Summary of Significant Accounting Policies (Tables)
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3 Months Ended |
Sep. 30, 2024 |
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| Summary of Significant Accounting Policies |
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| Schedule of disaggregation of revenue |
| | | | | | | | | Three Months Ended September 30, | | | 2024 | | 2023 | | | | (In thousands) | General Education | | $ | 329,407 | | $ | 299,338 | Career Learning | | | | | | | Middle - High School | | | 198,885 | | | 150,974 | Adult | | | 22,792 | | | 29,869 | Total Career Learning | | | 221,677 | | | 180,843 | Total Revenues | | $ | 551,084 | | $ | 480,181 |
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| Schedule of accounts receivables, unbilled receivables and deferred revenue |
| | | | | | | | | | | | September 30, | | June 30, | | June 30, | | | 2024 | | 2024 | | 2023 | | | | (In thousands) | Accounts receivable | | $ | 675,709 | | $ | 472,754 | | $ | 463,722 | Unbilled receivables (included in accounts receivable) | | | 37,144 | | | 19,499 | | | 20,647 | Deferred revenue | | | 32,330 | | | 35,742 | | | 76,159 | Deferred revenue, long-term (included in other long-term liabilities) | | | 870 | | | 1,097 | | | 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 | $ | 48,246 | | $ | - | | $ | 48,246 | | $ | 224 | | $ | 48,470 | U.S. Treasury Notes | | 55,337 | | | - | | | 55,337 | | | 123 | | | 55,460 | Commercial Paper | | 118,010 | | | - | | | 118,010 | | | - | | | 118,010 | Total | $ | 221,593 | | $ | - | | $ | 221,593 | | $ | 347 | | $ | 221,940 |
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 | $ | 45,752 | | $ | - | | $ | 45,752 | | $ | (95) | | $ | 45,657 | U.S. Treasury Notes | | 46,760 | | | - | | | 46,760 | | | (71) | | | 46,689 | Commercial Paper | | 121,077 | | | - | | | 121,077 | | | 2 | | | 121,079 | Total | $ | 213,589 | | $ | - | | $ | 213,589 | | $ | (164) | | $ | 213,425 |
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| Schedule of useful lives of property and equipment |
| | | | | Useful Life | Computer hardware | | 3 - 7 years | Computer software | | 3 - 5 years | Student and state testing computers and printers | | 3 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, 2024 | | June 30, 2024 | ($ in millions) | | Gross
Carrying
Amount | | Accumulated
Amortization | | Net
Carrying
Value | | Gross
Carrying
Amount | | Accumulated
Amortization | | Net
Carrying
Value | Trade names | | $ | 70.6 | | $ | (24.7) | | $ | 45.9 | | $ | 70.6 | | $ | (23.5) | | $ | 47.1 | Customer and distributor relationships | | | 37.1 | | | (31.8) | | | 5.3 | | | 37.1 | | | (31.1) | | | 6.0 | Developed technology | | | 21.7 | | | (15.5) | | | 6.2 | | | 21.7 | | | (14.8) | | | 6.9 | Other | | | 1.4 | | | (1.1) | | | 0.3 | | | 1.4 | | | (1.1) | | | 0.3 | Total | | $ | 130.8 | | $ | (73.1) | | $ | 57.7 | | $ | 130.8 | | $ | (70.5) | | $ | 60.3 |
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| Schedule of calculation of basic and diluted net income (loss) per share |
| | | | | | | | | Three Months Ended September 30, | | | 2024 | | 2023 | | | | (In thousands except share and per share data) | Basic net income per share computation: | | | | | | | | | | | | | | Net income attributable to common stockholders | | $ | 40,882 | | $ | 4,878 | Weighted average common shares — basic | | | 42,868,310 | | | 42,500,011 | Basic net income per share | | $ | 0.95 | | $ | 0.11 | | | | | | | | Diluted net income per share computation: | | | | | | | | | | | | | | Net income attributable to common stockholders | | $ | 40,882 | | $ | 4,878 | Share computation: | | | | | | | Weighted average common shares — basic | | | 42,868,310 | | | 42,500,011 | Effect of dilutive stock options and restricted stock awards | | | 840,657 | | | 482,374 | Weighted average common shares — diluted | | | 43,708,967 | | | 42,982,385 | Diluted net income per share | | $ | 0.94 | | $ | 0.11 |
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