CS Disco, Inc. (LAW) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to CS Disco's first-quarter 2026 conference call. (Operator Instructions) I would now like to hand the conference over to your first speaker today, Head of Investor Relations, Aleksey Lakchakov. Please go ahead.

各位女士、先生，感謝您稍候，歡迎參加 CS Disco 2026 年第一季財報電話會議。(接線員指示) 現在我想將會議交給今天的第一位講者——投資人關係主管 Aleksey Lakchakov。請開始。

Good morning, and thank you for joining us on today's conference call to discuss the financial results for DISCO's first quarter of fiscal-year 2026. With me on today's call are Eric Friedrichsen, DISCO's Chief Executive Officer; Aaron Barfoot, DISCO's Chief Financial Officer; and Richard Crum, DISCO's Chief Product Technology and Strategy Officer.

各位早安，感謝您參加今天的電話會議，一同討論 DISCO 2026 會計年度第一季的財務結果。今天與我一同出席的有：DISCO 執行長 Eric Friedrichsen；DISCO 財務長 Aaron Barfoot；以及 DISCO 產品、技術與策略長 Richard Crum。

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 the 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《1995 年私人證券訴訟改革法》安全港條款所定義的前瞻性陳述，包括但不限於關於我們的財務展望與未來表現、未來資本支出、市場機會、市場地位、產品與上市策略，以及成長機會與我們產品供應的效益，以及法律科技產業的發展。除我們的事先準備講稿外，我們的財報新聞稿、向 SEC 提交的文件，以及今日電話會議的重播，皆可於我們的投資人關係網站 ir.csdisco.com 查閱。

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, 2023, filed with the SEC on February 25, 2026, and the company's quarterly report on Form 10-Q for the core ended March 31, 2026.

前瞻性陳述涉及已知與未知的風險與不確定性，可能導致我們的實際結果、表現或成就與前瞻性陳述所明示或暗示者有重大差異。前瞻性陳述僅代表管理層於作出陳述當日的信念與假設。可能影響公司財務結果之因素資訊，會不時載於公司向 SEC 提交的文件中，包括公司截至 2023 年 12 月 31 日止年度的 Form 10-K 年報中「風險因素」章節（已於 2026 年 2 月 25 日向 SEC 提交），以及公司截至 2026 年 3 月 31 日止季度的 Form 10-Q 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. Reconciliation between GAAP and non-GAAP financial measures and the discussion of the limitations of using non-GAAP measures versus the close of 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 財務衡量指標。這些非 GAAP 財務衡量指標是對依 GAAP 編製之財務績效衡量指標的補充，並非替代，也不優於 GAAP 指標。GAAP 與非 GAAP 財務衡量指標之間的調節表，以及使用非 GAAP 指標相較於最接近之 GAAP 對應指標的限制說明，已載於我們的財報新聞稿中。

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

接下來，我想把電話會議交給 Eric。

Thank you, Aleksey. Good morning, everyone, and thank you for joining us. In the first quarter, DISCO delivered strong results across the board. With significant product momentum, continued traction with our largest customers in both software and services, and strong underlying financial performance, we continue to drive accelerating and sustainable revenue growth.

謝謝你，Aleksey。各位早安，感謝各位加入我們。第一季，DISCO 在各方面都交出強勁成果。憑藉顯著的產品動能、在軟體與服務兩方面持續獲得我們最大客戶的採用與支持，以及穩健的基本財務表現，我們持續推動加速且可持續的營收成長。

As AI permeates through the legal industry, law firms are looking for ways to boost their productivity, increase efficiency, and deliver better outcomes in order to win more business as their corporate clients look to control litigation spend.

隨著 AI 滲透法律產業，律師事務所正尋求提升生產力、提高效率並交付更佳成果的方法，以在企業客戶希望控制訴訟支出的情況下贏得更多業務。

The key to success in this environment is trust. The trust is earned through security, enterprise scale, and litigation-specific capabilities necessary to help lawyers win on the largest and most complex matters.

在這樣的環境中，成功的關鍵是信任。信任來自於安全性、企業級規模，以及協助律師在最大、最複雜案件中勝出的訴訟專用能力。

This is where DISCO shines. We are in an excellent place with unique capabilities to continue to be a disruptor and leader in AI for litigation, and our progress in Q1 has helped further differentiate DISCO from both general-purpose legal AI tools and those in the traditional Ediscovery space.

這正是 DISCO 的強項所在。我們具備獨特能力，處於極佳位置，能持續成為訴訟 AI 領域的顛覆者與領導者；而我們在第一季的進展，也進一步讓 DISCO 與通用型法律 AI 工具以及傳統電子蒐證（Ediscovery）領域的業者拉開差距。

In Q1, total revenue grew 14% year over year to $41.9 million, and software revenue grew 12% year over year to $34.7 million. This was the fourth consecutive quarter of accelerating growth in total revenue, if you exclude the one-time contingent deal we recognized in Q3 of last year.

第一季總營收年增 14% 至 4,190 萬美元，軟體營收年增 12% 至 3,470 萬美元。若排除我們在去年第三季認列的一次性或有交易，這是總營收連續第四季呈現加速成長。

We are very pleased to deliver strong software growth and to beat the high end of our total revenue guidance range. Adjusted EBITDA improved 32% to negative $3.5 million in Q1, also beating the high end of our guidance range. We saw strong Q1 performance in four key areas: first, increased wallet share among our biggest customers; second, growth of large multi-terabyte matters; third, continued adoption of our generative AI capabilities; and fourth, overall acceleration in the growth of data on our platform.

我們非常高興能交出強勁的軟體成長，並超越我們總營收指引區間的上緣。第一季調整後 EBITDA 改善 32% 至負 350 萬美元，同樣優於指引區間上緣。第一季我們在四個關鍵領域表現強勁：第一，提升我們最大客戶的錢包占比；第二，大型多 TB（terabyte）案件成長；第三，生成式 AI 能力持續被採用；第四，平台上資料量整體成長加速。

Regarding improvement with our biggest customers, in Q1, we increased the number of customers that generated more than $100,000 in total revenue during the last 12 months to 347. The revenue attributable to these customers during the last 12 months totaled $124 million, representing 77% of total revenue over this period and 13% year-over-year growth. We are continuing to add multi-terabyte matters as more complex litigation comes onto our platform.

就我們最大客戶的改善而言，第一季我們在過去 12 個月內創造超過 10 萬美元總營收的客戶數增加至 347 家。過去 12 個月來自這些客戶的營收合計為 1.24 億美元，占該期間總營收的 77%，並實現 13% 的年增率。隨著更複雜的訴訟案件導入我們的平台，我們持續新增多 TB 規模的案件。

In Q1, we saw an acceleration in net new large matters added. Which is a very promising sign given that these matters generate more revenue, expand over time, and last longer on our platform. Continued adoption of our generative AI capabilities was driven by both Cecilia AI and Auto Review. DISCO is transforming high-stakes litigation through an AI-native stack built on a decade of proprietary data innovation and purpose-built legal workflows.

