We expect to further reduce that by $32 million in Q4. Excluding the impact of our recently announced Left Field Labs acquisition, the year-end DAC balance would be below $100 million, as we previously communicated. We also acquired 586,000 shares during the quarter at an average price of $4.72 per share for approximately $2.8 million. This brings our total buyback activity to date, inclusive of the AlpInvest transaction announced on our first quarter call to approximately $193 million, representing 30 million shares at an average price of $6.42. Our existing buyback authorization still has approximately $155 million in the remaining availability. CapEx for the quarter was $8 million, in line with our stated target of 1% to 1.5% of net revenue.
As a result, we ended the quarter with cash of $99 million and drawings under our revolver of $412 million. Our leverage was 3.64 times as of the quarter-end, largely driven by the increase in the revolver balance used to finance our share repurchase from AlpInvest earlier this year. The ConcentricLife disposition discussed by Mark earlier will have an immediate favorable impact on leverage and will bolster the seasonal fourth quarter positive cash trends of our business. Importantly, it will help us to significantly reduce our year-end net debt position to help us achieve our stated goal of reducing net leverage down to 2 times over the medium term. It will also support our ability to pursue strategic acquisitions and investments, in line with our growth strategy.
And finally, moving to guidance, in light of prevailing conditions, we are revising our full-year guidance as follows. Organic net revenue is now expected to decline about 4% for the full year. Organic net revenue excluding advocacy is now expected to decline about 2.5% for the full year. Adjusted EBITDA is expected to be between $390 million and $410 million. And we expect to deliver 40% to 50% free cash flow conversion. And finally, adjusted earnings per share is expected to be between $0.73 and $0.78. That concludes our prepared remarks for this morning. I will now turn the call back over to Ben Allanson to open the Q&A portion of the call. Thank you.
A – Ben Allanson: We’re going to start with a couple of questions looking ahead. We’re going to start off with a question from Jason Kreyer at Craig-Hallum. What gives you confidence that digital transformation will be bound in the fourth quarter and into 2024?
Mark Penn: We’ve been looking very carefully at those couple of big companies that declared a year of efficiency. And what we’re seeing now is that they’re reissuing for the first time pitches, contracts. And so, we’re seeing those come in now and landing on the desk of our digital transformation agencies. Plus a lot of them have been holding back while they plan for what kind of AI products that they’re going to produce for consumers. And we see that as kind of a next wave coming in next year. But our confidence is primarily based on the checks of what are the RFPs that are coming in and where they’re from.
Ben Allanson: Perhaps just following up on that and a question from Mark Zgutowicz at Benchmark about tech investments and rebounds from tech customers, what are some of those signs that we’re seeing that gives us confidence in that?
Mark Penn: Again, I think you saw the tech companies, having gone through the year of efficiency, produce pretty strong earnings. You see, as I said before, I think they’re going to have to compete now much more in the cloud and in AI products because no one owns those lanes. Again, I think thirdly, some of the companies that adopted as a strategy of pullback and cuts now have the new employees back in place, now have reoriented their mission, and now – we saw one company that cut back from $24 million, $25 million to almost zero and we see the RFPs flowing again really as of this month,
Ben Allanson: Sort of just continuing on kind of the look forward a little bit, Steve Cahill from Wells Fargo, can you talk about the trends in creative and how you’re managing through some of that?
