These investments will be designed to bolster our long-term growth trajectory while maintaining a lean and disciplined approach to our expense management. Other operating expenses were $15.8 million in the fourth quarter compared to $18 million in the year ago period, representing a year-over-year decline of 12%. This improvement is based on a reduction and rationalization of our fixed costs, which continues to amplify the operating leverage we achieved throughout 2023. Other operating expenses also benefited from sustainable improvements we’ve made to some of our key variable costs within this line item. More specifically, we renegotiated two key vendor contracts that support our banking product, the first in Q1 of 2023 and the second in Q4 of 2023, where we expect to benefit from a full year’s impact of these changes in 2024.
GAAP net income for the fourth quarter improved to $0.2 million compared to a GAAP net loss of $21.5 million in the fourth quarter of 2022. Adjusted EBITDA for the fourth quarter was $10 million compared to a loss of $12.8 million during the year ago period. As Jason mentioned, this improvement was due to a combination of revenue growth and variable margin expansion, rationalized marketing spend and lower tax and tight cost controls across the business. We are very proud that Dave has achieved profitability and has done so sustainably with disciplined execution and a long-term value maximizing orientation. So while our growth trajectory will not be linear, we expect Dave to remain adjusted EBITDA profitable going forward. Now turning to the balance sheet.
As of December 31, 2023, we had approximately $157 million of cash and cash equivalents, marketable securities, investments and restricted cash compared to $171 million at September 30, 2023. As of year-end, our net receivables balance was $113 million, an increase of roughly $16 million sequentially. The amount drawn on our credit facility remained at $75 million as of the end of Q4 as we continue to rely on our balance sheet cash in the fourth quarter to fund ExtraCash originations versus our credit facility. Subsequent to year-end, we announced the repurchase of a convertible note that we issued to FTX Ventures with an original principal balance of $100 million. Dave repurchased the note for a discounted purchase price of $71 million or 67% of the $105.5 million outstanding balance as of December 31, 2023, which equates to approximately a $35 million discount relative to par value.
Accounting for this repurchase as well as the impact from our operations and the increase in ExtraCash receivables in January, our cash and cash equivalents, marketable securities, investments and restricted cash as of January 31, 2024, was $75.3 million. Our decision to repurchase the note was based on the confidence we had and continue to have in our financial outlook and capital position as well as the compelling return profile of the transaction. As we have mentioned in the past, we continue to believe that Dave is well positioned to achieve its growth and profitability objectives without the need to raise additional equity capital and believe we have ample liquidity to execute on our growth plan moving forward. Now turning to guidance.
We expect full year 2024 GAAP revenue to range between $305 million and $325 million, representing growth of 18% to 25% when compared to 2023. Please note that we are now providing our revenue guidance on a GAAP basis rather than the non-GAAP revenue basis to which we have guided historically. We also expect 2024 adjusted EBITDA to range between $25 million and $35 million, reflecting a $35 million to $45 million improvement relative to 2023. While we also expect our adjusted EBITDA to remain positive on a quarterly basis going forward, we expect that the first quarter will experience the seasonal impacts from tax refunds, which both Jason and I mentioned earlier in the call. Additionally, we are forecasting modest impact to our CAC given that this is an election year, although we have not seen that impact thus far in the first quarter.
Finally, as I noted, we plan to make modest investments in product development and data capabilities in 2024, which should position us for long-term value maximizing growth in the years ahead. We believe we have a defensible track record of being disciplined and rigorous in making strategic investments. First, with ExtraCash and then with Dave Card, which have both become accretive to our business model. I will now hand it back over to Jason to conclude our call.
Jason Wilk: Thanks, Kyle. 2023 was an incredible year for our company. I appreciate the hard work and dedication from the team in getting us at this point, and I look forward to another strong year in 2024. Operator, we can now open the call for questions.
Operator:
Operator: And this concludes today’s conference call. Thank you for participating. You may now disconnect.
