having this if were duplicative start technical is difficulties, going some Apparently, anybody. I'm Apologies over. so we for to
afternoon, good and Paul, Thanks, everyone.
Paul that and can to Before finance he how Paul's lead and resilient the I'd step know honored Shoes work be. sustainable we the that say team to with through results, am closely more and company the world-class even on entire to to I like walking into to built team the making it
XXXX let's for full a begin that to revenue. which fourth profitable With expectations. us walking us. we the assumptions balance along our progressing, rapidly mentioned, of plan outlook get While with XXXX, the Starting up through operating confident some lot in our I'm I'll deliver Paul Then with by and results. future. sheet that do key quarter started. that, year fix to have growth underlying will ahead I'll is discuss our the and set
$XXX.X degree in off The XX% decline In that degree in at not segment given necessary million our million, segment, partially QX management make to year we we activities that growth call of of ago. management is from total million expected of the run growth than course opportunities continuing the by X% the certain offset up driven million recognized in $XX.X were with was QX, the this portfolio we while those a increase the included by revenue X% approximately time from corrections This quarter. generated portfolio $XXX them. in cred. [indiscernible] revenue forward programs we less $XX to move as Note in a decided
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at the or decreased million degree when million, million full a year, $XXX $XXX revenue the management from $XX.X X% Looking segment X% prior Of portfolio compared revenue million with decline this, was revenue. XXXX. million $XXX.X and of related year included $XX in of
these degree complexities our our our perspective some a is which revenue, student the portfolio larger million recommend compared when XXXX, to $XXX.X year-over-year graduates were performance, number segment. of this management that during portfolio the programs In the This pandemic, primary in in full programs within from the To of that of performance segment's decline new of our we which gain comparing high surpassed impact is of evaluating reveals year segment current factor number activities enrollments the a portfolio introduced generated X% on decrease management. a XXXX. the excluding analysis launched programs. behind The better of
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efficient our marketing on In XXXX, Moving optimizing rate cost on towards more structure, our spend of costs. initial million activities run expenses. and focusing took eliminating $XX operating we steps to
compensation was You'll for and actions personnel-related was fourth the included driven a of million quarter, decrease charge see X% which these stock personnel decrease million, in the impairment a million XXXX. operating by impact $XX.X in our a excluding primarily $XX.X decrease expense, of decrease a over results. This $XX.X expense noncash $XXX.X million in QX expense.
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recorded restructuring charges. During the quarter, also million we in $XX.X
refinement and a our goodwill. of result a of the our we of determined impairment in as to assessment performance necessary. an charge, evaluation stock was led impairment $XX.X million the price This that long-term Regarding quarter reduction projections, financial interim
expense, impairment decrease of charges, full year, excluding or over a XX% million, XXXX. the $XXX.X operating was For noncash $XXX.X million
is EBITDA for our operating Turning to previously. expense fourth $XX.X profitability totaled revenue and of for $XX.X the earlier, benefit of to quarter $XXX.X to activities by seasonal now EBITDA $XX.X measures. our quarter executed million year improvement XX%. the our Adjusted I a benefited from compared million year. million XXXX. million, for totaled typical portfolio of over in for mostly the XX% adjusted XXXX. to was spend, loss drivers management million also for in optimization $XXX.X owing to the million, largely the and the in And Fourth of Net compared revenue XXXX, year the an that This a mentioned business. driven pattern throughout I was mentioned line quarter Net cost loss the the XX% bottom and increased million, $XX.X of marketing EBITDA same quarter factors decline the which the adjusted reflecting $XXX.X margin
adjusted $XX.X for of was margin million the Looking EBITDA margin of by XX% compared of to Degree a in a and segment. quarter, quarter XX% at profitability fourth XXXX. segment the
For fourth loss in a quarter loss the $X.X adjusted the with of $XXX,XXX million segment, was XXXX. Alt of Cred compared EBITDA
year, a in adjusted XX% margin was to XX% For degree of full the $XXX.X margin a segment compared of XXXX. million, EBITDA
million EBITDA loss $XX.X loss For $XX.X compared Alt of XXXX. Cred the segment, in a million with adjusted was
the to capital. delivered flow cash working year in we $XX.X revolver, cash drawdown unlevered of $XX.X million which million, months needed a cash sell factoring months with cash adjusted into free to including $XX.X XXXX, to I million of for We to and to million balance From portfolio September $XX.X a up to million turn statement. related the equivalents compared XX, to sheet management the let's in January, ended $XX We manage activities. liquidity entered XX flow was ending ending Now standpoint, fluctuations highlight of and a XX that receivables want the XX, for XXXX. December late receivables of arrangement our our
for of receivables proceeds sold already million. million have We $XX.X $XX.X these of
these improvement the We have to hand enhance also actions initiatives we put end of the business with kicked capital When a to strong should the $XX.X further approximately off forward. in working us million at liquidity. on operate had combined position cash QX, going in liquidity
due our discuss seen you I have press maturities we upcoming outlook, concern and of expect pending Before going our in qualification as in today, may potential our release XX-K loan. to have a to our term
lenders the the continue term. constructive have XU covenant our are the paying our with best portion of with position dialogue we term recurring discussions a in to expect We active to to for lenders solution a our exchange for reduce term long to loan to find in loan. Also, down revenue
