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Docusign Inc NASDAQ: DOCU-Q

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DocuSign Announces Second Quarter Fiscal 2022 Financial Results

PR Newswire - PRF - Thu Sep 2, 3:05PM CDT
  

SAN FRANCISCO , Sept. 2, 2021 /PRNewswire/ -- DocuSign, Inc. (NASDAQ: DOCU), which offers the world's #1 eSignature solution as part of the DocuSign Agreement Cloud, today announced results for its fiscal quarter ended July 31, 2021.

"I'm proud of how our team has continued to stay in front of the evolving COVID business environment, helping our over one million customers and over one billion users move forward. This has driven strong performance for our business, reflected in our 50% year-over-year Q2 revenue growth," said Dan Springer , DocuSign's CEO. "Organizations of all types and sizes are leveraging the power of the Agreement Cloud to digitize the most foundational process of doing business—the agreement process—starting with eSignature. In partnership with our customers, we are eliminating paper, automating end-to-end agreement processes, and enabling better experiences in the anywhere economy."

Second Quarter Financial Highlights

  • Total revenue was $511.8 million , an increase of 50% year-over-year. Subscription revenue was $492.8 million , an increase of 52% year-over-year. Professional services and other revenue was $19.1 million , an increase of 3% year-over-year.
  • Billings were $595.4 million , an increase of 47% year-over-year.
  • GAAP gross margin was 78% compared to 74% in the same period last year. Non-GAAP gross margin was 82% compared to 78% in the same period last year.
  • GAAP net loss per basic and diluted share was $0.13 on 196 million shares outstanding compared to $0.35 on 185 million shares outstanding in the same period last year.
  • Non-GAAP net income per diluted share was $0.47 on 208 million shares outstanding compared to $0.17 on 203 million shares outstanding in the same period last year.
  • Net cash provided by operating activities was $177.7 million compared to $118.1 million in the same period last year.
  • Free cash flo w was $161.7 million compared to $99.8 million in the same period last year.
  • Cash, cash equivalents, restricted cash and investments were $887.2 million at the end of the quarter.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures and Other Key Metrics."

Operational and Other Financial Highlights

DocuSign Agreement Cloud 2020 Product Release 2. DocuSign announced many new product capabilities with highlights in the following areas:

  • DocuSign eSignature: Enhancements to ID Verification, DocuSign Click (for enabling clickwrap agreements), and DocuSign Monitor (for monitoring eSignature usage for unauthorized activity)
  • DocuSign CLM: A new connector with SAP Ariba Contract Workspace, a new Obligation Management feature for tracking important terms and due dates, and enhanced AI-based search and reporting within CLM+
  • Other Areas: Split Documents for DocuSign Rooms for Mortgage, and new connectors (with Salesforce and SAP Ariba) for DocuSign Insight.

Outlook

The company currently expects the following guidance:

Quarter ending October 31, 2021 (in millions, except percentages):


Total revenue

$526

to

$532


Subscription revenue

$505

to

$511


Billings

$585

to

$597


Non-GAAP gross margin

79%

to

81%


Non-GAAP operating margin

17%

to

19%


Non-GAAP diluted weighted-average shares outstanding

205

to

210











Year ending January 31, 2022 (in millions, except percentages):


Total revenue

$2,078

to

$2,088


Subscription revenue

$1,995

to

$2,005


Billings

$2,409

to

$2,429


Non-GAAP gross margin

79%

to

81%


Non-GAAP operating margin

16%

to

18%


Provision for income taxes

$6

to

$9


Non-GAAP diluted weighted-average shares outstanding

205

to

210

The company has not reconciled its guidance of non-GAAP financial measures to the corresponding GAAP measures because stock-based compensation expense cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation has not been provided.

Webcast Conference Call Information

The company will host a conference call on September 2, 2021 at 1:30 p.m. PT ( 4:30 p.m. ET ) to discuss its financial results. A live webcast of the event will be available on the DocuSign Investor Relations website at investor.docusign.com. A live dial-in will be available domestically at 877-407-0784 or internationally at 201-689-8560. A replay will be available domestically at 844-512-2921 or internationally at 412-317-6671 until midnight (ET) September 16, 2021 using the passcode 13722420.

