CS Disco Inc (LAW) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to CS Disco's second quarter fiscal year 2025 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 2025 財年第二季電話會議。（操作說明）

I would now like to 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 second quarter of fiscal year 2025. 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，共同討論迪斯可公司2025財年第二季的財務表現。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 strategies 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、產品和市場推廣策略以及成長機會的陳述，以及我們在法律科技產業提供的產品和服務所帶來的益處。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 annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025, and the company's upcoming quarterly report on Form 10-Q for the quarter ended June 30, 2025.

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作出之日的信念和假設。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，包括公司截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告（於 2025 年 2 月 20 日提交給美國證券交易委員會）中題為“風險因素”中題為“風險因素”的截至 20125 月 25 日止的部分，以及截至 20125 月 20125 月表格季報。

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 of using non-GAAP measures versus their closest GAAP equivalent is available in 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，而不是替代或優於後者。我們的獲利報告中提供了 GAAP 和非 GAAP 財務指標之間的調整表，以及對使用非 GAAP 指標相對於其最接近的 GAAP 等效指標的局限性的討論。

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'm very happy to report Disco's second quarter of fiscal year 2025 results. Over the past few quarters, we have discussed the changes that we're making to accelerate growth and achieve sustainable profitability for Disco, and we are now starting to see some of the benefits from those changes.

大家下午好。我很高興地向大家報告 Disco 2025 財年第二季的業績。在過去的幾個季度裡，我們一直在討論為加速成長和實現 Disco 的可持續獲利能力而做出的改變，現在我們開始看到這些改變帶來的一些好處。

Software revenue in Q2 was $32.7 million, up 12% year over year. And total revenue in Q2 was $38.1 million, up 6% year over year. Adjusted EBITDA for Q2 was negative $2.7 million, representing an adjusted EBITDA margin of negative 7%, which is a $2 million improvement over Q2 of 2024. We finished the quarter with $114.5 million of cash and short-term investments and no debt.

第二季軟體營收為 3,270 萬美元，年增 12%。第二季總營收為 3,810 萬美元，年增 6%。第二季調整後 EBITDA 為負 270 萬美元，調整後 EBITDA 利潤率為負 7%，比 2024 年第二季改善了 200 萬美元。本季末，我們擁有1.145億美元的現金和短期投資，並且沒有債務。

We are pleased with the acceleration of growth this quarter. As we have mentioned previously, we are focused on targeting customers with larger Ediscovery wallets and larger matters, and that focus is starting to pay off. We saw strong growth stemming from increased usage on our platform and expansion of multi-terabyte matters. We ended Q2 with 323 customers who each contributed more than $100,000 in total revenue over the last 12 months, up 6% year over year.

我們對本季成長加速感到滿意。正如我們之前提到的，我們專注於瞄準擁有更大電子取證預算和更大案件的客戶，而這種專注開始取得成效。我們看到，由於我們平台的使用量增加以及多TB級資料的擴展，業務實現了強勁成長。第二季末，我們共有 323 位客戶，每位客戶在過去 12 個月中貢獻的總收入超過 10 萬美元，年增 6%。

The story this quarter continues to be the execution of our strategy. Based on the changes that we made to the business, we are pleased to see the type of results that we're reporting today, notably the growth of multi-terabyte matters. However, this is only the start of what I believe is a much broader improvement. I believe that the value proposition that we're bringing to the market in with you in every case is a chief reason for our improved results.

本季的主題依然是我們策略的執行情況。基於我們對業務所做的改變，我們很高興看到今天公佈的成果，特別是多TB級業務的成長。然而，我認為這只是一個開始，未來將會有更廣泛的改進。我相信，我們始終與您攜手為市場帶來的價值主張，是我們業績提升的主要原因。

To remind you, with you in every case captures the essence of how Disco is shaping the future of litigation. Our industry-leading platform equips legal teams with tools not previously available to the legal world. And when paired with our expert services team, we're enabling customers to tackle the most complex high stakes matters with confidence. This value proposition is embedded in our marketing, sales, products and operations, ensuring that our customers understand the full value of what Disco can offer them.

提醒各位，「與您攜手共進」體現了 Disco 如何塑造訴訟的未來。我們業界領先的平台為法律團隊提供了法律界從未獲得過的工具。再加上我們專業的服務團隊，我們能夠幫助客戶自信地應對最複雜、風險最高的事務。這項價值主張貫穿我們的行銷、銷售、產品和營運之中，確保我們的客戶了解 Disco 能為他們提供的全部價值。

To that end, we believe with you in every case is enabling faster revenue growth of our Ediscovery and adjacent products, growth of large customers and increasing the number of multi-terabyte matters on our platform. Also, it's enabling improved operations, allowing us to be faster, more adaptable and business-friendly with few organizational silos. All of this ultimately allows us to provide a better product to our customers and drive revenue in a more efficient manner.

為此，我們相信，在每個案例中與您攜手合作，能夠加快我們電子取證及相關產品的收入增長，促進大客戶的增長，並增加我們平台上多TB級案件的數量。此外，它還有助於改善運營，使我們能夠更快、更靈活、更便於業務開展，並減少組織孤島。這一切最終使我們能夠為客戶提供更好的產品，並以更有效率的方式提高收入。

Let me touch on that with a bit more detail. This quarter, we saw strong growth in both the quantity of multi-terabyte matters as well as software revenue generated from these matters. These are some of the most complex litigation matters in the world and require exceptional enterprise-grade performance from our product and complete trust in our services and customer support teams.

讓我更詳細地談談這一點。本季度，我們看到多TB級資料量以及由此產生的軟體收入均實現了強勁成長。這些是世界上最複雜的訴訟案件之一，需要我們的產品具備卓越的企業級性能，並需要客戶對我們的服務和客戶支援團隊完全信任。

One example I want to highlight is the work we did for a chambers recognized national full-service law firm. This customer approached us with a complex and urgent issue. One of their matters involved a large volume of data from their clients' corrupted e-mail environment. There was no readily available software that could recover the data and the original software vendor had been long out of business. To add to that issue, the data was in a nonstandard format. The customer approached other providers who told them that the data was not salvageable, but Disco took this on as a challenge.

