Q3 2024 CS Disco Inc Earnings Call Transcript
Key Points
- Total revenue for Q3 2024 increased by 4% year-over-year, with software revenue up by 6%.
- CS Disco Inc (LAW) has made strategic hires, including the return of Lauren Caruso as Chief Sales Officer, to strengthen their sales team.
- The company has signed several notable customers, including Fortune 500 companies, indicating strong market traction.
- CS Disco Inc (LAW) is seeing increased usage of its platform and improved software dollar net retention.
- The company is focused on enhancing its product offerings, particularly in AI, with positive feedback from customers about its Cecilia AI platform.
- Adjusted EBITDA for Q3 2024 was negative $4.5 million, indicating ongoing financial challenges.
- Services revenue decreased by 7% year-over-year, driven by lower review usage.
- The company underwent a restructuring, resulting in the elimination of 31 roles, which may impact employee morale.
- Customer count remained relatively flat, with a slight decrease quarter-over-quarter, indicating challenges in expanding the customer base.
- Despite positive feedback, the adoption of the Cecilia AI platform is not expected to materially impact revenue in the near term.
Ladies and gentlemen, thank you for standing by and welcome to CS Disco's third quarter of fiscal year 2024 conference call. (Operator Instructions)
I would now like to hand the conference over to your first speaker today, Head of Investor Relations, Aleksey Lakchakov. Please go ahead.
Good afternoon and thank you for joining us on today's conference call to discuss the financial results for Disco's third quarter of fiscal year 2024. With me on today's call are Eric Friedrichsen, Disco's Chief Executive Officer and Michael Lafair, Disco's Chief Financial Officer. Today's call will [include] forward-looking statements within the meaning of the safe harbor provisions of the private securities litigation reformat of 1995 including but not limited to statements regarding our financial outlook and future performance.
The impact of changes to our executive leadership, our future capital expenditures, market opportunity, market position, product strategy and growth opportunities. The
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