About DocuSign

DocuSign helps organizations connect and automate how they prepare, sign, act on, and manage agreements. As part of the DocuSign Agreement Cloud, DocuSign offers eSignature, the world's #1 way to sign electronically on practically any device, from almost anywhere, at any time. Today, over a million customers and more than a billion users in over 180 countries use the DocuSign Agreement Cloud to accelerate the process of doing business and simplify people's lives.

For more information, visit www.docusign.com , call +1-877-720-2040, or follow @DocuSign on Twitter, LinkedIn, Facebook and Instagram.

Copyright 2021. DocuSign, Inc. is the owner of DOCUSIGN® and all its other marks ( www.docusign.com/IP ).

Investor Relations: Annie Leschin VP Investor Relations investors@docusign.com

Media Relations: Adrian Wainwright Head of Communications media@docusign.com

Forward-Looking Statements

This press release 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 "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, among other things, statements under "Outlook" above and any other statements about expected financial metrics, such as revenue, billings, non-GAAP gross margin, non-GAAP diluted weighted-average shares outstanding, and non-financial metrics, such as customer growth, as well as statements related to our expectations regarding the benefits of the DocuSign Agreement Cloud, enhancements and additions to it, including as a result of acquisitions. They also include statements about our future operating results and financial position, our business strategy and plans, market growth and trends, and our objectives for future operations. These statements are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

These risks and uncertainties include, among other things, risks related to our expectations regarding the impact of the evolving COVID-19 pandemic on our business, our results of operations and our financial condition, as well as our future profitability and growth once the pandemic and its related effects begin to abate or have abated; our expectations regarding the impact of the evolving COVID-19 pandemic on the businesses of our customers, partners and suppliers, and the economy, as well as the macro-and micro-effects of the pandemic, including the pace of the digital transformation of business and differing levels of demand for our products as our customers' priorities, resources, financial conditions and economic outlook change; our ability to estimate the size of our total addressable market; our ability to effectively sustain and manage our growth and future expenses, achieve and maintain future profitability, attract new customers and maintain and expand our existing customer base; our ability to scale and update our platform to respond to customers' needs and rapid technological change; the effects of increased competition in our market and our ability to compete effectively; our ability to expand use cases within existing customers and vertical solutions; our ability to expand our operations and increase adoption of our platform internationally; our ability to strengthen and foster our relationships with developers; our ability to expand our direct sales force, customer success team and strategic partnerships around the world; our ability to identify targets for and execute potential acquisitions; our ability to successfully integrate the operations of businesses we may acquire, and to realize the anticipated benefits of such acquisitions; our ability to maintain, protect and enhance our brand; the sufficiency of our cash, cash equivalents and capital resources to satisfy our liquidity needs; limitations on us due to obligations we have under our credit facility or other indebtedness; our failure or the failure of our software to comply with applicable industry standards, laws and regulations; our ability to maintain, protect and enhance our intellectual property; our ability to successfully defend litigation against us; our ability to attract large organizations as users; our ability to maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel; our ability to estimate the size and potential growth of our target market; and our ability to maintain proper and effective internal controls. Additional risks and uncertainties that could affect our financial results are included in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K for the fiscal year ended January 31, 2021 filed on March 31, 2021 , our quarterly report on Form 10-Q for the quarter ended April 30, 2021 filed on June 4, 2021 with the Securities and Exchange Commission (the "SEC"), and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

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 financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP measures to assist investors in seeing our financial performance using a management view, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share : We define these non-GAAP financial measures as the respective GAAP measures, excluding expenses related to stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, amortization of debt discount and issuance costs, acquisition-related expenses, fair value adjustments to strategic investments, impairment of operating lease right-of-use assets, and, as applicable, other special items. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business. When evaluating the performance of our business and making operating plans, we do not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants). We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies and over multiple periods.

