Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies

Schedule of disaggregation of revenue

	Years Ended June 30,
	2024		2023		2022
	(In thousands)
General Education	$	1,289,193	$	1,131,391	$	1,273,783
Career Learning
Middle - High School		651,191		586,770		321,416
Adult		99,685		119,197		91,467
Total Career Learning		750,876		705,967		412,883
Total Revenues	$	2,040,069	$	1,837,358	$	1,686,666

Schedule of accounts receivables, unbilled receivables and deferred revenue

	June 30,
	2024		2023		2022
	(In thousands)
Accounts receivable	$	472,754	$	463,722	$	418,558
Unbilled receivables (included in accounts receivable)		19,499		20,647		19,702
Deferred revenue		35,742		76,159		53,630
Deferred revenue, long-term (included in other long-term liabilities)		1,097		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	$	45,752	$	-	$	45,752	$	(95)	$	45,657
U.S. Treasury Notes		46,760		-		46,760		(71)		46,689
Commercial Paper		121,077		-		121,077		2		121,079
Total	$	213,589	$	-	$	213,589	$	(164)	$	213,425

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 goodwill activity

($ in millions)	Amount
Goodwill
Balance as of June 30, 2022	$	241.0
Acquisition of Tallo Assets		5.7
Balance as of June 30, 2023	$	246.7
		—
Balance as of June 30, 2024	$	246.7

Schedule of intangible assets

	June 30, 2024						June 30, 2023
($ in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	70.6	$	(23.5)	$	47.1	$	77.2	$	(23.0)	$	54.2
Customer and distributor relationships		37.1		(31.1)		6.0		38.4		(28.0)		10.4
Developed technology		21.7		(14.8)		6.9		22.0		(12.1)		9.9
Other		1.4		(1.1)		0.3		1.4		(1.1)		0.3
Total	$	130.8	$	(70.5)	$	60.3	$	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

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

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

	Years Ended June 30,
	2024		2023		2022
	(In thousands except share and per share data)
Basic net income per share computation:
Net income attributable to common stockholders	$	204,183	$	126,867	$	107,130
Weighted average common shares  — basic		42,626,588		42,286,392		41,451,101
Basic net income per share	$	4.79	$	3.00	$	2.58
Diluted net income per share computation:
Net income attributable to common stockholders	$	204,183	$	126,867	$	107,130
Share computation:
Weighted average common shares  — basic		42,626,588		42,286,392		41,451,101
Effect of dilutive stock options and restricted stock awards		908,853		441,716		990,423
Weighted average common shares  — diluted		43,535,441		42,728,108		42,441,524
Diluted net income per share	$	4.69	$	2.97	$	2.52