FiscalNote Holdings, Inc. (NYSE:NOTE) Q3 2023 Earnings Conference Call November 14, 2023 9:00 AM ET

Company Participants

Sara Buda - Vice President, Investor Relations

Tim Hwang - Co Founder, Chairman and Chief Executive Officer

Jon Slabaugh - Chief Financial Officer and Chief Investment Officer

Josh Resnik - President and Chief Operating Officer

Conference Call Participants

Matt Vliet - BTIG

Mike Latimore - Northland Capital Markets

Zach Cummins - B. Riley Securities

Rudy Kessinger - D.A. Davidson

Mike Albanese - E.F. Hutton

Operator

Good morning. My name is Wilson, I will be your conference operator today. At this time, I would like to welcome everyone to the FiscalNote Third Quarter 2023 Financial Earnings Conference Call. [Operator Instructions]

I will now turn the conference over to Sara Buda, Vice President of Investor Relations. You may begin.

Sara Buda

Hi, everybody. Welcome to the FiscalNote Q3 2023 earnings call. During this call, we may make certain statements related to our business that are forward-looking statements under federal securities laws. These statements are not guarantees of future performance, but rather are subject to a variety of risks and uncertainties. Our actual results could differ materially from expectations reflected in any forward-looking statements. For a discussion of the material risks and other important factors that could affect our actual results, please refer to the SEC filings available on the SEC’s EDGAR system and our website as well as the risks and other important factors discussed in today’s earnings release.

Additionally, non-GAAP financial measures and other KPIs will be discussed on this conference call. Please refer to the tables in our earnings release and the Investor Relations portions of our website for a reconciliation of these measures to their most comparable GAAP financial measure.

With that, I’d like to turn the call over to FiscalNote’s Chairman, CEO and Co-Founder, Tim Hwang.

Tim Hwang

Thank you, Sara. On today's call, we will review our third quarter results which mark our first quarter of adjusted EBITDA profitability. This is a tremendous milestone for the company. A year ago, we committed to adjusted EBITDA profitability, and that is exactly what we've delivered. In fact, we've delivered this one quarter earlier than we originally forecast, even amidst the more challenging macroeconomic environment. If you look at where we were when we began this year, we've essentially shifted our adjusted EBITDA from minus $7 million per quarter loss in Q1 to positive adjusted EBITDA in Q3. This is an annualized improvement of over $30 million in adjusted EBITDA, as compared to where the company started this year in Q1. We have been laser focused on this milestone, and we are delighted to achieve it ahead of initial expectations.