Posted on Wednesday, Mar 24th 2021
The global pandemic may have resulted in an emergency shift to remote working conditions, but after a year, these changes are now becoming more permanent. Organizations globally are continuing to invest in digital transformation initiatives and the digital signature industry is benefiting from this transition. DocuSign (NASDAQ: DOCU) recently announced its fourth quarter results that surpassed market expectations.
Revenues for the fourth quarter grew 57% to $430.9 million, ahead of the market’s estimates of $408 million. Billings grew 46% to $534.9 million. On an adjusted basis, net income was $0.37 per share, compared with the market’s expectations of $0.22 per share.
By segment, Subscription revenues grew 59% to $410.2 million. Professional services and other revenue grew 23% to $20.7 million.
For the fiscal year 2020, DocuSign’s revenues grew 49% to $1.5 billion and EPS was $0.90.
For the first quarter, DocuSign forecast revenues of $432-$436 million, compared with the Street’s revenue forecast of $411.8 million with an EPS of $0.23. DocuSign expects to end the year with revenues of $1.963-$1.973 billion, ahead of the market’s revenue forecast of $1.87 billion and an EPS of $1.08.
DocuSign’s use cases are no longer restricted to private enterprises. Its services are also seeing strong adoption within the government sector. Last year,
DocuSign’s solutions were used by the State of New York to authorize unemployment insurance claims remotely instead of having individuals come to an unemployment office. But what started as a supposedly shorter engagement is now transitioning to a more permanent offering with the State evaluating other opportunities with DocuSign.
One such use case could be digital notaries through DocuSign. Notarizations traditionally have been in-person services that have not yet transitioned to remote ones. DocuSign does have a solution called eNotary, currently in beta testing for banking customers. DocuSign plans to release the product in a limited capacity this quarter and is hopeful that customers like the State of New York will look forward to this service.
DocuSign’s PaaS Strategy
DocuSign remains focused on its API-based strategy. Its award winning APIs allow developers to quickly integrate DocuSign technologies into their app or website. A recent use case
includes that of a global manufacturing customer that needed to ensure that NDAs and other critical documents could be generated accurately, reviewed quickly, and sent and signed easily. DocuSign’s APIs have helped its developers build a solution that integrates DocuSign CLM and eSignature with its CRM, productivity software, and cloud storage systems to create the desired workflow. DocuSign has a slew of technology partners who have helped it build more than 350 integrations for solutions including Microsoft, Salesforce, Google, and Oracle, to name a few.
Its stock is trading at $207.96 with a market capitalization of $38.8 billion. It hit a 52-week low of $78.72 in March last year and a 52-week high of $290.23 last 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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