0001261333FALSE00012613332024-12-052024-12-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________

FORM 8-K
______________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 5, 2024
Commission File Number: 001-38465
______________________________________
DOCUSIGN, INC.
(Exact name of registrant as specified in its charter)
______________________________________
Delaware91-2183967
(State or Other Jurisdiction of Incorporation)(I.R.S. Employer Identification Number)
221 Main St.Suite 1550San FranciscoCalifornia94105
(Address of Principal Executive Offices) (Zip Code)

(415) 489-4940
(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.0001 per shareDOCUThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Item 2.02    Results of Operations and Financial Condition.

On December 5, 2024, Docusign, Inc. (the “Company”) reported financial results for the three and nine months ended October 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The press release is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed incorporated by reference into any registration statement or other filing with the Securities and Exchange Commission made by the Company, whether made before or after the date of this Current Report, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific references in such filing.


Item 9.01     Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: December 5, 2024
DOCUSIGN, INC.
By:/s/ Blake Grayson
Blake Grayson
Chief Financial Officer
(Principal Accounting and Financial Officer)



DOCUSIGN, INC.
Exhibit 99.1

Docusign Announces Third Quarter Fiscal 2025 Financial Results

San Francisco – December 5, 2024 – Docusign, Inc. (NASDAQ: DOCU) today announced results for its fiscal quarter ended October 31, 2024. Prepared remarks and the news release with the financial results will be accessible on Docusign’s website at investor.docusign.com prior to its webcast.

“Docusign delivered powerful new innovation for customers highlighted by new capabilities to its Intelligent Agreement Management (“IAM”) platform,” said Allan Thygesen, CEO of Docusign. “In Q3, early IAM momentum outpaced expectations, and we continued to drive improvement in our core business with strong revenue growth and operating profit.”

Third Quarter Financial Highlights

▪Total revenue was $754.8 million, an 8% year-over-year increase. Subscription revenue was $734.7 million, an 8% year-over-year increase. Professional services and other revenue was $20.1 million, an 11% year-over-year increase.
▪Billings were $752.3 million, a 9% year-over-year increase.
▪GAAP gross margin was 79.3% compared to 79.6% in the same period last year. Non-GAAP gross margin was 82.5% compared to 83.0% in the same period last year.
▪GAAP net income per basic share was $0.31 on 204 million shares outstanding compared to $0.19 on 204 million shares outstanding in the same period last year.
▪GAAP net income per diluted share was $0.30 on 209 million shares outstanding compared to $0.19 on 208 million shares outstanding in the same period last year.
▪Non-GAAP net income per diluted share was $0.90 on 209 million shares outstanding compared to $0.79 on 208 million shares outstanding in the same period last year.
▪Net cash provided by operating activities was $234.3 million compared to $264.2 million in the same period last year.
▪Free cash flow was $210.7 million compared to $240.3 million in the same period last year.
▪Cash, cash equivalents, restricted cash and investments were $1.1 billion at the end of the quarter.
▪Repurchases of common stock were $172.7 million compared to $75.0 million in the same period last year.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures and Other Key Metrics.”

Key Business Highlights:

