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Accounts and Financing Receivables | 3 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
Accounts and Financing Receivables | 9. Accounts and Financing Receivables Our accounts receivables relate to student balances occurring in the normal course of business. Accounts receivables have a term of less than one year and are included in accounts and financing receivables, net on our Consolidated Balance Sheets. Our financing receivables relate to credit extension programs, which provide students with payment terms in excess of one year and are included in accounts and financing receivables, net and other assets, net on our Consolidated Balance Sheets. The classification of our accounts and financing receivable balances was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025
​ | ​ | ​ | Gross | ​ | ​ | Allowance | ​ | ​ | Net
Accounts receivables, current | ​ | $ | 244,126 | ​ | $ | (52,019) | ​ | $ | 192,107
Financing receivables, current | ​ | ​ | 5,332 | ​ | ​ | (2,602) | ​ | ​ | 2,730
Accounts and financing receivables, current | ​ | $ | 249,458 | ​ | $ | (54,621) | ​ | $ | 194,837
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing receivables, current | ​ | $ | 5,332 | ​ | $ | (2,602) | ​ | $ | 2,730
Financing receivables, noncurrent | ​ | ​ | 32,033 | ​ | ​ | (8,515) | ​ | ​ | 23,518
Total financing receivables | ​ | $ | 37,365 | ​ | $ | (11,117) | ​ | $ | 26,248
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025
​ | ​ | ​ | Gross | ​ | ​ | Allowance | ​ | ​ | Net
Accounts receivables, current | ​ | $ | 189,874 | ​ | $ | (46,441) | ​ | $ | 143,433
Financing receivables, current | ​ | ​ | 5,393 | ​ | ​ | (2,637) | ​ | ​ | 2,756
Accounts and financing receivables, current | ​ | $ | 195,267 | ​ | $ | (49,078) | ​ | $ | 146,189
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing receivables, current | ​ | $ | 5,393 | ​ | $ | (2,637) | ​ | $ | 2,756
Financing receivables, noncurrent | ​ | ​ | 33,116 | ​ | ​ | (8,757) | ​ | ​ | 24,359
Total financing receivables | ​ | $ | 38,509 | ​ | $ | (11,394) | ​ | $ | 27,115
​ Our financing receivables relate to credit extension programs available to students at Chamberlain, AUC, RUSM, and RUSVM. These credit extension programs are designed to assist students who are unable to completely cover educational costs consisting of tuition, fees, and books, and are available only after all other student financial assistance has been applied toward those purposes. In addition, AUC, RUSM, and RUSVM allow students to finance their living expenses. Repayment plans for financing agreements are developed to address the financial circumstances of the particular student. Interest charges at rates from 3.0% to 12.0% per annum accrue each month on the unpaid balance once a student withdraws or graduates from a program. Most students are required to begin repaying their obligations while they are still in school with a minimum payment level. Payments may increase upon completing or departing school. Credit Quality The primary credit quality indicator for our financing receivables is delinquency. Balances are considered delinquent when contractual payments on the loan become past due. We generally write-off financing receivable balances when they are at least 181 days past due. Payments are applied first to outstanding interest and then to the unpaid principal balance. The credit quality analysis of financing receivables as of September 30, 2025 was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized Cost Basis by Origination Year | ​ | ​ | ​
​ | ​ | Prior | ​ | 2022 | ​ | 2023 | ​ | 2024 | ​ | 2025 | ​ | 2026 | ​ | Total
1-30 days past due |  | $ | 704 | ​ | $ | 80 |  | $ | 349 |  | $ | 216 |  | $ | 104 |  | $ | 195 |  | $ | 1,648
31-60 days past due | ​ | ​ | 302 | ​ | ​ | 96 | ​ | ​ | 39 | ​ | ​ | 521 | ​ | ​ | 353 | ​ | ​ | 14 | ​ | ​ | 1,325
61-90 days past due | ​ | ​ | 91 | ​ | ​ | 13 | ​ | ​ | 58 | ​ | ​ | 28 | ​ | ​ | 703 | ​ | ​ | — | ​ | ​ | 893
91-120 days past due | ​ | ​ | 44 | ​ | ​ | — | ​ | ​ | 263 | ​ | ​ | 3 | ​ | ​ | 659 | ​ | ​ | — | ​ | ​ | 969
121-150 days past due | ​ | ​ | 36 | ​ | ​ | 2 | ​ | ​ | 21 | ​ | ​ | 41 | ​ | ​ | 335 | ​ | ​ | — | ​ | ​ | 435
Greater than 150 days past due | ​ | ​ | 3,611 | ​ | ​ | 938 | ​ | ​ | 1,426 | ​ | ​ | 1,920 | ​ | ​ | 447 | ​ | ​ | — | ​ | ​ | 8,342
Total past due | ​ | ​ | 4,788 | ​ | ​ | 1,129 | ​ | ​ | 2,156 | ​ | ​ | 2,729 | ​ | ​ | 2,601 | ​ | ​ | 209 | ​ | ​ | 13,612
