DocuSign Reports $709.6M Revenue in Q1 2024

DocuSign, Inc. has recently released its 10-Q report, providing a comprehensive overview of its financial condition and results of operations. The company, headquartered in San Francisco, California, is a leading provider of electronic signature solutions and Contract Lifecycle Management (CLM) services. DocuSign's offerings include e-signature solutions, Contract Lifecycle Management, Document Generation, Gen for Salesforce, Identify, Standards-Based Signatures, Monitor, Notary, Web Forms, and Rooms for Real Estate. The company generates revenue primarily from sales of subscriptions, which accounted for 97% of its revenue in the three months ended April 30, 2024. Additionally, DocuSign offers professional and other non-subscription services, as well as on-premises solutions.

In the 10-Q report, DocuSign's financial results for the three months ended April 30, 2024, revealed a total revenue of $709.6 million, compared to $661.4 million for the same period in 2023. The company reported a net income of $33.8 million in the first quarter of 2024, a significant increase from the $0.5 million net income in the first quarter of 2023. Furthermore, DocuSign's net cash provided by operating activities amounted to $254.8 million, reflecting a healthy cash flow from its operations.

The report also emphasized DocuSign's focus on investing for growth and expanding its customer base. The company had over 1.5 million customers as of April 30, 2024, including approximately 248,000 enterprise and commercial customers. Additionally, DocuSign highlighted its efforts to increase international revenue, with international revenue accounting for 28% of total revenue in the first quarter of 2024, compared to 25% in the same period in 2023.

DocuSign's operating expenses, including sales and marketing, research and development, and general and administrative expenses, are expected to increase as the company continues to invest in product innovation, sales and marketing efforts, and overall business growth. The company's gross profit and gross margin are also expected to be influenced by various factors, including pricing, investment in hosting capability, and stock-based compensation expenses.

As a result of these announcements, the company's shares have moved -4.7% on the market, and are now trading at a price of $52.05. Check out the company's full 10-Q submission here.

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