Docusign, Inc. (DOCU) 2027 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining Docusign's first quarter of fiscal year '27 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded and will be available for replay on the Investor Relations section of the website following the call. (Operator Instructions)

各位女士、先生，下午好。感謝您參加 Docusign 2027 會計年度第一季財報電話會議。（接線員指示）提醒您，本次會議將被錄音，並將於會後在本公司網站的投資人關係專區提供重播。（接線員指示）

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

現在我將把電話交給投資人關係主管 Matt Sonefeldt。請開始。

Thank you, operator. Good afternoon, and welcome to Docusign's Q1 fiscal 2027 earnings call. Joining me on today's call are Docusign's CEO, Allan Thygesen; and CFO, Blake Grayson. The press release announcing our first-quarter fiscal 2027 results was issued earlier today and is posted on our Investor Relations website along with a published version of our prepared remarks.

謝謝，接線員。各位下午好，歡迎參加 Docusign 2027 會計年度第一季（Q1）財報電話會議。今天與我一同出席的有 Docusign 執行長 Allan Thygesen，以及財務長 Blake Grayson。我們已於今日稍早發布公告 2027 會計年度第一季業績的新聞稿，並已張貼於投資人關係網站，同時也提供我們事先準備之講稿的公開版本。

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. 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.

在開始之前，提醒各位，我們今天電話會議中的部分陳述屬於前瞻性陳述，包括任何關於未來表現的陳述。我們相信與這些前瞻性陳述相關的假設與預期是合理的，但仍可能受到已知與未知風險及不確定性影響，導致實際結果或表現與預期出現重大差異。特別是，我們對影響客戶需求與採用的因素之預期，係基於目前我們的最佳估計，因此可能有所變動。

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.

請閱讀並考量我們向美國證券交易委員會（SEC）提交之文件中的風險因素，並結合本次電話會議內容一併評估。任何前瞻性陳述均以截至目前的假設與預期為基礎。除法律要求外，我們不承擔因未來事件或新資訊而更新這些陳述之義務。

During this call, we will present GAAP and non-GAAP financial measures. In addition, we provide non-GAAP weighted average share count and information regarding free cash flows, billings and ARR. 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，我們將呈現 GAAP 與非 GAAP 財務衡量指標。此外，我們也提供非 GAAP 加權平均股數，以及自由現金流、帳單金額（billings）與 ARR 的相關資訊。這些非 GAAP 指標不應被孤立看待，也不應被視為 GAAP 結果的替代或優於 GAAP 結果。我們鼓勵您在分析我們的表現時，綜合考量所有衡量指標。

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.

如需了解我們的非 GAAP 財務資訊、最直接可比較的 GAAP 指標，以及上述數據的量化調節表，請參閱今日的財報新聞稿；該新聞稿可於我們的網站 investor.docusign.com 查閱。

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

接下來我想把電話交給 Allan。

Thank you, Matt, and good afternoon, everyone. We began fiscal 2027 with continued strong demand for Docusign’s AI-native Intelligent Agreement Management, or IAM, platform. We have 40,000 companies invested in IAM, and they generated 12.6% of total company ARR. Our AI innovation is establishing IAM as the definitive agreement platform, and we are rapidly launching new capabilities that deliver increased value to customers and significantly widen our competitive advantage.

謝謝你，Matt，各位下午好。我們以對 Docusign 原生 AI 的智慧協議管理（Intelligent Agreement Management，簡稱 IAM）平台持續強勁的需求，展開 2027 會計年度。我們有 40,000 家公司已投入使用 IAM，並貢獻了公司總 ARR 的 12.6%。我們的 AI 創新正使 IAM 成為具權威性的協議平台，而我們也正快速推出新功能，為客戶帶來更高價值，並顯著擴大我們的競爭優勢。

Q1 ’27 results demonstrated the business's durability. In Q1, revenue was $830 million, up 9% year over year. This consistency drives our conviction in the ARR acceleration as part of our fiscal ‘27 outlook. On the bottom line, operating margins were 32%, and a strong 35% free cash flow margin supported $318 million in stock buybacks, the largest quarterly repurchase in our history.

2027 會計年度第一季（Q1）業績展現了業務的韌性。第一季營收為 8.30 億美元，年增 9%。這樣的一致性表現，強化了我們對於在 2027 會計年度展望中 ARR 將加速成長的信心。在獲利方面，營業利益率為 32%，而強勁的 35% 自由現金流利潤率支持我們回購 3.18 億美元股票，為公司史上單季最大回購規模。

At our Momentum customer event, we continued the consistent drumbeat of innovation with a lineup of new products and partnerships that make IAM the center of gravity for agreements across the enterprise. Our overarching goal with IAM is to provide customers with a unified platform for everyone who touches contracts across an organization, to unlock top-line growth while eliminating friction and increasing efficiency on the bottom line.

在我們的 Momentum 客戶活動上，我們持續以穩定的創新節奏推出一系列新產品與合作夥伴關係，使 IAM 成為企業內各類協議的重心。我們對 IAM 的整體目標，是為組織內所有會接觸合約的人提供一個統一的平台，在消除摩擦並提升底線效率的同時，協助客戶解鎖營收成長。

In fiscal 2027, we have two clear priorities: first, delivering powerful end-to-end agreement workflows for customers; and second, expanding our AI data and orchestration advantage.

在 2027 會計年度，我們有兩項明確優先事項：第一，為客戶提供強大的端到端協議工作流程；第二，擴大我們在 AI 資料與編排（orchestration）方面的優勢。

We have reached an inflection point in agreement management. Customers now recognize how a unified AI agreement platform spanning the organization can solve problems that isolated, department-level point products cannot. IAM’s end-to-end architecture eliminates the fragmented handoffs that create delays, introduce mistakes, and destroy value. A new Deloitte study quantifies this, finding that while AI point products yield a modest 3% increase in ROI, customers deploying an end-to-end AI platform like IAM realize a nearly 30% increase or a 10x difference in value delivered.

我們已來到協議管理的拐點。客戶如今認知到，橫跨整個組織的統一 AI 協議平台，能解決那些孤立的、部門層級的單點產品無法解決的問題。IAM 的端到端架構消除了造成延誤、引入錯誤並破壞價值的碎片化交接。一項新的 Deloitte 研究對此進行量化：AI 單點產品僅帶來約 3% 的投資報酬率（ROI）提升；而部署像 IAM 這樣的端到端 AI 平台的客戶，則可實現接近 30% 的提升，亦即價值交付相差約 10 倍。

IAM’s value to customers is increasing in two ways: first, with new line-of-business applications tailored to the unique business processes of different functional teams; and second, with a growing number of integrations with key third-party apps. For example, we made IAM more useful for in-house legal professionals by introducing a legal-specific contract assistant and agents. These agents autonomously triage, review, and progress documents to closing, drawing on knowledge of a company’s past negotiations and internal policies.

IAM 對客戶的價值正以兩種方式提升：第一，推出針對不同職能團隊獨特業務流程所量身打造的各條線（line-of-business）應用；第二，與關鍵第三方應用程式的整合數量持續增加。舉例來說，我們推出法律專用的合約助理與代理（agents），使 IAM 對企業內部法務人員更有用。這些代理可自主進行分流、審閱，並推進文件直至完成簽署（closing），並運用對公司過往談判與內部政策的知識。

We also deepened our partnership with Anthropic by integrating IAM with Claude’s new legal tools, so legal professionals can access IAM contracts and connect to IAM workflows from inside Claude. And we announced similar integrations with legal tech specialists Harvey, Legora, and CoCounsel Legal by Thomson Reuters.

我們也透過將 IAM 與 Claude 的新法律工具整合，深化與 Anthropic 的合作，使法律專業人士能在 Claude 內部存取 IAM 合約並連結至 IAM 工作流程。我們也宣布與法律科技專家 Harvey、Legora，以及湯森路透（Thomson Reuters）的 CoCounsel Legal 進行類似整合。

In procurement, we partnered with spend management leader, Coupa, so procurement teams can build cross-functional workflows from inside the Coupa app. Within human resources, our new IAM for HR product connects Workday and Greenhouse to the IAM platform. And, in partnership with Salesforce, we announced a deep Slack integration, so users can generate, review, and synchronize agreements in IAM directly via Slackbot. Payments are also integrated into IAM through our partnership with Stripe.

在採購領域，我們與支出管理領導者 Coupa 合作，讓採購團隊可在 Coupa 應用程式內建立跨職能工作流程。在人力資源方面，我們全新的 IAM for HR 產品可將 Workday 與 Greenhouse 連接至 IAM 平台。此外，與 Salesforce 合作下，我們宣布更深度的 Slack 整合，讓使用者可透過 Slackbot 直接在 IAM 中產生、審閱並同步協議。我們也透過與 Stripe 的合作，將支付功能整合進 IAM。

These enterprise-grade workflows and integrations help accelerate IAM adoption among large customers. Experian, a global data and technology company, partnered with Docusign to improve seller productivity and drive velocity in client contract cycle times. HSBC, one of the world’s largest banking and financial services organizations, introduced IAM to digitize and simplify its credit lending process. To further support enterprise engagement, in Q1 we launched the IAM Platform Plan, a credit-based subscription pricing model that ties pricing to business outcomes.

這些企業級工作流程與整合，有助於加速大型客戶對 IAM 的採用。Experian 作為全球資料與科技公司，與 Docusign 合作以提升銷售人員生產力，並加快客戶合約週期時間。HSBC 作為全球最大的銀行與金融服務機構之一，引入 IAM 以數位化並簡化其信用放款流程。為進一步支持企業客戶的導入與互動，我們在第一季推出 IAM Platform Plan，這是一種以點數（credit）為基礎的訂閱定價模式，將定價與業務成果連結。

At this year’s Momentum, we recognized customers who are setting the benchmark for what can be achieved on the IAM platform. Crete United, a national network of mechanical, electrical, plumbing, and building automation specialists, reduced contract negotiation times by 80% and improved deal execution speed by 90% by deploying AI-assisted review. Milky Moo, a milkshake franchiser with more than 800 stores in Brazil, uses our AI to track renewals, saving more than 1,000 hours of manual work last year.

在今年的 Momentum，我們表揚了在 IAM 平台上樹立可達成標竿的客戶。Crete United 作為全國性的機械、電氣、管線與建築自動化專家網絡，透過部署 AI 輔助審閱，將合約談判時間縮短 80%，並將交易執行速度提升 90%。Milky Moo 是巴西擁有 800 多家門市的奶昔加盟商，使用我們的 AI 追蹤續約，去年節省超過 1,000 小時的人工工作。

Docusign’s significant advantage in agreement AI enables IAM to deliver superior performance. Our AI engine, Iris, harnesses frontier LLM intelligence and combines those capabilities with Docusign’s orchestration, deep domain expertise, and unmatched body of agreement data.