Current | ​ | ​ | 7,528 | ​ | ​ | 1,556 | ​ | ​ | 2,982 | ​ | ​ | 4,210 | ​ | ​ | 5,614 | ​ | ​ | 1,863 | ​ | ​ | 23,753
Financing receivables, gross | ​ | $ | 12,316 | ​ | $ | 2,685 | ​ | $ | 5,138 | ​ | $ | 6,939 | ​ | $ | 8,215 | ​ | $ | 2,072 | ​ | $ | 37,365
Gross write-offs | ​ | $ | 143 | ​ | $ | 60 | ​ | $ | 611 | ​ | $ | 131 | ​ | $ | 23 | ​ | $ | — | ​ | $ | 968
​ The credit quality analysis of financing receivables as of June 30, 2025 was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized Cost Basis by Origination Year | ​ | ​ | ​
​ | ​ | Prior | ​ | 2021 | ​ | 2022 | ​ | 2023 | ​ | 2024 | ​ | 2025 | ​ | Total
1-30 days past due |  | $ | 319 | ​ | $ | 303 |  | $ | 116 |  | $ | 37 |  | $ | 1,099 |  | $ | 1,623 |  | $ | 3,497
31-60 days past due | ​ | ​ | 67 | ​ | ​ | 122 | ​ | ​ | 42 | ​ | ​ | 68 | ​ | ​ | 377 | ​ | ​ | 378 | ​ | ​ | 1,054
61-90 days past due | ​ | ​ | 21 | ​ | ​ | 28 | ​ | ​ | — | ​ | ​ | 255 | ​ | ​ | 27 | ​ | ​ | 72 | ​ | ​ | 403
91-120 days past due | ​ | ​ | 30 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11 | ​ | ​ | 42 | ​ | ​ | 17 | ​ | ​ | 100
121-150 days past due | ​ | ​ | 44 | ​ | ​ | 10 | ​ | ​ | — | ​ | ​ | 45 | ​ | ​ | 52 | ​ | ​ | 103 | ​ | ​ | 254
Greater than 150 days past due | ​ | ​ | 2,261 | ​ | ​ | 1,291 | ​ | ​ | 1,171 | ​ | ​ | 2,058 | ​ | ​ | 1,935 | ​ | ​ | 293 | ​ | ​ | 9,009
Total past due | ​ | ​ | 2,742 | ​ | ​ | 1,754 | ​ | ​ | 1,329 | ​ | ​ | 2,474 | ​ | ​ | 3,532 | ​ | ​ | 2,486 | ​ | ​ | 14,317
Current | ​ | ​ | 5,858 | ​ | ​ | 2,609 | ​ | ​ | 1,819 | ​ | ​ | 3,323 | ​ | ​ | 4,440 | ​ | ​ | 6,143 | ​ | ​ | 24,192
Financing receivables, gross | ​ | $ | 8,600 | ​ | $ | 4,363 | ​ | $ | 3,148 | ​ | $ | 5,797 | ​ | $ | 7,972 | ​ | $ | 8,629 | ​ | $ | 38,509
Gross write-offs | ​ | $ | 1,158 | ​ | $ | 642 | ​ | $ | 478 | ​ | $ | 1,014 | ​ | $ | 876 | ​ | $ | 13 | ​ | $ | 4,181
​ Allowance for Credit Losses The allowance for credit losses represents an estimate of the lifetime expected credit losses inherent in our accounts and financing receivable balances as of each balance sheet date. In evaluating the collectability of our accounts and financing receivable balances, we utilize historical events, current conditions, and reasonable and supportable forecasts about the future. For our accounts receivables, we use historical loss rates based on an aging schedule and a student’s status to determine the allowance for credit losses. As these accounts receivables are short-term in nature, management believes a student’s status provides the best credit loss estimate, while also factoring in delinquency. Students still attending classes, recently graduated, or current on payments are more likely to pay than those who are inactive due to being on a leave of absence, withdrawing from school, or not current on payments. For our financing receivables, we use historical loss rates based on an aging schedule. As these financing receivables are based on long-term financing agreements offered by Adtalem, management believes that delinquency provides the best credit loss estimate. As the financing receivable balances become further past due, it is less likely we will receive payment, causing our estimate of credit losses to increase. The following tables provide a roll-forward of the allowance for credit losses (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2025
​ | ​ | Accounts | ​ | Financing | ​ | Total
Beginning balance |  | $ | 46,441 | ​ | $ | 11,394 |  | $ | 57,835
Write-offs | ​ | ​ | (12,119) | ​ | ​ | (968) | ​ | ​ | (13,087)
Recoveries | ​ | ​ | 3,220 | ​ | ​ | 285 | ​ | ​ | 3,505
Provision for credit losses | ​ | ​ | 14,477 | ​ | ​ | 406 | ​ | ​ | 14,883
Ending balance | ​ | $ | 52,019 | ​ | $ | 11,117 | ​ | $ | 63,136
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2024
​ | ​ | Accounts | ​ | Financing | ​ | Total
Beginning balance |  | $ | 35,336 | ​ | $ | 12,558 |  | $ | 47,894
Write-offs | ​ | ​ | (13,111) | ​ | ​ | (1,098) | ​ | ​ | (14,209)
Recoveries | ​ | ​ | 2,577 | ​ | ​ | 176 | ​ | ​ | 2,753
Provision for credit losses | ​ | ​ | 11,889 | ​ | ​ | 1,831 | ​ | ​ | 13,720
Ending balance | ​ | $ | 36,691 | ​ | $ | 13,467 | ​ | $ | 50,158
​

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- Definition The entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/326/tableOfContent + Details
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