DocuSign Inc (DOCU) 2025 Q3 法說會逐字稿

Greetings and welcome to the DocuSign Q3 fiscal 2025 earnings call. (Operator Instructions)

歡迎參加 DocuSign 2025 財年第三季財報電話會議。（操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce you to your host, Heather Harwood, Head of Investor Relations. Thank you, Heather. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向您介紹東道主投資者關係主管希瑟·哈伍德 (Heather Harwood)。謝謝你，希瑟。你可以開始了。

Thank you, Operator. Good afternoon, and welcome to DocuSign's Q3 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 third-quarter fiscal 2025 results was issued earlier today and is posted on our investor relations website, along with a published version of our prepared remarks.

謝謝你，接線生。下午好，歡迎參加 DocuSign 的 2025 財年第三季財報電話會議。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。今天稍早發布了宣布 2025 財年第三季業績的新聞稿，並發佈在我們的投資者關係網站上，同時發布了我們準備好的言論的版本。

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.

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。

In particular, our expectations regarding the pace of product innovation and factors affecting customer demand are based on estimates at this time, and are therefore, subject to change. Please read and consider the risk factors in our filings with the SEC, together with the content of this call. 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.

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目前的估計，因此可能會發生變化。請閱讀並考慮我們向 SEC 提交的文件中的風險因素以及本次電話會議的內容。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 counts and information regarding free cash flows and billing. 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. For information regarding our non-GAAP financial information and 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.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。此外，我們也提供非公認會計原則加權平均股票數以及有關自由現金流和計費的資訊。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。有關我們的非 GAAP 財務資訊和最直接可比較的 GAAP 指標以及這些數據的定量調節的信息，請參閱今天的收益新聞稿，該新聞稿可在我們的網站 Investor.docusign.com 上找到。

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

我現在想把電話轉給艾倫。

Thank you, Heather, and good afternoon, everyone. In Q3, we delivered powerful new innovation for customers, highlighted by new capabilities for the DocuSign Intelligent Agreement Management, or IAM, platform. We also continue to drive improved performance and maintain greater efficiency in our core business.

謝謝希瑟，大家下午好。在第三季度，我們為客戶提供了強大的新創新，其中 DocuSign 智慧協議管理（IAM）平台的新功能尤其突出。我們也持續提高核心業務的績效並保持更高的效率。

Q3 revenue was $755 million, up 8% year over year. [Broader Mills] across the core business improved, continuing the recent trends. Dollar net retention increased to 100% in Q3, up from its low 98% in Q4 fiscal 2024. Increases in customer usage and utilization, combined with our ongoing focus on gross retention, drove dollar net retention improvement. We also saw sustained momentum in new customer growth at 11% year over year to 1.6 million customers.

第三季營收為 7.55 億美元，年增 8%。 [Broader Mills] 核心業務有所改善，延續了近期的趨勢。第三季的美元淨保留率從 2024 財年第四季的 98% 的低點增至 100%。客戶使用率和利用率的增加，加上我們對總保留率的持續關注，推動了美元淨保留率的提高。我們也看到新客戶成長動能持續強勁，較去年同期成長 11%，達到 160 萬客戶。

In addition, we produce strong profitability with 29.6% non-GAAP operating margins, up from 26.8% in Q3 fiscal 2024. Evidence of our commitment to improving efficiency, while making the needed investments to re-accelerate growth.

此外，我們的獲利能力強勁，非 GAAP 營業利潤率為 29.6%，高於 2024 財年第三季的 26.8%。這證明了我們致力於提高效率，同時進行必要的投資以重新加速成長。

As we move forward, we've set our sights on delivering transformational value for our customers with the DocuSign IAM platform. We recognize that it's early days in the multi-year IAM journey, but we believe we've taken strong initial steps on the path towards our aspiration to achieve sustainable, long-term double-digit growth.

隨著我們的前進，我們的目標是透過 DocuSign IAM 平台為客戶提供變革性價值。我們認識到，現在還處於多年 IAM 旅程的早期階段，但我們相信，我們已經在實現可持續、長期兩位數增長的願望的道路上邁出了強有力的第一步。

Our Q3 results demonstrate continued progress across our three strategic pillars: accelerating product innovation, strengthening our omnichannel go-to-market capabilities, and increasing operating efficiency.

我們第三季的業績證明了我們在三個策略支柱方面的持續進展：加速產品創新、加強我們的全通路進入市場能力以及提高營運效率。

Starting with innovation. We enhanced the IAM platform across three fronts, launching several new capabilities, expanding availability to more regions, and enabling department-level deployments for enterprise customers. These releases help customers of all sizes cut into the staggering $2 trillion in global economic value lost each year to inefficient agreement management.

從創新開始。我們在三個方面增強了 IAM 平台，推出了多項新功能，將可用性擴展到更多區域，並為企業客戶提供部門級部署。這些版本可幫助各種規模的客戶減少每年因協議管理效率低下而損失的高達 2 兆美元的全球經濟價值。

Within just a few months of closing the Lexion acquisition, we've built Lexion's AI capabilities into the IAM platform, including the ability to surface insights from a more extensive array of agreement types in DocuSign Navigator. Navigator's a core capability of the IAM platform, acting as a system of record where customers can import, store, manage, search, and use AI to analyze agreements from multiple sources.

在完成 Lexion 收購後的短短幾個月內，我們已將 Lexion 的 AI 功能建置到 IAM 平台中，包括從 DocuSign Navigator 中更廣泛的協議類型中獲取見解的能力。Navigator 是 IAM 平台的核心功能，可作為記錄系統，客戶可以在其中匯入、儲存、管理、搜尋和使用 AI 來分析多個來源的協定。

In Q3, we further enhanced Navigator by adding third-party document imports from partners, including Box, Thoughtbox, Google Drive, and Microsoft OneDrive and SharePoint. In addition, we launched an upgraded search experience that includes predictive type of head functionality, more filters, and the ability to export results.

在第三季度，我們透過新增來自合作夥伴（包括 Box、Thoughtbox、Google Drive、Microsoft OneDrive 和 SharePoint）的第三方文件匯入，進一步增強了 Navigator。此外，我們還推出了升級的搜尋體驗，包括預測類型的頭部功能、更多過濾器以及匯出結果的功能。

We also expanded the availability of IAM for more geographies. In early October, I am a DocuSign maestro, our automated agreement workflow builder, shipped to all regions where DocuSign operates, including North America, Latin America, EMEA, and those countries in APAC. Also, just this week, we released new AI features Navigator across five major markets, Australia, Canada, France, Germany, and the UK. In these countries, we've created AI models that meet local regulatory and compliance requirements.

我們也將 IAM 的可用性擴展到更多地區。十月初，我是 DocuSign maestro，我們的自動化協議工作流程建構器，運送到 DocuSign 營運的所有地區，包括北美、拉丁美洲、歐洲、中東和非洲以及亞太地區的國家。此外，就在本週，我們在澳洲、加拿大、法國、德國和英國這五個主要市場發布了新的 AI 功能 Navigator。在這些國家/地區，我們創建了滿足當地監管和合規要求的人工智慧模型。

In November, we began making IAM available for department-level use cases for enterprise customers. This begins the multi-year journey towards delivering enterprise-wide IAM deployments, which will eventually include more sophisticated access controls and compliance management, more complex agreement workflows, and even greater breadth and depth of third-party integrations. This measured roll-up allows us to fine-tune our product development and go-to-market execution based on customer feedback.

11 月，我們開始為企業客戶的部門級用例提供 IAM。這開啟了交付企業範圍 IAM 部署的多年旅程，最終將包括更複雜的存取控制和合規性管理、更複雜的協定工作流程以及更廣度和深度的第三方整合。這種經過衡量的總結使我們能夠根據客戶回饋微調我們的產品開發和上市執行。

Part of our evolution into a platform company is supporting a dynamic community of developers, builders, and partners to create new solutions that extend the capabilities of our IAM platform. Just two weeks ago, at DocuSign Discover, we showcased IAM integrations with Microsoft, SAP, and Workday and introduced a suite of developer tools, DocuSign for Developers, that our partners will use to build apps powered by the IAM platform. Partners can share their apps in the DocuSign App Center.

我們向平台公司發展的一部分是支援由開發人員、建構者和合作夥伴組成的動態社區，以創建新的解決方案來擴展我們的 IAM 平台的功能。就在兩週前，在DocuSign Discover 上，我們展示了IAM 與Microsoft、SAP 和Workday 的集成，並推出了一套開發人員工具DocuSign for Developers，我們的合作夥伴將使用它來構建由IAM 平台支援的應用程式.合作夥伴可以在 DocuSign 應用程式中心共享他們的應用程式。

With DocuSign CLM, we continue to invest in innovation for customers with complex agreement management needs. In Q3, we incorporated Lexion's AI-assisted contract review and launched document markup and Microsoft Word documents into CLM, allowing customers to quickly review and edit contracts. We also released a powerful new DocuSign connector for SAP Ariba. It speeds up the source to pay agreement process for procurement and expands on our SAP partnership.

借助 DocuSign CLM，我們持續為具有複雜協議管理需求的客戶進行創新投資。第三季度，我們將Lexion的AI輔助合約審核納入其中，並在CLM中推出了文件標記和Microsoft Word文檔，使客戶能夠快速審核和編輯合約。我們也發布了適用於 SAP Ariba 的強大的新 DocuSign 連接器。它加快了採購的來源付款協議流程，並擴展了我們的 SAP 合作夥伴關係。

For the fifth consecutive year, DocuSign CLM has been named a leader in Gartner's magic quadrant for CLM. Gartner says DocuSign is in a strong position for influencing the market and securing a place consideration of prospective customers evaluation shortlist. CLM is a powerful application for customers with sophisticated workflows and remains a fast-growing part of our business. In short, we've reignited DocuSign's culture of innovation with a robust product roadmap, faster product releases, and a commitment to supporting a thriving developer ecosystem.

