SAN FRANCISCO, June 7, 2018 /PRNewswire/ -- DocuSign
(Nasdaq: DOCU) today announced results for its fiscal quarter ended
April 30, 2018.
"In the first quarter, our core e-signature solution-and our
broader platform for automating the agreement process-continued to
gain traction in helping to accelerate business and simplify life
for hundreds of millions of users around the world. This led to 37%
year-over-year growth in our total revenue and the addition of
30,000 new customers-bringing our total paying customer base to
over 400,000," said Dan Springer,
CEO of DocuSign. "We also saw strong growth, expansion and
development of our international business. And we continue to
deliver product innovation across our evolving System of Agreement
platform in the areas of preparing, signing, acting on and managing
agreements. I believe these results highlight the commitment,
passion and drive that DocuSign has for the next big platform
opportunity in cloud computing."
First Quarter Financial Highlights
- Total revenue was $155.8 million,
an increase of 37% year-over-year. Subscription revenue was
$148.2 million, an increase of 39%
year-over-year. Professional services and other revenue was
$7.6 million, an increase of 14%
year-over-year.
- Contract liabilities were $290.5
million, an increase of 43% year-over-year.
- Billings were $168.9 million, an
increase of 33% year-over-year.
- GAAP gross margin was 63%, compared to 76% in the same period
last year. GAAP gross margin for the first quarter of fiscal 2019
included a $25.4 million stock-based
compensation charge related to restricted stock units ("RSUs") with
a liquidity event performance condition. Non-GAAP gross margin was
80% compared to 78% in the same period last year.
- GAAP net loss per basic and diluted share was $7.46 in the first quarter of fiscal 2019 on 36
million shares outstanding compared to GAAP net loss per share of
$0.66 in the first quarter of fiscal
2018 on 30 million shares outstanding. GAAP net loss for the first
quarter of fiscal 2019 included a $262.8
million stock-based compensation charge related to RSUs with
a liquidity event performance condition.
- Non-GAAP earnings per diluted share was $0.01 in the first quarter of fiscal 2019 based
on 60 million shares outstanding compared to a non-GAAP net loss
per share of $0.30 in the first
quarter of fiscal 2018 based on 30 million shares outstanding.
- Net cash provided by operating activities was $15.0 million, compared to $0.7 million used in operating activities in the
same period last year.
- Free cash flow was $8.8 million
in the first quarter of fiscal 2019 compared to negative free cash
flow of $7.5 million in the same
period last year.
- Cash, cash equivalents and restricted cash was $269.8 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."
Initial Public Offering
On May 1, 2018 the company
completed its initial public offering ("IPO"). The company sold
19,314,182 shares of common stock, raising net proceeds of
$524.8 million, including the
over-allotment option. Upon the completion of the IPO, all shares
of outstanding convertible preferred stock automatically converted
into 100,350,008 shares of common stock.
Stock-based Compensation Related to Liquidity Event
Restricted Stock Units
RSUs issued through January 31,
2018 generally vest upon the satisfaction of both
service-based and liquidity event performance conditions. The
service condition is typically a four-year service period.
liquidity event performance condition was satisfied upon
the effectiveness of our IPO registration statement on April 26, 2018. On that date the company recorded
a cumulative stock-based compensation expense of $262.8 million, of which $25.4 million was included in cost of revenue,
related to all RSUs, for which the service was condition fully
satisfied as of that date.