IAM Product Releases and Highlights: Docusign announced new product capabilities to its IAM platform. Highlights from recent product releases include:
▪Docusign Navigator: Lexion’s AI capabilities were released to the IAM platform, including the ability to surface insights from a more extensive array of agreement types. Additionally, Navigator now includes the ability to import documents from third-party partners including Box, Dropbox, Google Drive, and Microsoft OneDrive. Also, Navigator now has an upgraded search experience that includes predictive type-ahead functionality, more filters, and the ability to export results.
▪Docusign IAM with Maestro and App Center Global Expansion: IAM with Docusign Maestro and IAM App Center availability expanded globally in the third fiscal quarter after the initial launch in the US, Canada, and Australia in May.
Contract Lifecycle Management (“CLM”) Product Releases and Highlights:
▪Docusign CLM Connector for SAP Ariba: Docusign Connector for SAP Ariba automates workflows to help businesses accelerate time to value and eliminate friction in source-to-pay agreement processes.
▪AI-assisted Contract Review for CLM: Incorporating Lexion’s AI technology, AI-assisted review was launched with availability for Microsoft Word allowing for AI-generated markups, language recommendations, and generative Q&A.
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▪2024 Gartner Magic Quadrant Leader: For the fifth year in a row, Docusign was named a Leader in the 2024 Magic Quadrant for Contract Life Cycle Manager report by Gartner, Inc.
Developer Ecosystem:
▪Docusign Discover 2024: On November 20, Docusign held its first-ever agreement management ecosystem event, connecting customers, partners, and developers. Discover showcased Docusign IAM integrations with Microsoft, SAP, and Workday, and provided workshops and a virtual hackathon for developers to build across the entire agreement lifecycle. Docusign for Developers was also introduced as a suite of developer tools that partners will use to build apps powered by the IAM platform.
▪Copilot for Microsoft 365 Integration: Integration with Microsoft 365 allows agreements to be searchable by Copilot, the AI-powered chatbot available to Microsoft customers. Users across HR, Sales, Procurement, Legal, and more can use the Copilot for M365 integration to ask Copilot for outstanding agreements or agreement status using AI-powered chat experiences.

Guidance

The company currently expects the following guidance:

▪Quarter ending January 31, 2025 (in millions, except percentages):
Total revenue$758to$762
Subscription revenue$741to$745
Billings$870to$880
Non-GAAP gross margin81.0%to82.0%
Non-GAAP operating margin27.5%to28.5%
Non-GAAP diluted weighted-average shares outstanding209to214

▪Fiscal Year ending January 31, 2025 (in millions, except percentages):
Total revenue$2,959to$2,963
Subscription revenue$2,885to$2,889
Billings$3,056to$3,066
Non-GAAP gross margin81.9%to82.1%
Non-GAAP operating margin29.5%to29.7%
Non-GAAP diluted weighted-average shares outstanding210to212

A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by many factors, including the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release.

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Webcast Conference Call Information

The company will host a conference call on December 5, 2024 at 2:00 p.m. PT (5:00 p.m. ET) to discuss its financial results. A live webcast of the event will be available on the Docusign Investor Relations website at investor.docusign.com. Prepared remarks and the news release with the financial results will also be accessible on Docusign’s website prior to the webcast. A live dial-in will be available domestically at 877-407-0784 or internationally at 201-689-8560. A replay will be available domestically at 844-512-2921 or internationally at 412-317-6671 until midnight (EST) December 19, 2024 using the passcode 13750095.

About Docusign

Docusign brings agreements to life. Over 1.6 million customers and more than a billion people in over 180 countries use Docusign solutions to accelerate the process of doing business and simplify people's lives. With intelligent agreement management, Docusign unleashes business critical data that is trapped inside of documents. Until now, these were disconnected from business systems of record, costing businesses time, money, and opportunity. Using Docusign’s IAM platform, companies can create, commit, and manage agreements with solutions created by the #1 company in e-signature and CLM. Learn more at www.docusign.com.

Copyright 2024. Docusign, Inc. is the owner of DOCUSIGN® and all its other marks (www.docusign.com/IP).

Investor Relations:
Docusign Investor Relations
investors@docusign.com

Media Relations:
Docusign Corporate Communications
media@docusign.com
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Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management’s beliefs and assumptions and on information currently available to management, and which statements involve substantial risk and uncertainties. All statements contained in this press release other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, objectives for future operations, and the impact of such assumptions on our financial condition and results of operations are forward-looking statements. Forward-looking statements in this press release also include, among other things, statements under “Guidance” above and any other statements about expected financial metrics, such as revenue, billings, non-GAAP gross margin, non-GAAP operating margin, non-GAAP diluted weighted-average shares outstanding, and non-financial metrics, as well as statements related to our expectations regarding the benefits, rollout and customer demand of the Docusign IAM platform. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions.

