(DOCU) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining DocuSign's Second Quarter Fiscal Year '24 Earnings Conference Call. (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 the call. (Operator Instructions)

女士們、先生們，下午好。感謝您參加 DocuSign '24 財年第二季度收益電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音，電話會議結束後可在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 (Heather Harwood)。請繼續。

Thank you, operator. Good afternoon, and welcome to DocuSign's Q2 Fiscal Year 2024 Earnings Call. I'm Heather Harwood, DocuSign's Head of Investor Relations. Joining me on today's call are DocuSign's CEO, Allan Thygesen; and our CFO, Blake Grayson. The press release announcing our second quarter fiscal year 2024 results was issued earlier today and is posted on our Investor Relations website.

謝謝你，接線員。下午好，歡迎參加 DocuSign 的 2024 財年第二季度收益電話會議。我是希瑟·哈伍德 (Heather Harwood)，DocuSign 投資者關係主管。參加今天電話會議的還有 DocuSign 首席執行官 Allan Thygesen；和我們的首席財務官布萊克·格雷森。宣布 2024 財年第二季度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.

現在讓我提醒大家，我們在今天電話會議上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，可能導致我們的實際結果或業績出現重大差異。

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.

特別是，我們對數字化轉型的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 SEC 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, as 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陳述的義務。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。此外，我們還提供非公認會計原則加權平均股票數以及有關自由現金流和賬單的信息。這些非公認會計原則措施不應被視為孤立、替代或優於我們的公認會計原則結果。我們鼓勵您在分析我們的績效時考慮所有措施。

For your 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 指標以及這些數據的定量調節的信息，請參閱今天的收益新聞稿，該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. We closed out the first half of the year strong by delivering solid second quarter financial results. We continue to drive momentum in our business by making progress against our key initiatives and delivering enhancements to our product portfolio.

謝謝希瑟，大家下午好。我們通過交付穩健的第二季度財務業績，以強勁的勢頭結束了上半年。我們通過在關鍵舉措上取得進展並增強我們的產品組合來繼續推動我們的業務發展。

Exiting the quarter, I feel energized having recently come off our Momentum events where we visited 8 cities spanning 5 continents. We met with thousands of partners and customers who are excited to hear about our dual track plans to improve agreement workflows. In the near term, we're focused on the agreement management layer. We're taking something that's quite complex for our customers and making it easier and more delightful. And over time, we're building the intelligence layer that will unlock agreement data. We presented our future vision, publicly shared our product road map and received tremendous validation after showcasing product demonstrations aligned to these 2 priorities over the quarter.

在本季度結束時，我感到精力充沛，因為最近我們參觀了跨越 5 大洲的 8 個城市的 Momentum 活動。我們會見了數千名合作夥伴和客戶，他們很高興聽到我們改善協議工作流程的雙軌計劃。短期內，我們的重點是協議管理層。我們正在把對客戶來說相當複雜的事情變得更容易、更愉快。隨著時間的推移，我們正在構建能夠解鎖協議數據的智能層。我們提出了未來的願景，公開分享了我們的產品路線圖，並在展示了本季度與這兩個優先事項相關的產品演示後獲得了巨大的認可。

Let me share some highlights from this quarter's financial results. Q2 total revenue came in at $688 million, up 11% versus prior year, and Q2 non-GAAP operating margin came in at 25%. While we are pleased with our results, like many others, we're seeing continued macro pressures tempering expansion rates. However, we remain focused on what we can control, executing against our initiatives to drive innovation and operational efficiency, further setting the foundation for growth while navigating an uncertain environment.

讓我分享本季度財務業績的一些亮點。第二季度總收入為 6.88 億美元，比去年同期增長 11%，第二季度非 GAAP 運營利潤率為 25%。雖然我們與許多其他公司一樣對我們的業績感到滿意，但我們看到持續的宏觀壓力抑制了擴張速度。然而，我們仍然專注於我們可以控制的事情，執行我們推動創新和運營效率的舉措，在不確定的環境中進一步奠定增長基礎。

Now I want to highlight our pace of innovation, driven by our delivery of new features and products. The progress we're making demonstrates how we are expanding upon our leadership in eSignature. As I said, we're thinking about our road map on 2 horizons. In the short term, we're looking to ship new features and functionality that differentiate DocuSign and streamline agreement workflows, bringing in new customers and continuing to deliver value to existing customers.

現在我想強調一下我們在新功能和產品交付的推動下的創新步伐。我們所取得的進展表明我們正在如何擴大我們在電子簽名領域的領導地位。正如我所說，我們正在考慮兩個層面的路線圖。短期內，我們希望推出新的特性和功能，使 DocuSign 脫穎而出並簡化協議工作流程，吸引新客戶並繼續為現有客戶提供價值。

To that end, we continue to expand our identity verification portfolio, announcing the global launch of Liveness Detection for ID Verification. Liveness Detection technology leverages AI-powered biometric checks to prevent identity spoofing, which results in more accurate verification without the signee being present. ID Verification is already helping our customers. Our data shows that it has reduced time to sign by about 60%.

為此，我們繼續擴大我們的身份驗證產品組合，宣佈在全球推出用於身份驗證的活體檢測。活體檢測技術利用人工智能驅動的生物識別檢查來防止身份欺騙，從而在簽名者不在場的情況下實現更準確的驗證。身份驗證已經在幫助我們的客戶。我們的數據顯示，簽名時間減少了約 60%。

Later this year, we expect to expand our functionality with a wallet feature that will enable frequent users to save their profile, driving improved efficiency and convenience. These add-ons will be available for all of our plans, including our standard plan, representing an important differentiator for DocuSign's product offering for all customer types.

今年晚些時候，我們預計將通過錢包功能擴展我們的功能，使頻繁用戶能夠保存他們的個人資料，從而提高效率和便利性。這些附加組件將適用於我們的所有計劃，包括我們的標準計劃，這代表了 DocuSign 為所有客戶類型提供的產品的重要差異化優勢。

As I've stated in the past, the value of an agreement is in the data. And every step of the workflow will benefit when it's automated, intelligent and seamlessly integrated into core business systems. Web Forms is delivering on that vision. During the quarter, we shipped and announced more and increasingly sophisticated capabilities to our Web Forms offering. In July, Web Forms became available on DocuSign's FedRAMP Moderate environment, which unlocks new possibilities for our federal state and local government customers to digitize their forms. We also soon ship advanced reporting capabilities, enabling users to unlock data from their agreements to uncover actionable insights and drive data-driven decisions.

正如我過去所說，協議的價值在於數據。當工作流程的每一步都實現自動化、智能化並無縫集成到核心業務系統時，都會受益匪淺。 Web Forms 正在實現這一願景。在本季度，我們發布並宣布了我們的 Web 表單產品越來越複雜的功能。 7 月，Web 表單在 DocuSign 的 FedRAMP Moderate 環境中可用，這為我們的聯邦州和地方政府客戶將其表單數字化提供了新的可能性。我們還將很快推出先進的報告功能，使用戶能夠從其協議中解鎖數據，以發現可操作的見解並推動數據驅動的決策。

This quarter, we also announced that DocuSign Monitor is now available to our CLM customers. Monitor provides a comprehensive and holistic multiproduct view of user activity on one dashboard for both CLM and eSignature, ensuring organizations can quickly and easily detect, investigate and respond to suspicious activity before incidents occur.

本季度，我們還宣布 DocuSign Monitor 現已可供 CLM 客戶使用。 Monitor 在一個儀表板上為 CLM 和電子簽名提供全面、整體的多產品用戶活動視圖，確保組織能夠在事件發生之前快速輕鬆地檢測、調查和響應可疑活動。

For our customers, it's a powerful reassurance, boosting even one high-value agreement can have a significant business impact. We are seeing large marquee organizations across industries, including tech and finance, like DocuSign CLM to transform how they automate their end-to-end agreement processes across their entire enterprise.

對於我們的客戶來說，這是一種強有力的保證，即使是一項高價值的協議也可以產生重大的業務影響。我們看到跨行業（包括技術和金融）的大型組織（例如 DocuSign CLM）正在改變他們在整個企業中自動化端到端協議流程的方式。

As an example, we closed one of our largest CLM deals ever this quarter. This customer is a leading residential solar company turned to our CLM solution to help automate over 1,200 of their agreement templates. Leveraging our document generation and workflow management capabilities, CLM helps them automate the agreement process across teams, adding simplicity and security.

例如，我們本季度完成了有史以來最大的 CLM 交易之一。該客戶是一家領先的住宅太陽能公司，他們採用我們的 CLM 解決方案來幫助其 1,200 多個協議模板實現自動化。利用我們的文檔生成和工作流程管理功能，CLM 幫助他們自動化跨團隊的協議流程，增加了簡單性和安全性。

Now while CLM today represents a small contribution to our overall business, we saw solid year-on-year growth, which is a reflection of our leading market position. We are encouraged by the wins and we have just begun to tap into the potential for this market. More broadly, we continue to make meaningful progress towards our vision of smart agreements.

現在，雖然 CLM 對我們的整體業務貢獻很小，但我們看到了穩健的同比增長，這反映了我們領先的市場地位。我們對這些勝利感到鼓舞，我們剛剛開始挖掘這個市場的潛力。更廣泛地說，我們繼續在實現智能協議的願景方面取得有意義的進展。

Before we discuss our final update, it's worth grounding this portion with a reminder of what's generally true in the market. Individual solutions work but customers suffer when putting together solutions combining different product categories like CLM, eSignature, workflow management, document storage and so on.

在我們討論最終更新之前，有必要提醒一下市場上普遍存在的情況，以奠定這一部分的基礎。單獨的解決方案雖然有效，但在將不同產品類別（例如 CLM、電子簽名、工作流程管理、文檔存儲等）組合在一起的解決方案時，客戶會受到影響。

Today, only the largest enterprises with resources and IT sophistication can link these solutions together at only a significant expense. This depresses the overall consumption and size of market. We are on a multi-quarter path to evolve our offerings towards a platform capable of coordinating broader processes at a fraction of current complexity.

