DocuSign Inc (DOCU) 2026 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining DocuSign's third-quarter fiscal year 2026 earnings conference call.

女士們、先生們，午安。感謝您參加 DocuSign 2026 財年第三季財報電話會議。

(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)

（操作員說明）提醒各位，本次電話會議正在錄音，會議結束後，您可以在網站的投資者關係部分收聽錄音回放。（操作說明）

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

現在我將把電話轉交給投資者關係主管馬特·索內費爾特。請繼續。

Thank you, operator. Good afternoon and welcome to Docusign's Q3 Fiscal 2026 earnings call.

謝謝接線生。下午好，歡迎參加 DocuSign 2026 財年第三季財報電話會議。

Joining me on today's call are DocuSign's CEO, Allan Thygesen; and CFO, Blake Grayson.

今天與我一起參加電話會議的有 DocuSign 的執行長 Allan Thygesen 和財務長 Blake Grayson。

The press release announcing our third-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.

今天早些時候，我們發布了 2026 財年第三季業績的新聞稿，該新聞稿已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發言稿。

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.

在開始之前，我想提醒大家，我們今天電話會議上的一些發言屬於前瞻性陳述，包括任何有關未來業績的陳述。我們認為與這些前瞻性陳述相關的假設和預期是合理的，但它們受到已知和未知風險及不確定性的影響，這些風險和不確定性可能導致我們的實際結果或績效與預期有重大差異。

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.

尤其需要指出的是，我們對影響客戶需求和接受度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。請結合本次電話會議的內容，仔細閱讀並考慮我們向美國證券交易委員會提交的文件中列出的風險因素。

Any forward-looking statements are based on our assumptions and expectations to date. Except as required by law, we assume no obligation to update these statements, in light of future events or new information.

任何前瞻性陳述均基於我們迄今為止的假設和預期。除法律另有規定外，我們不承擔因未來事件或新資訊而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 counts and information regarding free cash flows and billings.

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GAAP加權平均股份數量以及有關自由現金流和帳單的資訊。

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.

這些非GAAP指標並非旨在脫離GAAP結果單獨考慮，也不是GAAP結果的替代或優於GAAP結果。我們鼓勵您在分析我們的績效時考慮所有指標。

For information regarding our non-GAAP financial information, the most directly comparable GAAP measures, and a quantitative reconciliation of those figures, please refer to today's earnings press release, which can be found on our website at investor.docusign.com.

有關我們的非GAAP財務資訊、最直接可比較的GAAP指標以及這些數據的定量調節表的信息，請參閱今天發布的盈利新聞稿，該新聞稿可在我們的網站 investor.docusign.com 上找到。

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

現在我想把電話交給艾倫。

Thank you, Matt. Good afternoon, everyone.

謝謝你，馬特。大家下午好。

Q3 was a standout quarter for DocuSign. We delivered one of the higher growth quarters over the past two years, driven by continued customer investment in core products and the Intelligent Agreement Management or IAM platform.

第三季是 DocuSign 表現突出的一個季度。在過去兩年中，我們實現了較高的季度成長，這得益於客戶對核心產品和智慧協議管理（IAM）平台的持續投資。

Revenue was $818 million, up 8% year over year. Billings were $829 million, up 10% year over year.

營收為 8.18 億美元，年增 8%。營業額為 8.29 億美元，年增 10%。

Our ongoing commitment to operational efficiency, once again, delivered strong profitability, with a non-GAAP operating margin of 31%. Free cash flow grew 25% year over year to $263 million and a 32% margin, supporting $215 million in share repurchases, our largest quarterly buyback to date.

我們對營運效率的持續投入再次帶來了強勁的獲利能力，非GAAP營業利潤率達到31%。自由現金流年增 25% 至 2.63 億美元，利潤率為 32%，支持了 2.15 億美元的股票回購，這是我們迄今為止規模最大的季度回購。

We're executing effectively across our three strategic pillars, meeting growing demand for DocuSign IAM and eSignature with an improving go-to-market motion, maintaining the rapid pace of platform evolution and AI innovation; and driving greater operational efficiency.

我們在三大策略支柱方面都取得了顯著成效，透過不斷改進的市場推廣策略滿足了對 DocuSign IAM 和電子簽名日益增長的需求，保持了平台演進和人工智慧創新的快速步伐，並推動了營運效率的提高。

We remain focused on our long-term goal to deliver sustainable, profitable double-digit growth.

我們將繼續專注於實現可持續、獲利的兩位數成長這一長期目標。

Let's start with our go-to-market motion, which has been instrumental in driving IAM's growth across commercial and enterprise customer segments. By the end of Q3, more than 25,000 paying direct and digital customers had adopted IAM, up for more than 10,000 in April. We remain on pace for IAM to represent a low double-digit percentage of recurring revenue at year end.

讓我們先從我們的市場推廣策略說起，該策略在推動 IAM 在商業和企業客戶領域的成長方面發揮了重要作用。截至第三季末，超過 25,000 名付費直接客戶和數位客戶採用了 IAM，4 月增加了 10,000 多名。我們預計 IAM 將在年底前佔到經常性收入的兩位數低百分比。

We're also encouraged by the early strong retention rates in our first IAM renewal cohorts, as well as the continued trend of IAM customers increasing their eSignature usage after moving to the IAM platform.

我們也對首批 IAM 續約客戶的早期強勁留存率感到鼓舞，同時，IAM 客戶在遷移到 IAM 平台後不斷增加電子簽名使用量的趨勢也讓我們感到欣慰。

IAM is a system of record that enables customers of all sizes to ingest a vast complex body of agreements into a single repository, build agreement workflows that operate at scale, and take action on high-accuracy insights from agreement data.

IAM 是一個記錄系統，它使各種規模的客戶都能將大量複雜的協定導入到單一儲存庫中，建立可大規模運行的協定工作流程，並根據協定資料中的高精度見解採取行動。

IAM builds on a track record of enterprise customers working with DocuSign to realize a 75% faster contracting cycle and an 81% improvement in document turnaround time. That value resonates with customers across all segments. One of DocuSign's top 10 customers became our second largest this quarter through a multimillion dollar commitment to IAM.

IAM 建立在企業客戶與 DocuSign 合作的成功記錄之上，這些客戶實現了合約週期加快 75%，文件週轉時間縮短 81%。這種價值觀引起了各個細分市場客戶的共鳴。DocuSign 的十大客戶之一，透過對 IAM 的數百萬美元投入，在本季成為我們的第二大客戶。

In the commercial space, Perceptyx, which provides an AI-powered employee experience platform, generates new documents in 99% less time; while the administrative offices in San Miguel County in Colorado have cut agreement finalization time by 96%.

在商業領域，提供人工智慧驅動的員工體驗平台的 Perceptyx 可以將新文件的產生時間縮短 99%；而科羅拉多州聖米格爾縣的行政辦公室則將協議最終確定時間縮短了 96%。

The broader eSignature business also performed well in Q3. Dollar net retention improved by 2 percentage points year over year to 102%, continuing to benefit from steady demand and sales-driven execution.

第三季度，更廣泛的電子簽名業務也表現良好。美元淨留存率年增 2 個百分點至 102%，繼續受益於穩定的需求和銷售驅動的執行。

eSignature customers continue to increase overall usage, with utilization rates at multiyear highs and consistent positive growth in envelopes sent.

電子簽名客戶的整體使用量持續成長，利用率達到多年來的最高水平，發送的信封數量也持續保持正成長。

New York Life, the largest neutral life insurance company in the US, streamlined critical end-to-end workflows for agents and millions of policyholders by integrating eSignature with Salesforce; and now has 65% of all customer agreements signed within just a few hours.

美國最大的中立人壽保險公司紐約人壽透過將電子簽名與 Salesforce 集成，簡化了代理人和數百萬保單持有人的關鍵端到端工作流程；現在，65% 的客戶協議都可以在短短幾個小時內簽署完成。

DocuSign CLM remains a top choice for enterprise customers with sophisticated workflows. It will become even more valuable as we integrate CLM with DocuSign Navigator, our intelligent repository; and other IAM features.

對於擁有複雜工作流程的企業客戶而言，DocuSign CLM 仍然是首選。隨著我們將 CLM 與我們的智慧儲存庫 DocuSign Navigator 和其他 IAM 功能集成，它將變得更有價值。

In Q3, DocuSign was also named a leader in the Gartner Magic Quadrant for CLM for the sixth year in a row.

第三季度，DocuSign 連續第六年被 Gartner CLM 魔力像限評為領導者。

Also, international revenue showed sustained growth and is now approximately 30% of our overall business, for the first time. Our sales efforts continue to support international expansion. In Q3, we hosted momentum events for customers and partners in Sydney, Singapore, and Tokyo. This year's Momentum series drew 3 times as many attendees in 2024, reflecting growing interest at IAM.

此外，國際營收也呈現持續成長態勢，首次占到我們整體業務的約 30%。我們的銷售工作將繼續支持國際擴張。第三季度，我們在雪梨、新加坡和東京為客戶和合作夥伴舉辦了發展勢頭活動。今年的 Momentum 系列活動吸引了 2024 年 3 倍的參與者，反映出人們對 IAM 的興趣日益濃厚。

Across all segments and geographies, we're deepening our solution-selling motion. Greater engagement and stronger customer relationships help deliver the business resilience and consistency we've seen over the last two quarters.

在所有細分市場和地區，我們正在深化解決方案銷售策略。更積極的客戶互動和更牢固的客戶關係有助於實現我們在過去兩個季度所看到的業務韌性和穩定性。

Turning to product innovation, we're rapidly adding new features to IAM, as DocuSign matures from a single-product company into the category-leading platform in agreement management. Earlier this week, we launched Agreement Desk, an internal central workspace that keep teams aligned so agreements are processed faster; and our first AI contract agents now in beta.

轉向產品創新，隨著 DocuSign 從單一產品公司發展成為協議管理領域的領先平台，我們正在迅速為 IAM 添加新功能。本週早些時候，我們推出了 Agreement Desk，這是一個內部中央工作空間，旨在保持團隊步調一致，從而加快協議處理速度；我們的首批 AI 合約代理程式也已進入測試階段。

Agreement Management is a $2 trillion global market problem. Over the past 18 months, we've helped tens of thousands of customers begin to solve it. From the beginning, a key part of our IAM platform vision has involved combining a decade of in-house AI experience with leading third-party innovation.

協議管理是一個價值2兆美元的全球市場問題。在過去的18個月裡，我們已經幫助成千上萬的客戶開始解決這個問題。從一開始，我們 IAM 平台願景的關鍵部分就是將十年的內部 AI 經驗與領先的第三方創新相結合。

We believe IAM excels in several key areas:

我們認為 IAM 在以下幾個關鍵領域表現出色：

First, unmatched proprietary data. Models trained on the best data delivered the best, most accurate results to customers. One of DocuSign's biggest differentiators is our enormous library of consented private agreements, covering a wide variety of contract types, clauses, customer segments, languages, and verticals.

