CS Disco(US:LAW)2025-02-20 21:12Financial Performance - Fourth Quarter 2024 total revenue was $37.0 million, a year-over-year increase of 4%[2] - Software revenue for the fourth quarter was $30.8 million, up 5% compared to the fourth quarter of 2023[4] - Fiscal Year 2024 total revenue was $144.8 million, up 5% compared to fiscal year 2023[4] - Revenue for the three months ended December 31, 2024, was $36,999 million, a 3.5% increase from $35,742 million in the same period of 2023[24] - Gross profit for the year ended December 31, 2024, was $107,427 million, compared to $103,142 million in 2023, reflecting a 4.0% increase[24] - Non-GAAP gross profit for the year ended December 31, 2024, was $109,142 million, compared to $104,178 million in 2023, showing a 4.7% increase[30] Losses and Expenses - GAAP net loss for the fourth quarter was $25.2 million, compared to $5.8 million in the fourth quarter of 2023[4] - The company reported a GAAP net loss of $55.8 million for fiscal year 2024, compared to $42.2 million in fiscal year 2023[4] - Net loss attributable to common stockholders for the year ended December 31, 2024, was $55,774 million, compared to $42,150 million in 2023, indicating a 32.4% increase in losses[24] - Adjusted EBITDA for the fourth quarter was $(4.3) million, compared to $(1.0) million in the fourth quarter of 2023[4] - Adjusted EBITDA for the year ended December 31, 2024, was $(18,718) million, an improvement from $(25,894) million in 2023[30] - The operating margin for the year ended December 31, 2024, was -43%, worsening from -36% in 2023[31] - Stock-based compensation expense for the year ended December 31, 2024, was $22.27 million, up from $16.16 million in 2023[31] Customer and Product Development - The number of large customers increased to 315, up from 289 as of December 31, 2023[4] - New product features introduced include Reproductions and document-level Bates numbering[4] Future Projections - First quarter 2025 total revenue is expected to be in the range of $35.0 million - $37.0 million[4] - Fiscal year 2025 total revenue is projected to be in the range of $145.5 million - $157.5 million[4] Cash Flow and Operating Activities - Cash and cash equivalents at the end of the period were $52,771 million, a significant decrease from $159,551 million at the beginning of the period[26] - Net cash used in operating activities for the year ended December 31, 2024, was $(8,749) million, an improvement from $(25,531) million in 2023[26] Research and Development - Research and development expenses for the year ended December 31, 2024, were $51,511 million, slightly down from $51,623 million in 2023[30] - Non-GAAP research and development as a percentage of revenue for the year ended December 31, 2024, was 30%, compared to 31% in 2023[30]