26. Let's see. Please review our forward-looking statement disclosure at your leisure. IDT has been a public company since 1996, and we celebrated our 30th anniversary by ringing the opening bell at the New York Stock Exchange last week. The company has evolved significantly over the years. Let's take a quick look at where we are today. IDT is firmly in the small-cap space with a market cap currently at $1.4 billion. Unlike many other small-cap companies, IDT is distinguished by its strong balance sheet and increasing profitability. Our balance sheet at April 30th had $251 million in cash and no debt, and over the past 12 months, we generated revenue of $1.3 billion and $147 million in adjusted EBITDA. We use part of the cash we generate to return value directly to stockholders. Over the trailing 12 months, repurchases of our common stock and payments of our quarterly dividend totaled $26 million. Our 1,950 employees are globally dispersed, and about a quarter of them work out of our headquarters in Newark, New Jersey. IDT operates six primary businesses. The three high-margin businesses on the left-hand side of this slide are growing rapidly and are the focus of investor attention. Collectively, they contribute about a third of our revenue and two-thirds of our gross profit. They are National Retail Solutions, BOSS Money, and net2phone. The three on the right comprise our traditional communications segment. They include our growing IDT Digital Payments business and two businesses that operate within the paid-minute voice communications market, BOSS Revolution Calling and IDT Global Carrier Services. In developing and operating our BOSS Revolution and IDT Global businesses for over three decades, we also built a core of strategic assets. These strategic assets have been foundational in the creation of each of the other three businesses in our portfolio. Despite the diversity of the industries in which they operate, each of these businesses is, in this sense, interrelated. Moreover, each of these six businesses continues to invest in and strengthen one or more of these core assets, synergistically investing in IDT's long-term growth. These core assets include our BOSS consumer brands that are well-established and highly regarded in immigrant communities, particularly in communities of the Latin American and African diasporas. Our nationwide customer base of approximately five million consumers, primarily first and second-generation immigrants in the U.S. and Canada. Our retail network of independent neighborhood convenience stores, bodegas, and other small-format independent retailers that operate predominantly in urban, multicultural neighborhoods across the country. Our global telephony network and transaction processing infrastructures, backed by an experienced team of technology professionals. Today's presentation will focus on our three high-margin growth businesses. Let's now turn to the first of these, National Retail Solutions. NRS operates a point-of-sale based platform for independent retailers. Think of bodegas, convenience stores, liquor, and tobacco shops. From the time we founded NRS about a decade ago, we envisioned a partnership with the mom-and-pop retailers that were already selling our BOSS retail products. These retailers lack the technology to run their businesses efficiently and effectively enough to compete against the large c-store chains. Today, NRS is a leading POS provider in the independent retail space, and its platform also serves advertisers and marketers who want to reach these retailers' nationwide, multicultural retail customer base. NRS's recurring revenue, which excludes sales of its POS hardware, totaled $36 million in the most recent quarter. Over two-thirds of recurring revenue was generated by merchant services, primarily credit card processing, but also other services for retailers. Advertising and data contributed 16% of NRS's recurring revenue. Each POS includes a customer-facing digital screen that displays still and video ads at the time of purchase. NRS sells its inventory of available advertising, along with access to its SKU-level transaction data, to CPG marketers, data analytics firms, and other buyers. The balance of recurring revenue, 12%, was generated by the monthly recurring charges collected from our retailers for the Software as a Service that operates the POS. NRS offers a variety of Software as a Service plans, with prices ranging from under $20 a month for its base plan to $80 a month or more for premium feature-rich plans. Today, NRS operates approximately 40,000 POS terminals at 34,000 retail locations. To put this in perspective, the NRS retail network has approximately 30% more locations than Dollar General or Subway, America's largest retail chains ranked by locations. Reliable data on the total addressable market is hard to come by, but based on the available data, we estimate there are approximately 200,000 convenience stores, bodegas, independent liquor stores, and tobacco shops in the United States. Our current market penetration is about 20%. We continue to add hundreds of net new stores per quarter by leveraging our unique strengths in this market, including the strong NRS brand, our proprietary software and hardware built specifically to the needs of this market, and a sales force of several hundred experienced