首先，擁有獨一無二的專有數據。使用最佳資料訓練的模型能夠為客戶提供最佳、最準確的結果。DocuSign 的最大優勢之一是我們龐大的雙方同意的私人協議庫，涵蓋各種合約類型、條款、客戶群、語言和垂直產業。

We estimate that by training IAM on this rich body of private data, we can achieve a 15 percentage points improvement in precision and recall compared to our models trained on public contract data. On our point scale, a 15 points jump in accuracy is a game-changer, especially when managing business-critical workflows and legal contracts.

我們估計，透過利用這批豐富的私有資料訓練 IAM，與利用公共合約資料訓練的模型相比，我們可以在精確率和召回率方面提高 15 個百分點。以我們的評分標準，準確率提高 15 分意義重大，尤其是在管理業務關鍵型工作流程和法律合約時。

When customers adopt IAM, their eSignature documents are automatically available in Navigator. They can include virtually any other agreements, as well. To date, we have approximately 150 million opted-in customer agreements ingested into Navigator, including $20 million in October alone, up approximately 140% over the past two quarters. Our average new IAM customer has over 5,000 active contracts.

當客戶採用 IAM 時，他們的電子簽名文件將自動在 Navigator 中可用。它們還可以包括幾乎任何其他協議。截至目前，我們已將約 1.5 億份選擇加入的客戶協議匯入 Navigator，僅 10 月就新增了 2,000 萬美元，比過去兩季成長了約 140%。我們的平均新 IAM 客戶擁有超過 5,000 個活躍合約。

Second, an unrivaled ecosystem. DocuSign has more than 1,000 third-party integrations and enterprise-ready APIs that connect the agreement process directly into the core business systems that customers already use.

其次，擁有無與倫比的生態系統。DocuSign 擁有超過 1000 個第三方整合和企業級 API，可將協定流程直接連接到客戶已在使用的核心業務系統中。

In Q3, we expanded our ecosystem by adding new AI tools and platforms. At our annual DocuSign Discover developer conference in October, we announced that IAM will be available in ChatGPT and can also connect to Anthropic Claude, Gemini Enterprise, GitHub Copilot, Copilot Studio, and Agentforce, all using the model context protocol or MCP server that's currently in beta.

第三季度，我們透過增加新的人工智慧工具和平台，擴展了我們的生態系統。在 10 月舉行的 DocuSign Discover 年度開發者大會上，我們宣布 IAM 將在 ChatGPT 中提供，並且還可以連接到 Anthropic Claude、Gemini Enterprise、GitHub Copilot、Copilot Studio 和 Agentforce，所有這些都使用目前處於測試階段的模型上下文協議或 MCP 伺服器。

At Discover, we also launched APIs that enable customers to connect Navigator and Maestro to third-party systems and proprietary internal apps. In October, at Dreamforce, we received a Salesforce Partner Innovation Award in the tech category for our DocuSign for Agentforce solution, which accelerates deal velocity by surfacing Agentic action and AI-powered agreement insights inside of Agentforce.

在 Discover，我們還推出了 API，使客戶能夠將 Navigator 和 Maestro 連接到第三方系統和專有內部應用程式。10 月，在 Dreamforce 大會上，我們憑藉 DocuSign for Agentforce 解決方案獲得了 Salesforce 合作夥伴創新獎（技術類），該解決方案透過在 Agentforce 內部顯示 Agentic 操作和 AI 驅動的協議見解來加快交易速度。

The expansion of our ecosystem partnerships and native integrations reinforces our position as the essential agreement layer across the enterprise.

我們生態系統合作夥伴關係的擴展和原生整合鞏固了我們作為企業內部關鍵協議層的地位。

Third, trustworthy AI at an enterprise scale. Our largest customers have millions of agreements in Navigator. Our AI models are designed to handle hundreds of millions of agreements efficiently.

第三，企業級可信賴的人工智慧。我們最大的客戶在 Navigator 系統中擁有數百萬份協議。我們的人工智慧模型旨在高效處理數億份協議。

In addition to scalability, customers tell us that trust is paramount when deploying AI to manage sensitive agreement information. In a recent DocuSign survey, 70% of professionals said they trust the dedicated enterprise contract AI solution over a general purpose model for handling agreements.

除了可擴展性之外，客戶還告訴我們，在部署人工智慧來管理敏感協議資訊時，信任至關重要。在 DocuSign 最近的一項調查中，70% 的專業人士表示，他們更信任專用的企業合約 AI 解決方案，而不是用於處理協議的通用模型。

IAM draws on DocuSign's years-long track record of delivering highly secure solutions for some of the world's most security-conscious companies; and meeting stringent standards of compliance, data security, and privacy protection.

IAM 借鑒了 DocuSign 多年來為全球一些最注重安全性的公司提供高度安全解決方案的經驗，並滿足了嚴格的合規性、資料安全和隱私保護標準。

In Q3, IAM achieved FedRAMP Moderate and GovRAMP authorization. We expanded our identity portfolio by launching clear and risk-based verification.

第三季度，IAM 獲得了 FedRAMP 中等認證和 GovRAMP 認證。我們透過推出明文驗證和基於風險的驗證，擴展了我們的身分識別產品組合。

For two years in a row, Newsweek has named DocuSign the most trustworthy software company in the US.

《新聞周刊》連續兩年將 DocuSign 評為美國最值得信賴的軟體公司。

In closing, our innovation is turning into outcomes for our commercial enterprise customers, who are realizing IAM's growing value in boosting productivity, saving time and money, and transforming their businesses.

最後，我們的創新正在為我們的商業企業客戶帶來成果，他們正在意識到 IAM 在提高生產力、節省時間和金錢以及轉變業務方面日益增長的價值。

We're honored that in Q3, DocuSign's AI innovation garnered recognition on the 2025 Fortune Future 50 list, which celebrates companies with the greatest long-term growth prospects; and the Inc. Power Partner's awards for companies that have proven track records supporting entrepreneurs and helping start-ups grow.

我們很榮幸在第三季度，DocuSign 的人工智慧創新在 2025 年《財富》未來 50 強榜單上獲得認可，該榜單旨在表彰具有最大長期增長前景的公司；同時，DocuSign 還獲得了 Inc. Power Partner 獎，該獎項旨在表彰那些在支持企業家和初創企業發展方面擁有良好記錄的公司。

I'd like to thank the entire DocuSign team for their commitment to putting or nearly 1.8 million customers first, as we drive the evolution of the category-leading Intelligent Agreement Management platform.

我要感謝 DocuSign 團隊全體成員，感謝他們始終將我們近 180 萬客戶放在首位，推動著業界領先的智慧協議管理平台的演進。

IAM momentum continues to build. We are focused on pursuing the vast opportunity ahead.

身分與存取管理（IAM）的發展動能持續增強。我們正專注於掌握眼前的巨大機會。

With that, let me turn it over to Blake.

那麼，現在把麥克風交給布萊克。

Thanks, Allan. Good afternoon, everyone.

謝謝你，艾倫。大家下午好。

Q3 results demonstrated another quarter of resiliency, with consistent overall growth in IAM demand momentum. We also continued to generate strong operating profitability and cash flow; and translated that performance into our single largest quarterly dollar buyback in the company's history.

第三季業績再次展現了韌性，IAM 需求動能持續成長。我們也持續維持強勁的經營獲利能力和現金流；並將這項業績轉化為公司史上單季最大規模的美元股票回購。

In Q3, total revenue was $818 million, up 8% year over year. Subscription revenue was $801 million, up 9% year over year. Revenue outperformance was driven by modest sales driven strength. Q3 billings were $829 million, up 10% year over year.

第三季總營收為 8.18 億美元，年增 8%。訂閱收入為 8.01 億美元，年增 9%。營收超預期主要得益於銷售額的穩定成長。第三季營業額為 8.29 億美元，年增 10%。

Revenue and billings had small foreign currency benefits of approximately 50 basis points year over year.

收入和帳單的外匯收益較去年同期約為 50 個基點。

Billings outperformance was primarily driven by two elements.

Billings 的優異表現主要由兩個因素驅動。

The first was renewal timing and early renewal strength, which drove slightly more than half of the outperformance in Q3. Similar to Q2, we saw slightly higher early renewals than forecasted. Importantly, the quality of those early renewals continued to improve year over year, as a percentage of early renewals with expansion grew and the share of early renewals that were flat declined.

第一個因素是續約時機和早期續約力度，這在第三季推動了略超過一半的超額收益。與第二季類似，我們看到的提前續約數量略高於預期。重要的是，這些早期續約的品質逐年提高，其中擴展型早期續約的比例增加，而保持不變的早期續約的比例下降。

The second element was a collection of smaller impacts, including a small shift in payment frequency to annual bookings performance and slight FX favorability.

第二個因素是一系列較小的影響，包括支付頻率略微調整為年度預訂業績以及匯率略微有利。

When removing the impact from timing, relative to our forecast, billings growth for Q3 was approximately 8% year over year.

剔除時間因素的影響後，與我們的預測相比，第三季的帳單收入年增約 8%。

As a reminder, we also saw elevated early renewal activity in the second half of fiscal 2025, creating a more difficult year-over-year billings comparison in Q3 and Q4 of this year.

需要提醒的是，我們在 2025 財年下半年也看到了提前續約活動的增加，這使得今年第三季和第四季的同比帳單比較更加困難。

A consistent theme in our quarterly billings results has been that renewal timing can create significant variability in billings as a reporting metric. This quarter, we are previewing three future disclosure updates that will take effect in our Q4 2026 earnings call in March.

我們的季度帳單結果一直反映出一個問題，那就是續約時間可能會對帳單這項報告指標造成很大的影響。本季度，我們將預覽三項未來揭露更新，這些更新將在我們 2026 年 3 月的第四季財報電話會議上生效。

These updates reflect investor feedback. Our primary goals are to provide better transparency in measuring both our long-term growth rate and IAM's role as a growth driver, as well as to focus on the underlying dynamics of growth in our business, rather than those affected by timing.

這些更新反映了投資者的回饋意見。我們的主要目標是提高衡量長期成長率和 IAM 作為成長驅動力的角色的透明度，並專注於業務成長的根本動力，而不是受時機影響的動力。

Please see slide 28 in our Q3 earnings deck for a full summary of the changes.

有關變更的完整摘要，請參閱我們第三季財報簡報中的第 28 頁。

First, at the end of every fiscal year, starting this Q4 2026, we will disclose annual recurring revenue, or ARR, including historical data for recent years. We will also provide full-year ARR growth guidance for fiscal 2027, which we will update quarterly during our first, second, and third quarters.

首先，從 2026 年第四季開始，我們將在每個財政年度結束時揭露年度經常性收入（ARR），包括近年來的歷史數據。我們還將提供 2027 財年的全年 ARR 成長預期，並將在第一、第二和第三季按季度進行更新。

Second, we will also introduce IAM as a percentage of ARR as a quarterly reporting metric beginning in Q4 of 2026. Consistent with the approach in fiscal 2026, we will also provide guidance in fiscal 2027 for the approximate year-end IAM percentage of ARR to create greater transparency into IAM's anticipated contribution to total growth.