Free cash flow : We define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash (if any) that is available, after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

Billings : We define billings as total revenues plus the change in our contract liabilities and refund liability less contract assets and unbilled accounts receivable in a given period. Billings reflects sales to new customers plus subscription renewals and additional sales to existing customers. Only amounts invoiced to a customer in a given period are included in billings. We believe billings is a key metric to measure our periodic performance. Given that most of our customers pay in annual installments one year in advance, but we typically recognize a majority of the related revenue ratably over time, we use billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see "Reconciliation of GAAP to Non-GAAP Financial Measures" below.

DOCUSIGN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)



Three Months Ended
July 31,


Six Months Ended
July 31,

(in thousands, except per share data)

2021


2020


2021


2020

Revenue:








Subscription

$

492,758



$

323,643



$

944,693



$

604,565


Professional services and other

19,086



18,566



36,230



34,661


Total revenue

511,844



342,209



980,923



639,226


Cost of revenue:








Subscription

84,455



64,730



162,526



116,740


Professional services and other

29,325



25,885



56,497



47,907


Total cost of revenue

113,780



90,615



219,023



164,647


Gross profit

398,064



251,594



761,900



474,579


Operating expenses:








Sales and marketing

262,372



194,992



501,491



366,785


Research and development

94,651



63,791



180,067



118,025


General and administrative

63,652



51,446



113,690



90,257


Total operating expenses

420,675



310,229



795,248



575,067


Loss from operations

(22,611)



(58,635)



(33,348)



(100,488)


Interest expense

(1,669)



(7,684)



(3,341)



(15,244)


Interest income and other income (expense), net

(1,063)



2,601



4,974



6,343


Loss before provision for income taxes

(25,343)



(63,718)



(31,715)



(109,389)


Provision for income taxes

158



842



2,140



2,975


Net loss

$

(25,501)



$

(64,560)



$

(33,855)



$

(112,364)


Net loss per share attributable to common stockholders, basic and diluted

$

(0.13)



$

(0.35)



$

(0.17)



$

(0.61)


Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted

195,996



184,862



195,183



183,930










Stock-based compensation expense included in costs and expenses








Cost of revenue—subscription

$

7,539



$

5,014



$

13,557



$

8,878


Cost of revenue—professional services and other

6,446



5,225



11,980



9,350


Sales and marketing

46,921



32,305



85,057



56,970


Research and development

26,275



14,781



46,737



26,666


General and administrative

12,778



11,442



23,764



20,454


 

DOCUSIGN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in thousands)

July 31, 2021


January 31, 2021

Assets




Current assets




Cash and cash equivalents

$

518,577



$

566,055


Investments—current

304,292



207,450


Accounts receivable, net

284,730



323,570


Contract assets—current

13,993



16,883


Prepaid expenses and other current assets

61,197



48,390


Total current assets

1,182,789



1,162,348


Investments—noncurrent

64,088



92,717


Property and equipment, net

173,983



165,039


Operating lease right-of-use assets

140,589



159,352


Goodwill

355,595



350,151


Intangible assets, net

110,327



121,828


Deferred contract acquisition costs—noncurrent

289,636



260,130


Other assets—noncurrent

38,680



24,942


Total assets

$

2,355,687



$

2,336,507


Liabilities and Equity




Current liabilities




Accounts payable

$

33,612



$

37,367


Accrued expenses and other current liabilities

81,817



66,566


Accrued compensation

142,599



156,158


Convertible senior notes—current

2,032



20,469


Contract liabilities—current

914,619



779,642


Operating lease liabilities—current

34,951



32,971


Total current liabilities

1,209,630



1,093,173


Convertible senior notes, net—noncurrent

730,272



693,219


Contract liabilities—noncurrent

18,138



16,492


Operating lease liabilities—noncurrent

146,025



165,704


Deferred tax liability—noncurrent

6,424



6,464


Other liabilities—noncurrent

33,322



32,328


Total liabilities

2,143,811



2,007,380


Convertible senior notes



3,390


Stockholders' equity




Common stock

20



19


Treasury stock

(1,219)



(1,048)


Additional paid-in capital

1,611,897



1,702,254


Accumulated other comprehensive income

3,246



4,964


Accumulated deficit

(1,402,068)



(1,380,452)


