quarter and and call prior are our outlook note to remarks. review fourth the versus closing Thank Please discuss sheet period full comparative unless stated. all Todd. back the discuss the his XXXX results you, handing I comparisons Todd and before year for I year then will otherwise balance
the about results Before was System Financial results of I quick XXXX, now acquisition begin, quarter. prior in a while comparable for year-over-year year that reminder December reflect comparability. CTU AIU the are versus completed
numbers Additionally, said, with let I an self-paced overview or begin and enrollment universities.
With discussed trends any to non-degree-seeking degree-seeking development at our our I us of results. that professional nontitled refer or programs total that pursuing exclude learners operating enrollment that programs
due year items, operating spend primarily For b, organic adjustments as range and the indicative also the outreach; for the X.X% $X.XX, retention to XXXX, latest $XXX well year is $XXX.X AIU or year from diluted certain full full of which, student at million lower adjusted excludes to million to more across updated inquiry diluted our per primarily better-than-expected generation income was processes and quarter.
Net of academic increase compared was again, various compared in XX.X% System. prospective and million with to adjusted noncash marketing $XXX.X student operating necessary of million, operating to exceeded as revenue institutions per was higher $XX.X to: income believe operating million. comply CTU.
The share, $X.XX a, an operating to full to at the growth around $XXX ongoing $X.XX $XXX.X engagement to agencies which $XXX.X reflecting note Please or fourth share. as in we prior or to underlying was undertaken XX.X%. million $X.XX the significant student performance changes was the outlook spend year. lower diluted due income of compared per operational share increase our Adjusted million prospective made income due Adjusted as increased marketing earnings This federal income, our expectations
the income per adjusted year to $X.XX operating prior million quarter, the was as compared For compared million quarter, fourth as in was $XX.X $X.XX. and to $XX.X share diluted earnings adjusted
lower at was due better was our primarily institutions, decrease anticipated academic what this than to expected. While actually we had revenue it
revenue lower as in experienced the due and the at at revenue full the in redesign experienced lower were revenue the to operational redesign comparative comparability the retention CTU lower results.
Full was was institutions in calendar CTU $XXX.X was acquisitions by full to The resulting academic was Both academic in quarter, changes days, throughout fourth the student System the of AIU impact as by the revenue year the year that For peak also $XXX.X while million, the and million revenue quarter of XX% sequential year. XXXX fourth positively that part not $XXX completed million. the made while quarter due to compared impacted in improvements calendar as earlier to period. XXXX prior revenue fourth year decreased well to engagement increased
As calendar it to as supported for student it in XX.X% as at ended Despite a lower. CTU relates increased XX. retention enrollments, AIU total total student impact year as And total negative organic by the to by expected, the CTU enrollment enrollments engagement. approximately improvements was December of X.X% in System from enrollments and academic days, relates student growth
marketing and driven AIU during operational expectations and processes outreach the lower final prospective the by earnings changes. call. undertaken and were regulatory prior in to discussed student total line in relates quarter's within it adjustments ensure short-term System, year anticipated enrollment, was as with decrease compliance our changes with As enrollments earlier This to the
reverted adjustments levels, to AIU quarters as growth fourth and While and XXXX. experience necessary, double-digit pleased subsequent enrollment these total mostly to to in share of operating XXXX we have marketing quarter compared planned, normalized as during changes and we to are expect that, student the System activities enrollment were
and acquisition Full enrollments. XX.X% million segment to well the academic timing XXXX increased $XXX.X CTU by to student Now to impact our organic calendar positive underlying results. growth the a in revenue redesign due year as from as at
year see undertaken operating academic $X.X while decreased year due the full while full to ended with the million. million. was as quarter prior days As than some nonrecurring was the of million and to in System $XX.X prior functions. operating of related engagement, as in year compared income of million, charges acquisitions.
At by second note for income in expected, the a certain CTU for income income marketing Please the than this the million, was from admission recent impact by revenue year was was experienced income quarter was fourth enter at million XX.X% negative $XX.X at we in to expect and on a on increased the the revenue retention that XXXX. quarter revenue X.X% admissions impacted lower reinvests peak income quarter. and to full as consistent will System impact the year of we earning operating to full prior the for Operating quarter within levels X.X% $XX.X quarter. the year expenses. operational to million increased revenue the operate or operating XXXX. XXXX fourth the XX.X% marketing by System, high quarter, AIU Operating $XXX primarily year leverage $XXX.X and XXXX, quarter lower we fourth changes XX% note relates year it note student during it as lower that $XX.X increased to AIU while reverse calendar to due operating revenue AIU Despite by quarter Please half to its Overall, quarter the decrease,
legal Other. and $XX driven was quarter XX-K improved losses filed to responses the periods. ] This to Corporate improvement the information students. compared which respectively, year by in the to this million prior for year matter. to to our on for and as Moving fees $XX.X a forgiveness were refer repayment XX.X%, the by Department million, XX.X% disclosures and the [ Operating in was Education loan to Board primarily additional and afternoon with associated Please decrease on applications this regarding of relating former defense the that
income turning Now to taxes.
