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Business Acquisition (Tables)
12 Months Ended
Dec. 31, 2021
Business Combinations [Abstract]  
Summary of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of assets acquired and liabilities assumed as of respective acquisition dates (dollars in thousands):

 

 

 

Trident University

 

 

DigitalCrafts

 

 

Hippo

 

 

 

March 2, 2020

 

 

August 2, 2021

 

 

September 10, 2021

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

-

 

 

$

-

 

 

$

93

 

Student receivables

 

 

6,212

 

 

 

1,777

 

 

 

202

 

Other current assets

 

 

912

 

 

 

4

 

 

 

25

 

Property and equipment

 

 

3,932

 

 

 

-

 

 

 

27

 

Intangible assets subject to amortization

 

 

 

 

 

 

 

 

 

 

 

 

Trade name

 

 

1,000

 

 

 

740

 

 

 

3,340

 

Customer relationships

 

 

8,000

 

 

 

200

 

 

 

14,100

 

Course curriculum

 

 

1,400

 

 

 

-

 

 

 

-

 

Developed technology

 

 

-

 

 

 

830

 

 

 

1,960

 

Goodwill

 

 

30,956

 

 

 

16,477

 

 

 

27,790

 

Deferred tax asset

 

 

454

 

 

 

-

 

 

 

-

 

Other non-current assets

 

 

270

 

 

 

-

 

 

 

-

 

         Total assets acquired

 

$

53,136

 

 

$

20,028

 

 

$

47,537

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and other accrued liabilities

 

$

2,622

 

 

$

268

 

 

$

315

 

Deferred revenue

 

 

4,749

 

 

 

1,404

 

 

 

3,952

 

Loan discharge reserve

 

 

1,900

 

 

 

-

 

 

 

-

 

Other long-term liabilities

 

 

46

 

 

 

-

 

 

 

-

 

         Total liabilities assumed

 

$

9,317

 

 

$

1,672

 

 

$

4,267

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets acquired

 

$

43,819

 

 

$

18,356

 

 

$

43,270