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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 APRIL 30, 2023
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)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Name
of each exchange on which registered |
Class
B common stock, par value $.01 per share |
|
New
York Stock Exchange |
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 every Interactive Data File required to be submitted 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 |
☐ |
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 June 6, 2023, 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: 23,922,011 shares outstanding (excluding 3,921,172 treasury shares)
IDT
CORPORATION
TABLE
OF CONTENTS
PART
I. FINANCIAL INFORMATION
Item
1. | Financial
Statements (Unaudited) |
IDT
CORPORATION
CONSOLIDATED
BALANCE SHEETS
| |
April
30, 2023 | | |
July
31, 2022 | |
| |
(Unaudited) | | |
(Note
1) | |
| |
(in
thousands, except per share data) | |
Assets | |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 90,722 | | |
$ | 98,352 | |
Restricted
cash and cash equivalents | |
| 94,321 | | |
| 91,210 | |
Debt
securities | |
| 41,987 | | |
| 22,303 | |
Equity
investments | |
| 5,776 | | |
| 17,091 | |
Trade
accounts receivable, net of allowance for doubtful accounts of $6,133 at April 30, 2023 and $5,882 at July 31, 2022 | |
| 65,942 | | |
| 64,315 | |
Disbursement
prefunding | |
| 40,428 | | |
| 21,057 | |
Prepaid
expenses | |
| 15,575 | | |
| 17,526 | |
Other
current assets | |
| 35,211 | | |
| 30,773 | |
| |
| | | |
| | |
Total
current assets | |
| 389,962 | | |
| 362,627 | |
Property,
plant, and equipment, net | |
| 39,083 | | |
| 36,866 | |
Goodwill | |
| 26,596 | | |
| 26,380 | |
Other
intangibles, net | |
| 8,483 | | |
| 9,609 | |
Equity
investments | |
| 10,263 | | |
| 7,426 | |
Operating
lease right-of-use assets | |
| 6,141 | | |
| 7,210 | |
Deferred
income tax assets, net | |
| 27,501 | | |
| 36,701 | |
Other
assets | |
| 10,197 | | |
| 10,275 | |
| |
| | | |
| | |
Total
assets | |
$ | 518,226 | | |
$ | 497,094 | |
| |
| | | |
| | |
Liabilities,
redeemable noncontrolling interest, and equity | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Trade
accounts payable | |
$ | 29,715 | | |
$ | 29,080 | |
Accrued
expenses | |
| 109,177 | | |
| 117,109 | |
Deferred
revenue | |
| 33,910 | | |
| 36,531 | |
Customer
deposits | |
| 86,111 | | |
| 85,764 | |
Other
current liabilities | |
| 42,762 | | |
| 36,588 | |
| |
| | | |
| | |
Total
current liabilities | |
| 301,675 | | |
| 305,072 | |
Operating
lease liabilities | |
| 3,572 | | |
| 4,606 | |
Other
liabilities | |
| 3,527 | | |
| 6,588 | |
| |
| | | |
| | |
Total
liabilities | |
| 308,774 | | |
| 316,266 | |
Commitments
and contingencies | |
| - | | |
| - | |
Redeemable
noncontrolling interest | |
| 10,449 | | |
| 10,191 | |
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 April 30, 2023
and July 31, 2022 | |
| 33 | | |
| 33 | |
Class
B common stock, $.01 par value; authorized shares—200,000; 27,798 and 27,725 shares issued and 23,892 and 24,112 shares outstanding
at April 30, 2023 and July 31, 2022, respectively | |
| 278 | | |
| 277 | |
Common
stock, value | |
| | | |
| | |
Additional
paid-in capital | |
| 300,328 | | |
| 296,005 | |
Treasury
stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 3,906 and 3,613 shares of Class B common stock at
April 30, 2023 and July 31, 2022, respectively | |
| (109,410 | ) | |
| (101,565 | ) |
