Copart (CPRT) 10-Q 25 May 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Apr. 30, 2022	May 24, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
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		237,672,576
Entity Central Index Key	0000900075
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY)	Q3
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2022	Jul. 31, 2021
Current assets:
Cash, cash equivalents, and restricted cash	$ 1,454,818	$ 1,048,260
Investment in held to maturity securities	224,889	0
Accounts receivable, net	585,914	480,628
Vehicle pooling costs	114,028	94,449
Inventories	56,988	44,968
Income taxes receivable	1,581	20,012
Prepaid expenses and other assets	19,208	14,294
Total current assets	2,457,426	1,702,611
Property and equipment, net	2,402,809	2,296,624
Operating lease right-of-use assets	121,006	119,487
Intangibles, net	40,854	45,873
Goodwill	348,000	355,717
Other assets	73,779	41,831
Total assets	5,443,874	4,562,143
Current liabilities:
Accounts payable and accrued liabilities	398,414	369,826
Deferred revenue	21,087	20,973
Income taxes payable	6,907	7,760
Current portion of operating and finance lease liabilities	22,687	22,472
Total current liabilities	449,095	421,031
Deferred income taxes	78,023	63,969
Income taxes payable	61,359	52,345
Operating and finance lease liabilities, net of current portion	99,610	97,961
Long-term debt and other liabilities, net of discount	402,733	397,636
Total liabilities	1,090,820	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; 237,613,616 and 237,014,273 shares issued and outstanding, respectively.	24	24
Additional paid-in capital	811,900	761,834
Accumulated other comprehensive loss	(152,596)	(100,860)
Retained earnings	3,693,726	2,868,203
Total stockholders’ equity	4,353,054	3,529,201
Total liabilities and stockholders’ equity	$ 5,443,874	$ 4,562,143

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Apr. 30, 2022	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)	237,613,616	237,014,273
Common stock, shares outstanding (in shares)	237,613,616	237,014,273

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Service revenues and vehicle sales	$ 939,941	$ 733,910	$ 2,617,533	$ 1,943,881
Operating expenses:
Yard operations	346,428	258,071	968,936	725,786
Cost of vehicle sales	157,236	94,498	423,948	232,487
General and administrative	63,522	53,230	174,445	150,682
Total operating expenses	567,186	405,799	1,567,329	1,108,955
Operating income	372,755	328,111	1,050,204	834,926
Other expense:
Interest expense, net	(4,492)	(5,346)	(14,032)	(15,227)
Other income, net	1,342	770	1,314	3,103
Total other expense	(3,150)	(4,576)	(12,718)	(12,124)
Income before income taxes	369,605	323,535	1,037,486	822,802
Income tax expense	90,985	36,739	211,091	142,281
Net income	$ 278,620	$ 286,796	$ 826,395	$ 680,521
Basic net income per common share (in dollars per share)	$ 1.17	$ 1.21	$ 3.48	$ 2.88
Weighted average common shares outstanding (in shares)	237,505	236,396	237,277	236,110
Diluted net income per common share (in dollars per share)	$ 1.16	$ 1.19	$ 3.42	$ 2.83
Diluted weighted average common shares outstanding (in shares)	240,724	240,208	241,288	240,149
Service revenues
Service revenues and vehicle sales	$ 766,316	$ 623,846	$ 2,145,224	$ 1,671,819
Vehicle sales
Service revenues and vehicle sales	$ 173,625	$ 110,064	$ 472,309	$ 272,062

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Comprehensive income, net of tax:
Net income	$ 278,620	$ 286,796	$ 826,395	$ 680,521
Other comprehensive income:
Foreign currency translation adjustments	(29,094)	5,056	(51,736)	19,424
Comprehensive income	$ 249,526	$ 291,852	$ 774,659	$ 699,945

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, 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	680,521
Outstanding shares, ending balance (in shares) at Apr. 30, 2021		236,568,394
Stockholders' equity, ending balance at Apr. 30, 2021	3,249,377	$ 24	733,581	(101,664)	2,617,436
Outstanding shares, beginning balance (in shares) at Oct. 31, 2020		236,118,007
Stockholders' equity, beginning balance at Oct. 31, 2020	2,710,833	$ 24	701,654	(128,494)	2,137,649
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	193,440				193,440
Currency translation adjustment	21,774			21,774
Exercise of stock options, net of repurchased shares (in shares)		121,158
Exercise of stock options, net of repurchased shares	2,800		3,098		(298)
Stock-based compensation	8,865		8,865
Shares issued for Employee Stock Purchase Plan (in shares)		67,877
Shares issued for Employee Stock Purchase Plan	4,880		4,880
Outstanding shares, ending balance (in shares) at Jan. 31, 2021		236,307,042
Stockholders' equity, ending balance at Jan. 31, 2021	2,942,592	$ 24	718,497	(106,720)	2,330,791
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	286,796				286,796
Currency translation adjustment	5,056			5,056
Exercise of stock options, net of repurchased shares (in shares)		261,352
Exercise of stock options, net of repurchased shares	5,566		5,717		(151)
Stock-based compensation	9,367		9,367
Outstanding shares, ending balance (in shares) at Apr. 30, 2021		236,568,394
Stockholders' equity, ending balance at Apr. 30, 2021	3,249,377	$ 24	733,581	(101,664)	2,617,436
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)		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
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	$ 826,395
Exercise of stock options, net of repurchased shares (in shares)	525,000
Outstanding shares, ending balance (in shares) at Apr. 30, 2022		237,613,616
Stockholders' equity, ending balance at Apr. 30, 2022	$ 4,353,054	$ 24	811,900	(152,596)	3,693,726
Outstanding shares, beginning balance (in shares) at Oct. 31, 2021		237,181,350
Stockholders' equity, beginning balance at Oct. 31, 2021	3,793,821	$ 24	776,858	(111,378)	3,128,317
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	287,412				287,412
Currency translation adjustment	(12,124)			(12,124)
Exercise of stock options, net of repurchased shares (in shares)		246,451
Exercise of stock options, net of repurchased shares	6,063		6,413		(350)
Stock-based compensation (in shares)		2,767
Stock-based compensation	9,662		9,662
Shares issued for Employee Stock Purchase Plan (in shares)		43,924
Shares issued for Employee Stock Purchase Plan	5,022		5,022
Outstanding shares, ending balance (in shares) at Jan. 31, 2022		237,474,492
Stockholders' equity, ending balance at Jan. 31, 2022	4,089,856	$ 24	797,955	(123,502)	3,415,379
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	278,620				278,620
Currency translation adjustment	(29,094)			(29,094)
Exercise of stock options, net of repurchased shares (in shares)		132,955
Exercise of stock options, net of repurchased shares	3,850		4,123		(273)
Stock-based compensation (in shares)		6,136
Stock-based compensation	9,818		9,818
Shares issued for Employee Stock Purchase Plan (in shares)		33
Shares issued for Employee Stock Purchase Plan	4		4
Outstanding shares, ending balance (in shares) at Apr. 30, 2022		237,613,616
Stockholders' equity, ending balance at Apr. 30, 2022	$ 4,353,054	$ 24	$ 811,900	$ (152,596)	$ 3,693,726

