FiscalNote Holdings Inc (NOTE) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the FiscalNote Holdings, Inc., fourth-quarter and full-year 2025 financial results conference call. (Operator Instructions)

各位女士、各位先生，下午好。我叫 Abby，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 FiscalNote Holdings, Inc. 2025 年第四季及全年財務業績電話會議。(接線員指示)

Thank you. And with that, I would now like to turn the call over to the company to begin the conference.

謝謝。接下來，我將把電話會議交給公司方，開始今天的會議。

Good evening. My name is Yojin, Investor Relations for FiscalNote, and we are pleased you could join us this evening. The purpose of today's call is to discuss FiscalNote's fourth-quarter and full-year 2025 financial results and guidance for 2026. Joining me with prepared remarks are Josh Resnik, Chief Executive Officer and President; and Jon Slabaugh, Chief Financial Officer and Chief Investment Officer. Other members of the senior management team will be available as needed during the Q&A session that will follow.

各位晚安。我叫 Yojin，是 FiscalNote 的投資人關係代表，很高興各位今晚能與我們一同參與。今天電話會議的目的，是討論 FiscalNote 2025 年第四季及全年財務業績，以及 2026 年的指引。與我一同進行事先準備發言的有：執行長兼總裁 Josh Resnik，以及財務長兼投資長 Jon Slabaugh。在接下來的問答環節中，其他高階管理團隊成員也將視需要出席。

Please note today's press release related current report on Form 8-K and updated version of the corporate overview presentation are all available on the Investor Relations portion of the company website.

請注意，今日新聞稿、相關的 Form 8-K 當前報告，以及更新版公司概覽簡報，皆可於公司網站的投資人關係專區取得。

In terms of important housekeeping, please take note of 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 of 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.

在重要事項提醒方面，請留意以下內容。在本次電話會議中，我們可能會就公司業務發表若干陳述，這些陳述依聯邦證券法屬於前瞻性陳述。這些陳述並非對未來績效的保證，而是受到各種風險與不確定性影響。我們的實際結果可能與任何前瞻性陳述所反映的預期存在重大差異。

For a 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.

關於可能影響我們實際結果的重大風險與重要因素之討論，以及今日財報新聞稿中所提及的風險與其他重要因素，請參閱我們向 SEC 提交的文件；相關文件可於公司網站或美國證券交易委員會的 EDGAR 系統查閱。

Additionally, non-GAAP financial measures will be discussed on this conference call. Please refer to the tables in our earnings release for the updated version of the corporate overview presentation, for a reconciliation of these measures to their most directly comparable GAAP financial measures.

此外，本次電話會議也將討論非 GAAP 財務衡量指標。請參閱我們財報新聞稿中的表格（以及更新版公司概覽簡報），以取得這些指標與其最直接可比的 GAAP 財務衡量指標之調節表。

Finally, we use key performance indicators, or KPIs, in evaluating the performance of our business. These include annual recurring revenue or ARR and net revenue retention or NRR.

最後，我們在評估業務表現時會使用關鍵績效指標（KPI）。其中包括年度經常性收入（ARR）與淨收入留存率（NRR）。

With that, I'd like to turn the call over to FiscalNote's CEO and President, Josh Resnik.

接下來，我想把電話會議交給 FiscalNote 的執行長兼總裁 Josh Resnik。

Thank you, Yojin, and thanks to everyone for joining us. I'm glad to be here to discuss FiscalNote's full-year 2025 results and to share our strategic vision for 2026 and beyond.

謝謝你，Yojin，也感謝各位加入我們。我很高興能在此討論 FiscalNote 2025 年全年業績，並分享我們對 2026 年及更長遠未來的策略願景。

Over the past year and including the recent market expansions and the additional streamlining that we announced today, we've made significant changes to strengthen our foundation and align our strategy with evolving customer needs and market opportunities. The FiscalNote you see today is more profitable, more agile, and better positioned for the future.

在過去一年中，包括近期的市場擴張以及我們今天宣布的進一步精簡措施，我們已做出重大調整，以強化基礎並使策略與不斷演變的客戶需求及市場機會保持一致。各位今天所看到的 FiscalNote 更具獲利能力、更敏捷，也更能為未來做好準備。

As outlined in today's press release, we are guiding to approximately $1 million of adjusted EBITDA in the first quarter and reflecting the cost actions announced today, $14 million to $16 million for the full year.

如今日新聞稿所述，我們對第一季的調整後 EBITDA 指引約為 100 萬美元；並在反映今日宣布的成本措施後，全年指引為 1,400 萬至 1,600 萬美元。

This implies adjusted EBITDA of roughly $13 million to $15 million across the remaining three quarters with margins expected to exceed 20% in that same period. That represents a meaningful step change in profitability and approximately doubles our adjusted EBITDA margin profile compared to the same period in 2025.

這意味著其餘三個季度的調整後 EBITDA 約為 1,300 萬至 1,500 萬美元，同期的利潤率預期將超過 20%。這代表獲利能力出現顯著的階躍式提升，且相較於 2025 年同一期間，我們的調整後 EBITDA 利潤率輪廓約提升一倍。

Separate from adjusted EBITDA, what's vitally important is that after implementing the changes announced today and excluding one-time costs associated with the restructuring, we expect FiscalNote will generate positive free cash flow for the 12 months ending March 31, 2027. This is a significant inflection point and represents the start of a promising new chapter in FiscalNote's evolution. These efforts have provided the company with a much stronger foundation, and we are now taking a new leap forward to positive free cash flow, while also positioning the company to take advantage of opportunities in two new high-growth markets.

除了調整後 EBITDA 之外，更為關鍵的是：在落實今日宣布的變革、並排除與重組相關的一次性成本後，我們預期 FiscalNote 在截至 2027 年 3 月 31 日的 12 個月期間將產生正的自由現金流。這是一個重要的轉折點，代表 FiscalNote 演進過程中一個充滿希望的新篇章的開始。這些努力為公司奠定了更強健的基礎；我們如今正邁向自由現金流轉正的新躍進，同時也讓公司能把握兩個新的高成長市場中的機會。

Today, we announced a plan to reduce our cash operating expenses by over 19%, significantly accelerating our ongoing operational transformation through changes to personnel as well as in-sourcing third-party spend. More specifically, we are implementing a workforce transformation plan that will reduce headcount by approximately 25% year over year. This is a continuation of our operational discipline that is now being accelerated by rapid advancements in generative and agentic AI.

今天，我們宣布一項計畫，將現金營運費用降低超過 19%，透過人員調整以及將第三方支出內製化，顯著加速我們持續進行的營運轉型。更具體而言，我們正在推動一項人力轉型計畫，使員工人數年減約 25%。這是我們營運紀律的延續，而生成式與代理式 AI 的快速進展正進一步加速這一進程。

As you know, we have already eliminated more than $35 million in annual cash operating expenses over the past three years. We've done this through applying a clear strategic focus and ensuring that our operating structure and cadence reflects that focus, reducing investment in noncore and unprofitable areas.

如各位所知，過去三年我們已削減超過 3,500 萬美元的年度現金營運費用。我們透過明確的策略聚焦，並確保營運架構與節奏反映該聚焦，降低對非核心與不具獲利領域的投資，從而達成上述成果。

And as an organization that was born during the age of Big Data, when AI was known as machine learning and natural language processing, we have always operated at the leading edge of what we now call artificial intelligence.

而作為一家誕生於大數據時代的組織——當時 AI 被稱為機器學習與自然語言處理——我們始終站在如今所稱之人工智慧的最前沿運作。

We've been deploying the most recent forms of generative and agentic AI over the past year with the greatest focus in our R&D organization to strong results. We now have 100% adoption of AI tooling across our engineering organization, which is translating directly into development cycles that are now approximately three times faster than before with work that previously took months now often completed in weeks and work that took weeks increasingly delivered in days.

過去一年，我們已部署最新形式的生成式與代理式 AI，其中最主要的投入聚焦於研發組織，並取得強勁成果。目前，我們工程團隊對 AI 工具的採用率已達 100%，這直接轉化為開發週期約為以往的三倍速度：過去需要數月的工作如今常在數週內完成，而原本需要數週的工作也愈來愈多能在數天內交付。

In Q4, our R&D teams used AI in 88% of their completed development work, enabling them to accomplish 70% more than they did in the same period one year prior. This is a clear example of what becomes possible when these tools are deployed effectively at scale.

在第四季，我們的研發團隊在其已完成的開發工作中，有 88% 使用了 AI，使其完成的工作量較一年前同期間提升 70%。這清楚展現了當這些工具能以規模化方式有效部署時，所能達成的可能性。

The bulk of reductions tied to today's announcement are in our commercial teams, content generation, and G&A. I'll walk you through how we're doing this and what that means for what you can expect going forward.

與今日公告相關的削減措施，主要集中在我們的商務團隊、內容產製，以及一般與行政（G&A）。我將說明我們如何執行，以及這對未來各位可預期的情況意味著什麼。

We are reducing our commercial organization by approximately 24% on an expense basis and approximately 18% on a headcount basis, as we continue to align our go-to-market structure with how customers increasingly discover, evaluate, and adopt our products. These actions include eliminating certain highly compensated senior roles and increasing automation of our outbound marketing activities, allowing us to operate more efficiently without reducing capacity.

我們將商務組織的費用基礎削減約 24%，人力編制則削減約 18%，以持續使我們的市場進入（go-to-market）架構與客戶日益採用的產品發現、評估與導入方式保持一致。這些措施包括取消部分高薪資的資深職位，並提高外呼行銷活動的自動化程度，使我們在不降低產能的情況下更有效率地運作。

We also are deploying agentic AI workflows to significantly increase the speed, customization, and scalability of client support, enabling higher service levels with a leaner team while maintaining coverage.

