Record fourth quarter Gross Profit +18%; Income from Operations +52%; Adjusted EBITDA(*) +22%
FY 2026 Income from Operations of $121M (+21%); Adjusted EBITDA of $155M (+17%)
NEWARK, N.J., Sept. 28, 2026 (GLOBE NEWSWIRE) -- IDT Corporation (NYSE: IDT), a global provider of fintech, communications, and AI-powered customer experience solutions, today reported results for its fourth quarter and full fiscal year 2026, the three and twelve months ended July 31, 2026.
4Q26 HIGHLIGHTS (**)
-- Consolidated Results
-- Revenue: +7% to $339.0 million;
-- Gross profit / margin: +18% to $134.8 million / +360 bps to 39.8%;
-- Income from operations: +52% to $33.2 million;
-- Net income attributable to IDT: +29% to $21.7 million;
-- GAAP EPS: Increased to $0.87 from $0.67;
-- Non-GAAP EPS: Increased to $0.94 from $0.76;
-- Adjusted EBITDA: +22% to $41.2 million.
-- Key Businesses / Segments
-- NRS
-- Revenue: +31% to $45.0 million;
-- Income from operations: +105% to $12.0 million;
-- Adjusted EBITDA: +47% to $14.0 million.
-- BOSS Money / Fintech segment
-- BOSS Money digital revenue: +22% to $33.7 million;
-- Fintech segment revenue: +12% to $47.1 million;
-- Fintech segment income from operations: +15% to $5.5
million;
-- Fintech segment Adjusted EBITDA: +17% to $6.5 million.
-- net2phone
-- Subscription revenue: +10% to $24.5 million;
-- Income from operations: +75% to $2.6 million;
-- Adjusted EBITDA: +26% to $4.4 million.
-- Traditional Communications
-- Revenue: +2% to $222.0 million;
-- Gross profit: +0.4% to $41.1 million;
-- Income from operations: +8% to $16.6 million;
-- Adjusted EBITDA: +12% to $19.9 million.
FY 2026 HIGHLIGHTS
-- Consolidated Results
-- Revenue: +5% to $1,298.0 million;
-- Gross profit / margin: +11% to $496.8 million / +200 bps to 38.3%;
-- Income from operations: +21% to $121.2 million;
-- Net income attributable to IDT: +14% to $86.6 million;
-- GAAP EPS: Increased to $3.46 from $3.01;
-- Non-GAAP EPS: Increased to $3.82 from $3.19;
-- Adjusted EBITDA: +17% to $154.6 million.
-- Key Businesses / Segments
-- NRS
-- Revenue: +24% to $159.4 million;
-- Income from operations: +42% to $39.3 million;
-- Adjusted EBITDA: +30% to $45.8 million.
-- BOSS Money / Fintech segment
-- BOSS Money digital revenue: +21% to $119.4 million;
-- Fintech segment revenue: +14% to $176.0 million;
-- Fintech segment income from operations: +40% to $21.5
million;
-- Fintech segment Adjusted EBITDA: +41% to $26.2 million.
-- net2phone
-- Subscription revenue: +11% to $94.9 million;
-- Income from operations: +84% to $9.1 million;
-- Adjusted EBITDA: +33% to $16.1 million.
-- Traditional Communications
-- Revenue: +1% to $865.9 million;
-- Gross profit: (4)% to $162.6 million;
-- Income from operations: (5)% to $63.4 million;
-- Adjusted EBITDA: +1% to $77.3 million.
(*) This release discloses certain Non-GAAP financial measures (Adjusted EBITDA, Non-GAAP EPS, NRS' 'Rule of 40,' and adjusted net cash provided by operating activities) as well as certain Key Performance Metrics (net2phone subscription revenue, net2phone constant currency subscription revenue growth rate, NRS Average Monthly Network Gross Profit per Location, and BOSS Money transactions and digital channel send volume). Please see the explanations of those measures and metrics, the reasons for their inclusion and reconciliations of Non-GAAP measures to their closest GAAP measures at the end of this release.
**Throughout this release, unless otherwise noted, results for the fourth quarter of fiscal year 2026 (4Q26) are compared to the fourth quarter of fiscal year 2025 (4Q25) and results for FY 2026 are compared to FY 2025. All earnings per share (EPS) and other 'per share' results are per diluted share.
REMARKS BY SHMUEL JONAS, CEO
IDT's fourth quarter capped off a strong fiscal year, highlighted by accelerated topline and Adjusted EBITDA growth.
Our three higher-margin growth segments, NRS, Fintech and net2phone, each increased their respective quarterly and full-year contributions, while our Traditional Communications segment generated more Adjusted EBITDA in fiscal 2026 than it did in fiscal 2025 or 2024.
At NRS, we continue to develop and deploy new, high-value functionalities for our retailers, such as our recent Uber Eats integration following the Grubhub and DoorDash partnerships we announced last year. These advances are supplementing other tailwinds driving gains in Merchant Services revenues. Also in the fourth quarter, Advertising and Data revenue returned to growth, bolstered by our recent acquisition. Taken together, these developments helped drive a 47% year-over-year increase in NRS' fourth quarter Adjusted EBITDA. Looking ahead, we are working on several product initiatives to increase sales to our existing retailer base and to attract new retailers to the NRS network.
Our BOSS Money remittance business shares its brand identity, distribution networks and addressable markets with our other BOSS-branded offerings. In recent years, we invested heavily to build and improve our BOSS apps. That strategy is paying off as BOSS Money continues to grow rapidly - thanks in part to the quality of our apps and our customer-centric service.
At BOSS Money, remittances surpassed a 30 million annual transaction run-rate for the first time in May, thanks to strong Mother's Day results in our digital channel. This channel contributed 88% of our total transaction volume in the fourth quarter with transactions and revenue both increasing by 20+%.
