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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Apr. 30, 2024
Apr. 30, 2023
Operating activities    
Net income $ 30,572 $ 35,608
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15,256 14,986
Deferred income taxes 8,830 9,200
Provision for credit losses, doubtful accounts receivable, and reserve for settlement assets 3,010 1,180
Net unrealized loss from marketable securities 1,537 3,151
Stock-based compensation 5,375 3,537
Other 2,528 2,114
Change in assets and liabilities:    
Trade accounts receivable (9,000) 57
Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets 6,797 (29,184)
Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities (12,263) (6,220)
Customer deposits at IDT Financial Services Limited (Gibraltar-based bank) (431) (2,570)
Deferred revenue (2,903) (3,160)
Net cash provided by operating activities 49,308 28,699
Investing activities    
Capital expenditures (13,621) (16,033)
Purchase of convertible preferred stock in equity method investment (1,513) (168)
Payments for acquisition (60)
Purchases of debt securities and equity investments (27,593) (44,166)
Proceeds from maturities and sales of debt securities and redemptions of equity investments 41,527 34,309
Net cash used in investing activities (1,260) (26,058)
Financing activities    
Dividends paid (1,269)
Distributions to noncontrolling interests (62) (293)
Proceeds from notes payable 100 300
Repayment of notes payable. (128) (2,031)
Proceeds from borrowings under revolving credit facility 32,864 2,383
Repayment of borrowings under revolving credit facility. (32,864) (2,383)
Proceeds from exercise of stock options 172 172
Repurchases of Class B common stock (7,207) (7,845)
Net cash used in financing activities (8,394) (9,697)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents (5,632) 2,537
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents 34,022 (4,519)
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period 198,823 189,562
Cash, cash equivalents, and restricted cash and cash equivalents at end of period 232,845 185,043
Supplemental schedule of non-cash financing activities    
Shares of Class B common stock issued for business acquisition holdback payment 100
Restricted net2phone common stock withheld from employees for income tax obligations 3,558
Value of Class B common stock exchanged for National Retail Solutions shares 6,254
Conversion of equity method investment’s secured promissory notes into convertible preferred stock 4,038
Stock issued to certain executive officers for bonus payments $ 1,495 $ 615