Technology

Docusign Announces Fourth Quarter and Fiscal Year 2025 Financial Results

Published

1 year ago

March 13, 2025

SAN FRANCISCO, March 13, 2025 /PRNewswire/ — Docusign, Inc. (NASDAQ: DOCU) today announced results for its fourth quarter and fiscal year ended January 31, 2025. 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.

“Fiscal 2025 was a transformative year for Docusign. We launched Docusign IAM, our AI-powered agreement management platform, which is driving rapid traction with customers,” said Allan Thygesen, CEO of Docusign. “In Q4, our business generated strong revenue growth and profitability. We’re well positioned to pursue the significant opportunity ahead.”

Fourth Quarter Financial Highlights

Total revenue was $776.3 million, a 9% year-over-year increase. Subscription revenue was $757.8 million, a 9% year-over-year increase. Professional services and other revenue was $18.5 million, an 11% year-over-year increase.Billings were $923.2 million, an 11% year-over-year increase.GAAP gross margin was 79.4% compared to 79.2% in the same period last year. Non-GAAP gross margin was 82.3% compared to 82.5% in the same period last year.GAAP net income per basic share was $0.41 on 203 million shares outstanding compared to $0.13 on 206 million shares outstanding in the same period last year.GAAP net income per diluted share was $0.39 on 215 million shares outstanding compared to $0.13 on 210 million shares outstanding in the same period last year.Non-GAAP net income per diluted share was $0.86 on 215 million shares outstanding compared to $0.76 on 210 million shares outstanding in the same period last year.Net cash provided by operating activities was $307.9 million compared to $270.7 million in the same period last year.Free cash flow was $279.6 million compared to $248.6 million in the same period last year.Cash, cash equivalents, restricted cash and investments were $1.1 billion at the end of the quarter.Repurchases of common stock were $161.7 million.

Fiscal 2025 Financial Highlights

Total revenue was $2.98 billion, an 8% year-over-year increase. Subscription revenue was $2.90 billion, an 8% year-over-year increase. Professional services and other revenue was $75.4 million, relatively flat when compared to the same period last year.Billings were $3.1 billion, a 7% year-over-year increase.GAAP gross margin was 79.1% compared to 79.3% in the prior year. Non-GAAP gross margin was 82.2% compared to 82.6% in the prior year.GAAP net income per basic share was $5.23 on 204 million shares outstanding compared to $0.36 on 204 million shares outstanding in fiscal 2024.GAAP net income per diluted share was $5.08 on 210 million shares outstanding compared to $0.36 on 209 million shares outstanding in fiscal 2024.Non-GAAP net income per diluted share was $3.55 on 210 million shares outstanding compared to $2.98 on 209 million shares outstanding in fiscal 2024.Repurchases of common stock were $683.5 million compared to $145.5 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.”

Key Business Highlights:

Global Expansion of Intelligent Agreement Management (“IAM”) Platform:

Docusign announced the global release of IAM for Sales and IAM Core in December 2024, excluding Japan. As part of the global expansion, Navigator became available to customers in every country where Docusign products are available for sale. Navigator has been localized in all 14 Docusign-supported languages. Navigator AI extractions are built to support agreements in English-language variants, French, and German only.In November 2024, IAM plans were made available for Enterprise customers specific to departmental use cases.Docusign for Developers: Launched in November of 2024, Docusign for Developers enables partners to build integrations on IAM through a suite of performant and secure application programming interfaces (“APIs”) and software development kits (“SDKs”), create extension apps for IAM, and build automated workflows in Maestro.

Additional IAM launches are categorized into the three steps of the agreement journey, including:

Create:

Docusign + Microsoft Power Automate: Docusign integration with Power Automate allows customers to automate workflows to synchronize agreements, get notifications, and generate personalized agreements.Advanced Web Forms – Document Exclusion Rules and Multi-Recipient Forms: Web Forms streamline data collection and accelerate agreement signing through interactive, mobile-friendly forms that enhance customer experiences. Users can now conditionally display the correct documents within a template based on data collected and support forms with multiple recipients.

Commit:

Identity Wallet for Liveness: Identity Wallet allows customers to easily and securely re-apply stored identity to every agreement. Users can quickly set up Identity Wallet to store their verified identity details while maintaining consistent security.

Manage:

Docusign Navigator Agreement Sets: For contract managers who oversee large volumes of agreements, Navigator agreement sets provide a transformative way for organizations to organize agreements into flexible sets.Party Management in Docusign Navigator: Party Management allows customers to gain a holistic view of their contracts to understand the state of the contractual relationship and obligations by reducing duplicate identification of customers.

Contract Lifecycle Management (“CLM”) Product Releases and Highlights:

AI-Assisted Review for CLM: Docusign AI-Assisted Review for Docusign CLM accelerates contract review, enabling more team members to participate in negotiations without compromising compliance, freeing legal teams to focus on strategic work. This tool, available to U.S. CLM and CLM+ customers, uses generative AI to automate reviews, suggest compliant language, and quickly answer contract-related questions, streamlining the path to signature.