Accumulated
other comprehensive loss | |
| (14,475 | ) | |
| (11,305 | ) |
Retained
earnings (accumulated deficit) | |
| 16,685 | | |
| (15,830 | ) |
| |
| | | |
| | |
Total
IDT Corporation stockholders’ equity | |
| 193,439 | | |
| 167,615 | |
Noncontrolling
interests | |
| 5,564 | | |
| 3,022 | |
| |
| | | |
| | |
Total
equity | |
| 199,003 | | |
| 170,637 | |
| |
| | | |
| | |
Total
liabilities, redeemable noncontrolling interest, and equity | |
$ | 518,226 | | |
$ | 497,094 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three
Months Ended
April
30, | | |
Nine
Months Ended
April
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in
thousands, except per share data) | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | 299,295 | | |
$ | 328,353 | | |
$ | 935,047 | | |
$ | 1,035,494 | |
Costs
and expenses: | |
| | | |
| | | |
| | | |
| | |
Direct
cost of revenues (exclusive of depreciation and amortization) | |
| 210,250 | | |
| 247,565 | | |
| 664,281 | | |
| 796,516 | |
Selling,
general and administrative (i) | |
| 68,574 | | |
| 62,772 | | |
| 202,591 | | |
| 183,948 | |
Depreciation
and amortization | |
| 5,185 | | |
| 4,509 | | |
| 14,986 | | |
| 13,333 | |
Severance | |
| 145 | | |
| — | | |
| 458 | | |
| 67 | |
| |
| | | |
| | | |
| | | |
| | |
Total
costs and expenses | |
| 284,154 | | |
| 314,846 | | |
| 882,316 | | |
| 993,864 | |
Other
operating expense, net (see Note 10) | |
| (4,764 | ) | |
| (179 | ) | |
| (3,948 | ) | |
| (709 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income
from operations | |
| 10,377 | | |
| 13,328 | | |
| 48,783 | | |
| 40,921 | |
Interest
income, net | |
| 709 | | |
| 85 | | |
| 2,029 | | |
| 217 | |
Other
expense, net | |
| (382 | ) | |
| (5,068 | ) | |
| (2,610 | ) | |
| (24,234 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision
for income taxes | |
| (2,960 | ) | |
| (3,239 | ) | |
| (12,594 | ) | |
| (5,887 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
income | |
| 7,744 | | |
| 5,106 | | |
| 35,608 | | |
| 11,017 | |
Net
income attributable to noncontrolling interests | |
| (854 | ) | |
| (335 | ) | |
| (3,093 | ) | |
| (1,231 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
income attributable to IDT Corporation | |
$ | 6,890 | | |
$ | 4,771 | | |
$ | 32,515 | | |
$ | 9,786 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings
per share attributable to IDT Corporation common stockholders: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.27 | | |
$ | 0.18 | | |
$ | 1.27 | | |
$ | 0.38 | |
Diluted | |
$ | 0.27 | | |
$ | 0.18 | | |
$ | 1.27 | | |
$ | 0.37 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average
number of shares used in calculation of earnings per share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 25,518 | | |
| 25,901 | | |
| 25,544 | | |
| 25,706 | |
Diluted | |
| 25,612 | | |
| 26,205 | | |
| 25,589 | | |
| 26,455 | |
| |
| | | |
| | | |
| | | |
| | |
(i)
Stock-based compensation included in selling, general and administrative expenses | |
$ | 1,679 | | |
$ | 1,245 | | |
$ | 3,537 | | |
$ | 1,840 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three
Months Ended
April
30, | | |
Nine
Months Ended
April
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in thousands) | |
Net
income | |
$ | 7,744 | | |
$ | 5,106 | | |
$ | 35,608 | | |
$ | 11,017 | |
Other
comprehensive income (loss): | |
| | | |
| | | |
| | | |
| | |
Change
in unrealized loss on available-for-sale securities | |
