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Variable Interest Entity

3 Months Ended

Oct. 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 VIE that processes disbursement payments. 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 income and aggregate funding provided by the Company were as follows:

Schedule of Net Income and Aggregate Funding Repaid to the Company by VIE 

		2024				2023
		Three Months Ended October 31,
		2024				2023
		(in thousands)
Net income of the VIE		$	338			$	81
Aggregate funding provided by the Company, net		$	55			$	114

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

VIE’s Summarized Consolidated Balance Sheet 

		October 31, 2024				July 31, 2024
		(in thousands)
Assets:
Cash and equivalents		$	3,055			$	2,626
Restricted cash			15,289				7,426
Trade accounts receivable, net			127				74
Disbursement prefunding			1,323				2,587
Prepaid expenses			359				258
Other current assets			265				294
Property, plant, and equipment, net			163				179
Other intangibles, net			546				584
Total assets		$	21,127			$	14,028
Liabilities and noncontrolling interests:
Trade accounts payable		$	—			$	4
Accrued expenses			160				124
Customer funds deposits			15,882				9,195
Due to the Company			296				241
Accumulated other comprehensive income			14				27
Noncontrolling interests			4,775				4,437
Total liabilities and noncontrolling interests		$	21,127			$	14,028

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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