Business Segment Information

12 Months Ended

Jul. 31, 2022

Segment Reporting [Abstract]

Business Segment Information

Note 2—Business Segment Information

The Company has three reportable business segments, Fintech, net2phone, and Traditional Communications. The Company’s reportable segments are distinguished by types of service, customers, and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker. The accounting policies of the segments are the same as the accounting policies of the Company as a whole. There are no significant asymmetrical allocations to segments. The Company evaluates the performance of its business segments based primarily on income (loss) from operations.

In fiscal 2022, a line of business was reclassified to the net2phone segment from the Traditional Communications segment. Comparative segment information has been reclassified and restated in all periods to conform to the current period presentation. 

The Fintech segment is comprised of National Retail Solutions (“NRS”), an operator of a nationwide point of sale (“POS”) network providing payment processing, digital advertising, transaction data, and ancillary services, and BOSS Money, a provider of international money remittance and related value/payment transfer services.

The net2phone segment is comprised of net2phone’s cloud communications offerings.

The Traditional Communications segment includes Mobile Top-Up, which enables customers to transfer airtime and bundles of airtime, messaging, and data to international and domestic mobile accounts, BOSS Revolution Calling, an international long-distance calling service marketed primarily to immigrant communities in the United States and Canada, and IDT Global, a wholesale provider of international voice and SMS termination and outsourced traffic management solutions to telecoms worldwide. Traditional Communications also includes other small businesses and offerings including early-stage business initiatives and mature businesses in harvest mode.

Corporate costs mainly include compensation, consulting fees, treasury, tax and accounting services, human resources, corporate purchasing, corporate governance including Board of Directors’ fees, internal and external audit, investor relations, corporate insurance, corporate legal, and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any direct cost of revenues.

Operating results for the business segments of the Company were as follows: 

(in thousands)	Fintech			net2phone			Traditional Communications			Corporate			Total
Year ended July 31, 2022
Revenues	$	108,764		$	58,185		$	1,197,108		$	—		$	1,364,057
Income (loss) from operations		5,315			(11,132	)		74,832			(8,926	)		60,089
Depreciation and amortization		(2,724	)		(5,374	)		(9,940	)		(77	)		(18,115	)
Year ended July 31, 2021
Revenues	$	74,344		$	44,502		$	1,328,144		$	—		$	1,446,990
(Loss) income from operations		(1,462	)		(15,460	)		81,305			(7,393	)		56,990
Depreciation and amortization		(1,751	)		(5,053	)		(10,884	)		(76	)		(17,764	)
Year ended July 31, 2020
Revenues	$	59,924		$	32,454		$	1,253,391		$	—		$	1,345,769
Income (loss) from operations		3,381			(16,765	)		40,985			(9,659	)		17,942
Depreciation and amortization		(1,524	)		(4,147	)		(14,689	)		(46	)		(20,406	)

Total assets for the reportable segments are not provided because a significant portion of the Company’s assets are servicing multiple segments and the Company does not track such assets separately by segment.

IDT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Geographic Information

Net long-lived assets and total assets held outside of the United States, which are located primarily in Western Europe, were as follows: 

(in thousands)	United States		Other Countries		Total
July 31, 2022
Long-lived assets, net	$	22,732	$	14,134	$	36,866
Total assets		254,839		242,255		497,094
July 31, 2021
Long-lived assets, net	$	17,949	$	12,880	$	30,829
Total assets		228,328		284,327		512,655