of changes in restricted cash and cash equivalents in the statement of cash flows. The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash or restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of the period and end of the period total amounts shown on the statement of cash flows. The ASU will be applied using a retrospective transition method to each period presented. The Company will adopt the amendments in this ASU on August 1, 2018. The adoption will impact the Company’s beginning of the period and end of the period cash and cash equivalents balance in its statement of cash flows, as well as its net cash provided by operating activities.

 

In January 2017, the FASB issued an ASU to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current guidance, there are three elements of a business—inputs, processes, and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs, for example, by integrating the acquired set with their own inputs and processes. The amendments in this ASU provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this ASU (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are not required for a set to be a business, outputs generally are a key element of a business; therefore, the FASB has developed more stringent criteria for sets without outputs. Lastly, the ASU narrows the definition of the term output. The Company will adopt the amendments in this ASU on August 1, 2018. The Company is evaluating the impact that the new standard will have on its consolidated financial statements.

 

In May 2017, the FASB issued an ASU to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Pursuant to this ASU, an entity should account for the effects of a modification unless all the following are met: (1) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified (if the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification); (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The Company will adopt the amendments in this ASU prospectively to an award modified on or after on August 1, 2018. The Company is evaluating the impact that the new standard will have on its consolidated financial statements.

 

In August 2017, the FASB issued an ASU intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition, the ASU includes certain targeted improvements to simplify the application of hedge accounting guidance in U.S. GAAP. The amendments in this ASU are effective for the Company on August 1, 2019. Early application is permitted. Entities will apply the amendments to cash flow and net investment hedge relationships that exist on the date of adoption using a modified retrospective approach. The presentation and disclosure requirements will be applied prospectively. The Company is evaluating the impact that this ASU will have on its consolidated financial statements.

 

 16 

 

 

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, 2017, 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 Annual Report on Form 10-K for the fiscal year ended July 31, 2017. 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 Annual Report on Form 10-K for the year ended July 31, 2017.

 

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 net2phone-Unified Communications as a Service, or net2phone-UCaaS (formerly known as UCaaS). The Telecom Platform Services segment provides retail telecommunications and payment offerings as well as wholesale international long distance traffic termination. The net2phone-UCaaS segment is comprised of (1) cable telephony, (2) cloud-based private branch exchange, or PBX, services offered to enterprise customers exclusively through value-added resellers, service providers, telecom agents and managed service providers, (3) Session Initiation Protocol, or SIP, trunking, which supports inbound and outbound domestic and international calling from an IP PBX, and (4) PicuP, a highly-automated business phone service that answers, routes and manages voice calls. Telecom Platform Services and net2phone-UCaaS comprise our IDT Telecom division. Operating segments not reportable individually are included in All Other. All Other includes our real estate holdings and other smaller businesses.

 

Since our inception, we have derived the majority of our revenues and operating expenses from IDT Telecom’s businesses. IDT Telecom’s revenues represented 99.8% and 99.9% of our total revenues in the three months ended October 31, 2017 and 2016, respectively.

 

On October 31, 2017, our subsidiary Rafael Holdings, Inc., or RHI, filed a registration statement on Form 10 (containing a preliminary Information Statement for our stockholders) with the SEC. We intend to spin-off RHI to our stockholders, so that RHI will be a separate publicly traded company. RHI intends to apply to have its Class B common stock listed for trading on the NYSE American under the symbol “RFL”. Approval of the spin-off by our stockholders is not required. Our Board of Directors believes that the spin-off will allow RHI to better focus on its strategic mission and that its potential can be better realized as an independent entity. The spin-off of RHI will occur by way of a pro rata distribution of RHI’s capital stock to our stockholders. On the distribution date, we currently expect that each of our stockholders as of the record date for the distribution will receive one share of RHI Class A common stock for every two shares of our Class A common stock and one share of RHI Class B common stock for every two shares of our Class B common stock. Completion of the RHI spin-off is subject to final approval by our Board of Directors, receipt of a favorable opinion as to the spin-off’s tax-free status, as well as effectiveness of the Form 10 registration statement filed with the SEC. Our Board of Directors reserves the right to amend, modify or abandon the RHI spin-off and the related transactions at any time prior to the distribution date.

 

RHI will own certain commercial real estate assets and interests in clinical and early stage pharmaceutical companies that are currently owned by us. The commercial real estate holdings consist of our headquarters building and its associated public garage in Newark, New Jersey, an office/data center building in Piscataway, New Jersey and an office condominium in Israel that hosts offices for us and certain affiliates. The pharmaceutical holdings include interests in Rafael Pharmaceuticals, Inc., or Rafael Pharma, which is a clinical stage, oncology-focused pharmaceutical company committed to the development and commercialization of therapies that exploit the metabolic differences between normal cells and cancer cells, and an equity interest in Lipomedix Pharmaceuticals Ltd., an early stage pharmaceutical development company based in Israel. In addition, prior to the spin-off, we intend to contribute cash to RHI so that it holds $50 million to $60 million in cash.

 

 17 

 

 

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 Annual Report on Form 10-K for fiscal 2017. 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 Annual Report on Form 10-K for fiscal 2017.

 

Recently Issued Accounting Standard 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. Entities have the option of using either a full retrospective or modified retrospective approach for the adoption of the standard. We expect to adopt this standard on August 1, 2018 using the modified retrospective approach. We have identified our main revenue streams, which include Boss Revolution PIN-less international calling revenue, wholesale carrier services revenue, and domestic and international airtime top-up revenue. We are currently reviewing contracts and other relevant documents related to our wholesale carrier services revenue to determine how to apply the new standard to this revenue stream. We expect to continue our review and evaluation for our other revenue streams in fiscal 2018. Currently, we cannot reasonably estimate the impact that the adoption of the standard will have on our 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. 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.

 

In June 2016, the FASB issued an ASU that changes the impairment model for most financial assets and certain other instruments. For receivables, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except the losses will be recognized as allowances instead of reductions in the amortized cost of the securities. In addition, an entity will have to disclose significantly more information about allowances, credit quality indicators and past due securities. The new provisions will be applied as a cumulative-effect adjustment to retained earnings. We will adopt the new standard on August 1, 2020. We are evaluating the impact that the new standard will have on our consolidated financial statements.

 

 18 

 

 

In November 2016, the FASB issued an ASU that includes specific guidance on the classification and presentation of changes in restricted cash and cash equivalents in the statement of cash flows. The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash or restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of the period and end of the period total amounts shown on the statement of cash flows. The ASU will be applied using a retrospective transition method to each period presented. We will adopt the amendments in this ASU on August 1, 2018. The adoption will impact our beginning of the period and end of the period cash and cash equivalents balance in our statement of cash flows, as well as our net cash provided by operating activities.

 

In January 2017, the FASB issued an ASU to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current guidance, there are three elements of a business—inputs, processes, and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs, for example, by integrating the acquired set with their own inputs and processes. The amendments in this ASU provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this ASU (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are not required for a set to be a business, outputs generally are a key element of a business; therefore, the FASB has developed more stringent criteria for sets without outputs. Lastly, the ASU narrows the definition of the term output. We will adopt the amendments in this ASU on August 1, 2018. We are evaluating the impact that the new standard will have on our consolidated financial statements.

 

In May 2017, the FASB issued an ASU to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Pursuant to this ASU, an entity should account for the effects of a modification unless all the following are met: (1) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified (if the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification); (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. We will adopt the amendments in this ASU prospectively to an award modified on or after on August 1, 2018. We are evaluating the impact that the new standard will have on our consolidated financial statements.

 

In August 2017, the FASB issued an ASU intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition, the ASU includes certain targeted improvements to simplify the application of hedge accounting guidance in U.S. GAAP. The amendments in this ASU are effective for us on August 1, 2019. Early application is permitted. Entities will apply the amendments to cash flow and net investment hedge relationships that exist on the date of adoption using a modified retrospective approach. The presentation and disclosure requirements will be applied prospectively. We are evaluating the impact that this ASU will have on our consolidated financial statements.

 

Results of Operations

 

Three Months Ended October 31, 2017 Compared to Three Months Ended October 31, 2016

 

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.

 

Telecom Platform Services Segment

 

Beginning in the first quarter of fiscal 2018, the Telecom Platform Services segment includes Consumer Phone Services, which was previously reported as a separate segment. Consumer Phone Services provides consumer local and long distance services in certain U.S. states. Comparative results have been reclassified and restated as if Consumer Phone Services was included in Telecom Platform Services in all periods presented.

 

 19 

 

 

Telecom Platform Services, which represented 97.8% and 97.9% of our total revenues in the three months ended October 31, 2017 and 2016, respectively, markets and distributes multiple communications and payment services across three 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; and

 

●Payment Services provides payment offerings, including international and domestic airtime top-up and international money transfer.

 

  

Three months ended
October 31,

   Change 
  

2017

  

2016

  

$

  

%

 
   (in millions) 
Revenues  $385.1   $361.5   $23.6    6.5%
Direct cost of revenues   334.0    309.7    24.3    7.8 
Selling, general and administrative   42.1    41.1    1.0    2.6 
Depreciation and amortization   4.0    4.2    (0.2)   (4.6)
Severance   0.4    —    0.4    nm 
Income from operations  $4.6   $6.5   $(1.9)   (30.3)%

 

 

nm—not meaningful

 

Revenues. Telecom Platform Services’ revenues, minutes of use and average revenue per minute for the three months ended October 31, 2017 and 2016 consisted of the following:

 

  

Three months ended
October 31,

  

Change

 
  

2017

  

2016

  

$/#

  

%

 
   (in millions, except revenue per minute) 
Telecom Platform Services Revenues                
Retail Communications  $146.2   $158.5   $(12.3)   (7.8)%
Wholesale Carrier Services   170.5    143.3    27.2    19.0 
Payment Services   68.4    59.7    8.7    14.6 
Total Telecom Platform Services revenues  $385.1   $361.5   $23.6    6.5%
Minutes of use                    
Retail Communications   1,473    1,829    (356)   (19.5)%
Wholesale Carrier Services   5,216    4,348    868    20.0 
Total minutes of use   6,689    6,177    512    8.3%
Average revenue per minute                    
Retail Communications  $0.0992   $0.0867   $0.0125    14.5%
Wholesale Carrier Services   0.0327    0.0330    (0.0003)   (0.9)

 

Retail Communications’ revenue decreased 7.8% in the three months ended October 31, 2017 compared to the similar period in fiscal 2017, and Retail Communications’ minutes of use decreased 19.5% in the three months ended October 31, 2017 compared to the similar period in fiscal 2017. The decrease in Retail Communications’ revenues and minutes of use was primarily due to increased competition from wireless network operators, mobile virtual network operators and alternative communications solutions such as over-the-top voice and messaging services. Revenue from our Boss Revolution international calling service, which is Retail Communications’ most significant offering, declined 5.4% in the three months ended October 31, 2017 compared to the similar period in fiscal 2017, and Boss Revolution’s minutes of use declined 16.4% in the three months ended October 31, 2017 compared to the similar period in fiscal 2017. In addition, the decrease in Retail Communications’ revenue and minutes of use in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 was due to continuing declines in Europe, South America and Asia, and continuing declines from traditional disposable calling cards in the U.S. Retail Communications’ revenue comprised 38.0% and 43.8% of Telecom Platform Services’ revenue in the three months ended October 31, 2017 and 2016, respectively.

 

 20 

 

 

Wholesale Carrier Services’ revenue increased 19.0% in the three months ended October 31, 2017 compared to the similar period in fiscal 2017, and Wholesale Carrier Services’ minutes of use increased 20.0% in the three months ended October 31, 2017 compared to the similar period in fiscal 2017, due to an increase in traditional carrier minutes of use and revenues. Wholesale Carrier Services’ revenue comprised 44.3% and 39.7% of Telecom Platform Services’ revenue in the three months ended October 31, 2017 and 2016, respectively.

 

Payment Services’ revenue increased 14.6% in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 due to increases in revenue from our international and domestic airtime top-up service, our international money transfer service, and our National Retail Solutions point-of-sale terminal business. The increase in revenues from airtime top-up in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 reflected growth from new mobile partners and diversification of airtime top-up offerings. We have money transmitter licenses in 47 of the 49 states that require such a license, as well as in Puerto Rico and Washington, D.C. Future growth in Payment Services is expected from the new Boss Revolution Money app that features international money transfers, airtime top-up and electronic gift cards, and from expansion of money transfer services in New York and California via retailers. National Retail Solutions is also expected to continue growing. Payment Services’ revenue comprised 17.7% and 16.5% of Telecom Platform Services’ revenue in the three months ended October 31, 2017 and 2016, respectively.

 

   Three months ended
October 31,		    
   2017   2016   Change 
Telecom Platform Services            
Direct cost of revenues as a percentage of revenues   86.7%   85.7%   1.0%

 

Direct Cost of Revenues. Direct cost of revenues in Telecom Platform Services increased in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 mainly due to the 20.0% increase in Wholesale Carrier Services’ minutes of use in the three months ended October 31, 2017 compared to the similar period in fiscal 2017. Direct cost of revenues as a percentage of revenues in Telecom Platform Services increased 100 basis points in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 primarily due to a shift in the revenue mix within our Telecom Platform Services segment towards Wholesale Carrier Services, which typically exhibits higher direct cost of revenues as a percentage of revenues than our Retail Communications’ offerings.

 

Selling, General and Administrative. Selling, general and administrative expense in our Telecom Platform Services segment increased in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 primarily due an increase in employee compensation, partially offset by a decrease in marketing expense. As a percentage of Telecom Platform Services’ revenue, Telecom Platform Services’ selling, general and administrative expense decreased to 10.9% from 11.4% in the three months ended October 31, 2017 and 2016, respectively.

 

Depreciation and Amortization. The decrease in depreciation and amortization expense in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 was primarily due to more of our property, plant and equipment becoming fully depreciated, partially offset by increases in depreciation of capitalized costs of consultants and employees developing internal use software to support our new products.

