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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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