Outlook
•
|
Quarter ending July
31, 2018 (in millions, except percentages):
|
|
|
|
Total
revenue
|
$157
|
to
|
$160
|
|
Billings
|
$160
|
to
|
$170
|
|
Non-GAAP gross
margin
|
78%
|
to
|
81%
|
|
Non-GAAP Sales and
marketing
|
49%
|
to
|
51%
|
|
Non-GAAP research and
development
|
16%
|
to
|
18%
|
|
Non-GAAP general and
administrative
|
10%
|
to
|
12%
|
|
Other
expense
|
<$0.5
|
|
|
|
Provision for income
taxes
|
$0.75
|
|
|
|
Non-GAAP diluted
weighted-average shares outstanding
|
190
|
to
|
195
|
•
|
Year ending January
31, 2019 (in millions, except percentages):
|
|
|
|
Total
revenue
|
$652
|
to
|
$658
|
|
Billings
|
$680
|
to
|
$700
|
|
Non-GAAP gross
margin
|
78%
|
to
|
81%
|
|
Non-GAAP Sales and
marketing
|
49%
|
to
|
51%
|
|
Non-GAAP research and
development
|
16%
|
to
|
18%
|
|
Non-GAAP general and
administrative
|
10%
|
to
|
12%
|
|
Other
expense
|
<$2
|
|
|
|
Provision for income
taxes
|
$3
|
|
|
|
Non-GAAP diluted
weighted-average shares outstanding
|
160
|
to
|
165
|
The company has not reconciled its expectations 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 is not
available without unreasonable effort.
Webcast Conference Call Information
The company will host a conference call 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 docusign.com/investors. 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) June 21,
2018 using the passcode 13680300.
About DocuSign
Founded in 2003, DocuSign® offers the leading e-signature
solution as part of its broader platform for automating the
agreement process. Today, DocuSign's cloud-based platform enables
more than 400,000 customers and hundreds of millions of users in
over 180 countries to accelerate business and simplify life.
Copyright 2003-2018. DocuSign, Inc. is the owner of DOCUSIGN®
and all of its other marks (www.docusign.com/IP). All other marks
appearing herein are the property of their respective owners.
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 statements about expected financial metrics,
such as revenue, billings, non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP diluted weighted-average shares
outstanding, and non-financial metrics, such as customer growth, as
well as statements related to our ability to develop our System of
Agreement platform and deliver product innovation. They also
include statements about our possible or assumed business
strategies, potential growth opportunities, new products and
potential market opportunities.
Forward-looking statements include all statements that are not
historical facts and can be identified by terms such as "believe,"
"could," "potential," "will," "would" or similar expressions and
the negatives of those terms. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. These risks include, but are not limited to, risks and
uncertainties related to: sustaining and managing our growth and
future expenses, achieving and maintaining future profitability,
attracting new customers and maintaining and expanding our existing
customer base, our ability to scale and update our platform to
respond to customers' needs and rapid technological change,
increased competition on our market and our ability to compete
effectively, and expansion of our operations and increased adoption
of our platform internationally. Additional risks and uncertainties
that could affect our financial results are included in the section
titled "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in our prospectus
dated April 26, 2018, as filed with
the Securities and Exchange Commission pursuant to Rule 424(b)
under the Securities Act 1933, as amended, which is available on
the SEC's website at www.sec.gov. Additional information will be
made available in DocuSign Inc.'s quarterly report on Form 10-Q for
the quarter ended April 30, 2018 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 (loss) from operations, non-GAAP
operating margin, non-GAAP net income (loss) and non-GAAP net
income (loss) per share: We define these non-GAAP financial
measures as the respective GAAP measures, excluding expenses
related to stock-based compensation, amortization of
acquisition-related intangibles and, as applicable, other special
items. We believe it is useful to exclude stock-based compensation
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. We also view amortization of acquisition-related
intangible assets, such as the amortization of the cost associated
with an acquired company's developed technology and trade
names, as items arising from pre-acquisition activities determined
at the time of an acquisition. While these intangible assets are
continually evaluated for impairment, amortization of the cost of
purchased intangibles is a static expense, one that is not
typically affected by operations during any particular period.
