DocuSign, Inc. (NASDAQ:DOCU) Q1 2023 Earnings Conference Call June 9, 2022 4:30 PM ET Company Participants Roger Martin - Vice President, Finance Dan Springer - Chief Executive Officer Cynthia Gaylor - Chief Financial Officer Conference Call Participants Josh Baer - Morgan Stanley Brad Sills - Bank of America Karl Keirstead - UBS Pat Walravens - JMP Securities Jake Roberge - William Blair Tyler Radke - Citi Alex Zukin - Wolfe Research Rishi Jaluria - RBC Shebly Seyrafi - FBN Securities Operator Good afterno ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________ FORM 10-Q ______________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38465 ______________________________________ DOCU ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________ FORM 10-K ______________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38465 | --- | --- | --- | --- | --- | |---------------- ...

DocuSign, Inc. (NASDAQ:DOCU) Q4 2022 Earnings Conference Call March 10, 2022 4:30 PM ET Company Participants Roger Martin - VP, Finance Daniel Springer - President, CEO & Director Cynthia Gaylor - CFO Conference Call Participants Tyler Radke - Citigroup Sterling Auty - JPMorgan Chase & Co. Rishi Jaluria - RBC Capital Markets Jacob Roberge - William Blair & Company Stan Zlotsky - Morgan Stanley Karl Keirstead - UBS Bradley Sills - Bank of America Merrill Lynch Allan Verkhovski - Wolfe Research Peter Burkly - ...

Financial Performance - Total revenue for the three months ended October 31, 2021, was $545.5 million, a 42.5% increase from $382.9 million in the same period of 2020[111] - Subscription revenue accounted for 97% of total revenue in the three months ended October 31, 2021, compared to 96% in the same period of 2020[102] - The company reported a net loss of $5.7 million for the three months ended October 31, 2021, an improvement from a net loss of $58.5 million in the same period of 2020[111] - Total revenue for the three months ended October 31, 2021, was $545.5 million, a 42% increase from $382.9 million in the same period in 2020[134] - Gross profit for the three months ended October 31, 2021, was $429.5 million, yielding a gross margin of 79%, up from 74% in the same period in 2020[133] - Non-GAAP gross profit for the three months ended October 31, 2021, was $449,419 thousand, up from $301,926 thousand in the same period of the previous year, representing a 48.9% increase[177] - Non-GAAP gross margin for the same period improved to 82%, compared to 79% in the prior year[177] - Free cash flow for the three months ended October 31, 2021, was $90,019 thousand, significantly higher than $38,050 thousand in the same period last year, indicating a 136.5% increase[179] - Non-GAAP net income for the three months ended October 31, 2021, was $121,094 thousand, compared to $46,125 thousand in the same period last year, marking a 162.5% increase[179] - Billings for the three months ended October 31, 2021, reached $565,239 thousand, up from $440,411 thousand in the same period last year, representing a 28.4% increase[179] - GAAP loss from operations for the three months ended October 31, 2021, was $(3,358) thousand, an improvement from $(48,470) thousand in the same period last year[177] Customer Growth - The number of customers increased to over 1.1 million as of October 31, 2021, up from nearly 820,000 a year earlier, including over 159,000 enterprise and commercial customers[112] - The number of customers with annual contract values exceeding $300,000 increased from approximately 30 in January 2013 to 785 as of October 31, 2021[105] - The company anticipates continued growth in customer spending as existing customers expand their use of the software suite across various use cases[116] Revenue Composition - International revenue represented 23% of total revenue for the three months ended October 31, 2021, compared to 20% in the same period of 2020[117] - Subscription revenue increased by $162.0 million, or 44%, in the three months ended October 31, 2021, and by $502.1 million, or 52%, in the nine months ended October 31, 2021, primarily due to new customer acquisitions and upsells[134] - Cost of subscription revenue increased by $14.7 million, or 21%, in the three months ended October 31, 2021, primarily driven by higher costs to support the growing customer base[137] Expenses and Investments - Operating expenses for the three months ended October 31, 2021, totaled $432.8 million, representing 79% of total revenue, compared to 87% in the same period in 2020[133] - Research and development expenses increased to $102.6 million, or 19% of total revenue, consistent with the same percentage in the prior year[138] - Selling and marketing expenses were $275.6 million, or 51% of total revenue, down from 55% in the same period in 2020[133] - Sales and marketing expenses increased by $65.7 million, or 31%, in the three months ended October 31, 2021, and $200.4 million, or 35%, in the nine months ended October 31, 2021, primarily due to investments in workforce and technology[141] - Research and development expenses increased by $29.2 million, or 40%, in the three months ended October 31, 2021, and $91.3 million, or 48%, in the nine months ended October 31, 2021, driven by workforce and technology investments[145] - General and administrative expenses rose by $4.4 million, or 9%, in the three months ended October 31, 2021, and $27.8 million, or 20%, in the nine months ended October 31, 2021, mainly due to workforce investments[146] Cash Flow and Liquidity - Cash, cash equivalents, restricted cash, and investments totaled $908.2 million as of October 31, 2021[111] - Cash provided by operating activities was $418.7 million for the nine months ended October 31, 2021, compared to $234.7 million for the same period in 2020, reflecting increased sales and cash collections[160] - Net cash used in investing activities was $157.7 million for the nine months ended October 31, 2021, primarily driven by net purchases of marketable securities[161] - Cash used in financing activities was $320.7 million for the nine months ended October 31, 2021, primarily due to net payments related to equity plans[163] - As of October 31, 2021, the company had $818.5 million in cash and cash equivalents and short-term investments, along with $89.5 million in long-term investments[150] - The company believes existing cash and marketable securities will be sufficient to meet working capital and capital expenditures needs over at least the next 12 months[155] Interest and Currency Risks - Interest expense decreased by $6.3 million in the three months ended October 31, 2021, and $18.2 million in the nine months ended October 31, 2021, primarily due to lower amortization expense[147] - A hypothetical 100 basis point increase in interest rates would result in an approximately $2.4 million decrease in the fair value of the company's investment portfolio[182] - The company has no exposure to changes in interest rates from debt obligations as of October 31, 2021, due to fixed-rate notes issued[183] - A strengthening or weakening of the U.S. dollar against other currencies may impact operating results expressed in U.S. dollars[184] - An immediate 10% increase or decrease in the U.S. dollar's value relative to other currencies is not expected to materially affect operating results[184] - The company has not engaged in hedging foreign currency transactions to date, but may consider it in the future[184]

