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You can calculate your net worth by adding up the value of all that you own, such as your cars, house, the cash in your bank account , and other personal possessions, and then subtracting all of your obligations, like your mortgage and credit card balances. Pay down debt Reducing your liabilities is another great way to grow your net worth.
million, producing a core EBITDA margin of 11% and a trailing 12-month return on invested capital of 8.4%. Questions & Answers: Operator [Operator instructions] The first question today comes from Sathish Kasinathan with Bank of America. Sathish Kasinathan -- Bank of America Merrill Lynch -- Analyst Yeah. Thanks Paul.
A faulty software update by the cybersecurity specialist led to an IT outage that impacted customers around the world, from airlines to banks to hospitals, causing business for many of them to screech to a halt. All of these figures are extremely positive; they show that CrowdStrike is making wise investments and benefiting from them.
Two additional key performance indicators that management will be discussing on this call are net asset value, or NAV, and return on equity, or ROE. NAV is defined as total assets minus total liabilities and is also reported on a per share basis. So, it hasn't deterred us from investing but we have seen some pressure there.
Operator instructions] And our first question will come from the line of Vivek Arya with Bank of America. Vivek Arya -- Bank of America Merrill Lynch -- Analyst Thanks for taking my question. Vivek Arya -- Bank of America Merrill Lynch -- Analyst Thank you. And that will come from the line of Ross Seymore with Deutsche Bank.
For example, we are launching Neutrogena Collagen Bank in the U.S., To build demand before products arrive in store, Collagen Bank first launched on TikTok shop, the first for Neutrogena. Operator instructions] Our first question comes from the line of Anna Lizzul with Bank of America. And with that, we will take your questions.
times or said another way, a return on investment of 41% for a property, the Cosmopolitan of Las Vegas, that is now the youngest in our Las Vegas portfolio with the attending low capex requirement. Operator And our next question will come from Shaun Kelley with Bank of America. Carlo Santarelli -- Deutsche Bank -- Analyst OK.
We are encouraged to see that this new user cohorts are purchasing bigger basket sizes than older cohorts, giving us better returns on investments and improving our unit economics. Sachin Salgaonkar -- Bank of America Merrill Lynch -- Analyst Hi. Proprietary data from Shopee also allows us to better underwrite risk.
Andreas Joelsson -- Carnegie InvestmentBank -- Analyst Thanks a lot and good morning, everyone. Andreas Joelsson -- Carnegie InvestmentBank -- Analyst Could I have a follow-up on that maybe on that contract? Andreas Joelsson -- Carnegie InvestmentBank -- Analyst Thank you. Andreas, your line is now open.
Normalized software and services revenue grew 5% as we continue to onboard new and existing customers to our commerce and digital banking platforms. Sainsbury's is a great example of how a customer can realize a fast payback on its investment when converting to the platform. Today, 13 of the 15 largest retail banks in the U.S.
In particular, we are very excited to announce signing our first consumer lending deal with an enterprise bank in the United States, an over $200 billion institution. mortgage business in the quarter came with our first cross-sell to a regional bank in the U.S. A pivotal win for our U.S. Turning to our international business.
Operator The next question is from Richa Harnain with Deutsche Bank. Richa Harnain -- Deutsche Bank -- Analyst Hey, everyone. As I stated in my prepared remarks, we're planning to stay within that area of investment not only in FY '26 but for the immediate years beyond. Please go ahead. I did a little homework. Please go ahead.
But taken all together, we continue to invest in this business, see it as a growth engine for the company and over time, look forward to 10% to 15% annualized growth here. Our next question comes from Adam Ron with Bank of America. Adam Ron -- Bank of America Merrill Lynch -- Analyst Hey. Operator Thank you. Your line is open.
Operator Your next question comes from Dariusz Lozny with Bank of America. Dariusz Lozny -- Bank of America Merrill Lynch -- Analyst Hey, guys. So, you know, we're going to continue to invest in the business, but we're also mindful of where we're spending money and just given all the moving parts right now. Thanks, Nelson.
