“Our guidance assumes limited impact on combustible and e-vapor product volumes from enforcement efforts in the illicit e-vapor market and assumes NJOY ACE does not return to the marketplace this year.”

In context

“EBITDA ratio as of March 31 was 2.1 times, in line with our target of approximately two times. Let's move now to guidance. Where we expect to deliver 2025 full-year adjusted diluted EPS in a range of $5.30 to $5.45, representing a growth rate of 2% to 5% from a base of $5.19 in 2024. As noted in today's press release, beginning in the first quarter, we changed our treatment of our amortization expense associated with definite-lived intangible assets and now exclude it from our adjusted results. We believe that operating results adjusted for this item better reflect the underlying performance of our businesses and provide a better comparison to prior operating results. As a result, our guidance reflects a recast of the guidance range and 2024 base. Our growth rate expectation is unchanged. Our guidance assumes limited impact on combustible and e-vapor product volumes from enforcement efforts in the illicit e-vapor market and assumes NJOY ACE does not return to the marketplace this year. The guidance range also includes the reinvestment of anticipated cost savings related to our previously announced optimize and accelerate initiative and lower expected net periodic benefit income. In addition, our guidance range contemplates limited impact of increased tariffs on our costs and potential impacts on our consumers. Based on presently available information about tariffs, we will continue to closely monitor the state of our consumers, including how the economic impact of tariffs could affect their purchasing behaviors. With that, we'll wrap up, and Billy and I will be happy to take your questions. The calls are being compiled, I'll remind you that today's earnings release and our non-GAAP reconciliations are available on altria.com. We've also posted our usual quarterly metric”