DocuSign Inc (DOCU) 2024 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining DocuSign's Fourth Quarter and Full -- Fiscal Year 2024 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，午安。感謝您參加 DocuSign 2024 財年第四季及完整財報電話會議。 （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人關係部分重播。 （操作員說明）

I will now pass the call over to Roger Martin, Vice President of Finance. Please go ahead.

我現在將把電話轉給財務副總裁羅傑馬丁。請繼續。

Thank you, operator. Good afternoon, and welcome to DocuSign's Q4 and Fiscal Year 2024 Earnings Call. I'm Roger Martin, DocuSign's Vice President of Finance. Joining me on today's call are DocuSign's CEO, Allan Thygesen; and CFO, Blake Grayson. The press release announcing our fourth quarter and fiscal year 2024 results was issued earlier today and is posted on our Investor Relations website.

謝謝你，接線生。下午好，歡迎參加 DocuSign 的第四季和 2024 財年財報電話會議。我是 Roger Martin，DocuSign 的財務副總裁。參加今天電話會議的還有 DocuSign 執行長 Allan Thygesen；和財務長布萊克·格雷森。宣布我們第四季度和 2024 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。

Before we begin, 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 product innovation and factors affecting customer demand are based on our best estimates at this time and are therefore subject to change.

在開始之前，讓我提醒大家，我們在今天電話會議上的一些聲明具有前瞻性。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績效出現重大差異。特別是，我們對產品創新速度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，因此可能會改變。

Please read and consider the risk factors in our filings with the SEC, together with the content of this call. 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.

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。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資訊更新這些陳述的義務。

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 flow 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.

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準則加權平均股票數以及有關自由現金流量和帳單的資訊。這些非公認會計原則衡量指標不應被視為孤立、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 information regarding our non-GAAP financial information, the most directly comparable GAAP measures and a quantitative reconciliation of these figures, please refer to today's earnings press release, which can be found on our website at investor.docusign.com.

有關我們的非 GAAP 財務資訊、最直接可比較的 GAAP 指標以及這些數據的定量調整的信息，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。

I'd now like to turn the call over to Allan. Allan?

我現在想把電話轉給艾倫。艾倫？

Thanks, Roger, and good afternoon, everyone. DocuSign's fourth quarter operating results reflect strong progress across the 3 pillars of our strategic vision: accelerating product innovation, improving the reach and effectiveness of our omnichannel go-to-market initiatives and strengthening operating and financial efficiency.

謝謝羅傑，大家下午好。 DocuSign 第四季的營運表現反映了我們策略願景三大支柱的強勁進展：加速產品創新、提高全通路市場推廣計畫的覆蓋範圍和有效性以及加強營運和財務效率。

Before discussing the pillars, I'll briefly highlight Q4's strong business results. Q4 revenue was $712 million, up 8% year-over-year, while full year revenue was $2.8 billion, up 10% year-over-year. Both outperformed our expectations.

在討論支柱之前，我將簡要地強調第四季度強勁的業務業績。第四季營收為 7.12 億美元，年增 8%，全年營收為 28 億美元，年增 10%。兩者的表現都超出了我們的預期。

Our continued focus on efficiency while still investing for long-term growth drove significantly improved profitability. Q4 non-GAAP operating margin rose to 25%, up 1 point versus last year, while full year non-GAAP operating margin improved by more than 5 points to 26% from 21% in fiscal '23. In addition, free cash flow more than doubled in fiscal '24 to nearly $900 million.

我們持續關注效率，同時仍為長期成長進行投資，從而顯著提高了獲利能力。第四季非 GAAP 營業利潤率升至 25%，比去年提高 1 個百分點，全年非 GAAP 營業利潤率從 23 財年的 21% 提高了 5 個百分點以上，達到 26%。此外，24 財年的自由現金流增加了一倍多，達到近 9 億美元。

Similar to Q3, we're encouraged by momentum across the business. From solid retention and improving usage with existing customers to strong new customer growth, organizations, large and small, continue to invest in DocuSign's value proposition.

與第三季類似，我們對整個業務的發展勢頭感到鼓舞。從現有客戶的穩固保留和使用率的提高到新客戶的強勁成長，無論大小的組織都在繼續投資 DocuSign 的價值主張。

Let's turn to our strategic pillars, starting with continued improvement in our omnichannel go-to-market initiatives. In Q4, we were encouraged by improving performance with customers managed by the direct sales force. We substantially increased the amount of business from customers signing and renewing multiyear, multimillion-dollar contracts with DocuSign, including Fortune 500 global leaders in energy, industrials, consumer goods, insurance and several federal and state government agencies.

讓我們轉向我們的策略支柱，首先是持續改善我們的全通路進入市場計劃。在第四季度，我們對直銷團隊管理的客戶績效的改善感到鼓舞。我們透過與 DocuSign 簽署和續約多年期、數百萬美元的合約的客戶大幅增加了業務量，其中包括能源、工業、消費品、保險領域的全球財富 500 強領導者以及多個聯邦和州政府機構。

Our partner channel has been instrumental in driving large customer momentum. We continue to deepen relationships with strategic, enterprise-focused organizations, including SAP, Microsoft and Deloitte. These organizations are helping to accelerate our customers' digital transformation journeys. They also represent progress in building a vibrant partner ecosystem to extend DocuSign's reach into new markets and customer segments.

我們的合作夥伴通路在推動大客戶發展動能方面發揮了重要作用。我們持續深化與策略性、以企業為中心的組織的關係，包括 SAP、微軟和德勤。這些組織正在幫助加速我們客戶的數位轉型之旅。它們也代表了在建立充滿活力的合作夥伴生態系統以將 DocuSign 的影響力擴展到新市場和客戶群方面取得的進展。

To that end, we recently launched global participation in Microsoft Azure's Marketplace. We can now co-sell our entire suite of products to Microsoft's enterprise customers who can draw on their existing Azure commitments to purchase DocuSign licenses. We're encouraged to already have our first $1 million customer from that channel. These partners and many more help us accelerate our customers' digital transformation journeys.

為此，我們最近啟動了 Microsoft Azure Marketplace 的全球參與。我們現在可以向 Microsoft 的企業客戶共同銷售我們的整套產品，他們可以利用現有的 Azure 承諾來購買 DocuSign 授權。我們很高興已經從該管道獲得了第一個價值 100 萬美元的客戶。這些合作夥伴以及更多合作夥伴幫助我們加速客戶的數位轉型之旅。

We also continue to deliver more efficient customer growth even as we scale. In fiscal '24, we invested to improve our digital and self-serve motions, leading to sustained new customer acquisition growth. In Q4, we surpassed 1.5 million total customers across our digital and direct channels. Our breadth, scale and customer affinity is unique in the broader SaaS landscape and speaks to the continued large opportunity in front of DocuSign.

即使我們規模不斷擴大，我們也將繼續提供更有效率的客戶成長。在 24 財年，我們投資改善了數位化和自助服務舉措，從而實現了新客戶獲取的持續成長。第四季度，我們的數位和直接通路客戶總數超過 150 萬人。我們的廣度、規模和客戶親和力在更廣泛的 SaaS 領域是獨一無二的，這說明 DocuSign 面臨著持續的巨大機會。

Across our digital, direct and partner channels, international continues to be a strong underlying growth driver. In Q4, international revenue grew more than twice as fast as total revenue and now represents more than 27% of the business, up from 25% last year. The international opportunity remains substantial and is one of our key long-term growth drivers.

在我們的數位、直接和合作夥伴管道中，國際仍然是強大的潛在成長動力。第四季度，國際營收成長速度是總營收的兩倍多，目前佔業務的 27% 以上，高於去年的 25%。國際機會仍然巨大，是我們長期成長的關鍵動力之一。

Cresol, which is a financial cooperative in Brazil, recently adopted the new WhatsApp integration. Adding WhatsApp signing to existing eSignature e-mail usage has reduced delays, increased response times and helped Cresol generate more revenue and broaden its reach. Much of Cresol's credit business is with farmers and the agricultural industry with limited rural connectivity. The DocuSign WhatsApp integration allows Cresol to bridge that connectivity gap and accelerate its credit process from days to hours.

Cresol 是巴西的金融合作社，最近採用了新的 WhatsApp 整合。將 WhatsApp 簽章添加到現有的電子簽章電子郵件使用中減少了延遲，增加了回應時間，並幫助 Cresol 創造了更多收入並擴大了其覆蓋範圍。甲酚的大部分信貸業務是針對農村連通性有限的農民和農業產業。 DocuSign WhatsApp 整合使 Cresol 能夠彌補連接差距，並將其信用流程從幾天縮短到幾小時。

Let's turn to product innovation. Across all aspects of go-to-market, product investment is driving customer adoption. The WhatsApp integration I just mentioned led to significant envelope usage and recent customer wins in Latin America. Over 1,000 customers in U.K. and Europe have used and now benefit from stronger identity verification products like AI-enabled IDV Premier and our recently launched QES-compliant Identity Wallet. The recent prelaunch of our premium DocuSign Monitor created 1,500 new accounts just this quarter.

