Docusign, Inc. (DOCU) 2027 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining Docusign's second quarter of fiscal year 2027 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded and will be available for replay from the Investor Relations section of the website following the call. (Operator Instructions)

各位女士、各位先生，下午好。感謝您參加 Docusign 2027 會計年度第二季財報電話會議。(接線員指示) 提醒各位，本次通話將被錄音，並將於會後在本公司網站「投資人關係」專區提供重播。(接線員指示)

I will now pass the call over to Gary Fuges, Vice President of Investor Relations. Please go ahead.

現在我將把電話交給投資人關係副總裁 Gary Fuges。請開始。

Thank you, operator. Good afternoon, and welcome to Docusign's second quarter of fiscal year 2027 earnings conference call. Joining me on today's call are Docusign's CEO, Allan Thygesen; and CFO, Blake Grayson. The press release announcing our second 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 會計年度第二季財報電話會議。今天與我一同出席的有 Docusign 執行長 Allan Thygesen，以及財務長 Blake Grayson。我們於今日稍早發布了公告 2027 會計年度第二季業績的新聞稿，並已張貼於投資人關係網站，同時也提供我們事先準備講稿的發布版本。

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.

在開始之前，我先提醒各位，今天通話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。我們認為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的風險與不確定性影響，導致我們的實際結果或表現與預期出現重大差異。

In particular, our expectations regarding factors affecting our pace of innovation and customer adoption are based on our best estimates at this time and are therefore subject to change. Please read and consider the risk factors in our filings with the SEC together with the content of this call. Any forward-looking statements are based on our assumptions and expectations to date. And except as required by law, we assume no obligation to update these statements in the light of future events or new information.

特別是，我們對影響創新速度與客戶採用的因素之預期，係基於目前我們所能做出的最佳估計，因此可能會有所變動。請在閱讀並考量本次通話內容的同時，一併閱讀我們向美國證券交易委員會（SEC）提交文件中的風險因素。任何前瞻性陳述均以截至目前的假設與預期為基礎。除法律另有規定外，我們不承擔因未來事件或新資訊而更新這些陳述的義務。

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

在本次通話中，我們將呈現 GAAP 與非 GAAP 財務衡量指標。此外，我們也提供非 GAAP 加權平均流通股數，以及自由現金流與 ARR 的相關資訊。這些非 GAAP 指標並非意在脫離我們的 GAAP 結果而單獨考量，也不應被視為 GAAP 結果的替代或更優指標。我們鼓勵您在分析我們的表現時，綜合考量所有衡量指標。關於我們的非 GAAP 財務資訊、最直接可比的 GAAP 指標，以及相關數字的量化調節表，請參閱今日的財報新聞稿，可於 investor.docusign.com 查閱。

And with that, I'd like to turn the call over to Allan.

接下來，我想把電話交給 Allan。

Thank you, Gary, and good afternoon, everyone. Q2 capped a strong first half of execution. We delivered further on our road map to accelerate innovation in our Intelligent Agreement Management, or IAM platform. We unlocked even greater customer value within IAM and further extended IAM's functionality into the tools where our customers work while driving efficiency as we scale.

謝謝你，Gary，各位下午好。第二季為我們上半年強勁的執行表現畫下句點。我們在 Intelligent Agreement Management（智慧協議管理，簡稱 IAM）平台上，持續推進加速創新的產品路線圖。我們在 IAM 中釋放了更高的客戶價值，並進一步將 IAM 的功能延伸到客戶日常工作的工具中，同時在規模擴張的過程中提升效率。

Our platform strategy is working, as reflected in IAM now accounting for 15.1% of total ARR, up from 12.6% in Q1. We generated strong financial results in the second quarter with $876 million in revenue, up 9% year-over-year, and a 32% operating margin and approximately $300 million in free cash flow that helps support over $300 million of share repurchases in Q2.

我們的平台策略正在奏效，反映在 IAM 目前占總 ARR 的 15.1%，高於第一季的 12.6%。第二季我們交出強勁的財務成果：營收 8.76 億美元，年增 9%；營業利益率 32%；自由現金流約 3 億美元，並支持我們在第二季回購超過 3 億美元的股份。

As reflected in our increased ARR guidance for fiscal year 2027, we believe we are well positioned for continued execution in the second half of this year and beyond. I'll review our product innovation and go-to-market highlights for the quarter, and then Blake will review our Q2 financial performance and updated guidance. We'll then take your questions.

從我們上調 2027 會計年度 ARR 指引可見，我們相信自己已為今年下半年及更長遠的持續執行做好充分準備。我將回顧本季的產品創新與市場推進（go-to-market）重點，接著 Blake 會說明第二季財務表現與更新後的指引。之後我們將開放提問。

Building on the foundational strength of our market-leading eSignature offering, IAM is uniquely able to aggregate, analyze and unlock the value of an organization's agreement data to improve business decisioning. Point solutions and stand-alone AI tools cannot address the breadth of this challenge securely and at scale the way Docusign IAM can. Customers have now ingested more than 300 million documents through IAM's Agreement Manager.

在我們市場領先的 eSignature 產品所奠定的堅實基礎之上，IAM 能夠以獨特方式彙整、分析並釋放組織協議資料的價值，以改善企業決策。單點解決方案與獨立的 AI 工具，無法像 Docusign IAM 一樣，以安全且可擴展的方式應對如此廣泛的挑戰。目前客戶已透過 IAM 的 Agreement Manager 匯入超過 3 億份文件。

And we're scaling IAM efficiently. As we outlined in a new series of blog posts, IAM's AI-native architecture is processing workloads at significantly lower marginal cost than offerings that route to external LLMs. This is a key reason we were able to significantly increase cumulative documents ingested in IAM sequentially in Q2 while maintaining high gross margins over the same period.

同時，我們也在高效率地擴展 IAM。正如我們在一系列新的部落格文章中所說明，IAM 的 AI 原生架構在處理工作負載時，其邊際成本顯著低於將請求路由至外部 LLM 的產品。這也是我們能在第二季按季大幅提升 IAM 累計匯入文件數，同時在同一期間維持高毛利率的關鍵原因之一。

Since our last call, we launched key products and integrations to strengthen IAM across every step of the agreement life cycle, from new AI assistant and agentic capabilities, extending IAM into additional surfaces where customers work and increasing the functional specialization of the platform. Taken together, they signal how IAM is delivering more customer value and shifting from managing agreements to acting on them across every function that touches the contract.

自上次電話會議以來，我們推出了關鍵產品與整合，強化 IAM 在協議生命週期每一步的能力：新增 AI 助理與代理式（agentic）能力、將 IAM 延伸至更多客戶工作的使用介面（surfaces），並提升平台的功能專業化程度。綜合而言，這些進展展現 IAM 如何帶來更多客戶價值，並從「管理協議」轉向在每個接觸合約的職能中「對協議採取行動」。

In August, we launched AI assistant and agentic capabilities that help organizations unlock greater value and accelerate workflow automation. IAM's new agentic features include: an AI assistant that powers contract analysis and red lining and triggers agentic workflows; prebuilt agents for common use cases, including document intake and vendor renewal; an Agent Studio where customers can build, govern and deploy custom agents for specialized uses like executing business playbooks, compliance auditing and evaluating vendor pricing; and the ability to embed agents directly into IAM's Workflow Builder for end-to-end agreement management.

8 月，我們推出 AI 助理與代理式能力，協助組織釋放更高價值並加速工作流程自動化。IAM 的新代理式功能包括：可支援合約分析與修訂（red lining）並觸發代理式工作流程的 AI 助理；針對常見使用情境的預建代理（agents），包括文件匯入與供應商續約；Agent Studio，讓客戶可建立、治理並部署自訂代理，用於執行商業作業手冊（playbooks）、合規稽核與評估供應商定價等專門用途；以及可將代理直接嵌入 IAM 的 Workflow Builder，以實現端到端的協議管理。

This powerful agentic suite is adding value for business out of the gate. In user testing, the AI assistant cuts the time it takes for customers to summarize, review and finalize agreements like NDAs in half. Docusign continues to make IAM available across an ecosystem of partners to meet customers where they work via the Docusign MCP server, the agreement layer for agentic enterprise.

這套強大的代理式產品組合一推出就為企業帶來價值。在使用者測試中，AI 助理可將客戶彙整、審閱並定稿 NDA 等協議所需時間縮短一半。Docusign 也持續透過 Docusign MCP 伺服器（代理式企業的協議層），在合作夥伴生態系中提供 IAM，於客戶工作的場域與其相遇。

In June, we announced the general availability of the Docusign app for the Slack Marketplace, providing agentic contract workflows directly in Slack, as well as an integration with Perplexity to help teams automate contracting workflows and facilitating collaboration across their business partners. In August, we also added Google Cloud's Gemini Enterprise for Legal. These are in addition to existing connectors with Anthropic, Gemini, OpenAI and Microsoft Copilot.

