DocuSign, Inc.

Good afternoon, ladies and gentlemen. Thank you for joining DocuSign's first quarter fiscal year 26 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. As a reminder, this conference is being recorded and will be available for replay from the investor relations section of the website following the call. If you require operator assistance during the conference, please press star zero. I'll now pass the call over to Matthew Soldenfeld, Head of Investor Relations. Please go ahead.

Thank you, Operator. Good afternoon and welcome to DocuSign's Q1 Fiscal 2026 Earnings Call. Joining me on today's call are DocuSign CEO Alan Tegason and CFO Blake Grayson. The press release announcing our first quarter Fiscal 2026 results was issued earlier today and is posted on our Investor Relations website along with a published version of our prepared remarks. Before we begin, let me 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 factors affecting customer demand and adoption 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 with the SEC together with the content of this call. Any forward-looking statements are based on our assumptions and expectations to date. And except as 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. In addition, we provide non-GAAP weighted average share counts and 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. We encourage you to consider all measures when analyzing our performance. For information regarding our non-GAAP financial information, the most directly comparable GAAP measures, and a quantitative reconciliation of these figures, please refer to today's earnings press release, which can be found on our website at investors.docuSign.com. I'd now like to turn the call over to Alan.

Thank you, Matt, and good afternoon, everyone. Q1 2026 was an important quarter in our long-term transformation. At our annual Momentum customer event, we announced an ambitious roadmap for DocuSign Intelligent Agreement Management, or IAM, the world's leading AI-driven agreement platform. We're delivering innovation to customers at the fastest pace in our history. Q1 financial performance was strong. Revenue of $764 million and 8% growth outpaced our expectations from additional IAM customers and self-serve digital revenue contribution. Profitability outperformed with operating margins improving by 1% versus last year to 29.5%. And a strong 30% free cash flow margin drove continued share repurchases and supports our conviction to authorize an additional $1 billion in buybacks. As we transform DocuSign, we continue to make long-term decisions to drive accelerated growth. As discussed last quarter, in Q1, we made several foundational go-to-market changes to realize IAM's potential. Our full-year guidance anticipated that these changes would lead to lower early renewal billings in fiscal 26 after Q1. Instead, the impact happened sooner than anticipated, resulting in lower Q1 early renewals. As a result, billing's growth ended slightly below our guidance range of 4% year-on-year, an outcome of timing, not demand. Blake will discuss these dynamics and our financials in his remarks. We're proud of the progress made in Q1 across our three strategic pillars. Over 10,000 customers have purchased the DocuSign IAM platform. We have strong product market fit. in small and mid-market customers and early promise with enterprise and self-serve organizations. And we continue to make progress evolving our go-to-market to drive efficient long-term growth. Starting with our innovation pillar, the IAM platform has become the fastest growing offering in DocuScience history, less than a year after its launch. Customers using IAM have processed tens of millions of agreements and continue to increase their engagement, especially through AI-generated dashboards and search in DocuSign Navigator, our intelligent agreement repository. In Q1, IAM usage increased significantly thanks to UX improvements that better integrate Navigator with the e-signature envelope management experience. The demand for IAM highlights the mission-critical nature of agreement management for organizations. In a new Deloitte report, 77% of business leaders cite agreement management as a key driver of outperformance. Attendance at our Momentum Conference in April grew by 70% over last year, with notable increases in partner attendance and executive-level participation. The New York event kicked off a global series of six additional Momentums across EMEA, APAC, and Latin America. At Momentum, we shared our robust IAM platform vision and introduced a deep lineup of new AI-powered capabilities across the Create, Commit, and Manage agreement lifecycle. Within Create, Agreement Desk provides powerful workflow management for agreement reviews and approvals, streamlining tedious processes to accelerate deal cycles. AI-assisted review compares contract language to a customer's existing standard terms and identifies non-compliant or high-risk language, eliminating the need to review hundreds of contracts. And agreement prep standardizes terms and templates, applying the right language to every agreement to reduce risk. Within commit, workspaces transform how customers collaborate with contracting counterparties by centralizing all documents, communications, and tasks in a secure hub while protecting sensitive data. Clear Identity Verification will integrate Clear's biometric identity network with IAM, making IG verification as simple as snapping a selfie. Within Manage, custom extractions for DocuSign Navigator uses AI to automatically capture the data that matters most to customers. such as organization-specific agreement information or client-specific terms. Instead of spending hours or even days on manual review, customers get instant, actionable insights. The obligation management dashboard transforms a company's scattered commitments into intelligence by surfacing renewal dates, payment terms, and other