Docusign 在協議 AI 方面的顯著優勢，使 IAM 能提供更卓越的效能。我們的 AI 引擎 Iris 結合前沿大型語言模型（LLM）的智慧，並將這些能力與 Docusign 的編排能力、深厚的領域專業，以及無可匹敵的協議資料庫相融合。

Hundreds of millions of consented, private agreements have been ingested into IAM, with millions more flowing in every week. We continue to believe we can achieve up to a 15-percentage-point improvement in precision and recall compared to our models trained on public contract data, while operating at incredible cost efficiency. We’ve optimized AI processing costs by more than 50x compared to running direct prompts on LLMs.

已有數億份經同意授權的私密協議被匯入 IAM，每週仍有數百萬份持續流入。我們仍相信，相較於以公開合約資料訓練的模型，我們可在精確率（precision）與召回率（recall）上提升最多 15 個百分點，同時維持極高的成本效率。相較於直接在 LLM 上執行提示（prompts），我們已將 AI 處理成本最佳化降低超過 50 倍。

Our other advantages include enterprise-grade security, an expansive ecosystem of over 1,100 third-party integrations, and long-established global distribution relationships. Our deep understanding of customer workflows and context creates a significant advantage as we integrate agents that can autonomously perform tasks for customers safely, at their direction, under their control, with Docusign providing compliance guardrails.

我們的其他優勢包括企業級安全性、超過 1,100 個第三方整合的龐大生態系，以及長期建立的全球通路合作關係。我們對客戶工作流程與情境的深度理解，在我們整合可自主為客戶執行任務的代理時形成顯著優勢；這些代理能在客戶指示下、由客戶掌控地安全運作，而 Docusign 則提供合規護欄（compliance guardrails）。

At Momentum we introduced agentic offerings that advance IAM’s transformation into a system of action. First, pre-built agents in Iris review agreements, suggest edits, and automatically request the right approvals in minutes. Second, custom agents in Docusign Agent Studio enable customers to build their own agents tailored to unique business needs. And third, third-party agents through our MCP server, connect IAM to Anthropic Claude, Gemini, and OpenAI ChatGPT, so teams can create, query, and manage IAM agreements within the chat apps they already use.

在 Momentum 上，我們推出了代理式（agentic）產品，推動 IAM 轉型為一個行動系統（system of action）。第一，Iris 中的預建代理可審閱協議、提出修訂建議，並在數分鐘內自動請求適當的核准。第二，Docusign Agent Studio 中的自訂代理讓客戶能打造符合其獨特業務需求的專屬代理。第三，透過我們的 MCP 伺服器提供的第三方代理，可將 IAM 連接至 Anthropic Claude、Gemini 與 OpenAI ChatGPT，使團隊能在既有使用的聊天應用程式中建立、查詢並管理 IAM 協議。

IAM also connects with additional agentic platforms like GitHub Copilot, Microsoft Copilot Studio, and Salesforce Agentforce. In addition, at Momentum, we expanded our Federated Trust Model , which lets customers choose from 76 identity providers. And we introduced AI-Assisted Web Forms, a no-code solution that instantly transforms static PDFs into guided, mobile-friendly digital experiences.

IAM 也可與其他代理式平台連結，例如 GitHub Copilot、Microsoft Copilot Studio，以及 Salesforce Agentforce。此外，在 Momentum 大會上，我們擴展了聯邦信任模型（Federated Trust Model），讓客戶可從 76 家身分識別供應商中進行選擇。我們也推出了 AI 輔助網頁表單（AI-Assisted Web Forms），這是一套無需程式碼的解決方案，可即時將靜態 PDF 轉換為引導式、行動裝置友善的數位體驗。

Within our internal operations, we continue to apply AI to gain efficiencies and boost productivity in both engineering and customer-facing teams. Approximately 75% of all new code shipped is AI-assisted, up from 60% just last quarter.

在內部營運方面，我們持續運用 AI 以提升效率，並在工程與面向客戶的團隊中提高生產力。目前約有 75% 的新上線程式碼為 AI 輔助產出，高於上一季的 60%。

In closing, the IAM platform's value and opportunity spring directly from our AI innovation, and we continue to build new features at the fastest pace in Docusign’s history. That innovation, coupled with our enormous user base and our enduring position as one of the world’s most trusted software companies, positions Docusign to become an essential foundation for the AI-driven enterprise.

最後，IAM 平台的價值與機會直接源自我們在 AI 方面的創新，而我們也持續以 Docusign 歷史上最快的速度打造新功能。這項創新，加上我們龐大的使用者基礎，以及我們長期作為全球最受信賴的軟體公司之一的地位，使 Docusign 有望成為 AI 驅動企業不可或缺的基礎。

We’re proud that people are taking notice. In Q1, Fast Company included Docusign in its list of Most Innovative Companies for 2026. Also, we were honored as a top-tier employer in the Where You Work Matters list. And for the third consecutive year, Newsweek named Docusign one of the most trusted software and telecom companies in America.

我們很自豪看到外界正注意到這些成果。在第一季，Fast Company 將 Docusign 列入其 2026 年「最具創新力公司」名單。此外，我們也在「Where You Work Matters」榜單中獲評為頂尖雇主。並且連續第三年，Newsweek 將 Docusign 評為美國最受信賴的軟體與電信公司之一。

I also want to welcome our new Chief Product Officer, Graham Sheldon. Graham joins us after working most recently as Chief Product Officer at UiPath, the industry’s first enterprise-grade agentic automation platform. Before that, Graham spent more than 20 years at Microsoft, where he took Microsoft Teams from inception to 300 million users as Corporate Vice President of Product. We’re excited for his leadership as we realize our vision for agreement management.

我也想歡迎我們的新任首席產品長 Graham Sheldon。Graham 加入我們之前，最近擔任 UiPath 的首席產品長；UiPath 是業界第一個企業級代理式自動化平台。在此之前，Graham 在 Microsoft 任職超過 20 年，並以產品企業副總裁身分，將 Microsoft Teams 從零打造到 3 億用戶。我們期待他在實現協議管理願景的過程中展現領導力。

And I also want to thank outgoing Chief Product Officer, Dmitri Krakovsky, for his contribution to building IAM’s foundation. Lastly, I want to thank the entire Docusign team for their relentless commitment to helping our customers unlock the true power of their agreements in this era of rapid change.

同時，我也要感謝即將離任的首席產品長 Dmitri Krakovsky，感謝他為建立 IAM 的基礎所做出的貢獻。最後，我要感謝整個 Docusign 團隊不懈的投入，協助客戶在這個快速變動的時代釋放其協議的真正力量。

With that, let me turn it over to Blake.

接下來，我把時間交給 Blake。

Thanks, Allan, and good afternoon, everyone. Our primary focus this year continues to be on transforming our business with IAM, strengthening our position as the world’s default agreement management platform, and ultimately accelerating our revenue growth. Docusign continues to build on its position of trust and AI innovation through our recent product announcements, all focused on becoming the definitive end-to-end agreement platform for customers.

謝謝 Allan，大家下午好。我們今年的主要重點仍是透過 IAM 推動業務轉型，鞏固我們作為全球預設協議管理平台的地位，並最終加速營收成長。Docusign 持續透過近期的產品發布，在信任與 AI 創新方面深化既有優勢；所有這些努力都聚焦於成為客戶明確首選的端到端協議平台。

In Q1, we continued to make progress against these priorities while demonstrating the durability of our business. Growth remains resilient as we evolve into an AI-first platform through IAM. We also continued to drive efficiency, as we produced strong profitability and free cash flow, and deployed the largest quarterly capital allocation to stock buybacks in our history.

在第一季，我們在這些優先事項上持續取得進展，同時展現業務的韌性。隨著我們透過 IAM 演進為 AI 優先的平台，成長仍保持穩健。我們也持續推動效率提升，實現強勁的獲利能力與自由現金流，並執行了公司史上單季規模最大的股票回購資本配置。

Q1 revenue was $830 million, up 9% year over year. As expected, we had an approximately 1.6-percentage-point benefit from foreign exchange rates. The international revenue mix is now 31% of revenue. We remain excited about the opportunity to accelerate our total annual recurring revenue, or ARR, growth in fiscal 2027 as we become an even more valuable partner to our customers.

第一季營收為 8.30 億美元，年增 9%。如預期所示，外匯匯率帶來約 1.6 個百分點的正面效益。國際營收占比目前為 31%。隨著我們成為客戶更具價值的合作夥伴，我們仍對在 2027 財年加速整體年度經常性收入（ARR）成長的機會感到振奮。

IAM slightly outperformed our expectations during Q1 and continues to represent a growing share of our overall business. Although it is still early days for us as we introduce IAM to our enterprise customers, in Q1, IAM bookings grew faster year over year for North America enterprise than in any other segment.

IAM 在第一季的表現略優於我們的預期，並持續占我們整體業務中愈來愈高的比重。雖然我們向企業客戶導入 IAM 仍處於早期階段，但在第一季，北美企業客戶的 IAM 訂單（bookings）年增速度高於任何其他細分市場。

In Q1, IAM represented 12.6% of total ARR, up from 10.8% last quarter. We remain on track for IAM to represent approximately 18% of total ARR at fiscal year-end.

第一季 IAM 占總 ARR 的 12.6%，高於上一季的 10.8%。我們仍按計畫推進，預期在財年末 IAM 將約占總 ARR 的 18%。

Underlying business fundamentals showed consistent and healthy performance in Q1. Dollar net retention, or DNR, with our direct customers was over 102%, a greater-than-1-percentage-point improvement versus Q1 of fiscal 2026. We continue to make steady progress in improving retention rates across customer segments and believe there is remaining opportunity to improve as we optimize the customer experience and drive IAM adoption into the installed base.

第一季的基礎業務基本面展現一致且健康的表現。直銷客戶的美元淨留存率（DNR）超過 102%，較 2026 財年第一季提升超過 1 個百分點。我們持續在各客戶區隔穩步改善留存率，並相信在我們優化客戶體驗、推動既有客戶導入 IAM 的同時，仍有進一步改善的空間。

Stability and improvement in DNR, which has been sequentially up over the last seven quarters, underpins the trajectory of our business. Total customer growth remained healthy at 9% year over year as we approach nearly 1.9 million total customers. Envelopes sent continued to show steady year-over-year growth, while consumption, our contract utilization measure, rose to multi-year highs in Q1 across the majority of customer segments and verticals we track.

DNR 的穩定與改善（過去七個季度連續上升）支撐了我們的業務走勢。隨著總客戶數接近 190 萬，總客戶成長仍維持健康，年增 9%。寄送的信封數（envelopes sent）持續呈現穩定的年增；同時，作為我們合約使用量衡量指標的消耗量（consumption），在第一季於我們追蹤的大多數客戶區隔與垂直產業中升至多年高點。

We also saw the number of customers spending over $300,000 in ACV grow to 1,258, accelerating to 12% year-over-year growth, the first time in three years that we have seen double-digit growth in this metric. Encouragingly, we are starting to see early positive IAM adoption trends within the $300,000-plus ACV customer cohort, as we continue to share the benefits of IAM with our larger customers.

