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Middle East latest: Israeli strikes in Gaza kill more than 50 people, including kids

Defence Minister Rajnath Singh will embark on a three-day trip to Russia on Sunday to witness the commissioning of a stealth warship into the Indian Navy and hold talks with his Russian counterpart, Andrey Belousov, on the expansion of bilateral cooperation in co-production of military hardware. The Russian-manufactured multi-role stealth guided missile frigate INS Tushil will be commissioned on Monday in the coastal city of Kaliningrad. The warship, billed as one of the most technologically advanced frigates globally, is expected to significantly bolster the Indian Navy’s operational capability in the Indian Ocean, a region that has witnessed increasing Chinese forays. Chief of the Naval Staff Admiral Dinesh K Tripathi will accompany Singh to the commissioning ceremony. Defence Minister Singh would pay an official visit to the Russian Federation from December 8-10, an official readout said on Saturday.It said Singh and Belousov would co-chair the 21st meeting of the India-Russia Inter-Governmental Commission on Military and Military Technical Cooperation (IRIGC-M&MTC) in Moscow on December 10. The Defence Minister’s visit to Russia comes five months after Prime Minister Narendra Modi travelled to Moscow and held summit talks with Russian President Vladimir Putin. In the talks, both sides decided to further bolster two-way defence ties. Singh and Belousov would review the entire range of multi-faceted relations between the two countries in the field of defence, including military-to-military and industrial cooperation, the defence ministry said in the readout. “They will also exchange views on contemporary regional and global issues of mutual interest,” it said. People familiar with Singh’s visit said India-Russia cooperation in co-production of military hardware will figure prominently in the talks between the two defence ministers. “As part of the visit, the Defence Minister will also commission the Indian Navy’s latest multi-role stealth guided missile frigate ‘INS Tushil’ at Yantra Shipyard, Kaliningrad on December 9,” the ministry said. Singh would also pay tributes at ‘The Tomb of the Unknown Soldier’ in Moscow to honour the Soviet soldiers killed during the Second World War, it said. He is also scheduled to interact with the members of the Indian community in Moscow.

The three days of Parliament which concluded on Friday, were thought-provoking and significant, especially given the many challenges facing the Government, such as the ongoing rice crisis, discussions on the PTA Act and issues related to floods and disaster management. It is commendable that the Government successfully asserted its presence in Parliament with 149 new MPs over these three days. No room for racism In the context of the heightened tensions surrounding the Maaveerar Naal celebrations in Jaffna, fuelled by social media and certain private media organisations, Premier Dr. Harini Amarasuriya and Minister Dr. Nalinda Jayatissa speeches were particularly significant. They said that under no circumstances will there be room for racism in the country again and added that the divisive political system which seeks to create racial strife between the North and the South will not be permitted to resurface in the country. Sri Lanka’s history has been marred by periods of intense ethnic conflict and violence that have significantly hindered the nation’s progress, pulling it behind in crucial areas such as economic development, social cohesion and overall stability. The deep-seated divisions fostered by past political machinations have not only devastated communities but have also obstructed avenues for collaboration and mutual understanding among different ethnic groups. As a result, the nation has often found itself trapped in a cycle of mistrust and discord, diverting attention and resources away from pressing national issues. This history of racial rift has led to missed opportunities for growth and unity, ultimately impeding the country’s potential to stand as a harmonious, thriving society. In light of this context, the NPP Government’s commitment to prevent the re-emergence of such divisive politics is crucial. Their messages serve as a clarion call for reconciliation and healing, urging the nation to learn from its past and work towards a future where all Sri Lankans, regardless of ethnicity can come together to foster peace, prosperity and a shared national identity. Clean Sri Lanka Parliamentary approval for the ‘Clean Sri Lanka’ program marked a significant achievement, with Minister of Buddhasasana, Religious and Cultural Affairs Hiniduma Sunil Senevi introducing this initiative during his inaugural speech. He initiated the Clean Sri Lanka project as a means to build ‘a Cultural Man,’ a concept that had been neglected by previous Governments and had unfortunately faltered. It is crucial not only to build the economy but also to cultivate individuals