IDT Delays net2phone Spin-Off Amid Market Conditions
IDT (NYSE: IDT) highlighted the growing contribution of its higher-margin growth businesses during a recent presentation, including National Retail Solutions, BOSS Money, and net2phone. These segments now account for about one-third of revenue but two-thirds of gross profit. The company has delayed plans to spin off net2phone until market conditions improve and it achieves greater business scale. IDT reported $1.3 billion in trailing 12-month revenue and $147 million in adjusted EBITDA, with a strong balance sheet including $251 million in cash and no debt. National Retail Solutions saw significant growth, increasing recurring annual revenue from $45 million to over $141 million during the same period. BOSS Money also experienced robust performance due to increased digital remittance activity driven by regulatory changes affecting cash-based transactions.
Tickers: $IDT
Topics: financial performance growth businesses spin-off delay