Technology
Docusign Announces Second Quarter Fiscal 2025 Financial Results
Published
2 years agoon
By
SAN FRANCISCO, Sept. 5, 2024 /PRNewswire/ — Docusign, Inc. (NASDAQ: DOCU) today announced results for its fiscal quarter ended July 31, 2024. Prepared remarks and the news release with the financial results will be accessible on Docusign’s website at investor.docusign.com prior to its webcast.
“Docusign continued its evolution with improved business stability and increased efficiency, resulting in record operating profit,” said Allan Thygesen, CEO of Docusign. “We’re proud that we began shipping our Intelligent Agreement Management platform this quarter and we are encouraged by the early results and customer feedback.”
Second Quarter Financial Highlights
Total revenue was $736.0 million, an increase of 7% year-over-year. Subscription revenue was $717.4 million, an increase of 7% year-over-year. Professional services and other revenue was $18.7 million, an increase of 2% year-over-year.Billings were $724.5 million, an increase of 2% year-over-year.GAAP gross margin was 78.9% compared to 78.8% in the same period last year. Non-GAAP gross margin was 82.2% compared to 82.3% in the same period last year.GAAP net income per basic share was $4.34 on 205 million shares outstanding compared to $0.04 on 204 million shares outstanding in the same period last year.GAAP net income per diluted share was $4.26 on 208 million shares outstanding compared to $0.04 on 208 million shares outstanding in the same period last year.Non-GAAP net income per diluted share was $0.97 on 208 million shares outstanding compared to $0.72 on 208 million shares outstanding in the same period last year.Net cash provided by operating activities was $220.2 million compared to $211.0 million in the same period last year.Free cash flow was $197.9 million compared to $183.6 million in the same period last year.Cash, cash equivalents, restricted cash and investments were $1.0 billion at the end of the quarter.Repurchases of common stock were $200.1 million compared to $30.0 million in the same period last year.
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures and Other Key Metrics.”
Operational and Other Financial Highlights:
Docusign Intelligent Agreement Management (“IAM”) General Availability: Docusign announced the beginning of general availability for IAM, a new category of AI-powered cloud software that helps streamline and automate agreement processes.
IAM Release 1 Availability: IAM applications, which include IAM Core, IAM for Sales, and IAM for CX, are now generally available in the U.S. IAM for CX went live for small and medium-sized commercial customers in North America and Australia. IAM will continue to rollout to enterprise and self-service customers across additional geographies throughout the fiscal year.
Executive Appointments: Docusign announced the following new leaders:
Paula Hansen joined Docusign as President and Chief Revenue Officer, leading enterprise and commercial sales and partnership teams worldwide. Most recently, Hansen served as President and Chief Revenue Officer at Alteryx, where she was responsible for leading the global go-to-market organization, which includes worldwide sales, sales engineering, partners, marketing, customer experience, customer support and revenue operations. Prior to Alteryx, she served in senior sales roles at SAP and Cisco.Sagnik Nandy joined Docusign as Chief Technology Officer, leading all aspects of engineering, research and engineering operations. Most recently, Nandy served as President and Chief Development Officer at Okta, where he led product, engineering and design for the Workforce Identity Cloud, which includes Okta’s core identity and access management platform. Prior to Okta, he served as VP of Engineering at Google.
Guidance
The company currently expects the following guidance:
Quarter ending October 31, 2024 (in millions, except percentages):
Total revenue
$743
to
$747
Subscription revenue
$722
to
$726
Billings
$710
to
$720
Non-GAAP gross margin
81.0 %
to
82.0 %
Non-GAAP operating margin
28.5 %
to
29.5 %
Non-GAAP diluted weighted-average shares outstanding
206
to
211
Fiscal Year ending January 31, 2025 (in millions, except percentages):
Total revenue
$2,940
to
$2,952
Subscription revenue
$2,864
to
$2,876
Billings
$2,990
to
$3,030
Non-GAAP gross margin
81.0 %
to
82.0 %
Non-GAAP operating margin
29.0 %
to
29.5 %
Non-GAAP diluted weighted-average shares outstanding
206
to
211
A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by many factors, including the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release.
Webcast Conference Call Information
The company will host a conference call on September 5, 2024 at 2:00 p.m. PT (5:00 p.m. ET) to discuss its financial results. A live webcast of the event will be available on the Docusign Investor Relations website at investor.docusign.com. Prepared remarks and the news release with the financial results will also be accessible on Docusign’s website prior to the webcast. A live dial-in will be available domestically at 877-407-0784 or internationally at 201-689-8560. A replay will be available domestically at 844-512-2921 or internationally at 412-317-6671 until midnight (EST) September 19, 2024 using the passcode 13748491.
About Docusign
Docusign brings agreements to life. Approximately 1.6 million customers and more than a billion people in over 180 countries use Docusign solutions to accelerate the process of doing business and simplify people’s lives. With intelligent agreement management, Docusign unleashes business critical data that is trapped inside of documents. Until now, these were disconnected from business systems of record, costing businesses time, money, and opportunity. Using Docusign IAM, companies can create, commit, and manage agreements with solutions created by the #1 company in e-signature and contract lifecycle management (CLM). Learn more at www.docusign.com.
Copyright 2024. Docusign, Inc. is the owner of DOCUSIGN® and all its other marks (www.docusign.com/IP).
Investor Relations:
Docusign Investor Relations
investors@docusign.com
Media Relations:
Docusign Corporate Communications
media@docusign.com
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management’s beliefs and assumptions and on information currently available to management, and which statements involve substantial risk and uncertainties. All statements contained in this press release other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, objectives for future operations, and the impact of such assumptions on our financial condition and results of operations are forward-looking statements. Forward-looking statements in this press release also include, among other things, statements under “Guidance” above and any other statements about expected financial metrics, such as revenue, billings, non-GAAP gross margin, non-GAAP operating margin, non-GAAP diluted weighted-average shares outstanding, and non-financial metrics, as well as statements related to our expectations regarding the benefits and rollout of the Docusign IAM platform. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions.