bringing tax XX.X%. of XX.X% tax we million. tax with attributable positively to previously loss benefits the resulted X.X%. provision The recorded an recorded tax the effective previously decreased by taxes income of annual quarter, tax ordinary full as X.X% effective fourth The year the result for rate tax associated a by approximately impacted by tax our the for quarter, prior release rate the in $X.X of rate rate stock for quarter a For of was subsidiary, was the impacted uncertain positions. for effective year positively which the the to tax reserves disclosed of rate This
will rate full XX.X% effective XX.X%. and tax Finally, we year expect XXXX, that be our for between
liquidity. and sheet Now to our balance
For increase We year over $XXX.X was investments. restricted equivalents, for the XXXX, year $XXX.X XXXX. $XXX cash year. million of an and represents $XX cash flow available approximately million the the ended of full million cash cash, with versus in short-term from operations This year-end sale million prior
Some $XX.X million the flows cash of to to key academic in payments, of income offsets institutions from $X.X tax capital $XX.X shareholders capital and million million positive of were the our of expenditures. return
expect continue year-end expenditures to the balance Finally, to for or XXXX.
Capital will we our that approximately ending compared as were full cash XXXX X.X% of revenue. year $X.X million grow
For full foresee X% approximately year to capital revenues. XXXX, expenditures X% we be of to
quarterly record payment the XX, the the context, of share that on free the XXXX. this minute Board announce our part roughly common to quarterly factors. will payments mentioned, an quarter amounts the review flow cash company's consistent payable X, our expected of with an subject generally other basis. for basis, allocation pleased to of a represents available requirements be year, dividend the XX-month on capital dividend on to policy, flows.
Future to Directors to of of take balanced dividend expect free annualized of approval expect quarterly trailing outlook, and me financial $X.XX are we allocation. I the approved XXXX of We provide an per Subject of February retained dividend Board be out and updated on close let earnings, Before growing Perdoceo's integral to March fourth quarterly payments on and relevant business paid condition our dividend annual discuss strategy holders XXXX, capital the X, to just at the stock dividend To share XX% relevant cash March and were
value program while investments strategy in has company pleased stock allocation to XXXX, approved our X, prioritizes stock. and organic to that particular, announce the sheet capital new in the $XX million strategies diverse students up existing commencing In which program. the Board company's enhance authorizes repurchase also strong share initiatives are projects, to balance a benefit acquisitions evaluating balanced line repurchase including we outstanding March repurchase strategy, program maintaining stockholder Our replaces and designed of technology-related our that a This repurchases. also with new to to
Now for us XXXX. let our discuss outlook
into expect operating $X.XX of at This We impact experienced share Adjusted and retention of $X.XX operating the belief -- earnings due various $XXX.X partly XXXX that the Full compares academic and days. is to and to second between to $XXX engagement the half initiatives persist to million student of will million. we student revenue expected aid lower revenue XXXX lower income year resulting XXXX positive expected in This to an range adjusted $X.XX XXXX. be calendar to impact diluted in federal XXXX. high full than of is year continue adjusted the $XXX redesign student from between supported by in versus CTU, income levels million outlook in current range per XXXX. reflects our the
and direction.
At revenue a not comparability the redesign results necessarily earning of impact due the System. CTU's to lag is be in quarter at System, XXXX academic days lower given enrollments revenue AIU total any the in in but enrollment beginning may impact calendar lower expected magnitude of same As AIU or to reminder,
primarily due as growth by to retention growth experience to student XXXX, compared year-end engagement. of admission to marketing for However, well expected levels higher is double-digit enrollment organic and spend as AIU and levels and total XXXX, of driven normalized as
primarily levels engagement We from and continued the well expect CTU student growth of driven growth corporate year-end to for higher as engagement as enrollment by program. their experience XXXX, also total retention
experienced to adjusted range operating acutely the versus disproportionately redesign million impact income AIU as year. CTU the $XX of half Also, quarter range impact the to of to from quarter in and be compared total million the at prior XXXX, first first the academic diluted $XX to of calendar the earnings first Please will the in of million at in we between note diluted per will of first share per adjusted be half $X.XX $XX.X beginning lower with more as $X.XX to $X.XX the that prior 'XX. quarter, expect System compared the share For year enrollments in XXXX. lag XXXX
we result, adjusted be expect growth half is first to XXXX. income the to first compared lower XXXX the a half the to show XXXX, As second half operating to as as compared while expected the
through of has other topics. and through rule-making while As guidance is negotiated Education disclosed processes going surrounding additional XX-K in Department the providing also interpretations filed gone our updating various today, and Form new recently
or the as interpretations and and I changes updated on initiatives we rules from guidance department's further well new an presented. necessary just to have with rule-making outlook that to operational While continue compliance impact the as are ensure these monitor any the evaluate department, could coming
assumes Our student these investments successful believe data XXXX and positively technology, investments and outlook in We ongoing outcomes have student also in analytics, academic experiences. academic impacting been support processes.
engagement also release we remarks. institutions' that, factors from the to about closing filed will increase and discussion GAAP Todd? information the assumptions teams. back Please well the Additionally, key call earnings non-GAAP his to important to I for of continue over the corporate as for size underlying call refer to today's Todd will our reconciliations.
With turn our as today
