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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.
Home closing gross margin for the quarter was 25.9%, which combined with SG&A leverage of 9.3% Even as the resale home supply has increased in some Texas submarkets, our move-in ready homes effectively completed against its inventory. resulting in diluted EPS of $6.31. and generated a return on equity of 18.3%. in the prior year.
Being global and local allows us to understand and respond to regional dynamics by delivering tailored solutions that meet specific market needs while leveraging global expertise and resources. year to year organically as services revenue was down 8% in line with prior quarter, and resale declined 19%. Profit margin expanded almost 2.5
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. Modern Workplace organic revenue declined year to year in the mid-teens impacted by resale revenue, which was down 30%. If I missed it, I apologize.
Pillar three calls for reducing complexity and simplifying our organization structure with an emphasis on driving client engagement, quality, automation, and operating leverage. But I think also the automation to pick up the operating leverage associated with that. And as I mentioned, I think that's an increasing likelihood.
We have many global customers with large data sets, and we have the expertise to help them leverage this data to extract actionable insights and optimize operations for improved efficiency and innovation. Our results continue to be impacted by the year-to-year decline of resale revenues, which was 90 basis points of the 4.5%
Measure on resales, Q4 industrial resales of $173 million declined 27% year on year. 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. Finally, on to industrial, which only represents 1% of the total revenues.
Pillar 3 centered on reducing complexity and simplifying our organizational structure with an emphasis on client engagement, quality, automation, and operating leverage. So, if we do get volume, we expect to try to drive some operating leverage as well. The five strategic pillars of Project North Star are as follows: Pillar No.
We continue to maintain a strong balance sheet with low leverage and significant liquidity, which provides us with the ability to adjust to changing market conditions. Our consolidated leverage at March 31st was 20% and consolidated leverage net of cash was 10.8%. At March 31st, we had $5.7 billion of cash and $2.6
We have a strong balance sheet with low leverage and substantial liquidity, which provides us with significant financial flexibility to adapt to changing market conditions and opportunities. Our consolidated leverage at September 30 was 18.9%, and leverage net of cash was 5.2%. At September 30, our stockholders' equity was $25.3
We assembled a dedicated team that quickly implemented a recovery plan, leveraging our extensive experience with similar incidents. While resale revenues performed as expected, down 28% year over year, services revenue declined 8% helped by higher-than-anticipated in-quarter volumes. Moving to GIS. The book-to-bill ratio was 0.67
But I think one of the great unknowns and uncertainty is what impact that does have on the resale market as far as, you know, potentially freeing up some inventory and getting some people to move. And, you know, on a full year basis, should we expect SG&A and corporate G&A leverage outside of just this first quarter dynamic?
For fiscal '25, we expect to open approximately 30 net new showrooms as we continue to leverage our predictive analytics tool and consistently optimize our fleet and our site selection model with industry-leading paybacks. Turning to the e-commerce aspect of omnichannel. And here are a couple of data points to illustrate our progress.
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. So there's always some leverage with more demand and more revenue, right?
Specifically in consulting and engineering, first, we expanded our enterprise application capabilities that help clients leverage AI, driving increased bookings. We have strong and lasting relationships with clients that view us as strategic partners, leveraging our global delivery capabilities to help them with their transformation journeys.
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. So, we have operating leverage through revenue growth over the next three years. And it's interesting. If I could squeeze one more in.
We continue to maintain a strong balance sheet with low leverage and significant liquidity, which provides us with flexibility to adjust to changing market conditions. Our consolidated leverage at December 31st was 18.6%, and consolidated leverage net of cash was 7.8%. At December 31st, we had $6.4 billion of cash and $3.1
At a high level, the housing market remains healthy with demand supported by strong fundamentals, including household formations and migration trends, years of underproduction and a lock-in effect limiting the supply of resale homes. That will be the standard going forward for our gross debt leverage. We've typically said 35% to 45%.
In summary, the strength of our balance sheet, strong liquidity, and low leverage provides us with significant confidence and financial flexibility as we come to the end of 2023 and head into 2024. You know, the resale market is inventory very, very constrained. Our book value per share increased to just over $90. I'm not sure.
Tight inventory levels in the resale and new home market propelled demand for available new homes, and we offered a combination of attractive pricing and compelling mortgage rate programs to capture that demand. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
During the spring selling season with a healthy supply of move-in ready inventory, we were able to capitalize on strong market conditions generated by the increasing need for housing for millennials and Gen Zs as well as the move-down Baby Boomers who continue to find our limited inventory, limited availability of resale housing supply.
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. SG&A in the fourth quarter of 2023 was 10.7% in the fourth quarter of 2022.
Resources that can be used to enhance output or resale so that can be leveraged to support other areas of the business. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. How we can improve process to do more with less is key to this technology.
