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Summary of Significant Accounting Policy (Tables)
9 Months Ended
Mar. 31, 2020
Summary of Significant Accounting Policies  
Schedule of disaggregation of revenue

Three Months Ended March 31, 

Nine Months Ended March 31, 

2020

   

2019

2020

   

2019

(In thousands)

Managed Public School Programs

$

228,335

$

222,645

$

685,446

$

665,981

Institutional

Non-managed Public School Programs

8,173

12,776

26,792

37,398

Institutional Software & Services

8,580

8,530

30,246

29,515

Total Institutional

16,753

21,306

57,038

66,913

Private Pay Schools and Other

12,066

9,301

29,350

26,544

Total Revenues

$

257,154

$

253,252

$

771,834

$

759,438

Schedule of accounts receivables, unbilled receivables and deferred revenue

March 31, 

June 30,

2020

    

2019

(In thousands)

Accounts receivable

$

284,326

$

191,639

Unbilled receivables (included in accounts receivable)

17,323

16,189

Deferred revenue

39,618

22,828

Deferred revenue, long-term (included in other long-term liabilities)

2,155

Schedule of useful lives of property and equipment

    

Useful Life

Student and state testing computers

3 - 5 years

Computer hardware

3 years

Computer software

3 - 5 years

Web site development

3 years

Office equipment

5 years

Furniture and fixtures

7 years

Leasehold improvements

3 - 12 years

Schedule of intangible assets

March 31, 2020

June 30, 2019

($ in millions)

    

Gross
Carrying
Amount

    

Accumulated
Amortization

    

Net
Carrying
Value

    

Gross
Carrying
Amount

    

Accumulated
Amortization

    

Net
Carrying
Value

Trade names

    

$

41.6

    

$

(10.3)

    

$

31.3

$

17.6

$

(9.4)

$

8.2

Customer and distributor relationships

25.3

(16.4)

8.9

20.5

(14.7)

5.8

Developed technology

6.6

(3.3)

3.3

3.2

(2.8)

0.4

Other

1.4

(1.0)

0.4

1.4

(0.8)

0.6

Total

$

74.9

$

(31.0)

$

43.9

$

42.7

  

$

(27.7)

$

15.0

Schedule of assets and liabilities measured at fair value on a nonrecurring basis

The following table summarizes certain fair value information at June 30, 2019 for assets or liabilities measured at fair value on a nonrecurring basis:

 

Fair Value Measurements Using:

 

 

Quoted Prices

 

 

in Active

Significant

 

 

 

Markets for

Other

Significant

 

 

Identical

Observable

Unobservable

 

 

Assets

Input

Inputs

Description

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

(In thousands)

Lease exit liability

$

1,779

$

$

$

1,779

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table summarizes certain fair value information at March 31, 2020 for assets or liabilities measured at fair value on a recurring basis:

 

Fair Value Measurements Using:

 

 

Quoted Prices

 

 

in Active

Significant

 

 

 

Markets for

Other

Significant

 

 

Identical

Observable

Unobservable

 

 

Assets

Input

Inputs

Description

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

(In thousands)

Convertible note received in acquisition

$

5,006

5,006

The following table summarizes certain fair value information at June 30, 2019 for assets or liabilities measured at fair value on a recurring basis:

 

Fair Value Measurements Using:

 

 

Quoted Prices

 

 

in Active

Significant

 

 

 

Markets for

Other

Significant

 

 

Identical

Observable

Unobservable

 

 

Assets

Input

Inputs

Description

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

(In thousands)

Convertible note received in acquisition

$

5,006

$

$

$

5,006

Schedule of activity related to fair value measurements categorized as Level 3 of the valuation hierarchy, valued on a recurring basis

 

Three Months Ended March 31, 2020

 

 

Purchases,

 

 

Fair Value

Issuances,

Unrealized

Fair Value

Description

    

December 31, 2019

    

and Settlements

    

Gains/(Losses)

    

March 31, 2020

(In thousands)

Convertible note received in acquisition

5,006

5,006

Three Months Ended March 31, 2019

 

 

Purchases,

 

 

Fair Value

Issuances,

Unrealized

Fair Value

Description

    

December 31, 2018

    

and Settlements

    

Gains/(Losses)

    

March 31, 2019

(In thousands)

Contingent consideration associated with acquisitions

$

40

$

(40)

$

$

Convertible note received in acquisition

5,006

5,006

 

Nine Months Ended March 31, 2020

 

 

Purchases,

 

 

Fair Value

Issuances,

Unrealized

Fair Value

Description

    

June 30, 2019

    

and Settlements

    

Gains (Losses)

    

March 31, 2020

(In thousands)

Convertible note received in acquisition

5,006

5,006

 

Nine Months Ended March 31, 2019

 

 

Purchases,

 

 

Fair Value

Issuances,

Unrealized

Fair Value

Description

    

June 30, 2018

    

and Settlements

    

Gains (Losses)

    

March 31, 2019

(In thousands)

Contingent consideration associated with acquisitions

$

1,345

$

(1,347)

$

2

$

Convertible note received in acquisition

5,006

5,006

Schedule of calculation of basic and diluted net income (loss) per share

Three Months Ended

Nine Months Ended

March 31, 

March 31, 

  

2020

  

2019

  

2020

  

2019

(In thousands except share and per share data)

Basic net income per share computation:

Net income attributable to common stockholders

$

8,754

$

18,462

$

19,618

$

33,892

Weighted average common shares  — basic

39,539,791

39,008,990

39,426,121

38,753,236

Basic net income per share

$

0.22

$

0.47

$

0.50

$

0.87

Diluted net income per share computation:

Net income attributable to common stockholders

$

8,754

$

18,462

$

19,618

$

33,892

Share computation:

Weighted average common shares  — basic

39,539,791

39,008,990

39,426,121

38,753,236

Effect of dilutive stock options and restricted stock awards

399,107

2,744,333

1,035,169

1,795,723

Weighted average common shares  — diluted

39,938,898

41,753,323

40,461,290

40,548,959

Diluted net income per share

$

0.22

$

0.44

$

0.48

$

0.84

Schedule of revision to previously issued financial statements

Three Months Ended September 30, 2018

Six Months Ended December 31, 2018

Nine Months Ended March 31, 2019

Year Ended June 30, 2019

As Previously

As Currently

As Previously

As Currently

As Previously

As Currently

Reported

Adjustment

Reported

Reported

Adjustment

Reported

Reported

Adjustment

Reported

Adjustment

(In thousands)

Changes in assets and liabilities:

Accounts receivable

$

(107,930)

$

15,346

$

(92,584)

$

(64,116)

$

11,942

$

(52,174)

$

(65,147)

$

6,421

$

(58,726)

$

Deferred revenue and other liabilities

42,837

(15,346)

27,491

24,795

(11,942)

12,853

24,510

(6,421)

18,089