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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Jun. 30, 2020
Summary of Significant Accounting Policies  
Schedule of activity in the allowance for doubtful accounts

For the Years Ended June 30, 

    

2018

    

2019

    

2020

Balance at the beginning of the year

$

266

$

375

$

473

Charged to expense

 

296

 

283

 

309

Write-offs

 

(187)

(185)

(165)

Balance at the end of the year

$

375

$

473

$

617

Schedule of the cumulative effect of the adoption of ASC 606 on the prior year opening balance sheet

As Reported

Adjustments

Balances at

June 30, 2018

due to Topic 606

July 1, 2018

Balance Sheet

Assets

Deferred contract costs

$

$

14,783

$

14,783

Prepaid expenses and other

11,248

1,730

12,978

Long-term deferred contract costs

53,324

53,324

Long-term prepaid expenses and other

1,504

1,226

2,730

Deferred income tax assets, net

22,140

(18,391)

3,749

Stockholders' Equity

Retained earnings (accumulated deficit)

(6,678)

52,672

45,994

Schedule of the impact of adoption of ASC 606 on prior period financial statements

The following table summarizes the impact from the adoption of Topic 606 on the Company’s consolidated statements of operations and comprehensive income:

Year Ended June 30, 2019

As Reported

Balances under

Impact from

(Topic 606)

ASC 605

Adoption

Statement of Operations

Revenues

Recurring fees

$

436,955

$

438,685

$

(1,730)

Implementation services and other

10,797

4,786

6,011

Cost of Revenues

Implementation services and other

28,640

49,252

(20,612)

Operating expenses

Sales and marketing

112,599

126,331

(13,732)

General and administrative

94,630

95,278

(648)

Income tax expense (benefit)

4,223

(5,964)

10,187

Net income

53,823

24,737

29,086

The following table summarizes the impact from the adoption of Topic 606 on the Company’s consolidated balance sheet:

June 30, 2019

As Reported

Balances under

Impact from

(Topic 606)

ASC 605

Adoption

Balance Sheet

Assets

Deferred contract costs

$

21,677

$

$

21,677

Prepaid expenses and other

13,895

12,823

1,072

Long-term deferred contract costs

81,422

81,422

Long-term prepaid expenses and other

1,975

1,821

154

Deferred income tax assets, net

6,472

28,107

(21,635)

Liabilities

Accrued expenses

57,625

54,541

3,084

Other long-term liabilities

1,723

10,818

(9,095)

Deferred income tax liabilities, net

6,943

6,943

Stockholders' Equity

Retained earnings (accumulated deficit)

99,817

18,059

81,758

The following table summarizes the impact from the adoption of Topic 606 on the Company’s consolidated statement of cash flows:

Year Ended June 30, 2019

As Reported

Balances under

Impact from

(Topic 606)

ASC 605

Adoption

Statement of Cash Flows

Net income

$

53,823

$

24,737

$

29,086

Adjustments to reconcile net income to net cash provided by operating activities:

Deferred income tax expense (benefit)

4,134

(6,053)

10,187

Changes in operating assets and liabilities:

Deferred contract costs

(34,992)

(34,992)

Prepaid expenses and other

389

(1,341)

1,730

Accrued expenses

13,625

19,636

(6,011)

Net cash provided by operating activities

115,032

115,032