who are responsible and accountable for their actions. This ethical, empathetic, and spiritual dimension of life can only be nurtured through rich art and culture. The methods to develop such a cultured individual are indeed a complex discussion, yet it is imperative to initiate this dialogue if the country is to progress in both material and spiritual development. World Bank Executive Director, Parameswaran Iyer extended his support for the Government’s Clean Sri Lanka program during a meeting with President Anura Kumara Dissanayake on Wednesday at the President’s Office. Baseless attacks In the first two days of debate on President Anura Kumara Dissanayaka’s inaugural address during the 10th Parliament session, the Opposition struggled to present any substantial, logical objections, resorting instead to baseless attacks. MP Nalin Bandara’s comments regarding the suspension of Standing Orders—which had already been agreed upon in a party meeting—did little to advance the discussion. MP Rohini Kaviratne’s speech, which strayed far from the President’s address, included accusations against the JVP for the 1988-89 riots, an event largely instigated by the then-UNP Government’s brutal suppression of a youth uprising that ultimately left the country in disarray due to misguided political decisions. She implicated the JVP in the killing of former MP Athukorala during the May 9 Aragalaya, neglecting to acknowledge that this incident stemmed from an organised attack by ruling party supporters on the peaceful protest at Galle Face. However, the electorate has responded to these unfounded assertions by granting the NPP Government a two-thirds majority, indicating a desire for constructive governance. It is high time for the Opposition to either formulate well-founded objections or collaborate with the Government in enacting progressive changes for the nation’s betterment. COPA and COPE Committees During the Parliamentary session on December 6, Leader of the House Minister Bimal Ratnayake said that the Opposition would be granted chairmanship of the Government Accounts Committee (COPA Committee). This decision came in response to questions regarding the Committee on Parliamentary Affairs and the Party Leaders’ Meeting, demonstrating a commitment to collaboration. Minister Ratnayake elaborated on the matter, indicating that the chairmanship of the State Accountants Council would be assigned to the opposition, and added that this was not what had been requested. He said that the number of members on the State Accountants Council had been increased beyond the Standing Orders. His emphasis on the ruling party’s need to retain leadership of the COPE Committee (Committee on Public Enterprises) was particularly significant, highlighting the necessity to review the actions of the previous Government during this initial phase. He expressed concern over appointing a minister from that administration as president of the Committee, deeming it unethical. At the outset of the proceedings, Minister Ratnayake said that the deadline to appoint the Sectoral Committee will be January 31. He said that 24 Ministerial Advisory Committees would be set up, including the Ministries of Defence, Financial Planning and Economic Development, and Digital Economy. This proactive approach signals an essential step towards ensuring accountability and effective governance going forward. Constructive dialogue During the three days of parliamentary debate, Leader of the House Bimal Rathnayake made commendable efforts to maintain a sensible dialogue amidst the Opposition’s disruptive tactics to undermine the new Government. Several maiden speeches stood out, particularly that of Dr. Kaushalya Ariyarathne. Her concise address focused on the contribution of working-class women across various sectors, highlighting the marginalisation they have faced under previous administrations and detailing the practical plans the NPP Government intends to implement for their benefit. Despite the Opposition’s shouting and disruption, Dr. Ariyarathne’s informative and contemporary presentation on women’s involvement in the economy silenced the House, compelling even the most unruly members to listen. This positive dynamic in the current Parliament, bolstered by a significant number of millennial representatives, offers hope to foster a space conducive to thoughtful discussions and meaningful debates, free from senseless accusations and irresponsible behavior. It is essential for all members to uphold decorum, prioritise constructive dialogue and work collaboratively for the nation’s progress.COPPER MOUNTAIN, Colo. (AP) — For a pair of lower-level downhill events, this sure had plenty of Olympic medal-capturing and World Cup-winning ski racers. The stage belonged to Lindsey Vonn , the 40-year-old who took another step on her comeback trail Saturday with her first races in nearly six years. Vonn wasn't particularly speedy and finished in the middle of the pack on a cold but sunny day at Copper Mountain. Times and places weren't the