Copart (CPRT) 10-K 27 Sep 24 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Jul. 31, 2024	Sep. 26, 2024	Jan. 31, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jul. 31, 2024
Current Fiscal Year End Date	--07-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 41,839,136,068
Entity Common Stock, Shares Outstanding		963,287,376
Documents Incorporated by Reference	Portions of our definitive Proxy Statement for the 2024 Annual Meeting of Stockholders, also referred to in this Annual Report on Form 10-K as our Proxy Statement, which will be filed with the Securities and Exchange Commission, or SEC, pursuant to Regulation 14A within 120 days after the registrant’s fiscal year end of July 31, 2024, have been incorporated by reference in Part III hereof. Except with respect to the information specifically incorporated by reference, the Proxy Statement is not deemed to be filed as a part hereof.
Entity Central Index Key	0000900075
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Jul. 31, 2024
Auditor [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Dallas, Texas
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Current assets:
Cash, cash equivalents, and restricted cash	$ 1,514,111	$ 957,395
Investment in held to maturity securities	1,908,047	1,406,589
Accounts receivable, net	785,877	702,038
Vehicle pooling costs	132,638	123,725
Inventories	43,639	39,973
Income taxes receivable	0	6,574
Prepaid expenses and other assets	33,872	26,310
Total current assets	4,418,184	3,262,604
Property and equipment, net	3,175,838	2,844,339
Operating lease right-of-use assets	116,301	108,139
Intangibles, net	74,088	62,702
Goodwill	513,909	394,289
Other assets	129,444	65,806
Total assets	8,427,764	6,737,879
Current liabilities:
Accounts payable and accrued liabilities	518,148	440,810
Deferred revenue	28,121	26,117
Income taxes payable	60,994	4,374
Current portion of operating and finance lease liabilities	21,304	21,468
Total current liabilities	628,567	492,769
Deferred income taxes	93,653	89,492
Income taxes payable	59,560	69,193
Operating and finance lease liabilities, net of current portion	97,429	88,082
Long-term debt and other liabilities, net of discount	0	10,903
Total liabilities	879,209	750,439
Commitments and contingencies
Redeemable non-controlling interest	24,544	0
Stockholders’ equity:
Preferred stock: $0.0001 par value—5,000,000 shares authorized; none issued	0	0
Common stock: $0.0001 par value—1,600,000,000 shares authorized; 962,967,011 and 957,344,162 shares issued and outstanding, respectively	96	96
Additional paid-in capital	1,120,985	938,910
Accumulated other comprehensive loss	(142,972)	(141,006)
Retained earnings	6,545,902	5,189,440
Total stockholders’ equity	7,524,011	5,987,440
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$ 8,427,764	$ 6,737,879

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Jul. 31, 2024	Jul. 31, 2023
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)	1,600,000,000	1,600,000,000
Common stock, shares issued (in shares)	962,967,011	957,344,162
Common stock, shares outstanding (in shares)	962,967,011	957,344,162

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Total service revenues and vehicle sales	$ 4,236,823	$ 3,869,518	$ 3,500,921
Operating expenses:
Yard operations	1,710,084	1,518,029	1,309,497
Cost of vehicle sales	619,487	614,498	585,203
General and administrative	335,229	250,422	231,224
Total operating expenses	2,664,800	2,382,949	2,125,924
Operating income	1,572,023	1,486,569	1,374,997
Other income (expense):
Interest income (expense), net	145,673	65,928	(16,688)
Loss on extinguishment of debt	0	0	(16,759)
Other income (expense), net	(3,095)	1,831	(596)
Total other income	142,578	67,759	(34,043)
Income before income taxes	1,714,601	1,554,328	1,340,954
Income tax expense	352,254	316,587	250,824
Net income	1,362,347	1,237,741	1,090,130
Less: Net income (loss) attributable to redeemable noncontrolling interest	(673)	0	0
Net income attributable to Copart, Inc.	$ 1,363,020	$ 1,237,741	$ 1,090,130
Basic net income per common share (in dollars per share)	$ 1.42	$ 1.30	$ 1.15
Weighted average common shares outstanding (in shares)	960,739	953,574	949,676
Diluted net income per common share (in dollars per share)	$ 1.40	$ 1.28	$ 1.13
Diluted weighted average common shares outstanding (in shares)	974,798	966,647	964,604
Service revenues
Total service revenues and vehicle sales	$ 3,561,002	$ 3,198,128	$ 2,853,040
Vehicle sales
Total service revenues and vehicle sales	$ 675,821	$ 671,390	$ 647,881

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Comprehensive income, net of tax:
Net income	$ 1,362,347	$ 1,237,741	$ 1,090,130
Other comprehensive income:
Currency translation adjustment	(1,966)	28,359	(68,505)
Comprehensive income	1,360,381	1,266,100	1,021,625
Less: Comprehensive income/(loss) attributable to redeemable noncontrolling interest	(673)	0	0
Comprehensive income attributable to Copart, Inc.	$ 1,361,054	$ 1,266,100	$ 1,021,625

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance at Jul. 31, 2021	$ 0
Ending balance at Jul. 31, 2022	0
Beginning balance (in shares) at Jul. 31, 2021			948,057,092
Beginning balance at Jul. 31, 2021		$ 3,529,201	$ 96	$ 761,762	$ (100,860)	$ 2,868,203
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,090,130	1,090,130				1,090,130
Currency translation adjustment		(68,505)			(68,505)
Exercise of stock options, net of repurchased shares (in shares)			3,620,988
Exercise of stock options, net of repurchased shares		26,183		28,108		(1,925)
Employee stock-based compensation (in shares)			110,796
Employee stock-based compensation		38,965		38,965
Shares issued for Employee Stock Purchase Plan (in shares)			375,020
Shares issued for Employee Stock Purchase Plan		9,625		9,625
Ending balance (in shares) at Jul. 31, 2022			952,163,896
Ending balance at Jul. 31, 2022		4,625,599	$ 96	838,460	(169,365)	3,956,408
Ending balance at Jul. 31, 2023	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 1,237,741	1,237,741				1,237,741
Currency translation adjustment		28,359			28,359
Exercise of stock options, net of repurchased shares (in shares)			4,473,888
Exercise of stock options, net of repurchased shares		44,970		49,679		(4,709)
Employee stock-based compensation (in shares)			257,700
Employee stock-based compensation		39,673		39,673
Shares issued for Employee Stock Purchase Plan (in shares)			448,678
Shares issued for Employee Stock Purchase Plan		11,098		11,098
Ending balance (in shares) at Jul. 31, 2023	957,344,162		957,344,162
Ending balance at Jul. 31, 2023	$ 5,987,440	5,987,440	$ 96	938,910	(141,006)	5,189,440
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income	(673)
Acquisition of controlling interest	25,217
Ending balance at Jul. 31, 2024	24,544
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 1,362,347	1,363,020				1,363,020
Currency translation adjustment		(1,966)			(1,966)
Acquisition of controlling interest (in shares)			2,499,993
Acquisition of controlling interest		112,075		112,075
Exercise of stock options, net of repurchased shares (in shares)	2,561,000		2,560,852
Exercise of stock options, net of repurchased shares		17,702		24,260		(6,558)
Employee stock-based compensation (in shares)			246,962
Employee stock-based compensation		33,334		33,334
Shares issued for Employee Stock Purchase Plan (in shares)			315,042
Shares issued for Employee Stock Purchase Plan		12,406		12,406
Ending balance (in shares) at Jul. 31, 2024	962,967,011		962,967,011
Ending balance at Jul. 31, 2024	$ 7,524,011	$ 7,524,011	$ 96	$ 1,120,985	$ (142,972)	$ 6,545,902

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Cash flows from operating activities:
Net income	$ 1,362,347	$ 1,237,741	$ 1,090,130
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt cost	190,256	159,684	138,605
Allowance for credit losses	3,914	1,946	1,349
Gain on extinguishment of liabilities	(4,058)	0	0
Equity in losses of unconsolidated affiliates	2,241	5,347	284
Stock-based compensation	35,234	39,673	38,965
Gain on sale of property and equipment	(2,386)	(1,846)	(939)
Loss on extinguishment of debt	0	0	16,759
Deferred income (benefits) taxes	(847)	9,946	17,017
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	(145,385)	(123,207)	(97,750)
Vehicle pooling costs	(9,542)	(10,989)	(18,342)
Inventories	(3,698)	26,549	(10,851)
Prepaid expenses and other current and non-current assets	(71,067)	(59,949)	(5,156)
Operating lease right-of-use assets and lease liabilities	1,064	350	715
Accounts payable and accrued liabilities	59,528	18,010	36,306
Deferred revenue	1,867	5,896	(574)
Income taxes receivable	6,561	33,193	(29,884)
Income taxes payable	46,535	21,866	49
Net cash provided by operating activities	1,472,564	1,364,210	1,176,683
Cash flows from investing activities:
Purchases of property and equipment	(510,990)	(516,636)	(337,448)
Assets and liabilities acquired in connection with acquisition	17,662
Assets and liabilities acquired in connection with acquisition		0	(106,604)
Proceeds from sale of property and equipment	4,166	33,919	4,333
Investment in held to maturity securities	(4,087,162)	(1,406,588)	(374,866)
Proceeds from the sale of held to maturity securities	3,645,000	0	374,866
Investment in unconsolidated affiliate	(8,755)	(2,744)	(2,591)
Net cash used in investing activities	(940,079)	(1,892,049)	(442,310)
Cash flows from financing activities:
Proceeds from the exercise of stock options	24,260	49,679	28,108
Proceeds from the issuance of Employee Stock Purchase Plan shares	12,406	11,098	9,625
Payments for employee stock-based tax withholdings	(6,558)	(4,709)	(1,925)
Issuance of principal on revolver facility	0	44,494	0
Principal payments on revolver facility	(10,821)	(33,924)	0
Debt offering costs	0	0	(1,212)
Principal payments on long-term debt	0	0	(416,759)
Payments of finance lease obligations	(14)	(23)	(530)
Net cash provided by (used in) financing activities	19,273	66,615	(382,693)
Effect of foreign currency translation	4,958	34,383	(15,704)
Net (decrease) increase in cash, cash equivalents, and restricted cash	556,716	(426,841)	335,976
Cash, cash equivalents, and restricted cash at beginning of period	957,395	1,384,236	1,048,260
Cash, cash equivalents, and restricted cash at end of period	1,514,111	957,395	1,384,236
Supplemental disclosure of cash flow information:
Interest paid	3,127	2,614	18,539
Income taxes paid, net of refunds	$ 285,891	$ 257,514	$ 263,226

