DocuSign Inc (DOCU) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining Docusign's first-quarter fiscal year '26 earnings conference call. (Operator Instructions)

女士們、先生們，午安。感謝您參加 Docusign 26 財年第一季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded and will be available for replay from the Investor Relations section of the website following the call. (Operator Instructions)

提醒一下，本次會議正在錄製，會議結束後可從網站的投資者關係部分重播。（操作員指示）

I will now pass the call over to Matt Sonefeldt, Head of Investor Relations. Please go ahead.

現在我將把電話轉給投資人關係主管 Matt Sonefeldt。請繼續。

Thank you, operator. Good afternoon, and welcome to Docusign's Q1 fiscal 2026 earnings call. Joining me on today's call are Docusign's CEO, Allan Thygesen; and CFO, Blake Grayson. The press release announcing our first quarter fiscal 2026 results was issued earlier today and is posted on our Investor Relations website, along with a published version of our prepared remarks.

謝謝您，接線生。下午好，歡迎參加 Docusign 2026 財年第一季財報電話會議。參加今天電話會議的還有 Docusign 的執行長 Allan Thygesen 和財務長 Blake Grayson。我們在今天稍早發布了宣布 2026 財年第一季業績的新聞稿，並將其發佈在我們的投資者關係網站上，同時發布的還有我們準備好的評論的發布版本。

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.

在我們開始之前，請允許我提醒大家，我們在今天的電話會議上發表的一些聲明是前瞻性的。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產生重大差異。

In particular, our expectations regarding the pace of product innovation and factors affecting customer demand and adoption 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. Any forward-looking statements are based on our assumptions and expectations to date.

特別是，我們對產品創新速度以及影響客戶需求和採用的因素的預期是基於我們目前的最佳估計，因此可能會發生變化。請閱讀並考慮我們向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。任何前瞻性陳述均基於我們迄今為止的假設和預期。

And except as required by law, we assume no obligation to update these statements in light of future events or new information.

除法律要求外，我們不承擔根據未來事件或新資訊更新這些聲明的義務。

During this call, we will present GAAP and non-GAAP financial measures. In addition, we provide non-GAAP weighted average share count and information regarding free cash 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.

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 (non-GAAP) 指標並非旨在與我們的公認會計準則 (GAAP) 結果分開考慮、替代或優於我們的公認會計準則 (GAAP) 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.

有關我們的非 GAAP 財務資訊、最直接可比較的 GAAP 指標以及這些數據的定量對帳的信息，請參閱今天的收益新聞稿，該新聞稿可在我們的網站 investor.docusign.com 上找到。

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

我想把電話轉給艾倫。

Thank you, Matt, and good afternoon, everyone. Q1 2026 was an important quarter in our long-term transformation. At our annual Momentum customer event, we announced an ambitious roadmap for Docusign Intelligent Agreement Management, the world's leading AI-driven platform. We are delivering innovation to customers at the fastest pace in our history.

謝謝你，馬特，大家下午好。2026 年第一季是我們長期轉型的重要季度。在我們的年度 Momentum 客戶活動上，我們宣布了全球領先的人工智慧驅動平台 Docusign 智慧協議管理的雄心勃勃的路線圖。我們正在以歷史上最快的速度為客戶提供創新。

Q1 financial performance was strong. Revenue of $764 million and 8% growth outpaced our expectation from additional IAM customers and self-serve digital revenue contribution. Profitability outperformed with margins improving by 1% versus last year to 29.5%. A strong 30% free cash flow margin drove continued share repurchases and supports our conviction to authorize an additional $1 billion in buybacks.

第一季財務表現強勁。7.64 億美元的收入和 8% 的成長率超出了我們對額外 IAM 客戶和自助數位收入貢獻的預期。獲利能力表現出色，利潤率較去年同期提高 1%，達到 29.5%。30% 的強勁自由現金流利潤率推動了持續的股票回購，並支持我們批准額外 10 億美元回購的信念。

As we transform Docusign, we continue to make long-term decisions to drive accelerated growth. As discussed last quarter, in Q1, we made several foundational go-to-market changes to realize IAM's potential. Our full year guidance anticipated that these changes would lead to lower early renewal billings in fiscal '26 after Q1. Instead, the impact happens sooner than anticipated, resulting in lower Q1 early renewals.

在改造 Docusign 的同時，我們繼續做出長期決策以推動加速成長。正如上個季度所討論的，在第一季度，我們進行了幾項基礎性的上市變革，以實現 IAM 的潛力。我們的全年指引預期這些變化將導致 26 財年第一季之後的提前續約費用降低。相反，影響比預期來得更早，導致第一季提前續約數量減少。

As a result, billings growth ended slightly below our guidance range of 4% year on year, an outcome of timing, not demand. Blake will discuss these dynamics and our financials in his remarks.

因此，帳單成長率最終略低於我們 4% 的年比指引範圍，這是時機而非需求的結果。布萊克將在他的演講中討論這些動態和我們的財務狀況。

We're proud of the progress made in Q1 across our three strategic pillars. Over 10,000 customers have purchased the Docusign IAM platform. We have strong product market fit in small and mid-market customers and early promise with enterprise and self-serve organizations. And we continue to make progress evolving our go-to-market to drive efficient long-term growth.

我們對第一季三大戰略支柱所取得的進展感到自豪。已有超過 10,000 名客戶購買了 Docusign IAM 平台。我們的產品市場非常適合中小型客戶，我們早期就為企業和自助服務組織做出了承諾。我們將繼續改善行銷策略，以推動高效的長期成長。

Starting with our innovation pillar, the IAM platform has become the fastest-growing offering in Docusign's history, less than a year after its launch. Customers using IAM have processed tens of millions of agreements and continued to increase their engagement, especially through AI-generated dashboards and search in Docusign Navigator, our intelligent agreement repository.

從我們的創新支柱開始，IAM 平台在推出後不到一年的時間內就成為了 Docusign 歷史上成長最快的產品。使用 IAM 的客戶已經處理了數千萬份協議，並繼續增加他們的參與度，特別是透過 AI 產生的儀表板和我們的智慧協議儲存庫 Docusign Navigator 中的搜尋。

In Q1, IAM usage increased significantly, thanks to UX improvements that better integrate Navigator with the eSignature envelope management experience. The demand for IAM highlights the mission-critical nature of agreement management for organizations.

在第一季度，由於 UX 改進將 Navigator 與電子簽名信封管理體驗更好地融合在一起，IAM 的使用率顯著增加。對 IAM 的需求凸顯了協議管理對於組織的關鍵任務性質。

In a new Deloitte report, 77% of business leaders cite agreement management as a key drive of our performance. Attendance at our Momentum conference in April grew by 70% over last year, with notable increases in partner attendance and executive-level participation. The New York event kicked off a global series of six additional Momentums across EMEA, APAC, and Latin America.

在德勤的一份新報告中，77% 的企業領導者認為協議管理是我們績效的關鍵驅動力。我們 4 月的 Momentum 會議的出席人數比去年增加了 70%，其中合夥人出席人數和高階主管參與人數顯著增加。紐約活動拉開了歐洲、中東和非洲地區、亞太地區和拉丁美洲六大全球性 Momentum 活動的序幕。

At Momentum, we shared our robust IAM platform vision and introduced a deep lineup of new AI-powered capabilities across the create, commit, and manage agreement life cycle. Within create, Agreement Desk provides powerful workflow management for agreement reviews and approvals, streamlining tedious processes to accelerate deal cycles. AI-Assisted Review compares contract language to a customer's existing standard terms and identifies noncompliant high-risk language, eliminating the need to review hundreds of contracts. And Agreement Prep standardizes terms and templates, applying the right language to every agreement to reduce risk.

在 Momentum，我們分享了強大的 IAM 平台願景，並在創建、提交和管理協議生命週期中引入了一系列新的 AI 驅動功能。在創建過程中，Agreement Desk 為協議審查和批准提供了強大的工作流程管理，簡化了繁瑣的流程以加快交易週期。人工智慧輔助審查將合約語言與客戶現有的標準條款進行比較，並識別不合規的高風險語言，從而無需審查數百份合約。並且協議準備標準化條款和模板，將正確的語言應用於每個協議以降低風險。

Within commit, Workspaces transform how customers collaborate with contracting counterparties by centralizing all documents, communications and tasks in a secure hub while protecting sensitive data. CLEAR Identity Verification will integrate CLEAR's biometric ID network with IAM, making ID verification as simple as snapping a selfie.

在承諾範圍內，工作區透過將所有文件、通訊和任務集中在一個安全的中心，同時保護敏感數據，從而改變客戶與合約對方合作的方式。CLEAR 身份驗證將把 CLEAR 的生物識別 ID 網路與 IAM 結合，使身份驗證變得像自拍一樣簡單。

Within manage, custom extractions for Docusign Navigator uses AI to automatically capture the data that matters most to customers, such as organization-specific agreement information or client-specific terms. Instead of spending hours or even days on manual review, customers get instant actionable insights. The obligation management dashboard transforms the company's scattered commitments into intelligence by surfacing renewal dates, payment terms and other obligations, helping maximize contract value and avoid penalties.

在管理範圍內，Docusign Navigator 的自訂提取使用 AI 自動捕獲對客戶最重要的數據，例如特定於組織的協議資訊或特定於客戶的條款。客戶無需花費數小時甚至數天的時間進行人工審查，而是可以立即獲得可操作的見解。義務管理儀表板透過顯示續約日期、付款條款和其他義務，將公司分散的承諾轉化為情報，幫助最大化合約價值並避免處罰。

These new features enable sales reps to close more business, procurement teams to stay on top of renewal dates and pricing changes, and HR teams to onboard new employees more efficiently. At Docusign, our own procurement and legal teams have reduced agreements search time by 90% by using IAM. AI-Assisted Review, Workspaces, and Obligation Management are available today. Most of the other capabilities will be available by August. Launch dates are published on our product roadmap.

這些新功能使銷售代表能夠完成更多業務，採購團隊能夠掌握續約日期和價格變化，人力資源團隊能夠更有效地培訓新員工。在 Docusign，我們自己的採購和法律團隊透過使用 IAM 將協議搜尋時間縮短了 90%。人工智慧輔助審查、工作區和義務管理現已推出。大部分其他功能將於 8 月前推出。發布日期已在我們的產品路線圖上公佈。

We also introduced Docusign Iris, our AI engine purpose-built for agreement management that delivers leading LLM performance at a low cost per inference. Iris leverages Docusign's unique agreement domain expertise built from millions of workflows and decades of contract intelligence.

我們還推出了 Docusign Iris，這是我們專為協議管理而構建的 AI 引擎，能夠以較低的推理成本提供領先的 LLM 性能。Iris 利用 Docusign 在數百萬個工作流程和數十年的合約智慧基礎上建立的獨特協議領域專業知識。

Later in fiscal '26, we will deliver the industry's first purpose-built AI contract agents designed to accelerate workflows, reduce risk and achieve better outcomes across the entire agreement life cycle. You can see a demo of our agents in our Momentum keynote.

在 26 財年後期，我們將推出業界首個專用 AI 合約代理，旨在加速工作流程、降低風險並在整個協議生命週期內取得更好的結果。您可以在我們的 Momentum 主題演講中看到我們代理的演示。

Within our go-to-market pillar, we continue to drive transformation across three integrated routes all selling IAM, direct, self-serve, and partner. In Q1, IAM sales once again exceeded our outlook. And we remain on track for IAM to account for a double-digit percentage of our subscription book of business exiting Q4. Q1 direct customer IAM deal volume exceeded Q4, and we saw another significant increase in the percentage of new customers choosing IAM.

在我們的行銷支柱內，我們繼續推動透過三種綜合途徑進行轉型，即銷售 IAM、直接銷售、自助服務和合作夥伴。第一季度，IAM 銷售額再次超出我們的預期。我們仍有望在第四季度結束時讓 IAM 佔據我們訂閱業務的兩位數百分比。第一季直接客戶 IAM 交易量超過了第四季度，我們看到選擇 IAM 的新客戶比例再次顯著增加。

International IAM deals were up over 50% from the last quarter, confirming the IAM value proposition resonates with customers worldwide. In fiscal '26, we continue to generate large-scale success with small and mid-market customers while driving initial enterprise conversations and early wins.

國際 IAM 交易量較上一季成長了 50% 以上，證實了 IAM 價值主張引起了全球客戶的共鳴。在 2026 財年，我們繼續與中小型市場客戶取得大規模成功，同時推動初步的企業對話和早期勝利。

ServiceTitan, the operating system that powers the trades and a longtime Docusign customer, is deploying IAM across legal, HR, sales and procurement, using Docusign Maestro to create time-saving automated workflows and Docusign Navigator to gain greater insight into its business. As part of our growing strategic go-to-market partnership with Microsoft, we're delivering this IAM solution via the Azure Marketplace.

