0000886206-24-000005 | 10-Q | XBRL Viewer

Purchases Of Common Stock For Treasury (Tables)

3 Months Ended

Nov. 30, 2023

Purchases Of Common Stock For Treasury [Abstract]


	Shares		Cost
Shares withheld for taxes on stock-
based compensation awards		252	$	10,333
Open market purchases		157		5,975
		409	$	16,308

Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands	Nov. 30, 2023	Aug. 31, 2023
Inventories [Abstract]
Finished goods	$ 4,109	$ 4,204
Raw materials	8	9
Inventories	$ 4,117	$ 4,213

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Nov. 30, 2023	Aug. 31, 2023
Condensed Consolidated Balance Sheets [Abstract]
Allowance for doubtful accounts	$ 3,753	$ 3,790
Common stock, par value	$ 0.05	$ 0.05
Common stock, shares authorized	40,000	40,000
Common stock, shares issued	27,056	27,056
Treasury stock, shares	13,782	13,974

Condensed Consolidated Income Statements And Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Condensed Consolidated Income Statements And Statements Of Comprehensive Income [Abstract]
Net sales	$ 68,399	$ 69,369
Cost of sales	16,122	16,627
Gross profit	52,277	52,742
Selling, general, and administrative	44,786	44,012
Depreciation	1,091	1,246
Amortization	1,071	1,092
Income from operations	5,329	6,392
Interest income	288	81
Interest expense	(341)	(410)
Income before income taxes	5,276	6,063
Income tax provision	(425)	(1,396)
Net income	$ 4,851	$ 4,667
Net income per share:
Basic	$ 0.37	$ 0.34
Diluted	$ 0.36	$ 0.32
Weighted average number of common shares:
Basic	13,244	13,877
Diluted	13,636	14,507
COMPREHENSIVE INCOME
Net income	$ 4,851	$ 4,667
Foreign currency translation adjustments, net of income taxes of $0 and $0	51	(130)
Comprehensive income	$ 4,902	$ 4,537

Segment Information

3 Months Ended

Nov. 30, 2023

Segment Information [Abstract]

Segment Information

NOTE 7 – SEGMENT INFORMATION

Segment Information

Our sales are primarily comprised of training and consulting services and our internal reporting and operating structure is currently organized around two divisions: the Enterprise Division, which consists of our Direct Office and International Licensee segments and the Education Division, which is comprised of our Education practice. Based on the applicable guidance, our operations consist of three reportable segments and one corporate services group. The following is a brief description of our reportable segments:

Direct Offices – Our Direct Office segment has a depth of expertise in helping organizations solve problems that require changes in human behavior, including leadership, productivity, execution, trust, and sales performance. We have a variety of principle-based offerings that help build winning and profitable cultures. This segment includes our sales personnel that serve the United States and Canada; our international direct sales offices; our government services sales channel; and our book and audio sales.

International Licensees – Our independently owned international licensees provide our offerings and services in countries where we do not have a directly-owned office. These licensee partners allow us to expand the reach of our services to large multinational organizations as well as smaller organizations in their countries. This segment’s sales are primarily comprised of royalty revenues received from these licensees.

Education Practice – Centered around the principles found in The Leader in Me, the Education practice is dedicated to helping educational institutions build a culture that will produce great results. We believe these results are manifested by increases in student performance, improved school culture, decreased disciplinary issues, and increased teacher engagement and parental involvement. This segment includes our domestic and

international Education practice operations, which are focused on sales to educational institutions such as elementary schools, high schools, and colleges and universities.

Corporate and Other – Our corporate and other information includes leasing operations, shipping and handling revenues, royalty revenues from Franklin Planner Corp., and the cost of certain administrative functions.

We have determined that the Company’s chief operating decision maker is the Chief Executive Officer, and the primary measurement tool used in business unit performance analysis is Adjusted EBITDA, which may not be calculated as similarly titled amounts disclosed by other companies. Adjusted EBITDA is a non-GAAP financial measure. For reporting purposes, our consolidated Adjusted EBITDA may be calculated as net income excluding interest, income taxes, depreciation expense, intangible asset amortization expense, stock-based compensation, and certain other charges such as restructuring costs. We reference this non-GAAP financial measure in our decision making because it provides supplemental information that facilitates consistent internal comparisons to the historical operating performance of prior periods and we believe it provides investors with greater transparency to evaluate operational activities and financial results.