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jul. 31, 2024
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 dealers, individuals, charities, rental, banks, finance companies, and fleet operators. 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. 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. On October 3, 2022, the Company’s Board of Directors approved a two-for-one common stock split effected in the form of a stock dividend subject to and contingent upon, among other things, obtaining stockholder approval of an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of common stock. On October 31, 2022, the Company’s stockholders approved such increase at a special meeting of stockholders. As such, on November 3, 2022, the Company effected the two-for-one stock dividend to stockholders of record as of October 6, 2022. On August 4, 2023, the Company’s Board of Directors approved a two-for-one common stock split effected in the form of a stock dividend entitling each stockholder of record to receive one additional share of common stock for every one share owned. On August 21, 2023, the Company effected the two-for-one stock dividend to stockholders of record as of August 14, 2023. Both stock dividends increased the number of shares of common stock outstanding and all share and per share amounts have been retroactively adjusted for the stock dividends, as of the date earliest presented in these financial statements to the conform to current year presentation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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 revenues consist 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 (i) 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; (ii) transportation fees for the cost of transporting the vehicle to or from the Company’s facility; (iii) title processing and preparation fees; (iv) vehicle storage fees; (v) bidding fees; and (vi) 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, except for separately identified vehicles subject to an arbitration policy, although the Company provides for expected credit losses in the case of non-performance by its buyers or sellers. Year Ended July 31, (In thousands) 2024 2023 2022 Service revenues United States $ 3,126,102 $ 2,841,641 $ 2,533,165 International 434,900 356,487 319,875 Total service revenues $ 3,561,002 $ 3,198,128 $ 2,853,040 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. Year Ended July 31, (In thousands) 2024 2023 2022 Vehicle sales United States $ 338,633 $ 348,007 $ 411,985 International 337,188 323,383 235,896 Total vehicle sales $ 675,821 $ 671,390 $ 647,881 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, 2022 $ 4,778 Capitalized contract assets during the period 26,540 Costs amortized during the period (5,770) Effect of foreign currency exchange rates 178 Balance as of July 31, 2023 $ 25,726 Capitalized contract assets during the period 32,622 Costs amortized during the period (9,017) Effect of foreign currency exchange rates (93) Balance as of July 31, 2024 $ 49,238 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 for the period. The primary expenses allocated and deferred are inbound transportation costs, titling fees, certain facility costs, labor, and vehicle processing costs. 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 Pounds Sterling, 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, 2022 $ (169,365) Gain on foreign currency translation 28,359 Cumulative loss on foreign currency translation as of July 31, 2023 $ (141,006) Loss on foreign currency translation (1,966) Cumulative loss on foreign currency translation as of July 31, 2024 $ (142,972) Fair Value of Financial Instruments The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value in U.S. GAAP. In accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures , the Company considers fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants under current market conditions. This framework establishes a fair value hierarchy that prioritizes the inputs used to measure fair value: Level I Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level II Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level III Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate. The amounts recorded for financial instruments in the Company’s consolidated financial statements, which included cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, and amounts outstanding under the Revolving Loan Facility approximated their fair values as of July 31, 2024 and 2023, due to the short-term nature of those instruments and are classified within Level II of the fair value hierarchy. Cash equivalents and long-term debt are classified within Level II of the fair value hierarchy because they are valued using quoted market prices. Held to maturity investments are classified within Level I of the fair value hierarchy because they are valued at quoted prices for identical assets that are traded in active markets. See Note 9 – Long-Term Debt and Note 10 – Fair Value Measurements. Cost of Vehicle Sales Cost of vehicle sales includes the purchase price of vehicles sold for the Company’s own account. Yard Operations Yard operations expenses consist primarily of operating personnel (which includes yard management, clerical and yard employees); rent; vehicle transportation; insurance; property-related taxes; fuel; equipment maintenance and repair; and marketing costs directly related to the auction process. General and Administrative Expenses General and administrative expenses consist primarily of executive management, accounting, data processing, sales personnel, professional services, marketing expenses, and system maintenance and enhancements. Advertising All advertising costs are expensed as incurred and are included in yard operations expenses for costs directly related to the auction process and the remainder in general and administrative expenses on the consolidated statements of income. Advertising expenses were $26.1 million, $17.8 million, and $15.4 million for the years ended July 31, 2024, 2023, and 2022, respectively. Other Income (Expense) Other income (expense) consists primarily of interest income on U.S. Treasury Bills on held to maturity securities, interest expense on long-term debt; foreign exchange rate gains and losses; gains and losses from the disposal of assets, which will fluctuate based on the nature of these activities each period; and earnings from unconsolidated entities. Income Taxes and Deferred Tax Assets Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, their respective tax basis, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company considers the need to maintain a valuation allowance on deferred tax assets based on an assessment of whether it is more likely than not that the Company would realize those deferred tax assets based on future reversals of existing taxable temporary differences and the ability to generate sufficient taxable income within the carryforward period available under the applicable tax law. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Excess tax benefits and deficiencies related to exercises of stock options are recognized as expense or benefit in the consolidated statements of income as discrete items in the reporting period in which they occur. The Company applies the provisions of the accounting standard for uncertain tax positions to its income taxes. In determining net income for financial statement purposes, the Company makes certain estimates and judgments in the calculation of tax provisions and the resultant tax liabilities. In the ordinary course of business, there may be transactions and calculations where the ultimate tax outcome is uncertain. The calculation of tax liabilities involves dealing with uncertainties in the interpretation and application of complex tax laws, and judgment may be necessary to (i) determine whether, based on the technical merits, a tax position is more likely than not to be sustained and (ii) measure the amount of tax benefit that qualifies for recognition. The Company recognizes potential liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on an estimate of the ultimate resolution of whether, and the extent to which, additional taxes will be due. Although the Company believes the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different from what is reflected in the historical income tax provisions and accruals. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Net Income Per Share Basic net income per share amounts were computed by dividing consolidated net income by the weighted average number of common shares outstanding during the period. Diluted net income per share amounts were computed by dividing consolidated net income by the weighted average number of common shares outstanding plus dilutive potential common shares calculated for stock options, restricted stock, restricted stock units, and performance stock units outstanding during the period using the treasury stock method. Redeemable Noncontrolling Interest Redeemable noncontrolling interests represent a 20% noncontrolling ownership in Purple Wave, a consolidated subsidiary of the Company. Redeemable noncontrolling interests are presented outside of permanent equity on the consolidated balance sheets as they are redeemable by the holders of the noncontrolling interest and the redemption is outside the control of the Company. The redeemable noncontrolling interests were initially recorded at their issuance date fair value of $25.2 million. We record the carrying amount of the redeemable noncontrolling interests at the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income or loss and its share of other comprehensive income or loss, and dividends or (ii) the redemption value. For interests that are redeemable in the future, we recognize changes in the redemption value immediately as they occur. Cash, Cash Equivalents, and Restricted Cash and Investments 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, certificates of deposit, U.S. Treasury Bills, and money market accounts. The Company periodically invests its excess cash in money market funds and U.S. Treasury Bills. The Company’s cash, cash equivalents, and restricted cash are placed with high credit quality financial institutions. The Company has held to maturity securities comprised of U.S. Treasury Bills. These investments are classified as held to maturity as the Company has the intent and ability to hold these investments until they mature. The held to maturity securities mature within the next 12 months. The table below shows the amortized cost, associated gross unrealized gains and associated fair value of held to maturity securities (in thousands). (In thousands) July 31, 2024 Amortized Cost Gross Unrealized Gains Fair Value Investment in held to maturity securities $ 1,908,047 $ 18,298 $ 1,926,345 (In thousands) July 31, 2023 Amortized Cost Gross Unrealized Gains Fair Value Investment in held to maturity securities $ 1,406,589 $ 8,314 $ 1,414,903 Inventory Inventories of purchased vehicles are stated at the lower of cost or estimated realizable value. Cost includes the Company’s cost of acquiring ownership of the vehicle. The cost of vehicles sold is charged to cost of vehicle sales as sold on a specific identification basis. Accounts Receivable Accounts receivable, which consist primarily of advance charges receivable from the Company’s sellers and the gross sales price of the vehicle due from buyers, are recorded when billed, advanced or accrued and represent claims against third parties that will be settled in cash. 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. Concentration of Credit Risk Financial instruments, which subject the Company to potential credit risk, consist of its cash, cash equivalents, and restricted cash, short-term investments and accounts receivable. The Company adheres to its investment policy when placing investments. The investment policy has established guidelines to limit the Company’s exposure to credit risk by placing investments with high credit quality financial institutions, diversifying its investment portfolio, limiting investments in any one issuer or pooled fund and placing investments with maturities that maintain safety and liquidity. Deposits with these financial institutions may exceed the amount of insurance provided; however, these deposits typically are redeemable upon demand and, therefore, the Company believes that the financial risks associated with these financial instruments are minimal. The Company generally does not require collateral on its accounts receivable. The Company estimates its allowances for credit loss based on historical collection trends, the age of outstanding receivables and existing economic conditions. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due account balances are written off when the Company’s internal collection efforts have been unsuccessful in collecting the amounts due. The Company does not have off-balance sheet credit exposure related to its customers, and to date, the Company has not experienced significant credit-related losses. No single customer accounted for more than 10% of the Company’s consolidated revenues for the years ended July 31, 2024, 2023, and 2022. Property and Equipment Property and equipment is stated at cost, less accumulated depreciation and amortization. Property and leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful lives of the respective improvements, which is between seven . Significant improvements which substantially extend the useful lives of assets are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives: three three three seven Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other (“ASC 350”), goodwill is not amortized but is tested for potential impairment, at a minimum on an annual basis, or when indications of potential impairment exist. The Company assesses goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a reporting unit. The Company has identified two reporting units, which are consistent with its two operating and reportable segments, U.S. and International. The Company evaluates goodwill for impairment annually as of the beginning of the fourth quarter, or when an indicator of impairment exists. 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 Stock-Based Compensation The Company accounts for stock-based awards to employees and non-employees using the fair value method as required by ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, consultants and directors based on estimated fair value. ASC 718 requires companies to estimate the fair value of stock-based awards on the measurement date. The value of the portion of the award that is ultimately expected to vest is recognized in expense over the requisite service periods. Comprehensive Income Comprehensive income includes all changes in stockholders’ equity during a period from non-stockholder sources. For the years ended July 31, 2024, 2023 and 2022, accumulated other comprehensive income (loss) was the effect of foreign currency translation adjustments. Deferred taxes are not provided on cumulative translation adjustments where the Company expects earnings of a foreign subsidiary to be indefinitely reinvested. Recently Issued Accounting Pronouncements Pending In March 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323) (“ASU 2023-02”), which allows the option for reporting entities to elect to account for their tax equity investments, using the proportional amortization method if certain conditions are met. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company’s adoption of ASU 2023-02 is not expected to have a material impact on the Company’s consolidated results of operations and financial position. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07’), which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating ASU 2023-07 to determine its impact on the Company's disclosures. On December 2023, the FASB issued ASU 2023-09, Income Taxes (Topics 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to expand the disclosure requirements for income taxes, primarily related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating ASU 2023-09 to determine its impact on the Company's disclosures.

Acquisitions

Acquisitions	12 Months Ended
	Jul. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions Fiscal Year 2024 Transactions On October 6, 2023, the Company acquired an 80% controlling ownership in Purple Wave, an online offsite heavy equipment auction company. The Company acquired the controlling ownership by issuing 2.5 million shares of the Company’s common stock which was equal to the $108.0 million acquisition price divided by the 10-day volume average weighted price of the Company’s common stock prior to closing. Under U.S. GAAP, the fair value of the merger consideration paid for Purple Wave was $112.1 million and was determined on the basis of the closing price of the Company’s common stock on October 6, 2023. Substantially all of the merger consideration has preliminarily been allocated to intangible assets, including goodwill. The fair value of the 20% redeemable noncontrolling interest in Purple Wave was $25.2 million, and was estimated by applying the transaction method. Refer to Note 1 — Summary of Significant Accounting Policies for more details regarding the redeemable noncontrolling interests. Acquisition costs reflected in the general administrative line on the income statement were $1.2 million. The Company has finalized the allocation of fair value for acquired assets and liabilities. The resulting impact to the balance sheet and income statement were immaterial. Fiscal year 2022 Transactions On July 5, 2022, the Company acquired 100% of the voting stock of ILT Project Limited which conducts business primarily as Hills Motors Co. the Green Parts Specialists (“Hills”), which is a leading parts recycler in the U.K. Hills predominantly sells recycled parts to the public. The purchase price paid for Hills was $106.6 million paid with cash on hand. On July 14, 2023 the U.K. Competition and Markets Authority approved the merger of Copart and Hills. With the approval of the merger the Company finalized the allocation of the fair value for acquired assets and liabilities. The resulting impact to the balance sheet and income statement were immaterial.

Accounts Receivable, Net

Accounts Receivable, Net	12 Months Ended
	Jul. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net consisted of: July 31, (In thousands) 2024 2023 Advance charges receivable $ 598,805 $ 537,261 Trade accounts receivable 173,652 157,083 Other receivables 25,953 16,334 798,410 710,678 Less: Allowance for credit loss (12,533) (8,640) Accounts receivable, net $ 785,877 $ 702,038 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. Advance charges are recovered within one year. 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	12 Months Ended
	Jul. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following: July 31, (In thousands) 2024 2023 Land $ 2,027,639 $ 1,812,001 Buildings and improvements 1,482,891 1,339,820 Transportation and other equipment 604,977 490,136 Office furniture and equipment 97,576 91,031 Software 105,001 89,575 4,318,084 3,822,563 Less: Accumulated depreciation and amortization (1,142,246) (978,224) Property and equipment, net $ 3,175,838 $ 2,844,339

Leases

Leases	12 Months Ended
	Jul. 31, 2024
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 be exercised 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 the lease commencement date, as rates are not implicitly stated in the Company’s leases. Components of lease expense were as follows: Year Ended July 31, (In thousands) 2024 2023 Operating lease expense $ 26,222 $ 26,646 Finance lease expense: Amortization of right-of-use assets 14 23 Interest on finance lease liabilities — 1 Short-term lease expense 4,371 4,554 Variable lease expense 1,359 1,178 Total lease expense $ 31,966 $ 32,402 The components of right-of-use assets and lease liabilities on the consolidated balance sheets were as follows (In thousands): Lease Asset and Liabilities Balance Sheet Classification (In thousands) July 31, 2024 July 31, 2023 Operating lease right-of-use assets Operating lease right-of-use assets $ 116,301 $ 108,139 Finance lease right-of-use assets Property and equipment, net — 30 Total lease assets, net $ 116,301 $ 108,169 Operating lease liabilities - current Current portion of operating and finance lease liabilities $ 21,304 $ 21,455 Finance lease liabilities - current Current portion of operating and finance lease liabilities — 13 Operating lease liabilities - non-current Operating and finance lease liabilities, net of current portion 97,429 88,082 Finance lease liabilities - non-current Operating and finance lease liabilities, net of current portion — — Total lease liabilities $ 118,733 $ 109,550 The weighted-average remaining lease terms and discount rates as of July 31, 2024 were as follows: Weighted-Average Remaining Lease Term (In years) Weighted-Average Discount Rate (1) Operating leases 8.57 3.95 % (1) The Company cannot determine the interest rate implicit in the Company’s leases. Therefore, the discount rate represents the Company’s incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to the Company’s imputed corporate credit rating for a secured or collateralized instrument. Supplemental cash flow information related to leases as of July 31, 2024 were as follows (In thousands): Year Ended July 31, (In thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 25,320 $ 26,428 Operating cash flows related to finance leases — 1 Financing cash flows related to finance leases 14 23 Right-of-use assets obtained in exchange for new operating lease liabilities 37,172 21,149 Right-of-use assets obtained in exchange for new finance lease liabilities — — The annual maturities of the Company’s lease liabilities as of July 31, 2024 were as follows: Fiscal Year (In thousands) Operating Leases 2025 $ 24,745 2026 20,978 2027 17,028 2028 15,513 2029 13,634 Thereafter 47,809 Total future lease commitments $ 139,707 Less: imputed interest (20,974) Present value of lease liabilities $ 118,733 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. Future lease payments receivable under operating leases with terms greater than one year as of July 31, 2024 were as follows: Fiscal Year (In thousands) Operating Leases 2025 $ 5,653 2026 5,209 2027 5,225 2028 4,493 2029 3,395 Thereafter 1,628 Total future lease payments receivable $ 25,603 The cost of the leased space was $50.3 million and $51.2 million as of July 31, 2024 and 2023, respectively. The accumulated depreciation associated with the leased assets was $4.6 million and $3.8 million as of July 31, 2024 and 2023, respectively. Both the leased assets and accumulated depreciation are included in Property and equipment, net on the consolidated balance sheets. Rental income from these operating leases was $17.6 million and $18.8 million for the years ended July 31, 2024 and 2023, respectively, and is included within service revenues
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 be exercised 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 the lease commencement date, as rates are not implicitly stated in the Company’s leases. Components of lease expense were as follows: Year Ended July 31, (In thousands) 2024 2023 Operating lease expense $ 26,222 $ 26,646 Finance lease expense: Amortization of right-of-use assets 14 23 Interest on finance lease liabilities — 1 Short-term lease expense 4,371 4,554 Variable lease expense 1,359 1,178 Total lease expense $ 31,966 $ 32,402 The components of right-of-use assets and lease liabilities on the consolidated balance sheets were as follows (In thousands): Lease Asset and Liabilities Balance Sheet Classification (In thousands) July 31, 2024 July 31, 2023 Operating lease right-of-use assets Operating lease right-of-use assets $ 116,301 $ 108,139 Finance lease right-of-use assets Property and equipment, net — 30 Total lease assets, net $ 116,301 $ 108,169 Operating lease liabilities - current Current portion of operating and finance lease liabilities $ 21,304 $ 21,455 Finance lease liabilities - current Current portion of operating and finance lease liabilities — 13 Operating lease liabilities - non-current Operating and finance lease liabilities, net of current portion 97,429 88,082 Finance lease liabilities - non-current Operating and finance lease liabilities, net of current portion — — Total lease liabilities $ 118,733 $ 109,550 The weighted-average remaining lease terms and discount rates as of July 31, 2024 were as follows: Weighted-Average Remaining Lease Term (In years) Weighted-Average Discount Rate (1) Operating leases 8.57 3.95 % (1) The Company cannot determine the interest rate implicit in the Company’s leases. Therefore, the discount rate represents the Company’s incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to the Company’s imputed corporate credit rating for a secured or collateralized instrument. Supplemental cash flow information related to leases as of July 31, 2024 were as follows (In thousands): Year Ended July 31, (In thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 25,320 $ 26,428 Operating cash flows related to finance leases — 1 Financing cash flows related to finance leases 14 23 Right-of-use assets obtained in exchange for new operating lease liabilities 37,172 21,149 Right-of-use assets obtained in exchange for new finance lease liabilities — — The annual maturities of the Company’s lease liabilities as of July 31, 2024 were as follows: Fiscal Year (In thousands) Operating Leases 2025 $ 24,745 2026 20,978 2027 17,028 2028 15,513 2029 13,634 Thereafter 47,809 Total future lease commitments $ 139,707 Less: imputed interest (20,974) Present value of lease liabilities $ 118,733 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. Future lease payments receivable under operating leases with terms greater than one year as of July 31, 2024 were as follows: Fiscal Year (In thousands) Operating Leases 2025 $ 5,653 2026 5,209 2027 5,225 2028 4,493 2029 3,395 Thereafter 1,628 Total future lease payments receivable $ 25,603 The cost of the leased space was $50.3 million and $51.2 million as of July 31, 2024 and 2023, respectively. The accumulated depreciation associated with the leased assets was $4.6 million and $3.8 million as of July 31, 2024 and 2023, respectively. Both the leased assets and accumulated depreciation are included in Property and equipment, net on the consolidated balance sheets. Rental income from these operating leases was $17.6 million and $18.8 million for the years ended July 31, 2024 and 2023, respectively, and is included within service revenues
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 be exercised 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 the lease commencement date, as rates are not implicitly stated in the Company’s leases. Components of lease expense were as follows: Year Ended July 31, (In thousands) 2024 2023 Operating lease expense $ 26,222 $ 26,646 Finance lease expense: Amortization of right-of-use assets 14 23 Interest on finance lease liabilities — 1 Short-term lease expense 4,371 4,554 Variable lease expense 1,359 1,178 Total lease expense $ 31,966 $ 32,402 The components of right-of-use assets and lease liabilities on the consolidated balance sheets were as follows (In thousands): Lease Asset and Liabilities Balance Sheet Classification (In thousands) July 31, 2024 July 31, 2023 Operating lease right-of-use assets Operating lease right-of-use assets $ 116,301 $ 108,139 Finance lease right-of-use assets Property and equipment, net — 30 Total lease assets, net $ 116,301 $ 108,169 Operating lease liabilities - current Current portion of operating and finance lease liabilities $ 21,304 $ 21,455 Finance lease liabilities - current Current portion of operating and finance lease liabilities — 13 Operating lease liabilities - non-current Operating and finance lease liabilities, net of current portion 97,429 88,082 Finance lease liabilities - non-current Operating and finance lease liabilities, net of current portion — — Total lease liabilities $ 118,733 $ 109,550 The weighted-average remaining lease terms and discount rates as of July 31, 2024 were as follows: Weighted-Average Remaining Lease Term (In years) Weighted-Average Discount Rate (1) Operating leases 8.57 3.95 % (1) The Company cannot determine the interest rate implicit in the Company’s leases. Therefore, the discount rate represents the Company’s incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to the Company’s imputed corporate credit rating for a secured or collateralized instrument. Supplemental cash flow information related to leases as of July 31, 2024 were as follows (In thousands): Year Ended July 31, (In thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 25,320 $ 26,428 Operating cash flows related to finance leases — 1 Financing cash flows related to finance leases 14 23 Right-of-use assets obtained in exchange for new operating lease liabilities 37,172 21,149 Right-of-use assets obtained in exchange for new finance lease liabilities — — The annual maturities of the Company’s lease liabilities as of July 31, 2024 were as follows: Fiscal Year (In thousands) Operating Leases 2025 $ 24,745 2026 20,978 2027 17,028 2028 15,513 2029 13,634 Thereafter 47,809 Total future lease commitments $ 139,707 Less: imputed interest (20,974) Present value of lease liabilities $ 118,733 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. Future lease payments receivable under operating leases with terms greater than one year as of July 31, 2024 were as follows: Fiscal Year (In thousands) Operating Leases 2025 $ 5,653 2026 5,209 2027 5,225 2028 4,493 2029 3,395 Thereafter 1,628 Total future lease payments receivable $ 25,603 The cost of the leased space was $50.3 million and $51.2 million as of July 31, 2024 and 2023, respectively. The accumulated depreciation associated with the leased assets was $4.6 million and $3.8 million as of July 31, 2024 and 2023, respectively. Both the leased assets and accumulated depreciation are included in Property and equipment, net on the consolidated balance sheets. Rental income from these operating leases was $17.6 million and $18.8 million for the years ended July 31, 2024 and 2023, respectively, and is included within service revenues