agents to help close the sales. Annual recurring revenue at NRS has grown from $45 million annually in 2022 to $141 million in the trailing 12 months. Growth has been powered by multiple factors, including the expansion of our network to new retailers, increasing penetration of our NRS PAY branded payment processing service, the ongoing migration of customers from cash payments to credit and debit cards, and increases in SaaS fees per customer as retailers trade up from basic to premium software functionalities. These last three factors have driven strong increases in our average monthly recurring revenue per terminal, which climbed to $307 in our most recent quarter from $279 a year earlier. NRS's bottom-line expansion has outperformed as the business has scaled. In the trailing 12 months, it generated over $41 million in adjusted EBITDA for a 28% margin. We look to the Rule of 40 for SaaS businesses as a key metric to evaluate growth and profitability, and NRS achieved an enviable 50 score in the most recent quarter. Let's look at our next high-margin business, BOSS Money. BOSS Money is our international money remittance business that enables our customers, primarily first and second-generation immigrants in the U.S. and Canada, to send money to family and friends back home. Like NRS, we built this business as a startup leveraging our core strategic assets. In this case, our retail customer base that utilizes our international long-distance calling and mobile top-up services, our BOSS brand that is well-established in immigrant communities across the U.S., and our retail and digital distribution networks, including our BOSS Revolution Calling app. We report BOSS Money within our Fintech segment, and although the segment also includes smaller financial initiatives, BOSS Money contributes a large majority of Fintech's revenue and income from operations. Okay, having problems here. BOSS Money is primarily a digital remittance provider. Almost 90% of all our transfers now originate in either the BOSS Money App or the BOSS Revolution Calling app. We work very hard to provide an outstanding experience on our apps, and that effort has been a key to our success in this space. Because we are a digital-first provider, our growth profile more closely parallels rapidly growing digital money transfer provider Remitly, rather than the more slowly growing or declining retail-dominant money transfer providers like Western Union, Intermex, and Ria. Our retail channel is a relatively small contributor financially, and we manage it to maximize gross profit rather than growth. Nevertheless, it continues to be an important gateway for customer acquisition. BOSS Money has enjoyed exceptional success since its launch in 2013. The key growth driver has been the synergistic relationship that BOSS Money enjoys with our two other retail offerings, BOSS Revolution Calling and BOSS Revolution Mobile Top-Up. By cross-marketing BOSS Money to the larger customer bases of these two offerings, and by leveraging the strong BOSS brand, BOSS Money is able to efficiently acquire new customers through both its digital and retail channels. Because we've been extremely successful at cross-selling, we're able to create exceptional lifetime customer value across these three BOSS-branded offerings. Digital channel revenue increased by 27% in the third quarter compared to the year ago, driven by a 20% increase in transaction volume and a remarkable 40% increase in send volume, and that's the total amount transferred by customers during the quarter. That marks a steep acceleration compared to the prior quarter. We attribute this acceleration to the federal remittance tax on transactions paid for in cash, typically at a retail store. That tax went into effect on January 1st. The new federal tax has accelerated a long-term customer migration from retail to digital that was already transforming the industry. With that tax in place, traditional bricks and mortar based retail providers have seen growth rates slow further or even reverse, while digitally focused offerings have been able to maintain as, and in the case of BOSS Money, to accelerate their growth trajectories. As we mentioned early on, BOSS Money is the dominant contributor to our larger Fintech segment's results. In our third quarter, BOSS Money drove a 30% increase in Fintech adjusted EBITDA to $6.6 million, and for the trailing 12 months, adjusted EBITDA surpassed $25 million. Other players in this space routinely report EBITDA margins of 15%-25%. We believe BOSS Money is positioned to further expand its margins as it continues to scale. I'll walk you through the third of our three high-margin businesses, net2phone. net2phone provides intelligent communication solutions to businesses. We built net2phone leveraging IDT's telephony network in North and South America, and the professional staff we have in place across Latin America selling prepaid international calling and SIP trunking services. Today, net2phone offers four core offerings. Unite, which is a unified communications as a service solution. uContact, a contact center as a service solution for high volume sales and support teams. net2phone AI Agent, which handles routine customer interactions and associated workflows. net2phone Coach, which helps organizations improve agent performance through sentiment