6 月，我們宣布 Docusign 應用程式已在 Slack Marketplace 正式全面推出（GA），可在 Slack 內直接提供代理式合約工作流程；同時也與 Perplexity 整合，協助團隊自動化簽約工作流程並促進其與商業夥伴間的協作。8 月，我們也新增 Google Cloud 的 Gemini Enterprise for Legal。此外，我們既有的連接器還包括 Anthropic、Gemini、OpenAI 與 Microsoft Copilot。

While still early, MCP adoption continues to ramp, with cumulative active accounts more than quadrupling during the quarter. Docusign as the agreement layer will be open to every agent at the end of this month when Docusign's MCP server goes GA.

雖然仍在早期階段，MCP 的採用持續加速，本季累計活躍帳戶數超過四倍成長。本月底，當 Docusign 的 MCP 伺服器正式全面推出（GA）後，作為協議層的 Docusign 將對所有代理開放。

Additionally, we're bringing contract life cycle management into the AI age with the general availability of IAM Agreement Manager's integration into Docusign CLM. All CLM customers can now leverage a single AI-driven repository for eSign and CLM to unify fragmented data, expand access to agreements and its associated data and reduce manual processes and implementation costs.

此外，隨著 IAM Agreement Manager 與 Docusign CLM 的整合正式全面推出（GA），我們正把合約生命週期管理帶入 AI 時代。所有 CLM 客戶現在都能運用單一的 AI 驅動儲存庫，將 eSign 與 CLM 統一管理，以整合分散資料、擴大對協議及其相關資料的存取，並降低人工流程與導入成本。

Further, this integration connects CLM's robust workflow capabilities with IAM's next-generation functionality, including AI-powered search and extractions, MCP connectivity to external AI platforms and IAM's new agentic suite. It's one more step towards expanding IAM further into our existing enterprise base, and customer reception has been highly encouraging.

此外，這項整合也把 CLM 強大的工作流程能力，與 IAM 的下一代功能連結起來，包括 AI 驅動的搜尋與擷取、透過 MCP 連接外部 AI 平台，以及 IAM 的新代理式產品組合。這是我們進一步將 IAM 擴展至既有企業客群的又一步，而客戶回饋也相當令人鼓舞。

In Q2, we made AI-Assisted Web Forms generally available, enabling users to transform static documents in interactive, shareable forms. The ability to unlock hundreds of millions of legacy documents and their associated data is a game changer, especially for document-intensive industries like financial services, government and healthcare.

在第二季，我們正式全面推出 AI 輔助網頁表單（AI-Assisted Web Forms），讓使用者能將靜態文件轉換為可互動、可分享的表單。能夠解鎖數以億計的既有文件及其相關資料將帶來顛覆性影響，尤其對金融服務、政府與醫療保健等文件密集型產業而言更是如此。

Our strategy is resonating with customers and prospects across both direct and digital channels. Our direct sales teams executed well in the quarter, with IAM exhibiting strength across all of our geographic regions and customer segments. Here are a few examples of customer wins in Q2.

我們的策略正引起客戶與潛在客戶的共鳴，涵蓋直銷與數位兩大通路。本季我們的直銷團隊執行到位，IAM 在所有地理區域與客戶區隔皆展現強勁動能。以下是第二季幾個客戶贏單案例。

Salesforce is deploying IAM as a trusted system of record for agreements, turning key agreement data into actionable signals that guide decisions. Oppenheimer is using IAM to streamline onboarding, build AI-powered workflows and empower advisers to provide a world-class customer experience to the firm's wealth management clients. SailPoint, a leader in adaptive identity security, is deploying IAM across its organization to accelerate sales contract processing and gain greater visibility into the business.

Salesforce 正在部署 IAM，作為協議的可信記錄系統（system of record），將關鍵協議資料轉化為可採取行動的訊號以引導決策。Oppenheimer 正使用 IAM 來簡化客戶導入流程、建立 AI 驅動的工作流程，並賦能顧問為該公司財富管理客戶提供世界級的客戶體驗。自適應身分安全領導者 SailPoint 正在全組織部署 IAM，以加速銷售合約處理並提升對業務的可視性。

Upstart, an AI lending company, is automating customer and borrower workflows to reduce onboarding time lines from months to weeks and accelerate time to revenue. Optimizely, a leading digital experience platform that helps companies build, manage and test their websites, is adopting Docusign IAM to streamline sales agreements and accelerate quote to revenue. IAM's Agreement Desk provides a shared collaborative workspace where teams can review, redline and approve contracts faster.

AI 放貸公司 Upstart 正在自動化客戶與借款人工作流程，將導入時間從數月縮短至數週，並加速收入實現。協助企業建置、管理與測試網站的領先數位體驗平台 Optimizely 正採用 Docusign IAM，以簡化銷售協議並加速從報價到收入（quote to revenue）。IAM 的 Agreement Desk 提供共享的協作工作空間，讓團隊能更快地審閱、標註修訂（redline）並核准合約。

And HydroCorp, a leading provider of water safety compliance services, has adopted IAM for sales integrated with Salesforce to eliminate manual handoffs and accelerate sales processes. The time required to prepare a new contract has decreased from 2 to 3 hours to 20 minutes. These examples all demonstrate how Docusign is reaching across industries and customer sizes to deliver value and transform businesses across the global economy. We're excited about the potential we have in front of us.

此外，水安全合規服務領導供應商 HydroCorp 已採用與 Salesforce 整合的 IAM 用於銷售流程，以消除人工交接並加速銷售流程。準備一份新合約所需時間已從 2 到 3 小時降至 20 分鐘。這些案例都展現 Docusign 正跨越不同產業與客戶規模，提供價值並推動全球經濟中的企業轉型。我們對眼前的潛力感到振奮。

In closing, we are executing on our strategy. We're accelerating our pace of innovation with efficiency and delivering customer value within our platform and through our integration partners while delivering strong financial results. I'm proud of the Docusign team's commitment to our mission. By increasing our fiscal year 2027 ARR guidance and IAM's contribution to it, we entered the second half of the year on the front foot, and we're confident in our ability to execute further on our strategy.

最後，我們正按既定策略執行。我們以更高效率加快創新步伐，透過平台與整合夥伴為客戶創造價值，同時交出強勁的財務成果。我為 Docusign 團隊對使命的投入感到自豪。透過上調 2027 財政年度 ARR 指引以及 IAM 對其中的貢獻，我們以良好態勢進入下半年，並對進一步落實策略充滿信心。

With that, I'll turn the call over to Blake.

接下來我把電話會議交給 Blake。

Thanks, Allan, and good afternoon, everyone. As Allan shared, our Q2 performance reflects continued solid execution across our core priorities. The foundation of that momentum is our deliberate focus on driving product and future differentiation for our customers via the IAM platform, unlocking productivity and value for their businesses.

謝謝你，Allan，各位下午好。如 Allan 所分享，我們第二季的表現反映出在核心優先事項上持續穩健的執行力。這股動能的基礎，是我們有意識地聚焦於透過 IAM 平台為客戶推動產品與未來差異化，釋放其企業的生產力與價值。

We are delivering product innovation at a rapid pace, and we're seeing that translate into accelerating IAM adoption, which now accounts for 15.1% of our annual recurring revenue. We have also maintained strong operational discipline, expanding operating margins year-over-year and generating nearly $300 million in free cash flow this quarter while opportunistically redeploying that capital back to shareholders, all while continuing to invest thoughtfully in our core growth engines.

我們以快速節奏交付產品創新，並看到這轉化為 IAM 採用加速；目前 IAM 已占我們年度經常性收入的 15.1%。我們也維持強勁的營運紀律，營業利益率年增，同時本季創造近 3 億美元自由現金流，並在適當時機將資本回饋股東；同時也持續審慎投資於核心成長引擎。

I'll now walk you through our financial results for the quarter and our updated outlook for the rest of the year. Q2 revenue was $876 million, up 9% year-over-year on an as-reported basis that included a 1.3 percentage point benefit from foreign exchange rates, with international representing 31% of total revenue. After adjusting for the FX tailwind and last year's strength in digital add-ons, year-over-year revenue growth accelerated by nearly 1 percentage point.

接下來我將帶各位回顧本季財務結果，以及我們對今年剩餘期間的最新展望。第二季營收為 8.76 億美元，按報表口徑年增 9%，其中包含外匯匯率帶來的 1.3 個百分點助益；國際市場占總營收 31%。在扣除外匯順風以及去年數位加值項目（digital add-ons）的強勁表現後，營收年增率加速了將近 1 個百分點。

Our Q2 growth drivers align closely with the trends we've seen over the past several quarters. IAM adoption again slightly exceeded our expectations, continuing its trajectory as an increasingly meaningful part of our business. And that strength was well balanced, with solid IAM gains across all regions, including our commercial and enterprise segments. Gross retention remained healthy during the quarter and continued to show steady progress as well.

