The outlook for fiscal 2024 includes one extra week of operations compared to fiscal 2023 due to the timing of our fiscal quarter, and assumes:
- Core Laundry Operations' organic growth at the midpoint of the range of 4.5%.
- Core Laundry Operations' operating and EBITDA margins at the midpoint of the range of 6.6% and 12.7%, respectively.
- An estimate of $12.0 million of costs directly attributable to our Key Initiatives that will be expensed in fiscal 2024 and will decrease both the Core Laundry Operations' operating and EBITDA margins by 0.6%.
- An effective tax rate of 24.5%.
- No impact from any future share buybacks or unexpected significantly adverse economic developments.