FiscalNote Investor Presentation Deck
1Q 2023 Summary - Reconciliation to non-GAAP measures
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
29
(in thousands)
Net loss
Income tax provision / (benefit)
Depreciation and amortization
Interest expense, net
EBITDA
Deferred revenue adjustment (a)
Stock-based compensation
Change in fair value of financial instruments (b)
Other non-cash (gains) charges (c)
Acquisition related costs (d)
Employee severance costs (e)
Non-capitalizable debt raising costs
Other infrequent costs (f)
Costs incurred related to the transaction (g)
Loss contingency (h)
Adjusted EBITDA
Adjusted EBITDA Margin
Three Months Ended March 31,
2023
$
(19,273)
30
5,747
6,681
(6,815)
6,506
(14,680)
5,873
1,222
369
206
184
168
(6,967)
(22.1)%
2022
$ (28,351)
(374)
4,717
22,523
(1,485)
993
260
1,338
(8,609)
72
403
20
203
(6,805)
(25.1)%
(a)
(a)
(b)
(d)
(e)
(f)
(g)
Reflects deferred revenue fair value adjustments arising from the purchase price
allocation in connection with the 2021 Acquisitions.
Reflects the non-cash impact from the mark to market adjustments on our
financial instruments.
Reflects the non-cash impact of the following:
(iii)
impairment of goodwill of $5,837 in the first quarter of 2023,
(v)
(vi)
loss from equity method investment of $34 in the first quarter of 2023,
charge of $2 in the first quarter of 2023 from the change in fair value
related to the contingent consideration and contingent compensation
related to the 2021, 2022, and 2023 Acquisitions;
(iv) gain of $1,320 in the first quarter of 2022 from the change in fair value
related to the contingent consideration and contingent compensation
related to the 2021 Acquisitions,
gain of $7,667 related to the partial forgiveness of our PPP Loan during
the first quarter of 2022, and
$378 impairment charge recognized in the first quarter of 2022 related
to the abandonment of one of our leases upon adoption of ASC 842 on
January 1, 2022.
Reflects the costs incurred to identify, consider, and complete business
combination transactions consisting of advisory, legal, and other professional and
consulting costs.
Severance costs associated with workforce changes related to business
realignment actions.
Costs incurred related to litigation we believe to be outside of our normal course
of business totaling $20 in the first quarter of 2022.
Includes non-capitalizable transaction costs associated with the Business
Combination.
Reflects $168 of legal costs incurred during the first quarter of 2023 related to the
proposed term sheet with GPO FN Noteholder LLC.
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