Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Apr. 30, 2015 | Jun. 03, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | IDT CORP | |
Entity Central Index Key | 1005731 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -24 | |
Document Type | 10-Q | |
Document Period End Date | 30-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Accelerated Filer | |
Class A common stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 1,574,326 | |
Class B common stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 22,253,363 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $114,754 | $153,823 |
Restricted cash and cash equivalents-short-term | 73,645 | 65,706 |
Marketable securities | 31,376 | 12,873 |
Trade accounts receivable, net of allowance for doubtful accounts of $5,958 at April 30, 2015 and $11,507 at July 31, 2014 | 50,717 | 69,330 |
Receivable from sale of interest in Fabrix Systems Ltd. | 31,686 | |
Prepaid expenses | 18,400 | 21,799 |
Deferred income tax assets, net-current portion | 184 | 2,953 |
Other current assets | 11,981 | 12,381 |
Total current assets | 332,743 | 338,865 |
Property, plant and equipment, net | 90,552 | 81,760 |
Goodwill | 14,421 | 14,830 |
Other intangibles, net | 1,382 | 1,742 |
Investments | 11,547 | 10,008 |
Restricted cash and cash equivalents-long-term | 2,763 | |
Deferred income tax assets, net-long-term portion | 16,838 | 16,248 |
Other assets | 14,077 | 14,715 |
Total assets | 481,560 | 480,931 |
Current liabilities: | ||
Revolving credit loan payable | 13,000 | |
Trade accounts payable | 25,657 | 42,135 |
Accrued expenses | 142,161 | 142,528 |
Deferred revenue | 86,050 | 101,165 |
Customer deposits | 68,817 | 62,685 |
Income taxes payable | 414 | 732 |
Notes payable-current portion | 6,422 | 271 |
Other current liabilities | 3,367 | 5,468 |
Total current liabilities | 332,888 | 367,984 |
Notes payable-long-term portion | 6,353 | |
Other liabilities | 1,774 | 5,430 |
Total liabilities | 334,662 | 379,767 |
Commitments and contingencies | ||
IDT Corporation stockholders' equity: | ||
Preferred stock, $.01 par value; authorized shares-10,000; no shares issued | ||
Additional paid-in capital | 401,866 | 392,858 |
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 2,980 and 2,934 shares of Class B common stock at April 30, 2015 and July 31, 2014, respectively | -100,545 | -99,841 |
Accumulated other comprehensive income | 870 | 3,668 |
Accumulated deficit | 156,665 | -196,725 |
Total IDT Corporation stockholders' equity | 145,811 | 100,239 |
Noncontrolling interests | 1,087 | 925 |
Total equity | 146,898 | 101,164 |
Total liabilities and equity | 481,560 | 480,931 |
Class A common stock [Member] | ||
IDT Corporation stockholders' equity: | ||
Common stock, value | 33 | 33 |
Class B common stock [Member] | ||
IDT Corporation stockholders' equity: | ||
Common stock, value | $252 | $246 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $5,958 | $11,507 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized shares | 10,000 | 10,000 |
Preferred stock, shares issued | ||
Class A common stock [Member] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 35,000 | 35,000 |
Common stock, shares issued | 3,272 | 3,272 |
Common stock, shares outstanding | 1,574 | 1,574 |
Treasury stock, common stock shares | 1,698 | 1,698 |
Class B common stock [Member] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 25,233 | 24,587 |
Common stock, shares outstanding | 22,253 | 21,653 |
Treasury stock, common stock shares | 2,980 | 2,934 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | ||||
Consolidated Statements of Income [Abstract] | ||||||||
Revenues | $383,930 | $403,761 | $1,190,981 | $1,230,855 | ||||
Costs and expenses: | ||||||||
Direct cost of revenues (exclusive of depreciation and amortization) | 316,508 | 332,376 | 989,052 | 1,017,954 | ||||
Selling, general and administrative (i) | 53,792 | [1] | 55,548 | [1] | 168,184 | [1] | 170,588 | [1] |
Depreciation and amortization | 4,617 | 4,153 | 13,462 | 12,108 | ||||
Research and development | 2,514 | 1,656 | 7,387 | |||||
Severance | 6,226 | 8,126 | ||||||
Total costs and expenses | 381,143 | 394,591 | 1,180,480 | 1,208,037 | ||||
Gain on sale of interest in Fabrix Systems Ltd. | 1,235 | 76,864 | ||||||
Other operating (losses) gains, net | -1,552 | -1,552 | 1,209 | |||||
Income from operations | 2,470 | 9,170 | 85,813 | 24,027 | ||||
Interest expense, net | -54 | -135 | -184 | -55 | ||||
Other (expense) income, net | -1,352 | 159 | 937 | -3,455 | ||||
Income before income taxes | 1,064 | 9,194 | 86,566 | 20,517 | ||||
Benefit from (provision for) income taxes | 59 | -3,595 | -2,332 | -7,895 | ||||
Net income | 1,123 | 5,599 | 84,234 | 12,622 | ||||
Net income attributable to noncontrolling interests | -558 | -582 | -1,003 | -1,548 | ||||
Net income attributable to IDT Corporation | 565 | 5,017 | 83,231 | 11,074 | ||||
Earnings per share attributable to IDT Corporation common stockholders: | ||||||||
Basic | $0.02 | $0.22 | $3.64 | $0.51 | ||||
Diluted | $0.02 | $0.22 | $3.58 | $0.48 | ||||
Weighted-average number of shares used in calculation of earnings per share: | ||||||||
Basic | 23,034 | 22,680 | 22,867 | 21,763 | ||||
Diluted | 23,468 | 23,023 | 23,259 | 22,893 | ||||
Dividends declared per common share | $0.18 | $0.17 | $1.85 | $0.34 | ||||
(i) Stock-based compensation included in selling, general and administrative expenses | $992 | $793 | $4,012 | $4,920 | ||||
[1] | Stock-based compensation included in selling, general and administrative expenses |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $1,123 | $5,599 | $84,234 | $12,622 |
Other comprehensive income (loss): | ||||
Change in unrealized gain on available-for-sale securities | -3 | 12 | ||
Foreign currency translation adjustments | 1,065 | 531 | -2,912 | 1,713 |
Other comprehensive income (loss) | 1,062 | 531 | -2,900 | 1,713 |
Comprehensive income | 2,185 | 6,130 | 81,334 | 14,335 |
Comprehensive income attributable to noncontrolling interests | -558 | -582 | -1,003 | -1,548 |
Comprehensive income attributable to IDT Corporation | $1,627 | $5,548 | $80,331 | $12,787 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Operating activities | ||
Net income | $84,234 | $12,622 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 13,462 | 12,108 |
Deferred income taxes | 2,176 | 6,609 |
Provision for doubtful accounts receivable | 90 | 1,367 |
Gain on sale of interest in Fabrix Systems Ltd. | -76,864 | |
Gain on proceeds from insurance | -571 | |
Interest in the equity of investments | -1,655 | -1,433 |
Stock-based compensation | 4,012 | 4,920 |
Change in assets and liabilities: | ||
Restricted cash and cash equivalents | -11,400 | -14,278 |
Trade accounts receivable | 8,544 | 1,292 |
Prepaid expenses, other current assets and other assets | 2,604 | -1,658 |
Trade accounts payable, accrued expenses, other current liabilities and other liabilities | -5,287 | -14,438 |
Customer deposits | 11,169 | 16,103 |
Income taxes payable | -278 | -42 |
Deferred revenue | -3,024 | 7,035 |
Net cash provided by operating activities | 27,783 | 29,636 |
Investing activities | ||
Capital expenditures | -22,810 | -12,431 |
Proceeds from sale of interest in Fabrix Systems Ltd, net of cash and cash equivalents sold. | 36,455 | |
Purchase of investments | -125 | -425 |
Proceeds from sale and redemption of investments | 71 | 1,038 |
Proceeds from insurance | 571 | |
Purchases of marketable securities | -35,502 | -15,690 |
Proceeds from maturities and sales of marketable securities | 16,840 | 12,957 |
Net cash used in investing activities | -5,071 | -13,980 |
Financing activities | ||
Dividends paid | -43,171 | -9,687 |
Distributions to noncontrolling interests | -1,450 | -1,287 |
Purchases of stock of subsidiary | -1,133 | |
Proceeds from exercise of stock options | 3,317 | 609 |
Proceeds from revolving credit loan payable | 43,000 | |
Repayments of revolving credit loan payable and other borrowings | -13,201 | -51,252 |
Repurchases of Class B common stock | -703 | -955 |
Net cash used in financing activities | -55,208 | -20,705 |
Effect of exchange rate changes on cash and cash equivalents | -6,573 | 476 |
Net decrease in cash and cash equivalents | -39,069 | -4,573 |
Cash and cash equivalents at beginning of period | 153,823 | 151,600 |
Cash and cash equivalents at end of period | 114,754 | 147,027 |
Supplemental schedule of non-cash investing and financing activities | ||
Net liabilities excluding cash and cash equivalents of Fabrix Systems Ltd. sold | 14,333 | |