We recently launched money transfers via our WhatsApp channel, and we closed the fiscal year by deploying a digital wallet here in the U.S. The wallet enables our customers to load funds, store promotions, and pay for services. In addition, the BOSS Money app is extending its geographic reach, launching internationally with differentiated features by country including peer-to-peer remittances, a stablecoin-backed wallet with a reloadable debit card and other money management tools. We are also launching a BOSS Money branded rechargeable card with credit building features. All of these developments mark early steps toward a broader suite of BOSS Money-branded financial services and tools that we intend to offer globally.
net2phone delivered another solid quarter as we enhanced our cloud communications portfolio with both native and standalone AI solutions for businesses across the globe. Our agentic AI solutions, AI Agent and Coach, combined with our new integration layer, enable customers to connect their everyday business applications and workflow tools with net2phone's suite of services. net2phone's AI tools and applications are driving nearly every conversation with our clients. That process is delivering new logos and accelerating accretive sales. net2phone is on track to surpass the $100 million ARR milestone in the current quarter and we expect continued topline expansion throughout fiscal 2027.
Overall, IDT is well positioned as we begin the new fiscal year with accelerating topline growth, increasing cash generation, and a debt-free balance sheet that affords us strategic flexibility.
4Q26 AND FY 2026 RESULTS BY SEGMENT
National Retail Solutions (NRS)
(Terminals, accounts and retailer locations at end
of period. $ in millions, except for Average Monthly
GP per Location.(*) Numbers may not foot due to rounding.)
4Q26-4Q25 FY26-FY25
(<DELTA>,
%
4Q26 3Q26 4Q25 <DELTA>) FY26 FY25 (% <DELTA>)
------- ------- ------- ---------- ------ ------ -----------
Retailer
locations 35,400 34,800 32,700 2,700
Active POS
terminals 40,400 39,300 37,200 3,200
Payment
processing
accounts 29,400 29,200 26,500 2,900
Revenue
Merchant
Services &
Other $ 28.5 $ 25.8 $ 21.8 +31% $102.0 $ 76.8 +33%
Advertising
and Data $ 10.1 $ 5.7 $ 6.8 +49% $ 32.1 $ 31.1 +3%
SaaS Fees $ 4.6 $ 4.5 $ 4.1 +12% $ 17.8 $ 14.7 +21%
POS Terminal
Sales $ 1.8 $ 2.0 $ 1.7 +10% $ 7.5 $ 6.2 +22%
Total revenue $ 45.0 $ 38.0 $ 34.3 +31% $159.4 $128.8 +24%
Gross profit $ 42.6 $ 34.3 $ 30.5 +40% $146.6 $116.9 +25%
Gross profit
margin 94.8% 90.2% 89.0% +580 bps 92.0% 90.7% +130 bps
Average
monthly GP
per
location* $ 383 $ 331 $ 315 +22% $ 352 $ 316 +12%
SG&A $ 27.3 $ 23.4 $ 20.0 +37% $ 96.1 $ 78.0 +23%
Technology
and
development $ 2.8 $ 2.7 $ 2.3 +25% $ 10.8 $ 8.7 +24% Income from operations $ 12.0 $ 8.2 $ 5.8 +105% $ 39.3 $ 27.8 +42% Adjusted EBITDA $ 14.0 $ 9.8 $ 9.5 +47% $ 45.8 $ 35.4 +30% CapEx $ 1.7 $ 0.8 $ 1.3 +28% $ 5.8 $ 5.4 +8%
NRS Take-Aways:
-- Beginning in 4Q26, IDT is reporting retailer locations and average
monthly retailer network gross profit per location ("average monthly GP
per location") as its measures of the scope of the NRS retailer network
and the contribution of the average retailer on the NRS network,
respectively. Retailer locations include stores that actively utilize NRS
terminals, NRS payment processing, or both. Average monthly GP per
location is gross profit generated within the NRS retailer network
divided by average retailer locations. Average monthly GP per location
increased 22% to $383 in 4Q26 from $315 in 4Q25, primarily reflecting
growth in NRS Pay.
-- The strong NRS revenue increase in 4Q26 was led mainly by Merchant
Services and Advertising and Data, and helped drive NRS' 4Q26 'Rule of
40' score to 60.
-- NRS recently launched a partnership with Uber Eats following successful
integrations with DoorDash and Grubhub. Collectively, these and other,
smaller, online ordering and delivery partnerships enable NRS retailers
to better meet and serve their customers wherever they are while
leveraging the scale of the NRS network to further differentiate NRS'
offerings.
BOSS Money and Fintech Segment
(Transactions in millions. $ in millions except for
average revenue per transaction. Numbers may not foot
due to rounding.)