Goodwill

Goodwill	12 Months Ended
	Jul. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The change in the carrying amount of goodwill was as follows: July 31, (In thousands) 2024 2023 Beginning balance $ 394,289 $ 401,954 Adjustments related to business combinations 120,153 (14,249) Effect of foreign currency exchange rates (533) 6,584 Ending balance $ 513,909 $ 394,289 In accordance with the guidance in ASC 350, goodwill is tested for impairment on an annual basis or upon the occurrence of circumstances that indicate that goodwill may be impaired.

Intangibles, Net

Intangibles, Net	12 Months Ended
	Jul. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangibles, Net	Intangibles, Net The following table sets forth intangible assets by major asset class: Gross Accumulated Net Weighted Average July 31, July 31, July 31, July 31, (In thousands, except remaining useful life) 2024 2023 2024 2023 2024 2023 2024 2023 Amortized intangibles: Supply contracts and customer relationships $ 84,228 $ 84,614 $ (47,864) $ (37,614) $ 36,364 $ 47,000 4 4 Trade names 19,299 19,304 (12,705) (11,045) 6,594 8,259 4 3 Licenses and databases 16,571 682 (1,996) (682) 14,575 — 9 0 Indefinite-lived intangibles: Trade names: 16,555 7,443 — — 16,555 7,443 0 0 Total intangibles $ 136,653 $ 112,043 $ (62,565) $ (49,341) $ 74,088 $ 62,702 Aggregate amortization expense on intangible assets was $13.4 million, $12.4 million, and $7.5 million for the years ended July 31, 2024, 2023, and 2022, respectively. Intangible amortization expense for the next five fiscal years based upon July 31, 2024 intangible assets is expected to be as follows (In thousands): 2025 $ (13,487) 2026 (12,257) 2027 (12,126) 2028 (11,134) 2029 (1,674) Thereafter (6,855) Total future intangible amortization expense $ (57,533)

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Jul. 31, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following: July 31, (In thousands) 2024 2023 Accounts payable to sellers $ 169,413 $ 143,724 Buyer deposits and prepayments 155,911 138,476 Trade accounts payable 23,920 36,292 Accrued compensation and benefits 64,036 50,914 Taxes payable 8,220 (512) Accrued insurance 11,065 4,850 Other accrued liabilities 85,583 67,066 Total accounts payable and accrued expenses $ 518,148 $ 440,810 The Company is required to charge for and collect value added taxes ("VAT") on its sales on behalf of various international taxing authorities. The Company records VAT that the Company has billed to the buyers as VAT payable. In addition, the Company is required to pay VAT on its purchases. The Company records VAT that is charged by its vendors as VAT receivable. The Company is required to file VAT returns on at least a quarterly basis with the various international taxing authorities and is entitled to claim the VAT charged by the Company's vendors as VAT credit and these credits can be applied to the Company's VAT payables billed to the buyers. Accordingly, these VAT payables and receivables are presented as net amounts for financial statement purposes and are shown in the taxes payable line in the table above. The Company is partially self-insured for certain losses related to general liability, workers’ compensation and auto liability. Accrued insurance liability represents an estimate of the ultimate cost of claims incurred as of the balance sheet date, including an estimate for reported and unreported claims. The estimated liability is not discounted and is established based upon analysis of historical data, including the severity of the Company’s frequency of claims, actuarial estimates and is reviewed periodically by management to ensure that the liability is appropriate.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Jul. 31, 2024
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 the Company, certain subsidiaries of the Company 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 the Company, 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 the Company, 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 a revolving loan facility (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, European Union 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 the Company’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 the Company’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) the European Union euro is EURIBOR, and (4) Canadian dollars is CDOR. The Company had $0.0 million and $11.0 million outstanding borrowings under the Revolving Loan Facility as of July 31, 2024 and July 31, 2023, respectively. 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’s 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 July 31, 2024, the consolidated total net leverage ratio was (1.81):1. Minimum liquidity requirement as of July 31, 2024 was $4.6 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 July 31, 2024. In connection with entering into the Second Amended and Restated Credit Agreement, the Company incurred $2.7 million in costs, which was capitalized as debt issuance fees. The debt discount is amortized to interest expense over the term of the respective debt instruments and is included in other assets on the consolidated balance sheets as no amounts are outstanding on the Revolving Loan Facility. 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 on each of the Senior Notes was due and payable quarterly, in arrears. The Company used proceeds from the Note Purchase Agreement for general corporate purposes. On May 24, 2022, the Company paid $420.6 million to retire all of 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.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Jul. 31, 2024
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: July 31, 2024 July 31, 2023 (In thousands) Carrying Value Total Fair Value Total Carrying Value Total Fair Value Total Assets Cash equivalents $ 1,125,231 $ 1,127,275 $ 674,980 $ 677,515 Investment in held to maturity securities 1,908,047 1,926,345 1,406,589 1,414,903 Total assets $ 3,033,278 $ 3,053,620 $ 2,081,569 $ 2,092,418 Liabilities Long-term debt, including current portion $ — $ — $ 11,006 $ 11,006 Total liabilities $ — $ — $ 11,006 $ 11,006 The Company has investments in U.S. Treasury Bills some of which mature over a period greater than 90 days and are classified as short-term investments. The U.S. 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 U.S. Treasury Bills are adjusted for accretion of discounts over the remaining life of the investment. Income related to the U.S. Treasury Bills is recognized in interest income in the Company’s consolidated statements of income. The U.S. Treasury Bills are classified within Level I of the fair value hierarchy. During the year ended July 31, 2024, no transfers were made between any levels within the fair value hierarchy. See Note 1 — Summary of Significant Accounting Policies and Note 9 – Long-Term Debt .

Net Income Per Share

Net Income Per Share	12 Months Ended
	Jul. 31, 2024
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: Year Ended July 31, (In thousands) 2024 2023 2022 Weighted average common shares outstanding 960,739 953,574 949,676 Effect of dilutive securities 14,059 13,073 14,928 Weighted average common and dilutive potential common shares outstanding 974,798 966,647 964,604

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Jul. 31, 2024
Equity [Abstract]
Shareholders' Equity	Stockholders’ Equity General The Company has authorized the issuance of 1.6 billion shares of common stock, with a par value of $0.0001, of which 962,967,011 shares were issued and outstanding at July 31, 2024. As of July 31, 2024 and 2023, the Company had reserved 49,707,714 and 52,648,002 shares of common stock, respectively, for the issuance of options, restricted stock (“RSA”), restricted stock units (“RSU”), or performance stock units (“PSU”) granted under the Company’s equity incentive plans and 3,638,112 and 3,953,154 shares of common stock, respectively, for the issuance of shares under the Copart, Inc. Employee Stock Purchase Plan (“ESPP”). The Company has authorized the issuance of five million shares of preferred stock, with a par value of $0.0001, none of which were issued or outstanding at July 31, 2024 or 2023, which have the rights and preferences as the Company’s Board of Directors shall determine, from time to time. Stock Repurchases On September 22, 2011, the Company’s Board of Directors approved a 320 million share increase in the stock repurchase program, bringing the total current authorization to 784 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. For fiscal 2024, 2023 and 2022, the Company did not repurchase any shares of its common stock under the program. As of July 31, 2024, the total number of shares repurchased under the program was 458,196,792, and subject to applicable limitations under Delaware law, 325,803,208 shares were available for repurchase under our program. In fiscal 2024, certain employees held stock option awards that could be exercised through a cashless exercise. For the years ended July 31, 2024, 2023 and 2022, no employee exercised stock options through a cashless exercise. If exercised a portion of the options exercised will be net settled in satisfaction of the exercise price and employees’ statutory withholding requirements. Any shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against our stock repurchase program. Employee Stock Purchase Plan The ESPP provides for the purchase of up to an aggregate of 40 million shares of common stock of the Company by employees pursuant to the terms of the ESPP. The Company’s ESPP was adopted by the Board of Directors and approved by the Company’s stockholders in 1994. The ESPP was amended and restated in 2003 and again approved by the stockholders. In 2014, a new ESPP was approved by the Board of Directors and approved by the Company’s stockholders. Under the ESPP, employees of the Company who elect to participate have the right to purchase common stock at a 15% discount from the lower of the market value of the common stock at the beginning or the end of each six month offering period. The ESPP permits an enrolled employee to have contributions withheld from their salary an amount up to 10% of their compensation (which amount may be increased from time to time by the Company but may not exceed 15% of compensation). No employee may purchase more than $25,000 worth of common stock (calculated at the time the purchase right is granted) in any calendar year. The Compensation Committee of the Board of Directors administers the ESPP. The number of shares of common stock issued pursuant to the ESPP during the years ended July 31, 2024, 2023 and 2022 was 315,042; 448,714; and 375,020; respectively. As of July 31, 2024, there were 36,682,184 shares of common stock issued pursuant to the ESPP and 3,638,112 shares remain available for purchase under the ESPP. Stock Options In December 2007, the Company adopted the Copart, Inc. 2007 Equity Incentive Plan (“Plan”), presently covering an aggregate of 144 million shares of the Company’s common stock. The Plan provides for the grant of incentive stock options, restricted stock, restricted stock units and other equity-based awards to employees and non-qualified stock options, restricted stock, restricted stock units and other equity-based awards to employees, officers, directors and consultants at prices not less than 100% of the fair market value for incentive and non-qualified stock options, as determined by the Board of Directors at the grant date. Incentive and non-qualified stock options may have terms of up to ten years and vest over periods determined by the Board of Directors. Options generally vest ratably over a five year period. The Plan replaced the Company’s 2001 Stock Option Plan. As of July 31, 2024, 21,137,327 shares were available for grant under the Plan and the number of options that were in-the-money was 22,290,519 at July 31, 2024. The table below sets forth the stock-based compensation recognized by the Company for stock options, restricted stock, restricted unit awards, and performance stock units: Year Ended July 31, (In thousands) 2024 2023 2022 General and administrative $ 28,284 $ 32,747 $ 33,838 Yard operations 6,950 6,926 5,127 Total stock-based compensation $ 35,234 $ 39,673 $ 38,965 Additionally, Purple Wave maintains an equity-based compensation plan for certain executives. Compensation cost attributable to Purple Wave equity-based compensation plan was $1.9 million and $0 included in stock based compensation for the fiscal years ended July 31, 2024 and 2023, respectively. There were no material compensation costs capitalized as part of the cost of an asset as of July 31, 2024 and 2023. The Company recognizes compensation expense for stock option awards on a straight-line basis over the requisite service period of the award. The fair value of each stock option, without a market-based condition was estimated on the measurement date using the Black-Scholes Merton (“BSM”) option-pricing model. For options that included a market-based condition either the Monte Carlo simulation model or a lattice model was used. The BSM option-pricing model utilized the following assumptions: July 31, 2024 2023 2022 Expected life (in years) 5.0 — 6.3 5.0 — 6.3 5.1 — 6.8 Risk-free interest rate 3.86 % — 4.43 % 3.67 % — 3.88 % 0.82 % — 2.70 % Estimated volatility 30.1 % — 30.6 % 29.6 % — 32.0 % 27.9 % — 30.0 % Expected dividends — % — % — % Weighted average fair value at measurement date $ 9.93 $ 12.10 $ 10.59 Expected life— Expected life represents the period that the Company’s stock-based awards are expected to be outstanding and was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior as influenced by changes to the terms of its stock-based awards. Risk-free interest rate—The Company bases the risk-free interest rate used in the BSM option-pricing model on the implied yield currently available on U.S. Treasury zero-coupon issues with the same or substantially equivalent expected life. Estimated volatility—The Company uses the trading history of its common stock in determining an estimated volatility factor when using the BSM option-pricing model to determine the fair value of options granted. Expected dividend—The Company does not expect to declared dividends. Therefore, the Company uses a zero value for the expected dividend value factor when using the BSM option-pricing model to determine the fair value of options granted. Net cash proceeds from the exercise of stock options were $24.3 million, $49.7 million and $28.1 million for the years ended July 31, 2024, 2023 and 2022, respectively. A summary of the status of the Company’s unvested stock options awards and activity during the year ended July 31, 2024 was as follows: (In thousands, except per share amounts) Shares Weighted Unvested shares at July 31, 2023 5,770 $ 8.72 Grants of non-vested shares 1,121 10.85 Vested (2,713) 7.93 Forfeitures or expirations — — Unvested shares at July 31, 2024 4,178 $ 9.80 The following is a summary of activity for the Company’s stock options for the year ended July 31, 2024: (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, 2023 17,825 $ 15.47 4.67 $ 512,045 Grants of options 1,046 49.68 Exercises (2,561) 9.47 Forfeitures or expirations — — Outstanding as of July 31, 2024 16,310 $ 18.60 4.34 $ 550,115 Exercisable as of July 31, 2024 13,968 $ 15.41 3.72 $ 515,734 Vested and expected to vest as of July 31, 2024 16,272 $ 18.59 4.34 $ 549,123 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 the Lattice or Monte Carlo model, risk-free interest rates ranging from 0.71% to 3.57%, estimated volatility ranging from 25.2% to 29.3%, and no expected dividends. The total estimated compensation expense to be recognized by the Company over the five-year service period for these options was $50.1 million as of July 31, 2024 and will be recognized using the accelerated attribution method over each vesting tranche of the award. The Company recognized $7.4 million, $12.2 million and $9.8 million in compensation expense related to these awards for the years ended July 31, 2024, 2023 and 2022, respectively. The following is a summary of activity for the Company’s stock option awards subject to market conditions for the year ended July 31, 2024: (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, 2023 5,920 $ 24.37 7.43 $ 117,389 Grants of options 75 50.89 Exercises — — Forfeitures or expirations — — Outstanding as of July 31, 2024 5,995 $ 24.70 6.47 $ 165,656 Exercisable as of July 31, 2024 4,160 $ 23.23 6.22 $ 121,072 Vested and expected to vest as of July 31, 2024 5,988 $ 24.70 6.47 $ 165,464 The aggregate intrinsic value in the tables above represents the total pre-tax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of the year ended July 31, 2024 and the exercise price, times the number of shares) that would have been received by the option holders had all option holders exercised their options on July 31, 2024. The aggregate intrinsic value of options exercised was $105.5 million, $131.1 million and $30.5 million in the years ended July 31, 2024, 2023 and 2022, respectively, and represents the difference between the exercise price of the option and the estimated fair value of the Company’s common stock on the dates exercised. As of July 31, 2024, the total compensation cost related to non-vested stock options granted to employees under the Company’s stock equity incentive plans but not yet recognized was $26.3 million. This cost will be amortized on a straight-line basis over a weighted average remaining term of 2.57 years. The fair value of options vested for the years ended July 31, 2024, 2023 and 2022 was $21.5 million, $24.5 million and $29.0 million, respectively. The following table summarizes stock options outstanding and exercisable as of July 31, 2024: (In thousands, except per share amounts) Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $4.37 — $6.98 2,729 1.42 $ 5.22 2,730 $ 5.22 $7.74 — $9.08 2,713 3.18 8.85 2,713 8.85 $10.99 — $21.26 8,811 4.94 17.35 8,059 16.99 $22.15 — $54.93 8,052 6.66 32.33 4,626 29.53 Outstanding as of July 31, 2024 22,305 4.91 $ 20.24 18,128 $ 17.20 The Company’s restricted stock awards (“RSA”), RSUs, and PSUs have generally been issued with vesting periods ranging from two years to five years. RSAs and RSUs vest solely on service conditions while PSUs will vest over five years, when and if certain financial performance targets are met. Accordingly, the Company recognizes compensation expense for RSA and RSU awards on a straight-line basis over the requisite service period of the award. Compensation expense for PSU awards is recognized on an accelerated attribution method when the achievement of certain financial performance targets appear probable and is recognized over the remaining requisite service period. The following is a summary of activity for the Company’s RSAs, RSUs, ans PSUs for the for the year ended July 31, 2024: (In thousands, except per share data) Restricted and Performance Shares Weighted Average Grant Date Fair Value Outstanding as of July 31, 2023 800 $ 31.77 Grants 1,479 51.72 Vested (391) 32.76 Forfeitures or expirations (15) 34.84 Outstanding as of July 31, 2024 1,873 $ 47.29