我想重點介紹的一個例子是我們為一家獲得錢伯斯認可的全國性全方位服務律師事務所所做的工作。這位客戶向我們反映了一個複雜且緊急的問題。他們處理的其中一件事涉及從客戶損壞的電子郵件環境中恢復大量資料。當時沒有現成的軟體可以恢復這些數據，而且原軟體供應商早已倒閉。雪上加霜的是，資料格式也不標準。客戶聯繫了其他服務商，但他們都表示資料無法恢復，而 Disco 則將此視為一項挑戰。

Our engineering, forensics and data operations teams worked together to recover the data, established a solution capable of supporting the data set, identified a method to access this data for them, including supporting decades old software and migrated it into a fully searchable and modern functional environment within Disco. The result was a client that found a solution to a seemingly insurmountable problem in a 10-terabyte 43 million document matter added to Disco.

我們的工程、取證和數據營運團隊共同努力恢復數據，建立了一個能夠支援該數據集的解決方案，確定了一種訪問該數據的方法，包括支援幾十年前的軟體，並將其遷移到 Disco 中一個完全可搜尋的現代化功能環境中。最終，客戶找到了一個看似無法克服的問題的解決方案，該問題涉及添加到 Disco 系統中的 10 TB 4300 萬份文件。

Another example is our success with an Am Law 100 firm. Historically, this firm leaned on one of our competitors for Ediscovery. While we had a limited relationship with them going back to 2022 and 2023, that changed this year. Our sales and project management teams engaged closely with multiple groups within the firm, demonstrating the power of our platform, particularly in large complex matters and showcasing the differentiated value of our generative AI offerings, including Cecilia and Auto Review, along with our broader services capabilities. As a result, they expanded adoption of Disco, launching several new matters that leverage our AI capabilities.

另一個例子是我們與美國律師協會百強律所的成功合作。從歷史上看，這家公司一直依賴我們的競爭對手進行電子取證。雖然我們與他們在 2022 年和 2023 年有過有限的合作關係，但今年情況發生了變化。我們的銷售和專案管理團隊與公司內部多個團隊密切合作，展示了我們平台的強大功能，尤其是在大型複雜事務方面，並展示了我們生成式人工智慧產品（包括 Cecilia 和 Auto Review）以及我們更廣泛的服務能力的差異化價值。因此，他們擴大了 Disco 的應用範圍，推出了幾個利用我們人工智慧能力的新專案。

Given the volume of high-stakes litigation involved, we see this as the beginning of a strategic partnership with a meaningful long-term potential. Each of these is an example of our team collaborating across multiple departments in unison to deliver an amazing outcome for our customer, showcasing that Disco is truly with you in every case. Supporting our customers in this matter is key to achieving our goals.

鑑於涉及大量高風險訴訟，我們認為這是一個具有重要長期潛力的策略夥伴關係的開始。這些例子都體現了我們團隊跨多個部門協同合作，為客戶帶來卓越成果，也充分展現了 Disco 在任何情況下都與您並肩作戰的決心。在這方面支持我們的客戶是實現我們目標的關鍵。

We have continued to tighten operations across all areas. Within sales and marketing, we continue to enhance our talent pool and allocate resources to customers with the highest wallet share opportunity and within our ideal customer profile. I am very pleased by the talent that we've attracted to Disco in the past few months, particularly reps with a history of selling successfully to enterprise-grade customers. We further continue to invest in our customer success team, including bringing on a new highly experienced leader for that organization as well as experienced talent.

我們持續加強各領域的營運管理。在銷售和行銷方面，我們不斷壯大人才庫，並將資源分配給那些擁有最高市場份額機會且符合我們理想客戶畫像的客戶。我對過去幾個月我們為 Disco 吸引到的人才感到非常滿意，特別是那些有成功向企業級客戶銷售經驗的銷售代表。我們將繼續增加對客戶成功團隊的投入，包括為該組織引進一位經驗豐富的新領導者以及其他經驗豐富的人才。

And finally, we've made changes to our lead generation team, shifting from a focus on account qualification to a more strategically aligned territory-based account orchestration model. This quarter, we saw very concrete progress in our strategic approach, but it's only the start. I am optimistic that the steps we are taking operationally will continue to accelerate our revenue growth.

最後，我們對潛在客戶開發團隊進行了調整，從專注於客戶資格認定轉向更具策略性的、基於區域的客戶協調模式。本季度，我們在策略方針方面取得了非常具體的進展，但這只是個開始。我樂觀地認為，我們正在採取的營運措施將繼續加速我們的收入成長。

Within the product side, we remain focused on releasing AI and core capabilities that help customers with their complex matters. We are starting to see some nice uplift and growth in these products. This quarter, we are proud to have brought Disco Auto Review capabilities to the EU and UK markets, where we are already seeing strong interest.

在產品方面，我們將繼續專注於發佈人工智慧和核心功能，以幫助客戶解決複雜問題。我們開始看到這些產品的銷售出現了一些不錯的成長。本季度，我們很自豪地將 Disco Auto Review 的功能引入了歐盟和英國市場，我們已經看到這些市場對此表現出濃厚的興趣。

With auto review, clients are now capable of reviewing up to 32,000 documents per hour. At that rate, Auto Review can tag as many documents in a single day as what would take a 20-person review team over three months to accomplish. And it's not only fast, it's accurate. Auto Review has been delivering precision and recall metrics exceeding 90% in many cases, much better than the industry standard of 75% for recall. We have seen several clients experience the power of this technology in practice and are excited for the future growth of this capability.

借助自動審核功能，客戶現在每小時最多可以審核 32,000 份文件。以這個速度，自動審核一天可以標記的文件數量，相當於一個 20 人的審核團隊三個月才能完成的數量。它不僅速度快，而且準確。Auto Review 的準確率和召回率在許多情況下都超過了 90%，遠高於行業標準的 75% 召回率。我們已經看到一些客戶在實踐中體驗了這項技術的強大功能，並對這項技術的未來發展感到興奮。

We launched Cecilia in 2023 as the first-to-market solution capable of answering lawyer questions in real time based on the data and their proprietary databases. In the first half of the year, we saw 150% growth in multi-terabyte matters leveraging Cecilia from where we ended 2024. We've observed that the largest matters are also finding the most use of this product and for good reason. The largest matters often have the largest legal teams and the most sensitive and complex topics, where a solution like Cecilia can make a lawyer's job much easier and more effective.

