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In the quarter, we continue to execute against our strategy that is driving long-term growth and shareholder value. We're very pleased with Enact's operational strength's capital levels and consistent shareholder distributions. Our first priority is to create shareholder value through Enact's growing market value and returns.
billion at the beginning of 2013 and from $856 million at the end of 2023. Our first priority is to create shareholder value through our approximately 81% ownership stake in Enact. We've achieved 87% of the MYRAP's total projected value as of December 31st, reducing our future realliance on rate increases.
Companies that pay a regular dividend to their shareholders tend to be profitable on a recurring basis and time-tested. A 2013 report from the wealth-management division of JPMorgan Chase found that companies initiating and growing their dividends generated an annualized return of 9.5% between 1972 and 2012.
As noted at our analyst day in late 2023, in our previous earnings call, our story is about the value of long-term strategic decision-making, underpinned by differentiated technology and business model, which endeavors to drive value creation for our shareholders and partners. Net sales in the third quarter were $0.9
Very few public companies offer monthly dividends, and the ones that do are typically real estate investment trusts (REITs) because they are legally required to pay out 90% of their taxable earnings to shareholders. The company first issued a quarterly payment in 1998 and transitioned to a monthly distribution in 2013.
These are really exciting times for us, our shareholders, and our LPs. Since inception in 2013, when the company was formed by Fortress to take advantage of price dislocations created by higher capital requirements at the banks, we have executed on that plan. Capital requirements in the banking system are headed higher.
billion in operating cash flow from equipment operations at shipment volumes below midcycle levels is indicative of the structural improvements we've made, enabling continued reinvestment in the business and significant cash return to shareholders. billion to shareholders via dividends and share buybacks.
Our quarterly study of updated paid and case reserve loss and loss expense data for our commercial casualty line of business considered how fourth-quarter incurred amounts were higher than we expected, especially for the general liability coverages for older accident years. I'll conclude with a few capital management highlights.
Looking back on the past decade, our revenues have scaled up significantly by 16 times from 69 billion RMB in 2013 prior to our listing, to over 1 trillion RMB last year. Our non-GAAP net income attributable to ordinary shareholders has expanded by an even more impressive 157 times from 224 million RMB to 35 billion RMB. billion U.S.
We completed the previously announced acquisition of the Management Contract of Great Ajax, which was a residential mortgage REIT, which is now we're going to transition that into an opportunistic commercial mortgage REIT, which will help generate fee-related earnings for shareholders as we reposition the company and grow it.
Combined with our annualized dividend yield in excess of 5% our shareholders owned a total operational return of over 11%. Furthermore, from a risk management perspective, we view these credit investments as a prudent, natural hedge to the inherent rate exposure as we have on the liability side of our balance sheet.
To be clear, this is not just in size but more importantly, excellent risk-adjusted returns for our shareholders and LPs. The company started in 2013 at Fortress to take advantage of dislocations in the MSR market as banks were selling MSRs to Basel III capital constraints. So, we started the business with $1 billion of equity.
EOG is off to a great start in 2024, both delivering value directly to our shareholders and investing in future value creation. Our robust cash return to shareholders continues to demonstrate our confidence in the outlook and value of our business. Ezra Yacob -- Chairman and Chief Executive Officer Thanks, Pearce.
billion of capital to our shareholders in the second quarter, including common stock purchases of $1.1 To step back for a minute, I joined American Express 10 years ago in 2013 because I was excited about the long-term growth prospects for the company. And looking forward, we continue to see opex as a key source of leverage.
We continue to focus on delivering value for our shareholders as we capitalize on the implementation of our durable operating model, the industry's gradual recovery in our strategic progression as a sleep wellness technology company. So we'll continue to compete aggressively. You'll see us be leaning in and thanks for your thoughts.
I remain highly confident in our strategy and optimistic about our future and the ability to drive long-term value for shareholders. Brands are our best opportunity to drive faster growth, higher margin, and stronger returns, and is the most effective way to generate long-term shareholder value. We will now move to your questions.
I always look forward to these opportunities to connect with our shareholders and share with you the exciting developments at FiscalNote. And we're prepared to obviously continue to review all options that are available to us to try and drive value for our shareholders. No, I appreciate the question. And so, our board sees that.
I am not the first person to make this comparison, but it sounds and acts a lot like Scarlett Johansson's voice-only character in the 2013 Spike Jones movie Her. For those listening, it's just the assets minus the liabilities. It can analyze math problems through a video feed.
in which CPPIB is the largest shareholder , announced it would spend US$4.7-billion Yet CPPIB voted against climate-related shareholder resolutions at Imperial Oil Ltd., Between 1983 and 2013, he was the Alfred P. Sloan Professor of Atmospheric Sciences at MIT where he earned emeritus status in July of 2013. Enbridge Inc.
Booking.com first became a WEX customer in 2013, and we now process payments for Booking.com in more than 20 currencies. We continue to do share repurchases as an important and attractive element of our capital allocation strategy, underscoring our commitment to drive shareholder value. Next, I would like to turn to cash flow.
On the liability side, current liabilities decreased by TWD 62 billion, mainly due to the net decrease of TWD 87 billion in income tax payable as we pay TWD 120 billion for 2022 income tax, offset by TWD 33 billion accrued tax payables for the second quarter. For 2023, TSMC's shareholders will receive a total of TWD 11.25
Our goal is to recapture profitable sales, traffic, and market share gains by expanding what makes Target different and better for our guests, amplifying our appeal to consumers beyond our existing guest base and reinforcing the innovation and investment that drive durable and consistent results for our business and shareholders.
