XML 32 R22.htm IDEA: XBRL DOCUMENT v3.21.4
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Dec. 31, 2021
Summary of Significant Accounting Policies  
Schedule of disaggregation of revenue

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Three Months Ended December 31, 

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Six Months Ended December 31, 

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​

2021

   

2020

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2021

  

2020

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​

(In thousands)

​

​

​

​

​

​

​

​

​

​

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General Education

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$

313,241

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$

313,989

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$

619,582

​

$

627,838

Career Learning

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​

​

​

​

​

​

​

​

​

​

​

Middle - High School

​

​

75,287

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​

51,376

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​

146,699

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​

100,147

Adult

​

​

20,979

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​

10,780

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​

43,452

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​

19,120

Total Career Learning

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​

96,266

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​

62,156

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​

190,151

​

​

119,267

Total Revenues

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$

409,507

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$

376,145

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$

809,733

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$

747,105

Schedule of accounts receivables, unbilled receivables and deferred revenue

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December 31,

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June 30,

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2021

    

2021

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(In thousands)

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​

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​

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Accounts receivable

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$

430,436

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$

369,303

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Unbilled receivables (included in accounts receivable)

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​

20,997

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​

24,794

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Deferred revenue

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​

50,409

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​

38,110

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

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​

3,505

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​

1,973

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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).

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Allowance for

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Net Carrying

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Gross Unrealized

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Amortized Cost

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Credit Losses

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Amount

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​

Gains (Losses)

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Fair Value

Corporate Bonds

$

65,413

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$

-

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$

65,413

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$

(178)

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$

65,235

U.S. Treasury Notes

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6,096

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​

-

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​

6,096

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(24)

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​

6,072

Total

$

71,509

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$

-

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$

71,509

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$

(202)

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$

71,307

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​

​

​

​

​

​

​

​

​

​

​

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The following table summarizes the amortized cost, net carrying amount, and fair value disaggregated by class of instrument (in thousands).

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Allowance for

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Net Carrying

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Gross Unrealized

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Amortized Cost

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Credit Losses

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Amount

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Gains (Losses)

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Fair Value

Corporate Bonds

$

31,850

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$

-

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$

31,850

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$

(24)

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$

31,826

U.S. Treasury Notes

​

8,692

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​

-

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​

8,692

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​

-

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​

8,692

Total

$

40,542

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$

-

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$

40,542

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$

(24)

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$

40,518

Schedule of useful lives of property and equipment

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Useful Life

Student and state testing computers

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3 - 5 years

Computer hardware

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3 - 7 years

Computer software

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3 - 5 years

Web site development

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3 years

Office equipment

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5 years

Furniture and fixtures

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7 years

Leasehold improvements

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Shorter of useful life or term of the lease

Schedule of intangible assets

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December 31, 2021

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June 30, 2021

($ in millions)

    

Gross
Carrying
Amount

    

Accumulated
Amortization

    

Net
Carrying
Value

    

Gross
Carrying
Amount

    

Accumulated
Amortization

    

Net
Carrying
Value

Trade names

    

$

85.1

    

$

(20.2)

    

$

64.9

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$

84.5

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$

(17.4)

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$

67.1

Customer and distributor relationships

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​

38.9

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(23.2)

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15.7

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37.7

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(21.2)

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16.5

Developed technology

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21.7

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(7.3)

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14.4

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21.3

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(5.7)

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15.6

Other

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1.4

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(1.2)

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0.2

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1.4

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(1.1)

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0.3

Total

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$

147.1

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$

(51.9)

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$

95.2

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$

144.9

  

$

(45.4)

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$

99.5

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

The following table summarizes certain fair value information at December 31, 2021 for assets or liabilities measured at fair value on a recurring basis:

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Fair Value Measurements Using:

 

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Quoted Prices

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in Active

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Significant

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Markets for

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Other

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Significant

 