如今，只有擁有資源和 IT 先進性的最大企業才能以高昂的費用將這些解決方案連接在一起。這抑制了整體消費和市場規模。我們正走在一個多季度的道路上，將我們的產品發展成為一個能夠以當前複雜性的一小部分協調更廣泛流程的平台。

Our goal is to unlock the market for intelligent agreement management for millions of businesses, automating billions of hours of manual work and improving business outcomes. Today, we're already monetizing AI directly through our CLM+ product and indirectly through its use in our products such as search.

我們的目標是為數百萬企業打開智能協議管理市場，實現數十億小時的手動工作自動化並改善業務成果。如今，我們已經通過 CLM+ 產品直接通過 AI 貨幣化，並通過在我們的產品（例如搜索）中使用 AI 間接貨幣化 AI。

Our next step on that journey is with AI Labs. With AI Labs, we are co-innovating with our customers. We provide a sandbox where customers can share a select subset of agreements, try new features we're testing. Our customers get early access to developing technology and we receive early feedback that we will incorporate into our products. By working with our customers in the development phase, we're further reinforcing the trusted position we've earned over the last 20 years.

我們的下一步是與人工智能實驗室合作。通過人工智能實驗室，我們正在與客戶共同創新。我們提供了一個沙箱，客戶可以在其中共享選定的協議子集，嘗試我們正在測試的新功能。我們的客戶可以儘早獲得開發技術，我們也可以儘早收到反饋，並將其納入我們的產品中。通過在開發階段與客戶合作，我們進一步鞏固了過去 20 年來贏得的值得信賴的地位。

Next, let me provide an update on the progress we are making with our go-to-market capabilities, balancing scale with efficiency. As we evolve how DocuSign goes to market, integrating our digital direct and partner selling motions to leverage an omnichannel approach. I'd like to provide an update on the progress we're making in our self-serve product like growth channel.

接下來，讓我介紹一下我們在進入市場能力、平衡規模與效率方面所取得的進展。隨著我們不斷發展 DocuSign 進入市場的方式，整合我們的數字直接銷售和合作夥伴銷售活動，以利用全渠道方法。我想提供有關我們在自助產品（如增長渠道）方面取得的進展的最新信息。

The PLG and self-serve capabilities are one of our most important areas of investment. In addition to our continued focus on delivering against our product road map, we're improving our customer experience by making DocuSign products much easier to try and buy. With such a diversified customer base, it's critical that we deliver delightful self-service experiences, not just for growth, but also for scale and efficiency.

PLG 和自助服務能力是我們最重要的投資領域之一。除了繼續專注於按照我們的產品路線圖交付之外，我們還通過使 DocuSign 產品更易於試用和購買來改善我們的客戶體驗。擁有如此多元化的客戶群，我們提供令人愉悅的自助服務體驗至關重要，這不僅是為了增長，也是為了規模和效率。

We made good traction over the quarter, noting higher traffic conversion rates of new customers on our website. We've also unlocked expansion opportunities for customers directly within their product experience, resulting in relative strength through our digital channel.

我們在本季度取得了良好的進展，注意到我們網站上新客戶的流量轉化率更高。我們還直接為客戶的產品體驗釋放了擴展機會，從而通過我們的數字渠道獲得了相對優勢。

We expanded relationships within our partner ecosystem, which is an important part of our omnichannel approach to drive reach and scale. In Q2, we launched pay-as-you-go offering for our ISV partners which enables ISVs to embed DocuSign eSignature in their agreement workflows on a consumption basis. Over the course of the next few months, we will have been featured partners in some of the most important technical conferences, most notably at Google Next, Dreamforce, Deutsche Telekom's Digital X and Microsoft Ignite.

我們擴大了合作夥伴生態系統內的關係，這是我們擴大影響力和規模的全渠道方法的重要組成部分。在第二季度，我們為 ISV 合作夥伴推出了即用即付服務，使 ISV 能夠根據使用量將 DocuSign 電子簽名嵌入其協議工作流程中。在接下來的幾個月中，我們將作為合作夥伴出席一些最重要的技術會議，其中最著名的是 Google Next、Dreamforce、德國電信的 Digital X 和 Microsoft Ignite。

One of the key pillars of our omnichannel is strengthening our direct sales productivity. This was the second consecutive quarter of a higher-than-anticipated rate of on-time renewals, which is a positive sign of increasing go-to-market execution. It's contributed favorably to our billings outperformance for the quarter, which Blake will touch on in the financial update.

我們全渠道的關鍵支柱之一是加強我們的直銷生產力。這是按時續訂率連續第二個季度高於預期，這是市場執行力增強的積極跡象。這對我們本季度的賬單表現做出了積極貢獻，布萊克將在財務更新中談到這一點。

In our international business, expansion remains the largest part of our addressable market, and we are making progress. This past quarter, one of Australia's largest banks expanded their relationship with us. Customers since 2020, they use our solutions to streamline both internal and customer-facing business processes in an effort to remove friction, reduce cost and deliver better experiences.

在我們的國際業務中，擴張仍然是我們目標市場的最大部分，並且我們正在取得進展。上個季度，澳大利亞最大的銀行之一擴大了與我們的關係。自 2020 年以來，客戶使用我們的解決方案來簡化內部和麵向客戶的業務流程，以消除摩擦、降低成本並提供更好的體驗。

The upside potential in our international business is large. And as I had commented on previously, we met with hundreds of our international customers through DocuSign's Momentum events. The excitement about our product road map was contagious, and we look forward to growing our presence globally. We are shaping the future of the agreement category and building on our global scale and trusted market position.

我們的國際業務上升潛力巨大。正如我之前評論的那樣，我們通過 DocuSign 的 Momentum 活動會見了數百名國際客戶。我們的產品路線圖令人興奮不已，我們期待著在全球範圍內擴大業務。我們正在塑造協議類別的未來，並鞏固我們的全球規模和值得信賴的市場地位。

The future of agreements is not about attaching yourself to a legacy document format. As we continue our product evolution by adding intelligence and unlocking the data trapped in agreements, we're increasing productivity, reducing friction and saving our customers' time. This is a fundamental shift in the agreement space.

協議的未來並不是將自己依附於遺留文檔格式。隨著我們通過添加智能和解鎖協議中的數據來不斷改進產品，我們正在提高生產力、減少摩擦並節省客戶的時間。這是協議空間的根本性轉變。

I'm confident in our competitive advantage as DocuSign is the largest player, focused solely on improving the agreement process. Moreover, there's no other company focused on the full end-to-end agreement process for companies of every size from SMBs up to the world's largest enterprises.

我對我們的競爭優勢充滿信心，因為 DocuSign 是最大的參與者，專注於改進協議流程。此外，沒有其他公司專注於為從中小型企業到全球最大企業的各種規模的公司提供完整的端到端協議流程。

In closing, I want to thank DocuSign's employees worldwide for their collective power in driving our success. I'm proud of the tremendous job the team has done navigating the dynamic environment. I'd now like to welcome Blake Grayson who, as you know, joined us in mid-June as our CFO. Blake has proven to be an invaluable addition to our team, and I look forward to our continued partnership. Let me turn it over to Blake to review our financial performance.

最後，我要感謝 DocuSign 的全球員工，他們的集體力量推動了我們的成功。我為團隊在動態環境中所做的巨大工作感到自豪。現在我要歡迎 Blake Grayson，如您所知，他於 6 月中旬加入我們，擔任我們的首席財務官。事實證明，布萊克是我們團隊的寶貴補充，我期待著我們繼續合作。讓我把它交給布萊克來審查我們的財務業績。

Thanks, Allan, for the kind words, and good afternoon, everyone. I'm really excited to join my first earnings call as DocuSign's CFO. Over the last few months, I've gained considerable exposure into the workings of our business and value proposition as we look to transform agreement workflows.

謝謝艾倫的客氣話，大家下午好。我非常高興能夠作為 DocuSign 首席財務官參加我的第一次財報電話會議。在過去的幾個月裡，當我們尋求轉變協議工作流程時，我對我們的業務運作和價值主張有了相當多的了解。

First, I'd like to share what led me to join DocuSign. DocuSign is a powerful brand and a scale in our customer base that is rare in the enterprise software space. We deliver high ROI products that enable our customers to complete agreements faster, easier and more securely. The opportunity for our business is quite large.

首先，我想分享一下促使我加入 DocuSign 的原因。 DocuSign 是一個強大的品牌，其客戶群規模在企業軟件領域是罕見的。我們提供高投資回報率的產品，使我們的客戶能夠更快、更輕鬆、更安全地完成協議。我們的業務機會是相當大的。

And while I am optimistic about our future, we still have work to do to achieve our goals, particularly in a demand environment where companies are appropriately scrutinizing their investments. With that, let me turn to our Q2 results. For the second quarter, total revenue increased 11% year-over-year to $688 million, and subscription revenue also grew 11% year-over-year to $669 million.

雖然我對我們的未來感到樂觀，但我們仍然有工作要做才能實現我們的目標，特別是在公司適當審查其投資的需求環境下。接下來，讓我談談我們第二季度的業績。第二季度總收入同比增長 11% 至 6.88 億美元，訂閱收入也同比增長 11% 至 6.69 億美元。

Our international revenue growth outpaced our domestic business with 17% year-over-year growth to reach $180 million in the second quarter, representing 26% of our total revenue. When I think about the market opportunity ahead, I'm excited by the greenfield space that exists internationally. It is a largely untapped market and a key pillar of future growth. I look forward to updating you on our progress as we work to increase our footprint globally.

我們的國際收入增長超過國內業務，同比增長 17%，第二季度達到 1.8 億美元，占我們總收入的 26%。當我思考未來的市場機會時，我對國際上存在的未開發空間感到興奮。這是一個很大程度上尚未開發的市場，也是未來增長的關鍵支柱。我期待著向您通報我們努力擴大全球足蹟的最新進展。

Second quarter billings rose 10% year-over-year to $711 million. Similar to last quarter, our Q2 billings outperformance was driven by a higher rate of on-time renewals. It is encouraging to see us maintain the higher level of sales execution we saw in Q1 through the first half of the year. However, given the macro environment and headwinds and some expansion metrics, we continue to expect billings growth deceleration in the back half of the year, which is in line with our previously communicated expectations.