Our operations are not capital intensive and we do not own any manufacturing facilities or equipment. Accordingly, we do not allocate assets to the reportable segments for analysis purposes. Interest expense and interest income are primarily generated at the corporate level and are not allocated. Income taxes are likewise calculated and paid on a corporate level (except for entities that operate in foreign jurisdictions) and are not allocated for analysis purposes.

We account for the following segment information on the same basis as the accompanying condensed consolidated financial statements (in thousands).



		Sales to
Quarter Ended		External				Adjusted
November 30, 2023		Customers		Gross Profit		EBITDA

Enterprise Division:
Direct offices	$	49,215	$	39,501	$	11,687
International licensees		3,378		3,052		1,896
		52,593		42,553		13,583
Education practice		14,744		9,380		42
Corporate and eliminations		1,062		344		(2,656)
Consolidated	$	68,399	$	52,277	$	10,969

Quarter Ended
November 30, 2022

Enterprise Division:
Direct offices	$	50,167	$	39,921	$	11,250
International licensees		3,278		2,977		1,831
		53,445		42,898		13,081
Education practice		14,350		9,175		281
Corporate and eliminations		1,574		669		(1,890)
Consolidated	$	69,369	$	52,742	$	11,472

‎

A reconciliation of our consolidated Adjusted EBITDA to consolidated net income is provided below (in thousands).



	Quarter Ended
		November 30,		November 30,
		2023		2022
Segment Adjusted EBITDA	$	13,625	$	13,362
Corporate expenses		(2,656)		(1,890)
Consolidated Adjusted EBITDA		10,969		11,472
Stock-based compensation		(2,897)		(2,735)
Restructuring		(581)		-
Increase in the fair value of
contingent consideration liabilities		-		(7)
Depreciation		(1,091)		(1,246)
Amortization		(1,071)		(1,092)
Income from operations		5,329		6,392
Interest income		288		81
Interest expense		(341)		(410)
Income before income taxes		5,276		6,063
Income tax provision		(425)		(1,396)
Net income	$	4,851	$	4,667

Revenue by Category

The following table presents our revenue disaggregated by geographic region (in thousands).



	Quarter Ended
		November 30,		November 30,
		2023		2022

Americas	$	56,357	$	56,743
Asia Pacific		7,221		7,458
Europe/Middle East/Africa		4,821		5,168
	$	68,399	$	69,369

‎

The following table presents our revenue disaggregated by type of service (in thousands).



Quarter Ended		Services and						Leases and
November 30, 2023		Products		Subscriptions		Royalties		Other		Consolidated

Enterprise Division:
Direct offices	$	22,126	$	26,498	$	591	$	-	$	49,215
International licensees		231		332		2,815		-		3,378
		22,357		26,830		3,406		-		52,593
Education practice		3,734		9,757		1,253		-		14,744
Corporate and eliminations		-		-		313		749		1,062
Consolidated	$	26,091	$	36,587	$	4,972	$	749	$	68,399

Quarter Ended
November 30, 2022

Enterprise Division:
Direct offices	$	26,217	$	23,490	$	460	$	-	$	50,167
International licensees		143		352		2,783		-		3,278
		26,360		23,842		3,243		-		53,445
Education practice		4,500		9,183		667		-		14,350
Corporate and eliminations		-		-		315		1,259		1,574
Consolidated	$	30,860	$	33,025	$	4,225	$	1,259	$	69,369

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2023	Aug. 31, 2023
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
Total assets	218,822	245,919
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, $.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
Total liabilities and shareholders' equity	$ 218,822	$ 245,919

Segment Information (Reconciliation Of Adjusted EBITDA) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Segment Reporting Information [Line Items]
Consolidated Adjusted EBITDA	$ 10,969	$ 11,472
Stock-based compensation	(2,897)	(2,735)
Increase in the fair value of contingent consideration liabilities		(7)
Restructuring	(581)
Depreciation	(1,091)	(1,246)
Amortization	(1,071)	(1,092)
Income from operations	5,329	6,392
Interest income	288	81
Interest expense	(341)	(410)
Income before income taxes	5,276	6,063
Income tax provision	(425)	(1,396)
Net income	4,851	4,667
Operating Segments [Member]
Segment Reporting Information [Line Items]
Consolidated Adjusted EBITDA	13,625	13,362
Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Consolidated Adjusted EBITDA	$ (2,656)	$ (1,890)

Basis Of Presentation

3 Months Ended

Nov. 30, 2023

Basis Of Presentation [Abstract]

