DocuSign Inc (DOCU) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for joining DocuSign's fourth quarter fiscal year '25 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded, and there will be available for replay from the Investor Relations section of the website following the call.

女士們、先生們，下午好，感謝大家參加 DocuSign 25 財年第四季財報電話會議。（操作員指示）提醒一下，本次通話正在錄音，通話結束後可從網站的投資人關係部分重播。

(Operator Instructions) I will now pass the call over to Matthew Sonefeldt, Head of Investor Relations. Please go ahead.

（操作員指示）我現在將電話轉交給投資者關係主管 Matthew Sonefeldt。請繼續。

Thank you, operator. Good afternoon, and welcome to DocuSign's Q4 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 fourth quarter fiscal 2025 results was issued earlier today and is posted on our Investor Relations website, along with the published version of our prepared remarks. Before we begin, let me remind everyone that some of our statements on today's call are forward-looking.

謝謝您，接線生。下午好，歡迎參加 DocuSign 2025 財年第四季財報電話會議。參加今天電話會議的還有 DocuSign 的執行長 Allan Thygesen；和財務長 Blake Grayson。我們今天稍早發布了宣布 2025 財年第四季業績的新聞稿，並將其與我們準備好的評論的發布版本一起發佈在我們的投資者關係網站上。在我們開始之前，請允許我提醒大家，我們在今天電話會議上的一些聲明是前瞻性的。

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.

我們相信，與這些前瞻性陳述相關的假設和預期是合理的，但它們受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存在重大差異。

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

特別是，我們對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。請閱讀並考慮我們向美國證券交易委員會提交的文件中的風險因素以及本次電話會議的內容。

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

任何前瞻性陳述均基於我們迄今為止的假設和預期，除非法律要求，否則我們不承擔根據未來事件或新資訊更新這些陳述的義務。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。此外，我們還提供非公認會計準則加權平均股數以及有關自由現金流量和帳單的資訊。這些非公認會計準則指標並非旨在與我們的公認會計準則結果分開考慮、替代或優於我們的公認會計準則結果。我們鼓勵您在分析我們的表現時考慮所有措施。

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

有關我們的非 GAAP 財務資訊、最直接可比較的 GAAP 指標以及這些數字的定量對帳的信息，請參閱今天的收益新聞稿，您可以在我們的網站 investor.docusign.com 上找到。說完這些，我想把電話轉給艾倫。

Thank you, Matt, and good afternoon, everyone. Fiscal 2025 was a transformative year for DocuSign, led by the introduction of Intelligent Agreement Management, or IAM. Our vision is that DocuSign IAM establishes a new system of record that transforms how organizations create, commit to and manage their agreements in a full suite, AI-powered end-to-end platform. During the year, we also improved the performance of our business, building a strong foundation to add greater customer value and drive future growth. Q4 revenue was $776 million, up 9% year-over-year and fiscal 2025 revenue was $3 billion, up 8% year-over-year.

謝謝你，馬特，大家下午好。2025 財年是 DocuSign 轉型的一年，以推出智慧協議管理 (IAM) 為主導。我們的願景是 DocuSign IAM 建立一個新的記錄系統，改變組織在一個全套、人工智慧驅動的端到端平台上創建、承諾和管理協議的方式。這一年，我們也提高了業務績效，為增加客戶價值和推動未來成長奠定了堅實的基礎。第四季營收為 7.76 億美元，年增 9%，2025 財年營收為 30 億美元，較去年同期成長 8%。

IAM momentum was strong and fundamentals across the core business continued to improve with dollar net retention increasing to 101% in Q4. In addition, we produced strong profitability with 29% non-GAAP operating margins in Q4 and 30% for fiscal 2025, both significant increases from fiscal 2024, reflecting continued progress in our commitment to improving efficiency while prioritizing investment to reaccelerate growth.

IAM 勢頭強勁，核心業務基本面持續改善，第四季美元淨留存率上升至 101%。此外，我們實現了強勁的盈利能力，第四季度非 GAAP 營業利潤率為 29%，2025 財年為 30%，均比 2024 財年有顯著增長，這反映了我們在提高效率的承諾方面不斷取得進展，同時優先投資以重新加速增長。

As we look to fiscal 2026, we're focused on increasing the value that we deliver to DocuSign customers as the world's leading agreement platform. We will continue to execute across our 3 strategic pillars, accelerating product innovation through an ambitious AI-led product road map, involving our 3 routes to market and leveraging operating efficiency gains to invest in future growth.

展望 2026 財年，我們致力於提高作為全球領先協議平台為 DocuSign 客戶提供的價值。我們將繼續執行我們的三大策略支柱，透過雄心勃勃的人工智慧主導的產品路線圖加速產品創新，涉及我們的三個市場途徑，並利用營運效率收益來投資未來成長。

Let's dive deeper into why the future is bright. Turning first to innovation. Last spring, we introduced IAM at our Momentum event, then rolled the platform out to our sales-led small and mid-market customer segment in the United States, Canada and Australia. At the end of the year, we launched departmental level deployments to enterprise customers while also opening up IAM availability globally. The initial launch delivered DocuSign Navigator, our intelligent agreement repository DocuSign Maestro, our automated workflow builder and the DocuSign App Center, where ISV partners deliver third-party apps to customers.

讓我們深入探討為什麼未來是光明的。首先談談創新。去年春天，我們在 Momentum 活動中推出了 IAM，然後將該平台推廣到美國、加拿大和澳洲以銷售為主導的中小型客戶群。年底，我們向企業客戶推出了部門級部署，同時也在全球範圍內開放了 IAM 可用性。首次發布包括 DocuSign Navigator、我們的智慧協定儲存庫 DocuSign Maestro、我們的自動化工作流程建構器和 DocuSign App Center，ISV 合作夥伴可在此向客戶提供第三方應用程式。

We followed that launch by releasing DocuSign for developers to support our developer ecosystem. And through the acquisition of Lexion, we integrated additional powerful agreement AI capabilities.

隨後，我們又發布了開發者的 DocuSign，以支援我們的開發者生態系統。並且透過收購Lexion，我們整合了額外的強大的協議AI功能。

Today, IM customers are using agreement AI to streamline document review and editing, extract critical insights, verify parties and build workflows integrated with third-party applications. Some IAM customers have reduced their contracting cycles by up to 75%. You can see our full list of recent product releases in our earnings release. We hope you can join us at our April Momentum Customer Conference and Partner Day in New York, where we will share our ambitious fiscal 2026 product road map, featuring agreement AI, innovative new workflows and expanded ecosystem and powerful new capabilities for enterprise customers, all with the goal of becoming the agreement system of record.

如今，IM 客戶正在使用協議 AI 來簡化文件審查和編輯、提取關鍵見解、驗證各方並建立與第三方應用程式整合的工作流程。一些 IAM 客戶已將其簽約週期縮短了高達 75%。您可以在我們的收益報告中看到我們最近發布的產品完整清單。我們希望您能參加我們四月份在紐約舉行的 Momentum 客戶大會和合作夥伴日，屆時我們將分享我們雄心勃勃的 2026 財年產品路線圖，其中包括協議 AI、創新的新工作流程和擴展的生態系統以及面向企業客戶的強大新功能，所有這些都是為了成為記錄協議系統。

Within our omnichannel go-to-market pillar, I first want to highlight IAM's strong momentum. In Q4, just the second quarter post launch to our small and mid-market customers, IAM represented a high single-digit percentage of in-quarter deal volume for the direct channel at over 20% of direct new customer deals. Customer demand continues to exceed our expectations, indicating strong product market fit in this segment. In fact, IAM has quickly become the fastest-growing new product in DocuSign's history. Our sellers are sharing the IAM vision with all customers and approaching the renewal process as a natural opportunity for customers to start their IAM journey.

在我們的全通路行銷支柱中，我首先想強調 IAM 的強勁勢頭。在第四季度，也就是我們向中小型客戶推出後的第二個季度，IAM 在直接管道的本季度交易量中佔據了高個位數百分比，佔直接新客戶交易的 20% 以上。客戶需求持續超出我們的預期，顯示該領域的產品市場契合度很高。事實上，IAM 已迅速成為 DocuSign 史上成長最快的新產品。我們的賣家正在與所有客戶分享 IAM 願景，並將續訂流程視為客戶開啟 IAM 之旅的自然機會。

Metro Credit Union is using Maestro to optimize member account maintenance workflows, reducing the time required to process automated payment forms from 5 minutes to just a few seconds, saving nearly 50 hours of work each month. Metro Credit Union is an enterprise IAM deployment, driven by our ecosystem partner, Sandbox Banking and Encino Company and trusted fintech integration provider in our app center. The HR team at Duncan Family Farms, a multiregional agricultural company is building Maestro workflows integrated with our WhatsApp capabilities to onboard multinational workers and easily set up low friction direct deposit. Work that previously took days now gets done in minutes. Customer engagement also continues to increase.

Metro Credit Union 正在使用 Maestro 優化會員帳戶維護工作流程，將處理自動付款表格所需的時間從 5 分鐘縮短到幾秒鐘，每月節省近 50 小時的工作時間。Metro Credit Union 是一個企業 IAM 部署，由我們的生態系統合作夥伴 Sandbox Banking 和 Encino Company 以及我們應用中心值得信賴的金融科技整合供應商推動。跨地區農業公司 Duncan Family Farms 的人力資源團隊正在建立 Maestro 工作流程，該流程與我們的 WhatsApp 功能相集成，以便吸收跨國員工並輕鬆設置低摩擦直接存款。以前需要幾天才能完成的工作現在只需幾分鐘即可完成。客戶參與度也持續提高。

The typical IAM customer now has approximately 4,000 contracts uploaded into Navigator. This highlights the scale of challenge companies faced with agreements and demonstrates the value IAM creates by transforming this complexity into actionable insights. User adoption of IAM also continues to rise. Multi cohort data shows consistent growth in usage, particularly for Navigator as customers deepen their engagement with the platform. Beyond IAM, we continue to drive improvement across the core business.

現在，典型的 IAM 客戶已將大約 4,000 份合約上傳到 Navigator。這突顯了公司在協議方面面臨的挑戰的規模，並展示了 IAM 透過將這種複雜性轉化為可操作的見解而創造的價值。用戶對 IAM 的採用率也持續上升。多群組數據顯示使用量持續成長，尤其是 Navigator，因為客戶對該平台的參與度不斷加深。除了 IAM 之外，我們還將繼續推動核心業務的改進。

In Q4, our dollar net retention rate once again improved, rising to 101, an increase of more than 2 percentage points from Q4 of fiscal 2024 and the highest level in 6 quarters. Dollar net retention continues to benefit from improved gross retention and solid customer usage trends. We also saw sustained momentum in new customer growth at 10% year-over-year to nearly 1.7 million customers.

第四季度，我們的美元淨留存率再次提升，上升至101，較2024財年第四季上升逾2個百分點，為6個季度以來的最高水準。美元淨留存率持續受益於總留存率的提高和穩健的客戶使用趨勢。我們也看到新客戶數量持續成長，年增 10%，達到近 170 萬客戶。

International and digital growth, both continue to outpace the overall business and represent significant opportunities in the long term. Digital self-service revenue growth accelerated for the second straight quarter, a reflection on the improvement in our self-service capability and the partner channel's contribution to the business continued to increase in Q4 and fiscal 2025, leveraging gains we've made with technology partners like Microsoft, SAP and Salesforce as well as growing interest from independent software vendors and global system integrators.

國際和數位化成長均持續超過整體業務，並代表著長期的重要機會。數位自助服務收入連續第二季加速成長，這反映了我們自助服務能力的提升，並且合作夥伴通路對業務的貢獻在第四季度和 2025 財年持續增加，利用我們與微軟、SAP 和 Salesforce 等技術合作夥伴取得的收益以及獨立軟體供應商和全球系統整合商日益增長的興趣。

We continue to generate growth opportunities in our core business. Avis Budget Group, a leading global car rail company, is using DocuSign to accelerate agreement generation, enhance collaboration, improve productivity and more effectively manage the supply chain. Our Gartner recognized DocuSign CLM product remains a market leader and top choice for customers with sophisticated enterprise workflows.

