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IDT Corporation IDT Corporation 2020 Annual Report Dear Fellow Stockholders: In fiscal 2020, which ended on July 31, our management team was intently focused on accelerating IDT’s transformation toward our exciting fintech services and cloud communications businesses and—during the latter half of the year—surmounting the challenges of COVID-19. I’m pleased to report that IDT made a lot of progress on both fronts. Our rapidly growing fintech businesses—BOSS Revolution Money Transfer and National Retail Solution’s (NRS) point-of-sale network offerings—and net2phone’s cloud communications service delivered very strong results, increasing their aggregate revenues by 117% compared to fiscal 2019. In the fourth quarter of fiscal 2020, these three businesses collectively contributed over a third of IDT’s consolidated gross profit. The shift to these higher-margin, fast-growing businesses relative to our larger but lower-margin, minutes-based telecommunications businesses resulted in year-over-year increases in consolidated gross margin contribution for each quarter of fiscal 2020. Our strategic pivot to these businesses entails not only a financial inflection, but also a shift in operational focus from the distribution and marketing of telecom offerings that compete primarily on price to a more entrepreneurial, technology driven organization focused on product development and user experience. In fiscal 2021, we are poised to continue our progress in each of these tech driven businesses: • BOSS Revolution Money Transfer continues to build both its digital and retail channels. Our digital platform growth has been remarkable, and while some of our competitors are cannibalizing their retail businesses to bolster their digital platforms, we are pursuing retailer-based opportunities by developing new services designed specifi cally to leverage our retail network. Across all channels, we are expanding our footprint with new destination countries in Africa and Southeast Asia and deepening our distribution in existing markets with new partners. • National Retail Solutions’ success is founded on its portfolio of high-value offerings for both its nationwide network of independent retailers and third parties including data analytics companies and advertisers. NRS’ nationwide point-of-sale network grew to over 10,000 active POS terminals by the fi scal year’s end, with the addition of over 1,000 new terminals in the fourth quarter alone. NRS’ standout offerings include NRS PAY, our credit card processing service for retailers, and our digital advertising platform that enables advertisers to display both videos and static ads on our terminals’ customer-facing digital screens. • net2phone continued to build its global cloud communications business in fi scal 2020 with solid growth throughout the Americas driven by new features and functionality including the release of ‘Huddle,’ our video conference service, and integrations with popular third-party solutions such as Microsoft Teams. Although the COVID-19 pandemic signifi cantly impacted many of net2phone’s customers particularly in South America during 2020, the company is positioned for a strong year, opening new markets in Latin America, introducing new integrations and deepening its bench of technology partners. Many of our competitors in each of these rapidly growing markets finance their growth with debt, dilutive capital raises or both. Because we harvest the strong cash-flows from our minutes-based telecom businesses to invest in the technologies and customer acquisition that fuel our growth businesses, we avoid the drawback of those approaches. In fiscal 2020, we utilized these cash flows to invest approximately $30 million in these higher margin tech businesses, significantly strengthen our balance sheet, and return nearly $4.5 million to shareholders through share repurchases. Our success in the international long distance, wholesale carrier services and international mobile top-up markets worldwide has also enabled us to invest in these businesses and make them the absolute best in breed. We’ve optimized their cash flows and expect that they will continue to provide ample, predictable growth capital for years to come. IDT is well positioned to continue its progress in the coming year. We’ve fundamentally re-aligned our business to pursue the exciting opportunities ahead and create enduring value for our stockholders. I look forward to reporting to you on our progress and thank you for your investment. Sincerely, Shmuel Jonas Chief Executive Officer UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual report pursuant to section 13 or 15(d) of the securities exchange act of 1934 for the fiscal year ended July 31, 2020. 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 (I.R.S. Employer incorporation or organization) Identification No.) 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 Trading Symbol Name of each exchange on which registered Class B common stock, par value $0.1 per share IDT New York Stock Exchange Securities registered pursuant to section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No 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 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 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant, based on the adjusted closing price on January 31, 2020 (the last business day of the registrant’s most recently completed second fiscal quarter) of the Class B common stock of $7.56 per share, as reported on the New York Stock Exchange, was approximately $145.9 million. As of October 9, 2020, the registrant had outstanding 23,901,532 shares of Class B common stock and 1,574,326 shares of Class A common stock. Excluded from these numbers are 2,080,969 shares of Class B common stock and 1,698,000 shares of Class A common stock held in treasury by IDT Corporation. DOCUMENTS INCORPORATED BY REFERENCE The definitive proxy statement relating to the registrant’s Annual Meeting of Stockholders, to be held December 16, 2020, is incorporated by reference into Part III of this Form 10-K to the extent described therein. [THIS PAGE INTENTIONALLY LEFT BLANK.] Index IDT Corporation Annual Report on Form 10-K Part I 1 Item 1. Business. 1 Item 1A. Risk Factors. 16 Item 1B. Unresolved Staff Comments. 30 Item 2. Properties. 30 Item 3. Legal Proceedings. 31 Item 4. Mine Safety Disclosures. 32 Part II 33 Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer 33 Purchases of Equity Securities. Item 6. Selected Financial Data. 34 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of 34 Operations. Item 7A. Quantitative and Qualitative Disclosures about Market Risks. 47 Item 8. Financial Statements and Supplementary Data. 47 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial 47 Disclosure. Item 9A. Controls and Procedures. 47 Item 9B. Other Information. 48 Part III 49 Item 10. Directors, Executive Officers and Corporate Governance. 49 Item 11. Executive Compensation. 49 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related 50 Stockholder Matters. Item 13. Certain Relationships and Related Transactions, and Director Independence. 50 Item 14. Principal Accounting Fees and Services. 50 Part IV 51 Item 15. Exhibits, Financial Statement Schedules. 51 Item 16. Form 10-K Summary. 52 Signatures 53 i [THIS PAGE INTENTIONALLY LEFT BLANK.] Part I As used in this Annual Report, 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 its subsidiaries, collectively.
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