Summary of Significant Accounting Policies (Tables)
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3 Months Ended |
Sep. 30, 2023 |
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| Summary of Significant Accounting Policies |
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| Schedule of disaggregation of revenue |
| | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | (In thousands) | | | | | | | | | General Education | | $ | 299,338 | | $ | 271,658 | | Career Learning | | | | | | | | Middle - High School | | | 150,974 | | | 125,535 | | Adult | | | 29,869 | | | 27,957 | | Total Career Learning | | | 180,843 | | | 153,492 | | Total Revenues | | $ | 480,181 | | $ | 425,150 | |
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| Schedule of accounts receivables, unbilled receivables and deferred revenue |
| | | | | | | | | | September 30, | | June 30, | | | | 2023 | | 2023 | | | | | (In thousands) | | | | | | | | | | Accounts receivable | | $ | 629,600 | | $ | 463,722 | | Unbilled receivables (included in accounts receivable) | | | 26,843 | | | 20,647 | | Deferred revenue | | | 83,920 | | | 76,159 | | Deferred revenue, long-term (included in other long-term liabilities) | | | 1,794 | | | 2,061 | |
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| Schedule of investments in marketable securities |
The following table summarizes the amortized cost, net carrying amount, and fair value disaggregated by class of instrument (in thousands). | | | | | | | | | | | | | | | | | | | | Allowance for | | | Net Carrying | | | Gross Unrealized | | | | | | Amortized Cost | | | Credit Losses | | | Amount | | | Gains (Losses) | | | Fair Value | Corporate Bonds | $ | 47,897 | | $ | - | | $ | 47,897 | | $ | (370) | | $ | 47,527 | U.S. Treasury Notes | | 40,935 | | | - | | | 40,935 | | | (167) | | | 40,768 | Commercial Paper | | 37,607 | | | - | | | 37,607 | | | - | | | 37,607 | Total | $ | 126,439 | | $ | - | | $ | 126,439 | | $ | (537) | | $ | 125,902 |
The following table summarizes the amortized cost, net carrying amount, and fair value disaggregated by class of instrument (in thousands). | | | | | | | | | | | | | | | | | | | | Allowance for | | | Net Carrying | | | Gross Unrealized | | | | | | Amortized Cost | | | Credit Losses | | | Amount | | | Gains (Losses) | | | Fair Value | Corporate Bonds | $ | 52,567 | | $ | - | | $ | 52,567 | | $ | (460) | | $ | 52,107 | U.S. Treasury Notes | | 46,156 | | | - | | | 46,156 | | | (228) | | | 45,928 | Commercial Paper | | 35,949 | | | - | | | 35,949 | | | - | | | 35,949 | Total | $ | 134,672 | | $ | - | | $ | 134,672 | | $ | (688) | | $ | 133,984 |
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| Schedule of useful lives of property and equipment |
| | | | | Useful Life | Student and state testing computers and printers | | 3 - 5 years | Computer hardware | | 3 - 7 years | Computer software | | 3 - 5 years | Web site development | | 3 years | Office equipment | | 5 years | Furniture and fixtures | | 7 years | Leasehold improvements | | Shorter of useful life or term of the lease |
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| Schedule of intangible assets |
| | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | ($ in millions) | | Gross
Carrying
Amount | | Accumulated
Amortization | | Net
Carrying
Value | | Gross
Carrying
Amount | | Accumulated
Amortization | | Net
Carrying
Value | Trade names | | $ | 77.2 | | $ | (24.3) | | $ | 52.9 | | $ | 77.2 | | $ | (23.0) | | $ | 54.2 | Customer and distributor relationships | | | 38.4 | | | (28.9) | | | 9.5 | | | 38.4 | | | (28.0) | | | 10.4 | Developed technology | | | 22.0 | | | (12.9) | | | 9.1 | | | 22.0 | | | (12.1) | | | 9.9 | Other | | | 1.4 | | | (1.1) | | | 0.3 | | | 1.4 | | | (1.1) | | | 0.3 | Total | | $ | 139.0 | | $ | (67.2) | | $ | 71.8 | | $ | 139.0 | | $ | (64.2) | | $ | 74.8 |
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| Schedule of activity related to fair value measurements categorized as Level 3 of the valuation hierarchy, valued on a recurring basis |
| | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | | | | | Purchases, | | | | | | | | | Fair Value | | Issuances, | | Realized | | Fair Value | Description | | June 30, 2022 | | and Settlements | | Gain | | September 30, 2022 | | | | (In thousands) | Contingent consideration associated with acquisitions | | $ | 11,290 | | $ | (7,024) | | $ | (4,266) | | $ | — | Convertible note received in acquisition | | | 889 | | | (889) | | | — | | | — |
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| Schedule of calculation of basic and diluted net income (loss) per share |
| | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | | 2023 | | 2022 | | | | | | (In thousands except share and per share data) | | Basic net income per share computation: | | | | | | | | | | | | | | | | | | Net income (loss) attributable to common stockholders | | $ | 4,878 | | $ | (22,672) | | | Weighted average common shares — basic | | | 42,500,011 | | | 42,076,628 | | | Basic net income (loss) per share | | $ | 0.11 | | $ | (0.54) | | | | | | | | | | | | Diluted net income (loss) per share computation: | | | | | | | | | | | | | | | | | | Net income (loss) attributable to common stockholders | | $ | 4,878 | | $ | (22,672) | | | Share computation: | | | | | | | | | Weighted average common shares — basic | | | 42,500,011 | | | 42,076,628 | | | Effect of dilutive stock options and restricted stock awards | | | 482,374 | | | — | | | Weighted average common shares — diluted | | | 42,982,385 | | | 42,076,628 | | | Diluted net income (loss) per share | | $ | 0.11 | | $ | (0.54) | | |
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