DocuSign (DOCU.US) shares fell roughly 20.0% on Friday despite the leading provider of electronic signature solutions posted better than expected financial results for fourth quarter. However JP Morgan downgrade and broad negative sentiment put a lot of selling pressure on the company shares. Also news that CFO Cynthia Gaylor would leave the company later this year caught investors by surprise.
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Earnings (non-GAAP) rose 35.0% YoY to $0.65 per share, above analysts’ estimates of $0.53 per share.
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Revenue of $659.6 million also topped market projections of $639.5 million (3.14% beat)
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Free cash flow of $113 million, up from $36.1 million in previous quarter
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Revenue - Professional services and other fell -5.5% YoY to $15.90 million, however topped Wall Street estimates of $13.96 million
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Subscription revenue increased 14.1YoY % to $643.68 million compared to analysts’ expectations of $625.51 million
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Non-GAAP subscription gross profit of $547.61 million also surpassed market projections of $530.26 million
DocuSign's revenue growth has been very strong over the last two years. Source: Barchart
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DocuSign's gross profit margin, a key metric which shows how much money there is left after paying for servers, licenses, technical support and other necessary running costs, remained at high level in recent quarter. Source: Barchart
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For the current quarter, the company forecasts revenue in the range of $639 million to $643 million. Subscription revenue is expected to be between $625 million and $629 million, while billings are expected to be in the $615-$625-million range.
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For fiscal 2024, revenue is expected to be between $2.695 billion and $2.707 billion, and billings in the range of $2.705 billion to $2.725 billion.
Highlights of Docusign latest quarterly report. Source: AlphaStreet
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"We finished the year strong, delivering across our key financial metrics and making tangible progress on our strategic priorities. We are reshaping DocuSign to invest in our innovation roadmap and self-service capabilities," said Allan Thygesen, CEO of DocuSign. "Looking ahead, we aim to drive profitable growth at scale by executing our mission of smarter, easier, and trusted agreements."
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However, JPMorgan downgraded stock to underweight from neutral due to weakening demand trends, potential competition from Microsoft and CFO Cynthia Gaylor’s departure. In a statement, the company said "Gaylor's planned departure is not a result of any disagreement regarding the company's financial statements or disclosures."
DocuSign (DOCU.US) fell sharply during today's session, however sellers clearly struggle to break below 61.8% Fibonacci retracement of the last upward wave located around $50.85. Source: xStation5
