Revenue guidance reflects a $55M year-over-year headwind from the strategic decision to wind down the company’s low-margin consumer products business. Sees FY24 operating income $100M-$110M. The company said, “Changes to modernize the Company’s technology organization required the Company to update its capitalized labor rate expectations. Based on these updated expectations, an estimated $9.0 million of expenses that were previously expected to be capitalized will now be reflected on the income statement in 2024. This shift in operating methodology does not impact cash.”
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