Copart (CPRT) 10-Q 19 Nov 21 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Oct. 31, 2021	Nov. 18, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2021
Document Transition Report	false
Entity Registrant Name	COPART, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	000-23255
Entity Tax Identification Number	94-2867490
Entity Address, Address Line One	14185 Dallas Parkway
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	391-5000
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	CPRT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller reporting company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		237,188,461
Entity Central Index Key	0000900075
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2021	Jul. 31, 2021
Current assets:
Cash, cash equivalents, and restricted cash	$ 1,298,373	$ 1,048,260
Accounts receivable, net	562,637	480,628
Vehicle pooling costs	115,994	94,449
Inventories	48,194	44,968
Income taxes receivable	537	20,012
Prepaid expenses and other assets	14,045	14,294
Total current assets	2,039,780	1,702,611
Property and equipment, net	2,318,701	2,296,624
Operating lease right-of-use assets	123,254	119,487
Intangibles, net	43,914	45,873
Goodwill	354,062	355,717
Other assets	39,141	41,831
Total assets	4,918,852	4,562,143
Current liabilities:
Accounts payable and accrued liabilities	411,249	369,826
Deferred revenue	19,951	20,973
Income taxes payable	37,175	7,760
Current portion of operating and finance lease liabilities	23,536	22,472
Total current liabilities	491,911	421,031
Deferred income taxes	72,166	63,969
Income taxes payable	51,094	52,345
Operating and finance lease liabilities, net of current portion	100,920	97,961
Long-term debt and other liabilities, net of discount	408,940	397,636
Total liabilities	1,125,031	1,032,942
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; 237,181,350 and 237,014,273 shares issued and outstanding, respectively.	24	24
Additional paid-in capital	776,858	761,834
Accumulated other comprehensive loss	(111,378)	(100,860)
Retained earnings	3,128,317	2,868,203
Total stockholders’ equity	3,793,821	3,529,201
Total liabilities and stockholders’ equity	$ 4,918,852	$ 4,562,143

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 31, 2021	Jul. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	237,181,350	237,014,273
Common stock, shares outstanding (in shares)	237,181,350	237,014,273

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Service revenues and vehicle sales	$ 810,132	$ 592,940
Operating expenses:
Yard operations	298,694	231,811
Cost of vehicle sales	126,408	64,360
General and administrative	54,909	48,175
Total operating expenses	480,011	344,346
Operating income	330,121	248,594
Other expense:
Interest expense, net	(5,107)	(5,032)
Other income, net	812	3,253
Total other expense	(4,295)	(1,779)
Income before income taxes	325,826	246,815
Income tax expense	65,463	46,530
Net income	$ 260,363	$ 200,285
Basic net income per common share (in dollars per share)	$ 1.10	$ 0.85
Weighted average common shares outstanding (in shares)	237,068	235,791
Diluted net income per common share (in dollars per share)	$ 1.08	$ 0.83
Diluted weighted average common shares outstanding (in shares)	241,221	239,968
Service revenues
Service revenues and vehicle sales	$ 667,818	$ 515,372
Vehicle sales
Service revenues and vehicle sales	$ 142,314	$ 77,568

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Comprehensive income, net of tax:
Net income	$ 260,363	$ 200,285
Other comprehensive income:
Foreign currency translation adjustments	(10,518)	(7,406)
Comprehensive income	$ 249,845	$ 192,879

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Outstanding shares, beginning balance (in shares) at Jul. 31, 2020		235,315,337
Stockholders' equity, beginning balance at Jul. 31, 2020	$ 2,489,516	$ 24	$ 672,727	$ (121,088)	$ 1,937,853
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	200,285				200,285
Currency translation adjustment	(7,406)			(7,406)
Exercise of stock options, net of repurchased shares (in shares)		802,670
Exercise of stock options, net of repurchased shares	19,525		20,014		(489)
Stock-based compensation	8,913		8,913
Outstanding shares, ending balance (in shares) at Oct. 31, 2020		236,118,007
Stockholders' equity, ending balance at Oct. 31, 2020	2,710,833	$ 24	701,654	(128,494)	2,137,649
Outstanding shares, beginning balance (in shares) at Jul. 31, 2021		237,014,273
Stockholders' equity, beginning balance at Jul. 31, 2021	3,529,201	$ 24	761,834	(100,860)	2,868,203
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	260,363				260,363
Currency translation adjustment	$ (10,518)			(10,518)
Exercise of stock options, net of repurchased shares (in shares)	146,000	145,986
Exercise of stock options, net of repurchased shares	$ 5,323		5,572		(249)
Stock-based compensation (in shares)		21,091
Stock-based compensation	9,452		9,452
Outstanding shares, ending balance (in shares) at Oct. 31, 2021		237,181,350
Stockholders' equity, ending balance at Oct. 31, 2021	$ 3,793,821	$ 24	$ 776,858	$ (111,378)	$ 3,128,317

