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EX - 99.1 2 q2earningsrelease.htm EX - 99.1 Total Revenue of $ 29.5 Million , an Increase of 88 % Versus Prior Year AUSTIN , Texas - September 2 , 2021 - CS Disco , Inc. ( “ DISCO ” ) ( NYSE : LAW ) today announced financial results for its second quarter ended June 30 , 2021 . " We continue to be inspired by the market's belief in our mission to use technology to strengthen the rule of law . In the second quarter , our first quarter reported as a public company , strong execution and continued adoption of DISCO solutions drove total revenue growth of 88 % year over year , " said Kiwi Camara , CEO of DISCO . “ Our clients are experiencing how our full - stack , cloud - native solution reduces legal costs , increases lawyer productivity and improves legal outcomes . " Second Quarter Financial Highlights : ● Total revenue was $ 29.5 million , up 88 % compared to the second quarter of 2020 . GAAP net loss was $ 3.1 million , compared to $ 5.5 million in the second quarter of 2020 . Adjusted EBITDA was ( $ 1.6 ) million , compared to ( $ 4.4 ) million in the second quarter of 2020 . Recent Business Highlights : Completed Initial Public Offering : DISCO completed its initial public offering on the New York Stock Exchange on July 21 , 2021 resulting in net proceeds of approximately $ 223.2 million to DISCO after deducting underwriting discounts and commissions . ● CS Disco Announces Second Quarter 2021 Financial Results ● Forbes Cloud 100 : For the second year in a row , DISCO was recognized as the only ediscovery company on the Forbes Cloud 100 - the definitive ranking of the top 100 private cloud companies in the world . Third Quarter and Full Year 2021 Financial Outlook ● As of September 2 , 2021 , DISCO is issuing the following outlook for the third quarter of 2021 and fiscal year 2021 : Third quarter of 2021 : Revenue in the range of $ 25.5 - $ 25.9 million , representing year - over - year growth between 43 % and 45 % . Adjusted EBITDA in the range of ( $ 11.1 ) - ( $ 10.3 ) million . Fiscal year 2021 : Revenue in the range of $ 103.5 - $ 104.3 million , representing year - over - year growth between 51 % and 52 % . Adjusted EBITDA in the range of ( $ 24.0 ) - ( $ 22.9 ) million . DISCO's third quarter and 2021 financial outlook is based on a number of assumptions that are subject to change and many of which are outside of our control . If actual results vary from these assumptions , our expectations may change . There can be no assurance that we will achieve these results . Reconciliation of Adjusted EBITDA the most directly comparable GAAP measure is not available without unreasonable efforts on a forward - looking basis due to the high variability , 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 . We expect the variability of the above charges to have a significant , and potentially unpredictable , impact on our future GAAP financial results . Conference Call Information DISCO will host a conference call and webcast at 4:00 p.m. CT ( 5:00 p.m. ET ) today , September 2 , 2021 , to discuss its second quarter 2021 financial results and business highlights . The conference call can be accessed by dialing ( 844 ) 200-6205 from the United States or +44 20-8068-2558 internationally with access code 481150. The live webcast of the conference call and other materials related to DISCO's financial performance can be accessed from DISCO's investor relations website at ir.csdisco.com .