Free cash flows: 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
April 30,
|
(in thousands,
except share and per share data)
|
2018
|
|
2017
|
Revenue:
|
|
|
|
Subscription
|
$
|
148,198
|
|
|
$
|
106,847
|
|
Professional services
and other
|
7,610
|
|
|
6,651
|
|
Total
revenue
|
155,808
|
|
|
113,498
|
|
Cost of
revenue:
|
|
|
|
Subscription
|
32,438
|
|
|
19,293
|
|
Professional services
and other
|
25,856
|
|
|
7,831
|
|
Total cost of
revenue
|
58,294
|
|
|
27,124
|
|
Gross
profit
|
97,514
|
|
|
86,374
|
|
Operating
expenses:
|
|
|
|
Sales and
marketing
|
191,085
|
|
|
64,691
|
|
Research and
development
|
70,870
|
|
|
22,708
|
|
General and
administrative
|
103,117
|
|
|
18,239
|
|
Total
expenses
|
365,072
|
|
|
105,638
|
|
Loss from
operations
|
(267,558)
|
|
|
(19,264)
|
|
Interest
expense
|
(193)
|
|
|
(151)
|
|
Interest income and
other (expense), net
|
(2,228)
|
|
|
(110)
|
|
Loss before
provision for (benefit from) income taxes
|
(269,979)
|
|
|
(19,525)
|
|
Provision for
(benefit from) income taxes
|
708
|
|
|
(143)
|
|
Net
loss
|
$
|
(270,687)
|
|
|
$
|
(19,382)
|
|
Net loss per share
attributable to common stockholders, basic and
diluted
|
$
|
(7.46)
|
|
|
$
|
(0.66)
|
|
Weighted-average
number of shares used in computing net loss per share attributable
to common stockholders, basic and diluted
|
36,334,395
|
|
|
29,761,804
|
|
|
|
|
|
Stock-based
compensation expense included in costs and expenses:
|
|
|
|
Cost of
revenue—subscription
|
$
|
9,955
|
|
|
$
|
238
|
|
Cost of
revenue—professional services
|
16,045
|
|
|
235
|
|
Sales and
marketing
|
112,481
|
|
|
2,705
|
|
Research and
development
|
47,268
|
|
|
1,391
|
|
General and
administrative
|
84,045
|
|
|
3,837
|
|
DOCUSIGN,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
(in thousands,
except share and per share data)
|
April 30,
2018
|
|
January 31,
2018
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
269,429
|
|
|
$
|
256,867
|
|
Restricted
cash
|
367
|
|
|
569
|
|
Accounts
receivable
|
104,128
|
|
|
123,750
|
|
Contract
assets—current
|
12,030
|
|
|
14,260
|
|
Prepaid expense and
other current assets
|
29,779
|
|
|
23,349
|
|
Total current
assets
|
415,733
|
|
|
418,795
|
|
Property and
equipment, net
|
60,095
|
|
|
63,019
|
|
Goodwill
|
36,074
|
|
|
37,306
|
|
Intangible assets,
net
|
11,278
|
|
|
14,148
|
|
Deferred contract
acquisition costs—noncurrent
|
78,401
|
|
|
75,535
|
|
Other
assets—noncurrent
|
12,891
|
|
|
11,170
|
|
Total
assets
|
$
|
614,472
|
|
|
$
|
619,973
|
|
Liabilities,
Redeemable Convertible Preferred Stock and Stockholders'
Deficit
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
|
13,269
|
|
|
$
|
23,713
|
|
Accrued
expenses
|
19,023
|
|
|
15,734
|
|
Accrued
compensation
|
33,905
|
|
|
50,852
|
|
Contract
liabilities—current
|
282,470
|
|
|
270,188
|
|
Deferred
rent—current
|
1,811
|
|
|
1,758
|
|
Other
liabilities—current
|
12,017
|
|
|
11,574
|
|
Total current
liabilities
|
362,495
|
|
|
373,819
|
|
Contract
liabilities—noncurrent
|
8,065
|
|
|
7,736
|
|
Deferred
rent—noncurrent
|