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Cash flows from operating activities:
Net income	$ 260,363	$ 200,285
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost	32,049	29,227
Allowance for credit loss	295	(157)
Equity in losses (earnings) of unconsolidated affiliates	168	(1,741)
Stock-based compensation	9,452	8,913
Gain on sale of property and equipment	(440)	(1,230)
Deferred income taxes	8,319	6,239
Changes in operating assets and liabilities:
Accounts receivable	(82,676)	(57,860)
Vehicle pooling costs	(21,697)	(10,600)
Inventories	(3,463)	(8,259)
Prepaid expenses and other current and non-current assets	3,071	15,236
Operating lease right-of-use assets and lease liabilities	382	153
Accounts payable and accrued liabilities	62,013	42,880
Deferred revenue	(979)	1,251
Income taxes receivable	19,479	25,825
Income taxes payable	26,204	8,371
Net cash provided by operating activities	312,540	258,533
Cash flows from investing activities:
Purchases of property and equipment	(64,696)	(147,093)
Proceeds from sale of property and equipment	813	271
Net cash used in investing activities	(63,883)	(146,822)
Cash flows from financing activities:
Proceeds from the exercise of stock options	5,572	20,014
Payments for employee stock-based tax withholdings	(249)	(489)
Payments of finance lease obligations	(157)	(327)
Net cash provided by financing activities	5,166	19,198
Effect of foreign currency translation	(3,710)	(2,895)
Net increase in cash, cash equivalents, and restricted cash	250,113	128,014
Cash, cash equivalents, and restricted cash at beginning of period	1,048,260	477,718
Cash, cash equivalents, and restricted cash at end of period	1,298,373	605,732
Supplemental disclosure of cash flow information:
Interest paid	5,080	4,762
Income taxes paid, net of refunds	$ 10,089	$ 6,157

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Oct. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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. Vehicle sellers consist primarily of insurance companies, but also include banks, finance companies, charities, fleet operators, dealers, vehicle rental companies, and individuals. The Company sells principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, exporters, and 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, and Bahrain, 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.”), Germany, and Spain, the Company operates both as an agent and on a principal basis, in some cases purchasing 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, 2021 and July 31, 2021, its consolidated statements of income, comprehensive income and stockholders’ equity for the three months ended October 31, 2021 and 2020, and its cash flows for the three months ended October 31, 2021 and 2020. Interim results for the three months ended October 31, 2021 are not necessarily indicative of the results that may be expected for any future period, or for the entire year ending July 31, 2022. 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, 2021. 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. Significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments 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; stock-based compensation; and contingencies. Actual results may differ from these estimates. Revenue Recognition The Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. Service revenue and vehicle sales revenue are recognized at the date the vehicles are sold at auction, excluding annual registration fees. 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’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 has a separate performance obligation related to providing access to its online auction platform as the Company charges members an annual registration fee for the right to participate in its online auctions and access the Company’s bidding platform. This fee is 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 credit loss expense in the case of non-performance by its buyers or sellers. Three Months Ended October 31, (In thousands) 2021 2020 Service revenues United States $ 590,758 $ 450,235 International 77,060 65,137 Total service revenues $ 667,818 $ 515,372 Vehicle sales Certain vehicles are purchased and remarketed on the Company’s own behalf. The Company has a single performance obligation related to the sale of these vehicles, which is the completion of the online auction process. Vehicle sales revenue is 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, (In thousands) 2021 2020 Vehicle sales United States $ 87,703 $ 47,020 International 54,611 30,548 Total vehicle sales $ 142,314 $ 77,568 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 consolidated statements of income. The change in the carrying amount of contract assets was as follows (In thousands): Balance as of July 31, 2021 $ 7,485 Capitalized contract assets during the period — Costs amortized during the period (1,030) Effect of foreign currency exchange rates (134) Balance as of October 31, 2021 $ 6,321 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. If the allocation factors change, then yard operation expenses could increase or decrease correspondingly in the future. These costs are expensed into yard operations expenses as vehicles are sold in subsequent periods on an average cost basis. 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 British pound, Canadian dollar, Brazilian real, European Union euro, U.A.E. dirham, Omani rial, and Bahraini dinar 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, 2020 $ (121,088) Gain on foreign currency translation 20,228 Cumulative loss on foreign currency translation as of July 31, 2021 $ (100,860) Loss on foreign currency translation (10,518) Cumulative loss on foreign currency translation as of October 31, 2021 $ (111,378) 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 Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures , 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, restricted cash, accounts receivable, accounts payable, accrued liabilities, and amounts outstanding under the Revolving Loan Facility approximated their fair values as of October 31, 2021 and July 31, 2021, 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 6 – Long-Term Debt and Note 7 – Fair Value Measurements . Cash, Cash Equivalents, and Restricted Cash 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, cash equivalents, and restricted cash include cash held in checking, domestic certificates of deposit, U.S. Treasury Bills, and money market accounts. The Company periodically invests its excess cash in money market funds and U.S. Treasury Bills. The Company’s cash, cash equivalents, and restricted cash are placed with high credit quality financial institutions. Capitalized Software Costs The Company capitalizes system development costs and website development costs related to the 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

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Oct. 31, 2021
Accounts Receivable [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net consisted of: (In thousands) October 31, 2021 July 31, 2021 Advance charges receivable $ 446,368 $ 385,002 Trade accounts receivable 117,337 97,249 Other receivables 4,596 4,013 568,301 486,264 Less: Allowance for credit loss (5,664) (5,636) Accounts receivable, net $ 562,637 $ 480,628 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.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Oct. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following: (In thousands) October 31, 2021 July 31, 2021 Land $ 1,454,026 $ 1,428,262 Buildings and improvements 1,128,552 1,126,414 Transportation and other equipment 342,868 326,622 Office furniture and equipment 81,735 79,928 Software 68,813 66,170 3,075,994 3,027,396 Less: Accumulated depreciation and amortization (757,293) (730,772) Property and equipment, net $ 2,318,701 $ 2,296,624 Depreciation expense on property and equipment was $29.9 million and $27.1 million for the three months ended October 31, 2021 and 2020, respectively.

