Variable Interest Entity

3 Months Ended

Oct. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

Note 9—Variable Interest Entity

The Company is the primary beneficiary of a VIE that operates money transfer businesses. The Company determined that, effective May 31, 2021, it had the power to direct the activities of the VIE that most significantly impact its economic performance, and the Company has the obligation to absorb losses of and the right to receive benefits from the VIE that could potentially be significant to it. As a result, the Company consolidates the VIE. The Company does not currently own any interest in the VIE and thus the net income incurred by the VIE was attributed to noncontrolling interests in the accompanying consolidated statements of operations.

The VIE’s net income and aggregate funding provided by (repaid to) the Company by the VIE were as follows:

	Three Months Ended October 31,
	2022		2021
	(in thousands)
Net income of the VIE	$	140	$	144
Aggregate funding provided by (repaid to) the Company, net	$	97	$	(3	)

The VIE’s summarized consolidated balance sheet amounts are as follows:

	October 31, 2022			July 31, 2022
	(in thousands)
Assets:
Cash and equivalents	$	1,968		$	1,808
Restricted cash		6,349			4,490
Trade accounts receivable, net		5			31
Prepaid expenses		165			14
Other current assets		1,030			1,387
Due from the Company		—			86
Property, plant, and equipment, net		422			467
Other intangibles, net		851			889
Total assets	$	10,790		$	9,172
Liabilities and noncontrolling interests:
Trade accounts payable	$	—		$	—
Accrued expenses		43			20
Other current liabilities		7,022			5,559
Due to the Company		11			—
Accumulated other comprehensive loss		(28	)		(9	)
Noncontrolling interests		3,742			3,602
Total liabilities and noncontrolling interests	$	10,790		$	9,172

The VIE’s assets may only be used to settle the VIE’s obligations and may not be used for other consolidated entities. The VIE’s liabilities are non-recourse to the general credit of the Company’s other consolidated entities.