Income Taxes

Income Taxes	12 Months Ended
	Jul. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income before taxes consisted of the following: Year Ended July 31, (In thousands) 2024 2023 2022 U.S. $ 1,593,381 $ 1,437,126 $ 1,241,177 International 121,220 117,202 99,777 Total income before taxes $ 1,714,601 $ 1,554,328 $ 1,340,954 Income tax expense (benefit) from continuing operations consisted of the following: Year Ended July 31, (In thousands) 2024 2023 2022 Federal: Current $ 271,820 $ 243,253 $ 179,840 Deferred (1,174) (4,642) 14,115 270,646 238,611 193,955 State: Current 49,539 47,507 33,078 Deferred (1,611) 813 1,689 47,928 48,320 34,767 International: Current 34,179 26,150 23,247 Deferred (499) 3,506 (1,145) 33,680 29,656 22,102 Income tax expense $ 352,254 $ 316,587 $ 250,824 A reconciliation of the expected U.S. statutory tax rate to the actual effective income tax rate is as follows: Year Ended July 31, (In thousands) 2024 2023 2022 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax benefit 2.4 % 2.0 % 1.3 % International rate differential 0.1 % (0.3) % (0.5) % Compensation and fringe benefits (0.7) % (1.0) % (0.6) % FDII and/or GILTI (2.8) % (2.8) % (2.8) % Federal return to provision adjustment — % (0.1) % 0.6 % Federal amended return adjustment — % — % (1.3) % Other differences 0.5 % 1.6 % 1.0 % Effective tax rate 20.5 % 20.4 % 18.7 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) are presented below: July 31, (In thousands) 2024 2023 Deferred tax assets: Allowance for credit loss $ 2,483 $ 1,505 Accrued compensation and benefits 22,957 17,008 Operating lease liabilities 24,897 22,891 Accrued other 5,528 2,212 Deferred revenue 5,544 5,349 Losses carried forward/interest disallowance 48,599 41,589 Federal tax benefit 12,821 14,798 Total gross deferred tax assets 122,829 105,352 Less: Valuation allowance (47,377) (40,346) Net deferred tax assets 75,452 65,006 Deferred tax liabilities: Vehicle pooling costs (27,716) (25,808) Property and equipment (74,741) (70,086) Operating lease right-of-use assets (24,612) (23,169) Other prepaids (2,339) (2,548) Intangibles and goodwill (38,279) (33,150) Total gross deferred tax liabilities (167,687) (154,761) Net deferred tax liabilities $ (92,235) $ (89,755) On December 22, 2017 legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Act”), was enacted. The Act contains Global Intangible Low-Taxed Income (“GILTI”) provisions, which first impacted the Company in fiscal year 2019. The GILTI provisions effectively subject income earned by the Company's foreign subsidiaries to current U.S. tax at a rate of 10.5%, less foreign tax credits. Under U.S. GAAP, the Company can make an accounting policy election to either recognize deferred taxes for temporary differences expected to impact GILTI in future years or provide for tax expense related to GILTI in the year the tax is incurred as a period expense. The Company has elected to treat tax generated by GILTI provisions as a period expense. The Company has no GILTI inclusion for the fiscal year ended July 31, 2024. The Act also includes a favorable tax treatment for certain Foreign Derived Intangible Income (“FDII”), effective for the Company starting August 1, 2018. The Company’s estimate for FDII had a material impact to the effective income tax rate and income tax expense for the fiscal year ended July 31, 2024. The Company’s effective income tax rates were 20.5%, 20.4%, and 18.7% for fiscal 2024, 2023 and 2022, respectively. The Company’s U.S. federal statutory tax rate for fiscal years 2024, 2023, and 2022 was 21.0%. The effective tax rate for the fiscal year ended July 31, 2024 was favorably impacted by $0.8 million of tax adjustments made in connection with finalizing the Company’s fiscal year 2023 tax return, and favorably impacted by a $47.7 million FDII deduction in the current year. The effective tax rate for the fiscal year ended July 31, 2023 was favorably impacted by $1.5 million of tax adjustments made in connection with finalizing the Company’s fiscal year 2022 tax return, and favorably impacted by a $42.6 million FDII deduction. The effective tax rate for the fiscal year ended July 31, 2022 was unfavorably impacted by a $8.2 million of tax adjustments made in connection with finalizing the Company’s fiscal year 2021 tax return, favorably impacted by a $17.0 million of tax items related to amending previously filed income tax returns, and favorably impacted by a $37.2 million FDII deduction. The effective tax rates were also impacted by the recognition of excess tax benefits from the exercise of employee stock-based compensation of $14.8 million, $21.0 million, and $14.4 million, for the fiscal years ended July 31, 2024, 2023, and 2022, respectively. The Company’s ability to realize deferred tax assets is dependent on its ability to generate future taxable income. Accordingly, the Company has established a valuation allowance in taxable jurisdictions where the utilization of the tax assets is uncertain. Additional timing differences or future tax losses may occur which could warrant a need for establishing additional valuation allowances against certain deferred tax assets. During fiscal year 2024, the Company recorded a $7.0 million increase in valuation allowances primarily due to additional operating losses and interest disallowance carryforward generated in foreign jurisdictions unlikely to be realized. As of July 31, 2024 and 2023, the Company had foreign operating losses and interest disallowance carryforward of $48.6 million and $41.6 million (tax effected), respectively. The foreign operating losses, subject to certain limitations, usually can be carried forward indefinitely. However, these losses are subject to valuation allowance based on realizability. The valuation allowance for the fiscal year ended July 31, 2024 and 2023 was $47.4 million and $40.3 million, respectively, which are primarily related to operating losses in certain foreign jurisdictions. The following table summarizes the activities related to the Company’s unrecognized tax benefits resulting from uncertain tax positions. July 31, (In thousands) 2024 2023 2022 Beginning balance $ 57,445 $ 55,754 $ 47,061 Increases related to current year tax positions 2,955 10,006 14,809 Prior year tax positions: Increases recognized during the period 11 1,388 1,393 Decreases recognized during the period (7,070) (7,623) (2,163) Cash settlements during the period (6,062) (403) (3,524) Lapse of statute of limitations (1,554) (1,677) (1,822) Ending balance $ 45,725 $ 57,445 $ 55,754 As of July 31, 2024 and 2023, if recognized, the portion of liabilities for unrecognized tax benefits resulting from uncertain tax positions that would favorably affect the Company’s effective tax rate was $36.1 million and $45.3 million , respectively. It is possible that the amount of unrecognized tax benefits will change in the next twelve months, due to tax legislation updates or future audit outcomes; however, an estimate of the range of the possible change cannot be made at this time. The Company recognizes interest and penalties related to income tax matters in income tax expense. As of July 31, 2024, 2023 and 2022, the Company had accrued interest and penalties related to unrecognized tax benefits of $13.8 million, $11.7 million and $8.9 million, respectively. The Company files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. The Company is currently under examination by certain taxing authorities in the U.S. for fiscal years between 2018 and 2022. At this time, the Company does not believe that the outcome of any examination will have a material impact on the Company’s consolidated results of operations and financial position. As of July 31, 2024, the Company has undistributed earnings of approximately $500.8 million generated by its foreign subsidiaries. As the Company determined these undistributed foreign earnings along with any additional outside basis differences were indefinitely reinvested as of July 31, 2024, no deferred tax was therefore provided. The Company believes it is not practicable to estimate the amount of deferred tax liability related to the entire outside basis differences due to the complexity of the calculation and the uncertainty regarding assumptions necessary to compute the tax. However, the Company would not anticipate any significant tax liability associated with the repatriation of the undistributed earnings.

Segments and Other Geographic R

Segments and Other Geographic Reporting	12 Months Ended
	Jul. 31, 2024
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 tables present financial information by segment: Year Ended July 31, 2024 (In thousands) United States International Total Service revenues $ 3,126,102 $ 434,900 $ 3,561,002 Vehicle sales 338,633 337,188 675,821 Total service revenues and vehicle sales 3,464,735 772,088 4,236,823 Yard operations 1,440,707 269,377 1,710,084 Cost of vehicle sales 313,449 306,038 619,487 General and administrative 282,545 52,684 335,229 Operating income $ 1,428,034 $ 143,989 $ 1,572,023 Depreciation and amortization, excluding debt costs $ 161,685 $ 28,076 $ 189,761 Capital expenditures, including acquisitions 491,497 113,906 605,403 Total assets 7,386,103 1,041,661 8,427,764 Goodwill 390,421 123,488 513,909 Year Ended July 31, 2023 (In thousands) United States International Total Service revenues $ 2,841,641 $ 356,487 $ 3,198,128 Vehicle sales 348,007 323,383 671,390 Total service revenues and vehicle sales 3,189,648 679,870 3,869,518 Yard operations 1,292,527 225,502 1,518,029 Cost of vehicle sales 326,764 287,734 614,498 General and administrative 202,260 48,162 250,422 Operating income $ 1,368,097 $ 118,472 $ 1,486,569 Depreciation and amortization, excluding debt costs $ 135,804 $ 23,674 $ 159,478 Capital expenditures, including acquisitions 373,190 143,446 516,636 Total assets 5,825,064 912,815 6,737,879 Goodwill 270,269 124,020 394,289 Year Ended July 31, 2022 (In thousands) United States International Total Service revenues $ 2,533,165 $ 319,875 $ 2,853,040 Vehicle sales 411,985 235,896 647,881 Total service revenues and vehicle sales 2,945,150 555,771 3,500,921 Yard operations 1,123,986 185,511 1,309,497 Cost of vehicle sales 380,928 204,275 585,203 General and administrative 192,667 38,557 231,224 Operating income $ 1,247,569 $ 127,428 $ 1,374,997 Depreciation and amortization, excluding debt costs $ 120,635 $ 17,350 $ 137,985 Capital expenditures, including acquisitions 297,632 146,420 444,052 Total assets 4,615,788 693,076 5,308,864 Goodwill 270,269 131,685 401,954

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jul. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Letters of Credit Under a letter of credit facility separate from our Revolving Loan Facility, the Company had outstanding letters of credit of $14.8 million at July 31, 2024, which are primarily used to secure certain insurance obligations. Contingencies 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. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. Except as otherwise noted in this Note 15, 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 accruals for 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, legal and regulatory proceedings are inherently unpredictable, and the amount of the liabilities associated with claims, if any, cannot be determined with certainty. If one or more matters were resolved against us for amounts in excess of the Company’s expectations, the impact on the Company’s consolidated results of operations, financial position, or cash flow could be material. 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. The U.S. Department of Justice, Consumer Protection Branch (DOJ) is conducting an ongoing investigation into potential violations by the Company of certain money laundering laws related to its practices and procedures for preventing and detecting money-laundering activity by its auction platform members. In connection with this investigation, the Company received a letter from the DOJ in October 2023 in which the DOJ indicated the Company may have exposure as a result of potential violations of such money laundering statutes and regulations. The Company is cooperating with the DOJ’s investigation. At this time, we are unable to predict the duration, scope, or result of any potential governmental, criminal, or civil proceeding that may result, the imposition of fines and penalties, and/or other remedies, and as a result, are unable to predict the range of possible loss.

