DocuSign, Inc.

Good afternoon, ladies and gentlemen. Thank you for joining DocuSign's second quarter fiscal 2020 earnings conference call. As a reminder, this call is being recorded and will be available for replay from the investor relations section of the website following the call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, Please press star zero on your telephone keypad. I will now pass the call over to Anne Leshin, head of investor relations. Please go ahead.

Thank you, operator. Good afternoon, everyone. Welcome to DocuSign's second quarter fiscal 2020 earnings conference call. On the call today, we have DocuSign CEO Dan Springer and CFO Mike Sheridan. The press release announcing our second quarter results was issued earlier today and is posted on our investor relations website. Before we get started, I would like to let everyone know that we will be participating in the Georgia Bank Conference in Las Vegas on September 10th. As other events come up, we'll make additional announcements. Now let me remind everyone that the statements made today include forward-looking statements that are based on assumptions we believe to be reasonable as of this date and on information currently available to management. Generally, these statements are identified by the use of words such as expect, believe, Anticipate, and other words that denote future events. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results or performance to be materially different from any other results or performance expressed or implied by such statements. These risks and uncertainties are described in our press release and in risk factors in our annual report, quarterly reports, and other filings with the SEC. You should not rely upon forward-looking statements as predictions of future events. Except as required by law, we assume no obligation to update these forward-looking statements if actual results differ materially from those anticipated in such statements. During this call, we will present GAAP and non-GAAP financial measures. Non-GAAP financial measures exclude stock-based compensation expenses, amortization of acquired intangible assets, amortization of debt discount and issuance costs from our notes, and as applicable, other special items. In addition, we provide non-GAAP weighted average share counts and non-GAAP information regarding free cash flows and billings. These non-GAAP measures are not intended to be considered in isolation from, a substitute for, or superior to our GAAP results, and we encourage you to consider all measures when analyzing our performance. For information on our non-GAAP financial information, the most directly comparable GAAP measures, and a quantitative reconciliation of those figures, please refer to today's press release. I'd now like to turn the call over to Dan. Dan?

Thanks, Annie. Good afternoon, everyone, and thanks for joining our Q2 earnings call. Today, I'm going to cover three sections, our high-level financial results and how we are driving strong growth, an update on our Agreement Cloud vision and how our strength in e-signature is the perfect on-ramp to expanded relationships with our customers, and finally, how we are rapidly delivering innovative solutions to support the Agreement Cloud vision. I'll then pass it over to Mike. for a more detailed rundown of our financials. Together, we believe it will showcase the strength in our existing business and the incredible potential for the future. So, let me start with our results and our commitment to growth. As part of our overall strategy, DocuSign has three main growth drivers, which you've heard me talk about before. One, acquire new customers. Two, expand usage and use cases within existing customers. and finally three, introduce innovative solutions to help customers modernize new parts of their systems of agreement. In this quarter, we saw progress on all three fronts. We acquired 29,000 new customers, approximately 4,000 of which are direct, bringing our total number of paying customers to 537,000 worldwide. 64,000 of those are direct. With strong customer demand for our products within the DocuSign Agreement Cloud, we grew our revenues 41% year-over-year to $236 million and billings 47% year-over-year to $252 million. The expansion of e-signature volumes and use cases was evident in our net dollar retention rate of 113%. These results reflect solid progress for our second quarter, and they support our confidence in and our excitement for the future. Next, I'd like to upgrade you on our agreement cloud vision and our success with new product development there. Earlier this year, we introduced DocuSign Agreement Cloud. It is the umbrella for our suite of more than a dozen products and over 350 pre-built integrations. all to help organizations connect and automate the entire agreement process from preparing to signing, passing on, and managing their agreements. This quarter, we saw particularly strong progress from the CLM product that came via our acquisition of Spring CM. CLM stands for Contract Lifecycle Management, a term we will increasingly use as we transition the Spring CM product name to DocuSign CLM. Of course, we are still doing plenty of deals for our core e-signature solution by itself, and we believe its $25 billion market opportunity is still largely untapped. Moreover, we view nearly every e-signature win as the basis for future expansion to other Agreement Cloud products. We've begun to see multiple examples of how customers are connecting and automating various stages of the agreement process while continuing to expand their e-signature use cases. One of the world's largest energy companies is currently using e-signature and CLM together for generating, negotiating, and signing sales agreements. With their deployment of the Agreement Cloud, Integrated with their instances of Salesforce, Microsoft SharePoint, and SAP, they now can complete agreements that used to take days or weeks in as little as two minutes. The efficiency improvements they've seen with the DocuSign Agreement Cloud are saving the company tens of millions of dollars and have the potential to save even more. Another customer, Cloud Payroll Services, Not only expanded on their core signature usage as they brought more internal processes into DocuSign, but they also extended their implementation to include CLM. This is a prototype of the cross-sell opportunity which has us so excited. And yet another customer, a consumer credit reporting agency, previously had a small e-signature footprint for one of their sales teams. This quarter, They added a company-wide deployment of CLM, which in turn may lead to further e-signature opportunities throughout their business. This is a great example of how our land and expand motion can take multiple paths. Next, I'm pleased to report that we began to see some nice progress in the federal vertical. This quarter, we partnered with a prominent government agency for a very significant deal. They are currently deploying CLM as the foundational system for the departments to better track document status, identify delays in their processes, and provide better transparency throughout the agency. Also this quarter, we signed a branch of the United States Armed Forces through an ISV partnership. First, they purchased eSignature to help streamline the recruiting process. In an effort to further modernize the recruitment and retention system, they are expanding this use case with the addition of other Agreement Cloud offerings, which are very closely integrated with their Salesforce CRM. This expanding adoption of eSignature and the increasing traction of other products in the Agreement Cloud continues to drive our business. We believe the DocuSign Agreement Cloud defines an entirely new category of cloud software. It complements the marketing, sales, HR, ERP, and other cloud categories that already exist, connecting them all into the agreement process. To realize this big vision, we need to create and deliver a number of products that automate and connect the entire agreement process across multiple departments and industry verticals. Most notably this quarter, we added DocuSign Rooms for Mortgage. A solution that helps mortgage lenders accelerate closing time and improve the borrower experience. It provides a secure digital workspace for everyone involved in a mortgage. It's actually flexible enough to support traditional closings via pen and paper, as well as drive fully digital closings and hybrid closings as well. Rooms for Mortgage is a great example of DocuSign's focus on a particular vertical. In the mortgage industry, it costs thousands of dollars for a lender to process a mortgage end-to-end. One of the reasons is that there are so many agreements involved, from the applications to the titles and the settlement. These processes today are manual and costly. That's why we think a mortgage-specific solution is such a great opportunity for us. We can automate and connect so many steps within the process, making it faster, less expensive, and a better customer experience for all parties. So, to wrap up, let me summarize. We are seeing strong performance across our core growth drivers of e-signature expansion and increasing adoption of other Agreement Cloud products. We are positioning the DocuSign Agreement Cloud as the next must-have cloud that underpins both front office and back office functions. And we are seeing the market respond well with the public and private sector embracing our vision and our technology. Together with our core e-signature offering, we believe that this expands our TAM well beyond the original $25 billion projection. In closing, I wanted to mention one last item. I'm pleased to share that we recently appointed Chung See as our new general counsel to lead and oversee legal affairs and risk management. Chung brings more than 20 years corporate legal and general counsel experience to her role, including leading two technology IPOs. We are very excited to have her on board. Now, I'd like to hand it over to Mike to walk through our financials in greater detail. Mike.