Adjustment to liabilities in connection with the Straight Path Spin-Off | $1,624 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Apr. 30, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1—Basis of Presentation |
The accompanying unaudited consolidated financial statements of IDT Corporation and its subsidiaries (the “Company” or “IDT”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended April 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2015. The balance sheet at July 31, 2014 has been derived from the Company’s audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2014, as filed with the U.S. Securities and Exchange Commission (“SEC”). | |
The Company’s fiscal year ends on July 31 of each calendar year. Each reference below to a fiscal year refers to the fiscal year ending in the calendar year indicated (e.g., fiscal 2015 refers to the fiscal year ending July 31, 2015). |
Sale_of_Interest_in_Fabrix_Sys
Sale of Interest in Fabrix Systems Ltd. | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Sale of Interest in Fabrix Systems Ltd. [Abstract] | |||||||||||||||||
Sale of Interest in Fabrix Systems Ltd. | Note 2—Sale of Interest in Fabrix Systems Ltd. | ||||||||||||||||
On October 8, 2014, the Company completed the sale of its interest in Fabrix Systems Ltd. (“Fabrix”) to Telefonaktiebolget LM Ericsson (publ) (“Ericsson”). The final sale price for 100% of the shares in Fabrix was $95 million in cash, excluding transaction costs and working capital and other adjustments. The Company owned approximately 78% of Fabrix on a fully diluted basis. The Company’s share of the sale price was $68.1 million, after reflecting the impact of working capital and other adjustments. At April 30, 2015, the Company had received cash of $36.4 million and had aggregate receivables of $31.7 million, which was classified as “Receivable from sale of interest in Fabrix Systems Ltd.” in the accompanying consolidated balance sheet. The Company and the other shareholders placed $13.0 million of the proceeds in escrow for the resolution of post-closing claims that may arise. Any unclaimed escrow balance will be released in two tranches in October 2015 and April 2016. In the three months ended April 30, 2015, the Company recorded gain on the sale of its interest in Fabrix of $1.2 million, which represented adjustments to the Company’s share of Fabrix’ working capital and estimated transaction costs. In the nine months ended April 30, 2015, the Company recorded a gain on the sale of its interest in Fabrix of $76.9 million. | |||||||||||||||||
In June 2015, the Company received cash of $23.2 million that was included in “Receivable from sale of interest in Fabrix Systems Ltd.” at April 30, 2015. | |||||||||||||||||
Fabrix’ income (loss) before income taxes and income (loss) before income taxes attributable to the Company, which is included in the accompanying consolidated statements of income, were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands) | |||||||||||||||||
Income (loss) before income taxes | $ | — | $ | 296 | $ | 917 | $ | (1,380 | ) | ||||||||
Income (loss) before income taxes attributable to IDT Corporation | $ | — | $ | 261 | $ | 1,325 | $ | (1,221 | ) | ||||||||
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Marketable Securities [Abstract] | |||||||||||||||||
Marketable Securities | Note 3—Marketable Securities | ||||||||||||||||
The following is a summary of marketable securities: | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair | ||||||||||||||
Value | |||||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
April 30, 2015: | |||||||||||||||||
Certificates of deposit* | $ | 19,290 | $ | 1 | $ | — | $ | 19,291 | |||||||||
Federal Home Loan Bank bond | 995 | — | — | 995 | |||||||||||||
International agency notes | 1,120 | 2 | — | 1,122 | |||||||||||||
Municipal bonds | 9,967 | 4 | (3 | ) | 9,968 | ||||||||||||
Total | $ | 31,372 | $ | 7 | $ | (3 | ) | $ | 31,376 | ||||||||
July 31, 2014: | |||||||||||||||||
Certificates of deposit* | $ | 10,375 | $ | — | $ | — | $ | 10,375 | |||||||||
Equity securities | 31 | — | (9 | ) | 22 | ||||||||||||
Municipal bonds | 2,475 | 1 | — | 2,476 | |||||||||||||
Total | $ | 12,881 | $ | 1 | $ | (9 | ) | $ | 12,873 | ||||||||
* Each of the Company’s certificates of deposit has a CUSIP, was purchased in the secondary market through a broker, and may be sold in the secondary market. | |||||||||||||||||
Proceeds from maturities and sales of available-for-sale securities were $4.7 million and $2.9 million in the three months ended April 30, 2015 and 2014, respectively, and $16.8 million and $13.0 million in the nine months ended April 30, 2015 and 2014, respectively. There were no gross realized gains or losses as a result of sales in the three months ended April 30, 2015 and 2014, respectively. The gross realized losses that were included in earnings as a result of sales were $54,000 and nil in the nine months ended April 30, 2015 and 2014, respectively. The Company uses the specific identification method in computing the gross realized gains and gross realized losses on the sales of marketable securities. | |||||||||||||||||
The contractual maturities of the Company’s available-for-sale debt securities at April 30, 2015 were as follows: | |||||||||||||||||
Fair Value | |||||||||||||||||
(in thousands) | |||||||||||||||||
Within one year | $ | 20,491 | |||||||||||||||
After one year through five years | 9,290 | ||||||||||||||||
After five years through ten years | 1,219 | ||||||||||||||||
After ten years | 376 | ||||||||||||||||
Total | $ | 31,376 | |||||||||||||||
The following available-for-sale securities were in an unrealized loss position for which other-than-temporary impairments have not been recognized: | |||||||||||||||||
Unrealized Losses | Fair | ||||||||||||||||
Value | |||||||||||||||||
(in thousands) | |||||||||||||||||
April 30, 2015: | |||||||||||||||||
Municipal bonds | $ | 3 | $ | 2,993 | |||||||||||||
July 31, 2014: | |||||||||||||||||
Equity securities | $ | 9 | $ | 22 | |||||||||||||
At April 30, 2015 and July 31, 2014, there were no securities in a continuous unrealized loss position for 12 months or longer. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||
Fair Value Measurements | Note 4—Fair Value Measurements | ||||||||||||||||
The following tables present the balance of assets measured at fair value on a recurring basis: | |||||||||||||||||
Level 1 (1) | Level 2 (2) | Level 3 (3) | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
April 30, 2015: | |||||||||||||||||
Available-for-sale securities | $ | — | $ | 31,376 | $ | — | $ | 31,376 | |||||||||
July 31, 2014: | |||||||||||||||||
Available-for-sale securities | $ | — | $ | 12,873 | $ | — | $ | 12,873 | |||||||||
(1) – quoted prices in active markets for identical assets or liabilities | |||||||||||||||||
(2) – observable inputs other than quoted prices in active markets for identical assets and liabilities | |||||||||||||||||
(3) – no observable pricing inputs in the market | |||||||||||||||||
At April 30, 2015 and July 31, 2014, the Company did not have any liabilities measured at fair value on a recurring basis. | |||||||||||||||||
At April 30, 2015 and July 31, 2014, the Company had $9.1 million and $9.5 million, respectively, in investments in hedge funds, of which less than $0.1 million and $0.1 million, respectively, were included in “Other current assets” and $9.1 million and $9.4 million, respectively, were included in “Investments” in the accompanying consolidated balance sheets. The Company’s investments in hedge funds are accounted for using the equity method or the cost method; therefore investments in hedge funds are not measured at fair value. | |||||||||||||||||
Fair Value of Other Financial Instruments | |||||||||||||||||
The estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting these data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. | |||||||||||||||||
Cash and cash equivalents, restricted cash and cash equivalents—short-term, other current assets, revolving credit loan payable, customer deposits, notes payable—current portion and other current liabilities. At April 30, 2015 and July 31, 2014, the carrying amount of these assets and liabilities approximated fair value because of the short period of time to maturity. The fair value estimates for cash, cash equivalents and restricted cash and cash equivalents—short-term were classified as Level 1 and other current assets, revolving credit loan payable, customer deposits, notes payable—current portion and other current liabilities were classified as Level 2 of the fair value hierarchy. | |||||||||||||||||