Forward-looking statements contained in this press release include, but are not limited to, statements about: our expectations regarding global macro-economic conditions, including the effects of inflation, volatile interest rates, and market volatility on the global economy; our ability to estimate the size and growth of our total addressable market; our ability to compete effectively in an evolving and competitive market; the impact of any data breaches, cyberattacks or other malicious activity on our technology systems; our ability to effectively sustain and manage our growth and future expenses and maintain or increase future profitability; our ability to attract new customers and maintain and expand our existing customer base; our ability to effectively implement and execute our restructuring plans; our ability to scale and update our platform to respond to customers’ needs and rapid technological change, including our ability to successfully incorporate generative artificial intelligence into our existing and future products; our ability to successfully execute our go-to-market and sales strategy for our IAM platform; our ability to expand use cases within existing customers and vertical solutions; our ability to expand our operations and increase adoption of our platform internationally; our ability to strengthen and foster our relationships with developers; our ability to retain our direct sales force, customer success team and strategic partnerships around the world; our ability to identify targets for and execute potential acquisitions and to successfully integrate and realize the anticipated benefits of such acquisitions; our ability to maintain, protect and enhance our brand; the sufficiency of our cash, cash equivalents and capital resources to satisfy our liquidity needs; limitations on us due to obligations we have under our credit facility or other indebtedness; our ability to realize the anticipated benefits of our stock repurchase program; our failure or the failure of our software to comply with applicable industry standards, laws and regulations; our ability to maintain, protect and enhance our intellectual property; our ability to successfully defend litigation against us; our ability to attract large organizations as users; our ability to maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel, including executive level management; our ability to successfully manage and integrate executive management transitions; uncertainties regarding the impact of general economic and market conditions, including as a result of regional and global conflicts; our ability to successfully implement and maintain new and existing information technology systems, including our ERP system; and our ability to maintain proper and effective internal controls.
Additional risks and uncertainties that could affect our financial results are included in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the fiscal year ended January 31, 2024 filed on March 21, 2024, our quarterly report on Form 10-Q for the quarter ended July 31, 2024, which we expect to file on September 6, 2024 with the Securities and Exchange Commission (the “SEC”), and other filings that we make from time to time with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this press release or to conform such statements to actual results or revised expectations, except as required by law.
Non-GAAP Financial Measures and Other Key Metrics
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We present these non-GAAP measures to assist investors in seeing our financial performance using a management view, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, these non-GAAP measures are not intended to be considered in isolation from, a substitute for, or superior to our GAAP results.
Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share: We define these non-GAAP financial measures as the respective GAAP measures, excluding expenses related to stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, amortization of debt discount and issuance costs, fair value adjustments to strategic investments, acquisition-related expenses, lease-related impairment and lease-related charges, restructuring and other related charges, as these costs are not reflective of ongoing operations and, as applicable, other special items. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business. When evaluating the performance of our business and making operating plans, we do not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants). We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies and over multiple periods. In addition to these exclusions, we subtract an assumed provision for income taxes to calculate non-GAAP net income. We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024 and fiscal 2025, we have determined the projected non-GAAP tax rate to be 20%.
Free cash flow: We define free cash flow as net cash provided by operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.
Billings: We define billings as total revenues plus the change in our contract liabilities and refund liability less contract assets and unbilled accounts receivable in a given period. Billings reflects sales to new customers plus subscription renewals and additional sales to existing customers. Only amounts invoiced to a customer in a given period are included in billings. We believe billings can be used to measure our periodic performance, when taking into consideration the timing aspects of customer renewals, which represents a large component of our business. Given that most of our customers pay in annual installments one year in advance, but we typically recognize a majority of the related revenue ratably over time, we use billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers.
For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
DOCUSIGN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
July 31,
Six Months Ended
July 31,
(in thousands, except per share data)
2024
2023
2024
2023
Revenue:
Subscription
$ 717,366
$ 669,367
$ 1,408,849
$ 1,308,674
Professional services and other
