Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2023

Summary of Significant Accounting Policies

Schedule of disaggregation of revenue

	Year Ended June 30,
	2023			2022		2021
General Education	$	1,131,391	$	1,273,783	$	1,280,199
Career Learning
Middle - High School		586,770		321,416		200,774
Adult		119,197		91,467		55,787
Total Career Learning		705,967		412,883		256,561
Total Revenues	$	1,837,358	$	1,686,666	$	1,536,760

Schedule of accounts receivables, unbilled receivables and deferred revenue

		Year Ended June 30,
		2023		2022
		(In thousands)
Accounts receivable	$	463,722	$	418,558
Unbilled receivables (included in accounts receivable)		20,647		19,702
Deferred revenue		76,159		53,630
Deferred revenue, long-term (included in other long-term liabilities)		2,061		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	$	52,567	$	-	$	52,567	$	(460)	$	52,107
U.S. Treasury Notes		46,156		-		46,156		(228)		45,928
Commercial Paper		35,949		-		35,949		-		35,949
Total	$	134,672	$	-	$	134,672	$	(688)	$	133,984

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 goodwill activity

($ in millions)	Amount
Goodwill
Balance as of June 30, 2021	$	240.4
Acquisition of Modern Teacher LLC		0.6
Balance as of June 30, 2022	$	241.0
Acquisition of Tallo Assets		5.7
Balance as of June 30, 2023	$	246.7

Schedule of intangible assets

	June 30, 2023						June 30, 2022
($ in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	77.2	$	(23.0)	$	54.2	$	85.1	$	(23.1)	$	62.0
Customer and distributor relationships		38.4		(28.0)		10.4		37.5		(23.9)		13.6
Developed technology		22.0		(12.1)		9.9		21.7		(8.9)		12.8
Other		1.4		(1.1)		0.3		1.4		(1.1)		0.3
Total	$	139.0	$	(64.2)	$	74.8	$	145.7	$	(57.0)	$	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

The following table presents activity related to the Company’s fair value measurements categorized as Level 3 in the valuation hierarchy, valued on a recurring basis, for the year ended June 30, 2023.

		Year Ended June 30, 2023
			Purchases,
	Fair Value		Issuances,		Realized		Fair Value
Description	June 30, 2022		and Settlements		Gain		June 30, 2023
	(In thousands)
Contingent consideration associated with acquisitions	$	11,290	$	(7,024)	$	(4,266)	$	—
Convertible note received in acquisition		889		(889)		—		—

The following table presents activity related to the Company’s fair value measurements categorized as Level 3 of the valuation hierarchy, valued on a recurring basis, for the year ended June 30, 2022.

		Year Ended June 30, 2022
			Purchases,
	Fair Value		Issuances,		Unrealized		Fair Value
Description	June 30, 2021		and Settlements		Losses		June 30, 2022
	(In thousands)
Contingent consideration associated with acquisitions	$	11,082	$	—	$	208	$	11,290
Convertible note received in acquisition	$	5,006	$	—	$	(4,117)	$	889

The following table presents activity related to the Company’s fair value measurements categorized as Level 3 of the valuation hierarchy, valued on a recurring basis, for the year ended June 30, 2021.

		Year Ended June 30, 2021
			Purchases,
	Fair Value		Issuances,		Unrealized		Fair Value
Description	June 30, 2020		and Settlements		Losses		June 30, 2021
	(In thousands)
Contingent consideration associated with acquisitions	$	—	$	10,833	$	249	$	11,082
Convertible note received in acquisition	$	5,006	$	—	$	—	$	5,006

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

	Year Ended June 30,
	2023		2022		2021
	(In thousands except share and per share data)
Basic net income per share computation:
Net income attributable to common stockholders	$	126,867	$	107,130	$	71,451
Weighted average common shares  — basic		42,286,392		41,451,101		40,211,016
Basic net income per share	$	3.00	$	2.58	$	1.78
Diluted net income per share computation:
Net income attributable to common stockholders	$	126,867	$	107,130	$	71,451
Share computation:
Weighted average common shares  — basic		42,286,392		41,451,101		40,211,016
Effect of dilutive stock options and restricted stock awards		441,716		990,423		1,657,564
Weighted average common shares  — diluted		42,728,108		42,441,524		41,868,580
Diluted net income per share	$	2.97	$	2.52	$	1.71