XML 48 R35.htm IDEA: XBRL DOCUMENT
v3.22.4

Business Combinations (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Purchase Price Allocated to Assets Acquired and Liabilities Assumed at Fair Value | 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 | $ | 16,082 |
Tuition receivable | 24,447 |
Other current assets | 17,713 |
Property and equipment, net | 41,508 |
Right-of-use lease assets | 44,229 |
Intangible assets | 103,161 |
Goodwill | 546,315 |
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 |
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 |  |  |
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 results for the years ended December 31, 2021 and 2022 are not presented below because the results of ANZ are included in the Company’s December 31, 2021 and 2022 consolidated statements of income.
| Pro Forma Combined
| Year Ended December 31, 2020
Revenue | $ | 1,244,440 |
Net Income | 105,431 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
Name: | us-gaap_FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration