Thank highlights some quarter, our review and to the XXXX Kevin I the our my you, After of welcome offer third key earnings call. for discuss financial Kevin will After metrics. Alanna, and closing concludes, I'll operating comments. results quarter
repositioned year a progress has XXXX education as for to on as the an long-term Ashford transitional services of made technology and been the Zovio we Zovio, a not-for-profit conversion for entity company.
conversion on me where Let process. update the with we by providing begin are an
and March and to of Board XX, department. XXXX, or by the fiscal an it for during of to request for The in October, early we proposed U.S. of the results, would for year took and of new announced lieu In funding IV determined also of continued ownership replaced to responded position letter to unless XXXX. the response days expire evaluate Ashford letter the The management financial a the of credit Directors conservative University. viewing on change review Department the Title best This irrevocable XX% in credit as a the review approximately in department years a post extended with letter preacquisition AU audited require as that of letter that Zovio entity our indicated Education its of ownership, entity would approach nonprofit success. in change two team Ashford for preacquisition amount XX options of future Ashford review, within of
the technology services have agreement acquirer. we the also sale an that other to University of To would been enter into exploring the institutions we with end, where education
of conversion during in been this transformation. our core business our pursuing the we optimizing to have planned addition In Ashford, profitability
XXXX to in and deliver discussed supported third Last actions XXXX, we have an million improvement which have taken the profitability in $XX in quarter. several savings during million $X we quarter, cost already of
plan These will of fourth a restructuring last result we outlined have which we roughly that in areas. approximately months, were believe million. on actions, $XX have over drive quarter several will in $XX charge further Further, focused a three the restructuring million, XXXX cost by primary savings
collection more and Grant students improving mix third, bad internally; of significantly at favorable Full implementing tight First, our combination a collection a efforts overall operational general expense improve enhanced where for efforts administrative to processes new Ashford, fewer very-discipline, a the in and need marketing a debt through on which more expenses; control consistent. efficiency Zovio of and both results maintaining resources Tuition second, and are
The from savings total institution of and for million. the this both of $XX million June is Ashford the exploring another in believe $XX best undertaken stakeholders. those XXXX to and would actions cumulative both to all We recent the conversion sale interest our of in year
we Ashford Ashford the the costs associated required and as variables acquirer letter provide scenario, University, there agreement to wanted Keep not for are University, U.S. as many services conversion, that were of any a conservative the of form financial we fully are of in mind, either can't complete including credit we potential finalized number However, are services speculate our to Department of if with final performance agreement with year. next and with there Education. the view their components of expectations
months approvals any given to With regard XX to of to definitive institution, signing likely closing to would of another X gain regulatory the sale other customary time from it and the anticipated agreement. take Ashford the conditions,
the of its projected such, we entirety in understanding believe is Zovio financial most appropriate. As performance
result would $X.XX. $XX to anticipate $XXX expenditure end flow We new range the the unrestricted is range in $XX million in the XXXX, XXXX a million. normal range in million. of With adjusted enrollment, be be levels if revenues $X.XX $XXX mind, million would million cash to million expected range to EBITDA EBITDA of X% in to expect of to adjusted in Adjusted that range we to with the million EPS cash expected of XXXX $XX hand capital Zovio margin in of expect owns for with to $XX to you $XX the on million Operating flat and as Zovio of $XX X%. or of be would to approximately assume Ashford have to assuming
As million adjusted of Zovio for reference $XXX.X EPS EBITDA of a point and and margin adjusted X.X% of revenues XXXX, delivered $X.XX. of
cost regard revenues, the higher letter With lower adjusted to the University, with conversion consolidated of the slightly anticipate to that an view credit impact of we required Ashford be of the Education. Department would expected EBITDA on margins of of by associated excluding than
performance the goal XXXX. enrollment new assumes to is just While return of to projected I for growth, new XXXX, I in outlined XXXX, operational financial enrollment compared to performance want flat course emphasize our that to
University stakeholders. this Regardless forward, important driving a has all long-term our the of for during its position a path our strong support sustainability same, to foundation creation its students and and ensuring value priorities Ashford long-term remain for equally process, success
Our goal University signing to of is the XXXX. and for conversion end the proposed sale separation close of or the Ashford announce agreement by of the the
large-scale to building and our jobs. on learners middle better empower with and opportunities employment to connect skills through our capabilities; educational the meet offering centered on business and an education services services, market that capitalize of and second strategy deliver to third, diverse the and to our pillars: in Long-term, programs as corporate three enhanced First, enterprises; technology reposition services expand main needs education institutions company is demand
made we aspirations. best-in-class learners the Zovio partnering company help education as During solutions the deliver education substantial to employers to services institution on have progress with their first achieve technology months nine by of higher positioning year, personalized and a innovative,
new contributors Division partnerships strong we're be goal to continue When the and acquired Education. the of to TutorMe there North XXXX, and Diego during Florida and Continuing we Professional and our Fullstack, Fullstack add this San of to halfway of four with strategy. University University was
with We goal. and pipeline are institutional our the development pleased optimistic achieve to remain their of XXXX
ecosystem. With addition more be including schools, with network. nine the Community quarter, the partner welcomed large added partnerships, XX we our new to continues Colorado institutional In third a a College contract TutorMe than to
touch the results, our meeting on today, will our allocation go execute area we focused repurchases through That At business shareholders we as Board third cash an in share in capital regularly and quarter we the November. evaluate Board at And we allocation. be conversion. capital the let priorities. to said, through discuss investment upcoming me returning conserving capital will remain briefly on I our Before level,
million, Turning $XXX.X loss to a resulting revenue per our results diluted $X.X for and million reported a the third of net of share. XXXX. quarter of loss We $X.XX of net
when XXXX per quarter with diluted was share. In third the digits year. loss compared XXXX prior new by same costs our expectations of down enrollment for the high quarter for our net Excluding of as to $X.XX well restructuring quarter million or separation was and net non-GAAP and non-GAAP conversion impairment third acquisition charges, as transaction as loss $X.X a costs, percentage line single
in only cohort slightly September retention Ashford’s prior to for XX, XXXX, same of lower compared XX.X%, when period year. the XX.X% As annual was the
For we will the digits. our mid enrollment single quarter, fourth negative be in new expect the
education at retain rate. as drive a graduate continue higher in to We both programs, well student as who with private partnership population growth our our
the partnership one program ago. represented As of as XX% September education enrollments XX% total of of the enrollments XXXX, approximately compared XX, enrollment year total in of approximately to
education third the partnership of program XX% quarter New in the approximately enrollment for new represented enrollment XXXX. of
strength by programs these The of sponsorship the Ashford. quality estimate to through companies and a is the employee global offered
expectations. or to Grant Tuition our continues Full our reminder, a As FTG program outperform
total the an be does And increase laying population while remains University. basis. positioning to third student foundation is as on stakeholders. created population technology time an long-term However, year-over-year Today, a growth for the strong a as lower education student is significant services is Ashford and the our revenue, quarter a experienced University, focus Ashford both, an for same percentage exciting dynamic Zovio for time profitable which of believe value Zovio for at we there company. the our in in the we net This unchanged,
call Kevin results. our Now, I financial and review over the turn Royal operating will to to
