DocuSign Inc (DOCU) 2026 Q2 法說會逐字稿

Good afternoon ladies and gentlemen and thank you for joining DocuSign's second quarter fiscal year '26 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded and will be available for replay from the investor relations section of the website following the call. (Operator Instructions)

女士們、先生們，下午好，感謝你們參加 DocuSign 26 財年第二季財報電話會議。（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。（操作員指示）

I'd now like to pass the call over to Matthew Sonenfeld, Head of Investor Relations. Please go ahead.

現在我想將電話轉給投資人關係主管馬修‧索南菲爾德 (Matthew Sonenfeld)。請繼續。

Thank you, operator. Good afternoon and welcome to DocuSign's Q2 fiscal 2026 earnings call. Joining me on today's call are DocuSign CEO, Allan Thygesen; and CFO, Blake Grayson. The press release announcing our second quarter fiscal 2026 results was issued earlier today and is posted on our investor relations website along with the published version of our prepared remarks.

謝謝您，接線生。下午好，歡迎參加 DocuSign 2026 財年第二季財報電話會議。參加今天電話會議的還有 DocuSign 執行長 Allan Thygesen 和財務長 Blake Grayson。宣布我們 2026 財年第二季業績的新聞稿已於今天早些時候發布，並與我們準備好的評論的已發布版本一起發佈在我們的投資者關係網站上。

Before we begin, let me remind everyone that some of our statements on today's call are forward-looking, including any statements regarding future performance. 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，我們今天電話會議上的一些聲明是前瞻性的，包括有關未來表現的任何聲明。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 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, and except as required by law, we assume no obligation to update these statements in light of future events or new information.

具體來說，我們對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，除非法律要求，否則我們不承擔根據未來事件或新資訊更新這些陳述的義務。

During this call, we will present GAAP and non-GAAP financial measures. In addition, we provide non-GAAP weighted average share counts and information regarding free cash flows and 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 GAAP 指標並非旨在單獨考慮以替代或優於我們的 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 the quantitative reconciliation of those figures, please refer to today's earnings press release, which can be found on our website at investor.docusign.com.

有關我們的非 GAAP 財務資訊、最直接可比較的 GAAP 指標以及這些數據的定量對帳的信息，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. Q2 was an outstanding quarter. Platform innovation launches and the long-term focus go to market changes introduced in Q1 drove strong performance in commercial and enterprise customer segments across e-signature, CLM, and our AI native DocuSign intelligent agreement management platform.

謝謝你，馬特，大家下午好。第二季表現優異。平台創新的推出以及第一季推出的長期市場關注變化推動了電子簽名、CLM 和我們的 AI 原生 DocuSign 智慧協議管理平台在商業和企業客戶領域的強勁表現。

Q2 business results outperformed our expectations. Revenue was $801 million, up 9% year-over-year, and buildings were $818 million, up 13% year-over-year. Q2 topline performance accelerated and represented one of our strongest growth quarters over the past two years, with improved fundamentals across e-signature and CLM customers and growing contribution from IAM demand.

第二季的業績超出了我們的預期。營收為 8.01 億美元，年增 9%，建築收入為 8.18 億美元，年增 13%。第二季營收表現加速，是過去兩年來我們成長最強勁的季度之一，電子簽名和 CLM 客戶的基本面得到改善，IAM 需求的貢獻不斷增長。

Beyond an individual quarter, we're excited to see billings begin to accelerate on a full year basis and more so when we adjust for early renewals. Profitability benefited from top line strength combined with our ongoing commitment to driving efficiency. Non-GAAP operating margins were 30% as we continue to maintain strong profitability.

除了單一季度之外，我們很高興看到全年的帳單金額開始加速成長，當我們根據提前續約進行調整時，這種成長尤其顯著。獲利能力得益於營收實力以及我們對提高效率的持續承諾。由於我們持續保持強勁的獲利能力，非公認會計準則營業利潤率為 30%。

Free cash flow margins improved modestly year over year to 27%, which supported significant share repurchases with $200 million buybacks this quarter. As we make progress towards our goal to realize long-term profitable double digit growth, we continue to execute effectively on our three strategic pillars, strengthening our routes to market, accelerating innovation and improving operational efficiency.

自由現金流利潤率同比略有提高，達到 27%，這支持了本季 2 億美元的大量股票回購。在我們朝著實現長期獲利兩位數成長的目標邁進的同時，我們繼續有效執行三大策略支柱，加強我們的市場管道，加快創新並提高營運效率。

Let's start with our omni channel go to market this quarter. At the beginning of the year, we made meaningful changes to the direct sales organization, which included introducing new sales segments, territories, and performance-based compensation, all focused on maximizing DocuSign's long term opportunity and multi-year growth acceleration.

讓我們從本季的全通路上市開始。今年年初，我們對直銷組織進行了有意義的變革，包括引入新的銷售部門、銷售區域和基於績效的薪酬，所有這些都致力於最大限度地發揮 DocuSign 的長期機遇和多年的增長加速。

In Q2, we saw initial success from those changes, resulting in strong direct sales performance and growth in gross new bookings. Dollar Net Retention also reflected that strength, increasing to 102% on the back of higher gross retention rates.

在第二季度，我們看到這些變化取得了初步成功，帶來了強勁的直銷業績和新預訂總額的成長。美元淨留存率也反映了這一優勢，在總留存率提高的推動下，美元淨留存率增至 102%。

Continued steady growth in envelopes sent and year over year improvement in contract utilization reflects strong execution and e-signature demand. International growth continued to outpace domestic and digital revenue continued to grow faster than the overall business.

信封寄送量的持續穩定增長以及合約利用率的逐年提高反映了強勁的執行力和電子簽名需求。國際成長持續超過國內成長，數位收入的成長速度持續快於整體業務。

In Q1, we re-launched our partner program to align partners with our IAM strategy and build solutions with IAM that deliver value to customers. Our largest deal in Q2 was transacted through the Microsoft Azure marketplace. Also, a new partnership with the US Federal government's General Services Administration creates an opportunity to expand our existing e-signature sales to federal agencies with IAM to follow. Specific to IAM, the go to market changes are focused on realizing the massive multi-year opportunity ahead.

在第一季度，我們重新啟動了合作夥伴計劃，以使合作夥伴與我們的 IAM 策略保持一致，並利用 IAM 建構能夠為客戶帶來價值的解決方案。我們第二季最大的交易是透過 Microsoft Azure 市場達成的。此外，與美國聯邦政府總務管理局建立的新合作關係為我們擴大現有的電子簽名銷售範圍創造了機會，IAM 也將緊接著向聯邦機構銷售。具體到 IAM，市場變化的重點是實現未來多年的巨大機會。

In Q2, customers moving to the IM platform represented a greater share of direct deal volume and total gross bookings than in Q1. We're also finding that when customers move to IAM, they increase their e-signature usage.

在第二季度，轉向 IM 平台的客戶在直接交易量和總預訂量中所佔的份額比第一季有所增加。我們還發現，當客戶轉向 IAM 時，他們會增加電子簽名的使用。

Commercial SMB customers continued their strong pace of investment into IAM with companies like KindSight, Simplify, and Just Point, a VC-backed legal AI company, using AIM to speed up sales cycles and gain a deeper understanding of their agreements. We remain on track for IAM customers to represent a low double digit percentage of our book at year end.

商業 SMB 客戶繼續大力投資 IAM，KindSight、Simplify 和 Just Point（一家由風險投資支持的法律 AI 公司）等公司使用 AIM 來加快銷售週期並更深入地了解他們的協議。我們仍有望在年底讓 IAM 客戶占到我們帳簿的低兩位數百分比。

In Q2, we also saw encouraging demand for IAM from enterprise customers. While still early days, more than 50% of our enterprise account reps closed at least one IAM deal during the quarter. Notably, average overall deal size also increased in Q2, with IAM making inroads with large organizations like Sasata Technologies, a global sensor manufacturing leader, which has accelerated its workflows and is beginning to use the DocuSign Iris AI engine to surface insights from agreements.

在第二季度，我們也看到企業客戶對 IAM 的需求令人鼓舞。雖然仍處於早期階段，但本季超過 50% 的企業客戶代表已完成至少一筆 IAM 交易。值得注意的是，第二季平均整體交易規模也有所增加，IAM 與全球感測器製造領導者 Sasata Technologies 等大型組織取得了進展，Sasata Technologies 加快了其工作流程，並開始使用 DocuSign Iris AI 引擎從協議中獲取見解。

DocuSign CLM saw improved momentum in Q2, delivering one of the strongest quarters in year over year quarterly bookings growth in the last several years. CLM continues to be a top choice for enterprise customers with sophisticated enterprise workflows like T-Mobile, which has cut agreement processing time by 44%.