Customers are gravitating to Q, and we already see companies like Brightcove, Bridge Telecom, Datadog, GitLab, GoDaddy, National Australia Bank, NCS, Netsmart, Slalom, Smartsheet, Sun Life, Tata Consultancy Services, Toyota, and Wiz using Q, and we've only been in beta until today. We create capacity very carefully for our customers.
Our enterprise AI platform, Vertex, helps customers such as Deutsche Bank, Kingfisher, and the U.S. The increase in R&D was driven primarily by compensation, which was affected by lapping a reduction in valuation-based compensation liabilities in certain Other Bets in the second quarter last year followed by depreciation.
Our next question comes from Jessica Reif Ehrlich with Bank of America Securities. Jessica Ehrlich -- Bank of America Merrill Lynch -- Analyst Thank you. It has terrifically high guest satisfaction scores, which create layers of advantage, which suggests we should be able to stain -- sustain high margins and high returns on investment.
This resulted in higher realized iron ore premiums, but more importantly, higher margins and returns on invested capital. Operator Our next question comes from Caio Ribeiro from Bank of America. Caio Ribeiro -- Bank of America Merrill Lynch -- Analyst OK. Please, Mr. Ribeiro, your microphone is open. Good morning.
With strong cash generation, we continue to progress our balance sheet back toward investment-grade metrics and announced a 50% increase to our quarterly dividend. We delivered a return on invested capital of 13%, 5 points above our cost of capital and in the top half of the S&P 500. Your line is live. Operator Thank you.
And with activation in the same platform, the marketing team is now easily able to target with greater efficiency, deliver more personalized experiences across channels, and measure impact with greater precision, all resulting in higher return on investment. The next question comes from Koji Ikeda of Bank of America.
As a combination of all of these factors, these travelers have a much higher return on investment and ultimately drive more profitable and faster growth as they stack up over time. Operator Your next question comes from the line of Lee Horowitz from Deutsche Bank. Lee Horowitz -- Deutsche Bank -- Analyst Great.
Your next question is coming from Anna Lizzul from Bank of America. Anna Lizzul -- Bank of America Merrill Lynch -- Analyst Hi. Anna Lizzul -- Bank of America Merrill Lynch -- Analyst I was wondering if you can comment on market share. Anna Lizzul -- Bank of America Merrill Lynch -- Analyst Thank you. Operator Thank you.
These required significant investment and the markets have not seen the growth in profitability we had expected over the past several years. We see an opportunity to shift these resources toward strategic areas that have a higher potential return on investment, and we continue to drive toward our goal. So we continue to push.
It's Lawson Winder from Bank of America. You made a comment when you were talking about the Fourmile vend-in that as long as a joint venture meets a return on invested capital, did you mean the Fourmile meeting the return on invested capital, or the joint venture itself, the whole Nevada Gold Mines? Anita again.
With lower capex and higher free cash flow, we returned nearly $4 billion to stockholders. And we meaningfully improved our return on invested capital. Operator And our next question will come from Ken Hoexter with Bank of America. Ken Hoexter -- Bank of America Merrill Lynch -- Analyst Great. a year early.
billion, and we delivered a return on invested capital of nearly 14%, putting Delta's returns in the top half of the S&P 500. Your next question is coming from Mike Linenberg from Deutsche Bank. Mike Linenberg -- Deutsche Bank -- Analyst Hey. Mike Linenberg -- Deutsche Bank -- Analyst OK.
As a result, the new integration will position both of our companies to expand market share, streamline benefits, and drive higher return on investment for joint clients. Our next question comes from the line of Koji Ikeda with Bank of America. So, it's a really, really good return on investment. Please proceed.
This business performed incredibly well again in 2024, delivering low teens growth launching new products and driving a great return on investment. In concluding my comments on our total company performance, adjusted ROIC was 11.6%, reflecting the strong returns on investment that we're generating across the company.
See the 10 stocks *Stock Advisor returns as of August 1, 2023 Before we begin, I would like to note that Jean Hu will attend the Jefferies Semiconductor, IT Hardware, and Communications Summit on Tuesday, August 29, and the Deutsche Bank Technology Conference on Thursday, August 31. So, we have optimized it.
