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Variable Interest Entity

6 Months Ended

Jan. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity

Note 9—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 consolidated statements of income.

The VIE’s net (loss) income and aggregate funding provided by (repaid to) the Company were as follows:

Schedule of Net (Loss) Income and Aggregate Funding to the Company by VIE

		2024				2023				2024				2023
		Three Months Ended January 31,								Six Months Ended January 31,
		2024				2023				2024				2023
		(in thousands)
Net (loss) income of the VIE		$	(107	)		$	25			$	(26	)		$	165
Aggregate funding provided by (repaid to) the Company, net		$	123			$	(10	)		$	237			$	87

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

VIE’s Summarized Consolidated Balance Sheet

		January 31, 2024				July 31, 2023
		(in thousands)
Assets:
Cash and equivalents		$	2,394			$	1,596
Restricted cash			4,934				7,848
Trade accounts receivable, net			90				62
Disbursement prefunding			1,056				585
Prepaid expenses			323				197
Other current assets			255				317
Property, plant, and equipment, net			166				272
Other intangibles, net			661				737
Total assets		$	9,879			$	11,614
Liabilities and noncontrolling interests:
Trade accounts payable		$	11			$	—
Accrued expenses			334				70
Settlement liabilities			5,336				7,573
Due to the Company			263				26
Accumulated other comprehensive income			37				21
Noncontrolling interests			3,898				3,924
Total liabilities and noncontrolling interests		$	9,879			$	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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