Restricted cash and cash equivalents—long-term. At July 31, 2014, the carrying amount of restricted cash and cash equivalents—long-term approximated fair value. The fair value was estimated based on the anticipated cash flows once the restrictions are removed, which was classified as Level 2 of the fair value hierarchy. | |||||||||||||||||
Other assets, Notes payable—long-term portion and other liabilities. At April 30, 2015 and July 31, 2014, the carrying amount of these assets and liabilities approximated fair value. The fair values were estimated based on the Company’s assumptions, which were classified as Level 3 of the fair value hierarchy. | |||||||||||||||||
The Company’s investments at April 30, 2015 and July 31, 2014 included investments in the equity of certain privately held entities and other investments that are accounted for at cost. It is not practicable to estimate the fair value of these investments because of the lack of a quoted market price for the shares of these entities, and the inability to estimate their fair value without incurring excessive cost. The carrying value of these investments was $3.6 million and $1.8 million at April 30, 2015 and July 31, 2014, respectively, which the Company believes was not impaired. |
Equity
Equity | 9 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Equity | Note 5—Equity | ||||||||||||
Changes in the components of equity were as follows: | |||||||||||||
Nine Months Ended | |||||||||||||
April 30, 2015 | |||||||||||||
Attributable to IDT Corporation | Noncontrolling Interests | Total | |||||||||||
(in thousands) | |||||||||||||
Balance, July 31, 2014 | $ | 100,239 | $ | 925 | $ | 101,164 | |||||||
Dividends declared ($1.85 per share) | (43,171 | ) | — | (43,171 | ) | ||||||||
Restricted Class B common stock purchased from employees | (279 | ) | — | (279 | ) | ||||||||
Repurchases of Class B common stock through repurchase program | (424 | ) | — | (424 | ) | ||||||||
Exercise of stock options. | 3,317 | — | 3,317 | ||||||||||
Stock issued for matching contributions to the 401(k) Plan | 1,266 | — | 1,266 | ||||||||||
Other | — | 9 | 9 | ||||||||||
Sale of interest in Fabrix Systems Ltd. | 102 | 538 | 640 | ||||||||||
Distributions to noncontrolling interests | — | (1,450 | ) | (1,450 | ) | ||||||||
Stock-based compensation | 4,430 | 62 | 4,492 | ||||||||||
Comprehensive income: | |||||||||||||
Net income | 83,231 | 1,003 | 84,234 | ||||||||||
Other comprehensive loss | (2,900 | ) | — | (2,900 | ) | ||||||||
Comprehensive income | 80,331 | 1,003 | 81,334 | ||||||||||
Balance, April 30, 2015 | $ | 145,811 | $ | 1,087 | $ | 146,898 | |||||||
Dividend Payments | |||||||||||||
In the nine months ended April 30, 2015, the Company paid aggregate cash dividends of $1.85 per share on its Class A common stock and Class B common stock, or $43.2 million in total. The aggregate cash dividends included special dividends of $0.68 per share and $0.64 per share paid in November 2014 and January 2015, respectively. In June 2015, the Company’s Board of Directors declared a dividend of $0.18 per share for the third quarter of fiscal 2015 to holders of the Company’s Class A common stock and Class B common stock. The dividend will be paid on or about June 23, 2015 to stockholders of record as of the close of business on June 15, 2015. | |||||||||||||
Stock Repurchase Program | |||||||||||||
The Company has a stock repurchase program that authorized the repurchase of up to an aggregate of 8.3 million shares of the Company’s Class B common stock. In the nine months ended April 30, 2015, the Company repurchased 29,675 shares of Class B common stock for an aggregate purchase price of $0.4 million. There were no repurchases under the program in the nine months ended April 30, 2014. At April 30, 2015, 5.0 million shares remained available for repurchase under the stock repurchase program. | |||||||||||||
401(k) Plan Matching Contributions | |||||||||||||
In the nine months ended April 30, 2015, the Company contributed 70,843 shares of its Class B common stock to the Company’s 401(k) Plan for matching contributions. The Company’s cost for contributions to the 401(k) Plan was $1.3 million in the nine months ended April 30, 2015. | |||||||||||||
Restricted Stock | |||||||||||||
On March 11, 2015, the Compensation Committee of the Company’s Board of Directors approved an equity grant of 0.3 million restricted shares of the Company’s Class B common stock to its employees, including executive officers. The shares vest 50% in January 2017 and 50% in July 2018. Unrecognized compensation expense related to these restricted shares on the March 11, 2015 grant date was $5.0 million based on the estimated fair value of the shares. The unrecognized compensation expense is recognized over the vesting period. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Share | Note 6—Earnings Per Share | ||||||||||||||||
Basic earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive. | |||||||||||||||||
The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands) | |||||||||||||||||
Basic weighted-average number of shares | 23,034 | 22,680 | 22,867 | 21,763 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 20 | 105 | 33 | 108 | |||||||||||||
Non-vested restricted Class B common stock | 414 | 238 | 359 | 1,022 | |||||||||||||
Diluted weighted-average number of shares | 23,468 | 23,023 | 23,259 | 22,893 | |||||||||||||
The following outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise price of the stock option was greater than the average market price of the Company’s stock during the period: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands) | |||||||||||||||||
Stock options excluded from the calculation of diluted earnings per share | 15 | 98 | 166 | 61 |
Revolving_Credit_Loan_Payable
Revolving Credit Loan Payable | 9 Months Ended |
Apr. 30, 2015 | |
Revolving Credit Loan Payable [Abstract] | |
Revolving Credit Loan Payable | Note 7—Revolving Credit Loan Payable |
The Company’s subsidiary, IDT Telecom, Inc., entered into a credit agreement, dated July 12, 2012, with TD Bank, N.A. for a line of credit facility for up to a maximum principal amount of $25.0 million. IDT Telecom may use the proceeds to finance working capital requirements, acquisitions and for other general corporate purposes. The line of credit facility is secured by primarily all of IDT Telecom’s assets. The principal outstanding bears interest per annum, at the option of IDT Telecom, at either (a) the U.S. Prime Rate less 125 basis points, or (b) the LIBOR rate adjusted by the Regulation D maximum reserve requirement plus 150 basis points. Interest is payable monthly and all outstanding principal and any accrued and unpaid interest is due on the maturity date of January 31, 2017. At April 30, 2015 and July 31, 2014, there was nil and $13.0 million, respectively, outstanding under the facility. The principal outstanding at July 31, 2014 incurred interest at a rate of 1.65% per annum. In August 2014, IDT Telecom repaid the $13.0 million loan payable. The Company intends to continue to borrow under the facility from time to time. IDT Telecom pays a quarterly unused commitment fee of 0.375% per annum on the average daily balance of the unused portion of the $25.0 million commitment. IDT Telecom is required to comply with various affirmative and negative covenants as well as maintain certain financial targets and ratios during the term of the line of credit, including IDT Telecom may not pay any dividend on its capital stock and IDT Telecom’s aggregate loans and advances to affiliates or subsidiaries may not exceed $110.0 million. At April 30, 2015 and July 31, 2014, there were no amounts utilized for letters of credit under the line of credit, IDT Telecom was in compliance with all of the covenants, and IDT Telecom’s aggregate loans and advances to affiliates and subsidiaries was $74.4 million and $73.7 million, respectively. | |
Severance_Expense
Severance Expense | 9 Months Ended |
Apr. 30, 2015 | |
Severance Expense [Abstract] | |
Severance Expense | Note 8—Severance Expense |