我們繼續在核心業務中創造成長機會。全球領先的汽車鐵路公司 Avis Budget Group 正在使用 DocuSign 來加速協議產生、加強協作、提高生產力並更有效地管理供應鏈。我們獲得 Gartner 認可的 DocuSign CLM 產品仍然是市場領導者，也是擁有複雜企業工作流程的客戶的首選。

Cognizant Technology Solutions, one of the world's leading professional services companies for creating digital solutions, is deploying CLM across its organization to streamline agreement processes, improve efficiency mitigate risks and create AI-driven workflows. In our direct sales channel, we have strong IAM momentum, the small- and medium-sized customers.

Cognizant Technology Solutions 是全球領先的數位解決方案專業服務公司之一，它正在其整個組織內部署 CLM，以簡化協議流程、提高效率、降低風險並創建人工智慧驅動的工作流程。在我們的直銷通路中，我們擁有強勁的 IAM 勢頭，即中小型客戶。

This segment represents a large opportunity for growth and customer impact in fiscal 2026 and it's where we expect the majority of near-term sales and adoption. This year, our direct sales team will have greater ability to sell IAM across more SKUs and solutions while also focusing on more consultative solutions selling, resulting in greater upsell opportunities. In parallel, we'll continue to evolve both product and go to market for enterprise customers.

這一領域代表著 2026 財年龐大的成長和客戶影響機會，我們預計這一領域將成為近期銷售和採用的主要領域。今年，我們的直銷團隊將有更大的能力在更多的 SKU 和解決方案中銷售 IAM，同時也專注於更多諮詢解決方案的銷售，從而帶來更多的追加銷售機會。同時，我們將繼續改進產品並推向市場以滿足企業客戶的需求。

In fiscal 2026, we will continue to focus on departmental level use case adoption within enterprises. Also a strong partner channel will continue to support and contribute to growth with enterprise customers. We're excited by the several early IAM enterprise customer wins after the initial Q4 launch. We'll also continue to invest in our self-service channel to make it easier for customers of any size to discover, buy and manage our products digitally.

2026財年，我們將繼續專注於企業內部部門層級用例的採用。強大的合作夥伴管道也將持續支持並促進企業客戶的成長。我們對第四季度首次推出後贏得幾家早期 IAM 企業客戶的讚譽感到非常興奮。我們也將繼續投資我們的自助服務管道，讓各種規模的客戶都能更輕鬆地以數位方式發現、購買和管理我們的產品。

In April, our larger direct customers will be able to add more capacity and renew their contracts via self-serve. And soon after, we'll unlock the ability for new and existing customers to buy IAM standard and professional plans directly from docsign.com in the United States, Canada, France, Germany, the U.K. and Australia.

四月份，我們的大型直接客戶將能夠透過自助服務增加更多容量並續約。此後不久，我們將為新舊客戶提供在美國、加拿大、法國、德國、英國和澳洲直接從 docsign.com 購買 IAM 標準和專業計畫的能力。

Driving greater efficiencies and effectiveness across our sales and marketing efforts remains a large focus this year. In fiscal 2025, we made substantial improvements in our operating efficiency pillar. Our full year operating margin increased by 4 points and by nearly 10 points over the past few years. We've also become significantly more cash flow generative over the past 2 years, producing over $900 million in free cash flow and deploying nearly 75% of it back to shareholders in share repurchases. In fiscal 2026, our priority is to retain the profitability gains we've made during the past 2 years while making the necessary investments to accelerate growth.

提高銷售和行銷工作的效率和效力仍然是我們今年的重點。2025財年，我們在營運效率支柱方面取得了實質的改善。我們的全年營業利潤率增加了4個百分點，過去幾年增加了近10個百分點。過去兩年來，我們的現金流產生能力也顯著增強，產生了超過 9 億美元的自由現金流，並將其中近 75% 透過股票回購的方式回饋給股東。在2026財年，我們的首要任務是保留過去兩年所取得的獲利成長，同時進行必要的投資以加速成長。

Beyond fiscal 2026 as growth increases, we believe we will create further profitability and margin gains while driving towards our most important long-term financial goal of reaccelerating to sustainable double-digit top line growth.

2026 財年以後，隨著成長的加快，我們相信我們將創造進一步的獲利能力和利潤率成長，同時推動實現我們最重要的長期財務目標，即重新加速實現可持續的兩位數營收成長。

Blake will provide more detail about our fiscal 2026 outlook in his remarks. In closing, DocuSign made incredible progress in fiscal 2025, and we're encouraged by customer enthusiasm about the IAM platform. With IAM, we're building an AI-powered end-to-end system of record that operates at scale and enables organizations of all sizes to manage their agreements and create value from their agreement data. I want to thank the entire team for their commitment and hard work in increasing the pace and scale of innovation at DocuSign. The past year marked a turning point for DocuSign and we're well positioned to pursue the significant opportunity that lies ahead.

布萊克將在他的演講中提供有關我們 2026 財年展望的更多細節。最後，DocuSign 在 2025 財年取得了令人難以置信的進步，客戶對 IAM 平台的熱情也讓我們感到鼓舞。借助 IAM，我們正在建立一個由人工智慧驅動的端到端記錄系統，該系統可以大規模運行，使各種規模的組織能夠管理其協議並從其協議數據中創造價值。我要感謝整個團隊為加快 DocuSign 的創新速度和規模所做的承諾和努力。過去的一年是 DocuSign 的轉捩點，我們已做好準備，抓住未來的重大機會。

Now I'll turn it over to Blake to discuss our financial results.

現在我將把話題交給布萊克來討論我們的財務表現。

Thanks, Allan, and good afternoon, everyone. In fiscal 2025, we focused on stabilizing and improving our core business while building a foundation for future growth through our 3 strategic pillars: accelerating product innovation, strengthening our omnichannel go-to-market capabilities and increasing our operating efficiency. Q4 results delivered substantial progress towards these initiatives. The core business once again improved with both a rising dollar net retention rate and continued growth in customer usage, while IM maintained strong early performance in both product delivery and customer adoption. We also continue to drive significant gains in profitability from an efficiency focus across the company.

謝謝，艾倫，大家下午好。2025財年，我們專注於穩定並改善我們的核心業務，同時透過我們的三大策略支柱為未來成長奠定基礎：加速產品創新、加強我們的全通路上市能力和提高我們的營運效率。第四季的結果顯示這些舉措取得了實質進展。核心業務再次得到改善，美元淨留存率上升，客戶使用量持續成長，而 IM 在產品交付和客戶採用方面都維持了強勁的早期表現。我們也持續透過全公司範圍內注重效率來大幅提高獲利能力。

Q4 total revenue was $776 million and subscription revenue was $758 million, both up 9% year-over-year, slightly higher than our full year fiscal 2025 growth rates of 8%. Q4 billings were $923 million, up 11% year-over-year and full year fiscal 2025 billings were up 7% year-over-year. Our performance in Q4 billings relative to our forecast was driven primarily by 3 factors: First, approximately half of the beat was driven by higher early renewals, including those influenced by increasing consumption trends where customers add extra capacity before their existing contract expires. That dynamic also drove some of the Q4 revenue outperformance versus our forecast. The remaining half of the billings beat were driven by the other 2 factors, higher IAM billings as well as more deals shifting to annual billing terms.

第四季總營收為 7.76 億美元，訂閱營收為 7.58 億美元，年增 9%，略高於我們 2025 財年全年 8% 的成長率。第四季的營業額為 9.23 億美元，年增 11%，2025 財年全年營業額年增 7%。我們第四季的業績相對於預測的表現主要受以下三個因素影響：首先，大約一半的業績成長是由早期續約量的增加所推動的，其中包括受消費趨勢成長影響的續約量，即客戶在現有合約到期之前增加額外容量。這種動態也推動了第四季的營收超出我們的預測。其餘一半的帳單收入超出預期則是由另外兩個因素推動的，即 IAM 帳單收入增加以及更多交易轉為年度結算方式。

While we invoice the vast majority of contracts upfront and annually, we saw the rate increase slightly in Q4, which impacts current quarter billings. As it relates to early renewals, we are making a concerted effort in fiscal year 2026 to focus our go-to-market cycles more deeply on those with expansion opportunities and drive higher on-time renewals for those without expansion.

雖然我們每年都會提前為絕大多數合約開立發票，但我們發現第四季度的費率略有上漲，這對本季度的帳單產生了影響。至於提前續約，我們將在 2026 財年做出一致努力，將我們的上市週期更加深入地關注那些具有擴張機會的客戶，並推動那些沒有擴張機會的客戶按時續約。

The dollar net retention rate improved to 101% in Q4, up from 100% in Q3 and from the historical low of 98% in Q4 of fiscal 2024. We Improvements in gross retention continued to be the primary driver of overall DNR improvement. Over the past 18 months, we have put a growing focus on improving our engagement with customers through better business operations, sales compensation design and an improved solution selling motion.

美元淨留存率第四季改善至 101%，高於第三季的 100%，也高於 2024 財年第四季的歷史低點 98%。我們總留存率的提高仍然是整體 DNR 改善的主要驅動力。在過去的 18 個月裡，我們越來越專注於透過更好的業務營運、銷售補償設計和改進的解決方案銷售行動來提高與客戶的互動。

We are proud of the progress we have made this year in DNR and we recognize that we have remaining opportunities for improvement. Also, dollar net retention benefited from consistent year-over-year growth in both envelope sent and consumption. Customer consumption, a measure of contract utilization increased year-over-year in Q4 in nearly every industry vertical and customer segment. We expect dollar net retention to be flat in Q1 of 2026 and and then moderately improve throughout the year based on both incremental improvements in gross retention as well as the growing contribution from IAM upsell opportunities.

我們為今年在 DNR 方面取得的進展感到自豪，並且我們認識到我們仍有改進的機會。此外，美元淨留存受惠於信封寄送量和消費量的持續年增率。作為合約利用率的衡量指標，客戶消費量在第四季度幾乎在所有垂直行業和客戶細分領域都同比增長。我們預計，美元淨留存率在 2026 年第一季將保持平穩，然後在全年適度改善，這得益於總留存率的逐步提高以及 IAM 追加銷售機會的貢獻不斷增長。

In Q4, total customers grew 10% year-over-year, approaching $1.7 million. Our continued momentum in customer growth highlights the value of investing in diverse routes to market and geographies. Additionally, we continue to believe that the breadth and scale of our customer base provides a strong foundation for the continued growth of the IAM platform. The number of large customers spending over $300,000 annually increased both year-over-year and quarter-over-quarter to 1,131 in Q4. This was our strongest quarter for large customer growth in 2 years.

第四季度，總客戶數年增 10%，達到 170 萬美元。我們在客戶成長方面的持續動能凸顯了投資多樣化市場途徑和地理的價值。此外，我們始終相信，我們客戶群的廣度和規模為 IAM 平台的持續成長奠定了堅實的基礎。第四季度，年消費超過 30 萬美元的大客戶數量較去年同期成長和環比成長，達到 1,131 個。這是我們兩年來大客戶成長最強勁的一個季度。

In addition, investments in our self-service motion continue to deliver strong results. In Q4, digital revenue growth accelerated for the second consecutive quarter on the back of initiatives to make it easier for customers to self-service account upgrades and grow their business with DocuSign. In fiscal year 2026, self-service and PLG programs will remain an investment focus area to reduce friction and improve the customer experience across all customer sizes and segments, including those that historically were sales led.

此外，我們對自助服務動作的投資持續帶來強勁成果。第四季度，由於一系列舉措，客戶可以更輕鬆地自助升級帳戶，並透過 DocuSign 拓展業務，數位收入連續第二季加速成長。在 2026 財年，自助服務和 PLG 計畫仍將作為投資重點領域，以減少摩擦並改善所有客戶規模和細分市場的客戶體驗，包括歷史上以銷售為主導的客戶體驗。

As we continue to make gains in self-service motions, it provides us with an opportunity in fiscal 2026 to reinvest in higher value sales motions and IAM platform development. Progress in self-service allows us to continue evolving our go-to-market motion create additional sales capacity and provide increased future operating leverage. As Allan mentioned, we are seeing encouraging signs of strong initial customer demand for the IAM platform. In Q4, a high single-digit percentage of direct customer deal volume included IAM, representing a low single-digit percentage share of our total subscription recurring revenue book of business. We expect this IAM contribution to grow this fiscal year and anticipate representing a low double-digit percentage share of our total subscription recurring revenue book of business by Q4 of fiscal 2026.