analysis, feedback and coaching, and analytics reporting. To make these offerings accessible to the mid-market, net2phone recently released its integration layer that enables these offerings to work seamlessly with the software tools these companies are already using, including popular CRMs and communications platforms, and to integrate them without the need for programming or coding, which is perfect for our target market. net2phone has been able to maintain growth and profitability at rates higher than many industry peers, in part by building its business around three strategic differentiators. First, unlike the largest players in this space, such as RingCentral, net2phone focuses on mid-market and small businesses with less than 1,000 seats, and its offerings and technology are geared to businesses with limited in-house technology resources. Second, net2phone, in most of its markets, goes to market exclusively through technology service distributors and channel partners. Its offerings are designed to make it exceptionally easy for channel partners to provision and service net2phone offerings while providing agents with a very competitive commission structure. Third, net2phone has a unique geographic profile. It generates nearly half of its revenue from South America and another half in North America. Half of its seats are in these underserved Latin American markets, where net2phone offers highly localized offerings, and accounts are served by local staff. These three differentiators have helped net2phone achieve a 17% subscription revenue CAGR over the past four years. Subscription revenue TTM totaled $93.5 million and increased 12% to $24 million in the most recent quarter. At the end of the quarter, net2phone served 441,000 UCaaS and CCaaS seats. By the way, while seats served is a meaningful KPI for net2phone's UCaaS and CCaaS offerings, it's not applicable to its AI Agent and Coach offerings, which once they become material, we'll begin to count on account-based metrics. Although it's not yet material, sales of net2phone AI and Coach have begun to impact sales to new customers, contributing approximately 7% of those sales during the month of May. net2phone pivoted to generate positive adjusted EBITDA in 2023 and generated over $15 million in adjusted EBITDA in the trailing 12 months. net2phone's adjusted EBITDA margin reached a record 17% in the most recent quarter as its unit economics continue to improve. It's worth noting that net2phone's reported levels of adjusted EBITDA include approximately $20 million in customer acquisition expense above and beyond what's necessary to replace churn. To wrap up, net2phone has successfully leveraged its key differentiators to grow revenue at double digits while pivoting to profitability. The introduction of net2phone AI Agent and Coach, together with its integration layer, offer exciting upside potential from here. Let's turn briefly to our traditional communication segment, a durable cash generator. The traditional segment comprises three businesses. The largest, IDT Digital Payments, is predominantly sales of mobile top-up offerings but also includes our platform for prepaid B2B offerings, Zendit. The segment also includes IDT Global, our wholesale carrier services business, and BOSS Revolution, our international long-distance voice business. Both of these businesses participate in the prepaid international long-distance minute industry, which is in terminal decline as free voice services, WhatsApp and others, gradually replace it. Adjusted EBITDA generation from the traditional communication segment as a whole has been relatively stable over the past several years. IDT Digital Payments and BOSS Revolution Calling are benefiting from the gradual migration of customers from lower-margin retail to their higher-margin digital channels. At BOSS Revolution Calling, we've introduced new higher-margin plan-based offerings. These measures help the segment to achieve an adjusted EBITDA margin of 9.5% in the most recent quarter, a slight but significant year-over-year increase. Across these businesses, we continue to develop innovative new offerings, streamline operations, and reduce overhead in an effort to maintain consistent adjusted EBITDA generation. We'll finish up by looking at IDT's consolidated results. IDT's 5% year-over-year top-line growth in the most recent quarter reflects the ongoing rotation from the large, low-margin traditional communication segment to our three rapidly expanding high-margin segment businesses. Our NRS, Fintech, and net2phone segments collectively increased revenue by 17% in the second quarter, excuse me, in the third quarter, helping to drive their collective revenue contribution to 34% of IDT's consolidated revenue compared to 30% a year ago. We're still in the early stages of this rotation. We expect to see the revenue growth gradually accelerate over time as the growth businesses become proportionally ever larger contributors to IDT's top line. Year-over-year, the same rotation dynamic is driving accelerated adjusted EBITDA increases. That tailwind has been boosted further by the increasing adjusted EBITDA margins in our high-margin growth businesses. In the most recent quarter, consolidated adjusted EBITDA margin increased 90 basis points year-over-year to a record 11.9%, with the growth businesses contributing 