其次，我們將從 2026 年第四季開始，將 IAM 作為 ARR 的百分比引入季度報告指標。與 2026 財年的做法一致，我們也將在 2027 財年提供關於 IAM 佔 ARR 的大致年末百分比的指導，以提高 IAM 對總成長的預期貢獻的透明度。

Finally, as previously discussed, we will no longer report billings in fiscal 2027. This quarter will be the last quarter we provide billings guidance and Q4 of 2026 will be the last quarter we report non-GAAP billings and reconciliations in earnings materials and SEC filings. We believe replacing billings as a reporting metric with ARR metrics will improve investor understanding of how DocuSign is managing its long-term growth trajectory and minimize quarter-to-quarter timing volatility in our reporting.

最後，正如之前討論過的，我們將不再報告 2027 財年的帳單。本季度將是我們提供帳單指引的最後一個季度，2026 年第四季將是我們最後一次在獲利資料和美國證券交易委員會文件中報告非 GAAP 帳單和調節表。我們相信，以 ARR 指標取代帳單金額作為報告指標，將提高投資者對 DocuSign 如何管理其長期成長軌跡的理解，並最大限度地減少我們報告中季度間的時間波動。

One question we anticipate is why not report ARR on a quarterly basis? The reason is that our quarterly net new ARR, as it is relatively small compared to our book of business, is subject to timing volatility similar or even more pronounced than quarterly billings; and can be highly volatile on a year-over-year basis.

我們預料到的一個問題是，為什麼不按季度報告 ARR？原因是，我們的季度新增淨 ARR 與我們的帳簿相比相對較小，因此其時間波動性與季度帳單類似甚至更為明顯；而且同比波動性可能很大。

For example, in fiscal 2026, we are forecasting to add approximately $240 million in net new subscription revenue or around $60 million, on average, per quarter. With that small of an absolute figure, slight timing fluctuations on deals can have large growth rate impacts.

例如，我們預計在 2026 財年將新增約 2.4 億美元的淨訂閱收入，或平均每季約 6,000 萬美元。由於絕對數字很小，交易時間上的輕微波動都可能對成長率產生重大影響。

Similar to billings, these timing fluctuations can detract from the insight that ARR provides, along with our aspiration to focus on accelerating our long-term growth. Our goal through providing annual ARR guidance updated each quarter, along with quarterly IAM disclosures, is to provide a full transparent picture of that growth.

與帳單類似，這些時間波動可能會削弱 ARR 提供的洞察力，也會影響我們專注於加速長期成長的願望。我們的目標是透過提供每季更新的年度 ARR 指引以及季度 IAM 揭露，全面透明地展現這一成長情況。

In Q3, we continued to see a strong and resilient business. The dollar net retention rate, or DNR, was 102%, up from 100% in the prior year and consistent with the 102% in Q2 of fiscal 2026. DNR stability is supported by improving consumption, a measure of envelope utilization, which is amongst the highest levels we have seen since early fiscal 2022.

第三季度，我們繼續看到業務保持強勁和韌性。美元淨留存率（DNR）為 102%，高於上年的 100%，與 2026 財年第二季的 102% 一致。DNR 穩定性得益於消費量的提高，消費量是衡量預算利用率的指標，目前已達到 2022 財年初以來的最高水準之一。

Also, the volume of envelope sent in Q3 continued to increase at a consistent year-over-year rate as compared to prior quarters.

此外，與前幾季相比，第三季寄出的信封數量繼續以年比速度穩定成長。

The fundamentals in our business remain solid. For IAM, in Q3, we surpassed 25,000 direct and digital customers on our IAM platform, up from 10,000, which we shared in April. We continue to be encouraged by IAM customers' financial profile, with the first early renewal cohort showing a gross retention rate several percentage points higher than our corporate average.

我們業務的基本面依然穩固。在 IAM 方面，第三季我們的 IAM 平台上的直接和數位客戶數量超過了 25,000 人，高於 4 月公佈的 10,000 人。IAM 客戶的財務狀況持續令我們感到鼓舞，首批早期續約客戶的毛留存率比我們公司的平均水準高出幾個百分點。

We remain on track for IAM to contribute a low -double-digit percentage share of the subscription book of business, exiting Q4.

我們預計 IAM 將在第四季末貢獻兩位數百分比的訂閱業務份額。

For the first time, international revenue reached approximately 30% of total revenue and grew 14% year over year, accelerating slightly from the prior quarter. In Q3, total customers grew 9% year over year, ending the quarter at nearly 1.8 million.

國際營收首次達到總營收的約 30%，年增 14%，較上一季略有加速。第三季度，客戶總數年增 9%，季末客戶總數接近 180 萬人。

Growth in customers spending over $300,000 annually accelerated to 8% year over year to 1,165 in Q3. This is the highest quarterly growth in over two years for this metric, as the solution of selling motion with larger customers continues to improve, following Q1's go-to-market changes.

第三季度，年消費超過 30 萬美元的客戶數量年增 8%，達到 1,165 家。這是該指標兩年多來最高的季度成長率，因為在第一季市場推廣策略調整之後，向大客戶銷售動態影像的解決方案持續改進。

Turning to our financials, our focus on operating efficiency continued to yield strong results this quarter. Non-GAAP gross margin for Q3 was 81.8%, down 70 basis points versus the prior year due primarily to the cloud migration transition costs we've discussed throughout the year.

從財務狀況來看，我們對營運效率的重視在本季度繼續取得了強勁的成果。第三季非GAAP毛利率為81.8%，較上年同期下降70個基點，主因是我們在全年討論過的雲端遷移過渡成本。

We delivered non-GAAP operating income in Q3 of $257 million. Operating margin was 31.4%, up nearly 2 percentage points versus last year, mostly attributable to higher revenue, continued cost discipline, and some savings from one-time expense items. We had approximately 1.5 percentage points of margin benefit from one-time and timing-related savings in Q3; without which, our operating margin would have been approximately 30%.

第三季度，我們實現了2.57億美元的非GAAP營業收入。營業利潤率為 31.4%，比去年增長近 2 個百分點，主要歸功於收入增加、持續的成本控制以及一次性支出項目的一些節省。第三季度，我們因一次性節省和時間相關的節省而獲得了約 1.5 個百分點的利潤率收益；如果沒有這些節省，我們的營業利潤率將約為 30%。

We ended Q3 with 6,940 employees, up modestly versus 6,838 in fiscal 2025 year end. This reflects our measured approach to hiring in fiscal 2026 to support our strategic initiatives, while maintaining efficiency.

第三季末，我們的員工人數為 6,940 人，與 2025 財年末的 6,838 人相比略有成長。這反映了我們在 2026 財年採取穩健的招募策略，以支持我們的策略舉措，同時保持效率。

In Q3, we generated $263 million of free cash flow, a 32% margin, up over 4 percentage points versus the prior year. This strength was better than we expected, driven primarily by higher-than-expected collections efficiency, higher in-quarter billings, and lower expenses.

第三季度，我們產生了 2.63 億美元的自由現金流，利潤率為 32%，比去年同期成長了 4 個百分點以上。這一表現優於我們的預期，主要得益於高於預期的收款效率、更高的季度內帳單金額和更低的支出。

Our balance sheet is strong. We ended the quarter with approximately $1 billion of cash, cash equivalents, and investments. We have no debt on the balance sheet.

我們的資產負債表狀況良好。本季末，我們持有約 10 億美元的現金、現金等價物和投資。我們資產負債表上沒有任何債務。

In Q3, we increased the pace of our buyback activity and repurchased $215 million in shares. This is our single largest quarterly dollar buyback in the company's history, as we redeployed the majority of our quarterly free cash flow to shareholders. We will continue to opportunistically repurchase shares, with over $1 billion in remaining buyback authorization. While the pace of this activity may fluctuate quarter to quarter, share repurchases underscore our commitment to returning excess capital to shareholders.

第三季度，我們加快了股票回購步伐，回購了價值 2.15 億美元的股票。這是公司歷史上單季規模最大的美元回購計劃，我們將大部分季度自由現金流重新分配給了股東。我們將繼續擇機回購股票，目前仍有超過10億美元的回購授權。雖然這項活動的步伐可能會逐季度波動，但股票回購凸顯了我們致力於將剩餘資本返還給股東的承諾。

Non-GAAP diluted EPS for Q3 was $1.01, up from $0.90 last year. GAAP diluted EPS was $0.40 versus $0.30 last year.

第三季非GAAP稀釋後每股盈餘為1.01美元，高於去年同期的0.90美元。以美國通用會計準則計算，稀釋後每股收益為 0.40 美元，去年同期為 0.30 美元。

With that, let me turn to guidance, for the fourth quarter and fiscal year 2026, we expect total revenue of $825 million to $829 million in Q4 or a 7% year-over-year increase at the midpoint; and $3.208 billion to $3.212 billion for fiscal 2026 or an 8% year-over-year increase at the midpoint.

接下來，我將展望一下業績指引。對於第四季度和 2026 財年，我們預計第四季度總收入為 8.25 億美元至 8.29 億美元，按中間值計算，同比增長 7%；2026 財年總收入為 32.08 億美元至 32.12 億美元，按中間值計算，同比增長 8%。

Of this, we expect subscription revenue of $808 million to $812 million in Q4 or a 7% year-over-year increase at the midpoint; and $3.140 billion to $3.144 billion for fiscal 2026 or an 8% year-over-year increase at the midpoint.

其中，我們預計第四季度訂閱營收為 8.08 億美元至 8.12 億美元，以中間值計算年增 7%；2026 財年訂閱營收為 31.4 億美元至 31.44 億美元，以中間值計算年增 8%。

For billings, we expect $992 million to $1.002 billion in Q4 or an 8% growth rate year over year at the midpoint; and 3.379 billion to $3.389 billion for fiscal 2026 or growth of 9% year over year at the midpoint.

對於帳單金​​額，我們預計第四季為 9.92 億美元至 10.02 億美元，以中間值計算，年增 8%；2026 財年為 33.79 億美元至 33.89 億美元，以中間值計算，年成長 9%。

Our updated full-year top-line guidance reflects the following dynamics present in our business and the external environment:

我們更新後的全年營收預期反映了公司業務和外部環境的以下動態：

For full-year revenue, the annual guidance at midpoint is increasing by $15 million from last quarter's full-year guidance. The majority of the increase is driven by Q3 outperformance and the expectation that some of these trends will continue to the fiscal year end.

全年營收方面，年度預期中位數比上一季的全年預期增加了 1,500 萬美元。此次成長主要得益於第三季業績超出預期，並且預計其中一些趨勢將持續到本財年末。

For full-year billings, the annual guidance at midpoint is increasing by $44 million from last quarter's full-year guidance. This increase reflects a portion of the non-timing impact from Q3 business strength.

全年營收方面，年度預期中位數比上一季全年預期增加了 4,400 萬美元。這一成長反映了第三季業務強勁成長帶來的部分非時間性影響。

As a reminder, both full-year revenue and buildings have hard year-over-year comparisons against last year's higher volume of early renewals, particularly in the second half of the year.

需要提醒的是，由於去年提前續約的數量較多，尤其是下半年，全年收入和建築數量與去年相比都存在較大的同比差異。

Revenue growth also has a hard year-over-year comparison against strength from last year's PLG initiatives, including high volumes of digital customers adding envelope capacity as a result of improved self-service flows, as described a year ago.