4Q26-4Q25 FY26-FY25
4Q26 3Q26 4Q25 (% <DELTA>) FY26 FY25 (% <DELTA>)
----- ----- ----- ----------- ------ ------ -----------
BOSS Money
Transactions
Digital
channel 6.6 6.0 5.5 +20% 23.6 19.6 +20%
Retail channel 0.9 0.9 1.1 (20)% 3.8 4.2 (9)%
Total
transactions 7.5 6.9 6.6 +14% 27.4 23.9 +15%
Digital as a
percentage of
total 88.1% 87.0% 83.3% +480 bps 86.0% 82.0% +400 bps
Fintech
Revenue
BOSS Money
Digital
channel $33.7 $31.0 $27.6 +22% $119.4 $ 99.0 +21%
Retail channel $ 8.7 $ 8.6 $10.6 (17)% $ 37.3 $ 40.9 (9)%
Total BOSS
Money $42.4 $39.7 $38.2 +11% $156.7 $139.8 +12%
Other $ 4.6 $ 5.3 $ 3.9 +20% $ 19.3 $ 14.8 +31%
Total Revenue $47.1 $45.0 $42.1 +12% $176.0 $154.6 +14%
Average BOSS
Money revenue
per
transaction* $5.68 $5.76 $5.81 (2)% $ 5.72 $ 5.85 (2)%
Gross profit $30.9 $28.3 $24.9 +24% $109.7 $ 90.7 +21%
Gross profit
margin 65.6% 62.8% 59.1% +650 bps 62.3% 58.7% +360 bps
SG&A $22.9 $20.2 $17.8 +28% $ 77.9 $ 66.2 +18%
Technology and
development $ 2.5 $ 2.5 $ 2.3 +10% $ 10.2 $ 9.1 +12%
Income from
operations $ 5.5 $ 5.6 $ 4.8 +15% $ 21.5 $ 15.4 +40%
Adjusted
EBITDA $ 6.5 $ 6.6 $ 5.5 +17% $ 26.2 $ 18.6 +41%
CapEx $ 1.0 $ 1.0 $ 0.8 +31% $ 3.9 $ 3.5 +11%
BOSS Money and Fintech Take-Aways:
-- Digital transaction volume as a percentage of total transactions
increased to 88.1% in 4Q26, reflecting BOSS Money's focused investments
in digital customer acquisition programs and the industry-wide
acceleration of the ongoing migration of consumers to digital channels
from retail in the wake of a federal tax on remittances imposed on retail
transactions beginning on January 1, 2026.
-- Digital channel send volume - the amount of principal transferred by BOSS
Money customers using the BOSS Money and BOSS Revolution apps - increased
by 38% year-over-year in 4Q26 and by 35% in FY 2026, reflecting increases
in both transaction volumes and in average dollars sent per transaction.
-- The Fintech segment's year-over-year increases in gross profit margin,
650 bps in 4Q26 and 360 bps in FY 2026, primarily reflected the
continuing rotation in the transaction mix to higher margin digital
transactions from lower margin retail transactions, supplemented by the
impact of increased average send amounts and continuous efforts to
negotiate more favorable payout terms.
-- The BOSS Money app attained the highest average customer satisfaction
score of any of the leading digital money transfer providers serving the
U.S. and U.K. markets as evaluated by FXC Intelligence for 2026. It was
the second consecutive year that the BOSS Money app has won the honor.
net2phone
(Seats in thousands at end of period. $ in millions.
Numbers may not foot due to rounding.)
4Q26-4Q25 FY26-FY25
4Q26 3Q26 4Q25 (% <DELTA>) FY26 FY25 (% <DELTA>)
----- ----- ----- ----------- ----- ----- -----------
Seats 447 441 422 +6%
Revenue
Subscription
revenue* $24.5 $24.0 $22.2 +10% $94.9 $85.7 +11%
Other revenue $ 0.5 $ 0.4 $ 0.5 (8)% $ 1.7 $ 2.1 (19)%
Total Revenue $24.9 $24.4 $22.8 +9% $96.6 $87.9 +10%
Gross profit $20.2 $19.6 $18.1 +11% $77.8 $69.7 +12%
Gross profit
margin 81.0% 80.6% 79.5% +140 bps 80.6% 79.3% +120 bps
SG&A $14.4 $14.1 $13.3 +9% $56.3 $52.4 +8%
Technology and
development $ 3.1 $ 3.1 $ 3.0 +3% $12.3 $11.7 +5%
Income from
operations $ 2.6 $ 2.4 $ 1.5 +75% $ 9.1 $ 4.9 +84%
Adjusted
EBITDA $ 4.4 $ 4.1 $ 3.5 +26% $16.1 $12.1 +33%
CapEx $ 1.6 $ 1.8 $ 1.7 (7)% $ 6.9 $ 6.6 +4%
net2phone Take-Aways:
-- The increases in subscription revenue*, +10% in 4Q26 and +11% in FY 2026,
were +7% and +8%, respectively, on a constant currency* basis, reflecting
weakness in the U.S. dollar versus local currencies in certain of
net2phone's key markets.
-- The strong increases in net2phone profitability in both 4Q26 and FY 2026
reflect the leverage of net2phone's business model and the incremental
contributions of its AI-powered offerings.
-- net2phone introduced an integration layer in 4Q26, enabling net2phone's
solutions to work seamlessly with the customer's native, mission-critical
business software without the need for developers, custom coding, or
webhooks. Because they securely read from, and write to, connected CRM
and communications platforms, net2phone's solutions can be synced through
the integration layer with customer records and accounts, while actions
are reflected in real time in the relevant systems of record and are
reviewable through an audit trail.
Traditional Communications
($ in millions. Numbers may not foot due to rounding.)
4Q26-4Q25 FY26-FY25
4Q26 3Q26 4Q25 (% <DELTA>) FY26 FY25 (% <DELTA>)
------ ------ ------ ----------- ------ ------ -----------
Revenue
IDT Digital
Payments $113.9 $103.9 $107.0 +6% $429.2 $416.3 +3%
IDT Global $ 56.1 $ 55.6 $ 55.9 +0.4% $231.5 $209.6 +10%
BOSS
Revolution $ 44.2 $ 43.4 $ 49.3 (10)% $180.3 $211.2 (15)%
Other $ 7.8 $ 5.5 $ 5.3 +49% $ 24.9 $ 23.1 +8%
Total Revenue $222.0 $208.3 $217.4 +2% $865.9 $860.2 +1%
Gross profit $ 41.1 $ 40.3 $ 41.0 +0.4% $162.6 $168.9 (4)%
Gross profit
margin 18.5% 19.4% 18.8% (30 )bps 18.8% 19.6% (80 )bps
SG&A $ 18.3 $ 17.9 $ 19.9 (8)% $ 75.6 $ 79.9 (5)%
Technology
and
development $ 5.6 $ 5.6 $ 5.3 +6% $ 22.5 $ 21.5 +5%
Income from
operations $ 16.6 $ 16.7 $ 15.4 +8% $ 63.4 $ 66.5 (5)%
Adjusted
EBITDA $ 19.9 $ 19.7 $ 17.8 +12% $ 77.3 $ 76.4 +1% CapEx $ 1.7 $ 1.5 $ 1.4 +22% $ 6.3 $ 5.3 +21%
Traditional Communications Take-Aways:
-- In FY 2026, the Traditional Communications segment increased Adjusted
EBITDA levels for the second consecutive year, underscoring the
durability of the segment's cash generation.