DocuSign CLM 連續第五年被評為 Gartner CLM 魔力像限的領導者。Gartner 表示，DocuSign 在影響市場和確保在潛在客戶評估候選名單中佔有一席之地方面處於有利地位。CLM 是一款功能強大的應用程序，適合具有複雜工作流程的客戶，並且仍然是我們業務中快速成長的一部分。簡而言之，我們透過穩健的產品路線圖、更快的產品發布以及支持蓬勃發展的開發者生態系統的承諾，重新點燃了 DocuSign 的創新文化。

Now let's turn to the second strategic pillar, our omnichannel go-to-market. In Q3, we accelerated the rollout of DocuSign IAM and gained traction with small and mid-size customers in the United States, Canada, and Australia. Early sales momentum has outpaced our expectations. In Q3, we closed more than 10 times as many IAM deals as we did in Q2, the deal volume increasing every month in the quarter. 80% of our reps eligible to sell IAM in the initial launch markets have closed three or more deals. And nearly 60% have sold six or more.

現在讓我們轉向第二個策略支柱，也就是我們的全通路進入市場。第三季度，我們加快了 DocuSign IAM 的推出，並贏得了美國、加拿大和澳洲中小型客戶的青睞。早期銷售動能超出了我們的預期。在第三季度，我們完成的 IAM 交易數量是第二季度的 10 倍以上，而該季度的交易量每個月都在增加。我們有資格在初始發布市場銷售 IAM 的代表中有 80% 已完成三筆或更多交易。近 60% 的人已售出六件或更多。

Equally encouraging is the strong customer engagement with the IAM platform. Times Alive is remarkably quick. It's slightly faster than e-signature. And we also see customers increasing their usage of IAM applications, particularly Navigator. Each month, they're live on the platform. The speed and ease of adoption strengthen our ability to market IAM hundreds of thousands of customers through our direct sales force. Our customers can seamlessly upgrade to IAM when they renew their contracts and quickly begin to transform how they manage their agreements.

同樣令人鼓舞的是客戶對 IAM 平台的強烈參與。Times Alive 的速度非常快。它比電子簽名稍快一些。我們也看到客戶越來越多地使用 IAM 應用程序，尤其是 Navigator。每個月，他們都會在平台上直播。採用的速度和易用性增強了我們透過我們的直銷團隊向數十萬名客戶推銷 IAM 的能力。我們的客戶在續約時可以無縫升級到 IAM，並快速開始轉變管理協議的方式。

As an example of customer success, APC Private Funds, which connects wealth management firms with alternative investment opportunities, has slashed its client onboarding time by 70% using Maestro and anticipates reducing onboarding time by 90%. World Neighbors of America, a life insurance company, will use Microsoft to accelerate new member application processing and customer service workflows across multiple parts of its business, replacing a manual code-based process with a flexible self-service workflow. Employee engagement platform, Catchafire, is using DocuSign IAM for sales and its salesforce integration to streamline contract creation and create an agreement repository.

作為客戶成功的一個例子，APC Private Funds 將財富管理公司與另類投資機會聯繫起來，利用 Maestro 將客戶的入職時間縮短了 70%，並預計減少 90%。人壽保險公司 World Neighbors of America 將使用 Microsoft 來加速其多個業務部門的新會員申請處理和客戶服務工作流程，以靈活的自助服務工作流程取代基於代碼的手動流程。員工參與平台 Catchafire 正在使用 DocuSign IAM 進行銷售及其銷售人員集成，以簡化合約創建並創建協議存儲庫。

Another top priority has been evolving our self-serve capability. Self-serve investments led to a year-over-year acceleration in digital revenue growth in Q3 versus Q2. During the quarter, we improved our upsell capabilities, making it easier for digital customers to upgrade their plans, leading to larger than anticipated revenue expansion. We also made additional add-on products available online, like multi-channel delivery, including SMS and WhatsApp, as well as ID verification.

另一個首要任務是發展我們的自助服務能力。與第二季相比，自助服務投資導致第三季數位收入年增率加速成長。在本季度，我們提高了追加銷售能力，使數位客戶更容易升級他們的計劃，從而實現比預期更大的收入成長。我們還在線上提供了其他附加產品，例如多通路交付（包括簡訊和 WhatsApp）以及身份驗證。

We will continue to improve how customers discover, try, use, and buy our products digitally in even greater scale and efficiency across our business.

我們將繼續改善客戶以數位方式發現、嘗試、使用和購買我們產品的方式，在我們的業務中以更大的規模和效率。

Also, as we begin to deploy IAM at the department level with enterprises, we'll build on the existing use case breadth already deployed by larger customers who are direct and partner channels. Cox Automotive, the parent company of AutoTrader and Kelley Blue Book, is executing 55% more contracts per month by deploying DocuSign CLM to streamline workflows, simplify negotiations, and automate reviews of standard contract clauses. CLM enables Cox to execute agreements 31% faster, rapidly accelerating its time to revenue.

此外，當我們開始在企業部門層級部署 IAM 時，我們將建立在直接和合作夥伴管道的大客戶已經部署的現有用例範圍的基礎上。AutoTrader 和 Kelley Blue Book 的母公司 Cox Automotive 透過部署 DocuSign CLM 來簡化工作流程、簡化談判並自動審查標準合約條款，每月執行的合約數量增加了 55%。CLM 使 Cox 執行協議的速度提高了 31%，從而迅速縮短了創收時間。

IKEA Portugal has reduced new employee onboarding time by managing employee-related contracts usually instead of on paper. In addition to e-signature, IKEA Portugal has adopted both stock-assigned ID verification for EU qualified and identity wallet, enabling them to easily and efficiently use the EU's most secure form of digital signature to qualify. And United Airlines has accelerated the onboarding process for new hires from weeks to days by using our integration with ServiceNow in its HR organization.

宜家葡萄牙公司透過管理員工相關合約而不是紙本合同，減少了新員工入職時間。除了電子簽名之外，宜家葡萄牙公司還採用了歐盟資格的股票分配ID驗證和身份錢包，使他們能夠輕鬆有效地使用歐盟最安全的數位簽名形式來獲得資格。透過在其人力資源組織中使用我們與 ServiceNow 的集成，聯合航空將新員工的入職流程從幾週縮短到幾天。

In closing, we are pleased with our strong execution as we rapidly innovate the IAM platform. I'm excited about the significant opportunity to deliver value for our customers by transforming how the world manages agreements. And I'm proud of the way we're strategically investing in the future while maintaining the improvements we've made to overall profitability.

最後，我們對 IAM 平台快速創新時的強大執行力感到滿意。我很高興有機會透過改變世界管理協議的方式為我們的客戶提供價值。我對我們在保持整體盈利能力改進的同時對未來進行戰略投資的方式感到自豪。

When I joined DocuSign, we had a vision that our position as the world's leading and most trusted electronic signature company created a unique opportunity to help customers address the entire end-to-end agreement process. I want to thank the entire DocuSign team for embracing this challenge and bringing so much energy, enthusiasm, and customer focus to this mission. DocuSign is gaining momentum in our first steps in a multi-year transformation, and we're optimistic about the long-term future ahead.

當我加入 DocuSign 時，我們的願景是，我們作為世界領先且最值得信賴的電子簽名公司的地位創造了一個獨特的機會來幫助客戶解決整個端到端協議流程。我要感謝整個 DocuSign 團隊迎接這項挑戰，並為這項使命帶來如此多的精力、熱情和對客戶的關注。DocuSign 在我們多年轉型的第一步中正在獲得動力，我們對未來的長期未來感到樂觀。

With that, I'll turn it over to Blake to further discuss our results.

這樣，我會將其交給 Blake 進一步討論我們的結果。

Thanks, Allan, and good afternoon everyone. We delivered another strong quarter in Q3. Our business showed improvements as we executed against our three strategic pillars: accelerating product innovation, strengthening our omnichannel go-to-market capabilities, and increasing operating efficiency.

謝謝艾倫，大家下午好。我們在第三季再次表現強勁。我們的業務取得了進步，因為我們執行了三大策略支柱：加速產品創新、加強我們的全通路進入市場能力以及提高營運效率。

In addition to demonstrating and improving core business, during our first full quarter since the late Q2 IAM platform launch, we saw encouraging signs of early traction with growing IAM deal volumes and customer engagement.

除了展示和改進核心業務之外，在自第二季末 IAM 平台推出以來的第一個完整季度中，我們看到了 IAM 交易量和客戶參與度不斷增長的早期牽引力的令人鼓舞的跡象。

Q3 total revenue was $755 million, and subscription revenue was $735 million, both up 8% year over year. Billings were $752 million, up 9% year over year. Early renewals drove approximately one-third of the billing's up performance, with the remainder coming from better retention performance, digital growth, and early IAM contributions.

第三季總營收為 7.55 億美元，訂閱營收為 7.35 億美元，年比均成長 8%。營業額為 7.52 億美元，年增 9%。早期續約推動了約三分之一的計費業績成長，其餘部分來自更好的保留業績、數位成長和早期 IAM 貢獻。

As a reminder, quarter-to-quarter billings can fluctuate due to the timing of deals. The dollar net retention rate improved to 100% in Q3, up from 99% in Q2, and up 2 points from the historical low of 98% in Q4 of fiscal 2024. This represents substantial progress in our focus on stabilizing the core business, and I'm proud of our team's work to improve customer retention. We believe we have a large remaining opportunity to improve retention as we better align our product and go to market motions with customer needs. As we look into Q4, we expect dollar net retention to be flat to up slightly.

提醒一下，每季的帳單可能會因交易時間而有所波動。第三季美元淨保留率從第二季的 99% 提高至 100%，較 2024 財年第四季 98% 的歷史低點上升 2 個百分點。這代表我們在穩定核心業務方面取得了實質進展，我為我們團隊在提高客戶保留率方面所做的工作感到自豪。我們相信，隨著我們更好地調整我們的產品並根據客戶需求進入市場，我們將有很大的機會來提高保留率。當我們展望第四季時，我們預計美元淨保留率將持平或略有上升。

Continued year-over-year improvements in usage, utilization, and customer growth further supported positive business trends in Q3. Usage trends, once again, show the modest improvement. The volume of envelopes sent increased year over year for the fourth consecutive quarter. Also, consumption, a measure of utilization, continued to improve year over year, particularly in verticals like insurance, technology, and healthcare.

