DocuSign Inc (DOCU) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining DocuSign's first quarter fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of the website following the call. (Operator Instructions) I will now pass the call over to [Matt Bonistalli], Interim Head of Investor Relations. Please go ahead.

女士們、先生們，午安。感謝您參加 DocuSign 2025 財年第一季財報電話會議。（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。（操作員指示）我現在將把電話轉給投資人關係臨時主管 [Matt Bonistalli]。請繼續。

Thank you, operator. Good afternoon, and welcome to DocuSign's Q1 Fiscal 2025 earnings call. Joining me on today's call are DocuSign's CEO, Allan Thygesen, and CFO, Blake Grayson. The press release announcing our first quarter 2025 results was issued earlier today and is posted on our Investor Relations website as well as the published version of our prepared remarks.

謝謝你，接線生。下午好，歡迎參加 DocuSign 的 2025 財年第一季財報電話會議。參加今天電話會議的有 DocuSign 執行長 Allan Thygesen 和財務長 Blake Grayson。今天稍早發布了宣布 2025 年第一季業績的新聞稿，並發佈在我們的投資者關係網站上以及我們準備好的言論的發布版本上。

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 those 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 like to turn the call over to Allan.

我想把電話轉給艾倫。

Thanks, Matt, and good afternoon, everyone. We’re off to a strong start in fiscal 2025. We launched a significant expansion to our company strategy with our announcement of the DocuSign Intelligent Agreement Management platform. We also announced the acquisition of Lexion to accelerate the AI powering our platform. We continue to make clear progress on our three strategic pillars: accelerating product innovation, improving our omnichannel go-to-market capabilities, and increasing operating and financial efficiency.

謝謝馬特，大家下午好。我們在 2025 財年迎來了良好的開局。隨著 DocuSign 智慧協議管理平台的發布，我們對公司策略進行了重大擴展。我們也宣布收購 Lexion，以加速為我們的平台提供人工智慧支援。我們繼續在三大策略支柱上取得明顯進展：加速產品創新、提高全通路上市能力以及提高營運和財務效率。

Our core business showed ongoing signs of stabilization. In Q1, revenue was $710 million, up 7% year over year. Dollar net retention improved vs. the fourth quarter. Q1 non-GAAP operating margin increased approximately 2 percentage points to 28.5% vs. 26.6% last year. Free cash flow generation remained strong, improving 8% year over year to $232 million and resulting in a 33% free cash flow margin. Strong cash flow gives us confidence to continue investing in our growth while opportunistically returning capital to shareholders, including through the new $1 billion buyback authorization that we announced today. Blake will share further business and financial details in his comments.

我們的核心業務呈現持續穩定的跡象。第一季營收為 7.1 億美元，年增 7%。美元淨保留率較第四季有所改善。第一季非 GAAP 營運利潤率成長約 2 個百分點，達到 28.5%，而去年為 26.6%。自由現金流生成依然強勁，年增 8% 至 2.32 億美元，自由現金流利潤率為 33%。強勁的現金流使我們有信心繼續投資於我們的成長，同時機會主義地向股東返還資本，包括透過我們今天宣布的新的 10 億美元回購授權。布萊克將在評論中分享更多業務和財務細節。

Over the last 18 months, we have tightened operating efficiency, stabilized the business and customer relationships, and launched a new platform that will support long-term growth. In Q1, we made a number of announcements that showcase our commitment to increase product innovation for customers. At our flagship customer event Momentum24, we outlined a bold new vision for Intelligent Agreement Management and shared our product roadmap for that vision. We believe the launch of Docusign Intelligent Agreement Management is a landmark moment in the company’s transformation.

在過去 18 個月裡，我們提高了營運效率，穩定了業務和客戶關係，並推出了支援長期成長的新平台。在第一季度，我們發布了多項公告，展示了我們為客戶增加產品創新的承諾。在我們的旗艦客戶活動 Momentum24 上，我們概述了智慧協定管理的大膽新願景，並分享了該願景的產品路線圖。我們相信 Docusign 智慧協議管理的推出是公司轉型的里程碑時刻。

DocuSign Intelligent Agreement Management, or DocuSign IAM. addresses customer pain points across the agreement journey. Companies experience universal friction and frustration in managing agreements, and the costs add up. According to a recent study by Deloitte, poor agreement management systems and practices cost nearly $2 trillion in global economic value annually and cost workers billions of hours in lost time.

DocuSign 智慧協定管理，或 DocuSign IAM。解決整個協議過程中的客戶痛點。公司在管理協議時普遍會遇到摩擦和挫折，而且成本也會增加。根據德勤最近的一項研究，不良的協議管理系統和實踐每年造成近 2 兆美元的全球經濟價值損失，並導致工人損失數十億小時的時間。

With Docusign IAM, customers can transform agreement data into insights and actions. Our new platform enables customers to create, commit to, and manage to agreements, all in one place. Our new capabilities help customers improve contract review cycles, streamline workflows, and boost productivity organization wide.

借助 Docusign IAM，客戶可以將協議數據轉化為見解和行動。我們的新平台使客戶能夠在一個地方創建、承諾和管理協議。我們的新功能可協助客戶改善合約審查週期、簡化工作流程並提高整個組織的生產力。

The Docusign IAM platform is a significant departure from our past approach of only offering standalone products. The platform combines our current products, including our market-leading e-signature and CLM products, with new platform services that customers have asked for, including Docusign Maestro, our new agreement workflow builder, to automate the creation of agreements without using code. With Maestro, customers can configure custom agreement workflows in minutes, combining Docusign capabilities like eSignature, ID verification, and data verification with third-party apps to connect to their business processes.

Docusign IAM 平台與我們過去僅提供獨立產品的方法截然不同。該平台將我們目前的產品（包括市場領先的電子簽名和 CLM 產品）與客戶要求的新平台服務（包括我們新的協議工作流程建構器 Docusign Maestro）相結合，無需使用程式碼即可自動建立協定。借助 Maestro，客戶可以在幾分鐘內配置自訂協定工作流程，將電子簽名、身份驗證和資料驗證等 Docusign 功能與第三方應用程式結合，以連接到其業務流程。

Second, Docusign Navigator, it allows you to store, manage, and analyze a customer’s entire library of accumulated agreements. This includes past agreements signed using Docusign eSignature, as well as non-Docusign agreements. Navigator leverages AI to transform unstructured agreements into structured data, making it easy to find agreements, quickly access vital information, and gain valuable insights from agreements.

其次，Docusign Navigator，它允許您儲存、管理和分析客戶的整個累積協議庫。這包括過去使用 Docusign eSignature 簽署的協議以及非 Docusign 協議。Navigator 利用 AI 將非結構化協議轉換為結構化數據，從而輕鬆找到協議、快速存取重要資訊並從協議中獲得有價值的見解。

And third, the Docusign App Center, to help customers easily integrate third-party applications into their agreement workflows without any coding or expensive custom development. This is particularly powerful for Docusign Admins and Process Builders, who can easily configure IAM for their unique agreement management needs. At launch, our App Center features commonly used apps from Salesforce, ServiceNow, HubSpot, Stripe, and document-sharing services like Google Drive and Microsoft’s OneDrive and Sharepoint.

第三，Docusign 應用程式中心，幫助客戶輕鬆地將第三方應用程式整合到他們的協議工作流程中，無需任何編碼或昂貴的客製化開發。這對於 Docusign 管理員和流程建構者來說尤其強大，他們可以輕鬆配置 IAM 以滿足其獨特的協定管理需求。發佈時，我們的應用程式中心提供來自 Salesforce、ServiceNow、HubSpot、Stripe 的常用應用程式以及 Google Drive 和 Microsoft OneDrive 和 Sharepoint 等文件共用服務。

In addition to creating new platform services, we also unveiled application suites for specific functions within organizations. Docusign IAM launched starting with IAM for Customer Experience, IAM for Sales, and IAM Core for general-purpose usage. In time, we will also launch IAM applications for legal, procurement, and HR teams, as well as for specific industry verticals.

除了創建新的平台服務之外，我們還推出了用於組織內特定功能的應用程式套件。Docusign IAM 從用於客戶體驗的 IAM、用於銷售的 IAM 和用於通用用途的 IAM Core 開始推出。我們還將及時推出針對法律、採購和人力資源團隊以及特定垂直行業的 IAM 應用程式。

On May 30, Docusign IAM launched with availability for our small and mid-market customers in the US, with select plans also available in Canada and Australia. Docusign IAM will roll out to more customers and more geographies over the next year. As we execute this rollout, we are focused on increasing flexibility for customers. IAM unleashes the ability for companies of all sizes to manage their agreements, significantly expanding the agreement management market.

5 月 30 日，Docusign IAM 推出，針對美國的中小型市場客戶推出，部分計畫也在加拿大和澳洲推出。Docusign IAM 將在明年向更多客戶和更多地區推出。在執行此部署時，我們致力於提高客戶的靈活性。IAM 釋放了各種規模的公司管理協議的能力，顯著擴大了協議管理市場。

CLM, which remains our sophisticated enterprise offering, showed us the importance of giving customers an advanced set of workflows and deep agreement intelligence. IAM takes the learnings from CLM and applies them to a platform with broader agreement functionality that is accessible for any size customer to any member of their organization.

CLM 仍然是我們先進的企業產品，它向我們展示了為客戶提供一套先進的工作流程和深入的協定智慧的重要性。IAM 從 CLM 中汲取經驗，並將其應用到具有更廣泛協議功能的平台上，任何規模的客戶及其組織的任何成員都可以存取平台。

AI is central to our platform vision, and we are thrilled to welcome Lexion to the Docusign family. Lexion is a proven leader in AI-based agreement technology, which significantly accelerates our IAM platform goals. We maintain a high bar for acquisitions, and Lexion stood out due to its sophisticated AI capabilities, compatible technology architecture, and promising commercial traction with excellent customer feedback, particularly in the legal community.

人工智慧是我們平台願景的核心，我們很高興歡迎 Lexion 加入 Docusign 家族。Lexion 是基於人工智慧的協定技術領域久經考驗的領導者，它顯著加速了我們的 IAM 平台目標。我們對收購保持著很高的標準，Lexion 憑藉其先進的人工智慧功能、相容的技術架構以及良好的客戶回饋（尤其是在法律界）的良好商業吸引力而脫穎而出。

Additionally, we are bringing exceptional talent and strong AI leaders into Docusign. The acquisition of Lexion marks an important step forward in our platform journey.