DocuSign, Inc. (NASDAQ:DOCU) Q3 2022 Results Conference Call December 2, 2021 4:30 PM ET Company Participants Annie Leschin - Head, IR Dan Springer - CEO Cynthia Gaylor - CFO Conference Call Participants Sterling Auty - JP Morgan Bhavan Suri - William Blair Stan Zlotsky - Morgan Stanley Kirk Materne - Evercore ISI Alex Zukin - Wolfe Research Karl Keirstead - UBS Scott Berg - Needham Pat Walravens - JMP Securities Brad Sills - Bank of America Operator Good afternoon, ladies and gentlemen. Thank you for joini ...

DocuSign, Inc. (NASDAQ:DOCU) Piper Sandler 2021 Virtual Global Technology Conference September 13, 2021 2:45 PM ET Company Participants Cynthia Gaylor - CFO Conference Call Participants Rob Owens - Piper Sandler Rob Owens Great and thank you for joining our session this afternoon. I'd like to welcome management from DocuSign for a fireside chat. Joining me from the Company is DocuSign's CFO, Cynthia Gaylor. Cynthia, welcome. Cynthia Gaylor Thanks, Rob. Great to be here. Thanks for having us. Rob Owens It's ...

DocuSign, Inc (NASDAQ:DOCU) Citi's 2020 Global Technology Virtual Conference September 13, 2021 1:00 PM ET Company Participants Dan Springer - CEO Conference Call Participants Tyler Radke - Citigroup Tyler Radke Okay. Good afternoon, good morning. My name is Tyler Radke. I co-head the U.S. software sector here at Citi, and welcome to day one of our Global Tech Conference. We are happy to have the CEO of DocuSign, Dan Springer, with us this afternoon. Dan, thanks for joining us for another virtual conference ...

