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57% of its actively managed publiccompanies count at least 30% women on their Boards, an increase of more than 39% in three years, and 30% of its nominee directors are women, thereby meeting the target it set. Governance CDPQ employs solid governance practices.
Net interest expense was $22 million, an increase of $7 million year over year primarily due to a higher level of variable interest expense on short-term debt. Debt levels have remained stable from the beginning of the year at about $4.5 We're a publiccompany. We're going to perform well as a publiccompany.
Before we go into details about the quarter, I want to provide some context on what we have accomplished as a publiccompany and how we are looking toward the future. Prior to this new initiative, Banner has already seen a 38% reduction in bad debt expense as a percentage of net revenue since going live with Flywire solution.
This becomes increasingly important with the new SEC rules detailing that all publiccompanies will be required to report material breaches within four business days. And using bestpractices, we are able to give them the right policy configuration, ask the customer to review the policy changes or apply them.
We finished 2023 on a strong note with another consecutive quarter of management fee and FRE growth, 11 for 11 since we've been a publiccompany, against a market backdrop that has been exceptionally volatile and uncertain. Inclusive of debt capital, we raised $25 billion in 2023. Thank you, Ann. per quarter. This includes $1.9
After another strong year as a publiccompany, I'd like to start today by revisiting the algorithm we use to achieve sustained long-term growth. With respect to capitalization, as of December 31, 2023, we had $655 million in cash and cash equivalents, no long-term debt, and 122.5 Good afternoon, everyone. million over the $1.0
Ensuring leadership continuity is a standing priority, and we took this opportunity to update BCI's process in accordance with current industry bestpractices. This is an exciting opportunity which also involved an investment by our private debt team. On a one-year period, Private Debt generated positive returns of 4.6%
You've talked about getting that net debt level lower post transaction case. And the best thing about our operation is the collaboration we have between the teams on sharing bestpractices on best-in-class rigs. Our next question comes from the line of Neil Mehta of Goldman Sachs. Your line is now open.
We are now lapping investments tied to publiccompany readiness and expect to get more leverage from this line over time. million in cash, cash equivalents and restricted cash with no debt. We're continuing to invest behind our core products, AI capabilities and our new offerings, many of which Andrew highlighted earlier.
This is the 13th consecutive quarter as a publiccompany in which we have met or exceeded our revenue guidance range. Total allowance for bad debt remains low at 400,000, and we have no concerns regarding collections. We ended the quarter with $723.3 million in cash, cash equivalents, and investments.
Following our assessment of FedEx Freight, which we announced and commenced back in June, we have decided to pursue a full separation of this business, which will result in two industry leading publiccompanies. In the spirit of One FedEx, we are bringing hub and sort bestpractices from U.S. Surface team.
Our IPO proceeds were used to pay down debt, bringing our leverage under five times earning US investment grade ratings at both Fitch and Moody's. Our adjusted funds from operations or AFFO for the quarter was up 52% to $208 million aided by the substantial interest savings generated by our debt reduction post IPO. Next slide.
In the prepared comments, you'll talk about -- point out sort of the opportunity to implement these kind of shared bestpractices, if you will, of the two companies, and you're closely studying kind of various completion designs. Just how does that kind of work in practice? John Freeman -- Analyst That's great.
This was led by positive EBITDA contribution from all three business units offset by unallocated corporate overhead costs, including publiccompany costs. As of December 31, 2024, we had 178 million in cash and short-term investments and total principal debt balance of 460 million. Turning to the balance sheet.
We continue to embed retail bestpractices across our business and drive operational efficiencies. million of free cash flow in Q1 and ended the quarter with $253 million in cash, cash equivalents and investments, and no debt. We are also raising our annual guidance, and David will share more on that shortly. We generated $9.9
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