我們也看到年合約價值（ACV）超過 30 萬美元的客戶數增至 1,258 家，年增加速至 12%；這是三年來我們首次在此指標上看到雙位數成長。令人鼓舞的是，隨著我們持續向大型客戶分享 IAM 的效益，我們開始在 ACV 30 萬美元以上的客戶群中看到早期正向的 IAM 採用趨勢。

Turning to profitability, in fiscal 2027, we remain focused on balancing disciplined expense management while investing in IAM and AI innovation to accelerate growth. In Q1, non GAAP gross margin ended ahead of our expectations at 81.5%, down year over year, as expected, compared to Q1 of fiscal 2026.

談到獲利能力，在 2027 財年，我們仍專注於在嚴謹的費用管理與對 IAM 及 AI 創新的投資之間取得平衡，以加速成長。第一季非 GAAP 毛利率為 81.5%，高於我們的預期；如預期所示，與 2026 財年第一季相比呈現年減。

As a reminder, we expect full-year gross margins to decline slightly year over year in fiscal 2027 as we continue and ultimately complete the bulk of our cloud migration investment. We are on track with these plans and have completed the majority of our on-prem to cloud datacenter site migrations.

提醒一下，我們預期 2027 財年全年毛利率將較去年小幅下滑，因為我們將持續並最終完成雲端遷移投資的主要部分。我們正按計畫推進，且已完成大多數從自建機房（on-prem）到雲端資料中心站點的遷移。

Non GAAP operating income was $266 million, up 18% year over year. Operating margin was 32.0%, a 2-5 percentage-point improvement from 29.5% in Q1 fiscal 2026 and 2.75 percentage points higher than the guidance mid point for the quarter.

第一季非 GAAP 營業利益為 2.66 億美元，年增 18%。營業利益率為 32.0%，較 2026 財年第一季的 29.5% 提升 2.5 個百分點，並較本季指引中點高出 2.75 個百分點。

The outperformance vs our forecast was driven by four different components, each with generally similar impacts. Those included higher revenue that flowed through to operating profit, higher capitalized wages as a larger share of our R&D spend shifted to innovation and development projects that are capitalized, an insurance legal reimbursement related to legal fees incurred in prior periods, and continued operational expense discipline during the quarter, including our rate of hiring.

相較於我們的預測，本季表現超出預期主要由四個不同因素所驅動，且各因素影響幅度大致相近。包括：較高的營收帶動營業利益提升；資本化薪資增加，因為我們研發支出中有更大比例轉向可資本化的創新與開發專案；與前期發生之法律費用相關的保險法律費用補償；以及本季持續維持營運費用紀律，包括我們的招募速度。

We ended Q1 with 6,991 employees, down sequentially from Q4. We continue to make trade-offs across our team structure to invest in our growth initiatives. While we continue to hire across all of our global offices, the vast majority of our net new headcount growth has come from, and will likely continue to be, in lower-cost locations.

第一季末員工人數為 6,991 人，較第四季呈現季減。我們持續在團隊結構上進行取捨，以投資於成長計畫。雖然我們仍在全球各辦公室持續招募，但新增人力的絕大部分來自、且未來很可能仍將來自成本較低的地點。

In Q1, free cash flow of $289 million yielded a 35% margin, up from 30% last year and one of the highest free cash flow yields outside of Q4 that we have seen. Strength in Q1 compared to the prior year was driven primarily by improved expense results and collections efficiency. As a reminder, free cash flow results can vary quarter to quarter based on the timing of payments and cash collections.

第一季自由現金流為 2.89 億美元，自由現金流利潤率為 35%，高於去年的 30%，也是我們在非第四季期間所見到的最高自由現金流收益率之一。相較去年同期，第一季的強勁表現主要由費用結果改善與收款效率提升所帶動。提醒一下，自由現金流會因付款與現金收款時點不同而在各季度間波動。

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

我們的資產負債表仍然穩健。本季末我們持有約 10 億美元的現金、約當現金與投資。我們的資產負債表上沒有任何負債。

In Q1, we again increased our buyback activity, repurchasing $318 million in shares. This was our highest quarterly buyback on record, as we took advantage of our lower stock price during the quarter. As of the end of Q1, we had $2.4 billion remaining authorization for future share repurchases.

第一季我們再次提高回購力道，回購股票 3.18 億美元。由於本季股價較低，我們把握機會進行回購，這也創下我們單季回購金額的歷史新高。截至第一季末，我們仍有 24 億美元的剩餘授權可用於未來股票回購。

Our focus continues to be on improving free cash flow generation and redeploying excess capital opportunistically to shareholders. In Q1, the buyback program continued to help reduce our share count. Diluted weighted average shares outstanding for Q1 were 196.5 million, an 8% year-over-year decrease from 212.8 million in the prior year.

我們的重點仍是提升自由現金流的創造能力，並在適當時機將多餘資本重新配置回饋股東。第一季，回購計畫持續協助降低流通股數。第一季稀釋後加權平均流通股數為 1.965 億股，較去年同期的 2.128 億股年減 8%。

Also, stock compensation expense declined slightly on an absolute basis year over year to 17% of revenue in Q1, down from 19% last year. We have made progress reducing the impact of stock compensation, and we continue to focus on improving our efficiency here.

此外，股票薪酬費用以絕對金額計年對年略有下降，第一季占營收比重為 17%，低於去年同期的 19%。我們在降低股票薪酬影響方面已取得進展，並將持續專注於提升此處的效率。

The reduction in stock compensation and diluted shares contributed to growth in EPS. Non-GAAP diluted EPS for Q1 was $1.09 versus $0.90 last year, a 21% year-over-year improvement. GAAP diluted EPS in Q1 was $0.40, an 18% year-over-year per share improvement from $0.34 last year.

股票薪酬與稀釋股數的下降，帶動每股盈餘（EPS）成長。第一季非 GAAP 稀釋 EPS 為 1.09 美元，去年同期為 0.90 美元，年對年提升 21%。第一季 GAAP 稀釋 EPS 為 0.40 美元，較去年同期的 0.34 美元，按每股計年對年提升 18%。

With that, let me turn to guidance. For ARR, we continue to expect accelerating growth in fiscal 2027 compared to the prior year as our efforts to transform Docusign deliver meaningful results.

接下來我來談指引。就 ARR 而言，隨著我們推動 Docusign 轉型的努力帶來具體成果，我們仍預期 2027 會計年度的成長將較前一年加速。

We continue to expect that our year-over-year growth rate range will be 8.25% to 8.75%, or an 8.5% year-over-year increase to over $3.5 billion at the midpoint at the end of Q4 of fiscal 2027. We expect growth to be driven by gross new bookings, primarily from both new and expanding IAM customers, as well as by gross retention improvements versus fiscal 2026.

我們仍預期年對年成長率區間將為 8.25% 至 8.75%；亦即在 2027 會計年度第四季末，以中位數計年對年增加 8.5%，ARR 將超過 35 億美元。我們預期成長將由新增訂單（gross new bookings）所驅動，主要來自新 IAM 客戶與既有 IAM 客戶擴張，同時也受惠於相較 2026 會計年度的總留存（gross retention）改善。

Related to this, we expect another year of modest improvement in DNR. We continue to expect IAM to represent approximately 18% of our total ARR at the end of Q4 of fiscal 2027, driving IAM to over $600 million in ARR by the end of this year.

與此相關，我們預期 DNR 仍將再有一年小幅改善。我們仍預期在 2027 會計年度第四季末，IAM 約占我們總 ARR 的 18%，並在今年年底前推動 IAM ARR 超過 6 億美元。

For revenue, we expect $865 million to $869 million in Q2 or an 8% year-over-year increase at the midpoint, and $3.490 billion to $3.502 billion for fiscal 2027 or a 9% year-over-year increase at the midpoint. After adjusting for FX impacts and the moderate headwind comparison from digital add-ons in fiscal 2026, revenue growth remains in line with the prior year.

就營收而言，我們預期第二季為 8.65 億至 8.69 億美元，以中位數計年對年增加 8%；2027 會計年度全年為 34.90 億至 35.02 億美元，以中位數計年對年增加 9%。在調整匯率影響以及 2026 會計年度數位加購（digital add-ons）帶來的中度不利比較基期後，營收成長仍與前一年一致。

With regard to Q2 specifically, you’ll recall that last year our Q2 revenue growth was the highest quarterly growth we delivered in all of fiscal 2026, creating a harder comparison for that quarter, driven mostly by higher digital usage.

就第二季而言，你們會記得去年第二季的營收成長是我們在 2026 會計年度所有季度中最高的一季，因而使該季度的比較基期更具挑戰，主要是由較高的數位使用量所帶動。

For profitability, we expect non-GAAP gross margin to be between 81.5% to 81.7% for Q2, and continue to expect a range between 81.5% to 82.0% for fiscal 2027. We expect non-GAAP operating margin to reach 29.7% to 30.2% for Q2 and 30.5% to 31.0% for fiscal 2027, an increase of 0.5% at the midpoint versus prior guidance.

就獲利能力而言，我們預期第二季非 GAAP 毛利率介於 81.5% 至 81.7%，並持續預期 2027 會計年度介於 81.5% 至 82.0%。我們預期第二季非 GAAP 營業利益率將達 29.7% 至 30.2%，2027 會計年度為 30.5% 至 31.0%，以中位數計較先前指引上調 0.5 個百分點。

Our fiscal 2027 operating margin guidance reflects a greater level of margin expansion than we saw in fiscal 2026. We expect non-GAAP fully diluted weighted average shares outstanding of 191 million to 196 million for Q2 and 190 million to 195 million for fiscal 2027, a meaningful reduction from the prior year, as we expect that our buyback activity will be an important driver to more than offsetting dilution.

我們對 2027 會計年度的營業利益率指引，反映出較 2026 會計年度更高程度的利潤率擴張。我們預期第二季非 GAAP 完全稀釋加權平均流通股數為 1.91 億至 1.96 億股，2027 會計年度為 1.90 億至 1.95 億股，較前一年顯著下降；因為我們預期庫藏股回購將成為重要驅動因素，足以大幅抵銷稀釋影響。

For detailed commentary on top and bottom-line factors to guidance, please see the Modeling Considerations appendix in our prepared remarks.

如需關於指引中營收與獲利（top and bottom-line）因素的詳細說明，請參閱我們事先準備講稿中的「建模考量」（Modeling Considerations）附錄。

In closing, we are off to a strong start in fiscal 2027, with Q1 demonstrating consistent improvement in our business, with durable operating results on the top and bottom line, and significant new innovation released in our IAM platform. We remain focused on driving accelerated ARR growth in fiscal 2027 while improving efficiency gains and free cash flow. We remain focused on transforming Docusign to realize long-term success for our customers, shareholders, and employees.

最後，我們在 2027 會計年度有一個強勁的開局；第一季展現了我們業務的持續改善，在營收與獲利兩端皆有穩健的營運成果，並在 IAM 平台上推出了重要的新創新。我們仍專注於在 2027 會計年度推動 ARR 成長加速，同時提升效率與自由現金流。我們也持續專注於推動 Docusign 轉型，為客戶、股東與員工實現長期成功。

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

以上為我們事先準備的講稿。接下來，接線生，請開放提問。

(Operator Instructions) Rob Owens, Piper Sandler.