Guidance

The company currently expects the following guidance:

Quarter ending April 30, 2025 (in millions, except percentages):

Total revenue [1]

$745

$749

Subscription revenue

$729

$733

Billings [2]

$741

$751

Non-GAAP gross margin

80.5 %

81.5 %

Non-GAAP operating margin

27.0 %

28.0 %

Non-GAAP diluted weighted-average shares outstanding

210

215

Fiscal year ending January 31, 2026 (in millions, except percentages):

Total revenue [1]

$3,129

$3,141

Subscription revenue

$3,062

$3,074

Billings [2]

$3,300

$3,354

Non-GAAP gross margin

80.5 %

81.5 %

Non-GAAP operating margin

27.8 %

28.8 %

Non-GAAP diluted weighted-average shares outstanding

210

215

[1] Excluding the impact of foreign currency exchange rates on year-over-year guided growth, revenue guidance range would be approximately 0.7% point higher for both the quarter ending April 30, 2025 and the fiscal year ending January 31, 2026.

[2] Excluding the impact of foreign currency exchange rates on year-over-year guided growth, billings guidance range would be approximately 1.0% point higher for both the quarter ending April 30, 2025 and the fiscal year ending January 31, 2026.

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 March 13, 2025 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 (ET) March 27, 2025, using the passcode 13751751.

About Docusign

Docusign brings agreements to life. Nearly 1.7 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’s IAM platform, companies can create, commit, and manage agreements with solutions created by the #1 company in e-signature and CLM. Learn more at www.docusign.com.

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, rollout and customer demand 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 or foreign exchange rates, and market volatility on the global economy; our inability to accurately estimate our market opportunity; our ability to compete effectively in an evolving and competitive market; the impact of any interruptions or delays in performance of our technical infrastructure, or data breaches, cyberattacks or other fraudulent or malicious activity attempting to exploit our technology systems, platform or brand name; our ability to effectively sustain and manage our growth and future expenses and maintain or increase profitability; our ability to attract new customers and retain and expand our existing customer base, including our ability to attract large organizations as users; 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 and to successfully deploy them; our ability to successfully develop, launch and sell Intelligent Agreement Management (“IAM”) solutions; 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; 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 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 geopolitical conflict or changes in trade policy; 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, quarterly report on Form 10-Q for the quarter ended October 31, 2024, filed on December 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, acquisition-related expenses, fair value adjustments to strategic investments, 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 each of the years ended January 31, 2025 and 2024, 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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended
January 31,

Year Ended
January 31,

(in thousands, except per share data)

2025

2024

2025

2024

Revenue:

Subscription

$ 757,767

$ 695,682

$ 2,901,309

$ 2,686,708

Professional services and other

18,485

16,704

75,430

75,174

Total revenue

776,252

712,386

2,976,739

2,761,882

Cost of revenue:

Subscription

138,884

120,551

532,445

459,905

Professional services and other

21,327

27,356

89,214

112,716

Total cost of revenue

160,211

147,907

621,659

572,621

Gross profit

616,041

564,479

2,355,080

2,189,261

Operating expenses:

Sales and marketing

301,288

300,221

1,160,993

1,168,137

Research and development

155,463

151,524

588,455

539,488

General and administrative

98,821

102,711

375,983

419,621

Restructuring and other related charges

—

29,721

30,381

Total operating expenses

555,572

554,544

2,155,152

2,157,627

Income from operations

60,469

9,935

199,928

31,634

Interest expense

(400)

(1,709)

(1,550)

(6,844)

Interest income and other income, net

7,818

21,516

49,563

68,889

Income before provision for (benefit from) income taxes

67,887

29,742

247,941

93,679

Provision for (benefit from) income taxes

(15,604)

2,501

(819,944)

19,699

Net income

$ 83,491

$ 27,241

$ 1,067,885

$ 73,980

Net income per share attributable to common stockholders:

Basic

$ 0.41

$ 0.13

$ 5.23

$ 0.36

Diluted

$ 0.39

$ 0.13

$ 5.08

$ 0.36

Weighted-average shares used in computing net income per share:

Basic

203,299

205,514

204,329

204,070

Diluted

214,507

209,581

210,339

208,950

Stock-based compensation expense included in costs and expenses:

Cost of revenue—subscription

$ 13,712

$ 13,517

$ 58,348

$ 51,660

Cost of revenue—professional services and other

4,174

6,977

18,639

28,336

Sales and marketing

48,213

53,251

202,609

203,855

Research and development

53,422

54,753

204,238

184,211

General and administrative

30,426

32,502

121,665

143,773

Restructuring and other related charges

—

4,836

5,012

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands)

