FiscalNote Investor Presentation Deck
Q3 2023 Summary - Reconciliation to non-GAAP measures
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
30
(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)
Loss on debt extinguishment, net
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
September 30,
2023
(14,467)
(62)
8,030
8,018
1,519
6,224
(7,157)
$
(704)
12
560
81
201
736
2.2%
2022
$ (109,002)
(2,286)
5,743
42,894
(62,651)
123
30,043
(21,910)
45,250
$
(948)
431
149
1,791
286
(7,436)
(25.5)%
$
$
Nine Months Ended
September 30,
2023
(64,713)
181
20,074
21,853
(22,605)
18,212
(18,850)
5,227
1,391
1,310
316
415
4,091
(10,493)
(10.7)%
2022
$ (175,713)
(2,836)
15,374
89,672
(73,503)
1,853
30,868
(18,524)
45,250
(9,286)
1,003
149
403
20
$
2,250
286
(19,231)
(22.8)%
(a) Reflects deferred revenue fair value adjustments arising from the
purchase price allocation in connection with the 2021 Acquisitions.
(a)
(b)
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)
(f)
(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,loss from equity method investment of $56 in the
second quarter of 2023, and a gain from equity method
investment of $147 in the third quarter of 2023
(iii) charge of $2 in the first quarter of 2023, a charge of $2 in the
second quarter of 2023, and a gain of $672 in the third
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;
unrealized loss on short-term investments of $115 in the third
quarter of 2023;
(c) Reflects the costs incurred to identify, consider, and complete business
combination transactions consisting of advisory, legal, and other
professional and consulting costs.
(g)
(iv)
(v) gain of $1,320 in the first quarter of 2022, a charge of $271 in
the second quarter of 2022, and a gain of $948 in the third
quarter of 2022 from the change in fair value related to the
contingent consideration and contingent compensation
related to the 2021 Acquisitions;
(vi) gain of $7,667 related to the partial forgiveness of our PPP
Loan during the first quarter of 2022; and
(vii) $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.
(d) Severance costs associated with workforce changes related to business
realignment actions..
(e) 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 recorded in the second
quarter of 2023 and (ii) accounting and legal costs incurred associated
with the settlement with GPO FN Noteholder LLC totaling $168 in the
first quarter of 2023, $248 in the second quarter of 2023, $201 in the
third quarter of 2023, and $286 in the third qu Fiscal NoteView entire presentation