CS Disco Inc (LAW) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to CS Disco's fourth quarter and fiscal year 2024 conference call. (Operator Instructions)

女士們、先生們，感謝各位的耐心等待，歡迎參加 CS Disco 2024 財年第四季電話會議。（操作說明）

I would like to now hand the conference over to your first speaker today, Head of Investor Relations, Aleksey Lakchakov. Please go ahead.

現在，我謹將會議交給今天的第一位發言人，投資者關係主管阿列克謝·拉克恰科夫。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results for Disco's fourth quarter and 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.

下午好，感謝各位參加今天的電話會議，共同討論 Disco 第四季和 2024 財年的財務表現。今天和我一起參加電話會議的有 Disco 的執行長 Eric Friedrichsen 和 Disco 的財務長 Michael Lafair。

Today's call will include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding our financial outlook and future performance, our future capital expenditures, market opportunity, market position, product and go-to-market strategy, and growth opportunities and the benefits of our product offerings and developments in the legal technology industry. In addition to our prepared remarks, our earnings press release, SEC filings, and a replay of today's call can be found on our Investor Relations website at ir.csdisco.com.

今天的電話會議將包含符合 1995 年《私人證券訴訟改革法案》安全港條款的前瞻性陳述，包括但不限於有關我們財務展望和未來業績、未來資本支出、市場機會、市場地位、產品和上市策略、增長機會以及我們在法律技術行業的產品供應和發展所帶來的益處的陳述。除了我們準備好的發言稿外，我們的獲利新聞稿、提交給美國證券交易委員會的文件以及今天電話會議的錄音都可以在我們的投資者關係網站 ir.csdisco.com 上找到。

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. Forward-looking statements represent our management's beliefs and assumptions, only as of the date made. Information on factors that could affect the company's financial results is included in its filings with the SEC from time to time, including the section titled Risk Factors in the company's quarterly report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on November 6, 2024, and the company's upcoming annual report on Form 10-K for the quarter ended December 31, 2024.

前瞻性陳述涉及已知和未知的風險和不確定性，這些風險和不確定性可能導致我們的實際結果、績效或成就與前瞻性陳述中明示或暗示的內容有重大差異。前瞻性陳述僅代表我們管理階層截至陳述之日的信念和假設。有關可能影響公司財務表現的因素的資訊會不時地包含在公司向美國證券交易委員會提交的文件中，包括公司於 2024 年 11 月 6 日向美國證券交易委員會提交的截至 2024 年 9 月 30 日的季度報告（表格 10-Q）中題為“風險因素”的部分，以及截至 124 年的年度報告表（12 月 12 月 12 月的年度報告10-K）。

In addition, during today's call, we will discuss non-GAAP financial measures. 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, reconciliations between GAAP and non-GAAP financial measures and a discussion of the limitations in using non-GAAP measures versus their closest GAAP equivalent is available on our earnings release.

此外，在今天的電話會議中，我們將討論非GAAP財務指標。這些非公認會計準則財務指標是對依照公認會計準則編製的財務績效指標的補充，而不是替代或優於這些指標。有關公認會計準則和非公認會計準則財務指標之間的調節以及使用非公認會計準則指標相對於其最接近的公認會計準則等效指標的局限性的討論，請參閱我們的盈利報告。

And with that, I'd like to turn the call over to Eric.

接下來，我想把電話交給艾瑞克。

Good afternoon, everyone. I am pleased to report a strong end of the year for Disco as we continue to make progress in growing the reach of our platform and extending our relationships with top-tier law firms and corporations. Software revenue for fiscal year 2024 was $120.1 million, up 7% over the prior year. Services revenue, which includes revenue from Disco review and professional services, was $24.7 million in fiscal year 2024. Total revenue for fiscal year 2024 was $144.8 million, up 5% over the previous year.

大家下午好。我很高興地向大家匯報，Disco 在年末取得了強勁的業績，我們繼續擴大平台的覆蓋範圍，並加強與頂級律師事務所和企業的合作關係。2024 財年軟體營收為 1.201 億美元，較上年成長 7%。2024 財年服務收入（包括 Disco 評論和專業服務收入）為 2,470 萬美元。2024 財年總營收為 1.448 億美元，比上一年增長 5%。

Adjusted EBITDA for fiscal year 2024 was negative $18.7 million, an improvement of $7.2 million from the prior year. And we ended the year with $129.1 million of cash and short-term investments on our balance sheet.

2024 財年調整後 EBITDA 為負 1,870 萬美元，較前一年改善 720 萬美元。年底，我們的資產負債表上擁有 1.291 億美元的現金和短期投資。

We ended 2024 with 315 customers who each contributed more than $100,000 in total revenue, which was up 9% year-over-year. Revenue from customers that contributed more than $100,000 in total revenue grew at more than double the rate of those customers contributing less than $100,000 in revenue. We finished the year with 19 customers contributing more than $1 million in revenue, while our multiproduct attach rate was 17% at year-end, including Cecilia. Our total revenue dollar-based net retention or DNR, improved year-over-year from 92% to 96%, and our software DNR improved year-over-year from 97% to 100%.

截至 2024 年底，我們共有 315 位客戶，每位客戶貢獻的總收入均超過 10 萬美元，較去年同期成長 9%。總收入超過 10 萬美元的客戶的收入成長速度是總收入低於 10 萬美元的客戶收入成長速度的兩倍多。年底，我們有 19 位客戶貢獻了超過 100 萬美元的收入，而我們的多產品附加率在年底達到了 17%，其中包括 Cecilia。我們的總營收美元淨留存率（DNR）年增了 92%，達到 96%；我們的軟體 DNR 年成長了 97%，達到 100%。

Over the past few quarters, we've seen an increase in the usage by our more than $100,000 customers. We believe that the actions that we are taking to transform and enhance our go-to-market approach, which I discussed at our last earnings call, are just starting to bear fruit. We are very excited about 2025 and focused on continuing to demonstrate further go-to-market improvement and success.

在過去的幾個季度裡，我們發現每年消費超過 10 萬美元的客戶使用量增加。我們相信，我們在上次財報電話會議上討論過的，為轉變和加強我們的市場進入方式而採取的行動，才剛開始取得成效。我們對 2025 年充滿期待，並將專注於繼續展現進一步的市場推廣改進和成功。

During our last earnings call, I discussed three areas of focus for Disco: number one, becoming a more customer-focused organization; number two, enhancing our internal operations; and number three, fostering a continued cultural improvement. I'd like to discuss some of the great strides our team has made in those three areas.

在上次財報電話會議上，我討論了 Disco 的三個重點領域：第一，成為一個更以客戶為中心的組織；第二，加強我們的內部營運；第三，促進持續的文化改進。我想談談我們團隊在這三個領域取得的一些重大進展。

Over the past quarter, we have further refined our approach to becoming a more customer-focused organization. I have met with over 70 customers since joining Disco three quarters ago, and I continue to hear that customers love our products. They love our people and that they want to do more with Disco.