第一季，我們看到新增大型案件的淨增加量加速。這是一個非常令人振奮的訊號，因為這些案件能帶來更高營收、會隨時間擴大，且在我們平台上的存續時間更長。我們生成式 AI 能力的持續採用，主要由 Cecilia AI 與 Auto Review 所帶動。DISCO 透過一套 AI 原生技術堆疊，建立在十年專有資料創新與為法律工作流程量身打造之基礎上，正在改變高風險訴訟。

At its core, Cecilia's agentic intelligence allows legal teams to speak directly to their data, uncovering complex evidence in seconds rather than weeks. Cecilia Advanced Research is our new platform-native agentic AI capability, which is a breakthrough for Ediscovery and investigations. It is capable of much more sophisticated, autonomous reasoning that extracts deeper context, makes next-level connections, and delivers significantly more detailed and thorough results across even the largest data sets.

在核心層面，Cecilia 的代理式智慧（agentic intelligence）讓法律團隊能直接與其資料對話，將原本需要數週才能找出的複雜證據縮短至數秒內完成。Cecilia Advanced Research 是我們全新的平台原生代理式 AI 能力，對電子蒐證與調查而言是一項突破。它具備更為精密的自主推理能力，能萃取更深層脈絡、建立更高階的關聯，並即使在最大規模的資料集上也能提供顯著更細緻且更全面的結果。

We're currently in testing with select customers on live-case data in preparation for a broader rollout to waitlisted customers next month. The feedback is fantastic. Customers instantly grasp how much more they can accomplish and see it as a real example of what other AI providers have only been promising.

我們目前正與部分客戶以真實案件資料進行測試，為下個月向候補名單（waitlist）客戶更廣泛推出做準備。回饋非常出色。客戶能立刻理解他們可以完成的工作量大幅提升，並將其視為其他 AI 供應商僅停留在承諾層面的真實示範。

Increased adoption has also extended through to our AI-powered managed services, which deliver expert-level results at software-scale economics. The result is a secure, enterprise-grade ecosystem that fundamentally redefines the speed and efficiency of modern discovery.

採用度的提升也延伸至我們以 AI 驅動的託管式服務（managed services），其以軟體規模的經濟性提供專家等級的成果。其結果是一個安全、企業級的生態系，從根本上重新定義現代蒐證的速度與效率。

DISCO Auto Review is a more accurate and leaner alternative to traditional review and an excellent example of our AI capabilities in action. As more law firms look for new revenue streams, Auto review allows them to bring more of that work in-house rather than sending it to alternative legal service providers, moving review from a cost center to a profit center. This is a win-win-win for the client, for the law firm, and for DISCO because it provides a clear ROI and better outcomes for the client while providing more differentiated revenue streams for the law firm and for DISCO.

DISCO Auto Review 是相較傳統審閱更精準且更精實的替代方案，也是我們 AI 能力落地的絕佳例證。隨著更多律師事務所尋找新的營收來源，Auto Review 讓他們能將更多工作內部化，而非外包給替代性法律服務提供者，將審閱從成本中心轉變為利潤中心。這對客戶、律師事務所與 DISCO 而言是三贏，因為它提供明確的投資報酬率（ROI）與更佳的客戶成果，同時也為律師事務所與 DISCO 帶來更具差異化的營收來源。

Our Auto Review capabilities continue to lead the market in terms of speed and efficacy, and we believe that as more and more firms consider AI for the review needs, that we are very well positioned to capture that demand. Interest in Auto Review continues to grow. We are seeing more customers engage with us to evaluate how Auto Review can help with their larger matters, and it has proven to be a strong driver for our managed review offering, which also enjoyed a strong Q1.

我們的 Auto Review 能力在速度與效能方面持續領先市場；我們相信，隨著愈來愈多事務所考慮以 AI 滿足其審閱需求，我們具備非常有利的位置來掌握這股需求。市場對 Auto Review 的興趣持續升溫。我們看到更多客戶與我們接洽，評估 Auto Review 如何協助其更大型的案件；而它也已證明是我們託管式審閱（managed review）服務的強勁驅動因素，該服務在第一季同樣表現亮眼。

That's a great example of our AI capabilities combined with our customer value proposition of, with you in every case are bringing more customers, more matters and more revenue to DISCO. As far as overall acceleration of usage, we had a significantly better than expected launch of the DISCO platform in Q1.

這是一個很好的例子，說明我們的 AI 能力結合我們「與你並肩、每案同行」的客戶價值主張，如何為 DISCO 帶來更多客戶、更多案件與更多營收。就整體使用加速而言，我們在第一季推出 DISCO 平台的表現顯著優於預期。

For context, the DISCO platform is our powerful, industry-leading set of AI capabilities, including Cecilia Q&A, Auto Timelines, Document Summaries, Definitions, and Case Builder bundled together in one solution with our Ediscovery capabilities on every matter. The DISCO platform gives customers everything they need to manage and win their matters for one competitive price.

作為背景說明，DISCO 平台是我們強大、業界領先的一整套 AI 能力，包含 Cecilia 問答、自動時間軸、文件摘要、定義與案件建構器，並與我們在每一個案件上的電子蒐證（Ediscovery）能力整合打包成單一解決方案。DISCO 平台以具競爭力的單一價格，為客戶提供管理並贏得案件所需的一切。

In the first three months, we've seen strong demand from customers, with early adoption, it has been much better than anticipated, and we're equally pleased from a financial perspective. While it's still in the early days, we're seeing some very encouraging trends from DISCO platform adoption, including larger matters, increased committed revenue, multi-year deals, and growing AI adoption. These results demonstrate how much easier we've made it to do business with DISCO, something further proven by the strong customer demand. Continuing to grow DISCO platform is a key driver behind expanding wallet share among our existing base of large customers with large matters.

在前三個月，我們看到客戶需求強勁；早期採用情況遠優於預期，從財務角度我們同樣感到非常滿意。雖然仍在初期階段，但我們已從 DISCO 平台的採用中看到一些非常令人鼓舞的趨勢，包括更大型的案件、更高的承諾收入、多年期合約，以及 AI 採用率持續提升。這些成果顯示我們讓與 DISCO 做生意變得容易得多，而強勁的客戶需求也進一步印證了這一點。持續推動 DISCO 平台成長，是我們在既有大型客戶（且案件規模大的客戶）中擴大錢包份額的關鍵驅動因素。

I always like to highlight a couple of real-world examples to illustrate the value that DISCO is delivering to customers. These are examples of customers who have moved from important transactional relationships to strategic relationships that benefit us both. The first is Mound Cotton, a leading litigation boutique focused on insurance matters with a nearly 90-year history. Following the launch of our DISCO platform in the first quarter, Mound Cotton signed a three-year enterprise agreement making DISCO the provider of choice for Ediscovery technology across their firm.