January 31,
2025

January 31,
2024

Assets

Current assets

Cash and cash equivalents

$ 648,623

$ 797,060

Investments—current

314,924

248,402

Accounts receivable, net

429,582

439,299

Contract assets—current

13,764

15,922

Prepaid expenses and other current assets

82,368

66,984

Total current assets

1,489,261

1,567,667

Investments—noncurrent

134,105

121,977

Property and equipment, net

299,370

245,173

Operating lease right-of-use assets

109,630

123,188

Goodwill

454,477

353,138

Intangible assets, net

76,388

50,905

Deferred contract acquisition costs—noncurrent

467,201

409,627

Deferred tax assets—noncurrent

840,470

2,031

Other assets—noncurrent

141,803

97,584

Total assets

$ 4,012,705

$ 2,971,290

Liabilities and Equity

Current liabilities

Accounts payable

$ 30,697

$ 19,029

Accrued expenses and other current liabilities

99,579

104,037

Accrued compensation

227,115

195,266

Contract liabilities—current

1,455,442

1,320,059

Operating lease liabilities—current

19,077

22,230

Total current liabilities

1,831,910

1,660,621

Contract liabilities—noncurrent

21,523

21,980

Operating lease liabilities—noncurrent

105,350

120,823

Deferred tax liability—noncurrent

20,596

16,795

Other liabilities—noncurrent

30,634

21,332

Total liabilities

2,010,013

1,841,551

Stockholders’ equity

Common stock

Treasury stock

(2,871)

(2,164)

Additional paid-in capital

3,321,242

2,821,461

Accumulated other comprehensive loss

(28,376)

(19,360)

Accumulated deficit

(1,287,323)

(1,670,219)

Total stockholders’ equity

2,002,692

1,129,739

Total liabilities and equity

$ 4,012,705

$ 2,971,290

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended
January 31,

Year Ended
January 31,

(in thousands)

2025

2024

2025

2024

Cash flows from operating activities:

Net income

$ 83,491

$ 27,241

$ 1,067,885

$ 73,980

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization

28,707

23,633

107,804

95,062

Amortization of deferred contract acquisition and fulfillment costs

64,486

52,382

237,217

200,163

Amortization of debt discount and transaction costs

139

1,027

554

4,749

Non-cash operating lease costs

4,602

4,811

19,065

21,310

Stock-based compensation expense

149,947

161,016

610,335

616,847

Deferred income taxes

(22,103)

(973)

(839,989)

6,292

Other

(361)

(551)

6,111

(1,904)

Changes in operating assets and liabilities

Accounts receivable

(128,616)

(81,221)

2,075

71,681

Prepaid expenses and other current assets

(9,334)

7,300

(17,634)

(657)

Deferred contract acquisition and fulfillment costs

(87,618)

(78,649)

(302,166)

(255,159)

Other assets

(5,884)

(1,413)

(22,002)

(15,432)

Accounts payable

9,152

4,263

7,638

(4,826)

Accrued expenses and other liabilities

10,081

4,101

2,935

6,473

Accrued compensation

70,364

38,347

29,236

33,979

Contract liabilities

146,285

115,371

129,854

152,247

Operating lease liabilities

(5,426)

(5,987)

(21,646)

(25,279)

Net cash provided by operating activities

307,912

270,698

1,017,272

979,526

Cash flows from investing activities:

Cash paid for acquisition, net of acquired cash

—

(143,611)

—

Purchases of marketable securities

(77,699)

(132,875)

(411,236)

(336,221)

Maturities of marketable securities

74,500

222,352

340,334

473,869

Purchases of strategic and other investments

(750)

(125)

(1,375)

(645)

Purchases of property and equipment

(28,342)

(22,114)

(96,988)

(92,391)

Net cash provided by (used in) by investing activities

(32,291)

67,238

(312,876)

44,612

Cash flows from financing activities:

Repayments of convertible senior notes

—

(689,896)

—

(726,979)

Repurchases of common stock

(161,725)

—

(683,528)

(145,515)

Settlement of capped calls, net of related costs

—

23,688

Payment of tax withholding obligation on net RSU settlement and ESPP purchase

(81,148)

(45,922)

(213,282)

(144,218)

Proceeds from exercise of stock options

11,359

784

22,705

13,991

Proceeds from employee stock purchase plan

—

35,314

32,994

Net cash used in financing activities

(231,514)

(735,034)

(838,791)

(946,039)

Effect of foreign exchange on cash, cash equivalents and restricted cash

(5,311)

5,096

(7,550)

199

Net increase (decrease) in cash, cash equivalents and restricted cash

38,796

(392,002)

(141,945)

78,298

Cash, cash equivalents and restricted cash at beginning of period (1)

620,758

1,193,501

801,499

723,201

Cash, cash equivalents and restricted cash at end of period (1)

$ 659,554

$ 801,499

$ 659,554

$ 801,499

(1) Cash, cash equivalents and restricted cash included restricted cash of $10.9 million and $4.4 million as of January 31, 2025 and January 31, 2024.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited)

Reconciliation of gross profit (loss) and gross margin:

Three Months Ended
January 31,

Year Ended January 31,

(in thousands)

