We ended the year with $519 million of total cash on the balance sheet, and our $550 million revolving credit facility is almost completely unused. Our net leverage ratio was 2.1x, which is within our range of 2 to 2.5x. Our debt maturities are long dated, and we have no significant debt repayments until the end of 2026. Capital expenditure for the year was 3.1% of revenue, lower than our revised guide on capital spend, and we continue to find opportunities to drive efficiencies in our capital investment programs. We only received $6 million of the $29 million federal tax refund related to 2018 in the fourth quarter of 2023. We have now received the remainder in the first quarter of 2024. Our modified guide for the full year contemplated full receipt of that tax refund.
Our $93 million of adjusted free cash flow in Q4 was broadly in line with that modified guide for the full year due to some offsets from some other favorable timing items. We repurchased approximately 6.6 million shares during the quarter at an average price of about $3. And as of the end of the year, we have purchased approximately 8.8 million shares. There is approximately $48 million remaining under our existing $75 million share repurchase authority. Before we move to Slide 10 and talk specifically about 2024 guidance, let me spend a few minutes outlining our approach to how we talk about the year and interlock it for you into our previously discussed outlines that we gave around the divestiture work and what that means for deployable capital and an exit rate for the business in 2025.
As we move into 2024 and continue to execute on the financial framework that I laid out last March in our investor briefing, the key message I want to convey is that we believe we are on track to deliver the $1 million of deployable capital by the end of 2025. I’ll provide a slightly updated view of the walk to that $1 million of deployable capital later in the presentation. In 2024, we will have impacts of the 2 currently signed divestitures and potentially others. The sale of our BenefitWallet business that we announced in the third quarter will generate approximately $425 million of pretax proceeds and the sales of our Curbside and Public Safety businesses announced in the fourth quarter will generate approximately $230 million of pretax proceeds, as well as removing $30 million to $35 million of liabilities for the leased portfolio of assets associated with that business.
Note that related to the sale of the Curbside and Public Safety businesses, $50 million of the proceeds will be received during the first half of 2025. While timing is not certain, we do expect both to close during the first half of 2024. As mentioned earlier, we continue to work on other opportunities, which could also impact the latter part of 2024. Our approach to guiding our expected results is therefore going to be as follows: I’ll start by laying out a 2024 outlook for Conduent without removing the impact of these divestitures, thereby giving a like-for-like compared to the year we’ve just closed. I’ll explain some of the larger puts and takes within the 3 segments and our expectations for those businesses in 2024. I’ll then provide a walk to our exit rate in 2025 and show you pro forma effects of the divestitures we’ve signed as well as those we are currently expecting to sign and close in 2024.
You’ll see from that walk that we’re broadly within the same range as we outlined last March at our investor briefing and the objective remains as stated to narrow Conduent into a more focused portfolio of assets, still generating revenue in excess of $3 billion, and freeing up approximately $1 billion of capital to deploy against our allocation priorities. First, let’s get into the content on Slide 10. Overall, we expect adjusted revenues in 2024 to be in the range of $3.6 billion to $3.7 billion. At the midpoint of this range, this would represent a year-over-year decline of around 2%. We expect the Transportation segment to grow approximately 5% in 2023, driven by the state of Victoria contract, offset partially by a long-anticipated scope and pricing change from 1 of our large U.S. transit clients.
We expect the Commercial segment to be down between 2% and 3% due to a couple of client decisions in the CX space related to their geographic mix of business as well as some uncertainty in volumes in certain industries, including travel, logistics and telecom. Here, we’re anticipating a level of continuation of the macro pressures we saw last year, similar to some of our peers. Our Commercial segment backlog heading into 2024 is not quite as strong because of the lighter sales year in the first half of 2023, but the pipeline is improving, and revenue typically ramps quicker here than in the other 2 segments. Finally, we have not assumed any Fed interest rate changes within this guide insofar as the impact the BenefitWallet business. Lastly, we expect the Government segment to be down between 3% and 4%.
There are a couple of drivers here. We are anticipating the loss or minimally, a significant delay or reduction in scope unrelated to performance in our government health care contract. This represents 115 basis points of decline. Additionally, we’re anticipating some incremental volume headwinds in our Government Services business as the funding mechanism for summer EBT programs has changed in 2024, with funding now split between state and federal sources. This is causing certain states to reevaluate these programs against other priorities. In terms of the pacing of revenue in 2024, we see it being very similar to 2023 in terms of weighting between the front half and back half of the year. As a reminder, Q1 is usually slightly higher than Q2 because of the impact of the open enrollment period within our health care client base.