我一向喜歡強調幾個真實世界的案例，來說明 DISCO 正在為客戶帶來的價值。這些案例的客戶，已從重要的交易型合作關係，轉變為對雙方都有利的策略性關係。第一個例子是 Mound Cotton——一家專注於保險案件、擁有近 90 年歷史的頂尖訴訟精品律所。在第一季我們推出 DISCO 平台後，Mound Cotton 簽署了一份三年期企業協議，讓 DISCO 成為其全所電子蒐證技術的首選供應商。

The reasoning was simple. They wanted a strategic partner that combines secure, cutting-edge AI technology with professional services and support that they need for their largest and most sensitive matters.

原因很簡單。他們希望有一個策略夥伴，能將安全、尖端的 AI 技術與其在最大、最敏感案件中所需的專業服務與支援結合在一起。

Mound Cotton conducted a broad review of potential partners in search of a comprehensive, integrated solution before selecting DISCO and noted that it quickly became clear that DISCO was the better product for their clients and better experience for their attorneys.

Mound Cotton 在選擇 DISCO 之前，對潛在合作夥伴進行了廣泛評估，以尋找一個全面且整合的一體化解決方案；他們指出，很快就清楚 DISCO 對其客戶而言是更好的產品，對其律師而言也是更好的使用體驗。

As a firm that closely works with large global financial institutions, Mound Cotton was drawn to DISCO's reputation for security, privacy, and reliability. They said, we have the luxury of being able to select the best-in-class solution, and the unanimous verdict was that DISCO is a dramatically better product today and that the gap will only widen in the future. As a firm with sophisticated clients that demand the best tools, DISCO is the right choice.

作為一家與大型全球金融機構密切合作的律所，Mound Cotton 被 DISCO 在安全性、隱私與可靠性方面的聲譽所吸引。他們表示：我們有條件選擇同級最佳的解決方案，而一致的結論是，DISCO 目前就是顯著更好的產品，而且這個差距未來只會擴大。作為一家服務成熟客戶、且客戶要求最佳工具的律所，DISCO 是正確的選擇。

We hear similar things from many of the top firms we work with. They need advanced, secure technology paired with the expertise to help them get the most out of it to deliver results for their clients. The DISCO platform is making that easier than ever.

我們也從許多合作的頂尖律所聽到類似的回饋。他們需要先進且安全的技術，並搭配專業能力，協助他們充分發揮技術效益，為客戶交付成果。DISCO 平台讓這一切比以往更容易。

A second example that demonstrates how we're building multi-year relationships because customers see our technology's potential is Reynolds Frizzell LLP, A generalist commercial litigation firm in Houston with a prominent energy litigation practice. Reynolds Frizzell is one of our longest relationships. They've been using DISCO since 2015, and they also recently signed a multi-year enterprise agreement to expand their use of our technology across their firm.

第二個例子顯示，客戶看見我們技術的潛力，因此我們正在建立多年期關係；這個例子是 Reynolds Frizzell LLP——一家位於休士頓的綜合型商業訴訟律所，並在能源訴訟領域具備顯著實務。Reynolds Frizzell 是我們合作時間最長的客戶之一。他們自 2015 年起使用 DISCO，近期也簽署了多年期企業協議，以在全所範圍擴大使用我們的技術。

Reynolds Frizzell has taken a considered approach to new technology in the legal tech space, thoughtfully vetting AI applications and focusing on technology specifically designed for legal use cases. As they looked into legal AI applications, DISCO was a natural place to start, based on a decade-long relationship built on trust and collaboration.

Reynolds Frizzell 對法律科技領域的新技術採取審慎的態度，會有系統地評估 AI 應用，並聚焦於專為法律使用情境設計的技術。當他們研究法律 AI 應用時，基於十年來建立在信任與合作之上的關係，DISCO 自然成為他們的起點。

A Reynolds Frizzell partner said that they've used and evaluated a number of different AI legal tools, and we're especially impressed by DISCO Cecilia capabilities. We're excited to have it available for our cases, the partner said. This illustrates the power of our with you in every case value proposition.

一位 Reynolds Frizzell 的合夥人表示，他們使用並評估過多種不同的 AI 法律工具，而 DISCO 的 Cecilia 能力尤其令他們印象深刻。該合夥人說，他們很期待能在案件中使用這項功能。這也說明了我們「與你並肩、每案同行」價值主張的力量。

Our combination of advanced technology and expert professional services has made DISCO into an essential resource for Reynolds Frizzell, and we're continuing to serve and grow this long-standing relationship into the future.

我們將先進技術與專家級專業服務相結合，使 DISCO 成為 Reynolds Frizzell 不可或缺的資源；我們也將持續服務並在未來擴展這段長期合作關係。

The stories about Mound Cotton and Reynolds Frizzell are just two examples of our strategy in action, and there are dozens more every quarter, demonstrating our ability to develop these relationships and dramatically expand them over time. All told, Q1 was a strong quarter for DISCO, with continued growth in our core business, a better-than-expected launch of the DISCO platform, and great progress with AI adoption.

關於 Mound Cotton 與 Reynolds Frizzell 的故事只是我們策略落地的兩個例子；每一季還有數十個更多案例，展現我們建立這些關係並隨時間大幅擴張的能力。總體而言，第一季對 DISCO 來說是強勁的一季：核心業務持續成長、DISCO 平台的推出優於預期，且 AI 採用方面取得重大進展。

We believe this creates significant momentum for us throughout 2026 and beyond. With that, I'll next turn it over to Richard to discuss how our recent product advancements and our product roadmap are shaping our longer-term view of the broader opportunity to provide powerful AI solutions for litigation. Richard?

我們相信，這將在 2026 年及更長遠的未來為我們帶來顯著動能。接下來，我將把時間交給 Richard，請他說明我們近期的產品進展與產品路線圖，如何形塑我們對於提供強大訴訟 AI 解決方案之更長期、整體機會的看法。Richard？

Thank you, Eric. As Eric noted, we're incredibly excited about the customer response we're seeing to the DISCO platform and Cecilia Advanced Research. Both are important steps for us, but are really only the beginning of what we know is possible in litigation technology with our AI capabilities.