ServiceTitan 是一個為交易提供支援的作業系統，也是 Docusign 的長期客戶，它正在法律、人力資源、銷售和採購領域部署 IAM，使用 Docusign Maestro 創建節省時間的自動化工作流程，並使用 Docusign Navigator 更深入地了解其業務。作為我們與微軟日益增長的策略市場合作夥伴關係的一部分，我們將透過 Azure 市場提供此 IAM 解決方案。

IAM is also off to a strong start in self-serve. The launch of self-serve in April resulted in nearly 1,000 new IAM customers within just three weeks, all through organic adoption prior to the release of any marketing campaigns. In Q1, overall digital revenue continues to grow at more than double the rate of overall revenue. We also implemented self-serve account management tools for our direct sales-driven customers, which improves their experience and our go-to-market efficiency.

IAM 在自助服務領域也取得了良好的開端。自助服務於 4 月推出，僅在三週內就吸引了近 1,000 名新的 IAM 客戶，所有這些都是在開展任何行銷活動之前透過有機採用實現的。第一季度，整體數位收入持續以總收入兩倍以上的速度成長。我們也為直銷客戶實施了自助帳戶管理工具，從而提高了他們的體驗和我們的上市效率。

Efficiency gains from our rapidly improving self-service channel enabled us to make broader go-to-market changes in Q1, all with the intention of maximizing IAM's long-term potential. We migrated a meaningful cohort of customers to the self-serve first digital experience, freeing up our sales team to concentrate on higher-value prospects with greater revenue potential.

我們快速改善的自助服務管道帶來的效率提升使我們能夠在第一季做出更廣泛的上市變革，所有這些都是為了最大限度地發揮 IAM 的長期潛力。我們將一群重要的客戶遷移到了自助服務優先的數位體驗，使我們的銷售團隊能夠專注於具有更大收入潛力的更高價值的潛在客戶。

Sales force changes included rolling out new customer-size segments, territories and performance-based compensation. We're using our investment dollars judiciously. And in fiscal '26, we invested in greater sales capacity without expanding our team.

銷售團隊的變化包括推出新的客戶規模細分、地區和基於績效的薪酬。我們正在明智地使用我們的投資資金。在 2026 財年，我們投資於提高銷售能力，但沒有擴大我們的團隊。

Our initial annual guidance expected a lower rate of early renewals in fiscal '26 as reps increasingly focus on IAM expansion potential. We anticipated the impact to take place after Q1, but the reduction in early renewals began sooner than forecasted. This resulted in lower-than-expected early renewal billings in Q1. We take responsibility for not fully anticipating the timing of the shift in our guidance. Stepping back, we're confident these are the right long-term changes to build a more durable growth engine.

我們最初的年度指導預計 26 財年的提前續約率會較低，因為銷售代表越來越關注 IAM 的擴張潛力。我們預計影響將在第一季之後顯現，但提前續約的減少比預期來得更早。這導致第一季的提前續約帳單低於預期。我們對未能充分預測指導轉變的時間承擔責任。回顧過去，我們相信這些都是正確的長期變革，可以打造更持久的成長引擎。

We're pleased with how quickly teams adjust as evidenced by strong IAM sales throughout the quarter and fewer early renewals without expansion. We're also encouraged that the fundamentals in the overall core business continued to improve in Q1. Gross retention and dollar net retention improved year-over-year, while envelopes sent and customer contract utilization grew steadily.

我們對團隊調整的速度感到滿意，這體現在整個季度 IAM 銷售強勁以及未擴張的提前續約減少。我們也感到鼓舞的是，第一季整體核心業務基本面持續改善。總留存率和美元淨留存率較去年同期有所提高，而寄出的信封和客戶合約利用率則穩定成長。

Also, in Q1, we relaunched our partner program to focus primarily on IAM and enable partners to build business with Docusign through specializations. At Momentum, we recognized outstanding partners that continue to grow with Docusign.

此外，在第一季度，我們重新啟動了合作夥伴計劃，主要專注於 IAM，並支持合作夥伴透過專業化與 Docusign 開展業務。在 Momentum，我們認可與 Docusign 共同成長的優秀合作夥伴。

CDW, a leading multi-brand provider technology solutions, achieved impressive triple-digit growth with us last year. Through our alliances with Deloitte, SAP, we've expanded our global footprint and recently closed a major opportunity with a Fortune 500 company in the energy sector.

CDW 是一家領先的多品牌供應商技術解決方案，去年與我們一起實現了令人印象深刻的三位數成長。透過與德勤、SAP 的聯盟，我們擴大了全球影響力，最近也與能源領域的財富 500 強公司達成了重大合作機會。

At Momentum, we also recognized customers delivering significant business impact on the Docusign platform. Subaru of America significantly enhanced its operational efficiency and achieved substantial cost savings by digitizing its manual paper-based processes.

在 Momentum，我們也認可了在 Docusign 平台上產生重大業務影響的客戶。美國斯巴魯透過數位化其手動紙本流程，顯著提高了營運效率並實現了大幅成本節約。

Primerica reduced agreement processing time by 25% and contract turnaround from 15 days to 1. KPMG cut its average signature process from five days to less than one, increased productivity by 30% and improved customer satisfaction.

Primerica 將協議處理時間縮短了 25%，合約週轉時間從 15 天縮短為 1 天。畢馬威將平均簽名流程從五天縮短至不到一天，將生產力提高了 30%，並提高了客戶滿意度。

In closing, the road ahead is exciting. Docusign is building on its leadership position to reimagine how organizations manage agreements through IAM. We have strong conviction in our strategy and the long-term business decisions we're making to drive acceleration to double-digit growth.

最後，前方的道路令人興奮。Docusign 正在鞏固其領導地位，重新構想組織如何透過 IAM 管理協議。我們堅信我們的策略和我們正在做出的長期業務決策能夠推動公司實現兩位數的成長。

In April, Newsweek named Docusign the most trustworthy software company in America for the second year in a row. We believe that trust strengthens our ability to help our 1.7 million customers transform how they manage agreements. I want to thank the entire Docusign team for their dedication and commitment to creating value for our customers.

今年 4 月，《新聞週刊》連續第二年將 Docusign 評為美國最值得信賴的軟體公司。我們相信，信任能增強我們幫助 170 萬客戶轉變協議管理方式的能力。我要感謝整個 Docusign 團隊為我們的客戶創造價值的奉獻和承諾。

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

現在，我將把時間交給布萊克來討論我們的財務表現。

Thanks, Allan, and good afternoon, everyone. Our primary goal in fiscal 2026 is to position Docusign to drive long-term growth acceleration while maintaining efficiency. In Q1, we made continued progress against this goal and delivered solid business results. Highlights included accelerated IAM deal volume, as well as continued year-over-year improvements in dollar net retention, customer usage and utilization, and increased efficiency and profitability.

謝謝，艾倫，大家下午好。我們在 2026 財年的主要目標是讓 Docusign 在保持效率的同時推動長期成長加速。第一季度，我們繼續朝著這一目標前進，並取得了穩健的業績。亮點包括 IAM 交易量的加速成長，以及美元淨保留率、客戶使用率和利用率的持續年比改善，以及效率和獲利能力的提高。

While we performed better than our expectations across almost all of our key guidance metrics, including revenue and profit margins, billings came slightly below our guidance range driven by the timing of early renewals. In Q1, total revenue was $764 million and subscription revenue was $746 million, both up 8% year over year, including a 0.6% year-over-year FX growth headwind.

儘管我們在幾乎所有關鍵指導指標（包括收入和利潤率）上的表現都優於預期，但由於提前續約的時間，營業額略低於我們的指導範圍。第一季度，總營收為 7.64 億美元，訂閱營收為 7.46 億美元，年比均成長 8%，其中外匯營收年減 0.6%。

Revenue outperformed our expectations on both the strength of greater digital and IAM contributions as well as from a few smaller nonrecurring items. Billings grew 4% year over year to $740 million, with no FX impact year over year.

由於數位和 IAM 貢獻的增強以及一些較小的非經常性項目的貢獻，收入超出了我們的預期。營業額較去年同期成長 4% 至 7.4 億美元，且較去年同期沒有受到外匯影響。

Billings ended slightly below our guidance range due to lower-than-expected early renewals. Our billing results would have finished near the high end of our guidance range when excluding both the negative impact from early renewals and the positive billings impact relative to our forecast from FX. Billings renewal timing was impacted by the go-to-market changes discussed last quarter, including rolling out new customer-size segments, territories and performance-based compensation.

由於早期續約量低於預期，比林斯的業績最終略低於我們的指導範圍。如果排除提前續約的負面影響以及相對於外匯預測的正面帳單影響，我們的帳單結果將接近指導範圍的高端。比林斯的續約時間受到上個季度討論的市場進入變化的影響，包括推出新的客戶規模細分、地區和基於績效的薪酬。

As Allan explained, these changes were foundational and focused on positioning Docusign to realize accelerated long-term growth. Specific to billings, as described last quarter, our original fiscal 2026 annual billings guidance assumed a 1% year-over-year growth headwind from reduced early renewal volume. While we expected that impact to occur after Q1, the change in incentives led to a reduction in early renewals sooner than originally forecasted.

正如艾倫所解釋的那樣，這些變化是基礎性的，重點是定位 Docusign 實現加速的長期成長。具體到帳單，如上個季度所述，我們最初的 2026 財年年度帳單指引假設，由於早期續約量減少，同比增長將面臨 1% 的阻力。雖然我們預計影響將在第一季之後出現，但激勵措施的變化導致提前續約數量比最初預測的更早減少。

Our sales team is acting as the program was designed. The health of early renewals in Q1 improved materially from the prior year. For example, we reduced the mix of early renewals that were flat or included partial churn by approximately 30% versus last year. Although the timing of early renewals has a negligible impact on revenue and does not reflect the long-term health of the business, we take responsibility for underestimating the potential timing and range of impact from the go-to-market changes. We will take a more conservative approach to forecasting the timing of early renewals for the remainder of fiscal 2026 in light of the go-to-market changes.

我們的銷售團隊正在按照計劃進行工作。第一季提前續約的狀況較上年有顯著改善。例如，與去年相比，我們將持平或部分流失的早期續約比例減少了約 30%。儘管提前續約的時間對收入的影響微乎其微，並且不能反映業務的長期健康狀況，但我們對低估上市變化的潛在時間和影響範圍負有責任。鑑於上市變化，我們將採取更保守的方法來預測 2026 財年剩餘時間的提前續約時間。

Apart from the timing impact on billings, we are encouraged that fundamentals continue to improve in Q1. The dollar net retention rate increased slightly to 101% in line with Q4 and up from 99% in Q1 of 2025. We continue to expect dollar net retention to moderately improve throughout the year based on both gross retention improvement and IAM upsell impact.

除了對帳單的時間影響外，我們很高興看到第一季基本面繼續改善。美元淨留存率與第四季相比小幅上升至 101%，高於 2025 年第一季的 99%。我們繼續預計，基於總留存率的提高和 IAM 追加銷售的影響，美元淨留存率將在全年適度提高。

IAM sales continued to show strong momentum with both IAM deal volume and revenue slightly outpacing our expectations this quarter. IAM share of total direct deal volume, including upsell deals and new customer deals, increased meaningfully quarter over quarter, showing strength versus typical Q4 to Q1 business seasonality.

IAM 銷售持續呈現強勁勢頭，本季 IAM 交易量和營收均略超出我們的預期。IAM 在直接交易總額中所佔的份額（包括追加銷售交易和新客戶交易）環比大幅增加，與典型的第四季度至第一季業務季節性相比表現出強勁勢頭。

The strength is underscored by passing 10,000 direct IAM customers in Q1, adding nearly 1,000 new IAM self-serve customers within weeks of launching that capability and the strong early ramp in international sales. Through Q1, we are on track for IAM customers to contribute a low double-digit percentage of the subscription book of business exiting Q4.

該公司在第一季就擁有超過 10,000 名直接 IAM 客戶，在推出該功能後的幾週內又增加了近 1,000 名新的 IAM 自助服務客戶，並且國際銷售額在早期就呈現強勁增長，這充分體現了其強大的實力。透過第一季度，我們預計讓 IAM 客戶為第四季度退出的業務訂閱量貢獻較低的兩位數百分比。

The year-over-year growth in envelopes sent remains consistent with prior quarters and has continued through May. Customer consumption, a measure of contract utilization, increased in our direct business to the highest levels since early fiscal 2022 driven predominantly by increases in North America. We observed year-over-year improvements in consumption rate in nearly every direct customer-size segment and major vertical for the first time in over two years.