在過去的一個季度裡，我們進一步完善了我們的方法，努力成為一個更以客戶為中心的組織。自從三個季度前加入 Disco 以來，我已經與 70 多位客戶會面，並且不斷聽到客戶們喜歡我們的產品。他們熱愛我們的人民，並且希望在迪斯可領域取得更大的成就。

Aturing the opportunity ahead of us starts with marketing the value that we provide to our customers. We believe that no one else offers our unique combination of software and services expertise. We build and deliver innovative, proven, and intuitive technology that is backed by our very own experts in the most critical areas of eDiscovery. To achieve our goals, our customers must know that we are with them in every case, including large complex cases with tight deadlines. Our customers must feel confident that we are available to meet their needs on their deadlines with exceptional quality and reliability.

把握眼前的機遇，首先要向客戶宣傳我們所提供的價值。我們相信，沒有其他公司能夠提供我們這樣獨特的軟體和服務專業知識組合。我們建構並提供創新、成熟、直覺的技術，並由我們在電子取證最關鍵領域的專家團隊提供支援。為了實現我們的目標，我們的客戶必須知道，無論在任何情況下，包括時間緊迫的大型複雜案件，我們都會與他們站在一起。我們的客戶必須確信，我們能夠以卓越的品質和可靠性，在規定的期限內滿足他們的需求。

Building this trust is an essential part of establishing Disco as the go-to solution for our customers' large matters. We're doing that in two ways. First, we're continuing to add innovative technological capabilities that help with complex cases. Second, we're educating the market on the breadth and expertise of our services teams who provide the support that our customers want for those large matters. We have successfully helped our customers with hundreds of complex multiple terabyte matters and we need to make sure the market knows that.

建立這種信任是使 Disco 成為客戶處理重大事務的首選解決方案的關鍵。我們透過兩種方式來實現這一點。首先，我們正在不斷增加創新技術能力，以協助處理複雜案件。其次，我們正在向市場宣傳我們服務團隊的廣度和專業知識，這些團隊能夠為客戶處理重大事務提供所需的協助。我們已經成功地幫助客戶處理了數百起涉及數TB資料的複雜案件，我們需要確保市場了解這一點。

So how do we get there? How do we drive towards this customer-centric standard in 2025? Well, it's in the work that we have been refining over the past several months, which primarily centers around our go-to-market strategy.

那我們該如何到達那裡呢？我們如何在 2025 年實現以客戶為中心的標準？嗯，這正是我們過去幾個月一直在完善的工作的一部分，這項工作主要圍繞著我們的市場推廣策略。

In sales, Lauren Caruso, who returned to Disco in October as our Chief Sales Officer, has been thoughtfully aligning the sales organization towards our customer-centric approach. Her efforts have been focused in three key areas. First, it's talent. We feel confident in the talent that we have in place today. Over the past quarter, we've made several important changes to our organizational structure, including rightsizing management layers and reallocating funds to hire more enterprise sellers. We believe that we are adequately staffed from a sales perspective, and we will continue to recruit top talent.

在銷售方面，Lauren Caruso 於 10 月重返 Disco 擔任首席銷售官，她一直在深思熟慮地調整銷售組織，使其朝著以客戶為中心的方向發展。她的努力主要集中在三個關鍵領域。首先，是天賦。我們對現有的人才儲備充滿信心。在過去的一個季度裡，我們對組織結構進行了幾項重要的調整，包括調整管理層規模和重新分配資金以招募更多企業銷售人員。我們認為從銷售角度來看，我們的人員配備充足，我們將繼續招募頂尖人才。

The second is focus. We have significantly increased our focus on customers and prospects with significant annual eDiscovery spend in practice areas where we believe we can add the most value. Over the past few months, we assessed our customer base, determined our ideal customer profile, estimated the potential wallet size of each customer, and aligned and staffed our sales teams to focus on customers with the highest potential value to Disco. While we will continue to support the broader base of our business, the majority of our attention is now on attracting and expanding these target accounts.

第二點是專注力。我們已大幅增加對客戶和潛在客戶的關注，並在我們認為能夠創造最大價值的業務領域投入大量年度電子取證支出。在過去的幾個月裡，我們評估了我們的客戶群，確定了我們的理想客戶畫像，估算了每個客戶的潛在消費規模，並調整和配備了我們的銷售團隊，以便專注於對 Disco 具有最高潛在價值的客戶。雖然我們將繼續支持我們更廣泛的業務基礎，但我們現在的大部分精力都集中在吸引和擴大這些目標客戶。

The third is incentives. Our goal is to incentivize sales reps to drive new usage and expansion. To achieve this, we've realigned our sales incentive structures and performance metrics to prioritize growth over account management. To free up their bandwidth, we've transitioned many account management responsibilities to the customer success team, allowing our sales reps to focus on winning more business. This shift enables our sales team to concentrate on driving growth while customer success focuses on satisfaction, retention, and expansion. We believe that this realignment enhances our ability to provide exceptional support throughout the customer journey.

第三點是激勵機制。我們的目標是激勵銷售代表推動新用戶使用和業務拓展。為了實現這一目標，我們調整了銷售激勵機制和績效指標，將成長置於客戶管理之上。為了釋放他們的精力，我們將許多客戶管理職責交給了客戶成功團隊，使我們的銷售代表能夠專注於贏得更多業務。這種轉變使我們的銷售團隊能夠專注於推動成長，而客戶成功團隊則專注於滿意度、客戶留存率和業務拓展。我們相信，此次調整將增強我們為客戶提供全程卓越支援的能力。

By focusing on enhanced talent, target accounts, and aligned incentives, we believe we will see a meaningful improvement in how we win and grow our customers. Similarly, we have pivoted our marketing and lead generation strategy to focus on our target accounts. We are concentrating our energy, resources, and budget on making a great first impression with the right prospects. This means that at every touch point from marketing to sales to customer success and professional services, we aim to deliver a seamless and positive customer experience. And if something goes wrong, we will work to remedy it right away.

我們相信，透過專注於提升人才水平、鎖定目標客戶以及建立協調一致的激勵機制，我們將在贏得和發展客戶方面取得顯著進步。同樣，我們也調整了行銷和潛在客戶開發策略，以專注於我們的目標客戶。我們正集中精力、資源和預算，力求讓合適的潛在客戶留下良好的第一印象。這意味著，從行銷到銷售，再到客戶成功和專業服務，我們的每個接觸點都旨在提供無縫且積極的客戶體驗。如果出現任何問題，我們將立即著手解決。

We believe that the progress we have made over the past quarter lays a strong foundation for 2025 and 2026. By aligning our sales, marketing, and customer success efforts around a more targeted strategy, we believe we can maximize every interaction, deepen customer trust, and deliver exceptional value.

我們相信，過去一個季度取得的進展為 2025 年和 2026 年奠定了堅實的基礎。我們相信，透過圍繞更有針對性的策略調整我們的銷售、行銷和客戶成功工作，我們可以最大限度地提高每一次互動，加深客戶信任，並提供卓越的價值。

Our goal remains clear: to become an indispensable partner for our customers in every matter every time. And with the groundwork we have laid, I am confident we are on the path to achieving it. We know the strategy works because when analyzing our largest customers, we see clear success patterns.

