Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Jun. 30, 2026 |
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| Summary of Significant Accounting Policies |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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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