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Importantly, this strong performance flows through to our bottom line as we reach an inflection point in our operating leverage earlier than anticipated. We made a strong start into leveraging our existing partnerships with global operators entering the market while expanding ties with local operators seeking additional capabilities.
The company expects to further leverage lower-cost seed-based technology by targeting approximately 20% of harvests from seeds in fiscal 2025 with monthly fluctuations between 15% and 30% depending on the cultivar requirements. From a cash flow perspective, net cash provided by operating activities was $8.9 million in the prior-year period.
In under two years, we have paid down over $8 billion of debt off our peak and significantly reduced interest expense, which, coupled with our improving EBITDA, has improved our leverage metrics tremendously. times net debt to EBITDA, closing in on our expectation to reach investment-grade leverage metrics in 2026. We achieved a 4.3
A great example is our partnership with Stagwell, which is continuing to adopt a growing number of solutions within our product suite as they are driving better results when leveraged together. Our clients can leverage this data to layer added insights onto campaigns. And Tinuiti, one of the leading performance agencies in the U.S.,
A recent productivity study found that users leveraging AI Assistant completed their document-related tasks four times faster on average. And we are seeing this leveraged by a host of other companies for everything from localization at scale to personalization at scale, to user engagement, or just raw content production at scale as well.
To that end, we are leveraging the learnings from early service engagement to develop new tools to accelerate future modernization efforts. In addition, as previously announced, we are bringing search and vector service to our community and EA offerings, leveraging our run anywhere competitive advantage in the world of AI.
There's no additional acquisition costs for clients in our ecosystem, creating even more operating leverage. The ability to leverage technology is crucial to scale, drive profitable growth, and adapt to market shifts. Let's move to the third layer that powers our ecosystem and experience technology. Thanks, Ryan, for the question.
We will leverage our strong partnerships and continue collaborating with veterinarians to expand treatment adoption, shifting away from two decades of reliance on NSAIDs. For example, in September, we announced a strategic partnership with Danone to leverage Zoetis' genetic testing capabilities and promoting sustainable dairy production.
Our Q3 adjusted EBITDA results reflect a continuation of our strong gross margin performance, our disciplined approach to cost management, and the ongoing benefits of fixed cost leverage as we scale. Like, no relative leverage from the extra week. Third quarter advertising and marketing expense was 191.8 million or 6.7% of net sales.
On the institutional side, our continued leadership in pension risk transfer was reinforced through a second transaction with IBM, this time to reinsure $6 billion of pension liabilities. We also maintain a well-diversified, high-quality portfolio and disciplined approach to asset liability management.
As disclosed earlier in the third quarter, First Solar also possesses a TOPCon patent portfolio through our acquisition of TetraSun in 2013, which we have begun to leverage as part of our ongoing efforts to develop the next generation of PV technologies. Have you fully remediated the backdrop here around the $50 million warranty liability?
The brand is set to launch and begin delivery in April, leveraging NIO's [Inaudible] network for rapid market expansion. Foreign language] And regarding your question on the efficiency improvement and also the synergies can be leveraged between two brands. Can we see a little bit breakdown into a refreshed capex guidance this year?
Adapting to and leveraging new technologies has been in our DNA from the start, and generative AI is pushing the pace of technology innovation faster than ever. in the fourth quarter was up versus last year by about 320 basis points due primarily to leverage from adjusted fixed operating expenses and marketing expenses.
Because we are a software company to the core, we're always optimizing our software capabilities, which gives us really enormous leverage. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Oracle.
who can leverage that access to optimize quality care, affordable pricing, and personalized service. As always, we are committed to managing these businesses as a closed system, leveraging their existing reserves and capital to cover future claims. This amount could increase over time with changes to liability assumptions.
We expect continued year-over-year improvement in the fourth quarter as governed by sales performance given the leverage deleverage nature of service. SG&A leveraged by 640 basis points driven by the growth and gross profit and our continued expense efficiency actions. Brian Nagel -- Analyst It's on SG&A and the leverage.
The remaining 50 basis points were driven by ROD leverage. SG&A as a percentage of net sales was 33.4%, leveraging 130 basis points versus last year's reported rate and 110 basis points versus last year's adjusted rate primarily due to lower advertising costs in the quarter. Now, let me turn to SG&A. SG&A was $1.3
We're also leveraging AI to create a more intuitive workflow and faster turnaround times to reduce frustrations for our members and provider partners. Our leverage ratio at the end of the quarter was approximately 4.7 The net result of these transactions modestly reduced our leverage ratio. billion of outstanding debt principal.
For 3D Systems, we leverage our unmatched application engineering expertise and depth and breadth of technology and our global footprint to focus on strategic industries such as the ones shown on this slide. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
life insurance companies to continue to operate as a closed system, leveraging existing reserves and capital to cover future claims and other obligations. This was driven by a liability remeasurement loss from actual to expected experience, partially offset by favorable cash flow assumption updates related to IFA approval amounts.
Leveraging our outstanding product portfolio, organizational efficiency, and continuous breakthroughs in artificial intelligence, we further solidified our position as the sales champion among Chinese auto brands in the RMB 200,000 and above NEV market, taking our full-year market share to 15.3%. The Motley Fool has a disclosure policy.
At the same time, we are leveraging other investments we made in our field force, etc., to drive operational leverage through the P&L. Is this sort of a new beginning for you guys where this can be considered a more leverageable, call it, line item going forward? So curious on the cadence. Operator Thank you.
