WEBVTT - DocuSign CFO on Managing the Pandemic

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovic from Bloomberg Radio. You are listening

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<v Speaker 1>to Bloomberg Business Week Carol Masser in our interactive broker's studio.

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<v Speaker 1>Now shares of Docum Sign on our radar today. Just

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<v Speaker 1>about twenty four hours ago, we were breaking down the

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<v Speaker 1>company's earnings after yesterday's closing bell stop closing down six

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<v Speaker 1>point six percent at two dollars thirty four cents to share.

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<v Speaker 1>This following the company's earnings and quarterly update. The company

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<v Speaker 1>did give some guidance though that beat the average analyst estimate.

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<v Speaker 1>Stock was definitely one of those names that we highlighted

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<v Speaker 1>as one that really shot up during the pandemic as

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<v Speaker 1>necessary document signings needed to be done digitally. I have

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<v Speaker 1>to say I used the service during the pandemic. My

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<v Speaker 1>co host Tim Stanovic did as well. Let's get more

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<v Speaker 1>though about this past year, the quarter, and really look

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<v Speaker 1>ahead at our post pandemic world. Cynthia Gaylor is with us.

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<v Speaker 1>She is chief financial officer at docu Signed, joining us

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<v Speaker 1>on the phone in San Francisco. Cynthia, nice to have

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<v Speaker 1>you here on Bloomberg welcome. How are you good? Good,

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<v Speaker 1>Thanks Carol, thanks for having us. Well. Before we get

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<v Speaker 1>into your business in the quarter, tell me though about

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<v Speaker 1>this past year, how you guys are doing your team,

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<v Speaker 1>what it's been like, and how does it compete compare

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<v Speaker 1>kind of here we are twelve months later, Yeah for sure. So,

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<v Speaker 1>I mean COVID has you know, just created huge challenges

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<v Speaker 1>for everyone and disruptions UM everywhere. But amid those challenges,

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<v Speaker 1>we found ways to really help our customers and and

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<v Speaker 1>really have felt honored to play a critical role in

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<v Speaker 1>helping people move forward UM all over the world. And

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<v Speaker 1>that's kind of showed up somewhat in our business performance.

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<v Speaker 1>But just how folks are using our product well, and

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<v Speaker 1>this you know, I think I've seen it in some

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<v Speaker 1>of the documents you guys shared with us, And I mean,

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<v Speaker 1>this was a milestone year for you, a game changer,

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<v Speaker 1>safe to say, Yeah, for sure. We crossed the billion

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<v Speaker 1>dollar in revenue mark earlier in the year, right before

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<v Speaker 1>the pandemic hit, and um we're well on our way

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<v Speaker 1>to a billion and a half and kind of growing

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<v Speaker 1>to two billion over the course of this year. So

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<v Speaker 1>talk to us about some of the things that we

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<v Speaker 1>saw in this most recent quarter. Um, you know, we're

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<v Speaker 1>looking at quarterly revenue up fifty seven percent year over year.

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<v Speaker 1>We're looking at billings and increase of forty six percent

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<v Speaker 1>year over year. I mean, listen, these are off the

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<v Speaker 1>chart numbers. What does a post COVID document sign world

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<v Speaker 1>look like? It's it's really interesting and it's a great question.

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<v Speaker 1>I mean, we think we're well positioned across all the

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<v Speaker 1>secular trends that you're seeing. If you think about and

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<v Speaker 1>Dan talked about this a little bit on the call,

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<v Speaker 1>you know, we're well positioned for the anywhere economy if

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<v Speaker 1>you think about just accelerating digital workflows and kind of

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<v Speaker 1>digital first being a priority for so many people and

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<v Speaker 1>and so many companies. Um, you know, docum signs fits

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<v Speaker 1>right in in kind of a major pillar across anywhere

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<v Speaker 1>economy where people are looking to do anything from anywhere. Well,

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<v Speaker 1>and that's kind of interesting. I meant to that. You know,

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<v Speaker 1>we used it for something at home, and my co

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<v Speaker 1>host did as well. Uh, it is interesting that there

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<v Speaker 1>are trends out there, whether it was in detail retail

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<v Speaker 1>e commerce specifically, there are things that many would say

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<v Speaker 1>we're not going back on telemedicine. And I do wonder