我們第二季的成長驅動因素與過去幾季觀察到的趨勢高度一致。IAM 採用度再次略高於我們預期，持續成為業務中愈發重要的一部分。而這股強勁表現相當均衡，所有地區皆有穩健的 IAM 成長，包括商業與企業客群。本季總留存率（gross retention）維持健康，並持續呈現穩步改善。

Dollar net retention, or DNR, from our Direct customers was 103% on a rounded basis, up modestly from last quarter and the prior year. For fiscal 2027, we continue to expect a modest improvement in DNR on a year-over-year basis. Looking ahead, we see an opportunity to further build on this momentum as we deliver greater customer value, particularly by deepening IAM adoption.

直銷客戶的美元淨留存率（Dollar Net Retention，DNR）以四捨五入計為 103%，較上季與去年同期小幅提升。對於 2027 財政年度，我們仍預期 DNR 將較去年呈現溫和改善。展望未來，隨著我們提供更高的客戶價值，特別是深化 IAM 採用，我們看到有機會在此動能上再接再厲。

Total customer growth remained strong in Q2, accelerating to nearly 10% year-over-year to over 1.9 million customers. Accelerating customer growth was driven in particular by our digital channel, while customer engagement across the platform also showed solid momentum, driven by steady year-over-year growth in both envelopes sent and contract utilization, our key measure of customer consumption.

第二季總客戶數成長依然強勁，年增率加速至接近 10%，客戶數超過 190 萬。客戶成長加速特別由數位通路帶動；同時平台整體客戶互動也展現穩健動能，主要受惠於寄送信封數（envelopes sent）與合約使用量（contract utilization）這兩項關鍵消耗指標的年增持續成長。

We also saw the number of customers spending over $300,000 in ACV grow 14% year-over-year to nearly 1,300, the second quarter in a row of double-digit growth. We remain encouraged by the early adoption of IAM among our larger customers as we continue to demonstrate its strategic value to enterprise companies.

我們也看到年合約價值（ACV）超過 30 萬美元的客戶數年增 14% 至接近 1,300 家，連續第二季達成雙位數成長。隨著我們持續向企業客戶展現 IAM 的策略價值，我們對大型客戶對 IAM 的早期採用仍感到鼓舞。

Turning to profitability. We continue to balance disciplined expense management with targeted investments in product innovation, specifically across the IAM platform, to deliver incremental value to our customers and ultimately accelerate growth. In Q2, non-GAAP gross margins were 81.7%, down slightly compared to the prior year as expected due to our ongoing cloud migration investment.

接著談獲利能力。我們持續在嚴謹的費用管理與針對性產品創新投資之間取得平衡，特別是聚焦 IAM 平台，以為客戶帶來增量價值並最終加速成長。第二季非 GAAP 毛利率為 81.7%，如預期較去年同期略降，主要因我們持續投入雲端遷移。

We continue to expect fiscal 2027 gross margins to decline slightly year-over-year due to this migration, which remains on track to be largely complete by the end of this fiscal year. I'm proud of the Docusign team for helping deliver consistently strong gross margins even as more customers adopt our AI-driven features in the IAM platform. As Allan mentioned, a lot of work goes on behind the scenes to provide not just a great customer experience, but to do so with fiscal discipline.

我們仍預期 2027 財政年度毛利率將較去年小幅下滑，原因在於此遷移作業；目前進度符合預期，預計在本財政年度結束前大致完成。即使有更多客戶採用 IAM 平台中的 AI 驅動功能，我仍為 Docusign 團隊能持續交出穩健的毛利率表現感到自豪。如 Allan 所提，為了不僅提供優異的客戶體驗，並且以財務紀律做到這一點，背後投入了大量看不見的工作。

Non-GAAP operating income was $277 million in Q2, up 16% year-over-year. Operating margin was 31.6%, up 180 basis points compared to the prior year and outperformed our guidance midpoint by 160 basis points. Approximately half of the outperformance relative to our guidance was driven by stronger revenue that naturally flowed through to operating profit.

第二季非 GAAP 營業利益為 2.77 億美元，年增 16%。營業利益率為 31.6%，較去年同期提升 180 個基點，並較我們指引中位數高出 160 個基點。相較指引的超出表現約有一半來自更強勁的營收，並自然流入營業利益。

The remaining half was driven generally equally between continued operating cost discipline, including managing our hiring ramp, and higher capitalized software costs related to more engineering capacity directed toward capitalizable development projects. These capitalized costs are reported in our capital expenditures and do not have an incremental impact on free cash flow.

其餘一半大致平均來自持續的營運成本紀律（包括管理招募增速），以及因更多工程產能投入可資本化的開發專案而帶來較高的資本化軟體成本。這些資本化成本列示於資本支出中，對自由現金流不會造成額外影響。

Non-GAAP diluted EPS in Q2 was $1.16, a 26% year-over-year improvement, and GAAP diluted EPS was $0.40, a 33% year-over-year improvement. The strong year-over-year growth was driven by a combination of improving operating results, including lower stock-based compensation, as well as a declining share count driven partially by our stock buyback activity.

第二季非 GAAP 稀釋後每股盈餘（EPS）為 1.16 美元，年增 26%；GAAP 稀釋後 EPS 為 0.40 美元，年增 33%。強勁的年增主要由多項因素共同推動，包括營運成果改善（含股權激勵費用下降），以及因股票回購等因素帶動的流通股數下降。

We ended Q2 with 7,137 employees, up 3% year-over-year. While we are hiring across all of our global offices, all of our year-over-year headcount growth in Q2 was from lower-cost locations, and we generally expect that trend to continue. In Q2, free cash flow was $296 million and up over 35% from the prior year, representing a 34% margin. Strength in Q2 compared to the prior year was driven primarily by improving operating leverage in the business, along with continued gains in working capital management. As a reminder, free cash flow can vary quarter-to-quarter due to the timing of payments and collections.

我們在第二季末共有 7,137 名員工，年增 3%。雖然我們在全球各辦公室皆持續招募，但第二季所有的年增人力成長皆來自成本較低的地區，我們也普遍預期此趨勢將持續。第二季自由現金流為 2.96 億美元，較去年同期成長逾 35%，相當於 34% 的利潤率。相較去年同期，第二季的強勁表現主要來自業務營運槓桿的改善，以及營運資金管理持續提升所帶動。提醒一下，自由現金流可能因付款與收款時點不同而在各季之間波動。

Over the trailing 12-month period, Docusign has generated $1.2 billion in free cash flow, which is up nearly 3 times from the amount we generated in the full year of fiscal 2023. Over the past 3.5 years, Docusign has been singularly focused on building new sources of long-term value creation for our customers, particularly via IAM, while being ever mindful of generating durable and profitable growth.

在過去 12 個月期間，Docusign 產生了 12 億美元的自由現金流，幾乎是我們在 2023 會計年度全年所產生金額的近 3 倍。過去 3.5 年來，Docusign 一直專注於為客戶建立新的長期價值創造來源，特別是透過 IAM，同時也始終重視創造可持續且具獲利性的成長。

Our balance sheet remains strong, ending the quarter with just under $1 billion of cash, cash equivalents and investments. We have no debt on the balance sheet. In Q2, we repurchased $307 million in stock, which helped reduce our total diluted shares outstanding by 8% year-over-year to $193 million. Our core focus remains on generating strong free cash flow while funding strategic growth initiatives and returning excess capital opportunistically to shareholders.

我們的資產負債表仍然穩健，本季末現金、約當現金及投資合計接近 10 億美元。我們的資產負債表上沒有負債。第二季我們回購了 3.07 億美元的股票，協助我們的稀釋後流通股數較去年同期減少 8%，至 1.93 億股。我們的核心重點仍是產生強勁的自由現金流，同時資助策略性成長計畫，並在適當時機將多餘資本回饋給股東。

We ended the quarter with $2.1 billion remaining under authorization for future share repurchases. Stock-based compensation expense declined to 17% of revenue in Q2, an improvement of 3 points year-over-year, as we continue to focus on improving our efficiency in this area.

本季末，我們在未來股票回購授權下仍剩餘 21 億美元可用。第二季以股票為基礎的薪酬費用降至營收的 17%，較去年同期改善 3 個百分點，因為我們持續聚焦提升此領域的效率。

With that, let me turn to guidance. For the third quarter, as-reported revenue is expected to be in the range of $886 million to $890 million, an increase of 9% year-over-year at the midpoint on an as-reported basis, including a 1 percentage point tailwind from FX. Non-GAAP gross margin is expected to be in the range of 81.5% to 81.9%. Non-GAAP operating margin is expected to be in the range of 31.3% to 31.7%.

