Docusign, Inc. · NASDAQ:DOCU
Docusign — Q4 FY2020 Earnings Presentation
16 slides from Docusign's earnings presentation, Mar 12, 2020
Slide 1: Q4 and Full Year Fiscal 2020 Financial Review
Q4 and Full Year Fiscal 2020 Financial Review 1 | DocuSign DocuSign PUBLIC PUBLIC
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “m
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 GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP f
Slide 4: Strong growth in billings and revenue (Q4)
Strong growth in billings and revenue (1) Billings(2) Revenue Enterprise & commercial Web & mobile 40% $367 38% $275 12% $262 $200 13% 88% 87% Q4 FY19 Q4 FY20 Q4 FY19 Q4 FY20 (1) For the fourth quarters ended January 31, 2019 and 2020. $ in millions. (2) Total revenues plus the change in contract li
Slide 5: Strong growth in billings and revenue (Full Year)
Strong growth in billings and revenue (1) Billings(2) Revenue Enterprise & commercial Web & mobile 38% 39% $1,104 $974 13% $801 $701 14% 87% 86% FY19 FY20 FY19 FY20 (1) For the fiscal years ended January 31, 2019 and 2020. $ in millions. (2) Total revenues plus the change in contract liabilities and
Slide 6: Strong revenue visibility
Strong revenue visibility Revenue contribution(1) Average contract length(2) Subscription Professional services & other ≤12 months >12 months 6% 6% 5% 6% By contracts Dollar weighted 18% 35% 94% 94% 95% 94% 15 18 months months 82% 65% Q4 FY19 Q4 FY20 FY19 FY20 (1) For the fourth quarters and fiscal
Slide 7: Large and growing customer base
Large and growing customer base Total customers Enterprise & commercial customers(1) 24% 33% 589K 75K 477K 56K Q4 FY19 Q4 FY20 Q4 FY19 Q4 FY20 (1) Comprised of customers who were not acquired through our self-service channel. We define enterprise customers as companies generally included in the Glob
Slide 8: Achieving increased leverage
Achieving increased leverage Non-GAAP gross margin(1) Headcount(2) Non-GAAP opex(1) Subscription gross margin Total gross margin Domestic International $139 $109 $31 $39 3,909 R&D 14% 14% 86% 16% 16% 85% 84% 84% $477 27% 3,023 $352 25% $96 $131 S&M 50% 49% 48% 48% 73% $104 75% 75% $82 80% 79% 79% 76
Slide 9: Improving profitability and cash flows
Improving profitability and cash flows (1) Non-GAAP Cash flow Non-GAAP Cash flow(3) operating income(2) OCF FCF operating income(2) OCF FCF $116 $76 12% $46 $47 $46 $44 $34 11% $21 $23 17% 5% 7% $16 $15 4% 17% $7 11% 8% 6% 2% 4% Q4 FY19 Q4 FY20 Q4 FY19 Q4 FY20 FY19 FY20 FY19 FY20 (1) For the fourth
Slide 10: Q1 FY2021 guidance
Q1 FY2021 guidance Q1 Fiscal 2021 Total revenue $280M - $284M Subscription revenue $266M - $270M Billings $279M - $289M Non-GAAP Gross margin 78% - 80% Non-GAAP Sales and marketing 47% - 49% Non-GAAP Research and development 13% - 15% Non-GAAP General and administrative 9% - 11% Non-GAAP Interest an
Slide 11: FY2021 guidance
FY2021 guidance Fiscal 2021 Total revenue $1,272M - $1,276M Subscription revenue $1,210M - $1,214M Billings $1,430M - $1,450M Non-GAAP Gross margin 78% - 80% Non-GAAP Sales and marketing 47% - 49% Non-GAAP Research and development 13% - 15% Non-GAAP General and administrative 9% - 11% Non-GAAP Inter
Slide 12: Appendix
Appendix 12 | DocuSign PUBLIC
Slide 13: GAAP to non-GAAP gross profit reconciliation
GAAP to non-GAAP gross profit reconciliation Gross Profit (in $K) Quarter Ended January 31, Fiscal Year Ended January 31, 2020 2019 2020 2019 GAAP Gross Profit 206,820 147,039 730,737 508,548 Add: Stock-based Compensation in Cost of Revenue 7,777 5,654 28,585 42,040 Add: Amortization of Acquisition-
Slide 14: GAAP to non-GAAP operating gain / (loss) and free cash flow reconciliation
GAAP to non-GAAP operating gain / (loss) and free cash flow reconciliation Adjusted Operating Gain / (Loss) (in $K) Quarter Ended January 31, Fiscal Year Ended January 31, 2020 2019 2020 2019 GAAP Operating Loss (42,354) (62,628) (193,510) (426,323) Add: Stock-based Compensation in Cost of Revenue 7
Slide 15: GAAP to non-GAAP operating expenses reconciliation
GAAP to non-GAAP operating expenses reconciliation Sales & Marketing (in $K) Quarter Ended January 31, Fiscal Year Ended January 31, 2020 2019 2020 2019 GAAP Sales & Marketing 161,326 127,691 591,379 539,606 Less: Stock-based Compensation in Sales & Marketing (26,170) (20,505) (94,863) (172,115) Les
Slide 16: Computation of billings
Computation of billings Computation of Billings (in $K) Quarter Ended January 31, Fiscal Year Ended January 31, 2020 2019 2020 2019 Revenue 274,895 199,732 973,971 700,969 Add: Contract Liabilities and Refund Liability, End of Period 522,201 390,887 522,201 390,887 Less: Contract Liabilities and Ref