discuss Todd. our sheet fourth review handing will I you, and and call results the Thank the year outlook back full before remarks. Todd and balance now to for closing quarter XXXX his then
period, at on call trends Please total self-paced prior comparisons or the this IV on any non-Title this to otherwise numbers year unless note, Please programs universities. pursuing our note versus discussed also learners that call that are the referred degree-seeking and enrollment professional development call are programs and on this comparative all stated. student enrollment discussed nondegree-seeking exclude
Augustine of Augustine. which we reminder year-over-year segment as comparability. which include be acquisition, as operating refer St. quick for will reported St. XXXX about will to Health University month of and a performance X Sciences results a from the Finally, financial separate
which our year. results. was prior Adjusted believe let EPS income benefit of diluted full a the is overview we prior income $X.XX said, $XXX.X us approximately $X.XX in the an XXXX that to of begin share, $X.XX. per share note were tax as million With and operating the Net per 'XX million underlying per for diluted compared of performance, operating to or the $X.X EPS or Please earnings share. than million despite with indicative was $X.XX or the year nonrecurring more $XXX.X $X.XX that higher EPS, including federal compared year diluted adjusted
of income noncash million was underlying not income, $XX.X million of million prior that significant believe the prior year. we operating items and indicative operating X.X% XXXX performance, or higher year compared compared to Adjusted as operating the year the as $XXX necessarily was excludes certain Full higher quarter. is to which $XXX.X
As operating the million than professional with expected, was changes lag $XX.X decrease within in a revenue was revenue at million, offset for System which at changes the lower expected to development XXXX by $XX operational impact from CTU. full This year due lower the expenses. and in primarily offerings was more AIU
for expenses that year the to certain expense expense prior the efficiencies and Operating were overall in favorable nonrecurring comparability. benefited year-over-year due year charges
professional overall processes rightsizing processes in programs Additionally, proposition efficiently operations we we our that value further CTU. of offerings as the savings and delivering enhance academic from focus at supported student will while investing on academic and more CTU development effectively believe cost we that realized
revenue Augustine note income. that a per and increase primarily compared $XX.X have adjusted was million excluding prior income that quarter, $X.XX impact $XX.X share is acquisition diluted the fourth in as was quarter, was to discussed. as the compared the growth adjusted earnings the lower year-over-year This $X.XX. comparability after Please year expenses did million For organic that operating as not XX.X% well just St. as of of material to I Augustine St. December adjusted due to on operating
of and XX.X% been primarily and of AIU Full at the expected due resulting have retention made has excluding development professional our lag through decline compared and AIU But XXXX most This AIU at System as offerings AIU levels decreased due CTU. quarter effects levels operational ] was of annualized System full and the XXXX. year the CTU. largely $XXX engagement revenue $XXX.X year in the been to $XXX.X changes from marketing System just to million by changes increased of as revenue, normalized simplification to Augustine, across revenue Furthermore, St. the mentioned, million. in at [ as of student in million, admissions strong fourth at to impact operating to I operational System
enrollments note enrollments. increased student prior for interest increased and of compared the to December XXXX. as A was prospective student by enrollments XX, from by student student at improvements at AIU most growth total line AIU on as the student This driven primarily operated with in our normalized System at engagement CTU engagements of XX and X.X% of enrollment expectations System, year. December marketing of in continued admissions in Total levels as double-digit well growth at levels, as trends. XX.X% retention enrollments corporate total At
retention revenue Education levels or that XXXX, to or we offset total student expected improvement of are XXXX. to student as ended student end as the Strong XXXX. change increase Department and in program initiatives U.S. the well of loan sustained AIU enrollments should and system from interest for prospective CTU total have engagement expect headwinds and versus For in