我們在 2023 年推出了 Cecilia，它是市場上首個能夠根據數據及其專有資料庫即時回答律師問題的解決方案。今年上半年，我們利用 Cecilia 處理多 TB 級事務的數量增加了 150%，而 2024 年底我們預計達到這個數字。我們觀察到，規模最大的項目也最常使用這款產品，這是有充分理由的。最大的案件往往需要最大的法律團隊，涉及最敏感、最複雜的問題，而像 Cecilia 這樣的解決方案可以讓律師的工作變得更輕鬆、更有效率。

While we are seeing lawyers use Cecilia to find key documents and receive fast case-related answers, we are also seeing them use Cecilia in more unique situations, like during a live trial to help question a witness, preparing for depositions or helping understand unfamiliar terms and concepts.

雖然我們看到律師們使用 Cecilia 來查找關鍵文件並快速獲得與案件相關的答案，但我們也看到他們在更特殊的情況下使用 Cecilia，例如在現場審判中幫助詢問證人、準備證詞或幫助理解不熟悉的術語和概念。

I also want to highlight a core Ediscovery capability we launched in crawl called Searchable AV Transcriptions. This capability allows customers to automatically convert audio and video files into searchable reviewable text. This streamlines the review process, reduces manual error and empowers attorneys to quickly identify relevant facts. Reviewers can view transcribed content side-by-side with original media, integrate it with Cecilia doc summaries and Q&A and ask targeted questions to drive faster, more accurate analysis. We continue to release capabilities like this and others every quarter, allowing our customers to find key evidence quickly and efficiently and to make Disco the ideal platform for managing large complex matters.

我還想重點介紹我們在 crawl 中推出的一項核心電子發現功能，稱為可搜尋的音視頻轉錄。此功能允許客戶自動將音訊和視訊檔案轉換為可搜尋、可審閱的文字。這簡化了審查流程，減少了人為錯誤，並使律師能夠快速確定相關事實。審閱者可以並排查看轉錄內容與原始媒體，將其與 Cecilia 文件摘要和問答整合，並提出有針對性的問題，以推動更快、更準確的分析。我們每季都會持續發布此類功能以及其他功能，使我們的客戶能夠快速且有效率地找到關鍵證據，並使 Disco 成為管理大型複雜案件的理想平台。

Finally, being a customer-focused organization means breaking down silos to create efficiency across our operations. In our legal department, we assessed our contracting approach and slimmed our standard contract by more than 50% while maintaining standard risk and other terms for Disco. While this may not sound revolutionary, simplifying legal contracts has significantly reduced bottlenecks in the sales process and helped minimize friction points with customers. These kinds of changes make us a more approachable, efficient company to do business with.

最後，作為一家以客戶為中心的企業，意味著打破部門壁壘，提高營運效率。在我們的法律部門，我們評估了我們的合約方式，並將我們的標準合約精簡了 50% 以上，同時保持了 Disco 的標準風險和其他條款。雖然這聽起來可能並不具有革命性，但簡化法律合約已顯著減少了銷售過程中的瓶頸，並有助於最大限度地減少與客戶的摩擦點。這些改變使我們成為更平易近人、更有效率的商業夥伴。

In human resources, we made meaningful progress in several areas, including automating HR processes related to the year-end compensation and performance reviews. Many of these legacy processes were time-consuming and distracting to our teams. By making administrative tasks faster and the overall year-end process more transparent, we are reducing distractions from the business.

在人力資源方面，我們在多個領域取得了實質進展，包括實現了與年終薪酬和績效評估相關的人力資源流程自動化。這些遺留流程大多耗時費力，而且分散了團隊的注意力。透過加快行政任務速度，提高年終流程的透明度，我們減少了對業務的干擾。

In summary, this quarter was about execution of our strategy. We saw meaningful acceleration in our software business. We are seeing continued adoption of Cecilia, and we are excited about the traction of Auto Review. The strategic changes that we made in recent quarters across nearly every area of the business from how we go to market to how we support our customers to how we operate internally are starting to bear fruit. We are confident in the strategy that we have set and the alignment that we've achieved across our teams.

總而言之，本季的重點是執行我們的策略。我們的軟體業務實現了顯著加速成長。我們看到 Cecilia 的普及率持續上升，我們對 Auto Review 的發展勢頭感到興奮。最近幾個季度，我們對業務的幾乎所有領域都進行了策略調整，從行銷方式到客戶支援方式，再到內部營運方式，這些調整開始取得成效。我們對我們所製定的策略以及我們各團隊之間達成的共識充滿信心。

While there's more work ahead, we are confident in our ability to execute and that the foundation that we're laying today will drive sustainable growth and increase efficiency going forward.

雖然未來還有更多工作要做，但我們對自身的執行能力充滿信心，並相信我們今天奠定的基礎將推動永續成長，並提高未來的效率。

Before I turn it over to Michael to go over the financials, I'd like to take a moment to address the news that we shared in our earnings press release that Michael will be stepping down from his role as CFO at the end of this year. We have initiated a search for our next CFO, and Michael will remain at the helm until the end of the year unless a successor is appointed sooner.

在將財務報表交給邁克爾之前，我想花一點時間來談談我們在盈利新聞稿中宣布的消息，即邁克爾將在今年年底卸任首席財務官一職。我們已啟動下一任財務長的遴選工作，除非提前任命繼任者，否則麥可將繼續擔任財務長一職至年底。

Since joining the company in 2018, Michael has played a critical role in transforming Disco from an early-stage startup to a successful public company, leading Disco through multiple private funding rounds, our IPO and our secondary offering. I cannot thank Michael enough for all he has done so far for Disco, and I am looking forward to continuing to work with him over the next several months as we complete the search and transition process.

