Other Operating (Expense) Gain, Net

12 Months Ended

Jul. 31, 2022

Other Income and Expenses [Abstract]

Other Operating (Expense) Gain, Net

Note 14—Other Operating (Expense) Gain, Net

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

Year ended July 31 (in thousands)	2022			2021			2020
Corporate —Straight Path Communications Inc. class action legal fees	$	(7,671	)	$	(2,876	)	$	(3,658	)
Corporate —Straight Path Communications Inc. class action insurance claims		6,635			3,101			3,127
Fintech—other		20			45			—
net2phone—write-off of contingent consideration liability		303			—			—
net2phone—other		(10	)		(100	)		(638	)
Traditional Communications—gain from sale of rights under class action lawsuit		—			2,000			—
Traditional Communications—net2phone indemnification claim		(96	)		(472	)		(1,244	)
Traditional Communications— accrual for non-income related taxes related to a foreign subsidiary		—			—			(2,150	)
Traditional Communications—other		(7	)		(967	)		(500	)
TOTAL	$	(826	)	$	731		$	(5,063	)

Straight Path Communications Inc. Class Action

As discussed in Note 23, 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 fiscal 2022, fiscal 2021, and fiscal 2020.

Write-off of Contingent Consideration

In fiscal 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 related to claims that merchants paid excessive fees to accept Visa and Mastercard cards between January 1, 2004 and January 25, 2019.

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.

Accrual for Non-Income Related Taxes

In fiscal 2020, the Company recorded an accrual for non-income related taxes related to one of its foreign subsidiaries.