DocuSign Announces Second Quarter Fiscal 2020 Financial Results
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 (47)
% (55)
% (49)
% (142)
and other gross margin %
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.
