To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Hey, good evening, guys. $1 goes to $3. Derrick Wood -- Cowen and Company -- Analyst. AUSTIN, Texas -CS Disco, Inc. (DISCO) (NYSE: LAW) today announced financial results for its third quarter ended September 30, 2022. This quarter, we saw an increase in the number of customers utilizing our solution as our customer count grew to1,318, an increase of 26% year over year, said Kiwi Camara, Co-Founder and Chief Executive Officer. I'll take 74% blended margin any day of the week. Addition of $40 Million Debt Financing to Octobers $60 Million Equity Financing will Further Fuel Product Innovation and Global Expansion . AUSTIN December 17, 2020 DISCO today announced the completion of its $100 million fourth-quarter financing, bringing total investment in DISCO to $235 million. Legal Technology Leader DISCO Raises $60 Million | DISCO And so, there is so much room for software-based solutions to grow while these services companies, in some sense, hang on. We are excited to roll out DISCO ECA to more customers over the next few quarters and continue to build a full stack of solutions that make our customers' day-to-day work more magical. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. So, it's not like we opened the London office solely to service American-headquartered clients. We're not guiding at the gross margin level, but I would say that you should basically look at the historical bands that we've seen over the last couple of quarters, and that's really the guide you should go by. And it also shifts over the lifetime of a legal matter. So, if we look at what's going on in the business, what I'll tell you is that our pace for investing in go-to-market, both in terms of programs and headcount, is only accelerating. I'll tell you one thing about our R&D spend that I think is important to understand. With me on today's call are Kiwi Camara, DISCO's co-founder and chief executive officer; and Michael Lafair, DISCO's chief financial officer. There are limitations associated with the use of these non-GAAP financial measures. Congrats on another strong quarter. References to DISCO, the Company, our or we in this press release refer to CSDisco, Inc. and its subsidiaries on a consolidated basis. The conference call can be accessed by dialing (888)550-5431 from the United States or +1 (646) 960-0807 internationally with conference ID 8394292. As a result, these non-GAAP financial measures have limitations and should be considered in addition to, not as a substitute for or superior to, the closest GAAP measures, or other financial measures prepared in accordance with GAAP. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. And importantly, a big chunk -- I mean, the vast majority of that momentum is being driven by local business, not by U.S. multinational. But that, I would say, is kind of the single biggest change. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Thank you. DISCOs fiscal year 2022 financial outlook is based on a number of assumptions that are subject to change and many of which are outside of its control. 1. DISCO Announces Fourth Quarter and Fiscal Year 2021 Financial Results So, a typical approach would be that the corporate has a couple of in-house counsel and maybe an internal sort of paralegal-style team that does the initial assessment of corporate data that may be relevant to a new legal matter like an investigation or a lawsuit. And what you saw in Q2 was all of those usage-based streams having their positive variance stack up. But, of course, as Q3 actually turned out, it was another stellar quarter and we beat that guidance by 16%. References to DISCO, the Company, our or we in this press release refer to CS Disco, Inc. and its subsidiaries on a consolidated basis. Your line is open. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. Now let's discuss our results and guidance. Host most pro bono cases for free in DISCO Ediscovery, Press releases, company updates, and more of the latest news about DISCO, Preserve, control, and review huge volumes of complex data with an enterprise-grade legal platform thats easy to use and reduces time to resolution, Uncover key facts with defensible workflows, modernize depo review, automate trial prep, and streamline the ediscovery process with a single, collaborative cloud platform, At DISCO, we believe to help is human. Data point No. We've also invested in scaling headcount across our SDR team. CS Disco, Inc. - Resources - Investor Email Alerts And that concludes our question-and-answer session. So, I think it's public now. DISCO Closes $100 Million Q4 Funding Round | DISCO Fifty percent of the time, the principal decision-maker will be someone sitting in the legal department. CS Disco, Inc. (LAW) Q3 2022 Earnings Call Transcript This renewal and expansion was driven by the customer's satisfaction with our solutions and the efficiency of using DISCO to accelerate legal document review. The purpose of the Audit Committee (the "Committee") of the Board of Directors of CS Disco, Inc. (the "Company") is to: oversee the Company's accounting and financial reporting processes, systems of internal control, financial statement audits and the integrity of the Company's financial statements; DISCO will host a conference call and webcast at 4:00 p.m. CT (5:00 p.m. We were introduced to them by an Am Law 200 law firm who has referred more and more of its clients to DISCO. I wanted to just help -- see if you could help us understand just kind of the moving thesis between Q2 and Q3. While delivering continuous future innovation, we also continue to invest in our platform. Fourth Quarter 2021 Financial Highlights: First Quarter and Full Year 2022 Financial Outlook. Kiwi Camara -- Co-Founder and Chief Executive Officer. Just wondering how many of those have come from internationally domiciled organizations and how that's informing your investments in either a physical presence or a much stronger go-to-market investments to address these areas in 2022? DISCO uses the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin; non-GAAP cost of revenue; non-GAAP gross profit; non-GAAP gross margin; non-GAAP research and development expense; non-GAAP research and development expense as a percentage of revenue; non-GAAP sales and marketing expense; non-GAAP sales and marketing expense as a percentage of revenue; non-GAAP general and administrative expense; non-GAAP general and administrative