DocuSign, Inc.

and will be available for replay from the investor relations section of the website following the call. If anyone should require operator assistance, please press star zero on your telephone keypad. I'd now like to pass the call over to Matthew Sonnefeld, head of investor relations. Please go ahead.

Thank you, operator. Good afternoon, and welcome to DocuSign's Q2 fiscal 2026 earnings call. Joining me on today's call are DocuSign CEO Alan Teegerson and CFO Blake Grayson. The press release announcing our second 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, including any statements regarding future performance. 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 the quantitative reconciliation of those figures, please refer to today's earnings press release, which can be found on our website, at investor.docuSign.com. I'd like to turn the call over to Alan.

Thank you, Matt, and good afternoon, everyone. Q2 was an outstanding quarter. Platform innovation launches and the long-term focused go-to-market changes introduced in Q1 drove strong performance in commercial and enterprise customer segments across eSignature, CLM, and our AI-native DocuSign Intelligent Agreement Management platform. Q2 business results outperformed our expectations. Revenue was $801 million, up 9% year-over-year, and billings were $818 million, up 13% year-over-year. Q2 top-line performance accelerated and represented one of our strongest growth quarters over the past two years, with improved fundamentals across eSignature and CLM customers and growing contribution from IAM demand. Beyond an individual quarter, we're excited to see billings begin to accelerate on a full-year basis and more so when we adjust for early renewals. Profitability benefited from top-line strength combined with our ongoing commitment to driving efficiency. Non-GAAP operating margins were 30% as we continue to maintain strong profitability. Free cash flow margins improved modestly year-over-year to 27%, which supported significant share repurchases with 200 million buybacks this quarter. As we make progress towards our goal to realize long-term, profitable, double-digit growth, we continue to execute effectively on our three strategic pillars, strengthening our routes to market, accelerating innovation, and improving operational efficiency. Let's start with our omnichannel go-to-market this quarter. At the beginning of the year, we made meaningful changes to the direct sales organization, which included introducing new sales segments, territories, and performance-based compensation, all focused on maximizing DocuSign's long-term opportunity and multi-year growth acceleration. In Q2, we saw initial success from those changes, resulting in strong direct sales performance and growth in Growth's new bookings. Dollar net retention also reflected that strength, increasing to 102% on the back of higher gross retention rates. Continued steady growth in envelope sent and year-over-year improvement in contract utilization reflect strong execution and e-signature demand. International growth continued to outpace domestic, and digital revenue continued to grow faster than the overall business. In Q1, we relaunched our partner program to align partners with our IAM strategy and build solutions with IAM that deliver value to customers. Our largest deal in Q2 was transacted through the Microsoft Azure Marketplace. Also, a new partnership with the U.S. Federal Government's General Services Administration creates an opportunity to expand our existing e-signature sales to federal agencies with IAM to follow. Specific to IAM, the go-to-market changes are focused on realizing the massive multi-year opportunity ahead. In Q2, customers moving to the IAM platform represented a greater share of direct deal volume and total gross bookings than in Q1. We're also finding that when customers move to IAM, they increase their e-signature usage. Commercial SMB customers continued their strong pace of investment into IAM with companies like Kindsight, Simplify, and JustPoint, a VC-backed legal AI company, using IAM to speed up sales cycles and gain a deeper understanding of their agreements. We remain on track for IAM customers to represent a low double-digit percentage of our book at year end. In Q2, we also saw encouraging demand for IAM from enterprise customers. While still early days, more than 50% of our enterprise account reps closed at least one IAM deal during the quarter. Notably, average overall deal size also increased in Q2, with IAM making inroads with large organizations like Sensata Technologies, a global sensor manufacturing leader, which has accelerated its workflows and is beginning to use the DocuSign Iris AI engine to surface insights from agreements. DocuSign CLM saw improved momentum in Q2, delivering one of the strongest quarters in year-over-year quarterly bookings growth in the last several years. CLM continues to be a top choice for enterprise customers with sophisticated enterprise workflows, like T-Mobile, which has cut agreement processing time by 44%. Also, DocuSign was recognized as a leader in the 2025 IDC marketscape AI-enabled buy-side CLM report, which acknowledged that IAM is core to the DocuSign strategy of replacing legacy and fragmented systems. On the product side, our rapid pace of innovation demonstrates consistent progress against our ambitious public roadmap and a steady increase in the value that IAM creates for customers. The IAM platform delivers end-to-end agreement management, empowering organizations to create commit to and manage their agreements at unprecedented scale and efficiency. IAM is an AI native platform that combines proprietary AI models with best in breed LLMs, drawing on DocuSign's vast agreement library, unmatched domain and workflow expertise, and seamless integration with important third party systems. Over the past two quarters, The number of documents ingested and available in DocuSign Navigator, our intelligent repository, has increased by over 150%, and customers are processing tens of millions of agreements per month. Customers tell us IAM is delivering significant value by performing tasks in minutes that used to take hours or even days. DocuSign covers a far broader range of agreement workflows than any other vendor, And the deep integration of cutting edge AI lets customers leverage years of agreement data with the leading ease of use, security, trust, and scalability they've come to expect from DocuSign. In the coming months, we'll launch AI agents within IAM, enabling new customer use cases and expanding our addressable market opportunity. In Q2, we launched several new AI-powered IAM capabilities to help customers unlock value across the entire agreement management lifecycle. These include custom extractions, which let customers identify and capture organization-specific agreement information or client-specific terms without manually reviewing hundreds or thousands of contracts. We also recently launched agreement preparation, which enables IAM to detect the type of agreement you're creating, build a template, and automatically suggest and position relevant fields. And to address the enterprise need for efficient, secure, and scalable user management, SCIM for DocuSign allows customers to automatically provision users through their existing identity providers. In closing, we're proud of our strong execution and performance in Q2, and encouraged by the positive feedback we're receiving from IAM customers in the commercial and enterprise segments around the world. We believe IAM and the DocuSign Iris AI Engine are uniquely positioned to transform how organizations operate their business with deeper insight and actionability from their agreements. As we deliver greater value to customers, we're doing it more efficiently, and nearly the highest level of profitability and capital return to shareholders in our history. I want to thank the entire DocuSign team for their hard work, passion, and customer focus. I also want to acknowledge the announced changes to our board of directors and thank Maggie Wilderotter for her leadership during a time of transformative change in our company. Congratulate James Beer for becoming our board chair. and welcome Mike Rosenbaum to the DocuSign family. DocuSign is the leading provider of AI-driven agreement management solutions, and we are incredibly excited about the enormous opportunity that lies ahead. Now, I'll turn it over to Blake to discuss our financial results.