Our remaining stock repurchase authorization at the end of the quarter was 13.9 million. At its most recent meeting subsequent to quarter end, the company’s Board of Directors declared the fourth quarterly dividend of $0.11 per share for its shareholders of record on December 22, 2023 to be paid on January 5, 2024. Before I move to guidance for the fourth quarter of 2023, I would like to remind everyone of the seasonality of our business. Specifically, the increased holiday and vacation time that has historically taken the fourth quarter will decrease our available billing days by approximately 10% when compared to the third quarter. As such, the company estimates total revenues before reimbursements for the fourth quarter of 2023 to be in the range of $69 million to $70.4 million.
We expect Global SMC and Oracle segments revenue before reimbursements to be up when compared to the prior year. We expect SAP solution second revenue before reimbursements to be down on a year-over-year basis. We estimate adjusted diluted net income per share in the fourth quarter of 2023 to be in the range of $0.36 to $0.38, which assumes a GAAP effective tax rate on adjusted earnings of 28.6%. As Ted mentioned last quarter, the fourth quarter will reflect the continued incremental dedicated investments we’re making in program development and in dedicated sales resources for our benchmarking, Executive Advisory market intelligence and related IP as a Service offerings. These incremental costs are expected to impact our diluted net income per common share by approximately $0.02.
We expect adjusted gross margin on revenues before reimbursements to be approximately 43.8% to 44.4%. We expect adjusted SG&A and interest expense to be approximately $16.2 million in the quarter. We expect fourth quarter adjusted EBITDA on revenues before reimbursements to be in the range of 23% to 23.8%. Lastly, we expect cash flow from operations to be up strongly on a sequential basis. At this point, I’d like to turn it over back to Ted to review our market outlook and strategic priorities for the coming months.
Ted Fernandez: Thank you, Rob. As we look forward, let me share our thoughts on the near and long-term demand environment and the growth opportunity it offers our organization. Although demand for digital transformation remains, it is being impacted by extended decision-making as organizations assess competing priorities created by the increasing interest rates and the demand disruption, which it is intended to affect. Digital innovation and enterprise cloud applications, analytics, and artificial intelligence, as well as workflow opportunities, and automation are dramatically influencing the way businesses compete and deliver their services. Digital transformation is redefining all activities at an accelerated pace, forcing organizations to fundamentally change and adopt these new capabilities to remain competitive and to realize targeted productivity gains.
When the year started, we believed the clients would become more comfortable with the economic headwinds as the year progressed, and we would see behavior improve in the second-half of the year. Although, we have seen many clients adjust to the higher-rate inflationary environment. The prolonged rate increase uncertainty continues to result in headwinds for new initiatives, which we expect to persist through the balance of the year. On the talent side, competition for experienced executives continues. Overall, we saw the turnover continue to moderate and improve during the quarter and expect that trend to continue. Longer term, we have transitioned to a hybrid sales and delivery model, which provides us with an effective access to our clients and their respective teams.
This hybrid model provides our associates with greater personal flexibility to perform their defined responsibilities remotely, which is very valuable to them. This should allow us to attract and retain talent that we have struggled to retain because of the demanding historical travel requirements of our industry. Strategically, we have accelerated our focus on our recurring high-margin IP-related services by increasing the development of new programs, and sales and marketing resources dedicated to this area. Additionally, we will continue to invest on our new Hackett Connect member platform with plans to introduce further Gen AI capabilities beyond AI Explorer throughout 2024. It is also important to note that we continue to see strong downstream revenues from our benchmarking and research advisory clients to our business transformation and cloud application consulting services.
