Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2023 | Oct. 11, 2023 | Jan. 31, 2023 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jul. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity File Number | 1-16371 | ||
Entity Registrant Name | IDT Corporation | ||
Entity Central Index Key | 0001005731 | ||
Entity Tax Identification Number | 22-3415036 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 520 Broad Street, | ||
Entity Address, City or Town | Newark | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07102 | ||
City Area Code | (973) | ||
Local Phone Number | 438-1000 | ||
Title of 12(b) Security | Class B common stock, par value $0.01 per share | ||
Trading Symbol | IDT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 599.4 | ||
Documents Incorporated by Reference | The definitive proxy statement relating to the registrant’s Annual Meeting of Stockholders, to be held December 13, 2023, is incorporated by reference into Part III of this Form 10-K to the extent described therein. | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | New York, New York | ||
Common Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 23,587,244 | ||
Common Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 1,574,326 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 103,637 | $ 98,352 |
Restricted cash and cash equivalents | 95,186 | 91,210 |
Debt securities | 42,414 | 22,303 |
Equity investments | 6,198 | 17,091 |
Trade accounts receivable, net of allowance for doubtful accounts of $5,642 and $5,328 at July 31, 2023 and 2022, respectively | 32,092 | 39,525 |
Settlement assets, net of reserve of $1,143 and $554 at July 31, 2023 and 2022, respectively | 32,396 | 31,938 |
Disbursement prefunding | 30,113 | 21,057 |
Prepaid expenses | 16,638 | 17,526 |
Other current assets | 28,394 | 23,625 |
TOTAL CURRENT ASSETS | 387,068 | 362,627 |
Property, plant, and equipment, net | 38,655 | 36,866 |
Goodwill | 26,457 | 26,380 |
Other intangibles, net | 8,196 | 9,609 |
Equity investments | 9,874 | 7,426 |
Operating lease right-of-use assets | 5,540 | 7,210 |
Deferred income tax assets, net | 24,101 | 36,701 |
Other assets | 10,919 | 10,275 |
TOTAL ASSETS | 510,810 | 497,094 |
CURRENT LIABILITIES: | ||
Trade accounts payable | 22,231 | 28,543 |
Accrued expenses | 110,796 | 117,109 |
Deferred revenue | 35,343 | 36,531 |
Customer deposits | 86,481 | 85,764 |
Settlement liabilities | 21,495 | 17,659 |
Other current liabilities | 17,761 | 19,466 |
TOTAL CURRENT LIABILITIES | 294,107 | 305,072 |
Operating lease liabilities | 2,881 | 4,606 |
Other liabilities | 3,354 | 6,588 |
TOTAL LIABILITIES | 300,342 | 316,266 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 10,472 | 10,191 |
IDT Corporation stockholders’ equity: | ||
Preferred stock, $.01 par value; authorized shares—10,000; no shares issued | ||
Additional paid-in capital | 301,408 | 296,005 |
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 4,152 and 3,613 shares of Class B common stock at July 31, 2023 and 2022, respectively | (115,461) | (101,565) |
Accumulated other comprehensive loss | (17,192) | (11,305) |
Retained earnings (accumulated deficit) | 24,662 | (15,830) |
Total IDT Corporation stockholders’ equity | 193,729 | 167,615 |
Noncontrolling interests | 6,267 | 3,022 |
TOTAL EQUITY | 199,996 | 170,637 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY | 510,810 | 497,094 |
Common Class A [Member] | ||
IDT Corporation stockholders’ equity: | ||
Common stock, value | 33 | 33 |
Common Class B [Member] | ||
IDT Corporation stockholders’ equity: | ||
Common stock, value | $ 279 | $ 277 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Allowance for doubtful accounts receivable current | $ 5,642 | $ 5,328 |
Settlement assets, net of reserve | $ 1,143 | $ 554 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 35,000 | 35,000 |
Common stock, shares issued | 3,272 | 3,272 |
Common stock, shares outstanding | 1,574 | 1,574 |
Treasury stock shares | 1,698 | 1,698 |
Common Class B [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 27,851 | 27,725 |
Common stock, shares outstanding | 23,699 | 24,112 |
Treasury stock shares | 4,152 | 3,613 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | ||
Income Statement [Abstract] | ||||
REVENUES | $ 1,238,854 | $ 1,364,057 | $ 1,446,990 | |
COSTS AND EXPENSES: | ||||
Direct cost of revenues (exclusive of depreciation and amortization) | 875,734 | 1,034,430 | 1,154,048 | |
Selling, general and administrative | [1] | 276,891 | 250,481 | 218,467 |
Depreciation and amortization | 20,136 | 18,115 | 17,764 | |
Severance | 935 | 116 | 452 | |
TOTAL COSTS AND EXPENSES | 1,173,696 | 1,303,142 | 1,390,731 | |
Other operating (expense) gain, net (see Note 14) | (4,415) | (826) | 731 | |
Income from operations | 60,743 | 60,089 | 56,990 | |
Interest income, net | 3,147 | 146 | 318 | |
Other (expense) income, net | (3,083) | (25,352) | 7,916 | |
Income before income taxes | 60,807 | 34,883 | 65,224 | |
(Provision for) benefit from income taxes | (16,441) | (5,878) | 31,667 | |
NET INCOME | 44,366 | 29,005 | 96,891 | |
Net income attributable to noncontrolling interests | (3,874) | (1,977) | (416) | |
NET INCOME ATTRIBUTABLE TO IDT CORPORATION | $ 40,492 | $ 27,028 | $ 96,475 | |
Earnings per share attributable to IDT Corporation common stockholders: | ||||
Basic | $ 1.59 | $ 1.05 | $ 3.78 | |
Diluted | $ 1.58 | $ 1.03 | $ 3.70 | |
Weighted-average number of shares used in calculation of earnings per share: | ||||
Basic | 25,517 | 25,791 | 25,495 | |
Diluted | 25,577 | 26,356 | 26,053 | |
[1]Stock-based compensation included in selling, general and administrative expenses |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | ||
Income Statement [Abstract] | ||||
Share based compensation | [1] | $ 4,518 | $ 1,930 | $ 1,490 |
[1]Stock-based compensation included in selling, general and administrative expenses |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Income Statement [Abstract] | |||
NET INCOME | $ 44,366 | $ 29,005 | $ 96,891 |
Change in unrealized loss on available-for-sale securities | (99) | (537) | (51) |
Foreign currency translation adjustments | (5,788) | (585) | (2,722) |
Other comprehensive loss | (5,887) | (1,122) | (2,773) |
COMPREHENSIVE INCOME | 38,479 | 27,883 | 94,118 |
Comprehensive income attributable to noncontrolling interests | (3,874) | (1,977) | (416) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO IDT CORPORATION | $ 34,605 | $ 25,906 | $ 93,702 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
BALANCE at Jul. 31, 2020 | $ 71,139 | $ 33 | $ 260 | $ 277,443 | $ (56,221) | $ (7,410) | $ (139,333) | $ (3,633) |
Balance, shares at Jul. 31, 2020 | 3,272,000 | 25,961,000 | ||||||
Exercise of stock options | 687 | $ 1 | 686 | |||||
Exercise of stock options, shares | 81,000 | |||||||
Repurchases of Class B common stock through repurchase program | (2,849) | (2,849) | ||||||
Restricted Class B common stock purchased from employees | (1,343) | (1,343) | ||||||
Stock issued for matching contributions to the 401(k) Plan | 1,042 | 1,042 | ||||||
Stock issued for matching contributions to the 401(k) Plan, shares | 36,000 | |||||||
Grant of restricted equity in subsidiary | (2,361) | 2,361 | ||||||
Business acquisition | 669 | (276) | 945 | |||||
Acquisition of interest in variable interest entity | 2,509 | 2,509 | ||||||
Stock-based compensation | 1,490 | $ 3 | 1,487 | |||||
Stock-based compensation, shares | 301,000 | |||||||
Distributions to noncontrolling interests | (848) | (848) | ||||||
Other comprehensive loss | (2,773) | (2,773) | ||||||
Net income | 96,891 | 96,475 | 416 | |||||
Stock issued to certain executive officers for bonus payments | ||||||||
BALANCE at Jul. 31, 2021 | 166,614 | $ 33 | $ 264 | 278,021 | (60,413) | (10,183) | (42,858) | 1,750 |
Balance, shares at Jul. 31, 2021 | 3,272,000 | 26,379,000 | ||||||
Exercise of stock options | 137 | 137 | ||||||
Exercise of stock options, shares | 10,000 | |||||||
Repurchases of Class B common stock through repurchase program | (13,390) | (13,390) | ||||||
Restricted Class B common stock purchased from employees | (8,974) | (8,974) | ||||||
Stock-based compensation | 1,930 | $ 3 | 1,927 | |||||
Stock-based compensation, shares | 308,000 | |||||||
Distributions to noncontrolling interests | (514) | (514) | ||||||
Other comprehensive loss | (1,122) | (1,122) | ||||||
Net income | 28,814 | 27,028 | 1,786 | |||||
Exercise of stock options by Howard S. Jonas | (3,858) | $ 10 | 14,920 | (18,788) | ||||
Exercise of stock options by Howard S. Jonas, shares | 1,000,000 | |||||||
Business acquisition | 1,000 | 1,000 | ||||||
Business acquisition, shares | 28,000 | |||||||
Stock issued to certain executive officers for bonus payments | ||||||||
BALANCE at Jul. 31, 2022 | 170,637 | $ 33 | $ 277 | 296,005 | (101,565) | (11,305) | (15,830) | 3,022 |
Balance, shares at Jul. 31, 2022 | 3,272,000 | 27,725,000 | ||||||
Exercise of stock options | 172 | 172 | ||||||
Exercise of stock options, shares | 13,000 | |||||||
Repurchases of Class B common stock through repurchase program | (13,082) | (13,082) | ||||||
Restricted Class B common stock purchased from employees | (814) | (814) | ||||||
Stock-based compensation | 4,518 | $ 1 | 4,517 | |||||
Stock-based compensation, shares | 85,000 | |||||||
Distributions to noncontrolling interests | (348) | (348) | ||||||
Other comprehensive loss | (5,887) | (5,887) | ||||||
Net income | 44,085 | 40,492 | 3,593 | |||||
Business acquisition | 100 | 100 | ||||||
Business acquisition, shares | 3,051 | |||||||
Stock issued to certain executive officers for bonus payments | 615 | $ 1 | 614 | |||||
Stock issued to certain executive officers for bonus payments, shares | 25,000 | |||||||
BALANCE at Jul. 31, 2023 | $ 199,996 | $ 33 | $ 279 | $ 301,408 | $ (115,461) | $ (17,192) | $ 24,662 | $ 6,267 |
Balance, shares at Jul. 31, 2023 | 3,272,000 | 27,851,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | ||
OPERATING ACTIVITIES | ||||
Net income | $ 44,366 | $ 29,005 | $ 96,891 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 20,136 | 18,115 | 17,764 | |
Deferred income taxes | 12,601 | 4,801 | (32,793) | |
Provision for doubtful accounts receivable and reserve for settlement assets | 2,198 | 2,330 | 1,782 | |
Net unrealized loss (gain) from marketable securities | 3,368 | 18,960 | (3,262) | |
Stock-based compensation | [1] | 4,518 | 1,930 | 1,490 |
Other | 3,175 | 3,379 | (4,096) | |
Changes in assets and liabilities: | ||||
Trade accounts receivable | 4,726 | (8,279) | 977 | |
Settlement assets, disbursement prefunding, prepaid expenses, other current assets, and other assets | (17,503) | (21,046) | (6,952) | |
Trade accounts payable, accrued expenses, settlement liabilities, other current liabilities, and other liabilities | (17,216) | (1,110) | (264) | |
Customer deposits at IDT Financial Services Limited (Gibraltar-based bank) | (4,200) | (15,966) | (6,906) | |
Deferred revenue | (2,029) | (2,712) | 1,989 | |
Net cash provided by operating activities | 54,140 | 29,407 | 66,620 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | (21,958) | (21,879) | (16,765) | |
Payments for acquisitions, net of cash acquired | (7,552) | (3,673) | ||
Cash acquired from acquisition of interest in variable interest entity | 3,336 | |||
Purchase of Rafael Holdings, Inc. Class B common stock and warrant | (5,000) | |||
Exercise of warrant to purchase shares of Rafael Holdings, Inc. Class B common stock | (1,000) | |||
Purchase of convertible preferred stock in equity method investment | (840) | (1,051) | (4,000) | |
Purchases of debt securities and equity investments | (59,872) | (24,454) | (43,187) | |
Proceeds from maturities and sales of debt securities and redemption of equity investments | 49,211 | 21,157 | 26,230 | |
Net cash used in investing activities | (33,459) | (33,779) | (44,059) | |
FINANCING ACTIVITIES | ||||
Distributions to noncontrolling interests | (348) | (514) | (848) | |
Payment for acquisition of warrant in variable interest entity | (791) | |||
Proceeds from other liabilities | 300 | 2,301 | 729 | |
Repayment of other liabilities | (2,037) | (1,319) | (108) | |
Proceeds from sale of redeemable equity in subsidiary | 10,000 | |||
Proceeds from borrowings under revolving credit facility | 27,383 | 2,566 | ||
Repayments of borrowings under revolving credit facility | (27,383) | (2,566) | ||
Proceeds from exercise of stock options | 172 | 137 | 687 | |
Repurchases of Class B common stock | (13,896) | (26,222) | (4,192) | |
Net cash used in financing activities | (15,809) | (15,617) | (4,523) | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents | 4,389 | (17,365) | 7,656 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents | 9,261 | (37,354) | 25,694 | |
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of year | 189,562 | 226,916 | 201,222 | |
Cash, cash equivalents, and restricted cash and cash equivalents at end of year | 198,823 | 189,562 | 226,916 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||
Cash payments made for interest | 536 | 461 | 486 | |
Cash payments made for income taxes | 777 | 109 | 193 | |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||
Conversion of equity method investment’s secured promissory notes into convertible preferred stock | 4,038 | |||
Stock issued to certain executive officers for bonus payments | 615 | |||
Liabilities incurred for acquisitions | 7,849 | 628 | ||
Shares of the Company’s Class B common stock issued for acquisition | 100 | 1,000 | ||
Cashless exercise of stock options in exchange for shares of the Company’s Class B common stock | 14,930 | |||
Stock issued for matching contributions to the 401(k) Plan | $ 1,042 | |||
[1]Stock-based compensation included in selling, general and administrative expenses |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Note 1— Description of Business and Summary of Significant Accounting Policies Description of Business IDT Corporation (the “Company”) is a provider of point-of-sale (“POS”) terminal-based solutions, international money remittance and other financial technology, or fintech businesses, cloud communications, and traditional communications services. The Company has four reportable business segments, National Retail Solutions (“NRS”), Fintech, net2phone, and Traditional Communications. As of July 31, 2023, the Company owned 90.0 80.0 85.8 77.7 Basis of Consolidation The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and includes the identification of any variable interests in which the Company is the primary beneficiary. The consolidated financial statements include the Company’s controlled subsidiaries and the variable interest entity in which the Company is the primary beneficiary (see Note 13). All significant intercompany accounts and transactions between the consolidated entities are eliminated. Reclassifications Certain prior year amounts were reclassified to conform to the current year’s presentation: In the consolidated balance sheet, $ 25.3 0.5 7.1 In the consolidated balance sheet, $ 0.6 17.1 In the consolidated statements of cash flows, cash used for “Trade accounts receivable” in the years ended July 31, 2022 and 2021 of $ 13.0 4.7 Accounting for Investments Investments in businesses that the Company does not control, but in which the Company has the ability to exercise significant influence over operating and financial matters, are accounted for using the equity method. Investments in which the Company does not have the ability to exercise significant influence over operating and financial matters are accounted for using the cost method. Investments in hedge funds are accounted for using the equity method unless the Company’s interest is so minor that it has virtually no influence over operating and financial policies, in which case these investments are accounted for using the cost method. The Company periodically evaluates its equity and cost method investments for impairment due to declines considered to be other than temporary. If the Company determines that a decline in fair value is other than temporary, then a charge to earnings is recorded in “Other (expense) income, net” in the accompanying consolidated statements of income, and a new basis in the investment is established. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Revenue Recognition The Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services, in accordance with a five-step process as follows: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the Company satisfies a performance obligation. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Direct Cost of Revenues Direct cost of revenues consists primarily of termination and origination costs, toll-free costs, and network costs—including customer/carrier interconnect charges and fiber circuit charges. These costs include an estimate of charges for which invoices have not yet been received, and estimated amounts for pending disputes with other carriers. Direct cost of revenues also includes the cost of airtime top-up minutes. Direct cost of revenues excludes depreciation and amortization expense. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Debt Securities The Company’s investments in debt securities are classified as “available-for-sale.” Available-for-sale debt securities are required to be carried at their fair value, with unrealized gains and losses (net of income taxes) that are considered temporary in nature recorded in “Accumulated other comprehensive loss” in the accompanying consolidated balance sheets. The Company uses the specific identification method in computing the gross realized gains and gross realized losses on the sales of debt securities. The Company periodically evaluates its investments in debt securities for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general economic and Company-specific evaluations. If the Company determined that a decline in market value was other than temporary, then a charge to operations was recorded in “Other (expense) income, net” in the accompanying consolidated statements of income and a new cost basis in the investment was established. On August 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, Equity Investments Investments in equity securities (except those accounted for under the equity method or that result in consolidation) are measured at fair value, with changes in fair value recognized in net income. For investments in equity securities without a readily determinable fair value, the Company elects the measurement alternative and measures these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. At each reporting date, the Company reassesses whether the investment still qualifies for this measurement alternative. Further, at each reporting date, the Company performs a qualitative assessment to evaluate whether the investment is impaired. If the qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value, the carrying amount of the investment will be reduced and the resulting loss recognized in “Other (expense) income, net” in the accompanying consolidated statements of income in the period the impairment is identified. Settlement Assets and Settlement Liabilities Settlement assets represent funds to be received for unsettled international money remittance and related value/payment transfer services. The receivables are due from financial institutions and agents for payment instruments sold and amounts advanced by the Company to certain agents for operational and local regulatory purposes. These receivables are outstanding from the day of the sale of the payment instrument until the financial institution or agent remits the funds to the Company. The Company provides an allowance for the portion of the receivable estimated to become uncollectible based on its history of collection experience, known collection issues, consumer credit card chargebacks and insufficient funds, and other matters the Company identifies in its routine collection monitoring. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Settlement liabilities represent obligations relating to amounts payable under international money remittance and related value/payment transfer services. These obligations are recognized by the Company at the time the underlying transaction occurs. The Company records corresponding settlement assets for the funds to be received. Disbursement Prefunding The Company maintains relationships with disbursement partners in various countries for its BOSS Money and IDT Digital Payments (formerly Mobile Top-Up) services. The Company maintains prefunding balances with these disbursement partners, so they can satisfy the Company’s customer liabilities. The Company does not earn interest on these balances. The balances are not compensating balances and are not legally restricted. Inventory Inventory consists of NRS’ POS terminals that it sells to retailers. Inventory is measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Property, Plant, and Equipment and Intangible Assets Equipment, computer software, and furniture and fixtures are recorded at cost and are depreciated on a straight-line basis over their estimated useful lives, which are as follows: equipment— 5 7 3 5 Non-compete agreements, customer relationships, and tradenames are amortized over their estimated useful lives (see Notes 6 and 12). The Company tests the recoverability of its property, plant, and equipment and intangible assets with finite useful lives whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company tests for recoverability based on the projected undiscounted cash flows to be derived from such asset. If the projected undiscounted future cash flows are less than the carrying value of the asset, the Company will record an impairment loss, if any, based on the difference between the estimated fair value and the carrying value of the asset. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows from such asset using an appropriate discount rate. Cash flow projections and fair value estimates require significant estimates and assumptions by management. Should the estimates and assumptions prove to be incorrect, the Company may be required to record impairments in future periods and such impairments could be material. Goodwill Goodwill is the excess of the consideration paid for a business over the fair value of the identifiable net assets acquired. Goodwill and other indefinite lived intangible assets are not amortized. Instead, these assets are reviewed annually (or more frequently under various conditions) for impairment. The Company has the option to perform a qualitative assessment to determine whether it is necessary to perform the quantitative goodwill impairment test. However, the Company may elect to perform the quantitative goodwill impairment test even if no indications of a potential impairment exist. When performing its quantitative annual, or interim, goodwill impairment test the Company compares the fair value of its reporting units with their carrying amounts. The Company would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, the Company considers income tax effects from any tax-deductible goodwill on the carrying amount of its reporting unit when measuring the goodwill impairment loss, if applicable. The fair value of the reporting units is estimated using discounted cash flow methodologies, as well as considering third party market value indicators. The Company’s use of a discounted cash flow methodology includes estimates of future revenue based upon budgets and projections. The Company also develops estimates for future levels of gross and operating profits and projected capital expenditures. The Company’s methodology also includes the use of estimated discount rates based upon industry and competitor analysis as well as other factors. Calculating the fair value of the reporting units requires significant estimates and assumptions by management. Should the estimates and assumptions regarding the fair value of the reporting units prove to be incorrect, the Company may be required to record impairments to its goodwill in future periods and such impairments could be material. Advertising Expense Cost of advertising is charged to selling, general and administrative expense in the period in which it is incurred. In fiscal 2023, fiscal 2022, and fiscal 2021, advertising expense was $ 17.9 17.0 15.3 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Capitalized Internal Use Software Costs The Company capitalizes the cost of internal-use software that has a useful life in excess of one year. 13.2 12.2 12.6 18.8 18.7 Repairs and Maintenance The Company charges the cost of repairs and maintenance, including the cost of replacing minor items not constituting substantial betterment, to selling, general and administrative expense as these costs are incurred. Foreign Currency Translation Assets and liabilities of foreign subsidiaries denominated in foreign currencies are translated to U.S. Dollars at end-of-period rates of exchange, and their monthly results of operations are translated to U.S. Dollars at the average rates of exchange for that month. Gains or losses resulting from such foreign currency translations are recorded in “Accumulated other comprehensive loss” in the accompanying consolidated balance sheets. Foreign currency transaction gains and losses are reported in “Other (expense) income, net” in the accompanying consolidated statements of income. Income Taxes The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in its assessment of a valuation allowance. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change. The Company uses a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return. The Company determines whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. Tax positions that meet the more-likely-than-not recognition threshold are measured to determine the amount of tax benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 The Company classifies interest and penalties on income taxes as a component of income tax expense. Contingencies The Company accrues for loss contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. When the Company accrues for loss contingencies and the reasonable estimate of the loss is within a range, the Company records its best estimate within the range. When no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount in the range. The Company discloses an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may have been incurred. Earnings Per Share Basic earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is determined in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following: Schedule of Weighted-average Number of Shares Used in the Calculation of Basic and Diluted Earnings Per Share Year ended July 31 2023 2022 2021 Basic weighted-average number of shares 25,517 25,791 25,495 Effect of dilutive securities: Stock options 9 434 229 Non-vested restricted Class B common stock 51 131 329 Diluted weighted-average number of shares 25,577 26,356 26,053 The following outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than the average market price of the Company’s stock during the period: Schedule of Outstanding Stock Options Excluded from the Calculation of Diluted Earnings Per Share Year ended July 31 2023 2022 2021 Shares excluded from the calculation of diluted earnings per share — — 535 Stock-Based Compensation The Company recognizes compensation expense for its grants of stock-based awards based on the estimated fair value on the grant date. Compensation cost for awards is recognized using the straight-line method over the requisite service period, which is usually the vesting period. Stock-based compensation is included in selling, general and administrative expense. Vulnerability Due to Certain Concentrations Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents, restricted cash and cash equivalents, debt securities, equity investments, and trade accounts receivable. The Company holds cash and cash equivalents at several major financial institutions, which often exceed FDIC insurance limits. Historically, the Company has not experienced any losses due to such concentration of credit risk. The Company’s temporary cash investments policy is to limit the dollar amount of investments with any one financial institution and monitor the credit ratings of those institutions. While the Company may be exposed to credit losses due to the nonperformance of the holders of its deposits, the Company does not expect the settlement of these transactions to have a material effect on its results of operations, cash flows, or financial condition. Concentration of credit risk with respect to trade accounts receivable is limited due to the large number of customers in various geographic regions and industry segments comprising the Company’s customer base. No single customer accounted for more than 10% of consolidated revenues in fiscal 2023, fiscal 2022 or fiscal 2021. However, the Company’s five largest customers collectively accounted for 10.8 %, 12.5 %, and 14.5 % of its consolidated revenues in fiscal 2023, fiscal 2022, and fiscal 2021, respectively. The Company’s customers with the five largest receivable balances collectively accounted for 16.7 27.1 % of the consolidated gross trade accounts receivable at July 31, 2023 and 2022, respectively. This concentration of customers increases the Company’s risk associated with nonpayment by those customers. In an effort to reduce such risk, the Company performs ongoing credit evaluations of its significant customers. In addition, the Company attempts to mitigate the credit risk related to specific IDT Global customers by also buying services from the customer, in order to create an opportunity to offset its payables and receivables and reduce its net trade receivable exposure risk. When it is practical to do so, the Company will increase its purchases from IDT Global customers with receivable balances that exceed the Company’s applicable payables in order to maximize the offset and reduce its credit risk. Allowance for Doubtful Accounts The Company estimated the balance of its allowance for doubtful accounts by analyzing accounts receivable balances by age and applying historical write-off and collection trend rates. The Company’s estimates included separately providing for customer receivables based on specific circumstances and credit conditions, and when it was deemed probable that the balance was uncollectible. Account balances are written off against the allowance when it is determined that the receivable will not be recovered. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Effective with the adoption of ASU 2016-13 on August 1, 2023, the Company will record an expense based on a forward-looking current expected credit loss model to maintain an allowance for credit losses. When determining the allowance for trade accounts receivable, the Company will consider the probability of recoverability of accounts receivable based on past experience, taking into account current collection trends and general economic factors, including bankruptcy rates. The Company will also consider future economic trends to estimate expected credit losses over the lifetime of the asset. Credit risks will be assessed based on historical write-offs, net of recoveries, as well as an analysis of the aged accounts receivable balances with allowances generally increasing as the receivable ages. Accounts receivable may be fully reserved for when specific collection issues are known to exist, such as pending bankruptcies. The adoption of the new standard did not have a material impact on the Company’s consolidated financial statements. The changes in the allowance and reserves deducted from asset accounts is as follows: Schedule of Changes In Allowance and Reserves Deducted From Asset Accounts Year ended July 31 Balance at beginning of year Additions charged to costs and expenses Deductions Balance at end of year 2023 Deducted from asset accounts: Allowance for doubtful accounts $ 5,328 $ 1,578 $ (1,264 ) $ 5,642 Reserve for losses on settlement assets 554 620 (31 ) 1,143 Total $ 5,882 $ 2,198 $ (1,295 ) $ 6,785 2022 Deducted from asset accounts: Allowance for doubtful accounts $ 4,129 $ 1,982 $ (783 ) $ 5,328 Reserve for losses on settlement assets 309 348 (103 ) 554 Total $ 4,438 $ 2,330 $ (886 ) $ 5,882 2021 Deducted from asset accounts: Allowance for doubtful accounts $ 5,540 $ 1,765 $ (3,176 ) $ 4,129 Reserve for losses on settlement assets 545 17 (253 ) 309 Total $ 6,085 $ 1,782 $ (3,429 ) $ 4,438 (1) Primarily uncollectible accounts written off, net of recoveries. Fair Value Measurements Fair value of financial and non-financial assets and liabilities is defined as an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used to measure fair value, which prioritizes the inputs to valuation techniques used to measure fair value, is as follows: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 – unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. Leases The Company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset which the Company has the right to control. The Company records a right-of-use (“ROU”) asset and a lease liability on the balance sheet on the lease commencement date for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The ROU asset and lease liability are recorded based on the present value of the Company’s obligation to make payments over the lease term. The present value of the lease payments is calculated using the incremental borrowing rate based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company recognizes lease cost for its leases on a straight-line basis over the lease term. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Recently Issued Accounting Standard Not Yet Adopted In June 2022, the Financial Accounting Standards Board issued ASU No. 2022-03, Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, |
Business Segment Information
Business Segment Information | 12 Months Ended |
Jul. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 2— Business Segment Information The Company’s reportable segments are distinguished by types of service, customers, and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision maker. The accounting policies of the segments are the same as the accounting policies of the Company as a whole. There are no significant asymmetrical allocations to segments. The Company evaluates the performance of its business segments based primarily on income (loss) from operations. The NRS segment is an operator of a nationwide POS network providing independent retailers with store management software, electronic payment processing, and other ancillary merchant services. NRS’ POS platform provides marketers with digital out-of-home advertising and transaction data. The Fintech segment is comprised of BOSS Money, a provider of international money remittance and related value/payment transfer services, as well as other, significantly smaller, financial services businesses, including Leaf Global Fintech Corporation (“Leaf”), a provider of digital wallet services in emerging markets, a variable interest entity that operates money transfer businesses, and IDT Financial Services Limited (“IDT Financial Services”), the Company’s Gibraltar-based bank. The net2phone segment is comprised of net2phone’s cloud communications and contact center offerings. The Traditional Communications segment includes IDT Digital Payments, which enables customers to transfer airtime and bundles of airtime, messaging, and data to international and domestic mobile accounts, BOSS Revolution Calling, an international long-distance calling service marketed primarily to immigrant communities in the United States and Canada, and IDT Global, a wholesale provider of international voice and SMS termination and outsourced traffic management solutions to telecoms worldwide. Traditional Communications also includes other small businesses and offerings including early-stage business initiatives and mature businesses in harvest mode. As of August 1, 2022, the Company revised its reportable business segments primarily to reflect the growth of its financial technology businesses and their increased contributions to the Company’s consolidated results. The Company’s four Corporate costs mainly include compensation, consulting fees, treasury, tax and accounting services, human resources, corporate purchasing, corporate governance including Board of Directors’ fees, internal and external audit, investor relations, corporate insurance, corporate legal, and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any direct cost of revenues. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Operating results for the business segments of the Company were as follows: Schedule of Operating Results of Business Segments (in thousands) Fintech National Retail Solutions net2phone Traditional Communications Corporate Total Year ended July 31, 2023 Revenues $ 86,610 $ 77,115 $ 72,388 $ 1,002,741 $ — $ 1,238,854 (Loss) income from operations (2,533 ) 14,400 (2,755 ) 61,288 (9,657 ) 60,743 Depreciation and amortization (2,683 ) (2,363 ) (5,608 ) (9,428 ) (54 ) (20,136 ) Year ended July 31, 2022 Revenues $ 64,593 $ 51,299 $ 58,185 $ 1,189,980 $ — $ 1,364,057 (Loss) income from operations (6,887 ) 11,208 (11,132 ) 75,826 (8,926 ) 60,089 Depreciation and amortization (2,231 ) (906 ) (5,374 ) (9,527 ) (77 ) (18,115 ) Year ended July 31, 2021 Revenues $ 57,620 $ 24,748 $ 44,502 $ 1,320,120 $ — $ 1,446,990 (Loss) income from operations (1,947 ) (252 ) (15,460 ) 82,042 (7,393 ) 56,990 Depreciation and amortization (1,515 ) (519 ) (5,053 ) (10,601 ) (76 ) (17,764 ) Total assets for the reportable segments are not provided because a significant portion of the Company’s assets service multiple segments and the Company does not track such assets separately by segment. Geographic Information Net long-lived assets and total assets held outside of the United States, which are located primarily in Western Europe, were as follows: Schedule of Net Long-lived Assets and Total Assets by Geographic Areas (in thousands) United Other Total July 31, 2023 Long-lived assets, net $ 25,854 $ 12,801 $ 38,655 Total assets 267,746 243,064 510,810 July 31, 2022 Long-lived assets, net $ 22,732 $ 14,134 $ 36,866 Total assets 254,839 242,255 497,094 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3— Revenue Recognition Contracts with Customers The Company earns revenue from contracts with customers, primarily through the provision of retail telecommunications and payment offerings as well as wholesale international voice and SMS termination. BOSS Money, NRS, and net2phone are technology-driven, synergistic businesses that leverage the Company’s core assets. BOSS Money and NRS’ revenues are primarily recognized at a point in time, and net2phone’s revenue is mainly recognized over time. Traditional Communications are mostly minute-based, paid-voice communications services, and revenue is primarily recognized at a point in time. The Company’s most significant revenue streams are from IDT Digital Payments, BOSS Revolution Calling, and IDT Global. IDT Digital Payments and BOSS Revolution Calling are sold direct-to-consumer and through distributors and retailers. IDT Digital Payments IDT Digital Payments is sold direct-to-consumer and through distributors and retailers in the same manner as BOSS Revolution Calling (see below). The Company does not terminate the minutes in its IDT Digital Payments transactions. The Company’s performance obligation is to recharge (top-up) the airtime balance of a mobile account on behalf of the Company’s customer. The Company has contracts with various mobile operators or aggregators to provide the IDT Digital Payments service. The Company determined that it is the principal in primarily all its IDT Digital Payments transactions as the Company controls the service to top-up a mobile account on behalf of the Company’s customer. However, for the portion of its IDT Digital Payments business where the Company has no customer service responsibilities, no inventory risk, and does not establish the price, the Company determined that, as the Company is not considered to control the arrangement, it acts as an agent of the mobile operators. The Company records gross revenues based on the amount billed to the customer when it is the principal in the arrangement and records revenue net of the associated costs incurred when it acts as an agent in the arrangement. The transfer of control happens at the point in time that the airtime is recharged, which is when the Company has a right to payment and the customer has accepted the service. Accordingly, the performance obligation is satisfied and revenue is recognized when the recharge of the mobile account occurs. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) BOSS Revolution Calling direct-to-consumer BOSS Revolution Calling direct-to-consumer is offered on a pay-as-you-go basis or in unlimited plans. The customer prepays for service in both cases, which results in a contract liability (deferred revenue). The contract term for pay-as-you-go plans is minute-to-minute and includes separate performance obligations for the series of material rights to renew the contract. The performance obligation is satisfied immediately after it arises, and the amount of consideration is known when the obligation is satisfied. Since the Company’s satisfaction of its performance obligation and the customer’s use of the service occur simultaneously, the Company recognizes revenue at the point in time when minutes are utilized, since the customer obtained control and the Company has a present right to payment. For unlimited plans, the Company has a stand-ready obligation to provide service over time for an agreed upon term. Unlimited plans include fixed consideration over the term. Plan fees for unlimited plans are generally refundable at the request of the customer up to three days after payment if there was no usage. Since the Company’s satisfaction of its performance obligation and the customer’s use of the service occur over the term of the plan, the Company recognizes revenue over a period of time as the service is rendered. The Company uses an output method as time elapses because it reflects the pattern by which the Company satisfies its performance obligation through the transfer of service to the customer. The fixed upfront consideration is recognized evenly over the service period, which is generally 24 hours, 7 days, or one month. BOSS Revolution Calling sold through distributors and retailers BOSS Revolution Calling sold through distributors and retailers is the same service as BOSS Revolution Calling sold direct-to-consumer. The Company sells capacity to international calling minutes to retailers, or to distributors who resell to retailers. The retailer or distributor is the Company’s customer in these transactions. The Company’s sales price to retailers and distributors, net of discounts, is less than the end user rate for BOSS Revolution Calling minutes. The customer or the Company may terminate their agreement at any time upon thirty days written notice without penalty. Retailers may sell BOSS Revolution Calling on a pay-as-you-go basis or in unlimited plans. As described above, for pay-as-you-go, the Company recognizes revenue at the point in time when minutes are utilized, and for unlimited plans, the Company recognizes revenue over a period of time as the service is rendered. Retailers and distributors also receive initial commissions upon sale to end users, and renewal commissions when certain end users subsequently purchase minutes directly from the Company. Initial and renewal commission payments are accounted for as a reduction of the transaction price over time as the end user uses the service. IDT Global IDT Global services are offered to both postpaid and prepaid customers. Postpaid customers are billed in arrears and typically consist of credit-worthy companies such as Tier 1 carriers and mobile network operators. Prepaid customers are typically smaller communications companies and independent call aggregators. There is no performance obligation until the transport and termination of international long-distance calls commences. The initial contract durations range from six months to one year, and generally have successive extensions. During the initial term, the contract can only be terminated in certain instances (such as bankruptcy of either party, damage to the other party’s network, fraud, or breach of contract). However, no penalties are applied if the agreement is terminated in the initial term. After the initial term has expired, either party may terminate the agreement with notice of 30 days to 60 days depending on the agreement. The term of the contract is essentially minute-to-minute as there is no penalty for an early termination and no obligation to send traffic. Each iteration is a separate optional purchase that occurs over the contract duration (that is, minute-by-minute). The satisfaction of the performance obligation is occurring at a point in time (as the minutes are transferred) because the provision of the service and the satisfaction of the performance obligation are essentially occurring simultaneously. Revenue is recognized at the point in time upon delivery of the service. The Company has not generally entered into contracts that have retroactive pricing features. Additionally, as the performance obligations are considered minute-by-minute obligations in the original contract, any modification of the original contract that leads to a conclusion that there is a new contract would not result in any adjustment related to the original contract’s consideration. The Company provides discounts to its larger customers based on the expectation of a significant volume of minutes that are consistent with that class of customer in the wholesale carrier market. The discounts do not provide a material right to the customer because the customer receives the same pricing for all usage under the contract. IDT Global’s contracts may include tiered pricing based on minute volumes. The Company determined that its retroactive tiered pricing should be accounted for as variable consideration because the final transaction price is unknown until the customer completes or fails to complete the specified threshold. Currently, contracts with retroactive tiered pricing are not material. The Company estimates the amount of variable consideration to include in the transaction price only to the extent that it is probable that a subsequent change in the estimate would not result in a significant revenue reversal. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The Company enters into Notification of Reciprocal Transmission (“NORT”) transactions, in which the Company commits to purchase a specific number of wholesale carrier minutes to other specific destinations at specified rates, and the counterparty commits to purchase from the Company a specific number of minutes to specific destinations at specified rates. The number of minutes purchased and sold is not necessarily the same. The rates in these reciprocal transactions are generally not at prevailing market rates, and the amounts paid to the counterparty in excess of market rates are reflected as a reduction in revenue received from the customer. In addition, the Company enters into transactions in which it swaps minutes with another carrier. The Company recognizes revenue and the related direct cost of revenue for these reciprocal and swap transactions based on the fair value of the minutes. IDT Global’s NORT contracts include the promise of minimum guaranteed amounts of traffic. The performance obligation represents a stand ready obligation to provide the specified number of minutes over the contractual term. The initial terms of NORT contracts generally range from one month to six months. Since the Company’s satisfaction of its performance obligation of routing calls to their destination includes a minimum guaranteed amount of traffic, the Company recognizes revenue over a period of time as the service is rendered. The customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. The Company uses an output method as the usage of minutes occur because it reflects the pattern by which the Company satisfies its performance obligation through the transfer of service to the customer. National Retail Solutions NRS earns revenue from (1) the sale of POS terminals to retailers, (2) a monthly recurring charge for its software license, software upgrades, and help desk support (collectively, the “Software services”), (3) fees for advertising on the POS terminals, (4) sales of the data collected by the POS terminals to data aggregators and others, and (5) merchant services’ commissions for the processing of credit and debit card transactions on the POS terminals. NRS sells its POS terminals to retailers. The terminals include, at the retailer’s option, a cash register, a barcode scanner, retailer and customer-facing hi-definition screens, a receipt printer, and a credit card reader. The arrangement with the customer includes the equipment sale including embedded POS software, as well as the Software services. Each hardware component and the Software services is a separate performance obligation because each is a distinct good or service that can be obtained from alternate providers. The transaction price is allocated to each performance obligation based on the relative standalone selling price (“SSP”). The SSP reflects the amount the Company would charge for each performance obligation if it were sold separately in a standalone sale to similar customers in similar circumstances. The SSP for POS terminals is generally estimated using the residual approach. Equipment revenue is recognized at the point in time when the customer has physical possession of the POS terminal, which is when the customer can use the POS terminal and embedded software and has the risks and rewards of ownership. Revenue from the Software services is recognized ratably over the term of the contract because satisfaction of the performance obligation and the customer’s use of the service occur evenly over the term. NRS sells advertising on the POS terminal’s high-definition screens through internal sales agents, third-party brokers, and real-time auctions on exchange platforms known as programmatic advertising. For advertising sold through its agents or a broker, as well as for a portion of its programmatic advertising NRS captures targeted, daily data from the POS terminals that it sells to customers. The performance obligation is the provision of a data report, generally one report per POS terminal per week, where each report is a distinct good that is not interrelated with another report. Customers purchase data reports generally for an annual fee per POS terminal. The consideration is variable because it depends on the number of POS terminals selected. The performance obligation is satisfied, and revenue is recognized, at the point in time when the customer receives a data report because the customer obtains control and has the benefit of the data. The amount recognized per report is the same for each report since each report has the same standalone value to the customer. NRS’ merchant services, called NRS PAY, enable retailers to accept and process payments made by credit and debit cards. The retailers’ use of the credit card reader is a separate performance obligation that meets the definition of a lease. The lease consideration is included in the NRS PAY monthly recurring charge. NRS accounts for the non-lease and lease components as a single performance obligation in accordance with Accounting Standards Codification Revenue from Contracts with Customers (Topic 606) IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) net2phone net2phone earns revenue primarily through the provision of cloud communications service for businesses. The service is priced on a per-seat basis, and its subscription revenue is a monthly fee per seat. Revenue is primarily recognized over the monthly service period. Revenue from the sale of telephone equipment is recognized at a point in time when the equipment is delivered to the customer. net2phone leases telephone equipment to certain customers, which is a separate performance obligation that meets the definition of a lease. The lease consideration is included in the monthly recurring charge. net2phone accounts for the non-lease and lease components as a single performance obligation in accordance with ASC 606 because the timing and pattern of transfer of both components is the same, and the non-lease component is the predominant component. Disaggregated Revenues The following table shows the Company’s revenues disaggregated by business segment and service offered to customers: Schedule of Revenues Disaggregated by Business Segment and Service Offered to Customers Year ended July 31 2023 2022 2021 BOSS Money $ 76,928 $ 55,561 $ 49,322 Other 9,682 9,032 8,298 Total Fintech 86,610 64,593 57,620 National Retail Solutions 77,115 51,299 24,748 net2phone 72,388 58,185 44,502 IDT Digital Payments 417,057 473,215 461,609 BOSS Revolution Calling 322,134 387,937 455,244 IDT Global 230,281 292,337 360,996 Other 33,269 36,491 42,271 Total Traditional Communications 1,002,741 1,189,980 1,320,120 TOTAL $ 1,238,854 $ 1,364,057 $ 1,446,990 Revenues $ 1,238,854 $ 1,364,057 $ 1,446,990 The following table shows the Company’s revenues disaggregated by geographic region, which is determined based on selling location. On February 1, 2021, the Company restructured certain operations for tax purposes resulting in the change of geographic sourcing of revenues from the United States to the United Kingdom. Schedule of Revenues Disaggregated by Geographic Region (in thousands) Fintech National Retail Solutions net2phone Traditional Communications Total Year ended July 31, 2023 United States $ 83,883 $ 77,115 $ 38,029 $ 693,193 $ 892,220 Outside the United States: United Kingdom — — — 267,697 267,697 Other 2,727 — 34,359 41,851 78,937 Total outside the United States 2,727 — 34,359 309,548 346,634 TOTAL $ 86,610 $ 77,115 $ 72,388 $ 1,002,741 $ 1,238,854 Year ended July 31, 2022 United States $ 62,598 $ 51,299 $ 30,283 $ 829,355 $ 973,535 Outside the United States: United Kingdom — — — 311,847 311,847 Other 1,995 — 27,902 48,778 78,675 Total outside the United States 1,995 — 27,902 360,625 390,522 TOTAL $ 64,593 $ 51,299 $ 58,185 $ 1,189,980 $ 1,364,057 Year ended July 31, 2021 United States $ 57,347 $ 24,748 $ 23,093 $ 1,025,790 $ 1,130,978 Outside the United States: United Kingdom — — — 241,590 241,590 Other 273 — 21,409 52,740 74,422 Total outside the United States 273 — 21,409 294,330 316,012 TOTAL $ 57,620 $ 24,748 $ 44,502 $ 1,320,120 $ 1,446,990 Revenues $ 57,620 $ 24,748 $ 44,502 $ 1,320,120 $ 1,446,990 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Remaining Performance Obligations The following table includes revenue by business segment expected to be recognized in the future from performance obligations that were unsatisfied or partially unsatisfied as of July 31, 2023. The table excludes contracts that had an original expected duration of one year or less. Schedule of Estimated Revenue by Business Segment (in thousands) National Retail Solutions net2phone Total Year ending July 31: 2024 $ 6,608 $ 35,974 $ 42,582 2025 5,463 18,021 23,484 Thereafter 5,433 6,694 12,127 TOTAL $ 17,504 $ 60,689 $ 78,193 Accounts Receivable and Contract Balances The timing of revenue recognition may differ from the time of billing to the Company’s customers. Trade accounts receivable in the Company’s consolidated balance sheets represent unconditional rights to consideration. The Company would record a contract asset when revenue is recognized in advance of its right to bill and receive consideration. The Company has not currently identified any contract assets. Contract liabilities arise when the Company receives consideration or bills its customers prior to providing the goods or services promised in the contract. The Company’s contract liability balance is primarily payments received for prepaid BOSS Revolution Calling. Contract liabilities are recognized as revenue when services are provided to the customer. The contract liability balances are presented in the Company’s consolidated balance sheets as “Deferred revenue”. The Company’s revenue recognized in fiscal 2023, fiscal 2022, and fiscal 2021 from amounts included in the contract liability balance at the beginning of the period was $ 23.5 28.2 28.7 The Company estimates its expected breakage revenue by revenue stream recorded each month, based on inputs and assumptions about usage of the deferred revenue balances. The Company used its historical deferred revenue usage data by revenue stream to calculate the percentage of deferred revenue by month that will become breakage. The historical data indicated that customers utilized a very high percentage of minutes purchased in the first three months. The Company periodically reviews its estimates based on updated data and adjusts the monthly estimates accordingly. Deferred Customer Contract Acquisition and Fulfillment Costs The Company recognizes as an asset its incremental costs of obtaining a contract with a customer that it expects to recover. The Company’s incremental costs of obtaining a contract with a customer are sales commissions paid to employees and third parties on sales to end users. If the amortization period were one year or less for the asset that would be recognized from deferring these costs, the Company applies the practical expedient whereby the Company charges these costs to expense when incurred. For net2phone sales, the Company defers these costs and amortizes them over the expected customer relationship period when it is expected to exceed one year. The Company’s costs to fulfill its contracts do not meet the criteria to be recognized as an asset, therefore these costs are charged to expense as incurred. The Company’s deferred customer contract acquisition costs were as follows: Schedule of Deferred Customer Contract Acquisition Costs July 31 2023 2022 Deferred customer contract acquisition costs included in “Other current assets” $ 4,460 $ 4,085 Deferred customer contract acquisition costs included in “Other assets” 3,734 3,469 TOTAL $ 8,194 $ 7,554 In fiscal 2023, fiscal 2022, and fiscal 2021, the Company’s amortization of deferred customer contract acquisition costs was $ 4.9 4.4 3.6 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) |
