Please back Thank review you, quarter closing Todd. prior and all will results and to sheet non-degree discuss Todd programs his the seeking balance second I handing that enrollment the programs period, our at seeking comparative I XXXX and unless non-title also discussed professional learners versus for student the to before total are numbers remarks. for any our universities. comparisons outlook I discussed the note, then I exclude year degree otherwise pursuing development refer stated. that or note that enrollment Please call self-paced trends
to begin per us overview million compared diluted of of is share performance, share, quarter $X.XX $XX.X share. we with operating million the our was compared diluted per the $X.XX. second or as underlying was which Let operating per indicative diluted Adjusted $X.XX more an or Net results. income $XX.X believe to for earnings $X.XX
and was underlying quarter $XX.X Adjusted compared for items prior believe compared income more lower of we million. significant operating as $X.X the and performance income, quarter. operating $XX.X certain million Second million to second was the million non-cash is excludes of which year quarter to indicative the operating $XX as
million, expenses. with lower second during million to was expected, quarter quarter for primarily the operational lowered which lower expenses $XX.X development was the of revenue legal changes revenue decrease the made our offerings expected was mostly offset Operating as at were $XX.X due as prior by debt, defense professional As at changes marketing, within AIU applications. expenses CTU. within
This to bad System year well the in repayment well being to as admissions, borrower related and as lower
legal more operating investing note on year they operating basis, to income. to we was expenses when $XX on while and at related processes year-to-date we $XX.X student effectively Overall, lower value as our operations excluded cost quarter, institutions.
Please a repayment processes million savings while development were expenses will from revenue proposition overall calculating realized enhance borrower Additionally, support compared academic professional our also as delivering and lower defense are efficiently the adjusted and academic during further that the the lower. that focus million of also in CTU that believe were we right-sizing offerings applications total programs prior
compared at in the Second as quarter XX.X% prior $XXX.X in revenue decline to million from million changes impact due $XXX.X quarter.
This on operating revenue and expected to the year. partially decreased made AIU System prior year the of was lagged revenue
delayed of half XXXX, at and consistent lessen. calendar second AIU significantly will the impact on the CTU's relatively will remain System For revenue academic
of enrollments. in XXth expected growth day AIU will Total enrollment decline revenue believe by engagement prior quarter at expected, as As comparability, grow this enrollments to from versus prior a we as enrollment XX.X% year, positive lower total versus by to quarter, day as offset year-to-date would System, note corporate driven were on enrollments end. programs. XXth, the June XXth, enrollments the A a of result, student third in June CTU expect mostly at the compared quarter. year-to-date end, as in the comparability impact increased which timing the student we year quarter fourth impact
Please show prior student the note, At positive as our still June from well ignoring XX.X% total for growth by as year CTU.
quarter have for activities of normalized with relatively levels and marketing expected quarter we show reminder, progress be expect to the and year-end. a by growth reverted enrollments further XXXX, total experience the As third towards and beginning fourth double-digit enrollment to to enrollment growth, achieving student flat
Now segment to our results.
CTU CTU's changes our were million, revenue offerings. $XXX.X decreased for professional programs. degree by development also X.X% to to Revenue primarily quarter at Second days due within lower
helped for the retention well expenses levels this the growth sizing operating that the than maintains System professional structure Lower within admissions days. more the $XX.X $XX.X the offerings was decline to to in from to normalized quarter, align second with XX.X% quarter
Operating expense year. corporate of prior and cost was the versus year only as prior was lag engagements Please from impact million we $XX.X partially offset half the million and of quarter, income as marketing System, discussed expenses. last simplified favorability lower engagement offset reverse million. the due was the line However, of income note million revenue.
At or impact which with and million some continuing in mostly AIU in operational Operating $XX.X revenue lower will revenue development than second as as our lower AIU was the offset as the operations. in $XX.X high in right compared quarter, expectations, decline year with changes student revenue
was increase the and for costs million The $X.X was Moving the applications. M&A by the primarily loss partially to million, associated to second $X.X offset other, operating borrower legal due defense year on activity, the to with with prior fees to compared quarter as corporate lower repayment in quarter. associated
taxes. income to Now
a which effective tax for For the for of certain income are rate M&A the of provision and taxes quarter The stock-based items related as tax, tax of for of tax accruals second effective net tax reflects recorded release the the for state income $XX.X an previously results, effect we XX.X%. expenses, corporate reflects million, the which the non-deductible favorable federal effect well recorded to in and tax resulting as considered rate of purposes. compensation discrete quarter, tax
full we and XX.X%. to between expect our year a XX.X% tax result, be now XXXX effective rate As
liquidity. balance our to sheet Now and
the were operations million driven increase was operations ended net from $XX.X the The the by versus cash year-to-date. of flows revenue. million flows form payments cash the expenditures were year-to-date For federal second cash, year-to-date million short-term last an timing with from approximately for million revenue have quarter for XXth, the earned approximately primarily represents of from $XX we June sessions. $X.X XXth, $XXX.X compared to shareholders our Capital in in XXXX, start differences prior and as since We those $XX the of in of state quarter of of and related dividend and Through $XX available estimated the cash to or income year-to-date date sharing session taxes. ended academic the end million inflows equivalents, sales cash, restricted between cash million returned June approximately to in paid $XX.X million purchases investments.
