Consolidated Sales Increase 9% in the Second
Quarter to $61.8 Million Compared with $56.6 Million in Fiscal
2022, Sales Grow 11% for the First Half of Fiscal 2023
All Access Pass Subscription and
Subscription Services Sales in the Second Quarter Grow 11% to $35.4
Million, Increase 22% for the Latest 12 Months
Education Division Revenues Grow 28% in the
Second Quarter over Fiscal 2022
Sum of Billed and Unbilled Deferred
Subscription Revenue Increases 22% to $145.8 Million Compared with
February 28, 2022
New $50.0 Million Share Buyback Plan
Approved by the Board of Directors
New Expanded Credit Facility Closed
Subsequent to Quarter End
Company Affirms Earnings Guidance for Fiscal
2023
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 second quarter of fiscal 2023, which
ended on February 28, 2023.
Introduction
The Company’s second quarter fiscal 2023 financial performance
was highlighted by the following key metrics:
- The Company’s consolidated sales for the quarter ended February
28, 2023 increased 9% to $61.8 million compared with $56.6 million
in the second quarter of fiscal 2022. On a constant currency basis,
the Company’s sales increased 11% to $62.7 million. For the rolling
four quarters ended February 28, 2023, the Company’s consolidated
sales increased 12%, or $30.6 million, to $276.1 million compared
with $245.5 million in the corresponding period ended February 28,
2022. The Company’s sales for the second quarter increased
primarily due to strong subscription and subscription services
sales, including the following:
- All Access Pass subscription and subscription services sales
grew 11% to $35.4 million in the second quarter and grew 22% to
$154.4 million for the rolling four quarters ended February 28,
2023.
- Education Division revenues grew 28% on the strength of
increased consulting, coaching, and training days delivered during
the quarter, increased Symposium conference events, and increased
Leader in Me subscription revenues. The Education Division
continued its momentum generated in fiscal 2022, during which it
added a record 739 new Leader in Me schools.
- Total Company deferred revenue at February 28, 2023 was $90.9
million. The sum of billed subscription and unbilled deferred
subscription revenue at February 28, 2023 grew 22% to $145.8
million, compared with February 28, 2022.
- On the strength of increased sales and continued strong gross
margins, gross profit for the second quarter of fiscal 2023
increased 7%, or $3.1 million, to $47.2 million compared with $44.1
million in the prior year. Rolling four quarter gross profit
increased 10% to $210.2 million, compared with $190.9 million for
the four quarters ended February 28, 2022.
- Operating income for the second quarter of fiscal 2023 was $2.8
million compared with $3.5 million in the second quarter of fiscal
2022, reflecting investments in client facing personnel and the
expanded use of stock-based compensation awards to attract and
retain key associates. Rolling four quarter income from operations
increased 45%, or $7.3 million, to $23.8 million compared with
$16.5 million for the four quarters ended February 28, 2022.
- Adjusted EBITDA for the second quarter of fiscal 2023 increased
2% to $8.2 million compared with $8.0 million in fiscal 2022, and
was $8.4 million in constant currency. Rolling four-quarter
Adjusted EBITDA increased 18% to $43.9 million compared with $37.1
million in the corresponding period of the prior year.
- With $55.1 million of cash and $15 million available on its
revolving line of credit, the Company’s liquidity totaled more than
$70 million at February 28, 2023, even after purchasing $3.8
million of its common stock on the open market during the second
quarter. Subsequent to the end of the quarter, the Company expanded
its revolving line of credit to $62.5 million.
Paul Walker, President and Chief Executive Officer, commented,
“Despite the current challenging economic environment, we are
pleased with the demonstrated durability of our business model and
our second quarter results, which featured continued revenue
growth, a strong gross margin, and growth in Adjusted EBITDA over
the prior year. Our consolidated sales for the second quarter
increased 9% over the prior year (11% in constant currency), our
gross margin remained strong at 76.4%, and our Adjusted EBITDA
increased to $8.2 million. Our liquidity remained strong with $55.1
million of cash and with our full revolving credit facility
undrawn. We achieved these results despite the challenging economic
conditions, a slower-than-expected rebound of post-COVID operations
in China and Japan, and the impact of $1.0 million of unfavorable
foreign exchange on our second quarter sales.”
