In fiscal 2024, we implemented an average 5.57% rate reduction effective January 1, 2024. Since then, our air traffic revenue forecast was adjusted downwards to reflect the continuing impact of critical uncertainties for the industry, including labour and supply constraints. In response, we have been actively focusing on cost management and refining our modernization strategies. This year, we made important investments in staffing, training and infrastructure renewal, while advancing key longer term strategic initiatives.
Air traffic levels, as measured in weighted charging units (WCUs) (a measure of the number of billable flights, aircraft size and distance flown in Canadian airspace, which serves as the basis for movement-based service charges), increased in fiscal 2024 by 6.4% on a year-over-year basis. The Company reported a total revenue of $1,800 million, compared to $1,778 million in the previous year, with the average rate decrease as of January 1, 2024, partially offsetting the positive impact on revenue experienced due to the growth in WCUs.
Operating expenses for fiscal 2024 were $1,638 million as compared to $1,493 million in fiscal 2023, primarily due to higher compensation costs driven by an increase in both staffing and wage levels.
Net other income and expenses for fiscal 2024 was a net expense of $80 million as compared to a net expense of $124 million in fiscal 2023. The higher expense in fiscal 2023 was mainly due to the reduction in the fair value of the Company’s investment in preferred interests of Aireon LLC recorded in fiscal 2023.
The Company had a net income (before net movement in regulatory deferral accounts, including rate stabilization) of $81 million in fiscal 2024 as compared to a net income of $161 million in fiscal 2023.
The rate stabilization account (RSA) decreased from a debit balance (due from customers) of $342 million at the end of fiscal 2023 to a debit balance of $175 million at the end of fiscal 2024. The reduction in the RSA of $167 million was $65 million better than planned due to cost management activities, higher other revenue than expected, and shifts in timing of certain activities.
The Company had a free cash flow of $162 million in fiscal 2024 as compared to a free cash flow of $350 million in fiscal 2023. The decrease in free cash flow in fiscal 2024 was primarily driven by higher payments to employees and suppliers and higher capital expenditures as compared to fiscal 2023.