I and review Todd. third quarter then now Thank remarks. to for the before discuss you, Todd closing XXXX his call results and sheet balance back will our handing the outlook
versus IV learners Please are development universities. period enrollment at this programs otherwise year or trends enrollment total comparisons Please call unless professional to self-paced comparative on note any exclude discussed non-Title our pursuing stated. all degree-seeking also referred numbers programs note non-degree-seeking any that student this the call are and that prior on
begin Net or to share. per $X.XX. $XX.X quarter $X.XX a benefit Adjusted $X.XX with we overview share us of income as to federal million tax underlying the was or to benefit per diluted Let operating income nonrecurring compared earnings included approximately equating that Please quarter million, $X.XX $X.XX prior per is our $X.X diluted which note share $XX.X per diluted million more prior of the indicative were EPS. for an results. to share, compared the of believe year operating performance,
from be year and higher EPS current positive than EPS the impact year. Excluding prior this adjusted the benefit, would
higher compared million was $XX.X quarter to $X.X the quarter. million year as Third operating prior of income
million, lower XXXX as from lower expected, operational quarter CTU. of at professional offset As changes in comparability with by development $XX.X more calendar revenue changes due to at within than a was million primarily offerings expected $XX.X expenses. as This the and AIUS well was revenue impact for lag decrease the operating academic which was
Operating efficiencies general comparability. charges expenses and certain due during to year favorable expense third expense the nonrecurring that the year-over-year quarter prior in were quarter benefited
programs enhance overall we we value savings Additionally, processes support delivering offerings effectively from that at focus cost proposition professional on realize continue further believe student efficiently of our CTU processes that to continue and development the and operations investing academic rightsizing in and will while institution. our more to academic we
as more was which and income, just were total that year-to-date lower of and expenses $XX.X which million performance $XX.X prior third operating more operating believe revenue items, I $XX.X million to for was quarter. lower. compared year the than to the the excludes offset significant basis, operating as due certain lower discussed, lower million was million. underlying while indicative expenses revenue the quarter primarily increase on a is Overall, compared Adjusted This the to noncash we for $XX.X
$XX.X $XXX.X the million Third of with quarter $XXX.X reasons expected or just revenue the being was to discussed. lower as compared decrease million I for million X.X%
to company retention and the this by quarter total of growth organic has growth we this enrollment that -- expect both engagement. due for XXXX, fourth strong the institutions academic to with been revenue double-digit For contributing supported
the at quarter to AIU beginning of reverted year-over-year System normalized days the revenue while will to contribute since the operations Additionally, revenue year fourth CTU comparability. has positively
quarter. corporate growth A of At enrollments prior at year academic end, in student year calendar at expectations. prior X% first total comparability primarily enrollments. to as AIU positive enrollments ahead from XX.X% on was by quarter the compared quarter which System, by from student XX student compared our driven carrying increased note Total September impact the a end, engagements as over increased CTU to the total and the
normalize total student growth since to improvements continued in year fourth AIU enrollment begin quarter expect at enrollment with Systems and end XXXX, trends and the we AIU total year-over-year have to activities We System. the of enrollment show double-digit to in marketing
to our results. Now segment
revenue primarily changes as lower at by to within days revenue quarter offerings. professional as million, well CTU's decreased Third $XXX.X to number development CTU due of X%
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prior million X% to or quarter AIU the line than in quarter, lag lower expectations operational System, last changes due with At we which the year impact made from our the was was continuing revenue year. $XX.X third
million revenue experience by the by annualized and quarter. this driven was the the System Operating will $XX.X the quarter, quarter, of levels to revenue spend for and year AIU lag fully impact normalized we million the versus enrollment in However, income $X.X quarter. of lower the marketing during fourth expect and fourth growth be prior
Corporate Other. prior million as $X in on the quarter. third to Moving compared and was $X.X loss for Operating to the quarter million year
combined release income taxes, effect reflects for and relates quarter rate of tax the and corporate recorded return quarter, third XX.X%. compensation for effective as for million, reserves, the tax, of we reduced X.X%. it rate income a the well credits XXXX tax effective effective for impact provision federal the accruals of the net the taxes rate which tax in of $XX.X tax As claim to income state federal for The the reflects which recorded resulting as tax previously an tax tax stock-based by of
to favorable September XX% tax benefit, by and the tax now we for quarter million rate the rate also for As XXXX, decreased prior nonrecurring a quarter full reflects year XX, the a effective X.X%. result, between that year tax ended XX%. tax be $X.X rate which XXXX expect Please our effective effective the note
balance and Now to our sheet liquidity.
