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Variable Interest Entity

12 Months Ended

Jul. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

Note 13—Variable Interest Entity

The Company is the primary beneficiary of a variable interest entity (“VIE”) that operates money transfer businesses. The Company determined that, effective May 31, 2021, it had the power to direct the activities of the VIE that most significantly impact its economic performance, and the Company has the obligation to absorb losses of and the right to receive benefits from the VIE that could potentially be significant to it. As a result, the Company consolidates the VIE. The Company does not currently own any interest in the VIE and thus the net income incurred by the VIE was attributed to noncontrolling interests in the accompanying statements of income.

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 

Year ended July 31 (in thousands)		2024				2023				2022
Net income of the VIE		$	513			$	322			$	248
Aggregate funding provided by (repaid to) the Company, net		$	215			$	112			$	(94	)

The VIE’s summarized consolidated balance sheet amounts are as follows:

VIE’s Summarized Consolidated Balance Sheet 

July 31 (in thousands)		2024				2023
ASSETS
Cash and cash equivalents		$	2,626			$	1,596
Restricted cash			7,426				7,848
Trade accounts receivable, net			74				62
Disbursement prefunding			2,587				585
Prepaid expenses			258				197
Other current assets			294				317
Property, plant, and equipment, net			179				272
Other intangibles, net			584				737
TOTAL ASSETS		$	14,028			$	11,614
LIABILITIES AND NONCONTROLLING INTERESTS
Trade accounts payable		$	4			$	—
Accrued expenses			124				70
Settlement liabilities			9,195				7,573
Due to the Company			241				26
Accumulated other comprehensive income			27				21
Noncontrolling interests			4,437				3,924
TOTAL LIABILITIES AND NONCONTROLLING INTERESTS		$	14,028			$	11,614

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.

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- References

No definition available.

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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