我們的目標始終明確：在任何時候、任何事上都成為客戶不可或缺的合作夥伴。憑藉我們已經打下的基礎，我相信我們正走在實現目標的道路上。我們知道這項策略是有效的，因為在分析我們最大的客戶時，我們看到了清晰的成功模式。

For example, one of our Am Law 200 customers that spent more than $1 million with us in software in 2024 increased their year-over-year software spend by over 40%. This expansion was driven by our focus on a deep understanding of the customers' goals and challenges. We worked with our client's centralized team to align organizational goals and deepen product knowledge. We did this while demonstrating the full breadth of Disco platform capabilities. This tailored hands-on approach built trust through our partnership and gave this customer confidence to bring more and larger matters to Disco.

例如，我們的一位 Am Law 200 強客戶在 2024 年在我們這裡購買軟體的支出超過 100 萬美元，其軟體支出年增超過 40%。此次擴張源於我們對客戶目標和挑戰的深入了解。我們與客戶的集中團隊合作，以協調組織目標並加深產品知識。我們在展示 Disco 平台全部功能的同時完成了這項工作。這種量身定制的親力親為的方式透過我們的合作關係建立了信任，並讓這位客戶有信心將更多更大的事務交給 Disco。

Another example of this approach in action is from a $40 billion data and analytics company that grew their annual software spend with us by over 150% in 2024. This company began as a relatively new customer in 2022, continued to grow in 2023, and significantly expanded in 2024. Initially, they primarily operated as a self-service customer, leveraging the simplicity of Disco for a small number of matters. However, as our sales and customer teams engaged with them, introduced the breadth of our offerings, and demonstrated our capabilities as a true partner, their usage more than doubled. They expanded their adoption to include Cecilia Q&A and Disco Review.

這種方法的另一個實際例子是一家市值 400 億美元的數據分析公司，該公司在 2024 年將其在我們這裡的年度軟體支出增長了 150% 以上。這家公司在 2022 年成為相對較新的客戶，在 2023 年繼續發展壯大，並在 2024 年大幅擴張。最初，他們主要以自助服務客戶的身份運營，利用 Disco 的簡單性處理少量事務。然而，隨著我們的銷售和客戶團隊與他們互動，介紹了我們廣泛的產品和服務，並展示了我們作為真正合作夥伴的能力，他們的使用量增加了一倍多。他們擴大了採用範圍，將 Cecilia Q&A 和 Disco Review 也納入其中。

We earned their trust by supporting them in large complex matters that provided significant leverage to their legal teams through our professional services organization. This example highlights a successful customer outcome stemming from the seamless integration of software and services, delivering exceptional results and reinforcing Disco's role as an indispensable partner in every case.

我們透過我們的專業服務機構，在大型複雜案件中為他們提供支持，從而贏得了他們的信任，並為他們的法律團隊提供了強大的支持。這個例子突顯了軟體和服務無縫整合帶來的成功客戶成果，帶來了卓越的結果，並鞏固了 Disco 在每個案例中作為不可或缺的合作夥伴的角色。

A number of our top customers have already shown a willingness to adopt and expand their use of our platform, proving that this strategy is both repeatable and scalable. Notable law firms such as Orrick, Herrington & Sutcliffe LLP and Manatt, Phelps & Phillips, LLP, have deepened their engagement with Disco through 2024, reinforcing the opportunity ahead is significant and obtainable. Our priorities in product and engineering are just as critical to our long-term success as is our go-to-market strategy.

我們的一些頂級客戶已經表現出願意採用並擴大對我們平台的使用，這證明該策略既可重複又可擴展。像 Orrick, Herrington & Sutcliffe LLP 和 Manatt, Phelps & Phillips, LLP 這樣的知名律師事務所已加深了與 Disco 的合作，合作期限至 2024 年，這進一步表明未來的機會是巨大的，也是可以實現的。我們的產品和工程方面的優先事項與我們的市場推廣策略一樣，對我們的長期成功至關重要。

Our customer-centric approach extends to product development, ensuring that we build the capabilities and features that our target customers want to expand their use of Disco. We are strategically prioritizing our engineering efforts across both front-end and back-end development to deliver meaningful enhancements, including ongoing refinements or improvements to our Cecilia generative AI offerings.

我們以客戶為中心的理念也延伸到了產品開發領域，確保我們建構出目標客戶希望擴展 Disco 使用範圍的功能和特性。我們正在策略性地優先考慮前端和後端開發的工程工作，以提供有意義的增強功能，包括不斷改進或完善我們的 Cecilia 生成式人工智慧產品。

In 2025, our priority is to introduce capabilities to make it even faster for customers to drive broad adoption within their organizations. We are laser-focused on the feedback from our target customers, their pain points, areas for improvement, and the capabilities that they desire. Our goal is to ensure that our products are more powerful, efficient, and accurate than anything else on the market.

2025 年，我們的首要任務是推出相關功能，使客戶能夠更快地在其組織內推動廣泛採用。我們高度重視目標客戶的回饋，他們的痛點，需要改進的方面，以及他們期望的功能。我們的目標是確保我們的產品比市場上任何其他產品都更強大、更有效率、更精準。

Our investments in our core platform are a highly targeted and prioritized continuation of the work that we began in 2024. The capabilities we launched last year, particularly those designed for large matters such as mass reactions and data typing for custom fields, have been well received. In Q4, we introduced new capabilities that will make it significantly more efficient for our users to manage production workflows on their fastest-moving, most complex matters, both in the US and internationally.

我們對核心平台的投資是對我們自 2024 年開始的工作的有針對性且優先的延續。我們去年推出的功能，特別是那些專為大規模事件（例如大規模反應和自訂欄位的資料類型）而設計的功能，受到了熱烈歡迎。第四季度，我們推出了新的功能，這將使我們的用戶能夠更有效率地管理其在美國和國際上快速發展、最複雜的事項的生產工作流程。

In Q4, we introduced several new capabilities to our core product, including advanced reproductions, enabling users to rerun the production with updated settings, redactions, and document contents, ensuring consistency across past and current work. This feature is especially valuable for large matters with extensive document volumes, saving lawyers significant hours.

第四季度，我們為核心產品引入了幾項新功能，包括進階複製功能，使用戶能夠使用更新的設定、編輯和文件內容重新運行製作，從而確保過去和目前工作的一致性。這項功能對於文件量龐大的大型案件尤其有價值，可以為律師節省大量時間。

Additionally, we released document level base number, a new option in the production tool that applies to a single base stamp per document with individual page citing. This enhancement expands support for international document labeling standards. While this may not be the most exciting sounding feature at first glance, it is important for lawyers to spend 80-hour weeks in driving case teams and legal outcomes where workflow improvements make a meaningful impact.

此外，我們還發布了文件級基本編號，這是生產工具中的新選項，適用於每個文件的單一基本印章，並可單獨引用頁面。此項改進擴大了對國際文檔標籤標準的支援。雖然乍看之下這可能不是最令人興奮的功能，但對於每週花費 80 小時來推動案件團隊和法律結果的律師來說，工作流程的改進會產生有意義的影響，這一點非常重要。

We believe our Cecilia Q&A capabilities have been instrumental in locating key documents faster. We are pleased with the increased number of customers adopting Cecilia Q&A. Customers are finding it invaluable in the largest matters where needles in the haystack are the hardest to find using the traditional methods of search and review.