與去年 PLG 措施帶來的強勁成長相比，收入成長也面臨嚴峻的同比挑戰，其中包括大量數位客戶因自助服務流程的改進而增加了信封容量，正如一年前所描述的那樣。

For profitability, we expect non-GAAP gross margin to be between 80.8% to 81.2% for Q4 and between 81.7% and 81.8% for fiscal 2026. We expect non-GAAP operating margin to reach 28.3% to 28.7% for Q4 and 29.8% to 29.9% for fiscal 2026.

就獲利能力而言，我們預期第四季非GAAP毛利率將在80.8%至81.2%之間，2026財年毛利率將在81.7%至81.8%之間。我們預期第四季非GAAP營業利潤率將達到28.3%至28.7%，2026財年將達到29.8%至29.9%。

For the full year, we included the following two considerations in our non-GAAP profitability guidance:

在全年非GAAP獲利能力預測中，我們考慮了以下兩個因素：

For gross margin, we expect approximately 1 percentage point of headwind year over year from our ongoing cloud data center migration efforts in Q4. For full-year fiscal 2026, we expect our top-line strength and continued cost discipline to partially offset cloud migration costs and expect an approximately 50 basis points year-over-year decline on margins. We continue to expect a gradual easing and migration cost impacts in fiscal 2027 and beyond.

就毛利率而言，我們預計第四季度由於我們持續進行的雲端資料中心遷移工作，將年減約 1 個百分點。對於 2026 財年全年，我們預計營收強勁成長和持續的成本控制將部分抵銷雲端遷移成本，並預期利潤率將年減約 50 個基點。我們預計，在 2027 財年及以後，相關限制和移民成本的影響將逐步減輕。

For operating margins, we expect to achieve flat year-over-year operating margins for fiscal 2026, a strong reflection of our continued cost discipline. This strength offsets the margin pressures we described throughout the year, including the 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.

對於營業利潤率，我們預計 2026 財年將實現與上年持平的營業利潤率，這有力地反映了我們持續的成本控制。這項優勢抵銷了我們全年所描述的利潤率壓力，包括雲端遷移的影響、部分職位從股權薪酬轉向現金薪酬，以及2025年第二季一次性專業費用節省的抵銷。

In Q4, we also have a small timing-related headwind from one-time costs pushed to Q4 from Q3.

第四季度，由於一次性成本從第三季推遲到第四季度，我們也面臨一些與時間相關的不利因素。

As a reminder, in Q3, we had approximately 1.5 percentage points of margin benefit from one-time and timing-related savings. We expect non-GAAP fully diluted weighted average shares outstanding of [203 million] to [208 million] for Q4 and [208 million] to [211 million] for fiscal 2026.

提醒一下，在第三季度，我們透過一次性節省和時間相關的節省獲得了約 1.5 個百分點的利潤率收益。我們預期第四季非GAAP完全稀釋加權平均流通股數為2.03億股至2.08億股，2026財年為2.08億股至2.11億股。

Please see the modeling consideration slides in our Q3 earnings deck for a full summary of guidance context.

有關業績指引背景的完整摘要，請參閱我們第三季財報簡報中的建模考慮投影片。

In summary, this quarter highlighted DocuSign's commitment to our core strategic priorities and operational roadmap, driving product innovation, enhancing our go-to-market motions, and continuously improving efficiencies across the business.

總而言之，本季突顯了 DocuSign 對核心策略重點和營運路線圖的承諾，推動產品創新，增強市場推廣力度，並持續提高整個業務的效率。

Our focus on both consistent growth and financial discipline will remain the guidepost for maximizing customer, employee, and shareholder value.

我們將繼續秉持持續成長和財務紀律並重的原則，最大限度地提升客戶、員工和股東價值。

That concludes our prepared remarks. With that, operator, let's open the call for questions.

我們的發言稿到此結束。操作員，那麼，我們現在開始接受提問。

(Operator Instructions)

（操作說明）

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Nice to see the billing strength; and continued expectation for that to accelerate this year.

很高興看到帳單金額強勁增長；並期待今年這一增長勢頭能夠繼續加速。

As you start to transition to ARR, should we expect that ARR is seeing a fairly similar reacceleration that we're seeing with billings on a full-year basis? Or would there be any puts or takes that we should be thinking about around that metric, moving forward?

隨著您開始過渡到 ARR，我們是否可以預期 ARR 會出現與全年帳單類似的加速成長？或者，展望未來，圍繞這一指標，我們是否應該考慮一些賣出或賣出策略？

Why don't you take that one, Blake?

布萊克，你為什麼不接下這個任務呢？

Sure. Yeah. Thanks for the question, Jake.

當然。是的。謝謝你的提問，傑克。

We're not disclosing ARR yet. We'll do that when we get to the March call.

我們暫不公佈年度經常性收入（ARR）。我們將在三月的電話會議上討論這個問題。

I think that the way to think about it, for us, is (inaudible) what our trajectory is. As you heard us talk about, billings growth, excluding the -- from the (inaudible) component, as well -- and that's a good proxy for a trajectory for our business.

我認為，對我們來說，思考這個問題的方式是（聽不清楚）我們的發展軌跡是什麼。正如我們剛才提到的，帳單成長，不包括——也包括（聽不清楚）部分——這可以很好地代表我們業務的發展軌跡。

But I think for us, we're really excited about the opportunity with both the combination of expansion opportunities of IAM but then, also, with gross retention improvements in our core business, as well, to really drive that ARR number forward for us into FY27 and beyond it.

但我認為，對我們來說，我們非常興奮能有機會實現 IAM 的擴張，同時我們核心業務的整體留存率也有所提高，這將真正推動我們的 ARR 數據在 2027 財年及以後實現增長。

But we'll talk more about that when we get to March.

但我們三月再詳細討論這個問題。

(multiple speakers) I was just going to say that I want to emphasize that we're running the business on ARR now. And so we wanted to move to a place where where we're sharing with you how we run the business. And so that's the spirit. We should take this.

（多人發言）我只是想強調一下，我們現在是按照年度經常性收入（ARR）來經營業務的。因此，我們希望轉型到一個可以與大家分享我們經營業務方式的地方。這就是精神所在。我們應該帶上它。

I think it's the right long-term metric for the company. We look forward to sharing that with you, as we go forward.

我認為這是衡量公司長期發展的正確指標。我們期待在未來與您分享這些成果。

That's helpful. And then, great to see IAM crossing that 25,000 customer mark. Could you talk more about what you're seeing with the early renewal cohorts? Sounds like retention has been strong. But for customers that may have initially started with only a portion of their base on IAM, are you starting to see those customers shift to broader and wider IAM deployments on renewal?

那很有幫助。很高興看到 IAM 的客戶數量突破了 25,000 大關。您能否詳細談談您在早期續約群體中觀察到的情況？看來客戶留存率一直很高。但對於最初只在部分用戶群中使用 IAM 的客戶而言，您是否開始看到這些客戶在續約時轉向更廣泛地部署 IAM？

Yeah. Overall, I think we're pleased with the early signs.

是的。總的來說，我對目前的跡象感到滿意。

As a reminder, we launched IAM back in June of last year to commercial customers in North America and Australia. And so those are the cohorts that are renewing now. And then, we launched internationally in enterprise towards the latter end of the year -- part of last year.

提醒一下，我們在去年 6 月向北美和澳洲的商業客戶推出了 IAM 服務。因此，這些就是目前正在更新換代的群體。然後，我們在去年下半年（也就是去年的某個時候）在國際企業市場推出了產品。

The early signs are very promising. They renew at higher rates than our traditional signed business. So yeah, we obviously -- we'll keep a close eye on that.

初步跡象非常令人鼓舞。他們的續約率比我們傳統的簽約業務還要高。所以，是的，我們當然會密切關注此事。

In terms of the expansion, I don't have anything beyond that to say. But as we -- you'll see that baked into our projections, going forward, on ARR.

至於擴張方面，我沒什麼好說的了。但正如我們——您將會看到這一點已融入我們未來的 ARR 預測中。

Obviously, we're optimistic that IAM will progress very nicely in companies, over time. The smaller companies don't have as much expansion opportunity. When you get to larger companies, you would deploy in an individual department or division, then those expansion opportunities are larger.

顯然，我們樂觀地認為，隨著時間的推移，身分與存取管理（IAM）在企業中將會取得非常好的發展。規模較小的公司沒有那麼多的擴張機會。當你進入規模更大的公司時，你會部署到某個部門或事業部，那麼擴張的機會也就更大。

But, overall, I think we feel really good, both about the initial sale and about the adoptions and the follow-on.

但總的來說，我認為我們感覺非常好，無論是對最初的銷售，還是對後續的收養和收養情況。

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

Yeah. Obviously, great momentum on the IAM side, the 25,000 customers. The Navigator product, in particular, great to see the volume of agreements there.

是的。顯然，IAM 方面發展勢頭強勁，客戶數量已達 25,000 人。尤其令人欣喜的是，Navigator 產品達成瞭如此多的協議。

Bigger-picture question for you, Allan, like, how do you think about what the use cases and future monetization opportunity is? Is that volume of agreements continuing to grow within Navigator? Like, what -- how are customers going to be using it a year or two from now? What are the ways that DocuSign can monetize over the long run?

艾倫，我想問你一個更宏觀的問題，例如，你認為它的應用場景和未來的獲利機會是什麼？Navigator平台內的協議數量是否持續成長？例如，一兩年後，顧客會如何使用它？DocuSign 可以透過哪些方式實現長期獲利？

Yeah. A couple of points I'd say.

是的。我想提幾點。

First of all, Navigator is a foundational capability for our IAM platform, right? And so many things roll off of having that intelligent repository.

首先，Navigator 是我們 IAM 平台的基礎功能，對吧？擁有這樣一個智慧儲存庫，就能帶來許多好處。

As an example, you can run things like obligation management and a variety of extractions. On top of that, you can have automated notification.

例如，您可以執行義務管理和各種提取操作。除此之外，你還可以設定自動通知。

The agents can run off that. And so it really is a foundational capability that's embedded in the platform. It's not like we monetize Navigator separately. It's an integral part of IAM.

特工們可以利用這一點。因此，這確實是平台內建的一項基礎功能。我們並沒有單獨對導航器進行商業化運作。它是身分識別和存取管理 (IAM) 的組成部分。

We're feeling, I think, that that is a significant and distinctive proprietary advantage for DocuSign. There's a lot of noise in the ecosystem about LMM models.

我認為，我們認為這是 DocuSign 的重大且獨特的專有優勢。生態系中關於 LMM 模型存在許多雜音。

We obviously have benefited tremendously from the enormous CapEx investment and capability enhancement that's happened in the LLM space over the last two-and-a-half years; and very grateful to be leading DocuSign through that.

顯然，在過去兩年半的時間裡，LLM 領域進行了大量的資本支出投資和能力提升，我們從中受益匪淺；我們非常感激能夠帶領 DocuSign 經歷這一切。

But, on top of that, we get to train on proprietary consent of private agreements from companies that are not publicly available. And so we can achieve higher accuracy rates with that.

