Copart (CPRT) 10-Q 29 Nov 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Oct. 31, 2018	Nov. 28, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	COPART INC
Entity Central Index Key	900,075
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Oct. 31, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY)	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		234,015,480

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2018	Jul. 31, 2018
Current assets:
Cash and cash equivalents	$ 320,309	$ 274,520
Accounts receivable, net	336,004	351,601
Vehicle pooling costs	70,598	34,284
Inventories	19,734	16,734
Income taxes receivable	24	15,312
Prepaid expenses and other assets	16,553	16,665
Total current assets	763,222	709,116
Property and equipment, net	1,188,088	1,163,425
Intangibles, net	62,897	64,892
Goodwill	335,120	337,235
Deferred income taxes	468	470
Other assets	31,993	32,560
Total assets	2,381,788	2,307,698
Current liabilities:
Accounts payable and accrued liabilities	235,982	270,944
Deferred revenue	4,934	4,488
Income taxes payable	12,893	673
Current portion of revolving loan facility and capital lease obligations	999	1,151
Total current liabilities	254,808	277,256
Deferred income taxes	23,815	19,733
Income taxes payable	29,254	27,277
Long-term debt, revolving loan facility and capital lease obligations, net of discount	398,642	398,747
Other liabilities	3,509	3,586
Total liabilities	710,028	726,599
Commitments and contingencies
Stockholders’ equity:
Preferred stock: $0.0001 par value - 5,000,000 shares authorized; none issued	0	0
Common stock: $0.0001 par value - 400,000,000 shares authorized; 234,008,162 and 233,898,841 shares issued and outstanding, respectively.	23	23
Additional paid-in capital	534,108	526,858
Accumulated other comprehensive loss	(115,646)	(107,928)
Retained earnings	1,253,275	1,162,146
Total stockholders’ equity	1,671,760	1,581,099
Total liabilities and stockholders’ equity	$ 2,381,788	$ 2,307,698

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 31, 2018	Jul. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	234,008,162	233,891,841
Common stock, shares outstanding	234,008,162	233,891,841

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Service revenues and vehicle sales:	$ 461,368	$ 419,168
Operating expenses:
Yard operations	207,694	217,607
Cost of vehicle sales	57,756	38,297
General and administrative	44,478	39,322
Total operating expenses	309,928	295,226
Other (expense) income:
Interest expense	(4,651)	(5,595)
Interest income	960	197
Other income (expense), net	1,037	(4,416)
Total other expenses	(2,654)	(9,814)
Operating income	151,440	123,942
Income before income taxes	148,786	114,128
Income tax expense	(34,703)	(36,568)
Net income	114,083	77,560
Net income attributable to noncontrolling interest	0	45
Net income attributable to Copart, Inc.	$ 114,083	$ 77,515
Basic net income per common share	$ 0.49	$ 0.34
Weighted average common shares outstanding	233,888	230,694
Diluted net income per common share	$ 0.47	$ 0.32
Diluted weighted average common shares outstanding	244,826	238,791
Service revenues
Service revenues and vehicle sales:	$ 394,806	$ 374,125
Vehicle sales
Service revenues and vehicle sales:	$ 66,562	$ 45,043

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 114,083	$ 77,560
Other comprehensive income:
Foreign currency translation adjustments	(7,718)	(1,480)
Comprehensive income, net of tax:
Comprehensive income	106,365	76,080
Comprehensive income attributable to noncontrolling interest	0	45
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 106,365	$ 76,035

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Statement of Cash Flows [Abstract]
Net income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 114,083	$ 77,560
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost	21,978	16,012
Allowance for doubtful accounts	128	547
Equity in losses of unconsolidated affiliates	(184)	(109)
Stock-based compensation	6,021	5,306
(Gain) loss on sale of property and equipment	(102)	4,460
Deferred income taxes	(888)	2,759
Changes in operating assets and liabilities:
Accounts receivable	(29,270)	(55,904)
Vehicle pooling costs	(10,313)	(6,568)
Inventories	(3,268)	36
Prepaid expenses and other current assets	(73)	(62)
Other assets	687	(2,420)
Accounts payable and accrued liabilities	(20,611)	22,213
Deferred revenue	467	166
Income taxes receivable	15,286	6,272
Income taxes payable	14,177	23,460
Other liabilities	(435)	(368)
Net cash provided by operating activities	107,683	93,360
Cash flows from investing activities:
Purchases of property and equipment	(62,336)	(41,484)
Proceeds from sale of property and equipment	810	2,019
Purchase of assets in connection with acquisitions	0	123
Net cash used in investing activities	(61,526)	(39,342)
Cash flows from financing activities:
Proceeds from the exercise of stock options	1,229	9,253
Payments for employee stock-based tax withholdings	2	3
Net repayments on revolving loan facility	0	(49,000)
Net cash provided by (used in) financing activities	1,227	(39,750)
Effect of foreign currency translation	(1,595)	(122)
Net increase in cash and cash equivalents	45,789	14,146
Cash and cash equivalents at beginning of period	274,520	210,100
Cash and cash equivalents at end of period	320,309	224,246
Supplemental disclosure of cash flow information:
Interest paid	4,525	5,496
Income taxes paid, net of refunds	$ 6,053	$ 4,167

