v3.25.2
Accounts Receivable and Allowance for Credit Losses
6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Accounts Receivable and Allowance for Credit Losses
4.
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

Changes in the allowance for credit losses consist of the following:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Beginning Balance

 

$

4,122

 

 

$

3,217

 

 

$

2,525

 

 

$

2,391

 

Provision for Credit Losses

 

 

1,074

 

 

 

2,646

 

 

 

2,679

 

 

 

4,627

 

Write-offs

 

 

(4

)

 

 

(2,542

)

 

 

(112

)

 

 

(3,697

)

Recoveries

 

 

 

 

 

250

 

 

 

100

 

 

 

250

 

Ending Balance

 

$

5,192

 

 

$

3,571

 

 

$

5,192

 

 

$

3,571

 

Included in Accounts Receivable, Net is accrued interest of $3.6 million and $3.7 million as of June 30, 2025 and December 31, 2024, respectively, related to placement fees.

Included in Accounts Receivable, Net are long-term receivables of $98.6 million and $88.6 million as of June 30, 2025 and December 31, 2024, respectively, related to placement fees that are generally paid in installments over a period of three to four years.

The Company does not have any long-term receivables on non-accrual status. Of receivables that originated as long-term, there were $2.3 million and $3.5 million as of June 30, 2025 and December 31, 2024, respectively, that were outstanding more than 90 days. The Company’s allowance for credit losses with respect to long-term receivables was $1.2 million and $1.1 million as of June 30, 2025 and December 31, 2024 respectively.