Slide 1: Bringing Agreements to Life
Bringing Agreements to Life Q4 FY25
Slide 2: Safe Harbor
Safe Harbor This presentation contains “forward-looking” statements within the meaning of Section 27A of the Securities Act our ability to expand use cases within existing customers and vertical solutions; our ability to expand our of 1933, as amended, and Section 21E of the Securities Exchange Act
Slide 3: Non-GAAP financial measures and other key metrics
Non-GAAP financial measures and other key metrics To supplement our consolidated financial statements, which are prepared and presented in accordance with When evaluating the performance of our business and making operating plans, we do not consider these items GAAP, we use certain non-GAAP financial m
Slide 4: At a glance
At a glance Market leadership Q4 FY252 performance $776M $923M Total Revenue Billings World’s #1 e-Signature solution (28% Int’l) 11% Y/Y growth 9% Y/Y growth Customer base 1 1.66M 3 4 29% $280M Operating Margin Free Cash Flow (Non-GAAP) 36% FCF Margin Across all industries, segments, and geos (1) A
Slide 5: Agreements power business
Agreements power business Sales HR Sales Contracts Offer Letters NDAs Background Checks SOWs Company Policies Service Procurement Field Service Vendor Contracts Change Orders Purchase Orders Work Agreements Termination Letters Marketing Legal Vendor Agreements Amendments Sponsor Agreements Affidavits
Slide 6: The Agreement Trap destroys value for your business
The Agreement Trap destroys value for your business Sales Sales velocity slows, deals slip, and revenue is lost Procurement Value erodes as terms, SLAs, and obligations remain buried in flat files 18% Companies spend an Legal extra 18% of their time on Teams struggle to keep pace and lurking risks go
Slide 7: Our Solution
Our Solution Unleashing the value of agreement data to power every company 7
Slide 8: Create, Commit, Manage
Create Commit Manage agreements in accessible, to agreements & agreements seamlessly in collaborative, & more relationships on a trusted ways that connect to automated ways platform your other systems 8
Slide 9: Docusign IAM Platform: Transform the way you agree
Docusign IAM Platform Transform the way you agree 9
Slide 10: Investing in international growth
Investing in international growth 12% Y/Y Int’l revenue growth Digital (Q4FY25)1 180+ Countries 28% of Total revenue Direct (Q4FY25)1 Focus 8 Market prioritization & investment Tier 1: Market leader Tier 2: Seed and grow Tier 3: Digital & emerging Primary market focus for Direct GTM investment High
Slide 11: Omni-channel experience throughout the customer journey
Omni-channel experience throughout the customer journey Extend Expand From eSignature to Direct Partner Agreement Process customer integrations From single Digital department customer to enterprise-wide From digital Signers to direct Across all GTM teams Paying web Accelerate value realization custo
Slide 12: How customers buy from us
How customers buy from us Prepaid Model Multi-Factor Dollar Weighted Subscription Model Average Contract Length1 Volume Capacity Pre-Set # of Envelopes Seat Based Contract per user 61% ≤12 month duration 19 MONTHS 39% >12 month duration Add-on Functionality Multiple levels of add-on functionality (1
Slide 13: Docusign partner ecosystem
Docusign partner ecosystem Comprehensive network of cloud, service, and reseller partners ISVs (and 350+ more) Systems Integrators 500+ certified professionals across 10+ global & regional SIs Resellers 140+ resellers extend our reach, helping customers agree in 40+ countries 13
Slide 14: Financial Review
Financial Review ® docusign.