使用率、利用率和客戶成長的持續同比改善進一步支持了第三季度的積極業務趨勢。使用趨勢再次顯示出適度的改善。寄出的信封數量連續第四個季度年增。此外，消費（衡量使用率的指標）逐年持續改善，尤其是在保險、科技和醫療保健等垂直產業。

We continued to see consistent growth in new customer acquisition. In Q3, total customers grew 11% year over year to 1.6 million. This continued momentum and customer growth underscores the importance of investing in multiple routes to market across segments and geographies.

我們繼續看到新客戶獲取持續成長。第三季度，客戶總數較去年同期成長 11%，達到 160 萬人。這種持續的動能和客戶成長凸顯了投資跨細分市場和地理的多種市場途徑的重要性。

Moreover, our customer base's unique breadth and scale create a solid foundation for future adoption of the IAM platform. The number of large customers spending over $300,000 annually increased both year over year and quarter over quarter to 1,075 in Q3. In addition, investments in our self-service motion continue to deliver results, and in Q3, digital revenue growth accelerated from Q2. We continue to invest in PLG programs to improve self-service experiences, such as self-service plan upgrades, which help drive results during the quarter.

此外，我們的客戶群獨特的廣度和規模為未來採用 IAM 平台奠定了堅實的基礎。第三季度，年支出超過 30 萬美元的大客戶數量同比和環比均有所增加，達到 1,075 家。此外，我們對自助服務的投資持續取得成果，第三季數位營收成長較第二季加快。我們繼續投資 PLG 計劃，以改善自助服務體驗，例如自助服務計劃升級，這有助於推動本季的表現。

International revenue represented 28% of total revenue and grew 14% year over year. Our global expansion strategy is an important component of our long-term vision, and we are optimistic about the continued growth opportunities in our international markets, especially as the IAM platform becomes available outside of North America.

國際收入佔總收入的 28%，年增 14%。我們的全球擴張策略是我們長期願景的重要組成部分，我們對國際市場的持續成長機會感到樂觀，特別是當 IAM 平台在北美以外地區推出時。

As Allan mentioned, we are seeing early signs that customers appreciate the value and opportunity that the IAM platform presents for their businesses. Many companies struggle to untap the full value of their extensive agreement inventory, and IAM provides the tools and intelligence to unlock the insights and opportunities in those agreements. IAM deal volume grew rapidly from Q2 into Q3, as our go-to market teams have embraced the opportunity, with 80% of eligible reps closing at least three IAM deals in Q3.

正如 Allan 所提到的，我們看到了早期跡象，表明客戶欣賞 IAM 平台為其業務帶來的價值和機會。許多公司都在努力挖掘其廣泛協議庫存的全部價值，而 IAM 提供了工具和情報來釋放這些協議中的見解和機會。IAM 交易量從第二季到第三季迅速成長，我們的市場團隊抓住了這個機會，80% 的合格代表在第三季至少完成了三筆 IAM 交易。

Beginning in November, we launched IAM and some international small and mid-sized customer segments and are just beginning to embrace departmental opportunities in our enterprise segments as well. It will take time to continue ramping IAM throughout fiscal year 2026 and driving adoption in the years to come, but early signals have been promising and we are just getting started.

從 11 月開始，我們推出了 IAM 和一些國際中小型客戶群，也剛開始在企業細分市場中擁抱部門機會。在 2026 財年繼續擴大 IAM 並推動未來幾年的採用需要時間，但早期訊號已經令人鼓舞，我們才剛開始。

Turning to the financials, our focus on operating efficiency yielded strong results this quarter. Non-GAAP gross margin for Q3 was 82.5%, slightly lower than the prior year's 83%, due to the impacts of additional cloud migration costs. As previously mentioned, gross margins have been impacted this year due to the ongoing cloud infrastructure migration, resulting in some additional expenses associated with this transition. We expect a slightly larger gross margin impact in fiscal year 2026, as we complete the bulk of that migration next year before easing in fiscal year 2027 and beyond.

談到財務狀況，我們對營運效率的關注在本季度取得了強勁的業績。由於額外雲端遷移成本的影響，第三季非 GAAP 毛利率為 82.5%，略低於去年的 83%。如前所述，由於正在進行的雲端基礎設施遷移，今年的毛利率受到了影響，導致與此遷移相關的一些額外費用。我們預計 2026 財年的毛利率影響會稍大一些，因為我們明年將完成大部分遷移，然後在 2027 財年及以後的時間裡放鬆。

Non-GAAP operating income for Q3 was $223 million, up 19% year over year, resulting in a 29.6% operating margin. Q3 operating margin was up nearly 300 basis points versus last year, and significantly improved over the 22.8% operating margin from two years ago.

第三季非 GAAP 營業收入為 2.23 億美元，較去年同期成長 19%，營業利益率為 29.6%。第三季營業利潤率較去年增長近 300 個基點，較兩年前 22.8% 的營業利潤率大幅提高。

As mentioned during last quarter's earnings call, Q3 operating margins declined versus Q2 of fiscal 2025, due to both, the approximately 150 basis point margin benefit from one-time items highlighted last quarter and slightly from our investments to support the IAM launch and rollout. We are pleased with the overall improvement in profitability versus last year, and will continue to balance overall efficiency while making critical investments in areas like R&D.

如同上一季的財報電話會議中所提到的，第三季的營業利潤率較2025 財年第二季有所下降，原因是上季強調的一次性專案帶來約150 個基點的利潤率收益，以及我們支持IAM 推出和推出的投資帶來的小幅收益。我們對獲利能力較去年的整體改善感到滿意，並將繼續平衡整體效率，同時在研發等領域進行關鍵投資。

We ended Q3 with 6,705 employees versus 6,945 last year, down approximately 3%, reflecting our disciplined approach to resource allocation. We continued to take a measured approach to hiring to support our strategic initiatives, including R&D, PLG, and the Lexion acquisition. While headcount has increased since Q1 of fiscal 2025, we are thoughtful about how and where we add talent.

截至第三季度，我們的員工人數為 6,705 名，而去年為 6,945 名，下降了約 3%，這反映出我們在資源分配方面採取了嚴格的方法。我們繼續採取謹慎的招聘方式來支持我們的策略舉措，包括研發、PLG 和 Lexion 收購。儘管自 2025 財年第一季以來員工人數有所增加，但我們對如何以及在何處增加人才進行了深思熟慮。

Q3 was another strong quarter for cash flow. We delivered $211 million of free cash flow, a 28% margin. Our free cash flow yield improved from Q2, which was better than expected, driven by increased collections efficiency and higher in-quarter billings. For the full fiscal year, we expected our free cash flow margin will approximately match our full year non-GAAP operating margin.

第三季是現金流另一個強勁的季度。我們交付了 2.11 億美元的自由現金流，利潤率為 28%。由於收款效率提高和季度帳單增加，我們的自由現金流量收益率較第二季度有所改善，優於預期。對於整個財年，我們預計我們的自由現金流利潤率將大致與我們的全年非公認會計原則營業利潤率相符。

Our balance sheet remains strong, closing the quarter with $1.1 billion. In cash, cash equivalents and investments, we have no debt on the balance sheet. Its financial stability combined with consistent free cash flow generation enables us to invest in the business while also returning capital to shareholders opportunistically.

我們的資產負債表依然強勁，本季末資產負債表達至 11 億美元。在現金、現金等價物和投資方面，我們的資產負債表上沒有債務。其財務穩定性與持續的自由現金流產生相結合，使我們能夠投資業務，同時也能機會性地向股東返還資本。

In Q3, we repurchased $173 million of stock through share buybacks, effectively redeploying the bulk of our quarterly free cash flow generation back to shareholders. We have $770 million remaining under our current repurchase authorization. and we expect to continue to opportunistically repurchase shares as part of our capital allocation strategy.

第三季度，我們透過股票回購回購了 1.73 億美元的股票，有效地將季度自由現金流的大部分重新分配給股東。目前的回購授權還剩 7.7 億美元。我們預計將繼續機會性地回購股票，作為我們資本配置策略的一部分。

During the quarter, we also used $51 million in cash to pay taxes due on RSU settlements, reducing the dilutive impact of our equity programs. Regarding the cost of our equity programs, our Q3 stock compensation expense as a percentage of revenue dropped approximately 250 basis points from the prior year. We expect to continue to reduce our stock compensation expense as a percentage of revenue in fiscal year 2026, partly as we shift some roles to predominantly cash compensation versus equity. Non-GAAP diluted EPS for Q3 was $0.90, an $0.11 per share improvement from $0.79 last year. GAAP diluted EPS was $0.30 versus $0.19 last year.

本季度，我們也使用 5,100 萬美元現金支付 RSU 和解稅款，減少了股權計畫的稀釋影響。關於我們的股權計畫成本，我們第三季的股票補償費用佔收入的百分比比前一年下降了約 250 個基點。我們預期 2026 財年將繼續降低股票薪酬費用佔收入的比例，部分原因是我們將一些角色轉向以現金薪酬為主，而不是股權薪酬。第三季非 GAAP 攤薄後每股收益為 0.90 美元，較去年的 0.79 美元每股上漲 0.11 美元。GAAP 攤薄後每股收益為 0.30 美元，去年為 0.19 美元。

With that, let me turn to guidance. For the fourth quarter in fiscal year 2025, we expect total revenue of $758 million to $762 million in Q4 or a 7% year-over-year increase at the midpoint, and $2.959 billion to $2.963 billion for fiscal 2025 or a 7% year-over-year increase at the midpoint. Of this, we expect subscription revenue of $741 million to $745 million in Q4, or a 7% year-over-year increase at the midpoint, and $2.885 billion to $2.889 billion for fiscal 2025, or a 7% year-over-year increase at the midpoint.

接下來，讓我談談指引。對於2025 財年第四季，我們預期第四季總營收為7.58 億美元至7.62 億美元，中間值年增7%；預計2025 財年第四季總營收為29.59 億美元至29.63 億美元，年比成長7%。其中，我們預計第四季度訂閱營收為 7.41 億美元至 7.45 億美元，中間值年增 7%；2025 財年訂閱收入為 28.85 億美元至 28.89 億美元，年增 7%在中點。

For billings, we expect $870 million to $880 million in Q4, or a 5% growth rate year-over-year at the midpoint, and $3.056 billion to $3.066 billion for fiscal 2025, or growth of 5% year over year at the midpoint.