Guarantees - Indemnifications t

Guarantees - Indemnifications to Officers and Directors	12 Months Ended
	Jul. 31, 2024
Guarantees [Abstract]
Guarantees - Indemnifications to Officers and Directors	Guarantees — Indemnifications to Officers and Directors The Company typically enters into indemnification agreements with its directors and certain of its officers to indemnify them to the extent permitted by law against any and all liabilities, costs, expenses, amounts paid in settlement and damages incurred by the directors and officers as a result of any lawsuit, or any judicial, administrative or investigative proceeding in which the directors and officers are sued as a result of their service to the Company.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jul. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions There were no amounts due to or from related parties as of July 31, 2024 and 2023.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Jul. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company sponsors a 401(k) defined contribution plan covering its eligible employees. The plan is available to all U.S. employees who meet minimum age and service requirements and provides employees with tax deferred salary deductions and alternative investment options. The Company matches 20% of employee contributions up to 15% of employee salary deferral. The Company recognized expenses of $2.3 million, $2.2 million, and $1.9 million for the year ended July 31, 2024, 2023,and 2022, respectively, related to this plan. The Company also sponsors an additional defined contribution plan for its U.K. employees, which is available to all U.K. employees who meet minimum service requirements. The Company matches up to 5% of employee contributions. The Company recognized expenses of $2.1 million, $1.6 million, and $1.4 million for the year ended July 31, 2024, 2023,and 2022, respectively, related to this plan.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,363,020	$ 1,237,741	$ 1,090,130

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Jul. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jul. 31, 2024
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 dealers, individuals, charities, rental, banks, finance companies, and fleet operators. 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	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	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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 revenues consist 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 (i) 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; (ii) transportation fees for the cost of transporting the vehicle to or from the Company’s facility; (iii) title processing and preparation fees; (iv) vehicle storage fees; (v) bidding fees; and (vi) 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, except for separately identified vehicles subject to an arbitration policy, although the Company provides for expected credit losses in the case of non-performance by its buyers or sellers. Year Ended July 31, (In thousands) 2024 2023 2022 Service revenues United States $ 3,126,102 $ 2,841,641 $ 2,533,165 International 434,900 356,487 319,875 Total service revenues $ 3,561,002 $ 3,198,128 $ 2,853,040 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. Year Ended July 31, (In thousands) 2024 2023 2022 Vehicle sales United States $ 338,633 $ 348,007 $ 411,985 International 337,188 323,383 235,896 Total vehicle sales $ 675,821 $ 671,390 $ 647,881 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.
Vehicle Pooling Costs	Vehicle Pooling Costs
Foreign Currency Translation	Foreign Currency Translation The Company records foreign currency translation adjustments from the process of translating the functional currency of the financial statements of its foreign subsidiaries into the U.S. dollar reporting currency. The Pounds Sterling, Canadian dollar, Brazilian real, European Union euro, U.A.E. dirham, Omani rial, and Bahraini dinar are the functional currencies of the Company’s foreign subsidiaries as they are the primary currencies within the economic environment in which each subsidiary operates. The original equity investment in the respective subsidiaries is translated at historical rates. Assets and liabilities of the respective subsidiary’s operations are translated into U.S. dollars at period-end exchange rates, and revenues and expenses are translated into U.S. dollars at average exchange rates in effect during each reporting period. Adjustments resulting from the translation of each subsidiary’s financial statements are reported in other comprehensive income.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company records its financial assets and liabilities at fair value in accordance with the framework for measuring fair value in U.S. GAAP. In accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures , the Company considers fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants under current market conditions. This framework establishes a fair value hierarchy that prioritizes the inputs used to measure fair value: Level I Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level II Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level III Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate. The amounts recorded for financial instruments in the Company’s consolidated financial statements, which included cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, and amounts outstanding under the Revolving Loan Facility approximated their fair values as of July 31, 2024 and 2023, due to the short-term nature of those instruments and are classified within Level II of the fair value hierarchy. Cash equivalents and long-term debt are classified within Level II of the fair value hierarchy because they are valued using quoted market prices. Held to maturity investments are classified within Level I of the fair value hierarchy because they are valued at quoted prices for identical assets that are traded in active markets. See Note 9 – Long-Term Debt and Note 10 – Fair Value Measurements.
Cost of Vehicle Sales	Cost of Vehicle Sales Cost of vehicle sales includes the purchase price of vehicles sold for the Company’s own account.
Yard Operations	Yard Operations
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses consist primarily of executive management, accounting, data processing, sales personnel, professional services, marketing expenses, and system maintenance and enhancements.
Advertising	Advertising
Other Income (Expense)	Other Income (Expense) Other income (expense) consists primarily of interest income on U.S. Treasury Bills on held to maturity securities, interest expense on long-term debt; foreign exchange rate gains and losses; gains and losses from the disposal of assets, which will fluctuate based on the nature of these activities each period; and earnings from unconsolidated entities.
Income Taxes and Deferred Tax Assets	Income Taxes and Deferred Tax Assets Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, their respective tax basis, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company considers the need to maintain a valuation allowance on deferred tax assets based on an assessment of whether it is more likely than not that the Company would realize those deferred tax assets based on future reversals of existing taxable temporary differences and the ability to generate sufficient taxable income within the carryforward period available under the applicable tax law. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Excess tax benefits and deficiencies related to exercises of stock options are recognized as expense or benefit in the consolidated statements of income as discrete items in the reporting period in which they occur. The Company applies the provisions of the accounting standard for uncertain tax positions to its income taxes. In determining net income for financial statement purposes, the Company makes certain estimates and judgments in the calculation of tax provisions and the resultant tax liabilities. In the ordinary course of business, there may be transactions and calculations where the ultimate tax outcome is uncertain. The calculation of tax liabilities involves dealing with uncertainties in the interpretation and application of complex tax laws, and judgment may be necessary to (i) determine whether, based on the technical merits, a tax position is more likely than not to be sustained and (ii) measure the amount of tax benefit that qualifies for recognition. The Company recognizes potential liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on an estimate of the ultimate resolution of whether, and the extent to which, additional taxes will be due. Although the Company believes the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different from what is reflected in the historical income tax provisions and accruals. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.
Net Income Per Share	Net Income Per Share
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest Redeemable noncontrolling interests represent a 20% noncontrolling ownership in Purple Wave, a consolidated subsidiary of the Company. Redeemable noncontrolling interests are presented outside of permanent equity on the consolidated balance sheets as they are redeemable by the holders of the noncontrolling interest and the redemption is outside the control of the Company. The redeemable noncontrolling interests were initially recorded at their issuance date fair value of $25.2 million. We record the carrying amount of the redeemable noncontrolling interests at the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interest’s share of net income or loss and its share of other comprehensive income or loss, and dividends or (ii) the redemption value. For interests that are redeemable in the future, we recognize changes in the redemption value immediately as they occur.
Cash, Cash Equivalents, and Restricted Cash and Investments	Cash, Cash Equivalents, and Restricted Cash and Investments
Inventory	Inventory Inventories of purchased vehicles are stated at the lower of cost or estimated realizable value. Cost includes the Company’s cost of acquiring ownership of the vehicle. The cost of vehicles sold is charged to cost of vehicle sales as sold on a specific identification basis.
Accounts Receivable	Accounts Receivable Accounts receivable, which consist primarily of advance charges receivable from the Company’s sellers and the gross sales price of the vehicle due from buyers, are recorded when billed, advanced or accrued and represent claims against third parties that will be settled in cash. 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.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which subject the Company to potential credit risk, consist of its cash, cash equivalents, and restricted cash, short-term investments and accounts receivable. The Company adheres to its investment policy when placing investments. The investment policy has established guidelines to limit the Company’s exposure to credit risk by placing investments with high credit quality financial institutions, diversifying its investment portfolio, limiting investments in any one issuer or pooled fund and placing investments with maturities that maintain safety and liquidity. Deposits with these financial institutions may exceed the amount of insurance provided; however, these deposits typically are redeemable upon demand and, therefore, the Company believes that the financial risks associated with these financial instruments are minimal. The Company generally does not require collateral on its accounts receivable. The Company estimates its allowances for credit loss based on historical collection trends, the age of outstanding receivables and existing economic conditions. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due account balances are written off when the Company’s internal collection efforts have been unsuccessful in collecting the amounts due. The Company does not have off-balance sheet credit exposure related to its customers, and to date, the Company has not experienced significant credit-related losses.
Property and Equipment	Property and Equipment Property and equipment is stated at cost, less accumulated depreciation and amortization. Property and leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful lives of the respective improvements, which is between seven . Significant improvements which substantially extend the useful lives of assets are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives: three three three seven
Goodwill	Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other
Capitalized Software Costs	Capitalized Software Costs three
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based awards to employees and non-employees using the fair value method as required by ASC 718, Compensation—Stock Compensation
Comprehensive Income	Comprehensive Income Comprehensive income includes all changes in stockholders’ equity during a period from non-stockholder sources. For the years ended July 31, 2024, 2023 and 2022, accumulated other comprehensive income (loss) was the effect of foreign currency translation adjustments. Deferred taxes are not provided on cumulative translation adjustments where the Company expects earnings of a foreign subsidiary to be indefinitely reinvested.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Pending In March 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323) (“ASU 2023-02”), which allows the option for reporting entities to elect to account for their tax equity investments, using the proportional amortization method if certain conditions are met. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company’s adoption of ASU 2023-02 is not expected to have a material impact on the Company’s consolidated results of operations and financial position. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07’), which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating ASU 2023-07 to determine its impact on the Company's disclosures. On December 2023, the FASB issued ASU 2023-09, Income Taxes (Topics 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to expand the disclosure requirements for income taxes, primarily related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Management is currently evaluating ASU 2023-09 to determine its impact on the Company's disclosures.
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)	12 Months Ended
	Jul. 31, 2024
Accounting Policies [Abstract]
Schedule of Disaggregation of Revenue	Year Ended July 31, (In thousands) 2024 2023 2022 Service revenues United States $ 3,126,102 $ 2,841,641 $ 2,533,165 International 434,900 356,487 319,875 Total service revenues $ 3,561,002 $ 3,198,128 $ 2,853,040 Year Ended July 31, (In thousands) 2024 2023 2022 Vehicle sales United States $ 338,633 $ 348,007 $ 411,985 International 337,188 323,383 235,896 Total vehicle sales $ 675,821 $ 671,390 $ 647,881
Schedule of Carrying Amount of Contract Assets	The change in the carrying amount of contract assets was as follows (In thousands): Balance as of July 31, 2022 $ 4,778 Capitalized contract assets during the period 26,540 Costs amortized during the period (5,770) Effect of foreign currency exchange rates 178 Balance as of July 31, 2023 $ 25,726 Capitalized contract assets during the period 32,622 Costs amortized during the period (9,017) Effect of foreign currency exchange rates (93) Balance as of July 31, 2024 $ 49,238
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, 2022 $ (169,365) Gain on foreign currency translation 28,359 Cumulative loss on foreign currency translation as of July 31, 2023 $ (141,006) Loss on foreign currency translation (1,966) Cumulative loss on foreign currency translation as of July 31, 2024 $ (142,972)
Schedule of Held to Maturity Securities	The table below shows the amortized cost, associated gross unrealized gains and associated fair value of held to maturity securities (in thousands). (In thousands) July 31, 2024 Amortized Cost Gross Unrealized Gains Fair Value Investment in held to maturity securities $ 1,908,047 $ 18,298 $ 1,926,345 (In thousands) July 31, 2023 Amortized Cost Gross Unrealized Gains Fair Value Investment in held to maturity securities $ 1,406,589 $ 8,314 $ 1,414,903

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	12 Months Ended
	Jul. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Schedule of Accounts Receivable	Accounts receivable, net consisted of: July 31, (In thousands) 2024 2023 Advance charges receivable $ 598,805 $ 537,261 Trade accounts receivable 173,652 157,083 Other receivables 25,953 16,334 798,410 710,678 Less: Allowance for credit loss (12,533) (8,640) Accounts receivable, net $ 785,877 $ 702,038

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Jul. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consisted of the following: July 31, (In thousands) 2024 2023 Land $ 2,027,639 $ 1,812,001 Buildings and improvements 1,482,891 1,339,820 Transportation and other equipment 604,977 490,136 Office furniture and equipment 97,576 91,031 Software 105,001 89,575 4,318,084 3,822,563 Less: Accumulated depreciation and amortization (1,142,246) (978,224) Property and equipment, net $ 3,175,838 $ 2,844,339

Leases (Tables)

Leases (Tables)	12 Months Ended
	Jul. 31, 2024
Leases [Abstract]
Schedule of Lease Cost	Components of lease expense were as follows: Year Ended July 31, (In thousands) 2024 2023 Operating lease expense $ 26,222 $ 26,646 Finance lease expense: Amortization of right-of-use assets 14 23 Interest on finance lease liabilities — 1 Short-term lease expense 4,371 4,554 Variable lease expense 1,359 1,178 Total lease expense $ 31,966 $ 32,402 The weighted-average remaining lease terms and discount rates as of July 31, 2024 were as follows: Weighted-Average Remaining Lease Term (In years) Weighted-Average Discount Rate (1) Operating leases 8.57 3.95 % (1) The Company cannot determine the interest rate implicit in the Company’s leases. Therefore, the discount rate represents the Company’s incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to the Company’s imputed corporate credit rating for a secured or collateralized instrument.
Schedule of Right-of use Assets and Lease Liabilities	The components of right-of-use assets and lease liabilities on the consolidated balance sheets were as follows (In thousands): Lease Asset and Liabilities Balance Sheet Classification (In thousands) July 31, 2024 July 31, 2023 Operating lease right-of-use assets Operating lease right-of-use assets $ 116,301 $ 108,139 Finance lease right-of-use assets Property and equipment, net — 30 Total lease assets, net $ 116,301 $ 108,169 Operating lease liabilities - current Current portion of operating and finance lease liabilities $ 21,304 $ 21,455 Finance lease liabilities - current Current portion of operating and finance lease liabilities — 13 Operating lease liabilities - non-current Operating and finance lease liabilities, net of current portion 97,429 88,082 Finance lease liabilities - non-current Operating and finance lease liabilities, net of current portion — — Total lease liabilities $ 118,733 $ 109,550
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow information related to leases as of July 31, 2024 were as follows (In thousands): Year Ended July 31, (In thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows related to operating leases $ 25,320 $ 26,428 Operating cash flows related to finance leases — 1 Financing cash flows related to finance leases 14 23 Right-of-use assets obtained in exchange for new operating lease liabilities 37,172 21,149 Right-of-use assets obtained in exchange for new finance lease liabilities — —
Schedule of Maturity of Finance leases	The annual maturities of the Company’s lease liabilities as of July 31, 2024 were as follows: Fiscal Year (In thousands) Operating Leases 2025 $ 24,745 2026 20,978 2027 17,028 2028 15,513 2029 13,634 Thereafter 47,809 Total future lease commitments $ 139,707 Less: imputed interest (20,974) Present value of lease liabilities $ 118,733
Schedule of Maturity of Operating Lease	The annual maturities of the Company’s lease liabilities as of July 31, 2024 were as follows: Fiscal Year (In thousands) Operating Leases 2025 $ 24,745 2026 20,978 2027 17,028 2028 15,513 2029 13,634 Thereafter 47,809 Total future lease commitments $ 139,707 Less: imputed interest (20,974) Present value of lease liabilities $ 118,733
Schedule of Future Lease Payments Receivable	Future lease payments receivable under operating leases with terms greater than one year as of July 31, 2024 were as follows: Fiscal Year (In thousands) Operating Leases 2025 $ 5,653 2026 5,209 2027 5,225 2028 4,493 2029 3,395 Thereafter 1,628 Total future lease payments receivable $ 25,603