Walker continued, “Four key elements of our strategy and
business model were designed to establish durability across various
economic cycles. First, the challenges and opportunities that we
help our clients address are mission critical, especially in tough
economic environments. These must-win challenges and opportunities
require the collective action of large numbers of people, and our
offerings are designed to address these challenges. Second, the
effectiveness of our solutions in helping clients successfully
address these challenges builds strong relationships. Our offerings
include best-in-class content, powerful technology which enables us
to deliver our content with impact and at scale, and metrics that
our clients can use to evaluate the impact of our solutions in
moving behavior. As our clients find success in addressing their
challenges, we build strategic relationships that can allow us to
become ‘partners for life.’ Third, the diversity of our client
bases, geographic footprint, and international business model
provide a strong foundation for future growth. We are not overly
reliant on any one client or market segment and we serve clients in
virtually all markets around the world. And lastly, is the strength
of our subscription business model. We believe the subscription
model provides a high lifetime customer value and recurring revenue
stream that provides enduring growth potential. These factors were
key to our strong second quarter and early fiscal 2023 performance,
and will continue to be important to our growth in future
periods.”
Second Quarter Financial
Overview
The following is a summary of financial results for the second
quarter of fiscal 2023:
- Net Sales: Consolidated sales for
the quarter ended February 28, 2023 increased 9% to $61.8 million,
compared with $56.6 million in the second quarter of fiscal 2022.
Excluding the unfavorable impact of foreign exchange rates during
the quarter, the Company’s sales increased 11%. The Company
continues to be pleased with the performance of the All Access Pass
and Leader in Me subscription-based services, which drove continued
growth during the second quarter of fiscal 2023. For the second
quarter of fiscal 2023, Enterprise Division sales grew 6%, or $2.5
million, to $46.6 million compared with $44.1 million in the prior
year, despite unfavorable foreign exchange rates, a 30% decrease in
sales through the Company’s office in China, and a 3% decrease in
sales from Japan, which were primarily due to lingering
pandemic-related issues. Excluding the impact of foreign exchange
rates, Enterprise Division sales increased 8% compared with the
prior year. AAP subscription and subscription services sales
increased 11% to $35.4 million, and increased 22% for the latest 12
months. International licensee revenues continue to improve and
increased 13% compared with the prior year, despite the impact of
foreign exchange rates, and the ongoing impact of various
geopolitical difficulties around the world. Education Division
sales grew 28%, or $3.1 million, to $14.2 million compared with
$11.1 million in fiscal 2022. Education Division sales grew
primarily due to increased consulting, coaching, and training days
delivered during the quarter, increased Symposium conference
revenues, and increased Leader in Me subscription revenue compared
with the prior year.
- Deferred Subscription Revenue and
Unbilled Deferred Revenue: At February 28, 2023, the Company
had $145.8 million of billed and unbilled deferred subscription
revenue, a 22%, or $26.5 million increase over the balance at
February 28, 2022. This total includes $76.1 million of deferred
subscription revenue on the balance sheet, an 8%, or $5.8 million
increase compared with deferred subscription revenue at February
28, 2022. At February 28, 2023, the Company had $69.7 million of
unbilled deferred subscription revenue, a 42%, or $20.7 million
increase over the $49.0 million of unbilled deferred revenue at
February 28, 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 the
second quarter of fiscal 2023 increased 7% to $47.2 million,
compared with $44.1 million in fiscal 2022. The Company’s gross
margin for the quarter ended February 28, 2023 remained strong at
76.4% compared with 77.9% in fiscal 2022, and was impacted by costs
from Symposium conferences, which are essentially break-even
events, and changes in the overall mix of services and products
sold during the quarter.
- Operating Expenses: The Company’s
operating expenses for the quarter ended February 28, 2023
increased $3.8 million compared with the second quarter of fiscal
2022, which was due to a $4.3 million increase in selling, general,
and administrative (SG&A) expenses. The Company’s SG&A
expenses increased primarily due to additional associate costs
resulting from investments in new client-facing personnel and
increased salaries; increased commissions on higher sales;
increased stock-based compensation expense; and increased travel
expense. Over the past 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. At February 28, 2023, the Company
had 289 client partners compared with 265 client partners at
February 28, 2022. The Company believes these investments will
provide a strong return in future periods. The increase in
stock-based compensation is due to the timing of the fiscal 2022
Long-Term Incentive Plan award, which occurred in February 2022
rather than in October 2021 (normal timing), and increased use of
equity-based compensation awards to attract and retain key
personnel.