Basis Of Presentation

NOTE 1 – BASIS OF PRESENTATION

Franklin Covey Co. (hereafter referred to as us, we, our, or the Company) is a global company focused on organizational performance improvement. Our mission is to “enable greatness in people and organizations everywhere,” and our global structure is designed to help individuals and organizations achieve sustained superior performance through changes in human behavior. We are fundamentally a content and solutions company, and we believe that our offerings and services create the connection between capabilities and results. We have a wide range of content delivery options, including: the All Access Pass (AAP) subscription, the Leader in Me membership, and other intellectual property licenses; digital online learning; onsite training; training led through certified facilitators; blended learning; and organization-wide transformational processes, including consulting and coaching. We believe our investments in digital delivery modalities over the past few years have enabled us to deliver our content to clients in a high-quality learning environment whether those clients are working remotely or meeting in a centralized location. We believe that our clients are able to utilize our content to create cultures whose hallmarks are high-performing, collaborative individuals, led by effective, trust-building leaders who execute with excellence and deliver measurably improved results for all of their key stakeholders.

We have some of the best-known offerings in the training industry, including a suite of individual-effectiveness and leadership-development training content based on the best-selling books, The 7 Habits of Highly Effective People, The Speed of Trust, The Leader in Me, The 4 Disciplines of Execution, and Multipliers, and proprietary content in the areas of Leadership, Execution, Productivity, Educational Improvement, and Sales Performance. Our offerings are described in further detail at www.franklincovey.com. The information posted on our website is not incorporated into this report.

The accompanying unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position and results of operations of the Company as of the dates and for the periods indicated. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to Securities and Exchange Commission (SEC) rules and regulations. The information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2023.

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

The results of operations for the quarter ended November 30, 2023 are not necessarily indicative of results expected for the entire fiscal year ending August 31, 2024, or for any future periods.

Segment Information (Schedule Of Revenue Disaggregated By Geographic Region) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 68,399	$ 69,369
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue	56,357	56,743
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Revenue	7,221	7,458
Europe/Middle East/Africa [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 4,821	$ 5,168

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information (Schedule Of Revenue Disaggregated By Type Of Service) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 68,399	$ 69,369
Services And Products [Member]
Disaggregation of Revenue [Line Items]
Revenue	26,091	30,860
Subscriptions [Member]
Disaggregation of Revenue [Line Items]
Revenue	36,587	33,025
Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenue	4,972	4,225
Leases And Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	749	1,259
Operating Segments [Member] \| Enterprise Division [Member]
Disaggregation of Revenue [Line Items]
Revenue	52,593	53,445
Operating Segments [Member] \| Education Practice [Member]
Disaggregation of Revenue [Line Items]
Revenue	14,744	14,350
Operating Segments [Member] \| Direct Offices [Member] \| Enterprise Division [Member]
Disaggregation of Revenue [Line Items]
Revenue	49,215	50,167
Operating Segments [Member] \| International Licensees [Member] \| Enterprise Division [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,378	3,278
Operating Segments [Member] \| Services And Products [Member] \| Enterprise Division [Member]
Disaggregation of Revenue [Line Items]
Revenue	22,357	26,360
Operating Segments [Member] \| Services And Products [Member] \| Education Practice [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,734	4,500
Operating Segments [Member] \| Services And Products [Member] \| Direct Offices [Member] \| Enterprise Division [Member]
Disaggregation of Revenue [Line Items]
Revenue	22,126	26,217
Operating Segments [Member] \| Services And Products [Member] \| International Licensees [Member] \| Enterprise Division [Member]
Disaggregation of Revenue [Line Items]
Revenue	231	143
Operating Segments [Member] \| Subscriptions [Member] \| Enterprise Division [Member]
Disaggregation of Revenue [Line Items]
Revenue	26,830	23,842
Operating Segments [Member] \| Subscriptions [Member] \| Education Practice [Member]
Disaggregation of Revenue [Line Items]
Revenue	9,757	9,183
Operating Segments [Member] \| Subscriptions [Member] \| Direct Offices [Member] \| Enterprise Division [Member]
Disaggregation of Revenue [Line Items]
Revenue	26,498	23,490
Operating Segments [Member] \| Subscriptions [Member] \| International Licensees [Member] \| Enterprise Division [Member]
Disaggregation of Revenue [Line Items]
Revenue	332	352
Operating Segments [Member] \| Royalties [Member] \| Enterprise Division [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,406	3,243
Operating Segments [Member] \| Royalties [Member] \| Education Practice [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,253	667
Operating Segments [Member] \| Royalties [Member] \| Direct Offices [Member] \| Enterprise Division [Member]
Disaggregation of Revenue [Line Items]
Revenue	591	460
Operating Segments [Member] \| Royalties [Member] \| International Licensees [Member] \| Enterprise Division [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,815	2,783
Corporate And Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,062	1,574
Corporate And Eliminations [Member] \| Royalties [Member]
Disaggregation of Revenue [Line Items]
Revenue	313	315
Corporate And Eliminations [Member] \| Leases And Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 749	$ 1,259