 

Severance. In the three months ended October 31, 2017, Telecom Platform Services completed an adjustment to its workforce and incurred severance expense of $0.4 million.

 

net2phone-UCaaS Segment

 

   Three months ended
October 31,		   Change 
   2017   2016   $   % 
   (in millions) 
Revenues  $7.8   $7.1   $0.7    9.1%
Direct cost of revenues   2.5    3.3    (0.8)   (24.0)
Selling, general and administrative   4.7    3.3    1.4    42.1 
Depreciation   1.3    0.7    0.6    76.3 
                     
Loss from operations  $(0.7)  $(0.2)  $(0.5)   (286.3)%

 

Revenues. net2phone-UCaaS’ revenue increased 9.1% in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 primarily due to continued growth from its cable telephony service and cloud-based communications offering – both in the U.S. and in South America. In light of the strong growth in the cloud-based communications offering in Argentina and Brazil, net2phone-UCaaS anticipates additional international expansion in South America and Asia in fiscal 2018.

 

 21 

 

 

  

Three months ended
October 31,

  

 
  

2017

  

2016

   Change 
net2phone-UCaaS               
Direct cost of revenues as a percentage of revenues    32.1%   46.1%   (14.0)%

 

Direct Cost of Revenues. Direct cost of revenues in net2phone-UCaaS decreased in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 primarily because of a decrease in the direct cost of revenues in cable telephony service. Direct cost of revenues as a percentage of revenues in net2phone-UCaaS decreased 1,400 basis points in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 primarily because of the decrease in the direct cost of revenues in cable telephony service, as well as decreases in direct cost of revenues as a percentage of revenues in cloud-based PBX and SIP trunking.

 

Selling, General and Administrative. Selling, general and administrative expense in our net2phone-UCaaS segment increased in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 due to an increase in employee compensation resulting from an increase in the number of sales and information technology employees. We increased employees and compensation in our net2phone-UCaaS segment in fiscal 2017 as we invested in the growth of net2phone-UCaaS’ lines of business.

 

Depreciation. The increase in depreciation and amortization expense in the net2phone-UCaaS segment in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 was due to increases in depreciation of capitalized costs of consultants and employees developing internal use software to support our new products.

 

All Other

 

Currently, operating segments not reportable individually are included in All Other

 

  

Three months ended
October 31,

  

Change

 
  

2017

  

2016

  

$

  

%

 
   (in millions)             
Revenues   $0.7   $0.5   $0.2    39.8%
Direct cost of revenues    —    —    —    — 
Selling, general and administrative    0.9    —    0.9     nm 
Depreciation    0.4    0.4    —    3.0 
(Loss) income from operations   $(0.6)  $0.1   $(0.7)   (800.0)%

 

 

nm—not meaningful

 

Revenues. In April 2016, we entered into two leases with tenants for space in our headquarters building at 520 Broad Street, Newark, New Jersey. One lease is for a portion of the sixth floor for an eleven-year term, of which the first six years are non-cancellable. The other lease is for a portion of the ground floor and basement for a term of ten years and seven months. The tenant under this lease has the right to extend the term for three consecutive periods of five years each. Rental income from the first lease commenced in December 2016, and rental income from the second lease commenced in March 2017.

 

Selling, General and Administrative. Selling, general and administrative expense increased in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 primarily due to increases in expenses related to RHI and our commercial real estate.

 

Corporate

 

  

Three months ended
October 31,

  

Change

 
  

2017

  

2016

  

$

  

%

 
   (in millions) 
General and administrative expenses   $2.4   $1.1   $1.3    120.0%
Other operating expense    0.8    0.2    0.6    291.0 
Loss from operations   $3.2   $1.3   $1.9    149.1%

 

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. Corporate does not generate any revenues, nor does it incur any direct cost of revenues.

 

 22 

 

 

General and Administrative. The increase in Corporate general and administrative expense in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 was primarily due to increases in legal fees, employee compensation and stock-based compensation expense. As a percentage of our total consolidated revenues, Corporate general and administrative expense were 0.6% and 0.3% in the three months ended October 31, 2017 and 2016, respectively.

 

Other Operating Expense. On July 31, 2013, we completed a pro rata distribution of the common stock of our former subsidiary Straight Path Communications Inc., or Straight Path, to our stockholders. In the three months ended October 31, 2017, we incurred legal fees of $0.8 million related to the Straight Path stockholders’ putative class action and derivative complaint. In the three months ended October 31, 2016, we incurred legal fees of $0.2 million related to a letter of inquiry from the Federal Communications Commission, or FCC, in connection with its investigation of potential license violations by Straight Path Spectrum LLC (a subsidiary of Straight Path and formerly a subsidiary of ours). (See Note 11 to the Consolidated Financial Statements included in Item 1 to Part I of the Quarterly Report on Form 10-Q).

 

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 $0.8 million and $0.7 million in the three months ended October 31, 2017 and 2016, respectively. At October 31, 2017, unrecognized compensation cost related to non-vested stock-based compensation, including stock options and restricted stock, was an aggregate of $4.9 million. The unrecognized compensation cost is expected to be recognized over the remaining vesting period that ends in 2020.

 

  

Three months ended
October 31,

  

Change

 
  

2017

  

2016

  

$

  

%

 
   (in millions) 
Income from operations   $0.1   $5.2   $(5.1)   (98.4)%
Interest income, net    0.3    0.3    —    20.3 
Other (expense) income, net    (0.8)   2.4    (3.2)   (134.5)
(Provision for) benefit from income taxes    (1.4)   14.4    (15.8)   (109.8)
Net (loss) income    (1.8)   22.3    (24.1)   (108.1)
Net income attributable to noncontrolling interests    (0.3)   (0.4)   0.1    21.5 
Net (loss) income attributable to IDT Corporation   $(2.1)  $21.9   $(24.0)   (109.5)%

 

Other (Expense) Income, net. Other (expense) income, net consists of the following:

 

  

Three months ended
October 31,

 
  

2017

  

2016

 
   (in millions) 
Foreign currency transaction (losses) gains   $(0.7)  $2.1 
(Loss) gain on investments    (0.1)   0.3 
Total other (expense) income, net   $(0.8)  $2.4 

 

(Provision for) Benefit from Income Taxes. In the three months ended October 31, 2016, we determined that our valuation allowance on the losses of Elmion Netherlands B.V., or Elmion, a Netherlands subsidiary, was no longer required due to an internal reorganization that generated income and a projection that the income would continue. We recorded a benefit from income taxes of $16.6 million in the three months ended October 31, 2016 from the full recognition of the Elmion deferred tax assets. The change in income tax expense in the three months ended October 31, 2017 compared to the similar period in fiscal 2017, excluding the benefit from income taxes in the three months ended October 31, 2016, was generally due to the differences in the tax rates in the jurisdictions where the results were recorded.

 

 23 

 

 

Net Income Attributable to Noncontrolling Interests. The change in the net income attributable to noncontrolling interests in the three months ended October 31, 2017 compared to the similar period in fiscal 2017 was primarily due to a decrease in the net income attributable to the noncontrolling interests in certain IDT Telecom subsidiaries, partially offset by net loss attributable to the noncontrolling interests in RHI and RHI’s subsidiary, IDT-Rafael Holdings, LLC.

 

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 October 31, 2017 to be sufficient to meet our currently anticipated working capital and capital expenditure requirements during the twelve-month period ending October 31, 2018.

 

At October 31, 2017, we had cash, cash equivalents and marketable securities of $107.0 million and working capital (current assets in excess of current liabilities) of $4.0 million. At October 31, 2017, 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 as substantially restricted and unavailable for other purposes. At October 31, 2017, “Cash and cash equivalents” in our consolidated balance sheet included an aggregate of $8.6 million held by IDT Payment Services that was unavailable for other purposes.

 

We have not recorded U.S. income tax expense for foreign earnings, since such earnings are permanently reinvested outside the United States. Upon distribution of these foreign earnings to our domestic entities, we may be subject to U.S. income taxes and withholding of foreign taxes, however, it is not practicable to determine the amount, if any, which would be paid.

 

  

Three months ended
October 31,

 
  

2017

  

2016

 
   (in millions) 
Cash flows (used in) provided by:        
Operating activities   $(30.5)  $5.5 
Investing activities    (1.4)   (18.5)
Financing activities    (5.1)   (3.1)
Effect of exchange rate changes on cash and cash equivalents    (0.2)   (1.5)
Decrease in cash and cash equivalents   $(37.2)  $(17.6)

 

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.

 

Gross trade accounts receivable increased to $81.4 million at October 31, 2017 from $67.6 million at July 31, 2017 primarily due to a $13.6 million increase in IDT Telecom’s gross trade accounts receivable balance. The increase in IDT Telecom’s gross trade accounts receivable balance was primarily due to amounts billed in in the three months ended October 31, 2017 in excess of collections during the period.

 

Deferred revenue as a percentage of total revenues varies from period to period depending on the mix and the timing of revenues. Deferred revenue arises from IDT Telecom’s sales of prepaid products. Deferred revenue decreased to $74.8 million at October 31, 2017 from $76.5 million at July 31, 2017 primarily due to a decrease in the IDT Telecom U.S. Boss Revolution balance.

 

On September 20, 2016, we received a letter of inquiry from the Enforcement Bureau of the FCC requesting certain information and materials related to an investigation of potential violations by Straight Path Spectrum LLC in connection with licenses to operate on the 28 GHz and 39 GHz bands of the Fixed Microwave Services. We have cooperated with the FCC in this matter and have responded to the letter of inquiry. The FCC could seek to fine or impose regulatory penalties or civil liability on us related to activities during the period of ownership by us.

 

 24 

 

 

The Separation and Distribution Agreement related to the spin-off of Straight Path provides for us and Straight Path to indemnify each other for certain liabilities. We and Straight Path each communicated that it was entitled to indemnification from the other in connection with the inquiry described above and related matters. On October 24, 2017, we, Straight Path, Straight Path IP Group, Inc., or SPIP, and PR-SP IP Holdings LLC, or PR-SP, an entity owned by Howard Jonas, entered into a Settlement Agreement and Release that provides for, among other things, the settlement and mutual release of potential liabilities and claims that may exist or arise under the Separation and Distribution Agreement between us and Straight Path. Consistent with the previously announced term sheet dated April 9, 2017, in exchange for the mutual release, we paid Straight Path an aggregate of $16 million in cash, Straight Path transferred to us its majority ownership interest in Straight Path IP Group Holding, Inc., or New SPIP, which holds the equity of SPIP, the entity that holds intellectual property primarily related to communications over computer networks, subject to the right to receive 22% of the net proceeds, if any, received by SPIP from licenses, settlements, awards or judgments involving any of the patent rights and certain transfers of the patents or related rights, that will be retained by Straight Path’s stockholders (such equity interest, subject to the retained interest right, the “IP Interest”), and we undertook certain funding and other obligations related to SPIP. The Settlement Agreement and Release allocates (i) $10 million of the payment and the retained interest right to the settlement of claims and the mutual release and (ii) $6 million to the transfer of the IP Interest. In the accompanying consolidated statement of cash flows in the three months ended October 31, 2017, $10 million of the aggregate payment to Straight Path was included in operating activities and $6 million of the aggregate payment was included in investing activities.

 

In August 2017, we entered into a Reciprocal Services Agreement with a telecom operator in Central America for a full range of services, including, but not limited to, termination of inbound and outbound international long-distance voice calls. We have committed to pay such telecom operator monthly committed amounts during the term of the agreement. In addition, under certain limited circumstances, the parties may renegotiate the amount of the monthly payments. In the event the parties do not agree on re-pricing terms after good faith negotiations, then either party has the right to terminate the agreement. Pursuant to the agreement, in September 2017, we deposited $11.75 million into an escrow account as security for the benefit of the telecom operator, which was included in operating activities in the accompanying consolidated statement of cash flows.

 

Investing Activities

 

Our capital expenditures were $5.3 million and $5.5 million in the three months ended October 31, 2017 and 2016, respectively. We currently anticipate that total capital expenditures for the twelve-month period ending October 31, 2018 will be between $21 million to $23 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.

 

Consistent with the contemplated arrangement that was previously disclosed, on October 24, 2017, we sold our entire majority interests in New SPIP to PR-SP in exchange for $6 million and the assumption by PR-SP of our funding and other obligations. As described above, $6 million of the aggregate payment to Straight Path that was allocated to the transfer of the IP Interest was included in investing activities in the three months ended October 31, 2017.

 

In the three months ended October 31, 2016, we used cash of $8.0 million for additional investments. In September 2016, Rafael Pharma issued to our 50%-owned subsidiary, CS Pharma Holdings, LLC, or CS Pharma, its convertible Series D Note with a principal amount of $10 million, representing the $8 million investment funded on such date plus the conversion of $2 million principal amount convertible promissory notes issued in connection with a prior funding.

 

Purchases of marketable securities were $15.7 million and $11.0 million in the three months ended October 31, 2017 and 2016, respectively. Proceeds from maturities and sales of marketable securities were $19.6 million and $6.0 million in the three months ended October 31, 2017 and 2016, respectively.

 

Financing Activities

 

In the three months ended October 31, 2017, we paid cash dividends of $0.19 per share on our Class A common stock and Class B common stock, or $4.7 million in total. In the three months ended October 31, 2016, we paid cash dividends of $0.19 per share on our Class A common stock and Class B common stock, or $4.4 million in total. On December 4, 2017, our Board of Directors declared a dividend of $0.19 per share for the first quarter of fiscal 2018 to holders of our Class A common stock and Class B common stock. The dividend will be paid on or about December 29, 2017 to stockholders of record as of the close of business on December 18, 2017.

 

We distributed cash of $0.4 million in both the three months ended October 31, 2017 and 2016 to the holders of noncontrolling interests in certain of our subsidiaries.