讓我們轉向產品創新。在進入市場的各個方面，產品投資正在推動客戶採用。我剛才提到的 WhatsApp 整合導致了信封的大量使用，並且最近在拉丁美洲贏得了客戶。英國和歐洲的 1,000 多名客戶已經使用並受益於更強大的身份驗證產品，例如支援 AI 的 IDV Premier 和我們最近推出的符合 QES 的 Identity Wallet。我們最近預發布的高級 DocuSign Monitor 僅在本季度就創建了 1,500 個新帳戶。

First Financial Bank, a financial services company headquartered in Indiana, is using ID verification to increase the speed of consumer lending and home equity line of credit offerings. This improved security for bank staff removes manual workflows for underwriters and creates a stronger customer experience. First Financial is expanding ID Verification to other use cases like credit cards and online account openings.

第一金融銀行是一家總部位於印第安納州的金融服務公司，正在使用身分驗證來提高消費者貸款和房屋淨值信貸額度的速度。這提高了銀行員工的安全性，消除了承保人的手動工作流程，並創造了更強大的客戶體驗。 First Financial 正在將身分驗證擴展到信用卡和線上開戶等其他用例。

Looking ahead, as we exited Q4, we have several hundred customers in beta in new platform services that will transform DocuSign into a more powerful solution. We'll have much more to share, and we're excited to have you join us virtually to hear about our evolving platform at this year's Momentum customer conference in New York on April 11.

展望未來，隨著第四季度的結束，我們有數百名客戶處於新平台服務的測試階段，這些服務將把 DocuSign 轉變為更強大的解決方案。我們將有更多內容要分享，我們很高興您能以虛擬方式加入我們，在今年 4 月 11 日於紐約舉行的 Momentum 客戶會議上了解我們不斷發展的平台。

Product momentum is clearly creating value for our customers. In fiscal '24, that momentum was validated by third parties like IDC, who named us the eSignature industry leader versus 17 other vendors in its annual worldwide assessment. Also, Gartner named DocuSign as a leader in its Magic Quadrant for contract life cycle management for the fourth year running.

產品動力顯然正在為我們的客戶創造價值。在 24 財年，這一勢頭得到了 IDC 等第三方的驗證，在其年度全球評估中，我們與其他 17 家供應商相比，被評為電子簽名行業領導者。此外，Gartner 連續第四年將 DocuSign 評為合約生命週期管理魔力像限的領導者。

To that end, DocuSign CLM customers continue to be at the front line of embracing a broader agreement management use case. In Q4, DocuSign CLM growth once again significantly outpaced overall revenue. This is a positive sign as we see CLM product demand as a precursor to the value we can create across all 1.5 million DocuSign customers. Today, DocuSign CLM helps users automate and manage complex workflows, and we see the future is taking those capabilities to a broader set of users than CLM reaches today.

為此，DocuSign CLM 客戶繼續站在擁抱更廣泛的協議管理用例的最前線。第四季度，DocuSign CLM 的成長再次顯著超過整體營收。這是一個正面的訊號，因為我們將 CLM 產品需求視為我們可以為所有 150 萬 DocuSign 客戶創造價值的先導。如今，DocuSign CLM 幫助用戶自動化和管理複雜的工作流程，我們看到未來將這些功能帶給比 CLM 今天更廣泛的用戶群。

We're seeing strong adoption of our CLM product among enterprise customers. Just this quarter, a luxury automaker used our CLM to create an elegant sales experience to match its brand value proposition. A multibillion-dollar global manufacturer sped up its legal and supply chain operations with a company-wide implementation of DocuSign CLM. And a global energy company accelerated its sales processes and streamlined procurement with CLM.

我們看到我們的 CLM 產品在企業客戶中被廣泛採用。就在本季度，豪華汽車製造商使用我們的 CLM 打造了優雅的銷售體驗，以配合其品牌價值主張。一家價值數十億美元的全球製造商透過在全公司範圍內實施 DocuSign CLM 加快了其法律和供應鏈營運。一家全球能源公司利用 CLM 加速了其銷售流程並簡化了採購。

Our third strategic pillar is strengthening DocuSign's operating and financial efficiency. In February, we announced further cost management initiatives, including a reduction in force. This decision streamlined our business and focused investments on initiatives that provide the strongest foundation for long-term growth. Blake will share more details on the financial impact and its impact on improving profitability. In fiscal 2025, we will continue focusing on efficiency while investing to reinvigorate long-term growth.

我們的第三個策略支柱是加強 DocuSign 的營運和財務效率。二月份，我們宣布了進一步的成本管理舉措，包括減少人員。這項決定簡化了我們的業務，並將投資重點放在為長期成長提供最堅實基礎的舉措上。布萊克將分享有關財務影響及其對提高獲利能力的影響的更多細節。 2025 財年，我們將繼續專注於效率，同時進行投資以重振長期成長。

In conclusion, fiscal '24 was critical to strengthening DocuSign's foundation. We've reaccelerated product innovation, invested in our leadership talent and rightsized our organization. These are all critical steps to realize the multiyear journey to transform agreement management.

總之，24 財年對於鞏固 DocuSign 的基礎至關重要。我們重新加速了產品創新，投資於我們的領導人才並調整了我們的組織規模。這些都是實現協議管理轉型多年之旅的關鍵步驟。

And we're just getting started. The opportunity in front of DocuSign remains massive. Today's world runs on agreements, but agreement processes haven't changed in the last 100 years. Even with the evolution to digital documents, agreements and how we use their insights remain relics of antiquated, paper-based systems: sign a document, stored as a flat file, preserved, but disconnected from the systems that run your operations.

我們才剛開始。 DocuSign 面前的機會仍然巨大。當今世界以協議為基礎，但協議流程在過去 100 年裡沒有改變。即使發展到數位文檔，協議以及我們如何使用它們的見解仍然是過時的紙質系統的遺物：簽署文檔，存儲為平面文件，保留，但與運行操作的系統斷開連接。

Our sole focus is transforming those systems for our 1.5 million existing customers to make agreements more valuable for enterprises and SMBs alike. As organizations transition to a digital world, customers turn to DocuSign as the world's most trusted agreement company.

我們唯一的重點是為 150 萬現有客戶改造這些系統，使協議對企業和中小型企業更有價值。隨著組織向數位世界過渡，客戶轉向 DocuSign 作為全球最值得信賴的協議公司。

We are excited for fiscal '25 and the continued impact we will have on our customers. Thank you to our incredible team for your passion and dedication to our vision and culture.

我們對 25 財年以及我們將對客戶產生的持續影響感到興奮。感謝我們出色的團隊對我們的願景和文化的熱情和奉獻。

With that, let me turn it over to Blake.

那麼，讓我把它交給布萊克。

Thanks, Allan, and good afternoon, everyone. Throughout fiscal 2024, we continued to build a solid foundation on the 3 pillars of our strategic vision: accelerating product innovation, enhancing our omnichannel go-to-market initiatives and strengthening our operating and financial efficiency.

謝謝艾倫，大家下午好。在整個 2024 財年，我們持續為策略願景的三大支柱奠定堅實的基礎：加速產品創新、加強全通路上市計畫以及提高營運和財務效率。

As a result, in Q4, we delivered strong operating and financial results. Q4's financial performance exceeded the high end of guidance across every metric, with material improvements in operating income, operating margin and free cash flow.

因此，我們在第四季度實現了強勁的營運和財務業績。第四季的財務表現在各項指標上都超出了指導的上限，營業收入、營業利潤率和自由現金流都有實質改善。

Total revenue in Q4 increased 8% year-over-year to $712 million, and subscription revenue also grew 8% year-over-year to $696 million. Billings of $833 million grew 13% year-over-year, accelerating from 5% year-over-year in Q3. Q4 represented our highest year-over-year billings growth performance in over a year.

第四季總營收年增 8%，達到 7.12 億美元，訂閱營收也較去年同期成長 8%，達到 6.96 億美元。帳單金額為 8.33 億美元，年增 13%，較第三季的 5% 有所加快。第四季是我們一年多來最高的年比帳單成長表現。

With respect to billings, approximately half of the 8-point acceleration versus Q3 came from solid execution around renewals, especially with large customers. This includes spillovers from the prior quarter and better early renewal strength from contracts that would have otherwise been billed in fiscal year '25. The remaining half came from a strong close to Q4 and net new growth, which will support the business in future quarters.

就帳單而言，與第三季相比，大約一半的 8 點加速來自圍繞續訂的可靠執行，尤其是對於大客戶。這包括上一季的溢出效應以及本應在第 25 財年計費的合約的早期續約力度。剩下的一半來自第四季末的強勁表現和淨新成長，這將為未來幾季的業務提供支援。

Similar to Q3 results, we are encouraged by continuing signs of stabilization in the business. First, customer usage continues to improve. Total Envelopes sent increased moderately year-over-year. Similar to last quarter, we saw improving year-over-year usage trends in key verticals with technology, insurance, business services, financial services and health care all growing faster than the total business baseline. Also, consumption with direct customers, our contract utilization measure, increased slightly year-over-year.

與第三季的業績類似，我們對業務持續穩定的跡象感到鼓舞。首先，客戶使用率持續提高。發送的信封總數比去年同期略有增加。與上季類似，我們看到關鍵垂直領域的年比使用趨勢有所改善，其中技術、保險、商業服務、金融服務和醫療保健的成長速度都快於總業務基準。此外，直接客戶的消費（我們的合約利用率指標）較去年同期略有成長。

Second, customer retention is stable with positive large customer momentum. Gross retention was flat year-over-year in Q4 across the direct book of business. As expected, dollar net retention trended downward in Q4 to 98%, and we're encouraged that the pace of year-over-year decline slowed substantially in fiscal year '24 versus fiscal year '23. We anticipate the moderating trend to continue in fiscal year '25, and we expect dollar net retention to be flat to down slightly in Q1 '25.

