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DocuSign (DOCU) Beats Q1 Earnings and Revenues Estimates
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DocuSign, Inc. (DOCU - Free Report) presented impressive first-quarter fiscal 2024 (ended Apr 30) results with both earnings and revenues beating the Zacks Consensus Estimate and growing year over year.
Non-GAAP earnings per share (excluding 72 cents from non-recurring items) of 72 cents beat the consensus mark by 35.9% and grew 89.5% from the year-ago fiscal quarter’s reported figure. Revenues of $661.4 million also surpassed the consensus estimate by 3.2% and increased 12.4% from the year-ago fiscal quarter’s reported figure.
Shares of DOCU have decreased 33.1% in the past year, compared with its industry’s 6.8% dip.
Subscription revenues came in at $639.3 million, up 12% year over year. Professional services and other revenues increased 14% from the year-ago fiscal quarter’s reported figure to $22.1 million. For the reported quarter, billings of $674.8 million were up 10% from the year-ago fiscal quarter’s reported figure.
Non-GAAP gross margin was at 83%, compared with 81% in the same period last year. Non-GAAP gross profit of $546.5 million increased 15% year over year. Non-GAAP operating margin was 27%, up from the year-ago figure of 17%.
Balance Sheet & Cash Flow
DocuSign ended the quarter with cash and cash equivalents of $940.5 million, compared with $721.9 million at the end of the previous quarter. It generated $233.6 million in cash from operating activities and a capex of $19.1 million. Non-GAAP free cash flow was $214.6 million.
Second Quarter Fiscal 2024 Guidance
The company expects the revenue to be in the range of $675-$679 million. The Zacks Consensus Estimate for revenues is pegged lower at $664.5 million. In segmental revenues, subscription revenues are expected to be in the $658-$662 million band. Billings are expected around $646-$656 million. Non-GAAP gross margin and non-GAAP operating margin are expected to be 81-82% and 24-25%, respectively.
Fiscal 2024 Guidance
The company expects revenues to be in the range of $2.71-$2.73 billion. The Zacks Consensus Estimate for the revenue is pegged lower at $2.7 billion. In segmental revenues, subscription revenues are expected to be in the $2.64-$2.65 billion band. Billings are expected in the range of $2.74-$2.76 billion. Non-GAAP gross margin and non-GAAP operating margin are expected to be 81-82% and 22-24%, respectively.
Equifax (EFX - Free Report) reported better-than-expected first-quarter 2023 results. Adjusted earnings (excluding 52 cents from non-recurring items) came in at $1.43 per share, beating the Zacks Consensus Estimate by 4.4% but declining 35.6% from the year-ago figure. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% on a reported basis from the year-ago figure. The top line was down 3% on a local currency basis.
Omnicom (OMC - Free Report) reported better-than-expected first-quarter 2023 results. OMC’s earnings of $1.56 per share beat the Zacks Consensus Estimate by 13%. Earnings per share increased 12.2% year over year. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3%. The top line increased 1% year over year.
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DocuSign (DOCU) Beats Q1 Earnings and Revenues Estimates
DocuSign, Inc. (DOCU - Free Report) presented impressive first-quarter fiscal 2024 (ended Apr 30) results with both earnings and revenues beating the Zacks Consensus Estimate and growing year over year.
Non-GAAP earnings per share (excluding 72 cents from non-recurring items) of 72 cents beat the consensus mark by 35.9% and grew 89.5% from the year-ago fiscal quarter’s reported figure. Revenues of $661.4 million also surpassed the consensus estimate by 3.2% and increased 12.4% from the year-ago fiscal quarter’s reported figure.
Shares of DOCU have decreased 33.1% in the past year, compared with its industry’s 6.8% dip.
DocuSign Price, Consensus and EPS Surprise
DocuSign price-consensus-eps-surprise-chart | DocuSign Quote
Quarter in Details
Subscription revenues came in at $639.3 million, up 12% year over year. Professional services and other revenues increased 14% from the year-ago fiscal quarter’s reported figure to $22.1 million. For the reported quarter, billings of $674.8 million were up 10% from the year-ago fiscal quarter’s reported figure.
Non-GAAP gross margin was at 83%, compared with 81% in the same period last year. Non-GAAP gross profit of $546.5 million increased 15% year over year. Non-GAAP operating margin was 27%, up from the year-ago figure of 17%.
Balance Sheet & Cash Flow
DocuSign ended the quarter with cash and cash equivalents of $940.5 million, compared with $721.9 million at the end of the previous quarter. It generated $233.6 million in cash from operating activities and a capex of $19.1 million. Non-GAAP free cash flow was $214.6 million.
Second Quarter Fiscal 2024 Guidance
The company expects the revenue to be in the range of $675-$679 million. The Zacks Consensus Estimate for revenues is pegged lower at $664.5 million. In segmental revenues, subscription revenues are expected to be in the $658-$662 million band. Billings are expected around $646-$656 million. Non-GAAP gross margin and non-GAAP operating margin are expected to be 81-82% and 24-25%, respectively.
Fiscal 2024 Guidance
The company expects revenues to be in the range of $2.71-$2.73 billion. The Zacks Consensus Estimate for the revenue is pegged lower at $2.7 billion. In segmental revenues, subscription revenues are expected to be in the $2.64-$2.65 billion band. Billings are expected in the range of $2.74-$2.76 billion. Non-GAAP gross margin and non-GAAP operating margin are expected to be 81-82% and 22-24%, respectively.
Currently, DocuSign carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshot
Equifax (EFX - Free Report) reported better-than-expected first-quarter 2023 results. Adjusted earnings (excluding 52 cents from non-recurring items) came in at $1.43 per share, beating the Zacks Consensus Estimate by 4.4% but declining 35.6% from the year-ago figure. Total revenues of $1.3 billion surpassed the consensus estimate by 1.5% but decreased 4.5% on a reported basis from the year-ago figure. The top line was down 3% on a local currency basis.
Omnicom (OMC - Free Report) reported better-than-expected first-quarter 2023 results. OMC’s earnings of $1.56 per share beat the Zacks Consensus Estimate by 13%. Earnings per share increased 12.2% year over year. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3%. The top line increased 1% year over year.