obligations, helping maximize contract value and avoid penalties. These new features enable sales reps to close more business, procurement teams to stay on top of renewal dates and pricing changes, and HR teams to onboard new employees more efficiently. At DocuSign, our own procurement and legal teams have reduced agreement search time by 90% by using IAM. AI-assisted review, workspaces, and obligation management are available today. Most of the other capabilities will be available by August. Launch dates are published on our product roadmap. We also introduced DocuSign IRIS, our AI engine purpose-built for agreement management that delivers leading LLM performance at a low cost per inference. IRIS leverages DocuSign's unique agreement domain expertise built from millions of workflows and two decades of contract intelligence. Later in fiscal 26, we will deliver the industry's first purpose-built AI contract agents, designed to accelerate workflows, reduce risk, and achieve better outcomes across the entire agreement lifecycle. You can see a demo of our agents in our momentum keynotes. Within our go-to-market pillar, we continue to drive transformation across three integrated routes, now all-selling IAM, direct, self-serve, and partner. In Q1, IAM sales once again exceeded our outlook. and we remain on track for IAM to account for a double-digit percentage of our subscription broker business exiting Q4. Q1 direct customer IAM deal volume exceeded Q4, and we saw another significant increase in the percentage of new customers choosing IAM. International IAM deals were up over 50% from the last quarter, confirming the IAM value proposition resonates with customers worldwide. In fiscal 26, we continue to generate large-scale success with small and mid-market customers while driving initial enterprise conversations and early wins. ServiceTitan, the operating system that powers the trades, and a longtime DocuSign customer, is deploying IAM across legal, HR, sales, and procurement, using DocuSign Maestro to create time-saving automated workflows and DocuSign Navigator to gain greater insight into its business. As part of our growing strategic go-to-market partnership with Microsoft, we're delivering this IAM solution via the Azure Marketplace. IAM is also off to a strong start in self-serve. The launch of self-serve in April resulted in nearly a thousand new IAM customers within just three weeks, all through organic adoption prior to the release of any marketing campaigns. In Q1, overall digital revenue continued to grow at more than double the rate of overall revenue. We also implemented self-serve account management tools for our direct sales-driven customers, which improves their experience and our go-to-market efficiency. Efficiency gains from our rapidly improving self-service channel enabled us to make broader go-to-market changes in Q1, all with the intention of maximizing IAM's long-term potential. We migrated a meaningful cohort of customers to the self-serve first digital experience, freeing up our sales team to concentrate on higher value prospects with greater revenue potential. Salesforce changes included rolling out new customer-sized segments, territories, and performance-based compensation. We're using our investment dollars judiciously, and in fiscal 26, we invested in greater sales capacity without expanding our team. Our initial annual guidance expected a lower rate of early renewals in fiscal 26 as reps increasingly focus on IM expansion potential. We anticipated the impact to take place after Q1, but the reduction in early renewals began sooner than forecasted. This resulted in lower than expected early renewal billings in Q1. We take responsibility for not fully anticipating the timing of the shift in our guidance. Stepping back, we're confident these are the right long-term changes to build a more durable growth engine. We're pleased with how quickly teams adjusted as evidenced by strong IM sales throughout the quarter and fewer early renewals without expansion. We're also encouraged that the fundamentals in the overall core business continue to improve in Q1. Gross retention and dollar net retention improved year over year. while envelope sent and customer contract utilization grew steadily. Also in Q1, we relaunched our partner program to focus primarily on IAM and enable partners to build business with DocuSign through specializations. At Momentum, we recognized outstanding partners that continue to grow with DocuSign. CDW, a leading multi-brand provider of technology solutions, achieved impressive triple-digit growth with us last year. Through our alliances with Deloitte and SAP, we've expanded our global footprint and recently closed a major opportunity with a Fortune 500 company in the energy sector. At Momentum, we also recognize customers delivering significant business impact on the DocuSign platform. Subaru of America significantly enhanced its operational efficiency and achieved substantial cost savings by digitizing its manual paper-based processes. Primerica reduced agreement processing time by 25% and contract turnaround from 15 days to one. KPMG cut its average signature process from five days to less than one, increased productivity by 30%, and improved customer satisfaction. In closing, the road ahead is exciting. DocuSign is building on its leadership position to reimagine how organizations manage agreements through IAM. We have strong conviction in our strategy and the long term business decisions we're making to drive acceleration to double digit growth. In April, Newsweek named DocuSign the most trustworthy software company in America for the second year in a row. We believe that trust strengthens our ability to help our 1.7 million customers transform how they manage agreements. I want to thank the entire DocuSign team for their dedication and commitment to creating value for our customers. Now I'll turn it over to Blake to discuss our financial results.