自 2018 年加入公司以來，Michael 在將 Disco 從早期創業公司轉型為成功的上市公司的過程中發揮了關鍵作用，帶領 Disco 完成了多輪私募融資、首次公開發行 (IPO) 和二次發行。我非常感謝邁克爾迄今為止為迪斯科所做的一切，我期待在接下來的幾個月裡繼續與他合作，完成搜尋和過渡過程。

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

接下來，我將把麥克風交給麥可。麥可？

Thanks, Eric. My time at Disco has been an amazing journey, and it is a privilege to work alongside such a talented and dedicated team. I'm immensely proud of what we have been able to achieve to this point. I feel that Disco is in a great position for this transition, and I'm looking forward to working with Eric and the team over the next few months to deliver great results and to complete the search for and transition to my successor.

謝謝你，埃里克。我在 Disco 的這段時間是一段奇妙的旅程，能夠與如此才華橫溢、敬業奉獻的團隊一起工作是我的榮幸。我為我們迄今為止所取得的成就感到無比自豪。我認為 Disco 已經為這次過渡做好了充分準備，我期待在接下來的幾個月裡與 Eric 和團隊合作，取得優異的成績，並完成繼任者的尋找和交接工作。

And now for our Q2 financial results. In Q2 2025, total revenues were $38.1 million, up 6% year over year. Software revenues were $32.7 million, up 12% year over year. In software, we saw strong growth stemming from net new usage on our platform and expansion of multi-terabyte matters. Our software performance exceeded the high end of our guidance, while total revenue came in towards the top end of our guidance.

接下來公佈我們第二季的財務業績。2025 年第二季總營收為 3,810 萬美元，年增 6%。軟體營收為 3,270 萬美元，較去年同期成長 12%。在軟體方面，我們看到強勁的成長源自於我們平台上的新增用戶以及多TB級資料的擴展。我們的軟體效能超過了預期上限，而總收入也接近預期上限。

The big drivers this quarter were our Ediscovery product, where we saw growth largely from a net increase of multi-terabyte matters and contribution from Cecilia, which is starting to have a nice uplift on our software growth, especially as case teams with larger matters tend to be stronger consumers of Cecilia.

本季的主要驅動力是我們的電子取證產品，其成長主要來自數TB案件的淨成長以及Cecilia的貢獻，Cecilia開始對我們的軟體成長產生良好的推動作用，尤其是案件規模較大的案件團隊往往是Cecilia的更強勁用戶。

Services revenues, which include Disco managed review and professional services, were $5.4 million. We continue to see softness in the Review business. However, we are starting to see growth within Auto Review, where we remain optimistic. In discussing the remainder of the income statement, please note that unless otherwise specified, all references to our gross margin, operating expenses and net loss are on a non-GAAP basis. Adjusted EBITDA is also a non-GAAP financial measure.

服務收入（包括 Disco 管理的審查和專業服務）為 540 萬美元。評論業務持續疲軟。然而，我們開始看到汽車評論業務的成長，對此我們保持樂觀。在討論損益表的其餘部分時，請注意，除非另有說明，所有關於我們毛利率、營業費用和淨虧損的參考資料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 Q2 was 76%. 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 Q2 was $13.8 million or 36% of revenue compared to 40% of revenue in Q2 of the prior year. The year over year dollar decline is predominantly due to lower employee and marketing expenses.

第二季我們的毛利率為76%。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。第二季的銷售和行銷費用為 1,380 萬美元，佔營收的 36%，而去年同期佔營收的 40%。美元年減主要是因為員工和行銷費用降低所致。

Research and development expense for Q2 was $11.7 million or 31% of revenue compared to 30% of revenue in Q2 of the prior year. This increase was primarily driven by an increase in research and development talent to support our innovation. General and administrative expense in Q2 was $7.2 million or 19% of revenue compared to 22% of revenue in Q2 of the prior year.

第二季的研發費用為 1,170 萬美元，佔營收的 31%，而去年同期這一比例為 30%。這一成長主要得益於研發人才的增加，以支持我們的創新。第二季一般及行政費用為 720 萬美元，佔營收的 19%，而上年同期佔營收的 22%。

Operating loss in Q2 was $3.8 million, representing an operating margin of negative 10% compared to negative 17% in Q2 of the prior year. Adjusted EBITDA was negative $2.7 million in Q2, representing an adjusted EBITDA margin of negative 7% compared to an adjusted EBITDA margin of negative 13% in Q2 of the prior year. This represents a beat of the high end of the guidance range we provided last quarter and $2 million year over year improvement.

第二季營業虧損為 380 萬美元，營業利益率為 -10%，而去年同期為 -17%。第二季調整後 EBITDA 為負 270 萬美元，調整後 EBITDA 利潤率為負 7%，而上年同期調整後 EBITDA 利潤率為負 13%。這比我們上季度給出的預期範圍上限還要高，並且比去年同期增長了 200 萬美元。

Net loss in Q2 was $2.8 million or negative 7% of revenue compared to a net loss of $4.4 million or negative 12% of revenue in Q2 of the prior year. Net loss per share for Q2 was $0.04 compared to $0.07 per share for Q2 of the prior year.

第二季淨虧損為 280 萬美元，佔營收的 -7%，而上年同期淨虧損為 440 萬美元，佔營收的 -12%。第二季每股淨虧損為 0.04 美元，而上年同期每股淨虧損為 0.07 美元。

Turning to the balance sheet and cash flow statement. We ended Q2 with $114.5 million in cash and short-term investments and no debt. Operating cash flow for the first two quarters of 2025 was negative $14.7 million compared to negative $8.0 million in the same period of the year prior.

接下來來看資產負債表和現金流量表。第二季末，我們擁有1.145億美元的現金和短期投資，並且沒有債務。2025 年前兩季的經營現金流為負 1,470 萬美元，去年同期為負 800 萬美元。

Turning to the outlook. For Q3 2025, we are providing total revenue guidance in the range of $37.5 million to $39.5 million and software revenue guidance in the range of $32.75 million to $33.75 million. We expect adjusted EBITDA to be in the range of negative $5 million to negative $3 million.

展望未來。對於 2025 年第三季度，我們給出的總收入預期在 3,750 萬美元至 3,950 萬美元之間，軟體收入預期在 3,275 萬美元至 3,375 萬美元之間。我們預計調整後 EBITDA 將在負 500 萬美元至負 300 萬美元之間。

For fiscal year 2025, we are providing total revenue guidance in the range of $148 million to $158 million and software revenue guidance in the range of $128 million to $134 million. We expect adjusted EBITDA to be in the range of negative $17 million to negative $13 million. Our fiscal year 2025 guidance for total revenue, software revenue and adjusted EBITDA represents an increase of $1 million, $2.5 million and $1.5 million, respectively, at the midpoint from our guidance last quarter.

