“We expect our fiscal '23 adjusted tax rate to be approximately 19% as compared to 22% to 23% previously.”

In context

“ebt in Q3 in response to the rising interest rate environment. Given our strong cash position, we ended the quarter with less than 1x 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. Now let's turn to our raised outlook for fiscal '23. For the full year, we now expect net sales growth of approximately 38% to 39% versus prior year, up from 22% to 24% previously. We expect adjusted EBITDA between $110.5 million to $112 million, up from $93.5 million to $95 million previously. We expect adjusted net income between $75.5 million to $77 million, up from $59 million to $60.5 million previously and adjusted EPS of $1.37 to $1.40 per diluted share, up from $1.07 to $1.10 previously. We expect our fiscal '23 adjusted tax rate to be approximately 19% as compared to 22% to 23% previously. Lastly, we continue to expect a fully diluted share count of approximately 56 million shares at year-end. Let me provide you with additional color on our planning assumptions for fiscal '23. Starting with top line, our raised outlook reflects our strong Q3 performance and ongoing business momentum. In Q4, our outlook implies approximately 42% to 46% net sales growth, reflecting the strong consumption trends we're seeing. Turning to gross margin. We now expect our gross margin to be up approximately 200 basis points year-over-year, as compared to our previous expectation for up 175 basis points. This is largely a result of our outperformance in Q3. In terms of the key puts and takes for the year, we expect gross margin improvement from the price increases implemented in March of last ye”