All right, well, good morning and welcome to the Needham Growth Conference. This morning, presenting first out of the gate today, we have FiscalNote with CEO Josh Resnik and CFO Jon Slabaugh. With that, I will turn it over to them to present.
Thanks very much. Good morning, everyone. Thanks for joining today. My name is Josh Resnik. I'm the CEO at FiscalNote. I'm joined by Jon Slabaugh, our CFO, and we're excited to tell you about what we're doing. There we go. Okay, the usual disclaimers apply. I encourage you to read the disclaimers in full. There may be forward-looking statements that we make today, so I would encourage you to read our 10-K, our 10-Qs, and especially the risk factors that you see in there as well. What we'll touch on today, first, we'll talk very high level about what we do and who we do it for and why it matters for them. We'll also speak to you about the company itself, some of our metrics, and some of our priorities, and then we'll end with a few key takeaways and some Q&A.
So first, in terms of what we do, we deliver subscription-based access to essential and proprietary policy data, insights, and workflow tools via an AI-driven SaaS platform. So let me emphasize a couple of things there, and then I'll talk about specifically what that means. So we are a subscription-based business, so more than 90% subscription revenue, and we focus in areas of policy, legislation, and regulation, and we help our customers address the risk and change associated with policy shifts. And we do it with a combination of data and human intelligence that we deliver through an AI-driven SaaS platform. In its essence, what we do is we ingest data from tens of thousands of sources. We also create our own proprietary analysis and information.
We process all this information, and we deliver insights to our clients that help them, as I said, understand, anticipate, and react to policy and regulatory changes happening in the world. Some of the key things that we do is, as I said, we collect data from tens of thousands of sources, which means we're taking in a variety of different data sets. We're making this information usable. We create our own insights. We combine it with all this data, and because of that, we're able to deliver unique and valuable insights to our clients, and we also feed this information through augmented tools like workflow tools, reporting tools, stakeholder management, and CRM tools as well, so this combination provides them with unique and valuable information that our clients need to be able to manage political and business risk.
I'm going to talk about our customers for a moment, and here you see some sample logos of the types of companies and organizations who we work with, and I'll give you some examples of how they use us because my hope is that that will help bring it home for you in terms of, again, what we do, why we do it, and why it's valuable for our clients, so we have a mix of corporates, government entities, and associations and NGOs, so some examples would be, picture yourself if you're a large multinational, so say, for example, Nestlé, which has $100 billion in revenue, operates in more than 180 countries. There's a maze of regulations that a company like Nestlé has to deal with in the everyday running of its business.
So it can go down to levels like sustainable farming regulations in different regions around the world, import and export regulations as they ship ingredients around the world. Tariff issues can impact them, employment regulations, even down to potentially sugar regulations, which can go down to local areas in which their products are sold. So there is a whole. There's a lot of complexity that they have to deal with to be able to stay in compliance with regulations around the world. And there's a lot that can impact their business at the end of the day. So if you look at tariffs as an example, a company like that can't change supply chains overnight. And so as tariffs shift, that creates significant opportunity and risk for their business that they need to be able to anticipate, address, and manage to. And that's really hard to do.
And it's a very important and high-value problem for their business. So as we work with corporates, that's an example of the sort of complexity that they deal with every day and the sort of risk and opportunity that can impact their businesses to the tune of millions or even hundreds of millions of dollars. As I mentioned, we also work with nonprofits and NGOs, so associations who may be wanting to influence policy and manage policy. We have advocacy tools that enable them to engage in grassroots advocacy as part of that influence. And then public sector and government organizations, there's a variety of needs there as well. Some of it relates to tracking policy changes both within their own government, but also in other governments around the world. Some of it relates to. We have a lot of business from the U.S.
Public sector with government entities who are doing things like trying to track their own funding and appropriations. So as an example, we have one client, Department of Defense, who works with our tools to manage appropriations, track their interactions with Congress, and so on. So at the end of the day, all of these types of entities are getting impacted significantly by policy and regulatory change, and it's very difficult for them to manage to without a tool like ours. A little more on who our customers are. So we're about half private sector, a quarter public sector, and a quarter from trade associations and NGOs. We have more than 4,000 customers who trust us to provide this information and analysis. As I mentioned, we're more than 90% subscription-based. We have more than half the Fortune 100.