| 115 | | |
| (224 | ) | |
| 81 | | |
| (547 | ) |
Foreign
currency translation adjustments | |
| (879 | ) | |
| (29 | ) | |
| (3,251 | ) | |
| (611 | ) |
Other
comprehensive loss | |
| (764 | ) | |
| (253 | ) | |
| (3,170 | ) | |
| (1,158 | ) |
Comprehensive
income | |
| 6,980 | | |
| 4,853 | | |
| 32,438 | | |
| 9,859 | |
Comprehensive
income attributable to noncontrolling interests | |
| (854 | ) | |
| (335 | ) | |
| (3,093 | ) | |
| (1,231 | ) |
Comprehensive
income attributable to IDT Corporation | |
$ | 6,126 | | |
$ | 4,518 | | |
$ | 29,345 | | |
$ | 8,628 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
CONSOLIDATED
STATEMENTS OF EQUITY
(Unaudited)
| |
Class
A Common Stock | | |
Class
B Common Stock | | |
Additional
Paid-In Capital | | |
Treasury
Stock | | |
Accumulated
Other Comprehensive Loss | | |
(Accumulated
Deficit) Retained Earnings | | |
Noncontrolling
Interests | | |
Total
Equity | |
| |
Three
Months Ended April 30, 2023
(in
thousands) | |
| |
IDT
Corporation Stockholders | | |
| | |
| |
| |
Class
A Common Stock | | |
Class
B Common Stock | | |
Additional
Paid-In Capital | | |
Treasury
Stock | | |
Accumulated
Other Comprehensive Loss | | |
Retained
Earnings | | |
Noncontrolling
Interests | | |
Total
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
BALANCE
AT JANUARY 31, 2023 | |
$ | 33 | | |
$ | 278 | | |
$ | 298,649 | | |
$ | (106,906 | ) | |
$ | (13,711 | ) | |
$ | 9,795 | | |
$ | 4,876 | | |
$ | 193,014 | |
Repurchases
of Class B common stock through repurchase program | |
| — | | |
| — | | |
| — | | |
| (2,500 | ) | |
| — | | |
| — | | |
| — | | |
| (2,500 | ) |
Restricted Class B common stock purchased from employees | |
| — | | |
| — | | |
| — | | |
| (4 | ) | |
| — | | |
| — | | |
| — | | |
| (4 | ) |
Stock-based
compensation | |
| — | | |
| — | | |
| 1,679 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,679 | |
Distributions
to noncontrolling interests | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (106 | ) | |
| (106 | ) |
Stock issued to certain executive officers for bonus payments | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Exercise of stock options by Howard S. Jonas | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Business acquisition | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other
comprehensive loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (764 | ) | |
| — | | |
| — | | |
| (764 | ) |
Net
income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 6,890 | | |
| 794 | | |
| 7,684 | |
BALANCE
AT APRIL 30, 2023 | |
$ | 33 | | |
$ | 278 | | |
$ | 300,328 | | |
$ | (109,410 | ) | |
$ | (14,475 | ) | |
$ | 16,685 | | |
$ | 5,564 | | |
$ | 199,003 | |
| |
Nine
Months Ended April 30, 2023
(in
thousands) | |
| |
IDT
Corporation Stockholders | | |
| | |
| |
| |
Class
A Common Stock | | |
Class
B Common Stock | | |
Additional
Paid-In Capital | | |
Treasury
Stock | | |
Accumulated
Other Comprehensive Loss | | |
(Accumulated
Deficit) Retained Earnings | | |
Noncontrolling
Interests | | |
Total
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
BALANCE
AT JULY 31, 2022 | |
$ | 33 | | |
$ | 277 | | |
$ | 296,005 | | |
$ | (101,565 | ) | |
$ | (11,305 | ) | |
$ | (15,830 | ) | |
$ | 3,022 | | |
$ | 170,637 | |
Exercise
of stock options | |
| — | | |
| — | | |
| 172 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 172 | |
Repurchases
of Class B common stock through repurchase program | |
| — | | |
| — | | |
| — | | |
| (7,506 | ) | |
