STUDENT RECEIVABLES (Tables)

9 Months Ended

Sep. 30, 2025

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




September 30, 2025
		Student			Nine Months Ended
Year		Receivables (1)			Write-Off's (2)
2025	$	97,417	2025	$	3,809
2024		23,692	2024		26,535
2023		9,867	2023		2,126
2022		4,810	2022		688
2021		2,630	2021		388
Prior		1,644	Prior		320
Total	$	140,060	Total	$	33,866

(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 nine months ended September 30, 2025 and 2024, respectively.


		Nine Months Ended September 30,
		2025			2024
Balance, beginning of period	$	65,572		$	53,811
Provision for credit losses		42,584			40,823
Write-off's		(33,866	)		(32,605	)
Balance, at end of period	$	74,290		$	62,029