2025

2024

2025

2024

GAAP gross profit

$ 616,041

$ 564,479

$ 2,355,080

$ 2,189,261

Add: Stock-based compensation

17,886

20,494

76,987

79,996

Add: Amortization of acquisition-related intangibles

3,564

2,070

12,267

8,857

Add: Employer payroll tax on employee stock transactions

1,176

337

3,909

2,262

Add: Lease-related impairment and lease-related charges

—

721

Non-GAAP gross profit

$ 638,667

$ 587,380

$ 2,448,243

$ 2,281,097

GAAP gross margin

79.4 %

79.2 %

79.1 %

79.3 %

Non-GAAP adjustments

2.9 %

3.3 %

3.1 %

3.3 %

Non-GAAP gross margin

82.3 %

82.5 %

82.2 %

82.6 %

GAAP subscription gross profit

$ 618,883

$ 575,131

$ 2,368,864

$ 2,226,803

Add: Stock-based compensation

13,712

13,517

58,348

51,660

Add: Amortization of acquisition-related intangibles

3,564

2,070

12,267

8,857

Add: Employer payroll tax on employee stock transactions

921

232

2,882

1,464

Add: Lease-related impairment and lease-related charges

—

505

Non-GAAP subscription gross profit

$ 637,080

$ 590,950

$ 2,442,361

$ 2,289,289

GAAP subscription gross margin

81.7 %

82.7 %

81.6 %

82.9 %

Non-GAAP adjustments

2.4 %

2.2 %

2.6 %

2.3 %

Non-GAAP subscription gross margin

84.1 %

84.9 %

84.2 %

85.2 %

GAAP professional services and other gross loss

$ (2,842)

$ (10,652)

$ (13,784)

$ (37,542)

Add: Stock-based compensation

4,174

6,977

18,639

28,336

Add: Employer payroll tax on employee stock transactions

255

105

1,027

798

Add: Lease-related impairment and lease-related charges

—

216

Non-GAAP professional services and other gross income (loss)

$ 1,587

$ (3,570)

$ 5,882

$ (8,192)

GAAP professional services and other gross margin

(15.4) %

(63.8) %

(18.3) %

(49.9) %

Non-GAAP adjustments

24.0 %

42.4 %

26.1 %

39.0 %

Non-GAAP professional services and other gross margin

8.6 %

(21.4) %

7.8 %

(10.9) %

Reconciliation of operating expenses:

Three Months Ended
January 31,

Year Ended
January 31,

(in thousands)

2025

2024

2025

2024

GAAP sales and marketing

$ 301,288

$ 300,221

$ 1,160,993

$ 1,168,137

Less: Stock-based compensation

(48,213)

(53,251)

(202,609)

(203,855)

Less: Amortization of acquisition-related intangibles

(3,354)

(2,631)

(12,450)

(10,518)

Less: Employer payroll tax on employee stock transactions

(2,242)

(1,104)

(7,593)

(5,049)

Less: Lease-related impairment and lease-related charges

—

(2,171)

Non-GAAP sales and marketing

$ 247,479

$ 243,235

$ 938,341

$ 946,544

GAAP sales and marketing as a percentage of revenue

38.8 %

42.1 %

39.0 %

42.3 %

Non-GAAP sales and marketing as a percentage of revenue

31.9 %

34.2 %

31.5 %

34.3 %

GAAP research and development

$ 155,463

$ 151,524

$ 588,455

$ 539,488

Less: Stock-based compensation

(53,422)

(54,753)

(204,238)

(184,211)

Less: Employer payroll tax on employee stock transactions

(1,421)

(605)

(7,013)

(4,276)

Less: Lease-related impairment and lease-related charges

—

(873)

Non-GAAP research and development

$ 100,620

$ 96,166

$ 377,204

$ 350,128

GAAP research and development as a percentage of revenue

20.0 %

21.3 %

19.8 %

19.5 %

Non-GAAP research and development as a percentage of revenue

13.0 %

13.5 %

12.7 %

GAAP general and administrative

$ 98,821

$ 102,711

$ 375,983

$ 419,621

Less: Stock-based compensation

(30,426)

(32,502)

(121,665)

(143,773)

Less: Employer payroll tax on employee stock transactions

(1,504)

(554)

(3,278)

(2,095)

Less: Acquisition-related expenses

—

(4,340)

—

Less: Lease-related impairment and lease-related charges

—

(695)

Non-GAAP general and administrative

$ 66,891

$ 69,655

$ 246,700

$ 273,058

GAAP general and administrative as a percentage of revenue

12.8 %

14.5 %

12.4 %

15.2 %

Non-GAAP general and administrative as a percentage of revenue

8.6 %

9.8 %

8.2 %

9.8 %

Reconciliation of income from operations and operating margin:

Three Months Ended
January 31,

Year Ended
January 31,

(in thousands)

