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Docusign Announces Second Quarter Fiscal 2025 Financial Results

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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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ASTRI Showcases Pioneering Technologies at InnoCarnival 2026

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8 minutes ago

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October 24, 2026

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Driving Technology Adoption, Shaping a Vision for the Future

HONG KONG, Oct. 24, 2026 /PRNewswire/ — The Hong Kong Applied Science and Technology Research Institute (ASTRI) is proud to present a range of cutting-edge technologies and practical solutions at this year’s InnoCarnival, spanning communications technology, smart cities, IoT sensing, and renewable energy and energy storage. ASTRI’s innovations address urban development needs and everyday applications, driving diversity in the innovation and technology (I&T) sector.

Organised by the Innovation and Technology Commission of the Hong Kong SAR Government, the InnoCarnival 2026 runs from today through 1 November at Hong Kong Science Park (HKSP) with the theme of “Lead with I&T, Dream to Fly High “, offering the public an opportunity to experience the transformative power and I&T vibrancy.

Ir Dr Ted Suen, Chief Executive Officer of ASTRI, stated: “Innovation is not just about breakthroughs in the lab – it’s about putting technology into practice, empowering industries, and benefiting society as a whole. At ASTRI, we align closely with the government’s priorities in advancing AI development and accelerating new industrialisation. Through our participation in the InnoCarnival, we showcase various state-of-the-art technologies, some of which have been co-developed with industry partners and are already in commercial rollout. These innovations demonstrate the tangible benefits of technology in daily life and inspire the public to explore their curiosity about science and innovation.”

He highlighted the InnoCarnival as a key platform to bridge the I&T community with the public. “This annual landmark event motivates young people to explore their potential and encourages them to pursue careers in Hong Kong’s growing I&T sector,” he added.

ASTRI’s booth (A08), located at the HKSP’s Atrium Link, features interactive games powered by its groundbreaking technologies “5G-SAT Link” and “Omniguard-All-Weather Multispectral Surveillance System” technologies. Visitors can also explore other advanced solutions on display, including the dual-purpose “SafeStop Dual-purpose Impact Dissipation Bollard”, the “Hybrid-Powered Asset Tracker”, and the award-winning “NIR Secure Anti-Counterfeit Solutions”, which received gold award at the prestigious Edison Awards.

1. 5G-SAT Link
ASTRI’s “5G-SAT Link” technology delivers seamless, comprehensive communications coverage—even in remote areas, emergency scenarios where infrastructure is compromised, or at sea and in the air.

2. Omniguard: All-Weather Multispectral Surveillance System
The “Omniguard” is equipped with exceptional fog penetration capabilities, superior contrast, and crystal-clear signal quality. Leveraging its advanced shortwave and longwave infrared sensors, the system can even detect non-metallic vessels that are difficult for radar systems to identify in harsh coastal environments.

3. SafeStop Dual-purpose Impact Dissipation Bollard
Developed by ASTRI, the “SafeStop Bollard” features a unique material design inspired by the retractable claw structure of cats. Its 3D tension-expansion composition allows it to effectively dissipate kinetic energy from moving vehicles, providing dual protection by blocking vehicles while minimising potential harm to occupants. Certified to meet international crash-test standards, the bollard’s shallow foundation design makes it ideal for fast and efficient installation in high-traffic urban locations.

4. Hybrid-Powered Asset Tracker
The “Hybrid-Powered Asset Tracker” enables efficient, real-time management of airport equipment such as baggage carts over extended periods. Supported by the Airport Authority Hong Kong, the tracker is compatible with airport wireless networks and utilises automatic Bluetooth-GPS switching for seamless indoor and outdoor location updates. With a long-lasting battery combined with an efficient, low-light solar panel, the tracker extends its lifespan from under two years to five years.

5. NIR Secure Anti-Counterfeit Solutions
The “NIR Secure Anti-Counterfeit Solutions” offer an innovative authentication system by embedding covert near-infrared (NIR) absorbing materials into product packaging. Users can verify product authenticity instantly using a smartphone, paired with an NIR reader and mobile app. Highly scalable and robust, this solution combats counterfeit goods while preserving the original product design and production workflow. Co-developed with Zhuhai Print-Rite New Materials Corporation Ltd., this technology sets a new benchmark in secure authentication.