第二季度營收同比增長 10% 至 7.11 億美元。與上季度類似，我們第二季度的賬單表現出色是由較高的按時續訂率推動的。令人鼓舞的是，我們在今年上半年保持了第一季度的較高銷售執行水平。然而，考慮到宏觀環境和不利因素以及一些擴張指標，我們繼續預計下半年比林斯增長放緩，這符合我們之前傳達的預期。

We added approximately 37,000 new customers during the quarter, which brings our total customer base to 1.44 million, a 12% increase year-over-year. This includes the addition of approximately 6,000 direct customers to reach a total direct customer base of 226,000, an 18% year-over-year increase. We also saw a 6% year-over-year increase in customers with an annualized contract value exceeding $300,000 with a total of 1,047 customers.

本季度我們新增約 37,000 名新客戶，使我們的總客戶群達到 144 萬，同比增長 12%。其中包括增加約 6,000 名直接客戶，直接客戶總數達到 226,000 名，同比增長 18%。年化合同價值超過 30 萬美元的客戶數量同比增長 6%，共有 1,047 名客戶。

Similar to last quarter, the quarter-on-quarter decline in this customer segment was primarily related to customer buying patterns, lower expansion rates and partial churn. However, as we ship innovative features to deepen our product lineup and differentiate our offerings, more customers are recognizing the value of adopting our features and frictionless functionality.

與上季度類似，該客戶群的環比下降主要與客戶購買模式、較低的擴張率和部分客戶流失有關。然而，隨著我們推出創新功能來深化我們的產品陣容並差異化我們的產品，越來越多的客戶認識到採用我們的功能和無障礙功能的價值。

This increases product stickiness, and we are pleased that over 50% of our direct customers have now adopted 5 or more features, an increase of nearly 10 points year-over-year. Dollar net retention was 102% for the quarter. We're seeing continued macro pressures resulting in moderated expansion rates. And as we expect customers to continue scrutinizing budgets and optimizing spend, we anticipate the Q3 dollar net retention rate to trend downward.

這增加了產品粘性，我們很高興超過 50% 的直接客戶現已採用 5 個或更多功能，同比增長近 10 個百分點。本季度美元淨保留率為 102%。我們看到持續的宏觀壓力導致擴張速度放緩。由於我們預計客戶將繼續審查預算並優化支出，因此我們預計第三季度的美元淨保留率將呈下降趨勢。

From a vertical perspective, we saw pockets of relative strength within health care, insurance and business services. One of the most significant strengths I've gained insight into is DocuSign's broad and diverse customer base, which enables us to help offset pressures from verticals that are more sensitive to the interest rate environment, such as real estate.

從垂直角度來看，我們在醫療保健、保險和商業服務領域看到了相對優勢。我深入了解的最重要的優勢之一是 DocuSign 廣泛且多樣化的客戶群，這使我們能夠幫助抵消來自對利率環境更為敏感的垂直行業（例如房地產）的壓力。

Given the large breadth and depth of our installed base and the investments we're making in product innovation, we believe that as the macro environment stabilizes or improves, DocuSign will be well positioned to capture expansion opportunities. Non-GAAP gross margin for the second quarter was 82%, in line with the prior year. Second quarter non-GAAP subscription gross margin was 85%, also in line with the prior year.

鑑於我們的安裝基礎的廣度和深度以及我們在產品創新方面進行的投資，我們相信，隨著宏觀環境的穩定或改善，DocuSign 將處於有利地位以抓住擴張機會。第二季度非 GAAP 毛利率為 82%，與上年同期持平。第二季度非 GAAP 訂閱毛利率為 85%，也與上年同期持平。

Q2 non-GAAP operating income reached $170 million, up 51% from the prior year. Non-GAAP operating margin of 25%, was up nearly 700 basis points compared to 18% last year. As discussed on last quarter's call, we are executing against our investment plan. Our philosophy on vesting is consistent. We'll maintain continued disciplined investments to drive growth in our top line over time.

第二季度非 GAAP 營業收入達到 1.7 億美元，比上年增長 51%。非 GAAP 運營利潤率為 25%，比去年的 18% 增長了近 700 個基點。正如上季度電話會議所討論的，我們正在執行我們的投資計劃。我們的兌現理念是一致的。我們將繼續保持嚴格的投資，以推動我們的收入隨著時間的推移而增長。

Although we expect to ramp investment in the back half of this year, we still expect to exit the year with operating margins better than they were prior to our restructuring efforts. Q2 non-GAAP EPS was $0.72, an improvement of $0.28 from last year of $0.44. We ended Q2 with 6,748 employees compared to 8,061 the year prior. Second quarter operating cash flow was $211 million, representing a 31% margin and an increase of 75% versus the same quarter a year ago.

儘管我們預計將在今年下半年加大投資，但我們仍然預計今年結束時的營業利潤率將好於重組前的水平。第二季度非 GAAP 每股收益為 0.72 美元，比去年的 0.44 美元增加了 0.28 美元。第二季度末，我們擁有 6,748 名員工，而去年同期為 8,061 名。第二季度運營現金流為 2.11 億美元，利潤率為 31%，較去年同期增長 75%。

Free cash flow for the quarter was also up 74% year-over-year, coming in at $184 million, representing a 27% margin. As I'm learning more about the business, I am impressed with our ability to consistently generate strong free cash flow.

該季度的自由現金流也同比增長 74%，達到 1.84 億美元，利潤率為 27%。隨著我對業務的了解越來越多，我們持續產生強勁自由現金流的能力給我留下了深刻的印象。

With regards to the balance sheet, we exited Q2 with more than $1.5 billion in cash, cash equivalents and investments. We currently have approximately $725 million in convertible debt that will be maturing over the next few months.

就資產負債表而言，第二季度結束時，我們擁有超過 15 億美元的現金、現金等價物和投資。我們目前擁有約 7.25 億美元的可轉換債務，這些債務將在未來幾個月內到期。

Our strong cash position is a reflection of the operating leverage in our business model that provides a strong level of flexibility. And as we think about utilizing this cash, we will do so thoughtfully ensuring our capital is strategically deployed. Related to this, we redeployed excess capital during the quarter and repurchased 583,000 shares for approximately $30 million.

我們強勁的現金狀況反映了我們業務模式中的運營槓桿，提供了強大的靈活性。當我們考慮使用這筆現金時，我們將深思熟慮，確保我們的資本得到戰略性部署。與此相關的是，我們在本季度重新部署了多餘資本，並以約 3,000 萬美元的價格回購了 583,000 股股票。

We also announced today that we are increasing the size of our share repurchase program to $500 million, up from $200 million as we continue to focus on being opportunistic, reducing dilution and returning excess capital to shareholders as appropriate. In addition to our share repurchase program, during the quarter, we used $40 million to pay taxes due on RSU settlements, reducing the dilutive impact of our equity programs.

我們今天還宣布，我們將把股票回購計劃的規模從 2 億美元增加到 5 億美元，因為我們將繼續專注於機會主義、減少稀釋並酌情將多餘資本返還給股東。除了我們的股票回購計劃之外，本季度我們還使用了 4000 萬美元來繳納 RSU 和解稅款，從而減少了股權計劃的攤薄影響。

With that, let me turn to our Q3 and fiscal '24 guidance. To reiterate, while we're pleased with our Q2 financial results, we're also cautious in light of an uncertain macro environment and competitive dynamics. For the third quarter and fiscal year '24, we expect total revenue of $687 million to $691 million in Q3 or a 6% to 7% year-over-year increase and $2.725 billion to $2.737 billion for fiscal '24 or an 8% to 9% year-over-year increase.

接下來，讓我談談我們的第三季度和 24 財年指導。重申一下，雖然我們對第二季度的財務業績感到滿意，但鑑於不確定的宏觀環境和競爭動態，我們也持謹慎態度。對於第三季度和24 財年，我們預計第三季度總收入為6.87 億美元至6.91 億美元，同比增長6% 至7%，24 財年總收入為27.25 億美元至27.37 億美元，同比增長8 %。同比增長9%。

Of this, we expect subscription revenue of $669 million to $673 million in Q3 or a 7% to 8% year-over-year increase and $2.649 billion to $2.661 billion for fiscal '24 or an 8% to 9% year-over-year increase. For billings, we expect $668 million to $678 million in Q3 or a 1% to 3% growth rate year-over-year and $2.804 billion to $2.824 billion for fiscal '24 or growth of 5% to 6% year-over-year.

其中，我們預計第三季度訂閱收入為 6.69 億美元至 6.73 億美元，同比增長 7% 至 8%，24 財年訂閱收入為 26.49 億美元至 26.61 億美元，同比增長 8% 至 9%增加。對於賬單，我們預計第三季度的收入為6.68 億美元至6.78 億美元，同比增長率為1% 至3%；24 財年的收入為28.04 億美元至28.24 億美元，同比增長率為5% 至6%。

We expect non-GAAP gross margin to be 81% to 82% for both Q3 and fiscal '24. We expect non-GAAP operating margin to reach 22% to 23% for Q3 and 23% to 24% for fiscal '24. We expect non-GAAP fully diluted weighted average shares outstanding of 207 million to 212 million for both Q3 and fiscal '24.

我們預計第三季度和 24 財年的非 GAAP 毛利率將為 81% 至 82%。我們預計第三季度非 GAAP 運營利潤率將達到 22% 至 23%，24 財年將達到 23% 至 24%。我們預計第三季度和 24 財年的非 GAAP 完全稀釋加權平均流通股數量為 2.07 億至 2.12 億股。

In closing, I want to thank our team for their warm welcome and their commitment to work with our customers in a challenging environment, and I look forward to connecting with many of you in the near future. We are focused on executing against the key initiatives that we believe will drive future long-term growth and expansion as well as being mindful of efficiency opportunities that will set us up for profitable, sustainable growth.