我們也正在部署代理式 AI 工作流程，以大幅提升客戶支援的速度、客製化程度與可擴展性；在維持覆蓋範圍的同時，以更精實的團隊提供更高的服務水準。

In parallel, we are accelerating our transition toward product-led growth by expanding our API offerings and exploring additional low-friction purchasing mechanisms, including credit card-based, self-serve onboarding and emerging agentic AI payment models, allowing customers to access and scale usage of our data without traditional sales engagement.

同時，我們正透過擴大 API 產品供給並探索更多低摩擦的購買機制，加速轉向產品主導成長（product-led growth），其中包括以信用卡為基礎的自助式上線流程，以及新興的代理式 AI 付款模式，讓客戶無需傳統銷售介入即可存取並擴大對我們資料的使用。

We also are improving the efficiency of our content operations by approximately 20% on an expense basis and approximately 33% on a headcount basis by leveraging generative AI for segments of our content production and deploying agentic workflows to automate certain routine editorial and publishing tasks, including managing publication workflows into our CMS. These initiatives reduced manual effort and lower-value activities while increasing speed and consistency of output.

我們也透過在內容製作的部分環節運用生成式 AI，並部署代理式工作流程以自動化某些例行的編輯與出版任務（包括將出版工作流程導入我們的 CMS 進行管理），使內容營運在費用基礎上提升約 20% 的效率、在人力編制上提升約 33% 的效率。這些措施降低了人工投入與低價值活動，同時提升產出速度與一致性。

Importantly, we are minimizing changes in our highest-value areas, including bespoke monitoring and analytical services for clients as well as the CQ Roll Call newsroom's core reporting capabilities. Overall, our objective is to use AI to enhance productivity and scalability, while preserving the human expertise and differentiated coverage that define our premium offerings.

重要的是，我們正將在最高價值領域的變動降到最低，包括為客戶提供的客製化監測與分析服務，以及 CQ Roll Call 新聞室的核心報導能力。整體而言，我們的目標是在保留定義我們高端產品的人類專業與差異化報導的同時，運用 AI 提升生產力與可擴展性。

In G&A, we're reducing by approximately 12% on an expense basis through targeted and aggressive vendor savings. In parallel with the rapid advancement of agentic AI capabilities in recent months, we are deploying these tools at scale across the broader organization. This initiative combines targeted top-down transformation initiatives, along with organic adoption at the team level to improve productivity and execution across a broad set of function.

在 G&A（一般與行政）方面，我們透過有針對性且積極的供應商節省措施，以費用基礎計算將降低約 12%。同時，隨著近幾個月代理式 AI（agentic AI）能力快速進展，我們正於更廣泛的組織範圍內大規模部署這些工具。此項計畫結合了有針對性的自上而下轉型措施，以及團隊層級的自然採用，以提升廣泛職能範疇的生產力與執行力。

As part of this effort, we are beginning to pair managers and team members with AI platforms, effectively creating human plus AI operating dyads that expand individual capacity and enable higher impact work. We view this as a strategic evolution in how modern companies are built and run recognizing that AI tools are increasingly becoming true force multipliers and that incremental adoption alone will not be sufficient to capture their full value.

作為此項努力的一部分，我們開始讓主管與團隊成員搭配 AI 平台協作，實質上打造「人類 + AI」的運作雙人組（operating dyads），以擴大個人產能並促成更高影響力的工作。我們將此視為現代企業建構與營運方式的策略性演進，並認知到 AI 工具正日益成為真正的力量倍增器（force multipliers），僅靠漸進式採用不足以充分擷取其全部價值。

Taken together, these actions are designed to structurally improve our operating leverage while preserving the drivers of retention, expansion, and long-term growth. Our relative investment in product and R&D has increased with a larger share of capital allocated to investment in PolicyNote and emerging growth initiatives while reducing lower return cost areas.

綜合而言，這些行動旨在於保留留存、擴張與長期成長驅動因素的同時，從結構上改善我們的營運槓桿。我們在產品與研發的相對投資已提高，將更大比例的資本配置於 PolicyNote 與新興成長計畫，同時降低回報較低的成本領域。

By simplifying workflows, reducing manual effort, and reallocating capital towards scalable product capabilities, we expect to support both margin expansion and more efficient revenue generation over time. This is what gives us increased confidence in achieving consistent positive free cash flow while continuing to invest in the strategic initiatives that will define FiscalNote's next phase. Importantly, we believe this transformation positions the company to grow more efficiently as customer consumption models continue to evolve.

透過簡化工作流程、降低人工投入，並將資本重新配置至可擴展的產品能力，我們預期將隨時間推進同時支持毛利率擴張與更有效率的營收產生。這也是我們更有信心在持續投資將定義 FiscalNote 下一階段的策略性計畫之際，達成穩定的正向自由現金流。重要的是，我們相信此轉型使公司能在客戶消費模式持續演變之下，以更高效率成長。

This transformation comes at a pivotal moment as we sit at an inflection point in how policy intelligence is consumed, trusted and acted on. This creates new avenues for FiscalNote to apply its data expertise and relationships and FiscalNote is well-positioned for these new growth opportunities. Our company has a uniquely valuable set of assets: global to local data spanning more than 100 countries and over 16,000 local districts assembled from highly fragmented and unstructured sources, award-winning proprietary analysis that is widely recognized for its expertise and objectivity, deep domain expertise built over many years and thousands of trusted relationships with leading institutions across the private sector, public sector, and NGO community.

此一轉型發生在關鍵時刻，因為我們正處於政策情報被消費、被信任並被採取行動方式的轉折點。這為 FiscalNote 運用其資料專業與關係網創造了新的途徑，而 FiscalNote 也已為這些新的成長機會做好布局。我們公司擁有一組獨特且極具價值的資產：涵蓋逾 100 個國家與超過 16,000 個地方行政區的由全球到在地資料，這些資料來自高度碎片化且非結構化的來源；屢獲獎項、具專有性的分析，因其專業與客觀性而廣受認可；多年累積的深厚領域專業，以及與私部門、公部門與 NGO 社群中領先機構建立的數千段可信賴關係。

The problem in our core business has not been the assets. Even setting aside our proprietary data and analysis, the public datasets are highly fragmented, unstructured, and difficult to collective scale and making them decision-ready requires extensive normalization, context, and domain expertise, which is where FiscalNote creates differentiated value.

我們核心業務的問題不在於資產本身。即便先不談我們的專有資料與分析，公共資料集也高度碎片化、非結構化，且難以彙整並規模化；要讓其可供決策使用，需要大量的標準化、情境脈絡與領域專業，而這正是 FiscalNote 創造差異化價值之處。

And while FiscalNote started doing this more than a decade ago, I think it has now become clear to everyone how important this data is to organizations around the world, making this valuable data even more ripe for consumption.

而 FiscalNote 早在十多年前就開始做這件事，我認為如今大家都已清楚這些資料對全球各地組織的重要性，使得這些有價值的資料更適合被廣泛消費與使用。

The challenge with our core business then has not been the data; the problem has been the delivery mechanism. Our valuable datasets have been constrained by legacy platforms that were siloed and increasingly unable to keep pace with technology. That created a gap between the value we had and the value that we were able to deliver to our customers.

因此，我們核心業務的挑戰不在於資料；問題在於交付機制。我們有價值的資料集受限於傳統平台，這些平台彼此孤立，且愈來愈無法跟上科技發展。這造成我們所擁有的價值與我們能交付給客戶的價值之間出現落差。

And beyond our own platform challenges, those interested in the data were limited in their ability to maximize value by combining our insights with their own internal data set as well as accessing our data through other platforms of their choosing. In short, the policy intelligence that we provide is highly valuable to organizations of all types around the world and with the right delivery mechanism, we believe FiscalNote can build a growing, thriving, and highly profitable business.

此外，除了我們自身的平台挑戰之外，對資料有興趣的使用者在將我們的洞見與其內部資料集結合、以及透過其所選擇的其他平台存取我們資料方面，也受到能力限制。簡言之，我們提供的政策情報對全球各類型組織都極具價值；而若具備正確的交付機制，我們相信 FiscalNote 能建立一個持續成長、蓬勃發展且高度獲利的業務。

We've responded by rethinking delivery end-to-end, strengthening our platform while ensuring our intelligence can flow into new channels that are opening up meaningful, scalable, growth opportunities.

我們的回應是重新思考端到端的交付方式，強化我們的平台，同時確保我們的情報能流入正在開啟的新通路，從而帶來具意義、可擴展的成長機會。

The launch of PolicyNote a year ago was our first step in changing our own delivery mechanism. We knew that the impact of PolicyNote would take some time to develop and in a moment, I'll explain where we are on that path.

一年前推出 PolicyNote，是我們改變自身交付機制的第一步。我們知道 PolicyNote 的影響需要一些時間才能顯現，稍後我會說明我們目前在這條路徑上的進展。

But beyond PolicyNote itself, because we focus on our strengths and policy and have done the foundational work to ensure that our valuable insights can be leveraged outside our own platforms, we also placed ourselves in the path of significant new opportunities as the world around us is changing. As a result, at this new inflection point for information consumption, FiscalNote is uniquely positioned to take advantage of the growing demand for political and policy intelligence through new markets that barely existed a year ago, specifically prediction markets and AI-driven consumption. These are transformative new areas with the potential to scale quickly.

但除了 PolicyNote 本身之外，因為我們聚焦於自身在政策領域的優勢，並完成了基礎工作以確保我們的寶貴洞見能在自有平台之外被運用，我們也讓自己站上了周遭世界變化所帶來的重大新機會的路徑上。因此，在資訊消費的這個新轉折點上，FiscalNote 具備獨特優勢，可透過幾乎在一年前尚不存在的新市場，掌握對政治與政策情報日益成長的需求，特別是預測市場與 AI 驅動的消費模式。這些是具轉型性的全新領域，具有快速規模化的潛力。

First, I'll touch on PolicyNote. In 2025, we executed the first phase of the PolicyNote migration, completely transitioning customers off of the legacy FiscalNote platform. Usage metrics on PolicyNote remained strong throughout 2025, with key activity adoption and frequency of use higher in PolicyNote compared to the legacy FiscalNote platform over a similar time period, indicating that a greater share of users have made PolicyNote part of their regular workflow.