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Oct. 31, 2018
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	NOTE 1 – Summary of Significant Accounting Policies Basis of Presentation and Description of Business Copart, Inc. (the Company) provides vehicle sellers with a full range of services to process and sell vehicles over the internet through the Company’s Virtual Bidding Third Generation (VB3) internet auction-style sales technology. Sellers are primarily insurance companies but also include banks, finance companies, charities, fleet operators, dealers and vehicles sourced directly from individual owners. The Company sells principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, and exporters; however, at certain locations, the Company sells directly to the general public. The majority of vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company offers vehicle sellers a full range of services that expedite each stage of the vehicle sales process, minimize administrative and processing costs and maximize the ultimate sales price through the online auction process. In the United States (U.S.), Canada, Brazil, the Republic of Ireland, Finland, the United Arab Emirates (U.A.E.), Oman, Bahrain, and Spain, the Company sells vehicles primarily as an agent and derives revenue primarily from auction and auction related sales transaction fees charged for vehicle remarketing services as well as fees for services subsequent to the auction, such as delivery and storage. In the United Kingdom (U.K.) and Germany, the Company operates both as an agent and on a principal basis, in some cases purchasing the salvage vehicles outright and reselling the vehicles for its own account. In Germany and Spain, the Company also derives revenue from listing vehicles on behalf of insurance companies and insurance experts to determine the vehicle’s residual value and/or to facilitate a sale for the insured. Principles of Consolidation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments of a normal recurring nature considered necessary for fair presentation of its financial position as of October 31, 2018 and July 31, 2018 , its consolidated statements of income and comprehensive income for the three months ended October 31, 2018 and 2017 , and its cash flows for the three months ended October 31, 2018 and 2017 . Interim results for the three months ended October 31, 2018 are not necessarily indicative of the results that may be expected for any future period, or for the entire year ending July 31, 2019 . These consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2018 . Certain prior year amounts have been reclassified to conform to current year presentation. The consolidated financial statements of the Company include the accounts of the parent company and its wholly-owned subsidiaries, including its foreign wholly-owned subsidiaries. The Company also had a 59.5% voting interest in a company, which was acquired as part of the Cycle Express, LLC acquisition (“majority-owned subsidiary”), which provided various repossession services for the powersports auction industry. The noncontrolling interest consisted of a 40.5% outside voting interest in the majority-owned subsidiary. Net income or loss of the majority-owned subsidiary was allocated to the members’ interests in accordance with the operating agreement. During the year ended July 31, 2018, the Company sold the majority-owned subsidiary. Significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates include, but are not limited to, vehicle pooling costs; income taxes; revenue recognition; stock-based compensation; purchase price allocations; and contingencies. Actual results could differ from these estimates. Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), which superseded the revenue recognition requirements in ASC 605, Revenue Recognition (“ASC 605”). ASC 606 revised the timing of revenue recognition based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC 606 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. On August 1, 2018, the Company adopted ASC 606 using the modified retrospective method for all contracts. Results for reporting periods beginning August 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 605. Under the new standard, the Company concluded its primary performance obligation is the auctioning of consigned vehicles through an online auction process. Upon adoption of ASC 606, service revenue and vehicle sales revenue are recognized at the date the vehicles are sold at auction, excluding annual registration fees. This timing of revenue recognition under ASC 606 represents a change in the timing of revenue recognition for certain service revenues, such as inbound transportation and titling fees, which were recognized under ASC 605 prior to auction, when the services were performed. Under ASC 606, costs to prepare the vehicles for auction, including inbound transportation costs and titling fees, are deferred and recognized at the time of revenue recognition at auction. The Company calculated the impact of the adoption on the consolidated financial statements, which resulted in a decrease to opening retained earnings, net of tax, as of August 1, 2018, of $23.0 million as a result of the initial application of the standard and did not have a material impact to earnings for the three months ended October 31, 2018 . This retained earnings impact related to adjustments to accounts receivable, vehicle pooling costs and deferred taxes upon adoption of the standard. There were no contract liabilities on the consolidated balance sheets at October 31, 2018 . The Company’s disaggregation between service revenues and vehicle sales at the segment level reflects how the nature, timing, amount and uncertainty of its revenues and cash flows are impacted by economic factors. The Company reports sales taxes on relevant transactions on a net basis in the Company’s consolidated results of operations, and therefore does not include sales taxes in revenues or costs. Service revenues The Company’s service revenue consists of auction and auction related sales transaction fees charged for vehicle remarketing services. Within this revenue category, the Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. These auction and auction related services may include a combination of vehicle purchasing fees, vehicle listing fees, and vehicle selling fees that can be based on a predetermined percentage of the vehicle sales price, tiered vehicle sales price driven fees, or at a fixed fee based on the sale of each vehicle regardless of the selling price of the vehicle; transportation fees for the cost of transporting the vehicle to or from the Company’s facility; title processing and preparation fees; vehicle storage fees; bidding fees; and vehicle loading fees. These services are not distinct within the context of the contract. Accordingly, revenue for these services is recognized when the single performance obligation is satisfied at the completion of the auction process. The Company does not take ownership of these consigned vehicles, which are stored at the Company’s facilities located throughout the U.S. and at its international locations. These fees are recognized as net revenue (not gross vehicle selling price) at the time of auction in the amount of such fees charged. The Company identified a separate performance obligation related to providing access to its online auction platform. The Company charges members an annual registration fee for the right to participate in its online auctions and access the Company’s bidding platform. Under the new standard, this fee will continue to be recognized ratably over the term of the arrangement, generally one year, as each day of access to the online auction platform represents the best depiction of the transfer of the service. No provision for returns has been established, as all sales are final with no right of return or warranty, although the Company provides for bad debt expense in the case of non-performance by its buyers or sellers. Three Months Ended October 31, 2018 Three Months Ended October 31, 2017 (In thousands) United States International Total United States International Total Service revenues $ 343,573 $ 51,233 $ 394,806 $ 331,391 $ 42,734 $ 374,125 Vehicle sales Certain vehicles are purchased and remarketed on the Company’s own behalf. The Company identified a single performance obligation related to the sale of these vehicles, which is the completion of the online auction process. Under the new standard, vehicle sales revenue will continue to be recognized on the auction date. As the Company acts as a principal in vehicle sales transactions, the gross sales price at auction is recorded as revenue. Three Months Ended October 31, 2018 Three Months Ended October 31, 2017 (In thousands) United States International Total United States International Total Vehicle sales $ 27,636 $ 38,926 $ 66,562 $ 19,714 $ 25,329 $ 45,043 Contract assets The Company capitalizes certain contract assets related to obtaining a contract, where the amortization period for the related asset is greater than one year. These assets are amortized over the expected life of the customer relationship. Contract assets are classified as current or long-term other assets, based on the timing of when the Company expects to recognize the related revenues and are amortized as an offset to the associated revenues on a straight-line basis. The Company assesses these costs for impairment at least quarterly and as “triggering” events occur that indicate it is more likely than not that an impairment exists. The contract asset costs where the amortization period for the related asset is one year or less are expensed as incurred and recorded within general and administrative expenses in the accompanying statements of income. The change in the carrying amount of contract assets was as follows (in thousands): Balance as of July 31, 2018 $ 11,840 Costs amortized during the period (1,669 ) Effect of foreign currency exchange rates (181 ) Balance as of October 31, 2018 $ 9,990 Vehicle Pooling Costs The Company defers costs that relate directly to the fulfillment of its contracts associated with vehicles consigned to and received by the Company, but not sold as of the end of the period. The Company quantifies the deferred costs using a calculation that includes the number of vehicles at its facilities at the beginning and end of the period, the number of vehicles sold during the period and an allocation of certain yard operation costs of the period. The primary expenses allocated and deferred are inbound transportation costs, titling fees, certain facility costs, labor, and vehicle processing. Upon the adoption of ASC 606, the Company began deferring the inbound transportation costs and titling fees directly associated with the vehicles within its vehicle pooling costs. If the allocation factors change, then yard operation expenses could increase or decrease correspondingly in the future. These costs are expensed as vehicles are sold in subsequent periods on an average cost basis. Given the fixed cost nature of the Company’s business, there are no direct correlations for increases in expenses or units processed on vehicle pooling costs. Foreign Currency Translation The Company records foreign currency translation adjustments from the process of translating the functional currency of the financial statements of its foreign subsidiaries into the U.S. dollar reporting currency. The Canadian dollar, British pound, Brazilian real, European Union euro, U.A.E. dirham, Omani rial, Bahraini dinar, and Indian rupee are the functional currencies of the Company’s foreign subsidiaries as they are the primary currencies within the economic environment in which each subsidiary operates. The original equity investment in the respective subsidiaries is translated at historical rates. Assets and liabilities of the respective subsidiary’s operations are translated into U.S. dollars at period-end exchange rates, and revenues and expenses are translated into U.S. dollars at average exchange rates in effect during each reporting period. Adjustments resulting from the translation of each subsidiary’s financial statements are reported in other comprehensive income. The cumulative effects of foreign currency exchange rate fluctuations were as follows (in thousands): Cumulative loss on foreign currency translation as of July 31, 2017 $ (100,676 ) Loss on foreign currency translation (7,252 ) Cumulative loss on foreign currency translation as of July 31, 2018 $ (107,928 ) Loss on foreign currency translation (7,718 ) Cumulative loss on foreign currency translation as of October 31, 2018 $ (115,646 ) Income Taxes and Deferred Tax Assets Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, their respective tax basis, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Excess tax benefits and deficiencies related to exercises of stock options are recognized as expense or benefit in the income statement as discrete items in the reporting period in which they occur. In accordance with the provisions of ASC 740, Income Taxes , a two-step approach is applied to the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax position as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in the provision for income taxes on its consolidated statements of income. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents include cash held in checking, domestic certificates of deposit, and money market accounts. The Company periodically invests its excess cash in money market funds and U.S. Treasury Bills. The Company’s cash and cash equivalents are placed with high credit quality financial institutions. Other Assets Other assets consist of long-term deposits, contracted prepayments, notes receivable, and investments in unconsolidated affiliates. In accordance with ASC 323, Investments-Equity Method and Joint Ventures, the Company uses the equity method to account for investments in joint ventures and other unconsolidated entities if the Company has the ability to exercise significant influence over the financial and operating policies of those investees. Under the equity method, the Company records the initial investment in an entity at cost and subsequently adjusts the investment for the Company’s share of the affiliate’s undistributed earnings (losses) and distributions recorded in other income. The Company reviews the carrying amount of the investments in unconsolidated affiliates annually, or whenever circumstances indicate that the value of these investments may have declined. If the Company determines an investment is impaired on an other-than-temporary basis, a loss equal to the difference between the fair value of the investment and its carrying amount is recorded. Fair Value of Financial Instruments The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value in U.S. GAAP. In accordance with ASC 820, Fair Value Measurements and Disclosures , as amended by Accounting Standards Update 2011-04, the Company considers fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants under current market conditions. This framework establishes a fair value hierarchy that prioritizes the inputs used to measure fair value: Level I Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level II Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level III Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate. The amounts recorded for financial instruments in the Company’s consolidated financial statements, which included cash, accounts receivable, accounts payable, accrued liabilities and Revolving Loan Facility approximated their fair values as of October 31, 2018 and July 31, 2018 , due to the short-term nature of those instruments, and are classified within Level II of the fair value hierarchy. Cash equivalents are classified within Level II of the fair value hierarchy because they are valued using quoted market prices of the underlying investments. See Note 3 – Long-Term Debt , and Note 5 – Fair Value Measures . Capitalized Software Costs The Company capitalizes system development costs and website development costs related to enterprise computing services during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, generally three years. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that impact the recoverability of these assets. Total gross capitalized software as of October 31, 2018 and July 31, 2018 was $32.7 million and $30.7 million , respectively. Accumulated amortization expense related to software as of October 31, 2018 and July 31, 2018 totaled $16.3 million and $16.0 million , respectively. Acquisitions The Company recognizes and measures identifiable assets acquired and liabilities assumed in acquired entities in accordance with ASC 805, Business Combinations . The allocation of the purchase consideration for acquisitions can require extensive use of accounting estimates and judgments to allocate the purchase consideration to the identifiable tangible and intangible assets acquired and liabilities assumed based on their respective fair values. The excess of the fair value of purchase consideration over the values of the identifiable assets and liabilities is recorded as goodwill. Critical estimates in valuing certain identifiable assets include but are not limited to expected long-term revenues; future expected operating expenses; cost of capital; appropriate attrition; and discount rates. Segments and Other Geographic Reporting The Company’s U.S. and International regions are considered two separate operating segments and are disclosed as two reportable segments. The segments represent geographic areas and reflect how the chief operating decision maker allocates resources and measures results, including total revenues, operating income and income before income taxes.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Oct. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 3 – Long-Term Debt Credit Agreement On December 3, 2014 , the Company entered into a Credit Agreement (as amended from time to time, the “Credit Amendment”) with Wells Fargo Bank, National Association, as administrative agent, and Bank of America, N.A., as syndication agent. The Credit Agreement provided for (a) a secured revolving loan facility in an aggregate principal amount of up to $300.0 million (the “Revolving Loan Facility”), and (b) a secured term loan facility in an aggregate principal amount of $300.0 million (the “Term Loan”), which was fully drawn at closing. The Term Loan amortized $18.8 million per quarter. On March 15, 2016 , the Company entered into a First Amendment to Credit Agreement (the “Amendment to Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent and Bank of America, N.A. The Amendment to Credit Agreement amended certain terms of the Credit Agreement, dated as of December 3, 2014 . The Amendment to Credit Agreement provided for (a) an increase in the secured revolving credit commitments by $50.0 million , bringing the aggregate principal amount of the revolving credit commitments under the Credit Agreement to $350.0 million , (b) a new secured term loan (the “Incremental Term Loan”) in the aggregate principal amount of $93.8 million having a maturity date of March 15, 2021 , and (c) an extension of the termination date of the Revolving Loan Facility and the maturity date of the Term Loan from December 3, 2019 to March 15, 2021 . The Amendment to Credit Agreement extended the amortization period for the Term Loan and decreased the quarterly amortization payments for that loan to $7.5 million per quarter. The Amendment to Credit Agreement additionally reduced the pricing levels under the Credit Agreement to a range of 0.15% to 0.30% in the case of the commitment fee, 1.125% to 2.0% in the case of the applicable margin for LIBOR loans, and 0.125% to 1.0% in the case of the applicable margin for base rate loans, based on the Company’s consolidated total net leverage ratio during the preceding fiscal quarter. The Company borrowed the entire $93.8 million principal amount of the Incremental Term Loan concurrent with the closing of the Amendment to Credit Agreement. On July 21, 2016 , the Company entered into a Second Amendment to Credit Agreement (the “Second Amendment to Credit Agreement”) with Wells Fargo Bank, National Association, SunTrust Bank, and Bank of America, N.A., as administrative agent (as successor in interest to Wells Fargo Bank). The Second Amendment to Credit Agreement amends certain terms of the Credit Agreement, dated as of December 3, 2014 as amended by the Amendment to Credit Agreement, dated as of March 15, 2016 . The Second Amendment to Credit Agreement provides for, among other things, (a) an increase in the secured revolving credit commitments by $500.0 million , bringing the aggregate principal amount of the revolving credit commitments under the Credit Agreement to $850.0 million , (b) the repayment of existing term loans outstanding under the Credit Agreement, (c) an extension of the termination date of the revolving credit facility under the Credit Agreement from March 15, 2021 to July 21, 2021 , and (d) increased covenant flexibility. Concurrent with the closing of the Second Amendment to Credit Agreement, the Company prepaid in full the outstanding $242.5 million principal amount of the Term Loan and Incremental Term Loan under the Credit Agreement without premium or penalty. The Second Amendment to Credit Agreement reduced the pricing levels under the Credit Agreement to a range of 0.125% to 0.20% in the case of the commitment fee, 1.00% to 1.75% in the case of the applicable margin for LIBOR loans, and 0.0% to 0.75% in the case of the applicable margin for base rate loans, in each case depending on the Company’s consolidated total net leverage ratio. The principal purposes of these financing transactions were to increase the size and availability under the Company’s Revolving Loan Facility and to provide additional long-term financing. The proceeds are being used for general corporate purposes, including working capital and capital expenditures, potential share repurchases, acquisitions, or other investments relating to the Company’s expansion strategies in domestic and international markets. The Revolving Loan Facility under the Credit Agreement bears interest, at the election of the Company, at either (a) the Base Rate, which is defined as a fluctuating rate per annum equal to the greatest of (i) the Prime Rate in effect on such day; (ii) the Federal Funds Rate in effect on such date plus 0.50% ; or (iii) an adjusted LIBOR rate determined on the basis of a one-month interest period plus 1.0% , in each case plus an applicable margin ranging from 0.0% to 0.75% based on the Company’s consolidated total net leverage ratio during the preceding fiscal quarter; or (b) an adjusted LIBOR rate plus an applicable margin ranging from 1.00% to 1.75% depending on the Company’s consolidated total net leverage ratio during the preceding fiscal quarter. Interest is due and payable quarterly, in arrears, for loans bearing interest at the Base Rate, and at the end of an interest period (or at each three month interval in the case of loans with interest periods greater than three months) in the case of loans bearing interest at the adjusted LIBOR rate. The interest rate as of October 31, 2018 on the Company’s Revolving Loan Facility was the one month LIBOR rate of 2.26% plus an applicable margin of 1.00%. The carrying amount of the Credit Agreement is comprised of borrowings under which interest accrues under a fluctuating interest rate structure. Accordingly, the carrying value approximates fair value at October 31, 2018 , and was classified within Level II of the fair value hierarchy. Amounts borrowed under the Revolving Loan Facility may be repaid and reborrowed until the maturity date of July 21, 2021 . The Company is obligated to pay a commitment fee on the unused portion of the Revolving Loan Facility. The commitment fee rate ranges from 0.125% to 0.20% , depending on the Company’s consolidated total net leverage ratio during the preceding fiscal quarter, on the average daily unused portion of the revolving credit commitment under the Credit Agreement. The Company had no outstanding borrowings under the Revolving Loan Facility as of October 31, 2018 and July 31, 2018 , respectively. The Company’s obligations under the Credit Agreement are guaranteed by certain of the Company’s domestic subsidiaries meeting materiality thresholds set forth in the Credit Agreement. Such obligations, including the guaranties, are secured by substantially all of the assets of the Company and the assets of the subsidiary guarantors pursuant to a Security Agreement, dated December 3, 2014, among the Company, the subsidiary guarantors from time to time party thereto, and Wells Fargo Bank, National Association, as collateral agent. The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into transactions with affiliates, pay dividends, or make distributions on and repurchase stock, in each case subject to certain exceptions. The Company is also required to maintain compliance, measured at the end of each fiscal quarter, with a consolidated total net leverage ratio and a consolidated interest coverage ratio. The Credit Agreement contains no restrictions on the payment of dividends and other restricted payments, as defined, as long as (1) the consolidated total net leverage ratio, as defined, both before and after giving effect to any such dividend or restricted payment on a pro forma basis, is less than 3.25 :1, in an unlimited amount, (2) if clause (1) is not available, so long as the consolidated total net leverage ratio both before and after giving effect to any such dividend on a pro forma basis is less than 3.50 :1, in an aggregate amount not to exceed the available amount, as defined, and (3) if clauses (1) and (2) are not available, in an aggregate amount not to exceed $50.0 million ; provided, that, minimum liquidity, as defined, shall be not less than $75.0 million both before and after giving effect to any such dividend or restricted payment. As of October 31, 2018 , the consolidated total net leverage ratio was 0.13 :1. Minimum liquidity as of October 31, 2018 was $1.1 billion . Accordingly, the Company does not believe that the provisions of the Credit Agreement represent a significant restriction to its ability to pay dividends or to the successful future operations of the business. The Company has not paid a cash dividend since becoming a public company in 1994. The Company was in compliance with all covenants related to the Credit Agreement as of October 31, 2018 . Note Purchase Agreement On December 3, 2014 , the Company entered into a Note Purchase Agreement and sold to certain purchasers (collectively, the “Purchasers”) $400.0 million in aggregate principal amount of senior secured notes (the “Senior Notes”) consisting of (i) $100.0 million aggregate principal amount of 4.07% Senior Notes, Series A, due December 3, 2024 ; (ii) $100.0 million aggregate principal amount of 4.19% Senior Notes, Series B, due December 3, 2026 ; (iii) $100.0 million aggregate principal amount of 4.25% Senior Notes, Series C, due December 3, 2027 ; and (iv) $100.0 million aggregate principal amount of 4.35% Senior Notes, Series D, due December 3, 2029 . Interest is due and payable quarterly, in arrears, on each of the Senior Notes. Proceeds from the Note Purchase Agreement are being used for general corporate purposes. On July 21, 2016 , the Company entered into Amendment No. 1 to Note Purchase Agreement (the “First Amendment to Note Purchase Agreement”) which amended certain terms of the Note Purchase Agreement, including providing for increased flexibility substantially consistent with the changes included in the Second Amendment to Credit Agreement, including among other things increased covenant flexibility. The Company may prepay the Senior Notes, in whole or in part, at any time, subject to certain conditions, including minimum amounts and payment of a make-whole amount equal to the discounted value of the remaining scheduled interest payments under the Senior Notes. The Company’s obligations under the Note Purchase Agreement are guaranteed by certain of the Company’s domestic subsidiaries meeting materiality thresholds set forth in the Note Purchase Agreement. Such obligations, including the guaranties, are secured by substantially all of the assets of the Company and the subsidiary guarantors. The obligations of the Company and its subsidiary guarantors under the Note Purchase Agreement will be treated on a pari passu basis with the obligations of those entities under the Credit Agreement as well as any additional debt the Company may obtain. The Note Purchase Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries’ ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, make acquisitions, enter into transactions with affiliates, pay dividends, or make distributions and repurchase stock, in each case subject to certain exceptions. The Company is also required to maintain compliance, measured at the end of each fiscal quarter, with a consolidated total net leverage ratio and a consolidated interest coverage ratio. The Note Purchase Agreement contains no restrictions on the payment of dividends and other restricted payments, as defined, as long as (1) the consolidated total net leverage ratio, as defined, both before and after giving effect to any such dividend or restricted payment on a pro forma basis, is less than 3.25 :1, in an unlimited amount, (2) if clause (1) is not available, so long as the consolidated total net leverage ratio both before and after giving effect to any such dividend on a pro forma basis is less than 3.50 :1, in an aggregate amount not to exceed the available amount, as defined, and (3) if clauses (1) and (2) are not available, in an aggregate amount not to exceed $50.0 million ; provided, that, minimum liquidity, as defined, shall be not less than $75.0 million both before and after giving effect to any such dividend or restricted payment. As of October 31, 2018 , the consolidated total net leverage ratio was 0.13 :1. Minimum liquidity as of October 31, 2018 was $1.1 billion . Accordingly, the Company does not believe that the provisions of the Note Purchase Agreement represent a significant restriction to its ability to pay dividends or to the successful future operations of the business. The Company has not paid a cash dividend since becoming a public company in 1994. The Company was in compliance with all covenants related to the Note Purchase Agreement as of October 31, 2018 . Related to the execution of the Credit Agreement, First Amendment to Credit Agreement, Second Amendment to Credit Agreement, and the Note Purchase Agreement, the Company incurred $3.4 million in costs, of which $2.0 million was capitalized as debt issuance fees and $1.4 million was recorded as a reduction of the long-term debt proceeds as a debt discount. Both the debt issuance fees and debt discount are amortized to interest expense over the term of the respective debt instruments and are classified as reductions of the outstanding liability.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Oct. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	NOTE 4 – Goodwill and Intangible Assets The following table sets forth amortizable intangible assets by major asset class: (In thousands) October 31, 2018 July 31, 2018 Amortized intangibles: Covenants not to compete $ 1,668 $ 1,666 Supply contracts & customer relationships 73,105 71,787 Trade name 24,092 24,173 Licenses and databases 9,341 9,291 Accumulated amortization (45,309 ) (42,025 ) Net intangibles $ 62,897 $ 64,892 Aggregate amortization expense on amortizable intangible assets was $2.9 million and $3.8 million for the three months ended October 31, 2018 and 2017 , respectively. The change in the carrying amount of goodwill was as follows (in thousands): Balance as of July 31, 2018 $ 337,235 Effect of foreign currency exchange rates (2,115 ) Balance as of October 31, 2018 $ 335,120