- Operating Income: The Company’s
income from operations for the quarter ended February 28, 2023 was
$2.8 million, compared with $3.5 million in the second quarter of
fiscal 2022, reflecting the factors noted above.
- Net Income: As a result of the
factors noted above, the Company’s net income for the second
quarter of fiscal 2023 was $1.7 million, or $0.12 per diluted
share, compared with $1.9 million, or $0.13 per diluted share, in
the second quarter of fiscal 2022.
- Adjusted EBITDA: Adjusted EBITDA
for the quarter ended February 28, 2023 improved 2% to $8.2 million
compared with $8.0 million in fiscal 2022, reflecting increased
sales and continued strong gross margins. In constant currency,
Adjusted EBITDA increased to $8.4 million in the second quarter of
fiscal 2023.
- Liquidity and Financial Position:
The Company’s liquidity and financial position remained strong with
more than $70 million of liquidity at February 28, 2023, which was
comprised of $55.1 million of cash at February 28, 2023, and no
borrowings on its $15.0 million line of credit, compared with $60.5
million of cash with no borrowings on its line of credit at August
31, 2022.
Fiscal 2023 Year-to-Date Financial
Results
Consolidated revenue for the first two quarters of fiscal 2023
increased 11%, or $13.3 million, to $131.1 million compared with
$117.9 million in the first half of fiscal 2022. Increased sales in
the first half of fiscal 2023 were primarily due to continued
strong sales of subscription and subscription-related services,
including the All Access Pass in the Enterprise Division and the
Leader in Me membership in the Education Division. Enterprise
Division sales for the first two quarters of fiscal 2023 increased
8%, or $7.8 million, to $100.0 million compared with $92.2 million
in the first two quarters of the prior year. In constant currency,
Enterprise Division sales increased 12% compared with the first two
quarters of fiscal 2022. AAP subscription and subscription services
sales increased 15% to $75.0 million compared with $65.2 million in
the prior year. For the two quarters ended February 28, 2023, sales
increased in each of the Company’s foreign direct offices, except
China and Japan, which decreased 18% and 4%, primarily due to
lingering post-COVID issues. Excluding China and Japan,
international direct office sales improved 10% over the first two
quarters of fiscal 2022. International licensee revenues continue
to improve and increased 11% compared with the prior year on the
strength of increased royalty revenues. Education Division sales
grew 25%, or $5.8 million, to $28.5 million compared with $22.8
million in the first half of fiscal 2022. Education Division sales
grew primarily due to increased consulting, coaching, and training
days delivered during the year, increased recognition of previously
deferred revenue related to Leader in Me subscriptions, and
increased Symposium conference revenues. Gross profit for the first
two quarters of fiscal 2023 increased 9%, or $8.2 million, to
$100.0 million compared with $91.7 million in the first half of
fiscal 2022. Gross margin for the two quarters ended February 28,
2023 remained strong at 76.2% of sales compared with 77.8% in the
first two quarters of fiscal 2022.
Operating expenses for the two quarters ended February 28, 2023
increased $8.1 million compared with the first two quarters of
fiscal 2022, due to an $8.9 million increase in SG&A expenses.
SG&A expenses increased primarily due to additional associate
costs resulting from investments in new client-facing personnel and
increased salaries; increased commissions on higher sales; and
increased stock-based compensation expense. The Company’s income
from operations through February 28, 2023 improved to $9.2 million
compared with $9.1 million in fiscal 2022. Adjusted EBITDA for the
first two quarters of fiscal 2022 increased 9%, or $1.7 million, to
$19.7 million, compared with $18.0 million in the first half of
fiscal 2022. In constant currency, Adjusted EBITDA for the first
two quarters of fiscal 2023 increased 15% compared with fiscal
2022. The Company’s net income for the two quarters ended February
28, 2023 increased 13% to $6.4 million, or $0.44 per diluted share,
compared with $5.7 million, or $0.40 per diluted share, for the two
quarters ended February 28, 2022.