18,661
18,320
36,818
40,401
Total revenue
736,027
687,687
1,445,667
1,349,075
Cost of revenue:
Subscription
132,372
116,185
258,974
225,127
Professional services and other
23,093
29,397
45,937
56,942
Total cost of revenue
155,465
145,582
304,911
282,069
Gross profit
580,562
542,105
1,140,756
1,067,006
Operating expenses:
Sales and marketing
287,464
294,838
569,108
575,443
Research and development
147,571
135,960
281,891
251,324
General and administrative
87,129
103,884
179,607
208,695
Restructuring and other related charges
597
811
29,721
29,583
Total operating expenses
522,761
535,493
1,060,327
1,065,045
Income from operations
57,801
6,612
80,429
1,961
Interest expense
(544)
(1,592)
(688)
(3,558)
Interest income and other income, net
14,630
17,455
28,739
29,700
Income before provision for (benefit from) income taxes
71,887
22,475
108,480
28,103
Provision for (benefit from) income taxes
(816,324)
15,080
(813,491)
20,169
Net income
$ 888,211
$ 7,395
$ 921,971
$ 7,934
Net income per share attributable to common stockholders:
Basic
$ 4.34
$ 0.04
$ 4.49
$0.04
Diluted
$ 4.26
$ 0.04
$ 4.40
$0.04
Weighted-average shares used in computing net income per share:
Basic
204,604
203,703
205,231
203,177
Diluted
208,274
208,192
209,559
208,284
Stock-based compensation expense included in costs and expenses:
Cost of revenue—subscription
$ 15,593
$ 13,081
$ 29,774
$ 24,438
Cost of revenue—professional services and other
4,998
7,286
9,700
14,016
Sales and marketing
58,778
51,563
105,049
96,889
Research and development
53,430
45,151
97,632
81,148
General and administrative
31,649
34,592
60,169
74,934
Restructuring and other related charges
208
34
4,836
4,988
DOCUSIGN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)
July 31, 2024
January 31, 2024
Assets
Current assets
Cash and cash equivalents
$ 619,064
$ 797,060
Investments—current
319,289
248,402
Accounts receivable, net
309,885
439,299
Contract assets—current
13,449
15,922
Prepaid expenses and other current assets
81,693
66,984
Total current assets
1,343,380
1,567,667
Investments—noncurrent
102,537
121,977
Property and equipment, net
265,544
245,173
Operating lease right-of-use assets
117,877
123,188
Goodwill
455,519
353,138
Intangible assets, net
90,227
50,905
Deferred contract acquisition costs—noncurrent
427,599
409,627
Deferred tax assets—noncurrent
822,026
2,031
Other assets—noncurrent
129,232
97,584
Total assets
$ 3,753,941
$ 2,971,290
Liabilities and Equity
Current liabilities
Accounts payable
$ 8,116
$ 19,029
Accrued expenses and other current liabilities
93,251
104,037
Accrued compensation
178,603
195,266
Contract liabilities—current
1,307,565
1,320,059
Operating lease liabilities—current
19,769
22,230
Total current liabilities
1,607,304
1,660,621
Contract liabilities—noncurrent
23,020
21,980
Operating lease liabilities—noncurrent
115,832
120,823
Deferred tax liability—noncurrent
18,122
16,795
Other liabilities—noncurrent
28,257
21,332
Total liabilities
1,792,535
1,841,551
Stockholders’ equity
Common stock
20
21
Treasury stock
(2,670)
(2,164)
Additional paid-in capital
3,087,650
2,821,461
Accumulated other comprehensive loss
(24,548)
(19,360)
Accumulated deficit
(1,099,046)
(1,670,219)
Total stockholders’ equity
1,961,406
1,129,739
Total liabilities and equity
$ 3,753,941
$ 2,971,290
DOCUSIGN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
July 31,
Six Months Ended
July 31,
(in thousands)
2024
2023
2024
2023
Cash flows from operating activities:
Net income
$ 888,211
$ 7,395
$ 921,971
$ 7,934
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
27,022
25,238
51,528
48,105
Amortization of deferred contract acquisition and fulfillment costs
57,255
50,152
111,467
98,382
Amortization of debt discount and transaction costs
139
1,249
277
2,495
Non-cash operating lease costs
4,984
5,751
9,862
11,731
Stock-based compensation expense
164,656
151,707
307,160
296,413
Deferred income taxes
(826,038)
1,797
(824,561)
3,420
Other
3,851
49
5,323
(782)
Changes in operating assets and liabilities:
Accounts receivable
(7,068)
(8,478)
123,571
99,803
Prepaid expenses and other current assets
(6)
2,383
(17,067)
(14,420)
Deferred contract acquisition and fulfillment costs
(68,183)
(56,830)
(131,255)
(113,356)
Other assets
(16,975)
(772)
(15,058)
(8,433)
Accounts payable
(10,412)
(11,273)
(11,575)
(20,294)
Accrued expenses and other liabilities
(4,680)
9,069
(8,160)
10,164
Accrued compensation
25,146
18,270
(19,902)
(3,312)
Contract liabilities
(11,553)
22,171
(16,526)
40,458
Operating lease liabilities
(6,141)
(6,862)
(12,021)
(13,657)
Net cash provided by operating activities
220,208
211,016
475,034
444,651
Cash flows from investing activities:
Cash paid for acquisition, net of acquired cash
(143,611)
—
(143,611)
—
Purchases of marketable securities
(103,603)
(120,542)
(223,241)
(174,372)
Maturities of marketable securities
93,509
83,318
175,623
164,017
Purchases of strategic and other investments
(125)
(120)
(625)
(120)
Purchases of property and equipment
(22,280)
(27,379)
(45,033)
(46,436)
Net cash used in investing activities
(176,110)
(64,723)
(236,887)
(56,911)
Cash flows from financing activities:
Repurchases of common stock
(200,076)
(30,008)
(349,138)
(70,480)
Settlement of capped calls, net of related costs
—
—
—
23,688
Payment of tax withholding obligation on net RSU settlement and ESPP purchase
(39,446)
(40,044)
(81,083)
(62,681)
Proceeds from exercise of stock options
454
705
1,089
832
Proceeds from employee stock purchase plan
—
—
20,190
18,390
Net cash used in financing activities
(239,068)
(69,347)
(408,942)
(90,251)
Effect of foreign exchange on cash, cash equivalents and restricted cash
238
1,279
(2,677)
2,290
Net increase (decrease) in cash, cash equivalents and restricted cash
(194,732)
78,225
(173,472)
299,779
Cash, cash equivalents and restricted cash at beginning of period (1)
822,759
944,755
801,499
723,201
Cash, cash equivalents and restricted cash at end of period (1)
$ 628,027
$ 1,022,980
$ 628,027
$ 1,022,980
(1) Cash, cash equivalents and restricted cash included restricted cash of $9.0 million and $4.4 million at July 31, 2024 and January 31, 2024.
