Exhibit 99.1 Updated Guidance for the Quarter Ended June 30, 2025 We have not completed the process to finalize our financial results for the quarter ended June 30, 2025. Nevertheless, based upon our current forecasts and internal estimates for the quarter, we currently anticipate the following financial results, as outlined below in approximate ranges and as compared to the quarter ended June 30, 2024. This guidance and our internal estimates have not been subject to our normal financial closing and financ ...

(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) Commission file number: 1-13796 Gray Media, Inc. (Exact name of registrant as specified in its charter) Georgia 58-0285030 4370 Peachtree Road, NE, Atlanta, Georgia 30319 (Address of principal executive offices) (Zip code) (404) 504-9828 (Registrant's telephone number, including area code) Not Applicable (Former na ...

Exhibit 99.1 NEWS RELEASE Gray Media Announces First Quarter Financial Results Atlanta, Georgia – May 8, 2025. . . Gray Media, Inc. ("Gray," "Gray Media," "we," "us" or "our") (NYSE: GTN) today announced its financial results for the quarter ended March 31, 2025, which included total revenues above the high end of our guidance for the quarter. Total operating expenses were also below our guidance for the quarter. Moreover, for the first time since the COVID slowdown in 2020, our broadcasting operating expen ...

Revenue Performance - Total revenue for 2024 increased by $363 million, or 11%, to $3.6 billion compared to 2023[208] - Core advertising revenue decreased by $24 million, primarily due to displacement during the political advertising cycle, while political advertising revenue increased by $418 million[210] - The company generated $1.49 billion in core advertising revenue, contributing 41% to total revenue for 2024[207] - Political advertising accounted for 14% of total revenue in 2024, significantly up from 2% in 2023[207] - Miscellaneous income increased to $117 million in 2024, primarily due to a $110 million gain from the sale of an investment[216] Expenses and Financial Performance - Broadcasting expenses increased by $49 million, or 2%, to $2.3 billion for 2024 compared to 2023[209] - Interest expense increased by $45 million, or 10%, to $485 million for 2024, attributed to higher average interest rates and reduced principal balances[217] - The effective income tax rate increased to 24% for 2024 from 7% for 2023[220] Cash Flow and Debt Management - Net cash provided by operating activities increased by $103 million to $751 million in 2024 compared to $648 million in 2023, primarily due to a $451 million increase in net income[224] - Net cash used in investing activities decreased by $263 million to $28 million in 2024 from $291 million in 2023, mainly due to reduced cash used for property and equipment purchases[225] - Net cash used in financing activities increased by $212 million to $609 million in 2024 compared to $397 million in 2023, with $474 million used for principal payments on long-term debt[226] - The company repurchased and retired $373 million of outstanding debt, resulting in a $520 million reduction in total indebtedness compared to December 31, 2023[205] - As of December 31, 2024, the company estimates approximately $450 million in debt interest payments over the next twelve months, with sufficient cash flows anticipated to meet obligations[227] Capital Expenditures and Investments - The company expects capital expenditures to range between $85 million to $90 million during 2025, including reimbursements of approximately $25 million from the Doraville Community Improvement District[244] - The company anticipates receiving approximately $35 million from agreements related to third-party leases for space at Gray-owned tower sites, with most transactions expected to close in the first half of 2025[249] Debt and Leverage Ratios - The Leverage Ratio as of December 31, 2024, was 5.49, with a maximum permitted incurrence of 7.00 to 1.00[235] - The First Lien Leverage Ratio was 2.97 as of December 31, 2024, with a maximum permitted incurrence of 3.5 to 1.00[235] - As of December 31, 2024, the principal outstanding of the company's long-term debt was $5.7 billion, down from $6.2 billion in 2023[279] - The fair value of the company's long-term debt as of December 31, 2024, was $4.6 billion, compared to $5.6 billion in 2023[279] Interest Rate Management - The company entered into interest rate caps with a combined fixed notional value of approximately $1.9 billion, effective through December 31, 2025[277] - The interest rate caps limit the annual interest on variable rate debt to a maximum one-month SOFR rate of 5 percent, plus the Applicable Margin[277] - A 100 basis point increase in market interest rates would have increased