This our X.X% increase and ended cash year.
capital be XXXX, for we reminder, approximately expenditures a As X.X% to revenues. year foresee of full
that the share to quarterly dividend our record increase to XXXX.
Future of free Perdoceo's outlook, holders available on Subject approval let quarter factors. allocation out XXXX commitment payments and are flows of second Xst, the July business XXst, dividend share be strategy, share be discuss of strategy. approved be Board policy minute mentioned, payable a September to allocation. Board September that make close capital the capital an quarterly year, the paid of financial relevant the at retained Directors to to updated for stock company's part the per of per to on common of on announce an Today, XXth, for cash I the our the our subject earnings, $X.XX will XXXX, and the are balanced payments expected we of continue XX.X% expect will and to growing it allocation just dividend me dividend integral capital in quarterly which relevant we requirements Before with take condition, increasing pleased to consistent part and other to an
Perdoceo on from range debt, some the working the $XXX above to adjustments. review has $XXX Note XXX% net closing in capital million is actual for Augustine. ownership, on cash our let Now, time to payment been to St. debt-free, a based and on closing details estimate at million an the of a regarding the could cash, for deal me to acquire that and net approximately sheet. capital working which includes expected agreement vary based pay balance minute basis, cash-free closing spend at negotiated cash the
to we XXXX. mentioned, immediately our acquisition be accreted expect operating beginning Todd income As to the adjusted
roll also particular Our and including allocation benefit enhance projects, sheet to organic balanced to investments also initiatives evaluating in students, diverse stock a acquisitions. capital or designed value, strong strategy balance prioritizes strategies in while maintaining our technology-related
of us discuss we and million and adjusted Based between the income better-than-expected XXXX. to half, $XXX in our $X.XX the XXXX. million to for million million let compared expected performance now first range is $X.XX diluted as $XXX.X $X.XX and between range earnings operating operating per provided expect million. $XXX on of full-year previously XXXX the Adjusted Now, outlook XXXX in to adjusted share range to $XXX versus $XXX income
$X.XX from For the to $XX compared $XX.X the quarter, expect range in in that third third with per adjusted year of $X.XX over dates programs in of expected than impact by the revenue aid income to range prior million to operating professional experienced the through be quarters, continue share be of lower XXXX, belief outlook and high quarter XXXX revenue few the to adjusted primarily partly due to retention as earnings quarter Full-year per as diluted levels student will is our development CTU's engagement, This of of to of share degree diluted year. we at student supported will XXXX.
Full-year $XX XXXX, lower million simplification our to remainder the prior we persist positive for the to past million XXXX. initiatives, and the versus $X.XX be reflects between current the various offerings. federal CTU compared
from and to to System, programs total our the is total retention AIU beginning more impact also revenue XXXX enrollment levels, growth revenue be growth XXXX.
At to lower high student expected lag engagement offset levels is than corporate and engagement from year-end enrollments. expected support below for lower the due and impact in However, of days
As marketing to versus able AIU lag continues year-end also mostly growth with admissions, by of from student revenue levels growth System total exit fact quarter. experiencing the we to XXXX in fourth impact operational double-digit the and levels experience operate changes in year, offset we and System expect engagement, of the be the enrollments normalized as experience student AIU year-end the and to to retention strong prior and while
which XXXX, necessarily the enrollment XXXX. the earning revenue of impacted disproportionately Also the will basis, days more As direction. academic to when revenue On days lower compared beginning and the reminder, and impact magnitude the in AIU quarter but CTU's lower any from a enrollments total half in of XXXX impact year, first have impacted results first acutely at in or year. half same CTU System full-year the lag prior general a given not earning of may comparability calendar
Finally, acquisitions. included XXXX previous certain related non-recurring the charges our second of one-time half to
through the Department interpretations recently on providing continues processes, other updating recent has disclosed to guidance negotiated our rulemaking while gone and XX-K, Education of through various go also additional topics. most As in Form and new
While I changes from new just well updated and coming and as compliance an operational initiatives, to could we any the to that rulemaking as are or continue these rules ensure the monitor outlook on guidance further Department's evaluate Department, interpretations -- necessary impact presented. with have
refer data in assumes and academic processes. continually earnings pre-engagement or outcomes closing today the size in factors over call, the this of the release We'll well the also important and been today's teams. Please also investments student institutions have to and non-GAAP file support analytics, key Todd. I selective technology, We his academics, as to impacting GAAP for evaluate reconciliations.
With successful and these remarks. student turn outlook believe to about academic as resources positively from that, assumptions XXXX back investments our for experiences. Todd discussion our information underlying Our will call