對於帳單，我們預計第四季度的營收為 8.7 億至 8.8 億美元，中間值年增率為 5%；2025 財年的營收為 30.56 億美元至 30.66 億美元，中間值年成長率為 5%。

As a reminder, we had a strong Q4 of fiscal 2024 with 13% year over year billings growth, partially driven by early renewal strength that creates a hard year-over-year comparison. We expect non-GAAP gross margin to be 81.0% to 82.0% for Q4 and 81.9% to 82.1% for fiscal 2025. We expect non-GAAP operating margin to reach 27.5% to 28.5% for Q4 and 29.5% to 29.7% for fiscal 2025. We expect non-GAAP fully diluted weighted average shares outstanding of 209 million to 214 million for Q4 and 210 million to 212 million for fiscal 2025.

提醒一下，我們在 2024 財年第四季表現強勁，帳單年增 13%，部分原因是早期續訂強度造成了同比比較。我們預期第四季非 GAAP 毛利率為 81.0% 至 82.0%，2025 財年毛利率為 81.9% 至 82.1%。我們預計第四季非 GAAP 營業利潤率將達到 27.5% 至 28.5%，2025 財年將達到 29.5% 至 29.7%。我們預期第四季非 GAAP 完全稀釋加權平均已發行股數為 2.09 億至 2.14 億股，2025 財年為 2.10 億至 2.12 億股。

In closing, in Q3, we made continued progress towards strengthening the IAM platform vision and improving the performance of our core business. We also maintained our focus on operating efficiency and produced strong non-GAAP operating profit and free cash flow.

最後，在第三季度，我們在加強 IAM 平台願景和提高核心業務績效方面取得了持續進展。我們也保持對營運效率的關注，並產生了強勁的非公認會計原則營運利潤和自由現金流。

Looking forward from this foundation, we remain energized by our strategic roadmap as we continue to roll out additional capabilities to the IAM platform, scale more effectively across customer segments and geographies, and deepen relationships with our customers and partners. We remain in the early stages of bringing our vision to life, and we believe that consistent execution will drive innovation for our customers, empower our employees, and deliver long-term value to our shareholders. That concludes our prepared remarks.

在此基礎上展望未來，我們的策略路線圖仍充滿活力，我們將繼續向 IAM 平台推出更多功能，更有效地跨客戶群和地理擴展，並加深與客戶和合作夥伴的關係。我們仍處於實現願景的早期階段，我們相信一致的執行將推動我們的客戶創新，賦予我們的員工權力，並為我們的股東帶來長期價值。我們準備好的演講到此結束。

With that, operator, let's open up the call for questions.

那麼，接線員，讓我們開始提問吧。

(Operator Instructions) Jake Roberg, William Blair.

（操作員說明）傑克·羅伯格，威廉·布萊爾。

Hey, thanks for taking the questions, and great to see both revenue and billing start to reaccelerate. Can you help us understand how much of that reacceleration is being driven by the stabilization in your core versus the momentum that you're starting to see with IAM? And then I understand that the tough billing comp during the fourth quarter, but how sustainable do you think that type of performance is?

嘿，感謝您提出問題，很高興看到收入和計費開始重新加速。您能否幫助我們了解，這種重新加速有多少是由您的核心穩定所驅動的，而不是您透過 IAM 開始看到的動力？然後我了解到第四季度的計費比較困難，但您認為這種業績的可持續性如何？

Yeah. Blake, do you want to take that one?

是的。布萊克，你想拿那個嗎？

Sure. So thanks for the question. So on core versus IAM, the predominant driver is the core. And that's just really because of the evolution of IAM and it's so early. So you heard in the prepared remarks, we're really pleased with the Q3 billings. And performance early is one of the largest driver, that was about a third of it.

當然。謝謝你的提問。因此，就核心與 IAM 而言，主要驅動因素是核心。這實際上是因為 IAM 的發展，而且它還為時過早。所以你在準備好的發言中聽到了，我們對第三季的帳單非常滿意。早期表現是最大的驅動因素之一，約佔其中的三分之一。

In the remaining three components that drove the remaining -- sorry, the remaining two-thirds, there were three components to it. Better retention in the core business and just making continued presence there. We also saw accelerating growth in digital, so that's upgrades and usage and that's also in our core business. And then the third driver, which is the smallest of the three, was the better than expected IAM bookings.

在剩下的三個組成部分中，驅動剩下的——抱歉，剩下的三分之二，有三個組成部分。更好地保留核心業務並繼續在那裡存在。我們也看到數位化的加速成長，這就是升級和使用，這也是我們的核心業務。第三個驅動程式是三個驅動程式中最小的一個，它的 IAM 預訂量比預期要好。

Now, it's the smallest of the three, but that's just a function of the evolution and the timing of IAM. This is the very first full quarter we've had in IAM launched in a single customer segment in North America. And so it's gonna take time for that to evolve, but still really excited about the contribution that we see hopefully ahead for IAM.

現在，它是三者中最小的，但這只是 IAM 的演變和時機的函數。這是我們在北美單一客戶群中推出 IAM 的第一個完整季度。因此，它的發展需要時間，但我們仍然對 IAM 未來的貢獻感到非常興奮。

Yeah, that's helpful. It was obviously great to hear IAM. Saw the 10x sequential increase in adoption. Can you talk about what's different about IAM versus what you've previously done with CLM? And just why that product has been able to sell so much faster than what CLM was previously able to?

是的，這很有幫助。很高興聽到 IAM 的聲音。採用率季增了 10 倍。您能否談談 IAM 與您之前使用 CLM 所做的工作有何不同？為什麼該產品的銷售速度比 CLM 以前的產品快得多？

Yeah. Well, I'll take that one. So CLM has been developed for and I think serves the needs of large enterprises with complex, fee-to-fee-centric, and negotiated agreement workflows. And it continues to be our lead offering for that particular customer segment. But that leaves a very large universe both of agreement types.

是的。好吧，我就拿那個。因此，CLM 是為具有複雜、以費用為中心、協商協議工作流程的大型企業而開發的，我認為可以滿足它們的需求。它仍然是我們針對特定客戶群的主要產品。但這留下了一個非常大的領域，這兩種協定類型都是如此。

So all kinds of business to consumer workflows, all kinds of business to individual, like employment related workflows and even automation of simpler B2B workflows, unaddressed essentially by CLM systems. CLM systems has also been historically the province of legal departments and maybe some sales ops or purchasing ops people, but they've not generally been used by a broader set of users, frontline sellers, frontline buyers or recruiters, et cetera. And our goal with IAM is to make that more widely available.

因此，各種企業對消費者的工作流程、各種企業對個人的工作流程（例如與就業相關的工作流程，甚至是更簡單的 B2B 工作流程的自動化），CLM 系統基本上無法解決這些問題。CLM 系統歷史上也一直是法律部門以及某些銷售人員或採購人員的職責範圍，但它們通常不會被更廣泛的使用者、第一線銷售人員、第一線採購人員或招募人員等使用。我們 IAM 的目標是使其更廣泛地可用。

And then lastly, of course, CLM is targeted at large companies that can sustain the amount of investment necessary to set it up properly, do all the training, and integration and so on. With IAM, we can deliver out-of-the-box value to a much broader set of companies, as illustrated by the fact that we launched it to the commercial segment.

最後，當然，CLM 的目標客戶是能夠維持適當設置、進行所有培訓和整合等所需投資量的大公司。借助 IAM，我們可以向更廣泛的公司提供開箱即用的價值，我們將其推出到商業領域這一事實就說明了這一點。

So companies with maybe, let's say, 52,000 or a few thousand employees, and even those companies have, as it turns out, significant agreement pain that really have been unaddressed by everyone in the enterprise software space. And so we're seeing very good take up. It's a very productive sales conversation for our sellers, a very quick adoption for the buying organizations, and it kind of grows organically from there inside the companies.

因此，也許擁有 52,000 名或幾千名員工的公司，事實證明，即使是這些公司也存在重大的協議難題，而企業軟體領域的每個人都沒有真正解決這些難題。所以我們看到了非常好的使用情況。對於我們的賣家來說，這是一次非常有成效的銷售對話，對於採購組織來說，這是一次非常富有成效的銷售對話，並且它在公司內部從那裡有機增長。

So it's a very encouraging start. It's still early. We are rolling it out now across other markets outside of North America and Australia. And we just started selling it into enterprises for, let's just say, departmental level workflows. So I think it's a great compliment to CLM, but we will continue selling CLM as our enterprise class tool for complex B2B negotiation related workflows.

所以這是一個非常令人鼓舞的開始。現在還早。我們現在正在北美和澳洲以外的其他市場推出它。我們剛開始將其出售給企業，用於部門級工作流程。因此，我認為這是對 CLM 的極大讚揚，但我們將繼續將 CLM 作為我們的企業級工具來銷售，用於複雜的 B2B 談判相關工作流程。

One last thing I would just add is that we are -- the CLM system is benefiting from all the IAM related innovations. So as an example, the integration with all of our e-signature related products has been improved dramatically. Navigator, which is our intelligent repository, is embedded out to be made available to CLM customers.

我要補充的最後一件事是，我們的 CLM 系統正受益於所有 IAM 相關的創新。舉例來說，與我們所有電子簽名相關產品的整合都得到了顯著改進。Navigator 是我們的智慧儲存庫，已嵌入以供 CLM 客戶使用。

And a variety of other IAM features you'll hear more about on future calls will be released. immediately or very shortly after for CLM customers as well. So they benefit from all the investment and innovation that's happening on the IAM.

您將在未來的通話中聽到更多關於其他各種 IAM 功能的資訊。對於 CLM 客戶，也可以立即或不久之後。因此，他們受益於 IAM 上發生的所有投資和創新。

Very helpful. Thanks for taking the questions and congrats on the great results.

