SAN FRANCISCO, Sept. 5, 2019 /PRNewswire/ -- DocuSign (NASDAQ: DOCU), which offers the world's #1 eSignature solution as part of the DocuSign Agreement Cloud for digitally transforming how organizations prepare, sign, act on, and manage agreements, today announced results for its fiscal quarter ended July 31, 2019.

"With revenue growth exceeding 40% and billings growth at 47%, our second quarter performance reflects our clear leadership position in e-signature and increasing adoption of our broader Agreement Cloud offering," said Dan Springer, CEO of DocuSign. "In the second quarter, we added 29,000 new customers onto the platform, bringing our total to 537,000 worldwide. We truly believe the Agreement Cloud category has the potential to be as big as CRM and ERP one day and our customers are increasingly buying in."

Second Quarter Financial Highlights

  • Total revenue was $235.6 million, an increase of 41% year-over-year. Subscription revenue was $220.8 million, an increase of 39% year-over-year. Professional services and other revenue was $14.8 million, an increase of 72% year-over-year.
  • Billings were $252.4 million, an increase of 47% year-over-year.
  • GAAP gross margin was 74%, compared to 78% in the same period last year. Non-GAAP gross margin was 78% compared to 81% in the same period last year.
  • GAAP net loss per basic and diluted share was $0.39 on 175 million shares outstanding compared to GAAP net loss per share of $0.22 in the second quarter of fiscal 2019 on 166 million shares outstanding.
  • Non-GAAP net income per diluted share was $0.01 on 189 million shares outstanding compared to non-GAAP net income per share of $0.03 in the second quarter of fiscal 2019 on 191 million shares outstanding.
  • Net cash provided by operating activities was $26.4 million, compared to $22.7 million in the same period last year.
  • Free cash flow was $11.9 million in the second quarter of fiscal 2020 compared to free cash flow of $18.4 million in the same period last year.
  • Cash, cash equivalents, restricted cash and investments were $930.5 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 Summer '19 Release. As part of the company's ongoing commitment to innovation, several enhancements to the DocuSign Agreement Cloud were announced in the latest quarterly release: DocuSign Rooms for Mortgage, which accelerates closing times and improves the borrower experience with a secure, digital workspace for everyone involved in the process; Conditional Recipients, which allows customers to automate their existing workflows by configuring the rules on an envelope and automatically routing it to different recipients; eWitness, which allows signers to identify a witness and capture their information as part of agreements and deeds; eSignature API v2.1, which offers developers access to the same API that DocuSign uses internally and makes the very latest features available-such as comments, bulk envelopes, and more.
  • DocuSign for Forests. As part of its drive to create a significant and sustained impact on the world's environment, the company announced a new $1M commitment to The Wilderness Society, the leading American conservation organization working to protect the nation's wildlands. The investment will support the Society's efforts to ensure that wild forests stay healthy and intact for generations to come. DocuSign is also partnering with environmentalist and Grammy Award-winning singer-songwriter, Dave Matthews and his band (DMB) as a presenting sponsor for its Bama Green Project Eco-Village—an ongoing partnership between DMB and non-profit Reverb that encompasses the environmental efforts undertaken by the band while on the road, in the studio, or at home. These actions align closely with DocuSign's overall environmental protection efforts and demonstrate its long-term commitment to the cause.

Outlook

The company currently expects the following guidance:

Quarter ending October 31, 2019 (in millions, except percentages):




Total revenue

$237

to

$241


Billings

$260

to

$270


Non-GAAP gross margin

78%

to

80%


Non-GAAP sales and marketing

48%

to

50%


Non-GAAP research and development

15%

to

17%


Non-GAAP general and administrative

10%

to

12%


Interest and other income (expense)

$3

to

$4


Provision for income taxes

$1

to

$2


Non-GAAP diluted weighted-average shares outstanding

185

to

190





Year ending January 31, 2020 (in millions, except percentages):




Total revenue

$947

to

$951


Billings

$1,063

to

$1,083


Non-GAAP gross margin

78%

to

80%


Non-GAAP sales and marketing

48%

to

50%


Non-GAAP research and development

15%

to

17%


Non-GAAP general and administrative

11%

to

13%


Interest and other income (expense)

$13

to

$16


Provision for income taxes

$6

to

$8


Non-GAAP diluted weighted-average shares outstanding

190

to

195

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 on September 5, 2019 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) September 19, 2019 using the passcode 13693623.