mission, though, as much as getting used to the speed again and gaining the necessary points to compete on the World Cup circuit this season. Vonn accomplished both, finishing 24th in the first downhill race of the day and 27th in the second. She posted on social media after the FIS races that she had enough points to enter World Cup events. The timing couldn't be more perfect — the next stop on the women's circuit is Beaver Creek, Colorado, in a week. Vonn, who used to own a home in nearby Vail, hasn't committed to any sort of timetable for a World Cup return. “Today was a solid start and I had a blast being in start with my teammates again!” Vonn wrote on X . “While I’m sure people will speculate and say I’m not in top form because of the results, I disagree. This was training for me. I’m still testing equipment and getting back in the groove.” Her competition — a veritable who's who of high-profile ski racers — applauded her efforts. “I don't expect her to come back and win — just that she comes back and she has fun,” said Federica Brignone of Italy, a former overall World Cup champion and three-time Olympic medalist. “She's having fun, and she’s doing what she loves. That’s the best thing that she could do.” In the first race on a frigid morning, Vonn wound up 1.44 seconds behind the winning time of 1 minute, 5.79 seconds posted by Mirjam Puchner of Austria. In her second race through the course later in the morning, Vonn was 1.53 seconds behind Cornelia Huetter of Austria, who finished in 1:05.99. Huetter is the reigning season-long World Cup downhill champion. “It’s really nice to compare with her again, and nice to have her (racing) again,” Huetter said. “For sure, for the skiing World Cup, we have a lot of more attention. It's generally good for all racers because everyone is looking.” Also in the field were Nadia Delago of Italy, who won a bronze medal in downhill at the 2022 Beijing Olympics, and Puchner, the Olympic silver winner in super-G in Beijing. In addition, there was Marta Bassino of Italy, a winner of the super-G at the 2023 world championships, and two-time Olympic champion Michelle Gisin of Switzerland. “For me, it was really a training, but it was fun to have a World Cup race level right here,” Gisin said. “It was a crazy race.” Vonn remains a popular figure and took the time after each run to sign autographs for young fans along with posing for photos. When she left the sport, Vonn had 82 World Cup race victories, which stood as the record for a woman and within reach of the all-time Alpine record of 86 held by Swedish standout Ingemar Stenmark. The women’s mark held by Vonn was surpassed in January 2023 by Mikaela Shiffrin, who now has 99 wins — more than any Alpine ski racer in the history of the sport. Shiffrin is currently sidelined after a crash in a giant slalom event in Killington, Vermont , last weekend. Vonn’s last major race was in February 2019, when she finished third in a downhill during the world championships in Sweden. The three-time Olympic medalist left the circuit still near the top of her game. But all the broken arms and legs, concussions and torn knee ligaments took too big a toll and sent her into retirement. She had a partial knee replacement last April and felt good enough to give racing another shot. “It's very impressive to see all the passion that Lindsey still has,” Gisin said. Also racing Saturday was 45-year-old Sarah Schleper, who once competed for the United States but now represents Mexico. Schleper was the next racer behind Vonn and they got a chance to share a moment between a pair of 40-somethings still racing. “I was like, ‘Give me some tips, Lindsey,’” Schleper said. “She’s like, ‘Oh, it’s a highway tuck, the whole thing.’ Then she’s like, ‘It’s just like the good old days.’" AP skiing: https://apnews.com/hub/alpine-skiing

Fantasy football brain games: Calling on Caleb Williams, fading Rachaad White in Week 14IDT’s income from operations +38% to $23.6 million; Adjusted EBITDA * +31% to a record $29.1 million GAAP EPS increased to $0.68 from $0.30; Non-GAAP EPS * increased to $0.71 from $0.32 NEWARK, NJ, Dec. 04, 2024 (GLOBE NEWSWIRE) -- IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, today reported results for its first quarter fiscal year 2025, the three months ended October 31, 2024. FIRST QUARTER HIGHLIGHTS (Throughout this release, unless otherwise noted, results for the first quarter of fiscal year 2025 (1Q25) are compared to the first quarter of fiscal year 2024 (1Q24). All earnings per share (EPS) and other ‘per share’ results are per diluted share.) Key Businesses / Segments NRS Recurring revenue ** : +29% to $28.9 million; Income from operations: +21% to $6.6 million; Adjusted EBITDA: +22% to $7.6 million; BOSS Money / Fintech BOSS Money revenue: +39% to $33.7 million; Fintech segment revenue : +40% to $37.1 million; Fintech segment income from operations: increased to $3.2 million compared to a loss of $(1.4) million; Fintech segment Adjusted EBITDA: increased to $4.0 million compared to a