of for Todd. XXXX remarks. his sheet are discuss you, the then stated. comparative will our the comparisons otherwise and closing unless handing call before start back All a year results second Thank quarter review period, our Todd to prior balance I and outlook, versus with
in XXXX. XX, me I the begin, change presentation Before segments let remind effective our about everyone
With segment. the other is campuses all no out, operating our of these segment, schools longer included an the which teach responsible completion
As other category. associated and within residual with periods Prior losses now been result these corporate to been a included closed maintain recast campuses have have comparability.
Adjusted Now income reflective the of income an performance. to underlying our operating was which items prior million income, Total excludes more in Company operating $X.X second is results. and certain non-cash to quarter quarter. of compared operating million, $XX.X significant the operating
million end range dollars was of adjusted the momentum Second to at prior of this million to grew $XX quarter $XX.X the see measure XX% strong above approximately continued outlook year. our high versus $XX.X and million, which with
million but share $X.X was loss loss Net adjusted was for cents. was $X.XX and per quarter share earnings diluted the per $X.XX,
into Before comment the quarter. details, for quick the I go the on adjusting a segment items
related FTC a filed we million recorded First, the settlement week. disclosed in last to $XX X-K reserve
resolution and student We on with four years legal FTC, incurring outcomes focus the experiences. quality, have a academic cooperating to allowing reached thus with after to are and investigation pleased expenses of their us further
in pay We the amount to sometime third this expect quarter.
become adjustments end tail will to we our related Second, smaller remaining continue as to leases. vacated space the of approached
positives reduce bad with universities improvement as our campuses. at performance increased as associated in operating offsetting debt both was with well these primarily close by in investments costs expense. were associated ongoing technology these items, driven Partially Excluding revenue as growth well losses as
to on will was Total XX.X% growth Also to compared as the more the driven that around universities quarter. discuss some at I initiatives the just impacting more by which $XXX.X quarter positive that both increased Todd revenue details AIU, million year at shortly. days earnings enrollment outlined. prior Moving trends the Company revenue were by This to supported have been financials. strategic positively core
up quarter by FTC than As of income the includes prior of less our was million year million growth CTU million charge the a X.X%. $XX X.X% it segments, relates recorded was settlement enrollment for portion $XX.X $XX.X of total but Operating at within to quarter, for revenue supported CTU.
the income year expense. the across debt XX% revenue increased partially this student million Excluding operating driven Operating growth. bad approximately X.X versus were flat processes improved primarily offsetting charge prior expenses to various year by by efficiencies prior relatively or with
approximately for more in AIU as XX% days as year-to-date, the increased trends or Now earnings that $XX.X there for at growth revenue X% Note more to earning AIU. quarter were the approximately well the revenue XX.X% days enrollment supported revenue quarter. by underlying million
quarterly that any in reminder performance of enrollment calendar which operating trends underlying earning days driven quarter. are and quick impact number our trends by variability A a not the materially revenue does driven during revenue primarily quarterly
expense was settlement. FTC million the the for quarter Operating loss for $X.X recorded by driven the
improvement million when bad million operating $XX.X to million. operating debt income of the $X.X for have portion growth, while strong prior primary an was of offset. charge year Excluding compared AIU of was income a growth revenue in within expense Leverage recorded the with would resulting $X.X increased loss most settlement the shown operating the
Moving to enrollment new the enrollment CTU enrollment by prior total year grew X.X% of quarter. versus X% supported at by growth
supported levels Todd student served consistent was of by in were As mostly the by that Illinois that well Arizona now this prospective are investment outlined, centers growth interest annualized. and
and a enrollment new contributing expect these within to within full-year progress the Also continued for enrollment student efficiencies Driven XXXX. process, to our by program. corporate including experienced was our initiatives, partnership this growth positive improved performance we CTU growth
by enrollment quarter trends we period enrollments to were Please higher which to enrollments to third year. strong be new of will the the relatively note student quarter XXXX. competitive moderated prior Further, flat compared the that third prior X% year compared be as performance during expect third-quarter a new
new for AIU has the any the enrollments academic XX% that in at number at in Total for note Todd significant the new on of enrollment days second the the Please were AIU were flat that the increase mentioned, and there enrollment quarter, quarter enrollments relatively for less impact new enrollments that quarter. as redesign calendar a quarter. specifically days Recall quarter. the XX% given
AIU that investments result we was various actually enrollment and variability, earlier. operating new growth initiatives a discussed this of Excluding believe experienced quarterly
to full-year XXXX, compared and prior show year. new quarter we For to the expect the third growth enrollments as
materially academic days be the point new to not of in-line of with the period. will I calendar, year quarterly quarterly context relevant year, since and impact, academic fourth quarter number In enrollment of comparability, prior that mostly for the wanted will enrollment this third the calendar
an second loss corporate and the includes residual $X.X in associated now on This update quarter, compared operating growth operating million quick category the losses million and A as reported of operating with year of $XX.X other. prior to loss campuses, quarter. an in
Detailed matter. items. million $X of prior the during expenses losses related matters, to included related as related as legacy Note residual settlement well occupancy quarter that expenses some to XXXX, the threat include now legal
million Now to an taxes current for XXX.X%. rate negatively of The of due impacted for quarter, resulted income tax the taxes. million tax a provision $X.X was We quarter rate $XX was to today. income in the to effective compared recorded which FTC for taxes. the as taxes based thereby know an for which and non-deductible, disproportionately mostly income before facts This non-deductibility settlement results, is we the earnings reducing estimate circumstances provision on
also benefited closure of was income approximately related tax by quarter XX.X% audits. to the a The Florida
For XXXX, which the settlement. of XX.X% tax expectations our previous due now is between we our to expect partial XX% higher to be than the rate non-deductibility and FTC
approximately available Federal XXXX which future to we Separately, taxable $XXX.X operating of are with offset income. million ended forwards, net carry loss
expect do we taxes. As as a to federal result, pay specifically XXXX, any to income relates it not
minutes quarter available balance for few of restricted cash discussion. cash investments, short-term sale of the million for our a referred remainder cash, balances $XXX.X be to as reviewing spend ended me with let sheet. and today's will which the cash We equivalents Now
cash This related as payments quarter. represents positive an offset over core increase of from first as cash the by settlement to operations incentive outflows long-term million, our during General payments annual by driven XXXX well the compensation $X year-end flows made was Attorney and of the and $XX.X primarily million
year reflect compared in in that million quarter for the the to million were $X.X prior quarter. million Note, not the the FTC expenditures approximately quarter. pay our Capital balances settlement in payment $X.X the we third as cash second to does $XX expect
we expenditures serving technology X% XXXX Overall, positive student range sustainable showing revenues. against to well and growth the X% Company results. with objectives initiatives of full-year the is in foresee of the For capital executing investment and be responsible in to of
universities and our to improved our experiences for allowing is investments The better create and performance outcomes helping maintain of students. and two us efficiency our balance us academic within operations
efficiently staffing We employee interest, XXXX to With first experiences believe students. than will seek enable to while of in current be student maintain to optimum the that half expect mind, students we we superior half. coming in second the modestly operations providing us costs our our within at level prospective serve this higher to related
Finally outlook. to our XXXX
operating of prior the XXXX raised XXXX, XX% positive outlook income in full-year be million follows; $XXX of primarily XX% our updating compared year-to-date million operating to are in We is reflecting to adjusted performance. to expected by $XXX million the as $XXX Increasing full-year outlook growth approximately as This range driven versus to year.
which above at for growth reflects enrollment our The will we outlook revenue expectations new of believe to growth university. both universities each in XXXX, lead
to For performance. revenue supported the grow XXXX, XXXX, by the in to X% and approximately strong new X% XX% year-to-date range expect enrollments again to full-year for we growth be of to X% our
$XX FTC $XX net diluted $X to per in Trident the the settlement. Adjusted continue of expect XXXX. and share of balances to to We per and the versus $XX range grow acquisition cash year depending to earnings University year-end during during between that payment year diluted related million share
in of $X.XX. to range to refer be information non-GAAP our release operating and of share filed key million third important earnings as for to Please the we call, factors income on GAAP about this the to today's discussed outlook reconciliations. well to today to adjusted quarter, diluted the adjusted $X.XX and earnings as and other be $XX underlying expectations assumptions expect $XX million the in per range For
to acquisition to focus committed Finally, on a a capital Trident University. investing also growth quick as balance balanced sheet by and to have such allocation, on the strong building projects of organic our in approach inorganic reminder we opportunities pending prudently capital continue
increase our lead to resources that way and enhancing we effectively and supporting Our a will in quality value by to efficiently academic believe the institutions. ultimate is of shareholder deploying goal
call closing With I his back remarks. will that, Todd. to turn the over Todd for
