Docusign Announces First Quarter Fiscal 2026 Financial Results; Announces $1.0 Billion Increase to Share Repurchase Program

, /PRNewswire/ -- Docusign, Inc. (NASDAQ: DOCU) today announced results for its fiscal quarter ended April 30, 2025. Prepared remarks and the news release with the financial results will be accessible on Docusign's website at investor.docusign.com prior to its webcast. "Q1 was an important quarter for Docusign's long-term transformation as we delivered on an ambitious product roadmap and surpassed 10,000 Intelligent Agreement Management customers," said Allan Thygesen, CEO of Docusign. "In Q1, our financial performance was strong across revenue growth and profitability." First Quarter Financial Highlights Revenue was $763.7 million, an 8% year-over-year increase, including 0.6% negative impact of foreign currency exchange rates. Subscription revenue was $746.2 million, an 8% year-over-year increase. Professional services and other revenue was $17.5 million, a 4% year-over-year decrease. Billings were $739.6 million, a 4% year-over-year increase. GAAP gross margin was 79.4% compared to 78.9% in the same period last year. Non-GAAP gross margin was 82.3% compared to 82.0% in the same period last year. GAAP net income per basic share was $0.35 on 203 million shares outstanding compared to $0.16 on 206 million shares outstanding in the same period last year. GAAP net income per diluted share was $0.34 on 213 million shares outstanding compared to $0.16 on 210 million shares outstanding in the same period last year. Non-GAAP net income per diluted share was $0.90 on 213 million shares outstanding compared to $0.82 on 210 million shares outstanding in the same period last year. Net cash provided by operating activities was $251.4 million compared to $254.8 million in the same period last year. Free cash flow was $227.8 million compared to $232.1 million in the same period last year. Cash, cash equivalents, restricted cash and investments were $1.1 billion at the end of the quarter. Repurchases of common stock were $183.4 million compared to $149.1 million in the same period last year. 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." Key Business Highlights Expanded Intelligent Agreement Management ("IAM") Platform Capabilities: Docusign announced a significant expansion of its IAM platform during the Momentum25 NYC conference. The NYC event kicked off a series of seven global Momentum events planned across EMEA, APAC, and Latin America. Announced features during the conference include: AI-Driven Innovation: Docusign Iris: Iris is the Artificial Intelligence ("AI") engine powering the Docusign IAM platform and AI-features across the agreement lifecycle. Iris is the culmination of Docusign's unique agreement domain expertise, built from millions of workflows and two decades of contract intelligence. AI Contract Agents: the industry's first purpose-built AI contract agents are designed to accelerate workflows, reduce risk, and achieve better outcomes across the entire agreement lifecycle. Docusign's AI contract agents are expected to launch later this year. Docusign for Agentforce: Salesforce users can now accelerate sales cycles by integrating IAM into existing Salesforce deployments and initiate Maestro agreement workflows directly from Agentforce. Create: Agreement Desk: centralizes agreement requests and facilitates collaboration, reviews, approvals, negotiations, and finalization for sales, procurement, and legal teams. AI-Assisted Review: compares contract language to a customer's existing terms and identifies non-compliant or at-risk language, removing the hassle of combing through every page of hundreds of contracts. Agreement Prep: standardizes terms and templates making it easier for customers to keep legally approved language consistent across all agreements. Commit: Workspaces: transforms how customers collaborate with contracting counterparties by centralizing all documents, communications, and tasks in a secure hub while protecting sensitive data. CLEAR Identity Verification: integrates CLEAR's biometric identity network with IAM, making verification as simple as snapping a selfie. This integration is expected to launch later this year. Manage: Custom Extractions for Docusign Navigator: uses AI to automatically capture the data that matters the most to customers, such as organization-specific agreement information or client-specific terms, transforming hours of manual review into instant insights. Obligation Management Dashboard: transforms a company's scattered commitments into intelligence by surfacing renewal dates, payment terms, and other obligations, helping maximize contract value and avoid penalties. Contract Lifecycle Management ("CLM") Product Releases and Highlights: CLM Connector for Coupa: synchronizes contract and source-to-pay