 

We received proceeds from the exercise of our stock options of $0.4 million in the three months ended October 31, 2016, for which we issued 43,016 shares of our Class B common stock.

 

In connection with our investment in Rafael Pharma, our subsidiary CS Pharma issued member interests to third parties in exchange for cash investment in CS Pharma of $10 million. We hold a 50% interest in CS Pharma and we are the managing member. At July 31, 2016, CS Pharma had received $8.8 million, which was included in “Other current liabilities” pending the issuance of the member interests. In the three months ended October 31, 2016, CS Pharma received an additional $1.2 million from the sale of its member interests.

 

In each of the three months ended October 31, 2017 and 2016, we paid $23,000 to repurchase 1,668 and 1,542 shares, respectively, of our Class B common stock 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 were repurchased by us based on their fair market value on the trading day immediately prior to the vesting date.

 

 25 

 

 

We have a stock repurchase program for the repurchase of up to an aggregate of 8.0 million shares of our Class B common stock. There were no repurchases under the program in the three months ended October 31, 2017 or 2016. At October 31, 2017, 8.0 million shares remained available for repurchase under the stock repurchase program.

 

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 of April 30, 2018. At October 31, 2017 and July 31, 2017, there were no amounts outstanding under the facility. We intend 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.

 

Other Sources and Uses of Resources

 

On June 22, 2017, IDT Telecom, Inc. entered into a Share Purchase Agreement with JAR Fintech Limited and JAR Capital Limited to sell the capital stock of IDT Financial Services Holding Limited, a company incorporated under the laws of Gibraltar and a wholly-owned subsidiary of IDT Telecom, to JAR Fintech Limited. IDT Financial Services Holding Limited is the sole shareholder of IDT Financial Services Limited, our Gibraltar-based bank. The Share Purchase Agreement provides for an aggregate purchase price for the outstanding equity interests of IDT Financial Services Holding Limited of £2.9 million ($3.8 million at October 31, 2017) plus an amount equal to the value of IDT Financial Services Holding Limited’s net assets, to be paid at closing, subject to adjustments relating to customer assets of IDT Financial Services Holding Limited. The net asset value of IDT Financial Services Holding Limited was $13.9 million at October 31, 2017. A portion of the purchase price will be placed in escrow and released to IDT Telecom once all of the conditions have been met under the Share Purchase Agreement. The sale is expected to close in the first quarter of calendar 2018, subject to regulatory approval and other customary conditions set forth in the Share Purchase Agreement. The remaining closing conditions are outside of our control and there can be no assurance that the sale will be completed.

 

We intend to spin-off our wholly-owned subsidiary, RHI, to our stockholders. RHI will own certain commercial real estate assets and interests in Rafael Pharma and Lipomedix Pharmaceuticals Ltd. Prior to the spin-off, we intend to contribute cash to RHI so that it holds $50 million to $60 million in cash.

 

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 table quantifies our future contractual obligations and commercial commitments at October 31, 2017:

 

Payments Due by Period

(in millions)

  Total   Less than
1 year		   1–3 years   4–5 years   After 5 years 
Operating leases  $6.5   $2.9   $2.1   $0.7   $0.8 
Purchase commitments (1)   60.9    60.9    —    —    — 
Total contractual obligations (2)  $67.4   $63.8   $2.1   $0.7   $0.8 

 

(1)Purchase commitments include the aggregate commitment under the Reciprocal Services Agreement with a telecom operator in Central America for a full range of services, including, but not limited to, termination of inbound and outbound international long-distance voice calls.

 

(2)The above table does not include an aggregate of $15.1 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.

 

 26 

 

 

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, 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. (See Note 11 to the Consolidated Financial Statements included in Item 1 to Part I of the Quarterly Report on Form 10-Q).

 

In connection with our spin-off of Zedge, Inc., or Zedge, in June 2016, we and Zedge 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 Zedge after the spin-off, and a Tax Separation Agreement, which sets forth the responsibilities of us and Zedge 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 Separation and Distribution Agreement, among other things, we indemnify Zedge and Zedge 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, Zedge indemnifies us from all liability for taxes of Zedge and any of Zedge’s subsidiaries or relating to Zedge’s business accruing after the spin-off, and we indemnify Zedge from all liability for taxes of Zedge and any of Zedge’s subsidiaries or relating to Zedge’s business with respect to taxable periods ending on or before 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 October 31, 2017, we had aggregate performance bonds of $15.1 million outstanding.

 

Item 3.Quantitative and Qualitative Disclosures About Market Risks

 

Foreign Currency Risk

 

Revenues from our international operations were 33% and 31% of our consolidated revenues for the three months ended October 31, 2017 and 2016, 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.

 

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. As of October 31, 2017, the carrying value of our marketable securities and investments in hedge funds was $54.3 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 October 31, 2017.

 

Changes in Internal Control over Financial Reporting. There were no changes in our internal control over financial reporting during the quarter ended October 31, 2017 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 27 

 

 

PART II. OTHER INFORMATION

 

Item 1.Legal Proceedings

 

Legal proceedings in which we are involved are more fully described in Note 11 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 Annual Report on Form 10-K for the year ended July 31, 2017.

 

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 first quarter of fiscal 2018:

 

   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)		 
August 1-31, 2017   —   $—    —    8,000,000 
September 1–30, 2017 (2)   1,542   $14.11    —    8,000,000 
October 1–31, 2017 (2)   126   $14.27    —    8,000,000 
Total   1,668   $14.12    —      

 

(1)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 originally approved by the Board of Directors on June 13, 2006, which had 4,636,741 shares remaining available for repurchase.

 

(2)Consists of shares of Class B common stock 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 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

 

 28 

 

 

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.

 

 29 

 

 

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
     
December 11, 2017 By: /s/ Shmuel Jonas
   

Shmuel Jonas

Chief Executive Officer

     
December 11, 2017 By: /s/ Marcelo Fischer
   

Marcelo Fischer

Senior Vice President of Finance

(Principal Financial Officer)

 

 

30

 

 EX-31.1 2 f10q1017ex31-1_idtcorp.htm CERTIFICATIONS

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: December 11, 2017

 

  /s/ Shmuel Jonas
 

Shmuel Jonas

Chief Executive Officer

 

 EX-31.2 3 f10q1017ex31-2_idtcorp.htm CERTIFICATIONS

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: December 11, 2017

 

  /s/ Marcelo Fischer
 

Marcelo Fischer

Senior Vice President of Finance

(Principal Financial Officer)

 

 EX-32.1 4 f10q1017ex32-1_idtcorp.htm CERTIFICATIONS

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 October 31, 2017 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: December 11, 2017

 

  /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.

 

 EX-32.2 5 f10q1017ex32-2_idtcorp.htm CERTIFICATIONS

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 October 31, 2017 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: December 11, 2017

 

  /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.

 

 

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-webkit-text-stroke-width: 0px;">The accompanying unaudited consolidated financial statements of IDT Corporation and its subsidiaries (the &#8220;Company&#8221; or &#8220;IDT&#8221;) have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. 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margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 23.75pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 23.75pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">On October 31, 2017, the Company&#8217;s subsidiary, Rafael Holdings, Inc. 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On the distribution date, the Company currently expects that each of the Company&#8217;s stockholders as of the record date for the distribution will receive one share of RHI Class A common stock for every two shares of the Company&#8217;s Class A common stock and one share of RHI Class B common stock for every two shares of the Company&#8217;s Class B common stock. Completion of the RHI spin-off is subject to final approval by the Company&#8217;s Board of Directors, receipt of a favorable opinion as to the spin-off&#8217;s tax-free status, as well as effectiveness of the Form 10 registration statement filed with the SEC. 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(&#8220;Straight Path&#8221;) to the Company&#8217;s stockholders of record as of the close of business on July 25, 2013 (the &#8220;Straight Path Spin-Off&#8221;). On July 5, 2017, plaintiff JDS1, LLC, on behalf of itself and all other similarly situated stockholders of Straight Path, and derivatively on behalf of Straight Path as nominal defendant, filed a putative class action and derivative complaint in the Court of Chancery of the State of Delaware against the Company, The Patrick Henry Trust (a trust formed by Howard S. Jonas that holds record and beneficial ownership of certain of his shares of Straight Path), Howard S. Jonas, and each of Straight Path&#8217;s directors. The complaint alleges that the Company aided and abetted Straight Path Chairman of the Board and Chief Executive Officer Davidi Jonas, and Howard S. Jonas in his capacity as controlling stockholder of Straight Path, in breaching their fiduciary duties to Straight Path in connection with the settlement of claims between Straight Path and the Company related to potential indemnification claims concerning Straight Path&#8217;s obligations under the Consent Decree it entered into with the Federal Communications Commission (&#8220;FCC&#8221;), as well as the proposed sale of Straight Path&#8217;s subsidiary Straight Path IP Group, Inc. (&#8220;SPIP&#8221;) to the Company in connection with that settlement. That action was consolidated with a similar action that was initiated by The Arbitrage Fund. The Plaintiffs are seeking, among other things, (i) a declaration that the action may be maintained as a class action or in the alternative, that demand on the Straight Path Board is excused; (ii) that the term sheet is invalid; (iii) awarding damages for the unfair price stockholders are receiving in the merger between Straight Path and Verizon Communications Inc. for their shares of Straight Path&#8217;s Class B common stock; and (iv) ordering Howard S. Jonas, Davidi Jonas, and the Company to disgorge any profits for the benefit of the class Plaintiffs. On August 28, 2017, the Plaintiffs filed an amended complaint. On September 24, 2017, the Company filed a motion to dismiss the amended complaint. The Company intends to vigorously defend the action. On November 20, 2017, the Delaware Chancery Court issued an order staying the case pending the closing of the transaction between Verizon and Straight Path on the grounds that the claims are not ripe. In the three months ended October 31, 2017, the Company incurred legal fees of $0.8 million related to this putative class action, which is included in &#8220;Other operating expense&#8221; in the accompanying consolidated statement of operations.</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 23.75pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">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 &#8220;Tyco&#8221;). 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&#8217;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&#8217;s claim and denied the Company&#8217;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 argument was held on March 9, 2016. On October 17, 2016, the judge granted Tyco&#8217;s motion and dismissed the complaint. In August 2017, the Company filed an appeal, which Tyco opposed. On November 22, 2017, oral argument was held on the appeal. 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Document and Entity Information - shares
 3 Months Ended
Oct. 31, 2017
Dec. 07, 2017
Entity Registrant Name IDT CORP  
Entity Central Index Key 0001005731  
Amendment Flag false  
Trading Symbol IDT  
Current Fiscal Year End Date --07-31  
Document Type 10-Q  
Document Period End Date Oct. 31, 2017  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q1  
Entity Filer Category Accelerated Filer  
Class A Common Stock    
Entity Common Stock Shares Outstanding   1,574,326
Class B Common Stock    
Entity Common Stock Shares Outstanding   23,266,555
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Consolidated Balance Sheets - USD ($)
$ in Thousands
Oct. 31, 2017
Jul. 31, 2017
Current assets:    
Cash and cash equivalents $ 52,755 $ 90,344
Marketable securities 54,291 58,272
Trade accounts receivable, net of allowance for doubtful accounts of $2,408 at October 31, 2017 and $2,657 at July 31, 2017 78,949 64,979
Prepaid expenses 15,796 14,506
Other current assets 29,961 18,749
Assets held for sale 110,666 124,267
Total current assets 342,418 371,117
Property, plant and equipment, net 88,617 88,994
Goodwill 11,303 11,326
Investments 26,390 26,894
Deferred income tax assets, net 10,524 11,841
Other assets 3,774 3,657
Assets held for sale 5,146 5,134
Total assets 488,172 518,963
Current liabilities:    
Trade accounts payable 47,220 40,989
Accrued expenses 109,155 125,359
Deferred revenue 74,849 76,451
Other current liabilities 5,272 4,659
Liabilities held for sale 101,943 115,318
Total current liabilities 338,439 362,776
Other liabilities 1,169 1,080
Liabilities held for sale 515 550
Total liabilities 340,123 364,406
Commitments and contingencies
IDT Corporation stockholders' equity:    
Preferred stock, $.01 par value; authorized shares-10,000; no shares issued
Additional paid-in capital 395,272 394,462
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 2,299 and 2,297 shares of Class B common stock at October 31, 2017 and July 31, 2017, respectively (83,327) (83,304)
Accumulated other comprehensive loss (2,741) (2,343)
Accumulated deficit (170,182) (163,370)
Total IDT Corporation stockholders' equity 139,311 145,734
Noncontrolling interests 8,738 8,823
Total equity 148,049 154,557
Total liabilities and equity 488,172 518,963
Class A Common Stock    
IDT Corporation stockholders' equity:    
Common stock, value 33 33
Class B Common Stock    
IDT Corporation stockholders' equity:    
Common stock, value $ 256 $ 256
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Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Oct. 31, 2017
Jul. 31, 2017
Allowance for doubtful accounts $ 2,408 $ 2,657
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 25,566 25,561
Common stock, shares outstanding 23,267 23,264
Treasury stock, common stock shares 2,299 2,297
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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Consolidated Statements of Operations [Abstract]    
Revenues $ 393,555 $ 369,151
Costs and expenses:    
Direct cost of revenues (exclusive of depreciation and amortization) 336,510 313,029
Selling, general and administrative [1] 50,071 45,438
Depreciation and amortization 5,673 5,299
Severance 439
Total costs and expenses 392,693 363,766
Other operating expense (779) (199)
Income from operations 83 5,186
Interest income, net 362 301
Other (expense) income, net (826) 2,392
(Loss) income before income taxes (381) 7,879
(Provision for) benefit from income taxes (1,416) 14,415
Net (loss) income (1,797) 22,294
Net income attributable to noncontrolling interests (295) (376)
Net (loss) income attributable to IDT Corporation $ (2,092) $ 21,918
(Loss) earnings per share attributable to IDT Corporation common stockholders:    
Basic $ (0.08) $ 0.97
Diluted $ (0.08) $ 0.96
Weighted-average number of shares used in calculation of (loss) earnings per share:    
Basic 24,628 22,712
Diluted 24,628 22,899
Dividends declared per common share $ 0.19 $ 0.19
(i) Stock-based compensation included in selling, general and administrative expenses $ 810 $ 702
[1] Stock-based compensation included in selling, general and administrative expenses
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Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Consolidated Statements of Comprehensive Income [Abstract]    
Net (loss) income $ (1,797) $ 22,294
Other comprehensive loss:    
Change in unrealized gain on available-for-sale securities (30) (23)
Foreign currency translation adjustments (368) (2,862)
Other comprehensive loss (398) (2,885)
Comprehensive (loss) income (2,195) 19,409
Comprehensive income attributable to noncontrolling interests (295) (376)
Comprehensive (loss) income attributable to IDT Corporation $ (2,490) $ 19,033
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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Operating activities    
Net (loss) income $ (1,797) $ 22,294
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization 5,673 5,299
Deferred income taxes 1,317 (14,483)
Provision for doubtful accounts receivable 566 260
Realized gain on marketable securities (7)
Interest in the equity of investments 104 (263)
Stock-based compensation 810 702
Change in assets and liabilities:    
Restricted cash and cash equivalents 14,742 9,939
Trade accounts receivable (13,952) (13,132)
Prepaid expenses, other current assets and other assets (12,832) (10)
Trade accounts payable, accrued expenses, other current liabilities and other liabilities (9,359) 6,125
Customer deposits (14,226) (9,127)
Deferred revenue (1,556) (2,114)
Net cash (used in) provided by operating activities (30,517) 5,490
Investing activities    
Capital expenditures (5,324) (5,515)
Proceeds from sale of interest in Straight Path IP Group Holding, Inc. 6,000
Purchase of IP Interest from Straight Path Communications Inc. (6,000)
Cash used for investments (8,008)
Proceeds from sale and redemption of investments 2
Purchases of marketable securities (15,671) (10,969)
Proceeds from maturities and sales of marketable securities 19,560 6,001
Net cash used in investing activities (1,435) (18,489)
Financing activities    
Dividends paid (4,720) (4,379)
Distributions to noncontrolling interests (380) (389)
Proceeds from exercise of stock options 407
Proceeds from sale of member interests in CS Pharma Holdings, LLC 1,250
Repurchases of Class B common stock (23) (23)
Net cash used in financing activities (5,123) (3,134)
Effect of exchange rate changes on cash and cash equivalents (173) (1,476)
Net decrease in cash and cash equivalents (37,248) (17,609)
Cash and cash equivalents at beginning of period, including $5,716 held for sale at July 31, 2017 96,060 109,537
Cash and cash equivalents at end of period, including $6,057 held for sale at October 31, 2017 58,812 91,928
Supplemental schedule of non-cash financing activities    
Reclassification of liability for member interests in CS Pharma Holdings, LLC $ 8,750
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Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
Oct. 31, 2017
Jul. 31, 2017
Consolidated Statements of Cash Flows [Abstract]    
Cash and cash equivalents $ 6,057 $ 5,716
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Basis of Presentation
 3 Months Ended
Oct. 31, 2017
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 months ended October 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2018. The balance sheet at July 31, 2017 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 fiscal year ended July 31, 2017, 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 2018 refers to the fiscal year ending July 31, 2018).
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
IDT Financial Services Holding Limited Assets and Liabilities Held for Sale
 3 Months Ended
Oct. 31, 2017
IDT Financial Services Holding Limited Assets and Liabilities Held for Sale [Abstract]  
IDT Financial Services Holding Limited Assets and Liabilities Held for Sale

