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Acquisition | 3 Months Ended
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Oct. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Acquisition | Note 9—Acquisition On December 3, 2020, the Company’s subsidiary IDT International Telecom, Inc. (“IDTIT”) acquired 51% of the issued shares of a company that provides a digital platform facilitating supply and distribution of mobile airtime and data top-ups and other services across borders. The purchase price was $2.4 million, net of cash acquired. The Company also recorded $0.4 million for the estimated fair value of contingent consideration of $0.5 million. Pursuant to a Put/Call Option Agreement related to the 5% of the issued shares of the acquired company that the seller did not initially sell to IDTIT (“Option Shares”), the seller exercised its option and on March 22, 2021, IDTIT purchased the Option Shares for $0.3 million. On June 15, 2021, IDTIT purchased 19% of the issued shares of the acquired company from the remaining noncontrolling interest holder for $1.0 million. The Company also recorded $0.2 million for the estimated fair value of contingent consideration of up to $0.3 million. There was no change in the estimated fair value of the contingent consideration in the three months ended October 31, 2021. The Company’s pro forma results of operations as if the acquisitions occurred on August 1, 2020 were not materially different from the actual results of operations.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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