Purchases Of Common Stock For Treasury

3 Months Ended

Nov. 30, 2023

Purchases Of Common Stock For Treasury [Abstract]

Purchases Of Common Stock For Treasury

NOTE 3 – PURCHASES OF COMMON STOCK FOR TREASURY

Our purchases of common stock during the first quarter of fiscal 2024 were comprised of shares withheld on stock-based compensation awards and open market purchases. Our stock-based compensation plans allow shares to be withheld to cover statutory income taxes if so elected by the award recipient. These shares are valued at the market price on the date the shares are withheld. Shares purchased during the first quarter of fiscal 2024 consisted of the following (in thousands):


	Shares		Cost
Shares withheld for taxes on stock-
based compensation awards		252	$	10,333
Open market purchases		157		5,975
		409	$	16,308

On February 14, 2023, our Board of Directors approved a new plan to purchase up to $50.0 million of our outstanding common stock. The previously existing common stock purchase plan was canceled, and the new common share purchase plan does not have an expiration date. The actual timing, number, and value of common shares purchased under our board-approved plan will be determined at our 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. We have no obligation to purchase any of our common shares under the authorization, and the purchase plan may be suspended, discontinued, or modified at any time for any reason. On November 30, 2023, we had $9.8 million remaining on this Board approved purchase plan.

Stock-Based Compensation (Narrative) (Details)	3 Months Ended
Stock-Based Compensation (Narrative) (Details)	Nov. 30, 2023 item shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued from treasury stock	600,717
Fiscal 2024, Long-Term Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| item	2
Annual Long-Term Incentive Performance And Retention Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards	3 years
Shares issued under terms of the award	48,740
Time-Based Award [Member] \| Fiscal 2024, Long-Term Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of performance award to be granted	25.00%
Shares may be awarded	28,272
Number of tranches \| item	1
Performance Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under terms of the award	84,784
Performance Award [Member] \| Fiscal 2024, Long-Term Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| item	1
Vesting period of awards	3 years
Percent of performance-based objectives	100.00%
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price of common stock as a percent of the average fair market value	85.00%
Shares issued to employee stock purchase plan participants	9,697
Vest August 31 Of Each Year Following Grant [Member] \| Annual Long-Term Incentive Performance And Retention Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of award shares vest	33.30%
Tranche One and Two [Member] \| Performance Award [Member] \| Fiscal 2024, Long-Term Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares may be awarded	169,568
Tranche One and Two [Member] \| Performance Award [Member] \| Minimum [Member] \| Fiscal 2024, Long-Term Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of performance award to be granted	50.00%
Tranche One and Two [Member] \| Performance Award [Member] \| Maximum [Member] \| Fiscal 2024, Long-Term Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of performance award to be granted	200.00%

Net Income Per Share

3 Months Ended

Nov. 30, 2023

Net Income Per Share [Abstract]

Net Income Per Share

NOTE 6 – NET INCOME PER SHARE

The following schedule shows the calculation of net income per share for the periods presented (in thousands, except per-share amounts).



	Quarter Ended
		November 30,		November 30,
		2023		2022
Numerator for basic and
diluted income per share:
Net income	$	4,851	$	4,667

Denominator for basic and
diluted income per share:
Basic weighted average shares
outstanding		13,244		13,877
Effect of dilutive securities:
Stock-based compensation awards		392		630
Diluted weighted average
shares outstanding		13,636		14,507

EPS Calculations:
Net income per share:
Basic	$	0.37	$	0.34
Diluted		0.36		0.32

Inventories

3 Months Ended

Nov. 30, 2023

Inventories [Abstract]

Inventories

NOTE 2 – INVENTORIES

Inventories are stated at the lower of cost or net realizable value, cost being determined using the first-in, first-out method, and were comprised of the following (in thousands):



		November 30,		August 31,
		2023		2023
Finished goods	$	4,109	$	4,204
Raw materials		8		9
	$	4,117	$	4,213