And the types of buyers who we work with in the corporates tend to be in the nature of government affairs, public affairs, external affairs, can be legal departments, anyone who's involved in regulatory and compliance. Those tend to be the buyers who we work with. In areas like, as I mentioned, public sector, maybe legislative liaisons and the like, it's a variety of different types of buyers who we work with. Another example from a customer perspective to give you a sense for the value that we deliver, but also how we can expand on accounts once they start working with us. There's an example here of a large global technology company who started working with us around congressional information.
So it's a little hard to see on the slide, but there's the first bar that's relatively small from when they were just focused on one niche, just federal congressional information, but they started to see value in that and from there expanded. So the way in which we charge for our product tends to pivot on the number of licenses that the customer may use, the number of issues and types of issues that they track, and also the geographic scope that they're using. So is it federal? Is it state? Is it local? Is it global? How many countries and the like? So as customers come in and they become engaged with our data and information, they often expand. And so in the case of this large technology company, they started with focus on congressional information.
And as you can see, the account continued to grow as the company started to expand in terms of issues, in terms of geographic regions that they were tracking, and in terms of their user base within their company as well. So it's an important concept because, again, the utility of this information is really important. The value of what we provide is very important. And then we tend to be able to expand within organizations as more and more stakeholders within the organization need access to the information that we're providing. So that's a bit on who's using us and why they use us. So let me tell you a little bit more about how we get this information and provide it to them because it's important to understand because there's a uniqueness to what we are able to do. And what we do is actually very hard.
So we collect data from more than, it's from tens of thousands of sources. It's a variety of different types of sources that we're looking at. So all different types of structured and unstructured data that we go collect. A lot of it is hard to find and hard to get because you're talking about data from different countries around the world. You're talking about down to the U.S., down to local jurisdictions around the world. We do this better than anybody else. So we cover more than 80 countries around the world, which is more than anyone else. And we cover down to more than 16,000 local jurisdictions in the U.S., which again is more than anyone else. So we're collecting this data, which is often hard to do and hard to find, but then it also gets to more than just mere collection of the data.
We're also needing to clean the data, make it usable, normalize it so that when our users are looking at a piece of legislation or policy, we need to be able to translate this so that you can understand how a local ordinance may be progressing as compared with a new law in Germany, for example. So how something goes through Appleton, Wisconsin can be very different than how it goes through a government in Europe. But we have to be able to provide this information to our clients in a way where they understand where does this fall within the process, is it likely to pass, is it close to passing, et cetera.
So all the work that we do around collecting, normalizing, and cleaning the data so that it becomes useful and so that we can derive insights from it, that work is very hard to do, and we've been doing that for a decade. We also combine this information with our proprietary content and information that we provide. So we also have teams that create analysis of congressional legislation and processes. We have teams that look at EU-level policy changes and provide analysis on top of it. And we have teams that are able to look at legislation globally to be able to provide analysis on top of it. So we take all this data that we collect, we combine it with these proprietary insights, and that is what enables us to provide this comprehensive and differentiated value for our customers.
We further differentiate, or another way to think about how we differentiate overall is we have this combination, as I said, of this automated and this human intelligence, and we're able to provide comprehensive information, but we're also able to provide information that's responsive to each individual customer's needs, so from an automated perspective, as I mentioned, we have data that goes very deep locally to very broad globally and everything in between, and we combine this with productivity tools like workflow, reporting tools, and CRM tools so that all our clients get access to this wealth of information and the ability to then make use of this information leveraging these important tools. We also have proprietary AI technology that provides custom insights to our end users. I'll walk through an example of that in just a couple of minutes.
So again, we leverage our automated technology for both comprehensive and responsive needs for our clients. And then on the human side, as I mentioned, we have teams that provide overall analysis of changes happening in the U.S. and Europe, but also we're able to do custom analysis globally for customers who may need that. At the end of the day, what we're providing to our customers is this wealth of trusted data and intelligence combined with AI technology and workflow tools that enables them to really derive value, anticipate the changes that may be coming, and act on those changes. So in terms of how you might think about what these competitive advantages are, so I talked already a lot about our data and information and how we combine the AI and the human aspect. So that's one piece of it. I mentioned the workflow and reporting capabilities.
So this is very valuable for our end users because it enables them to make use of this data and to show how they're using that data and to make their organizations more effective. So we have workflow tools that enable large teams to collaborate. And so again, if you imagine if you're the head of global government affairs for a large multinational, you probably have teams around the world who are focused on policy issues. You need a way in which you can track what your team is doing, which issues they're focused on, who they may be interacting with, and so on. So we provide a platform through which you can manage that valuable information flow. We provide reporting tools so that you can report so that you can understand for yourself how those teams are doing, how effective you're being, and so on.
