Summary of Significant Accounting Policy (Tables)

6 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies

Schedule of disaggregation of revenue

	Three Months Ended December 31,				Six Months Ended December 31,
	2020		2019		2020		2019
	(In thousands)
General Education	$	313,989	$	232,619	$	627,838	$	466,185
Career Learning
Middle - High School		51,376		24,940		100,147		48,495
Adult		10,780		—		19,120		—
Total Career Learning		62,156		24,940		119,267		48,495
Total Revenues	$	376,145	$	257,559	$	747,105	$	514,680

Schedule of accounts receivables, unbilled receivables and deferred revenue

	December 31,		June 30,
	2020		2020
	(In thousands)
Accounts receivable	$	435,254	$	236,134
Unbilled receivables (included in accounts receivable)		19,031		15,688
Deferred revenue		62,635		24,417
Deferred revenue, long-term (included in other long-term liabilities)		1,970		2,236

Schedule of useful lives of property and equipment

	Useful Life
Student and state testing computers	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

Schedule of intangible assets

	December 31, 2020						June 30, 2020
($ in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	84.5	$	(14.5)	$	70.0	$	77.9	$	(12.0)	$	65.9
Customer and distributor relationships		37.7		(18.6)		19.1		25.3		(17.2)		8.1
Developed technology		21.3		(4.2)		17.1		6.6		(3.5)		3.1
Other		1.3		(1.0)		0.3		1.4		(1.0)		0.4
Total	$	144.8	$	(38.3)	$	106.5	$	111.2	$	(33.7)	$	77.5

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

The following table summarizes certain fair value information at December 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)
Contingent consideration associated with acquisitions	$	10,833	$	—	$	—	$	10,833
Convertible note received in acquisition		5,006		—		—		5,006
Convertible Senior Notes due 2027		345,975		—		345,975		—

The following table summarizes certain fair value information at June 30, 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

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

	Three Months Ended December 31, 2020
			Purchases,
	Fair Value		Issuances,		Unrealized		Fair Value
Description	September 30, 2020		and Settlements		Gains/(Losses)		December 31, 2020
		(In thousands)
Contingent consideration associated with acquisitions	$	—	$	10,833	$	—	$	10,833
Convertible note received in acquisition		5,006		—		—		5,006

	Three Months Ended December 31, 2019
			Purchases,
	Fair Value		Issuances,		Unrealized		Fair Value
Description	September 30, 2019		and Settlements		Gains/(Losses)		December 31, 2019
	(In thousands)
Convertible note received in acquisition	$	5,006	$	—	$	—	$	5,006

		Six Months Ended December 31, 2020
			Purchases,
	Fair Value		Issuances,		Unrealized		Fair Value
Description	June 30, 2020		and Settlements		Gains (Losses)		December 31, 2020
	(In thousands)
Contingent consideration associated with acquisitions	$	—	$	10,833	$	—	$	10,833
Convertible note received in acquisition		5,006		—		—		5,006

		Six Months Ended December 31, 2019
			Purchases,
	Fair Value		Issuances,		Unrealized		Fair Value
Description	June 30, 2019		and Settlements		Gains (Losses)		December 31, 2019
	(In thousands)
Convertible note received in acquisition	$	5,006	$	—	$	—	$	5,006

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

	Three Months Ended December 31,				Six Months Ended December 31,
	2020		2019		2020		2019
	(In thousands except share and per share data)
Basic net income (loss) per share computation:
Net income (loss) attributable to common stockholders	$	24,501	$	20,594	$	37,167	$	10,864
Weighted average common shares  — basic		40,160,362		39,450,017		40,072,360		39,369,287
Basic net income (loss) per share	$	0.61	$	0.52	$	0.93	$	0.28
Diluted net income (loss) per share computation:
Net income (loss) attributable to common stockholders	$	24,501	$	20,594	$	37,167	$	10,864
Share computation:
Weighted average common shares  — basic		40,160,362		39,450,017		40,072,360		39,369,287
Effect of dilutive stock options and restricted stock awards		942,063		523,916		1,608,701		1,323,535
Weighted average common shares  — diluted		41,102,425		39,973,933		41,681,061		40,692,822
Diluted net income (loss) per share	$	0.60	$	0.52	$	0.89	$	0.27