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.