Docusign (DOCU) Q4 FY2024 earnings: revenue $712 million, up 8.0% on the year

Docusign, Inc. (DOCU) reported revenue of $712 million for Q4 FY2024, the quarter ended 31 January 2024, up 8.0% on the same quarter a year earlier. Net income was $27 million, up 460.2% on the year, and diluted earnings per share $0.13. The figures are the company's own, from the 10-K it filed with the SEC on 21 March 2024.

Revenue$712 millionup 8.0%

Net income$27 millionup 460.2%

Diluted EPS$0.13

QuarterQ4 FY2024ended 31 January 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Revenue	712	700	n/a	n/a
Cost of revenue	148	143	n/a	n/a
Gross profit	564	558	n/a	n/a
Gross margin	79.2%	79.6%	n/a
Research and development	152	137	n/a	n/a
Operating income	9.9	19.7	n/a	n/a
Operating margin	1.4%	2.8%	n/a
Interest expense	1.7	1.6	n/a	n/a
Pre-tax income	29.7	35.8	n/a	n/a
Income tax	2.5	-3.0	n/a	n/a
Effective tax rate	8.4%	-8.3%	n/a
Net income	27.2	38.8	n/a	n/a
Net margin	3.8%	5.5%	n/a
Diluted EPS	$0.13	$0.19	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Operating cash flow	271	264	n/a	n/a
Capital expenditure	22.1	23.8	n/a	n/a
Free cash flow	249	240	n/a	n/a
Free cash flow margin	34.9%	34.3%	n/a
Cash from investing	67.2	34.3	n/a	n/a
Cash from financing	-735	-121	n/a	n/a
Depreciation and amortisation	23.7	23.3	n/a	n/a
Share-based compensation	161	159	n/a	n/a
Buybacks	0.0	75.0	n/a	n/a
Diluted shares, weighted	210m	208m	n/a	n/a
Shares outstanding at period end	205m	204m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Shareholders' equity	1,130	965	n/a	n/a
Debt	0.0	n/a	n/a	n/a
Operating lease liabilities	121	125	n/a	n/a
Other liabilities	1,721	2,248	n/a	n/a
Total liabilities and equity	2,971	3,338	n/a	n/a
Fixed assets	245	231	n/a	n/a
Goodwill	353	351	n/a	n/a
Intangible assets	50.9	55.6	n/a	n/a
Securities held for sale or to maturity	723	1,220	n/a	n/a
Cash and equivalents	797	1,189	n/a	n/a
Receivables	439	360	n/a	n/a
Other assets	363	n/a	n/a	n/a
Total assets	2,971	3,338	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	700	712	710	736	755	776	764	801	818	837	830	876
Cost of revenue	143	148	149	155	157	160	157	165	171	170	171	178
Gross profit	558	564	560	581	598	616	606	635	648	667	659	698
Gross margin	80%	79%	79%	79%	79%	79%	79%	79%	79%	80%	79%	80%
R&D	137	152	134	148	151	155	159	170	168	168	160	164
Operating income	19.7	9.9	22.6	57.8	59.0	60.5	60.3	65.2	85.4	87.7	111	118
Operating margin	3%	1%	3%	8%	8%	8%	8%	8%	10%	10%	13%	13%
Interest expense	1.6	1.7	0.1	0.5	0.5	0.4	0.5	0.8	0.7	0.6	0.6	0.6
Pre-tax income	35.8	29.7	36.6	71.9	71.6	67.9	73.8	76.5	95.5	102	118	125
Tax rate	-8%	8%	8%	-1136%	13%	-23%	2%	18%	12%	11%	34%	38%
Net income	38.8	27.2	33.8	888	62.4	83.5	72.1	63.0	83.7	90.3	78.2	77.7
Net margin	6%	4%	5%	121%	8%	11%	9%	8%	10%	11%	9%	9%
Diluted EPS	$0.19	$0.13	$0.16	$4.26	$0.30	$0.39	$0.34	$0.30	$0.40	$0.44	$0.40	$0.40
Operating cash flow	264	271	255	220	234	308	251	246	290	377	322	335
Capital expenditure	23.8	22.1	22.8	22.3	23.6	28.3	23.6	28.4	27.4	27.0	32.3	38.8
Free cash flow	240	249	232	198	211	280	228	218	263	350	289	296
Buybacks	75.0	0.0	149	200	173	162	183	202	215	269	318	307
Shares outstanding	204m	205m	205m	202m	202m	202m	202m	201m	200m	198m	193m	188m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 January 2024, filed 21 March 2024, accession 0001261333-24-000045: the filing on EDGAR. All of Docusign, Inc.'s filings: EDGAR company page.

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