DocuSign Inc (DOCU) 2023 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining DocuSign's Fourth Quarter and Full Fiscal Year '23 Earnings Conference Call.

女士們先生們，下午好。感謝您參加 DocuSign 的第四季度和整個財政年度 '23 收益電話會議。

(Operator Instructions) As a reminder, this call is being recorded and will be available for replay from the Investor Relations section of the website following this call. (Operator Instructions)

（操作員說明）提醒一下，此通話正在錄音中，可在通話後從網站的“投資者關係”部分重播。 （操作員說明）

I will now pass the call over to Heather Harwood, Head of Investor Relations. Please go ahead.

我現在將把電話轉給投資者關係主管希瑟哈伍德。請繼續。

Thank you, operator. Good afternoon, and welcome to the DocuSign Q4 and Fiscal Year 2023 Earnings Call. I'm Heather Harwood, DocuSign's Head of Investor Relations. Joining me on the call today are DocuSign's CEO, Allan Thygesen; and our CFO, Cynthia Gaylor. The press release announcing our fourth quarter and fiscal year 2023 results was issued earlier today and is posted on our Investor Relations website.

謝謝你，運營商。下午好，歡迎來到 DocuSign 第 4 季度和 2023 財年收益電話會議。我是 DocuSign 的投資者關係主管 Heather Harwood。今天和我一起參加電話會議的有 DocuSign 的首席執行官 Allan Thygesen；以及我們的首席財務官 Cynthia Gaylor。宣布我們第四季度和 2023 財年業績的新聞稿於今天早些時候發布，並發佈在我們的投資者關係網站上。

Now let me remind everyone that some of our statements on today's call are forward-looking. We believe our assumptions and expectations related to these forward-looking statements are reasonable, but they are subject to known and unknown risks and uncertainties that may cause our actual results or performance to be materially different. In particular, our expectations regarding the pace of digital transformation and factors affecting customer demand are based on our best estimates at this time and are therefore subject to change. Please read and consider the risk factors in our filings with the SEC, together with the content of this call.

現在讓我提醒大家，我們在今天的電話會議上發表的一些聲明是前瞻性的。我們相信我們與這些前瞻性陳述相關的假設和預期是合理的，但它們受到已知和未知的風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果或表現存在重大差異。特別是，我們對數字化轉型步伐和影響客戶需求的因素的預期是基於我們目前的最佳估計，因此可能會發生變化。請閱讀並考慮我們向美國證券交易委員會提交的文件中的風險因素，以及本次電話會議的內容。

Any forward-looking statements are based on our assumptions and expectations to date. And except as required by law, we assume no obligation to update these statements in light of future events or new information. During this call, we will present GAAP and non-GAAP financial measures. In addition, we provide non-GAAP weighted average share count and information regarding free cash flows and billings. These non-GAAP measures are not intended to be considered in isolation from, a substitute for or superior to our GAAP results. We encourage you to consider all measures when analyzing our performance.

任何前瞻性陳述均基於我們迄今為止的假設和預期。除非法律要求，否則我們不承擔根據未來事件或新信息更新這些聲明的義務。在此次電話會議中，我們將介紹 GAAP 和非 GAAP 財務措施。此外，我們還提供非 GAAP 加權平均股數以及有關自由現金流和賬單的信息。這些非 GAAP 措施不應被視為孤立於我們的 GAAP 結果，也不能替代或優於我們的 GAAP 結果。我們鼓勵您在分析我們的表現時考慮所有衡量標準。

For information regarding our non-GAAP financial information, the most directly comparable GAAP measures and a quantitative reconciliation of those figures, please refer to today's earnings press release, which can be found on our website at investor.docusign.com. I'd now like to turn the call over to Allan. Allan?

有關我們的非 GAAP 財務信息、最直接可比的 GAAP 措施以及這些數字的定量調節的信息，請參閱今天的收益新聞稿，可在我們的網站 investor.docusign.com 上找到。我現在想把電話轉給艾倫。艾倫？

Thanks, Heather, and good afternoon, everyone. Our fourth quarter marked my first full quarter as DocuSign's CEO. Having led our organization for 5 months with the opportunity to meet many of our customers, partners and employees, I'm even more optimistic today about the future of DocuSign.

謝謝，希瑟，大家下午好。我們的第四季度標誌著我作為 DocuSign 首席執行官的第一個完整季度。在領導我們的組織 5 個月並有機會會見我們的許多客戶、合作夥伴和員工之後，我今天對 DocuSign 的未來更加樂觀。

We had a solid finish to a transitional year, delivering across key financial metrics in Q4, while making tangible progress against our key priorities. Q4 total revenue came in at $660 million, up 14% versus prior year, finishing the year with $2.5 billion of revenue and 19% year-on-year growth. Driven by our continued focus on profitability and efficiency, we reported 24% non-GAAP operating margin for the quarter and 21% for the year.

我們為過渡年畫上了圓滿的句號，在第四季度交付了多項關鍵財務指標，同時在我們的關鍵優先事項方面取得了切實進展。第四季度總收入為 6.6 億美元，比上年增長 14%，以 25 億美元的收入和 19% 的同比增長結束了這一年。在我們持續關注盈利能力和效率的推動下，我們報告本季度非美國通用會計準則營業利潤率為 24%，全年為 21%。

While we are pleased with our Q4 results, I also want to acknowledge today's challenging macro environment. Customer sentiment continues to be cautious, and that is reflected in moderated expansion rates. Before we get further into business updates, I want to acknowledge today's news that Cynthia Gaylor has decided to step down from her role as Chief Financial Officer. Cynthia has been with DocuSign for nearly 4.5 years, first as a Board member and Chair of our Audit Committee and last few years as our CFO. I know many of you know Cynthia well and gotten to know her even better over time as part of the DocuSign story. I want to thank Cynthia for her unwavering commitment and strategic leadership these last few years. She has been a great partner to me during my first month as CEO, and she's been instrumental to the company and the Board as we've navigated a period of dynamic change while laying a strong foundation for sustainable profitable growth at scale. I thank her for her support during the transition as we search for a successor.

雖然我們對第四季度的業績感到滿意，但我也想承認當今充滿挑戰的宏觀環境。客戶情緒繼續保持謹慎，這反映在適度的擴張率上。在我們進一步了解業務更新之前，我想確認一下今天的消息，即辛西婭·蓋勒 (Cynthia Gaylor) 已決定辭去首席財務官一職。 Cynthia 在 DocuSign 工作了近 4.5 年，最初擔任董事會成員和審計委員會主席，最近幾年擔任我們的首席財務官。我知道你們中的許多人都非常了解 Cynthia，並且隨著時間的推移，作為 DocuSign 故事的一部分，對她的了解更加深入。我要感謝辛西婭過去幾年堅定不移的承諾和戰略領導。在我擔任首席執行官的第一個月裡，她一直是我的好夥伴，她對公司和董事會發揮了重要作用，因為我們度過了一段充滿活力的變革時期，同時為大規模可持續盈利增長奠定了堅實的基礎。我感謝她在我們尋找繼任者的過渡期間給予的支持。

Let me turn back to the business. During Q4, we refined and communicated DocuSign strategy throughout our organization to drive greater alignment on how our teams can deliver more strategic value to our customers. Today, we have a clearly defined strategy in place. To underscore the key pillars of our strategic vision, inspired by customer feedback, our focus is to deliver smarter, easier and trusted agreements. We're improving the reach and efficiency of our go-to-market by developing a world-class self-serve experience, strengthening our direct sales productivity and amplifying our sales and marketing partnerships. We're also strengthening our internal operational efficiency by optimizing and modernizing systems and processes.

讓我回到正事上來。在第四季度，我們在整個組織內完善和傳達了 DocuSign 戰略，以推動我們的團隊更好地協調如何為客戶提供更多戰略價值。今天，我們制定了明確的戰略。為了強調我們戰略願景的關鍵支柱，受客戶反饋的啟發，我們的重點是提供更智能、更輕鬆和值得信賴的協議。我們正在通過開發世界一流的自助服務體驗、加強我們的直銷生產力以及擴大我們的銷售和營銷合作夥伴關係來提高我們進入市場的範圍和效率。我們還通過優化和現代化系統和流程來加強我們的內部運營效率。

Now it's important to emphasize that even as the market leader in e-signature, we are just at the beginning of capitalizing on the opportunities to redefine and truly reimagine what a smarter agreement looks like. (inaudible) provides an online replica of a static document. While that is a huge improvement in convenience and productivity for senders and signers, it's hardly the endpoint. Just like creating digital copies of maps or recorded music was the beginning of a reimagination of long-established categories, fundamentally altering creation, distribution and use.

現在需要強調的是，即使作為電子簽名的市場領導者，我們也只是剛剛開始利用機會重新定義和真正重新構想更智能的協議。 （聽不清）提供靜態文檔的在線副本。雖然對於發件人和簽名者來說，這在便利性和工作效率方面有了巨大的提高，但這還不是終點。就像創建地圖或錄製音樂的數字副本是重新構想長期建立的類別的開始，從根本上改變了創建、分發和使用。

Our goal is to turn flat agreements into structured data that can be used to make intelligent decisions. Value of an agreement is in the data. Every step of an agreement can deliver more value when it's automated, intelligent and seamlessly integrated into core business systems. DocuSign is uniquely positioned to redefine the agreement processes across every industry.

我們的目標是將平面協議轉化為可用於做出明智決策的結構化數據。協議的價值在於數據。當協議自動化、智能化並無縫集成到核心業務系統中時，協議的每一步都可以提供更多價值。 DocuSign 具有獨特的優勢，可以重新定義每個行業的協議流程。

Along these lines, we released several new product enhancements during the fourth quarter, including expanded integrations to better collaborate in Microsoft Teams, Slack and Zoom. And for e-signature, we enabled new AI-assisted document highlighting and signing capabilities in mobile and web for faster time to value.

沿著這些路線，我們在第四季度發布了幾項新產品增強功能，包括擴展集成以更好地在 Microsoft Teams、Slack 和 Zoom 中協作。對於電子簽名，我們在移動和 Web 中啟用了新的 AI 輔助文檔突出顯示和簽名功能，以更快地實現價值。

In April, we will release web forms, which will help customers deliver a better and simpler experience by moving from legacy contract forms to a modern web and app experience. We also plan to accelerate our release cycles in fiscal 2024 with innovative and differentiated solutions that simplify the agreement process, while we identify new ways to revolutionize how businesses initiate, negotiate and manage agreements.

