ACQUISITION OF IWCO DIRECT (Tables)

12 Months Ended

Jul. 31, 2019

Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of assets acquired and liabilities assumed at the date of the acquisition:



	As Originally Reported			Adjustments			As Revised
	(In thousands)
Accounts receivable	$	47,841		$	(433	)	$	47,408
Inventories	27,165			5,829			32,994
Other current assets	7,427			3,197			10,624
Property and equipment	87,976			477			88,453
Intangible assets	210,920			2,330			213,250
Goodwill	259,085			(1,957		)	257,128
Other assets	3,040			—			3,040
Accounts payable	(31,069		)	—			(31,069		)
Accrued liabilities and other current liabilities	(35,790		)	(30,368		)	(66,158		)
Customer deposits	(7,829		)	—			(7,829		)
Deferred income taxes	(79,918		)	2,755			(77,163		)
Other long-term liabilities	(19,627		)	18,170			(1,457		)
Total consideration	$	469,221		$	—		$	469,221

Summary of Pro Forma Information

The pro forma results were adjusted to reflect a fair value step-up to work-in-process inventory, as well as incremental depreciation and amortization based on fair value adjustments for the acquired property and equipment, and intangible assets. A reduction to interest expense is also reflected in the pro forma results to reflect the more favorable terms obtained with the new credit facility as compared to the interest rate under the former facility carried by IWCO. The pro forma results also reflect the reversal of the income tax valuation allowance that resulted from the acquisition in fiscal year 2017, rather than fiscal year 2018:



	Twelve Months Ended
	July 31, 2018
Net revenue	$	824,825
Net loss	$	(17,148	)