Lee Robinson, CS Disco Inc: Profile and Biography It creates an enormous tailwind for growth as we go into '22 and '23 and continue to drive higher multiproduct attach rates. So, over the next few years, you'll see us accelerate our investment in international, expanding to more geographies elsewhere in the world, both to capture that local business and so that we can service our existing clients everywhere they operate. ET) on Tuesday, March 17, 2022, a telephone replay will be available by dialing (800) 585-8367 from the United States, +1 (416) 621-4642 internationally with conference ID 9399144. Is it being put toward working on new stuff? Lee Robinson is Investor Relations at CS Disco Inc. See Lee Robinson's compensation, career history, education, & memberships. Non-cash investing and financing activities: Accretion of preferred stock to redemption value, Conversion of preferred stock to common stock upon initial public offering, Costs related to initial public offering included in accounts payable and accrued liabilities, Reconciliation from GAAP to Non-GAAP Results, (in thousands, except for percentages and per share amounts), Payroll tax expense on employee stock transactions, Non-GAAP research and development as a % of revenue, Non-GAAP sales and marketing as a % of revenue, Non-GAAP general and administrative as a % of revenue, Non-GAAP net loss attributable to common stockholders, Weighted average shares used to compute basic and diluted net loss per share, Non-GAAP income attributable to common stockholders as a % of revenue, Investor Relations Contact Got it. We continue to see incredible outcomes for our clients, and I'm constantly in awe at the results our products can deliver. You must click the activation link in order to complete your subscription. But it's woven throughout our organization. And is it being allocated toward kind of existing product enhancement? Across our business, right, we are seeing great engagement at the field marketing events that we go to. 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. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. [Operator instructions] And your first question comes from the line of Sterling Auty from JPMorgan. Use technology to empower your department. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and CS Disco, Inc.wasn't one of them! Sometimes, it's a particular geography, so that's kind of data point No. DISCO Closes $100 Million Q4 Funding Round | DISCO Existing investors Bessemer Venture Partners, LiveOak Venture Partners, and The Stephens Group all participated, and new investor Breyer Capital also invested. But as a customer adds those additional products, how should we think about their spend with DISCO? CS DISCO, INC. Condensed Consolidated Balance Sheets (in thousands) December 31, 2021 2020 Assets That's one example of the kind of technical investment that is perhaps a boring to our customer but translates into things that our customers care deeply about, which are the performance apps that I included in my prepared remarks. DISCO will host a conference call and webcast at 4:00 p.m. CT (5:00 p.m. A leading global mobility technology company recently decided to renew and expand its relationship with DISCO. ET) today, February 24, 2022, to discuss its fourth quarter and fiscal year 2021 financial results and business highlights. And then there's the kind of R&D that we're doing at DISCO now, which is everything we build has a huge waiting list of existing customers ready to pony up money for those capabilities. Those are folks focused on lead generation and scaling headcount across our customer success organization, which is very focused, obviously, on customer success but also on identifying upsell and cross-sell opportunities. I will turn the call over back to CS DISCO's co-founder and CEO, Kiwi Camara, for closing remarks. Turning to the balance sheet and cash flow statement. 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. DISCO uses the following non-GAAP financial measures: Adjusted EBITDA, non-GAAP cost of revenue; non-GAAP gross profit; non-GAAP gross margin; non-GAAP research and development expense; non-GAAP sales and marketing expense; non-GAAP general and administrative expense; non-GAAP loss from operations; non-GAAP net loss attributable to common stockholders and non-GAAP net loss attributable to common stockholders per share (basic and diluted). So, each customer falls somewhere on a spectrum from entirely in-housing the decision about Ediscovery to entirely outsourcing it to the law firms they work with. After submitting your request, you will receive an activation email to the requested email address. Comerica is thrilled to continue our long-term partnership with the DISCO team through the expansion of our existing financing relationship, said Kevin Urban, Senior Vice President & Group Manager, Comerica Technology & Life Sciences. And, Michael, one for you on the gross margin side. On our last earnings call, we spent a good amount of time discussing DISCO, our history, and our strategy. 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. Your line is open. In the case of 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 and non-GAAP sales and marketing expense as a percentage of revenue; DISCO adjusted the respective GAAP balances for stock-based compensation expense. So, we continue to invest aggressively in R&D. For example, it could be an email that's in a conversation with other emails or it might be a document that has similar documents that might be earlier drafts contract that SMD is looking at. 