4 月，我們將發布 Web 表單，這將幫助客戶從舊合同表單轉變為現代 Web 和應用程序體驗，從而提供更好、更簡單的體驗。我們還計劃在 2024 財年通過簡化協議流程的創新和差異化解決方案加快我們的發布週期，同時我們確定新的方法來徹底改變企業啟動、談判和管理協議的方式。

There's substantial interest in the industry about rapid advances in AI and large language models in particular. We are already leveraging sophisticated AI models for contract analysis and automation of some workflows, and we're very excited to harness generative AI data and pattern identification as yet another way we can increase productivity, reduce friction and save our customers' time. As we move forward, (inaudible) can be a compelling part of our business, and we are encouraged by the significant interest from some of the very largest players in our industry, who recognize our domain leadership and expertise and want to partner with us.

業界對人工智能和大型語言模型的快速發展有著濃厚的興趣。我們已經在利用複雜的人工智能模型進行合同分析和某些工作流程的自動化，我們非常高興能夠利用生成的人工智能數據和模式識別作為我們提高生產力、減少摩擦和節省客戶時間的另一種方式。隨著我們的前進，（聽不清）可以成為我們業務中引人注目的一部分，我們對我們行業中一些最大的參與者的濃厚興趣感到鼓舞，他們認可我們在領域的領導地位和專業知識，並希望與我們合作。

Moving to our product-led growth and self-serve initiatives, we've made solid progress over the last few months, modernizing our commerce experience to reduce friction, improve ease of use and provide customers more flexibility. We've expanded seat capacity available via our web and mobile sites. We've expanded currency options available to make the buying process easier in international markets, gain traction with these initiatives as we exit the quarter, and we will continue to keep you updated on our progress.

轉向我們以產品為導向的增長和自助服務計劃，我們在過去幾個月取得了穩步進展，使我們的商務體驗現代化以減少摩擦，提高易用性並為客戶提供更大的靈活性。我們通過我們的網站和移動網站擴大了座位容量。我們擴大了可用的貨幣選項，以簡化國際市場的購買過程，在本季度結束時通過這些舉措獲得牽引力，我們將繼續讓您了解我們的最新進展。

Further, as you saw in an announcement a few weeks ago, I couldn't be more excited to have Robert Chatwani, joining our team as President and General Manager of Growth. Robert brings a wealth of experience, and we look forward to benefiting from his insights and expertise for more than 2 decades of scaling global technology companies. He joins DocuSign from an organization that's broadly recognized as having a world-class product-led growth motion. Executing on our product-led growth strategy is a key priority for the company as it will be a primary driver of customer acquisition, conversion and expansion. I'm thrilled to have Robert leading our efforts in this area.

此外，正如您在幾週前的公告中看到的那樣，我對羅伯特·查特瓦尼 (Robert Chatwani) 加入我們的團隊擔任總裁兼增長總經理感到無比興奮。 Robert 帶來了豐富的經驗，我們期待從他 2 多年來擴展全球技術公司的見解和專業知識中受益。在加入 DocuSign 之前，他所在的組織被公認為擁有世界一流的產品主導型增長計劃。執行我們以產品為主導的增長戰略是公司的首要任務，因為它將成為客戶獲取、轉化和擴張的主要驅動力。我很高興讓羅伯特領導我們在這一領域的努力。

Turning to our go-to-market. We're just coming off our global sales kick-off last week, and I can tell you that the sales team is incredibly excited and energized for the year ahead. We're focused on delivering across 3 complementary channels: direct, self-serve and partners and to provide world-class customer success and driving customer growth and retention through all 3. As an example of global growth and multiproduct expansion, this past quarter, a leading global consulting firm, who has been using e-signature for a decade, expanded and added our CLM+ product. This is a competitive sales cycle since the customer is already in the process of implementing a competitor CLM solution in a few countries.

轉向我們的上市。上週我們剛剛開始全球銷售，我可以告訴你，銷售團隊對來年感到非常興奮和充滿活力。我們專注於通過 3 個互補渠道提供服務：直接渠道、自助服務渠道和合作夥伴渠道，並通過這三個渠道提供世界級的客戶成功並推動客戶增長和保留。作為全球增長和多產品擴張的一個例子，上個季度，一家使用電子簽名已有十年的領先全球諮詢公司擴展並添加了我們的 CLM+ 產品。這是一個競爭激烈的銷售週期，因為客戶已經在一些國家/地區實施競爭對手的 CLM 解決方案。

However, DocuSign (inaudible) vendor status as CLM and the customer has since rolled us out in 6 countries across 2 continents and has built integrations with their internal systems and the DocuSign partners, Salesforce and ServiceNow. Related to go-to-market, I want to acknowledge the restructuring we recently announced. It was a difficult decision but it was a critically important step for our company to reshape and rightsize our organization for the opportunity ahead. It was not a broad-based restructuring, 95% of the workforce reduction was in our worldwide field organization. Our assessment was that DocuSign could capture more efficiency in our overall go-to-market across all segments and that we could unlock more profitable growth by investing part of the savings in product development and innovation.

然而，作為 CLM 和客戶的 DocuSign（聽不清）供應商身份已將我們推廣到 2 個大陸的 6 個國家，並與他們的內部系統和 DocuSign 合作夥伴、Salesforce 和 ServiceNow 建立了集成。關於上市，我想感謝我們最近宣布的重組。這是一個艱難的決定，但它是我們公司為迎接未來機遇而重塑和調整組織規模的至關重要的一步。這不是基礎廣泛的重組，95% 的裁員發生在我們的全球現場組織中。我們的評估是，DocuSign 可以在我們所有細分市場的整體上市過程中獲得更高的效率，並且我們可以通過將部分節省的資金投資於產品開發和創新來釋放更多的利潤增長。

Now the direct channel remains absolutely critical to our future. We are rebalancing our approach towards offering a lighter touch experience with more self-serve capabilities that give customers of all sizes, choice in how they engage with DocuSign. That pivot, in turn, frees up resources to invest more in our self-service motion and expanded road map for agreement workflows, new AI capabilities, accelerating our migration to the cloud and improving our internal systems. That, in turn, will create an even stronger and more valuable offering for our customers and for our sales team to sell. Still have some work to do to strengthen our self-serve experience over the next 6 to 12 months. And while we may see some modest near-term disruption, we're confident these are the right steps going forward to drive innovation and growth for our customers for the long term.

現在，直接渠道對我們的未來仍然至關重要。我們正在重新平衡我們的方法，以提供更輕鬆的觸摸體驗和更多的自助服務功能，為各種規模的客戶提供他們與 DocuSign 互動方式的選擇。這種轉變反過來又釋放了資源，可以將更多資源投入到我們的自助服務運動中，並擴大協議工作流程的路線圖、新的人工智能功能、加速我們向雲端的遷移並改進我們的內部系統。反過來，這將為我們的客戶和我們的銷售團隊提供更強大、更有價值的產品。在接下來的 6 到 12 個月內，我們仍有一些工作要做，以加強我們的自助服務體驗。雖然我們可能會看到一些適度的近期中斷，但我們相信這些是正確的步驟，可以為我們的客戶長期推動創新和增長。

Additionally, a stronger self-serve motion will enable greater expansion opportunities internationally.

此外，更強大的自助服務活動將帶來更大的國際擴張機會。

Turning to our internal operations and processes. Anwar Akram recently joined as our Chief Operating Officer and will play a crucial role within our organization. Anwar's focus is to bring together and transform our strategy, develop new strategies around pricing and packaging, driving incremental efficiencies internally and help evolve early-stage ideas into future growth initiatives. Related to these efforts, I noted on the last call, that we rolled out product bundles to introduce more features and functionalities to our customers. I'm pleased to share that these bundle promotions performed better than expected, and we saw good adoption for our new SMB customers in particular.

轉向我們的內部運營和流程。 Anwar Akram 最近加入我們擔任首席運營官，並將在我們的組織中發揮關鍵作用。 Anwar 的重點是匯集和轉變我們的戰略，制定圍繞定價和包裝的新戰略，推動內部效率的提高，並幫助將早期的想法發展為未來的增長計劃。與這些努力相關，我在上次電話會議上指出，我們推出了產品捆綁包，以向我們的客戶介紹更多特性和功能。我很高興與大家分享，這些捆綁促銷的效果好於預期，我們特別看到了新 SMB 客戶的良好採用。

Our experience suggests that customers that adopt a broader set of features, renew and expand their commitment with us. You should expect to see more initiatives around pricing and packaging in the future, including bundling and ensuring early adoption of our highest value features.

我們的經驗表明，採用更廣泛功能集的客戶會更新並擴大對我們的承諾。您應該期望在未來看到更多關於定價和打包的舉措，包括捆綁和確保儘早採用我們最高價值的功能。

Finally, I would like to update you on our partner ecosystem, another key pillar of our strategy. We're seeing good progress with a number of our largest software partners. ServiceNow is a good example, highlighted by the launch of the CLM Spoke as part of ServiceNow's Automation Engine. Our partnership has gained momentum with several leading organizations, utilizing our integration to digitize their agreements. This is directly aligned with our focus on capturing opportunities by integrating more deeply with partner applications.

最後，我想向您介紹我們的合作夥伴生態系統，這是我們戰略的另一個關鍵支柱。我們看到一些最大的軟件合作夥伴取得了良好的進展。 ServiceNow 是一個很好的例子，作為 ServiceNow 的自動化引擎的一部分，CLM Spoke 的發布突出了這一點。我們與幾個領先的組織建立了夥伴關係，利用我們的集成將他們的協議數字化。這與我們通過與合作夥伴應用程序更深入地集成來捕捉機會的重點直接一致。

So in closing, this year has been one of incredible change for DocuSign. And in Q4, we made meaningful strides towards defining our strategy, rightsizing and optimizing our organization. We believe the foundation has been set and that we are in a better position to navigate the evolving macro environment, while investing for opportunities that enable long-term profitable growth. We're optimistic about the year ahead for DocuSign, and we're committed to delivering meaningful customer and shareholder value. We look forward to sharing further progress on our initiatives as we redefine how the world comes together and agrees. We will enable smarter, easier and trusted agreements.

