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NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. Our regulatory debt to equity leverage calculated as total debt excluding our SBIC debentures divided by net asset value was 0.64 Net asset value, or NAV, increased by $1.08 per share over the third quarter and by $2.45 at year-end.
Our AWS customers are also quite excited about leveraging GenAI to change the customer experiences and businesses. Bedrock already has tens of thousands of customers, including Adidas, NewYorkStockExchange, Pfizer, Ryanair, and Toyota. The top of the stack are the GenAI applications being built.
While we continue to invest in strategic R&D to fuel the long-term growth of the company, we remain focused on driving greater operational leverage and efficiency across the company. It is important that we make investments for the long-term growth of the company, while driving operating leverage and efficiency.
I am grateful for the board of Macerich selecting me at this time to chart a new direction and lead the company, especially in light of our recent 30-year listing celebration on the NewYorkStockExchange. We will be very selective with regard to new development and redevelopment spend.
This past Sunday, the kickoff Nurses Week, we hosted a celebratory event in NewYork City with over 100 Awesome Humans. On Monday, we brought 13 nurses from across the country to ring the opening bell at the NewYorkStockExchange in recognition of Nurses Week. So that's great to see.
This approach is yielding profitable growth and operating leverage. As clients increasingly turn to BlackRock, we believe this will result in sustained market-leading organic growth, differentiated operating leverage and earnings and multiple expansion over time. With that, I'll turn it over to Larry. How is that evolving?
Before I hand the call over to Dax, I just want to remind everyone that we will be hosting our Capital Markets Day the morning of Wednesday, November 20, at the NewYorkStockExchange. The combination of a growing top line and control costs are delivering improved operating leverage in our business.
As we celebrated our 10th anniversary at the NewYorkStockExchange with our near and dear investors and customers, we are now supporting over 10,000 customers with a cumulative of 100 million ports deployed worldwide. The core spine leverages the same U.S. Our non-GAAP gross margin of 65.4%
We're already seeing users leverage S&P Spark Assist to optimize code, rewrite configuration files for software migrations and summarize complex documents. We believe this crowd-sourced approach to developing tools shortens the time to discover and develop new applications using gen AI models.
We began executing Project UpLift initiatives in the second half of '23 as we leverage enterprise scale, optimize our indirect and supply chain spend, and improve and standardize our processes. We look forward to you joining us at our investor day at the NewYorkStockExchange on February 15.
Midstream's first-quarter performance demonstrates how our teams realized value from these pricing abnormalities by leveraging Oxy's rich market intelligence along with our product storage and transportation portfolio. Oxy began trading on the NewYorkStockExchange on March 3rd, 1964.
Last week, Camden's board and executive management team rang the closing bell of the NewYorkStockExchange to celebrate Camden's 30th birthday as a public company. And then you make a great point on the leverage. Would you just increase leverage or JVs? Our on-hold music theme for today was happy birthday.
I'm really proud of our team here, unseating an incumbent in a very competitive win and leveraging our new packaging model. It's also worth noting that this is one of several new logo wins in the retail vertical. And last but not least, we held our first ever investor day in late June at the NewYorkStockExchange.
This is an exciting time as we begin a new chapter in our journey as a publicly traded company. NCR Voyix common stock began trading on the NewYorkStockExchange under the ticker symbol VYX at the market open on October 17. The Motley Fool has no position in any of the stocks mentioned.
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.
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.
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.
economy, leveraging Zeta's proprietary data Cloud, which captures the behavior of 240 million Americans. When we went public three years ago, the sign on the side of the NewYorkStockExchange said data plus AI equals intent. The Motley Fool has no position in any of the stocks mentioned.
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.
Just three weeks ago, on April the 2nd, we completed GE Vernova's spin and launched GE Aerospace, ringing the bell at the NewYorkStockExchange after the successful spin of GE Healthcare last year. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Cost of products sold leveraged by 80 basis points, primarily driven by favorable patient mix and lower COVID-19 vaccine supply network-related costs in the pharmaceutical business, partially offset by commodity inflation and the consumer and medtech businesses. Medtech margins improved from 26.5% The Motley Fool has a disclosure policy.
One example of this is a customer called Digital Platform, a strategic software solutions development company that was experiencing high cost and latency issues with the cloud that they were leveraging, which was impacting their application performance. They also leverage DigitalOcean's AI infrastructure for its scalability and ease of use.
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. Last month, we celebrated the 10-year anniversary of our IPO at the NewYorkStockExchange.
Merchants are leveraging this offering to finance inventory, upgrade equipment and expand their overall business. And also, we are leveraging that as our cornerstone for our outbound motion. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
These results highlight our ability to execute effectively while also making the strategic investments necessary to leverage our unique data assets and client engagements and evolve DoubleVerify for a partner that ensures media spend is protected to one that also measures performance and optimizes the effectiveness of that spend. to 4:00 p.m.
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