Fair Value Measures

Fair Value Measures	3 Months Ended
	Oct. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measures	NOTE 5 – Fair Value Measures The following table summarizes the fair value of the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis based on inputs used to derive their fair values: October 31, 2018 July 31, 2018 (In thousands) Fair Value Total Significant Observable Inputs (Level II) Fair Value Total Significant Observable Inputs (Level II) Assets Cash equivalents $ 191,653 $ 191,653 $ 130,769 $ 130,769 Total Assets $ 191,653 $ 191,653 $ 130,769 $ 130,769 Liabilities Long-term fixed rate debt, including current portion $ 376,970 $ 376,970 $ 381,230 $ 381,320 Total Liabilities $ 376,970 $ 376,970 $ 381,230 $ 381,320 During the three months ended October 31, 2018 , no transfers were made between any levels within the fair value hierarchy. See Note 1 – Summary of Significant Accounting Policies , and Note 3 – Long-Term Debt .

Net Income Per Share

Net Income Per Share	3 Months Ended
	Oct. 31, 2018
Earnings Per Share [Abstract]
Net Income Per Share	NOTE 6 – Net Income Per Share The table below reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding: Three Months Ended October 31, (In thousands) 2018 2017 Weighted average common shares outstanding 233,888 230,694 Effect of dilutive securities - stock options 10,938 8,097 Weighted average common and dilutive potential common shares outstanding 244,826 238,791 There were no material adjustments to net income required in calculating diluted net income per share. Excluded from the dilutive earnings per share calculation were 35,000 and 2,190,504 options to purchase the Company’s common stock for the three months ended October 31, 2018 and 2017 , respectively, because their inclusion would have been anti-dilutive.

Stock-based Payment Compensatio

Stock-based Payment Compensation	3 Months Ended
	Oct. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Payment Compensation	NOTE 7 – Stock-based Compensation The Company recognizes compensation expense for stock option awards on a straight-line basis over the requisite service period of the award. The following is a summary of activity for the Company’s stock options for the three months ended October 31, 2018 : (In thousands, except per share and term data) Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In years) Aggregate Intrinsic Value Outstanding as of July 31, 2018 17,797 $ 20.29 6.19 $ 660,268 Grants of options — — Exercises (62 ) 19.93 Forfeitures or expirations (37 ) 19.10 Outstanding as of October 31, 2018 17,698 $ 20.29 5.91 $ 506,512 Exercisable as of October 31, 2018 13,387 $ 18.06 5.38 $ 412,993 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock. The number of options that were in-the-money was 17,663,150 at October 31, 2018 . The table below sets forth the stock-based compensation recognized by the Company: Three Months Ended October 31, (In thousands) 2018 2017 General and administrative $ 4,989 $ 4,454 Yard operations 1,032 852 Total stock-based compensation $ 6,021 $ 5,306 In accordance with ASC 718 , Compensation – Stock Compensation , the Company made an estimate of expected forfeitures and recognized compensation cost only for those equity awards expected to vest. In October 2013, the Compensation Committee of the Company’s Board of Directors, subject to stockholder approval (which was subsequently obtained at the December 16, 2013 annual meeting of stockholders), approved the grant to each of A. Jayson Adair, the Company’s Chief Executive Officer, and Vincent W. Mitz, the Company’s President, of nonqualified stock options to purchase 4,000,000 and 3,000,000 shares of the Company’s common stock, respectively, at an exercise price of $17.81 per share, which equaled the closing price of the Company’s common stock on December 16, 2013, the effective date of grant. Such grants were made in lieu of any cash salary or bonus compensation in excess of $1.00 per year or the grant of any additional equity incentives for a five -year period. Each option will become exercisable over five years, subject to continued service by Mr. Adair and Mr. Mitz, with 20% vesting on April 15, 2015 and December 16, 2014, respectively, and the balance vesting monthly over the subsequent four years. Each option will become fully vested, assuming continued service by Mr. Adair and Mr. Mitz on April 15, 2019 and December 16, 2018, respectively. If, prior to a change in control, either executive’s employment is terminated without cause, then 100% of the shares subject to that executive’s stock option will immediately vest. If, upon or following a change in control, either the Company or a successor entity terminates the executive’s service without cause, or the executive resigns for good reason (as defined in the option agreement), then 100% of the shares subject to his stock option will immediately vest. On June 2, 2015, the Compensation Committee of the Company’s Board of Directors approved the amendment of each of the stand-alone stock option agreements, by and between the Company and A. Jayson Adair and Vincent W. Mitz, respectively, to remove the provision providing at times prior to a “change in control” for the immediate vesting in full of the underlying option upon an involuntary termination of Mr. Adair or Mr. Mitz, as applicable, without “cause.” The fair value of each option at the date of grant using the Black-Scholes Merton option-pricing model was $5.72 . The total estimated compensation expense to be recognized by the Company over the five year estimated service period for these options is $40.0 million . The Company recognized $1.9 million and $1.8 million in compensation expenses for these grants in the three months ended October 31, 2018 and 2017 , respectively.

