Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2024

Summary of Significant Accounting Policies

Schedule of disaggregation of revenue

	Three Months Ended March 31,				Nine Months Ended March 31,
	2024		2023		2024			2023
	(In thousands)
General Education	$	328,894	$	289,566	$	942,135	$	835,989
Career Learning
Middle - High School		167,919		150,772		483,972		430,101
Adult		24,024		29,946		79,779		87,779
Total Career Learning		191,943		180,718		563,751		517,880
Total Revenues	$	520,837	$	470,284	$	1,505,886	$	1,353,869

Schedule of accounts receivables, unbilled receivables and deferred revenue

	March 31,		June 30,		June 30,
	2024		2023		2022
	(In thousands)
Accounts receivable	$	577,792	$	463,722	$	418,558
Unbilled receivables (included in accounts receivable)		21,073		20,647		19,702
Deferred revenue		70,907		76,159		53,630
Deferred revenue, long-term (included in other long-term liabilities)		1,658		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	$	47,548	$	-	$	47,548	$	(80)	$	47,468
U.S. Treasury Notes		26,679		-		26,679		(62)		26,617
Commercial Paper		119,881		-		119,881		4		119,885
Total	$	194,108	$	-	$	194,108	$	(138)	$	193,970

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

	March 31, 2024						June 30, 2023
($ in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	76.6	$	(26.8)	$	49.8	$	77.2	$	(23.0)	$	54.2
Customer and distributor relationships		37.4		(30.3)		7.1		38.4		(28.0)		10.4
Developed technology		21.7		(14.2)		7.5		22.0		(12.1)		9.9
Other		1.4		(1.1)		0.3		1.4		(1.1)		0.3
Total	$	137.1	$	(72.4)	$	64.7	$	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

		Nine Months Ended March 31, 2023
			Purchases,
	Fair Value		Issuances,		Realized		Fair Value
Description	June 30, 2022		and Settlements		Gain		March 31, 2023
	(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 March 31,				Nine Months Ended March 31,
	2024		2023		2024		2023
	(In thousands except share and per share data)
Basic net income per share computation:
Net income attributable to common stockholders	$	69,687	$	55,462	$	141,401	$	83,495
Weighted average common shares  — basic		42,684,561		42,375,480		42,581,869		42,237,056
Basic net income per share	$	1.63	$	1.31	$	3.32	$	1.98
Diluted net income per share computation:
Net income attributable to common stockholders	$	69,687	$	55,462	$	141,401	$	83,495
Share computation:
Weighted average common shares  — basic		42,684,561		42,375,480		42,581,869		42,237,056
Effect of dilutive stock options and restricted stock awards		971,280		338,610		808,034		415,167
Weighted average common shares  — diluted		43,655,841		42,714,090		43,389,903		42,652,223
Diluted net income per share	$	1.60	$	1.30	$	3.26	$	1.96