Shmuel Jonas - Chief Executive Officer Marcelo Fischer - Senior Vice President of Finance, Chief Financial Officer of IDT Telecom

Good day, everyone. And welcome to the IDT Corporation's Third Quarter Fiscal Year 2018 Earnings Conference Call. In today's presentation, IDT's management will discuss IDT's financial and operational results for the three-month period ended April 30, 2018. During prepared remarks 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 of Finance and 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 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 that 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 that they forecast. In the presentation or in the Q&A that will follow, IDT's management may make reference to some non-GAAP measurements, including 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 IDT earnings release is available on the Investor Relations page of the IDT Corporation Web site, www.idt.net. The earnings release has also been filed on Form 8-K with the SEC. And I would now like to turn the conference over to Mr. Jonas. Please go ahead

Thank you, Operator. Welcome to IDT's third quarter fiscal year 2018 earnings call covering results for the three months ended April 30, 2018. In my remarks, I will discuss the highlights of our quarter. For more detailed report on our financial and operational results, please see our press release filed earlier today and our Form 10-Q, which we will file with the SEC next week. The spin-off of Rafael Holdings in March marked another important step in our effort to maximize long-term stockholder value. Following the spin-off, we implemented a restructuring to reduce SG&A expense by over $2 million per quarter. Offsetting reductions in gross profit generated by our mature retail and wholesale businesses, while facilitating continued investment in our growth initiatives. Financial results this quarter were overall consistent with recent trends. Our revenue decrease was primarily the result of a loss of high volume but low margin wholesale carrier minutes, and had no significant impact on gross profit. Although, our bottom line reflected $3.7 million in severance expense, it was overall a good quarter. I was happy with the revenue growth generated by our early-stage business initiatives and the relative resilience of our core BOSS Revolution calling service. This quarter, we launched BOSS Revolution Mobile with a compelling offer of just $5 per month per line and pay-only-for-what-you-use voice, messaging and data, capped at only $39 per month. We have invested a significant amount of time and financial resources to develop our BOSS Revolution Mobile platform. We are hopeful that this substantial investment will pay off in a big way. We encourage you to try it by going to bossrevolutionmobile.com and tell your friends. Our National Retail Solutions business continues to grow its retail point-of-sale terminal network, adding about one thousand units this quarter. This quarter, we also signed…