（接線生指示）Piper Sandler 的 Rob Owens。

Could you speak in more detail around the difference you're seeing from -- in consumption from customers who are on IAM versus those who are not? I realized it's still early IAM penetrates more of the low end. But as you're moving into enterprise customers, maybe help us understand those differences in consumption both those on IAM versus those that aren't, and how this changes over time with those that have been using IAM?

能否更詳細談談你們觀察到的使用量（consumption）差異——在 IAM 上的客戶與未使用 IAM 的客戶之間？我知道現在還早，IAM 的滲透率更多在低端市場。但當你們往企業客戶推進時，或許可以幫我們理解：使用 IAM 與未使用 IAM 的客戶在使用量上的差異，以及對於已使用 IAM 一段時間的客戶，這種差異會如何隨時間變化？

Yeah. I'll start, and Blake, feel far jump in afterwards. Yeah. So we are seeing a lift in eSign consumption -- I assume is what you're referring to -- from customers who adopt IAM relative to their prior trend line. It's significant, and we're not disclosing the exact percentage, but it's meaningful. And so it just reinforces the macro point that eSign is a core component of the overall IAM platform and is an enabler and in turn, is also enabled by many of the workflow components in IAM.

好的。我先回答，Blake 之後也可以補充。是的，我們確實看到採用 IAM 的客戶，其 eSign 使用量——我猜你指的是這個——相較於他們先前的趨勢線有所提升。幅度很顯著，我們不會揭露確切百分比，但確實很有意義。這也再次印證一個宏觀重點：eSign 是整體 IAM 平台的核心組成，一方面是促成因素，同時也會被 IAM 中許多工作流程元件所強化。

So for example, if you make it easier to create a new agreement workflow that culminates in a signature, then you can generate more signatures. So look, I think we're pretty bullish on that effect and self-reinforcing effect.

例如，如果你讓建立一個以簽署作結的新協議工作流程變得更容易，就能產生更多簽署。因此，我們對這個效果以及其自我強化的效果相當樂觀。

I'm not sure if there was something more to the question there. Maybe a follow-up, Rob, anything?

我不確定這個問題是否還有其他面向。Rob，你有需要追問的嗎？

Yeah, without quantification on your end, I don't think there's anything more other than what -- you said meaningful. Is there any metric or anything you can put with that?

是的，在你們不量化的前提下，我想也沒有更多了，除了——你說「很有意義」。有沒有任何指標或其他方式可以補充一下？

No, I don't think we're going to start up -- thought that. But I mean I think as we've shared with you in the past, overall, IAM is very significantly accretive relative to the baseline trend for those customers. And then as part of that, it's amplifying the consumption of signing.

沒有，我不認為我們會開始——提供那個。不過我的意思是，正如我們過去與你們分享的，整體而言，對那些客戶來說，IAM 相較於基準趨勢（baseline trend）具有非常顯著的增益（accretive）。而在這之中，它也放大了簽署的使用量。

Now there are many ways in which IAM delivers value. So it makes it easier to design more workflows that can trigger more signs. It may add more features that facilitate more conversions. And then, of course, there's all the value from the repository and the new workflows that are part of the IAM suite. So it's not limited at all to consumption of sign, but that's one of the ways in which customers find incremental value.

另外，IAM 帶來價值的方式有很多。所以它讓你更容易設計更多工作流程，進而觸發更多簽署；它也可能加入更多功能以促進更多轉換。當然，還有來自儲存庫（repository）以及 IAM 套件中新增工作流程的所有價值。因此它完全不僅限於簽署使用量，但這確實是客戶感受到增量價值的其中一種方式。

Perfect. And then, I guess, secondarily, thinking about the macro and the shape of the quarter. While you never want to read too much into a first quarter, the beat probably wasn't as big as you've seen historically and without a discrete subscription revenue number given.

很好。那接著，我想從宏觀與季度走勢來看。雖然你們一向不希望過度解讀第一季，但這次超預期（beat）可能沒有你們過去歷史上那麼大，而且也沒有提供一個明確的訂閱營收數字。

Just curious relative to your expectations, maybe the shape of the quarter, what it looked like from a booking standpoint. I understand billings is not a metric that we're focused on anymore, and you've incentivized your salespeople differently. But as you kind of peel back the quarter a little bit, the shape of Q1 relative to your expectations and anything from a leading perspective relative to the guide that you gave for the remainder of the year.

我想了解相較於你們的預期，這一季的走勢——從訂單（booking）的角度——看起來如何。我理解你們已不再聚焦帳單（billings）這個指標，而且你們也以不同方式激勵業務團隊。但當你們稍微拆解一下這一季，第一季相較於你們預期的形狀如何？以及從領先指標的角度，對於你們對今年剩餘期間所給的指引，有沒有任何訊號？

Sure. And I'll take a stab at this one. Yeah, I would say I'm really pleased with the quarter, really solid. It's great to see just consistent execution again across the business for yet another quarter beating the top end of the range on the top line and across all of the ability metrics that we guide to. IAM, again, came in just slightly better than we expected. So really excited to see that 12.6% as we continue to progress towards ARR full-year guide of approximately 18%.

當然，我來嘗試回答這題。是的，我對本季非常滿意，表現很扎實。很高興再次看到整個業務在各方面都持續穩定執行——又一個季度在營收端超過指引區間上緣，並且在我們所提供指引的所有能力指標上也都表現良好。IAM 再次略優於我們的預期。因此看到 12.6% 這個數字讓人非常振奮，我們也持續朝全年 IAM ARR 指引約 18% 推進。

With regards to like, I think, to the size of the beat or whatnot, I would just say I have no concerns at all with where we landed for the quarter. I will say that we do continue to get better and more precise with our forecasting about how that as we improve our kind of operational maturity in the business. So it doesn't surprise me at all relative to like the size of the beat, if you will. But again, just really pleased with the solid quarter of execution by the team.

至於超預期幅度大小或類似問題，我只想說我對本季落點完全沒有任何疑慮。我也要說，隨著我們提升業務的營運成熟度，我們在預測上確實持續變得更好、更精準。所以就你所說的超預期幅度而言，這並不讓我意外。但再次強調，團隊本季的執行非常扎實，我很滿意。

Michael Turrin, Wells Fargo.

Wells Fargo 的 Michael Turrin。

One on agreement management. Maybe speak to what you're building with some of the partnerships with Anthropic and others. How should we think about Docusign's position relative to what some of the LLMs are working on? And what are the advantages and that give you comfort in continuing to expand that ecosystem and your position there?

關於協議管理（agreement management）有一題。能否談談你們與 Anthropic 等夥伴的一些合作，正在打造什麼？我們應該如何看待 Docusign 的定位，相對於一些 LLM 正在做的事情？以及有哪些優勢能讓你們對持續擴大該生態系與你們在其中的地位感到更有信心？

Yeah. Maybe just let me give some overall framing and I'll comment specifically. Look, we saw the opportunity for AI to transform agreement management three years ago. That's what led us to IAM. And I think it's really playing out as we forecasted and the market is really now starting to understand the full potential of using AI to help process agreements.

是的。也許我先提供一些整體脈絡，然後再具體回應。你看，我們在三年前就看到了 AI 轉型協議管理的機會。這也是我們投入 IAM 的原因。我認為事情正如我們所預測的那樣發展，市場現在也開始理解運用 AI 來協助處理協議的全部潛力。

And we have a number of huge advantages, I think, as that starts to really play out. The data advantage that we are -- we have access to customer agreements. They have historically trusted us with those agreements. We now have getting additional consents to process them with AI. We're well over 200 million private consensus agreements that are being processed AI. And that gives additional accuracy extra and we've cited some of the increased accuracy potential that, that data provides.

而且隨著這一切真正展開，我認為我們有許多巨大的優勢。首先是資料優勢——我們能接觸到客戶的協議文件；他們過去一直信任我們來保管這些協議。我們現在也正在取得額外同意，以便用 AI 來處理它們。我們已經遠超過 2 億份私有、經同意的協議正在以 AI 進行處理。這帶來更高的準確度等額外效益，我們也引用過這些資料所帶來的準確度提升潛力。

Then you got all the workflows to touch agreements across every function. So this isn't just about making legal more efficient. That's super important. But everybody who touches agreement, sales, procurement, HR, finance, others that do that. And I think Docusign stands alone in terms of the breadth of its portfolio there.

接著，你還有跨越各個職能、會觸及協議的所有工作流程。所以這不只是讓法務更有效率——那當然非常重要。但所有會接觸協議的人：銷售、採購、人資、財務，以及其他相關部門。我認為在這方面，Docusign 在產品組合的廣度上是獨一無二的。

And then lastly, there's the trust piece. People have trusted us with agreements. Historically, we have all kinds of regulatory and compliance strengths relative to other providers, and that's why people choose to host their agreements on IAM and process them that way.

最後是信任這一塊。人們一直信任我們處理協議。歷史上，相較於其他供應商，我們在法規與合規方面有各種優勢，這也是為什麼大家選擇把協議託管在 IAM 上，並以這種方式來處理。

In terms of the partnerships with the LLMs, we're thrilled to be partnered with Anthropic. We just announced this week a partnership with OpenAI. And we really want to make our data and workflows available wherever people want to do their work. This has always been core to Docusign's strategy.

至於與 LLM 的合作夥伴關係，我們很高興能與 Anthropic 合作。我們也在本週剛宣布與 OpenAI 的合作。我們真正想做的是：無論人們想在哪裡工作，都能在那裡使用我們的資料與工作流程。這一直是 Docusign 策略的核心。

Already, we signed more than half of our total signed volume was consumed via API through integrations with other products. We've had a 20-year partnership with Salesforce, long partnerships with the Microsoft, SAP, Workday and others of the world. This is really an extension of that.

目前為止，我們已簽署的總簽署量中，超過一半是透過 API、藉由與其他產品的整合來完成的。我們與 Salesforce 有 20 年的合作關係，也與 Microsoft、SAP、Workday 等全球公司有長期合作。這其實就是那條路線的延伸。

Now as these chat surfaces become popular, people want to consume agreement data and agreement workflows that way and trigger them there. We want to partner with where people want to be and want to do their work. And I think what you'll see is you'll see some use cases that are general-purpose chat engines, like an Anthropic or an OpenAI or Google Gemini. Some that are, should we say, function-specific, Slack is a great example used in a number of companies. And then some that are specifically tailored around invoking agreement workflows and orchestrating, and I think Docusign will be a natural place for that.

現在，隨著這些聊天介面變得普及，人們希望以這種方式來取用協議資料與協議工作流程，並在那裡觸發它們。我們希望在客戶想待的地方、想工作的地方與之合作。我認為你會看到一些使用情境是通用型聊天引擎，例如 Anthropic、OpenAI 或 Google Gemini；也有一些是偏向特定職能的，例如 Slack，在許多公司都有使用；另外還有一些是專門為了呼叫協議工作流程與進行編排而量身打造的，而我認為 Docusign 會是很自然的選擇。

But we want to be where customers want to do their work and enable the most powerful agreement suite on the market, and that's why we're partnering with them. And by the way, that's why they partner with us because they come to us to get access to those agreement documents there, the agreement workflows and the trust and unique position that Docusign occupies. So in many cases, those are the result of inbound inquiries to Docusign.