Total stockholders' equity

211,876



325,737


Total liabilities and equity

$

2,355,687



$

2,336,507


 

DOCUSIGN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Three Months Ended
July 31,


Six Months Ended
July 31,

(in thousands)

2021


2020


2021


2020

Cash flows from operating activities:








Net loss

$

(25,501)



$

(64,560)



$

(33,855)



$

(112,364)


Adjustments to reconcile net loss to net cash provided by operating activities








Depreciation and amortization

20,960



17,937



40,997



31,976


Amortization of deferred contract acquisition and fulfillment costs

32,543



23,834



63,476



45,194


Amortization of debt discount and transaction costs

1,274



6,942



2,593



13,784


Fair value adjustments to strategic investments





(5,119)




Impairment of operating lease right-of-use assets

3,892





3,892




Non-cash operating lease costs

6,706



6,795



13,649



13,119


Stock-based compensation expense

99,458



68,767



181,095



122,318


Non-cash charitable donation

3,000





3,000




Deferred income taxes

(1,514)



(180)



(1,250)



(284)


Other

1,906



(997)



666



(493)


Changes in operating assets and liabilities:








Accounts receivable

(34,365)



7,915



38,840



25,154


Contract assets

1,213



2,310



2,820



1,570


Prepaid expenses and other current assets

5,303



4,272



(10,367)



(5,388)


Deferred contract acquisition and fulfillment costs

(49,264)



(51,377)



(95,418)



(92,414)


Other assets

(3,509)



(4,768)



(6,676)



(6,132)


Accounts payable

12,150



8,829



(9,443)



6,275


Accrued expenses and other liabilities

5,942



12,626



17,022



11,710


Accrued compensation

21,001



24,401



(13,047)



22,865


Contract liabilities

84,976



62,892



136,624



107,486


Operating lease liabilities

(8,502)



(7,504)



(16,233)



(7,098)


Net cash provided by operating activities

177,669



118,134



313,266



177,278


Cash flows from investing activities:








Cash paid for acquisition, net of acquired cash

(6,388)



(180,370)



(6,388)



(180,370)


Purchases of marketable securities

(88,703)



(11,667)



(185,628)



(11,667)


Sales of marketable securities

1,000





3,002



28,986


Maturities of marketable securities

75,658



131,345



113,171



301,416


Purchases of strategic and other investments



(241)



(500)



(3,241)


Purchases of property and equipment

(15,938)



(18,362)



(28,534)



(44,751)


Net cash (used in) provided by investing activities

(34,371)



(79,295)



(104,877)



90,373


Cash flows from financing activities:








Repayments of convertible senior notes

(25,030)





(61,714)




Payment of tax withholding obligation on net share settlement of restricted stock units

(122,522)



(87,137)



(228,575)



(133,860)


Proceeds from exercise of stock options

5,202



5,403



11,818



13,038


Proceeds from employee stock purchase plan





23,167



13,590


Net cash used in financing activities

(142,350)



(81,734)



(255,304)



(107,232)


Effect of foreign exchange on cash, cash equivalents and restricted cash

(1,342)



4,920



(564)



2,640


Net increase (decrease) in cash, cash equivalents and restricted cash

(394)



(37,975)



(47,479)



163,059


Cash, cash equivalents and restricted cash at beginning of period (1)

519,252



442,517



566,337



241,483


Cash, cash equivalents and restricted cash at end of period (1)

$

518,858



$

404,542



$

518,858



$

404,542



(1) $0.3 million of restricted cash was included in Prepaid expenses and other current assets at July 31, 2021 and in Other assets—noncurrent at April 30, 2021 and January 31, 2021.