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Cash flows from operating activities:
Net income	$ 826,395	$ 680,521
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost	102,333	93,141
Allowance for credit loss	1,456	(1,429)
Equity in losses (earnings) of unconsolidated affiliates	794	(2,121)
Stock-based compensation	28,932	27,145
Gain on sale of property and equipment	(1,280)	(1,257)
Deferred income taxes	14,582	(14,130)
Changes in operating assets and liabilities:
Accounts receivable	(109,636)	(81,593)
Vehicle pooling costs	(20,029)	(12,777)
Inventories	(13,367)	(18,788)
Prepaid expenses, other current and non-current assets	(37,842)	6,879
Operating lease right-of-use assets and lease liabilities	436	389
Accounts payable and accrued liabilities	45,745	47,914
Deferred revenue	388	8,467
Income taxes receivable	18,416	16,152
Income taxes payable	6,531	13,692
Net cash provided by operating activities	863,854	762,205
Cash flows from investing activities:
Purchases of property and equipment	(234,810)	(364,395)
Purchase of assets in connection with acquisitions	(493)	0
Proceeds from sale of property and equipment	2,622	599
Purchase of held to maturity securities	(374,866)	0
Proceeds from the sale of held to maturity securities	149,977	0
Net cash used in investing activities	(457,570)	(363,796)
Cash flows from financing activities:
Proceeds from the exercise of stock options	16,108	28,829
Proceeds from the issuance of Employee Stock Purchase Plan shares	5,026	4,880
Payments for employee stock-based tax withholdings	(872)	(938)
Debt offering costs	(1,212)	0
Payments of finance lease obligations	(472)	(962)
Net cash provided by financing activities	18,578	31,809
Effect of foreign currency translation	(18,304)	3,954
Net increase in cash, cash equivalents, and restricted cash	406,558	434,172
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	1,454,818	911,890
Supplemental disclosure of cash flow information:
Interest paid	14,485	14,736
Income taxes paid, net of refunds	$ 195,521	$ 126,303

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Apr. 30, 2022
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 the Company’s financial position as of April 30, 2022 and July 31, 2021, its consolidated statements of income, comprehensive income and stockholders’ equity for the three and nine months ended April 30, 2022 and 2021, and its cash flows for the nine months ended April 30, 2022 and 2021. Interim results for the three and nine months ended April 30, 2022 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 April 30, Nine Months Ended April 30, (In thousands) 2022 2021 2022 2021 Service revenues United States $ 678,865 $ 550,338 $ 1,900,330 $ 1,465,996 International 87,451 73,508 244,894 205,823 Total service revenues $ 766,316 $ 623,846 $ 2,145,224 $ 1,671,819 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 April 30, Nine Months Ended April 30, (In thousands) 2022 2021 2022 2021 Vehicle sales United States $ 111,385 $ 71,615 $ 295,767 $ 171,135 International 62,240 38,449 176,542 100,927 Total vehicle sales $ 173,625 $ 110,064 $ 472,309 $ 272,062 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 Costs amortized during the period (2,318) Effect of foreign currency exchange rates 382 Balance as of April 30, 2022 $ 5,549 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 (51,736) Cumulative loss on foreign currency translation as of April 30, 2022 $ (152,596) 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 (as defined in Note 6) approximated their fair values as of April 30, 2022 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, 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	9 Months Ended
	Apr. 30, 2022
Accounts Receivable [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net consisted of: (In thousands) April 30, 2022 July 31, 2021 Advance charges receivable $ 452,103 $ 385,002 Trade accounts receivable 136,563 97,249 Other receivables 3,959 4,013 592,625 486,264 Less: Allowance for credit loss (6,711) (5,636) Accounts receivable, net $ 585,914 $ 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	9 Months Ended
	Apr. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following: (In thousands) April 30, 2022 July 31, 2021 Land $ 1,484,617 $ 1,428,262 Buildings and improvements 1,186,649 1,126,414 Transportation and other equipment 388,179 326,622 Office furniture and equipment 82,723 79,928 Software 74,760 66,170 3,216,928 3,027,396 Less: Accumulated depreciation and amortization (814,119) (730,772) Property and equipment, net $ 2,402,809 $ 2,296,624

