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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Jun. 30, 2026
Summary of Significant Accounting Policies |
Schedule of disaggregation of revenue | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended June 30,
​ | ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
​ | ​ | (In thousands)
General Education | ​ | $ | 1,417,785 | ​ | $ | 1,448,676 | ​ | $ | 1,289,193
Career Learning | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Middle - High School | ​ | ​ | 1,043,726 | ​ | ​ | 876,287 | ​ | ​ | 651,191
Adult | ​ | ​ | 56,570 | ​ | ​ | 80,354 | ​ | ​ | 99,685
Total Career Learning | ​ | ​ | 1,100,296 | ​ | ​ | 956,641 | ​ | ​ | 750,876
Total Revenues | ​ | $ | 2,518,081 | ​ | $ | 2,405,317 | ​ | $ | 2,040,069
Schedule of accounts receivable, unbilled receivables and deferred revenue | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ | ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
​ | ​ | (In thousands)
Accounts receivable | ​ | $ | 664,788 | ​ | $ | 559,646 | ​ | $ | 472,754
Unbilled receivables (included in accounts receivable) | ​ | ​ | 24,351 | ​ | ​ | 19,902 | ​ | ​ | 19,499
Deferred revenue | ​ | ​ | 20,553 | ​ | ​ | 26,995 | ​ | ​ | 35,742
Deferred revenue, long-term (included in other long-term liabilities) | ​ | ​ | 58 | ​ | ​ | 327 | ​ | ​ | 1,097
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 | $ | 112,160 | ​ | $ | (160) | ​ | $ | 112,000 | ​ | $ | (269) | ​ | $ | 111,731
U.S. Treasury Notes | ​ | 141,689 | ​ | ​ | (50) | ​ | ​ | 141,639 | ​ | ​ | (259) | ​ | ​ | 141,380
Commercial Paper | ​ | 25,956 | ​ | ​ | (12) | ​ | ​ | 25,944 | ​ | ​ | - | ​ | ​ | 25,944
Total | $ | 279,805 | ​ | $ | (222) | ​ | $ | 279,583 | ​ | $ | (528) | ​ | $ | 279,055
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 | $ | 48,837 | ​ | $ | - | ​ | $ | 48,837 | ​ | $ | 97 | ​ | $ | 48,934
U.S. Treasury Notes | ​ | 35,816 | ​ | ​ | - | ​ | ​ | 35,816 | ​ | ​ | 27 | ​ | ​ | 35,843
Commercial Paper | ​ | 144,257 | ​ | ​ | - | ​ | ​ | 144,257 | ​ | ​ | (6) | ​ | ​ | 144,251
Total | $ | 228,910 | ​ | $ | - | ​ | $ | 228,910 | ​ | $ | 118 | ​ | $ | 229,028
Schedule of useful lives of property and equipment | ​
​ | ​ | ​
​ | ​ ​ ​ | Useful Life
Computer hardware | ​ | 3 - 5 years
Computer software | ​ | 3 - 5 years
Financed computers and printers | ​ | 3 years
Web site development | ​ | 3 - 5 years
Office equipment | ​ | 3 years
Furniture and fixtures | ​ | 5 - 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, 2024 | ​ | $ | 246.7
​ | ​ | ​ | ​
Balance as of June 30, 2025 | ​ | $ | 246.7
​ | ​ | ​ | —
Balance as of June 30, 2026 | ​ | $ | 246.7
Schedule of intangible assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2026 | ​ | June 30, 2025
($ in millions) | ​ ​ ​ | Gross Carrying Amount | ​ ​ ​ | Accumulated Amortization and Impairment | ​ ​ ​ | Net Carrying Value | ​ ​ ​ | Gross Carrying Amount | ​ ​ ​ | Accumulated Amortization and Impairment | ​ ​ ​ | Net Carrying Value
Trade names | ​ ​ ​ | $ | 70.6 | ​ ​ ​ | $ | (63.8) | ​ ​ ​ | $ | 6.8 | ​ | $ | 70.6 | ​ | $ | (60.4) | ​ | $ | 10.2
Customer and distributor relationships | ​ | ​ | 37.1 | ​ | ​ | (35.8) | ​ | ​ | 1.3 | ​ | ​ | 37.1 | ​ | ​ | (33.7) | ​ | ​ | 3.4
Developed technology | ​ | ​ | 21.7 | ​ | ​ | (19.1) | ​ | ​ | 2.6 | ​ | ​ | 21.7 | ​ | ​ | (17.3) | ​ | ​ | 4.4
Other | ​ | ​ | 1.4 | ​ | ​ | (1.2) | ​ | ​ | 0.2 | ​ | ​ | 1.4 | ​ | ​ | (1.2) | ​ | ​ | 0.2
Total | ​ | $ | 130.8 | ​ | $ | (119.9) | ​ | $ | 10.9 | ​ | $ | 130.8 | ​ | $ | (112.6) | ​ | $ | 18.2
Schedule of calculation of basic and diluted net income (loss) per share | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Years Ended June 30,
​ | ​ | ​ | ​ | 2026 | ​ | 2025 | ​ | 2024
​ | ​ | ​ | ​ | (In thousands except share and per share data)
Basic net income per share computation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to common stockholders | ​ | ​ | ​ | $ | 338,192 | ​ | $ | 287,941 | ​ | $ | 204,183
Weighted average common shares — basic | ​ | ​ | ​ | ​ | 42,717,156 | ​ | ​ | 43,041,274 | ​ | ​ | 42,626,588
Basic net income per share | ​ | ​ | ​ | $ | 7.92 | ​ | $ | 6.69 | ​ | $ | 4.79
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted net income per share computation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to common stockholders | ​ | ​ | ​ | $ | 338,192 | ​ | $ | 287,941 | ​ | $ | 204,183
Share computation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares — basic | ​ | ​ | ​ | ​ | 42,717,156 | ​ | ​ | 43,041,274 | ​ | ​ | 42,626,588
Effect of dilutive restricted stock, convertible debt, and the employee stock purchase plan | ​ | ​ | ​ | ​ | 4,615,699 | ​ | ​ | 5,372,443 | ​ | ​ | 908,853
Weighted average common shares — diluted | ​ | ​ | ​ | ​ | 47,332,855 | ​ | ​ | 48,413,717 | ​ | ​ | 43,535,441
Diluted net income per share | ​ | ​ | ​ | $ | 7.14 | ​ | $ | 5.95 | ​ | $ | 4.69

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