Leases
Leases | 12 Months Ended |
Jul. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 4— Leases The Company’s leases primarily consist of operating leases for office space. These leases have remaining terms from less than one year five years net2phone is the lessee under equipment leases that are classified as finance leases. The assets and liabilities related to these finance leases are not material to the Company’s consolidated balance sheets. The Company leases office and parking space in a building and parking garage located at 520 Broad St, Newark, New Jersey that was previously owned by the Company’s former subsidiary, Rafael Holdings, Inc. (“Rafael”). On August 22, 2022, Rafael sold the building and parking garage to an unrelated third party. The Company’s lease in that property continues with the new owner. The Company leases office space in Israel from Rafael. Howard S. Jonas, the Chairman of the Company (an executive officer position) and the Chairman of the Company’s Board of Directors, is also the Chairman of the Board of Directors and Executive Chairman of Rafael. The Newark lease expires in April 2025 and the Israel lease expires in July 2025. 0.3 2.0 1.9 Supplemental disclosures related to the Company’s operating leases were as follows: Schedule of Supplemental Disclosures Related to the Company's Operating Leases Year ended July 31 2023 2022 2021 Operating lease cost $ 3,175 $ 2,901 $ 2,824 Short-term lease cost 1,095 1,348 620 TOTAL LEASE COST $ 4,270 $ 4,249 $ 3,444 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,262 $ 2,857 $ 2,779 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,262 $ 2,857 $ 2,779 Schedule of Supplemental Disclosures Related Weighted Average Operating Leases July 31 2023 2022 Weighted-average remaining lease term-operating leases 2.3 2.8 Weighted-average discount rate-operating leases 3.7 % 3.0 % In fiscal 2023, fiscal 2022, and fiscal 2021, the Company obtained right-of-use assets of $ 1.8 2.2 million, and $ 0.6 million, respectively, in exchange for new operating lease liabilities. The Company’s aggregate operating lease liability was as follows: Schedule of Aggregate Operating Lease Liability July 31 2023 2022 Operating lease liabilities included in “ Other current liabilities $ 2,861 $ 2,899 Operating lease liabilities included in noncurrent liabilities 2,881 4,606 TOTAL $ 5,742 $ 7,505 Future minimum maturities of operating lease liabilities were as follows: Schedule of Future Minimum Maturities of Operating Lease Liabilities (in thousands) Year ending July 31: 2024 $ 3,028 2025 2,122 2026 507 2027 304 2028 48 Thereafter — Total lease payments 6,009 Less imputed interest (267 ) Total operating lease liabilities $ 5,742 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents | 12 Months Ended |
Jul. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents | Note 5— Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported in the consolidated balance sheets that equals the total of the same amounts reported in the consolidated statements of cash flows: Schedule of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents July 31 2023 2022 Cash and cash equivalents $ 103,637 $ 98,352 Restricted cash and cash equivalents 95,186 91,210 TOTAL CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS $ 198,823 $ 189,562 At July 31, 2023 and 2022, restricted cash and cash equivalents included $ 87.3 86.6 Company Restricted Cash and Cash Equivalents The Company treats unrestricted cash and cash equivalents held by IDT Payment Services, Inc. and IDT Payment Services of New York, LLC, which provide the Company’s international money transfer services in the United States, as substantially restricted and unavailable for other purposes. At July 31, 2023 and 2022, “Cash and cash equivalents” in the Company’s consolidated balance sheets included an aggregate of $ 20.6 17.3 |
Acquisitions
Acquisitions | 12 Months Ended |
Jul. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Note 6— Acquisitions Integra CCS On March 3, 2022, net2phone 2.0 purchased all of the outstanding shares of Onwaba S.R.L. and Gem S.R.L. for an aggregate purchase price of up to $ 15.0 The purchase price consisted of: (a) cash of $ 7.2 27,765 1.0 3.3 contingent consideration of up to $ 3.5 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The acquisition date fair value of the consideration consisted of the following: Schedule of Acquisition Date Fair Value of Consideration (in thousands) Cash paid $ 7,200 Cash acquired (81 ) Cash paid, net of cash acquired 7,119 Shares of the Company’s Class B common stock 1,000 Future payments subject to holdback 3,158 Contingent consideration 1,361 Total fair value of consideration, net of cash acquired $ 12,638 The acquisition-date fair value of the contingent consideration was estimated using discounted cash flow models. This fair value measurement was based on significant inputs not observable in the market and therefore represented a Level 3 measurement. There was no change in the estimated fair value of the contingent consideration in the period from the acquisition date to July 31, 2023. The impact of the acquisition’s purchase price allocations on the Company’s consolidated balance sheet was as follows: Schedule of Impact of Acquisition's Purchase Price Allocations on Consolidated Balance Sheet (in thousands) Trade accounts receivable $ 332 Prepaid expenses 4 Other current assets 21 Current assets Property, plant, and equipment (mainly acquired technology) 777 Goodwill 8,433 Customer relationships ( 7 2,230 Tradename ( 5 400 Non-compete agreements ( 6 660 Operating lease right-of-use asset 732 Other assets 24 Deferred income tax assets Trade accounts payable Other current liabilities Accrued expenses (243 ) Operating lease liability current portion (176 ) Operating lease liability noncurrent portion (556 ) Noncontrolling interests Net assets acquired excluding cash $ 12,638 The goodwill was assigned to the net2phone segment and was attributable primarily to the assembled workforce and the expected synergies from the business combination. The goodwill is not expected to be deductible for income tax purposes. Leaf Global Fintech Corporation On March 1, 2022, the Company’s subsidiary, IDT International Telecom, Inc. (“IDTIT”), purchased all of the outstanding shares of Leaf for up to $ 6.05 The purchase price was comprised of (a) $ 0.5 50,000 contingent consideration of up to $ 5.5 The acquisition date fair value of the consideration consisted of the following: Schedule of Acquisition Date Fair Value of Consideration (in thousands) Cash paid $ 500 Cash acquired (167 ) Cash paid, net of cash acquired 333 Contingent consideration 3,330 Total fair value of consideration, net of cash acquired $ 3,663 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The acquisition-date fair value of the contingent consideration was estimated using discounted cash flow models. This fair value measurement was based on significant inputs not observable in the market and therefore represented a Level 3 measurement. There was no change in the estimated fair value of the contingent consideration in the period from the acquisition date to July 31, 2022. In fiscal 2023, the Company determined that the requirements for a portion of the contingent consideration payments would not be met. The Company recorded a gain of $ 1.6 The impact of the acquisition’s purchase price allocations on the Company’s consolidated balance sheet was as follows: Schedule of Impact of Acquisition's Purchase Price Allocations on Consolidated Balance Sheet (in thousands) Current assets $ 9 Property, plant, and equipment (mainly acquired technology) 324 Goodwill 3,199 Tradename ( 5 131 Net assets acquired excluding cash $ 3,663 The goodwill was assigned to the Fintech segment and was attributable primarily to the assembled workforce and the expected synergies from the business combination. The goodwill is not expected to be deductible for income tax purposes. Sochitel UK Ltd. On December 3, 2020, IDTIT acquired 51 The acquisition date fair value of the consideration consisted of the following: Schedule of Acquisition Date Fair Value of Consideration (in thousands) Cash paid $ 2,732 Cash acquired (344 ) Cash paid, net of cash acquired 2,388 Contingent consideration 393 Total fair value of consideration, net of cash acquired $ 2,781 The acquisition date fair value of the contingent consideration was estimated using discounted cash flow models. This fair value measurement was based on significant inputs not observable in the market and therefore represented a Level 3 measurement. There was no change in the estimated fair value of the contingent consideration in the period from the acquisition date to July 31, 2022. In fiscal 2023, the Company paid contingent consideration of $ 0.5 0.1 The impact of the acquisition’s purchase price allocations on the Company’s consolidated balance sheet was as follows: Schedule of Impact of Acquisition's Purchase Price Allocations on Consolidated Balance Sheet (in thousands) Trade accounts receivable $ 656 Prepaid expenses 1,644 Property, plant, and equipment 75 Goodwill 2,025 Customer relationships ( 15 1,960 Tradenames ( 20 440 Deferred income tax assets 197 Other assets 30 Trade accounts payable (1,306 ) Accrued expenses (423 ) Other current liabilities (329 ) Noncontrolling interests (2,188 ) Net assets acquired excluding cash $ 2,781 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The goodwill was assigned to the Traditional Communications segment and was attributable primarily to the assembled workforces and the expected synergies from the business combination. The goodwill is not expected to be deductible for income tax purposes. Pursuant to a Put/Call Option Agreement related to the 5 0.3 0.2 21,000 On June 15, 2021, IDTIT purchased 19 1.0 0.3 0.2 1.0 0.3 0.2 0.3 0.1 |
Debt Securities
Debt Securities | 12 Months Ended |
Jul. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities | Note 7— Debt Securities The following is a summary of available-for-sale debt securities: Schedule of Available-for-sale Securities (in thousands) Amortized Gross Gross Fair Value July 31, 2023 Certificates of deposit * $ 4,080 $ — $ (4 ) $ 4,076 U.S. Treasury bills and notes 31,186 — (148 ) 31,038 Government sponsored enterprise notes 3,881 — (8 ) 3,873 Corporate bonds 3,912 — (485 ) 3,427 TOTAL $ 43,059 $ — $ (645 ) $ 42,414 July 31, 2022 Certificates of deposit * $ 2,000 $ — $ (14 ) $ 1,986 U.S. Treasury bills and notes 13,848 — (114 ) 13,734 Corporate bonds 3,966 1 (416 ) 3,551 Municipal bonds 3,035 — (3 ) 3,032 TOTAL $ 22,849 $ 1 $ (547 ) $ 22,303 * Each of the certificates of deposit held by the Company has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market. Proceeds from maturities and sales of debt securities and redemptions of equity investments were $ 49.2 21.2 26.2 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The contractual maturities of the Company’s available-for-sale debt securities at July 31, 2023 were as follows: Schedule of Contractual Maturities of Available-for-sale Debt Securities (in thousands) Fair Value Within one year $ 35,176 After one year through five years 6,019 After five years through ten years 1,172 After ten years 47 TOTAL $ 42,414 The following available-for-sale debt securities were in an unrealized loss position for which other-than-temporary impairments were not recognized: Schedule of Available-for-sale Securities, Unrealized Loss Position (in thousands) Unrealized Fair July 31, 2023 Certificates of deposit $ 4 $ 3,356 U.S. Treasury bills and notes 148 31,038 Government sponsored enterprise notes 8 3,873 Corporate bonds 485 3,368 TOTAL $ 645 $ 41,635 July 31, 2022 Certificates of deposit $ 14 $ 1,986 U.S. Treasury bills and notes 114 13,734 Corporate bonds 416 3,514 Municipal bonds 3 2,412 TOTAL $ 547 $ 21,646 The following available-for-sale debt securities included in the table above were in a continuous unrealized loss position for 12 months or longer: Schedule of Continuous Unrealized Loss Position for 12 Months or Longer (in thousands) Unrealized Fair July 31, 2023 U.S. Treasury bills and notes $ 86 $ 816 Corporate bonds 484 3,299 TOTAL $ 570 $ 4,115 July 31, 2022 U.S. Treasury bills and notes $ 72 $ 892 Corporate bonds 234 1,731 TOTAL $ 306 $ 2,623 At July 31, 2023 and 2022, the Company did not intend to sell any of the debt securities included in the table above, and it is not more likely than not that the Company will be required to sell any of these securities before recovery of the unrealized losses, which may be at maturity. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) |
Equity Investments
Equity Investments | 12 Months Ended |
Jul. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Equity Investments | Note 8— Equity Investments Equity investments consist of the following: Schedule of Equity Investments July 31 2023 2022 Zedge, Inc. Class B common stock, 42,282 $ 89 $ 117 Rafael Holdings, Inc. Class B common stock, 278,810 290,214 558 586 Other marketable equity securities 1,497 4,089 Fixed income mutual funds 4,054 12,299 Current equity investments $ 6,198 $ 17,091 Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”) $ 1,263 $ 1,132 Visa Inc. Series A Convertible Participating Preferred Stock (“Visa Series A Preferred”) — 1,230 Convertible preferred stock—equity method investment 2,784 1,001 Hedge funds 3,002 3,238 Other 2,825 825 Noncurrent equity investments $ 9,874 $ 7,426 The Company received the shares of Zedge Inc. (“Zedge”) Class B common stock and 28,320 261,894 11,404 On December 7, 2020, the Company purchased from Rafael 218,245 43,649 22.91 5.0 4.6 0.4 22.91 43,649 1.0 In June 2016, upon the acquisition of Visa Europe Limited by Visa, Inc. (“Visa”), IDT Financial Services received 1,830 13.722 125 6.861 125 12,500 2.9 58 3.645 58 5,800 1.3 The changes in the carrying value of the Company’s equity investments without readily determinable fair values for which the Company elected the measurement alternative was as follows: Schedule of Carrying Value of Equity Investments Year ended July 31 2023 2022 2021 Balance, beginning of period $ 1,501 $ 2,743 $ 4,109 Redemption for Visa mandatory release assessment — (1,230 ) (1,870 ) Purchase — 100 — Adjustment for observable transactions involving a similar investment from the same issuer 131 (103 ) 510 Redemptions — (9 ) (6 ) Impairments — — — BALANCE, END OF PERIOD $ 1,632 $ 1,501 $ 2,743 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The Company increased or decreased the carrying value of the shares of Visa Series C Preferred it held based on the fair value of Visa Class A common stock, including a discount for lack of current marketability, which is classified as “Adjustment for observable transactions involving a similar investment from the same issuer” in the table above. Unrealized losses and gains for all equity investments measured at fair value included the following: Schedule of Unrealized (losses) Gains for All Equity Investments Year ended July 31 2023 2022 2021 Net (losses) gains recognized during the period on equity investments $ (2,613 ) $ (19,248 ) $ 8,830 Less: net gains recognized during the period on equity investments sold during the period 18 10 1,090 Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date $ (2,631 ) $ (19,258 ) $ 7,740 The unrealized losses and gains for all equity investments measured at fair value in the table above included the following: Year ended July 31 2023 2022 2021 Unrealized (losses) gains recognized during the period on equity investments: Rafael Class B common stock $ (7 ) $ (14,101 ) $ 8,291 Zedge Class B common stock $ (28 ) $ (533 ) $ 591 Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date $ (2,631 ) $ (19,258 ) $ 7,740 Equity Method Investment On February 2, 2021, the Company paid $ 4.0 1.1 23.95 26.57 The Company accounted for this investment using the equity method since the Series B and Series C convertible preferred stock were in-substance common stock, and the Company could exercise significant influence over the operating and financial policies of the EMI. As of July 31, 2022, the Company was the holder of secured promissory notes made by the EMI in exchange for loans of an aggregate of $ 2.5 4.0 15 February 2023 April 2023 On April 6, 2023, in accordance with an Agreement and Plan of Merger dated as of April 5, 2023, the EMI merged with and into its subsidiary, with the subsidiary being the surviving corporation. Effective with the merger, the EMI has no common stock outstanding, each share of the EMI’s convertible preferred stock was converted into shares of the subsidiary’s Series A Convertible Preferred Stock (“EMI Preferred Stock”), and the principal and accrued interest of the EMI’s secured promissory notes was converted into shares of EMI Preferred Stock (the “Conversions”). In addition, each of the EMI’s shareholders agreed to purchase additional shares of EMI Preferred Stock, for which the Company paid $ 0.8 33.3 The Company accounts for this investment using the equity method since the Company can exercise significant influence over the operating and financial policies of the EMI but it does not have a controlling interest. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The Company determined that on the dates of the acquisitions, there were differences between its investment in the EMI and its proportional interest in the equity of the EMI of an aggregate of $ 8.2 These basis differences are being amortized over the 6-year estimated life of the customer list. The following table summarizes the change in the balance of the Company’s equity method investment: Summary of Changes in Equity Method Investments Year ended July 31 2023 2022 2021 Balance, beginning of period $ 1,001 $ 2,901 $ — Purchase of convertible preferred stock 840 1,051 4,000 Conversion of secured promissory notes into convertible preferred stock 4,038 — — Equity in the net loss of investee (2,153 ) (2,224 ) (816 ) Amortization of equity method basis difference (942 ) (727 ) (283 ) BALANCE, END OF PERIOD $ 2,784 $ 1,001 $ 2,901 Summarized financial information of the EMI was as follows: Summary of Statements of Operations July 31 2023 2022 Current assets $ 3,661 $ 3,911 Noncurrent assets $ 2,245 $ 2,462 Current liabilities $ (2,771 ) $ (11,480 ) Noncurrent liabilities $ — $ — (in thousands) Year ended July 31, 2023 Year ended July 31, 2022 From the date of acquisition to July 31, 2021 REVENUES $ 7,998 $ 7,889 $ 1,898 COSTS AND EXPENSES: Direct cost of revenues 6,680 9,451 1,937 Selling, general and administrative 7,871 5,834 3,388 TOTAL COSTS AND EXPENSES 14,551 15,285 5,325 LOSS FROM OPERATIONS (6,553 ) (7,396 ) (3,427 ) Other (expense) income, net (1,305 ) (342 ) 101 NET LOSS $ (7,858 ) $ (7,738 ) $ (3,326 ) As of July 27, 2023, the EMI’s shareholders including the Company agreed to purchase additional shares of EMI Preferred Stock. The Company subscribed to purchase additional shares for an aggregate of $ 1.0 0.7 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9— Fair Value Measurements The following table presents the balance of assets and liabilities measured at fair value on a recurring basis: Schedule of Balance of Assets Measured at Fair Value on a Recurring Basis (in thousands) Level 1 Level 2 Level 3 Total July 31, 2023 Debt securities $ 31,038 $ 11,376 $ — $ 42,414 Equity investments included in current assets 6,198 — — 6,198 Equity investments included in noncurrent assets — 2,500 1,263 3,763 TOTAL $ 37,236 $ 13,876 $ 1,263 $ 52,375 Acquisition consideration included in: Other current liabilities $ — $ — $ (2,032 ) $ (2,032 ) Other noncurrent liabilities — — (2,773 ) (2,773 ) TOTAL $ — $ — $ (4,805 ) $ (4,805 ) July 31, 2022 Debt securities $ 13,734 $ 8,569 $ — $ 22,303 Equity investments included in current assets 17,091 — — 17,091 Equity investments included in noncurrent assets — 1,730 1,132 2,862 TOTAL $ 30,825 $ 10,299 $ 1,132 $ 42,256 Acquisition consideration included in: Other current liabilities $ — $ — $ (2,578 ) $ (2,578 ) Other noncurrent liabilities — — (5,968 ) (5,968 ) TOTAL $ — $ — $ (8,546 ) $ (8,546 ) IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) At July 31, 2023 and 2022, the Company had $ 3.0 3.2 The following tables summarize the change in the balance of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Schedule of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) Year ended July 31, 2023 2022 2021 Balance, beginning of period $ 1,132 $ 2,465 $ 3,825 Purchase of Rafael Holdings, Inc. warrant — — 354 Exercise of Rafael Holdings, Inc. warrant — — (380 ) Redemption for Visa mandatory release assessment — (1,230 ) (1,870 ) Total gains (losses) included in “ Other (expense) income, net 131 (103 ) 536 BALANCE, END OF PERIOD $ 1,263 $ 1,132 $ 2,465 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period $ — $ — $ — The following tables summarize the change in the balance of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) Year ended July 31, (in thousands) 2023 2022 2021 Balance, beginning of period $ 8,546 $ 1,025 $ 396 Transfer into Level 3 from acquisitions — 7,849 628 Payments (2,494 ) — — Total (gain) loss included in: “ Other operating (expense) gain, net ” (1,349 ) (303 ) — Interest expense included in “Interest income, net” 97 — — “ Foreign currency translation adjustments 5 (25 ) 1 BALANCE, END OF PERIOD $ 4,805 $ 8,546 $ 1,025 Change in unrealized gains or losses for the period included in earnings for liabilities at the end of the period $ — $ — $ — In fiscal 2023, the Company paid an aggregate of $ 2.5 3,051 0.1 1.6 0.3 0.2 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Fair Value of Other Financial Instruments The estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting these data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. Cash and cash equivalents, restricted cash and cash equivalents, settlement assets, other current assets, customer deposits, settlement liabilities, and other current liabilities. Other assets and other liabilities. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Jul. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Note 10— Property, Plant, and Equipment Property, plant, and equipment consist of the following: Schedule of Property, Plant and Equipment July 31 2023 2022 Equipment $ 43,704 $ 40,811 Computer software 169,070 156,258 Leasehold improvements 1,760 1,874 Furniture and fixtures 699 681 Property, plant and equipment, gross 215,233 199,624 Less accumulated depreciation and amortization (176,578 ) (162,758 ) Property, plant, and equipment, net $ 38,655 $ 36,866 The Company reduced its gross property, plant, and equipment and accumulated depreciation and amortization by $ 4.2 17.4 Depreciation and amortization expense of property, plant, and equipment was $ 18.6 16.8 17.1 In fiscal 2023, the Company recorded an expense of $ 0.1 |
Goodwill
Goodwill | 12 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 11— Goodwill The table below reconciles the change in the carrying amount of goodwill by operating segment: Schedule of Change in Carrying Amount of Goodwill by Operating Segment (in thousands) Fintech net2phone Traditional Communications Total Balance at July 31, 2020 $ — $ 1,519 $ 11,339 $ 12,858 Acquisition — — 2,025 2,025 Foreign currency translation adjustments — 4 10 14 Balance at July 31, 2021 — 1,523 13,374 14,897 Acquisitions 3,199 8,433 — 11,632 Adjustment — — 392 392 Foreign currency translation adjustments — (213 ) (328 ) (541 ) Balance at July 31, 2022 3,199 9,743 13,438 26,380 Balance at beginning 3,199 9,743 13,438 26,380 Foreign currency translation adjustments — 101 (24 ) 77 Balance at July 31, 2023 $ 3,199 $ 9,844 $ 13,414 $ 26,457 Balance at end $ 3,199 $ 9,844 $ 13,414 $ 26,457 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Note 12— Other Intangible Assets The table below presents information on the Company’s amortized intangible assets: Schedule of Company's Amortized Intangible Assets (in thousands) Weighted Gross Accumulated Net July 31, 2023 Tradenames 10.5 $ 2,694 $ (1,005 ) $ 1,689 Non-compete agreements 5.5 1,302 (778 ) 524 Customer relationships 7.5 11,511 (5,528 ) 5,983 TOTAL 7.9 $ 15,507 $ (7,311 ) $ 8,196 July 31, 2022 Tradenames 11.4 $ 2,480 $ (700 ) $ 1,780 Non-compete agreements 5.5 1,316 (549 ) 767 Customer relationships 7.8 11,590 (4,528 ) 7,062 TOTAL 8.2 $ 15,386 $ (5,777 ) $ 9,609 Amortization expense of intangible assets was $ 1.5 million, $ 1.3 million, and $ 0.7 million in fiscal 2023, fiscal 2022, and fiscal 2021, respectively. The Company estimates that amortization expense of intangible assets with finite lives will be $ 1.5 million, $ 1.4 million, $ 1.2 million, $ 1.2 million, and $ 1.0 |
Variable Interest Entity
Variable Interest Entity | 12 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entity | Note 13— Variable Interest Entity As of May 31, 2021, the Company entered into a Warrant Purchase Agreement with the shareholders of an entity (the variable interest entity or “VIE”) that operates money transfer businesses. The purchase price of the warrant was cash of $ 0.8 0.1 90 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The VIE’s net income and aggregate funding provided by (repaid to) the Company were as follows: Schedule of Net Income and Aggregate Funding Repaid to the Company by VIE (in thousands) Year ended July 31, 2023 Year ended July 31, 2022 For the period from May 31, 2021 to July 31, 2021 Net income of the VIE $ 322 $ 248 $ 54 Aggregate funding provided by (repaid to) the Company, net $ 112 $ (94 ) $ 8 The VIE’s summarized consolidated balance sheet amounts are as follows: VIE’s Summarized Consolidated Balance Sheet July 31 2023 2022 ASSETS Cash and cash equivalents $ 1,596 $ 1,808 Restricted cash 7,848 4,490 Trade accounts receivable, net 62 31 Disbursement prefunding 585 925 Prepaid expenses 197 14 Other current assets 317 462 Due from the Company — 86 Property, plant, and equipment, net 272 467 Other intangibles, net 737 889 TOTAL ASSETS $ 11,614 $ 9,172 LIABILITIES AND NONCONTROLLING INTERESTS Trade accounts payable $ — $ — Accrued expenses 70 54 Settlement liabilities 7,573 5,525 Due to the Company 26 — Accumulated other comprehensive income (loss) 21 (9 ) Noncontrolling interests 3,924 3,602 TOTAL LIABILITIES AND NONCONTROLLING INTERESTS $ 11,614 $ 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. |
Other Operating (Expense) Gain,
Other Operating (Expense) Gain, Net | 12 Months Ended |
Jul. 31, 2023 | |
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: Schedule of Other Operating (Expense) Gain, Net Year ended July 31 2023 2022 2021 Corporate —Straight Path Communications Inc. class action legal fees $ (5,785 ) $ (7,671 ) $ (2,876 ) Corporate —Straight Path Communications Inc. class action insurance claims 3,845 6,635 3,101 Corporate—Grow New Jersey Assistance Act tax credit 1,600 — — Fintech—write-off of contingent consideration liability 1,565 — — Fintech—government grants 382 20 — Fintech—other — — (367 ) net2phone—write-off of telephone equipment (133 ) — — net2phone—write-off of contingent consideration liability — 303 — Write-off of contingent consideration liability net2phone—other — (10 ) (100 ) Traditional Communications—write-off of capitalized internal use software costs (1,419 ) — — Traditional Communications—gain from sale of rights under class action lawsuit — — 2,000 Traditional Communications—cable telephony customer indemnification claim (3,925 ) (96 ) (472 ) Traditional Communications— increase in contingent consideration liability (216 ) — — Traditional Communications—other (329 ) (7 ) (555 ) TOTAL $ (4,415 ) $ (826 ) $ 731 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Straight Path Communications Inc. Class Action As discussed in Note 23, the Company (as well as other defendants) has been named in a class action on behalf of the stockholders of the Company’s former subsidiary, Straight Path Communications Inc. (“Straight Path”). The Company incurred legal fees and recorded offsetting gains from insurance claims related to this action in fiscal 2023, fiscal 2022, and fiscal 2021. On October 3, 2023, the Court of Chancery of the State of Delaware dismissed all claims against the Company, and found that, contrary to the plaintiffs’ allegations, the class suffered no damages. The plaintiffs will have 30 days from entry of the final order to file an appeal. Grow New Jersey Assistance Act Tax Credit In September 2017, the Company, the Company’s subsidiary IDT Domestic Telecom, Inc. (“IDT DT”), and certain other affiliates were certified by the New Jersey Economic Development Authority (“NJEDA”) as having met the requirements of the Grow New Jersey Assistance Act Tax Credit Program. The program provides for credits against a corporation’s New Jersey corporate business tax liability for maintaining a minimum number of employees in New Jersey, and that tax credits may be sold subject to certain conditions. On June 5, 2023, the Company received a 2019 tax credit certificate for $ 1.8 1.6 Contingent Consideration Liabilities In fiscal 2023, the Company determined that the requirements for a portion of the contingent consideration payments related to the Leaf acquisition would not be met. In addition, in fiscal 2022, the Company determined that the requirements for a contingent consideration payment related to an acquisition in December 2019 would not be met before the expiration date. The Company recognized gains on the write-off of these contingent consideration payment obligations in the Fintech and net2phone segments, respectively. Also, in fiscal 2023, the Company increased the estimated fair value of acquisition-related contingent consideration in its Traditional Communications segment by $ 0.2 Government Grants In fiscal 2023 and fiscal 2022, Leaf received payments from government grants for the development and commercialization of blockchain-backed financial technologies. Write-off of Capitalized Internal Use Software Costs In fiscal 2023, the Company reduced its unamortized capitalized internal use software costs for internal use software that was taken out of service and recorded an expense of $ 1.4 Gain from Sale of Rights under Class Action Lawsuit On December 21, 2020, the Company received $ 2.0 Indemnification Claim Beginning in June 2019, as part of a commercial resolution, the Company indemnified a cable telephony customer related to patent infringement claims brought against the customer. On May 8, 2023, the Company and the customer agreed to release the Company from the indemnification agreement in exchange for $ 3.9 1.9 0.4 |