寄送信封數量的同比增長與前幾季度保持一致，並且一直持續到五月。客戶消費量（衡量合約利用率的指標）在我們的直接業務中成長至 2022 財年初以來的最高水平，主要受北美地區成長的推動。我們觀察到，兩年多來，幾乎所有直接客戶規模細分市場和主要垂直行業的消費率首次出現同比增長。

In Q1, total customers grew 10% year over year, surpassing 1.7 million. Continued strength in customer growth highlights the value of investing in diverse routes to market and geographies. Additionally, we believe that the breadth and scale of our customer base provides a strong foundation for the continued growth of the IAM platform.

第一季度，客戶總數較去年同期成長10%，超過170萬人。客戶成長的持續強勁凸顯了投資多樣化市場和地理途徑的價值。此外，我們相信，我們客戶群的廣度和規模為 IAM 平台的持續成長提供了堅實的基礎。

Large customers spending over $300,000 annually increased by 6% year over year to 1,123, down slightly versus Q4 given normal seasonality. We're encouraged that a low single-digit percentage share of the $300,000-plus base has adopted and begun to roll out IAM in their organizations. This will be a multiyear journey that builds on both product and go-to-market evolution.

每年消費超過 30 萬美元的大客戶數量年增 6%，達到 1,123 家，由於季節性原因，與第四季相比略有下降。我們很高興看到，在超過 30 萬美元的客戶群中，不到個位數的百分比份額已採用 IAM 並開始在其組織中推出。這將是一段基於產品和市場發展而展開的多年歷程。

Digital revenue growth also continued its recent strength, benefiting from initiatives that make it easier for self-serve customers to manage and upgrade their accounts. Digital revenue grew at more than double the rate of the overall business in Q1, and we are cautiously optimistic that the launch of IAM should support future digital growth.

數位收入成長也延續了近期的強勁勢頭，受益於讓自助服務客戶更容易管理和升級帳戶的措施。第一季的數位收入成長率是整體業務成長率的兩倍多，我們謹慎樂觀地認為，IAM 的推出將支持未來的數位成長。

International revenue in Q1 represented 28% of total revenue and grew 10% year over year or approximately 13% after adjusting for FX, which is similar to the prior quarter. Lower-than-expected expansion rates have impacted international growth, especially in EMEA. The IAM rollout, combined with new EMEA sales leadership, creates a stronger foundation for future growth potential.

第一季國際營收佔總營收的 28%，年增 10%，經外匯調整後成長約 13%，與上一季持平。低於預期的擴張率影響了國際成長，尤其是在歐洲、中東和非洲地區。IAM 的推出，加上新的 EMEA 銷售領導層，為未來的成長潛力奠定了更堅實的基礎。

For example, international IAM deal volume in Q1 grew over 50% from Q4 when we launched in most of our larger international regions.

例如，第一季的國際 IAM 交易量比我們在大多數較大的國際地區推出的第四季成長了 50% 以上。

Turning to the financials, our focus on operating efficiency initiatives drove strong results in Q1. Non-GAAP gross margin for Q1 was 82.3%, up slightly from the prior year as higher revenue offset the impact of additional cloud migration costs, which were slightly lower than expected due to the timing of migration efforts.

談到財務狀況，我們對營運效率舉措的關注推動了第一季的強勁業績。第一季非公認會計準則毛利率為 82.3%，較上年略有上升，因為更高的收入抵消了額外雲端遷移成本的影響，由於遷移時間安排，額外雲端遷移成本略低於預期。

As previously discussed, we continue to expect additional expenses associated with our cloud migration to impact gross margins throughout fiscal 2026 before easing in fiscal 2027 and beyond. Non-GAAP operating margin for Q1 was 29.5%, a 100-basis point improvement versus the prior year. The strength year over year was driven by higher revenue growth and prudent management of expense growth.

如前所述，我們預計與雲端遷移相關的額外費用將繼續影響 2026 財年的毛利率，然後在 2027 財年及以後有所緩解。第一季非公認會計準則營業利益率為 29.5%，較上年提高 100 個基點。同比強勁成長得益於更高的收入成長和對費用成長的審慎管理。

We ended Q1 with 6,852 employees. This was up just slightly from the prior quarter and 6% from the prior year due to investing in our team, particularly in R&D, including the acquisition of Lexion. Our hiring approach remains strategic and consistent, ensuring alignment with key initiatives while thoughtfully considering location based on cost and necessary skill sets.

第一季結束時，我們共有員工 6,852 人。由於對我們團隊的投資，特別是在研發方面的投資，包括收購 Lexion，這一數字比上一季略有增長，比上年增長了 6%。我們的招募方法保持策略性和一致性，確保與關鍵措施保持一致，同時根據成本和必要的技能仔細考慮地點。

Our non-GAAP operating expense growth in sales and marketing and G&A areas were both lower than the total company, while R&D grew faster with continued investment. In Q1, we generated $228 million of free cash flow, a 30% margin. We expect that annual free cash flow margin will approximate non-GAAP operating margin for fiscal 2026.

我們的銷售和行銷以及一般行政管理領域的非公認會計準則營運費用成長均低於公司整體水平，而研發隨著持續投資而成長更快。第一季度，我們產生了 2.28 億美元的自由現金流，利潤率為 30%。我們預計，2026 財年的年度自由現金流利潤率將接近非 GAAP 營業利益率。

Our balance sheet remains strong with over $1.1 billion in cash, cash equivalents and investments. We have no debt on the balance sheet. Subsequent to quarter end, at the end of May, we secured a new $750 million credit revolver to replace our existing revolver agreement, creating additional capital capacity and flexibility.

我們的資產負債表依然強勁，現金、現金等價物和投資超過 11 億美元。我們的資產負債表上沒有債務。季度結束後，即五月底，我們獲得了一筆新的 7.5 億美元循環信貸，以取代我們現有的循環信貸協議，從而創造了額外的資本能力和靈活性。

We continue to use our demonstrated strong free cash flow generation to return capital to shareholders. In Q1, we repurchased $183 million of stock through share buybacks, bringing our cumulative buyback over the past 12 months to over $700 million. With the additional $1 billion buyback authorization announced today, we now have up to $1.4 billion in repurchase authorization available for deployment, and we expect to continue opportunistically repurchasing shares as part of our capital allocation strategy.

我們將繼續利用我們已證明的強勁自由現金流來向股東返還資本。第一季度，我們透過股票回購回購了價值 1.83 億美元的股票，使過去 12 個月的累積回購額超過 7 億美元。隨著今天宣布的額外 10 億美元回購授權，我們現在擁有高達 14 億美元的回購授權可供部署，並且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。

Regarding the cost of our equity programs, our stock compensation expense as a percentage of revenue was 19.1% in Q1, down approximately 100 basis points from the prior year and approximately 40 basis points after excluding the impact of restructuring in Q1 of fiscal 2025. On a two-year basis, stock compensation expense as a percentage of revenue was down approximately 200 basis points from 21.1% in Q1 of fiscal 2024, excluding the impact restructuring, reflecting continued focus on using equity compensation efficiently and managing dilution.

關於我們的股權計畫成本，我們的股票薪酬費用佔第一季營收的百分比為 19.1%，比上年下降約 100 個基點，在排除 2025 財年第一季度重組的影響後下降約 40 個基點。以兩年計算，股票薪酬支出佔收入的百分比較 2024 財年第一季的 21.1% 下降了約 200 個基點（不包括重組影響），這反映出公司繼續專注於有效使用股權薪酬和管理稀釋。

Non-GAAP diluted EPS for Q1 was $0.90, an $0.08 per share improvement from $0.82 last year. GAAP diluted EPS for Q1 was $0.34 versus $0.16 last year. Diluted weighted shares outstanding for Q1 was 212.8 million, in line with our expectations. Basic shares outstanding for Q1 decreased by 2.6 million year over year to 203.3 million total shares, reflecting the anti-dilutive impact of our buyback program.

第一季非公認會計準則稀釋每股收益為 0.90 美元，比去年的每股 0.82 美元增加 0.08 美元。第一季的 GAAP 稀釋每股收益為 0.34 美元，去年同期為 0.16 美元。第一季稀釋加權流通股數為 2.128 億股，符合我們的預期。第一季基本流通股年減 260 萬股至 2.033 億股，反映了我們的回購計畫的反稀釋影響。

With that, let me turn to guidance. We expect total revenue between $777 million and $781 million in Q2 or a 6% year-over-year increase at the midpoint and between $3.151 billion and $3.163 billion for fiscal 2026, also a 6% year-over-year increase at the midpoint. We expect subscription revenue of $760 million to $764 million in Q2 or a 6% year-over-year increase at the midpoint and $3.083 billion to $3.095 billion for fiscal 2026 or a 6.5% year-over-year increase at the midpoint.

有了這些，讓我來談談指導。我們預計第二季總營收在 7.77 億美元至 7.81 億美元之間，中位數年增 6%；2026 財年總營收在 31.51 億美元至 31.63 億美元之間，中位數年增 6%。我們預計第二季訂閱營收為 7.6 億美元至 7.64 億美元，中位數年增 6%；2026 財年訂閱營收為 30.83 億美元至 30.95 億美元，中位數年增 6.5%。

We expect billings between $757 million to $767 million in Q2 or a 5% year-over-year growth rate at the midpoint and between $3.285 billion to $3.339 billion for fiscal 2026 or a 6.5% year-over-year growth rate at the midpoint.

我們預計第二季的營業額在 7.57 億美元至 7.67 億美元之間，或以中間值計算年增 5%，2026 財年的營業額在 32.85 億美元至 33.39 億美元之間，或以中間值計算年增 6.5%。

Our updated top line guidance reflects following dynamics present in our business and the external environment.

我們更新的營收指引反映了我們業務和外部環境中存在的以下動態。

For full year revenue, the annual guidance midpoint is increasing by $22 million, reflecting the combination of Q1 strength and an anticipated neutral rather than a negative year-over-year FX impact, partially offset by some headwind from additional bookings prudence for the economic environment.

對於全年收入，年度指導中點增加了 2200 萬美元，反映了第一季的強勁表現和預期的中性（而非負面的同比外匯影響）的結合，但部分抵消了經濟環境中額外預訂謹慎帶來的一些阻力。

For full year billings, the annual guidance midpoint is declining by $15 million, which includes additional early renewal considerations and some conservatism in our bookings outlook, partially offset by the positive impact from favorable year-over-year FX rates. While we did not see any material macro impact on our Q1 results, we are taking a cautious approach for the remainder of fiscal 2026 given the uncertain economic environment.

對於全年帳單，年度指導中點下降了 1500 萬美元，其中包括額外的提前續約考慮和我們對預訂前景的一些保守態度，但部分抵消了同比有利的外匯匯率帶來的積極影響。雖然我們沒有看到對我們的第一季業績有任何重大的宏觀影響，但鑑於不確定的經濟環境，我們對 2026 財年剩餘時間採取謹慎態度。

For early renewals, we are including a more conservative forecast to account for a wider range of potential timing and magnitude impacts. This change has nearly zero impact on our revenue forecast as it is based on the timing of renewal contracts and is not related to customer demand. As shown in recent quarters and years, billings are highly sensitive to customer renewal timing, which can result in meaningful variability from period to period.

對於早期續約，我們採用了更保守的預測，以考慮更廣泛的潛在時間和幅度影響。這項變更對我們的收入預測幾乎沒有影響，因為它基於續約的時間，與客戶需求無關。從最近幾季和幾年的情況來看，帳單對客戶續約時間高度敏感，這可能導致不同時期出現顯著的變化。

As we evaluate our updated fiscal 2026 billings guidance, we remain encouraged that we continue to forecast a year-over-year billings acceleration in fiscal 2026 after adjusting for the timing of early renewals and FX. We all expect year-over-year billings growth to increase in the second half of fiscal 2026 versus the first half as IAM deal volume continues to ramp.

當我們評估更新後的 2026 財年帳單指南時，我們仍然感到鼓舞，在調整了提前續約和外匯的時間後，我們繼續預測 2026 財年的帳單將同比增長。隨著 IAM 交易量的持續成長，我們都預期 2026 財年下半年的年比營業額成長率將高於上半年。

For profitability, we expect non-GAAP gross margin between 80.5% to 81.5% for Q2 and between 80.7% and 81.7% for fiscal 2026. We expect non-GAAP operating margin between 26.5% to 27.5% for Q2 and 27.8% to 28.8% for fiscal 2026, unchanged for the full year.