Note: This post was originally published on October 18, 2013, on the MarketingProfs blog , but it remains relevant today. His annual letter to Berkshire Hathaway’s shareholders relies heavily on plain language. You edit their text, but the execs put the jargon and long-winded, indirect language back in.
We've continued to expand our asset portfolio, increasing our extensive pipeline network to more than 50,000 miles from approximately 30,000 miles in 2013 and adding nearly two Bcf per day of natural gas processing capacity and three fractionators. So, it will give us more opportunity for shareholder return.
Since 2013, Randy Travis had aphasia, a condition that limits its ability to speak and sing. And of course, we also continue to return capital via the dividend to shareholders. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Both teams are excited to share how we'll create greater value for our customers and shareholders alike. With over $100 billion in debt reduction behind us and $7 billion return to shareholders in 2023, we remain fully focused day-in and day-out on using lean to improve how we serve our customers and deliver value for shareholders.
This decrease was primarily driven by the net decrease of tax liabilities, including the settlement of the 2013 through 2016 U.S. In early 2023, we completed the $5 billion share repurchase program initiated in late 2022 and, in combination with our dividend, returned over $14 billion to shareholders last year. versus 16.2%
Good morning fellow shareholders, and welcome to our Q1 call. In 2013, we were a $400 million bank with $50 million in capital. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Chip Mahan -- Chairman and Chief Executive Officer Thanks, Greg.
We had a total shareholder return of 46% for 2023. The bankruptcies overall in both 2022 and 2023 were at their lowest levels since 2013, which is consistent with our significantly reduced tenant watch list. Frankly, that's a gem from the two assets that we acquired back in the 2012, 2013 time frame. for the year. for the year.
But if you're deploying capital inside of your forward AFFO yield, it's not going to work and it's going to drive no shareholder accretion on an AFFO per share basis. And so, we're not going to be out there collecting nuts, growing our denominator, not driving per share value and per share growth for our shareholders.
On Frank coming back, Frank was -- had been in the business from 2013. We're being responsible from a business leadership standpoint for our shareholders in this specific situation. So what we're doing is funding that, being responsible to our shareholders, but not losing our enthusiasm on what we think are opportunities in the future.
It's been an honor to work for you, for the board, for our shareholders, and to work with this great management team that we have around the table. There's still a -- you know, we've gone through over the last couple of years the original legacy contracts from back in 2013, 2014. Steve Kean -- Chief Executive Officer Thank you, Rich.
And, you know, Jamie has been on the record for, you know, over a decade, I think, over many shareholder letters talking about, you know, how he thinks about price and buybacks and valuation, and, you know, price is a factor. I mean, when I asked Jamie at the 2013 Investor Day, you know, would it make sense to have 13.5%
We returned $22 million to shareholders in the form of stock buybacks and dividends. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Now, I'll turn it back over to Rob. Rob Willett -- President and Chief Executive Officer Thanks, Nathan.
To illustrate this point, Slide 4 shows our organic tower revenue growth since 2013. Zooming back out to the consolidated level, we're consistently looking to deliver the highest risk-adjusted returns for our shareholders. Our strategy has delivered growth and driven improvements on both the risk and the return side of the equation.
We also returned over $800 million in cash to shareholders through dividends and share repurchases during the quarter, reflecting the structural improvements we've made this cycle over the last. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
After acquiring Moritex, we have sufficient capital to continue to support our organic growth objectives and M&A plans and for continuing to return capital to shareholders through stock buybacks and dividends. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
I've been with the company since 2013, and my favorite style is the SKX Float from our Skechers Basketball line. We also continued to return value to our shareholders through a repurchase of approximately 5.2 Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
We have the right strategy, the right team, and the right assets to deliver exceptional experiences for our guests and strong returns for our shareholders. As I think about this portfolio optimization, we've done this in the past on the Cedar side, certainly sold two small water parks in 2012, 2013. That concludes our prepared remarks.
Though, when I was there, there were sort of interconnected shareholdings that were joining the different branches together. But anyway, I put them all together and it looked — that speculative sentiment was very inflated in 2013. So they’ve now all been drawn together. I can’t quite remember what they were.
You've got your two sides your assets and your liabilities plus equity on the right side, on the left side with assets. Funny thing is, liabilities are typically worth a dollar for a dollar. But you add those three things together and divide by all current liabilities. I also like to go through the balance sheet.
Now, that the final transaction associated with the business review is complete, let me start by saying that we have repositioned Dominion Energy to provide compelling long-term value for shareholders, customers, and employees. Since 2013, we've averaged around 15 data center connections per year.
Our prepared remarks today are meant to build on the information in our shareholder letter, which was published at investor.axon.com after the market closed. But I think, you know, I wrote, I believe, in our shareholder newsletter last year or so. Welcome to our third-quarter earnings call. Thank you so much for joining us.
We invest first, either to scale strategic growth initiatives or drive operational efficiency, and then return excess cash to our shareholders through a combination of dividends and share repurchases. billion to our shareholders through a combination of dividends and share repurchases. In 2023, we returned over 4.5
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