the company's interest expense and decreased income before income taxes by $6 million for the year ended December 31, 2024[277] - A 100 basis point decrease in market interest rates would have decreased interest expense and increased income before income taxes by $6 million for the year ended December 31, 2024[277] - The company pays fixed interest rates on its 2031, 2030, 2029, 2027, and 2026 Notes, reducing the risk of potential interest rate increases[278] Pension and Employee Benefits - The company contributed $4 million to the Gray Pension Plan in 2023, with no contributions expected in 2025[239] - Matching contributions to the Gray 401(k) Plan were approximately $28 million in 2024, compared to $26 million in 2023[240] - The Meredith Plan had combined plan assets of $22 million and projected benefit obligations of $18 million as of December 31, 2024[241] Impairment and Asset Management - The company recorded a non-cash charge of $43 million for impairment of goodwill and other intangible assets due to the bankruptcy of Diamond Sports Group, LLC in 2023[265] - For the annual impairment test in 2024, the company concluded that all evaluated broadcast licenses were not impaired based on qualitative assessments[260] - The company performed qualitative assessments for 56 broadcast licenses and three reporting units in 2024, compared to 59 licenses and one reporting unit in 2023[257] - As of December 31, 2024, the recorded value of broadcast licenses was $5.3 billion and goodwill was $2.6 billion[264] Economic Risk Management - The company manages economic risks, including interest rate, liquidity, and credit risk, primarily through managing debt funding and using interest rate swap agreements[274] - The company expects to incur amortization of intangible assets of $125 million for the year ended December 31, 2024[272]

Revenue Performance - Total revenue for the fourth quarter of 2024 was $1.0 billion, an increase of 21% from the fourth quarter of 2023[8] - Total revenue for the three months ended December 31, 2024, was $1,045 million, representing a 21% increase compared to $864 million in the same period of 2023[20] - Total broadcasting revenue for the year increased by 11% to $3,539 million compared to $3,195 million in 2023[20] Advertising Revenue - Political advertising revenue in the fourth quarter of 2024 was $250 million, an increase of 658% from the fourth quarter of 2023[8] - Core advertising revenue decreased by 8% to $380 million in Q4 2024 from $415 million in Q4 2023[20] - Political advertising revenue surged to $250 million, a 658% increase from $33 million in the same quarter of the previous year[20] Net Income and Earnings - Net income attributable to common stockholders was $156 million in the fourth quarter of 2024, compared to a net loss of $22 million in the fourth quarter of 2023[8] - Net income for the year ended December 31, 2024, was $375 million, a significant recovery from a net loss of $76 million in 2023[20] - Net income for the three months ended December 31, 2024, was $169 million, compared to a net loss of $9 million in the same period of 2023, representing a significant turnaround[36] EBITDA and Operating Performance - Adjusted EBITDA was $402 million in the fourth quarter of 2024, an increase of 86% from the fourth quarter of 2023[8] - Adjusted EBITDA for the year ended December 31, 2024, was $1,162 million, up 42% from $816 million in 2023[20] - Adjusted EBITDA for the year ended December 31, 2024, was $1,162 million, an increase of 42.4% from $816 million in 2023[38] Debt and Financial Position - The company reduced the outstanding principal amount of its debt by $520 million during 2024[3] - Long-term debt decreased to $5,621 million from $6,160 million in the previous year[23] - Total outstanding principal debt as of December 31, 2024, was $5,690 million, with a leverage ratio of 5.49, below the maximum permitted incurrence of 7.00 to 1.00[40] Expenses and Cash Flow - Operating expenses for the year were $2,793 million, a decrease from $2,898 million in 2023[20] - Cash provided by operating activities for the year was $751 million, up from $648 million in 2023[23] - Interest expense for the year ended December 31, 2024, was $485 million, up from $440 million in 2023, indicating increased borrowing costs[38] Future Expectations and Plans - Core advertising revenue is expected to decline approximately 7% to 8% in the first quarter of 2025 compared to the first quarter of 2024[12] - The company anticipates achieving or exceeding an annual run-rate of $60 million in cost containment measures during the current quarter[13] - The company plans to host a conference call on February 27, 2025, to discuss fourth-quarter operating results, indicating ongoing engagement with investors[27] Other