2025

2024

2025

2024

GAAP income from operations

$ 60,469

$ 9,935

$ 199,928

$ 31,634

Add: Stock-based compensation

149,947

161,000

605,499

611,835

Add: Amortization of acquisition-related intangibles

6,918

4,701

24,717

19,375

Add: Employer payroll tax on employee stock transactions

6,343

2,600

21,793

13,682

Add: Acquisition-related expenses

—

4,340

—

Add: Restructuring and other related charges

—

29,721

30,381

Add: Lease-related impairment and lease-related charges

—

4,460

Non-GAAP income from operations

$ 223,677

$ 178,324

$ 885,998

$ 711,367

GAAP operating margin

7.8 %

1.4 %

6.7 %

1.1 %

Non-GAAP adjustments

21.0 %

23.6 %

23.1 %

24.7 %

Non-GAAP operating margin

28.8 %

25.0 %

29.8 %

25.8 %

Reconciliation of net income and net income per share, basic and diluted:

Three Months Ended
January 31,

Year Ended
January 31,

(in thousands, except per share data)

2025

2024

2025

2024

GAAP net income

$ 83,491

$ 27,241

$ 1,067,885

$ 73,980

Add: Stock-based compensation

149,947

161,000

605,499

611,835

Add: Amortization of acquisition-related intangibles

6,918

4,701

24,717

19,375

Add: Employer payroll tax on employee stock transactions

6,343

2,600

21,793

13,682

Add: Acquisition-related expenses

—

4,340

—

Add: Restructuring and other related charges

—

29,721

30,381

Add: Amortization of debt discount and issuance costs

—

1,027

—

5,175

Add: Fair value adjustments to strategic investments

—

(98)

—

Add: Lease-related impairment and lease-related charges

—

4,460

Add: Income tax and other tax adjustments

(61,823)

(37,311)

(1,006,746)

(136,023)

Non-GAAP net income

$ 184,876

$ 159,248

$ 747,209

$ 622,887

Numerator:

Non-GAAP net income

$ 184,876

$ 159,248

$ 747,209

$ 622,887

Add: Interest expense on convertible senior notes

—

425

Non-GAAP net income attributable to common stockholders, diluted

$ 184,876

$ 159,248

$ 747,209

$ 623,312

Denominator:

Weighted-average common shares outstanding, basic

203,299

205,514

204,329

204,070

Effect of dilutive securities

11,208

4,067

6,010

4,880

Non-GAAP weighted-average common shares outstanding, diluted

214,507

209,581

210,339

208,950

GAAP net income per share, basic

$ 0.41

$ 0.13

$ 5.23

$ 0.36

GAAP net income per share, diluted

$ 0.39

$ 0.13

$ 5.08

$ 0.36

Non-GAAP net income per share, basic

$ 0.91

$ 0.77

$ 3.66

$ 3.05

Non-GAAP net income per share, diluted

$ 0.86

$ 0.76

$ 3.55

$ 2.98

Computation of free cash flow:

Three Months Ended
January 31,

Year Ended
January 31,

(in thousands)

2025

2024

2025

2024

Net cash provided by operating activities

$ 307,912

$ 270,698

$ 1,017,272

$ 979,526

Less: Purchases of property and equipment

(28,342)

(22,114)

(96,988)

(92,391)

Non-GAAP free cash flow

279,570

248,584

920,284

887,135

Net cash provided by (used in) by investing activities

(32,291)

67,238

(312,876)

44,612

Net cash used in financing activities

$ (231,514)

$ (735,034)

$ (838,791)

$ (946,039)

Computation of billings:

Three Months Ended
January 31,

Year Ended
January 31,

(in thousands)

2025

2024

2025

2024

Revenue

$ 776,252

$ 712,386

$ 2,976,739

$ 2,761,882

Add: Contract liabilities and refund liability, end of period

1,479,266

1,343,792

1,479,266

1,343,792

Less: Contract liabilities and refund liability, beginning of period

(1,332,828)

(1,228,174)

(1,343,792)

(1,191,269)

Add: Contract assets and unbilled accounts receivable, beginning of period

18,341

25,253

20,189

16,615

Less: Contract assets and unbilled accounts receivable, end of period

(17,825)

(20,189)

(17,825)

(20,189)

Add: Contract assets and unbilled accounts receivable contributed by acquisitions

—

Less: Contract liabilities and refund liability contributed by acquisitions

—

(5,071)

—

Non-GAAP billings

$ 923,206

$ 833,068

$ 3,109,559

$ 2,910,831

View original content:https://www.prnewswire.com/news-releases/docusign-announces-fourth-quarter-and-fiscal-year-2025-financial-results-302401225.html

SOURCE Docusign, Inc.