Leases

Leases	9 Months Ended
	Apr. 30, 2022
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 April 30, Nine Months Ended April 30, (In thousands) 2022 2021 2022 2021 Operating lease expense $ 6,825 $ 7,040 $ 20,835 $ 21,321 Finance lease expense: Amortization of right-of-use assets 155 167 464 501 Interest on finance lease liabilities 1 16 5 60 Short-term lease expense 897 1,037 4,387 3,305 Variable lease expense 427 278 981 1,212 Total lease expense $ 8,305 $ 8,538 $ 26,672 $ 26,399 Supplemental cash flow information related to leases as of April 30, 2022 were as follows: Nine Months Ended April 30, (In thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 19,934 $ 21,855 Operating cash flows related to finance leases 4 32 Financing cash flows related to finance leases 472 962 Right-of-use assets obtained in exchange for new operating lease liabilities 14,461 37,120 Right-of-use assets obtained in exchange for new finance lease liabilities — 6,251 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 April 30, 2022 and July 31, 2021 was $56.8 million and $55.5 million, respectively. The accumulated depreciation associated with the leased assets as of April 30, 2022 and July 31, 2021 was $2.8 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 $3.6 million and $3.5 million for the three months ended April 30, 2022 and 2021, respectively, and $10.9 million and $10.7 million for the nine months ended April 30, 2022 and 2021, respectively, and is included within Service revenues on the consolidated statements of income.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Apr. 30, 2022
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) April 30, 2022 July 31, 2021 Amortized intangibles: Supply contracts and customer relationships $ 56,158 $ 55,598 Trade names 18,906 18,944 Licenses and databases 657 736 Accumulated amortization (34,867) (29,405) Intangibles, net $ 40,854 $ 45,873 Aggregate amortization expense on amortizable intangible assets was $1.9 million and $1.8 million for the three months ended April 30, 2022 and 2021, respectively, and $5.6 million and $5.3 million for the nine months ended April 30, 2022 and 2021, respectively. The change in the carrying amount of goodwill was as follows: (In thousands) Balance as of July 31, 2021 $ 355,717 Acquisitions during the period 180 Effect of foreign currency exchange rates (7,897) Balance as of April 30, 2022 $ 348,000

Long-Term Debt

Long-Term Debt	9 Months Ended
	Apr. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Credit Agreement On December 21, 2021, the Company entered into a Second Amended and Restated Credit Agreement by and among Copart, certain subsidiaries of Copart party thereto, the lenders party thereto, and Bank of America, N.A., as administrative agent (the “Second Amended and Restated Credit Agreement”). The Second Amended and Restated Credit Agreement amends and restates certain terms of the First Amended and Restated Credit Agreement, dated as of July 21, 2020, by and among Copart, the lenders party thereto, and Bank of America, N.A., as administrative agent (as successor in interest to Wells Fargo Bank, National Association) (the “Existing Credit Agreement”). The Second Amended and Restated Credit Agreement provides for, among other things, (a) an increase in the secured revolving credit commitments by $200.0 million, bringing the aggregate principal amount of the revolving credit commitments under the Second Amended and Restated Credit Agreement (the “Revolving Loan Facility”) to $1,250.0 million, (b) an increase in the letter of credit sublimit from $60.0 million to $100.0 million, (c) addition of Copart UK Limited, CPRT GmbH and Copart Autos España, S.L.U., each a wholly-owned direct or indirect foreign subsidiary of Copart, as borrowers, (d) addition of the ability to borrow under the Second and Amended and Restated Credit Agreement in certain foreign currencies including Pounds Sterling, Euro and Canadian Dollars, (e) extension of the maturity date of the revolving credit facility under the Existing Credit Agreement from July 21, 2023 to December 21, 2026, (f) replacing the LIBOR interest rate applicable to U.S. Dollar denominated borrowings with a SOFR-based interest rate, and (g) changing the pricing levels with respect to the revolving loans as further described below. The Second and Amended and Restated Credit Agreement provides for the Revolving Loan Facility of $1,250.0 million maturing on December 21, 2026 (including up to $550.0 million equivalent of borrowings in Pounds Sterling, Euro and Canadian Dollars) with a $150.0 million equivalent sub-facility available to CPRT GmbH, a $150.0 million equivalent sub-facility available to Copart Autos España, S.L.U. and a $250.0 million equivalent sub-facility available to Copart UK Limited. The proceeds may be 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. Borrowings under the Second Amended and Restated Credit Agreement bear interest based on, at our option, either (1) the applicable fixed rate plus 1.00% to 1.75% or (2) the daily rate plus 0.0% to 0.75%, in each case, depending on Copart’s consolidated total net leverage ratio. Additionally, the unused revolving commitments under the Second Amended and Restated Credit Agreement are subject to the payment of a customary commitment fee at a range of 0.175% to 0.275%, depending on Copart’s consolidated total net leverage ratio. The applicable fixed rates described above with respect to borrowings denominated in (1) U.S. Dollars is SOFR plus certain “spread adjustments” described in the Second Amended and Restated Credit Agreement, (2) Pounds Sterling is SONIA plus certain “spread adjustments” described in the Second Amended and Restated Credit Agreement, (3) Euro is EURIBOR, and (4) Canadian Dollars is CDOR. The Company had no outstanding borrowings under the Revolving Loan Facility as of April 30, 2022 and July 31, 2021. Accordingly, the carrying value approximated fair value at April 30, 2022, and was classified within Level II of the fair value hierarchy. The Company’s obligations under the Second Amended and Restated Credit Agreement are guaranteed by certain of the Company’s domestic subsidiaries meeting materiality thresholds set forth in the Second Amended and Restated 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 Documents Confirmation Agreement as part of the Second Amended and Restated Credit Agreement. The Second Amended and Restated 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 Second Amended and Restated 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 April 30, 2022, the consolidated total net leverage ratio was (0.65):1. Minimum liquidity requirement as of April 30, 2022 was $2.7 billion. Accordingly, the Company does not believe that the provisions of the Second Amended and Restated 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 Second Amended and Restated Credit Agreement as of April 30, 2022. Related to execution of the Second Amended and Restated Credit Agreement, the Company incurred $2.7 million in costs, which were capitalized as debt issuance fees. The debt discount is amortized to interest expense over the term of the respective debt instruments and is classified as reductions of the outstanding liability. 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 April 30, 2022.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Apr. 30, 2022
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: April 30, 2022 July 31, 2021 (In thousands) Carrying Value Total Fair Value Total Carrying Value Total Fair Value Total Assets Cash equivalents $ 1,181,844 $ 1,181,987 $ 754,300 $ 754,304 Treasury Bills 224,889 224,898 — — Total Assets $ 1,406,733 $ 1,406,885 $ 754,300 $ 754,304 Liabilities Long-term fixed rate debt, including current portion $ 399,726 $ 391,891 $ 399,733 $ 432,027 Total Liabilities $ 399,726 $ 391,891 $ 399,733 $ 432,027 The Company has investments in Treasury Bills some of which mature over a period greater than 90 days and are classified as short-term investments. The Treasury Bills are carried at amortized cost and classified as held to maturity as the Company has the intent and the ability to hold them until they mature. The carrying value of the Treasury Bills are adjusted for accretion of discounts over the remaining life of the investment. Income related to the Treasury Bills is recognized in interest income in the Company’s consolidated statement of income. The Treasury Bills classified within Level I of the fair value hierarchy. During the nine months ended April 30, 2022, 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	9 Months Ended
	Apr. 30, 2022
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 April 30, Nine Months Ended April 30, (In thousands) 2022 2021 2022 2021 Weighted average common shares outstanding 237,505 236,396 237,277 236,110 Effect of dilutive securities 3,219 3,812 4,011 4,039 Weighted average common and dilutive potential common shares outstanding 240,724 240,208 241,288 240,149 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 1,758,631 and 1,280,000 options to purchase the Company’s common stock for the three months ended April 30, 2022 and 2021, respectively, and 1,964,131 and 3,180,000 options to purchase the Company’s common stock for the nine months ended April 30, 2022 and 2021, respectively, because their inclusion would have been anti-dilutive.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Apr. 30, 2022
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 nine months ended April 30, 2022: (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 6,427 $ 50.69 5.69 $ 619,019 Grants of options 340 133.96 Exercises (525) 30.67 Forfeitures or expirations (165) 56.11 Outstanding as of April 30, 2022 6,077 $ 56.93 5.48 $ 351,978 Exercisable as of April 30, 2022 4,429 $ 44.46 4.59 $ 308,452 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 6,669,003 at April 30, 2022. The Company grants option awards to certain executives that contain service and market conditions. The options will become exercisable over five years, subject to continued service by the executive, with 20% vesting on the first anniversary of the grant date 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 a market condition requiring the trading price of Copart, Inc. common stock on the NASDAQ Global Select Market to be greater than or equal 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 exercise price of the options is equivalent to the closing price of the Company’s common stock on the grant date. The fair value of the awards is determined at the grant date using either Lattice or Monte Carlo model, risk-free interest rates ranging from 0.71% to 2.38%, estimated volatility ranging from 25.2% to 25.7%, and no expected dividends. The total estimated compensation expense to be recognized by the Company over the five-year service period for these options is $45.9 million and will be recognized using the accelerated attribution method over each vesting tranche of the award. The Company recognized $7.1 million and $10.2 million in compensation expense related to these awards in the nine months ended April 30, 2022 and 2021, respectively. The following is a summary of activity for the Company’s stock option awards subject to market conditions for the nine months ended April 30, 2022: (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 1,130 $ 87.49 8.96 $ 67,250 Grants of options 325 125.68 Exercises — — Forfeitures or expirations — — Outstanding as of April 30, 2022 1,455 $ 96.02 8.59 $ 29,564 Exercisable as of April 30, 2022 395 $ 86.56 8.17 $ 10,697 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 April 30, Nine Months Ended April 30, (In thousands) 2022 2021 2022 2021 General and administrative $ 8,401 $ 7,966 $ 25,119 $ 22,399 Yard operations 1,417 1,401 3,813 4,746 Total stock-based compensation $ 9,818 $ 9,367 $ 28,932 $ 27,145 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 nine months ended April 30, 2022: (In thousands, except per share data) Restricted Shares Weighted Average Grant Date Fair Value Outstanding as of July 31, 2021 102 $ 90.46 Grants 141 133.60 Vested (22) 74.24 Forfeitures or expirations (13) 107.05 Outstanding as of April 30, 2022 208 $ 120.50