隨著我們在自助服務動作方面不斷取得進展，這為我們在 2026 財年提供了一個機會，可以重新投資於更高價值的銷售動作和 IAM 平台開發。自助服務的進步使我們能夠不斷發展我們的市場進入機制，創造額外的銷售能力並提供更大的未來營運槓桿。正如 Allan 所提到的，我們看到了令人鼓舞的跡象，即初始客戶對 IAM 平台的需求強勁。在第四季度，直接客戶交易量中包含 IAM 的比例較高（個位數），占我們總訂閱經常性收入業務的比重較低（個位數）。我們預計本財年 IAM 貢獻將成長，並預計到 2026 財年第四季將在我們的總訂閱經常性收入業務中佔據低兩位數的百分比份額。

International revenue in Q4 represented 28% of total revenue and grew 12% year-over-year. With improved stability and the launch of IAM in North America, we are seeing a changing dynamic across geographies. The domestic U.S. business has started to reaccelerate, while the international business, which is still growing faster on a relative basis encountered growth headwinds in fiscal 2025. The Q4 launch of IAM outside of North America, where we will refocus our attention on upsell opportunities within our installed base combined with a stronger partner channel, creates a significant long-term international growth opportunity that we remain excited about in fiscal 2026 and beyond.

第四季國際營收佔總營收的28％，較去年同期成長12％。隨著穩定性的提高和 IAM 在北美的推出，我們看到了跨地區的動態變化。美國國內業務已開始重新加速，而相對而言成長仍較快的國際業務在2025財年遇到了成長阻力。我們將在第四季度在北美以外推出 IAM，屆時我們將重新關注已安裝基礎中的追加銷售機會，並結合更強大的合作夥伴管道，這將創造重要的長期國際成長機會，我們對 2026 財年及以後的發展仍感到興奮。

Although it is still early for IM internationally, Q4 IAM deal volume in Europe and Latin America combined were up 6x from Q3. Turning to the financials. Our focus on operating efficiency initiatives drove strong results this quarter and in fiscal 2025. Non-GAAP gross margin for Q4 was 82.3%, down approximately 20 basis points from the prior year as benefits of higher revenue during the quarter, mostly offset the impact of additional cloud migration costs. For fiscal 2025, non-GAAP gross margin was 82.2%, also down slightly on a year-over-year basis.

儘管 IM 在國際上的發展還為時過早，但第四季度歐洲和拉丁美洲的 IAM 交易量合計較第三季度增長了 6 倍。談到財務方面。我們對營運效率措施的關注推動了本季和 2025 財年的強勁業績。第四季非公認會計準則毛利率為 82.3%，較上年下降約 20 個基點，因為本季營收增加的好處大部分抵銷了額外的雲端遷移成本的影響。2025財年，非GAAP毛利率為82.2%，較去年同期也略有下降。

As discussed last quarter, gross margins have been impacted due to the ongoing cloud infrastructure migration, resulting in additional expenses associated with this transition. We expect a larger gross margin impact in fiscal 2026 as we complete the bulk of that migration in fiscal 2026 before easing in fiscal year 2027 and beyond.

正如上個季度所討論的，由於正在進行的雲端基礎設施遷移，毛利率受到了影響，並產生了與此次轉型相關的額外費用。我們預計，2026 財年的毛利率影響會更大，因為我們將在 2026 財年完成大部分遷移工作，然後在 2027 財年及以後有所緩解。

Non-GAAP operating income for Q4 was $224 million, up 25% year-over-year resulting in a 28.8% operating margin. Q4 operating margin was up 3.8 percentage points versus last year and significantly improved over the 23.6% operating margin from 2 years ago. Non-GAAP operating income for fiscal 2025 was $886 million, also up 25% year-over-year, resulting into a 29.8% operating margin versus 25.8% in fiscal 2024 and 20.5% in fiscal 2023.

第四季非公認會計準則營業收入為 2.24 億美元，年增 25%，營業利益率為 28.8%。第四季營業利益率較去年同期上升3.8個百分點，較兩年前的23.6%營業利潤率大幅提升。2025 財年非 GAAP 營業收入為 8.86 億美元，年增 25%，營業利益率為 29.8%，而 2024 財年為 25.8%，2023 財年為 20.5%。

We have made significant improvements in profitability over the last 2 years, and we'll continue to prioritize efficiency while making critical investments in areas like R&D. We ended Q4 with 6,838 employees versus 6,840 at the end of fiscal year 2024, essentially flat year-over-year, including our acquisition of Alexion. We remain deliberate in our hiring approach to align with key initiatives and are mindful of hiring locations based on cost and skills required. In Q4, we delivered $280 million of free cash flow, a 36% margin. Our free cash flow margin improved by approximately 1 percentage point from the prior year, driven by increased collections efficiency and higher in-quarter billings.

過去兩年，我們的獲利能力取得了顯著提高，我們將繼續優先考慮效率，同時在研發等領域進行重大投資。截至第四季度，我們的員工總數為 6,838 名，而 2024 財年末為 6,840 名，與去年同期基本持平，其中包括我們對 Alexion 的收購。我們在招募方式上始終保持謹慎，以配合關鍵舉措，並根據成本和所需技能注意招募地點。第四季度，我們實現了 2.8 億美元的自由現金流，利潤率為 36%。由於收款效率提高和季度帳單增加，我們的自由現金流利潤率較上年同期提高了約 1 個百分點。

For fiscal 2025, we delivered $920 million of free cash flow, a 31% margin and more than double the annual free cash flow we generated 2 years ago. Our free cash flow margin for the year trended slightly higher versus non-GAAP operating margins, a trend we expect to continue for fiscal 2026 driven mostly by the strength in our forecasted billings growth. 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. This financial stability, combined with consistent free cash flow generation enables us to invest in the business while also opportunistically returning capital to shareholders. In Q4, we repurchased $162 million of stock through share buybacks.

2025 財年，我們實現了 9.2 億美元的自由現金流，利潤率為 31%，是兩年前的年度自由現金流的兩倍多。我們今年的自由現金流利潤率略高於非 GAAP 營業利潤率，我們預計這一趨勢將在 2026 財年繼續，這主要得益於我們預測的帳單增長強勁。我們的資產負債表依然強勁，本季末我們的現金、現金等價物和投資為 11 億美元，資產負債表上沒有債務。這種財務穩定性，加上持續的自由現金流產生，使我們能夠投資於業務，同時也能抓住機會向股東回饋資本。第四季度，我們透過股票回購回購了價值 1.62 億美元的股票。

For fiscal 2025, we repurchased a total of $684 million of stock using approximately 75% of our annual free cash flow generation. This rate is closer to 100% for the year when including the cash utilized to cover taxes on RSU vesting. We have $608 million remaining under our current repurchase authorization, and we expect to continue to opportunistically repurchase shares as part of our capital allocation strategy.

就 2025 財年而言，我們回購了總計 6.84 億美元的股票，使用了約 75% 的年度自由現金流。如果將用於支付 RSU 歸屬稅的現金算在內，那麼該比率將接近 100%。我們目前的回購授權餘額為 6.08 億美元，我們預計將繼續適時回購股票，作為我們資本配置策略的一部分。

Regarding the cost of our equity programs, our Q4 stock compensation expense as a percentage of revenue was 19.3%, down over 3 percentage points from the prior year. Non-GAAP diluted EPS for Q4 was $0.86, a $0.10 per share improvement from $0.76 last year. GAAP diluted EPS for Q4 was $0.39 versus $0.13 last year. For full year 2025, non-GAAP diluted EPS was $3.55 versus $2.98 in fiscal 2024 and GAAP diluted EPS was $5.08 versus $0.36 last year. As a reminder, GAAP earnings in fiscal 2025 were positively impacted by the tax valuation allowance release that occurred in Q2 of 2025 and is explained in more detail in our filings.

關於我們的股權計畫成本，我們第四季的股票薪酬費用佔收入的百分比為 19.3%，比前一年下降了 3 個百分點。第四季非公認會計準則稀釋每股收益為 0.86 美元，較去年的每股 0.76 美元成長 0.10 美元。第四季 GAAP 稀釋每股收益為 0.39 美元，去年同期為 0.13 美元。2025 年全年，非 GAAP 稀釋每股收益為 3.55 美元，而 2024 財年為 2.98 美元，GAAP 稀釋每股收益為 5.08 美元，去年為 0.36 美元。提醒一下，2025 財年的 GAAP 收益受到 2025 年第二季稅收估值準備金釋放的正面影響，這在我們的文件中有更詳細的解釋。

Diluted weighted shares outstanding for Q4 was $214.5 million, slightly higher than expected, primarily due to the impact of a higher share price on unvested awards, which are accounted for under the treasury stock method. Basic shares outstanding for Q4 decreased by $2.2 million year-over-year to $203.3 million total shares, reflecting the anti-dilutive impact of our buyback program.

第四季攤薄加權流通股為 2.145 億美元，略高於預期，主要由於股價上漲對未歸屬獎勵的影響，這些獎勵是按照庫存股法核算的。第四季基本流通股數年減少 220 萬美元至總股數 2.033 億美元，反映了我們的回購計畫的反稀釋效果。

With that, let me turn to guidance. For Q1 2026, we expect total revenue between $745 million and $749 million in Q1 or a 5% year-over-year increase at the midpoint and we expect full year fiscal 2026 revenue between $3.129 billion and $3.141 billion, also a 5% year-over-year increase at the midpoint. The guided growth rates include an approximate 0.7 percentage point of headwind to both Q1 and full year fiscal 2026 revenue from the impact of forecasted foreign currency rates across our international business. We expect subscription revenue of $729 million to $733 million in Q1 or a 6% year-over-year increase at the midpoint and $3.062 billion to $3.074 billion for fiscal 2026 or a 6% year-over-year increase at the midpoint.

說到這裡，讓我來談談指導。對於 2026 年第一季度，我們預計第一季總營收在 7.45 億美元至 7.49 億美元之間，或以中位數計算年增 5%，我們預計 2026 財年全年營收將在 31.29 億美元至 31.41 億美元之間，並以中位數計算也年增 5%。指導成長率包括我們國際業務預測外匯匯率的影響，這將對第一季和 2026 財年全年收入造成約 0.7 個百分點的阻力。我們預計第一季的訂閱收入為 7.29 億美元至 7.33 億美元，中位數年增 6%，2026 財年的訂閱收入為 30.62 億美元至 30.74 億美元，中位數年增 6%。

For billings, we expect $741 million to $751 million in Q1 or a 5% year-over-year growth rate at the midpoint, and we expect full year fiscal 2026 billings between $3.300 billion to $3.354 billion or a 7% year-over-year growth rate at the midpoint. The guided growth rates include an approximate 1 percentage point of headwind to both Q1 and full year fiscal 2026 billings from the impact of forecasted foreign currency rates across our international business. Our fiscal 2026 guidance represents the first year we anticipate accelerated annual billings growth since fiscal year 2021 as we build up demonstrated momentum in IAM and continued improvements in retention.

就營業額而言，我們預計第一季的營業額將在 7.41 億美元至 7.51 億美元之間，或中位數為同比增長 5%，我們預計 2026 財年全年營業額將在 33.00 億美元至 33.54 億美元之間，或中位數為同比增長 7%。指導成長率包括我們國際業務預測外匯匯率的影響，對第一季和 2026 財年全年帳單造成約 1 個百分點的阻力。我們的 2026 財年指引是我們預計自 2021 財年以來年度帳單成長加速的第一年，因為我們在 IAM 方面積累了明顯的發展勢頭並且保留率持續提高。

As shown in recent quarters and years, billings are impacted by the timing of customer renewals, which can create meaningful variability from period to period. We included the following 3 considerations in our top line guidance: First, in Q1, we expect an approximate 1 percentage point headwind year-over-year to revenue from the leap year impact; second, as mentioned above, the impact of foreign currency rates will have an approximate 0.7 percentage point headwind for revenue in Q1 and the full year fiscal 2026. For billings, we expect an approximate 1 percentage point headwind in Q1 and the full year fiscal 2026; third, for the full year fiscal 2026, we expect a billing specific headwind of approximately 1 percentage point to account for reduced early renewal volume as a result of go-to-market design changes to reflect a growing focus on IAM upsell including the introduction of an IAM transition SKU that can help offer IAM features to customers through upsells without the need to renew existing contracts.

