before prior note Andrew discuss full and our Please then you, versus I XXXX sheet are year remarks. call comparative the review his the fourth period, all otherwise for unless Andrew. outlook comparisons I and and the closing discuss back quarter handing year Thank results stated. balance will to
AIU in non-Title overview as reflect including the XXXX. Also, since I operating completed System I programs of to that a been acquisitions and degree-seeking With enrollment let discuss as was on completed numbers quarter professional results. said, X development us begin X, an with our participating year-over-year universities. self-paced any December or reminder enrollment programs comparability. non-degree-seeking have our I that trends that third of exclude well IV Before begin, XXXX, learners CTU the at for refer most about that which recent acquisition, quick total the results Financial and the
of of for For noncash well as million, income completed at items, impacted and decreased made primarily more as Please income to XX% excludes million, our academic the compared million.
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Net full range other $X.XX year the was fourth throughout increased the engagement primarily year per in as the to we outlook due income the to student $XX.X engagement operating in was Adjusted XXXX million earnings equating XX.X% note Full again, $X.XX full year per as latest processes.
Commensurately, XX.X% diluted $X.XX income million indicative adjusted year our exceeded adjusted for lower comparative as million academic $XX.X the $XXX that of redesign million the of student Please to prior operating was adjusted performance, diluted to earnings quarter, year to retention prior compared the also approximately year. share. of institutions not the for improvements $XXX part million income gradual fourth to operating down
revenue Excluding full institutions both these at well would have benefits, the as quarter for lower year. been as
was and $XX.X as full of income student of year the above of decreased million to revenue the income $X.X At half has prior student declines corporate enrollment processes. relates increased Operating quarter in enrollments rate at to for decreased investments operating XX.X% to million. the the from declines in in million full enrollment or the for million ended prior CTU higher first year-end full higher marketing decreased both and quarter, by the quarter it enrollments half. some quarter, million. than X.X% the $XXX.X by program. during System CTU student of while approximately our was year X.X% the $X.X improvement AIU while X% $XX.X the income during total XX.X% $XX.X revenue partnership AIUS, quarter, the to efficiencies quarter million. X.X% operating by were or nonrecurring was mentioned, while with and the CTU year was $XXX.X $XXX.X as AIUS while our lower the quarter due lower Operating was the versus moderated year the fourth offset year AIUS in revenue at Total to in by retention general, previously quarter year Growth increased at the in the of year and half.
Fourth during $XXX.X while versus income within helped but prior In experienced experienced million offset full second growth $X.X of decline total XX.X% As primarily declined year driven million.
The operating primarily to has enrollments decline lower. experienced year fourth were income discussed prior partially by than CTU quarter at segments, first revenue student million engagement the million X.X% year by
relates impact improved year-over-year lower the it on student But and from the enter to various revenue on those ended high excluding As positive both at revenue engagement, to and we we institutions. academic initiatives. would operate note discussed, academic positive previously the retention the been as aided have And comparability XXXX, the redesign as a impact we acquisitions, expect year from by loan student at levels. partly calendar
respectively. Corporate repayment this responses was to year for and by the to including forgiveness relating filed students. Please this that on defense were former year $XX.X of XX-K afternoon increased Other. to the with fees, the loan than the due were and efforts those to our in information losses losses applications prior for Department on and Education million and matter. comparative Moving These acquisition regarding higher additional to disclosures borrower to legal primarily associated million, the Operating $XX.X period, quarter refer
income Now turning to taxes.
by establishment taxes the tax the increases in are rate This of resulted negatively also earnings. fourth not asset of The rate on the was The tax effect as valuation by X.X% a the rate tax combined a tax effective provision the purposes, result million. and of recorded a related deferred select year loss bringing operating was positions on tax to annual percentage which valuation equity our negatively the reserves impacted allowance quarter, full a XX.X%, $X.X effective higher of investment, represented tax full for an basis effect tax approximately income expenses carryforwards, establishment for For tax quarterly compensation. we tax income allowance quarter a against tax the uncertain in of of of relative an for the state to deductible collectively for that and rate stock a net of impacted XX.X%.