但除此之外，我們還能接受關於公司私有協議中專有同意條款的培訓，這些協議並不公開。因此，我們可以利用這種方法來獲得更高的準確率。

If you take that, compounded with our workflow advantage and our trust and reputation advantages, I think it all sets up really nicely for us. Navigator is foundational to that.

如果把這些因素考慮進去，再加上我們的工作流程優勢以及信任和聲譽優勢，我認為這對我們來說是非常有利的。Navigator 是這一切的基礎。

But we monetize it as part of the platform, not independently, if that makes sense.

但我們將其貨幣化是作為平台的一部分，而不是獨立實現的，如果這樣說你能理解的話。

Yeah. That's helpful.

是的。那很有幫助。

A follow-up for Blake. Good to see the billings upside this quarter. I think trailing 12-month billings accelerated. As we look at the subscription revenue guide for Q4, the growth is a little bit below where you guided Q3.

布萊克的後續報道。很高興看到本季帳單金額有所增長。我認為過去 12 個月的帳單結算速度加快了。當我們查看第四季度的訂閱收入預期時，會發現其成長略低於您先前對第三季的預期。

Just given that you're going to be transitioning to ARR next quarter, how would you characterize the underlying growth of the business? Has it been steady? Is it accelerating? Maybe you're just adding in a bit more prudence in Q4 because of macro go-to-market changes.

鑑於您下個季度將過渡到 ARR（年度經常性收入），您會如何描述業務的潛在成長？一直都很穩定嗎？它是否在加速？也許你只是因為宏觀市場環境的變化，所以在第四季採取了更謹慎的態度。

Just help us understand the puts-and-takes on that.

請幫我們理解這其中的來回博弈。

Sure. Yeah. Our revenue, we're obviously guiding to a Q4 revenue growth rate, which is a bit of a decel from Q3.

當然。是的。我們預計第四季營收將實現成長，比第三季有所放緩。

Two primary things that are driving that -- and neither of them, I think, are that worrisome, which is -- one is, Q3, we did have some extra early component hit us in Q3, in a good way. You get a little bit of a revenue acceleration from that.

導致這種情況的主要原因有兩個——而且我認為這兩個原因都不太令人擔憂——一是第三季度，我們確實有一些額外的早期組件在第三季度為我們帶來了好處。這樣可以稍微提升收入。

And then, the other thing to remember is, if you go back to Q4 of last year, we grew revenue at a pretty big clip. We grew revenue, Q4 of '25, at 9%. If you recall, there was a -- we launched a number of new features, especially on the PLG side and digital, for, call it, shorter-term envelope add-ons and things like that, which -- we got that boost because from Q3 to Q4 last year, our revenue accelerated by over 100 basis points.

還有一點要記住的是，回顧去年第四季度，我們的營收成長速度相當快。2025 年第四季度，我們的營收成長了 9%。如果你還記得的話，我們推出了一系列新功能，尤其是在PLG和數位方面，例如短期附加元件等等，這些功能推動了業務成長，因為從去年第三季到第四季度，我們的營收成長了超過100個基點。

And so I would just encourage you to make sure to look at that hard comp that we have on a year-over-year basis because that does explain a bit of it when you think about a decel like that from Q3 to Q4.

因此，我建議您務必查看我們按年進行的硬性比較，因為這確實可以解釋從第三季到第四季出現的這種放緩現象。

Mark Murphy, J.P. Morgan.

馬克墨菲，摩根大通。

Congrats on a very nice performance.

恭喜你奉獻了非常精彩的演出。

You had mentioned, I believe, consistent growth in envelopes. But you called out utilization rates reaching multiyear highs. I'm just wondering if there's any way to help us conceptualize that? For instance, are the envelope then growing mid-single digits or are they growing high-single digits? Or any sense of where the utilization rates stand?

我記得您曾經提到過信封數量的持續增長。但你指出了利用率達到多年來的最高水準。我只是想知道有沒有什麼方法可以幫助我們理解這一點？例如，信封上的數字是按個位數中段增長，還是按個位數高段增長？或者，您對目前的利用率情況有任何了解嗎？

As part of that, should we read into this that customers are basically using more of what they paid for and so it's going to foreshadow pretty healthy upsell and expansion ARR opportunity in future periods? Or is there some other takeaway from that?

從這個角度來看，我們是否應該理解為客戶正在更多地使用他們付費購買的產品，因此這預示著未來一段時間內會有相當可觀的追加銷售和年度經常性收入成長機會？或者說，我們還能從中得到其他什麼啟示？

Let me take a stab. Allan, jump in.

讓我來試試看。艾倫，跳進來。

Yeah. We don't break out, like, the envelope sent growth by vertical, such that. But what I would say is it's been very, very consistent for us.

是的。我們不會像信封那樣，透過垂直成長來打破這種局面。但我想說的是，對我們來說，情況一直都非常非常穩定。

I'll talk about envelopes first; then, we can talk about utilization, after that.

我先談談信封；之後，我們再來談談利用率。

On the envelope sent, the past 5 quarters or so, we have seen very consistent growth year over year in envelope sent, which is great. It goes to the point that we see what makes me so excited about the resiliency of this business.

在過去的五個季度左右，我們看到寄出的信封數量逐年穩定成長，這非常好。正因如此，我們才能明白是什麼讓我對這個產業的韌性如此興奮。

On the utilization side, like consumption, it is higher than our prior year. I think, for us, it's a factor of timing, right? If somebody is using -- and I'm making these numbers up so -- but if they're using 80% of their deal and then, rise up to 85%, that's always a good sign for us.

從利用率來看，與消耗量一樣，也高於前一年。我認為，對我們來說，這是一個時機問題，對吧？如果有人正在使用——我舉個例子——但如果他們使用了套餐的 80%，然後上升到 85%，這對我們來說總是一個好兆頭。

Now, the timing of the billing opportunity and the new contract for them is subject to their business situation and their needs and all things like that. But I think, all in, for us, as a company, as those utilization rates grow, I think they're only positive signs for us. And so I'm really excited about it.

現在，他們的結算機會和新合約的簽訂時間取決於他們的業務狀況、需求以及所有這些因素。但我認為，總的來說，對我們公司而言，隨著利用率的成長，我認為這對我們來說只有正面的訊號。所以我對此感到非常興奮。

But the timing of it is always subject to each individual customer situation.

但具體時間始終取決於每位客戶的具體情況。

Yeah. I would just add: Historically, that's obviously been a key performance metric for our signing business. We continue to keep a very close eye on it. Sellers certainly track it.

是的。我還要補充一點：從歷史數據來看，這顯然是我們簽約業務的關鍵績效指標。我們會繼續密切關注此事。賣家肯定會關注這一點。

But we now have a much broader portfolio or stuff to follow up on. As we build that momentum with more envelope volume (technical difficulty) utilization, we don't just go back to them and say, hey, we'd like some more envelopes? We go to them and say, would you like to deploy new agreement workflows? Would you like to consider this in other parts of the business? Would you like to learn what's in all your agreements and make that information conveniently available on the apps that you care about?

但我們現在有更廣泛的項目需要跟進。隨著我們利用更多包絡容量（技術難度）來累積勢頭，我們不會只是回去對他們說，嘿，我們想要更多包絡？我們找到他們，問他們是否願意部署新的協定工作流程？您是否考慮將此理念應用到公司的其他業務領域？您是否想了解所有協議的內容，並方便地在您關注的應用程式上獲取這些資訊？

That's just a much broader proposition and opportunity for upsell than we've historically had.

這為我們提供了比以往更廣泛的銷售機會和追加銷售機會。

Okay. And then, as a quick follow-up, I think you mentioned that the AI contract agents are in beta. Are you able to give any sneak peek at what you're engineering there; what usage scenarios you're imagining?

好的。然後，我想快速補充一下，您提到過人工智慧合約代理目前處於測試階段。您能否透露一下您正在研發的產品，以及您所設想的使用場景？

I think we're trying to figure out if you're going to target procurement or sales workloads or take it broader and then, they review contracts or generate clauses? Or is there some other automation that you're going to do?

我認為我們正在試圖弄清楚，你是打算針對採購或銷售工作量，還是會擴大範圍，然後讓他們審查合約或生成條款？或者你們還打算實現其他自動化功能嗎？

If you're not able to speak to that now, I think we understand that, as well. But I thought I'd ask anyway.

如果您現在無法就此發表評論，我想我們也能理解。但我還是想問。

Yeah. Well, we're launching several. They tend to be, shall we say, relatively simple workflows, as you would expect. You don't necessarily want to try to automate the most complex, highest variability workflows.

是的。嗯，我們正在推出好幾個。正如你所預料的那樣，它們的工作流程往往相對簡單。你可能想要自動化最複雜、變動最大的工作流程。

They exist across sales and HR and procurement use cases so much like our IAM platform and eSignature platform do.

它們廣泛存在於銷售、人力資源和採購等各種用例中，就像我們的身分和存取管理平台以及電子簽名平台一樣。

We're -- I think that's probably as much as I should say at this time. But it's early days, right? We are just putting it out there.

我們是──我想此時此刻我大概只能說這麼多了。但現在下結論還為時過早，對吧？我們只是把它公諸於世。

I think, for all the noise, we're still in very early days of enterprise valuations of these things. But we think it's inevitable that a number of contractual workflows will ultimately be automated with agents. We want to be at the forefront of that. So that's why you're seeing it lean in.

我認為，儘管各種聲音都很吵雜，但我們對這些事物的企業估值仍處於非常早期的階段。但我們認為，許多合約工作流程最終都會透過代理商實現自動化，這是不可避免的。我們希望走在時代的前端。所以你才會看到它向前傾。

In the same vein, that's, of course, also why we are leaning in with a number of the chat platforms that would often be triggers for Agentic action and why they're so keen to partner with us.

同樣，這也是為什麼我們正在積極與一些聊天平台合作，因為這些平台經常觸發 Agentic 的行動，以及為什麼他們如此渴望與我們合作。

We announced partnership with an integration with OpenAI at our developer conference at the end of last month. Basically, everybody else that matters in the space since then has reached out to us because agreements are an essential data site that touches so many different workflows in (inaudible) companies and DocuSign is incredibly well positioned to provide that data to help with the automation agenda that many companies have.

我們在上個月底的開發者大會上宣布了與 OpenAI 的合作關係，並實現了整合。基本上，從那時起，該領域所有其他重要的人都聯繫了我們，因為協議是一個重要的數據站點，它涉及（聽不清楚）公司的許多不同工作流程，而 DocuSign 在提供這些數據方面具有非常有利的地位，可以幫助許多公司實現自動化目標。

Look, it's early days. But we are very excited about becoming a system of action for agreements.

現在還為時過早。但我們非常高興能夠成為一個達成協議的行動體系。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Yeah. This is Peter Burkly, on for Kirk. Appreciate you taking the question.

是的。這是彼得·伯克利，他代替柯克發言。感謝您回答這個問題。

Strong quarter in the large customer segment, that 300,000 plus ACV customer group. I think it was the strongest growth in 8 or 10 quarters.