 

DOCUSIGN, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited)


Reconciliation of gross profit and gross margin:


Three Months Ended
July 31,


Six Months Ended
July 31,

(in thousands)

2021


2020


2021


2020

GAAP gross profit

$

398,064


$

251,594


$

761,900


$

474,579

Add: Stock-based compensation

13,985


10,239


25,537


18,228

Add: Amortization of acquisition-related intangibles

3,328


3,132


6,500


4,480

Add: Employer payroll tax on employee stock transactions

2,121


1,738


4,895


2,774

Non-GAAP gross profit

$

417,498


$

266,703


$

798,832


$

500,061

GAAP gross margin

78

%


74

%


78

%


74

%

Non-GAAP adjustments

4

%


4

%


3

%


4

%

Non-GAAP gross margin

82

%


78

%


81

%


78

%









GAAP subscription gross profit

$

408,303


$

258,913


$

782,167


$

487,825

Add: Stock-based compensation

7,539


5,014


13,557


8,878

Add: Amortization of acquisition-related intangibles

3,328


3,132


6,500


4,480

Add: Employer payroll tax on employee stock transactions

971


926


2,413


1,461

Non-GAAP subscription gross profit

$

420,141


$

267,985


$

804,637


$

502,644

GAAP subscription gross margin

83

%


80

%


83

%


81

%

Non-GAAP adjustments

2

%


3

%


2

%


2

%

Non-GAAP subscription gross margin

85

%


83

%


85

%


83

%









GAAP professional services and other gross loss

$

(10,239)


$

(7,319)


$

(20,267)


$

(13,246)

Add: Stock-based compensation

6,446


5,225


11,980


9,350

Add: Employer payroll tax on employee stock transactions

1,150


812


2,482


1,313

Non-GAAP professional services and other gross loss

$

(2,643)


$

(1,282)


$

(5,805)


$

(2,583)

GAAP professional services and other gross margin

(54)

%


(39)

%


(56)

%


(38)

%

Non-GAAP adjustments

40

%


32

%


40

%


31

%

Non-GAAP professional services and other gross margin

(14)

%


(7)

%


(16)

%


(7)

%



Reconciliation of operating expenses:


Three Months Ended
July 31,


Six Months Ended
July 31,

(in thousands)

2021


2020


2021


2020

GAAP sales and marketing

$

262,372



$

194,992



$

501,491



$

366,785


Less: Stock-based compensation

(46,921)



(32,305)



(85,057)



(56,970)


Less: Amortization of acquisition-related intangibles

(3,333)



(4,284)



(6,691)



(7,195)


Less: Employer payroll tax on employee stock transactions

(5,706)



(3,958)



(12,484)



(6,867)


Less: Acquisition-related expenses



(186)





(186)


Non-GAAP sales and marketing

$

206,412



$

154,259



$

397,259



$

295,567


GAAP sales and marketing as a percentage of revenue

51

%


57

%


51

%


57

%

Non-GAAP sales and marketing as a percentage of revenue

40

%


45

%


40

%


46

%









GAAP research and development

$

94,651



$

63,791



$

180,067



$

118,025


Less: Stock-based compensation

(26,275)



(14,781)



(46,737)



(26,666)


Less: Employer payroll tax on employee stock transactions

(2,752)



(2,019)



(6,928)



(3,565)


Non-GAAP research and development

$

65,624



$

46,991



$

126,402



$

87,794


GAAP research and development as a percentage of revenue

18

%


19

%


18

%


18

%

Non-GAAP research and development as a percentage of revenue

13

%


14

%


13

%


14

%









GAAP general and administrative

$

63,652



$

51,446



$

113,690



$

90,257


Less: Stock-based compensation

(12,778)



(11,442)



(23,764)



(20,454)


Less: Employer payroll tax on employee stock transactions

(1,006)



(1,544)



(3,561)



(2,601)


Less: Acquisition-related expenses

(221)



(6,746)



(387)



(7,440)


Less: Impairment of operating lease right-of-use assets

(3,892)





(3,892)




Non-GAAP general and administrative

$

45,755



$

31,714



$

82,086



$

59,762


GAAP general and administrative as a percentage of revenue

13

%


15

%


12

%


15

%

Non-GAAP general and administrative as a percentage of revenue

9

%


9

%


8

%


9

%



Reconciliation of income (loss) from operations and operating margin:


Three Months Ended
July 31,


Six Months Ended
July 31,

(in thousands)

2021


2020


2021


2020

GAAP loss from operations

$

(22,611)



$

(58,635)



$

(33,348)



$

(100,488)