-- IDT Digital Payments has launched an eSIM digital catalog through its
Zendit B2B prepaid platform and in the BOSS Revolution app, further
expanding its large and diversified catalog of prepaid offerings. The
eSIM catalog targets the large and rapidly growing travel data roaming
market, offering over 5,000 plans in 190+ countries.
OTHER FINANCIAL RESULTS
Consolidated results for all periods presented include corporate overhead. Corporate Adjusted EBITDA declined to ($3.5) million in 4Q26 from ($2.5) million in 4Q25. In FY 2026, corporate Adjusted EBITDA declined to ($10.8) million from ($10.7) million in FY 2025.
As of July 31, 2026, IDT held $271.9 million in unrestricted cash, cash equivalents, debt securities, and current equity investments, an increase of $20.5 million from the level at April 30, 2026. Also at July 31, 2026, current assets totaled $655.4 million and current liabilities totaled $351.9 million. The Company had no outstanding debt at the quarter end.
Net cash provided by operating activities in 4Q26 increased to $44.4 million from $31.0 million in 4Q25. Exclusive of changes in customer funds deposits at IDT's Fintech segment, adjusted net cash provided by operating activities* in 4Q26 decreased to $26.4 million from $37.1 million in 4Q25.
In FY 2026, net cash provided by operating activities decreased to $91.1 million from $127.1 million in FY 2025. Exclusive of changes in customer funds deposits in IDT's Fintech segment, adjusted net cash provided by operating activities in FY 2026 decreased to $60.9 million from $107.8 million in FY 2025. The decrease primarily stemmed from the timing of working capital movements associated with the daily changes in settlement assets and disbursement prefunding at BOSS Money.
Capital expenditures increased to $6.0 million in 4Q26 from $5.3 million in 4Q25. For FY 2026, capital expenditures increased to $23.1 million from $20.8 million in FY 2025.
IDT repurchased 30,752 shares of its Class B common stock through open market transactions during 4Q26 for approximately $2.0 million. Open market repurchases during FY 2026 totaled 421,938 shares for approximately $21.0 million.
FY 2027 FINANCIAL OUTLOOK
For FY 2027, IDT expects to again grow consolidated gross profit by double digits, consistent with its average annual growth rate over the past several years, to a range of $545 million to $555 million.
Building on record Adjusted EBITDA of $154.6 million in FY 2026, IDT's fiscal 2027 guidance reflects continued, strong profitability growth, with Adjusted EBITDA expected to range from $176 million to $180 million, with each operating segment contributing to that growth.
DIVIDEND
IDT's Board of Directors has declared a quarterly cash dividend of $0.07 per share payable on October 14, 2026, to stockholders of record as of October 5, 2026.
IDT EARNINGS ANNOUNCEMENT INFORMATION
This release is available for download in the "Investors & Media" section of the IDT Corporation website with the SEC.
IDT will host an earnings conference call beginning at 5:30 PM Eastern today with management's discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the U.S.) or 1-973-528-0011 (international) and provide the following access code: 266780.
A replay of the conference call will be available approximately three hours after the call concludes through October 12, 2026. To access the call replay, dial 1-877-481-4010 (toll-free from the U.S.) or 1-919-882-2331 (international) and provide this replay passcode: 54497. The replay will also be accessible via streaming audio at the IDT investor relations website.
ABOUT IDT CORPORATION
IDT Corporation (NYSE: IDT) is a global provider of fintech, communications and AI-powered customer experience solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable, and IDT Global and IDT Express enable communications service providers to provision and manage international voice and SMS messaging.
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words "believe, " "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
CONTACT
IDT Corporation Investor Relations
Bill Ulrey
william.ulrey@idt.net
973-438-3838
IDT CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
July 31, 2026 2025
----------------------------------------- --------- ---------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 220,686 $ 226,505
Restricted cash and cash equivalents 138,650 115,327
Debt securities 38,612 21,649
Equity investments 12,642 5,637
Trade accounts receivable, net of
allowance for credit losses of
$6,938 and $9,097 at July 31, 2026
and 2025, respectively 60,750 44,932
Settlement assets, net of reserve of
$1,535 and $1,367 at July 31, 2026
and 2025, respectively 55,013 28,014
Disbursement prefunding 84,751 37,097
Prepaid expenses 13,395 12,440
Other current assets 30,867 28,702
-------- --------
TOTAL CURRENT ASSETS 655,366 520,303
Property, plant, and equipment, net 41,864 38,869
Goodwill 26,539 26,488
Other intangibles, net 8,762 5,056
Equity investments 6,068 6,658
Operating lease right-of-use assets 1,448 1,878
Deferred income tax assets, net 18,002 18,790
Other assets 6,208 8,161
-------- --------
TOTAL ASSETS $ 764,257 $ 626,203
-------- --------
LIABILITIES, REDEEMABLE NONCONTROLLING
INTEREST, AND EQUITY
CURRENT LIABILITIES:
Trade accounts payable $ 18,629 $ 19,435
Accrued expenses 106,434 97,295
Deferred revenue 27,124 27,726
Customer funds deposits 147,654 114,708
Settlement liabilities 16,988 13,922
Other current liabilities 35,050 19,910
-------- --------
TOTAL CURRENT LIABILITIES 351,879 292,996
Operating lease liabilities 817 1,103
Other liabilities 3,609 1,688
-------- --------
TOTAL LIABILITIES 356,305 295,787
Commitments and contingencies
Redeemable noncontrolling interest 11,842 11,459
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 July 31, 2026 and
2025 33 33
Class B common stock, $.01 par value;
authorized shares--200,000; 28,569
and 28,528 shares issued and 23,264