二是客戶留存穩定，大客戶動能良好。第四季直接業務的毛保留率與去年同期持平。正如預期的那樣，美元淨保留率在第四季度下降至 98%，我們感到鼓舞的是，與 23 財年相比，24 財年的同比下降速度大幅放緩。我們預計這種放緩趨勢將在 25 財年繼續，我們預計美元淨保留在 25 年第一季將持平或略有下降。

While overall net new expansion continues to be impacted by software optimization and macro-related customer purchasing [costing], we are encouraged by large customer spending behavior. The number of customers spending over $300,000 annually rose to 1,060 in Q4, increasing sequentially for the second quarter in a row. Also, Q4 bookings for customers with total contract value over $1 million increased by more than 50% year-over-year.

雖然整體淨新增擴張持續受到軟體優化和宏觀相關客戶採購[成本核算]的影響，但我們對大客戶支出行為感到鼓舞。第四季度，每年消費超過 30 萬美元的客戶數量增至 1,060 家，連續第二季度季增。此外，第四季合約總價值超過 100 萬美元的客戶的預訂量年增超過 50%。

Third, new customer acquisition volume remained strong in Q4, partly due to improvement in go-to-market initiatives. DocuSign ended the year with over 1.5 million customers, up 11% year-over-year and consistent with growth in Q3. Direct customers grew 15% year-over-year, also consistent with Q3, bringing total direct customers to 242,000.

第三，第四季的新客戶獲取量仍然強勁，部分原因是上市計畫的改善。截至年底，DocuSign 擁有超過 150 萬客戶，年增 11%，與第三季的成長一致。直接客戶年增 15%，與第三季一致，直接客戶總數達到 242,000 名。

International revenue, a key long-term growth driver, grew at more than double the overall revenue growth rate and is now 27% of total revenue. We believe the international growth opportunity remains large. Also, the scale and breadth of our customer base is unique across the software landscape and an asset we can leverage as we expand our product offerings in the future.

國際營收是長期成長的關鍵推動力，其成長速度是整體營收成長率的兩倍以上，目前佔總營收的 27%。我們相信國際成長機會仍然很大。此外，我們客戶群的規模和廣度在整個軟體領域是獨一無二的，也是我們在未來擴展產品範圍時可以利用的資產。

Turning to our financials. Operating and financial efficiency initiatives drove strong performance in fiscal year '24. Improved execution led to significant expansion in operating margin and a more than doubling of free cash flow versus fiscal year '23.

轉向我們的財務狀況。營運和財務效率措施推動了 24 財年的強勁業績。與 23 財年相比，執行力的提高導致營業利潤率顯著擴大，自由現金流增加了一倍以上。

Non-GAAP gross margin for the fourth quarter was 82.5%, in line with the prior year. Fourth quarter non-GAAP subscription gross margin was 85%, also in line with the prior year. For the full year, non-GAAP gross margin was 83%, up slightly from last year.

第四季非 GAAP 毛利率為 82.5%，與去年同期持平。第四季非 GAAP 訂閱毛利率為 85%，也與去年同期持平。全年非 GAAP 毛利率為 83%，較去年略有上升。

Q4 non-GAAP operating income was $178 million, up 15% year-over-year with an operating margin of 25%, improving over 100 basis points year-over-year. We saw a more significant improvement in fiscal year '24, with a record non-GAAP operating income of $711 million, up 38% year-over-year, resulting in a 26% operating margin. This is a substantial increase of over 500 basis points versus 21% in fiscal year '23. We will continue to focus on realizing opportunities to achieve greater efficiency as we invest to drive sustainable long-term growth.

第四季非 GAAP 營業收入為 1.78 億美元，較去年同期成長 15%，營業利潤率為 25%，年增超過 100 個基點。我們在 24 財年看到了更顯著的改善，非 GAAP 營業收入達到創紀錄的 7.11 億美元，年增 38%，營業利潤率為 26%。與 23 財年的 21% 相比，這一數字大幅增加了 500 多個基點。在投資推動永續長期成長的過程中，我們將繼續專注於實現更高效率的機會。

Free cash flow improvement was even stronger in Q4 and fiscal year '24. In Q4, free cash flow was $249 million. And for the full year, we generated $887 million in free cash flow, with both periods more than doubling year-over-year, resulting in a 32% free cash flow margin for fiscal year '24. Greater operating efficiency led to a substantial working capital improvement that drove free cash flow yield above our operating profit margin. Going forward, we anticipate free cash flow margin to more closely approximate non-GAAP operating margin.

第四季和 24 財年的自由現金流改善更為強勁。第四季度，自由現金流為 2.49 億美元。全年我們產生了 8.87 億美元的自由現金流，這兩個時期都年增了一倍多，導致 24 財年的自由現金流利潤率為 32%。更高的營運效率導致營運資本大幅改善，使自由現金流收益率高於我們的營運利潤率。展望未來，我們預期自由現金流利潤率將更接近非公認會計準則營業利潤率。

In fiscal year '24, we used a portion of free cash flow to purchase DocuSign shares. We used $146 million towards repurchasing common stock. In addition, we used $144 million to pay taxes due on RSU settlements, reducing the dilutive impact of our equity programs.

在 24 財年，我們使用部分自由現金流購買了 DocuSign 股票。我們使用 1.46 億美元回購普通股。此外，我們還使用了 1.44 億美元來繳納 RSU 和解稅款，減少了股權計畫的稀釋影響。

Non-GAAP diluted EPS for Q4 was $0.76, an $0.11 per share improvement from $0.65 last year. Non-GAAP diluted EPS for fiscal year '24 was $2.98 per share, a $0.95 improvement from $2.03 per share last year. Fiscal year '24 also represented DocuSign's first full year of producing positive GAAP net income. For the full year, GAAP diluted EPS was $0.36 versus negative $0.49 in the prior year. Going forward, we expect continued improvements in GAAP net income and per share profitability as we work to manage the dilution and cost of our equity programs. We currently expect stock-based compensation to be approximately flat year-over-year in fiscal year '25 and expect SBC as a percentage of revenue to decline year-over-year.

第四季非 GAAP 攤薄後每股收益為 0.76 美元，較去年的 0.65 美元每股提高 0.11 美元。 '24 財年非 GAAP 攤薄後每股收益為 2.98 美元，比去年的每股 2.03 美元提高了 0.95 美元。 24 財年也是 DocuSign 第一年全年實現正 GAAP 淨利的年度。全年 GAAP 攤薄後每股收益為 0.36 美元，而前一年為負 0.49 美元。展望未來，隨著我們努力管理股權計劃的稀釋和成本，我們預計 GAAP 淨利潤和每股獲利能力將持續改善。我們目前預計 25 財年的股票薪酬將同比大致持平，並預計 SBC 佔收入的百分比將年減。

We ended Q4 with 6,840 employees, a 7% decrease year-over-year from 7,336 at the end of fiscal year '23. This results from our ongoing focus on investing efficiently in the business and does not reflect the reduction in force announced on February 6 of this year. We will continue to optimize our hiring plans to align our sales organization with our digital and partner GTM motions, support long-term growth opportunities in R&D and realize efficiencies of scale in G&A.

截至第四季度，我們擁有 6,840 名員工，比 2023 財年末的 7,336 名員工減少了 7%。這是我們持續關注業務高效投資的結果，並不反映今年 2 月 6 日宣布的裁員計畫。我們將繼續優化我們的招聘計劃，使我們的銷售組織與我們的數位化和合作夥伴 GTM 動議保持一致，支持研發領域的長期成長機會，並實現 G&A 的規模效率。

With regard to the balance sheet. During the quarter, we used approximately $690 million of cash to settle our remaining outstanding convertible debt. We currently have no debt on the balance sheet.

關於資產負債表。本季度，我們使用了約 6.9 億美元的現金來償還剩餘的未償可轉換債務。目前我們的資產負債表上沒有債務。

At the end of fiscal year '24, we had approximately $1.2 billion in cash, cash equivalents and investments. This strong financial foundation, including a business model that generates significant free cash flow, supports its future investment and increases our ability to opportunistically return excess capital to shareholders.

截至 24 財年末，我們擁有約 12 億美元的現金、現金等價物和投資。這種強大的財務基礎，包括產生大量自由現金流的商業模式，支持其未來的投資，並提高了我們機會性地將多餘資本返還給股東的能力。

With that, let me turn to guidance. For Q1 '25 and fiscal year '25, we expect total revenue of $704 million to $708 million in Q1 or a 7% year-over-year increase at the midpoint. For fiscal year '25, we expect revenue between $2.915 billion to $2.927 billion or a 6% year-over-year increase at the midpoint. Of this, we expect subscription revenue of $686 million to $690 million in Q1 or an 8% year-over-year increase at the midpoint and $2.843 billion to $2.855 billion for fiscal '25 or a 6% year-over-year increase at the midpoint.

接下來，讓我談談指引。對於 25 年第一季和 25 財年，我們預計第一季的總營收為 7.04 億美元至 7.08 億美元，中間值年增 7%。對於 25 財年，我們預計營收在 29.15 億美元至 29.27 億美元之間，中間值年增 6%。其中，我們預計第一季的訂閱收入為 6.86 億美元至 6.9 億美元，中間值年增 8%，25 財年訂閱收入為 28.43 億美元至 28.55 億美元，中間值年增 6%。中點。

For billings, we expect $685 million to $695 million in Q1 and $2.970 billion to $3.024 billion for fiscal '25. As continually shown in recent quarters and years, billings are heavily impacted by the timing of customer renewals, which can create meaningful variability from period to period. This impacts year-over-year comparisons and is further amplified by the scale of our book of business.

