FiscalNote Holdings, Inc.

ladies and gentlemen thank you for standing by my name is krista and i will be your conference operator today at this time i would like to welcome everyone to this fiscal note third quarter 2024 financial results conference call all lines have been placed on mute to prevent any background noise and after the speaker's remarks there will be a question and answer session if you would like to ask a question during that time Simply press star followed by the number one on your telephone keypad. And if you'd like to withdraw that question, again, press star one. Thank you. I would now like to turn the conference over to the company. Please go ahead.

Good evening. My name is Bob Burrows, founder and principal of Western Avenue Advisors LLC, an investor relations consultancy. I am interim investor relations officer for Fiscal Note, having been hired by the company back in April following the departure of the former IRO. Thank you for joining the call today as we discuss fiscal notes third quarter 2024 financial results, as well as the additional news today regarding the announced leadership change for the company. With me on today's call with prepared comments are Tim Huang, current chairman, CEO, and co-founder, Josh Resnick, current president and chief operating officer, and John Slabaugh, CFO and chief investment officer. Other members of the senior management team will be available as needed during the Q&A session that will follow these prepared comments. Please note, copies of today's press release, the current report on Form 10Q for the quarter, and the required current report on Form 8K related to today's disclosures, as well as an updated version of the corporate overview presentation, are all available on the company website. In terms of important housekeeping, it is important to mention the following. During this call, we may make certain statements related to our business that are forward-looking statements under federal securities laws. These statements are not guarantees to future performance, but rather are subject to a variety of risks and uncertainties. Our actual results could differ materially from expectations reflected in any forward-looking statements. For discussion of the material risks and important factors that could affect our actual results, as well as the risks and other important factors discussed in today's earnings release, Please refer to our SEC filings, which are available either on our company website or the Securities and Exchange Commission's EDGAR system. Additionally, non-GAAP financial measures will be discussed on this conference call. Please refer to the tables in our earnings release or the updated version of the corporate overview presentation, both of which are available on the Investor Relations portion of our website, for reconciliation of these measures to their most directly comparable GAAP financial measure. Finally, We use key performance indicators, or KPIs, in evaluating the performance of our business. These include run rate revenue, annual recurring revenue, or ARR, and net retention revenue, or NRR. Again, please refer to the earnings release or the updated corporate deck for definitions of these important metrics. And with that, I'd like to turn the call over to Fiscal Notes current chairman, CEO, and co-founder, Tim Huang. Tim?

Thank you, Bob, for that introduction, and thank you all for joining us this evening. It's great to be with you today as we discuss a variety of items on the company, including our third quarter 2024 results, the state of our overall business, and of course, the leadership transition also announced this evening. Given that change, I'll share my thoughts on the company I co-founded before turning the call over to Josh, who will provide an update on the state of the business. First, let me adjust the rationale for taking a step now to transition the leadership of the company to Josh starting January 1, 2025. When we set out more than 10 years ago in founding FiscalNote, our guiding principle and mission was to help customers make sense of the complicated and constantly changing world we live in by delivering a proprietary AI-enabled platform that aggregates and organizes regulatory, political, and macroeconomic information and analyze the impact on their organizations overall. As of today, and reflecting back over that timeframe, that is exactly what we have done. Back then, applying machine learning and big data analytics to text and laws and regulations We're just an inkling of an idea. Fast forward to today, we are now living in what I believe will be one of the largest technology transformations of my generation. Today, we are the market-leading AI platform for the regulatory, legislative policy, and geopolitical intelligence sectors. As you've heard from me many times, we are essentially the Bloomberg terminal for regulatory, legislative, and strategic risk, drawing upon a deep reservoir of technical expertise, proprietary data, and analytical tools. I take tremendous pride in knowing that we have amassed a collection of proprietary high-quality and authoritative data on a range of aspects, including international, federal, state, and local legislation across 80,000 cities, all 50 states, and every major federal regulatory agency, as well as deep profiles on tens of thousands of policymakers, millions of licensed regulatory bodies, and purpose-built analytical tools monitoring governments around the world, and resulting in what we have established as of today, a market-leading position across thousands of customers. More than that, we have grown to become several hundred passionate individuals around the world, serving thousands of customers from the White House to the DOD to almost half the Fortune 100, empowering decision makers around the world with the intelligence they need. This success as a company from the very beginning of three guys and a laptop with an idea happened because we focused on the customer, cared about our employees, and continued to push the envelope on innovation. From aggregating the world's legal data to putting predictive analytics on it, pushing the boundaries of cloud collaboration, and now pushing the envelope on generative AI, Fiscal Note has been at the forefront of innovation at every turn, all while staying true to customer needs and making it a great place to work. Looking ahead, the company, like any startup, now requires new leadership and a fresh perspective on the strategies and approaches to realizing the next phase of growth for the business. After almost 12 years at the helm of operating Fiscal Note every day, and after deep, considerable thought, I decided to pass the baton and transition to the role of executive chair, allowing me to step into a new chapter, returning to my founder roots with renewed passion and focus as we continue to scale Fisk & Moat to even greater heights. Josh Rednick, Fisk & Moat's current president and COO, is the absolute right person for that task. I'll continue to work to reinforce my continued commitment to the company's vision and success in this new role, where I will continue to focus on strategic initiatives and the continuity of Fisk & Moat's mission as it enters the next phase of growth. I'm incredibly proud of what FiscalNode has accomplished and excited to direct my passion, energy, and motivation in the role of executive chairman, working closely with FiscalNode on culture, nurturing new innovative products, accelerating our gender-to-BI growth, working on strategy, and being a continuous advocate for FiscalNet externally. And I'm, of course, happy to support Josh, who has been an effective and impactful number two for the last four years. The future is part of FiscalNode, and the company could not be better positioned for the future. We are now living in a world where our customers need our products more than ever to navigate a rapidly changing geopolitical environment and why our level of invention and innovation continues to push the boundaries of our products at the intersection of law and AI. With this leadership transition, that future has become even more promising as we continue to pursue our multi-year journey to earning our place in the history books and becoming the dominant player in our industry. It has been both an honor and a privilege to have served as CEO of Fiscal Notes Josh and I, over the course of the next month and a half, will work together with the rest of the senior team, ensuring a smooth transition so that come January 1, we enter the new year well-positioned to execute on the company's mission and vision and to ensuring we continue to impact the daily lives of our thousands of customers around the world. Thank you, and I'll now turn it over to Josh to update you on the current state of the company.