FiscalNote Investor Presentation Deck
Q2 2023 Summary - Reconciliation to non-GAAP measures
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
(in thousands)
Net loss
29
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 June 30,
2023
$ (30,973)
213
6,297
7,154
(17,309)
$
5,482
2,987
58
157
381
110
150
3,722
(4,262)
(13.0)%
2022
$ (38,360)
(176)
4,914
24,255
(9,367)
737
565
2,048
271
500
256
$ (4,990)
(17.9)%
Six Months Ended June 30,
$
2023
(50,246)
243
12,044
13,835
(24,124)
11,988
(11,693)
5,931
1,379
750
316
334
3,890
(11,229)
(17.4)%
2022
$ (66,711)
(550)
9,631
46,778
(10,852)
1,730
825
3,386
(8,338)
572
$
403
20
459
(11,795)
(21.5)%
(a)
(b)
(c)
(d)
(e)
(f)
(h)
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:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(i) impairment of goodwill of $5,837 in the first quarter of
2023,
loss from equity method investment of $34 in the first
quarter of 2023 and $56 in the second quarter of 2023,
charge of $2 in the first quarter of 2023 and $2 in the
second 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;
gain of $1,320 in the first quarter of 2022 and a charge of
$271 in the second 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: (i) $3,474 non-cash loss contingency charge related to the
settlement with GPO FN Noteholder LLC; and (ii) accounting and
legal costs incurred associated with the settlement with GPO FN
Noteholder LLC totaling $168 in the first quarter of 2023 and $248
in the second quarter of 2023.
FiscalNoteView entire presentation