year decreased segment Full to million. Moving $XXX.X results. at our to revenue CTU now X.X% by
at year CTU revenue increase underlying revenue impact organic days from the of approximately simplification engagement and XXXX growth. negative retention the of corporate and growth. experienced offset Strong the and earning in professional during than fewer more the X% an Excluding in from the organic resulted this revenue enrollments offerings, development impact student engagements
fourth primarily due For quarter, quarter, CTU the the than to the discussed. I million was higher year just revenue $XXX.X or trends prior at X.X% growth
for in the the contributed million increase prior discussed income income to the to while year year-over-year quarter, above, Lower as increased million. in $XX was growth million with quarter associated the revenue income. Operating development offerings, $XXX.X operating to $XX.X with compared professional combined by year expenses operating XX.X% organic full
prior of of or while operating million, that quarter At Please XX.X% the $XXX.X decrease quarter that line by of in with also was in expectations which million, million fourth operating resulted quarter million. revenue to XX.X% by also quarter. higher in the year $X.X for AIU compared total was full expected, in growth, income the million was first decreased revenue to an half as but the enrollment $XX.X The our $X.X decreased experienced than increase supported and note to full as XX.X% fourth revenue year by much $XX.X year income 'XX. System,
until XX, process, outcomes XXXX. experiences. which that Florida. Augustine through professional in and practitioners us X,XXX and allowed academic has has with in Let St. generally had December go the expect a December St. January. The reported strong enrollments university a maintain terms, academic not December and St. and university typically the that note three to to spring, the total California, on application the admissions Augustine and spring Augustine Health Augustine care calendar the enrollments through and now and ends spend in a education. health at Prospective total for Sciences. traditional students approximately year Please Augustine student in to in and fall will summer term low innovative campuses comprehensive develops St. an does be required have fall. has undergraduate term virtual begin University of since St. are ground grow point on-ground a minute Texas we degree
to $X.X lower million, to losses million, the and on year million legal Moving primarily respectively, XXXX. improvement for Corporate periods. by improved Operating were which and million quarter expenses and $X.X full the and the year respectively, by year Other. prior the $X.X driven compared This as during $XX.X was
Now income turning to taxes.
For recorded of we tax income XX.X% our the resulted bringing $XX.X annual an effective tax quarter, quarter, rate provision fourth XX.X%. million. taxes to a for This for rate of the in
was positions. discrete as rate the release by reserves by the The for positively reduction of amount recorded for tax primarily was positions. tax rate benefited to a reserves previously uncertain Similarly, of tax tax effective previously in attributable approximately of adjustments uncertain impacted year recorded X% X.X% full result overall for tax tax the the approximately quarter for the
that the positions. tax reserves previously be recorded XX.X% effective Finally, tax rate and of full tax release stock-based for between and effect XXXX, benefit year we compensation uncertain an tax expect our the estimated which for of includes will for XX.X%,
and moving Now liquidity. balance our to sheet on
full million operating by driven increase year $XXX.X This flow cash partially improvement adjusted was income. XXXX, the in year. $XXX the prior versus from operations For million was year-over-year in
year cash XXXX and restricted cash ended $XXX.X the flow negatively operations impacted receipts cash short-term positively to available-for-sale and comparability to in equivalents, related tuition million was fees the timing investments. cash, Additionally, of cash XXXX. the impacting We from by with
balance as Excluding payment $XXX this Augustine an million of increase represents year-end the of the purchase price $XXX.X million, XXXX cash approximately to approximately St. compared balance.
