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Investors are no longer quite as positive about funding capitalinvestments in the midstream sector despite the still vital nature of the services it provides to the global economy. The end goal was for Enterprise to replace its use of issuing equity with internal cash flow to fund more of its own capitalinvestment projects.
Global-e Online helps these retailers by offering a comprehensive suite of services that simplifies cross-border e-commerce for retailers, including currency conversion, tax calculation, shipping, customer support, and local marketing. Many retailers need help selling internationally due to the complexity of cross-border e-commerce.
While we are still finalizing capital programs beyond 2026, we are targeting annual capex spend to be in the range of approximately 12% to 13% of net revenues over the long term. We've got this $800 million pre-tax unlevered free cash flow number. With that, I'd like to turn the call over to Richard. James Hardiman -- Analyst Got it.
I know there's not just top-line growth, do I have to guess the effective tax rate for the companies I'm looking at five years from now? That is the cash that is left over after the company has paid all of its bill, made all of its capitalinvestments, made all of its investments and working capital. You can do it.
Even though same-store sales remained below 2019 levels, we saw 25% growth in revenues and 26% growth in operating profit in the second quarter compared to the pre-pandemic levels in 2019. Our effective tax rate was 24.7%. We continue to expect our full year effective tax rate to be around 30%.
Our digital mix has gone from less than 30% in 2019 to approximately 60% of our total media spend. In 2023, innovation contributed to approximately 30% of gross profit growth and our success rates have nearly tripled compared to 2019 levels. Our underlying effective tax rate for 2024 is expected to be 19.2%.
We continue to expect FPL to realize roughly 9% average annual growth in regulatory capital employed over our current rate agreement's four-year term, which runs through 2025. FPL's capital expenditures were approximately $2.6 The sale of tax credits is serving as a new source of capital funding for NextEra Energy.
We continue to expect FPL to realize roughly 9% average annual growth in regulatory capital employed over our current rate agreement's four-year term, which runs through 2025. FPL's capital expenditures were approximately $2.6 The sale of tax credits is serving as a new source of capital funding for NextEra Energy.
See 3 “Double Down” stocks » *Stock Advisor returns as of November 4, 2024 Consistent with previous reporting practices, adjusted production numbers cited in today's call are adjusted to exclude noncontrolling interest in Egypt and Egypt tax barrels. We now carry an after-tax present value liability of $1.2 per diluted common share.
Our business strategy is predicated on investing in high-quality assets that also has scale. We've designed our capitalinvestment programs to ensure that we will continue to be the market leader in the years ahead. So, we're up to about 93% recovery versus 2019 third quarter. Clearly, sequentially, that improved.
Earlier this morning, we reported our March quarter results, posting pre-tax earnings of $380 million or $0.45 billion, and we delivered a return on investedcapital of nearly 14%, putting Delta's returns in the top half of the S&P 500. Ed Bastian -- Chief Executive Officer Well, thank you, Julie, and good morning, everyone.
Bcf a day or a very small incremental capitalinvestment. We were awarded the block in 2019 and in collaboration with the Ministry of Energy, we are positive about opportunities in the country where we are the largest independent producer. However, our full year guidance remains unchanged at a pre-tax income midpoint of $1.5
These fiber-driven growth initiatives present attractive capital-efficient ways for us to provide both AT&T fiber and 5G wireless services to more customers. In addition to being the largest capital investor in the U.S. Capitalinvestment for the quarter was $5.5 Capital expenditures were $5.3
In the first half of 2023, we delivered volume growth that was consistent with our underlying performance since 2019. Our updated underlying effective tax rate for 2023 is now 19.3%. billion in capitalinvestments. income tax dispute with the IRS. And we continue to gain share. Pricing, three buckets.
Turning to our endoluminal system, we launched Ion in Q3 of 2019. As a reminder, given recent and ongoing capitalinvestments, we expect a significant increase in depreciation expense in 2025 as we bring online additional facilities. With regard to capital expenditures, we continue to estimate a range of $1 billion to $1.2
With MGM's casino segment, we will drive growth from the return of Far East baccarat play, which is still below 2019 levels. Our record adjusted property EBITDAR of $262 million was a 42% increase compared to the fourth quarter of 2019. Margins were in line with the first three quarters of the year at 27%. billion to $2 billion.
That includes the upfront recognition of unregulated solar investmenttax credits and certain gains from asset sales. billion of after-tax proceeds to reducing debt. As part of our ongoing board refreshment process, we've now added six new directors since 2019, bringing the average tenure of our 11 directors to six years.
increased 5%, reflecting a higher tax rate compared to a year ago. Nonoperating results for the quarter included $108 million of net investment gains, driven primarily by gains linked to a minority investment and unhedged seed capitalinvestments. Our as-adjusted tax rate for the third quarter was 26%.
due to a one-time favorable tax rate. million, and our effective tax rate was 16.8%. The lower-than-normal quarterly tax rate reflected the release of tax reserves due to the expiration of the statute limitations and some true-up of jurisdictional earnings mix. They said, how come 400-gig isn't taking off in 2019 or '20?
Altogether, over the first six months of 2024, our guests have already made nearly 1 billion trips to target, a number that's grown by more than 20% since 2019. As such, we still find it useful to compare relative growth rates back to 2019. Through the 12 months ending in the second quarter, our after-tax ROIC of 16.6%
That evaluation has led to operational improvements and savings, as well as a better alignment of our intellectual property ownership structure to maximize earnings power and improve tax efficiency. And 2023 for IMAX was on par with 2019, which is our best year ever. Thus, our incentives to taking that business private have decreased.