| — | | |
| — | | |
| — | | |
| (7,506 | ) |
Restricted
Class B common stock purchased from employees | |
| — | | |
| — | | |
| — | | |
| (339 | ) | |
| — | | |
| — | | |
| — | | |
| (339 | ) |
Stock
issued to certain executive officers for bonus payments | |
| — | | |
| — | | |
| 615 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 615 | |
Stock-based
compensation | |
| — | | |
| 1 | | |
| 3,536 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 3,537 | |
Distributions
to noncontrolling interests | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (293 | ) | |
| (293 | ) |
Other
comprehensive loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (3,170 | ) | |
| — | | |
| — | | |
| (3,170 | ) |
Net
income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 32,515 | | |
| 2,835 | | |
| 35,350 | |
BALANCE
AT APRIL 30, 2023 | |
$ | 33 | | |
$ | 278 | | |
$ | 300,328 | | |
$ | (109,410 | ) | |
$ | (14,475 | ) | |
$ | 16,685 | | |
$ | 5,564 | | |
$ | 199,003 | |
IDT
CORPORATION
CONSOLIDATED
STATEMENTS OF EQUITY—Continued
(Unaudited)
| |
Three
Months Ended April 30, 2022
(in
thousands) | |
| |
IDT
Corporation Stockholders | | |
| | |
| |
| |
Class
A Common Stock | | |
Class
B Common Stock | | |
Additional
Paid-In Capital | | |
Treasury
Stock | | |
Accumulated
Other Comprehensive Loss | | |
Accumulated
Deficit | | |
Noncontrolling
Interests | | |
Total
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
BALANCE
AT JANUARY 31, 2022 | |
$ | 33 | | |
$ | 267 | | |
$ | 278,613 | | |
$ | (69,387 | ) | |
$ | (11,088 | ) | |
$ | (37,843 | ) | |
$ | 2,385 | | |
$ | 162,980 | |
Exercise
of stock options by Howard S. Jonas | |
| — | | |
| 10 | | |
| 14,920 | | |
| (18,788 | ) | |
| — | | |
| — | | |
| — | | |
| (3,858 | ) |
Exercise
of stock options | |
| — | | |
| — | | |
| 137 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 137 | |
Business
acquisition | |
| — | | |
| — | | |
| 1,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,000 | |
Stock-based
compensation | |
| — | | |
| — | | |
| 1,245 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,245 | |
Distributions
to noncontrolling interests | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (161 | ) | |
| (161 | ) |
Other
comprehensive loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (253 | ) | |
| — | | |
| — | | |
| (253 | ) |
Net
income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 4,771 | | |
| 299 | | |
| 5,070 | |
BALANCE
AT APRIL 30, 2022 | |
$ | 33 | | |
$ | 277 | | |
$ | 295,915 | | |
$ | (88,175 | ) | |
$ | (11,341 | ) | |
$ | (33,072 | ) | |
$ | 2,523 | | |
$ | 166,160 | |
| |
Nine
Months Ended April 30, 2022 (in thousands) | |
| |
IDT
Corporation Stockholders | | |
| | |
| |
| |
Class
A Common Stock | | |
Class
B Common Stock | | |
Additional
Paid-In Capital | | |
Treasury
Stock | | |
Accumulated
Other Comprehensive Loss | | |
Accumulated
Deficit | | |
Noncontrolling
Interests | | |
Total
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
BALANCE
AT JULY 31, 2021 | |
$ | 33 | | |
$ | 264 | | |
$ | 278,021 | | |
$ | (60,413 | ) | |
$ | (10,183 | ) | |
$ | (42,858 | ) | |
$ | 1,750 | | |
$ | 166,614 | |
Beginning
balance value | |
$ | 33 | | |
$ | 264 | | |
$ | 278,021 | | |
$ | (60,413 | ) | |
$ | (10,183 | ) | |
$ | (42,858 | ) | |
$ | 1,750 | | |
$ | 166,614 | |
Exercise
of stock options by Howard S. Jonas | |
| — | | |
| 10 | | |
| 14,920 | | |
| (18,788 | ) | |
| — | | |
| — | | |
| — | | |
| (3,858 | ) |
Exercise