因此，總而言之，今年對 DocuSign 來說是令人難以置信的變化之一。在第四季度，我們在定義戰略、調整和優化組織方面取得了有意義的進展。我們相信基礎已經打好，我們能夠更好地駕馭不斷變化的宏觀環境，同時投資於能夠實現長期盈利增長的機會。我們對 DocuSign 的來年持樂觀態度，我們致力於為客戶和股東創造有意義的價值。在我們重新定義世界如何團結一致並達成共識時，我們期待分享我們倡議的進一步進展。我們將促成更智能、更輕鬆和值得信賴的協議。

With that, let me once again thank Cynthia and turn the call over to her to walk through the financials. Cynthia?

有了這個，讓我再次感謝辛西婭並將電話轉給她來完成財務。辛西婭？

Thanks, Allan, for the kind words. I'd like to start off by thanking our employees in an execution. We closed out the year strong, and I'm proud to share that we achieved an impressive milestone for the company, delivering $2.5 billion of revenue for the fiscal year, reflecting 19% growth year-on-year.

艾倫，謝謝你的客氣話。我想首先感謝我們的執行人員。我們以強勁的勢頭結束了這一年，我很自豪地與大家分享，我們為公司實現了一個令人印象深刻的里程碑，本財年實現了 25 億美元的收入，同比增長 19%。

Our Q4 results were solid, demonstrating the durability in our business model and DocuSign's important position in the broader ecosystem. While we are pleased with our results and execution in Q4, we continue to experience a challenging macro environment with softening demand trends, including moderating expansion rates. However, we are seeing healthy results as customers recognize that DocuSign offers high ROI applications that are easy to use, efficient and cost effective. With that, let me turn to our Q4 and fiscal '23 results.

我們的第四季度業績穩健，證明了我們商業模式的持久性和 DocuSign 在更廣泛的生態系統中的重要地位。雖然我們對第四季度的結果和執行感到滿意，但我們繼續經歷充滿挑戰的宏觀環境，需求趨勢疲軟，包括放緩擴張速度。然而，我們看到了良好的結果，因為客戶認識到 DocuSign 提供了易於使用、高效且具有成本效益的高投資回報率應用程序。有了這個，讓我轉向我們的第四季度和 23 財年的結果。

For the fourth quarter, total revenue increased 14% year-over-year to $660 million, and subscription revenue grew 14% year-over-year to $644 million. Total revenue for the year reached $2.5 billion, a 19% increase over last year and subscription revenue was $2.4 billion, a 20% year-over-year increase. Our international revenue grew 19% year-over-year to reach $165 million in the fourth quarter. For the full year, international revenue grew 29% to $260 million, representing 25% of total revenue for both periods.

第四季度，總收入同比增長 14% 至 6.6 億美元，訂閱收入同比增長 14% 至 6.44 億美元。全年總收入達到 25 億美元，比去年增長 19%，訂閱收入為 24 億美元，同比增長 20%。第四季度，我們的國際收入同比增長 19%，達到 1.65 億美元。全年，國際收入增長 29% 至 2.6 億美元，佔兩個時期總收入的 25%。

Fourth quarter billings rose 10% year-over-year to $739 million. For the full year, billings increased 13% to $2.7 billion. We added approximately 30,000 new customers during the quarter, bringing our total installed base to $1.36 million at the end of the year, a 16% increase year-over-year. This includes the addition of approximately 9,000 direct customers, to reach a total direct customer base of 211,000, a 24% year-over-year increase. We also saw a 27% year-over-year increase in customers with an annualized contract value greater than $300,000, reaching a total of 1,080 customers. Dollar net retention was 107% for the quarter. The headwinds we've highlighted over the last couple of quarters continued to persist. And as a result, we are seeing muted growth in our expansion rates. We expect this to continue into Q1, and as a result, would expect the dollar net retention in Q1 to trend lower.

第四季度賬單同比增長 10% 至 7.39 億美元。全年營業額增長 13% 至 27 億美元。我們在本季度增加了大約 30,000 名新客戶，使我們的總裝機量在年底達到 136 萬美元，同比增長 16%。這包括增加約 9,000 名直接客戶，使直接客戶總數達到 211,000 人，同比增長 24%。我們還看到年化合同價值超過 300,000 美元的客戶同比增長 27%，達到 1,080 家客戶。本季度美元淨保留率為 107%。我們在過去幾個季度強調的不利因素繼續存在。結果，我們看到我們的擴張速度緩慢增長。我們預計這種情況將持續到第一季度，因此，預計第一季度的美元淨保留率將呈下降趨勢。

Non-GAAP gross margin for the fourth quarter was 83% compared with 81% a year ago. For the full year, gross margin was 82%, in line with last quarter. Fourth quarter subscription gross margin was 85%, consistent with last year. For the full year, subscription gross margin was also 85%, flat versus prior years. Q4 non-GAAP operating income reached $155 million compared with $104 million last year. Non-GAAP operating margin was 24% compared to 18% last year. For the full year, non-GAAP operating income rose 23% to $570 million and operating margin was 21% versus 20% in fiscal 2022.

第四季度的非美國通用會計準則毛利率為 83%，而去年同期為 81%。全年毛利率為 82%，與上一季度持平。第四季度訂閱毛利率為 85%，與去年持平。全年訂閱毛利率也為 85%，與往年持平。第 4 季度非美國通用會計準則營業收入達到 1.55 億美元，而去年同期為 1.04 億美元。非 GAAP 營業利潤率為 24%，而去年為 18%。全年，非 GAAP 營業收入增長 23% 至 5.7 億美元，營業利潤率為 21%，而 2022 財年為 20%。

In Q4, we saw lower expenses for employee-related costs related to the workforce reduction announced in September, which contributed to the strong operating margin in the quarter. Non-GAAP net income for Q4 was $133 million compared with $100 million in the fourth quarter of last year. For the full year, non-GAAP net income was $419 million, up from $411 million in fiscal '22, a growth rate of 2% year-over-year. As noted on our Q1 call last year, we introduced a non-GAAP tax rate on our non-GAAP net income calculation for fiscal '23 as we reached consistent non-GAAP profits for the prior 3 years. We are using a non-GAAP tax rate of 20% for fiscal 2023 and fiscal '24.

在第 4 季度，我們看到與 9 月份宣布的裁員相關的員工相關成本支出減少，這有助於本季度實現強勁的營業利潤率。第四季度的非美國通用會計準則淨收入為 1.33 億美元，而去年第四季度為 1 億美元。全年，非 GAAP 淨收入為 4.19 億美元，高於 22 財年的 4.11 億美元，同比增長率為 2%。正如我們在去年第一季度的電話會議上指出的那樣，我們在前 3 年實現了一致的非 GAAP 利潤時，對 23 財年的非 GAAP 淨收入計算引入了非 GAAP 稅率。我們在 2023 財年和 24 財年使用 20% 的非 GAAP 稅率。

Q4 non-GAAP EPS was $0.65, while full year non-GAAP EPS was $2.03. Let me take this opportunity to share a bit more context regarding the recent restructuring. As Allan mentioned, this was a difficult decision and one not made lightly, but it was an important decision aligned with our strategy to reshape the company and free up resources to invest in critical areas across our innovation and product development efforts.

第 4 季度非 GAAP 每股收益為 0.65 美元，而全年非 GAAP 每股收益為 2.03 美元。讓我藉此機會分享更多關於最近重組的背景信息。正如 Allan 所提到的，這是一個艱難的決定，而且做出的決定並不輕鬆，但這是一個重要的決定，符合我們重塑公司和釋放資源以投資於我們創新和產品開發工作的關鍵領域的戰略。

As we outlined in the filing last month, we expect to incur related restructuring charges ranging from $25 million to $35 million, with the majority of the expenses and related cash to be incurred in Q1 of this year, with the restructuring substantially completed by the end of the second quarter. We ended Q4 with 7,336 employees compared to 7,461 last year. Operating cash flow in the quarter grew 56% year-over-year to $137 million, representing a 21% margin. This compares with $88 million, a 15% margin in the same quarter a year ago.

正如我們在上個月提交的文件中所述，我們預計將產生 2500 萬至 3500 萬美元的相關重組費用，其中大部分費用和相關現金將在今年第一季度發生，重組將在年底基本完成第二季度。我們在第四季度末擁有 7,336 名員工，而去年為 7,461 名。本季度經營現金流同比增長 56% 至 1.37 億美元，利潤率為 21%。相比之下，去年同期為 8800 萬美元，利潤率為 15%。

Free cash flow for the quarter was $113 million, a 17% margin compared to $70 million, a 12% margin in the year prior, a 61% increase year-over-year. As we mentioned on our last call, we went live with a new ERP in Q3, which delayed some of our cash collections last quarter. As a result, we saw strong cash collections this quarter in addition to lower restructuring cash payments on a relative basis.

本季度的自由現金流為 1.13 億美元，利潤率為 17%，而去年同期為 7000 萬美元，利潤率為 12%，同比增長 61%。正如我們在上次電話會議中提到的那樣，我們在第三季度啟用了新的 ERP，這推遲了上個季度我們的一些現金收款。因此，除了相對較低的重組現金支付外，本季度我們還看到了強勁的現金回款。

For the full year, operating cash flow was $507 million, representing a 20% margin compared to $506 million, a 24% margin a year ago. Free cash flow declined 4% year-over-year to $429 million, a 17% margin compared to $445 million, a 21% margin in fiscal 2022. We exited Q4 with more than $1.2 billion in cash, cash equivalents, restricted cash and investments. With that, let me turn to our Q1 and fiscal '24 guidance.

全年運營現金流為 5.07 億美元，利潤率為 20%，而一年前為 5.06 億美元，利潤率為 24%。自由現金流同比下降 4% 至 4.29 億美元，與 4.45 億美元相比利潤率為 17%，2022 財年的利潤率為 21%。我們在第四季度結束時擁有超過 12 億美元的現金、現金等價物、受限現金和投資.有了這個，讓我轉向我們的第一季度和 24 財年指南。

As a reminder, on our Q3 earnings call, we provided a preliminary outlook for fiscal '24. We are pleased to narrow the preliminary range we provided, incorporating our Q4 landing and the dynamics of the current environment into our guidance. We anticipate the macro environment will remain challenging as we move through the year. And as Allan mentioned, we may also see modest near-term disruption as we realign our sales force and shift to more of a self-serve motion.