最後，我要感謝我們的團隊的熱情歡迎以及他們在充滿挑戰的環境中與客戶合作的承諾，我期待著在不久的將來與你們中的許多人聯繫。我們專注於執行我們認為將推動未來長期增長和擴張的關鍵舉措，並關注為我們實現盈利、可持續增長的效率機會。

As Allan mentioned, we are the only company at scale that is solely focused on helping customers improve the agreement process. We look forward to keeping you updated on our progress as we continue to evolve the agreement workflow category and help our customers become more productive and more efficient. That concludes our prepared remarks. With that, operator, let's open up the call for questions.

正如艾倫提到的，我們是唯一一家專注於幫助客戶改進協議流程的規模化公司。隨著我們不斷發展協議工作流程類別並幫助我們的客戶提高生產力和效率，我們期待向您通報我們的最新進展。我們準備好的發言到此結束。那麼，接線員，讓我們開始提問吧。

(Operator Instructions) Our first question comes from the line of Mark Murphy with JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的馬克·墨菲（Mark Murphy）。

This is Sonak Kolar on for Mark Murphy. Congrats on the healthy execution this quarter. Allan, just quickly on the AI front. You discussed a number of the exciting AI product launches you had at the recent Momentum conference. Are there any specific products you would call out in which you see the greatest incremental monetization or upsell potential longer term, whether that's around ID verification, agreement summarization or some of the other areas, for example?

我是馬克·墨菲的索納克·科拉爾。祝賀本季度的健康執行。艾倫，請快速談談人工智能方面的問題。您討論了在最近的 Momentum 會議上發布的一些令人興奮的人工智能產品。您是否會指出哪些特定產品可以帶來最大的長期增量貨幣化或追加銷售潛力，例如，無論是身份驗證、協議摘要還是其他一些領域？

Yes. Look, I think we think AI will impact practically all of our products at every step of the agreement workflow. So I don't know that there's a -- just one call out. But maybe to drive off a couple that I'm most interested in, I certainly think that the broader, should we say, agreement analytics category is poised to be completely revamped with Generative AI. We were an early investor in that category. We saw that coming together with CLM 4 or 5 years ago and made a couple of strategic investments and been a leader in that space, but have been held back by fundamental technology.

是的。看，我認為人工智能將在協議工作流程的每一步影響我們幾乎所有的產品。所以我不知道有沒有——只有一個呼籲。但也許為了趕走我最感興趣的幾個，我當然認為更廣泛的，我們應該說，協議分析類別將被生成人工智能徹底改造。我們是該類別的早期投資者。我們在四五年前與 CLM 合作，進行了幾項戰略投資，並成為該領域的領導者，但受到基礎技術的阻礙。

And I think now with Generative AI, we can do a substantially better job more seamlessly, lighter weight with less professional services. And so I'm very excited to think about how it transformed the CLM category and enables us to deliver more intelligent agreements. I think you mentioned IDV. I agree 100%. Fundamentally, that entire category is AI-enabled. The upload and ingestion of your ID recognition of it and then that Liveness Detection where we're detecting who you are and that you are present and matching that to ID, that would simply not be possible without today's AI technology and really takes -- just dramatically reshapes the ability to trade off risk and convenience. So I think that's a good one.

我認為現在有了生成式人工智能，我們可以以更無縫、更輕的重量和更少的專業服務做得更好。因此，我很高興想到它如何改變 CLM 類別並使我們能夠交付更智能的協議。我想你提到了IDV。我100%同意。從根本上說，整個類別都是人工智能支持的。上傳和攝取您的 ID 識別信息，然後進行活體檢測，我們檢測您是誰以及您在場並將其與 ID 進行匹配，如果沒有當今的人工智能技術，這根本不可能實現，而且確實需要 — —極大地重塑了權衡風險和便利的能力。所以我認為這是一件好事。

And -- but I really do think that it works across the entire flow. We use it today. And when you use DocuSign eSignature today, we automatically recognize your field. That's the AI working detecting what's going on in the agreement. So I've got to put them in that order, though.

而且——但我確實認為它在整個流程中都有效。我們今天使用它。當您今天使用 DocuSign 電子簽名時，我們會自動識別您的字段。這是人工智能在檢測協議中發生的情況。所以我必須把它們按這個順序排列。

Great. And then a quick follow-up for Blake. Any context that you can provide in terms of how the macro environment might have trended for Q2 relative to Q1? Were there any signs of improvement in underlying demand trends or maybe pockets of relative stability?

偉大的。然後是布萊克的快速跟進。您能否提供有關第二季度宏觀環境相對於第一季度的趨勢的任何背景信息？潛在需求趨勢是否有任何改善的跡象，或者可能存在相對穩定的情況？

Sure. Thanks for the question. I think that from a macro perspective, overall, it seemed pretty similar, I think, from Q1 into Q2. You've got certain verticals and certain areas that show relative strength, and we talked about those probably in a couple in the prepared remarks. And you have other verticals that are obviously still under some stress. And so we have to deal with that. I think that on the macro side, the biggest pressure point that I think we deal with is how CFOs, people in my position, are generally scrutinizing investments across the board.

當然。謝謝你的提問。我認為從宏觀角度來看，總體而言，從第一季度到第二季度似乎非常相似。你有某些垂直領域和某些領域顯示出相對優勢，我們可能在準備好的評論中討論過這些內容。還有其他垂直行業顯然仍然面臨著一些壓力。所以我們必須處理這個問題。我認為，在宏觀方面，我認為我們面臨的最大壓力點是首席財務官，也就是我這個職位的人，通常如何全面審查投資。

And so for us, it's trying to work with them and provide the best value that we can. But nothing -- I would say, nothing stands out from Q2, I think, from into Q1, but we're still in, obviously, a bit of an uncertain environment.

因此，對於我們來說，我們正在努力與他們合作並提供我們力所能及的最佳價值。但沒有什麼——我想說，從第二季度到第一季度，沒有什麼突出的地方，但顯然我們仍然處於一個有點不確定的環境中。

Our next question comes from the line of Brent Thill with Jefferies.

我們的下一個問題來自布倫特·希爾和杰弗里斯的對話。

This is Luv Sodha on for Brent Thill. And welcome to Blake. I wanted to ask one to Allan. Maybe, Allan, could you talk a little bit about the go-to-market execution? I know you mentioned the focus on product-led growth. But just talk about how it has been with the focus on product-led growth, what has been the approach to attract larger customers? And has it been more challenging? Or is it in line with your expectations?

我是 Luv Sodha 為 Brent Thill 發言。歡迎來到布萊克。我想向艾倫問一個。艾倫，您能否談談上市執行情況？我知道您提到了對產品主導型增長的關注。但僅談談以產品為主導的增長的情況如何，吸引更多客戶的方法是什麼？是否更具挑戰性？或者說符合你的預期嗎？

Yes. I'd say, first, we remain primarily dependent on our direct sales channel. That is our primary go-to-market. That will be the case for the foreseeable future. And so the execution that you're seeing in the numbers is a result of that. I'm particularly happy with the customer success and renewal management team who delivered, as we mentioned, another quarter of strong on-time renewals.

是的。我想說，首先，我們仍然主要依賴我們的直銷渠道。這是我們的主要市場推廣。在可預見的未來，情況仍將如此。所以你在數字中看到的執行結果就是這樣的結果。我對客戶成功和續訂管理團隊感到特別滿意，正如我們提到的，他們又實現了四分之一的按時續訂。

Also, a huge emphasis all throughout the pre-sales, sales and post-sales process on adoption of features that make our products more sticky and more valuable to customers. And as Blake alluded to, we saw nice progress there. As we look ahead, it will be critical to continue that transformation of the sales organization, given the expanding breadth of our product offering and the need to pitch at an even higher level.

此外，在整個售前、銷售和售後流程中都非常重視採用使我們的產品對客戶更具粘性和更有價值的功能。正如布萊克提到的，我們看到了良好的進展。展望未來，鑑於我們產品供應的廣度不斷擴大以及需要達到更高的水平，繼續銷售組織的轉型至關重要。

But I'm very bullish on the progress that our direct team is making. I'd be remiss if I didn't also mention I think we made a significant adjustment, as you will recall, in February, with restructuring effort. 95% of that effort was in the field organization. And yet, we, I think, are continuing to be able to execute. So that speaks highly, I think, of the management team's effort there.

但我非常看好我們的直接團隊正在取得的進展。如果我沒有提到我認為我們在二月份進行了重大調整，即重組工作，那就是我的失職。 95% 的工作是在現場組織中進行的。然而，我認為我們仍然能夠執行。我認為，這充分說明了管理團隊在這方面所做的努力。

I'd just add beyond the direct sales execution, as I mentioned, is primary, there are 2 other points, the digital part, where we are seeing really good progress, and that business is growing a little bit faster, and I'm very pleased with the progress there. And then the third leg of the stool is our partner channel, and we are starting to ship features that will enable us to grow that channel so that we can have a really nice omnichannel direct self-serve and partner go to market.

我只想補充一點，除了直接銷售執行之外，正如我提到的，這是主要的，還有其他兩點，數字部分，我們看到了非常好的進展，而且業務增長得更快了一點，我對那裡的進展非常滿意。然後凳子的第三條腿是我們的合作夥伴渠道，我們開始提供使我們能夠發展該渠道的功能，以便我們可以擁有非常好的全渠道直接自助服務和合作夥伴進入市場。

Perfect Yes, just had a quick follow-up for Blake. Just on the net dollar retention, Blake, just -- I know you said it would trend down a little bit further from the 1% or 2%. But any indication as to when we could potentially see some stabilization in that metric?

完美 是的，剛剛對布萊克進行了快速跟進。就淨美元保留率而言，布萊克，我知道你說過它會從 1% 或 2% 進一步下降。但有跡象表明我們何時可以看到該指標趨於穩定嗎？

Yes, sure. So just a reminder and then it's also for me as I'm learning the business. The DNR, the dollar net retention, is only for our direct customers and only for those with a tenure of at least a year. Our kind of communications on this figure is in line with our previous communications regarding the trends. And as covered in the prepared remarks here, let me say we do expect continued pressure into Q3.