接下來我來談指引。第三季，按申報口徑（as-reported）營收預期介於 8.86 億至 8.90 億美元，以按申報口徑的中位數計算年增 9%，其中包含外匯帶來的 1 個百分點順風。非 GAAP 毛利率預期介於 81.5% 至 81.9%。非 GAAP 營業利益率預期介於 31.3% 至 31.7%。

Non-GAAP fully diluted weighted average shares outstanding is expected to be between 191 million and 196 million. And for fiscal year 2027, we now expect as-reported revenue in the range of $3.499 billion to $3.507 billion, an increase of 9% year-over-year at the midpoint on an as-reported basis, including an approximately 1 percentage point tailwind from FX.

非 GAAP 完全稀釋加權平均流通股數預期介於 1.91 億至 1.96 億股。至於 2027 會計年度，我們目前預期按申報口徑營收介於 34.99 億至 35.07 億美元，以按申報口徑的中位數計算年增 9%，其中包含約 1 個百分點的外匯順風。

Our update to full year revenue guidance includes passing through the entire outperformance we delivered in Q2, plus additional outperformance assumed in the second half of the year, partially offset by incremental foreign currency headwinds of approximately $4 million.

我們對全年營收指引的更新，包含將第二季所達成的全部超預期表現反映進去，並假設下半年還會有額外的超預期表現；同時部分被約 400 萬美元的新增外匯逆風所抵銷。

We now expect non-GAAP gross margin between 81.5% and 82.0%, non-GAAP operating margin between 31.0% and 31.5%, non-GAAP fully diluted weighted average shares outstanding between 190 million and 195 million, a meaningful reduction from the prior year as we continue to expect that our buyback activity will be an important driver to more than offsetting dilution.

我們目前預期非 GAAP 毛利率介於 81.5% 至 82.0%，非 GAAP 營業利益率介於 31.0% 至 31.5%，非 GAAP 完全稀釋加權平均流通股數介於 1.90 億至 1.95 億股；相較去年有顯著下降，因為我們仍預期回購活動將是重要驅動因素，可在很大程度上抵銷稀釋影響。

Turning to ARR. We continue to expect an acceleration in full year ARR growth compared to the prior year. More specifically, we now expect fiscal 2027 ARR growth to be in the range of 8.5% to 9.0% year-over-year. This compares to 8.0% ARR growth in fiscal 2026. We now expect that IAM ARR will represent between 18% and 19% of total ARR exiting Q4 of fiscal 2027.

接著談 ARR。我們仍預期全年 ARR 成長將較去年加速。更具體而言，我們目前預期 2027 會計年度 ARR 年增率介於 8.5% 至 9.0%。相較之下，2026 會計年度 ARR 成長為 8.0%。我們目前預期在 2027 會計年度第四季結束時，IAM ARR 將占總 ARR 的 18% 至 19%。

For detailed commentary on top and bottom line factors to guidance, please see the Modeling Considerations appendix in the prepared remarks and investor deck presentations on our Investor Relations website.

關於指引中影響營收與獲利（top line 與 bottom line）的因素之詳細說明，請參閱我們 Investor Relations 網站上已備妥講稿與投資人簡報中的「Modeling Considerations」附錄。

In closing, our Q2 performance builds on a strong start to fiscal 2027, balancing operational efficiency with ongoing IAM platform expansion. We remain encouraged by growing IAM adoption as we drive more value and efficiency for our customers. These results support our actions to raise our full year guidance for ARR, IAM's share of total ARR, total revenue excluding the impact of foreign currency, and operating margin. Entering the second half, our focus remains clear: improve the features and experience for our customers across the platform that can help us accelerate ARR growth, drive continued operating leverage and deliver long-term value for shareholders.

最後，我們第二季的表現延續了 2027 會計年度的強勁開局，在提升營運效率的同時，持續擴展 IAM 平台。隨著我們為客戶帶來更多價值與效率，IAM 採用率的成長讓我們持續受到鼓舞。這些成果支持我們上調全年指引，包括 ARR、IAM 占總 ARR 的比重、剔除外匯影響後的總營收，以及營業利益率。進入下半年，我們的重點依然明確：改善平台各項功能與客戶體驗，以協助我們加速 ARR 成長、持續提升營運槓桿，並為股東創造長期價值。

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

接下來，接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Bill McNamara, Evercore ISI.

Bill McNamara，Evercore ISI。

Hi, this is Bill on for Kirk. Looking across the portfolio, which products or offerings are currently outperforming your expectations? And to what extent are those areas contributing to the improvement in dollar net retention to 103% versus 102% last quarter?

嗨，我是 Bill，代 Kirk 提問。從整體產品組合來看，目前有哪些產品或方案的表現超出你們的預期？另外，這些領域在多大程度上促成了美元淨留存率從上季的 102% 提升至 103%？

Yes. Thanks for the question. So we saw outperformance across the board across eSign and IAM, and IAM obviously being the main driver of the growth acceleration that we saw and that we are projecting for the remainder of the year.

是的。謝謝你的問題。我們看到 eSign 與 IAM 全面都有超預期表現，而 IAM 顯然是我們所看到、以及我們對今年剩餘期間所預期之成長加速的主要驅動因素。

Yes. And I'll just take a second to add on top. I would say one of the things that we saw this quarter that is exciting or encouraging for us is that the contribution from expansion is contributing a larger portion of our improvement in dollar net retention as we've seen previously. And so just as a reminder, we made some good retention gains over the past few years, but the vast bulk of that has come from retention.

是的。我再補充一下。我會說，本季我們看到一個令我們興奮或受到鼓舞的現象是：相較以往，來自擴張（expansion）的貢獻在我們美元淨留存率改善中占比更高。提醒一下，過去幾年我們在留存方面取得了一些不錯的進展，但其中絕大部分來自留存本身。

And so now we're starting to see is more contribution from the expansion side of the business, which is encouraging. It's a little bit more balanced. I mean, obviously, with the size of the book we have, gross retention is a huge lever for us, but we are seeing expansion play a bigger role in that.

而現在我們開始看到，業務的擴張面帶來更多貢獻，這是令人鼓舞的。整體更為均衡一些。當然，以我們現有客戶基礎的規模而言，總留存率（gross retention）對我們是很大的槓桿，但我們確實看到擴張在其中扮演更重要的角色。

Great. Appreciate taking my question.

很好。感謝回答我的問題。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Thank you for taking the question. This is Jason on for Alex. So on some of your product announcements this quarter, you have shipped IAM connectors into ChatGPT, Slack, Perplexity, Gemini. So essentially, you're embedding the agreement intelligence inside the IAM platforms rather than competing with them.

謝謝讓我提問。我是 Jason，代 Alex 提問。關於你們本季的一些產品公告，你們已將 IAM 連接器（connectors）導入 ChatGPT、Slack、Perplexity、Gemini。也就是說，你們是把協議智慧（agreement intelligence）嵌入到這些 IAM 平台之中，而不是與它們競爭。

So first, maybe can you help us understand the commercial model here? So do you need to upgrade to IAM in order to use those connectors? And also, is there any of that contributing to your IAM attach for users today? And how are you viewing those as a separate distribution channel for IAM? Thank you.

首先，也許你們能協助我們理解這裡的商業模式？也就是說，使用這些連接器是否需要升級到 IAM？另外，這是否也在今天對你們的 IAM 附加銷售（attach）有所貢獻？以及你們如何將這些視為 IAM 的一個獨立分銷通路？謝謝。

Yes. Well, first of all, we -- as you noted, we've announced a number of different integrations. We actually will be sharing news about our MCP server going general availability at the end of the month. So I think that's pretty exciting.

是的。嗯，首先，我們——如你所指出的，我們已宣布了多項不同的整合。我們其實會在月底分享我們的 MCP 伺服器正式全面可用（GA）的消息。所以我覺得這相當令人振奮。

In terms of the value to the business, I think customers are still examining exactly how they want to deploy agreements across different tools. We've always had a strategy of being available on any tool that the customer -- is there a source of truth and is the work environment that people want to be in. So longstanding relationships with Salesforce and Microsoft, Workday, SAP and so on.

就對企業的價值而言，我認為客戶仍在評估他們究竟想如何在不同工具之間部署協議。我們一向的策略是：無論客戶使用哪一種工具——只要那裡是事實來源（source of truth），也是人們想待的工作環境——我們都要能在上面提供服務。因此我們與 Salesforce、Microsoft、Workday、SAP 等都有長期合作關係。

And so this is a logical extension of that as people adopt general purpose chat engines like, as you mentioned, ChatGPT and Anthropic and Gemini or a powerful tool like Slack or some of the new legal tools, there are now new technologies available to make Docusign's workflow and agreement intelligence available that way. And we think that's a natural extension of our highly successful strategy of a balance of the very powerful tool Docusign offers itself, as well as making it available in any third-party tool that wishes to. Our enterprise clients can even integrate it themselves using our APIs or using MCP.

