Adjusted EBITDA was up 1% versus the prior year-to-date, with the decline in margins, as expected, as incremental revenue flow-through was partially offset by expenses associated with return to face-to-face classes at our campuses. Let me now briefly discuss our balance sheet position. Laureate ended September with $131 million in cash, and $135 million in gross debt, for a net debt position of only $4 million. During the quarter, we refinanced our corporate revolver, extending its maturity through September 2028, while reducing the size of the commitment to be more appropriate for what is needed for our organization post-transformation. Key terms under the revolver, including pricing, were largely unchanged. Our strong balance sheet and extended revolver maturity supported our board’s decision to declare the special cash dividend of $0.70 per share today.
Moving on to our updated outlook for 2023, starting on Page 15. We are maintaining revenue and adjusted EBITDA expectations for the full year on a constant currency basis within the previously guided range. However, we have narrowed the range, given only the fourth quarter remains in the year. On the foreign currency component, though still very favorable for the year, FX rates have declined since the time of our second quarter earnings call. As a result, we are reducing the full-year FX benefit to reflect current spot rates. As a reminder, we consistently provide guidance on a spot FX rate basis. During the recent intake, we did experience a positive price and mix impact, but that was offset by higher attrition rates in Peru related to the macroeconomic softness in that market.
As a result, we now expect total enrollment volume closer to the low end of our previous range. Based on current spot FX rates, we now expect full-year 2023 results to be as follows; total enrollments to be approximately 447,000 students, reflecting growth of approximately 6% versus 2022, revenue to now be in the range of $1.457 billion to $1.465 billion, reflecting growth of 17% to 18% on an as-reported basis, and 10% on an organic constant currency basis versus 2022, adjusted EBITDA to now be in the range of $410 million to $416 million, reflecting growth of 21% to 23% on an as-reported basis, and 14% to 16% on an organic constant currency basis versus 2022. Now moving to the fourth quarter guidance. For the fourth quarter of 2023, we expect revenue to be in the range of $382 million to $390 million, adjusted EBITDA to be in the range of $123 million to $129 million, with strong margin expansion expected during the fourth quarter.
That concludes my prepared remarks. Eilif, I’m handing it back to you for closing comments.
Eilif Serck-Hanssen: Thank you, Rick. We are on track to deliver on our commitment for 2023, with strong topline growth, continued margin expansion, and improved free cash flow. The financial results we have reported for the first nine months of this year demonstrate the resiliency of Laureate’s business model and the strength of our local brands. Operator, that concludes prepared remarks, and we are happy to now take any questions from the participants.
Operator:
Operator: I’m showing no questions at this time. This concludes today’s conference call. Thank you for participating, and you may now disconnect.