processing between Docusign CLM and Coupa. The Connector is now available in the Coupa App Marketplace. Increase to Stock Repurchase Program: Docusign's board of directors has authorized an increase to its existing stock repurchase program of an additional amount of up to $1.0 billion of Docusign's outstanding common stock. The program has no minimum purchase commitment and no mandated end date. As of June 5, 2025, our total remaining authorization under our stock repurchase plan is up to $1.4 billion. Repurchases under the program are expected to be executed, subject to general business and market conditions and other investment opportunities, through open market purchases, and other transactions in accordance with applicable securities laws. The timing and the amount of any repurchased common stock will be determined by Docusign's management based on its evaluation of market conditions and other factors. The repurchase program does not obligate Docusign to acquire any particular amount of common stock and the repurchase program may be suspended or discontinued at any time at Docusign's discretion without prior notice. Guidance The company currently expects the following guidance: Quarter ending July 31, 2025 (in millions, except percentages): Total revenue [1] $777 to $781 Subscription revenue $760 to $764 Billings [2] $757 to $767 Non-GAAP gross margin 80.5 % to 81.5 % Non-GAAP operating margin 26.5 % to 27.5 % Non-GAAP diluted weighted-average shares outstanding 210 to 215 Fiscal Year ending January 31, 2026 (in millions, except percentages): Total revenue [1] $3,151 to $3,163 Subscription revenue $3,083 to $3,095 Billings [2] $3,285 to $3,339 Non-GAAP gross margin 80.7 % to 81.7 % Non-GAAP operating margin 27.8 % to 28.8 % Non-GAAP diluted weighted-average shares outstanding 210 to 215 [1] Impact of foreign currency exchange rates on year-over-year guided revenue growth for both the quarter ending July 31, 2025 and the fiscal year ending January 31, 2026 is expected to be neutral. [2] Excluding the impact of foreign currency exchange rates on year-over-year guided growth, billings guidance range would be approximately 0.7 points lower for both the quarter ending July 31, 2025 and the fiscal year ending January 31, 2026. A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by many factors, including the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release. Webcast Conference Call Information The company will host a conference call on June 5, 2025 at 2:00 p.m. PT (5:00 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. Prepared remarks and the news release with the financial results will also be accessible on Docusign's website prior to the webcast. 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 (EST) June 19, 2025 using the passcode 13753192. About Docusign Docusign brings agreements to life. Over 1.7 million customers and more than a billion people in over 180 countries use Docusign solutions to accelerate the process of doing business and simplify people's lives. With intelligent agreement management, Docusign unleashes business critical data that is trapped inside of documents. Until now, these were disconnected from business systems of record, costing businesses time, money, and opportunity. Using Docusign's IAM platform, companies can create, commit, and manage agreements with solutions created by the #1 company in e-signature and CLM. Learn more at www.docusign.com. Copyright 2025. Docusign, Inc. is the owner of DOCUSIGN® and all its other marks (www.docusign.com/IP). Investor Relations:Docusign Investor Relations[email protected] Media Relations:Docusign Corporate Communications[email protected] Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management's beliefs and assumptions and on information currently available to management, and which statements involve substantial risk and uncertainties. All statements contained in this press release other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, objectives for future operations, and the impact of such assumptions on our financial condition and results of operations are forward-looking statements. Forward-looking statements in this press release also include, among other things, statements under "Guidance" above and any other statements about expected financial metrics, such as revenue, billings, free cash flow, non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating expenses, and non-financial metrics, as well as statements related to our expectations regarding: the impact of foreign exchange rates; the timing and extent of customer renewals; the effectiveness of changes to our sales force and go-to-market strategy; the effects of seasonality; the timing and impact of our cloud migration transition; the benefits, the timing or rollout of future products and capabilities; customer demand and adoption of the Docusign IAM platform; and our utilization of our stock repurchase program, including the expected timing, duration, volume and nature of share repurchase under such program. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words 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 contained in this press release include, but are not limited to, statements about: our expectations regarding global macro-economic conditions, including the effects of inflation, volatile interest rates or foreign exchange rates, and market volatility on the global economy; our inability to accurately estimate our market opportunity; our ability to compete effectively in an evolving and competitive market; the impact of any interruptions or delays in performance of our technical infrastructure, or data breaches, cyberattacks or other fraudulent or malicious activity attempting to exploit our technology systems, platform or brand name; our ability to effectively sustain and manage our growth and future expenses and maintain or increase profitability; our ability to attract new customers and retain and expand our existing customer base, including our ability to attract large organizations as users; our ability to scale and update our platform to respond to customers' needs and rapid technological change, including our ability to successfully incorporate generative artificial intelligence into our existing and future products and to successfully deploy them; our ability to successfully develop, launch and sell IAM solutions; 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 retain our direct sales force, customer success team and strategic partnerships around the world; our ability to identify targets for and execute potential acquisitions and to successfully integrate and 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; our ability to realize the anticipated benefits of our stock repurchase program; 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 maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel, including executive level management; our ability to successfully manage and integrate executive management transitions; uncertainties regarding the impact of general economic and market conditions, including as a result of geopolitical conflict or changes in trade policies and practices; 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, 2025, filed on March 18, 2025, our quarterly report on Form 10-Q for the quarter ended April 30, 2025, which we expect to file on June 6, 2025 with the Securities and Exchange Commission (the "SEC"), and other filings that we make from time to time with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this press release or to conform such statements to actual results or revised expectations, except as required by law. 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 present 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. However, these non-GAAP measures are not intended to be considered in isolation from, a substitute for, or superior to our GAAP results. 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, acquisition-related expenses, restructuring and other related charges, as these costs are not reflective of ongoing operations 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. In addition to these exclusions, we subtract an assumed provision for income taxes to calculate non-GAAP net income. We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2025 and fiscal 2026, we have determined the projected non-GAAP tax rate to be 20%. Free cash flow: We define free cash flow as net cash provided by operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash that is available (if any), 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 can be used to measure our periodic performance, when taking into consideration the timing aspects of customer renewals, which represents a large component of our business. 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. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended April 30, (in thousands, except per share data) 2025 2024 Revenue: Subscription $ 746,202 $ 691,483 Professional services and other 17,452 18,157 Total revenue 763,654 709,640 Cost of revenue: Subscription 137,343 126,602 Professional services and other 19,926 22,844 Total cost of revenue 157,269 149,446 Gross profit 606,385 560,194 Operating expenses: Sales and marketing 296,413 281,644 Research and development 159,447 134,320 General and administrative 90,270 92,478 Restructuring and other related charges — 29,124 Total operating expenses 546,130 537,566 Income from operations 60,255 22,628 Interest expense (478) (144) Interest income and other income, net 14,013 14,109 Income before provision for income taxes 73,790 36,593 Provision for income taxes 1,703 2,833 Net income $ 72,087 $ 33,760 Net