And so you can report out on that to your stakeholders as well, which could include the C-suite or the board of directors. And then we have CRM tools that enable you to look at from a stakeholder perspective, who are these policymakers who you need to influence, how might you need to go influence them and keep a record of your activity in doing so. So these workflow and other tools are also very valuable differentiators. And then lastly, as I mentioned, we've been doing this for a decade. In the case of some of our assets, we have human-created analysis that goes back up to 80 years. So we have these very unique capabilities and assets that enable us to differentiate as well. And then a component that then impacts is the trust that our customers have in us.
So they know that when they get this information from us, they can trust in the accuracy of that information. And again, that's incredibly important because these are high-stakes, high-value problems for our customers. They cannot just rely on a Google search or an answer from an LLM. They need to know that they're getting information from verified data sources and that the information that they're getting is accurate. So we consider ourselves to be very well-positioned to serve this market. If you look at the market for legal and regulatory information, you're talking about a $40 billion market. And when you think about the macro trends that are influencing where this market is heading, it intuitively should make a lot of sense. So the world of policy is getting increasingly complex, changing rapidly.
Even if you just look at where we are at this moment in time, you're looking at a world where a significant portion of the world's population went through a significant election last year. That means a lot of changes in government entities. So here in the U.S., there's a new presidential administration and Congress coming in. There's a new commission in the E.U. There's going to be elections at member state levels. There was just a leadership change in Mexico. There will be one in Canada. So tremendous time of change globally. And all these regulations are part of this complex web where everyone is looking at each other for how are they implementing regulations. There's global implications around all these things. So there's increasingly rapid change and high complexity. So it's very hard for people to manage too.
Tied to that, there's also essentially no such thing as an unregulated entity anymore. So we're beyond a world in which you really only had to worry about this if you were a chemicals company or a pharmaceutical company. Every company has to deal with these regulations. In tech, there's a huge focus, of course, on data security and privacy. Everyone has to focus on tariffs. More and more companies are global. And so more and more companies are caught up in this complex web of regulation. Because of that, the types of functions who we deal with are getting increased seniority and responsibility. So roles like government affairs are no longer just a back office function. There's an increasing awareness of how these policy issues impact businesses, how they can impact revenue lines.
And so because of that, and there's a focus on the risk side of it as well and potential liability. So especially if you think about things like supply chain and all the risk that comes along with these complex supply chains and more and more companies being held liable for issues in their supply chain, which they may not even be aware of. And so because of that, these functions are getting increased visibility within their organizations. And so they need to stay on top of this. They need to be able to report on this at a senior level. These issues are getting harder to deal with and more important at the same time. And then the other trend that's worth thinking about is the fact that there's a greater acceptance of using technology and AI to solve these problems.
So we, as I mentioned, we bring data and information as well as our own proprietary analysis. We deliver it through an AI-powered SaaS platform. I'll show you a slice of that in just a couple of moments. But the point here being, there's more and more acceptance of leveraging technology like this, of leveraging AI tools like the ones we deliver in order to solve these problems. So a lot of macro trends that are providing us with tailwinds. So let me tell you about the company. And as I mentioned, I'll touch on the product as well. So in terms of, I'll touch first on where we've been since listing as a public company, and then I'll talk more about where we're going in the future. So over the last couple of years since listing in 2022, we focused on achieving profitability.
So we've addressed our cost structure in a significant way. We went from a $24.5 million Adjusted EBITDA loss in 2022 to what we most recently forecast as a $9 million positive for 2024. So that's a significant shift in just two years. We did that by being very disciplined in terms of how we operate, in terms of making sure that we were focused in the right areas, focused on areas that we believe can drive future profitable growth for us. And that's resulted in this significant shift. We had said originally that we expected to achieve profitability by the end of 2023. We actually delivered that one quarter sooner than planned. So it's been a significant focus and is really a sign for how we operate as a management team and the discipline with which we intend to operate the business going forward.
