The Company affirmed its net sales and Adjusted EBITDA financial outlook for 2024, which was previously provided in March. The Company continues to expect slight increases in both net sales and Adjusted EBITDA for the full year, with declines in the first half of the year offset by growth in the second half.
The Company has adjusted its Free Cash Flow outlook to be approximately half of the 2023 level, which compares to the previous outlook of $5 million to $10 million below prior year. The change compared to the prior outlook primarily reflects the near-term impact of the newly signed contract with one of the Company's larger customers, which should benefit cash flow through 2029, but negatively impact Free Cash Flow in 2024 due to up-front incentives. Compared to prior year, the Free Cash Flow outlook also reflects increased capital spending investment, including investment in a new state-of-the-art secure card production facility in Indiana. The Company generated $27.6 million of Free Cash Flow in 2023.
The Company continues to expect its year-end 2024 Net Leverage Ratio to be between 3.0x and 3.5x.