Consolidated Sales for the Year Increase 7%
to a Record $280.5 Million Compared with $262.8 Million in Fiscal
2022
Education Division Revenues Grow 13%
Compared with Fiscal 2022
Sum of Billed and Unbilled Deferred
Subscription Revenue Increases 22% to $186.4 Million Compared with
$153.4 Million as of August 31, 2022
Pre-Tax Income for Fiscal 2023 Increases 17%
to $25.9 Million, Adjusted EBITDA Increases 14% to $48.1 Million
Compared with $42.2 Million in Fiscal 2022
Company Purchases 885,500 Shares of its
Common Stock for $35.6 Million During Fiscal 2023
Company Provides Earnings Guidance for
Fiscal 2024
Franklin Covey Co. (NYSE: FC), a leader in organizational
performance improvement that creates, and on a subscription basis,
distributes world-class content, training, processes, and tools
that organizations and individuals use to achieve systemic changes
in human behavior to transform their results, today announced
financial results for its fourth quarter and full fiscal 2023 year,
which ended on August 31, 2023.
Introduction
The Company’s fiscal 2023 financial performance was very strong,
highlighted by the following key metrics:
The Company’s consolidated sales for the fiscal year ended
August 31, 2023, increased 7% (8% in constant currency) to a record
$280.5 million, compared with $262.8 million in fiscal 2022. This
growth was on top of the strong 17% growth achieved in fiscal 2022,
a fiscal year which benefited from very strong sales performance
and a comparison with a pandemic-impacted fiscal 2021. The
Company’s sales performance in fiscal 2023 included the
following:
- All Access Pass (AAP) subscription and subscription services
sales grew 9% to $158.0 million in fiscal 2023 compared with $144.5
million in fiscal 2022. During the fourth quarter of fiscal 2023,
AAP subscription revenue retention levels returned to their high
historical levels of greater than 90%. In the Enterprise Division,
where most AAP contracts are sold, sales increased 6% to $205.7
million compared with $194.4 million in the prior year. In constant
currency, Enterprise sales grew to $209.6 million in fiscal
2023.
- Education Division revenues grew 13% to $69.7 million in fiscal
2023 on the strength of increased training and consulting days
delivered and increased Leader in Me membership revenues. During
fiscal 2023, the Education Division delivered over 1,100 more
coaching and consulting days than in fiscal 2022 and added a record
791 new Leader in Me schools in the United States and Canada.
Year-over-year Leader in Me school retention remained high during
fiscal 2023 at nearly 85%.
- Total Company deferred revenue at August 31, 2023 increased to
$111.2 million compared with $102.4 million at August 31, 2022. The
sum of billed subscription and unbilled deferred subscription
revenue at August 31, 2023 grew 22 percent to $186.4 million,
compared with August 31, 2022. The Company continues to be pleased
with the growth of multi-year contracts and the overall increase in
deferred subscription revenue, which provide a strong base for
future sales growth. As of August 31, 2023, 54% of the Company’s
All Access Pass contracts are for at least two years, compared with
45% at August 31, 2022, and the percentage of contracted amounts
represented by multi-year contracts increased to 58% from 53% in
the prior year.
Paul Walker, President and Chief Executive Officer, commented,
“We were really pleased with our results for the fourth quarter and
full fiscal 2023 year. Our strong results for the fourth quarter
and fiscal year demonstrate the strength and durability of our
subscription business model, which continued its growth trajectory
during the year and was evident by the strong growth in both our
Enterprise and Education Divisions. Our results were particularly
strong when viewed in the context that we were able to improve upon
our record growth in fiscal 2022, which benefited from both strong
sales performance and comparisons with pandemic-impacted results in
fiscal 2021. Our consolidated sales in fiscal 2023 of $280.5
million represented $55 million of growth, or a 25% increase, from
our pre-pandemic revenue high of $225.4 million in fiscal
2019.”
Walker continued, “In addition to increased sales, our fiscal
2023 results featured continued strong gross margins, lower selling
and administrative expenses as a percent of total sales, increased
pre-tax income and significant growth in Adjusted EBITDA over the
prior year. Our consolidated sales increased 7% to a fiscal year
record of $280.5 million, our gross margin remained strong at
76.1%, pre-tax income increased 17% to $25.9 million, and our
Adjusted EBITDA increased 14% to $48.1 million. In constant
currency, our Adjusted EBITDA for fiscal 2023 increased 17% over
fiscal 2022, to $49.5 million. Even after purchasing $35.6 million
of our common stock during fiscal 2023, our liquidity remained very
strong with over $100 million available from existing cash and our
undrawn revolving credit facility. We were pleased to achieve these
strong results despite currency exchange rates and other
macroeconomic factors that created some headwinds which impacted
our operations in fiscal 2023.”
