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Business Acquisition (Tables)

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Summary of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of acquisition date (dollars in thousands):

		USAHS
		December 2, 2024
Assets:
Student and other receivables		$	1,771
Prepaid assets			4,727
Property, plant and equipment			78,800
ROU assets			53,271
Intangible assets
Trade name (indefinite-lived)			9,800
Customer relationships (2 year life)			14,000
Course curriculum (4 year life)			15,500
Accreditation rights (12 year life)			25,000
Deferred tax asset, net			47,626
Other assets			977
Goodwill			16,850
Total assets acquired		$	268,322
Liabilities:
Accounts payable and other accrued liabilities		$	9,148
Deferred revenue			10,137
Lease liabilities			55,625
Construction financing			56,500
Total liabilities assumed		$	131,410
Net assets acquired		$	136,912

Schedule of Proforma Financial Information

The below information is based on available information and certain assumptions the Company believes are reasonable, including adjustments to depreciation, amortization, interest income and interest expense based on the fair value purchase accounting adjustments primarily related to leases and property, plant and equipment. Additionally, for the year ended December 31, 2023, a non-recurring adjustment was made to eliminate $241.6 million of asset impairment expense related to USAHS.

		Twelve Months Ended December 31,
in thousands, except per share amounts		2024				2023
Total revenue		$	825,902			$	880,455
Operating income			175,480				174,775
Net income			147,012				161,971
Net income per share - Basic			2.24				2.44
Net income per share - Diluted			2.19				2.39

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

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- References

No definition available.

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X

- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

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