首先，我將談談 PolicyNote。在 2025 年，我們執行了 PolicyNote 遷移的第一階段，將客戶完全從傳統的 FiscalNote 平台轉移。2025 年期間，PolicyNote 的使用指標維持強勁；與相近期間的傳統 FiscalNote 平台相比，PolicyNote 的關鍵活動採用率與使用頻率更高，顯示有更高比例的使用者已將 PolicyNote 納入其日常工作流程。

For example, the share of users viewing legislation rose by 250% and the share viewing alerts increased by 88%. These stats and others indicate both broader usage and repeat engagement.

例如，查看法案的使用者占比上升了 250%，查看警示的占比增加了 88%。這些以及其他統計數據顯示，使用範圍更廣且重複互動更高。

In addition, as we continue to build a longer track record of customer performance on PolicyNote, we are seeing signs of improved retention compared with legacy platform cohorts. While PolicyNote currently represents only a portion of our overall customer base and broader factors such as budget constraints, higher customer experience on legacy systems, and ongoing platform refinement continue to influence results, we believe that these early trends point to the potential for stronger underlying customer health over time as the platform matures and adoption expands.

此外，隨著我們持續累積客戶在 PolicyNote 上的表現紀錄，我們也看到相較於傳統平台客群（cohorts）留存改善的跡象。儘管 PolicyNote 目前僅涵蓋我們整體客戶基礎的一部分，且更廣泛的因素（如預算限制、客戶在傳統系統上的既有使用體驗較高、以及平台持續精進）仍會影響結果，我們相信這些早期趨勢顯示，隨著平台成熟與採用擴大，長期而言客戶健康度的底層動能有望更強。

In that theme, as Jon will discuss in more depth, we have experienced some headwinds that are worth addressing directly. A small number of large enterprise customers chose to cancel without migrating to PolicyNote and therefore, did not have the opportunity to evaluate the new platform. In addition, broader macroeconomic pressures continue to influence client budgeting decisions across parts of our customer base. Looking ahead, PolicyNote is not standing still, and we still have more work to do.

延續這個主題，正如 Jon 將更深入討論的，我們確實遭遇了一些值得直接面對的逆風。少數大型企業客戶選擇在未遷移至 PolicyNote 的情況下取消，因此也沒有機會評估新平台。此外，更廣泛的總體經濟壓力仍持續影響我們部分客戶群的預算決策。展望未來，PolicyNote 並未停滯不前，我們仍有更多工作要做。

From a product development standpoint, we continue to invest in improving the core user experience as well as adding new AI-powered enhancements. I'm confident in the work our product and R&D teams are doing, building on the more than 35 major features we launched in 2025, including AI legislative drafting, social listening for early policy signals, build comparison, and AI-generated tariff impact reports. Going forward, we plan to focus on creating a differentiated experience that is heavy on agentic workflow, tied to our unique and proprietary mix of specialized data and insights.

從產品開發角度來看，我們持續投資於改善核心使用者體驗，並加入新的 AI 驅動強化功能。我對我們產品與研發團隊的工作充滿信心；在 2025 年推出超過 35 項重大功能的基礎上持續建置，其中包括 AI 法案起草、用於早期政策訊號的社群聆聽（social listening）、版本比較（build comparison），以及 AI 生成的關稅影響報告。未來，我們計畫聚焦於打造差異化體驗，強調代理式工作流程（agentic workflow），並與我們獨特且專有的專業資料與洞見組合緊密結合。

In summary, when PolicyNote is completed, it will be an all-in-one platform for customers who want to leverage an AI-native policy-specific vertical platform with trusted data and expertise.

總結而言，當 PolicyNote 完成後，它將成為一體化平台，服務希望運用具可信資料與專業知識、以 AI 原生（AI-native）且聚焦政策領域的垂直平台的客戶。

On the PolicyNote back end, we are leveraging best-in-class AI technology so that our customers get the benefit of advancements by the industry's leading platforms. But our in-depth prompt engineering and our ability to leverage continually updated accurate datasets and proprietary analysis, give PolicyNote customers an important edge over what they can get from AI agents built on top of general purpose platforms.

在 PolicyNote 後端，我們正運用業界一流的 AI 技術，讓客戶能受惠於產業領先平台的最新進展。但我們深度的提示工程能力，以及持續運用不斷更新的精準資料集與專有分析的能力，讓 PolicyNote 客戶相較於建立在通用平台之上的 AI 代理，擁有重要優勢。

Nonetheless, we also embrace the fact that the world is rapidly changing and the ways in which users want to consume our trusted information has and will continue to change. Users have more options for information discovery and consumption.

儘管如此，我們也擁抱這個快速變動的世界，以及使用者想要取用我們可信資訊的方式已經改變、且將持續改變的事實。使用者在資訊發現與消費方面有更多選擇。

The barriers to creating their own custom platforms are coming down. Third-party AI platforms are getting better and the use of agents is proliferating. This creates new opportunities for us. And I'll now turn to a discussion of our policy intelligence as the infrastructure for AI-driven consumption outside of our PolicyNote platform.

建立自有客製化平台的門檻正在降低。第三方 AI 平台正變得更強，而代理（agents）的使用也在擴散。這為我們創造了新的機會。接下來我將討論我們的政策情報如何作為在 PolicyNote 平台之外、由 AI 驅動的取用之基礎設施。

The world is changing rapidly and customers increasingly will want to consume authoritative policy intelligence inside their own environments, embedded directly into their own enterprise tools, workflows, and AI agents rather than through a standalone platform. Alongside the emergence of new contexts, such as prediction markets, which I'll discuss shortly, this shift has the potential to unlock a significant expansion in demand for FiscalNote's unique blend of data and expertise. We believe this represents a large and durable growth opportunity and one where we are well positioned to lead combining the infrastructure layer for how policy intelligence is operationalized in AI-driven environments.

世界正快速變化，客戶將愈來愈希望在其自有環境中取用具權威性的政策情報，將其直接嵌入自家的企業工具、工作流程與 AI 代理之中，而非透過獨立平台。隨著新的情境出現（例如我稍後將談到的預測市場），這一轉變有潛力大幅擴張對 FiscalNote 獨特資料與專業結合的需求。我們相信這代表一個龐大且持久的成長機會；而我們也具備領先優勢，能結合「政策情報如何在 AI 驅動環境中被運作化」的基礎設施層。

Over the past year, as part of the PolicyNote transformation, we completed foundational work to modernize and enhance our APIs. More recently, we extended that capability by introducing native support for the model context protocol, or MCP. And for those of you for whom MCP is a new term, it's an emergent standard with extremely high adoption rates within the agentic AI community.

在過去一年中，作為 PolicyNote 轉型的一部分，我們完成了現代化並強化 API 的基礎工作。近期，我們進一步擴展該能力，推出對模型情境協定（model context protocol，MCP）的原生支援。對於第一次聽到 MCP 的各位，它是一項新興標準，在代理式 AI 社群中具有極高的採用率。

Earlier this month, we formally announced the expansion of the PolicyNote API alongside the launch of these MCP wrappers. This enables MCP compatible AI agents and platforms, including those built on Claude, OpenAI, Google Gemini, or Microsoft ecosystems to discover, query, and integrate FiscalNote's legislative, regulatory, and stakeholder intelligence as a first-class, trusted, and verified operational data layer within their workflows.

本月稍早，我們正式宣布擴充 PolicyNote API，並同步推出這些 MCP 封裝（wrappers）。這使得相容 MCP 的 AI 代理與平台（包括建構於 Claude、OpenAI、Google Gemini 或 Microsoft 生態系者）能在其工作流程中，發現、查詢並整合 FiscalNote 的立法、監管與利害關係人情報，作為一個一級（first-class）、可信且經驗證的作業資料層。

Importantly, the value of FiscalNote does not reside in any single delivery interface. It resides in the depth and breadth of our data, our domain expertise, our governance processes, our commitment to accuracy, and the trust we have built with customers over many years.

重要的是，FiscalNote 的價值不在於任何單一的交付介面。其價值在於我們資料的深度與廣度、領域專業、治理流程、對準確性的承諾，以及多年來與客戶建立的信任。

As intelligence increasingly moves into automated systems, these capabilities position FiscalNote as a critical operating layer or infrastructure that enables AI agents and enterprise workflows to function with confidence in high-stakes policy environments. This shift significantly expands our total addressable market.

隨著情報愈來愈多地進入自動化系統，這些能力使 FiscalNote 成為關鍵的作業層或基礎設施，讓 AI 代理與企業工作流程能在高風險的政策環境中有信心地運作。這一轉變顯著擴大了我們的總可服務市場（TAM）。

By making our intelligence programmatically accessible, we can attract a broader ecosystem of developers, partners, and third-party platforms that may never have purchased a traditional software product but are highly willing to embed and rent trusted infrastructure. This creates the potential for FiscalNote to scale alongside the growth of AI native enterprise applications and agentic AI decision support systems globally. This is already live in market.

透過讓我們的情報可被程式化存取，我們能吸引更廣泛的開發者、合作夥伴與第三方平台生態系；這些對象可能從未購買傳統軟體產品，但非常願意嵌入並以租用方式使用可信的基礎設施。這使 FiscalNote 有機會隨著全球 AI 原生企業應用與代理式 AI 決策支援系統的成長而擴張。這項能力已在市場上線。

We have enterprise customers actively using our APIs today, including organizations such as Lumen Technologies and ICE Data Services, a subsidiary of Intercontinental Exchange, which operates multiple futures markets and stock exchanges. These deployments are generating revenue and represent early proof points for what we believe can become a meaningful and scalable growth engine.