就獲利能力而言，我們預計第二季非 GAAP 毛利率在 80.5% 至 81.5% 之間，2026 財年非 GAAP 毛利率在 80.7% 至 81.7% 之間。我們預計第二季非公認會計準則營業利潤率在 26.5% 至 27.5% 之間，2026 財年非公認會計準則營業利潤率在 27.8% 至 28.8% 之間，全年保持不變。

We included the following two considerations in our non-GAAP profitability guidance. For gross margins, for the full year, we continue to expect approximately 1 percentage point of headwind due to the ongoing cloud data center migration efforts. That headwind was lower in Q1 due to a slight shift in migration timing out to the remainder of fiscal 2026. As previously discussed, we anticipate a larger gross margin impact for migration in fiscal 2026, followed by a gradual easing in fiscal 2027 and beyond.

我們在非公認會計準則獲利預測中納入了以下兩項考量。對於全年毛利率而言，由於正在進行的雲端資料中心遷移工作，我們仍然預計會出現約 1 個百分點的逆風。由於移民時間略為轉移到 2026 財年剩餘時間，第一季的逆風已減弱。如前所述，我們預計 2026 財年遷移對毛利率的影響將更大，隨後在 2027 財年及以後將逐步緩解。

For operating margins for the full year, we continue to expect an approximate 1.5 percentage point operating margin headwind due to the impact of cloud migration, the shift of some roles to cash compensation from equity and the comp against onetime professional fees from Q2 of 2025. Q2 is our hardest comparison quarter this year. The majority of the difference between Q2 2026 and Q2 2025 operating margins can be attributed to the onetime benefits from professional fees, including the insurance reimbursement and litigation reserve release described in the Q2 2025 results, the ongoing Cloud Migration Act, and the equity to cash compensation changes.

對於全年營業利潤率，我們繼續預期營業利潤率將面臨約 1.5 個百分點的逆風，原因是雲端遷移的影響、部分職位從股權轉為現金薪酬以及從 2025 年第二季度開始的一次性專業費用補償。第二季是我們今年最難比較的季度。2026 年第二季與 2025 年第二季營業利潤率之間的差異大部分可歸因於專業費用的一次性收益，包括 2025 年第二季度業績中描述的保險報銷和訴訟準備金釋放、正在進行的雲遷移法案以及股權到現金薪酬的變化。

Our overall approach to profitability in fiscal 2026 reflects our intent to prioritize IAM investments to drive long-term growth while maintaining similar levels of full year operating margins realized in fiscal 2025, excluding the unique gross margin and operating expense headwinds noted above. We remain encouraged about our longer-term opportunity to improve operating leverage by combining our approach to efficiency with an improved and accelerating outlook for billings growth exiting fiscal 2026. We continue to expect non-GAAP fully diluted weighted average shares outstanding of 210 million to 215 million for both Q2 and fiscal 2026.

我們對 2026 財年的整體獲利方針反映了我們的意圖，即優先考慮 IAM 投資以推動長期成長，同時保持與 2025 財年實現的全年營業利潤率相似的水平，不包括上述獨特的毛利率和營業費用阻力。我們仍然對透過將我們的效率方法與 2026 財年後帳單成長的改善和加速前景相結合來提高營運槓桿的長期機會感到鼓舞。我們繼續預期 2026 年第二季及 2026 財年非 GAAP 完全稀釋加權平均流通股數為 2.1 億至 2.15 億股。

In closing, in Q1, we continued Docusign's transformation by delivering significantly increased innovation to customers, driving business momentum through IAM adoption and digital maturity, and positioning our go-to-market team for greater long-term contribution. We also maintained our efficiency focus through improved profitability and strengthened our commitment to generate significant cash flow and return capital opportunistically through buybacks.

最後，在第一季度，我們繼續進行 Docusign 的轉型，為客戶提供顯著增加的創新，透過 IAM 的採用和數位成熟度推動業務發展勢頭，並讓我們的行銷團隊能夠做出更大的長期貢獻。我們也透過提高獲利能力保持了對效率的關注，並加強了透過回購創造大量現金流和適時返還資本的承諾。

We have strong conviction in our strategy and ability to execute, and we will continue to focus on increasing the value we deliver to customers, employees and shareholders. Thank you for your support. This concludes our prepared remarks.

我們對我們的策略和執行能力充滿信心，我們將繼續致力於提高我們為客戶、員工和股東提供的價值。感謝您的支持。我們的準備好的演講到此結束。

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

接線員，現在讓我們開始提問吧。

(Operator Instructions) Jake Roberge, William Blair.

（操作員說明）Jake Roberge、William Blair。

Thanks for taking the questions. Can you just double-click on the go-to-market transition, what exactly is driving the lower early renewals? And then, it sounds like normalized billings growth would have come in at the high end of the range. But if we flash back to Q3 and Q4 of last year, there were some fairly healthy beats to guidance. So can you help us understand that delta and whether there was anything else that impacted the quarter?

感謝您回答這些問題。您能否雙擊進入市場轉型，究竟是什麼導致了早期續約率較低？然後，聽起來正常化的帳單成長將會達到該範圍的高端。但如果我們回顧去年第三季和第四季，就會發現業績表現相當超乎預期。那麼，您能幫助我們了解這個差異嗎？以及是否還有其他因素影響了本季？

Yeah. Why don't I take the first part of that and you can take the second, Blake. So we made some changes at the beginning of the first quarter to our compensation to encourage reps to hold deals in quarter because that was the healthiest dynamic, similar reason for booking the deal early. We thought that that would play out during the course of the year and ended up happening predominantly here in Q1.

是的。我來做第一部分，你來做第二部分吧，布萊克。因此，我們在第一季初對薪酬進行了一些調整，以鼓勵銷售代表在本季度完成交易，因為這是最健康的動態，與提前預訂交易的原因類似。我們認為這會在今年內實現，但結果卻主要發生在第一季。

And so that's what accounts for the early renewals (technical difficulty) -- sort of behaving as we expected. And so it's on us to have missed the forecast slightly on that, and that accounts for the early renewal (inaudible). But overall, the business is on very healthy foundation. I think the IAM progress is very substantial this quarter, and we are maintaining or increasing our revenue outlook.

這就是提前續訂（技術難度）的原因——有點像我們預期的那樣。因此，我們未能達到預期，這也是我們提前續約的原因（聽不清楚）。但整體而言，業務基礎非常健康。我認為本季 IAM 進展非常顯著，我們維持或提高了收入預期。

With that, let me go to Blake.

說完這些，我就去找布萊克。

Sure. Thanks, Jake, for the question. With regards to the questions about a normalized Q1 relative to the prior quarters, I think you brought in Q3 and Q4. So just with regards to Q1, business fundamentals remain strong. I mean, like Allan just said, IAM continuing to ramp.

當然。謝謝傑克提出這個問題。關於第一季相對於前幾季的正常化問題，我認為您引入了第三季和第四季。因此，就第一季而言，業務基本面依然強勁。我的意思是，就像艾倫剛才說的，IAM 正在繼續提升。

Q1 direct deal volume for IAM was larger than Q4, that's not something we would normally see in our business just because of seasonality. And that's direct only. I'm not including the nearly 1,000 new self-service IAM customers we added, which is great. You heard in the prepared remarks consumption and usage growth just as a consistent and positive year over year, which we're heavy happy about. Dollar net retention improved just slightly for us, flat quarter-to-quarter on a nonrounded basis, up just slightly.

IAM 第一季的直接交易量大於第四季度，由於季節性因素，這在我們的業務中並不常見。這只是直接的。我還沒有包括我們新增的近 1,000 名自助服務 IAM 客戶，這已經很棒了。您在準備好的評論中聽到了消費和使用量的增長與去年同期相比保持了一致且積極的增長，我們對此感到非常高興。我們的美元淨留存率略有改善，以非四捨五入計算，較上季持平，略有上升。

I would say on expansion and gross retention, both were up year-over-year. We think we can do a little bit better there. But as far as like Q1 go, especially if you're comparing it to Q3 and Q4, make sure to go back and look at the details that we talked about in those quarters because in the second half of '25, early renewals were a tailwind particularly for us in both of those quarters.

我想說的是，就擴張和總保留而言，兩者都同比增長。我們認為我們可以做得更好一些。但就第一季度而言，特別是如果將其與第三季度和第四季度進行比較，請務必回顧並查看我們在這些季度中討論的細節，因為在 25 年下半年，提前續約對我們這兩個季度來說都是一個順風。

So trying to compare like beat magnitude and such against those quarters in particular. You really -- I just really advise you to go back at -- take a look of those numbers kind of normalized for that timing component of early renewals.

因此，嘗試將節拍幅度等與那些季度進行比較。你真的 - 我只是真的建議你回頭看看 - 看看那些針對提前續約的時間組成部分進行標準化的數字。

Yeah. Maybe just to complement what Blake just said, if you take both the FX and the early renewals part out and you look at our time series of our billings, we're still past the trough last year and have a nice acceleration this year in our outlook. And that's what reflects our confidence in the business in the Momentum and IAM.

是的。也許只是為了補充布萊克剛才所說的，如果你把外匯和早期續訂部分都拿出來，然後看看我們的賬單時間序列，我們仍然已經過了去年的低谷，並且今年我們的前景將有一個良好的加速。這反映了我們對 Momentum 和 IAM 業務的信心。

Okay. That's helpful. And then, Allan, I understand the moving pieces around the go-to-market and early renewals, but how do you feel about the broader health of the business? Do you still feel like that IAM upsell opportunity is intact? And then that retention and expansion, I understand it might have been a little bit softer than you would have expected this quarter, but should that continue through from here? Or is there anything else in the quarter that would give you pause on that trajectory back to double-digit growth?

好的。這很有幫助。然後，艾倫，我了解圍繞上市和早期續約的動態，但您對業務的整體健康狀況有何看法？您是否仍覺得 IAM 追加銷售機會仍然存在？然後，我知道保留和擴展可能會比本季預期的要弱一些，但是這種情況應該從現在開始持續下去嗎？或者本季還有哪些因素讓您暫停恢復兩位數成長的軌跡？

No. I think we feel really good about where IAM is sitting. We did a product market fit in the commercial segment, and that sales motion has not been replicated from our domestic business to our international business. We're seeing great adoption. We mentioned some trends on the prepared remarks there.

不。我認為我們對 IAM 的現狀感到非常滿意。我們在商業領域實現了產品市場契合，但這種銷售動態並沒有從國內業務複製到國際業務。我們看到了廣泛的採用。我們在那裡準備好的評論中提到了一些趨勢。

So I feel really good about where IAM is sitting. And of course, our core (inaudible) business remains very, very healthy. We've got improving DNR overall in the business, and fundamental consumption metrics and contract utilization are also improving.

因此，我對 IAM 的現狀感到非常滿意。當然，我們的核心（聽不清楚）業務仍然非常非常健康。我們業務的 DNR 總體有所改善，基本消費指標和合約利用率也在提高。

And so overall, I think we're sitting on a very good trajectory. You can feel the optimism inside the company with the sales teams. We did make some changes here at the beginning of the year that are necessary to set us up on the right -- for the right medium to long-term growth, but perhaps introduce a little bit of disruption. I think that's passed us now, and we're seeing good trends into May. So I think we're feeling very good about where things are sitting.

所以總的來說，我認為我們正處於非常好的發展軌道上。您可以從銷售團隊中感受到公司內部的樂觀情緒。我們確實在年初做出了一些必要的改變，以使我們走上正確的道路——實現正確的中長期增長，但也許會帶來一些混亂。我認為這種情況已經過去了，而且我們將看到五月的良好趨勢。所以我認為我們對目前的狀況感到非常滿意。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Yeah, thank you for taking the questions here. And I can certainly understand the billings dynamic, particularly coming off of Q4. But I guess one of the questions we're getting from other investors is really around your confidence level in the second half. If we take your commentary, it sort of implies a kind of continual ramp in billings growth from this Q1 level. So I guess can you just give us a sense for what you've assumed in that ramp as it relates to early renewals? And then specifically around maybe the enterprise contribution from go-to-market and IAM, I imagine those are going to be even greater factors as you go into Q3, Q4, but just help us understand why this new guidance that implies an acceleration is derisked in your view?