Photos Download: https://bit.ly/4iguifh

About ASTRI

Founded in 2000 by the HKSAR Government, Hong Kong Applied Science and Technology Research Institute (ASTRI) is the city’s largest government-funded R&D centre. Committed to transforming high-impact research into practical innovations, ASTRI drives market-driven, interdisciplinary advancements across sectors, including Smart City, FinTech, Digital Health and Life Sciences, New Industrialisation and Intelligent Manufacturing, Application-Specific Integrated Circuits (ASIC) and Advanced Electronics, New Energy and Energy Storage, and Green and ESG Technologies. Following its merger with the Nano and Advanced Materials Institute, ASTRI has further strengthened its capabilities, with over 1,500 patents and 2,200 successful cases of technology transfer. Recognised with numerous international awards, ASTRI continues to nurture top I&T talent and foster collaborations among the I&T ecosystem, contributing to Hong Kong’s high-value economic development. For more information, please visit: https://www.astri.org 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/astri-showcases-pioneering-technologies-at-innocarnival-2026-302918617.html

SOURCE Hong Kong Applied Science and Technology Research Institute (ASTRI)

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Best Magnetic Stand Cases for iPhone 18 Pro & iPhone 18 Pro Max in 2026: TORRAS Recognized as a Top Choice by Expert Consumers

Published

8 minutes ago

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October 24, 2026

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NEW YORK, Oct. 24, 2026 /PRNewswire/ — Expert Consumers has recognized the TORRAS Magnetic Stand Case as a top choice for iPhone 18 Pro and iPhone 18 Pro Max users seeking built-in stand functionality, magnetic accessory support, and everyday convenience. The recognition highlights TORRAS’s Q-series and O-series lineup, including Q3 Spin, O3 Fitness, Q3 Silicone, Q3 Wind, Q3 VegSkin, and Q3 Air Essential.

Best MagSafe Cases:

TORRAS – offers magnetic stand cases with rotating and adjustable viewing mechanisms, support for compatible MagSafe accessories, and different materials and grip designs. Its Ostand lineup provides options for desk work, entertainment, fitness, travel, and everyday smartphone use.

As smartphones become increasingly central to video calls, navigation, streaming, and mobile work, the role of a phone case has expanded beyond protection. For consumers researching the best MagSafe case, the ability to position a phone hands-free, connect compatible accessories, and maintain comfortable everyday handling can make a meaningful difference.

Expert Consumers examined the features that matter when choosing a magnetic stand case, including stand practicality, viewing flexibility, magnetic functionality, charging compatibility, material feel, and documented durability features. The review highlights how TORRAS addresses these priorities through multiple stand configurations and case designs.

TORRAS Ostand Series Combines Stand and Magnetic Functionality

The TORRAS Ostand lineup integrates stand mechanisms into magnetic phone cases, reducing the need for separate hands-free viewing accessories. Rather than offering one universal configuration, the Q-series and O-series address different preferences for stand movement, grip, materials, and everyday use.

The TORRAS Q3 Spin features a 360-degree rotating ring stand that folds flat when not in use. The design supports flexible positioning for portrait video calls, landscape streaming, and desk use. For the iPhone 18 Pro version, TORRAS specifies an 18N magnetic holding force for compatible accessories and states that the stand mechanism has been tested through 30,000 rotations.

The TORRAS O3 Fitness offers additional adjustment for users who frequently move between handheld and hands-free activities. Available for iPhone 18 Pro and Pro Max, its aluminum stand provides 360-degree rotation, up to 180-degree tilt, and grip functionality. TORRAS lists 38 N56 magnets arranged in a Halbach array, delivering up to 18N of magnetic force. The design is particularly relevant for workouts, filming, travel, and video calls.