Stock Repurchases

Stock Repurchases	3 Months Ended
	Oct. 31, 2018
Equity [Abstract]
Common Stock Repurchases	NOTE 8 – Stock Repurchases On September 22, 2011 , the Company’s Board of Directors approved an 80 million share increase in the stock repurchase program, bringing the total current authorization to 196 million shares. The repurchases may be effected through solicited or unsolicited transactions in the open market or in privately negotiated transactions. No time limit has been placed on the duration of the stock repurchase program. Subject to applicable securities laws, such repurchases will be made at such times and in such amounts as the Company deems appropriate and may be discontinued at any time. The Company did not repurchase any shares of its common stock under the program during the three months ended October 31, 2018 or 2017. As of October 31, 2018 , the total number of shares repurchased under the program was 106,913,602 , and 89,086,398 shares were available for repurchase under the program. In fiscal 2018, certain members of the Company’s Board of Directors exercised stock options through cashless exercises. A portion of the options exercised were net settled in satisfaction of the exercise price. The Company remitted no amounts for the three months ended October 31, 2018 and 2017, respectively, to the proper taxing authorities in satisfaction of the employees’ statutory withholding requirements. The exercised stock options, utilizing a cashless exercise, are summarized in the following table: Period Options Exercised Weighted Average Exercise Price Shares Net Settled for Exercise Shares Withheld for Taxes (1) Net Shares to Individuals Weighted Average Share Price for Withholding Employee Stock Based Tax Withholding (in 000s) FY 2018—Q2 80,000 $ 6.54 11,996 — 68,004 $ 43.60 $ — (1) Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against the Company’s stock repurchase program.

Income Taxes

Income Taxes	3 Months Ended
	Oct. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9 – Income Taxes The Company applies the provisions of the accounting standard for uncertain tax positions to its income taxes. For benefits to be realized, a tax position must be more likely than not to be sustained upon examination. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. On December 22, 2017 legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Act”), was enacted. The Act included a one-time tax on accumulated unremitted earnings of our foreign subsidiaries (“Transition Tax”). SEC Staff Accounting Bulletin No. 118 allows the use of provisional amounts (reasonable estimates) if accounting for the income tax effects of the Act has not been completed. Provisional amounts must be adjusted within one year from the enactment date of the Act. As of July 31 2018, the Company recorded a $12.4 million provisional Transition Tax charge. No adjustment to the provisional Transition Tax charge was made in the first quarter of fiscal year 2019. The Company has not finalized its accounting for the tax effects of the enactment of the Tax Act. Specifically, the amount recorded for the Transition Tax is a provisional amount based on the Company’s estimates. The Company will complete the accounting for these impacts of the Tax Act in its second quarter ending January 31, 2019. The Company continues to gather information and analyze available guidance to more precisely compute the amount of the Transition Tax. The Act reduced the U.S. federal statutory tax rate from 35.0% to 21.0% , effective January 1, 2018, which resulted in a fiscal year 2018 U.S. federal statutory tax rate of 26.9% . The Company’s U.S. federal statutory tax rate for fiscal year 2019 is 21.0% . The Act contains Global Intangible Low-Taxed Income (“GILTI”) provisions, which first impact the Company in fiscal year 2019. The GILTI provisions effectively subject income earned by the Company’s foreign subsidiaries to current U.S. tax at a rate of 10.5% , less foreign tax credits. Under U.S. GAAP the Company can make an accounting policy election to either recognize deferred taxes for temporary differences expected to impact GILTI in future years or provide for tax expense related to GILTI in the year the tax is incurred as a period expense. The Company has not completed the accounting for GILTI, nor has made the accounting policy decision regarding whether to record deferred taxes or expense taxes as incurred on GILTI. The Company expects to complete the accounting for GILTI within the prescribed measurement period. The Act also includes a favorable tax treatment for certain Foreign Derived Intangible Income (“FDII”), effective for the Company starting August 1, 2018. The Company’s provisional estimate for both GILTI and FDII did not materially impact the effective income tax rate or income tax expense for the three months ended October 31, 2018. As of October 31, 2018 , the gross amounts of the Company’s liabilities for unrecognized tax benefits of $29.3 million , including interest and penalties, were classified as long-term income taxes payable in the accompanying consolidated balance sheets. Over the next twelve months, the Company’s existing positions will continue to generate an increase in liabilities for unrecognized tax benefits, as well as a likely decrease in liabilities as a result of the lapse of the applicable statute of limitations and the conclusion of income tax audits. The expected decrease in liabilities relating to unrecognized tax benefits will have a positive effect on the Company’s consolidated results of operations and financial position when realized. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. The Company is currently under examination by certain taxing authorities in the U.S. for fiscal years between 2013 and 2017. At this time, the Company does not believe that the outcome of any examination will have a material impact on the Company’s consolidated results of operations and financial position. The Company’s effective income tax rates were 23.3% and 32.0% for the three months ended October 31, 2018 and 2017 , respectively. The effective tax rate for the three months ended October 31, 2018 was calculated based on the 21.0% U.S. federal statutory rate. For the three months ended October 31, 2017, a 35.0% rate was used, as the Act was enacted afterwards. The effective tax rates in the current and prior year were also impacted from the result of recognizing excess tax benefits from the exercise of employee stock options of $0.2 million and $3.8 million for the three months ended October 31, 2018 and 2017 , respectively.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Oct. 31, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	NOTE 10 – Recent Accounting Pronouncements Pending In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The current standard, ASC Topic 740 - Income Taxes , requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. This includes the tax effects of items in accumulated other comprehensive income ("AOCI") that were originally recognized in other comprehensive income, subsequently creating stranded tax effects. ASU 2018-02 allows a reclassification from AOCI to retained earnings for stranded tax effects specifically resulting from the U.S. federal government's recently enacted tax bill, the Tax Cuts and Jobs Act. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those periods. Early adoption is permitted. The adoption of ASU 2018-02 will result in a reclassification from AOCI to retained earnings and will have no impact on the Company’s consolidated results of operations, financial position or cash flows. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350). ASU 2017-04 amends the requirement that entities compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, entities should perform their annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment if the carrying amount exceeds the reporting unit’s fair value. ASU 2017-04 is effective for annual periods beginning after December 15, 2019. The Company’s adoption of ASU 2017-04 will not have a material impact on the Company’s consolidated results of operations and financial position. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), that supersedes all existing guidance on accounting for leases in ASC Topic 840. ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 is effective for annual and interim periods within those annual reporting periods beginning after December 15, 2018 and adoption is to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients; however early adoption is permitted. Based on a preliminary assessment, the Company expects that most of its operating lease commitments will be subject to the new guidance and recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in a significant increase in the assets and liabilities on the Company’s consolidated balance sheets. The Company is continuing its assessment, which may identify additional impacts ASU 2016-02 may have on the Company’s consolidated results of operations, financial position, and related disclosures. Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (ASC 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual and interim periods within those annual reporting periods beginning after December 15, 2017 and was effective for the Company beginning with the first quarter of fiscal year 2019. ASU 2014-09 allows adoption with either retrospective application to each period presented, or modified retrospective application, with the cumulative effect recognized as of the date of initial application. The Company used the modified retrospective application with the cumulative effect as its transition method. Upon adoption, service revenue and vehicle sales revenue are recognized at the date the vehicles are sold at auction. This timing of revenue recognition under ASU 2014-09 is consistent with the Company’s previous policy under ASC 605 for most service and vehicle sales revenue. However, the adoption represents a change in the timing of revenue recognition for certain service revenues, such as inbound transportation and titling fees, which were previously recognized under ASC 605 when the services were performed, which generally occurred prior to auction. Related costs to prepare the vehicles for auction, including inbound transportation and titling, are deferred and recognized at the time of revenue recognition. This change resulted in a decrease to beginning retained earnings as of August 1, 2018, of $23.0 million as a result of the initial application of the standard and did not have a material impact to earnings. On August 1, 2018, the Company adopted ASC 606 using the modified retrospective method for all contracts. Results for reporting periods beginning August 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 605, Revenue Recognition . In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory. ASU 2016-16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs and eliminates the exception for an intra-entity transfer of an asset, other than inventory. This ASU is effective for annual and interim periods within those annual periods beginning after December 15, 2017, and is required to be adopted using a modified retrospective approach; however early adoption is permitted. The Company’s adoption of ASU 2016-16 did not have a material impact on the Company’s consolidated results of operations and financial position. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. The guidance is required to be applied on a retrospective basis. The Company’s adoption of ASU 2016-15 did not have a material impact on the Company’s consolidated results of operations and financial position.

