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Merger with Capella Education Company (Tables) | 9 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
Business acquisition, pro forma Information | Pro forma results for the three and nine months ended September 30, 2019 are not presented below because the results of CEC are included in the Company's September 30, 2019 unaudited condensed consolidated statement of income.
| Three Months Ended September 30, 2018 |  | Nine Months Ended September 30, 2018
Revenue | $ | 224,641 |  |  | $ | 679,309 |
Net income (loss) | (14,146 | ) |  | 10,606 |
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 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 | 31,419 |
Tuition receivable | 36,716 |
Income taxes receivable | 163 |
Other current assets | 9,041 |
Marketable securities, non-current | 34,700 |
Property and equipment, net | 53,182 |
Other assets | 14,556 |
Intangible assets | 349,800 |
Goodwill | 725,275 |
Total assets acquired | 1,422,711 |
Accounts payable and accrued expenses | (48,103 | )
Contract liabilities | (39,000 | )
Deferred income taxes | (96,320 | )
Other long-term liabilities | (2,327 | )
Total liabilities assumed | (185,750 | )
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:
| Fair Value |  | Weighted Average Useful Life in Years
Trade names | $ | 183,800 |  |  | Indefinite
Student relationships | 166,000 |  |  | 3
| $ | 349,800 |  |  |

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