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Etsy: 93% implied upside Etsy runs multiple online marketplaces, including Depop for fashion resale and Reverb for musical instruments. Paycom Software: 68% implied upside Paycom Software specializes in human capital management (HCM). Let's take a closer look at these two undervalued growth stocks.
Although this is not great news, I would like to point out that a major piece of the revenue shortfall was resale revenue, which is low margin, and we have conscientiously reduced over the last few years to limit our dependency on this type of revenue. So, in the short term, the underrun and resale revenue impacts bottom-line profit.
High mortgage rates mean homeowners aren't looking for new digs, which means fewer houses on the resale market. Obviously, that kind of business needs a tremendous amount of capital to work, and other companies have exited this field due to the cash crunch and economics. billion, just above the high end of guidance.
Revenue inched up 0.8%, helped by higher fees, but adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) and net income both declined. Its "House of Brands" strategy through which it's acquired marketplaces like Reverb, Depop, and Elo7 has cost the company valuable capital. Image source: Etsy.
Finally, Q3 industrial resales of $164 million declined 31% year on year. We believe we are approaching bottom in Q3 as Q4 resales are expected to recover sequentially. Year on year, Q4 industrial resales will still be down approximately 20%. This figure excludes $149 million of depreciation. Adjusted EBITDA was $8.2
The shortfall was due to a combination of a smaller benefit from working capital and higher-than-anticipated cash tax levels. Depreciation and amortization was flat year to year as a percent of revenue, down $17 million, reflecting continued capital discipline. Turning to capital deployment. SG&A was 8.7%
Measure on resales, Q4 industrial resales of $173 million declined 27% year on year. This figure excludes $156 million of depreciation. We spent $122 million on capital expenditures. Turning to capital allocation. And reflecting this trend, we now expect broadband to show recovery beginning in Q1.
Finally, Q2 industrial resale of $234 million declined 10% year on year. And for fiscal '24, we now expect industrial resale to be down double-digit percentage year on year, compared to our prior guidance for high single-digit decline. This figure excludes 149 million of depreciation. Turning to capital allocation.
year-to-year decline, 160 basis points came from a reduced level of low-margin resale revenues, which was in line with our expectations. Free cash flow for the quarter was $91 million, benefiting from our continued focus on working capital management and a lower level of capex. Turning to capital deployment. SG&A was 9.4%
Finally, Q3 industrial resales of $236 million declined 3% year on year, reflecting weak demand in China. And in Q4, though, we expect an improvement with industrial resales up low single-digit percentage year on year, reflecting largely seasonality. This figure excludes 122 million of depreciation. Adjusted EBITDA was 5.8
And finally, Q1 industrial resales of $215 million declined 6% year on year. In fiscal '24, we continue to expand industrial resales to be down high single digits year upon year. This figure excludes $139 million of depreciation. We spent $122 million on capital expenditures. Turning to capital allocation.
Now it's just a matter of execution and capital allocation. But fans were understandably frustrated, especially when they hopped on over to the secondary or resale ticket market and found tickets for, in some cases, thousands of dollars. Deidre Woollard: Yeah, definitely.
Industrial resales were 962 million. In fiscal '24, we expect industrial resales to be down low single digits year on year. This figure excludes 124 million of depreciation. We spent 105 million on capital expenditures. This figure excludes 502 million of depreciation. Now, turning to capital allocation.
Our performance has kept the Children's Place brands in the leadership position on social media, representing close to 50% of total social impressions among our children apparel resale competitive set. Capital expenditures in Q3 were approximately $6 million. Moving to our balance sheet. Moving on to cash flow and liquidity.
million annual resale transactions in time. million in the same period a year ago and includes noncash charges such as 36 million of noncash stock-based compensation expense and 22 million of depreciation and amortization expense. There will be an event an eventual return to a mid-cycle range of 5.3 million to 5.5
Any move higher in rates will likely hurt our competitors more than Compass, as they don't have the capital, technology and operational resources to scale in markets like the one we are in today, which will allow us to continue to gain share and increase our pipeline of M&A opportunities at favorable economics.
These gains were partially offset by 40 basis points from higher depreciation and amortization related to investments in production capacity, 40 basis points from higher customization costs given the continued growth of our custom offerings. Obviously, some of the product resale affected mix this year. Thanks for taking my question.
They're going to start generating some of their EBITDA, or earnings before interest, taxes, and depreciation, and amortization of more than 600 million this quarter versus a loss of 928 million in Q2 22. There's a long returns on capital of the low double-digit operating margin. That was above our high-end guidance of 600-700 million.
Resales in industrial were down double-digits in Q1 and are expected to be down in Q2. This figure excludes $142 million of depreciation. We spent $100 million on capital expenditures. Turning to capital allocation. While wireless was down sequentially due to a seasonal decline, it remained flat year on year.
The outlook for capital investment, depreciation and amortization, and R&D expenditures for FY '25 remains unchanged. However, in retrospect, in the golden week holiday period, we had a swing to the yen depreciation. I'm not too sure if that is good enough to contain the yen depreciation potential.
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