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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.
By advocating for the value of the assets, Ackman was able to contribute to a bidding war for General Growth Properties. Among the problems that Ackman saw was an enormous amount of leverage. He said the company's liabilities-to-equity ratio was 139 to 1. But Ackman believed the company still had valuable assets.
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.
After a high-water mark in 2021, a year when buyers often needed to find ways to sweeten their bids in a very competitive M&A landscape, RWI has been purchased on fewer deals each year. a huge increase in post-closing indemnification claims for breach of the no undisclosed liabilities seller representation [8] ).
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. percentage points year over year. year over year to RMB 1.16
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.
Thanks to fast portfolio growth and impressive operating leverage, servicing income reached $273 million. A great customer experience leads to strong retention, which maximizes returns and makes us the best bid for acquiring MSRs. This leverage is the payoff from the intense focus on technology and operations that Jay discussed.
CMC's downstream bidding activity has remained resilient, which points to a solid pipeline of potential future projects. CMC's leverage metrics remain attractive and have improved significantly over the last several fiscal years. And then, in our order books, we are seeing a high level of bidding activity. compares to 13.5%
We're in the bid process on it right now. It could tighten up a bit as we continue to navigate the bid process. We're in the market every day bidding on our type property. Property in Columbus, we're bidding right now on a building across the street from our property. I've never been a negative leverage person.
Our strong financial performance, debt refinancing, and early achievement of net leverage ratio goals have allowed for a tighter focus on equity dilution management. We are pleased to report that our net leverage ratio was 0.9x My two questions are these, also at the same time, net leverage, 0.9 at the end of Q2. Please proceed.
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. Capitalizing on our revenue optimization and operating leverage, we also steadily improved our profit. year over year.
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. For product features, optimizing premium cargo bidding remained a priority in the third quarter. year over year.
They accurately value the business, prepare necessary materials, target potential buyers within their network, vet bids, handle negotiations, and help structure and close the deal. However, advisors with industry experience can leverage proprietary data from comparable companies and closed transactions.
This quarter, we announced over 30 new ads features and products to help advertisers leverage AI and keep pace with the evolving expectations of customers and users. Advertisers who use profit optimization and Smart Bidding see a 15% uplift in profit on average compared to revenue-only bidding. The campaign drove a 5.6
Since our last earnings call on April 30, I am pleased to announce that we are making solid progress on our path forward of one, simplifying the business; two, operational performance improvement and three, reducing leverage. We have reduced our leverage to 8.48 I think we'll reduce the leverage there. times as compared to 8.76
Rivian gained a lot of attention when it went public in November 2021 because it was already ramping up its production, it was backed by Amazon and Ford Motor Company , and the bulls were aggressively bidding growth and meme stocks to astronomical valuations. Therefore, Rivian's leverage will probably rise significantly throughout 2024.
First, it bears repeating that AI innovation across our Ads ecosystem is core to every aspect of our product portfolio from targeting, bidding, creative, measurement, and across campaign types. So it's a very leveraged way to do it, and I see that as a real opportunity ahead. By measuring 2.3
Our foundational code on page and engagement data signals continue to enable us to leverage our proprietary data and AI to innovate these solutions for advertisers. Leica leveraged the Onyx brand studio to create a custom high-impact format that enabled audiences to experience the immersive moments of the Leica Home Cinema.
While we strive to deliver benefit stability to seniors, we will be adjusting plan-level benefits and exiting counties as we construct our bids for 2025. This result reflects a higher medical benefit ratio, partially offset by higher net investment income and the impact of favorable fixed cost leverage due to membership growth.
These rankings leverage hundreds of billions of user actions like searches, saves, and clicks. We also leveraged AI to significantly enhance our ad ranking and delivery systems over the past 18 months, leading the compulsion gains for our advertisers across the platform. And AI is only as good as a signal it acts upon.
We delivered on those priorities, leveraging our flexible network to profitably add volume while maintaining the highest levels of service. Looking ahead, we're excited to leverage John's aviation experience as we continue to transform our air network. At Ground, our DRIVE initiatives reduced costs by $130 million this quarter.
Looking beyond these rapid growth areas, our revenue in the quarter was impacted by some macro softness and a large DSP buyer on our platform that changed their bidding approach as mentioned on our call in May. We were able to accomplish this in spades by leveraging PubMatic Activate."
We're still in the process of making 2025 county-by-county decisions and will finalize and submit Medicare bids in early June, so we'll provide you with more 2025 Medicare commentary on our Q2 call. Our medical claims liability at quarter end represented 53 days in claims payable, down one day from Q1 and Q4 of 2023.
And it leverages AI to help them make sense of the roughly 15 million ad opportunities we see every second and the hundreds of variables associated with each one of them. I think it will come up around Open Bidding. Not just delivery of programmatic ads, but actually using auction-based bidded decision programmatic tools?