Since launching the Ion platform in 2019, on a cumulative basis, more than 100,000 procedures have now been performed. Our pro forma effective tax rate for the first quarter was 22.5%, consistent with our expectations. With regard to capital expenditures, we continue to estimate a range of $1 billion to $1.2 Turning to Ion.
The all-cash structure also eliminates the tax timing impact to IGT shareholders from the previously contemplated equity distribution. We intend to allocate the cash proceeds in a balanced manner with significant portions being used to repay debt and for returning capital to shareholders. per IGT share. This is because as a U.K.
By comparison, we project investing between 210 million and 220 million on capital projects in calendar year 2024. Additionally, for modeling purposes, we are projecting full year 2024 cash interest payments of 140 million to 150 million and full year cash taxes of 50 million to 60 million.
As we execute in 2024, we remain committed to share repurchases as a key component of our capital allocation priorities. MPC's stand-alone 2024 capitalinvestment plan, excluding MPLX, totals $1.25 Underpinning our commitment to safety and environmental performance, sustaining capital is approximately 35% of capital spend.
As seen by our meaningful per-unit profitability increase of $2,400 dollars per unit or a 185% since 2019. in 2019 on 34,000 less motorcycle unit sales and 6% revenue growth over the period. And lastly, for total HDI, we expect capitalinvestments in the range of $225 million to $250 million.
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.
Regarding the use of cash during the quarter, we spent $57 million on capitalinvestments, which was in line with expectations and consistent with our plans to invest between $210 million and $220 million for the full year. I will tell you what we're -- I'll separate down into youth groups versus corporate.
See the 10 stocks *Stock Advisor returns as of February 20, 2024 Consistent with previous reporting practices, adjusted production numbers cited in today's call are adjusted to exclude noncontrolling interest in Egypt and Egypt tax barrels. Moving to fourth-quarter results. per share.
As a result of this transaction, we recorded a pre-tax gain of $74 million and $30 million of related expenses, both of which are excluded from our adjusted results this quarter. Lastly, the adjusted effective tax rate for the quarter was 20.5%, compared to 22% in the year-ago period. With the first half of the year, we generated $1.4
Traffic growth shows that we're winning with our guests, and we're making the long-term investments that have delivered strong performance over decades. This includes capitalinvestments in our existing stores in full remodels, smaller refreshes, and layout changes to increase the efficiency of our same-day services.
We continue to expect FPL to realize roughly 9% and average annual growth in regulatory capital employed over our current settlement agreements for your term, which runs through 2025 FPL's capital expenditures were approximately $2.5 billion for the quarter, and we now expect FPL's full year 2023 capitalinvestments to be between $8.5
We continue to expect FPL to realize roughly 9% and average annual growth in regulatory capital employed over our current settlement agreements for your term, which runs through 2025 FPL's capital expenditures were approximately $2.5 billion for the quarter, and we now expect FPL's full year 2023 capitalinvestments to be between $8.5
Over the last 20 years, we have focused our investment strategy on developing a service platform that we believe is unmatched in terms of diversification and scope in our industry. We have done so by carefully allocating capital, investing in company-owned facilities, and pursuing strategic acquisitions of businesses and assets.
Our effective tax rate for the second quarter was 17.7% Capital expenditures for the quarter were $76.2 million related to investments in our retail stores and direct-to-consumer technologies, and $11.4 Our effective tax rate for the year is still expected to be between 19% and 20%. Earnings from operations were $217.7
Our year-to-date volume growth remains consistent with underlying performance compared to 2019. In 2019, digital was less than 30% of our total media spend and year to date is over 60%. Through digital campaigns with segmenting the population that's disproportionately reaching consumer where we earned higher return on investments.
We've been actively returning excess capital over the past five years, and that has resulted in average common shares outstanding decreasing by 21% since fourth quarter 2019. This was the sixth consent order terminated by our regulators since I joined Wells Fargo in 2019. Regarding our strategic priorities.
holiday shopping season being the shortest since 2019, retail sales began much earlier in October, causing the season to extend longer than anticipated. We continue to see a revenue mix shift with Google Search growing at double-digit levels while network revenues, which have a much higher tax rate declined. billion, up 8%.
Moritex's heavy exposure to electronics and semi has also negatively impacted its recent growth, but we expect to see growth in those segments rebound as capitalinvestment in equipment to support demand for chips grows over the remainder of this decade. And as a result, we reported a pre-tax loss of $8.5
Shareholders have meaningfully benefited from our capital management actions as our earnings per share are up over 50% since the third quarter of 2019, benefiting from the 22% decline in diluted average common shares over the same period. per share of discrete tax benefits. We repurchased $3.5 Turning to Slide 4.
Diluted earnings per share on a GAAP basis was $0.07, down year on year due to lower operating margins, acquisition and amortization costs, and unfavorable discrete tax items. The adjusted effective tax rate was 16% in both Q1 of 2024 and Q1 of 2023. Sequentially, GAAP diluted EPS increased 7%. Adjusted diluted EPS was $0.11, down $0.02
VC Activity ⬇️ According to PitchBook and the National Venture Capital Association, 2023 saw the lowest level of venture investment activity in the U.S. since 2019. There were approximately 15k total deals completed representing $170 billion invested (see chart 1 below).
And moving forward, we'll also benefit from the Chevrolet Equinox EV, which delivers more than 300 miles of range and will be sub $30,000 after factoring in the consumer tax credit. On capital allocation, we repurchased $1 billion of stock in the quarter, retiring another 22 million shares.
The shift hasn't, however, resulted in a higher proportion of investments going to Canada, something the federal government is trying to encourage. CPPIB's portfolio had 12 per cent in Canada as of the end of March, down from around 16 per cent in 2019, and 31 per cent in 2014. Our original investment was made in 2019.
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