flows as investments. working cash of timing of XX, provided equivalents, XXXX, payments. represents increase This year. year-to-date ended primarily since flows versus certain cash approximately Title available-for-sale The increase $XXX.X and well net the restricted operations drawdowns with compensation-related provided as quarter of the capital year-to-date. million September We in last an prior the payments million $XXX.X short-term IV $XX.X and the cash end For was operations million ended $XXX driven cash in the million of cash, were by by by
to cash dividend September federal million quarter income of X.X% of for $XX.X and our million Capital of in state ended we $X and the approximately shareholders returned year-to-date the third expenditures Through million share payments form were revenue. $XX taxes. paid and approximately the repurchases in have estimated XX, or
we of reminder, year revenue. expenditures capital a be full XXXX, to foresee for approximately As X%
minute I allocation. me updated the to discuss capital a let outlook, Before take share
are to and of for from we increase and the December growing pleased condition payments of quarter stock year, today, subject be an the the our continue dividend business X, third at other $X.XX retained of of are available December Directors quarterly the quarterly the strategy. common dividend that paid balanced mentioned, announce part Future XXXX, factors. share, the payable year XXXX to record dividend to and expected policy, Board approved financial flows dividends free prior close out payment to requirements XX, the relevant capital expect Perdoceo's company's Subject XXXX. We will on with the which just of be on relevant to integral that earnings, holders Board per our allocation consistent approval quarter of is to cash an of
strong our prioritizes diverse students capital balanced acquisitions. technology-related organic to projects, including stockholder sheet strategy and particular, while balance in designed also benefit investments evaluating enhance strategies in value, initiatives Our allocation a to maintain also
University the Speaking expect and working diligently are St. transaction processes to regulatory through of we other and of close acquisition, approvals, December. Augustine in deliverables the the
all-cash time an and $XXX approximately pay to expect at deal, is of in this closing. reminder, a to million the $XXX we cash million As net
and For of approximately had postgraduate operating approximately the graduate and year million, of the million XXXX, X,XXX serve roughly income university students. full $XXX revenues $XX
external and We in operating purposes. expect be accretive will separate adjusted segment treated beginning to acquisition income reporting a for be to the our XXXX as
diluted to of to the XXXX $XXX per million $X.XX to earnings in year compared for range outlook range is and and of better-tXhan-expected and million to on share Now student operating previously us $X.XX updated income million. between expected adjusted XXXX. XXXX operating between we $XXX provided $X.XX $XXX income as retention $XXX versus million range trends, million now and XXXX. expect $XXX.X Adjusted discuss engagement adjusted our full let Based
versus range and first $X.XX continue and the quarter remainder to quarter to the XXXX. student For by supported $X.XX adjusted of adjusted quarter share XXXX, diluted we our experienced diluted the the 'XX. fourth of the partly in retention $XX.X income compared past expect share as we between million few the $X.XX will per positive initiatives, operating through of the in in impact persist high to of of engagement be to prior $XX This million $XX year range earnings beliefs to million per current quarters, over that levels federal reflects outlook aid of various the student with
is at of XXXX, Full CTU due year offerings. to than expected lower to revenue simplification development our professional primarily be
year year despite support in prior versus retention XXXX. for the year the year-end lower full to of revenue full from offset be expected and and revenue engagement and program impact growth higher the impact, days this enrollment levels Excluding XXXX. our days CTU total at mostly Growth are student lower in corporate high and engagement revenue would revenue
continues lower below levels and admissions. enrollments System due of beginning XXXX At operate revenue within marketing the AIU impact System, full total be expected to AIU lag levels to as normalized of to year is
experiencing also in enrollments retention fourth and and quarter. total student of grow engagement, strong to expect revenue While we levels the student
in XX-K, the topics. through through recent most and new and disclosed guidance additional go gone As other Department interpretations providing negotiated various also our rule-making Education while updating to on processes Form of continues has
from the these While changes compliance initiatives updated department operational on are interpretations or we with well ensure and coming as new presented. to the impact further necessary rules as rule-making just and monitor I department, continue could evaluate that an any outlook have guidance to the
successful student in analytics, also outcomes believe support impacting in outlook investments positively student been and assumes academics investments experiences. these academic XXXX have technology, Our We processes. selective and data
our continually will and also institutions' corporate academic evaluate We of the engagement resources size teams.
from well filed as call assumptions our non-GAAP about earnings today GAAP discussion release today's reconciliations. the and information the to refer Please important for underlying as to key factors this
call to his With Todd Todd? turn closing over will that, I remarks. for the
