At March 31, 2024, and subject to the completion of our corresponding compliance reporting requirements, the ratios of Net Total Leverage and Net Covenant Leverage were 4.3x and 3.2x, respectively, compared to 4.1x and 3.1x at December 31, 2023. The moderate quarter-on-quarter increase in leverage is caused by the decrease in our annualized Adjusted EBITDA and Adjusted EBITDAaL in Q1 2024.

For additional information, we refer to our Q1 2024 earnings release.