Leases

Leases	3 Months Ended
	Oct. 31, 2021
Leases [Abstract]
Leases	Leases The Company has both lessee and lessor arrangements. The Company determines whether a contract is or contains a lease at the inception of the contract or at any subsequent modification. A contract will be deemed to be or contain a lease if the contract conveys the right to control and direct the use of identified property, plant, or equipment for a period of time in exchange for consideration. The Company generally must also have the right to obtain substantially all of the economic benefits from the use of the property, plant, and equipment. Depending on the terms, leases are classified as either operating or finance leases if the Company is the lessee, or as operating, sales-type, or direct financing leases if the Company is the lessor. Certain of the Company’s lessee and lessor leases have renewal options to extend the leases for additional periods at the Company’s discretion. Leases - Lessee The Company leases certain facilities and certain equipment under non-cancelable finance and operating leases, which are recorded as right-of-use assets and lease liabilities. Certain leases provide the Company with either a right of first refusal to acquire or an option to purchase a facility at fair value. Certain leases also contain escalation clauses and renewal option clauses calling for increased rents. Where a lease contains an escalation clause or a concession, such as a rent holiday or tenant improvement allowance, the Company includes these items in the determination of the right-of-use asset and the lease liabilities. The effects of these escalation clauses or concessions have been reflected in lease expense on a straight-line basis over the expected lease term and any variable lease payments subsequent to establishing the lease liability are expensed as incurred. The lease term commences on the date when the Company has the right to control the use of the leased property, which is typically before lease payments are due under the terms of the lease. Certain of the Company’s leases have renewal periods up to 40 years, exercisable at the Company’s option, and generally require the Company to pay property taxes, insurance and maintenance costs, in addition to the lease payments. At lease inception, the Company includes all renewals or option periods that are reasonably certain to exercise when determining the expected lease term, as failure to renew the lease would impose an economic penalty. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the expected lease term. To determine the present value of lease payments not yet paid, the Company estimates incremental borrowing rates based on the information available at lease commencement date, as rates are not implicitly stated in the Company’s leases. Components of lease expense were as follows: Three Months Ended October 31, (In thousands) 2021 2020 Operating lease expense $ 7,067 $ 7,257 Finance lease expense: Amortization of right-of-use assets 153 167 Interest on finance lease liabilities 2 21 Short-term lease expense 1,768 1,245 Variable lease expense 224 539 Total lease expense $ 9,214 $ 9,229 Supplemental cash flow information related to leases as of October 31, 2021 were as follows: Three Months Ended October 31, (In thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 6,697 $ 7,856 Operating cash flows related to finance leases 2 21 Financing cash flows related to finance leases 157 327 Right-of-use assets obtained in exchange for new operating lease liabilities 10,823 5,672 Right-of-use assets obtained in exchange for new finance lease liabilities — 15,761 Leases - Lessor The Company’s lessor arrangements include certain facilities and various land locations, of which each qualifies as an operating lease. Certain leases also contain escalation clauses and renewal option clauses calling for increased rents. Where a lease contains an escalation clause or a concession, such as a rent holiday or tenant improvement allowance, the Company includes these items in the determination of the straight-line rental income. The effects of these escalation clauses or concessions have been reflected in lease payments receivable on a straight-line basis over the expected lease term and any variable lease income subsequent to establishing the receivable will be recognized as earned. The cost of the leased space as of October 31, 2021 and July 31, 2021 was $57.2 million and $55.5 million, respectively. The accumulated depreciation associated with the leased assets as of October 31, 2021 and July 31, 2021 was $2.3 million and $1.9 million, respectively. Both the leased assets and accumulated depreciation are included in Property and equipment, net on the consolidated balance sheet. Rental income from these operating leases was $3.5 million and $3.6 million for the three months ended October 31, 2021 and 2020, respectively and is included within Service revenues on the consolidated statements of income.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The following table sets forth amortizable intangible assets by major asset class: (In thousands) October 31, 2021 July 31, 2021 Amortized intangibles: Supply contracts and customer relationships $ 55,438 $ 55,598 Trade names 18,935 18,944 Licenses and databases 719 736 Accumulated amortization (31,178) (29,405) Net intangibles $ 43,914 $ 45,873 Aggregate amortization expense on amortizable intangible assets was $1.8 million and $1.8 million for the three months ended October 31, 2021 and 2020, respectively. The change in the carrying amount of goodwill was as follows: (In thousands) Balance as of July 31, 2021 $ 355,717 Effect of foreign currency exchange rates (1,655) Balance as of October 31, 2021 $ 354,062

Long-Term Debt

Long-Term Debt	3 Months Ended
	Oct. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Credit Agreement On July 21, 2020, the Company entered into a First Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, Truist Bank (as successor by merger to Suntrust Bank), BMO Harris Bank N.A., Santander Bank, N.A., and Bank of America, N.A., as administrative agent (as amended from time to time, the “Credit Amendment”), bringing the aggregate principal amount of the revolving credit commitments under the Credit Agreement (the “Revolving Loan Facility”), to $1,050.0 million. The interest rate as of October 31, 2021 on the Company’s Revolving Loan Facility was the Eurodollar Rate of 0.75% plus an applicable margin of 1.50%. Amounts borrowed under the Revolving Loan Facility may be repaid and reborrowed until the maturity date of July 21, 2023. The Company had no outstanding borrowings under the Revolving Loan Facility as of October 31, 2021 or July 31, 2021. The Credit Agreement contains customary affirmative and negative covenants and the Company was in compliance with all covenants related to the Credit Agreement as of October 31, 2021. 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. 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 Note Purchase Agreement contains customary affirmative and negative covenants and the Company was in compliance with all covenants related to the Note Purchase Agreement as of October 31, 2021.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Oct. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes the carrying values and fair values of the Company’s financial instruments that were not carried at fair value in the consolidated balance sheets: October 31, 2021 July 31, 2021 (In thousands) Carrying Value Total Fair Value Total Carrying Value Total Fair Value Total Assets Cash equivalents $ 1,019,239 $ 1,019,249 $ 754,300 $ 754,304 Total Assets $ 1,019,239 $ 1,019,249 $ 754,300 $ 754,304 Liabilities Long-term fixed rate debt, including current portion $ 399,742 $ 422,386 $ 399,733 $ 432,027 Total Liabilities $ 399,742 $ 422,386 $ 399,733 $ 432,027 During the three months ended October 31, 2021, no transfers were made between any levels within the fair value hierarchy. The fair value of the Senior Notes is based on the discounted value of each interest and principal payment calculated utilizing market interest rates of similar types of borrowing arrangements and was classified within Level II of the fair value hierarchy. See Note 1 – Summary of Significant Accounting Policies, and Note 6 – Long-Term Debt .