從最近幾季和幾年的情況來看，帳單受到客戶續約時間的影響，這會在不同時期產生顯著的變化。我們在營收預期中考慮了以下三點：首先，我們預期第一季的營收將因閏年的影響而年減約 1 個百分點；第二，如上所述，外匯匯率的影響將對2026財年第一季和全年收入產生約0.7個百分點的阻力。對於帳單，我們預計 2026 財年第一季和全年將出現約 1 個百分點的逆風；第三，對於 2026 財年全年，我們預計帳單特定逆風將達到約 1 個百分點，以解釋由於上市設計變更而導致的早期續約量減少，這反映了對 IAM 追加銷售的日益關注，包括引入 IAM 過渡 SKU，該 SKU 可以幫助透過追加銷售向客戶提供 IAM 功能，而無需續約現有合約。

We expect non-GAAP gross margin to be 80.5% to 81.5% for both Q1 and fiscal 2026. We expect non-GAAP operating margin to reach 27.0% to 28.0% for Q1 and 27.8% to 28.8% for fiscal 2026. We included the following 2 considerations in our profitability guidance. For Q1 and the full year fiscal 2026 and we expect an approximate 1 percentage point gross margin headwind due to the ongoing cloud data center migration efforts. As discussed previously, we expect a larger gross margin impact in fiscal 2026 before easing in fiscal 2027 and beyond.

我們預計第一季和 2026 財年的非 GAAP 毛利率將達到 80.5% 至 81.5%。我們預計第一季非 GAAP 營業利潤率將達到 27.0% 至 28.0%，2026 財年非 GAAP 營業利潤率將達到 27.8% 至 28.8%。我們在獲利預測中考慮了以下兩個面向。對於 2026 財年第一季和全年，由於正在進行的雲端資料中心遷移工作，我們預計毛利率將下降約 1 個百分點。如前所述，我們預計 2026 財年的毛利率影響會更大，然後在 2027 財年及以後有所緩解。

Also, for the full year fiscal 2026, we expect an approximate 1.5 percentage point operating margin headwind due to both the 1 percentage point gross margin impact from cloud migration as discussed above as well as the hard comp against the previously discussed Q2 2025 onetime release of a litigation reserve and the fiscal 2026 shift of some roles to cash compensation versus equity. This overall approach to profitability reflects our intent to maintain similar levels of operating margins realized in fiscal 2025, excluding the unique gross margin and operating expense headwinds noted above.

此外，對於 2026 財年全年，我們預計營業利潤率將面臨約 1.5 個百分點的逆風，這既是由於如上所述的雲遷移對毛利率造成的 1 個百分點的影響，也是由於與之前討論的 2025 年第二季度一次性釋放訴訟準備金的硬性比較，以及 2026 財年一些職位從股權向現金補償的位置從股權向現金補償職位的轉變。這種整體獲利方法反映了我們的意圖，即除了上述獨特的毛利率和營業費用阻力之外，維持 2025 財年實現的類似營業利潤率水準。

This also allows us to prioritize IAM investments to drive longer-term growth. When we combine these with forecasted accelerating billings growth in fiscal year 2026, we're excited about our longer-term opportunity to improve operating leverage. We expect non-GAAP fully diluted weighted average shares outstanding of $210 million to $215 million for both Q1 and fiscal 2026.

這也使我們能夠優先考慮 IAM 投資以推動長期成長。當我們將這些與預測的 2026 財年加速帳單成長結合起來時，我們對提高營運槓桿的長期機會感到興奮。我們預計 2026 年第一季及 2026 財年非 GAAP 完全稀釋加權平均流通股數為 2.1 億美元至 2.15 億美元。

In closing, in Q4, we made continued progress towards strengthening the IAM platform vision and improving the performance of our core business with solid revenue and billings growth. We also maintained our focus on operating efficiency and produce strong non-GAAP operating profit and free cash flow. Stepping back, fiscal 2025 was a transformative year for DocuSign. We built a strong foundation created by nearly 1.7 million customer relationships, improving business fundamentals and accelerated product innovation. We are excited to continue developing the IAM platform to create greater value for our customers across verticals, geographies and company sizes.

最後，在第四季度，我們在加強 IAM 平台願景和提高核心業務績效方面繼續取得進展，營收和帳單實現了穩健的成長。我們也持續專注於營運效率，實現強勁的非公認會計準則營運利潤和自由現金流。回顧過去，2025 財年對 DocuSign 來說是轉型的一年。我們建立了由近 170 萬個客戶關係創建的堅實基礎，改善了業務基礎並加快了產品創新。我們很高興繼續開發 IAM 平台，為不同垂直產業、不同地理和不同規模的公司客戶創造更大的價值。

We remain in the early stages of bringing our agreement management vision to life and through consistent execution, we believe we can transform DocuSign for customers, employees and our shareholders. That concludes our prepared remarks. With that, operator, let's open up the call for questions.

我們仍處於將協議管理願景變為現實的早期階段，透過持續執行，我們相信我們可以為客戶、員工和股東改變 DocuSign。我們的準備好的演講到此結束。接線員，現在讓我們開始提問吧。

(Operator Instructions) Jacob Roberge, William Blair.

（操作員指示）Jacob Roberge，William Blair。

Congrats on the really strong results in Q4. Allan, you've obviously had a pretty successful start selling IAM into the SMB and commercial segment over the last few quarters. As you've started to move the product further up market, curious how the early reception has been with those customers? And have there have been any new learnings for IAM in the enterprise space.

恭喜第四季取得的強勁業績。艾倫，在過去幾個季度裡，您在向中小企業和商業領域銷售 IAM 方面顯然取得了相當大的成功。當您開始將產品進一步推向高端市場時，您是否好奇這些客戶的早期接受度如何？在企業領域中，IAM 有沒有什麼新的學習？

Yes. Yes. So just as a reminder for everyone, we launched 2 SMB and mid-market customers in U.S., Canada and Australia in early June and then to broader globally and to enterprise deployments at the beginning of December. So we just have a couple of months of data. But I would say the early signs both on the enterprise and international front are very encouraging.

是的。是的。因此，需要提醒大家的是，我們在 6 月初在美國、加拿大和澳洲推出了 2 個 SMB 和中型市場客戶，然後在 12 月初在全球推出更廣泛的客戶並進行企業部署。所以我們只有幾個月的數據。但我想說，企業和國際領域的早期跡像都非常令人鼓舞。

Just start with international, we're seeing very similar patterns in sales productivity and customer acceptance in the SMB and big market segments and the new geographies we're targeting. On the enterprise side, obviously, the sales type is longer, but we've already closed a number of enterprise deals. And I think the value prop is even stronger. I think it goes up more than proportionately with company size because the cost of complexity just increases as companies get larger. And so we're seeing that interest.

從國際開始，我們發現中小企業、大型細分市場以及我們瞄準的新地區的銷售效率和客戶接受度呈現出非常相似的模式。在企業方面，顯然銷售類型更長，但我們已經完成了許多企業交易。我認為價值主張甚至更強大。我認為它會隨著公司規模的擴大成比例地增加，因為隨著公司規模的擴大，複雜性的成本也會增加。因此我們看到了這種興趣。

And of course, it's reflected if you draw a line back to CLM. CLM has historically been an enterprise-first category, and IAM in many ways, a little bit a superset in re-platforming of that. So it's not surprising that there's a lot of appetite. And of course, with IAM, we can provide that value to a much broader set of users inside the companies, not just to the people who historically have handled contracts full time, but frontline sellers, frontline buyers, frontline recruiters and so on, and there's a lot of appeal to that.

當然，如果你畫一條線回到 CLM，它就會反映出來。從歷史上看，CLM 一直是企業優先類別，而 IAM 在許多方面都可以算是其重新平台化的超集。因此，人們有如此大的興趣也就不足為奇了。當然，透過 IAM，我們可以為公司內部更廣泛的用戶提供價值，不僅僅是過去全職處理合約的人員，還包括一線賣家、一線買家、第一線招募人員等等，這具有很大的吸引力。

So we're very bullish on the enterprise opportunity. We have -- still have some maturing to do both on the product and go-to-market side to be able to fully exploit that. But that's kind of part of the booster rocket for the business and why we're -- we think we have multiple years of expansion ahead.

因此，我們非常看好企業機會。為了充分利用這一點，我們在產品和市場方面仍需要做一些完善。但這可以說是業務助推器的一部分，也是我們認為未來幾年我們還有擴張空間的原因。

Okay. That's helpful. And then, Blake, can you help us better understand the revenue growth guide in the context of the nice billings acceleration you've seen over the past few quarters and the 11% billings growth you saw in the Q4. Would just be helpful to understand when we should start seeing that billings acceleration flow through to revenue growth on that pathway back to the double-digit growth levels?

好的。這很有幫助。然後，布萊克，您能否幫助我們更好地理解收入成長指南，結合過去幾季您看到的良好的帳單加速以及第四季度 11% 的帳單成長？了解何時我們應該開始看到帳單加速流入收入成長並回到兩位數的成長水準是否有幫助？

Sure. And so what I would do is let me just start with subscription revenue because obviously, that's the vast majority of our revenue. So the first thing I would do when you look at (inaudible) things on a year-over-year basis, make sure to adjust for FX, we called out and the press release and the prepared remarks if you're reviewing that year-over-year. So our subscription revenue guide is about 5.8%, I think at the midpoint. So if you reflect the 0.7% headwind from (inaudible) so that includes, it's normalized, call it, ex FX around 6.5%, which I think might make a bit more sense when you're looking at the flow through.

當然。因此我想先從訂閱收入開始，因為很明顯，這是我們收入的絕大部分。因此，當您查看（聽不清楚）同比情況時，我要做的第一件事就是確保根據外匯進行調整，如果您正在審查同比情況，我們會發布新聞稿並準備好發言稿。因此我們的訂閱收入預期約為 5.8%，我認為處於中間點。因此，如果您反映了（聽不清楚）的 0.7% 逆風，那麼其中包括，它是標準化的，稱之為除外匯以外的 6.5% 左右，我認為當您查看流量時這可能更有意義。

The dynamic of revenue is that it just -- it lags billings, right? It takes 6 to 7 quarters because our average duration -- or weighted average duration is still around 19 months to recognize that revenue.

收入的動態是它只是--它滯後於賬單，對嗎？需要 6 到 7 個季度，因為我們的平均持續時間 - 或者加權平均持續時間仍然約為 19 個月才能確認該收入。

So while billings growth decelerates as it has been over the past couple of years, revenue decelerates as well, but it's on a lag basis. So it just takes time to shift. And so in fiscal '26, we're still rolling off the revenue tail earlier contracts, not deceleration. So in FY24 billings grew over 9% in FY25, it grew under 7%. And so FY26 is unique, though, and that it's the first full year we're really expecting to accelerate our billings, and that's particularly so when you think about it excluding the impact from FX.

因此，雖然過去幾年帳單成長放緩，收入成長也放緩，但這是一種滯後現象。因此轉變只是需要時間。因此，在26財年，我們仍在減少早期合約的收入，而不是減速。因此，2024 財年的帳單成長超過 9%，2025 財年的帳單成長低於 7%。因此，26 財年是獨一無二的，這是我們真正期待加速帳單的第一個全年，特別是當你考慮排除外匯的影響時。

And that has a lot to do with the expected ramp we have in IAM. And you can imagine what the ramp that occurs a bit more into the second half of the year. And so I'm really excited. Like if we can reaccelerate billings in FY26 and continue that, I think we've got the opportunity to really accelerate revenue then in the longer term as well.