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Jul. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Change in Carrying Amount of Goodwill	The change in the carrying amount of goodwill was as follows: July 31, (In thousands) 2024 2023 Beginning balance $ 394,289 $ 401,954 Adjustments related to business combinations 120,153 (14,249) Effect of foreign currency exchange rates (533) 6,584 Ending balance $ 513,909 $ 394,289

Intangibles, Net (Tables)

Intangibles, Net (Tables)	12 Months Ended
	Jul. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Intangible Assets	The following table sets forth intangible assets by major asset class: Gross Accumulated Net Weighted Average July 31, July 31, July 31, July 31, (In thousands, except remaining useful life) 2024 2023 2024 2023 2024 2023 2024 2023 Amortized intangibles: Supply contracts and customer relationships $ 84,228 $ 84,614 $ (47,864) $ (37,614) $ 36,364 $ 47,000 4 4 Trade names 19,299 19,304 (12,705) (11,045) 6,594 8,259 4 3 Licenses and databases 16,571 682 (1,996) (682) 14,575 — 9 0 Indefinite-lived intangibles: Trade names: 16,555 7,443 — — 16,555 7,443 0 0 Total intangibles $ 136,653 $ 112,043 $ (62,565) $ (49,341) $ 74,088 $ 62,702
Schedule of Aggregate Amortization Expense on Intangible Assets	Intangible amortization expense for the next five fiscal years based upon July 31, 2024 intangible assets is expected to be as follows (In thousands): 2025 $ (13,487) 2026 (12,257) 2027 (12,126) 2028 (11,134) 2029 (1,674) Thereafter (6,855) Total future intangible amortization expense $ (57,533)

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Jul. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following: July 31, (In thousands) 2024 2023 Accounts payable to sellers $ 169,413 $ 143,724 Buyer deposits and prepayments 155,911 138,476 Trade accounts payable 23,920 36,292 Accrued compensation and benefits 64,036 50,914 Taxes payable 8,220 (512) Accrued insurance 11,065 4,850 Other accrued liabilities 85,583 67,066 Total accounts payable and accrued expenses $ 518,148 $ 440,810

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Jul. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of 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: July 31, 2024 July 31, 2023 (In thousands) Carrying Value Total Fair Value Total Carrying Value Total Fair Value Total Assets Cash equivalents $ 1,125,231 $ 1,127,275 $ 674,980 $ 677,515 Investment in held to maturity securities 1,908,047 1,926,345 1,406,589 1,414,903 Total assets $ 3,033,278 $ 3,053,620 $ 2,081,569 $ 2,092,418 Liabilities Long-term debt, including current portion $ — $ — $ 11,006 $ 11,006 Total liabilities $ — $ — $ 11,006 $ 11,006

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Jul. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic Weighted Average Shares Outstanding to Diluted Weighted Average Shares Outstanding	The table below reconciles basic weighted average shares outstanding to diluted weighted average shares outstanding: Year Ended July 31, (In thousands) 2024 2023 2022 Weighted average common shares outstanding 960,739 953,574 949,676 Effect of dilutive securities 14,059 13,073 14,928 Weighted average common and dilutive potential common shares outstanding 974,798 966,647 964,604

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	12 Months Ended
	Jul. 31, 2024
Equity [Abstract]
Schedule of Share-Based Compensation Expense	The table below sets forth the stock-based compensation recognized by the Company for stock options, restricted stock, restricted unit awards, and performance stock units: Year Ended July 31, (In thousands) 2024 2023 2022 General and administrative $ 28,284 $ 32,747 $ 33,838 Yard operations 6,950 6,926 5,127 Total stock-based compensation $ 35,234 $ 39,673 $ 38,965
Schedule of Fair Value Assumptions	The BSM option-pricing model utilized the following assumptions: July 31, 2024 2023 2022 Expected life (in years) 5.0 — 6.3 5.0 — 6.3 5.1 — 6.8 Risk-free interest rate 3.86 % — 4.43 % 3.67 % — 3.88 % 0.82 % — 2.70 % Estimated volatility 30.1 % — 30.6 % 29.6 % — 32.0 % 27.9 % — 30.0 % Expected dividends — % — % — % Weighted average fair value at measurement date $ 9.93 $ 12.10 $ 10.59
Schedule of Unvested Stock Options Awards	A summary of the status of the Company’s unvested stock options awards and activity during the year ended July 31, 2024 was as follows: (In thousands, except per share amounts) Shares Weighted Unvested shares at July 31, 2023 5,770 $ 8.72 Grants of non-vested shares 1,121 10.85 Vested (2,713) 7.93 Forfeitures or expirations — — Unvested shares at July 31, 2024 4,178 $ 9.80
Schedule of Option Activity	The following is a summary of activity for the Company’s stock options for the year ended July 31, 2024: (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, 2023 17,825 $ 15.47 4.67 $ 512,045 Grants of options 1,046 49.68 Exercises (2,561) 9.47 Forfeitures or expirations — — Outstanding as of July 31, 2024 16,310 $ 18.60 4.34 $ 550,115 Exercisable as of July 31, 2024 13,968 $ 15.41 3.72 $ 515,734 Vested and expected to vest as of July 31, 2024 16,272 $ 18.59 4.34 $ 549,123 The following is a summary of activity for the Company’s stock option awards subject to market conditions for the year ended July 31, 2024: (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, 2023 5,920 $ 24.37 7.43 $ 117,389 Grants of options 75 50.89 Exercises — — Forfeitures or expirations — — Outstanding as of July 31, 2024 5,995 $ 24.70 6.47 $ 165,656 Exercisable as of July 31, 2024 4,160 $ 23.23 6.22 $ 121,072 Vested and expected to vest as of July 31, 2024 5,988 $ 24.70 6.47 $ 165,464
Schedule of Stock Options Outstanding and Exercisable	The following table summarizes stock options outstanding and exercisable as of July 31, 2024: (In thousands, except per share amounts) Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $4.37 — $6.98 2,729 1.42 $ 5.22 2,730 $ 5.22 $7.74 — $9.08 2,713 3.18 8.85 2,713 8.85 $10.99 — $21.26 8,811 4.94 17.35 8,059 16.99 $22.15 — $54.93 8,052 6.66 32.33 4,626 29.53 Outstanding as of July 31, 2024 22,305 4.91 $ 20.24 18,128 $ 17.20
Schedule of Restricted Stock and Performance Stock Activity	The following is a summary of activity for the Company’s RSAs, RSUs, ans PSUs for the for the year ended July 31, 2024: (In thousands, except per share data) Restricted and Performance Shares Weighted Average Grant Date Fair Value Outstanding as of July 31, 2023 800 $ 31.77 Grants 1,479 51.72 Vested (391) 32.76 Forfeitures or expirations (15) 34.84 Outstanding as of July 31, 2024 1,873 $ 47.29

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jul. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income from Continuing Operations Before Taxes	Income before taxes consisted of the following: Year Ended July 31, (In thousands) 2024 2023 2022 U.S. $ 1,593,381 $ 1,437,126 $ 1,241,177 International 121,220 117,202 99,777 Total income before taxes $ 1,714,601 $ 1,554,328 $ 1,340,954
Schedule of Income Tax Expense (Benefit) from Continuing Operations	Income tax expense (benefit) from continuing operations consisted of the following: Year Ended July 31, (In thousands) 2024 2023 2022 Federal: Current $ 271,820 $ 243,253 $ 179,840 Deferred (1,174) (4,642) 14,115 270,646 238,611 193,955 State: Current 49,539 47,507 33,078 Deferred (1,611) 813 1,689 47,928 48,320 34,767 International: Current 34,179 26,150 23,247 Deferred (499) 3,506 (1,145) 33,680 29,656 22,102 Income tax expense $ 352,254 $ 316,587 $ 250,824
Schedule of Reconciliation of Income Tax	A reconciliation of the expected U.S. statutory tax rate to the actual effective income tax rate is as follows: Year Ended July 31, (In thousands) 2024 2023 2022 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax benefit 2.4 % 2.0 % 1.3 % International rate differential 0.1 % (0.3) % (0.5) % Compensation and fringe benefits (0.7) % (1.0) % (0.6) % FDII and/or GILTI (2.8) % (2.8) % (2.8) % Federal return to provision adjustment — % (0.1) % 0.6 % Federal amended return adjustment — % — % (1.3) % Other differences 0.5 % 1.6 % 1.0 % Effective tax rate 20.5 % 20.4 % 18.7 %
Schedule of Tax Effects on Deferred Tax Assets and Deferred Tax Liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) are presented below: July 31, (In thousands) 2024 2023 Deferred tax assets: Allowance for credit loss $ 2,483 $ 1,505 Accrued compensation and benefits 22,957 17,008 Operating lease liabilities 24,897 22,891 Accrued other 5,528 2,212 Deferred revenue 5,544 5,349 Losses carried forward/interest disallowance 48,599 41,589 Federal tax benefit 12,821 14,798 Total gross deferred tax assets 122,829 105,352 Less: Valuation allowance (47,377) (40,346) Net deferred tax assets 75,452 65,006 Deferred tax liabilities: Vehicle pooling costs (27,716) (25,808) Property and equipment (74,741) (70,086) Operating lease right-of-use assets (24,612) (23,169) Other prepaids (2,339) (2,548) Intangibles and goodwill (38,279) (33,150) Total gross deferred tax liabilities (167,687) (154,761) Net deferred tax liabilities $ (92,235) $ (89,755)
Schedule of Unrecognized Tax Benefits	The following table summarizes the activities related to the Company’s unrecognized tax benefits resulting from uncertain tax positions. July 31, (In thousands) 2024 2023 2022 Beginning balance $ 57,445 $ 55,754 $ 47,061 Increases related to current year tax positions 2,955 10,006 14,809 Prior year tax positions: Increases recognized during the period 11 1,388 1,393 Decreases recognized during the period (7,070) (7,623) (2,163) Cash settlements during the period (6,062) (403) (3,524) Lapse of statute of limitations (1,554) (1,677) (1,822) Ending balance $ 45,725 $ 57,445 $ 55,754

Segments and Other Geographic_2

Segments and Other Geographic Reporting (Tables)	12 Months Ended
	Jul. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables present financial information by segment: Year Ended July 31, 2024 (In thousands) United States International Total Service revenues $ 3,126,102 $ 434,900 $ 3,561,002 Vehicle sales 338,633 337,188 675,821 Total service revenues and vehicle sales 3,464,735 772,088 4,236,823 Yard operations 1,440,707 269,377 1,710,084 Cost of vehicle sales 313,449 306,038 619,487 General and administrative 282,545 52,684 335,229 Operating income $ 1,428,034 $ 143,989 $ 1,572,023 Depreciation and amortization, excluding debt costs $ 161,685 $ 28,076 $ 189,761 Capital expenditures, including acquisitions 491,497 113,906 605,403 Total assets 7,386,103 1,041,661 8,427,764 Goodwill 390,421 123,488 513,909 Year Ended July 31, 2023 (In thousands) United States International Total Service revenues $ 2,841,641 $ 356,487 $ 3,198,128 Vehicle sales 348,007 323,383 671,390 Total service revenues and vehicle sales 3,189,648 679,870 3,869,518 Yard operations 1,292,527 225,502 1,518,029 Cost of vehicle sales 326,764 287,734 614,498 General and administrative 202,260 48,162 250,422 Operating income $ 1,368,097 $ 118,472 $ 1,486,569 Depreciation and amortization, excluding debt costs $ 135,804 $ 23,674 $ 159,478 Capital expenditures, including acquisitions 373,190 143,446 516,636 Total assets 5,825,064 912,815 6,737,879 Goodwill 270,269 124,020 394,289 Year Ended July 31, 2022 (In thousands) United States International Total Service revenues $ 2,533,165 $ 319,875 $ 2,853,040 Vehicle sales 411,985 235,896 647,881 Total service revenues and vehicle sales 2,945,150 555,771 3,500,921 Yard operations 1,123,986 185,511 1,309,497 Cost of vehicle sales 380,928 204,275 585,203 General and administrative 192,667 38,557 231,224 Operating income $ 1,247,569 $ 127,428 $ 1,374,997 Depreciation and amortization, excluding debt costs $ 120,635 $ 17,350 $ 137,985 Capital expenditures, including acquisitions 297,632 146,420 444,052 Total assets 4,615,788 693,076 5,308,864 Goodwill 270,269 131,685 401,954

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	Aug. 04, 2023	Oct. 03, 2022	Jul. 31, 2024	Oct. 06, 2023 USD ($)
Accounting Policies [Abstract]
Common stock split, conversion ratio	2	2
Purple Wave Inc
Business Acquisition [Line Items]
Percentage of noncontrolling interest			20%	20%
Redeemable noncontrolling interest, fair value				$ 25.2

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Disaggregation of Revenue [Line Items]
Total service revenues and vehicle sales	$ 4,236,823	$ 3,869,518	$ 3,500,921
Service revenues
Disaggregation of Revenue [Line Items]
Total service revenues and vehicle sales	3,561,002	3,198,128	2,853,040
Service revenues | United States | United States
Disaggregation of Revenue [Line Items]
Total service revenues and vehicle sales	3,126,102	2,841,641	2,533,165
Service revenues | International | International
Disaggregation of Revenue [Line Items]
Total service revenues and vehicle sales	434,900	356,487	319,875
Vehicle sales
Disaggregation of Revenue [Line Items]
Total service revenues and vehicle sales	675,821	671,390	647,881
Vehicle sales | United States | United States
Disaggregation of Revenue [Line Items]
Total service revenues and vehicle sales	338,633	348,007	411,985
Vehicle sales | International | International
Disaggregation of Revenue [Line Items]
Total service revenues and vehicle sales	$ 337,188	$ 323,383	$ 235,896

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Carrying Amount of Contract Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Accounting Policies [Abstract]
Beginning balance	$ 25,726	$ 4,778
Capitalized contract assets during the period	32,622	26,540
Costs amortized during the period	(9,017)	(5,770)
Effect of foreign currency exchange rates	(93)	178
Ending balance	$ 49,238	$ 25,726

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Cumulative Translation Adjustment Summary [Roll Forward]
Cumulative loss on foreign currency translation, Beginning balance	$ (141,006)	$ (169,365)
Gain (loss) on foreign currency translation	(1,966)	28,359
Cumulative loss on foreign currency translation, Ending balance	$ (142,972)	$ (141,006)

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Advertising (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Accounting Policies [Abstract]
Advertising expenses	$ 26.1	$ 17.8	$ 15.4

