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Nov 30, 2022
FranklinCovey Q1 2023 Earnings Report
Franklin Covey's first quarter results for fiscal year 2023 were strong, with consolidated sales increasing by 13% and net income increasing by 22%.
Key Takeaways
Franklin Covey reported strong Q1 2023 results, with a 13% increase in consolidated sales to $69.4 million and a 22% increase in net income to $4.7 million. The company's All Access Pass subscription and Education Division revenues drove growth, and the company reaffirmed its fiscal 2023 earnings guidance.
Consolidated sales increased 13% to $69.4 million compared to fiscal 2022.
All Access Pass subscription and subscription services sales grew 20% to $39.6 million.
Education Division revenues grew 23% over fiscal 2022.
Net income increased 22% to $4.7 million.
Revenue by Segment
Forward Guidance
The Company affirms its previous guidance that Adjusted EBITDA for fiscal 2023 will increase to between $47 million and $49 million in constant currency.
Positive Outlook
- Continued strength and strategic durability of All Access Pass subscriptions.
- Continuing strong performance through the first quarter of fiscal 2023.
- Increased investments to add new client partners and personnel.
- Investments in the Company’s delivery portals and content.
- Confidence in the strength of the All Access Pass and Leader in Me membership subscriptions.
Challenges Ahead
- Potentially challenging macroeconomic circumstances.
- Potential for ongoing disruptions in China resulting from the COVID-19 pandemic.
- Potential for ongoing disruptions in Japan resulting from economic conditions.
- Impact of unfavorable foreign exchange.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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