Good day. Welcome to the IDT Corporation's Fourth Quarter and Full Fiscal Year 2014 Earnings Conference Call. During management's prepared remarks, all participants will be in a 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, IDT's Chief Executive Officer, Shmuel Jonas, will discuss IDT's financial and operational results for the 3-month and 12-month's period ended July, 31, 2014. 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 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 they forecast. In their presentation or in the Q&A, IDT's management may make reference to the 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, www.idt.net. The earnings release has also been filed on a Form 8-K with the SEC. Finally, please note this event is being recorded. I would now like to turn the conference over to IDT's Chief Executive Officer, Shmuel Jonas.

Thank you, operator. Good evening and thank you for joining our Q4 2014 conference call. I apologize in advance if I coughed during my remarks. I am a little under the weather. My remarks today will focus on key operational and financial results for the fourth quarter 2014. Throughout my remarks, the financial results I discuss are for the quarter and are compared to the fourth quarter a year ago unless I specify otherwise. I also will be discussing our business strategy and outlook for fiscal year 2015. For a more comprehensive and detailed discussion of our results including for the full fiscal 2014, please read our earnings release issued earlier today and our Form 10-K, which will be filed no later than on October 14th. Following my remarks, Marcelo Fischer, our Senior Vice President - Finance and IDT Telecom's Chief Financial Officer will be glad to take your questions. IDT delivered strong results including year-over-year increases in revenue, adjusted EBITDA and earnings per share. Our IDT Telecom division and in particular its Boss Revolution PIN-less voice offering, again, was the key growth driver. Consolidated revenue for the quarter increased 2.1% to $421 million. This was the 17th quarter out of the last 18, in which we delivered a year-over-year revenue increase. Revenue in our core Telecom Platform Services segment, which we refer to as TPS was $410 million, 1.5% increase and a 3.9% increase sequentially. For sequential comparisons here and throughout my remarks keep in mind that our third quarter had three less days than our fourth quarter. For the full year, consolidated revenue was $1.65 billion compared to $1.62 billion in the fiscal 2013, an increase of 1.9%. Drilling down a bit, within TPS, our Retail Communications vertical accounted for 44.1% of TPS's revenue. Retail Communications' revenue increased…

Thank you, sir. We will now begin the question and answer session. (Operator Instructions) Our first question comes from Jay Srivatsa of Chardan Capital Markets. Please go ahead.

Yes. Thank you for taking my question. Shmuel, on the money remittance services, you mentioned you have expanded to about seven states. Just a couple of questions around that, one is when we expect to start to become material to the company. Two, would you consider using some of the cash from the Fabrix transaction to kick start or accelerate the rollout of that that product nationwide.

I guess, to answer your question maybe in the reverse order is I don't believe that the cash from the Fabrix transaction is necessary to increase the growth in money remittance. I think that money remittance is going to take a bit longer than we expected to become a material part of the business. It is probably more like two to three years before it becomes a very meaningful number and I don't think that that will really be helped by us throwing money or call at it. We have to get some more of our technology, I would say ready as well as our sales force in our compliance for each of the individual states up and ready before we can really expand it a lot.

Okay. Then in terms of TPS, you seem to indicate that next year you doubt my drop off a little bit because of additional expenses and you also talked about using the Fabrix money to look at some acquisition that area. Can you give us some timeline on what you are thinking and when do you expect to close the transaction that would hopefully make some contribution to 2015 guidance that you have given,

I don't have an answer to that yet, but I mean, we are hopeful that it will be in the next, let's say, three to six months, but it's not definitive in any way.

Okay. Then last question from me. In terms of Zedge, obviously, you have had a very good transaction with Fabrix. Are you considering a similar disposal of the Zedge. If not, what are you waiting for in terms of its own revenue contribution before you consider sale of that division.

We have no urgent need to sell any asset in IDT. Again, we believe that that will continue to grow. We think that it's actually really about to grow much more than it has up until now. We think that they will be even more valuable in a year from now.

Okay. Maybe one follow-up for Marcelo, I know you had a little bit of tax benefit this quarter. When you look at 2015, are you expecting a 40% tax rate to continue?

Hi Jay. If you look at our numbers, even when you skip out that one-time benefit with taxes related to the full valuation allowance. We ended our 2014 at an effective tax rate of 30%. As we go into 2015, there is a number of moving parts happening around the business worldwide, but in terms of guidance, I think you should use anywhere between 28% to 33% as a good range.

(Operator Instructions) Well, at this time, we are showing no further questions. That will conclude today's conference call. We thank you all for attending. At this time, you may disconnect your lines. Thank you. Have a great day, everyone.