我們相信，Cecilia 的問答功能在更快找到關鍵檔案方面發揮了重要作用。我們很高興看到越來越多的客戶採用 Cecilia Q&A。客戶發現，在處理重大事務時，它非常有價值，因為使用傳統的搜尋和評論方法很難找到大海撈針般的資訊。

Orrick, Herrington & Sutcliffe LLP is at the forefront of leveraging Cecilia Q&A to enhance its litigation practice. As outside counsel in complex matters, the firm has used Cecilia to accelerate document review, quickly surface key evidence, and streamline discovery. In one case, Orrick estimates that it reduced the time spent on document review by over 50%, allowing attorneys to focus on higher-value legal work.

Orrick, Herrington & Sutcliffe LLP 走在利用 Cecilia Q&A 來增強其訴訟業務的前沿。作為複雜案件的外部律師，該公司曾使用 Cecilia 來加快文件審查速度、快速發現關鍵證據並簡化取證流程。Orrick 估計，在其中一個案例中，它減少了 50% 以上的文件審查時間，使律師能夠專注於更有價值的法律工作。

By using Cecilia's Q&A function, the team could ask questions in natural language and receive narrative answers almost instantly with citations to relevant documents. This enabled Orrick to quickly assess the relevance of requests, demonstrating how AI is transferring legal workflows with faster insights and more strategic decision-making.

透過使用 Cecilia 的問答功能，團隊可以用自然語言提出問題，並幾乎立即收到敘述性答案，以及相關文件的引用。這使得 Orrick 能夠快速評估請求的相關性，展現了人工智慧如何透過更快的洞察力和更具策略性的決策來改變法律工作流程。

With our shift to focusing our resources on winning within our ideal customer profile, we believe that we will add more large matters to our platform. These large matters help accelerate revenue growth, have longer life spans, and require a deeper partnership with our customers to execute.

隨著我們將資源集中在贏得理想客戶群，我們相信我們將為我們的平台帶來更多重大事項。這些大事有助於加速收入成長，持續時間更長，並且需要與客戶建立更深入的合作關係才能執行。

The work we have been doing on the go-to-market and product side has been yielding positive results, and we are seeing growth of large matters on our platform. Our focus on enhancing internal operations has made Disco a faster, more agile organization. The internal prioritization framework that we implemented, the organizational adjustments we made, and the leaders that we have brought in have all contributed to more efficient decision-making and execution.

我們在市場推廣和產品方面所做的工作已經取得了積極的成果，我們看到平台上的大型專案數量正在增長。我們專注於提升內部營運效率，使 Disco 成為一個速度更快、更靈活的組織。我們實施的內部優先排序框架、我們所做的組織調整以及我們引進的領導者，都為更有效率的決策和執行做出了貢獻。

These improvements have significantly strengthened our customer and product prioritization efforts as well as our overall go-to-market progress, allowing us to move with greater speed and precision. We are seeing the impact of these changes, and we are pleased with the results.

這些改進顯著加強了我們對客戶和產品的優先排序工作，以及我們整體的市場推廣進展，使我們能夠以更快的速度和更高的精度前進。我們已經看到了這些變化的影響，並且對結果感到滿意。

Culturally, Disco is a very different company than it was a year ago. Employee survey results show a marked improvement in positive sentiment and attrition has declined. The combination of leadership changes, a clear strategic vision, a new employee value proposition, and a more collaborative internal dynamic has created a stronger, more unified Disco.

從文化角度來看，Disco 已經與一年前截然不同了。員工調查結果顯示，員工正面情緒顯著提升，員工流動率下降。領導層變動、清晰的策略願景、新的員工價值主張以及更具協作性的內部動態相結合，打造了一個更強大、更團結的迪斯可。

I want to take a moment to thank the Disco leaders and all employees who have leaned in with us to make this happen. While there's always room to improve, I'm excited about where we are today and the foundation that we've built for the future. As we look ahead, we are committed to executing our go-to-market strategy with discipline, refining our internal operations, leading in product innovation, and driving growth. The progress we've made over the past year has positioned us well, and we are confident in our ability to build on this momentum.

我想藉此機會感謝迪斯可的領導和所有與我們並肩作戰、促成此事的員工。雖然總是有進步的空間，但我對我們目前的成就以及我們為未來奠定的基礎感到興奮。展望未來，我們將致力於嚴格執行市場進入策略，改善內部運營，引領產品創新，並推動成長。過去一年我們所取得的進展使我們處於有利地位，我們有信心在此基礎上繼續發展壯大。

Our focus remains on delivering real value to our customers, expanding our market presence, accelerating revenue growth, and driving the business to sustainable profitability. If we execute our planned strategy in the way we think we can, then we believe we can reach breakeven adjusted EBITDA in Q4 2026.

我們將繼續專注於為客戶創造真正的價值，擴大市場份額，加速收入成長，並推動業務實現可持續盈利。如果我們按照我們認為可行的方式執行計劃策略，那麼我們相信我們可以在 2026 年第四季實現調整後 EBITDA 收支平衡。

My belief in the future of Disco is greater than ever. I am consistently delighted to hear feedback from our customers about how they value our products and our people and how they want to do more with us. We have a solid foundation, a strong strategy, and the right team to execute moving forward. I am excited for 2025 and beyond.

我對迪斯可的未來比以往任何時候都更加充滿信心。我一直很高興聽到客戶對我們的產品和員工的評價，以及他們希望與我們進行更多合作的願望。我們擁有堅實的基礎、強大的策略和合適的團隊來執行未來的工作。我對2025年及以後充滿期待。

With that, I'll turn it over to Michael.

接下來，我將把麥克風交給麥可。

Thank you, Eric. In Q4 2024, total revenue was $37.0 million, up 4% year-over-year. Software revenue was $30.8 million, up 5% year-over-year. Services revenue was $6.2 million, down 4% year-over-year, predominantly driven by review usage. Full-year 2024 revenue was $144.8 million, up 5% year-over-year. Software revenue was $120.1 million, up 7% from prior year. Services revenue was $24.7 million, down 4% year-over-year due to a year-over-year decline in review revenue. In discussing the remainder of the income statement, please note that unless otherwise specified, our references to gross margin, operating expenses, and net loss are on a non-GAAP basis. Adjusted EBITDA is also a non-GAAP financial measure.