income per share attributable to common stockholders: Basic $ 0.35 $ 0.16 Diluted $ 0.34 $ 0.16 Weighted-average shares used in computing net income per share: Basic 203,280 205,870 Diluted 212,812 209,896 Stock-based compensation expense included in costs and expenses: Cost of revenue—subscription $ 12,996 $ 14,181 Cost of revenue—professional services and other 3,908 4,702 Sales and marketing 46,085 46,271 Research and development 54,431 44,202 General and administrative 28,176 28,520 Restructuring and other related charges — 4,628 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) April 30, 2025 January 31, 2025 Assets Current assets Cash and cash equivalents $ 657,399 $ 648,623 Investments—current 291,293 314,924 Accounts receivable, net 307,597 429,582 Contract assets—current 9,585 13,764 Prepaid expenses and other current assets 111,204 82,368 Total current assets 1,377,078 1,489,261 Investments—noncurrent 160,139 134,105 Property and equipment, net 310,150 299,370 Operating lease right-of-use assets 115,412 109,630 Goodwill 455,276 454,477 Intangible assets, net 69,469 76,388 Deferred contract acquisition costs—noncurrent 461,969 467,201 Deferred tax assets—noncurrent 844,837 840,470 Other assets—noncurrent 153,073 141,803 Total assets $ 3,947,403 $ 4,012,705 Liabilities and Equity Current liabilities Accounts payable $ 24,583 $ 30,697 Accrued expenses and other current liabilities 101,182 99,579 Accrued compensation 170,976 227,115 Contract liabilities—current 1,422,878 1,455,442 Operating lease liabilities—current 21,815 19,077 Total current liabilities 1,741,434 1,831,910 Contract liabilities—noncurrent 24,354 21,523 Operating lease liabilities—noncurrent 111,122 105,350 Deferred tax liability—noncurrent 22,381 20,596 Other liabilities—noncurrent 33,310 30,634 Total liabilities 1,932,601 2,010,013 Stockholders' equity Common stock 20 20 Treasury stock (3,192) (2,871) Additional paid-in capital 3,435,219 3,321,242 Accumulated other comprehensive loss (18,171) (28,376) Accumulated deficit (1,399,074) (1,287,323) Total stockholders' equity 2,014,802 2,002,692 Total liabilities and equity $ 3,947,403 $ 4,012,705 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended April 30, (in thousands) 2025 2024 Cash flows from operating activities: Net income $ 72,087 $ 33,760 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 30,369 24,506 Amortization of deferred contract acquisition and fulfillment costs 66,482 54,212 Amortization of debt discount and transaction costs 138 138 Non-cash operating lease costs 4,660 4,878 Stock-based compensation expense 145,596 142,504 Deferred income taxes (3,465) 1,477 Other 1,723 1,472 Changes in operating assets and liabilities: Accounts receivable 121,003 130,639 Prepaid expenses and other current assets (28,551) (17,061) Deferred contract acquisition and fulfillment costs (56,648) (63,072) Other assets 844 1,917 Accounts payable (6,764) (1,163) Accrued expenses and other liabilities 4,625 (3,480) Accrued compensation (61,451) (45,048) Contract liabilities (34,240) (4,973) Operating lease liabilities (4,969) (5,880) Net cash provided by operating activities 251,439 254,826 Cash flows from investing activities: Purchases of marketable securities (92,563) (119,638) Maturities of marketable securities 91,262 82,114 Purchases of strategic and other investments — (500) Purchases of property and equipment (23,624) (22,753) Net cash used in investing activities (24,925) (60,777) Cash flows from financing activities: Repurchases of common stock (183,431) (149,062) Payment of tax withholding obligation on net RSU settlement and ESPP purchase (62,793) (41,637) Proceeds from exercise of stock options 699 635 Proceeds from employee stock purchase plan 22,010 20,190 Net cash used in financing activities (223,515) (169,874) Effect of foreign exchange on cash, cash equivalents and restricted cash 9,923 (2,915) Net increase in cash, cash equivalents and restricted cash 12,922 21,260 Cash, cash equivalents and restricted cash at beginning of period (1) 659,554 801,499 Cash, cash equivalents and restricted cash at end of period (1) $ 672,476 $ 822,759 (1) Cash, cash equivalents and restricted cash included restricted cash of $15.1 million and $10.9 million at April 30, 2025 and January 31, 2025. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of gross profit (loss) and gross margin: Three Months Ended April 30, (in thousands) 2025 2024 GAAP gross profit $ 606,385 $ 560,194 Add: Stock-based compensation 16,904 18,883 Add: Amortization of acquisition-related intangibles 3,565 2,070 Add: Employer payroll tax on employee stock transactions 1,873 1,023 Non-GAAP gross profit $ 628,727 $ 582,170 GAAP gross margin 79.4 % 78.9 % Non-GAAP adjustments 2.9 % 3.1 % Non-GAAP gross margin 82.3 % 82.0 % GAAP subscription gross profit $ 608,859 $ 564,881 Add: Stock-based compensation 12,996 14,181 Add: Amortization of acquisition-related intangibles 3,565 2,070 Add: Employer payroll tax on employee stock transactions 1,445 792 Non-GAAP subscription gross profit $ 626,865 $ 581,924 GAAP subscription gross margin 81.6 % 81.7 % Non-GAAP adjustments 2.4 % 2.5 % Non-GAAP subscription gross margin 84.0 % 84.2 % GAAP professional services and other gross loss $ (2,474) $ (4,687) Add: Stock-based compensation 3,908 4,702 Add: Employer payroll tax on employee stock transactions 428 231 Non-GAAP professional services and other gross profit $ 1,862 $ 246 GAAP professional services and other gross margin (14.2) % (25.8) % Non-GAAP adjustments 24.9 % 27.2 % Non-GAAP professional services and other gross margin 10.7 % 1.4 % Reconciliation of operating expenses: Three Months Ended April 30, (in thousands) 2025 2024 GAAP sales and marketing $ 296,413 $ 281,644 Less: Stock-based compensation (46,085) (46,271) Less: Amortization of acquisition-related intangibles (3,354) (2,629) Less: Employer payroll tax on employee stock transactions (3,940) (2,138) Non-GAAP sales and marketing $ 243,034 $ 230,606 GAAP sales and marketing as a percentage of revenue 38.8 % 39.7 % Non-GAAP sales and marketing as a percentage of revenue 31.8 % 32.5 % GAAP research and development $ 159,447 $ 134,320 Less: Stock-based compensation (54,431) (44,202) Less: Employer payroll tax on employee stock transactions (5,081) (2,565) Non-GAAP research and development $ 99,935 $ 87,553 GAAP research and development as a percentage of revenue 20.9 % 18.9 % Non-GAAP research and development as a percentage of revenue 13.1 % 12.3 % GAAP general and administrative $ 90,270 $ 92,478 Less: Stock-based compensation (28,176) (28,520) Less: Employer payroll tax on employee stock transactions (1,365) (678) Less: Acquisition-related expenses — (1,358) Non-GAAP general and administrative $ 60,729 $ 61,922 GAAP general and administrative as a percentage of revenue 11.8 % 13.0 % Non-GAAP general and administrative as a percentage of revenue 7.9 % 8.7 % Reconciliation of income from operations and operating margin: Three Months Ended April 30, (in thousands) 2025 2024 GAAP income from operations $ 60,255 $ 22,628 Add: Stock-based compensation 145,596 137,876 Add: Amortization of acquisition-related intangibles 6,919 4,699 Add: Employer payroll tax on employee stock transactions 12,259 6,404 Add: Acquisition-related expenses — 1,358 Add: Restructuring and other related charges — 29,124 Non-GAAP income from operations $ 225,029 $ 202,089 GAAP operating margin 7.9 % 3.2 % Non-GAAP adjustments 21.6 % 25.3 % Non-GAAP operating margin 29.5 % 28.5 % Reconciliation of net income and net income per share, basic and diluted: Three Months Ended April 30, (in thousands, except per share data) 2025 2024 GAAP net income $ 72,087 $ 33,760 Add: Stock-based compensation 145,596 137,876 Add: Amortization of acquisition-related intangibles 6,919 4,699 Add: Employer payroll tax on employee stock transactions 12,259 6,404 Add: Acquisition-related expenses — 1,358 Add: Restructuring and other related charges — 29,124 Add: Income tax and other tax adjustments (46,010) (40,378) Non-GAAP net income attributable to common stockholders $ 190,851 $ 172,843 Numerator: Non-GAAP net income attributable to common stockholders $ 190,851 $ 172,843 Denominator: Weighted-average common shares outstanding, basic 203,280 205,870 Effect of dilutive securities 9,532 4,026 Non-GAAP weighted-average common shares outstanding, diluted 212,812 209,896 GAAP net income per share, basic $ 0.35 $ 0.16 GAAP net income per share, diluted $ 0.34 $ 0.16 Non-GAAP net income per share, basic $ 0.94 $ 0.84 Non-GAAP net income per share, diluted $ 0.90 $ 0.82 Computation of free cash flow: Three Months Ended April 30, (in thousands) 2025 2024 Net cash provided by operating activities $ 251,439 $ 254,826 Less: Purchases of property and equipment (23,624) (22,753) Non-GAAP free cash flow $ 227,815 $ 232,073 Net cash used in investing activities $ (24,925) $ (60,777) Net cash used in financing activities $ (223,515) $ (169,874) Computation of billings: Three Months Ended April 30, (in thousands) 2025 2024 Revenue $ 763,654 $ 709,640 Add: Contract liabilities and refund liability, end of period 1,450,718 1,340,680 Less: Contract liabilities and refund liability, beginning of period (1,479,266) (1,343,792) Add: Contract assets and unbilled accounts receivable, beginning of period 17,825 20,189 Less: Contract assets and unbilled accounts receivable, end of period (13,319) (17,179) Non-GAAP billings $ 739,612 $ 709,538 SOURCE Docusign, Inc. 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Docusign Announces First Quarter Fiscal 2026 Financial Results; Announces $1.0 Billion Increase to Share Repurchase Program

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