of stock options | |
| — | | |
| — | | |
| 137 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 137 | |
Restricted
Class B common stock purchased from employees | |
| — | | |
| — | | |
| — | | |
| (8,974 | ) | |
| — | | |
| — | | |
| — | | |
| (8,974 | ) |
Business
acquisition | |
| — | | |
| — | | |
| 1,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,000 | |
Stock-based
compensation | |
| — | | |
| 3 | | |
| 1,837 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,840 | |
Distributions
to noncontrolling interests | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (359 | ) | |
| (359 | ) |
Other
comprehensive loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,158 | ) | |
| — | | |
| — | | |
| (1,158 | ) |
Net
income | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 9,786 | | |
| 1,132 | | |
| 10,918 | |
BALANCE
AT APRIL 30, 2022 | |
$ | 33 | | |
$ | 277 | | |
$ | 295,915 | | |
$ | (88,175 | ) | |
$ | (11,341 | ) | |
$ | (33,072 | ) | |
$ | 2,523 | | |
$ | 166,160 | |
Ending
balance value | |
$ | 33 | | |
$ | 277 | | |
$ | 295,915 | | |
$ | (88,175 | ) | |
$ | (11,341 | ) | |
$ | (33,072 | ) | |
$ | 2,523 | | |
$ | 166,160 | |
See
accompanying notes to consolidated financial statements.
IDT
CORPORATION
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
| |
2023 | | |
2022 | |
| |
Nine
Months Ended
April
30, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Operating
activities | |
| | | |
| | |
Net
income | |
$ | 35,608 | | |
$ | 11,017 | |
Adjustments
to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation
and amortization | |
| 14,986 | | |
| 13,333 | |
Deferred
income taxes | |
| 9,200 | | |
| 4,624 | |
Provision
for doubtful accounts receivable | |
| 1,180 | | |
| 1,578 | |
Net
unrealized loss from marketable securities | |
| 3,151 | | |
| 19,705 | |
Stock-based
compensation | |
| 3,537 | | |
| 1,840 | |
Other | |
| 2,114 | | |
| 3,486 | |
Change
in assets and liabilities: | |
| | | |
| | |
Trade
accounts receivable | |
| (2,084 | ) | |
| (8,461 | ) |
Disbursement
prefunding, prepaid expenses, other current assets, and other assets | |
| (27,043 | ) | |
| (20,504 | ) |
Trade
accounts payable, accrued expenses, other current liabilities, and other liabilities | |
| (6,220 | ) | |
| (2,566 | ) |
Customer
deposits at IDT Financial Services Limited (Gibraltar-based bank) | |
| (2,570 | ) | |
| (9,843 | ) |
Deferred
revenue | |
| (3,160 | ) | |
| (948 | ) |
Net
cash provided by operating activities | |
| 28,699 | | |
| 13,261 | |
Investing
activities | |
| | | |
| | |
Capital
expenditures | |
| (16,033 | ) | |
| (13,794 | ) |
Purchase
of convertible preferred stock in equity method investment | |
| (168 | ) | |
| (1,051 | ) |
Payments
for acquisitions, net of cash acquired | |
| — | | |
| (7,546 | ) |
Proceeds
from maturities and sales of debt securities and redemptions of equity investments | |
| 34,309 | | |
| 7,752 | |
| |
| | | |
| | |
Net
cash used in investing activities | |
| (26,058 | ) | |
| (25,916 | ) |
Financing
activities | |
| | | |
| | |
Distributions
to noncontrolling interests | |
| (293 | ) | |
| (359 | ) |
Proceeds
from other liabilities | |
| 300 | | |
| 2,301 | |
Repayment
of other liabilities. | |
| (2,031 | ) | |
| (1,319 | ) |
Proceeds
from borrowings under revolving credit facility | |
| 2,383 | | |
| 2,566 | |
Repayment
of borrowings under revolving credit facility. | |
| (2,383 | ) | |
| (2,566 | ) |
Proceeds
from sale of redeemable equity in subsidiary | |