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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
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 considered transferred is presented in the table below (in thousands):
Cash and cash equivalents | $ | 16,082 |
Tuition receivable | 24,447 |
Other current assets | 17,713 |
Property and equipment, net | 41,770 |
Right-of-use lease assets | 44,229 |
Intangible assets | 103,161 |
Goodwill | 546,053 |
Other assets | 2,799 |
Total assets acquired | 796,254 |
Accounts payable and accrued expenses | (33,876) |
Income taxes payable | (229) |
Contract liabilities | (33,309) |
Lease liabilities | (9,685) |
Deferred income taxes | (18,712) |
Lease liabilities, non-current | (34,544) |
Other long-term liabilities | (7,520) |
Total liabilities assumed | (137,875) |
Total consideration | $ | 658,379 |
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 tax 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 | $ | 68,774 |  |  | Indefinite
Student relationships | 34,387 |  |  | 3
| $ | 103,161 |  |  |
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 |  |  |
Schedule of Supplemental Pro Forma Financial Information | The following table presents the Company's pro forma combined revenues and net income (in thousands).
| Pro Forma Combined
| Year Ended December 31, 2019 |  | Year Ended December 31, 2020
Revenue | $ | 1,188,269 |  |  | $ | 1,244,440 |
Net Income | 69,446 |  |  | 105,431 |
The pro forma results do not necessarily represent what would have occurred if the acquisition had actually taken place on January 1, 2018, nor do they represent the results 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. The following table presents the Company's pro forma combined revenues and net income (in thousands). Pro forma results for the years ended December 31, 2019 and 2020 are not presented below because the results of CEC are included in the Company's December 31, 2019 and 2020 consolidated statements of income (loss).
| Pro Forma Combined
| Year Ended December 31, 2018
Revenue | $ | 923,945 |
Net Income | 41,058 |
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.

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