Core Insights - Docusign reported strong financial performance in Q1 2025, achieving significant revenue growth and surpassing 10,000 Intelligent Agreement Management customers [2][6]. Financial Performance - Total revenue for Q1 2025 was $763.7 million, an 8% increase year-over-year, with subscription revenue at $746.2 million, also an 8% increase [6]. - Professional services and other revenue decreased by 4% year-over-year to $17.5 million [6]. - Billings reached $739.6 million, marking a 4% year-over-year increase [6]. - GAAP net income per basic share was $0.35, up from $0.16 in the same period last year [6]. - Non-GAAP net income per diluted share was $0.90, compared to $0.82 in the same period last year [6]. Key Business Highlights - Docusign expanded its Intelligent Agreement Management (IAM) platform capabilities, announcing new features at the Momentum25 NYC conference [3]. - The company introduced AI-driven innovations, including the Docusign Iris AI engine and AI contract agents designed to enhance workflow efficiency [7][8]. - The company launched integrations with Salesforce to streamline sales processes [7]. Guidance - For the quarter ending July 31, 2025, Docusign expects total revenue between $777 million and $781 million, with subscription revenue projected between $760 million and $764 million [12]. - For the fiscal year ending January 31, 2026, total revenue is expected to be between $3.151 billion and $3.163 billion [13]. Stock Repurchase Program - Docusign's board authorized an increase to its stock repurchase program by an additional $1.0 billion, bringing the total remaining authorization to $1.4 billion [15].

DocuSign, Inc. DOCU will release its first-quarter earnings results after the closing bell on Thursday, June 5.Analysts expect the San Francisco, California-based company to report quarterly earnings at 81 cents per share, down from 82 cents per share in the year-ago period. DocuSign projects to report quarterly revenue at $748.92 million, compared to $709.64 million a year earlier, according to data from Benzinga Pro.On April 29, Docusign named Michael Adams as new Chief Information Security Officer.DocuSi ...

Core Insights - Docusign (DOCU) is set to report its first-quarter fiscal 2026 results on June 5, with revenue expectations of $747 million, reflecting a 5.3% year-over-year growth, while earnings per share are estimated at 81 cents, indicating a 1.2% decline from the previous year [1][3] Financial Performance - The consensus estimate for subscription revenues is $730.8 million, representing a 5.7% increase year-over-year, driven by the adoption of Intelligent Agreement Management (IAM), increased feature usage, and upgrades to higher-tier plans [5][7] - The professional services and other revenues are projected at $16.1 million, showing an 11.4% decline compared to the same quarter last year [5] Earnings Expectations - Docusign currently has an Earnings ESP of 0.00% and a Zacks Rank of 4 (Sell), indicating lower chances of an earnings beat this quarter [3] - The company has a history of surpassing earnings estimates, with an average surprise of 8% over the last four quarters [2] Market Performance - Docusign's stock has increased by 67.7% over the past year, outperforming the industry average of 35.5% and the Zacks S&P 500 composite's 13.2% rise [8] - The current price-to-earnings ratio for DOCU is 24.96X, which is lower than the industry average of 37.6X, but higher than BILL Holdings at 18.99X and slightly lower than BlackLine at 25.45X [11] Product Development - The launch of IAM in 2024 aims to enhance agreement management through AI, contributing over 20% to direct sales in the fourth quarter of fiscal 2025 [12][13] - Despite early sales success, concerns remain regarding the product's scalability and early monetization challenges [13][17] Liquidity Concerns - Docusign's current ratio is 0.81, significantly below the industry average of 2.38, indicating potential liquidity issues [15] - The low current ratio raises concerns about the company's ability to meet short-term obligations effectively [15]