對於帳單，我們預計第一季的營收為 6.85 億至 6.95 億美元，25 財年的營收為 29.70 億至 30.24 億美元。正如近幾個季度和近年來不斷表明的那樣，帳單受到客戶續訂時間的嚴重影響，這可能會在不同時期產生有意義的變化。這會影響同比比較，並因我們的業務規模而進一步放大。

We expect non-GAAP gross margin to be 81% to 82% for both Q1 and fiscal '25. We expect non-GAAP operating margin to reach 27% to 28% for Q1 and 26.5% to 28% for fiscal '25. Our non-GAAP operating margin guidance includes the impact from the recently announced restructuring of approximately 400 employees or around 6% of our employee base.

我們預計第一季和 25 財年的非 GAAP 毛利率將為 81% 至 82%。我們預計第一季非 GAAP 營業利潤率將達到 27% 至 28%，25 財年將達到 26.5% 至 28%。我們的非 GAAP 營業利潤率指引包括最近宣布的約 400 名員工（約占我們員工總數的 6%）重組的影響。

While we intend to reinvest a small portion of the restructuring savings into the business, primarily in R&D, the vast majority of savings will drop to the bottom line as reflected in our expected operating margin expansion in fiscal year '25. We are committed to improving efficiency while still investing in the areas we believe will drive long-term growth. We expect non-GAAP fully diluted weighted average shares outstanding of 208 million to 213 million for both Q1 and fiscal '25.

雖然我們打算將一小部分重組節省的資金再投資到業務中，主要是研發方面，但絕大多數節省的資金將降至底線，正如我們預計的 25 財年營業利潤率擴張所反映的那樣。我們致力於提高效率，同時仍在我們認為將推動長期成長的領域進行投資。我們預計第一季和 25 財年的非 GAAP 完全稀釋加權平均流通股數為 2.08 億至 2.13 億股。

In closing, we're pleased to report another quarter of progress against our 3 strategic pillars: accelerating product innovation, enhancing our go-to-market initiatives and strengthening our financial and operational efficiency. Q4 execution was particularly strong as the team delivered accelerating billings growth, double-digit customer growth with improving operating margins and record free cash flow generation.

最後，我們很高興地報告我們的三大策略支柱又取得了一個季度的進展：加速產品創新、加強我們的市場推廣計劃以及提高我們的財務和營運效率。第四季的執行力尤其強勁，團隊實現了加速的帳單成長、兩位數的客戶成長、營運利潤率的提高以及創紀錄的自由現金流產生。

While we still have work ahead to reaccelerate our top line growth, I'm proud of this team for its focus on execution as we continue to be the default trusted partner for customers around agreement management. We have over 1.5 million customers, ranging from the largest enterprises in the world to wide-scale adoption by the small- and medium-sized businesses that power the global economy. That scale gives us the opportunity to help customers accelerate their business growth, mitigate risk and enable delightful customer experiences. I'm excited about the opportunity ahead of us and look forward to sharing our progress along the way.

雖然我們仍然需要努力重新加速我們的營收成長，但我為這個團隊專注於執行而感到自豪，因為我們仍然是客戶在協議管理方面默認的值得信賴的合作夥伴。我們擁有超過 150 萬客戶，從世界上最大的企業到為全球經濟提供動力的中小企業的廣泛採用。這種規模使我們有機會幫助客戶加速業務成長、降低風險並實現令人愉快的客戶體驗。我對我們面前的機會感到興奮，並期待分享我們一路走來的進展。

That concludes our prepared remarks. With that, operator, let's open up the call for questions.

我們準備好的演講到此結束。那麼，接線員，讓我們開始提問吧。

(Operator Instructions) Our first question comes from the line of Tyler Radke with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Tyler Radke。

A couple for Blake, just to kick things off. So Blake, I appreciate the comments on kind of unpacking the Q4 billings outperformance. Obviously, the 9 point beat versus the guide was pretty impressive. As I think about the moving pieces on that, could you just help frame the Q1 guide relative to the full year guide on billings? I think the full year would imply you need to grow a little bit faster than you're guiding to on billings in Q1. So curious if some of that's related to the pull forward.

布萊克的一對，只是為了開始。布萊克，我很欣賞有關第四季度比林斯表現出色的評論。顯然，與指南的 9 分擊敗是相當令人印象深刻的。當我思考這方面的動態時，您能否幫助制定相對於全年帳單指南的第一季指南？我認為全年意味著您需要比第一季的帳單成長速度更快一些。很好奇其中一些是否與前拉有關。

And then secondly, how should we think about NRR trends? I think that dipped below 100% at 98%. So as you just think about the drivers between expansions and new business for next year, just help us understand the trajectory of that and how that all fits into the guide.

其次，我們該如何看待 NRR 趨勢？我認為這個比例已降至 98%，低於 100%。因此，當您考慮明年的擴張和新業務之間的驅動因素時，請幫助我們了解其發展軌跡以及這一切如何融入本指南。

Sure. And thanks for the question. So to address the question on billings, I think it's helpful to kind of cover it in totality, so starting with Q4 and then going into 2025, because the timing does play a big role as you think about the year-over-year comps. So just to recap quickly, Q4, really pleased with the execution and the acceleration from Q3. And like you heard in the prepared remarks, half of that acceleration was from renewals timing, and that includes early renewals from fiscal year '25.

當然。謝謝你的提問。因此，為了解決有關帳單的問題，我認為從整體上涵蓋它是有幫助的，因此從第四季度開始，然後進入 2025 年，因為當您考慮同比比較時，時機確實發揮著重要作用。快速回顧一下，第四季度，我們對第三季度的執行和加速感到非常滿意。正如您在準備好的演講中聽到的那樣，一半的加速來自續約時間，其中包括從 25 財年開始的提前續約。

In Q4, our book of renewals have the highest contribution from early renewals for any quarter that we've seen all year long, and that's okay because that's great execution by the team, like we're super happy about that. And then the other half was just from strong net new growth. We had a great close to Q4. And so that was a nice job again by the team there.

在第四季度，我們的續訂記錄在我們全年所見的任何季度中都有最高的早期續訂貢獻，這沒關係，因為團隊執行得很好，就像我們對此感到非常高興一樣。另一半則來自強勁的淨新成長。我們在第四季末表現出色。所以這又是那裡團隊的出色工作。

Now that timing component impacts fiscal '25. So with respect to Q1, and this also applies to Q2, there's -- we've got 2 hard comps to deal with -- address in this first half of this year. The first is, if you recall, we had really strong on-time renewals in the first half of 2024. That came about because we made some adjustments to our sales incentive plans to improve execution there, and we did, and we did a really good job with it, when you go back and look at our billings performance in the first half of last year or 2024. And then the other hard comp is that Q4 component that I just mentioned that leads to some less spillover into Q1. And so those 2 hard comps apply, obviously, to the full year as well. So you've got to kind of normalize for that a bit.

現在，時間因素會影響 25 財年。因此，就第一季而言，這也適用於第二季度，今年上半年我們有兩個棘手的問題要處理。首先，如果您還記得的話，我們在2024 年上半年的按時續約非常強勁。這是因為我們對銷售激勵計劃進行了一些調整，以提高那裡的執行力，我們做到了，而且我們做了一個真正的調整。當你回頭看看我們去年上半年或2024 年上半年的賬單表現時，做得很好。然後另一個硬比較是我剛才提到的第四季度的組成部分，它會導致第一季的溢出效應減少。因此，這兩個硬比較顯然也適用於全年。所以你必須對此進行一些正常化。

And so just to give some direction too, as you think about that on a quarterly basis, and you mentioned this about how the full year is a little bit higher than the midpoint guide versus Q1. I expect to see Q2 to decel a bit from Q1 but then reaccelerate into the second half of the year. And again, we got those hard comps that we're dealing with in the first half of this year, and then you see that reacceleration. And then you just use your -- that fiscal '25 guide with regards to the magnitude of the quarters.

因此，當您按季度考慮這一點時，也只是提供一些方向，並且您提到全年如何比第一季的中點指南略高。我預計第二季將比第一季略有減速，但隨後會在下半年重新加速。再說一次，我們在今年上半年處理了那些困難的比賽，然後你會看到重新加速。然後，您只需使用 25 財年關於季度規模的指南即可。

Overall, I'm really pleased with the fiscal '25 billings guide. It's almost exactly $3 billion at the midpoint. But the timing of these renewals makes the year-over-year comps pretty noisy. And so one way that you might think about -- how to think about or try to normalize it is like on a 2-year stack view, to normalize for some of those period-over-period components, to kind of normalize for those effects. But I hope that helps just kind of how you think about billings for Q4 and then relative to the full year.

總的來說，我對 25 財年的帳單指南非常滿意。中間值幾乎剛好是 30 億美元。但這些更新的時機使得年比比較變得相當吵雜。因此，您可能會想到一種方式 - 如何思考或嘗試將其標準化，就像在 2 年堆疊視圖中一樣，對某些週期組件進行標準化，對這些影響進行標準化。但我希望這有助於您如何看待第四季度的賬單以及相對於全年的賬單。

And then to your dollar net retention question, we did trend down as we expected, in line with our expectations into Q4. There's still a tough macro environment out there for us where companies are scrutinizing investments, and it just leads to smaller expansion opportunities.