55% of that total and driving a 13% increase in adjusted EBITDA to $37.5 million. To wrap up, IDT's financial results are increasingly reflective of our three exciting high-margin growth businesses, NRS, BOSS Money, and net2phone. Their increasing revenue contributions position IDT for robust long-term increases in consolidated cash generation and profitability. That growth will, in turn, enable us to further fortify our balance sheet and to continue to return value to shareholders, both directly through our quarterly dividend and through opportunistic repurchases of our common stock. Marcelo will be happy to take your questions. Thank you. Okay, great. Any. Go ahead. Okay, you have the third of the business that's a good business, two-thirds of the business, not so good business. Walk us through the history of how you came to the point of wanting to make the transition, and what do you see the rate of decline for the two-thirds of the business for the next two or three years, and is there a point that that accelerates? Sure. I joined IDT about 25 years ago. I'm starting my 26th year now. I remember vividly in 2001 when I joined the company, I got invited to the first board of directors meeting to sit on the side. At that time, I was a junior manager. I remember back then already some board members saying, "What's going to be with IDT, being that we are an international long-distance calling company, and at some point, ILD voice will become much more commoditized, and the business will continue to go away?" Right? That was 25 years ago. Today, 25 years later, our international long-distance businesses are still together the largest revenue contributors to the company, generating more EBITDA today than they did 10 years ago. This all happened at the same time in which the minutes that we used to carry in our telephony networks have declined significantly. Just to give you an example. About 10 years ago, IDT used to be the seventh-largest carrier of ILD minutes globally. We used to carry roughly about 30 billion minutes in our telephony networks. Today, 10 years later, we are still the seventh-largest carrier of minutes globally, but we only carry about seven to eight billion minutes a year. The raw material minutes have declined by 75%, and our EBITDA for those businesses have basically flinched because we became the best, strongest operator of this business. We reduce costs. We right-size our networks all the time. To your point, because not such good businesses, right? They've been a tremendous source of cash flow, and we believe that we're going to continue to monetize that business for as long as it takes, and many years to come. Because we realized that this will become a declining business from the top line is when we made a decision already 15, 20 years ago that, "Hey, what can we do with our core competencies?" At the end of the day, we are one of the largest companies out there that knows how to cater products and services to first- and second-generation immigration communities. We have a very robust distribution channel into those communities. We have built a very loyal brand under BOSS that's viewed by that community as a symbol of value, that you're getting the right products and services for the community. We created products around that. First, we went into and created the mobile top-up business, which today is our largest revenue business, now sending international top-ups from the U.S. to countries around the globe for users to be able to top up the mobile services of family and friends abroad, mostly in Latin America. That was quite a transfer of value. It's a very profitable business within traditional. Now we branched out to create BOSS Money. Again, catering to the same customers, same brand, same core competencies, and BOSS Money has become very successful for us. Highly accretive. We did the same thing with NRS, which today we view NRS as being our crown jewel. The whole way NRS began is by us saying, "Hey, instead of using the retailers out there as intermediaries to sell our pinless products, our top-up products, our telephony products to the end user that walk into the store, why not focus on the retailer themselves as perhaps being a customer of ours?" We introduced the POS to that niche community about 10 years ago, and it has been a tremendous success. We did the same thing with net2phone. We transformed net2phone from being an ILD company, our B2B brand, into becoming a very strong player in the UCaaS, CCaaS, and now launching our agentic AIs and playing in that space. We have transitioned IDT using our core assets over the past 10 years, we are no longer that dependent anymore on those legacy businesses. We'll continue to take the cash flow that they generate. They generate a significant amount of cash, about $70 million a year, pretty stable. We're going to redeploy that cash flow into our growth opportunities. Okay. How much time we have? I think we still have some time. If there are any more questions, we have another 10 minutes. Okay. Any plan to spin anything off again? As you probably know, we do have a history of spinning companies, right? I participated in five public spinoffs in my career, now doing the work of carving out those businesses, going through the process of doing so. Some of them more successful than others over the years. Some of them