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash and Investments (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Accounting Policies [Abstract]
Amortized Cost	$ 1,908,047	$ 1,406,589
Gross Unrealized Gains	18,298	8,314
Fair Value	$ 1,926,345	$ 1,414,903

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Property and Equipment (Details)	Jul. 31, 2024
Minimum | Leasehold improvements
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Minimum | Internally developed or purchased software
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Minimum | Transportation and other equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Minimum | Office furniture and equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Maximum | Leasehold improvements
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Maximum | Internally developed or purchased software
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Maximum | Transportation and other equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	20 years
Maximum | Office furniture and equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Useful life (in years)	40 years

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Goodwill (Details)	12 Months Ended
	Jul. 31, 2024 segment reporting_unit
Accounting Policies [Abstract]
Number of reporting units | reporting_unit	2
Number of operating segments	2
Number of reportable segments	2

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Capitalized Software Costs (Details) - USD ($) $ in Millions	Jul. 31, 2024	Jul. 31, 2023
Property, Plant and Equipment [Line Items]
Software development costs, gross	$ 105	$ 89.6
Accumulated amortization	$ 68	$ 59.7
Minimum | Software
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Maximum | Software
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) shares in Millions, $ in Millions	Oct. 06, 2023	Jul. 05, 2022	Jul. 31, 2024
Purple Wave Inc
Business Acquisition [Line Items]
Percentage of noncontrolling interest	20%		20%
Redeemable noncontrolling interest, fair value	$ 25.2
Purple Wave Inc
Business Acquisition [Line Items]
Percentage of voting interests acquired	80%
Number of shares issued (in shares)	2.5
Acquisition price	$ 108
Merger consideration, fair value	112.1
Acquisition costs	$ 1.2
Hills
Business Acquisition [Line Items]
Percentage of voting interests acquired		100%
Merger consideration, fair value		$ 106.6

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 798,410	$ 710,678
Less: Allowance for credit loss	(12,533)	(8,640)
Accounts receivable, net	785,877	702,038
Advance charges receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	598,805	537,261
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	173,652	157,083
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 25,953	$ 16,334

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 4,318,084	$ 3,822,563
Less: Accumulated depreciation and amortization	(1,142,246)	(978,224)
Property and equipment, net	3,175,838	2,844,339
Land
Property, Plant and Equipment [Line Items]
Property and equipment	2,027,639	1,812,001
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment	1,482,891	1,339,820
Transportation and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment	604,977	490,136
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	97,576	91,031
Software
Property, Plant and Equipment [Line Items]
Property and equipment	$ 105,001	$ 89,575

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 167.7	$ 139.9	$ 121.3
Software
Property, Plant and Equipment [Line Items]
Amortization expense	$ 8.6	$ 7.2	$ 9.2

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Leases [Abstract]
Renewal term (in years)	40 years
Cost of the leased space	$ 50.3	$ 51.2
Accumulated depreciation of leased assets	4.6	3.8
Rental income	$ 17.6	$ 18.8
Operating lease, lease income, statement of income or comprehensive income [extensible enumeration]	Total service revenues and vehicle sales	Total service revenues and vehicle sales

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Leases [Abstract]
Operating lease expense	$ 26,222	$ 26,646
Finance lease expense:
Amortization of right-of-use assets	14	23
Interest on finance lease liabilities	0	1
Short-term lease expense	4,371	4,554
Variable lease expense	1,359	1,178
Total lease expense	$ 31,966	$ 32,402
Operating leases, Weighted-Average Remaining Lease Term (in years)	8 years 6 months 25 days
Operating leases, Weighted Average Discount Rate (as a percent)	3.95%

Leases - Schedule of Right-of-U

Leases - Schedule of Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 116,301	$ 108,139
Finance lease, right-of-use asset, statement of financial position [extensible enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Finance lease right-of-use assets	$ 0	$ 30
Total lease assets, net	$ 116,301	$ 108,169
Operating lease, liability, current, statement of financial position [extensible enumeration]	Current portion of operating and finance lease liabilities	Current portion of operating and finance lease liabilities
Operating lease liabilities - current	$ 21,304	$ 21,455
Finance lease, liability, current, statement of financial position [extensible enumeration]	Current portion of operating and finance lease liabilities	Current portion of operating and finance lease liabilities
Finance lease liabilities - current	$ 0	$ 13
Operating lease, liability, noncurrent, statement of financial position [extensible enumeration]	Operating and finance lease liabilities, net of current portion	Operating and finance lease liabilities, net of current portion
Operating lease liabilities - non-current	$ 97,429	$ 88,082
Finance lease, liability, noncurrent, statement of financial position [extensible enumeration]	Operating and finance lease liabilities, net of current portion	Operating and finance lease liabilities, net of current portion
Finance lease liabilities - non-current	$ 0	$ 0
Total lease liabilities	$ 118,733	$ 109,550

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Leases [Abstract]
Operating cash flows related to operating leases	$ 25,320	$ 26,428
Operating cash flows related to finance leases	0	1
Financing cash flows related to finance leases	14	23	$ 530
Right-of-use assets obtained in exchange for new operating lease liabilities	37,172	21,149
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 0	$ 0

Leases - Schedule of Annual Mat

Leases - Schedule of Annual Maturities of Lease Liabilities (Details) $ in Thousands	Jul. 31, 2024 USD ($)
Operating Leases
2025	$ 24,745
2026	20,978
2027	17,028
2028	15,513
2029	13,634
Thereafter	47,809
Total future lease commitments	139,707
Less: imputed interest	(20,974)
Present value of lease liabilities	$ 118,733

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments Receivable Under Operating Leases (Details) $ in Thousands	Jul. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 5,653
2026	5,209
2027	5,225
2028	4,493
2029	3,395
Thereafter	1,628
Total future lease payments receivable	$ 25,603

Goodwill - Change in the Carryi

Goodwill - Change in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 394,289	$ 401,954
Adjustments related to business combinations	120,153	(14,249)
Effect of foreign currency exchange rates	(533)	6,584
Ending balance	$ 513,909	$ 394,289

Intangibles, Net - Schedule of

Intangibles, Net - Schedule of Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Amortized intangibles:
Gross Carrying Amount	$ 136,653	$ 112,043
Accumulated Amortization	(62,565)	(49,341)
Net Book Value	57,533
Total intangibles, net	74,088	62,702
Trade names
Amortized intangibles:
Indefinite-lived intangibles	16,555	7,443
Supply contracts and customer relationships
Amortized intangibles:
Gross Carrying Amount	84,228	84,614
Accumulated Amortization	(47,864)	(37,614)
Net Book Value	$ 36,364	$ 47,000
Weighted Average Remaining Useful Life (in years)	4 years	4 years
Trade names
Amortized intangibles:
Gross Carrying Amount	$ 19,299	$ 19,304
Accumulated Amortization	(12,705)	(11,045)
Net Book Value	$ 6,594	$ 8,259
Weighted Average Remaining Useful Life (in years)	4 years	3 years
Licenses and databases
Amortized intangibles:
Gross Carrying Amount	$ 16,571	$ 682
Accumulated Amortization	(1,996)	(682)
Net Book Value	$ 14,575	$ 0
Weighted Average Remaining Useful Life (in years)	9 years	0 years

Intangibles, Net - Narrative (D

Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization expenses	$ 13.4	$ 12.4	$ 7.5

Intangibles, Net - Schedule o_2

Intangibles, Net - Schedule of Intangible Amortization Expense (Details) $ in Thousands	Jul. 31, 2024 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2025	$ (13,487)
2026	(12,257)
2027	(12,126)
2028	(11,134)
2029	(1,674)
Thereafter	(6,855)
Total future intangible amortization expense	$ (57,533)

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Payables and Accruals [Abstract]
Accounts payable to sellers	$ 169,413	$ 143,724
Buyer deposits and prepayments	155,911	138,476
Trade accounts payable	23,920	36,292
Accrued compensation and benefits	64,036	50,914
Taxes payable	8,220
Taxes payable		(512)
Accrued insurance	11,065	4,850
Other accrued liabilities	85,583	67,066
Total accounts payable and accrued expenses	$ 518,148	$ 440,810

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)			12 Months Ended
	May 24, 2022 USD ($)	Dec. 21, 2021 USD ($)	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Dec. 20, 2021 USD ($)	Dec. 03, 2014 USD ($)
Line of Credit Facility [Line Items]
Debt instrument costs			$ 0	$ 0	$ 1,212,000
Senior Notes
Line of Credit Facility [Line Items]
Repayments of senior notes	$ 420,600,000
Make whole payment	16,800,000
Accrued interest	$ 3,800,000
Note Purchase Agreement | Senior Notes
Line of Credit Facility [Line Items]
Senior notes							$ 400,000,000
4.07% Senior Notes, Series A | Senior Notes
Line of Credit Facility [Line Items]
Senior notes							$ 100,000,000
Stated interest rate							4.07%
4.19% Senior Notes, Series B | Senior Notes
Line of Credit Facility [Line Items]
Senior notes							$ 100,000,000
Stated interest rate							4.19%
4.25% Senior Notes, Series C | Senior Notes
Line of Credit Facility [Line Items]
Senior notes							$ 100,000,000
Stated interest rate							4.25%
4.35% Senior Notes, Series D | Senior Notes
Line of Credit Facility [Line Items]
Senior notes							$ 100,000,000
Stated interest rate							4.35%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument costs		$ 2,700,000
Revolving Credit Facility | Second Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Outstanding borrowings			$ 0	$ 11,000,000
Covenant maximum leverage amount		50,000,000
Covenant minimum liquidity amount		$ 75,000,000
Total consolidated net leverage ratio			(1.81)
Minimum liquidity			$ 4,600,000,000
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Scenario 1
Line of Credit Facility [Line Items]
Total net leverage ratio		3.25
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Scenario 2
Line of Credit Facility [Line Items]
Total net leverage ratio		3.50
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Commitment fee rate range			0.175%
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Minimum | Base Rate
Line of Credit Facility [Line Items]
Commitment fee rate range			1%
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Minimum | Daily Rate
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			0%
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Commitment fee rate range			0.275%
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Maximum | Base Rate
Line of Credit Facility [Line Items]
Commitment fee rate range			1.75%
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Maximum | Daily Rate
Line of Credit Facility [Line Items]
Applicable interest rate added to reference rate in order to compute variable interest rate			0.75%
Revolving Credit Facility | Second Amended and Restated Credit Agreement | WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A.
Line of Credit Facility [Line Items]
Increase in credit facility		$ 200,000,000
Maximum borrowing capacity		1,250,000,000
Letter of Credit | Second Amended and Restated Credit Agreement | WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		550,000,000
Letter of Credit | Second Amended and Restated Credit Agreement | WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | CPRT GmbH
Line of Credit Facility [Line Items]
Maximum borrowing capacity		150,000,000
Letter of Credit | Second Amended and Restated Credit Agreement | WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | Copart Autos España, S.L.U.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		150,000,000
Letter of Credit | Second Amended and Restated Credit Agreement | WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A. | Copart UK Limited
Line of Credit Facility [Line Items]
Maximum borrowing capacity		250,000,000
Letter of Credit, Sublimit | Second Amended and Restated Credit Agreement | WellsFargo,NationalAssociation,TruistBank,BMOHarrisBankN.A.,SantanderBankN.A.,andBankofAmerica,N.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 100,000,000				$ 60,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 1,125,231	$ 674,980
Cash equivalents	1,127,275	677,515
Investment in held to maturity securities	1,908,047	1,406,589
Investment in held to maturity securities	1,926,345	1,414,903
Assets, carrying value	3,033,278	2,081,569
Assets, fair value	3,053,620	2,092,418
Liabilities, carrying value	0	11,006
Total liabilities	0	11,006
Fixed Rate Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	11,006
Long-term debt, including current portion	$ 0	$ 11,006

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Basic and Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Earnings Per Share [Abstract]
Weighted average common shares outstanding (in shares)	960,739	953,574	949,676
Effect of dilutive securities (in shares)	14,059	13,073	14,928
Weighted average common and dilutive potential common shares outstanding (in shares)	974,798	966,647	964,604

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from the calculation of dilutive net income (in shares)	2,612,116	8,333,268	14,891,048

Stockholder's Equity - Narrativ

Stockholder's Equity - Narrative (Details) - $ / shares	Jul. 31, 2024	Jul. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	1,600,000,000	1,600,000,000
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)	962,967,011	957,344,162
Common stock, shares outstanding (in shares)	962,967,011	957,344,162
Common stock, reserved for issuance of stock options (in shares)	49,707,714	52,648,002
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved for issuance of stock options (in shares)		3,953,154

Stockholder's Equity - Stock Re

Stockholder's Equity - Stock Repurchase (Details) - Stock Repurchase Program 2011 - shares	12 Months Ended			154 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2024	Sep. 22, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional common stock authorized for repurchase (in shares)					320,000,000
Common stock authorized for repurchase (in shares)					784,000,000
Number of shares repurchased (in shares)	0	0	0	458,196,792
Number of shares available for repurchase (in shares)	325,803,208			325,803,208

Stockholders' Equity - Employee

Stockholders' Equity - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - USD ($)	12 Months Ended			127 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized to purchase (in shares)	40,000,000			40,000,000
Discount from market price (as a percent)	15%
Offering period	6 months
Maximum percentage of salary withheld for employee contribution	up to 10%
Maximum annual contributions per employee, percent	10%
Compensation contribution limit (as a percent)	may not exceed 15
Maximum annual contributions per employee, conditional percent	15%
Share-based compensation arrangement by share-based payment award, maximum employee contribution permitted value	$ 25,000			$ 25,000
Number of shares of common stock issued pursuant to the ESPP	315,042	448,714	375,020	36,682,184
Shares were available for future grant under the Plan (in shares)	3,638,112			3,638,112

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2007	Jul. 31, 2024 USD ($) day shares	Jul. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options that were in-the-money (in shares) | shares		22,290,519
Total stock-based compensation		$ 35,234	$ 39,673	$ 38,965
Proceeds from the exercise of stock options		$ 24,260	49,679	28,108
Exercise price, based on number of consecutive trading days preceding exercise | day		20
Total compensation expense to be recognized per grant		$ 50,100
Aggregate intrinsic value of options exercised		105,500	131,100	30,500
Unrecognized total compensation cost related to non-vested stock-based awards		$ 26,300
Amortized cost on a straight-line basis over a weighted average term (in years)		2 years 6 months 25 days
Fair value of options vested		$ 21,500	24,500	29,000
Purple Wave Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation		$ 1,900	0
Stock Price Increase Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of trading price compared to exercise price		125%
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation		$ 7,400	$ 12,200	$ 9,800
Award vesting rights percentage		20%
Equity Incentive 2007 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized to purchase (in shares) | shares		144,000,000
Maximum vesting term for incentive and non-qualified stock options determined by board of directors (in years)	10 years
Share-based compensation arrangement by share-based payment award, award requisite service period (in years)	5 years
Shares were available for future grant under the Plan (in shares) | shares		21,137,327
October Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement with individual - requisite service period (in years)		5 years
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award requisite service period (in years)		5 years
Risk-free interest rate, minimum (as a percent)		3.86%	3.67%	0.82%
Risk-free interest rate, maximum (as a percent)		4.43%	3.88%	2.70%
Estimated volatility, minimum (as a percent)		30.10%	29.60%	27.90%
Estimated volatility, maximum (as a percent)		30.60%	32%	30%
Share-based Payment Arrangement, Option | Valuation Technique, Option Pricing Model
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum (as a percent)		0.71%
Risk-free interest rate, maximum (as a percent)		3.57%
Estimated volatility, minimum (as a percent)		25.20%
Estimated volatility, maximum (as a percent)		29.30%
Restricted Stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		2 years
Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		5 years

