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IDT Corporation IDT Corporation 2019 Annual Report Dear Fellow Stockholders: IDT has incubated start-ups and other promising growth initiatives since its inception and unlocked their value for our stockholders through spinoff s, buybacks and/or dividends. We intend to continue that strategy for our stockholders going forward. The past year saw rapid expansion of our current portfolio of new business initiatives. As we head into 2020, we continue to carefully allocate capital generated by our core off erings in the mature paid voice communications market to fuel the growth of these newer businesses. Among the many initiatives with the potential to achieve a valuation greater than the market assigns to all of IDT today, three are relatively advanced and scaling rapidly: • National Retail Solutions (NRS) has become a leading provider of point-of-sale store management services for independent retailers. NRS has over 8,100 POS terminals in independent retailers across the country and is building out its network rapidly. Our reach has enabled us to build multiple off erings with associated revenue streams including merchant services, loyalty software, online order fulfi llment, inventory replenishment, manufacturer rebates, CPG coupons, in-store advertising and data sales…to name just a few. • net2phone’s off ering in the +$50 billion unifi ed communications as a service (UCaaS) market has already surpassed the 100,000-seat milestone — just four years after launch. Growth is especially strong in our Latin American markets (Brazil, Argentina, Colombia and Mexico) where we have successfully leveraged our established infrastructure including our locally-based and deeply knowledgeable personnel, distribution channels and telecom expertise. As we further develop our distribution, off ering and feature sets, we are laying the foundation for continued rapid growth in 2020 and beyond. • Our money transfer service is competing and winning against some of the biggest names in the industry. Our direct-to-consumer channel more than doubled sales this year and we fi nally started to see very promising results from our retail channel sales. In the coming year, we will continue to build on the synergies between the D2C and retail channels and expand our global payments network. We come to work every day excited by these opportunities and ready to face the challenges head-on. I look forward to reporting to you our progress and thank you for your investment in IDT. Sincerely, Shmuel Jonas Chief Executive Offi cer 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, 2019. 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 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 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 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, 2019 (the last business day of the registrant’s most recently completed second fiscal quarter) of the Class B common stock of $7.18 per share, as reported on the New York Stock Exchange, was approximately $148.2 million. As of October 6, 2019, the registrant had outstanding 24,927,890 shares of Class B common stock and 1,574,326 shares of Class A common stock. Excluded from these numbers are 907,659 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 12, 2019, is incorporated by reference into Part III of this Form 10-K to the extent described therein. Index IDT Corporation Annual Report on Form 10-K Part I 1 Item 1. Business. 1 Item 1A. Risk Factors. 15 Item 1B. Unresolved Staff Comments. 25 Item 2. Properties. 26 Item 3. Legal Proceedings. 26 Item 4. Mine Safety Disclosures. 27 Part II 28 Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and 28 Issuer Purchases of Equity Securities. Item 6. Selected Financial Data. 29 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of 29 Operations. Item 7A. Quantitative and Qualitative Disclosures about Market Risks. 45 Item 8. Financial Statements and Supplementary Data. 46 Item 9. Changes in and Disagreements with Accountants on Accounting and 46 Financial Disclosure. Item 9A. Controls and Procedures. 46 Item 9B. Other Information. 47 Part III 48 Item 10. Directors, Executive Officers and Corporate Governance. 48 Item 11. Executive Compensation. 48 Item 12. Security Ownership of Certain Beneficial Owners and Management and 49 Related Stockholder Matters. Item 13. Certain Relationships and Related Transactions, and Director Independence. 49 Item 14. Principal Accounting Fees and Services. 49 Part IV 50 Item 15. Exhibits, Financial Statement Schedules. 50 Item 16. Form 10-K Summary. 51 Signatures 52 i 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. Each reference to a fiscal year in this Annual Report refers to the fiscal year ending in the calendar year indicated (for example, fiscal 2019 refers to the fiscal year ended July 31, 2019). Item 1. Business. OVERVIEW We are a multinational company with operations primarily in the telecommunications and payment industries. We have two reportable business segments, Telecom & Payment Services and net2phone (formerly net2phone-Unified Communications as a Service, or UCaaS). Our Telecom & Payment Services segment provides retail telecommunications and payment offerings as well as wholesale international long-distance traffic termination. Our net2phone segment provides unified cloud communications and telephony services to business customers. Operating segments not reportable individually are included in All Other. For fiscal 2019, we modified the business verticals within our Telecom & Payment Services and net2phone segments to align more closely with our business strategy and operational structure. The modification to the business verticals did not change the reportable business segments. Our Telecom & Payment Services segment comprises Core and Growth verticals: • Core includes our three largest communications and payments offerings by revenue: • BOSS Revolution Calling, an international long-distance calling service marketed primarily to immigrant communities in the United States; • Carrier Services, which provides international long-distance termination and outsourced traffic management solutions to telecoms worldwide; and • Mobile Top-Up, which enables customers to transfer airtime and bundles of airtime, messaging and data credits to mobile accounts internationally and domestically. Core also includes smaller communications and payments offerings - many in harvest mode. • Growth is comprised of: • National Retail Solutions, or NRS, which operates a point-of-sale, or POS, terminal-based network for independent retailers; • BOSS Revolution Money Transfer, which provides an international money remittance service for customers in the United States; and • BOSS Revolution Mobile, a mobile virtual network operator which provides mobile phone service over a third-party network for customers in the United States. Our net2phone segment is comprised of two verticals: • net2phone-UCaaS, a unified cloud communications service for businesses offered globally; and • net2phone-Platform Services, which leverages a common technology platform to provide telephony services to cable operators and other businesses.
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