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William Vaughan

Research Analyst at Corient

William Vaughan is an analyst at Corient, focusing on company research and earnings calls with specialization in communications and technology. He has conducted detailed coverage of firms such as IDT Corp, participating actively in earnings call questions and Q&A analysis. Vaughan’s record includes engagement on at least four earnings calls for IDT Corp and performance reviews tracked by independent research platforms. Information about his previous firms, career start date, and professional credentials such as FINRA registration or securities licenses is currently unavailable.

William Vaughan's questions to IDT (IDT) leadership

William Vaughan's questions to IDT (IDT) leadership • Q4 2025

Question

William Vaughan from Corient inquired about the reasons behind the increased churn rate in NRS terminals, specifically asking if it was due to competition or other factors, and whether new competitors were startups or established players. He also questioned the sustainability of BOSS Money's strong digital growth rate given market maturity and external factors like immigration policy. Finally, Mr. Vaughan asked about IDT's M&A strategy, specifically if the company would prioritize smaller or larger acquisitions after a recent sizable opportunity did not materialize.

Answer

IDT CEO Shmuel Jonas attributed NRS churn to immigration enforcement impacting store closures, increased competition from both startups and legacy players like Clover, card scheme non-compliance claims, and recent technical issues with equipment, which are now largely resolved. For BOSS Money, Mr. Jonas acknowledged potential growth moderation due to market maturity and immigration policy shifts but highlighted mitigating factors like new digital initiatives and the upcoming federal tax on cash remittances. CFO Marcelo Fischer noted a budgeted high-teens growth rate for BOSS Money revenue. Regarding M&A, Mr. Jonas indicated a preference for smaller acquisitions due to fewer large opportunities meeting their criteria, but stressed a current focus on organic growth and internal investments.

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William Vaughan's questions to IDT (IDT) leadership • Q4 2025

Question

William Vaughan asked about the increased churn rate at NRS, seeking reasons such as immigration enforcement, competitive landscape, card scheme compliance issues, and technical problems. He also inquired whether new competitors were startups or legacy players. For BOSS Money, he questioned the sustainability of its strong digital growth, considering market maturity, immigration policy shifts, and the impact of the upcoming federal tax on remittances. Lastly, he asked about IDT's M&A strategy, specifically if the company is leaning towards smaller or larger acquisitions, or prioritizing organic investments.

Answer

CEO Shmuel Jonas attributed NRS churn to several factors: local immigration enforcement leading to store closures, increased competition from both startups and legacy players (like Clover) offering less substance, card scheme compliance issues unfairly impacting retailers, and recent technical issues with equipment causing inaccurate reporting, which are now mostly resolved. Regarding BOSS Money, Mr. Jonas acknowledged that immigration policy shifts are not favorable for the remittance business and that it's becoming a more mature business, potentially slowing growth. However, he noted that initiatives like wallets and WhatsApp, along with the upcoming federal tax (which might drive more users to digital to save money), could help sustain growth. CFO Marcelo Fischer added that the budget for BOSS Money revenue growth is in the high teens for the year. On M&A, Mr. Jonas indicated that while large opportunities are fewer, IDT is currently leaning towards smaller acquisitions and doubling down on internal organic investments due to past prudence and successful internal builds.

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William Vaughan's questions to IDT (IDT) leadership • Q4 2025

Question

William Vaughan from Corient asked about the factors contributing to the increased churn rate in NRS terminals, seeking clarification on whether new competitors are startups or legacy businesses. He also questioned the sustainability of BOSS Money's strong digital growth, considering market maturity and external factors, and inquired about IDT's updated M&A strategy following a recently failed large acquisition, specifically if the company is now leaning towards smaller acquisitions or increased organic investment.

Answer

CEO Shmuel Jonas attributed NRS churn to several factors: local immigration enforcement causing store closures, heightened competition from both startups and legacy players (like Clover), card scheme non-compliance issues impacting retailers, and recent technical equipment problems that are now largely resolved. He acknowledged that BOSS Money's growth might moderate due to shifts in immigration policy and market maturity, but noted that new initiatives and the upcoming federal tax on cash remittances could support continued digital channel expansion. CFO Marcelo Fischer added that BOSS Money's revenue growth is budgeted in the high teens for the current fiscal year. Regarding M&A, Jonas indicated that while large, qualified opportunities are rare, IDT is currently prioritizing internal development and organic customer acquisition over acquisitions in the short term, though smaller acquisitions remain a possibility.

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William Vaughan's questions to IDT (IDT) leadership • Q3 2025

Question

William Vaughan from Corient asked about a perceived slowdown in the growth of NRS POS terminals and merchant services. He also requested details on how the food delivery integration works with the POS system and questioned the Boss Money profit maximization strategy, particularly regarding investment in customer acquisition. In a follow-up, he inquired about the long-term EBITDA margin potential for the NetSuite business.

Answer

CEO Shmuel Jonas countered the idea of an NRS slowdown, stating that recent account sign-ups will benefit future quarters. He explained the delivery integration as an order management system that communicates status to delivery firms and enables dynamic pricing. For Boss Money, he confirmed profit optimization efforts are across all channels and are adapting to a customer trend of fewer, larger transactions. Jonas and CFO Marcelo Fischer addressed NetSuite's margins, explaining that while new AI products are currently subsidized to drive adoption, they are expected to be accretive long-term, aided by a changing product mix and disciplined cost management.

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William Vaughan's questions to IDT (IDT) leadership • Q3 2025

Question

Inquired about a perceived slowdown in NRS growth, the mechanics of the new food delivery integration, and profit maximization efforts in Boss Money. In follow-ups, he asked about long-term EBITDA margin potential for NetSuite phone and the strategy for customer acquisition investment in Boss Money's digital channel.

Answer

Management disagreed with the premise of an NRS slowdown, explaining that recent wins will show in future quarters. They detailed the food delivery integration's functionality. For Boss Money, profit optimization is happening across channels, adapting to a shift in user behavior towards larger, less frequent transactions. For NetSuite, long-term margins are expected to be accretive from new AI products, but it's complex to forecast. They confirmed they are considering increasing investment in Boss Money for organic customer acquisition.

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William Vaughan's questions to IDT (IDT) leadership • Q2 2025

Question

Asked about BOSS Money's strategy, focusing on the balance between profitability and more aggressive investment in customer acquisition compared to competitors, and also inquired about the performance of recent expansions into new countries. Followed up with a question about NRS, seeking color on growth trends by geography or customer vertical.

Answer

Management explained their conservative approach to BOSS Money, prioritizing profitable growth while cautiously increasing investment. They noted profitability is driven by the digital channel and that new country expansions are performing well but require scale. For NRS, they are seeing growth across all channels and are particularly excited about new integrations like DoorDash and automated ordering for liquor stores, though some other initiatives have been slower to gain traction.

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William Vaughan's questions to IDT (IDT) leadership • Q2 2025

Question

In a follow-up question, William Vaughan of Corient asked for more color on NRS growth, inquiring about any specific geographical or vertical trends and other key growth opportunities.

Answer

CEO Shmuel Jonas stated that growth is occurring across all channels without one specific standout. He highlighted several 'pet projects' he is excited about, including a new direct DoorDash integration, the QSR business, and automated inventory ordering with liquor companies. He also noted that other initiatives like LottoShield and Paypod had seen slower-than-expected adoption, but he remains optimistic about SaaS revenue growth from new features.

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