Good day and thank you for standing by, and welcome to the Scholastic Fiscal 2022 Third Quarter Earnings Call. At this time, all participants are in a listen-only mode. Please be advised this call is being recorded. [Operator Instructions] I would now like to hand the conference over to your host today, Paul Hukkanen, Chief Accounting Officer and Investor Relations. You may begin.

Hello and welcome, everyone, to Scholastic's fiscal 2022 third quarter earnings call. Joining me on the call today are Peter Warwick, our President and Chief Executive Officer; and Ken Cleary, our Chief Financial Officer. As usual, we have posted the accompanying investor presentation on our IR website at investor.scholastic.com, which you may download now if you've not already done so. We would like to point out that certain statements made today will be forward-looking. Such forward-looking statements are subject to various risks and uncertainties, including those arising from the continuing impact of COVID and its variants on the company's business operations. These forward-looking statements by their nature are uncertain, and actual results may differ materially from those currently anticipated. In addition, we will be discussing some non-GAAP financial measures as defined in Regulation G. The reconciliations of those measures to the most directly comparable GAAP measures may be found in the company's earnings release and accompanying financial tables filed this afternoon on Form 8-K. This earnings release has also been posted to our Investor Relations website. We encourage you to review the disclaimers in the release and investor presentation and to review the risk factors disclosed in the company's annual and quarterly reports filed with the SEC. Should you have any questions after today's call, please send them directly to our IR e-mail address, investor_relations@scholastic.com. And now I would like to turn the call over to Peter Warwick to begin this afternoon's presentation.

Good afternoon, everyone, and thank you for joining the call today. While as what we hope to be promising news in moving past the pandemic, we're, of course, deeply saddened and concerned by the events unfolding in Ukraine. As we've been for more than a century, we're focused on how we can support children in deciphering these challenging times. Our expert team of writers and editors at Scholastic Magazines Plus immediately created tailored materials to help teachers facilitate classroom conversations appropriately. We also have a number of trade book titles such as Alan Gratz' Refugee, which can be starting points for children at home or in school to begin to understand what this experience may be like for displaced families. We'll continue to listen to teachers, parents and children to learn what they need and execute our mission by being a timely and reliable resource for them. From an operations perspective, while our financial exposure is limited, we have suspended any business dealings with Russia. Turning to our third quarter of fiscal year 2022. A number of continuing themes drove positive momentum around Scholastic. Our intellectual property continues to lead the industry, and in many cases, crosses over audiences, regions and media. Increased demand for independent reading is bolstering our business. Book Fairs are back and growing, providing a renewed sense of normalcy in schools. Loyalty to Book Clubs remain strong. A unified approach to the Education business increased opportunity and has grown revenue. And finally, customers and stakeholders continue to turn to us, knowing that our committed and mission-driven employees will meet their needs as they reemerge from the pandemic. Ken will provide greater detail as usual, but I'm pleased to share that revenues for the third quarter grew 24% to $344.5 million versus $277.5 million in the prior…

Thank you, Peter, and good afternoon. Today, I will refer to our adjusted results for the third quarter excluding onetime items unless otherwise indicated. Please refer to our press release tables and SEC filings for a complete discussion of onetime items. While the third quarter is seasonally quieter than either the second or fourth quarters, Book Fairs finished a strong fall season and has started the spring season on the same trajectory. Book Clubs has recovered from operational issues created by labor shortages and software implementation issues and seeing demand recover early in the spring season. Education Solutions had a typically quiet third quarter, was building inventory to the expected demand in the fourth quarter. Our trade channel continues to dominate best-seller lists, as Peter discussed. International operations continue to be negatively impacted by pandemic-related difficulties in Asia. We are starting to turn the page on the pandemic in Australia and New Zealand. Overall, we are very pleased with our results and our preparation for future growth. Revenue for the third quarter grew 24% to $344.5 million versus $277.5 million in the prior year period. Operating loss in the quarter was $16.7 million versus $11.9 million last year. Net loss was $13.2 million compared to $4.8 million last year, and adjusted EBITDA was $5.9 million compared to $14.2 million in the third quarter of last year. Loss per diluted share was $0.38 compared to $0.14 last year. Net cash provided by operating activities was $36.9 million compared to $16.4 million in the third quarter of last year. Free cash flow for the quarter was $23.4 million compared to $5.5 million last year, demonstrating continued discipline and increased revenues on a lower cost base. For the nine-month period, net cash provided by operating activities was $178.5 million compared to $36.5 million…

This concludes today's conference call. Thank you for participating. You may now disconnect.