DocuSign CLM 在第二季表現出色，成為過去幾年中季度預訂量年增幅最強勁的季度之一。CLM 繼續成為擁有複雜企業工作流程的企業客戶的首選，例如 T-Mobile，它將協議處理時間縮短了 44%。

Also, DocuSign was recognized as a leader in the 2025 IDC Marketscape, AI enabled byside CLM report, which acknowledged that IAM is core to the DocuSign strategy of replacing legacy and fragmented systems. On the product side, our rapid pace of innovation demonstrates consistent progress against our ambitious public roadmap and a steady increase in the value that IAM creates for customers.

此外，DocuSign 在 2025 年 IDC Marketscape 人工智慧支援的平行 CLM 報告中被評為領導者，該報告承認 IAM 是 DocuSign 取代遺留和碎片化系統的戰略核心。在產品方面，我們快速的創新步伐表明我們雄心勃勃的公共路線圖正在不斷取得進展，IAM 為客戶創造的價值也在穩步增長。

The IAM platform delivers end to end agreement management, empowering organizations to create, commit to and manage their agreements at unprecedented scale and efficiency. IAM is an AI native platform that combines proprietary AI models with best in breed LLMs, drawing on DocuSign's vast agreement library, unmatched domain and workflow expertise, and seamless integration with important third party systems.

IAM 平台提供端到端協定管理，使組織能夠以前所未有的規模和效率創建、承諾和管理其協定。IAM 是一個 AI 原生平台，它將專有 AI 模型與最佳 LLM 相結合，利用 DocuSign 龐大的協議庫、無與倫比的領域和工作流程專業知識以及與重要第三方系統的無縫整合。

Over the past two quarters, the number of documents ingested and available in DocuSign Navigator, our intelligent repository has increased by over 150%. And customers are processing 10s of millions of agreements per month. Customers tell us IAM is delivering significant value by performing tasks in minutes that used to take hours or even days.

在過去兩個季度中，我們的智慧型儲存庫 DocuSign Navigator 中取得和可用的文件數量增加了 150% 以上。客戶每月要處理數千萬份協議。客戶告訴我們，IAM 可以在幾分鐘內完成以前需要幾小時甚至幾天才能完成的任務，從而創造了巨大的價值。

DocuSign covers a far broader range of agreement workflows than any other vendor, and the deep integration of cutting edge AI lets customers leverage years of agreement data with the leading ease of use, security, trust, and scalability they've come to expect from DocuSign. In the coming months, we'll launch AI agents within IAM, enabling new customer use cases and expanding our addressable market opportunity.

DocuSign 涵蓋的協議工作流程比任何其他供應商都要廣泛得多，並且深度整合了尖端人工智慧，使客戶能夠利用多年的協議數據，並獲得 DocuSign 所期望的領先易用性、安全性、信任度和可擴展性。在接下來的幾個月裡，我們將在 IAM 中推出 AI 代理，支援新的客戶用例並擴大我們可尋址的市場機會。

In Q2, we launched several new AI powered IAM capabilities to help customers unlock value across the entire agreement management life cycle. These include custom extractions, which let customers identify and capture organizations specific agreement information or clients specific terms without manually reviewing hundreds of thousands of contracts.

在第二季度，我們推出了幾項新的由人工智慧驅動的 IAM 功能，以幫助客戶在整個協議管理生命週期中釋放價值。其中包括自訂提取，讓客戶無需手動審查數十萬份合約即可識別和捕獲組織特定的協議資訊或客戶特定的條款。

We also recently launched agreement preparation, which enables IAM to detect the type of agreement you're creating, build a template that automatically suggests the position relevant fields. And to address the enterprise need for efficient, secure, and scalable user management, skin for DocuSign allows customers to automatically provision users through their existing identity providers.

我們最近也推出了協定準備功能，使 IAM 能夠偵測您正在建立的協定類型，並建立一個自動建議職位相關欄位的範本。為了滿足企業對高效、安全和可擴展的使用者管理的需求，DocuSign 皮膚允許客戶透過其現有的身分提供者自動配置使用者。

In closing, we're proud of our strong execution and performance in Q2, and encouraged by the positive feedback we're receiving from IAM customers in the commercial and enterprise segments around the world. We believe IAM and the DocuSign (inaudible) AI engine are uniquely positioned to transform how organizations operate their business with deeper insight and actionability from their agreements.

最後，我們為第二季的強勁執行力和業績感到自豪，並受到來自全球商業和企業領域的 IAM 客戶的正面回饋的鼓舞。我們相信，IAM 和 DocuSign（聽不清楚）AI 引擎具有獨特的優勢，可以透過從協議中獲得更深入的洞察力和可操作性來改變組織的業務運作方式。

As we deliver greater value to customers, we're doing it more efficiently and nearly the highest level of profitability and capital return to shareholders in our history. I want to thank the entire DocuSign team for their hard work, passion, and customer focus.

隨著我們為客戶提供更大的價值，我們也變得更加高效，並為股東帶來了幾乎歷史上最高的獲利水準和資本回報。我要感謝整個 DocuSign 團隊的辛勤工作、熱情和客戶關注。

I also want to acknowledge the announced changes to our Board of Directors and thank Maggie Wilderotter for her leadership during a time of transformative change in our company. Congratulate James Beer for becoming our Board Chair and welcome Mike Rosenbaum to the DocuSign family.

我還要承認我們董事會已宣布了變動，並感謝 Maggie Wilderotter 在公司轉型變革時期所發揮的領導作用。恭喜 James Beer 成為我們的董事會主席，並歡迎 Mike Rosenbaum 加入 DocuSign 大家庭。

DocuSign is the leading provider of AI-driven agreement management solutions, and we are incredibly excited about the enormous opportunity that lies ahead.

DocuSign 是領先的人工智慧驅動協議管理解決方案提供商，我們對未來的巨大機會感到無比興奮。

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 performance was strong across the business in Q2, a testament to our continued execution against our three strategic pillars, accelerating product innovation, strengthening our go to market channels, and improving our operating efficiency.

謝謝，艾倫，大家下午好。我們第二季的整個業務表現強勁，證明了我們繼續執行三大策略支柱，即加速產品創新、加強我們的市場管道和提高我們的營運效率。

In Q2, total revenue was $801 million and subscription revenue was $784 million, both up 9% year-over-year. There was no material impact on revenue growth related to foreign currency. Revenue outperformance this quarter was driven primarily by our direct sales channel, particularly within our e-signature business.

第二季總營收為8.01億美元，訂閱營收為7.84億美元，皆較去年同期成長9%。外幣對收入成長沒有重大影響。本季營收的優異表現主要得益於我們的直銷管道，尤其是電子簽名業務。

Q2 billings were, $818 million, up 13% year-over-year. This included a foreign currency growth tailwind of approximately 1% year-over-year, just slightly ahead of our expectations. Billings' outperformance this quarter was driven primarily by three different factors, with each having a relatively similar level of impact.

第二季的營業額為 8.18 億美元，年增 13%。其中包括外匯成長順風約 1%，年成長，略高於我們的預期。比林斯本季的優異表現主要受到三個不同因素的推動，每個因素的影響程度相對相似。

The first factor was strengthen direct customer demand and improved gross retention in our e-signature portfolio. Although it represents a much smaller share of our business, CLM also had a strong quarter as the CLM business grew well into the double digits year over year in Q2.

第一個因素是加強直接客戶需求並提高我們的電子簽名產品組合的總保留率。儘管 CLM 在我們的業務中所佔份額很小，但它也表現強勁，第二季度 CLM 業務同比增長達到兩位數。

The second factor was due to early renewal strength and the favorable timing of deals booked in Q2. While we saw higher early renewals and forecasted, the health of those renewals continued to improve year-over- year as the percentage of early renewals with expansion grew and the share of those that were flat or included partial churn declined.

第二個因素是由於早期續約力度以及第二季交易的有利時機。雖然我們看到了更高的提前續約量和預測，但這些續約的健康狀況繼續逐年改善，因為擴張的提前續約比例有所增長，而持平或包含部分流失的提前續約比例有所下降。

This dynamic is consistent with the trend we saw in Q1, where a byproduct of sales incentive adjustments resulted in healthier early renewals. We are encouraged by the consistency from Q1 to Q2, still recognizing that the timing of renewals can impact quarterly billings.

