STUDENT RECEIVABLES (Tables)

9 Months Ended

Sep. 30, 2024

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

	As of September 30,
	2024			2023
	Student			Student
Year	Receivables (1)		Year	Receivables (1)
2024	$	94,020	2023	$	71,867
2023		17,291	2022		14,678
2022		8,060	2021		7,797
2021		4,606	2020		3,481
2020		1,942	2019		2,318
Prior		1,738	Prior		1,258
Total	$	127,657	Total	$	101,399

(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 nine months ended September 30, 2024 and 2023, respectively, based on the student’s school departure year.

	September 30, 2024					September 30, 2023
	Three Months Ended		Nine Months Ended			Three Months Ended		Nine Months Ended
Year	Write-Offs		Write-Offs		Year	Write-Offs		Write-Offs
2024	$	4,993	$	4,043	2023	$	2,870	$	2,920
2023		5,270		24,244	2022		4,626		18,820
2022		660		2,525	2021		587		2,615
2021		345		1,051	2020		162		547
2020		100		397	2019		73		461
Prior		120		345	Prior		85		244
Total	$	11,488	$	32,605	Total	$	8,403	$	25,607

Allowance for Credit Losses

We define student receivables as a portfolio segment under CECL. 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 nine months ended September 30, 2024 and 2023, respectively.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Balance, beginning of period	$	58,231		$	47,607		$	53,811		$	35,370
Cumulative effect of ASC 326		-			-			-			10,841
Adjusted beginning of period balance		58,231			47,607			53,811			46,211
Provision for credit losses		15,286			12,747			40,823			31,347
Write-off’s		(11,488	)		(8,403	)		(32,605	)		(25,607	)
Balance, at end of period	$	62,029		$	51,951		$	62,029		$	51,951