For users prioritizing a softer case feel, the TORRAS Q3 Silicone combines a liquid silicone exterior with a 360-degree rotating stand. Its documented iPhone 18 Pro Max version uses N52 magnets in a Halbach array for compatible magnetic charging and accessories. A microfiber interior and reinforced construction complement the soft-touch finish, supporting comfortable everyday handling.

The TORRAS Q3 Wind takes a related approach to comfort while offering a different stand configuration. Its iPhone 18 Pro Max version features 360-degree rotation and an opening range of up to 180 degrees. The stand can also function as a finger grip. TORRAS specifies N56 magnets in a Halbach array with an 18N magnetic holding force, combining flexible viewing with magnetic accessory support.

The TORRAS Q3 VegSkin emphasizes material finish alongside everyday functionality. Available for iPhone 18 Pro and Pro Max, it features an organic silicone-leather exterior and a 360-degree rotating aluminum stand. Its N56 Halbach magnetic system provides a stated 18N holding force. The combination makes it suitable for meetings, commuting, presentations, and users who prefer a more refined case appearance.

The TORRAS Q3 Air Essential combines rotating stand functionality with textured handling surfaces and Air Pro cushioning. Available in dedicated iPhone 18 Pro and Pro Max versions, it features a 360-degree rotating stand for hands-free viewing and a stated magnetic holding force of up to 18N. Its textured exterior is designed to support grip during everyday use, while cushioning provides an additional protective element.

Together, these models demonstrate how integrated stand cases can accommodate different routines without requiring users to rely on separate stands or grips.

Practical Features for Everyday Phone Use

A magnetic stand case becomes more useful when its design matches the way a phone is used. The TORRAS lineup includes configurations suited to several everyday situations:

Desk work and streaming: Q3 Spin provides a rotating ring stand for changing between portrait and landscape viewing.Fitness and filming: O3 Fitness combines 360-degree rotation, up to 180-degree tilt, and grip functionality for flexible positioning.Comfortable everyday handling: Q3 Silicone and Q3 Wind combine soft-touch finishes with adjustable stand mechanisms.Office use and commuting: Q3 VegSkin offers rotating stand functionality with a leather-inspired exterior.Travel and hands-free viewing: Q3 Air Essential combines a rotating stand with textured grip and cushioning.

Magnetic functionality is another shared consideration. The featured models support compatible MagSafe chargers and accessories, including magnetic mounts and wallets. However, magnet grades, arrangements, and attachment specifications differ between models.

These distinctions allow buyers to consider not only whether a case supports MagSafe accessories, but also how its stand mechanism and exterior design suit everyday habits.

Evaluating Durability, Handling, and Design

Expert Consumers’ evaluation considers the practical trade-offs of integrated stand cases. A built-in stand can reduce the need for additional accessories, but it also introduces a moving component that should be evaluated for convenience, durability, and comfort.

Stand construction varies across the lineup. Q3 Spin uses a rotating ring mechanism, while O3 Fitness offers additional tilt adjustment. Q3 Wind combines rotation with a wider opening range, and Q3 Silicone, Q3 VegSkin, and Q3 Air Essential provide their own approaches to rotating stand functionality.

Material choice also affects handling. The TORRAS magnetic stand case lineup includes soft silicone finishes, leather-inspired textures, and textured cushioning designs intended to address different preferences for grip and everyday carrying.

Manufacturer-stated testing offers additional product context. TORRAS reports 30,000 rotations for the Q3 Spin stand mechanism, although such figures should not be treated as guarantees of performance under every condition.

Protection features should also be considered separately from stand durability. Raised edges, cushioning, and reinforced construction may contribute to a case’s protective design, but the best choice ultimately depends on the intended phone model, handling preferences, and frequency of hands-free use.

A Complementary Screen-Protection Option

TORRAS also offers the SunView AR Ultra Screen Protector for iPhone 18 Pro and Pro Max, as well as iPhone 17 Pro and Pro Max.

The protector incorporates seven anti-reflective layers and two anti-fouling layers. TORRAS specifies film-only reflectance below 0.8%, light transmittance above 95%, and approximately 97% coverage through its 2.5D silk-screened glass.