Forward-looking statements contained in this press release include, but are not limited to, statements about: our expectations regarding global macro-economic conditions, including the effects of inflation, volatile interest rates, and market volatility on the global economy; our ability to estimate the size and growth of our total addressable market; our ability to compete effectively in an evolving and competitive market; the impact of any data breaches, cyberattacks or other malicious activity on our technology systems; our ability to effectively sustain and manage our growth and future expenses and maintain or increase future profitability; our ability to attract new customers and maintain and expand our existing customer base; our ability to effectively implement and execute our restructuring plans; our ability to scale and update our platform to respond to customers’ needs and rapid technological change, including our ability to successfully incorporate generative artificial intelligence into our existing and future products; our ability to successfully execute our technical developments, go-to-market and sales strategy for our IAM platform; our ability to expand use cases within existing customers and vertical solutions; our ability to expand our operations and increase adoption of our platform internationally; our ability to strengthen and foster our relationships with developers; our ability to retain our direct sales force, customer success team and strategic partnerships around the world; our ability to identify targets for and execute potential acquisitions and to successfully integrate and realize the anticipated benefits of such acquisitions; our ability to maintain, protect and enhance our brand; the sufficiency of our cash, cash equivalents and capital resources to satisfy our liquidity needs; limitations on us due to obligations we have under our credit facility or other indebtedness; our ability to realize the anticipated benefits of our stock repurchase program; our failure or the failure of our software to comply with applicable industry standards, laws and regulations; our ability to maintain, protect and enhance our intellectual property; our ability to successfully defend litigation against us; our ability to attract large organizations as users; our ability to maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel, including executive level management; our ability to successfully manage and integrate executive management transitions; uncertainties regarding the impact of general economic and market conditions, including as a result of regional and global conflicts; and our ability to maintain proper and effective internal controls.

Additional risks and uncertainties that could affect our financial results are included in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the fiscal year ended January 31, 2024 filed on March 21, 2024, our quarterly report on Form 10-Q for the quarter ended October 31, 2024, which we expect to file on December 6, 2024 with the Securities and Exchange Commission (the “SEC”), and other filings that we make from time to time with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this press release or to conform such statements to actual results or revised expectations, except as required by law.

Non-GAAP Financial Measures and Other Key Metrics

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We present these non-GAAP measures to assist investors in seeing our financial performance using a management view, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial
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performance over multiple periods with other companies in our industry. However, these non-GAAP measures are not intended to be considered in isolation from, a substitute for, or superior to our GAAP results.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share: We define these non-GAAP financial measures as the respective GAAP measures, excluding expenses related to stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, amortization of debt discount and issuance costs, fair value adjustments to strategic investments, acquisition-related expenses, lease-related impairment and lease-related charges, restructuring and other related charges, as these costs are not reflective of ongoing operations and, as applicable, other special items. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business. When evaluating the performance of our business and making operating plans, we do not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants). We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies and over multiple periods. In addition to these exclusions, we subtract an assumed provision for income taxes to calculate non-GAAP net income. We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024 and fiscal 2025, we have determined the projected non-GAAP tax rate to be 20%.

Free cash flow: We define free cash flow as net cash provided by operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

