Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of effect of revision on affected line items within financial statements

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Income (in thousands, except per share data):

	Three Months Ended September 30, 2022
	As reported		Adjustment		As revised
Revenue	$	354,559	$	(290)	$	354,269
Operating cost and expense:
Student services and administrative expense		148,341		(1,956)		146,385
Business integration expense		8,415		1,125		9,540
Total operating cost and expense		331,466		(831)		330,635
Operating income		23,093		541		23,634
Other income, net		1,567		(806)		761
Income from continuing operations before income taxes		6,900		(265)		6,635
Provision for income taxes		(1,054)		(68)		(1,122)
Income from continuing operations		5,846		(333)		5,513
Discontinued operations:
Loss from discontinued operations before income taxes		(3,438)		173		(3,265)
Benefit from income taxes		3,143		(1,440)		1,703
Loss from discontinued operations		(3,654)		(1,267)		(4,921)
Net income		2,192		(1,600)		592
Earnings (loss) per share:
Basic:
Continuing operations	$	0.13	$	(0.01)	$	0.12
Discontinued operations	$	(0.08)	$	(0.03)	$	(0.11)
Total basic earnings per share	$	0.05	$	(0.04)	$	0.01
Diluted:
Continuing operations	$	0.13	$	(0.01)	$	0.12
Discontinued operations	$	(0.08)	$	(0.03)	$	(0.11)
Total diluted earnings per share	$	0.05	$	(0.04)	$	0.01

To conform to current period presentation, the previously reported interest income line is now included within other income, net.

The following table summarizes the effect of the revisions on the affected line items within the previously reported Consolidated Statements of Comprehensive Income (in thousands):

	Three Months Ended September 30, 2022
	As reported		Adjustment		As revised
Net income	$	2,192	$	(1,600)	$	592
Other comprehensive income (loss), net of tax:
Loss on foreign currency translation adjustments		(1,267)		1,267		—
Comprehensive income before reclassification		925		(333)		592
Comprehensive income		925		(333)		592

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Cash Flows (in thousands):

	Three Months Ended September 30, 2022
	As reported		Adjustment		As revised
Operating activities:
Net income	$	2,192	$	(1,600)	$	592
Loss from discontinued operations		3,654		1,267		4,921
Income from continuing operations		5,846		(333)		5,513
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on investments		—		901		901
Changes in assets and liabilities:
Prepaid expenses and other current assets		(1,602)		(881)		(2,483)
Accounts payable		7,586		1,125		8,711
Accrued payroll and benefits		(11,593)		(1,150)		(12,743)
Deferred revenue		82,398		290		82,688
Net cash provided by operating activities-continuing operations		91,524		(48)		91,476
Net cash provided by operating activities		91,394		(48)		91,346
Investing activities:
Proceeds from sales of marketable securities		—		356		356
Purchases of marketable securities		—		(308)		(308)
Net cash used in investing activities-continuing operations		(5,551)		48		(5,503)
Net cash used in investing activities		(6,362)		48		(6,314)

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Shareholders’ Equity (in thousands):

	As reported		Adjustment		As revised
June 30, 2022
Retained earnings		2,322,810		(12,414)		2,310,396
Accumulated other comprehensive loss		(960)		(1,267)		(2,227)
Total shareholders' equity		1,505,067		(13,681)		1,491,386
September 30, 2022
Retained earnings		2,325,002		(14,014)		2,310,988
Total shareholders' equity		1,510,039		(14,014)		1,496,025
Three Months Ended September 30, 2022
Net income		2,192		(1,600)		592
Other comprehensive loss, net of tax		(1,267)		1,267		—