The balance of the walk-on revenue was negative volume impacts from some large clients, predominantly in the CX space where we’re continuing to see softer outlooks in industries including travel, logistics and telecom, which we believe are macro related and therefore likely temporary. Adjusted EBITDA for the Commercial segment in Q3, 2023 was $57 million, down 16% as compared to Q3, 2022 and the adjusted EBITDA margin of 12.3% was down 120 basis points year-over-year. The margin impact on the non-repeating items in the prior year compare as well as the noted volume impacts were both headwinds and they were partially offset from increased fall through on BenefitWallet along with continuing work on operational efficiency. For the Government segment, Q3, 2023 adjusted revenues were $290 million, down 0.3% as compared to Q3, 2022.
Included in that was the year-over-year impact of the runoff of government stimulus of $11 million in the quarter. We had strong volumes in our government payments business and sales ramp from implementations in our government healthcare business where a contractual change to a client implementation also drove an incremental revenue benefit. This discrete item was worth $7 million in the quarter, top and bottom line. Adjusted EBITDA for the Government segment in Q3, 2023 was $95 million, up 8% year-over-year. The adjusted EBITDA margin was 32.8%, up 260 basis points year-over-year and benefited from the margin fall through on the contract change. Moving on to transportation and before we get into the numbers specifically, you’ll recall that I’ve said in prior quarters that we expect to see a sequential improvement during the year, both in revenues and margin outcomes as we transitioned certain clients on large long-running implementations through go-live.
From a timing perspective, this proved a little too optimistic. Some of these programs have gone live during the second and third quarters, however, others are experiencing extended completion timelines, many times driven by increased or changing client scope and requirements, as we near the end of these multiyear programs, which caused more of a drag on revenue and margins during the third quarter. Transportation segment adjusted revenues in Q3, 2023 were $177 million, down 2.7% year-over-year, driven by losses and the aforementioned impacts of lower implementation revenue as compared to Q3, 2022. For the Transportation segment, adjusted EBITDA for the quarter was $7 million, as compared to $25 million in Q3, 2022, and the adjusted EBITDA margin was 4%, significantly down on Q3, 2022 because of these extended implementation timelines.
We’re intently focused on implementation discipline and our new senior leadership within the segment continues to work to return the business to more predictable revenue and more acceptable margin trajectories. Let’s now turn to slide 9 and discuss the balance sheet and cash flow. Our total liquidity position continues to remain strong with around $1 billion in cash and available revolving credit facility. We ended the quarter with approximately $455 million of total cash on the balance sheet and our $550 million revolving credit facility is almost completely unused at this point. Our net leverage ratio increased slightly to 2.3 turns, but it remains comfortably within our range of 2 to 2.5 turns. Our debt maturities are long-dated and we have no significant debt repayments until 2026.
Capital expenditure in the third quarter was 3% of revenue. We’re continuing to find opportunities to drive efficiencies in our capital investment programs. And as you’ll see on the next slide, we’ve again revised down our full year expectations on capital spend. We’re still expecting our $29 million federal tax refund related to 2018 to be received this year. We launched our initial share buyback program late in the second quarter and repurchased approximately 2 million shares during the quarter. And as at the end of Q3, we’d purchased approximately 2.2 million shares at an average price of $3.32. As a reminder, the initial approved scheme is a three year program for an aggregate of $75 million. Let’s now turn to slide 10 to look at our 2023 outlook.
