Press release
DocuSign Announces Second Quarter Fiscal 2023 Financial Results
SAN FRANCISCO, Sept. 8, 2022 /PRNewswire/ -- DocuSign, Inc. (NASDAQ: DOCU), which offers the world's #1 e-signature solution as part of the DocuSign agreement
About this update from Docusign, Inc.
[{"type":"text","content":"SAN FRANCISCO, Sept. 8, 2022 /PRNewswire/ -- DocuSign, Inc. (NASDAQ: DOCU), which offers the world's #1 e-signature solution as part of the DocuSign agreement platform, today announced results for its fiscal quarter ended July 31, 2022.\n\n \n \n \n \n \n \n\n \n\"We delivered solid Q2 results, with a strong finish to the first half of the year. These results reflect the focus and dedication of our team on execution during this transition period, with a stronger foundation in place to deliver in the second half of the year. We enter this next phase with a clear set of vital few deliverables for our people initiatives and product roadmap, while driving sustainable and profitable growth at scale,\" said Maggie Wilderotter, DocuSign's Interim CEO and Board Chair. \"We have a $50 billion market opportunity, an industry leading digital agreement platform, strong market position, and an experienced leadership team. I have total confidence our team will successfully deliver for all stakeholders.\"\nSecond Quarter Financial Highlights\nTotal revenue was $622.2 million, an increase of 22% year-over-year. Subscription revenue was $605.2 million, an increase of 23% year-over-year. Professional services and other revenue was $17.0 million, a decrease of 11% year-over-year. Billings were $647.7 million, an increase of 9% year-over-year. GAAP gross margin was 78% for both periods. Non-GAAP gross margin was 82% for both periods. GAAP net loss per basic and diluted share was $0.22 on 201 million shares outstanding compared to $0.13 on 196 million shares outstanding in the same period last year. Non-GAAP net income per diluted share was $0.44 on 206 million shares outstanding compared to $0.47 on 208 million shares outstanding in the same period last year. Net cash provided by operating activities was $120.9 million compared to $177.7 million in the same period last year. Free cash flow was $105.5 million compared to $161.7 million in the same period last year. Cash, cash equivalents, restricted cash and investments were $1,129.6 million at the end of the quarter.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.\"\nOperational and Other Financial Highl...