and 23,656 shares outstanding at
July 31, 2026 and 2025,
respectively 285 285
Additional paid-in capital 319,225 308,111
Treasury stock, at cost, consisting
of 1,698 and 1,698 shares of Class A
common stock and 5,305 and 4,872
shares of Class B common stock at
July 31, 2026 and 2025,
respectively (165,379) (143,853)
Accumulated other comprehensive loss (14,097) (16,569)
Retained earnings 237,253 157,124
-------- --------
Total IDT Corporation stockholders'
equity 377,320 305,131
Noncontrolling interests 18,790 13,826
-------- --------
TOTAL EQUITY 396,110 318,957
-------- --------
TOTAL LIABILITIES, REDEEMABLE
NONCONTROLLING INTEREST, AND EQUITY $ 764,257 $ 626,203
-------- --------
IDT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except
per share data)
Year ended July 31, 2026 2025 2024
-------------------- ---------- ---------- ----------
REVENUES $1,297,960 $1,231,495 $1,205,778
Direct cost of
revenues 801,172 785,300 815,621
--------- --------- ---------
GROSS PROFIT 496,788 446,195 390,157
OPERATING EXPENSES:
Selling, general and
administrative (i) 318,346 287,567 270,207
Technology and
development (i) 55,743 50,964 50,554
Severance 1,191 898 1,698
Other operating
expense, net 343 6,342 2,945
--------- --------- ---------
TOTAL OPERATING
EXPENSES 375,623 345,771 325,404
--------- --------- ---------
Income from
operations 121,165 100,424 64,753
Interest income, net 6,567 6,127 4,769
Other income
(expense), ne 2,245 (713) (7,612)
--------- --------- ---------
Income before income
taxes 129,977 105,838 61,910
(Provision for)
benefit from income
taxes (34,883) (24,699) 6,354
--------- --------- ---------
NET INCOME 95,094 81,139 68,264
Net income
attributable to
noncontrolling
interests (8,461) (5,045) (3,810)
--------- --------- ---------
NET INCOME
ATTRIBUTABLE TO IDT
CORPORATION $ 86,633 $ 76,094 $ 64,454
--------- --------- ---------
Earnings per share
attributable to IDT
Corporation common
stockholders:
Basic $ 3.47 $ 3.02 $ 2.55
--------- --------- ---------
Diluted $ 3.46 $ 3.01 $ 2.54
--------- --------- ---------
Weighted-average
number of shares
used in calculation
of earnings per
share:
Basic 24,995 25,188 25,241
--------- --------- ---------
Diluted 25,023 25,295 25,398
--------- --------- ---------
(i) Stock-based
compensation
included in total
operating expenses $ 10,544 $ 3,074 $ 7,397
--------- --------- ---------
IDT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year ended July 31, 2026 2025 2024
-------------------------- -------- -------- --------
OPERATING ACTIVITIES
Net income $ 95,094 $ 81,139 $ 68,264
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation and
amortization 21,400 21,008 20,351
Deferred income taxes 789 16,217 (10,907)
Provision for credit losses
and reserve for settlement
assets 5,509 7,090 4,390
Stock-based compensation
expense 10,544 3,074 7,397
Other 79 2,199 4,579
Changes in assets and
liabilities:
Trade accounts receivable (19,185) (5,989) (13,695)
Prepaid expenses, other
current assets, and other
assets 690 4,835 5,510
Settlement assets and
disbursement prefunding (75,087) (13,861) 8,219
Trade accounts payable,
accrued expenses,
settlement liabilities,
other current liabilities,
and other liabilities 22,680 (4,814) (9,081)
Customer funds deposits 30,144 19,235 (1,820)
Deferred revenue (1,588) (3,072) (5,016)
------- ------- -------
Net cash provided by
operating activities 91,069 127,061 78,191
INVESTING ACTIVITIES
Capital expenditures (23,107) (20,770) (18,922)
Purchase of convertible
preferred stock in equity
method investment -- (926) (2,017)
Payments for acquisition (1,500) -- --
Notes receivable from
equity method investment (310) (1,900) --
Purchase of equity
investments (1,695) -- --
Purchases of debt
securities and equity
investments (64,402) (33,453) (29,921)
Proceeds from maturities
and sales of debt
securities and equity
securities 43,348 36,310 50,112
------- ------- -------
Net cash used in investing
activities (47,666) (20,739) (748)
FINANCING ACTIVITIES
Dividends paid (6,504) (5,550) (2,536)
Distributions to
noncontrolling interests (2,743) (100) (112)
Proceeds from borrowings
under revolving credit
facility 21,421 24,551 32,864
Repayments on borrowings
under revolving credit
facility (21,421) (24,551) (32,864)
Purchase of restricted
shares of net2phone and
NRS common stock -- -- (4,131)
Proceeds from borrowings 185 -- --
Repayments of borrowings (185) -- --
Proceeds from exercise of
stock options 200 -- 172
Repurchases of Class B
common stock (21,526) (17,773) (10,619)
------- ------- -------
Net cash used in financing
activities (30,573) (23,423) (17,226)
Effect of exchange rate
changes on cash, cash
equivalents, and
restricted cash and cash
equivalents 4,674 3,477 (3,584)
------- ------- -------
Net increase in cash, cash
equivalents, and
restricted cash and cash
equivalents 17,504 86,376 56,633
Cash, cash equivalents, and
restricted cash and cash
equivalents at beginning
of year 341,832 255,456 198,823
------- ------- -------
Cash, cash equivalents, and
restricted cash and cash
equivalents at end of
year $359,336 $341,832 $255,456
------- ------- -------
Reconciliation of Non-GAAP Financial Measures for the Fourth Quarter and Full Fiscal Years 2026 and 2025
In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed (a) Adjusted EBITDA for 4Q26, 3Q26, 4Q25, and the full fiscal years 2026 and 2025, (b) Non-GAAP earnings per diluted share (Non-GAAP EPS) for 4Q26, 4Q25, and the full fiscal years 2026 and 2025, (c) NRS' 'Rule of 40' score for 4Q26, and (d) Non-GAAP adjusted net cash provided by operating activities for 4Q26, 4Q25, and the full fiscal years 2026 and 2025. These are Non-GAAP financial measures intended to provide useful information that supplements IDT's or the relevant segment's results in accordance with GAAP. The following explains these terms and their respective reconciliations to the most directly comparable GAAP measures.