Stock Repurchases

Stock Repurchases	9 Months Ended
	Apr. 30, 2022
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 nine months ended April 30, 2022 or 2021. As of April 30, 2022, 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	9 Months Ended
	Apr. 30, 2022
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	9 Months Ended
	Apr. 30, 2022
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	9 Months Ended
	Apr. 30, 2022
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 April 30, 2022 Three Months Ended April 30, 2021 (In thousands) United States International Total United States International Total Service revenues $ 678,865 $ 87,451 $ 766,316 $ 550,338 $ 73,508 $ 623,846 Vehicle sales 111,385 62,240 173,625 71,615 38,449 110,064 Total service revenues and vehicle sales 790,250 149,691 939,941 621,953 111,957 733,910 Yard operations 295,326 51,102 346,428 218,672 39,399 258,071 Cost of vehicle sales 101,781 55,455 157,236 63,012 31,486 94,498 General and administrative 52,706 10,816 63,522 43,543 9,687 53,230 Operating income $ 340,437 $ 32,318 $ 372,755 $ 296,726 $ 31,385 $ 328,111 Depreciation and amortization $ 31,609 $ 4,970 $ 36,579 $ 28,161 $ 3,805 $ 31,966 Capital expenditures and acquisitions 64,397 14,237 78,634 59,006 22,175 81,181 Nine Months Ended April 30, 2022 Nine Months Ended April 30, 2021 (In thousands) United States International Total United States International Total Service revenues $ 1,900,330 $ 244,894 $ 2,145,224 $ 1,465,996 $ 205,823 $ 1,671,819 Vehicle sales 295,767 176,542 472,309 171,135 100,927 272,062 Total service revenues and vehicle sales 2,196,097 421,436 2,617,533 1,637,131 306,750 1,943,881 Yard operations 830,040 138,896 968,936 612,198 113,588 725,786 Cost of vehicle sales 272,387 151,561 423,948 153,119 79,368 232,487 General and administrative 145,638 28,807 174,445 124,044 26,638 150,682 Operating income $ 948,032 $ 102,172 $ 1,050,204 $ 747,770 $ 87,156 $ 834,926 Depreciation and amortization $ 88,655 $ 12,997 $ 101,652 $ 82,068 $ 10,239 $ 92,307 Capital expenditures and acquisitions 205,457 29,846 235,303 303,060 61,335 364,395 April 30, 2022 July 31, 2021 (In thousands) United States International Total United States International Total Total assets $ 4,751,379 $ 692,495 $ 5,443,874 $ 3,900,712 $ 661,431 $ 4,562,143 Goodwill 270,358 77,642 348,000 270,305 85,412 355,717