loss of $(690) thousand; net2phone Subscription revenue ** : +13% to $21.0 million; Income from operations: increased to $1.0 million compared to breakeven; Adjusted EBITDA: +77% to $2.5 million; Traditional Communications Revenue: decreased (4)% to $220.5 million; Income from operations: +2% to $15.7 million; Adjusted EBITDA: decreased (1)% to $17.8 million; IDT Consolidated Revenue : +3% to $309.6 million, driven by revenue growth at NRS, BOSS Money, net2phone, and the IDT Digital Payments business within Traditional Communications; Gross profit (GP) / margin : GP +15% to $107.6 million; GP margin +360 bps to 34.8%; Income from operations: +38% to $23.6 million; Net income attributable to IDT: +125% to $17.2 million; GAAP EPS: Increased to $0.68 from $0.30; Non-GAAP EPS : Increased to $0.71from $0.32; Adjusted EBITDA: +31% to $29.1 million; Repurchased 37,714 shares of IDT Class B common stock in market transactions for $1.3 million. REMARKS BY SHMUEL JONAS, CEO “Building on our momentum from fiscal 2024, IDT delivered strong financial results in the first quarter of fiscal 2025, including record levels of gross profit, gross profit margin and Adjusted EBITDA. Consolidated revenue has now increased sequentially for three consecutive quarters. NRS along with our Fintech segment powered by BOSS Money, and net2phone each achieved robust increases in revenue, gross profit, and Adjusted EBITDA. “At NRS, we are focused on providing solutions to address the needs of our independent retailer market while heavily investing to develop new products and services to broaden our addressable market. In Q1, we continued to achieve increased adoption rates on our payment processing offerings and SaaS feature plans. We look forward to continuing this momentum through the remainder of the fiscal year. “BOSS Money’s Q1 results reflected our decision to enhance margins, particularly within our retail channel. As a result, BOSS Money’s gross margin expanded significantly and transaction growth slowed somewhat. The enhanced margins boosted Fintech’s Q1 income from operations by $4.6 million year-over-year, and in November, following the quarter close, transaction growth rebounded led by D2C. “net2phone increased seats served to over four hundred thousand, driving a 13% increase in subscription revenue, despite the negative FX impact to its Latin American operations from the strong US dollar. net2phone’s financial discipline also contributed to healthy increases in income from operations and Adjusted EBITDA. “In the Traditional Communications segment, our ongoing efforts to streamline these business units and improve their economics continue to pay off. In Q1, the year over year revenue decrease was 4%, while income from operations increased by 2%." 1Q25 RESULTS BY SEGMENT National Retail Solutions (NRS) NRS Take-Aways / Updates: NRS added approximately 1,000 net active terminals during Q1, a decrease in net adds compared to recent quarters. The decrease primarily reflects elevated (and expected, as noted in IDT’s 4Q24 earnings release) - seasonal churn. In addition, NRS added approximately 1,400 net payment processing accounts during the quarter. The 51% increase in Merchant Services & Other revenue was driven by the growth in payment processing accounts, and higher merchant services revenue per account, driven in part by the increased percentage of retail transactions paid with a credit or debit card. The 30% increase in SaaS Fees revenue reflects the growth of net active terminals and migration of retailers to premium SaaS plans. Fintech Fintech Take-Aways: BOSS Money revenue increased 39% driven primarily by successful cross-marketing initiatives within the larger BOSS ecosystem and, to a lesser extent, by expansion of the retail agent network. The increase in BOSS Money transactions reflected a 41% increase in digital transactions and a 29% increase in retail transactions. Across both channels, and particularly in the retail channel, BOSS Money focused during Q1 on expanding gross margin per transaction, which contributed to a 45% increase in the Fintech segment’s gross profit even as year-over-year transaction growth at Retail slowed. The strong increases in Fintech’s income from operations and Adjusted EBITDA were driven by BOSS Money revenue growth, higher margin on BOSS Money transactions and improved operating leverage as the business continues to scale. net2phone net2phone Take-Aways: Seats served increased by 11% year over year powered by continued expansion in key markets led by the U.S., Brazil, and Mexico. CCaaS seats served increased by 19% year-over year. Subscription revenue increased by 13% year-over-year driven both by the growth in seats served and in the subscription revenue-per-seat * * , as net2phone’s higher revenue-per-seat CCaaS offering continues to grow as a percentage of total seats served. These factors overcame the negative FX impact of a strengthened US dollar versus local currencies in net2phone’s key Latin American markets. Excluding the translation FX