Revolving Credit Facility
Revolving Credit Facility | 12 Months Ended |
Jul. 31, 2023 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility | Note 15— Revolving Credit Facility The Company’s subsidiary, IDT Telecom, Inc. (“IDT Telecom”), entered into a credit agreement, dated as of May 17, 2021, with TD Bank, N.A. for a revolving credit facility for up to a maximum principal amount of $ 25.0 no 27.4 2.6 The revolving credit facility is secured by primarily all of IDT Telecom’s assets. The principal outstanding bears interest per annum at the secured overnight financing rate published by the Federal Reserve Bank of New York plus 10 basis points, plus depending upon IDT Telecom’s leverage ratio as computed for the most recent fiscal quarter, 125 to 175 basis points. Interest is payable monthly, and all outstanding principal and any accrued and unpaid interest is due on May 16, 2026 25.0 In the first quarter of fiscal 2024, the Company borrowed and repaid $ 25.0 million under the facility. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jul. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 16— Accrued Expenses Accrued expenses consist of the following: Schedule of Accrued Expenses July 31 2023 2022 Carrier minutes termination $ 20,675 $ 28,869 Regulatory fees and taxes 43,302 48,146 Compensation costs 18,858 16,145 Maintenance and support 3,434 2,122 Commissions 4,164 3,204 Legal and professional fees 8,751 6,601 Other 11,612 12,022 TOTAL $ 110,796 $ 117,109 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 12 Months Ended |
Jul. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | Note 17— Redeemable Noncontrolling Interest On September 29, 2021, NRS sold shares of its Class B common stock representing 2.5 10 The shares of NRS’ Class B common stock sold to Alta Fox have been classified as mezzanine equity in the accompanying consolidated balance sheet because they may be redeemed at the option of Alta Fox, although the shares are not mandatorily redeemable. The carrying amount of the shares includes the noncontrolling interest in the net income of NRS. The net income attributable to the mezzanine equity’s noncontrolling interest during the periods were as follows: Schedule of Net Income Attributable to Mezzanine Equity’s Noncontrolling Interest Year ended July 31 2023 2022 2021 Net income of NRS attributable to the mezzanine equity’s noncontrolling interest $ 281 $ 191 $ — |
Other (Expense) Income, Net
Other (Expense) Income, Net | 12 Months Ended |
Jul. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other (Expense) Income, Net | Note 18— Other (Expense) Income, Net Other (expense) income, net consists of the following: Schedule of Other (Expense) Income, Net 2023 2022 2021 Year ended July 31 2023 2022 2021 Foreign currency transaction gains (losses) $ 3,353 $ (1,742 ) $ 1,009 Equity in net loss of investee (3,095 ) (2,951 ) (1,099 ) (Losses) gains on investments (2,613 ) (19,248 ) 8,830 Other (728 ) (1,411 ) (824 ) TOTAL $ (3,083 ) $ (25,352 ) $ 7,916 |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 19— Income Taxes The components of income before income taxes are as follows: Components of Income Before Income Taxes Year ended July 31 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 the Company’s deferred income tax assets consist of the following: Significant Components of Deferred Income Taxes July 31 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 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The (provision for) benefit from income taxes consist of the following: Schedule of (Provision for) Benefits from Income Taxes Year ended July 31 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 The differences between income taxes expected at the U.S. federal statutory income tax rate and income taxes provided are as follows: Schedule of Differences Between Income Taxes Expected Federal Statutory Income Taxes Year ended July 31 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 The Company’s cumulative undistributed foreign earnings are included in retained earnings in the Company’s consolidated balance sheets and consisted of approximately $ 302 At July 31, 2023, the Company had U.S. federal net operating loss carryforwards of approximately $ 37 million. These loss carryforwards are available to offset future U.S. federal taxable income. U.S. federal net operating loss carryforwards of $ 34 3 The Company has foreign net operating loss carryforwards of approximately $ 77 million, of which approximately $ 65 million does not expire, approximately $ 11 million expires in two to ten years and approximately $ 1 million expires in twenty years. These foreign loss carryforwards are available to offset future taxable income in the countries in which the losses were incurred. The Company’s subsidiary, net2phone, has additional U.S. federal net operating loss carryforwards of approximately $ 7 With the reacquisition of net2phone by the Company in March 2006, its losses were limited under Internal Revenue Code Section 382 to approximately $ 7 million per year. The net operating loss carryforwards do not include any excess benefits related to stock options or restricted stock. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The change in the valuation allowance is as follows: Summary of Changes in Valuation Allowance Year ended July 31 Balance at Additions Deductions Balance at 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 In fiscal 2023, the Company decreased the valuation allowance by $ 1.0 2.8 0.7 2.5 In fiscal 2021, the Company released $ 46.5 Income Taxes (Topic 740) At July 31, 2023 and 2022, the Company did not have any unrecognized income tax benefits. There were no changes in the balance of unrecognized income tax benefits in fiscal 2023, fiscal 2022, and fiscal 2021. At July 31, 2023, the Company did not expect any changes in unrecognized income tax benefits during the next twelve months. In fiscal 2023, fiscal 2022, and fiscal 2021, the Company did not record any interest and penalties on income taxes. At July 31, 2023 and 2022, there was no accrued interest included in current income taxes payable. The Company currently remains subject to examinations of its tax returns as follows: U.S. federal tax returns for fiscal 2020 to fiscal 2023, state and local tax returns generally for fiscal 2019 to fiscal 2023, and foreign tax returns generally for fiscal 2019 to fiscal 2023. |
Equity
Equity | 12 Months Ended |
Jul. 31, 2023 | |
EQUITY: | |
Equity | Note 20— Equity Class A Common Stock and Class B Common Stock The rights of holders of Class A common stock and Class B common stock are identical except for certain voting and conversion rights and restrictions on transferability. The holders of Class A common stock and Class B common stock receive identical dividends per share when and if declared by the Company’s Board of Directors. In addition, the holders of Class A common stock and Class B common stock have identical and equal priority rights per share in liquidation. The Class A common stock and Class B common stock do not have any other contractual participation rights. The holders of Class A common stock are entitled to three votes per share and the holders of Class B common stock are entitled to one-tenth of a vote per share. Each share of Class A common stock may be converted into one share of Class B common stock, at any time, at the option of the holder. Shares of Class A common stock are subject to certain limitations on transferability that do not apply to shares of Class B common stock. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Stock Repurchases The Company has an existing stock repurchase program authorized by its Board of Directors for the repurchase of shares of the Company’s Class B common stock. The Board of Directors authorized the repurchase of up to 8.0 511,546 13.1 554,744 13.4 463,792 2.8 4.7 In the first quarter of fiscal 2024 through October 11, 2023, the Company repurchased 124,530 2.8 In fiscal 2023, fiscal 2022, and fiscal 2021, the Company paid $ 0.8 9.0 1.3 28,227 200,438 109,381 Stock Issued to Certain Executive Officers for Bonus Payments In fiscal 2023, certain executive officers of the Company received performance bonuses for fiscal 2022 of an aggregate of $ 1.2 24,543 0.6 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jul. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 21— Stock-Based Compensation Stock-Based Compensation Plan The 2015 Stock Option and Incentive Plan is intended to provide incentives to officers, employees, directors, and consultants of the Company, including stock options, stock appreciation rights, limited rights, DSUs, and restricted stock. On December 14, 2022, the Company’s stockholders approved an amendment to the Company’s 2015 Stock Option and Incentive Plan to increase the number of shares of the Company’s Class B common stock available for the grant of awards thereunder by an additional 50,000 175,000 1.8 0.1 On October 11, 2023, the Company’s Board of Directors amended the Company’s 2015 Stock Option and Incentive Plan to increase the number of shares of the Company’s Class B common stock available for grant thereunder by an additional 250,000 Stock Options Option awards are generally granted with an exercise price equal to the market price of the Company’s stock on the date of grant. Option awards generally vest on a graded basis over three years of service and have ten-year contractual terms. No IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) A summary of stock option activity for the Company is as follows: Schedule of Stock Option Activity Number of Weighted- Weighted- Aggregate Outstanding at July 31, 2022 25 $ 13.72 Granted — — Exercised (13 ) (13.72 ) Cancelled / Forfeited — — OUTSTANDING AT JULY 31, 2023 12 $ 13.72 1.1 $ 125 EXERCISABLE AT JULY 31, 2023 12 $ 13.72 1.1 $ 125 In fiscal 2023, fiscal 2022, and fiscal 2021, the Company received cash from the exercise of stock options of $ 0.2 0.1 0.7 12,500 10,000 81,041 1.0 14.93 May 1, 2022 528,635 14.9 137,364 3.9 The total intrinsic value of options exercised during fiscal 2023, fiscal 2022, and fiscal 2021 was $ 0.2 19.7 0.2 Restricted Stock The fair value of restricted shares of the Company’s Class B common stock is determined based on the closing price of the Company’s Class B common stock on the grant date. Share awards generally vest on a graded basis over three years of service. A summary of the status of the Company’s grants of restricted shares of Class B common stock is presented below: Schedule of Grants of Restricted Shares Number of Weighted- Non-vested restricted shares at July 31, 2022 3 $ 31.80 Granted 44 21.90 Vested (21 ) (25.87 ) Forfeited (1 ) (31.80 ) NON-VESTED RESTRICTED SHARES AT JULY 31, 2023 25 $ 19.09 There are 24,000 24,000 At July 31, 2023, there was $ 0.4 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements, which is expected to be recognized over a weighted-average period of 0.9 0.5 million, $ 1.0 million, and $ 0.2 million, respectively. Deferred Stock Units Equity Incentive Programs On November 30, 2022, the Company adopted an equity incentive program (under its 2015 Stock Option and Incentive Plan) in the form of grants of DSUs that, upon vesting, will entitle the grantees to receive shares of the Company’s Class B common stock. The number of shares that will be issuable on each vesting date will vary between 50% to 200% of the number of DSUs that vest on that vesting date, depending on the market price for the underlying Class B common stock on the vesting date relative to the base price approved by the Compensation Committee of the Company’s Board of Directors of $ 25.45 41,945 31,909 5.4 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The Company had a prior equity incentive program in the form of DSUs that, upon vesting, entitled the grantees to receive shares of the Company’s Class B common stock. On January 5, 2022 and January 5, 2021, the Company issued 301,296 283,838 Effective as of September 21, 2020, the Company granted 4,000 1,333 1,334 1,333 A summary of the status of the Company’s grants of DSUs is presented below: Schedule of Grants of Restricted Shares Number of Weighted- Non-vested shares at July 31, 2022 3 $ 6.96 Granted 198 27.20 Vested (35 ) (24.83 ) Forfeited (1 ) (28.03 ) NON-VESTED SHARES AT JULY 31, 2023 165 $ 27.38 At July 31, 2023, there was $ 2.3 0.7 years. The total grant date fair value of DSUs vested in fiscal 2023, fiscal 2022, and fiscal 2021 was $ 0.9 million, $ 1.6 million, and $ 1.5 million, respectively. Stock Issued to an Employee In fiscal 2023, the Company granted 15,000 0.4 NRS Restricted Stock Grants In February 2022, restricted shares of NRS’ Class B common stock representing 0.4 1.2 Effective as of June 30, 2022, restricted shares of NRS’ Class B common stock representing 1.2 3.3 2.6 Grant of Restricted Equity in net2phone 2.0, Inc. On December 31, 2020, a compensatory arrangement with each of Howard S. Jonas and Shmuel Jonas, the Company’s Chief Executive Officer, was finalized. Howard S. Jonas and Shmuel Jonas each received fifty restricted shares of net2phone 2.0’s Class B common stock, which represented an aggregate of 10 % of net2phone 2.0’s issued and outstanding common stock at July 31, 2023. The restricted shares will vest if: (a) for any fiscal quarter of net2phone 2.0 between November 1, 2020 and October 31, 2023, net2phone 2.0 records subscription revenue that is at least $18 million, and (b) as of October 31, 2023, net2phone 2.0’s valuation is $100 million or more. The restricted shares will also vest in the event, prior to October 31, 2023, net2phone 2.0 or its assets are sold at an equity valuation and on a cash-free basis of $100 million or more, regardless of whether the revenue threshold was satisfied prior thereto. The restricted shares entitle each grantee to proceeds only on a sale, spin-off, initial public offering, or other monetization of net2phone 2.0 and have protection from dilution for the first $15 million invested in net2phone 2.0 following the grant. It is probable that these restricted shares will vest by October 31, 2023. The aggregate estimated fair value on the grant date was $ 0.2 million based on a Monte Carlo simulation of a range of possible future revenue amounts on risk-neutral basis, to which a net revenue multiple was applied to determine the future enterprise value. The aggregate estimated fair value is being recognized over the vesting period. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Jul. 31, 2023 | |
EQUITY: | |
Accumulated Other Comprehensive Loss | Note 22— Accumulated Other Comprehensive Loss The accumulated balances for each classification of other comprehensive income (loss) were as follows: Schedule of Accumulated Balances for Each Classification of Other Comprehensive Loss (in thousands) Unrealized Foreign Accumulated Balance at July 31, 2020 $ 42 $ (7,452 ) $ (7,410 ) Other comprehensive loss attributable to IDT Corporation (51 ) (2,722 ) (2,773 ) Balance at July 31, 2021 (9 ) (10,174 ) (10,183 ) Other comprehensive loss attributable to IDT Corporation (537 ) (585 ) (1,122 ) Balance at July 31, 2022 (546 ) (10,759 ) (11,305 ) Other comprehensive loss attributable to IDT Corporation (99 ) (5,788 ) (5,887 ) BALANCE AT JULY 31, 2023 $ (645 ) $ (16,547 ) $ (17,192 ) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 23— Commitments and Contingencies COVID-19 In May 2023, the World Health Organization declared an end to COVID-19 as a public health emergency. As of the date of these consolidated financial statements, the Company continues to monitor the situation. The Company cannot predict with certainty the potential impact of COVID-19 if it re-invigorates on the Company’s results of operations, financial condition, or cash flows. Legal Proceedings On July 5, 2017, plaintiff JDS1, LLC, on behalf of itself and all other similarly situated stockholders of Straight Path, and derivatively on behalf of Straight Path as nominal defendant, filed a putative class action and derivative complaint in the Court of Chancery of the State of Delaware against the Company, The Patrick Henry Trust (a trust formed by Howard S. Jonas that held record and beneficial ownership of certain shares of Straight Path he formerly held), Howard S. Jonas, and each of Straight Path’s directors. The complaint alleged that the Company aided and abetted Straight Path Chairman of the Board and Chief Executive Officer Davidi Jonas, and Howard S. Jonas in his capacity as controlling stockholder of Straight Path, in breaching their fiduciary duties to Straight Path in connection with the settlement of claims between Straight Path and the Company related to potential indemnification claims concerning Straight Path’s obligations under the Consent Decree it entered into with the Federal Communications Commission (“FCC”), as well as the sale of Straight Path’s subsidiary Straight Path IP Group, Inc. to the Company in connection with that settlement. That action was consolidated with a similar action that was initiated by The Arbitrage Fund. The Plaintiffs sought, among other things, (i) a declaration that the action may be maintained as a class action or in the alternative, that demand on the Straight Path Board is excused; (ii) that the term sheet is invalid; (iii) awarding damages for the unfair price stockholders received in the merger between Straight Path and Verizon Communications Inc. for their shares of Straight Path’s Class B common stock; and (iv) ordering Howard S. Jonas, Davidi Jonas, and the Company to disgorge any profits for the benefit of the class Plaintiffs. On August 28, 2017, the Plaintiffs filed an amended complaint. The trial was held in August and December 2022, and closing arguments were presented on May 3, 2023. On October 3, 2023, the Court of Chancery of the State of Delaware dismissed all claims against the Company, and found that, contrary to the plaintiffs’ allegations, the class suffered no damages. The plaintiffs will have 30 days from entry of the final order to file an appeal. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) In addition to the foregoing, the Company is subject to other legal proceedings that have arisen in the ordinary course of business and have not been finally adjudicated. Although there can be no assurance in this regard, the Company believes that none of the other legal proceedings to which the Company is a party will have a material adverse effect on the Company’s results of operations, cash flows, or financial condition. Sales Tax Contingency On June 21, 2018, the United States Supreme Court rendered a decision in South Dakota v. Wayfair, Inc., holding that a state may require a remote seller with no physical presence in the state to collect and remit sales tax on goods and services provided to purchasers in the state, overturning certain existing court precedent. It is possible that one or more jurisdictions may assert that the Company has liability for periods for which it has not collected sales, use or other similar taxes, and if such an assertion or assertions were successful it could materially and adversely affect the Company’s business, financial position, and operating results. One or more jurisdictions may change their laws or policies to apply their sales, use or other similar taxes to the Company’s operations, and if such changes were made it could materially and adversely affect the Company’s business, financial position, and operating results. Regulatory Fees Audit The Company’s 2017 FCC Form 499-A, which reports its calendar year 2016 revenue, was audited by the Universal Service Administrative Company (“USAC”). The Internal Audit Division of USAC issued preliminary audit findings and the Company, in accordance with USAC’s audit procedures, appealed certain of the findings. USAC issued a final decision, and the final decision overturned one of the initial findings but left the remaining initial findings in place. The reversal will result in the elimination of a $ 1.8 2.9 26.8 33.2 Purchase Commitments At July 31, 2023, the Company had purchase commitments of $ 10.8 Performance Bonds The Company has performance bonds issued through third parties for the benefit of various states in order to comply with the states’ financial requirements for money remittance licenses and telecommunications resellers. At July 31, 2023, the Company had aggregate performance bonds of $ 27.1 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jul. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 24— Related Party Transactions Rafael Holdings, Inc. In connection with the spin-off of Rafael in March 2018, the Company and Rafael entered into a Transition Services Agreement pursuant to which certain administrative and other services are provided by the Company and Rafael. The Company charged Rafael $ 0.3 million in each of fiscal 2023, fiscal 2022, and fiscal 2021 for services provided, net of the amounts charged by Rafael to the Company. At both July 31, 2023 and 2022, other current assets reported in the Company’s consolidated balance sheets included net receivable from Rafael of $ 0.1 million. See Note 4 regarding the Company’s prior office lease arrangements with Rafael. Genie Energy Ltd. The Company entered into a Transition Services Agreement with Genie Energy Ltd. (“Genie”) prior to the spin-off of Genie in October 2011, which provides for certain services to be performed by the Company and Genie. The Company charged Genie $ 1.2 1.3 1.3 receivables 0.2 0.4 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Other Related Party Transactions The Company provides office space, certain connectivity and other services to Jonas Media Group, a publishing firm owned by Howard S. Jonas. Billings for such services were $ 2,000 2,000 9,000 4,000 2,000 7,000 Mason and Company Consulting, LLC (“Mason and Co.”), a company owned solely by Jonathan Mason, receives annual commissions and fees for the insurance brokerage referral and placement of certain of the Company’s insurance policies. Jonathan Mason is the husband of Joyce J. Mason, the Company’s General Counsel, and brother-in-law of Howard S. Jonas. Based on information the Company received from Jonathan Mason, the Company believes that Mason and Co. received commissions and fees from payments made by the Company in the aggregate amount of $ 62,000 76,000 63,000 IDT DT leases space in a building in the Bronx, New York that is owned by a limited liability company that is jointly owned by Howard S. Jonas and Shmuel Jonas. The annual rent is $ 18,600 The Company had loans receivable 0.5 0.5 |
Defined Contribution Plans
Defined Contribution Plans | 12 Months Ended |
Jul. 31, 2023 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plans | Note 25— Defined Contribution Plans The Company maintains a 401(k) Plan available to all employees meeting certain eligibility criteria. The plan permits participants to contribute up to the maximum amount allowed by law. The plan provides for discretionary matching contributions that vest over the first five years 35,839 1.0 1.1 1.0 0.8 |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business IDT Corporation (the “Company”) is a provider of point-of-sale (“POS”) terminal-based solutions, international money remittance and other financial technology, or fintech businesses, cloud communications, and traditional communications services. The Company has four reportable business segments, National Retail Solutions (“NRS”), Fintech, net2phone, and Traditional Communications. As of July 31, 2023, the Company owned 90.0 80.0 85.8 77.7 |
Basis of Consolidation | Basis of Consolidation The method of accounting applied to long-term investments, whether consolidated, equity or cost, involves an evaluation of the significant terms of each investment that explicitly grant or suggest evidence of control or influence over the operations of the investee and includes the identification of any variable interests in which the Company is the primary beneficiary. The consolidated financial statements include the Company’s controlled subsidiaries and the variable interest entity in which the Company is the primary beneficiary (see Note 13). All significant intercompany accounts and transactions between the consolidated entities are eliminated. |
Reclassifications | Reclassifications Certain prior year amounts were reclassified to conform to the current year’s presentation: In the consolidated balance sheet, $ 25.3 0.5 7.1 In the consolidated balance sheet, $ 0.6 17.1 In the consolidated statements of cash flows, cash used for “Trade accounts receivable” in the years ended July 31, 2022 and 2021 of $ 13.0 4.7 |
Accounting for Investments | Accounting for Investments Investments in businesses that the Company does not control, but in which the Company has the ability to exercise significant influence over operating and financial matters, are accounted for using the equity method. Investments in which the Company does not have the ability to exercise significant influence over operating and financial matters are accounted for using the cost method. Investments in hedge funds are accounted for using the equity method unless the Company’s interest is so minor that it has virtually no influence over operating and financial policies, in which case these investments are accounted for using the cost method. The Company periodically evaluates its equity and cost method investments for impairment due to declines considered to be other than temporary. If the Company determines that a decline in fair value is other than temporary, then a charge to earnings is recorded in “Other (expense) income, net” in the accompanying consolidated statements of income, and a new basis in the investment is established. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services, in accordance with a five-step process as follows: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the Company satisfies a performance obligation. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) |
Direct Cost of Revenues | Direct Cost of Revenues Direct cost of revenues consists primarily of termination and origination costs, toll-free costs, and network costs—including customer/carrier interconnect charges and fiber circuit charges. These costs include an estimate of charges for which invoices have not yet been received, and estimated amounts for pending disputes with other carriers. Direct cost of revenues also includes the cost of airtime top-up minutes. Direct cost of revenues excludes depreciation and amortization expense. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