Note 2— IDT Financial Services Holding Limited Assets and Liabilities Held for Sale

 

On June 22, 2017, the Company’s wholly-owned subsidiary IDT Telecom, Inc. (“IDT Telecom”) entered into a Share Purchase Agreement with JAR Fintech Limited (“JAR Fintech”) and JAR Capital Limited to sell the capital stock of IDT Financial Services Holding Limited, a company incorporated under the laws of Gibraltar and a wholly-owned subsidiary of IDT Telecom, to JAR Fintech. IDT Financial Services Holding Limited is the sole shareholder of IDT Financial Services Limited, a Gibraltar-based bank and e-money issuer, providing prepaid card solutions across the European Economic Area. The Share Purchase Agreement provides for an aggregate purchase price for the outstanding equity interests of IDT Financial Services Holding Limited of approximately $3.8 million plus an amount equal to the value of IDT Financial Services Holding Limited’s net assets, to be paid at closing, subject to adjustments relating to customer assets of IDT Financial Services Holding Limited. The net asset value of IDT Financial Services Holding Limited was $13.9 million at October 31, 2017. A portion of the purchase price will be placed in escrow and released to IDT Telecom once all of the conditions have been met under the Share Purchase Agreement. The sale is expected to close in the first quarter of calendar 2018, subject to regulatory approval and other customary conditions set forth in the Share Purchase Agreement. The remaining closing conditions are outside of the Company’s control and there can be no assurance that the sale will be completed.

 

The pending disposition of IDT Financial Services Holding Limited did not meet the criteria to be reported as a discontinued operation and accordingly, its results of operations and cash flows have not been reclassified. The IDT Financial Services Holding Limited assets and liabilities held for sale included the following:

 

  October 31,
2017		  July 31,
2017		 
  (in thousands) 
Current assets held for sale:      
Cash and cash equivalents $6,057  $5,716 
Restricted cash and cash equivalents  101,614   115,609 
Trade accounts receivable, net of allowance for doubtful accounts of $2,977 and $2,550 at October 31, 2017 and July 31, 2017, respectively  1,681   1,844 
Prepaid expenses  866   758 
Other current assets  448   340 
Total current assets held for sale $110,666  $124,267 
         
Noncurrent assets held for sale:        
Property, plant and equipment, net $21  $24 
Other intangibles, net  159   165 
Other assets  4,966   4,945 
Total noncurrent assets held for sale $5,146  $5,134 
         
Current liabilities held for sale:        
Trade accounts payable $718  $372 
Accrued expenses  272   226 
Customer deposits  100,873   114,689 
Other current liabilities  80   31 
Total current liabilities held for sale $101,943  $115,318 
         
Noncurrent liabilities held for sale:        
Other liabilities $515  $550 
Total noncurrent liabilities held for sale $515  $550 

  

IDT Financial Services Holding Limited is included in the Telecom Platform Services segment. IDT Financial Services Holding Limited’s (loss) income before income taxes and (loss) income before income taxes attributable to the Company, which is included in the accompanying consolidated statements of operations, were as follows:

 

  Three Months Ended
October 31,		 
  2017  2016 
  (in thousands) 
    
(Loss) income before income taxes $(450) $595 
         
(Loss) income before income taxes attributable to IDT Corporation $(450) $595 
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Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc.
 3 Months Ended
Oct. 31, 2017
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. [Abstract]  
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc.

Note 3—Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc.

 

On October 31, 2017, the Company’s subsidiary, Rafael Holdings, Inc. (“RHI”), filed a registration statement on Form 10 (containing a preliminary Information Statement for the Company’s stockholders) with the SEC. The Company intends to spin-off RHI to the Company’s stockholders, so that RHI will be a separate publicly traded company. RHI intends to apply to have its Class B common stock listed for trading on the NYSE American under the symbol “RFL”. Approval of the spin-off by the Company’s stockholders is not required. The Company’s Board of Directors believes that the spin-off will allow RHI to better focus on its strategic mission and that its potential can be better realized as an independent entity. The spin-off of RHI will occur by way of a pro rata distribution of RHI’s capital stock to the Company’s stockholders. On the distribution date, the Company currently expects that each of the Company’s stockholders as of the record date for the distribution will receive one share of RHI Class A common stock for every two shares of the Company’s Class A common stock and one share of RHI Class B common stock for every two shares of the Company’s Class B common stock. Completion of the RHI spin-off is subject to final approval by the Company’s Board of Directors, receipt of a favorable opinion as to the spin-off’s tax-free status, as well as effectiveness of the Form 10 registration statement filed with the SEC. The Company’s Board of Directors reserves the right to amend, modify or abandon the RHI spin-off and the related transactions at any time prior to the distribution date.

 

RHI will own certain commercial real estate assets and interests in clinical and early stage pharmaceutical companies that are currently owned by the Company. The commercial real estate holdings consist of the Company’s headquarters building and its associated public garage in Newark, New Jersey, an office/data center building in Piscataway, New Jersey and an office condominium in Israel that hosts offices for the Company and certain affiliates. The pharmaceutical holdings include interests in Rafael Pharmaceuticals, Inc. (“Rafael Pharma”), which is a clinical stage, oncology-focused pharmaceutical company committed to the development and commercialization of therapies that exploit the metabolic differences between normal cells and cancer cells, and an equity interest in Lipomedix Pharmaceuticals Ltd., an early stage pharmaceutical development company based in Israel. In addition, prior to the spin-off, the Company intends to contribute cash to RHI so that it holds $50 million to $60 million in cash.

 

RHI’s interests in Rafael Pharma, which are held through a 90%-owned non-operating subsidiary, IDT-Rafael Holdings, LLC (“IDT-Rafael Holdings”), include convertible notes issued by Rafael Pharma, and a warrant held by the Company and certain minority holders to purchase up to a majority equity stake in Rafael Pharma at the Company’s discretion in accordance with the terms of the convertible note and the warrant.

 

IDT-Rafael Holdings had the contractual right to receive additional shares of Rafael Pharma representing 10% of the outstanding capital stock of Rafael Pharma that will be issued upon the occurrence of any of the following: (i) Food and Drug Administration approval of a Rafael Pharma drug application, (ii) an initial public offering of Rafael Pharma at a valuation of over $500 million, or (iii) a sale of Rafael Pharma above certain valuations. Currently, none of the conditions have been satisfied and the right remains contingent. On September 14, 2017, IDT-Rafael Holdings distributed this right to its members on a pro rata basis such that the Company received the right to 9% of the outstanding capital stock of Rafael Pharma and Howard S. Jonas, the Company’s Chairman of the Board, and Chairman of the Board of Rafael Pharma, received the right to 1% of the outstanding capital stock of Rafael Pharma. In addition, as compensation for assuming the role of Chairman of the Board of Rafael Pharma, and to create additional incentive to contribute to the success of Rafael Pharma, on September 19, 2017, the Company transferred its right to receive 9% of the outstanding capital stock of Rafael Pharma to Mr. Jonas. The right is further transferable at the discretion of Mr. Jonas.

 

Howard Jonas and his wife Deborah Jonas jointly own $525,000 of Series C Convertible Notes of Rafael Pharma, and The Howard S. and Deborah Jonas Foundation own an additional $525,000 of Series C Convertible Notes of Rafael Pharma. 

 

The Company’s controlled 50%-owned subsidiary, CS Pharma Holdings, LLC (“CS Pharma”), holds Rafael Pharma’s Series D convertible promissory note with a principal amount of $10 million (the “Series D Note”). The Series D Note earns interest at 3.5% per annum, with principal and accrued interest due and payable on September 16, 2018. The Series D Note is convertible at the holder’s option into shares of Rafael Pharma’s Series D Preferred Stock. The Series D Note also includes a mandatory conversion into Rafael Pharma common stock upon a qualified initial public offering, and conversion at the holder’s option upon an unqualified financing event. In all cases, the Series D Note conversion price is based on the applicable financing purchase price.

 

The Company and CS Pharma hold warrants to purchase shares of capital stock of Rafael Pharma representing in the aggregate up to 56% of the then issued and outstanding capital stock of Rafael Pharma, on an as-converted and fully diluted basis. The right to exercise warrants as to the first $10 million thereof is held by CS Pharma. The exercise price of the warrant is the lower of 70% of the price sold in an equity financing, or $1.25 per share, subject to certain adjustments. The minimum initial and subsequent exercises of the warrant shall be for such number of shares that will result in at least $5 million of gross proceeds to Rafael Pharma, or such lesser amount as represents 5% of the outstanding capital stock of Rafael Pharma, or such lesser amount as may then remain unexercised. The warrant will expire upon the earlier of December 31, 2020 or a qualified initial public offering or liquidation event. 

 

The Company’s investment in Rafael Pharma, which was included in “Investments” in the accompanying consolidated balance sheets, consists of the following:

 

  October 31,
2017		  July 31,
2017		 
  (in thousands) 
Series D Note (at fair value) $6,300  $6,300 
Warrants (at cost)  5,400   5,400 
Right to receive additional shares (at cost)  —   400 
Total investment in Rafael Pharma $11,700  $12,100 

 

Rafael Pharma is a variable interest entity, however, the Company has determined that it is not the primary beneficiary as the Company does not have the power to direct the activities of Rafael Pharma that most significantly impact Rafael Pharma’s economic performance. At October 31, 2017, the Company’s maximum exposure to loss as a result of its involvement with Rafael Pharma was its $11.7 million investment, since there were no other arrangements, events or circumstances that could expose the Company to additional loss.
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Marketable Securities
 3 Months Ended
Oct. 31, 2017
Marketable Securities [Abstract]  
Marketable Securities

Note 4—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:            
October 31, 2017:            
Certificates of deposit* $31,908  $2  $(2) $31,908 
Federal Government Sponsored Enterprise notes  3,217   —   (17)  3,200 
International agency notes  402   —   (3)  399 
Mutual funds  5,391   56   —   5,447 
Corporate bonds  3,379   —   (4)  3,375 
Equity  75   —   (6)  69 
U.S. Treasury notes  5,396   —   (22)  5,374 
Municipal bonds  4,519   3   (3)  4,519 
Total $54,287  $61  $(57) $54,291 
July 31, 2017:                
Certificates of deposit* $29,011  $1  $(7) $29,005 
Federal Government Sponsored Enterprise notes  3,992   —   (14)  3,978 
International agency notes  291   —   —   291 
Mutual funds  5,353   77   —   5,430 
Corporate bonds  4,643   —   —   4,643 
Equity  74   —   (26)  48 
U.S. Treasury notes  6,673   —   —   6,673 
Municipal bonds  8,201   4   (1)  8,204 
Total $58,238  $82  $(48) $58,272 

 

* 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.

