The following is a summary of the FiscalNote Holdings, Inc. (NOTE) Q1 2024 Earnings Call Transcript:
Financial Performance:
FiscalNote achieved Q1 2024 total revenues of $32 million and an adjusted EBITDA of $1 million.
The divestment of Board.org reduced the company's debt by $65 million and improved the cash position by $15 million.
Recurring streams constitute about 90% of FiscalNote's revenue.
They reported a net income of $50 million, an increase of over $68 million, primarily due to the gain from the sale of Board.org.
The company's total debt has been reduced to $177 million, after a principal repayment of $66 million in the quarter.
FiscalNote has reaffirmed its full-year forecast of total revenues ranging between $123 million-$127 million and an adjusted EBITDA for 2024 of $7 million-$9 million.
Business Progress:
FiscalNote's AI investment resulted in the creation of the 'FiscalNoteGPT' platform and the Copilot reasoning platform.
AI agents, such as StressLens and the Global Intelligence AI Copilot, have been launched in the Q1 2024 to enhance customer user experience.
The company plans to further invest in the AI copilot range to innovate the legal, regulatory, and geopolitical analysis field.
They followed a product-led growth approach, aiming to appeal to individual users in small to large enterprises.
FiscalNote continues to extend its regional presence, particularly in Europe, focusing on the AI-powered solutions portfolio.
The company has increased its coverage of policy developments in China and Europe, contributing to 15% of total revenue.
Future endeavors include accelerating the use of AI Copilots, integrating acquisitions, and launching other products like StressLens.
More details: FiscalNote Holdings IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.