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. I guess, could you talk to us a little bit about how you are tracking relative to your goals? In my prepared remarks, I talked about the 30-plus events that we attended in Q3, which is a notable change as the world is coming out of COVID. So you want to work for DISCO? Sales performance is driven by a combination of tenured sales reps at DISCO seeing strong traction, new reps who have recently joined DISCO, as well as proactive inbounds from customers seeking our solutions in the market. Contacts for investors Quicklinks Quarterly Earnings 1Q23 Info Kit 1Q23 Earnings Media Release 1Q23 Earnings Release More Annual & Interim Reports We would love to have you! The company is also building its strategic channel program and engagement with global service providers. By providing your email address below, you are providing consent to DISCO to send you the requested Investor Email Alert updates. Is there any large cases that you are anticipating coming off the platform or maybe already have in the fourth quarter? CS Disco, Inc. (LAW) Q3 2021 Earnings Call Transcript DISCO to Announce Fourth Quarter and Fiscal Year 2021 Financial Results Congrats again on the strong quarter. So, the exact split of users varies company by company based on how much the company in-sources relative to using law firms. Excellent. Got it, got it. AUSTIN, Texas-- CS Disco, Inc. . CS Disco, Inc. - Financials - Quarterly Results 2 is that we continue to see strong momentum outside the United States. And with that, I'll turn it over to Michael, our CFO. We were introduced to them by an Am Law 200 law firm who has referred more and more of its clients to DISCO. 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. You can sign up for additional alert options at any time. Hi. And that's why we're so excited about this multiproduct, right? There are many stakeholders involved in each of these sales. OK. And then I don't know if this is better for Michael or you, Kiwi, but I want to ask about R&D spend. 1. 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? 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. Adjusted EBITDA was ($5.3) million, compared to ($2.1) million in the fourth quarter of 2020. As of February 24, 2022, DISCO is issuing the following outlook for the first quarter of 2022 and fiscal year 2022: DISCOs first quarter and fiscal year 2022 financial outlook is based on a number of assumptions that are subject to change and many of which are outside of our control. IR@csdisco.com, Internet Explorer presents a security risk. ET) today, August 11, 2022, to discuss its second quarter 2022 financial results and business highlights. 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. DISCO continues to support some of the most high-profile and mission-critical legal matters. 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. So that's how to think about it. But one example is when you think about any given document, that document will be related to many other documents. 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; This new corporate client adopted multiple products and generated more than $200,000 of revenue in its first quarter with us. 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, in my prepared remarks today, we talked about both, right? 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. Very, very helpful color. You can sign up for additional alert options at any time. I'll tell you one thing about our R&D spend that I think is important to understand. Investor confidence in DISCO demonstrated by this financing, coupled with the companys recent rankings on the 2020 Deloitte Technology Fast 500 and the Forbes Cloud 100, validate DISCOs position as the leader in legal technology. Fourth Quarter 2021 Financial Highlights: First Quarter and Full Year 2022 Financial Outlook. Congrats on a great quarter, guys. And that's a good bridge over to the follow-up is, when you look at the decisions to -- on Ediscovery solutions, any qualitative description of what percentage of those are just corporate legal departments deciding on their own on the pathway that they want to go versus those that are either partially or maybe even heavily influenced by the outside legal firm? Thanks for taking my questions. The origin story of DISCO is a bunch of lawyers at a law firm being so frustrated with existing solutions that we actually built our own. ET) today, May 12, 2022, to discuss its first quarter 2022 financial results and business highlights. Fifty percent of the time, the principal decision-maker will be someone sitting in the legal department. And your next question comes from Koji Ikeda from Bank of America. We had strong performance with growth coming from new customer wins and the expansion of existing customers across all of our products, covering a broad spectrum of clients. 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. Your line is open. So, a lawyer will start and get to know DISCO using it at a law firm for one of our corporate clients, and then that lawyer as they become more senior in their career, will take an in-house job, and they'll bring DISCO with them. DISCO will host a conference call and webcast at 4:00 p.m. CT (5:00 p.m. If you experience any issues with this process, please contact us for further assistance. And I know there was quite a few job postings you guys have had on DISCO Review and kind of some of the services stuff. There are limitations associated with the use of these non-GAAP financial measures. We've also invested in scaling headcount across our SDR team. AUSTIN, Texas, August 11, 2022 -- ( BUSINESS WIRE )--CS Disco, Inc. ("DISCO") (NYSE: LAW) today announced financial . 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. So, maybe just help us understand like how much did that large customer revenue kind of go down sequentially? CS Disco Inc, commonly known as Disco, is a legal technology (legaltech) company that provides cloud-based software solutions for legal professionals. The number one change in our business we've seen is a title wave of inbound RFPs. As Kiwi mentioned, Q3 revenue was $29.9 million, up 67% year over year. So what happens then is that they go to their other corporate clients and either influence the decision or if the decision is outsourced to them, they simply make the decision to switch to DISCO, and that's how we spread from corporate to law firm to corporate to law firm. That's very clear. We are going after a large market and plan on making significant investments across DISCO in 2022 to ensure we can efficiently keep pace with our growth as we scale. Reconciliation of Adjusted EBITDA on a forward-looking basis to the most directly comparable GAAP measure is not available without unreasonable efforts due to the high variability and complexity and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. DISCO Announces Third Quarter 2022 Financial Results AUSTIN, Texas, June 06, 2022 -- ( BUSINESS WIRE )--Legal technology leader CS Disco, Inc.'s ("DISCO") (NYSE: LAW) Chief Executive Officer, Kiwi Camara, and Chief Financial Officer, Michael. CS Disco Investor Relations Material - Quartr So, our No. Understood. DISCO continues to differentiate itself in the market with its products, services, and vision for how technology can transform the legal function., DISCO is a legal technology company that applies artificial intelligence and cloud computing to legal problems to help lawyers and legal teams improve legal outcomes for their clients. I guess I have two. But how should we think about kind of that partner traction overall in terms of the leads or referral business that you're seeing from them today versus maybe six or nine months ago? Following our IPO, we've continued to broaden awareness of DISCO by attending and speaking at thought leadership sessions at legal industry conferences such as ILTACON, the main conference of the International Legal Technology Association, and General Counsel Conference East and Midwest. 