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, more than 535,000 customers and hundreds of millions of users in over 180 countries use DocuSign to accelerate the process of doing business and to 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 2003-2019. 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 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 growth in adoption of our broader Agreement Cloud offering, the benefits of the DocuSign Agreement Cloud and enhancements to it, our estimated total addressable market and the impact of DocuSign Agreement Cloud on such market, including our belief that the Agreement Cloud category has the potential to be as big as CRM and ERP one day and that customers will share that belief, our ability to deliver product innovation, and our intentions to make charitable donations. They also include statements about our possible or assumed business strategies, potential growth opportunities 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: our ability to estimate the size of our total addressable market; our ability to 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, rapid technological change and increased competition in our market; our ability to compete effectively, expand our operations and increase adoption of our platform internationally; including our ability to deliver the benefits anticipated by enhancements to our DocuSign Agreement Cloud; our ability to successfully integrate SpringCM's operations; our ability to pay off our convertible senior notes when due; our ability to successfully defend or otherwise resolve assertions by third parties that we violate their intellectual property rights; and our ability to respond to a network or data security incident that allows unauthorized access to our network or data or our customers' data. 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 annual report on Form 10-K for the year ended January 31, 2019, our quarterly report on Form 10-Q for the quarter ended April 30, 2019, 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, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, amortization of debt discount and issuance costs from our convertible senior notes issued in September 2018, 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 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 July 31,


Six Months Ended July 31,

(in thousands, except per share data)

2019


2018


2019


2018

Revenue:








Subscription

$

220,811



$

158,461



$

422,269



$

306,659


Professional services and other

14,801



8,583



27,305



16,193


Total revenue

235,612



167,044



449,574



322,852


Cost of revenue:








Subscription

39,472



23,057



72,591



55,495


Professional services and other

21,704



13,304



40,604



39,160


Total cost of revenue

61,176



36,361



113,195



94,655


Gross profit

174,436



130,683



336,379



228,197


Operating expenses:








Sales and marketing

150,886



103,779



280,822



294,864


Research and development

47,517



33,773



84,700



104,643


General and administrative

40,755



30,851



78,016



133,968


Total expenses

239,158



168,403



443,538



533,475


Loss from operations

(64,722)



(37,720)



(107,159)



(305,278)


Interest expense

(7,273)



(47)



(14,429)



(240)


Interest income and other income, net

4,531



2,998



9,748



770


Loss before provision for income taxes

(67,464)



(34,769)



(111,840)



(304,748)


Provision for income taxes

1,168



1,945



2,514



2,653


Net loss

$

(68,632)



$

(36,714)



$

(114,354)



$

(307,401)


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

$

(0.39)



$

(0.22)



$

(0.66)



$

(3.01)


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

175,389



166,084



173,773



102,284










Stock-based compensation expense included in costs and expenses:








Cost of revenue—subscription

$

3,115



$

1,588



$

5,397



$

11,543


Cost of revenue—professional services

4,821



2,822



8,261



18,867


Sales and marketing

25,942



16,791



44,044



129,272


Research and development

11,963



7,359



19,280



54,627


General and administrative

9,951



11,605



21,081



95,650


 

DOCUSIGN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in thousands)

