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Acquisition (Tables)

12 Months Ended

Apr. 30, 2019

Acquisition [Abstract]

Consideration Transferred and Preliminary Allocation of Purchase Price

The transaction was accounted for using the acquisition method of accounting. We recorded the preliminary fair value of the assets acquired and liabilities assumed on the acquisition date, all of which are included in the Solutions segment. None of the goodwill will be deductible for tax purposes. The allocation of the consideration transferred to the assets acquired and the liabilities assumed is preliminary and could be revised as a result of additional information obtained due to the finalization of the third-party valuation report,  tax related matters and contingencies, but such amounts will be finalized within the measurement period, which will not exceed one year from the acquisition date. The following table summarizes the consideration transferred to acquire Learning House and the preliminary allocation of the purchase price among the assets acquired and the liabilities assumed.

		Preliminary Allocation as of April 30, 2019
Total consideration transferred		$	201,274
Assets:
Current Assets
Cash and cash equivalents			10,293
Accounts receivable, net			8,621
Prepaid expenses and other current assets			1,439
Total Current Assets			20,353
Technology, Property and Equipment, net			343
Intangible Assets, net			109,548
Goodwill			110,805
Other Non-Current Assets			5,025
Total Assets		$	246,074
Liabilities:
Current Liabilities
Accounts payable			1,542
Contract liability (Deferred revenue)			959
Accrued employment costs			4,925
Other accrued liabilities			9,422
Total Current Liabilities			16,848
Deferred Income Tax Liabilities			26,769
Other Long-Term Liabilities			1,184
Total Liabilities		$	44,801

Intangible Assets Acquired and Weighted-Average Useful Life

The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition.

		Estimated Fair Value				Weighted-Average Useful Life (in Years)
Customer Relationships		$	103,850				15
Course Content			5,698				4
Total		$	109,548

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- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period.

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-Name Accounting Standards Codification
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