Good afternoon. Thank you for attending today's Perdoceo Education Corporation Fourth Quarter and Full Year 2022 Earnings Conference Call. My name is Hannah, and I will be your moderator for today's call. All lines will be muted during the presentation follow of the call. I would now like to pass the conference over to our host Davis Snyder with Investor Relations. Please go ahead.

Thank you. Good afternoon everyone and thank you for joining us for our fourth quarter 2022 earnings call. With me on the call today is Todd Nelson, Executive Chairman; Andrew Hurst President and Chief Executive Officer; and Ashish Ghia Chief Financial Officer. This conference call is being webcast live within the Investor Relations section of perdoceoed.com. A webcast replay will also be available on our website, and you can always contact the Alpha IR Group for Investor Relations support. Let me remind you that, this afternoon's earnings release and remarks made today include forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions made by and information currently available to Perdoceo Education and involve risks and uncertainties that could cause actual future results performance business prospects and opportunities to differ materially from those expressed in or implied by these statements. These risks and uncertainties include but are not limited to those factors identified in Perdoceo's most recent annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Except as expressly required by the securities laws the company undertakes no obligation to update those factors or any forward-looking statements to reflect future results developments or changed circumstances or for any other reasons. In addition today's remarks refer to non-GAAP financial measures which are intended to supplement but not substitute for the most directly comparable GAAP measures. The earnings release that accompanies today's call contains financial and other quantitative information to be discussed today, as well as the reconciliation of the GAAP to non-GAAP measures and is available within the Investor Relations page of the company's website. With that, I'd like to turn the call over to Andrew Hurst. Andrew?

Thank you Davis. Good afternoon everyone and thank you for joining us for our fourth quarter and full year 2022 earnings call. I would like to begin by thanking our faculty, student support staff, and all other employees for their commitment and hard work while serving and educating our students. 2022 was another year of operational excellence, during which we executed well against our primary objectives of enhancing student experiences, retention and academic outcomes. Let's start with some of the key takeaways and highlights from the fourth quarter and full year 2022. We experienced meaningful improvements in student retention and engagement in the second half of 2022, as compared to the first half. We believe that the first half of 2022 was still being affected by the lagging impact of the pandemic and the related macroeconomic policies. Adjustments we've made to our marketing processes are now fully annualized and have allowed us to identify prospective students, who are more likely to succeed at one of our academic institutions. We continue to make additional changes to our marketing processes to further enhance and support the improvements we have made on the student retention and engagement front. We saw continued growth within our corporate partnership program especially at CTU. During 2022, we further increased the size of our corporate partnership team, and they are successfully engaging with employers to leverage their tuition assistance programs and provide a debt-free education to their employees. Finally in December 2022, we completed the acquisition of Coding Dojo. Coding Dojo is focused on providing professional development upskilling and reskilling opportunities within software and technology-related areas. We are excited to welcome the Coding Dojo team and Ashish will provide more details on this acquisition in his prepared remarks. Now to our financial results. Fourth quarter results came in…

Thank you, Andrew. I will review the full year and fourth quarter results and then discuss our balance sheet and 2023 outlook, before handing the call back to Andrew for his closing remarks. Please note, all comparisons I discuss are versus the comparative prior year period, unless otherwise stated. Before I begin, a quick reminder about year-over-year comparability. Financial results for the AIU System and CTU reflect the four acquisitions that have been completed since the third quarter of 2021, including the most recent acquisition which was completed on December 1, 2022. Also, total enrollment numbers that I discuss or any enrollment trends that I refer to, exclude learners participating in non-degree-seeking and professional development programs, as well as degree-seeking non-Title IV self-paced programs at our universities. With that said, let us begin with an overview of our operating results. For the full year 2022, operating income decreased 13%, to $129.6 million. Adjusted operating income, which excludes certain significant and non-cash items, was $164 million, or 6.6% lower as compared to the prior year. This decline in adjusted operating income was primarily due to nonrecurring investments at our academic institutions made during the fourth quarter in human capital and marketing, as well as other operating processes. Commensurately, for the fourth quarter, adjusted operating income of $32.4 million was 22.9% lower, as compared to the prior year quarter and adjusted earnings per diluted share was $0.31, as compared to $0.40 for the prior year quarter. Please note, the full year adjusted operating income of $164 million exceeded our latest outlook range of $157 million to $160 million, primarily due to better-than-expected student retention and engagement in the fourth quarter. Net income for the year was $95.9 million, compared to $109.6 million, equating to $1.39 per diluted share. Adjusted earnings per diluted…

Thank you, Ashish. In closing, I am proud of the way our company executed throughout 2022 and I am pleased with the momentum we have following the fourth quarter. Going forward, our academic institutions remain focused on serving and educating students, and our investments will continue to prioritize student experiences and academic outcomes. I would like to once again thank all of our students and staff for their ongoing hard work and dedication. Thank you for joining us today, and we look forward to speaking with you next quarter. End of Q&A: That concludes today's Perdoceo Education Corporation fourth quarter and full year 2022 earnings conference call. Thank you for your participation. You may now disconnect your lines.