v3.26.1
Note 9 - Fair Value Measurements
 9 Months Ended
Apr. 30, 2026
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note  9—Fair Value Measurements

 

The following table presents the balance of assets and liabilities measured at fair value on a recurring basis:

 

 

 

April 30, 2026

 

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities

 

$

15,784

 

 

$

10,773

 

 

$

-

 

 

$

26,557

 

Equity investments in current assets

 

 

9,913

 

 

 

-

 

 

 

-

 

 

 

9,913

 

Equity investments in noncurrent assets

 

 

-

 

 

 

500

 

 

 

346

 

 

 

846

 

Total

 

$

25,697

 

 

$

11,273

 

 

$

346

 

 

$

37,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition consideration included in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

-

 

 

$

-

 

 

$

(343

)

 

$

(343

)

Other noncurrent liabilities

 

 

-

 

 

 

-

 

 

 

(267

)

 

 

(267

)

Total

 

$

-

 

 

$

-

 

 

$

(610

)

 

$

(610

)

 

​

​

July 31, 2025

​

(in thousands)

​

Level 1

​

​

Level 2

​

​

Level 3

​

​

Total

​

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Debt securities

​

$

12,926

​

​

$

8,723

​

​

$

-

​

​

$

21,649

​

Equity investments in current assets

​

​

5,637

​

​

​

-

​

​

​

-

​

​

​

5,637

​

Equity investments in noncurrent assets

​

​

-

​

​

​

2,500

​

​

​

902

​

​

​

3,402

​

Total

​

$

18,563

​

​

$

11,223

​

​

$

902

​

​

$

30,688

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Acquisition consideration included in:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other current liabilities

​

$

-

​

​

$

-

​

​

$

-

​

​

$

-

​

Other noncurrent liabilities

​

​

-

​

​

​

-

​

​

​

(610

)

​

​

(610

)

Total

​

$

-

​

​

$

-

​

​

$

(610

)

​

$

(610

)

 

Level 1 – quoted prices in active markets for identical assets or liabilities

Level 2 – observable inputs other than quoted prices in active markets for identical assets and liabilities

Level 3 – no observable pricing inputs in the market

 

At  April 30, 2026 and  July 31, 2025, the Company had $4.2 million and $3.0 million, respectively, in investments in hedge funds, which were included in noncurrent “Equity investments” in the accompanying condensed consolidated balance sheets. The Company’s investments in hedge funds were accounted for using the equity method, therefore they were not measured at fair value.

 

The following table summarizes the change in the balance of the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

 

 

 

Three Months Ended April 30,

 

 

Nine Months Ended April 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Balance, beginning of period

 

$

338

 

 

$

892

 

 

$

902

 

 

$

695

 

Total gains included in "Other income, net"

 

 

8

 

 

 

10

 

 

 

(556

)

 

 

207

 

Balance, end of period

 

$

346

 

 

$

902

 

 

$

346

 

 

$

902

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gains or losses for the period included in earnings for assets held at the end of the period

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

The following table summarizes the change in the balance of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

 

 

 

Three Months Ended April 30,

 

 

Nine Months Ended April 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Balance, beginning of period

 

$

610

 

 

$

906

 

 

$

610

 

 

$

906

 

Payments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total (gains) losses included in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

"Other operating income, net"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

"Foreign currency translation adjustments"

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance, end of period

 

$

610

 

 

$

906

 

 

$

610

 

 

$

906

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gains or losses for the period included in earnings for liabilities at the end of the period

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

Fair Value of Other Financial Instruments

 

The estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting these data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange.

 

Cash and cash equivalents, restricted cash and cash equivalents, settlement assets, disbursement prefunding, other current assets, customer funds deposits, settlement liabilities, and other current liabilities. At  April 30, 2026 and  July 31, 2025, the carrying amount of these assets and liabilities approximated fair value because of the short period of time to maturity. The fair value estimates for cash, cash equivalents, and restricted cash and cash equivalents were classified as Level 1 and settlement assets, disbursement prefunding, other current assets, customer funds deposits, settlement liabilities, and other current liabilities were classified as Level 2 of the fair value hierarchy.

 

Other assets and other liabilities. At  April 30, 2026 and  July 31, 2025, the carrying amount of these assets and liabilities approximated fair value. The fair values were estimated based on the Company’s assumptions, which were classified as Level 3 of the fair value hierarchy.