Billings: We define billings as total revenues plus the change in our contract liabilities and refund liability less contract assets and unbilled accounts receivable in a given period. Billings reflects sales to new customers plus subscription renewals and additional sales to existing customers. Only amounts invoiced to a customer in a given period are included in billings. We believe billings can be used to measure our periodic performance, when taking into consideration the timing aspects of customer renewals, which represents a large component of our business. Given that most of our customers pay in annual installments one year in advance, but we typically recognize a majority of the related revenue ratably over time, we use billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
(in thousands, except per share data)2024202320242023
Revenue:
Subscription$734,693 $682,352 $2,143,542 $1,991,026 
Professional services and other20,127 18,069 56,945 58,470 
Total revenue754,820 700,421 2,200,487 2,049,496 
Cost of revenue:
Subscription134,587 114,227 393,561 339,354 
Professional services and other21,950 28,418 67,887 85,360 
Total cost of revenue156,537 142,645 461,448 424,714 
Gross profit598,283 557,776 1,739,039 1,624,782 
Operating expenses:
Sales and marketing290,597 292,473 859,705 867,916 
Research and development151,101 136,640 432,992 387,964 
General and administrative97,555 108,215 277,162 316,910 
Restructuring and other related charges— 710 29,721 30,293 
Total operating expenses539,253 538,038 1,599,580 1,603,083 
Income from operations59,030 19,738 139,459 21,699 
Interest expense(462)(1,577)(1,150)(5,135)
Interest income and other income, net13,006 17,673 41,745 47,373 
Income before provision for (benefit from) income taxes71,574 35,834 180,054 63,937 
Provision for (benefit from) income taxes9,151 (2,971)(804,340)17,198 
Net income$62,423 $38,805 $984,394 $46,739 
Net income per share attributable to common stockholders:
Basic$0.31 $0.19 $4.81 $0.23 
Diluted$0.30 $0.19 $4.69 $0.23 
Weighted-average shares used in computing net income per share:
Basic203,567 204,456 204,674 203,609 
Diluted208,706 208,054 209,755 208,317 
Stock-based compensation expense included in costs and expenses:
Cost of revenue—subscription$14,862 $13,705 $44,636 $38,143 
Cost of revenue—professional services and other4,765 7,343 14,465 21,359 
Sales and marketing49,347 53,715 154,396 150,604 
Research and development53,184 48,310 150,816 129,458 
General and administrative31,070 36,337 91,239 111,271 
Restructuring and other related charges— 8 4,836 4,996 

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CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)October 31, 2024January 31, 2024
Assets
Current assets
Cash and cash equivalents$610,870 $797,060 
Investments—current331,506 248,402 
Accounts receivable, net300,444 439,299 
Contract assets—current13,645 15,922 
Prepaid expenses and other current assets75,412 66,984 
Total current assets1,331,877 1,567,667 
Investments—noncurrent112,805 121,977 
Property and equipment, net278,623 245,173 
Operating lease right-of-use assets113,365 123,188 
Goodwill455,678 353,138 
Intangible assets, net83,307 50,905 
Deferred contract acquisition costs—noncurrent445,987 409,627 
Deferred tax assets—noncurrent816,538 2,031 
Other assets—noncurrent132,028 97,584 
Total assets$3,770,208 $2,971,290 
Liabilities and Equity
Current liabilities
Accounts payable$18,144 $19,029 
Accrued expenses and other current liabilities94,591 104,037 
Accrued compensation158,779 195,266 
Contract liabilities—current1,307,749 1,320,059 
Operating lease liabilities—current19,507 22,230 
Total current liabilities1,598,770 1,660,621 
Contract liabilities—noncurrent22,931 21,980 
Operating lease liabilities—noncurrent111,132 120,823 
Deferred tax liability—noncurrent19,303 16,795 
Other liabilities—noncurrent28,695 21,332 
Total liabilities1,780,831 1,841,551 
Stockholders’ equity
Common stock20 21 
Treasury stock(2,871)(2,164)
Additional paid-in capital3,225,481 2,821,461 
Accumulated other comprehensive loss(23,682)(19,360)
Accumulated deficit(1,209,571)(1,670,219)
Total stockholders’ equity
1,989,377 1,129,739 
Total liabilities and equity$3,770,208 $2,971,290 

