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Resalecompany Winmark is a franchisor that owns concepts including Plato's Closet, Play It Again Sports, and Once Upon a Child. The company has tripled the return of the S&P 500 since its IPO, and delivered an annualized return of 18% over the past five years. How Heffes thinks about capital allocation.
Focusing on these priorities will allow us to achieve our financial objectives, maintaining our solid investment-grade credit rating, investing back into the business, and delivering on our capital allocation priorities, including buybacks. The board and I are fully aligned on our capital allocation strategy. sequentially.
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%
We expect our housing inventory turns to improve in fiscal 2024 compared to fiscal 2023 and our ongoing focus on capital efficiency to produce strong homebuilding operating cash flows and consistent returns. Our capital-efficient and flexible lot portfolio is the key to our strong competitive position. billion, up 3% sequentially.
Industrial resales were 962 million. In fiscal '24, we expect industrial resales to be down low single digits year on year. We spent 105 million on capital expenditures. We spent 452 million on capital expenditures, and free cash flow grew 8% year on year to 17.6 Now, turning to capital allocation.
million annual resale transactions in time. Agent retention remains high as our principal agent quarterly retention was 97%, a number we have consistently reached since becoming a publiccompany in April 2021. And in Q3, we saw the second highest agent retention quarter as a publiccompany. million to 5.5
I want you to hit the cac, which is customer acquisition cost, and I want you to make sure that we underwrite loans at quality so we can sell them on the capital markets. She works at Anthos Capital. I know you’re an investor in a lot of early stage companies, but when someone says, what do you do? They both worked in it.
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