這與我們在 IAM 中預期的成長有很大關係。你可以想像一下今年下半年會出現怎樣的成長。所以我真的很興奮。例如，如果我們能夠在 26 財年重新加速計費並繼續這樣做，我認為我們也有機會在長期內真正加速收入。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

I did want to ask a question on the current macro environment. Given that you've got a front row seat here with the transactional model, at least in the core eSignature business with the envelopes based pricing. What's your observation in terms of just activity in core eSignature and expansion deals, a lot of moving parts right now with macro policy changes. So I wanted to get your thoughts on that real time.

我確實想問一個有關當前宏觀環境的問題。鑑於您在交易模型中佔據前排位置，至少在基於信封定價的核心電子簽名業務中是如此。就核心電子簽名和擴展交易的活動而言，您有何觀察？所以我想即時了解你對此的想法。

Yes. So we're not seeing material changes in trend in terms of envelope volume, for example, as we looked at our February numbers, they were as expected and on the trend line. So nothing has flowed through to us yet. I will stress, we are incredibly diversified across sectors and across company sizes and even somewhat on a geography basis. And so to the extent that there are individual industries that are exposed, we would be less likely to see that in a strong way.

是的。因此，我們沒有看到信封數量趨勢發生重大變化，例如，當我們查看二月的數據時，它們符合預期且處於趨勢線上。因此目前還沒有任何訊息傳達給我們。我要強調的是，我們的業務在各個行業、各個公司規模，甚至在地域上都極為多元。因此，就個別產業所受到的影響而言，我們不太可能看到這種影響的加劇。

So far, no material impact. But obviously, to the extent that the global macro economy meaningfully accelerates or decelerates at some point, that will flow through to us, but some of these more sectoral things or individual countries don't have as much effect.

到目前為止，沒有實質影響。但顯然，如果全球宏觀經濟在某個時候顯著加速或減速，這就會對我們產生影響，但一些更具部門性的因素或個別國家不會產生那麼大的影響。

Understood. And then one more, if I may, just on IAM, with the move towards more of a solution sale here, workflow and end-to-end solution, it would seem that, that's a more involved sales cycle than your traditional sales cycle. So if you could just give us an understanding, please, on kind of the preparedness in the direct sales channel for selling that type of a deal. Obviously, you're expecting real healthy results and ramp through this year. So it would suggest that you are cared in the channel. But can you just give us an idea for that effort and kind of where you're at with that.

明白了。然後，如果可以的話，我再說一點，僅就 IAM 而言，隨著這裡向解決方案銷售、工作流程和端到端解決方案的轉變，似乎這是一個比傳統銷售週期更複雜的銷售週期。因此，如果您能讓我們了解直銷管道為銷售此類交易所做的準備。顯然，您期待今年能夠取得真正的健康成果並取得進步。因此這表明您在該頻道中受到關注。但您能否向我們介紹一下這項努力以及您目前所處的情況？

Sure. I think a great question. Yes, so as I mentioned earlier, we lost the SMB and mid-market segment. Those tend to be shorter sales cycles relatively speaking. But still, we're selling something a little bit more complex and broader.

當然。我認為這是一個很好的問題。是的，正如我之前提到的，我們失去了中小型企業和中端市場領域。相對而言，這些銷售週期往往較短。但我們銷售的產品仍有些複雜，範圍也更廣。

And we've been thrilled with the time to close the win rates. Obviously, the average deal size is larger, and we're able to sell it very successfully. So I think -- and then we've seen very rapid installed. We were able to turn on new clients in less than a month. I think 17, 18 days is the average right now, which is pretty incredible for software, particularly given some of what we're doing here.

我們對結束勝利率的時間感到非常興奮。顯然，平均交易規模較大，而且我們能夠非常成功地銷售它。所以我認為 - 然後我們看到了非常快速的安裝。我們能夠在不到一個月的時間內吸引新客戶。我認為目前的平均時間為 17 到 18 天，這對於軟體來說相當不可思議，特別是考慮到我們在這裡所做的一些事情。

So I think that's very encouraging. As we look ahead to enterprise deployments, we are expecting that this is a more complicated sale to more stakeholders and more senior stakeholders and so we are making some changes which we've already implemented go-to-market to try to prepare for that. We're not counting on a lot from the enterprise segment this year, as I mentioned in my prepared remarks, most of the growth contribution in IAM is coming from the SMB and mid-market segment in fiscal '26. But obviously, the enterprise segment is huge for us in the long run.

所以我覺得這非常令人鼓舞。展望企業部署，我們預計這對更多利益相關者和更高級的利益相關者來說是一個更為複雜的銷售，因此我們正在進行一些已經實施的上市變革，以嘗試為此做好準備。我們今年對企業領域的期望並不高，正如我在準備好的發言中提到的那樣，26 財年 IAM 的大部分成長貢獻來自中小企業和中型市場領域。但顯然，從長遠來看，企業領域對我們來說非常重要。

And so to prepare for that, we moved a significant number of accounts to are predominantly self-serve model here at the beginning of this fiscal year. And that has then freed up ability to rejigger the portfolios and sales so that everybody has smaller portfolios and ability to go deeper with individual clients. And that's been incredibly well received by the sales team and I think is the first step in getting ready. Then there's quite a bit of enablement. So we just had our global sales kickoff and whole bunch of training leading up to that.

為了做好準備，我們在本財年初將大量帳戶轉為以自助服務為主的模式。這樣就釋放了重新調整投資組合和銷售的能力，以便每個人都擁有更小的投資組合併有能力與個人客戶進行更深入的合作。這得到了銷售團隊的熱烈歡迎，我認為這是準備工作的第一步。然後就有相當多的支持。因此，我們剛剛啟動了全球銷售，並進行了大量的培訓。

And so we're investing very heavily in upskilling our teams to be ready for that broader conversation. We've also made some changes to our incentive plans around rewarding more new growth as well as rewarding IAM more specifically. And there's all kinds of other initiatives, as you would expect to align to this. Another area that we're investing in this year is deepening our work with partners for enterprise customers. And so our work with the big SIs, for example, is a key focus area to settle.

因此，我們投入大量資金來提升團隊的技能，為更廣泛的對話做好準備。我們也對激勵計劃進行了一些修改，以獎勵更多新增長以及更具體地獎勵 IAM。還有各種其他舉措，正如您所期望的那樣。我們今年投資的另一個領域是深化與企業客戶合作夥伴的合作。因此，我們與大型 SI 的合作是我們重點關注的一個領域。

That's a key element of both the sales and the post sale process. So we are -- we think we have some work to do to fully capitalize on the opportunity, but we're already seeing, I think, very good demand. And of course, we are as a reminder, we have a lot of customers across all customer segments. We're 95% of the Fortune 500 and equivalent many of our overseas markets. So we already have a foot in the door.

這是銷售和售後流程的關鍵要素。因此，我們認為我們還需要做一些工作才能充分利用這個機會，但我認為我們已經看到了非常好的需求。當然，我們要提醒的是，我們在各個客戶群中都擁有大量客戶。我們的企業佔財富 500 強企業的 95%，並且佔據許多海外市場的份額。因此，我們已經取得了進展。

We're already approved vendor. We're already well-regarded. And so that gives us a great starting point from which you to sell this broader solution. But I'm not naive. I think we have work to do to become a full enterprise company, and we're investing in that, both on the product and the go-to-market side to be able to capitalize on the opportunity we have.

我們已經是核准的供應商。我們已經很受尊敬了。這為我們提供了一個很好的起點，您可以從此開始銷售這個更廣泛的解決方案。但我並不天真。我認為，要成為一家全方位企業，我們還有很多工作要做，而且我們正在對此進行投資，包括產品和行銷方面，以便能夠利用我們擁有的機會。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

I'll add another one on IAM. Allan, can you just try to dimensionalize the opportunity for IAM at accounts when you get in there, meaning is this something that can lift the average spend with you all from 20% to 50%. I'm just trying to think about that. I think you mentioned the enterprise could obviously be larger given the complexity. But how should we think about the opportunity in terms of customer penetration and then sort of the potential uplift for you all?

我將在 IAM 上添加另一個。Allan，您能否嘗試具體化您進入帳戶時 IAM 的機會，也就是說，這是否可以將您的平均支出從 20% 提高到 50%？我只是在試著思考一下。我認為您提到過，考慮到複雜性，企業顯然可以變得更大。但是，我們該如何看待客戶滲透率方面的機遇，以及對大家的潛在提升？

Yes. I mean, we're not getting into the specific uplift. But suffice it to say, it's very meaningful. We don't even let reps sell IAM right now unless there's an uplift. And just because we believe we're delivering a (inaudible) amount of value and we want to be compensated for that. And we're not seeing that as a huge friction point. In fact, we're doing very, very well with that. In terms of how we enter, we -- I'd say that there are multiple functional areas that can be drivers sales.

是的。我的意思是，我們還沒有討論具體的提升。但可以說，它非常有意義。除非有漲價，否則我們現在甚至不允許銷售代表銷售 IAM。只是因為我們相信我們正在提供（聽不清楚）一定數量的價值，並且我們希望得到相應的補償。我們並不認為這是一個巨大的摩擦點。事實上，我們在這方面做得非常非常好。就我們如何進入而言，我想說有多個功能領域可以推動銷售。

We've always had a strong relationship with sales organizations, whether B2B or B2C customer onboarding. And that continues, and IAM is very strong for that procurement, tends to be another very important functional area. HR can be another area of opportunity. But really, it cuts across the enterprise. Your larger the company, the more likely as we enter one of the functions.

我們一直與銷售組織保持著密切的關係，無論是 B2B 還是 B2C 客戶入職。這種情況會持續下去，而且 IAM 對於採購非常強大，往往是另一個非常重要的功能領域。人力資源可能是另一個充滿機會的領域。但實際上，它影響著整個企業。你的公司越大，我們進入某一職能的可能性就越大。

But in the small companies, it's often single ubiquitous solution, day 1, all the agreements get ingested. And of course, we have often most all of their agreements if they're an existing eSign customers. And so that just allows us to deliver value really day 1. So I think we feel it's a very significant expansion opportunity with customers of all sizes. And as you mentioned, we'll just have to see just how big it could get with big enterprise clients. But this is an acute pain point, if you go to a really large company, this is tens of millions of dollars. So we're excited to pursue that.

但在小公司中，通常只有一個普遍適用的解決方案，第一天，所有協議都會被採納。當然，如果他們是現有的 eSign 客戶，我們通常擁有他們的大部分協議。這樣我們就能從第一天就真正實現價值。因此我認為，對於各種規模的客戶來說，這都是一個非常重要的擴張機會。正如您所說，我們只需要看看它在大型企業客戶中能發展到多大規模。但這是一個嚴重的痛點，如果你去一家非常大的公司，這將是數千萬美元。因此我們很高興去追求這個目標。

That sounds good. And then maybe a quick follow-up for Blake. I think you mentioned you're expecting net retention or net dollar retention to be flat this year. I guess, is there anything going on from? It seems like you made really good progress on gross -- are you sort of hitting a limit on the ability to keep moving that higher? I guess, can you just talk a little bit about the puts and takes of that?

聽起來很好。然後也許會對布萊克進行快速跟進。我記得您提到過，您預計今年的淨保留率或淨美元保留率將持平。我猜，有什麼事發生嗎？看起來你在總量上取得了很大進步——你是否已經達到了繼續提高的能力的極限？我想，您能不能稍微談談這件事的利弊？

Sure. The commentary in the prepared remarks around the flat dollar net retention, that was specific to Q1. We actually do expect moderate gradual improvement throughout the year. So I think -- and the reason we believe that's an opportunity for us is both there's still gross retention improvements that we can continue to make. We made a lot so far as the team has been -- hats off to the team there -- across DocuSign to be able to improve retention rates. We still have more opportunity remaining, so that's part of it.