22,862
|
|
|
23,044
|
|
Deferred tax
liability—noncurrent
|
2,505
|
|
|
2,511
|
|
Other
liabilities—noncurrent
|
4,419
|
|
|
4,010
|
|
Total
liabilities
|
400,346
|
|
|
411,120
|
|
Redeemable
convertible preferred stock
|
547,854
|
|
|
547,501
|
|
Stockholders'
deficit
|
|
|
|
Common
stock
|
4
|
|
|
4
|
|
Additional paid-in
capital
|
438,200
|
|
|
160,265
|
|
Accumulated other
comprehensive income
|
1,075
|
|
|
3,403
|
|
Accumulated
deficit
|
(773,007)
|
|
|
(502,320)
|
|
Total stockholders'
deficit
|
(333,728)
|
|
|
(338,648)
|
|
Total liabilities,
redeemable convertible preferred stock, and stockholders'
deficit
|
$
|
614,472
|
|
|
$
|
619,973
|
|
DOCUSIGN,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
Three Months Ended
April 30,
|
(in
thousands)
|
2018
|
|
2017
|
Cash flows from
operating activities:
|
|
|
|
Net loss
|
$
|
(270,687)
|
|
|
$
|
(19,382)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities
|
|
|
|
Depreciation and
amortization
|
8,600
|
|
|
7,686
|
|
Amortization of
deferred contract acquisition and fulfillment costs
|
9,246
|
|
|
7,013
|
|
Stock-based
compensation expense
|
269,794
|
|
|
8,406
|
|
Deferred income
taxes
|
(6)
|
|
|
(13)
|
|
Other
|
2,225
|
|
|
(803)
|
|
Changes in operating
assets and liabilities
|
|
|
|
Accounts
receivable
|
19,622
|
|
|
11,577
|
|
Contract
assets
|
2,546
|
|
|
(38)
|
|
Prepaid expenses
& other current assets
|
(6,519)
|
|
|
(5,570)
|
|
Deferred contract
acquisition and fulfillment costs
|
(12,326)
|
|
|
(9,372)
|
|
Other
assets
|
440
|
|
|
884
|
|
Accounts
payable
|
(7,218)
|
|
|
(2,125)
|
|
Accrued
expenses
|
3,302
|
|
|
(1,046)
|
|
Accrued
compensation
|
(16,947)
|
|
|
(9,128)
|
|
Contract
liabilities
|
12,611
|
|
|
13,027
|
|
Deferred
rent
|
(129)
|
|
|
(2,202)
|
|
Other
liabilities
|
438
|
|
|
389
|
|
Net cash provided by
(used in) operating activities
|
14,992
|
|
|
(697)
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of property
and equipment
|
(6,184)
|
|
|
(6,770)
|
|
Net cash used in
investing activities
|
(6,184)
|
|
|
(6,770)
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from the
exercise of stock options
|
7,815
|
|
|
5,830
|
|
Payment of deferred
offering costs
|
(2,194)
|
|
|
—
|
|
Net cash provided by
financing activities
|
5,621
|
|
|
5,830
|
|
Effect of foreign
exchange on cash, cash equivalents and restricted cash
|
(2,069)
|
|
|
484
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
12,360
|
|
|
(1,153)
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
257,436
|
|
|
191,244
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
269,796
|
|
|
$
|
190,091
|
|
|
|
|
|
Supplemental
disclosure:
|
|
|
|
Cash paid for
interest
|
$
|
144
|
|
|
$
|
142
|
|
Cash paid for
taxes
|
1,516
|
|
|
171
|
|
Non-cash investing
and financing activities:
|
|
|
|
Property and
equipment in accounts payable and other accrued
liabilities
|
$
|
3,238
|
|
|
$
|
1,880
|
|
Accretion of
preferred stock
|
353
|
|
|
355
|
|
Deferred offering
costs in accounts payable and other accrued liabilities
|
1,173
|
|
|
—
|
|
DOCUSIGN,
INC.