Designed to reduce distracting reflections and fingerprint oils, the protector offers a complementary option for users who frequently check maps, messages, workout information, or camera previews outdoors.

Choosing a Magnetic Stand Case

Expert Consumers’ recognition of TORRAS highlights the growing importance of integrated stand functionality in everyday phone accessories. Rather than selecting a case solely for its appearance or magnetic attachment, buyers can consider viewing flexibility, stand construction, material feel, charging compatibility, and intended use.

The TORRAS Ostand lineup provides several approaches to these priorities. Q3 Spin emphasizes rotating viewing positions, O3 Fitness adds movement and grip flexibility, Q3 Silicone and Q3 Wind focus on comfortable handling, Q3 VegSkin combines functionality with a refined finish, and Q3 Air Essential balances adjustable viewing with textured grip and cushioning.

For consumers comparing magnetic stand cases for iPhone 18 Pro and iPhone 18 Pro Max, the most suitable option depends on viewing preferences, magnetic accessory compatibility, and everyday handling. Shoppers can explore the TORRAS Magnetic Stand Case to learn more about its integrated stand functionality and magnetic features.

The full review, including detailed product comparisons and buying considerations, is available at the Expert Consumers site.

About TORRAS

TORRAS creates technology accessories that combine protection, thoughtful engineering, and practical everyday function. Across the Q3 Air, Q3 Air Pro, and Ostand product lines, the brand challenges the idea that better protection must mean more bulk, while using Ostand to make hands-free use and spontaneous content capture part of daily life.

About ExpertConsumers.org: Expert Consumers delivers news and insights on consumer products and services. As an affiliate, Expert Consumers may earn commissions from sales generated using links provided.

View original content:https://www.prnewswire.com/news-releases/best-magnetic-stand-cases-for-iphone-18-pro–iphone-18-pro-max-in-2026-torras-recognized-as-a-top-choice-by-expert-consumers-302918040.html

SOURCE ExpertConsumers.org

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2026 China Marine Economy Expo Kicks Off: Embarking Together on a Journey Toward Digital and Smart Ocean

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October 24, 2026

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SHENZHEN, China, Oct. 24, 2026 /PRNewswire/ — On October 22, Shenzhen World Exhibition & Convention Center was illuminated in a deep ocean blue as the 2026 China Marine Economy Expo—themed “Digital and Smart Ocean: Co-creating a Sustainable Future”—officially opened. Spanning an exhibition area of 50,000 square meters, the expo hosts over 350 enterprises and is expected to attract 25,000 professional visits. It focuses on core marine sectors and cutting-edge fields, featuring eight exhibition zones including integrated deep-sea and far-sea energy development and application, green shipping and low-carbon logistics, marine electronic information, marine ecology and sustainable development, offshore applications of the low-altitude economy, full-space marine monitoring and disaster early warning, marine biomedicine, and modern marine services and coastal cultural tourism, as well as three specialized exhibition zones dedicated to international participation, industrial clusters, and accelerated technological innovation, which together present the complete ecosystem of marine industries across their entire value chain.

The international zone stands as one of the most prominent core zones. For the first time, China Marine Economy Expo has introduced a Guest Country of Honor mechanism, with France serving as the inaugural honoree. France pavilion offers an immersive experience of its Mission Neptune, and showcases the achievements of Sino-French cooperation in deep-sea research, polar affairs, marine engineering, digital marine technologies, etc. in collaboration with Deep Blue Voyager 2035 global ocean expedition (an international cooperation initiative under UN Ocean Decade spearheaded by China Ocean Mineral Resources R&D Association) and Fujian Ocean Innovation Center.

Hainan, as the inaugural Guest Province of Honor, has brought its leading enterprises to the expo. The enterprises unveil solutions in deep-sea oil and gas, marine renewable energy, deep-sea equipment manufacturing, marine tourism, fisheries, modern marine services, marine biomedicine, subsea embodied-AI robots, large AI models for marine application, quantum-based marine communication and navigation, as well as progress in the development of service and support bases for South China Sea resource exploration, and maritime search and rescue facilities.