是的，感謝您在這裡回答問題。我當然能夠理解帳單動態，尤其是第四季的帳單動態。但我想其他投資者向我們提出的一個問題實際上是關於您對下半年的信心程度。如果我們採納您的評論，它在某種程度上暗示了從第一季開始帳單成長將持續上升。所以我想您能否讓我們了解一下，您對該坡道與早期續約的假設是什麼？然後具體圍繞市場進入和 IAM 對企業的貢獻，我想當進入第三季度和第四季度時，這些因素將會變得更大，但請幫助我們理解為什麼在您看來，這個暗示加速的新指南是低風險的？

First of all, we were always assuming an acceleration in the second half, and that remains the case as you observed. In terms of the factors you pointed to, we snap to a low level of early renewals here in Q1, and we're expecting that to be maintained throughout the remainder of the year. That feels like a very good assumption based on what we're seeing.

首先，我們一直假設下半年會出現加速，正如您所觀察到的，情況仍然如此。就您指出的因素而言，我們在第一季的早期續約率處於較低水平，我們預計今年剩餘時間內這一水平將保持下去。根據我們所看到的情況，這似乎是一個非常好的假設。

In terms of the enterprise stuff, and part of the reason that we have a lot of confidence in our forecast looking forward is because rewards that we can replicate our commercial motion, and that's the bulk of the forecast. We are counting on a little bit from the enterprise.

就企業而言，我們對未來的預測充滿信心，部分原因是我們可以複製我們的商業行動，這是預測的主要內容。我們指望著企業能給一點幫助。

I think that's well within our grasp. And then a bigger contribution from enterprise out in fiscal '27 and beyond. So there isn't an assumption that we're going to see some dramatic acceleration in our enterprise business in the second half. It's really more just the rolling out and scaling of our commercial business globally that drives that.

我認為這是我們完全可以實現的。27財年及以後，企業將做出更大的貢獻。因此，我們並不認為下半年我們的企業業務會出現顯著的成長。這實際上更多的是我們在全球範圍內商業業務的推廣和擴大推動了這一進程。

And then I'd just add one note to your question, Tyler, on the renewal assumption. We do -- we have put in a little of room to operate on the timing of renewals. And that's really -- it's important to recognize that, that's just timing. There's not an impact on revenue from that assumption. There's not an impact on customer demand from that.

然後，泰勒，我只想對你的問題補充一點關於續約假設的內容。我們確實——我們在續約時間上留出了一點空間。確實——認識到這一點很重要，這只是時機問題。該假設不會對收入產生影響。這不會對客戶需求產生影響。

But just into the environment, I think it's a good idea to have a little bit more there because especially when it's timing and not related to the health of the revenue kind of profile of the business.

但就環境而言，我認為在那裡多放一點是個好主意，因為特別是當它與時機有關並且與業務收入狀況的健康狀況無關時。

Great. And for a follow-up question, appreciate the comments on the consumption trends into May, which seem to suggest things are healthy and really across all verticals. But do you -- are you hearing from customers sort of a desire to contract envelopes maybe a bit closer to their underlying consumption than they previously were just given the macro environment and tariff environment seems to be changing on a daily basis, is that sort of calculus change for customers? And is that something you've contemplated in the guidance?

偉大的。對於後續問題，感謝您對五月消費趨勢的評論，這些評論似乎表明情況很健康，而且確實涉及所有垂直領域。但是，您是否聽到客戶表示希望合約金額比以前更接近其基本消費水平，考慮到宏觀環境和關稅環境似乎每天都在變化，這對客戶來說是一種計算上的變化嗎？這是您在指導中考慮過的事情嗎？

Yes. No, we haven't seen that. We saw some of that coming off COVID, but that's been played out and is reflected in all the historical numbers at this point. So no, I -- macro really was not a material factor. Maybe there's a few pokes here and there, but nothing that we've seen so far.

是的。不，我們沒見過。我們看到了一些來自 COVID 的影響，但這已經發生了，並反映在目前的所有歷史數據中。所以不，我──宏觀確實不是一個物質因素。也許這裡或那裡有一些戳刺，但到目前為止我們還沒有看到。

That said, I think all CEOs and CFOs are slightly apprehensive about an environment that just feels more volatile and risky. And so we gave ourselves just a little bit more buffer, as alluded to. But in terms of looking backwards, it was not material in Q1.'

話雖如此，我認為所有執行長和財務長都對更動盪和危險的環境感到有些擔憂。因此，正如所提到的，我們給自己留出了更多的緩衝空間。但回顧過去，這在第一季並不重要。 」

Thank you.

謝謝。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

And I guess as you -- just following on that last thread, some of the billings, I guess, lowering that you took as a function of the uncertain economic environment, that's purely a function of timing and not necessarily a function of size of deals as well.

我想，正如您所說——繼續剛才的話題，我認為，您認為由於不確定的經濟環境而降低的一些賬單，純粹是時間的函數，而不一定是交易規模的函數。

Yeah. No, I don't think we've seen anything on side of the deals. I mean you can see, I think we report our customer over $300,000, which were up year on year. And we continue to see health there that has an issue, and that's also reflected in some of the consumption that would hold across customer segments and industries.

是的。不，我認為我們沒有看到任何與交易有關的消息。我的意思是，您可以看到，我們報告的客戶金額超過 30 萬美元，比去年同期成長。我們繼續看到那裡的健康狀況存在問題，這也反映在各個客戶群和行業的部分消費上。

Okay. Perfect. And then our understanding is the lean in a little more aggressively this year, which didn't come to fruition in the first quarter, and just a commentary around the timing of some of the cloud migration efforts, anything else that weigh? And you did talk about increasing sales capacity without expanding the team, is that something that you're factoring into the calculus here or something that can lend to upside just in terms of repurposing a lot of that existing sales force?

好的。完美的。然後我們的理解是，今年的傾斜力度會更大一些，但第一季並沒有取得成果，只是對一些雲端遷移工作的時機進行了評論，還有其他什麼重要的嗎？您確實談到了在不擴大團隊的情況下提高銷售能力，這是您在計算時考慮的因素嗎？還是說，僅僅透過重新利用現有的大量銷售隊伍就能帶來好處？

We're not counting on that, but I certainly hope so that over time that sales capacity will translate into more bookings and billings and revenue. Maybe just -- let me just touch quickly on some of the changes that we made at the beginning of the year to set ourselves up for long-term success. Besides the early renewals piece, which really was a minor element of the changes that we made, big changes where we really wanted our sales reps to be able to focus more time on deeper and sell more broadly into organizations that represented the biggest growth opportunity.

我們並不指望這一點，但我確實希望，隨著時間的推移，銷售能力將轉化為更多的預訂、帳單和收入。也許只是——讓我快速談談我們在今年年初為長期成功所做的一些改變。除了早期續約部分（這實際上是我們所做改變的一個小部分）之外，我們真正希望的是我們的銷售代表能夠將更多的時間集中在更深入、更廣泛的銷售上，向代表最大成長機會的組織進行銷售。

And so we re-segmented and changed the portfolios for our sellers and moved a substantial number of customers to a self-serve first model. And so that freed up capacity in effect without additional headcount to let our reps go deeper.

因此，我們重新細分並改變了賣家的投資組合，並將大量客戶轉向自助服務優先模式。這樣實際上就釋放了產能，無需增加員工，就能讓我們的銷售代表更深入地開展工作。

We also changed our sales compensation model to emphasize more annualized models and emphasize IAM and so on. And so there were a lot of levers pulled to set ourselves up for, should we say, a larger deal, more enterprise type of sales motion. That will be a long journey for the company. But we've begun it. I'm very pleased with the early results and how the sales teams are responding to that, and we're feeling that those were the right changes to make to set us up to really capture the full potential of IAM.

我們也改變了銷售薪酬模式，更加強調年度化模式，強調 IAM 等等。因此，我們採取了許多措施來為自己做好準備，可以說，這是一筆更大的交易，更多的是企業類型的銷售動議。對公司來說，這將是一段漫長的旅程。但我們已經開始了。我對早期的結果以及銷售團隊的反應感到非常滿意，我們認為這些都是正確的改變，可以讓我們真正發揮 IAM 的全部潛力。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Great. I was hoping you could provide some context for how much of the double-digit percentage that will be IAM as a percentage of subscription book of business is coming from upsell and net new customers versus that transition from eSignature. Just any context for how accretive or incremental IAM is on the business?

偉大的。我希望您能提供一些背景信息，說明 IAM 在訂閱業務中所佔的兩位數百分比中有多少來自追加銷售和淨新客戶，以及有多少來自電子簽名的轉變。有沒有關於 IAM 對業務增值或增量作用的背景資訊？

Why don't you take that one, please?

請你拿那個好嗎？

Sure. So we're not disclosing expansion rates something like that. Obviously, with the book of business that we have with the size of it, $3 billion-plus, we have a huge opportunity to be able to provide extra value to our existing customers. So I think that existing installed base, and that is an upsell from what they're doing today because if you recall, the vast, vast majority of the IAM deals that we're doing are expansions spend because we're providing atonal value to customers.

當然。所以我們不會透露類似的擴張率。顯然，憑藉我們目前超過 30 億美元的業務規模，我們有巨大的機會為現有客戶提供額外的價值。因此，我認為現有的安裝基礎，是他們今天所做工作的追加銷售，因為如果你還記得的話，我們正在做的絕大多數 IAM 交易都是擴展支出，因為我們為客戶提供無調性價值。

But also, we're finding that new customers also are quite interested in it. And it's becoming a much, much larger share of our new deals -- our new company deals that we're doing. So it's going to come from both of these things, but I think that it's fair to assume that with the size of the installed base that we currently have, the biggest opportunity we have is with customers that we already do business with.

但我們也發現新客戶對此也非常感興趣。並且它在我們的新交易中所佔的份額——我們正在進行的新公司交易中所佔的份額越來越大。所以它將來自這兩件事，但我認為可以合理地假設，以我們目前擁有的安裝基礎的規模，我們最大的機會是與我們已經有業務往來的客戶。

Okay. That's helpful. And Blake, you called out some smaller non-recurring items benefiting revenue, just was wondering what are those? And how big was that? Thank you.

好的。這很有幫助。布萊克，您提到了一些有利於收入的較小的非經常性項目，我只是想問一下這些項目是什麼？那有多大？謝謝。

Ye, sure. So we had a number of what I'll call just smaller items that we just don't feel like we can count it necessarily as recurring every quarter. They can. We just aren't including that in the guidance. They conclude things like short-term add-on deals or somebody comes in for a very short period of time for additional capacity, lower sales returns, lower bad debt, those went almost all in our favor in Q1 in the revenue side.

是的，當然。因此，我們有許多我稱之為較小項目的項目，我們只是覺得不一定能將其算作每個季度都會重複發生的項目。他們可以。我們只是沒有將其納入指導中。他們達成諸如短期附加交易或某人短期內加入以增加產能、降低銷售回報、降低壞帳等協議，這些協議對我們第一季的收入幾乎都有利。

Now they're not massive. They're not a huge portion of it, but we now when you add them up, they helped the quarter. But all good things, all positive elements for us in Q1.

現在它們不再那麼龐大了。它們所佔比例並不大，但我們現在知道，當你把它們加起來時，它們對本季度起到了幫助。但對我們來說，第一季的一切都很好，都是正面的因素。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Allan, I wanted to ask a question on the go-to-market changes here. I mean with the focus on going deeper and more broadly within accounts now, what are you seeing? I know it's early, but is there anything in the pipeline that you'd point to, to say that the leading indicators are there and you're seeing some of the early results that you might expect out of that?

艾倫，我想問一個有關這裡的市場進入變化的問題。我的意思是，現在重點是更深入、更廣泛地了解帳戶，您看到了什麼？我知道現在還為時過早，但是您能否指出一些正在進行中的事，表明領先指標已經存在，並且您已經看到了一些預期的早期結果？

Yeah. We are definitely doing larger IM deals, and we've had some early successes in the enterprise space. So I feel pretty good about the momentum. But as I said, it is still early. We think in the long run, this has potential to really materially change how much value we're able to deliver to customers and therefore how much they're willing to pay on a recurring basis.

是的。我們確實在進行更大規模的即時通訊交易，而且我們在企業領域已經取得了一些早期的成功。所以我對於這種勢頭感覺很好。但正如我所說，現在還為時過早。我們認為，從長遠來看，這有可能真正從根本上改變我們能夠向客戶提供多少價值，從而改變他們願意定期支付多少費用。

So all the signs on the IAM front in terms of both deal velocity and deal value progress in various customer segments and geographies, all positive so far.

因此，到目前為止，IAM 方面在交易速度和交易價值方面在各個客戶群體和地區的進展的所有跡像都是積極的。

Wonderful. And then one more, if I may, on some of the new features you alluded to with IAM coming in August. Anything that you'd point to in particular that you're excited about? I know you probably don't want to let the cat out of the bag too much, but maybe just some broad strokes on what's coming in August that could perhaps be a catalyst in the IAM business.