謝謝你，埃里克。2024 年第四季總營收為 3,700 萬美元，較去年同期成長 4%。軟體營收為 3,080 萬美元，較去年同期成長 5%。服務收入為 620 萬美元，年減 4%，主要受評論使用量的影響。2024 年全年營收為 1.448 億美元，年增 5%。軟體營收為 1.201 億美元，比上年增長 7%。服務收入為 2,470 萬美元，年減 4%，原因是評論收入年減。在討論損益表的其餘部分時，請注意，除非另有說明，否則我們對毛利率、營業費用和淨虧損的引用均以非公認會計準則為基礎。調整後 EBITDA 也是非公認會計準則財務指標。

Our gross margin in Q4 was 75% and gross margin for fiscal year 2024 was 75%, in line with fiscal year 2023. As we mentioned before, our gross margins fluctuate from period to period based on the nature of our customers' usage, for example, the amount and types of data ingested and managed on our platform. Sales and marketing expense for Q4 was $13.9 million or 37% of revenue compared to 36% of revenue in Q4 of the prior year. For fiscal year 2024, sales and marketing expenses $56.7 million or 39% of revenue compared to 45% of revenue for fiscal year 2023, a decrease of over $5.4 million year-on-year. The decrease was primarily driven by a decrease in personnel costs and the reduction in marketing spend.

我們第四季的毛利率為 75%，2024 財年的毛利率為 75%，與 2023 財年持平。正如我們之前提到的，我們的毛利率會根據客戶使用情況的性質而波動，例如，在我們平台上攝取和管理的資料量和資料類型。第四季的銷售和行銷費用為 1,390 萬美元，佔營收的 37%，而去年同期佔營收的 36%。2024 財年，銷售和行銷費用為 5,670 萬美元，佔營收的 39%，而 2023 財年佔營收的 45%，年比減少超過 540 萬美元。下降的主要原因是人員成本降低和行銷支出減少。

Research and development expense for Q4 was $11.9 million or 32% of revenue compared to 24% of revenue in Q4 of the prior year. For fiscal year 2024, research and development expenses were $43.8 million or 30% of revenue compared to 31% of revenue in fiscal year 2023, an increase of over $1.5 million year-on-year. This increase was primarily driven by an increase in research and development headcount.

第四季的研發費用為 1,190 萬美元，佔營收的 32%，而上年同期則為 24%。2024 財年，研發支出為 4,380 萬美元，佔營收的 30%，而 2023 財年這一比例為 31%，較去年同期成長超過 150 萬美元。這一增長主要是由於研發人員數量的增加所致。

General and administrative expense in Q4 was $7.3 million or 20% of revenue compared to 22% of revenue in Q4 of the prior year. For fiscal year 2024, general and administrative expenses were $31.8 million or 22% of revenue, consistent with general and administrative expenses as a percent of revenue in fiscal year 2023. General and administrative expenses increased $1.6 million year-on-year. This increase was primarily driven by professional service fees and additional senior-level talent we added to Disco.

第四季一般及行政費用為 730 萬美元，佔營收的 20%，而上年同期佔營收的 22%。2024 財年，一般及行政費用為 3,180 萬美元，佔營收的 22%，與 2023 財年一般及行政費用佔收入的百分比一致。一般及行政費用較去年同期成長160萬美元。這一成長主要由專業服務費和我們為 Disco 增加的高級人才所推動。

Adjusted EBITDA was negative $4.3 million in Q4, representing an adjusted EBITDA margin of negative 12% compared to an adjusted EBITDA margin of negative 3% in Q4 of the prior year. Adjusted EBITDA in fiscal year 2024 was negative $18.7 million, a margin of negative 13% compared to a margin of negative 19% in 2023.

第四季調整後 EBITDA 為負 430 萬美元，調整後 EBITDA 利潤率為負 12%，而上年同期調整後 EBITDA 利潤率為負 3%。2024 財年調整後 EBITDA 為負 1,870 萬美元，利潤率為負 13%，而 2023 年的利潤率為負 19%。

Net loss in Q4 was $4.3 million or negative 12% of revenue compared to a net loss of $0.3 million or negative 1% of revenue in Q4 the prior year. Net loss in fiscal year 2024 was $17.2 million or negative 12% of revenue compared to net loss of $22.8 million or negative 17% of revenue in 2023. Net loss per share for fiscal year 2024 was $0.29 per share compared to $0.38 per share for fiscal year 2023.

第四季淨虧損為 430 萬美元，佔營收的 -12%，而上年同期淨虧損為 30 萬美元，佔營收的 -1%。2024 財年淨虧損 1,720 萬美元，佔營收的 12%，而 2023 財年淨虧損 2,280 萬美元，佔營收的 17%。2024 財年每股淨虧損為 0.29 美元，而 2023 財年每股淨虧損為 0.38 美元。

Turning to the balance sheet and cash flow statement. We ended Q4 with $129.1 million in cash, cash equivalents, and short-term investments, and no debt. Operating cash flow in fiscal year 2024 was negative $8.7 million compared to negative $25.5 million in fiscal year 2023, driven primarily by improvements in working capital and strong collections.

接下來來看資產負債表和現金流量表。第四季末，我們擁有現金、現金等價物和短期投資共 1.291 億美元，且無任何債務。2024 財年的經營現金流為負 870 萬美元，而 2023 財年為負 2,550 萬美元，主要得益於營運資本的改善和強勁的收款。

One other thing I wanted to touch on. In Q4, we recorded a full non-cash impairment charge of $15.2 million on our primary law asset and related capitalized development. This impairment charge does not impact adjusted EBITDA. We are focusing our efforts on core eDiscovery and Cecilia AI capabilities.

還有一點我想提一下。第四季度，我們對主要法律資產及相關資本化開發項目提列了 1,520 萬美元的非現金減損費用。這項減損支出不會影響調整後的 EBITDA。我們正集中精力發展核心電子取證和 Cecilia AI 功能。

Now, turning to the outlook. For Q1 2025, we are providing total revenue guidance in the range of $35 million to $37 million and software revenue guidance in the range of $30.1 million and $31.1 million. We expect adjusted EBITDA to be in the range of negative $8.0 million to negative $6.0 million. For fiscal year 2025, we anticipate total revenue guidance in the range of $145.5 million to $157.5 million and software revenue guidance in the range of $124 million to $131 million. We expect adjusted EBITDA to be in the range of negative $19 million to negative $15 million.

現在，讓我們來看看前景。對於 2025 年第一季度，我們給出的總收入預期在 3,500 萬美元至 3,700 萬美元之間，軟體收入預期在 3,010 萬美元至 3,110 萬美元之間。我們預計調整後的 EBITDA 將在負 800 萬美元至負 600 萬美元之間。對於 2025 財年，我們預計總營收將在 1.455 億美元至 1.575 億美元之間，軟體收入將在 1.24 億美元至 1.31 億美元之間。我們預計調整後的 EBITDA 將在 -1900 萬美元至 -1500 萬美元之間。

Now, I'd like to turn the call over to the operator to open up the line for Q&A. Operator?

現在，我想把電話轉交給接線員，以便進行問答環節。操作員？

(Operator Instructions) Koji Ikeda, Bank of America.

（操作說明）池田浩二，美國銀行。

Yeah. Hey, guys. Thanks so much for taking the questions. I wanted to ask about maybe the selling environment in Legal Tech specifically on AI tools. Is it potentially getting harder selling AI legal tools today versus maybe a few years ago and the fact that it seems like there are a lot of tools out there now? And when we see that within software categories, it tends to cause a lot of confusion with buyers. And so maybe help us understand what is the selling environment like? And what is the key feature of value prop today that is driving new customer adoption?