Net Income Per Share (Tables)

3 Months Ended

Nov. 30, 2023

Net Income Per Share [Abstract]

Computation Of Net Income Per Share



	Quarter Ended
		November 30,		November 30,
		2023		2022
Numerator for basic and
diluted income per share:
Net income	$	4,851	$	4,667

Denominator for basic and
diluted income per share:
Basic weighted average shares
outstanding		13,244		13,877
Effect of dilutive securities:
Stock-based compensation awards		392		630
Diluted weighted average
shares outstanding		13,636		14,507

EPS Calculations:
Net income per share:
Basic	$	0.37	$	0.34
Diluted		0.36		0.32

Stock-Based Compensation (Tables)

3 Months Ended

Nov. 30, 2023

Stock-Based Compensation [Abstract]

Total Cost Of Stock-Based Compensation



		Quarter Ended
		November 30,		November 30,
		2023		2022
Long-term incentive awards	$	2,464	$	2,339
Strive acquisition compensation		195		166
Unvested stock awards		180		165
Employee stock purchase plan		58		65
	$	2,897	$	2,735

Segment Information (Schedule Of Segment Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Segment Reporting Information [Line Items]
Sales to External Customers	$ 68,399	$ 69,369
Gross Profit	52,277	52,742
Adjusted EBITDA	10,969	11,472
Operating Segments [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	13,625	13,362
Operating Segments [Member] \| Enterprise Division [Member]
Segment Reporting Information [Line Items]
Sales to External Customers	52,593	53,445
Gross Profit	42,553	42,898
Adjusted EBITDA	13,583	13,081
Operating Segments [Member] \| Education Practice [Member]
Segment Reporting Information [Line Items]
Sales to External Customers	14,744	14,350
Gross Profit	9,380	9,175
Adjusted EBITDA	42	281
Operating Segments [Member] \| Direct Offices [Member] \| Enterprise Division [Member]
Segment Reporting Information [Line Items]
Sales to External Customers	49,215	50,167
Gross Profit	39,501	39,921
Adjusted EBITDA	11,687	11,250
Operating Segments [Member] \| International Licensees [Member] \| Enterprise Division [Member]
Segment Reporting Information [Line Items]
Sales to External Customers	3,378	3,278
Gross Profit	3,052	2,977
Adjusted EBITDA	1,896	1,831
Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Sales to External Customers	1,062	1,574
Gross Profit	344	669
Adjusted EBITDA	$ (2,656)	$ (1,890)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Nov. 30, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Purchases Of Common Stock For Treasury (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 30, 2023	Feb. 14, 2023
Equity [Line Items]
Shares withheld for taxes on stock-based compensation awards, Shares	252
Shares withheld for taxes on stock-based compensation awards, Value	$ 10,333
Stock repurchased during period, shares	157
Stock repurchased during period, value	$ 5,975
Purchase of treasury shares, shares	409
Purchase of treasury shares, cost	$ 16,308
Remaining approved purchase amount	$ 9,800
Maximum [Member]
Equity [Line Items]
Amount authorized under common stock repurchase plan		$ 50,000

Condensed Consolidated Income Statements And Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Condensed Consolidated Income Statements And Statements Of Comprehensive Income [Abstract]
Foreign currency translation adjustments, income taxes	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Nov. 30, 2023	Nov. 30, 2022
Pay vs Performance Disclosure [Line Items]
Net loss	$ 4,851	$ 4,667

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Nov. 30, 2023	Dec. 31, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--08-31
Document Fiscal Year Focus	2024
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2023
Document Transition Report	false
Entity File Number	001-11107
Entity Registrant Name	FRANKLIN COVEY CO.
Entity Incorporation, State or Country Code	UT
Entity Tax Identification Number	87-0401551
Entity Address, Address Line One	2200 West Parkway Boulevard
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84119-2099
City Area Code	801
Local Phone Number	817-1776
Title of 12(b) Security	Common Stock, $0.05 Par Value
Trading Symbol	FC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,286,172
Amendment Flag	false
Entity Central Index Key	0000886206

