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Merger with Capella Education Company (Tables) | 9 Months Ended
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Sep. 30, 2018
Merger with Capella Education Company [Abstract] |
Schedule of components of aggregate consideration transferred for acquisition | The following table summarizes the components of the aggregate consideration transferred for the acquisition of CEC (in thousands):
Fair value of Company common stock issued in exchange for CEC outstanding shares(1) | $ | 1,209,483
Fair value of Company equity-based awards issued in exchange for CEC equity-based awards |  | 27,478
Total fair value of consideration transferred | $ | 1,236,961
| (1) |  | The Company issued 10,263,775 common shares at a market price of $117.84 in exchange for each issued and outstanding share of CEC common stock.
Schedule of preliminary fair value of assets and liabilities assumed | The preliminary fair value of assets acquired and liabilities assumed as well as a reconciliation to consideration transferred is presented in the table below (in thousands):
Cash and cash equivalents |  | $ | 168,387
Marketable securities, current |  |  | 31,419
Tuition receivable |  |  | 39,141
Income tax receivable |  |  | 163
Other current assets |  |  | 8,496
Marketable securities, non-current |  |  | 34,700
Property and equipment, net |  |  | 53,182
Other assets |  |  | 15,906
Intangible assets |  |  | 349,800
Goodwill |  |  | 723,929
Total assets acquired |  |  | 1,425,123
Accounts payable and accrued expenses |  |  | (46,735)
Contract liabilities |  |  | (39,000)
Deferred income taxes |  |  | (100,190)
Other long term liabilities |  |  | (2,237)
Total liabilities assumed |  |  | (188,162)
Total consideration |  | $ | 1,236,961
Schedule of intangible assets acquired and weighted average useful lives | The table below presents a summary of intangible assets acquired (in thousands) and the weighted average useful lives of these assets:
|  |  |  |  | Weighted Average
|  |  | Fair Value |  | Useful Life in Years
Trade names |  | $ | 183,800 |  | Indefinite
Student relationships |  |  | 166,000 |  | 3
|  | $ | 349,800 |  |
Schedule of supplemental pro forma financial information | s that may occur in the future. The pro forma adjustments are based on available information and upon assumptions the Company believes are reasonable to reflect the impact of this acquisition on the Company’s historical financial information on a supplemental pro forma basis (in thousands).
|  | Pro Forma Combined
|  | Nine Months Ended |  | Nine Months Ended
|  | September 30, 2017 |  | September 30, 2018
Revenue |  | $ | 664,523 |  | $ | 679,309
Net Income |  |  | 32,096 |  |  | 10,606

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