Good evening, and welcome to the IDT Corporation's 3rd Quarter Fiscal Year 2021 Earnings Call. In today's presentation, IDT's management will discuss IDT's financial and operational results for the 3 month period ended April 30, 2021. During remarks by IDT's Chief Executive Officer, Joel Jonas, all participants will be in a listen only mode. After the prepared remarks, Marcelo Fischer, IDT's Chief Financial Officer, We'll join Mr. Jonas for Q and A.
Any forward looking statements made during this conference call, either in the prepared remarks or in the Q and 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 to either update any forward looking statements that they have made or may make or to update the factors that may cause actual results to differ are materially from those that they forecast. In their presentation or in the Q and A session, IDT's management may make reference to non GAAP Measures included adjusted EBITDA, adjusted EBITDA less CapEx, non GAAP net income and non GAAP earnings per share. The schedule provided in the IDT earnings release reconciles adjusted EBITDA, adjusted EBITDA less CapEx, non GAAP net income and non GAAP earnings per share 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. The earnings release has also been filed on a Form 8 ks with the SEC. I will now turn the conference over to Mr. Jonas.
Thank you, operator. Welcome to IDT's Q3 fiscal year 2021 earnings call covering results for the 3 months ended April 30, 2021. I'm joined today on the call by Marcelo Fischer, IDT's Chief Financial Officer. For a detailed report on our financial and operational results, please read our earnings release filed earlier today in our Form 10 Q, which we expect to with the SEC on or about June 9. IDT continued to deliver strong results reflecting the sustained execution of our strategic priorities and the robust operating performances of our businesses.
As a result, our top and bottom lines increased appreciably compared to the year ago and prior quarters, Even when excluding the positive impacts of a reversal of income tax valuation allowances And gains on investments recorded this quarter, consolidated revenue increased $52,000,000 year over year to $374,000,000 It was our 4th consecutive quarter of year over year revenue increasing with solid performances across the board, including an exceptional to $13,900,000 this quarter. Our adjusted EBITDA less CapEx, which is overall a good proxy for cash generation, Jumped to $13,200,000 $5,700,000 Sorry, I just had to join me. I apologize. I'm sorry, everyone, it's a problem with my prerecording. I'm just going to go back and drop, I apologize.
Consolidated income from operations increased $10,100,000 to $13,900,000 this quarter. While adjusted EBITDA less CapEx, which is overall a good proxy for cash generation, jumped to $13,200,000 from $5,700,000 All 3 of our reporting segments net to phone new cast, FinTech and traditional communications met or exceeded our expectations. Our high growth, high margin businesses once again performed extremely well. NetSol delivered subscription revenue growth of 39% year over year. The increase reflected in part for progress on NetSuite's development roadmap.
NetSuite continued to add API third party integrations and now offers integrations with Salesforce, Zoho, As is the new segment across its domestic and international markets, in our FinTech segment, NRS accelerated its impressive revenue growth, increasing revenue by over 120% year over year, led by paying processing and digital advertising services. This quarter, NRS announced a partnership enabling our independent retailers to ship and receive commerce packages. This deal illustrates the real strength of the NRS Namely its ability to generate revenue from a variety of services in ways that add tremendous value to our retailers. Also within FinTech, our Boss Revolution Money Transfer business remains strong, generating 63% revenue growth year over year After excluding the significant positive impact of the transient FX opportunity, we successfully pursued starting with the year ago quarter, which finally and completely ceased in the Q2 of this year. Our Money Transfer team has done a great job of enhancing the Boston Evolution Money app user experience and systematically cross selling customers from our other bus offerings.
In the coming months, we will continue to grow our money transfer service to new quarters, enhance our distribution network, notably in Africa and expanded to new origination markets. These initiatives offer abundant long term growth potential. And finally, within our largest segment, traditional communications, mobile top up revenue jumped by $36,000,000 sequentially and by $47,000,000 year over year, underscoring the vigor of these offerings and the potential to sustain long term cash generation. This significant revenue increase reflects our recent efforts to grow our share in the mobile pop up space. Powered by mobile pop up, adjusted EBITDA less CapEx for the traditional communications segment jumped to $20,800,000 an increase of $8,700,000 from the year ago quarter.
Finishing up our strong third quarter operational results enabled us to further strengthen our balance sheet It's a significant improvement to available cash and current ratio this quarter. Now Marcelo and I would be happy to take your questions. And I'm sure some of my kids would love to join, but hopefully it will just be the 2 of us.
We will now begin the question and answer session. Our first question will come from James Smith, a Private Investor, please go ahead.