In February and March 2015, the Company completed a reduction of its workforce, which is expected to result in a reduction of approximately 7% of its global compensation costs beginning in the fourth quarter of fiscal 2015. The cost-cutting initiative is expected to reduce the Company’s current selling, general and administrative expense run rate by approximately $10 million per year. As a result of this reduction in headcount, the Company incurred severance expense of $6.2 million in the third quarter of fiscal 2015. Severance expense in the nine months ended April 30, 2015 also included $1.9 million due to a downsizing of certain IDT Telecom sales and administrative functions in Europe and the U.S in the first quarter of fiscal 2015. At April 30, 2015, there was accrued severance of $5.1 million included in “Accrued expenses” in the accompanying consolidated balance sheet for the February and March 2015 headcount reductions. | |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||
Accumulated Other Comprehensive Income | Note 9—Accumulated Other Comprehensive Income | ||||||||||||
The accumulated balances for each classification of other comprehensive income (loss) were as follows: | |||||||||||||
Unrealized Gain (Loss) on Available-for-Sale Securities | Foreign Currency Translation | Accumulated Other Comprehensive Income | |||||||||||
(in thousands) | |||||||||||||
Balance, July 31, 2014 | $ | (8 | ) | $ | 3,676 | $ | 3,668 | ||||||
Sale of interest in Fabrix Systems Ltd. | — | 102 | 102 | ||||||||||
Other comprehensive income (loss) attributable to IDT Corporation | 12 | (2,912 | ) | (2,900 | ) | ||||||||
Balance, April 30, 2015 | $ | 4 | $ | 866 | $ | 870 |
Business_Segment_Information
Business Segment Information | 9 Months Ended | ||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||
Business Segment Information [Abstract] | |||||||||||||||||||||
Business Segment Information | Note 10—Business Segment Information | ||||||||||||||||||||
The Company has two reportable business segments, Telecom Platform Services and Consumer Phone Services. Operating segments that are not reportable individually are included in All Other. The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker. | |||||||||||||||||||||
The Telecom Platform Services segment provides retail telecommunications and payment offerings as well as wholesale international long distance traffic termination. The Consumer Phone Services segment provides consumer local and long distance services in certain U.S. states. Telecom Platform Services and Consumer Phone Services comprise the IDT Telecom division. Beginning in the second quarter of fiscal 2015, All Other includes Zedge Holdings, Inc. (“Zedge”), which owns and operates a platform for mobile phone consumers interested in obtaining free, high quality mobile phone customization content including ringtones, wallpapers, notification sounds and app icons, as well as mobile games. Comparative results have been reclassified and restated as if Zedge was included in All Other in all periods presented. All Other also includes the Company’s real estate holdings and other, smaller, businesses. Until the sale of Fabrix in October 2014, All Other also included Fabrix, a software development company offering a cloud-based scale-out storage and computing platform optimized for big data, virtualization and media storage, processing and delivery. Corporate costs include certain services, such as compensation, consulting fees, treasury and accounts payable, tax and accounting services, human resources and payroll, corporate purchasing, corporate governance including Board of Directors’ fees, internal and external audit, investor relations, corporate insurance, corporate legal, business development, and other corporate-related general and administrative expenses including, among others, facilities costs, charitable contributions and travel, as well as depreciation expense on corporate assets. Corporate does not generate any revenues, nor does it incur any direct cost of revenues. | |||||||||||||||||||||
The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its business segments based primarily on income (loss) from operations. IDT Telecom depreciation and amortization are allocated to Telecom Platform Services and Consumer Phone Services because the related assets are not tracked separately by segment. There are no other significant asymmetrical allocations to segments. | |||||||||||||||||||||
Operating results for the business segments of the Company are as follows: | |||||||||||||||||||||
(in thousands) | Telecom | Consumer | All Other | Corporate | Total | ||||||||||||||||
Platform | Phone | ||||||||||||||||||||
Services | Services | ||||||||||||||||||||
Three Months Ended April 30, 2015 | |||||||||||||||||||||
Revenues | $ | 379,139 | $ | 2,098 | $ | 2,693 | $ | — | $ | 383,930 | |||||||||||
Income (loss) from operations | 5,602 | 324 | 1,584 | (5,040 | ) | 2,470 | |||||||||||||||
Gain on sale of interest in Fabrix Systems Ltd. | — | — | 1,235 | — | 1,235 | ||||||||||||||||
Other operating loss | — | — | — | (1,552 | ) | (1,552 | ) | ||||||||||||||
Three Months Ended April 30, 2014 | |||||||||||||||||||||
Revenues | $ | 394,568 | $ | 2,625 | $ | 6,568 | $ | — | $ | 403,761 | |||||||||||
Income (loss) from operations | 12,378 | 517 | (443 | ) | (3,282 | ) | 9,170 | ||||||||||||||
Nine Months Ended April 30, 2015 | |||||||||||||||||||||
Revenues | $ | 1,171,897 | $ | 6,652 | $ | 12,432 | $ | — | $ | 1,190,981 | |||||||||||
Income (loss) from operations | 18,142 | 985 | 77,520 | (10,834 | ) | 85,813 | |||||||||||||||
Gain on sale of interest in Fabrix Systems Ltd. | — | — | 76,864 | — | 76,864 | ||||||||||||||||
Other operating loss | — | — | — | (1,552 | ) | (1,552 | ) | ||||||||||||||
Nine Months Ended April 30, 2014 | |||||||||||||||||||||
Revenues | $ | 1,205,490 | $ | 8,491 | $ | 16,874 | $ | — | $ | 1,230,855 | |||||||||||
Income (loss) from operations | 36,676 | 1,358 | (2,242 | ) | (11,765 | ) | 24,027 | ||||||||||||||
Other operating gains (loss), net | 650 | — | 638 | (79 | ) | 1,209 | |||||||||||||||
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Apr. 30, 2015 | |
Legal Proceedings and Commitments and Contingencies [Abstract] | |
Legal Proceedings | Note 11—Legal Proceedings |
On May 5, 2004, the Company filed a complaint in the Supreme Court of the State of New York, County of New York, seeking injunctive relief and damages against Tyco Group, S.A.R.L., Tyco Telecommunications (US) Inc. (f/k/a TyCom (US) Inc.), Tyco International, Ltd., Tyco International (US) Inc., and TyCom Ltd. (collectively “Tyco”). The Company alleged that Tyco breached a settlement agreement that it had entered into with the Company to resolve certain disputes and civil actions among the parties. The Company alleged that Tyco did not provide the Company, as required under the settlement agreement, free of charge and for the Company’s exclusive use, a 15-year indefeasible right to use four Wavelengths in Ring Configuration (as defined in the settlement agreement) on a global undersea fiber optic network that Tyco was deploying at that time. After extensive proceedings, including several decisions and appeals, the New York Court of Appeals affirmed a lower court decision to dismiss the Company’s claim and denied the Company’s motion for reargument of that decision. The Company is evaluating its options going forward. | |
In addition to the foregoing, the Company is subject to other legal proceedings that have arisen in the ordinary course of business and have not been finally adjudicated. Although there can be no assurance in this regard, the Company believes that none of the other legal proceedings to which the Company is a party will have a material adverse effect on the Company’s results of operations, cash flows or financial condition. | |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Legal Proceedings and Commitments and Contingencies [Abstract] | |||||||||
Commitments and Contingencies | Note 12—Commitments and Contingencies | ||||||||
Purchase Commitments | |||||||||
The Company had purchase commitments of $3.8 million at April 30, 2015, which includes commitments related to the renovations of the first four floors of the Company’s building located at 520 Broad Street, Newark, New Jersey. | |||||||||
Letters of Credit | |||||||||
At April 30, 2015, the Company had letters of credit outstanding totaling $3.3 million for collateral to secure mortgage repayments and for IDT Telecom’s business. The letters of credit outstanding at April 30, 2015 expire in the twelve month period ending April 30, 2016. | |||||||||
Performance Bonds | |||||||||
IDT Payment Services and IDT Telecom have performance bonds issued through third parties for the benefit of various states in order to comply with the states’ financial requirements for money remittance licenses and telecommunications resellers, respectively. At April 30, 2015, the Company had aggregate performance bonds of $11.0 million outstanding. | |||||||||
