Business Combinations (Tables)

12 Months Ended

Dec. 31, 2018

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 purchase price allocated to assets acquired and liabilities assumed at fair value

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	$	167,859
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		14,556
Intangible assets		349,800
Goodwill		725,740
Total assets acquired		1,425,056
Accounts payable and accrued expenses		(46,735)
Contract liabilities		(39,000)
Deferred income taxes		(100,123)
Other long term liabilities		(2,237)
Total liabilities assumed		(188,095)
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

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
	Year Ended		Year Ended
	December 31, 2017		December 31, 2018
Revenue	$	895,262	$	923,945
Net Income		16,364		41,058

New York Code And Design Academy, Inc.

Business Acquisition [Line Items]

Schedule of purchase price allocated to assets acquired and liabilities assumed at fair value

The allocation of the purchase price was as follows (in thousands):


		Purchase
		Price
		Allocation	Useful Life
Cash	$	790
Other assets		1,265
Intangibles:
Trade name		5,660	Indefinite
Goodwill		13,944
Liabilities assumed		(4,734)
Total assets acquired and liabilities assumed, net		16,925
Less: contingent consideration		(14,500)
Less: cash acquired		(790)
Cash paid for acquisition, net of cash acquired	$	1,635