Subsequent Events

Subsequent Events	9 Months Ended
	Apr. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 24, 2022, the Company retired 100% of the Senior Notes referenced in Note 6 Long-Term Debt. The Company paid $420.6 million to retire the Senior Notes which included an additional $16.8 million make-whole payment, to the holders of the Senior Notes, and $3.8 million in accrued interest.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Apr. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Description of Business	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	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 the Company’s financial position as of April 30, 2022 and July 31, 2021, its consolidated statements of income, comprehensive income and stockholders’ equity for the three and nine months ended April 30, 2022 and 2021, and its cash flows for the nine months ended April 30, 2022 and 2021. Interim results for the three and nine months ended April 30, 2022 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 April 30, Nine Months Ended April 30, (In thousands) 2022 2021 2022 2021 Service revenues United States $ 678,865 $ 550,338 $ 1,900,330 $ 1,465,996 International 87,451 73,508 244,894 205,823 Total service revenues $ 766,316 $ 623,846 $ 2,145,224 $ 1,671,819 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 April 30, Nine Months Ended April 30, (In thousands) 2022 2021 2022 2021 Vehicle sales United States $ 111,385 $ 71,615 $ 295,767 $ 171,135 International 62,240 38,449 176,542 100,927 Total vehicle sales $ 173,625 $ 110,064 $ 472,309 $ 272,062 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 (as defined in Note 6) approximated their fair values as of April 30, 2022 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, 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)	9 Months Ended
	Apr. 30, 2022
Accounting Policies [Abstract]
Schedule of disaggregation of revenue service revenues	Three Months Ended April 30, Nine Months Ended April 30, (In thousands) 2022 2021 2022 2021 Service revenues United States $ 678,865 $ 550,338 $ 1,900,330 $ 1,465,996 International 87,451 73,508 244,894 205,823 Total service revenues $ 766,316 $ 623,846 $ 2,145,224 $ 1,671,819 Three Months Ended April 30, Nine Months Ended April 30, (In thousands) 2022 2021 2022 2021 Vehicle sales United States $ 111,385 $ 71,615 $ 295,767 $ 171,135 International 62,240 38,449 176,542 100,927 Total vehicle sales $ 173,625 $ 110,064 $ 472,309 $ 272,062
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 Costs amortized during the period (2,318) Effect of foreign currency exchange rates 382 Balance as of April 30, 2022 $ 5,549
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 (51,736) Cumulative loss on foreign currency translation as of April 30, 2022 $ (152,596)

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	9 Months Ended
	Apr. 30, 2022
Accounts Receivable [Abstract]
Schedule of accounts receivable	Accounts receivable, net consisted of: (In thousands) April 30, 2022 July 31, 2021 Advance charges receivable $ 452,103 $ 385,002 Trade accounts receivable 136,563 97,249 Other receivables 3,959 4,013 592,625 486,264 Less: Allowance for credit loss (6,711) (5,636) Accounts receivable, net $ 585,914 $ 480,628

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Apr. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment, net consisted of the following: (In thousands) April 30, 2022 July 31, 2021 Land $ 1,484,617 $ 1,428,262 Buildings and improvements 1,186,649 1,126,414 Transportation and other equipment 388,179 326,622 Office furniture and equipment 82,723 79,928 Software 74,760 66,170 3,216,928 3,027,396 Less: Accumulated depreciation and amortization (814,119) (730,772) Property and equipment, net $ 2,402,809 $ 2,296,624

Leases (Tables)

Leases (Tables)	9 Months Ended
	Apr. 30, 2022
Leases [Abstract]
Lease cost	Components of lease expense were as follows: Three Months Ended April 30, Nine Months Ended April 30, (In thousands) 2022 2021 2022 2021 Operating lease expense $ 6,825 $ 7,040 $ 20,835 $ 21,321 Finance lease expense: Amortization of right-of-use assets 155 167 464 501 Interest on finance lease liabilities 1 16 5 60 Short-term lease expense 897 1,037 4,387 3,305 Variable lease expense 427 278 981 1,212 Total lease expense $ 8,305 $ 8,538 $ 26,672 $ 26,399
Schedule of cash flow information related to leases	Supplemental cash flow information related to leases as of April 30, 2022 were as follows: Nine Months Ended April 30, (In thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 19,934 $ 21,855 Operating cash flows related to finance leases 4 32 Financing cash flows related to finance leases 472 962 Right-of-use assets obtained in exchange for new operating lease liabilities 14,461 37,120 Right-of-use assets obtained in exchange for new finance lease liabilities — 6,251

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Apr. 30, 2022
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) April 30, 2022 July 31, 2021 Amortized intangibles: Supply contracts and customer relationships $ 56,158 $ 55,598 Trade names 18,906 18,944 Licenses and databases 657 736 Accumulated amortization (34,867) (29,405) Intangibles, net $ 40,854 $ 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 Acquisitions during the period 180 Effect of foreign currency exchange rates (7,897) Balance as of April 30, 2022 $ 348,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Apr. 30, 2022
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: April 30, 2022 July 31, 2021 (In thousands) Carrying Value Total Fair Value Total Carrying Value Total Fair Value Total Assets Cash equivalents $ 1,181,844 $ 1,181,987 $ 754,300 $ 754,304 Treasury Bills 224,889 224,898 — — Total Assets $ 1,406,733 $ 1,406,885 $ 754,300 $ 754,304 Liabilities Long-term fixed rate debt, including current portion $ 399,726 $ 391,891 $ 399,733 $ 432,027 Total Liabilities $ 399,726 $ 391,891 $ 399,733 $ 432,027

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Apr. 30, 2022
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 April 30, Nine Months Ended April 30, (In thousands) 2022 2021 2022 2021 Weighted average common shares outstanding 237,505 236,396 237,277 236,110 Effect of dilutive securities 3,219 3,812 4,011 4,039 Weighted average common and dilutive potential common shares outstanding 240,724 240,208 241,288 240,149

