Net leverage ratio

At September 30, 2024, and subject to the completion of our corresponding compliance reporting requirements, the ratios of Net Total Leverage and Net Covenant Leverage were 4.1x and 3.0x, respectively, compared to 4.4x and 3.2x at June 30, 2024. The improvement in both leverage ratios was driven by an increase in our annualized Adjusted EBITDAaL and Adjusted EBITDA, respectively, as well as a modest increase in our cash balance at September 30, 2024. 

Net Covenant Leverage remains significantly below the springing maintenance covenant of 6.0x and the incurrence test of 4.5x net senior leverage. The maintenance covenant is only triggered in the event we draw 40% or more of our revolving credit facilities. At September 30, 2024, our revolving credit facilities were fully undrawn. 

For additional information, we refer to our Q3 2024 Investor & Analyst Toolkit.