對於 2025 財年，我們給出的總收入預期在 1.48 億美元至 1.58 億美元之間，軟體收入預期在 1.28 億美元至 1.34 億美元之間。我們預計調整後的 EBITDA 將在 -1700 萬美元至 -1300 萬美元之間。我們對 2025 財年的總營收、軟體營收和調整後 EBITDA 的預期分別為：較上季預期的中位數分別增加 100 萬美元、250 萬美元和 150 萬美元。

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)

（操作說明）

DJ Hynes, Canaccord Genuity.

DJ Hynes，Canaccord Genuity。

Congrats on the quarter. So I know there's been this push for the With You in Every Case and sort of raising this awareness around the holistic offerings to the platform and service capabilities. Are you thinking of services and kind of working with clients as like a tip of the spear for new customer acquisition or more expansion within existing customers?

恭喜你本季取得佳績。所以我知道，一直以來都在大力推廣「與您同在，伴您左右」的理念，並努力提高人們對平台和服務能力的整體性的認識。您是否將服務和與客戶的合作視為獲取新客戶或拓展現有客戶群的先鋒手段？

Yeah. Thanks, DJ. Let me tell you how I think about services or more specifically With You in Every Case because with you at every case is really about being able to support our customers with whatever they need for their largest and most complex cases. And when we really dug in and met with our customers over the last several quarters to try to determine in situations where they're not putting their largest cases into Disco, why aren't they doing that? And the most common reason that we heard was that they needed to leverage services or they needed the access to services and that typically could be project management, forensics, ingestion type services.

是的。謝謝，DJ。讓我來談談我對服務的看法，或者更具體地說，是「與您攜手共進」的理念，因為「與您攜手共進」的真正含義是能夠為我們的客戶提供他們所需的一切支持，以應對他們最大、最複雜的案件。在過去的幾個季度裡，我們深入研究並與客戶會面，試圖確定在他們沒有將最大貨物放入 Disco 的情況下，他們為什麼不這樣做。我們聽到的最常見原因是他們需要利用服務或需要存取服務，這些服務通常是專案管理、取證、資料收集等類型的服務。

And so we recognized that we needed to do a much better job educating the market that we have those types of services capabilities. And we've seen great results in increasing our software revenue, specifically related to doing better education around that exact topic. Last quarter, I shared an example of a customer that I met with in the UK in February, where once we educated them about their services, they tripled their software revenue with us in the first three months after that. Since then, they've doubled again.

因此，我們意識到我們需要更好地向市場宣傳我們擁有這些類型的服務能力。我們在提高軟體收入方面取得了顯著成效，尤其是在圍繞該主題開展更好的教育方面。上個季度，我分享了一個我二月在英國遇到的客戶的例子，在我們向他們介紹了我們的服務之後，他們在之後的頭三個月裡，軟體收入增長了兩倍。此後，它們的數量又翻了一番。

And so that's just an example, and there's many examples across the board where by educating customers that we have these types of services available, they're more inclined to leverage us. So we're not trying to promote our services. We're not trying to drive up our services revenue. That's not in the least at the point. The point is we're with them. And whether they leverage our services, whether they leverage a partner's services, or whether they leverage their internal services.

這只是一個例子，還有很多其他例子，透過向客戶宣傳我們提供的這些類型的服務，他們更傾向於利用我們的服務。所以我們不是在推銷我們的服務。我們並非試圖提高服務收入。目前來看，這根本不是重點。關鍵是我們和他們站在一起。無論他們是利用我們的服務，還是利用合作夥伴的服務，或是利用自己的內部服務。

Some of the bigger law firms have centralized litigation support teams or centralized Ediscovery teams that can serve them really well, and we can support those teams. But again, it's not about driving up the software revenue. It's about driving up -- I'm sorry, it's not about driving up the services revenue. It's about helping our customer and driving up our software revenues.

一些規模較大的律師事務所擁有集中式的訴訟支援團隊或集中式的電子取證團隊，這些團隊可以為他們提供很好的服務，而我們可以為這些團隊提供支援。但再次強調，這並非是為了提高軟體收入。重點在於提升——抱歉，重點不在於提高服務收入。這關乎幫助我們的客戶並提高我們的軟體收入。

Okay. Got you. And then maybe a quick follow-up for Michael. So we have your target for -- I know we're still probably about six quarters, give or take away from the quarterly EBITDA targets you gave us. But it still sounds like you guys are working to implement a couple of changes operationally. So do you think achieving these targets is going to hinge more on an inflection in revenue growth? Or do you think the operational prudence is what's going to get us there?

好的。抓到你了。然後或許可以給麥可做一個簡短的後續訪談。所以我們已經達到了您的目標——我知道我們距離您給出的季度 EBITDA 目標可能還有大約六個季度的時間。但聽起來你們似乎仍在努力實施一些營運方面的變革。所以你認為實現這些目標更取決於營收成長的轉折點嗎？還是你認為謹慎行事才是讓我們成功的關鍵？

So DJ, that's a good question. The guide -- the feedback we've provided previously, and we're standing by that feedback is our goal is to be adjusted EBITDA positive or breakeven in Q4 of 2026. And we -- that continues to be the goal, and it obviously -- there's revenue growth assumptions in that. From an expense structure, we're planning on keeping our expenses relatively the same. There might be a modest uptick in certain departments. But most of what we're doing on the expense side is primarily reallocation in areas of the business that will drive -- that we continue to believe will drive growth and that we've been doing over the last couple of quarters.

DJ，你問得好。根據指南——我們先前提供的回饋，我們堅持這一回饋，我們的目標是在 2026 年第四季實現調整後 EBITDA 為正或損益平衡。而我們——這仍然是我們的目標，而且顯然——其中也包含著收入成長的假設。從費用結構來看，我們計劃保持費用基本上不變。某些部門可能會出現小幅成長。但我們在支出方面所做的大部分工作主要是將資金重新分配到那些將推動業務成長的領域——我們仍然相信這些領域將推動業務成長，而且我們在過去幾個季度一直在這樣做。

Yeah. And just to add on to that, I mean, I'm extremely pleased that we were able to beat the high end of our EBITDA guidance in Q2 pretty considerably. Look, I think this business can be a 20%-plus grower. We're charting our path towards that. Part of that is going to involve continuing with some of the investments that we have committed to around building out things like customer success, sales enablement, finishing out the implementation of our quick-to-cash system.