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
|
(Unaudited)
|
|
Reconciliation of
gross profit and gross margin:
|
|
|
Three Months Ended
April 30,
|
(in
thousands)
|
2018
|
|
2017
|
GAAP gross
profit
|
$
|
97,514
|
|
|
$
|
86,374
|
|
Add: Stock-based
compensation
|
26,000
|
|
|
473
|
|
Add: Amortization of
acquisition-related intangibles
|
1,668
|
|
|
1,697
|
|
Non-GAAP gross
profit
|
$
|
125,182
|
|
|
$
|
88,544
|
|
GAAP gross
margin
|
63
|
%
|
|
76
|
%
|
Non-GAAP
adjustments
|
17
|
%
|
|
2
|
%
|
Non-GAAP gross
margin
|
80
|
%
|
|
78
|
%
|
|
|
|
|
GAAP subscription
gross profit
|
$
|
115,760
|
|
|
$
|
87,554
|
|
Add: Stock-based
compensation
|
9,955
|
|
|
238
|
|
Add: Amortization of
acquisition-related intangibles
|
1,668
|
|
|
1,697
|
|
Non-GAAP subscription
gross profit
|
$
|
127,383
|
|
|
$
|
89,489
|
|
GAAP subscription
gross margin
|
78
|
%
|
|
82
|
%
|
Non-GAAP
adjustments
|
8
|
%
|
|
2
|
%
|
Non-GAAP subscription
gross margin
|
86
|
%
|
|
84
|
%
|
|
|
|
|
GAAP professional
services and other gross profit
|
$
|
(18,246)
|
|
|
$
|
(1,180)
|
|
Add: Stock-based
compensation
|
16,045
|
|
|
235
|
|
Non-GAAP professional
services and other gross profit
|
$
|
(2,201)
|
|
|
$
|
(945)
|
|
GAAP professional
services and other gross margin
|
(240)
|
%
|
|
(18)
|
%
|
Non-GAAP
adjustments
|
211
|
%
|
|
4
|
%
|
Non-GAAP professional
services and other gross margin
|
(29)
|
%
|
|
(14)
|
%
|
Reconciliation of
operating expenses:
|
|
|
Three Months Ended
April 30,
|
(in
thousands)
|
2018
|
|
2017
|
GAAP sales and
marketing
|
$
|
191,085
|
|
|
$
|
64,691
|
|
Less: Stock-based
compensation
|
(112,481)
|
|
|
(2,705)
|
|
Less: Amortization of
acquisition-related intangibles
|
(765)
|
|
|
(840)
|
|
Non-GAAP sales and
marketing
|
$
|
77,839
|
|
|
$
|
61,146
|
|
GAAP sales and
marketing as a percentage of revenue
|
123
|
%
|
|
57
|
%
|
Non-GAAP sales and
marketing as a percentage of revenue
|
50
|
%
|
|
54
|
%
|
|
|
|
|
GAAP research and
development
|
$
|
70,870
|
|
|
$
|
22,708
|
|
Less: Stock-based
compensation
|
(47,268)
|
|
|
(1,391)
|
|
Non-GAAP research and
development
|
$
|
23,602
|
|
|
$
|
21,317
|
|
GAAP research and
development as a percentage of revenue
|
45
|
%
|
|
20
|
%
|
Non-GAAP research and
development as a percentage of revenue
|
15
|
%
|
|
19
|
%
|
|
|
|
|
GAAP general and
administrative
|
$
|
103,117
|
|
|
$
|
18,239
|
|
Less: Stock-based
compensation
|
(84,045)
|
|
|
(3,837)
|
|
Non-GAAP general and
administrative
|
$
|
19,072
|
|
|
$
|
14,402
|
|
GAAP general and
administrative as a percentage of revenue
|
67
|
%
|
|
16
|
%
|
Non-GAAP general and
administrative as a percentage of revenue
|
12
|
%
|
|
13
|
%
|
Reconciliation of