Debt Securities | Debt Securities The Company’s investments in debt securities are classified as “available-for-sale.” Available-for-sale debt securities are required to be carried at their fair value, with unrealized gains and losses (net of income taxes) that are considered temporary in nature recorded in “Accumulated other comprehensive loss” in the accompanying consolidated balance sheets. The Company uses the specific identification method in computing the gross realized gains and gross realized losses on the sales of debt securities. The Company periodically evaluates its investments in debt securities for impairment due to declines in market value considered to be other than temporary. Such impairment evaluations include, in addition to persistent, declining market prices, general economic and Company-specific evaluations. If the Company determined that a decline in market value was other than temporary, then a charge to operations was recorded in “Other (expense) income, net” in the accompanying consolidated statements of income and a new cost basis in the investment was established. On August 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, |
Equity Investments | Equity Investments Investments in equity securities (except those accounted for under the equity method or that result in consolidation) are measured at fair value, with changes in fair value recognized in net income. For investments in equity securities without a readily determinable fair value, the Company elects the measurement alternative and measures these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. At each reporting date, the Company reassesses whether the investment still qualifies for this measurement alternative. Further, at each reporting date, the Company performs a qualitative assessment to evaluate whether the investment is impaired. If the qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value, the carrying amount of the investment will be reduced and the resulting loss recognized in “Other (expense) income, net” in the accompanying consolidated statements of income in the period the impairment is identified. |
Settlement Assets and Settlement Liabilities | Settlement Assets and Settlement Liabilities Settlement assets represent funds to be received for unsettled international money remittance and related value/payment transfer services. The receivables are due from financial institutions and agents for payment instruments sold and amounts advanced by the Company to certain agents for operational and local regulatory purposes. These receivables are outstanding from the day of the sale of the payment instrument until the financial institution or agent remits the funds to the Company. The Company provides an allowance for the portion of the receivable estimated to become uncollectible based on its history of collection experience, known collection issues, consumer credit card chargebacks and insufficient funds, and other matters the Company identifies in its routine collection monitoring. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Settlement liabilities represent obligations relating to amounts payable under international money remittance and related value/payment transfer services. These obligations are recognized by the Company at the time the underlying transaction occurs. The Company records corresponding settlement assets for the funds to be received. |
Disbursement Prefunding | Disbursement Prefunding The Company maintains relationships with disbursement partners in various countries for its BOSS Money and IDT Digital Payments (formerly Mobile Top-Up) services. The Company maintains prefunding balances with these disbursement partners, so they can satisfy the Company’s customer liabilities. The Company does not earn interest on these balances. The balances are not compensating balances and are not legally restricted. |
Inventory | Inventory Inventory consists of NRS’ POS terminals that it sells to retailers. Inventory is measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. |
Property, Plant, and Equipment and Intangible Assets | Property, Plant, and Equipment and Intangible Assets Equipment, computer software, and furniture and fixtures are recorded at cost and are depreciated on a straight-line basis over their estimated useful lives, which are as follows: equipment— 5 7 3 5 Non-compete agreements, customer relationships, and tradenames are amortized over their estimated useful lives (see Notes 6 and 12). The Company tests the recoverability of its property, plant, and equipment and intangible assets with finite useful lives whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company tests for recoverability based on the projected undiscounted cash flows to be derived from such asset. If the projected undiscounted future cash flows are less than the carrying value of the asset, the Company will record an impairment loss, if any, based on the difference between the estimated fair value and the carrying value of the asset. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows from such asset using an appropriate discount rate. Cash flow projections and fair value estimates require significant estimates and assumptions by management. Should the estimates and assumptions prove to be incorrect, the Company may be required to record impairments in future periods and such impairments could be material. |
Goodwill | Goodwill Goodwill is the excess of the consideration paid for a business over the fair value of the identifiable net assets acquired. Goodwill and other indefinite lived intangible assets are not amortized. Instead, these assets are reviewed annually (or more frequently under various conditions) for impairment. The Company has the option to perform a qualitative assessment to determine whether it is necessary to perform the quantitative goodwill impairment test. However, the Company may elect to perform the quantitative goodwill impairment test even if no indications of a potential impairment exist. When performing its quantitative annual, or interim, goodwill impairment test the Company compares the fair value of its reporting units with their carrying amounts. The Company would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, the Company considers income tax effects from any tax-deductible goodwill on the carrying amount of its reporting unit when measuring the goodwill impairment loss, if applicable. The fair value of the reporting units is estimated using discounted cash flow methodologies, as well as considering third party market value indicators. The Company’s use of a discounted cash flow methodology includes estimates of future revenue based upon budgets and projections. The Company also develops estimates for future levels of gross and operating profits and projected capital expenditures. The Company’s methodology also includes the use of estimated discount rates based upon industry and competitor analysis as well as other factors. Calculating the fair value of the reporting units requires significant estimates and assumptions by management. Should the estimates and assumptions regarding the fair value of the reporting units prove to be incorrect, the Company may be required to record impairments to its goodwill in future periods and such impairments could be material. |
Advertising Expense | Advertising Expense Cost of advertising is charged to selling, general and administrative expense in the period in which it is incurred. In fiscal 2023, fiscal 2022, and fiscal 2021, advertising expense was $ 17.9 17.0 15.3 IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) |
Capitalized Internal Use Software Costs | Capitalized Internal Use Software Costs The Company capitalizes the cost of internal-use software that has a useful life in excess of one year. 13.2 12.2 12.6 18.8 18.7 |
Repairs and Maintenance | Repairs and Maintenance The Company charges the cost of repairs and maintenance, including the cost of replacing minor items not constituting substantial betterment, to selling, general and administrative expense as these costs are incurred. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of foreign subsidiaries denominated in foreign currencies are translated to U.S. Dollars at end-of-period rates of exchange, and their monthly results of operations are translated to U.S. Dollars at the average rates of exchange for that month. Gains or losses resulting from such foreign currency translations are recorded in “Accumulated other comprehensive loss” in the accompanying consolidated balance sheets. Foreign currency transaction gains and losses are reported in “Other (expense) income, net” in the accompanying consolidated statements of income. |
Income Taxes | Income Taxes The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in its assessment of a valuation allowance. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of such change. The Company uses a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return. The Company determines whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. Tax positions that meet the more-likely-than-not recognition threshold are measured to determine the amount of tax benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 The Company classifies interest and penalties on income taxes as a component of income tax expense. |
Contingencies | Contingencies The Company accrues for loss contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. When the Company accrues for loss contingencies and the reasonable estimate of the loss is within a range, the Company records its best estimate within the range. When no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount in the range. The Company discloses an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may have been incurred. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is determined in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options using the treasury stock method, unless the effect of such increase is anti-dilutive. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following: Schedule of Weighted-average Number of Shares Used in the Calculation of Basic and Diluted Earnings Per Share Year ended July 31 2023 2022 2021 Basic weighted-average number of shares 25,517 25,791 25,495 Effect of dilutive securities: Stock options 9 434 229 Non-vested restricted Class B common stock 51 131 329 Diluted weighted-average number of shares 25,577 26,356 26,053 The following outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than the average market price of the Company’s stock during the period: Schedule of Outstanding Stock Options Excluded from the Calculation of Diluted Earnings Per Share Year ended July 31 2023 2022 2021 Shares excluded from the calculation of diluted earnings per share — — 535 |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for its grants of stock-based awards based on the estimated fair value on the grant date. Compensation cost for awards is recognized using the straight-line method over the requisite service period, which is usually the vesting period. Stock-based compensation is included in selling, general and administrative expense. |
Vulnerability Due to Certain Concentrations | Vulnerability Due to Certain Concentrations Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents, restricted cash and cash equivalents, debt securities, equity investments, and trade accounts receivable. The Company holds cash and cash equivalents at several major financial institutions, which often exceed FDIC insurance limits. Historically, the Company has not experienced any losses due to such concentration of credit risk. The Company’s temporary cash investments policy is to limit the dollar amount of investments with any one financial institution and monitor the credit ratings of those institutions. While the Company may be exposed to credit losses due to the nonperformance of the holders of its deposits, the Company does not expect the settlement of these transactions to have a material effect on its results of operations, cash flows, or financial condition. Concentration of credit risk with respect to trade accounts receivable is limited due to the large number of customers in various geographic regions and industry segments comprising the Company’s customer base. No single customer accounted for more than 10% of consolidated revenues in fiscal 2023, fiscal 2022 or fiscal 2021. However, the Company’s five largest customers collectively accounted for 10.8 %, 12.5 %, and 14.5 % of its consolidated revenues in fiscal 2023, fiscal 2022, and fiscal 2021, respectively. The Company’s customers with the five largest receivable balances collectively accounted for 16.7 27.1 % of the consolidated gross trade accounts receivable at July 31, 2023 and 2022, respectively. This concentration of customers increases the Company’s risk associated with nonpayment by those customers. In an effort to reduce such risk, the Company performs ongoing credit evaluations of its significant customers. In addition, the Company attempts to mitigate the credit risk related to specific IDT Global customers by also buying services from the customer, in order to create an opportunity to offset its payables and receivables and reduce its net trade receivable exposure risk. When it is practical to do so, the Company will increase its purchases from IDT Global customers with receivable balances that exceed the Company’s applicable payables in order to maximize the offset and reduce its credit risk. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company estimated the balance of its allowance for doubtful accounts by analyzing accounts receivable balances by age and applying historical write-off and collection trend rates. The Company’s estimates included separately providing for customer receivables based on specific circumstances and credit conditions, and when it was deemed probable that the balance was uncollectible. Account balances are written off against the allowance when it is determined that the receivable will not be recovered. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Effective with the adoption of ASU 2016-13 on August 1, 2023, the Company will record an expense based on a forward-looking current expected credit loss model to maintain an allowance for credit losses. When determining the allowance for trade accounts receivable, the Company will consider the probability of recoverability of accounts receivable based on past experience, taking into account current collection trends and general economic factors, including bankruptcy rates. The Company will also consider future economic trends to estimate expected credit losses over the lifetime of the asset. Credit risks will be assessed based on historical write-offs, net of recoveries, as well as an analysis of the aged accounts receivable balances with allowances generally increasing as the receivable ages. Accounts receivable may be fully reserved for when specific collection issues are known to exist, such as pending bankruptcies. The adoption of the new standard did not have a material impact on the Company’s consolidated financial statements. The changes in the allowance and reserves deducted from asset accounts is as follows: Schedule of Changes In Allowance and Reserves Deducted From Asset Accounts Year ended July 31 Balance at beginning of year Additions charged to costs and expenses Deductions Balance at end of year 2023 Deducted from asset accounts: Allowance for doubtful accounts $ 5,328 $ 1,578 $ (1,264 ) $ 5,642 Reserve for losses on settlement assets 554 620 (31 ) 1,143 Total $ 5,882 $ 2,198 $ (1,295 ) $ 6,785 2022 Deducted from asset accounts: Allowance for doubtful accounts $ 4,129 $ 1,982 $ (783 ) $ 5,328 Reserve for losses on settlement assets 309 348 (103 ) 554 Total $ 4,438 $ 2,330 $ (886 ) $ 5,882 2021 Deducted from asset accounts: Allowance for doubtful accounts $ 5,540 $ 1,765 $ (3,176 ) $ 4,129 Reserve for losses on settlement assets 545 17 (253 ) 309 Total $ 6,085 $ 1,782 $ (3,429 ) $ 4,438 (1) Primarily uncollectible accounts written off, net of recoveries. |
Fair Value Measurements | Fair Value Measurements Fair value of financial and non-financial assets and liabilities is defined as an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used to measure fair value, which prioritizes the inputs to valuation techniques used to measure fair value, is as follows: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 – unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. |
Leases | Leases The Company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset which the Company has the right to control. The Company records a right-of-use (“ROU”) asset and a lease liability on the balance sheet on the lease commencement date for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The ROU asset and lease liability are recorded based on the present value of the Company’s obligation to make payments over the lease term. The present value of the lease payments is calculated using the incremental borrowing rate based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company recognizes lease cost for its leases on a straight-line basis over the lease term. IDT CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) |
Recently Issued Accounting Standard Not Yet Adopted | Recently Issued Accounting Standard Not Yet Adopted In June 2022, the Financial Accounting Standards Board issued ASU No. 2022-03, Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Weighted-average Number of Shares Used in the Calculation of Basic and Diluted Earnings Per Share | The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following: Schedule of Weighted-average Number of Shares Used in the Calculation of Basic and Diluted Earnings Per Share Year ended July 31 2023 2022 2021 Basic weighted-average number of shares 25,517 25,791 25,495 Effect of dilutive securities: Stock options 9 434 229 Non-vested restricted Class B common stock 51 131 329 Diluted weighted-average number of shares 25,577 26,356 26,053 |
Schedule of Outstanding Stock Options Excluded from the Calculation of Diluted Earnings Per Share | The following outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than the average market price of the Company’s stock during the period: Schedule of Outstanding Stock Options Excluded from the Calculation of Diluted Earnings Per Share Year ended July 31 2023 2022 2021 Shares excluded from the calculation of diluted earnings per share — — 535 |
Schedule of Changes In Allowance and Reserves Deducted From Asset Accounts | The changes in the allowance and reserves deducted from asset accounts is as follows: Schedule of Changes In Allowance and Reserves Deducted From Asset Accounts Year ended July 31 Balance at beginning of year Additions charged to costs and expenses Deductions Balance at end of year 2023 Deducted from asset accounts: Allowance for doubtful accounts $ 5,328 $ 1,578 $ (1,264 ) $ 5,642 Reserve for losses on settlement assets 554 620 (31 ) 1,143 Total $ 5,882 $ 2,198 $ (1,295 ) $ 6,785 2022 Deducted from asset accounts: Allowance for doubtful accounts $ 4,129 $ 1,982 $ (783 ) $ 5,328 Reserve for losses on settlement assets 309 348 (103 ) 554 Total $ 4,438 $ 2,330 $ (886 ) $ 5,882 2021 Deducted from asset accounts: Allowance for doubtful accounts $ 5,540 $ 1,765 $ (3,176 ) $ 4,129 Reserve for losses on settlement assets 545 17 (253 ) 309 Total $ 6,085 $ 1,782 $ (3,429 ) $ 4,438 (1) Primarily uncollectible accounts written off, net of recoveries. |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Operating Results of Business Segments | Operating results for the business segments of the Company were as follows: Schedule of Operating Results of Business Segments (in thousands) Fintech National Retail Solutions net2phone Traditional Communications Corporate Total Year ended July 31, 2023 Revenues $ 86,610 $ 77,115 $ 72,388 $ 1,002,741 $ — $ 1,238,854 (Loss) income from operations (2,533 ) 14,400 (2,755 ) 61,288 (9,657 ) 60,743 Depreciation and amortization (2,683 ) (2,363 ) (5,608 ) (9,428 ) (54 ) (20,136 ) Year ended July 31, 2022 Revenues $ 64,593 $ 51,299 $ 58,185 $ 1,189,980 $ — $ 1,364,057 (Loss) income from operations (6,887 ) 11,208 (11,132 ) 75,826 (8,926 ) 60,089 Depreciation and amortization (2,231 ) (906 ) (5,374 ) (9,527 ) (77 ) (18,115 ) Year ended July 31, 2021 Revenues $ 57,620 $ 24,748 $ 44,502 $ 1,320,120 $ — $ 1,446,990 (Loss) income from operations (1,947 ) (252 ) (15,460 ) 82,042 (7,393 ) 56,990 Depreciation and amortization (1,515 ) (519 ) (5,053 ) (10,601 ) (76 ) (17,764 ) |
Schedule of Net Long-lived Assets and Total Assets by Geographic Areas | Net long-lived assets and total assets held outside of the United States, which are located primarily in Western Europe, were as follows: Schedule of Net Long-lived Assets and Total Assets by Geographic Areas (in thousands) United Other Total July 31, 2023 Long-lived assets, net $ 25,854 $ 12,801 $ 38,655 Total assets 267,746 243,064 510,810 July 31, 2022 Long-lived assets, net $ 22,732 $ 14,134 $ 36,866 Total assets 254,839 242,255 497,094 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues Disaggregated by Business Segment and Service Offered to Customers | The following table shows the Company’s revenues disaggregated by business segment and service offered to customers: Schedule of Revenues Disaggregated by Business Segment and Service Offered to Customers Year ended July 31 2023 2022 2021 BOSS Money $ 76,928 $ 55,561 $ 49,322 Other 9,682 9,032 8,298 Total Fintech 86,610 64,593 57,620 National Retail Solutions 77,115 51,299 24,748 net2phone 72,388 58,185 44,502 IDT Digital Payments 417,057 473,215 461,609 BOSS Revolution Calling 322,134 387,937 455,244 IDT Global 230,281 292,337 360,996 Other 33,269 36,491 42,271 Total Traditional Communications 1,002,741 1,189,980 1,320,120 TOTAL $ 1,238,854 $ 1,364,057 $ 1,446,990 Revenues $ 1,238,854 $ 1,364,057 $ 1,446,990 |
Schedule of Revenues Disaggregated by Geographic Region | The following table shows the Company’s revenues disaggregated by geographic region, which is determined based on selling location. On February 1, 2021, the Company restructured certain operations for tax purposes resulting in the change of geographic sourcing of revenues from the United States to the United Kingdom. Schedule of Revenues Disaggregated by Geographic Region (in thousands) Fintech National Retail Solutions net2phone Traditional Communications Total Year ended July 31, 2023 United States $ 83,883 $ 77,115 $ 38,029 $ 693,193 $ 892,220 Outside the United States: United Kingdom — — — 267,697 267,697 Other 2,727 — 34,359 41,851 78,937 Total outside the United States 2,727 — 34,359 309,548 346,634 TOTAL $ 86,610 $ 77,115 $ 72,388 $ 1,002,741 $ 1,238,854 Year ended July 31, 2022 United States $ 62,598 $ 51,299 $ 30,283 $ 829,355 $ 973,535 Outside the United States: United Kingdom — — — 311,847 311,847 Other 1,995 — 27,902 48,778 78,675 Total outside the United States 1,995 — 27,902 360,625 390,522 TOTAL $ 64,593 $ 51,299 $ 58,185 $ 1,189,980 $ 1,364,057 Year ended July 31, 2021 United States $ 57,347 $ 24,748 $ 23,093 $ 1,025,790 $ 1,130,978 Outside the United States: United Kingdom — — — 241,590 241,590 Other 273 — 21,409 52,740 74,422 Total outside the United States 273 — 21,409 294,330 316,012 TOTAL $ 57,620 $ 24,748 $ 44,502 $ 1,320,120 $ 1,446,990 Revenues $ 57,620 $ 24,748 $ 44,502 $ 1,320,120 $ 1,446,990 |
Schedule of Estimated Revenue by Business Segment | Schedule of Estimated Revenue by Business Segment (in thousands) National Retail Solutions net2phone Total Year ending July 31: 2024 $ 6,608 $ 35,974 $ 42,582 2025 5,463 18,021 23,484 Thereafter 5,433 6,694 12,127 TOTAL $ 17,504 $ 60,689 $ 78,193 |
Schedule of Deferred Customer Contract Acquisition Costs | The Company’s deferred customer contract acquisition costs were as follows: Schedule of Deferred Customer Contract Acquisition Costs July 31 2023 2022 Deferred customer contract acquisition costs included in “Other current assets” $ 4,460 $ 4,085 Deferred customer contract acquisition costs included in “Other assets” 3,734 3,469 TOTAL $ 8,194 $ 7,554 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Leases [Abstract] | |
Schedule of Supplemental Disclosures Related to the Company's Operating Leases | Supplemental disclosures related to the Company’s operating leases were as follows: Schedule of Supplemental Disclosures Related to the Company's Operating Leases Year ended July 31 2023 2022 2021 Operating lease cost $ 3,175 $ 2,901 $ 2,824 Short-term lease cost 1,095 1,348 620 TOTAL LEASE COST $ 4,270 $ 4,249 $ 3,444 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,262 $ 2,857 $ 2,779 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,262 $ 2,857 $ 2,779 |
Schedule of Supplemental Disclosures Related Weighted Average Operating Leases | Schedule of Supplemental Disclosures Related Weighted Average Operating Leases July 31 2023 2022 Weighted-average remaining lease term-operating leases 2.3 2.8 Weighted-average discount rate-operating leases 3.7 % 3.0 % |
Schedule of Aggregate Operating Lease Liability | The Company’s aggregate operating lease liability was as follows: Schedule of Aggregate Operating Lease Liability July 31 2023 2022 Operating lease liabilities included in “ Other current liabilities $ 2,861 $ 2,899 Operating lease liabilities included in noncurrent liabilities 2,881 4,606 TOTAL $ 5,742 $ 7,505 |
Schedule of Future Minimum Maturities of Operating Lease Liabilities | Future minimum maturities of operating lease liabilities were as follows: Schedule of Future Minimum Maturities of Operating Lease Liabilities (in thousands) Year ending July 31: 2024 $ 3,028 2025 2,122 2026 507 2027 304 2028 48 Thereafter — Total lease payments 6,009 Less imputed interest (267 ) Total operating lease liabilities $ 5,742 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported in the consolidated balance sheets that equals the total of the same amounts reported in the consolidated statements of cash flows: Schedule of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents July 31 2023 2022 Cash and cash equivalents $ 103,637 $ 98,352 Restricted cash and cash equivalents 95,186 91,210 TOTAL CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS $ 198,823 $ 189,562 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Integra CCS [Member] | |
Business Acquisition [Line Items] | |
Schedule of Acquisition Date Fair Value of Consideration | The acquisition date fair value of the consideration consisted of the following: Schedule of Acquisition Date Fair Value of Consideration (in thousands) Cash paid $ 7,200 Cash acquired (81 ) Cash paid, net of cash acquired 7,119 Shares of the Company’s Class B common stock 1,000 Future payments subject to holdback 3,158 Contingent consideration 1,361 Total fair value of consideration, net of cash acquired $ 12,638 |
Schedule of Impact of Acquisition's Purchase Price Allocations on Consolidated Balance Sheet | The impact of the acquisition’s purchase price allocations on the Company’s consolidated balance sheet was as follows: Schedule of Impact of Acquisition's Purchase Price Allocations on Consolidated Balance Sheet (in thousands) Trade accounts receivable $ 332 Prepaid expenses 4 Other current assets 21 Current assets Property, plant, and equipment (mainly acquired technology) 777 Goodwill 8,433 Customer relationships ( 7 2,230 Tradename ( 5 400 Non-compete agreements ( 6 660 Operating lease right-of-use asset 732 Other assets 24 Deferred income tax assets Trade accounts payable Other current liabilities Accrued expenses (243 ) Operating lease liability current portion (176 ) Operating lease liability noncurrent portion (556 ) Noncontrolling interests Net assets acquired excluding cash $ 12,638 |
Leaf Global Fintech Corporation [Member] | |
Business Acquisition [Line Items] | |
Schedule of Acquisition Date Fair Value of Consideration | The acquisition date fair value of the consideration consisted of the following: Schedule of Acquisition Date Fair Value of Consideration (in thousands) Cash paid $ 500 Cash acquired (167 ) Cash paid, net of cash acquired 333 Contingent consideration 3,330 Total fair value of consideration, net of cash acquired $ 3,663 |
Schedule of Impact of Acquisition's Purchase Price Allocations on Consolidated Balance Sheet | The impact of the acquisition’s purchase price allocations on the Company’s consolidated balance sheet was as follows: Schedule of Impact of Acquisition's Purchase Price Allocations on Consolidated Balance Sheet (in thousands) Current assets $ 9 Property, plant, and equipment (mainly acquired technology) 324 Goodwill 3,199 Tradename ( 5 131 Net assets acquired excluding cash $ 3,663 |
Sochitel UK Ltd. [Member] | |
Business Acquisition [Line Items] | |
Schedule of Acquisition Date Fair Value of Consideration | Schedule of Acquisition Date Fair Value of Consideration (in thousands) Cash paid $ 2,732 Cash acquired (344 ) Cash paid, net of cash acquired 2,388 Contingent consideration 393 Total fair value of consideration, net of cash acquired $ 2,781 |
Schedule of Impact of Acquisition's Purchase Price Allocations on Consolidated Balance Sheet | The impact of the acquisition’s purchase price allocations on the Company’s consolidated balance sheet was as follows: Schedule of Impact of Acquisition's Purchase Price Allocations on Consolidated Balance Sheet (in thousands) Trade accounts receivable $ 656 Prepaid expenses 1,644 Property, plant, and equipment 75 Goodwill 2,025 Customer relationships ( 15 1,960 Tradenames ( 20 440 Deferred income tax assets 197 Other assets 30 Trade accounts payable (1,306 ) Accrued expenses (423 ) Other current liabilities (329 ) Noncontrolling interests (2,188 ) Net assets acquired excluding cash $ 2,781 |