此外，我們還將傑出的人才和強大的人工智慧領導者引入 Docusign。收購 Lexion 標誌著我們的平台之旅向前邁出了重要一步。

Let’s turn to our omnichannel go-to-market, our second strategic pillar. In Q1, momentum was solid across the direct, partner, and digital routes to market. Overall customer growth remained consistent with Q4 at 11% year over year. Envelopes sent and contract utilization both saw modest year-over-year improvements for the second quarter in a row.

讓我們轉向全通路行銷，這是我們的第二個策略支柱。第一季度，直接、合作夥伴和數位市場途徑的勢頭強勁。整體客戶成長與第四季保持一致，年增 11%。發送的信封和合約利用率連續第二季同比略有改善。

International and CLM revenue growth continued to meaningfully outpace total revenue growth. The partner channel continued to show improvement with strong growth from key partners like SAP and Microsoft. For example, Docusign is one of the first Copilot integrations in 365 and Microsoft Dynamics, and Salesforce Sales Cloud, creating access to agreements in productivity and sales applications.

國際和 CLM 收入成長持續顯著超過總收入成長。合作夥伴管道持續表現出改善，SAP 和 Microsoft 等主要合作夥伴的強勁成長。例如，Docusign 是 365 和 Microsoft Dynamics 以及 Salesforce Sales Cloud 中第一批 Copilot 整合之一，可在生產力和銷售應用程式中建立對協議的存取。

Across all channels, we are focused on creating global engagement with customers. Behind a new Docusign brand that is focused on bringing agreements to life, we welcomed thousands of customers and partners to our largest customer event of the year, Momentum24. This flagship New York event was the kick-off to a larger Momentum series spanning eight events in five continents. This engagement paves the way for rolling out localized versions of Docusign IAM in our largest international markets.

在所有管道中，我們致力於與客戶建立全球互動。在專注於將協議變為現實的新 Docusign 品牌背後，我們歡迎數千名客戶和合作夥伴參加我們今年最大的客戶活動 Momentum24。這場紐約旗艦賽事是跨越五大洲八項賽事的更大 Momentum 系列賽事的拉開序幕。此次合作為在我們最大的國際市場推出 Docusign IAM 本地化版本鋪平了道路。

At these events, we recognized several customers who stand out for their innovation and business impact by deploying Docusign capabilities within their companies. In sales and customer experience use cases, JPMorgan’s Commercial Bank Services has quickened its lending process by over two weeks across its base of clients; and Red Hat now has 7,000 users on Docusign CLM sending over 30,000 sales-related envelopes for signature annually.

在這些活動中，我們表彰了幾位透過在公司內部署 Docusign 功能而在創新和業務影響方面脫穎而出的客戶。在銷售和客戶體驗用例中，摩根大通商業銀行服務已將其客戶群的貸款流程加快了兩週多；紅帽目前在 Docusign CLM 上有 7,000 名用戶，每年發送超過 30,000 個與銷售相關的信封以供簽名。

Customers using Docusign in procurement and legal use cases stand out as well. Meta used Docusign to analyze over one million contracts across customers, partners, and suppliers; Santander UK transformed its lending fulfillment process in its corporate and commercial bank including reformatting its facility agreements through automation; and Flowserve, one of the world’s leading providers of fluid motion and control panel products and services, manages over $1.4 billion in contracts through Docusign CLM.

在採購和法律用例中使用 Docusign 的客戶也很突出。Meta 使用 Docusign 分析了超過一百萬份客戶、合作夥伴和供應商的合約；英國桑坦德銀行改變了其企業和商業銀行的貸款履行流程，包括透過自動化重新格式化其貸款協議； Flowserve 是全球領先的流體運動和控制面板產品及服務供應商之一，透過 Docusign CLM 管理超過 14 億美元的合約。

What’s exciting is that this is just the beginning for Docusign helping customers navigate their agreement management journeys.

令人興奮的是，這只是 Docusign 幫助客戶完成協議管理之旅的開始。

In closing, Q1 was an important step forward as we re-imagine Docusign. With Intelligent Agreement Management, we’re leveraging our market leadership in e-signature and CLM to define a broader market opportunity by solving age-old customer problems that have never been addressed. We believe IAM unlocks a new wave of value for customers as the system of record for agreements, and a new phase of growth for Docusign.

最後，第一季是我們重新構想 Docusign 的重要一步。借助智慧協議管理，我們正在利用我們在電子簽名和 CLM 領域的市場領先地位，透過解決從未解決的老客戶問題來定義更廣泛的市場機會。我們相信 IAM 作為協議記錄系統將為客戶帶來新一波的價值，並為 Docusign 帶來新的成長階段。

Thank you to our entire team for your passion and dedication to realizing our vision for customers. We’re proud of what we’ve accomplished in recent months and quarters. And we’re just getting started.

感謝我們整個團隊為實現我們為客戶的願景所表現出的熱情和奉獻精神。我們對最近幾個月和幾個季度所取得的成就感到自豪。我們才剛開始。

With that, let me turn it over to Blake.

那麼，讓我把它交給布萊克。

Thanks, Alan, and good afternoon, everyone. We delivered strong business and financial results in Q1 that continued to demonstrate stabilization in our core business. In addition, we maintained our focus on operating efficiency while continuing to invest in the newly launched IAM platform, critical AI capabilities, and omnichannel go-to-market initiatives that we believe can help drive our long-term growth aspirations.

謝謝艾倫，大家下午好。我們在第一季取得了強勁的業務和財務業績，繼續證明了我們核心業務的穩定性。此外，我們繼續專注於營運效率，同時繼續投資於新推出的 IAM 平台、關鍵人工智慧功能和全通路上市計劃，我們相信這些計劃有助於推動我們的長期成長願望。

Q1 financial performance showed solid topline growth, improving operating metrics, and continued efficiency gains resulting in strong operating income and free cash flow generation. Total revenue in Q1 increased 7% year over year to $710 million, and subscription revenue grew 8% year over year to $691 million. Billings grew 5% year over year to $710 million. The billings outperformance compared to our guidance was driven primarily by higher early renewals as well as stronger retention rates.

第一季的財務表現顯示出穩健的營收成長、營運指標的改善以及持續的效率提升，從而帶來了強勁的營運收入和自由現金流的產生。第一季總營收年增 7%，達到 7.1 億美元，訂閱營收年增 8%，達到 6.91 億美元。比林斯年增 5%，達到 7.1 億美元。與我們的指導相比，比林斯的表現優於我們的指導主要是由於早期續約率較高以及保留率較高。

International revenue, a key long-term growth driver, continued to grow at approximately double the overall revenue growth rate and now represents 28% of total revenue. We continue to be excited about the long-term opportunity we still have remaining in our international markets.

國際收入是關鍵的長期成長動力，繼續以整體收入成長率的兩倍左右的速度成長，目前佔總收入的 28%。我們仍然對國際市場上仍然存在的長期機會感到興奮。

Similar to the past two quarters, we are encouraged by several continued signs of business stabilization. First, as Allan mentioned, our dollar net retention rate improved to 99% in Q1 from 98% in Q4. This is the first sequential quarter-on-quarter improvement in several years.

與過去兩個季度類似，我們對業務穩定的幾個持續跡象感到鼓舞。首先，正如艾倫所提到的，我們的美元淨保留率從第四季的 98% 提高到第一季的 99%。這是多年來首次連續季度環比改善。

Gross retention rates improved modestly year over year, which was the primary driver of the sequential improvement in dollar net retention. We expect that these recent stabilization trends will continue, and in Q2, we anticipate dollar net retention rate to be flat to down slightly.

毛保留率較去年同期略有提高，這是美元淨保留率連續改善的主要驅動力。我們預計這些近期的穩定趨勢將持續下去，並且在第二季度，我們預計美元淨保留率將持平或略有下降。

Longer term, we believe there is significant opportunity for growth across both our core business and with the addition of the Intelligent Agreement Management platform through continued customer penetration and new expansion.

從長遠來看，我們相信，透過持續的客戶滲透和新的擴張，我們的核心業務以及智慧協議管理平台都有巨大的成長機會。

Second, usage trends once again showed modest improvement, similar to what we experienced in the second half of fiscal 2024. Envelopes sent increased slightly year over year, compared to the year-over-year declines we saw at this time last year. Consumption, a contract utilization measure, also improved slightly year over year, led by increases in the healthcare, insurance, and technology verticals.

其次，使用趨勢再次顯示出適度的改善，與我們在 2024 財年下半年的經驗類似。與去年同期相比，寄出的信封數量比去年同期略有增加。在醫療保健、保險和技術垂直領域的成長帶動下，作為合約利用率指標的消費也比去年同期略有改善。

Third, the number of large customers spending at least $300,000 annually remained stable at 1,059 in Q1, relatively similar to customer counts from Q4 and Q1 fiscal 2024. We saw lower volatility in large customers compared to Q1 of last year, when the number of customers spending over $300,000 decreased sequentially by 2%. Also, bookings from customers with total contract value over $1 million continued to increase by double digit year-over-year rates in Q1.

第三，第一季每年支出至少 30 萬美元的大客戶數量穩定在 1,059 個，與 2024 財年第四季和第一季的客戶數量相對相似。與去年第一季相比，我們發現大客戶的波動性較低，當時消費超過 30 萬美元的客戶數量較上季減少了 2%。此外，第一季合約總價值超過 100 萬美元的客戶訂單繼續以兩位數的同比速度增長。

Fourth, new customer acquisition growth remained strong in Q1, with total customers increasing by 11% year over year, for the third consecutive quarter, to 1.56 million. Our quarterly absolute net account additions of over 50,000 is the highest sequential gain we have seen in two years, since Q1 fiscal 2023. This was driven predominantly by growth in digital customers that grew 11% year over year to 1.3 million. We will continue to focus on driving self-service features and adoption through our PLG motions.

第四，第一季新客戶成長依然強勁，客戶總數較去年同期連續第三個季度成長11%，達到156萬戶。我們的季度絕對淨帳戶增量超過 50,000 個，這是自 2023 財年第一季以來我們兩年來看到的最高連續增幅。這主要是由數位客戶的成長推動的，數位客戶數量年增 11%，達到 130 萬人。我們將繼續專注於透過 PLG 動議推動自助服務功能和採用。

Direct customers grew 13% year over year to 248,000. As we begin the measured rollout of Intelligent Agreement Management across segments and geographies, the scale of our customer base creates strong long-term expansion potential for the business and continues to be a unique asset across the software landscape.