As I mentioned, there's been a focus on simplification and portfolio rationalization. So again, we've been focused on making sure that we can apply efforts in the areas that we believe will drive the greatest long-term growth. We've optimized our commercial organization. We've consolidated what had been some separate teams. We've instituted consistent playbooks across the company. So all the things that we need to do to build a foundation for long-term growth and really building a sustainable long-term growth engine. We've sunsetted non-core underperforming products. We've divested non-core businesses. So in 2024, we divested two businesses, one Board.org, one being Aicel Technologies, neither of which was part of our core, and both of which resulted in realizing value for shareholders. And then we've also increased our focus on product. So we believe that going forward, it's important to be a product-led organization.
I'll show you the latest version of our product, which we just announced this morning. It's called Policy Note. That's just, it's an example of where we're going with our investment in product. Again, we believe we provide this tremendously valuable and unique information. And by presenting it in the strongest product experiences, that's how we'll continue to drive customer engagement and growth going forward. In September of 2024, we hired a chief product officer who's seen tremendous success in doing exactly this in the legal AI space. He was with a company called Casetext, which served the legal community. They grew very rapidly through product-led growth in that space through generative AI-led experiences. And so it's exactly what we'll be doing with our products. And they had CaseText happen to have a very significant and successful outcome with a sale to Thomson Reuters for $650 million all cash.
The model is one that we're hoping to replicate in terms of driving that product-led growth. In terms of going forward, as I mentioned, product-led growth. It's going to be this: something you will see from us where we are creating the right experiences for our customers. We're leveraging the best of our information and the best in technology to bring our customers the best insights and tools. We're focused on consolidating our current platforms onto Policy Note, which is the new version of the product that we announced today. One of the challenges we have had is we have this wealth of information. It's been available through separate platforms. A challenge that customers have had is if you want to get to the full scope of what we offer, for example, if you want to get federal data, you go one place.
If you want to get local data, you go a different place. So that creates a poor user experience. It also makes it harder for our customers to take advantage of the workflow tools and reporting tools and CRM tools that we have. So by addressing that issue and creating a consolidated platform that has all our data information in one place that does it with an AI-forward experience, we'll be able to drive much greater customer engagement. That customer engagement will drive greater retention. That retention will also feed into upsell and cross-sell opportunities. And that is how we will grow our ACVs. We'll increase deal velocity as well through a product-led experience where users can come in and test the product and use the data, and we sell from there. So these are things that will drive new logo growth, customer retention, and net retention as well.
And so we're excited about the opportunity that we have to take what we've done in terms of providing this wealth of information, but to do it in the right product experience to drive future growth. We expect to continue to expand profitability. So we're proud of the work that we've done to achieve this level of profitability so far, but that's really just an indicator of what's to come. We've built a system and we've built our organization such that we operate at high margins. As we grow more of this revenue, because of the efficiencies that we've built into our operations, more of that revenue will drop to the bottom line. And we'll see continued and expanding profitability over time. We also know that beyond Adjusted EBITDA, we need to be thinking about free cash flow.
That is a focus for us as well to drive sustainable free cash flow. Then lastly, strengthening our capital structure. Again, continuing to be disciplined in terms of where we place our investments, but also focused on levering the balance sheet, which again, I'll speak about more in just a moment. Lastly, engaging in investor relations, outreach, and engagement. We believe we have a great story to tell. We believe that we are doing excellent work, delivering tremendous value to these 4,000 clients. And we want to make sure that people in the investment community understand what we're doing and where we're going. As for the first of those prongs in terms of the product-led growth, as I mentioned this morning, we announced a new product, Policy Note.
This is where we will be taking the full scope of our data and information and delivering it through a single platform with an AI-forward experience. So as I mentioned, our clients will be able to access all this information in one place. There's tremendous value in that for our clients so that they don't have to go into these separate platforms to get to separate data sets, right? To get to federal in one place, local in a different place. Here it will all be available in one place. So there's tremendous value to our clients just in doing that. But it's also an AI-forward experience. So it's a much cleaner user experience, much more intuitive. So our users will be able to get at the information they need through chat-based type experiences. Hey, can you tell me what may be out there in relation to XYZ issue?
We are providing AI summaries. We are providing a number of AI-forward features. I'll show you one in just a minute that help our clients get their jobs done in much better and more effective ways, so we're excited about the experience that we're able to provide, and overall, we believe, as I said, this will drive the engagement that will be important for retention, but we'll also be able to do upsell and cross-sell directly in the platform as well, so if a user, I mentioned that we charge based on number of licenses, number of issues, the number of jurisdictions the users are using, so they'll now be able to add all that just within the central platform, and that will drive additional upsell and cross-sell opportunities that will bring higher velocity to those upsell and cross-sell opportunities.
