“We expect our cash priorities to remain on investing behind our five strategic imperatives and supporting strategic extensions.”

In context

“ion or $0.22 per diluted share a year ago. Our liquidity remains strong with the combination of our cash balance and access to our revolving credit facility, sitting at approximately $130 million. We ended the quarter with $33 million in cash on hand compared to a cash balance of $35 million a year ago. Our current cash balance reflects a complete pay down of our revolving credit facility, reducing our overall debt by $13 million in the quarter. Our ending inventory balance was $85 million in line with our expectations as compared to $69 million a year ago. As a reminder, last quarter, we spoke about carrying higher inventory levels due to the combination of longer lead times, higher transportation costs, the addition of Keys Soulcare and W3LL PEOPLE, and our continued business momentum. We expect our cash priorities to remain on investing behind our five strategic imperatives and supporting strategic extensions. Now let's turn to our fiscal 2022 guidance. We now expect net sales growth of approximately 17% to 19% versus fiscal 2021, up from 14% to 16% previously. We expect adjusted EBITDA between $70 million and $72 million, adjusted net income between $40 million and $42 million and adjusted EPF of $0.73 to $0.76 per diluted share. We still expect a fully diluted share count of approximately $55 million shares. And our fiscal 2022 adjusted tax rate to be approximately 22% to 23%. Our raised top-line guidance largely reflects our outperformance in Q3 relative to our expectations and an improved outlook for Q4. As Tarang mentioned, our business momentum remained strong throughout Q3, up 20% on a two-year stack basis. Despite not having most of our holiday program, we expect Q4 to look similar to”