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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of effect of revision on affected line items within financial statements

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Income (in thousands, except per share data):


		Three Months Ended December 31, 2022									Six Months Ended December 31, 2022
		As reported			Adjustment			As revised			As reported			Adjustment			As revised
Revenue		$	363,302		$	(468)		$	362,834		$	717,861		$	(758)		$	717,103
Operating cost and expense:
Student services and administrative expense			140,668			1,134			141,802			289,009			(822)			288,187
Business integration expense			15,941			(1,125)			14,816			24,356			—			24,356
Total operating cost and expense			317,275			9			317,284			648,741			(822)			647,919
Operating income			46,027			(477)			45,550			69,120			64			69,184
Other expense, net			(2,574)			1,134			(1,440)			(1,007)			328			(679)
Income from continuing operations before income taxes			27,864			657			28,521			34,764			392			35,156
Provision for income taxes			(4,247)			(148)			(4,395)			(5,301)			(216)			(5,517)
Income from continuing operations			23,617			509			24,126			29,463			176			29,639
Discontinued operations:
Income (loss) from discontinued operations before income taxes			524			—			524			(2,914)			173			(2,741)
(Provision for) benefit from income taxes			(182)			—			(182)			2,961			(1,440)			1,521
Income (loss) from discontinued operations			527			—			527			(3,127)			(1,267)			(4,394)
Net income			24,144			509			24,653			26,336			(1,091)			25,245

Earnings (loss) per share:
Basic:
Continuing operations		$	0.52		$	0.01		$	0.53		$	0.65		$	0.00		$	0.65
Discontinued operations		$	0.01		$	0.00		$	0.01		$	(0.07)		$	(0.03)		$	(0.10)
Total basic earnings per share		$	0.53		$	0.01		$	0.54		$	0.58		$	(0.02)		$	0.56
Diluted:
Continuing operations		$	0.51		$	0.01		$	0.52		$	0.64		$	0.00		$	0.64
Discontinued operations		$	0.01		$	0.00		$	0.01		$	(0.07)		$	(0.03)		$	(0.10)
Total diluted earnings per share		$	0.52		$	0.01		$	0.53		$	0.57		$	(0.02)		$	0.55

The following table summarizes the effect of the revisions on the affected line items within the previously reported Consolidated Statements of Comprehensive Income (in thousands):


		Three Months Ended December 31, 2022									Six Months Ended December 31, 2022
		As reported			Adjustment			As revised			As reported			Adjustment			As revised
Net income		$	24,144		$	509		$	24,653		$	26,336		$	(1,091)		$	25,245
Other comprehensive income (loss), net of tax:
Loss on foreign currency translation adjustments			—			—			—			(1,267)			1,267			—
Comprehensive income before reclassification			24,144			509			24,653			25,069			176			25,245
Comprehensive income			24,144			509			24,653			25,069			176			25,245

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Cash Flows (in thousands):


		Six Months Ended December 31, 2022
		As reported			Adjustment			As revised
Operating activities:
Net income		$	26,336		$	(1,091)		$	25,245
Loss from discontinued operations			3,127			1,267			4,394
Income from continuing operations			29,463			176			29,639
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on investments			5,000			(50)			4,950
Changes in assets and liabilities:
Prepaid expenses and other current assets			227			267			494
Accrued payroll and benefits			(24,145)			(1,150)			(25,295)
Deferred revenue			(29,182)			758			(28,424)
Net cash provided by operating activities-continuing operations			42,276			1			42,277
Net cash provided by operating activities			41,414			1			41,415
Investing activities:
Proceeds from sales of marketable securities			—			1,256			1,256
Purchases of marketable securities			—			(1,257)			(1,257)
Net cash used in investing activities-continuing operations			(9,747)			(1)			(9,748)
Net cash used in investing activities			(12,921)			(1)			(12,922)

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Shareholders’ Equity (in thousands):


		As reported			Adjustment			As revised
June 30, 2022
Retained earnings			2,322,810			(12,414)			2,310,396
Accumulated other comprehensive loss			(960)			(1,267)			(2,227)
Total shareholders' equity			1,505,067			(13,681)			1,491,386
September 30, 2022
Retained earnings			2,325,002			(14,014)			2,310,988
Total shareholders' equity			1,510,039			(14,014)			1,496,025
December 31, 2022
Retained earnings			2,349,146			(13,505)			2,335,641
Total shareholders' equity			1,522,722			(13,505)			1,509,217
Three Months Ended December 31, 2022
Net income			24,144			509			24,653
Six Months Ended December 31, 2022
Net income			26,336			(1,091)			25,245
Other comprehensive loss, net of tax			(1,267)			1,267			—