精彩的。如果可以的話，我再問一下您提到的 IAM 將於 8 月推出的一些新功能。您特別興奮的是什麼？我知道你可能不想透露太多，但也許可以大致概括一下 8 月即將發生的事情，這可能會成為 IAM 業務的催化劑。

We've already announced was coming in August. So we -- at our Momentum event in April, we previewed our roadmap. We just as an indication of the scale of the innovation Momentum. When we launched IAM last year, I would say there were really three pieces of anchor functionality, they're materially net new besides the refresh on the existing products.

我們已經宣布將於八月推出。因此，我們在四月的 Momentum 活動中預覽了我們的路線圖。我們只是將其作為創新勢頭規模的一個指標。當我們去年推出 IAM 時，我想說實際上有三個錨定功能，除了現有產品的更新之外，它們基本上都是全新的。

And I'd say we did seven announcements of comparable magnitude here at Momentum in April. Some of those were immediately available, and some of those are rolling out here over the next three to four months.

我想說，我們在四月在 Momentum 發布了七項同等規模的公告。其中一些可以立即投入使用，而另一些將在未來三到四個月內推出。

I don't think there's any one thing that I would highlight, but maybe I'll talk about three very quickly. On the front end of creating agreements, we have Agreement Desk, which is essentially a system for managing the flow of contracts inside of a company. Imagine, sales reps and legal, instead of today, which is a series of uncorrelated and unconnected e-mails, but nobody knows what the status is essentially a hub of etching that workflow that integrates with the tools you already have, that was extremely well received at the event.

我認為沒有什麼事情需要特別強調，但也許我很快就會談三件事。在創建協議的前端，我們有協議台，它本質上是一個管理公司內部合約流程的系統。想像一下，銷售代表和法律人員，而不是今天，這是一系列不相關和不相連的電子郵件，但沒有人知道狀態本質上是一個蝕刻工作流程的中心，與您已有的工具集成，這在活動中受到了極大的歡迎。

On the execution side, we announced some gold Workspaces. And today, if you're trying to do a multi-stage financial transaction, let's say, signing up for wealth management or a real estate transaction or an auto purchase or anything like that, it tends to again be a series of disconnected interactions between the company and an outside party, a consumer, and other company. We've created a single destination where all of that activity can happen with multiple parties. That's really an earthquake in that space and very well suited, of course, for financial services, but also for a whole host of other categories.

在執行方面，我們宣布了一些黃金工作區。如今，如果你想進行一項多階段金融交易，比如說，註冊財富管理或房地產交易或汽車購買或諸如此類的事情，它往往又是公司與外部方、消費者和其他公司之間一系列不連貫的互動。我們創建了一個單一目的地，所有活動都可以與多方一起進行。這確實是該領域的地震，當然，它非常適合金融服務，但也適合許多其他類別。

And then I'd say on the managing your contracts after execution, one of the things that we showed at the very today, AI-centric feature, and it really wouldn't have been possible even a year or two ago, something we call custom extractions, which essentially let you besides all the standard extractions like the names of the parties or the terms. Now, you can define any arbitrary term you're interested in, pointing us to a couple of agreements that those terms are present and the relevant language.

然後我想說的是，關於合約執行後的管理，我們今天展示的以人工智慧為中心的功能之一，這在一兩年前是不可能實現的，我們稱之為自訂提取，它基本上可以讓你除了所有標準提取之外，還可以提取當事人的名稱或條款。現在，您可以定義任何您感興趣的術語，並向我們指出這些術語存在的幾個協議和相關語言。

The AI will essentially learn off that and then allow you to find that across your population of agreements. So that creates sort of incident flexibility in what you can look for in your agreements, which is something that pretty much all companies have asked us for a long time. And we're finally able to deliver a really scalable lightweight to like-for-like.

人工智慧將從中學習，然後幫助您在眾多協議中找到它。這樣，您就可以在協議中尋找某種事件彈性，這是幾乎所有公司長期以來都要求我們做的事情。我們最終能夠提供真正可擴展的輕量級同類產品。

So those are just three examples of contract innovation at all stages of journey. And I think that there was a lot of excitement at the event, and we're excited about bringing those features to market globally.

這些只是旅程各個階段合約創新的三個例子。我認為這次活動充滿了興奮，我們很高興能將這些功能推向全球市場。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Allan, I was wondering, can you expand a little bit on your commentary around your GSI partners? I was just kind of curious whether they could be a source of sort of net new ACV for you this year. I realize it could take a while for them to build up practices. But can you just talk about sort of where you are with them and what's the hope of them helping pull you into the enterprise perhaps a little bit more and then really helping to be a driver of new pipeline for you all?

艾倫，我想知道，您能否稍微詳細談談您對 GSI 合作夥伴的評論？我只是有點好奇他們是否可以成為您今年淨新 ACV 的來源。我意識到他們可能需要一段時間才能建立實踐。但是，您能否談談您與他們的情況，以及他們希望如何幫助您更多地融入企業，然後真正幫助您成為新管道的推動者？

Yeah. Yeah. So historically, we haven't had a huge relationship with SIs because it's been primarily about our CLM business, right? Sign was so simple and easy to deploy for companies that there wasn't a lot of need for the kind of added services that SIs provide.

是的。是的。所以從歷史上看，我們與 SI 的關係並不大，因為我們主要關注的是 CLM 業務，對嗎？對於公司來說，Sign 非常簡單且易於部署，因此對 SI 提供的附加服務的需求並不大。

But with IAM, that's really changing the picture and across really all of Docusign. And at the same time, this is an area where the SIs do a tremendous amount of work already. They pretty much all have large practice areas in digital transformation that includes or is focused specifically on the agreement space and haven't had a platform to build those practices on top of. So we see a lot of inbound interest from the big names in the industry.

但有了 IAM，情況才真正改變了，也影響了整個 Docusign。與此同時，SI 已經在這個領域做了大量工作。他們幾乎都在數位轉型方面擁有廣泛的實踐領域，其中包括或專門專注於協議領域，但還沒有一個平台來建立這些實踐。因此，我們看到業內許多大公司對此表現出濃厚興趣。

I would rate us as relatively immature. And really, we are fully danced with the big SIs right now, but we are ramping up. As I said, a lot of interest. We know how critical that is to unlock the full potential of the enterprise. And they are very keen to partner with us as well-trusted, well-respected brand that I think has the most complete and compelling vision and agreements. And so -- but we have growing to do to fully capitalize on what the GSIs represent.

我認為我們相對不成熟。事實上，我們目前正與大型 SI 進行全面合作，但我們正在加大力度。正如我所說，有很多興趣。我們知道這對於釋放企業的全部潛力至關重要。他們非常渴望與我們合作，因為我們是值得信賴、備受尊敬的品牌，我認為我們擁有最完整、最引人注目的願景和協議。所以——但我們還需要做更多的工作才能充分利用 GS​​M 所代表的優勢。

So that's a big focus of mine and Paula's. We hired a fantastic new leader for our partner organization. It was very strong in that area. And so it's a top priority for us to -- over the next couple of years to really build out our GSI partners.

這是我和 Paula 關注的重點。我們為合作夥伴組織聘請了一位出色的新領導者。它在那個地區非常強大。因此，在未來幾年內，我們的首要任務是真正建立我們的 GSI 合作夥伴。

Okay. Great. And then, Blake, sorry if I missed this. I think you said in your prepared commentary -- but the upside on margins this quarter was partially due to some of the duplication of cloud costs going away earlier. Can you just remind me sort of on some of the upside levers on margin this quarter relative to your guide? Thanks.

好的。偉大的。然後，布萊克，如果我錯過了這一點，我很抱歉。我想您在準備好的評論中說過——但本季利潤率的上升部分是由於部分重複的雲端成本早些時候消失了。您能否提醒我本季相對於您的指南而言的利潤率的一些上行槓桿？謝謝。

Sure. The biggest component that drove operating margin outperformance was the revenue outperformance on the top line, right? We don't have like a ton of variable cost in this business so that when we outperform on the top line, we usually have the advantage that can fall to the bottom line, which it did for us. And that's was the majority of the out-margin side.

當然。推動營業利潤率超出預期的最大因素是營業收入超出預期，對嗎？我們在這個行業中沒有大量的可變成本，因此，當我們在營收上表現出色時，我們通常會獲得一些利潤，而這些利潤可能會落到利潤上，我們的情況就是這樣的。這就是超出邊緣的大部分。

On the cloud migration component, we just have a little bit of timing push from Q1 and then out into kind of Q2 and Q3, and you can see that reflected in our guide. That happens from time to time, nothing to concern of or anything like that, but that was the other component of our job performance.

在雲端遷移組件方面，我們只是從第一季開始稍微推進了一些時間，然後進入第二季度和第三季度，您可以在我們的指南中看到這一點。這種情況時有發生，沒有什麼好擔心的，但這是我們工作表現的另一個組成部分。

Thanks, guys.

謝謝大家。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Thanks, Allan. Just on the sales change, I mean, we've all witnessed the last couple of decades sales changes in Q1. They have their impact. And I think everyone was just curious, is this -- I know you said it's going to take time, but do you think this is -- was this a massive overhaul? Was it a tweak? Do you think it's a six-month digestion? Do you think it's a nine month? I mean, how do you gauge the magnitude and the duration of how long this takes to settle in?

謝謝，艾倫。就銷售變化而言，我的意思是，我們都見證了過去幾十年來第一季的銷售變化。它們有其影響力。我想每個人都很好奇，這是——我知道您說這需要時間，但您認為這是——這是一次大規模的改革嗎？這是一次調整嗎？你以為是六個月的消化嗎？你認為這是九個月嗎？我的意思是，你如何衡量這個問題的嚴重程度以及需要多長時間才能解決？

I think we feel pretty good about that settle in, and we're already seeing stabilization and normalization here early in Q2. So I'm pretty optimistic.

我認為我們對這種穩定感到十分滿意，並且我們在第二季度初就已經看到了穩定和正常化。所以我非常樂觀。

Let me just start with the, I think, the overall piece, which is we really wanted to set ourselves up with the right long-term decision to maximize our opportunity and value here. And so when you make -- when you do that, you have to be willing to encounter just a little bit of turbulence in the short run. We've shown a pattern of doing that. You may recall, we had some difficult decisions in Q1 in the last couple of years. And we're just trying to set ourselves up for the right long-term health.

讓我先從整體上說，我們確實希望做出正確的長期決策，以最大限度地發揮我們在這裡的機會和價值。因此，當你這樣做的時候，你必須願意在短期內遇到一點點的動盪。我們已經展示了這樣做的模式。您可能還記得，過去幾年我們在第一季做出了一些艱難的決定。我們只是想為自己的長期健康做好準備。

I'm very pleased with where it's going.

我對它的進展非常滿意。

I'd say that if you think about where the adjustments play out, the commercial segment can adjust very quickly, right? You give people new books, but the sales cycle is shown up, and it's a higher volume or repetitive motion. So they were able to get there very quickly.

我想說，如果你想想調整的結果，商業領域可以調整得很快，對嗎？你給人們新書，但銷售週期已經顯現，而且是一個更高容量或重複的動作。所以他們能夠很快到達那裡。

Takes a little longer in our enterprise segment, which we're building relationships over a more extended period of time, but I'm feeling that the team is really settling in, and just the quality and scale and pipeline that the team is generating is picking up, and we were in any event, always going to be building our enterprise business during the course of the year. So I'm feeling pretty good.

在我們的企業領域，我們需要更長的時間來建立關係，但我感覺團隊真的在安頓下來，團隊的品質、規模和管道都在提升，無論如何，我們都會在這一年中不斷建立我們的企業業務。所以我感覺很好。

We did throw a lot of levers. I'd put it at sort of -- as I said, I think, on the last earnings call, sort of a medium-size change and very carefully planned and considered. And it's sort of ironic that one of these smaller things that really weren't the core strategic focus of ended up tripping us up a little bit on the billings side.

我們確實投入了很多力量。我認為——正如我在上次財報電話會議上所說的那樣，這是一種中等規模的變化，並且經過了非常仔細的計劃和考慮。諷刺的是，這些實際上並非核心戰略重點的小事最終卻在帳單方面給我們帶來了一些阻礙。

But that's really a timing issue and not something that plays to the long-term health or strength of the business. So I'm feeling great about the changes we made, how they settled in, and how they set us up.

但這其實是一個時機問題，與企業的長期健康或實力無關。所以我對我們所做的改變、他們如何適應以及他們如何為我們做好準備感到非常高興。

Okay. And for Blake, just the number 300,000-plus customers were down quarter on quarter, is that just seasonal? Or is there anything else to read into that?