very successful. We talk about it all the time, okay? About how to unlock value to our shareholders by spinning it off, right? As much as we're trying to simplify the IDT story over the last quarter of a century by spinning off more and more businesses, the reality is we, at the same time, we are very entrepreneurial. We are building new businesses, right? NRS came about, and BOSS Money came about, and net2phone came about, even as we try to make things simpler. There's no question that our management team understands that the valuation, the multiples that we get in each one of these segments differs from each other, that value will be created when we unlock some of those businesses to become their own independent operators. We are not rushing towards that. If anything, perhaps some of the previous spinoff that we did, maybe we did it at a very early stage when those businesses were quite small. All of these are growing quite strongly right now. They are benefiting from the management, from the resources that the corporation provides them. Each one of the business have their own management team, CEOs, CFOs, CTOs. We believe that the more we grow them internally, and we grow the revenues and the profitability, that when the day comes for us to unlock the value through a spinoff or the monetization, that will create a lot of value at that time. As you know, we are a controlled company. The controlling shareholders, of all the spinoff that we have done, they have never sold any shares at all. They continue to maintain the same controlling stake holding on each one of these public spinoff that we have. For them, there's no rush to do it. We want to do it at the right time, and obviously, if the capital markets show strong valuations at any point in time, we'll probably take that opportunity and maybe unlock the value at that point in time. Until then, we just continue to grow these businesses for high cash flow generation, together with the compute to drive IDT valuation, and those opportunities may come at some point. How old are the fast-growing businesses that you've talked about? How old are they? I think the oldest one is probably BOSS Money. Probably we launched about 2013 2013, about 13 years ago. NRS probably about 10 years. The shift on net2phone probably happened about seven years ago. The third. In the first few years, obviously, all these businesses were non-cash generating. They required investment, and we were taking the cash flow from the traditional segment to grow them. Today, all of them no longer need the mothership. They're all generating substantial cash flow and growing. We take our cash flow generation to invest in new businesses. Now we're thinking about what are the products and services we could cater to our immigrant communities, we know we are launching an insurance business, which is very small. We don't even talk about it because it's early stages. Insurance broker? No. Yeah. Insurance products, okay? It's still very small. As you can imagine, immigrants into this country don't really have a good suite of life insurance product that caters to that community so well. And even a $25,000, $50,000 life insurance policy goes a long way. I'll give a perfect example. Our BOSS Money customers who are sending remittances to family and friends every month, okay? You have, let's say, José sending cash to his mother in Guatemala every month, okay? $300, let's say, right? That family in Guatemala is relying on this person in the U.S. to provide them with their income, the support, right? God forbid, the person in the U.S. passes away. It's devastating, right? The source, right? We have created new pricing, new product in which we will continue to provide other life insurance to that recipient in Guatemala, the same amount of remittances that the person used to send for at least 24- 36 months. We try to cater products, insurance products that actually leverage nicely with some of our existing products and services and trying to grow that. It's very small. We always do that, right? Some of these products of the initiative will stick. Some of them become very large. Some of them will just fade. For me to summarize, there are no more questions. To summarize, I think IDT is in a very good position right now, right? We are generating close to over $150 million in EBITDA a year, based on our latest guidance that we just raised guidance for this year. We have a very solid balance sheet, enough gunpowder for us to take opportunity of acquisitions that come our way. There's no month that goes by that I'm not evaluating at least one other acquisition. That being said, we are pretty frugal and conservative on how we deploy our capital. We have to see a tremendous amount of synergistic value creation before we decide to acquire a company. In the meantime, we are looking around. We continue to put a lot of effort in growing the existing businesses. We start to give more of the cash that we have back to shareholders. This year, we're going to be buying our largest rate of stock buybacks that we have done in recent history. We have increased our dividend for the past two years. It's still relatively small. Most likely, we'll just continue to increase the amount of the cash that we give back to shareholders, while at the same time looking for opportunities for continued growth. Thank you.