提醒一下，在我們的第三季度財報電話會議上，我們提供了 24 財年的初步展望。我們很高興縮小我們提供的初步範圍，將我們的第四季度著陸和當前環境的動態納入我們的指導。我們預計，隨著我們度過這一年，宏觀環境仍將充滿挑戰。正如艾倫所提到的，隨著我們重新調整銷售隊伍並轉向更多的自助服務，我們也可能會看到適度的近期中斷。

For the first quarter and fiscal year '24, we anticipate total revenue of $639 million to $643 million in Q1 or growth of 9% year-over-year. And $2.695 billion to $2.707 billion for fiscal '24 or growth of 7% to 8% year-over-year. Of this, we expect subscription revenue of $625 million to $629 million in Q1 or growth of 10% to 11% year-over-year. And $2.633 billion to $2.645 billion for fiscal '24 or growth of 8% year-over-year.

對於第一季度和 24 財年，我們預計第一季度總收入為 6.39 億美元至 6.43 億美元，同比增長 9%。 24 財年的收入為 26.95 億美元至 27.07 億美元，同比增長 7% 至 8%。其中，我們預計第一季度的訂閱收入為 6.25 億美元至 6.29 億美元，同比增長 10% 至 11%。 24 財年的收入為 26.33 億美元至 26.45 億美元，同比增長 8%。

For billings, we expect $615 million to $625 million in Q1 or flat to 2% growth year-over-year and $2.705 billion to $2.725 billion for fiscal '24 or growth of 2% year-over-year. We expect non-GAAP gross margin to be 81% to 82% for both Q1 and the fiscal year. We expect non-GAAP operating margin to reach 21% to 22% for Q1 and 21% to 23% for fiscal '24.

對於賬單，我們預計第一季度將達到 6.15 億美元至 6.25 億美元，或同比增長持平至 2%，24 財年將達到 27.05 億美元至 27.25 億美元，或同比增長 2%。我們預計第一季度和本財年的非美國通用會計準則毛利率均為 81% 至 82%。我們預計第一季度的非美國通用會計準則營業利潤率將達到 21% 至 22%，24 財年將達到 21% 至 23%。

We expect non-GAAP fully diluted weighted average shares outstanding of 207 million to 212 million for both Q1 and fiscal '24. Fiscal '23 was a year of transition, and we are pleased with our execution and the progress we are making as we navigate a challenging macro environment. We remain committed to delivering sustainable growth and profitability at scale and we will continue to be disciplined with our investments across strategic priorities. We are focused on delivering long-term value to our customers, partners, employees and shareholders.

我們預計第一季度和 24 財年的非 GAAP 完全稀釋加權平均流通股數為 2.07 億至 2.12 億股。 23 財年是過渡的一年，我們對我們在充滿挑戰的宏觀環境中的執行力和取得的進展感到滿意。我們仍然致力於實現大規模的可持續增長和盈利，我們將繼續對我們在戰略重點上的投資進行紀律處分。我們專注於為我們的客戶、合作夥伴、員工和股東提供長期價值。

Looking ahead, we are encouraged by the steps we are taking and look forward to updating you on our progress as we move forward. The journey to $2.5 billion has been hard work and a testament to the compelling value proposition DocuSign brings to our customers. Together, we have played an important role in how the world agrees. I look forward to the future. And finally, I'll be here a little while longer, as Allan said, so no goodbyes for now.

展望未來，我們對正在採取的步驟感到鼓舞，並期待在我們前進的過程中向您介紹我們的最新進展。達到 25 億美元的旅程是艱苦的工作，證明了 DocuSign 為我們的客戶帶來了令人信服的價值主張。我們一起在世界如何達成共識方面發揮了重要作用。我期待著未來。最後，正如 Allan 所說，我會在這裡多待一會兒，所以暫時不說再見。

And with that, we will open up the call for questions. Operator?

有了這個，我們將打開問題的電話。操作員？

(Operator Instructions) Our first question comes from Brad Sills with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Brad Sills。

Cynthia, congratulations on your next move. It's been a pleasure working with you. I wanted to ask one on the moderating expansion activity that you saw during the quarter. Was it -- was it a certain cohort of customer where you saw that? Was it across the board? Was it in that enterprise cohort or just the broader base? Just any color on that and any segments that you might have seen that occur?

辛西婭，祝賀你的下一步行動。和你一起工作很愉快。我想問一個關於您在本季度看到的緩和擴張活動的問題。是 - 是您看到的特定客戶群體嗎？是全面的嗎？是在那個企業群體中還是在更廣泛的基礎上？只是上面的任何顏色以及您可能已經看到的任何片段？

Thanks, Brad. Yes, so I think on the expansion rate, I think it's a continuing trend that we've been talking about from -- over the last few quarters, which is, as the book of business has grown and the macro environment has softened, the rate at which customers are expanding is slowing. So that growth rate and expansion is slowing. And so I would say there wasn't a big change in Q4 relative to the couple of quarters before but it a continuing trend that's putting some pressure on the top line.

謝謝，布拉德。是的，所以我認為關於擴張率，我認為這是我們在過去幾個季度一直在談論的持續趨勢，也就是說，隨著業務增長和宏觀環境的軟化，客戶擴張的速度正在放緩。因此，增長率和擴張正在放緩。因此，我想說的是，與之前幾個季度相比，第四季度沒有太大變化，但這種持續趨勢給收入帶來了一些壓力。

On the cohorts, we actually do a lot of analysis on the cohorts and I would say some of the cohorts are probably expanding at a slower rate and some are moderating the rate at which they're expanding. But I'd say overall, it's having the same impact. And part of it is, as we've talked about in past quarters, is a little bit of a law of large numbers as that book of business gets bigger, you need more and more expansion dollars to move in. And so customers are still expanding. But when you look at the top line, that's probably the biggest factor kind of impacting the compression of some of those growth rates.

在隊列方面，我們實際上對隊列進行了大量分析，我想說一些隊列可能正在以較慢的速度擴張，而一些隊列正在緩和他們擴張的速度。但我要說的是，總體而言，它具有相同的影響。正如我們在過去幾個季度談到的那樣，其中一部分是大數法則，因為業務量越來越大，您需要越來越多的擴張資金才能進入。因此，客戶仍然擴大。但是，當您查看頂線時，這可能是影響其中一些增長率壓縮的最大因素。

Our next question is from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Allan, just on the sales overhaul. Can you just talk to how long you expect this to send kind of wake turbulence through the sales organ when you feel like you kind of resume full strength? And I had a quick follow-up for Cynthia, just as it relates to the billings growth decel from 13% to 2%. Can you just give us a sense of kind of what you're factoring into that?

艾倫，剛剛談到了銷售改革。當您感覺自己恢復了全部力量時，您能談談您期望這會在多長時間內通過銷售機構發出尾流嗎？我對 Cynthia 進行了快速跟進，因為它與賬單增長從 13% 下降到 2% 有關。你能告訴我們你在考慮什麼嗎？

I'll go first. Thanks, Brent. I think on the sales force, so I'd say, I think we are in a significantly more stable situation than (inaudible) 12 months ago. Attrition rates have slowed. We've got, I think, a pretty full team in place. Steve has done a very nice job with that. There's more better execution, better predictability. Part of what gave us the confidence to take the restructuring action was in fact that and that we could see what our sales capacity was, and we felt we had a little bit of excess capacity there as well as a keen understanding of where we could deinvest and free up resources to invest elsewhere.

我先走了謝謝，布倫特。我認為在銷售人員方面，所以我想說，我認為我們的情況比 12 個月前（聽不清）要穩定得多。流失率已經放緩。我認為，我們已經擁有一支相當完整的團隊。史蒂夫在這方面做得非常好。有更好的執行力，更好的可預測性。事實上，讓我們有信心採取重組行動的部分原因是，我們可以看到我們的銷售能力，我們覺得我們在那裡有一點產能過剩，並且對我們可以在哪裡撤資有敏銳的了解並騰出資源投資於其他地方。

So we're being cautious in saying there could be a little bit of disruption as some of the -- particularly the very low end, some of the business that might previously have had a little bit of human touch. We'll try to do that more particularly through our self-serve motion. But I think that should play out in a relatively (inaudible) 1 to 2 quarters. But I think the sales force is actually in the best place it's been for a while. We just had our global kick-off last week and, I think, I'm representing them saying that they're incredibly energized by the road map. And they all have slightly larger territories, now too. So it's a very positive feel, I think, throughout the sales team.

因此，我們謹慎地說可能會有一些中斷 - 特別是非常低端的一些業務，這些業務以前可能有一點人性化。我們將嘗試通過我們的自助行動來更具體地做到這一點。但我認為這應該會在相對（聽不清）的 1 到 2 個季度內完成。但我認為銷售隊伍實際上處於一段時間以來最好的狀態。上週我們剛剛舉行了全球啟動儀式，我想，我代表他們說，路線圖讓他們充滿了難以置信的活力。而且他們現在的領土都略大一些。因此，我認為整個銷售團隊都有一種非常積極的感覺。

I'll take the billings question. But before I do that, I realized I misspoke on international revenue. So just to clarify, international revenue grew 29% to $620 million. I think I said $250 million, just a clarification there.

我會回答賬單問題。但在我這樣做之前，我意識到我在國際收入上說錯了。所以澄清一下，國際收入增長了 29%，達到 6.2 億美元。我想我說的是 2.5 億美元，這只是一個澄清。

On the billings question, I think it's related to a couple of things. One is, as we talked about last quarter, we're expecting a slower start to the year. I think when you look at the macro environment, it certainly hasn't gotten better and you could probably sense it may be gotten a little bit worse. And on top of that, we have made some changes to the fields, which we think could cause some disruption. So I think that's certainly playing into both the revenue and the billings guide we're giving to the year.