DOCUSIGN, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)
Reconciliation of gross profit (loss) and gross margin:
Three Months Ended
July 31,
Six Months Ended
July 31,
(in thousands)
2024
2023
2024
2023
GAAP gross profit
$ 580,562
$ 542,105
$ 1,140,756
$ 1,067,006
Add: Stock-based compensation
20,591
20,367
39,474
38,454
Add: Amortization of acquisition-related intangibles
3,067
2,314
5,137
4,717
Add: Employer payroll tax on employee stock transactions
816
713
1,839
1,387
Add: Lease-related impairment and lease-related charges
—
292
—
721
Non-GAAP gross profit
$ 605,036
$ 565,791
$ 1,187,206
$ 1,112,285
GAAP gross margin
78.9 %
78.8 %
78.9 %
79.1 %
Non-GAAP adjustments
3.3 %
3.5 %
3.1 %
3.3 %
Non-GAAP gross margin
82.2 %
82.3 %
82.0 %
82.4 %
GAAP subscription gross profit
$ 584,994
$ 553,182
$ 1,149,875
$ 1,083,547
Add: Stock-based compensation
15,593
13,081
29,774
24,438
Add: Amortization of acquisition-related intangibles
3,067
2,314
5,137
4,717
Add: Employer payroll tax on employee stock transactions
595
465
1,387
930
Add: Lease-related impairment and lease-related charges
—
206
—
505
Non-GAAP subscription gross profit
$ 604,249
$ 569,248
$ 1,186,173
$ 1,114,137
GAAP subscription gross margin
81.5 %
82.6 %
81.6 %
82.8 %
Non-GAAP adjustments
2.7 %
2.4 %
2.6 %
2.3 %
Non-GAAP subscription gross margin
84.2 %
85.0 %
84.2 %
85.1 %
GAAP professional services and other gross loss
$ (4,432)
$ (11,077)
$ (9,119)
$ (16,541)
Add: Stock-based compensation
4,998
7,286
9,700
14,016
Add: Employer payroll tax on employee stock transactions
221
248
452
457
Add: Lease-related impairment and lease-related charges
—
86
—
216
Non-GAAP professional services and other gross profit
$ 787
$ (3,457)
$ 1,033
$ (1,852)
GAAP professional services and other gross margin
(23.8) %
(60.4) %
(24.8) %
(40.9) %
Non-GAAP adjustments
28.0 %
41.5 %
27.6 %
36.3 %
Non-GAAP professional services and other gross margin
4.2 %
(18.9) %
2.8 %
(4.6) %
Reconciliation of operating expenses:
Three Months Ended
July 31,
Six Months Ended
July 31,
(in thousands)
2024
2023
2024
2023
GAAP sales and marketing
$ 287,464
$ 294,838
$ 569,108
$ 575,443
Less: Stock-based compensation
(58,778)
(51,563)
(105,049)
(96,889)
Less: Amortization of acquisition-related intangibles
(3,113)
(2,630)
(5,742)
(5,259)
Less: Employer payroll tax on employee stock transactions
(1,595)
(1,400)
(3,733)
(3,070)
Less: Lease-related impairment and lease-related charges
—
(815)
—
(2,171)
Non-GAAP sales and marketing
$ 223,978
$ 238,430
$ 454,584
$ 468,054
GAAP sales and marketing as a percentage of revenue
39.1 %
42.9 %
39.4 %
42.7 %
Non-GAAP sales and marketing as a percentage of revenue
30.4 %
34.7 %
31.4 %
34.7 %
GAAP research and development
$ 147,571
$ 135,960
$ 281,891
$ 251,324
Less: Stock-based compensation
(53,430)
(45,151)
(97,632)
(81,148)
Less: Employer payroll tax on employee stock transactions
(1,754)
(1,387)
(4,319)
(2,795)
Less: Lease-related impairment and lease-related charges
—
(381)
—
(873)
Non-GAAP research and development
$ 92,387
$ 89,041
$ 179,940
$ 166,508
GAAP research and development as a percentage of revenue
20.0 %
19.8 %
19.5 %
18.6 %
Non-GAAP research and development as a percentage of revenue
12.6 %
12.9 %
12.4 %
12.3 %
GAAP general and administrative
$ 87,129
$ 103,884
$ 179,607
$ 208,695
Less: Stock-based compensation
(31,649)
(34,592)
(60,169)
(74,934)
Less: Employer payroll tax on employee stock transactions
(607)
(546)
(1,285)
(978)
Less: Acquisition-related expenses
(3,358)
—
(4,716)
—
Less: Lease-related impairment and lease-related charges
—
(296)
—
(695)
Non-GAAP general and administrative
$ 51,515
$ 68,450
$ 113,437
$ 132,088
GAAP general and administrative as a percentage of revenue
11.8 %
15.1 %
12.4 %
15.4 %
Non-GAAP general and administrative as a percentage of revenue
7.0 %
10.0 %
7.8 %
9.8 %
Reconciliation of income from operations and operating margin:
Three Months Ended
July 31,
Six Months Ended
July 31,
(in thousands)
2024
2023
2024
2023
GAAP income from operations
$ 57,801
$ 6,612
$ 80,429
$ 1,961
Add: Stock-based compensation
164,448
151,673
302,324
291,425
Add: Amortization of acquisition-related intangibles
6,180
4,944
10,879
9,976
Add: Employer payroll tax on employee stock transactions
4,772
4,046
11,176
8,230
Add: Acquisition-related expenses
3,358
—
4,716
—
Add: Restructuring and other related charges
597
811
29,721
29,583
Add: Lease-related impairment and lease-related charges
—
1,784
—
4,460
Non-GAAP income from operations
$ 237,156
$ 169,870
$ 439,245
$ 345,635
GAAP operating margin
7.9 %
1.0 %
5.6 %
0.1 %
Non-GAAP adjustments
24.3 %
23.7 %
24.8 %
25.5 %
Non-GAAP operating margin
32.2 %
24.7 %
30.4 %
25.6 %
Reconciliation of net income and net income per share, basic and diluted:
Three Months Ended
July 31,
Six Months Ended
July 31,
(in thousands, except per share data)
2024
2023
2024
2023
GAAP net income
$ 888,211
$ 7,395
$ 921,971
$ 7,934
Add: Stock-based compensation
164,448
151,673
302,324
291,425
Add: Amortization of acquisition-related intangibles
6,180
4,944
10,879
9,976
Add: Employer payroll tax on employee stock transactions
4,772
4,046
11,176
8,230
Add: Acquisition-related expenses
3,358
—
4,716
—
Add: Restructuring and other related charges
597
811
29,721
29,583
