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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies

Schedule of disaggregation of revenue

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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).

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​

​

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​

​

​

​

​

​

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).

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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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