IDT is a holding company that operates a portfolio of fintech and communications businesses targeting immigrant and underserved communities in the U.S. IDT's core strategy is to use cash flows from its mature, declining Traditional Communications segment to fund three growth businesses: NRS, BOSS Money, and net2phone. The Traditional Communications segment (~70% of FY25 revenue) includes prepaid mobile top-up and digital gift card sales (IDT Digital Payments), prepaid international long-distance calling (BOSS Revolution Calling), and wholesale voice and SMS termination (IDT Global) — all managed for cash, not growth. NRS sells POS terminal hardware and software to independent convenience stores, bodegas, and small-format retailers across the U.S., and monetizes its ~37,200 active terminals through payment processing fees, SaaS subscriptions, display advertising on customer-facing screens, and transaction data licensing to CPG brands. BOSS Money is a cross-border remittance service that lets U.S. customers send money to 50 countries, earning per-transaction fees and FX spread; over 80% of transactions now flow through digital channels. net2phone sells cloud-based UCaaS and CCaaS to small and midsize businesses in the Americas, primarily on a per-seat subscription model, and is expanding into AI-driven products including an autonomous customer-facing agent and a workforce coaching tool. All three growth businesses are now profitable, and together contributed over half of consolidated adjusted EBITDA in FY25 for the first time. IDT funds its growth organically, avoiding debt and equity dilution, and maintains a sizable cash balance to self-fund working capital and pursue opportunistic buybacks and M&A.