So, the operating leverage continues to be moving in the right direction. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings.
As a point of reference, in last year's fourth quarter, we revised our prior year non-GAAP adjusted EBITDA including the third quarter to eliminate adjustments for raw material write-offs and also to correct the understatement of accrued liabilities related to contract litigation following the decommissioning of our Taiwan facility.
Please note that today's discussion will contain forward-looking statements relating to the company's future performance, which are intended to qualify for the safe harbor from liability as established by the U.S. Private Securities Litigation Reform Act. For new users, we focus on improving fulfillment rates for their first three trials.
These capital market levers allow us to deploy intelligent leverage to increase our Bitcoin holdings in a manner which we believe has created shareholder value. Leverage provides the opportunity to generate higher returns if the price increases. billion in current market value, which are held at MacroStrategy.
NAV is defined as total assets minus total liabilities and is also reported on a per share basis. And we continue to maintain very strong liquidity and a conservative leverage profile, which we believe is important in the current economic environment. Net asset value, or NAV -- or NAV, increased by $0.77 per share or 2.6%
As a reminder, we implemented several shrink-mitigating tactics in Q1 and Q2, including upgraded store talent, updated equipment, revised policies, increased leverage of exception reporting to quickly identify issues, and a third-party restitution program. Mike Baker -- D.A. Well, let's ask this.
Controllable costs per ton of finished steel shipped improved on both a sequential and year-over-year basis, helped by lower freight costs, better cost performance at our Arizona 2 micro mill, and improved fixed cost leverage across CMC's mill footprint. The adjusted EBITDA margin for the North American steel group of 12.4% compares to 13.5%
In addition to the opportunity to increase sales and ultimately realize further growth in the pOpshelf banner, we are also able to leverage learnings from this banner and apply them in our non-consumable categories in our Dollar General stores to further strengthen that offering for our DG customers. And can you just recap?
And we continue to improve our capital efficiency by leveraging technology and innovation across both our foundational and emerging assets. For 2025, we anticipate a 50% increase in Utica activity as we continue to leverage consistent operations to achieve additional economies of scale.
Our assortment decisions are leveraging deeper customer insights and linked to the strategic growth categories. Looking ahead to 2025, we will leverage the advancements made through our strategic initiatives and are sharpening our focus on execution to enhance our operational performance. The Motley Fool has a disclosure policy.
We see continued benefits from supply incentives, leverage on the operating costs and partially offset some of that tailwind by higher insurance costs, which we've talked about before. In this quarter that just closed, our EBITDA margin was 7.8% of gross bookings, and that was up 30 basis points year over year.
Our leverage was below 3.5 A lot of the great activity we've been able to do over the past couple of quarters to get our balance sheet back to pre-COVID, leverage levels as well as getting to an unsecured state. And then we also feel that where we are on the leverage is within our targets. During the quarter, we refinanced $3.5
million were 21% of revenue compared to 24% in the prior year, reflecting the improved leverage of the business from the higher revenue base. The significant increase in adjusted EBITDA was driven by higher revenues combined with the cost containment actions taken providing strong operating leverage. Operating expenses of 30.6
First, we committed to leveraging our distinctive risk capital and human capital structure to unlock new solutions that address the evolving client demand discussed earlier. billion of debt in 2024 and coupled with earnings growth, lowered our debt-to-EBITDA leverage from 4.1 Third, we paid down $2.1 billion in debt and returned $1.6
As we have demonstrated many times before, we expect to generate leverage on these investments as we scale and OG&A will decline over time as a percentage of revenue. And we expect to generate leverage as we have in the past on these investments, and we expect OG&A to decline over time as a percentage of revenue.
Additionally, we grew our platinum and diamond member base, leveraging unique incentives like exclusive and early access to key events and brand launches, gifting, and personalized offers that drive engagement. And Kecia, on the comp-store sales, is it a mid-single-digit leverage occupancy?
NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. Our regulatory debt to equity leverage calculated as total debt excluding our SBIC debentures divided by net asset value was 0.64 Just one on leverage. Net asset value, or NAV, increased by $1.08 at year-end. times and 2.1
Leverage decreased modestly for the quarter to 7.2 One of the reasons why we ended the quarter last quarter with our leverage still very low at 7.2% I think we were well positioned from a leverage perspective. So I don't anticipate us having to do anything on the leverage side. for the quarter, comprised of $0.36
reflecting our lower volume and lower average sales price leverage. In summary, the strength of our balance sheet, strong liquidity, and low leverage provides us with significant confidence and financial flexibility as we move into 2025. million shares for over $2 billion in cash. Michael Rehaut -- Analyst First, a lot of questions.
Adjusted gross margin improvement was driven primarily by lower freight costs, occupancy cost leverage from the extra week, and higher vendor allowances, partially offset by product costs inflation, unfavorable sales mix, and elevated shrink. per share negative impact, primarily from unfavorable general liability insurance claims.
Thanks to fast portfolio growth and impressive operating leverage, servicing income reached $273 million. Today with Pyro, we get a crystal clear understanding of advances within hours of reviewing the deal tape, which allows us to price the deal quickly and accurately while the seller doesn't need to worry about a tail of liabilities.
In 2025, we plan to leverage and enhance data-driven media mix model to make real-time optimizations. The deleverage from marketing was offset by disciplined expense management and leverage in corporate expenses as non-marketing adjusted SG&A declined as a percent of revenue from 43.9% million or 12.5% of revenue to $24.6
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