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Apr. 30, 2022
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 nine months ended April 30, 2022: (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 6,427 $ 50.69 5.69 $ 619,019 Grants of options 340 133.96 Exercises (525) 30.67 Forfeitures or expirations (165) 56.11 Outstanding as of April 30, 2022 6,077 $ 56.93 5.48 $ 351,978 Exercisable as of April 30, 2022 4,429 $ 44.46 4.59 $ 308,452 The following is a summary of activity for the Company’s stock option awards subject to market conditions for the nine months ended April 30, 2022: (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 1,130 $ 87.49 8.96 $ 67,250 Grants of options 325 125.68 Exercises — — Forfeitures or expirations — — Outstanding as of April 30, 2022 1,455 $ 96.02 8.59 $ 29,564 Exercisable as of April 30, 2022 395 $ 86.56 8.17 $ 10,697
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 April 30, Nine Months Ended April 30, (In thousands) 2022 2021 2022 2021 General and administrative $ 8,401 $ 7,966 $ 25,119 $ 22,399 Yard operations 1,417 1,401 3,813 4,746 Total stock-based compensation $ 9,818 $ 9,367 $ 28,932 $ 27,145
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 nine months ended April 30, 2022: (In thousands, except per share data) Restricted Shares Weighted Average Grant Date Fair Value Outstanding as of July 31, 2021 102 $ 90.46 Grants 141 133.60 Vested (22) 74.24 Forfeitures or expirations (13) 107.05 Outstanding as of April 30, 2022 208 $ 120.50

Segments and Other Geographic_2

Segments and Other Geographic Reporting (Tables)	9 Months Ended
	Apr. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table presents financial information by segment: Three Months Ended April 30, 2022 Three Months Ended April 30, 2021 (In thousands) United States International Total United States International Total Service revenues $ 678,865 $ 87,451 $ 766,316 $ 550,338 $ 73,508 $ 623,846 Vehicle sales 111,385 62,240 173,625 71,615 38,449 110,064 Total service revenues and vehicle sales 790,250 149,691 939,941 621,953 111,957 733,910 Yard operations 295,326 51,102 346,428 218,672 39,399 258,071 Cost of vehicle sales 101,781 55,455 157,236 63,012 31,486 94,498 General and administrative 52,706 10,816 63,522 43,543 9,687 53,230 Operating income $ 340,437 $ 32,318 $ 372,755 $ 296,726 $ 31,385 $ 328,111 Depreciation and amortization $ 31,609 $ 4,970 $ 36,579 $ 28,161 $ 3,805 $ 31,966 Capital expenditures and acquisitions 64,397 14,237 78,634 59,006 22,175 81,181 Nine Months Ended April 30, 2022 Nine Months Ended April 30, 2021 (In thousands) United States International Total United States International Total Service revenues $ 1,900,330 $ 244,894 $ 2,145,224 $ 1,465,996 $ 205,823 $ 1,671,819 Vehicle sales 295,767 176,542 472,309 171,135 100,927 272,062 Total service revenues and vehicle sales 2,196,097 421,436 2,617,533 1,637,131 306,750 1,943,881 Yard operations 830,040 138,896 968,936 612,198 113,588 725,786 Cost of vehicle sales 272,387 151,561 423,948 153,119 79,368 232,487 General and administrative 145,638 28,807 174,445 124,044 26,638 150,682 Operating income $ 948,032 $ 102,172 $ 1,050,204 $ 747,770 $ 87,156 $ 834,926 Depreciation and amortization $ 88,655 $ 12,997 $ 101,652 $ 82,068 $ 10,239 $ 92,307 Capital expenditures and acquisitions 205,457 29,846 235,303 303,060 61,335 364,395 April 30, 2022 July 31, 2021 (In thousands) United States International Total United States International Total Total assets $ 4,751,379 $ 692,495 $ 5,443,874 $ 3,900,712 $ 661,431 $ 4,562,143 Goodwill 270,358 77,642 348,000 270,305 85,412 355,717

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Disaggregation of Revenue [Line Items]
Service revenues and vehicle sales	$ 939,941	$ 733,910	$ 2,617,533	$ 1,943,881
Service revenues
Disaggregation of Revenue [Line Items]
Service revenues and vehicle sales	766,316	623,846	2,145,224	1,671,819
Vehicle sales
Disaggregation of Revenue [Line Items]
Service revenues and vehicle sales	$ 173,625	$ 110,064	$ 472,309	$ 272,062

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Carrying Amount of Contract Assets (Details) $ in Thousands	9 Months Ended
	Apr. 30, 2022USD ($)
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 7,485
Costs amortized during the period	(2,318)
Effect of foreign currency exchange rates	382
Ending balance	$ 5,549

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Apr. 30, 2022	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	(51,736)	20,228
Cumulative loss on foreign currency translation, ending balance	$ (152,596)	$ (100,860)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Apr. 30, 2022	Jul. 31, 2021
Description Of Business and Summary Of Significant Accounting Policies [Line Items]
Capitalized software costs	$ 74.8	$ 66.2
Accumulated amortization expense	$ 50.4	$ 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	Apr. 30, 2022	Jul. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross, current	$ 592,625	$ 486,264
Less: Allowance for credit loss	(6,711)	(5,636)
Accounts receivable, net	585,914	480,628
Advance charges receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross, current	452,103	385,002
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross, current	136,563	97,249
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross, current	$ 3,959	$ 4,013

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021	Jul. 31, 2021
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 3,216,928		$ 3,216,928		$ 3,027,396
Less: Accumulated depreciation and amortization	(814,119)		(814,119)		(730,772)
Property and equipment, net	2,402,809		2,402,809		2,296,624
Depreciation	34,700	$ 30,200	96,000	$ 87,000
Land
Property, Plant and Equipment [Line Items]
Property and Equipment	1,484,617		1,484,617		1,428,262
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and Equipment	1,186,649		1,186,649		1,126,414
Transportation and other equipment
Property, Plant and Equipment [Line Items]
Property and Equipment	388,179		388,179		326,622
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and Equipment	82,723		82,723		79,928
Software
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 74,760		$ 74,760		$ 66,170