直接客戶年增 13%，達到 248,000 名。隨著我們開始跨部門和跨地區有計劃地推出智慧協議管理，我們的客戶群規模為業務創造了強大的長期擴展潛力，並繼續成為整個軟體領域的獨特資產。

Turning to our financials, operating & financial efficiency initiatives drove strong performance in Q1. Non-GAAP gross margin for Q1 was 82.0% versus 82.6% last year, in-line with guidance, given the ongoing cloud infrastructure migration that we expect will take place throughout fiscal 2025. Q1 non-GAAP subscription gross margin was 84.2% versus 85.2% last year, also impacted by the migration.

談到我們的財務狀況，營運和財務效率舉措推動了第一季的強勁業績。鑑於我們預計整個 2025 財年將持續進行雲端基礎設施遷移，第一季非 GAAP 毛利率為 82.0%，而去年為 82.6%，符合指引。第一季非 GAAP 訂閱毛利率為 84.2%，去年為 85.2%，也受到遷移的影響。

Non-GAAP operating income in Q1 was $202 million, up 15% year over year to a record-high 28.5% operating margin. This is up nearly 200 basis points versus Q1 last year and a significant increase from the 17.4% operating margin from two years ago. The improvement from last year has largely come from efficiency gains within our sales and marketing departments, where we’ve been able to reduce our spend as a share of revenue by over 200 basis points from a year ago, to 33% of revenue compared to 42% of revenue two years ago. This has provided us the ability to continue investing in R&D at a consistent percent of revenue.

第一季非 GAAP 營業收入為 2.02 億美元，較去年同期成長 15%，營業利益率達到創紀錄的 28.5%。這比去年第一季成長了近 200 個基點，比兩年前 17.4% 的營業利潤率顯著提高。與去年相比的改善主要來自於我們銷售和行銷部門的效率提升，我們已經能夠將支出佔收入的比例比一年前減少 200 多個基點，達到收入的 33%。 %。這使我們能夠以穩定的收入百分比繼續投資於研發。

In Q1, non-GAAP operating margin benefitted from lower headcount related to the previously announced restructuring. We incurred $29 million in GAAP-specific restructuring charges in Q1, in-line with our previous communications. A portion of the outperformance in non-GAAP operating margin relative to our guidance was driven by expense timing.

第一季度，非公認會計原則營業利潤率受益於先前宣布的重組相關的員工人數減少。我們在第一季產生了 2900 萬美元的 GAAP 特定重組費用，這與我們先前的溝通一致。相對於我們的指導，非公認會計原則營業利潤率的優異表現部分是由費用時間推動的。

We ended Q1 with 6,441 employees versus 6,586 at this time last year, approximately 2% lower than the prior year. We will continue to manage 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.

截至第一季末，我們的員工人數為 6,441 名，而去年同期為 6,586 名，比去年同期減少約 2%。我們將繼續管理我們的招聘計劃，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。

We continue to benefit from a business model that generates significant cash flow. Free cash flow in Q1 increased to $232 million with a 33% margin versus 32% in Q1 of last year. Efficiency initiatives continued to yield working capital improvements. In particular, collections efficiency has been a point of strength. We ended Q1 with less than 1% of our accounts receivable over 90 days past due, a significant improvement year over year.

我們繼續受益於產生大量現金流的商業模式。第一季的自由現金流增至 2.32 億美元，利潤率為 33%，而去年第一季為 32%。效率措施持續改善營運資本。特別是，收款效率一直是個優勢。截至第一季度，我們的應收帳款逾期 90 天的比例不到 1%，年比有了顯著改善。

As discussed last quarter, we anticipate our full-year free cash flow margin will more closely approximate non-GAAP operating margin for fiscal 2025. Related to that, we expect to see a lower free cash flow yield rate in Q2 versus Q1. The balance sheet is in a strong position.

如上季所討論的，我們預計我們的全年自由現金流利潤率將更接近 2025 財年的非 GAAP 營運利潤率。與此相關的是，我們預期第二季的自由現金流收益率將低於第一季。資產負債表處於強勢地位。

At quarter end, we had $1.2 billion of cash, cash equivalents, and investments. We currently have no debt on the balance sheet. This strong financial foundation allows us to harness significant free cash flow generation to support future investment as well as redeploy excess capital opportunistically to shareholders.

截至季末，我們擁有 12 億美元的現金、現金等價物和投資。目前我們的資產負債表上沒有債務。這強大的財務基礎使我們能夠利用大量的自由現金流來支持未來的投資，並機會性地向股東重新部署多餘的資本。

To that end, during Q1 we used $149 million in cash to repurchase shares, more than three times greater versus the $40 million in share repurchases in Q1 of the prior year, and slightly more than we repurchased in all of fiscal 2024. We also used $42 million in cash to pay taxes due on RSU settlements, reducing the dilutive impact of our equity programs.

為此，我們在第一季使用了1.49 億美元的現金回購股票，是去年第一季4,000 萬美元股票回購的三倍多，略高於我們在2024 財年全年回購的股票。我們也使用了 4,200 萬美元現金來繳納 RSU 和解所應繳的稅款，從而減少了我們股權計畫的稀釋影響。

As Allan mentioned, the Board recently authorized an increase to our open-ended buyback program of $1 billion, which is on top of the approximately $140 million we have in remaining existing authorization. With regard to capital allocation, we also closed the Lexion acquisition on May 31. Lexion is a strong strategic fit for Docusign. We have a disciplined valuation framework and high culture bar for acquisitions, and I am excited for the opportunities this ultimately can provide for our customers.

正如艾倫所提到的，董事會最近授權將我們的開放式回購計畫增加 10 億美元，這是在我們現有剩餘授權的約 1.4 億美元的基礎上增加的。在資本配置方面，我們也於 5 月 31 日完成了對 Lexion 的收購。Lexion 與 Docusign 有著強烈的策略契合度。我們擁有嚴格的估值框架和高水準的收購文化標準，我對這最終能為我們的客戶提供的機會感到興奮。

Lexion’s technology will accelerate our AI-powered IAM roadmap and Lexion’s founders and team will help strengthen our technical foundation with their AI-industry leadership experience. In terms of financials, Lexion will not have a material impact on revenue and non-GAAP operating margins in fiscal 2025, and the financial impact is reflected in our current fiscal 2025 guidance.

Lexion 的技術將加速我們的 AI 驅動的 IAM 路線圖，Lexion 的創始人和團隊將利用他們的 AI 行業領導經驗來幫助加強我們的技術基礎。在財務方面，Lexion 不會對 2025 財年的收入和非 GAAP 營業利潤率產生重大影響，財務影響已反映在我們目前的 2025 財年指引中。

Non-GAAP diluted EPS for Q1 was $0.82, a $0.10 per share improvement from $0.72 last year. GAAP diluted EPS was $0.16 versus $0.00 last year. Diluted shares increased approximately 1% year over year to 210 million shares. We are encouraged by gains in both non-GAAP and GAAP profitability, and we continue to target improvements in annual GAAP net income and per share profitability as we work to manage the dilution and cost of our equity programs.

第一季非 GAAP 攤薄後每股收益為 0.82 美元，較去年的 0.72 美元每股提高 0.10 美元。GAAP 攤薄後每股收益為 0.16 美元，去年為 0.00 美元。稀釋後股票年增約1%至2.1億股。我們對非公認會計原則和公認會計原則盈利能力的增長感到鼓舞，並且在我們努力管理股權計劃的稀釋和成本的同時，我們繼續以提高年度公認會計原則淨利潤和每股盈利能力為目標。

In Q1, stock compensation expense as a percent of revenue, excluding the impact from restructuring, declined by 170 basis points year over year, from 21% in Q1 of fiscal 2024 to 19% in Q1 of fiscal 2025. We continue to expect stock-based compensation, excluding the impact from restructuring, to be approximately flat year over year in fiscal 2025, and expect that cost as a percent of revenue to decline year over year.

第一季度，股票薪酬費用佔收入的百分比（不包括重組的影響）年減了 170 個基點，從 2024 財年第一季的 21% 降至 2025 財年第一季的 19%。我們仍然預計，排除重組的影響，2025 財年的股票薪酬將同比大致持平，並預計成本佔收入的百分比將同比下降。

Related to our GAAP financials, in fiscal 2025, it is reasonably possible that we will release a valuation allowance on certain existing deferred tax assets, which was discussed in our 10-K that was published last quarter. When released, we estimate this would have a GAAP-only financial impact of decreasing our non-cash tax expense by approximately $750 million to $850 million. Further details will be found in the 10-Q filing.

與我們的 GAAP 財務狀況相關，在 2025 財年，我們有可能對某些現有遞延稅資產發放估值補貼，這一點在我們上季度發布的 10-K 中進行了討論。發布後，我們估計這將產生僅以 GAAP 計算的財務影響，使我們的非現金稅收費用減少約 7.5 億至 8.5 億美元。更多詳細資訊將在 10-Q 檔案中找到。

With that let me turn to guidance. For Q2 ’25 and fiscal year 2025, we expect total revenue of $725 million to $729 million in Q2, or a 6% year-over-year increase at the midpoint. For fiscal year 2025, we expect revenue between $2.920 billion to $2.932 billion, or a 6% year-over-year increase at the midpoint. Of this, we expect subscription revenue of $705 million to $709 million in Q2, or a 6% year-over-year increase at the midpoint, and $2.844 billion to $2.856 billion for fiscal 2025, or a 6% year-over-year increase at the midpoint.

接下來讓我轉向指引。對於 2025 年第二季和 2025 財年，我們預計第二季總營收為 7.25 億美元至 7.29 億美元，中間值年增 6%。對於 2025 財年，我們預計營收在 29.20 億美元至 29.32 億美元之間，中間值年增 6%。其中，我們預計第二季訂閱營收為 7.05 億美元至 7.09 億美元，中間值年增 6%；2025 財年訂閱營收為 28.44 億美元至 28.56 億美元，年增 6%在中點。

For billings, we expect $715 million to $725 million in Q2 and $2.980 billion to $3.030 billion for fiscal 2025. 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 and sequential quarter-over-quarter comparisons and is further amplified by the scale of our book of business.

