Good evening, and welcome to the IDT Corporation's Third Quarter Fiscal Year 2024 Earnings Call. In today's presentation, IDT's management will discuss IDT's financial and operational results for the three month period ended April 30, 2024. During remarks by IDT's Chief Executive Officer, Shmuel Jonas, all participants will be in a listen-only mode. [Operator Instructions] After Mr. Jonas's remarks, Marcelo Fischer, IDT's Chief Financial Officer will join Mr. Jonas for Q&A. Any forward-looking statements made during this conference, 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 unlimited 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 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 session, IDT's management may make reference to non-GAAP measures, including adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share. A schedule provided in the IDT earnings release reconciles adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share 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. The earnings release has also been filed on Form 8-K with the SEC. I will now turn the conference over to Mr. Jonas.

Thank you, John. First of all, I apologize the lease is a little longer than I prefer to read, but nonetheless, here it goes. Welcome to IDT's earnings conference call. My remarks today focus on the third quarter of our fiscal year 2024, the three months ended April 30. For a more detailed discussion of our financial and operational results for the quarter, please read our earnings release filed earlier today and our Form 10-Q that we expect to file with the SEC on Monday. IDT's three high growth, high margin businesses again delivered strong results in the third quarter, contributing to a 310 basis point improvement in our consolidated gross margin. NRS has surpassed 30,000 active terminal this quarter, making it the largest POS network for C-stores in the country. And net2phone, adjusted EBITDA doubled year-over-year in the current quarter as the business continues to scale and improve its operating leverage. And at BOSS Money, our balanced omnichannel approach to customer acquisition and focus on customer service and user experience drove another quarter of strong revenue increases, helping the Fintech segment to its first adjusted EBITDA positive quarter. Looking ahead, we are very excited by the potential of each of these three businesses for sustainable profitable growth. In our traditional communications segment, we are making progress, turning around our IDT digital payments business, and expect its bottom line results will continue to improve. Now I want to spend a few minutes on each of the three high growth businesses. NRS, the NRS segment added 1,600 net new point-of-sale terminals during the quarter. And we see a long sales runway ahead in our independent C-store retailer market and we have several initiatives that recently launched. Our product offering range has really increased and this has increased our total addressable market.…

Thank you. We will now begin the question-and-answer session. [Operator Instructions] Your first question is coming from Alex Rohr (ph). Please announce your affiliation, then pose your question.

Hi, Shmuel and Marcelo. So quickly, the -- in traditional, I think you had expressed some optimism that SG&A, you would find some efficiencies there. I was, a little bit surprised to see the SG&A up year-over-year and quarter-over-quarter. So can you share a little bit what drove that? And then I have a follow-up.

Yeah. Hi, Alex. Thanks for joining the call. Yeah. Now, we have put in place a large cost cutting initiative. We should be seeing a lot of that coming through in future quarters. In Q3, some of that was obfuscated by the fact that we had higher spending to one time compensatory arrangements now based on executive contracts that we have entered into and filed on those -- on that contract a few weeks ago. So that was a one-time, more a non-cash compensation type of charge that led for the SG&A to be higher. But when you remove some of those charges, you would start seeing some of the cost cutting already now being designed to show in Q3, but you're going to see most of it, a lot of it in Q4 and beyond.

Understood. Thank you. And Shmuel, in NRS, obviously, it's amazing to see 30,000 kiosks. That's -- it's more than circle today, (ph) I think they're the biggest C-store chain in the country. And I know they are paying a lot less for most of the items, most of the cost of goods sold that's flowing through the stores, and your folks. The smaller stores are paying more, right? So at NRS, how do you think about bringing some of the benefits of the massive scale of NRS to your individual customers as they run their stores, procure product, etc.

We've more than once tried to do stuff in terms of buying groups and deliveries to restore their inventory. To date, we haven't had massive success bringing, I will say, those savings to provision for our retailers and benefits to us from that. I do expect that to be something that we try again in the coming year, but at the moment, we're more focused on bringing in more customers to the store and getting the customers to spend more rather than to bring down their cost of goods sold.

Understood. Thank you guys.

[Operator Instructions] As there are no more questions. This concludes our question-and-answer session and conference call. Thank you for attending today's presentation. You may now disconnect.