Posted on Thursday, Jan 28th 2021
According to a
recent report, DocuSign (NASDAQ: DOCU) is the leader in the e-signature market with more than 70% of the global digital signature and document services market. The continued pandemic and lockdown conditions have helped it remain in lead. The company recently announced its quarterly results that continued to outpace market expectations. DocuSign’s Financials
DocuSign’s revenues for the third quarter grew 53% to $382.9 million, ahead of the market’s estimates by 6%. Billings grew 63% to $440.4 million. On an adjusted basis, net income was $0.22 per share, compared with the market’s expectations of $0.12 per share.
By segment, Subscription revenues grew 54% to $366.6 million. Professional services and other revenue grew 42.7% to $16.3 million.
For the fourth quarter, DocuSign forecast revenues of $404-$408 million, compared with the Street’s forecast of $386.94 million and an EPS of $0.13. DocuSign expects to end the year with revenues of $1.426-$1.43 billion, ahead of the market’s forecast of $1.39 billion and an EPS of $0.55.
During the quarter, DocuSign announced the expansion of the agreement cloud with its new AI solution called DocuSign Analyzer. The Analyzer is an extension of DocuSign Insight that simplifies the process of reviewing and negotiating agreements when they are first received. It uses AI to give legal, sales, procurement, and other stakeholders clear insight into the possible risks and opportunities in the documents being signed, helping them in negotiating better terms. Analyzer breaks down the agreement into separate clauses, which it recognizes using a combination of AI technologies. It proceeds to conduct a risk assessment based on the company’s legal and business standards, and then gives those results in scorecards that are available in Microsoft Word, Microsoft Outlook, and its own CLM solution. The extension also simplifies the editing solution, by giving a one click access to suggested replacement language from its collection of preapproved clauses.
DocuSign has been focused on an API-based strategy. During the quarter, it continued to see significant improvement within its partner ecosystem that includes developers that work on integrating DocuSign into their own solutions, systems integrators that build practices around the Agreement Cloud, and resellers that drive sales reach for DocuSign globally. It reported that it now has over 350 ISV integrations on its platform, including the recently announced integrations with Slack and with Workplace from Facebook. Read my recent article
Cloud Stocks: Which SaaS Players Will Win in PaaS where I reaffirm the need for a PaaS strategy for SaaS players.
Its stock is trading at $244.40 with a market capitalization of $45 billion. It hit a 52-weekyear low of $64.88 in March last year and a 52-week high of $290.23 earlier this month.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. I am an investor in this company. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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PagerDuty's Expanding Integration Portfolio . Analysis of Tenable's Accurics Acquisition . Upstart’s Improving AI Algorithm in FinTech Consumer Lending . Analysis of C3.ai's Growing Partnerships . Analysis of Veeva's Learnaboutgmp Acquisition . Analysis of Adobe's Frame.io Acquisition . Snowflake Focuses on the Financial Services Sector . CrowdStrike Expands Government Offerings . Zoom Focuses on Expanding Reseller Offerings . Dropbox Focuses on Content Creators with New Product . Analysis of Okta's atSpoke Acquisition . Sumo Logic Leverages Red Hat Marketplace . Analysis of Dynatrace's SpectX Acquisition . Tuya Prepares to Address the Chip Shortage . Analysis of Appian's Lana Labs Acquisition . Analysis of Qualtrics's $1.125B Clarabridge Acquisition . Fastly Addresses Latency Issues for Developers . Alarm.com Leverages AI for Growth . Analysis of IBM's Rego Acquisition . Analysis of Unity's Parsec Acquisition . UiPath Envisions Advanced ML Capabilities . Microsoft Teams Lags Far Behind Zoom . Analysis of ServiceNow's Gekkobrain Acquisition . Google Attempts to Gain Ground in Cloud and AI . Atlassian Expands Beyond IT Offerings . Amazon Addresses Margin Pressures Through Product Upgrades . Twilio Leverages Segment Platform for Product Expansion . Shopify Expands PaaS Integrations . Analysis of Zendesk's $4.1B Momentive Acquisition . HubSpot Becomes a Stickier Platform . Analysis of Alteryx's Acquisitions . Wix Focuses on Fitness Services Providers . Pure Storage Partners with Microsoft Azure to Address Chip Shortage Concerns . Analysis of Salesforce's LevelJump Acquisition . Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence . 25 Cloud Stocks to BUY in 2022 . IBM Realigns its Portfolio to Focus on AI and Hybrid Cloud . Analysis of ServiceNow's DotWalk Acquisition . Analysis of Atlassian's Percept.AI Acquisition . Should Microsoft Break Itself Up? . Google Focuses on AI Enhancements . Amazon to Test Prime Customer Stickiness . Bill.com Continues Focus on Services for the SMB Segment . Analysis of GoDaddy's Pagely Acquisition . HubSpot's PaaS Keeps Growing . Freshworks Targets IT Operations Management Market . Zendesk Rejects Private Equity Buyout Offer . Shopify Emerges as a Covid Beneficiary with Stellar Results . Wix Simplifies App Creation . Anaplan Expands AWS Relationship . ON24 Builds a Partner Network . RingCentral Maintains Market Share Leadership in UCaaS Through Partnerships . BigCommerce Rides on TikTok's Growth . Analysis of Veeva's Veracity Acquisition . Salesforce Slows Down M&A to Focus on Integration . Okta's Widening Losses Worry Investors, But Growth Metrics Remain Strong . Nutanix Plans to Take on VMWare . Newly Public HashiCorp Focuses on a $73B Infrastructure-as-a-Code Market . Coupa Focuses on Key Products to Restart Decelerating Performance . Smartsheet's Product Line-up Fails to Accelerate Growth . DocuSign Targets a $50 Billion Market Opportunity . Pure Storage Takes on Dell in Top Tier Storage Market . Analysis of PagerDuty's Catalytic Acquisition . Splunk Impresses with Enterprise Customer Growth . Analysis of Qualtrics's Acquisition of SurveyVitals . Analysis of DigitalOcean's Nimbella Acquisition . Squarespace Eyes Video Offerings for SMBs . MongoDB is Leveraging Alliance with Amazon for Growth . Rapid7's Cross-Sell Capabilities Deliver Results . CrowdStrike Expands Partnerships to Address Cyber Attack Fears . Upstart Focuses on the Automobile Market for Growth . Zoom Adds Contact Center Capabilities to Enhance its UCaaS Stack . 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Okta Bounces Back Stronger Despite Security Event . Analysis of Zoom's Acquisition of Solvvy