對於帳單，我們預計第二季的營收為 7.15 億至 7.25 億美元，2025 財年的營收為 29.80 億至 30.3 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。這會影響同比和環比的比較，並因我們的業務規模而進一步放大。

As discussed in our results call last quarter, we expect Q2 to have the lowest year-over-year billings growth rate in fiscal 2025 primarily given comparisons versus. last year’s strong on-time renewal performance and the timing impacts of various customer contracts.

正如我們在上季度業績電話會議中討論的那樣，我們預計 2025 財年第二季度的同比帳單成長率將最低，主要是考慮到與其他季度的比較。去年強勁的按時續約表現以及各種客戶合約的時間影響。

We expect non-GAAP gross margin to be 80.5% to 81.5% for Q2, and 81.0% to 82.0% for fiscal 2025. We expect non-GAAP operating margin of 27.0% to 28.0% for Q2 and 26.5% to 28.0% for fiscal 2025. During the year, we continue to expect to realize lower costs from the restructuring announced in February, as well as several ongoing efficiency improvement initiatives across the company.

我們預期第二季非 GAAP 毛利率為 80.5% 至 81.5%，2025 財年毛利率為 81.0% 至 82.0%。我們預計第二季非 GAAP 營運利潤率為 27.0% 至 28.0%，2025 財年營運利潤率為 26.5% 至 28.0%。今年，我們繼續期望透過 2 月宣布的重組以及整個公司正在進行的多項效率改進措施實現更低的成本。

Our ultimate goal is to invest in long-term growth opportunities, in particular in R&D, while generating efficiencies that allow us to scale profitably. We expect non-GAAP fully diluted weighted average shares outstanding of 208 to 213 million for both Q2 and Fiscal 2025.

我們的最終目標是投資長期成長機會，特別是研發，同時提高效率，使我們能夠實現獲利擴展。我們預計 2025 年第二季和財年的非 GAAP 完全稀釋加權平均流通股數為 208 至 2.13 億股。

In closing, we are pleased to report another quarter of progress against our three strategic pillars: accelerating product innovation, enhancing our go-to-market initiatives, and strengthening our financial and operational efficiency. Q1 showed solid progress in improving the relationships with our customers and stabilizing business fundamentals, and we remain pleased with our overall profitability and free cash flow generation.

最後，我們很高興地報告我們的三個策略支柱又取得了四分之一的進展：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。第一季在改善與客戶的關係和穩定業務基本面方面取得了堅實的進展，我們對我們的整體盈利能力和自由現金流的產生仍然感到滿意。

We are committed to continuing to invest in realizing our vision of Intelligent Agreement Management. With over 1.5 million customers worldwide and a strong position as the default, trusted partner for customers with their agreements, we believe the future is bright as Docusign endeavors to execute against our long-term strategy to deliver a new, AI-powered, IAM platform.

我們致力於繼續投資以實現我們的智慧協議管理願景。Docusign 在全球擁有超過150 萬客戶，並且作為客戶默認的、值得信賴的合作夥伴擁有強大的地位，我們相信Docusign 的未來是光明的，因為Docusign 致力於執行我們的長期戰略，提供一個新的、人工智慧驅動的IAM 平台。

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) Jacob Roberge, William Blair.

（操作員說明）雅各布·羅伯格，威廉·布萊爾。

Hi, thanks for taking the questions. Blake, could you just help us understand how releasing consumption trends were factored into your subscription guide? Sounds like consumption improved in the quarter, but it doesn't like the full subscription B was pushed into the guide. So I'm curious if you're starting to see any impact on the Nasdaq as you exited the quarter. Again, it is really just conservatism and getting out and finding any potential macro headwinds. Thanks.

您好，感謝您提出問題。Blake，您能幫我們了解一下您的訂閱指南中是如何考慮發布消費趨勢的嗎？聽起來本季的消費有所改善，但並沒有將完整訂閱 B 推入指南中。因此，我很好奇，當您退出本季時，您是否開始看到對納斯達克的任何影響。再說一次，這實際上只是保守主義，並走出去尋找任何潛在的宏觀阻力。謝謝。

Sure. Thanks, Jac. Thanks for the question. I think come if you look at the guide and especially if you look out into the full year, we actually have lifted our full year are midpoint in total revenue by slightly more than our beat in Q1. There's a little bit of back-and-forth between the sub revenue line and then a professional services and other revenue. And that's really just a function of us getting a little bit more granular as far as contracts that may be on-prem versus what we had assumed in our forecast and such.

當然。謝謝，傑克。謝謝你的提問。我認為，如果你看一下指南，特別是如果你展望全年，我們實際上已經將全年總收入中點提高了，略高於第一季的水平。子收入線與專業服務和其他收入之間有一些來回。這實際上只是我們對本地合約與我們在預測等中假設的合約進行更細化的結果。

I would say, the macro side, Q1 was light highly consistent from a linear like monthly perspective and actually into -- as we get into May as well, which we've been really happy with.

我想說，從宏觀來看，第一季從線性的月度角度來看是高度一致的，實際上進入五月時，我們對此非常滿意。

I haven't you seen any material shift as companies continue to like scrutinized investment spend we had another quarter of stabilizing signs both in consumption and usage. Both trended up modestly for us. And so I think it's also the fact for us that being able to see the account growth that we have in this quarter of over 50,000 was also encouraging, I think from a macro perspective, just because of the size of our book and business on the size of the account base that we have. And so, I'm pretty happy about that.

我沒有看到任何重大變化，因為公司繼續喜歡仔細審查投資支出，我們在消費和使用方面又出現了一個季度的穩定跡象。對我們來說，兩者都呈現適度上升趨勢。因此，我認為對我們來說，能夠看到本季度超過 50,000 個帳戶的成長也是令人鼓舞的，我認為從宏觀角度來看，這只是因為我們的帳簿和業務規模我們擁有的帳戶基礎的規模。所以，我對此感到非常高興。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Thanks for taking the question. (technical difficulty) to ask you clearly a lot of announcements and momentum with the announcement of IAM. Can you just help us understand how specifically the Lexion deal fits into that vision? Do you feel like with the combination of, Lexion, in your core eSignature, so some of the assets around the SpringCM and [SEO] and you have the complete product. Are there other areas you're looking for? And then just any feedback that you could share from customers post that launch and how it's being perceived? Thank you.

感謝您提出問題。 （技術難度）問你清楚很多公告和IAM的公告的動力。您能否幫助我們了解 Lexion 交易具體如何符合這個願景？您是否覺得在您的核心電子簽名中結合了 Lexion、SpringCM 和 [SEO] 周圍的一些資產，您就擁有了完整的產品。您還在尋找其他領域嗎？然後，您可以分享發布後的客戶的任何反饋以及人們如何看待它？謝謝。

Yeah, I'll take that one. So first of all, on Lexion, the our engagement on Lexion really started in the fall, when we decided as a team. We thought we could go even faster in agreement and there's so much headroom and it is so integral to our strategy. We keep a close tab on the venture ecosystem in our space. And I had a good idea which companies to look at. We established and technical framework for evaluating their models and then ran several companies through that links and came out ahead.

是的，我會接受那個。首先，在 Lexion 上，我們對 Lexion 的參與真正開始於秋天，當時我們決定作為一個團隊。我們認為我們可以更快地達成一致，而且還有很大的空間，這對我們的策略來說是不可或缺的。我們密切關注我們領域的風險生態系統。我很清楚該關注哪些公司。我們建立了評估他們模型的技術框架，然後透過這些連結運行了幾家公司並取得了領先。

And as we dug in further we look that at the ease of integration into our existing platforms, they scored extremely well in that. It is also really persuaded by the way that they can engage very deeply with customers, listened extremely well. They have hundreds of customers. And so that was, I think, terrific validation of our platform.

當我們進一步深入研究時，我們發現，在與我們現有平台整合的便利性方面，他們在這方面得分非常高。他們能夠與客戶進行非常深入的互動，非常善於傾聽，這也確實令人信服。他們有數百名客戶。我認為這是對我們平台的極好的驗證。

In terms of how it adds to DocuSign. I think an overall agreement, AI, there are extraction, quantity and quality. We augment our platform. Another area where I think they're really market-leading using legal workflow.

關於它如何添加到 DocuSign 中。我覺得整體一致，AI，有提取、有數量、有品質。我們增強我們的平台。我認為他們在使用合法工作流程方面真正處於市場領先地位的另一個領域。

So workflow automation for lawyers from sampling, you're adjusting up a third-party agreement. How can you immediately use AI to assess the agreement, understand how terms may deviate, understand their templates and highlight language that you might want to propose as a counter that really accelerate productivity for legal teams, and they've done an excellent job in that. So overall, that's how it fits in. It's perfectly complementary to what we have.

因此，律師從抽樣開始的工作流程自動化，您正在調整第三方協議。您如何立即使用人工智慧來評估協議，了解條款可能如何偏離，理解其模板並突出顯示您可能想要提出的作為計數器的語言，從而真正提高法律團隊的生產力，他們在這方面做得非常出色。總的來說，這就是它的適合方式。它與我們現有的完美互補。

And so it was really handling. We are very excited to have brought them on. As you probably know, we closed that deal last Friday and that team is now carry DocuSign badges. Just trying to think if there are other aspects to your question.

所以它真的很處理。我們很高興能引進他們。您可能知道，我們上週五完成了交易，該團隊現在佩戴了 DocuSign 徽章。只是想想你的問題是否還有其他面向。

Early response to IAM, maybe quickly. We obviously felt that IAM roadmap. Heavlily based on customer feedback and problem statements around the pain of throughout the entire agreement journey. And as a result, we've had very good feedback during the early access and beta phases. We've hundred and tons of clients. Live on what we now have shipped into general avalability. We went into GA, actually last Thursday.

對 IAM 的早期反應，也許很快。我們顯然感受到了 IAM 路線圖。很大程度上是基於客戶回饋和圍繞整個協議過程中的痛苦的問題陳述。因此，我們在早期訪問和測試階段獲得了非常好的回饋。我們有成百上千的客戶。依靠我們現在已經普遍提供的產品來生活。實際上是上週四我們進入了GA。

So it is now commercially available. The initial releases targeted that North American commercial customers. And then over time, we'll layer in more segments and geographies, but it's exciting to be out there and the feedback couldn't be stronger.

