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Most notably and uniquely, our lower middle market strategy provides attractive leverage points and income yield on our first-lien debt investments while also creating a true partnership with the management teams and other equity owners of our portfolio companies through our flexible and highly aligned equity ownership structures.
The combined company intends to leverage increased opportunities around innovation to drive value for integrators through a pipeline for proprietary products. Resideo intends to release first quarter 2024 financial results after the close of the NewYorkStockExchange on Thursday, May 2, 2024, and host a webcasted conference call at 5 p.m.
As a result, we reduced our leverage by a full turn during the quarter when compared to the end of 2023 and in the first quarter at 6.3 times net leverage, marking an important milestone in our journey to strengthen our balance sheet and well on our path for the one and a half turn improvement in net leverage we guided for the year.
As we enter 2024, while we continue to operate from a position of strength, leveraging our points of differentiation and strong contracted backlog, the continuation of Chinese subsidization and dumping practices has caused a significant collapse in cell and module pricing. Mark Widmar -- Chief Executive Officer All right. Thank you, Alex.
QNX Sound is a true value-add proposition, enabling both significant bill of material savings by eliminating expensive audio hardware as well as potential net new revenue streams from custom audio experiences. We believe this not only drives efficiencies but also leverages the reach and expertise of our QNX team. Luke Junk -- Robert W.
Looking forward, we've expanded Vic Abate's role to CEO of the entire wind business to leverage our progress in onshore and offshore. We're taking a similarly disciplined approach to writing new business, like we've done over at gas, onshore, and grid, with increased rigor on pricing, terms, geographic exposure, and other risks.
Excluding after-tax intangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $7.4 Also, a reminder that we will be hosting an enterprise business review featuring both pharmaceutical and medtech at the NewYorkStockExchange on December 5th. a year ago.
While it's not something we take lightly, this action is expected to contribute more than $60 million in annualized savings, drive positive operating leverage and align the cost structure with our new streamlined footprint. As the portfolio continues to turn over, the '22 vintage will amortize down.
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