Technology

Mox Breaks Even in Q1 2026 amid Strengthening Profitability Outlook, Launches Mox+ Wealth Solutions and Mox Invest Upgrades

Published

59 minutes ago

May 6, 2026

Bringing Wealth Within Reach of all in Hong Kong

HONG KONG, May 6, 2026 /PRNewswire/ — Mox Bank Limited (“Mox” or “the Bank”), on the back of delivering a financial breakeven quarter for Q1 2026, today announced the launch of Mox+. This wealth solution is engineered for Hong Kong’s young professionals and emerging affluent and will be a driver of sustainable profitability for the Bank. Mox+ combines wealth capabilities with curated lifestyle benefits, marking Mox’s evolution from everyday banking to a comprehensive wealth partnership.

The financial achievement was driven by robust momentum across all business lines and achieving a significant milestone demonstrates the success of the accessible business model which after 5 years is now used and valued by over 750,000 customers in Hong Kong.

Barbaros Uygun, CEO of Mox, said, “Achieving financial breakeven for the first quarter of 2026 on the back of a strong 2025 set of results, shows our direction of travel. We have the momentum to drive positive change, providing wealth opportunities to all in Hong Kong and do so in a profitable manner. Our client-centric business model is proving that it is the right one for sustainable profitability.

Our digital wealth management platform serves as a trusted partner for our over 750,000 customers at every stage of life, empowering them to manage their finances with confidence and unlock new possibilities. We are entering a new chapter of growth as we continue to expand our product portfolio and wealth management offerings, with the launch of Mox+ being one such initiative.”

He continued, “To support this evolution, we are evolving into an AI-native bank, doubling our operational capacity through a strategic human-bot partnership, equipping every staff member with a personalised AI assistant to deliver even greater service and efficiency.”

Mox+ members enjoy preferential fees and charges on Mox Invest and preferential pricing on foreign exchange, enhanced deposit rates (3.5% p.a. up to HKD5 million), as well as priority customer support and early access to experiences and new products. These benefits can be gained simply by maintaining an average daily balance of HKD 600,000 or above across all deposits and investments which will lead to automatic qualification for Mox+ for the following month. The programme integrates financial advantages with lifestyle benefits—including curated dining rebates, free hotel stays, Starbucks coffee vouchers, health benefits and exclusive member experiences—reflecting Mox’s belief that wealth building should be both strategic and rewarding.

Jayant Bhatia, Chief Business Officer of Mox, commented, “At Mox, we are dedicated to establishing the financial well-being of Hongkongers. Designed and tailored for Hong Kong’s young professionals and emerging affluent segment, which is underserved in Hong Kong, Mox+ offers solutions for daily savings and preferential wealth management service fees for long-term wealth creation as well as rewarding lifestyle benefits. This is strategically significant as one of our key initiatives to drive business growth and make Wealth Within Reach for Hongkongers.”

Throughout 2025, Mox has already strengthened its product portfolio with new solutions in Mox Invest. The Mox Invest platform saw trading volumes increasing to 2.4 times and assets under management (AUM) growing to 2.6 times that of last year. More than 10% of Mox customers have opened a Mox Invest account, reflecting strong demand for its wealth solutions driven by new products and services. In 2026, we will continue our momentum in launching new and innovative products and services and are already scaling up to serve the next generation of wealth builders in Hong Kong. Having already recently launched a crypto trading service, Mox Invest is set to introduce an IPO subscription service later this year.

The Bank has clear reasons for continuing to develop wealth management products. The “Wealth Behaviours: Insights into how individuals are saving and investing” survey conducted by Mox in collaboration with Ipsos revealed that Hongkongers continue to take a conservative approach to investing, with 63% of their liquid assets kept in cash and deposits – a trend that contributes to “cash drag” and limits potential wealth growth. More than two-thirds of respondents indicated they require an average of 5.6 months to save up to their desired investment threshold and typically delay investing their savings by a further 2.75 months on average, resulting in missed opportunities for long-term wealth accumulation[1]. This survey will continue as an ongoing research initiative to deepen our understanding of Hongkonger’s wealth management behaviours and enable the Bank to develop tailored solutions that puts wealth within reach.

After Mox was amongst the first wave of banks in Asia to offer a crypto trading service, Mox Invest now further offers One Click Investments (a simplified process for buying equities based on themes such as AI, technology, amongst others), Trading Signals, and gives customers access to professional fund strategies including Signature CIO funds developed in partnership between Standard Chartered Bank CIO office and Amundi. The Signature CIO funds offer four different type of funds based on individuals’ risk appetite which could be Conservative, Income, Balanced or Growth. Customers also have options amongst a wide range of funds offered by other world-class fund houses.

A Track Record of Rapid Scale and Adoption in the Last 5 Years

Since its launch in September 2020, Mox has brought to the market more than 15 market-first products or services and achieved significant scale with over 750,000 customers, reflecting the trust and growing preference of Hong Kong consumers for a seamless digital banking experience. To date, Mox customers have driven a cumulative spend of HKD70 billion, supported by a robust volume of 176 million card transactions and approximately 2 billion Asia Miles earned through Mox Card and other banking services. Its commitment to delivering tangible value to customers is further evidenced by the HKD2 billion distributed in cash rewards.