是的，當然。所以這只是一個提醒，對我來說也是如此，因為我正在學習這項業務。 DNR（美元淨保留）僅適用於我們的直接客戶，並且僅適用於那些使用期限至少一年的客戶。我們對此圖的溝通方式與我們之前關於趨勢的溝通方式一致。正如此處準備好的發言所述，我想說的是，我們確實預計第三季度將繼續面臨壓力。

It's -- in a tough macro environment where companies are scrutinizing investments, it can lead to smaller expansion opportunities. And this is really why the product development focus for us and the road map is so important because that's how we can try to provide chances to impact that trend and that's exclusive of macro forecast. So for us to impact that number, that's kind of that longer-term product road map that we can drive to essentially be able to provide customers the chance and opportunity to do more with us to provide them better ROIs and better productivity opportunities.

在企業審查投資的嚴峻宏觀環境中，這可能會導致擴張機會變小。這就是為什麼我們的產品開發重點和路線圖如此重要，因為這就是我們如何嘗試提供影響這一趨勢的機會，而這不包括宏觀預測。因此，對於我們來說，要影響這個數字，這就是我們可以推動的長期產品路線圖，本質上能夠為客戶提供與我們一起做更多事情的機會和機會，從而為他們提供更好的投資回報率和更好的生產力機會。

And we've got a lot of initiatives underway to try and make progress there. But with regards to trying to call any time further out beyond Q3, we're not prepared to talk about that at this time.

我們正在進行許多舉措，試圖在這方面取得進展。但關於嘗試在第三季度之後的任何時間打電話，我們目前不准備談論這個問題。

Our next question comes from the line of Tyler Radke with Citi.

我們的下一個問題來自花旗銀行的泰勒·拉德克 (Tyler Radke)。

I wanted to just get your perspective, Blake, and congrats on the role here. On the international opportunity, you highlighted that as a big opportunity that you saw coming on board. But how are you thinking about the size of that business potentially over time? And any thoughts on potential investments that you can make to better go after that?

我想听聽你的看法，布萊克，祝賀你獲得這個角色。關於國際機遇，您強調這是一個您認為即將出現的巨大機遇。但隨著時間的推移，您如何看待該業務的潛在規模？為了更好地實現這一目標，你對潛在的投資有什麼想法嗎？

Sure. I think from just my history, one of the experiences that I bring and just the perspective is the international business and in a previous role at Amazon, I've led finance for the international group there. And the TAM outside of North America is huge and yet it only flex 25%, 26% of our total revenue. So I think the opportunity for us over the long term there, there's no reason why that shouldn't grow as a percent of the total.

當然。我認為從我的歷史來看，我帶來的經驗和視角之一就是國際業務，在亞馬遜之前的職位中，我領導了那裡的國際集團的財務工作。北美以外的 TAM 規模巨大，但僅占我們總收入的 25%、26%。因此，我認為從長遠來看，我們的機會在總數中所佔的比例沒有理由不增長。

I think that you've heard Allan talk about the expansion opportunities. We just opened an office in Munich in Germany. And so we are making investments there, and we are seeing those green shoots of opportunity. So it's a process for us, right? And when we talk about product development, we talk about product development globally. It's not like a North America only kind of endeavor.

我想您已經聽過艾倫談論擴張機會。我們剛剛在德國慕尼黑開設了辦事處。因此，我們正在那裡進行投資，並且我們看到了機會的萌芽。所以這對我們來說是一個過程，對嗎？當我們談論產品開發時，我們談論的是全球產品開發。這並不是北美獨有的嘗試。

And so when we do that and we keep a focus on the global nature of this business, I'm cautiously optimistic that we have an opportunity to really expand our footprint there.

因此，當我們這樣做並繼續關注這項業務的全球性質時，我謹慎樂觀地認為我們有機會真正擴大我們在那裡的足跡。

Yes. Maybe I can add a little bit more color there. So on the product side, let's take Germany as an example. We launched the ID Verification for EU qualified last quarter. We are a qualified trust provider in the EU. And it puts us in a very unique and strong market position. And the German market is particularly sensitive to those regulatory issues.

是的。也許我可以在那裡添加更多顏色。那麼在產品方面，我們以德國為例。我們上季度推出了歐盟資格的身份驗證。我們是歐盟合格的信託提供商。它使我們處於非常獨特和強大的市場地位。德國市場對這些監管問題尤其敏感。

One of the things we're launching and that we previewed it at Momentum conference, we -- is a wallet capability or essentially, once you log in once with this IT system, you can auto log-in in the future, further reducing the friction added by having more security. And that's been the traditional risk trade-off that companies have faced.

我們正在推出並在 Momentum 會議上預覽過的一件事是錢包功能，或者本質上，一旦您使用此 IT 系統登錄一次，您就可以在將來自動登錄，從而進一步減少更高的安全性會增加摩擦。這就是公司面臨的傳統風險權衡。

So we're, I think, very optimistic about our position in the German market. And as Blake mentioned, we just booked an office there, and I'm going there again next Sunday. In Japan, we're at an even earlier stage of market development. And just at the end of August, we launched a fully localized CLM, which I believe is the first Western-style CLM introduced in Japan, and there's a lot of interest and appetite for that.

因此，我認為我們對我們在德國市場的地位非常樂觀。正如布萊克提到的，我們剛剛在那裡預訂了一個辦公室，下週日我會再去那裡。在日本，我們正處於市場開發的早期階段。就在 8 月底，我們推出了完全本地化的 CLM，我相信這是在日本推出的第一個西式 CLM，人們對此有很大的興趣和胃口。

I was in Tokyo a few weeks ago. We're very bullish on the opportunity in the Japanese market as well. So beyond the markets where we can invest at that level, we will use our self-serve and partner channels to ensure that we're available essentially everywhere where agreements are signed.

幾週前我在東京。我們也非常看好日本市場的機會。因此，除了我們可以進行該級別投資的市場之外，我們將利用我們的自助服務和合作夥伴渠道來確保我們基本上可以在簽署協議的任何地方提供服務。

Great. And a follow-up question just on underlying growth. And certainly, there was some interesting slides in the presentation. But if I look at 4 quarter trailing billings quarter -- sorry, rolling 4-quarter billings growth. It seems like billings growth over the last 4 quarters has been stabilizing in the low double digits. You saw subscription growth only decel about 1 point this quarter.

偉大的。後續問題只是關於潛在增長。當然，演示中有一些有趣的幻燈片。但如果我看一下第四季度的往績季度賬單——抱歉，第四季度的賬單增長是滾動的。過去四個季度的比林斯增長似乎一直穩定在低兩位數。您看到本季度的訂閱增長僅下降了約 1 個百分點。

Do you feel like the business is kind of stabilizing here? How should we just think about the normalized growth environment as you kind of process the puts and takes in the quarter?

您覺得這裡的業務趨於穩定嗎？當您處理本季度的賣出和賣出時，我們應該如何考慮正常化的增長環境？

Sure. And I'll take a stab and Allan will jump in, I'm sure if he wants to add any color. So yes, generally, really pleased with how Q2 performed. But like you heard in the prepared remarks, we still have work to do ahead of us. We did double-digit billings and revenue growth year-over-year in Q2. Customers are adopting 5 or more features -- direct customers are adopting 5 or more features at an increasing pace year-over-year. Our total customer count grew double digits year-over-year. International grew well.

當然。我會嘗試一下，艾倫也會加入進來，我確定他是否想添加任何顏色。所以，是的，總的來說，我對第二季度的表現非常滿意。但正如您在準備好的發言中聽到的那樣，我們仍有工作要做。第二季度我們的賬單和收入同比增長了兩位數。客戶正在採用 5 種或更多功能——直接客戶採用 5 種或更多功能的速度逐年加快。我們的客戶總數同比增長兩位數。國際增長良好。

And we also produced really strong free cash flow for the quarter. We generated $187 million free cash flow off a pretty large foundational base of customers. And obviously, we need to work on retention rates and drive growth, but a decent quarter for us. I think with regard to the future, there are puts and takes every quarter with that billings number.

我們本季度還產生了非常強勁的自由現金流。我們從相當大的基礎客戶群中產生了 1.87 億美元的自由現金流。顯然，我們需要努力提高保留率並推動增長，但這對我們來說是一個不錯的季度。我認為就未來而言，每個季度都會有與該比林斯數字相關的看跌期權和索取期權。

And I appreciate that you're using the 4-quarter trailing number. I think that's a good way to look at it. Over Q1 and Q2, we have that strength in on-time renewals, right? And it's forecasted to continue, but there is pressure, as we've previously mentioned, around lower expansion rates and some macro uncertainty. And so that billings number can be a little volatile. I would say that the full year guide that we just announced for billings is actually a bit stronger than it was for our last quarter.

我很欣賞您使用 4 季度的尾隨數字。我認為這是一個很好的看待它的方式。在第一季度和第二季度，我們在按時續訂方面有實力，對吧？預計這種情況將持續下去，但正如我們之前提到的，存在著較低的擴張率和一些宏觀不確定性的壓力。因此，賬單數字可能會有些波動。我想說的是，我們剛剛宣布的全年賬單指南實際上比上個季度的要強一些。

So for me, as I think about the business and what I'm most focused on is how do we turn the chapter to a new period of growth, we have to be focused on the long term on continuous product innovation that can drive that future expansion. And that takes some time. But again, this is -- we have a very large kind of core fundamental base book of business, that's the free cash flow generator. But for us, going forward, we're excited to deliver on a product road map that we believe over the long term can deliver growth opportunities.

因此，對我來說，當我思考業務時，我最關注的是我們如何將這一篇章轉向新的增長時期，我們必須長期關注能夠推動未來的持續產品創新擴張。這需要一些時間。但同樣，我們有一個非常大的核心基本業務基礎，那就是自由現金流生成器。但對我們來說，展望未來，我們很高興能夠提供產品路線圖，我們相信從長遠來看可以帶來增長機會。

I think that's well said, Blake. I would just add. I think this is a transformational year for DocuSign where we're making the investments to enable the next phase of growth. We're happy that we're able to sustain the business nicely. But we're not satisfied with that, and we are planning and executing towards further acceleration in the years to come.

