This outlook reflects our current belief that improvements in student retention, partly supported by the positive impact from various student aid initiatives implemented by the current administration will continue to persist through the remainder of 2023. Full year revenue is expected to be higher than 2022, reflecting the benefits from recent acquisitions and the academic calendar redesign CTU as well as the underlying organic improvements in student retention and engagement. AIU Systems reported total enrollment at the end of 2023 are expected to be lower as compared to year-end 2022 due to the operational changes that were undertaken at AIUS to ensure compliance with any anticipated or final regulatory changes. However, reported total enrollments at CTU are expected to be higher than 2022 despite a negative impact from the academic calendar redesign, signifying underlying organic growth.
For the fourth quarter of 2023, we expect adjusted operating income to be in the range of $15.5 million to $18.5 million as compared to $32.4 million in the prior year quarter, with adjusted earnings per diluted share to range between $0.21 and $0.24 per diluted share versus $0.31 in the fourth quarter of 2022. Let me take a minute to provide some necessary details and context around the fourth quarter’s expected performance. Fourth quarter revenue is expected to exhibit an inflated decline which is not reflective of the underlying operating performance. Revenue will decline at CTU due to the academic calendar redesign and its timing impact on revenue days in the fourth quarter. At AIU System, the operational changes discussed earlier and the resulting to lower total enrollments have negatively impacted revenue with the peak impact on revenue and total enrollments to be felt in the fourth quarter.
As operations revert to normalized levels in the fourth quarter, we expect AIU System’s total enrollments and revenue in subsequent quarters to show significant growth as compared to the fourth quarter. Our 2023 outlook also assumes ongoing investments in technology, data analytics, academics and student support processes. We believe these investments have been successful in positively impacting economic outcomes and student experiences. We will also continue to increase the size of the corporate partnership staff and may make selective investments in our recent acquisitions as they further integrate within our academic institutions. We ask that you refer to our earnings release filed today for important information about the key assumptions and factors underlying our 2023 outlook and other expectations discussed on today’s call as well as the GAAP to non-GAAP reconciliations.
With that, I will turn the call back over to Andrew for his closing remarks. Andrew?
Andrew Hurst: Thanks, Ashish. We are pleased with our third quarter operating results and look forward to executing on our various initiatives discussed earlier that focus on further enhancing academic outcomes and student experiences. Thank you again for joining us today.
Operator: Thank you. This does conclude today’s conference call. Thank you for participating. You may now disconnect.
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