所以現在它已經商業化了。最初的版本針對的是北美商業客戶。然後隨著時間的推移，我們將劃分更多的細分市場和地區，但能夠到達那裡是令人興奮的，而且反饋再強烈不過了。

Maybe one last thing on that point. In addition to customer feedback, I've been really pleased with the response from the partner channel. We've had a DocuSign e-signature product didn't need a ton of integration, files compounds to do that themselves. That was CLM. We engage more with the SI channel. But with IAM, this is really a full end to end platform program management. And we've had tremendous engagement from some of the global SIs on large practices around company transformation, legal agreements, and have been looking for a platform that could support those efforts. So very bullish on that. And that's obviously a great foundation for us.

也許關於這一點的最後一件事。除了客戶回饋之外，我對合作夥伴管道的回應也非常滿意。我們有一個 DocuSign 電子簽名產品，不需要大量的集成，文件複合即可自行完成。那就是 CLM。我們更參與 SI 渠道。但對於 IAM，這實際上是一個完整的端到端平台程式管理。我們已經得到了一些全球系統整合商的大力參與，參與了圍繞公司轉型、法律協議的大型實踐，並且一直在尋找一個可以支持這些努力的平台。所以非常看好這一點。這顯然對我們來說是一個很好的基礎。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Thanks. Blake, 20.5% op margin in Q1, yet you're guiding below that at the midpoint for the full year. I guess when you think about the investments need to happen, kind of hit that range, can you walk through what would cause margins to go down to make that number for the year?

謝謝。Blake，第一季營運利潤率為 20.5%，但您的全年業績指引卻低於這個水準。我想當你考慮需要進行的投資時，有點達到這個範圍，你能說明一下什麼會導致利潤率下降以達到今年的這個數字嗎？

Thanks for the questions. The 20.5% coming in above the midpoint of our guidance and a fair chunk of that driven not just by the revenue be, but also by expense timing brand, like if you look at our in particular, our non-GAAP, G&A expenses on a year-over-year basis, they're actually down on an absolute dollar basis, which while we expect those to grow at a pretty low rate, those being down year over year is really more of a function of some timing perspective.

感謝您的提問。20.5% 高於我們指導的中點，其中很大一部分不僅是由收入驅動的，而且還受到費用計時品牌的驅動，就像你特別看一下我們的非 GAAP、G&A 費用與去年同期相比，它們實際上在絕對美元基礎上下降了，雖然我們預計它們將以相當低的速度增長，但同比下降實際上更多地是某種時機角度的函數。

So when you smooth that out, it's actually pretty steady throughout the year. Now, what I -- what we're trying to do here at DocuSign, right, is balanced. This continued focus on operating efficiency with also making sure that we maintain the right investment in order to get. I am launched engage with customers in a range and with the product team and then sold out to them. And so I think for us, what we're trying to do is balance that focus on efficiency and productivity.

因此，當你平滑這一點時，實際上全年都相當穩定。現在，我們在 DocuSign 試圖做的事情是平衡的。我們繼續專注於營運效率，同時確保我們保持正確的投資以獲得收益。我開始與一定範圍內的客戶和產品團隊接觸，然後將產品賣給他們。所以我認為對我們來說，我們正在努力做的是平衡對效率和生產力的關注。

And we're always going to do that, but making sure that we set ourselves up in the best way possible in order to support something that we believe we can really be a catalyst for us in the long term. Certainly, I'm really trying to accelerate our growth.

我們總是會這樣做，但要確保我們以盡可能最好的方式做好準備，以支持我們相信從長遠來看確實可以成為我們催化劑的事情。當然，我確實在努力加速我們的成長。

And just quickly for Alan, I think your aspirations to be a double-digit grower, I know you're not guiding for that this year, but is there anything that still, it was inherently obstacle in your way that to achieving that longer-term goal?

對於艾倫來說，我認為你渴望成為兩位數的種植者，我知道你今年沒有為此提供指導，但是還有什麼嗎，這本質上是你實現更長期目標的障礙-學期目標？

No, I think that's overall rallied around that we feel that -- that's a reasonable long-term aspiration for us. And certainly, given the significant expansion of addressable market with the launch of IAM, we think -- we've got plenty of headroom to do that. So -- no nothing. This is still an execution game. I do want to stress that while we achieved some super important milestones this quarter with a product launch at the marketing, -- relaunch DocuSign, the go-to-market side is still ahead of us. And we think are starting at the very strong position with the customer base of amendment and have paying customers a month and all of a positive affinity that we have at our experience from signature and CLM and so on.

不，我認為總體而言，我們認為這對我們來說是一個合理的長期願望。當然，考慮到隨著 IAM 的推出，潛在市場顯著擴大，我們認為 - 我們有足夠的空間來做到這一點。所以——什麼也沒有。這仍然是一個處決遊戲。我確實想強調，雖然我們本季透過行銷產品發布實現了一些非常重要的里程碑——重新推出 DocuSign，但進入市場方面仍然領先於我們。我們認為，我們在修訂客戶群方面處於非常有利的地位，並且每月都有付費客戶，並且我們從簽名和 CLM 等方面獲得的經驗都具有積極的親和力。

And obviously, we've built the product very heavily based on customer feedback, but it's still an evolution. I think you -- we have -- we sell to enterprises very heavily today. I think we're in by in terms of the Fortune 500 and some other stats in other countries. But if there's a difference between selling at a point application and then an enterprise platform for our agreement management, I think we still have some going to do there.

顯然，我們在很大程度上基於客戶回饋來建立該產品，但這仍然是一個演變。我認為我們今天向企業大量銷售產品。我認為我們在財富 500 強和其他國家的一些其他統計數據方面處於領先地位。但是，如果銷售點應用程式和用於協議管理的企業平台之間存在差異，我認為我們仍然需要在這方面做一些事情。

So I'd say from an execution standpoint, that's where I'm most focused, but we feel it's in our control. We have a large addressable opportunity, a great set of products, strong customer relationships, and it's just up to us to capitalize on that.

所以我想說，從執行的角度來看，這是我最關注的地方，但我們覺得它在我們的控制範圍內。我們擁有大量可利用的機會、一系列出色的產品、強大的客戶關係，而我們需要充分利用這些機會。

Pat Walravens, JMP.

帕特·瓦爾拉文斯，JMP。

Great. Thank you. The launch of the IAM platform is super exciting, but it does make me wonder what do you guys going to do in terms of creating a repeatable go-to-market motion? How are you going to sell this in a consistent manner given the way it's rolling out and the old products versus the new ones?

偉大的。謝謝。IAM 平台的推出非常令人興奮，但這確實讓我想知道你們在創建可重複的上市動議方面會做什麼？考慮到它的推出方式以及舊產品與新產品的對比，你將如何以一致的方式銷售它？

Yeah. [I can't correct that]. Well, so first of all, we designed IAM to be very broadly applicable, right. So historically, if you think about the broader contract management space and CLM, in particular, it was really only accessible to the very large enterprises who could afford all the customization and integration that was needed. IAM is more lightweight and can be deployed across a much broader set of companies and to a much broader set of users in any company that deploys it.

是的。[我無法糾正]。嗯，首先，我們設計的 IAM 具有非常廣泛的適用性，對吧。因此，從歷史上看，如果您考慮更廣泛的合約管理空間和 CLM，尤其是只有那些能夠負擔得起所需的所有客製化和整合費用的大型企業才能使用它。IAM 更加輕量級，可以部署在更廣泛的公司中，也可以部署到部署它的任何公司中更廣泛的用戶。

And the key to your question is that also means that it's a much more natural upsell, if you will, a cross-sell to our signature product, which obviously has much broader distribution than our CLM product. So look, I don't want to underplay that this is an evolution, as I just mentioned, in terms of the scale of the story and the number of constituencies and complexity of that sales process.

你問題的關鍵在於，這也意味著這是一種更自然的追加銷售，如果你願意的話，是對我們標誌性產品的交叉銷售，它顯然比我們的 CLM 產品擁有更廣泛的分銷範圍。所以，我不想低估這是一種演變，正如我剛才提到的，就故事的規模、選民的數量和銷售流程的複雜性而言。

On the other hand, I think we're standing on the shoulders of our entire eSignature business. And it's -- I think it's pretty exciting and we're already starting to close some deals. We only went into channel availability a week ago so don't want to extract too much from that. But I'm feeling pretty good about our ability to develop a repeatable motion starting the commercial space and then moving up into our enterprise customers. And we're seeing a tremendous amount of inbound on the platform right now.

另一方面，我認為我們站在整個電子簽名業務的肩膀上。我認為這非常令人興奮，我們已經開始完成一些交易。我們一週前才討論了頻道可用性，因此不想從中提取太多內容。但我對我們開發可重複運動的能力感到非常滿意，運動從商業領域開始，然後進入我們的企業客戶。我們現在在該平台上看到了大量的入站流量。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Wonderful. Thank you so much for taking my question. I just want to drill a little bit into Lexion. You mentioned it's immaterial, but you paid $135 million for it. It's got hundreds of customers. Maybe can you walk us through of the raise and the guide for the full year? How much of that is attributable to Lexion versus improved execution? Maybe you could just give us a little bit of color for our own models, how to think about Lexion? Thank you.

精彩的。非常感謝您回答我的問題。我只是想深入了解 Lexion。你提到這並不重要，但你為此付出了 1.35 億美元。它有數百名客戶。或許可以為我們介紹一下全年的加薪和指南嗎？其中有多少歸因於 Lexion 與改進的執行力？也許您可以為我們自己的模型提供一點顏色，如何看待 Lexion？謝謝。

Sure. We're not breaking it out just because of its size and immateriality. It doesn't. It's not material to revenue or op margin for us. The overarching message that I would like to send on Lexion is that the purchase of Lexion is about integrating the technology into the DocuSign IAM platform. That opportunity for us, we think in the long-term can apply to the well over 1 million customers that we have. That's what really excites us about spinning that flywheel.

當然。我們不會僅僅因為它的規模和非物質性而將其分解。事實並非如此。這對我們的收入或營運利潤率並不重要。我想在 Lexion 上傳達的首要訊息是，購買 Lexion 的目的是將技術整合到 DocuSign IAM 平台中。我們認為，從長遠來看，這個機會可以惠及我們擁有的超過 100 萬客戶。這就是旋轉飛輪真正讓我們興奮的地方。

It's obviously, extremely early days, and I can't even say extremely like loud enough, I guess because we just closed on this transaction six days ago. But that is really what we're excited about in the long-term for Lexion is that integration and the ability to spin our flywheel and our AI development faster. So that we can make IAM and the platform more valuable to our customers.