但我們想在客戶想工作的地方提供服務，並打造市場上最強大的協議套件，這就是我們與他們合作的原因。順帶一提，這也是他們與我們合作的原因：他們來找我們，是為了取得那些協議文件、協議工作流程，以及 Docusign 所具備的信任與獨特定位。因此在很多情況下，這些合作其實是 Docusign 收到的主動洽詢所促成的。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Maybe just a quick two-parter. Number one, look, as you think about the evolution of your pricing model, especially with IAM, I know the good news is you're no stranger to this idea of [heat plus] consumption as we saw with [envelopes] and the like with the core eSignature products. Maybe can you walk us through how you see the IAM product evolving, especially as you engage in more customer conversations, you have more production workloads and you start to get maybe a little bit more enterprise traction. And maybe tying into that, like there's a lot of conversations around outcome-based pricing.

我想快速問兩個部分。第一，當你思考定價模式的演進，特別是 IAM，我知道好消息是你們對於「[heat plus]」這種用量計費的概念並不陌生，因為在核心 eSignature 產品上，我們已經看到像是以 [envelopes] 等方式來計費。你能否帶我們了解一下，你如何看待 IAM 產品的演進——尤其是當你與更多客戶對話、有更多正式上線的工作負載，並開始在企業端取得更多牽引力時？另外也想連結到一點：市場上有很多關於以成果為基礎（outcome-based）的定價討論。

And then the kind of quick follow-up to that is there's a lot of appetite from mid-market and especially enterprises do a lot more customization, not necessarily less or replace systems of record sequential engagement, but more or less leverage AI to get things hypercustomized to our business needs to take advantage of all the data we have, how do you think about the opportunity that you have to help customers not only deploy IAM on top of the eSignature, but then also help them with that level of customization that they might be meeting and demanding from here?

第二個快速追問是：中型市場有很強的需求，而尤其是企業客戶會做更多客製化——不一定是減少或取代既有的系統（systems of record）或循序式的互動流程，而是或多或少運用 AI 來把事情做得高度客製化，以符合我們的業務需求，並善用我們擁有的所有資料。你如何看待你們的機會：不僅協助客戶在 eSignature 之上部署 IAM，也能協助他們達到這種他們可能正在提出並要求的客製化程度？

Sure. First on the pricing model. And as you noted, Docusign has a long history of providing [today] value-based pricing because our historical sign product has been sold on an envelope basis where you basically pre-buy capacity and so as a good proxy for value delivery.

好的。先談定價模式。如你所說，Docusign 長期以來提供我們稱之為「[today]」的價值導向定價，因為我們過去的簽署產品是以信封（envelope）為單位銷售——基本上是預先購買容量，作為價值交付的一個良好代理指標。

We've now generalized that with a much richer set of value parameters. You're buying a bundle of credits, and it could be a sign. It could be a document extraction. It could be a workflow trigger. Any of those are rated as a certain number of credits. We launched that in beta, I'd say, probably Q3 of last year, saw really good uptake and feedback close to a number of deals on that basis which gave us confidence to an April launch for general availability to all enterprise customers.

我們現在把它一般化，擴展成一套更豐富的價值參數。你購買的是一個點數（credits）組合，可能用於簽署（sign），也可能用於文件擷取（document extraction），或是工作流程觸發（workflow trigger）。上述任何一項都會對應一定數量的點數。我們在去年大概 Q3 以 beta 形式推出，看到非常好的採用與回饋，也以此模式成交了不少案子，讓我們有信心在 4 月正式全面推出（general availability），提供給所有企業客戶。

And I think you'll see us experiment with ways that can we move that model down market. The reason we haven't done that yet in the commercial space is because, the most important thing in an SMB commercial environment is simplicity and reducing friction. And so seat-based models and envelope as a familiar there and that's why we've maintained that.

我想你會看到我們嘗試把這個模式往中小企業市場下沉。我們之所以尚未在商業（commercial）市場這麼做，是因為在 SMB 的商業環境中，最重要的是簡單與降低摩擦。因此以席位（seat）為基礎的模式，以及大家熟悉的信封計費，仍然更合適，這也是我們維持現狀的原因。

I think over time as the market gets more comfortable with these kinds of credit models, you'll see us continue to adapt to that. But we're very pleased with the enterprise customer receptivity to the platform pricing model and to this credit idea, and we think that's the future.

我認為隨著時間推進、市場對這類點數模型越來越熟悉，你會看到我們持續調整。但我們對企業客戶對平台定價模式與點數概念的接受度非常滿意，也認為這就是未來。

In terms of the customization point that you raised, we totally agree. This is why we designed Docusign IAM to be not just a modular component types, but pretty much all the components of Docusign IAM available as a service, so they can be embedded into other applications, Salesforce, Workday Anthropic, OpenAI as well as any custom design applications that enterprises want to build.

至於你提到的客製化，我們完全同意。這也是為什麼我們設計 Docusign IAM 時，不只是模組化的元件類型，而是幾乎把 Docusign IAM 的所有元件都以服務（as a service）的形式提供，讓它們可以被嵌入到其他應用程式中，例如 Salesforce、Workday、Anthropic、OpenAI，以及企業想要自行打造的任何客製化應用。

And so we want to give ultimate flexibility to our customers to tailor to their, and we have over 1,100 different integrations with different ISVs. So I think we provide unmatched flexibility and that's, frankly, an important part of our value proposition.

因此我們希望給客戶最大的彈性，讓他們能依自身需求進行調整；而且我們與不同的 ISV 已有超過 1,100 種整合。我認為我們提供了無可匹敵的彈性，而坦白說，這也是我們價值主張的重要一環。

And I agree with you. I think there'll be more of that as that gets easier to do and as people want to experiment with new interfaces.

我也同意你的看法。隨著這些事情變得更容易做到、以及人們想嘗試新的介面，這類需求會越來越多。

Patrick Walravens, Citizens Bank.

Patrick Walravens，Citizens Bank。

So Allan, I mean, it's been a little over four years since you took this role, right? And --

所以 Allan，我是說，你擔任這個職務已經稍微超過四年了，對吧？然後——

3.5, but who's counting?

3.5 年，但誰在計較呢？

3.5. Okay. Sorry, 3.5. I mean, I would love to have seen you guys in double digits by now. And so IAM is clearly working. But I think on an FX adjusted basis, maybe actually decelerated a little bit quarter to quarter.

3.5 年。好吧。抱歉，3.5 年。我是說，我本來希望你們現在已經回到兩位數成長了。所以 IAM 顯然是有效的。但我想如果以剔除匯率（FX）影響來看，可能其實季度對季度有稍微放緩。

What has been harder than you expected? IAM is clearly working, but what's been harder?

有哪些事情比你預期更難？IAM 顯然運作良好，但更難的部分是什麼？

I don't know that we ever set a timeline. I'm not disappointed with our progress. I'm actually really pleased. I think we have a -- it's an incredible transformation moment for agreements. I think we leaned into that, articulated a compelling new vision, and I think we've been right about that.

我不確定我們是否曾設定過時間表。我對我們的進展並不失望，事實上我非常滿意。我認為這是協議領域一個不可思議的轉型時刻。我們積極投入其中，提出了一個有說服力的新願景，而我認為我們在這點上是正確的。

When I joined, I don't think it was quite clear exactly what shape that opportunity is going to have and what technology was going to enable us to do, but it's, I think, become more clearer and clearer into focus that there's a very substantial opportunity there.

我加入時，這個機會到底會呈現什麼樣貌、以及技術會讓我們能做到什麼，其實還不是那麼清楚；但我認為現在已經越來越清晰、越來越聚焦，顯示那裡存在非常可觀的機會。

And we are forecasting acceleration this year and I think in years to come. And so I think everyone on the management team, not just me, is feeling very bullish about that. It's -- we have an opportunity to compound growth salvation for a while here. And so we're leaning into that.

而且我們預期今年會加速，未來幾年也會如此。因此我想管理團隊的每個人——不只是我——都對此非常樂觀。這——我們有機會在一段時間內讓成長持續複利式累積。因此我們正加大投入。

I'll just add one more thing. On the comment on the decel excluding FX. One of the things you have to look at when you compare us on a year-over-year basis is we not only have obviously FX, but we had some pretty high digital kind of, we'll call it, add-on usage last year. And so that we highlighted that as part of kind of a normalized growth rate.

我再補充一點，關於你提到剔除 FX 後的放緩。當你用年對年來比較我們時，需要注意的不只是匯率（FX），我們去年還有一些相當高的數位類型——我們姑且稱之為——附加（add-on）使用量。因此我們也把那點作為所謂「常態化」成長率的一部分來說明。

If you normalize for those peak numbers that we had last year, I think you'll see the word it's not actually decelerating. It's pretty similar in line. And like Allan said, that guidance into an accelerating growth rate this year on the back, one of the very large components as IAM, along with retention gains, which we continue to make I think it's pretty exciting and it's kind of lens to the future opportunity that we have here at Docusign.

如果你把去年那些高峰數字做正規化處理，我想你會看到其實並沒有在減速。走勢相當接近、相當一致。就像 Allan 說的，我們今年指引的是成長率加速，而背後其中一個非常大的組成部分就是 IAM，再加上我們持續取得的留存提升。我覺得這非常令人振奮，也算是讓大家看到我們在 Docusign 未來機會的一個視角。

Tyler Radke, Citi.

Tyler Radke，花旗（Citi）。

Yeah. Can you touch on the 300,000 customer-plus strength? I think that accelerated a bit in the quarter and stronger than we've seen typically. And maybe just put that in context of kind of the billings and shape of subscription revenue that looked a little bit lighter than normal. Just walk us through the puts and takes there.

是的。你能談談 30 萬以上客戶數的強勁表現嗎？我認為這在本季有些加速，且比我們通常看到的更強。也請把它放在帳單（billings）以及訂閱營收形態的脈絡下說明一下，因為看起來訂閱營收的走勢比平常略輕一些。請帶我們走一遍其中的利多與利空因素。

Yeah. Let me just comment on the ACV metric, and then Blake you can jump in as well. Look, I think Docusign has a expanding opportunity to go deeper with customers because of IAM. And I think that the fact that we're growing the number of 300,000 customers is just, I think, a nice numerical indicator of that opportunity. And I think we hope there should be more to come as we go forward.

好的。我先就 ACV 指標評論一下，然後 Blake 你也可以補充。你看，我認為 Docusign 因為 IAM 而有更深入服務客戶的擴大機會。而我們 30 萬以上客戶數的成長，我覺得只是這個機會的一個不錯的數字化指標。我們也希望隨著時間推進，還會有更多進展。

Yeah. Sure. And it's early days for us there, but I'm super excited to see that number, that metric getting to double digits for the first time in years for us. So -- and frankly, IAM as a part of that. And so I'm really excited.