關於賬單問題，我認為這與幾件事有關。一是，正如我們上個季度所談到的，我們預計今年開局會放緩。我認為當你看宏觀環境時，它肯定沒有好轉，你可能會感覺到它可能會變得更糟。最重要的是，我們對字段進行了一些更改，我們認為這可能會造成一些干擾。所以我認為這肯定會影響我們今年的收入和賬單指南。

I'd also say we always guide to what we can see. I think we can see Q1 better than we can see the rest of the year. But given the 1% guide in Q1, we would expect that to kind of improve as we move through the year and some of the investments we may start to take hold. So I think those are some of the dynamics kind of...

我還要說我們總是引導我們能看到什麼。我認為我們可以比今年餘下時間更好地看到第一季度。但考慮到第一季度 1% 的指引，我們預計隨著今年的推進以及我們可能開始持有的一些投資，這種情況會有所改善。所以我認為這些是一些動態的......

Our next question is from Jackson Ader with SVB.

我們的下一個問題來自 SVB 的 Jackson Ader。

First one, on the macro environment, how does the macro environment actually impact you? Is it -- is it number of employees at your customers are coming down and so they don't need as many envelopes? I'd be surprised if it were the DocuSign line item is like getting a bunch of scrutiny and IT budgets or something. But just given the ROI and the traditionally very quick payback, I would think that e-signature would be a place where people are actually like more willing to invest in a tough macro environment. So how do I square that?

第一個，關於宏觀環境，宏觀環境實際上對你有什麼影響？是不是 - 您客戶的員工人數正在下降，所以他們不需要那麼多信封？如果 DocuSign 行項目就像得到一堆審查和 IT 預算之類的東西，我會感到驚訝。但考慮到投資回報率和傳統上非常快速的回報，我認為電子簽名將是人們實際上更願意在艱難的宏觀環境中投資的地方。那麼我該如何平方呢？

Yes. Thanks for the question. The first thing I would say is the overall macro environment just affects businesses of all sizes and their ability and willingness to spend on all kinds of software, including ours. But I don't think we're particularly more macro sensitive or a little less than others. In terms of the industry mix in the economy, we do have a little bit of overexposure, if you will, to real estate and a few other sectors that have been a little tougher.

是的。謝謝你的問題。我要說的第一件事是，整體宏觀環境只會影響各種規模的企業以及他們在各種軟件上花費的能力和意願，包括我們的軟件。但我不認為我們比其他人對宏觀更敏感或更不敏感。就經濟中的行業組合而言，如果你願意的話，我們確實有點過度暴露於房地產和其他一些更艱難的行業。

On the other hand, we are quite diversified and have some real strengths in sectors like health and manufacturing telecommunications. So that's balancing out. In terms of the value prop, I agree with your statement. I think there's a very quick payback. I think we're seeing that. So customers -- and that's also a key part of DocuSign's competitive value proposition vis-a-vis other competitors, people tend to respond fast. They're more likely to respond to an agreement. They're more -- they're faster to respond and they have a better positive experience.

另一方面，我們非常多元化，在健康和製造電信等領域擁有一些真正的優勢。所以這是平衡的。在價值支撐方面，我同意你的說法。我認為回報非常快。我想我們看到了。因此，客戶——這也是 DocuSign 相對於其他競爭對手的競爭價值主張的關鍵部分，人們往往會快速響應。他們更有可能對協議做出回應。他們更多——他們反應更快，他們有更好的積極體驗。

So overall, I think the macro environment presents some clouds for IT budgets of companies of all sizes. We are seeing maybe a little bit more vertical exposure than the average company but are generally pretty balanced. And I think our value prop remains quite strong.

因此，總的來說，我認為宏觀環境為各種規模的公司的 IT 預算帶來了一些陰雲。我們看到的垂直風險敞口可能比一般公司多一點，但總體上是相當平衡的。而且我認為我們的價值支撐仍然非常強大。

Okay. All right. Great. And then a very quick follow-up. The -- how much of the like second kind of round of restructuring was factored into the preliminary margin guidance for the year that was given, Cynthia, on last quarter's call?

好的。好的。偉大的。然後是非常快速的跟進。辛西婭在上個季度的電話會議上給出的當年初步利潤率指導中有多少類似的第二輪重組？

Thanks for the question. So to be clear, in the outlook we provided the most recent restructuring was not factored (inaudible) we were evaluating the scenarios for this fiscal year as part of our annual plan in areas that we want to invest in across the strategic priorities. But that wasn't contemplated specifically at the time or baked into the outlook we provided.

謝謝你的問題。因此，需要明確的是，在我們提供的展望中，最近的重組沒有被考慮在內（聽不清），我們正在評估本財年的情景，作為我們年度計劃的一部分，我們希望在戰略重點領域進行投資。但這當時並沒有具體考慮，也沒有融入我們提供的前景中。

That being said, I think as we went through the process of the annual -- it was clear that we needed more room for investment across the key priorities. And as Allan articulated, the plan is to invest in R&D in particular and innovation and kind of shift some of the investments into that initiative as well as (inaudible). So we were able to come a little bit above the outlook we provided, if you remember in Q3, on margin, we said at the low end of our long-term target range, which is 20% to 22%. The long-term target range as a reminder, is 20% to 25%, and our guide for the year is 21% to 23%.

話雖如此，我認為在我們完成年度流程時 - 很明顯，我們需要在關鍵優先事項上有更多的投資空間。正如艾倫所闡明的那樣，該計劃是特別投資於研發和創新，並將一些投資轉移到該計劃以及（聽不清）。因此，我們能夠略高於我們提供的前景，如果你還記得在第三季度，在保證金方面，我們說的是我們長期目標範圍的低端，即 20% 至 22%。提醒一下，長期目標範圍是 20% 到 25%，我們今年的指導是 21% 到 23%。

So we are going to be reinvesting, but we also increased the margin (inaudible).

所以我們將進行再投資，但我們也增加了利潤率（聽不清）。

Our next question is from Tyler Radke with Citi.

我們的下一個問題來自花旗銀行的 Tyler Radke。

Just going back to the sales reorg and kind of the strategy moving forward and the move to a self-serve model. I was just wondering if you could elaborate on that and just kind of what your vision is for the company? And where do you kind of make the threshold for when a sale becomes self-service? Is it -- is it at a certain deal size? Or maybe do you only have salespeople by industry or specialization like CLM? If you could elaborate on that? And then just a quick follow-up for Cynthia. Just given that we've seen a cumulative risk of close to 20% of the workforce. What -- I guess, why wouldn't margins be higher for next year? You did about 24% EBIT margin on a non-GAAP basis here in Q4 and I think that was without a lot of the benefits you're seeing from the cost savings. So I guess, why wouldn't we see higher margins in that next year given 20% lower headcount?

回到銷售重組和向前推進的戰略以及向自助服務模式的轉變。我只是想知道您是否可以詳細說明這一點，以及您對公司的願景是什麼？當銷售變成自助服務時，您在哪裡設定門檻？它是——它是否有一定的交易規模？或者您是否只有像 CLM 這樣的行業或專業的銷售人員？如果你能詳細說明一下？然後是辛西婭的快速跟進。鑑於我們已經看到接近 20% 的勞動力的累積風險。什麼——我想，為什麼明年的利潤率不會更高？您在第四季度的非 GAAP 基礎上實現了約 24% 的息稅前利潤率，我認為這並沒有帶來您從成本節約中看到的很多好處。所以我想，如果員工人數減少 20%，為什麼明年我們看不到更高的利潤率呢？

Yes, I'll take the first one. So just our go-to-market, historically, DocuSign has been very heavily focused on direct sales motion for customers of all sizes. And we will retain direct sales as our principal go-to-market channel, and it's a huge strength for the company, and we certainly want to continue to improve there. But we feel we want to complement it in 2 areas.

是的，我要第一個。因此，從歷史上看，就我們的上市而言，DocuSign 一直非常關注各種規模客戶的直接銷售活動。我們將保留直銷作為我們主要的進入市場渠道，這對公司來說是一個巨大的力量，我們當然希望在這方面繼續改進。但我們覺得我們想在兩個方面對其進行補充。

One is with the self-serve motion. And that's not just for little customers. That's for customers of all sizes. We just think that all customers appreciate an opportunity to self-serve for certain types of activities at all stages of their journey with us. And that -- I'll come back to that in the second and the third, we are really focused on maturing our partner go-to-market where we can use distributors and resellers in some international markets. We can partner with ISVs to be directly embedded in their applications. We have significant activity there, what can meaningfully improve.

一種是自助運動。這不僅適用於小客戶。這適用於各種規模的客戶。我們只是認為所有客戶都希望有機會在與我們一起旅行的所有階段為某些類型的活動自助服務。那——我會在第二和第三點回到這一點，我們真的專注於讓我們的合作夥伴走向市場，我們可以在一些國際市場上使用分銷商和經銷商。我們可以與 ISV 合作，直接嵌入到他們的應用程序中。我們在那裡有重要的活動，可以有意義地改進。

Let me quickly return to the self-serve piece in particular. I want to make sure that it's clear, we want to stop treating digital and direct sales as separate channels over time. We essentially want to offer all customers the opportunity to self-serve if and when they wish. And I expect many customers will avail themselves of that. And then as a corollary on our sales teams to see the self-serve options as a positive complement to their activities. I think that's what we did at Google. I think that's what Robert did at Atlassian, and I think that's what a lot of companies that are natively digital in their motion do, and we have a tremendous amount of opportunity there. So that's our overall go-to-market plan. Cynthia, do you want to take the second half?

讓我快速回到自助服務部分。我想確定的是，隨著時間的推移，我們希望停止將數字銷售和直接銷售視為單獨的渠道。我們基本上希望為所有客戶提供自助服務的機會，只要他們願意。我希望許多客戶會利用這一點。然後作為我們銷售團隊的必然結果，將自助服務選項視為對其活動的積極補充。我認為這就是我們在谷歌所做的。我認為這就是 Robert 在 Atlassian 所做的，我認為這就是許多在他們的運動中原生數字化的公司所做的，我們在那裡有大量的機會。這就是我們的整體上市計劃。辛西婭，你想參加下半場嗎？

Sure. Yes. So I totally understand the question. I would say Q4, the 24% margin was higher than probably what our steady rate is for a couple of reasons. One is we had just gone through the fall restructuring. So that really dropped to margin. And then in addition, the hiring in Q4 was slower than we had anticipated in the quarter. So as we kind of look into this year, we see the opportunity in front of us, and we want to invest into the key pillars of the strategic priorities that Allan talked about, right, in the product, in innovation and then in PLG self-serve. And so we're really putting that money from the second restructuring back into the business to really level set against those key areas.

