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 flow 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)