非常有幫助。感謝您提出問題並祝賀取得的優異成績。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Yeah, thanks for taking the question. Question on the go-to-market side, you talked about how Paula Hansen's really hit the ground running since joining in August. But where do you kind of see the biggest opportunity with some of her focus areas heading into next year, be it the ELA motion and IAM attach? And just give us a sense for how you're thinking about kind of changes as you're going through the planning process for FY26 here.

是的，感謝您提出問題。關於進入市場方面的問題，您談到了 Paula Hansen 自 8 月加入以來如何真正起步。但是，您認為明年她的一些重點領域中最大的機會在哪裡，是 ELA 動議和 IAM 附加嗎？請讓我們了解您在此處進行 2026 財政年度規劃流程時如何考慮各種變更。

Yeah, yeah, thanks for that question. Yes, Paula has really hit the ground running. I'm just thrilled with having her and the whole leadership team, with having her on the team and leading our critical sales and partnership organizations.

是的，是的，謝謝你提出這個問題。是的，寶拉確實已經開始行動了。我很高興有她和整個領導團隊，有她加入團隊並領導我們的關鍵銷售和合作夥伴組織。

In terms of our focus, I think if we look just a year out, the bulk of our IAM opportunity comes from the commercial segment, partly because we launched it six months earlier. It's very suitable for that. But we have a longer sales cycle in enterprise. There's more integration. We have more work to do from both a product and go-to-market perspective.

就我們的重點而言，我認為如果我們展望一年，我們的 IAM 機會大部分來自商業領域，部分原因是我們提前六個月推出了它。非常適合這樣做。但我們企業的銷售週期較長。還有更多的整合。從產品和進入市場的角度來看，我們還有更多工作要做。

With that said, we are determined, and believe that ultimately, the largest opportunity is in the enterprise. And so we want to begin building that. As I mentioned, we'll have departmental level deployments here starting -- we just started selling that here now. And then I think over the next year we'll build out the capabilities for end-to-end, wall-to-wall-type deployments in the enterprise.

話雖如此，我們決心並相信，最終最大的機會在企業。所以我們想開始建造它。正如我所提到的，我們將在這裡開始部門級部署——我們現在剛開始在這裡銷售。然後我認為明年我們將建構企業中端到端、全面型部署的功能。

So Paula's focused on really the entire go-to-market cycle, everything from our enterprise marketing to our pre-sales to our sales and sales enablement to our post-sales support. And that's not just interim DocuSign, that's also in partnership with our system integrator partners and distributors and resellers. And so it's really across the board.

因此，Paula 真正專注於整個上市週期，從我們的企業行銷到售前，到銷售和銷售支持，再到售後支援。這不僅僅是臨時 DocuSign，還與我們的系統整合商合作夥伴以及經銷商和經銷商合作。所以這確實是全面的。

It's not a --it's an evolution, I would say, that of our model. We obviously have an existing engagement model with enterprises. We sell to most of the large enterprises in the US and abroad, I think more than 85% of the Fortune 500 already use DocuSign. So we start in a good place and have established land-and-expand motion. But I think we still have some growing and maturing to do the big platform company-wide solution cell.

我想說，這不是我們模型的演進。顯然，我們與企業有現有的合作模式。我們銷售給美國和國外的大多數大型企業，我認為財富 500 強中超過 85% 的企業已經在使用 DocuSign。因此，我們從一個好的起點開始，並制定了土地擴張計劃。但我認為我們仍然需要一些成長和成熟來打造全公司範圍的大平台解決方案單元。

And that's one of the reasons why we brought Paula on board to help us grow that capability. And I think the team, the entire team, is focused on maturing our capabilities to be able to service that opportunity.

這就是我們聘請 Paula 來幫助我們發展這種能力的原因之一。我認為整個團隊都致力於成熟我們的能力，以便能夠為這個機會提供服務。

Great, and a follow-up for Blake, just as we think about the margin opportunity, sounds like there are some incremental costs here, whether it's the recent hires, investments in the IAM, and particularly around AI and some of the cash compensation. What are the additional levers that you see for efficiency going forward? And how should we think about margins heading into next year?

太棒了，布萊克的後續行動，就像我們考慮利潤機會一樣，聽起來這裡有一些增量成本，無論是最近的招聘、對 IAM 的投資，特別是圍繞著人工智慧和一些現金補償。您認為未來提高效率的其他手段是什麼？我們該如何考慮明年的利潤率？

Sure. I'll try to take a stab at this. From a high level, I'm really pleased with the progress we've made the last one to two years. Our operating margin in third quarter was up nearly 300 basis points from a year ago. That's more than double from where we were two years ago. I'm happy that we're raising our operating margin guidance for Q4, and we're maintaining that same year of year improvement, or actually, slightly more in Q4 than we saw in Q3.

當然。我會嘗試嘗試。從高水準來看，我對我們過去一兩年的進展感到非常滿意。我們第三季的營業利潤率比去年同期成長了近 300 個基點。這比兩年前增加了一倍以上。我很高興我們提高了第四季度的營業利潤率指導，並且我們保持了同年的改善，或者實際上，第四季度比第三季度略高。

So I'm really proud of the team for that. We're always looking for efficiency and productivity gains, but right now, what I'm most excited about, as far as long-term operating leverage goes, it's from gains that we can get from accelerating growth. And that's where we're really focused on right now.

所以我為此團隊感到非常自豪。我們一直在尋求效率和生產力的提高，但現在，就長期營運槓桿而言，我最興奮的是我們可以從加速成長中獲得的收益。這就是我們現在真正關注的地方。

Our costs don't need to scale at the same rate as revenue. And so if we can focus on supporting that growth opportunity, while maintaining the efficiency gains we've made, I think we're really happy with that result.

我們的成本不需要以與收入相同的速度成長。因此，如果我們能夠專注於支持這個成長機會，同時保持我們所取得的效率提升，我認為我們對此結果感到非常滿意。

And to your point, Tyler, we did call it a couple of unique items for FY26 just for folks to keep in mind that creates some temporary pressure for us. We've got those cloud transitions costs and you can see that if you look at our Q4 guide on a year-over-year basis, relative to what we see in the full year. And so I think that Q4 run rates, probably a good proxy.

就你的觀點而言，泰勒，我們確實將其稱為 2026 財年的幾個獨特項目，只是為了讓人們記住，這給我們帶來了一些暫時的壓力。我們已經得到了這些雲端轉型成本，如果您查看我們的第四季度指南，相對於我們全年的情況，您會發現這一點。所以我認為第四季的運行率可能是一個很好的指標。

Now that could ease for us in fiscal year '27 and beyond, we also have those one-time credits this year, so in the last quarter of Q2, you'll recall we highlighted those and the adjustments to our compensation structure for next year. And the magnitude of that is probably slightly larger than those Q2 one-time credit impacts that I referenced. But we continue to be really focused on productivity, extracting the efficiencies. And we've shown with our actions that when we can drive those without impacting growth or customer experience, we'll do it. But accelerating growth is a great lever driving long-term operating leverage for us. So I'm really focused highly on that, but also maintaining the efficiencies that we've gained.

現在，這對我們來說可能會在27 財年及以後有所緩解，今年我們也有這些一次性積分，所以在第二季度的最後一個季度，您會記得我們強調了這些以及對明年薪酬結構的調整。其規模可能略大於我提到的第二季一次性信貸影響。但我們仍然真正專注於生產力，提高效率。我們已經用行動證明，當我們能夠在不影響成長或客戶體驗的情況下推動這些目標時，我們就會這麼做。但加速成長是推動我們長期營運槓桿的重要槓桿。因此，我非常關注這一點，同時也保持我們所獲得的效率。

Thank you.

謝謝。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Good afternoon. Allan, I'm curious if you could put your macro hat on over the next nine months and just give us your 40,000-foot view of what you see is happening from your CEO perch. Feels like things are getting a little bit better, but don't wanna get too ahead of ourselves. How would you characterize what you're seeing and what you're planning as we go into next year?

午安.艾倫，我很好奇你能否在接下來的九個月裡戴上你的宏觀帽子，從你的執行長的位置向我們展示你所看到的 40,000 英尺的情況。感覺事情正在好轉，但不想太超前。當我們進入明年時，您如何描述您所看到的以及您計劃的內容？

Yeah. I would say, first of all, the year that's almost over here, I think we've seen a marginal improvement in the environment for enterprise technology and enterprise software. We are practically a macro index, but behind your question, because we're so diversified across both sectors and company sizes. So I think we get a reasonable read and we get engaged in everything from account openings to new hiring and so on.

是的。我想說，首先，這一年即將結束，我認為我們已經看到企業技術和企業軟體環境略有改善。我們實際上是一個宏觀指數，但在你的問題背後，因為我們在行業和公司規模上都非常多元化。所以我認為我們得到了合理的閱讀，並且我們參與了從開戶到新招聘等一切事務。

So everything I'm seeing is that the economy is in the major markets that we participate in. And we're obviously overweight in North America, tends to look reasonably positive. We're not projecting any material change to that. If that were to happen, we would benefit from that, but we're not projecting that or expecting it or operate in the company in that manner, so that's my overall approach.

所以我所看到的一切都是我們參與的主要市場的經濟狀況。我們在北美的體重顯然超重，往往看起來相當正面。我們預計不會對此做出任何重大改變。如果發生這種情況，我們將從中受益，但我們不會預測或期望它或以這種方式在公司運營，所以這就是我的整體方法。

We're not seeing market, I'd say, discontinuities. One thing that I thought was interesting, we've been, in the past, gotten questions around the mortgage market because obviously people identified us with mortgages even though at this point it's really a relatively small part of our business. And we're seeing a number of mortgage-related customers increasing their device capacity.

我想說，我們沒有看到市場出現不連續性。我認為有趣的一件事是，我們過去一直收到有關抵押貸款市場的問題，因為顯然人們將我們與抵押貸款聯繫起來，儘管目前抵押貸款確實只是我們業務的相對較小的一部分。我們看到許多與抵押貸款相關的客戶正在增加他們的設備容量。

So that is a positive indication, at least of sentiment, where we're not seeing major volume increases. It's still on par, even a little less than the overall business in terms of envelope volume. But just an interesting commentary on one segment that I noticed of interest.