Add: Amortization of debt discount and issuance costs
—
1,294
—
2,898
Add: Fair value adjustments to strategic investments
—
—
—
119
Add: Lease-related impairment and lease-related charges
—
1,784
—
4,460
Add: Income tax and other tax adjustments
(866,572)
(22,325)
(906,950)
(54,790)
Non-GAAP net income
$ 200,994
$ 149,622
$ 373,837
$ 299,835
Numerator:
Non-GAAP net income
$ 200,994
$ 149,622
$ 373,837
$ 299,835
Add: Interest expense on convertible senior notes
—
46
—
403
Non-GAAP net income attributable to common stockholders, diluted
$ 200,994
$ 149,668
$ 373,837
$ 300,238
Denominator:
Weighted-average common shares outstanding, basic
204,604
203,703
205,231
203,177
Effect of dilutive securities
3,670
4,489
4,328
5,107
Non-GAAP weighted-average common shares outstanding, diluted
208,274
208,192
209,559
208,284
GAAP net income per share, basic
$ 4.34
$ 0.04
$ 4.49
$ 0.04
GAAP net income per share, diluted
$ 4.26
$ 0.04
$ 4.40
$ 0.04
Non-GAAP net income per share, basic
$ 0.98
$ 0.73
$ 1.82
$ 1.48
Non-GAAP net income per share, diluted
$ 0.97
$ 0.72
$ 1.78
$ 1.44
Computation of free cash flow:
Three Months Ended
July 31,
Six Months Ended
July 31,
(in thousands)
2024
2023
2024
2023
Net cash provided by operating activities
$ 220,208
$ 211,016
$ 475,034
$ 444,651
Less: Purchases of property and equipment
(22,280)
(27,379)
(45,033)
(46,436)
Non-GAAP free cash flow
$ 197,928
$ 183,637
$ 430,001
$ 398,215
Net cash used in investing activities
$ (176,110)
$ (64,723)
$ (236,887)
$ (56,911)
Net cash used in financing activities
$ (239,068)
$ (69,347)
$ (408,942)
$ (90,251)
Computation of billings:
Three Months Ended
July 31,
Six Months Ended
July 31,
(in thousands)
2024
2023
2024
2023
Revenue
$ 736,027
$ 687,687
$ 1,445,667
$ 1,349,075
Add: Contract liabilities and refund liability, end of period
1,334,461
1,233,894
1,334,461
1,233,894
Less: Contract liabilities and refund liability, beginning of period
(1,340,680)
(1,210,965)
(1,343,792)
(1,191,269)
Add: Contract assets and unbilled accounts receivable, beginning of period
17,179
22,936
20,189
16,615
Less: Contract assets and unbilled accounts receivable, end of period
(17,461)
(22,358)
(17,461)
(22,358)
Add: Contract assets and unbilled accounts receivable by acquisitions
53
—
53
—
Less: Contract liabilities and refund liability contributed by acquisitions
(5,071)
—
(5,071)
—
Non-GAAP billings
$ 724,508
$ 711,194
$ 1,434,046
$ 1,385,957
View original content:https://www.prnewswire.com/news-releases/docusign-announces-second-quarter-fiscal-2025-financial-results-302238864.html
SOURCE DocuSign, Inc.
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Technology
Amid Rising Costs and Surgical Disruptions in ASCs, NorthStar Anesthesia Strengthens Focus on ASC Partnerships
Published
33 minutes agoon
October 23, 2026By
With 17 new ASC partnerships nationwide to date in 2026, NorthStar Anesthesia emphasizes proactive patient assessment, reliable staffing, and clinical consistency to help surgery centers reduce preventable cancellations and maximize surgical capacity.
IRVING, Texas, Oct. 23, 2026 /PRNewswire/ — As ambulatory surgery centers (ASCs) face mounting financial pressures, staffing challenges, and increasingly complex patient needs, anesthesia has emerged as a critical partner in their ability to operate efficiently and sustainably. NorthStar Anesthesia is addressing these challenges through a dedicated ASC model designed to reduce preventable case cancellations, improve surgical throughput, and help centers make the most of their existing operating room capacity.
“The challenge for ASCs today isn’t simply finding anesthesia coverage. It’s ensuring that coverage translates into reliable surgical capacity,” said Cindy Myers, Vice President of ASC Operations at NorthStar Anesthesia. “When cases are cancelled unnecessarily or operating rooms aren’t running as planned, the impact extends well beyond the anesthesia department. Our focus is on helping centers address those challenges systematically, so they can deliver more consistent care and operate more efficiently.”
Reducing Preventable Cancellations Through Better Preparation
One of the most significant opportunities to improve ASC performance lies in the preoperative process. When potential anesthesia concerns are not identified until the day of surgery, patients may face unexpected cancellations, surgeons lose valuable operating time, and centers absorb the cost of unused capacity.
NorthStar addresses this challenge through ASC-specific pre-anesthesia testing (PAT) guidelines and standardized clinical protocols designed to identify potential issues earlier, facilitate appropriate patient optimization, and support consistent decision-making across the surgical process.
“In ambulatory surgery, the decisions made before the patient arrives are often just as important as those made in the operating room,” said Gajan Mahendran, MD, Vice President of Physician Services at NorthStar Anesthesia. “A consistent, evidence-based approach to preoperative assessment helps us identify risks earlier, determine which patients are appropriate for the ASC setting, and address potential barriers to surgery in advance. That means fewer last-minute surprises and a better experience for patients, surgeons, and facilities.”