這種動態與我們在第一季看到的趨勢一致，銷售激勵調整的副產品帶來了更健康的早期續約。我們對第一季和第二季的一致性感到鼓舞，但仍意識到續約時間可能會影響季度帳單。

The third factor of our performance was driven by a slightly higher payment frequency shift to annual billing contracts. While the vast majority of our direct customers are billed on an annual basis, the share was slightly higher than forecasted.

影響我們業績的第三個因素是付款頻率略微提高，轉向年度結算合約。雖然我們的絕大多數直接客戶都是按年計費的，但這一比例略高於預測。

When removing the impact from timing relative to our forecast, billing's growth during the quarter was approximately 10% year over year. As a reminder, quarter to quarter billings can meaningfully fluctuate due to the timing of customers signing contracts.

當消除相對於我們預測的時間影響時，本季的帳單成長率約為 10%。提醒一下，由於客戶簽訂合約的時間不同，季度帳單可能會有顯著波動。

As a result, we are actively evaluating potential updates to our future top line reporting, including replacing billings with an alternative measure. We plan to provide more details during our third quarter earnings call in December.

因此，我們正在積極評估未來營收報告的潛在更新，包括以替代指標取代帳單。我們計劃在 12 月的第三季財報電話會議上提供更多詳細資訊。

The dollar net retention rate rose to 102% in Q2 from 101% in Q1 and increased year-over-year from 99% in Q2 of fiscal 2025. We are pleased to see the modest improvement in DNR which continues to be mostly driven by better gross retention. Usage trends also continue to show improvement. Consumption, a measure of envelope utilization, improved across all customer segments and nearly every major vertical in Q2, and the volume of envelopes sent in Q2 increased year over year at a rate consistent with prior quarters.

美元淨留存率從第一季的 101% 上升至第二季的 102%，與 2025 財年第二季的 99% 相比年增。我們很高興看到 DNR 的適度改善，這主要歸功於更好的總保留率。使用趨勢也持續呈現改善。消費量（信封利用率的衡量標準）在第二季度在所有客戶群和幾乎所有主要垂直領域都有所改善，並且第二季度發送的信封數量同比增長，速度與前幾個季度一致。

IAM sales maintained strong momentum this quarter, which slightly outpaced our expectations as we continue to scale the platform. In Q2, we saw an increase in average IAM customer deal size and encouraging sign as we took the first steps upmarket with the IAM Enterprise ramp.

本季度，IAM 銷售保持強勁勢頭，隨著我們繼續擴大平台規模，銷售略微超出了我們的預期。在第二季度，我們看到 IAM 客戶平均交易規模有所增加，這是一個令人鼓舞的訊號，因為我們透過 IAM Enterprise 邁出了高端市場的第一步。

We remain on track for IAM customers to contribute a low double digit percentage share of the subscription book of business exiting Q4. International revenue represented 29% of total revenue and grew 13% year- over-year.

我們仍有望讓 IAM 客戶在第四季度退出的業務訂閱簿中貢獻較低的兩位數百分比份額。國際收入佔總收入的29%，較去年同期成長13%。

We're encouraged that the Asia Pacific region was our fastest growing international region this quarter. Allan, Paula, and the team just held momentum events in that region in August, and we're pleased to see the growth there.

我們很高興看到亞太地區成為本季成長最快的國際地區。艾倫、保拉和團隊剛剛在八月在該地區舉辦了活動，我們很高興看到那裡的發展。

Digital revenue continued to deliver results with growth outpacing the overall business. In Q2, total customers grew 9% year-over-year, ending the quarter above $1.7 million. Large customers spending over $300,000 annually increased by 7% year-over-year to $1,137 in Q2.

數位收入持續取得成果，其成長速度超過整體業務。第二季度，客戶總數年增 9%，季末客戶總額超過 170 萬美元。每年消費超過 30 萬美元的大客戶在第二季年增 7%，達到 1,137 美元。

Turning to the financials, our focus on operating efficiency continued to yield strong results this quarter. Non-GAAP gross margin for Q2 is 82.0%, relatively in line with the prior year as higher revenue mostly offset the impact of cloud migration costs.

談到財務狀況，我們對營運效率的關注在本季度繼續取得了強勁的業績。第二季非公認會計準則毛利率為 82.0%，與去年基本持平，因為更高的收入基本上抵消了雲端遷移成本的影響。

We delivered record high non-GAAP operating income in Q2 at $239 million with performance versus our expectations attributable mostly to topline strength. Operating margin was 29.8%, down 240 basis points versus last year.

我們在第二季度實現了創紀錄的非 GAAP 營業收入，達到 2.39 億美元，這一業績超出了我們的預期，主要歸功於營業收入的強勁增長。營業利益率為29.8%，較去年下降240個基點。

As a reminder, we expected Q2 to have the most challenging year over year operating margin comparison of any quarter in fiscal 2026 due to several factors, including the timing and impact of our compensation programs, specifically the shift to cash from equity for some employees.

提醒一下，我們預計第二季度將是 2026 財年所有季度中同比營業利潤率最具挑戰性的季度，原因有幾個，包括我們的薪酬計劃的時間和影響，特別是一些員工從股權轉向現金。

As you may also recall, Q2 fiscal 2025 also had a one-time operating margin benefit of approximately 150 basis points associated with insurance reimbursements and the release of a litigation reserve. Our cloud computing migration also continues to provide a year over year headwind to margins.

您可能還記得，2025 財年第二季還獲得了與保險報銷和訴訟準備金釋放相關的約 150 個基點的一次性營運利潤率收益。我們的雲端運算遷移也持續為利潤率帶來逐年阻力。

We ended Q2 with 6,907 employees, up slightly versus 6,838 at fiscal 2025 year end. This reflects our measured approach to hiring in fiscal 2026 to support our strategic initiatives while maintaining efficiency. In Q2, we delivered $218 million of free cash flow, a 27% margin, which was a slight increase versus Q2 of last year as our collections efficiency remains strong combined with quarter billing strength. We do expect to see a lower free cash flow yield in Q3 versus Q2, primarily from the timing of billings.

截至第二季末，我們共有員工 6,907 人，較 2025 財年末的 6,838 人略有增加。這反映了我們在 2026 財年招募方面的審慎態度，以支持我們的策略計劃並保持效率。在第二季度，我們實現了 2.18 億美元的自由現金流，利潤率為 27%，與去年第二季度相比略有增長，因為我們的收款效率依然強勁，加上季度帳單強勁。我們確實預期第三季的自由現金流收益率會低於第二季度，主要原因是出票時間不同。

Our balance sheet is healthy, ending the quarter with approximately $1.1 billion of cash, cash equivalents, and investments. We have no debt on the balance sheet.

我們的資產負債表很健康，本季末的現金、現金等價物和投資約為 11 億美元。我們的資產負債表上沒有債務。

In Q2, we slightly increased the pace of our buyback activity and repurchased $200 million in share value, effectively redeploying the bulk of our quarterly free cash flow generation back to shareholders. We will continue to opportunistically repurchase shares, and while the pace of this activity may fluctuate quarter to quarter, share repurchases underscore our commitment to returning excess capital to shareholders.

在第二季度，我們略微加快了回購活動的步伐，回購了價值 2 億美元的股票，有效地將季度自由現金流的大部分重新部署給股東。我們將繼續適時回購股票，雖然這項活動的節奏可能每季都會有所波動，但股票回購凸顯了我們致力於向股東返還過剩資本的承諾。

Non-GAAP diluted EPS for Q2 was $0.92 compared to $0.97 last year. GAAP diluted EPS was $0.30. versus $4.26 cents last year. As a reminder, in Q2 of fiscal 2025 related to our GAAP financials, we released a valuation allowance on certain existing deferred tax assets, decreasing our non-cash tax expense by approximately $838 million.

第二季非公認會計準則稀釋每股收益為 0.92 美元，去年同期為 0.97 美元。GAAP 稀釋每股收益為 0.30 美元，去年同期為 4.26 美分。提醒一下，在與我們的 GAAP 財務相關的 2025 財年第二季中，我們釋放了某些現有遞延稅項資產的估值準備金，從而減少了我們的非現金稅費約 8.38 億美元。

Diluted weighted average shares increased slightly year over year to 211 million shares, whereas basic weighted average shares decreased slightly year over year to $203 million due to the impact of the repurchase program.

稀釋加權平均股數較去年同期略有增加，為 2.11 億股；而受回購計畫的影響，基本加權平均股數較去年同期略有減少，為 2.03 億美元。

With that, let me turn to guidance. We expect total revenue between $804 million to $808 million in Q3 or a 7% year-over-year increase at the midpoint. For fiscal 2026, we expect revenue between $3.189 million to $3.201 billion or a 7% year-over-year increase at the midpoint. Of this, we expect subscription revenue of $786 million to $790 million in Q3 or a 7% year-over-year increase at the midpoint and $3.121 billion to $3.133 billion for fiscal 2026 or at 8% year-over-year increase at the midpoint.