Core Insights - Analysts project that DocuSign (DOCU) will report quarterly earnings of $0.81 per share, reflecting a year-over-year decline of 1.2% [1] - Revenue is expected to reach $746.98 million, marking a 5.3% increase from the same quarter last year [1] - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a reevaluation of initial estimates by analysts [1] Revenue Estimates - Analysts estimate 'Revenue- Professional services and other' at $16.09 million, indicating a decline of 11.4% from the prior-year quarter [4] - 'Revenue- Subscription' is projected to reach $730.77 million, reflecting a growth of 5.7% from the prior-year quarter [4] Key Metrics - 'Non-GAAP billings' are expected to arrive at $746.34 million, compared to $709.54 million reported in the same quarter last year [5] - The total number of customers is projected to reach 1.69 million, up from 1.5 million a year ago [5] - 'Enterprise & Commercial Customers' are forecasted to reach 268.32 thousand, an increase from 248 thousand in the previous year [5] Profitability Metrics - 'Non-GAAP subscription gross profit' is estimated to be $605.46 million, compared to $581.92 million from the previous year [6] Stock Performance - Shares of DocuSign have increased by 7.9% in the past month, outperforming the Zacks S&P 500 composite, which moved up by 6.1% [6] - DocuSign holds a Zacks Rank 3 (Hold), suggesting it is expected to mirror overall market performance in the near future [6]

Financial Data and Key Metrics Changes - The company reported a total of 202,502,561 shares of common stock outstanding as of April 7, 2025, which were entitled to vote at the annual meeting [4] - The voting results confirmed that all three nominated directors were reelected, and PwC was ratified as the independent registered public accounting firm for the fiscal year ending January 31, 2026 [15] Business Line Data and Key Metrics Changes - No specific data regarding individual business lines was provided in the meeting records Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed in the meeting records Company Strategy and Development Direction and Industry Competition - The company is focused on maintaining strong governance through the election of directors and the ratification of its independent auditors, which reflects a commitment to transparency and accountability [8][10] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting Other Important Information - The meeting included a nonbinding advisory vote on the compensation of named executive officers, which received the requisite number of votes to pass [15] Q&A Session All Questions and Answers Question: Were there any questions submitted during the Q&A session? - No questions pertinent to the meeting matters or related to the company's business were submitted [16]

Company Performance - DocuSign (DOCU) closed at $86.29, reflecting a +1.99% change from the previous day, underperforming the S&P 500's gain of 2.05% [1] - Over the past month, DocuSign shares increased by 3.15%, lagging behind the Computer and Technology sector's gain of 8.52% and the S&P 500's gain of 5.21% [1] Upcoming Earnings - DocuSign is set to report earnings on June 5, 2025, with projected earnings of $0.81 per share, indicating a year-over-year decline of 1.22% [2] - The consensus estimate for revenue is $746.98 million, reflecting a 5.26% increase from the same quarter last year [2] Annual Estimates - For the annual period, the Zacks Consensus Estimates predict earnings of $3.46 per share and revenue of $3.13 billion, representing changes of -2.54% and +5.2% respectively from the previous year [3] Analyst Estimates - Recent changes to analyst estimates for DocuSign indicate confidence in the company's business performance and profit potential [3] - The Zacks Rank system, which includes estimate changes, currently ranks DocuSign at 3 (Hold) [5] Valuation Metrics - DocuSign has a Forward P/E ratio of 24.44, which is lower than the industry average Forward P/E of 28.23 [6] - The company has a PEG ratio of 5.55, compared to the Internet - Software industry's average PEG ratio of 2.12 [7] Industry Context - The Internet - Software industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 64, placing it in the top 26% of all industries [8] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]

Group 1 - Moretus Research provides high-quality equity research focused on U.S. public markets, aiming to deliver clarity, conviction, and alpha for serious investors [1] - The research framework identifies companies with durable business models, mispriced cash flow potential, and intelligent capital allocation, emphasizing a structured and repeatable approach [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model and capital structure, prioritizing comparability, simplicity, and relevance [1] Group 2 - Research coverage focuses on underappreciated companies experiencing structural changes or temporary dislocations, where disciplined analysis can yield asymmetric returns [1] - Moretus Research aims to elevate the standard for independent investment research by providing professional-grade insights and actionable valuations [1]