Net loss and net loss per common share were pressured by slight declines in gross margins and deleverage in SG&A, partially offset by leverage in advertising and marketing, all of which was expected, and consistent with our previous guidance. So you get some leverage on that. Keith Siegner -- Chief Financial Officer Yeah, Matt.
We continue to maintain a strong balance sheet with low leverage and significant liquidity, which provides us with flexibility to adjust to changing market conditions. Our homebuilding leverage was 11.1% at the end of June, and homebuilding leverage net of cash was 0.7%. Homebuilding debt at June 30th totaled $2.7
Our end-to-end solution ensures a secure chain of custody regardless of media format for this customer, leveraging our image on demand service and InSight platform to integrate seamlessly with their customer success management system. With strong EBITDA performance we ended the quarter with net lease adjusted leverage of 5.1
And lastly, the resale home market remains tight as existing buyers are hesitant to leave their low rate mortgages, which limits available inventory and helps to increase new home demand. SG&A leverage in the second quarter of 2023 was 9.6% compared to 8.3% in the second quarter of 2022. The Motley Fool recommends Meritage Homes.
Thirdly, developers can benefit from advancement in mini games' infrastructure, leveraging our know-how and game technology. And we believe that the ad tech platform enhancements we've put in place, leveraging large neural network models have substantially improved the ROI of advertising on our platform. So, that's one bucket.
The fundamentals of the housing market are strong, supported by continued household formations, years of underproduction and limited supply of resale homes. So we hope to leverage off of having the established overhead in those markets going into the future. We believe this is a near-term dynamic and not a new normal. Finally, the U.S.
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.
We anticipate FY '25 professional services revenue of approximately $630 million to $640 million as we further leverage our partner ecosystem. And you've got a slew of new products, you've got an expanded partnership strategy, you've got resale -- reseller partnership strategy as well. Turning to backlog. We are just getting started.
Note that in last night's release, we increased our estimate of annual Callon cost synergies from $225 million to $250 million as we leverage economies of scale of the combined APA and Callon Permian businesses. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
And today, it's about taking market share from single families -- single-family market because it's so upside down on a cost to rent perspective and lack of inventory in the resale market. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Please go ahead.
We will drive further improvement of our operating margins aided by the sales volume growth leverage and our initiatives that drive manufacturing productivity following several years of supply chain and other disruptions. And so, we've still got significant margin upside driven by volume leverage. Good morning, guys.
So part of this journey is our unwavering focus on leveraging today's most cutting-edge AI solutions to really revolutionize the business in four key areas that we think hold the most opportunity for growth and opportunity. resale -- 3.8 That's always our goal. So if we end the year somewhere between 3.8
Let's first talk about our resale business. We have created a digital and physical back-to-school destination by integration our marketing message with opportunities in stores such as leveraging influencers and using a digital look book to drive engagement. In total, our U.S. The Motley Fool recommends Designer Brands.
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.
And lastly, the final priority on the list, but arguably the most important is starting the path to reduce leverage and derisk the balance sheet. Given the necessary actions we took to navigate the past few challenging years, our leverage ratios are currently not at optimal levels. We've covered a lot today.
This will have significant operating leverage. Now there's a lot of misconceptions around EVs on the separate areas of costs like resale value and insurance, of course, range and charging, and battery life. This revenue has gross margins of 50-plus percent, which drives significant operating leverage and improved capital efficiency.
and SG&A leverage of 10.8% As we move forward to 2025, we are excited about our opportunity to increase our market share as we compete against new build and resale homes alike. which, combined with SG&A leverage up 10.8%, resulted in diluted EPS of $4.72 resulting in diluted EPS of $4.72. for the fourth quarter of 2024.
Home closing gross margin for the quarter was 24.8%, which, combined with SG&A leverage of 9.9%, resulted in diluted EPS of $5.34. Overall, we do expect markets to return to a more balanced new home versus resale equilibrium in the future, with some of our submarkets already experiencing increased competition from existing home inventory.
We have a strong balance sheet with low leverage and strong liquidity, which provides us with significant financial flexibility to adapt to changing market conditions and opportunities. Our consolidated leverage at December 31st was 17%, and we plan to maintain our leverage around 20% over the long term. So our guide of the $2.6
This richer data fuels our ability to build even more powerful models. -- leveraging the revolutionary power of LLMs to better predict buyer preferences and understand their intent with unprecedented accuracy, which then leads to the core of the flywheel creating more personalized experiences like window shopping in a store curated just for you.
We are already the market leader in multiple businesses and are focused on building our scale, increasing our operating leverage, broadening our solutions offerings, and leveraging our commercial platform to capitalize on Iron Mountain's unique position as a truly end-to-end solutions provider transcending both the physical and digital worlds.
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