Net Income Per Share

Net Income Per Share	3 Months Ended
	Oct. 31, 2021
Earnings Per Share [Abstract]
Net Income Per Share	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) 2021 2020 Weighted average common shares outstanding 237,068 235,791 Effect of dilutive securities 4,153 4,177 Weighted average common and dilutive potential common shares outstanding 241,221 239,968 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 55,250 and 1,350,000 options to purchase the Company’s common stock for the three months ended October 31, 2021 and 2020, respectively, because their inclusion would have been anti-dilutive.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Oct. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation The Company recognizes compensation expense for stock option awards, without a market condition, 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, 2021: (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, 2021 7,557 $ 56.19 6.53 $ 686,269 Grants of options 25 143.23 Exercises (146) 38.17 Forfeitures or expirations — — Outstanding as of October 31, 2021 7,436 $ 56.84 6.29 $ 732,121 Exercisable as of October 31, 2021 4,507 $ 41.08 5.08 $ 514,746 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 7,436,171 at October 31, 2021. In June 2020, the Compensation Committee of the Company’s Board of Directors approved the grant to A. Jayson Adair, the Company’s Chief Executive Officer, of nonqualified stock options to purchase 1,000,000 shares of the Company’s common stock at an exercise price of $85.04 per share, which equaled the closing price of the Company’s common stock on June 12, 2020, the effective date of grant. The option will become exercisable over five years, subject to continued service by Mr. Adair, with 20% vesting on June 12, 2021, and the balance vesting monthly over the subsequent four years. Separate and apart from the time-based vesting schedule, the options are also subject to market based vesting, such that no options will be exercisable unless and until the average closing price in trading of Copart, Inc., common stock on the NASDAQ Global Select Market is greater than or equal to $106.30 per share (which is an amount equivalent to 125% of the exercise price of the options) for a period of 20 consecutive trading days. The market based vesting condition was satisfied in the first quarter of fiscal 2021. The time-based vesting conditions of the option held by Mr. Adair will become fully vested, assuming continued service by Mr. Adair on June 12, 2025. The fair value of each option at the date of grant using the Monte Carlo simulation model was $25.47, with an expected life of 7.64 years, a risk-free interest rate of 0.71%, estimated volatility of 25.2%, and no expected dividends. The total estimated compensation expense to be recognized by the Company over the five year estimated service period for these options is $25.5 million and will be recognized using the accelerated attribution method over each vesting tranche of the award. The Company recognized $1.8 million in compensation expense for this grant in the three months ended October 31, 2021. Subsequently, on November 17, 2021, the Compensation Committee amended the stock option award to Mr. Adair to implement a new market-based vesting condition with respect to 500,000 of the unvested stock options. Following the amendment, and subject to the existing time-based vesting schedule, no portion of these 500,000 stock options will be exercisable unless the price in trading of Copart, Inc. common stock on the NASDAQ Global Select Market is greater than or equal to $106.30 per share (which is an amount equivalent to 125% of the exercise price of the options), determined both (i) at the time of any exercise, and (ii) based on the closing price on each of the twenty consecutive trading days preceding the date of any exercise. The table below sets forth the stock-based compensation recognized by the Company for stock options, restricted stock, and restricted unit awards: Three Months Ended October 31, (In thousands) 2021 2020 General and administrative $ 8,471 $ 7,382 Yard operations 981 1,531 Total stock-based compensation $ 9,452 $ 8,913 The Company’s restricted stock awards (“RSA”) and restricted stock unit awards (“RSU”) have generally been issued with vesting periods ranging from two years to five years and vest solely on service conditions. Accordingly, the Company recognizes compensation expense for RSA and RSU 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 RSA’s and RSU’s for the three months ended October 31, 2021: (In thousands, except per share data) Restricted Shares Weighted Average Grant Date Fair Value Outstanding as of July 31, 2021 102 $ 90.46 Grants 39 143.88 Vested (5) 70.68 Forfeitures or expirations (3) 109.77 Outstanding as of October 31, 2021 133 $ 106.74

Stock Repurchases

Stock Repurchases	3 Months Ended
	Oct. 31, 2021
Equity [Abstract]
Stock Repurchases	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, 2021 or 2020. As of October 31, 2021, the total number of shares repurchased under the program was 114,549,198, and 81,450,802 shares were available for repurchase under the program.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Oct. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes

Legal Proceedings

Legal Proceedings	3 Months Ended
	Oct. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	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. There are no material pending legal proceedings to which the Company is a party, or with respect to which any of the Company’s property is subject. The Company provides for costs relating to matters when a loss is probable and the amount can be reasonably estimated. The effect of the outcome of any such 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 any such matters. The Company believes that any ultimate liability regarding existing litigation and claims would not have a material effect on its consolidated results of operations, financial position, or cash flows. However, the amount of the liabilities associated with 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.