Legal Proceedings

Legal Proceedings	3 Months Ended
	Oct. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	NOTE 11 – Legal Proceedings The Company is subject to threats of litigation and is involved in actual litigation and damage claims arising in the ordinary course of business, such as actions related to injuries, property damage, contract disputes, and handling or disposal of vehicles. The material pending legal proceedings to which the Company is a party, or of which any of the Company’s property is subject, include the following matters. On November 1, 2013, the Company filed suit against Sparta Consulting, Inc. (now known as KPIT) in the 44th Judicial District Court of Dallas County, Texas, alleging fraud, fraudulent inducement, and/or promissory fraud, negligent misrepresentation, unfair business practices pursuant to California Business and Professions Code § 17200, breach of contract, declaratory judgment, and attorney’s fees. The Company sought compensatory and exemplary damages, disgorgement of amounts paid, attorney’s fees, pre- and post-judgment interest, costs of suit, and a judicial declaration of the parties’ rights, duties, and obligations under the Implementation Services Agreement dated October 6, 2011. The suit arose out of the Company’s September 17, 2013 decision to terminate the Implementation Services Agreement, under which KPIT was to design, implement, and deliver a customized replacement enterprise resource planning system for the Company. On January 2, 2014, KPIT removed this suit to the United States District Court for the Northern District of Texas. On August 11, 2014, the Northern District of Texas transferred the suit to the United States District Court for the Eastern District of California for convenience. On January 8, 2014, KPIT filed suit against the Company in the United States District Court for the Eastern District of California, alleging breach of contract, promissory estoppel, breach of the implied covenant of good faith and fair dealing, account stated, quantum meruit, unjust enrichment, and declaratory relief. KPIT sought compensatory and exemplary damages, prejudgment interest, costs of suit, and a judicial declaration of the parties’ rights, duties, and obligations under the Implementation Services Agreement. On June 8, 2016, the Company amended its complaint to include claims that KPIT stole certain intellectual property owned by the Company and acted negligently in its provision of services. The case was tried in April and May 2018. On May 22, 2018 , the jury returned a verdict for the Company on its fraud claim against KPIT for $4.7 million , and on its professional negligence claim against KPIT for $16.3 million , and the jury found for KPIT on its implied covenant counterclaim against the Company for $4.9 million . In a September 10, 2018 , post-trial order, the Court reduced the Company’s professional negligence award to $9.1 million , found KPIT liable under California’s Unfair Competition Law (UCL) for fraudulent and unfair conduct and held that the Company could recover restitution of $6.3 million if the Company chooses to forego its fraud and professional negligence damages, found that the Company was not entitled to restitution on its unjust enrichment claim, and awarded KPIT prejudgment interest on its implied covenant counterclaim starting from December 26, 2016. Further post-trial proceedings are expected in this lawsuit, including the determination of the Company’s right to prejudgment interest on its successful claims. The Company provides for costs relating to these matters when a loss is probable and the amount can be reasonably estimated. The effect of the outcome of these matters on the Company’s future consolidated results of operations and cash flows cannot be predicted because any such effect depends on future results of operations and the amount and timing of the resolution of such matters. The Company believes that any ultimate liability will not have a material effect on its consolidated results of operations, financial position or cash flows. However, the amount of the liabilities associated with these claims, if any, cannot be determined with certainty. The Company maintains insurance which may or may not provide coverage for claims made against the Company. There is no assurance that there will be insurance coverage available when and if needed. Additionally, the insurance that the Company carries requires that the Company pay for costs and/or claims exposure up to the amount of the insurance deductibles negotiated when the insurance is purchased. Governmental Proceedings The Georgia Department of Revenue, or DOR, conducted a sales and use tax audit of the Company’s operations in Georgia for the period from January 1, 2007 through June 30, 2011. As a result of their initial audit, the DOR issued a notice of proposed assessment for uncollected sales taxes in which it asserted that the Company failed to collect and remit sales taxes totaling $73.8 million , including penalties and interest. The Company subsequently engaged a Georgia law firm and outside tax advisors to review the conduct of its business operations in Georgia, the notice of proposed assessment, and the DOR’s policy position. In particular, the Company’s outside legal counsel provided the Company an opinion that the sales for resale to non-U.S. registered resellers should not be subject to Georgia sales and use tax. In rendering its opinion, the Company’s counsel noted that non-U.S. registered resellers are unable to comply strictly with technical requirements for a Georgia certificate of exemption but concluded that its sales for resale to non-U.S. registered resellers should not be subject to Georgia sales and use tax notwithstanding this technical inability to comply. Following the Company’s receipt of the notice of proposed assessment, the Company and its counsel engaged in active discussions with the DOR to resolve the matter. During an extended remand period, it was determined that grounds exist for a substantial reduction in the Official Assessment, on the basis that (i) the transactions and resulting tax at issue were erroneously double-counted by the DOR in the audit sales transaction work papers on which the Assessment was based; and (ii) the Company was ultimately able to provide documentation showing that most of the remaining transactions were sales at wholesale, therefore qualifying for the sale for resale exemption from Georgia Sales and Use Tax. After these reductions, the remaining amount of principal Georgia Sales and Use Tax still in dispute between the parties is $2.6 million , plus applicable interest. A Consent Order to this effect was entered by the Georgia Tax Tribunal on May 22, 2017 . Since the date of entry of the Consent Order, the DOR filed a Motion for Summary Judgment related to the remaining $2.6 million in dispute. On November 16, 2018, the Georgia Tax Tribunal denied the DOR’s motion for summary judgment with regard to substantially all of the amount at issue. A trial is expected to take place in 2019. Based on the opinion from the Company’s outside law firm, advice from its outside tax advisors, and the Company’s best estimate of a probable outcome, the Company has adequately provided for the payment of any assessment in its consolidated financial statements. The Company believes it has strong defenses to the remaining tax liability set forth above and intends to continue to defend this matter. There can be no assurance that this matter will be resolved in the Company’s favor or that the Company will not ultimately be required to make a substantial payment to the DOR. The Company understands that litigating and defending the matter in Georgia could be expensive and time-consuming and result in substantial management distraction. If the matter were to be resolved in a manner adverse to the Company, it could have a material adverse effect on the Company’s consolidated results of operations and financial position.

Acquisitions

Acquisitions	3 Months Ended
	Oct. 31, 2018
Business Combinations [Abstract]
Acquisitions	NOTE 12 – Acquisitions During the year ended July 31, 2018 , the Company acquired 100% of the voting stock of Autovahinkokeskus Oy (“AVK”), a salvage auto auction company based in Finland. AVK currently operates facilities in the municipalities of Espoo; Pirkkala; Oulu; and Turku, Finland. The aggregate purchase price of this acquisition totaled $8.9 million , net of cash acquired. During the three months ended October 31, 2018 , the purchase price allocation for AVK was finalized. In accordance with ASC 805, any adjustments to the fair value of acquired assets and liabilities that occur subsequent to the measurement period will be reflected in the Company’s results of operations. There were no acquisitions during the three months ended October 31, 2017. This acquisition did not result in a significant change in the Company’s consolidated results of operations individually or in the aggregate; therefore, pro forma financial information has not been presented. The operating results have been included in the Company’s consolidated financial position and results of operations since the acquisition date.

Segments and Other Geographic R

Segments and Other Geographic Reporting Segment Reporting	3 Months Ended
	Oct. 31, 2018
Segment Reporting [Abstract]
Segment Reporting Disclosure	NOTE 13 – Segments and Other Geographic Reporting The Company’s U.S. and International regions are considered two separate operating segments and are disclosed as two reportable segments. The segments represent geographic areas and reflect how the chief operating decision maker allocates resources and measures results, including total revenues, operating income and income before income taxes. Intercompany income (expense) is primarily related to charges for services provided by the U.S. segment. The following table presents financial information by segment: Three Months Ended October 31, 2018 Three Months Ended October 31, 2017 (In thousands) United States International Total United States International Total Service revenues $ 343,573 $ 51,233 $ 394,806 $ 331,391 $ 42,734 $ 374,125 Vehicle sales 27,636 38,926 66,562 19,714 25,329 45,043 Total service revenues and vehicle sales 371,209 90,159 461,368 351,105 68,063 419,168 Yard operations 177,642 30,052 207,694 192,833 24,774 217,607 Cost of vehicle sales 25,943 31,813 57,756 18,760 19,537 38,297 General and administrative 37,332 7,146 44,478 33,493 5,829 39,322 Operating income 130,292 21,148 151,440 106,019 17,923 123,942 Interest (expense) income, net (3,814 ) 123 (3,691 ) (5,488 ) 90 (5,398 ) Other income (expense), net 625 412 1,037 (4,111 ) (305 ) (4,416 ) Intercompany income (expense) 1,411 (1,411 ) — 2,304 (2,304 ) — Income before income taxes 128,514 20,272 148,786 98,724 15,404 114,128 Income tax expense 30,466 4,237 34,703 33,585 2,983 36,568 Net income $ 98,048 $ 16,035 $ 114,083 $ 65,139 $ 12,421 $ 77,560 Depreciation and amortization $ 19,392 $ 2,477 $ 21,869 $ 13,529 $ 2,373 $ 15,902 Capital expenditures 35,253 27,083 62,336 38,905 2,456 41,361 October 31, 2018 July 31, 2018 (In thousands) United States International Total United States International Total Total assets $ 1,934,693 $ 447,095 $ 2,381,788 $ 1,856,058 $ 451,640 $ 2,307,698 Goodwill 256,434 78,686 335,120 256,434 80,801 337,235

