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ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE
Accounts Receivable

Accounts receivable represents primarily outstanding balances from sending agents for pending wire transfers or money orders from our customers. The outstanding balance of accounts receivable, net of allowance for credit losses, consists of the following (in thousands):

March 31, 2024December 31, 2023
Accounts receivable$151,668 $157,847 
Allowance for credit losses(2,614)(2,610)
Accounts receivable, net$149,054 $155,237 
Agent Advances Receivable
Agent advances receivable, net of allowance for credit losses, from sending agents is as follows (in thousands):

March 31, 2024December 31, 2023
Agent advances receivable, current$2,339 $1,596 
Allowance for credit losses(145)(82)
Net current$2,194 $1,514 
Agent advances receivable, long-term$3,248 $2,999 
Allowance for credit losses(171)(102)
Net long-term$3,077 $2,897 

The net current portion of agent advances receivable is included in prepaid expenses and other current assets (see Note 5), and the net long-term portion is included in other assets in the condensed consolidated balance sheets. At March 31, 2024 and December 31, 2023, there were $5.6 million and $4.6 million, respectively, of agent advances receivable collateralized by personal guarantees from sending agents and assets from their businesses in case of a default by the agent.

The maturities of agent advances receivable at March 31, 2024 are as follows (in thousands):
Outstanding Balance
Under 1 year$2,339 
Between 1 and 2 years2,565 
More than 2 years683 
Total$5,587 


Allowance for Credit Losses

The changes in the allowance for credit losses related to accounts receivable and agent advances receivable are as follows (in thousands):

Three Months Ended March 31,
20242023
Beginning balance$2,794 $2,648 
Provision1,595 785 
Charge-offs(1,847)(1,008)
Recoveries458 232 
Other(70)— 
Ending Balance$2,930 $2,657 

The allowance for credit losses allocated by financial instrument category is as follows (in thousands):

March 31, 2024December 31, 2023
Accounts receivable$2,614 $2,610 
Agent advances receivable316 184 
Allowance for credit losses$2,930 $2,794