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Identical

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Observable

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Unobservable

 

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Assets

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Input

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Inputs

Description

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

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(In thousands)

Contingent consideration associated with acquisitions

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$

11,726

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$

—

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$

—

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$

11,726

Convertible note received in acquisition

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​

5,006

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—

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​

—

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​

5,006

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The following table summarizes certain fair value information at June 30, 2021 for assets or liabilities measured at fair value on a recurring basis:

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Fair Value Measurements Using:

 

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Quoted Prices

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in Active

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Significant

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Markets for

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Other

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Significant

 

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Identical

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Observable

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Unobservable

 

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Assets

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Input

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Inputs

Description

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

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(In thousands)

Contingent consideration associated with acquisitions

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$

11,082

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$

—

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$

—

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$

11,082

Convertible note received in acquisition

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$

5,006

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$

—

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$

—

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$

5,006

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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

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Three Months Ended December 31, 2021

 

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Purchases,

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Fair Value

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Issuances,

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Unrealized

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Fair Value

Description

    

September 30, 2021

    

and Settlements

    

Gains/(Losses)

    

December 31, 2021

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(In thousands)

Contingent consideration associated with acquisitions

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$

11,205

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$

—

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$

521

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$

11,726

Convertible note received in acquisition

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​

5,006

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—

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—

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​

5,006

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Three Months Ended December 31, 2020

 

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Purchases,

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Fair Value

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Issuances,

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Unrealized

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Fair Value

Description

    

September 30, 2020

    

and Settlements

    

Gains/(Losses)

    

December 31, 2020

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(In thousands)

Contingent consideration associated with acquisitions

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$

—

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$

10,833

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$

—

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$

10,833

Convertible note received in acquisition

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$

5,006

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$

—

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$

—

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$

5,006

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Six Months Ended December 31, 2021

 

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Purchases,

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Fair Value

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Issuances,

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Unrealized

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Fair Value

Description

    

June 30, 2021

    

and Settlements

    

Gains (Losses)

    

December 31, 2021

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(In thousands)

Contingent consideration associated with acquisitions

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$

11,082

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$

—

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$

644

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$

11,726

Convertible note received in acquisition

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​

5,006

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—

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​

—

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​

5,006

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Six Months Ended December 31, 2020

 

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Purchases,

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Fair Value

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Issuances,

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Unrealized

​

Fair Value

Description

    

June 30, 2020

    

and Settlements

    

Gains (Losses)

    

December 31, 2020

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(In thousands)

Contingent consideration associated with acquisitions

​

$

—

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$

10,833

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$

—

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$

10,833

Convertible note received in acquisition

​

$

5,006

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$

—

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$

—

​

$

5,006

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

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Three Months Ended December 31, 

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Six Months Ended December 31, 

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2021

  

2020

  

2021

  

2020

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(In thousands except share and per share data)

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Basic net income per share computation:

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Net income attributable to common stockholders

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$

42,004

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$

24,501

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$

36,121

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$

37,167

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Weighted average common shares  — basic

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​

41,525,736

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​

40,160,362

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41,042,401

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​

40,072,360

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Basic net income per share

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$

1.01

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$

0.61

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$

0.88

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$

0.93

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​

​

​

​

​

​

​

​

​

​

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Diluted net income per share computation:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

​

​

​

​

​

Net income attributable to common stockholders

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$

42,004

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$

24,501

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$

36,121

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$

37,167

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Share computation:

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​

​

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Weighted average common shares  — basic

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41,525,736

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​

40,160,362

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41,042,401

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​

40,072,360

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Effect of dilutive stock options and restricted stock awards

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​

437,663

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942,063

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1,371,427

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1,608,701

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Weighted average common shares  — diluted

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​

41,963,399

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​

41,102,425

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​

42,413,828

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​

41,681,061

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Diluted net income per share

​

$

1.00

​

$

0.60

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$

0.85

​

$

0.89

​