因此，當人們採用你提到的 ChatGPT、Anthropic、Gemini 這類通用型聊天引擎，或像 Slack 這樣的強大工具，或一些新的法律工具時，這就是上述策略的合理延伸；現在也有新技術可用，能以這些方式提供 Docusign 的工作流程與協議智慧。我們認為，這是我們極為成功策略的自然延伸：在提供 Docusign 本身這個非常強大的工具之餘，也讓任何希望使用的第三方工具都能取得。我們的企業客戶甚至可以使用我們的 API 或使用 MCP 自行整合。

Tyler Radke, Citi.

Tyler Radke，花旗。

Yeah, thank you for taking the question. Just going back to, I guess, kind of a combination of the strength you saw in large customers, but also top of funnel. And as we think about the IAM capabilities, can you just talk to like how much of this raise and momentum would you attribute to better execution versus sort of new capabilities, new use cases being unlocked by some of the innovation that you've done and the expansion of the IAM suite has been able to allow? Thank you.

是的，謝謝讓我提問。回到我想是把你們在大型客戶看到的強勁表現，以及漏斗頂端（top of funnel）一起看。當我們思考 IAM 能力時，你們能否談談：這次上調與動能，有多少可歸因於更好的執行力，相較於你們創新所帶來的新能力、解鎖的新使用情境，以及 IAM 套件擴張所能帶來的新用例？謝謝。

Well, I think it's intrinsic to our IAM strategy to expand the number of use cases for our technology. We've obviously always been very, very strong in sales, and that continues. So for a variety of sales-related use cases, customer experience use cases, we're seeing a lot of interest and deployments now in the procurement area. And HR is another area where people use Docusign technology.

我認為，擴大我們技術可支援的使用情境數量，本來就是我們 IAM 策略的核心。我們顯然一直在銷售領域非常、非常強，且這點仍在延續。因此，針對各種與銷售相關的用例、客戶體驗用例，我們現在也在採購領域看到大量興趣與部署。而人資（HR）也是人們使用 Docusign 技術的另一個領域。

So I'd say it's very broad in terms of the functional applications. From a customer perspective, we are very strong across all customer segments. You see strength both in our commercial and our enterprise business. One noteworthy thing I think this quarter is we -- we're really starting to see deal sizes pick up. So at the very top of the book, we saw the largest deal we've ever done in the US public sector, the largest deal we've ever done in LatAm.

所以我會說，在功能性應用面向上非常廣泛。從客戶角度來看，我們在所有客戶區隔都很強。你會看到我們的商業（commercial）與企業（enterprise）業務都表現強勁。我認為本季一個值得注意的點是，我們——我們真的開始看到交易規模回升。因此在最高端，我們在美國公共部門拿下了史上最大的一筆交易，在拉丁美洲（LatAm）也拿下了史上最大的一筆交易。

Taking a slightly broader view, the number of $300,000-plus deals were up 14% year-over-year. That comes from both enterprise and mid-market, but that's another evidence of the overall growth in deal size. And as Blake alluded to on the expansion point, I think there's more to come there. So we're really excited about that, and that's part of what gives us the confidence to raise our ARR outlook.

從更宏觀一點來看，年化合約價值（ACV）30 萬美元以上的交易數量年增 14%。這同時來自企業與中型市場（mid-market），但這也是交易規模整體成長的另一項證據。而如 Blake 在擴張（expansion）方面所提到的，我認為後續還會有更多進展。所以我們對此非常興奮，這也是讓我們有信心上調 ARR 展望的一部分原因。

Michael Turrin, Wells Fargo.

Michael Turrin，富國銀行。

Hey, thanks very much. Appreciate you taking the question. If we just kind of parse the growth metrics, the ARR metric is outpacing what we're looking at in terms of constant currency revenue growth. I know we're deemphasizing billings, which has been a bit noisy.

嗨，非常感謝。感謝你們回答問題。如果我們稍微拆解一下成長指標，ARR 的成長速度超過我們在固定匯率（constant currency）營收成長所看到的。我知道我們正在淡化帳單金額（billings），而那一直有點雜訊。

But just help us parse what's driving the delta between the growth rates? What makes ARR the better metric in terms of gauging the overall results? And what drove confidence in increasing the ARR growth rate for the rest of the year?

但能否協助我們理解兩者成長率差異（delta）是由什麼驅動的？為什麼 ARR 是衡量整體成果更好的指標？以及是什麼讓你們有信心在今年剩餘期間提高 ARR 成長率？

Sure. Let me -- I'll take a stab at this one. The first thing I want to communicate across is the underlying momentum in both revenue and ARR is strong. Bear with me as I walk through this a little bit, because on the revenue side, it can be a little complicated.

當然。我來——我先嘗試回答這題。我首先想傳達的是，營收與 ARR 的底層動能都很強。請容我稍微說明一下，因為在營收端會稍微複雜一些。

So first, really pleased with Q2 execution, right, beating the high end of the revenue guide. And after you adjust for the incremental headwind from FX relative to the prior guide, we're passing through the entire Q2 beat, and we're also raising the second half revenue expectations slightly. But also remember, there are some components to revenue that are not included in ARR. So that's primarily revenue acceleration from early renewals, digital add-ons. And then there's some professional service fees that can fluctuate as well.

首先，對第二季（Q2）的執行非常滿意，對吧，營收超越指引區間上緣。而在相較於先前指引、把外匯（FX）帶來的額外逆風調整後，我們把 Q2 超預期的部分全數反映進去，同時也小幅上調下半年營收預期。但也請記得，營收中有一些組成並不包含在 ARR 裡。主要是提前續約帶來的營收加速（revenue acceleration）、數位加購（digital add-ons）。另外還有一些專業服務費用也可能波動。

But once you adjust revenue for the impact of both FX and those digital add-ons, we're actually accelerating Q2 revenue growth by just under 1 percentage point year-over-year. And our guidance also includes an acceleration year-over-year in the second half as well. I'd encourage folks to look at the extra detail on this. It's in the Modeling Considerations section of the prepared remarks.

但當你把營收同時針對外匯與這些數位加購的影響做調整後，我們其實讓 Q2 營收年增率加速了略低於 1 個百分點。而我們的指引也包含下半年營收年增率同樣會加速。我會鼓勵大家去看這部分的額外細節。它在事先準備講稿（prepared remarks）的「建模考量」（Modeling Considerations）章節。

And we split it out a little bit more this quarter. So you can see the tailwind from the launch of digital add-ons last year. And then the headwinds we started facing in Q4 of '26 as we've been actively working to transition a number of these customers to subscription plans. And so additionally, remember, the digital add-on revenue is recognized based on usage, whereas subscription plan revenue is recognized ratably over the period.

而且我們本季把它拆得更清楚一些。所以你可以看到去年推出數位加購所帶來的順風。以及當我們積極把其中一些客戶轉換到訂閱方案時，自 26 年第 4 季（Q4 of '26）開始面臨的逆風。此外也請記得，數位加購營收是依使用量認列，而訂閱方案營收則是在期間內按期平均（ratably）認列。

And then also, just importantly, with that kind of noise in there that I've tried to normalize for, the impact from digital add-ons in Q4 of this year should be pretty immaterial. So just all -- just stepping back a second, we're pretty excited about the momentum we're seeing from IAM adoption because it starts with ARR and then flows eventually through revenue. And then also, second half shows an acceleration of the revenue line as well.

另外也很重要的是，針對我剛才嘗試做常態化處理的那些雜訊，今年第 4 季數位加購的影響應該相當不顯著。所以——稍微退一步看，我們對 IAM 採用所帶來的動能感到非常興奮，因為它先反映在 ARR，然後最終會傳導到營收。而且下半年也顯示營收線同樣會加速。

Brent Thill, Jefferies.

Brent Thill，Jefferies。

This is [Rhea] on for Brent. Thank you for taking the question. I just wonder on the strength in the customer metrics. I think you mentioned in the second quarter, double-digit growth. Is it the greater than $300,000 ACV cohort and that deals are also getting larger? Do I just touching on a little bit about what's driving the strength upmarket, in particular?

我是 [Rhea]，代替 Brent 提問。謝謝讓我提問。我想請教客戶指標的強勁表現。我記得你們提到第二季是雙位數成長。是年化合約價值（ACV）高於 30 萬美元的客群（cohort）帶動、而且交易也變得更大嗎？能否再多談一點，特別是推動你們在高端市場（upmarket）走強的因素？

Yes, that's coming very much from the IAM part, but we're also doing well on the signed piece. So there's still some large deals getting signed there. But the bulk of the expansion and growth there is driven by our IAM products. And we're seeing that really across different functions in the industry. So there's not a particular pad on Docusign that has such a big diversified pool of customers.