Segments and Other Geographic R

Segments and Other Geographic Reporting	3 Months Ended
	Oct. 31, 2021
Segment Reporting [Abstract]
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 and operating income. The following table presents financial information by segment: Three Months Ended October 31, 2021 Three Months Ended October 31, 2020 (In thousands) United States International Total United States International Total Service revenues $ 590,758 $ 77,060 $ 667,818 $ 450,235 $ 65,137 $ 515,372 Vehicle sales 87,703 54,611 142,314 47,020 30,548 77,568 Total service revenues and vehicle sales 678,461 131,671 810,132 497,255 95,685 592,940 Yard operations 256,621 42,073 298,694 194,419 37,392 231,811 Cost of vehicle sales 80,342 46,066 126,408 41,506 22,854 64,360 General and administrative 46,548 8,361 54,909 39,738 8,437 48,175 Operating income $ 294,949 $ 35,172 $ 330,121 $ 221,591 $ 27,003 $ 248,594 Depreciation and amortization $ 27,725 $ 4,035 $ 31,760 $ 26,162 $ 2,787 $ 28,949 Capital expenditures and acquisitions 54,272 10,424 64,696 122,459 24,634 147,093 October 31, 2021 July 31, 2021 (In thousands) United States International Total United States International Total Total assets $ 4,223,448 $ 695,404 $ 4,918,852 $ 3,900,712 $ 661,431 $ 4,562,143 Goodwill 270,269 83,793 354,062 270,305 85,412 355,717

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2021
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, 2021 and July 31, 2021, its consolidated statements of income, comprehensive income and stockholders’ equity for the three months ended October 31, 2021 and 2020, and its cash flows for the three months ended October 31, 2021 and 2020. Interim results for the three months ended October 31, 2021 are not necessarily indicative of the results that may be expected for any future period, or for the entire year ending July 31, 2022. 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, 2021. Certain prior year amounts have been reclassified to conform to current year presentation.
Use of Estimates	Use of EstimatesThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments 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; stock-based compensation; and contingencies. Actual results may differ from these estimates.
Revenue Recognition	Revenue Recognition The Company’s primary performance obligation is the auctioning of consigned vehicles through an online auction process. Service revenue and vehicle sales revenue are recognized at the date the vehicles are sold at auction, excluding annual registration fees. 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’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 has a separate performance obligation related to providing access to its online auction platform as the Company charges members an annual registration fee for the right to participate in its online auctions and access the Company’s bidding platform. This fee is 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 credit loss expense in the case of non-performance by its buyers or sellers. Three Months Ended October 31, (In thousands) 2021 2020 Service revenues United States $ 590,758 $ 450,235 International 77,060 65,137 Total service revenues $ 667,818 $ 515,372 Vehicle sales Certain vehicles are purchased and remarketed on the Company’s own behalf. The Company has a single performance obligation related to the sale of these vehicles, which is the completion of the online auction process. Vehicle sales revenue is 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, (In thousands) 2021 2020 Vehicle sales United States $ 87,703 $ 47,020 International 54,611 30,548 Total vehicle sales $ 142,314 $ 77,568 Contract assets
Vehicle Pooling Costs	Vehicle Pooling CostsThe 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. If the allocation factors change, then yard operation expenses could increase or decrease correspondingly in the future. These costs are expensed into yard operations expenses as vehicles are sold in subsequent periods on an average cost basis.
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 British pound, Canadian dollar, Brazilian real, European Union euro, U.A.E. dirham, Omani rial, and Bahraini dinar 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.
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 Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures , 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, restricted cash, accounts receivable, accounts payable, accrued liabilities, and amounts outstanding under the Revolving Loan Facility approximated their fair values as of October 31, 2021 and July 31, 2021, 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 6 – Long-Term Debt and Note 7 – Fair Value Measurements .
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted CashThe 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, cash equivalents, and restricted cash include cash held in checking, domestic certificates of deposit, U.S. Treasury Bills, and money market accounts. The Company periodically invests its excess cash in money market funds and U.S. Treasury Bills. The Company’s cash, cash equivalents, and restricted cash are placed with high credit quality financial institutions.
Capitalized Software Costs	Capitalized Software CostsThe Company capitalizes system development costs and website development costs related to the 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
Recent Accounting Pronouncements	Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes
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 and operating income.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Oct. 31, 2021
Accounting Policies [Abstract]
Schedule of disaggregation of revenue service revenues	Three Months Ended October 31, (In thousands) 2021 2020 Service revenues United States $ 590,758 $ 450,235 International 77,060 65,137 Total service revenues $ 667,818 $ 515,372 Three Months Ended October 31, (In thousands) 2021 2020 Vehicle sales United States $ 87,703 $ 47,020 International 54,611 30,548 Total vehicle sales $ 142,314 $ 77,568
Contract with customer, asset and liability	The change in the carrying amount of contract assets was as follows (In thousands): Balance as of July 31, 2021 $ 7,485 Capitalized contract assets during the period — Costs amortized during the period (1,030) Effect of foreign currency exchange rates (134) Balance as of October 31, 2021 $ 6,321
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, 2020 $ (121,088) Gain on foreign currency translation 20,228 Cumulative loss on foreign currency translation as of July 31, 2021 $ (100,860) Loss on foreign currency translation (10,518) Cumulative loss on foreign currency translation as of October 31, 2021 $ (111,378)

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Oct. 31, 2021
Accounts Receivable [Abstract]
Schedule of accounts receivable	Accounts receivable, net consisted of: (In thousands) October 31, 2021 July 31, 2021 Advance charges receivable $ 446,368 $ 385,002 Trade accounts receivable 117,337 97,249 Other receivables 4,596 4,013 568,301 486,264 Less: Allowance for credit loss (5,664) (5,636) Accounts receivable, net $ 562,637 $ 480,628

