Reflecting on a year of innovation and resilience: a look back at april's 2023 journey

As 2023 draws to a close, we, at april, take a moment to reflect on the year's achievements. Our AI-powered embedded tax platform has made significant strides in transforming how Americans manage their taxes, turning a traditionally retroactive and cumbersome process into a proactive and transparent experience.

Revolutionizing tax management

april stands at the forefront of revolutionizing how Americans approach their taxes. Our suite of intelligent products – the Estimator, the Filer, and the Paycheck Optimizer – are seamlessly integrated into financial apps, transforming tax management from a retroactive chore into an informed, proactive strategy.

• The Estimator: Offers year-round visibility into tax situations, enabling users to make more informed financial decisions.
• The Filer: Simplifies tax filing with a one-click data import feature, reducing filing time from the IRS-reported average of 13 hours to an average of 40 minutes.
• The Paycheck Optimizer: A groundbreaking tax tool, allowing employees to adjust withholdings and unlock liquidity sooner without ever having to deal with tax forms directly.

Financial impact and partnerships

Our revenue model is straightforward yet effective. Financial institutions, fintechs, and payroll providers use april on a pay-per-use basis. This year, we've witnessed a significant revenue increase, thanks to our multi-product client relationships and expansion into new markets. Our partnerships with major players like Acorns and Gusto have not only enhanced their offerings but also improved the financial well-being of their users.

Milestones and innovations

2023 has been a year of groundbreaking innovations for april:

• Development of aprilOS?: This proprietary platform allows tax analysts to build and modify tax flows without engineering support, paving the way for rapid product development.
• Successful use of Tax2Code: april pioneered a collaborative AI software development process, using generative AI to turn tax analysis into software code that is checked by a team of tax engineers.
• Expansion of coverage for filing: Now covering all 50 states, this expansion marks a significant step towards becoming an enterprise offering.
• Launch of the Paycheck Optimizer: This new product has already had a profound impact, providing employees with greater financial flexibility by adjusting their withholdings for an average unlock of over $500 annually.

The importance of resilience

This year wasn’t without its challenges. The collapse of Silicon Valley Bank and the conflict in Israel posed not insignificant challenges, felt widely across the fintech industry. Yet, it was during these trying times that the resilience and dedication of our team shone brightest. Their unwavering commitment and adaptability not only helped us navigate these difficulties but also strengthened our resolve to make april a beacon of stability and innovation in the tax industry.

Looking forward

As we prepare to step into 2024, we do so with humility and a renewed commitment to our mission. Our journey thus far has taught us the value of resilience, the power of technology, and the importance of a clear vision. We are excited to continue this journey, bringing more innovative solutions to the world of tax management, and helping individuals and businesses alike take control of their financial future.

Thank you to our employees, clients and investors for being on this journey with us. Happy holidays.