Our capital investment programs ensure that we will continue to be the market leader in the years ahead. Our investments position us to grow faster than the market over the long term to grow our share of EBITDA in the market and to generate industry-leading returns on invested capital. Operator Thank you. It's accurate.
Operator Our next question is from Bhavin Shah with Deutsche Bank. Bhavin Shah -- Deutsche Bank -- Analyst Great, thanks for taking my question. We do what creates value for our clients and drives the return on investment. Operator Our next question is from Adam Bergere with Bank of America.
When we think about the impact of promotional spend to gross margin, we always look at all activation and investment with an eye to return on investment. So when we think about how we deploy our promotional spend, as well as for media, we look at how we can maximize the spend in investable propositions. Your line is open.
Cracker Barrel needs to leverage their brand before it becomes a liability. Whatever new offerings they're trying to do, they're trying to make sure that those offerings have a certain amount of return on investment, are generating cash flows after a certain amount of time. What say you? APY on your cash, check out public.com.
And the first question today is coming from Carlo Santarelli from Deutsche Bank. Carlo Santarelli -- Deutsche Bank -- Analyst Hey, guys. Carlo Santarelli -- Deutsche Bank -- Analyst Great. Carlo Santarelli -- Deutsche Bank -- Analyst Great. The next question is coming from Shaun Kelley from Bank of America.
And your first question comes from the line of Vivek Arya with Bank of America Securities. As you may know, there's a pretty heated debate in the market on your customers and customers' customers return on investment and what that means for the sustainability of capex going forward. That's a tremendous return on investment.
Recycling capital in this way keeps our portfolio competitive, lower its capital expenses, and accelerates our return on invested capital, driving long-term core FFO growth. Operator And your next question today will come from Jeff Spector with Bank of America. So, banks are stronger. billion of apartments and sold 3.8
Operator instructions] Our first question comes from the line of Stephen Powers of Deutsche Bank. Steve Powers -- Deutsche Bank -- Analyst Yes. Steve Powers -- Deutsche Bank -- Analyst OK. Steve Powers -- Deutsche Bank -- Analyst OK. Our next question comes from the line of Anna Lizzul of Bank of America.
Our first questions come from the line of Anna Lizzul with Bank of America. Anna Lizzul -- Bank of America Merrill Lynch -- Analyst Hi. Anna Lizzul -- Bank of America Merrill Lynch -- Analyst Thank you. Anna Lizzul -- Bank of America Merrill Lynch -- Analyst Great, thank you. Steve Powers -- Deutsche Bank -- Analyst OK.
So far this year, we've realized nearly $3 billion in gross proceeds from bottler refranchising and streamlining our equity investments. Return on invested capital is 24%, up approximately five points from three years ago. Operator Our next question comes from Bryan Spillane from Bank of America. Please go ahead.
Operator Our next question comes from the line of Andrew Obin with Bank of America. Andrew Obin -- Bank of America Merrill Lynch -- Analyst Hi, guys. Andrew Obin -- Bank of America Merrill Lynch -- Analyst Congratulations on a great quarter. Andrew Obin -- Bank of America Merrill Lynch -- Analyst Terrific. Good morning.
During the quarter, we closed transactions with leading organizations of all sizes, such as Commerce Bank, Samsung, BambooHR, Sonesta Hotels, Bentley, Clari, and Premise Health. The driving force behind Copilot's adoption is the measurable return on investment it offers. Our net leverage ratio is 2.3 I think that makes sense.
It's fun to actually watch a client enact it and be able to trust the system and watch what it can do for them, because that's really what it's about is the return on investment that they're achieving, and being able to do something that they couldn't do anywhere else. Bhavin Shah -- Deutsche Bank -- Analyst Great.
Our three-year EBITDA margins and return on invested capital are above the peer median with return on invested capital, 200 basis points above our 13% target across the economic cycle. Questions & Answers: Operator Your next question comes from the line of David Begleiter from Deutsche Bank. Please go ahead.
We generated free cash flow of $2 billion while investing 5.3 Return on invested capital was 13.4%, a 5-point improvement from 2022. Return on invested capital improved to 13.4%, up 5 points over 2022. Operator instructions] Your first question is coming from Michael Lindenberg from Deutsche Bank.
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