Generally, a Non-GAAP measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.
IDT's measure of Adjusted EBITDA on a consolidated basis starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expenses, and deducts other operating gain and income tax benefits. IDT's measure of Adjusted EBITDA on a reporting segment basis starts with income from operations (segments) in accordance with GAAP and adds depreciation and amortization, severance expense, stock-based compensation, and other operating expenses, and deducts other operating income.
IDT's measure of Non-GAAP EPS is calculated by dividing Non-GAAP net income by the diluted weighted-average shares. IDT's measure of Non-GAAP net income starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expenses, and deducts other operating gains and income tax benefits. The income tax effect of these adjustments is then deducted or added, as applicable. These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2026 and fiscal 2025 periods.
Management believes that IDT's Adjusted EBITDA and Non-GAAP EPS are measures which provide useful information to both management and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT's or the relevant segment's core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA and Non-GAAP EPS to evaluate operating performance in relation to IDT's competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allow for greater transparency of the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance. Therefore, the inclusion of comparative numbers provides consistency in financial reporting.
Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments' and IDT's historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.
While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or capitalized in prior periods. IDT's Adjusted EBITDA, which is exclusive of depreciation and amortization, is a useful indicator of its current performance.
Severance expense is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT's and its segments' businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT's core and continuing operations.
Other operating expense, net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Other operating expense, net, primarily includes legal fees net of insurance claims related to Straight Path Communications Inc.'s stockholders' class action and gains from the write-off of contingent consideration liabilities. From time to time, IDT may have gains or incur costs related to non-routine legal, tax, and other matters; however, these various items generally do not occur each quarter. IDT believes the gains and losses from these non-routine matters are not components of IDT's or the relevant segment's core operating results.
Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT's calculation of Adjusted EBITDA and Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT's core business and operating segments with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees' compensation that impacts their performance.
In 4Q25, IDT decreased its deferred income tax valuation allowance due to profitability in the United Kingdom and recorded an income tax benefit of $3.3 million in the quarter and FY 2025. This income tax benefit was excluded from IDT's Non-GAAP EPS because it was not related to the results of IDT's core operations.
Adjusted EBITDA and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT's measurements of Adjusted EBITDA and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.
The 'Rule of 40' score is a metric used to evaluate the performance of SaaS providers. It postulates that a SaaS provider's revenue growth rate plus its EBITDA margin should equal or exceed 40 percent. The 'Rule of 40' is typically used to assess a company's balance between growth and profitability. A total of over 40 is thought to indicate a healthy combination of expansion and financial stability, making it a useful tool for management and investors to gauge the potential for long-term success and make informed decisions about resource allocation and business strategy.
NRS' 'Rule of 40' score is computed by adding (a) the growth rate of NRS' revenue for the current period compared to the corresponding year ago period to (b) the Adjusted EBITDA margin for the twelve-month period through the end of the current period. Adjusted EBITDA is a Non-GAAP measure as discussed above. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by GAAP revenue for the relevant period.
In 3Q26 and prior quarters, NRS used recurring revenue to calculate the revenue growth rate. Recurring revenue excluded revenue from the sale of NRS terminals. The revised definition using total revenue captures the impact of terminal sales and pricing decisions, providing a measure more closely aligned with NRS' underlying financial performance.
IDT's Non-GAAP adjusted measure of net cash provided by operating activities is calculated by excluding the impact of changes in customer deposits from net cash provided by operating activities. This measure provides a more meaningful measure of the cash generated by our core business operations, making it a more useful tool for management and investors to evaluate the cash generation of our business operations, and to compare IDT's cash generation with companies that do not have, or have different levels of, customer deposits. Customer deposits are, by regulation, not available to fund IDT's operating activities.
Following are reconciliations of Adjusted EBITDA and Non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, (i) income (loss) from operations for IDT's reportable segments and (ii) net income for IDT on a consolidated basis, and (b) for Non-GAAP EPS, diluted earnings per share. Also following is NRS' 'Rule of 40' score computation including the reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, income from operations, and IDT's Non-GAAP adjusted measure of net cash provided by operating activities reconciled to GAAP net cash provided by operating activities.