然後，關於您的美元淨保留問題，我們的趨勢確實如我們預期的那樣下降，與我們對第四季度的預期一致。我們仍然面臨嚴峻的宏觀環境，公司正在審查投資，這只會導致擴張機會縮小。

Now that said, however, I am quite encouraged by the pace of decline in fiscal '24. It slowed substantially versus fiscal '23. And we're now expecting that the pace of decline is going to slow even further into fiscal '25. And you heard in the prepared remarks, we're actually forecasting for Q1 dollar net retention rate to be flat to down slightly from Q4. And part of that is related to the fact that we're coming out of these COVID comps from prior quarters. And you've heard me talk about how the share of our book of business that was written during kind of the pandemic period is really de minimis now.

然而，話雖如此，我對 24 財年的下降速度感到非常鼓舞。與 23 財年相比，增速大幅放緩。我們現在預計，到 25 財年，下降速度將進一步放緩。您在準備好的發言中聽到，我們實際上預測第一季的美元淨保留率將與第四季度持平或略有下降。部分原因在於我們正在從前幾季的新冠疫情比較中得出結論。你們已經聽我說過，我們在大流行期間撰寫的業務手冊所佔的份額現在確實微乎其微。

And so I think that's also one of the things where you can see this flattening out. And again, there's a number of encouraging signs for us around renewal rates and consumption. And then we've got, hopefully, these new product launches releasing into general availability a bit later in the year. And over the long term, we're excited about our ability to impact that.

所以我認為這也是你可以看到這種趨於平緩的原因之一。同樣，在續訂率和消費方面，我們出現了許多令人鼓舞的跡象。希望這些新產品能夠在今年稍後全面上市。從長遠來看，我們對我們影響這一目標的能力感到興奮。

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。

Congrats on the great results. Blake, just a follow-up on that NRR remark. Can you help us understand how much of the downtick in that metric was driven by those remaining COVID era contracts that you just called out in your last answer?

祝賀取得的優異成績。 Blake，只是 NRR 言論的後續。您能否幫助我們了解該指標的下降有多少是由您在上一個答案中提到的那些剩餘的新冠病毒時代合約造成的？

And then, Allan, it looks like you actually reaccelerated new customer adds this quarter. Do you feel like the 40,000 quarterly adds is the right way to think about the business moving forward? Or could that actually continue to ramp as the macro normalizes and some of those new product-led growth initiatives take hold?

然後，艾倫，看來您本季實際上重新加速了新客戶的增加。您認為每季增加 40,000 名員工是考慮業務發展的正確方式嗎？或者，隨著宏觀經濟正常化以及一些新產品主導的成長計畫的實施，這種情況實際上會繼續上升嗎？

I'll just take a stab at the DNR follow-up and then Allan, take the other one. But we're not breaking out the level of detail and granularity in DNR from COVID. I think it's just an obvious output where we have some pretty strong expansion in those prior quarters.

我會先看看 DNR 的後續情況，然後艾倫再做另一件事。但我們並沒有透露新冠疫情 DNR 的詳細程度和粒度。我認為這只是一個明顯的產出，我們在前幾季有一些相當強勁的擴張。

But that said, we are seeing signs of stabilization in the business. And so it's -- I would say it's definitely not all related to COVID. I don't want to have anybody walk away with that kind of thought process or perspective. But I think it's one of these things that we are seeing stabilizing signs on our business. And we think we have means and mechanisms that we're going to continue to pursue, where we can work to flatten that out that curve and then hopefully improve it over time. But Allan, (inaudible) accounts?

但話雖如此，我們還是看到了業務穩定的跡象。所以我想說，這絕對不全都與新冠病毒有關。我不想讓任何人帶著這樣的思考過程或觀點離開。但我認為這是我們看到業務穩定跡象的原因之一。我們認為我們擁有我們將繼續追求的手段和機制，我們可以努力使曲線變平，然後希望隨著時間的推移對其進行改進。但是艾倫，（聽不清楚）帳目？

On the second question related to customer acquisition. Yes, I don't know that we track and measure ourselves that directly on that. But I would just say we have a healthy customer acquisition funnel. It is -- there is still white space, particularly internationally, in acquiring new customers, and we're benefiting from that and I think getting our fair share, although, of course, we always like even more. But I'm not prepared to make any forward-looking statements about the exact number of acquisitions we'll have on a quarterly basis.

關於第二個問題，有關獲客的問題。是的，我不知道我們是否直接在此基礎上追蹤和衡量自己。但我只想說我們有一個健康的客戶獲取管道。確實，在獲取新客戶方面仍然存在空白，特別是在國際上，我們正​​在從中受益，而且我認為我們得到了公平的份額，當然，我們總是喜歡更多。但我不准備對我們每季收購的確切數量做出任何前瞻性陳述。

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

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

I want to shift over to margins and profitability. Allan, a question for you. If you could just talk a little bit about the change in investment philosophy from the top. And Blake, just wondering the comments around commitment to improving efficiency, does that translate to continued margin expansion even after FY '25 as we think about 2026 and beyond?

我想轉向利潤率和獲利能力。艾倫，問你一個問題。請您簡單談談高層投資理念的轉變。布萊克只是想知道關於提高效率的承諾的評論，這是否會轉化為即使在 25 財年之後，正如我們對 2026 年及以後的考慮一樣，利潤率也會持續擴張？

Yes. So first, on our overall investment and expense philosophy, look, we want to balance solid operational execution and efficiency today with being able to invest for the medium to long-term growth that we think we have in front of us. And so we're balancing that all the time. As we looked at taking the action that Blake referred to at the beginning of February, we felt we had a little more room to get just a little leaner and be ready and still not impair our ability to grow as we launch new products and so on.

是的。因此，首先，就我們的整體投資和支出理念而言，我們希望在當今可靠的營運執行和效率與能夠為我們認為擺在我們面前的中長期增長進行投資之間取得平衡。所以我們一直在平衡這一點。當我們考慮採取布萊克在二月初提到的行動時，我們覺得我們還有更多的空間來精簡一點，做好準備，但在推出新產品等時仍然不會損害我們的成長能力。

So that's the balance that we're taking. We will keep looking for opportunities, and it's obviously not all about headcount. We have gotten tremendous efficiency out of the organization on many fronts. That's what produced the strong results that you saw in Q4, really, throughout the year and the operating cash flow improvements. So we'll keep looking for those opportunities. But we feel we're rightsized for our plan right now. And if we start seeing further investment opportunities, then we will invest, but we do that on a cautious and informed basis.

這就是我們正在採取的平衡。我們將繼續尋找機會，顯然這不僅取決於人員數量。我們在許多方面都從組織中獲得了巨大的效率。這就是您在第四季度看到的全年強勁業績以及營運現金流改善的原因。因此，我們將繼續尋找這些機會。但我們覺得我們現在的計畫已經調整好了。如果我們開始看到更多的投資機會，那麼我們就會投資，但我們會在謹慎和知情的基礎上進行投資。

And then just a follow-up on your question on just margins in the future. I just want to point out that I'm really proud of this team for the efficiencies that we've gained this year. I mean just specifically, in fiscal '23, our sales and marketing expense was 40% of our revenue. In this year, fiscal '24, it improved to 34%. I expect next year to be in the low 30s. And that's not an easy kind of process to go through. But it's important, and I'm really proud of the focus of the team to address those gains.

然後只是對你關於未來利潤率的問題進行跟進。我只想指出，我為這個團隊今年所取得的效率感到自豪。我的意思是，在 23 財年，我們的銷售和行銷費用佔收入的 40%。今年，24 財年，這一比例提高到了 34%。我預計明年會在 30 多歲左右。這並不是一個容易經歷的過程。但這很重要，我對團隊專注於實現這些成果感到非常自豪。

I think for us in the future, and the future -- what I'm talking about is -- let's talk long term here now without a time line on it, is that we have opportunities to be able to drive further operating leverage with scaling growth. Can we grow our revenue faster than we do our expense base? And that's partly what we're building here. And one of the things we're focusing pretty hard on as a team is you hear about PLG motions and self-service motions and things like that. And I think over the long term, those opportunities do provide us the opportunity to get even better margins into the future, but no specific time line or anything around that.

我認為對我們來說，未來——我所說的是——讓我們現在在這裡談論長期而不是時間表，是我們有機會透過規模化來進一步推動營運槓桿生長。我們的收入成長速度能否快於支出成長速度？這就是我們在這裡建立的部分內容。作為一個團隊，我們非常關注的事情之一就是您聽說過 PLG 動議和自助服務動議以及類似的事情。我認為從長遠來看，這些機會確實為我們提供了在未來獲得更好利潤的機會，但沒有具體的時間表或任何相關內容。

Yes. That's great. Maybe just as a reminder, to the point that Blake just made about our sales marketing efficiency, the reduction in force that we had last February was 95% focused in the sales marketing area. This time around, it was a little bit more balanced but still overweighted in sales and marketing, reflecting that we felt we had efficiency opportunities throughout the company, and we wanted to make sure we captured those.

是的。那太棒了。也許只是提醒一下，就布萊克剛剛談到的我們的銷售行銷效率而言，我們去年 2 月減少的人力有 95% 集中在銷售行銷領域。這一次，銷售和行銷方面更加平衡，但仍然偏重，這反映出我們認為整個公司都有提高效率的機會，我們希望確保抓住這些機會。

I think at this point, to the extent we make incremental investments, it will probably be in R&D first. But obviously, as we launch new products and if -- that we start seeing some leverage there, then we'll not hesitate to invest there as well. Just wanted to see that first.

