DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Apr. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal groups, including discontinued operations

	Three Months Ended April 30,				Nine Months Ended April 30,
	2022		2021		2022		2021
	(in thousands)
Net revenue	$	18,167	$	102,351	$	165,542	$	299,214
Cost of revenue	17,894		80,007		156,697		229,939
Gross profit	273		22,344		8,845		69,275
Operating expenses:
Selling, general and administrative	4,517		8,988		30,744		33,319
Amortization of intangible assets	1,218		4,182		9,303		16,076
Impairment of goodwill(a)	—		25,658		—		25,658
Total operating expenses	5,735		38,828		40,047		75,053
Operating loss	(5,462)		(16,484)		(31,202)		(5,778)
Other income (expense):
Gain upon deconsolidation of IWCO Direct	38,043		—		38,043		—
Interest income	—		—		—		3
Interest expense	(1,848)		(7,145)		(16,111)		(21,491)
Other losses, net	—		(1)		—		(38)
Total other expense, net	36,195		(7,146)		21,932		(21,526)
Loss from operations of discontinued operations before income taxes	30,733		(23,630)		(9,270)		(27,304)
Income tax benefit	(9,162)		(5,295)		(9,162)		(5,409)
Income (loss) from discontinued operations, net of tax	$	39,895	$	(18,335)	$	(108)	$	(21,895)

(a) During the three months ended April 30, 2021, the Company recorded a pre-tax goodwill impairment charge of $25,658 for the Direct Marketing reporting unit due to a decline in IWCO Direct’s fair value as a result of customer exits and decreasing demand for direct marketing products.

The major classes of assets and liabilities included in discontinued operations related to IWCO Direct are presented in the table below.

	July 31, 2021
	(in thousands)
ASSETS
Cash and cash equivalents	$	38,814
Accounts receivable, trade, net	33,258
Inventories, net	7,186
Other current assets	17,264
Current assets of discontinued operations	$	96,522
Property and equipment, net	54,247
Goodwill	231,470
Other intangible assets, net	115,005
Operating lease right-of-use assets	32,583
Other assets	1,116
Long-term assets of discontinued operations	$	434,421
LIABILITIES
Accounts payable	$	25,688
Accrued expenses	74,218
Current lease obligations	4,047
Current portion of long-term debt	5,602
Other current liabilities	13,837
Current liabilities of discontinued operations	$	123,392
Long-term debt, net of current portion	358,189
Lease obligations	30,207
Other long-term liabilities	6,675
Long-term liabilities of discontinued operations	$	395,071