Condensed Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]	Total
Beginning balance, shares at Aug. 31, 2022	27,056,000
Beginning balance at Aug. 31, 2022	$ 1,353	$ 220,246	$ 82,021	$ (542)
Beginning balance, shares, Treasury at Aug. 31, 2022					(13,203,000)
Beginning balance, Treasury at Aug. 31, 2022					$ (220,264)
Issuance of common stock from treasury, shares					56,000
Issuance of common stock from treasury		(568)			$ 935
Purchases of common shares for treasury, shares					(18,000)
Purchases of common shares for treasury					$ (835)
Stock-based compensation		2,735
Cumulative translation adjustments				(130)		$ (130)
Net income			4,667			4,667
Ending balance, shares at Nov. 30, 2022	27,056,000
Ending balance at Nov. 30, 2022	$ 1,353	222,413	86,688	(672)
Ending balance, shares, Treasury at Nov. 30, 2022					(13,165,000)
Ending balance, Treasury at Nov. 30, 2022					$ (220,164)
Beginning balance, shares at Aug. 31, 2023	27,056,000
Beginning balance at Aug. 31, 2023	$ 1,353	232,373	99,802	(987)		$ 78,654
Beginning balance, shares, Treasury at Aug. 31, 2023					(13,974,000)	(13,974,000)
Beginning balance, Treasury at Aug. 31, 2023					$ (253,887)
Issuance of common stock from treasury, shares					601,000	600,717
Issuance of common stock from treasury		(10,569)			$ 10,925
Purchases of common shares for treasury, shares					(409,000)	(409,000)
Purchases of common shares for treasury					$ (16,308)	$ (16,308)
Stock-based compensation		2,897
Cumulative translation adjustments				51		51
Net income			4,851			4,851
Ending balance, shares at Nov. 30, 2023	27,056,000
Ending balance at Nov. 30, 2023	$ 1,353	$ 224,701	$ 104,653	$ (936)		$ 70,501
Ending balance, shares, Treasury at Nov. 30, 2023					(13,782,000)	(13,782,000)
Ending balance, Treasury at Nov. 30, 2023					$ (259,270)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2023	Aug. 31, 2023
Deferred revenue	$ 103.3	$ 111.2
Other long-term liabilities	3.8	3.7
Remaining performance obligations	169.7
Subscription Offerings [Member]
Deferred revenue	87.2	$ 99.0
Subscription [Member]
Deferred revenue recognized	$ 36.6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 4,851	$ 4,667
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,162	2,338
Amortization of capitalized curriculum costs	691	843
Stock-based compensation	2,897	2,735
Deferred income taxes	(1,048)	393
Change in fair value of contingent consideration liabilities		7
Amortization of right-of-use operating lease assets	199	203
Changes in assets and liabilities:
Decrease in accounts receivable, net	22,097	15,144
Decrease in inventories	100	38
Decrease in prepaid expenses and other assets	996	2,306
Decrease in accounts payable and accrued liabilities	(7,984)	(14,098)
Decrease in deferred revenue	(7,981)	(11,501)
Increase in income taxes payable	557	31
Decrease in other long-term liabilities	(99)	(89)
Net cash provided by operating activities	17,438	3,017
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(1,072)	(1,240)
Curriculum development costs	(2,668)	(974)
Net cash used for investing activities	(3,740)	(2,214)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on notes payable	(1,250)	(1,250)
Principal payments on financing obligation	(855)	(774)
Purchases of common stock for treasury	(16,308)	(835)
Payment of contingent consideration liabilities		(429)
Proceeds from sales of common stock held in treasury	356	367
Net cash used for financing activities	(18,057)	(2,921)
Effect of foreign currency exchange rates on cash and cash equivalents	88	(247)
Net decrease in cash and cash equivalents	(4,271)	(2,365)
Cash and cash equivalents at the beginning of the period	38,230	60,517
Cash and cash equivalents at the end of the period	33,959	58,152
Supplemental disclosure of cash flow information:
Cash paid for income taxes	822	836
Cash paid for interest	337	372
Non-cash investing and financing activities:
Purchases of property and equipment financed by accounts payable	45	213
Acquisition of right-of-use operating lease assets for operating lease liabilities	$ 121	$ 128

Inventories (Tables)

3 Months Ended

Nov. 30, 2023

Inventories [Abstract]

Components Of Inventories



		November 30,		August 31,
		2023		2023
Finished goods	$	4,109	$	4,204
Raw materials		8		9
	$	4,117	$	4,213

Segment Information (Narrative) (Details)	3 Months Ended
Segment Information (Narrative) (Details)	Nov. 30, 2023 segment item
Segment Information [Abstract]
Number of divisions	2
Number of operating reportable segments \| segment	3
Number of corporate services group	1