我們目前已有企業客戶積極使用我們的 API，包括 Lumen Technologies，以及 ICE Data Services（洲際交易所 Intercontinental Exchange 的子公司，營運多個期貨市場與證券交易所）。這些部署正在帶來營收，並構成早期的驗證點；我們相信其可發展為具意義且可規模化的成長引擎。

Strategically, this approach opens FiscalNote to new categories of customers, including enterprises building internal decision tools, smaller organizations seeking targeted on-demand access and developers creating AI-native products who need appropriately sourced and verified data.

在策略上，這種做法讓 FiscalNote 能觸及新的客戶類別，包括打造內部決策工具的企業、尋求精準按需存取的小型組織，以及需要來源適當且經驗證資料、用以打造 AI 原生產品的開發者。

It also supports a true product-led growth motion where teams can provision API keys, explore documentation, and begin integrating our intelligence without a lengthy custom sales or onboarding process.

它也支持真正的產品主導成長（product-led growth）模式：團隊可自行配置 API 金鑰、探索文件，並在不需冗長客製化銷售或導入流程的情況下開始整合我們的情報。

Over time, as more third-party applications and automated workflows rely on our infrastructure, FiscalNote can benefit from an additional strategic advantage, the creation of richer, longitudinal data and usage signals. This continuous feedback loop can further strengthen our internal models, improve product quality, and reinforce our data mode in ways that are difficult for competitors to replicate.

隨著更多第三方應用與自動化工作流程依賴我們的基礎設施，長期而言 FiscalNote 也能獲得另一項策略優勢：產生更豐富、具長期縱向（longitudinal）的資料與使用訊號。這個持續的回饋循環可進一步強化我們的內部模型、提升產品品質，並以競爭者難以複製的方式鞏固我們的資料護城河。

From a commercial perspective, we're exploring both consumption-based pricing models and hybrid structures that allow customers to shift spend between seat-based licenses and API usage credit. Given the scarcity and mission-critical nature of governed policy intelligence and the real-world financial and operational outcomes it influences, we believe we can maintain pricing integrity across delivery models.

從商業角度來看，我們正探索以用量計費（consumption-based）的定價模式，以及允許客戶在按席位授權與 API 使用額度之間轉移支出的混合架構。鑑於受治理的政策情報具有稀缺性與任務關鍵性，且其影響真實世界的財務與營運結果，我們相信能在不同交付模式下維持定價完整性。

Finally, this expanding business model is expected to be highly profitable. The core infrastructure has already been built, incremental cost of delivery is low and the absence of per seat scaling constraints allows revenue to grow efficiently as usage expands.

最後，這個擴張中的商業模式預期將具高度獲利性。核心基礎設施已建置完成，增量交付成本低，且不受按席位擴張限制，使得在使用量擴大時，營收能更有效率地成長。

In summary, making our intelligence programmatically accessible allows FiscalNote to participate more directly in new ecosystems where high-quality policy insight is becoming mission-critical.

總結而言，讓我們的情報可被程式化存取，使 FiscalNote 能更直接參與新的生態系；在這些生態系中，高品質的政策洞見正變得任務關鍵。

And now, I'd like to discuss a second major application of our capabilities and one where we see particularly compelling growth potential, political prediction markets.

接下來，我想討論我們能力的第二個主要應用，也是我們認為具特別強勁成長潛力的一項：政治預測市場。

Our entry into this space is exciting, highly relevant, and extremely adjacent. It is a high conviction extension of the same foundational assets that define FiscalNote today. The proprietary data that we've assembled, our domain expertise, our predictive modeling capabilities and our deep understanding of regulatory and geopolitical dynamics all translate naturally into the needs of participants in prediction markets. The market itself has undergone a structural transformation.

我們進入這個領域令人振奮、相關性極高，且與我們現有業務高度相鄰。這是對當今定義 FiscalNote 的同一套基礎資產的高信心延伸。我們所建立的專有資料、領域專業、預測建模能力，以及對監管與地緣政治動態的深刻理解，都能自然對應預測市場參與者的需求。而市場本身也已經歷結構性轉變。

In the United States, prediction market volume expanded from approximately $9 billion in 2024 to roughly $44 billion in 2025, a fourfold increase in just one year and current trends suggest the market could approach a $150 billion annualized run rate in 2026.

在美國，預測市場交易量從 2024 年約 90 億美元擴大至 2025 年約 440 億美元，僅一年即成長四倍；而目前趨勢顯示，該市場在 2026 年可能接近年化 1,500 億美元的運行率（run rate）。

Institutional validation is also accelerating. Bloomberg has integrated prediction market signals into the terminal and major trading firms are beginning to establish dedicated prediction market desks. At the regulatory level, the CFTC's future-proof initiative has signaled a meaningful shift towards treating political event contracts as legitimate derivatives rather than speculative wagering instruments.

機構端的驗證也在加速。彭博（Bloomberg）已將預測市場訊號整合進終端機，主要交易公司也開始設立專門的預測市場交易部門。在監管層面，CFTC 的「面向未來（future-proof）」倡議已釋出重要訊號：朝向將政治事件合約視為合法衍生性商品，而非投機性賭博工具。

In its recent announcement regarding potential rulemaking indicates a desire to mature the applicable regulatory frameworks and bring greater trust and transparency to these markets. Taken together, these developments point to the early stages of what we believe could become a significant new category within institutional financial markets.

其近期關於潛在規則制定的公告，顯示希望使適用的監管框架更趨成熟，並為這些市場帶來更高的信任與透明度。綜合而言，這些發展指向我們所相信的：一個可能在機構金融市場中形成的重要新類別，其仍處於早期階段。

Longer term, event-based derivatives tied to policy and geopolitical outcomes, could represent a market measured in the hundreds of billions and potentially approaching $1 trillion in annual volume as they become embedded in brokerage platforms, corporate risk management frameworks and macro trading strategies. Even a modest participation in this ecosystem would represent a meaningful opportunity relative to FiscalNote's current revenue base.

從更長期來看，與政策與地緣政治結果連結的事件型衍生性商品，隨著其嵌入券商平台、企業風險管理架構與總體交易策略，可能形成以數千億美元衡量的市場，並在年交易量上有機會接近 1 兆美元。即便僅在此生態系中取得適度參與，相對於 FiscalNote 目前的營收基礎，也將代表一個具意義的機會。

Our role in this market is distinct. We are not seeking to build or operate in exchange. Instead, we are focused on providing the differentiated intelligence layer that improves market quality and usability, including proprietary political risk data, contract design insights, and analytical overlays to help market participants interpret signals more effectively. This approach allows us to leverage our core strengths while avoiding the capital intensity associated with exchange infrastructure.

我們在此市場中的角色與眾不同。我們不打算建立或營運交易所。相反地，我們專注於提供可提升市場品質與可用性的差異化情報層，包括專有政治風險資料、合約設計洞見，以及分析疊加層（analytical overlays），以協助市場參與者更有效解讀訊號。此一做法讓我們能發揮核心優勢，同時避免交易所基礎設施所伴隨的資本密集度。

To support this strategy, we're partnering with specialized infrastructure providers, including 365Prediction founded by Dr. Laila Mintas. These partnerships enable us to access exchange, clearing, and distribution capabilities while concentrating our investment on areas where we believe we can create the most value.

為了支持這項策略，我們正與專業的基礎設施供應商合作，其中包括由 Laila Mintas 博士創立的 365Prediction。這些合作夥伴關係使我們能夠取得交易所、清算與分銷能力，同時將投資重點放在我們認為最能創造價值的領域。

We also believe FiscalNote is uniquely positioned to help raise the bar for market integrity. Factors such as accuracy, governance, transparency, and trusted resolution criteria will determine whether prediction markets evolve into institutional-grade financial infrastructure. These are precisely the areas where FiscalNote has built credibility over many years. Our structured legislative datasets and domain expertise which spend decades and cover multiple jurisdictions, provide a foundation for more precise contract specification and more defensible resolution frameworks, advantages that new entrants may find difficult to replicate.

我們也相信 FiscalNote 具備獨特優勢，能協助提高市場完整性的標準。準確性、治理、透明度與可信的結算判定標準等因素，將決定預測市場是否能演進為機構級的金融基礎設施。而這些正是 FiscalNote 多年來建立公信力的領域。我們結構化的立法資料集與領域專業（累積數十年並涵蓋多個司法管轄區）為更精準的合約規格制定與更具可辯護性的結算框架提供基礎，這些優勢可能是新進者難以複製的。

In parallel with these efforts, we also are developing and testing a portfolio of related products, some of which are previewed at PoliticalPredictions.com aimed at other elements of this new ecosystem.

與此同時，我們也在開發與測試一系列相關產品組合，其中部分已在 PoliticalPredictions.com 預覽，目標是服務這個新生態系的其他要素。

From a capital perspective, the prediction market opportunity is attractive because the primary inputs are data assets, analytical models, and institutional relationships already exist. As a result, we can pursue meaningful participation in this market without requiring significant incremental investment.

從資本角度來看，預測市場的機會具有吸引力，因為主要投入要素——資料資產、分析模型與機構關係——都已經存在。因此，我們可以在不需要大量額外投資的情況下，追求在此市場中的實質參與。

We recognize that investors will naturally focus on three areas as this initiative progresses. First, timing of revenue contribution. While prediction markets represent a large and rapidly growing opportunity, monetization will scale over time as partnerships mature and products gain traction.