Financial Metrics - The company reported a depreciation expense of $144 million for the year ended December 31, 2024, slightly down from $145 million in 2023[38] - Common stock dividends for the year ended December 31, 2024, were $32 million, an increase from $30 million in 2023[38] - The company had $674 million available under its revolving credit facility as of December 31, 2024, compared to $494 million in 2023[26] Transaction-Related Expenses - The company incurred transaction-related expenses, which are incremental costs specific to acquisitions and divestitures, impacting overall financial performance[32] Lease Agreements - The company expects to receive approximately $35 million from agreements related to third-party leases at Gray-owned tower sites[7]

Revenue Performance - Total revenue for the nine months ended September 30, 2024, was $2.6 billion, an increase of 8.3% from $2.4 billion in the same period of 2023[109]. - Total revenue increased by $182 million, or 8%, in the 2024 nine-month period compared to the 2023 nine-month period[130]. - Political advertising revenue surged by $201 million, or 437%, during the 2024 nine-month period[130]. - Core advertising revenue increased by $2 million, or 1%, during the same three-month period, aided by $20 million from the broadcast of the 2024 Olympic Games[120]. - Political advertising revenue surged by $147 million, or 565%, in the three-month period ended September 30, 2024, compared to the same period in 2023[120]. Expenses and Cost Management - Broadcasting expenses increased by $14 million, or 3%, to $571 million in the three-month period ended September 30, 2024[121]. - Broadcasting expenses rose by $55 million, or 3%, totaling $1.7 billion in the 2024 nine-month period[131]. - Production company expenses decreased by approximately $31 million to $57 million in the 2024 nine-month period[132]. - Cost containment initiatives are expected to reduce operating expenses by at least $60 million on an annualized basis starting in August 2024[116]. Debt and Financing - The company undertook refinancing activities, including amending its Senior Credit Facility to increase commitments to $680 million and extending the maturity date to December 31, 2027[114]. - A projected reduction of $500 million in Adjusted Total Indebtedness is anticipated for the full year 2024[115]. - Long-term debt decreased to $5.893 billion as of September 30, 2024, from $6.160 billion as of December 31, 2023[142]. - The total outstanding principal, including the current portion, was $5.969 billion, with an adjusted total indebtedness of $5.906 billion, resulting in a leverage ratio of 5.67[153]. - The company has long-term debt obligations totaling $4.6 billion, including $1.3 billion outstanding of 2031 Notes[155]. - The company authorized a debt repurchase program of up to $250 million, with $72 million used to repurchase $79 million of 2027 Notes, resulting in a $7 million gain[156]. Cash Flow and Income - Net cash provided by operating activities was $383 million in the 2024 nine-month period, down from $565 million in the 2023 nine-month period[142]. - Net cash provided by investing activities was $10 million in the 2024 nine-month period, compared to net cash used of $259 million in the 2023 nine-month period[143]. - Cash on hand as of September 30, 2024, was $69 million, up from $21 million as of December 31, 2023[142]. - As of September 30, 2024, the company reported a net income of $316 million[152]. Taxation - The effective income tax rate for the three-month period ended September 30, 2024, was 25%, compared to (8%) in the same period of 2023[129]. - The effective income tax rate was 25% in the 2024 nine-month period, compared to 4% in the 2023 nine-month period[141]. - During the nine months ended September 30, 2024, the company made federal or state income tax payments totaling $130 million[160]. - The company anticipates making income tax payments of approximately $3 million in the fourth quarter of 2024[160]. Interest Expense - Interest expense rose by $19 million, or 17%, to $130 million for the three-month period ended September 30, 2024, primarily due to increased interest rates[127]. - Interest expense increased by $39 million, or 12%, to $363 million in the 2024 nine-month period[139]. Capital Expenditures - Capital expenditures for the full year 2024 are expected to be $135 million, including $35 million related to Assembly Atlanta[158]. Other Transactions - The company completed a transaction on July 1, 2024, selling two television stations for a non-cash loss of $14 million[159]. - The first lien leverage ratio was reported at 3.00, below the maximum permitted of 3.50[153]. - The secured leverage ratio was also reported at 3.00, below the maximum permitted of 5.50[153].