So they create a lot of opportunities for us as a business, even as we deliver greater value for our customers. I mentioned being very AI-forward. Here's one example of the nature of what we can do. I'm not sure how easy that slide is to read in this room, but you see a few customer testimonials on the right. But what I want to point you to is on the left, the AI alerts that we're able to provide. So here what we're showing is an example where a user may have been tracking ethanol as an issue. So maybe they're an ethanol producer and they want to track legislation and regulation that may be pending in regards to ethanol. In the past, that may have been a keyword search so that any bill coming up referencing ethanol may show up.
But here with our AI technology, we're able to alert them to related information that may have an ancillary impact. So in this case, we're alerting them to a bill that doesn't actually speak to ethanol, but may have secondary impacts on ethanol producers. So it's an example of how we may be able to alert users to issues they otherwise would not have found. And that's tremendously valuable for them, right? So the worst thing that can happen to an organization is to just entirely miss that something is coming that has a big impact on them. This is an example of how we can bring our AI tools to make sure that that doesn't happen. I talked about, so product was the first piece. I talked about expanding profitability as well as delivering the balance sheet.
Let me hit on a few numbers here as we go through. Then in a few minutes, we'll open up, see if there's any questions. Here you just see some of the results from our most recently reported quarter, Q3 of last year. I had mentioned that we're a high-margin business. You can see that reflected here. Adjusted EBITDA is continuing to grow. In the Q3, as I mentioned, we forecast delivering $9 million for the year. That was a raise from our forecast early in the year. We're making excellent progress from a profitability standpoint. You see here $109 million in ARR and 99% net retention. Again, a sustainable subscription-based business. In terms of that progress to profitability, here you see what that progress looks like as reflected in adjusted EBITDA.
And so again, we are focused on continuing this path. We're proud of what we've done, but we have more room to continue. So we still see the opportunity to drive additional efficiencies in the business. So if you look at our new product launch, Policy Note is one example. By consolidating all our data into a single platform, we'll be able to deprecate five legacy platforms. And supporting one platform going forward is going to be much more efficient than supporting five, right? So these are things that will not only drive growth, but will also drive additional efficiencies in the business. And we're continuing to go through the business. We see additional opportunities to drive continued efficiency in terms of how we operate. So this is great progress that we've made, but we continue to expect to expand that profitability, especially as we drive further profitable growth.
I also mentioned free cash flow. So again, we've continued to improve from a free cash flow standpoint. We're very focused on getting to positive free cash flow. So that's a focus for us too from an operational standpoint. And driving to delivering and reducing our cash interest expense is a focus as well. So I mentioned that in 2024, we divested two non-core entities and continue to pay down our senior term loan and reduce cash interest expense. This is something where we'll continue to take advantage of opportunities in the market where we believe that we can realize value for shareholders and continue to deliver. So that's a focus for us as well. So I'll just end by saying just a few things that I hope you take away from this today.
So we're continuing to focus on product as that remaining piece that we need to put in place in order to drive growth going forward. We're very excited about the launch of Policy Note this morning. Policy Note is live in market. We have customers using it. We went through an extensive beta testing period where we received excellent feedback and helpful feedback from our customers. And we're getting very good feedback from the customers who are using it and signing up for it today in terms of the value that it drives for them. And so we're really excited about where we're going from a product perspective. Everything that we've accomplished to date has been based on the strength of our data, the value of our insights, our proprietary content, all these excellent assets.
What has been missing for us is putting them together in a really, really strong product experience that drives the right level of engagement to drive retention, upsell, and cross-sell, and increase ACVs. So now that we have Policy Note, the first version of Policy Note in market, we're excited about what we're doing, excited about how customers are feeling about it, and so we see very promising opportunities for us going forward there as well. Second, as I mentioned, you'll continue to see this operating discipline for us where we continue to drive margin expansion through operating leverage. We will continue to drive more revenue, and more of that revenue will drop to the bottom line. We're going to continue to expand profitability. We're focused on getting to free cash flow, and we're going to continue to deliver the balance sheet and strengthen the capital structure going forward.