當然。準備好的評論中圍繞著平美元淨留存的評論，具體到第一季。事實上，我們確實預期全年情況將逐步溫和改善。所以我認為——我們認為這對我們而言是一個機會，因為我們仍然可以繼續實現整體保留率的提高。到目前為止，我們團隊已經做出了很多努力——向那裡的團隊致敬——透過 DocuSign 能夠提高保留率。我們還有更多的機會，所以這是其中的一部分。

And then the other part, obviously, comes with expansion opportunities that we believe that, in particular, IAM provides us for, but also within our eSign business as well. And so with those 2 components, we believe that there's a moderate improvement opportunity for us to see throughout the year past Q1, which we're forecasting as being flat.

而另一部分顯然伴隨著擴展機會，我們相信特別是 IAM 為我們提供的擴展機會，而且在我們的電子簽名業務中也是如此。因此，考慮到這兩個因素，我們相信，在第一季之後的全年中，我們都有適度改善的機會，而我們預測第一季將持平。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞（Jefferies）。

Allan, just on the sales changes you're making, can you just maybe put that in context? Is this more of a tweak? Is this maybe the biggest overall you've had in your go-to-market in the last couple of years? How would you just characterize what you're doing to the sales team this year and a quick follow-up for Blake.

艾倫，關於您所做的銷售變化，您能否簡單介紹一下具體情況？這更像是一種調整嗎？這是否可能是過去幾年您在市場上推出的最大的產品？您如何描述今年您對銷售團隊所做的事情，並對 Blake 進行快速跟進。

Yes. I think it's either -- I think it's somewhere in the middle. I think look, I don't want to underplay it, this is a big thing for us to graduate up to becoming a big time enterprise company. And I'm well aware of what that takes. And this is the beginning of that journey.

是的。我認為要么是——要么是介於兩者之間。我想，我不想低估它，這對我們成長為一家大型企業公司來說是一件大事。我非常清楚這需要什麼。這就是這段旅程的開始。

At the same time, I think you are well aware, we've made some pretty substantial changes over the last couple of years and have come through that, I think, pretty well, and those involved layoffs and other things. And this time, we were able to move people around and make changes that are much more manageable. And I think the organization has already digested that. I was just at the global sales kickoff last week with everyone and it was fantastic to see just how lean in the team was, how they had already accepted all their territories and quotas and new cup bottles, and we're just excited to get going. And of course, it doesn't hurt that we've been pretty successful over the last 6 to 8 months, and everybody knows that.

同時，我想您也很清楚，過去幾年我們做出了一些相當大的改變，而且我認為，我們做得相當好，這些改變包括裁員和其他事情。這一次，我們能夠調動人員，做出更易於管理的變革。我認為該組織已經消化了這一點。我上週剛和大家一起參加了全球銷售啟動會，看到團隊如此精幹，看到他們已經接受了所有區域和配額以及新的杯瓶，我們感到非常興奮，我們很高興能開始行動。當然，我們在過去 6 到 8 個月裡取得了相當大的成功，這一點大家都知道。

And so there's a lot of excitement. So I'm -- we want to be purposeful and thoughtful about how we roll these changes. I just want to give a quick shout out to Paula Hansen who, as you probably all know, joined us in early August of last year, really led all this work and has just been an attest addition to the senior team in every way and has had the full organization behind her. And I think it's a testament to our leadership.

因此，人們非常興奮。所以我想說，我們要有目的性，深思熟慮地考慮如何進行這些改變。我只想對 Paula Hansen 表示感謝，正如你們可能都知道的，她於去年 8 月初加入我們，真正領導了所有這些工作，並在各方面為高級團隊增添了新的成員，並得到了整個組織的支持。我認為這是我們領導能力的證明。

Okay. And for Blake and IAM, what is the kind of the average uplift you're seeing in ASPs when you -- when IAM is going in? I know it's across the board, but is there is a rough range you put on that you're seeing so far?

好的。對於 Blake 和 IAM，當 IAM 進入市場時，您看到的平均售價上漲了多少？我知道這是全面的，但是到目前為止，您是否有一個粗略的範圍？

There's not, Brent. I get asked this question frequently. And 1 of the reasons why, I mean, like Allan said, we are seeing larger deal sizes, we actually said that publicly a number of times. We are -- the vast, vast majority of our IAM deals to date have been in kind of that SMB mid-market, those segments. And so until we get much further kind of up the chain are out trying to give out expansion rates, I'm a little worried about things don't apply necessarily across all these customer segments.

沒有，布倫特。我常被問到這個問題。其中一個原因是，正如艾倫所說，我們看到交易規模越來越大，事實上我們已經多次公開說過這一點。到目前為止，我們的絕大多數 IAM 交易都涉及中小企業中端市場等細分市場。因此，在我們進一步提升供應鏈並試圖給出擴張率之前，我有點擔心事情不一定適用於所有這些客戶群。

We'll have to see. But suffice it to say that our billings guide of accelerated billings for us next year reflects the expansion opportunities, frankly, that we get along with retention gains, which is still top of mind, but we're not breaking out the expansion rates in specific terms today.

我們得拭目以待。但可以說，我們明年的加速帳單指南反映了擴張機會，坦白說，我們與保留收益一起獲得了擴張機會，這仍然是首要考慮的問題，但我們今天不會具體公佈擴張率。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

Yes. This is Austin Cole on for Pat Walravens. I appreciate you taking the questions and congrats on some nice results. I wanted to dig into the customers over $300,000 ACV had a nice uptick this quarter. I was wondering if there's any kind of more detail on what drove that number and what you're seeing in those larger customers?

是的。這是奧斯汀‧科爾 (Austin Cole)，取代帕特‧沃爾拉文斯 (Pat Walravens)。感謝您回答這些問題，並祝賀您取得了不錯的成績。我想深入了解本季度 ACV 超過 30 萬美元的客戶，它們都有不錯的成長。我想知道是否有更多詳細資訊可以說明這一數字背後的原因以及您在這些較大客戶身上看到的情況？

I mean, I'll take a stab. I would say most of that increase is from customers on our core, right? Like IAM, there's a contribution there in IAM, but it's not the majority of it at all. And you can imagine it's because we just launched into the larger customer segment. And so I think it just goes to seeing these trends of higher usage, higher trends getting customers that are already installed to lift up and expand with us.

我的意思是，我會嘗試一下。我想說大部分成長是來自我們的核心客戶，對嗎？就像 IAM 一樣，IAM 中也有貢獻，但這並不是其中的大部分。你可以想像這是因為我們剛剛進入更大的客戶群。所以我認為這只是看到了這些更高使用率的趨勢，更高的趨勢讓已經安裝的客戶與我們一起提升和擴展。

I'm really excited by it. I think there's volatility in that number on a quarter-to-quarter basis, but it's really predominantly out of the core. And so it's what our enterprise and kind of larger customer segment go to market teams are working on and really excited to see that progress.

我對此感到非常興奮。我認為該數字在季度間存在波動，但主要來自核心部分。這就是我們的企業和更大的客戶群的市場團隊正在努力的方向，我們很高興看到這項進展。

Yes. If I could just -- I'll add to that to say that I think in particular, we're really pleased with the continuing recovery and progress in our North America business, where, of course, it's the bulk of our business, as you know. And I think it's a testament to the continued improvement there. And I think we're sort of more fully out of the shadows of the COVID stuff and everybody wants better agreement processes. And everybody's -- the economic activity has been fairly decent across a broad range of sectors. And so we are well poised to capitalize on that.

是的。如果可以的話，我想補充一點，我認為我們對北美業務的持續復甦和進展感到非常高興，當然，如你所知，北美業務是我們業務的主要部分。我認為這證明了那裡的持續進步。我認為我們已經完全走出了新冠疫情的陰影，每個人都希望有更好的協議流程。每個人——各行各業的經濟活動都相當不錯。因此，我們已做好充分準備來利用這一點。

Great. And then there was actually some commentary about Dropbox is talking about kind of deemphasizing their sign business and just was wondering if you guys have seen or anticipate any kind of competitive opportunity there?

偉大的。然後實際上有一些關於 Dropbox 的評論正在談論淡化他們的標誌業務，只是想知道你們是否看到或預見那裡的任何競爭機會？

No, we -- I mean, there are lots of companies that offer basic sign solutions and people come in and out. I think we've held our own very well. We continue to be the market-leading player, and I don't focus on individual companies, specifically, really, the competitive environment, I think, in eSign is pretty stable at this point. And if anything, I think we're we're probably making a little bit of progress. So I'm pleased with how we've been able to stabilize that.

不，我們——我的意思是，有很多公司提供基本的標誌解決方案，人們進進出出。我認為我們表現得非常好。我們繼續成為市場領導者，我並不關注個別公司，具體來說，我認為，目前 eSign 的競爭環境相當穩定。如果有的話，我認為我們可能取得了一點進展。我很高興我們能夠穩定這一點。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

This is Sonak Kolar on for Mark Murphy. Congrats on the results. Allan, I noticed the disclosure of essentially 100% penetration of the top 20 -- 25 Fortune 500 companies across Finserv, health care and technology, which is, no doubt, quite impressive. As you consider the growth levers going forward, how do you think about the balance between net new customer wins versus sort of increasing the ARPU of your existing large installed base, particularly with IAM.

這是 Sonak Kolar 代替 Mark Murphy 主持的節目。恭喜你所取得的成果。艾倫，我注意到，財富 500 強中排名前 20 至 25 的公司在金融服務、醫療保健和科技領域的滲透率基本上達到了 100%，這無疑令人印象深刻。當您考慮未來的成長槓桿時，您如何看待淨新客戶獲勝量與增加現有龐大安裝基礎的 A​​RPU（尤其是使用 IAM）之間的平衡。

Yes. I mean, (inaudible) I think fairly from the question that, as you might imagine, we're very focused on growing ARPU with existing customers. We don't want to leave any stone unturned on the new customer acquisition front. And as you can tell, we keep growing that. And those are the future customers that grow into 300,000 or more and we want to make sure we continue to win there at an appropriate rate. But our primary focus and the focus of our sales teams increasingly focus on our marketing teams is on upsell to the existing base, in particular of IAM.

是的。我的意思是，（聽不清楚）我認為從這個問題來看，正如你可能想像的那樣，我們非常注重提高現有客戶的 ARPU。我們不想在獲取新客戶方面留下任何遺憾。如您所見，我們仍在不斷發展。這些未來的客戶將成長到30萬或更多，我們希望確保我們能繼續以適當的速度贏得這些客戶。但我們的主要關注點以及我們銷售團隊的關注點越來越集中在我們的行銷團隊對現有客戶群的追加銷售上，尤其是 IAM。

And then as a quick follow-up, last quarter, you seemed to convey a marginal improvement in the environment for enterprise technology, I think, sort of towards the end of 2024. Fast forwarding to today amidst all this uncertainty around tariffs, trade wars, Dodge, et cetera. Has that view shifted at all and are customers a bit more cautious perhaps to lean into some of that software spending plans?

然後作為快速的後續問題，上個季度，您似乎傳達了企業技術環境略有改善的訊息，我認為，大約在 2024 年底。快進到今天，關稅、貿易戰、道奇等等都存在不確定性。這種觀點是否發生了變化？

Yes. We haven't seen that yet. So as I mentioned, I think we see our envelope volumes through the month of February, nothing changes. So there's nothing on the activity front. It's certainly possible that sentiment could evolve to where that affects technology spend.

是的。我們還沒看到這一點。正如我所提到的那樣，我認為我們看到二月的信封數量沒有任何變化。因此，活動方面沒有任何進展。這種情緒確實有可能演變成影響技術支出的趨勢。

And I think we are -- we're in a good place. We're relatively speaking to some other categories in that it's pretty fundamental to how companies operate to use electronic signing, and IAM has a fantastic and highly economic value proposition, but obviously, if the global economy really takes a turn for the worse -- or sentiment takes a turn significantly for the worse, then that will affect us as it will affect everybody.

我認為我們——我們處於一個很好的位置。相對而言，與其他類別相比，使用電子簽名對於公司營運至關重要，而 IAM 具有極好且高度經濟的價值主張，但顯然，如果全球經濟真的惡化 — — 或者情緒出現顯著惡化，那麼這將影響到我們，也影響到每個人。

Josh Baer, Morgan Stanley.

摩根士丹利的喬許貝爾 (Josh Baer)。

This is [Chris Kanter] on for Josh here. Maybe one on IAM. As you make that move more into the enterprise, I guess, like how much of a priority is IAM with those more senior stakeholders that you're having conversations with? What are those early conversations sounding like?