謝謝你，Eric。正如 Eric 所提到的，我們對客戶對 DISCO 平台與 Cecilia Advanced Research 的回應感到非常振奮。這兩者對我們而言都是重要的里程碑，但也確實只是開始；我們知道，憑藉我們的 AI 能力，在訴訟科技領域仍有更多可能性。

The legal industry as a whole is in a period of significant change. Law firms face pressure to leverage new technology and consider changes to their business models. Corporate legal departments are expected to control spend while workloads are growing. And everyone is grappling with the growing volume of new, complex data, leading to very real data management and fact-finding challenges.

整體法律產業正處於顯著變革期。律師事務所面臨壓力，需要運用新技術並思考其商業模式的調整。企業法務部門在工作量增加的同時，仍被期待控制支出。而所有人都在因應新增且更複雜資料量的成長，這帶來非常實際的資料管理與事實查明挑戰。

The general legal AI companies and even tools from foundational model providers are offering legal workflow solutions that address a wide range of transactional legal work, such as redlining contracts, drafting memos, and extracting information from a set of documents. Legal tasks where efficiency and automation to speed up work is truly valuable.

一般性的法律 AI 公司，甚至基礎模型供應商提供的工具，正在提供法律工作流程解決方案，涵蓋廣泛的交易型法律工作，例如合約修訂（redlining）、撰寫備忘錄，以及從一組文件中擷取資訊。在這些法律任務中，透過效率提升與自動化來加速工作確實很有價值。

Litigation is an entirely different game. It is significantly more complex. Litigators are not asking for ways to work faster. They want solutions that shift the odds in their favor by delivering the crucial case intelligence that leads to victory. They need to win. And the expertise and precision required to deliver that requires scaled technology like we have developed at DISCO.

但訴訟完全是另一種競賽。其複雜度高得多。訴訟律師並不是在尋找讓工作更快的方法。他們想要的是能把勝算拉向自己這一邊的解決方案——透過提供關鍵的案件洞察，帶來勝利。他們需要贏。而要交付這樣的成果所需的專業與精準度，必須仰賴像我們在 DISCO 所打造的可規模化技術。

Put another way, litigators need solutions that are purpose-built for the unique demands of the practice. It needs AI built for litigation. That's what we're building. At DISCO, we are continuing to extend our AI applications for our customers beyond traditional Ediscovery compliance to unlock both new strategic advantages and drive value across the litigation lifecycle. Let me explain that with some more detail.

換句話說，訴訟律師需要的是為該領域獨特需求量身打造的解決方案。他們需要為訴訟打造的 AI。這正是我們正在建構的。在 DISCO，我們持續將 AI 應用從傳統的電子蒐證合規延伸，為客戶解鎖新的策略優勢，並在整個訴訟生命週期中創造價值。讓我更詳細說明。

There are two high-level outputs from Ediscovery: production compliance and a detailed understanding of the facts and evidence in context. Ediscovery has traditionally focused on production compliance because it is an important court-mandated step in the litigation process with real consequences if you get it wrong.

電子蒐證有兩個高層次的產出：產出/交付合規（production compliance），以及在脈絡中對事實與證據的深入理解。傳統上，電子蒐證主要聚焦於產出合規，因為這是訴訟流程中法院要求的重要步驟；若處理不當，將帶來實質後果。

But it is also a necessary tick-the-box exercise with limited strategic value on its own. Most Ediscovery tools have made production more accurate, automated, and efficient, but they have not made it more strategic or independently valuable. This is where DISCO is different.

但這同時也是一項必要的勾選式作業，本身的策略價值有限。多數電子證據開示（Ediscovery）工具讓產出更精準、自動化且更有效率，但並未讓其更具策略性或具備獨立價值。這正是 DISCO 的不同之處。

Our ability to surface not just the facts, but the complete picture of context, intent, and relationships between documents and data. DISCO goes beyond the required production to deliver a comprehensive set of facts and evidence organized, tagged, connected, and understood in relation to the claims of the matter. The real value for litigators is in the mastery of those facts.

我們的能力不僅能揭示事實，還能呈現完整的脈絡、意圖，以及文件與資料之間的關係全貌。DISCO 超越了必要的產出要求，提供一套完整的事實與證據，並依案件主張加以整理、標記、連結，且在相互關聯下被理解。對訴訟律師而言，真正的價值在於對這些事實的掌握。

The second piece is in the law itself, and it's worth reminding everyone that DISCO holds a license for the full corpus of US case law, statutes, regulations, and court rules. The facts of the case and the law of the jurisdiction together in one platform will be a powerful combination. We will share more about our vision and how it will come together soon, but let me turn back to what we're delivering right now.

第二個部分在於法律本身；值得提醒大家的是，DISCO 持有美國完整判例法、法規、行政規則與法院規則全文資料庫的授權。將案件事實與該司法管轄區的法律整合於同一平台，將形成強大的組合。我們很快會分享更多關於我們的願景以及如何整合落地，但先回到我們目前正在交付的內容。

Three years ago, DISCO first dramatically disrupted traditional Ediscovery with Cecilia AI. Our new Cecilia Advanced Research is an agentic AI toolset that leapfrogs the capability of those many copycat Q&A tools that have followed us by helping attorneys develop winning case theories during discovery and all along the litigation lifecycle as the matter advances to settlement or trial.

三年前，DISCO 以 Cecilia AI 首次大幅顛覆傳統電子證據開示。我們全新的 Cecilia Advanced Research 是一套具代理式（agentic）的 AI 工具組，透過協助律師在證據開示期間以及整個訴訟生命週期中（隨案件推進至和解或審判）建立致勝的案件理論，能力上超越了後來跟進的眾多仿效式問答工具。

Unlike simple Q&A tools, Cecilia Advanced Research functions as an intelligence agent, performing multi-step analysis across massive amounts of data to deliver defensible, court-ready insights that litigators use to build winning case theory from day one. Cecilia Advanced Research can generate work product for litigators as a case advances, build tighter and more compelling narratives with our integrated timelines functionality, streamline deposition and witness preparation, and interrogate the record at trial. And they do this all in one powerful, integrated and secure platform from DISCO.

不同於簡單的問答工具，Cecilia Advanced Research 以智慧代理的方式運作，能在海量資料上進行多步驟分析，提供可辯護、可直接提交法庭的洞見，讓訴訟律師從第一天起就能用來建立致勝的案件理論。隨著案件推進，Cecilia Advanced Research 可為訴訟律師產出工作成果，並透過我們整合的時間軸功能建立更緊密、更具說服力的敘事，精簡證詞錄取（deposition）與證人準備，並在審判時對案卷紀錄進行深度查核。而這一切都在 DISCO 一個強大、整合且安全的平台中完成。

We're currently in testing with select customers on live case data in preparation for this broader rollout to priority customers on our waitlist later this month. And the feedback is fantastic. Customers instantly grasp how much more they can accomplish and see it as a very real example of what other AI providers have only been promising.

