The gross book value of fixed 10 assets, including capital inventory, capitalized internal and external software-related labor in both Wavelo and Domains, and, to a lesser extent, servers and networking equipment in our data centers, was $35.5 million this quarter. A reminder that the difference between the $35.5 million and $36.7 million is a cash difference. U.S. GAAP requires in the statement of cash flows to present actual cash paid for capital assets in a quarter, as opposed to showing it on an accrual basis. Also, we drew a further $27.5 million in preferred financing under our arrangement with Generate. We have now drawn a total of $87.5 million, and as a reminder, cash interest payments are deferred for the first two years. I also wanted to note that our December 31, 2022, syndicated loan balance for covenant calculation purposes was a net $235.3 million when factoring in letters of credit and cash on hand of up to $5 million, resulting in a leverage ratio of 3.98 times.
Finally, deferred revenue at the end of Q4 was $145 million, down 1.4% from $147 million at the end of the third quarter of 2022 and down 1.8% from $148 million for the fourth quarter of last year, primarily reflecting the reversion of Domains renewals to pre-COVID levels. That concludes my remarks and I’ll now turn it back to Elliot.
Elliot Noss: Thanks, Dave! First some housekeeping. With the added complexity of three businesses and a holding company, I am pleased to announce that Tucows will be hosting its first investor day. We will hold it in May at a date and time and mode to be determined after receiving your input. All investors who are interested in participating should let us know whether they would like to attend in person or remotely; any timezone restrictions or preferences; and, if in person, the dates when they could be in Toronto. We will try to accommodate the broadest range of investors possible. This idea has been discussed with shareholders over the last couple of quarters, and we want to be on the other side of some of the balance sheet work before holding it.
We’ve been informed here by other companies like Constellation Software. The Tucows executive team and business heads will participate. We are also interested in your views on specific content you would like addressed, although we note we have a pretty good idea of what we need to cover. Also, I note that we announced today that we have reinstated our buyback for 2023. It is at the same level as the past several years of up to $40 million. This is always important to allow us to be opportunistic. In the rest of these remarks, I intend to quickly look back on 2022, look forward to 2023, and then discuss the balance sheet. In terms of 2022, and meeting guidance, you heard the positive numbers upfront. Operationally, each of the businesses performed roughly to plan.
This was true across all three businesses and the holding company. We continue to operate our businesses in a remarkably predictable and reliable fashion. The biggest negatives in 2022, the delayed Generate closing, the slower-than-hoped-for DISH subscriber loading and the rise in interest rates; were all externalities that we had to deal with. And I wish to be clear externalities happen, and we are likely moving to a world where they’ll happen more often. We feel grateful that our business is able to digest these things and look forward. In Tucows Domains, we made a number of acquisitions from 2016 to 2022. Those numerous legacy platforms have taken significant effort to integrate. We do not and did not underestimate that work as we have seen this done, both successfully and unsuccessfully by a number of our larger customers.
