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Main Street issued a press release yesterday afternoon that details the company's third-quarter financial and operating results. This document is available on the Investor Relations section of the company's website at mainstcapital.com. NAV is defined as total assets minus total liabilities and is also reported on a per share basis.
As usual, I'm going to give a macro and strategic overview of the company. Again, we have conviction that our structured asset-light land-light model enables far more predictable volume and growth with a much lower asset base and lower risk profile that has been and will continue to be at the core of our operating model.
Main Street issued a press release yesterday afternoon that details the company's fourth quarter and full year financial and operating results. This document is available on the investor relations section of the company's website at mainstcapital.com. Then youll want to hear this.
Main Street issued a press release yesterday afternoon that details the company's second quarter financial and operating results. This document is available on the investor relations section of the company's website at mainstcapital.com. NAV is defined as total assets minus total liabilities and is also reported on a per-share basis.
Main Street issued a press release yesterday afternoon that details the company's fourth-quarter and full-year financial and operating results. This document is available on the Investor Relations section of the company's website at mainstcapital.com.
Importantly, our gross profit growth has consistently surpassed revenue growth due to the margins of our incremental revenue being significantly higher than the 50% overall gross margins for the entire company. We deepened our enterprise SaaS penetration among domestic companies such as Vivo, as well as multinationals such as Novo Nordisk.
So there's kind of an incentive feestructures with these providers and given how low origination margins are in the industry, the repurchase of the MSR back at a discount is effectively assuming that origination. Rick Shane -- JPMorgan Chase and Company -- Analyst Hey, guys. Please go ahead. Thanks for taking my question.
The next question asks, can we get more information on the AI company that you just acquired? The only thing that I would add to that, which I think is interesting is I think we've talked a lot -- you hear a lot about AI and the impact on different sorts of companies. John Todaro -- Needham and Company -- Analyst Hey, guys.
But in a partial victory for fund groups which opposed the rules, the Securities and Exchange Commission did not proceed with proposals that would have expanded funds' legal liability and outright banned arrangements that allow some investors special terms. The industry manages around $20 trillion in assets.
This is an amazing accomplishment for the company, especially as I think back to our humble beginnings in the 1990s. Cooper will endure, and we know you will continue to make a big impact on the company ahead of your retirement. But that's not how we run the company. 1 servicer in the country. So, more on this in due course.
Who would want to leave a company that takes care of its people? Additionally, this strategy offers tangible benefits to the company, including enhanced productivity, a stronger employer brand and potential financial incentives like tax benefits. Let’s get into it.
Over time, the Internet has become more and more centralized with big companies. And the number of associated issues like fees, fraud, chargebacks, limited ability to send microtransactions or do cross-border commerce and that led to the rise of ad-based business models. So we got credit cards bolted on as an afterthought.
Jeremy Tonet -- JPMorgan Chase and Company -- Analyst Hello. Jeremy Tonet -- JPMorgan Chase and Company -- Analyst Just want to start off with the guidance increase, if I could, I want to dig into the component pieces there. Jeremy Tonet -- JPMorgan Chase and Company -- Analyst Got it. Please go ahead. Good morning.
Please refer to the company's investor relations website for access to their earnings materials. See the 10 stocks *Stock Advisor returns as of July 17, 2023 During the call, we will refer to non-GAAP financial measures in discussing the company's performance. Please be advised that today's conference call is being recorded.
And moreover, the old scheme, the way it's implemented, created some loopholes for companies who were supposedly importing B2C items at zero import tax rate in the country. And then, when looking at the quarter, we see about an 80 basis-point increase for shipping fees within the take rate. How you are thinking about the feestructure?
We provide a reconciliation of those measures to the most directly comparable GAAP measures and a list of the reasons why the company uses these measures in today's press release on the Equinix investor relations page at www.equinix.com. It's clear to us that companies are prioritizing sustainability in their digital infrastructure decisions.
The company undertakes no obligation to revise any forward-looking statements. Our management team has collectively been through many of these transitions at other companies, and we are all pleased at how smoothly the changeover to the new WMS has gone. The company will now open the call up for your questions.
Additionally, we're building internal technology capabilities in coordination with our central innovation teams to help improve our overall effectiveness as a company. 2024 is about both delivering on our short-term commitments and positioning our company for enduring long-term growth. Thank you for joining us this morning.
We believe that by peering offerings and simplifying our feestructure, we're going to incentivize our clients to deepen their relationships with us. The actions we've taken in the last four weeks will eliminate over 15% of the regional and functional roles at the top two layers of the company. So to bring it to life.
million for the full year, which is the highest adjusted EBITDA result in our company's history. The second objective was establishing partnerships with companies such as Adobe, Amazon, Miro, Jasper, and ClickUp, aimed at increasing the speed and quality of work delivered on Upwork. million and adjusted EBITDA of $73.1
On rare occasions, our expert team of analysts issues a Double Down stock recommendation for companies that they think are about to pop. Right now, were issuing Double Down alerts for three incredible companies, and there may not be another chance like this anytime soon. And that can be how do we think about our feestructures.
On rare occasions, our expert team of analysts issues a Double Down stock recommendation for companies that they think are about to pop. Right now, were issuing Double Down alerts for three incredible companies, and there may not be another chance like this anytime soon. We are a growth company with no shortage of growth opportunities.
The other driver of affordability for us is obviously our own feestructure. As you know, we did do a restructuring in Q1, and that did reduce head count, although I will note that the company actually peaked head count in Q2 of 2022. So, we've been very aggressively managing overall costs as well as head count since that time.
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