有了這些，讓我來談談指導。我們預計第三季總營收在 8.04 億美元至 8.08 億美元之間，或年增 7%。對於 2026 財年，我們預計營收在 318.9 萬美元至 32.01 億美元之間，或年增 7%。其中，我們預計第三季訂閱營收為 7.86 億美元至 7.9 億美元，以中位數計算年增 7%；2026 財年訂閱營收為 31.21 億美元至 31.33 億美元，以中位數計算年增 8%。

For billings, we expect $785 million to $795 million in Q3 or a 5% year-over-year growth rate at the midpoint, and $3.325 billion to $3.355 billion for fiscal 2026, or a 7% year-over-year growth rate at the midpoint.

對於營業額，我們預計第三季的營業額將達到 7.85 億美元至 7.95 億美元，或以中間值計算同比增長 5%；2026 財年的營業額將達到 33.25 億美元至 33.55 億美元，或按中間值計算同比增長 7%。

Q3 Billing's guidance reflects a renewal timing headwind that is similar in magnitude to the Q2 early renewal timing benefit as discussed earlier. As continually shown in recent quarters and years, billings are heavily impacted by the timing of customer renewals, leading to meaningful variability from period to period.

第三季帳單指引反映了續約時機的不利因素，其幅度與前面討論過的第二季提前續約時機的好處相似。正如最近幾季和幾年不斷顯示的那樣，帳單受到客戶續約時間的嚴重影響，導致不同時期的帳單金額出現顯著差異。

Also, our outlook for Q3 and Q4, factors in a more challenging year over year comparison versus billing strength in the second half of fiscal 2025. Our updated full year top line guidance reflects the following dynamics present in our business and the external environment.

此外，我們對第三季和第四季的展望也考慮到，與 2025 財年下半年的帳單實力相比，年比情況將更具挑戰性。我們更新的全年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 $38 million from last quarter's full year guidance. The increase is driven primarily by Q2 business strength and the expectation that a portion of these trends will continue into the second half of the year.

就全年收入而言，年度指導中點比上一季的全年指引增加了 3,800 萬美元。這一成長主要得益於第二季業務的強勁表現，以及市場預期部分趨勢將持續到下半年。

For full year billings, the annual guidance midpoint is increasing by $28 million from last quarter's full year guidance. This increase reflects a positive impact from Q2 business strength, but does not include the timing benefit from early renewals that we saw in Q2, as that will largely be offset in the remainder of the year. As a reminder, we have a hard comparison against last year's higher volume of early renewals, particularly in the second half of the year.

對於全年帳單，年度指導中點比上一季的全年指引增加了 2800 萬美元。這一成長反映了第二季度業務實力的積極影響，但不包括我們在第二季度看到的提前續約帶來的時間效益，因為這將在今年剩餘時間內基本被抵消。提醒一下，我們與去年提前續約量較高（尤其是下半年）的情況進行了嚴格的比較。

Adjusting for early renewals compared to last year, we continue to expect full year billings growth will be approximately 1 percentage point higher year over year, leading to modest acceleration over last year. For profitability, we expect non-GAAP gross margin to be 80.3% to 81.3% for Q3, and between 81.0% to 82.0% for fiscal 2026.

與去年相比，經過提前續約調整後，我們仍然預計全年營業額成長將比去年高出約 1 個百分點，從而比去年略有加速。就獲利能力而言，我們預計第三季非 GAAP 毛利率為 80.3% 至 81.3%，2026 財年非 GAAP 毛利率為 81.0% 至 82.0% 之間。

We expect non-GAAP operating margin of 28.0% to 29.0% for Q3 and 28.6% to 29.6% for fiscal 2026. For the full year, we included the following two considerations in our non-GAAP profitability guidance. For gross margins, we continue to expect approximately 1 percentage point of headwind year over year from our ongoing cloud data center migration efforts. This headwind was slightly lower than anticipated in both Q1 and Q2 due to a shift in migration timing out to the remainder of fiscal 2026.

我們預期第三季非公認會計準則營業利益率為 28.0% 至 29.0%，2026 財年非公認會計準則營業利益率為 28.6% 至 29.6%。對於全年，我們在非公認會計準則獲利預測中納入了以下兩項考慮因素。就毛利率而言，我們預計，由於我們正在進行的雲端資料中心遷移工作，毛利率將年減約 1 個百分點。由於遷移時間推遲至 2026 財年剩餘時間，第一季和第二季的不利因素略低於預期。

We continue to expect a gradual easing in migration cost impacts in fiscal 2027 and beyond. For operating margins, we continue to expect an approximate 1.5 percentage point operating margin headwind due to the combined impact of cloud migration, the shift of some roles to cash compensation from equity and the comp against one-time professional fee savings last year in Q2 of 2025.

我們繼續預期 2027 財年及以後遷移成本影響將逐步緩解。對於營業利潤率，我們繼續預計，由於雲端遷移、部分職位從股權轉為現金薪酬以及與去年一次性專業費用節省的對比等綜合影響，2025 年第二季度的營業利潤率將面臨約 1.5 個百分點的逆風。

We expect non-GAAP fully diluted weighted average shares outstanding of $207 million to $212 million for both Q3 and fiscal 2026. Please see the modeling consideration slides in our Q2 earnings deck for a full summary of guidance context.

我們預計 2026 財年第三季及 2026 財年非 GAAP 完全稀釋加權平均流通股數為 2.07 億美元至 2.12 億美元。請參閱我們第二季財報中的建模考慮投影片，以獲得指導背景的完整摘要。

In closing, Q2 represented another quarter of DocuSign's commitment to product innovation, enhanced go to market motions, and improved operational efficiencies. As we look ahead, our focus remains on sustaining this momentum while continuing to generate significant cash flow and returning capital to shareholders through strategic buybacks. That concludes our prepared remarks.

最後，第二季代表了 DocuSign 致力於產品創新、增強市場動能和提高營運效率的另一個季度。展望未來，我們的重點仍然是保持這一勢頭，同時繼續產生大量現金流並透過策略回購向股東返還資本。我們的準備好的演講到此結束。

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

有了那位接線生，我們就可以開始提問了。

Thank you. We'll now be conducting a question and answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Robert Owens, Piper Sandler.

羅伯特歐文斯、派珀桑德勒。

Great, good afternoon and thanks for taking my question. While the early success and IAM is compelling, I actually want to drill down into improve fundamentals across your core e-signature, and you spoke to improvement in consumption, growing volumes, and really what's underpinning this? Is it economic? Is it evolutionary, higher utilization driven by a tach of IAM? Thanks.

很好，下午好，感謝您回答我的問題。雖然早期的成功和 IAM 令人信服，但我實際上想深入了解核心電子簽名的基本改進，您談到了消費的改善、數量的增長，以及真正的基礎是什麼？它經濟嗎？它是由 IAM 驅動的進化型、更高利用率嗎？謝謝。

Yeah, I'll take a stab at this and Allan can jump in. Thanks for the question. This is a trend we've been seeing pretty consistently over the past year. So, like, especially.in Q2, we saw certain verticals, just to highlight a couple financial services, healthcare, business services, all growing super well for us on a year to year basis.

是的，我會嘗試一下，艾倫也可以加入。謝謝你的提問。這是我們在過去一年中一直看到的趨勢。因此，尤其是在第二季度，我們看到某些垂直行業，僅強調金融服務、醫療保健、商業服務，這些行業在逐年增長方面都表現得非常好。

People ask about real estate that's growing a little bit slower than the average, but still growing at a positive rate year every year. It's anecdotal, of course, but it's all dependent on how our customers' businesses are working, whether or not they're adding use cases because we're seeing that in some existing customers also and then just also macro effects for them as well.

人們詢問房地產，其增長速度比平均水平略慢，但每年仍以正速度增長。當然，這只是軼事，但這完全取決於我們客戶的業務運作情況，他們是否增加了用例，因為我們也在一些現有客戶中看到了這一點，而且這對他們也有宏觀影響。

But it's not, I just want to make sure like the consumption and the envelopes and trends really are things that we've seen pretty consistently over the last 12 months and we highlight them, I think, pretty consistently as well. And so I just, excited to see that.

但事實並非如此，我只是想確保消費、信封和趨勢確實是我們在過去 12 個月中一直看到的東西，而且我認為我們也一直強調它們。所以我很高興看到這一點。

Yeah, I don't, overall, I don't think we're seeing any significant evidence of macro weakness in our numbers or in the contract volumes or utilization numbers.

