STUDENT RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2025

The following table presents the amortized cost basis of student receivables as of June 30, 2025, by year of origination.

	June 30, 2025
	Student			Six Months Ended
Year	Receivables (1)			Write-Off’s (2)
2025	$	70,936	2025	$	-
2024		32,433	2024		19,876
2023		10,895	2023		1,727
2022		5,303	2022		535
2021		2,985	2021		305
Prior		1,992	Prior		287
Total	$	124,544	Total	$	22,730

(1)

Student receivables are presented on a gross basis from the individual students. The total receivable amount above excludes federal subsidies reflected on the students’ accounts but not yet received from the government. Also, it excludes all receivables from industry relationships, which are otherwise included under accounts receivable in our Condensed Consolidated Balance Sheets.

(2)	Write-off amounts are based on the students school departure year.

Allowance for Credit Losses

We define student receivables as a portfolio segment under ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). Changes in our current and non-current allowance for credit losses related to our student receivable portfolio were calculated in accordance with ASC 326 for the six months ended June 30, 2025 and 2024, respectively.

	Six Months Ended June 30,
	2025			2024
Balance, beginning of period	$	65,572		$	53,811
Provision for credit losses		25,012			25,537
Write-off’s		(22,730	)		(21,117	)
Balance, at end of period	$	67,854		$	58,231