Core Insights - Stanley Druckenmiller's Duquesne Family Office has been active in the first quarter of 2025, adding new positions and increasing existing ones [3][4] Group 1: Taiwan Semiconductor Manufacturing (TSMC) - TSMC was one of Druckenmiller's largest bets, with a 457% increase in shares to 491,265 [7] - The stock experienced a decline but rebounded due to strong first-quarter results, with revenue up 41.6% year over year and earnings per share increasing by 60% [8] - Despite a slight dip in sales from the previous quarter, demand from major customers suggests potential for modest growth [9] - TSMC's largest customer, Nvidia, saw Microsoft increase its capital expenditures by 53% year over year, indicating strong demand in the semiconductor sector [10] Group 2: Flutter Entertainment - Druckenmiller increased his position in Flutter Entertainment by purchasing over 1 million shares, making it the 11th-largest holding in the portfolio [11] - Flutter's FanDuel brand grew monthly users by 11% year over year to 4.3 million, capturing a 43% market share in the U.S. sports betting market [11] - The company launched a cross-promotion for FanDuel, boosting monthly iGaming users in the U.S. above 1 million, with first-quarter revenue from iGaming growing by 32% year over year to $472 million [12] Group 3: Docusign - Druckenmiller initiated a new position in Docusign valued at $87.5 million, making it the 10th largest position in the portfolio [14] - Docusign's revenue grew by 7% year over year, with subscriptions accounting for 97% of first-quarter revenue [14] - The company reported a gross margin of 78.9% and free cash flow of $232.1 million, representing 33% of total revenue [15]

Core Insights - The quarterly 13F filing season reveals investment activities of top hedge funds and institutional managers, providing insights into their buying and selling strategies [1][2] Group 1: Uber Technologies (NYSE: UBER) - Bill Ackman's Pershing Square disclosed a 30.3 million share stake in Uber, valued at approximately $2.3 billion, marking it as a core holding [3][4] - Ackman views Uber as a rare opportunity with significant growth potential, highlighting its strong performance with a 53% year-to-date increase and improving profitability [4] - Investors are advised to consider waiting for a pullback before investing, as shares are trading near all-time highs [5] Group 2: Dollar Tree (NASDAQ: DLTR) - David Einhorn's Greenlight Capital acquired 436,360 shares of Dollar Tree, worth about $32.8 million, indicating a high-conviction bet on the stock [6][7] - The investment suggests a rebound opportunity for Dollar Tree amidst operational changes and pressures from inflation and tariffs, with shares up nearly 16% year-to-date [8] Group 3: DocuSign (NASDAQ: DOCU) - Stanley Druckenmiller's Duquesne Family Office purchased 1.07 million shares of DocuSign, valued at approximately $87.5 million, indicating confidence in the company's long-term relevance [9][10] - Despite a challenging year, recent price movements suggest a potential reversal for DocuSign, as it breaks out of its downtrend [10] Group 4: Estée Lauder (NYSE: EL) - Michael Burry's Scion Asset Management doubled down on Estée Lauder, making it his only long equity holding with 200,000 shares [11][12] - The stock has faced challenges, down nearly 13% year-to-date and 53% from its 52-week high, but Burry's move signals a strong belief in its recovery potential [13] Group 5: Broadcom (NASDAQ: AVGO) - David Tepper's Appaloosa disclosed a new stake in Broadcom, purchasing 130,000 shares, as he reduced positions in other tech stocks [14][15] - Broadcom is positioned as a major beneficiary of AI trends, with strong exposure to custom chips and networking hardware, although its valuation is considered rich after a significant run-up [15]

Group 1 - Docusign will release its first quarter fiscal 2026 results on June 5, 2025, after market close [1] - A conference call to discuss the financial results will be held at 2:00 p.m. Pacific Standard Time [1] - A live webcast of the event will be available on the Docusign Investor Relations website [1] Group 2 - Docusign serves nearly 1.7 million customers and over a billion users in more than 180 countries [2] - The company focuses on intelligent agreement management to unlock business-critical data trapped in documents [2] - Docusign is recognized as the leading company in e-signature and contract lifecycle management (CLM) [2]