我認為在這一點上，就我們進行增量投資而言，它可能首先會在研發方面。但顯然，當我們推出新產品時，如果我們開始看到那裡有一些槓桿作用，那麼我們也會毫不猶豫地在那裡投資。只是想先看看。

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·希爾和傑弗里斯的對話。

This is Luv Sodha on for Brent Thill. Wanted to maybe ask first to Allan, if you could just tease out like how much -- it sounds like most of the improvement this quarter was because of better execution versus more macro normalizing. Could you just tease that out and which verticals sort of drove the improvement that you saw?

我是 Luv Sodha 為 Brent Thill 演講。也許想先問艾倫，你是否可以弄清楚有多少——聽起來本季的大部分改進是因為更好的執行而不是更多的宏觀正常化。您能否梳理一下，哪些垂直領域推動了您所看到的改進？

And then Blake, it sounds like free cash flow was really strong this quarter. I guess just talk a little bit more about how you're planning to use that free cash flow, specifically for share repurchases.

然後布萊克，聽起來本季的自由現金流非常強勁。我想多談談您計劃如何使用自由現金流，特別是用於股票回購。

Yes. So I'll go first. We really did see strength across the board. So across segments, Blake highlighted that we had progress both on the enterprise side and the SMB side. From a geography perspective, yes, we grew faster internationally, but we did grow everywhere. And on the industry side, we did see a broad-based strength there as well, some recovery in financial services mortgages, but we sell to customers in all industries. I highlighted during the call new significant deals with in manufacturing, in energy and health and so on. There's hardly an industry that doesn't rely on agreements that, therefore, doesn't represent an opportunity for us. So there really isn't much there.

是的。那我先走了。我們確實看到了全面的實力。因此，在各個細分市場中，布萊克強調我們在企業方面和中小企業方面都取得了進展。從地理角度來看，是的，我們在國際上成長得更快，但我們確實在各地都有成長。在行業方面，我們確實也看到了廣泛的優勢，金融服務抵押貸款有所復甦，但我們向所有行業的客戶銷售產品。我在電話會議中強調了製造業、能源和健康等領域新的重大交易。幾乎沒有一個行業不依賴協議，因此，這對我們來說不代表機會。所以那裡確實沒有太多東西。

At an overall macro sentiment, I would say marginally improved from my standpoint. We're not projecting anything more than that looking ahead. As always, we base our plan on current macro conditions. But I think there was a little bit of help across the breadth of our business, but we're almost an index just given the breadth of verticals, segments and countries that we have.

從我的角度來看，整體宏觀情緒略有改善。除了展望未來之外，我們不會做出任何其他預測。一如既往，我們的計劃是基於當前的宏觀條件。但我認為在我們的業務範圍內有一些幫助，但考慮到我們所擁有的垂直行業、細分市場和國家的廣度，我們幾乎是一個指數。

And then to follow up on the second question about free cash flow and how we utilize it. We're in a great spot. We ended the quarter or the year with cash and investments of $1.2 billion. No debt now on the balance sheet. This last -- and also, obviously, we have a foundational business now that generates considerable amount of free cash flow. We used some of that -- deployed some of that this year for, like you talked about, stock buybacks, but we also used it to retire debt.

然後跟進第二個問題，關於自由現金流以及我們如何利用它。我們處於一個很好的位置。本季度或本年度結束時，我們擁有 12 億美元的現金和投資。資產負債表上現在沒有債務。最後，顯然，我們現在擁有一項能夠產生大量自由現金流的基礎業務。我們使用了其中的一些——今年部署了一些，就像你談到的那樣，股票回購，但我們也用它來償還債務。

There's obviously M&A opportunities for us. And we're likely more active than you think we are about looking around at what opportunities are available for us. And then there's -- we can invest in the business or you have options for dividends, things like that down the road.

顯然我們有併購機會。我們可能比您想像的更積極地尋找適合我們的機會。然後，我們可以投資該業務，或者您可以選擇獲得股息，諸如此類的事情。

I would say that with that kind of stabilizing results and the operating efficiency improvements we [weighed], we feel we can increase our ability to opportunistically return capital to shareholders while still investing in the business. And it's just -- we're committed to increasing the rate with which we return excess capital opportunistically to shareholders, and we'll see how that develops out over the year.

我想說的是，憑藉這種穩定的業績和我們[權衡]的營運效率的提高，我們認為我們可以提高機會性地向股東返還資本的能力，同時仍然投資於業務。只是——我們致力於提高向股東返還多餘資本的機會，我們將看看這一年的發展。

Our next question comes from the line of Rishi Jaluria with RBC Capital Markets.

我們的下一個問題來自 Rishi Jaluria 與 RBC Capital Markets 的聯繫。

This is Chris Fountain on for Rishi Jaluria. I wanted to first ask about the large customer cohort strength that you saw in the quarter. Is that like better volume and consumption trends? Or is CLM capabilities kind of starting to push some customers over that $300,000 ACV cohort. And then also, I was wondering if you could just dig in a little bit more to the R&D investment priorities you mentioned for the coming year.

我是 Rishi Jaluria 的 Chris Fountain。我想先詢問您在本季看到的龐大客戶群實力。這是否意味著銷售量和消費趨勢有所改善？或者 CLM 功能是否開始推動某些客戶購買 30 萬美元的 ACV 隊列。另外，我想知道您是否可以進一步深入了解您提到的來年研發投資重點。

How about you take the first one and I'll take the R&D.

你拿第一個，我拿研發怎麼樣？

So yes, I would say definitely saw improvement in enterprise customers, again, the $300,000 accounts growing sequentially quarter-over-quarter. I'll say that from a renewal rate perspective, enterprise still has room to improve. But I will say that our renewal rates improved sequentially Q3 to Q4 in the enterprise space more than any other kind of large customer segment that we had, but still room to improve there admittedly. And so we're excited about the opportunities and mostly in R&D, right, that give us those opportunities to provide additional solutions and products to customers. Then I'll let Allan...

所以，是的，我想說，企業客戶肯定有所改善，再次，30 萬美元的帳戶環比增長。我想說，從續約率的角度來看，企業還有進步的空間。但我要說的是，我們在企業領域的續訂率從第三季到第四季的連續改善幅度超過了我們擁有的任何其他類型的大型客戶群，但不可否認，仍有改善的空間。因此，我們對這些機會感到興奮，主要是在研發方面，對吧，這使我們有機會為客戶提供額外的解決方案和產品。那我就讓艾倫...

Yes. On the R&D investment front, I'd say we've long felt there was an opportunity to reimagine the agreement journey for companies large and small. And we've had solutions for -- at various stages of that journey in the past, obviously, most exemplified by our signature product. In about a month, we will release a broader suite of solutions there, and there's been a significant investment in that effort during the course of the last fiscal year. And that will continue because we feel we have a multiyear road map of value creation ahead of us there. So that is the biggest investment area.

是的。在研發投資方面，我想說，我們長期以來一直認為有機會重新構想大大小小的公司的協議之旅。顯然，我們在過去的各個階段都提供了解決方案，最典型的是我們的標誌性產品。大約一個月後，我們將在那裡發布更廣泛的解決方案套件，並且在上一財年期間在這方面進行了大量投資。這種情況將會持續下去，因為我們認為眼前有一個價值創造的多年路線圖。所以這是最大的投資領域。

In addition to that, one other area that's getting a meaningful amount of investment is we are moving our platforms to the public cloud, Microsoft Azure, it's underway, and that's a significant effort as well from an infrastructure perspective. Those are the 2 things I'd highlight.

除此之外，另一個獲得大量投資的領域是我們正在將我們的平台遷移到公有雲 Microsoft Azure，它正在進行中，從基礎設施的角度來看，這也是一項重大努力。這是我要強調的兩件事。

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)。

This is Adam Bergere on for Brad. I guess I'd like to start, what are some of the initiatives you are making in terms of like the product-led growth or self-serve missions? And what changes have you made so far there? And what changes do you still want to make?

我是亞當伯吉爾 (Adam Bergere) 替補布拉德 (Brad)。我想我想開始，您在產品主導的成長或自助服務任務等方面正在採取哪些措施？到目前為止，你們做了哪些改變？您還想做出哪些改變？

Yes. Let me take that one. So I think during the course of the fiscal year that we just finished here, a lot of our effort was on making the process of buying DocuSign directly from DocuSign on our website and in our products much more seamless. And we made substantial improvements there. So much better flows to allow you to easily upgrade solutions to focus on -- put better use of a variety of payment solutions, et cetera.

是的。讓我拿走那個。因此，我認為在我們剛結束的這一財年中，我們付出了很大的努力，使直接從我們的網站和產品中的 DocuSign 購買 DocuSign 的過程變得更加無縫。我們在那裡做出了實質的改進。如此多更好的流程讓您可以輕鬆升級解決方案以專注於更好地利用各種支付解決方案等等。

I'd say this year, that will expand beyond the core eSignature products to some of the newer products that we'll be launching and to supporting other channels. Most notably our direct sales channel, we want to offer those customers the ability to self-serve to the greatest extent possible, and there will be significant capabilities added there throughout the year.

