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Summary of Significant Accounting Policy (Tables)

12 Months Ended

Jun. 30, 2018

Summary of Significant Accounting Policies

Schedule of useful lives of property and equipment

		Useful Life
Student and state testing computers		3 - 5 years
Computer hardware		3 years
Computer software		3 - 5 years
Web site development		3 years
Office equipment		5 years
Furniture and fixtures		7 years
Leasehold improvements		3 - 12 years

Schedule of goodwill activity

($ in millions)		Amount
Goodwill
Balance as of June 30, 2015		$	66.2
Acquisition of LTS			21.1
Balance as of June 30, 2016		$	87.3
Adjustment to purchase price of LTS			(0.1)
Balance as of June 30, 2017		$	87.2
Acquisition of Big Universe, Inc.			3.0
Balance as of June 30, 2018		$	90.2

Schedule of intangible assets

		June 30, 2018									June 30, 2017
($ in millions)		Gross Carrying Amount			Accumulated Amortization			Net Carrying Value			Gross Carrying Amount			Accumulated Amortization			Net Carrying Value
Trade names		$	17.6		$	(8.5)		$	9.1		$	17.6		$	(7.6)		$	10.0
Customer and distributor relationships			20.5			(13.4)			7.1			20.1			(12.0)			8.1
Developed technology			3.2			(2.2)			1.0			2.9			(1.7)			1.2
Other			1.4			(0.6)			0.8			1.4			(0.5)			0.9
Total		$	42.7		$	(24.7)		$	18.0		$	42.0		$	(21.8)		$	20.2

Schedule of calculation of basic and diluted net income (loss) per share

			Year Ended June 30,
			2018			2017			2016
			(In thousands except share and per share data)
Basic net income per share computation:
Net income attributable to common stockholders			$	27,620		$	451		$	9,035
Weighted average common shares  — basic				39,282,674			38,298,581			37,613,782
Basic net income per share			$	0.70		$	0.01		$	0.24
Diluted net income per share computation:
Net income attributable to common stockholders			$	27,620		$	451		$	9,035
Share computation:
Weighted average common shares  — basic				39,282,674			38,298,581			37,613,782
Effect of dilutive stock options and restricted stock awards				1,355,070			1,202,353			1,236,606
Weighted average common shares  — diluted				40,637,744			39,500,934			38,850,388
Diluted net income per share			$	0.68		$	0.01		$	0.23

Schedule of assets and liabilities measured at fair value on a nonrecurring basis

The following table summarizes certain fair value information at June 30, 2018 for assets and liabilities measured at fair value on a nonrecurring 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)

Lease exit liability

$

2,758

$

—

$

—

$

2,758

The following table summarizes certain fair value information at June 30, 2017 for assets and liabilities measured at fair value on a nonrecurring 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)

Held for sale asset

$

1,200

$

—

$

—

$

1,200

Lease exit liability

4,841

—

—

4,841

Schedule of assets and 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

$

1,345

$

—

$

—

$

1,345

The following table summarizes certain fair value information at June 30, 2017 for assets and liabilities measured at fair value on a recurring basis.

Schedule of activity related to fair value measurements categorized as Level 3 of the valuation hierarchy, valued 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

$

2,806

$

—

$

—

$

2,806

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, 2018.

Year Ended June 30, 2018

Purchases,

Fair Value

Issuances,

Unrealized

Fair Value

Description

June 30, 2017

and Settlements

Gains (Losses)

June 30, 2018

(In thousands)

Contingent consideration associated with acquisitions

$

2,806

$

(1,319)

$

(142)

$

1,345

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, 2017.

			Year Ended June 30, 2017
					Purchases,
		Fair Value			Issuances,			Unrealized			Fair Value
Description		June 30, 2016			and Settlements			Gains (Losses)			June 30, 2017
		(In thousands)
Redeemable noncontrolling interest in Middlebury Interactive Learning		$	6,801		$	(9,134)		$	2,333		$	—
Contingent consideration associated with acquisitions			2,947			—			(141)			2,806
Total		$	9,748		$	(9,134)		$	2,192		$	2,806

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, 2016.

			Year Ended June 30, 2016
					Purchases,
		Fair Value			Issuances,			Unrealized			Fair Value
Description		June 30, 2015			and Settlements			Gains (Losses)			June 30, 2016
		(In thousands)
Redeemable noncontrolling interest in Middlebury Interactive Learning		$	6,801		$	—		$	—		$	6,801
Contingent consideration associated with acquisitions			—			2,942			5			2,947
Total		$	6,801		$	2,942		$	5		$	9,748

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