 

At October 31, 2017 and July 31, 2017, the Company owned 23,741 and 23,227 shares, respectively, of Zedge, Inc. Class B common stock that had a fair value of $69,000 and $48,000, respectively.

 

Proceeds from maturities and sales of available-for-sale securities were $19.6 million and $6.0 million in the three months ended October 31, 2017 and 2016, respectively. The gross realized gains that were included in earnings as a result of sales were $7,000 in the three months ended October 31, 2017 and nil in the three months ended October 31, 2016. There were no gross realized losses that were included in earnings as a result of sales in the three months ended October 31, 2017 and 2016. 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 October 31, 2017 were as follows:

 

  Fair Value 
  (in thousands) 
Within one year $31,586 
After one year through five years  17,189 
After five years through ten years  — 
After ten years  — 
Total $48,775 

 

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) 
October 31, 2017:      
Certificates of deposit $2  $7,040 
Federal Government Sponsored Enterprise notes  17   3,200 
International agency notes  3   399 
Corporate bonds  4   2,737 
Equity  6   69 
U.S. Treasury notes  22   5,374 
Municipal bonds  3   3,998 
Total $57  $22,817 
July 31, 2017:        
Certificates of deposit $7  $12,155 
Federal Government Sponsored Enterprise notes  14   3,529 
Equity  26   48 
Municipal bonds  1   3,349 
Total $48  $19,081 

 

At July 31, 2017, there were no securities in a continuous unrealized loss position for 12 months or longer. At October 31, 2017, the following available-for-sale securities included in the table above were in a continuous unrealized loss position for 12 months or longer:

 

  Unrealized
Losses		  Fair Value 
  (in thousands) 
         
Federal Government Sponsored Enterprise notes $8  $1,362 

 

At October 31, 2017, the Company did not intend to sell the securities that were in a continuous unrealized loss position for 12 months or longer, and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be at maturity.
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Fair Value Measurements
 3 Months Ended
Oct. 31, 2017
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note 5—Fair Value Measurements

 

The following tables present the balance of assets measured at fair value on a recurring basis:

 

  Level 1 (1)  Level 2 (2)  Level 3 (3)  Total 
  (in thousands) 
October 31, 2017            
Available-for-sale securities:            
Marketable securities $10,891  $43,400  $—  $54,291 
Rafael Pharma Series D Note  —   —   6,300   6,300 
Total $10,891  $43,400  $6,300  $60,591 
July 31, 2017                
Available-for-sale securities:                
Marketable securities $12,151  $46,121  $—  $58,272 
Rafael Pharma Series D Note  —   —   6,300   6,300 
Total $12,151  $46,121  $6,300  $64,572 

 

(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 October 31, 2017 and July 31, 2017, the Company did not have any liabilities measured at fair value on a recurring basis.

 

At October 31, 2017 and July 31, 2017, the fair value of the Rafael Pharma Series D Note, which was classified as Level 3, was estimated based on a valuation of Rafael Pharma and other factors that could not be corroborated by the market.

 

The following table summarizes the change in the balance of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). There were no liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) in the three months ended October 31, 2017 and 2016.

 

  Three Months Ended
October 31,		 
  2017  2016 
  (in thousands) 
Balance, beginning of period $6,300  $2,000 
Purchases  —   2,200 
Balance, end of period $6,300  $4,200 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period $—  $— 

 

At both October 31, 2017 and July 31, 2017, the Company had $8.6 million 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 and other current liabilities. At October 31, 2017 and July 31, 2017, 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 and other current liabilities were classified as Level 2 of the fair value hierarchy.

  

Other assets and other liabilities. At October 31, 2017 and July 31, 2017, 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 October 31, 2017 and July 31, 2017 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 $10.4 million and $10.8 million at October 31, 2017 and July 31, 2017, respectively, which the Company believes was not impaired.
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Equity
 3 Months Ended
Oct. 31, 2017
Equity [Abstract]  
Equity

Note 6— Equity

 

Changes in the components of equity were as follows:

 

  Three Months Ended
October 31, 2017		 
  Attributable to IDT Corporation  Noncontrolling Interests  Total 
  (in thousands) 
Balance, July 31, 2017 $145,734  $8,823  $154,557 
Dividends declared ($0.19 per share)  (4,720)  —   (4,720)
Restricted Class B common stock purchased from employees  (23)  —   (23)
Distributions to noncontrolling interests  —   (380)  (380)
Stock-based compensation  810   —   810 
Comprehensive income:            
Net loss  (2,092)  295   (1,797)
Other comprehensive loss  (398)  —   (398)
Comprehensive income  (2,490)  295   (2,195)
Balance, October 31, 2017 $139,311  $8,738  $148,049 

 

Dividend Payments

 

In the three months ended October 31, 2017, the Company paid cash dividends of $0.19 per share on its Class A common stock and Class B common stock, or $4.7 million in total. In the three months ended October 31, 2016, the Company paid cash dividends of $0.19 per share on its Class A common stock and Class B common stock, or $4.4 million in total.

 

On December 4, 2017, the Company’s Board of Directors declared a dividend of $0.19 per share for the first quarter of fiscal 2018 to holders of the Company’s Class A common stock and Class B common stock. The dividend will be paid on or about December 29, 2017 to stockholders of record as of the close of business on December 18, 2017.

 

Stock Repurchases

 

The Company has a stock repurchase program for the repurchase of up to an aggregate of 8.0 million shares of the Company’s Class B common stock. There were no repurchases under the program in the three months ended October 31, 2017 or 2016. At October 31, 2017, 8.0 million shares remained available for repurchase under the stock repurchase program.

 

In each of the three months ended October 31, 2017 and 2016, the Company paid $23,000 to repurchase 1,668 and 1,542 shares, respectively, of Class B common stock 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 were 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 September 28, 2017, the Company’s Board of Directors amended 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 0.3 million shares. The amendment is subject to ratification by the Company’s stockholders at its annual meeting of stockholders on December 14, 2017.
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(Loss) Earnings Per Share
 3 Months Ended
Oct. 31, 2017
(Loss) Earnings Per Share [Abstract]  
(Loss) Earnings Per Share

Note 7—(Loss) 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 (loss) earnings per share attributable to the Company’s common stockholders consists of the following:

 

  Three Months Ended
October 31,		 
  2017  2016 
  (in thousands) 
Basic weighted-average number of shares  24,628   22,712 
Effect of dilutive securities:        
Stock options  —   38 
Non-vested restricted Class B common stock  —   149 
Diluted weighted-average number of shares  24,628   22,899 

 

The following shares were excluded from the diluted earnings per share computation:

 

  Three Months Ended
October 31,		 
  2017  2016 
  (in thousands) 
Stock options  1,273   32 
Non-vested restricted Class B common stock  223   — 
Shares excluded from the calculation of diluted earnings per share  1,496   32 

 

In the three months ended October 31, 2017, the diluted loss per share computation equals basic loss per share because the Company had a net loss and the impact of the assumed exercise of stock options and the vesting of restricted stock would have been anti-dilutive. In the three months ended October 31, 2016, stock options with an exercise price that was greater than the average market price of the Company’s stock during the period were excluded from the diluted earnings per share computation.
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Revolving Credit Loan Payable
 3 Months Ended
Oct. 31, 2017
Revolving Credit Loan Payable [Abstract]  
Revolving Credit Loan Payable

Note 8—Revolving Credit Loan Payable

 

The Company’s subsidiary, IDT Telecom, 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 of April 30, 2018. At October 31, 2017 and July 31, 2017, 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.
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Accumulated Other Comprehensive Loss
 3 Months Ended
Oct. 31, 2017
Accumulated Other Comprehensive Loss [Abstract]  
Accumulated Other Comprehensive Loss

Note 9—Accumulated Other Comprehensive Loss

 

The accumulated balances for each classification of other comprehensive loss were as follows:

 

  Unrealized
Gain (Loss) 
on 
Available-for-Sale
Securities		  Foreign 
Currency 
Translation		  Accumulated 
Other 
Comprehensive 
Loss		  Location 
of (Gain) 
Loss 
Recognized
  (in thousands)
Balance, July 31, 2017 $2,134  $(4,477) $(2,343)  
Other comprehensive loss attributable to IDT Corporation before reclassifications  (23)  (368)  (391)  
Less: reclassification for gain included in net loss  (7)  —   (7) Other (expense) income, net
Net other comprehensive loss attributable to IDT Corporation  (30)  (368)  (398)  
Balance, October 31, 2017 $2,104  $(4,845) $(2,741)  

 

At both October 31, 2017 and July 31, 2017, unrealized gain on available-for-sale securities included unrealized gain of $2.1 million on the Rafael Pharma Series D Note.
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Business Segment Information
 3 Months Ended
Oct. 31, 2017
Business Segment Information [Abstract]  
Business Segment Information

Note 10—Business Segment Information

 

The Company has two reportable business segments, Telecom Platform Services and net2phone-Unified Communications as a Service (“net2phone-UCaaS”) (formerly known as UCaaS). 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.

 

Telecom Platform Services and net2phone-UCaaS comprise the IDT Telecom division. The Telecom Platform Services segment provides retail telecommunications and payment offerings as well as wholesale international long distance traffic termination. The net2phone-UCaaS segment is comprised of (1) cable telephony, (2) cloud-based private branch exchange, or PBX, services offered to enterprise customers exclusively through value-added resellers, service providers, telecom agents and managed service providers, (3) Session Initiation Protocol, or SIP, trunking, which supports inbound and outbound domestic and international calling from an IP PBX, and (4) PicuP, a highly-automated business phone service that answers, routes and manages voice calls.

 

Beginning in the first quarter of fiscal 2018, the Telecom Platform Services segment includes Consumer Phone Services, which was previously reported as a separate segment. Consumer Phone Services provides consumer local and long distance services in certain U.S. states. Comparative results have been reclassified and restated as if Consumer Phone Services was included in Telecom Platform Services in all periods presented.

 

Operating segments not reportable individually are included in All Other. All Other includes the Company’s real estate holdings and other smaller businesses. 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 net2phone-UCaaS 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		  net2phone-UCaaS  All Other  Corporate  Total 
Three Months Ended October 31, 2017               
Revenues $385,063  $7,788  $704  $—  $393,555 
Income (loss) from operations  4,561   (674)  (631)  (3,173)  83 
Severance  409   —   —   30   439 
Other operating expense  —   —   —   (779)  (779)
                     
Three Months Ended October 31, 2016                    
Revenues $361,511  $7,136  $504  $—  $369,151 
Income (loss) from operations  6,544   (174)  90   (1,274)  5,186 
Other operating expense  —   —   —   (199)  (199)
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies
 3 Months Ended
Oct. 31, 2017
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

Note 11—Commitments and Contingencies

 

Legal Proceedings

 

On July 31, 2013, the Company completed a pro rata distribution of the common stock of the Company’s subsidiary Straight Path Communications Inc. (“Straight Path”) to the Company’s stockholders of record as of the close of business on July 25, 2013 (the “Straight Path Spin-Off”). On July 5, 2017, plaintiff JDS1, LLC, on behalf of itself and all other similarly situated stockholders of Straight Path, and derivatively on behalf of Straight Path as nominal defendant, filed a putative class action and derivative complaint in the Court of Chancery of the State of Delaware against the Company, The Patrick Henry Trust (a trust formed by Howard S. Jonas that holds record and beneficial ownership of certain of his shares of Straight Path), Howard S. Jonas, and each of Straight Path’s directors. The complaint alleges that the Company aided and abetted Straight Path Chairman of the Board and Chief Executive Officer Davidi Jonas, and Howard S. Jonas in his capacity as controlling stockholder of Straight Path, in breaching their fiduciary duties to Straight Path in connection with the settlement of claims between Straight Path and the Company related to potential indemnification claims concerning Straight Path’s obligations under the Consent Decree it entered into with the Federal Communications Commission (“FCC”), as well as the proposed sale of Straight Path’s subsidiary Straight Path IP Group, Inc. (“SPIP”) to the Company in connection with that settlement. That action was consolidated with a similar action that was initiated by The Arbitrage Fund. The Plaintiffs are seeking, among other things, (i) a declaration that the action may be maintained as a class action or in the alternative, that demand on the Straight Path Board is excused; (ii) that the term sheet is invalid; (iii) awarding damages for the unfair price stockholders are receiving in the merger between Straight Path and Verizon Communications Inc. for their shares of Straight Path’s Class B common stock; and (iv) ordering Howard S. Jonas, Davidi Jonas, and the Company to disgorge any profits for the benefit of the class Plaintiffs. On August 28, 2017, the Plaintiffs filed an amended complaint. On September 24, 2017, the Company filed a motion to dismiss the amended complaint. The Company intends to vigorously defend the action. On November 20, 2017, the Delaware Chancery Court issued an order staying the case pending the closing of the transaction between Verizon and Straight Path on the grounds that the claims are not ripe. In the three months ended October 31, 2017, the Company incurred legal fees of $0.8 million related to this putative class action, which is included in “Other operating expense” in the accompanying consolidated statement of operations.

 

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 argument was held on March 9, 2016. On October 17, 2016, the judge granted Tyco’s motion and dismissed the complaint. In August 2017, the Company filed an appeal, which Tyco opposed. On November 22, 2017, oral argument was held on the appeal. The Company awaits the court’s decision.

 

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.