Board-Authorized Share Repurchase
Plan
On February 14, 2023, the Company’s Board of Directors approved
a new plan to repurchase up to $50.0 million of its outstanding
common stock. The previously existing common stock repurchase plan
was canceled and the new common share repurchase plan does not have
an expiration date. The actual timing, number, and value of common
shares repurchased under this board-approved plan will be
determined at the Company’s discretion and will depend on a number
of factors, including, among others, general market and business
conditions, the trading price of common shares, and applicable
legal requirements. The Company has no obligation to repurchase any
common shares under the authorization, and the repurchase plan may
be suspended, discontinued, or modified at any time for any reason.
The Company purchased $3.4 million of its common stock during the
second quarter pursuant to this newly approved plan.
New Credit Agreement
On March 27, 2023, the Company entered into a new credit
agreement (the 2023 Credit Agreement) with Key Bank, N.A., which
replaced the Company’s previous credit agreement (the 2019 Credit
Agreement). The 2023 Credit Agreement provides up to $70.0 million
in total credit, of which $7.5 million will be used to replace the
outstanding term loan balance from the 2019 Credit Agreement, which
provided a $15.0 million revolving credit facility. The remaining
$62.5 million available on the 2023 Credit Agreement may be
utilized as a revolving line of credit or for future term loans.
Principal payments on the term loans will consist of quarterly
payments totaling $1.25 million that are due and payable on the
last day of each March, June, September, and December ($5.0 million
per year) until the term loan obligation is repaid. These payment
provisions on the term loans are essentially the same as under the
2019 Credit Agreement.
The 2023 Credit Agreement matures on March 27, 2028 and interest
on all borrowings under the 2023 Credit Agreement is due and
payable on the last day of each month. The interest rate for
borrowings on the 2023 Credit Agreement is based on the Secured
Overnight Financing Rate (SOFR) and is a tiered structure that
varies according to the ratio of Funded Debt to Adjusted EBITDA.
The Company believes the 2023 Credit Agreement gives the Company
increased financial flexibility and will provide the necessary
funds to support growth and working capital needs over the next
several years.
Fiscal 2023 Guidance and
Outlook
Driven by the continued strategic strength and durability of its
All Access Pass and Leader in Me membership subscriptions, which
have resulted in accelerated growth over the past years, and
performance through the first two quarters of fiscal 2023, the
Company affirms its previously announced guidance that Adjusted
EBITDA for fiscal 2023 will increase to between $47 million and $49
million in constant currency, compared with the $42.2 million in
Adjusted EBITDA achieved in fiscal 2022. The Company expects to
achieve this growth even after continuing to make: 1) increased
investments to add new client partners, other client-facing
personnel, and investments in the Company’s delivery portals and
content; 2) absorbing potentially challenging macroeconomic
circumstances; and 3) the potential for ongoing disruptions in
China and Japan resulting from the lingering effects of the
COVID-19 pandemic and economic conditions in these countries. 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 the future.
Earnings Conference Call
On Wednesday, March 29, 2023, at 5:00 p.m. Eastern (3:00 p.m.
Mountain) Franklin Covey will host a conference call to review its
financial results for the second quarter of fiscal 2023. Interested
persons may access a live audio webcast on the Company’s website at
https://ir.franklincovey.com, or may participate via telephone by
registering at
https://register.vevent.com/register/BIe5bffad3cb2746f6bc262198e6453b00.