Hi, good evening. I have two questions. The first one is in relation to NTU, the large sequential jump. If you could just go into a little more detail there as to product development initiatives and the extent to which you think that's sustainable in future quarters. And then the second question was on MarketSpark in early April, just a little more detail on what that product is, in which division it's going to sit And sort of what the plan is there?
Thank you.
Okay. The IMT business was really broad based games. I mean, we had games at Retail, wholesale, direct to consumer, Africa, Latin America, There were some significant opportunities that we seized upon this quarter That we believe will continue, and we think that it has a bright future ahead. As far as marketSpark, it's been an interesting ride so far. We're very excited about it.
That being said, it's not It's we're not used to being passive investors, we're used to being real operators And we did not do the market for investment as the management in the business. That being said, I think the management in the business is very strong. The basic opportunity that we see in MarketSpark There's a need to move from what people call potline to basically cellular lines. As carriers effectively try to cut the Copper wires in whole sections of the country, there's a need for security systems, POS systems, Really any phone lines that require a specialized connection That was done over copper for years years to switch to cellular. And Basically, MarketSpark provides the technology to do so.
And it's a very compelling offer For a variety of reasons, the easiest one to explain is that there's a big advantage And the offer based on the taxes, so that the SEC taxes platform at a very, very high rate and cellular at a very, very low rate. So immediately you're able to save customers money Almost guaranteed. And that's been the reason why they've landed so many large customers so quickly. That being said, it's having its growing pains and but we think that it has An eventual very, very bright future. So I hope that kind of answered your question.
Did that answer your question, please, Kristine?
Yes. And James, in terms of where we belong, because as you mentioned, We have taken a minority position in the company. So we are going to be accounting for that investment under the equity method. We are not consolidating it. And therefore, now the results, offshore results of that business will be reflected as an operating income or expense item
Our next question will come from Brian Warner, a Private Investor, please go ahead. Apologies, Brian seems to have dropped off. Our next question will come from will be a follow-up from James Smith. Please go ahead.
Thanks. Without wanting to hold the microphone, is there an update
you can share with regard
to the potential spin off or spin out Of the Usinsk division?
It's still on track. We don't have any Change in status to what we told you last quarter.
Got it. Thank you.
Our next question will come from Tim Delaney with Emergent. Please go ahead. Hi, guys. Could you comment on the change in reporting for the NRS installs?
Yes, sure. Yes. I mean, we decided to show as the metric the amount of point of sales Units that are active in the network, which is the metric that we used to show still a few quarters ago, We found that to be a better metric to help investors in being able to associate better the growth of the POS Terminals and the fast growth on the revenues as opposed to using billable Information. Because billable information, sometimes it varies depending on some of the billing terms To different customers, some of the collection terms, it could be a little more spotty. Using active terminals now So another trend.
Maybe and it's a bit more of a conservative number as well because typically You may have more billable units than active units. For example, if a retailer is going for vacation or it's a With the retailer, those situations, now people might be billing the retailer, the unit might not be active. And we define active meaning that there is a transaction activity going through the units. So we found that showing active You'll need to run off the terminals, would be a better way to show the KPI trend in a more consistent way with our revenue increase.
Great. Thank you. Our next question will come from Brian Warner, a Private Investor. Please go ahead.
Hi. Sorry about that before. I'm not sure what when I got cut off. But I had three questions. One was maybe you can give us a little more color on what you're doing in mobile top up to take share there because that was quite a quarter.
And maybe you can frame the opportunity as you see it over the next few years for that piece of traditional. Secondly, maybe you could touch on how your mobile offering with T Mobile is going? And then finally, maybe Give us a little color on the timing and anything else you might want to share on invested funds spin off. So maybe not in order to the way you asked them, but on the third one, I mean, I think that we answered that question to a Previous caller, there's no change in the timeframe that we provided last quarter. As far as The MD and O through T Mobile, it's actually going very well.
We had our best growth So far, the past couple of weeks. And again, It's a product that had a hard time as everyone knows launching, but we're actually doing Pretty good numbers so far. As far as the IMTU, as I said, it really was a very broad based Again, really throughout every channel that we sell internationally, domestic, B2B, wholesale, etcetera, we really did well across the board. Again, there's always market opportunities and we try to capitalize on them when they come. And We believe that a lot of the small acquisitions that we've done in the space are helping with it both in terms of Technology that we've acquired as well as the expertise and pricing information that we now have.
And that's allowed us to capture larger percentage of the market. And I think it's A very growing market in general. I mean, the amount of data that people are using worldwide continues to grow and the need for people To top up both their loved ones phones as well as their own phones in the country continues to grow and we're providing their services In both places, both domestically as well as internationally. I got you. Sounds great.
Congratulations.
As there are no more questions, this concludes our question and answer session and conference call. Thank you for attending today's presentation. You may now disconnect.