 

Universal Service Fund Audit

 

The Company’s FCC Form 499-A filings for calendar years 2000 through 2006 related to payments to the Universal Service Fund have been audited by the Internal Audit Division (“IAD”) of the Universal Service Administrative Company (“USAC”), which concluded that the Company incorrectly reported certain revenues on Forms 499-A. USAC’s revisions to the Company’s filing methodology resulted in additional regulatory payments for the years covered by the audits. While the Company believes in the accuracy of its filing methodology and the Company’s Request for Review remains pending, the Company has implemented some of the revisions set forth in the IAD’s filings beginning with the Company’s calendar year 2010 Form 499-A. The Company has accrued for all regulatory fees that the Company believes may be incurred under IAD’s methodology from 2002 through the present, in the event the Company’s Request for Review is denied and/or its methodology is not upheld on appeal, and the Company has made certain payments on amounts that have been invoiced to it by USAC and/or other agencies. The Company’s 2017 FCC Form 499-A, which reports its calendar year 2016 revenue, is currently under audit by the IAD. At October 31, 2017 and July 31, 2017, the Company’s accrued expenses included $39.9 million and $43.5 million, respectively, for these regulatory fees for the years covered by the audit and subsequent years. Until a final decision is reached in the Company’s disputes, the Company will continue to accrue in accordance with IAD’s methodology. If the Company does not properly calculate, or has not properly calculated, the amount payable by the Company to the Universal Service Fund, the Company may be subject to interest and penalties.

 

Purchase Commitments

 

The Company had purchase commitments of $60.9 million at October 31, 2017, including the aggregate commitment under the Reciprocal Services Agreement described below.

 

Reciprocal Services Agreement

 

In August 2017, the Company entered into a Reciprocal Services Agreement with a telecom operator in Central America for a full range of services, including, but not limited to, termination of inbound and outbound international long-distance voice calls. The Company has committed to pay such telecom operator monthly committed amounts during the term of the agreement. In addition, under certain limited circumstances, the parties may renegotiate the amount of the monthly payments. In the event the parties do not agree on re-pricing terms after good faith negotiations, then either party has the right to terminate the agreement. Pursuant to the agreement, in September 2017, the Company deposited $11.75 million into an escrow account as security for the benefit of the telecom operator, which is included in “Other current assets” in the accompanying consolidated balance sheet.

 

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 October 31, 2017, the Company had aggregate performance bonds of $15.1 million outstanding.

 

Substantially Restricted Cash and Cash Equivalents

 

The Company treats unrestricted cash and cash equivalents held by IDT Payment Services, which provides the Company’s international money transfer services in the United States, as substantially restricted and unavailable for other purposes. At October 31, 2017 and July 31, 2017, “Cash and cash equivalents” in the Company’s consolidated balance sheets included an aggregate of $8.6 million and $10.8 million, respectively, held by IDT Payment Services that was unavailable for other purposes.

 

Straight Path Communications Inc. Settlement Agreement and Mutual Release

 

The Company entered into various agreements with Straight Path prior to the Straight Path Spin-Off including a Separation and Distribution Agreement to effect the separation and provide a framework for the Company’s relationship with Straight Path after the spin-off. On September 20, 2016, the Company received a letter of inquiry from the Enforcement Bureau of the FCC requesting certain information and materials related to an investigation of potential violations by Straight Path Spectrum LLC (formerly a subsidiary of the Company and currently a subsidiary of Straight Path) in connection with licenses to operate on the 28 GHz and 39 GHz bands of the Fixed Microwave Services. The Company has cooperated with the FCC in this matter and has responded to the letter of inquiry. If the FCC were to pursue separate action against the Company, the FCC could seek to fine or impose regulatory penalties or civil liability on the Company related to activities during the period of ownership by the Company.

 

The Separation and Distribution Agreement provides for the Company and Straight Path to indemnify each other for certain liabilities. The Company and Straight Path each communicated that it was entitled to indemnification from the other in connection with the inquiry described above and related matters. On October 24, 2017, the Company, Straight Path, SPIP and PR-SP IP Holdings LLC (“PR-SP”), an entity owned by Howard Jonas, entered into a Settlement Agreement and Release that provides for, among other things, the settlement and mutual release of potential liabilities and claims that may exist or arise under the Separation and Distribution Agreement between the Company and Straight Path. Consistent with the previously announced term sheet dated April 9, 2017, in exchange for the mutual release, the Company paid Straight Path an aggregate of $16 million in cash, Straight Path transferred to the Company its majority ownership interest in Straight Path IP Group Holding, Inc. (“New SPIP”), which holds the equity of SPIP, the entity that holds intellectual property primarily related to communications over computer networks, subject to the right to receive 22% of the net proceeds, if any, received by SPIP from licenses, settlements, awards or judgments involving any of the patent rights and certain transfers of the patents or related rights, that will be retained by Straight Path’s stockholders (such equity interest, subject to the retained interest right, the “IP Interest”), and the Company undertook certain funding and other obligations related to SPIP. The Settlement Agreement and Release allocates (i) $10 million of the payment and the retained interest right to the settlement of claims and the mutual release and (ii) $6 million to the transfer of the IP Interest. 

 

Consistent with the contemplated arrangement that was previously disclosed, on October 24, 2017, the Company sold its entire majority interests in New SPIP to PR-SP in exchange for $6 million and the assumption by PR-SP of the funding and other obligations undertaken by the Company.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Other (Expense) Income, Net
 3 Months Ended
Oct. 31, 2017
Other (Expense) Income, Net [Abstract]  
Other (Expense) Income, Net

Note 12—Other (Expense) Income, Net

 

Other (expense) income, net consists of the following:

 

  Three Months Ended
October 31,		 
  2017  2016 
  (in thousands) 
Foreign currency transaction (losses) gains $(728) $2,059 
(Loss) gain on investments  (119)  263 
Gain on marketable securities  7   — 
Other  14   70 
Total other (expense) income, net $(826) $2,392 
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Tax and New Jersey Corporation Business Tax
 3 Months Ended
Oct. 31, 2017
Income Tax and New Jersey Corporation Business Tax [Abstract]  
Income Tax and New Jersey Corporation Business Tax

Note 13—Income Tax and New Jersey Corporation Business Tax

 

In the three months ended October 31, 2016, the Company determined that its valuation allowance on the losses of Elmion Netherlands B.V., a Netherlands subsidiary, was no longer required due to an internal reorganization that generated income and a projection of income in future periods. The Company recorded a benefit from income taxes of $16.6 million in the three months ended October 31, 2016 from the full recognition of the Elmion Netherlands B.V. deferred tax assets.

 

In September 2017, the Company, IDT Domestic Telecom, Inc. (a subsidiary of the Company) and certain other affiliates, were certified by the New Jersey Economic Development Authority as having met all of the requirements of the Grow New Jersey Assistance Act Tax Credit Program. The corporation business tax credits to be received are a maximum of $21.1 million. The Company may claim a tax credit each tax year for ten years beginning in 2017. The tax credit can be applied to 100% of the Company’s New Jersey tax liability each year, and the unused amount of the annual credit can be carried forward. In addition, the Company may apply for a tax credit transfer certificate to sell unused tax credits to another business. The tax credits must be sold for no less than 75% of the value of the tax credits. The tax credits are subject to reduction, forfeiture and recapture if, among other things, the number of full-time employees declines below the program or statewide minimum.
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Recently Issued Accounting Standard Not Yet Adopted
 3 Months Ended
Oct. 31, 2017
Recently Issued Accounting Standard Not Yet Adopted [Abstract]  
Recently Issued Accounting Standard Not Yet Adopted

Note 14—Recently Issued Accounting Standard Not Yet Adopted

 

In May 2014, the Financial Accounting Standards Board (“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 (“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. Entities have the option of using either a full retrospective or modified retrospective approach for the adoption of the standard. The Company expects to adopt this standard on August 1, 2018 using the modified retrospective approach. The Company has identified its main revenue streams, which include Boss Revolution PIN-less international calling revenue, wholesale carrier services revenue, and domestic and international airtime top-up revenue. The Company is currently reviewing contracts and other relevant documents related to its wholesale carrier services revenue to determine how to apply the new standard to this revenue stream. The Company expects to continue its review and evaluation for its other revenue streams in fiscal 2018. Currently, the Company cannot reasonably estimate the impact that the adoption of 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. 

 

In June 2016, the FASB issued an ASU that changes the impairment model for most financial assets and certain other instruments. For receivables, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except the losses will be recognized as allowances instead of reductions in the amortized cost of the securities. In addition, an entity will have to disclose significantly more information about allowances, credit quality indicators and past due securities. The new provisions will be applied as a cumulative-effect adjustment to retained earnings. The Company will adopt the new standard on August 1, 2020. The Company is evaluating the impact that the new standard will have on its consolidated financial statements.

 

In November 2016, the FASB issued an ASU that includes specific guidance on the classification and presentation of changes in restricted cash and cash equivalents in the statement of cash flows. The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash or restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of the period and end of the period total amounts shown on the statement of cash flows. The ASU will be applied using a retrospective transition method to each period presented. The Company will adopt the amendments in this ASU on August 1, 2018. The adoption will impact the Company’s beginning of the period and end of the period cash and cash equivalents balance in its statement of cash flows, as well as its net cash provided by operating activities.

 

In January 2017, the FASB issued an ASU to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current guidance, there are three elements of a business—inputs, processes, and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs, for example, by integrating the acquired set with their own inputs and processes. The amendments in this ASU provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this ASU (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are not required for a set to be a business, outputs generally are a key element of a business; therefore, the FASB has developed more stringent criteria for sets without outputs. Lastly, the ASU narrows the definition of the term output. The Company will adopt the amendments in this ASU on August 1, 2018. The Company is evaluating the impact that the new standard will have on its consolidated financial statements.

 

In May 2017, the FASB issued an ASU to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Pursuant to this ASU, an entity should account for the effects of a modification unless all the following are met: (1) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified (if the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification); (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The Company will adopt the amendments in this ASU prospectively to an award modified on or after on August 1, 2018. The Company is evaluating the impact that the new standard will have on its consolidated financial statements.

 

In August 2017, the FASB issued an ASU intended to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition, the ASU includes certain targeted improvements to simplify the application of hedge accounting guidance in U.S. GAAP. The amendments in this ASU are effective for the Company on August 1, 2019. Early application is permitted. Entities will apply the amendments to cash flow and net investment hedge relationships that exist on the date of adoption using a modified retrospective approach. The presentation and disclosure requirements will be applied prospectively. The Company is evaluating the impact that this ASU will have on its consolidated financial statements.
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
IDT Financial Services Holding Limited Assets and Liabilities Held for Sale (Tables)
 3 Months Ended
Oct. 31, 2017
IDT Financial Services Holding Limited Assets and Liabilities Held for Sale [Abstract]  
Schedule of assets and liabilities held for sale
  October 31,
2017		  July 31,
2017		 
  (in thousands) 
Current assets held for sale:      
Cash and cash equivalents $6,057  $5,716 
Restricted cash and cash equivalents  101,614   115,609 
Trade accounts receivable, net of allowance for doubtful accounts of $2,977 and $2,550 at October 31, 2017 and July 31, 2017, respectively  1,681   1,844 
Prepaid expenses  866   758 
Other current assets  448   340 
Total current assets held for sale $110,666  $124,267 
         
Noncurrent assets held for sale:        
Property, plant and equipment, net $21  $24 
Other intangibles, net  159   165 
Other assets  4,966   4,945 
Total noncurrent assets held for sale $5,146  $5,134 
         
Current liabilities held for sale:        
Trade accounts payable $718  $372 
Accrued expenses  272   226 
Customer deposits  100,873   114,689 
Other current liabilities  80   31 
Total current liabilities held for sale $101,943  $115,318 
         
Noncurrent liabilities held for sale:        
Other liabilities $515  $550 
Total noncurrent liabilities held for sale $515  $550 
Schedule of consolidated statements of operations
  Three Months Ended
October 31,		 
  2017  2016 
  (in thousands) 
    
(Loss) income before income taxes $(450) $595 
         
(Loss) income before income taxes attributable to IDT Corporation $(450) $595 
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Tables)
 3 Months Ended
Oct. 31, 2017
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. [Abstract]  
Schedule of consolidated balance sheets
  October 31,
2017		  July 31,
2017		 
  (in thousands) 
Series D Note (at fair value) $6,300  $6,300 
Warrants (at cost)  5,400   5,400 
Right to receive additional shares (at cost)  —   400 
Total investment in Rafael Pharma $11,700  $12,100
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Marketable Securities (Tables)
 3 Months Ended
Oct. 31, 2017
Marketable Securities [Abstract]  
Summary of marketable securities
  Amortized Cost  Gross Unrealized Gains  Gross Unrealized Losses  Fair Value 
  (in thousands) 
Available-for-sale securities:            
October 31, 2017:            
Certificates of deposit* $31,908  $2  $(2) $31,908 
Federal Government Sponsored Enterprise notes  3,217   —   (17)  3,200 
International agency notes  402   —   (3)  399 
Mutual funds  5,391   56   —   5,447 
Corporate bonds  3,379   —   (4)  3,375 
Equity  75   —   (6)  69 
U.S. Treasury notes  5,396   —   (22)  5,374 
Municipal bonds  4,519   3   (3)  4,519 
Total $54,287  $61  $(57) $54,291 
July 31, 2017:                
Certificates of deposit* $29,011  $1  $(7) $29,005 
Federal Government Sponsored Enterprise notes  3,992   —   (14)  3,978 
International agency notes  291   —   —   291 
Mutual funds  5,353   77   —   5,430 
Corporate bonds  4,643   —   —   4,643 
Equity  74   —   (26)  48 
U.S. Treasury notes  6,673   —   —   6,673 
Municipal bonds  8,201   4   (1)  8,204 
Total $58,238  $82  $(48) $58,272 

 