我認為這句話說得很好，布萊克。我只想補充一下。我認為今年對於 DocuSign 來說是轉型的一年，我們正在進行投資以實現下一階段的增長。我們很高興能夠很好地維持業務。但我們並不滿足於此，我們正在計劃和執行，以在未來幾年進一步加速。

Our next question comes from the line of Jake Roberge with William Blair.

我們的下一個問題來自傑克·羅伯格和威廉·布萊爾的對話。

Has the macro started to impact the top of funnel at all or most of the headwinds still related to just that expansion motion? And then how is linearity of demand throughout the quarter? Have there been any noticeable changes on the macro front, especially as we've gone through July and August?

宏觀經濟是否已經開始影響漏斗頂部，或者大部分阻力仍然與擴張運動有關？那麼整個季度的需求線性度如何？宏觀方面是否有任何明顯的變化，特別是在我們經歷了七月和八月之後？

Sure. And I'll take a stab. Let me try to address your last question first. I think on the linearity, it's generally in line with our historical trends. Monthly results can be volatile in this business just due to our sales cycle. What I would say is that the linearity trends, if you will, they're already reflected in our guide. So nothing material to call out from a linearity perspective.

當然。我會嘗試一下。讓我先嘗試解決你的最後一個問題。我認為就線性而言，它總體上符合我們的歷史趨勢。由於我們的銷售週期，該業務的每月業績可能會波動。我想說的是，如果你願意的話，線性趨勢已經反映在我們的指南中。因此，從線性角度來看，沒有什麼值得指出的。

I think on the macro component for us, the expansion, I think, is the biggest part. And as I referred to before, we have a very large base of business, over 1.4 million customer accounts. And so that, I think, is on the expansion side is what is probably the more impactful component, and you can see that in the DNR rate.

我認為就我們的宏觀組成部分而言，我認為擴張是最大的部分。正如我之前提到的，我們擁有非常龐大的業務基礎，超過 140 萬個客戶帳戶。因此，我認為，擴張方面可能是更有影響力的組成部分，您可以在 DNR 率中看到這一點。

Yes. I think that's spot on. I would simply add that the relative strength in our digital business, I think, reflects that the SMB segment is doing well. And that is new customer acquisition. I think it reinforces the themes that Blake was talking about.

是的。我認為這是正確的。我只想補充一點，我認為我們數字業務的相對優勢反映了中小企業部門的表現良好。這就是新客戶的獲取。我認為它強化了布萊克談論的主題。

Helpful. And then Allan, you made quite a bit of organizational changes over the past year with 2 reps, a new CFO, Head of Sales and President. Do you feel like the structural changes are behind us at this point? And then when do you think those changes start bearing more fruit for DocuSign just as a broader org just given those changes will likely take a few quarters, if not years to play out?

有幫助。然後艾倫，在過去的一年裡，您對組織進行了相當多的變革，任命了兩名代表、一名新的首席財務官、銷售主管和總裁。您是否覺得結構性變化現在已經過去了？那麼您認為這些變化什麼時候開始為 DocuSign 帶來更多成果，就像一個更廣泛的組織剛剛考慮到這些變化可能需要幾個季度甚至幾年才能發揮作用一樣？

So you're absolutely correct. We've made a substantial effort over the last 15 to 18 months to attract a world-class leadership team that has deep experience, but it's also hungry for the excitement and the challenge of DocuSign's next chapter. I'm really happy with who we've been able to attract. I think it speaks to the opportunity into DocuSign's brand and the quality of the company. The kinds of folks that we've been able to attract not just after [IRR] but also prior.

所以你是完全正確的。在過去的 15 到 18 個月裡，我們付出了巨大的努力來吸引一支擁有豐富經驗的世界級領導團隊，但他們也渴望 DocuSign 下一章的興奮和挑戰。我對我們能夠吸引到的人感到非常高興。我認為這說明了 DocuSign 品牌和公司質量的機會。我們不僅能夠在[IRR]之後吸引到這樣的人，而且還能夠在之前吸引到這些人。

I do think we have a relatively full team now, both directly reporting to me and in fact, in the next couple of layers. I don't have any open positions, they're the top 2 layers for me, and that's not been the case for a long time. So I think we're really making good progress also in filling in some of the key leadership roles at the next level.

我確實認為我們現在擁有一個相對完整的團隊，他們直接向我匯報，事實上，在接下來的幾層中。我沒有任何空缺職位，它們對我來說是最上面的兩層，而且很長一段時間以來都沒有這樣的情況。因此，我認為我們在填補下一級別的一些關鍵領導角色方面也確實取得了良好進展。

So I feel like the organization is now more ready and poised to fully capitalize on the opportunity ahead of us. In terms of how that plays into that's -- that is the enabler for and the requirement for both the product road map, the GTM transformation and then the growth in the outer years. So we didn't do that first. We couldn't make progress on the other things.

因此，我覺得該組織現在已經做好了充分的準備，可以充分利用我們面前的機會。就其如何發揮作用而言，這是產品路線圖、GTM 轉型以及外部幾年增長的推動因素和要求。所以我們一開始並沒有這樣做。我們無法在其他事情上取得進展。

Our next question comes from the line of Brad Sills with Bank of America.

我們的下一個問題來自美國銀行的布拉德·希爾斯 (Brad Sils)。

I wanted to ask a question around the international strength you're seeing. Any countries you'd call out there? And as you've been investing in international, are there any regions that we should expect to see perhaps some incremental traction from here?

我想問一個關於你所看到的國際實力的問題。您會打電話給哪些國家？當您一直在國際上進行投資時，我們是否應該期望在某些地區看到一些增量牽引力？

I'll just comment. Regionally, I wouldn't say there's necessarily one standout versus the rest. But I just think we had general strength outside of North America, which I actually appreciate because it just goes to the kind of notion about the product and the value offering that we have. And so how do we expand that larger going further.

我就評論一下吧從地區來看，我並不認為一定有一個能夠脫穎而出。但我只是認為我們在北美以外擁有總體實力，我實際上很欣賞這一點，因為這涉及到我們所擁有的產品和價值提供的概念。那麼我們如何進一步擴大規模呢？

And I think also that as far as like new plans and new regions, we'll take that on a case-by-case basis. I think it's the one nice thing for us, I think, in this business is the marginal cost to expand is not terribly large, right, with us. And so for us, it's opening a sales office and the kind of thing, and you want to have the situation laid out appropriately in order to have the right leadership and scale and things like that.

我還認為，就新計劃和新地區而言，我們將根據具體情況進行處理。我認為這對我們來說是一件好事，我認為，在這項業務中，擴張的邊際成本對我們來說並不是很大，對吧。因此，對我們來說，就是開設一個銷售辦事處之類的事情，你希望適當地安排情況，以便擁有正確的領導力和規模以及類似的事情。

But I don't have anything with that individual countries to reference other than the anecdotes that Allan already provided around Asia and Europe.

但除了艾倫已經在亞洲和歐洲提供的軼事之外，我對這些國家沒有任何可以參考的信息。

But in general, I'd say I think all the international regions, Europe, APAC, LatAm, all grew double digits.

但總的來說，我認為所有國際地區，歐洲、亞太地區、拉丁美洲，都實現了兩位數增長。

Yes. It was strong across the board is what I would say for us. Internationally, we're pleased with our international progress regardless of the region.

是的。我想說的是，我們的整體表現都很強勁。在國際上，無論在哪個地區，我們都對我們的國際進展感到滿意。

Yes.

是的。

Great to hear. And then just with regard to the restructuring effort and the direct sales organization, do you feel like -- Allan, I think your comments are that you feel like you got the right team in place. But are the efforts to restructure the existing organization, is that largely in the past? Do you feel like you're kind of set up now such that you're kind of in a place where the plan -- the organization in place from here can execute?

很高興聽到。然後，就重組工作和直銷組織而言，您是否覺得——艾倫，我認為您的評論是您覺得自己擁有合適的團隊。但重組現有組織的努力基本上已經成為過去了嗎？你是否覺得你現在已經做好了準備，可以執行計劃——這裡的組織？

We don't have any plans for any major restructurings of our sales organizations. Obviously, you're always tuning things and I think we're continuing to evolve that, but nothing major and nothing that would -- we could be on the scale or considered like a risk or anything like that.

我們沒有對銷售組織進行任何重大重組的計劃。顯然，你總是在調整事情，我認為我們正在繼續發展這一點，但沒有什麼重大的，也沒有什麼會——我們可能會規模化或被視為風險或類似的事情。

Our next question comes from the line of Karl Keirstead with UBS.

我們的下一個問題來自瑞銀集團的 Karl Keirstead。

Maybe a couple for Blake. Blake, if you don't mind unpacking the 3Q billings guide, it obviously implies down $33 million. I know we had that phenomenon 2 years ago, but it's typically up sequentially. Is this a function of the greater on-time renewals? Anything else that you might flag around that?

也許是布萊克的一對。 Blake，如果您不介意打開第三季度的賬單指南，這顯然意味著減少 3300 萬美元。我知道兩年前我們就出現過這種現象，但它通常是依次上升的。這是按時更新次數增多的結果嗎？您還有什麼需要注意的嗎？

Sure. Yes, the guide reflects continued -- the trends that we're seeing in the on-time renewals. The function of the on-time renewals for us is that every customer situation is different, right? Deals can renew on time, they can be renewed early or they can be pushed out. So every quarter has puts and takes on that. The first half of the year has been strong due to sales execution. There are deals that may normally have slipped out to Q3 and they -- that closed in Q2.

當然。是的，該指南反映了我們在按時續訂中看到的持續趨勢。按時續費對我們的作用是每個客戶的情況都不一樣，對嗎？優惠可以按時續訂，可以提前續訂，也可以推遲。因此，每個季度都有相應的安排和承擔。由於銷售執行力，今年上半年表現強勁。有些交易通常可能會推遲到第三季度，但它們卻在第二季度完成。

And so that's a positive. But renewal is, obviously, while, super important for us and really drive that foundational free cash flow generation, it's more of a timing thing than it is for on the growth side. And I think the positive to note for us on the on-time renewals is that we're not relying on discounts or incentives to drive that improvement in that on-time renewals. It's better sales execution.