是的。嘿，夥計們。非常感謝您回答這些問題。我想了解法律科技領域，特別是人工智慧工具的銷售環境。如今銷售人工智慧法律工具是否比幾年前更難了？而且現在市面上似乎有很多這類工具。當我們在軟體類別中看到這種情況時，往往會對買家造成很多困惑。那麼，或許可以幫我們了解一下銷售環境是什麼樣的呢？如今，推動新客戶採用價值主張的關鍵特徵是什麼？

Koji, thank you very much for the question. I really appreciate it. I would say that the selling opportunity within the legal industry actually has gotten a little bit easier more recently than it has in the past in terms of their interest or willingness to look at various AI tools.

Koji，非常感謝你的提問。我非常感謝。我認為，就法律行業對各種人工智慧工具的興趣或意願而言，近來在法律行業銷售人工智慧工具的機會實際上比過去要容易一些。

I think you know that Disco has had AI built into our platform since almost the inception of the company several years ago. But the generative AI solutions obviously are much newer within the last 18 months. We've seen pretty incredible adoption over the last year of our Cecilia products. And keep in mind that our Cecilia products are very specific to the use cases that we are trying to solve for.

我想您應該知道，Disco 從公司成立之初就將人工智慧技術融入我們的平台中，至今已有數年歷史。但生成式人工智慧解決方案顯然是近 18 個月內才出現的較新的技術。過去一年，我們的 Cecilia 產品獲得了非常驚人的市場認可。請記住，我們的 Cecilia 產品是專門針對我們試圖解決的使用場景而設計的。

So if you think about Cecilia Q&A, it's all about asking questions of the facts in the database to help our customers do early case assessments for their clients, to help them very, very quickly get to the facts of the case that are the most important. And we had a customer that I heard about actually just today who leveraged Cecilia Q&A to help analyze the facts of the database to determine the best questions that might come up during a trial and help prepare the people in the trial to be able to answer questions from the opposing council and really nailed it. So our Cecilia products are offering very, very specific solutions as opposed to general solutions, and they leverage GenAI to do that.

所以，如果你想想 Cecilia Q&A，它的全部意義就在於向資料庫中的事實提出問題，以幫助我們的客戶對他們的客戶進行早期案件評估，幫助他們非常非常快地找到案件中最重要的事實。今天我聽說，我們的一位客戶利用 Cecilia Q&A 來幫助分析資料庫中的事實，以確定審判期間可能出現的最佳問題，並幫助審判人員做好準備，能夠回答對方律師的問題，而且做得非常出色。因此，我們的 Cecilia 產品提供的是非常非常具體的解決方案，而不是通用解決方案，並且它們利用 GenAI 來實現這一點。

The other one is Cecilia auto review, obviously, that does the first pass review of the database. And again, it's very much tailored to that exact process. We've designed it such that the results can be very defensible. We look at the precision rates, the recall rates, every document that gets tagged, we explain why it got tagged and all of this provides a very, very specific solution for our customer's problem.

另一個顯然是 Cecilia 自動審核，它會對資料庫進行第一輪審核。而且，它正是為這一特定流程量身定制的。我們對其進行了設計，使得結果具有很強的說服力。我們會查看精確率、召回率，以及每個被標記的文檔，我們會解釋為什麼它被標記，所有這些都為我們的客戶的問題提供了非常具體的解決方案。

And a follow-up here. I think I heard on the call, if I heard this correctly, there's a target out there or setting a target for breakeven adjusted EBITDA by the fourth quarter for '26. I mean, is this a hard target? And what I mean by that is regardless of where growth ends up, is the business willing to do what needs to be done to achieve that breakeven 4Q EBITDA target in 4Q '26? And once that is achieved, is it safe to assume that adjusted EBITDA should be positive from there on out on an annual basis?

這裡還有後續。我想我在電話會議上聽到，如果我沒聽錯的話，他們設定了一個目標，或者說正在設定一個目標，即到 2026 年第四季度實現調整後 EBITDA 收支平衡。我的意思是，這算是個難以達成的目標嗎？我的意思是，無論成長最終走向何方，企業是否願意採取必要措施，以實現 2026 年第四季 EBITDA 收支平衡目標？一旦實現這一目標，是否可以合理地假設調整後的 EBITDA 從此以後每年都應該為正值？

Koji, good question. So we're really confident in our strategy and our kind of reshift on focusing on large customers and the guidance range we provided in 2025. We obviously haven't provided revenue guidance for 2026. Our goal, and we've been talking about this consistently, is working towards sustainable profitability and growth long term. We've reallocated our investments in areas that we believe will make the biggest impact to drive revenue growth, especially around our targeted customers.

Koji，問得好。因此，我們對我們的策略以及我們重新專注於大客戶和我們給予的 2025 年指導範圍非常有信心。我們顯然沒有提供 2026 年的收入預期。我們的目標，也是我們一直在談論的目標，是努力實現長期的可持續獲利和成長。我們已將投資重新分配到我們認為能夠最大限度地推動收入成長的領域，尤其是在我們的目標客戶群周圍。

By focusing on larger customers, it's going to enable us to grow more efficiently. And our current cost structure with really modest increases, we believe, will support the business as we drive revenue growth. Look, there are many ways to get to positive adjusted EBITDA. And while there are many ways to get there, I'm confident in our strategy to grow revenue and to achieve sustainable profitability and to hit that target at the end of next year in Q4.

透過專注於大客戶，我們將能夠更有效率地發展壯大。我們相信，目前成本結構僅略有成長，這將為公司發展和營收成長提供支撐。你看，實現正調整後 EBITDA 的方法有很多種。雖然有很多方法可以實現這一目標，但我對我們提高收入、實現可持續盈利能力以及在明年第四季末達到該目標的策略充滿信心。

Thanks, guys.

謝謝各位。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

This is [Emily United] on for Brent Thill. Just the improvement in overall dollar retention. Do you see that number going above 100 again? And if so, can you talk about the vectors for growth there, so volume versus multiproduct adoption?

這是艾米麗聯隊對陣布倫特·希爾的比賽。只是整體美元留存率的提高。你認為這個數字會再超過100嗎？如果是這樣，您能否談談該領域的成長方向，例如銷售成長與多產品採用之間的關係？

Yes, sure. Look, in terms of our improvement in DNR, I'm very pleased. I think we probably included mostly salient points within the prepared notes, but our software retention got back to 100% from 97%. Our total revenue retention went from 92% to 96%. And that improvement was really driven by our larger customers by those that spend more than $100,000 with DISCO. So I'm confident that with our go-to-market approach, we have the opportunity to continue to improve DNR over time.

當然可以。就我們在自然資源保護方面的改進而言，我非常滿意。我認為我們準備的筆記中可能包含了大部分要點，但我們的軟體保留率從 97% 恢復到了 100%。我們的總收入留存率從 92% 提高到了 96%。這項改進主要得益於我們的大客戶，即那些在 DISCO 消費超過 10 萬美元的客戶。因此，我相信憑藉我們目前的市場策略，我們有機會隨著時間的推移不斷改進 DNR。

Then can you also talk about level of conservatism that you're embedding into the guide for 2025?