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Oct. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment, net consisted of the following: (In thousands) October 31, 2021 July 31, 2021 Land $ 1,454,026 $ 1,428,262 Buildings and improvements 1,128,552 1,126,414 Transportation and other equipment 342,868 326,622 Office furniture and equipment 81,735 79,928 Software 68,813 66,170 3,075,994 3,027,396 Less: Accumulated depreciation and amortization (757,293) (730,772) Property and equipment, net $ 2,318,701 $ 2,296,624

Leases (Tables)

Leases (Tables)	3 Months Ended
	Oct. 31, 2021
Leases [Abstract]
Lease cost	Components of lease expense were as follows: Three Months Ended October 31, (In thousands) 2021 2020 Operating lease expense $ 7,067 $ 7,257 Finance lease expense: Amortization of right-of-use assets 153 167 Interest on finance lease liabilities 2 21 Short-term lease expense 1,768 1,245 Variable lease expense 224 539 Total lease expense $ 9,214 $ 9,229
Schedule of cash flow information related to leases	Supplemental cash flow information related to leases as of October 31, 2021 were as follows: Three Months Ended October 31, (In thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 6,697 $ 7,856 Operating cash flows related to finance leases 2 21 Financing cash flows related to finance leases 157 327 Right-of-use assets obtained in exchange for new operating lease liabilities 10,823 5,672 Right-of-use assets obtained in exchange for new finance lease liabilities — 15,761

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Oct. 31, 2021
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, 2021 July 31, 2021 Amortized intangibles: Supply contracts and customer relationships $ 55,438 $ 55,598 Trade names 18,935 18,944 Licenses and databases 719 736 Accumulated amortization (31,178) (29,405) Net intangibles $ 43,914 $ 45,873
Schedule of change in carrying amount of goodwill	The change in the carrying amount of goodwill was as follows: (In thousands) Balance as of July 31, 2021 $ 355,717 Effect of foreign currency exchange rates (1,655) Balance as of October 31, 2021 $ 354,062

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Oct. 31, 2021
Fair Value Disclosures [Abstract]
Fair value financial assets and liabilities	The following table summarizes the carrying values and fair values of the Company’s financial instruments that were not carried at fair value in the consolidated balance sheets: October 31, 2021 July 31, 2021 (In thousands) Carrying Value Total Fair Value Total Carrying Value Total Fair Value Total Assets Cash equivalents $ 1,019,239 $ 1,019,249 $ 754,300 $ 754,304 Total Assets $ 1,019,239 $ 1,019,249 $ 754,300 $ 754,304 Liabilities Long-term fixed rate debt, including current portion $ 399,742 $ 422,386 $ 399,733 $ 432,027 Total Liabilities $ 399,742 $ 422,386 $ 399,733 $ 432,027

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Oct. 31, 2021
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) 2021 2020 Weighted average common shares outstanding 237,068 235,791 Effect of dilutive securities 4,153 4,177 Weighted average common and dilutive potential common shares outstanding 241,221 239,968

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Oct. 31, 2021
Share-based Payment Arrangement [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, 2021: (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, 2021 7,557 $ 56.19 6.53 $ 686,269 Grants of options 25 143.23 Exercises (146) 38.17 Forfeitures or expirations — — Outstanding as of October 31, 2021 7,436 $ 56.84 6.29 $ 732,121 Exercisable as of October 31, 2021 4,507 $ 41.08 5.08 $ 514,746
Recognized stock-based compensation expense	The table below sets forth the stock-based compensation recognized by the Company for stock options, restricted stock, and restricted unit awards: Three Months Ended October 31, (In thousands) 2021 2020 General and administrative $ 8,471 $ 7,382 Yard operations 981 1,531 Total stock-based compensation $ 9,452 $ 8,913
Share based payment arrangement restricted stock and restricted stock unit activity	The following is a summary of activity for the Company’s RSA’s and RSU’s for the three months ended October 31, 2021: (In thousands, except per share data) Restricted Shares Weighted Average Grant Date Fair Value Outstanding as of July 31, 2021 102 $ 90.46 Grants 39 143.88 Vested (5) 70.68 Forfeitures or expirations (3) 109.77 Outstanding as of October 31, 2021 133 $ 106.74

Segments and Other Geographic_2

Segments and Other Geographic Reporting (Tables)	3 Months Ended
	Oct. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents financial information by segment: Three Months Ended October 31, 2021 Three Months Ended October 31, 2020 (In thousands) United States International Total United States International Total Service revenues $ 590,758 $ 77,060 $ 667,818 $ 450,235 $ 65,137 $ 515,372 Vehicle sales 87,703 54,611 142,314 47,020 30,548 77,568 Total service revenues and vehicle sales 678,461 131,671 810,132 497,255 95,685 592,940 Yard operations 256,621 42,073 298,694 194,419 37,392 231,811 Cost of vehicle sales 80,342 46,066 126,408 41,506 22,854 64,360 General and administrative 46,548 8,361 54,909 39,738 8,437 48,175 Operating income $ 294,949 $ 35,172 $ 330,121 $ 221,591 $ 27,003 $ 248,594 Depreciation and amortization $ 27,725 $ 4,035 $ 31,760 $ 26,162 $ 2,787 $ 28,949 Capital expenditures and acquisitions 54,272 10,424 64,696 122,459 24,634 147,093 October 31, 2021 July 31, 2021 (In thousands) United States International Total United States International Total Total assets $ 4,223,448 $ 695,404 $ 4,918,852 $ 3,900,712 $ 661,431 $ 4,562,143 Goodwill 270,269 83,793 354,062 270,305 85,412 355,717

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Disaggregation of Revenue [Line Items]
Service revenues and vehicle sales	$ 810,132	$ 592,940
Service revenues
Disaggregation of Revenue [Line Items]
Service revenues and vehicle sales	667,818	515,372
Vehicle sales
Disaggregation of Revenue [Line Items]
Service revenues and vehicle sales	$ 142,314	$ 77,568