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2018
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments of a normal recurring nature considered necessary for fair presentation of its financial position as of October 31, 2018 and July 31, 2018 , its consolidated statements of income and comprehensive income for the three months ended October 31, 2018 and 2017 , and its cash flows for the three months ended October 31, 2018 and 2017 . Interim results for the three months ended October 31, 2018 are not necessarily indicative of the results that may be expected for any future period, or for the entire year ending July 31, 2019 . These consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2018 . Certain prior year amounts have been reclassified to conform to current year presentation. The consolidated financial statements of the Company include the accounts of the parent company and its wholly-owned subsidiaries, including its foreign wholly-owned subsidiaries. The Company also had a 59.5% voting interest in a company, which was acquired as part of the Cycle Express, LLC acquisition (“majority-owned subsidiary”), which provided various repossession services for the powersports auction industry. The noncontrolling interest consisted of a 40.5% outside voting interest in the majority-owned subsidiary. Net income or loss of the majority-owned subsidiary was allocated to the members’ interests in accordance with the operating agreement. During the year ended July 31, 2018, the Company sold the majority-owned subsidiary. Significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates include, but are not limited to, vehicle pooling costs; income taxes; revenue recognition; stock-based compensation; purchase price allocations; and contingencies. Actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”), which superseded the revenue recognition requirements in ASC 605, Revenue Recognition (“ASC 605”). ASC 606 revised the timing of revenue recognition based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC 606 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. On August 1, 2018, the Company adopted ASC 606 using the modified retrospective method for all contracts. Results for reporting periods beginning August 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 605. Under the new standard, the Company concluded its primary performance obligation is the auctioning of consigned vehicles through an online auction process. Upon adoption of ASC 606, service revenue and vehicle sales revenue are recognized at the date the vehicles are sold at auction, excluding annual registration fees. This timing of revenue recognition under ASC 606 represents a change in the timing of revenue recognition for certain service revenues, such as inbound transportation and titling fees, which were recognized under ASC 605 prior to auction, when the services were performed. Under ASC 606, costs to prepare the vehicles for auction, including inbound transportation costs and titling fees, are deferred and recognized at the time of revenue recognition at auction. The Company calculated the impact of the adoption on the consolidated financial statements, which resulted in a decrease to opening retained earnings, net of tax, as of August 1, 2018, of $23.0 million as a result of the initial application of the standard and did not have a material impact to earnings for the three months ended October 31, 2018 . This retained earnings impact related to adjustments to accounts receivable, vehicle pooling costs and deferred taxes upon adoption of the standard. There were no contract liabilities on the consolidated balance sheets at October 31, 2018 . The Company’s disaggregation between service revenues and vehicle sales at the segment level reflects how the nature, timing, amount and uncertainty of its revenues and cash flows are impacted by economic factors. The Company reports sales taxes on relevant transactions on a net basis in the Company’s consolidated results of operations, and therefore does not include sales taxes in revenues or costs. Service revenues The Company’s service revenue consists of auction and auction related sales transaction fees charged for vehicle remarketing services. Within this revenue category, the Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. These auction and auction related services may include a combination of vehicle purchasing fees, vehicle listing fees, and vehicle selling fees that can be based on a predetermined percentage of the vehicle sales price, tiered vehicle sales price driven fees, or at a fixed fee based on the sale of each vehicle regardless of the selling price of the vehicle; transportation fees for the cost of transporting the vehicle to or from the Company’s facility; title processing and preparation fees; vehicle storage fees; bidding fees; and vehicle loading fees. These services are not distinct within the context of the contract. Accordingly, revenue for these services is recognized when the single performance obligation is satisfied at the completion of the auction process. The Company does not take ownership of these consigned vehicles, which are stored at the Company’s facilities located throughout the U.S. and at its international locations. These fees are recognized as net revenue (not gross vehicle selling price) at the time of auction in the amount of such fees charged. The Company identified a separate performance obligation related to providing access to its online auction platform. The Company charges members an annual registration fee for the right to participate in its online auctions and access the Company’s bidding platform. Under the new standard, this fee will continue to be recognized ratably over the term of the arrangement, generally one year, as each day of access to the online auction platform represents the best depiction of the transfer of the service. No provision for returns has been established, as all sales are final with no right of return or warranty, although the Company provides for bad debt expense in the case of non-performance by its buyers or sellers. Three Months Ended October 31, 2018 Three Months Ended October 31, 2017 (In thousands) United States International Total United States International Total Service revenues $ 343,573 $ 51,233 $ 394,806 $ 331,391 $ 42,734 $ 374,125 Vehicle sales Certain vehicles are purchased and remarketed on the Company’s own behalf. The Company identified a single performance obligation related to the sale of these vehicles, which is the completion of the online auction process. Under the new standard, vehicle sales revenue will continue to be recognized on the auction date. As the Company acts as a principal in vehicle sales transactions, the gross sales price at auction is recorded as revenue. Three Months Ended October 31, 2018 Three Months Ended October 31, 2017 (In thousands) United States International Total United States International Total Vehicle sales $ 27,636 $ 38,926 $ 66,562 $ 19,714 $ 25,329 $ 45,043 Contract assets The Company capitalizes certain contract assets related to obtaining a contract, where the amortization period for the related asset is greater than one year. These assets are amortized over the expected life of the customer relationship. Contract assets are classified as current or long-term other assets, based on the timing of when the Company expects to recognize the related revenues and are amortized as an offset to the associated revenues on a straight-line basis. The Company assesses these costs for impairment at least quarterly and as “triggering” events occur that indicate it is more likely than not that an impairment exists. The contract asset costs where the amortization period for the related asset is one year or less are expensed as incurred and recorded within general and administrative expenses in the accompanying statements of income.
Contract with Customer, Asset and Liability [Table Text Block]	The change in the carrying amount of contract assets was as follows (in thousands): Balance as of July 31, 2018 $ 11,840 Costs amortized during the period (1,669 ) Effect of foreign currency exchange rates (181 ) Balance as of October 31, 2018 $ 9,990
Vehicle Pooling Costs	Vehicle Pooling Costs The Company defers costs that relate directly to the fulfillment of its contracts associated with vehicles consigned to and received by the Company, but not sold as of the end of the period. The Company quantifies the deferred costs using a calculation that includes the number of vehicles at its facilities at the beginning and end of the period, the number of vehicles sold during the period and an allocation of certain yard operation costs of the period. The primary expenses allocated and deferred are inbound transportation costs, titling fees, certain facility costs, labor, and vehicle processing. Upon the adoption of ASC 606, the Company began deferring the inbound transportation costs and titling fees directly associated with the vehicles within its vehicle pooling costs. If the allocation factors change, then yard operation expenses could increase or decrease correspondingly in the future. These costs are expensed as vehicles are sold in subsequent periods on an average cost basis. Given the fixed cost nature of the Company’s business, there are no direct correlations for increases in expenses or units processed on vehicle pooling costs.
Foreign Currency Translation	Foreign Currency Translation The Company records foreign currency translation adjustments from the process of translating the functional currency of the financial statements of its foreign subsidiaries into the U.S. dollar reporting currency. The Canadian dollar, British pound, Brazilian real, European Union euro, U.A.E. dirham, Omani rial, Bahraini dinar, and Indian rupee are the functional currencies of the Company’s foreign subsidiaries as they are the primary currencies within the economic environment in which each subsidiary operates. The original equity investment in the respective subsidiaries is translated at historical rates. Assets and liabilities of the respective subsidiary’s operations are translated into U.S. dollars at period-end exchange rates, and revenues and expenses are translated into U.S. dollars at average exchange rates in effect during each reporting period. Adjustments resulting from the translation of each subsidiary’s financial statements are reported in other comprehensive income.
Income Taxes and Deferred Tax Assets	Income Taxes and Deferred Tax Assets Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, their respective tax basis, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Excess tax benefits and deficiencies related to exercises of stock options are recognized as expense or benefit in the income statement as discrete items in the reporting period in which they occur. In accordance with the provisions of ASC 740, Income Taxes , a two-step approach is applied to the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax position as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in the provision for income taxes on its consolidated statements of income.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents include cash held in checking, domestic certificates of deposit, and money market accounts. The Company periodically invests its excess cash in money market funds and U.S. Treasury Bills. The Company’s cash and cash equivalents are placed with high credit quality financial institutions.
Other Assets	Other Assets Other assets consist of long-term deposits, contracted prepayments, notes receivable, and investments in unconsolidated affiliates. In accordance with ASC 323, Investments-Equity Method and Joint Ventures, the Company uses the equity method to account for investments in joint ventures and other unconsolidated entities if the Company has the ability to exercise significant influence over the financial and operating policies of those investees. Under the equity method, the Company records the initial investment in an entity at cost and subsequently adjusts the investment for the Company’s share of the affiliate’s undistributed earnings (losses) and distributions recorded in other income. The Company reviews the carrying amount of the investments in unconsolidated affiliates annually, or whenever circumstances indicate that the value of these investments may have declined. If the Company determines an investment is impaired on an other-than-temporary basis, a loss equal to the difference between the fair value of the investment and its carrying amount is recorded.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value in U.S. GAAP. In accordance with ASC 820, Fair Value Measurements and Disclosures , as amended by Accounting Standards Update 2011-04, the Company considers fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants under current market conditions. This framework establishes a fair value hierarchy that prioritizes the inputs used to measure fair value: Level I Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level II Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level III Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate. The amounts recorded for financial instruments in the Company’s consolidated financial statements, which included cash, accounts receivable, accounts payable, accrued liabilities and Revolving Loan Facility approximated their fair values as of October 31, 2018 and July 31, 2018 , due to the short-term nature of those instruments, and are classified within Level II of the fair value hierarchy. Cash equivalents are classified within Level II of the fair value hierarchy because they are valued using quoted market prices of the underlying investments. See Note 3 – Long-Term Debt , and Note 5 – Fair Value Measures .
Capitalized Software Costs	Capitalized Software Costs The Company capitalizes system development costs and website development costs related to enterprise computing services during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life, generally three years. The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that impact the recoverability of these assets.
Acquisitions	Acquisitions The Company recognizes and measures identifiable assets acquired and liabilities assumed in acquired entities in accordance with ASC 805, Business Combinations . The allocation of the purchase consideration for acquisitions can require extensive use of accounting estimates and judgments to allocate the purchase consideration to the identifiable tangible and intangible assets acquired and liabilities assumed based on their respective fair values. The excess of the fair value of purchase consideration over the values of the identifiable assets and liabilities is recorded as goodwill. Critical estimates in valuing certain identifiable assets include but are not limited to expected long-term revenues; future expected operating expenses; cost of capital; appropriate attrition; and discount rates.
Segments and Other Geographic Reporting	Segments and Other Geographic Reporting The Company’s U.S. and International regions are considered two separate operating segments and are disclosed as two reportable segments. The segments represent geographic areas and reflect how the chief operating decision maker allocates resources and measures results, including total revenues, operating income and income before income taxes.
Recent Accounting Pronouncements	Pending In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The current standard, ASC Topic 740 - Income Taxes , requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. This includes the tax effects of items in accumulated other comprehensive income ("AOCI") that were originally recognized in other comprehensive income, subsequently creating stranded tax effects. ASU 2018-02 allows a reclassification from AOCI to retained earnings for stranded tax effects specifically resulting from the U.S. federal government's recently enacted tax bill, the Tax Cuts and Jobs Act. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those periods. Early adoption is permitted. The adoption of ASU 2018-02 will result in a reclassification from AOCI to retained earnings and will have no impact on the Company’s consolidated results of operations, financial position or cash flows. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350). ASU 2017-04 amends the requirement that entities compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, entities should perform their annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment if the carrying amount exceeds the reporting unit’s fair value. ASU 2017-04 is effective for annual periods beginning after December 15, 2019. The Company’s adoption of ASU 2017-04 will not have a material impact on the Company’s consolidated results of operations and financial position. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), that supersedes all existing guidance on accounting for leases in ASC Topic 840. ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 is effective for annual and interim periods within those annual reporting periods beginning after December 15, 2018 and adoption is to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients; however early adoption is permitted. Based on a preliminary assessment, the Company expects that most of its operating lease commitments will be subject to the new guidance and recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in a significant increase in the assets and liabilities on the Company’s consolidated balance sheets. The Company is continuing its assessment, which may identify additional impacts ASU 2016-02 may have on the Company’s consolidated results of operations, financial position, and related disclosures. Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (ASC 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition . ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual and interim periods within those annual reporting periods beginning after December 15, 2017 and was effective for the Company beginning with the first quarter of fiscal year 2019. ASU 2014-09 allows adoption with either retrospective application to each period presented, or modified retrospective application, with the cumulative effect recognized as of the date of initial application. The Company used the modified retrospective application with the cumulative effect as its transition method. Upon adoption, service revenue and vehicle sales revenue are recognized at the date the vehicles are sold at auction. This timing of revenue recognition under ASU 2014-09 is consistent with the Company’s previous policy under ASC 605 for most service and vehicle sales revenue. However, the adoption represents a change in the timing of revenue recognition for certain service revenues, such as inbound transportation and titling fees, which were previously recognized under ASC 605 when the services were performed, which generally occurred prior to auction. Related costs to prepare the vehicles for auction, including inbound transportation and titling, are deferred and recognized at the time of revenue recognition. This change resulted in a decrease to beginning retained earnings as of August 1, 2018, of $23.0 million as a result of the initial application of the standard and did not have a material impact to earnings. On August 1, 2018, the Company adopted ASC 606 using the modified retrospective method for all contracts. Results for reporting periods beginning August 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 605, Revenue Recognition . In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory. ASU 2016-16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs and eliminates the exception for an intra-entity transfer of an asset, other than inventory. This ASU is effective for annual and interim periods within those annual periods beginning after December 15, 2017, and is required to be adopted using a modified retrospective approach; however early adoption is permitted. The Company’s adoption of ASU 2016-16 did not have a material impact on the Company’s consolidated results of operations and financial position. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. The guidance is required to be applied on a retrospective basis. The Company’s adoption of ASU 2016-15 did not have a material impact on the Company’s consolidated results of operations and financial position.

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Oct. 31, 2018
Accounting Policies [Abstract]
Contract with Customer, Asset and Liability [Table Text Block]	The change in the carrying amount of contract assets was as follows (in thousands): Balance as of July 31, 2018 $ 11,840 Costs amortized during the period (1,669 ) Effect of foreign currency exchange rates (181 ) Balance as of October 31, 2018 $ 9,990
Schedule of foreign currency translation	The cumulative effects of foreign currency exchange rate fluctuations were as follows (in thousands): Cumulative loss on foreign currency translation as of July 31, 2017 $ (100,676 ) Loss on foreign currency translation (7,252 ) Cumulative loss on foreign currency translation as of July 31, 2018 $ (107,928 ) Loss on foreign currency translation (7,718 ) Cumulative loss on foreign currency translation as of October 31, 2018 $ (115,646 )

Accounts Receivable Accounts Re

Accounts Receivable Accounts Receivable (Tables)	3 Months Ended
	Oct. 31, 2018
Accounts Receivable [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	NOTE 2 — Accounts Receivable, Net Accounts receivable, net consisted of: (In thousands) October 31, 2018 July 31, 2018 Advance charges receivable $ 260,459 $ 230,092 Trade accounts receivable 79,229 125,255 Other receivables 1,870 1,698 341,558 357,045 Less: Allowance for doubtful accounts (5,554 ) (5,444 ) Accounts receivable, net $ 336,004 $ 351,601 Advance charges receivable represents amounts paid to third parties on behalf of insurance companies for which the Company will be reimbursed when the vehicle is sold. As advance charges are recovered within one year, the Company has not adjusted the amount of consideration received from the customer for a significant financing component. Trade accounts receivable includes fees and gross auction proceeds to be collected from insurance companies and buyers.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Oct. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of aggregate amortization expense on intangible assets	The following table sets forth amortizable intangible assets by major asset class: (In thousands) October 31, 2018 July 31, 2018 Amortized intangibles: Covenants not to compete $ 1,668 $ 1,666 Supply contracts & customer relationships 73,105 71,787 Trade name 24,092 24,173 Licenses and databases 9,341 9,291 Accumulated amortization (45,309 ) (42,025 ) Net intangibles $ 62,897 $ 64,892
Schedule of change in carrying amount of goodwill (in thousands)	The change in the carrying amount of goodwill was as follows (in thousands): Balance as of July 31, 2018 $ 337,235 Effect of foreign currency exchange rates (2,115 ) Balance as of October 31, 2018 $ 335,120

