DocuSign, Inc.

Good afternoon, ladies and gentlemen. Thank you for joining DocuSign's fourth quarter and full year fiscal 21 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 Annie Leshin, head of investor relations. Please go ahead.

Thank you, operator, and good afternoon, everyone. Welcome to DocuSign's fourth quarter and full year fiscal year 21 earnings conference call. On the call today, we have DocuSign's CEO, Dan Springer, and CFO, Cynthia Gaylor. The press release announcing our fourth quarter and full year fiscal 21 results was issued earlier today and is posted on our investor relations website. Before we get started, I'd like to remind everyone that on March 24th, we will be hosting our annual customer conference momentum and our inaugural analyst day. Both events will be held virtually. For registration and more details, you can visit the investor relations website. As other events come up, we'll make additional announcements. Now that we remind everyone that some of our statements on today's call are forward-looking. We believe our assumptions and expectations related to these forward-looking statements are reasonable, but they are subject to known and unknown risks and uncertainties that may cause our actual results or performance to be materially different. In particular, our expectations regarding the effects of the COVID-19 pandemic on our business, including the potential effects of the pandemic subsiding, are based on our best estimates at this time and are therefore subject to change. Please read and consider the risk factors in our filings and the SEC together with the content of this call. Any forward-looking statements are based on our assumptions and expectations to date, and except it's required by law, we assume no obligation to update these statements in light of future events or new information. During this call, we will present GAAP and non-GAAP financial measures. Non-GAAP financial measures exclude stock-based compensation expenses, employer payroll tax on employee stock transactions, amortization of acquired intangible assets, amortization of debt discount and issuance costs from our notes, acquisition-related expenses, and as applicable, other special items. In addition, we provide non-GAAP weighted average share counts and information regarding free cash flows and billing. These non-GAAP measures are not intended to be considered in isolation from nor substitute for or superior to our gap results. We encourage you to consider all measures when analyzing our performance. For information regarding our non-gap financial information, the most directly comparable gap measures, and a quantitative reconciliation of those figures, please refer to today's press release, which can be found on the website at investor.docuSign.com. Now I'd like to turn the call over to Dan. Dan?

Thanks, Annie. Good afternoon, everyone, and welcome to our fourth quarter earnings call for fiscal 2021. Before we get to our results, I want to acknowledge that it's been almost a year to the day since we shifted our business operations and day-to-day lives in response to the pandemic. Over that time, COVID-19 has created huge challenges and disruptions for almost everyone everywhere, ones we're all still dealing with today. But amid those challenges, people found ways to keep life and work moving forward. As a team, DocuSign was honored to play a role supporting people all over the world as they responded to the pandemic. We gained new customers, we expanded our relationships with others, and we saw a surge in adoption of our products as accelerating a trend already underway, the digital transformation of agreements. This transformation not only allows agreements to be prepared, signed, act on, and managed from anywhere, It also allows greater speed and efficiency than manual paper-based processes. As a result, we don't believe our new or expanded customers will be going back to paper, even after the pandemic recedes. We also don't believe life will go back to the way it was before. Of course, many in-person activities will be welcomed back. But when people found better ways during the pandemic, we believe those will continue and flourish, whether it's total or partial work from home, virtual visits to medical professionals, or getting a document notarized remotely. Ultimately, over the coming years, we think the trend will continue towards the option of doing anything from anywhere. We call the products and services supporting this trend the anywhere economy. We believe we're a key pillar, and it's only just beginning. You'll hear more from us about this in the coming weeks. With that, we have a lot to share around Q4 and our full fiscal year. So let's cover that in three parts. Our strong Q4 and record fiscal 21 results, how we think about our continued evolution into the Agreement Cloud company, and how the Agreement Cloud delivers value to our customers and partners. First, our results. Q4 was another strong quarter for us. contributing to a milestone year for DocuSign overall. We saw revenue growth of 57% and billings growth of 46% year over year. We welcome more than 70,000 new customers, bringing the total to nearly 892,000 customers worldwide. And we saw our strongest expansion and upsell rates yet, driving our dollar net retention to a record 123%. For the year, we exited fiscal 21 nearly 50% bigger than we were in fiscal 20, with almost $1.5 billion in revenue. And our customer addition rate was more than double that of fiscal 20, edging us ever closer to the million customer mark. By any measure, that's an astounding year. It's testament to how people around the world are embracing digital technologies to transform the way they work and live. It's a reflection of the incredible opportunity that's still in its very early stages. And it's all made possible by the dedication of the 5,600 person strong DocuSign team who have gone above and beyond to help our customers this entire year. Of course, this is a journey, not a destination. So if we think about the future, and our continued evolution into the agreement cloud company, we're increasingly going to do so in the context of three primary goals. First, we want DocuSign to be the best way to agree to anything, anywhere. We've recently made great additions to our leading e-signature product with identity proofing, click wraps, electronic witnessing, and soon, remote online notary transactions. we want to extend the benefits of digital signing to all kinds of agreements in all walks of life. We're seeing this transformation accelerate. For example, one of our financial services customers in the U.S. came on board early last year as part of its COVID-19 response strategy, and they deployed DocuSign across more than 20 use cases in the past six months alone. So far, DocuSign has powered almost 100,000 transactions for their HR, procurement, customer service, and in-branch onboarding needs. These transactions took less than a minute to complete on average, delivering a rapid ROI. And DocuSign went from a crisis response solution last year to a business-as-usual solution today. For our second goal, we want to digitally transform the entire agreement process pre- and post-signature. Over fiscal 21, we continued to innovate in CLM and to integrate our acquisitions of CL software and Live Oak technologies. And you can expect us to drive automation at every stage of the agreement cycle, all the way from preparing and signing to acting on and managing. As an example, one of our Latin American agricultural customers needed to improve the management, corporate governance, and turnaround times for its key contracts. and they needed a solution deployed across more than 30 subsidiaries in a matter of weeks. With DocuSign CLM and eSignature together handling the entire agreement process, this customer reduced the time it took to complete contracts from 23 days to just one hour. Third, we want to continue ensuring that DocuSign is embedded in the applications where work and life happen. We already integrate with more than 350 apps, including recent integrations with Slack, Microsoft Teams, and Workplace from Facebook. And we have an award-winning API for custom integrations, including with our customers' proprietary applications and processes. One of our global manufacturing customers is a good example of how DocuSign can integrate and interoperate with multiple applications within an enterprise. The customer needed to ensure that NDAs and other critical documents could be generated accurately, reviewed quickly, and sent and signed easily. Today, after working with the DocuSign team, the company has integrated DocuSign CLM and eSignature with its CRM, productivity software, and cloud storage systems to create the exact desired workflow. with all the speed, accuracy, and efficiency benefits that come with it. So, as I bring my remarks to a close, it's clear that fiscal 21 was extraordinary on almost every level. As thrilled as I am about DocuSign's performance, I'm even more pleased that we're able to help our customers during this uniquely challenging time. And to say that I'm excited for the pandemic to start subsiding is, of course, an understatement. I'm also excited about DocuSign being well positioned for the anywhere economy I mentioned earlier. It points to the incredible opportunity that's out there for us, given that the journey to a modern day agreement process is being prioritized like never before. The market is still in its early stages, so we will continue to invest in growth as our first priority as we expand and scale our business. Lastly, before I hand the call over to Cynthia, A reminder that we'll be talking more deeply about all of this at our upcoming annual Momentum Conference and our inaugural Analyst Day on March 24th. I look forward to seeing you all then, virtually. For now, over to Cynthia.