富兰克林柯维 2024年度报告

Mission Statement We enable greatness in people andorganizations everywhere. Vision Our vision is to profoundly impact the waybillions of people throughout the world live,work, and achieve their own great purposes. To Be the Workplace of Choicefor Achievers With Heart, We Value: The Whole Person Lasting Client Impact We embrace the uniqueness and diversityof each individual and cultivate a cultureof belonging. We care deeply about our clients and helpingthem achieve their own great purposes. The Principles We Teach The Pursuit of Growth We believe in universal principles ofeffectiveness and strive to model whatwe teach. We are committed to meaningful growth—as individuals and as an organization. TABLE OF CONTENTS PageLetter to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4Proxy Statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7Form 10-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65Management’s Discussion and Analysis . . . . . . . . . . . . . . . . .92Report of Independent Registered Public Accounting Firm . .109Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . .112Notes to Consolidated Financial Statements . . . . . . . . . . . . .116Corporate Information . . . . . . . . . . . . . . . . . . . . .Inside Back Cover Paul S. WalkerChief Executive Officer Jessica G. BetjemannChief Financial Officer Dear Fellow Shareholders, At FranklinCovey, our work centers on a simple but vital truth: the greatest determinant of organizationalperformance is how people work together. Even as technology transforms the world of work – and AI accelerates thatchange – leaders everywhere continue to face challenges that ultimately depend on human behavior: aligning teams,building trust, driving execution, navigating disruption, and scaling what works across entire organizations. This is the space where FranklinCovey excels. We are a breakthrough-results partner to leaders who must achieveoutcomes through the collective action of their people. Leaders in organizations of all sizes and across every industryrely on our solutions to help them build the capabilities necessary to deliver on their most important goals. Thatrelevance has grown even stronger amid today’s uncertainty, where our clients tell us that high trust, focusedexecution, collaboration, and accountability are more essential than ever. Our solutions, includingThe 4 Disciplines of Execution, Speed of Trust, 7 Habits of Highly Effective People, Leader inMe, and our leadership frameworks deliver enduring impact. They generate measurable results at scale, supported byour technology-enabled Impact Platform, our global teams of expert delivery consultants, and our expanding use ofAI-enabled coaching and reinforcement. This combination differentiates us as one of the few true performancepartners in our industry. As AI reshapes how work gets done, its rise has only elevated the importance of the human capabilities at the center ofour work. AI can automate processes and surface insights, but it cannot replace the judgment and collaborationrequired for organizations to achieve breakthrough performance. Many of the world’s most advanced companies,including those leading the AI revolution, are turning to FranklinCovey for this very reason: they recognize that evenwith cutting-edge AI capabilities, their speed and success ultimately depend on how effectively their people worktogether. We view AI not as a threat, but as an enabler that amplifies the impact of our solutions. A Business Model Built for Resilience and Long-Term Growth Even in this past year’s more difficult environment, the fundamentals of our business remained notably strong.Our subscription-based model continues to anchor dependable recurring revenue. Client retention across both theEnterprise and Education divisions remains high. Subscription services attachment remained strong, particularly inNorth America. And our Education business, with a growing base of more than 8,000 schools, continues todemonstrate resilience and demand for the outcomesLeader in Mecreates. These strong fundamentals give us confidence that the strategic path we are on will create meaningful long-termvalue. The transformation investments we made in our Enterprise North America go-to-market plus our continuedinvestments in content and technology position us for meaningful growth in invoiced amounts this year, and sustainedgrowth in revenue, Adjusted EBITDA, and Free Cash Flow in the years ahead. A Year of Transition Amid Unexpected External Factors Fiscal 2025 was a year of transition and transformation. As we executed the final phase of our North Americago-to-market transformation – a planned initiative designed to accelerate growth for many years to come – a series ofunforeseen external factors created an unusually c