Aligning Anesthesia Resources With Surgical Demand
Alongside clinical challenges, ASCs are navigating a changing economic environment. In a recent Becker’s ASC Review interview, NorthStar CEO Adam Spiegel noted that approximately 80% of ASCs in NorthStar’s network now require anesthesia stipends, compared with just 10% to 15% before the pandemic.
As anesthesia costs rise, ensuring that staffing levels align with actual surgical demand has become increasingly important. NorthStar works with ASC partners to develop staffing models that reflect each facility’s case mix, surgical volume, and operating requirements. “Adding anesthesia resources doesn’t automatically improve performance if those resources aren’t aligned with the center’s surgical volume,” Myers said. “We work closely with our partners to understand their schedules, case mix, and operational needs so we can build a model that supports both reliable access to care and financial sustainability.”
Combining National Resources With Local Clinical Expertise
As ASCs take on a greater share of surgical procedures, the demands placed on anesthesia providers are becoming more complex. Smaller or locally managed anesthesia groups may face challenges maintaining consistent coverage, recruiting clinicians, or investing in standardized clinical and operational processes.
NorthStar’s model combines local clinical leadership with national recruiting capabilities, dedicated ASC operations expertise, and established quality guidelines. This infrastructure helps support continuity of care, consistent clinical practices, and the flexibility to respond to changes in surgical demand.
The approach is reflected in NorthStar’s expanding ASC partnerships. To date in 2026 alone, NorthStar has added 17 ASC partnerships, including CarePlex Orthopaedic Ambulatory Surgery Center in Norfolk, Virginia; Stony Point Surgery Center and West Creek Surgery Center, both part of MedRVA Healthcare in Richmond, Virginia; an Orthopedic Surgery Center in Wisconsin; Eye Surgery Center of Homewood in Homewood, Alabama; and The Toledo Clinic ASC in Toledo, Ohio.
These partnerships reflect the growing importance of anesthesia providers that can address both the clinical and operational needs of outpatient surgery centers.
To learn more and to request a confidential anesthesia program assessment, please contact James Bagliani, Director of Business Development, NorthStar Anesthesia at james.bagliani@northstaranesthesia.com.
About NorthStar Anesthesia
NorthStar Anesthesia is a company of caregivers, founded by an anesthesiologist and a Certified Registered Nurse Anesthetist (CRNA). With more than 4,000 anesthesiologists and CRNAs under its banner, NorthStar partners with more than 280 healthcare client sites across more than 20 states and counting to deliver a more productive and efficient model of anesthesia care. Its care team approach focuses on the provision of high-quality care while measurably improving operating room performance.
Media Contact: James Bagliani, Director of Business Development, NorthStar Anesthesia james.bagliani@northstaranesthesia.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/amid-rising-costs-and-surgical-disruptions-in-ascs-northstar-anesthesia-strengthens-focus-on-asc-partnerships-302918226.html
SOURCE NorthStar Anesthesia
Technology
Dimethylaminopropylamine Market to Reach USD 731.9 Million by 2035 on Surfactant and Epoxy Demand, Credence Research Finds
Published
33 minutes agoon
October 23, 2026By
LONDON, Oct. 23, 2026 /PRNewswire/ — Credence Research Inc. has added the “Dimethylaminopropylamine Market – Growth, Share, Opportunities & Competitive Analysis, 2025–2035” study to its market intelligence portfolio. The report examines market value, segmentation, demand drivers, regional dynamics, competition and recent industry developments.
The dimethylaminopropylamine (DMAPA) market was valued at USD 452.6 million in 2025 and is projected to reach USD 731.9 million by 2035, representing a 4.92% compound annual growth rate over 2025–2035, according to Credence Research. The firm estimates 2026 revenue at USD 474.3 million. Asia Pacific accounted for the largest modeled geographic share at 44.0% in 2025, while Asia Pacific is projected to grow fastest at 5.88% annually. Market sizes, regional shares and segment shares are Credence Research estimates rather than independently audited industry totals.
Key Takeaways
The market is forecast to increase from USD 452.6 million in 2025 to USD 731.9 million by 2035, with a reported CAGR of 4.92%.Asia Pacific led the modeled 2025 geography with 44.0%; Asia Pacific has the fastest forecast geographic growth of 5.88%.By application, Surfactants accounted for 61.0% of modeled 2025 value, while Epoxy curing agents is forecast to grow at 5.66% a year.By end-use industry, Personal care and cosmetics accounted for 44.0% of modeled 2025 value, while Paints, coatings and composites is forecast to grow at 5.61% a year.The market definition excludes adjacent product or transaction value where that spending is outside the report’s measured scope.
Scope & Segmentation – Dimethylaminopropylamine Market
The study values sales of 3-(dimethylamino)-1-propylamine, an amine intermediate produced from dimethylamine and acrylonitrile. Included uses span betaine and amine-oxide surfactants, epoxy curing agents, polyurethane catalysts, water treatment chemicals, agrochemical intermediates and lubricant additives. Finished surfactants, coatings and other downstream products are excluded from the DMAPA revenue estimate.
By application: Surfactants (betaines and amine oxides); Epoxy curing agents; Polyurethane catalysts; Water treatment chemicals; Agrochemical intermediates; Fuel and lubricant additives; Others.By end-use industry: Personal care and cosmetics; Home care and institutional cleaning; Paints, coatings and composites; Water treatment; Agriculture; Automotive and lubricants.By geography: Asia Pacific; Europe; North America; Latin America; Middle East and Africa.
