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Income Taxes (Tables)
12 Months Ended
Jul. 31, 2023
Income Tax Disclosure [Abstract]  
Components of Income Before Income Taxes

The components of income before income taxes are as follows:

 

Year ended July 31
(in thousands)
  2023   2022   2021 
Domestic  $48,036   $25,025   $60,969 
Foreign   12,771    9,858    4,255 
INCOME BEFORE INCOME TAXES  $60,807   $34,883   $65,224 

Significant Components of Deferred Income Taxes

Significant components of the Company’s deferred income tax assets consist of the following:

 

July 31
(in thousands)
  2023   2022 
Deferred income tax assets:          
Bad debt reserve  $1,117   $959 
Accrued expenses   4,825    3,570 
Stock options and restricted stock   361    42 
Charitable contributions   724    730 
Depreciation   (585)   (640)
Unrealized gain   4,407    2,895 
Net operating loss   23,870    40,733 
Total deferred income tax assets   34,719    48,289 
Valuation allowance   (10,618)   (11,588)
NET DEFERRED INCOME TAX ASSETS  $24,101   $36,701 
Schedule of (Provision for) Benefits from Income Taxes

The (provision for) benefit from income taxes consist of the following:

 

Year ended July 31
(in thousands)
  2023   2022   2021 
Current:               
Federal  $(47)  $(45)  $ 
State and local   (1,511)   (863)   (512)
Foreign   (1,275)   (729)   (811)
Current   (2,833)   (1,637)   (1,323)
Deferred:               
Federal   (14,340)   (2,596)   26,408 
State and local   16    (19)   (57)
Foreign   716    (1,626)   6,639 
Deferred   (13,608)   (4,241)   32,990 
(PROVISION FOR) BENEFIT FROM INCOME TAXES  $(16,441)  $(5,878)  $31,667 
Schedule of Differences Between Income Taxes Expected Federal Statutory Income Taxes

The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes provided are as follows:

 

Year ended July 31
(in thousands)
  2023   2022   2021 
U.S. federal income tax at statutory rate  $(12,770)  $(7,325)  $(13,697)
Valuation allowance   970    1,147    47,862 
Foreign tax rate differential   (1,068)   (1,059)   (190)
Nondeductible expenses   (1,767)   2,044    (636)
Other   (625)   1    299 
Foreign restructuring           (1,510)
State and local income tax, net of federal benefit   (1,181)   (686)   (461)
(PROVISION FOR) BENEFIT FROM INCOME TAXES  $(16,441)  $(5,878)  $31,667 

Summary of Changes in Valuation Allowance

The change in the valuation allowance is as follows:

 

Year ended July 31
(in thousands)
  Balance at
beginning of
year
   Additions
charged to
 costs and
expenses
   Deductions   Balance at
 end of year
 
2023                    
Reserves deducted from deferred income taxes, net:                    
Valuation allowance  $11,588   $2,537   $(3,507)  $10,618 
2022                    
Reserves deducted from deferred income taxes, net:                    
Valuation allowance  $11,540   $48   $   $11,588 
2021                    
Reserves deducted from deferred income taxes, net:                    
Valuation allowance  $58,700   $835   $(47,995)  $11,540