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v3.25.1

Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Mar. 31, 2025
Summary of Significant Accounting Policies |
Schedule of disaggregation of revenue | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​ | Nine Months Ended March 31,
​ | ​ | 2025 |  | 2024 | ​ | 2025 | ​ | 2024
​ | ​ | (In thousands)
General Education | ​ | $ | 370,821 | ​ | $ | 328,894 | ​ | $ | 1,054,542 | ​ | $ | 942,135
Career Learning | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Middle - High School | ​ | ​ | 223,868 | ​ | ​ | 167,919 | ​ | ​ | 635,832 | ​ | ​ | 483,972
Adult | ​ | ​ | 18,687 | ​ | ​ | 24,024 | ​ | ​ | 61,296 | ​ | ​ | 79,779
Total Career Learning | ​ | ​ | 242,555 | ​ | ​ | 191,943 | ​ | ​ | 697,128 | ​ | ​ | 563,751
Total Revenues | ​ | $ | 613,376 | ​ | $ | 520,837 | ​ | $ | 1,751,670 | ​ | $ | 1,505,886
Schedule of accounts receivables, unbilled receivables and deferred revenue | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | June 30, | ​ | June 30,
​ | ​ | 2025 |  | 2024 | ​ | 2023
​ | ​ | (In thousands)
Accounts receivable | ​ | $ | 699,817 | ​ | $ | 472,754 | ​ | $ | 463,722
Unbilled receivables (included in accounts receivable) | ​ | ​ | 22,598 | ​ | ​ | 19,499 | ​ | ​ | 20,647
Deferred revenue | ​ | ​ | 32,902 | ​ | ​ | 35,742 | ​ | ​ | 76,159
Deferred revenue, long-term (included in other long-term liabilities) | ​ | ​ | 610 | ​ | ​ | 1,097 | ​ | ​ | 2,061
Schedule of investments in marketable securities | The following table summarizes the amortized cost, net carrying amount, and fair value disaggregated by class of instrument (in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Allowance for | ​ | ​ | Net Carrying | ​ | ​ | Gross Unrealized | ​ | ​ | ​
​ | ​ | Amortized Cost | ​ | ​ | Credit Losses | ​ | ​ | Amount | ​ | ​ | Gains (Losses) | ​ | ​ | Fair Value
Corporate Bonds | $ | 50,378 | ​ | $ | - | ​ | $ | 50,378 | ​ | $ | 99 | ​ | $ | 50,477
U.S. Treasury Notes | ​ | 46,179 | ​ | ​ | - | ​ | ​ | 46,179 | ​ | ​ | 47 | ​ | ​ | 46,226
Commercial Paper | ​ | 129,531 | ​ | ​ | - | ​ | ​ | 129,531 | ​ | ​ | (6) | ​ | ​ | 129,525
Total | $ | 226,088 | ​ | $ | - | ​ | $ | 226,088 | ​ | $ | 140 | ​ | $ | 226,228
The following table summarizes the amortized cost, net carrying amount, and fair value disaggregated by class of instrument (in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Allowance for | ​ | ​ | Net Carrying | ​ | ​ | Gross Unrealized | ​ | ​ | ​
​ | ​ | Amortized Cost | ​ | ​ | Credit Losses | ​ | ​ | Amount | ​ | ​ | Gains (Losses) | ​ | ​ | Fair Value
Corporate Bonds | $ | 45,752 | ​ | $ | - | ​ | $ | 45,752 | ​ | $ | (95) | ​ | $ | 45,657
U.S. Treasury Notes | ​ | 46,760 | ​ | ​ | - | ​ | ​ | 46,760 | ​ | ​ | (71) | ​ | ​ | 46,689
Commercial Paper | ​ | 121,077 | ​ | ​ | - | ​ | ​ | 121,077 | ​ | ​ | 2 | ​ | ​ | 121,079
Total | $ | 213,589 | ​ | $ | - | ​ | $ | 213,589 | ​ | $ | (164) | ​ | $ | 213,425
Schedule of useful lives of property and equipment | ​
​ | ​ | ​
​ |  | Useful Life
Computer hardware | ​ | 3 - 7 years
Computer software | ​ | 3 - 5 years
Student and state testing computers and printers | ​ | 3 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, 2025 | ​ | June 30, 2024
($ in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value
Trade names |  | $ | 70.6 |  | $ | (27.2) |  | $ | 43.4 | ​ | $ | 70.6 | ​ | $ | (23.5) | ​ | $ | 47.1
Customer and distributor relationships | ​ | ​ | 37.1 | ​ | ​ | (33.2) | ​ | ​ | 3.9 | ​ | ​ | 37.1 | ​ | ​ | (31.1) | ​ | ​ | 6.0
Developed technology | ​ | ​ | 21.7 | ​ | ​ | (16.5) | ​ | ​ | 5.2 | ​ | ​ | 21.7 | ​ | ​ | (14.8) | ​ | ​ | 6.9
Other | ​ | ​ | 1.4 | ​ | ​ | (1.1) | ​ | ​ | 0.3 | ​ | ​ | 1.4 | ​ | ​ | (1.1) | ​ | ​ | 0.3
Total | ​ | $ | 130.8 | ​ | $ | (78.0) | ​ | $ | 52.8 | ​ | $ | 130.8 |  | $ | (70.5) | ​ | $ | 60.3
Schedule of calculation of basic and diluted net income (loss) per share | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​ | Nine Months Ended March 31,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (In thousands except share and per share data)
Basic net income per share computation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to common stockholders | ​ | $ | 99,346 | ​ | $ | 69,687 | ​ | $ | 236,621 | ​ | $ | 141,401
Weighted average common shares — basic | ​ | ​ | 43,092,682 | ​ | ​ | 42,684,561 | ​ | ​ | 42,992,727 | ​ | ​ | 42,581,869
Basic net income per share | ​ | $ | 2.31 | ​ | $ | 1.63 | ​ | $ | 5.50 | ​ | $ | 3.32
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted net income per share computation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to common stockholders | ​ | $ | 99,346 | ​ | $ | 69,687 | ​ | $ | 236,621 | ​ | $ | 141,401
Share computation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares — basic | ​ | ​ | 43,092,682 | ​ | ​ | 42,684,561 | ​ | ​ | 42,992,727 | ​ | ​ | 42,581,869
Effect of dilutive restricted stock and convertible debt | ​ | ​ | 6,089,046 | ​ | ​ | 971,280 | ​ | ​ | 4,806,196 | ​ | ​ | 808,034
Weighted average common shares — diluted | ​ | ​ | 49,181,728 | ​ | ​ | 43,655,841 | ​ | ​ | 47,798,923 | ​ | ​ | 43,389,903
Diluted net income per share | ​ | $ | 2.02 | ​ | $ | 1.60 | ​ | $ | 4.95 | ​ | $ | 3.26

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