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Business Combinations (Tables)
 12 Months Ended
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 receivable24,447 
Other current assets17,713 
Property and equipment, net41,770 
Right-of-use lease assets44,229 
Intangible assets103,161 
Goodwill546,053 
Other assets2,799 
Total assets acquired796,254 
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 securities31,419 
Tuition receivable36,716 
Income tax receivable163 
Other current assets9,041 
Marketable securities, non-current34,700 
Property and equipment, net53,182 
Other assets14,556 
Intangible assets349,800 
Goodwill725,275 
Total assets acquired1,422,711 
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 ValueWeighted Average
Useful Life in Years
Trade names$68,774 Indefinite
Student relationships34,387 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 ValueWeighted Average
Useful Life in Years
Trade names$183,800 Indefinite
Student relationships166,000 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, 2019Year Ended December 31, 2020
Revenue$1,188,269 $1,244,440 
Net Income69,446 105,431 
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 Income41,058 
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 awards27,478 
Total fair value of consideration transferred$1,236,961 
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(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.