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This was done because management had to choose between paying the dividend or putting money to work in capitalinvestment projects that would grow the company. There's been a lingering consequence from Kinder Morgan's decision to cut its dividend for investors as the midstream sector's growth prospects have shifted.
Kinder Morgan has done a good job of balancing investments and financial discipline. It has continued to reduce its leverage and now plans to finish the year with a net debt-to-adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) ratio of just 3.9.
A capital light business What I particularly like about Etsy is its capital light business structure. Etsy doesn't have to make big capitalinvestments to store or transport goods -- sellers take care of logistics for their shops on the platform. But if you ignore Etsy for that reason, you might be making a mistake.
It developed an AI chatbot called Maya that's capable of writing quotes for prospective customers in under 90 seconds, and another AI bot called Jim, which can pay claims in less than three minutes without human assistance. The company is still in growth and expansion mode, which requires capitalinvestment.
ET EBITDA (Quarterly) data by YCharts The chart above illustrates that Energy Transfer has steadily increased its revenue, earnings before interest, taxes, depreciation, and amortization (EBITDA), and free cash flow over the last several years. Image source: Getty Images. The company's forward P/E ratio of 9.9
Year to date, we've made capitalinvestments of 15.5 million, compared to a depreciation and amortization expense of 8.9 That depreciation and amortization expense represents 57% of capitalinvested. And we're excited about the prospects of gaining business with them and, as I said, in growing that business.
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. Jairam Nathan -- Daiwa Capital Markets -- Analyst Hi.
I believe our long-term prospect as a leading innovator have never been stronger. Consistent with commentary from previous quarters, the decline in gross profit is associated with the NuVasive merger, namely step-up amortization. As a reminder, step-up amortization is expected to end during our fiscal fourth quarter.
Before we begin, I would like to remind everyone that some of the remarks that we will make today about the company's expectations, plans, and future prospects are considered forward-looking statements under the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Adjusted Q1 SG&A this year excludes $17.5
I believe our long-term prospects as a leading innovator have never been stronger with the combination of our R&D people, our deep GMED NUVA IP portfolio, and the revamped development process. Consistent with the prior year, the decrease in gross profit is largely associated with the NuVasive merger, namely step-up amortization.
These financial expectations also enable us to reaffirm our ability to achieve the upper range of our 5% to 8% DPS growth target through '26 without a need to raise external capital to meet those goals. We have also executed on a series of actions that enhanced visibility into prospects for growth above $2.15 by year-end. CAFD yield.
FPL's capital expenditures were approximately $2.6 billion for the quarter, and we expect FPL's full-year 2023 capitalinvestments to be between $9 billion and $9.5 During the third quarter, we reversed roughly $245 million of reserve amortization, leaving FPL with a balance of over $1.2 We've talked about where FPL sits.
FPL's capital expenditures were approximately $2.6 billion for the quarter, and we expect FPL's full-year 2023 capitalinvestments to be between $9 billion and $9.5 During the third quarter, we reversed roughly $245 million of reserve amortization, leaving FPL with a balance of over $1.2 We've talked about where FPL sits.
As we enter the back half of '23, we remain bullish on our full-year prospects and believe we are well-positioned to achieve continued overall record revenues for the full year. Depreciation and amortization expense increased to $1 million for the three months ended June 30, 2023, versus $0.4 million in the prior year's period.
CONFIRM is a prospective multicenter study evaluating outcomes from the integrated Ion endoluminal system and mobile cone beam CT in the biopsy of pulmonary nodules, less than two centimeters in size, 155 patients from six centers throughout the U.S. We ended Q3 with cash and investments of $8.3 were enrolled.
The adjustments between pro forma and GAAP net income are outlined and quantified on our website and include excess tax benefits associated with employee equity plans, employee stock-based compensation, amortization of intangibles, litigation charges and gains and losses on strategic investments.
These changes have transformed IGT into a company with higher growth prospects and a better profit profile. GAAP, some of these operational initiatives are requiring the capitalization and amortization of costs that were historically being expense as incurred.
