Hello and welcome to the IDT Corporation’s Third Quarter Fiscal Year 2016 Earnings Conference Call. During management’s prepared remarks all participants will be in listen-only mode. [Operator Instructions] After today’s presentation by IDT’s management, there will be an opportunity to ask questions. [Operator Instructions] In today’s presentation, Shmuel Jonas, CEO of IDT Corporation will discuss IDT’s financial and operational results for the three months ended April 30, 2016. Any forward-looking statements made during this conference call, either in the prepared remarks or in the Q&A session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those, which the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports that IDT filed periodically with the SEC. IDT assumes no obligation either to update any forward-looking statements that they have made or may make, or to update the factors that may cause actual results to differ materially from those that they forecast. In their presentation or in the Q&A that will follow, IDT’s management may make reference to the non-GAAP measures, adjusted EBITDA, non-GAAP net income and non-GAAP diluted EPS. A schedule provided in the earnings release reconciles adjusted EBITDA, non-GAAP net income, and non-GAAP diluted EPS to the nearest corresponding GAAP measures. Please note that the IDT earnings release is available on the Investor Relations page at the IDT Corporation Web site, www.idt.net. The earnings release has also been filed on the Form 8-K with the SEC. I would now like to turn the conference over to Mr. Jonas.

Thank you, operator. Welcome to IDTs third quarter fiscal 2016 earnings conference call. My remarks today will focus on our business strategy as well as key operational and financial results for the three months ended April 30, 2016. Unless I indicate otherwise, any comparison with third quarter’s results are to the year ago quarter. For a comprehensive and detailed discussion of our results, please read our earnings release issued earlier today and our Form 10-Q which we expect to file with the SEC by June 9. Following my remarks, Marcelo Fischer, IDT’s Senior Vice President of Finance and IDT Telecom’s Chief Financial Officer will join me and we will be glad to take your questions. Yesterday, IDT spun-off to our stockholders our interest in the Zedge as an independent public company. The hugely popular and fast growing Zedge app for mobile device personalization began trading the regular way on the NYSE market exchange today. I want to congratulate the entire Zedge team, and particularly Tom Arnoy and Jonathan Reich, and wish them good luck and much success as an independent company. We believe Zedge has tremendous potential and the right team to fully realize it. IDT has spun-off or monetized a series of promising businesses in recent years, including CTM Media in 2009, Genie Energy in 2011 and Straight Path in 2013, as well as the sale of Fabrix in 2014 and paid over $5 per share in dividends. We believe this strategy has worked out well for our shareholders. Zedge, we believe is in a great position to continue this tradition by generating long-term value for its shareholders. Looking ahead, we expect to continue to identify and nurture promising early stage opportunities within and outside of telecom, with the potential to become game changers in their industries. Whether we…

Thank you. We will now begin the question-and-answer session. [Operator Instructions] The first question comes from John Rolfe at Argand Capital.

A few questions, you made some initial comments about the international money transfer business, I just was hoping you could repeat those. I thought what I heard you say was that, in the quarter revenue from that business had grown from 1.1 million to 1.8 million, but then -- is that correct?

That's correct.

But then I subsequently thought I heard to say that, that was $1 million annual -- you made some comment about that being $1 million annual business which doesn't make any sense, so I might have heard…

$1 million transaction, it's like a number of actual transfers made.

1 million transactions?

Correct.

Okay, got it. And what would be a typical revenue you would generate on a transaction?

It depends if it's online or offline and where the destination is. But I'd say it's anywhere from $2 to $5. It could be a little more actually.

A couple other questions, it appeared to me this was actually the first quarter in some time that you shown growth year-to-year in your deferred revenues. And I was just trying to square that with the fact that Boss Revolution growth slowed close to nothing sequentially and that you had some declines in the calling card business. So, what really drove that deferred revenue increase?

Hi it's Marcelo. Deferred revenue continues to increase or remain stable primarily because of the strength of Boss Revolution. Although, we have seen declines in Boss Revolution because of the erosion of our Mexico corridor customer base, because of the regulation that’s happening in Mexico. All other destinations on the other hand and the customer base of that continues to grow. And typically for the revenue pretty much in the constant.

And my last question, do you expect any material change in the corporate overhead run rate with Zedge being spun-out or was that not really a material test without line item?

With the spin-off of Zedge IDT will enter into agreement with Zedge to continue to provide on a conditional basis certain back-office functionalities for them. Like finance functions and HR et cetera. And to that extent IDT will charge Zedge for those services. So for the foreseeable next year or so the corporate costs for IDT will come down slightly. So now it's going to be a decline next year to the corporate level but the totality of it in absolute terms is not going to be meaningful for IDT.

Okay, great. Thanks very much guys.

[Operator Instructions] This concludes our question-and-answer session and the conference call. You may now disconnect.