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		—