“We expect our cash priorities for the year to remain on investing behind our growth initiatives and supporting strategic extensions.”

In context

“ately 22% of net sales. Adjusted net income was $20 million or $0.36 per diluted share compared to $11 million or $0.21 per diluted share, a year ago. Moving to the balance sheet and cash flow, our balance sheet remains strong, and we believe this, positions us well to execute our long-term growth plans. We ended the quarter with $85 million in cash on hand compared to a cash balance of $42 million a year ago. Our ending inventory balance was $81 million, up from $70 million in June, as expected. We remain confident in our ability to meet the strong consumer demand we're seeing. I'm also pleased with the strong free cash flow generation we've seen year-to-date of approximately $42 million. Given our cash position, we ended the quarter with less than one times leverage on a net debt basis. We expect our cash priorities for the year to remain on investing behind our growth initiatives and supporting strategic extensions. In this rising interest rate environment, we are also exploring retiring a portion of our debt given our strong cash flow. Now let's turn to our raised outlook for fiscal 2023. For the full year, we now expect net sales growth of approximately 22% to 24% and versus prior year, up from 14% to 16% previously. We expect adjusted EBITDA between $93.5 million to $95 million, up from $83.5 million to $85 million previously. We expect adjusted net income between $59 million to $60.5 million, up from $47 million to $48.5 million previously. And adjusted EPS of $1.07 to $1.10 per diluted share, up from $0.84 to $0.87 previously. We expect our fiscal 2023 adjusted tax rate to be approximately 22% to 23% as compared to 25% to 26% previously. Lastly, we expect a fully diluted share count of approxima”