因此，這是一個積極的跡象，至少對於市場情緒而言，我們沒有看到成交量大幅增加。就信封數量而言，它仍然與整體業務持平，甚至略少。但這只是對我感興趣的一個部分的有趣評論。

Does Blake get a little more capital to give to the go-to-market team to make a bigger push into early next year? Or are you still being very disciplined on that side?

布萊克是否會獲得更多資金來支持市場推廣團隊，以便在明年初做出更大的推動？還是你在這方面仍然非常自律？

You know, I think Blake and I are 100% aligned. We've had some hard-won battles to get us to be more operationally efficient, and we don't want to give that up. At the same time, as he said, we are focused at this point on accelerating growth and unlocking efficiency from that.

你知道，我認為布萊克和我百分之百一致。為了提高營運效率，我們進行了一些來之不易的戰鬥，我們不想放棄這一點。同時，正如他所說，我們目前的重點是加速成長並從中釋放效率。

We feel, right now, that our sales and marketing investment envelope overall is appropriate. We may move resources around for segments and so on in light of the opportunity, but we think we can self-fund that, if you will, based on where we're sitting now. Obviously, we start seeing really positive investment from our sales marketing investments, and we feel we have incremental opportunity, we won't hesitate to make those investments. But right now, we're holding holding the line on our envelope, that feels like the right trade-off.

目前，我們認為我們的銷售和行銷投資範圍總體上是合適的。我們可能會根據機會將資源轉移到細分市場等領域，但我們認為，如果您願意的話，我們可以根據我們現在的情況自行資助。顯然，我們開始從銷售行銷投資中看到真正積極的投資，我們覺得我們有增量機會，我們會毫不猶豫地進行這些投資。但現在，我們仍堅守承諾，這感覺是正確的權衡。

Great, thanks.

太好了，謝謝。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great, thank you for taking my question. This is Austin Cole onto Pat. I think that Generative AI and documents is kind of extracting data from documents, is kind of a natural marriage. What are some of the use cases that you're seeing with Navigator so far? And what kind of -- with regard to the customer engagement with IAM gives you confidence in attacking larger customers with this product? Thank you.

太好了，謝謝你回答我的問題。這是奧斯汀·科爾對派特的採訪。我認為生成式人工智慧和文件是一種從文件中提取資料的方式，是一種自然的結合。到目前為止，您看到的 Navigator 有哪些用例？就 IAM 的客戶參與而言，什麼樣的因素能讓您有信心使用該產品攻擊更大的客戶？謝謝。

Yeah. Yes, we agree that extraction is a very natural use case for LLMs. And we can deliver value very quickly and instantaneously. And it applies across a broad range of industries and functions.

是的。是的，我們同意提取對於法學碩士來說是一個非常自然的用例。我們可以非常快速、即時地交付價值。它適用於廣泛的行業和職能。

In terms of specific examples, I mean, one obvious example is that we can easily extract things like renewal dates and notice periods. And as a result, people alerts or even automate notifications and workflows based on that information. So if you imagine if you're running sales or procurement, you can be on one side or the other, and you want to see everything that's coming up in the next six months and that's within the 90-day notice period, we can literally give you that in a dashboard.

就具體範例而言，我的意思是，一個明顯的例子是我們可以輕鬆提取諸如續訂日期和通知期限之類的內容。因此，人們會根據該資訊發出警報，甚至自動執行通知和工作流程。因此，如果您想像一下，如果您正在進行銷售或採購，您可以選擇一側或另一側，並且您希望看到未來六個月內以及 90 天通知期內發生的所有情況，我們實際上可以在儀表板中給你這個。

That's tremendously powerful, both for frontline sellers or buyers, as well as management. So that's an example of a use case that people really like. And that is easy to implement. We've done with very high reliability. There's very little data leakage risk, et cetera. And so all of those things are very positive for companies, I think, of all sizes.

這對於一線賣家或買家以及管理層來說都是非常強大的。這是人們真正喜歡的用例的一個例子。這很容易實現。我們已經做到了非常高的可靠性。資料外洩風險很小，等等。因此，我認為所有這些事情對於各種規模的公司來說都是非常積極的。

Great, thank you.

太好了，謝謝。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great. Thank you for the question. I was hoping you could comment on the penetration of e-signature in the US and globally, really focusing on the strength in your customer growth, wondering how much is Greenfield, competitive replacements, and where you see the largest opportunities?

偉大的。謝謝你的提問。我希望您能評論一下電子簽名在美國和全球的滲透率，真正關注客戶成長的實力，想知道綠地、有競爭力的替代品有多少，以及您在哪裡看到最大的機會？

Yeah. We are continuing to add new customers. I think we've maintained a pretty steady growth rate of net overall customer count in the 11% -- 10%, 11% range for several quarters now. There's still headroom in the US. It's predominantly in the S&P space as you would expect, given what I just said about already having 85% of the Fortune 500 as customers. There's even more opportunity internationally.

是的。我們正在繼續增加新客戶。我認為我們已經連續幾季將淨客戶總數的成長率保持在 11% - 10%、11% 的範圍內。美國仍有發展空間。正如您所預料的那樣，它主要集中在標準普爾領域，因為我剛才說過，財富 500 強企業中已經有 85% 是客戶。國際上還有更多機會。

And so we see a lot of additions in markets in Europe, in South America, and Asia. And we think that that's got a long way to run. And so it's a wonderful way to grow our install base and complement our same store growth, if you will.

因此，我們在歐洲、南美洲和亞洲的市場上看到了許多新增產品。我們認為這還有很長的路要走。因此，如果您願意的話，這是擴大我們的安裝基礎並補充我們同店成長的絕佳方式。

With that said, I think the bulk of our focus as a company is on growing our install base now with this much broader product set. And the fact that we have a much richer, more valuable offering allows us to leverage the fact that we have this massive install base that's generally very happy with us to offer more value. And I think we've got tremendous headroom to grow based on that.

話雖如此，我認為作為一家公司，我們的主要重點是透過更廣泛的產品集來擴大我們的安裝基礎。事實上，我們擁有更豐富、更有價值的產品，這使我們能夠利用我們擁有龐大的安裝基礎這一事實，他們通常對我們提供更多價值感到非常高興。我認為在此基礎上我們有巨大的成長空間。

So new customer acquisition is super important, fuels our growth in the future, ensures that we're with younger, faster growing companies, but we have tremendous headroom with existing customers of all sizes. And it's a huge competitive advantage for us that we have. I think we're at [$1.6 million] a month of paying customers. That's an unusual number for an enterprise software company. And so we want to fully leverage that competitive advantage.

因此，獲取新客戶非常重要，它可以推動我們未來的成長，確保我們與更年輕、發展更快的公司合作，但我們在各種規模的現有客戶方面都有巨大的發展空間。這對我們來說是一個巨大的競爭優勢。我認為我們的付費客戶每月收入為 [160 萬美元]。對於企業軟體公司來說，這是一個不尋常的數字。因此，我們希望充分利用這種競爭優勢。

Thanks, Allan. If I could ask one for Blake, just on the billings guide. Given the early renewals in the year of your comp, the tough comp and some of the early renewals that helped Q3, like the Q4 guidance for billings looks pretty bullish. Just wondering if you've signed any big deals already, like how the quarter is going? Is there an assumption for IAM ramping and anything contributing to that -- to the billings guide for Q4?

謝謝，艾倫。如果我可以向布萊克要一個，就在比林斯指南上。考慮到您的公司當年的早期續訂，艱難的公司和一些對第三季度有所幫助的早期續訂，例如第四季度的比林斯指導，看起來相當樂觀。只是想知道您是否已經簽署了任何大筆交易，例如本季進展如何？第四季的帳單指南是否有 IAM 成長的假設以及任何對此有貢獻的因素？

Thank you. Sure, I think that obviously part of the guide that we do have to assume some early renewal component, right? It happens for us every quarter. We make an estimate based on that. I would say there's nothing, there's no one-time standout component on that, but it's just a reflection of the book that we see in the renewals that were up for this quarter. And so our best expectation and our estimate of the rate that we'll be able to book.

謝謝。當然，我認為顯然指南的一部分我們確實必須假設一些早期更新的組成部分，對吧？我們每季都會發生這種情況。我們據此做出估計。我想說沒有什麼，沒有一次性的突出部分，但這只是我們在本季度的續訂中看到的這本書的反映。這是我們對預訂價格的最佳期望和估計。

Got it. Thank you.

知道了。謝謝。

Mark Murphy, JP Morgan.

馬克墨菲，摩根大通。

Hi, this is Sonak Kolar on from Mark Murphy. Thanks for taking the question and congrats on the results. Allan, coming off Ducks and Discover in November, I see that there are a bunch of other additional smaller regional events planned for CLM and IAM. I was just wondering if you could provide us with a sense of the recent customer excitement levels and feedback the team is picking up at some of these events? And perhaps any key focus areas or questions that are coming up with potential customers on IAM before they're willing to commit to that wide scale rollout?

大家好，我是馬克墨菲的索納克·科拉爾。感謝您提出問題並對結果表示祝賀。Allan，在 11 月的 Ducks 和 Discover 活動結束後，我發現 CLM 和 IAM 還計劃舉辦許多其他小型區域活動。我只是想知道您能否向我們介紹一下最近客戶的興奮程度以及團隊在其中一些活動中收到的回饋？在潛在客戶願意大規模部署之前，可能會向 IAM 提出任何關鍵關注領域或問題？

Yeah. But just first, a clarification, we announced or introduced IAM at a series we've been called DocuSign Momentum, which is really our customer focused event. We did the original launch event in New York in April, and then we've done events on five continents since then, Munich, Paris, Singapore, Sydney, and Tokyo. I think I've been to all of them except for Sao Paulo.