我們目前正與部分客戶以真實案件資料進行測試，為本月稍晚向候補名單上的優先客戶更廣泛推出做準備。回饋非常出色。客戶立刻理解他們能完成的工作量大幅提升，並將其視為其他 AI 供應商僅止於承諾的內容之真實示範。

The new era of AI, both generative and agentic, opens up a treasure trove of opportunity. You don't have to know how to use complicated technology, you just have to know how to articulate the outcome you're looking for, something that lawyers are already incredibly good at. DISCO AI lets litigators focus on the output of the process, winning for their clients who hire them to deliver.

生成式與代理式 AI 的新時代，開啟了大量機會寶庫。你不必懂得如何使用複雜技術，只需要能清楚表達你想要的結果——而這正是律師本來就非常擅長的事。DISCO AI 讓訴訟律師能專注於流程的產出，為聘請他們的客戶贏得勝利並交付成果。

We believe this means lower barriers to adoption, greater usage of our platform across the life of a matter, and most importantly, better results for our customers and their clients. In the simplest of terms, at DISCO, we are directly investing in our customers' competitive edge to help them win cases and grow their business. DISCO is the AI solution for litigators.

我們相信這代表更低的採用門檻、在案件全生命週期中更高的平台使用度，且最重要的是，為我們的客戶及其客戶帶來更好的結果。用最簡單的話說，在 DISCO，我們正直接投資於客戶的競爭優勢，協助他們贏得案件並成長其業務。DISCO 是訴訟律師的 AI 解決方案。

With that, I'll hand it over to Aaron.

接下來，我把時間交給 Aaron。

Thank you, Richard. Q1 results were strong across all our revenue lines. We exceeded the top end of total revenue guidance in the quarter and came in above the midpoint of our guidance range in Software. In Q1 2026, total revenue was $41.9 million, up 14% year over year, while Software revenue was $34.7 million, up 12% year over year.

謝謝你，Richard。第一季（Q1）在我們所有營收線上表現強勁。本季總營收超出指引區間上緣，軟體營收也高於指引區間中點。在 2026 年第一季，總營收為 4,190 萬美元，年增 14%；軟體營收為 3,470 萬美元，年增 12%。

This was the fourth straight quarter of accelerating total revenue growth, excluding the impact of one-time contingent software revenue recognized in Q3 of last year. Services revenue was $7.2 million, up 25% year over year. To start, I want to touch on some of the dynamics we are seeing in our software business. As Eric mentioned, we saw strong traction in Q1 with the Tisco platform.

若排除去年第三季認列的一次性或有（contingent）軟體營收影響，這是總營收成長加速的連續第四個季度。服務營收為 720 萬美元，年增 25%。首先，我想談談我們在軟體業務中觀察到的一些動態。如 Eric 所提到，我們在第一季於 Tisco 平台上看到強勁的市場動能。

We are seeing more cases start on DISCO platform with more matters and gigabytes than we had expected through Q1 as customers see the obvious benefits of bundled products and all-in-one pricing. We expect these new larger matters will be a tailwind for our business in the coming quarters, but we could see variability as customers move from sets of individual products and ingest fees to the DISCO platform.

我們看到有更多案件在 DISCO 平台上啟動，案件數、事項（matters）與資料量（以 GB 計）都高於我們在第一季的預期，因為客戶看到了綑綁式產品與一站式定價的明顯好處。我們預期這些新的大型事項將在未來幾季為業務帶來順風，但當客戶從一組組單一產品與匯入費用（ingest fees）轉向 DISCO 平台時，結果可能會出現波動。

I also want to touch on our performance in services, which exceeded expectations in Q1 and was driven by growth of both professional services and our Review business. We've discussed in the past the tremendous impact we believe Auto Review will have on the litigation workflow as more customers embrace AI adoption. While we have customers all along the spectrum of AI readiness, both new and existing customers are curious about Auto Review's capabilities.

我也想談談我們在服務方面的表現：第一季超出預期，主要由專業服務與我們的審閱（Review）業務成長所帶動。我們過去曾討論過，隨著更多客戶採用 AI，我們相信 Auto Review 將對訴訟工作流程帶來巨大的影響。雖然客戶在 AI 準備度上分布廣泛，但無論新客戶或既有客戶都對 Auto Review 的能力感到好奇。

A further dynamic we are seeing is that as customers learn about both our traditional review and Auto Review, some choose to use traditional review as they consider broader AI implementation. That dynamic helps fuel our strong services result in Q1.

我們看到的另一個動態是：當客戶同時了解我們的傳統審閱與 Auto Review 時，有些客戶在評估更廣泛的 AI 導入之際，會選擇先使用傳統審閱。這樣的動態有助於推動我們第一季強勁的服務表現。

Turning to profitability metrics. 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. Our gross margin in Q1 was 75%, consistent with 75% the prior year. 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.

接著談獲利能力指標。在討論損益表其餘項目時，請注意：除非另有說明，所有對毛利率、營業費用與淨損的提及皆以非 GAAP 基礎計算。調整後 EBITDA 亦為非 GAAP 財務衡量指標。第一季毛利率為 75%，與去年同期的 75% 一致。如我們先前提到，毛利率會因客戶使用型態而在各期之間波動。例如，匯入並在我們平台上管理的資料量與資料類型。

Sales and marketing expense for Q1 was $14.8 million or 35% of revenue compared to 36% of revenue the prior year. The year-over-year dollar increase was driven by personnel costs as we invest in our go-to-market capabilities. Research and development expense for Q1 was $12.9 million, or 31% of revenue, compared to 33% of revenue the prior year. Research and development increased year over year, primarily driven by higher personnel costs as our team continues to focus on AI and platform development.

第一季銷售與行銷費用為 1,480 萬美元，占營收 35%，去年同期為占營收 36%。年增的金額主要由人員成本所驅動，因我們正投資於市場推進（go-to-market）能力。第一季研發費用為 1,290 萬美元，占營收 31%，去年同期為占營收 33%。研發費用年增主要由較高的人員成本所致，因我們團隊持續聚焦於 AI 與平台開發。

General and administrative expense in Q1 was $8.6 million or 21% of revenue compared to 23% of revenue in Q1 of the prior year. General and administrative expense were relatively flat year over year. Adjusted EBITDA was negative $3.5 million in Q1, representing an adjusted EBITDA margin of negative 8% compared to an adjusted EBITDA margin of negative 14% in Q1 of the prior year, also a 600-basis-point improvement. We are pleased with this progress and the fact that adjusted EBITDA exceeded the high end of our guidance.

