Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Schedule of disaggregation of revenue

	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(In thousands)
General Education	$	313,241	$	313,989	$	619,582	$	627,838
Career Learning
Middle - High School		75,287		51,376		146,699		100,147
Adult		20,979		10,780		43,452		19,120
Total Career Learning		96,266		62,156		190,151		119,267
Total Revenues	$	409,507	$	376,145	$	809,733	$	747,105

Schedule of accounts receivables, unbilled receivables and deferred revenue

	December 31,		June 30,
	2021		2021
	(In thousands)
Accounts receivable	$	430,436	$	369,303
Unbilled receivables (included in accounts receivable)		20,997		24,794
Deferred revenue		50,409		38,110
Deferred revenue, long-term (included in other long-term liabilities)		3,505		1,973

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	$	65,413	$	-	$	65,413	$	(178)	$	65,235
U.S. Treasury Notes		6,096		-		6,096		(24)		6,072
Total	$	71,509	$	-	$	71,509	$	(202)	$	71,307

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	$	31,850	$	-	$	31,850	$	(24)	$	31,826
U.S. Treasury Notes		8,692		-		8,692		-		8,692
Total	$	40,542	$	-	$	40,542	$	(24)	$	40,518

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, 2021						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	$	84.5	$	(17.4)	$	67.1
Customer and distributor relationships		38.9		(23.2)		15.7		37.7		(21.2)		16.5
Developed technology		21.7		(7.3)		14.4		21.3		(5.7)		15.6
Other		1.4		(1.2)		0.2		1.4		(1.1)		0.3
Total	$	147.1	$	(51.9)	$	95.2	$	144.9	$	(45.4)	$	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:

	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	$	11,726	$	—	$	—	$	11,726
Convertible note received in acquisition		5,006		—		—		5,006

The following table summarizes certain fair value information at June 30, 2021 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	$	11,082	$	—	$	—	$	11,082
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, 2021
			Purchases,
	Fair Value		Issuances,		Unrealized		Fair Value
Description	September 30, 2021		and Settlements		Gains/(Losses)		December 31, 2021
		(In thousands)
Contingent consideration associated with acquisitions	$	11,205	$	—	$	521	$	11,726
Convertible note received in acquisition		5,006		—		—		5,006

	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

		Six Months Ended December 31, 2021
			Purchases,
	Fair Value		Issuances,		Unrealized		Fair Value
Description	June 30, 2021		and Settlements		Gains (Losses)		December 31, 2021
	(In thousands)
Contingent consideration associated with acquisitions	$	11,082	$	—	$	644	$	11,726
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

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

	Three Months Ended December 31,				Six Months Ended December 31,
	2021		2020		2021		2020
	(In thousands except share and per share data)
Basic net income per share computation:
Net income attributable to common stockholders	$	42,004	$	24,501	$	36,121	$	37,167
Weighted average common shares  — basic		41,525,736		40,160,362		41,042,401		40,072,360
Basic net income per share	$	1.01	$	0.61	$	0.88	$	0.93
Diluted net income per share computation:
Net income attributable to common stockholders	$	42,004	$	24,501	$	36,121	$	37,167
Share computation:
Weighted average common shares  — basic		41,525,736		40,160,362		41,042,401		40,072,360
Effect of dilutive stock options and restricted stock awards		437,663		942,063		1,371,427		1,608,701
Weighted average common shares  — diluted		41,963,399		41,102,425		42,413,828		41,681,061
Diluted net income per share	$	1.00	$	0.60	$	0.85	$	0.89