Slide 1: Q1 Fiscal Year 2021 Financial Review
Q1 Fiscal Year 2021 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
Strong growth in billings and revenue (1) Billings(2) Revenue Enterprise & commercial Web & mobile 59% $342 39% $297 12% $214 $215 13% 88% 87% Q1 FY20 Q1 FY21 Q1 FY20 Q1 FY21 (1) For the quarters ended April 30, 2019 and 2020. $ in millions. Percentages are a % of revenue. (2) Total revenues plus th
Slide 5: Strong revenue visibility
Strong revenue visibility Revenue contribution(1) Average contract length(2) Subscription Professional services & other ≤12 months >12 months 6% 5% By contracts Dollar weighted 18% 33% 94% 95% 14 18 months months 82% 67% Q1 FY20 Q1 FY21 (1) For the quarters ended April 30, 2019 and 2020. (2) Rolling
Slide 6: Large and growing customer base
Large and growing customer base Total customers Enterprise & commercial customers(1) 30% 661K 49% 89K 508K 60K Q1 FY20 Q1 FY21 Q1 FY20 Q1 FY21 (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 7: 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 $41 4,281 $29 14% 27% 13% 86% 3,219 R&D 84% $141 25% $106 50% 48% 73% S&M 79% 79% 75% 75% $28 $25 11% 9% G&A Q1 FY20 Q1 FY21 Q1 FY20 Q1 FY21 Q1 FY20
Slide 8: Improving profitability and cash flow
Improving profitability and cash flow (1) Non-GAAP Cash flow operating income (2) OCF FCF $59 $46 2% $33 $30 20% $23 21% 11% 14% $10 8% 5% Q1 FY20 Q1 FY21 Q1 FY20 Q1 FY21 (1) For the quarters ended April 30, 2019 and 2020. $ in millions. Percentages are a % of revenue. (2) Please see Appendix for no
Slide 9: Q2 FY2021 guidance
Q2 FY2021 guidance Q2 Fiscal 2021 Total revenue $316M - $320M Subscription revenue $298M - $302M Billings $333M - $343M Non-GAAP Gross margin 78% - 80% Non-GAAP Sales and marketing 48% - 50% Non-GAAP Research and development 14% - 16% Non-GAAP General and administrative 9% - 11% Non-GAAP Interest an
Slide 10: FY2021 guidance
FY2021 guidance Fiscal 2021 Total revenue $1,313M - $1,317M Subscription revenue $1,243M - $1,247M Billings $1,515M - $1,535M 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 11: Appendix
Appendix 11 | DocuSign PUBLIC
Slide 12: GAAP to non-GAAP gross profit reconciliation
GAAP to non-GAAP gross profit reconciliation Gross Profit (in $K) Quarter Ended April 30, 2020 2019 GAAP Gross Profit 222,985 161,943 Add: Stock-based Compensation in Cost of Revenue 7,989 5,722 Add: Amortization of Acquisition-related Intangibles in Cost of Revenue 1,348 1,627 Add: Employer Payroll
Slide 13: 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 April 30, 2020 2019 GAAP Operating Loss (41,853) (42,437) Add: Stock-based Compensation in Cost of Revenue 7,989 5,722 Add: Amortization of Intangibles in Cost of Revenue
Slide 14: GAAP to non-GAAP operating expenses reconciliation
GAAP to non-GAAP operating expenses reconciliation Sales & Marketing (in $K) Quarter Ended April 30, 2020 2019 GAAP Sales & Marketing 171,793 129,936 Less: Stock-based Compensation in Sales & Marketing (24,665) (18,102) Less: Amortization of Acquisition-related Intangibles in Sales & Marketing (2,91
Slide 15: Computation of billings
Computation of billings Computation of Billings (in $K) Quarter Ended April 30, 2020 2019 Revenue 297,017 213,962 Add: Contract Liabilities and Refund Liability, End of Period 568,544 395,254 Less: Contract Liabilities and Refund Liability, Beginning of Period (522,201) (390,887) Add: Contract Asset