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All in all, the latest quarter's financial performance has been stellar.
And similarly, for provision going forward, just following this quarter's significant reserve release, we know you had accrued reserves pretty conservatively for that segment, but the top line momentum's good.
And so we'll continue to run that balancing act as we go through the year, and it has been part of each quarter's operating plan, moving downtime around, and that's how we'll run for the rest of the year.
However, given the previously discussed market environment, our increase in this quarter's beta is estimated to give us a cumulative beta for this rate cycle of 35% with our total cost of deposits for the first quarter in the 1.3% to 1.35% range.
Operating margins improved 740 basis points to 25.9%, the same level as last quarter's record margins.
Realized natural gas liquids price was per barrel, from the year-ago quarter's $43.
So you often get a little bit of a disconnect, sometimes the next quarter's a little bit higher than the backlog, sometimes it's a little bit lower.
The current quarter's slip could, perhaps, push that out several months or maybe even another year.
The third quarter operating profit of $26 million decreased from the previous quarter's $27.8 million.
This quarter's figures indicate a short term moderation in growth, a narrative espoused by the management.
This quarter's results are demonstrative of the exceptional effort of our teams to simultaneously drive financial results, accelerate our strategic plans and ready the company for the pending separation transaction.
This quarter's results mark a transition from the previous operating losses to substantial operational income, highlighting a strengthened financial position.
This will include walking you through the reasons why we believe that the operational challenges behind this quarter's disappointing performance and revised outlook are temporary and addressable.
We -- as we forecasted in last quarter's call, payments of annual cash incentives, property taxes and accrued interest related to the converted notes totaled $30 million in the first quarter.
We expect G&A to increase 5% to 7% from the $52.6 million we recorded in 2022, which is lower than the 9% to 11% increase noted on last quarter's call.