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
(in thousands)2024202320242023
Cash flows from operating activities:
Net income$62,423 $38,805 $984,394 $46,739 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization27,569 23,324 79,097 71,429 
Amortization of deferred contract acquisition and fulfillment costs61,264 49,399 172,731 147,781 
Amortization of debt discount and transaction costs138 1,227 415 3,722 
Non-cash operating lease costs4,601 4,768 14,463 16,499 
Stock-based compensation expense153,228 159,418 460,388 455,831 
Deferred income taxes6,675 3,845 (817,886)7,265 
Other1,149 (571)6,472 (1,353)
Changes in operating assets and liabilities:
Accounts receivable7,120 53,099 130,691 152,902 
Prepaid expenses and other current assets8,767 6,463 (8,300)(7,957)
Deferred contract acquisition and fulfillment costs(83,293)(63,154)(214,548)(176,510)
Other assets(1,060)(5,586)(16,118)(14,019)
Accounts payable10,061 11,205 (1,514)(9,089)
Accrued expenses and other liabilities1,014 (7,792)(7,146)2,372 
Accrued compensation(21,226)(1,056)(41,128)(4,368)
Contract liabilities95 (3,582)(16,431)36,876 
Operating lease liabilities(4,199)(5,635)(16,220)(19,292)
Net cash provided by operating activities234,326 264,177 709,360 708,828 
Cash flows from investing activities:
Cash paid for acquisition, net of acquired cash— — (143,611)— 
Purchases of marketable securities(110,296)(28,974)(333,537)(203,346)
Maturities of marketable securities90,211 87,500 265,834 251,517 
Purchases of strategic and other investments— (400)(625)(520)
Purchases of property and equipment(23,613)(23,841)(68,646)(70,277)
Net cash provided by (used in) investing activities(43,698)34,285 (280,585)(22,626)
Cash flows from financing activities:
Repayments of convertible senior notes— (37,083)— (37,083)
Repurchases of common stock(172,665)(75,035)(521,803)(145,515)
Settlement of capped calls, net of related costs— — — 23,688 
Payment of tax withholding obligation on net RSU settlement and ESPP purchase(51,051)(35,615)(132,134)(98,296)
Proceeds from exercise of stock options10,257 12,375 11,346 13,207 
Proceeds from employee stock purchase plan15,124 14,604 35,314 32,994 
Net cash used in financing activities(198,335)(120,754)(607,277)(211,005)
Effect of foreign exchange on cash, cash equivalents and restricted cash438 (7,187)(2,239)(4,897)
Net increase (decrease) in cash, cash equivalents and restricted cash(7,269)170,521 (180,741)470,300 
Cash, cash equivalents and restricted cash at beginning of period (1)
628,027 1,022,980 801,499 723,201 
Cash, cash equivalents and restricted cash at end of period (1)
$620,758 $1,193,501 $620,758 $1,193,501 
(1) Cash, cash equivalents and restricted cash included restricted cash of $9.9 million and $4.4 million at October 31, 2024 and January 31, 2024.
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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)

Reconciliation of gross profit (loss) and gross margin:
Three Months Ended October 31,Nine Months Ended October 31,
(in thousands)2024202320242023
GAAP gross profit$598,283$557,776$1,739,039$1,624,782
Add: Stock-based compensation19,62721,04859,10159,502
Add: Amortization of acquisition-related intangibles3,5662,0708,7036,787
Add: Employer payroll tax on employee stock transactions8945372,7331,925
Add: Lease-related impairment and lease-related charges———721
Non-GAAP gross profit$622,370$581,431$1,809,576$1,693,717
GAAP gross margin79.3 %79.6 %79.0 %79.3 %
Non-GAAP adjustments3.2 %3.4 %3.2 %3.3 %
Non-GAAP gross margin82.5 %83.0 %82.2 %82.6 %
GAAP subscription gross profit$600,106$568,125$1,749,981$1,651,672
Add: Stock-based compensation14,86213,70544,63638,143
Add: Amortization of acquisition-related intangibles3,5662,0708,7036,787
Add: Employer payroll tax on employee stock transactions5743011,9611,232
Add: Lease-related impairment and lease-related charges———505
Non-GAAP subscription gross profit$619,108$584,201$1,805,281$1,698,339
GAAP subscription gross margin81.7 %83.3 %81.6 %83.0 %
Non-GAAP adjustments2.6 %2.3 %2.6 %2.3 %
Non-GAAP subscription gross margin84.3 %85.6 %84.2 %85.3 %
GAAP professional services and other gross loss$(1,823)$(10,349)$(10,942)$(26,890)
Add: Stock-based compensation4,7657,34314,46521,359
Add: Employer payroll tax on employee stock transactions320236772693
Add: Lease-related impairment and lease-related charges———216
Non-GAAP professional services and other gross profit$3,262$(2,770)$4,295$(4,622)
GAAP professional services and other gross margin(9.1)%(57.3)%(19.2)%(46.0)%
Non-GAAP adjustments25.3 %42.0 %26.7 %38.1 %
Non-GAAP professional services and other gross margin16.2 %(15.3)%7.5 %(7.9)%