Revenue Performance - Total revenue for Q3 2024 was $950 million, an increase of 18% from Q3 2023[2] - Core advertising revenue in Q3 2024 was $365 million, up 1% from Q3 2023[2] - Political advertising revenue surged to $173 million in Q3 2024, a 565% increase from Q3 2023[2] - Total broadcasting revenue reached $924 million, an 18% increase from $783 million in the same quarter of 2023[22] - Core advertising revenue for full-year 2024 is anticipated to be between $1.475 billion and $1.488 billion, down approximately 3% from earlier guidance[6] - Full-year 2024 political advertising revenue is projected to be between $495 million and $500 million[7] Net Income and Earnings - Net income attributable to common stockholders was $83 million in Q3 2024, compared to a net loss of $53 million in Q3 2023[2] - Net income for the three months ended September 30, 2024, was $96 million, a 340% increase from a net loss of $40 million in Q3 2023[24] - Net income for 2024 was $206 million, a decrease from $269 million in 2022, while adjusted EBITDA increased to $760 million from $600 million in 2023[40] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $700 million, a decrease from $719 million in Q3 2023[27] - Broadcasting operating expenses for full-year 2024 are expected to be between $2.324 billion and $2.334 billion, reflecting significant decreases from initial guidance[9] - Cost containment initiatives are expected to reduce operating expenses by at least $60 million on an annualized basis[10] Debt and Cash Management - Full-year 2024 net debt reduction is expected to be approximately $500 million[3] - Long-term debt, including the current portion, decreased to $5,893 million as of September 30, 2024, from $6,160 million at the end of 2023[28] - Total outstanding principal, including the current portion, was $5,969 million as of September 30, 2024[41] - Adjusted total indebtedness was reported at $5,906 million, with a leverage ratio of 5.67, below the maximum limit of 7.00 to 1.00[41] - Cash balance increased to $69 million as of September 30, 2024, compared to $21 million at the end of 2023[28] - The company has $674 million available under its Revolving Credit Facility as of September 30, 2024, up from $494 million at the end of 2023[28] EBITDA and Financial Metrics - Adjusted EBITDA for the three months ended September 30, 2024, was $338 million, a 61% increase from $210 million in the same period of 2023[24] - Interest expense for the three months ended September 30, 2024, was $130 million, an increase from $111 million in the same period of 2023[39] - Interest expense rose to $363 million in 2024, compared to $324 million in 2023, indicating increased borrowing costs[40] Miscellaneous Financial Information - The company reported a loss of $114 million in miscellaneous income/expense for 2024, contrasting with a gain of $13 million in 2023[40] - The impairment of goodwill and other intangible assets was recorded at $43 million in 2023, with no impairment reported in 2024[40] - The company incurred $64 million in purchases of property and equipment in 2024, down from $78 million in 2023[40] - Depreciation expenses increased slightly to $108 million in 2024 from $106 million in 2023[40] - The company paid $39 million in preferred stock dividends, consistent with the previous year[40] Market Presence - The company operates in 113 television markets, reaching approximately 36% of US television households[29] - The portfolio includes the largest Telemundo Affiliate group with 43 markets, totaling nearly 1.5 million Hispanic TV households[29] Upcoming Events - The company plans to host a conference call on November 8, 2024, to discuss third-quarter operating results[32]

Revenue Performance - Total revenue for the six-month period ended June 30, 2024, was $1.6 billion, a 2% increase compared to the same period in 2023[98]. - Core advertising revenue increased by $9 million to $745 million, partly due to $18 million in net revenue from the Super Bowl broadcast on CBS channels[98]. - Political advertising revenue surged by $54 million to $74 million, reflecting a 270% increase due to the election cycle[98]. - Retransmission consent revenue decreased by $37 million to $752 million, a 5% decline attributed to a decrease in subscribers[98]. Expenses - Broadcasting expenses rose by $41 million, or 4%, to $1.1 billion, driven by a $34 million increase in payroll and related benefits[99]. - Production company operating expenses decreased by $35 million to $35 million, compared to $70 million in the prior year, due to prior year charges related to bankruptcy and litigation[100]. - Corporate and administrative expenses were $56 million for both the 2024 and 2023 six-month periods, with non-cash stock-based compensation expenses increasing to $9 million in 2024 from $7 million in 2023[102]. - Depreciation of property and equipment totaled $72 million in the 2024 six-month period, up from $70 million in 2023, primarily due to the addition of depreciable assets[102]. - Amortization of intangible assets decreased to $63 million in the 2024 six-month period from $99 million in 2023, attributed to certain finite-lived intangible assets