這是積極的一面。但顯然，更新對我們來說非常重要，並且真正推動了基礎性自由現金流的產生，但它更多的是一個時機問題，而不是增長方面。我認為我們在按時續訂方面值得注意的積極因素是，我們不依賴折扣或激勵措施來推動按時續訂的改善。這是更好的銷售執行力。

And so the teams work really hard just to stay on top of those things when they come up for renewals because an on-time renewal is just a deal that renews on schedule. And so that's super strong. And with regards to the guide as far as other pressures, that's just the macro pressures we discussed earlier with the DNR, like essentially the net retention components and now the pressures that we're seeing there.

因此，團隊非常努力地工作，只是為了在續約時掌握這些事情，因為按時續約只是按計劃續約的交易。所以這是超級強大的。至於指南中的其他壓力，這只是我們之前與 DNR 討論的宏觀壓力，例如淨保留成分以及現在我們在那裡看到的壓力。

Yes. Okay. Makes sense. And one more, Blake. Your predecessor, it was never a formal guidance, obviously, around operating cash flow. But the kind of the soft color was that it might land for this fiscal year, "a couple of points below operating margins," is that still roughly your framework as to where cash flow margins might shake out this year?

是的。好的。說得通。還有一位，布萊克。顯然，你的前任從來都不是圍繞運營現金流的正式指導。但這種柔和的色彩是，它可能會在本財年下降，“比營業利潤率低幾個點”，這仍然是您關於今年現金流利潤率可能出現變化的大致框架嗎？

Yes. I'm not in a place where I want to kind of guide to a specific cash flow margin, so to speak. I think for me, what I'm looking for in the business is a long-term cash generation company that drives profitable, sustainable growth. I think the fact that we've delivered 100 -- I think $211 million of cash from operations, $184 million of free cash flow, those were pretty healthy yields. And you'll see those fluctuate in the quarter based on timing and such. But it's a cash generation -- generating business and model that, as a CFO, I'm selfishly super excited about.

是的。可以這麼說，我不想為特定的現金流量利潤提供指導。我認為對我來說，我在這個行業中尋找的是一家能夠推動盈利、可持續增長的長期現金生成公司。我認為事實上我們已經交付了 100 - 2.11 億美元的運營現金，1.84 億美元的自由現金流，這些都是相當健康的收益率。您會看到這些數據在本季度根據時間等因素發生波動。但這是一種現金生成——產生業務和模式，作為首席財務官，我對此感到非常興奮。

Our next question comes from the line of Josh Baer with Morgan Stanley.

我們的下一個問題來自喬什·貝爾 (Josh Baer) 與摩根士丹利 (Morgan Stanley) 的對話。

I had one more just to clarify on the topic of on-time renewals. So that was part of what drove billings upside this quarter, but now you're saying that the guidance now reflects sort of the same level of on-time renewals. So is that right that there's kind of been a change in how you're incorporating the idea of on-time renewals into guidance? And now if things stay the same in Q3, you wouldn't see upside to billings?

我還有一個問題需要澄清一下按時續訂的話題。因此，這是推動本季度賬單上漲的部分原因，但現在您說指導現在反映了相同水平的按時續訂。那麼，你們將按時續訂的想法納入指導的方式是否發生了變化？現在，如果第三季度情況保持不變，您不會看到比林斯的上升空間嗎？

Right. So I'll try to clarify this a bit more, I'm learning this as we go. The thing with on-time renewals is that essentially doing an on-time renewal that maybe in the prior year was pushed out affects your ability to continue that momentum. So it's a timing situation. And so with that strength in the first half, even though you have execution that continues, it's just -- you kind of run out of room a little bit on it. So it's really more of a timing situation than a growth opportunity.

正確的。因此，我將嘗試進一步澄清這一點，我正在邊學習邊學習。按時續訂的問題在於，按時續訂本質上可能會在上一年被推遲，這會影響您繼續保持這種勢頭的能力。所以這是一個時間情況。因此，憑藉上半場的實力，儘管你的執行力仍在繼續，但你的空間有點不夠了。因此，這實際上更多的是一個時機情況，而不是一個增長機會。

So that's why you see that. And the guidance -- and again, that was -- in the previously communicated guidance last quarter, we actually increased the full year guide for this year. So it's all been in there in the guidance, but it's just that nuance of how on time flows through.

所以這就是你看到這一點的原因。在上個季度之前傳達的指導中，我們實際上增加了今年的全年指導。因此，所有內容都已包含在指南中，但這只是準時流程的細微差別。

Okay. Got it. And then one more just on sort of the big picture agreement process and workflows. I was just wondering, are there certain departments or workflows where DocuSign should own that full agreement process versus others where maybe like the basic DocuSign eSignature is integrated into like in HR onboarding or some other departmental or workflow? How to think about the 2 different possibilities there?

好的。知道了。然後還有一個關於總體協議流程和工作流程的內容。我只是想知道，是否有某些部門或工作流程，DocuSign 應該擁有完整的協議流程，而不是其他部門或工作流程，而其他部門或工作流程可能像人力資源入職或其他一些部門或工作流程一樣集成了基本的DocuSign 電子簽名？如何思考那裡的兩種不同的可能性？

Yes. I would say people use DocuSign for all kinds of workflows. But if I was going to pick areas where we had a particularly strong early start. From a vertical perspective, obviously, in the finance and real estate area that was very strong. Then, I'd say, moved on to all forms of B2B sales were very enabled by DocuSign, and we see that a lot. And now we're seeing quite a few HR applications, as you alluded to. So we have strong partnerships there with Workday and SuccessFactors, we have a lot of deployments in that.

是的。我想說人們將 DocuSign 用於各種工作流程。但如果我要選擇我們早期起步特別強勁的領域。從垂直角度來看，顯然，在金融和房地產領域非常強勁。然後，我想說的是，DocuSign 極大地促進了所有形式的 B2B 銷售，我們經常看到這一點。正如您提到的，現在我們看到了相當多的人力資源申請。因此，我們與 Workday 和 SuccessFactors 建立了牢固的合作夥伴關係，我們在這方面進行了大量部署。

And in procurement. Particularly these days, enterprises are very focused on procurement management and automating that process and making it more efficient and more transparent. We see more adoption there as well. So as an example, a lot of our strength in the pharma space comes from procurement use cases. We have a fantastic relationship to pick a different one with NVIDIA, who uses DocuSign both for eSignature and for CLM. And it's really focused on their supply chain efforts.

而在採購方面。尤其是現在，企業非常關注採購管理和流程自動化，並使其更加高效和透明。我們也看到那裡有更多的採用。舉個例子，我們在製藥領域的很多優勢都來自採購用例。我們與 NVIDIA 建立了良好的關係，選擇了另一家，後者使用 DocuSign 進行電子簽名和 CLM。它確實專注於他們的供應鏈工作。

So I -- really, at this point, it's very broad across all the major enterprise workflows and many industries, practically all industries. But we started at different -- we had some industries that were fixed starters for the eSignature movement, if you will. But at this point, it's pretty broad. Does that help...

所以我——實際上，在這一點上，它非常廣泛地涵蓋所有主要企業工作流程和許多行業，幾乎所有行業。但我們的起點不同——如果你願意的話，我們有一些行業是電子簽名運動的固定啟動者。但就目前而言，它的範圍相當廣泛。這有幫助嗎...

Our next question comes from the line of Jackson Ader with MoffettNathanson.

我們的下一個問題來自 Jackson Ader 和 MoffettNathanson 的對話。

First one on the product set or the feature set. It's much broader and deeper than it was even just a couple of years ago. And I understand, given the macro environment, probably hard to pass or to expect to get all the value you've been putting in the products back from your customers. But I'm curious, how are you making sure that once the macro headwinds subside that you don't put $10 of value into the product and only get $5 back, right, just to make up numbers?

產品集或功能集上的第一個。它比幾年前更廣泛、更深入。我理解，考慮到宏觀環境，可能很難通過或期望從客戶那裡獲得您在產品中投入的所有價值。但我很好奇，你如何確保一旦宏觀逆風消退，你不會將 10 美元的價值投入到產品中，而只能收回 5 美元，對吧，只是為了彌補數字？

Yes. It's certainly a fair push. What I would say, what we've done here over the last 9 months or so is really pick up the pace of innovation and product release adding half to our core products. I think the big transformation of DocuSign into this broader agreement platform and the intelligence layer is still ahead of us. We previewed some of that at both the vision and some early releases at Momentum.

是的。這當然是一個公平的推動。我想說的是，在過去 9 個月左右的時間裡，我們所做的確實加快了創新和產品發布的步伐，使我們的核心產品增加了一半。我認為 DocuSign 向更廣泛的協議平台和智能層的重大轉變仍然在我們面前。我們在 Momentum 的願景和一些早期版本中預覽了其中的一些內容。

If you haven't already watched the Momentum keynotes on our website, it gives a really good overview of where we're heading. So just as an example of things that I think are to come that make this really a more at-scale holistic platform, things like orchestration, where we are enabling customers to dynamically assemble workflows related to agreements. Components of every part of the DocuSign suite and every one of our interfaces to third-party ISV applications, I think, is going to be incredibly powerful and rearchitecting how agreements get done. That's an example.

如果您還沒有觀看我們網站上的 Momentum 主題演講，它很好地概述了我們的發展方向。因此，作為一個例子，我認為即將到來的事情將使其真正成為一個更大規模的整體平台，例如編排，我們使客戶能夠動態地組裝與協議相關的工作流程。我認為，DocuSign 套件的每個部分的組件以及我們與第三方 ISV 應用程序的每個接口都將非常強大，並重新架構協議的達成方式。這是一個例子。

I think Enterprise Search was something that we will begin to roll out in Q4, and that is being able to do that semantically across your entire agreement base. So to use an example, let's imagine that you're looking for force majeure in your contracts. Today, that would be a large team of lawyers spending months going through all your agreements. We can deliver that and have the AI dynamically interpret all of the symptoms and ways in which that might be expressed and give you all the agreements that are relevant to that query.