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Reconciliation of operating expenses:
Three Months Ended October 31,Nine Months Ended October 31,
(in thousands)2024202320242023
GAAP sales and marketing$290,597$292,473$859,705$867,916
Less: Stock-based compensation(49,347)(53,715)(154,396)(150,604)
Less: Amortization of acquisition-related intangibles(3,354)(2,629)(9,096)(7,888)
Less: Employer payroll tax on employee stock transactions(1,618)(875)(5,351)(3,945)
Less: Lease-related impairment and lease-related charges———(2,171)
Non-GAAP sales and marketing$236,278$235,254$690,862$703,308
GAAP sales and marketing as a percentage of revenue38.4 %41.8 %39.1 %42.3 %
Non-GAAP sales and marketing as a percentage of revenue31.3 %33.6 %31.4 %34.3 %
GAAP research and development$151,101$136,640$432,992$387,964
Less: Stock-based compensation(53,184)(48,310)(150,816)(129,458)
Less: Employer payroll tax on employee stock transactions(1,273)(876)(5,592)(3,671)
Less: Lease-related impairment and lease-related charges———(873)
Non-GAAP research and development$96,644$87,454$276,584$253,962
GAAP research and development as a percentage of revenue20.0 %19.5 %19.7 %18.9 %
Non-GAAP research and development as a percentage of revenue12.8 %12.4 %12.6 %12.4 %
GAAP general and administrative$97,555$108,215$277,162$316,910
Less: Stock-based compensation(31,070)(36,337)(91,239)(111,271)
Less: Employer payroll tax on employee stock transactions(489)(564)(1,774)(1,541)
Less: Acquisition-related expenses376—(4,340)—
Less: Lease-related impairment and lease-related charges———(695)
Non-GAAP general and administrative$66,372$71,314$179,809$203,403
GAAP general and administrative as a percentage of revenue12.9 %15.4 %12.6 %15.4 %
Non-GAAP general and administrative as a percentage of revenue8.8 %10.2 %8.1 %9.9 %
    
Reconciliation of income from operations and operating margin:
Three Months Ended October 31,Nine Months Ended October 31,
(in thousands)2024202320242023
GAAP income from operations$59,030$19,738$139,459$21,699
Add: Stock-based compensation153,228159,410455,552450,835
Add: Amortization of acquisition-related intangibles6,9204,69917,79914,675
Add: Employer payroll tax on employee stock transactions4,2742,85215,45011,082
Add: Acquisition-related expenses(376)—4,340—
Add: Restructuring and other related charges—71029,72130,293
Add: Lease-related impairment and lease-related charges———4,460
Non-GAAP income from operations$223,076$187,409$662,321$533,044
GAAP operating margin7.8 %2.8 %6.3 %1.1 %
Non-GAAP adjustments21.8 %24.0 %23.8 %24.9 %
Non-GAAP operating margin29.6 %26.8 %30.1 %26.0 %