Walker concluded, “Our fiscal 2023 results reflect our continued
focus on three fundamental priorities: First, to be our clients’
partner of choice for addressing the challenges that really matter
to them. We have organized our entire Company with the objective of
helping clients address these mission critical opportunities and
challenges. We believe that being the partner of choice for our
clients translates into high retention, strong revenue growth, and
an increasing lifetime customer value. Second, we endeavor to help
our clients through a compelling subscription business model that
is also very profitable and produces high levels of cash flow. A
strong and profitable business model means that a significant
portion of our revenue growth flows through to increases in
Adjusted EBITDA and incremental cash flows, which in turn produces
significant value to our shareholders. And third, we seek to
reinvest these profits and cash flow to create even more compelling
solutions for our clients and to generate high rates of return for
our key stakeholders. Continued investment in our solutions
provides improved services and products to help our clients solve
ever more challenging issues. This, in turn, drives increased sales
and further strengthens and increases the size of our strategic
moat. Consistently advancing these key priorities quarter after
quarter, and year-by-year is helping us be a unique kind of
Company: one that is continually strengthening and expanding our
strategic position by continually helping our clients win, which
provides our associates with the opportunity to do extremely
meaningful and impactful work for our clients, while fostering
personal growth; generates high rates of growth in Adjusted EBITDA
and cash flows; and returns substantial capital to our
shareholders. Our continued focus on these priorities was key to
our strong fiscal 2023 performance, and we believe will be
fundamental to our continued growth in the future.”
Fiscal 2023 Financial
Overview
The following is a summary of the Company’s financial results
for the fiscal year ended August 31, 2023:
- Net Sales: The Company’s
consolidated sales for fiscal 2023 increased 7%, or $17.7 million,
to a new annual sales record of $280.5 million despite the impact
of unfavorable foreign exchange rates during the year. In constant
currency, consolidated sales grew to $284.6 million for the year.
This growth was on top of the strong 17 percent growth achieved in
fiscal 2022, which benefited from comparison against a
pandemic-impacted fiscal 2021. Consolidated sales increased in
fiscal 2023 primarily due to strong sales of subscription and
subscription services in both the Enterprise and Education
Divisions. Despite unfavorable exchange rates and some challenging
macroeconomic factors during fiscal 2023, the Company’s AAP and
Leader in Me membership revenues increased compared with the prior
year and each of the Company’s operating segments were able to
increase sales over the prior year. Enterprise Division sales for
the year increased 6%, or $11.3 million, to $205.7 million compared
with $194.4 million in fiscal 2022, and were driven primarily by
increased AAP revenues, improved international direct office sales,
and increased licensee revenues. All Access Pass subscription and
subscription services sales grew 9% in fiscal 2023, international
direct office sales increased 6%, or $1.9 million, and licensee
revenues increased 10%, or $1.1 million, compared with fiscal 2022.
Fiscal 2023 growth in the Enterprise Division was impacted by
foreign exchange and by a somewhat reduced number of onsite
presentations in the third and fourth quarters, compared with a
record number of onsite presentations in the prior year. Education
Division revenues increased 13%, or $7.9 million, to $69.7 million
compared with $61.9 million in fiscal 2022. Education Division
subscription and subscription related revenue, which primarily
consists of the Leader in Me membership, consulting days invoiced
with the Leader in Me online service, and materials increased 13%
compared with fiscal 2022. The Education Division added a record
791 new Leader in Me schools in the United States and Canada during
fiscal 2023. Growth in the Enterprise and Education Divisions was
partially offset by $1.5 million of decreased subleasing revenues
from the Company’s corporate campus as some third-party leases
expired during the year.
- Deferred Subscription Revenue and
Unbilled Deferred Revenue: At August 31, 2023, the Company
had $186.4 million of billed and unbilled deferred subscription
revenue, a 22%, or $33.0 million increase over the balance at
August 31, 2022. This total includes $99.0 million of deferred
subscription revenue on the balance sheet, a 12%, or $11.0 million
increase compared with deferred subscription revenue at August 31,
2022. Unbilled deferred subscription revenue represents business
(typically multi-year contracts) that is contracted but unbilled
and excluded from the Company’s balance sheet.