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Leases [Abstract]
Renewal term	40 years		40 years
Operating lease expense	$ 6,825	$ 7,040	$ 20,835	$ 21,321
Amortization of right-of-use assets	155	167	464	501
Interest on finance lease liabilities	1	16	5	60
Short-term lease expense	897	1,037	4,387	3,305
Variable lease expense	427	278	981	1,212
Total lease expense	$ 8,305	$ 8,538	$ 26,672	$ 26,399

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 30, 2022	Apr. 30, 2021
Leases [Abstract]
Operating cash flows related to operating leases	$ 19,934	$ 21,855
Operating cash flows related to finance leases	4	32
Financing cash flows related to finance leases	472	962
Right-of-use assets obtained in exchange for new operating lease liabilities	14,461	37,120
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 0	$ 6,251

Leases - Lessor (Details)

Leases - Lessor (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021	Jul. 31, 2021
Leases [Abstract]
Property subject to or available for operating lease gross	$ 56.8		$ 56.8		$ 55.5
Property subject to or available for operating lease accumulated depreciation	2.8		2.8		$ 1.9
Operating lease income	$ 3.6	$ 3.5	$ 10.9	$ 10.7

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Jul. 31, 2021
Amortized intangibles:
Accumulated amortization	$ (34,867)	$ (29,405)
Intangibles, net	40,854	45,873
Supply contracts and customer relationships
Amortized intangibles:
Gross carrying amount	56,158	55,598
Trade names
Amortized intangibles:
Gross carrying amount	18,906	18,944
Licenses and databases
Amortized intangibles:
Gross carrying amount	$ 657	$ 736

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Aggregate amortization expense	$ 1.9	$ 1.8	$ 5.6	$ 5.3

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Change in Goodwill (Details) $ in Thousands	9 Months Ended
	Apr. 30, 2022USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 355,717
Acquisitions during the period	180
Effect of foreign currency exchange rates	(7,897)
Ending balance	$ 348,000

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Dec. 21, 2021	Apr. 30, 2022	Apr. 30, 2021	Dec. 20, 2021	Jul. 31, 2021	Dec. 03, 2014
Line of Credit Facility [Line Items]
Debt offering costs		$ 1,212,000	$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt offering costs	$ 2,700,000
Second Amended and Restated Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum leverage	50,000,000
Minimum liquidity	$ 75,000,000
Total consolidated net leverage ratio		65.00%
Minimum liquidity		$ 2,700,000,000
Second Amended and Restated Credit Agreement | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage		0.175%
Second Amended and Restated Credit Agreement | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage		0.275%
Second Amended and Restated Credit Agreement | Revolving Credit Facility | Scenario 1
Line of Credit Facility [Line Items]
Line of credit facility, covenant terms 1	325.00%
Second Amended and Restated Credit Agreement | Revolving Credit Facility | Scenario 2
Line of Credit Facility [Line Items]
Line of credit facility, covenant terms 1	350.00%
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
Base Rate | Second Amended and Restated Credit Agreement | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage		1.00%
Base Rate | Second Amended and Restated Credit Agreement | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee percentage		1.75%
Daily Rate | Second Amended and Restated Credit Agreement | 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%
Daily Rate | Second Amended and Restated Credit Agreement | 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,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. | Second Amended and Restated Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, increase (decrease), net	$ 200,000,000
Maximum borrowing capacity	1,250,000,000
Outstanding borrowings	100,000,000			$ 60,000,000
WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | Second Amended and Restated Credit Agreement | Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	550,000,000
WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | Second Amended and Restated Credit Agreement | Letter of Credit | CPRT GmbH
Line of Credit Facility [Line Items]
Maximum borrowing capacity	150,000,000
WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | Second Amended and Restated Credit Agreement | Letter of Credit | Copart Autos España, S.L.U.
Line of Credit Facility [Line Items]
Maximum borrowing capacity	150,000,000
WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | Second Amended and Restated Credit Agreement | Letter of Credit | Copart UK Limited
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 250,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Jul. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,181,844	$ 754,300
Cash equivalents	1,181,987	754,304
Investment in held to maturity securities	224,889	0
Investment in held to maturity securities	224,898	0
Assets, carrying value	1,406,733	754,300
Assets, Fair Value Disclosure	1,406,885	754,304
Liabilities, carrying value	399,726	399,733
Total Liabilities	391,891	432,027
Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	399,726	399,733
Long-term fixed rate debt, including current portion	$ 391,891	$ 432,027

Net Income Per Share (Details)

Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Earnings Per Share [Abstract]
Weighted average common shares outstanding (in shares)	237,505	236,396	237,277	236,110
Effect of dilutive securities (in shares)	3,219	3,812	4,011	4,039
Weighted average common and dilutive potential common shares outstanding (in shares)	240,724	240,208	241,288	240,149

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
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)	1,758,631	1,280,000	1,964,131	3,180,000

