Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Taxes

Schedule of deferred tax assets and liabilities

	June 30,
	2024		2023
	(In thousands)
Deferred tax assets
Net operating loss carryforward	$	15,553	$	17,628
Reserves		9,031		7,850
Accrued expenses		13,290		10,868
Stock compensation expense		8,162		4,548
Other assets		2,180		3,212
Convertible debt		5,980		8,632
Deferred revenue		456		680
Lease liability		13,879		17,900
Total deferred tax assets		68,531		71,318
Deferred tax liabilities
Capitalized curriculum development		(9,466)		(9,038)
Capitalized software and website development costs		(4,340)		(2,987)
Property and equipment		(9,401)		(8,438)
Right-of-use assets		(13,052)		(16,837)
Returned materials		(2,858)		(2,980)
Purchased intangibles		(14,827)		(15,471)
Total deferred tax liabilities		(53,944)		(55,751)
Net deferred tax asset before valuation allowance		14,587		15,567
Valuation allowance		(7,387)		(6,791)
Net deferred tax asset	$	7,200	$	8,776
Reported as:
Long-term deferred tax assets	$	7,200	$	8,776

Schedule of components of income before income taxes

	Years Ended June 30,
	2024		2023		2022
	(In thousands)
Domestic	$	262,802	$	161,270	$	131,967
Foreign		5,863		10,943		15,251
Total income before income taxes	$	268,665	$	172,213	$	147,218

Schedule of related components of the income tax expense

	Years Ended June 30,
	2024		2023		2022
	(In thousands)
Current:
Federal	$	52,678	$	41,360	$	27,969
State		7,660		12,032		7,550
Foreign		1,254		2,327		3,379
Total current		61,592		55,719		38,898
Deferred:
Federal		(667)		(9,033)		1,743
State		3,557		(1,340)		(553)
Total deferred		2,890		(10,373)		1,190
Total income tax expense	$	64,482	$	45,346	$	40,088

Schedule of reconciliation of provision for income taxes to the income tax from applying the statutory rate

	Years Ended June 30,
	2024		2023		2022
U.S. federal tax at statutory rates	21.0	%	21.0	%	21.0	%
Permanent items	-		-		0.4
Lobbying	0.1		0.1		0.1
Non-deductible compensation	0.8		1.6		9.3
State taxes, net of federal benefit	3.2		4.4		3.5
Research and development tax credits	(1.5)		(1.4)		(0.8)
Change in valuation allowance	-		(0.4)		0.8
Effects of foreign operations	0.1		0.9		0.3
Reserve for unrecognized tax benefits	0.5		0.9		0.5
Other	0.1		(0.5)		(1.2)
Stock-based compensation	(0.3)		(0.3)		(6.7)
Provision for income taxes	24.0	%	26.3	%	27.2	%

Schedule of unrecognized tax benefits

	Years Ended June 30,
	2024		2023		2022
	(In thousands)
Balance at beginning of the year	$	3,156	$	1,729	$	1,057
Additions for prior year tax positions		591		568		364
Additions for current year tax positions		1,205		1,106		482
Reductions for prior year tax positions		(666)		(247)		(173)
Balance at end of the year	$	4,286	$	3,156	$	1,729