- Gross profit: Gross profit for
fiscal 2023 increased 6% to $213.5 million, compared with $201.9
million in fiscal 2022 and increased primarily due to increased
sales as described above. The Company’s gross margin for the fiscal
year ended August 31, 2023, remained strong at 76.1% compared with
76.8% in the prior year.
- Operating Expenses: The Company’s
operating expenses in fiscal 2023 increased $8.9 million compared
with fiscal 2022 primarily due to a $10.4 million increase in
selling, general, and administrative (SG&A) expenses. Despite
the increase in SG&A expenses, as a percentage of revenue, the
Company’s SG&A expenses in fiscal 2023 decreased to 63.6%
compared with 63.9% in fiscal 2022. The Company’s SG&A expenses
increased primarily due to increased associate costs resulting from
new client-facing personnel and increased salaries; increased
commissions on higher sales; a $4.2 million increase in non-cash
stock-based compensation expense; and increased travel expense.
Over the previous 12 months, the Company has invested in new
associates for a variety of primarily client-facing roles,
including sales and sales-related personnel, Leader in Me coaches,
and implementation specialists. The Company believes these
investments will provide a strong return in future periods. At
August 31, 2023, the Company had 303 client partners compared with
300 at August 31, 2022.
- Operating and Pre-Tax Income: The
Company’s income from operations in fiscal 2023 increased 11% to
$26.4 million, compared with $23.7 million in fiscal 2022. The
Company’s pre-tax income for the fiscal year ended August 31, 2023
increased 17%, or $3.8 million, to $25.9 million, compared with
$22.1 million in the prior year.
- Income Taxes: The Company’s
effective income tax rate for fiscal 2023 was approximately 31
percent compared with an effective rate of approximately 16 percent
in fiscal 2022. The effective tax rate in fiscal 2022 was less than
statutory rates primarily due to a $2.8 million reduction in the
valuation allowance against certain deferred income tax assets. The
effective rate in fiscal 2023 was higher than statutory rates
primarily due to $0.9 million of tax expense from non-deductible
executive compensation.
- Net Income: As a result of the
factors noted above, the Company’s net income for the fiscal year
ending August 31, 2023 was $17.8 million, or $1.24 per diluted
share, compared with $18.4 million, or $1.27 per diluted share, in
the prior year.
- Adjusted EBITDA: Adjusted EBITDA
for fiscal 2023 improved 14% to $48.1 million compared with $42.2
million in fiscal 2022. The Company’s fiscal 2023 Adjusted EBITDA
growth reflected increased sales, continued strong gross margins,
and lower SG&A as a percent of revenue. In constant currency,
Adjusted EBITDA increased 17% compared with fiscal 2022.
- Liquidity and Financial Position:
The Company’s liquidity and financial position remained strong with
more than $100 million of liquidity at August 31, 2023, which
consisted of $38.2 million of cash with no borrowings on its $62.5
million line of credit.
- Purchases of Common Stock: During
the fourth quarter of fiscal 2023, the Company purchased
approximately 125,000 shares of its common stock on the open market
for $5.9 million. For the fiscal year ended August 31, 2023, the
Company purchased approximately 885,500 shares of its common stock
for $35.6 million.
Fourth Quarter Fiscal 2023 Financial
Results
The following is a summary of financial results for the fourth
quarter of fiscal 2023:
- Net Sales: Consolidated sales for
the quarter ended August 31, 2023, were $78.0 million compared with
$78.8 million in the fourth quarter of fiscal 2022. Fourth quarter
sales performance was adversely impacted by reduced sales of legacy
products and services, decreased onsite presentations in the
Enterprise Division, lower materials sales in the Education
Division, and $0.5 million of reduced sublease revenue from the
corporate campus. For the fourth quarter of fiscal 2023, Enterprise
Division sales grew to $52.4 million compared with $52.2 million in
fiscal 2022. In the fourth quarter of fiscal 2023, AAP subscription
and subscription services sales increased 3% to $41.7 million
compared with $40.3 million in fiscal 2022. International Direct
Office sales increased 8% for the quarter, which was primarily due
to improved sales in China, as that country recovers from ongoing
pandemic issues. International licensee revenues continue to
improve and increased 10% compared with the prior year, despite the
adverse impact of foreign exchange rates, and the ongoing impact of
various geopolitical challenges around the world. Education
Division sales for the fourth quarter were $24.1 million compared
with $24.7 million in the fourth quarter of fiscal 2022. Education
Division sales were adversely impacted by decreased material sales
compared with the prior year. Some of this decline was attributable
to including student leadership guides electronically in the Leader
in Me online service, rather than in paper-based format for an
additional charge.
