Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Jun. 30, 2021 |
Summary of Significant Accounting Policies |
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Schedule of disaggregation of revenue |
| | | | | | | | | | | | Year Ended June 30, | | | 2021 | | 2020 | | 2019 | | | | (In thousands) | | | | | | | | | | | General Education | | $ | 1,280,199 | | $ | 933,809 | | $ | 965,931 | Career Learning | | | | | | | | | | Middle - High School | | | 200,774 | | | 96,003 | | | 49,821 | Adult | | | 55,787 | | | 10,953 | | | — | Total Career Learning | | | 256,561 | | | 106,956 | | | 49,821 | Total Revenues | | $ | 1,536,760 | | $ | 1,040,765 | | $ | 1,015,752 |
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Schedule of accounts receivables, unbilled receivables and deferred revenue |
| | | | | | | | | June 30, | | | 2021 | | 2020 | | | | (In thousands) | | | | | | | | Accounts receivable | | $ | 369,303 | | $ | 236,134 | Unbilled receivables (included in accounts receivable) | | | 24,794 | | | 15,688 | Deferred revenue | | | 38,110 | | | 24,417 | Deferred revenue, long-term (included in other long-term liabilities) | | | 1,973 | | | 2,236 |
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Schedule of investments in marketable securities |
| | | | | | | | | | | | | | | | | | | | Allowance for | | | Net Carrying | | | Gross Unrealized | | | | | | Amortized Cost | | | Credit Losses | | | Amount | | | Gains (Losses) | | | Fair Value | Corporate Bonds | $ | 31,850 | | $ | - | | $ | 31,850 | | $ | (24) | | $ | 31,826 | U.S. Treasury Notes | | 8,692 | | | - | | | 8,692 | | | - | | | 8,692 | Total | $ | 40,542 | | $ | - | | $ | 40,542 | | $ | (24) | | $ | 40,518 | | | | | | | | | | | | | | | |
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Schedule of useful lives of property and equipment |
| | | | | Useful Life | Student and state testing computers | | 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 |
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Schedule of goodwill activity |
| | | | ($ in millions) | | Amount | Goodwill | | | | Balance as of June 30, 2018 | | $ | 90.2 | Adjustments | | | — | Balance as of June 30, 2019 | | $ | 90.2 | Acquisition of Galvanize, Inc. | | | 84.7 | Balance as of June 30, 2020 | | $ | 174.9 | Acquisition of MedCerts, LLC | | | 51.1 | Acquisition of Tech Elevator, Inc. | | | 17.9 | Adjustments related to Galvanize, Inc. | | | (3.5) | Balance as of June 30, 2021 | | $ | 240.4 |
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Schedule of intangible assets |
| | | | | | | | | | | | | | | | | | | | | June 30, 2021 | | June 30, 2020 | ($ in millions) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Value | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Value | Trade names | | $ | 84.5 | | $ | (17.4) | | $ | 67.1 | | $ | 77.9 | | $ | (12.0) | | $ | 65.9 | Customer and distributor relationships | | | 37.7 | | | (21.2) | | | 16.5 | | | 25.3 | | | (17.2) | | | 8.1 | Developed technology | | | 21.3 | | | (5.7) | | | 15.6 | | | 6.6 | | | (3.5) | | | 3.1 | Other | | | 1.4 | | | (1.1) | | | 0.3 | | | 1.4 | | | (1.0) | | | 0.4 | Total | | $ | 144.9 | | $ | (45.4) | | $ | 99.5 | | $ | 111.2 | | $ | (33.7) | | $ | 77.5 |
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Schedule of assets and liabilities measured at fair value on a recurring basis |
The following table summarizes certain fair value information at June 30, 2021 for assets or liabilities measured at fair value on a recurring basis. | | | | | | | | | | | | | | | Fair Value Measurements Using: | | | | | | Quoted Prices | | | | | | | | | | in Active | | Significant | | | | | | | | Markets for | | Other | | Significant | | | | | | Identical | | Observable | | Unobservable | | | | | | Assets | | Input | | Inputs | Description | | Fair Value | | (Level 1) | | (Level 2) | | (Level 3) | | | | | (In thousands) | Contingent consideration associated with acquisitions | | $ | 11,082 | | $ | — | | $ | — | | $ | 11,082 | Convertible note received in acquisition | | | 5,006 | | | — | | | — | | | 5,006 | | | | | | | | | | | | | |