* 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 debt securities
  Fair Value 
  (in thousands) 
Within one year $31,586 
After one year through five years  17,189 
After five years through ten years  — 
After ten years  — 
Total $48,775
Summary of available-for-sale securities, unrealized loss position
  Unrealized Losses  Fair Value 
  (in thousands) 
October 31, 2017:      
Certificates of deposit $2  $7,040 
Federal Government Sponsored Enterprise notes  17   3,200 
International agency notes  3   399 
Corporate bonds  4   2,737 
Equity  6   69 
U.S. Treasury notes  22   5,374 
Municipal bonds  3   3,998 
Total $57  $22,817 
July 31, 2017:        
Certificates of deposit $7  $12,155 
Federal Government Sponsored Enterprise notes  14   3,529 
Equity  26   48 
Municipal bonds  1   3,349 
Total $48  $19,081
Summary of available-for-sale securities, continuous unrealized loss position
  Unrealized
Losses		  Fair Value 
  (in thousands) 
         
Federal Government Sponsored Enterprise notes $8  $1,362
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements (Tables)
 3 Months Ended
Oct. 31, 2017
Fair Value Measurements [Abstract]  
Summary of balance of assets measured at fair value on a recurring basis
  Level 1 (1)  Level 2 (2)  Level 3 (3)  Total 
  (in thousands) 
October 31, 2017            
Available-for-sale securities:            
Marketable securities $10,891  $43,400  $—  $54,291 
Rafael Pharma Series D Note  —   —   6,300   6,300 
Total $10,891  $43,400  $6,300  $60,591 
July 31, 2017                
Available-for-sale securities:                
Marketable securities $12,151  $46,121  $—  $58,272 
Rafael Pharma Series D Note  —   —   6,300   6,300 
Total $12,151  $46,121  $6,300  $64,572 

 

(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
Summary of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3)
  Three Months Ended
October 31,		 
  2017  2016 
  (in thousands) 
Balance, beginning of period $6,300  $2,000 
Purchases  —   2,200 
Balance, end of period $6,300  $4,200 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period $—  $—
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Equity (Tables)
 3 Months Ended
Oct. 31, 2017
Equity [Abstract]  
Summary of changes in the components of equity
  Three Months Ended
October 31, 2017		 
  Attributable to IDT Corporation  Noncontrolling Interests  Total 
  (in thousands) 
Balance, July 31, 2017 $145,734  $8,823  $154,557 
Dividends declared ($0.19 per share)  (4,720)  —   (4,720)
Restricted Class B common stock purchased from employees  (23)  —   (23)
Distributions to noncontrolling interests  —   (380)  (380)
Stock-based compensation  810   —   810 
Comprehensive income:            
Net loss  (2,092)  295   (1,797)
Other comprehensive loss  (398)  —   (398)
Comprehensive income  (2,490)  295   (2,195)
Balance, October 31, 2017 $139,311  $8,738  $148,049 
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
(Loss) Earnings Per Share (Tables)
 3 Months Ended
Oct. 31, 2017
(Loss) Earnings Per Share [Abstract]  
Summary of weighted-average number of shares used in the calculation of basic and diluted (loss) earnings per share
  Three Months Ended
October 31,		 
  2017  2016 
  (in thousands) 
Basic weighted-average number of shares  24,628   22,712 
Effect of dilutive securities:        
Stock options  —   38 
Non-vested restricted Class B common stock  —   149 
Diluted weighted-average number of shares  24,628   22,899
Summary of shares excluded from the diluted earnings per share
  Three Months Ended
October 31,		 
  2017  2016 
  (in thousands) 
Stock options  1,273   32 
Non-vested restricted Class B common stock  223   — 
Shares excluded from the calculation of diluted earnings per share  1,496   32
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Oct. 31, 2017
Accumulated Other Comprehensive Loss [Abstract]  
Schedule of accumulated balances for each classification of other comprehensive loss
  Unrealized
Gain (Loss) 
on 
Available-for-Sale
Securities		  Foreign 
Currency 
Translation		  Accumulated 
Other 
Comprehensive 
Loss		  Location 
of (Gain) 
Loss 
Recognized
  (in thousands)
Balance, July 31, 2017 $2,134  $(4,477) $(2,343)  
Other comprehensive loss attributable to IDT Corporation before reclassifications  (23)  (368)  (391)  
Less: reclassification for gain included in net loss  (7)  —   (7) Other (expense) income, net
Net other comprehensive loss attributable to IDT Corporation  (30)  (368)  (398)  
Balance, October 31, 2017 $2,104  $(4,845) $(2,741)  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Business Segment Information (Tables)
 3 Months Ended
Oct. 31, 2017
Business Segment Information [Abstract]  
Summary of operating results of business segments
(in thousands) Telecom
Platform
Services		  net2phone-UCaaS  All Other  Corporate  Total 
Three Months Ended October 31, 2017               
Revenues $385,063  $7,788  $704  $—  $393,555 
Income (loss) from operations  4,561   (674)  (631)  (3,173)  83 
Severance  409   —   —   30   439 
Other operating expense  —   —   —   (779)  (779)
                     
