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Income Taxes (Tables)
 12 Months Ended
Jul. 31, 2024
Income Tax Disclosure [Abstract]  
Components of Income Before Income Taxes

The components of income before income taxes are as follows:

 

Year ended July 31

(in thousands)

  2024   2023   2022 
Domestic  $56,316   $48,036   $25,025 
Foreign   5,594    12,771    9,858 
INCOME BEFORE INCOME TAXES  $61,910   $60,807   $34,883 
Significant Components of Deferred Income Taxes

Significant components of the Company’s deferred income tax assets consist of the following:

 

July 31

(in thousands)

  2024   2023 
Deferred income tax assets:          
Bad debt reserve  $1,588   $1,117 
Accrued expenses   2,897    4,825 
Stock options and restricted stock   929    361 
Charitable contributions   754    724 
Depreciation   70    (585)
Unrealized gain   5,405    4,407 
Net operating loss   36,967    23,870 
Total deferred income tax assets   48,610    34,719 
Valuation allowance   (13,602)   (10,618)
NET DEFERRED INCOME TAX ASSETS  $35,008   $24,101 
Schedule of (Provision for) Benefits from Income Taxes

The (provision for) benefit from income taxes consist of the following:

 

Year ended July 31

(in thousands)

  2024   2023   2022 
Current:               
Federal  $(38)  $(47)  $(45)
State and local   (2,716)   (1,511)   (863)
Foreign   (724)   (1,275)   (729)
Current   (3,478)   (2,833)   (1,637)
Deferred:               
Federal   9,725    (14,340)   (2,596)
State and local   (261)   16    (19)
Foreign   368    716    (1,626)
Deferred   9,832    (13,608)   (4,241)
BENEFIT FROM (PROVISION FOR) INCOME TAXES  $6,354   $(16,441)  $(5,878)
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:

 

Year ended July 31

(in thousands)

  2024   2023   2022 
U.S. federal income tax at statutory rate  $(13,001)  $(12,770)  $(7,325)
Valuation allowance   2,984    970    1,147 
Foreign tax rate differential   (1,636)   (1,068)   (1,059)
Nondeductible expenses   (1,159)   (1,767)   2,044 
Revaluation of existing foreign attributes   

(2,886

)   

—

    

—

 
Prior year benefit   23,622    —    — 
State and local income tax, net of federal benefit   (1,855)   (1,181)   (686)
Other   

285

    (625)   1 
BENEFIT FROM (PROVISION FOR) INCOME TAXES  $6,354   $(16,441)  $(5,878)
Summary of Changes in Valuation Allowance

The change in the valuation allowance is as follows:

 

Year ended July 31

(in thousands)

 

Balance at

beginning of

year

  

Additions

charged to

costs and

expenses

   Deductions  

Balance at

end of year

 
2024                    
Reserves deducted from deferred income taxes, net:                    
Valuation allowance  $10,618   $2,984   $—   $13,602 
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