secwatch.observer — SEC 8-K summary
======================================

Issuer:     FiscalNote Holdings, Inc. (NOTE)
CIK:        0001823466
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0000950170-24-056244
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FiscalNote Q1 revenue $32.1M, adj. EBITDA $1.2M; completes Board.org sale for up to $103M
--------------------------------------------------------------------------------

- Q1 revenue $32.1M (+2% YoY); subscription revenue $29.6M (+4%). GAAP net income $50.6M vs loss $19.3M.
- Adjusted EBITDA $1.2M (margin 4%), vs -$7.0M in Q1 2023; third straight profitable quarter.
- Divested Board.org for up to $103M ($95M cash at close); $65.7M used to reduce senior debt; 9.5x cash-on-cash return.
- Reaffirms FY2024: revenue $123-127M, adj. EBITDA $7-9M. Q2 guidance: rev ~$29M, adj. EBITDA ~$1M.
- Board continues strategic review; no timetable set. Centerview and Skadden advised.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1823466/000095017024056244/0000950170-24-056244-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1823466/000095017024056244/note-20240509.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-056244

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer