3. Acquisition On January 22, 2019, GCE acquired Orbis Education for $361,184 (inclusive of closing date adjustments and net of cash acquired). Orbis Education is an education services company that supports healthcare education programs for 22 university partners across the United States. Concurrent with the closing of the Acquisition, GCE entered into an amended and restated credit agreement and used $191,000 from the amended and restated credit agreement and $171,034 of operating cash on hand to complete the purchase. See Note 10 of our consolidated financial statements for a description of the amended and restated credit agreement. The fair value of the assets acquired, less the liabilities assumed exceeded the purchase price by $157,825 which was recorded as goodwill. Transaction costs for the Acquisition for the year ended December 31, 2018 were $808 and for the year ended December 31, 2019 were $3,966, which are included in the loss on transaction in our consolidated income statement. The Acquisition was accounted for in accordance with the acquisition method of accounting. Under this method the cost of the target is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The following table provides a tabular depiction of the Companys allocation of the total purchase price to each of the assets acquired and liabilities assumed based on the Companys fair value estimates.      Assets acquired   Cash, including $300 of pledged collateral  $ 4,793 Accounts receivable, net of allowance of $0  $ 3,236 Property and equipment  $ 5,392 Right-of-use assets  $ 13,069 Intangible assets  $ 210,280 Other assets  $ 2,793 Liabilities assumed    Accounts payable  $ 4,308 Accrued and other liabilities  $ 4,451 Lease liability  $ 13,069 Deferred tax liability  $ 9,538 Deferred revenue  $ 45 Total net asset or liability purchased and assumed  $ 208,152     Purchase price  $ 365,977     Excess of fair value of net assets acquired over consideration given  $ 157,825  The estimated fair values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature. The majority of property and equipment were also estimated based upon historical costs as they approximated fair value. Identified intangible assets of $210,280 consisted primarily of university partner relationships that were valued at $210,000 . The fair value of university partner relationships was determined using the multiple-period excess earnings method. Subsequent to the closing of the Acquisition, the Company revised its allocation of the purchase price by $9,538 during the year ended December 31, 2019, primarily as the result of the tax effect of a lower tax basis in the acquired assets. The Company has completed the allocation of the purchase price of the Acquisition as of December 31, 2019. The Company has consolidated the results of operations for Orbis Education since its Acquisition on January 22, 2019. Consolidated net revenue and consolidated net income for the year ended December 31, 2019 include $85,869 of service revenue and a loss, net of taxes, of $2,588 from Orbis Education, which includes $8,223 of amortization of intangible assets. The following table reports pro forma information as if the Acquisition of Orbis Education had been completed at the beginning of the earliest period presented:                 Three Months Ended December 31,  Year Ended December 31,  2019 2018  2019 2018 Net revenue             As Reported  $ 213,247  $ 177,548  $ 778,643  $ 845,501 Pro forma  $ 213,247  $ 195,656  $ 781,893  $ 907,960              Net income     As Reported  $ 76,669  $ 75,531  $ 259,175  $ 229,011 Pro forma  $ 76,669  $ 69,551  $ 247,930  $ 200,264  The pro forma information above for the three months and years ended December 31, 2019 and 2018 includes acquisition related costs in both periods, amortization of intangible assets as a result of the Acquisition, additional interest expense on the debt issued to finance the Acquisition, depreciation expense based on the estimated fair value of the assets acquired, and warrant expense and related tax effects. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been consummated on January 1, 2019 and 2018.