顯然，現在還處於非常早期的階段，我什至不能大聲說“非常”，我想是因為我們六天前剛剛結束了這筆交易。但從長遠來看，我們真正對 Lexion 感到興奮的是整合以及加快飛輪和人工智慧開發速度的能力。這樣我們就可以使 IAM 和平台對我們的客戶更有價值。

Yeah. And maybe I'll just add to that to say. We took a lot of comfort from the fact that they had validated their platform in hundreds of customer. But as Blake said, the primary motivation here was in being able to deploy that capability across our entire IAM suite. I do want to emphasize we intend to continue to support the Lexion product and Lexion customers. And as IAM integrates Lexion features, then we'll make that platform available to the Lexion customers.

是的。也許我會補充一點。他們已經在數百名客戶中驗證了他們的平台，這讓我們感到非常欣慰。但正如 Blake 所說，這裡的主要動機是能夠在我們的整個 IAM 套件中部署該功能。我確實想強調，我們打算繼續支援 Lexion 產品和 Lexion 客戶。隨著 IAM 整合 Lexion 功能，我們將向 Lexion 客戶提供該平台。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great. Thank you very much. I wanted to stick to IAM. Wondering what capabilities are missing or need to be rolled out in order to serve the broader market -- upmarket in the enterprise? And was wondering if you could shine a little light on what happens from an economic standpoint as customers adopt IAM.

偉大的。非常感謝。我想堅持使用 IAM。想知道為了服務更廣泛的市場（企業的高端市場）缺少或需要推出哪些功能？我想知道您是否可以從經濟角度闡述當客戶採用 IAM 時會發生什麼。

Yeah. So on the first point, look, there is a long list of stuff that you can imagine the very largest customers will want is a never-ending list. But, I mean, to give you a sense, something that a large company would be particularly concerned about would be things like access control so ability to tightly control who can access which agreements and that's something that needs to be robustly tied into existing permission systems so on, and we are working on building that out.

是的。因此，在第一點上，你看，有一長串的東西，你可以想像最大的客戶會想要一個永無止境的清單。但是，我的意思是，為了給您一種感覺，大公司特別關心的事情是訪問控制之類的事情，即嚴格控制誰可以訪問哪些協議的能力，而這需要與現有的權限系統牢固地聯繫起來等等，我們正在努力解決這個問題。

Another area of functionality that we've announced our intention to launch later this year is in the area of being able to review and edit and develop agreements based on playbooks. Again, having a playbook system for agreements tends to be a characteristic of larger companies, and you'll see some of that functionality deployed in IAM as well as more robust, you should say, agreement editing capability. And that's also where Lexion will play in.

我們宣布打算在今年稍後推出的另一個功能領域是能夠審查、編輯和開發基於劇本的協議。同樣，擁有協議劇本系統往往是大公司的特徵，您會看到 IAM 中部署的一些功能以及更強大的協議編輯功能。這也是 Lexion 將發揮作用的地方。

In terms of the pricing structure, historically, our core signature product has principally been sold on an envelope capacity basis, so you buy a certain number of envelopes, although we also do offer seat configuration and CLM has predominantly been sold on a seat basis. We are evolving towards IAM sold principally on a seat basis with adjustments for different user profiles and then overlays for different premium functionality.

就定價結構而言，從歷史上看，我們的核心招牌產品主要以信封容量出售，因此您購買一定數量的信封，儘管我們也提供座位配置，而 CLM 主要按座位出售。我們正在向主要以席位為基礎銷售的 IAM 發展，針對不同的使用者設定檔進行調整，然後涵蓋不同的進階功能。

And so that's something that we're managing carefully. We want to make sure that customers who just need our basic eSignature product can continue to buy that in a way that they're accustomed. But customers who want to take advantage of IAM and some all of the richness of what we've launched can do that, and that is sold at a premium to packages that we historically had. That's how we've been thinking about this.

所以這是我們正在謹慎管理的事情。我們希望確保只需要我們基本電子簽名產品的客戶可以繼續以他們習慣的方式購買該產品。但想要利用 IAM 以及我們推出的一些豐富功能的客戶可以做到這一點，而且其售價比我們以前擁有的套餐高。這就是我們一直在思考的問題。

And I would just to pile on to what Allan said. Our overall philosophy as we think about IAM is that if we can create more value for customers and we believe pretty strongly IAM is going to do just that. Customers will agree to share in some of that value with us. And it can come in a number of different ways, right? It can come from perhaps expansion as we become more integral to a customer and their workflows and their processes, or it can also become a stickier relationship, where we can drive better retention trends as well. So just to add on top from what Allan said.

我只想補充一下艾倫所說的話。我們對 IAM 的整體理念是，如果我們能夠為客戶創造更多價值，而我們堅信 IAM 一定會做到這一點。客戶將同意與我們分享部分價值。它可以有多種不同的方式，對吧？它可能來自於擴展，因為我們與客戶及其工作流程和流程變得更加一體化，或者它也可以成為更黏性的關係，我們也可以推動更好的保留趨勢。所以只是補充一下艾倫所說的。

Scott Berg, Needham.

史考特伯格，李約瑟。

Hi, everyone. Thanks for taking my questions. I have two. Let's start with the continuing theme on IAM. I was obviously at the conference, customer interest is high. It sounds like investor interest is high on it too, and it almost seems like this is probably your big bet for the next leg of growth for the company. But how do we think about the impact of the model here going forward? It was just released. I know it's going to be released to the commercial customers first and gradually moved up-market as you build out the future functionality set. But is this a play for fiscal '27 or fiscal '28? Or do you think we can see some revenue impact maybe as early as next year that's at least somewhat meaningful to the overall profile of the company?

大家好。感謝您回答我的問題。我有兩個。讓我們從 IAM 的持續主題開始。我顯然參加了會議，客戶的興趣很高。聽起來投資人對此也很感興趣，而且看起來這可能是你為公司下一步成長而下的大賭注。但我們如何看待該模型未來的影響呢？它剛剛發布。我知道它將首先向商業客戶發布，並隨著您建立未來的功能集而逐漸進入高端市場。但這是 27 財年還是 28 財年的遊戲？或者您認為我們最早可以在明年看到一些收入影響，這至少對公司的整體形像有一定意義？

Yeah, I think we'll see some lift next year, but we're not ready yet to talk about the exact magnitude. But yes, that would be a reasonable expectation.

是的，我認為明年我們會看到一些提升，但我們還沒有準備好談論確切的幅度。但是，是的，這是一個合理的期望。

Yeah. And I would just say like this is the challenge, right, which is we just launched this in general availability here a week or so ago, and it's going to take time to ramp. I think one of the things we also have to keep in mind is just the general size of the book of business that we have in the renewal cycles that we have as well. So we've got -- I think our full-year guide is just around $3 billion in billings. So as far as like the magnitude to move that needle, it's going to take some time.

是的。我只想說，這就是挑戰，對吧，我們大約一周前才在此處全面推出此功能，並且需要時間來提升。我認為我們還必須記住的一件事是我們在更新周期中的業務簿的整體規模。因此，我認為我們的全年營收指南約為 30 億美元。因此，就移動指針的幅度而言，這將需要一些時間。

I'm mostly excited right now to be honest about getting the launch out and getting the customer experience right, and giving the team the kind of the urgency to iterate on those things. That's honestly for me in the early days of a new product launch, what we need to focus on besides obviously the go-to-market components as well. And if we get those right, that's the input that we then get that flywheel to spin on billings into the future.

老實說，我現在最興奮的是推出產品並獲得正確的客戶體驗，並讓團隊有必要迭代這些事情。老實說，對我來說，在新產品發布的早期，除了上市組件之外，我們還需要關注什麼。如果我們做對了，這就是我們讓飛輪在比林斯上旋轉到未來的輸入。

Got it. Helpful. And then I just wanted to follow up on the stability comments from earlier. Now that you feel that the business seems to be at least in a right position, how do we think about upside to revenues over the near term? Does it come more from the installed base with some of the stability there, or is the upside driven more from net new sales and net-new customers coming on board in this macro where everything is a little bit challenging? Just wanted to see how you kind of balance those two and what might be the greater driver in the near term. Thanks.

知道了。有幫助。然後我只想跟進之前的穩定性評論。既然您認為該業務似乎至少處於正確的位置，那麼我們如何看待近期收入的成長？它更多地來自於具有一定穩定性的安裝基礎，還是更多地來自淨新銷售和淨新客戶在這個一切都有點挑戰的宏觀環境中的成長？只是想看看如何平衡這兩者，以及短期內更大的推動力是什麼。謝謝。

Yeah. But I guess, I would say we're focused on both, right? Like our ability to improve our gross retention rates, obviously, on a large book of business can have large impacts. While I'm super-excited about the stabilization trends that we have, we have room to improve, right? And so we're focused greatly as an organization on that.

是的。但我想，我會說我們都專注於兩者，對吧？顯然，就像我們提高毛保留率的能力一樣，對大量業務的了解可以產生巨大的影響。雖然我對我們所擁有的穩定趨勢感到非常興奮，但我們還有改進的空間，對吧？因此，作為一個組織，我們非常關注這一點。

We are -- I mean, there are a lot of good steps that we took in this last quarter in order to improve those retention rates, or its allocating customer success resources. It's being far more granular about getting in front of renewals and large renewals and how we're going to approach them and so forth. If it's focusing on sticky feature adoption because we believe that's an input metric to be able to drive that output of kind of lower churn and such obviously, which helps you grow your billings, that's a big deal.

我的意思是，我們在上個季度採取了很多好的措施，以提高保留率或分配客戶成功資源。它對於更新和大型更新以及我們將如何處理它們等問題更加細緻。如果它專注於黏性功能的採用，因為我們相信這是一個輸入指標，能夠推動較低流失率的輸出，顯然這可以幫助您增加帳單，那是一件大事。

Now, on the expansion side, obviously, we still have a lot of penetration available just within eSignature, but on top of that, obviously, the big investment we're making is an IAM. And so we can be able to drive expansion through those areas while improving renewals for us. I think we end up in a spot we're really happy with.