July 31, 2019


January 31, 2019

Assets




Current assets




Cash and cash equivalents

$

224,290



$

517,811


Investments—current

525,963



251,203


Restricted cash

133



367


Accounts receivable

138,652



174,548


Contract assets—current

15,548



10,616


Prepaid expense and other current assets

38,907



29,976


Total current assets

943,493



984,521


Investments—noncurrent

180,146



164,220


Property and equipment, net

92,078



75,832


Operating lease right-of-use assets

137,292




Goodwill

195,427



195,225


Intangible assets, net

65,070



74,203


Deferred contract acquisition costs—noncurrent

124,434



112,583


Other assets—noncurrent

23,896



8,833


Total assets

$

1,761,836



$

1,615,417


Liabilities and Stockholders' Equity




Current liabilities




Accounts payable

$

23,452



$

19,590


Accrued expenses

34,227



21,755


Accrued compensation

79,980



77,553


Contract liabilities—current

402,734



381,060


Operating lease liabilities—current

17,193




Deferred rent—current



2,452


Other liabilities—current

16,563



13,903


Total current liabilities

574,149



516,313


Convertible senior notes, net

451,934



438,932


Contract liabilities—noncurrent

7,784



7,712


Operating lease liabilities—noncurrent

150,493




Deferred rent—noncurrent



24,195


Deferred tax liability—noncurrent

4,270



4,207


Other liabilities—noncurrent

6,527



9,696


Total liabilities

1,195,157



1,001,055


Stockholders' equity




Common stock

18



17


Additional paid-in capital

1,612,786



1,545,088


Accumulated other comprehensive loss

(2,945)



(1,965)


Accumulated deficit

(1,043,180)



(928,778)


Total stockholders' equity

566,679



614,362


Total liabilities and stockholders' equity

$

1,761,836



$

1,615,417


 

DOCUSIGN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Three Months Ended July 31,


Six Months Ended July 31,

(in thousands)

2019


2018


2019


2018

Cash flows from operating activities:








Net loss

$

(68,632)



$

(36,714)



$

(114,354)



$

(307,401)


Adjustments to reconcile net loss to net cash used in operating activities








Depreciation and amortization

12,290



7,081



24,261



15,681


Amortization of deferred contract acquisition and fulfillment costs

16,889



9,900



31,149



19,146


Amortization of debt discount and transaction costs

6,548





13,002




Non-cash operating lease costs

4,735





8,863




Stock-based compensation expense

55,792



40,165



98,063



309,959


Deferred income taxes

(24)



(6)



28



(12)


Other

(1,260)



(3,100)



(2,371)



(875)


Changes in operating assets and liabilities








Accounts receivable

(21,518)



(4,237)



35,896



15,385


Contract assets

(2,204)



(1,397)



(4,905)



1,149


Prepaid expenses and other current assets

3,950



3,113



(3,157)



(3,406)


Deferred contract acquisition and fulfillment costs

(27,952)



(18,013)



(48,439)



(30,339)


Other assets

418



895



959



1,335


Accounts payable

1,306



2,184



1,588



(5,034)


Accrued expenses

5,997



(996)



12,439



2,306


Accrued compensation

22,296



17,307



2,427



360


Contract liabilities

17,472



6,892



21,746



19,503


Operating lease liabilities

(3,493)





(7,198)




Other liabilities

3,795



(379)



2,063



(69)


Net cash provided by operating activities

26,405



22,695



72,060



37,688


Cash flows from investing activities:








Purchases of marketable securities

(155,675)





(530,886)




Maturities of marketable securities

151,992





244,449




Purchases of strategic investments





(15,500)




Purchases of property and equipment

(14,554)



(4,336)



(29,791)



(10,520)


Net cash used in investing activities

(18,237)



(4,336)



(331,728)



(10,520)


Cash flows from financing activities:








Proceeds from issuance of common stock in initial public offering, net of underwriting commissions



529,305





529,305


Payment of tax withholding obligation on RSU settlement

(29,841)





(85,978)