Slide 15: Total revenue growth
Total revenue growth Y/Y Growth 8% 7% 7% 8% 9% Revenue Contribution1 Direct v. Digital 85% 15% Ent, Commercial Web & Mobile & SMB (Digital) (Direct) (1) Fiscal quarter ended January 31, 2025. 15
Slide 16: Subscription revenue growth
Subscription revenue growth Y/Y 8% 8% 7% 8% 9% Revenue Contribution1 Growth Subscription v. Pro Serve and Other 98% 2% Subscription Professional Services & Other (1) Fiscal quarter ended January 31, 2025. 16
Slide 17: Billings growth
1 Billings Y/Y Growth 13% 5% 2% 9% 11% growth Rolling 4-Q Y/Y growth 2 9% 8% 6% 7% 7% (1) Billings = total revenues plus the change in contract liabilities and refund liability less contract assets and unbilled accounts receivable in a given period. Please see Appendix for non-GAAP reconciliation. (
Slide 18: Healthy operating efficiency
Healthy operating efficiency Non-GAAP gross margin1 Headcount2 SUBSCRIPTION GROSS MARGIN TOTAL GROSS MARGIN (1) Margins are as % of total revenue. Please see Appendix for GAAP to non-GAAP reconciliation. (2) As of January 31, 2024 and 2025. 18
Slide 19: Operating expenses as a % of revenue
Operating expenses as a % of revenue Non-GAAP S&M1 Non-GAAP R&D1 Non-GAAP G&A1 34% 33% 30% 31% 32% 13% 12% 13% 13% 13% 10% 9% 7% 9% 9% (1) Please see Appendix slides for non-GAAP reconciliation. 19
Slide 20: Operating leverage and cash flow
Operating leverage and cash flow Non-GAAP Operating Income1 Operating Cash Flow1 Free Cash Flow2 % of total revenue 25% 28% 32% 30% 29% 38% 36% 30% 31% 40% 35% 33% 27% 28% 36% (1) Please see Appendix slides for non-GAAP reconciliation. (2) FCF calculated as Operating Cash Flow less CapEx. Please see
Slide 21: Q1 FY26 guidance
Q1 FY26 guidance Q1 FY26 Total revenue1 $745M - $749M Subscription revenue $729M - $733M Billings2 $741M - $751M Non-GAAP gross margin 80.5% - 81.5% Non-GAAP operating margin 27.0% - 28.0% Non-GAAP diluted weighted- 210M - 215M average shares outstanding (1) Excluding the impact of foreign currency
Slide 22: FY26 guidance
FY26 guidance FY26 Total revenue1 $3,129M - $3,141M Subscription revenue $3,062M - $3,074M Billings2 $3,300M - $3,354M Non-GAAP gross margin 80.5% - 81.5% Non-GAAP operating margin 27.8% - 28.8% Non-GAAP diluted weighted- 210M - 215M average shares outstanding (1) Excluding the impact of foreign cur
Slide 23: Appendix
Appendix 23
Slide 24: Financial & operational metrics
Financial & operational metrics Financial Metrics (in $ M) Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Revenue $712 $710 $736 $755 $776 % Y/Y Change 8% 7% 7% 8% 9% Subscription Revenue $696 $691 $717 $735 $758 % Y/Y Change 8% 8% 7% 8% 9% International Revenue $196 $197 $207 $212 $219 % Y/Y Change 19% 17% 15%
Slide 25: GAAP to Non-GAAP gross profit
Three Months Ended January 31, Year Ended January 31, GAAP to Gross Profit (in $ thousands) GAAP gross profit 2025 616,041 2024 564,479 2025 2,355,080 2024 2,189,261 Non-GAAP Add: Stock-based compensation 17,886 20,494 76,987 79,996 Add: Amortization of acquisition-related intangibles 3,564 2,070 12,2
Slide 26: GAAP to Non-GAAP operating income and free cash flow reconciliation
Three Months Ended January 31, Year Ended January 31, GAAP to Operating Income (in $ thousands) GAAP income from operations 2025 60,469 2024 9,935 2025 199,928 2024 31,634 Non-GAAP Add: Stock-based compensation Add: Amortization of acquisition-related intangibles 149,947 6,918 161,000 4,701 605,499
Slide 27: GAAP to Non-GAAP operating expenses reconciliation
GAAP to Three Months Ended January 31, Year Ended January 31, Sales & Marketing (in $ thousands) 2025 2024 2025 2024 GAAP sales and marketing 301,288 300,221 1,160,993 1,168,137 Non-GAAP Less: Stock-based compensation (48,213) (53,251) (202,609) (203,855) Less: Amortization of acquisition-related in
Slide 28: Computation of billings
Computation of billings Three Months Ended January 31, Year Ended January 31, Computation of Billings (in $ thousands) 2025 2024 2025 2024 Revenue 776,252 712,386 2,976,739 2,761,882 Add: Contract liabilities and refund liability, end of period 1,479,266 1,343,792 1,479,266 1,343,792 Less: Contract
Slide 29: Docusign
my docusign.