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
economic conditions; expectations regarding the economic recovery
from the COVID-19 pandemic; renewals of subscription contracts; the
impact of deferred revenues on future financial results; impacts
from global economic and supply chain disruptions; market
acceptance of new products or services, including new AAP portal
upgrades; inflation; the ability to achieve sustainable growth in
future periods; the future benefits from the 2023 Credit Agreement;
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 earnings
before interest, income taxes, depreciation, and amortization
(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
Two Quarters Ended
February 28,
February 28,
February 28,
February 28,
2023
2022
2023
2022
Net sales
$
61,756
$
56,599
$
131,125
$
117,859
Cost of sales
14,546
12,485
31,173
26,146
Gross profit
47,210
44,114
99,952
91,713
Selling, general, and administrative
42,338
38,061
86,350
77,405
Depreciation
951
1,190
2,196
2,470
Amortization
1,093
1,346
2,185
2,776
Income from operations
2,828
3,517
9,221
9,062
Interest expense, net
(47
)
(411
)
(377
)
(842
)
Income before income taxes
2,781
3,106
8,844
8,220
Income tax provision
(1,042
)
(1,228
)
(2,438
)
(2,530
)
Net income
$
1,739
$
1,878
$
6,406
$
5,690
Net income per common share: Basic
$
0.13
$
0.13
$
0.46
$
0.40
Diluted
0.12
0.13
0.44
0.40
Weighted average common shares: Basic
13,900
14,312
13,888
14,279
Diluted
14,533
14,333
14,520
14,323
Other data: Adjusted EBITDA(1)
$
8,187
$
8,042
$
19,659
$
17,974
(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
Two Quarters Ended
February 28,
February 28,
February 28,
February 28,
2023
2022
2023
2022
Reconciliation of net income to Adjusted EBITDA: Net income
$
1,739
$
1,878
$
6,406
$
5,690
Adjustments: Interest expense, net
47
411
377
842
Income tax provision
1,042
1,228
2,438
2,530
Amortization
1,093
1,346
2,185
2,776
Depreciation
951
1,190
2,196
2,470
Stock-based compensation
3,315
1,969
6,050
3,618
Increase in the fair value of contingent consideration liabilities
-
20
7
48
Adjusted EBITDA
$
8,187
$
8,042
$
19,659
$
17,974
Adjusted EBITDA margin
13.3
%
14.2
%
15.0
%
15.3
%
FRANKLIN COVEY
CO. Additional Financial
Information (in thousands and unaudited) Quarter
Ended Two Quarters Ended
February 28,
February 28,
February 28,
February 28,
2023
2022
2023
2022
Sales by Division/Segment: Enterprise Division: Direct
offices
$
43,646
$
41,502
$
93,812
$
86,621
International licensees
2,935
2,588
6,213
5,586
46,581
44,090
100,025
92,207
Education Division
14,198
11,066
28,549
22,763
Corporate and other
977
1,443
2,551
2,889
Consolidated
$
61,756
$
56,599
$
131,125
$
117,859
Gross Profit by Division/Segment: Enterprise
Division: Direct offices
$
35,854
$
33,948
$
75,775
$
70,150
International licensees
2,659
2,304
5,635
5,005
38,513
36,252
81,410
75,155
Education Division
8,392
7,098
17,568
14,959
Corporate and other
305
764
974
1,599
Consolidated
$
47,210
$
44,114
$
99,952
$
91,713
Adjusted EBITDA by Division/Segment: Enterprise
Division: Direct offices
$
9,641
$
8,732
$
20,890
$
18,686
International licensees
1,541
1,444
3,372
3,115
11,182
10,176
24,262
21,801
Education Division
(622
)
(324
)
(341
)
(89
)
Corporate and other
(2,373
)
(1,810
)
(4,262
)
(3,738
)
Consolidated
$
8,187
$
8,042
$
19,659
$
17,974
FRANKLIN COVEY CO.
Condensed Consolidated Balance
Sheets (in thousands and unaudited)
February 28,
August 31,
2023
2022
Assets Current assets: Cash and cash
equivalents
$
55,121
$
60,517
Accounts receivable, less allowance for doubtful accounts of $4,116
and $4,492
53,729
72,561
Inventories
3,468
3,527
Prepaid expenses and other current assets
18,532
19,278
Total current assets
130,850
155,883
Property and equipment, net
9,853
9,798
Intangible assets, net
42,651
44,833
Goodwill
31,220
31,220
Deferred income tax assets
3,555
4,686
Other long-term assets
15,956
12,735
$
234,085
$
259,155
Liabilities and Shareholders'
Equity Current liabilities: Current portion of notes payable
$
5,835
$
5,835
Current portion of financing obligation
3,365
3,199
Accounts payable
8,488
10,864
Deferred subscription revenue
74,089
85,543
Other deferred revenue
14,619
14,150
Accrued liabilities
18,654
34,205
Total current liabilities
125,050
153,796
Notes payable, less current portion
4,823
7,268
Financing obligation, less current portion
6,233
7,962
Other liabilities
6,419
7,116
Deferred income tax liabilities
199
199
Total liabilities
142,724
176,341
Shareholders' equity: Common stock
1,353
1,353
Additional paid-in capital
225,643
220,246
Retained earnings
88,427
82,021
Accumulated other comprehensive loss
(526
)
(542
)
Treasury stock at cost, 13,216 and 13,203 shares
(223,536
)
(220,264
)
Total shareholders' equity
91,361
82,814
$
234,085
$
259,155
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230329005803/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
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