第一季一般與行政費用為 860 萬美元，占營收 21%，去年第一季為占營收 23%。一般與行政費用年對年大致持平。第一季調整後 EBITDA 為負 350 萬美元，調整後 EBITDA 利潤率為負 8%，相較去年第一季調整後 EBITDA 利潤率為負 14%，亦改善 600 個基點。我們對這項進展感到滿意，且調整後 EBITDA 也高於我們指引的上緣。

Net loss in Q1 was $4.2 million or negative 10% of revenue compared with a net loss of $4.9 million or 14% of revenue in Q1 of the prior year. Net loss per share for Q1 was $0.07 compared to $0.08 per share for Q1 of the prior year.

第一季淨損為 420 萬美元，占營收為負 10%；去年第一季淨損為 490 萬美元，占營收 14%。第一季每股淨損為 0.07 美元，去年第一季為每股 0.08 美元。

Turning to the balance sheet and cash flow statement, we ended Q1 with $103 million in cash and short-term investments and no debt, maintaining our strong financial position. Operating cash flow in Q1 was negative $11.7 million compared to negative $10.5 million in Q1 of the prior year.

接著看資產負債表與現金流量表，我們在第一季結束時持有1.03億美元的現金及短期投資，且無任何負債，維持我們強健的財務狀況。第一季營運現金流為負1,170萬美元，較去年同期第一季的負1,050萬美元為低。

Turning to our guidance, for Q2. 2026, we're providing total revenue guidance in the range of $41.5 million to $43.5 million, and software revenue guidance in the range of $36.1 million to $37.1 million. We expect adjusted EBITDA to be in the range of negative $4.5 million to negative $2.5 million.

接著談我們的財測，針對2026年第二季，我們提供的總營收指引區間為4,150萬至4,350萬美元，軟體營收指引區間為3,610萬至3,710萬美元。我們預期調整後EBITDA將落在負450萬至負250萬美元的區間。

For fiscal-year 2026, we are increasing our total revenue guide to the range of $169.25 million to $178.75 million, and software revenue guidance to the range of $146 million to $152.5 million. We expect adjusted EBITDA to be in the range of negative $8 million to negative $4 million.

針對2026會計年度，我們將總營收指引上調至1.6925億至1.7875億美元的區間，並將軟體營收指引上調至1.46億至1.525億美元的區間。我們預期調整後EBITDA將落在負800萬至負400萬美元的區間。

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

現在我想把電話交給接線員，進行問答。接線員？

(Operator Instructions) Scott Berg, Needham.

(接線員指示) Scott Berg，Needham。

Hi, everyone. Thanks for taking my questions. Probably a question for Eric or Richard. Wanted to start off with, I think that the A-topic in the space in the quarter, there's been a lot of questions we feel that from investors on the ability for customers within the litigation space to use some the -- of the tools that have been released on the frontier large-language models out there, and you can all address that a little bit in your prescriptive remarks. But I think the question in all of that is, did it actually disrupt sales cycles or maybe how your customers were using the product during the quarter, as they maybe, quote unquote, tried or wanted to evaluate those technologies, or did you really see it maybe more as a non-event in your operational activities?

大家好。謝謝讓我提問。這題可能要請Eric或Richard回答。我想先從這一季在這個領域最受關注的話題談起：我們感覺投資人對於訴訟領域的客戶是否能使用一些已在前沿大型語言模型上釋出的工具，提出了很多問題；你們也可以在先前的說明中稍微談到。但我想問的是：這些工具是否真的干擾了銷售週期，或影響你們客戶在本季使用產品的方式，因為他們可能（所謂地）嘗試或想評估那些技術？還是你們其實更覺得，對你們的營運活動而言這可能並沒有造成什麼影響？

This is Richard. Thanks for that question. I think it's an important dynamic to unpack a little bit. It's certainly written about a lot that generative AI has the ability to commoditize some of the simple steps that lawyers do, right, whether it's summarizing documents or running a search or drafting. But I think it also, in some ways, elevates the intelligence layer where disco, right, that's where we've invested, that's where we shine.

我是Richard。謝謝這個問題。我認為這是一個值得稍微拆解的重要動態。外界確實常在討論，生成式AI有能力把律師做的一些簡單步驟商品化，對吧？不論是摘要文件、進行搜尋或起草文件。但我也認為，它在某些方面反而提升了智慧層，而DISCO正是在那裡投入，也是我們的強項。

The context that comes from the power of how DISCO's platform powers litigation, brings evidence and facts to light for our customers, it's so much more powerful than what any large language model or a tool that's simply built on top of that large language model could ever do even with the same data. And so I think what we're seeing is our customers realizing that Ediscovery actually presents a real shift from just a simple tool to perform a job into something that. DISCO can give them a strategic advantage.

DISCO平台在訴訟中所提供的脈絡與能力，能為客戶揭示證據與事實，其威力遠勝於任何大型語言模型，或僅僅建立在大型語言模型之上的工具，即使使用相同資料也做不到。因此我認為，我們看到的是客戶逐漸意識到，電子證據開示（eDiscovery）其實代表一個真正的轉變：從只是完成工作的單一工具，轉變為一種能夠帶來策略價值的東西。DISCO能為他們帶來策略優勢。

Yeah, hey, Scott, I'll add on to that. This is Eric. No, we haven't seen any slowdown at all in sales cycles related to these new tools that have come out. In fact, if anything, it's helped us drive AI adoption because lawyers overall, law firms are much more interested to see how AI can impact them. And we've got AI that can drive incredible ROI and help provide better outcomes ultimately for customers' clients. So the short answer is no, we haven't seen any negatives at all. It's been very positive for us.

對，Scott，我再補充一下。我是Eric。沒有，我們完全沒有看到因為這些新工具的推出而導致銷售週期放緩。事實上，如果說有什麼影響，反而是幫助我們推動AI採用，因為整體而言律師與律所對AI可能帶來的影響更感興趣。而我們的AI能帶來驚人的投資報酬率（ROI），並最終協助客戶的委託人取得更好的結果。所以簡短答案是：沒有，我們完全沒有看到任何負面影響。對我們而言一直非常正面。

Excellent. Thank you. And then from a follow-up perspective, you all commented that the DISCO platform, I think, saw better interest in adoption in Q1 than maybe what you had initially anticipated there.

很好。謝謝。接著追問一下，你們提到DISCO平台在第一季的採用興趣似乎比你們原先預期更好。

But in your conversations with customers so far, I guess, what have you found in terms of pricing and use, relative to, I don't know, a customer that was just using Ediscovery before? If you could help us understand maybe what that opportunity or journey is like to take a customer from what's historically been a single solution on the DISCO platform to the all-in opportunity there. I think that'd be really helpful. Thank you.

