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And finally, it has enabled the consistent and predictable takedown of just in time delivered fully developed home site, and that has attracted capital to the structured land banking partnerships that have driven the nearly $20 billion of transaction that have enabled our land-light transformation to date. years down from 1.4
Latham & Watkins has made a double partner hire, with Fergus Wheeler and Paul Yin joining the London office within the Banking Practice. Wheeler and Yin regularly advise on all aspects of acquisition financing, rescue financing, restructurings, liability management solutions and cross-border special situations lending.
And that was right decision at the time for us, but one of the reasons is not only were interest rates climbing at that time, but as we all recall, there was a -- what turned out to be a rather somewhat small banking crisis at the time, felt like it could, you know, maybe possibly balloon into something larger. Please go ahead.
Operator And our next question will come from Shaun Kelley with Bank of America. Shaun Kelley -- Bank of America Merrill Lynch -- Analyst Hi. Shaun Kelley -- Bank of America Merrill Lynch -- Analyst That's super helpful color. Shaun Kelley -- Bank of America Merrill Lynch -- Analyst Really encouraging. Joe Greff -- J.P.
Additionally, the Cosmopolitan of Las Vegas was transitioned to MGM Rewards, and these regular capitalinvestments into our resort operations drive continued guest visitation and increased spend. The first question today is from Shaun Kelley with Bank of America. Please go ahead. Shaun Kelley -- Analyst Hi. Please go ahead.
In addition, we have diversified funding sources such as innovative asset-backed lending products and our digital banks in local markets that give us that give us access to retail deposits. Regarding the second questions, regarding the question on the logistic investment. In the third quarter, our loan book grew over 70% year on year.
We have maintained strong credit discipline and driven significant operating efficiencies in the company while investing heavily to build a risk and control infrastructure appropriate for a bank of our size and complexity. We continue to hire proven leaders in our corporate investmentbank. Turning to expenses on Slide 7.
Total capitalinvestments in the second quarter of 2023 were $784 million, which included $683 million for growth capital projects and 101 million of sustaining capital expenditures. Our next question comes from the line of Neel Mitra with Bank of America. Neel Mitra -- Bank of America Merrill Lynch -- Analyst Hi.
Operator instructions] Our first question comes from Mike Linenberg, Deutsche Bank. Mike Linenberg -- Deutsche Bank -- Analyst Oh, yeah. Mike Linenberg -- Deutsche Bank -- Analyst Oh, great. Mike Linenberg -- Deutsche Bank -- Analyst OK, great. Operator Our next question comes from Andrew Didora, Bank of America.
Normalized software and services revenue grew 5% as we continue to onboard new and existing customers to our commerce and digital banking platforms. Our digital banking segment demonstrated strong financial and operational performance this quarter. Today, 13 of the 15 largest retail banks in the U.S. Let's move on to Slide 8.
And with Viva, we have created a new market category for employee experience, helping companies like Dell, Lloyds Banking Group, and PayPal build high-performance organizations. It speaks to the pace at which we are delivering AI revenue with the increasing cost expense and capitalinvestment ahead with the demand we see.
We also discussed our strategic objectives beyond 2026 of targeting a production platform of 600,000 gold equivalent ounces per year with line of sight until at least 2030, as well as our pipeline of opportunities and exploration upside to extend mine lives well into the next decade with very modest capitalinvestment. Please go ahead.
After several years of little to no growth, as we focused on satisfying the requirements of our consent orders, we are starting to generate growth and increase customer engagement in our consumer, small, and business banking segment. We have targeted our investmentbanking capabilities toward our commercial banking clients.
We remain equally confident in our business strategy to invest in both the quality and scale of our market-leading assets in Macao. Our capitalinvestment programs ensure that we will continue to be the market leader in the years ahead. We have now commenced the next phase of our capitalinvestment program at Marina Bay Sands.
We continue to generate strong fee-based revenue growth with increases across most categories compared to a year ago due to both the investments we're making in our businesses and favorable market conditions with particular strength in investment advisory, trading activities, and investmentbanking.
First, are banks going to require loan payoffs or are they going to allow borrowers to extend? If banks call loans, there will be over $400 billion of maturities that need to be refinanced off bank balance sheets in 2024. million investmentbanking transaction. Turning to segments and starting with Capital Markets.
Smart capital continues to guide the pace and breadth of our global capacity expansion, and our new operating model has uncovered opportunities to build and utilize manufacturing capacity more efficiently. Questions & Answers: Operator Certainly, our first question comes from the line of Vivek Arya from Bank of America Securities.
Given the shrinking margins and significant capitalinvestment required to maintain a presence in this market, we have elected to exit the Medicare individual Part D market on January 1, 2024. Operator Your next question comes from the line of George Hill with Deutsche Bank. George Hill -- Deutsche Bank -- Analyst Yeah.
as customers direct their capitalinvestments to AI and accelerated computing. Vivek Arya -- Bank of America Merrill Lynch -- Analyst Thank you. Going forward, the best way to invest in a data center is to divert the capitalinvestment from general-purpose computing and focus it on generative AI and accelerated computing.
For the quarter, capital expenditures were 4.6 billion, with capitalinvestments of 5.6 Full year capitalinvestment was 23.6 billion as we continue to invest in 5G and fiber at historic levels. Another impact to free cash flow is lower capitalinvestment. of other headwinds. Please go ahead.
