Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Schedule of disaggregation of revenue

	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023			2022
	(In thousands)
General Education	$	313,902	$	274,764	$	613,241	$	546,422
Career Learning
Middle - High School		165,080		153,795		316,053		279,330
Adult		25,886		29,876		55,755		57,833
Total Career Learning		190,966		183,671		371,808		337,163
Total Revenues	$	504,868	$	458,435	$	985,049	$	883,585

Schedule of accounts receivables, unbilled receivables and deferred revenue

	December 31,		June 30,		June 30,
	2023		2023		2022
	(In thousands)
Accounts receivable	$	509,635	$	463,722	$	418,558
Unbilled receivables (included in accounts receivable)		19,313		20,647		19,702
Deferred revenue		64,237		76,159		53,630
Deferred revenue, long-term (included in other long-term liabilities)		1,545		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	$	45,928	$	-	$	45,928	$	(71)	$	45,857
U.S. Treasury Notes		32,115		-		32,115		3		32,118
Commercial Paper		98,578		-		98,578		1		98,579
Total	$	176,621	$	-	$	176,621	$	(67)	$	176,554

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

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

	December 31, 2023						June 30, 2023
($ in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	77.2	$	(25.6)	$	51.6	$	77.2	$	(23.0)	$	54.2
Customer and distributor relationships		38.4		(29.7)		8.7		38.4		(28.0)		10.4
Developed technology		22.0		(13.7)		8.3		22.0		(12.1)		9.9
Other		1.4		(1.2)		0.2		1.4		(1.1)		0.3
Total	$	139.0	$	(70.2)	$	68.8	$	139.0	$	(64.2)	$	74.8

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

		Six Months Ended December 31, 2022
			Purchases,
	Fair Value		Issuances,		Realized		Fair Value
Description	June 30, 2022		and Settlements		Gain		December 31, 2022
	(In thousands)
Contingent consideration associated with acquisitions	$	11,290	$	(7,024)	$	(4,266)	$	—
Convertible note received in acquisition		889		(889)		—		—

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

	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
	(In thousands except share and per share data)
Basic net income per share computation:
Net income attributable to common stockholders	$	66,836	$	50,705	$	71,714	$	28,033
Weighted average common shares  — basic		42,561,035		42,259,061		42,530,523		42,167,844
Basic net income per share	$	1.57	$	1.20	$	1.69	$	0.66
Diluted net income per share computation:
Net income attributable to common stockholders	$	66,836	$	50,705	$	71,714	$	28,033
Share computation:
Weighted average common shares  — basic		42,561,035		42,259,061		42,530,523		42,167,844
Effect of dilutive stock options and restricted stock awards		902,728		288,273		683,596		434,561
Weighted average common shares  — diluted		43,463,763		42,547,334		43,214,119		42,602,405
Diluted net income per share	$	1.54	$	1.19	$	1.66	$	0.66