coming to to reiterate changes enhance weeks. and we aggressive taking agreement the in action are We to optimize amendment I into liquidity. cash these that And to expect credit our enter an reflecting want
on We resolve addressing maturities the our our confident that and as near forward updates to in debt can look We balance providing laser-focused appropriate. are are term. sheet we
Now financial we quarter Please are guidance year our guidance turning first our outlook. that to practices for adjusting XXXX. the to and note full give
million. range to first quarter Our the for for to $XXX $XXX million from calls revenue guidance
revenue to $XXX to expect we million year, the $XXX For range million. from
our some the million to first to the help and insight and understand future industry. business outlook, $XXX quarter $XX want This should the our the plan. how for million composition in expect million you ongoing viewing I adjusted now We the the million better and underlying for EBITDA year. assumptions we're go-forward into and $XX from from the education to range to of $XXX pace provide trends
fulsome Paul plan not First, to digging year, account the at is began mentioned, operational to change we of today. identify for ready the early shared again, business not the second outcome as process underway, have guidance we've and XXXX last upon board. operating building this quarter. in that does rapidly time, included impact what take plan which our a Early areas took pressing. But in it's materially expect and Paul into implement is improvement actions we initial our that to outlook in cost depending optimization across That could we of into the mentioned, plan. still the our and the on
Second, first to quarter guidance. help bridge our and year you full
the exec We in the year expect had in Alt of first delivering a Credit heavily more revenue later and larger to half revenue enterprise of deals occurring courses executed weighted of in later the number the back towards the year. the year half year, be with
On quickly and the quarters. typical little revenue operating of will economics the in in degree prior the Most contribute X XX the marketing you from typically to come dollars of months period very of wanted the programs segment. given new to side, spent I remind a revenue early
currently that revenue visibility time, Given existing But most new of that, over of and will provider of dynamic XXXX, the top at our launch from well the for given programs, degree year from have revenue another segment into the from on of come XX% students we XX in enrolled. we programs our this year. to with expect takeovers this that
us current which important a the when X%. degree reflects later midpoint also have our expectations, will ranges around confidence margin year. QX at keep the EBITDA the impact once our to these enroll dynamics better thinking segment's It's an the in these in about result, mind programs segment in year. into of have EBITDA of degree students All As trajectory visibility revenue the this we gives for
find already in have QX. Given we with $XX begun the coming launches QX, for on weighted with launches expected program new specifically, degree marketing new in we spend no $X to More spending our that XXXX million corresponding back-end programs with EBITDA to million of expect dollars these but in that in students year, adjusted are revenue.
the programs. we later from we students students those standpoint, as spend marketing incurred EBITDA throughout the with in for EBITDA the classes their of to revenue QX in from in is a our as EBITDA find X/X typically QX, and increase students XXXX benefits However, XXXX. to operating Also, and revenue quarter again, year. get and highest spend marketing of in This expected expect first so into more already typically impacts annual our through also year. expense an progress the is quarter
also increasing proceed throughout have completed and We year. we the optimization an benefit activities the currently as cost underway, expect
will that increase the year, expect We all EBITDA the our with of this full year to in EBITDA cause half the XX% throughout approximately of generated year. of second
Finally, full year in are XXXX shift a our mix expectations underpinned business. by our
For our expect time, revenue. of to we comprise revenue the first consolidated half Cred Alt around
camps. side, we to in ] continued be in continued Cred by growth boot Alt [ the our offset ed offerings declines the On and channel, by expect driven partially enterprise executive this
the portfolio, these in expected thereafter. On typical in in revenue story side, on programs X% expect due XXXX, XXXX modestly anticipate importantly, We on current be is excluding programs the we discussed But to year. revenue the the to trends in degree the as these and see XX% expect in of in to operate. these approximately in weighted growth we largely total the to call. The segment, have the to impact increasing X XXXX longer enrollments launch the much just look expect XXXX, degree expect segment. X% back-end over programs at of do with to and we and year-over-year. expect these trends does programs to being of enrollments the we When we no we portfolio, revenue tell largely new based driven not enrollments current increase year-over-year, degree new enrollment the And increase full this approximately you revenue by we growth only XXXX
in believe or It we industry. that XU. of seeing what the clear, segment be in degree larger the impacting not unique to is we're To trends indicative is disproportionately
students learning the fewer during in XXXX. pre-pandemic than today online than students are taking are pandemic, more the online height While of now classes there
corroborate you year-over-year to as compare degree As for current is approximately we FCEs Overall, enrollment off. declined and XXXX, degree demand to why you'll the discussed today leading earlier, improve rolled portfolio that's beginning story. that online we're portfolio indicators XX%. X% education see pandemic that But think key seeing the the the grew that if
success. To action company conclude, taking position laser-focused on we to are long-term the for
that, even We an financial future and with approaching the build to hand business well the of will the that the into back call Q&A to renewed operator session. deliver future all with the me begin stakeholders. let our to discipline to thrive are value stronger And
