Posted on Tuesday, Mar 22nd 2022
According to a recent report, the
global digital signature market is expected to grow at 27% CAGR from $2.63 billion in 2021 to reach $6.9 billion by 2025. DocuSign (Nasdaq: DOCU) recently announced its fourth-quarter results that surpassed market expectations. DocuSign’s Financials
Revenues for the fourth quarter grew 35% to $580.8 million, ahead of the market’s estimates by 3.6%. Billings for the quarter were up 25.3% to $670.1 million, ahead of the consensus of $652 million. On an adjusted basis, net income was $0.48 per share, in line with the market’s estimates.
By segment, Subscription revenues grew 37% to $564 million. Professional services and other revenue fell 19% to $16.8 million.
For the fiscal year, DocuSign’s revenues grew 45% to $2.1 billion, and EPS was $1.98.
For the first quarter, DocuSign forecast revenues of $579-$583 million or a growth of just 18%, compared with the Street’s forecast of revenue of $600.09 million and EPS of $0.48. DocuSign expects to end the year with revenues of $2.470-$2.482 billion, short of the market’s forecast of $2.62 billion revenue and EPS of $2.18.
Besides the digital signature market, DocuSign has been focused on the
agreement cloud market, which, it estimated to be a $50 billion addressable opportunity. With over $2 billion in annual revenue, DocuSign still has a lot of room to grow. To address this market, DocuSign has been expanding its product and partner capabilities. Recently, DocuSign announced a partnership with Zoom that will allow customers to complete agreements from anywhere. DocuSign eSignature for Zoom allows organizations to use virtual, face-to-face signing experiences to accelerate time to an agreement while simultaneously building trust and loyalty. Signers will be able to find, review, and complete agreements directly through Zoom. The partnership will also safeguard agreements by automatically verifying a signer’s government-issued photo ID in real-time with ID Verification.
Later this year, DocuSign plans to launch a new eSignature capability called Joint Agreements. Focused on businesses with a network model, Joint Agreements will allow for a single customer experience with co-management of agreements between multiple parties behind the scene. The product will make things easier for every party involved. DocuSign believes that the product will fuel the usage of DocuSign among the financial services firms that have tens of thousands of advisors or agents as part of their network.
Later next month, it is also planning to launch a new feature called Delayed Routing for DocuSign eSignature. The capability will allow users to add timing delays during the routing process of an envelope. Some of these delays are required for some agreements like franchising agreements that require a delay for a review before they can be signed.
Its stock is trading at $95.86 with a market capitalization of $18.96 billion. Its stock has slid 75% from its 52-week high of $314.76 in August last year. It hit a 52-week low of $71.00 earlier this month.
DocuSign’s stock has been impacted by the broader sell-off in SaaS stocks this year.
Investors are looking to reduce their exposure to high-multiple growth stocks to balance the increasing rates and tighter monetary policy. Its weaker outlook, decelerating growth, slowing Covid related gains, sales execution issues, and reducing margins are impacting the stock. 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. 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