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Cloud infrastructure and IT outsourcing organic revenue declined 7%, an improvement from double-digit declines we saw in the prior three quarters due to a significant resale transaction delivered in the quarter. Modern Workplace organic revenue declined year to year in the mid-teens impacted by resale revenue, which was down 30%.
year to year organically as services revenue was down 8% in line with prior quarter, and resale declined 19%. largely due to disciplined resource management, ongoing actions to optimize our data centers and networks, and the lower mix of resale revenue. The resale element is a relatively small component of the improvement.
While resale revenues performed as expected, down 28% year over year, services revenue declined 8% helped by higher-than-anticipated in-quarter volumes. The lower mix of resale revenue also contributed to the year-to-year margin improvement. As planned, we incurred a modest increase to our debt levels to $4.1 Moving to GIS.
debt to total capital capitalization ratio, down from 14.2 If we reflect on our second-quarter results, we not only accomplished excellent cash flow and bottom-line results, but we repurchased $208 million of stock and we also repurchased approximately $158 million of senior debt due in fiscal 2024. We've repaid about 5.6
Orange County, and Atlanta, both underperformed mainly for reasons related to bad debt, skips and evictions, and fraud. Orange County will come primarily from a reduction in bad debt as we repopulate many of our vacant units with residents who actually pay their rent. Of the remaining three, L.A. We anticipate the improvement in L.A.
Already, our agents have reported a mostly seasonal resurgence in bidding wars. But Chris, maybe could you just walk us through like your kind of required sort of debt pay down or paying down on the warehouse over the next 12 months? Some also seem to recognize that when rates do ease, the market is likely to get more competitive.
In the office environment, landlords, many landlords can’t capitulate because the debt service, they can’t cover the debt service. MILLER: And that’s where you could see more creative, adaptive reuse where the new owner is able because they don’t have the same level of debt service. RITHOLTZ: Wow.
One thing that's sticking out of my mind here now that we've seen this Supreme Court ruling come down in regard to the student debt relief, and then we know these payments are going to start back up here around October, it's reasonable to think that consumer might be a little bit more crimped here in the near term. The thing is funny.
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