While average leverage was largely unchanged for the quarter at 7.4 times tangible equity, our end-of-period leverage declined to seven times tangible equity as of Q4 from 7.9 I think the -- I mean, the money manager bid has been clearly the dominant bid for the last year and change. of dividends per common share and $1.14
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. The platform identifies and labels high-quality orders and matches them with truckers via a bidding process.
And today, the difference today during the GSE was that -- as a result of the GSE, leverage is over leveraging, which is not part of the equation today. Now, we have seven deep of subcontractors bidding on our Nashville Nations properties. So, it's a little different today. On the other hand, when deals are good.
Our recently filed Medicare Advantage bid for '25 again took a balanced approach to provide as much stability for seniors as possible, while factoring in the realities of the funding cuts and current care patterns. So -- but that was an element we also incorporated into our view for 2025 as we approached our bid for '25.
We ended the quarter with a consolidated leverage ratio of 3.0 As a reminder, our leverage target remains three times plus or minus 0.25. So, just curious to get your latest thoughts on preferred ways to allocate that capital given your leverage levels are really already at sector lows. This compares to 8.8 That's helpful.
Additionally, this year, we expect our ongoing automation efforts and opex discipline to positively offset our investments, delivering SG&A leverage in full-year 2024 relative to full-year 2023. This will be driven by both continued gross margin expansion as well as SG&A leverage. to 2% of net sales.
We continue to leverage our broad portfolio of our intellectual property with the licensing of game feature patents, helping to drive non-terminal revenue, up 45% in the second quarter. Net debt leverage was confirmed at 2.9 So obviously, you have only to take the product portion of our piece of the bid going forward.
In addition, we believe that these tools give us unique bidding capabilities that drive ROAS for performance advertisers across the open internet. We've seen great success with adoption of our key automated bidding product, Conversion Bid Strategy. Today, 73% of our native ad platform customers use Conversion Bid Strategy.
And we achieved these results with lower economic leverage, which declined to 5.7 As it relates to our hedges, our balance liability position help protect us from the elevated rate volatility experienced during the first half of the quarter. We were well-positioned to take advantage of this environment, delivering a 10.1%
On marketing, excluding our investments in Vrbo and international markets, our consumer business showed some year-on-year marketing leverage in the second quarter. Excluding these investments, we saw some marketing leverage in our B2C business in the second quarter. Our gross leverage ratio had further reduced 2.3 billion or 9.2
of EPS that wasn't in our June outlook, was related to general liability claims. Predicting these claims is complex and we again increased our accrual for general liability this quarter after observing higher-than-expected costs to resolve certain claims. was attributable to the general liability adjustment, while the remaining $0.08
The fourth thing we'll do, leverage the supply and demand imbalance to make the ecosystem better. In Hong Kong, high-end skincare brand, Sulwhasoo, leveraged UID2 in Kokai to look-alike model prospective new audiences based on their most loyal customers. Every day that goes by, objectivity matters more and more.
In addition to generating strong core revenue growth, we remain focused on investing in long-term strategic initiatives that leverage our core verification offering to evolve our customer value proposition from protecting media spend to optimizing media performance.
Continued pricing discipline in Marketplace and the deliberate actions we took to align our 2024 Medicare bids with our strategic focus on lower-income and complex members yielded the intended results on both fronts. And at the time of our first quarter call, we will have a better directional sense for bid strategy related to next year.
We stated the operating leverage of our software platform business is as good as any technology company in the world. Our business was reinforced by strong market conditions, including expansion in the mobile advertising market and continued adoption of real-time bidding. The vast, vast majority of the market bids today, 80% plus.
Setting asset mix is a judgment-based exercise and needs to consider potential liability matching objectives, liquidity considerations, risk tolerance, areas of comparative investment advantage, and an investor’s world view. We continue to recommend growth-oriented portfolios to clients with the right risk tolerance and liabilities.
Our ability to generate significant product volume allows us to leverage the full benefits of the configure-to-order model, creating incremental manufacturing capacity without the need for additional capital expenditures. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Economic leverage ticked down slightly to 5.7 This new partnership in conjunction with our existing recapture agreements should allow Annaly to leverage best-in-class industry partners without taking on the operational leverage and earnings cyclicality of an originator. And our leverage was down a touch heading into the quarter.
For example, OpenWrap, our header bidding wrapper solution across CTV, mobile app, and web environments, drives increased yield for publishers and streamlines our engineering and ad operations. Nearly 100% of impressions on our platform will now be transacted via a similar bidding approach. James Heaney -- Jefferies -- Analyst Great.
Leverage as of the end of the first quarter increased modestly to 7.1 times tangible equity compared to seven times as of Q4, while average leverage for the quarter decreased to seven from 7.4 So you'd have to think about leverage on common if you want to think about it that way. times in Q4. Doug Harter -- UBS -- Analyst Yes.
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