這是 [Chris Kanter] 為 Josh 報道的。也許 IAM 上有一個。我想，隨著您進一步向企業邁進，對於您正在交談的那些更高級的利害關係人來說，IAM 的優先順序有多高？早期的對話聽起來是什麼樣的？

Yes. I think we're -- this is a very -- it's ironic, it's a very acutely felt pain point, but I don't know that everybody has realized that there was a solution to the problem. So I think everybody has almost become accustomed to agreements being brittle and broken and delayed and causing inefficiencies throughout the enterprise. And so it's incredibly eye-opening when we can show them solutions that address that problem because that immediately leads to -- well, we can solve that. That is a game changer.

是的。我認為，這是一個非常諷刺的問題，也是一個人們非常敏感的痛點，但我不知道是否每個人都已經意識到了這個問題的解決方案。所以我認為每個人幾乎已經習慣了協議的脆弱、破裂和延遲，並導致整個企業的效率低下。因此，當我們向他們展示解決該問題的解決方案時，他們感到非常大開眼界，因為這立即導致——好吧，我們可以解決這個問題。這將改變遊戲規則。

And so I find -- I meet with C-suite executives in many of our Fortune 500 clients here and abroad. And I mean it's exceptionally rare that I have a C-suite meeting where the IAM proposition doesn't resonate incredibly strongly.

因此我發現—我會見了許多國內外財富 500 強客戶的高階主管。我的意思是，在我召開的高階主管會議上，IAM 提案很少沒有引起強烈迴響。

So I feel like it's more on us to execute and mature the product to where it can be deployed in every use case in their company and meet all the various checks that you have to go through and for us to mature our go-to-market process to fully deliver on that. But in terms of the core value proposition, it's -- it resonates incredibly strongly and perhaps even better in larger companies than smaller companies.

因此，我覺得我們更應該執行和完善產品，使其能夠部署到公司的每個用例中，並滿足必須經過的各種檢查，並完善我們的上市流程，以全面實現這一目標。但就核心價值主張而言，它在大公司中引起的共鳴非常強烈，甚至可能比在小公司中更強烈。

Got it. That's super helpful. And then really great to see customer consumption increase year-over-year, but just curious what you're seeing on maybe the pricing front on eSignature. Has that remained stable? Or is that also improving?

知道了。這非常有幫助。很高興看到客戶消費量逐年增加，但我只是好奇您在電子簽名的定價方面看到了什麼。保持穩定嗎？或者說這也在改善？

You want to take on, Blake?

你想挑戰嗎，布萊克？

Sure. I mean our pricing has been quite stable over time. It's something where recognize that we are a premium product, but that's sort of reason with the trust, the brand, the security, the features, the functionality that we bring. And I think we're set up well for that, but no changes in pricing that I would call out over the trailing period.

當然。我的意思是我們的定價一直以來都相當穩定。這讓人們認識到我們是優質產品，但這與我們帶來的信任、品牌、安全性、功能和功能有關。我認為我們已經為此做好了準備，但在接下來的一段時間內，我不會宣布價格有任何變化。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

It's nice to see continued momentum in the business. I apologize if I missed this during our prepared remarks or earlier, but when you gave your color around IAM contribution to subscription revenue for the year. Just how should we be thinking about exactly how that's being defined, especially given you've had revenue from CLM, is that CLM revenue separate? Is some of that being re-categorized into IAM. Maybe just help us understand the puts and takes around that definition. And then I have a quick follow-up.

很高興看到業務繼續保持良好發展勢頭。如果我在我們準備好的發言中或更早的時候錯過了這一點，我深感抱歉，但是當您對 IAM 對年度訂閱收入的貢獻給出說明時。我們究竟該如何思考這個定義，特別是考慮到您已經從 CLM 獲得了收入，那麼 CLM 收入是否是單獨的？其中一些是否被重新歸類到 IAM 中？也許只是幫助我們理解這個定義的優缺點。然後我有一個快速的後續問題。

Sure. So when we talk about the IAM as a percentage of our subscription recurring revenue book of business, that does not include CLM. And it essentially represents like book of business, is for us, we're defining as like essentially the monthly recurring revenue at the end of that period, and that's relative to our total subscription revenue (inaudible). So it's -- I think it's pretty simple and to just show that the momentum that I think we're launching out of here in Q4 with regards to our outlook for Q4 of 2026.

當然。因此，當我們談論 IAM 佔訂閱經常性收入業務的百分比時，這並不包括 CLM。它本質上代表了業務賬簿，對我們來說，我們將其定義為該期間末的每月經常性收入，這是相對於我們的總訂閱收入而言的（聽不清楚）。所以 - 我認為這很簡單，只是為了展示我認為我們在第四季度推出的勢頭，以及我們對 2026 年第四季度的展望。

Yes. I'll just add. So beyond the numbers, we're continuing to sell CLM to enterprise clients very successfully. It's an industry-leading product, Gartner Magic Quadrant for the last 4 years, all that. And it has some functionality for advanced workflows and AI that goes well beyond what we built into the baseline IAM platform.

是的。我只是補充一下。因此，除了數字之外，我們還在繼續非常成功地向企業客戶銷售 CLM。它是業界領先的產品，過去 4 年來一直名列 Gartner 魔力像限。它具有一些高級工作流程和 AI 功能，遠遠超出了我們在基線 IAM 平台中建立的功能。

And this year, you'll start to see a lot of the platform capabilities from IAM become available to CLM customers. So things like Navigate or Maestro as well as other things, we'll announce at Momentum, you should come. We will be available to CLM customers. And so I think that vision of CLM as an integral component built on top of IAM really comes to fruition this year. And so I don't view the two as in conflict or cannibalizing more than it's the supercharger for our CLM vision and allows us to expand access to agreements to a much broader user set within large companies.

今年，您將開始看到 IAM 的許多平台功能可供 CLM 客戶使用。諸如 Navigate 或 Maestro 以及其他產品，我們會在 Momentum 上宣布，您應該來。我們將為 CLM 客戶提供服務。因此，我認為 CLM 作為建立在 IAM 之上的不可或缺的組件的願景今年將真正實現。因此，我並不認為這兩者之間存在衝突或相互蠶食，相反，它更像是我們 CLM 願景的增強器，使我們能夠將協議的訪問權限擴展到大公司內更廣泛的用戶群。

All right. Got it. That's really helpful. And then just going to the international business. You talked about you're seeing maybe that decelerate while domestic is accelerating, you talked about the plans to reaccelerate growth with IAM.

好的。知道了。這真的很有幫助。然後轉向國際業務。您談到您可能看到國內成長正在加速而國外成長正在減速，您談到了透過 IAM 重新加速成長的計劃。

Maybe just help me understand, when I think about international, you're very underpenetrated, right? I mean, in Europe, in Japan, let alone some of the emerging markets, and it feels like there's probably more TAM that's very greenfield in those. So why is it then that the core eSignature in international geographies is slowing down on its own? And what steps can you take to accelerate just core eSignature outside of the U.S.

也許只是幫助我理解，當我想到國際時，你的滲透非常不足，對嗎？我的意思是，在歐洲、日本，更不用說一些新興市場，感覺這些市場中可能有更多尚未開發的 TAM。那麼，為什麼國際地區的核心電子簽名發展速度卻逐漸放緩呢？您可以採取哪些措施來加速美國以外核心電子簽名的發展？

Yes. Look, I think international is obviously still growing faster than our domestic business, but there definitely was a deceleration in second half of last year. I think it's a combination of factors. One is that we've historically been quite customer acquisition focused. And as we discussed earlier on this call, our pivot billing needs to be towards more upsell and cross-sell and use case deployment with existing customers.

是的。我認為國際業務的成長速度顯然仍快於國內業務，但去年下半年的成長速度肯定有所放緩。我認為這是由多種因素造成的。一是，我們歷來非常注重客戶獲取。正如我們早些時候在電話會議上討論的那樣，我們的核心計費需要面向現有客戶進行更多的追加銷售和交叉銷售以及用例部署。

And that motion has been stronger in North America than, for example, in Europe. And so we have -- we've pivoted that, and I think we're going to make significant progress on that. So I'd say that's more of an execution issue on our side.

而且這種運動在北美比在歐洲更強烈。所以我們已經改變了這一點，我認為我們將在這方面取得重大進展。所以我認為這更多的是我們方面的執行問題。

And then on the product side, we just launched IM in International Markets on December 1 with the localized product. And so we have a great opportunity there to -- for that as a further boost to our international momentum. And we saw some really nice early results in those first few months. And then lastly, I'd say as a third lever is the evolution of the partner channel. This is early days, but historically, DocuSign's been a very direct first -- first, second and third channel company.

在產品方面，我們剛剛在 12 月 1 日在國際市場推出了在地化產品的 IM。因此，我們有一個很好的機會來進一步增強我們的國際發展勢頭。我們在最初幾個月看到了一些非常好的早期成果。最後，我想說的第三個槓桿是合作夥伴管道的發展。現在還為時過早，但從歷史上看，DocuSign 是一家非常直接的第一、第二和第三通路公司。

And even in markets where, frankly, we had very limited direct capabilities. And so -- we try to get a lot of CRISPR on top 10 markets or roughly that's where we're going to have direct first model and then other markets where we'll be partner first or partner only. And so we're running a variety of experiments in individual countries and that, I think, can be a really nice growth lever for us as well.

坦白說，即使在某些市場，我們的直接行銷能力也非常有限。所以 — — 我們嘗試在前 10 個市場上推廣大量 CRISPR，或者大致上在這些市場上我們將首先採用直接銷售模式，然後在其他市場上我們將首先作為合作夥伴或僅僅是作為合作夥伴。因此，我們在各國進行了各種實驗，我認為這對我們來說也是一個很好的成長槓桿。

So I don't think we've had quite the right distribution mix, if you will and to pursue international. But we are absolutely convinced that international should be a major growth driver for the company. We're investing in product and back office and all that stuff to be able to support that and I travel internationally very heavily. I think it was Europe 6 times last year. And so we are absolutely pushing to deepen that penetration because I agree with you that there's no question we are less penetrated, let's say, particularly outside of the major English-speaking markets. And in some markets like Germany and Japan, it's really quite early, and we have a lot of headroom.

因此，我認為我們還沒有找到正確的分銷組合，如果你想要追求國際化的話。但我們絕對相信國際市場應該成為公司的主要成長動力。我們正在投資產品和後台辦公室以及所有這些東西以便能夠支持這一點，而且我經常在國際上旅行。我認為去年他去了歐洲六次。因此，我們絕對會努力加深這種滲透，因為我同意你的觀點，毫無疑問我們的滲透率較低，特別是在主要英語市場之外。在德國和日本等一些市場，現在還為時過早，我們還有很大的發展空間。

Michael Turrin, Wells Fargo Securities.

富國證券的邁克爾圖林 (Michael Turrin)。

No, great. Thanks. I appreciate you speaking me on. I was hoping we'd be further away from macro questions by now. But it's never the case.

不，太好了。謝謝。我很感激你對我的評價。我希望我們現在能夠遠離宏觀問題。但事實從來不是這樣。

So the question is (inaudible) has been on public sector impacts and if there's anything to consider. I don't think this is an outsized portion of DocuSign's business in any way, shape or form, but can you just speak to public sector and whether that's a potential opportunity or something you're taking a more cautious stance at all in the coming year just based on an initial signals you might be seeing there?

所以問題是（聽不清楚）關於公共部門的影響以及是否有任何需要考慮的事情。我不認為這在任何方面、形式上佔 DocuSign 業務的很大一部分，但您能否談談公共部門以及這是否是一個潛在的機會，或者您是否會根據您可能看到的初步信號在來年採取更為謹慎的立場？

Yes, I think it's mostly upside for us. We don't have a big federal business today. It's really pretty modest. We do quite a bit of business with state and local governments in the U.S. and have been perhaps a lot of our very successful deployments that we think we can replicate our success from there as well as with large enterprises with fellow government.

