- Franklin Covey press release (NYSE:FC): Q3 GAAP EPS of $0.43 beats by $0.04.
- Revenue of $73.37M (+2.7% Y/Y) beats by $1.23M.
- Adjusted EBITDA Increases 17% to $13.9 Million for the Third Quarter, compared with $11.9 Million in Fiscal 2023.
- Liquidity Remains Strong at nearly $100 Million, with $36.6 Million of Cash and No Draw-downs on the Company’s $62.5 Million Credit Facility, even after purchasing $25.8 Million of its Common Stock through May 31, 2024.
- 2024 Guidance: Despite the challenges the Company faced in the first half of fiscal 2024, the Company continues to expect that its Adjusted EBITDA for fiscal 2024, while showing a strong increase in the third quarter, will be at the low end of its previously announced guidance range of $54.5 million to $58.0 million in constant currency, which excludes the impact of approximately $0.5 million of negative foreign exchange. This represents 13% growth over the $48.1 million of Adjusted EBITDA achieved in fiscal 2023. The Company expects to achieve this growth despite an uncertain economic environment and while continuing to make additional growth investments. The Co. is also confident in the strength of its subscription offerings, which have driven Franklin Covey’s growth across recent years, and which are expected to deliver in fiscal 2024 the highest levels of revenue, Adjusted EBITDA, and Free Cash Flow since the sale of the Company’s consumer products division.