是的，總的來說，我認為我們沒有在數據、合約量或利用率數字中看到任何宏觀疲軟的明顯證據。

All right, thanks for the color.

好的，謝謝你的顏色。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Yeah, thank you for taking the questions. I wanted to ask you about CLM, which, seemed like it had a breakout quarter with some of the large deal momentum you referenced, including T-Mobile. Can you just talk about the pipeline that you're seeing in that business? Would you sort of say that this was a timing, benefit, or do you think this is kind of the start of a more sustainable trend? Thank you.

是的，感謝您回答這些問題。我想問您關於 CLM 的問題，CLM 似乎在本季度取得了突破，並獲得了您提到的一些大型交易勢頭，其中包括 T-Mobile。您能談談您在該業務中看到的管道嗎？您是否認為這是一種時機、好處，或者您認為這是更永續趨勢的開始？謝謝。

Yeah, look, I think, we think that the overall trend in the market is positive. I don't know that there's, I wouldn't overinterpret the second quarter as the breakout for the category or for us. I think it was a very strong quarter and we closed a large, some very large deals, really exciting and great to see, but a little too early to call a a broader category trend, but it's definitely encouraging.

是的，我認為，我們認為市場的整體趨勢是正面的。我不知道，我不會過度解讀第二季作為該類別或我們的突破。我認為這是一個非常強勁的季度，我們完成了一些大額交易，這真的令人興奮，很高興看到，但稱之為更廣泛的類別趨勢還為時過早，但這絕對令人鼓舞。

Operator?

操作員？

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Yeah, thanks for taking the question and congrats on the great results. Nice to hear that more than 50% of your enterprise reps have already signed, at least one IAM deal. Could you talk a little bit more about how the roll out of your newer markets like enterprise and international have progressed compared to your core North American commercial market and just whether that pricing uplift that you originally thought has held as you've entered into those new markets.

是的，感謝您提出這個問題，並祝賀您取得的優異成績。很高興聽到超過 50% 的企業代表已經簽署至少一份 IAM 協議。您能否再多談一下，與你們的核心北美商業市場相比，你們在企業和國際等新市場的推廣進展如何，以及在你們進入這些新市場時，你們最初認為的價格上漲是否能夠保持下去。

Yeah, there was a lot there. Let me try to unpack that. First, just as a reminder for everyone, we launched initially to commercial customers in North America, and then we rolled it out globally and to our first enterprise release was in December and we've -- since released multiple features aimed specifically at enterprise customers.

是的，那裡有很多東西。讓我試著解釋一下。首先，提醒大家，我們最初是向北美的商業客戶推出的，然後我們將其推廣到全球，並在 12 月發布了第一個企業版本，此後我們發布了多個專門針對企業客戶的功能。

And I think the noteworthy thing here in Q2 is that we started to see some larger deals with enterprise customers, which is very exciting because that's an even larger market opportunity for us in the long run. We're not relying on a lot from the enterprise segment this year, but we feel that over time that could become even bigger.

我認為第二季值得注意的是，我們開始看到與企業客戶達成一些更大的交易，這非常令人興奮，因為從長遠來看，這對我們來說是一個更大的市場機會。今年我們對企業部門的依賴程度並不高，但我們認為隨著時間的推移，企業部門的依賴程度可能會變得更大。

And so as we ramp up our capabilities both on the product and go to market side, it's nice to see larger deals with big sophisticated clients, and I think there's more to come there. So, very encouraging. And of course, this is what we were laying the groundwork for at the beginning of this year was setting ourselves up to go deeper with customers of all sizes, but in particular enterprise customers, and those changes have now landed well, I think, and we are really pleased with how the teams have settled in and there's more to come.

因此，隨著我們在產品和市場方面的能力不斷提升，我們很高興看到與大型成熟客戶達成更大的交易，我認為未來還會有更多交易。所以，非常令人鼓舞。當然，這就是我們在今年年初奠定的基礎，讓我們能夠與各種規模的客戶，特別是企業客戶進行更深入的合作，我認為這些變化現在已經取得了良好的效果，我們對團隊的適應情況感到非常滿意，未來還會有更多變化。

And I'm just might add on top of that, it's exciting to see the international regions embracing IAM. That's been something exciting to see just on a vintage basis. Obviously, IAM did launch in most of our international regions later than it did in North America. And then, to your question on the expansion rate side, we don't break that out, but one thing that we have said previously, and it continues to be the case is we see a meaningful expansion for these customers that are moving from just the sign platform over to IAM, and it's been remarkably consistent and so that's great, and we're going to continue to watch it. It's still very early days for us, but that that's been exciting from my perspective to see.

我還要補充一點，看到國際地區接受 IAM 是令人興奮的。僅從復古的角度看，這是一件令人興奮的事。顯然，IAM 在我們大多數國際地區的推出時間比在北美晚。然後，關於您關於擴展率方面的問題，我們不會單獨討論，但有一件事我們之前已經說過，而且情況仍然如此，那就是我們看到這些從標誌平台轉向 IAM 的客戶實現了有意義的擴展，而且這種擴展一直非常一致，所以這很好，我們將繼續關注它。對我們來說這還處於早期階段，但從我的角度來看這是令人興奮的。

Great. Thanks for taking the question and congrats on the results.

偉大的。感謝您提出這個問題，並對結果表示祝賀。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Congrats on a very strong quarter. Appreciate all the detail with, kind of breaking out the outperformance and billings between gross retention CLM early renewal strength, duration, number of other factors. I don't think IAM was really one of them as far as driving the outperformance. Was hoping you could talk about that a little bit and really just straight, being straightforward, what are the economics when a customer adopts IAM? Is it a creative to growth and by how much?

恭喜本季業績表現強勁。感謝所有細節，打破了總保留 CLM 早期更新強度、持續時間和其他因素數量之間的優異表現和賬單。就推動業績優異而言，我不認為 IAM 是其中之一。希望您能稍微談論一下這個問題，並且直截了當地說，當客戶採用 IAM 時，經濟效益如何？這對創意是否有成長作用？增長量是多少？

Sure. So yeah, so, the biggest drivers of the billing is outperformance, as mentioned in the prepared remarks, stronger bookings primarily in our e-signature business, right? It's obviously the vast majority still of what DocuSign has in its portfolio, but also, then timing and then also billings payment frequency.

當然。是的，正如準備好的評論中所提到的，計費的最大驅動力是優異的表現，主要是我們電子簽名業務的更強勁的預訂量，對嗎？顯然，這仍然是 DocuSign 產品組合中的絕大部分，但同時也包括時間安排和帳單支付頻率。

With regards to IAM, it did slightly outperform our expectations, but it's still very early days for us in that in that area in that platform and so what led to the beat versus our guidance was predominantly that e-signature base. With regards to expansion, we don't break it out. It's still super early for us. We have to see how this goes, especially as we move upmarket, but it's very clear and we said this before, we see a meaningful expansion for customers when they move from an e-signature only situation to an IAM.

就 IAM 而言，它的表現確實略微超出了我們的預期，但對於我們來說，在該平台的該領域中還處於非常早期的階段，因此導致其表現超出我們預期的主要原因是電子簽名基礎。關於擴張，我們不會將其分開。對我們來說還很早。我們必須觀察情況如何發展，特別是當我們進入高端市場時，但很明顯，我們之前也說過，當客戶從僅有電子簽名的情況轉向 IAM 時，我們會看到一個有意義的擴展。

There's just so much more value that we're providing to a customer, and it's early days, but frankly customers are seeing that extra value and they're being willing to share that with us. And so we're really excited about that, but no other detail besides that.

我們為客戶提供的價值遠遠超過其他產品，儘管現在還處於早期階段，但坦白說，客戶看到了額外的價值，並且願意與我們分享。因此我們對此感到非常興奮，但除此之外沒有其他細節。

Yeah, if I could just add a couple comments, but first of all, IAM is a critical factor on year-on year growth. And an even more important factor in the growth acceleration that I think we and you are all excited to begin to see and are projecting for the future. We're kind of right where we want to be with IAM for this year, and we reiterated our guidance that we expect IAM to be a low double digit percentage of our overall book, which is pretty impressive for a new platform.

是的，如果我可以添加一些評論，但首先，IAM 是同比增長的關鍵因素。我認為，我們和你們都很高興看到並預測未來的成長加速的一個更重要的因素。我們今年的 IAM 業務已經達到了我們想要的目標，我們重申了我們的指導方針，即我們預計 IAM 將占我們整體業務的低兩位數百分比，對於一個新平台來說，這是相當令人印象深刻的。

And so look, it's a critical part of our story as Blake said, (inaudible) is so large now that just on pure dollars it's always going to dwarf everything else for a little while, but we can't get to where we want to go without growth acceleration from IAM as well. And so the fact that we had a strong and healthy e-sign quarter coupled with continued growth in IAM, that's really the magic formula for the company, and I think that's what produced the strong results.