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<v Speaker 1>if the world is ready based on what you're seeing,

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<v Speaker 1>the people that you're talking to, your customers that you're

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<v Speaker 1>you know, talking to that this is just one of

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<v Speaker 1>those things that it just makes sense. We're not going

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<v Speaker 1>to go back. Yeah, for sure. I think the you know,

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<v Speaker 1>the acceleration in our demand and the surgeon adoption over

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<v Speaker 1>the course of the year was really accelerated by covid

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<v Speaker 1>and kind of an urgent need. But once people are

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<v Speaker 1>working with our products on the platform and you can

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<v Speaker 1>see that you can do things um faster, cheaper, smarter,

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<v Speaker 1>more secure, you're not going to go back to pen

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<v Speaker 1>and paper and the way you were doing things before.

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<v Speaker 1>And it's interesting because with our notary product coming out,

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<v Speaker 1>you know, nobody would like to go to the notary

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<v Speaker 1>and get things notarized pre pandemic um and to be

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<v Speaker 1>able to do that online, we don't think people will

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<v Speaker 1>will go back to pen and paper in that way. Well,

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<v Speaker 1>And I do wonder too specifically, you know, what do

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<v Speaker 1>you say to folks that say, listen, you're just a

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<v Speaker 1>pandemic play Uh, it's a stay at home stock. You know,

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<v Speaker 1>we talk about them all the time. On air and

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<v Speaker 1>say that once we reopen, that's not going to be

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<v Speaker 1>the case. I know you're talking about, you know, kind

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<v Speaker 1>of making the case here, But what do you say

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<v Speaker 1>to people who say that to you, it's just not

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<v Speaker 1>what we're seeing in the business UM. You know, the

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<v Speaker 1>strength that we've seen in the business UM is continuing

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<v Speaker 1>and we're seeing quite a bit of tail winds coming

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<v Speaker 1>into this year coming off of last year. But also again,

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<v Speaker 1>once you use the products, they're easy to use. You

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<v Speaker 1>look at our customer NPS scores, a lot of our

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<v Speaker 1>customers say their customers love them because they use DocuSign, right,

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<v Speaker 1>because it is just it's so much easier to do

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<v Speaker 1>digitally and and kind of when you think about the

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<v Speaker 1>digital digital transformation that so many UM companies are going

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<v Speaker 1>through across industries, DocuSign is really a foundational building block

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<v Speaker 1>of how to do agreements and do digital workflow UM online.

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<v Speaker 1>All right, So let's talk numbers. So UM, from what

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<v Speaker 1>I understand is you've got you know, about ND customers,

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<v Speaker 1>more than a billion users right now, we're looking at

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<v Speaker 1>revenue projected of maybe just under two billion for fiscal year,

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<v Speaker 1>and I just wonder, give me an idea of the numbers.

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<v Speaker 1>How many more customers can you do you anticipate in

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<v Speaker 1>the next year or two years, how many more users? Yeah? So,

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<v Speaker 1>I mean we've seen tremendous growth in our customer base

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<v Speaker 1>and and data point for you as we added almost

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<v Speaker 1>as many customers this past year as we had at

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<v Speaker 1>the time we went public, And when we went public,

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<v Speaker 1>the company was fifteen years old already, So we added

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<v Speaker 1>a tremendous number of customers. And I think that's really

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<v Speaker 1>a testament to just how people U use the product,

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<v Speaker 1>but also uh, covid accelerating things people would have done anyway, Um,

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<v Speaker 1>they just did it faster, and so we we expect

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<v Speaker 1>that to continue. We don't necessary really forecast out the

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<v Speaker 1>number of customers per se, but if you think about it, uh,

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<v Speaker 1>you know, we're ending the year with just over eight

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<v Speaker 1>and ninety thousand customers, so almost a million customers. When

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<v Speaker 1>you think about how many companies are in the US alone,

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<v Speaker 1>it's over twenty seven million. So the opportunity we're just

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<v Speaker 1>really scratching the surface of. Um, we have a fifty

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<v Speaker 1>billion dollar market opportunity where the largest player by far

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<v Speaker 1>in our in our space across the signature and the

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<v Speaker 1>agreement cloud, and we just start kind of capsulating a

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<v Speaker 1>year that's almost what a billion a billion and a

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<v Speaker 1>half of revenue. So we just have a lot of

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<v Speaker 1>a lot of runway, and particularly because a lot of

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<v Speaker 1>that market is kind of offline to online, we believe

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<v Speaker 1>we can continue to add customers at a good clip

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<v Speaker 1>here going forward. What do you say, though, Cynthia too.

