Slide 1: Q4 and Fiscal Year 2022 Financial Review
Q4 and Fiscal Year 2022 Financial Review 1 | DocuSign DocuSign PUBLIC PUBLIC
Slide 2: Safe Harbor
Safe Harbor This presentation 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
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: How Customers Buy from Us
How Customers Buy from Us Prepaid Model Dollar Weighted Average Contract Product Functionality Capacity-Based Model Length1 35% >12 months Pricing by Functionality Volume Capacity Multiple levels of product functionality Pre-Set # of Envelopes Provisioned eSignature Envelopes 18 months Single-user M
Slide 5: Strong and Consistent Revenue Growth at Scale
Strong and Consistent Revenue Growth at Scale Total Revenue1 Subscription Revenue1 Revenue Contribution2 39% 49% 45% 57% 35% 38% 50% 47% 59% 37% $ 2,107 3% Subscription $2,037 Professional Services & Other $ 1,453 $1,381 97% $ 974 $918 $ 581 $564 $410 12% $ 431 Web & Mobile (Digital) Ent & commercia
Slide 6: Solid Growth in Billings and Revenue
Solid Growth in Billings and Revenue 1 Billings2 Revenue Billings Rolling 4-Q Y/Y Enterprise & commercial Web & mobile Rolling 4-Q Y/Y $700 120% $600 $581 120% $650 $545 $670 110% $550 12% 110% $512 $600 12% $500 $469 $550 $595 100% 12% 100% $565 $450 $431 $500 $535 $527 90% 12% 12% 90% $450 $400 80
Slide 7: Large and Growing Customer Base
Large and Growing Customer Base 1 2 Total Customers Enterprise & Commercial Customers 180K 170K 1.17M 160K 140K 41% 892K 52% 125K CAGR 120K CAGR 100K 589K 80K 75K 477K 60K 56K 373K 43K 40K 20K 54K 4K 0K FY13 FY18 FY19 FY20 FY21 FY22 FY13 FY18 FY19 FY20 FY21 FY22 (1) For the fiscal years ended Januar
Slide 8: Cohort and Large Customer Expansion
Cohort and Large Customer Expansion 2 Cohort analysis Customers with >$300K in ACV 852 119% Net Retention Rate as of Jan 31, 20221 45% 599 CAGR 437 310 30 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY13 FY19 FY20 FY21 FY22 (1) Compares the ACV for subscription contracts from a set of enterpri
Slide 9: 119% Net Dollar Retention
Strength in Customer Demand Driving Growth at Scale 125% 123% 125% 124% 119% Net 122% 121% Dollar 120% 120% 119% 119% Retention1 117% 115% 110% Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 (1) Compares the ACV for subscription contracts from a set of enterprise and commerc
Slide 10: Investing in International Growth
Investing in International Growth 55% y/y Int’l Revenue Growth (Q4 FY22)1 Digital - 180+ Countries Direct - Focus 8 24% of Total Revenue (Q4 FY22)1 (1) For the fiscal quarter ended January 31, 2022 compared to same period a year ago. Market Prioritization & Investment Tier 1: Market Leader Tier 2: S
Slide 11: Achieving Increased Leverage
Achieving Increased Leverage Headcount 2 Non-GAAP gross margin1 7,461 Subscription Gross Margin Total Gross Margin 5,630 85% 85% 85% 84% 82% 81% 80% 79% FY21 FY22 FY21 FY22 Q4 FY21 Q4 FY22 FY21 FY22 Q4 FY21 Q4 FY22 (1) For the fiscal years ended January 31, 2021 and 2022 and the fiscal quarters ende
Slide 12: Achieving Leverage
Achieving Leverage Non-GAAP S&M1 Non-GAAP R&D1 Non-GAAP G&A1 49% 44% 41% 41% 42% 14% 14% 13% 13% 13% 11% 9% 8% 8% 8% $857 $274 $168 $639 $46 $198 $78 $131 $242 $477 $104 $36 $139 $58 $178 FY20 FY21 FY22 Q4 FY21 Q4 FY22 FY20 FY21 FY22 Q4 FY21 Q4 FY22 FY20 FY21 FY22 Q4 FY21 Q4 FY22 (1) For the fiscal
Slide 13: Improving Profitability and Cash Flow
Improving Profitability and Cash Flow Non-GAAP Operating Free Cash Flow2 Income1 Operating Cash Flow 5% 12% 20% 17% 18% 12% 20% 24% 14% 15% 4% 15% 21% 10% 12% $445 $419 $506 $88 $104 $297 $215 $62 $181 $75 $70 $116 $44 $47 $44 FY20 FY21 FY22 Q4 FY21 Q4 FY22 FY20 FY21 FY22 Q4 FY21 Q4 FY22 FY21 FY22 F
Slide 14: Q1 FY2023 Guidance
Q1 FY2023 Guidance Q1 Fiscal 2023 Total revenue $579M - $583M Subscription revenue $562 - $566 Billings $573 - $583 Non-GAAP gross margin 79% - 81% Non-GAAP operating margin 16% - 18% Non-GAAP diluted weighted-average shares o/s 205M - 210M 14 | DocuSign PUBLIC
Slide 15: FY2023 Guidance
FY2023 Guidance Fiscal 2023 Total revenue $2,470M - $2,482M Subscription revenue $2,394M - $2,406M Billings $2,706M - $2,726M Non-GAAP gross margin 79% - 81% Non-GAAP operating margin 16% - 18% Provision for income taxes $4M - $8M Non-GAAP diluted weighted-average shares o/s 205M - 210M 15 | DocuSig
Slide 16: Appendix
Appendix 16 | DocuSign PUBLIC
Slide 17: GAAP to Non-GAAP Gross Profit Reconciliation
GAAP to Non-GAAP Gross Profit Reconciliation Gross Profit (in $K) Quarter Ended Jan 31, Year Ended January 31, 2022 2021 2022 2021 GAAP Gross Profit 449,374 329,318 1,640,762 1,088,989 Add: Stock-based Compensation in Cost of Revenue 17,596 12,648 58,499 42,658 Add: Amortization of Acquisition-relat
Slide 18: 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, Year Ended January 31, 2022 2021 2022 2021 GAAP Operating Loss (25,178) (24,897) (61,884) (173,855) Add: Stock-based Compensation in Cost of Revenue 17,596 12
Slide 19: GAAP to Non-GAAP Operating Expenses Reconciliation
GAAP to Non-GAAP Operating Expenses Reconciliation Sales & Marketing (in $K) Quarter Ended January 31, Year Ended January 31, 2022 2021 2022 2021 GAAP Sales & Marketing 299,417 221,896 1,076,527 798,625 Less: Stock-based Compensation in Sales & Marketing (52,040) (37,190) (186,759) (131,041) Less: A
Slide 20: Computation of Billings
Computation of Billings Computation of Billings (in $K) Quarter Ended January 31, Year Ended January 31 2022 2021 2022 2021 Revenue 580,828 430,898 2,107,213 1,453,047 Add: Contract Liabilities and Refund Liability, End of Period 1,049,106 800,940 1,049,106 800,940 Less: Contract Liabilities and Ref