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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.
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%. billion tax liability. The offset to that is a deferred tax liability.
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%.
By this, I mean further reducing low-margin resale revenue and driving a higher level of services, including those directly associated with AI and automation. Our results continue to be impacted by the year-to-year decline of resale revenues, which was 90 basis points of the 4.5% Our financial focus is on improving the business mix.
year-to-year decline, 160 basis points came from a reduced level of low-margin resale revenues, which was in line with our expectations. The second factor is the decline in resale revenues which drove 41% of our second quarter decrease in Cloud and ITO. Adjusted EBIT margin came in at 7.3%, also above our guidance range.
year to year organically and services revenue was down approximately 7% and resale fell approximately 16%. 3Q resale was down approximately 2%, improving from steeper declines in recent quarters, and we continue to be selective on our resale opportunities based on deal economics. The book-to-bill ratio of 1.51
Volume guidance reflects the seasonal decrease in purchase activity and the impact of funding the higher volume loans locked during the third quarter that remains in our pipeline. And obviously, new build has been a really bright spot in the market over the last couple of years versus what we're seeing in resale. million and $7.5
Resources that can be used to enhance output or resale so that can be leveraged to support other areas of the business. million, and we have sufficient working capital and availability to fund our business and meet all obligations. How we can improve process to do more with less is key to this technology.
Lastly, we entered 2024 with a strong balance sheet, which provides us with the flexibility for further shareholder value creation going forward, including funding organic growth initiatives, appropriate acquisitions, debt repayment, and share repurchases. Now, you guys don't disaggregate accounts payable from accrued liabilities.
We demonstrated our understanding of the public sector in Greece and of the European Commission's recovery and resilience facility, which is funding this project through the Greek government to support European economies as they transform the way they support their citizens. And now, turning to our projections.
Last week, we launched our resale platform piloting with our own associates before launching a customer facing experience in the near future. Lovesac's board of directors authorized the repurchase of up to $40 million of outstanding common stock, expected to be funded through existing cash and future free cash flow.
billion credit facility, and we have less than $300 million of maturities over the next 24 months with only $138 million left to fund under our existing development pipeline. Last night, we reported core funds from operations for the fourth quarter of 2023 of $190.5 Turning to financial results. million or $1.73 per share, $0.01
Secondarily, we'll continue to look at uses of cash that we believe feed and kind of fund the innovation engine. Obviously, some of the product resale affected mix this year. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Thanks for taking my question.
Professional homebuilders and real estate developers are excluded from being forced to comply with the marketing restrictions Clear Cooperation places on individual homeowners in the resale market, which puts individual homeowners at a disadvantage. The Motley Fool has no position in any of the stocks mentioned.
As we previously discussed, two of the largest population cohorts, the millennials and recently Gen Zs are having life events lean to increased levels of need-based housing that currently cannot be met by the constrained resale of home supply in the market. The Motley Fool recommends Meritage Homes. The Motley Fool has a disclosure policy.
We sell our produce gas and basin, and we manage the transport obligation by purchasing third-party gas in basin for resale on the Gulf Coast. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Apa.
We remain committed to our strategy that is balanced between funding our growth initiatives while delivering meaningful returns to our shareholders and maintaining our strong balance sheet. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Therefore, our fiscal '26 priorities are as follows: one, drive omnichannel experience improvements that resonate with our customers; two, launch and scale incremental profit streams, including Best Buy Marketplace and Best Buy Ads; and three, drive operational effectiveness and efficiency to fund strategic investments and offset pressures.
fashion resale player. Given our desire to fund an ambitious product development pipeline, including some incremental hiring in AI and ML, we're planning for modest deleverage in consolidated product development spending this year. Depop's fourth quarter represented the highest year-over-year GMS growth since our acquisition.
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