Three Months Ended October 31, 2016                    
Revenues $361,511  $7,136  $504  $—  $369,151 
Income (loss) from operations  6,544   (174)  90   (1,274)  5,186 
Other operating expense  —   —   —   (199)  (199)
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Other (Expense) Income, Net (Tables)
 3 Months Ended
Oct. 31, 2017
Other (Expense) Income, Net [Abstract]  
Schedule of other (expense) income, net
  Three Months Ended
October 31,		 
  2017  2016 
  (in thousands) 
Foreign currency transaction (losses) gains $(728) $2,059 
(Loss) gain on investments  (119)  263 
Gain on marketable securities  7   — 
Other  14   70 
Total other (expense) income, net $(826) $2,392 
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
IDT Financial Services Holding Limited Assets and Liabilities Held for Sale (Details) - USD ($)
$ in Thousands
Oct. 31, 2017
Jul. 31, 2017
Current assets held for sale:    
Cash and cash equivalents $ 6,057 $ 5,716
Total current assets held for sale 110,666 124,267
Noncurrent assets held for sale:    
Other assets 5,146 5,134
Current liabilities held for sale:    
Total current liabilities held for sale 101,943 115,318
Noncurrent liabilities held for sale:    
Total noncurrent liabilities held for sale 515 550
IDT Financial Services Holding Limited [Member]    
Current assets held for sale:    
Cash and cash equivalents 6,057 5,716
Restricted cash and cash equivalents 101,614 115,609
Trade accounts receivable, net of allowance for doubtful accounts of $2,977 and $2,550 at October 31, 2017 and July 31, 2017, respectively 1,681 1,844
Prepaid expenses 866 758
Other current assets 448 340
Total current assets held for sale 110,666 124,267
Noncurrent assets held for sale:    
Property, plant and equipment, net 21 24
Other intangibles, net 159 165
Other assets 4,966 4,945
Total noncurrent assets held for sale 5,146 5,134
Current liabilities held for sale:    
Trade accounts payable 718 372
Accrued expenses 272 226
Customer deposits 100,873 114,689
Other current liabilities 80 31
Total current liabilities held for sale 101,943 115,318
Noncurrent liabilities held for sale:    
Other liabilities 515 550
Total noncurrent liabilities held for sale $ 515 $ 550
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
IDT Financial Services Holding Limited Assets and Liabilities Held for Sale (Details 1) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
(Loss) income before income taxes $ (381) $ 7,879
IDT Financial Services Holding Limited [Member]    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
(Loss) income before income taxes (450) 595
(Loss) income before income taxes attributable to IDT Corporation $ (450) $ 595
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
IDT Financial Services Holding Limited Assets and Liabilities Held for Sale (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2017
Jul. 31, 2017
IDT Financial Services Holding Limited Assets and Liabilities Held for Sale (Textual)    
Allowance for doubtful accounts $ 2,977 $ 2,550
Net asset value 13,900  
IDT Financial Services Holding Limited [Member]    
IDT Financial Services Holding Limited Assets and Liabilities Held for Sale (Textual)    
Outstanding equity interests $ 3,800  
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Details) - Rafael Pharma [Member] - USD ($)
$ in Thousands
Oct. 31, 2017
Jul. 31, 2017
Schedule of consolidated balance sheets    
Series D Note (at fair value) $ 6,300 $ 6,300
Warrants (at cost) 5,400 5,400
Right to receive additional shares (at cost) 400
Total investment in Rafael Pharma $ 11,700 $ 12,100
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2017
Sep. 19, 2017
Sep. 14, 2017
Jul. 31, 2017
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Textual)        
Series C convertible notes $ 26,390     $ 26,894
Howard S. Jonas [Member] | IDT Corporation [Member]        
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Textual)        
Percentage of contractual right to receive additional shares   9.00%    
Rafael Pharmaceuticals, Inc. [Member]        
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Textual)        
Maximum exposure to loss 11,700      
Rafael Pharmaceuticals, Inc. [Member] | Convertible promissory note [Member] | Howard and Deborah Jonas [Member]        
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Textual)        
Series C convertible notes 525      
Rafael Pharmaceuticals, Inc. [Member] | Convertible promissory note [Member] | The Howard S. and Deborah Jonas Foundation [Member]        
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Textual)        
Series C convertible notes $ 525      
CS Pharma Holdings, LLC [Member]        
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Textual)        
Holds percentages of interest 50.00%      
CS Pharma Holdings, LLC [Member] | Convertible promissory note ("Series D Note") [Member]        
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Textual)        
Purchase shares of capital stock percentage 56.00%      
Exercise warrants value $ 10,000      
Warrant, description The exercise price of the warrant is the lower of 70% of the price sold in an equity financing, or $1.25 per share, subject to certain adjustments. The minimum initial and subsequent exercises of the warrant shall be for such number of shares that will result in at least $5 million of gross proceeds to Rafael Pharma, or such lesser amount as represents 5% of the outstanding capital stock of Rafael Pharma, or such lesser amount as may then remain unexercised. The warrant will expire upon the earlier of December 31, 2020 or a qualified initial public offering or liquidation event.      
Warrants expiry date Dec. 31, 2020      
Convertible promissory note, principal amount $ 10,000      
Convertible promissory note, rate of interest 3.50%      
Convertible promissory note, maturity date Sep. 16, 2018      
Initial amount of investment amounts paid $ 5,000      
Convertible notes conversion features, description The Series D Note also includes a mandatory conversion into Rafael Pharma common stock upon a qualified initial public offering, and conversion at the holder's option upon an unqualified financing event. In all cases, the Series D Note conversion price is based on the applicable financing purchase price.      
IDT-Rafael Holdings, LLC [Member]        
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Textual)        
Contractual right to receive additional shares, description (i) Food and Drug Administration approval of a Rafael Pharma drug application, (ii) an initial public offering of Rafael Pharma at a valuation of over $500 million, or (iii) a sale of Rafael Pharma above certain valuations. Currently, none of the conditions have been satisfied and the right remains contingent. On September 14, 2017, IDT-Rafael Holdings distributed this right to its members on a pro rata basis such that the Company received the right to 9% of the outstanding capital stock of Rafael Pharma and Howard S. Jonas, the Company's Chairman of the Board, and Chairman of the Board of Rafael Pharma, received the right to 1% of the outstanding capital stock of Rafael Pharma. In addition, as compensation for assuming the role of Chairman of the Board of Rafael Pharma, and to create additional incentive to contribute to the success of Rafael Pharma, on September 19, 2017, the Company transferred its right to receive 9% of the outstanding capital stock of Rafael Pharma to Mr. Jonas. The right is further transferable at the discretion of Mr. Jonas.      
Percentage of contractual right to receive additional shares 10.00%      
Holds percentages of interest 90.00%      
IDT-Rafael Holdings, LLC [Member] | Maximum [Member]        
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Textual)        
Contribute cash $ 60,000      
IDT-Rafael Holdings, LLC [Member] | Minimum [Member]        
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Textual)        
Contribute cash $ 50,000      
IDT-Rafael Holdings, LLC [Member] | IDT Corporation [Member]        
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Textual)        
Percentage of contractual right to receive additional shares     9.00%  
IDT-Rafael Holdings, LLC [Member] | Howard S. Jonas [Member]        
Proposed Spin-Off of Rafael Holdings, Inc. and Investment in Rafael Pharmaceuticals, Inc. (Textual)        
Percentage of contractual right to receive additional shares     1.00%  
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Marketable Securities (Details) - USD ($)
$ in Thousands
Oct. 31, 2017
Jul. 31, 2017
Available-for-sale securities:    
Amortized Cost $ 54,287 $ 58,238
Gross Unrealized Gains, Total 61 82
Gross Unrealized Losses, Total (57) (48)
Fair Value 54,291 58,272
Certificates of deposit [Member]    
Available-for-sale securities:    
Amortized Cost [1] 31,908 29,011
Gross Unrealized Gains [1] 2 1
Unrealized Losses [1] (2) (7)
Fair Value [1] 31,908 29,005
Federal Government Sponsored Enterprise notes [Member]    
Available-for-sale securities:    
Amortized Cost 3,217 3,992
Gross Unrealized Gains
Unrealized Losses (17) (14)
Fair Value 3,200 3,978
International agency notes [Member]    
Available-for-sale securities:    
Amortized Cost 402 291
Gross Unrealized Gains
Unrealized Losses (3)
Fair Value 399 291
Mutual funds [Member]    
Available-for-sale securities:    
Amortized Cost 5,391 5,353
Gross Unrealized Gains 56 77
Gross Unrealized Losses
Fair Value 5,447 5,430
Corporate bonds [Member]    
Available-for-sale securities:    
Amortized Cost 3,379 4,643
Gross Unrealized Gains
Unrealized Losses (4)
Fair Value 3,375 4,643
Equity [Member]    
Available-for-sale securities:    
Amortized Cost 75 74
Gross Unrealized Gains
Gross Unrealized Losses (6) (26)
Fair Value 69 48
U.S. Treasury notes [Member]    
Available-for-sale securities:    
Amortized Cost 5,396 6,673
Gross Unrealized Gains
Unrealized Losses (22)
Fair Value 5,374 6,673
Municipal bonds [Member]    
Available-for-sale securities:    
Amortized Cost 4,519 8,201
Gross Unrealized Gains 3 4
Unrealized Losses (3) (1)
Fair Value $ 4,519 $ 8,204
[1] 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.
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Marketable Securities (Details 1)
$ in Thousands
Oct. 31, 2017
USD ($)
Marketable Securities [Abstract]  
Within one year $ 31,586
After one year through five years 17,189
After five years through ten years
After ten years
Total $ 48,775
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Marketable Securities (Details 2) - USD ($)
$ in Thousands
Oct. 31, 2017
Jul. 31, 2017
Schedule of Available-for-sale Securities [Line Items]    
Unrealized Losses $ 57 $ 48
Fair Value 22,817 19,081
Certificates of deposit [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Unrealized Losses 2 7
Fair Value 7,040 12,155
Federal Government Sponsored Enterprise notes [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Unrealized Losses 17 14
Fair Value 3,200 3,529
International agency notes [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Unrealized Losses 3  
Fair Value 399  
Corporate bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Unrealized Losses 4  
Fair Value 2,737  
Equity [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Unrealized Losses 6 26
Fair Value 69 48
U.S. Treasury notes [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Unrealized Losses 22  
Fair Value 5,374  
Municipal bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Unrealized Losses 3 1
Fair Value $ 3,998 $ 3,349
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Marketable Securities (Details 3) - Federal Government Sponsored Enterprise notes [Member]
$ in Thousands
Oct. 31, 2017
USD ($)
Available-for-sale securities:  
Unrealized Losses $ 8
Fair Value $ 1,362
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
Marketable Securities (Details Textual) - USD ($)
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Jul. 31, 2017
Marketable Securities (Textual)      
Proceeds from maturities and sales of available-for-sale securities $ 19,600,000 $ 6,000,000  
Gross realized gains $ 7,000  
Zedge [Member]      
Marketable Securities (Textual)      
Shares 23,741   23,227
Shares owned fair value $ 69,000   $ 48,000
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Oct. 31, 2017
Jul. 31, 2017
Available-for-sale securities:    
Marketable securities $ 54,291 $ 58,272
Rafael Pharma Series D Note 6,300 6,300
Total 60,591 64,572
Fair Value Measurements, Recurring basis [Member] | Level 1 [Member]    
Available-for-sale securities:    
Marketable securities [1] 10,891 12,151
Rafael Pharma Series D Note [1]
Total [1] 10,891 12,151
Fair Value Measurements, Recurring basis [Member] | Level 2 [Member]    
Available-for-sale securities:    
Marketable securities [2] 43,400 46,121
Rafael Pharma Series D Note [2]
Total [2] 43,400 46,121
Fair Value Measurements, Recurring basis [Member] | Level 3 [Member]    
Available-for-sale securities:    
Marketable securities [3]
Rafael Pharma Series D Note [3] 6,300 6,300
Total [3] $ 6,300 $ 6,300
[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
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements (Details 1) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Fair Value Measurements [Abstract]    
Balance, beginning of period $ 6,300 $ 2,000
Purchases 2,200
Balance, end of period 6,300 4,200
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Measurements (Details Textual) - USD ($)
$ in Millions
Oct. 31, 2017
Jul. 31, 2017
Fair Value Measurements (Textual)    
Fair value of investments in hedge funds $ 8.6 $ 8.6
Carrying value of investments $ 10.4 $ 10.8
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning Balance $ 154,557  
Dividends declared ($0.19 per share) (4,720)  
Restricted Class B common stock purchased from employees (23)  
Distributions to noncontrolling interests (380)  
Stock-based compensation 810  
Comprehensive income:    
Net loss (1,797) $ 22,294
Other comprehensive loss (398) (2,885)
Comprehensive income (2,195) $ 19,409
Ending Balance 148,049  
Attributable to IDT Corporation [Member]    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning Balance 145,734  
Dividends declared ($0.19 per share) (4,720)  
Restricted Class B common stock purchased from employees (23)  
Distributions to noncontrolling interests  
Stock-based compensation 810  
Comprehensive income:    
Net loss (2,092)  
Other comprehensive loss (398)  
Comprehensive income (2,490)  
Ending Balance 139,311  
Noncontrolling Interests [Member]    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning Balance 8,823  
Dividends declared ($0.19 per share)  
Restricted Class B common stock purchased from employees  
Distributions to noncontrolling interests (380)  
Stock-based compensation  
Comprehensive income:    
Net loss 295  
Other comprehensive loss  
Comprehensive income 295  
Ending Balance $ 8,738  
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
Equity (Details Textual) - USD ($)
 1 Months Ended 3 Months Ended
Dec. 04, 2017
Sep. 28, 2017
Oct. 31, 2017
Oct. 31, 2016
Common Stock [Member]        
Class of Stock [Line Items]        
Aggregate dividends paid on common stock including Class A and Class B.     $ 4,700,000 $ 4,400,000
Common Class A [Member]        
Class of Stock [Line Items]        
Dividends paid per share in cash     $ 0.19 $ 0.19
Common Class A [Member] | Subsequent Event [Member]        
Class of Stock [Line Items]        
Dividends paid per share in cash $ 0.19      
Paid date of declared dividend Dec. 29, 2017      
Record date of declared dividend Dec. 18, 2017      
Common Class B [Member]        
Class of Stock [Line Items]        
Dividends paid per share in cash     $ 0.19 $ 0.19
Class B common stock shares purchased options     8,000,000  
Stock repurchase program, remaining number of shares authorized to be repurchased     8,000,000  
Common Class B [Member] | Subsequent Event [Member]        
Class of Stock [Line Items]        
Dividends paid per share in cash $ 0.19      
Paid date of declared dividend Dec. 29, 2017      
Record date of declared dividend Dec. 18, 2017      
Common Class B [Member] | Employee [Member]        
Class of Stock [Line Items]        
Aggregate purchase price of shares repurchased     $ 23,000 $ 23,000
Class B common stock shares repurchased     1,668 1,542
Common Class B [Member] | 2015 Stock Option and Incentive Plan [Member]        
Class of Stock [Line Items]        
Additional shares available stock option incentive plan for grants   300,000    
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
(Loss) Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Weighted-average number of shares used in the calculation of basic and diluted earnings per share    
Basic weighted-average number of shares 24,628 22,712
Effect of dilutive securities:    
Stock options 38
Non-vested restricted Class B common stock 149
Diluted weighted-average number of shares 24,628 22,899
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
(Loss) Earnings Per Share (Details 1) - shares
shares in Thousands
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Stock options excluded from the diluted earnings per share computations    
Shares excluded from the calculation of diluted earnings per share 1,496 32
Non-vested restricted Class B common stock [Member]    
Stock options excluded from the diluted earnings per share computations    
Shares excluded from the calculation of diluted earnings per share 223
Stock options [Member]    
Stock options excluded from the diluted earnings per share computations    
Shares excluded from the calculation of diluted earnings per share 1,273 32
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
Revolving Credit Loan Payable (Details)
$ in Millions
 3 Months Ended
Jul. 12, 2012
USD ($)
BasisPoint
Oct. 31, 2017
USD ($)
Jul. 31, 2017
USD ($)
Revolving Credit Loan Payable (Textual)      
Maximum principal amount of credit agreement $ 25.0    
Unused outstanding amount $ 25.0    
Line of credit maturity date   Apr. 30, 2018  
Average percentage of commitment fee per annum 0.375%    
Maximum amount of investments in and advances to affiliates at fair value $ 110.0    
Line of credit [Member]      
Revolving Credit Loan Payable (Textual)      
Line of credit facility, outstanding  
July 12, 2012 [Member]      
Revolving Credit Loan Payable (Textual)      
Interest rate description   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.  
Prime Rate [Member]      
Revolving Credit Loan Payable (Textual)      
U.S. Prime rate basis points | BasisPoint 125    
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Schedule of accumulated balances for each classification of other comprehensive income (loss)    
Beginning balance $ (2,343)  
Other comprehensive loss attributable to IDT Corporation before reclassifications (398) $ (2,885)
Net other comprehensive loss attributable to IDT Corporation (398) $ (2,885)
Ending balance (2,741)  
Unrealized Gain (Loss) on Available-for-Sale Securities [Member]    
Schedule of accumulated balances for each classification of other comprehensive income (loss)    
Beginning balance 2,134  
Other comprehensive loss attributable to IDT Corporation before reclassifications (23)  
Net other comprehensive loss attributable to IDT Corporation (30)  
Ending balance 2,104  
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | Other (expense) income, net [Member]    
Schedule of accumulated balances for each classification of other comprehensive income (loss)    
Less: reclassification for gain included in net loss (7)  
Foreign Currency Translation [Member]    
Schedule of accumulated balances for each classification of other comprehensive income (loss)    
Beginning balance (4,477)  
Other comprehensive loss attributable to IDT Corporation before reclassifications (368)  
Net other comprehensive loss attributable to IDT Corporation (368)  
Ending balance (4,845)  
Foreign Currency Translation [Member] | Other (expense) income, net [Member]    
Schedule of accumulated balances for each classification of other comprehensive income (loss)    
Less: reclassification for gain included in net loss  
Accumulated Other Comprehensive Loss [Member]    
Schedule of accumulated balances for each classification of other comprehensive income (loss)    
Beginning balance (2,343)  
Other comprehensive loss attributable to IDT Corporation before reclassifications (391)  
Net other comprehensive loss attributable to IDT Corporation (398)  
Ending balance (2,741)  
Accumulated Other Comprehensive Loss [Member] | Other (expense) income, net [Member]    
Schedule of accumulated balances for each classification of other comprehensive income (loss)    
Less: reclassification for gain included in net loss $ (7)  
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accumulated Other Comprehensive Loss (Details Textual) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Jul. 31, 2017
Schedule of accumulated balances for each classification of other comprehensive income (loss)      
Net other comprehensive income (loss) attributable to IDT Corporation $ (398) $ (2,885)  
Unrealized gain (loss) on available-for-sale securities [Member]      
Schedule of accumulated balances for each classification of other comprehensive income (loss)      
Net other comprehensive income (loss) attributable to IDT Corporation (30)    
Unrealized gain (loss) on available-for-sale securities [Member] | Rafael Pharmaceuticals, Inc. [Member]      
Schedule of accumulated balances for each classification of other comprehensive income (loss)      
Net other comprehensive income (loss) attributable to IDT Corporation $ 2,100   $ 2,100
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.8.0.1
Business Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Segment Reporting Information [Line Items]    
Revenues $ 393,555 $ 369,151
Income (loss) from operations 83 5,186
Severance 439
Other operating expense (779) (199)
Operating Segments [Member] | Telecom Platform Services [Member]    
Segment Reporting Information [Line Items]    
Revenues 385,063 361,511
Income (loss) from operations 4,561 6,544
Severance 409  
Other operating expense
Operating Segments [Member] | net2phone-UCaaS [Member]    
Segment Reporting Information [Line Items]    
Revenues 7,788 7,136
Income (loss) from operations (674) (174)
Severance  
Other operating expense
Operating Segments [Member] | All Other [Member]    
Segment Reporting Information [Line Items]    
Revenues 704 504
Income (loss) from operations (631) 90
Severance  
Other operating expense
Operating Segments [Member] | Corporate [Member]    
Segment Reporting Information [Line Items]    
Revenues
Income (loss) from operations (3,173) (1,274)
Severance 30  
Other operating expense $ (779) $ (199)
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.8.0.1
Business Segment Information (Details Textual)
 3 Months Ended
Oct. 31, 2017
Segment
Business Segment Information (Textual)  
Number of reportable segments 2
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 24, 2017
Oct. 31, 2017
Oct. 31, 2016
Sep. 30, 2017
Jul. 31, 2017
Commitments and Contingencies (Textual)          
Accrued expenses   $ 39,900     $ 43,500
Purchase commitment of company   60,900      
Performance bonds outstanding   15,100      
Escrow deposit       $ 11,750  
Cash and cash equivalents   8,600     $ 10,800
Payment for transfer of the IP Interest   6,000    
Payment for settlement of claims and mutual release $ 10,000        
Stockholders, ownership percentage 22.00%        
Net proceeds from sale of majority interests in New SPIP $ 6,000 6,000    
Company paid Straight Path an aggregate of cash $ 16,000        
Legal fees   $ 779 $ 199    
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.8.0.1
Other (Expense) Income, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Schedule of other (expense) income, net    
Foreign currency transaction (losses) gains $ (728) $ 2,059
(Loss) gain on investments (119) 263
Gain on marketable securities 7  
Other 14 70
Total other (expense) income, net $ (826) $ 2,392
XML 66 R55.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Tax and New Jersey Corporation Business Tax (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Sep. 30, 2017
Income Tax and New Jersey Corporation Business Tax (Textual)      
Benefit from income taxes $ 1,416 $ (14,415)  
Tax credits to be received     $ 21,100
Tax credit, description In September 2017, the Company, IDT Domestic Telecom, Inc. (a subsidiary of the Company) and certain other affiliates, were certified by the New Jersey Economic Development Authority as having met all of the requirements of the Grow New Jersey Assistance Act Tax Credit Program. The corporation business tax credits to be received are a maximum of $21.1 million. The Company may claim a tax credit each tax year for ten years beginning in 2017. The tax credit can be applied to 100% of the Company's New Jersey tax liability each year, and the unused amount of the annual credit can be carried forward. In addition, the Company may apply for a tax credit transfer certificate to sell unused tax credits to another business. The tax credits must be sold for no less than 75% of the value of the tax credits. The tax credits are subject to reduction, forfeiture and recapture if, among other things, the number of full-time employees declines below the program or statewide minimum.    
Elmion Netherlands B.V. [Member]      
Income Tax and New Jersey Corporation Business Tax (Textual)      
Benefit from income taxes   $ 16,600  
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