IDT Corporation
Reconciliation of Net Income to Adjusted EBITDA for 4Q26, 3Q26, and 4Q25
(unaudited) in millions. Figures may not foot or cross-foot due to rounding
Total IDT Traditional
Corporation Comm. net2phone NRS Fintech Corporate
------------- ------------- ----------- ----- --------- -----------
Three Months
Ended July 31,
2026
Net income
attributable to
IDT Corporation $ 21.7
Adjustments:
Net income
attributable to
noncontrolling
interests 2.7
--- --------
Net income 24.4
Provision for
income taxes 12.1
--- --------
Income before
income taxes 36.5
Interest income,
net (1.7)
Other income,
net (1.6)
--- -------- --------- --- ------ ---- ----- --- ------
Income (loss) from
operations $ 33.2 $ 16.6 $ 2.6 $12.0 $ 5.5 $ (3.5)
Depreciation and
amortization 5.3 1.7 1.7 1.2 0.6 0.0
Stock-based
compensation 1.8 0.9 - 0.3 0.3 0.3
Severance
expense 0.7 0.6 0.0 0.0 0.1 -
Other operating
expense (gain),
net 0.3 0.1 0.0 0.5 - (0.3)
--- -------- --------- --- ------ ---- ----- --- ------
Adjusted EBITDA $ 41.2 $ 19.9 $ 4.4 $14.0 $ 6.5 $ (3.5)
--- -------- --------- --- ------ ---- ----- --- ------
Total IDT Traditional
Corporation Comm. net2phone NRS Fintech Corporate
------------- ------------- ----------- ---- --------- -----------
Three Months
Ended April 30,
2026
Net income
attributable to
IDT Corporation $ 21.6
Adjustments:
Net income
attributable to
noncontrolling
interests 2.1
--- --------
Net income 23.7
Provision for
income taxes 8.5
--- --------
Income before
income taxes 32.3
Interest income,
net (1.6)
Other income,
net (0.9)
--- -------- --------- --- ------ --- ----- --- ------
Income (loss) from
operations $ 29.8 $ 16.7 $ 2.4 $8.2 $ 5.6 $ (3.0)
Depreciation and
amortization 5.4 1.8 1.7 1.2 0.7 -
Stock-based
compensation 2.4 1.2 - 0.4 0.4 0.4
Severance
expense 0.1 0.1 - - - -
Other operating
(gains), net (0.2) - - - - (0.2)
--- -------- --------- --- ------ --- ----- --- ------
Adjusted EBITDA $ 37.5 $ 19.7 $ 4.1 $9.8 $ 6.6 $ (2.8)
--- -------- --------- --- ------ --- ----- --- ------
Total IDT Traditional
Corporation Comm. net2phone NRS Fintech Corporate
------------- ------------- ----------- ---- --------- -----------
Three Months
Ended July 31,
2025
Net income
attributable to
IDT Corporation $ 16.9
Adjustments:
Net income
attributable to
noncontrolling
interests 0.6
--- --------
Net income 17.5
Provision for
income taxes 2.9
--- --------
Income before
income taxes 20.4
Interest income,
net (1.8)
Other expense,
net 3.2
--- -------- --------- --- ------ --- ----- --- ------
Income (loss) from
operations $ 21.9 $ 15.4 $ 1.5 $5.8 $ 4.8 $ (5.7)
Depreciation and
amortization 5.3 1.8 1.6 1.1 0.7 -
Stock-based
compensation 0.4 0.2 - 0.2 - -
Severance
expense 0.3 0.1 0.1 - - -
Other operating
expense, net 5.9 0.2 0.2 2.4 - 3.1
--- -------- --------- --- ------ --- ----- --- ------
Adjusted EBITDA $ 33.8 $ 17.8 $ 3.5 $9.5 $ 5.5 $ (2.5)
--- -------- --------- --- ------ --- ----- --- ------
IDT Corporation
Reconciliation of Net Income to Adjusted EBITDA for FY 2026 and FY 2025
(unaudited) in millions. Figures may not foot or cross-foot due to rounding
Total IDT Traditional
Corporation Comm. net2phone NRS Fintech Corporate
------------- ------------- ----------- ----- --------- -----------
For the Twelve
Months Ended July
31, 2026
Net income
attributable to
IDT Corporation $ 86.6
Adjustments:
Net income
attributable to
noncontrolling
interests 8.5
--- --------
Net income 95.1
Provision for
income taxes 34.9
--- --------
Income before
income taxes 130.0
Interest income,
net (6.6)
Other income,
net (2.2)
--- -------- --------- --- ------ ---- ----- -------
Income (loss) from
operations $ 121.2 $ 63.4 $ 9.1 $39.3 $ 21.5 $ (12.1)
Depreciation and
amortization 21.4 7.0 6.8 4.8 2.8 0.0
Stock-based
compensation 10.5 5.7 0.0 1.3 1.8 1.7
Severance 1.2 0.9 0.1 0.1 0.1 -
Other operating
expense (gain),
net 0.3 0.2 0.0 0.4 - (0.4)
--- -------- --------- --- ------ ---- ----- -------
Adjusted EBITDA $ 154.6 $ 77.3 $ 16.1 $45.8 $ 26.2 $ (10.8)
--- -------- --------- --- ------ ---- ----- -------
Total IDT Traditional
Corporation Comm. net2phone NRS Fintech Corporate
------------- ------------- ----------- ----- --------- -----------
For the Twelve
Months Ended
July 31, 2025
Net income
attributable to
IDT
Corporation $ 76.1
Adjustments:
Net income
attributable to
noncontrolling
interests 5.0
--- --------
Net income 81.1
Provision for
income taxes 24.7
--- --------
Income before
income taxes 105.8
Interest
income, net (6.1)
Other expense,
net 0.7
--- -------- --------- --- ------ ---- ----- -------
Income (loss)
from
operations $ 100.4 $ 66.5 $ 4.9 $27.8 $ 15.4 $ (14.2)
Depreciation
and
amortization 21.0 7.6 6.4 4.1 2.9 0.1
Stock-based
compensation 3.1 1.4 - 1.1 0.2 0.4
Severance 0.9 0.7 0.1 - - -
Other
operating
expense, net 6.3 0.2 0.6 2.4 - 3.1
--- -------- --------- --- ------ ---- ----- -------
Adjusted EBITDA $ 131.7 $ 76.4 $ 12.1 $35.4 $ 18.6 $ (10.7)
--- -------- --------- --- ------ ---- ----- -------
IDT Corporation
Reconciliation of Earnings Per Share (EPS) to Non-GAAP EPS for 4Q26, 4Q25, FY 2026 and FY 2025
(unaudited) in millions, except per share data. Figures may not foot due to rounding
4Q26 4Q25 FY26 FY25
----- ----- ------ -----
Net income
attributable to IDT
Corporation $21.7 $16.9 $ 86.6 $76.1
Adjustments (add)
subtract:
Income tax benefit - 3.3 - 3.3
Stock-based
compensation (1.8) (0.4) (10.5) (3.1)