是的，當然。對我們來說這還在早期階段，但我非常興奮看到這個數字、這個指標，這是我們多年來第一次達到雙位數成長。所以——而且坦白說，IAM 是其中的一部分。因此我真的很興奮。

To the question regarding on billings, we didn't guide to billings. And I just want to remind folks, billings can be quite volatile on a quarter-to-quarter basis just due to timing. I'll just kind of comment that billings came in just as we had expected for the quarter without talking about a guide or anything like that.

至於關於帳單（billings）問題，我們並沒有提供帳單指引。我也想提醒大家，帳單在季度之間可能會因為時點因素而相當波動。我只想簡單說，本季帳單的表現符合我們原先的預期，不涉及任何指引或類似內容。

I would point you to last year at this time, last year in Q1, I think our billings grew 4% year over year in Q1 last year and the full year grew 9.5%. And so there can be a lot of timing fluctuations between that. And then what I would point to do is in the full-year ARR guide of 8.5%, that's really an outlook for us about where we think this business is going and why we're excited about it.

我會請你回看去年同一時間：去年 Q1 我記得我們的帳單年增約 4%，而全年年增 9.5%。所以其中可能有很多時點上的波動。接著我想請大家關注的是我們全年 ARR 指引 8.5%，這其實反映了我們對業務走向的展望，以及我們為何對此感到興奮。

Great. And just a follow-up. I know you're not updating the ARR guidance, but I guess, safe to say you feel incrementally more confident in that 8.5% versus 90 days ago? And then just the IAM as a percentage, should we kind of expect kind of a linear progression on that in terms of that mix to the full-year target? Or anything you'd call out just in terms of seasonality because obviously, there's more seasonality as you're pushing up market.

很好。再追問一下。我知道你們沒有更新 ARR 指引，但我想可以說，相較於 90 天前，你們對 8.5% 這個數字的信心有增強嗎？另外，IAM 佔比方面，我們是否應該預期它會朝全年目標呈現大致線性的提升？或是你會特別提醒任何季節性因素，因為顯然當你們往更高端市場推進時，季節性會更明顯。

Sure. I would say relative to the question on the ARR guide, it all comes down -- because as you all know, a full year ARR guide really is a Q4 ARR guide, so it all goes down to what's our visibility level as we progress through the year and how do we feel about it?

當然。就 ARR 指引的問題而言，關鍵在於——因為如各位所知，全年 ARR 指引其實就是 Q4 的 ARR 指引，所以一切取決於我們在年度推進過程中的可視性（visibility）程度，以及我們對此的感受如何。

We're one quarter through the four quarters in our first year of guiding to ARR. We're optimistic again about that acceleration that we're guiding to on a full year basis. And I would just say we're excited, and we'll see the performance there, and we'll update as we go.

我們在第一個提供 ARR 指引的年度中，四個季度才走完一個季度。我們對於全年層面所指引的那個加速仍然保持樂觀。我只能說我們很興奮，接下來就看表現，我們也會隨著進展再更新。

With regards to the question on the IAM progression, you do see in the historical numbers that we provided a bit of that linear progression. I don't want to act like that is something we're solving for, something we are driving. I think it's probably a relatively safe assumption. But that said, we'll have to see how IAM does, right? And as we get to larger and larger customers, and we'll see how we do. But I'm excited about it.

至於 IAM 進展的問題，你確實可以從我們提供的歷史數據中看到一些線性進展。我不想表現得好像那是我們刻意要解的目標、或是我們在刻意推動的結果；我認為把它當作一個相對安全的假設大概沒問題。但話說回來，我們還是得看 IAM 的表現，對吧？隨著我們接觸到越來越大型的客戶，我們會看看做得如何。不過我對此很興奮。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

This is Jason on for Alex Zukin. So impressive progress on the IAM adoption. I guess just a quick one on the IAM uplift.

我是 Jason，代 Alex Zukin 提問。IAM 採用進展很令人印象深刻。我想快速問一個關於 IAM 拉升（uplift）的问题。

So we take exit FY26 IAM ARR over the estimated IAM customer count exiting FY26. So we get to roughly, let's say, 11,000 IAM ARPC versus on the enterprise side, it is 10,200 exiting FY26. So that's roughly high single-digit uplift. So is that the right way to actually frame it? Or are there any more mix or timing dynamics with that?

我們用 FY26 期末（exit）IAM ARR 除以預估 FY26 期末（exit）的 IAM 客戶數，所以大概得到每客戶 11,000 的 IAM ARPC；相較之下，企業端在 FY26 期末（exit）是 10,200。也就是大約高個位數的拉升。這樣的框架是正確的嗎？還是其中還有更多組合（mix）或時點（timing）的動態因素？

Yeah. I think that it's a little tricky when you think about IAM and non-IAM is two different products. A big part of that is because IAM is not just a new product. It's a platform for us. And a big part of our IAM penetration comes from an installed base of customers. So I don't know from the modeling versus thinking about like the average customer size and that perspective is the right way to think about it. I understand why you're trying to do what you're doing.

是的。我認為當你把 IAM 與非 IAM 來看時會有點棘手，因為它們是兩個不同的產品。其中很大一部分原因在於，IAM 不只是新產品，它對我們而言是一個平台。而我們 IAM 滲透率的很大一部分來自既有客戶基礎（installed base）。所以我不確定用建模的方式、或從平均客戶規模的角度來思考，是否是最合適的方式。我理解你為什麼想這樣做。

But we're looking at this as an opportunity to provide customers more value and get them to IAM. In general, customers are paying us more for that because they see value in the extra features and services that we bring to the table on top of a very solid foundational eSignature offer. And so I hope that commentary helps a bit.

但我們把這視為一個為客戶提供更多價值、並讓他們採用 IAM 的機會。整體而言，客戶確實會為此支付更多，因為他們看到了我們在非常扎實的 eSignature 基礎方案之上，所帶來的額外功能與服務的價值。希望這些說明能有所幫助。

Patrick McIlwee, William Blair.

Patrick McIlwee，William Blair。

Great. So as we think about the growing significance of IAM to your overall business, understanding that it's a highly complementary offering to your core eSignature products, and you also have a massive distribution advantage, you are pushing into a space that's relatively competitive, notably with a lot of CLM vendors in the space. So can you just talk about how you feel you're positioned relative to some of those other vendors and broader workflow platforms in the market and what your customer conversations look like when you're in some more competitive discussions?

很好。當我們思考 IAM 對你們整體業務的重要性日益提升時，考量到它與核心 eSignature 產品高度互補，而且你們也有巨大的分銷優勢；但你們正在進入一個相對競爭激烈的領域，尤其是市場上有許多 CLM 供應商。你能談談你們相對於其他供應商與更廣泛的工作流程平台，在市場上的定位如何？以及當你們進入更具競爭性的討論時，與客戶的對話通常是什麼樣子？

Yeah. I think the -- we do encounter other vendors in the CLM space. As you know, there's a number of vendors in the space. I think we're clearly one of the largest and best regarded ones, but there are several.

是的。我們確實會遇到 CLM 領域的其他供應商。如你所知，這個領域有不少廠商。我認為我們顯然是其中規模最大、口碑最佳的之一，但確實還有好幾家。

I think the CLM opportunity is significantly narrower than the broader IAM opportunity, right? So CLM has historically been focused on, I would say, enterprise, contract-intensive use cases, B2B negotiated contracts. And you look at what we're doing and coming at it from a different angle, what some of the new legal tech players are doing, it's a very different take on what's possible with agreements. So I think the competitive set, the market opportunity is much larger than CLM has historically been and the competitive set is evolving.

我認為 CLM 的機會其實比更廣泛的 IAM 機會要窄得多，對吧？CLM 歷來主要聚焦在我會稱之為企業端、合約密集型的使用情境，也就是 B2B 的協商型合約。你再看我們正在做的事情——我們是從不同角度切入；以及一些新的法律科技（legal tech）玩家在做的事情——對於協議（agreements）可能性的看法也非常不同。所以我認為，市場機會比 CLM 歷史上所涵蓋的要大得多，而競爭格局也在演變。

In terms of how we go to market, I think Docusign is uniquely positioned in having this very broad platform for intelligent agreement management that cuts across all functions. And then we partner with functional specialists.

就我們的市場進入策略（go-to-market）而言，我認為 Docusign 的獨特之處在於擁有一個非常廣泛的智慧協議管理平台，能橫跨所有職能部門；同時我們也會與各職能的專業供應商合作。

And so you probably saw that we entered in partnerships with Harvey, Legora and CoCounsel by Thomson Reuters as examples of specialized legal tech players, so that you can use our general purpose legal functionality. And if you want to go deeper, let's say, with legal research tools or other things like that, you can use those products. That's the same philosophy that we've had in interfacing with CRM products or HRM products or ERP products in the past.

因此你可能也看到我們與 Harvey、Legora，以及 Thomson Reuters 的 CoCounsel 等建立合作夥伴關係，作為專業法律科技玩家的例子。這樣你可以使用我們通用型的法律功能；如果你想更深入，例如使用法律研究工具或其他類似功能，你也可以使用那些產品。這與我們過去在串接 CRM 產品、HRM 產品或 ERP 產品時所秉持的理念相同。

I think we are in a very good position to be the nerve center, if you will, for agreements and then call on and connect to other tools as necessary. And I think the CLM market -- there's still a number of customers who specifically look for CLM solutions, and we want to be very competitive for that, but we also want to open their eyes to the broader opportunity with agreements across the enterprise in every function, including things that they might not historically have thought of.

我認為我們非常適合成為協議的「神經中樞」（nerve center），然後在需要時去呼叫並連接其他工具。我也認為 CLM 市場——仍然有不少客戶會特別尋找 CLM 解決方案，我們希望在那方面具備很強的競爭力；但我們也希望讓他們看到更廣泛的機會：在企業內、在每個職能部門，協議都能帶來更大的價值，包括一些他們過去可能不會想到的情境。

So we're -- I think we're in an increasingly strong position in agreement management and coexisting with new players who come at, let's say, the legal space from different angles.

所以我們——我認為我們在協議管理方面的地位正變得越來越強，同時也能與那些從不同角度切入法律領域的新玩家共存。

Okay. Very clear. And just further on IAM. So can you help us frame where you are in the adoption curve today?

好的。非常清楚。再進一步談 IAM。你能否協助我們界定你們目前在採用曲線上的位置？

I understand a lot of the initial growth is has been coming from existing customers transitioning to that platform. But can you just provide a quick update on what the traction has looked like when you've been going out and winning net new customers with those kind of incremental capabilities?

我理解初期成長有很大一部分來自既有客戶轉移到該平台。但你能否快速更新一下，當你們帶著這些增量能力去外部拓展並贏得全新（net new）客戶時，牽引力表現如何？

Well, I mean, I think that you get some idea from the customer count that we just shared that, that's obviously predominantly commercial customers, but we announced across over 40,000 customers for IAM and we have, let's say, 0.25 million direct customers, maybe a little less if you roll up entities that are legally related.