是的，我認為這對我們來說主要是有利的。我們今天沒有大型的聯邦業務。這確實非常謙虛。我們與美國州政府和地方政府有相當多的業務往來，我們的許多部署都非常成功，我們認為我們可以在那裡複製我們的成功，也可以與其他政府的大型企業複製我們的成功。

And so we're investing and actually just brought on some senior leaders to lead our more concerted push into that area. And of course, our value prop, I think, resonates well at a time when efficiency and better customer service, so we will, for a government service recipient, some taxpayers is important. So we're -- we don't have a lot to lose, and I think a big upside opportunity. And so we're leaning into that.

因此，我們正在進行投資，並且實際上剛剛聘請了一些高級領導來帶領我們更加齊心協力地推動這一領域的發展。當然，我認為，我們的價值主張在註重效率和更好的客戶服務的時代得到了很好的共鳴，因此，對於政府服務的接受者、一些納稅人來說，這一點很重要。所以我們——我們沒有什麼可失去的，而且我認為這是一個巨大的上升機會。因此我們傾向於這樣做。

Great. And just if I may, just to -- one for Blake on just seasonality. I think you mentioned early renewal impacted Q4 revenue at least to touch as well. And I think just looking at the Q1 guide, it looks potentially especially conservative, but just walk us through a more time any seasonal components we should be contemplating and looking at Q4 to Q1 and then tying that into the fiscal year guidance.

偉大的。如果可以的話，我只想跟布萊克講一下季節性。我認為您提到提前續約至少也會對第四季的收入產生一定影響。我認為，僅從第一季的指南來看，它看起來可能特別保守，但請帶我們更多地了解我們應該考慮的任何季節性因素，並研究第四季度到第一季度的情況，然後將其與財政年度指南聯繫起來。

Sure. So if you're looking at Q4 to Q1 subscription revenue, we normally have a seasonal drop, right? But you are right that if you look at our guide, it's larger than normal seasonal guidance. So there are a couple of extra things that you have to take into account that are affecting that.

當然。因此，如果您查看第四季度至第一季的訂閱收入，我們通常會出現季節性下降，對嗎？但是您說得對，如果您看看我們的指南，您會發現它比正常的季節性指南要大。因此，您必須考慮一些會影響這種情況的其他因素。

The first is the leap year impact. That's a point for us when you're looking at Q1, not for full year. And then obviously, that revenue acceleration that we had in Q4, that was relatively unique for us from some larger customer contracts that essentially had pretty early renewals based on consumption trends. And so exciting to have, but that was pretty unique. And then also, we just got -- we have a bit of a hard comp on a seasonal basis against the digital usage.

第一是閏年的影響。這對我們來說是第一季的重點，而不是全年的重點。顯然，我們在第四季度的收入加速成長，這對我們來說是相對獨特的，因為一些較大的客戶合約基本上是根據消費趨勢相當早地續約的。這是非常令人興奮的，但這非常獨特。而且，我們還剛剛得到 - 我們在季節性的基礎上對數位使用情況進行了一番嚴格的比較。

We started seeing digital usage kind of increase a fair amount beginning in fiscal year '25. And so that Q4 '24 to Q1 '25 had that bump there. So those are the, I would say, the biggest 3 components that drive that quarter-on-quarter changes of a little bit more magnified than you would have seen last year.

從 25 財年開始，我們開始看到數位使用量大幅增加。因此 2024 年第四季至 2025 年第一季出現了這一增長。所以，我想說，這是推動季度較上季變動比去年更為顯著的三大因素。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

Just two quick ones for me. First, congrats on one of the strongest quarters and one of the most difficult ceiling periods. But maybe just IAM, really like the disclosure of that going from a low single-digit book of business to low double-digit book of business next year and that implies like a 5 to 6x increase. So aside from the visibility that you've seen with the better expected contribution this year and good execution, what are you seeing in conversations that gives you that confidence of the momentum continuing?

我只想問兩個問題。首先，恭喜我們經歷了最強勁的季度之一和最艱難的天花板時期之一。但也許只是 IAM，真的很喜歡披露明年的業務量從低個位數增長到低兩位數，這意味著 5 到 6 倍的增長。那麼，除了今年看到的更好的預期貢獻和良好的執行力之外，您在對話中看到了什麼讓您對這種勢頭持續下去充滿信心？

I mean for me, honestly, it's just with the data that you see coming in and the deal volume that we have and how our go-to-market teams have embraced this as an opportunity to help customers add back. I think that is far and away what drives essentially that accelerating business growth. I mean, obviously, gross retention improvements mean a ton, right, because of our book of business.

對我來說，老實說，這只是透過您看到的數據和我們擁有的交易量以及我們的行銷團隊如何將此作為幫助客戶回流的機會來實現的。我認為這是推動業務加速成長的根本原因。我的意思是，顯然，總留存率的提高意義重大，對吧，因為我們的業務帳簿。

And like our focus on that is still a number one priority for us. But I think that is the -- just that ramp that we've seen and how these go-to-market and product teams and everybody, frankly, across DocuSign has really bought into the concept of the extra value we're providing to customers across this platform, and we're seeing it, although it is obviously still very early days, we have a lot of room left to go and execute against. That's what is driving that kind of excitement for us in that accelerated billings guide that you're seeing from us.

我們對此的關注仍然是首要任務。但我認為，這就是我們所看到的上升趨勢，這些行銷和產品團隊，以及 DocuSign 上的每個人，坦白說，都真正接受了我們透過這個平台為客戶提供額外價值的概念，我們看到，儘管現在顯然還處於早期階段，但我們還有很大的發展空間可以去實現。這就是您在我們加速計費指南中看到的讓我們興奮不已的原因。

Yes. I would just add that, look, One way to think about our business is we have different cohorts that have been launched with IM at different times, right? And we have the the North America and Australia, mid-market and SMB segment that we launched in June. And so we kind of know what that looks like now 8 months in and those results are very positive. And then we've got a couple of early months of data from trying to replicate that with other customer segments and geographies and it's showing similar patterns.

是的。我只想補充一點，看，思考我們業務的一種方式是，我們有不同的群體在不同時間推出 IM，對嗎？我們在六月推出了北美和澳洲、中端市場和中小企業市場。所以我們知道現在 8 個月後的情況如何，而且結果非常正面。然後，我們獲得了幾個月前的數據，嘗試將其複製到其他客戶群和地區，結果顯示了類似的模式。

And so that is part of what gives us that confidence in being able to roll forward. without even relying on big success in the enterprise, which of course, would provide extra upside and it is something that we hope to get in future years.

這也是讓我們有信心繼續前進的部分原因。甚至不需要依賴企業的巨大成功，這當然會帶來額外的好處，而這也是我們希望在未來幾年內實現的。

Makes sense. And then maybe I'll just ask the inverse of Michael's question, which is if you look at Doge and the push to digitize paperwork, are there any conversations that actually could be positive for you guys over the coming year that maybe could be a tailwind from that particular vertical for you?

有道理。然後我可能只想問邁克爾問題的反面，那就是如果你看看 Doge 和數位化文書工作的推動力，在未來一年裡，是否有任何對話實際上可能對你們產生積極影響，也許可以成為你在這個特定垂直領域的順風？

Well, we're bullish on our opportunity with the federal government. And as mentioned, we've hired 2 new senior leaders to lead those efforts. They are already jumping in and it's exciting to see. We're putting some product resources on it, and we're going to have a very robust offering. And so I think we have -- and frankly, with the products that we already have available today, we could add a lot of value to a lot of those processes, whether it's in procurement or in better and self-serve options for taxpayers or service recipients.

嗯，我們對與聯邦政府合作的機會充滿信心。如同前面所提到的，我們已經聘請了 2 位新的高階領導來領導這些工作。他們已經跳進去了，這讓人很興奮。我們正在投入一些產品資源，並將提供非常強大的產品。所以我認為我們已經——坦白說，憑藉我們今天已有的產品，我們可以為許多流程增加很多價值，無論是在採購方面，還是在為納稅人或服務接受者提供更好的自助服務選項方面。

And so we're having some of those early conversations that it's way too early to say whether it's going to contribute anything, it is not in our forecast, but if we get something, that would be great.

因此，我們正在進行一些早期的討論，現在說它是否會帶來任何貢獻還為時過早，這不在我們的預測之內，但如果我們有所收穫，那就太好了。

Will Power, Robert W. Baird.

威爾鮑爾、羅伯特W貝爾德。

Okay. Great. You all had a lot of success for a few quarters with early renewal activity just due to consumption trends and expansion improvements. I guess I just wonder, as you look at kind of the renewal cohorts that are coming up this year, why would we expect some of that to continue? Just it would be great to kind of get kind of your flavor on what you're looking at in this coming year versus what you've seen here recently on the renewal front.

好的。偉大的。由於消費趨勢和擴張改善，你們在早期更新活動中幾個季度都取得了巨大成功。我想我只是想知道，當你看到今年即將出現的更新隊列時，為什麼我們會期望其中一些會繼續下去？只是，如果您能了解一下您對來年的看法以及您最近在更新方面看到的情況，那就太好了。

Sure. I'll take you stop. I think we talked about this actually as 1 of the headwinds for us in the full year guidance. So one of the considerations you'll see in the prepared remarks. I think you're point is accurate, which is early renewals are great.

當然。我送你停下來。我認為我們實際上已經將此作為全年指引中面臨的阻力之一。因此，您會在準備好的評論中看到其中一個考慮因素。我認為你的觀點是正確的，提前續約非常好。

If they're customer-driven, if you're doing a healthy renewal, that's great. What it also though does is we have a certain amount of capacity available for us, right, with a given quarter. And so what we're trying to do in the go-to-market team in Paulo's world is really make sure we're prioritizing resources in the quarters that provide the best opportunities for expansion. And so if we're doing a flat on-time renewal, the only reason to bring that in early might be from a certain customer situation that the customer is asking for, we should absolutely make that consideration, but giving our go-to-market teams the most capacity available to focus on expansion opportunities, and so you can have early renewals with expansion. And so that's good, but how do we balance that out.

如果他們以客戶為導向，如果你正在進行健康的更新，那就太好了。不過，它還能做的是，在特定季度內，我們有一定數量的可用容量。因此，在 Paulo 的世界中，我們在行銷團隊中試圖做的是確保我們優先在提供最佳擴張機會的季度中投入資源。因此，如果我們按時進行固定的續約，那麼提前進行的唯一原因可能是客戶要求的某種客戶情況，我們絕對應該考慮到這一點，但要讓我們的行銷團隊有最大的能力專注於擴張機會，這樣你就可以在擴張的同時儘早進行續約。這很好，但我們如何平衡呢？

And so you could see that in the past couple of quarters, we have talked about a little bit of an early on-time tailwind for us coming in. And what we're trying to do is just balance that out a little bit for us. And we think that gives us essentially more resources to put towards the expansion opportunities. And obviously, our number one job right now is to try to spin this flywheel, expand this business and accelerate growth. And we think that gives us the best opportunity to do that.

因此，您可以看到，在過去的幾個季度中，我們已經討論了為我們即將到來的準時帶來一些早期的順風。我們正在嘗試做的就是稍微平衡一下這一點。我們認為，這實際上為我們提供了更多資源用於擴張機會。顯然，我們現在的首要任務是努力轉動這個飛輪，擴大業務並加速成長。我們認為這為我們提供了實現這一目標的最佳機會。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Allan for closing remarks.

我們的問答環節已經結束。我想將會議交還給艾倫，請他作最後發言。

Thank you, operator. And thank you to all who joined today's call. In closing, I'm really proud of DocuSign's progress as we improve the performance of our business and increase the pace and scale innovation delivered to our customers through the IAM platform. Thank you to the team for your commitment as we continue to transform DocuSign and to our owners as we pursue the significant opportunity that lies ahead. Thank you all.

謝謝您，接線生。感謝今天參加電話會議的所有人。最後，我對 DocuSign 的進步感到非常自豪，因為我們提高了業務績效，並透過 IAM 平台加快了向客戶提供創新的速度和規模。感謝團隊在我們繼續改造 DocuSign 時所做的承諾，也感謝我們的所有者在我們追求未來重大機會時所做的承諾。謝謝大家。

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

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。