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Nov 30, 2023
FranklinCovey Q1 2024 Earnings Report
Franklin Covey's Q1 2024 financial results were announced, with consolidated sales exceeding expectations, subscription and subscription services sales reaching a first-quarter record, and the company affirming its earnings guidance for fiscal year 2024.
Key Takeaways
Franklin Covey reported consolidated sales of $68.4 million for Q1 2024, slightly below the $69.4 million from Q1 2023. Subscription and subscription services sales reached a record $54.8 million. The company reaffirmed its fiscal year 2024 Adjusted EBITDA guidance of $54.5 million to $58.0 million.
Consolidated sales totaled $68.4 million, exceeding expectations.
Subscription and subscription services sales reached a first quarter record of $54.8 million.
Sum of billed and unbilled deferred subscription revenue increased 12% to $169.7 million.
Cash flows from operating activities increased to $17.4 million from $3.0 million in the prior year’s first quarter.
Revenue by Segment
Forward Guidance
The company affirms its guidance for fiscal 2024 that Adjusted EBITDA will increase to between $54.5 million and $58.0 million in constant currency.
Positive Outlook
- Continued strength and strategic durability of its All Access Pass
- Leader in Me membership subscriptions performing well
- First quarter results exceeded expectations
- Expectation of a strong second half of the year
- Company expects to achieve growth while continuing to make additional growth investments
Challenges Ahead
- Potential macroeconomic disruptions that could adversely impact its future operating results
- Impact of deferred revenues on future financial results
- Market acceptance of new products or services, including new AAP portal upgrades and content launches
- Inflation
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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