Stock-based Compensation - Opti

Stock-based Compensation - Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Apr. 30, 2022USD ($)$ / sharesshares	Jul. 31, 2021USD ($)$ / sharesshares
Shares
Outstanding, beginning balance (in shares) | shares	6,427
Grants of options (in shares) | shares	340
Exercises (in shares) | shares	(525)
Forfeitures or expirations (in shares) | shares	(165)
Outstanding, ending balance (in shares) | shares	6,077	6,427
Exercisable (in shares) | shares	4,429
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 50.69
Grants of options (in dollars per share) | $ / shares	133.96
Exercises (in dollars per share) | $ / shares	30.67
Forfeitures (in dollars per share) | $ / shares	56.11
Outstanding, ending balance (in dollars per share) | $ / shares	56.93	$ 50.69
Exercisable (in dollars per share) | $ / shares	$ 44.46
Weighted Average Remaining Contractual Term (In years)	5 years 5 months 23 days	5 years 8 months 8 days
Weighted Average Remaining Contractual Term, exercisable (In years)	4 years 7 months 2 days
Aggregate Intrinsic Value | $	$ 351,978	$ 619,019
Aggregate Intrinsic Value, exercisable | $	$ 308,452
Option, Market Based
Shares
Outstanding, beginning balance (in shares) | shares	1,130
Grants of options (in shares) | shares	325
Exercises (in shares) | shares	0
Forfeitures or expirations (in shares) | shares	0
Outstanding, ending balance (in shares) | shares	1,455	1,130
Exercisable (in shares) | shares	395
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 87.49
Grants of options (in dollars per share) | $ / shares	125.68
Exercises (in dollars per share) | $ / shares	0
Forfeitures (in dollars per share) | $ / shares	0
Outstanding, ending balance (in dollars per share) | $ / shares	96.02	$ 87.49
Exercisable (in dollars per share) | $ / shares	$ 86.56
Weighted Average Remaining Contractual Term (In years)	8 years 7 months 2 days	8 years 11 months 15 days
Weighted Average Remaining Contractual Term, exercisable (In years)	8 years 2 months 1 day
Aggregate Intrinsic Value | $	$ 29,564	$ 67,250
Aggregate Intrinsic Value, exercisable | $	$ 10,697

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2022USD ($)	Apr. 30, 2021USD ($)	Apr. 30, 2022USD ($)dayshares	Apr. 30, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for calculating intrinsic value (in shares) | shares			6,669,003
Deferred compensation arrangement with individual - requisite service period			5 years
Cost not yet recognized, period for recognition			5 years
Total stock-based compensation	$ 9,818	$ 9,367	$ 28,932	$ 27,145
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%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 45,900		$ 45,900
Total stock-based compensation			$ 7,100	$ 10,200
Employee Stock Option | Valuation Technique, Option Pricing Model
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate, minimum			0.71%
Risk free interest rate, maximum			2.38%
Expected volatility, minimum			25.20%
Expected volatility, maximum			25.70%
Expected dividend rate			0.00%
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
Option, Market Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of exercise price			125.00%
Consecutive trading days | day			20
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

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2022	Apr. 30, 2021	Apr. 30, 2022	Apr. 30, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 9,818	$ 9,367	$ 28,932	$ 27,145
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	8,401	7,966	25,119	22,399
Yard Operations
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,417	$ 1,401	$ 3,813	$ 4,746

Stock-based Compensation - Comp

Stock-based Compensation - Company RSA's and RSU's (Details) shares in Thousands	9 Months Ended
	Apr. 30, 2022$ / sharesshares
Restricted Shares
Outstanding, beginning balance (in shares) | shares	102
Grants of restricted stock (in shares) | shares	141
Vested restricted stock (in shares) | shares	(22)
Forfeited restricted stock (in shares) | shares	(13)
Outstanding, ending balance (in shares) | shares	208
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 90.46
Grants (in dollars per share) | $ / shares	133.60
Vested (in dollars per share) | $ / shares	74.24
Forfeited (in dollars per share) | $ / shares	107.05
Outstanding, ending balance (in dollars per share) | $ / shares	$ 120.50

Stock Repurchases - Narrative (

Stock Repurchases - Narrative (Details) - Stock Repurchase Program 2011 - shares	127 Months Ended
	Apr. 30, 2022	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		9 Months Ended
	Apr. 30, 2022USD ($)	Apr. 30, 2021USD ($)	Apr. 30, 2022USD ($)segment	Apr. 30, 2021USD ($)	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	$ 939,941	$ 733,910	$ 2,617,533	$ 1,943,881
Yard operations	346,428	258,071	968,936	725,786
Cost of vehicle sales	157,236	94,498	423,948	232,487
General and administrative	63,522	53,230	174,445	150,682
Operating income	372,755	328,111	1,050,204	834,926
Depreciation and amortization	36,579	31,966	101,652	92,307
Capital expenditures and acquisitions	78,634	81,181	235,303	364,395
Total assets	5,443,874		5,443,874		$ 4,562,143
Goodwill	348,000		348,000		355,717
Operating Segments | US | United States
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	790,250	621,953	2,196,097	1,637,131
Yard operations	295,326	218,672	830,040	612,198
Cost of vehicle sales	101,781	63,012	272,387	153,119
General and administrative	52,706	43,543	145,638	124,044
Operating income	340,437	296,726	948,032	747,770
Depreciation and amortization	31,609	28,161	88,655	82,068
Capital expenditures and acquisitions	64,397	59,006	205,457	303,060
Total assets	4,751,379		4,751,379		3,900,712
Goodwill	270,358		270,358		270,305
Operating Segments | International | International
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	149,691	111,957	421,436	306,750
Yard operations	51,102	39,399	138,896	113,588
Cost of vehicle sales	55,455	31,486	151,561	79,368
General and administrative	10,816	9,687	28,807	26,638
Operating income	32,318	31,385	102,172	87,156
Depreciation and amortization	4,970	3,805	12,997	10,239
Capital expenditures and acquisitions	14,237	22,175	29,846	61,335
Total assets	692,495		692,495		661,431
Goodwill	77,642		77,642		$ 85,412
Service revenues
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	766,316	623,846	2,145,224	1,671,819
Service revenues | Operating Segments | US | United States
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	678,865	550,338	1,900,330	1,465,996
Service revenues | Operating Segments | International | International
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	87,451	73,508	244,894	205,823
Vehicle sales
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	173,625	110,064	472,309	272,062
Vehicle sales | Operating Segments | US | United States
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	111,385	71,615	295,767	171,135
Vehicle sales | Operating Segments | International | International
Segment Reporting Information [Line Items]
Service revenues and vehicle sales	$ 62,240	$ 38,449	$ 176,542	$ 100,927

Subsequent Events (Details)

Subsequent Events (Details) - Senior Notes - Subsequent Event $ in Millions	May 24, 2022USD ($)
Subsequent Event [Line Items]
Repurchase of senior notes, percent	100.00%
Repayments of senior notes	$ 420.6
Make whole payment	16.8
Accrued interest	$ 3.8