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EX - 99.1 2 q32021 earningsrelease.htm EX - 99.1 DISCO Announces Third Quarter 2021 Financial Results Total Revenue of $ 29.9 Million , an Increase of 67 % Versus Prior Year AUSTIN , Texas - November 9 , 2021 - CS Disco , Inc. ( “ DISCO ” ) ( NYSE : LAW ) today announced financial results for its third quarter ended September 30 , 2021 . " Our third quarter was one of the best quarters in DISCO history . In the third quarter , revenue was up 67 % year - over - year driven by our strategic focus to serve the needs of our clients to increase productivity and efficiency , " said Kiwi Camara , CEO of DISCO . " This past quarter further illustrates our ability to disrupt the legal technology industry . " Third Quarter 2021 Financial Highlights : Total revenue was $ 29.9 million , up 67 % compared to the third quarter of 2020 . GAAP net loss was $ 9.2 million , compared to $ 3.2 million in the third quarter of 2020 . Adjusted EBITDA was ( $ 7.6 ) million , compared to ( $ 3.2 ) million in the third quarter of 2020 . Recent Business Highlights : ● Completed Secondary Public Offering : DISCO completed a secondary public offering on September 17 , 2021 resulting in net proceeds of approximately $ 310.2 million to the selling stockholders after deducting underwriting discounts and commissions . Austin Business Journal Best CEO Awards 2021 : Kiwi Camara , CEO of DISCO , won the public company category in the Austin Business Journal Best CEO Awards 2021 . 2021 TrustRadius Tech Cares Award : DISCO received a 2021 Tech Cares Award from TrustRadius , recognizing companies with strong corporate social responsibility programs . Fourth Quarter and Full Year 2021 Financial Outlook ● As of November 9 , 2021 , DISCO is issuing the following outlook for the fourth quarter of 2021 and fiscal Fourth quarter of 2021 : Revenue in the range of $ 28.2 - $ 28.8 million , representing year - over - year growth between 47 % and 50 % . Adjusted EBITDA in the range of ( $ 10.0 ) - ( $ 9.0 ) million . Fiscal year 2021 : Revenue in the range of $ 108.7 - $ 109.3 million , representing year - over - year growth between 59 % and 60 % . Adjusted EBITDA in the range of ( $ 21.1 ) - ( $ 20.1 ) million . year 2021 : DISCO's fourth 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 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 . 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 5:00 p.m. CT ( 6:00 p.m. ET ) today , November 9 , 2021 , to discuss its third quarter 2021 financial results and business highlights . The conference call can be accessed by dialing ( 833 ) 989-2979 from the United States or +1 ( 236 ) 714-3974 internationally with conference ID 2388156. 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 .