Beyond daily spending, Mox has become central to its customers’ financial lives, facilitating approximately 50 million outward FPS transfers and more than 5 million bill payments. As a preferred companion for travelers, the Mox Card has been used over 31 million times in overseas transactions, contributing to a total of 250 million app engagements as we continue to redefine digital banking for the Hong Kong community.

To learn more about Mox, please visit: mox.com.

About Mox Bank Limited (“Mox”)
Mox is a pioneering digital bank licensed in Hong Kong, and a registered institution (CE number: BNO808) powered by Standard Chartered in partnership with PCCW, HKT and Trip.com. Launched in September 2020, Mox is reimagining banking, unlock more of life’s possibilities, and setting global benchmarks for digital banking from Hong Kong.

Mox is well on track to be the number one digital bank for cards, lending and wealth. In 2026, it was awarded as Best Pure-Play Digital Bank for CX in Hong Kong and Outstanding Digital CX in Banking App/ Platform by The Digital Banker Digital CX Awards. It was also recognised as NeoBank of the Year, Retail Banking, Hong Kong and Best Retail Banking Experience, Hong Kong by The Asset Triple A Digital Finance Awards. In 2025, Mox is ranked as the number one digital bank in Hong Kong in Neobank Ranking 2025 by The Banker, a publication by Financial Times. It was also awarded the Best Digital Bank in Hong Kong by The Asian Banker for three consecutive years, and the Digital Bank of the Year in Hong Kong by Asian Banking & Finance for two years in a row. It was also recognised as one of Asia’s Top 5 mobile banking app and the number one Hong Kong digital banking app in Sia Partners’ 2025 International Mobile Banking Benchmark. Mox Credit Card held its position as the seventh-largest credit card portfolio among all retail banks in Hong Kong[2]. Through a scalable platform, lower cost-to-serve, top-notch customer experience and the unique promise of safe, simple, smart, and fun banking, Mox has found immense affinity among Hong Kong customers: Mox app is the top-rated Hong Kong digital banking app in Apple App Store in Hong Kong[3], scoring 4.8 out of 5. Mox’s influence extends beyond Hong Kong, as shown by the company’s technology and know-how being transferred to Trust Bank in Singapore.

Join us in shaping the future of banking.

Follow Mox on mox.com, Facebook, Instagram, Threads, LinkedIn and YouTube for our latest updates.

[1] The “Wealth Behaviours: Insights into how individuals are saving and investing” study was conducted in collaboration with Ipsos and it surveyed 2,500 working adults with a monthly household income above HKD15,000 in Hong Kong between August 2025 and April 2026.

[2] According to TransUnion’s Market Insights and Intelligence Dashboard (MIID) for the period from January to December 2025.

[3] As of the period from 28 January 2025 to 5 May 2026.

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SOURCE Mox Bank Limited

Technology

UK Students Recognised in National AI Investment Challenge

Published

59 minutes ago

May 6, 2026

University teams apply AI to real-world investment problems, with Lancaster University team taking the top prize.

LONDON, May 6, 2026 /PRNewswire/ — CFA Institute, the global association of investment professionals, has announced the winner of its inaugural AI Investment Challenge, with the top prize awarded to a student team from Lancaster University.

Some 28 teams from 15 universities took part in the competition.

Delivered by CFA Institute and CFA Society UK, the competition brought together students from universities across the United Kingdom to tackle real investment challenges using artificial intelligence. The focus was on practical application, responsible use, and real-world relevance.

Finalists came from Durham University, Heriot-Watt University, Lancaster University, University of Exeter, and University of Manchester.

Teams presented AI-powered solutions to a range of industry challenges, from assessing how carbon pricing affects portfolio values to analysing large volumes of company disclosures and extracting insights from company earnings calls. The winning team from Lancaster University impressed judges with its design of a Disclosure Degradation Detection System – an early-alert tool for analysts that monitors upstream exposure to disclosure risk by analysing company and supplier filings for increasingly vague, complex, or weakening language.

Peter Watkins, Head of University Relations, CFA Institute, said:

“It’s encouraging to see how quickly students can apply technical skills to real investment problems. The strongest teams combined solid analysis with a clear understanding of how AI can be used responsibly in practice. This reflects where the investment industry is heading, with professionals expected to use new technologies effectively while continuing to apply sound human judgement.”

Nick Bartlett, CFA, ASIP, Chief Executive, CFA Society UK, adds:

“It’s been great to see students from across the UK take part. Opportunities like this help people build practical skills, make connections in the industry, and gain confidence in applying what they’ve learned. Bridging that gap between education and industry is increasingly important, as the skills needed for a career in the investment profession continue to evolve.”

The winning team members from Lancaster University are Connor O’Keeffe, Ebro Dossajee, and Bradley McCann.

Connor O’Keeffe, speaking on behalf of the winning team, said:

“The CFA Institute AI Investment Challenge gave us the chance to work on a real investment problem and engage directly with industry professionals. Presenting our work and receiving feedback has been invaluable, and we’re proud to bring first place back to Lancaster. It’s been a great experience for the whole team.”

