discuss outlook you, handing and year back to period, I that note his Thank for comparative our are closing I otherwise Andrew. results second and Please will versus prior review then the discuss balance now XXXX Andrew our before the comparisons unless sheet all quarter remarks. call stated.
quick I professional AIU any X programs IV institutions self-paced a Also, degree-seeking, in enrollment CTU about non-Title in respectively. learners acquisitions comparability. that total and development to universities. the programs completed in at our results begin, and the participating academic System refer July by reminder reflect exclude December XXXX, and for I non-degree-seeking Before enrollment I numbers that the and year-over-year were of that or discuss trends Financial
begin said, results. operating let With that an our us of overview with
and believe indicative million, excludes of for the our items student quarter income $XX.X to range to more income, increase when came XXXX, compared significant the an noncash the was $XX.X XX.X% retention result For quarter, which operating XX.X% at company of operating primarily as certain of operating of prior we compared operating by outlook second Adjusted $XX.X reflecting of underlying million to universities. to our increased total quarter. and our better-than-expected due income year million. the high This which in above performance, is end
Le quarter income million Net the the was as $X.XX. $XX.X earnings per was compared to diluted adjusted per while compared to equating for $X.XX $XX.X quarter, $X.XX to million year diluted share in share, quarter prior were I GAAP related a that gain onetime per to diluted to items. certain share the Bleu trademarks point related benefited would second and like of earnings the Cordon sale by noncash out
culinary share shares of the still as was held for underlying the the we year-to-date compute shares was this trademark the transaction as retain common do On sale of now this we completed during end completed diluted stock company, $XX.X in the and of essentially this noncash North the repurchase that Please the stock, June rights America. a million count the sale schools EPS treasury X.X tax. XXXX, shares rights while economics at nature the reflect As of EPS a of reminder, quarter the in XXXX, those reducing the million exchange closed consideration quarter, accretive certain the X.X teach-out since for of transaction transaction $X.XX per approximately of not Perdoceo reflect resulting to calculations. by for a the for gain received net in in terms or Since also diluted shares. of of XX, are note used shares million of share
revenue was results. million company XX.X% higher to quarter to second revenue at of growth compared some more $XXX.X driven year XXXX on by Moving Total details the CTU. prior around primarily the as quarter,
improving as XXXX the comparability of were In prior acquisitions period. academic completed CTU in at year-over-year that to not addition impacted academic part well both the retention full institutions, by was as at redesign the calendar comparative revenue year positively
prospective remain relates in June it partnerships enrollments as continued the decrease segments, to adjustments XX.X% AIU undertaken The flat final retention compliance CTU is anticipated regulatory ensure to from of enrollments during processes. decreased or System growth CTU, negative and XXXX, student total changes. by at At As These for calendar AIU changes to offset year been relatively made primarily enrollment at within System the adjustments admissions, and and impact due at and the and with student current the prior to as improving academic were the student have year compared operational changes total quarter. our corporate redesign. XX, outreach
expect we processes these will of to quarter. fourth normalized levels However, at revert the AIU operations System in
This organic student growth $XX quarter. revenue CTU than Second support was year quarter recent Operating to increased redesign. or acquisitions. total compared by as growth academics as to student and driven as in XX.X% for as higher quarter other by $XX.X enrollments as increase prior revenue calendar $XXX.X the academic the days was million at was well offset investments partially revenue due well our to million areas million income as higher in
to AIU the Turning essentially was flat quarter at $XX.X Revenue million. System. for
Excluding to increased $XX.X quarter million due acquisition, due operating to to the quarter. a and both the student on impact it the the by engagement student during our institutions, federal expenses compared would $XX.X positive for the the at been aid have we lower, reduced million Overall, high academic positive initiatives. retention from referenced the aided primarily quarter note revenue operational from Operating impact partly as above. changes ended income relates as to XXXX to the
Corporate to Moving on and Other.
defense this for information year former by $X.X was current primarily million loss matter. disclosures of fees, applications the operating borrower the this filed relating compared to our regarding $X.X for as in forgiveness loan was to with of in refer quarter students, Education that were Please XX-K prior year to operating quarter. associated Legal additional loss an earlier responses to on Second lower the the Department quarter. million repayment
Now to income taxes.