impact, subscription revenue increased by 16% year-over-year. Operating margin * * increased to +5% from break even in 1Q24, and Adjusted EBITDA margin * * increased to 12% from 7%. Traditional Communications Take-Aways: The year-over-year increase in IDT Digital Payments’ revenue largely reflects improved unit pricing economics. IDT Global continues to mitigate the impacts of the ongoing industry-wide declines in paid-minute voice through a traffic mix shift to higher margin routes and operational efficiencies. For the second consecutive quarter, both income from operations and Adjusted EBITDA for Traditional Communications increased, driven by both improved pricing at IDT Digital Payments and decreases in SG&A and Technology & Development expense, following significant cost cutting and streamlining initiatives undertaken during FY 2024. OTHER FINANCIAL RESULTS Consolidated results for all periods presented include corporate overhead. In 1Q25, Corporate G&A expense was $2.9 million compared to $2.8 million in 1Q24. As of October 31, 2024, IDT held $180.4 million in cash, cash equivalents, debt securities, and current equity investments, a decrease from $193.0 million at July 31, 2024. The decrease predominantly reflects the timing of payments made by IDT to cover anticipated BOSS Money disbursement prefunding. Also at July 31, 2024, current assets totaled $431.7 million and current liabilities totaled $269.8 million. The Company had no outstanding debt at the quarter end. Net cash provided by operating activities decreased to $0.2 million in 1Q25 from $14.9 million in 1Q24. Exclusive of changes in customer funds deposits at IDT’s Fintech segment, net cash provided by operating activities was negative $(2.6) million in 1Q25 and positive $17.9 million in 1Q24. Capital expenditures increased to $5.3 million in 1Q25 from $4.3 million in 1Q24. IDT EARNINGS ANNOUNCEMENT INFORMATION This release is available for download in the “Investors & Media” section of the IDT Corporation website ( https://www.idt.net/investors-and-media ) and has been filed on a current report (Form 8-K) with the SEC. IDT will host an earnings conference call beginning at 5:30 PM Eastern today with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following access code: 335618. A replay of the conference call will be available approximately three hours after the call concludes through December 18, 2024. To access the call replay, dial 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and provide this replay passcode: 51571. The replay will also be accessible via streaming audio at the IDT investor relations website . NOTES * Adjusted EBITDA and Non-GAAP EPS are Non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measures later in this release for an explanation of these terms and their respective reconciliations to the most directly comparable GAAP measures. * * See ‘Explanation of Key Performance Metrics’ at the end of this release. ABOUT IDT CORPORATION IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging. All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements. CONTACT IDT Corporation Investor Relations Bill Ulrey william.ulrey@idt.net 973-438-3838 IDT CORPORATION CONSOLIDATED BALANCE SHEETS IDT CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited) IDT CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) * Reconciliation of Non-GAAP Financial Measures for the First Quarter Fiscal 202 5 and 202 4 In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed for 1Q25, 4Q24, and 1Q24, Adjusted EBITDA, and for 1Q25 and 1Q24, non-GAAP earnings per diluted share (Non-GAAP EPS). Adjusted EBITDA and Non-GAAP EPS are non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. The following explains these terms and their respective reconciliations to the most directly comparable GAAP measures Generally, a non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. IDT’s measure of Non-GAAP EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares. IDT’s measure of non-GAAP net income starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expenses, and deducts other operating gains. These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2025 and fiscal 2024 periods. Management believes that IDT’s Adjusted EBITDA and Non-GAAP EPS are measures which provide useful information to both management and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA and Non-GAAP EPS to evaluate operating performance in relation to IDT’s competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting. Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and IDT's historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated. While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or capitalized in prior periods. IDT’s Adjusted EBITDA, which is exclusive of depreciation and amortization, is a useful indicator of its current performance. Severance expense is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations. Other operating gains (expense), net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA and Non-GAAP EPS. Other operating gains (expense), net includes, among other items, legal fees net of insurance claims related to Straight Path Communications Inc.’s stockholders’ class action and gain from the write-off of a contingent consideration liability. From time-to-time, IDT may have gains or incur costs related to non-routine legal, tax, and other matters, however, these various items generally do not occur each quarter. IDT believes the gain and losses from these non-routine matters are not components of IDT’s or the relevant segment’s core operating results. Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT’s calculation of Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees’ compensation that impacts their performance. Adjusted EBITDA and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurements of Adjusted EBITDA and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies. Following are reconciliations of Adjusted EBITDA and Non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, income (loss) from operations for IDT’s reportable segments and net income for IDT on a consolidated basis, and (b) for Non-GAAP EPS, diluted earnings per share. IDT Corporation Reconciliation of Net Income to Adjusted EBITDA (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions IDT Corporation Reconciliation of Net Income to Adjusted EBITDA (unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions IDT Corporation Reconciliation of Earnings per share to Non-GAAP EPS (unaudited) in millions, except per share data. Figures may not foot due to rounding to millions. * * Explanation of Key Performance Metrics NRS’ recurring revenue is calculated by subtracting NRS’ revenue from POS terminal sales from its revenue in accordance with GAAP. NRS’ Monthly Average Recurring Revenue per Terminal is calculated by dividing NRS’ recurring revenue by the average number of active POS terminals during the period. The average number of active POS terminals is calculated by adding the beginning and ending number of active POS terminals during the period and dividing by two. NRS’ recurring revenue divided by the average number of active POS terminals is divided by three when the period is a fiscal quarter. Recurring revenue and Monthly Average Recurring Revenue per Terminal are useful for comparisons of NRS’ revenue and revenue per customer to prior periods and to competitors and others in the market, as well as for forecasting future revenue from the customer base. BOSS Money’s Average Revenue per Transaction is calculated by dividing BOSS Money’s revenue in accordance with GAAP by the number of transactions during the period. Average Revenue per Transaction is useful for comparisons of BOSS Money’s revenue per transaction to prior periods and to competitors and others in the market, as well as for forecasting future revenue based on transaction trends. net2phone’s subscription revenue is calculated by subtracting net2phone’s equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil from its revenue in accordance with GAAP. net2phone’s cloud communications and contact center offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization. The number of seats served and subscription revenue trends and comparisons between periods are used in the analysis of net2phone’s revenues and direct cost of revenues and are strong indications of the top-line growth and performance of the business. net2phone’s subscription revenue per seat is calculated by dividing net2phone’s subscription revenue, as defined in the preceding paragraph, by the average number of seats served during the period. The average number of seats served is calculated by adding the beginning and ending number of seats served and dividing by two. Subscription revenue per seat is the amount of revenue generated by each seat sold during the period. It provides a basis for pricing seat-based services, as well as for comparing performance in past periods and projecting future revenue, and for comparing the value of each seat served to competitors. net2phone’s operating margin is calculated by dividing GAAP income from operations by GAAP revenue for the period indicated. Operating margin measures the percentage that each dollar of revenue contributes to profitability. Operating margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future income from operations levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers. net2phone’s Adjusted EBITDA margin is calculated by dividing net2phone’s Adjusted EBITDA, a Non-GAAP measure, by net2phone’s GAAP revenue for the comparable quarter or period. Adjusted EBITDA margin measures the percentage that each dollar of revenue contributes to profitability before interest, taxes, depreciation and amortization, and other adjustments as described in the Reconciliation of Non-GAAP Financial Measures. net2phone’s Adjusted EBITDA margin is useful for evaluating current period profitability relative to sales, for comparisons to prior period performance, for forecasting future Adjusted EBITDA levels based on projected levels of sales, and for comparing net2phone’s relative profitability to its competitors and peers. # # #