好的。對布萊克來說，30多萬名客戶的數量較上季下降，這只是季節性因素嗎？或是有其他可以解讀的嗎？

Yeah. Thanks, Brent. Yes, it's mostly seasonal. You'll see that occur. I think the biggest thing that I tend to look at is just on that year-over-year side growing. And you also heard us, it's a small component today, obviously, but low single-digit share of those larger customers starting to use IAM.

是的。謝謝，布倫特。是的，主要是季節性的。您會看到這種情況發生。我認為我最關注的就是逐年的成長。您也聽到了我們所說的，顯然，它今天只是一個小組成部分，但在開始使用 IAM 的大型客戶中，它只佔個位數的低份額。

Again, while it's a super small chunk of it, I'm excited about the opportunity that we have there over the long term. It's going to take time, but that was exciting for me to see just the very early beginnings of our penetration there.

再說一次，雖然這只是其中很小的一部分，但我對我們長期擁有的機會感到興奮。這需要時間，但我很高興看到我們剛開始滲透到那裡。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. Thanks for all the detail on this, and if I can ask one more, if it's all right. So when did you know that billings would come in below where you had guided?

偉大的。感謝您提供所有詳細信息，如果可以的話，我可以再問一個問題。那麼，您什麼時候知道帳單收入會低於您預期的水平？

Yeah. Why don't I start and then you jump in. So look, early billings almost definitionally happened very late in the quarter. And so we didn't really have good visibility on it until the last couple of weeks. And so that was not something we had probably foreseen, but obviously a previewed it at the beginning of the quarter because it is such a timing-sensitive thing that comes together in the last couple of weeks or even the last couple of days.

是的。為什麼先由我來開始，然後再加入呢？所以看起來，早期的帳單幾乎肯定是在本季末發生的。因此，直到最近幾週我們才真正對此有了很好的了解。因此，這可能不是我們預見到的事情，但顯然在本季度初對其進行了預覽，因為這是一個非常時間敏感的事情，會在過去幾週甚至幾天內發生。

I don't know, Blake, if you want to add to that?

我不知道，布萊克，你是否想補充一點？

No. I mean, I just reinforce like the vast -- just so everybody knows, the vast majority of our early renewals very consistently comes in the last two weeks of the quarter. And so there is volatility that's what you'll hear us talk about the timing of these billings based on start dates and close dates that can cause a lot of volatility in the number. And so that's the component here.

不。我的意思是，我只是想強調——為了讓每個人都知道，我們絕大多數的早期續約都非常持續地發生在本季的最後兩週。因此存在波動性，您會聽到我們談論基於開始日期和結束日期的這些帳單的時間，這可能會導致數字的大幅波動。這就是這裡的組件。

What I regret on the work that we've done is we forecasted the timing impact later than Q1 and it occurred in Q1. Everybody is operating as a way we had planned, right? Like the way the plan is designed, like Allan said, we're really happy with how this is working out.

對於我們所做的工作，我感到遺憾的是，我們預測的時間影響晚於第一季度，而它卻在第一季就發生了。大家都在照我們計畫的方式運作，對嗎？就像艾倫所說的那樣，我們對計劃的設計方式感到非常滿意。

From a forecasting perspective, and I and the leadership team own this, is that we forecasted for later than Q1, and it happened in Q1. Now at the end of the day, that's just timing. It doesn't affect the health of the business.

從預測的角度來看，我和領導團隊都承認，我們預測它會晚於第一季發生，而它確實在第一季發生了。現在說到底，這只是時間問題而已。它不會影響業務的健康。

It doesn't affect revenue. It's not an indication of demand. And so from a business perspective, it's kind of -- I don't want to call it a nonevent, but it doesn't affect the health of the business, so I'm really excited about that.

這不會影響收入。這並不能顯示需求。因此，從商業角度來看，這有點——我不想稱其為無足輕重的事件，但它不會影響業務的健康，所以我對此感到非常興奮。

Yeah. We saw the right kind of changes in our earliest mix more than being accretive and so on. And so that's exactly the changes we're looking for.

是的。我們在最早的組合中看到了正確的變化，而不是增值等等。這正是我們所期待的改變。

Go ahead. I'm sorry, go ahead.

前進。抱歉，請繼續。

And a follow-up, if I could ask maybe a little bigger picture. So Allan, what are you seeing competitively? How do you feel about that? And then I'm sure everyone saw that Dan ended up at IronClad, so maybe if you can comment on if that's a competitor and where it fits in, that would be great.

接下來，如果我可以問的話，也許可以問得更詳細一些。那麼艾倫，你認為競爭如何？你對此有何感想？然後我相信每個人都看到 Dan 最終加入了 IronClad，所以如果你能評論一下這是否是競爭對手以及它適合什麼位置，那就太好了。

I think in terms of our -- the legacy markets, if you will, that we operate in, I see very little change in the competitive dynamics. I think the signed shares and competitor innings have been stable anything that if maybe even doing a little bit better. CLM space continues to be quite competitive in a number of players, and it's a small category overall, but we are -- I think we're holding our own, but it's definitely competitive.

我認為就我們所經營的傳統市場而言，競爭動態幾乎沒有改變。我認為簽約份額和競爭對手的局數一直很穩定，甚至可能做得更好一些。CLM 領域的競爭仍然相當激烈，有很多參與者，總體來說它是一個小類別，但我們——我認為我們能保持自己的地位，但絕對具有競爭力。

In terms of our re-articulation and repositioning of the company, I think we're really setting the pace. But as we've expanded our ambitions, not only are we seeing, of course, some of the players that have competed with us in existing categories, running into other potential competitors, but overall, I think we're setting the pace and becoming much more of a thought leader for the agreement space more holistically.

就我們對公司的重新闡述和重新定位而言，我認為我們確實處於領先地位。但隨著我們不斷擴大抱負，我們不僅看到一些在現有類別中與我們競爭的參與者遇到了其他潛在競爭對手，而且總的來說，我認為我們正在設定步伐，並更全面地成為協議領域的思想領袖。

And I think it's really about our execution right now. I'm not as focused on competition as perhaps we've been in our past discussions as we had the more maturity sign category.

我認為現在真正重要的是我們的執行力。我並不像我們過去的討論中那樣關注競爭，因為我們有更多的成熟度標誌類別。

Scott Berg, Needham & Company.

伯格（Scott Berg），Needham & Company。

Hi. This is Ian Black on for Scott Berg. Does the lease of our new transitional IAM SKU impact early renewals? And how has that still affected your go-to-market motion?

你好。我是伊恩布萊克 (Ian Black)，為斯科特伯格 (Scott Berg) 主持節目。我們新的過渡 IAM SKU 的租賃是否會影響提前續約？這對您的行銷行動有何影響？

Yeah. I would say the transitional SKU is immaterial to the results for us for the quarter. We would have highlighted that if that was there. It's really meant. It's an option for customers. We want to make sure that they have the right options available to them, but it wasn't an impact for us in the quarter.

是的。我想說過渡 SKU 對我們本季的業績來說並不重要。如果有的話，我們就會強調這一點。確實是這個意思。這是客戶的一種選擇。我們希望確保他們有正確的選擇，但這對我們本季的業務沒有影響。

Thank you. And how has that SKU impacted your guidance go-to-market motion?

謝謝。該 SKU 對您的指導上市行動有何影響？

It's not -- I mean, you could say it's included in the guidance that we have, but the impact, we think, is going to be relatively small.

不是——我的意思是，你可以說它包含在我們的指導中，但我們認為其影響相對較小。

Okay. Thank you.

好的。謝謝。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Hi. This is Arsen on for Alex. I guess just what's holding you guys back from excluding early renewals from that updated guidance given the dynamic in Q1? And can you just walk us through how much early renewals are assumed now versus last Q1 guidance was initially provided and why it's viewed as conservative? And just a quick follow-up after that. Thanks.

你好。這是阿森 (Arsen) 為亞歷克斯 (Alex) 上場。我想，考慮到第一季的動態，是什麼阻止你們將提前續約排除在更新後的指導之外？您能否向我們介紹一下，與最初提供的上一季指引相比，現在假設的提前續約幅度是多少，以及為什麼它被視為保守的？之後只是快速的跟進。謝謝。

Sure. So we don't break out our book of renewals based on time, early, late. There's just a whole host of different ways you can think about that. Early renewals, just as an education folks -- some folks know or not is a very regular and recurring part of our business. It is something that in the majority of cases come with expansion.

當然。因此，我們不會根據早、晚的時間來制定續約書。你可以用多種不同的方式來思考這個問題。提前續約，就像對人們進行教育一樣——有些人知道或不知道，這是我們業務中非常常規和反覆出現的一部分。大多數情況下，它是隨著擴張而來的。

And so you like that because that means that customers are either needing more capacity, want more features all those types of things. So it's not something we're -- I don't want anybody to think like an early renewal is like a [VAT] renewal by any sense of the measure because that's one of the things we really like is that when customers are consuming more than they had planned or they originally bought. A lot of times, I mean they want to get more from us as well.

所以你喜歡這樣，因為這意味著客戶要么需要更多容量，要么想要更多功能等等。所以這不是我們想要的——我不希望任何人認為提前續約就像是增值稅續約，因為這是我們真正喜歡的事情之一，當客戶的消費量超過他們的計劃或最初購買量時。很多時候，我的意思是他們也想從我們身上得到更多。

Obviously, the conservatism in the early renewal component in the forecast, which is timing, I think when you heard in the prepared remarks, you've got the impact from FX. And then we have two different kind of positive impact from FX, two different offsetting impacts, they're both worth about the same size, whether it's the early renewal component, giving us a little bit more room to operate around the issue of timing and then a little bit more conservatism around the bookings just based on the uncertainty and environment. We think that's the prudent thing to do as we look out today.

顯然，預測中早期更新部分（即時機）的保守性，我認為當您在準備好的發言中聽到時，您已經受到了外匯的影響。然後，我們從外匯中獲得了兩種不同的正面影響，兩種不同的抵銷影響，它們的價值都大致相同，無論是早期續約部分，還是基於不確定性和環境，在預訂方面給我們更多的操作空間，都讓我們更加保守。我們認為從今天來看這是明智之舉。

Got it. That's helpful. And then just looking at IAM pricing today, it seems to have gone up since last quarter without having that lower price point relative to like eSig Business Pro. Is this indicative of you just seeing better adoption than expected and trying to capture more value with this momentum to get better growth?

知道了。這很有幫助。然後僅查看今天的 IAM 定價，它似乎自上個季度以來有所上漲，但相對於 eSig Business Pro 而言價格並沒有降低。這是否表明您看到的採用情況比預期的要好，並試圖利用這種勢頭獲取更多價值，從而獲得更好的成長？

No. Look, I think we feel we're delivering a lot more value and we charge a premium, and customers have been willing to pay back across all five segments.

不。看，我認為我們感覺我們提供的服務具有更高的價值，而且我們收取更高的費用，而客戶也願意在所有五個細分市場中支付費用。

And we're adding features along the way.

我們正在不斷添加新功能。

And the packages are becoming more valuable. And with all that we announced here at the Momentum, there's a lot more there across every segment.

而且包裹的價值也越來越高。我們在 Momentum 上宣布了多項舉措，而各領域還有更多舉措。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Great. Appreciate you squeezing me on. Blake, there's been a lot of questions on the impact, but you mentioned the health of early renewals in Q1 improved. Can you unpack that piece a bit more? What were you seeing last year?

偉大的。感謝您對我的擠壓。布萊克，關於影響有很多疑問，但您提到第一季早期續約的健康狀況有所改善。您能進一步解釋一下這個部分嗎？去年你看到了什麼？

Was that customers renewing smaller in certain instances? Is IAM something that you now have in response? Or what else you're doing to continue to improve the health of those renewals going forward?

在某些情況下，客戶的續約金額是否較小？現在您對 IAM 有什麼反應嗎？或者您還採取了哪些措施來繼續改善這些續約的健康狀況？

Yes. Thanks, and thanks for the question, too. I think what we got from the go-to-market changes that we made was that -- so the renewals happen (inaudible) is you can have expansion or you can have a flat renewal or you can have an early renewal with partial churn. For those renewals that are flat or have partial churn, you actually prefer to renew them in their kind of natural renewal cycle timing. So you call it like their on-time contract date.