Customer Deposits | |||||||||
At April 30, 2015 and July 31, 2014, “Customer deposits” in the Company’s consolidated balance sheets included refundable customer deposits of $68.8 million and $62.7 million, respectively, related to IDT Financial Services Ltd., the Company’s Gibraltar-based bank. | |||||||||
Substantially Restricted Cash and Cash Equivalents | |||||||||
The Company treats unrestricted cash and cash equivalents held by IDT Payment Services and IDT Financial Services Ltd. as substantially restricted and unavailable for other purposes. At April 30, 2015 and July 31, 2014, “Cash and cash equivalents” in the Company’s consolidated balance sheets included an aggregate of $9.5 million and $12.9 million, respectively, held by IDT Payment Services and IDT Financial Services Ltd. that was unavailable for other purposes. | |||||||||
Restricted Cash and Cash Equivalents | |||||||||
Restricted cash and cash equivalents consist of the following: | |||||||||
April 30, | July 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Restricted cash and cash equivalents-short-term | |||||||||
Related to letters of credit | $ | 3,201 | $ | 665 | |||||
IDT Financial Services customer deposits | 70,189 | 64,415 | |||||||
Other | 255 | 626 | |||||||
Total short-term | 73,645 | 65,706 | |||||||
Restricted cash and cash equivalents-long-term | |||||||||
Related to letters of credit | — | 2,763 | |||||||
Total restricted cash and cash equivalents | $ | 73,645 | $ | 68,469 | |||||
Estimated Liability to Straight Path Communications Inc. | |||||||||
On July 31, 2013, the Company completed a pro rata distribution of the common stock of the Company’s subsidiary, Straight Path Communications Inc. (“Straight Path”), to the Company’s stockholders (the “Straight Path Spin-Off”). The Company entered into various agreements with Straight Path prior to the Straight Path Spin-Off including a Separation and Distribution Agreement to effect the separation and provide a framework for the Company’s relationship with Straight Path after the spin-off. The Separation and Distribution Agreement includes that the Company is obligated to reimburse Straight Path for the payment of any liabilities of Straight Path arising or related to the period prior to the Straight Path Spin-Off. The following table summarizes the change in the balance of the Company’s estimated liability to Straight Path, which is included in “Other current liabilities” in the accompanying consolidated balance sheet: | |||||||||
Nine Months Ended | |||||||||
April 30, 2015 | |||||||||
(in thousands) | |||||||||
Balance, beginning of period | $ | 1,860 | |||||||
Additional liability | 1,732 | ||||||||
Adjustments | (540 | ) | |||||||
Payments | (2,104 | ) | |||||||
Balance, end of period | $ | 948 | |||||||
Other_Operating_Gains_Net
Other Operating Gains, Net | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Other (Expense) Income, Net [Abstract] | |||||||||||||||||
Other Operating Gains, Net | Note 13—Other Operating Gains, Net | ||||||||||||||||
The following table summarizes the other operating gains, net by business segment: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands) | |||||||||||||||||
Telecom Platform Services-gain related to legal matters | $ | — | $ | — | $ | — | $ | 650 | |||||||||
All Other-gain on insurance claim (a) | — | — | — | 571 | |||||||||||||
All Other-other | — | — | — | 67 | |||||||||||||
Corporate-loss related to settlement (b) | — | — | — | (79 | ) | ||||||||||||
Total other operating gains, net | $ | — | $ | — | $ | — | $ | 1,209 | |||||||||
(a) In the nine months ended April 30, 2014, the Company received proceeds from insurance of $0.6 million related to water damage to portions of the Company’s building and improvements at 520 Broad Street, Newark, New Jersey. The damage occurred in a prior period. The Company recorded a gain of $0.6 million from this insurance claim. | |||||||||||||||||
(b) In the nine months ended April 30, 2014, the Company incurred a loss of $0.1 million in connection with the June 2013 settlement of outstanding claims and disputes with the former Chief Executive Officer of Straight Path Spectrum, Inc. and his related parties. |
Other_Expense_Income_Net
Other (Expense) Income, Net | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Other (Expense) Income, Net [Abstract] | |||||||||||||||||
Other (Expense) Income, Net | Note 14—Other (Expense) Income, Net | ||||||||||||||||
Other (expense) income, net consists of the following: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands) | |||||||||||||||||
Foreign currency transaction losses | $ | (1,865 | ) | $ | (478 | ) | $ | (776 | ) | $ | (4,840 | ) | |||||
Gain on investments | 200 | 581 | 1,601 | 1,434 | |||||||||||||
Other | 313 | 56 | 112 | (49 | ) | ||||||||||||
Total other (expense) income, net | $ | (1,352 | ) | $ | 159 | $ | 937 | $ | (3,455 | ) |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standard Not Yet Adopted | 9 Months Ended |
Apr. 30, 2015 | |
Recently Issued Accounting Standard Not Yet Adopted [Abstract] | |
Recently Issued Accounting Standard Not Yet Adopted | Note 15—Recently Issued Accounting Standard Not Yet Adopted |
In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board jointly issued a comprehensive new revenue recognition standard that will supersede most of the current revenue recognition guidance under U.S. GAAP and International Financial Reporting Standards (“IFRS”). The goals of the revenue recognition project were to clarify and converge the revenue recognition principles under U.S. GAAP and IFRS and to develop guidance that would streamline and enhance revenue recognition requirements. The Company will adopt this standard on August 1, 2017. Entities have the option of using either a full retrospective or modified retrospective approach for the adoption of the standard. The Company is evaluating the impact that the standard will have on its consolidated financial statements. In April 2015, the FASB proposed a one-year deferral of the effective date for the new revenue recognition standard to annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. |
Sale_of_Interest_in_Fabrix_Sys1
Sale of Interest in Fabrix Systems Ltd. (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Sale of Interest in Fabrix Systems Ltd. [Abstract] | |||||||||||||||||
Schedule of consolidated statements of income | Three Months Ended | Nine Months Ended | |||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands) | |||||||||||||||||
Income (loss) before income taxes | $ | — | $ | 296 | $ | 917 | $ | (1,380 | ) | ||||||||
Income (loss) before income taxes attributable to IDT Corporation | $ | — | $ | 261 | $ | 1,325 | $ | (1,221 | ) | ||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Marketable Securities [Abstract] | |||||||||||||||||
Summary of marketable securities | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair | |||||||||||||
Value | |||||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
April 30, 2015: | |||||||||||||||||
Certificates of deposit* | $ | 19,290 | $ | 1 | $ | — | $ | 19,291 | |||||||||
Federal Home Loan Bank bond | 995 | — | — | 995 | |||||||||||||
International agency notes | 1,120 | 2 | — | 1,122 | |||||||||||||
Municipal bonds | 9,967 | 4 | (3 | ) | 9,968 | ||||||||||||
Total | $ | 31,372 | $ | 7 | $ | (3 | ) | $ | 31,376 | ||||||||
July 31, 2014: | |||||||||||||||||
Certificates of deposit* | $ | 10,375 | $ | — | $ | — | $ | 10,375 | |||||||||
Equity securities | 31 | — | (9 | ) | 22 | ||||||||||||
Municipal bonds | 2,475 | 1 | — | 2,476 | |||||||||||||
Total | $ | 12,881 | $ | 1 | $ | (9 | ) | $ | 12,873 | ||||||||
* Each of the Company’s certificates of deposit has a CUSIP, was purchased in the secondary market through a broker, and may be sold in the secondary market. | |||||||||||||||||
Summary of available-for-sale securities | Fair Value | ||||||||||||||||
(in thousands) | |||||||||||||||||
Within one year | $ | 20,491 | |||||||||||||||
After one year through five years | 9,290 | ||||||||||||||||
After five years through ten years | 1,219 | ||||||||||||||||
After ten years | 376 | ||||||||||||||||
Total | $ | 31,376 | |||||||||||||||
Summary of available-for-sale securities, unrealized loss position | Unrealized Losses | Fair | |||||||||||||||
Value | |||||||||||||||||
(in thousands) | |||||||||||||||||
April 30, 2015: | |||||||||||||||||
