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Business Acquisition | 6 Months Ended
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Jun. 30, 2025
Business Combination [Abstract] |
Business Acquisition | 3. BUSINESS ACQUISITION On December 2, 2024, the Company completed the acquisition of the University of St. Augustine for Health Sciences ("USAHS"). USAHS is among the nation’s reputable universities offering graduate health sciences degrees, primarily in physical therapy, occupational therapy, speech language therapy and nursing, as well as continuing education programs. Founded in 1979, USAHS educates students through its network of campuses in San Marcos, California; St. Augustine and Miami, Florida; and Austin and Dallas, Texas and through its online programs. The purchase price of $137.0 million for USAHS was allocated to the preliminary fair values of acquired tangible and identifiable intangible assets of $268.5 million and assumed liabilities of $131.5 million as of December 2, 2024. The purchase price consisted of an initial cash payment made in December 2024, and a working capital true up of $0.8 million, which was received in April 2025. Based on our preliminary purchase price allocation, we have recorded goodwill of $17.0 million. Goodwill reflects the inherent value of the acquired workforce as well as revenue growth opportunities following the acquisition. All of this goodwill balance will not be deductible for income tax reporting purposes. Management's purchase price allocation is provisional as the fair value of deferred tax assets are still being finalized, primarily due to the timing of the acquisition which occurred in December 2024. 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 |  |  | 17,029 |
Total assets acquired |  | $ | 268,501 |
Liabilities: |  |  |
Accounts payable and other accrued liabilities |  | $ | 9,269 |
Deferred revenue |  |  | 10,137 |
Lease liabilities |  |  | 55,625 |
Construction financing |  |  | 56,500 |
Total liabilities assumed |  | $ | 131,531 |
Net assets acquired |  | $ | 136,970 |

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