Read the complete report and request a sample: https://www.credenceresearch.com/report/dimethylaminopropylamine-market
Why This Report Matters
The study distinguishes a narrowly defined revenue pool from adjacent activity that can inflate comparisons between research estimates. This helps strategy teams compare suppliers, customer budgets and product categories on a consistent basis.The base-year segment mix identifies where current purchasing is concentrated, while the modeled faster-growing categories help evaluate investment timing and market entry.Geographic shares are proprietary estimates; company and regulatory announcements are used to explain demand mechanisms, not to independently verify global market totals.
Market Overview
The study values sales of 3-(dimethylamino)-1-propylamine, an amine intermediate produced from dimethylamine and acrylonitrile. Included uses span betaine and amine-oxide surfactants, epoxy curing agents, polyurethane catalysts, water treatment chemicals, agrochemical intermediates and lubricant additives. Finished surfactants, coatings and other downstream products are excluded from the DMAPA revenue estimate.
DMAPA is a building block for cocamidopropyl betaine and related surfactants used in shampoos, body washes and dishwashing products. Producers serving consumer brands require consistent quality and supply, so the largest application tends to support repeat orders rather than episodic equipment-style purchases.
The outlook reflects expected changes in customer adoption, procurement, technology and regulation. It should be read as a modeled scenario, not as a guarantee of sales or company performance.
Key Attributes
Attribute
Details
Base year
2025
Historical reference
2018–2025
2025 market size
USD 452.6 million
2026 estimate
USD 474.3 million
2035 market forecast
USD 731.9 million
Reported CAGR
4.92% (2025–2035)
Geographic scope
Global
Primary source
https://www.credenceresearch.com/report/dimethylaminopropylamine-market
Segmentation
By application
The study divides this category into surfactants (betaines and amine oxides); epoxy curing agents; polyurethane catalysts; water treatment chemicals; agrochemical intermediates; fuel and lubricant additives; others. Surfactants led the 2025 value mix with 61.0%. Epoxy curing agents is the fastest-growing modeled subsegment at 5.66% a year. These shares represent Credence Research model outputs, not audited supplier sales.
By end-use industry
The study divides this category into personal care and cosmetics; home care and institutional cleaning; paints, coatings and composites; water treatment; agriculture; automotive and lubricants. Personal care and cosmetics led the 2025 value mix with 44.0%. Paints, coatings and composites is the fastest-growing modeled subsegment at 5.61% a year. These shares represent Credence Research model outputs, not audited supplier sales.
Market Growth Drivers
Mild cleansing formulas sustain high-volume demand
DMAPA is a building block for cocamidopropyl betaine and related surfactants used in shampoos, body washes and dishwashing products. Producers serving consumer brands require consistent quality and supply, so the largest application tends to support repeat orders rather than episodic equipment-style purchases.
Epoxy hardeners provide a faster-growth outlet
DMAPA-based amidoamines are used in epoxy curing systems for floors, protective coatings and composite applications. Wind blade production and industrial maintenance provide additional demand. The report models epoxy curing agents as the fastest-growing application, although their value starts below surfactants.
Capacity integration shapes producer economics
The chemical route depends on dimethylamine and acrylonitrile, making feedstock access and energy costs important. Integrated producers can manage these inputs and purity requirements more directly, while regional buyers value dependable supply and local technical support.
Regional Analysis
Asia Pacific held 44.0% of modeled 2025 revenue, while Asia Pacific is expected to record the fastest regional growth at 5.88%. The allocation follows the study’s defined buyer or provider-revenue scope.
Asia Pacific
Asia Pacific represented 44.0% of modeled 2025 market value. China hosts extensive betaine and epoxy manufacturing and new intermediate capacity. Regional performance also depends on local regulation, industrial investment and purchasing conditions.
Europe
Europe represented 23.0% of modeled 2025 market value. Specialty formulations and high-purity specifications sustain demand. Regional performance also depends on local regulation, industrial investment and purchasing conditions.
North America
North America represented 21.0% of modeled 2025 market value. Personal care, coating and water treatment buyers support a mature market. Regional performance also depends on local regulation, industrial investment and purchasing conditions.
Latin America
Latin America represented 7.0% of modeled 2025 market value. Brazilian and Mexican cleaning and personal care production expands. Regional performance also depends on local regulation, industrial investment and purchasing conditions.
Middle East and Africa
Middle East and Africa represented 5.0% of modeled 2025 market value. Industrial chemicals and water treatment provide emerging outlets. Regional performance also depends on local regulation, industrial investment and purchasing conditions.
Market Challenges
Input prices and possible overcapacity
Changes in acrylonitrile and dimethylamine costs can pressure margins. New Asian capacity could also exceed near-term demand, creating price competition, especially for producers that lack integrated feedstock or differentiated purity grades.
Handling and product-purity requirements
DMAPA is a hazardous industrial intermediate requiring careful handling. Residual amines in downstream betaines can create sensitization concerns, so cosmetics customers increasingly emphasize analytical control, specifications and supplier qualification.
Future Outlook
Asia Pacific should remain the main production and demand center, with surfactants anchoring volume and epoxy applications contributing above-average growth. Supplier positioning will depend on feedstock integration, reliable logistics, high-purity grades and the pace at which new capacity is absorbed.
Competitive Landscape
BASF and Eastman Chemical are identified as integrated DMAPA producers, while Zhangjiagang Feixiang Chemical and Zhejiang Xinhua Chemical participate in Chinese production. Huntsman is relevant to downstream amine chemistry. Solvay, Evonik and Kao are better described as converters or customers for DMAPA-based surfactants rather than direct merchant DMAPA producers. No credible company-specific DMAPA revenue ranking is available.