我們理解，隨著這項計畫推進，投資人自然會聚焦三個面向。第一是營收貢獻的時點。雖然預測市場代表龐大且快速成長的機會，但變現將隨著合作夥伴關係成熟與產品獲得市場牽引力而逐步擴大。

Second, margin profile. Given the infrastructure light nature of our role, we believe incremental revenue in this area has the potential to be highly attractive from a profitability standpoint.

第二是毛利結構。鑑於我們的角色屬於輕基礎設施模式，我們相信此領域的增量營收在獲利能力方面具有高度吸引力的潛力。

And third, early indicators of success. In the first year, we will be focused on metrics such as product adoption, partner integrations, user engagement, and the development of new revenue streams tied to transactional activity and content distribution.

第三是成功的早期指標。在第一年，我們將聚焦於產品採用、合作夥伴整合、使用者參與度，以及與交易活動與內容分發相關的新營收來源之開發等指標。

Taken together, we view prediction markets as a logical and potentially transformative extension of FiscalNote's capabilities, one that allows us to participate in the evolution of how policy risk is priced, hedged, and acted upon globally.

綜合而言，我們將預測市場視為 FiscalNote 能力的合乎邏輯且可能具變革性的延伸，使我們得以參與全球政策風險如何被定價、避險與採取行動之演進。

Stepping back, the FiscalNote you see today is fundamentally different from the company that existed just a year ago.

退一步看，您今天所看到的 FiscalNote，與僅僅一年前的公司在本質上已截然不同。

First, we have reshaped the core business. PolicyNote is now a modern AI forward policy intelligence platform that is driving strong engagement. With the transition well underway, and operational efficiencies taking hold, we see a clear path for this business to become a high-margin, free cash flow generative engine over time.

第一，我們已重塑核心業務。PolicyNote 現已成為一個現代化、以 AI 為先的政策情報平台，並帶動強勁的使用者互動。隨著轉型順利推進且營運效率逐步顯現，我們看見這項業務隨時間推移成為高毛利、可產生自由現金流引擎的清晰路徑。

Second, we are opening meaningful new growth vectors that leverage the same underlying assets. Our expanded API capabilities and native MCP support position FiscalNote as an infrastructure layer provider of authoritative policy intelligence for the enterprise AI ecosystem. This represents a large, highly scalable product-led opportunity, one that allows us to expand total addressable market while requiring relatively modest incremental capital.

第二，我們正在開啟有意義的新成長向量，並運用相同的底層資產。我們擴充的 API 能力與原生 MCP 支援，使 FiscalNote 得以在企業 AI 生態系中，成為權威政策情報的基礎設施層供應商。這代表一個龐大且高度可擴展、以產品驅動的機會，使我們能在僅需相對有限的增量資本下擴大可服務市場總量（TAM）。

Third, our entry into political prediction markets reflects another natural extension of our capabilities into one of the fastest-growing financial market categories globally. By focusing on the intelligence layer, data analytics, contract design and governance, we can participate in this ecosystem in a capital-efficient way, while helping to raise the quality and credibility of market signals.

第三，我們進入政治預測市場，反映出我們能力的另一項自然延伸，切入全球成長最快的金融市場類別之一。透過聚焦於情報層、資料分析、合約設計與治理，我們能以資本效率高的方式參與此生態系，同時協助提升市場訊號的品質與可信度。

Underpinning all of this, is a deliberate operational transformation. We are deploying AI at scale across the organization to simplify workflows, automate routine work, and increase productivity. This allows us to pursue new opportunities with a reduced cost base, strengthening operating leverage as we grow, and achieving positive free cash flow on a defined near-term timeline.

支撐上述一切的是一項有意識的營運轉型。我們正在全組織規模化部署 AI，以簡化工作流程、自動化例行工作並提升生產力。這使我們能在降低成本基礎的情況下追求新機會，隨著成長強化營運槓桿，並在明確的短期時間表內達成正向自由現金流。

As a result, while FiscalNote is a more focused company today, we believe we are also a more profitable and more strategically positioned company. We have worked to make the core business structurally stronger, and we are entering large emerging markets with meaningful tailwinds without taking balance sheet risk or making capital-intensive bets.

因此，儘管 FiscalNote 今日是一家更聚焦的公司，我們相信我們同時也是一家更具獲利能力且在策略上更有利位置的公司。我們致力於讓核心業務在結構上更強健，並在不承擔資產負債表風險或進行資本密集型押注的前提下，進入具備實質順風的大型新興市場。

Looking ahead over the next 12 to 18 months, investors should expect to see continued progress across all three dimensions. We expect FiscalNote to be free cash flow positive by the end of Q1 2027. We expect the API and MCP business to become a growing contributor as adoption expands across enterprise and developer ecosystem. And we expect the prediction markets initiative to demonstrate early commercial traction through partnerships, product launches, and expanding engagement. We also will continue to explore opportunities to optimize our portfolio through the strategic divestiture of noncore assets.

展望未來 12 至 18 個月，投資人應可期待在三個面向持續看到進展。我們預期 FiscalNote 將在 2027 年第一季末前達成自由現金流轉正。我們預期 API 與 MCP 業務將隨著在企業與開發者生態系的採用擴大而成為日益成長的貢獻來源。我們也預期預測市場計畫將透過合作夥伴關係、產品上市與參與度提升，展現早期商業牽引力。我們亦將持續探索透過策略性處分非核心資產來優化投資組合的機會。

Taken together, we believe these actions position FiscalNote to grow more efficiently, participate in new categories of demand, and create long-term shareholder value.

綜合而言，我們相信這些行動將使 FiscalNote 能以更高效率成長、參與新的需求類別，並創造長期股東價值。

With that, I'll turn it over to Jon to walk through the financials in more detail. Jon?

接下來，我把時間交給 Jon，請他更詳細地說明財務狀況。Jon？

Thank you, Josh. Good evening, everyone, and thank you for joining FiscalNote's fourth-quarter and full-year 2025 earnings call. Before getting into the details of the quarter, I want to start with a brief framing comment.

謝謝你，Josh。各位晚安，感謝各位參加 FiscalNote 2025 年第四季與全年財報電話會議。在進入本季細節之前，我想先做一個簡短的背景說明。

2025 was a year of significant operational execution and strategic transition for FiscalNote. Over the course of the year, we simplified the company, divested several noncore assets, streamlined our cost structure, and focused the business squarely on our core policy intelligence platform and subscription-driven model. As a result of these efforts, FiscalNote today is a more focused company with improved operating leverage and a clear path forward towards sustainable profitability and positive free cash flow.

2025 年對 FiscalNote 而言，是營運執行顯著推進與策略轉型的一年。在這一年中，我們簡化了公司架構、處分了數項非核心資產、精簡成本結構，並將業務明確聚焦於核心政策情報平台與以訂閱為驅動的模式。在這些努力之下，今日的 FiscalNote 更加聚焦，營運槓桿改善，並具備邁向可持續獲利與正向自由現金流的清晰前進路徑。

Fourth-quarter 2025 results. Total revenue for Q4 2025 was $22.2 million, within our guidance range. Subscription revenue continues to be the foundation of our business and represented approximately 93% of total revenue for the full year, reinforcing the durability and predictability of our recurring revenue model.

2025 年第四季業績。2025 年第四季總營收為 2,220 萬美元，落在我們的財測區間內。訂閱營收仍是我們業務的基石，全年約占總營收的 93%，進一步強化我們經常性營收模式的耐久性與可預測性。

As of the end of the fourth quarter, annual recurring revenue, or ARR, was $84.1 million. On a pro forma basis, ARR remained relatively stable compared to the third quarter, reflecting stabilization in the core business following product fund setting and divestiture activities earlier in the year.

截至第四季末，年度經常性收入（ARR）為 8,410 萬美元。以擬制（pro forma）基礎計算，ARR 相較第三季維持相對穩定，反映核心業務在年初進行產品調整與資產處分活動後已趨於穩定。

On the retention side, net revenue retention was approximately 96% for the quarter, in line with expectations as clients migrate onto the PolicyNote platform. The GAAP net loss for the fourth quarter was $22.9 million, and this includes a noncash goodwill impairment charge of $12.4 million recorded in the quarter.

在留存方面，本季淨營收留存率約為 96%，符合客戶遷移至 PolicyNote 平台過程中的預期。第四季 GAAP 淨損為 2,290 萬美元，其中包含本季認列的 1,240 萬美元非現金商譽減損費用。

Adjusted EBITDA for the fourth quarter was $2.5 million, exceeding our recent guidance of approximately $2 million and representing the tenth consecutive positive quarter for this important metric. I will speak to comparative results in a minute when I address our full year performance, but I first want to highlight several key operational milestones achieved in the fourth quarter.

第四季調整後 EBITDA 為 250 萬美元，高於我們近期約 200 萬美元的指引，並且是這項重要指標連續第十個季度為正。我稍後在談到全年表現時會說明與前期的比較結果，但我想先強調第四季達成的幾項關鍵營運里程碑。

The product and account management team successfully completed the migration of customers from the legacy FiscalNote platform to the new PolicyNote platform. The sales team increased the share of multiyear contracts among private sector customers from 17% to 40%, representing a 235% increase from the fourth quarter of 2024 to the fourth quarter of 2025 and our sales development efficiency doubled from the integration of more AI technology into the daily workflows.

產品與客戶管理團隊成功完成將客戶自舊版 FiscalNote 平台遷移至新版 PolicyNote 平台。銷售團隊將私部門客戶的多年期合約占比由 17% 提升至 40%，相當於從 2024 年第四季到 2025 年第四季增加 235%；同時，因在日常工作流程中整合更多 AI 技術，我們的銷售開發效率也提升了一倍。

Full-year 2025 results. For fiscal year 2025, total revenue was $95.4 million compared with $120.3 million in 2024. And within our previous full year guidance range, as mentioned, ARR at year-end for 2025 was $84.1 million versus $107.5 million (sic - see press release, "$107 million") at the end of 2024. The year-over-year decline in GAAP revenue and ARR was largely driven by the strategic divestitures of several noncore businesses, including Board.org on March 11, 2024, Aicel on October 31, 2024, Oxford Analytica and Dragonfly on March 31, 2025, and TimeBase on July 1, 2025. These divestitures collectively generated $144.9 million of gross cash proceeds for the company, approximately 4.8 times divested ARR, and the transactions were all aligned with our strategy to simplify the company, concentrate resources on our core policy business, and de-leverage the company's balance sheet.