So these are things I also want to emphasize. This type of thing that we're doing is a very well-established playbook, right? So we're just talking about delivering very valuable information to our end users to solve a very important problem for them. We have 4,000 customers today who are paying us for this information. And we're just talking about creating a better product experience, which is now in market, and continuing to do the things operationally that we need to do in order to continue to expand profitability, pay down debt, and strengthen our overall capital structure. So we're excited about the opportunity in front of us, and we're excited about the progress that we've made, but more important for the future of where we're going. So with that, I'll pause and see if there are any questions. Yes.
Can you talk a little bit when you talk about those 4,000 customers, how they break down between kind of government and commercial, maybe the different verticals where you have a significant concentration and started that?
Sure. The question was about our customers, how they break down among different sectors, so private, public, et cetera, and then some of the areas where we have some heavier concentration. Of the 4,000 customers, we're about, well, from a revenue perspective, we're about 50% corporate, 25% public sector, and 25% trade association and NGOs. We're very diversified within that. Some of the higher sectors are areas that you might expect around the corporates, around healthcare, manufacturing, a number of other sectors, but it's really, as you saw on that slide, and maybe I'll just go back to that while we're talking.
As you can see from the slide, it's actually very diversified in all different segments, which actually goes to the point that I was saying where every organization needs to worry about this anymore. It's no longer just the highly regulated entities. These issues touch everyone today. Within public sector, we're likewise very diversified. So we actually have a very large business that comes from U.S. Federal, but that's not a monolith. Within U.S. Federal, it's hundreds of offices throughout the federal government that come from all different branches within, sorry, all different branches. I believe it's every agency within the executive branch. It's all of Congress. So it's very diversified within the federal government, and these are contracts that haven't been in place in many cases for a long time.
So federal government technically can only do annual contracts, but some of these relationships have been around for 30 years or more. So very strong and diversified business throughout. Yes. Can you just walk through the pieces of your cost structure as you reach this inflection point on profitability? What are the real levers that's going to get you there? Just looking through G&A is probably the biggest piece. You have an editorial part, research, just these different sort of pieces. And then you're also talking about further cutting costs. So how does this all come together? Sure. So I'll speak at a high level, and then Jon, you may want to go into some depth. So the question was about cost structure, where we anticipate to see improvements going forward.
So as I mentioned, as I was speaking about our platform consolidation and such, we do see opportunity to continue to improve our cost structure within R&D as we consolidate, focus on supporting one product rather than many. So there's opportunities there. We see opportunities in other areas of the business to continue to drive increased productivity. So in some cases, for example, I would expect to see increased sales productivity because of the nature of how we will be selling with this product-led culture that we have. So product-led growth and product-led sales. And a number of opportunities as we think about operations within the business to infuse greater amounts of automation into workflows that may be manual today and the like. We have done some of that leveraging AI and in certain segments of the business, but there's still room for us to be doing more of that.
So as the marketing expense went down year-over-year, so does that mean you have fewer salespeople or you're paying them less or you're leveraging less more?
Yeah. So we've restructured the sales organizations over the last two years. Some of that has been consolidation of teams that were separate before. It's been putting in playbooks that can drive greater productivity out of the sales teams. We believe we have the sales capacity to drive growth going forward. The key to driving that growth is driving greater productivity and velocity out of those sales teams. So with a better product in place, we'll be able to drive higher ACVs over time, both from a new logo perspective, but also from greater upsell and cross-sell as we drive that greater customer engagement and can do upsell and cross-sell within the platform.
We'll be able to drive lift through greater ACVs. We'll be able to drive higher retention. And with a simplified product experience, we'll be able to drive greater productivity out of our account support, so out of our account management and customer success functions as well. Where right now, again, they're supporting multiple products and trying to help customers with engagement across those multiple products. Jon, is there anything additional you want to offer?
At this time, but what I would say is that the cost realignment that we did was really focused on bringing the business to have operating leverage so that incremental revenue and organic growth will drive increased bottom line in the neighborhood of kind of 70%-80%. So we've really kind of eliminated parts of the business that had high variable costs to them.
And have you talked about at what level of revenues you could reach cash flow positive?
We've talked about it generally as kind of our current interest expense. Cash interest expense is about $12 million per year annualized, and our CapEx is in the neighborhood of five to six. So with $18 million of kind of Adjusted EBITDA, that's a target for us to get to free cash flow positive. And if you kind of back into the incremental revenue, it's in line with our growth projections over the next 24 months.
Great. Yep. All right.
Thank you. And with that, I think we're at time. So thank you, everyone, for your time today.