是的，這很大程度來自 IAM 的部分，但我們在簽署（signed）那一塊也做得不錯。所以那邊仍有一些大型交易正在簽下來。但其中擴張與成長的主要動力是由我們的 IAM 產品所驅動。而且我們確實在產業內不同職能面向都看到這點。所以 Docusign 並不是只有某一個特定領域擁有如此龐大且多元分散的客戶池。

And we still have a long, long way to go. It's exciting to see the progress, but we have an incredible installed base, and we're very excited about the opportunity to help all of them benefit from this next generation of agreement management.

而且我們仍然還有很長、很長的路要走。看到進展令人振奮，但我們擁有極為龐大的既有安裝基礎，我們也非常期待能把握機會，協助所有這些客戶從這一代新一代協議管理中受益。

Chris Quintero, Morgan Stanley.

Chris Quintero，摩根士丹利。

Hey, guys. Thank you so much for taking the questions. I wanted to get your thoughts on the IAM adoption, specifically around maybe some of the key go-to-market lessons that you've learned as you rolled it out and gotten some of this early adoption that you're calling out here?

嗨，各位。非常感謝你們回答問題。我想聽聽你們對 IAM 採用情況的看法，特別是你們在推向市場（go-to-market）過程中學到的一些關鍵經驗教訓：在推出並獲得你們在這裡提到的早期採用時，有哪些重點？

Yes. So I think as we've shared before, we've been very pleased with how quickly customers are able to roll out some of the immediately available functionality, things like the Intelligent Repository and so on. Some of the workflow tools obviously take a little longer because people have to adjust their workflows, but we're really pleased overall with where that's going, and that's obviously key to our long-term health and value with customers. But I'd say all the early signs are very encouraging.

是的。我想如同我們之前分享的，我們對客戶能夠如此快速地部署一些立即可用的功能感到非常滿意，例如 Intelligent Repository 等。有些工作流程工具顯然需要更長時間，因為人們必須調整其工作流程，但整體而言我們對進展非常滿意，而這顯然是我們與客戶長期健康度與價值的關鍵。不過我會說，所有早期跡象都非常令人鼓舞。

Patrick Walravens, Citizens.

Patrick Walravens，Citizens。

Great. Thank you very much. And congratulations, you guys. Allan, in your prepared remarks, you talked about IAM as uniquely able to analyze and unlock the value in. But then you give this metric, you say that we have now ingested 300 million documents. I was meeting with a lawyer recently who's -- they used both Claude and OpenAI, and he's allowed to upload 20 documents at a time.

很好。非常感謝。也恭喜你們。Allan，在你準備好的發言中，你談到 IAM 具備獨特能力，能夠分析並釋放其中的價值。但接著你給了一個指標，你說我們現在已經匯入（ingested）了 3 億份文件。我最近和一位律師見面，他們同時使用 Claude 和 OpenAI，而他一次最多只能上傳 20 份文件。

And you guys have 300 million, right? So can you just explain for investors very simply? Because I think this is a big part of the investment thesis here. Why is it so important that you guys have ingested so many agreements? What is the benefit to you? What's the competitive advantage that you get from that?

而你們有 3 億份，對吧？所以你能否非常簡單地向投資人解釋一下？因為我認為這是這裡投資論點的一大部分。為什麼你們匯入了這麼多協議如此重要？這對你們的好處是什麼？你們因此獲得了什麼競爭優勢？

Right. I think there's a couple of points there. First, the overall size of the corporates that we've uploaded just allows us to have incredible richness in heterogeneity in our data set. And these are all private consented agreements, not just what's publicly available. And so that gives us a richness, and that is, in turn, what powers our accuracy.

好的。我想這裡有幾點。第一，我們上傳的企業整體規模，讓我們的資料集在多樣性與異質性方面具有驚人的豐富度。而且這些都是在取得同意後的私有協議，不只是公開可取得的內容。因此這帶來了豐富度，而這反過來也驅動了我們的準確度。

And then the second point is in order to manipulate very large agreement libraries -- I mean, no individual customer obviously has 300 million, but there are customers that have many millions of agreements. You need to build your architecture such that, that is performant and cost-effective. And Docusign, I think we realized that problem at the beginning and built our system that way. So we're taking advantage, for example, of a variety of preprocessing to make the system performant. This also lowers costs.

第二點是，為了處理非常龐大的協議庫——我的意思是，單一客戶當然不會有 3 億份，但確實有客戶擁有數百萬份協議。你必須建立一套架構，使其具備高效能且具成本效益。而我認為 Docusign 一開始就意識到這個問題，並以此方式建置了我們的系統。因此我們利用了各種前處理（preprocessing）來讓系統具備效能。這也降低了成本。

And so we are able to create the right balance of scalability, performance and accuracy. I think it's a combination of those two. It's the overall size of the library that gives us a richness in accuracy detection, and then it's the ability for an individual customer to have these very large agreement libraries and have great experiences for the various users that need to access that. You can't sit there and wait for 5 minutes or upload 10 documents at a time and then figure out you missed one, and I got to go back and find the one you're missing.

因此我們能在可擴展性、效能與準確度之間取得適當的平衡。我認為這是上述兩者的結合：整體庫存規模帶來更豐富的準確偵測能力；同時也讓單一客戶能擁有非常龐大的協議庫，並讓各類需要存取的使用者獲得很好的體驗。你不可能坐在那裡等 5 分鐘，或一次只能上傳 10 份文件，然後才發現漏了一份，還得回去找你缺的那一份。

Docusign has deep familiarity with agreements. As an example, we can extract the prevailing terms from a very large library set of agreements. So often, there will be 50, 100, 200, 300 agreements governing a single relationship between a company and its customer, a company and its vendor, and figuring out which terms actually prevail is a significant effort for an individual lawyer. We can do that automatically. So the scalability applies at many levels, and I think it's a very meaningful competitive advantage for us as we go forward.

Docusign 對協議有深厚的理解。例如，我們可以從非常龐大的協議庫中萃取出主導條款（prevailing terms）。很多時候，一家公司與其客戶之間、或與其供應商之間的單一關係，可能會由 50、100、200、300 份協議所規範，而要釐清究竟哪些條款實際上具有優先效力，對單一律師而言是相當大的工作量。我們可以自動完成。因此可擴展性在多個層面都適用，我認為這將是我們未來前進時非常重要的競爭優勢。

Patrick McIlwee, William Blair.

Patrick McIlwee，William Blair。

Hi, Allan, Blake. Thanks for taking my question and nice results this quarter. So my question is really, as IAM becomes a larger percentage of ARR, can you help us distinguish how much of that ARR represents migration or reclassification of spend that previously might have sat in core eSigs or CLM versus truly incremental wallet expansion? Or said another way, when a customer moves from sign to IAM, is there anything you can share in terms of the typical uplift you're seeing in total contract value?

嗨，Allan、Blake。謝謝讓我提問，本季的成果也很不錯。我的問題是：隨著 IAM 在 ARR 中占比提高，你們能否協助我們區分其中有多少 ARR 其實是從先前可能歸在核心 eSignature 或 CLM 的支出移轉或重新分類而來，與真正新增的錢包份額擴張（wallet expansion）相比各占多少？或者換個說法，當客戶從簽署（sign）轉到 IAM 時，你們能否分享一下你們看到的典型總合約價值（total contract value）的提升幅度？

Sure. Let me take a stab at that. So the bulk of the -- like the IAM kind of the percentage of ARR that we're driving is from our existing installed base. That said, we still have a very healthy NewCo kind of segment that we're driving through that as well. But just with the -- you can imagine with the size and the scale of the customers that we have, we have around 290,000 Direct customers right now, 1.9 million total customers. That's a pretty nice situation to have for an installed base. You can go talk to them about this platform. So that's the bulk of it, right, for us, but we also have NewCo.

當然。我來嘗試回答。目前我們推動的 IAM ARR 占比，大多來自我們既有的安裝基礎。話雖如此，我們也仍然透過這個產品推動一個非常健康的 NewCo（新客）區隔。不過你可以想像，以我們客戶的規模與量級來看，我們目前大約有 29 萬名直銷（Direct）客戶，總客戶數 190 萬。這樣的安裝基礎是相當不錯的狀況。你可以去跟他們談這個平台。所以對我們而言，主要來源是這一塊，但我們也有 NewCo。

With regards to expansion, we don't disclose the level of expansion. We have said and we continue to say that it is a meaningful expansion when you see people sign up for IAM for the first time. We also see people upgrade, right, in the middle of their contract that they signed with us. We also have situations where our customers may have a retention situation that we use, right, for them. We also have situations where enterprises, right, this is very early for us, still in the enterprise base.