becoming fully amortized[102]. Interest and Debt - Interest expense increased by $9 million to $118 million, primarily due to rising interest rates on the floating rate Senior Credit Agreement[94]. - Interest expense increased by $20 million to $233 million in the 2024 six-month period, driven by higher interest rates on the floating rate Senior Credit Agreement, which rose to 8.3% from 7.6%[104]. - The company undertook refinancing activities, including amending its Senior Credit Facility to increase commitments to $680 million and extending the maturity date to December 31, 2027[87]. - As of June 30, 2024, total long-term debt includes $10 million under 2026 Notes, $700 million under 2027 Notes, $1.25 billion under 2029 Notes, $800 million under 2030 Notes, and $1.3 billion under 2031 Notes[121]. - The Senior Credit Facility has total commitments of $2.2 billion, comprising a $1.5 billion term loan facility, a $500 million term loan facility, and $200 million outstanding under the Revolving Credit Facility[121]. - The company estimates approximately $507 million in debt interest payments over the twelve months following June 30, 2024[111]. - The First Lien Leverage Ratio stands at 3.21, below the maximum permitted incurrence of 4.00 to 1.00[120]. Cash Flow - Net cash provided by operating activities was $86 million in the 2024 six-month period, a decrease of $373 million compared to $459 million in 2023, primarily due to changes in working capital accounts[108]. - Net cash provided by investing activities was $50 million in the 2024 six-month period, compared to a net cash used of $187 million in 2023, largely due to decreased purchases of property and equipment[109]. - Net cash used in financing activities was $82 million in the 2024 six-month period, significantly lower than $297 million in 2023, with $1.25 billion issued in 2029 Notes and $500 million in the 2024 Term Loan[110]. Taxation - The effective income tax rate for the 2024 six-month period was 26%, up from 18% in 2023, with an income tax expense of $38 million recognized in 2024[106]. - Federal and state income tax payments made in the first half of 2024 totaled $85 million, with anticipated payments for the remainder of 2024 ranging from $92 million to $102 million[125]. - As of June 30, 2024, the company has approximately $282 million in state operating loss carryforwards, with an estimated $201 million not expected to be utilized due to limitations[125]. Market Presence and Future Expectations - The company operates in 113 television markets, reaching approximately 36% of U.S. television households, with a significant presence in the Hispanic market[82]. - Political advertising spending is expected to peak in the fourth quarter of election years, contributing to revenue fluctuations[85]. - Routine capital expenditures for the remainder of 2024 are expected to be between $54 million and $64 million, with Assembly Atlanta capital expenditures projected at approximately $21 million[123]. - The company expects to receive approximately $25 million from Assembly Atlanta CID incentive payments for the remainder of 2024[123]. - The market risk profile as of June 30, 2024, has not materially changed since December 31, 2023[129]. Other Financial Activities - The company recognized a gain of $110 million from the sale of its investment in BMI during the 2024 six-month period[103]. - A non-cash loss on disposal of $14 million is expected from the sale of television stations KCWY and KGWN, completed on July 1, 2024[124]. - The company was in compliance with all covenants in its debt agreements as of June 30, 2024[121].

Revenue Performance - Total revenue for Q2 2024 was $826 million, a 2% increase from Q2 2023[9] - Core advertising revenue in Q2 2024 was $373 million, a decrease of $6 million or 2% from Q2 2023[9] - Political advertising revenue in Q2 2024 was $47 million, an increase of 292% from Q2 2023[9] - Total revenue for the three months ended June 30, 2024, was $826 million, a 1.6% increase from $813 million in the same period of 2023[20] - Core advertising revenue increased by 1% to $745 million compared to $736 million in 2023, while political advertising surged by 270% to $74 million from $20 million[16] - Total broadcasting revenue rose by 2% to $1,607 million from $1,580 million year-over-year[16] Net Income and Earnings - Net income for Q2 2024 was $22 million, compared to $4 million in Q2 2023[9] - Net income for the three months ended June 30, 2024, was $22 million, a significant increase of 450% from a net income of $4 million in the same period of 2023[15] - The company reported a basic net income per share of $0.09 for the three months ended June 30, 2024, compared to a loss of $0.10 per share in the same period of 2023[20] - Net income for the six months ended June 30, 2024, was $110 million, a decrease from $161 million in the same period of 2022, representing a decline of 31.7%[27] Adjusted EBITDA - Adjusted EBITDA for Q2 2024 was $225 million, essentially unchanged from Q2 2023[9] - Adjusted EBITDA for the three months ended June 30, 2024, was $225 million, down 1% from $227 million in 2023[15] - Adjusted EBITDA for the same period was $422 