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Two additional key performance indicators that management will be discussing on this call are net asset value, or NAV, and return on equity, or ROE. NAV is defined as total assets minus total liabilities and is also reported on a per share basis.
With these last couple of acquisitions, it's starting to speak that same language about cost and opportunity and return on investment. But this is one of the first times I've seen a board level perspective on this, where we're starting to think a little bit more about corporate liability. That's what a lot of the piece got into.
This includes embedding retail bestpractices across the enterprise, identifying operational efficiencies, and ensuring we have the right organizational structure in place to enable our future success. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
We continue to make progress on the remaining leases and expect to have entered settlement agreements with landlords for substantially all remaining lease liabilities by the end of the year. I think we have to go through -- and the brand presidents are very excited about really standardizing bestpractices so we have better execution.
And then, that's supplemented by marketing and tech investments to, you know, for some fuel to grow those returns. But overall, we look at this through the lens of how do we drive our return on invested capital and keeping that and growing in the high teens. Batya Levi -- UBS -- Analyst That's great. Thanks so much.
As I described in our call three months ago, store teams this year have been focused on reinforcing bestpractices that support the retail fundamentals Christina highlighted earlier. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
We're also making investments in technology to make it easier for our team members to serve our guests. So now I want to end my commentary on the quarter by covering our after-tax return on invested capital, which is an important measure of the quality of both our financial results and our capital investments.
Beyond product availability, our store teams continue to focus on retail fundamentals and operational excellence, ensuring we maintain bestpractices, particularly when it comes to the guest experience. Now, I'll close my commentary on the quarter by covering our after-tax return on invested capital. a year ago.
We're on track to fully deliver in line with guidance on all aspects of the combination through efficiencies, cost synergies, and free cash flow impact leveraging operational bestpractices from Aon business services. So everything is in the construct of that. Listen, we love this platform. The Motley Fool has a disclosure policy.
In total last year, our store teams rolled out new training on 25 separate bestpractices, and we've seen the benefit in our recent guest surveys. And finally, after tax return on invested capital expanded by well over 3 percentage points from 12.6% billion last year. in 2022 to 16.1%
This step aligns with corporate governance bestpractices. And it's really about having a balanced approach, balance of how you spend, making sure that we're spending our money wisely, getting the return on investment that we want. Going forward, board members that are up for reelection will be elected to one-year terms.
With lower capex and higher free cash flow, we returned nearly $4 billion to stockholders. And we meaningfully improved our return on invested capital. And in fact, we have taken all of our peak bestpractices from the United States, and we are expanding them around the world. a year early.
That's a good segue into the next area of focus, which is delivering the most efficient global operating model centered around cost discipline, margin expansion, and increasing returns on invested capital. We've brought in resources from other parts of our company to help with that and kind of utilizing bestpractices.
Advertisers and vendors consistently cite ease which they're able to deliver, creative campaigns that provide a strong return on investment. And when we're on our bestpractices, it sets us up to achieve the consistency. And that scorecard was screaming greener and greener as we moved through last year.
In January, the SEC issued Staff Accounting Bulletin 122, which rescinded the Gensler-era SAB 121, which in turn required us to record customer crypto assets and liabilities on our consolidated balance sheet. As such, we are no longer reporting safeguarded customer assets and safeguarded customer liabilities on our balance sheet.
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