至於擴張（expansion），我們不揭露擴張的具體幅度。我們曾說過、也持續在說，當你看到客戶首次訂購 IAM 時，那是一個有意義的擴張。我們也看到有人在合約期間中途升級，也就是他們已經與我們簽了合約之後再升級。我們也有一些情況是，我們的客戶可能面臨續約留存（retention）的情境，而我們會運用 IAM 來協助他們。另外也有企業客戶的情況，對我們來說這仍非常早期，仍在企業客群中推進。

Even though we're excited about it, and we are seeing these green shoots of opportunity. There's just a number of reasons. You've got competitive reasons as well. So there's kind of a list of reasons on the expansion side, but we are seeing a healthy expansion from customers when they upgrade from just an eSignature motion to a much richer, much deeper kind of partnership with Docusign in that relationship.

儘管我們對此感到興奮，也確實看到一些機會的萌芽。但原因有很多。也包含競爭方面的因素。所以在擴張端有一串原因，但我們確實看到，當客戶從單純的電子簽署（eSignature）使用情境升級，轉向與 Docusign 建立更豐富、更深入的合作關係時，客戶端的擴張是健康的。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Thanks so much for taking my questions. Nice to see continued strength and resilience in the business. Maybe I want to start on IAM, which obviously, we've been probably talking about. But I want to think about the connector side, can you walk us through mechanically, what type of customer does one need to be to actually leverage the full extent? Is this something that can be a separate distribution channel for IAM?

非常感謝讓我提問。很高興看到業務持續展現強勁與韌性。我想先從 IAM 開始，這顯然也是我們一直在談的。但我想從連接器（connector）這一側來思考：你能否從機制上帶我們走一遍，什麼類型的客戶才需要、或才能真正發揮完整的能力？這是否可能成為 IAM 的一個獨立分銷通路？

And maybe importantly, as you think about the discovery process of new customers coming to you, can this be beyond distribution channel, even just a discovery channel that via some of these connectors and integration with AI systems, it just brings more customers potentially to your instant top of the funnel? Thank you.

或許更重要的是，當你思考新客戶接觸到你們的「發現」流程時，這是否可以超越傳統的分銷通路，甚至成為一個發現通路——透過其中一些連接器以及與 AI 系統的整合，可能把更多客戶直接帶到你們漏斗頂端、立即進入？謝謝。

Yes. Yes. It's a super interesting area. First, I'd say we're seeing just incredible interest in the MCP connector. I think I mentioned on the call that we had a quadrupling of requests on that. It's just a very -- it's an area that lots of people are interested in across all company sizes.

是的。是的。這是一個非常有趣的領域。首先，我會說我們看到大家對 MCP 連接器的興趣非常驚人。我想我在電話會議上提到過，我們在這方面的請求數量增加了四倍。這確實是一個——各種規模的公司都非常感興趣的領域。

I don't think that there's a strong pattern there. I mean, obviously, companies with more IT resources would have more capacity, but we're seeing even smaller companies feel very comfortable using the MCP connector to integrate. And some of our early users of our agentic rollouts were smaller and midsized companies.

我不認為那裡有很明顯的模式。我的意思是，顯然 IT 資源較多的公司會有更大的能力，但我們也看到即使是較小的公司，也很自在地使用 MCP 連接器來做整合。而且我們一些早期採用代理式（agentic）推廣的用戶，就是中小型公司。

So in terms of the distribution questions that you raised, I think it's still very early for people to discover what connectors are available and to -- for that to trigger a buying or connection process. Now if you already have Docusign and you go to, let's see, Slack, OpenAI and you see that there's a connector, then you can pretty easily download that. And -- but that doesn't drive incremental revenue.

所以就你提出的分銷問題而言，我認為現在仍然非常早期，人們才剛開始發現有哪些連接器可用，以及——讓這件事觸發購買或連線流程。現在，如果你已經有 Docusign，然後你去，比如說 Slack、OpenAI，看到有一個連接器，那你就可以很容易地下載它。但是——那不會帶來增量營收。

It's an interesting question if you didn't realize that and you go to those sites is that, in some way, serve as marketing for Docusign. I think it's still too early for that, but I think we'll get there. I absolutely believe that these platform -- people will build on these platforms and that they will come to them in part, looking for what can I connect to with them. And Docusign is one of the most ubiquitous powerful connectors that lets you access some of the most important, highest-value data in the enterprise. And so I think it puts us in a great position.

有趣的問題是：如果你原本不知道這件事，而你去那些網站，這是否在某種程度上成為 Docusign 的行銷？我認為現在談這個還太早，但我覺得我們會走到那一步。我絕對相信，這些平台——人們會在這些平台上建置，而他們也會部分因為「我能跟哪些東西連接」而來到這些平台。而 Docusign 是最普及、最強大的連接器之一，能讓你存取企業內一些最重要、價值最高的資料。因此我認為這讓我們處於非常有利的位置。

Now you, of course, have to have an IAM license to be able to do that, and the existing credit model and so on applies for these calls. But it's a very exciting area, but it's still very early, I think, for customers to discover that and to build the whole mechanism for the entire discovery and funnel process, if you will. But we absolutely believe that will be the case. And even today, in our sales and marketing, we obviously promoted it's an important part of people feeling comfortable that the Docusign platform is future-proof.

當然，你必須要有 IAM 授權才能做到這點，而現有的點數（credit）模型等等也同樣適用於這些呼叫。但這是一個非常令人興奮的領域，只是我認為對客戶來說，現在仍然很早期，才剛開始發現這件事，並建立整套機制——也就是整個發現與漏斗流程。但我們絕對相信未來會是如此。即使在今天，我們在銷售與行銷上也明顯在推廣：這是讓人們對 Docusign 平台具備未來適應性（future-proof）感到安心的重要一環。

Okay. Got it. Super helpful. And then just a quick follow-up and maybe a little bit more philosophical in nature. I mean, I think today, we're all having conversations about what happens when the engagement layer goes to Claude or OpenAI.

好的。了解。非常有幫助。接著一個快速追問，可能更偏哲學層面一點。我的意思是，我想今天我們都在討論：當互動層（engagement layer）轉移到 Claude 或 OpenAI 之後會發生什麼。

Now historically, Docusign's always had -- a lot of it was -- or most of the it was being serviced by API, think it was used to be like 80%, obviously, in terms of by API call. So maybe as we're all dealing with existential risk, can you maybe talk about some of the learnings that you can bring from eSignature and successfully navigating that, providing the workflow without necessarily needing to have that engagement layer as we think about it today? And how we should think about applying that to IAM, especially as we think about some of these new versions?

過去 Docusign 一直——很大一部分——或大多數——是透過 API 來提供服務的，我記得以前大概是 80%，顯然是指 API 呼叫的占比。所以，當我們都在面對存在性風險時，你能否談談一些你們從 eSignature 的經驗中學到的東西：如何成功地因應這種情況，在不一定需要像今天所理解的互動層之下，仍能提供工作流程？以及我們應該如何把這些經驗套用到 IAM，特別是當我們在思考一些新版本時？

Yes. Yes. First, just on a factual note, I don't think we've ever said that it was 80% of eSign volume that was triggered via API. We've said that it's more than 50%. So just to clarify that. But yes, we do have a lot of experience with people triggering Docusign functionality from inside all kinds of applications. And we found that, that really augmented our value proposition.

是的。是的。首先，就事實層面補充一下，我不認為我們曾經說過 eSign 的量有 80% 是透過 API 觸發的。我們說的是超過 50%。所以先澄清這點。不過是的，我們確實在「人們從各式各樣應用程式內觸發 Docusign 功能」方面有很多經驗。而我們發現，這其實大幅強化了我們的價值主張。

And many customers -- people who work in contracts more on a daily basis may be Docusign power users and access the app natively. Others work in their preferred tool, let's say, a Salesforce, for example, and they only experienced Docusign through that, and that's where they trigger the personalization of the contract or sending something for eSignature and so on.

而且許多客戶——每天更常處理合約的人——可能是 Docusign 的重度使用者，會直接原生使用我們的應用程式。其他人則是在他們偏好的工具裡工作，比如說 Salesforce，他們只透過那個工具來體驗 Docusign，也是在那裡觸發合約的個人化、或送出文件進行電子簽署等等。

And you can now extend that. As an example, we now offer the ability to access your agreement library from inside of Salesforce. And you could imagine doing the same inside of SAP or other enterprise applications. And now we're adding, as you said, this agentic and chat layer. I think you're going to have a distribution of users and use cases.

而你現在可以把這件事延伸。例如，我們現在提供在 Salesforce 內直接存取你的協議（agreement）資料庫的能力。你也可以想像在 SAP 或其他企業應用程式內做同樣的事。而現在我們也如你所說，正在加入這個代理式（agentic）與聊天層。我認為你會看到使用者與使用情境的分布。

And for some users and use cases, they'll want all the functionality and tooling that comes with being in the app. Some will want to stay in there, shall we say, functional application like the names that I mentioned. And some will have quick questions, maybe they just want to get in and out, and they want to use a general purpose chat engine. And I think enterprise software companies going forward. We'll need to support all those modalities, and we are already doing that.

