docu-20250430

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________________________

FORM 10-Q

______________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38465

______________________________________

DOCUSIGN, INC.

(Exact name of registrant as specified in its charter)

______________________________________

Delaware

91-2183967

(State or Other Jurisdiction of Incorporation)

(I.R.S. Employer Identification Number)

221 Main St.

Suite 800

San Francisco

California

94105

(Address of Principal Executive Offices) (Zip Code)

(415) 489-4940

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	DOCU	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


☒	Large accelerated filer	☐	Accelerated filer

☐	Non-accelerated filer	☐	Smaller reporting company

		☐	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant has 202,062,772 shares of common stock, par value $0.0001, outstanding as of May 30, 2025.

DOCUSIGN, INC.

TABLE OF CONTENTS


	Note Regarding Forward-Looking Statements
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Balance Sheets as of April 30, 2025 and January 31, 2025	4
	Condensed Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended April 30, 2025 and 2024	5
	Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended April 30, 2025 and 2024	6
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended April 30, 2025 and 2024	7
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	34

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	60
Item 5.	Other Information	61
Item 6.	Exhibits	61
	Exhibit Index	62
Signatures		63

Docusign, Inc. | 2026 Form 10-Q | 2

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q 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, which statements involve substantial risk and uncertainties. All statements contained in this Quarterly Report on Form 10-Q 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, our product strategy and anticipated future products and capabilities, our 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 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 Quarterly Report on Form 10-Q 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 (“AI”) into our existing and future products and to successfully deploy them; our ability to successfully develop, launch, and sell Intelligent Agreement Management (“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.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time. It is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. The forward-looking statements made in this Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q or to conform such statements to actual results or revised expectations, except as required by law.

Docusign, Inc. | 2026 Form 10-Q | 3

PART I - FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DOCUSIGN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)


(in thousands, except per share data)	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 of allowance for doubtful accounts of $8,844 and $8,828 as of April 30, 2025 and January 31, 2025	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
Commitments and contingencies (Note 7)

Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000 shares authorized, 0 shares issued and outstanding as of April 30, 2025 and January 31, 2025	—		—
Common stock, $0.0001 par value; 500,000 shares authorized, 202,034 shares outstanding as of April 30, 2025; 500,000 shares authorized, 202,477 shares outstanding as of January 31, 2025	20		20
Treasury stock, at cost: 34 shares as of April 30, 2025; 30 shares as of January 31, 2025	(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

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Docusign, Inc. | 2026 Form 10-Q | 4

DOCUSIGN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (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

Comprehensive income:
Foreign currency translation gain (loss), net of tax	$	9,949	$	(4,301)
Unrealized gains (losses) on investments, net of tax	256		(1,249)
Other comprehensive income (loss)	10,205		(5,550)
Comprehensive income	$	82,292	$	28,210

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

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Docusign, Inc. | 2026 Form 10-Q | 5

DOCUSIGN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)


	Common Stock			Additional Paid-In Capital		Treasury Stock		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders' Equity
(in thousands)	Shares	Amount
Balances at January 31, 2025	202,477	$	20	$	3,321,242	$	(2,871)	$	(28,376)	$	(1,287,323)	$	2,002,692

Exercise of stock options	42	—		699		—		—		—		699
Settlement of restricted stock units	2,157	—		—		—		—		—		—
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan	(789)	—		(67,275)		(321)		—		—		(67,596)
Employee stock purchase plan	412	—		22,010		—		—		—		22,010
Repurchases of common stock	(2,265)	—		—		—		—		(183,838)		(183,838)

Employee stock-based compensation	—	—		158,543		—		—		—		158,543
Net income	—	—		—		—		—		72,087		72,087
Other comprehensive income, net	—	—		—		—		10,205		—		10,205
Balances at April 30, 2025	202,034	$	20	$	3,435,219	$	(3,192)	$	(18,171)	$	(1,399,074)	$	2,014,802

Balances at January 31, 2024	205,326	$	21	$	2,821,461	$	(2,164)	$	(19,360)	$	(1,670,219)	$	1,129,739


Exercise of stock options	55	—		634		—		—		—		634
Settlement of restricted stock units	2,088	—		—		—		—		—		—
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan	(796)	—		(44,845)		(506)		—		—		(45,351)
Employee stock purchase plan	564	—		20,190		—		—		—		20,190
Repurchases of common stock	(2,536)	(1)		—		—		—		(149,062)		(149,063)

Employee stock-based compensation	—	—		152,641		—		—		—

SEC Form 10-Q filed by DocuSign Inc.