Business Combinations and Asset Acquisitions (Tables)

Jun. 01, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of purchase consideration

(In thousands)
Total cash consideration for outstanding shares	$	251,047
Fair value of common stock (1)	90,571
Fair value of previously held equity interest	60,200
Total	$	401,818

(1)     Represents the issuance of 776,097 shares of CarMax common stock to Edmunds equity holders, the fair value of which was based on the market value of CarMax common stock as of market close on the acquisition date (June 1, 2021).

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

(In thousands)	Fair Value
Cash	$	9,484
Accounts receivable, net	33,719
Other current assets	2,397
Property and equipment, net	20,741
Goodwill	149,690
Intangible assets	218,000
Operating lease assets	97,250
Other assets	191
Total assets acquired	531,472
Accounts payable	5,063
Accrued expenses and other current liabilities	11,277
Current portion of operating lease liabilities	12,795
Deferred income taxes	12,255
Operating lease liabilities, excluding current portion	88,264
Total liabilities assumed	129,654
Net assets acquired	$	401,818

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

		Preliminary
(In thousands)	Useful Life (Years)	Fair Value
Trade name	Indefinite	$	31,900
Internally developed software	7	52,900
Customer relationships	17	133,200
Identifiable intangible assets		$	218,000