那麼，您能否也談談您在2025年指南中融入的保守程度？

I'll take that. Let me just discuss guidance. So the guidance that we're providing for the full year and also for Q1, it's the best estimate of where we think things are going to land in the quarter and for the full year. I'm really confident in our overall strategy. We do believe that it may take a bit of time to see some of the results from the actions we're taking as we focus on larger customers.

我接受。讓我談談指導方面的問題。因此，我們提供的全年以及第一季的業績指引，是我們對本季和全年業績的最佳預測。我對我們的整體策略非常有信心。我們相信，在我們專注於服務大客戶的過程中，可能需要一段時間才能看到我們所採取的行動取得一些成果。

You didn't ask about Q1 guide, but I'll just mention part of the Q1 guide includes volatility in the review component of services. But I am confident in our overall strategy and our guide for the full year.

你沒有問到 Q1 指南，但我還是提一下，Q1 指南的一部分內容包括服務審核部分的波動性。但我對我們的整體策略和全年指導方針充滿信心。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) Mark Schappel, Loop Capital Markets.

（操作員說明）Mark Schappel，Loop Capital Markets。

Hi. Thank you for taking my question. Eric, I jumped on the call a bit late here, so I apologize if you've already addressed my question in your prepared remarks. But I was wondering if you could just spell out your investment priorities for the coming year.

你好。感謝您回答我的問題。艾瑞克，我來晚了，所以如果您已經在準備好的發言中回答了我的問題，我深表歉意。但我很想知道您能否詳細說明您來年的投資重點。

Mark, nice to hear from you. Very clearly, we are invested in growth. We have determined exactly who we think our ideal customer profile is, the exact types of matters that we believe we are the most successful with that we can help our clients the most with, and that create the most opportunity to accelerate revenue for DISCO. So that's really where we're putting our investment.

馬克，很高興收到你的來信。很顯然，我們致力於發展。我們已經確定了我們認為的理想客戶畫像，以及我們認為我們最擅長、最能幫助客戶、最能為 DISCO 創造收入成長機會的具體事項類型。所以，這才是我們真正投資的方向。

In terms of go-to-market, we've got from a sales perspective, we shifted significant investment over the last quarter from account executives and sales development representatives over to enterprise sales reps. So we've beefed up our enterprise sales staff. We have restructured and enhanced our sales leadership.

從銷售角度來看，在市場推廣方面，上個季度我們將大量投資從客戶經理和銷售開發代表轉移到了企業銷售代表。因此，我們加強了企業銷售人員團隊。我們對銷售領導團隊進行了重組和加強。

From a marketing perspective, we have pivoted to more of an account-based marketing strategy that's very much focused on targeting our top accounts, those that we think have the most opportunity and that can grow. And then from a customer success standpoint, we've really started to rebuild our whole customer success function.

從行銷角度來看，我們已經轉向以客戶為中心的行銷策略，並專注於我們的頂級客戶，也就是我們認為最有發展潛力和成長空間的客戶。從客戶成功的角度來看，我們已經開始重建整個客戶成功職能。

One of the things that I included in my prepared remarks was a discussion about how we've changed the roles for our sales and customer success teams. Our salespeople have traditionally been more of account managers to really kind of manage the book of business. And what we have done now is we've restructured their roles so that salespeople are very much focused on going to go get the next matters and going to sell the next products and really expand the relationship with our customers, while our customer success team is responsible for customer satisfaction, responsible for adoption of our products, responsible for renewals and retention of those particular customers.

我在準備的演講稿中提到了我們如何改變銷售和客戶成功團隊的角色。我們的銷售人員歷來更像是客戶經理，負責管理客戶群。我們現在所做的，是重新調整了他們的角色，讓銷售人員專注於獲取下一個目標、銷售下一個產品，並真正拓展與客戶的關係，而我們的客戶成功團隊則負責客戶滿意度、產品推廣、續約和客戶留存。

Therefore, we've also reset our compensation strategy and comp plan for our salespeople to really, really incentivize them to help grow accounts. From a product standpoint, we're doubling down on our core eDiscovery products and our Cecilia generative AI products. That's where we're putting the vast majority of our investment when it comes to product.

因此，我們也重新調整了銷售人員的薪酬策略和薪酬方案，以真正激勵他們幫助拓展客戶。從產品角度來看，我們將加倍投入到我們的核心電子鑑識產品和 Cecilia 生成式人工智慧產品。這就是我們在產品上投入的絕大部分資金。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Hi. Good afternoon. Thank you for taking the question. Great to see the large customer growth on the platform. And I guess if I could maybe just pivot back to the question that was just asked and some of the color you provided on go-to-market changes, particularly among the sales force. Can you help me understand how much headcount addition or change was there associated with those changes?

你好。午安.感謝您回答這個問題。很高興看到平台用戶數量大幅成長。我想，如果我能回到剛才提出的問題，以及您提供的關於市場進入策略變化的一些細節，特別是銷售團隊方面的變化，那就太好了。您能否幫我了解一下，這些變化帶來了多少員工人數的增加或改變？

And as these sales reps kind of assume new functions in a more, I guess, sales-focused role, how mature would you say they are? I'm trying to get to a level of maturity, particularly with regard to executing on the platform and when you think they might reach full maturity, and when we might see better productivity in the numbers. And then I have a quick follow-up.

隨著這些銷售代表承擔起新的職能，扮演更以銷售為中心的角色，您認為他們的成熟度如何？我正在努力提昇平台的成熟度，尤其是在平台執行方面，以及您認為平台何時才能完全成熟，以及我們何時才能在數據上看到更好的生產力。然後我還有一個簡短的後續問題。

Well, I think the first thing I would just say is that I'm already very pleased with the early results that we've gotten in our penetration for larger customers. Our number of customers who spent more than $100,000 with Disco last year went up by 9%. The amount of revenue generated from that same group of customers that spend more than $100,000 of us grew at more than double, significantly more than double the rate.

首先，我想說的是，我對我們在拓展大客戶方面取得的初步成果非常滿意。去年在 Disco 消費超過 10 萬美元的客戶數量成長了 9%。來自同一組消費超過 10 萬美元的客戶的收入成長了一倍多，而且成長遠超一倍。

In fact, the vast majority of the growth that we had last year came from that segment. So that is we're already starting to see some progress with our focus on those largest customers. In terms of the team, we've already hired a number of new enterprise sellers. We still have some roles open that we're hiring for, but I feel like we are adequately staffed at this point.

事實上，我們去年取得的絕大部分成長都來自該領域。所以，我們已經開始看到，專注於服務這些最大的客戶方面取得了一些進展。團隊方面，我們已經聘請了一批新的企業銷售人員。我們還有一些職缺正在招聘，但我覺得目前我們的人員已經足夠了。

The biggest change that we needed to have really was to free up time from our salespeople to stop doing account management and to put all of their focus and effort into selling. So that was the main shift. So a lot of that was done by shifting the workload to customer success reps. Some of it has also been done by the operational improvements that we've put into the business.

