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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.
Our focus in the security business is to continue to leverage our expertise to enhance our GBS and GIS offerings while also focusing on accelerating growth of our stand-alone services. Depreciation and amortization was flat year to year as a percent of revenue, down $17 million, reflecting continued capital discipline.
Measure on resales, Q4 industrial resales of $173 million declined 27% year on year. This figure excludes $156 million of depreciation. But see, the game here is the revenue will leverage so much on the spending we have to do to generate it that the operating margin will improve from where we are today.
year-to-year decline, 160 basis points came from a reduced level of low-margin resale revenues, which was in line with our expectations. Depreciation and amortization was down $7 million compared to the prior year. The second factor is the decline in resale revenues which drove 41% of our second quarter decrease in Cloud and ITO.
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. So, we have operating leverage through revenue growth over the next three years.
We've got a much larger force of transportation out there that they can leverage, which I think makes a lot of sense. 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. Jason Moser: Yes, they are.
A great example of leveraging our heritage and outdoor activities is the evolution from barbecue and live fire cooking enthusiasts to the growing influences in the broader world of culinary. Here are a couple of micro examples. On YETI.com, our focus is on building the optimal brand and purchase experience. That's my first question.
Beyond just a market-driven increase in earnings, we have also proven that we can outperform the industry by leveraging our structural advantages and intend to continue doing so going forward. And agents can leverage this information to secure stronger offers, accelerate negotiations and move efficiently to a successful closing.
I mean, land appreciates and improvements depreciate, right, the way you should think of it. And they found on average, when you have a crisis that originates in the finance sector due to too much leverage, too much speculation, on average markets get cut in half and real estate loses about 30% of its value. Why has that happened?
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. Second half, 135 yen.
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