對某些使用者與情境而言，他們會想要在應用程式內使用所有功能與工具。有些人會想要留在那些——我們姑且稱之為——功能型應用程式裡，也就是我剛提到的那些產品。還有一些人只是有快速問題，可能只想快速進出，他們會想用通用型的聊天引擎。我認為未來的企業軟體公司都需要支援所有這些使用模式，而我們已經在這麼做了。

All right, very helpful. Thank you. And I apologize for throwing out the right number, I will remember 50%. So thanks for the reminder.

好的，非常有幫助。謝謝。也抱歉我剛剛講錯數字，我會記得是 50%。所以謝謝提醒。

Will Power, Robert Baird.

Will Power，Robert Baird。

Okay, great. Thanks. Hey, Blake, it'd be great, I think, just to kind of get any updated views on how you think about guidance philosophy, conservatism that you bake in. And I guess kind of what I'm getting to is this kind of a 1 point be what investors should generally expect as you lay out guidance?

好的，很好。謝謝。嗨，Blake，我想了解一下你對指引（guidance）哲學的最新看法，以及你們在其中納入的保守程度。我想問的是：這種大約 1 個百分點的超預期（beat），是否是投資人通常在你們提出指引時可以普遍期待的？

And then a quick second question. Just -- headcount was up a bit, I guess, in the quarter. It would just be interesting to kind of know what you're prioritizing? It sounds like it's lower cost areas, but where the hiring is focused?

然後第二個快速問題。就是——本季人頭數似乎增加了一點。想了解你們在優先投入什麼？聽起來是在較低成本的地區，但招募主要聚焦在哪些領域？

Sure. So first, on the first question with regards to the size of the beat. Again, great quarter, like really happy, Q2 outperforming the top end of our revenue guidance. I think that just from a top-level standpoint, no concerns at all where it landed.

當然。先回答第一個問題，關於超預期幅度的大小。再次強調，這是一個很棒的季度，我們非常開心，第二季營收表現超過了我們營收指引的上緣。我想從整體高層角度來看，對最終落點完全沒有任何疑慮。

We continue to improve our forecasting here. And I think you've now seen this from us a few quarters in a row, and this question has come up in the past, but it doesn't surprise me as we get better and better at forecasting on that revenue base, that those beats -- I think it's not something that we think about or plan for, if you will. So no concerns at all on that.

我們持續改善我們的預測能力。而我想你已經看到我們連續好幾季都是如此；這個問題過去也被問過。但隨著我們在這個營收基礎上的預測愈來愈準，那些超預期——我認為這不是我們會去思考或刻意規劃的事情。所以對此完全沒有任何疑慮。

With regards to the headcount side, we are very focused on making target, like we said in the prepared remarks, targeted investment towards IAM. And so there's, obviously, just like any company that I think is doing its job well, you are looking at your resource allocation and you're trying to make sure are you allocating those resources to the most important projects. The road map that we believe that customers will enjoy and be delighted by and then hopefully retain with at a higher rate and then will expand with us at a higher rate as well.

就人力編制方面而言，我們非常專注於達成目標，正如我們在事先準備的發言中所說，會針對 IAM 進行有目標的投資。因此，顯然地，就像任何我認為把工作做好的公司一樣，你會檢視資源配置，並試著確保你把這些資源配置到最重要的專案上。我們相信客戶會喜歡、會感到滿意的產品路線圖，然後希望能以更高的留存率留下來，並且也會以更高的比率與我們擴大合作。

Now what we are doing, as you can see is we're managing it pretty tightly, right? And we are taking advantage of lower cost locations. And we -- but we still are hiring across all of our global offices. And I think that just -- that's been kind of something or a theme that I think you can see from us over the past few years. I mean, if you go back to four years ago, our operating margins have gone from the high teens, right, to 32% or so.

現在我們正在做的，如你所見，是把它管理得相當緊，對吧？而且我們正在利用較低成本的地點。但我們仍然在所有全球辦公室持續招募。我認為這一直是某種特徵或主題，你可以從我們過去幾年看到。我的意思是，如果你回到四年前，我們的營業利益率已從十幾%的高位，提升到約 32%。

I think our headcount is down from Q2 of fiscal '23. It's down, I think, around 10% for us over that period, yet our revenue is up 40%. And so we are still investing in the business and being mindful about those things, and I'm just excited about that management, but we are making targeted investments in IAM.

我認為我們的人力編制相較於 2023 會計年度第二季是下降的。在那段期間我們大約下降了 10%，但我們的營收卻成長了 40%。因此我們仍在投資這項業務並留意這些事情；我對這樣的管理方式感到很振奮，但我們正在對 IAM 進行有目標的投資。

Operator, we'll take one more question.

接線員，我們再接最後一個問題。

Matthew Bullock, Bank of America.

Matthew Bullock，美國銀行。

Hi. This is Jacob Gideon on for Matt. Could you just talk a little bit about the pricing and packaging evolution on the eSignature plans, specifically in the digital channel? We've seen kind of the launch of some different consumption models in other non-US geos like Canada. And so I was just hoping you could talk about what's resonating well and maybe what's like motivating some of those changes?

嗨。我是 Jacob Gideon，代替 Matt 發問。你能否談談 eSignature 方案在定價與方案組合上的演進，特別是在數位通路？我們看到在一些非美國地區（例如加拿大）推出了不同的用量/消費模式。所以我想請你談談哪些做法反應良好，以及是什麼在驅動其中一些變更？

Yes. I can quickly comment, and Blake, you can jump in as well. Yes, so we are testing different pricing and packaging, and we've been doing that for a long time. And we're testing something in Canada right now, as you mentioned. I think the results look good, but we're not announcing any broader geography changes at this time.

好的。我可以先快速回應，Blake 你也可以補充。是的，我們正在測試不同的定價與方案組合，而且我們這樣做已經很長一段時間了。正如你提到的，我們目前正在加拿大測試一些做法。我認為結果看起來不錯，但我們目前不會宣布更廣泛的地理範圍調整。

But overall, I think our view is, look, eSign continues to be the premium product in the category. It is -- it has better consumer recognition and trust. People tend to respond at higher rates and faster. The tooling for using the product internally at companies is significantly more robust. Security compliance features are richer. It's supported in every market around the world and recognized by regulatory authorities.

但整體而言，我們的看法是：eSign 仍然是此類別中的高端產品。它——它具有更好的消費者認知與信任。人們的回應率往往更高、速度也更快。企業內部使用該產品的工具能力顯著更強。安全與合規功能更為完整。它在全球每個市場都有支援，並且獲得監管機關的認可。

And so we still have a very, very strong position in sign, and we're, I think, holding our position as the choice of companies that are discriminating and for use cases that are important. And we intend to continue to do that. And we want to make sure that we package and price our sign product for maximum value. So that's what you're seeing us experiment with.

因此，我們在簽署（sign）方面仍然擁有非常、非常強勢的地位；我認為我們也維持住了我們的定位，成為那些要求嚴格的公司之首選，以及在重要使用情境中的首選。而我們打算持續這麼做。我們也希望確保我們對 sign 產品的方案組合與定價能提供最大價值。所以你看到的就是我們正在進行的各種嘗試。

And I'll just add on this a little bit, too. I think from the digital side, I'm proud of the team because for those of us that have worked in e-commerce before, like there's a lot of testing that goes on. What is your conversion rate? What do those customers look like after you sign them up? How are we doing at the top of the funnel in order to grow our accounts nearly 10% for this quarter?

我也再補充一點。我認為從數位端來看，我為團隊感到驕傲，因為對於曾在電商領域工作過的人來說，會進行大量測試。你的轉換率是多少？這些客戶在註冊之後的樣貌如何？我們在漏斗頂端的表現如何，才能讓本季帳戶數成長將近 10%？

So I would just say testing and the new pricing and packaging is something I think that great digital companies do, and it's something that we're always going to be kind of leaning into.

所以我想說，測試以及新的定價與方案組合，是我認為優秀的數位公司會做的事，而這也是我們會一直持續投入的方向。

Okay. Thank you, operator, and thank you to all who joined today's call. In closing, our platform strategy is working. We remain focused on delivering even greater value for our customers, accelerating ARR growth and driving continued operating leverage for our shareholders. Thank you all for your support, and we look forward to talking to you next quarter.

好的。謝謝接線員，也謝謝所有參與今天電話會議的各位。最後總結，我們的平台策略正在奏效。我們仍然專注於為客戶提供更大的價值、加速 ARR 成長，並為股東帶來持續的營運槓桿。感謝各位的支持，我們期待在下個季度再與各位交流。

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

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。