Key Players
BASF; Eastman Chemical; Zhangjiagang Feixiang Chemical; Zhejiang Xinhua Chemical; Huntsman (downstream derivatives); Solvay (surfactants); Evonik (surfactants); Kao (surfactants)
Recent Developments
Oct. 16, 2025: BASF said the July start-up of expanded DMAPA production in Nanjing nearly doubled the site’s annual capacity and raised BASF’s global DMAPA capacity by more than 20% to approximately 85,000 metric tons.July 2025: As part of the same Nanjing project, BASF expanded polyetheramine capacity by about 25%. This is a related amine-chain investment, not an additional DMAPA plant.
Report Coverage
The study provides market estimates for 2025 and 2035, a 2026 interim estimate, analysis of the defined product and service scope, segment and geographic revenue shares, demand drivers, technology changes, competitive roles, constraints and recent dated developments. The reported CAGR and regional shares are based on Credence Research’s market model. Company announcements are contextual evidence and should not be interpreted as independent verification of the forecast.
Read the complete report and request a sample: https://www.credenceresearch.com/report/dimethylaminopropylamine-market
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About Us
Credence Research Inc. is a global market intelligence and consulting firm founded in 2015. It provides quantitative market research, competitive intelligence and strategic advisory services to businesses, investors and other organizations. Its research draws on primary and secondary information, industry interviews and structured market models.
The firm analyzes market size, growth drivers, segmentation, regional opportunities, supply chains and competitive positioning across industrial, technology, energy, health care and consumer markets. Its studies help clients evaluate strategic and investment decisions with documented assumptions and industry context.
Contact Us
Credence Research Inc.
Tower C-1105, S 25, Akash Tower
Vishal Nagar, Pimple Nilakh, Haveli, Pune 411027, India
USA: +1-888-600-6441
sales@credenceresearch.com
www.credenceresearch.com
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/dimethylaminopropylamine-market-to-reach-usd-731-9-million-by-2035-on-surfactant-and-epoxy-demand-credence-research-finds-302918151.html
Technology
Misty Ventures and Aplicata Technologies Announce Strategic Partnership to Pursue Canadian Defence Opportunities
Published
33 minutes agoon
October 23, 2026By
Together, Aplicata and Misty Ventures will leverage their respective expertise, networks, and resources to support the commercialization of innovative technologies and help bring impactful solutions to government and public-sector markets.
SASKATOON, SK, Oct. 23, 2026 /PRNewswire-PRWeb/ — Misty Ventures, the economic development arm of Mistawasis Nêhiyawak, and Aplicata Technologies, a trusted leader in high-performance computing platforms for mission-critical defence applications, today announced they have signed a Memorandum of Understanding to explore a strategic partnership focused on pursuing and strengthening Canadian defence market opportunities.
Aplicata and Misty Ventures have agreed to form a Saskatchewan-based joint venture to develop and commercialize electronic warfare (EW), signals intelligence (SIGINT) and intelligence, surveillance and reconnaissance (ISR) technologies for Canadian defence.
The joint venture will deliver solutions across uncrewed aerial vehicles, aircraft, ground vehicles and naval vessels, providing the Canadian Armed Forces with a decisive operational advantage through advanced, mission-critical technology. It brings together Aplicata’s engineering, manufacturing and market expertise with Misty Ventures’ business development experience and its access to skilled talent and defence markets.
A guiding principle of the partnership is to build upon the strong business acumen, entrepreneurial capacity, and strategic vision of Mistawasis Nêhiyawak and its affiliated Indigenous communities. Through this partnership, Mistawasis Nêhiyawak seeks to leverage these strengths to contribute meaningfully to Canada’s defence priorities, supporting the development of sovereign capabilities, domestic innovation, and resilient Canadian supply chains. In addition to technology licensing, Aplicata intends to support the partnership through advanced knowledge and skills development, enabling Mistawasis Nêhiyawak to further expand its participation in Canada’s defence and security ecosystem and create lasting economic opportunity.
“This partnership reflects our commitment to building long-term, sustainable economic opportunities for Mistawasis Nêhiyawak and our broader community,” said Robert Daniels, Chief Executive Officer of Misty Ventures. “By combining our experience and market reach with Aplicata’s proven technology and market expertise, we believe we can create a defence sector business that delivers real value for Canada while creating meaningful opportunities for our people.”
“Aplicata brings a long history of innovation in advanced technologies for defence,” said Mohammad Darwish, Chief Executive Officer of Aplicata Technologies. “Partnering with Misty Ventures allows us to bring our capabilities to the Canadian defence market in a way that also creates lasting economic benefit for Mistawasis Nêhiyawak. We’re excited about the opportunity to build something meaningful together.”
About Misty Ventures
Since 2015, Misty Ventures has been the economic development entity of Mistawasis Nêhiyawak, growing through strategic partnerships across Saskatchewan’s construction, mining, oil and gas, and renewable energy sectors. Misty Ventures continues to pursue investments and collaborations aligned with its vision, mission, and values.
About Aplicata Technologies
Aplicata is a trusted leader in high-performance computing platforms for mission-critical defence applications. We create innovative solutions engineered for performance and reliability, delivering results our customers can depend on. Rooted in a culture of collaboration and driven by a shared sense of purpose, we serve government and commercial organizations alike, pushing the boundaries of technology to enable new possibilities.
Media Contact
Media Relations, Aplicata Technologies, 1 (844) 250-6300, media@aplicata.com, www.aplicata.com
View original content to download multimedia:https://www.prweb.com/releases/misty-ventures-and-aplicata-technologies-announce-strategic-partnership-to-pursue-canadian-defence-opportunities-302917752.html
SOURCE Aplicata Technologies
Amid Rising Costs and Surgical Disruptions in ASCs, NorthStar Anesthesia Strengthens Focus on ASC Partnerships
Dimethylaminopropylamine Market to Reach USD 731.9 Million by 2035 on Surfactant and Epoxy Demand, Credence Research Finds
Misty Ventures and Aplicata Technologies Announce Strategic Partnership to Pursue Canadian Defence Opportunities
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