Municipal bonds | $ | 3 | $ | 2,993 | |||||||||||||
July 31, 2014: | |||||||||||||||||
Equity securities | $ | 9 | $ | 22 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||
Summary of Assets Measured at Fair Value on Recurring Basis | Level 1 (1) | Level 2 (2) | Level 3 (3) | Total | |||||||||||||
(in thousands) | |||||||||||||||||
April 30, 2015: | |||||||||||||||||
Available-for-sale securities | $ | — | $ | 31,376 | $ | — | $ | 31,376 | |||||||||
July 31, 2014: | |||||||||||||||||
Available-for-sale securities | $ | — | $ | 12,873 | $ | — | $ | 12,873 | |||||||||
(1) – quoted prices in active markets for identical assets or liabilities | |||||||||||||||||
(2) – observable inputs other than quoted prices in active markets for identical assets and liabilities | |||||||||||||||||
(3) – no observable pricing inputs in the market |
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Summary of Changes in the Components of Equity | Nine Months Ended | ||||||||||||
April 30, 2015 | |||||||||||||
Attributable to IDT Corporation | Noncontrolling Interests | Total | |||||||||||
(in thousands) | |||||||||||||
Balance, July 31, 2014 | $ | 100,239 | $ | 925 | $ | 101,164 | |||||||
Dividends declared ($1.85 per share) | (43,171 | ) | — | (43,171 | ) | ||||||||
Restricted Class B common stock purchased from employees | (279 | ) | — | (279 | ) | ||||||||
Repurchases of Class B common stock through repurchase program | (424 | ) | — | (424 | ) | ||||||||
Exercise of stock options. | 3,317 | — | 3,317 | ||||||||||
Stock issued for matching contributions to the 401(k) Plan | 1,266 | — | 1,266 | ||||||||||
Other | — | 9 | 9 | ||||||||||
Sale of interest in Fabrix Systems Ltd. | 102 | 538 | 640 | ||||||||||
Distributions to noncontrolling interests | — | (1,450 | ) | (1,450 | ) | ||||||||
Stock-based compensation | 4,430 | 62 | 4,492 | ||||||||||
Comprehensive income: | |||||||||||||
Net income | 83,231 | 1,003 | 84,234 | ||||||||||
Other comprehensive loss | (2,900 | ) | — | (2,900 | ) | ||||||||
Comprehensive income | 80,331 | 1,003 | 81,334 | ||||||||||
Balance, April 30, 2015 | $ | 145,811 | $ | 1,087 | $ | 146,898 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Summary of Weighted-Average Number of Shares Used in the Calculation of Basic and Diluted Earnings Per Share | Three Months Ended | Nine Months Ended | |||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands) | |||||||||||||||||
Basic weighted-average number of shares | 23,034 | 22,680 | 22,867 | 21,763 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 20 | 105 | 33 | 108 | |||||||||||||
Non-vested restricted Class B common stock | 414 | 238 | 359 | 1,022 | |||||||||||||
Diluted weighted-average number of shares | 23,468 | 23,023 | 23,259 | 22,893 | |||||||||||||
Shares Excluded from the Diluted Earnings Per Share Computations | Three Months Ended | Nine Months Ended | |||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands) | |||||||||||||||||
Stock options excluded from the calculation of diluted earnings per share | 15 | 98 | 166 | 61 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||
Apr. 30, 2015 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||
Schedule of accumulated balances for each classification of other comprehensive income (loss) | Unrealized Gain (Loss) on Available-for-Sale Securities | Foreign Currency Translation | Accumulated Other Comprehensive Income | ||||||||||
(in thousands) | |||||||||||||
Balance, July 31, 2014 | $ | (8 | ) | $ | 3,676 | $ | 3,668 | ||||||
Sale of interest in Fabrix Systems Ltd. | — | 102 | 102 | ||||||||||
Other comprehensive income (loss) attributable to IDT Corporation | 12 | (2,912 | ) | (2,900 | ) | ||||||||
Balance, April 30, 2015 | $ | 4 | $ | 866 | $ | 870 |
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||
Business Segment Information [Abstract] | |||||||||||||||||||||
Summary of Operating Results of Business Segments | (in thousands) | Telecom | Consumer | All Other | Corporate | Total | |||||||||||||||
Platform | Phone | ||||||||||||||||||||
Services | Services | ||||||||||||||||||||
Three Months Ended April 30, 2015 | |||||||||||||||||||||
Revenues | $ | 379,139 | $ | 2,098 | $ | 2,693 | $ | — | $ | 383,930 | |||||||||||
Income (loss) from operations | 5,602 | 324 | 1,584 | (5,040 | ) | 2,470 | |||||||||||||||
Gain on sale of interest in Fabrix Systems Ltd. | — | — | 1,235 | — | 1,235 | ||||||||||||||||
Other operating loss | — | — | — | (1,552 | ) | (1,552 | ) | ||||||||||||||
Three Months Ended April 30, 2014 | |||||||||||||||||||||
Revenues | $ | 394,568 | $ | 2,625 | $ | 6,568 | $ | — | $ | 403,761 | |||||||||||
Income (loss) from operations | 12,378 | 517 | (443 | ) | (3,282 | ) | 9,170 | ||||||||||||||
Nine Months Ended April 30, 2015 | |||||||||||||||||||||
Revenues | $ | 1,171,897 | $ | 6,652 | $ | 12,432 | $ | — | $ | 1,190,981 | |||||||||||
Income (loss) from operations | 18,142 | 985 | 77,520 | (10,834 | ) | 85,813 | |||||||||||||||
Gain on sale of interest in Fabrix Systems Ltd. | — | — | 76,864 | — | 76,864 | ||||||||||||||||
Other operating loss | — | — | — | (1,552 | ) | (1,552 | ) | ||||||||||||||
Nine Months Ended April 30, 2014 | |||||||||||||||||||||
Revenues | $ | 1,205,490 | $ | 8,491 | $ | 16,874 | $ | — | $ | 1,230,855 | |||||||||||
Income (loss) from operations | 36,676 | 1,358 | (2,242 | ) | (11,765 | ) | 24,027 | ||||||||||||||
Other operating gains (loss), net | 650 | — | 638 | (79 | ) | 1,209 | |||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Legal Proceedings and Commitments and Contingencies [Abstract] | |||||||||
Restricted Cash and Cash Equivalents | April 30, | July 31, | |||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Restricted cash and cash equivalents-short-term | |||||||||
Related to letters of credit | $ | 3,201 | $ | 665 | |||||
IDT Financial Services customer deposits | 70,189 | 64,415 | |||||||
Other | 255 | 626 | |||||||
Total short-term | 73,645 | 65,706 | |||||||
Restricted cash and cash equivalents-long-term | |||||||||
Related to letters of credit | — | 2,763 | |||||||
Total restricted cash and cash equivalents | $ | 73,645 | $ | 68,469 | |||||
Other Current Liabilities | Nine Months Ended | ||||||||
April 30, 2015 | |||||||||
(in thousands) | |||||||||
Balance, beginning of period | $ | 1,860 | |||||||
Additional liability | 1,732 | ||||||||
Adjustments | (540 | ) | |||||||
Payments | (2,104 | ) | |||||||
Balance, end of period | $ | 948 |
Other_Operating_Gains_Net_Tabl
Other Operating Gains, Net (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Other (Expense) Income, Net [Abstract] | |||||||||||||||||
Schedule of Other Operating Gains Net | Three Months Ended | Nine Months Ended | |||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands) | |||||||||||||||||
Telecom Platform Services-gain related to legal matters | $ | — | $ | — | $ | — | $ | 650 | |||||||||
All Other-gain on insurance claim (a) | — | — | — | 571 | |||||||||||||
All Other-other | — | — | — | 67 | |||||||||||||
Corporate-losses related to legal matters | (1,552 | ) | — | (1,552 | ) | (79 | ) | ||||||||||
Total other operating gains, net | $ | (1,552 | ) | $ | — | $ | (1,552 | ) | $ | 1,209 | |||||||
(a) In the nine months ended April 30, 2014, the Company received proceeds from insurance of $0.6 million related to water damage to portions of the Company’s building and improvements at 520 Broad Street, Newark, New Jersey. The damage occurred in a prior period. The Company recorded a gain of $0.6 million from this insurance claim. |
Other_Expense_Income_Net_Table
Other (Expense) Income, Net (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Other (Expense) Income, Net [Abstract] | |||||||||||||||||
Schedule of Other (Expense) Income, Net | Three Months Ended | Nine Months Ended | |||||||||||||||
April 30, | April 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(in thousands) | |||||||||||||||||
Foreign currency transaction losses | $ | (1,865 | ) | $ | (478 | ) | $ | (776 | ) | $ | (4,840 | ) | |||||
Gain on investments | 200 | 581 | 1,601 | 1,434 | |||||||||||||
Other | 313 | 56 | 112 | (49 | ) | ||||||||||||
Total other (expense) income, net | $ | (1,352 | ) | $ | 159 | $ | 937 | $ | (3,455 | ) |
Sale_of_Interest_in_Fabrix_Sys2
Sale of Interest in Fabrix Systems Ltd. (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) before income taxes | $1,064 | $9,194 | $86,566 | $20,517 |
Fabrix Subsidiary [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) before income taxes | 296 | 917 | -1,380 | |
Income (loss) before income taxes attributable to IDT Corporation | $261 | $1,325 | ($1,221) |