是的。另外，我還要補充一點，我非常高興我們第二季 EBITDA 業績大幅超過了預期上限。我認為這個行業可以實現 20% 以上的成長。我們正在規劃實現這一目標的路徑。其中一部分將涉及繼續進行我們已承諾的一些投資，例如建立客戶成功、銷售賦能以及完成我們的快速收款系統的實施。

And these are just critical investments that we need to be able to make to accelerate our growth to get to that 20%-plus number over time and to take advantage of this huge market opportunity. So we're absolutely committed, as Michael mentioned, to being EBITDA breakeven -- adjusted EBITDA breakeven in Q4 of 2026. And we've had some good success along the way at beating our expectations around EBITDA, but we still are going to make some investments along the way.

這些都是我們為了加速成長、最終達到 20% 以上的成長率並抓住這個巨大的市場機會而必須進行的關鍵投資。正如邁克爾所提到的，我們絕對致力於在 2026 年第四季度實現 EBITDA 盈虧平衡——調整後 EBITDA 盈虧平衡。我們一路走來在 EBITDA 方面取得了一些不錯的成績，超出了預期，但我們仍將在過程中進行一些投資。

Scott Berg, Needham & Company.

Scott Berg，Needham & Company。

This is Ian Black on for Scott Berg. Congratulations on the great quarter. As you guys move upmarket into larger matters, how does that increase your revenue visibility and durability?

這裡是伊恩·布萊克，他代替斯科特·伯格為您報道。恭喜你們本季取得佳績。隨著你們逐步拓展業務，進軍更大規模的市場，這如何提高你們的收入可見度和永續性？

Yeah, that's a great question, Ian. I think one important thing to point out, obviously, we're a usage-based business. And as we've spoken -- as we have spoken about in the past, matters begin and then revenue begins. Matters end and revenue ends. That's the vast majority of the revenue that comes in for Disco.

是的，伊恩，你問得好。我認為需要指出的一點很明顯，我們是一家按使用量計費的企業。正如我們之前所說——正如我們過去所說，事情開始之後，收入才會開始。事情結束了，收入也跟著結束了。這就是迪斯可收入的絕大部分。

One of the things, not only are larger matters larger revenue, but they tend to last a lot longer as well, which gives us the opportunity to have a little bit better, I guess, predictability from a revenue standpoint over time as well.

其中一點是，規模較大的專案不僅能帶來更大的收入，而且往往持續時間也更長，這讓我們有機會從收入的角度更好地預測未來一段時間的收入。

The other thing is those larger matters oftentimes are coming from our larger customers. And larger customers tend to have larger wallets. They tend to have more matters. And the more traction that we get with those customers, the more opportunity we have to expand even further within those customers, and it becomes a much more efficient cost of sale through that expansion. So -- as I mentioned in the past, we've got -- well, now we're up to -- we actually just grew 6%, but we're up to 323 customers that spend over $100,000 a year with us, up 6% year over year.

另一方面，這些更大的問題往往來自我們的大客戶。而且，大客戶往往也更有錢。他們往往要處理更多的事情。我們與這些客戶的互動越多，我們就越有機會在這些客戶中進一步拓展業務，而這種拓展將大大降低銷售成本。所以——正如我之前提到的，我們現在——實際上增長了 6%，我們有 323 位客戶每年在我們這裡消費超過 10 萬美元，同比增長 6%。

And in many of those customers, we might only have 10% or 15% of their wallet share, and we're hyper focused on growing our wallet share within those customers. So larger matters equals more wallet share, larger matters equals longer revenue streams.

在許多客戶中，我們可能只佔其錢包份額的 10% 或 15%，因此我們非常專注於提高我們在這些客戶中的錢包份額。因此，規模更大的項目意味著更大的市場份額，規模更大的項目意味著更長的收入來源。

And then one quick follow-up. You guys called out significant growth from Cecilia. What is the revenue uplift of that product?

然後還有一個簡短的後續問題。你們都注意到了Cecilia的顯著進步。該產品能帶來多少營收成長？

So good question. So we're really, really pleased with our overall software performance in Q2 and also coming in about $900,000 above the guidance range we had provided, really, really strong execution across the board. In terms of Cecilia, we don't break out that actual number, but we're really pleased with the number of databases using Cecilia. And the other thing that we're really pleased about is a lot of our larger multi-terabyte matters, the use for in Cecilia has gone up a fair amount. We talked about that a little bit previously. And that is really part of our overall strategy of driving larger matters and also focusing on our larger customers. So we're just overall really pleased with the adoption of Cecilia.

問得好。因此，我們對第二季的整體軟體表現非常非常滿意，而且實際收入比我們之前給出的指導範圍高出約 90 萬美元，各方面都表現出色。就 Cecilia 而言，我們沒有公佈具體數字，但我們對使用 Cecilia 的資料庫數量感到非常滿意。還有一件事讓我們非常高興，那就是我們許多大型的數TB資料在Cecilia中的使用量都大幅增加了。我們之前稍微討論過這個問題。而這其實是我們整體策略的一部分，即推動更宏大的策略，並專注於我們的大客戶。總的來說，我們對收養 Cecilia 這件事感到非常滿意。

Yeah. And just to add to that, we're also pleased with the revenue that we're getting from Cecilia. So it's great that we have 150% growth in the first half of the year on the number of large cases, but the revenue associated with those is great, too. But equally important, honestly, is the value that the customers are getting from Cecilia that makes them want to keep using it. So many of our customers that use Cecilia will use it again and again. And that makes our core Ediscovery product that much stickier.

是的。此外，我們對 Cecilia 帶來的收入也感到滿意。今年上半年大案數量增加了 150%，這固然很好，但與這些案件相關的收入也相當可觀。但說實話，同樣重要的是，客戶從 Cecilia 獲得的價值，這讓他們想要繼續使用它。許多使用過 Cecilia 的客戶都會一再繼續使用它。這使得我們的核心電子取證產品更具用戶黏性。

Mark Schappel, Loop Capital.