This brings me to our final priority, which is our deliberate and balanced approach to capital allocation. As we indicated would happen, our capitalinvestment levels have come down over the years as we move past the peak of our 5G rollout. Capitalinvestment for the quarter was $4.6 Capital expenditures were $3.8
We accomplished this by both negotiating option deals with landowners and developers, and we also -- and also creating structured land bank strategies, often with private equity capital. Private equity capital can be fickle. Next, I'll discuss our land-light strategy. In the first quarter, about 80% of our $1.6 years from 1.9
Total capitalinvestments in the first quarter were $1.1 billion, which included $875 million for growth capital projects and $180 million of sustaining capex. We expect growth capital expenditures for 2024 and 2025 to be in the range of $3.25 And our next question comes from the line of Neel Mitra from Bank of America.
See the 10 stocks » *Stock Advisor returns as of August 6, 2024 Questions & Answers: Operator [Operator instructions] Today's first question comes from Jessica Reif Ehrlich with Bank of America. Jessica Ehrlich -- Bank of America Merrill Lynch -- Analyst Thank you. Please go ahead. Next question, please. Please go ahead.
Operator Our next question comes from Shaun Kelley from Bank of America. Shaun Kelley -- Bank of America Merrill Lynch -- Analyst Hi, good afternoon, everyone. Shaun Kelley -- Bank of America Merrill Lynch -- Analyst Thank you very much. Operator Our next question comes from Carlo Santarelli from Deutsche Bank.
And with our disciplined approach to capitalinvestment and focus on free cash flow, Delta is exceptionally well positioned to further strengthen our balance sheet and deliver significant shareholder value. Your next question is coming from Mike Linenberg from Deutsche Bank. Mike Linenberg -- Deutsche Bank -- Analyst Hey.
For travelers, we provide the ability to pay in many different methods, and we can offer discounts, incentives and other merchandising opportunities for our supplier partners, our merchant offering enables us to take fraud liability from our partners as part of the services we provide reduces cancellation rates versus the agency model.
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.
We continue to take a disciplined approach to deploying capital with a focus on projects which drive long-term sustainable net earnings growth while remaining committed to our investment-grade debt rating, increasing our dividend over time subject to board approval and returning excess capital to shareholders when we are able to do so.
This generates sustainable net earnings growth and increases in cash flow, which supports capitalinvestments to grow the business, which in turn creates more jobs for associates and more career opportunities and enables us to return excess capital to shareholders. We expect capitalinvestments for 2024 to be between $3.4
It allows us to actually achieve these higher rates of throughput within the existing facilities without having to spend additional capital. So as always, there will be capital spend on replacing certain machine tools, etc. Operator Your last question comes from the line of Saurabh Pant of Bank of America. Thank you very much.
The commitment from our relationship banks allows us to sustain our financial policy of a minimum $3 billion in liquidity while deploying incremental cash for further high-return investments, including share repurchases. Operator The next question comes from Carlo Santarelli with Deutsche Bank. Please go ahead. Thank you, all.
More broadly, Windows 11 active devices increased 50% year over year, and we are seeing accelerated adoption of Windows 11 by companies like Carlsberg, E.ON, National Australia Bank. And in H2, we expect Azure growth to accelerate as our capitalinvestments create an increase in available AI capacity to serve more of the growing demand.
This underscores our confidence and the returns will be generated by our capitalinvestment programs in our portfolio. LVS has invested $15 billion in Macao, which is the most important land-based market in the world. And the first question today is coming from Carlo Santarelli from Deutsche Bank. Thank you for that.
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
And third, it has enabled the consistent and predictable takedown of just-in-time delivered, fully developed home site that has attracted capital to the structured land banking partnerships that have driven the nearly $20 billion of transactions that have enabled our land life transformation to date. billion revolving credit facility.
On the cash front, we will continue to work to reduce our working capitalinvestments and drive some further reduction in inventory as we move through the year. Operator Your next question comes from the line of Tal Liani from Bank of America. Tal Liani -- Bank of America Merrill Lynch -- Analyst Thank you.
billion in capitalinvestment expected to be completed this year. We have considerable amount of growth capital underway. We increased our distribution 25 consecutive years at an approximately 7% compound annual growth rate, and we've returned $52 billion of capital to investors through distributions and buybacks.
Given when we acquired these communities, the capitalinvested in their development, and the rising cost of replacement projects, their inherent value is substantial. Relative to our peer group who has really went all in on land banking, land banking is expensive. The Motley Fool has positions in and recommends LGI Homes.
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 billion, which included $1.1 billion to $3.75
For the past two years, we have been partnering with a prominent bank to provide records management services for a growing volume of documents. With this customer's need to comply with regulations from the UAE Central Bank, we secured an agreement to extend our solutions. So, that's embedded in the capital. Operator Thank you.
Questions & Answers: Operator Our first question comes from the line of Andrew Obin with Bank of America. Andrew Obin -- Bank of America Merrill Lynch -- Analyst Can you hear me? Andrew Obin -- Bank of America Merrill Lynch -- Analyst Yeah, good morning. Andrew Obin -- Bank of America Merrill Lynch -- Analyst Thank you.
As we look at the quarter and where prices traded, they largely followed macro sentiment which weighed global economic data and economic pressures in China against actions by the Fed and other central banks to cut interest rates and the potential for large economic stimulus in China. But over the two years, the changes are not material.
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