2025 全年業績。2025 會計年度，總營收為 9,540 萬美元，較 2024 年的 1.203 億美元下降。並且如前所述，在我們先前的全年指引區間內，2025 年年末 ARR 為 8,410 萬美元，而 2024 年年末為 1.075 億美元（原文如此（sic）—請參閱新聞稿，「1.07 億美元」）。GAAP 營收與 ARR 的年減，主要係由多項非核心業務的策略性出售所致，包括 2024 年 3 月 11 日的 Board.org、2024 年 10 月 31 日的 Aicel、2025 年 3 月 31 日的 Oxford Analytica 與 Dragonfly，以及 2025 年 7 月 1 日的 TimeBase。上述出售合計為公司帶來 1.449 億美元的現金總收入，約為被出售 ARR 的 4.8 倍，且這些交易皆符合我們簡化公司、將資源集中於核心政策業務，以及降低公司資產負債表槓桿的策略。

On a pro forma basis, which excludes the impact of divested businesses, full-year GAAP revenue declined by 7% or approximately $7 million and ARR declined by 9% or approximately $8 million. This contraction reflects the impact of DOGE, non-renewals from legacy products, and the sales execution challenges we addressed earlier in 2025. As mentioned, subscription revenue represented approximately 93% of total revenue in 2025.

以備考（pro forma）基礎計算（排除已出售業務的影響），全年 GAAP 營收下降 7%（約 700 萬美元），ARR 下降 9%（約 800 萬美元）。此收縮反映了 DOGE 的影響、傳統產品的未續約，以及我們在 2025 年稍早已處理的銷售執行挑戰。如前所述，2025 年訂閱營收約占總營收的 93%。

Throughout the year, the company continued executing the structural efficiency initiatives and operating discipline across the organization. And as Josh mentioned, we have taken steps recently to further reduce cost and increase efficiency.

全年期間，公司持續在全組織推動結構性效率提升措施與營運紀律。並且如 Josh 所提到，我們近期已採取進一步降低成本並提升效率的措施。

In 2025, increased efficiency resulted from eliminating expenses from divested businesses, streamlining our efforts on the consolidated PolicyNote platform, and productivity gains from the adoption of AI tools. As a result, we saw meaningful year-over-year reductions across each of our major functional expense categories.

2025 年效率提升來自於剔除已出售業務的費用、將工作重心精簡並聚焦於整合後的 PolicyNote 平台，以及採用 AI 工具所帶來的生產力提升。因此，我們在各主要職能費用類別上，皆看到顯著的年對年下降。

For the full-year 2025, the functional expense categories were the following: the cost of revenue was $21.2 million compared with $25.6 million in 2024, representing a decrease of $4.4 million or approximately 17% year over year. This decline primarily reflects the impact of divested businesses as well as efficiencies from platform consolidation.

就 2025 全年而言，各職能費用類別如下：營收成本為 2,120 萬美元，較 2024 年的 2,560 萬美元減少 440 萬美元，約年減 17%。此下降主要反映已出售業務的影響，以及平台整合帶來的效率提升。

The sales and marketing expense was $26.6 million compared with $35.1 million in the prior year, a reduction of $8.5 million or approximately 24% year over year. This decline primarily reflects the impact of divested businesses as well as a more focused go-to-market strategy.

銷售與行銷費用為 2,660 萬美元，較前一年的 3,510 萬美元減少 850 萬美元，約年減 24%。此下降主要反映已出售業務的影響，以及更聚焦的市場進入（go-to-market）策略。

Editorial expense, which supports our policy analysis and content operations, was $14.9 million compared with $18.5 million in 2024, representing a decrease of $3.6 million or approximately 19% year over year. This decline primarily reflects the impact of divested businesses.

編輯費用（支援我們的政策分析與內容營運）為 1,490 萬美元，較 2024 年的 1,850 萬美元減少 360 萬美元，約年減 19%。此下降主要反映已出售業務的影響。

The research and development expense was $9.6 million compared with $12.8 million in the prior year representing a decline of $3.2 million or 25% year over year. R&D investments remain focused primarily on the development of the PolicyNote platform and AI-driven policy intelligence capabilities.

研發費用為 960 萬美元，較前一年的 1,280 萬美元減少 320 萬美元，約年減 25%。研發投資仍主要聚焦於 PolicyNote 平台的開發，以及 AI 驅動的政策情報能力。

Finally, general and administrative expenses were $52.1 million compared with $50.2 million in 2024, an increase of $1.9 million or approximately 4% year over year. After adjusting for noncash stock-based compensation and depreciation as well as severance costs related to the divested businesses, and our debt refinancing, our general and administrative costs decreased by approximately $6.5 million or 21%. This reflects continued cost discipline and the benefits of organizational simplification following the divestitures completed over the past two years.

最後，一般及行政費用為 5,210 萬美元，較 2024 年的 5,020 萬美元增加 190 萬美元，約年增 4%。在調整非現金的股票基礎報酬與折舊，以及與已出售業務相關的資遣成本與我們的債務再融資後，我們的一般及行政成本約減少 650 萬美元或 21%。這反映了持續的成本紀律，以及過去兩年完成出售後組織簡化所帶來的效益。

Taken together, these reductions demonstrate the significant structural cost improvements implemented across the organization during 2025 positioning the company with more efficient operating model going forward.

綜合而言，這些下降顯示公司在 2025 年於全組織推動了顯著的結構性成本改善，使公司未來具備更有效率的營運模式。

Turning to the margins. For the full year, the gross margin was approximately 78%, consistent with the prior year. Our adjusted gross margin was approximately 87%, highlighting the strong underlying economics of our subscription platform after adjusting for noncash amortization expense.

接著談毛利率。全年毛利率約為 78%，與前一年一致。調整後毛利率約為 87%，在剔除非現金攤銷費用後，凸顯我們訂閱平台強勁的基本經濟性。

For the full year, adjusted EBITDA totaled $10.3 million, also slightly above our previous full-year guidance and demonstrating continued progress in improving the company's operating leverage. The company's full-year 2025 adjusted EBITDA margin was 10.8%, up from 8.1% in 2024, and this operating leverage-driven performance represents another milestone on the path to even higher adjusted EBITDA margins.

全年調整後 EBITDA 為 1,030 萬美元，也略高於我們先前的全年指引，並顯示公司在提升營運槓桿方面持續取得進展。公司 2025 全年調整後 EBITDA 利潤率為 10.8%，高於 2024 年的 8.1%；此由營運槓桿帶動的表現，代表我們邁向更高調整後 EBITDA 利潤率道路上的另一個里程碑。

Turning to the balance sheet. At the end of 2025, cash and short-term investments totaled $26.9 million providing solid liquidity as we move into 2026. During the year, we also completed the August 2025 refinancing, which strengthened our capital structure and extended our debt maturity profile.

接著談資產負債表。截至 2025 年底，現金及短期投資合計 2,690 萬美元，為我們邁入 2026 年提供穩健的流動性。年內我們也完成了 2025 年 8 月的再融資，強化了資本結構並延長了債務到期結構。

At December 31, 2025, the company had approximately $136.2 million of total debt outstanding, including $74.1 million under our senior term loan facility. We remain focused on continued balance sheet improvement and disciplined capital allocation.

截至 2025 年 12 月 31 日，公司未償還總債務約 1.362 億美元，其中包括我們優先定期貸款融資額度下的 7,410 萬美元。我們仍將專注於持續改善資產負債表並維持嚴謹的資本配置。

Outlook for 2026. Over the past several quarters, we have taken significant structural cost actions across the organization, including operating efficiencies, platform consolidation and the completion of noncore divestitures.

2026 年展望。過去幾個季度，我們已在全組織採取重大結構性成本行動，包括營運效率提升、平台整合，以及完成非核心業務的出售。

As we look to 2026, our priorities remain focused on driving adoption and deeper engagement with the PolicyNote platform delivering our proprietary data sets in new ways and into new markets, including through prediction platforms and agentic APIs, enabling customers to further embed our content into their internal workflows, rolling out an extensive workforce and vendor transformation program to further advance already strong operating discipline and leveraging our institutional expertise with artificial intelligence to further streamline internal operations across every functional department. Together, we expect these initiatives to drive continued margin improvement and greater operating efficiency in 2026.

展望 2026 年，我們的優先事項仍聚焦於推動 PolicyNote 平台的採用與更深度的使用參與，以新的方式並進入新市場交付我們的專有資料集（包括透過預測平台與代理式（agentic）API），使客戶能將我們的內容更進一步嵌入其內部工作流程；推出大規模的人力與供應商轉型計畫，以進一步強化既有的嚴謹營運紀律；並運用我們在人工智慧方面的機構級專業，進一步精簡各職能部門的內部營運。我們預期這些措施將共同推動 2026 年持續的利潤率改善與更高的營運效率。

These actions and our strategic focus are designed to immediately increase adjusted EBITDA margins to levels in excess of 20%. And as Josh mentioned, generate trailing 12-month free cash flow by the end of Q1 2027. Simultaneously, we will maintain disciplined and targeted capital allocation aim to drive an anticipated return to revenue growth.

