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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2018
Income Taxes |
Schedule of deferred tax assets and liabilities |
|  | June 30,
|  | 2018 |  | 2017
|  | (In thousands)
Deferred tax assets (liabilities): |  |  |  |  |  |
Net operating loss carryforward |  | $ | 5,047 |  | $ | 8,033
Reserves |  |  | 4,618 |  |  | 7,400
Accrued expenses |  |  | 3,156 |  |  | 10,695
Stock compensation expense |  |  | 8,293 |  |  | 11,449
Other assets |  |  | 1,289 |  |  | 1,720
Deferred rent |  |  | 1,502 |  |  | 3,299
Deferred revenue |  |  | 673 |  |  | 401
Federal tax credits |  |  | 20 |  |  | 20
State tax credits |  |  | 431 |  |  | 390
Total deferred tax assets |  |  | 25,029 |  |  | 43,407
Deferred tax liabilities |  |  |  |  |  |
Capitalized curriculum development |  |  | (9,890) |  |  | (15,323)
Capitalized software and website development costs |  |  | (13,734) |  |  | (23,288)
Property and equipment |  |  | (2,573) |  |  | (2,649)
Returned materials |  |  | (2,452) |  |  | (4,559)
Purchased intangibles |  |  | (4,498) |  |  | (7,161)
Total deferred tax liabilities |  |  | (33,147) |  |  | (52,980)
Net deferred tax liability before valuation allowance |  |  | (8,118) |  |  | (9,573)
Valuation allowance |  |  | (4,459) |  |  | (7,153)
Net deferred tax liability |  | $ | (12,577) |  | $ | (16,726)
Reported as: |  |  |  |  |  |
Long-term deferred tax liabilities |  | $ | (12,577) |  | $ | (16,726)
Schedule of related components of the income tax expense |
|  | Year Ended June 30,
|  | 2018 |  | 2017 |  | 2016
|  | (In thousands)
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 887 |  | $ | 8,756 |  | $ | 4,651
State |  |  | 774 |  |  | 3,153 |  |  | 1,152
Foreign |  |  | 1,444 |  |  | 552 |  |  | 2,761
Total current |  |  | 3,105 |  |  | 12,461 |  |  | 8,564
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (4,769) |  |  | (6,505) |  |  | (1,648)
State |  |  | 754 |  |  | (560) |  |  | (97)
Foreign |  |  | — |  |  | — |  |  | (2,073)
Total deferred |  |  | (4,015) |  |  | (7,065) |  |  | (3,818)
Total income tax (benefit) expense |  | $ | (910) |  | $ | 5,396 |  | $ | 4,746
Schedule of reconciliation of provision for income taxes to the income tax from applying the statutory rate |
|  | Year Ended June 30, |
|  | 2018 |  | 2017 |  | 2016 |
U.S. federal tax at statutory rates (1) |  | 28.0 | % | 35.0 | % | 35.0 | %
Permanent items |  | 0.9 |  | 7.1 |  | 4.8 |
Lobbying |  | 1.2 |  | 7.2 |  | 5.3 |
State taxes, net of federal benefit |  | 3.1 |  | 19.5 |  | 3.8 |
Research and development tax credits |  | - |  | (8.2) |  | (8.1) |
Domestic production activities deduction |  | (0.1) |  | (22.9) |  | (5.2) |
Change in valuation allowance |  | (7.2) |  | 53.3 |  | 2.9 |
Effects of foreign operations |  | - |  | 2.6 |  | (0.9) |
Reserve for unrecognized tax benefits |  | 0.9 |  | 3.3 |  | (6.3) |
Noncontrolling interests |  | 0.4 |  | 12.5 |  | 4.2 |
Other |  | (3.9) |  | (0.1) |  | 0.2 |
Impact of federal tax rate reduction |  | (25.4) |  | - |  | - |
Repatriation transition tax |  | 6.4 |  | - |  | - |
Stock-based compensation |  | (7.7) |  | - |  | - |
(Benefit) provision for income taxes |  | (3.4) | % | 109.3 | % | 35.7 | %
Schedule of adjusted research and development credit carryforward |
|  | Year Ended June 30,
|  | 2018 |  | 2017 |  | 2016
|  | (In thousands)
Balance at beginning of the year |  | $ | 2,260 |  | $ | 2,224 |  | $ | 3,558
Additions for prior year tax positions |  |  | 585 |  |  | 951 |  |  | 351
Additions for current year tax positions |  |  | 8 |  |  | 241 |  |  | 290
Reductions for prior year tax positions |  |  | (461) |  |  | (1,156) |  |  | (1,975)
Balance at end of the year |  | $ | 2,392 |  | $ | 2,260 |  | $ | 2,224

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