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Carrying Amount of Contract Assets (Details) $ in Thousands	3 Months Ended
	Oct. 31, 2021USD ($)
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 7,485
Capitalized contract assets during the period	0
Costs amortized during the period	(1,030)
Effect of foreign currency exchange rates	(134)
Ending balance	$ 6,321

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Oct. 31, 2021	Jul. 31, 2021
Cumulative Translation Adjustment Summary [Roll Forward]
Cumulative loss on foreign currency translation, beginning balance	$ (100,860)	$ (121,088)
(Loss) Gain on foreign currency translation	(10,518)	20,228
Cumulative loss on foreign currency translation, ending balance	$ (111,378)	$ (100,860)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2021	Jul. 31, 2021
Description Of Business and Summary Of Significant Accounting Policies [Line Items]
Capitalized software costs	$ 68.8	$ 66.2
Accumulated amortization expense	$ 46	$ 43.4
Minimum | Software
Description Of Business and Summary Of Significant Accounting Policies [Line Items]
Useful life	3 years
Maximum | Software
Description Of Business and Summary Of Significant Accounting Policies [Line Items]
Useful life	7 years

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jul. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross, current	$ 568,301	$ 486,264
Less: Allowance for credit loss	(5,664)	(5,636)
Accounts receivable, net	562,637	480,628
Advance charges receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross, current	446,368	385,002
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross, current	117,337	97,249
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross, current	$ 4,596	$ 4,013

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Jul. 31, 2021
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 3,075,994		$ 3,027,396
Less: Accumulated depreciation and amortization	(757,293)		(730,772)
Property and equipment, net	2,318,701		2,296,624
Depreciation	29,900	$ 27,100
Land
Property, Plant and Equipment [Line Items]
Property and Equipment	1,454,026		1,428,262
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and Equipment	1,128,552		1,126,414
Transportation and other equipment
Property, Plant and Equipment [Line Items]
Property and Equipment	342,868		326,622
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and Equipment	81,735		79,928
Software
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 68,813		$ 66,170

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Leases [Abstract]
Renewal term	40 years
Operating lease expense	$ 7,067	$ 7,257
Amortization of right-of-use assets	153	167
Interest on finance lease liabilities	2	21
Short-term lease expense	1,768	1,245
Variable lease expense	224	539
Total lease expense	$ 9,214	$ 9,229

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Leases [Abstract]
Operating cash flows related to operating leases	$ 6,697	$ 7,856
Operating cash flows related to finance leases	2	21
Financing cash flows related to finance leases	157	327
Right-of-use assets obtained in exchange for new operating lease liabilities	10,823	5,672
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 0	$ 15,761

Leases - Lessor (Details)

Leases - Lessor (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Jul. 31, 2021
Leases [Abstract]
Property subject to or available for operating lease gross	$ 57.2		$ 55.5
Property subject to or available for operating lease accumulated depreciation	2.3		$ 1.9
Operating lease income	$ 3.5	$ 3.6

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jul. 31, 2021
Amortized intangibles:
Accumulated amortization	$ (31,178)	$ (29,405)
Net intangibles	43,914	45,873
Supply contracts and customer relationships
Amortized intangibles:
Gross carrying amount	55,438	55,598
Trade names
Amortized intangibles:
Gross carrying amount	18,935	18,944
Licenses and databases
Amortized intangibles:
Gross carrying amount	$ 719	$ 736

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Aggregate amortization expense	$ 1.8	$ 1.8

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Change in Goodwill (Details) $ in Thousands	3 Months Ended
	Oct. 31, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 355,717
Effect of foreign currency exchange rates	(1,655)
Ending balance	$ 354,062

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	3 Months Ended
	Oct. 31, 2021	Jul. 31, 2021	Jul. 21, 2020	Dec. 03, 2014
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate	1.50%
Note Purchase Agreement | Senior Notes
Line of Credit Facility [Line Items]
Debt instrument face amount				$ 400,000,000
Note Purchase Agreement | Senior Notes, Series A
Line of Credit Facility [Line Items]
Interest rate				4.07%
Note Purchase Agreement | Senior Notes, Series B
Line of Credit Facility [Line Items]
Interest rate				4.19%
Note Purchase Agreement | Senior Notes, Series C
Line of Credit Facility [Line Items]
Interest rate				4.25%
Note Purchase Agreement | Senior Notes, Series D
Line of Credit Facility [Line Items]
Interest rate				4.35%
Senior Notes, Series A | Senior Notes
Line of Credit Facility [Line Items]
Debt instrument face amount				$ 100,000,000
Senior Notes, Series B | Senior Notes
Line of Credit Facility [Line Items]
Debt instrument face amount				100,000,000
Senior Notes, Series C | Senior Notes
Line of Credit Facility [Line Items]
Debt instrument face amount				100,000,000
Senior Notes, Series D | Senior Notes
Line of Credit Facility [Line Items]
Debt instrument face amount				$ 100,000,000
Eurodollar
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate	0.75%
WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 0	$ 0
WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | First Amended and Restated Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 1,050,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jul. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,019,239	$ 754,300
Assets, Fair Value Disclosure	1,019,239	754,300
Total Liabilities	399,742	399,733
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,019,249	754,304
Assets, Fair Value Disclosure	1,019,249	754,304
Total Liabilities	422,386	432,027
Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	399,742	399,733
Fixed Rate Debt | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term fixed rate debt, including current portion	$ 422,386	$ 432,027

Net Income Per Share (Details)

Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Earnings Per Share [Abstract]
Weighted average common shares outstanding (in shares)	237,068	235,791
Effect of dilutive securities (in shares)	4,153	4,177
Weighted average common and dilutive potential common shares outstanding (in shares)	241,221	239,968