這些行動與我們的策略重點，旨在立即將調整後 EBITDA 利潤率提升至 20% 以上的水準。並且如 Josh 所提到，在 2027 年第一季末之前產生過去 12 個月（trailing 12-month）的自由現金流。同時，我們將維持嚴謹且具針對性的資本配置，目標推動預期的營收重回成長。

For full year 2026, we are forecasting GAAP revenue in a range of $80 million to $83 million and adjusted EBITDA in a range of $14 million to $16 million. For the first quarter of 2026, we expect GAAP revenue between $20 million and $21 million and adjusted EBITDA of approximately $1 million.

就 2026 全年而言，我們預估 GAAP 營收介於 8,000 萬至 8,300 萬美元，調整後 EBITDA 介於 1,400 萬至 1,600 萬美元。就 2026 年第一季而言，我們預期 GAAP 營收介於 2,000 萬至 2,100 萬美元，調整後 EBITDA 約為 100 萬美元。

Our full-year profitability charges are achievable due to the significant workforce transformation and other cost actions we are implementing. We expect these measures to drive progressive improvement in adjusted EBITDA throughout the year resulting in higher and increasing margins as we exit the year.

我們的全年獲利目標是可達成的，原因在於我們正在推動重大的人力轉型以及其他成本行動。我們預期這些措施將帶動全年調整後 EBITDA 逐步改善，使我們在年底時的利潤率更高且持續上升。

Our Q1 results will reflect seasonally high expenses related to our annual audit, operational costs that have since been eliminated or reduced, and the most current revenue pacing. The first quarter saw higher than normal seasonal cancellations, primarily among customers not yet transitioned to the PolicyNote platform and compounded by economic headwinds and geopolitical complexities. These cancellations in our current pacing are fully incorporated into the company's revenue guidance.

我們的第一季業績將反映與年度審計相關的季節性高費用、已被取消或降低的營運成本，以及最新的營收進度。第一季出現高於正常水準的季節性取消，主要發生在尚未轉移至 PolicyNote 平台的客戶，並受到經濟逆風與地緣政治複雜性加劇影響。這些取消情況已完整納入公司營收指引中的當前進度假設。

Finally, I want to address the path to positive free cash flow. Based on the operating improvements we are implementing and our current outlook for revenue and profitability, we expect FiscalNote to achieve trailing 12-month positive free cash flow by the end of the first quarter 2027 and to remain free cash flow positive thereafter. This milestone reflects the cumulative impact of our streamlined operating structure, continued margin expansion, and disciplined capital management. We believe this trajectory positions FiscalNote to deliver sustainable, long-term profitability and increasing shareholder value.

最後，我想談談邁向正向自由現金流的路徑。基於我們正在推動的營運改善，以及目前對營收與獲利能力的展望，我們預期 FiscalNote 將於 2027 年第一季末達成過去 12 個月（TTM）正向自由現金流，並在此後維持自由現金流為正。此一里程碑反映我們精簡後的營運架構、持續的毛利率擴張，以及嚴謹的資本管理所帶來的累積效益。我們相信這樣的軌跡將使 FiscalNote 能夠實現可持續的長期獲利能力，並提升股東價值。

To summarize, 2025 is a year of significant execution and transformation for FiscalNote. We simplified the business, strengthened the balance sheet, and launched a next-generation platform that we believe will drive improved retention, stronger customer engagement, and long-term growth.

總結來說，2025 年對 FiscalNote 而言是高度執行與轉型的一年。我們簡化了業務、強化了資產負債表，並推出我們相信將帶動更佳留存、更強客戶互動與長期成長的下一代平台。

As we move into 2026, we remain focused on operating leverage, platform adoption, and disciplined financial execution as we continue progressing towards sustainable profitability and positive free cash flow while also seeking to develop new revenue opportunities in the prediction markets and non-platform products such as our agentic APIs.

展望 2026 年，我們仍將聚焦於營運槓桿、平台採用，以及嚴謹的財務執行；在持續邁向可持續獲利與正向自由現金流的同時，也尋求在預測市場以及非平台產品（例如我們的 agentic API）中開發新的營收機會。

With that, I'll turn the call back to the operator so we can begin the Q&A session.

接下來，我把電話交回給接線員，我們將開始問答環節。

(Operator Instructions) Mike Latimore, Northland Capital Markets.

（接線員指示）Mike Latimore，Northland Capital Markets。

Hi, great. Thanks so much. So the -- I mean, just the gross margins continue to be really strong. Should we view them as sustainable? Or do some of these cost initiatives have a positive impact there?

嗨，很好。非常感謝。所以——我的意思是，毛利率持續非常強勁。我們應該把它視為可持續的嗎？或者這些成本措施是否對毛利率有正面影響？

Thanks for the question, Mike. It's Jon. Over time, I think we'll find ways to squeeze additional margin points. I wouldn't kind of guide anything on that front, but we are finding that that's an area where technology is helping drive incremental savings. So it should be the case that as we kind of roll forward throughout the year, the margin improvement on the bottom line will in part be driven by higher gross margins.

謝謝你的問題，Mike。我是 Jon。隨著時間推進，我認為我們會找到方法再擠出一些額外的毛利率點數。我不會在這方面給出任何指引，但我們確實發現科技正在幫助帶來增量節省。因此，隨著我們在今年持續推進，最終端的利潤改善部分將由更高的毛利率所驅動。

Okay, thanks. And now that you've got all the customers migrated to PolicyNote, are there any incremental savings that would come from basically having everybody on that platform? And also, any initial indications of kind of cross-sell opportunities now with sort of a very unified platform?

好的，謝謝。那現在你們已經把所有客戶都遷移到 PolicyNote 之後，是否會因為基本上所有人都在同一平台上而帶來任何額外節省？另外，現在有一個非常統一的平台，是否有任何交叉銷售機會的初步跡象？

Sure, Mike. This is Josh. I can address that. So just one point of clarification when you say all the customers. So what we've migrated in 2025 were all the customers on the legacy FiscalNote platform where FiscalNote had its -- that platform had its main focus in state and federal data.

當然，Mike。我是 Josh。我來回答。先澄清一點，你說「所有客戶」時——我們在 2025 年遷移的是所有使用舊版 FiscalNote 平台的客戶，而該平台主要聚焦於州與聯邦層級的資料。

And so we're still in progress of additional migrations and bringing over additional datasets, which include expanding global datasets that are available on PolicyNote and migrating local and additional federal as well.

因此，我們仍在進行更多遷移並導入更多資料集，包括擴充可在 PolicyNote 上取得的全球資料集，以及遷移地方與更多聯邦資料。

So as we've said, the transition PolicyNote will take some time. It's -- we accomplished a lot in 2025. We're very pleased with having moved everyone off of the legacy FiscalNote platform, still more work to do there.

所以如同我們所說，轉換到 PolicyNote 需要一些時間。我們在 2025 年完成了很多工作。我們很高興已將所有人移出舊版 FiscalNote 平台，但仍有更多工作要做。

We still -- we will have some additional cost savings through deprecation of the back end of FiscalNote platform, which will happen in the first half of this year and that is built into our operating plan for the year.

我們仍將透過淘汰 FiscalNote 平台後端而取得一些額外的成本節省，這將在今年上半年發生，並已納入我們今年的營運計畫中。

Got it. Okay. Great. And then with regard to the -- just kind of the pipeline, can you give us some color or flavor on maybe enterprise versus government versus NGO, relative health?

了解。好的。很好。那關於——就銷售管線而言，你能否提供一些顏色或風味，談談企業端、政府端與 NGO 的相對健康狀況？

And then does your new agentic AI capabilities, does that help all three, or does it help like enterprise more than government or something?

另外，你們新的 agentic AI 能力，是對這三者都有幫助，還是例如對企業端的幫助大於政府端之類？

Sure. So I can address that one as well. So in terms of agentic AI, we think that, that's a very, very big opportunity for us going forward as you see more organizations of all types seek to consume this type of data through their own custom platforms they may build internally as well as through other AI agents and the like.

當然。我也可以回答這題。就 agentic AI 而言，我們認為這將是我們未來非常、非常大的機會，因為你會看到各類型組織都希望透過他們可能在內部建立的自訂平台，以及透過其他 AI 代理等方式來消費這類資料。

Where I think you'll see that is this part of a very long-term transformation in terms of how data gets consumed. I think what you'll see are some people in the large enterprise and who want to build internal custom platforms and will need to import our data into their platform.

我認為你會看到的，是資料被消費方式的一個非常長期的轉型。我想你會看到一些大型企業希望建立內部自訂平台，並需要將我們的資料匯入他們的平台。

Those are use cases that we have live today with our API. And so we do expect that to see continued growth there and we view that as a real opportunity for us.

這些是我們今天已透過 API 上線的使用案例。因此，我們確實預期那裡會持續成長，並將其視為我們真正的機會。

I think you'll also see some of that in the SMB side where people have more different types of use cases don't need internal custom platforms, but want to consume the data on a periodic basis, and it's hard for them to do it through a platform like ours today. But by enabling them to access that through AI agents, it opens new doors for that consumption as well.

我認為你也會在 SMB 端看到一些這樣的情況：人們有更多不同類型的使用案例，不需要內部自訂平台，但希望定期消費資料，而他們很難透過我們目前的平台做到。但透過讓他們能以 AI 代理存取資料，也為這種消費方式打開新大門。

And in terms of pipeline health overall, we're seeing a good success right now in mid-market and public sector after a rough 2025 seems to be returning more to the levels that we've typically seen in the past.

至於整體管線健康度，我們目前在中型市場與公部門看到不錯的進展；在經歷艱難的 2025 年後，似乎正回到我們過去通常看到的水準。

Great. And then just on the prediction market opportunity. I think on the original call, you talked about maybe the like tip sheets and fantasy league being potentially quicker to market maybe. I guess, any just sort of view on the go-to-market plan for tip sheets, fantasy leagues timing as such.