Finally, for between tax the be XX.X%. our XX.X% rate full year expect we effective that will XXXX, and
our and to Now sheet liquidity. balance
and represents year $XXX.X $XX.X year cash $XX.X $XX.X with were: drivers share cash million to related year. cash, of academic cash of over $XX.X repurchases, our from year expenditures ended $XXX.X XXXX. $XXX.X million versus related the $XX.X in to million million of offset full of the were operations institutions, equivalents, during Key This of flows the cash of by flow XXXX. We the short-term capital income approximately cash cash year-end million partially X XXXX, increase the payments, was acquisitions positive restricted tax an outflows from prior investments. For and million for million million which
in $XX.X XXXX, $XX.X compared prior For the expenditures capital were year. to million million
of to For in to full as we year XXXX, X% invest infrastructure be continue upgrade. X% technology approximately our expenditures revenues we to expect capital
discuss Now for our let outlook us XXXX.
loan in $XXX between adjusted from implemented income operating $XXX adjusted and operating million. student year outlook to our partly retention million student the range full beliefs that income We This compares current the reflects to various engagement, impact expect positive XXXX. in supported the and improvements between in and the by $XXX well recent by initiatives retention into XXXX.
Full This as continue million will of reflecting at per higher persist recent current as administration, organic be student earnings acquisitions benefits diluted to year $X.XX calendar range XXXX, underlying XXXX. will versus redesign $X.XX and than is the to academic $X.XX and engagement.
Adjusted revenue share improvement from the expected in CTU
to range between share $XX quarter, per XXXX, to be in to diluted of million the per and XXXX. diluted For $XX the to the $X.XX first quarter million income share as the operating with earnings of in prior compared in million year adjusted of versus expect first $X.XX adjusted we $X.XX $XX.X quarter range
our updating in through XX-K various Education topics. interpretations of has Form surrounding disclosed also filed the As negotiated other today, going through and recently Department while is processes guidance rule-making additional and gone
with continue outlook we undertaken and on initiatives While presented operational any new as interpretations coming rules or department's an to monitor above. rule-making updated and have the these from to department, ensure well guidance the evaluate compliance as changes could the impact
academic positively and support Our investments processes. XXXX outlook these We and student student also impacting experiences. assumes in technology, have analytics, data academics believe investments ongoing successful outcomes been in
continue investments at they in to our increase in to recent academic allocation like approach levels on acquisitions selective maintaining our integrate make also would and commenting shareholder while investments enhance of size our value partnership the academic is the within balanced intended to appropriate student-serving CTU conclude corporate of capital institutions. by as team to We our institutions.
I will that
adequate per including shares and average focus a to strong repurchases.
With in strategies of designed initiatives X.X share continue million and an enhance acquisitions repurchases, $XX.X balance at projects, diverse for million organic approximately in stockholder liquidity we price value, respect XXXX to to share technology-related repurchased maintaining benefit share. $XX.XX while investing in students sheet particular, evaluating and to We which our on are
of It academic shares further December XXXX, and depth XX, repurchasing million our continue approximately respect that to our repurchase of to educational the was with available continue conditions market appropriate.
And acquisitions, extend and program program. explore under breadth are authorized still acquisition offerings. $XX.X is we our stock intent As and under opportunities to when our other
an of a providing to take reskilling company Dojo discuss opportunities Speaking of and and upskilling of us the education which, December Dojo, XXXX.
Coding various minute was is let in which acquisition Coding completed technology in been its technology programming computer has cash languages. Dojo with unique The educating Coding the languages. providing learn approximately consideration to students $XX ability and new approach Since was and initial million. XXXX, graduates programming using X-stack technology
consideration contingent are certain a X over metrics is years there Additionally, payable met. if performance
we cash For expect today our neutral turn million, earnings for the about for had to information ended Dojo Coding the the Andrew XXXX.
Please from year revenues discussion the unaudited important to underlying be at call $XX key assumptions least non-GAAP to well back filed reconciliations.
With call XXXX, remarks. and for of as today's approximately his flow and refer to as factors Andrew? GAAP the that, I closing over will release