expense as a percentage of revenue; non-GAAP loss from operations; non-GAAP operating margin; non-GAAP net loss attributable to common stockholders, non-GAAP net loss attributable to common stockholders per share (basic and diluted) and non-GAAP net loss attributable to common stockholders as a percent of revenue. On a full-year basis for fiscal year '21, we are raising our revenue guidance to $108.7 million to $109.3 million, representing year-over-year growth between 59% and 60%. Very good -- helpful there. We're able to get fleets of GPUs for very small increments of time, which lets us apply the latest deeply compute-intensive approaches to machine learning and AI. Hi. Because of the traction we see from all our products with customers across industries, we will continue to ambitiously invest in our go-to-market teams and scale the rest of our operations to meet the needs of our clients. Over the past year, we have improved ingest speed by more than 30%, search speed, and viewer rendering by more than 20%, and production speed by 63%, with 89% of productions completed in less than 30 minutes. ET) today, November 10, 2022, to discuss its third quarter 2022 financial results and business highlights. Thank you. And your next question comes from DJ Hynes from Canaccord. We're still pleased with that number. Contacts for investors Quicklinks Quarterly Earnings 1Q23 Info Kit 1Q23 Earnings Media Release 1Q23 Earnings Release More Annual & Interim Reports Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. CS Disco, Inc. ("DISCO") (NYSE: LAW) today announced financial results for its third quarter ended September 30, 2022. . Similarly, in the litigation context, internal users in the legal department might conduct that initial review and then decide that it's appropriate to negotiate a settlement so that the case never actually winds up in court. AUSTIN, Texas, August 11, 2022 -- ( BUSINESS WIRE )--CS Disco, Inc. ("DISCO") (NYSE: LAW) today announced financial . You can sign up for additional alert options at any time. In the case of non-GAAP general and administrative expense, non-GAAP general and administrative expense as a percentage of revenue, non-GAAP loss from operations, non-GAAP operating margin, non-GAAP net loss attributable to common stockholders, non-GAAP net loss attributable to common stockholders per share(basic and diluted) and non-GAAP net loss attributable to common stockholders as a percent of revenue, DISCO adjusts the respective GAAP balances for stock-based compensation expense; CEO Performance Award issuance expense; unoccupied lease expense; and other one-time, non-recurring items, when applicable. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. As a result, these non-GAAP financial measures have limitations and should be considered in addition to, not as a substitute for or superior to, the closest GAAP measures, or other financial measures prepared in accordance with GAAP. And just any help in terms of directional comments around how to think about Q4? If you think about usage of our platform, it's driven by when a regulator opens an investigation or when a lawsuit is filed, or when a whistleblower complaint comes up. Just any qualitative color there would be helpful. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results. It could have dozens of these other kinds of relationships. Really appreciate it. Austin Business Journal Best CFO Awards 2022: Michael Lafair, CFO of DISCO, won the public company category in the Austin Business Journal Best CFO Awards 2022. We do this by combining world-class software engineering and design with a deep understanding of the law and how lawyers work and think to create product experiences that feel magical to lawyers. We want to be conservative. Our total gross margin was 74%, up from 69% in Q3 of the prior year. CS Disco, Inc. - Governance - Governance Documents You'll remember that's my own background, right? That's right -- theythink these 10stocks are even better buys. And it's not just quota-carrying sales reps, although they're the tip of the spear. Got it. Yeah, thanks. If you think about every customer at DISCO or each of our businesses or each of our geographies, each of them have fluctuations because of the usage-based nature of our business. DISCO Case Builder extends this product suite to witness testimony, helping lawyers find evidence in deposition transcripts. A robust ECA platform is especially beneficial for large matters where there are tens to hundreds of millions of documents. Subscribe To Investor Email Alerts. IR@csdisco.com, Internet Explorer presents a security risk. Management believes that these non-GAAP financial measures are useful measures of operating performance because they exclude items that DISCO does not consider indicative of its core performance. If you're a lawyer at a law firm, you represent multiple clients, some of those clients will be using DISCO and some of them will be using one of our competitors. There's not a particular customer that's driving ups or downs. During today's call, we will review our financial results for the third quarter of fiscal year 2021 and discuss our guidance for the fourth quarter and full fiscal year 2021. Based on feedback from our product advisory council, we developed DISCO Early Case Assessment or ECA. This represents an increase of over $3.3 million in the quarter year on year as we continue to invest in innovation. One thing that is, I think, unique and special about DISCO is our focus on investing in platform, as well as features. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and CS Disco, Inc.wasn't one of them! DISCO Announces Third Quarter 2022 Financial Results | DISCO Now, on top of that, about half of our R&D budget is dedicated to investing in platform. There can be no assurance that DISCO will achieve these results. DISCO will continue to invest in building AI-powered solutions that address the entire litigation lifecycle. We're a really big user of Amazon Lambda, which lets us rapidly scale out compute to deal with the searches of data. I'm obviously a bit biased, but for my seat, I really haven't seen an effective answer to the underlying trend, which is driving DISCO's growth, which is the move away from services to software. And it also demonstrates one of the key pieces of leverage in our business, which is, over time, as we add more and more products portfolio, we're able to capture a bigger percentage of the legal budgets of our clients with very little incremental S&M spend, providing a pathway to long-term operating leverage. So, our No. Forward-looking statements represent DISCOs managements beliefs and assumptions only as of the date such statements are made. And your next question comes from Koji Ikeda from Bank of America. And with that, I'll turn it over to Michael, our CFO. You must click the activation link in order to complete your subscription. Existing investors Bessemer Venture Partners, LiveOak Venture Partners, and The Stephens Group all participated, and new investor Breyer Capital also invested. So those things are sort of core to what we do. DISCO continues to support some of the most high-profile and mission-critical legal matters. We are incredibly focused on customer-centric innovation and have a long history of using customer feedback received through the sales cycle, quarterly business reviews, and industry events to inform our development priorities. Yeah. To make the world smarter, happier, and richer. I know you, in the perspective, the original IPO perspective, it was 122% for the first quarter. I'm just curious how the progress of that organization is going? ET) today, February 24, 2022, to discuss its fourth quarter and fiscal year 2021 financial results and business highlights . The phrase we use is to build product experiences that feel magical for lawyers, and that's just -- that's who we are. CS Disco, Inc. (LAW) Q4 2021 Earnings Call Transcript And these are often large teams of lawyers who are conducting a legal document review, providing advice to the client, and ultimately taking other action like filing lawsuits or filing motions, taking depositions, doing all the other kinds of things that happen in big legal disputes. Discounted offers are only available to new members. The Motley Fool has a disclosure policy. Lawyers use DISCO in some of the most important cases in the world, including the opioids litigation and public investigations into government responses to COVID-19 worldwide. CS Disco, Inc. (LAW 5.20%) Q1 2022 Earnings Call . OK, that makes sense. In the case of non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross margin, and non-GAAP operating expenses (research and development expense, sales and marketing, general and administrative), DISCO adjusts the respective GAAP balances for stock-based compensation expense. DISCO (NYSE: LAW) provides a cloud-native, artificial intelligence-powered legal solution that simplifies ediscovery, legal document review and case management for enterprises, law firms, legal services providers and governments. [Operator instructions]. They are our focus. Investor Relations XNYS: LAW 6.05 -0.41 ( -6.35% ) 20 minutes minimum delay | March 10, 2023 | 4:00 PM Corporate Overview DISCO provides a cloud-native, artificial intelligence-powered legal solution that simplifies ediscovery, legal document review, and case management for enterprises, law firms, legal services providers, and governments. Our customers appreciate the transparent pricing model and simple contracts that allow them to quickly adopt our solution and easily scale their usage. Or what does that ratio look like? You should not rely upon forward-looking statements as predictions of future events. Hi. DISCO will host a conference call and webcast at 4:00 p.m. CT (5:00 p.m. And then just one follow-up for me here. Well, look, I think we're winning. Overall, our EBITDA decreased due to a combination of investment across all operating expense categories. Good afternoon, and thank you for joining us on today's conference call to discuss the financial results for DISCO's third quarter and fiscal year 2021. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Parker Lane -- Stifel Financial Corp. -- Analyst. After the speakers' remarks, there will be a question-and-answer session. But it's woven throughout our organization. Is it being put toward working on new stuff? If actual results vary from these assumptions, these expectations may change. In the case of Adjusted EBITDA, DISCO adjusts net loss for such items as depreciation and amortization expense; provision for income taxes; interest and other, net; stock-based compensation expense; payroll tax expense on employee stock transactions; refund of sales and use taxes related to sales tax in prior periods and other one-time, non-recurring items, when applicable. DISCO solutions include the DISCO cloud technology platform, software products like DISCO Ediscovery and DISCO Case Builder, and productized legal services like DISCO Managed Review. So, all of the spend for DISCO obviously comes from the legal department budget of litigants, generally large corporations. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. There can be no assurance that we will achieve these results. So, look, we think that taking advantage of cloud computing and the network of technologies that folks like Amazon and Elastic have built on top of the cloud is really table stakes for how you should build a modern product, but yet it's not universal than legal, right? You should not rely upon forward-looking statements as predictions of future events. Our scalable, integrated solution enables legal departments to easily collect, process, and review enterprise data that is relevant or potentially relevant to legal matters. And we are pleased with the ongoing strength of our Review business, including the expansion of customers who use Review. But one example is when you think about any given document, that document will be related to many other documents. Cs Disco Market Cap $359M Today's Change (2.03%) $0.12 Current Price $6.02 Price as of May 10, 2023, 3:00 p.m. And the lawyers at these law firms, they see it and then they become champions and advocates. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Operator? DISCO's management uses these non-GAAP measures as measures of operating performance; to prepare DISCO's annual operating budget; to allocate resources to enhance the financial performance of DISCO's business; to evaluate the effectiveness of DISCO's business strategies; to provide consistency and comparability with past financial performance; to facilitate a comparison of DISCO's results with those of other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results; and in communication with our board of directors concerning DISCO's financial performance.

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