Severance expense (0.7) (0.3) (1.2) (0.9)
Other operating
expense, net (0.3) (5.9) (0.3) (6.3)
---- ---- ----- ----
Total adjustments $(2.7) $(3.3) $(12.1) $(7.0)
Income tax effect
of total
adjustments (0.9) (0.9) (3.2) (2.3)
Total adjustments,
net of tax 1.8 2.4 8.9 4.7
---- ---- ----- ----
Non-GAAP net income $23.5 $19.3 $ 95.5 $80.8
---- ---- ----- ----
Earnings per share:
Basic $0.87 $0.67 $ 3.47 $3.02
Total adjustments,
net of tax 0.07 0.09 0.36 0.18
---- ---- ----- ----
Non-GAAP - basic $0.95 $0.76 $ 3.82 $3.20
---- ---- ----- ----
Weighted-average
number of shares
used in calculation
of basic earnings
per share 24.9 25.2 25.0 25.2
---- ---- ----- ----
Diluted $0.87 $0.67 $ 3.46 $3.01
Total adjustments,
net of tax 0.07 0.09 0.36 0.18
---- ---- ----- ----
Non-GAAP - diluted $0.94 $0.76 $ 3.82 $3.19
---- ---- ----- ----
Weighted-average
number of shares
used in calculation
of diluted earnings
per share 24.9 25.2 25.0 25.3
---- ---- ----- ----
IDT Corporation
NRS' 'Rule of 40' Score For 4Q26
(unaudited) in millions. Figures may not foot due to rounding to millions
Trailing
Twelve
Months
(TTM)
1Q26 2Q26 3Q26 4Q26 4Q26
----- ----- ----- ----- ---------
Reconciliation
of NRS' Income
from Operations
to Adjusted
EBITDA
Income from
operations $ 8.9 $10.2 $ 8.2 $12.0 $ 39.3
Depreciation and
amortization 1.1 1.2 1.2 1.2 4.8
Stock-based
compensation 0.2 0.4 0.4 0.3 1.3
Severance
expense 0.0 0.0 0.0 0.0 0.1
Other operating
expense, net - - (0.0) 0.5 0.4
---- ---- ---- ---- --------
Adjusted EBITDA $10.3 $11.8 $ 9.8 $14.0 $ 45.8
---- ---- ---- ---- --------
4Q26 4Q25
------ -----
NRS' 'Rule of 40' Score
NRS revenue $ 45.0 $34.3
Revenue growth rate 31%
TTM Adjusted EBITDA from above $ 45.8
TTM total revenue 159.4
-----
TTM Adjusted EBITDA margin 29%
-----
'Rule of 40' 60
IDT Corporation
Adjusted net cash provided by operating activities for 4Q26, 4Q25, FY 2026 and FY 2025
(unaudited) in millions. Figures may not foot due to rounding to millions
(in millions) Three months ended July 31, 4Q26 4Q25 ------------------------------------------------- ------ ----- Net cash provided by operating activities (GAAP) $ 44.4 $31.0 Changes in customer deposits (18.0) 6.1 Adjusted net cash provided by operating activities (Non-GAAP) $ 26.4 $37.1 (in millions) Full year ended July 31, FY26 FY25 ----------------------------------------------- ------ ------ Net cash provided by operating activities (GAAP) $ 91.1 $127.1 Changes in customer deposits (30.1) (19.2) Adjusted net cash provided by operating activities (Non-GAAP) $ 60.9 $107.8
Explanation of Key Performance Metrics
net2phone's subscription revenue is calculated by subtracting net2phone's equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil from its revenue in accordance with GAAP. net2phone's cloud communications and contact center offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization. The number of seats served and subscription revenue trends and comparisons between periods are used in the analysis of net2phone's revenues and direct cost of revenues and are strong indications of the top-line growth and performance of the business.
Constant currency as it relates to revenue provides a framework for assessing net2phone's performance that excludes the effect of foreign currency rate fluctuations. To determine net2phone's subscription revenue growth on a constant currency basis, current period revenues from entities reporting in currencies other than U.S. Dollars (USD) were converted to USD at the average monthly exchange rates in effect during the prior fiscal year's comparative period instead of the average monthly exchange rates in effect during the current period.
NRS' average monthly network gross profit per location (average monthly GP per location) is calculated by dividing NRS' gross profit generated within its retailer network by the average number of locations with either an active POS terminal, or an active payment processing account, or both, during the period. The average number of retailer locations is calculated by adding locations at the beginning and end of the period and dividing by two. The result is divided by three when the period is a fiscal quarter, and by twelve when the period is a fiscal year. Average monthly GP per location is useful for comparisons of NRS' gross profit and gross profit per customer to prior periods and to competitors and others in the market, as well as for forecasting future revenue from the retailer customer base.
BOSS Money Transactions are a nonfinancial metric that measures customer usage during a reporting period. Average BOSS Money Revenue per Transaction measures the revenue productivity of BOSS Money's remittance business. It is calculated by dividing BOSS Money revenue during the period by the number of transactions. Average BOSS Money Revenue per Transaction is a key metric for evaluating the productivity and operational performance of the business.
BOSS Money's Digital Send Volume is the aggregate amount of principal remitted by BOSS Money's digital customers -- those using the BOSS Money and BOSS Revolution apps to originate remittances. BOSS Money's Digital Send Volume is a key metric for evaluating the operational performance of the digital channel of the remittance business, and for comparing the performance of BOSS Money's digital channel to competitors in the remittance business as well as to performance to other temporal periods.