STUDENT RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2025

The following table presents the amortized cost basis of student receivables as of March 31, 2025, by year of origination.

	As of March 31, 2025
	Student
Year	Receivables (1)		Write-Off’s (2)
2025	$	55,446	-
2024		49,484	5,302
2023		12,413	857
2022		5,932	291
2021		3,421	157
Prior		2,416	143
Total	$	129,112	6,750

(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 Accounting Standards Update 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 three months ended March 31, 2025 and 2024, respectively.

	Three Months Ended March 31,
	2025		2024
Balance, beginning of period	$	65,572	$	53,811
Provision for credit losses		11,835		12,213
Write-off’s		(6,750)		(9,685)
Balance, at end of period	$	70,657	$	56,338