Franklin Covey Co. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>Franklin Covey Co. has filed its quarterly report (10-Q) for the period ending November 30, 2023, detailing financial information and operational segments.</b>

AI Summary

FRANKLIN COVEY CO (FC) filed a Quarterly Report (10-Q) with the SEC on January 9, 2024. Franklin Covey Co. filed a 10-Q report for the period ending November 30, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on August 31. The filing includes data related to common stock, retained earnings, and additional paid-in capital as of November 30, 2023. Specific segments like Subscriptions, Services & Products, and Royalties within the Enterprise Division are mentioned for the period September 1, 2023, to November 30, 2023.

Why It Matters

For investors and stakeholders tracking FRANKLIN COVEY CO, this filing contains several important signals. This 10-Q filing provides investors with an updated view of Franklin Covey's financial health and performance for the first quarter of fiscal year 2024. The detailed segment information allows stakeholders to understand revenue drivers and the performance of different business units within the company.

Risk Assessment

Risk Level: low — FRANKLIN COVEY CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments. It provides routine financial disclosures.

Analyst Insight

Review the detailed segment performance within the 10-Q to assess growth trends in Subscriptions, Services & Products, and Royalties.

Revenue Breakdown

Key Numbers

• 2023-11-30 — Period End Date (10-Q filing period)
• 2024-01-09 — Filing Date (Date the 10-Q was filed)
• 2023-08-31 — Fiscal Year End (Company's fiscal year end)
• Q1 2024 — Reporting Quarter (First quarter of fiscal year 2024)

Key Players & Entities

• FRANKLIN COVEY CO (company) — Filer name
• 0000886206 (company) — Central Index Key
• 20231130 (date) — Period of report
• 20240109 (date) — Filed as of date
• 8741 (industry) — Standard Industrial Classification
• UT (location) — State of incorporation and business address
• 8018175030 (phone) — Business phone
• 19940218 (date) — Date of former company name change

Forward-Looking Statements

• Franklin Covey will continue to narrow its net losses in the next fiscal quarter. (FRANKLIN COVEY CO) — medium confidence, target: 2024-02-29
• The Enterprise Division will remain the primary growth driver for the company's gross profit. (FRANKLIN COVEY CO) — high confidence, target: 2024-08-31

FAQ

Key Dates

• 2023-11-30: Quarter End — End of the reporting period for the 10-Q filing.

Key Financial Figures

• $0.05 — nge on which registered Common Stock, $0.05 Par Value FC New York Stock Exchang

Filing Documents

• fc-20231130x10q.htm (10-Q) — 2110KB
• fc-20231130xex31_1.htm (EX-31.1) — 12KB
• fc-20231130xex31_2.htm (EX-31.2) — 13KB
• fc-20231130xex32.htm (EX-32) — 9KB
• fc-20231130x10qg001.jpg (GRAPHIC) — 19KB
• 0000886206-24-000005.txt (&nbsp;) — 7049KB
• fc-20231130.xsd (EX-101.SCH) — 24KB
• fc-20231130_cal.xml (EX-101.CAL) — 44KB
• fc-20231130_def.xml (EX-101.DEF) — 71KB
• fc-20231130_lab.xml (EX-101.LAB) — 211KB
• fc-20231130_pre.xml (EX-101.PRE) — 191KB
• fc-20231130x10q_htm.xml (XML) — 1551KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS FRANKLIN COVEY CO. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per-share amounts) November 30, August 31, 2023 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 33,959 $ 38,230 Accounts receivable, less allowance for doubtful accounts of $ 3,753 and $ 3,790 59,860 81,935 Inventories 4,117 4,213 Prepaid expenses and other current assets 19,306 20,639 Total current assets 117,242 145,017 Property and equipment, net 9,517 10,039 Intangible assets, net 39,443 40,511 Goodwill 31,220 31,220 Deferred income tax assets 1,679 1,661 Other long-term assets 19,721 17,471 $ 218,822 $ 245,919 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of notes payable $ 4,585 $ 5,835 Current portion of financing obligation 3,627 3,538 Accounts payable 5,667 6,501 Deferred subscription revenue 83,484 95,386 Other deferred revenue 16,023 12,137 Accrued liabilities 21,300 28,252 Total current liabilities 134,686 151,649 Notes payable, less current portion 1,556 1,535 Financing obligation, less current portion 3,478 4,424 Other liabilities 7,590 7,617 Deferred income tax liabilities 1,011 2,040 Total liabilities 148,321 167,265 Shareholders' equity: Common stock, $ 0.05 par value; 40,000 shares authorized, 27,056 shares issued 1,353 1,353 Additional paid-in capital 224,701 232,373 Retained earnings 104,653 99,802 Accumulated other comprehensive loss ( 936 ) ( 987 ) Treasury stock at cost, 13,782 shares and 13,974 shares ( 259,270 ) ( 253,887 ) Total shareholders' equity 70,501 78,654 $ 218,822 $ 245,919 See notes to condensed consolidated financial statements 2 FRANKLIN COVEY CO. CONDENSED CONSOLIDATED INCOME STATEMENTS AND STATEMENTS OF COMPREHENSIVE INCOME (in thousands, except pe

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management's discussion and analysis contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations and are subject to various uncertainties and changes in circumstances. Important factors that could cause actual results to differ materially from those described in forward-looking statements are set forth below under the heading "Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995." We suggest that the following discussion and analysis be read in conjunction with the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2023 as filed with the SEC on November 13, 2023. Non-GAAP Measures This Management's Discussion and Analysis includes the concept of Adjusted EBITDA which is a non-GAAP financial measure. We define Adjust

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View this 10-Q filing on SEC EDGAR