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Accounts Receivable, Net

12 Months Ended

Jul. 31, 2021

Accounts Receivable, after Allowance for Credit Loss [Abstract]

NOTE 2 — Accounts Receivable, Net

Accounts receivable, net consisted of:


	July 31,
(In thousands)	2021		2020
Advance charges receivable	$	385,002	$	260,196
Trade accounts receivable	97,249		94,281
Other receivables	4,013		2,120
	486,264		356,597
Less: Allowance for credit loss	(5,636)		(6,390)
Accounts receivable, net	$	480,628	$	350,207

Advance charges receivable represents amounts paid to third parties on behalf of insurance companies for which the Company will be reimbursed when the vehicle is sold. As advance charges are recovered within one year, the Company has not adjusted the amount of consideration received from the customer for a significant financing component. Trade accounts receivable includes fees and gross auction proceeds to be collected from insurance companies and buyers.

The movements in the allowance for credit loss was as follows:


	July 31,
(In thousands)	2021		2020		2019
Balance at beginning of year	$	6,390	$	4,942	$	5,444
Charged to costs and expenses	3,454		5,591		2,409
Write-offs	(4,208)		(4,143)		(2,911)
Balance at end of year	$	5,636	$	6,390	$	4,942