所以你看，這是我們故事中的關鍵部分，正如布萊克所說，（聽不清楚）現在規模如此之大，僅從純美元來看，它總是會在一段時間內超過其他一切，但如果沒有 IAM 的增長加速，我們就無法達到我們想要的目標。因此，我們本季的電子簽名業務表現強勁健康，再加上 IAM 業務的持續成長，這才是我們公司的神奇秘訣，我認為這也是我們強勁業績的原因。

Yeah, that's really helpful. And, I mean, you sound great and there's a lot of, and this quarter was really strong, there's a lot to like. I think, I mean, It would be super helpful if, IAM is going to be double digit percentage of bookings to just better understand the economics of the uplift with moving over to IAM and what other factors are changing in the contracts, like that would really help to unlock that story, but something it sounds like we'll look forward to as you have a couple more quarters, actually selling to the enterprise and up market. But, congrats again. Thank you.

是的，這確實很有幫助。而且，我的意思是，你聽起來很棒，而且有很多，而且這個季度真的很強勁，有很多值得喜歡的地方。我認為，如果 IAM 的預訂量佔比達到兩位數，這將非常有幫助，這樣我們就能更好地了解轉向 IAM 後的經濟效益，以及合約中還有哪些其他因素發生了變化，這真的有助於解開這個謎團，但這聽起來像是我們期待的事情，因為您還有幾個季度的時間，實際上是向企業和高端市場銷售。不過，再次恭喜你。謝謝。

Thanks.

謝謝。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Hi this is Bill on for Kirk, and thanks for taking my question. Can you dive into some of the drivers behind the improved growth retention, and is there more to go on that front in the second half of this year and into next?

大家好，我是柯克的比爾，謝謝您回答我的問題。您能否深入分析一下成長保持力提升背後的一些驅動因素？今年下半年和明年在這方面還會採取更多措施嗎？

Sure. This is a trend we've seen, gosh, over the past at least 18 months for us. Like if you look at our dollar net retention rates, we've been able to improve from, I think, about a low of 98% about 18 months ago in Q4 '24 to the 102% that we suggested for Q2.

當然。天哪，這是我們在過去至少 18 個月中看到的趨勢。如果你看一下我們的美元淨留存率，你會發現我們已經從大約 18 個月前（24 年第四季）的 98% 的低點提高到了我們建議的第二季的 102%。

I would just say operational execution plays a huge part of this. We have folks at DocuSign now spending a much greater portion of time with regards to staying in front of these renewal opportunities, getting in front of them months, many months in advance to be able to address any concerns that the customer might have, whether it's for potential expansion or issues that they're having.

我只想說，營運執行在其中扮演了重要角色。DocuSign 的員工現在花費更多的時間來把握這些續約機會，提前幾個月甚至幾個月做好準備，以便能夠解決客戶可能遇到的任何疑慮，無論是潛在的擴展還是他們遇到的問題。

And so we've seen the fruits of that labor, I think, kind of pour into this business. And there's still a lot of opportunity left for us. I don't -- I'm not going to make a forecast regarding for the next second half of the year.

所以我認為我們已經看到了這些勞動的成果，這些成果已經融入這個產業。我們還有很多機會。我不會——我不會對今年下半年做出預測。

But for this business, we have opportunities both on improving our gross retention rates of our core portfolio and then also expansion, which is driven predominantly by IAM. And when we can get both of those things working together, that's where we really believe we have the ability to unlock the flywheel for us for the long term.

但對於這項業務，我們既有機會提高核心投資組合的總留存率，也有機會擴張，這主要由 IAM 推動。當我們能夠將這兩件事結合起來時，我們才真正相信我們有能力為我們長期解鎖飛輪。

Great, thanks for taking my question.

太好了，感謝您回答我的問題。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Oh wonderful, thank you so much. I wanted to ask about the federal -- the partnership with the US federal General Services Administration. It seems like a big deal. Just curious what this means for your Federal business, your federal pipeline and what we should expect out of that segment of the business going forward.

哦，太好了，非常感謝。我想詢問有關聯邦政府—與美國聯邦總務管理局的合作關係。這似乎是一件大事。只是好奇這對您的聯邦業務、聯邦管道意味著什麼，以及我們對未來該業務部分有何期待。

Yeah. No, we were really pleased to do that. In fact, I'll be in DC next week meeting with a number of folks across many different departments and the fellow government, and it's great to see the engagement. And this contract is really sort of a facilitation, making it easier to buy for any federal department. We don't have -- I would say our federal business is relatively modest today.

是的。不，我們真的很高興這麼做。事實上，下週我將在華盛頓特區與來自不同部門和政府的其他一些人士會面，很高興看到大家的參與。這份合約實際上是一種便利，使任何聯邦部門都能夠更輕鬆地購買。我們沒有——我想說我們今天的聯邦業務相對溫和。

While we're present in like all 15 fab wealth departments. So we're certainly used -- relative to our opportunity, there's just a lot of headroom. Interestingly, we do better and have historically had a bigger business in state and local, and that continues to do well.

雖然我們遍佈所有 15 個晶圓廠財富部門。因此，我們肯定會利用這個機會——相對於我們的機會而言，還有很大的發展空間。有趣的是，我們的表現更好，並且歷史上在州和地方的業務規模更大，現在繼續表現良好。

But we felt we had a big opportunity in federal. So I think the GSA was interested in partnering with us because we're a very natural partner for bringing more efficiency and customer service to the federal government.

但我們覺得在聯邦中我們有很大的機會。因此我認為 GSA 有興趣與我們合作，因為我們是能夠為聯邦政府帶來更高效​​率和客戶服務的天然合作夥伴。

And we are, of course, excited about that opportunity. So it's a big growth opportunity for us, but it's still early days. It's not a meaningful contributor to the business yet. But I'm spending time on it, as our other sales executives. So we're hopeful.

當然，我們對這個機會感到非常興奮。所以這對我們來說是一個巨大的成長機會，但現在還處於早期階段。它還沒有對業務做出有意義的貢獻。但我和我們的其他銷售主管一樣，也花了一些時間在這上面。所以我們充滿希望。

Excellent. Sounds exciting. Thanks, Allan.

出色的。聽起來很令人興奮。謝謝，艾倫。

Austin Cole, Citizens.

奧斯汀·科爾，公民。

Great, thanks for taking my question. I wanted to ask on the go-to-market front and those changes that were made at the beginning of the year. How do you feel about how reps have adapted to those changes? Are they kind of well equipped and incentivized to sell IAM? Or might there still be some changes to make down the road? Thanks.

太好了，感謝您回答我的問題。我想問市場進入方面以及年初所做的那些改變。您如何看待銷售代表們對這些變化的適應？他們是否具備銷售 IAM 的條件和動力？或者將來可能還會有一些改變需要做出？謝謝。

No, I feel really good about -- look, we made those changes to position us for the long term to accelerate our IAM business and just more generally be able to go deeper with customers. And I think the reps have responded really well. We put in a lot of enablement. We put in new incentive system, new quotas, territories. It was a lot, but I'm very proud of how the team responded to that.

不，我感覺非常好——你看，我們做出這些改變是為了讓我們長期處於加速 IAM 業務發展的位置，並且更普遍地能夠更深入地與客戶合作。我認為代表們的回應非常好。我們投入了大量的支持。我們引入了新的激勵制度、新的配額和區域。雖然有很多事情要做，但我對團隊的回應感到非常自豪。

And as you can see here in Q2, the direct sales team did a really nice job in Q2. So shout out to them. And yet we have -- it's still so early. We have so much headroom. Yeah. I think in terms of -- I'm not planning any meaningful changes this year and nothing of that magnitude in the foreseeable future. But it was -- it's great to see bold changes that Paula led. So I just wanted to tip my hat to her for having both conceived of all changes, driven them and landed them. So well done.

正如您在第二季所看到的，直銷團隊在第二季的表現非常出色。所以向他們大聲呼喊。但我們已經——現在還為時過早。我們還有很大的發展空間。是的。我認為——今年我沒有計劃做出任何有意義的改變，在可預見的未來也不會做出任何如此重大的改變。但很高興看到 Paula 所領導的大膽變革。因此，我只想向她致敬，因為她不僅構思了所有的改變，還推動了這些改變並實現了它們。做得太好了。

Great. Thank you.