Proceeds from exercise of stock options

10,194



2,503



42,448



10,318


Proceeds from employee stock purchase plan





10,563




Payment of deferred offering costs



(1,328)





(3,522)


Net cash provided by (used in) financing activities

(19,647)



530,480



(32,967)



536,101


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

(741)



527



(1,120)



(1,543)


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

(12,220)



549,366



(293,755)



561,726


Cash, cash equivalents and restricted cash at beginning of period

236,643



269,796



518,178



257,436


Cash, cash equivalents and restricted cash at end of period

$

224,423



$

819,162



$

224,423



$

819,162


 

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)

2019


2018


2019


2018

GAAP gross profit

$

174,436



$

130,683



$

336,379



$

228,197


Add: Stock-based compensation

7,936



4,410



13,658



30,410


Add: Amortization of acquisition-related intangibles

1,381



1,003



3,008



2,671


Add: Employer payroll tax on employee stock transactions

541





1,193




Non-GAAP gross profit

$

184,294



$

136,096



$

354,238



$

261,278


GAAP gross margin

74

%


78

%


75

%


71

%

Non-GAAP adjustments

4

%


3

%


4

%


10

%

Non-GAAP gross margin

78

%


81

%


79

%


81

%









GAAP subscription gross profit

$

181,339



$

135,404



$

349,678



$

251,164


Add: Stock-based compensation

3,115



1,588



5,397



11,543


Add: Amortization of acquisition-related intangibles

1,381



1,003



3,008



2,671


Add: Employer payroll tax on employee stock transactions

211





432




Non-GAAP subscription gross profit

$

186,046



$

137,995



$

358,515



$

265,378


GAAP subscription gross margin

82

%


85

%


83

%


82

%

Non-GAAP adjustments

2

%


2

%


2

%


5

%

Non-GAAP subscription gross margin

84

%


87

%


85

%


87

%









GAAP professional services and other gross loss

$

(6,903)



$

(4,721)



$

(13,299)



$

(22,967)


Add: Stock-based compensation

4,821



2,822



8,261



18,867


Add: Employer payroll tax on employee stock transactions

330





761




Non-GAAP professional services and other gross loss

$

(1,752)



$

(1,899)



$

(4,277)



$

(4,100)


GAAP professional services and other gross margin

(47)

%


(55)

%


(49)

%


(142)

%

Non-GAAP adjustments

35

%


33

%


33

%


117

%

Non-GAAP professional services and other gross margin

(12)

%


(22)

%


(16)

%


(25)

%



Reconciliation of operating expenses:



Three Months Ended July 31,


Six Months Ended July 31,

(in thousands)

2019


2018


2019


2018

GAAP sales and marketing

$

150,886



$

103,779



$

280,822



$

294,864


Less: Stock-based compensation

(25,942)



(16,791)



(44,044)



(129,272)


Less: Amortization of acquisition-related intangibles

(3,039)



(765)



(6,145)



(1,530)


Less: Employer payroll tax on employee stock transactions

(1,577)





(3,928)




Non-GAAP sales and marketing

$

120,328



$

86,223



$

226,705



$

164,062


GAAP sales and marketing as a percentage of revenue

64

%


62

%


62

%


91

%

Non-GAAP sales and marketing as a percentage of revenue

51

%


52

%


50

%


51

%









GAAP research and development

$

47,517



$

33,773



$

84,700



$

104,643


Less: Stock-based compensation

(11,963)



(7,359)



(19,280)



(54,627)


Less: Employer payroll tax on employee stock transactions

(1,026)





(2,176)




Non-GAAP research and development

$

34,528



$

26,414



$

63,244



$

50,016


GAAP research and development as a percentage of revenue

20

%


20

%


19

%


33

%

Non-GAAP research and development as a percentage of revenue

15

%


16

%


14

%


15

%









GAAP general and administrative

$

40,755



$

30,851



$

78,016



$

133,968


Less: Stock-based compensation

(9,951)