當然。是的。所以我完全理解這個問題。我會說第四季度，由於幾個原因，24% 的利潤率可能高於我們的穩定利率。一是我們剛剛經歷了秋季重組。所以這真的下降了。此外，第四季度的招聘速度低於我們在本季度的預期。因此，當我們回顧今年時，我們看到了擺在我們面前的機會，我們希望投資於 Allan 談到的戰略重點的關鍵支柱，對，在產品、創新以及 PLG 自身方面-服務。因此，我們真的將第二次重組的資金投入到業務中，以真正針對這些關鍵領域設定水平。

Our next question comes from George Iwanyc with Oppenheimer.

我們的下一個問題來自 George Iwanyc 和 Oppenheimer。

Allan, maybe digging into the product bundling traction you're seeing. Can you give us some color on the adoption rates with SMBs and maybe put that in perspective of what you're also seeing from competitors?

艾倫，也許可以深入了解您所看到的產品捆綁牽引力。您能否給我們一些關於 SMB 的採用率的顏色，也許可以從您從競爭對手那裡看到的情況來看？

Yes. So first of all, on a segment basis, and I think Cynthia alluded to this, we have (inaudible) a very balanced customer portfolio. So we have a significant SMB and mid-market business and a big emphasis on growing our enterprise business. And I'd say on balance, I don't know if there's a huge difference in momentum between those sectors. I know some companies are reporting particular challenges in SMB. I don't think we're seeing that.

是的。因此，首先，在細分市場的基礎上，我認為辛西婭提到了這一點，我們擁有（聽不清）非常平衡的客戶組合。因此，我們擁有重要的 SMB 和中端市場業務，並且非常重視發展我們的企業業務。總的來說，我不知道這些行業之間的勢頭是否存在巨大差異。我知道一些公司報告了 SMB 中的特殊挑戰。我認為我們沒有看到這一點。

In fact, we had some nice momentum on new accounts in particular. So I was pleased to see that. I think in terms of -- that was the segment piece. What was the other part of your question?

事實上，我們在新客戶方面的勢頭尤其強勁。所以我很高興看到這一點。我認為 - 那是細分市場。你問題的另一部分是什麼？

Just what you think from a competitive perspective on competition?

您從競爭的角度對競爭有何看法？

Well, okay. As there's no question that over the last 3 to 5 years, the market has gotten more competitive. I don't know that we're seeing a material change in how competitive it is here in the last few quarters. I think we continue to be the market leader. We don't spend as much time worrying about what other people are doing. I think we want to really redefine the category and set the direction for the industry. And I think we're well on our way to doing that. And that's where we're focused from a competitive standpoint, if you will.

哦，那好吧。毫無疑問，在過去的 3 到 5 年裡，市場競爭變得更加激烈。我不知道在過去的幾個季度中，我們看到這裡的競爭力發生了重大變化。我認為我們仍然是市場領導者。我們不會花那麼多時間擔心其他人在做什麼。我認為我們想要真正重新定義類別並為行業設定方向。我認為我們正在朝著這個方向努力。如果您願意的話，這就是我們從競爭的角度關注的地方。

In terms of the tactics, we are looking on pricing and packaging and how can we be as well as possible by segment, by country. There might be a few countries where we've gotten a little too far off the market. And so we're looking at that very carefully. I mentioned some bundling opportunities during my prepared remarks. So we think there's a lot of opportunities there. There's some enterprise license agreements. Some of our largest customers, we really want the ubiquitous e-signature solution for -- in every instance where they want to deploy that. And so we're in the process of both building out the product to enable that for embedding as well as direct sales and in structuring our license agreements so that, that is as attractive as possible for our large clients.

在策略方面，我們正在研究定價和包裝，以及我們如何盡可能地按細分市場、按國家/地區進行。可能有一些國家我們離市場有點太遠了。所以我們正在非常仔細地研究它。我在準備好的發言中提到了一些捆綁機會。所以我們認為那裡有很多機會。有一些企業許可協議。我們的一些最大客戶，我們真的希望無處不在的電子簽名解決方案——在他們想要部署的每個實例中。因此，我們正在構建產品以實現嵌入和直接銷售，並構建我們的許可協議，以便對我們的大客戶盡可能具有吸引力。

One thing I would just add on the SMB. We did see -- we did see some relative strength there relative -- across our business. And we ran some experiments in Q4, particularly around the bundles or around increasing number of seats. So we did see kind of a higher volume of SMB deals at lower price points. So higher volume, lower price, which we thought, especially like in NewCo was a positive sign, as Allan mentioned. So just a little bit more color there.

我只想在 SMB 上添加一件事。我們確實看到了——我們確實看到了我們業務中的一些相對實力。我們在第四季度進行了一些實驗，特別是圍繞捆綁包或增加座位數。因此，我們確實看到了以較低價格點進行的更多 SMB 交易。正如艾倫提到的那樣，我們認為銷量更高、價格更低，尤其是在 NewCo 中，這是一個積極的信號。所以那裡只有一點點顏色。

Our next question is from Scott Berg with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Scott Berg。

Congrats on the strong finish to the year. I guess, Allan, I wanted to focus on product strategy going forward because product seems to be a big theme of where you want to invest in going forward. But leveraging off your web forms comments, how should we think about your product road map maybe over the next, I don't know, 12 to 24 months? Is it going to be more of a little small add-on solutions like what web forms is likely to bring at least from what my assumptions are of that product? Or is there an opportunity to see some product that may be a little bit more transformational, something that could give your sales and maybe bookings or billings more of an uplift going forward?

祝賀今年的強勢收官。我想，艾倫，我想專注於未來的產品戰略，因為產品似乎是你未來想要投資的一個重要主題。但是利用您的網絡表單評論，我們應該如何考慮您的產品路線圖，也許在接下來的 12 到 24 個月內，我不知道？它是否會更多的是一些小的附加解決方案，比如至少從我對該產品的假設來看，Web 表單可能會帶來什麼？或者是否有機會看到一些可能更具變革性的產品，這些產品可以為您的銷售以及未來的預訂或賬單帶來更多提升？

Yes. Actually, I think web forms has a little bit more potential than that. We're very optimistic because I think it really -- it epitomizes the transformation of agreements with sort of a static representation of a traditional form to completely new customer experiences. And the other thing it does, of course, it makes it much easier to capture all the metadata around the agreements, which is really where we're heading in the longer term. As you think about what we want to do is we want to decompose agreements into dynamic objects that can be filled both with data from the customer side and from the signer side. And web forms is the first step of that process. There's a lot more coming in the remainder of the year along those lines.

是的。實際上，我認為 Web 表單的潛力遠不止於此。我們非常樂觀，因為我認為它確實是——它集中體現了協議的轉變，從傳統形式的靜態表示到全新的客戶體驗。當然，它所做的另一件事是，它可以更輕鬆地捕獲協議周圍的所有元數據，這實際上是我們長期的目標。正如您所想的那樣，我們想要做的是我們希望將協議分解為動態對象，這些對象可以填充來自客戶方和簽名方的數據。 Web 表單是該過程的第一步。在今年餘下的時間裡，還會有更多的事情發生在這些方面。

So we're quite bullish on the cumulative impact of all of those launches. But obviously, version 1.0 will have some gaps. In terms of the transformational piece, I think I touched a little on the AI piece. I -- we have a lot of opportunity there. And so we have some -- we will be making some announcements on that later this spring, as the beginning of a new product in that area. And over time, I think the work that we're doing now to completely revamp how we leverage AI is very exciting. So if you think about the application of AI in the agreement space, a lot of the excitement right now around ChatGPT and the other competitors are around basically text generation, and that has an obvious analogy to the agreement space of drafting contracts. And we do think that's very exciting and that there's value to be captured there, and we will absolutely pursue that.

因此，我們非常看好所有這些發布的累積影響。但很明顯，1.0 版本會有一些差距。就轉型部分而言，我想我稍微觸及了 AI 部分。我——我們在那裡有很多機會。所以我們有一些 - 我們將在今年春天晚些時候發布一些公告，作為該領域新產品的開始。隨著時間的推移，我認為我們現在正在做的徹底改造我們利用 AI 的方式的工作非常令人興奮。因此，如果你考慮人工智能在協議領域的應用，那麼現在圍繞 ChatGPT 和其他競爭對手的很多興奮基本上都圍繞著文本生成，這與起草合同的協議領域有著明顯的類比。我們確實認為這非常令人興奮，並且那裡有價值，我們絕對會追求這一點。

But if you look at where companies actually find value from agreements, it would be more in the extraction of data and value out of the agreements as well as the search and analytics on that. And you can also apply AI to that. And that's an area where I think we are uniquely positioned to deliver very compelling value, and we got a number of large customers who are very excited to work with us on that type of next-generation AI activity. I don't think -- that's not going to hit in the next couple of quarters. But in terms of the longer-term road map and delivering on our vision, it's incredibly exciting and could really provide transformational growth.

但如果你看看公司實際從協議中發現價值的地方，更多的是從協議中提取數據和價值，以及對其進行搜索和分析。你也可以應用人工智能。在這個領域，我認為我們具有獨特的優勢，可以提供非常引人注目的價值，而且我們有許多大客戶，他們非常高興與我們合作開展此類下一代人工智能活動。我不認為 - 這不會在接下來的幾個季度內發生。但就長期路線圖和實現我們的願景而言，這是非常令人興奮的，並且可以真正提供轉型增長。

Our next question is from Rishi Jaluria with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Rishi Jaluria。

First, I wanted to start with kind of reembracing more of your routes around self-service and PLG. I think the strategy makes a ton of sense and should actually help yourselves efficiency as well. From a product standpoint, is there anything that you need to do to make kind of that self-service PLG motion more intuitive or easier, especially outside of your mobile customers, right? If we think about even the mid-market customers, there should be a lot more self-service capabilities. Just anything that you need to invest in or expand from a product perspective? And then I've got a follow-up.