我們真正需要做出的最大改變是，讓銷售人員騰出時間停止進行客戶管理，並將他們所有的精力和注意力都投入在銷售上。這就是主要的變化。因此，許多工作都是透過將工作量轉移到客戶成功代表身上來實現的。部分原因也歸功於我們對業務營運所做的改進。

Is there like I don't know if you had to gauge it an average level of maturity you would have signed in the sales force and then how long it would take to get them to full maturity productivity?

比方說，我不知道你是否需要衡量一下銷售團隊的平均成熟度，以及需要多長時間才能讓他們達到完全成熟的生產力水準？

I don't have a specific metric to share around that.

我沒有具體的指標可以分享。

And then maybe just to follow up on the guidance commentary. It seems like a bit of a wider range of guidance, particularly on the top line that you've offered this year. I guess how would you frame your approach to guidance? I know you said you're confident in your ability to execute to that level, but what would be the primary governors of achieving the upper end of that guidance range?

然後或許還可以就指導意見進行一些後續探討。看起來指導範圍更廣了，尤其是今年您提供的主要指導。我想請您闡述您的指導方法？我知道你說過你對自己的能力有信心達到那個水平，但是要達到該指導範圍的上限，主要的限制因素是什麼？

So it's a fair question. I don't believe the range this year is really any different than the range we provided last year at this time for '24. In terms of the confidence, what we talked about a little bit is and what I previously mentioned is there's a shift in strategy. And as a result of that shift in strategy with the focus on larger customers, we do believe that, that's going to lead to and drive us to revenue reacceleration at a faster rate than the old approach that we used to have.

所以，這是一個合理的問題。我不認為今年的預測範圍與我們去年同期提供的 2024 年預測範圍有任何不同。就信心而言，我們剛才稍微談到了一點，而且我之前也提到過，那就是戰略發生了轉變。由於策略轉向以大客戶為重點，我們相信這將使我們的收入重新加速成長，速度比我們過去採用的方法更快。

That could take a little bit of time. We're not exactly sure when that's going to move in completely in the direction. But we are really confident that the strategy is going to work. We already have seen signs of it working. And I believe there's a lot of upside from our focus on large customers. As you can see just from the metrics, the large customer count grew 9% year-over-year. And the contribution of our growth from the larger cohort has been very significant as opposed to the tail. So it's really a shift. I believe there's a lot of upside.

這可能需要一些時間。我們還不確定這種情況何時會完全朝著這個方向發展。但我們非常有信心，這個策略一定會奏效。我們已經看到它起作用的跡象。我相信，我們專注於大客戶會帶來許多好處。從各項指標可以看出，大客戶數量較去年同期成長了 9%。與尾部人群相比，來自較大群體的成長貢獻非常顯著。所以這確實是一種轉變。我相信它有很大的上漲空間。

Got it. That's super helpful. Thank you so much. In my area, it does look like the same ring, so apologize for that, but thanks for the color. I appreciate it.

知道了。這太有幫助了。太感謝了。在我所在的地區，它看起來確實和原來的戒指一模一樣，對此我深表歉意，但感謝您提供的顏色資訊。謝謝。

Ian Black, Needham & Company.

伊恩·布萊克，尼德姆公司。

Hi. You guys called out a 17% multiproduct attach rate. Are you seeing significantly different attach rates amongst your enterprise customers than your kind of historic customer base?

你好。你們指出了17%的多產品附加率。您的企業客戶的附加率是否與您以往的客戶群有顯著差異？

I mean the attach rate went up, I believe, from 15% from what we previously disclosed to 17%. That includes our Cecilia product. And we're happy with the growth in the attach rate, but I don't actually know the number off hand, and we don't disclose kind of the mix between enterprise versus non-enterprise.

我的意思是，我相信，附加率從我們之前披露的 15% 上升到了 17%。這其中就包括我們的 Cecilia 產品。我們對附加率的成長感到滿意，但我實際上並不知道具體數字，我們也不會透露企業用戶與非企業用戶之間的比例。

I would say there has been a ton of interest from all of our customers in Cecilia Q&A, both the enterprise, large law firms, and also smaller firms. And it does attract a ton of interest. And we're really pleased with the number of customers and the growth that we saw, particularly in Q4.

我想說，我們所有的客戶，包括企業客戶、大型律師事務所和小型律師事務所，都對 Cecilia Q&A 表現出了極大的興趣。它確實吸引了大量關注。我們對客戶數量和成長感到非常滿意，尤其是在第四季。

Yes. Just to add on to that regarding Cecilia and specifically Cecilia Q&A, what I consistently hear, I've been with over 70 customers in the last nine months since I started. What I consistently hear from them is where they see the most value to Cecilia Q&A is on our largest matters. And typically, it's our largest customers that end up bringing the largest matters into Disco.

是的。關於 Cecilia，特別是 Cecilia 的問答，我還要補充一點，我一直聽到的是，自從我開始做這件事以來，在過去的九個月裡，我已經服務過 70 多位客戶了。我從他們那裡不斷聽到的是，他們認為 Cecilia Q&A 最有價值的地方在於我們最重要的事項。通常情況下，最大的客戶最終會把最大的問題帶到 Disco。

When customers adopt Cecilia Q&A, do you usually sit in the docket one matter at a time trying to figure out and test it out first? Or do you see kind of full adoption across there?

當客戶採用 Cecilia Q&A 時，您通常會一次處理一個問題，然後嘗試先弄清楚並進行測試嗎？或者你認為那裡已經全面普及了嗎？

Yes. Typically, they'll start with one matter, and then from there, they will grow to additional matters when they have success.

是的。通常情況下，他們會先處理一件事，然後如果成功，就會逐步處理其他事情。

Thank you for taking my question.

感謝您回答我的問題。

And that concludes our question-and-answer session. I will now turn the call back over to CEO, Eric Friedrichsen, for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給執行長埃里克·弗里德里希森，請他作總結發言。

Thank you, everyone, and good evening. I really appreciate all of you joining us today. I am extremely excited about what we have going on right now at Disco. We are making very good progress. We are advancing our products. We're strengthening our team. We're delivering results that we really believe set us up for long-term success.

謝謝大家，晚上好。非常感謝各位今天蒞臨。我對我們目前在Disco所做的事情感到無比興奮。我們取得了非常好的進展。我們正在推動產品研發。我們正在加強團隊建立。我們正在取得的成果，我們堅信將為我們長期的成功奠定基礎。

I'm encouraged by the early signs that we're seeing in our strategy. It's starting to take hold, and I've got confidence in our plan to execute. Our focus remains on driving innovation, improving execution, and making the most of the opportunities ahead. We're excited about what we've accomplished, and we're even more excited about what's next. I look forward to sharing our progress in the coming quarters. Thank you.

我對我們的策略目前所取得的初步成效感到鼓舞。它開始奏效了，我對我們的執行計劃充滿信心。我們將繼續專注於推動創新、提高執行力，並充分利用未來的機會。我們為已取得的成就感到興奮，對接下來的發展更加充滿期待。我期待在接下來的幾季與大家分享我們的進展。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。