現在，在擴展方面，顯然，我們在電子簽名中仍然有很多可用的滲透率，但最重要的是，顯然，我們正在進行的巨額投資是 IAM。因此，我們能夠推動這些領域的擴張，同時改善我們的續訂。我想我們最終會到達一個令我們非常滿意的地方。

And I think like maybe to Allan's point earlier in the messaging, it's that the execution is what we are most responsible for we need to focus on because we really do believe the opportunity is there and there's a clear need for the products and features that we're launching out to customers now.

我認為，也許就像艾倫之前在消息中所說的那樣，執行是我們最需要關注的，因為我們確實相信機會就在那裡，並且對我們的產品和功能有明確的需求。推出。

Brad Sills, Bank of America.

布拉德·希爾斯，美國銀行。

Great. Thank you so much. I wanted to ask a question here on IAM, exciting new launch here. As you guys make the pivot from more transactional eSignature to more of the suite approach here where you're getting more into workflow automation. Can you speak to the level of preparedness for the sales channel to make that type of a consultative sale? I know these things don't happen overnight. If you could just speak to kind of the roadmap there for making that transition towards a more strategic vendor in a more consultative sale? Thank you.

偉大的。太感謝了。我想在這裡問一個關於 IAM 的問題，這裡的新發布令人興奮。當你們從更多的事務性電子簽章轉向更多的套件方法時，你們將會更了解工作流程自動化。您能否談談銷售管道進行此類諮詢銷售的準備程度？我知道這些事情不會在一夜之間發生。您是否可以談談在更具諮詢性的銷售中向更具策略性的供應商過渡的路線圖？謝謝。

Yeah. So that's been top of mind, I'd say internally. And that we have probably the largest enablement program in the company's history that has been underway over the last several months, and its ongoing right now. I think that is a huge effort.

是的。所以這是我的首要考慮，我在內部說。我們可能擁有公司歷史上最大的支援計劃，該計劃在過去幾個月一直在進行，目前仍在進行中。我認為這是一個巨大的努力。

At the same time, we're working on revising every aspect how we organize our teams, how we engage with partners. I mentioned the importance of the SIs, complementing our direct sales efforts with a more robust and more frictionless reseller and distribution channel to further accelerate that and IAM is available to partners day one.

同時，我們正在努力修改團隊組織方式以及與合作夥伴互動方式的各個面向。我提到了 SI 的重要性，透過更強大、更順暢的經銷商和分銷管道來補充我們的直接銷售工作，以進一步加速這一過程，並且 IAM 在第一天就向合作夥伴開放。

So all of that goes into it. But we can't take our eye off the ball. We have an existing business with velocity that also needs to be maintained. And so we need to be able to execute on both of those at the same time, and we're balancing those, I think so far so good.

所以所有這些都包含在內。但我們不能把目光從球上移開。我們現有的業務也需要保持高速發展。因此，我們需要能夠同時執行這兩個任務，我們正在平衡這些任務，我認為到目前為止一切都很好。

But look, I'm under no illusions. This will be a journey probably over the next several years as we mature our entire go-to-market to take full advantage of this opportunity. But first, we had to conceive with it, develop it, ship it, and position it overall. And I think now that begins and so far, I'm feeling very good about it. I don't think in my 20 months at DocuSign, I think this is as optimistic and excited as the company has felt ever.

但看，我並不抱任何幻想。這可能會是未來幾年的一段旅程，因為我們的整個市場走向成熟，可以充分利用這個機會。但首先，我們必須構思它、開發它、發布它並對其進行整體定位。我認為現在這一切開始了，到目前為止，我感覺非常好。我認為在 DocuSign 的 20 個月裡，我認為公司從未像現在這樣樂觀和興奮。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Hey, great. Thanks. I appreciate you taking the question. Blake, you had a comment around Q2 as the trough in terms of billings growth, and so I wanted to give you a chance to expand on what drives that. How much is it visibility, how much of it is getting out of tougher renewal cohorts, or other factors at play that are driving the expected improvement as we work further into the year?

嘿，太棒了。謝謝。我很感謝你提出這個問題。布萊克（Blake），您對第二季度的評論是比林斯增長的低谷，所以我想給您一個機會來詳細說明推動這一增長的因素。它的可見性有多少，其中有多少是從更嚴格的更新隊列中擺脫出來的，或者是其他因素在推動我們今年進一步工作時推動預期的改善？

Sure. And so this is in line with what I talked about last quarter with regards to kind of the quarterly trends. And so the issue we have with Q2 is we've got two really hard -- really two hard comps, particularly around renewals. So if you recall that in the first half of 2024 and particularly in Q2 of 2024, we had really quite strong on-time renewal volume.

當然。因此，這與我上季度談到的季度趨勢一致。因此，我們在第二季度遇到的問題是，我們有兩場非常艱難的比賽，特別是在續約方面。因此，如果您還記得，在 2024 年上半年，尤其是 2024 年第二季度，我們的按時續訂量確實非常強勁。

If you recall, we made some changes to our incentive program with our sales force such that we began incentivizing, on-time renewals and retentions for, and we saw pretty large gains from that. And so we have a hard comp against that.

如果您還記得的話，我們對銷售人員的激勵計劃進行了一些更改，以便我們開始激勵、按時續訂和保留，我們從中看到了相當大的收益。所以我們對此有一個嚴格的比較。

Then on top of that, if you heard from in the prepared remarks for Q1, part of the outperformance for our Q1 billings relative to our guide was driven by early renewals. So a little bit of a pull-forward from Q2 into Q1 for that. And so just like in line with the same kind of discussion that I provided last quarter, we expect Q2 to be that trough in billings, and then to accelerate a bit into the back half of the year, that's indicative in the full-year guide that you can see.

除此之外，如果您在第一季準備好的評論中聽到的話，我們第一季的帳單相對於我們的指南的優異表現部分是由早期續訂推動的。因此，從第二季到第一季有一點推動。因此，就像我上季度提供的同類討論一樣，我們預計第二季將是帳單的低谷，然後在下半年加速一點，這在全年指南中是有指示性的你可以看到。

Okay. Just a small follow-up. Is there anything we should be mindful of in terms of the added functionality, the broader agreement platform that could change the renewal dynamics either having kind of pulled any activity into anything ahead of that or could just add complexity that's better longer term but impactful near-term that we should be thinking about at all here?

好的。只是一個小小的後續行動。在增加的功能方面，我們應該注意什麼，更廣泛的協議平台可能會改變續約動態，要么將任何活動拉入任何提前的事情中，要么只是增加複雜性，這從長遠來看更好，但近期有影響力。

Yeah. I think relative to the IAM platform, it's brand-new, obviously. So obviously, nothing -- there's nothing in the Q2 guide reflective of any expected kind of changes and stuff. And I think to be fair, those changes that we see, which we're obviously, going to track diligently, again, it's got to reflect against this $3 billion book of business. So I would expect not material movements from it, but we're going to evaluate over time, but there's nothing in particular that I would call out.

是的。我認為相對於 IAM 平台，它顯然是全新的。顯然，第二季指南中沒有任何內容反映任何預期的變化和內容。我認為公平地說，我們看到的這些變化，我們顯然會再次勤奮地追踪，它必須反映在這個 30 億美元的業務賬簿上。因此，我預計不會出現實質變動，但我們將隨著時間的推移進行評估，但我沒有什麼特別要指出的。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hi. This is Arsenije Matovic on for Alex Zukin from Wolfe Research. So following up on a prior question and not asking for what the contribution is, but simply excluding Lexion, would your full-year guidance for revenue and subscription revenue have been raised on an organic basis? And just on macro, has your outlook changed since you first set full-year guidance? Thank you.

你好。我是沃爾夫研究中心的阿塞尼耶·馬托維奇 (Arsenije Matovic) 為亞歷克斯·祖金 (Alex Zukin) 發言。那麼，繼續之前的問題，不問貢獻是多少，而是簡單地排除 Lexion，您的全年收入和訂閱收入指導是否會有機地提高？就宏觀而言，自首次製定全年指導以來，您的前景是否發生了變化？謝謝。

Yeah. So let me answer the second question first. So on macro, our macro stability has been very consistent, I would say, through this year. So no change on the macro side for us. And we've actually, continued to see consumptions and usage improve.

是的。那我先回答第二個問題。因此，在宏觀方面，我想說，今年我們的宏觀穩定性非常一致。所以對我們來說宏觀方面沒有改變。事實上，我們繼續看到消費和使用量有所改善。

But again and then to your first question on Lexion, we're not breaking out. It's not material to our numbers. It's not material to revenue or operating margin.

但對於你關於 Lexion 的第一個問題，我們並沒有爆發。這對我們的數字來說並不重要。這對收入或營業利潤率並不重要。

Karl Keirstead, UBS.

卡爾凱斯特德，瑞銀集團。

Okay. Great. Thanks. Maybe I'll direct this to Blake. Blake, on the Q1 numbers, it's good to hear your color commentary around the core stabilizing and new logos being good, and transaction volumes being good. But objectively, when we look at Q1, it was a very skinny revenue beat and revenues were down sequentially and the billings beat was normal to a little bit light.

好的。偉大的。謝謝。也許我會把這個轉給布萊克。布萊克，關於第一季的數據，很高興聽到您對核心穩定、新徽標良好以及交易量良好的色彩評論。但客觀地說，當我們看第一季時，收入節節攀升，收入連續下降，而帳單節拍正常到有點輕微。

So actually, the numbers don't support the view that things are stable or improving. It feels like there must have been some kind of offset that you saw. Maybe it was that 4Q was super strong and it left the tank a little dry for 1Q. I'm just trying to figure out why Q1 wasn't a little bit more robust if, in fact, your commentary about demand is that it was in fact pretty stable. Thank you.

所以實際上，這些數字並不支持事情穩定或改善的觀點。感覺你看到的一定是某種偏移。也許是4Q太強了，導致1Q的坦克有點乾。我只是想弄清楚為什麼第一季沒有更加強勁，如果事實上，您對需求的評論是它實際上相當穩定。謝謝。

Sure. So with regard to your comment on the beat, we beat the top-end of our guide for revenue. I think what you might be referring to is, historically the company has had some larger beats over time. And I think that it's hard to talk to those relative to how you forecast and such, but I'm quite pleased with how we perform in Q1 relative to that.