首先，我想從重新接受更多關於自助服務和 PLG 的路線開始。我認為該策略很有意義，實際上也應該有助於提高效率。從產品的角度來看，您是否需要做任何事情來使這種自助式 PLG 運動更直觀或更容易，尤其是在您的移動客戶之外，對嗎？如果我們甚至考慮中端市場客戶，應該有更多的自助服務功能。從產品的角度來看，您需要投資或擴展的任何東西？然後我有一個後續行動。

Yes. So first of all, I think looking at when people first hear self-serve, they think (inaudible) don't you already have a website and can't people order on your website. And of course, yes, we do, and yes, they can. But what I'm talking about is a significantly more transformational effort where customers can discover, try, embrace and really deploy products without ever engaging with a DocuSign employee, and we can then engage with them as that potential is demonstrated and expressed and we can apply our sales forces really more efficiently. So it becomes a huge multiplier for efficiency in our sales teams. And that's the model that companies like Atlassian had pioneered over time and very excited to apply that at DocuSign.

是的。所以首先，我認為當人們第一次聽到自助服務時，他們認為（聽不清）你是否已經有一個網站並且人們不能在你的網站上訂購。當然，是的，我們這樣做，是的，他們可以。但我所說的是一種更具變革性的努力，客戶可以發現、嘗試、接受和真正部署產品，而無需與 DocuSign 員工接觸，然後我們可以在展示和表達潛力時與他們接觸，我們可以真正更有效地運用我們的銷售隊伍。因此，它成為我們銷售團隊效率的巨大乘數。這就是像 Atlassian 這樣的公司長期以來開創的模型，並且非常高興能在 DocuSign 上應用它。

In terms of how that applies across segments. It's certainly true that you can imagine an SMB customer basically remaining a purely digital customer, and we would love that. But as customers grow in scope and potential complexity, then the application of those sales resources becomes both more profitable for us and more necessary for a customer, and so I do expect a heavier sales component as we move up market. Mid-market has always been a core strength for us and it remains a really important segment. A lot of our products, you start there and you sort of grow out from there. So I'm -- I think that will remain a critical segment for DocuSign and very relevant for the self-serve mode -- expanded self-serve motion that I just described.

就如何跨細分市場應用而言。您確實可以想像 SMB 客戶基本上仍然是純粹的數字客戶，我們很樂意這樣。但隨著客戶範圍和潛在復雜性的增加，這些銷售資源的應用對我們來說變得更有利可圖，對客戶來說也變得更有必要，所以我確實預計隨著我們向市場上游移動會有更多的銷售組成部分。中端市場一直是我們的核心力量，它仍然是一個非常重要的部分。我們的很多產品都是從那裡開始，然後從那裡成長起來的。所以我 - 我認為這將仍然是 DocuSign 的關鍵部分，並且與自助服務模式非常相關 - 我剛才描述的擴展自助服務運動。

All right. Wonderful. That's really helpful. And then on the international front, I recall last quarter, there was kind of a talk of working closer with partners, especially in Japan, right, which is, as you know, very unique geography, especially when it comes to enterprise software. Just wondering if you can give an update specifically on your efforts in Japan and kind of building out the partner ecosystem, especially because at least it feels like your product is viewed as significantly better than the competition, and there's great branding out in Japan. But a lot of the kind of manual processes that need to be modernized, they feel a little bit behind. So I would love to kind of (inaudible) thinking about the Japan opportunity and partners there?

好的。精彩的。這真的很有幫助。然後在國際方面，我記得上個季度，有一種關於與合作夥伴更緊密合作的討論，尤其是在日本，正如你所知，這是非常獨特的地理位置，尤其是在企業軟件方面。只是想知道你是否可以具體介紹一下你在日本所做的工作以及建立合作夥伴生態系統的最新情況，尤其是因為至少感覺你的產品被認為比競爭對手好得多，而且在日本有很好的品牌推廣。但是很多需要現代化的手動流程，他們感覺有點落後。所以我很想（聽不清）考慮日本的機會和那裡的合作夥伴？

Yes. We are in active discussions internally exactly how we want to pursue Japan. I'd say Germany is another market where I don't think we have fully lived up to our potential. And I agree with you, we're in a great starting position. Our initial forays into both of those markets were really mostly just a direct sales motion. We didn't put, I think, quite enough resources behind it and all the other functions, including product and our administrative functions.

是的。我們正在內部積極討論我們想如何追求日本。我想說德國是另一個我認為我們沒有充分發揮潛力的市場。我同意你的看法，我們處於一個很好的起點。我們最初涉足這兩個市場實際上主要只是直銷活動。我認為，我們沒有在它和所有其他功能（包括產品和我們的管理功能）背後投入足夠的資源。

And as you noted, in markets like Japan, the road is littered with U.S. companies that (inaudible) Japan. So we're certainly going to be leveraging partners there. So stay tuned. I think we'll have more to report on both of those countries during the course of fiscal '24. But right now, it's sort of in the planning and decisioning exactly how we're going to pursue that. But those are definitely strategic priorities within our broader international strategy.

正如你所指出的，在像日本這樣的市場上，路上到處都是（聽不清）日本的美國公司。所以我們肯定會在那裡利用合作夥伴。敬請期待。我認為在 24 財年期間，我們將有更多關於這兩個國家的報告。但現在，它正在計劃和決定我們將如何追求它。但這些絕對是我們更廣泛的國際戰略中的戰略重點。

Our next question is from Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Turrin。

Great. I appreciate you taking the question. And I appreciate the fact that you're already operating within the stated target range on margin, but I think some of the questions are just digging out a little bit more, that it seems like you could potentially push even harder given the product-led growth background, the core efficient base of the business. So why not do that with a little bit more emphasis here? And what informs the decision around balancing, reinvesting into the products versus making sure the cuts you're making are the right size where you don't have to potentially go back again and make another tough decision?

偉大的。感謝您提出這個問題。我很欣賞您已經在規定的利潤率目標範圍內運營，但我認為有些問題只是在挖掘更多，鑑於產品主導，您似乎可能會更加努力增長背景，業務的核心高效基礎。那麼為什麼不在這裡多強調一點呢？是什麼決定了平衡、對產品進行再投資與確保你所做的削減是正確的規模，你不必可能再次返回並做出另一個艱難的決定？

Yes. I'd say, first of all, we feel like we have turned the organization pretty well at this point and reallocated resources to where we'd see the highest investment. Look, I agree with you. I think we were not sufficiently efficient from a sales and marketing perspective. I hope to make us more efficient over time. Until I see that, I don't -- we don't want to be -- as Cynthia says, we want to project what we see. And -- but you can assume that there will be a lot of emphasis on getting increasingly efficient even beyond what we have, but I'm not ready to make any -- that part of our forecast at this time. But that would certainly be the hope and expectation that we can accelerate top line and improve efficiency over time.

是的。我想說，首先，我們覺得我們在這一點上已經很好地轉變了組織，並將資源重新分配到我們認為投資最高的地方。看，我同意你的看法。我認為從銷售和營銷的角度來看，我們的效率不夠高。我希望隨著時間的推移讓我們更有效率。在我看到之前，我不會——我們不想——正如辛西婭所說，我們想要投射我們所看到的。而且 - 但你可以假設，即使超出我們現有的範圍，也會更加強調提高效率，但我還沒有準備好做出任何 - 這部分是我們目前的預測。但這肯定是我們能夠隨著時間的推移加速收入並提高效率的希望和期望。

Thank you.

謝謝。

I would say maybe one other point on the investment piece. We feel we have a very significant opportunity. And we have been, I think, a little underinvested in innovation over the last couple of years. We had the -- and have the market-leading product and it remains an incredible value proposition. But I'm excited to reinvigorate that and get us to capitalize on the larger opportunity that I outlined earlier on this call. And I think the whole team feels -- we already got some stuff coming out in Q1, and there will be a lot more over the next 3 quarters, and that will position us for growth in future years.

我想說的是關於投資的另一點。我們覺得我們有一個非常重要的機會。我認為，過去幾年我們在創新方面的投資有點不足。我們擁有 - 並且擁有市場領先的產品，它仍然是一個令人難以置信的價值主張。但我很高興能重振這一點，並讓我們利用我之前在本次電話會議上概述的更大機會。而且我認為整個團隊的感覺 - 我們已經在第一季度推出了一些東西，並且在接下來的三個季度會有更多，這將為我們未來幾年的增長做好準備。

Our next question is from Josh Baer with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Josh Baer。

Great. Thanks for the question. Allan, I think you labeled 2022 well in characterizing it as a year of change. So if '22 is the year of change, what's 2023 the year? Is it execution, stabilization, innovation, self-serve? Like what word would you use to frame 2023?

偉大的。謝謝你的問題。艾倫，我認為你將 2022 年定性為變革之年，這很好。那麼，如果 22 年是變革之年，那麼 2023 年又是什麼呢？是執行、穩定、創新、自助服務嗎？比如你會用什麼詞來形容 2023 年？

Yes. I think change in transition for calendar '22/fiscal '23. For this year, I think it's about setting the foundations for growth, and we are we're really leaning into that. I think we have a fantastic opportunity to capitalize on this very large TAM that we believe we pointed at. We are the market leader in e-signature and CLM. We are in the best position to capitalize on that opportunity, and we just need to execute. So that's the job this year. It's not quite as much of a turnaround transitional year as last year, it's much more of a foundation and preparation for growth-building year.

是的。我認為日曆 '22/財政 '23 的過渡變化。對於今年，我認為這是為增長奠定基礎，我們確實在努力做到這一點。我認為我們有一個絕佳的機會來利用我們認為我們指出的這個非常大的 TAM。我們是電子簽名和 CLM 領域的市場領導者。我們處於利用這個機會的最佳位置，我們只需要執行。這就是今年的工作。今年不像去年那樣是一個轉機的過渡年，它更像是一個為增長建設年打下基礎和準備的一年。

That's great. And then one other one. Just thinking about direct versus self-serve versus partner channels, where -- what's the mix of business today and where do you want that to go in 3 years?

