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NAV is defined as total assets minus total liabilities and is also reported on a per share basis. We are also pleased that we further enhanced our strong capital structure and liquidity position during the quarter, which Ryan will discuss in more detail. Net asset value, or NAV -- or NAV, increased by $0.77 per share or 2.6%
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
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.
NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. Following my comments, David and Jesse will provide additional comments regarding our investment strategy, investment portfolio, financial results, capital structure and leverage, and our expectations for the third quarter of 2024.
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 0.59. We're extremely pleased with our fourth-quarter results, which closed another record year for us.
We further enhanced our operating profit growth from gross profit growth through operating leverage. We've scaled the model up to the trillion-parameter mark, leveraging the MoE architecture to enhance performance and reduce inference costs, and we are rapidly improving the model's text-to-picture and text-to-video capabilities.
Earnings available for distribution exceeded our dividend by $0.03, demonstrating our ability to consistently earn strong returns with prudent leverage, which stood at 5.8 billion in assets available for financing, up $45 million compared to last quarter, notwithstanding the slight increase in our leverage profile.
And so, I think we have a lot of opportunity to see continuing leverage in our existing business. And I wouldn't over-index on their feestructure at this point. We'd rather offer low fees and due to our investments in technology and infrastructure operate at larger scale than our competitors. Operator Thank you.
In your remarks, you state that you intend to use some of the headroom created by operating leverage to lean into certain areas of the business in the second half of this year. Pedro, can you talk about advertising and the operating leverage in Mexico specifically? I guess, Pedro, you want to take leverage in Mexico?
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. One thing I didn't cover is leverage.
And instead we focus on those things we can control, namely process improvement, cost leadership, and operating leverage. In fact, we've been able to add nearly 140,000 customers year to date without increasing headcount, which I hope you all agree is a very impressive example of positive operating leverage.
The last way we're leveraging newness is to jump-start sales in lagging categories. Another one of our long-range plan initiatives is to leverage and scale our supply chain. We believe in our long-range plan and are committed to investing in it while also managing our existing cost structure. As it relates to $12.5
And now looking at our capital structure, please refer to Slide 8. Our net leverage remained low relative to our peers at 3.6 So, on an unlevered basis, we can get a really nice return and you add on the feestructure that we can enjoy as a business. times our annualized adjusted EBITDA.
Whether applying in-person, online, or through an app, we leverage our data and advanced analytics for our digital ecosystem to deliver fast, seamless offers designed to responsibly support each customer's particular purchase. We remain committed to delivering operating leverage for the full year. billion for 2023.
We're pursuing bold innovations that use the newest technologies to remove friction and enhance the light among our customers as evidenced by our already launched features and plans to leverage AI to reimagine the Upwork experience. This is definitely something that we're leveraging this year. So more to come there.
Leveraging AI, Tinder will focus on creating a more inclusive experience, beginning with improving the Gen Z and women's experiences while solving for key user pain points across the dating journey. Similarly, Hinge is leveraging AI to further improve its powerful experience by reimagining meaningful connection.
We are going to continue to leverage that into the future for more plant connects and to feed or transportation and fractionation business. The first thing on your increase on the earnings on the fee rate. And to a lesser extent, volume coming from certain customers that may have a different feestructure in there.
And this structure will help us better drive the important synergies between all three. We've been bringing in new talent in key sectors, and we've begun to provide more leverage finance for key clients in the right situation. We brought together the management of the investments, corporate, and commercial banks under one umbrella.
However, to be clear, we did not make any material changes to our feestructure in Q4. And the blended average fee rate that you see reported is simply due to mix shift on our platform. We've been adding new product features like 10x leverage. Now turning to subscription and services revenue. Q4 was $375 million, up 12%.
We have saved customers hundreds of millions of dollars by disrupting the traditional remittance industry with a digital-first approach, transparent feestructure, and customer-centric innovations. So, you know, good leverage in the fourth quarter. Hey, Vikas. Thanks for taking my questions. I wanted to ask on marketing spend.
In our letter, I gave examples from several partners that leverage our technologies across our marketplace, their e-commerce websites, and in their stores. The other driver of affordability for us is obviously our own feestructure. Our model is showing really strong leverage this year. Please go ahead.
By leveraging our suite of innovative ad products, powerful ML models, advanced targeting and measurement tools, our performance remains best in class across a number of key metrics like ROAS, click-through rates, and sales lift. This, combined with operating expense leverage, resulted in solid profitability across key metrics.
They were leveraged so this wasn’t like a bad year, this was a wipeout. Concentration, leverage, and illiquidity. And now you see much more of that in the private credit world that has an asset-liability match. And part of that is that fees are just determined by supply and demand.
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