Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2022

Summary of Significant Accounting Policies

Schedule of disaggregation of revenue

	Three Months Ended September 30,
	2022		2021
	(In thousands)
General Education	$	271,658	$	306,341
Career Learning
Middle - High School		125,535		71,411
Adult		27,957		22,474
Total Career Learning		153,492		93,885
Total Revenues	$	425,150	$	400,226

Schedule of accounts receivables, unbilled receivables and deferred revenue

	September 30,		June 30,
	2022		2022
	(In thousands)
Accounts receivable	$	543,705	$	418,558
Unbilled receivables (included in accounts receivable)		23,729		19,702
Deferred revenue		80,682		53,630
Deferred revenue, long-term (included in other long-term liabilities)		2,911		3,099

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	$	49,242	$	-	$	49,242	$	(898)	$	48,344
U.S. Treasury Notes		16,374		-		16,374		(224)		16,150
Commercial Paper		27,073		-		27,073		-		27,073
Total	$	92,689	$	-	$	92,689	$	(1,122)	$	91,567

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	$	50,067	$	-	$	50,067	$	(691)	$	49,376
U.S. Treasury Notes		16,399		-		16,399		(199)		16,200
Commercial Paper		18,186		-		18,186		-		18,186
Total	$	84,652	$	-	$	84,652	$	(890)	$	83,762

Schedule of useful lives of property and equipment

	Useful Life
Student and state testing computers and printers	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

	September 30, 2022						June 30, 2022
($ in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	85.1	$	(24.5)	$	60.6	$	85.1	$	(23.1)	$	62.0
Customer and distributor relationships		39.8		(26.3)		13.5		38.9		(25.3)		13.6
Developed technology		22.0		(9.7)		12.3		21.7		(8.9)		12.8
Other		1.4		(1.1)		0.3		1.4		(1.1)		0.3
Total	$	148.3	$	(61.6)	$	86.7	$	147.1	$	(58.4)	$	88.7

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

The following table summarizes certain fair value information at June 30, 2022 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	$	11,290	$	—	$	—	$	11,290
Convertible note received in acquisition	$	889	$	—	$	—	$	889

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

	Three Months Ended September 30, 2022
			Purchases,
	Fair Value		Issuances,		Realized		Fair Value
Description	June 30, 2022		and Settlements		Gains/(Losses)		September 30, 2022
		(In thousands)
Contingent consideration associated with acquisitions	$	11,290	$	(7,024)	$	(4,266)	$	—
Convertible note received in acquisition	$	889	$	(889)	$	—	$	—

	Three Months Ended September 30, 2021
			Purchases,
	Fair Value		Issuances,		Unrealized		Fair Value
Description	June 30, 2021		and Settlements		Gains/(Losses)		September 30, 2021
	(In thousands)
Contingent consideration associated with acquisitions	$	11,082	$	—	$	123	$	11,205
Convertible note received in acquisition	$	5,006	$	—	$	—	$	5,006

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

	Three Months Ended September 30,
	2022		2021
	(In thousands except share and per share data)
Basic net loss per share computation:
Net loss attributable to common stockholders	$	(22,672)	$	(5,883)
Weighted average common shares  — basic		42,076,628		40,559,066
Basic net loss per share	$	(0.54)	$	(0.15)
Diluted net loss per share computation:
Net loss attributable to common stockholders	$	(22,672)	$	(5,883)
Share computation:
Weighted average common shares  — basic		42,076,628		40,559,066
Effect of dilutive stock options and restricted stock awards		—		—
Weighted average common shares  — diluted		42,076,628		40,559,066
Diluted net loss per share	$	(0.54)	$	(0.15)