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from the calculation of dilutive earnings (in shares)	55,250	1,350,000

Stock-based Compensation - Opti

Stock-based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Oct. 31, 2021	Jul. 31, 2021
Shares
Outstanding, beginning balance (in shares)	7,557
Grants of options (in shares)	25
Exercises (in shares)	(146)
Forfeitures or expirations (in shares)	0
Outstanding, ending balance (in shares)	7,436	7,557
Exercisable as of October 31, 2021 (in shares)	4,507
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 56.19
Grants of options (in dollars per share)	143.23
Exercises (in dollars per share)	38.17
Forfeitures (in dollars per share)	0
Outstanding, ending balance (in dollars per share)	56.84	$ 56.19
Exercisable as of October 31, 2021 (in dollars per share)	$ 41.08
Weighted Average Remaining Contractual Term (In years)	6 years 3 months 14 days	6 years 6 months 10 days
Weighted Average Remaining Contractual Term, exercisable (In years)	5 years 29 days
Aggregate Intrinsic Value	$ 732,121	$ 686,269
Aggregate Intrinsic Value, exercisable	$ 514,746

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 17, 2021	Jun. 12, 2021	Jun. 12, 2020	Oct. 31, 2021	Oct. 31, 2020	Jul. 31, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for calculating intrinsic value (in shares)				7,436,171
Deferred compensation arrangement with individual - requisite service period		5 years
Vesting condition, share price (in dollars per share)			$ 106.30
Percent of exercise price			125.00%
Consecutive trading days			20 days
Cost not yet recognized, period for recognition				5 years
Total stock-based compensation				$ 9,452	$ 8,913
Unvested options (in shares)				7,436,000		7,557,000
Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage		20.00%
Award Date [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonqualified stock options to purchase of shares, exercise price (in dollars per share)			$ 85.04
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount				$ 25,500
Award Date [Domain] | Valuation Technique, Option Pricing Model
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, grant date intrinsic value (in dollars per share)			$ 25.47
Award Date [Domain] | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonqualified stock options to purchase (in shares)							1,000,000
Total stock-based compensation				$ 1,800
Employee Stock Option | Valuation Technique, Option Pricing Model
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate, minimum				0.71%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate, minimum				25.20%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate				0.00%
Employee Stock Option | Valuation Technique, Option Pricing Model | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term				7 years 7 months 20 days
Employee Stock Option | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				2 years
Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				5 years
Option, Market Based | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting condition, share price (in dollars per share)	$ 106.30
Percent of exercise price	125.00%
Unvested options (in shares)	500,000

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2021	Oct. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 9,452	$ 8,913
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	8,471	7,382
Yard Operations
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 981	$ 1,531

Stock-based Compensation - Comp

Stock-based Compensation - Company RSA's and RSU's (Details) shares in Thousands	3 Months Ended
	Oct. 31, 2021$ / sharesshares
Restricted Shares
Outstanding, beginning balance (in shares) | shares	102
Grants of restricted stock (in shares) | shares	39
Vested restricted stock (in shares) | shares	(5)
Forfeited restricted stock (in shares) | shares	(3)
Outstanding, ending balance (in shares) | shares	133
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 90.46
Grants (in dollars per share) | $ / shares	143.88
Vested (in dollars per share) | $ / shares	70.68
Forfeited (in dollars per share) | $ / shares	109.77
Outstanding, ending balance (in dollars per share) | $ / shares	$ 106.74

Stock Repurchases - Narrative (

Stock Repurchases - Narrative (Details) - Stock Repurchase Program 2011 - shares	235 Months Ended
	Apr. 30, 2021	Oct. 31, 2021	Sep. 22, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program additional number of shares authorized approved (in shares)			80,000,000
Stock repurchased (in shares)	114,549,198
Number of shares available for repurchase under stock repurchase program (in shares)		81,450,802
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for repurchase (in shares)			196,000,000

Segments and Other Geographic_3

Segments and Other Geographic Reporting (Details) $ in Thousands	3 Months Ended
	Oct. 31, 2021USD ($)Segment	Oct. 31, 2020USD ($)	Jul. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | Segment	2
Number of reportable segments | Segment	2
Service revenues and vehicle sales	$ 810,132	$ 592,940
Yard operations	298,694	231,811
Cost of vehicle sales	126,408	64,360
General and administrative	54,909	48,175
Operating income	330,121	248,594
Depreciation and amortization	31,760	28,949
Capital expenditures and acquisitions	64,696	147,093
Total assets	4,918,852		$ 4,562,143
Goodwill	354,062		355,717
Operating Segments | US | United States
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	678,461	497,255
Yard operations	256,621	194,419
Cost of vehicle sales	80,342	41,506
General and administrative	46,548	39,738
Operating income	294,949	221,591
Depreciation and amortization	27,725	26,162
Capital expenditures and acquisitions	54,272	122,459
Total assets	4,223,448		3,900,712
Goodwill	270,269		270,305
Operating Segments | International | International
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	131,671	95,685
Yard operations	42,073	37,392
Cost of vehicle sales	46,066	22,854
General and administrative	8,361	8,437
Operating income	35,172	27,003
Depreciation and amortization	4,035	2,787
Capital expenditures and acquisitions	10,424	24,634
Total assets	695,404		661,431
Goodwill	83,793		$ 85,412
Service revenues
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	667,818	515,372
Service revenues | Operating Segments | US | United States
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	590,758	450,235
Service revenues | Operating Segments | International | International
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	77,060	65,137
Vehicle sales
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	142,314	77,568
Vehicle sales | Operating Segments | US | United States
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	87,703	47,020
Vehicle sales | Operating Segments | International | International
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	$ 54,611	$ 30,548