Sale_of_Interest_in_Fabrix_Sys3
Sale of Interest in Fabrix Systems Ltd. (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Oct. 08, 2014 | Jun. 30, 2015 | Jul. 31, 2014 | |
Sale of Interest in Fabrix Systems Ltd (Textual) | |||||||
Receivable from sale of interest in Fabrix Systems Ltd. | $31,686,000 | $31,686,000 | |||||
Gain on sale of interest in Fabrix Systems Ltd. | 1,235,000 | 76,864,000 | |||||
Cash received from divestiture of interest in consolidated subsidiaries parent only portion | 36,455,000 | ||||||
Fabrix Subsidiary [Member] | |||||||
Sale of Interest in Fabrix Systems Ltd (Textual) | |||||||
Common stock sold to Ericsson | 95,000,000 | ||||||
Sale of stock to Ericsson in percentage | 100.00% | ||||||
Company owns in Fabrix in percentage | 78.00% | ||||||
Escrow deposit | 13,000,000 | ||||||
Gain on sale of interest in Fabrix Systems Ltd. | 1,200,000 | 76,900,000 | |||||
Proceeds from divestiture of interest in consolidated subsidiaries | 68,100,000 | ||||||
Cash received from divestiture of interest in consolidated subsidiaries parent only portion | 36,400,000 | ||||||
Other receivables | 31,700,000 | 31,700,000 | |||||
Fabrix Subsidiary [Member] | Subsequent Event [Member] | |||||||
Sale of Interest in Fabrix Systems Ltd (Textual) | |||||||
Cash received from divestiture of interest in consolidated subsidiaries parent only portion | $23,200,000 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $31,372 | $12,881 | ||
Gross Unrealized Gains | 7 | 1 | ||
Gross Unrealized Losses | -3 | -9 | ||
Fair Value | 31,376 | 12,873 | ||
Certificates of Deposit [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 19,290 | [1] | 10,375 | [1] |
Gross Unrealized Gains | 1 | [1] | [1] | |
Gross Unrealized Losses | [1] | [1] | ||
Fair Value | 19,291 | [1] | 10,375 | [1] |
Federal Home Loan Bank bond [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 995 | |||
Gross Unrealized Gains | ||||
Gross Unrealized Losses | ||||
Fair Value | 995 | |||
International agency notes [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,120 | |||
Gross Unrealized Gains | 2 | |||
Gross Unrealized Losses | ||||
Fair Value | 1,122 | |||
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 31 | |||
Gross Unrealized Gains | ||||
Gross Unrealized Losses | -9 | |||
Fair Value | 22 | |||
Municipal Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 9,967 | 2,475 | ||
Gross Unrealized Gains | 4 | 1 | ||
Gross Unrealized Losses | -3 | |||
Fair Value | $9,968 | $2,476 | ||
[1] | Each of the Company's certificates of deposit has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market. |
Marketable_Securities_Details_
Marketable Securities (Details 1) (USD $) | Apr. 30, 2015 |
In Thousands, unless otherwise specified | |
Marketable Securities [Abstract] | |
Within one year | $20,491 |
After one year through five years | 9,290 |
After five years through ten years | 1,219 |
After ten years | 376 |
Total | $31,376 |
Marketable_Securities_Details_1
Marketable Securities (Details 2) (USD $) | Jul. 31, 2014 | Apr. 30, 2015 |
In Thousands, unless otherwise specified | ||
Equity Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value | $22 | |
Unrealized Losses | 9 | |
Municipal Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value | 2,993 | |
Unrealized Losses | $3 |
Marketable_Securities_Details_2
Marketable Securities (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Jul. 31, 2014 | |
Marketable Securities [Abstract] | |||||
Proceeds from maturities of available-for-sale securities | $4,700,000 | $2,900,000 | $16,800,000 | $13,000,000 | |
Realized gains from sales of available-for-sale securities | 0 | 0 | 0 | 0 | |
Realized losses from sales of available-for-sale securities | 54,000 | ||||
Unrealized losses, less than twelve months or longer |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $31,376 | $12,873 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | [1] | [1] | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 31,376 | [2] | 12,873 | [2] |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | [3] | [3] | ||
[1] | quoted prices in active markets for identical assets or liabilities | |||
[2] | observable inputs other than quoted prices in active markets for identical assets and liabilities | |||
[3] | no observable pricing inputs in the market |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||
Fair value of investments in hedge funds | $9.10 | $9.50 |
Carrying value of investments | 3.6 | 1.8 |
Long-term Investments [Member] | ||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||
Fair value of investments in hedge funds | 9.1 | 9.4 |
Other Current Assets [Member] | ||
Fair Value Assets Liabilities Quantitative Information [Line Items] | ||
Fair value of investments in hedge funds | $0.10 | $0.10 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Changes in the components of equity | ||||
Beginning Balance | $101,164 | |||
Dividends declared ($1.85 per share) | -43,171 | |||
Restricted Class B common stock purchased from employees | -279 | |||
Repurchases of Class B common stock through repurchase program | -424 | |||
Exercise of stock options | 3,317 | |||
Stock issued for matching contributions to the 401(k) Plan | 1,266 | |||
Other | 9 | |||
Sale of interest in Fabrix Systems Ltd. | 640 | |||
Distributions to noncontrolling interests | -1,450 | |||
Stock-based compensation | 4,492 | |||
Comprehensive income: | ||||
Net income | 1,123 | 5,599 | 84,234 | 12,622 |
Other comprehensive loss | 1,062 | 531 | -2,900 | 1,713 |
Comprehensive income | 2,185 | 6,130 | 81,334 | 14,335 |
Ending Balance | 146,898 | 146,898 | ||
Attributable to IDT Corporation [Member] | ||||
Changes in the components of equity | ||||
Beginning Balance | 100,239 | |||
Dividends declared ($1.85 per share) | -43,171 | |||
Restricted Class B common stock purchased from employees | -279 | |||
Repurchases of Class B common stock through repurchase program | -424 | |||
Exercise of stock options | 3,317 | |||
Stock issued for matching contributions to the 401(k) Plan | 1,266 | |||
Other | ||||
Sale of interest in Fabrix Systems Ltd. | 102 | |||
Distributions to noncontrolling interests | ||||
Stock-based compensation | 4,430 | |||
Comprehensive income: | ||||
Net income | 83,231 | |||
Other comprehensive loss | -2,900 | |||
Comprehensive income | 80,331 | |||
Ending Balance | 145,811 | 145,811 | ||
Noncontrolling Interests [Member] | ||||
Changes in the components of equity | ||||
Beginning Balance | 925 | |||
Dividends declared ($1.85 per share) | ||||
Restricted Class B common stock purchased from employees | ||||
Repurchases of Class B common stock through repurchase program | ||||
Exercise of stock options | ||||
Stock issued for matching contributions to the 401(k) Plan | ||||
Other | 9 | |||
Sale of interest in Fabrix Systems Ltd. | 538 | |||
Distributions to noncontrolling interests | -1,450 | |||
Stock-based compensation | 62 | |||
Comprehensive income: | ||||
Net income | 1,003 | |||
Other comprehensive loss | ||||
Comprehensive income | 1,003 | |||
Ending Balance | $1,087 | $1,087 |
Equity_Details_Textual
Equity (Details Textual) (USD $) | 9 Months Ended | 1 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2015 | Jan. 31, 2015 | Nov. 30, 2014 | Jun. 30, 2015 | Mar. 11, 2015 |
Equity (Textual) | |||||
Dividends paid | $43.20 | ||||
Common stock dividends declared | $1.85 | ||||
Shares contributed cost by company | 1.3 | ||||
Board of Directors [Member] | |||||
Equity (Textual) | |||||
Common stock dividends declared | $0.64 | $0.68 | |||
Class A common stock [Member] | |||||
Equity (Textual) | |||||
Dividends paid | |||||
Class A common stock [Member] | Subsequent Event [Member] | |||||
Equity (Textual) | |||||
Dividend per share declared | $0.18 | ||||
Date of declared dividend to be paid | 23-Jun-15 | ||||
Record date of declared dividend | 15-Jun-15 | ||||
Class B common stock [Member] | |||||
Equity (Textual) | |||||
Dividends paid | |||||
Shares contributed cost by company | 70,843 | ||||
Class B common stock shares repurchased | 29,675 | ||||
Aggregate purchase price of shares repurchased | 0.4 | ||||
Stock repurchase program, remaining number of shares authorized to be repurchased | 5,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 300,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | The shares vest 50% in January 2017 and 50% in July 2018. | ||||
Unrecognized compensation expense related to restricted shares | $5 | ||||
Class B common stock [Member] | Stock Repurchase Program [Member] | |||||