偉大的。謝謝。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you very much. Allan, is there any way to approximate the kind of customer acceptance for opting in where they would have Iris AI scan their agreements and learn from them or index them? It's hard externally to understand if they just do that by default or not. And then is it common enough that you can build up an agreement library that would, with enough intelligence can kind of move the risk scoring and the cycle times to a different level?

非常感謝。艾倫，有沒有什麼方法可以近似地了解客戶對選擇加入的接受程度，即讓 Iris AI 掃描他們的協議並從中學習或編制索引？從外部很難理解他們是否默認這樣做。那麼，它是否足夠普遍，以至於您可以建立一個協議庫，該協議庫可以透過足夠的智慧將風險評分和週期時間提升到不同的水平？

Yeah. Actually, I think that's perhaps one of the strongest aspects of our story right now. So yes, we ask customers explicitly to opt in and consent to sharing their agreements, and that unlocks a lot of the AI features. And I mean practically, everybody is doing that. And we now have -- we're approaching 100 million agreements ingested into navigator and available for processing.

是的。實際上，我認為這也許是我們故事目前最精彩的部分之一。所以是的，我們明確要求客戶選擇加入並同意分享他們的協議，這將解鎖許多人工智慧功能。我的意思是實際上每個人都在這樣做。現在我們已經有接近 1 億份協議被納入導航器並可供處理。

And it's just such a diverse group. It's everything from sales agreements to procurement agreements to employment agreements and literally every function of the company. I don't think there's anybody who comes close to that. And as you know, one of the key drivers of AI quality is data. And so we're in a great position to leverage that.

這是一個非常多元化的群體。它涵蓋了從銷售協議到採購協議到僱傭協議的一切以及公司的每個職能。我認為沒有人能夠達到這個水準。眾所周知，人工智慧品質的關鍵驅動因素之一是數據。因此，我們處於非常有利的位置來利用這一點。

And that's what allows us to do this right out of the box. One of the things that's, I mean, not as well understood is we often have your agreements already. So if you consent to this, we can make the AI features available instantly. And the average customer goes live in a few weeks. I mean it's just unheard of in an enterprise software.

這就是讓我們能夠立即做到這一點的原因。我的意思是，人們不太理解的一件事是，我們通常已經達成協議了。因此，如果您同意，我們可以立即提供 AI 功能。而一般客戶會在幾週內開始使用。我的意思是，這在企業軟體中是聞所未聞的。

And so just the time to value, coupled with the potential value unlock in the agreement library is very significant. And our scale is just very different from others in that business. So it's part of what I think makes us all so excited about the future.

因此，價值實現的時間，加上協議庫中的潛在價值解鎖，是非常重要的。我們的規模與該行業的其他公司有很大不同。所以我認為這也是讓我們對未來如此興奮的原因之一。

Thank you.

謝謝。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Hey, Blake, on the margin, I know you're kind of stalling the margin progression this year versus last year. I guess many are asking, when do we see the fall through on the top line? We're not necessarily seen -- we saw a good quarter. But in terms of just overall real acceleration to I think Allan's aspiration to be back to double digit, how do you think about that trade-off? And where are all these investments going this year? Is it go-to-market? Is it in the products, all the above? Any color there would be helpful. Thanks.

嘿，布萊克，就利潤率而言，我知道與去年相比，今年的利潤率成長有點停滯。我想很多人都會問，什麼時候我們才能看到營收下滑？我們不一定會看到——我們看到了一個好的季度。但就整體實際加速而言，我認為艾倫希望回到兩位數，您如何看待這種權衡？那麼今年這些投資都流向了哪裡呢？這是進入市場嗎？以上所有產品都有這個功能嗎？任何顏色都會有幫助。謝謝。

Yeah. I appreciate the question. So we have three hard comps for us this year. There are particular impact into this quarter that we saw, right? We've got the higher hosting costs for cloud migration. We have a hard comp against some onetime legal benefits from insurance reversal of litigation credit. And then we also, this year, have some headwind really starting this quarter with regards to shifting some roles to cash versus equity as we manage the long-term dilution.

是的。我很感謝你提出這個問題。因此，今年我們面臨三場艱難的比賽。我們看到本季有特別的影響，對嗎？我們的雲端遷移託管成本更高。我們對保險撤銷訴訟信用所帶來的一些一次性法律利益進行了嚴格的補償。然後，今年，我們在管理長期稀釋的過程中，從本季度開始在將一些角色轉向現金而不是股權方面確實遇到了一些阻力。

Those three components in the prepared remarks, you'll recall, provided about 150 basis points of pressure. Our full year guide now for operating margin reflects only about half of that pressure. So we've been able to offset a portion of that actually above and beyond what we had originally expected.

您會記得，準備好的發言稿中的這三個部分提供了大約 150 個基點的壓力。我們現在對全年營業利潤率的指導僅反映了這一壓力的一半左右。因此，我們實際上已經能夠抵消其中的一部分，超出了我們最初的預期。

So I'm excited about that. And so it's all about this balance right now of maintaining the gains that we worked really hard to get. I think over the last two fiscal years, we've increased non-GAAP operating margins from around 20% to 30%. And so those are some tough decisions that we had to make. And so maintaining them are important.

所以我對此感到很興奮。因此，現在的一切都與保持我們努力所取得的成果的平衡有關。我認為在過去兩個財年中，我們的非公認會計準則營業利潤率從 20% 左右提高到了 30%。所以我們必須做出一些艱難的決定。因此維護它們很重要。

So we're doing that. But also while making these investments in a little bit in the go-to-market and then particularly into R&D with regards to the IAM development and launch. And so if we can spin that top line number, the flywheel really does drop to the bottom line, Brent. And so I think for us, that's where the future leverage opportunity that we have to get to that double-digit top line growth.

所以我們這麼做了。但在進行這些投資的同時，我們也要對市場進入進行一些投資，特別是在 IAM 開發和發布方面的研發方面。因此，如果我們可以旋轉頂線數字，飛輪確實會下降到底線，布倫特。因此，我認為對我們來說，這就是我們實現兩位數營收成長的未來槓桿機會。

So I think, provides a lot of output for us in terms of opportunity for leverage. So really happy with the consistency and the path we're on. I think we're balancing this kind of -- this investment between growth and efficiency really well. But we've got some opportunities longer term for sure.

所以我認為，就槓桿機會而言，這為我們提供了許多產出。所以對於我們所堅持的一致性和所走的道路感到非常高興。我認為我們在成長和效率之間的投資平衡方面做得很好。但從長遠來看，我們肯定還擁有一些機會。

And just real quick. On the cloud transition, when do you approximate that will be less of a headwind? When does that actually transition end?

而且非常快。在雲端運算轉型過程中，您認為什麼時候阻力會更小？這種轉變實際上什麼時候才會結束？

Yeah. So this is the peak year for us that we've got in. So we should start to see those start to be less of an impact for us in FY27 and then even later into beyond. And I just want to make sure folks remember like hosting costs are a big chunk for us for our cost of revenue, but it's not the majority of it, right? We've got a lot of people in there and things like that. But no, we definitely expect to see that pressure kind of start to mitigate for us next year.

是的。所以這是我們迎來的巔峰之年。因此，我們應該開始看到這些因素對我們的影響在 2027 財年逐漸減小，甚至在以後也會減少。我只是想確保大家記住，託管成本對於我們的收入成本來說是很大的一塊，但不是主要部分，對吧？我們有很多人在那裡等等。但不，我們確實希望看到明年這種壓力開始減輕。

Great, thanks.

太好了，謝謝。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Yeah, hey guys, thanks for taking the questions. Just two quick ones. On IAM, clearly, you're continuing to see, maybe on the broader business, early renewal strength and the percentage of early renewals with expansions continue to grow. Are any of those starting to be driven by IAM attach?

是的，嘿夥計們，感謝你們回答問題。只需簡單兩句話。在 IAM 方面，顯然，您會繼續看到，也許在更廣泛的業務方面，早期續約實力以及擴張的早期續約百分比持續增長。其中有任何一個開始由 IAM 附加驅動嗎？

I think before you talked about it more heavily skewed towards new users. But I'm curious if the sales changes and some of the momentum you're seeing is kind of shifting that to -- or not shifting, but in addition to that, also now grabbing some of the existing customer relationships that you have? And then I have a quick follow-up.

我認為在您談論它之前，它更偏向於新用戶。但我很好奇，銷售情況是否發生了變化，以及您看到的一些勢頭是否發生了轉變——或者沒有轉變，但除此之外，現在是否還抓住了您現有的一些客戶關係？然後我有一個快速的跟進。

Yeah. I would say yes, it does. It's just -- we just got to remember again, just the relative size that we have in this book of business. We're now actually just starting to lap the first full year from our customers that were really just signing up in IAM this quarter last year, very early days of that. It's encouraging.

