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Summary of Significant Accounting Policy (Tables)
12 Months Ended
Jun. 30, 2020
Summary of Significant Accounting Policies  
Schedule of disaggregation of revenue

Year Ended June 30, 

2020

   

2019

(In thousands)

Managed Public School Programs

$

920,080

$

890,275

Institutional

Non-managed Public School Programs

36,195

50,623

Institutional Software & Services

38,765

39,330

Total Institutional

74,960

89,953

Private Pay Schools and Other

45,725

35,524

Total Revenues

$

1,040,765

$

1,015,752

Schedule of accounts receivables, unbilled receivables and deferred revenue

June 30, 

2020

   

2019

(In thousands)

Accounts receivable

$

236,134

$

191,639

Unbilled receivables (included in accounts receivable)

15,688

16,189

Deferred revenue

24,417

22,828

Deferred revenue, long-term (included in other long-term liabilities)

2,236

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, 2017

$

87.2

Acquisition of Big Universe, Inc.

3.0

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

Schedule of intangible assets

June 30, 2020

June 30, 2019

($ in millions)

    

Gross
Carrying
Amount

    

Accumulated
Amortization

    

Net
Carrying
Value

    

Gross
Carrying
Amount

    

Accumulated
Amortization

    

Net
Carrying
Value

Trade names

    

$

77.9

    

$

(12.0)

    

$

65.9

$

17.6

$

(9.4)

$

8.2

Customer and distributor relationships

25.3

(17.2)

8.1

20.5

(14.7)

5.8

Developed technology

6.6

(3.5)

3.1

3.2

(2.8)

0.4

Other

1.4

(1.0)

0.4

1.4

(0.8)

0.6

Total

$

111.2

$

(33.7)

$

77.5

$

42.7

  

$

(27.7)

$

15.0

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

Year Ended June 30, 

  

  

2020

2019

2018

(In thousands except share and per share data)

Basic net income per share computation:

Net income attributable to common stockholders

$

24,506

$

37,209

$

27,620

Weighted average common shares  — basic

39,478,928

38,848,780

39,282,674

Basic net income per share

$

0.62

$

0.96

$

0.70

Diluted net income per share computation:

Net income attributable to common stockholders

$

24,506

$

37,209

$

27,620

Share computation:

Weighted average common shares  — basic

39,478,928

38,848,780

39,282,674

Effect of dilutive stock options and restricted stock awards

1,184,296

2,096,020

1,355,070

Weighted average common shares  — diluted

40,663,224

40,944,800

40,637,744

Diluted net income per share

$

0.60

$

0.91

$

0.68

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

There were no assets or liabilities measured at fair value on a nonrecurring basis at June 30, 2020 – see Note 12, “Restructuring.”

The following table summarizes certain fair value information at June 30, 2019 for assets or 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

$

1,779

$

$

$

1,779

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

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

The following table summarizes certain fair value information at June 30, 2019 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, 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

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