Mark Schappel，Loop Capital。

Eric, a couple of questions around go-to-market. With respect to the increasing focus on larger customers, I was wondering if you could just discuss the progress you've made just bringing in the right type of sales rep, bringing them in that -- at least the right sales rep that has the capability to sell higher up into the organization.

Eric，關於市場推廣，我有幾個問題。鑑於公司越來越重視大客戶，我想請您談談在引進合適的銷售代表方面取得的進展，至少引進那些有能力向公司高層銷售產品的銷售代表。

Sure. Yeah. I mean, well, I think you know we brought on Lauren Caruso as our Chief Sales Officer. It's been about six months ago. I think it was October of last year. She obviously has a lot of enterprise experience. That's been super helpful. We have brought on several more enterprise-grade salespeople who have experience not just with large accounts, but also in the legal technology industry. So that's been extremely helpful. And then a lot of it is about focus. We've actually opened up more reps in that space. We've got less people that are working on small accounts and more people that are working on large accounts. And then it's the plays that we're running.

當然。是的。我的意思是，嗯，我想你們都知道，我們聘請了 Lauren Caruso 擔任首席銷售長。大約是六個月前的事了。我想應該是去年十月吧。她顯然擁有豐富的企業經驗。這真的很有幫助。我們引進了幾位企業級銷售人員，他們不僅有服務大客戶的經驗，而且在法律科技行業也有經驗。這真的很有幫助。然後，很多時候都跟專注力有關。實際上，我們已經在這個領域增加了更多機會。我們現在負責小客戶的人員減少了，而負責大客戶的人員增加了。然後就是我們正在執行的戰術。

So for example, we've got a strategic account management program where we have a set of accounts that we have multiple resources working on across the country or in some cases, even in the UK and Canada, where it's not just one experienced enterprise salesperson, it's multiple because there's a decentralized aspect and a centralized aspect to how we grow our share within these particular accounts. In addition to that, we've got an account-based marketing approach. So that we're putting, again, extra very focused resources on sharing the content, the stories, the value that we're getting or that our customers are getting within those accounts to try to work to expand it. So it's a real cross-functional approach between sales, sales development, marketing and customer success.

例如，我們有一個策略客戶管理計劃，其中我們有多個資源在全國各地，甚至在某些情況下，在英國和加拿大，為一系列客戶提供服務。這不僅僅是一個經驗豐富的企業銷售人員，而是多個，因為我們在這些特定客戶中擴大市場份額的方式既有分散的方面，也有集中的方面。除此之外，我們也採用了以客戶為基礎的行銷方法。因此，我們再次投入大量資源，重點分享我們或我們的客戶在這些帳戶中獲得的內容、故事和價值，以努力擴大其影響力。所以這是銷售、銷售拓展、行銷和客戶成功部門之間真正的跨職能協作方式。

And as a follow-up, I was wondering if you could just review some of the changes you've made to your lead gen team.

另外，我想請您回顧一下您對潛在客戶開發團隊所做的一些調整。

Yeah. Well, so the lead gen team, and this -- if we just rewind all the way back to the time before I got here, was really just all about setting up meetings with customers. And those meetings could be and they're incentivized that way. And those meetings could be with small customers, they could be with large customers. We've really changed -- if you think about the way I just described our go-to-market approach and how it's integrated between sales, sales development, marketing and customer success, the sales development rep now really orchestrates all of that.

是的。嗯，所以，線索開發團隊，如果我們把時間倒回我來之前，其實就是安排與客戶的會議。而這些會議可能會這樣舉行，他們的激勵機制也是如此。這些會議的與會者可能是小型客戶，也可能是大型客戶。我們真的改變了——如果你想想我剛才描述的我們的市場進入策略以及它是如何將銷售、銷售開發、行銷和客戶成功整合在一起的，銷售開發代表現在真正地協調了所有這些。

So think of them as almost like kind of like the quarterback in a way, making sure that they're taking the inputs from marketing and qualifying the opportunity and sending it along to the salesperson and the customer success person is working in coordination with them because, again, a lot of our focus is on these existing accounts where we're expanding the wallet share. So it's very much more now of an orchestration type of an approach rather than just a prospecting type of an approach.

所以你可以把他們想像成某種意義上的四分衛，確保他們接收行銷部門的輸入訊息，評估商機，並將其發送給銷售人員，而客戶成功人員則與他們協調合作，因為我們的許多精力都集中在這些現有客戶身上，我們正​​在擴大他們的錢包份額。所以現在更多的是一種統籌規劃的方法，而不僅僅是尋找潛在客戶的方法。

(Operator Instructions)

（操作說明）

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Michael, it's been awesome working with you over the years and best of luck with whatever journey you have next coming for you. I have a question on maybe go-to-market and any sort of additional pieces that you may need to bring into the company to kind of execute the long-term growth strategy, either from additional executives or regions or capacity? I'm just trying to figure out, is there more to go? Or is the team here in place to really drive the kind of the next story of growth here for Disco?

邁克爾，這些年來與你共事非常愉快，祝你接下來的旅程一切順利。我有一個關於市場推廣的問題，以及為了執行長期成長策略，您可能需要為公司引入的任何其他要素，例如額外的管理人員、地區或產能？我只是想弄清楚，是否還有後續？或者說，這裡的團隊是否已經到位，能夠真正推動 Disco 開啟下一個成長篇章？

Yeah. Thanks, Koji. I mean if I think about the story of the transformation journey that we're on, I guess I would really sort of phase it out. And I would say the first phase started when I got here 15 months ago, and it was really about digging in deep, learning the business, meeting with our customers, I met with over 100 customers in that first year, but many, many in the first couple of quarters, digging in deep on our ideal customer profile, understanding exactly where we can add the most value to customers and where we can generate significant revenue improvement from customers, looking at the types of matters that we should focus on. So really digging deep and learning the business.