大型客戶群（年合約價值超過 30 萬的客戶群）本季表現強勁。我認為這是近 8 到 10 個季度以來最強勁的增長。

Just curious if you can discuss how much of that's being driven by IAM adoption at the enterprise level versus just more broadly a stronger go-to motion at this point in time versus maybe a year ago?

我很好奇，您能否討論一下，這其中有多少是由企業層面採用 IAM 所驅動的，又有多少僅僅是目前這種更普遍的趨勢（與一年前相比）所致？

Yeah. It's both. We continue to see strength with customers who are just expanding their eSignature usage. At the same time, we're now starting to see some nice enterprise wins with IAM. Both contributed nicely to the momentum with the 300,000 segment.

是的。兩者兼具。我們看到，那些正在擴大電子簽名使用範圍的客戶群持續保持強勁勢頭。同時，我們現在開始看到 IAM 在企業領域取得了一些不錯的成功。兩者都為30萬用戶群的成長動能做出了良好貢獻。

Helpful. Maybe just a quick follow-up on IAM: (inaudible) IAM has been in the enterprise market for a few quarters now. Just curious if there's any learnings or any thoughts on the go-to-market playbook, as you head into fiscal '27?

很有幫助。關於 IAM，或許可以簡單補充一下：（聽不清楚）IAM 已經進入企業市場幾個季度了。我很好奇，在進入 2027 財年之際，你們在市場推廣策略方面有沒有什麼經驗教訓或想法？

Yeah. Look, it's still early days. I want to emphasize that. It's a multiyear journey for us or, indeed, any company undertaking this transformation.

是的。你看，現在還為時過早。我想強調這一點。對我們而言，這注定是一段長達數年的旅程，對任何進行這種轉型的公司來說也是如此。

We've made some really nice early wins. It's nice to be able to see that continued progression. We've got significant work going on on the innovation side, in terms of scaling our enterprise feature set and access control and sensibility.

我們取得了一些非常漂亮的早期勝利。很高興看到這種持續的進步。我們在創新方面進行了大量工作，包括擴展企業功能集、存取控制和感知能力。

And then, the go-to-market side, as you asked, key focus areas for next year includes complementing our traditional land-and-expand motion across departments with more of a top-down platform executive upsell. We do that. But I think we can get better.

至於市場推廣方面，正如您所問，明年的重點領域包括：在各部門之間，透過更自上而下的平台高管追加銷售，來補充我們傳統的「先佔領後擴張」的策略。我們這樣做。但我認為我們可以做得更好。

We want to lean into both our ISV partnerships, where we're already starting to see some nice progress and perhaps, even more importantly, our system integrator partnerships.

我們希望加強與獨立軟體開發商 (ISV) 的合作關係，我們已經開始看到一些不錯的進展，也許更重要的是，我們希望加強與系統整合商的合作關係。

Historically, for DocuSign, that's been predominantly a CLM activity. But, now, it's literally -- the whole company has leaned in. We're seeing a lot of inbound interest from the SI Partners in partnering with us because we have such a unique and broad proposition.

從歷史上看，對於 DocuSign 而言，這主要是一項客戶生命週期管理 (CLM) 活動。但現在，情況確實如此——整個公司都積極參與其中。我們看到許多系統整合商合作夥伴對我們合作表現出濃厚的興趣，因為我們擁有如此獨特而廣泛的方案。

And then, lastly, on the pricing and packaging side, we've gotten questions on past calls, you'll not be surprised to learn that as we move up from a lower-friction model in the commercial space where simplicity is key to the enterprise, we are testing more of a platform pricing model with tokens -- is being very well received.

最後，關於定價和包裝方面，我們在之前的電話會議中收到了一些問題，您不會感到驚訝，因為隨著我們從商業領域中摩擦較小的模式（簡單性對企業至關重要）轉向更注重平台定價的代幣模式——這種模式受到了很好的歡迎。

And so I think you should expect to see us move in that direction more publicly. That gives us just a lot more flexibility, as we continue to layer in new capability and new value into IAM.

所以我認為，你們應該會看到我們更公開地朝著這個方向邁進。這讓我們擁有了更大的靈活性，因為我們可以不斷地將新功能和新價值融入身分認同與存取管理 (IAM) 中。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Allan, I know your long-term aspiration is double-digit growth. You're obviously knocking on the door. But what do you think it needs to take from here for you to continue to sustain or get to double-digit growth from your side? Are there a couple of ingredients that you think still have to trigger before you can hit that mark?

艾倫，我知道你的長期目標是實現兩位數的成長。你顯然是在敲門。但你認為從現在開始，你需要做些什麼才能繼續維持或達到兩位數的成長？你認為在達到那個目標之前，是否還需要滿足某些條件？

We are making really good progress. I'm proud of the team. I think we -- look, the two big levers are what you would expect.

我們取得了非常好的進展。我為這支隊伍感到驕傲。我認為我們——你看，這兩個主要槓桿正如你所預期的那樣。

It's retention. We, I think, continue to make progress on that. I think there's still more headroom for us there.

這是留存率。我認為，我們在這方面持續取得進展。我認為我們在這方面還有很大的提升空間。

And it's new expansion bookings. I think we are making progress there, particularly driven by IAM.

而且是新的擴建預約。我認為我們在這方面正在取得進展，尤其是在身分和存取管理 (IAM) 的推動下。

I'm pretty confident those two levers will get us there. So we're working on it.

我相當有信心，這兩個槓桿就能讓我們達到目標。所以我們正在努力。

Okay. Blake, could (inaudible) see the record buyback may play devil's advocate in the age of AI, why not lean it a little harder into M&A? Is there anything you need to do to help Allan's vision of that double-digit growth, even if it's inorganic?

好的。布萊克，（聽不清楚）認為創紀錄的股票回購可能會在人工智慧時代扮演反方角色，為什麼不更努力投入併購呢？為了幫助艾倫實現兩位數成長的願景（即使是非有機成長），您需要做些什麼？

Yeah, absolutely. It's something we talk about actively at DocuSign. It's a subject that, on the outside, it may not sound (inaudible) because we're not -- we don't do an acquisition every quarter. But, for us, it's something we talk about actively.

是的，絕對的。這是我們在 DocuSign 內部積極討論的議題。從表面上看，這或許不是一個值得關注的話題，因為我們不是──我們不是每季都會進行收購。但對我們來說，這是我們會積極討論的話題。

We're looking for those companies and those assets that can help propel us forward, whether that's through elements of retention or expansion, right, for us. I think that, again, we're super active about it. It is one of the reasons why we do keep the optionality on our balance sheet, right, for those opportunities as they present themselves to us.

我們正在尋找那些能夠幫助我們前進的公司和資產，無論是透過留住現有資產還是拓展現有資產，對我們來說都是如此。我認為，我們在這方面非常積極主動。這也是為什麼我們會在資產負債表上保留選擇權的原因之一，對吧？這樣我們就能在機會出現時抓住它們。

We look at a lot. We have a high bar for those acquisition conversations. But it is something that Allan and I and the team, I would say, actively talk about probably more than people think.

我們看了很多東西。我們對收購談判的標準很高。但我認為，我和艾倫以及團隊經常積極討論這個問題，而且討論的次數可能比人們想像的要多。

Yeah. Maybe just to add to that: First of all, I feel very good about our organic growth trajectory and the innovation, the scale, and scope of the innovation that the teams are driving. So I think there's enough there.

是的。或許還要補充一點：首先，我對我們的有機成長軌跡以及團隊正在推動的創新、規模和範圍感到非常滿意。所以我覺得這方面已經足夠了。

With that said, we have the resources; we have the go-to-market model. I think we want to explore, strategically, places where we think we can be additive.

也就是說，我們有資源；我們有市場推廣模式。我認為我們應該從策略角度去探索那些我們認為可以發揮自身價值的領域。

The Lexion acquisition has been fantastic to DocuSign. It augmented our product roadmap, both from a workflow and AI perspective. In fact, the Agreement Desk product that we just launched this week was inspired by an earlier Lexion product and was led by the the Lexion founders. And so it's very -- that's been a fantastic deal in every way: product, technology, team.

收購 Lexion 對 DocuSign 來說是一件非常棒的事。它從工作流程和人工智慧的角度豐富了我們的產品路線圖。事實上，我們本週剛推出的 Agreement Desk 產品受到了 Lexion 早期產品的啟發，並且是由 Lexion 的創始人領導開發的。因此，從各方面來看，這都是一筆非常棒的交易：產品、技術、團隊。

We inherited a good number of customers that have also performed very well.

我們接手了一群表現非常出色的客戶。

Overall, that was just excellent. If we can find more like that, we will.

總的來說，那真是太棒了。如果能找到更多類似的，我們會繼續尋找。

We're looking, as you may know, it's -- there are things that are a little frothy, right now. So --

正如您可能知道的那樣，我們現在看到的是——現在有些事情有點撲朔迷離。所以--

The message is that you just keep leaning in the buyback until you find something you like and then, you can balance since you can do both.

意思是說，你只需不斷嘗試回購，直到找到你喜歡的東西，然後你就可以平衡兩者了，因為你可以兩者兼顧。

Yeah. We take capital allocation here really seriously, which is when we generate excess capital, we have opportunities to redeploy that.

是的。我們非常重視資本配置，也就是說，當我們產生過剩資本時，我們有機會重新部署這些資本。

For right now, the buyback, we think, is a great opportunity to that with the forward-looking outcomes that we think we can go after. At the same point in time, if we find those opportunities to deploy that capital to an M&A opportunity that helps do that for us as well, we'll absolutely consider it.

就目前而言，我們認為股票回購是一個絕佳的機會，可以實現我們認為能夠達成的前瞻性目標。同時，如果我們發現有機會將這些資本投入到能夠幫助我們實現這一目標的併購機會中，我們一定會認真考慮。

Apital allocation, for us, is a topic that Allan and I talk about quite often.

資本配置是我們和艾倫經常討論的議題。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Nice quarter. Just one question for me -- I know maybe this is a question for Allan -- is on the AI contract agents, super interesting. I think legal contracts is one of the best use cases for these LLM technologies for all the, probably, inherent reasons we all know here on the call.

不錯的街區。我只有一個問題——我知道這可能是艾倫的問題——是關於人工智慧合約代理的，非常有趣。我認為，法律合約是這些 LLM 技術的最佳應用案例之一，原因可能都是我們今天在電話會議上都知道的。

But as we think about your customers and where they are in awareness for agents -- and I'm sure it's new to them -- (inaudible) how we think about maybe budget procurement, is this something that you think can have a meaningful impact to some of your momentum in fiscal '27? Or is this more of maybe a fiscal '28 opportunity as a test and trial next year and you can probably try to get some budgets after that?

但是，當我們思考您的客戶以及他們對代理商的認知水平時——我相信這對他們來說是全新的——（聽不清楚）我們如何考慮預算採購，您認為這是否會對您在 2027 財年的發展勢頭產生有意義的影響？或者這更像是 2028 財年的一個機會，作為明年的測試和試驗，之後或許可以嘗試獲得一些預算？

I don't think it's a huge contributor to our financial momentum next year. But enterprise software is a multiyear roadmap endeavor. People want to (inaudible) there with somebody who can deliver for them, not just now but years to come. And so it's very important to provide visibility to what they can do when they are ready.