FPL's capital expenditures were approximately $2.3 billion for the quarter, and we expect FPL's full-year 2024 capitalinvestments to be between $7.8 During the first quarter, we utilized approximately $572 million of reserve amortization, leaving FPL with a balance of roughly $651 million. billion and $8.8
FPL's capital expenditures were approximately $2.3 billion for the quarter, and we expect FPL's full-year 2024 capitalinvestments to be between $7.8 During the first quarter, we utilized approximately $572 million of reserve amortization, leaving FPL with a balance of roughly $651 million. billion and $8.8
Additionally, our new R&D innovation center and our First product development line announced at Analyst Day are also on track, representing an expected combined investment of $450 million. However, the year-to-date operating loss impact from the legacy systems business-related activities remains approximately $22 million.
We believe that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operating decision-making. million or 9.6% of revenue, compared to $9.9
Learn More Adding more fuel to its growth engine Enbridge recently updated investors on its growth prospects. billion in accretive new investments. Those latest additions are: Mainline capitalinvestment : Enbridge plans to invest up to $1.4 dollars) of expansion projects after recently adding another $1.7
Again, with onshore turning profitable in the quarter, with grid now profitable two quarters in a row with the prospect of being profitable, I think for the full year, that really, I think, sets us up very well. Part of that is amortization. But even if you take amortization out, it's still 130% free cash flow performance.
And they all have bright long-term prospects. But Etsy doesn't take care of the stocking and transport of items, keeping its capitalinvestments low. This allows Etsy to turn most of its adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) into free cash flow -- 90% in the recent quarter.
EBITDA = Earnings before interest, taxes, depreciation, and amortization. billion in R&D and capitalinvestments to further energy technology innovations. A share buyback and dividend declaration were also undertaken, indicating management's confidence in future growth prospects despite the current challenges.
And we've made significant investments to modernize our technology platform, including the core operating system of the auto finance business, and ongoing investments in data and analytics. The technology and human capitalinvestments required to win in prime auto are significant. basis point of NIM.
During this call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, product sales, strategy, long-term growth, and overall future prospects. I want to be clear that our goal is to outperform this guidance. Ron Kisling -- Chief Financial Officer Yeah.
We rolled out an enhanced economic model for opening and operating a Planet Fitness club that included reductions in build costs, extensions of capitalinvestment time lines and the elimination of certain fees. We made significant progress in 2024 on improving club level returns.
The decrease in deferred revenues at the legacy Cedar Fair parks reflects the annual amortization of certain long-term deferred revenue items, the elimination of transaction fees in California as a result of changes in state regulations, and lastly, a slight decrease in sales of season passes and related products, driven by two parks.
As usual, we would like to remind everyone that today's discussions may contain forward-looking statements, particularly statements about our business prospects and expected financial results, that are subject to risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements.
Additionally, for the full year, we expect depreciation and amortization of about $125 million to $135 million, interest expense of about $54 million, an adjusted effective tax rate of about 20% and a free cash flow conversion rate of about 100% of reported net income. So their fleets are relatively more new.
Turning now to capitalinvestment. We've updated our five-year capital forecast from 2025 through 2029 to $50 billion, an increase of 16% from our prior guidance. Meaningful operating cash flows, combined with a balanced mix of external financings, satisfy our capitalinvestment and dividend forecasts.
NextEra Energy offers a unique value proposition with two strong businesses that we believe are strategically positioned with outstanding prospects for future growth. We believe Energy Resources has the most comprehensive renewable energy business in the world and is better positioned than ever to capitalize on long-term growth prospects.
NextEra Energy offers a unique value proposition with two strong businesses that we believe are strategically positioned with outstanding prospects for future growth. We believe Energy Resources has the most comprehensive renewable energy business in the world and is better positioned than ever to capitalize on long-term growth prospects.
NextEra Energy offers a unique value proposition with two strong businesses that we believe are strategically well positioned to meet the growing needs of our customers with outstanding prospects for future growth. FPL's capital expenditures were approximately $1.8 FPL is the largest electric utility in the U.S.,
Our deliberate and balanced approach to capital allocation is putting us on a strong foundation to deliver attractive returns for years to come. We look forward to working with the current FCC to accelerate and advance policies and actions that stimulate investment in modernization of the U.S. billion with capitalinvestment of 7.1
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