STUDENT RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2024

The following table presents the amortized cost basis of student receivables as of June 30, 2024 and 2023, respectively, by year of origination.

	As of June 30,
	2024			2023
	Student			Student
Year	Receivables (1)		Year	Receivables (1)
2024	$	69,463	2023	$	53,823
2023		23,768	2022		20,331
2022		9,450	2021		8,865
2021		5,309	2020		3,935
2020		2,254	2019		2,662
Prior		2,139	Prior		1,545
Total	$	112,383	Total	$	91,161

(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 corporate partnerships, which are otherwise included under accounts receivable in our Condensed Consolidated Balance Sheets.

Student Receivables Write-off

The following table presents write-off amounts during the three and six months ended June 30, 2024 and 2023, respectively, based on the student’s school departure year.

	June 30, 2024					June 30, 2023
	Three Months Ended		Six Months Ended			Three Months Ended		Six Months Ended
Year	Write-Offs		Write-Offs		Year	Write-Offs		Write-Offs
2024	$	-	$	-	2023	$	-	$	-
2023		10,171		18,024	2022		7,916		14,246
2022		744		1,865	2021		939		2,027
2021		273		707	2020		210		385
2020		143		298	2019		178		387
Prior		102		223	Prior		96		159
Total	$	11,433	$	21,117	Total	$	9,339	$	17,204

Allowance for Credit Losses

We define student receivables as a portfolio segment under ASC Topic 326. Changes in our current and non-current allowance for credit losses related to our student receivable portfolio are calculated in accordance with the guidance effective January 1, 2023 under CECL for the three and six months ended June 30, 2024 and 2023, respectively.

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Balance, beginning of period	$	56,339		$	46,599		$	53,811		$	35,370
Cumulative effect of ASC 326		-			-						10,841
Adjusted beginning of period balance		56,339			46,599			53,811			46,211
Provision for credit losses		13,325			10,347			25,537			18,600
Write-off’s		(11,433	)		(9,339	)		(21,117	)		(17,204	)
Balance, at end of period	$	58,231		$	47,607		$	58,231		$	47,607