Other Operating (Expense) Gain, Net

9 Months Ended

Apr. 30, 2022

Other Income and Expenses [Abstract]

Other Operating (Expense) Gain, Net

Note 11—Other Operating (Expense) Gain, Net

The following table summarizes the other operating (expense) gain, net by business segment:

	Three Months Ended April 30,						Nine Months Ended April 30,
	2022			2021			2022			2021
	(in thousands)
Corporate—Straight Path Communications Inc. class action legal fees	$	(1,410	)	$	(299	)	$	(5,081	)	$	(2,017	)
Corporate—Straight Path Communications Inc. class action insurance claims		1,252			904			4,139			2,618
Fintech—other		13			45			13			45
net2phone-UCaaS—write-off of contingent consideration liability		—			—			303			—
net2phone-UCaaS—other		—			—			(10	)		(100	)
Traditional Communications—gain from sale of rights under class action lawsuit		—			—			—			2,000
Traditional Communications—net2phone indemnification claim		(33	)		(55	)		(68	)		(442	)
Traditional Communications—IDT Global settlement		—			—			—			(554	)
Traditional Communications—other		(1	)		—			(5	)		—
Total other operating (expense) gain, net	$	(179	)	$	595		$	(709	)	$	1,550

Straight Path Communications Inc. Class Action

As discussed in Note 17, the Company (as well as other defendants) has been named in a pending putative class action on behalf of the stockholders of the Company’s former subsidiary, Straight Path Communications Inc. (“Straight Path”), and a derivative complaint. The Company incurred legal fees and recorded offsetting gains from insurance claims related to this action in the three and nine months ended April 30, 2022 and 2021.

Write-off of Contingent Consideration

In the nine months ended April 30, 2022, the Company determined that the requirements for a contingent consideration payment related to an acquisition consummated in December 2019 would not be met before the expiration date for such contingency. The Company recognized a gain on the write-off of the contingent consideration payment obligation.

Gain from Sale of Rights under Class Action Lawsuit

On December 21, 2020, the Company received $2.0 million from the sale to a third party of all its rights under the Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. The lawsuit is about claims that merchants paid excessive fees to accept Visa and Mastercard cards between January 1, 2004 and January 25, 2019 because Visa and Mastercard, individually, and together with their respective member banks, violated the antitrust laws.

Indemnification Claim

Beginning in June 2019, as part of a commercial resolution, the Company indemnified a net2phone cable telephony customer related to patent infringement claims brought against the customer.