Stock-Based Compensation (Total Cost Of Stock-Based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 2,897	$ 2,735
Long-Term Incentive Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	2,464	2,339
Strive Acquisition Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	195	166
Unvested Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	180	165
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 58	$ 65

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information (Tables)

3 Months Ended

Nov. 30, 2023

Segment Information [Abstract]

Schedule Of Segment Operations



		Sales to
Quarter Ended		External				Adjusted
November 30, 2023		Customers		Gross Profit		EBITDA

Enterprise Division:
Direct offices	$	49,215	$	39,501	$	11,687
International licensees		3,378		3,052		1,896
		52,593		42,553		13,583
Education practice		14,744		9,380		42
Corporate and eliminations		1,062		344		(2,656)
Consolidated	$	68,399	$	52,277	$	10,969

Quarter Ended
November 30, 2022

Enterprise Division:
Direct offices	$	50,167	$	39,921	$	11,250
International licensees		3,278		2,977		1,831
		53,445		42,898		13,081
Education practice		14,350		9,175		281
Corporate and eliminations		1,574		669		(1,890)
Consolidated	$	69,369	$	52,742	$	11,472

Reconciliation Of Adjusted EBITDA



	Quarter Ended
		November 30,		November 30,
		2023		2022
Segment Adjusted EBITDA	$	13,625	$	13,362
Corporate expenses		(2,656)		(1,890)
Consolidated Adjusted EBITDA		10,969		11,472
Stock-based compensation		(2,897)		(2,735)
Restructuring		(581)		-
Increase in the fair value of
contingent consideration liabilities		-		(7)
Depreciation		(1,091)		(1,246)
Amortization		(1,071)		(1,092)
Income from operations		5,329		6,392
Interest income		288		81
Interest expense		(341)		(410)
Income before income taxes		5,276		6,063
Income tax provision		(425)		(1,396)
Net income	$	4,851	$	4,667

Schedule Of Revenue Disaggregated By Category

The following table presents our revenue disaggregated by geographic region (in thousands).



	Quarter Ended
		November 30,		November 30,
		2023		2022

Americas	$	56,357	$	56,743
Asia Pacific		7,221		7,458
Europe/Middle East/Africa		4,821		5,168
	$	68,399	$	69,369

‎

The following table presents our revenue disaggregated by type of service (in thousands).



Quarter Ended		Services and						Leases and
November 30, 2023		Products		Subscriptions		Royalties		Other		Consolidated

Enterprise Division:
Direct offices	$	22,126	$	26,498	$	591	$	-	$	49,215
International licensees		231		332		2,815		-		3,378
		22,357		26,830		3,406		-		52,593
Education practice		3,734		9,757		1,253		-		14,744
Corporate and eliminations		-		-		313		749		1,062
Consolidated	$	26,091	$	36,587	$	4,972	$	749	$	68,399

Quarter Ended
November 30, 2022

Enterprise Division:
Direct offices	$	26,217	$	23,490	$	460	$	-	$	50,167
International licensees		143		352		2,783		-		3,278
		26,360		23,842		3,243		-		53,445
Education practice		4,500		9,183		667		-		14,350
Corporate and eliminations		-		-		315		1,259		1,574
Consolidated	$	30,860	$	33,025	$	4,225	$	1,259	$	69,369

Net Income Per Share (Computation Of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Numerator for basic and diluted income per share:
Net income	$ 4,851	$ 4,667
Denominator for basic and diluted income per share:
Basic weighted average shares outstanding	13,244	13,877
Effect of dilutive securities:
Stock-based compensation awards	392	630
Diluted weighted average shares outstanding	13,636	14,507
EPS Calculations:
Net income per share: Basic	$ 0.37	$ 0.34
Net income per share: Diluted	$ 0.36	$ 0.32

Revenue Recognition

3 Months Ended

Nov. 30, 2023

Revenue Recognition [Abstract]

Revenue Recognition

NOTE 4 – REVENUE RECOGNITION

Contract Balances

Our deferred revenue totaled $103.3 million at November 30, 2023 and $111.2 million at August 31, 2023, of which $3.8 million and $3.7 million were classified as components of other long-term liabilities at November 30, 2023, and August 31, 2023, respectively. The amount of deferred revenue that was generated from subscription offerings totaled $87.2 million at November 30, 2023 and $99.0 million at August 31, 2023. During the quarter ended November 30, 2023, we recognized $36.6 million of previously deferred subscription revenue.

