FiscalNote Holdings Inc
For the period ended Mar 31, 2024. Filed May 10, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
NOTE$0.01+4.0%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
(in thousands)
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| Operating Activities: | ||||
| Net income (loss) | $50,599 | $(19,273) | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
| Depreciation | 304 | 336 | ||
| Amortization of intangible assets and capitalized software development costs | 5,113 | 5,411 | ||
| Amortization of deferred costs to obtain revenue contracts | 1,009 | 832 | ||
| Gain on sale of business (Note 4) | (71,599) | - | ||
| Impairment of goodwill | - | 5,837 | ||
| Non-cash operating lease expense | 297 | 1,832 | ||
| Stock-based compensation | 6,175 | 6,506 | ||
| Other non-cash expenses | - | 190 | ||
| Bad debt expense | 29 | 156 | ||
| Change in fair value of acquisition contingent consideration | (4) | (156) | ||
| Unrealized loss on securities | 49 | - | ||
| Change in fair value of financial instruments | 527 | (14,680) | ||
| Deferred income taxes | (71) | (218) | ||
| Paid-in-kind interest, net | 2,035 | 970 | ||
| Non-cash interest expense | 737 | 1,074 | ||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable, net | 1,320 | (696) | ||
| Prepaid expenses and other current assets | (1,924) | 619 | ||
| Costs capitalized to obtain revenue contracts, net | (932) | (1,126) | ||
| Other non-current assets | 148 | 27 | ||
| Accounts payable and accrued expenses | 460 | (3,225) | ||
| Deferred revenue | 10,436 | 10,002 | ||
| Customer deposits | (1,239) | (1,923) | ||
| Other current liabilities | 318 | (1,222) | ||
| Contingent liabilities from acquisitions, net of current portion | (13) | (39) | ||
| Operating lease liabilities | (969) | (4,052) | ||
| Other non-current liabilities | (64) | (8) | ||
| Net cash provided by (used in) operating activities | 2,741 | (12,826) | ||
| Investing Activities: | ||||
| Capital expenditures | (1,692) | (1,869) | ||
| Cash proceeds from the sale of business, net (Note 4) | 90,884 | - | ||
| Cash paid for business acquisitions, net of cash acquired | - | (5,010) | ||
| Net cash provided by (used in) investing activities | 89,192 | (6,879) | ||
| Financing Activities: | ||||
| Proceeds from long-term debt, net of issuance costs | 801 | 6,000 | ||
| Principal payments of long-term debt | (65,727) | (27) | ||
| Payment of deferred financing costs | (7,068) | - | ||
| Proceeds from exercise of stock options and ESPP purchases | 196 | 264 | ||
| Net cash (used in) provided by financing activities | (71,798) | 6,237 | ||
| Effects of exchange rates on cash | (119) | (251) | ||
| Net change in cash, cash equivalents, and restricted cash | 20,016 | (13,719) | ||
| Cash, cash equivalents, and restricted cash, beginning of period | 17,300 | 61,223 | ||
| Cash, cash equivalents, and restricted cash, end of period | $37,316 | $47,504 | ||
| Supplemental Noncash Investing and Financing Activities: | ||||
| Warrants issued in conjunction with long-term debt issuance | $ | - | $178 | |
| Amounts held in escrow related to the sale of Board.org | $785 | $ | - | |
| Property and equipment purchases included in accounts payable | $124 | $121 | ||
| Supplemental Cash Flow Activities: | ||||
| Cash paid for interest | $5,303 | $4,740 | ||
| Cash paid for taxes | $2 | $112 | ||
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