Slide 1: Q1 Fiscal Year 2022 Financial Review
Q1 Fiscal Year 2022 Financial Review DocuSign PUBLIC 1 | DocuSign 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: How customers buy from us
How customers buy from us Prepaid Model Dollar Weighted Average Contract Product Functionality Capacity-Based Model Length1 32% >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 50% 49% $1,453 61% 4% Subscription $1,381 58% Professional Services & Other $974 $918 96% $701 $664 39% 39% $469 38% 39% $452 12% 37% Web & Mobile $297 $281 (Digital) 35% Ent & commercial (Direct
Slide 6: Strong growth in billings and revenue
Strong growth in billings and revenue 1 Billings2 Revenue Billings Rolling 4-Q Y/Y Enterprise & commercial Web & mobile Rolling 4-Q Y/Y $469 $550 120% $450 $431 120% 12% $500 $535 $527 110% $400 $383 12% 110% $450 100% $342 13% 100% $350 $440 $400 12% $406 90% $297 90% $300 $350 12% 80% 80% $342 $25
Slide 7: Large and growing customer base
Large and growing customer base 1 2 Total Customers Enterprise & Commercial Customers 988K 136K 892K 125K 42% CAGR 589K 54% CAGR 75K 477K 373K 56K 43K 54K 4K FY13 FY18 FY19 FY20 FY21 Q1 FY22 FY13 FY18 FY19 FY20 FY21 Q1 FY22 (1) For the fiscal years ended January 31 and the fiscal quarter ended April
Slide 8: Cohort and large customer expansion
Cohort and large customer expansion 2 Cohort analysis Customers with >$300K in ACV 125% 673 599 Net Retention Rate as of April 30, 20211 46% CAGR 30 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Q1 FY22 FY13 FY19 FY20 FY21 Q1 FY22 (1) Compares the ACV for subscription contracts from a set of enterpri
Slide 9: 125% Net Dollar Retention
Strength in customer demand driving accelerated growth at scale 125% 123% 125% 125% Net 122% Dollar Retention1 120% 120% 119% 117% 117% 115% 113% 112% 110% Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 (1) Compares the ACV for subscription contracts from a set of enterprise
Slide 10: Investing in International Growth
Investing in International Growth 84% Y/Y Int’l Revenue Growth (Q1 FY22)1 Digital - 180+ Countries Direct - Focus 8 21% of Total Revenue (Q1 FY22)1 (1) For the fiscal quarter ended April 30, 2021 compared to same period a year ago. Market Prioritization & Investment Tier 1: Market Leader Tier 2: See
Slide 11: Achieving increased leverage
Achieving increased leverage Headcount 2 Non-GAAP gross margin1 Subscription Gross Margin 6,080 Total Gross Margin 85% 4,281 84% 84% 84% 81% 79% 79% 79% FY20 FY21 Q1 FY21 Q1 FY22 FY20 FY21 Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22 (1) For the fiscal years ended January 31, 2020, 2021 and the fiscal quarters e
Slide 12: Achieving increased leverage
Achieving increased leverage Non-GAAP S&M1 Non-GAAP R&D1 Non-GAAP G&A1 50% 49% 44% 48% 41% 16% 14% 14% 14% 13% 12% 11% 9% 9% 8% $639 $700 $250 $200 $600 $180 $198 $200 $160 $477 $500 $61 $140 $131 $191 $139 $150 $120 $400 $36 $352 $104 $141 $109 $41 $100 $300 $100 $82 $28 $80 $200 $60 $50 $40 $100 $
Slide 13: Improving profitability and cash flow
Improving profitability and cash flow Non-GAAP Operating Operating Cash Flow Free Cash Flow 2 Income1 2% 5% 12% 8% 20% 11% 12% 20% 20% 29% 7% 4% 15% 11% 26% $300 $297 $181 $250 $215 $136 $200 $123 $93 $150 $116 $59 $100 $47 $76 $23 $46 $44 $33 $50 $15 $0 FY19 FY20 FY21 Q1 FY21 Q1 FY22 FY19 FY20 FY21
Slide 14: Q2 FY2022 Guidance
Q2 FY2022 Guidance Q2 Fiscal 2022 Total revenue $479M - $485M Subscription revenue $459M - $465M Billings $549M - $561M 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: FY2022 Guidance
FY2022 Guidance Fiscal 2022 Total revenue $2,027M - $2,039M Subscription revenue $1,953M - $1,965M Billings $2,338M - $2,362M Non-GAAP Gross margin 79% - 81% Non-GAAP Operating margin 16% - 18% Provision for income taxes $10M - $12M Non-GAAP diluted weighted-average shares o/s 205M - 210M 15 | DocuS
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 April 30, Fiscal Year Ended January 31, 2021 2020 2021 2020 GAAP Gross Profit 363,836 222,985 1,088,989 730,737 Add: Stock-based Compensation in Cost of Revenue 11,553 7,989 42,658 28,585 Add: Amortization of Acquisition
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 April 30, Fiscal Year Ended January 31, 2021 2020 2021 2020 GAAP Operating Loss (10,737) (41,853) (173,855) (193,509) Add: Stock-based Compensation in Cost of Revenue 11,
Slide 19: GAAP to non-GAAP operating expenses reconciliation
GAAP to non-GAAP operating expenses reconciliation Sales & Marketing (in $K) Quarter Ended April 30, Fiscal Year Ended January 31, 2021 2020 2021 2020 GAAP Sales & Marketing 239,119 171,793 798,625 591,379 Less: Stock-based Compensation in Sales & Marketing (38,135) (24,665) (131,041) (94,863) Less:
Slide 20: Computation of billings
Computation of billings Computation of Billings (in $K) Quarter Ended April 30, Fiscal Year Ended January 31, 2021 2020 2021 2020 Revenue 469,078 297,017 1,453,047 973,971 Add: Contract Liabilities and Refund Liability, End of Period 857,969 568,544 800,940 522,201 Less: Contract Liabilities and Ref