Mon. May 23rd, 2022
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    Content Assessment: Strong Growth? KLDiscovery Inc. Announces First Quarter 2022 Financial Results

    Information - 91%
    Insight - 93%
    Relevance - 90%
    Objectivity - 87%
    Authority - 91%

    90%

    Excellent

    A short percentage-based assessment of the qualitative benefit of the recent 1Q22 earnings report from global provider of electronic discovery, information governance and data recovery technology solutions, KLDiscovery.

    Editor’s Note: From time to time, ComplexDiscovery highlights publicly available or privately purchasable announcements, content updates, and research from cyber, data, and legal discovery providers, research organizations, and ComplexDiscovery community members. While ComplexDiscovery regularly highlights this information, it does not assume any responsibility for content assertions.

    To submit recommendations for consideration and inclusion in ComplexDiscovery’s cyber, data, and legal discovery-centric service, product, or research announcements, contact us today.


    Press Announcement Extract (May 11, 2022)

    KLDiscovery Inc. Announces First Quarter 2022 Financial Results

    Total revenue second highest quarter in company history; 9% Revenue Growth, and Strong Nebula Adoption for the quarter versus Q1 2021

    KLDiscovery Inc. (“KLDiscovery” or the “Company”), a leading global provider of electronic discovery, information governance and data recovery technology solutions, announced today that revenue for the first quarter ended March 31, 2022 was $81.9 million versus $75.5 million in the first quarter of 2021, a 9% increase year-over-year. Net loss for the first quarter of 2022 was $(9.6) million compared to $(14.9) million in the first quarter of 2021, an improvement of 36%. The first quarter of 2021 included a $7.2 million loss on debt extinguishment in connection with the retirement of our first lien debt that did not recur in the first quarter of 2022.

    EBITDA for the first quarter of 2022 was $11.3 million versus $15.1 million in the first quarter of 2021. Adjusted EBITDA (which excludes stock-based compensation, acquisition financing and transaction costs and other items as described below) for the first quarter of 2022 was $14.1 million compared to $15.4 million in the first quarter of 2021, reflecting planned investments in research and development and sales and marketing.

    “The first quarter of 2022 was an excellent quarter for KLDiscovery,” said Christopher Weiler, CEO of KLDiscovery Inc. “We continued our streak of 4 consecutive strong quarters of revenue with the first quarter of 2022 delivering $81.9 million of revenue, a 9% increase year-over-year. Our net loss improved by 36% year-over-year even as we continue our investment in research and development. Our Nebula platform continued to gain significant traction as the number of Nebula clients and Nebula matters in Q1 2022 vs. Q1 2021 increased by 31% and 24% respectively.”

    Mr. Weiler continued, “Our financial performance in the first quarter was strong and I am very pleased with the growth of Nebula as we continue to remain focused on what we can control in difficult macro-economic conditions. We continue to deliver world-class customer service to our clients combined with our fully integrated solution of full-stack AI and ML powered technology.”

    About KLDiscovery

    KLDiscovery provides technology-enabled services and software to help law firms, corporations, government agencies and consumers solve complex data challenges. The company, with offices in 30+ locations across 19 countries, is a global leader in delivering best-in-class eDiscovery, information governance and data recovery solutions to support the litigation, regulatory compliance, internal investigation and data recovery and management needs of our clients. Serving clients for over 30 years, KLDiscovery offers data collection and forensic investigation, early case assessment, electronic discovery and data processing, application software and data hosting for web-based document reviews, and managed document review services. In addition, through its global Ontrack Data Recovery business, KLDiscovery delivers world-class data recovery, email extraction and restoration, data destruction and tape management. KLDiscovery has been recognized as one of the fastest growing companies in North America by both Inc. Magazine (Inc. 5000) and Deloitte (Deloitte’s Technology Fast 500) and CEO Chris Weiler was recognized as a 2014 Ernst & Young Entrepreneur of the Year™. Additionally, KLDiscovery is a Relativity Certified Partner and maintains ISO/IEC 27001 Certified data centers around the world. For more information, please email info@kldiscovery.com or visit www.kldiscovery.com.

    Read the original announcement.


    Complete Announcement with Tables (PDF) – Mouseover to Scroll

    KLDiscovery Inc Announces First Quarter 2022 Financial Results

    Additional Reading

    Source: ComplexDiscovery

     

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    ComplexDiscovery is an online publication that highlights cyber, data, and legal discovery insight and intelligence ranging from original research to aggregated news for use by cybersecurity, information governance, and eDiscovery professionals. The highly targeted publication seeks to increase the collective understanding of readers regarding cyber, data, and legal discovery information and issues and to provide an objective resource for considering trends, technologies, and services related to electronically stored information.

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