Equity (Textual) | |||||
Stock repurchase program, shares authorized for repurchase | 8,300,000 | ||||
Class B common stock [Member] | Subsequent Event [Member] | |||||
Equity (Textual) | |||||
Dividend per share declared | $0.18 | ||||
Date of declared dividend to be paid | 23-Jun-15 | ||||
Record date of declared dividend | 15-Jun-15 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Weighted-average number of shares used in the calculation of basic and diluted earnings per share | ||||
Basic weighted-average number of shares | 23,034 | 22,680 | 22,867 | 21,763 |
Effect of dilutive securities: | ||||
Stock options | 20 | 105 | 33 | 108 |
Non-vested restricted Class B common stock | 414 | 238 | 359 | 1,022 |
Diluted weighted-average number of shares | 23,468 | 23,023 | 23,259 | 22,893 |
Earnings_Per_Share_Details_1
Earnings Per Share (Details 1) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Stock options excluded from the diluted earnings per share computations | ||||
Stock options excluded from the calculation of diluted earnings per share | 15 | 98 | 166 | 61 |
Revolving_Credit_Loan_Payable_
Revolving Credit Loan Payable (Details) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Jul. 12, 2012 | Aug. 31, 2014 | Apr. 30, 2015 | Jul. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Maximum principal amount of credit agreement | $25,000,000 | |||
Line of credit maturity date | 31-Jan-17 | |||
Line of credit facility, outstanding | 13,000,000 | |||
Average percentage of commitment fee per annum | 0.38% | |||
Maximum amount of investments in and advances to affiliates, at fair value | 110,000,000 | |||
Repayments of credit agreement | 13,000,000 | |||
Aggregate loans and advances to affiliates and subsidiaries | 74,400,000 | 73,700,000 | ||
Line of credit utilized for letters of credit outstanding amount | 0 | 0 | ||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, outstanding | $13,000,000 | |||
Interest rate of credit agreement | 1.65% | |||
July 30, 2012 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate description | Interest per annum, at the option of IDT Telecom, at either (a) the U.S. Prime Rate less 125 basis points, or (b) the LIBOR rate adjusted by the Regulation D maximum reserve requirement plus 150 basis points. | |||
Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
U.S Prime Rate basis points | 125 |
Severance_Expense_Details
Severance Expense (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Severance Expense Textual [Abstract] | |||||
Severance expense | $6,226 | $8,126 | |||
Accrued severance | 5,100 | 5,100 | |||
Global compensation costs interest rate | 7.00% | ||||
Selling, general and administrative expense | 10,000 | ||||
Severance expense incurred by company | $6,200 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | $3,668 |
Sale of interest in Fabrix Systems Ltd. | 640 |
Ending balance | 870 |
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | -8 |
Sale of interest in Fabrix Systems Ltd. | |
Other comprehensive income attributable to IDT Corporation | 12 |
Ending balance | 4 |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | 3,676 |
Sale of interest in Fabrix Systems Ltd. | 102 |
Other comprehensive income attributable to IDT Corporation | -2,912 |
Ending balance | 866 |
Accumulated Other Comprehensive Income [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | 3,668 |
Sale of interest in Fabrix Systems Ltd. | 102 |
Other comprehensive income attributable to IDT Corporation | -2,900 |
Ending balance | $870 |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Segment Reporting Information [Line Items] | ||||
Revenues | $383,930 | $403,761 | $1,190,981 | $1,230,855 |
Income (loss) from operations | 2,470 | 9,170 | 85,813 | 24,027 |
Gain on sale of interest in Fabrix Systems Ltd. | 1,235 | 76,864 | ||
Other operating gains (loss), net | -1,552 | -1,552 | 1,209 | |
Operating Segments [Member] | Telecom Platform Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 379,139 | 394,568 | 1,171,897 | 1,205,490 |
Income (loss) from operations | 5,602 | 12,378 | 18,142 | 36,676 |
Gain on sale of interest in Fabrix Systems Ltd. | ||||
Other operating gains (loss), net | 650 | |||
Operating Segments [Member] | Consumer Phone Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,098 | 2,625 | 6,652 | 8,491 |
Income (loss) from operations | 324 | 517 | 985 | 1,358 |
Gain on sale of interest in Fabrix Systems Ltd. | ||||
Operating Segments [Member] | All Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,693 | 6,568 | 12,432 | 16,874 |
Income (loss) from operations | 1,584 | -443 | 77,520 | -2,242 |
Gain on sale of interest in Fabrix Systems Ltd. | 1,235 | 76,864 | ||
Other operating gains (loss), net | 638 | |||
Operating Segments [Member] | Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | ||||
Income (loss) from operations | -5,040 | -3,282 | -10,834 | -11,765 |
Gain on sale of interest in Fabrix Systems Ltd. | ||||
Other operating gains (loss), net | ($1,552) | ($1,552) | ($79) |
Business_Segment_Information_D1
Business Segment Information (Details Textual) | 9 Months Ended |
Apr. 30, 2015 | |
Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 2 |
Legal_Proceedings_Details
Legal Proceedings (Details) | 0 Months Ended |
5-May-04 | |
Legal Proceedings (Textual) | |
Term of indefeasible right to use | 15 years |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents-short-term | $73,645 | $65,706 |
Restricted cash and cash equivalents-long-term | 2,763 | |
Total restricted cash and cash equivalents | 73,645 | 68,469 |
Restricted cash and cash equivalents-short-term [Member] | Related to letters of credit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents-short-term | 3,201 | 665 |
Restricted cash and cash equivalents-short-term [Member] | IDT Financial Services customer deposits [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents-short-term | 70,189 | 64,415 |
Restricted cash and cash equivalents-short-term [Member] | Other [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents-short-term | $255 | $626 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 1) (Straight Path [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2015 |
Straight Path [Member] | |
Schedule of changes in company estimated liability | |
Balance, beginning of period | $1,860 |
Additional liability | 1,732 |
Adjustments | -540 |
Payments | -2,104 |
Balance, end of period | $948 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details Textual) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Jul. 31, 2014 |
Commitments and Contingencies (Textual) | ||
Purchase commitment of company | $3,800 | |
Letters of credit outstanding | 3,300 | |
Letters of credit expiration date | 30-Apr-16 | |
Performance bonds outstanding | 11,000 | |
Refundable customer deposits | 68,817 | 62,685 |
IDT Payment Services and IDT Financial Services [Member] | ||
Commitments and Contingencies (Textual) | ||
Restricted cash and cash equivalents | $9,500 | $12,900 |
Other_Operating_Gains_Net_Deta
Other Operating Gains, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | ||||
Other Operating Gains, Net [Abstract] | ||||||||
Telecom Platform Services-gain related to legal matters | $650 | |||||||
All Other-gain on insurance claim (a) | [1] | [1] | [1] | 571 | [1] | |||
All Other-other | 67 | |||||||
Corporate-losses related to legal matters | -1,552 | -1,552 | -79 | |||||
Total | ($1,552) | ($1,552) | $1,209 | |||||
[1] | In the nine months ended April 30, 2014, the Company received proceeds from insurance of $0.6 million related to water damage to portions of the Company's building and improvements at 520 Broad Street, Newark, New Jersey. The damage occurred in a prior period. The Company recorded a gain of $0.6 million from this insurance claim. |
Other_Operating_Gains_Net_Deta1
Other Operating Gains, Net (Details Textual) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 |
Other Operating Gains, Net (Textual) | ||
Proceeds from insurance | $571 | |
Gain on insurance claim | 600 | |
New Jersey [Member] | ||
Other Operating Gains, Net (Textual) | ||
Proceeds from insurance | $600 |
Other_Expense_Income_Net_Detai
Other (Expense) Income, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Other (Expense) Income, Net [Abstract] | ||||
Foreign currency transaction losses | ($1,865) | ($478) | ($776) | ($4,840) |
Gain on investments | 200 | 581 | 1,601 | 1,434 |
Other | 313 | 56 | 112 | -49 |
Total other (expense) income, net | ($1,352) | $159 | $937 | ($3,455) |