million, down 24% from $555 million in 2022[27] Operating Expenses - Total operating expenses for Q2 2024 were $607 million, with station expenses $8 million below the low end of guidance[5] - Total broadcasting expenses increased by 2% to $565 million from $552 million year-over-year[20] - Total operating expenses before depreciation and amortization were $674 million, down from $694 million in the same period of 2023[20] - Corporate and administrative expenses decreased by 7% to $28 million from $30 million in the same period of 2023[15] - The company incurred transaction-related expenses specific to acquisitions and divestitures, impacting the comparison of operating expenses[24] Debt and Interest - The weighted average cost of debt increased to 7.7% from 6.8%[6] - Long-term debt, including the current portion, was $6,138 million as of June 30, 2024, compared to $6,160 million as of June 30, 2023[21] - Interest expense for the three months ended June 30, 2024, was $118 million, compared to $109 million for the same period in 2023[25] - Interest expense increased to $233 million, compared to $160 million in the prior year, reflecting a rise of 45.6%[27] Cash Flow and Position - Net cash provided by operating activities for the six months ended June 30, 2024, was $86 million, compared to $459 million for the same period in 2023[21] - The company reported a net increase in cash of $54 million for the six months ended June 30, 2024, compared to a decrease of $25 million for the same period in 2023[21] - Cash on hand as of June 30, 2024, was $75 million, up from $21 million as of June 30, 2023[21] - Cash position was reported at $(75) million, indicating a negative cash balance[28] Future Guidance - Full-year 2024 core advertising revenue is now expected to be approximately $1.525 billion, down from earlier guidance of $1.6 billion[2] - Political advertising revenue for Q3 2024 is anticipated to be in the range of $180 million to $200 million[3] Conference Call - The company will host a conference call on August 8, 2024, to discuss second quarter operating results[22]

Revenue Performance - Total revenue increased by $22 million, or 3%, to $823 million for the three months ended March 31, 2024, compared to $801 million in the same period of 2023[96]. - Core advertising revenue rose by $15 million, with approximately $18 million earned from the Super Bowl broadcast on CBS channels in 2024, compared to $6 million from FOX channels in 2023[97]. - Political advertising revenue increased by $19 million, attributed to 2024 being the "on-year" of the two-year election cycle[97]. - Retransmission consent revenue decreased by $14 million due to a decline in subscriptions, partially offset by increased rates[97]. Cash Flow and Debt Management - Net cash provided by operating activities was $68 million in the 2024 three-month period, a decrease of $344 million from $412 million in the 2023 period[108]. - Net cash provided by investing activities was $80 million in the 2024 period, compared to net cash used of $95 million in the 2023 period[109]. - Long-term debt, including the current portion, was $6.154 billion as of March 31, 2024, compared to $6.160 billion as of December 31, 2023[108]. - Interest expense increased by $11 million to $115 million in the 2024 period, primarily due to rising interest rates on floating rate debt[104]. - The company anticipates approximately $438 million in debt interest payments over the twelve months following March 31, 2024[111]. - The company expects future cash flows from operations and borrowing availability to be sufficient to meet debt service obligations until at least January 2, 2026[112]. - As of March 31, 2024, total outstanding principal debt amounts to $6.206 billion, including $700 million due in 2026, $750 million due in 2027, $800 million due in 2030, and $1.3 billion due in 2031[120]. - The Adjusted Total Indebtedness, net of all cash, is reported at $6.078 billion as of March 31, 2024[118]. - The Leverage Ratio as of March 31, 2024, is 5.63, with a maximum permitted incurrence of indebtedness set at 7.00 to 1.00[118]. - The First Lien Leverage Ratio is 2.34, with a maximum permitted incurrence of 4.00 to 1.00[119]. - The company was in compliance with all required covenants under its debt obligations as of March 31, 2024[115]. Capital Expenditures and Tax Obligations - The company expects routine capital expenditures to be between $96 million and $101 million for the remainder of 2024, with an additional $33 million for Assembly Atlanta construction, offset by approximately $28 million in expected incentive payments[121]. - The company anticipates making income tax payments between $195 million and $215 million for the remainder of 2024[122]. - The Leverage Ratio Denominator, which is a significant metric for compliance with financial covenants, is calculated at $1.079 billion for the total eight quarters ended March 31, 2024[118]. - The company has approximately $282 million in state operating loss carryforwards, with an expected $201 million not utilized due to limitations[122]. - No material federal or state income tax payments were made during the first quarter of 2024[122].