Stockholder's Equity - Schedule

Stockholder's Equity - Schedule of Stock-based Compensation Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 35,234	$ 39,673	$ 38,965
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	28,284	32,747	33,838
Yard operations
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 6,950	$ 6,926	$ 5,127

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value at measurement date (in dollars per share)	$ 10.85
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum (as a percent)	3.86%	3.67%	0.82%
Risk-free interest rate, maximum (as a percent)	4.43%	3.88%	2.70%
Estimated volatility, minimum (as a percent)	30.10%	29.60%	27.90%
Estimated volatility, maximum (as a percent)	30.60%	32%	30%
Expected dividends (as a percent)	0%	0%	0%
Weighted average fair value at measurement date (in dollars per share)	$ 9.93	$ 12.10	$ 10.59
Employee Stock Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	5 years	5 years	5 years 1 month 6 days
Employee Stock Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	6 years 3 months 18 days	6 years 3 months 18 days	6 years 9 months 18 days

Stockholder's Equity - Schedu_2

Stockholder's Equity - Schedule of Unvested Shares from Stock Option Award (Details) shares in Thousands	12 Months Ended
	Jul. 31, 2024 $ / shares shares
Shares
Unvested shares, Beginning balance (in shares) | shares	5,770
Grants of non-vested shares (in shares) | shares	1,121
Vested (in shares) | shares	(2,713)
Forfeitures or expirations (in shares) | shares	0
Unvested shares, Ending balance (in shares) | shares	4,178
Weighted Average Grant- date Fair Value
Unvested shares, Beginning balance (in dollars per share) | $ / shares	$ 8.72
Grants of non-vested shares (in dollars per share) | $ / shares	10.85
Vested (in dollars per share) | $ / shares	7.93
Forfeitures or expirations (in dollars per share) | $ / shares	0
Unvested shares, Ending balance (in dollars per share) | $ / shares	$ 9.80

Stockholder's Equity - Schedu_3

Stockholder's Equity - Schedule of Activity of Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Shares
Outstanding, Beginning balance (in shares)	17,825
Grants of options (in shares)	1,046
Exercises (in shares)	(2,561)
Forfeitures or expirations (in shares)	0
Outstanding, Ending balance (in shares)	16,310	17,825
Exercisable (in shares)	13,968
Vested and expected to vest (in shares)	16,272
Weighted Average Exercise Price
Outstanding, Beginning balance (in dollars per share)	$ 15.47
Grants of options (in dollars per share)	49.68
Exercises (in dollars per share)	9.47
Forfeitures or expirations (in dollars per share)	0
Outstanding, Ending balance (in dollars per share)	18.60	$ 15.47
Exercisable (in dollars per share)	15.41
Vested and expected to vest (in dollars per share)	$ 18.59
Weighted Average Remaining Contractual Term (In years)
Outstanding, beginning balance	4 years 4 months 2 days	4 years 8 months 1 day
Outstanding, ending balance	4 years 4 months 2 days	4 years 8 months 1 day
Exercisable	3 years 8 months 19 days
Vested and expected to vest	4 years 4 months 2 days
Aggregate Intrinsic Value
Outstanding, Beginning balance	$ 512,045
Outstanding, Ending balance	550,115	$ 512,045
Exercisable	515,734
Vested and expected to vest	$ 549,123
Employee Stock Option
Shares
Outstanding, Beginning balance (in shares)	5,920
Grants of options (in shares)	75
Exercises (in shares)	0
Forfeitures or expirations (in shares)	0
Outstanding, Ending balance (in shares)	5,995	5,920
Exercisable (in shares)	4,160
Vested and expected to vest (in shares)	5,988
Weighted Average Exercise Price
Outstanding, Beginning balance (in dollars per share)	$ 24.37
Grants of options (in dollars per share)	50.89
Exercises (in dollars per share)	0
Forfeitures or expirations (in dollars per share)	0
Outstanding, Ending balance (in dollars per share)	24.70	$ 24.37
Exercisable (in dollars per share)	23.23
Vested and expected to vest (in dollars per share)	$ 24.70
Weighted Average Remaining Contractual Term (In years)
Outstanding, beginning balance	6 years 5 months 19 days	7 years 5 months 4 days
Outstanding, ending balance	6 years 5 months 19 days	7 years 5 months 4 days
Exercisable	6 years 2 months 19 days
Vested and expected to vest	6 years 5 months 19 days
Aggregate Intrinsic Value
Outstanding, Beginning balance	$ 117,389
Outstanding, Ending balance	165,656	$ 117,389
Exercisable	121,072
Vested and expected to vest	$ 165,464

Stockholder's Equity - Schedu_4

Stockholder's Equity - Schedule of Stock Options Outstanding and Exercisable (Details) shares in Thousands	12 Months Ended
	Jul. 31, 2024 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number Outstanding (in shares) | shares	22,305
Weighted Average Remaining Contractual Life	4 years 10 months 28 days
Weighted- Average Exercise Price, Options Outstanding (in dollars per share)	$ 20.24
Number Exercisable (in shares) | shares	18,128
Weighted-Average Exercise Price, Options Exercisable (in dollars per share)	$ 17.20
$4.37 - $6.98
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range	4.37
Exercise price upper range	$ 6.98
Number Outstanding (in shares) | shares	2,729
Weighted Average Remaining Contractual Life	1 year 5 months 1 day
Weighted- Average Exercise Price, Options Outstanding (in dollars per share)	$ 5.22
Number Exercisable (in shares) | shares	2,730
Weighted-Average Exercise Price, Options Exercisable (in dollars per share)	$ 5.22
$7.74- $9.08
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range	7.74
Exercise price upper range	$ 9.08
Number Outstanding (in shares) | shares	2,713
Weighted Average Remaining Contractual Life	3 years 2 months 4 days
Weighted- Average Exercise Price, Options Outstanding (in dollars per share)	$ 8.85
Number Exercisable (in shares) | shares	2,713
Weighted-Average Exercise Price, Options Exercisable (in dollars per share)	$ 8.85
$10.99 - $21.26
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range	10.99
Exercise price upper range	$ 21.26
Number Outstanding (in shares) | shares	8,811
Weighted Average Remaining Contractual Life	4 years 11 months 8 days
Weighted- Average Exercise Price, Options Outstanding (in dollars per share)	$ 17.35
Number Exercisable (in shares) | shares	8,059
Weighted-Average Exercise Price, Options Exercisable (in dollars per share)	$ 16.99
$22.15 - $54.93
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range	22.15
Exercise price upper range	$ 54.93
Number Outstanding (in shares) | shares	8,052
Weighted Average Remaining Contractual Life	6 years 7 months 28 days
Weighted- Average Exercise Price, Options Outstanding (in dollars per share)	$ 32.33
Number Exercisable (in shares) | shares	4,626
Weighted-Average Exercise Price, Options Exercisable (in dollars per share)	$ 29.53

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Activity for RSA’s, RSU’s and PSU’s (Details) shares in Thousands	12 Months Ended
	Jul. 31, 2024 $ / shares shares
Restricted and Performance Shares
Outstanding, Beginning balance (in shares) | shares	800
Grants (in shares) | shares	1,479
Vested (in shares) | shares	(391)
Forfeitures or expirations (in shares) | shares	(15)
Outstanding, Ending balance (in shares) | shares	1,873
Weighted Average Grant Date Fair Value
Outstanding, Beginning balance (in dollars per share) | $ / shares	$ 31.77
Grants (in dollars per share) | $ / shares	51.72
Vested (in dollars per share) | $ / shares	32.76
Forfeitures or expirations (in dollars per share) | $ / shares	34.84
Outstanding, Ending balance (in dollars per share) | $ / shares	$ 47.29

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Income From Continuing Operations Before Taxes [Abstract]
Income before income taxes	$ 1,714,601	$ 1,554,328	$ 1,340,954
U.S.
Income From Continuing Operations Before Taxes [Abstract]
U.S.	1,593,381	1,437,126	1,241,177
International
Income From Continuing Operations Before Taxes [Abstract]
International	$ 121,220	$ 117,202	$ 99,777

Income Taxes - Schedule of In_2

Income Taxes - Schedule of Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Federal:
Current	$ 271,820	$ 243,253	$ 179,840
Deferred	(1,174)	(4,642)	14,115
Federal income tax expense (benefit), continuing operations	270,646	238,611	193,955
State:
Current	49,539	47,507	33,078
Deferred	(1,611)	813	1,689
State and local income tax expense (benefit), continuing operations	47,928	48,320	34,767
International:
Current	34,179	26,150	23,247
Deferred	(499)	3,506	(1,145)
International income tax expense (benefit), continuing operations	33,680	29,656	22,102
Income tax expense	$ 352,254	$ 316,587	$ 250,824

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Expected U.S. Statutory Tax Rate (Details)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory rate	21%	21%	21%
State income taxes, net of federal income tax benefit	2.40%	2%	1.30%
International rate differential	0.10%	(0.30%)	(0.50%)
Compensation and fringe benefits	(0.70%)	(1.00%)	(0.60%)
FDII and/or GILTI	(0.028)	(0.028)	(0.028)
Federal return to provision adjustment	0%	(0.10%)	0.60%
Federal amended return adjustment	0%	0%	(1.30%)
Other differences	0.50%	1.60%	1%
Effective tax rate	20.50%	20.40%	18.70%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Deferred tax assets:
Allowance for credit loss	$ 2,483	$ 1,505
Accrued compensation and benefits	22,957	17,008
Operating lease liabilities	24,897	22,891
Accrued other	5,528	2,212
Deferred revenue	5,544	5,349
Losses carried forward/interest disallowance	48,599	41,589
Federal tax benefit	12,821	14,798
Total gross deferred tax assets	122,829	105,352
Less: Valuation allowance	(47,377)	(40,346)
Net deferred tax assets	75,452	65,006
Deferred tax liabilities:
Vehicle pooling costs	(27,716)	(25,808)
Property and equipment	(74,741)	(70,086)
Operating lease right-of-use assets	(24,612)	(23,169)
Other prepaids	(2,339)	(2,548)
Intangibles and goodwill	(38,279)	(33,150)
Total gross deferred tax liabilities	(167,687)	(154,761)
Net deferred tax liabilities	$ (92,235)	$ (89,755)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	20.50%	20.40%	18.70%
Federal statutory tax rate (as a percent)	21%	21%	21%
Discrete tax adjustments	$ 800			$ 17,000
Deduction in FDII	47,700	$ 42,600	$ 37,200
Discrete tax adjustments, prior year		1,500	8,200
Tax benefits	14,800	21,000	14,400
Increase in valuation allowance	7,000
Tax credit carryforward	48,600	41,600
Valuation allowance	47,377	40,346
Unrecognized tax benefits that would impact effective tax rate	36,100	45,300
Interest and penalties related to income tax	13,800	$ 11,700	$ 8,900
Undistributed earnings	$ 500,800

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 57,445	$ 55,754	$ 47,061
Increases related to current year tax positions	2,955	10,006	14,809
Prior year tax positions:
Increases recognized during the period	11	1,388	1,393
Decreases recognized during the period	(7,070)	(7,623)	(2,163)
Cash settlements during the period	(6,062)	(403)	(3,524)
Lapse of statute of limitations	(1,554)	(1,677)	(1,822)
Ending balance	$ 45,725	$ 57,445	$ 55,754

Segments and Other Geographic_3

Segments and Other Geographic Reporting - Narrative (Details)	12 Months Ended
	Jul. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segment	2

Segments and Other Geographic_4

Segments and Other Geographic Reporting - Schedule of Financial Information by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
Segment Reporting Information [Line Items]
Total service revenues and vehicle sales	$ 4,236,823	$ 3,869,518	$ 3,500,921
Yard operations	1,710,084	1,518,029	1,309,497
Cost of vehicle sales	619,487	614,498	585,203
General and administrative	335,229	250,422	231,224
Operating income	1,572,023	1,486,569	1,374,997
Depreciation and amortization, excluding debt costs	189,761	159,478	137,985
Capital expenditures, including acquisitions	605,403	516,636	444,052
Total assets	8,427,764	6,737,879	5,308,864
Goodwill	513,909	394,289	401,954
United States | United States | Operating Segments
Segment Reporting Information [Line Items]
Total service revenues and vehicle sales	3,464,735	3,189,648	2,945,150
Yard operations	1,440,707	1,292,527	1,123,986
Cost of vehicle sales	313,449	326,764	380,928
General and administrative	282,545	202,260	192,667
Operating income	1,428,034	1,368,097	1,247,569
Depreciation and amortization, excluding debt costs	161,685	135,804	120,635
Capital expenditures, including acquisitions	491,497	373,190	297,632
Total assets	7,386,103	5,825,064	4,615,788
Goodwill	390,421	270,269	270,269
International | International | Operating Segments
Segment Reporting Information [Line Items]
Total service revenues and vehicle sales	772,088	679,870	555,771
Yard operations	269,377	225,502	185,511
Cost of vehicle sales	306,038	287,734	204,275
General and administrative	52,684	48,162	38,557
Operating income	143,989	118,472	127,428
Depreciation and amortization, excluding debt costs	28,076	23,674	17,350
Capital expenditures, including acquisitions	113,906	143,446	146,420
Total assets	1,041,661	912,815	693,076
Goodwill	123,488	124,020	131,685
Service revenues
Segment Reporting Information [Line Items]
Total service revenues and vehicle sales	3,561,002	3,198,128	2,853,040
Service revenues | United States | United States
Segment Reporting Information [Line Items]
Total service revenues and vehicle sales	3,126,102	2,841,641	2,533,165
Service revenues | International | International
Segment Reporting Information [Line Items]
Total service revenues and vehicle sales	434,900	356,487	319,875
Vehicle sales
Segment Reporting Information [Line Items]
Total service revenues and vehicle sales	675,821	671,390	647,881
Vehicle sales | United States | United States
Segment Reporting Information [Line Items]
Total service revenues and vehicle sales	338,633	348,007	411,985
Vehicle sales | International | International
Segment Reporting Information [Line Items]
Total service revenues and vehicle sales	$ 337,188	$ 323,383	$ 235,896

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jul. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letter of credit	$ 14.8

Related Party Transactions (Det

Related Party Transactions (Details) - Related Party - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023
Related Party Transactions, By Related Party [Abstract]
Due from related parties	$ 0	$ 0
Due to related parties	$ 0	$ 0

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2022
United States
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, contributions by employer, percentage	20%
Maximum employer contribution on employees salary deferral (as a percent)	15%
Recognized deferred compensation expenses	$ 2.3	$ 2.2	$ 1.9
U.K.
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, contributions by employer, percentage	5%
Recognized deferred compensation expenses	$ 2.1	$ 1.6	$ 1.4