华鑫证券-计算机行业点评报告：Docusign（DOCU.O）

Core Insights - DocuSign reported strong financial performance for Q2 of FY2026, with total revenue reaching $801 million, a 9% year-over-year increase, and subscription revenue also growing by 9% to $784 million [1][2] - Deferred revenue increased by 13% to $818 million, driven by growth in eSignature demand, improved gross retention rates, and favorable customer billing preferences [2][3] - Non-GAAP operating margin was 29.8%, with free cash flow of $218 million, reflecting a free cash flow margin of 27% [1][2] Financial Performance - Total revenue for Q2 FY2026 was $801 million, up 9% year-over-year [1] - Subscription revenue reached $784 million, also a 9% increase [1] - Deferred revenue grew by 13% to $818 million, with an adjusted full-year growth expectation of 7% [2] - Non-GAAP operating margin stood at 29.8%, with free cash flow of $218 million [1][2] Business Growth Drivers - The growth in deferred revenue was attributed to increased demand for eSignature products, improved customer retention, and a shift towards annual billing contracts [2] - The IAM platform showed strong growth, with an expected low double-digit percentage of subscription revenue coming from IAM customers by Q4 FY2026 [2][3] - The net revenue retention rate (DNR) improved to 102%, indicating strong core demand for eSignature services [3] AI and Innovation - DocuSign introduced several AI-driven features for its IAM platform, enhancing contract management and user management capabilities [3] - New functionalities include Custom Extractions for automated contract information capture and Agreement Preparation for template creation and clause suggestions [3] Market Position and Strategy - The company is focusing on enhancing its direct sales organization, which showed solid performance in Q2 with increased new bookings [4] - A new partnership with the U.S. General Services Administration (GSA) aims to expand eSignature sales to federal agencies [4] Long-term Outlook - DocuSign is undergoing a long-term transformation centered around its AI-driven IAM platform, with expectations for stable revenue growth and improved operational efficiency [5][6] - The company aims to maintain a non-GAAP operating margin between 28.6% and 29.6% for the full year [6]