MONCTON, New Brunswick, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Major Drilling Group International Inc. (“Major Drilling”), is pleased to announce the appointment of Ashley Martin as Chief Operating Officer (“COO”) of the Company, effective immediately. “I am happy to announce the promotion of Ashley into the newly created role of COO. This appointment is in line with our strategic focus on growth and innovation. Ashley has dedicated 30 years to the drilling industry, with the last 23 years focused on Major Drilling's success. Throughout his career, he has excelled in various leadership roles, including General Manager of Canada and, more recently, Vice President of Operations – Latin America,” Mr. Denis Larocque, President & CEO of Major Drilling said. As COO, Mr. Martin will work closely with recently appointed Chief Technology Officer (“CTO”), Marc Landry, to implement innovative operational solutions and data technologies throughout the organization, a reflection of Major Drilling’s commitment to enhancing operational efficiency and continuous improvements on safety. “This new role will help support our growth initiatives in terms of integration of our latest Explomin acquisition, but also in terms of organic growth in new jurisdictions,” Mr. Larocque explained. “The creation of new COO and CTO roles is aimed at reinforcing our position as the leader in the specialized drilling market and meeting the increasing demands of our valued customers, as the long-term outlook for the Company remains encouraging,” said Mr. Larocque. Forward-Looking Statements This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this news release that address future events, developments, or performance that the Company expects to occur (including management’s expectations regarding the Company’s objectives, strategies, financial condition, results of operations, cash flows and businesses) are forward-looking statements. Forward-looking statements are typically identified by future or conditional verbs such as “outlook”, “believe”, “anticipate”, “estimate”, “project”, “expect”, “intend”, “plan”, and terms and expressions of similar import. All forward-looking information in this news release is qualified by this cautionary note. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such forward-looking statements are subject to a number of risks and uncertainties that include, but are not limited to: the level of activity in the mining industry and the demand for the Company’s services; competitive pressures; global and local political and economic environments and conditions; the level of funding for the Company’s clients (particularly for junior mining companies); the Company’s dependence on key customers; the integration of business acquisitions and the realization of the intended benefits of such acquisitions; efficient management of the Company’s growth; exposure to currency movements (which can affect the Company’s revenue in Canadian dollars); currency restrictions; safety of the Company’s workforce; risks and uncertainties relating to climate change and natural disaster; the geographic distribution of the Company’s operations; the impact of operational changes; changes in jurisdictions in which the Company operates (including changes in regulation); failure by counterparties to fulfill contractual obligations; disease outbreak; as well as other risk factors described under “General Risks and Uncertainties” in the Company’s MD&A for the year ended April 30, 2024, available on the SEDAR+ website at www.sedarplus.ca . Should one or more risk, uncertainty, contingency, or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Forward-looking statements made in this document are made as of the date of this document and the Company disclaims any intention and assumes no obligation to update any forward-looking statement, even if new information becomes available, as a result of future events, or for any other reasons, except as required by applicable securities laws. About Major Drilling Major Drilling Group International Inc. is the world’s leading provider of specialized drilling services primarily serving the mining industry. Established in 1980, Major Drilling has over 1,000 years of combined experience and expertise within its management team. The Company maintains field operations and offices in North America, South America, Australia, Asia, Africa, and Europe. Major Drilling provides a complete suite of drilling services including surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/longhole drilling, surface drill and blast, a variety of mine services, and ongoing development of data-driven, high-tech drillside solutions. For further information: Ryan Hanley Director, Corporate Development & Investor Relations Tel: (506) 857-8636 ir@majordrilling.comThis hospital in Venezuela restores discarded toys for another round of love