很好。那再談談預測市場的機會。我記得在最初那通電話中，你提到像是提示單（tip sheets）和夢幻聯盟（fantasy league）可能更快上市。我想問一下，對於提示單、夢幻聯盟的上市策略與時程，你們目前大概怎麼看？

Sure. Yeah, we do see -- those are going to be some of the earlier things that you see. And when we talk about what you can expect to see in prediction markets, generally, that ties into that in terms of the content generation around that, in terms of opportunities to drive some higher levels of engagement and potentially some transactional revenue around that.

當然。是的，我們確實認為——那些會是你較早看到的一些項目。當我們談到你在預測市場可以期待看到什麼時，通常也會與此相關：包括圍繞其內容生成、提升互動程度的機會，以及可能帶來一些交易型營收。

We have been working on those, and I would expect that you'll hear more from us on some of those initiatives in the coming weeks.

我們一直在推進這些工作，我預期你會在接下來幾週聽到我們對其中一些計畫的更多消息。

Okay, great. Yeah. I think that'll do for me. Thanks. Lot of luck this year.

好的，很好。是的。我這邊就到這裡。謝謝。祝你們今年好運。

Thanks, Mike.

謝謝你，Mike。

(Operator Instructions) Zach Cummins, B. Riley Securities.

（接線員指示）Zach Cummins，B. Riley Securities。

Hi. Thanks for taking my questions. Jon, I wanted to ask you just on the initial revenue guidance. Is that essentially just pushing forward the current run rate you have going exiting Q1 of this year? Or do you have, I would say, noncore business exits or anything else that's currently considered in the initial 2026 revenue guidance?

嗨。謝謝讓我提問。Jon，我想就初始營收指引問一下。那基本上是否只是把你們在今年第一季結束時的當前運行率（run rate）往前推？或者在 2026 年初始營收指引中，是否也已納入我會說的非核心業務退出或其他目前已考量的因素？

Yeah. So if you -- the proportions going forward should be about the same. And I mentioned that 23 -- or I'm sorry, 93% of our total revenue was subscription. So the other 7% is kind of in that other category.

是的。所以如果你——往後的比例應該大致相同。而且我提到過，23——抱歉，是我們總營收的 93% 來自訂閱。所以另外 7% 大概就歸在其他類別。

So as we -- as you think about that revenue guidance range, you should assume that 93% to 95% of it will be subscription. So that would suggest and ARR will be down a little bit initially, and we -- as we go through the year, expect it to come back up.

所以當我們——當你在思考那個營收指引區間時，你應該假設其中 93% 到 95% 會是訂閱收入。因此這會意味著 ARR 一開始會小幅下滑，而我們——隨著年度推進，預期它會回升。

And it's part of our -- really kind of our seasonal cadence where it's not common for the ARR to drop a little bit in the first quarter. You mentioned that also kind of in my remarks, I think, about just a little bit of the visibility we have into the first quarter. So our guidance fully incorporates kind of our current run rate kind of coming into the year and pipelines and expectations for the year.

而這也是我們——其實算是我們的季節性節奏的一部分，第一季 ARR 小幅下滑並不罕見。我想我在發言中也提到過，你也提到了，主要是關於我們對第一季能見度的一點說明。所以我們的指引已充分納入我們目前進入新年度時的現行運行水準，以及管線與對全年預期。

Understood. And is there any way that we can get a little more detail around some of the enterprise customers that ultimately decided to churn off instead of moving over to PolicyNote? It feels like you've had a lot of success on the migration front, especially as more of these customers got the new PolicyNote platform in front of them. So I was just curious if there's any additional insight into that churn or if it was more budget constraints on why there wasn't interest from that cohort of customers.

了解。那我們是否有辦法取得更多細節，關於一些最終決定流失、而不是轉移到 PolicyNote 的企業客戶？感覺你們在遷移方面非常成功，尤其是當更多客戶看到新的 PolicyNote 平台之後。所以我只是好奇，對於那部分流失是否有更多洞見，或是那一群客戶之所以沒有興趣，更多是因為預算限制？

In terms of like the large enterprises who we -- yes so --

就像是那些大型企業，我們——是的，所以——

Yeah.

是的。

So Zach, it's Josh. I'm happy to address that. So as you recall, the migration plan naturally contemplated moving some of the largest enterprise over latest in the year, wanting to make sure that we had all the right use cases built out, datasets in and the like and to meet some of the complex workflow needs that they would have.

所以 Zach，我是 Josh。我很樂意回應這個問題。如你所記得，遷移計畫本來就設想在年度較晚的時候才把一些最大的企業客戶遷移過來，目的是確保我們已建置好所有正確的使用情境、匯入資料集等等，並能滿足他們可能有的某些複雜工作流程需求。

So I think part of it is a reflection of the fact that a lot of them would have made their decision by the time it was time for them to migrate. So you would have seen some churn for that reason in terms of the timeline of migration essentially coming in kind of beyond their internal deadlines. And then there -- as we said, there's been some impact from macro and uncertainty and the like that I think were drivers there as well.

所以我認為其中一部分反映的是：到他們需要遷移的時間點，很多人其實已經做出決定了。因此你會看到一些因此而產生的流失，原因在於遷移時程基本上落在他們內部期限之後。另外——如我們所說，宏觀環境與不確定性等因素也帶來了一些影響，我認為這些也是驅動因素。

So what we're seeing on PolicyNote is still very high levels of engagement that we're very pleased with. We know that we're moving in the right direction with it. We're planning to continue to add valuable data sets to expand the global data sets and the like. And the longer that people are on it, the more they will get bound to that platform.

所以我們在 PolicyNote 上看到的互動程度仍然非常高，這讓我們非常滿意。我們知道我們正朝正確方向前進。我們計畫持續新增有價值的資料集，以擴充全球資料集等等。而且人們在上面使用得越久，就會越被綁定在那個平台上。

So for a user -- for a platform like this to be very effective, what you want is to drive the engagement, drive the usage and overall see customers get bound to that platform as it becomes a natural part of their ongoing workflow and as they see that value over time.

所以對於這樣的平台而言，要非常有效，你想要的是提升互動、提升使用量，並整體看到客戶隨著它成為其日常工作流程的自然一部分、以及隨時間看到其價值，而逐漸被綁定在該平台上。

So we're still in the relatively early innings of PolicyNote because it takes time for those user behaviors to build up. But we're encouraged by the engagement levels that we see and what we're starting to see around our ability to retain customers when they're on the platform and so we expect to see that continue to improve over time.

所以我們在 PolicyNote 上仍處於相對早期階段，因為這些使用者行為需要時間累積。但我們對所看到的互動水準感到鼓舞，也開始看到當客戶在平台上時，我們留住客戶的能力；因此我們預期這會隨時間持續改善。

Understood. And final question for me, maybe towards Josh is, just as you undertake some pretty considerable transformation initiatives within the business this year, can you give me a sense of your confidence in being able to drive growth with more of a product-led approach moving forward and essentially a pretty meaningful change in terms of just the monetization from seat-based licenses to more of a usage-based model?

了解。我最後一個問題，可能是問 Josh：當你們今年在公司內推動一些相當重大的轉型計畫時，你能否談談你對於未來以更偏產品主導（product-led）的方式推動成長的信心？以及在變現方式上，從以席位（seat）為基礎的授權轉向更偏使用量（usage）計費模式，這基本上是一個相當重大的改變。

Sure, Zach. Yeah, I feel very confident in it. What we're seeing is an environment where our data is -- continues to be incredibly valuable to customers and it's very unique. The fact that we have our proprietary analysis on top of these difficult to get fragmented datasets we sit very well-positioned. So all of these changes in the industry, changes in the way that people are consuming information, that becomes opportunity for us, both in terms of expanding use cases for how customers may want to interact with our data, but also in terms of how they think about the value of that data.

當然可以，Zach。是的，我對此非常有信心。我們看到的環境是：我們的資料——對客戶而言仍然極具價值，而且非常獨特。我們在這些難以取得、且分散的資料集之上，擁有自有的分析能力，讓我們處於非常有利的位置。因此，產業的所有這些變化、人們消費資訊方式的變化，對我們而言都是機會——不僅在於擴展客戶可能想要如何與我們資料互動的使用情境，也在於他們如何看待這些資料的價值。

So as we think about whether it's volume-based pricing, outcome-based pricing, whether it's hybrid models where users are able to switch between seat-based and consumption-based, we actually feel very good about our ability to maintain pricing integrity in that type of environment.

所以當我們思考不論是按量定價、按成果定價，或是混合模式——讓使用者能在席位制與按使用量計費之間切換——我們其實對於在那樣的環境中維持定價完整性（pricing integrity）的能力感到非常有把握。

And overall, from a very high-level outlook, the more we're able to make this unique and valuable data available to people who want to consume it and the more they make good use of it and realize the value that it has, that's where good things will happen, and we expect to see revenue growth driven by that over time. So we feel very good about that opportunity.

整體而言，從非常高層次的展望來看，我們越能把這些獨特且有價值的資料提供給想要使用它的人，而且他們越能善加利用並實現其價值，就越會有好的結果發生；我們也預期隨時間推進，營收成長將由此帶動。所以我們對這個機會感到非常樂觀。

Great. Well, thanks for taking my questions, and best of luck for the rest of the quarter.

很好。謝謝你回答我的問題，也祝你們本季接下來一切順利。

Thank you, Zach.

謝謝你，Zach。

(Operator Instructions) And there are no further questions at this time. Ms. Yoon, I will turn the call back over to you for any closing remarks.

（接線員指示）目前沒有其他問題。Yoon 女士，我將把電話交回給您，請您做任何結語。

Thank you. That concludes our call this evening. We appreciate everyone's participation and look forward to speaking with all of you again in the future. Goodbye.

謝謝。今晚的電話會議到此結束。我們感謝各位的參與，並期待未來再次與各位交流。再見。

Ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束，感謝各位的參與。您現在可以掛線。