但就你們目前與客戶的對話來看，我想問的是：在定價與使用方式上，相較於先前只使用eDiscovery的客戶，你們觀察到哪些差異？如果可以的話，請協助我們理解：要把一位歷來只在DISCO平台上使用單一解決方案的客戶，帶往「全套」採用的機會與旅程大概是什麼樣子。我想這會非常有幫助。謝謝。

Really, demand for AI is what drove far better than expected results with the DISCO platform adoption. Certainly, there was some pent-up demand from both our customers and our sales teams. They were excited for the opportunity to have Cecilia, AI, Case Builder, and all of our core eDiscovery capabilities integrated across all of their matters.

真正推動DISCO平台採用、並帶來遠優於預期成果的，是對AI的需求。當然，無論是我們的客戶或我們的銷售團隊，都存在一些累積已久的需求。他們很期待能把Cecilia、AI、Case Builder，以及我們所有核心eDiscovery能力，整合並應用到他們所有案件中。

So that's the main driver, but also, as you remember, our old pricing model was hard to understand and it made some customers feel that we were much more expensive than the competition, especially for larger matters, when we were actually pretty similar. And so a shift to more of an apples-to-apples pricing model has really increased our consideration for new matters and for new customers and it's made a big impact already. I mean, we've seen some very big and complex matters, starting the DISCO platform right here out of the back in Q1. We've seen increased revenue commitments. We've seen longer-term agreements from some of these customers. So DISCO platform is off to a great start, and I'm really optimistic about the future.

所以這是主要驅動因素；另外，如你所記得的，我們舊的定價模式不容易理解，讓部分客戶覺得我們比競爭對手貴很多，尤其是在較大型的案件上，但其實我們的價格相當接近。因此，轉向更「同類可比」（apples-to-apples）的定價模式，確實提高了我們在新案件與新客戶上的被考慮度，而且已經帶來很大的影響。我的意思是，我們看到一些非常大型且複雜的案件，在第一季就直接採用DISCO平台啟動。我們看到更高的營收承諾。我們也看到部分客戶簽下更長期的合約。所以DISCO平台開局非常好，我對未來也非常樂觀。

Excellent, this quarter. Thanks again for taking my questions.

非常好，本季表現很棒。再次感謝讓我提問。

Thanks, Scott.

謝謝你，Scott。

David Hynes, Canaccord.

David Hynes，Canaccord。

Hey, good morning, guys. Eric, I want to ask a big picture kind of industry implications question related to the AI-driven advancements we've seen in legal tech. Do you think it makes it so that the largest firms are able to take on more so that they own kind of more of the space? Or does it level the playing field so that smaller firms are able to be more competitive? And I guess what are the implications of all this perspective change for DISCO?

各位早安。Eric，我想問一個較宏觀、關於我們在法律科技領域看到的AI驅動進展所帶來的產業影響問題。你認為這會讓最大型的律所能承接更多業務，因而在某種程度上掌握更多市場空間嗎？還是它會拉平競爭環境，讓較小型的律所也能更具競爭力？另外，從DISCO的角度來看，這種觀點轉變的意涵是什麼？

Yeah. I'll get started and others can chime in, DJ. But look, I think this is an opportunity for law firms to generate more revenue. The whole legal industry right now is rethinking their business models. And what AI can do is give the opportunity for these law firms to be able to take more business in-house that they were previously sending out to alternative legal service providers.

是的。我先開始回答，其他人也可以補充，DJ。不過你看，我認為這對律所而言是一個創造更多營收的機會。整個法律產業目前正在重新思考其商業模式。而AI能做的是，讓這些律所有機會把過去外包給替代性法律服務提供者（alternative legal service providers）的更多業務，改為內部承作。

If you think about, particularly when it comes to the review process, this low-level, low-dollar work that was fairly mundane tasks. That law firms didn't really feel like fit their model for the most part in how they wanted to provide value to their customers. They were sending it out to these alternative legal service providers doing that human work. And part of that was they were missing out on the revenue. The other part of it was they were losing the context of all that great work.

如果你想想看，特別是在審閱流程方面，這些屬於低階、低金額、相當單調的工作。多數情況下，律所並不覺得這符合他們的模式，也不符合他們想要如何為客戶創造價值。他們會把這些工作外包給那些替代性法律服務提供者，由人力來完成。其中一部分原因是他們因此錯失了營收。另一部分原因是，他們也失去了那些優秀工作所帶來的脈絡。

And so now the fact that they have the opportunity to leverage much, much better technology with generative AI and products like Auto Review to be able to bring that business back in-house, add extreme value on top of it in terms of legal judgment and generative AI, consulting services, and keep the context in-house to really help their lawyers go drive case strategy. It's a real game changer. Ultimately, the law firm can generate more revenue that's good for DISCO, but also the end client can save money and get better outcomes. So ultimately, I think this is a big shift and a big opportunity for each of us.

因此，現在他們有機會運用生成式 AI 與像 Auto Review 這樣的產品，去採用更好、好得多的技術，把這項業務收回內部執行；並在法律判斷與生成式 AI、顧問服務等方面在其上加上極高的附加價值，同時把脈絡留在內部，真正幫助他們的律師推動案件策略。這是一個真正的遊戲規則改變者。最終，律師事務所可以創造更多營收，這對 DISCO 有利；而終端客戶也能省錢並獲得更好的結果。所以總體而言，我認為這是一個重大轉變，也是我們每個人的重大機會。

Yeah, yeah. Makes sense. Aaron, a follow-up for you. So the [100K-plus] net add number was particularly strong this quarter, but the software revenue is held more or less flat the last few quarters. Can you just help me understand that dynamic? Are the customer ads a leading indicator and software revenue should follow or is the uptick in folks moving over that spend threshold just services-driven, like how should we think about this?

是的，是的。有道理。Aaron，我想追問一下。所以本季 [10 萬美元以上] 的淨新增數字特別強，但過去幾季軟體營收大致持平。你能幫我理解這個動態嗎？客戶新增是否是領先指標、軟體營收之後會跟上？還是說，跨過該支出門檻的人數上升其實是由服務帶動的——我們該如何看待？

I think when you look at the quarter and you look at the movement of the 100,000 customers, we're very we're certainly happy that sequentially it grew 5% quarter over quarter, and I would definitely characterize that as a leading indicator. But -- and the reason for that is, obviously, the matter comes in, it ingests, and then it expands as it moves on to the platform. So that's the dynamic that happens, and that's why it's a leading indicator.

我認為當你看本季、以及 10 萬美元客戶的變動時，我們當然很高興它在序列上季對季成長了 5%，而我也確實會把這視為一個領先指標。但——原因在於，顯然案件進來後會被匯入，然後隨著在平台上推進而擴大。這就是發生的動態，因此它是一個領先指標。

I'd also add, though, with that, when you think about it as a leading indicator, there's going to be -- there's movements both ways, right? You have matters coming in, you have matters going off. And so you're always in a usage model looking at the triangulation of both. And so it is obviously having a strong quarter is usually a good leading indicator of those matters coming in. But it also depends on what's coming out, and that's what goes into our models.