income recorded included $X.X tradename. taxes resulting federal of accruals income income Le the provision sale million $XX.X we quarter, Also discrete of net XX.X%. Cordon the onetime related gain rate taxes and which a was second of the in state the tax for for corporate Bleu an incorporates effective for the a tax expense tax, million, provision to on For in of
item, effective XX.X%. the have of Excluding discrete the impact would this rate for the tax been quarter
full that tax expect XX.X%. be XXXX we our and will for rate effective between XX.X% Finally, year
Moving sheet. to the balance
and quarter, million investments, the cash million $XX versus quarter was available-for-sale the restricted revenue. prior cash, or cash versus for $XX.X versus net expenditures flow million. operations short-term the cash We $XXX.X were million from cash approximately second which X.X% of flow quarter, For while with was million Capital second $XX.X higher year quarter year-to-date approximately $XX.X was $XX.X ended year-end million the equivalents, XXXX. of million $X.X in
For expenditures approximately foresee to X.X% year revenue. we capital be the XXXX, full of
share, share declared Perdoceo a an of of balanced me inaugural per record September $X.XX capital be to equal Today, allocation. amount the to payable milestone X, XXXX, business update of Directors cash an in for the Before significant updated holders on common an will of company. of payment, close dividend, Board stock the to cash quarterly discuss outlook, Perdoceo's on quarterly on marking approach inaugural our XXXX. let The XX, the at I September dividend the
Separately, a expire payments expect our program, context, payments available retained XXXX. benefit above, been which are designed quarterly strong dividend this in our projects, strategy, on maintaining our subject provide earnings, of company's in financial to dividend be flow cash has set condition XXXX, Board sheet. allocation extended flows. and growing students, and September a requirements prioritizes quarterly cash expected the other also Subject to the and out XXXX initiatives XX, was XX% to free part factors. capital To relevant approval the of mentioned investments quarterly relevant to which balance and to integral XX, will free stock technology-related non-annualized repurchase dividend of on paid September particular for organic represents year, we company's the Future to basis, an roughly be the balanced
Turning for to our outlook updated XXXX.
revert aid impact $XXX raised and continue XXXX. from to retention, current income XXXX. adjusted our improvement administration, outreach federal student normalized per in to enrollment outlook of will Prospective provided by range share adjusted persist $X.XX at million to compared back of AIU range earnings student and in positive reflects initiatives will various between processes the and levels current $X.XX between $XXX quarter. full range have to $XXX fourth implemented to beliefs operations the supported $XXX through by the is student year versus the $X.XX previously admissions, diluted in System We as million partly Further, the that operating This million. to million expected
higher well slightly acquisitions and year from Full the revenue academic reflecting and expected be student to benefits the is calendar than as organic at redesign engagement. improvement CTU XXXX, underlying in recent retention as
to compared have to of undertaken any end XXXX at at be rules. lower XXXX, the year-end academic CTU be the with that as to as AIU redesign enrollments operational are well changes total final been anticipated or reported expected the calendar primarily However, as ensure compliance will to or due at System
Department of which on filed in July recently going and disclosed XX-K has through our this processes surrounding As is through rule-making in topics, some negotiated gone additional of February, went of the X into effect year. various Education
coming outlook continue rule-making operational monitor these presented Any could to to guidance any with institutions department. related from by have undertaken We further and changes impact an initiatives evaluate above. our final and anticipated or any on the rules the ensure compliance academic
and per to million quarter XXXX. diluted $X.XX while For income includes operating we fourth in $XX XXXX, impact third quarter of range quarterly compared prior quarter a on quarter, calendar comparability between the note of positive share from academic $X.XX per million diluted to to adjusted versus the the year share the range earnings quarter the in the with that $XX.X million expect CTU, negative at third a be revenue. will third to $X.XX impact of adjusted Please $XX in as outlook have the
impacting assumes also ongoing believe We data positively processes. technology, and analytics, academics student outlook XXXX been successful investments these in support student have experiences. Our investments in
investments our We discussed and team on filed refer well XXXX partnership the as to factors ask to continue academic integrate as key to to at corporate recent non-GAAP release expectations in the and within as institutions. earnings important outlook GAAP make investments in CTU will you selective call, the and also other for our our our they acquisitions increase We information today's reconciliations. our underlying today assumptions about further
will his the I Andrew? Andrew that, over remarks. closing for turn With call back to