是的。但首先需要澄清的是，我們在一個名為 DocuSign Momentum 的系列活動中宣布或引入了 IAM，這實際上是我們以客戶為中心的活動。我們四月在紐約舉辦了最初的發表會，從此我們在五大洲舉辦了活動，慕尼黑、巴黎、新加坡、雪梨和東京。我想除了聖保羅以外我都去過了。

So I think at every event, in every continent, we see that this is a tremendously broad horizontal value proposition that is equally appealing to midsize and large companies and pretty universal across industries. I don't really see actually a ton of differentiation even across [yields]. I think the sooner we can get that capability in the hands of customers everywhere, the better we will do.

因此，我認為在每個大陸的每一次活動中，我們都看到這是一個極其廣泛的橫向價值主張，它對中型和大型公司同樣具有吸引力，並且在各個行業中都很普遍。即使在不同的領域，我也沒有真正看到太多的差異[產量]。我認為我們越早讓世界各地的客戶掌握這種能力，我們就會做得越好。

So I think it's a very horizontal opportunity. DocuSign Discover that you just mentioned was our first event focused on developers. DocuSign's always had a very powerful API for people to integrate signature into their applications could either be commercialized V's or even in-house corporate developers. And so we have a big ecosystem already of people who work with us.

所以我認為這是一個非常橫向的機會。您剛才提到的 DocuSign Discover 是我們第一個針對開發人員的活動。DocuSign 始終擁有非常強大的 API，讓人們將簽名整合到他們的應用程式中，可以是商業化的 V，甚至可以是內部企業開發人員。因此，我們已經擁有一個由與我們合作的人員組成的龐大生態系統。

But it was fairly monolithic, should we say. It wasn't a componentized view of all that we offer. We've now really re-architected that, and of course, it gives access to all of our new capabilities. And so what we announced here was a whole suite of tools and a variety of programs for developers. And I think the feedback from that community was really positive.

但我們應該說，它是相當單一的。這不是我們提供的所有內容的組件化視圖。我們現在已經真正重新建構了它，當然，它可以存取我們所有的新功能。因此，我們在這裡宣布的是為開發人員提供的一整套工具和各種程序。我認為該社群的回饋非常積極。

Now, look, it's going to take a while for us to become a real platform company. We have a big opportunity to do that, and it would be a huge boost to rocket if we can execute that successfully. But we're just in the early stages of executing on that opportunity.

現在，你看，我們還需要一段時間才能成為一家真正的平台公司。我們有一個很好的機會做到這一點，如果我們能夠成功執行這一點，這將是對火箭的巨大推動。但我們正處於利用這一機會的早期階段。

Maybe, lastly, in terms of what else am I hearing from customers as I travel, I do a lot of customer meetings. I think that the universality of the -- I want to understand what's going on with my agreements. Value proposition is not even better than I expected. I think it's easy to explain.

也許，最後，就我在旅行時從客戶那裡聽到的其他資訊而言，我參加了很多客戶會議。我認為這是普遍性的——我想了解我的協議的進展。價值主張甚至沒有比我預期的更好。我認為這很容易解釋。

People instantly get it. They may not historically have articulated the pain as clearly, because they didn't know that it could be solved, inefficiency and unpredictability of agreement processes. They've essentially remain unchanged for the last 50 or 100 years. We've digitized agreements. we send them around via email, and maybe we execute them electronically. Other than that, nothing's changed.

人們立刻就明白了。從歷史上看，他們可能沒有清楚地表達過痛苦，因為他們不知道這個問題可以解決，協議流程效率低且不可預測。在過去的 50 年或 100 年裡，它們基本上保持不變。我們已經將協議數位化。我們透過電子郵件發送它們，也許我們以電子方式執行它們。除此之外，什麼都沒有改變。

And so our opportunity to really change that is very eye-opening for folks. I'm not naive. I think, it'll be a higher bar. There'll be more requirements, more systems to integrate with, more parties to convince, which is why we're taking this measured view.

因此，我們真正改變這一現狀的機會讓人們大開眼界。我並不天真。我認為，這將是一個更高的標準。將會有更多的需求、更多的系統需要整合、更多的各方需要說服，這就是我們採取這種審慎觀點的原因。

We started in the mid-market, and then we're now going into departmental load roll-outs. That's a motion that we're very familiar with. And then we'll complement that with more of a top-down solution-solid motion to the larger companies. That'll be a multi-year journey, but a very exciting one and a very universal one.

我們從中端市場開始，然後現在進入部門負載推廣。這是我們非常熟悉的動議。然後我們將透過更多自上而下的解決方案來補充這一點——向大公司提出堅實的建議。這將是一個多年的旅程，但卻是一個非常令人興奮和非常普遍的旅程。

So I'm feeling very positive about the early signs that we have in terms of the value proposition. And can we explain it? Can we sell it? And most importantly, can we see customers adopted? And all the early signs of that are very positive.

因此，我對我們在價值主張方面的早期跡象感到非常積極。我們可以解釋一下嗎？我們可以賣掉它嗎？最重要的是，我們能看到客戶採用嗎？所有早期跡像都是非常積極的。

Great, thank you. That's very helpful. As a quick follow up for Blake, I've seen the past two years, it hasn't seemed like Q4 has been a very active period DocuScience buyback activity. Is there anything to consider on the capital allocation framework as we approach Q4 of this year?

太好了，謝謝。這非常有幫助。作為布萊克的快速跟進，我看到過去兩年，第四季似乎不是 DocuScience 回購活動非常活躍的時期。接近今年第四季，資本配置框架有什麼需要考慮的嗎？

No. No change at all from a Q4 perspective. I don't -- we don't look at it on a quarterly basis. We really just look at it as a function of it. We are generating really strong free cash flow. We have an opportunity to be able to deploy that capital to a number of different areas, right? So I've asked one of them, M&A is another one, running the business and investing into another one. And so that's how we take a look in our framework at it. I don't expect any changes to our strategy, and I'm really excited by the free cash flow generation that we're producing because it allows us to have the flexibility and the optionality to consider all of those components.

不。從第四季的角度來看，沒有任何變化。我不——我們不會按季度查看它。我們實際上只是將其視為它的函數。我們正在產生非常強勁的自由現金流。我們有機會將資金部署到許多不同的領域，對嗎？所以我問過其中一個，併購是另一種，經營業務和投資另一種。這就是我們在框架中看待它的方式。我預計我們的策略不會發生任何變化，而且我對我們正在產生的自由現金流感到非常興奮，因為它使我們能夠靈活和選擇性地考慮所有這些組成部分。

Understood, thanks again and congrats.

明白了，再次感謝並恭喜。

Michael Turrin, Wells Fargo Securities.

麥可特林，富國銀行證券。

Hi, this is Michael Burgon from Michael Turin. Thanks for taking our question. I just wanted to double-click on the improvements in gross retention, what's driving that. Maybe we could get under the hood and explore what you are seeing or what you've done right to drive the improvements there. Is it macro? Is it execution? Is it IAM? Just want to get some more color on that dynamic.

大家好，我是來自麥可都靈的麥可伯根。感謝您提出我們的問題。我只是想雙擊總留存率的改善，看看是什麼推動了這項改善。也許我們可以深入了解您所看到的內容或您為推動改進而採取的正確措施。是宏嗎？是執行嗎？是IAM嗎？只是想對這種動態有更多的了解。

Thanks. I'll take a stab and then Allan, feel free to jump in. I've been impressed with the team's focus, honestly, internally around the data accumulation and getting in front of those renewal opportunities, taking it down to a rep level, deal by deal, getting in front of it, having large renewal conversations way in front of the actual contract renewal date. I feel like just our level of operational execution has improved quite a bit, I would say, over the last 6 to 12 months. And so super excited about that.

謝謝。我會嘗試一下，然後艾倫，請隨意加入。老實說，團隊的專注力給我留下了深刻的印象，老實說，內部圍繞數據積累並搶在這些續約機會之前，將其降低到代表級別，逐筆交易，搶在它前面，進行大型續約對話。我覺得在過去 6 到 12 個月裡，我們的營運執行水準有了很大提高。對此非常興奮。

Obviously, as you start to have conversations with folks around IAM and things like that, like our ability to have larger average deal sizes, obviously, is a small contributor to that just because of the evolution and the timing of that. But I mean, it's just been super happy with the team's continued focus.

顯然，當你開始與 IAM 周圍的人進行對話時，諸如我們擁有更大平均交易規模的能力，顯然只是因為其演變和時機而對此做出了很小的貢獻。但我的意思是，我們對團隊的持續關注感到非常高興。

And you see it obviously in our dollar net retention rate going up, we still have room there. I think that while we're really pleased with where we've come from, we still know there's a lot of opportunity still outstanding. So we're not resting on our laurels at all about this and continuing to build out and see how we can have deeper customer relationships, build stickier relationships with our customers so we can improve that.

你可以明顯地看到我們的美元淨保留率正在上升，我們仍然有空間。我認為，雖然我們對自己的出身感到非常滿意，但我們仍然知道還有很多機會等著我們。因此，我們並沒有滿足於現狀，而是繼續努力，看看如何能夠建立更深入的客戶關係，並與客戶建立更緊密的關係，以便我們能夠改善這一點。

Yeah, I agree with everything Blake just said. I would simply add that I think one of the things that we did well here in the last 12 months, and I think has contributed to the DNR improvement, is just massively improving our coverage in customer success, sort of implied by what Blake was saying, but I just want to double-click on a little bit.

是的，我同意布萊克剛才所說的一切。我只想補充一點，我認為我們在過去12 個月中做得很好的事情之一，並且我認為這對DNR 的改善做出了貢獻，就是大幅提高了我們對客戶成功的覆蓋範圍，這有點像Blake 所說的那樣，但我只想雙擊一點。

So historically, our customer success effort is focused at the very top of the book. That's where you've got some additional support and engagement and use case development and so on. And we found that we had a big opportunity to do a more scaled model out of lower-cost hubs in Brazil and now in Egypt. And that's showing really nice results for more of the torso of the book, if you will. And I think we still have more opportunity there.

因此，從歷史上看，我們的客戶成功工作重點放在本書的最頂部。這就是您獲得一些額外支援、參與以及用例開發等的地方。我們發現，我們有很大的機會在巴西和現在埃及的低成本中心建立更大規模的模式。如果你願意的話，這對於本書的大部分內容來說都顯示出非常好的結果。我認為我們在那裡還有更多機會。

So on multiple fronts, I think there's been a lot of levers to pull in product, in sales, in marketing, in customer success to drive retention. And as Blake said, we're definitely not done with that. We think we can do better, and we want to do better.

