Equity Investments (Tables)

6 Months Ended

Jan. 31, 2022

Cash and Cash Equivalents [Abstract]

Schedule of Equity Investments

Equity investments consist of the following:

	January 31, 2022		July 31, 2021
	(in thousands)
Zedge, Inc. Class B common stock, 42,282 shares at January 31, 2022 and July 31, 2021	$	320	$	649
Rafael Holdings, Inc. Class B common stock, 290,214 and 246,565 shares at January 31, 2022 and July 31, 2021, respectively		1,201		12,479
Rafael Holdings, Inc. restricted Class B common stock, nil and 43,649 shares at January 31, 2022 and July 31, 2021, respectively		—		2,209
Other marketable equity securities		4,012		3,630
Fixed income mutual funds		22,961		23,467
Current equity investments	$	28,494	$	42,434
Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”)	$	2,261	$	2,465
Series B and Series C convertible preferred stock—equity method investment		2,509		2,901
Hedge funds		2,360		3,563
Other		1,225		2,725
Noncurrent equity investments	$	8,355	$	11,654

Schedule of Carrying Value of Equity Investments

The changes in the carrying value of the Company’s equity investments without readily determinable fair values for which the Company elected the measurement alternative was as follows:

	Three Months Ended January 31,				Six Months Ended January 31,
	2022		2021		2022			2021
	(in thousands)
Balance, beginning of period	$	2,397	$	2,109	$	2,743		$	4,109
Redemption for Visa mandatory release assessment		—		—		—			(1,870	)
Adjustment for observable transactions involving a similar investment from the same issuer		142		114		(204	)		(16	)
Impairments		—		—		—			—
Balance, end of the period	$	2,539	$	2,223	$	2,539		$	2,223

Schedule of Unrealized (losses) Gains for All Equity Investments

Unrealized gains and losses for all equity investments included the following:

	Three Months Ended January 31,					Six Months Ended January 31,
	2022			2021		2022			2021
	(in thousands)
Net (losses) gains recognized during the period on equity investments	$	(2,952	)	$	1,307	$	(17,446	)	$	387
Less: net gains recognized during the period on equity investments sold during the period		25			—		10			—
Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date	$	(2,977	)	$	1,307	$	(17,456	)	$	387

Summary of Changes in Equity Method Investments

The following table summarizes the change in the balance of the Company’s equity method investment:

	Three Months Ended January 31,					Six Months Ended January 31,
	2022			2021		2022			2021
	(in thousands)
Balance, beginning of period	$	3,329		$	—	$	2,901		$	—
Purchase of convertible preferred stock		—			—		1,051			—
Equity in the net loss of investee		(639	)		—		(1,080	)		—
Amortization of equity method basis difference		(181	)		—		(363	)		—
Balance, end of the period	$	2,509		$	—	$	2,509		$	—

Summary of Statements of Operations

Summarized financial information of the EMI was as follows:

	Three Months Ended January 31,					Six Months Ended January 31,
	2022			2021		2022			2021
	(in thousands)
Revenues	$	1,380		$	—	$	3,071		$	—
Costs and expenses:
Direct cost of revenues		1,443			—		2,905			—
Selling, general and administrative		774			—		2,663			—
Total costs and expenses		2,217			—		5,568			—
Loss from operations		(837	)		—		(2,497	)		—
Other expense		—			—		(1	)		—
Net loss	$	(837	)	$	—	$	(2,498	)	$	—