是的。謝謝，也感謝您的提問。我認為，我們從所做的市場進入變革中得到的是 - 因此續約發生（聽不清）是你可以進行擴張，或者你可以進行平穩續約，或者你可以進行部分流失的早期續約。對於那些持平或有部分流失的續約，您實際上更喜歡按照其自然的續約週期時間來進行續約。所以你稱之為他們的準時合約日期。

Now there's a bunch of different reasons why customers may want to do a flat renewal with high capacity or consumption, maybe they don't want an expansion, but they need a new rule. So flat could be good in those ways. But the big difference what we saw on a year-over-year basis in that mix percentage I shared in the prepared remarks is that the mix of flat and partial churn renewals dropped 30% year over year.

現在，客戶可能出於各種不同的原因想要進行高容量或高消耗的固定更新，也許他們不想擴張，但他們需要一條新規則。因此從這些方面來看，平坦可能是件好事。但我們在準備好的發言中分享的混合百分比與去年同期相比出現的巨大差異是，持平和部分流失續約的混合百分比與去年同期相比下降了 30%。

And so that's the data point that you hear from us soon, at least for me, when I think about, oh, those are working the way that was intended in that you're seeing a larger mix than shifting to those earlies with expansion rather than some that also have some more partial churn in them. And partial churn renewals happen, right?

所以這就是您很快就會從我們這裡聽到的數據點，至少對我來說是這樣，當我想到，哦，它們正在按照預期的方式工作，因為您看到的是更大的組合，而不是轉向那些早期的擴展，而不是一些也有一些部分流失的組合。部分客戶流失續約也會發生，對嗎？

Not every customer expands with you when you -- when they renew. And so that was really -- when I'm talking about the health of the (inaudible) a larger focus on those flat to renewals with expansion, that really drive the help of the business forward.

當您續約時，並非每位客戶都會與您一起擴展業務。所以，當我談論（聽不清楚）的健康狀況時，我更加關注那些平穩的續約和擴張，這確實推動了業務的發展。

Just as a small follow-up, we've seen the pros and cons of early renewal impacts on billings. Do you considered ARR as a substitute for billings at all? Or what, from your perspective, makes billings the right metric to focus us all in some of the puts and takes and questions you're feeling here?

作為一個小小的後續行動，我們已經看到了提前續約對帳單的影響的利弊。您是否考慮過用 ARR 來替代帳單？或者，從您的角度來看，是什麼使得帳單成為正確的衡量標準，讓我們專注於您在這裡感受到的一些優點和缺點？

Yes. No, it's a great question. It's something that we talk about a lot. Billings is clearly not ideal because of the impact of timing, right? In this quarter and the past couple of quarters, actually.

是的。不，這是一個很好的問題。這是我們經常談論的事情。由於時間的影響，比林斯顯然不太理想，對嗎？事實上，在本季和過去幾個季度都是如此。

The way we handle that is we try to be really clear about that. So when it's a tailwind, and it provides kind of that extra growth for us, we are trying to be very clear and transparent with folks about that. And I think we did a job of that in the second half of last year where we had that tailwind and we're sure to highlight it.

我們處理這個問題的方式是盡量把這個問題講清楚。因此，當它成為順風並為我們帶來額外增長時，我們會努力向人們非常清楚和透明地說明這一點。我認為我們在去年下半年完成了這項工作，當時我們順風順水，我們肯定會強調這一點。

It's also part of the reason why we're talking about IAM as a percentage of recurring revenue in book of business and not billings. What I can just say is we're actively thinking about better ways to communicate our business trends and be more thoughtful, but really consider kind of like the long-term evolution of this business, especially with IAM, which is still early. So I would say I recognize it, and so stay tuned on that.

這也是為什麼我們將 IAM 作為業務帳簿中經常性收入的百分比而不是帳單來討論的原因之一。我只能說，我們正在積極思考更好的方式來傳達我們的業務趨勢，並且更加周到，但真正考慮的是這個業務的長期發展，特別是 IAM，這還處於早期階段。所以我想說我認識到了這一點，所以請繼續關注。

Will Power, Baird.

威爾鮑爾、貝爾德。

Okay. Great. Maybe just shifting gears a little bit. You all noted the strong consumption trends in the quarter, I think you even indicated some of the indicators that were as strong as they've been in a couple of years. Maybe anything you can do to kind of unpack kind of the drivers and kind of the outlook for consumption as you move forward here?

好的。偉大的。或許只是稍微改變一下節奏。大家都注意到了本季強勁的消費趨勢，我認為你們甚至指出了一些指標與過去幾年一樣強勁。也許您可以採取一些措施來解析推動消費的因素和前景？

Yes. I mean I'll take a stab at this. It's I would say it's pretty challenging to disentangle exactly what that means other than the fact that I think higher consumption and higher usage is almost a good thing for us. With the trickiness in there and disentangling is, oh, do you have people that are potentially running higher to their limit for something that's going on in their business, but almost always that people are using more of their contracts than they have previously, that's a good thing. And so I think it just bodes well for us.

是的。我的意思是我會嘗試一下。我想說的是，除了我認為更高的消費和更高的使用對我們來說幾乎是一件好事之外，要弄清楚這到底意味著什麼是相當困難的。這其中的棘手之處和需要解決的問題是，哦，你是否有人可能會因為他們業務中發生的事情而將資金用到極限以上，但幾乎總是人們比以前更多地使用他們的合同，這是一件好事。所以我認為這對我們來說是個好兆頭。

But the timing and the tipping point to move from contract utilization to a new contract is really an independent kind of decision that each customer makes on their own in kind of operating with their own representative from Docusign, but nothing else more than I've seen within the data.

但是從合約使用轉向新合約的時間和轉折點實際上是一種獨立的決定，每個客戶在與 Docusign 自己的代表合作時自行做出，但我從數據中看到的僅此而已。

I think that the usage trends still continue to look good for us from a year-over-year perspective. We highlighted that's continued in May. It's been very, very consistent for us, I would say, over the past few quarters, which I think has been great, and I believe based on that data, it bodes well for us.

我認為，從同比來看，使用趨勢對我們來說仍然保持良好。我們強調，這種情況在五月仍在持續。我想說，在過去的幾個季度裡，我們的業績一直非常非常穩定，我認為這非常好，而且我相信根據這些數據，這對我們來說是個好兆頭。

Yes. I would just add that, look, one of the things I was very pleased to see is that I think -- Blake called this out in his prepared remarks, I think we had like a four-year high in contract consumption. So we're really through that full post-COVID (inaudible) at a pretty healthy point there. And so I think that bodes well for the future. So makes margin more optimistic.

是的。我只想補充一點，你看，我很高興看到的一件事是，我認為——布萊克在他的準備好的發言中提到了這一點，我認為我們的合約消費量達到了四年來的最高水平。因此，我們確實已經完全度過了後疫情時代（聽不清楚），並且處於一個相當健康的階段。所以我認為這對未來來說是個好兆頭。因此利潤率更加樂觀。

Yes, most seem positive. My other question is just on gross retention. I think you all indicated you expected that to improve in the second half of the year. I just hope you could provide any -- some additional color as to kind of the key drivers and confidence level around that.

是的，大多數看起來都是正面的。我的另一個問題是關於總留存率。我想大家都表示過，預計今年下半年情況會有所改善。我只是希望您能提供一些關於關鍵驅動因素和信心水平的額外資訊。

Yes. So for us in gross retention, we improved year over year in Q1. We expect that trend to continue for the remainder of the year. It's a trend that's been going on here, I would say, at least for the last 18 months, and we're really excited about that. It's working better with our customers, talking -- getting in front of deal renewal timing, looking at their usage, looking at the types of uses that they can have with us and having those conversations -- having conversations as well about IAM and having those discussions as well.

是的。因此，對我們來說，第一季的總留存率年比去年有所提高。我們預計這一趨勢將在今年剩餘時間內持續下去。我想說，至少在過去的 18 個月裡，這種趨勢一直存在，我們對此感到非常興奮。它與我們的客戶合作得更好，交談——提前了解交易續約時間，了解他們的使用情況，了解他們可以與我們進行哪些類型的使用，並進行這些對話——就 IAM 進行對話並進行這些討論。

And so it's just a continuation of a trend of better results for us that we're excited about.

因此，這只是我們取得更好成果趨勢的延續，我們對此感到興奮。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Just curious if you can speak to the activity levels that you're seeing from segments of the economy that might be slowing or could slow in the second half due to interest rate tariffs. And I'm thinking of real estate, construction, manufacturing, the tech industry has had layoffs, consumer goods, et cetera.

我只是好奇，您是否可以談談您所看到的經濟各個領域可能正在放緩或下半年可能因利率關稅而放緩的活動水平。我想到的是房地產、建築、製造業、科技業、消費品等都出現了裁員。

And understand that you didn't seem to see any aggregate change or material change in macro, but is there any bifurcation where those industries are slowing and other industries are picking up or just anything you're noticing that looks any different?

而且您明白，您似乎沒有看到宏觀上的任何總體變化或實質性變化，但是是否存在一些分叉現象，即這些行業正在放緩而其他行業正在回升，或者您注意到任何看起來不同的東西？

Sure. I'll take a stab at that. So I would say that the trends have been relatively consistent for us over the last few quarters, like on a usage kind of basis, the same verticals continue to show strength for us, whether that's financial services, healthcare, insurance, those have been kind of standout ones for us. I would say real estate continues to grow year-over-year, but less than the total, if you will. And that's been pretty consistent as well.

當然。我會嘗試一下。因此我想說，過去幾季我們的趨勢相對一致，例如從使用情況來看，相同的垂直領域繼續展現出優勢，無論是金融服務、醫療保健還是保險，這些領域對我們來說都是突出的。我想說的是，房地產繼續逐年增長，但增長幅度低於整體增長。這也是相當一致的。

So they're still growing. I just think there's room to improve there over time, depending on how everything works out, but no massive volatility over the last quarter in any major thing.

所以它們仍在成長。我只是認為隨著時間的推移還有改進的空間，這取決於一切進展如何，但上個季度在任何重大事件中都不會出現巨大的波動。

Okay. And Blake, as a quick follow-up, you had commented that the Q1 billings delta is a function of timing, not demand. Actually, I guess, Allan said that. But that being the case, I'm curious why the renewals couldn't bounce back rather automatically in Q2. In other words, if non-early renewals just become regular old on-time renewals, and then if that happened, why couldn't that produce a slightly better level of Q2 billings growth than what you're guiding to?

好的。布萊克，作為快速的後續問題，您曾評論說，第一季的帳單增量是時間函數，而不是需求函數。事實上，我猜，艾倫是這麼說的。但既然如此，我很好奇為什麼續約量在第二季不能自動反彈。換句話說，如果非提前續約只是變成了常規的按時續約，那麼如果發生了這種情況，為什麼第二季的帳單成長水準不能比你預期的略好一些呢？

Yes, that's the question, right, because in general, lower early than a quarter results in higher on-time results renewals in future quarters. Not all of our renewals are just 1one quarter out, some are one, two, three or more than four quarters out depending on the customer. So you do have a partial offset from that kind of lower water level on future lease contribution.

是的，這就是問題所在，對吧，因為一般來說，比一個季度更早的更新會導致未來幾季的準時結果更新更高。並非所有續約都只間隔一個季度，有些續約間隔一、二、三或四個季度以上，具體取決於客戶。因此，您確實可以透過未來的租賃貢獻來部分抵消這種較低的水位。

That's going to create hard comps year over year, as you progress through the year. But the reason why you don't see that necessarily in all your guidance is because of that, we've also included the additional room to operate as we progress through the year.

隨著您一年年進步，這將逐年創造艱難的競爭。但您之所以不一定在所有指導中都看到這一點，是因為我們還在全年的進展中增加了額外的營運空間。

So that's just the services for us on the timing aspect and the magnitude of it. It makes sense to do that, especially when the action service is around timing, and it doesn't have a material effect on our revenue forecast, but that's why you don't see that showing back in the guide.

所以這只是我們在時間方面和規模上提供的服務。這樣做是有意義的，特別是當行動服務與時間有關時，並且它對我們的收入預測沒有實質性的影響，但這就是為什麼你沒有在指南中看到它的原因。

Okay, everyone. Thank you, (inaudible). Thank you to all who joined today's call.

好的，各位。謝謝你，（聽不清楚）。感謝今天參加電話會議的所有人。

In closing, I just want to emphasize how excited we are about the increased pace of innovation at Docusign, the value we're delivering to customers and the long-term decision-making we're doing to realize the large IAM opportunity.

最後，我只想強調我們對 Docusign 創新步伐的加快、我們為客戶提供的價值以及我們為實現巨大的 IAM 機會而做出的長期決策感到非常興奮。

Thanks to the team for their energy and focus and to our owners for your ongoing support. Thank you.

感謝團隊的精力和專注，並感謝我們業主的持續支持。謝謝。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。