The following table summarizes certain fair value information at June 30, 2020 for assets or liabilities measured at fair value on a recurring basis. | | | | | | | | | | | | | | | Fair Value Measurements Using: | | | | | | Quoted Prices | | | | | | | | | | in Active | | Significant | | | | | | | | Markets for | | Other | | Significant | | | | | | Identical | | Observable | | Unobservable | | | | | | Assets | | Input | | Inputs | Description | | Fair Value | | (Level 1) | | (Level 2) | | (Level 3) | | | | | (In thousands) | Convertible note received in acquisition | | $ | 5,006 | | $ | — | | $ | — | | $ | 5,006 |
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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 of the valuation hierarchy, valued on a recurring basis, for the year ended June 30, 2021. | | | | | | | | | | | | | | | | Year Ended June 30, 2021 | | | | | | Purchases, | | | | | | | | | Fair Value | | Issuances, | | Unrealized | | Fair Value | Description | | June 30, 2020 | | and Settlements | | Gains (Losses) | | June 30, 2021 | | | | (In thousands) | Contingent consideration associated with acquisitions | | $ | — | | $ | 10,833 | | $ | 249 | | $ | 11,082 | Convertible note received in acquisition | | | 5,006 | | | — | | | — | | | 5,006 |
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, 2020. | | | | | | | | | | | | | | | | Year Ended June 30, 2020 | | | | | | Purchases, | | | | | | | | | Fair Value | | Issuances, | | Unrealized | | Fair Value | Description | | June 30, 2019 | | and Settlements | | Gains (Losses) | | June 30, 2020 | | | | (In thousands) | Convertible note received in acquisition | | $ | 5,006 | | $ | — | | $ | — | | $ | 5,006 |
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, 2019. | | | | | | | | | | | | | | | | Year Ended June 30, 2019 | | | | | | Purchases, | | | | | | | | | Fair Value | | Issuances, | | Unrealized | | Fair Value | Description | | June 30, 2018 | | and Settlements | | Gains (Losses) | | June 30, 2019 | | | | (In thousands) | Contingent consideration associated with acquisitions | | $ | 1,345 | | $ | (1,347) | | $ | 2 | | $ | — | Convertible note received in acquisition | | | — | | | 5,006 | | | — | | | 5,006 |
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Schedule of calculation of basic and diluted net income (loss) per share |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended June 30, | | | | | 2021 | | 2020 | | 2019 | | | | | | (In thousands except share and per share data) | Basic net income per share computation: | | | | | | | | | | | | | | | | | | | | | | | | Net income attributable to common stockholders | | | | $ | 71,451 | | $ | 24,506 | | $ | 37,209 | Weighted average common shares — basic | | | | | 40,211,016 | | | 39,478,928 | | | 38,848,780 | Basic net income per share | | | | $ | 1.78 | | $ | 0.62 | | $ | 0.96 | | | | | | | | | | | | | Diluted net income per share computation: | | | | | | | | | | | | | | | | | | | | | | | | Net income attributable to common stockholders | | | | $ | 71,451 | | $ | 24,506 | | $ | 37,209 | Share computation: | | | | | | | | | | | | Weighted average common shares — basic | | | | | 40,211,016 | | | 39,478,928 | | | 38,848,780 | Effect of dilutive stock options and restricted stock awards | | | | | 1,657,564 | | | 1,184,296 | | | 2,096,020 | Weighted average common shares — diluted | | | | | 41,868,580 | | | 40,663,224 | | | 40,944,800 | Diluted net income per share | | | | $ | 1.71 | | $ | 0.60 | | $ | 0.91 |
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