Slide 1: Q4 and Full Year Fiscal 2021 Financial Review
Q4 and Full Year Fiscal 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 and consistent revenue growth at scale
Strong and consistent revenue growth at scale Revenue Subscription Revenue Revenue Contribution(1) Enterprise & Commercial Web & Mobile YoY Growth Subscription Revenue YoY Growth Subscription Professional Services & Other 50% 49% $1,600 50% $1,600 50% $1,453 $1,381 48% $1,400 48% $1,400 12% 46% 46%
Slide 5: Strong growth in billings and revenue
Strong growth in billings and revenue (1) Billings(2) Revenue Billings Rolling 4-Qrt y/y Enterprise & commercial Web & mobile Rolling 4-Qrt y/y $550 120% $450 $431 120% $500 $535 110% $400 $383 12% 110% $450 100% 13% 100% $350 $342 $440 $400 12% $406 90% $297 90% $300 $350 $275 $367 80% 12% 80% $342
Slide 6: Strong revenue visibility
Strong revenue visibility Revenue contribution(1) Average contract length(2) Subscription Professional service & other ≤12 months >12 months Dollar weighted 5% 6% 5% 6% 5% 32% 95% 94% 95% 94% 95% 18 months FY19 FY20 FY21 Q4 FY20 Q4 FY21 68% (1) For the fiscal years ended January 31, 2019, 2020, 2021
Slide 7: Large and growing customer base
Large and growing customer base Total Customers(1) Enterprise & Commercial Customers(2) 000K 998K 996K 994K 992K 990K 988K 986K 984K 982K 980K 978K 976K 140K 139K 138K 974K 972K 970K 968K 966K 964K 962K 960K 958K 956K 954K 952K 137K 136K 135K 950K 948K 946K 944K 942K 940K 938K 936K 934K 932K 930K 92
Slide 8: Cohort and large customer expansion
Cohort and large customer expansion (2) Cohort analysis Customers with >$300K in ACV 123% 599 Net Retention Rate as of January 31, 2021(1) 45% CAGR 30 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY13 FY18 FY19 FY20 FY21 (1) Compares the ACV for subscription contracts from a set of enterprise and co
Slide 9: Strength in customer demand driving accelerated growth at scale
Strength in customer demand driving accelerated growth at scale Net Dollar Retention(1) 125% 123% 122% 120% 119% 117% 117% 113% 112% 100% Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 (1) Compares the ACV for subscription contracts from a set of enterprise and commercial customers
Slide 10: Rapid international expansion
Rapid international expansion EMEA 20% APAC + Japan LATAM FY21 Revenue(1) U.S. International 80% (1) As of January 31, 2021. 10 | DocuSign PUBLIC
Slide 11: Achieving increased leverage
Achieving increased leverage Non-GAAP gross margin(1) Headcount(2) Subscription gross margin Total gross margin Domestic International 5,630 85% 29% 84% 84% 84% 3,909 27% 80% 71% 79% 79% 79% 73% FY20 FY21 Q4 FY20 Q4 FY21 Q4 FY20 Q4 FY21 (1) Please see Appendix for GAAP to non-GAAP reconciliation. $
Slide 12: Achieving increased leverage
Achieving increased leverage Non-GAAP S&M (1) 62% $800 $639 57% $477 $600 $200 $178 50% 52% $352 49% $400 $131 45% $100 41% 47% 50% 44% $200 48% 40% 42% $0 $0 35% Non-GAAP R&D(1) $250 17% $198 $200 16% $139 $100 15% $150 $109 15% $58 $100 14% 14% 14% $50 $39 $50 14% 13% 16% 13% $0 13% 14% $0 12% Non
Slide 13: Improving profitability and cash flow
Improving profitability and cash flow 250.000 30% Non-GAAP Operating 200.000 $181 25% Income (Loss) (1) 150.000 20% 15% 100.000 $75 12% 10% $47 50.000 $15 $21 5% 17% 5% 0.000 2% 8% 0% 30% 400.000 Operating Cash Flow(2) $297 300.000 20% 200.000 10% $116 20% $76 $62 100.000 12% $46 11% 17% 14% 0% 0.00
Slide 14: Q1 FY2022 Guidance
Q1 FY2022 Guidance Q1 Fiscal 2022 Total revenue $432M - $436M Subscription revenue $415M - $419M Billings $457M - $467M Non-GAAP Gross margin 79% - 81% Non-GAAP Operating margin 12% 14% Non-GAAP diluted weighted-average shares o/s 205M - 210M 14 | DocuSign PUBLIC
Slide 15: FY2022 Guidance
FY2022 Guidance Fiscal 2022 Total revenue $1,963M - $1,973M Subscription revenue $1,886M - $1,896M Billings $2,260M - $2,280M Non-GAAP Gross margin 79% - 81% Non-GAAP Operating margin 13% - 15% Provision for income taxes $8M - $10M Non-GAAP diluted weighted-average shares o/s 205M - 210M 15 | DocuSi
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 January 31, Twelve Months Ended January 31, 2021 2020 2021 2020 GAAP Gross Profit 329,318 206,820 1,088,989 730,737 Add: Stock-based Compensation in Cost of Revenue 12,648 7,777 42,658 28,585 Add: Amortization of Acquisi
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, Twelve Months Ended January 31, 2021 2020 2021 2020 GAAP Operating Loss (24,897) (42,353) (173,855) (193,509) Add: Stock-based Compensation in Cost of Revenue
Slide 19: GAAP to non-GAAP operating expenses reconciliation
GAAP to non-GAAP operating expenses reconciliation Sales & Marketing (in $K) Quarter Ended January 31, Twelve Months Ended January 31, 2021 2020 2021 2020 GAAP Sales & Marketing 221,896 161,326 798,625 591,379 Less: Stock-based Compensation in Sales & Marketing (37,190) (26,170) (131,041) (94,863) L
Slide 20: Computation of billings
Computation of billings Computation of Billings (in $K) Quarter Ended January 31, Twelve Months Ended January 31, 2021 2020 2021 2020 Revenue 430,898 274,895 1,453,047 973,971 Add: Contract Liabilities and Refund Liability, End of Period 800,940 522,201 800,940 522,201 Less: Contract Liabilities and