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Company Achieves $112 Million in Run-Rate Revenue, Reaffirms Consolidated Full Year Run-Rate Revenue
First Quarter GAAP Revenues of $26.1 millionup 50% Year-over-Year
Successful Execution of Organic and Acquisition Strategy Compound Growth and Bolster Outlook
WASHINGTON, May 23, 2022 /PRNewswire/ — FiscalNote Holdings, Inc. (“FiscalNote”), a leading technology provider of global policy and market intelligence, today announced financial results for the first quarter ended March 31, 2022which demonstrates the company’s continued successful execution of its strategic plan enabling durable organic growth, best-in-class margins, strong recurring revenue model, accelerated product innovation, and a continued path to profitability.
“I am incredibly pleased to announce another tremendous quarter for FiscalNote as the company continues to see significant growth in Run-Rate Revenue, a key management metric, underscoring successful execution against our M&A and organic strategy and building a sustainable baseline for future growth. Our increasing scale, compounding recurring revenue, and market expansion have allowed us to grow our GAAP revenues 50 percent from a year ago. We remain confident that our targeted investments in new, high-growth opportunities such as global geopolitical insights and market intelligence will continue to provide a sustainable competitive advantage and solidify our position as category creator. Additionally, amidst a backdrop of geopolitical uncertainty ranging from actions to stem inflation and supply chain issues to emerging ESG issues, our expanding product portfolio has positioned us to more efficiently deliver incremental value to our customers and increase retention through cross-sell opportunities,” said FiscalNote CEO & Co-founder, Tim Hwang. “This performance underscores the confidence in our ability to drive revenue growth and earnings improvement as the company grows to achieve operating scale.”
“We are pleased to see the continued execution of the business plan,” said Manoj JainCEO of Duddell Street Acquisition Corp., and Co-Chief Investment Officer of Maso Capital. “FiscalNote continues to harness the incredible momentum and opportunities generated by its 2021 M&A efforts. This is empowering the company to successfully implement its strategy of helping global customers turn insights into action from its AI-enabled models and data aggregation capabilities, which equip them with the tools and services they need to stay ahead of rapidly evolving policy, environmental, corporate, and regulatory challenges.”
Management KPIs as of March 31, 2022:
- Consolidated Run-Rate Revenue[1] rose to $112 million from $97 million in the prior year period, representing an increase of 16% organic growth. FiscalNote expects organic Run-Rate Revenue[2] growth to accelerate to 25-30% by the end of 2022.
- With approximately 90% of Run-Rate Revenue recurring, the Company’s annual recurring revenue[3] totaled $100 million.
- Q1 2022 net revenue retention rate was 98%, up from 96% in the prior year period.
First Quarter 2022 Operational & Customer Highlights:
Major geopolitical uncertainty and regulatory action has driven accelerated growth and product innovation in various parts of FiscalNote’s business during the quarter. Highlights include:
- Continued expansion of the Company’s customer base across a variety of emerging and regulated industries, including securing new relationships with Xero, First Solar, Plastipak, and Ingredion.
- Introduction of Fireside Statethe CRM industry’s all-in-one constituent relationship management SaaS platform specifically designed for lawmakers and staff at the State and Local levels of government.
- Full launch of CQ Federal‘s AI-enabled transcription technology for customers, delivering faster and more expanded transcripts coverage of timely Congressional events by leveraging FactSquared‘s proprietary technology.
- FrontierView and Oxford Analytica together reached heightened levels of interest and engagement during the quarter – driven by events such as inflation, global slowdown concerns, and the effects of the conflict in Ukraine – allowing both products to…
Full story available on Benzinga.com
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