- Gross profit: Gross profit for the
fourth quarter of fiscal 2023 increased to $59.3 million, compared
with $59.1 million in the fourth quarter of the prior year. The
Company’s gross margin for the quarter ended August 31, 2023,
remained strong and improved to 76.1% compared with 75.0% in fiscal
2022. The increase was primarily driven by changes in the overall
mix of services and products sold during the quarter.
- Operating Expenses: The Company’s
operating expenses for the quarter ended August 31, 2023, decreased
by $1.7 million compared with the fourth quarter of fiscal 2022,
which was primarily due to a $1.5 million decrease in SG&A
expenses. The Company’s SG&A expenses decreased primarily due
to reduced associate costs and the successful implementation of
cost savings initiatives in various areas of the Company’s
operations during the quarter.
- Operating and Pre-Tax Income: The
Company’s income from operations for the quarter ended August 31,
2023, increased 22% to $10.6 million, compared with $8.7 million in
the fourth quarter of fiscal 2022. As a result of increased
interest income and decreased interest expense, the Company’s
pre-tax income for the fourth quarter of fiscal 2023 increased 26%,
or $2.2 million, to $10.4 million, compared with $8.3 million in
the prior year.
- Income Taxes: The Company’s income
tax provision for the quarter ended August 31, 2023 was $3.6
million compared with $2.7 million in the prior year. The Company’s
effective income tax rate increased to 34.8% compared with 32.6% in
the fourth quarter of fiscal 2022 primarily due to $0.5 million of
income tax expense for non-deductible executive compensation in the
fourth quarter of fiscal 2023.
- Net Income: As a result of the
factors noted above, the Company’s net income for the fourth
quarter of fiscal 2023 increased to $6.8 million, or $0.49 per
diluted share, compared with $5.6 million, or $0.39 per diluted
share, in the fourth quarter of fiscal 2022.
- Adjusted EBITDA: Adjusted EBITDA
for the quarter ended August 31, 2023, improved 24%, or $3.2
million, to $16.5 million compared with $13.3 million in fiscal
2022, which was a very strong quarter where growth partially
benefited from comparison with fiscal 2021’s pandemic-impacted
fourth quarter.
Fiscal 2024 Guidance and
Outlook
Driven by the continued strength and strategic durability of its
All Access Pass and Leader in Me membership subscriptions, and its
strong fiscal 2023 financial performance, the Company’s guidance
for fiscal 2024 is that Adjusted EBITDA will increase to between
$54.5 million and $58.0 million in constant currency, compared with
the $48.1 million of Adjusted EBITDA achieved in fiscal 2023. The
Company expects to achieve this growth despite additional growth
investments and potential macroeconomic headwinds that may
adversely impact its future operating results. The Company remains
confident in the strength of the All Access Pass and Leader in Me
membership subscriptions, which have driven Franklin Covey’s growth
across recent years and which are expected to drive continued
growth in fiscal 2024 and future years.
Earnings Conference Call
On Wednesday, November 1, 2023, at 5:00 p.m. Eastern (3:00 p.m.
Mountain) Franklin Covey will host a conference call to review its
fourth quarter and fiscal 2023 full-year financial results.
Interested persons may access a live audio webcast at
https://edge.media-server.com/mmc/p/3s4ixmry or may participate via
telephone by registering at
https://register.vevent.com/register/BIdb4ebac824eb4e288defd271b2bf2b5d.
Once registered, participants will have the option of: 1) dialing
into the call from their phone (via a personalized PIN); or 2)
clicking the “Call Me” option to receive an automated call directly
to their phone. For either option, registration will be required to
access the call. A replay of the conference call webcast will be
archived on the Company’s website for at least 30 days.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
including those statements related to the Company’s future results
and profitability and other goals relating to the growth and
operations of the Company. Forward-looking statements are based
upon management’s current expectations and are subject to various
risks and uncertainties including, but not limited to: general
macroeconomic conditions; renewals of subscription contracts; the
impact of deferred revenues on future financial results; impacts
from geopolitical conflicts; market acceptance of new products or
services, including new AAP portal upgrades; inflation; the ability
to achieve sustainable growth in future periods; and other factors
identified and discussed in the Company’s most recent Annual Report
on Form 10-K and other periodic reports filed with the Securities
and Exchange Commission. Many of these conditions are beyond the
Company’s control or influence, any one of which may cause future
results to differ materially from the Company’s current
expectations, and there can be no assurance that the Company’s
actual future performance will meet management’s expectations.
These forward-looking statements are based on management’s current
expectations and the Company undertakes no obligation to update or
revise these forward-looking statements to reflect events or
circumstances subsequent to this press release.
Non-GAAP Financial
Information
This earnings release includes the concepts of Adjusted EBITDA
and “constant currency,” which are non-GAAP measures. The Company
defines Adjusted EBITDA as net income excluding the impact of
interest, income taxes, intangible asset amortization,
depreciation, stock-based compensation expense, and certain other
items such as adjustments to the fair value of expected contingent
consideration liabilities arising from business acquisitions.
Constant currency is a non-GAAP financial measure that removes the
impact of fluctuations in foreign currency exchange rates and is
calculated by translating the current period’s financial results at
the same average exchange rates in effect during the prior year and
then comparing this amount to the prior year. The Company
references these non-GAAP financial measures in its decision making
because they provide supplemental information that facilitates
consistent internal comparisons to the historical operating
performance of prior periods and the Company believes they provide
investors with greater transparency to evaluate operational
activities and financial results. Refer to the attached table for
the reconciliation of the non-GAAP financial measure, Adjusted
EBITDA, to consolidated net income, a related GAAP financial
measure.
The Company is unable to provide a reconciliation of the above
forward-looking estimate of non-GAAP Adjusted EBITDA to GAAP
measures because certain information needed to make a reasonable
forward-looking estimate is difficult to obtain and dependent on
future events which may be uncertain, or out of the Company’s
control, including the amount of AAP contracts invoiced, the number
of AAP contracts that are renewed, necessary costs to deliver the
Company’s offerings, such as unanticipated curriculum development
costs, and other potential variables. Accordingly, a reconciliation
is not available without unreasonable effort.
About Franklin Covey Co.
Franklin Covey Co. (NYSE: FC) is a global leadership company
with directly owned and licensee partner offices providing
professional services in over 160 countries and territories. The
Company transforms organizations by partnering with its clients to
build leaders, teams, and cultures that achieve breakthrough
results through collective action, which leads to a more engaging
work experience for their people. Available through the Franklin
Covey All Access Pass, the Company’s best-in-class content and
solutions, experts, technology, and metrics seamlessly integrate to
ensure lasting behavioral change at scale. Solutions are available
in multiple delivery modalities in more than 20 languages.
This approach to leadership and organizational change has been
tested and refined by working with tens of thousands of teams and
organizations over the past 30 years. Clients have included
organizations in the Fortune 100, Fortune 500, and thousands of
small- and mid-sized businesses, numerous governmental entities,
and educational institutions. To learn more, visit
www.franklincovey.com, and enjoy exclusive content from Franklin
Covey’s social media channels at: LinkedIn, Facebook, Twitter,
Instagram, and YouTube.
FRANKLIN COVEY CO.
Condensed Consolidated Income
Statements (in thousands, except per-share amounts, and
unaudited) Quarter Ended Fiscal Year Ended August 31,
August 31, August 31, August 31,
2023
2022
2023
2022
Net sales
$
77,955
$
78,806
$
280,521
$
262,841
Cost of sales
18,650
19,739
67,031
60,929
Gross profit
59,305
59,067
213,490
201,912
Selling, general, and administrative
46,525
48,027
178,516
168,069
Depreciation
1,141
1,217
4,271
4,903
Amortization
1,071
1,160
4,342
5,266
Income from operations
10,568
8,663
26,361
23,674
Interest expense, net
(122
)
(383
)
(492
)
(1,610
)
Income before income taxes
10,446
8,280
25,869
22,064
Income tax provision
(3,634
)
(2,702
)
(8,088
)
(3,634
)
Net income
$
6,812
$
5,578
$
17,781
$
18,430
Net income per common share: Basic
$
0.52
$
0.40
$
1.30
$
1.30
Diluted
0.49
0.39
1.24
1.27
Weighted average common shares: Basic
13,162
13,857
13,640
14,147
Diluted
13,886
14,425
14,299
14,555
Other data: Adjusted EBITDA(1)
$
16,508
$
13,347
$
48,066
$
42,197
(1)
The term Adjusted EBITDA (earnings before interest, income taxes,
depreciation, amortization, stock-based compensation, and certain
other items) is a non-GAAP financial measure that the Company
believes is useful to investors in evaluating its results. For a
reconciliation of this non-GAAP measure to a GAAP measure, refer to
the Reconciliation of Net Income to Adjusted EBITDA as shown below.