Add: Stock-based compensation

99,959



68,767



181,095



122,318


Add: Amortization of acquisition-related intangibles

6,661



7,416



13,191



11,675


Add: Employer payroll tax on employee stock transactions

11,585



9,259



27,868



15,807


Add: Acquisition-related expenses

221



6,932



387



7,626


Add: Impairment of operating lease right-of-use assets

3,892





3,892




Non-GAAP income from operations

$

99,707



$

33,739



$

193,085



$

56,938


GAAP operating margin

(4)

%


(17)

%


(3)

%


(16)

%

Non-GAAP adjustments

23

%


27

%


23

%


25

%

Non-GAAP operating margin

19

%


10

%


20

%


9

%



Reconciliation of net income (loss) and net income (loss) per share, basic and diluted:


Three Months Ended
July 31,


Six Months Ended
July 31,

(in thousands, except per share data)

2021


2020


2021


2020

GAAP net loss

$

(25,501)



$

(64,560)



$

(33,855)



$

(112,364)


Add: Stock-based compensation

99,959



68,767



181,095



122,318


Add: Amortization of acquisition-related intangibles

6,661



7,416



13,191



11,675


Add: Employer payroll tax on employee stock transactions

11,585



9,259



27,868



15,807


Add: Amortization of debt discount and issuance costs

1,274



6,942



2,593



13,784


Less: Fair value adjustments to strategic investments

(151)





(5,270)




Add: Acquisition-related expenses

221



6,932



387



7,626


Add: Impairment of operating lease right-of-use assets

3,892





3,892




Non-GAAP net income

$

97,940



$

34,756



$

189,901



$

58,846










Numerator:








Non-GAAP net income

$

97,940



$

34,756



$

189,901



$

58,846


Add: Interest expense on convertible senior notes

61





97




Non-GAAP net income attributable to common stockholders, diluted

$

98,001



$

34,756



$

189,998



$

58,846










Denominator:








Weighted-average common shares outstanding, basic

195,996



184,862



195,183



183,930


Effect of dilutive securities

12,154



18,547



12,811



16,247


Non-GAAP weighted-average common shares outstanding, diluted

208,150



203,409



207,994



200,177










GAAP net loss per share, basic and diluted

$

(0.13)



$

(0.35)



$

(0.17)



$

(0.61)


Non-GAAP net income per share, basic

0.50



0.19



0.97



0.32


Non-GAAP net income per share, diluted

0.47



0.17



0.91



0.29




Computation of free cash flow:


Three Months Ended
July 31,


Six Months Ended
July 31,

(in thousands)

2021


2020


2021


2020

Net cash provided by operating activities

$

177,669



$

118,134



$

313,266



$

177,278


Less: Purchases of property and equipment

(15,938)



(18,362)



(28,534)



(44,751)


Non-GAAP free cash flow

$

161,731



$

99,772



$

284,732



$

132,527


Net cash (used in) provided by investing activities

$

(34,371)



$

(79,295)



$

(104,877)



$

90,373


Net cash used in financing activities

$

(142,350)



$

(81,734)



$

(255,304)



$

(107,232)




Computation of billings:


Three Months Ended
July 31,


Six Months Ended
July 31,

(in thousands)

2021


2020


2021


2020

Revenue

$

511,844



$

342,209



$

980,923



$

639,226


Add: Contract liabilities and refund liability, end of period

939,826



638,790



939,826



638,790


Less: Contract liabilities and refund liability, beginning of period

(857,969)



(568,544)



(800,940)



(522,201)


Add: Contract assets and unbilled accounts receivable, beginning of period

19,737



16,390



21,021



15,082


Less: Contract assets and unbilled accounts receivable, end of period

(18,067)



(20,395)



(18,067)



(20,395)


Add: Contract assets and unbilled accounts receivable by acquisitions



6,589





6,589


Less: Contract liabilities and refund liability contributed by acquisitions



(9,344)





(9,344)


Non-GAAP billings

$

595,371



$

405,695



$

1,122,763



$

747,747


 

Cision View original content: https://www.prnewswire.com/news-releases/docusign-announces-second-quarter-fiscal-2022-financial-results-301368681.html

SOURCE DocuSign, Inc.

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