我認為這不會對我們明年的財務成長勢頭產生巨大影響。但企業軟體開發是一個需要多年規劃的專案。人們希望（聽不清楚）和能為他們帶來好處的人在一起，不僅是現在，而且是未來幾年。因此，讓他們清楚地了解自己準備好後能夠做什麼，這一點非常重要。

I've no doubt we'll have a number of trials. But I don't think it will be financially meaningful. But it's certainly strategic.

我毫不懷疑我們會經歷多次試驗。但我認為這在經濟上不會有顯著意義。但這無疑是一種策略性舉措。

Brad Sills, Bank of America.

布拉德·西爾斯，美國銀行。

Maybe a go-to-market question, with regards to IAM. Allan, you talked about how you're seeing progress with HR and procurement departments. Is that the primary land in the departmental sale in those two legal? Just curious if the sales audience and the large enterprise really centers around those three departments. Curious how well prepared you feel the go-to-market is to address those.

或許這是一個關於身分和存取管理（IAM）的市場推廣問題。艾倫，你剛才提到人力資源部和採購部都取得了進展。那是否是那兩起法律案件中部門出售的主要土地？我只是好奇銷售受眾和大型企業是否真的以這三個部門為中心。很好奇您認為市場推廣方面對解決這些問題準備得如何。

Yeah. I would change the statement a little bit. I would say the four main use cases for us -- sales, procurement, HR, and customer experience -- we should think of that as business-to-consumer-type flows, banking onboarding, that kind of stuff.

是的。我會稍微修改一下這句話。我認為我們的四個主要用例——銷售、採購、人力資源和客戶體驗——應該被視為企業對消費者類型的流程，例如銀行客戶註冊等。

We're seeing demand across all of those. I would say, from a maturity perspective, we've had a very strong position for a long time in, I would say sales and customer experience-type applications.

我們看到所有這些領域都有需求。從成熟度的角度來看，我認為我們在銷售和客戶體驗類應用領域長期以來一直處於非常強大的地位。

But there is a lot of interest now in procurement and in HR.

但現在人們對採購和人力資源領域非常感興趣。

On the procurement side, these tend to be high-dollar, low headcount, complex, poorly supported. I think that they're so eager to find solutions to achieve more efficiency in procurement processes and unlock value that's in agreements they've already negotiated.

在採購方面，這些項目往往金額高、人員配備少、複雜、支援不足。我認為他們非常渴望找到提高採購流程效率的解決方案，並釋放他們已經談判達成的協議中所蘊含的價值。

On the HR side, that's, of course -- essentially, those are business-to-consumer flows, just on the hiring side, as opposed to the selling side. Those are quite poorly integrated categories. And so a lot of the HR departments are very eager to see those process streamlined.

在人力資源方面，這當然本質上是企業對消費者的流程，只是涉及招募方面，而不是銷售方面。這些分類之間的整合度很差。因此，許多人力資源部門都非常渴望看到這些流程得到簡化。

We have a number of ISV partnerships that we've announced here. Even this quarter, something with Dayforce. We've done stuff with smart recruiters. We've done stuff with a lot of folks in the HR space that integrate DocuSign in to make the entire, let's say, onboarding process, for example, more efficient.

我們在此宣布了一系列與獨立軟體開發商 (ISV) 的合作關係。即使是本季度，也和 Dayforce 有關。我們和一些優秀的招募人員合作過。我們已經與人力資源領域的許多人合作，將 DocuSign 整合到整個流程中，例如，使入職流程更加有效率。

Look, those are the four big ones that you'll see us talking about and you'll see us highlight at our conference in the spring.

你看，這四點就是我們將要討論的重點，也是我們將在春季會議上重點介紹的重點。

One way, maybe just take a step back, to think about the ongoing maturing of IAM, when we first launched, we launched horizontal platform capabilities, right? Navigator, being the most obvious example, is the intelligent repository. This year, we completed that suite of agreement-related workflows with things like Agreement Desk. Next year, where we're going is fully integrated end-to-end functional workflow suites that are polished and integrated with all the pieces. It will be those four.

或許我們可以退後一步，回顧 IAM 的持續成熟過程。當我們最初推出 IAM 時，我們推出的是橫向平台功能，對吧？Navigator 就是最明顯的例子，它是一個智慧型儲存庫。今年，我們透過 Agreement Desk 等工具完善了與協議相關的全套工作流程。明年，我們的目標是打造完全整合、功能完善的端到端工作流程套件，將所有元件完美整合。就是那四個人。

And so you can look forward to that. We're obviously already packaging that, to some extent. But it will -- that will get tighter and better. I think that's really -- those are the use cases that will -- departments of the use cases that will power the IAM growth.

所以你可以期待一下。我們顯然已經在某種程度上進行包裝了。但情況會好轉的，會越來越好。我認為這才是真正推動 IAM 成長的用例——這些用例將推動 IAM 的成長。

That's great. Yeah, that's great. Thanks, Allan.

那太棒了。是的，那太好了。謝謝你，艾倫。

Maybe, Blake, one for you, if I could, please. Any observations on the macro? Any changes to the backdrop, whether it's with regards to envelope volumes or signings?

布萊克，如果可以的話，或許可以寫一首給你。對宏觀經濟有何看法？背景方面有任何變化嗎？無論是信封數量還是簽名狀況？

There's some moving parts in the SMB, right now. Just curious if you've seen any difference there between SMB commercial and enterprise in your envelope and signing activity?

目前中小企業內部有一些變動因素。我只是好奇，您在信封和簽字活動方面是否發現中小企業商業郵件和企業郵件之間有任何差異？

Sure. I would say there's nothing material that we've seen in the business in Q3. That's been pretty consistent for us over the past, gosh, four or five quarters, I would say.

當然。我認為第三季業務方面沒有什麼實質的改變。在過去的四、五個季度裡，我們一直保持著相當穩定的表現。

Consumption usage trends are consistent for us. We're seeing pretty strong year-over-year growth across most verticals.

我們的消費使用趨勢一直都很穩定。我們看到大多數垂直領域都實現了相當強勁的同比增長。

Now, that said, companies are still scrutinizing spend. People sitting in my position at various companies want to make sure they're getting the most value they can for things.

儘管如此，各公司仍在仔細審查支出狀況。像我這樣在不同公司擔任相同職位的人都希望確保自己能從事物中獲得最大的價值。

But that's, I think, one of the big benefits of this -- the breadth of our customer base that we have is it just -- the consistent resiliency that we've seen is something that I've been really excited about. We'll see how the macro evolves, over time.

但我認為，這正是我們擁有的廣泛客戶群的一大好處——我們所看到的持續韌性讓我感到非常興奮。我們將拭目以待宏觀經濟情勢的發展。

But, to date, nothing really of any angst or concern out there that we've seen to date.

但到目前為止，我們還沒有看到任何真正令人焦慮或擔憂的事情。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

This is [Lucas] (inaudible) ,on for Josh Baer. Congrats on a great quarter.

這是[盧卡斯]（聽不清楚），替喬許貝爾主持節目。恭喜你本季表現出色。

Could you give us some more color on the 25,000 IAM customers? Specifically, how many are new to DocuSign versus existing eSign customers?

您能否詳細介紹一下這 25,000 名 IAM 客戶的情況？具體來說，DocuSign 的新用戶和現有電子簽章用戶分別有多少？

Yeah. It's over 25,000 across our direct-to-digital business. It's predominantly direct. They are -- the vast majority of them are existing eSign customers that upgrade to IAM. But we do onboard quite a few new customers directly on to IAM, as well. But the vast majority is the installed base.

是的。在我們的直接面向數位業務中，這一數字超過 25,000。它主要以直接的方式進行。沒錯—他們中的絕大多數都是現有的電子簽名客戶，他們升級到了身分與存取管理 (IAM)。但我們也確實直接為許多新客戶搭建了 IAM 系統。但絕大多數是已安裝用戶群。

Of course, that's an incredible advantage that we have. We have now almost 1.8 million customers that pay us monthly.

當然，這是我們擁有的巨大優勢。我們現在有近180萬每月付費客戶。

Let's take the -- if we just look at the direct customer base, I think we're in the 270,000-or-so active customers that are serviced by our sales teams. We have so much headroom and yet, come in with this huge advantage that we are already an approved vendor, generally well liked and trusted, often have in many of their agreements. And so the step-up to engage with us IAM is just far less than we were a new vendor.

讓我們來看看——如果我們只看直接客戶群，我認為我們擁有大約 27 萬活躍客戶，這些客戶由我們的銷售團隊提供服務。我們還有很大的發展空間，而且我們還擁有一個巨大的優勢，那就是我們已經是合格的供應商，普遍受到好評和信任，並且經常出現在他們的許多協議中。因此，與我們合作進行身分和存取管理 (IAM) 所需的步驟遠比我們作為新供應商時要少得多。

A lot of headroom left but definitely driven predominantly by the installed base, in part, because, frankly, most companies are already our customers.

還有很大的成長空間，但這主要取決於現有客戶群，部分原因是，坦白說，大多數公司已經是我們的客戶了。

Got it. That's super helpful. One more. Could you talk about hiring expectations for the year ahead? What should headcount growth look like? What areas are you investing in aside from IAM and then, within IAM?

知道了。這太有幫助了。還有一個。您能否談談對未來一年的招募預期？員工人數成長應該是什麼樣的？除了身分與存取管理 (IAM) 之外，你們還在哪些領域進行投資？在 IAM 內部，你們又在哪些領域投資？

Yeah. I'll go ahead. Blake, you should jump in, as well.

是的。我先來。布萊克，你也該加入進來。

Yeah. Look, we project quite modest headcount growth. We want to -- while we are very bullish on our growth opportunity, we also feel like we -- look, we've got a lot of hard -fought efficiency gains in the company. We want to hold on to those.

是的。你看，我們預期員工人數成長相當溫和。我們想說——雖然我們對公司的發展前景非常樂觀，但我們也覺得——你看，公司已經取得了許多來之不易的效率提升。我們想保留這些。

Now, you may see some reallocation within the company. There are areas, including product and security. But I think we want to continue investing disproportionately.

現在，您可能會看到公司內部進行一些資源重新分配。涉及的領域包括產品和安全。但我認為我們應該繼續進行不成比例的投資。

But I don't anticipate our overall headcount to grow significantly. We're just being judicious; investing carefully in the places that we think give us the most leverage, over time.

但我預計我們的員工總數不會大幅增加。我們只是謹慎行事；小心翼翼地投資於我們認為隨著時間的推移能為我們帶來最大優勢的領域。

Blake, you want to --?

布萊克，你想——？

Yeah. I'd just say we're quite thoughtful about it. I think we've added, over the past year, just over 200 net headcount to DocuSign. (inaudible) we're hiring across all of our locations. Vast majority of those folks -- we tended to add a little bit more in our lower-cost locations, as well.