是的。我想說，是的，確實如此。只是──我們只需要再次記住，我們在這本商業書中所擁有的相對規模。實際上，我們現在才剛開始為去年這個季度剛在 IAM 註冊的客戶度過第一個整年，這還只是個開始。這令人鼓舞。

We're seeing gross retention rates higher than we are for e-sign. It's still early. It's a small sample size. But we're excited about it, and we are seeing those conversations lead to it. But it's not like it's the overarching component. I think the e-signature business, the foundation is strong and held up well this quarter.

我們發現總保留率高於電子簽名的保留率。時間還早。樣本量很少。但我們對此感到興奮，我們看到這些對話正在推動這一目標的實現。但它並不是最重要的組成部分。我認為電子簽名業務基礎牢固，本季表現良好。

Perfect. And then maybe just a broader question. I'm sure you could appreciate there have been a lot of questions about how changes in kind of search and SEO are affecting top of funnel dynamics for a lot of companies. Anything that you guys are seeing there? Or maybe you're completely immune to it or you course correct a while ago. And are you seeing any changes to the top of funnel? What percent of top of funnel is SEO related, et cetera?

完美的。然後也許只是一個更廣泛的問題。我相信您會意識到，有很多問題是關於搜尋和搜尋引擎優化的變化如何影響許多公司的漏斗頂部動態。你們在那裡看到了什麼嗎？或者也許你對此完全免疫，或者你不久前糾正了它。您是否看到漏斗頂部有任何變化？漏斗頂部有多少百分比與 SEO 相關，等等？

Yeah. We're not seeing anything yet. I think we're very pleased with our organic traffic. And DocuSign has an amazing brand and recognition and reputation. And I think that plays well both in an SEO world and a GEO world.

是的。我們還沒有看到任何東西。我認為我們對我們的自然流量非常滿意。DocuSign 擁有令人驚嘆的品牌、認知度和聲譽。我認為這在 SEO 世界和 GEO 世界中都發揮著良好的作用。

With that said, look, behavior, consumer and enterprise buying behavior is changing as a result of LLMs. And so I think we're keeping a very close eye on those changes and how that affects behavior throughout what we've historically talked about is the funnel. So that's number one. And we continue to look to acquire new customers and acquire a substantial number every quarter, and that will continue to be a focus. But the big opportunity for us is to upsell our existing 1.7 million customers, pretty much all of e-sign customers, to IAM.

話雖如此，外觀、行為、消費者和企業購買行為正在因法學碩士而改變。因此，我認為我們正在密切關注這些變化以及它們如何影響我們過去所談論的整個漏斗中的行為。這是第一點。我們將繼續尋求獲得新客戶，並且每季都會獲得大量客戶，這將繼續成為我們的重點。但對我們來說，最大的機會是向現有的 170 萬客戶（幾乎全部是電子簽名客戶）推銷 IAM。

And we are hyper focused on that as an opportunity at all levels, and that's what's driving the bulk of IAM results. And that's where the big dollars are. And so we want to continue to feed the top of the funnel with new customers, and that's very important for the long-term health of the business. But only get distracted, I think the number one big expand opportunity for us is to move people from e-sign to IAM, and we're making good progress on that. We have a lot of headroom.

我們高度重視這項機遇，將其視為各層面的機遇，這也是推動 IAM 取得大部分成果的因素。這就是大筆資金的來源。因此，我們希望繼續為通路頂端的客戶帶來新客戶，這對企業的長期健康發展至關重要。但只會分心，我認為我們最大的擴展機會是將人們從電子簽名轉移到 IAM，我們在這方面取得了良好的進展。我們還有很大的發展空間。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Oh, wonderful, thanks so much for squeezing me in. Nice to see continued strength in the business and broad-based momentum. I want to maybe drill and ask a little bit philosophically about IAM. Obviously, you've discussed all the use cases and the real unlock especially with AI.

噢，太好了，非常感謝你抽出時間接待我。很高興看到業務持續強勁且發展勢頭廣泛。我可能想對 IAM 進行一些哲學方面的探討。顯然，您已經討論了所有用例和真正的解鎖，尤其是人工智慧。

The question I want to ask is, we hear a lot of AI vendors talking about one of the use cases for LLMs and search and reasoning being analyzing contracts, finding the right answers, being able to synthesize information for multiple contracts, et cetera. And it almost feels like they're trying to tackle that same problem in a different way.

我想問的問題是，我們聽到很多人工智慧供應商談論 LLM 和搜尋與推理的用例之一是分析合約、找到正確的答案、能夠綜合多個合約的資訊等等。並且幾乎感覺他們正在嘗試以不同的方式解決同一個問題。

Maybe can you help us understand, even with others kind of looking into that use case, what gives you that kind of continued right to win? And what are investment opportunities that you can make to drive further differentiation versus those so this doesn't become more competitive or more commoditized? Thank you.

也許您能幫助我們理解，即使其他人正在研究這種用例，是什麼讓您擁有持續獲勝的權利？您可以利用哪些投資機會來進一步實現差異化，從而避免競爭加劇或商品化？謝謝。

Yeah. Thanks for that question. Look, I think AI is a massive tailwind for DocuSign. And it's both a tailwind because of the overall category enable. We can do so many more things with contracts now. They used to be dumb flat files, and that was -- there wasn't much anybody could do with them. But to your point, that's an elevation of everyone's capability. But then it plays into our strengths. We have deep knowledge of agreement structure. We're embedded in agreement workflows.

是的。謝謝你的提問。看，我認為人工智慧對 DocuSign 來說是一個巨大的推動力。而且由於整體類別的推動，這既是順風，也是利好。現在我們可以利用合約做更多的事情。它們曾經是愚蠢的平面文件，而且沒有人能用它們做很多事情。但就你的觀點而言，這是每個人能力的提升。但這會發揮我們的優勢。我們對協議結構有深入的了解。我們嵌入了協議工作流程。

We have exceptional scale. I just referenced, no one else touches, at this point now, 100 million proprietary customer agreements with consent and an incredibly rich agreement diversity. And of course, we're integrated into actually every enterprise system, whether you're Salesforce or SAP or Microsoft or ServiceNow or a Google or a Workday customer, customers typically use DocuSign as a complement to those systems.

我們的規模非常大。我剛才提到，目前為止，還沒有其他人能夠觸及 1 億份經過同意的專有客戶協議以及極其豐富的協議多樣性。當然，我們實際上已經融入每個企業系統中，無論您是 Salesforce、SAP、Microsoft、ServiceNow、Google 還是 Workday 客戶，客戶通常都會使用 DocuSign 作為這些系統的補充。

And so it's easy for us to roll things out and for customers to access DocuSign insights in whatever tool they prefer. So you never want to be naive about these things there, and there's certainly a tremendous amount of innovation and investment that's happening.

因此，我們可以輕鬆推出產品，客戶也可以使用他們喜歡的任何工具來存取 DocuSign 洞察。所以你永遠不要對這些事情太天真，而且肯定有大量的創新和投資正在發生。

But I think our unique proprietary position from a modeling, from a data perspective, from a workflow perspective, from a customer access perspective, I think it's a very strong tailwind for us. And I think it's partly what gets everyone in the company so excited about our future.

但我認為，從建模、資料角度、工作流程角度、客戶存取角度來看，我們獨特的專有地位對我們來說是一個非常強大的順風。我想這也是公司裡每個人都對我們的未來感到如此興奮的原因之一。

Very helpful, thank you.

非常有幫助，謝謝。

Thank you. I would now like to pass the call back over to management for any closing remarks.

謝謝。現在我想將電話轉回給管理階層，請他們做最後的總結發言。

Yeah. Thank you, operator, and thank you to all who joined today's call. Look, I want to thank the entire DocuSign team for their commitment to putting our customers first and for delivering the powerful AI-native value through the IAM platform. And to our investors, we will continue to manage this business in order to realize its full potential over the long term. So thanks for sharing your time with us, and we look forward to speaking with you next quarter.

是的。謝謝接線員，也感謝今天參加電話會議的所有人。我要感謝整個 DocuSign 團隊致力於將客戶放在第一位，並透過 IAM 平台提供強大的 AI 原生價值。對於我們的投資者，我們將繼續管理這項業務，以便長期充分發揮其潛力。感謝您與我們分享您的時間，我們期待下個季度與您交談。

That concludes today's teleconference. You may now disconnect your lines. 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了。感謝您的參與。