我認為企業搜索是我們將在第四季度開始推出的東西，並且能夠在整個協議基礎上從語義上做到這一點。舉個例子，假設您正在合同中尋找不可抗力。今天，這將是一個龐大的律師團隊花費數月時間來審閱您的所有協議。我們可以實現這一點，讓人工智能動態解釋所有症狀和可能表達的方式，並為您提供與該查詢相關的所有協議。

That's really transformational capability that we do not provide today. So I just want to say that, to date, many of these releases have been complementary to our -- to the products that we've been shipping for a while. And they're great. And I think we're -- it's giving us even more of a market leadership position. But the broader repositioning of DocuSign as the enabler and creator of this agreement workflow and agreement intelligence model is still to come. And we will begin, I think, delivering against that later this year and then all throughout next year. And so I think we have so much runway ahead of us from a product perspective.

這確實是我們今天無法提供的變革能力。所以我只想說，到目前為止，其中許多版本都是對我們已經發布了一段時間的產品的補充。他們很棒。我認為我們——這讓我們更具市場領導地位。但 DocuSign 作為該協議工作流程和協議智能模型的推動者和創建者的更廣泛的重新定位仍有待實現。我認為，我們將在今年晚些時候，然後整個明年開始兌現這一承諾。因此，我認為從產品的角度來看，我們還有很長的路要走。

Okay. Great. And then a quick follow-up. Blake, what should -- like what's the plan or what should we expect for stock-based comp? I'm surprised to see it up year-over-year just given the trend in headcount?

好的。偉大的。然後快速跟進。布萊克，應該做什麼——比如計劃是什麼，或者我們對股票比較應該有什麼期望？考慮到員工人數的趨勢，我很驚訝地看到它逐年上升？

Sure. So stock-based comp as a percentage of revenue in Q2 is about 22%. And that's held relatively steady for us. We review that number with our outside compensation consultant. We're slightly higher than our average peer group. The driver on the year-over-year increase has a lot to do with the new leadership folks that we've brought on to the team. And so you'll see -- me being one of those people, and you'll see that. And so it is something we're definitely paying attention to and mindful of, but that's the gap when you're asking about between headcount and cost. And so that will take time, obviously, but we'll work through that.

當然。因此，第二季度股票成本佔收入的比例約為 22%。這對我們來說相對穩定。我們與外部薪酬顧問一起審查該數字。我們比同齡人的平均水平略高。同比增長的推動因素與我們為團隊引入的新領導人員有很大關係。所以你會看到——我就是那些人中的一員，你會看到這一點。因此，這是我們肯定會關注和牢記的事情，但這就是當您詢問員工人數和成本之間的差距時。顯然，這需要時間，但我們會解決這個問題。

Our next question comes from the line of Alex Zukin with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

Congrats on a solid quarter. I guess two for me. The first one, I want to go back to the question around net retention because I think it's really, really important. To some extent, how much of the net retention dynamic is under your control, meaning how much of it is a macro pressure versus competition and consolidation or repair loss effectively?

祝賀季度業績穩健。我猜對我來說有兩個。第一個，我想回到有關淨保留率的問題，因為我認為這非常非常重要。在某種程度上，有多少淨保留動態在您的控制之下，這意味著有多少是宏觀壓力與競爭、整合或有效修復損失的關係？

And I ask that because to some extent, your -- you've already released a number of really interesting new products in market, CLM+, CLM, the identity product that you talked about. So is there any way to kind of just give us some confidence around like what level to the question earlier, it shouldn't dip below or like when -- how many quarters after the cohorts that you're comping kind of normalize that we should start seeing it at least be stable?

我這麼問是因為在某種程度上，您已經在市場上發布了許多非常有趣的新產品，CLM+，CLM，您談到的身份產品。那麼，有沒有什麼方法可以讓我們有一些信心，比如之前問題的水平，它不應該低於或就像你正在比較的隊列在多少個季度之後我們應該正常化一樣開始看到它至少穩定嗎？

Sure. It's awfully challenging for me to try to look into that crystal ball and tell you on the cohort side. What I would say is I think you've nailed it in your question that it's a combination, right? We have a combination of macro kind of effects that essentially as customers scrutinize their investments and they're trying to save every dollar they can what do they do. But then it's also combined with that, we have it under our control that if we can execute and provide products that customers want and over time we expand, it gives us that opportunity for expansion.

當然。對我來說，嘗試研究水晶球並從隊列方面告訴你是非常具有挑戰性的。我想說的是，我認為您已經在問題中明確了這是一個組合，對吧？我們有一系列宏觀影響，本質上是當客戶仔細審查他們的投資時，他們試圖盡可能節省每一美元。但與此相結合的是，我們可以控制，如果我們能夠執行並提供客戶想要的產品，並且隨著時間的推移我們進行擴展，它就為我們提供了擴展的機會。

So I think it's a double kind of a component that affects that rate. And so it's -- part of it's under our control and then part of it also is the macro environment. But at the end of the day, I feel like if we can execute on that product road map. Over time, kind of destiny is in our hands. Allan will probably maybe have more to add.

所以我認為這是影響該速率的雙重成分。所以，一部分是在我們的控制之下，一部分也是宏觀環境。但最終，我覺得我們是否可以執行該產品路線圖。隨著時間的推移，命運就掌握在我們手中。艾倫可能還有更多要補充的。

No, I agree. I'll start with that. And look, we've said that it was going to be a few quarters of downward trend, and then we will see how we do with the product release system, but we certainly want to get it to a healthier level. And it's our expectation that we'll be able to do that. So that's as much as we can say at this point.

不，我同意。我將從那開始。看，我們已經說過這將是幾個季度的下降趨勢，然後我們將看到我們如何處理產品發布系統，但我們當然希望將其提升到更健康的水平。我們期望能夠做到這一點。目前我們能說的就這麼多了。

Okay. That makes sense. And I guess the other question is, again, it feels like a bit of a tale of kind of 2 cities, right? To some extent, you've got the double-digit growth, both in billings and in CRPO and subscription revenue. But then to the question Karl asked, like your guidance implies billings in the very low single-digit range in the second half. It implies that even subscription revenue growth kind of goes down into the 6% range exiting the year.

好的。這就說得通了。我想另一個問題是，這感覺有點像兩個城市的故事，對吧？在某種程度上，您的賬單、CRPO 和訂閱收入都實現了兩位數的增長。但對於卡爾提出的問題，就像你的指導意味著下半年的賬單將在非常低的個位數範圍內。這意味著今年訂閱收入增長也將下降到 6% 的範圍內。

And I appreciate the conservatism, we do love it. But if you think about the business itself, and that's why that NRR question comes back. The Street has you accelerating in Q1, right, and to some extent, accelerating next year. So just help us level set like that exit rate that you're looking at for Q4, what would be the factors that you would be expecting to kind of have to see for it to kind of get better from there?

我很欣賞這種保守主義，我們確實喜歡它。但如果你考慮一下業務本身，這就是 NRR 問題再次出現的原因。華爾街讓你在第一季度加速，對吧，在某種程度上，明年也會加速。因此，請幫助我們設定像您正在尋找的第四季度的退出率一樣的水平，您期望必須看到哪些因素才能從那裡變得更好？

Right. So again, I mean, our full year guide is in line or better than it was in the previous quarter. So we're staying in line or better in that guidance. I think that like we've talked about and referenced a couple of times on the call that the strength in the on-time renewals is what has driven that outperformance in the first half of the year. And so -- and then the pressure like you noted on DNR expansion rates and macro uncertainty, it creates volatility for us.

正確的。我的意思是，我們的全年指南與上一季度持平或更好。因此，我們會遵守或更好地遵守該指導方針。我認為，就像我們在電話會議中多次討論和提到的那樣，按時續約的強勁勢頭推動了今年上半年的優異表現。因此，就像您提到的 DNR 擴張率和宏觀不確定性的壓力，它給我們帶來了波動。

And frankly, over the long term, and I'm not putting a time line on that, but it's how do we reaccelerate growth and particularly around the product innovation that we have in front of us. And so as a company, I would tell you that 70-plus percent of our time as a leadership team is on how do we evolve this product road map in a way that customers like appreciate and provides us the opportunities for expansion. And so that's what we're solely focused on. We believe that if we can deliver on that road map, the results will show themselves.

坦率地說，從長遠來看，我並沒有為此設定時間表，而是我們如何重新加速增長，特別是圍繞我們面前的產品創新。因此，作為一家公司，我想告訴您，作為領導團隊，我們 70% 以上的時間都花在如何以客戶喜歡的方式製定產品路線圖，並為我們提供擴展機會。這就是我們唯一關注的。我們相信，如果我們能夠實現該路線圖，結果就會不言而喻。

I agree with that. And I would just say, in my mind, the best thing that happened this quarter, yes, I'm proud of the solid execution, kudos to the team. But the fact that we were able to present our vision and road map to customers and partners, and that they validated -- enthusiastically validated that everywhere I went was incredibly gratifying and tells us I think we're on the right path.

我同意這一點。我只想說，在我看來，這是本季度發生的最好的事情，是的，我為紮實的執行力感到自豪，向團隊致敬。但事實是，我們能夠向客戶和合作夥伴展示我們的願景和路線圖，並且他們熱情地驗證了我所到之處都令人非常滿意，並告訴我們我認為我們走在正確的道路上。

So I think we're very bullish on the long-term future for DocuSign. And I think that bullishness just became more pronounced as a result of the sharing of the road map and the feedback that we got. So that is our goal is to deliver against that. And I think if we do that, all will be very -- all will be well.

所以我認為我們非常看好 DocuSign 的長期未來。我認為，由於分享了路線圖和我們得到的反饋，樂觀情緒變得更加明顯。所以我們的目標就是解決這個問題。我認為如果我們這樣做，一切都會非常好。

Maybe we'll close. Thank you, everyone, for joining us today. We're pleased with the results and feedback, and we're driving transformation here at DocuSign. We want to balance our product investments with operational efficiency and drive shareholder value. Thank you for joining us.

也許我們會關門。謝謝大家今天加入我們。我們對結果和反饋感到滿意，並且我們正在推動 DocuSign 的轉型。我們希望平衡我們的產品投資與運營效率並提高股東價值。感謝您加入我們。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。