我想說，今年，這將擴展到核心電子簽名產品之外，擴展到我們將推出的一些新產品以及支援其他管道。最值得注意的是我們的直銷管道，我們希望為這些客戶提供最大程度的自助服務能力，並且全年都會增加重要的功能。

And also for our partners where we have, I think, opportunities for meaningful improvement and how easy it is to do business with us. And that's another area we're investing in. So this is across every pillar of our go-to-market effort, has already borne fruit, as you've seen in our digital sales growth, and it will really impact across the business, I think, this year. So very excited about that.

我認為，對於我們的合作夥伴來說，我們擁有有意義的改進機會，並且與我們開展業務是多麼容易。這是我們投資的另一個領域。因此，這涉及我們進入市場努力的每個支柱，已經取得了成果，正如您在我們的數位銷售成長中看到的那樣，它將真正影響整個業務，我想，今年。對此非常興奮。

Our next question comes from the line of Patrick Walravens with Citizens JMP.

我們的下一個問題來自 Citizens JMP 的 Patrick Walravens。

This is Austin Cole on for Pat. So last quarter, it seemed like -- you mentioned that there was kind of an uptick in interest in CLM, and now you're seeing strong adoption of CLM among enterprise customers. Is there kind of an incremental improvement in tone there? Or can you just talk broadly about just the CLM opportunity and how you guys are situated?

這是奧斯汀·科爾（Austin Cole）替帕特發言。上個季度，您提到人們對 CLM 的興趣有所上升，現在您看到企業客戶對 CLM 的大力採用。那裡的語氣有漸進式的改善嗎？或者您能簡單地談談 CLM 機會以及您的處境嗎？

Yes. Yes. So I do think the CLM market overall is improving. And I do think we're executing better in the CLM market. So I think CLM overall, I think more and more companies are realizing that managing your agreements better and getting more value out of them is a very strategic opportunity. It's definitely rising in the priority list. And so CLM, ours and others, is an increasingly strategic and interesting solution. So we're seeing more RFPs and so on.

是的。是的。所以我確實認為 CLM 市場整體正在改善。我確實認為我們在 CLM 市場上執行得更好。因此，我認為 CLM 總體而言，越來越多的公司正在意識到，更好地管理協議並從中獲得更多價值是一個非常具有戰略意義的機會。它在優先級列表中肯定正在上升。因此，CLM（我們和其他公司的）是一個越來越具有戰略意義和有趣的解決方案。所以我們看到了更多的 RFP 等等。

In terms of our competitive position, I think we're in a very strong position as illustrated in the Gartner survey and other measures of our position in the market. I think we are -- we have the largest number of accounts and are very well rated by customers for our experience. And we think there's more opportunity there to, should we say, popularize CLM to a broader audience, both within companies that are -- who are going to adopt it, as well as to smaller companies where the way -- their current solutions might not be appropriate. So it's a very positive and strategic opportunity for us. And yes, I do -- would summarize that to say on both fronts, some improvement.

就我們的競爭地位而言，我認為我們處於非常有利的地位，正如 Gartner 調查和其他衡量我們市場地位的指標所表明的那樣。我認為我們擁有最多的客戶，並且我們的體驗得到了客戶的高度評價。我們認為，應該說，有更多的機會向更廣泛的受眾推廣 CLM，無論是那些將要採用 CLM 的公司，還是那些目前的解決方案可能無法採用的小型公司。適當。所以這對我們來說是一個非常積極的戰略機會。是的，我確實 - 總結一下，在兩個方面都取得了一些進步。

Yes. And just a follow-up and maybe to add on to what Allan said. You heard in our prepared remarks, CLM grew faster than the total business and also accelerated from -- on a year-over-year basis from Q3 to Q4. Obviously, it's still a smaller share of our business, but still encouraged by that acceleration for that product.

是的。這只是一個後續行動，也許是補充艾倫所說的話。您在我們準備好的發言中聽到，CLM 的成長速度快於整體業務，從第三季到第四季的年增速也有所加快。顯然，它在我們業務中所佔的份額仍然較小，但該產品的加速發展仍然令人鼓舞。

Our next question comes from the line of Scott Berg with Needham.

我們的下一個問題來自斯科特·伯格和李約瑟的對話。

This is Rob Morelli on for Scott. (inaudible) margin here with non-GAAP operating margins expanding 500 basis points. However, G&A was actually up as a percentage of revenue. Two questions here. First, why were you not able to drive leverage here throughout the year? And then second, how do we think about spend in 2025 in this (inaudible)?

我是羅布·莫雷利 (Rob Morelli) 替補斯科特 (Scott)。 （聽不清楚）利潤率，非 GAAP 營業利潤率擴大了 500 個基點。然而，一般行政費用佔收入的百分比實際上有所上升。這裡有兩個問題。首先，為什麼你全年都無法提高槓桿？其次，我們如何考慮 2025 年這方面的支出（聽不清楚）？

Sure. Let me take a stab at that. So yes, G&A expense, non-GAAP G&A was up 14% year-on-year. There's 2 unique items that are kind of contributing to that. One is we used -- I mean immaterial dollar amounts, when you look at a relatively small kind of [SEC] split up bucket, it has a bit of an effect. So a couple of million dollars, we used to allocate out in the prior year. We're not doing that now, but it's an immaterial kind of dollar amount overall. And then also a little bit higher litigation cost for us this year versus last year.

當然。讓我來嘗試一下。所以，是的，G&A 費用、非 GAAP G&A 年增了 14%。有兩個獨特的項目對此有所貢獻。一個是我們使用的——我的意思是無關緊要的美元金額，當你看到相對較小的[SEC]分割桶時，它有一點效果。所以我們在前一年就分配了幾百萬美元。我們現在不這樣做，但總體而言，這只是一筆無關緊要的金額。今年我們的訴訟費用也比去年高出。

If you exclude those 2, what I'll call, unique items, G&A would have grown in the low single digits year-over-year. So what I would say is from the efforts we've taken over the past few months and recently, not only do I expect that sales and marketing expense declines year-on-year as a percentage of revenue, but I also expect to see some efficiencies and improvements in G&A as well. So I think we're focused across this business to drive efficiencies where needed, and I expect to see that next year.

如果你排除這兩個，我稱之為獨特的項目，G＆A將比去年同期以較低的個位數成長。所以我想說的是，從我們過去幾個月和最近所做的努力來看，我不僅預計銷售和行銷費用佔收入的比例會同比下降，而且我還預計會看到一些G&A 的效率和改進。因此，我認為我們的重點是在整個業務中提高所需的效率，我預計明年會看到這一點。

The next question comes from the line of George Iwanyc with Oppenheimer.

下一個問題來自喬治·伊万尼克（George Iwanyc）與奧本海默（Oppenheimer）的對話。

Allan, maybe you could dig in a little bit deeper on the international strength you're seeing. How much of that is being partner-led? What are you seeing from your digital initiatives there? And maybe give us some color on the regional breakdown.

艾倫，也許你可以更深入地了解你所看到的國際實力。其中有多少是由合作夥伴主導的？您從那裡的數位計劃中看到了什麼？也許還可以給我們一些關於區域細分的資訊。

Yes. Our international growth is led more by our direct channel today. I think we have very substantial opportunity on the digital front and on the partner side, which is relatively immature right now and where I think there's a lot of headroom. So lots of growth opportunity there, but most of the growth today is coming from our direct sales efforts, principally in the larger focus countries, so the top 10 markets outside the U.S. that you would expect. As you know, we've been investing in Japan and Germany. But today, U.K., Australia, Canada, France are a little larger than both of those. So all of those markets are priorities.

是的。如今，我們的國際成長更多是由我們的直接管道引領的。我認為我們在數位方面和合作夥伴方面有非常多的機會，目前還相對不成熟，但我認為還有很大的發展空間。那裡有很多成長機會，但今天的大部分成長來自我們的直接銷售努力，主要是在較大的重點國家/地區，也就是您所期望的美國以外的十大市場。如您所知，我們一直在日本和德國進行投資。但如今，英國、澳洲、加拿大、法國的規模比這兩個國家都要大一些。因此，所有這些市場都是優先考慮的。

Our next question comes from the line of Rob Owens with Piper Sandler.

我們的下一個問題來自羅布歐文斯和派珀桑德勒的對話。

Just a quick one around your LLM training. I know there were some stuff in the media just regarding privacy. Kind of curious, from your perspective, what are internal policies? And how are you training those LLMs?

簡單介紹一下您的 LLM 訓練。我知道媒體上有一些關於隱私的內容。有點好奇，從您的角度來看，內部政策是什麼？你們是如何訓練這些法學碩士的？

Yes. I'll take that one. Yes, I want to be very clear. We do not use any customer data for training any of our AI models without specific contractual consent from customers, end of story. So we have a high trust position with customers. They trust us with their most sensitive documents. And we don't want to do anything to violate that trust. There are probably some companies who -- people who are willing to move aggressively here, but I think we're moving responsibly and cautiously on that.

是的。我會接受那個。是的，我想說得很清楚。未經客戶的具體合約同意，我們不會使用任何客戶資料來訓練我們的任何人工智慧模型，故事結束。因此，我們在客戶中享有很高的信任度。他們將最敏感的文件交給我們。我們不想做任何違背這種信任的事。或許有一些公司願意在這裡積極採取行動，但我認為我們正在負責任地、謹慎地採取行動。

We are -- with all that said, we are very excited about what AI can bring, and our customers are asking us for how can we extract more value from our solutions using more modern AI technology. And so you'll hear a lot more about that in a month at Momentum. But to the point about -- the trust is the starting position.