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%. It sounded like Review was the specific module that had a pickup there, but I assume most of your net dollar retention today is still just expanded usage on the Ediscovery side of the platform. 111 Congress Austin, TX 78701 8336534726 Phone support: 8779410583 Email support: support@csdisco.com And your next question comes from Scott Berg from Needham. We thank you for your interest in DISCO and for joining our Q3 2021 earnings call. Michael Lafair -- Chief Financial Officer. And while you would think they would be broadly adopted in legal tech, in our view, they still have not been. Our scalable, integrated solution enables legal departments to easily collect, process and review enterprise data that is relevant or potentially relevant to legal matters. GAAP net loss was $9.1 million, compared to $3.0 million in the fourth quarter of 2020. CS Disco, Inc. (LAW-0.55%) Q3 2021 Earnings Call . It's also the roles that are to the left and right of them. 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. And then we said, "Oh, wow, there's a lot of demand for this and we spun it out, and that's the story of DISCO. Law firms involved in the front-page drug litigation matter currently use all three of DISCO's solutions and recently renewed their Case Builder subscription. And as I've mentioned before, the margin does move around. Our scalable, integrated solution enables legal departments to easily collect, process and review enterprise data that is relevant or potentially relevant to legal matters. Time and again speakers, across the disciplines of legal . Based on feedback from our product advisory council, we developed DISCO Early Case Assessment or ECA. Calculated by Time-Weighted Return since 2002. It still remains one of our huge differentiators that we didn't forklift a code base written to run on some service providers kind of server under their desk and just run it in a cloud environment and call it cloud. thanks for taking my question. We both have American-headquartered clients, and we've had success at developing local business with European-headquartered multinationals. By providing your email address below, you are providing consent to DISCO to send you the requested Investor Email Alert updates. For example, if there is an internal whistleblower complaint, the users may be entirely internal to the corporate legal department where they'll use our platform to collect enterprise data, do their investigation and then decide whether or not they need to take action. Is that something that benefits you guys? Thanks for taking my questions. 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. I wanted to just help -- see if you could help us understand just kind of the moving thesis between Q2 and Q3. DISCO Investor Relations CS Disco, Inc. (LAW 3.37%) Q4 2021 Earnings Call . In the roughly one week between the launch and the end of the quarter, we had over 150 individual clients and partners complete over 4,000 courses. In discussing the remainder of the income statement, please note that unless otherwise specified, all references to our expenses, operating results, and share count are on a non-GAAP basis. GAAP net loss was $24.3 million, compared to $22.9 million in fiscal year 2020. A reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents is available in our earnings release. Returns as of 06/03/2023. 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. A webcast replay will also be available at ir.csdisco.com for 12 months. The conference call can be accessed by dialing (833) 989-2979 from the United States or +1 (236) 714-3974 internationally with conference ID 9399144. You know, I don't have that stat close to hand on what percentage of RFPs come from internationally headquartered companies, but I can give you two pieces of color there. Our corporate social responsibility and social impact program, DISCO Cares, inspires compassion, service, and kindness in our communities. Hey, Koji, thanks for your -- thanks for the question. At DISCO, we promise to treat your data with respect and will not share your information with any third party. Revenue in the range of $30.0 - $31.0 million, representing year-over-year growth between 42% and 47%. 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. 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. Invest better with The Motley Fool. Words such as may, should, will, believe, expect, anticipate, target, project, and similar phrases that denote future expectation or intent regarding DISCOs financial results, operations, and other matters are intended to identify forward-looking statements. I've said that before. 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. Legal departments and law firms are embracing the power of artificial intelligence to automate away the parts of the practice of law that dont require human legal judgment, freeing great lawyers to do the work that only they can do.. Legal Technology Leader DISCO Raises $60 Million | DISCO Forward-looking statements represent DISCOs managements beliefs and assumptions only as of the date such statements are made. Use of Non-GAAP Financial Measures . And your next question comes from Derrick Wood from Cowen. In addition, during today's call, we will discuss non-GAAP financial measures. AUSTIN, Texas -CS Disco, Inc. ("DISCO") (NYSE: LAW) today announced financial results for its third quarter ended September 30, 2022. I think earlier in COVID, so the quarter right after COVID hit, there was more of an impact because you literally had courthouses shut down.
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