NOTES RECEIVABLE

12 Months Ended

Dec. 31, 2022

We provide financing to some individuals who want to become independent contractors by purchasing a tractor from us and leasing their services to us. We maintain a primary security interest in the tractor until the independent contractor pays the note balance in full. Independent contractor notes receivable are included in other current assets and other non-current assets in the consolidated balance sheets. At December 31, notes receivable consisted of the following (in thousands):


	December 31,
	2022		2021
Independent contractor notes receivable	$	8,287	$	7,358
Other notes receivable	7,921		10,665
Notes receivable	16,208		18,023
Less current portion	2,691		3,386
Notes receivable – non-current	$	13,517	$	14,637

We also provide financing to some individuals who attended our driver training schools. The student notes receivable are included in other receivables and other non-current assets in the consolidated balance sheets. At December 31, student notes receivable consisted of the following (in thousands):


	December 31,
	2022		2021
Student notes receivable	$	63,351	$	62,791
Allowance for doubtful student notes receivable	(23,491)		(22,911)
Total student notes receivable, net of allowance	39,860		39,880
Less current portion, net of allowance	12,574		13,416
Student notes receivable – non-current	$	27,286	$	26,464

Subsequent Event - MLSI Subordinated Promissory Note

On January 24, 2023, we purchased a $25.0 million subordinated promissory note from MLSI with a maturity date of January 24, 2030. The proceeds of the promissory note may be used by MLSI for working capital and general business purposes, including a limited amount for possible repayment of certain advances. There are no scheduled principal payments due on the promissory note until the maturity date, and interest accrues at 7.5% compounded annually, with the first accrued interest payment due on January 24, 2028, and at the end of each calendar year thereafter.