因此，在多個方面，我認為有很多槓桿可以拉動產品、銷售、行銷、客戶成功來提高保留率。正如布萊克所說，我們絕對還沒結束。我們認為我們可以做得更好，我們也想做得更好。

Helpful, thank you. And then just a quick follow-up on that. Is there anything notable to point out and any changes in the competitive dynamics that may be aiding the gross retention dynamics you were just describing?

有幫助，謝謝。然後對此進行快速跟進。有什麼值得注意的地方以及競爭動態的任何變化可能有助於您剛才描述的整體保留動態嗎？

I don't actually see the competitive environment changing all that much. It's been fairly stable. It's the same class of competitors. I do think on a go-forward basis, the competitive dynamics change. So as we evolve from the Signature business to this broader suite of Intelligent Agreement Management products, the folks that we've historically competed with just in Signature, I think we separate ourselves more there.

我其實並沒有看到競爭環境發生太大變化。已經相當穩定了。這是同一級的競爭對手。我確實認為，從長遠來看，競爭動態會發生變化。因此，當我們從簽名業務發展到更廣泛的智慧協議管理產品套件時，我們歷史上僅在簽名方面與之競爭的人們，我認為我們在那裡更加獨立。

So I think that will help from a retention and competition perspective over time. But it's just too early. We just launched six months ago. So most of those agreements haven't come up for renewal yet. But I think it's aiding our competitive posture.

因此，我認為隨著時間的推移，從保留和競爭的角度來看，這將有所幫助。但現在還為時過早。我們六個月前剛推出。因此，大部分協議尚未續約。但我認為這有助於我們的競爭態勢。

And as it becomes available in more segments and more geos, that will help us.

隨著它在更多的細分市場和更多的地區可用，這將對我們有所幫助。

Helpful, thank you.

有幫助，謝謝。

Alex Zukin, Wolfe Research

亞歷克斯祖金，沃爾夫研究中心

Hi. This is Arsenije on for Alex Zukin. How many reps are eligible to sell IAM today? And was that an easy training or prep cycle given reps having CLM experience? And just seeing that early traction in IAM is great, but we don't want to get ahead of our skis on expectations here given how early it is. Is there any help we can get on guardrails for growth next year. Thanks.

你好。這是阿爾塞尼傑替補亞歷克斯·祖金。今天有多少銷售代表有資格出售 IAM？對於具有 CLM 經驗的代表來說，這是一個簡單的訓練或準備週期嗎？看到 IAM 的早期吸引力就很棒，但考慮到現在還太早，我們不想超越我們的預期。我們可以為明年的成長提供任何幫助嗎？謝謝。

Sure. Yes, I'll take a stab. We're not disclosing the number of reps that we have in a given segment or market. It's just really a function. What I, frankly, was, I'll say, positively surprised a bit was how quickly we were able to ramp the number of reps engaged with this platform because this is a new thing for DocuSign and how are we going to address it. And we saw a pretty quick ramp in our North America commercial business that we're really excited about.

當然。是的，我會刺一下。我們不會透露我們在特定細分市場或市場中擁有的代表數量。這實際上只是一個函數。坦白說，我感到有點驚訝的是我們能夠如此迅速地增加使用該平台的代表數量，因為這對於 DocuSign 來說是一個新事物，我們將如何解決它。我們看到北美商業業務快速成長，對此我們感到非常興奮。

Now the North America commercial business, I think, as everybody knows, is different than an enterprise, like much larger enterprise kind of cycle. And so we're going to have to see how that goes. We just started having conversations with the very first few enterprise customers about departmental opportunities just in the last few weeks. And so it's still very early days for us.

現在，我認為，眾所周知，北美商業業務與企業不同，就像更大的企業週期一樣。所以我們必須看看事情進展如何。就在過去幾週，我們才開始與最初的幾家企業客戶就部門機會進行對話。所以對我們來說現在還為時過早。

And so as much as I'd like to be able to provide like real direction about where we think FY '26 is going to be, we'll address all that, much more of that, at least in our March guidance call when we do full year guidance next year. But again, it's still early. And so we're just trying to learn and get as much data as possible and make sure we have the right trend lines before we can start kind of talking about those things.

因此，儘管我非常希望能夠就我們認為 26 財年的發展方向提供類似的真實方向，但我們將解決所有這些問題，甚至更多的問題，至少在我們 3 月份的指導電話會議中，當我們明年做全年指導。但話又說回來，現在還早。因此，我們只是試圖學習並獲取盡可能多的數據，並確保我們擁有正確的趨勢線，然後才能開始談論這些事情。

Got it. And I guess, can you explain what's driving that early renewal tailwinds that we're seeing that's contributing a bit more to that billings outperformance than we've seen historically? And on fiscal 4Q, I think last year, you called out early renewals contributing about $30 million tailwind and the guidance for this quarter coming up embedding a little bit of early renewals. I guess is there anything you can give us in terms of what's embedded in that guide, how to think about it into 4Q on that billings dynamic?

知道了。我想，你能解釋一下是什麼推動了我們所看到的早期更新順風，它對比林斯表現的貢獻比我們歷史上看到的要大一些嗎？在第四財季，我想去年，你們呼籲提前續約貢獻了約 3,000 萬美元的順風車，本季的指導方針也包含了一些提前續約。我想您可以就該指南中嵌入的內容向我們提供任何資訊嗎？

Yeah, sure. We don't break out the guide components based on earlies versus everything else. I will say that our earlies have been a little bit stronger. One of the things that makes me okay with that is that the health of those early renewals are still good and actually quite strong. And a lot of those earlies come from just that next quarter out, right?

是的，當然。我們不會根據早期與其他所有內容來分解指南組件。我想說的是，我們的早期表現稍強。讓我對此感到滿意的一件事是，這些早期續約的健康狀況仍然良好，而且實際上相當強勁。很多早期的人都來自下個季度，對嗎？

And so as you're talking to customers and if their usage is trending up and they want to get in front of those things, that's okay. But it is something for me that we do look at. And as long as the health of those earlies is okay, it's really more of just a timing thing.

因此，當您與客戶交談時，如果他們的使用呈上升趨勢並且他們想要搶在這些事情之前，那就沒關係。但這對我來說是我們確實關注的事情。只要那些早期的健康狀況良好，這實際上更多地只是一個時間問題。

Thank you.

謝謝。

Ian Black, Needham & Company.

伊恩·布萊克，李約瑟公司。

Where should we think about NRR normalizing at? And how much impact are you still seeing from capacity rationalization? Thank you.

我們應該在哪裡考慮 NRR 標準化？您還看到產能合理化帶來的影響有多大？謝謝。

Sure. I don't have an idea of where the dollar net retention ends out. I mean this is a company that saw a big decel from that outside of COVID. We saw the historical low in Q4 of last year, and we've made a lot of efforts to first stabilize that. And now we've seen a couple of quarters of slight improvement. So really excited about that.

當然。我不知道美元淨保留的最終結果。我的意思是，這家公司在新冠疫情之外經歷了巨大的減速。去年第四季我們看到了歷史低點，我們做了很多努力來首先穩定這一點。現在我們已經看到幾個季度的輕微改善。對此我真的很興奮。

I think from a capacity kind of utilization perspective and such, I don't know maybe if you're referring to like the COVID components or whatever, we shared this data point, I think, maybe in Q3 of last year because a lot of folks are asking about how many of the contracts that you have on your book were written during the COVID periods and such, and we have been largely through all that.

我認為從容量利用率的角度來看，我不知道您是否指的是新冠肺炎組件或其他什麼，我們分享了這個數據點，我想，也許是在去年第三季度，因為很多人在問你的書中有多少合約是在新冠疫情期間簽訂的，而我們基本上已經經歷了這一切。

I mean as of today, the number of contracts or the kind of the dollar average or the dollars that are in our book of business that were in contracts written during calendar years 2020 and 2021, so I'm using that as a proxy for the COVID, it's under 1% now. I mean they're gone effectively from our business.

我的意思是，截至今天，合約數量或平均美元金額或我們業務簿中 2020 年和 2021 年期間簽訂的合約中的美元金額，所以我用它作為新冠病毒，現在還不到 1%。我的意思是他們實際上已經從我們的業務中消失了。

And so I think we're in a much more stabilized place. I think you can see that in the results that we've shown. And so the trends, I think, like we said in the prepared remarks and you've heard today is that they're modestly improving, like year-over-year envelope send increasing for 4 consecutive quarters. Utilization rates for us on capacity have been improving. And so those are all what I would call like leading indicators for us where we get optimistic about the trends and opportunities we have in front of us.

所以我認為我們處於一個更穩定的地方。我想您可以從我們展示的結果中看到這一點。因此，我認為，正如我們在準備好的發言中所說的以及您今天聽到的那樣，趨勢正在適度改善，例如信封發送量連續四個季度同比增長。我們的產能利用率一直在提高。因此，這些都是我所說的領先指標，我們對眼前的趨勢和機會感到樂觀。

Yeah. So we are encouraged about the stabilization in our core and the early signs. It's still very early for IAM, I'm going to stress that, but it was a really solid quarter overall.

是的。因此，我們對核心的穩定和早期跡象感到鼓舞。我要強調的是，對於 IAM 來說，現在還為時過早，但總體而言，這是一個非常穩健的季度。

Thank you, operator. Thank you to all of you who joined today's call. I am really proud of the progress as we deliver powerful innovation to our customers through the IAM platform and continue to improve our core business fundamentals. Thanks to the team for their commitment and to our owners for your support as we realize the long-term vision. Talk to you next time.

謝謝你，接線生。感謝所有參加今天電話會議的人。我對我們透過 IAM 平台為客戶提供強大創新並不斷改善我們的核心業務基礎所取得的進展感到非常自豪。感謝團隊的承諾，感謝我們的業主在我們實現長期願景的過程中給予的支持。下次再和你聊。

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。