Fair Value Measures (Tables)

Fair Value Measures (Tables)	3 Months Ended
	Oct. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Financial Assets and Liabilities	The following table summarizes the fair value of the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis based on inputs used to derive their fair values: October 31, 2018 July 31, 2018 (In thousands) Fair Value Total Significant Observable Inputs (Level II) Fair Value Total Significant Observable Inputs (Level II) Assets Cash equivalents $ 191,653 $ 191,653 $ 130,769 $ 130,769 Total Assets $ 191,653 $ 191,653 $ 130,769 $ 130,769 Liabilities Long-term fixed rate debt, including current portion $ 376,970 $ 376,970 $ 381,230 $ 381,320 Total Liabilities $ 376,970 $ 376,970 $ 381,230 $ 381,320

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Oct. 31, 2018
Earnings Per Share [Abstract]
Schedule of reconciliation of basic weighted shares outstanding to diluted weighted average shares outstanding	The table below reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding: Three Months Ended October 31, (In thousands) 2018 2017 Weighted average common shares outstanding 233,888 230,694 Effect of dilutive securities - stock options 10,938 8,097 Weighted average common and dilutive potential common shares outstanding 244,826 238,791

Stock-based Payment Compensat_2

Stock-based Payment Compensation (Tables)	3 Months Ended
	Oct. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of option activity for stock options	The following is a summary of activity for the Company’s stock options for the three months ended October 31, 2018 : (In thousands, except per share and term data) Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In years) Aggregate Intrinsic Value Outstanding as of July 31, 2018 17,797 $ 20.29 6.19 $ 660,268 Grants of options — — Exercises (62 ) 19.93 Forfeitures or expirations (37 ) 19.10 Outstanding as of October 31, 2018 17,698 $ 20.29 5.91 $ 506,512 Exercisable as of October 31, 2018 13,387 $ 18.06 5.38 $ 412,993
Recognized stock-based compensation expense	The table below sets forth the stock-based compensation recognized by the Company: Three Months Ended October 31, (In thousands) 2018 2017 General and administrative $ 4,989 $ 4,454 Yard operations 1,032 852 Total stock-based compensation $ 6,021 $ 5,306

Stock Repurchases (Tables)

Stock Repurchases (Tables)	3 Months Ended
	Oct. 31, 2018
Equity [Abstract]
Summary of stock options exercised	The exercised stock options, utilizing a cashless exercise, are summarized in the following table: Period Options Exercised Weighted Average Exercise Price Shares Net Settled for Exercise Shares Withheld for Taxes (1) Net Shares to Individuals Weighted Average Share Price for Withholding Employee Stock Based Tax Withholding (in 000s) FY 2018—Q2 80,000 $ 6.54 11,996 — 68,004 $ 43.60 $ — (1) Shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against the Company’s stock repurchase program.

Segments and Other Geographic_2

Segments and Other Geographic Reporting Segment Reporting (Tables)	3 Months Ended
	Oct. 31, 2018
Segment Reporting Information [Line Items]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following table presents financial information by segment: Three Months Ended October 31, 2018 Three Months Ended October 31, 2017 (In thousands) United States International Total United States International Total Service revenues $ 343,573 $ 51,233 $ 394,806 $ 331,391 $ 42,734 $ 374,125 Vehicle sales 27,636 38,926 66,562 19,714 25,329 45,043 Total service revenues and vehicle sales 371,209 90,159 461,368 351,105 68,063 419,168 Yard operations 177,642 30,052 207,694 192,833 24,774 217,607 Cost of vehicle sales 25,943 31,813 57,756 18,760 19,537 38,297 General and administrative 37,332 7,146 44,478 33,493 5,829 39,322 Operating income 130,292 21,148 151,440 106,019 17,923 123,942 Interest (expense) income, net (3,814 ) 123 (3,691 ) (5,488 ) 90 (5,398 ) Other income (expense), net 625 412 1,037 (4,111 ) (305 ) (4,416 ) Intercompany income (expense) 1,411 (1,411 ) — 2,304 (2,304 ) — Income before income taxes 128,514 20,272 148,786 98,724 15,404 114,128 Income tax expense 30,466 4,237 34,703 33,585 2,983 36,568 Net income $ 98,048 $ 16,035 $ 114,083 $ 65,139 $ 12,421 $ 77,560 Depreciation and amortization $ 19,392 $ 2,477 $ 21,869 $ 13,529 $ 2,373 $ 15,902 Capital expenditures 35,253 27,083 62,336 38,905 2,456 41,361 October 31, 2018 July 31, 2018 (In thousands) United States International Total United States International Total Total assets $ 1,934,693 $ 447,095 $ 2,381,788 $ 1,856,058 $ 451,640 $ 2,307,698 Goodwill 256,434 78,686 335,120 256,434 80,801 337,235

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Disaggregation of Revenue [Line Items]
Service revenues and vehicle sales:	$ 461,368	$ 419,168
Cumulative Translation Adjustment Summary [Roll Forward]
Cumulative loss on foreign currency translation, beginning balance	(107,928)	(100,676)
(Loss) Gain on foreign currency translation	(7,718)	$ (7,252)
Cumulative loss on foreign currency translation, ending balance	$ (115,646)

Description of Business and S_5

Description of Business and Summary of Significant Accounting Policies (Details Textual)	Aug. 01, 2018USD ($)	Oct. 31, 2018USD ($)	Jul. 31, 2018USD ($)
Description Of Business and Summary Of Significant Accounting Policies [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax	$ 23,000,000
Contract with Customer, Asset, Net		$ 9,990,000	$ 11,840,000
Capitalized Contract Cost, Amortization		(1,669,000)
Indefinite-lived Intangible Assets, Foreign Currency Translation Gain (Loss)		$ (181,000)
Noncontrolling Interest, Ownership Percentage by Parent			59.50%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			40.50%
Tax benefits realized upon ultimate settlement, Description		The second step is to measure the tax position as the largest amount that is more than 50% likely to be realized upon ultimate settlement.
Capitalized software costs		$ 32,700,000	$ 30,700,000
Accumulated amortization expense		$ 16,300,000	$ 16,000,000
Number of operating segments		2
Number of reportable segment		2
Contract with Customer, Liability		$ 0

Accounts Receivable Accounts _2

Accounts Receivable Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Jul. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue, Practical Expedient, Financing Component [true false]	0
Accounts Receivable, Gross, Current	$ 341,558	$ 357,045
Less: Allowance for doubtful accounts	5,554	5,444
Accounts receivable, net	336,004	351,601
Advance Charges Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	260,459	230,092
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	79,229	125,255
Other Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable, Gross, Current	$ 1,870	$ 1,698

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Millions	Jul. 21, 2016	Dec. 03, 2014	Oct. 31, 2018	Jul. 21, 2016	Mar. 14, 2016	Jul. 21, 2016	Jul. 31, 2018	Jan. 31, 2017	Mar. 15, 2016
Line of Credit Facility [Line Items]
Maturity date				Mar. 15, 2021
Minimum Liquidity			$ 1,100
Scenario 1
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms 1			325.00%
Note Agreement, Covenant Terms			325.00%
Scenario 2
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms 1			350.00%
Note Agreement, Covenant Terms			350.00%
Scenario 3
Line of Credit Facility [Line Items]
Long-term Debt			50
Scenario 4
Line of Credit Facility [Line Items]
Long-term Debt			75
Credit Agreement | Term Loan Facility
Line of Credit Facility [Line Items]
Maturity date				Dec. 3, 2019
Note Purchase Agreement
Line of Credit Facility [Line Items]
Debt issuance cost						$ 3.4
Debt issuance fees	$ 2			$ 2		2
Reduction of long term debt	1.4			$ 1.4		1.4
Note Purchase Agreement | Senior Notes
Line of Credit Facility [Line Items]
Debt instrument principal amount		$ 400
Note Purchase Agreement | Senior Notes, Series A
Line of Credit Facility [Line Items]
Maturity date			Dec. 3, 2024
Debt instrument principal amount		$ 100
Debt instrument, interest rate		4.07%
Note Purchase Agreement | Senior Notes, Series B
Line of Credit Facility [Line Items]
Maturity date			Dec. 3, 2026
Debt instrument principal amount		$ 100
Debt instrument, interest rate		4.19%
Note Purchase Agreement | Senior Notes, Series C
Line of Credit Facility [Line Items]
Maturity date			Dec. 3, 2027
Debt instrument principal amount		$ 100
Debt instrument, interest rate		4.25%
Note Purchase Agreement | Senior Notes, Series D
Line of Credit Facility [Line Items]
Maturity date			Dec. 3, 2029
Debt instrument principal amount		$ 100
Debt instrument, interest rate		4.35%
Wells Fargo and Bank of America, N.A. | Line of Credit
Line of Credit Facility [Line Items]
Repayments of Lines of Credit	242.5
Wells Fargo and Bank of America, N.A. | Revolving Credit Facility | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage				0.15%
Wells Fargo and Bank of America, N.A. | Revolving Credit Facility | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage				0.30%
Wells Fargo and Bank of America, N.A. | Term Loan Facility | Line of Credit
Line of Credit Facility [Line Items]
Quarterly amortization for term loan				$ 7.5
Wells Fargo and Bank of America, N.A. | Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 300
Wells Fargo and Bank of America, N.A. | Credit Agreement | Term Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 300
Wells Fargo and Bank of America, N.A. | Credit Agreement | Term Loan Facility | Line of Credit
Line of Credit Facility [Line Items]
Quarterly amortization for term loan					$ 18.8
Wells Fargo and Bank of America, N.A. | First Amendment To Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity									$ 350
Line of Credit, Maximum Borrowing Capacity, Increase									50
Wells Fargo and Bank of America, N.A. | First Amendment To Credit Agreement | Term Loan Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity									93.8
Outstanding borrowings									$ 93.8
Wells Fargo and Bank of America, N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR One | Minimum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate				0.125%
Wells Fargo and Bank of America, N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR One | Maximum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate				1.00%
Wells Fargo and Bank of America, N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR Two | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate				1.125%
Wells Fargo and Bank of America, N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR Two | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate				2.00%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A.
Line of Credit Facility [Line Items]
Maturity date			Jul. 21, 2021
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage			0.125%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage			0.20%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Outstanding borrowings			$ 0				$ 0
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Scenario 3
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms			50
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Scenario 4
Line of Credit Facility [Line Items]
Line of Credit Facility, Covenant Terms			75
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Credit Agreement | Term Loan Facility
Line of Credit Facility [Line Items]
LIBOR variable interest rate			LIBOR rate of 2.26% plus an applicable margin of 1.00%.
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Second Amendment To Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500			$ 500		$ 500		$ 850
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | Federal Funds Effective Swap Rate | Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			0.50%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | London Interbank Offered Rate (LIBOR) | Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			1.00%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR One | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			0.00%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR One | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			0.75%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR Two | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			1.00%
WellsFargo,NationalAssociation,SunTrustBankandBankofAmerica,N.A. | London Interbank Offered Rate (LIBOR), Adjusted LIBOR Two | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			1.75%