income (loss) from operations:
|
|
|
Three Months Ended
April 30,
|
(in
thousands)
|
2018
|
|
2017
|
GAAP operating
loss
|
$
|
(267,558)
|
|
|
$
|
(19,264)
|
|
Add: Stock-based
compensation
|
269,794
|
|
|
8,406
|
|
Add: Amortization of
acquisition-related intangibles
|
2,433
|
|
|
2,537
|
|
Non-GAAP operating
income (loss)
|
$
|
4,669
|
|
|
$
|
(8,321)
|
|
GAAP operating
margin
|
(172)
|
%
|
|
(17)
|
%
|
Non-GAAP
adjustments
|
175
|
%
|
|
10
|
%
|
Non-GAAP operating
margin
|
3
|
%
|
|
(7)
|
%
|
Reconciliation of
net income (loss) and net income (loss) per share, basic and
diluted:
|
|
|
Three Months Ended
April 30,
|
(in thousands,
except per share data)
|
2018
|
|
2017
|
GAAP net
loss
|
$
|
(270,687)
|
|
|
$
|
(19,382)
|
|
Add: Stock-based
compensation
|
269,794
|
|
|
8,406
|
|
Add: Amortization of
acquisition-related intangibles
|
2,433
|
|
|
2,537
|
|
Non-GAAP net income
(loss)
|
$
|
1,540
|
|
|
$
|
(8,439)
|
|
|
|
|
|
Numerator:
|
|
|
|
Non-GAAP net income
(loss)
|
1,540
|
|
|
(8,439)
|
|
Less: preferred stock
accretion
|
(353)
|
|
|
(355)
|
|
Less: net income
allocated to participating securities
|
(871)
|
|
|
—
|
|
Non-GAAP net income
(loss) attributable to common stockholders
|
$
|
316
|
|
|
$
|
(8,794)
|
|
|
|
|
|
Denominator:
|
|
|
|
Weighted-average
common shares outstanding, basic
|
36,334
|
|
|
29,762
|
|
Effect of dilutive
securities
|
23,833
|
|
|
—
|
|
Non-GAAP
weighted-average common shares outstanding, diluted
|
60,167
|
|
|
29,762
|
|
|
|
|
|
GAAP net loss per
share, basic and diluted
|
$
|
(7.46)
|
|
|
$
|
(0.66)
|
|
Non-GAAP net income
(loss) per share, basic
|
0.01
|
|
|
(0.30)
|
|
Non-GAAP net income
(loss) per share, diluted
|
0.01
|
|
|
(0.30)
|
|
Computation of
free cash flow:
|
|
|
Three Months Ended
April 30,
|
(in
thousands)
|
2018
|
|
2017
|
Net cash provided by
(used in) operating activities
|
$
|
14,992
|
|
|
$
|
(697)
|
|
Less: purchase
of property and equipment
|
(6,184)
|
|
|
(6,770)
|
|
Non-GAAP free cash
flow
|
$
|
8,808
|
|
|
$
|
(7,467)
|
|
Computation of
billings:
|
|
|
Three Months Ended
April 30,
|
(in
thousands)
|
2018
|
|
2017
|
Revenue
|
$
|
155,808
|
|
|
$
|
113,498
|
|
Add: Contract
liabilities and refund liability, end of period
|
293,667
|
|
|
208,882
|
|
Less: Contract
liabilities and refund liability, beginning of period
|
(282,943)
|
|
|
(195,501)
|
|
Add: Contract assets
and unbilled accounts receivable, beginning of period
|
16,899
|
|
|
10,095
|
|
Less: Contract assets
and unbilled accounts receivable, end of period
|
(14,555)
|
|
|
(10,400)
|
|
Non-GAAP
billings
|
$
|
168,876
|
|
|
$
|
126,574
|
|
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SOURCE DocuSign, Inc.