當然。因此，關於您對節拍的評論，我們的收入超過了指南的高端。我想你可能指的是，從歷史上看，隨著時間的推移，該公司曾經有過一些更大的發展。我認為很難與那些與您的預測等相關的人交談，但我對我們在第一季的表現非常滿意。

With regard to the other comment you made on the sequential drop, there's a function of days in the quarter that affects that. So as you go from Q4 to Q1, there's two more days in Q4 versus Q1. I think so, you have to keep that in mind as well.

關於您對連續下降所做的其他評論，季度中的天數函數會影響這一點。因此，當您從第四季度轉到第一季時，第四季度比第一季多了兩天。我想是的，你也必須記住這一點。

So again, I think that the performance of the company actually is quite reflective of the metrics that we called out with the dollar net retention rate improving sequentially for the first time in several years with the account growth doing well, with the billings growth coming in, I think it was $20 million over the midpoint guide. And of course, some of that is early, but some of that's also based on that stronger gross retention rate. So nothing that I would call out and say there was any type of an offset like you were suggesting.

所以，我再次認為，公司的業績實際上很好地反映了我們提出的指標，美元淨保留率幾年來首次連續提高，帳戶增長表現良好，賬單增長也隨之而來。指南高出2000 萬美元。當然，其中一些是早期的，但其中一些也是基於更高的毛保留率。因此，我不會大聲疾呼並說存在任何類型的偏移，就像您所建議的那樣。

Okay, that's encouraging. Thanks, Blake.

好的，這很令人鼓舞。謝謝，布萊克。

I mean, if I just add to that. I would just say, we -- we've had some significant outperformance on past forecast. We've been trying to both tighten the range and give you guys more precise guidance. And I think we've got a pretty good handle on the business now so we're able to be a little bit tighter. But I completely agree with Blake. We felt very, very good about it. It was very solid.

我的意思是，如果我補充一下的話。我只想說，我們的表現超越了過去的預測。我們一直在努力縮小範圍並為你們提供更精確的指導。我認為我們現在已經很好地處理了業務，因此我們可以更加嚴格。但我完全同意布萊克的觀點。我們對此感覺非常非常好。它非常堅固。

There was really nothing material changing in the demand environment. As Blake said, several of the underlying operating metrics actually showed meaningful improvement and sort of continued that stabilization theme. So that's the sentiment that we have here and I think it does show in the numbers, and we expect that stabilization theme to continue.

需求環境確實沒有任何重大變化。正如布萊克所說，一些基本營運指標實際上顯示出有意義的改善，並且在某種程度上延續了穩定主題。這就是我們在這裡的情緒，我認為它確實反映在數字中，我們預計穩定主題將繼續下去。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Hi. This is Sonak Kolar on for Mark Murphy. Thanks for taking the question. Blake, can you walk us through what might be embedded in the forecast for the back half in some of the more rate-sensitive end-markets such as real-estate given mortgages? I'm just looking at the concerns around the backdrop of higher for longer and want to see how that might be impacting the guide. And then I also had a quick follow-up on IAM for Allan. Just in the early days of IAM adoption, is it so far trending faster than the initial launch of CLM several years ago?

你好。我是馬克墨菲的索納克·科拉爾。感謝您提出問題。布萊克（Blake），您能否向我們介紹一些對利率更為敏感的終端市場（例如抵押貸款房地產）的下半年預測中可能包含哪些內容？我只是專注於長期上漲背景下的擔憂，並想看看這可能會對指南產生怎樣的影響。然後我還對 Allan 的 IAM 進行了快速跟進。就在 IAM 採用的早期階段，到目前為止，它的趨勢是否比幾年前首次推出 CLM 更快？

Yeah. I'll start and then you go ahead. So on the macro side, the way we handle our forecast is we forecast based on what we see and what we know. And so as far as verticals go, real estate continues to be one of those verticals. It's not terribly probably surprising that has been under pressure, and so the general assumption is that would continue.

是的。我先開始，然後你繼續。因此，在宏觀方面，我們處理預測的方式是根據我們所看到的和我們所知道的進行預測。就垂直行業而言，房地產仍然是垂直行業之一。一直承受壓力並不奇怪，因此普遍的假設是這種情況會持續下去。

So I don't see any terrible risk for hire for longer because it's based on what it is today. And so as I think those verticals have actually opportunities for us when the interest-rate environment improves. But nothing aggressive. We don't make kind of like future forecast on the macro side in our guidance. I'll let Allan talk to the second part.

因此，我認為長期僱用不會有任何可怕的風險，因為這是基於今天的情況。因此，我認為當利率環境改善時，這些垂直產業實際上為我們帶來了機會。但沒有什麼攻擊性的。我們的指導中並沒有對宏觀方面的未來做出類似的預測。我讓艾倫談談第二部分。

Yeah. Look, it's been a while since we got into the CLM space through the acquisitions of Spring and Steel. And at that point, those categories were already established. But I would just say that our goal with IAM is to be -- offer a significantly broader functionality that at the same time is much easier to adopt, more configurable, and more broadly applicable to a broader set of customers and a broader set of users inside those customer organizations.

是的。自從我們透過收購 Spring 和 Steel 進入 CLM 領域以來，已經有一段時間了。那時，這些類別已經建立。但我只想說，我們 IAM 的目標是——提供更廣泛的功能，同時更容易採用、更可配置，並且更廣泛地適用於更廣泛的客戶和用戶在這些客戶組織內部。

And I think CLM has historically been a pretty exclusive club because of the heavy lift involved and because it was just optimized for particular power users. This is a much broader play. It encompasses CLM and eSignature, but it's much broader. So I certainly, expect over time that our IAM business will become meaningfully larger than our CLM business. But they're just on very different maturity curves.

我認為 CLM 歷史上一直是一個非常獨特的俱樂部，因為涉及的工作量很大，而且它只是針對特定的高級用戶進行了最佳化。這是一個更廣泛的遊戲。它包含 CLM 和電子簽名，但範圍更廣。因此，我當然預計隨著時間的推移，我們的 IAM 業務將明顯大於我們的 CLM 業務。但它們只是處於非常不同的成熟度曲線上。

George Iwanyc, Oppenheimer.

喬治·伊凡尼克，奧本海默。

Thank you for taking my question. Alan, could you drill down a little bit more into the strength you're seeing with the self-serve motion and that digital efforts? And maybe I should expand on that, provide some perspective on what you're seeing with SMBs.

感謝您回答我的問題。艾倫，你能更深入地了解你所看到的自助服務和數位化努力的優勢嗎？也許我應該對此進行擴展，提供一些關於您所看到的中小企業的觀點。

Yeah. Overall, I think we're continuing to grow our digital business very nicely. I think we're quite pleased with the progress there and that investment and effort will continue. And I think this is the year where we go not -- we're not just improving the journey for customers that are natively digital and have stayed in the digital realm, but also provide much better self-serve options for our direct customers for those who are serviced by our sales teams as well as for partners.

是的。總的來說，我認為我們的數位業務正在繼續良好地發展。我認為我們對那裡的進展感到非常滿意，並且投資和努力將繼續下去。我認為這是我們不應該做的一年——我們不僅改善了原生數位化並留在數位領域的客戶的旅程，而且還為我們的直接客戶提供了更好的自助服務選項我們的銷售團隊以及合作夥伴為他們提供服務。

And a lot of that functionality is rolling out this year, and that will just free up time and resource internally and great -- better customer experience. So I'm feeling pretty good about that. And we have some nice, I think, upcoming functionality on the digital side that will continue to create that faster momentum.

今年將推出許多這樣的功能，這將在內部釋放時間和資源，並帶來更好的客戶體驗。所以我對此感覺很好。我認為，我們在數字方面即將推出一些不錯的功能，這些功能將繼續創造更快的勢頭。

Yeah. And just to add on top, as we look at our quarterly net account additions, the bulk of those over 50,000 came from the self-service kind of channel for us. And we've made improvements on targeting for -- on our marketing side better-targeting enhancements. We also improved the experience this quarter to move from trial to purchase so to become a paying customer.

是的。最重要的是，當我們查看季度淨帳戶增量時，超過 50,000 個的大部分來自我們的自助服務管道。我們在行銷方面對定位進行了改進，以實現更好的定位增強。本季我們也改進了體驗，從試用轉向購買，從而成為付費客戶。

And we've also reduced friction with regards to things as I'll call them as simple as payments. And so essentially, we launched ACH for customers and we've also reduced the number of payment failures that we have. And so there's things that we can also work on the back-end in order to kind of speed up that self-service channel as well in addition to those are a little bit more tactical relative to the longer-term efforts that Allan's highlighted.

我們也減少了一些事情上的摩擦，我稱之為簡單的付款。因此，從本質上講，我們為客戶推出了 ACH，並且還減少了支付失敗的數量。因此，我們還可以在後端進行一些工作，以加快自助服務管道的速度，此外，相對於艾倫強調的長期努力來說，這些工作更具戰術性。

Yeah. Maybe one last thing, I think at the end, you also asked about broader SMB trends. So look, I love the SMB business. I think we are blessed to have a very robust SMB business. This provides a balance. And I think if anything, I like having that diversification right now. We're well-represented across enterprise, mid-market and SMB. And I think the enterprise environment might be slightly tighter than the SMB environment right now. So overall, we have a very balanced book and I think that is working in our favor.

是的。也許最後一件事，我想最後，您也詢問了更廣泛的中小企業趨勢。所以看，我喜歡中小企業事業。我認為我們很幸運能夠擁有非常強大的中小企業業務。這提供了一種平衡。我想，如果有的話，我喜歡現在的多元化。我們在企業、中端市場和中小企業中擁有廣泛的代表性。我認為現在企業環境可能比中小企業環境稍微緊張一點。總的來說，我們有一本非常平衡的書，我認為這對我們有利。

Thank you.

謝謝。

Okay. I think we'll wrap it there. That's okay. Thank you, operator. Thank you, all, for joining today's call. In closing, I am proud of the progress DocuSign continues to make and excited for the value we'll create for customers through the Intelligent Agreement Management platform. So we appreciate your support as we continue to realize that vision. Thank you.

好的。我想我們會把它包裝在那裡。沒關係。謝謝你，接線生。感謝大家參加今天的電話會議。最後，我對 DocuSign 不斷取得的進步感到自豪，並對我們將透過智慧協議管理平台為客戶創造的價值感到興奮。因此，在我們繼續實現這一願景的過程中，我們感謝您的支持。謝謝。

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。