and expenditures. million during tax the Some capital cash payments, of dividends repurchases million were in year to stock form the $XX.X of capital the primary of million in and $X.X uses shareholders $XX.X of in income return of
Please balance not our XXXX for the expect million to that cash approximately material note contribute positively our expenditures flow Augustine full to XXXX We on from ending Capital of to XXXX. as St. expect we or revenue. to compared operations. $X.X year but did grow cash a operating cash impact flows, X.X% the year-end have were it XXXX
to For XXXX, expenditures of be full year we Augustine. largely X% approximately foresee St. by capital driven revenue,
allocation. let discuss share I take outlook, updated Before the me a to minute capital
XX, dividend X, review of annual approved year, XXXX we an common dividend expect relevant quarter Board retained policy, our out to Board dividend basis. the of payable amounts factors. requirements allocation paid financial that of flows and part consistent on of to available on cash to $X.XX generally Subject March of pleased that company's record strategy expect relevant quarterly Perdoceo's other free announce to earnings, Future the share mentioned, XXXX, balanced with and per for dividend to the just quarterly growing of holders to are and be We approval condition continue our and be fourth the will payments to Directors capital the the subject payments are dividend March quarterly integral close of an XXXX. the payment on stock at business expected
to focusing enhance Our actively organic capital maintain investments success support balanced stockholder balance as approach updates we student including and the time, well evaluating return strategies for to prioritizes in as St. on real strong diverse Augustine. while to updates acquisitions. strive technology capital same At sheet estate a allocation value, projects, that
our us discuss let Now outlook XXXX. for
million well due of the full in This $XXX CTU. range We the earnings our Adjusted increase share income to to operating diluted at compares expectations XXXX, expected range XXXX to versus $XXX.X million. million with expect between expected which to $X.XX an $X.XX AIU acquisition, Augustine is as income year adjusted primarily and the XXXX operating to adjusted is $XXX as and in per System growth $X.XX St. between performance accretive XXXX. and
acquisition. the The excluded beginning adjusted will approximately that depreciation are the XXXX, of $X.XX part incremental related adjusted impacted diluted calculation finance operating which note EPS EPS expenses and St. these adjusted for of Please to income. expenses, share GAAP in Augustine not operating the income. incremental include range leases adjusted expenses is related XXXX and by for are These purpose to per
to high various This positive from expectations orders we various the experienced outlook myriad by and to have prospective continue partly student student student in supported and any will levels. second retention interest changes in around the and which of on persist aid rules, levels reflects will engagement our a will XXXX, 'XX, half The persist current we updated prospective of into from meaningful and federal beliefs student initiatives federal in XXXX. prospective levels outreach state not bodies impact that XXXX experienced of of impact student interest, student higher
XXXX, revenue due higher Full to Augustine. of be will year the acquisition St. primarily than recent
System total also Excluding and revenue to enrollments the for we and both expect acquisition, AIU growth. CTU show
quarterly see variability corporate mostly and to that from student levels end student in in department growth be or academic impact retention, our higher trends, or in have loan engagement expected enrollment the offset growth programs, may change our 'XX for we engagements. improvements initiatives ended While assumption in that prospective including the organic of interest and is student revenue student with will
XXXX, AIU contribute will Additionally, when specifically in to XXXX, for the System total the start December growth, an academic year-over-year comparing which session enrollments. has additional year-end
in calendar results academic earning revenue As AIU may the but days magnitude same direction. a System quarter, reminder, at any given impact necessarily CTU enrollment and the the or in and of comparability not
share $X.XX diluted range in income million as earnings $XX prior and $XX we diluted $XX.X of year the quarter $X.XX XXXX. to the adjusted range quarter, XXXX, operating the between million first share $X.XX to with to versus quarter million first per expect per in to adjusted the of compared For be of in
estate, and in assumes student believe also positively support and investments academic outlook real academics outcomes experiences. technology, these been have analytics, student XXXX successful in data processes. investments ongoing We impacting Our
to size engagement corporate institutions' increase Additionally, we teams. our of also will continue the
As the as in anticipated changes discussed new Education. disclosed at are -- XX-K of Department the today, with our filed administration, presidential Form many
of the of various Department guidance new issue and the as We new provide interpretations expect to topics. as and Health administration surrounding organization review well regulations potentially new
to actions and outlook on too if is and We an could have determine all these impact, or these refer as evaluate this It for monitor of and Please early negative I positive well key either just reconciliations. call from today's any discussion factors filed the today the will initiatives. actions earnings or initiatives release to the information assumptions to presented. as our about underlying important GAAP non-GAAP
With that, Todd? turn back the for call to remarks. his I'll over Todd closing
