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v3.21.1

Summary of Significant Accounting Policy (Tables) | 9 Months Ended
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Mar. 31, 2021
Summary of Significant Accounting Policies |
Schedule of disaggregation of revenue | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​ | Nine Months Ended March 31,
​ | ​ | 2021 |  | 2020 | ​ | 2021 |  | 2020
​ | ​ | (In thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General Education | ​ | $ | 322,304 | ​ | $ | 233,147 | ​ | $ | 950,142 | ​ | $ | 699,332
Career Learning | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Middle - High School | ​ | ​ | 52,382 | ​ | ​ | 20,820 | ​ | ​ | 152,529 | ​ | ​ | 69,315
Adult | ​ | ​ | 17,459 | ​ | ​ | 3,187 | ​ | ​ | 36,579 | ​ | ​ | 3,187
Total Career Learning | ​ | ​ | 69,841 | ​ | ​ | 24,007 | ​ | ​ | 189,108 | ​ | ​ | 72,502
Total Revenues | ​ | $ | 392,145 | ​ | $ | 257,154 | ​ | $ | 1,139,250 | ​ | $ | 771,834
Schedule of accounts receivables, unbilled receivables and deferred revenue | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | June 30,
​ | ​ | 2021 |  | 2020
​ | ​ | (In thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable | ​ | $ | 422,786 | ​ | $ | 236,134
Unbilled receivables (included in accounts receivable) | ​ | ​ | 17,536 | ​ | ​ | 15,688
Deferred revenue | ​ | ​ | 53,449 | ​ | ​ | 24,417
Deferred revenue, long-term (included in other long-term liabilities) | ​ | ​ | 1,880 | ​ | ​ | 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 intangible assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2021 | ​ | June 30, 2020
($ in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value
Trade names |  | $ | 84.5 |  | $ | (15.9) |  | $ | 68.6 | ​ | $ | 77.9 | ​ | $ | (12.0) | ​ | $ | 65.9
Customer and distributor relationships | ​ | ​ | 37.7 | ​ | ​ | (19.8) | ​ | ​ | 17.9 | ​ | ​ | 25.3 | ​ | ​ | (17.2) | ​ | ​ | 8.1
Developed technology | ​ | ​ | 21.3 | ​ | ​ | (5.0) | ​ | ​ | 16.3 | ​ | ​ | 6.6 | ​ | ​ | (3.5) | ​ | ​ | 3.1
Other | ​ | ​ | 1.3 | ​ | ​ | (1.1) | ​ | ​ | 0.2 | ​ | ​ | 1.4 | ​ | ​ | (1.0) | ​ | ​ | 0.4
Total | ​ | $ | 144.8 | ​ | $ | (41.8) | ​ | $ | 103.0 | ​ | $ | 111.2 |  | $ | (33.7) | ​ | $ | 77.5
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table summarizes certain fair value information at March 31, 2021 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)
Contingent consideration associated with acquisitions | ​ | $ | 10,833 | ​ | $ | — | ​ | $ | — | ​ | $ | 10,833
Convertible note received in acquisition | ​ | ​ | 5,006 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,006
Convertible Senior Notes due 2027 | ​ | ​ | 388,786 | ​ | ​ | — | ​ | ​ | 388,786 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ 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
​
Schedule of activity related to fair value measurements categorized as Level 3 of the valuation hierarchy, valued on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| ​ | Three Months Ended March 31, 2021
| ​ | ​ |  | ​ | Purchases, | ​ |  | ​ | ​ | ​
| ​ | Fair Value | ​ | Issuances, | ​ | Unrealized | ​ | Fair Value
Description |  | December 31, 2020 |  | and Settlements |  | Gains/(Losses) |  | March 31, 2021
​ | ​ | ​ | (In thousands)
Contingent consideration associated with acquisitions | ​ | $ | 10,833 | ​ | $ | — | ​ | $ | — | ​ | $ | 10,833
Convertible note received in acquisition | ​ | ​ | 5,006 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,006
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2020
| ​ | ​ |  | ​ | Purchases, | ​ | ​ |  | ​ | ​ | ​
| ​ | Fair Value | ​ | Issuances, | ​ | Unrealized | ​ | Fair Value
Description |  | December 31, 2019 |  | and Settlements |  | Gains/(Losses) |  | March 31, 2020
​ | ​ | (In thousands)
Convertible note received in acquisition | ​ | $ | 5,006 | ​ | $ | — | ​ | $ | — | ​ | $ | 5,006
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| ​ | ​ | Nine Months Ended March 31, 2021
| ​ | ​ |  | ​ | Purchases, | ​ | ​ |  | ​ | ​ | ​
| ​ | Fair Value | ​ | Issuances, | ​ | Unrealized | ​ | Fair Value
Description |  | June 30, 2020 |  | and Settlements |  | Gains (Losses) |  | March 31, 2021
​ | ​ | (In thousands)
Contingent consideration associated with acquisitions | ​ | $ | — | ​ | $ | 10,833 | ​ | $ | — | ​ | $ | 10,833
Convertible note received in acquisition | ​ | ​ | 5,006 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,006
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
| ​ | ​ | Nine Months Ended March 31, 2020
| ​ | ​ |  | ​ | Purchases, | ​ | ​ |  | ​ | ​ | ​
| ​ | Fair Value | ​ | Issuances, | ​ | Unrealized | ​ | Fair Value
Description |  | June 30, 2019 |  | and Settlements |  | Gains (Losses) |  | March 31, 2020
​ | ​ | (In thousands)
Convertible note received in acquisition | ​ | $ | 5,006 | ​ | $ | — | ​ | $ | — | ​ | $ | 5,006
Schedule of calculation of basic and diluted net income (loss) per share | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​ | Nine Months Ended March 31, | ​
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020 | ​
​ | ​ | (In thousands except share and per share data) | ​
Basic net income per share computation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to common stockholders | ​ | $ | 23,789 | ​ | $ | 8,754 | ​ | $ | 60,956 | ​ | $ | 19,618 | ​
Weighted average common shares — basic | ​ | ​ | 40,286,109 | ​ | ​ | 39,539,791 | ​ | ​ | 40,143,610 | ​ | ​ | 39,426,121 | ​
Basic net income per share | ​ | $ | 0.59 | ​ | $ | 0.22 | ​ | $ | 1.52 | ​ | $ | 0.50 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted net income per share computation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to common stockholders | ​ | $ | 23,789 | ​ | $ | 8,754 | ​ | $ | 60,956 | ​ | $ | 19,618 | ​
Share computation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares — basic | ​ | ​ | 40,286,109 | ​ | ​ | 39,539,791 | ​ | ​ | 40,143,610 | ​ | ​ | 39,426,121 | ​
Effect of dilutive stock options and restricted stock awards | ​ | ​ | 1,404,400 | ​ | ​ | 399,107 | ​ | ​ | 1,558,345 | ​ | ​ | 1,035,169 | ​
Weighted average common shares — diluted | ​ | ​ | 41,690,509 | ​ | ​ | 39,938,898 | ​ | ​ | 41,701,955 | ​ | ​ | 40,461,290 | ​
Diluted net income per share | ​ | $ | 0.57 | ​ | $ | 0.22 | ​ | $ | 1.46 | ​ | $ | 0.48 | ​

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