FRANKLIN COVEY CO.
Reconciliation of Net Income to Adjusted
EBITDA (in thousands and unaudited) Quarter Ended
Fiscal Year Ended August 31, August 31, August 31, August 31,
2023
2022
2023
2022
Reconciliation of net income to Adjusted EBITDA: Net income
$
6,812
$
5,578
$
17,781
$
18,430
Adjustments: Interest expense, net
122
383
492
1,610
Income tax provision
3,634
2,702
8,088
3,634
Amortization
1,071
1,160
4,342
5,266
Depreciation
1,141
1,217
4,271
4,903
Stock-based compensation
3,163
2,299
12,520
8,286
Restructuring costs
565
-
565
-
Increase in the fair value of contingent consideration liabilities
-
8
7
68
Adjusted EBITDA
$
16,508
$
13,347
$
48,066
$
42,197
Adjusted EBITDA margin
21.2
%
16.9
%
17.1
%
16.1
%
FRANKLIN COVEY
CO. Additional Financial
Information (in thousands and unaudited) Quarter
Ended Fiscal Year Ended August 31, August 31, August 31, August 31,
2023
2022
2023
2022
Sales by Division/Segment: Enterprise Division: Direct
offices
$
49,827
$
49,807
$
194,021
$
183,845
International licensees
2,597
2,355
11,645
10,551
52,424
52,162
205,666
194,396
Education Division
24,105
24,650
69,736
61,852
Corporate and other
1,426
1,994
5,119
6,593
Consolidated
$
77,955
$
78,806
$
280,521
$
262,841
Gross Profit by Division/Segment: Enterprise
Division: Direct offices
$
40,715
$
39,757
$
156,915
$
148,051
International licensees
2,323
2,038
10,507
9,382
43,038
41,795
167,422
157,433
Education Division
15,921
16,457
44,418
41,206
Corporate and other
346
815
1,650
3,273
Consolidated
$
59,305
$
59,067
$
213,490
$
201,912
Adjusted EBITDA by Division/Segment: Enterprise
Division:
Direct offices
$
11,986
$
8,833
$
44,198
$
37,497
International licensees
1,087
546
5,874
4,964
13,073
9,379
50,072
42,461
Education Division
6,118
6,610
7,426
8,408
Corporate and other
(2,683
)
(2,642
)
(9,432
)
(8,672
)
Consolidated
$
16,508
$
13,347
$
48,066
$
42,197
FRANKLIN COVEY CO.
Condensed Consolidated Balance
Sheets (in thousands and unaudited) August 31,
August 31,
2023
2022
Assets Current assets: Cash and cash
equivalents
$
38,230
$
60,517
Accounts receivable, less allowance for doubtful accounts of $3,790
and $4,492
81,935
72,561
Inventories
4,213
3,527
Prepaid expenses and other current assets
20,639
19,278
Total current assets
145,017
155,883
Property and equipment, net
10,039
9,798
Intangible assets, net
40,511
44,833
Goodwill
31,220
31,220
Deferred income tax assets
1,661
4,686
Other long-term assets
17,471
12,735
$
245,919
$
259,155
Liabilities and Shareholders'
Equity Current liabilities: Current portion of notes payable
$
5,835
$
5,835
Current portion of financing obligation
3,538
3,199
Accounts payable
6,501
10,864
Deferred subscription revenue
95,386
85,543
Other deferred revenue
12,137
14,150
Accrued liabilities
28,252
34,205
Total current liabilities
151,649
153,796
Notes payable, less current portion
1,535
7,268
Financing obligation, less current portion
4,424
7,962
Other liabilities
7,617
7,116
Deferred income tax liabilities
2,040
199
Total liabilities
167,265
176,341
Shareholders' equity: Common stock
1,353
1,353
Additional paid-in capital
232,373
220,246
Retained earnings
99,802
82,021
Accumulated other comprehensive loss
(987
)
(542
)
Treasury stock at cost, 13,974 and 13,203 shares
(253,887
)
(220,264
)
Total shareholders' equity
78,654
82,814
$
245,919
$
259,155
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101041659/en/
Investor Contact: Franklin Covey Boyd Roberts 801-817-5127
investor.relations@franklincovey.com
Media Contact: Franklin Covey Debra Lund 801-817-6440
Debra.Lund@franklincovey.com
Franklin Covey (NYSE:FC)
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