是的。我只想說，我們對此考慮得很周全。我認為在過去一年裡，DocuSign 的員工淨增加了 200 多人。 （聽不清楚）我們所有辦公地點都在招募。絕大多數人－我們也傾向於在成本較低的地點增加一些投入。

Like Allan said, we're trying to be very methodical and very thoughtful about our hiring needs to make sure that we can support this business. But, also, we made a lot of hard choices to get to the efficiency gains that we've done over the past few years. We're not just going to give those up either.

正如艾倫所說，我們正在努力有條不紊、深思熟慮地滿足招募需求，以確保我們能夠支持這項業務。但是，為了在過去幾年裡取得如此高的效率提升，我們也做出了許多艱難的抉擇。我們也不會輕易放棄這些。

And so I think that it's that balanced view that I'm -- that I think is the right path for us.

所以我認為，這種平衡的觀點——我認為這才是我們正確的道路。

Patrick Walravens, Citizens.

派崔克‧沃爾拉文斯，市民。

This is Austin Cole, on for Pat.

這裡是奧斯汀·科爾，替帕特發言。

Allan, you called out one of the DocuSign's top 10 customers becoming second largest customer this quarter through IAM. I just wanted to give the opportunity if there's anything to call out on -- that expansion sounded pretty significant. What do they see in IAM? Is it Navigator where they're getting most of the unlock? Anything else there that would be helpful?

Allan，你提到 DocuSign 的十大客戶之一透過 IAM 在本季成為第二大客戶。我只是想給你們一個機會，看看有沒有什麼需要指出的地方——這次擴建聽起來相當重要。他們從身分和存取管理（IAM）中看到了什麼？他們是不是在導航者那裡獲得了大部分解鎖內容？還有什麼其他有用資訊嗎？

Yeah. Yeah. It is Navigator. But it's Navigator plus. They are powering a lot of their pre-signature workflows with our milestone agreement capabilities. That, by the way -- I think that is a more and more robust part of the offering.

是的。是的。它是導航者。但它是領航員加強版。他們利用我們的里程碑協議功能來支援許多簽署前的流程。順便說一句——我認為這是產品/服務中越來越重要的組成部分。

I mentioned Agreement Desk. We launched Agreement Prep, which is a whole system for creating templates of standard agreements that you can then deploy, which, of course, is a very common use case in the, let's say, a B2B sales context, for example, on vendor management context.

我提到了Agreement Desk。我們推出了 Agreement Prep，這是一個完整的系統，用於建立標準協議模板，然後您可以部署這些模板。當然，這在 B2B 銷售環境中，例如在供應商管理環境中，是一個非常常見的用例。

And so I'm feeling very bullish about the opportunity for expansion from our eSign base into -- and there are so many paths we can take with IAM. That was just a great win.

因此，我對從我們的電子簽名基礎擴展到——以及IAM領域——的機會感到非常樂觀。我們可以在IAM領域走很多路。那是一場精彩的勝利。

But there's a number of them. I think some customers really go wall to wall. We mentioned ServiceTitan, I think, on the last call. They're deploying us across very broad set of functions. Of course, we love that. Ultimately, we'd love to be deployed across every function.

但這類人很多。我覺得有些顧客真的會把整間店逛一遍。我想，我們在上次通話中提到了 ServiceTitan。他們安排我們承擔非常廣泛的職能。當然，我們很喜歡。最終，我們希望能夠部署到所有職能部門。

I think that's our ultimate destiny, as we fulfill our platform strategy.

我認為，隨著我們平台策略的實現，這就是我們的最終歸宿。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Maybe just two quick ones. If we think about the early renewal dynamic that you saw impact billings this quarter, how much of that do you feel like was -- like, how much is IAM included in those early renewal conversations around the upsell dynamics, specifically? Is that now shifting more towards the installed base picking up that SKU, rather than just new customers?

或許就兩個簡單的。如果我們考慮一下您在本季看到的早期續約動態對帳單的影響，您覺得其中有多少是——例如，在這些圍繞追加銷售動態的早期續約對話中，IAM 的具體參與程度如何？現在的情況是否更多地是現有客戶群購買該 SKU，而不僅僅是新客戶？

And then, I have a quick follow-up.

然後，我還有一個簡短的後續問題。

Sure, let me take a stab at this.

當然，讓我來嘗試一下。

The vast majority of our early renewals is still our core business, our core product. We've got a very large book of business that renews.

我們早期續約的大部分仍然是我們的核心業務，我們的核心產品。我們有大量續約業務。

Now, IAM does play a role in some of those early renewals. Overall, what I really care about the most is that we're -- on those early renewals, that we're spending the time with the folks that are expanding.

現在，IAM 在一些早期續約中確實發揮了作用。總的來說，我最關心的是，在早期續約階段，我們花時間與那些正在擴張的人在一起。

Now, expansion can come from IAM, obviously; but also, can come for eSign. We see that. And so I'm super excited about just the definition of expansion, in general.

現在，擴展顯然可以來自身份和存取管理 (IAM)；但也可以來自電子簽名。我們看到了。因此，我對擴張的定義本身感到非常興奮。

Now, of course, I think that there's a lot of value that can come from IAM. I think the customers, over time, are going to see that value and want to adopt it, over time, as well.

當然，我認為身分與存取管理（IAM）能帶來很多價值。我認為隨著時間的推移，顧客們會看到這種價值，並且也會想要採用它。

And then, also, from an IAM perspective -- and Allan mentioned this earlier -- our installed base is our primary target, right, for this. Like, we're signing up new customers, no doubt, right, for IAM.

而且，從身分和存取管理 (IAM) 的角度來看——Allan 之前也提到過這一點——我們的已安裝用戶群是我們的主要目標，對吧。例如，我們正在為 IAM 招攬新客戶，這點毋庸置疑。

But we have relationships with customers. They understand DocuSign. They trust DocuSign. They have their agreements with DocuSign. It creates that opportunity for us. I think that is a huge advantage for us that we can try to take leverage to be able to grow that business.

但我們與客戶保持著良好的關係。他們了解DocuSign。他們信賴DocuSign。他們與DocuSign有合作協議。這為我們創造了這樣的機會。我認為這是我們的一大優勢，我們可以利用這項優勢來發展業務。

Perfect. And then, maybe, Blake, just for you, a follow-up. This is a little bit more nuanced on the billings. But if I look at the delta between the implied Q4 billings guide from last quarter to this quarter, it looks like it went up from 7.5% to the new -- to 8%.

完美的。然後，或許，布萊克，就為了你，再補充一點。帳單方面還有一些更細緻的差異。但如果我看一下第四季隱含帳單金額指引與上一季和本季之間的差值，看起來它從 7.5% 上升到了 8%。

That 0.5 point, how much of that raise is truly operational outperformance versus core FX and maybe other one-time non-core factors? How should we think about the underlying run rate billings growth, excluding early renewal timing or duration in FX for Q4?

那0.5個百分點的成長，有多少是真正因為營運績效優於核心外匯以及其他一次性非核心因素造成的？我們應該如何看待第四季度外匯市場中不考慮提前續約時間或期限的潛在運行率帳單成長？

Yeah. Relative to the full-year guide, I think we raised the full-year guide on billings by about $44 million. So that's about $5 million more than the outperformance we had versus the midpoint in Q3. We've taken some of that operational performance (inaudible) floated through into Q4 and raised it off of what you're calling the implied subtracting fiscal -- the full year versus Q3 from our last quarter.

是的。與全年預期相比，我認為我們將全年營業額預期提高了約 4,400 萬美元。所以這比我們第三季相對於中點的超額報酬多了約 500 萬美元。我們已經將一些營運績效（聽不清楚）延續到第四季度，並根據您所說的隱含的減去財政年度（即全年業績與上一季度第三季度業績的比較）進行了調整。

We are seeing improvements in the core side of the business. I think to your point about trying to manage around, okay, what is that underlying growth rate of billings, excluding early renewals, one of the reasons we're making these adjustments in FY '27 that we're talking about -- I think one of the ways to think about it is if you look at Q3, like we just said, about a 10% growth in billings, more like 8%, excluding that early renewal component outperformance.

我們看到公司核心業務方面正在取得進展。我認為你提到的要設法控制，好吧，賬單的潛在增長率是多少（不包括提前續約），這是我們在 2027 財年進行這些調整的原因之一——我認為思考這個問題的一種方式是，如果你看看第三季度，就像我們剛才說的，賬單增長了大約 10%，更確切地說是 8%，不包括提前續約部分的收益。

I think that's the nature of it.

我認為這就是事情的本質。

In billings, early renewals will always be a part of our billings number. They will always represent a percentage of our billings. The question for us or as a team is what we think about what is the health of the business is? Are we expanding those early renewals?

在帳單中，提前續費始終會計入我們的帳單總額。它們將始終占我們帳單總額的一定比例。對我們或團隊來說，問題是：我們如何看待企業的健康狀況？我們是否正在擴大早期續約範圍？

There's cases sometimes, where you might do a flat one. But you want to make sure that you're spending your time in quarter for us on those. If you're going to do it early, that's like, wow, this customer needs -- they have more demand, they're seeking that demand. How can we help them? Should we consider them burn IAM upgrade when we have those discussions? But, hopefully, that just helps level set it.

有些情況下，你可能會做成平面的。但你要確保你把季度的時間花在這些事情上。如果你打算提前做這件事，那就說明，哇，這位客戶有需求——他們有更多需求，他們正在尋求這種需求。我們該如何幫助他們？我們在討論這些問題時，是否應該考慮他們銷毀 IAM 升級？但願這有助於拉平彼此之間的差距。

But, again, timing of early renewals, it can be very volatile. We've seen tha. It happens every single quarter. So to try to get in that impact on a Q4 basis in a guide gets a little trickier.

但是，再次強調，提前續約的時機可能非常不穩定。我們已經看到了。這種情況每季都會發生。因此，要在第四季度業績指南中體現這種影響就有點棘手了。

Hopefully, that Q3 description gives you some of the directional look that I think you're looking for.

希望第三季的描述能給你一些你想要的方向方向。

This now concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the call back over to Allan for closing comments.

我想把電話交還給艾倫，讓他做總結發言。

Thank you, operator. Thank you to all for joining today's call.

謝謝接線生。感謝各位參加今天的電話會議。

Closing, I want to thank the entire DocuSign team for their commitment to putting our customers first and delivering on demand for better solutions to the agreement management problem.

最後，我要感謝 DocuSign 的全體團隊，感謝他們始終將客戶放在首位，並按需提供更好的協議管理解決方案。

DocuSign business is both resilient and at the leading edge of AI development. We'll continue to manage the company to realize our long-term potential.

DocuSign 的業務既具有強大的韌性，也處於人工智慧發展的前沿。我們將繼續管理公司，以實現我們的長期潛力。

Thanks for your time. We look forward to engaging with you next quarter.

感謝您抽出時間。我們期待下個季度與您合作。

Ladies and gentlemen, thank you for your participation. This concludes today's conference.

女士們、先生們，感謝各位的參與。今天的會議到此結束。

Please disconnect your lines. Have a wonderful day.

請斷開您的線路。祝您有美好的一天。