Deferred subscription revenue primarily consists of billings or payments received in advance of revenue being recognized from subscription services. Deferred revenue is recognized in sales as the applicable revenue recognition criteria are met. We generally invoice customers in annual installments upon execution of a contract. With the Leader in Me offering, the contract includes both a subscription membership and onsite consulting which can be invoiced to the client in one lump sum. In this circumstance, the entire lump sum is included in deferred subscription revenue. The deferred subscription revenue related to the Leader in Me membership is recognized as revenue over the life of the contract whereas the consulting is recognized when the service takes place.

Remaining Performance Obligations

Whenever possible, we enter into multi-year non-cancellable contracts which are invoiced either upon execution of the contract or at the beginning of each annual contract period. Remaining transaction price represents contracted revenue that has not yet been recognized, including unearned revenue and unbilled amounts that will be recognized as revenue in future periods. Transaction price is influenced by factors such as inflation, the average length of the contract term, and the ability of the Company to continue to enter into multi-year non-cancellable contracts. At November 30, 2023, we had $169.7 million of remaining performance obligations, including our deferred subscription revenue. The remaining performance obligation does not include other deferred revenue, as amounts included in other deferred revenue contain items such as deposits that are generally refundable at the client’s request prior to the satisfaction of the obligation.

Disaggregated Revenue Information

Refer to Note 7, Segment Information, to these condensed consolidated financial statements for our disaggregated revenue information.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Basis Of Presentation (Policy)

3 Months Ended

Nov. 30, 2023

Basis Of Presentation [Abstract]

General

The results of operations for the quarter ended November 30, 2023 are not necessarily indicative of results expected for the entire fiscal year ending August 31, 2024, or for any future periods.

Stock-Based Compensation

3 Months Ended

Nov. 30, 2023

Stock-Based Compensation [Abstract]

Stock-Based Compensation

NOTE 5 – STOCK-BASED COMPENSATION

Our stock-based compensation was comprised of the following for the periods presented (in thousands):



		Quarter Ended
		November 30,		November 30,
		2023		2022
Long-term incentive awards	$	2,464	$	2,339
Strive acquisition compensation		195		166
Unvested stock awards		180		165
Employee stock purchase plan		58		65
	$	2,897	$	2,735

During the quarter ended November 30, 2023, we issued 600,717 shares of our common stock under various stock-based compensation arrangements, including our employee stock purchase plan (ESPP).

Fiscal 2024 Long-Term Incentive Plan Award

On October 6, 2023, the Compensation Committee granted a new Long-Term Incentive Plan (the 2024 LTIP) award to our executive officers and members of senior management. The fiscal 2024 LTIP award has two tranches, one with a time-based vesting condition and one with a performance-based vesting condition as described below:

Time-Based Award Shares – Twenty-five percent of the 2024 LTIP award shares vest to participants on August 31, 2026. The number of shares that may be earned by participants at the end of the service period totals 28,272 shares. The number of shares awarded in this tranche does not fluctuate based on the achievement of financial measures.

Performance-Based Award Shares – The remaining shares of the fiscal 2024 LTIP award are earned based on the highest rolling four-quarter level of qualified Adjusted EBITDA achieved in the three-year measurement period ending on August 31, 2026. The number of shares that will vest to participants for this tranche is variable and may be 50% of the award (minimum award threshold) or up to 200% of the participant’s award (maximum threshold) depending on the level of qualified Adjusted EBITDA achieved. The number of shares that may be earned for achieving 100% of the performance-based objective totals 84,784 shares. The maximum number of shares that may be awarded in connection with the performance-based tranche of the 2024 LTIP totals 169,568 shares.

Annual Long-Term Incentive Performance and Retention Plan

In fiscal 2023, we introduced a new long-term equity incentive plan for client partners, managing directors, and certain other associates that we believe are critical to our long-term success. These awards are generally based on the achievement of specified sales goals, are granted following the completion of the fiscal year, and one-third of the shares vest on August 31 of each year following the grant. We granted a total of 48,740 unvested share units in the first quarter of fiscal 2024 to participants in this long-term incentive plan for achievements in fiscal 2023, which will vest over the next three years. The compensation cost of these awards is included in the long-term incentive awards category in the preceding table.

Employee Stock Purchase Plan

We have an employee stock purchase plan that offers qualified employees the opportunity to purchase shares of our common stock at a price equal to 85% of the average fair market value of our common stock on the last trading day of each fiscal quarter. During the quarter ended November 30, 2023, we issued 9,697 shares of our common stock to participants in the ESPP.