Long-Term Debt Leverage Ratios

Long-Term Debt Leverage Ratios (Details)	3 Months Ended
	Oct. 31, 2018
Leverage Ratios [Abstract]
Total Consolidated Net Leverage Ratio	13.00%

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Jul. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 2,900	$ 3,800
Amortized intangibles:
Accumulated amortization	(45,309)		$ (42,025)
Net intangibles	62,897		64,892
Covenants not to compete
Amortized intangibles:
Gross carrying amount	1,668		1,666
Supply contracts & customer relationships
Amortized intangibles:
Gross carrying amount	73,105		71,787
Trade name
Amortized intangibles:
Gross carrying amount	24,092		24,173
Licenses and databases
Amortized intangibles:
Gross carrying amount	$ 9,341		$ 9,291

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Details 1) $ in Thousands	Oct. 31, 2018USD ($)
Goodwill [Roll Forward]
Balance as of July 31, 2018	$ 337,235
Balance as of October 31, 2018	$ 335,120

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Aggregate amortization expense	$ 2,900	$ 3,800
Effect of foreign currency exchange rates	$ (2,115)

Fair Value Measures (Details)

Fair Value Measures (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Oct. 31, 2018	Jul. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 191,653	$ 130,769
Assets, Fair Value Disclosure	191,653	130,769
Total Liabilities	376,970	381,230
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	191,653	130,769
Total Liabilities	376,970	381,320
Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term variable rate debt, including current portion	376,970	381,230
Long-term fixed rate debt, including current portion	376,970	381,230
Fixed Rate Debt | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term variable rate debt, including current portion	376,970	381,320
Long-term fixed rate debt, including current portion	$ 376,970	$ 381,320

Net Income Per Share (Details)

Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Earnings Per Share [Abstract]
Weighted average common shares outstanding	233,888	230,694
Effect of dilutive securities - stock options	10,938	8,097
Weighted average common and dilutive potential common shares outstanding	244,826	238,791

Net Income Per Share (Details T

Net Income Per Share (Details Textual) - shares	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from the calculation of dilutive earnings per share	35,000	2,190,504

Stock-based Payment Compensat_3

Stock-based Payment Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Oct. 31, 2018	Jul. 31, 2018
Shares
Outstanding as of July 31, 2018	17,797,000
Grants of options (in shares)	0
Exercises (in shares)	(62,000)
Forfeitures or expirations (in shares)	(37,000)
Outstanding as of October 31, 2018	17,698,000	17,797,000
Exercisable as of October 31, 2018	13,387,000
Weighted Average Exercise Price
Outstanding as of July 31, 2018	$ 20.29
Grants of options (in dollars per share)	0
Exercises (in dollars per share)	19.93
Forfeitures or expirations (in dollars per share)	19.10
Outstanding as of October 31, 2018	20.29	$ 20.29
Exercisable as of October 31, 2018	$ 18.06
Weighted Average Remaining Contractual Term (In years)
Outstanding as of July 31, 2018		6 years 2 months 9 days
Outstanding as of October 31, 2018	5 years 10 months 28 days
Exercisable as of October 31, 2018	5 years 4 months 17 days
Aggregate Intrinsic Value
Outstanding as of July 31, 2018	$ 660,268
Outstanding as of October 31, 2018	506,512	$ 660,268
Exercisable as of October 31, 2018	$ 412,993

Stock-based Payment Compensat_4

Stock-based Payment Compensation (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 6,021	$ 5,306
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	4,989	4,454
Yard Operations
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,032	$ 852

Stock-based Payment Compensat_5

Stock-based Payment Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Apr. 15, 2015	Dec. 16, 2014	Oct. 31, 2013	Oct. 31, 2018	Oct. 31, 2017	Jan. 31, 2014
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Number of stock options exercised				62,000
Stock Based Compensation (Textual)
Shares available for calculating intrinsic value (in shares)				17,663,150
Nonqualified stock options to purchase of shares, exercise price			$ 17.81
Term for not granting cash salary or bonus compensation in excess of $ 1.00 per year			5 years
Deferred compensation arrangement with individual - requisite service period			5 years
Deferred compensation arrangement with individual, description				Each option will become fully vested, assuming continued service by Mr. Adair and Mr. Mitz on April 15, 2019 and December 16, 2018.
Fair value of option at grant date (in dollars per share)			$ 5.72
Total compensation expense to be recognized per grant						$ 40
Compensation expense				$ 1.9	$ 1.8
Vincent W. Mitz, the President
Stock Based Compensation (Textual)
Nonqualified stock options to purchase of shares						3,000,000
Chief Executive Officer [Member]
Stock Based Compensation (Textual)
Nonqualified stock options to purchase of shares						4,000,000
Tranche One on December 16, 2014 | Vincent W. Mitz, the President
Stock Based Compensation (Textual)
Percentage of total aggregate options vested		20.00%
Tranche Two on April 15, 2015 | Chief Executive Officer [Member]
Stock Based Compensation (Textual)
Percentage of total aggregate options vested	20.00%
Tranche Three Vesting Monthly | Chief Executive Officer [Member]
Stock Based Compensation (Textual)
Award vesting period			4 years
October Grants [Member]
Stock Based Compensation (Textual)
Percentage Of Stock Options Immediately Vested On Termination Of Executive			100.00%
Percentage of stock options which would get immediately vested on change of control			100.00%

Stock Repurchases (Details)

Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2018	Jan. 31, 2018
Share-Based Compensation Arrangement By Share-Based Payment Award, Options Exercisable [Abstract]
Options Exercised	62,000
Weighted Average Exercise Price	$ 19.93
Common Stock
Share-Based Compensation Arrangement By Share-Based Payment Award, Options Exercisable [Abstract]
Options Exercised		80,000
Weighted Average Exercise Price		$ 6.54
Shares Net Settled for Exercise		11,996
Shares Withheld for Taxes(1)		0
Net Shares to Individuals		68,004
Weighted Average Share Price for Withholding		$ 43.60
Employee Stock Based Tax Withholding (in 000s)		$ 0

Stock Repurchases (Details Text

Stock Repurchases (Details Textual) - USD ($) $ in Millions	3 Months Ended	79 Months Ended
	Oct. 31, 2018	Apr. 30, 2018	Sep. 22, 2011
Remittance to taxing authorities under statutory withholding	$ 0
Number of stock options exercised	62,000
Stock Repurchase Program 2011
Stock Repurchase Program Additional Number Of Shares Authorized Approved			80,000,000
Stock Repurchased and Retired During Period, Shares		106,913,602
Number of shares available for repurchase under stock repurchase program	89,086,398
Common Stock | Stock Repurchase Program 2011
Common stock authorized for repurchase (in shares)			196,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Jan. 01, 2018	Dec. 31, 2017	Oct. 31, 2018	Jul. 31, 2018	Oct. 31, 2017	Jul. 31, 2018
Tax benefits recognized provided percentage of likelihood of realization is more than			50.00%
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense			$ 0.2		$ 3.8
Gross unrecognized tax benefit			$ 29.3
Other Tax Expense Benefit Transition Tax Net of Foreign Tax Credit				$ 12.4
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	35.00%	23.30%		32.00%	26.90%
Domestic Tax Authority [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent						10.50%

Legal Proceedings (Details)

Legal Proceedings (Details) - USD ($) $ in Millions	May 22, 2017	Jun. 30, 2011	May 22, 2018
Liability for Uncollected Sales Taxes, with Interest and Penalties | Georgia Department of Revenue
Loss Contingencies [Line Items]
Assessed sales tax liability	$ 2.6	$ 73.8
Sparta Implied Covenant Counterclaim Loss Contingency [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss			$ 4.9

Legal Proceedings Gain Continge

Legal Proceedings Gain Contingencies (Details) - Positive Outcome of Litigation - USD ($) $ in Millions	Sep. 10, 2018	May 22, 2018
Gain Contingencies [Line Items]
Gain Contingency, Unrecorded Amount		$ 16.3
Sparta Fraud Claim Gain Contingency
Gain Contingencies [Line Items]
Gain Contingency, Unrecorded Amount	$ 6.3	$ 4.7
Sparta Professional Negligence Claim Gain Contingency
Gain Contingencies [Line Items]
Gain Contingency, Unrecorded Amount	$ 9.1

Acquisitions (Details)

Acquisitions (Details) $ in Millions	3 Months Ended	12 Months Ended
	Oct. 31, 2017business	Jul. 31, 2018USD ($)business
Business Acquisition [Line Items]
Number of Businesses Acquired		2
Acquisitions 2018 [Domain]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Business Combination, Consideration Transferred | $		$ 8.9
Number of Businesses Acquired	0

Segments and Other Geographic_3

Segments and Other Geographic Reporting Segment Reporting (Details) $ in Thousands	3 Months Ended
	Oct. 31, 2018USD ($)	Oct. 31, 2017USD ($)	Jul. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments	2
Number of Reportable Segments	2
Service revenues and vehicle sales:	$ 461,368	$ 419,168
Yard operations	207,694	217,607
Cost of vehicle sales	57,756	38,297
General and administrative	44,478	39,322
Operating income	151,440	123,942
Interest (expense) income, net	(3,691)	(5,398)
Other (expense) income, net	1,037	(4,416)
Intercompany income (expense)	0	0
Income before income taxes	148,786	114,128
Income taxes	34,703	36,568
Net income (Loss), Including Portion Attributable to Noncontrolling Interest	114,083	77,560
Depreciation and amortization	21,869	15,902
Capital expenditures, including acquisitions	62,336	41,361
Total assets	2,381,788		$ 2,307,698
Goodwill	335,120		337,235
Net Income (Loss) Attributable to Parent	114,083	77,515
Operating Segments | United States
Segment Reporting Information [Line Items]
Cost of vehicle sales	25,943	18,760
Operating Segments | International
Segment Reporting Information [Line Items]
Cost of vehicle sales	31,813	19,537
Operating Segments | United States | United States
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	371,209	351,105
Yard operations	177,642	192,833
General and administrative	37,332	33,493
Operating income	130,292	106,019
Interest (expense) income, net	(3,814)	(5,488)
Other (expense) income, net	625	(4,111)
Intercompany income (expense)	1,411	2,304
Income before income taxes	128,514	98,724
Income taxes	30,466	33,585
Net income (Loss), Including Portion Attributable to Noncontrolling Interest	98,048	65,139
Depreciation and amortization	19,392	13,529
Capital expenditures, including acquisitions	35,253	38,905
Total assets	1,934,693		1,856,058
Goodwill	256,434		256,434
Operating Segments | International | International
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	90,159	68,063
Yard operations	30,052	24,774
General and administrative	7,146	5,829
Operating income	21,148	17,923
Interest (expense) income, net	123	90
Other (expense) income, net	412	(305)
Intercompany income (expense)	(1,411)	(2,304)
Income before income taxes	20,272	15,404
Income taxes	4,237	2,983
Net income (Loss), Including Portion Attributable to Noncontrolling Interest	16,035	12,421
Depreciation and amortization	2,477	2,373
Capital expenditures, including acquisitions	27,083	2,456
Total assets	447,095		451,640
Goodwill	78,686		$ 80,801
Service revenues
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	394,806	374,125
Service revenues | Operating Segments | United States | United States
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	343,573	331,391
Service revenues | Operating Segments | International | International
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	51,233	42,734
Vehicle sales
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	66,562	45,043
Vehicle sales | Operating Segments | United States | United States
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	27,636	19,714
Vehicle sales | Operating Segments | International | International
Segment Reporting Information [Line Items]
Service revenues and vehicle sales:	$ 38,926	$ 25,329