DocuSign Revenue growth (FY, 2017 - FY, 2018), %36%

DocuSign Gross profit (FY, 2018)400.2 M

DocuSign Gross profit margin (FY, 2018), %77.2%

DocuSign Net income (FY, 2018)-52.3 M

DocuSign EBITDA (FY, 2018)9.8 M

DocuSign EBIT (FY, 2018)-51.7 M

DocuSign Cash, 31-Jan-2018256.9 M

DocuSign revenue was $518.50 m in FY, 2018 which is a 35.9% year over year increase from the previous period.

DocuSign revenue breakdown by business segment: 6.5% from Professional Services and Other and 93.5% from Subscription

DocuSign revenue breakdown by geographic segment: 17.3% from International and 82.7% from United States

Date | Shares Issued | Share Price | Amount Raised | Post-money Valuation | Valuation Step-up | |
---|---|---|---|---|---|---|

## Series A | May 2004 | 5,650,759 | 0.77 | 4.3 m | 11.5 m | |

## Series A | Jun 2005 | 2,212,389 | 0.68 | 1.5 m | 11.7 m | 1.0 |

## Series B | Aug 2006 | 31,053,324 | 0.88 | 27.4 m | 27.9 m | 2.4 |

## Series B | May 2009 | 11,522,655 | 0.88 | 10.2 m | 57.0 m | 2.0 |

## Series C | Dec 2010 | 12,875,817 | 2.34 | 30.1 m | 196.0 m | 3.4 |

## Series D | Jun 2012 | 12,295,308 | 4.64 | 57.0 m | 498.0 m | 2.5 |

## Series E | Oct 2014 | 8,756,960 | 13.13 | 115.0 m | 1.6 b | 3.2 |

## Series F | Apr 2015 | 16,236,232 | 19.09 | 310.0 m | 3.0 b | 1.9 |

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USD | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|

## Revenue | 250.5 m | 381.5 m | 518.5 m |

| 52% | 36% | |

## Cost of goods sold | 73.9 m | 102.5 m | 118.3 m |

## Gross profit | 176.6 m | 279 m | 400.2 m |

| 71% | 73% | 77% |

## Sales and marketing expense | 170 m | 240.8 m | 277.9 m |

## R&D expense | 62.3 m | 89.7 m | 92.4 m |

## General and administrative expense | 63.7 m | 64.4 m | 81.5 m |

## Operating expense total | 295.9 m | 394.8 m | 451.9 m |

## EBITDA | (69.4 m) | (51.9 m) | 9.8 m |

| (28%) | (14%) | 2% |

## EBIT | (119.3 m) | (115.8 m) | (51.7 m) |

| (48%) | (30%) | (10%) |

## Interest expense | 780 k | 611 k | 624 k |

## Pre tax profit | (123.6 m) | (115.1 m) | (49.1 m) |

## Income tax expense | (1 m) | 356 k | 3.1 m |

## Net Income | (122.6 m) | (115.4 m) | (52.3 m) |

- Source: SEC Filings

USD | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q4, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q4, 2018 |
---|---|---|---|---|---|---|---|---|

