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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Jun. 30, 2021
Summary of Significant Accounting Policies  
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

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

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

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

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

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

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

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

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