Good day everyone and welcome to the IDT Corporation's Second Quarter Fiscal Year 2018 Earnings Call. In today's presentation, IDT's management team will discuss IDT's financial and operational results for the three month period ended January 31, 2018. During prepared remarks made by IDT's Chief Executive Officer, Shmuel Jonas, all participants will be in listen-only mode. [Operator Instructions] After the prepared remarks, Marcelo Fischer, IDT's Senior Vice President, Finance and the Chief Financial Officer of IDT Telecom will join Mr. Jonas for Q&A. [Operator Instructions] Any forward-looking statements made during this conference call, either in their 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 files periodically with the SEC. IDT assumes no obligation either to update any forward-looking statements that they have made or may take, 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 non-GAAP measures, adjusted EBITDA, non-GAAP net income, and non-GAAP EPS. A schedule provided in the earnings release reconciles adjusted EBITDA, non-GAAP net income, and non-GAAP EPS to the nearest corresponding GAAP measures. Please note that the IDT earnings release is available on the Investor Relations page of the IDT Corporation website, and that’s www.idt.net. The earnings release has also been filed with Form 8-K with the SEC. I would now like to turn the conference over to Mr. Jonas. Please go ahead

Thank you, operator. Welcome to IDT's second quarter fiscal year 2018 earnings call for the three months ended January 31, 2018. Last week the Securities and Exchange Commission concluded its review of our spinoff of Rafael Holdings. As announced, we now expect to distribute the Rafael Holdings shares to our stockholders on or about March 26 This spinoff continuous to process a strategic divestment of the noncore assets that we started nearly a decade ago, and which have delivered incredible value for our shareholders. This spinoff of Rafael Holdings will include our pharma investments and over $100 million of cash marketable securities, real estate and investment. Turning now to our second quarter results. Consolidated revenues increased by $28.3 million compared to the second quarter 2017 and by $2.3 million sequentially. Our Wholesale Carrier business achieved its sixth consecutive quarter of revenue growth. However, due to margin pressures in the market Wholesale Carrier revenue growth has not generated corresponding increases in gross profit. Payment Services revenue grew by $9.8 million compared to the year ago quarter, which was driven by increases in money remittance transactions originating from our direct consumer channel and by sales of international and domestic mobile top-up. Retail Communications revenue decreased this quarter by $9.4 million compared to the year ago quarter. But we have slowed the rate of decline over the past year, while also improving Retail's margin contribution. We also continue to invest heavily in enhancing our BOSS Revolution mobile app. That investment has helped to increase customer stickiness and improved our margins over the last year. The mobile app is also important as a path to monetize millions of eyeballs that use it, over 80 times a month on average. As we add more content and features, we believe that the revenue from it will…

[Operator Instructions] And our first questioner today will be [Araya Cole] with Cole Capital.

I've two questions, and thank you for doing this call. Number one, regarding BOSS Revolution mobile. Your first effort is going to try to market the service to your preexisting BOSS Revolution customers. Do you have a good demographic understanding of who these customers are in terms of what portion of them -- English or other languages, are their first languages because obviously they make international calls and the reason I ask is, to what degree will your marketing materials communications be hopefully in the first languages of all these existing users to better be able to encourage them to give your mobile offering a try?

I would say that we have a pretty good idea of who our customers are and what countries they are from. And we definitely intend to market to them in their native tongue and in the places that they watch or look at etcetera. I think that is our specialty in general and we will definitely continue that with BOSS Revolution mobile.

And the second question, can you give us a little extra insight in terms of how large this new technology team is that you have on-boarded in the past, let's say three months. I mean is it 2 people, 10 people, and if you can just give us a little extra understanding about their backgrounds and capabilities because I understand you are excited about what they might create? Because as outsiders we've never met them, so I'm hoping through your eyes you can maybe convey to us what is about these people that makes them so talented in your mind, that you're hoping for them to have outstanding achievements in the future?

We've brought in five people in management, we've brought -- not beneficially appointed as CTO but we have a meeting about that scheduled for later this month that we are expect them to be appointed at that time. We've brought in a new CTO name David Wartell, who is from a company called IDERA, which was a start-up that he was a part of growing and sold. We've brought in somebody named Keith Powe who is the Head of QA, who worked with David at IDERA. We also brought in Head of Engineering for BOSS Revolution as well as Head of Engineering for net2phone, as well as someone who is running our database and BI department. So it's a pretty robust staff and they have in turn brought in a lot of new people under them and changed the processes of the way we do things. And I think -- again it's not a one day process or a six months process to fix something. But just today, I mean, I came from a meeting couple of minutes ago where we're having a discussion about rebuilding a billing system and I mean if you can imagine how complicated billing systems are when you do $1.5 billion in multiple businesses. So to-date, I mean I would say the strategy in the past has always been to fix and patch what we have but they are actually looking at whether or not to rebuild it or to use an outsourced service and I think that's the kind of new thinking that they brought to all different problems around here, so again we're, I'll say our optimistic.

Great, thank you. Best of luck.

[Operator Instructions] And there looked to be no further questions, so this will conclude our question-and-answer session, as well as today's conference call. Thank you for attending today's presentation and you may now disconnect your lines.