Debt Securities (Tables)
Debt Securities (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities | The following is a summary of available-for-sale debt securities: Schedule of Available-for-sale Securities (in thousands) Amortized Gross Gross Fair Value July 31, 2023 Certificates of deposit * $ 4,080 $ — $ (4 ) $ 4,076 U.S. Treasury bills and notes 31,186 — (148 ) 31,038 Government sponsored enterprise notes 3,881 — (8 ) 3,873 Corporate bonds 3,912 — (485 ) 3,427 TOTAL $ 43,059 $ — $ (645 ) $ 42,414 July 31, 2022 Certificates of deposit * $ 2,000 $ — $ (14 ) $ 1,986 U.S. Treasury bills and notes 13,848 — (114 ) 13,734 Corporate bonds 3,966 1 (416 ) 3,551 Municipal bonds 3,035 — (3 ) 3,032 TOTAL $ 22,849 $ 1 $ (547 ) $ 22,303 * Each of the certificates of deposit held by the Company has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market. |
Schedule of Contractual Maturities of Available-for-sale Debt Securities | The contractual maturities of the Company’s available-for-sale debt securities at July 31, 2023 were as follows: Schedule of Contractual Maturities of Available-for-sale Debt Securities (in thousands) Fair Value Within one year $ 35,176 After one year through five years 6,019 After five years through ten years 1,172 After ten years 47 TOTAL $ 42,414 |
Schedule of Available-for-sale Securities, Unrealized Loss Position | The following available-for-sale debt securities were in an unrealized loss position for which other-than-temporary impairments were not recognized: Schedule of Available-for-sale Securities, Unrealized Loss Position (in thousands) Unrealized Fair July 31, 2023 Certificates of deposit $ 4 $ 3,356 U.S. Treasury bills and notes 148 31,038 Government sponsored enterprise notes 8 3,873 Corporate bonds 485 3,368 TOTAL $ 645 $ 41,635 July 31, 2022 Certificates of deposit $ 14 $ 1,986 U.S. Treasury bills and notes 114 13,734 Corporate bonds 416 3,514 Municipal bonds 3 2,412 TOTAL $ 547 $ 21,646 |
Schedule of Continuous Unrealized Loss Position for 12 Months or Longer | The following available-for-sale debt securities included in the table above were in a continuous unrealized loss position for 12 months or longer: Schedule of Continuous Unrealized Loss Position for 12 Months or Longer (in thousands) Unrealized Fair July 31, 2023 U.S. Treasury bills and notes $ 86 $ 816 Corporate bonds 484 3,299 TOTAL $ 570 $ 4,115 July 31, 2022 U.S. Treasury bills and notes $ 72 $ 892 Corporate bonds 234 1,731 TOTAL $ 306 $ 2,623 |
Equity Investments (Tables)
Equity Investments (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Equity Investments | Equity investments consist of the following: Schedule of Equity Investments July 31 2023 2022 Zedge, Inc. Class B common stock, 42,282 $ 89 $ 117 Rafael Holdings, Inc. Class B common stock, 278,810 290,214 558 586 Other marketable equity securities 1,497 4,089 Fixed income mutual funds 4,054 12,299 Current equity investments $ 6,198 $ 17,091 Visa Inc. Series C Convertible Participating Preferred Stock (“Visa Series C Preferred”) $ 1,263 $ 1,132 Visa Inc. Series A Convertible Participating Preferred Stock (“Visa Series A Preferred”) — 1,230 Convertible preferred stock—equity method investment 2,784 1,001 Hedge funds 3,002 3,238 Other 2,825 825 Noncurrent equity investments $ 9,874 $ 7,426 |
Schedule of Carrying Value of Equity Investments | The changes in the carrying value of the Company’s equity investments without readily determinable fair values for which the Company elected the measurement alternative was as follows: Schedule of Carrying Value of Equity Investments Year ended July 31 2023 2022 2021 Balance, beginning of period $ 1,501 $ 2,743 $ 4,109 Redemption for Visa mandatory release assessment — (1,230 ) (1,870 ) Purchase — 100 — Adjustment for observable transactions involving a similar investment from the same issuer 131 (103 ) 510 Redemptions — (9 ) (6 ) Impairments — — — BALANCE, END OF PERIOD $ 1,632 $ 1,501 $ 2,743 |
Schedule of Unrealized (losses) Gains for All Equity Investments | Unrealized losses and gains for all equity investments measured at fair value included the following: Schedule of Unrealized (losses) Gains for All Equity Investments Year ended July 31 2023 2022 2021 Net (losses) gains recognized during the period on equity investments $ (2,613 ) $ (19,248 ) $ 8,830 Less: net gains recognized during the period on equity investments sold during the period 18 10 1,090 Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date $ (2,631 ) $ (19,258 ) $ 7,740 The unrealized losses and gains for all equity investments measured at fair value in the table above included the following: Year ended July 31 2023 2022 2021 Unrealized (losses) gains recognized during the period on equity investments: Rafael Class B common stock $ (7 ) $ (14,101 ) $ 8,291 Zedge Class B common stock $ (28 ) $ (533 ) $ 591 Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date $ (2,631 ) $ (19,258 ) $ 7,740 |
Summary of Changes in Equity Method Investments | The following table summarizes the change in the balance of the Company’s equity method investment: Summary of Changes in Equity Method Investments Year ended July 31 2023 2022 2021 Balance, beginning of period $ 1,001 $ 2,901 $ — Purchase of convertible preferred stock 840 1,051 4,000 Conversion of secured promissory notes into convertible preferred stock 4,038 — — Equity in the net loss of investee (2,153 ) (2,224 ) (816 ) Amortization of equity method basis difference (942 ) (727 ) (283 ) BALANCE, END OF PERIOD $ 2,784 $ 1,001 $ 2,901 |
Summary of Statements of Operations | Summarized financial information of the EMI was as follows: Summary of Statements of Operations July 31 2023 2022 Current assets $ 3,661 $ 3,911 Noncurrent assets $ 2,245 $ 2,462 Current liabilities $ (2,771 ) $ (11,480 ) Noncurrent liabilities $ — $ — (in thousands) Year ended July 31, 2023 Year ended July 31, 2022 From the date of acquisition to July 31, 2021 REVENUES $ 7,998 $ 7,889 $ 1,898 COSTS AND EXPENSES: Direct cost of revenues 6,680 9,451 1,937 Selling, general and administrative 7,871 5,834 3,388 TOTAL COSTS AND EXPENSES 14,551 15,285 5,325 LOSS FROM OPERATIONS (6,553 ) (7,396 ) (3,427 ) Other (expense) income, net (1,305 ) (342 ) 101 NET LOSS $ (7,858 ) $ (7,738 ) $ (3,326 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Balance of Assets Measured at Fair Value on a Recurring Basis | The following table presents the balance of assets and liabilities measured at fair value on a recurring basis: Schedule of Balance of Assets Measured at Fair Value on a Recurring Basis (in thousands) Level 1 Level 2 Level 3 Total July 31, 2023 Debt securities $ 31,038 $ 11,376 $ — $ 42,414 Equity investments included in current assets 6,198 — — 6,198 Equity investments included in noncurrent assets — 2,500 1,263 3,763 TOTAL $ 37,236 $ 13,876 $ 1,263 $ 52,375 Acquisition consideration included in: Other current liabilities $ — $ — $ (2,032 ) $ (2,032 ) Other noncurrent liabilities — — (2,773 ) (2,773 ) TOTAL $ — $ — $ (4,805 ) $ (4,805 ) July 31, 2022 Debt securities $ 13,734 $ 8,569 $ — $ 22,303 Equity investments included in current assets 17,091 — — 17,091 Equity investments included in noncurrent assets — 1,730 1,132 2,862 TOTAL $ 30,825 $ 10,299 $ 1,132 $ 42,256 Acquisition consideration included in: Other current liabilities $ — $ — $ (2,578 ) $ (2,578 ) Other noncurrent liabilities — — (5,968 ) (5,968 ) TOTAL $ — $ — $ (8,546 ) $ (8,546 ) |
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following tables summarize the change in the balance of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Schedule of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) Year ended July 31, 2023 2022 2021 Balance, beginning of period $ 1,132 $ 2,465 $ 3,825 Purchase of Rafael Holdings, Inc. warrant — — 354 Exercise of Rafael Holdings, Inc. warrant — — (380 ) Redemption for Visa mandatory release assessment — (1,230 ) (1,870 ) Total gains (losses) included in “ Other (expense) income, net 131 (103 ) 536 BALANCE, END OF PERIOD $ 1,263 $ 1,132 $ 2,465 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period $ — $ — $ — |
Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following tables summarize the change in the balance of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) Year ended July 31, (in thousands) 2023 2022 2021 Balance, beginning of period $ 8,546 $ 1,025 $ 396 Transfer into Level 3 from acquisitions — 7,849 628 Payments (2,494 ) — — Total (gain) loss included in: “ Other operating (expense) gain, net ” (1,349 ) (303 ) — Interest expense included in “Interest income, net” 97 — — “ Foreign currency translation adjustments 5 (25 ) 1 BALANCE, END OF PERIOD $ 4,805 $ 8,546 $ 1,025 Change in unrealized gains or losses for the period included in earnings for liabilities at the end of the period $ — $ — $ — |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant, and equipment consist of the following: Schedule of Property, Plant and Equipment July 31 2023 2022 Equipment $ 43,704 $ 40,811 Computer software 169,070 156,258 Leasehold improvements 1,760 1,874 Furniture and fixtures 699 681 Property, plant and equipment, gross 215,233 199,624 Less accumulated depreciation and amortization (176,578 ) (162,758 ) Property, plant, and equipment, net $ 38,655 $ 36,866 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Carrying Amount of Goodwill by Operating Segment | The table below reconciles the change in the carrying amount of goodwill by operating segment: Schedule of Change in Carrying Amount of Goodwill by Operating Segment (in thousands) Fintech net2phone Traditional Communications Total Balance at July 31, 2020 $ — $ 1,519 $ 11,339 $ 12,858 Acquisition — — 2,025 2,025 Foreign currency translation adjustments — 4 10 14 Balance at July 31, 2021 — 1,523 13,374 14,897 Acquisitions 3,199 8,433 — 11,632 Adjustment — — 392 392 Foreign currency translation adjustments — (213 ) (328 ) (541 ) Balance at July 31, 2022 3,199 9,743 13,438 26,380 Balance at beginning 3,199 9,743 13,438 26,380 Foreign currency translation adjustments — 101 (24 ) 77 Balance at July 31, 2023 $ 3,199 $ 9,844 $ 13,414 $ 26,457 Balance at end $ 3,199 $ 9,844 $ 13,414 $ 26,457 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Company's Amortized Intangible Assets | The table below presents information on the Company’s amortized intangible assets: Schedule of Company's Amortized Intangible Assets (in thousands) Weighted Gross Accumulated Net July 31, 2023 Tradenames 10.5 $ 2,694 $ (1,005 ) $ 1,689 Non-compete agreements 5.5 1,302 (778 ) 524 Customer relationships 7.5 11,511 (5,528 ) 5,983 TOTAL 7.9 $ 15,507 $ (7,311 ) $ 8,196 July 31, 2022 Tradenames 11.4 $ 2,480 $ (700 ) $ 1,780 Non-compete agreements 5.5 1,316 (549 ) 767 Customer relationships 7.8 11,590 (4,528 ) 7,062 TOTAL 8.2 $ 15,386 $ (5,777 ) $ 9,609 |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Net Income and Aggregate Funding Repaid to the Company by VIE | The VIE’s net income and aggregate funding provided by (repaid to) the Company were as follows: Schedule of Net Income and Aggregate Funding Repaid to the Company by VIE (in thousands) Year ended July 31, 2023 Year ended July 31, 2022 For the period from May 31, 2021 to July 31, 2021 Net income of the VIE $ 322 $ 248 $ 54 Aggregate funding provided by (repaid to) the Company, net $ 112 $ (94 ) $ 8 |
VIE’s Summarized Consolidated Balance Sheet | The VIE’s summarized consolidated balance sheet amounts are as follows: VIE’s Summarized Consolidated Balance Sheet July 31 2023 2022 ASSETS Cash and cash equivalents $ 1,596 $ 1,808 Restricted cash 7,848 4,490 Trade accounts receivable, net 62 31 Disbursement prefunding 585 925 Prepaid expenses 197 14 Other current assets 317 462 Due from the Company — 86 Property, plant, and equipment, net 272 467 Other intangibles, net 737 889 TOTAL ASSETS $ 11,614 $ 9,172 LIABILITIES AND NONCONTROLLING INTERESTS Trade accounts payable $ — $ — Accrued expenses 70 54 Settlement liabilities 7,573 5,525 Due to the Company 26 — Accumulated other comprehensive income (loss) 21 (9 ) Noncontrolling interests 3,924 3,602 TOTAL LIABILITIES AND NONCONTROLLING INTERESTS $ 11,614 $ 9,172 |
Other Operating (Expense) Gai_2
Other Operating (Expense) Gain, Net (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating (Expense) Gain, Net | The following table summarizes the other operating (expense) gain, net by business segment: Schedule of Other Operating (Expense) Gain, Net Year ended July 31 2023 2022 2021 Corporate —Straight Path Communications Inc. class action legal fees $ (5,785 ) $ (7,671 ) $ (2,876 ) Corporate —Straight Path Communications Inc. class action insurance claims 3,845 6,635 3,101 Corporate—Grow New Jersey Assistance Act tax credit 1,600 — — Fintech—write-off of contingent consideration liability 1,565 — — Fintech—government grants 382 20 — Fintech—other — — (367 ) net2phone—write-off of telephone equipment (133 ) — — net2phone—write-off of contingent consideration liability — 303 — Write-off of contingent consideration liability net2phone—other — (10 ) (100 ) Traditional Communications—write-off of capitalized internal use software costs (1,419 ) — — Traditional Communications—gain from sale of rights under class action lawsuit — — 2,000 Traditional Communications—cable telephony customer indemnification claim (3,925 ) (96 ) (472 ) Traditional Communications— increase in contingent consideration liability (216 ) — — Traditional Communications—other (329 ) (7 ) (555 ) TOTAL $ (4,415 ) $ (826 ) $ 731 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: Schedule of Accrued Expenses July 31 2023 2022 Carrier minutes termination $ 20,675 $ 28,869 Regulatory fees and taxes 43,302 48,146 Compensation costs 18,858 16,145 Maintenance and support 3,434 2,122 Commissions 4,164 3,204 Legal and professional fees 8,751 6,601 Other 11,612 12,022 TOTAL $ 110,796 $ 117,109 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule of Net Income Attributable to Mezzanine Equity’s Noncontrolling Interest | Schedule of Net Income Attributable to Mezzanine Equity’s Noncontrolling Interest Year ended July 31 2023 2022 2021 Net income of NRS attributable to the mezzanine equity’s noncontrolling interest $ 281 $ 191 $ — |
Other (Expense) Income, Net (Ta
Other (Expense) Income, Net (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other (Expense) Income, Net | Other (expense) income, net consists of the following: Schedule of Other (Expense) Income, Net 2023 2022 2021 Year ended July 31 2023 2022 2021 Foreign currency transaction gains (losses) $ 3,353 $ (1,742 ) $ 1,009 Equity in net loss of investee (3,095 ) (2,951 ) (1,099 ) (Losses) gains on investments (2,613 ) (19,248 ) 8,830 Other (728 ) (1,411 ) (824 ) TOTAL $ (3,083 ) $ (25,352 ) $ 7,916 |
Income Taxes (Tables)
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: Components of Income Before Income Taxes Year ended July 31 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: Significant Components of Deferred Income Taxes July 31 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: Schedule of (Provision for) Benefits from Income Taxes Year ended July 31 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: Schedule of Differences Between Income Taxes Expected Federal Statutory Income Taxes Year ended July 31 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: Summary of Changes in Valuation Allowance Year ended July 31 Balance at Additions Deductions Balance at 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 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Stock Option Activity | A summary of stock option activity for the Company is as follows: Schedule of Stock Option Activity Number of Weighted- Weighted- Aggregate Outstanding at July 31, 2022 25 $ 13.72 Granted — — Exercised (13 ) (13.72 ) Cancelled / Forfeited — — OUTSTANDING AT JULY 31, 2023 12 $ 13.72 1.1 $ 125 EXERCISABLE AT JULY 31, 2023 12 $ 13.72 1.1 $ 125 |
Schedule of Grants of Restricted Shares | A summary of the status of the Company’s grants of DSUs is presented below: Schedule of Grants of Restricted Shares Number of Weighted- Non-vested shares at July 31, 2022 3 $ 6.96 Granted 198 27.20 Vested (35 ) (24.83 ) Forfeited (1 ) (28.03 ) NON-VESTED SHARES AT JULY 31, 2023 165 $ 27.38 |
Common Class B [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Grants of Restricted Shares | A summary of the status of the Company’s grants of restricted shares of Class B common stock is presented below: Schedule of Grants of Restricted Shares Number of Weighted- Non-vested restricted shares at July 31, 2022 3 $ 31.80 Granted 44 21.90 Vested (21 ) (25.87 ) Forfeited (1 ) (31.80 ) NON-VESTED RESTRICTED SHARES AT JULY 31, 2023 25 $ 19.09 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
EQUITY: | |
Schedule of Accumulated Balances for Each Classification of Other Comprehensive Loss | The accumulated balances for each classification of other comprehensive income (loss) were as follows: Schedule of Accumulated Balances for Each Classification of Other Comprehensive Loss (in thousands) Unrealized Foreign Accumulated Balance at July 31, 2020 $ 42 $ (7,452 ) $ (7,410 ) Other comprehensive loss attributable to IDT Corporation (51 ) (2,722 ) (2,773 ) Balance at July 31, 2021 (9 ) (10,174 ) (10,183 ) Other comprehensive loss attributable to IDT Corporation (537 ) (585 ) (1,122 ) Balance at July 31, 2022 (546 ) (10,759 ) (11,305 ) Other comprehensive loss attributable to IDT Corporation (99 ) (5,788 ) (5,887 ) BALANCE AT JULY 31, 2023 $ (645 ) $ (16,547 ) $ (17,192 ) |
Schedule of Weighted-average Nu
Schedule of Weighted-average Number of Shares Used in the Calculation of Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Accounting Policies [Abstract] | |||
Basic weighted-average number of shares | 25,517 | 25,791 | 25,495 |
Stock options | 9 | 434 | 229 |
Non-vested restricted Class B common stock | 51 | 131 | 329 |
Diluted weighted-average number of shares | 25,577 | 26,356 | 26,053 |
Schedule of Outstanding Stock O
Schedule of Outstanding Stock Options Excluded from the Calculation of Diluted Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Accounting Policies [Abstract] | |||
Shares excluded from the calculation of diluted earnings per share | 535 |
Schedule of Changes In Allowanc
Schedule of Changes In Allowance and Reserves Deducted From Asset Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | ||
Accounting Policies [Abstract] | ||||
Allowance for doubtful accounts, Balance at beginning of year | $ 5,328 | $ 4,129 | $ 5,540 | |
Allowance for doubtful accounts, Additions charged to costs and expenses | 1,578 | 1,982 | 1,765 | |
Allowance for doubtful accounts, Deductions | [1] | (1,264) | (783) | (3,176) |
Allowance for doubtful accounts, Balance at end of year | 5,642 | 5,328 | 4,129 | |
Reserve for losses on settlement assets, Balance at beginning of year | 554 | 309 | 545 | |
Reserve for losses on settlement assets, Additions charged to costs and expenses | 620 | 348 | 17 | |
Reserve for losses on settlement assets, Deductions | [1] | (31) | (103) | (253) |
Reserve for losses on settlement assets, Balance at end of year | 1,143 | 554 | 309 | |
Allowance and reserves deducted from asset, Balance at beginning of year | 5,882 | 4,438 | 6,085 | |
Allowance and reserves deducted from asset, Additions charged to costs and expenses | 2,198 | 2,330 | 1,782 | |
Allowance and reserves deducted from asset, Deductions | [1] | (1,295) | (886) | (3,429) |
Allowance and reserves deducted from asset, Balance at end of year | $ 6,785 | $ 5,882 | $ 4,438 | |
[1]Primarily uncollectible accounts written off, net of recoveries. |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||||
Allowance for doubtful accounts | $ 5,642 | $ 5,328 | $ 4,129 | $ 5,540 |
Other current assets | 28,394 | 23,625 | ||
Other current liabilities | 17,761 | 19,466 | ||
Trade accounts receivable | (4,726) | 8,279 | (977) | |
Advertising expense | 17,900 | 17,000 | 15,300 | |
Amortization expense | 13,200 | 12,200 | $ 12,600 | |
Unamortized capital expense | $ 18,800 | $ 18,700 | ||
Tax position ultimate settlement, percentage | 50% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Concentration risk threshold, percentage | 10.80% | 12.50% | 14.50% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Concentration risk threshold, percentage | 16.70% | 27.10% | ||
Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of long-lived assets | 5 years | |||
Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of long-lived assets | 7 years | |||
Computer Software [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of long-lived assets | 3 years | |||
Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of long-lived assets | 5 years | |||
Software and Software Development Costs [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Internal use software policy description | The Company capitalizes the cost of internal-use software that has a useful life in excess of one year. | |||
Previously Reported [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Trade accounts receivable | $ 25,300 | |||
Allowance for doubtful accounts | 500 | |||
Other current assets | 7,100 | |||
Trade accounts payable | 600 | |||
Other current liabilities | 17,100 | |||
Trade accounts receivable | $ 13,000 | $ 4,700 | ||
net2phone 2.0, Inc. [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Ownership percentage | 90% | |||
Fully diluted basis assuming vesting, percentage | 85.80% | |||
National Retail Solutions [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Ownership percentage | 80% | |||
Fully diluted basis assuming vesting, percentage | 77.70% |
Schedule of Operating Results o
Schedule of Operating Results of Business Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,238,854 | $ 1,364,057 | $ 1,446,990 |
(Loss) income from operations | 60,743 | 60,089 | 56,990 |
Depreciation and amortization | (20,136) | (18,115) | (17,764) |
Fintech [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 86,610 | 64,593 | 57,620 |
(Loss) income from operations | (2,533) | (6,887) | (1,947) |
Depreciation and amortization | (2,683) | (2,231) | (1,515) |
National Retail Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 77,115 | 51,299 | 24,748 |
(Loss) income from operations | 14,400 | 11,208 | (252) |
Depreciation and amortization | (2,363) | (906) | (519) |
Net2phone [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 72,388 | 58,185 | 44,502 |
(Loss) income from operations | (2,755) | (11,132) | (15,460) |
Depreciation and amortization | (5,608) | (5,374) | (5,053) |
Traditional Communications [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,002,741 | 1,189,980 | 1,320,120 |
(Loss) income from operations | 61,288 | 75,826 | 82,042 |
Depreciation and amortization | (9,428) | (9,527) | (10,601) |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | |||
(Loss) income from operations | (9,657) | (8,926) | (7,393) |
Depreciation and amortization | $ (54) | $ (77) | $ (76) |
Schedule of Net Long-lived Asse
Schedule of Net Long-lived Assets and Total Assets by Geographic Areas (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets, net | $ 38,655 | $ 36,866 |
Total assets | 510,810 | 497,094 |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets, net | 25,854 | 22,732 |
Total assets | 267,746 | 254,839 |
Other Countries [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets, net | 12,801 | 14,134 |
Total assets | $ 243,064 | $ 242,255 |
Business Segment Information (D
Business Segment Information (Details Narrative) | 12 Months Ended |
Jul. 31, 2023 Segments | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Schedule of Revenues Disaggrega
Schedule of Revenues Disaggregated by Business Segment and Service Offered to Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,238,854 | $ 1,364,057 | $ 1,446,990 |
Fintech [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 86,610 | 64,593 | 57,620 |
National Retail Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 77,115 | 51,299 | 24,748 |
Net2phone [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 72,388 | 58,185 | 44,502 |
Traditional Communications [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,002,741 | 1,189,980 | 1,320,120 |
BOSS Revolution Money Transfer [Member] | Fintech [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 76,928 | 55,561 | 49,322 |
Other [Member] | Fintech [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 9,682 | 9,032 | 8,298 |
Other [Member] | Traditional Communications [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 33,269 | 36,491 | 42,271 |
IDT Digital Payments [Member] | Traditional Communications [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 417,057 | 473,215 | 461,609 |
BOSS Revolution Calling [Member] | Traditional Communications [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 322,134 | 387,937 | 455,244 |
IDT Global [Member] | Traditional Communications [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 230,281 | $ 292,337 | $ 360,996 |
Schedule of Revenues Disaggre_2
Schedule of Revenues Disaggregated by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,238,854 | $ 1,364,057 | $ 1,446,990 |
Fintech [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 86,610 | 64,593 | 57,620 |
National Retail Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 77,115 | 51,299 | 24,748 |
Net2phone [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 72,388 | 58,185 | 44,502 |
Traditional Communications [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,002,741 | 1,189,980 | 1,320,120 |
UNITED STATES | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 892,220 | 973,535 | 1,130,978 |
UNITED STATES | Fintech [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 83,883 | 62,598 | 57,347 |
UNITED STATES | National Retail Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 77,115 | 51,299 | 24,748 |
UNITED STATES | Net2phone [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 38,029 | 30,283 | 23,093 |
UNITED STATES | Traditional Communications [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 693,193 | 829,355 | 1,025,790 |
UNITED KINGDOM | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 267,697 | 311,847 | 241,590 |
UNITED KINGDOM | Fintech [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | |||
UNITED KINGDOM | National Retail Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | |||
UNITED KINGDOM | Net2phone [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | |||
UNITED KINGDOM | Traditional Communications [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 267,697 | 311,847 | 241,590 |
Others [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 78,937 | 78,675 | 74,422 |
Others [Member] | Fintech [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,727 | 1,995 | 273 |
Others [Member] | National Retail Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | |||
Others [Member] | Net2phone [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 34,359 | 27,902 | 21,409 |
Others [Member] | Traditional Communications [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 41,851 | 48,778 | 52,740 |
Non-US [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 346,634 | 390,522 | 316,012 |
Non-US [Member] | Fintech [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,727 | 1,995 | 273 |
Non-US [Member] | National Retail Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | |||
Non-US [Member] | Net2phone [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 34,359 | 27,902 | 21,409 |
Non-US [Member] | Traditional Communications [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 309,548 | $ 360,625 | $ 294,330 |
Schedule of Estimated Revenue b
Schedule of Estimated Revenue by Business Segment (Details) $ in Thousands | Jul. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
TOTAL | $ 78,193 |
Remaining Performance Obligations, Years | 0 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
TOTAL | $ 42,582 |
Remaining Performance Obligations, Years | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
TOTAL | $ 23,484 |
Remaining Performance Obligations, Years | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
TOTAL | $ 12,127 |
Remaining Performance Obligations, Years | 0 years |
National Retail Solutions [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
TOTAL | $ 17,504 |
National Retail Solutions [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
TOTAL | 6,608 |
National Retail Solutions [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
TOTAL | 5,463 |
National Retail Solutions [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
TOTAL | 5,433 |
Net2phone [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
TOTAL | 60,689 |
Net2phone [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
TOTAL | 35,974 |
Net2phone [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