那太棒了。然後是另外一個。僅考慮直接與自助服務與合作夥伴渠道，今天的業務組合是什麼？您希望 3 年後將其發展到哪裡？

Yes. I mean I think we've reported in the past that 13% of our business is digital. But a lot of that is associated by the fact that there's only a small number of profits and options that you can buy on our website. And so we've been pushing actively even relative to small customers to have to order from a sales rep which I will admit I was slightly shocked to learn when I joined.

是的。我的意思是我認為我們過去曾報告過我們 13% 的業務是數字化的。但這在很大程度上與這樣一個事實有關，即您只能在我們的網站上購買少量的利潤和期權。因此，我們一直在積極推動即使是相對於小客戶也必須從銷售代表處訂購，我承認當我加入時得知這一點我感到有些震驚。

So our goal is to dramatically grow the -- all the pieces of the business. And I'm not sure it's going to be as meaningful a year from now to talk about what's digital versus what's direct because in a lot of cases, our customer may order some things digitally and may talk to their sales rep about other things. And so the whole thing becomes a little bit less clear.

因此，我們的目標是大幅發展業務的所有部分。而且我不確定從現在開始一年後討論什麼是數字化與什麼是直接化是否有意義，因為在很多情況下，我們的客戶可能會通過數字方式訂購一些東西，並可能會與他們的銷售代表談論其他事情。所以整個事情變得有點不那麼清楚了。

From a partner perspective, I don't think we've externally reported on our partner mix. It's -- there's a partner touched, it's a meaningful minority of our business, in terms of directly partners sold, that's a little smaller. I think both of those need to grow meaningfully. We don't have -- I alluded to this in my comments, just as one example. There's a big opportunity to embed our market-leading Signature agreement workflow products directly into third-party products. We do some of that today, but we're not set up well to serve developers today. So we've got a couple of quarters of work to do to really provide a world-class set of componentized tools that allow developers to pick and choose from all the things we have to create the most compelling agreement experiences inside of their products. That's going to be a really important growth driver. But I'm not proud at this time to comment on the exact magnitude.

從合作夥伴的角度來看，我認為我們沒有對外報告我們的合作夥伴組合。它是 - 有一個合作夥伴感動了，這是我們業務中有意義的少數，就直接出售的合作夥伴而言，它要小一些。我認為這兩者都需要有意義地增長。我們沒有——我在評論中提到了這一點，這只是一個例子。將我們市場領先的簽名協議工作流程產品直接嵌入到第三方產品中是一個很大的機會。我們今天做了一些，但我們今天沒有很好地為開發人員服務。因此，我們還有幾個季度的工作要做，以真正提供一套世界一流的組件化工具，讓開發人員可以從我們擁有的所有東西中挑選，在他們的產品中創造最引人注目的協議體驗。這將是一個非常重要的增長動力。但我現在並不自豪地評論確切的幅度。

Our next question is from Kirk Materne with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

Allan, I was wondering if you can just talk about sort of the industry strategy or the vertical strategy, both in terms of what you're doing with the sales organization, meaning are you going to turn some of that sort of industry focus over to partners? And is there a way to build more sort of industry functionality into the product? So it's just product led in that respect. I was just kind of curious if you can talk about the strategy on that basis.

艾倫，我想知道你是否可以談談行業戰略或垂直戰略，無論是在你與銷售組織的合作方面，這意味著你是否打算將某些行業重點轉移到夥伴？有沒有辦法在產品中構建更多種類的行業功能？所以在這方面它只是產品主導。我只是很好奇你是否可以在此基礎上談論該戰略。

Yes, it's a great question. I would say we're at the earlier phases of our verticalization strategy. We've long had a special suite of tools for the real estate industry. I think they are best-in-class and we'll continue to tweak and improve on that. More recently, we've done some, I think, really nice work, for example, in the health care space, where we've added some compliance with a variety of federal regulations that enables our products to be used for health care applications, and that's driven some really nice growth. I think we have opportunities and this is an active part of our product planning to basically have our products sufficiently componentized so that we can easily create custom workflows that are tailored to individual industries.

是的，這是一個很好的問題。我想說我們正處於垂直化戰略的早期階段。我們長期以來一直為房地產行業提供一套特殊的工具。我認為他們是一流的，我們將繼續對此進行調整和改進。最近，我認為我們做了一些非常好的工作，例如，在醫療保健領域，我們增加了對各種聯邦法規的遵守，使我們的產品能夠用於醫療保健應用，這推動了一些非常好的增長。我認為我們有機會，這是我們產品規劃的一個積極部分，基本上讓我們的產品充分組件化，這樣我們就可以輕鬆地創建為各個行業量身定制的自定義工作流程。

So I mean, obvious example, if you have something for mortgages, it's not that different from a loan application and it's not that different from an automotive car purchase. And those are all sectors that we already have business in and where I think we have opportunities to create deeper vertical agreements. Another example is government. And so we have big opportunities in the government space as well. But I'd say we've got some work to do to really fully capitalize on the verticalization opportunity that you alluded to, which I totally agree with.

所以我的意思是，一個明顯的例子，如果你有抵押貸款，它與貸款申請並沒有什麼不同，與購買汽車也沒有什麼不同。這些都是我們已經開展業務的領域，我認為我們有機會達成更深入的垂直協議。另一個例子是政府。因此，我們在政府領域也有很大的機會。但我想說我們還有一些工作要做，才能真正充分利用你提到的垂直化機會，我完全同意這一點。

Our last question is from Jake Roberge with William Blair.

我們的最後一個問題來自 Jake Roberge 和 William Blair。

Allan, you've talked a lot about the re-optimize -- reoptimization of those R&D resources. Is that more about going deeper into some of your less mature products that have big opportunities like CLM? Or is it about building the self-serve and more frictionless e-signature capabilities that you've talked a lot about? And which of those opportunities do you see (inaudible) larger as we move forward?

艾倫，你已經談了很多關於重新優化——這些研發資源的重新優化。這是否更多是關於更深入地研究一些不太成熟的產品，這些產品有很大的機會，比如 CLM？或者是關於構建您經常談論的自助服務和更順暢的電子簽名功能？隨著我們的前進，您認為（聽不清）哪些機會更大？

It's really across all of those. So we are absolutely directing investment dollars towards accelerating our product like growth motion. And so that absolutely. But in addition to that, we direct additional investment dollars into accelerating our agreement workflow road map into the CLM space and into our cloud migration. I think many of you are aware that we're in the process of migrating our suite to Microsoft Azure, a very strong relationship with Microsoft. And this is a really important year for that migration to move some of the core workloads and some of the core compute and storage there. And so we felt that was deserving of more investment because once we get there, we get more scalability. We can do more of the verticalization that was referred to. We can do -- we can better meet local requirements in international markets. And so it's just for a variety of reasons, the really important migration.

它確實涵蓋了所有這些。因此，我們絕對將投資資金用於加速我們的產品，如增長運動。所以絕對如此。但除此之外，我們將額外的投資資金用於加速我們的協議工作流路線圖進入 CLM 空間和我們的雲遷移。我想你們中的許多人都知道我們正在將我們的套件遷移到 Microsoft Azure，這是與 Microsoft 的非常牢固的關係。對於將一些核心工作負載以及一些核心計算和存儲轉移到那裡的遷移來說，今年是非常重要的一年。因此，我們認為這值得更多投資，因為一旦我們到達那裡，我們就會獲得更大的可擴展性。我們可以做更多提到的垂直化。我們可以做到——我們可以更好地滿足國際市場的當地要求。所以這只是出於各種原因，真正重要的遷移。

It won't be completed this year, but it -- we will really get going in a material way here in fiscal '24. So those are all areas for incremental product investment beyond the self-serve PLG side.

它不會在今年完成，但它 - 我們將在 24 財年真正以實質性方式開始。因此，這些都是自助 PLG 端以外的增量產品投資領域。

Okay. Great. That's helpful. And then I just wanted to double-click on the product bundles performing better than expected during the quarter. Can you provide some specific examples of those bundles and which products really stood out in terms of customer adoption?

好的。偉大的。這很有幫助。然後我只想雙擊本季度表現好於預期的產品包。您能否提供這些捆綁包的一些具體示例，以及哪些產品在客戶採用方面真正脫穎而出？

Yes. I mean very quickly, we -- I'd say the most successful one and I alluded to this earlier was what we call a NewCo bundle, it's a new customer acquisition where we bundled our core e-signature product with a couple of key options, SMS and single sign-on, and we had a baseline services offering to accelerate onboarding and that was a really nice bundle, some of our highest value features that we feel are most highly correlated with both customer satisfaction and renewal and getting people off to a good start. It really is helpful for renewal as well.

是的。我的意思是很快，我們——我會說最成功的一個，我之前提到過這個是我們所說的 NewCo 捆綁，這是一個新的客戶收購，我們將我們的核心電子簽名產品與幾個關鍵選項捆綁在一起、SMS 和單點登錄，我們有一個基準服務提供來加速入職，這是一個非常好的捆綁，我們認為我們的一些最高價值的功能與客戶滿意度和續訂以及讓人們離開一個好的開始。這對更新也很有幫助。

So again, that was the most successful and worked really well, and we need to do more of that.

再說一次，這是最成功的，效果非常好，我們需要做更多。

Great.

偉大的。

Okay. Just quick, let's just wrap up here. Thank you all for joining and for your support as we continue to evolve our business. In closing, while this past year was challenging, the changes we're making are vital to driving our long-term growth and success. I think we delivered a solid finish to the year, and we are prioritizing our investment focus on the areas, which we believe will drive increased value for our customers, employees and shareholders.

好的。快點，讓我們在這裡結束吧。感謝大家加入並支持我們繼續發展我們的業務。最後，雖然過去的一年充滿挑戰，但我們正在做出的改變對於推動我們的長期增長和成功至關重要。我認為我們今年取得了堅實的成績，我們正在優先將投資重點放在我們認為將為我們的客戶、員工和股東帶來更高價值的領域。

I'm really excited about the steps we've taken to accelerate innovation, improve and diversify our go-to-market and support our vision of smarter, easier and trusted agreements. I look forward to sharing more with all of you as the year progresses. Thank you.

我對我們為加速創新、改進和多樣化我們的上市以及支持我們更智能、更簡單和可信賴的協議的願景而採取的步驟感到非常興奮。隨著這一年的進展，我期待與大家分享更多。謝謝。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您此時可以斷開線路，我們感謝您的參與。