NYSE$NOTE
Fiscalnote Holdings Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Announced fourth quarter and full year 2022 financial results.
FiscalNote's Q4 2022 results demonstrated strong fundamentals with revenue increasing 29% to $31.4 million and a gross profit of $23.1 million, representing a 73% gross margin. The company's durable revenue growth was driven by a diversified customer base, strong net retention, and strategic M&A.
- Revenue increased 29% to $31.4 million, compared to $24.5 million in Q4 2021.
- Gross profit was $23.1 million representing 73% gross margin.
- GAAP net loss of $42.5 million, including non-cash charges totaling $24.2 million.
- Cash and cash equivalents of $61.2 million with approximately $94 million of additional debt capacity.
Headline financials
Revenue & EPS history
FiscalNote · Revenue · Quarterly
$31.4M
Revenue by segment
FiscalNote · $30.1M total across 1 segment · Q3 2023
- Subscription Revenue$30.1M+15.3%100.0%
Forward guidance
FiscalNote provided guidance for full year 2023. They expect GAAP revenue of $136 to $141 million, total run-rate revenue of $148 million to $155 million, and an adjusted EBITDA loss of $8 million to $6 million. FiscalNote reiterates that it expects to achieve positive Adjusted EBITDA in the fourth quarter of 2023 and ongoing positive adjusted EBITDA beyond this milestone.
Tailwinds
- GAAP revenue of $136 to $141 million, representing 20% to 24% year over year growth inclusive of the Company’s recent acquisition of Dragonfly Eye, Ltd.
- Total run-rate revenue of $148 million to $155 million representing growth of 17% to 22% over the prior year inclusive of the Company’s recent acquisition of Dragonfly Eye, Ltd. and growth of 10% to 16% over the prior year on an organic basis.
- An adjusted EBITDA loss of $8 million to $6 million for the year, marking an improvement of approximately 71% year-over-year.
- FiscalNote reiterates that it expects to achieve positive Adjusted EBITDA in the fourth quarter of 2023 and ongoing positive adjusted EBITDA beyond this milestone.
- GAAP revenue of $31 to $32 million for Q1 2023.
Headwinds
- Adjusted EBITDA loss of $7 to $6 million for the quarter, including higher Q1 seasonal public company costs.
- The Company has implemented cost actions over the past few months which, in combination with more normalized quarterly expenses, are expected to significantly reduce adjusted EBITDA loss starting in the second quarter, and enable the Company to become profitable on an Adjusted EBITDA basis in the fourth quarter of 2023.
- GAAP net loss of $218.3 million for the year contains approximately $85.8 million of net non-cash items which are primarily associated with the Company's public listing on July 29, 2022.
- FiscalNote’s ability to effectively manage its growth.
- Adverse general economic and market conditions reducing spending on our products and services.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 16 quarterly earnings reports · overlaid with Q4 2022
-3.8%
Avg return
Earnings day
+0.3%
Avg return
5 days after
-7.6%
Avg return
30 days after
28%
5 / 18 earnings
Positive
+25.7%
Q3 2022
Best reaction
-37.9%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -1.5% | — | — | |
| Q1 2026 | -3.1% | +4.6% | — | |
| Q3 2025 | +2.0% | -9.3% | -33.7% | |
| Q1 2025 | -2.8% | +5.1% | -23.1% | |
| Q4 2024 | -4.4% | +4.7% | -30.6% | |
| Q3 2024 | -17.8% | -14.4% | -3.7% | |
| Q2 2024 | -5.8% | -7.9% | -14.4% | |
| Q1 2024 | +4.1% | +24.6% | -6.6% | |
| Q4 2023 | -17.2% | -13.8% | -36.9% | |
| Q3 2023 | -37.9% | -39.4% | -11.4% | |
| Q2 2023 | -27.2% | -18.3% | -40.0% | |
| Q1 2023 | +15.5% | +22.4% | +74.5% | |
| Q4 2022 | +5.6% | +23.9% | +0.0% | |
| Q3 2022 | +25.7% | +22.6% | +17.3% | |
| Q2 2022 | -3.3% | +1.4% | -12.9% | |
| Q1 2022 | -0.2% | -0.2% | -0.4% | |
| Q4 2021 | -0.1% | +0.0% | +0.2% | |
| Q3 2021 | -0.2% | +0.1% | -0.1% |
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