10

DOCUSIGN, INC.
Reconciliation of net income and net income per share, basic and diluted:
Three Months Ended October 31,Nine Months Ended October 31,
(in thousands, except per share data)2024202320242023
GAAP net income$62,423 $38,805 $984,394 $46,739 
Add: Stock-based compensation153,228 159,410 455,552 450,835 
Add: Amortization of acquisition-related intangibles6,920 4,699 17,799 14,675 
Add: Employer payroll tax on employee stock transactions4,274 2,852 15,450 11,082 
Add: Acquisition-related expenses(376)— 4,340 — 
Add: Restructuring and other related charges— 710 29,721 30,293 
Add: Amortization of debt discount and issuance costs— 1,250 — 4,149 
Add: Fair value adjustments to strategic investments— — — 119 
Add: Lease-related impairment and lease-related charges— — — 4,460 
Add: Income tax and other tax adjustments(37,973)(43,922)(944,923)(98,712)
Non-GAAP net income$188,496 $163,804 $562,333 $463,640 
Numerator:
Non-GAAP net income$188,496 $163,804 $562,333 $463,640 
Add: Interest expense on convertible senior notes— 22 — 425 
Non-GAAP net income attributable to common stockholders, diluted$188,496 $163,826 $562,333 $464,065 
Denominator:
Weighted-average common shares outstanding, basic203,567 204,456 204,674 203,609 
Effect of dilutive securities5,139 3,598 5,081 4,708 
Non-GAAP weighted-average common shares outstanding, diluted208,706 208,054 209,755 208,317 
GAAP net income per share, basic$0.31 $0.19 $4.81 $0.23 
GAAP net income per share, diluted$0.30 $0.19 $4.69 $0.23 
Non-GAAP net income per share, basic$0.93 $0.80 $2.75 $2.28 
Non-GAAP net income per share, diluted$0.90 $0.79 $2.68 $2.23 

Computation of free cash flow:
Three Months Ended October 31,Nine Months Ended October 31,
(in thousands)2024202320242023
Net cash provided by operating activities$234,326 $264,177 $709,360 $708,828 
Less: Purchases of property and equipment(23,613)(23,841)(68,646)(70,277)
Non-GAAP free cash flow$210,713 $240,336 $640,714 $638,551 
Net cash provided by (used in) investing activities$(43,698)$34,285 $(280,585)$(22,626)
Net cash used in financing activities$(198,335)$(120,754)$(607,277)$(211,005)

11

DOCUSIGN, INC.
Computation of billings:
Three Months Ended October 31,Nine Months Ended October 31,
(in thousands)2024202320242023
Revenue$754,820 $700,421 $2,200,487 $2,049,496 
Add: Contract liabilities and refund liability, end of period1,332,828 1,228,174 1,332,828 1,228,174 
Less: Contract liabilities and refund liability, beginning of period(1,334,461)(1,233,894)(1,343,792)(1,191,269)
Add: Contract assets and unbilled accounts receivable, beginning of period17,461 22,358 20,189 16,615 
Less: Contract assets and unbilled accounts receivable, end of period(18,341)(25,253)(18,341)(25,253)
Add: Contract assets and unbilled accounts receivable by acquisitions— — 53 — 
Less: Contract liabilities and refund liability contributed by acquisitions— — (5,071)— 
Non-GAAP billings$752,307 $691,806 $2,186,353 $2,077,763 

12
v3.24.3
Cover
Dec. 05, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Dec. 05, 2024
Entity Registrant Name DOCUSIGN, INC.
Entity Central Index Key 0001261333
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 001-38465
Entity Tax Identification Number 91-2183967
Entity Address, Address Line One 221 Main St.
Entity Address, Address Line Two Suite 1550
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94105
City Area Code 415
Local Phone Number 489-4940
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.0001 per share
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Trading Symbol DOCU
DocuSign (NASDAQ:DOCU)
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