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Buyout firms TA Associates and Warburg Pincus have hired investment bank William Blair to advise Procare on its sale process that is expected to launch after Labor Day, the sources said, requesting anonymity because the matter is confidential. It sold a part of its stake in the company to Warburg Pincus in 2018.
While we continue to maintain strong credit ratings, a solid balance sheet, and long-term earnings growth outlook of 4% to 6%, our earnings guidance for 2024 reflects a combination of lag related to our capitalinvestments and inflationary pressures that we are experiencing simultaneously. We reported net income of $44.6
The sale represents an attractive exit from what has been an excellent investment for our shareholders. With this sale, we've recycled nearly $9 billion of cash flow since 2018, which is well in excess of our total investment in the facility, inclusive of the export project construction costs of approximately $4 billion.
We launched da Vinci SP in Q3 of 2018 and the installed base now stands at 243. As a reminder, given recent and ongoing capitalinvestments, we expect a significant increase in depreciation expense in 2025 as we bring online additional facilities. And we're coming off a very heavy investment period.
We delivered $36 billion of earnings, strong cash flows, and a 15% return on capital employed. Darren, 2018 was a long time ago, obviously, and a lot has changed since you pushed the doubling of cash flow from 25 to 27, including much greater and perhaps faster progress in Guyana. Results are clear. Good morning, everyone.
Combined with the $252 million of common unit repurchases over the same period, our total capital return was $4.8 We returned roughly $1 billion more than our growth capital expenditures were for the same period. Total capitalinvestments in the third quarter of 2024 were $1.2 You sort of saw the same thing in 2018, 2019.
Depreciation and amortization for the quarter was $3.8 This quarter marks the lowest level of leverage the company has maintained since the end of 2018, and we anticipate the leverage ratio will continue to improve during the remainder of 2024. million, flat compared to last year -- last quarter. EBIT ex-items for the quarter was $16.4
Rental expense and depreciation improved year over year. It takes time to build to have the effect because little do people remember Crazy Thursday start from back to 2018. And also, in terms of depreciation and also as we work down our capitalinvestment per store, that's also very sustainable, I think.
This new action will offset about $1 billion in depreciation and amortization, which means that relative to 2022, our automotive fixed costs will be down $2 billion on a net basis as we exit '24. I think most powerful examples of the benefits of the investment we made starting in 2018 on the Ultium platform.
Most of the increase relates to product produced before 2018. We also expect savings from the capitalinvestments we made in Monterey, Vietnam, and Roseau, which include new paint systems and back shop vertical integration. The majority of these costs are associated with products that are back before 2018.
This temporary delay impacted the first and second quarters, reflected as a higher working capitalinvestment in accounts receivable. Capital expenditures during the second quarter were $27.8 one time related to depreciation that we don't expect to repeat. million or 4.4% of revenue. It was a non-cash add back.
The Canadian dollar depreciated against the U.S. This had a positive impact on investment returns with a foreign currency gain of $25 billion. Transaction Highlights Following the Year-End Invested US$20 million in PT Samator Indo Gas Tbk, the largest industrial gas company in Indonesia, alongside CVC Capital.
However, when crypto crashed in 2018, Coreweave pivoted and now provides data centers made for supporting generative AI workloads. Without Coreweave, many companies would be faced with building their own infrastructure, which is a significant undertaking and capitalinvestment. Image source: Getty Images.
And management expects even faster growth in the quarters ahead as its big capitalinvestments in data centers come on line later this year. For the first time since 2018, Buffett decided not to buy back a single share of his company's stock in the third quarter of 2024.
The outlook for capitalinvestment, depreciation and amortization, and R&D expenditures for FY '25 remains unchanged. However, in retrospect, in the golden week holiday period, we had a swing to the yen depreciation. I'm not too sure if that is good enough to contain the yen depreciation potential.
The increased revolver size is a reflection of the substantial growth in our company since the last upsize in 2018, which was prior to the Charles Machine Works acquisition. And tw sides of that, so the national rental people had done some capitalinvestments over the last several years. So their fleets are relatively more new.
During the call, Jim, John, and Devina will discuss operating EBITDA, which is income from operations before depreciation and amortization. Fish -- President and Chief Executive Officer But we're still on track, though to -- we said last quarter, we expected by the end of this year, we would have spent about 75% of the total capital.
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