SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jul. 31, 2019

Schedule of Accounts, Notes, Loans and Financing Receivable

The allowance for doubtful accounts consisted of the following:



	July 31, 2019			July 31, 2018
	(In thousands)
Balance at beginning of year	$	480		$	616
Provisions charged to expense	1,418			211
Accounts written off	(94		)	(347		)
	$	1,804		$	480

Cash and Cash Equivalents

Cash and cash equivalents consisted of the following:



	July 31, 2019		July 31, 2018
	(In thousands)
Cash and bank deposits	$	32,183	$	44,952
Money market funds	365		47,186
	$	32,548	$	92,138

The amount of cash, cash equivalents and restricted cash as of July 31, 2019 and 2018 in the consolidated statements of cash flows is reconciled to the Company's consolidated balance sheets as follows:



	July 31,
	2019		2018
	(In thousands)
Cash and cash equivalents	$	32,548	$	92,138
Funds held for clients	13,516		11,688
Cash, cash equivalents and restricted cash	$	46,064	$	103,826

Components of Inventories

Inventories consisted of the following:



	July 31, 2019		July 31, 2018
	(In thousands)
Raw materials	$	21,322	$	23,208
Work-in-process	587		16,147
Finished goods	1,765		8,431
	$	23,674	$	47,786

Estimated Useful Lives of Property and Equipment

The estimated useful lives are as follows:



Buildings	32 years
Machinery & equipment	3 to 7 years
Furniture & fixtures	5 to 7 years
Automobiles	5 years
Software	3 to 8 years
Leasehold improvements	Shorter of the remaining lease term or the estimated useful life of the asset

Reconciliation of Earnings Per Share

The following table reconciles earnings (loss) per share for the fiscal years ended July 31, 2019 and 2018.



	Twelve Months Ended July 31,
	2019			2018
	(In thousands, except per share data)
Net income (loss)	$	(66,727	)	$	36,715
Less: Preferred dividends on redeemable preferred stock	(2,129		)	(1,335		)
Net income (loss) attributable to common stockholders	(68,856		)	35,380
Effect of dilutive securities:
5.25% Convertible Senior Notes	—			7,079
Redeemable preferred stock	—			1,335
Net income (loss) attributable to common stockholders after assumed conversions	$	(68,856	)	$	43,794
Weighted average common shares outstanding	61,180			59,179
Weighted average common equivalent shares arising from dilutive stock options, restricted stock, convertible notes and convertible preferred stock	—			22,720
Weighted average number of common and potential common shares	61,180			81,899
Basic net earnings (loss) per share attributable to common stockholders:	$	(1.13	)	$	0.60
Diluted net earnings (loss) per share attributable to common stockholders:	$	(1.13	)	$	0.53