嗯，我的意思是，我想你可以從我們剛分享的客戶數量得到一些概念；那顯然主要是商業客戶。不過我們已宣布 IAM 的客戶超過 40,000 家，而我們有大約 25 萬名直接客戶；如果把法律上相關的實體合併計算，可能會略少一些。

So we're starting to -- we're still early. There's still a lot of headroom just in the commercial segment. And in the enterprise, we're still even earlier. And I think those customers represent an even larger opportunity. We can get the kind of lift that we are seeing in commercial and enterprise in the initial deal and then there's the market expansion opportunity as we go across functions into additional divisions because you typically don't go from 0% to 100% in a large company.

所以我們正在開始——我們仍處於早期。在商業市場區隔仍有很大的成長空間。而在企業端，我們甚至更早。我認為那些客戶代表更大的機會。我們可以在商業與企業的初始成交中取得我們目前看到的那種提升，接著隨著我們跨職能、進入更多部門與事業單位，還有市場擴張的機會，因為在大型公司裡，你通常不會從 0% 一下子到 100%。

So we're quite bullish on the expansion opportunity that IAM offers. We've got a lot of headroom in our commercial business and even more in the enterprise side.

因此，我們對 IAM 所帶來的擴張機會相當樂觀。我們在商業業務上仍有很大空間，而在企業端的空間更大。

And I might just add on top. I mean, as far as our new customer growth goes, IAM is driving a material portion of that. And so that's super exciting. It's just that when you have an installed base the size of what Docusign has with 1 million, almost 1.9 million customers and over 95% of the Fortune 500, that's a big area of ground for us to cover with folks that we already have relationships with. So I would say, excited about the new company opportunity, but it's just with the size of the installed base that we have, that's a huge opportunity as well.

我再補充一點。就新客戶成長而言，IAM 正在推動其中相當可觀的一部分，這非常令人振奮。只是當你擁有像 DocuSign 這樣規模的既有客群——約 100 萬、接近 190 萬名客戶，且涵蓋《財富》500 強中超過 95%——我們需要在既有關係的客戶中推進的範圍就非常大。所以我會說，我們對新公司（新客戶）機會感到興奮，但以我們既有客群的規模來看，那同樣也是一個巨大的機會。

Scott Berg, Needham.

Scott Berg，Needham。

Really nice quarter here. Just one question for me in the essence of time, because I know we'll get towards the end here, is on the expanded verticalization story, I was at the conference a couple of weeks ago, and verticalization was certainly a key component. I took away from the conference there. But as you think about this expanding verticalization story within some of your customers, is this strategy really about trying to bring new landing points with some of these customers I guess as you're starting to see use cases in these different departments and just streamline how they're launching them.

這一季表現非常不錯。就時間關係我只有一個問題，因為我知道我們快到尾聲了：關於擴大垂直化（verticalization）的故事。我兩週前在會議上，垂直化確實是關鍵主軸之一，這是我從會議帶走的重點。但當你思考在部分客戶中擴大垂直化這個故事時，這個策略是否主要是想在這些客戶中建立新的切入點（landing points）？我想你們開始在不同部門看到各種使用情境，並把它們的導入方式更流程化。

But I think we're all probably trying to help size up what the expanded opportunity looks like as you do verticalize IAM kind of going forward. Any help there would be helpful.

但我想我們都在嘗試評估，當你們未來持續把 IAM 做垂直化時，擴大的機會到底有多大。若能提供一些協助會很有幫助。

Yeah. If we look at the IAM journey, what we started with was horizontal platform capabilities. What we have done over the last, let's say, 18 months is really lean into honing the functional use cases, so being able to optimize an end-to-end workflow for sales or for procurement for HR, and you can see that in some of the customer examples. I mean that's what Experian is doing.

是的。如果我們看 IAM 的旅程，一開始我們提供的是橫向的平台能力。過去大約 18 個月，我們真正投入的是打磨功能型使用案例，也就是能夠為銷售、採購、人資等端到端工作流程做最佳化；你可以從一些客戶案例中看到。我是說，Experian 就是這麼做的。

So Experian is using IAM for thousands of B2B sellers across many highly complex product portfolio to improve both their internal efficiency and their cycle time. So that's one example of a functional workflow. Obviously, they cut across multiple businesses.

因此，Experian 正在用 IAM 服務數千名 B2B 業務人員，橫跨許多高度複雜的產品組合，以提升內部效率並縮短週期時間。這是一個功能型工作流程的例子。顯然，他們也跨越多個事業。

And another example will be HSBC, they're using us to power their lending program. So you have a company doing customer-facing activities, procurement-facing activities, HR-facing activities. And the next step is verticalization.

另一個例子是 HSBC，他們用我們來支撐其放款（lending）計畫。所以你會看到一家公司同時在做面向客戶的活動、面向採購的活動、面向人資的活動。下一步就是垂直化。

We have some degree of verticalization. Historically, Docusign has been a fairly horizontal platform that customers could then tailor. But we do go a little deeper in financial services, in health care and the government. Beyond that, I don't have any announcement to make at this time, but we're leaning on customers and partners to take the general purpose agreement platform that we have and further tailored. And we've designed it intentionally to make it very powerful and flexible to be able to do that.

我們已經有一定程度的垂直化。歷史上，DocuSign 一直是相對橫向的平台，客戶可以再自行調整。但我們在金融服務、醫療保健與政府領域確實做得更深。除此之外，我目前沒有任何可宣布的事項，但我們正依靠客戶與合作夥伴，將我們的一般用途協議平台進一步做客製化；而我們也刻意把它設計得非常強大且彈性高，以便能做到這件事。

But I don't think you'll see Docusign have 20 different flavors of IAM anytime soon. That's not the goal. The goal is to provide a platform that people can easily tailor and customize. And I think you're right, that is exactly what people will be doing with some of these new tools.

但我不認為你會很快看到 DocuSign 推出 20 種不同版本的 IAM。那不是目標。目標是提供一個人們可以輕鬆調整與自訂的平台。我想你說得對，這正是人們會用這些新工具去做的事。

Brent Thill, Jefferies.

Brent Thill，Jefferies。

Allan, the international business is on a steady acceleration, gone from 10% growth to 17%, I believe, this quarter. I'm just curious what you're seeing growth rates are obviously about company average. What's left? What's exciting for you and what you're seeing in terms of where the growth is coming from?

Allan，國際業務正在穩定加速，我記得這一季從 10% 成長到 17%。我很好奇你們看到的成長率顯然高於公司平均。接下來還剩下什麼？哪些讓你感到興奮？以及你看到成長主要來自哪些地方？

Yeah. I mean we have an even bigger opportunity outside North America and then on North America business, which still has a lot of headroom. But it's just earlier in terms of the adoption of signed let alone new agreement technology.

是的。我的意思是，我們在北美以外有更大的機會；而北美業務本身也仍有很大空間。只是就已簽署（signed），更不用說新的協議技術（new agreement technology）的採用而言，海外市場仍處於更早期。

We are seeing really nice results. I want to probably particularly call out our EMEA region. I know in some past earnings calls that expressed some concern but expressly we're a little behind where we'd like to be. We hired a new leader a year ago. I just want to commend him and the team there. We're seeing our EMEA business perform more strongly now. And obviously, that's the biggest component of our international business. So very nice to see that.

我們看到非常好的成果。我想特別點名我們的 EMEA 區域。我知道在過去一些財報電話會議中，我們表達過一些擔憂，明確地說我們落後於我們希望達到的水準。我們一年前聘請了新的領導者，我想稱讚他以及那邊的團隊。現在我們看到 EMEA 業務表現更強勁。顯然，這也是我們國際業務中最大的組成部分，所以很高興看到這點。

But we're very bullish on the international opportunity. It's becoming -- we can deploy our products globally now faster and with a richer set of features, more localization and that just puts us in a stronger position.

但我們對國際機會非常樂觀。現在我們能更快在全球部署產品，並提供更豐富的功能組合與更多在地化，這讓我們處於更有利的位置。

I personally travel quite a bit to all of our international regions, and I'll be there -- I'll be in Europe here later this month. And there's a lot of interest in what we're offering, so it's really positive to see and bodes well for the future.

我個人經常前往我們所有的國際區域出差，而我本月稍晚也會——我稍晚會去歐洲。大家對我們提供的內容很有興趣，所以看到這點非常正面，也為未來帶來良好預兆。

And then, Brent, just to add on that, too. I totally agree with everything Allan said, FX also plays a role a bit. in that year-over-year acceleration. Now even excluding FX, the international business is growing in the double digits, and we're really excited about everything Al said. But FX does also play a role in that kind of market acceleration year-over-year.

另外，Brent，我也補充一下。我完全同意 Allan 說的一切。匯率（FX）也在一定程度上影響了這種年對年加速。即使排除匯率因素，國際業務仍以雙位數成長，我們對 Allan 提到的一切都很興奮。但匯率確實也在年對年那種市場加速中扮演了一些角色。

And Blake, on the headcount comment where headcount is down, are you anticipating for the full-year headcount to be down as well?

Blake，關於你提到人力編制（headcount）下降的評論，你是否預期全年的人力編制也會下降？

We don't guide the headcount, Brent, so I want to be careful about it. What I would say is we are hiring, right, in our business, and it's being very thoughtful about where we're investing in predominantly IAM. That probably doesn't come as a surprise. But we are also being very thoughtful about how we do that and where we do that. And so I could be totally fine seeing headcount growth sort of going up slightly for.

Brent，我們不對人力編制提供指引，所以我想在這點上要謹慎。我能說的是，我們確實在招募，對吧，在我們的業務中；而我們非常審慎地決定投資方向，主要是投向 IAM。這大概不令人意外。但我們也非常審慎地思考要怎麼做、以及在哪裡做。因此，我也完全可以接受看到人力編制成長在某種程度上小幅上升。

But again, what I tend to look at mostly is what is that operating expense growth relative to the revenue. And then particularly as you start to exit the year. And I'd like to see the operating leverage gains that we're making. So feeling really good about it. I really want to congratulate the team about being very mindful about our resource investment and using AI tools to be productive as well. And so with that, I feel really good about where we are.

但同樣地，我主要看的還是營運費用的成長相對於營收的關係，特別是當你開始接近年底時。我希望看到我們正在取得的營運槓桿改善。所以我感覺非常好。我也很想恭喜團隊，在資源投入上非常謹慎，同時也運用 AI 工具來提升生產力。因此，整體而言，我對我們目前的位置感到非常有信心。

Vinod Srinivasaraghavan, Evercore ISI.

Vinod Srinivasaraghavan，Evercore ISI。

This is Vinod on for Kirk. For IAM, I just wanted to get an update on what is the web enablement and quota structure look like? And have you guys made any changes to drive this over the last year? Do you think there's anything more you can do to this going forward as well?

我是代 Kirk 提問的 Vinod。針對 IAM，我想了解一下目前的（web）賦能與配額（quota）結構長什麼樣子？你們在過去一年是否做了任何調整來推動這件事？你認為未來還有什麼可以再做的嗎？

Yeah. I want to make sure I understand the question correctly, but I think what you said web enablement. Rep enablement?