Summary of DocuSign, Inc. Conference Call Company Overview - **Company**: DocuSign, Inc. (NASDAQ:DOCU) - **Event**: Wolfe Research Inaugural TMT Conference Call - **Date**: September 8, 2021 - **Participants**: Cynthia Gaylor (CFO), Alex Zukin (Wolfe Research) Key Points Industry and Market Opportunity - DocuSign operates in the electronic signature and agreement cloud industry, with a **$50 billion market opportunity** identified by the company [4] - The company has guided the market to expect **$2 billion** in revenue [4] Unique Value Proposition - DocuSign is recognized as a leader in its space, with strong brand trust and security, which differentiates it from competitors like Adobe and HelloSign [4][5] - The company benefits from a **viral and network effect**, where customer satisfaction leads to further adoption [4] Impact of the Pandemic - The pandemic has led to a **step function change** in demand, effectively doubling the business in just over a year [8] - Urgent customer demand peaked during the pandemic, but the company expects growth rates to moderate moving forward [9][12] - The transition from physical to digital signatures is seen as a permanent shift, with customers unlikely to revert to pen and paper [10] Demand Environment - Current demand is described as good but not as strong as during the peak pandemic period [12] - The **net expansion rate** stands at **124%**, indicating strong customer retention and expansion [12][13] Customer Behavior and Use Cases - Customers are increasingly adopting DocuSign for multiple use cases, moving beyond initial applications [16][29] - The company is focused on finding new use cases for customers who initially adopted the service for specific COVID-related needs [23] Agreement Cloud and Future Growth - The **Agreement Cloud** is a key growth area, but growth in this segment is currently small compared to the core signature business [26] - International markets represent a significant growth opportunity, with over **70% year-on-year growth** in international revenue [33] Competitive Edge - DocuSign's sales team is noted for its sophistication and operational rigor, which contributes to its competitive advantage [36] Conclusion - The company is optimistic about its growth trajectory, particularly in international markets and through the expansion of its product offerings [33][34]

Financial Data and Key Metrics Changes - Revenue grew 50% year-over-year to $512 million, with billings increasing 47% year-over-year to $595 million [7][21] - International business revenue rose 71% year-over-year, contributing nearly $114 million, which represents 22% of total revenue [8][22] - Non-GAAP gross margin for Q2 was 82%, compared to 78% a year ago, while subscription gross margin was 85%, up from 83% [23] Business Line Data and Key Metrics Changes - Subscription revenue increased 52% year-over-year to $493 million, driven by strong customer demand and early renewals [21][22] - The number of total customers surpassed 1 million, with 65,000 new customers added in the quarter, marking a 41% increase year-over-year [22] - Dollar net retention rate was 124%, exceeding historical ranges for the fifth consecutive quarter [22][23] Market Data and Key Metrics Changes - The international market showed strong growth, particularly in EMEA, LATAM, and APJ regions, with significant increases in transaction volumes and customer engagement [17][80] - The company noted a 175% increase in document processing for one of its largest financial services customers in Australia [18] Company Strategy and Development Direction - The company is focused on customer success, expanding its Agreement Cloud platform, and enhancing its international presence [11][17] - Key themes include improving customer engagement, expanding product capabilities, and enhancing trust and security features [15][16] - The company aims to achieve carbon neutrality by 2022 as part of its environmental impact strategy [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that while growth rates may not maintain peak pandemic levels, the value proposition remains strong [25][50] - The company anticipates continued strong growth in the second half of the fiscal year, with revenue guidance of $526 million to $532 million for Q3 [26][27] - Management emphasized the importance of investing in growth and scaling operations to meet future demand [24][73] Other Important Information - The company has committed to achieving carbon neutrality by 2022 and has launched an ESG section on its website [19][20] - The company is investing in building sales capacity and enhancing its product development teams to support future growth [73] Q&A Session Summary Question: Can you discuss the long-term monetization of contract data? - Management plans to leverage existing data and analytics tools to help customers improve their business performance, focusing on customer success rather than monetizing data for other purposes [31][36][44] Question: How should investors think about growth moderation post-pandemic? - Management expects growth to moderate from peak levels but still anticipates strong growth due to the subscription-based model [50][76] Question: What is the typical path for customers entering the Agreement Cloud? - Most customers start with eSignature, followed by a transition to Contract Lifecycle Management (CLM) as they digitize their agreements [54][56] Question: How is the company addressing international growth? - The company is seeing strong performance across international markets, particularly in EMEA, and plans to expand its presence in additional countries [80][84] Question: What is the outlook for net retention rates? - Management is optimistic about maintaining net retention rates above historical ranges, driven by customer success and product expansion [96]