Many leading Chinese enterprises, industry front runners and emerging companies are present to demonstrate their capabilities.

Enterprises including China Merchants Group, China Communications Construction Group, China International Marine Containers, and Shenzhen Mawan Smart Port present innovations in smart shipping, offshore engineering and port operations. Tech companies like China Telecom, Huawei, Hikvision and China Unicom introduce cross-industry solutions covering large marine AI models, open sea networked communications, subsea cables and underwater connectors, and digital twin technology for the marine environment.

Underwater robotics section offers a particularly immersive experience. Companies such as CRRC SMD, Boya Gongdao, VVLAI, Sealien Robotics, Seahi, T-SEA Tech, QYSEA Technology, Chasing Innovation, and Wujiang Ocean showcase a diverse range of equipment from consumer-grade robots to 6,000 m industrial-grade submersibles, deep-sea trenching gear, and autonomous underwater exploration and imaging installations. Shenzhen Energy Group highlights a project integrating seawater electrolysis for hydrogen production with offshore wind power generation. SANYA Oceanographic Laboratory presents its Magic Needle large AI model for the South China Sea. ZJU-Hengyi Global Innovation Research Center, Zhejiang University features Haihong II deep-sea unmanned submersible.

There is also a wealth of standout innovations in marine materials and parts. Exhibits such as heavy plates for offshore engineering from Baosteel Zhanjiang Steel, deep-sea robotic arms from KathayBot, deep-sea optoelectronic connectors from Lansuo Technology, pressure resistant spherical hulls from Yancheng Huida Glass Instrument, and solid buoyancy materials from T21 offer visitors a glimpse into the essential materials and parts that underpin China’s major national equipment. Professional service organizations including China Classification Society, China Rescue & Salvage, and Shenzhen Court of International Arbitration provide expertise in areas ranging from testing and certification to emergency response, commercial arbitration, and legal services. Additionally, regional delegations from Guangdong, Hainan, Shanghai, Zhejiang, Shenzhen’s Dapeng and Bao’an districts, Huizhou, and Shantou stage a diverse array of marine projects and technological innovations.

Meanwhile, the 2026 Shenzhen Global Marine Economy Forum, serving as a premier platform for international exchanges within China Marine Economy Expo, took place from October 22 to 23. Nearly 50 high-level representatives and professionals from more than 10 countries and regions engaged in in-depth discussions to advance initiatives related to ecological conservation, the resilience of coastal cities, the value of blue carbon, blue finance, and sustainable urban development.

Industry matchmaking and investment promotion efforts also advance steadily, exemplified by events including International Shipping and Cross-Border Trade Matchmaking, Inaugural Greater Bay Area Blue Ocean Summit on University Sci-Tech Innovation and Capital, investment and financing roadshows by marine SMEs, and Investment Promotion for Shenzhen’s Marine Industries. Notably, the 2026 Investment Promotion for Shenzhen’s Marine Industries—held on October 23 and co-hosted by the Shenzhen Municipal Bureau of Marine Development and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, with the support of Bao’an, Longgang and Guangming districts—attracted representatives from around 100 enterprises and organizations specializing in high-end shipping, new energy vessels, deep-sea equipment and other related sectors.

From the technological feast inside exhibition halls to forums covering global ocean governance, blue finance and APEC regional cooperation, and further to city-wide ocean week, yacht shows and public science outreach activities, this edition of China Marine Economy Expo boasts both in-depth professional content for the marine sector and inclusive public experiences with a humanistic touch. It serves not only as a vivid microcosm of the transformation and advancement of China’s marine industries, but also as a vital link for deepening global maritime cooperation and venturing into deep ocean. By gathering guests from all over the world for a journey toward digitally-empowered smart ocean governance, the event ushers in a new chapter of high-quality development in the global marine economy.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/2026-china-marine-economy-expo-kicks-off-embarking-together-on-a-journey-toward-digital-and-smart-ocean-302918625.html

SOURCE 2026 China Marine Economy Expo (CMEE)

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