TOTAL | 18,021 |
Net2phone [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
TOTAL | $ 6,694 |
Schedule of Deferred Customer C
Schedule of Deferred Customer Contract Acquisition Costs (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Deferred customer contract acquisition costs included in “Other current assets” | $ 4,460 | $ 4,085 |
Deferred customer contract acquisition costs included in “Other assets” | 3,734 | 3,469 |
TOTAL | $ 8,194 | $ 7,554 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Contract liability | $ 23.5 | $ 28.2 | $ 28.7 |
Capitalized contract cost, amortization | $ 4.9 | $ 4.4 | $ 3.6 |
Schedule of Supplemental Disclo
Schedule of Supplemental Disclosures Related to the Company's Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 3,175 | $ 2,901 | $ 2,824 |
Short-term lease cost | 1,095 | 1,348 | 620 |
TOTAL LEASE COST | 4,270 | 4,249 | 3,444 |
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases | $ 3,262 | $ 2,857 | $ 2,779 |
Schedule of Supplemental Disc_2
Schedule of Supplemental Disclosures Related Weighted Average Operating Leases (Details) | Jul. 31, 2023 | Jul. 31, 2022 |
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term | 2 years 3 months 18 days | 2 years 9 months 18 days |
Operating lease, weighted average discount rate, percent | 3.70% | 3% |
Schedule of Aggregate Operating
Schedule of Aggregate Operating Lease Liability (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Leases [Abstract] | ||
Operating lease liabilities included in “Other current liabilities” | $ 2,861 | $ 2,899 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Operating lease liabilities included in noncurrent liabilities | $ 2,881 | $ 4,606 |
TOTAL | $ 5,742 | $ 7,505 |
Schedule of Future Minimum Matu
Schedule of Future Minimum Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 3,028 | |
2025 | 2,122 | |
2026 | 507 | |
2027 | 304 | |
2028 | 48 | |
Thereafter | ||
Total lease payments | 6,009 | |
Less imputed interest | (267) | |
Total operating lease liabilities | $ 5,742 | $ 7,505 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Incurred lease cost | $ 3,175 | $ 2,901 | $ 2,824 |
Right-of-use assets | 1,800 | 2,200 | 600 |
Rafael Holdings Inc. [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Incurred lease cost | $ 300 | $ 2,000 | $ 1,900 |
Newark [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee operating lease, description | The Newark lease expires in April 2025 and the Israel lease expires in July 2025. | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, term of contract | 1 year | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, term of contract | 5 years |
Schedule of Cash, Cash Equivale
Schedule of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 103,637 | $ 98,352 | ||
Restricted cash and cash equivalents | 95,186 | 91,210 | ||
TOTAL CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS | $ 198,823 | $ 189,562 | $ 226,916 | $ 201,222 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents (Details Narrative) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Restricted cash and cash equivalents, current | $ 95,186 | $ 91,210 |
Cash and cash equivalents, at carrying value | 103,637 | 98,352 |
IDT Financial Services Limited [Member] | ||
Restricted cash and cash equivalents, current | 87,300 | 86,600 |
IDT Payment Services [Member] | ||
Cash and cash equivalents, at carrying value | $ 20,600 | $ 17,300 |
Schedule of Acquisition Date Fa
Schedule of Acquisition Date Fair Value of Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Mar. 03, 2022 | Mar. 01, 2022 | Jun. 15, 2021 | Dec. 03, 2020 | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Business Acquisition [Line Items] | |||||||
Cash paid, net of cash acquired | $ 7,552 | $ 3,673 | |||||
Shares of the Company’s Class B common stock | $ 100 | $ 1,000 | |||||
Integra CCS [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid | $ 7,200 | ||||||
Cash acquired | (81) | ||||||
Cash paid, net of cash acquired | 7,119 | ||||||
Shares of the Company’s Class B common stock | 1,000 | ||||||
Future payments subject to holdback | 3,158 | ||||||
Contingent consideration | 1,361 | ||||||
Total fair value of consideration, net of cash acquired | $ 12,638 | ||||||
Leaf Global Fintech Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid | $ 500 | ||||||
Cash acquired | (167) | ||||||
Cash paid, net of cash acquired | 333 | ||||||
Contingent consideration | 3,330 | ||||||
Total fair value of consideration, net of cash acquired | $ 3,663 | ||||||
Sochitel UK Ltd. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid | $ 1,000 | $ 2,732 | |||||
Cash acquired | (344) | ||||||
Cash paid, net of cash acquired | 2,388 | ||||||
Contingent consideration | 393 | ||||||
Total fair value of consideration, net of cash acquired | $ 2,781 |
Schedule of Impact of Acquisiti
Schedule of Impact of Acquisition's Purchase Price Allocations on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Mar. 03, 2023 | Jul. 31, 2022 | Mar. 01, 2022 | Jul. 31, 2021 | Dec. 03, 2020 | Jul. 31, 2020 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 26,457 | $ 26,380 | $ 14,897 | $ 12,858 | |||
Integra CCS [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade accounts receivable | $ 332 | ||||||
Prepaid expenses | 4 | ||||||
Other current assets | 21 | ||||||
Property, plant, and equipment | 777 | ||||||
Goodwill | 8,433 | ||||||
Customer relationships (15-year useful life) | 2,230 | ||||||
Tradenames (20-year useful life) | 400 | ||||||
Non-compete agreements (6-year useful lives) | 660 | ||||||
Operating lease right-of-use asset | 732 | ||||||
Other assets | 24 | ||||||
Accrued expenses | (243) | ||||||
Operating lease liability current portion | (176) | ||||||
Operating lease liability noncurrent portion | (556) | ||||||
Net assets acquired excluding cash | $ 12,638 | ||||||
Leaf Global Fintech Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Current assets | $ 9 | ||||||
Property, plant, and equipment | 324 | ||||||
Goodwill | 3,199 | ||||||
Tradenames (20-year useful life) | 131 | ||||||
Net assets acquired excluding cash | $ 3,663 | ||||||
Sochitel UK Ltd. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Trade accounts receivable | $ 656 | ||||||
Prepaid expenses | 1,644 | ||||||
Property, plant, and equipment | 75 | ||||||
Goodwill | 2,025 | ||||||
Customer relationships (15-year useful life) | 1,960 | ||||||
Tradenames (20-year useful life) | 440 | ||||||
Other assets | 30 | ||||||
Deferred income tax assets | 197 | ||||||
Trade accounts payable | (1,306) | ||||||
Other current liabilities | (329) | ||||||
Accrued expenses | (423) | ||||||
Noncontrolling interests | (2,188) | ||||||
Net assets acquired excluding cash | $ 2,781 |
Schedule of Impact of Acquisi_2
Schedule of Impact of Acquisition's Purchase Price Allocations on Consolidated Balance Sheet (Details) (Parenthetical) | Mar. 03, 2022 | Mar. 01, 2022 | Dec. 03, 2020 |
Integra CCS [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Integra CCS [Member] | Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Integra CCS [Member] | Noncompete Agreements [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Leaf Global Fintech Corporation [Member] | Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Sochitel UK Ltd. [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Sochitel UK Ltd. [Member] | Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Acquisitions (Details Narrative
Acquisitions (Details Narrative) - USD ($) | 12 Months Ended | |||||||
Mar. 03, 2022 | Mar. 01, 2022 | Jun. 15, 2021 | Mar. 22, 2021 | Dec. 03, 2020 | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Business Acquisition [Line Items] | ||||||||
Stock issued during period, value, acquisitions | $ 100,000 | $ 1,000,000 | ||||||
Reduction in additional paid in capital | 615,000 | |||||||
Noncontrolling Interest [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Stock issued during period, value, acquisitions | ||||||||
Reduction in additional paid in capital | ||||||||
Additional Paid-in Capital [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Stock issued during period, value, acquisitions | 100,000 | $ 1,000,000 | ||||||
Reduction in additional paid in capital | $ 614,000 | |||||||
Integra CCS [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | $ 12,638,000 | |||||||
Purchase price | 7,200,000 | |||||||
Stock issued during period, value, acquisitions | 1,000,000 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 3,158,000 | |||||||
Integra CCS [Member] | net2phone 2.0, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | 15,000,000 | |||||||
Purchase price | 7,200,000 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 3,300,000 | |||||||
Contingent consideration, description | contingent consideration of up to $3.5 million based on annual cumulative incremental recurring seat revenue of the net2phone segment over a four-year period, payable in cash and/or equity at net2phone 2.0’s discretion. | |||||||
Payment on contigent consideration | $ 3,500,000 | |||||||
Integra CCS [Member] | net2phone 2.0, Inc. [Member] | Common Class B [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Stock issued during period, shares, acquisitions | 27,765 | |||||||
Stock issued during period, value, acquisitions | $ 1,000,000 | |||||||
Leaf Global Fintech Corporation [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | $ 3,663,000 | |||||||
Purchase price | 500,000 | |||||||
Write-off of contingent consideration | $ 1,600,000 | |||||||
Leaf Global Fintech Corporation [Member] | IDT International Telecom, Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | 6,050,000 | |||||||
Purchase price | 500,000 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 50,000 | |||||||
Contingent consideration, description | contingent consideration of up to $5.5 million based on annual gross profit over a five-year period. | |||||||
Payment on contigent consideration | $ 5,500,000 | |||||||
Sochitel UK Ltd. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | $ 2,781,000 | |||||||
Purchase price | $ 1,000,000 | $ 2,732,000 | ||||||
Payment on contigent consideration | $ 500,000 | |||||||
Business acquired percentage | 19% | 51% | ||||||
Payment on contingent consideration | 100,000 | |||||||
Option of shares value | $ 300,000 | |||||||
Contingent consideration paid | $ 300,000 | 300,000 | ||||||
Fair value of contingent consideration | 200,000 | |||||||
Reduction in noncontrolling interest | 1,000,000 | |||||||
Reduction in additional paid in capital | $ 300,000 | |||||||
Sochitel UK Ltd. [Member] | Noncontrolling Interest [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payment on contingent consideration | $ 100,000 | |||||||
Purchase of option shares reduction | 200,000 | |||||||
Sochitel UK Ltd. [Member] | Additional Paid-in Capital [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase of option shares reduction | $ 21,000 | |||||||
Sochitel UK Ltd. [Member] | Put/Call Option Agreement [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquired percentage | 5% |
Schedule of Available-for-sale
Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 | |
Debt Securities, Available-for-Sale, Amortized Cost | $ 43,059 | $ 22,849 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 1 | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (645) | (547) | |
Debt Securities, Available-for-Sale | 42,414 | 22,303 | |
Certificates of Deposit [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | [1] | 4,080 | 2,000 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | [1] | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | [1] | (4) | (14) |
Debt Securities, Available-for-Sale | [1] | 4,076 | 1,986 |
US Treasury Bill Securities [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 31,186 | 13,848 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | |||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (148) | (114) | |
Debt Securities, Available-for-Sale | 31,038 | 13,734 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 3,881 | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | |||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (8) | ||
Debt Securities, Available-for-Sale | 3,873 | ||
Corporate Bond Securities [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 3,912 | 3,966 | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | 1 | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (485) | (416) | |
Debt Securities, Available-for-Sale | $ 3,427 | 3,551 | |
Municipal Bonds [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 3,035 | ||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain, before Tax | |||
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (3) | ||
Debt Securities, Available-for-Sale | $ 3,032 | ||
[1]Each of the certificates of deposit held by the Company has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market. |
Schedule of Contractual Maturit
Schedule of Contractual Maturities of Available-for-sale Debt Securities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Within one year | $ 35,176 | |
After one year through five years | 6,019 | |
After five years through ten years | 1,172 | |
After ten years | 47 | |
TOTAL | $ 42,414 | $ 22,303 |
Schedule of Available-for-sal_2
Schedule of Available-for-sale Securities, Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 645 | $ 547 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 41,635 | 21,646 |
Certificates of Deposit [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 4 | 14 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,356 | 1,986 |
US Treasury Bill Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 148 | 114 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 31,038 | 13,734 |
Government Sponsored Enterprise Notes [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 8 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,873 | |
Corporate Bond Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 485 | 416 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 3,368 | 3,514 |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 2,412 |
Schedule of Continuous Unrealiz
Schedule of Continuous Unrealized Loss Position for 12 Months or Longer (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 570 | $ 306 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4,115 | 2,623 |
US Treasury Bill Securities [Member] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 86 | 72 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 816 | 892 |
Corporate Bond Securities [Member] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 484 | 234 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 3,299 | $ 1,731 |
Debt Securities (Details Narrat
Debt Securities (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sale and maturity of debt securities, available-for-sale | $ 49.2 | $ 21.2 | $ 26.2 |
Schedule of Equity Investments
Schedule of Equity Investments (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Current equity investments | $ 6,198 | $ 17,091 |
Noncurrent equity investments | 9,874 | 7,426 |
Other Marketable Equity Securities [Member] | ||
Current equity investments | 1,497 | 4,089 |
Mutual Fund [Member] | ||
Current equity investments | 4,054 | 12,299 |
Convertible Preferred Stock [Member] | ||
Noncurrent equity investments | 2,784 | 1,001 |
Hedge Funds [Member] | ||
Noncurrent equity investments | 3,002 | 3,238 |
Other Investments [Member] | ||
Noncurrent equity investments | 2,825 | 825 |
Common Class B [Member] | Zedge Inc [Member] | ||
Current equity investments | 89 | 117 |
Common Class B [Member] | Rafael Holdings Inc. [Member] | ||
Current equity investments | 558 | 586 |
Series C Convertible Preferred Stock [Member] | Visa Inc. [Member] | ||
Noncurrent equity investments | 1,263 | 1,132 |
Series A Convertible Preferred Stock [Member] | Visa Inc. [Member] | ||
Noncurrent equity investments | $ 1,230 |
Schedule of Equity Investment_2
Schedule of Equity Investments (Details) (Parenthetical) - Common Class B [Member] - shares | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Zedge Inc [Member] | ||
Number of related party shares received | 42,282 | 42,282 |
Rafael Holdings Inc. [Member] | ||
Number of related party shares received | 278,810 | 290,214 |
Schedule of Carrying Value of E
Schedule of Carrying Value of Equity Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |||
Balance, beginning of period | $ 1,501 | $ 2,743 | $ 4,109 |
Redemption for Visa mandatory release assessment | (1,230) | (1,870) | |
Purchase | 100 | ||
Adjustment for observable transactions involving a similar investment from the same issuer | 131 | (103) | 510 |
Redemptions | (9) | (6) | |
Impairments | |||
BALANCE, END OF PERIOD | $ 1,632 | $ 1,501 | $ 2,743 |
Schedule of Unrealized (losses)
Schedule of Unrealized (losses) Gains for All Equity Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Net (losses) gains recognized during the period on equity investments | $ (2,613) | $ (19,248) | $ 8,830 |
Less: net gains recognized during the period on equity investments sold during the period | 18 | 10 | 1,090 |
Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date | (2,631) | (19,258) | 7,740 |
Rafael Class B Common Stock [Member] | |||
Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date | (7) | (14,101) | 8,291 |
Zedge Class B Common Stock [Member] | |||
Unrealized (losses) gains recognized during the period on equity investments still held at the reporting date | $ (28) | $ (533) | $ 591 |
Summary of Changes in Equity Me
Summary of Changes in Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Purchase of convertible preferred stock | $ 840 | $ 1,051 | $ 4,000 |
Conversion of secured promissory notes into convertible preferred stock | 4,038 | ||
Equity in the net loss of investee | (3,095) | (2,951) | (1,099) |
Equity Method Investee [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance, beginning of period | 1,001 | 2,901 | |
Purchase of convertible preferred stock | 840 | 1,051 | 4,000 |
Conversion of secured promissory notes into convertible preferred stock | 4,038 | ||
Equity in the net loss of investee | (2,153) | (2,224) | (816) |
Amortization of equity method basis difference | (942) | (727) | (283) |
BALANCE, END OF PERIOD | $ 2,784 | $ 1,001 | $ 2,901 |
Summary of Statements of Operat
Summary of Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Current assets | $ 387,068 | $ 362,627 | ||
Current liabilities | (294,107) | (305,072) | ||
REVENUES | 1,238,854 | 1,364,057 | $ 1,446,990 | |
Selling, general and administrative | [1] | 276,891 | 250,481 | 218,467 |
TOTAL COSTS AND EXPENSES | 1,173,696 | 1,303,142 | 1,390,731 | |
LOSS FROM OPERATIONS | 60,743 | 60,089 | 56,990 | |
Other (expense) income, net | (3,083) | (25,352) | 7,916 | |
NET LOSS | 44,366 | 29,005 | 96,891 | |
Equity Method Investee [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Current assets | 3,661 | 3,911 | ||
Noncurrent assets | 2,245 | 2,462 | ||
Current liabilities | (2,771) | (11,480) | ||
Noncurrent liabilities | ||||
REVENUES | 7,998 | 7,889 | 1,898 | |
Direct cost of revenues | 6,680 | 9,451 | 1,937 | |
Selling, general and administrative | 7,871 | 5,834 | 3,388 | |
TOTAL COSTS AND EXPENSES | 14,551 | 15,285 | 5,325 | |
LOSS FROM OPERATIONS | (6,553) | (7,396) | (3,427) | |
Other (expense) income, net | (1,305) | (342) | 101 | |
NET LOSS | $ (7,858) | $ (7,738) | $ (3,326) | |
[1]Stock-based compensation included in selling, general and administrative expenses |
Equity Investments (Details Nar
Equity Investments (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||||||||
Jul. 27, 2023 | Jul. 31, 2022 | Aug. 10, 2021 | Feb. 02, 2021 | Aug. 31, 2022 | Jun. 30, 2021 | Oct. 11, 2023 | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | May 31, 2023 | Apr. 06, 2023 | Nov. 30, 2022 | Jul. 28, 2022 | Mar. 15, 2021 | Dec. 07, 2020 | Sep. 24, 2020 | Jul. 31, 2020 | Jun. 30, 2016 | |
Proceeds from sale of common stock | $ 49,211 | $ 21,157 | $ 26,230 | ||||||||||||||||
Purechase of preferred stock | 840 | 1,051 | 4,000 | ||||||||||||||||
Equity method investment, aggregate cost | $ 8,200 | ||||||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Accounting Treatment | These basis differences are being amortized over the 6-year estimated life of the customer list. | ||||||||||||||||||
Equity Method Investee [Member] | |||||||||||||||||||
Purechase of preferred stock | $ 840 | 1,051 | $ 4,000 | ||||||||||||||||
Increase in secured debt including accrued interest | $ 2,500 | $ 2,500 | $ 4,000 | ||||||||||||||||
Receivable with imputed interest, effective yield (Interest rate) | 15% | ||||||||||||||||||
Equity Method Investee [Member] | February Two Thousand Twenty Three [Member] | |||||||||||||||||||
Receivable with imputed interest, due date | Feb. 28, 2023 | ||||||||||||||||||
Equity Method Investee [Member] | April Two Thousand Twenty Three [Member] | |||||||||||||||||||
Receivable with imputed interest, due date | Apr. 30, 2023 | ||||||||||||||||||
EMI Preferred Stock [Member] | |||||||||||||||||||
Purechase of preferred stock | $ 800 | ||||||||||||||||||
Equity method investment, ownership percentage | 33.30% | ||||||||||||||||||
Preferred Stock [Member] | Equity Method Investee [Member] | |||||||||||||||||||
Purechase of preferred stock | $ 1,000 | ||||||||||||||||||
Preferred Stock [Member] | Equity Method Investee [Member] | Forecast [Member] | |||||||||||||||||||
Purechase of preferred stock | $ 700 | ||||||||||||||||||
Rafael Holdings Inc. [Member] | |||||||||||||||||||
Investment Owned, at Fair Value | $ 5,000 | ||||||||||||||||||
Unrestricted Common Class B of Rafael Holdings Inc [Member] | |||||||||||||||||||
Related party shares received | 28,320 | ||||||||||||||||||
Class B Common Stock [Member] | Rafael Holdings Inc. [Member] | |||||||||||||||||||
Owned shares | 261,894 | 11,404 | 218,245 | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 43,649 | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 22.91 | ||||||||||||||||||
Investment Owned, at Fair Value | $ 4,600 | ||||||||||||||||||
Shares Issued, Price Per Share | $ 22.91 | ||||||||||||||||||
Warrants Class B Common Stock [Member] | Rafael Holdings Inc. [Member] | |||||||||||||||||||
Investment Owned, at Fair Value | $ 400 | ||||||||||||||||||
Class B Common [Member] | Rafael Holdings Inc. [Member] | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 43,649 | ||||||||||||||||||
Class of warrant, exercise price of warrants | $ 1,000 | ||||||||||||||||||
Visa Series C Convertible Participating Preferred Stock [Member] | |||||||||||||||||||
Owned shares | 1,830 | ||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 13.722 | ||||||||||||||||||
Visa Series A Convertible Participating Preferred Stock [Member] | |||||||||||||||||||
Owned shares | 58 | 125 | 58 | 125 | |||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 3.645 | 6.861 | |||||||||||||||||
Visa Series A Convertible Participating Preferred Stock [Member] | Visa Class A Common Stock [Member] | |||||||||||||||||||
Owned shares | 5,800 | 12,500 | |||||||||||||||||
Proceeds from sale of common stock | $ 1,300 | $ 2,900 | |||||||||||||||||
Series B Convertible Preferred Stock [Member] | Equity Method Investee [Member] | |||||||||||||||||||
Purechase of preferred stock | $ 4,000 | ||||||||||||||||||
Equity method investment, ownership percentage | 23.95% | ||||||||||||||||||
Series C Convertible Preferred Stock [Member] | Equity Method Investee [Member] | |||||||||||||||||||
Purechase of preferred stock | $ 1,100 | ||||||||||||||||||
Equity method investment, ownership percentage | 26.57% |
Schedule of Balance of Assets M
Schedule of Balance of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | $ 42,414 | $ 22,303 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 42,414 | 22,303 |
Equity investments included in current assets | 6,198 | 17,091 |
Equity investments included in noncurrent assets | 3,763 | 2,862 |
Total | 52,375 | 42,256 |
Acquisition consideration included in other current liabilities | (2,032) | (2,578) |
Acquisition consideration included in other noncurrent liabilities | (2,773) | (5,968) |
Acquisition consideration included in other liabilities | (4,805) | (8,546) |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 31,038 | 13,734 |
Equity investments included in current assets | 6,198 | 17,091 |
Equity investments included in noncurrent assets | ||
Total | 37,236 | 30,825 |
Acquisition consideration included in other current liabilities | ||
Acquisition consideration included in other noncurrent liabilities | ||
Acquisition consideration included in other liabilities | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | 11,376 | 8,569 |
Equity investments included in current assets | ||
Equity investments included in noncurrent assets | 2,500 | 1,730 |
Total | 13,876 | 10,299 |
Acquisition consideration included in other current liabilities | ||
Acquisition consideration included in other noncurrent liabilities | ||
Acquisition consideration included in other liabilities | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities | ||
Equity investments included in current assets | ||
Equity investments included in noncurrent assets | 1,263 | 1,132 |
Total | 1,263 | 1,132 |
Acquisition consideration included in other current liabilities | (2,032) | (2,578) |
Acquisition consideration included in other noncurrent liabilities | (2,773) | (5,968) |
Acquisition consideration included in other liabilities | $ (4,805) | $ (8,546) |
Schedule of Assets Measured at
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Balance, beginning of period | $ 1,132 | $ 2,465 | $ 3,825 |
Purchase of Rafael Holdings, Inc. warrant | 354 | ||
Exercise of Rafael Holdings, Inc. warrant | (380) | ||
Redemption for Visa mandatory release assessment | (1,230) | (1,870) | |
Total gains (losses) included in “Other (expense) income, net” | $ 131 | $ (103) | $ 536 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other (expense) income, net | Other (expense) income, net | Other (expense) income, net |
BALANCE, END OF PERIOD | $ 1,263 | $ 1,132 | $ 2,465 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period |
Schedule of Liabilities Measure
Schedule of Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Balance, beginning of period | $ 8,546 | $ 1,025 | $ 396 |
Transfer into Level 3 from acquisitions | 7,849 | 628 | |
Payments | (2,494) | ||
“Other operating (expense) gain, net” | $ (1,349) | $ (303) | |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other operating (expense) gain, net (see Note 14) | Other operating (expense) gain, net (see Note 14) | Other operating (expense) gain, net (see Note 14) |
Interest expense included in “Interest income, net” | $ 97 | ||
“Foreign currency translation adjustments” | $ 5 | $ (25) | $ 1 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Foreign currency translation adjustments | Foreign currency translation adjustments | Foreign currency translation adjustments |
BALANCE, END OF PERIOD | $ 4,805 | $ 8,546 | $ 1,025 |
Change in unrealized gains or losses for the period included in earnings for liabilities at the end of the period |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Investment in hedge funds | $ 3,000 | $ 3,200 |
Contingent consideration payment | 2,500 | |
Shares of the Company’s Class B common stock | 100 | 1,000 |
Other Operating Income (Expense) [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Gain on write-off of contingent consideration payment obligation | 1,600 | $ 300 |
Estimated fair value of contingent consideration | $ 200 | |
Common Stock [Member] | Common Class B [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Number of shares issued in acquisition | 3,051 | 28,000 |
Shares of the Company’s Class B common stock |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Equipment | $ 43,704 | $ 40,811 |
Computer software | 169,070 | 156,258 |
Leasehold improvements | 1,760 | 1,874 |
Furniture and fixtures | 699 | 681 |
Property, plant and equipment, gross | 215,233 | 199,624 |
Less accumulated depreciation and amortization | (176,578) | (162,758) |
Property, plant, and equipment, net | $ 38,655 | $ 36,866 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Disposal of property, plant and equipment | $ 4.2 | $ 17.4 | |
Depreciation expense | 18.6 | $ 16.8 | $ 17.1 |
Expenses for telephone equipment | $ 0.1 |
Schedule of Change in Carrying
Schedule of Change in Carrying Amount of Goodwill by Operating Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Indefinite-Lived Intangible Assets [Line Items] | |||
Balance at beginning | $ 26,380 | $ 14,897 | $ 12,858 |
Acquisitions | 11,632 | 2,025 | |
Foreign currency translation adjustments | 77 | (541) | 14 |
Adjustment | 392 | ||
Balance at end | 26,457 | 26,380 | 14,897 |
Fintech [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Balance at beginning | 3,199 | ||
Acquisitions | 3,199 | ||
Foreign currency translation adjustments | |||
Adjustment | |||
Balance at end | 3,199 | 3,199 | |
Net2phone [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Balance at beginning | 9,743 | 1,523 | 1,519 |