Steve Young, Professor of Accounting at Lancaster University Management School, commented:

“The AI Investment Challenge is a fabulous initiative from CFA Institute that helps students formulate and execute artificial intelligence solutions to assist investment analysis professionals, and we are thrilled that Brad, Connor, and Ebro have been able to make such a positive contribution to the competition. Congratulations to all teams involved and thank you to CFA Institute and CFA Society UK for organising such an inspiring event.”

The competition was judged on practical relevance, quality of analysis, innovation in the use of AI, responsible use of technology, and clarity of presentation. The final was judged by a panel of six investment industry professionals based in the UK.

University representatives and students can opt-in to be the first to hear about future AI Investment Challenge events via Information Waitlist.

Notes to Editors

The AI Investment Challenge was held on Thursday 30 April 2026 in London.

First, second, and third-place teams received prizes of £2,000, £1,200, and £800, respectively. In addition, all finalist team members received a CFA Program Access Scholarship and the opportunity to showcase their work on CFA Institute platforms.

More information about the AI Investment Challenge is available here: CFA Institute AI Investment Challenge.

About CFA Institute
As the global association of investment professionals, CFA Institute sets the standard for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across 160 markets, CFA Institute has 8 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn, and subscribe on YouTube.

View original content:https://www.prnewswire.co.uk/news-releases/uk-students-recognised-in-national-ai-investment-challenge-302762959.html

Technology

Huawei SPN Helps Yunnan Power Grid Build a Next-Gen High-Speed Bearer Network

Published

59 minutes ago

May 6, 2026

KUNMING, China, May 6, 2026 /PRNewswire/ — As a key energy hub in Southwest China, Yunnan Power Grid Co., Ltd. (Yunnan Power Grid) is tasked with large-scale clean energy transmission and smart grid development. However, the region’s complex terrain and long transmission lines have made this transformation challenging, rendering the digital and intelligent upgrade increasingly urgent. The explosion of production data and the rise of complex service scenarios further amplify this urgency, imposing ever-stricter requirements on the underlying communication bearer network.

Network Transport Challenges in the Digital and Intelligent Transformation of the Power Industry
To tackle these issues, Yunnan Power Grid has chosen SPN to drive the evolution of its next-gen bearer network, incorporating it into both the 14th and 15th Five-Year Plans. The company has progressively rolled out the technology on a large scale across 16 cities, laying a communication foundation for the next two decades. In this strategic upgrade of electric power services, Huawei has emerged as a key partner.

Dual Dividends: Ultimate Experience and Long-Term Value
Since the pilot in 2022, SPN has evolved from a technical trial to a standard architecture across Yunnan Province. With SPN now being deployed in Zhaotong and Pu’er, the full value of the next-gen bearer network is being unleashed.

First, the bandwidth bottleneck has been resolved. The next-gen SPN bearer network resolves bandwidth bottlenecks by breaking the 155 Mbit/s–10 Gbit/s capacity limit. SPN devices boost access layer (substations, power stations, customer centers) bandwidth to 1 Gbit/s, meeting China Southern Power Grid standards. Aggregation and core layers scale up to 50 Gbit/s or 100 Gbit/s based on site and service size. The solution enables 10 Mbit/s fine-granularity hard pipes for end-to-end isolation of power private lines, supporting high-bandwidth services like transmission video surveillance and ensuring smooth evolution.

Second, the bandwidth upgrade has significantly improved inspection and maintenance efficiency. Huawei’s SPN solution enables real-time SLA monitoring (latency, packet loss) and fault localization within minutes, cutting maintenance costs linked to SDH equipment failures. At Qujing Power Supply Bureau, single inspection time dropped from 30 to 3 minutes, and full-cycle maintenance from over 7 hours to 21 minutes. The O&M center now detects major defects 15 days earlier via preset monitoring points. Over six months, site visits fell from 112 to 61—a 45.54% reduction.

Third, the intelligence level of service transport has been greatly improved. Huawei’s SPN solution supports diverse electric power services—from latency-sensitive teleprotection and dispatching to high-traffic video—with reliable transmission. Using FlexE hard and soft slicing, it ensures rigid isolation between services while enhancing bandwidth reuse. IPv4/IPv6 dual stack enables flexible local forwarding and easy IoT access, such as transmission line monitoring and source-grid-load-storage integration.

Finally, SPN provides long-term investment protection. The evolution to 25 Gbit/s to 400 Gbit/s rates can be supported through low-cost upgrades, avoiding repeated construction.

For detailed solutions, please visit our official website:
https://e.huawei.com/en/case-studies/industries/grid/202604-yunnan-power-grid-spn

Photo – https://mma.prnewswire.com/media/2973652/1panbiyi.jpg

View original content:https://www.prnewswire.co.uk/news-releases/huawei-spn-helps-yunnan-power-grid-build-a-next-gen-high-speed-bearer-network-302763900.html