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Selected Quarterly Financial Data (Unaudited) | 12 Months Ended
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Jul. 31, 2018
Selected Quarterly Financial Data (Unaudited) [Abstract] |
Selected Quarterly Financial Data (Unaudited) | Note 24—Selected Quarterly Financial Data (Unaudited) The table below presents selected quarterly financial data of the Company for its fiscal quarters in fiscal 2018 and fiscal 2017:
Quarter Ended (in thousands, except per share data) |  | Revenues |  |  | Direct cost of revenues |  |  | Income (loss) from operations |  |  | Net (loss) income |  |  | Net (loss) income attributable to IDT Corporation |  |  | Net (loss) income per share –basic |  |  | Net (loss) income per share – diluted |
2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
October 31 |  | $ | 393,555 |  |  | $ | 336,510 |  |  | $ | 83 |  |  | $ | (1,797 | ) |  | $ | (2,092 | ) |  | $ | (0.08 | ) |  | $ | (0.08 | )
January 31(a) |  |  | 395,883 |  |  |  | 337,229 |  |  |  | (480 | ) |  |  | 1,690 |  |  |  | 1,516 |  |  |  | 0.06 |  |  |  | 0.06 |
April 30 (b) |  |  | 365,410 |  |  |  | 307,165 |  |  |  | (1,693 | ) |  |  | (3,230 | ) |  |  | (3,458 | ) |  |  | (0.14 | ) |  |  | (0.14 | )
July 31(c) |  |  | 392,647 |  |  |  | 325,133 |  |  |  | 10,468 |  |  |  | 8,536 |  |  |  | 8,242 |  |  |  | 0.33 |  |  |  | 0.33 |
TOTAL |  | $ | 1,547,495 |  |  | $ | 1,306,037 |  |  | $ | 8,378 |  |  | $ | 5,199 |  |  | $ | 4,208 |  |  | $ | 0.17 |  |  | $ | 0.17 |
2017: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
October 31(d) |  | $ | 369,151 |  |  | $ | 313,029 |  |  | $ | 5,186 |  |  | $ | 22,294 |  |  | $ | 21,918 |  |  | $ | 0.97 |  |  | $ | 0.96 |
January 31 |  |  | 367,556 |  |  |  | 310,913 |  |  |  | 3,128 |  |  |  | 1,257 |  |  |  | 875 |  |  |  | 0.04 |  |  |  | 0.04 |
April 30 (e) |  |  | 370,035 |  |  |  | 314,704 |  |  |  | (6,502 | ) |  |  | (4,452 | ) |  |  | (4,775 | ) |  |  | (0.21 | ) |  |  | (0.21 | )
July 31(f) |  |  | 394,987 |  |  |  | 337,062 |  |  |  | 3,737 |  |  |  | (9,458 | ) |  |  | (9,841 | ) |  |  | (0.41 | ) |  |  | (0.41 | )
TOTAL |  | $ | 1,501,729 |  |  | $ | 1,275,708 |  |  | $ | 5,549 |  |  | $ | 9,641 |  |  | $ | 8,177 |  |  | $ | 0.35 |  |  | $ | 0.35 |
| (a) | Included in net income was a benefit from income taxes of $3.3 million for an anticipated AMT credit refund.
| (b) | Included in loss from operations was severance expense of $3.7 million.
| (c) | Included in revenues was $9.5 million related to a change in estimate for recognizing certain breakage revenue. The Company recorded breakage revenue when the likelihood of the customer exercising its remaining rights became remote. In the fourth quarter of 2018, the Company changed when it generally deemed the likelihood remote from 24 or 36 months of no activity to 12 or 24 months of no activity. Included in income from operations was severance expense of $0.3 million and other operating losses, net of $0.4 million.
| (d) | Included in net income was a benefit from income taxes of $16.6 million from the full recognition of certain deferred tax assets.
| (e) | Included in loss from operations was expense of $10.1 million related to a legal settlement and mutual release, including legal fees incurred in the quarter.
| (f) | Included in net loss was income tax expense of $11.1 million from an increase in the valuation allowance on deferred tax assets.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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