不過我也想補充，當你把它視為領先指標時，會有——雙向的變動，對吧？有案件進來，也有案件結束離開。因此在使用量模式下，你總是在看兩者的綜合權衡。所以，強勁的一季通常確實是案件流入的良好領先指標。但也取決於流出的是什麼，而這些都會納入我們的模型。

I think when you look at the quarter, relatively speaking, one of the other elements you asked about kind of with the growth is -- and I touched on this in my prepared remarks, with Auto Review, we're super happy with the traction we've seen. It's actually brought us new customers, matters, this brought us matters from existing customers. And in bringing those in, what happens is those customers come in at varying states of AI readiness. And so as it comes in through the pipeline, we've seen a handful of those go and convert and become managed reviews.

我認為當你看本季，相對而言，你問到的另一個與成長相關的要素是——我在事先準備的發言中也提到，對於 Auto Review，我們對目前看到的動能非常滿意。它實際上為我們帶來了新客戶、新案件，也從既有客戶那裡帶來了案件。而在把這些帶進來時，會發生的是，這些客戶在 AI 準備度上各不相同。因此當它們進入管線後，我們看到其中有一部分轉換並成為託管審查（managed reviews）。

And so that helped drive -- so Auto Review actually helped drive part of the beat on the services line for the quarter, which is why we're very proud to come in at the upper end of the range there. At the same time, we're happy that some of those came in, became managed reviews, but subsequently those customers have come back to us with other matters and chosen Auto Review. So I think what you're watching, and Eric kind of alluded to this too, is law firms are becoming more and more comfortable with AI and how it plays, and so we're watching that closely.

因此這也有助於帶動——所以 Auto Review 實際上推動了本季服務線超預期的一部分，這也是為什麼我們很自豪能落在該區間的上緣。同時，我們也很高興其中一些進來後成為託管審查，但隨後這些客戶又帶著其他案件回到我們這裡並選擇 Auto Review。所以我認為你正在看到的——Eric 也稍微提到——是律所對 AI 及其運作方式越來越自在，因此我們正密切觀察。

Yeah, I think it also just speaks to us with you in every case, customer value proposition, right? So we're with our customers in every case. And if they choose at a certain point because they're not quite ready to use Auto Review, we can leverage our AI managed services and our managed review to really help them in the short-term. So overall, I'm incredibly pleased about the revenue, 14% revenue growth for the business this quarter.

是的，我認為這也反映了我們在每個案件中與你們同在的客戶價值主張，對吧？我們在每個案件中都與客戶並肩。如果他們在某個時間點因為還沒準備好使用 Auto Review，我們可以運用我們的 AI 託管服務與託管審查，在短期內真正幫助他們。總體而言，我對本季的營收非常滿意，業務營收成長 14%。

Yeah, And just so we're all perfectly clear, Auto Review falls into the software line and managed services obviously falls in the services line, is that correct?

好的。為了讓大家都完全清楚，Auto Review 歸在軟體線，而託管服務顯然歸在服務線，這樣理解正確嗎？

Correct, and Auto Review actually has two components today. It actually has part of it sits in software and part of it sits in services. And the reason for that is that actually goes to some of the familiarization part of it as well. What happens is today, a customer, we might actually help engineer the prompts for them. So that's still manual work that we do as we set them up. But I think as customers become more familiar over time, that prompting will not be required. And so it'll become fully -- it'll be truly software revenue. But today, it sits partially in software and partially in services.

正確，而且 Auto Review 目前其實有兩個組成部分。其中一部分計入軟體，另一部分計入服務。原因在於，這也涉及到部分熟悉導入的工作。目前的情況是，客戶可能需要我們協助為他們設計提示詞（prompts）。所以在我們協助他們上線設定時，這仍然是我們進行的人工工作。但我認為隨著客戶時間久了越來越熟悉，那種提示詞設計就不再需要。因此它將會完全——會真正成為軟體營收。但就今天而言，它部分在軟體、部分在服務。

Yeah, okay, very clear. Thank you, guys.

好的，了解，非常清楚。謝謝各位。

There are no further questions at this time. I will now turn the call back to Erik Friedrichsen, CEO, for closing remarks.

目前沒有其他問題。我現在把電話會議交回給執行長 Erik Friedrichsen 作結語。

Yeah, thanks, everyone. Thanks for the questions. Q1 was a strong quarter for DISCO. The demand for AI capabilities drove better-than-expected results for the launch of the DISCO platform.

好的，謝謝大家。謝謝各位的提問。第一季對 DISCO 來說是強勁的一季。對 AI 能力的需求推動了 DISCO 平台推出後優於預期的成果。

We're already seeing benefits from our new pricing model, which was designed to increase consideration, to improve win rates, to reduce discounts, to improve stickiness, and ultimately, to provide more value to our customers. I've said before, and I'll say it again, that I believe that DISCO could be a 20%-plus grower over time.

我們已經開始看到新定價模式帶來的效益；該模式的設計目標是提高被納入考量的機會、提升贏單率、降低折扣、提高黏著度，並最終為客戶提供更多價值。我之前說過，我再說一次，我相信 DISCO 隨時間推進有機會成為 20% 以上的成長者。

In the first quarter, we made continued progress on the key drivers that are going to make that happen. Things like increasing our share of wallet with our large customers, acquiring larger matters, and accelerating AI adoption. So all three of those demonstrate that our strategy is working. And along with our product roadmap and where we're going next, DISCO is really poised to be the leader in AI for litigators.

在第一季，我們在將促成這一點的關鍵驅動因素上持續取得進展。例如提高我們在大型客戶中的錢包份額、取得更大型的案件，以及加速 AI 採用。因此這三項都證明我們的策略正在奏效。再加上我們的產品路線圖與下一步方向，DISCO 確實已蓄勢待發，將成為訴訟律師 AI 領域的領導者。

We've increasingly transformed high-stake litigation through our purpose-built legal workflows, we are very much focused on litigation, not general legal. And when you combine our strategy with our path to reach adjusted EBITDA profitability in Q4 of this year, we believe DISCO is on an excellent trajectory today, and we're positioned for the future as our solutions become increasingly the standard to help litigators win.

我們透過為特定目的打造的法律工作流程，日益改變高風險訴訟；我們非常專注於訴訟，而非一般法律業務。當你把我們的策略與我們在今年第四季達成調整後 EBITDA 獲利的路徑結合起來，我們相信 DISCO 目前正處於極佳的發展軌道，並且已為未來做好準備；隨著我們的解決方案日益成為協助訴訟律師勝訴的標準配置。

So thanks for your time today. We'll see you next quarter.

所以謝謝大家今天撥冗參與。我們下季見。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。