(11,605)



(21,081)



(95,650)


Less: Employer payroll tax on employee stock transactions

(720)





(2,322)




Non-GAAP general and administrative

$

30,084



$

19,246



$

54,613



$

38,318


GAAP general and administrative as a percentage of revenue

17

%


19

%


18

%


42

%

Non-GAAP general and administrative as a percentage of revenue

13

%


12

%


12

%


12

%



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



Three Months Ended July 31,


Six Months Ended July 31,

(in thousands)

2019


2018


2019


2018

GAAP operating loss

$

(64,722)



$

(37,720)



$

(107,159)



$

(305,278)


Add: Stock-based compensation

55,792



40,165



98,063



309,959


Add: Amortization of acquisition-related intangibles

4,420



1,768



9,153



4,201


Add: Employer payroll tax on employee stock transactions

3,864





9,619




Non-GAAP operating income (loss)

$

(646)



$

4,213



$

9,676



$

8,882


GAAP operating margin

(27)

%


(23)

%


(24)

%


(95)

%

Non-GAAP adjustments

27

%


26

%


26

%


98

%

Non-GAAP operating margin

%


3

%


2

%


3

%



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)

2019


2018


2019


2018

GAAP net loss

$

(68,632)



$

(36,714)



$

(114,354)



$

(307,401)


Add: Stock-based compensation

55,792



40,165



98,063



309,959


Add: Amortization of acquisition-related intangibles

4,420



1,768



9,153



4,201


Add: Employer payroll tax on employee stock transactions

3,864





9,619




Add: Amortization of debt discount and issuance costs

6,548





13,002




Non-GAAP net income

$

1,992



$

5,219



$

15,483



$

6,759










Numerator:








Non-GAAP net income

$

1,992



$

5,219



$

15,483



$

6,759


Less: preferred stock accretion







(353)


Less: net income allocated to participating securities







(2,085)


Non-GAAP net income attributable to common stockholders

$

1,992



$

5,219



$

15,483



$

4,321










Denominator:








Weighted-average common shares outstanding, basic

175,389



166,084



173,773



102,284


Effect of dilutive securities

13,952



25,339



15,516



24,586


Non-GAAP weighted-average common shares outstanding, diluted

189,341



191,423



189,289



126,870










GAAP net loss per share, basic and diluted

$

(0.39)



$

(0.22)



$

(0.66)



$

(3.01)


Non-GAAP net income per share, basic

0.01



0.03



0.09



0.04


Non-GAAP net income per share, diluted

0.01



0.03



0.08



0.03




Computation of free cash flow:



Three Months Ended July 31,


Six Months Ended July 31,

(in thousands)

2019


2018


2019


2018

Net cash provided by operating activities

$

26,405



$

22,695



$

72,060



$

37,688


Less: purchase of property and equipment

(14,554)



(4,336)



(29,791)



(10,520)


Non-GAAP free cash flow

$

11,851



$

18,359



$

42,269



$

27,168


Net cash used in investing activities

$

(18,237)



$

(4,336)



$

(331,728)



$

(10,520)


Net cash provided by (used in) financing activities

$

(19,647)



$

530,480



$

(32,967)



$

536,101




Computation of billings:



Three Months Ended July 31,


Six Months Ended July 31,

(in thousands)

2019


2018


2019


2018

Revenue

$

235,612



$

167,044



$

449,574



$

322,852


Add: Contract liabilities and refund liability, end of period

412,953



300,426



412,953



300,426


Less: Contract liabilities and refund liability, beginning of period

(395,254)



(293,667)



(390,887)



(282,943)


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

16,810



14,555



13,436



16,899


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

(17,757)



(16,196)



(17,757)



(16,196)


Non-GAAP billings

$

252,364



$

172,162



$

467,319



$

341,038


 

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SOURCE DocuSign, Inc.


Source: DocuSign, Inc.