## Revenue | 83.7 m | 92.3 m | 97 m | 108.4 m | 113.5 m | 125.5 m | 130.6 m | 148.9 m |

## Cost of goods sold | 23.7 m | 24 m | 25.9 m | 28.9 m | 27.1 m | 28.5 m | 31.2 m | 31.5 m |

## Gross profit | 60.1 m | 68.3 m | 71.1 m | 79.5 m | 86.4 m | 97.1 m | 99.4 m | 117.4 m |

| 72% | 74% | 73% | 73% | 76% | 77% | 76% | 79% |

## Sales and marketing expense | 58.7 m | 56.7 m | 62.5 m | 62.9 m | 64.7 m | 68.9 m | 69.7 m | 74.6 m |

## R&D expense | 21.2 m | 24.9 m | 22.2 m | 21.3 m | 22.7 m | 23.8 m | 22.5 m | 23.4 m |

## General and administrative expense | 15.3 m | 15.6 m | 15.6 m | 17.9 m | 18.2 m | 18.2 m | 19.5 m | 25.6 m |

## Operating expense total | 95.2 m | 97.2 m | 100.3 m | 102.1 m | 105.6 m | 110.9 m | 111.7 m | 123.7 m |

## EBIT | (35.1 m) | (28.9 m) | (29.2 m) | (22.6 m) | (19.3 m) | (13.8 m) | (12.3 m) | (6.3 m) |

| (42%) | (31%) | (30%) | (21%) | (17%) | (11%) | (9%) | (4%) |

## Interest expense | 185 k | 158 k | 138 k | 130 k | 151 k | 169 k | 154 k | 150 k |

## Pre tax profit | (33.7 m) | (29 m) | (29.9 m) | (22.5 m) | (19.5 m) | (11.9 m) | (13.7 m) | (4 m) |

## Income tax expense | 459 k | 399 k | 143 k | (645 k) | (143 k) | 121 k | 783 k | 2.4 m |

## Net Income | (34.2 m) | (29.4 m) | (30 m) | (21.8 m) | (19.4 m) | (12 m) | (14.5 m) | (6.4 m) |

- Source: SEC Filings

USD | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|

## Cash | 228.5 m | 190.6 m | 256.9 m |

## Accounts Receivable | 78.3 m | 94.7 m | 123.8 m |

## Prepaid Expenses | 23.8 m | 24 m | 23.3 m |

## Current Assets | 333.3 m | 317.3 m | 418.8 m |

## PP&E | 36.8 m | 63.7 m | 63 m |

## Goodwill | 34 m | 35.8 m | 37.3 m |

## Total Assets | 486.5 m | 502.9 m | 620 m |

## Accounts Payable | 13.4 m | 19 m | 23.7 m |

## Current Liabilities | 200.9 m | 273.1 m | 373.8 m |

## Total Liabilities | 218 m | 304.2 m | 411.1 m |

## Common Stock | 3 k | 3 k | 4 k |

## Preferred Stock | 544.6 m | 546 m | 547.5 m |

## Additional Paid-in Capital | 61.9 m | 105.4 m | 160.3 m |

## Retained Earnings | (334.6 m) | (450 m) | (502.3 m) |

## Total Equity | 268 m | 198.7 m | (338.6 m) |

## EPS | (4.8 ) | (4.2 ) | (1.7 ) |

## Financial Leverage | 1.8 x | 2.5 x | -1.8 x |

USD | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|

## Net Income | (122.6 m) | (115.4 m) | (52.3 m) |

## Depreciation and Amortization | 11.6 m | 18.1 m | 21.7 m |

## Accounts Receivable | (34.7 m) | (16.5 m) | (28.1 m) |

## Accounts Payable | 8 m | 4.9 m | 2.9 m |

## Cash From Operating Activities | (68 m) | (4.8 m) | 55 m |

## Purchases of PP&E | (28.3 m) | (43.3 m) | (18.9 m) |

## Cash From Investing Activities | (80.2 m) | (40.9 m) | (18.8 m) |

## Short-term Borrowings | (35.1 m) | ||

## Cash From Financing Activities | 274.9 m | 8 m | 25.7 m |

## Net Change in Cash | 125.2 m | (38 m) | 66.2 m |

## Interest Paid | 744 k | 602 k | 599 k |

## Income Taxes Paid | 263 k | 229 k | 617 k |

USD | Y, 2018 |
---|---|

## Revenue/Employee | 222.6 k |

## Financial Leverage | -1.8 x |

## P/E Ratio | (31.3 ) |

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DocuSign's Enterprise Customers was reported to be 40 k in FY, 2018. DocuSign's Customers was reported to be 370 k in FY, 2018.

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