是的。謝謝你，Koji。我的意思是，如果我回顧我們正在經歷的轉型之旅，我想我會逐漸淡化它的影響。我想說，第一階段是從我15個月前來到這裡開始的，那段時間主要是深入了解業務，與客戶會面。在第一年，我與超過100位客戶會面，尤其是在最初的幾個季度，我們與更多客戶進行了深入交流，深入了解我們的理想客戶畫像，準確了解我們可以在哪些方面為客戶創造最大價值，以及我們可以在哪些方面從客戶那裡獲得顯著的收入增長，並研究我們應該關注哪些方面。所以要深入了解這個產業。

The next phase was all about developing the strategy and developing a very, very clear strategy where we knew exactly who we were going to focus on, how we were going to go after them, how we're going to drive efficiency into the operations of the business.

下一階段的重點是製定策略，制定一個非常非常清晰的策略，讓我們確切地知道我們要專注於哪些客戶，我們將如何爭取他們，以及我們將如何提高業務營運效率。

The third phase was really about team development. The biggest phase of building out the senior leadership team, which was sort of a combination of taking the extremely talented people that we have on staff and adding some more been there, done that executives who have helped scale organizations in the past. So that was the next phase and then the next phase was really about alignment, making sure that everybody in the company is 100% aligned on our strategy, and that's what we went through.

第三階段的重點是團隊建立。組建高階領導團隊的最大階段，是將我們現有員工中極具才華的人才與一些經驗豐富的、曾幫助組織實現規模化發展的資深高管相結合。所以這就是下一個階段，而下一個階段實際上是關於協調一致，確保公司裡的每個人都 100% 認同我們的策略，這就是我們所經歷的。

And then there's a lot of phases, but those all happen quite quickly in succession. And when we launched into 2025 at our company kickoff meeting in January, I told the company that our rally cry for 2025 is it's go time. And it's all about execution. And I acknowledge the fact that we have more transformation to do. And frankly, Koji, we still do. We still do have more transformation to do. But just because we are still doing transformation doesn't mean that we can't execute. It doesn't mean that we can't start getting results and starting to perform.

然後會經歷很多階段，但這些階段都會很快地接連發生。在1月的公司啟動會議上，我們正​​式邁入2025年，我告訴公司，我們2025年的口號是「採取行動」。關鍵在於執行。我也承認，我們還有更多改變要做。坦白說，Koji，我們現在仍然這麼認為。我們仍有許多變革要做。但即便我們仍在進行轉型，也不代表我們不能執行。但這並不意味著我們不能開始取得成果並開始有所作為。

And so look, I think what I would say is there is still more to go, but I consider that a good thing. In fact, there probably always will be something to go. We're an innovative company, right? There will always be some transformation. But there's still some more to go.

所以，我覺得還有很長的路要走，但我認為這是一件好事。事實上，可能總是會有東西可以帶走。我們是一家創新公司，對吧？總是會有一些變化發生。但還有一些路要走。

We're rolling out new plays. There's, I think, some more that we can do around specific matter types that we're starting to execute on where I think we can perform even better. So there's some more to go there, but we're a good chunk of the way through the transformation such that we can start executing and getting results.

我們正在推出新的劇本。我認為，在某些特定類型的事務上，我們可以做得更好，我們正在開始著手處理這些事務。所以還有一些工作要做，但我們已經完成了轉型的大部分工作，可以開始執行並獲得結果了。

And with no further questions in queue, I will now hand the call back over to Eric Friedrichsen, CEO, for closing remarks.

由於沒有其他問題需要提問，我現在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。

Yeah. Thank you very much, and thanks really for everybody for joining us today. The Disco team just continues to make strong progress. I'm really encouraged by the momentum that we're seeing across the entire business. I'm especially pleased that this has enabled us to beat the high end of our guidance for both software and adjusted EBITDA in Q2 and to lift our guidance for the full year. As I mentioned earlier, right now, it's all about execution. I believe that this business could be a 20%-plus grower. We're really just getting started. There's much more progress that we can make.

是的。非常感謝，也衷心感謝今天所有到場的各位。迪斯科團隊持續取得顯著進步。整個公司目前的發展動能令我倍感鼓舞。我特別高興的是，這使我們能夠在第二季度超越軟體和調整後 EBITDA 的預期上限，並提高全年預期。正如我之前提到的，現在一切都取決於執行力。我認為這家企業有可能實現20%以上的成長。我們才剛起步。我們還有很多可以取得的進展。

At the same time, I'm just incredibly proud of the talented Disco teammates that we have throughout the entire organization. I'm optimistic about the road ahead. I believe that the initiatives that we've already launched are just starting to show that early impact, and they will serve as long-term drivers of our performance. Even though I'm proud of the fact that we had 12% software growth and that we're able to raise the midpoint of our guidance by $2.5 million on software for the year, it's really more about how we got there. It's -- we said we were going to go focus on expansion within our large customers and acquiring larger customers with larger wallets.

同時，我為我們整個組織中才華橫溢的迪斯科舞團隊友們感到無比自豪。我對未來的道路充滿信心。我相信我們已經推出的各項舉措才剛開始顯現初步影響，它們將成為我們業績的長期驅動力。儘管我為我們實現了 12% 的軟體成長，並將今年的軟體收入預期中位數提高了 250 萬美元而感到自豪，但更重要的是我們是如何取得這些成就的。我們說過，我們將專注於拓展現有大客戶，並爭取更多財力雄厚的大客戶。

We said it was going to be about starting to work on the most -- the larger and more strategic matters from our customers. And we saw incredible strides there in terms of both revenue and quantity for those areas, which gives me more and more confidence about the future and gives me that much more confidence to be able to raise the guidance. So while I'm proud of what we accomplished so far, we're really just getting started. We've got the right people. We've got the right strategy. We're starting to see some early results, but really now it's about execution.

我們說過，接下來要著手處理客戶提出的最重要、更重大、更具策略性的問題。我們在這些領域的收入和數量方面都取得了令人矚目的進步，這讓我對未來越來越有信心，也讓我更有信心提高業績預期。雖然我為我們迄今為止的成就感到自豪，但我們實際上才剛剛起步。我們找到了合適的人選。我們制定了正確的策略。我們已經開始看到一些初步成果，但現在真正的關鍵在於執行。

So thank you all for your time. I really appreciate it.

感謝各位抽出時間。我非常感謝。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝您今天蒞臨。今天的電話會議到此結束。您現在可以斷開連線了。