話雖如此，我們對人工智慧所能帶來的東西感到非常興奮，我們的客戶詢問我們如何使用更現代的人工智慧技術從我們的解決方案中獲得更多價值。因此，在 Momentum 的一個月內，您會聽到更多有關此方面的資訊。但關鍵是——信任是起始位置。

Maybe one other point I'd make is assuming you give us consent, we then anonymize and aggregate that data so that there is no opportunity for anyone to extract any confidential issues or data out of the agreements.

也許我要說的另一點是假設您給我們同意，然後我們會匿名並匯總這些數據，以便任何人都沒有機會從協議中提取任何機密問題或數據。

Our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自馬克墨菲與摩根大通的對話。

Congrats on a nice finish to the year. Thinking back to last quarter, you had mentioned the introduction of some new enterprise licensing structures, and there was some comparison, I believe, to ELAs. Wondering if you can shed a bit more light on any changes made there and when they were implemented.

恭喜您今年取得了良好的成績。回想上個季度，您提到了一些新的企業許可結構的引入，我認為與 ELA 進行了一些比較。想知道您是否可以更多地了解在那裡所做的任何更改以及這些更改何時實施。

And Blake, did it have any effect on Q4 financial results? For instance, would it change any of the ratios between bookings and billings and recognized revenues or any type of impact to think about from those changes going forward?

Blake，這對第四季的財務表現有什麼影響嗎？例如，它是否會改變預訂和帳單之間的任何比率以及已確認的收入，或考慮這些變化未來帶來的任何類型的影響？

Yes. Yes, we have done a few deals like that, and I think it will continue to grow with some of our very largest clients. And as we offer a broader set of products, obviously, an enterprise license also becomes more interesting as you can mix and match across products. But it still remains a very small part of the business. We -- even some of our very largest customers, some of the contract renewals remain on an Envelope basis.

是的。是的，我們已經完成了一些類似的交易，我認為它會與我們的一些最大的客戶一起繼續成長。顯然，隨著我們提供更廣泛的產品集，企業許可證也變得更有趣，因為您可以跨產品混合和匹配。但它仍然只佔業務的一小部分。我們——甚至是我們一些最大的客戶，一些合約續約仍然是在信封的基礎上。

Yes. And just to add on top of that, it's -- while we're super excited about the opportunity in very specific cases to consider those, it's not a huge number for us today. It grows. It's continuing to grow. And again, I think -- and to directly answer your question, no material impact on our results for Q4. But it's also one of these things, I think, in this business, we have a very, very broad and diverse customer base. And so there's -- we don't have single customers that, I would say, vastly impact us like there might be at other companies, which, I think is a strength for us. And so -- but anyways, just to directly answer your question, no material impact to Q4.

是的。除此之外，雖然我們對在非常具體的情況下考慮這些問題的機會感到非常興奮，但對今天的我們來說這並不是一個巨大的數字。它生長了。它還在繼續增長。我再次認為，直接回答你的問題，這對我們第四季的業績沒有重大影響。但這也是其中之一，我認為，在這個行業，我們擁有非常非常廣泛且多樣化的客戶群。因此，我想說，我們沒有像其他公司那樣對我們產生巨大影響的單一客戶，我認為這對我們來說是一個優勢。所以 - 但無論如何，只是直接回答你的問題，對第四季度沒有實質影響。

Yes. I would make one other point. ELA has a very specific connotation of sort of unlimited consumption and being able to combine products across. We have leaned in significantly harder to make sure that we are competitive in large enterprise deals. And we did some very large and very nice renewals with some large customers. I think in part, as a result of that, improved motion. So we have senior people on it. We have our large deal desk. We have all the things that you would expect to make sure that we are as competitive as possible.

是的。我還想提出另一個重點。 ELA 具有非常具體的內涵，即無限消費和能夠組合產品。我們更加努力確保我們在大型企業交易中具有競爭力。我們與一些大客戶進行了一些非常大且非常好的續訂。我認為，這在一定程度上改善了運動。所以我們有資深人士參與其中。我們有大額交易櫃檯。我們擁有您所期望的一切，以確保我們盡可能具有競爭力。

Our next question comes from the line of Michael Turrin with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的麥可‧特林 (Michael Turrin)。

This is Michael Berg on for Michael Turrin. I just wanted to touch on free cash flow. You had a very strong free cash flow generating quarter and year. Maybe could you just shed some light on what drove that? Was it some of the renewal timing you discussed on your -- in terms of billings on the quarter? And how can we think about the relationship between operating margin and free cash flow moving forward?

我是邁克爾伯格 (Michael Berg) 替邁克爾特林 (Michael Turrin) 發言。我只想談談自由現金流。您的季度和年度產生的自由現金流非常強勁。也許你能解釋一下是什麼推動了這一點嗎？這是您在本季度的帳單方面討論的一些續訂時間嗎？我們如何思考未來營業利益率與自由現金流之間的關係？

Sure. And so yes, we did have a very strong quarter and year as regards to free cash flow. We had a 32% free cash flow yield for fiscal '24. And the reason why it's materially higher than our operating margin is frankly, just a working capital tailwind that we had, and it's really driven by 2 components. One is if you recall about a year ago, we had an ERP implementation that caused a delay in our ability to do some collections. So earlier this year, we've got a tailwind from that.

當然。所以，是的，我們的自由現金流確實在季度和年度都非常強勁。我們 24 財年的自由現金流殖利率為 32%。坦白說，它之所以大幅高於我們的營業利潤率，只是我們擁有的營運資金順風車，而且它實際上是由兩個組成部分驅動的。一個是，如果您還記得大約一年前，我們實施了 ERP，導致我們無法進行某些收款。今年早些時候，我們從中受益匪淺。

But on top of that, we've also improved our collections process, I would say, extremely well, reduced agings. And so kind of, I would say, just really brought some operational efficiency to our working capital that showed that improvement.

但最重要的是，我們也改進了我們的收藏流程，我想說，非常好，減少了老化。我想說，這確實為我們的營運資本帶來了一些營運效率，這表明了這種改善。

Now going forward, as you all know, like being able to repeat working capital improvements on top of each other year-over-year, while we're going to strive to be able to continue to improve and gain efficiencies, it's not something you usually can just get pretty easily. And so that's why in the prepared remarks, you'll find that -- I would expect longer term to assume a free cash flow yield more closer to that operating margin.

現在，正如你們所知，就像能夠逐年重複營運資本改進一樣，雖然我們將努力能夠繼續改進並提高效率，但這不是你們可以做的事情。通常可以輕鬆獲得。這就是為什麼在準備好的評論中，你會發現——我預計從長遠來看，自由現金流收益率更接近營業利潤率。

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

我們的下一個問題來了——我們的最後一個問題來自 Wolfe Research 的 Alex Zukin。

This is Arsenije on for Alex Zukin. Congrats on results. With the international strength you have seen this year, I think it has contributed close to 45% of total revenue growth in fiscal '24. Do you expect this to be an even greater contribution to growth in fiscal '25? Does this mix stay the same? Or as you roll through the drag from the pandemic cohorts early in fiscal '25, do you think that there is strong renewal expansion domestically, if macro stays the same, that leads to more U.S. contribution to top line growth in fiscal '25?

這是阿爾塞尼傑替補亞歷克斯·祖金。祝賀結果。憑藉今年你所看到的國際實力，我認為它對 24 財年總收入成長的貢獻接近 45%。您預計這會對 25 財年的成長做出更大的貢獻嗎？這種混合保持不變嗎？或者，當您在 25 財年初期經歷大流行群體的拖累時，您是否認為，如果宏觀經濟保持不變，國內經濟復甦強勁，這會導緻美國對 25 財年營收成長做出更多貢獻？

Yes. Thanks for the question. Well, first off, again, really happy with how our international growth has progressed in the year, growing much faster than the overall business. All of our major regions grew to the double digits in Q4.

是的。謝謝你的提問。嗯，首先，我對今年我們的國際成長進展感到非常滿意，成長速度遠快於整體業務。我們所有的主要地區在第四季度都實現了兩位數成長。

To the question about whether we think it accelerates more or less, I'm not going to provide any guidance out to that. But what I will say is, just to reiterate, the international opportunity for us, I think, is quite sizable. Only 27% of our revenue in Q4 came from our international business. And if you think of GDP or something as a proxy, it should be much higher than that. And so I think I'm really excited for that longer-term opportunity, but not any place to say, oh, I think it will accelerate faster or slower than any other market.

對於我們認為它加速還是加速的問題，我不會提供任何指導。但我要重申的是，我認為我們的國際機會是相當大的。第四季我們的營收中只有 27% 來自我們的國際業務。如果你用 GDP 或其他東西來衡量，它應該比這個高得多。因此，我認為我對這個長期機會感到非常興奮，但沒有任何地方可以說，哦，我認為它會比任何其他市場加速更快或更慢。

Yes. Okay. With that, thank you all for joining and for your support as we continue to build a solid foundation for DocuSign. We are proud of the strong results in Q4 and of the progress that we're making to reinvigorate innovation and add value for our customers, our employees and shareholders. We look forward to what will be a very exciting fiscal 2025. Thank you. We'll see you next quarter.

是的。好的。在此，感謝大家的加入與支持，我們將繼續為 DocuSign 奠定堅實的基礎。我們對第四季度的強勁業績以及我們在重振創新並為客戶、員工和股東增加價值方面所取得的進展感到自豪。我們期待著非常令人興奮的 2025 財年。謝謝。我們下季見。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。