Acquisitions | 8,433 | ||
Foreign currency translation adjustments | 101 | (213) | 4 |
Adjustment | |||
Balance at end | 9,844 | 9,743 | 1,523 |
Traditional Communications [Member] | |||
Indefinite-Lived Intangible Assets [Line Items] | |||
Balance at beginning | 13,438 | 13,374 | 11,339 |
Acquisitions | 2,025 | ||
Foreign currency translation adjustments | (24) | (328) | 10 |
Adjustment | 392 | ||
Balance at end | $ 13,414 | $ 13,438 | $ 13,374 |
Schedule of Company's Amortized
Schedule of Company's Amortized Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Indefinite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 10 months 24 days | 8 years 2 months 12 days |
Gross Carrying Amount | $ 15,507 | $ 15,386 |
Accumulated Amortization | (7,311) | (5,777) |
Net Balance | $ 8,196 | $ 9,609 |
Trade Names [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 6 months | 11 years 4 months 24 days |
Gross Carrying Amount | $ 2,694 | $ 2,480 |
Accumulated Amortization | (1,005) | (700) |
Net Balance | $ 1,689 | $ 1,780 |
Noncompete Agreements [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 6 months | 5 years 6 months |
Gross Carrying Amount | $ 1,302 | $ 1,316 |
Accumulated Amortization | (778) | (549) |
Net Balance | $ 524 | $ 767 |
Customer Relationships [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 6 months | 7 years 9 months 18 days |
Gross Carrying Amount | $ 11,511 | $ 11,590 |
Accumulated Amortization | (5,528) | (4,528) |
Net Balance | $ 5,983 | $ 7,062 |
Other Intangible Assets (Detail
Other Intangible Assets (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 1.5 | $ 1.3 | $ 0.7 |
Amortization expense of intangible assets, year one | 1.5 | ||
Amortization expense of intangible assets, year two | 1.4 | ||
Amortization expense of intangible assets, year three | 1.2 | ||
Amortization expense of intangible assets, year four | 1.2 | ||
Amortization expense of intangible assets, year five | $ 1 |
Schedule of Net Income and Aggr
Schedule of Net Income and Aggregate Funding Repaid to the Company by VIE (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2023 | Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net income of the VIE | $ 54 | $ 322 | $ 248 |
Aggregate funding provided by (repaid to) the Company, net | $ 8 | $ 112 | $ (94) |
VIE_s Summarized Consolidated B
VIE’s Summarized Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2020 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Cash and cash equivalents | $ 103,637 | $ 98,352 | ||
Trade accounts receivable, net | 32,092 | 39,525 | ||
Disbursement prefunding | 30,113 | 21,057 | ||
Prepaid expenses | 16,638 | 17,526 | ||
Other current assets | 28,394 | 23,625 | ||
Property, plant, and equipment, net | 38,655 | 36,866 | ||
Other intangibles, net | 8,196 | 9,609 | ||
TOTAL ASSETS | 510,810 | 497,094 | ||
Trade accounts payable | 22,231 | 28,543 | ||
Accrued expenses | 110,796 | 117,109 | ||
Settlement liabilities | 21,495 | 17,659 | ||
Due to the Company | 3,354 | 6,588 | ||
Accumulated other comprehensive income (loss) | (17,192) | (11,305) | $ (10,183) | $ (7,410) |
Noncontrolling interests | 6,267 | 3,022 | ||
TOTAL LIABILITIES AND NONCONTROLLING INTERESTS | 510,810 | 497,094 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Cash and cash equivalents | 1,596 | 1,808 | ||
Restricted cash | 7,848 | 4,490 | ||
Trade accounts receivable, net | 62 | 31 | ||
Disbursement prefunding | 585 | 925 | ||
Prepaid expenses | 197 | 14 | ||
Other current assets | 317 | 462 | ||
Property, plant, and equipment, net | 272 | 467 | ||
Other intangibles, net | 737 | 889 | ||
TOTAL ASSETS | 11,614 | 9,172 | ||
Trade accounts payable | ||||
Accrued expenses | 70 | 54 | ||
Settlement liabilities | 7,573 | 5,525 | ||
Accumulated other comprehensive income (loss) | 21 | (9) | ||
Noncontrolling interests | 3,924 | 3,602 | ||
TOTAL LIABILITIES AND NONCONTROLLING INTERESTS | 11,614 | 9,172 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Related Party [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Due from the Company | 86 | |||
Due to the Company | $ 26 |
Variable Interest Entity (Detai
Variable Interest Entity (Details Narrative) - Variable Interest Entity [Member] - Warrant Purchase Agreement [Member] $ in Millions | 1 Months Ended |
May 31, 2021 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Payments to acquire warrant | $ 0.8 |
Contingent consideration potential payment noncurrent | $ 0.1 |
Variable interest entity, qualitative or quantitative information, ownership percentage | 90% |
Schedule of Other Operating (Ex
Schedule of Other Operating (Expense) Gain, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Corporate —Straight Path Communications Inc. class action legal fees | $ (5,785) | $ (7,671) | $ (2,876) |
Corporate —Straight Path Communications Inc. class action insurance claims | 3,845 | 6,635 | 3,101 |
Corporate—Grow New Jersey Assistance Act tax credit | 1,600 | ||
Fintech—government grants | 382 | 20 | |
Fintech—other | (367) | ||
net2phone—other | (10) | (100) | |
Traditional Communications—write-off of capitalized internal use software costs | (1,419) | ||
Traditional Communications—gain from sale of rights under class action lawsuit | 2,000 | ||
Traditional Communications—cable telephony customer indemnification claim | (3,925) | (96) | (472) |
Traditional Communications— increase in contingent consideration liability | (216) | ||
Traditional Communications—other | (329) | (7) | (555) |
TOTAL | (4,415) | (826) | 731 |
Fintech [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Write-off of contingent consideration liability | 1,565 | ||
Net2phone [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Write-off of contingent consideration liability | 303 | ||
net2phone—write-off of telephone equipment | $ (133) |
Other Operating (Expense) Gai_3
Other Operating (Expense) Gain, Net (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||||||
May 10, 2023 | May 08, 2023 | Dec. 21, 2020 | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Aug. 31, 2023 | Jun. 05, 2023 | |
Operating Loss Carryforwards [Line Items] | ||||||||
Estimated fair value of acquisition related contingent consideration liability | $ (216) | |||||||
Traditional communications-write-off of capitalized internal use software costs | 1,419 | |||||||
Traditional communications gain from sale of rights under class action lawsuit | 2,000 | |||||||
Traditional communications cable telephony customer indemnification claim | (3,925) | $ (96) | $ (472) | |||||
Indemnification Agreement [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Traditional communications cable telephony customer indemnification claim | $ 3,900 | |||||||
Traditional communications cable telephony customer indemnification claim, paid | $ 1,900 | |||||||
Traditional communications cable telephony customer indemnification claim, reminder | $ 400 | |||||||
Payment Card Interchange Fee and Merchant Discount Antitrust Litigation [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Traditional communications gain from sale of rights under class action lawsuit | $ 2,000 | |||||||
Traditional Communications Segment [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Estimated fair value of acquisition related contingent consideration liability | $ 200 | |||||||
Subsequent Event [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Cash | $ 1,600 | |||||||
New Jersey Economic Development Authority [Member] | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||
Tax credit | $ 1,800 |
Revolving Credit Facility (Deta
Revolving Credit Facility (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Oct. 31, 2023 | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | May 17, 2021 | |
Line of Credit Facility [Line Items] | |||||
Proceeds of line of credit | $ 27,383 | $ 2,566 | |||
Repayment of line of credit | 27,383 | 2,566 | |||
IDT Telecom [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Proceeds of line of credit | 27,400 | 2,600 | |||
Repayment of line of credit | 27,400 | 2,600 | |||
Revolving Credit Facility [Member] | TD Bank [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 25,000 | ||||
Revolving credit amount outstanding | $ 0 | $ 0 | |||
Credit facility, description | The revolving credit facility is secured by primarily all of IDT Telecom’s assets. The principal outstanding bears interest per annum at the secured overnight financing rate published by the Federal Reserve Bank of New York plus 10 basis points, plus depending upon IDT Telecom’s leverage ratio as computed for the most recent fiscal quarter, 125 to 175 basis points. Interest is payable monthly, and all outstanding principal and any accrued and unpaid interest is due on May 16, 2026. IDT Telecom pays a quarterly unused commitment fee on the average daily balance of the unused portion of the $25.0 million commitment of 30 to 85 basis points, depending upon IDT Telecom’s leverage ratio as computed for the most recent fiscal quarter. | ||||
Debt instrument maturity date | May 16, 2026 | ||||
Revolving credit, unused portion amount | $ 25,000 | ||||
Revolving Credit Facility [Member] | TD Bank [Member] | Forecast [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Proceeds of line of credit | $ 25,000 | ||||
Repayment of line of credit | $ 25,000 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 |
Payables and Accruals [Abstract] | ||
Carrier minutes termination | $ 20,675 | $ 28,869 |
Regulatory fees and taxes | 43,302 | 48,146 |
Compensation costs | 18,858 | 16,145 |
Maintenance and support | 3,434 | 2,122 |
Commissions | 4,164 | 3,204 |
Legal and professional fees | 8,751 | 6,601 |
Other | 11,612 | 12,022 |
TOTAL | $ 110,796 | $ 117,109 |
Schedule of Net Income Attribut
Schedule of Net Income Attributable to Mezzanine Equity’s Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Common Class B [Member] | National Retail Solutions [Member] | |||
Noncontrolling Interest [Line Items] | |||
Net income of NRS attributable to the mezzanine equity’s noncontrolling interest | $ 281 | $ 191 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest (Details Narrative) - Common Class B [Member] - National Retail Solutions [Member] $ in Millions | Sep. 29, 2021 USD ($) |
Noncontrolling Interest [Line Items] | |
Capital stock outstanding percentage | 2.50% |
Sale of stock, consideration received on transaction | $ 10 |
Schedule of Other (Expense) Inc
Schedule of Other (Expense) Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Foreign currency transaction gains (losses) | $ 3,353 | $ (1,742) | $ 1,009 |
Equity in net loss of investee | (3,095) | (2,951) | (1,099) |
(Losses) gains on investments | (2,613) | (19,248) | 8,830 |
Other | (728) | (1,411) | (824) |
TOTAL | $ (3,083) | $ (25,352) | $ 7,916 |
Components of Income Before Inc
Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
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 Defer
Significant Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2020 |
Income Tax Disclosure [Abstract] | ||||
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) | $ (11,540) | $ (58,700) |
NET DEFERRED INCOME TAX ASSETS | $ 24,101 | $ 36,701 |
Schedule of (Provision for) Ben
Schedule of (Provision for) Benefits from Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ (47) | $ (45) | |
State and local | (1,511) | (863) | (512) |
Foreign | (1,275) | (729) | (811) |
Current | (2,833) | (1,637) | (1,323) |
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
Schedule of Differences Between Income Taxes Expected Federal Statutory Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
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
Summary of Changes in Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 11,588 | $ 11,540 | $ 58,700 |
Additions charged to costs and expenses | 2,537 | 48 | 835 |
Deductions | (3,507) | (47,995) | |
Balance at end of year | $ 10,618 | $ 11,588 | $ 11,540 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Undistributed earnings of foreign subsidiaries | $ 302,000 | ||
Operating loss carryforwards | $ 37,000 | ||
Operating loss expiration description | U.S. federal net operating loss carryforwards of $34 million expire in fiscal 2028 through fiscal 2038, and $3 million do not expire. | ||
Net operating loss carryforwards subject to expiration | $ 34,000 | ||
Net operating loss carryforwards no expiration | 3,000 | ||
Foreign net operating loss carry forwards | 77,000 | ||
Foreign net operating loss carry forwards no expiration | 65,000 | ||
Foreign net operating loss, expiration in two to ten years. | 11,000 | ||
Foreign net operating loss, expiration in twenty years | 1,000 | ||
Deductions | (3,507) | $ (47,995) | |
Valuation allowances and reserves charged to cost and expense | 2,537 | $ 48 | 835 |
Valuation Allowance Utilized Future Expense [Member] | |||
Valuation allowance, deferred tax asset, increase (decrease), amount | 1,000 | $ 46,500 | |
Decrease in deferred income tax assets | 2,800 | ||
Deductions | 700 | ||
Valuation allowances and reserves charged to cost and expense | 2,500 | ||
Subsidiaries [Member] | |||
Operating loss carryforwards | $ 7,000 | ||
Net operating losses expiration, description | The Company’s subsidiary, net2phone, has additional U.S. federal net operating loss carryforwards of approximately $7 million, which will expire through fiscal 2027. | ||
Total Subsidiary Tax Net Operating Loss Carry Forwards Annual Limit Amount Under Internal Revenue Code | $ 7,000 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) $ in Millions | 2 Months Ended | 12 Months Ended | |||
May 27, 2021 | Oct. 11, 2023 | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Class of Stock [Line Items] | |||||
Stock repurchase program, remaining number of shares authorized to be repurchased | 4,700,000 | ||||
Executive Officer [Member] | |||||
Class of Stock [Line Items] | |||||
Performance bonus paid in cash stock | $ 1.2 | ||||
Class B Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Aggregate repurchased shares | 8,000,000 | ||||
Class B common stock shares repurchased | 511,546 | 554,744 | 463,792 | ||
Aggregate purchase price of shares repurchased | $ 13.1 | $ 13.4 | $ 2.8 | ||
Class B Common Stock [Member] | Employees [Member] | |||||
Class of Stock [Line Items] | |||||
Class B common stock shares repurchased | 28,227 | 200,438 | 109,381 | ||
Aggregate purchase price of shares repurchased | $ 0.8 | $ 9 | $ 1.3 | ||
Class B Common Stock [Member] | Forecast [Member] | |||||
Class of Stock [Line Items] | |||||
Class B common stock shares repurchased | 124,530 | ||||
Aggregate purchase price of shares repurchased | $ 2.8 | ||||
Common Class B [Member] | |||||
Class of Stock [Line Items] | |||||
Issuance of shares | 35,839 | ||||
Issuance of shares, value | $ 1 | ||||
Common Class B [Member] | Executive Officer [Member] | |||||
Class of Stock [Line Items] | |||||
Issuance of shares | 24,543 | ||||
Issuance of shares, value | $ 0.6 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - Share-Based Payment Arrangement, Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Jul. 31, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Outstanding, Beginning balance | shares | 25 |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 13.72 |
Number of Options, Granted | shares | |
Weighted-Average Exercise Price, Granted | $ / shares | |
Number of Options, Exercised | shares | (13) |
Weighted-Average Exercise Price, Exercised | $ / shares | $ (13.72) |
Number of Options, Cancelled / Forfeited | shares | |
Weighted-Average Exercise Price, Cancelled / Forfeited | $ / shares | |
Number of Options, outstanding, Ending balance | shares | 12 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares | $ 13.72 |
Weighted Average Remaining Contractual Term, Outstanding | 1 year 1 month 6 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 125 |
Number of Options, Exercisable | shares | 12 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 13.72 |
Weighted Average Remaining Contractual Term, Exercisable | 1 year 1 month 6 days |
Aggregate Intrinsic Value, Exercisable | $ | $ 125 |
Schedule of Grants of Restricte
Schedule of Grants of Restricted Shares (Details) shares in Thousands | 12 Months Ended |
Jul. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of non vested , beginning balance | shares | 3 |
Weighted- Average Grant- Date Fair Value, Beginning balance | $ / shares | $ 6.96 |
Number of non vested, granted | shares | 198 |
Weighted- Average Grant- Date Fair Value, Granted | $ / shares | $ 27.20 |
Number of non vested, vested | shares | (35) |
Weighted- Average Grant- Date Fair Value, Vested | $ / shares | $ (24.83) |
Number of non vested, forfeited | shares | (1) |
Weighted- Average Grant- Date Fair Value, Forfeited | $ / shares | $ (28.03) |
Number of non vested , ending balance | shares | 165 |
Weighted- Average Grant- Date Fair Value, Ending balance | $ / shares | $ 27.38 |
Common Class B [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of non vested , beginning balance | shares | 3 |
Weighted- Average Grant- Date Fair Value, Beginning balance | $ / shares | $ 31.80 |
Number of non vested, granted | shares | 44 |
Weighted- Average Grant- Date Fair Value, Granted | $ / shares | $ 21.90 |
Number of non vested, vested | shares | (21) |
Weighted- Average Grant- Date Fair Value, Vested | $ / shares | $ (25.87) |
Number of non vested, forfeited | shares | (1) |
Weighted- Average Grant- Date Fair Value, Forfeited | $ / shares | $ (31.80) |
Number of non vested , ending balance | shares | 25 |
Weighted- Average Grant- Date Fair Value, Ending balance | $ / shares | $ 19.09 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||
Oct. 11, 2023 | May 17, 2023 | Dec. 14, 2022 | Jan. 05, 2022 | Dec. 15, 2021 | Jan. 05, 2021 | Dec. 31, 2020 | Jun. 30, 2022 | Feb. 28, 2022 | Sep. 22, 2023 | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Nov. 30, 2022 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Proceeds from stock options exercised | $ 172 | $ 137 | $ 687 | ||||||||||||
Number of exercised of stock options, value | $ 172 | $ 137 | 687 | ||||||||||||
Number of non-vested shares, vesting | 165,000 | 3,000 | |||||||||||||
Number of deferred stock units vested | 35,000 | ||||||||||||||
Stock granted | 198,000 | ||||||||||||||
Share based compensation | [1] | $ 4,518 | $ 1,930 | 1,490 | |||||||||||
Stock based compensation | $ 4,518 | 1,930 | 1,490 | ||||||||||||
Net2phone, Inc. [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Outstanding capital stock, percent | 10% | ||||||||||||||
Aggregate estimated fair value | $ 200 | ||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 50 | ||||||||||||||
[custom:RestrictedStockContingentVestingArrangementsDescription] | The restricted shares will vest if: (a) for any fiscal quarter of net2phone 2.0 between November 1, 2020 and October 31, 2023, net2phone 2.0 records subscription revenue that is at least $18 million, and (b) as of October 31, 2023, net2phone 2.0’s valuation is $100 million or more. The restricted shares will also vest in the event, prior to October 31, 2023, net2phone 2.0 or its assets are sold at an equity valuation and on a cash-free basis of $100 million or more, regardless of whether the revenue threshold was satisfied prior thereto. The restricted shares entitle each grantee to proceeds only on a sale, spin-off, initial public offering, or other monetization of net2phone 2.0 and have protection from dilution for the first $15 million invested in net2phone 2.0 following the grant. | ||||||||||||||
Restricted Stock [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Vesting description | Share awards generally vest on a graded basis over three years of service. | ||||||||||||||
Unrecognized compensation | $ 400 | ||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 10 months 24 days | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 500 | 1,000 | 200 | ||||||||||||
Restricted Stock [Member] | National Retail Solutions [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Unrecognized compensation | $ 2,600 | ||||||||||||||
Aggregate estimated fair value | $ 3,300 | ||||||||||||||
Restricted Stock [Member] | February 25, 2025 [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Vesting description | There are 24,000 non-vested restricted shares at July 31, 2023 included in the table above that will vest on February 25, 2025 only if the Company’s Class B common stock closes above $50 per share for ten consecutive trading days prior to February 25, 2025, otherwise the 24,000 restricted shares will be forfeited. | ||||||||||||||
Number of non-vested shares, vesting | 24,000 | ||||||||||||||
Number of non-vested shares special terms | 24,000 | ||||||||||||||
Deferred Stock Units [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Unrecognized compensation | $ 2,300 | ||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 8 months 12 days | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 900 | $ 1,600 | $ 1,500 | ||||||||||||
Estimated fair value of DSUs on date of grant | $ 5,400 | ||||||||||||||
Board of Directors [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Share price | $ 25.45 | ||||||||||||||
Equity Option [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Vesting description | Option awards generally vest on a graded basis over three years of service and have ten-year contractual terms. | ||||||||||||||
Options granted | 0 | 0 | 0 | ||||||||||||
Proceeds from stock options exercised | $ 200 | $ 100 | $ 700 | ||||||||||||
Number of exercised of stock options shares | 12,500 | 10,000 | 81,041 | ||||||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ 200 | $ 19,700 | $ 200 | ||||||||||||
Common Class B [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Additional number of shares authorized | 50,000 | 175,000 | |||||||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 1,800,000 | ||||||||||||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 100,000 | ||||||||||||||
Number of non-vested shares, vesting | 25,000 | 3,000 | |||||||||||||
Number of deferred stock units vested | 21,000 | ||||||||||||||
Stock granted | 44,000 | ||||||||||||||
Common Class B [Member] | Deferred Stock Units [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Number of deferred stock units vested | 1,333 | 1,334 | |||||||||||||
Stock granted | 4,000 | ||||||||||||||
Common Class B [Member] | Deferred Stock Units [Member] | Subsequent Event [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Number of deferred stock units vested | 1,333 | ||||||||||||||
Common Class B [Member] | Deferred Stock Units [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Deferred stock units, description | On November 30, 2022, the Company adopted an equity incentive program (under its 2015 Stock Option and Incentive Plan) in the form of grants of DSUs that, upon vesting, will entitle the grantees to receive shares of the Company’s Class B common stock. The number of shares that will be issuable on each vesting date will vary between 50% to 200% of the number of DSUs that vest on that vesting date, depending on the market price for the underlying Class B common stock on the vesting date relative to the base price approved by the Compensation Committee of the Company’s Board of Directors of $25.45 per share (which was based on the market price at the time of the initial grants under this program). On May 17, 2023, the first vesting date under the program, in accordance with the program and based on certain elections made by grantees, the Company issued 41,945 shares of its Class B common stock for vested DSUs. Based on those elections, vesting for 31,909 DSUs was delayed until February 21, 2024. Subject to continued full time employment or other service to the Company, the remaining DSUs are scheduled to vest on February 21, 2024 and February 25, 2025. The grantees will have the right to elect a later vesting date no later than January 19, 2024 for the February 21, 2024 vesting date. A grantee will have the option to elect a later vesting date for one-half or all of the shares scheduled to vest on February 21, 2024 and any DSUs that do not vest based on the grantee’s election, will be eligible to vest on February 25, 2025. The Company estimated that the fair value of the DSUs on the date of grants was an aggregate of $5.4 million, which is being recognized on a graded vesting basis over the requisite service periods ending in February 2025. The Company used a risk neutral Monte Carlo simulation method in its valuation of the DSUs, which simulated the range of possible future values of the Company’s Class B common stock over the life of the DSUs. | ||||||||||||||
Number of deferred stock units vested | 41,945 | 301,296 | 283,838 | ||||||||||||
Common Class B [Member] | Deferred Stock Units [Member] | February 21, 2024 [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Number of shares vested | 31,909 | ||||||||||||||
Common Class B [Member] | Howard S Jonas [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Number of exercised of stock options shares | 1,000,000 | ||||||||||||||
Exercise price of stock options | $ 14.93 | ||||||||||||||
Stock option expiration date | May 01, 2022 | ||||||||||||||
Number of exercised of stock options shares | 528,635 | ||||||||||||||
Number of exercised of stock options, value | $ 14,900 | ||||||||||||||
Number of shares issued | 137,364 | ||||||||||||||
Number of shares issued, value | $ 3,900 | ||||||||||||||
Common Class B [Member] | Employee [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Stock granted | 15,000 | ||||||||||||||
Share based compensation | $ 400 | ||||||||||||||
Common Class B [Member] | Forecast [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Additional number of shares authorized | 250,000 | ||||||||||||||
NRS Common Class B [Member] | National Retail Solutions [Member] | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||
Outstanding capital stock, percent | 1.20% | 0.40% | |||||||||||||
Stock based compensation | $ 1,200 | ||||||||||||||
[1]Stock-based compensation included in selling, general and administrative expenses |
Schedule of Accumulated Balance
Schedule of Accumulated Balances for Each Classification of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (11,305) | $ (10,183) | $ (7,410) |
Other comprehensive loss attributable to IDT Corporation | (5,887) | (1,122) | (2,773) |
Ending balance | (17,192) | (11,305) | (10,183) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (546) | (9) | 42 |
Other comprehensive loss attributable to IDT Corporation | (99) | (537) | (51) |
Ending balance | (645) | (546) | (9) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (10,759) | (10,174) | (7,452) |
Other comprehensive loss attributable to IDT Corporation | (5,788) | (585) | (2,722) |
Ending balance | $ (16,547) | $ (10,759) | $ (10,174) |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) $ in Millions | Jul. 31, 2023 | Jul. 31, 2022 |
Product Liability Contingency [Line Items] | ||
Accrued liabilities | $ 26.8 | $ 33.2 |
Purchase obligation | 10.8 | |
Performance bonds outstanding | 27.1 | |
Universal Service Fund [Member] | ||
Product Liability Contingency [Line Items] | ||
Loss contingency, estimate of possible loss | 1.8 | |
Federal Telecommunications Relay Services Fund [Member] | ||
Product Liability Contingency [Line Items] | ||
Loss contingency, estimate of possible loss | $ 2.9 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Commissions and fees from payment by company | $ 875,734,000 | $ 1,034,430,000 | $ 1,154,048,000 | |
Annual rent payment | 18,600 | |||
Mason and Co [Member] | ||||
Related Party Transaction [Line Items] | ||||
Commissions and fees from payment by company | 62,000 | 76,000 | 63,000 | |
Rafael Spin Off [Member] | ||||
Related Party Transaction [Line Items] | ||||
Costs and expenses, related party | 300,000 | 300,000 | 300,000 | |
Outstanding net loan receivable from employees | 100,000 | 100,000 | ||
Genie and Subsidiarie [Member] | ||||
Related Party Transaction [Line Items] | ||||
Costs and expenses, related party | 1,200,000 | 1,300,000 | 1,300,000 | |
Outstanding net loan receivable from employees | 200,000 | 400,000 | ||
Jonas Media Group [Member] | ||||
Related Party Transaction [Line Items] | ||||
Outstanding net loan receivable from employees | 4,000 | 2,000 | ||
Receivable from subsidiaries included in services | 2,000 | 2,000 | $ 9,000 | |
Receivable from subsidiaries included in adjusted amount | $ 7,000 | |||
Employees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Outstanding net loan receivable from employees | $ 500,000 | $ 500,000 |
Defined Contribution Plans (Det
Defined Contribution Plans (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |||
May 27, 2021 | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | |
Employment period contributions, description | first five years | |||
Defined contribution plan, cost | $ 1.1 | $ 1 | $ 0.8 | |
Common Class B [Member] | ||||
Stock issued during period, shares, new issues | 35,839 | |||
Stock issued during period, value, new issues | $ 1 |