是的。我想先確認我是否正確理解問題，但我想你說的是 web 賦能。是業務代表（rep）賦能嗎？

Rep enablement.

業務代表賦能。

Rep enablement. All right. Yes, we are, I think we, look, our pace of product innovation and product release is relentless right now. It's probably an all-time high here last quarter. very proud of that. And so getting reps fully ramped on everything is a challenge, but I think we've invested very heavily.

業務代表賦能。好。是的，我們是——我想我們——你看，我們目前的產品創新與產品發布節奏非常猛烈。上季可能是史上最高水準。我對此非常自豪。因此，要讓業務代表在所有事情上完全上手是一項挑戰，但我認為我們已投入非常多資源。

We had a fantastic sales kickoff with a lot of different enable activities we did a significant amount of training prior to Momentum. And we have an embarrassment of riches, frankly, at this point from a product perspective. And I think the reps are very, very excited about the breadth of product and the competitiveness and the dockside portfolio and the scope of the opportunity that they have.

我們舉辦了一場非常成功的銷售啟動大會，做了許多不同的賦能活動；在 Momentum 之前也進行了大量訓練。坦白說，就產品面而言，我們現在可說是「資源多到用不完」。我認為業務代表對於產品廣度、競爭力、以及 Docusign 產品組合與他們所擁有的機會範圍，都感到非常、非常興奮。

So I think look, rep enablement at a time like is challenging in every company just because the market is moving so fast and there's so many new capabilities every quarter. But I'm feeling very good about how our enablement team is responding. They've done a fantastic job and how receptive the reps are to the new products and how quickly they are leaning into and understanding them and translating them for customers.

所以我想，你看，在這樣的時期，業務代表賦能在每家公司都很具挑戰性，因為市場變化太快，而且每一季都有很多新能力推出。但我對我們賦能團隊的應對方式感到非常有信心。他們做得非常出色；業務代表對新產品的接受度很高，也很快投入、理解，並把它們轉化為客戶能理解的價值。

So very positive. But yeah, it's a crazy time right now and consisting incredible pace.

所以非常正面。但沒錯，現在真的是很瘋狂的時期，而且節奏快得驚人。

Jacob Gideon, Bank of America.

Jacob Gideon，美國銀行。

So as you expand the partner ecosystem, I think you mentioned it earlier, how should we think about the mix of IAM bookings sort of sourced through kind of these channel partners over time? And like what changes are going to be needed for the partners to effectively kind of sell some of these more complex IAM solutions, whether the vertical solutions or horizontal?

隨著你們擴大合作夥伴生態系，我想你先前也提到過，長期來看，我們應該如何看待透過這些通路合作夥伴所帶來（sourced）的 IAM 訂單（bookings）占比？另外，為了讓合作夥伴能有效銷售一些更複雜的 IAM 解決方案（不論是垂直解決方案或水平解決方案），需要做哪些改變？

Yeah. Yeah, partners, I think, are a key strategic lever for us, particularly as we've expanded our ambition of IAM and the partner contributed revenue is growing significantly faster than our overall revenue, so that's nice to see. And yet, I think we're still just in the very early stages of fully leveraging our partner channel.

是的。是的，我認為合作夥伴是我們一個關鍵的策略槓桿，特別是在我們擴大 IAM 企圖心之後；合作夥伴貢獻的營收成長速度明顯快於我們整體營收，這點很高興看到。不過，我認為我們仍處於充分運用合作夥伴通路的非常早期階段。

And to the question that was just asked, that enablement challenge is not just for your own sales team, but for the partners as well. So we're really leaning into educating them and helping them both on the sales and post-sale implementation side.

而且就剛才那個問題而言，賦能的挑戰不只存在於自家銷售團隊，合作夥伴也一樣。因此我們正大力投入教育他們，並在售前銷售與售後導入（implementation）兩方面協助他們。

So it's a key strategic lever for us. We have, I think, a much better team across the board from sales and partner management to the product organization, much deeper investment there and tremendous amount of interest from the partner channel, whether it's the large SIs who are seeing the desire to transform enterprise workflows and agreement workflows.

所以這對我們而言是一個關鍵的策略槓桿。我認為我們在各方面都有更強的團隊——從銷售與合作夥伴管理到產品組織——在那裡投入更深。同時，合作夥伴通路也展現出極大的興趣，不論是大型 SI（系統整合商）看到企業工作流程與協議工作流程轉型的需求。

So we have a number of the very largest SIs that are really deeply engaged with us as well as the reseller community for incremental distribution in a number of markets. I think I've mentioned before that in some markets, we're going to resell first to -- because we're not going to build up our old sales team, and that makes total sense, and we're seeing some nice results into our secondary markets on that as well.

因此，我們有多家最大的 SI 與我們深度合作，同時也有經銷商社群，協助我們在多個市場進行增量分銷。我想我之前提過，在某些市場，我們會先採用轉售（resell）的方式——因為我們不會在那裡建立自己的銷售團隊——這完全合理；而且我們也在次要市場（secondary markets）看到一些不錯的成果。

Allan Verkhovski, BTIG.

Allan Verkhovski，BTIG。

Allan, how common it is now to have an MCP? What have been your greatest learnings from how customers engage with it since introducing your MCP connector in beta last quarter? And how is it reinforcing and potentially even changing how you see Docusign's positioning with respect to AI going forward?

Allan，目前擁有 MCP 的情況有多普遍？自從你們上季以 beta 形式推出 MCP 連接器以來，你們從客戶的使用互動中學到哪些最重要的經驗？它如何強化，甚至可能改變你們對 Docusign 未來在 AI 方面定位的看法？

And then I've got a quick follow-up for Blake.

另外我還有一個給 Blake 的簡短追問。

Okay. I mean, the amount of inbound interest on that MCP connector announcement, assuming thousands of people signing up for beta. It's really an unprecedented level of engagement. So look, I think there's tremendous excitement about that.

好的。我的意思是，針對那個 MCP 連接器公告的主動詢問（inbound interest）量非常大——我想有數千人報名參加 beta。這真的是前所未有的參與程度。所以你看，我認為大家對此有極大的興奮感。

It ties to a broader theme. Docusign fits with such important data and workflows that there are so many people who want to connect to that, i.e., this is from the very largest LLM players to the legal tech players through smaller developers, in-house developers.

這也呼應一個更大的主題。Docusign 涉及非常重要的資料與工作流程，因此有很多人想要與之連結；也就是說，從最大的 LLM 業者、到法律科技（legal tech）業者、再到較小的開發者與企業內部開發者，都想接上來。

Contract workflows are just critical to so many business processes. And so it's a very powerful position. It's a center of gravity really for progress on -- with AI. So I think we're very fortunate to be in that position. And our philosophy is that we want to enable the ecosystem to take full advantage of all that we've built in a very open way. And I think that's being very well received.

合約工作流程對許多商業流程都至關重要。因此這是一個非常有力的位置。它確實是 AI 推進的「重力中心」。所以我認為我們很幸運能處在這個位置。我們的理念是，希望以非常開放的方式，讓生態系能充分利用我們所打造的一切。我認為這點也獲得非常好的回響。

So there was a follow-up question for Blake, I think.

所以我想剛才有一個給 Blake 的追問。

Awesome. That's great to hear. And then, yeah, for Blake, just a follow-up on FX. Was NRR in the quarter directionally higher or lower than last quarter when looking at it on a constant currency basis?

太棒了，很高興聽到。然後，對 Blake 的部分，關於外匯（FX）再追問一下：若以固定匯率（constant currency）基礎來看，本季的 NRR 相較上季方向上是更高還是更低？

You're talking about -- did you say DNR?

你是說——你剛剛說的是 DNR 嗎？

NRR.

NRR。

Yeah. Okay. So sorry, just making sure we got the numbers correct. Yes. So I don't think from an FX perspective, like for us, it's really -- again, just as a reminder, dollar net retention for us is customers that have been with us -- direct customers that have been with us for at least a year. FX is a major mover for us in that metric.

是的。好的。抱歉，我只是確認我們把數字名詞講對。是的，所以我不認為從外匯角度來看——對我們而言，這其實——再次提醒一下，我們的美元淨留存（dollar net retention）指的是與我們合作至少一年的客戶——直接客戶。外匯是這個指標的重要變動因素。

And so I would just, again, you continue to reiterate, our dollar net retention has improved here sequentially in the past. I think it's seven quarters, and you'll see this in our investor slide, so you'll be able to tell. But -- and -- but on a rounded basis, it's been flat for the past few. We're going to improve that metric from both IAM and as we gain expansion on it, but also from gross retention gains.

因此我再重申一次，我們的美元淨留存已經連續改善——我想是連續七個季度——你們會在我們的投資人簡報中看到，所以你們可以判斷。不過——而且——但以四捨五入後的數字來看，最近幾季大致持平。我們會透過 IAM 以及在其上取得更多擴張（expansion）來改善這個指標，同時也會透過總留存（gross retention）的提升來改善。

And just to reiterate what Allan said earlier, across our team and the questions about reps and things like that IAM, we are as focused on improving gross retention at this company that we -- as we are on driving through IAM. We are very well aware that improvements in gross retention in the size of the book that we have can pay off huge dividends for us as a company. And so we're really focused on it.

另外也呼應 Allan 先前提到的，以及大家對業務代表等問題的關注：在 IAM 之外，我們同樣非常專注於提升公司的總留存——其重視程度不亞於推動 IAM。我們非常清楚，以我們目前的客戶基盤規模而言，總留存的改善能為公司帶來巨大的回報。因此我們正全力聚焦在這件事上。

And frankly, it's something with the whole company can really go after. We've got a customer-first initiative here that we spent a lot of time on talking about how to improve that relationship with customers or improve that customer service. It's beginning to pay dividends, as you can tell, and we've seen improvements in growth retention. So I'm pretty excited about the opportunity to head there.

坦白說，這也是全公司都能共同努力的方向。我們有一項以客戶為先（customer-first）的倡議，花了很多時間討論如何改善與客戶的關係、或提升客戶服務。從你們現在看到的結果來看，它已開始帶來成效，我們也看到總留存的改善。所以我對接下來的機會感到相當興奮。

That concludes our question-and-answer session. I'd like to pass the call back over to Allan for closing remarks.

問答環節到此結束。我想把電話交回 Allan 作結語。

Thank you, operator. Thanks to all that join today's call.

謝謝，接線員。也感謝所有參加今天電話會議的各位。

In closing, we are excited about the drumbeat of innovation we're delivering to customers through IAM. I think we're at an inflection point in agreement management and IAM has emerged as the center of gravity as I alluded to earlier, for enterprise AI contracting. So thanks for your support. Look forward to talking to you next quarter.

最後，我們對透過 IAM 持續為客戶帶來的創新節奏感到振奮。我認為我們正處於協議管理的拐點，而 IAM 已如我先前提到的，成為企業 AI 合約（contracting）的重力中心。感謝各位的支持，期待下季再與各位交流。

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

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。再見。