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Market Intelligence

FiscalNote Announces Second Quarter 2022 Financial Results

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Total revenue of $27.2 million, up 41% year-over-year Run-rate revenue(1) at June 30, 2022 of $115 million, up 15% compared to June 30, 2021 Annual Recurring Revenue(1) at June 30, 2022 of $103 million, up 16% compared to June 30, 2021 Reaffirms run-rate revenue guidance of $173 million for 2022
FiscalNote

FiscalNote (NYSE: NOTE), a leading technology provider of global policy and market intelligence, today announced financial results for the second quarter ended June 30, 2022, which demonstrate the company’s continued marketplace leadership and momentum, powered by customer wins, net retention, and strong results from M&A integrations.

“With FiscalNote’s listing on August 1, 2022, we are excited to be a public company with the resources and capital needed to fuel our ongoing organic and inorganic growth, and execute on our long-term business strategy,” stated Tim Hwang, FiscalNote’s Chairman, CEO, and Co-founder. “FiscalNote enters the public markets with a strong, fully-funded balance sheet and capital availability, a growing base of recurring revenue, a suite of innovative product offerings which continue to expand our market leadership, a diverse and global blue chip client base across both public and private sectors, and a talented and growing team. We remain focused on sustainable growth, bolstered by our second quarter total GAAP revenue increasing 41%, and we reiterate achieving positive Adjusted EBITDA for the fourth quarter of 2023. We remain confident we will exit this year with run-rate revenue of $173 million through a combination of our organic growth and a robust and deep M&A pipeline during the remainder of 2022.”

Second Quarter 2022 Financial Highlights

  • Revenue: Total revenue for the second quarter of 2022 was $27.2 million, up 41% from the second quarter of 2021. Within total revenue, subscription revenue was $24.3 million and advisory, advertising, and other revenue was $2.8 million, up 40% and 50% respectively from the second quarter of 2021. Non-GAAP adjusted total revenue(2) for the second quarter of 2022 was $27.9 million, up 42% from the second quarter of 2021, and non-GAAP subscription revenue(2) was $25.1 million, up 42% from the second quarter of 2021. 

  • Gross Profit: Gross profit for the second quarter of 2022 was $19.5 million, compared to $14.3 million for the second quarter of 2021. Gross margin for the second quarter of 2022 was 72%, compared to 74% for the second quarter of 2021. Non-GAAP adjusted gross profit(2) for the second quarter of 2022 was $22.2 million, compared to $15.9 million for the second quarter of 2021. Non-GAAP adjusted gross margin(2) was 80% for the second quarter of 2022, compared to 81% for the second quarter of 2021.

  • Net Loss: Net loss for the second quarter of 2022 was $38.4 million, compared to $34.1 million for the second quarter of 2021.

  • Adjusted EBITDA(2): Adjusted EBITDA loss for the second quarter of 2022 was $5.0 million, compared to an Adjusted EBITDA loss of $6.6 million for the second quarter of 2021.

  • Following the Company’s successful business combination and listing – which resulted in approximately $92 million of cash on the balance sheet, $150 million of gross debt, and $100 million of additional debt capacity –  ample funding is provided for organic and M&A opportunities.

Second Quarter 2022 Key Metrics

  • Run-Rate Revenue: Run-rate revenue rose to $115 million at June 30, 2022, from $100 million at June 30, 2021, representing a 15% increase on a pro forma basis after giving effect to the businesses acquired in 2021.

  • Annual Recurring Revenue (“ARR”): ARR rose to $103 million at June 30, 2022, from $89 million at June 30, 2021, representing a 16% increase on a pro forma basis after giving effect to the businesses acquired in 2021.

  • Net Revenue Retention: Net revenue retention was 99%, an increase of 100 basis points from the prior quarter.

Second Quarter 2022 Key Business Highlights

  • FiscalNote entered into new, renewed, or expanded relationships with leading global brands and government entities such as Nestle, Boeing, Paycom, and a number of leading U.S. and global government institutions.

  • FiscalNote’s Voter Voice advocacy platform launched Topics, an AI-powered feature that maps engagement to key issue areas for users, helping clients measure and improve campaign results.

  • FiscalNote’s Curate expanded the depth of coverage it provides to customers to include school boards. In addition to more than 12,000 local governments, Curate now monitors more than 4,000 school districts on a daily basis, providing coverage for approximately 98% of school districts with enrollment greater than 5,000 students.

  • FiscalNote and its customers — Health Policy Advocates, Credit Union National Association, Cruise Lines International Association, and National Retail Federation — received top honors at the 2022 Reed Awards for excellence in grassroots advocacy.

Financial Outlook for 2022

FiscalNote is reaffirming its guidance(3)  for full year 2022 as follows:

  • Run-rate revenue of $173 million by end of year.

  • Organic run-rate revenue to accelerate to $136 million by end of year, representing approximately 25% year over year growth.

  • Adjusted EBITDA loss of approximately $23 million.

In addition, the company reiterates that it remains on track to achieve positive Adjusted EBITDA within the fourth quarter of 2023.

Additional information regarding the non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to non-GAAP financial measures has also been provided in the financial tables included below.  Information regarding our key performance indicators is included below under “Key Performance Indicators.”

Quarterly Conference Call

FiscalNote will host a conference call today, Monday, August 15, 2022, at 5:00 p.m. Eastern Time (U.S.) to review the Company’s financial results for the second quarter ended June 30, 2022. To access this call, dial 1 (888) 660-6510 for the U.S. or Canada, or 1 (929) 203-0882 for callers outside the U.S. or Canada with the conference ID 1271923. A live webcast of the conference call will be accessible from the Investor Relations section of FiscalNote’s website at https://investors.fiscalnote.com/, and a recording will be archived and accessible at https://investors.fiscalnote.com/. An audio replay of this conference call will also be available through August 29, 2022, 11:59pm ET, by dialing 1-800-770-2030 for the U.S. or Canada, or 1-647-362-9199 for callers outside the U.S. or Canada, and entering 1271923.

(1) “Run-Rate Revenue” and “Annual Recurring Revenue”, or “ARR”, are key performance indicators (KPIs).  Please see “Key Performance Indicators” in this earnings release for the definitions and important disclosures regarding these measures.
(2) Non-GAAP measure.  Please see “Non-GAAP Financial Measures” in this earnings release for definitions and important disclosures regarding these financial measures, including reconciliations to the most directly comparable GAAP measure.
(3) Because of the variability of items impacting net income and unpredictability of future events, management is unable to reconcile without unreasonable effort the company’s forecasted adjusted EBITDA to a comparable GAAP measure.

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