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<v Speaker 1>You know, I'm thinking listeners in our audience are those

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<v Speaker 1>who are watching us on YouTube and and the Bloomberg

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<v Speaker 1>investor that's out there, the Bloomberg audience. You know, your

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<v Speaker 1>stock was up last year, it was up the year before.

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<v Speaker 1>Are we're looking at uh, your stock trading at more

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<v Speaker 1>than a hundred and fifty five times estimated earnings per

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<v Speaker 1>share for the coming year. Um, do you feel like

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<v Speaker 1>you need to manage expectations a little bit because of

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<v Speaker 1>the dramatic growth you've seen in the last year. Yeah. So,

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<v Speaker 1>I mean, we have seen tremendous growth, and as I said,

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<v Speaker 1>we're we're kind of just scratching the surface of the

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<v Speaker 1>opportunity ahead abo us and we're also you know, guiding

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<v Speaker 1>to significant growth at scale. And I think when you

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<v Speaker 1>think about fifty percent growth in the overall business over

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<v Speaker 1>the course of the year. You know, our strong guide

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<v Speaker 1>going into fiscal UM twenty two implies um thirty five

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<v Speaker 1>percent revenue growth kind of mity percent revenue growth at scale,

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<v Speaker 1>that's pretty tremendous growth. There's not that many staff software

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<v Speaker 1>companies that are growing at those rates um at this

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<v Speaker 1>type of scale. And and because the market opportunity is

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<v Speaker 1>so big, and we're competing against pen and paper manual

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<v Speaker 1>process to a more automated process, it feels like we

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<v Speaker 1>have lots of runway, and we really think long term

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<v Speaker 1>about the business and how do we execute against the

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<v Speaker 1>long term opportunity relative to kind of the you know,

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<v Speaker 1>the day to day trading environment, how do you view

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<v Speaker 1>competition Dropbox um, you know, acquiring the documents sharing platform

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<v Speaker 1>doc send, So how do you look at you know,

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<v Speaker 1>what's going on more broadly in the space. How does

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<v Speaker 1>something like that that link up affect you? Sure, yeah, there,

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<v Speaker 1>I mean there's been some consolidation of some of the

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<v Speaker 1>smaller players in this space. But give you a sense,

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<v Speaker 1>we spend more in R and D on the signature

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<v Speaker 1>than our next nearest competitor has in revenue. So we

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<v Speaker 1>have um you know market share that that's multiples of

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<v Speaker 1>UM what others have. And so a lot of the

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<v Speaker 1>companies that you mentioned they are they're actually partners of

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<v Speaker 1>ours and and UM different companies made by a scribble

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<v Speaker 1>signer UM to kind of add to their product portfolio.

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<v Speaker 1>But when you think about docum sign and the comprehensive

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<v Speaker 1>nature of our application of our API and integrations, how

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<v Speaker 1>we're integrated into workflows across the ecosystem, if you think

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<v Speaker 1>about where we fit with customers that we serve, serve

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<v Speaker 1>the smallest mom and top UM customers to the largest enterprises,

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<v Speaker 1>and so the scalability, the security, UM, the workflow pieces

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<v Speaker 1>of the agreement cloud that we serve. And we're a

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<v Speaker 1>trusted brand, right we UM you know, have very high

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<v Speaker 1>MPs scores. We have kind of the security and all

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<v Speaker 1>the privacy features that a lot of these other companies

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<v Speaker 1>don't have. So we partner across the ecosystem UM and

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<v Speaker 1>we're not as concerned about, you know, different companies buying

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<v Speaker 1>a very small player and integrating that into their products

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<v Speaker 1>because it's not necessarily competitive with what we're doing and

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<v Speaker 1>the broad the broad market that we're serving. I'll take

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<v Speaker 1>that as you're not worried then, because okay, hey listen,

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<v Speaker 1>you meant you took me somewhere where I want to go.

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<v Speaker 1>Security issues and privacy issues. Um. You know, Bloomberg had

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<v Speaker 1>an exclusive story about, um, the hackavist hack activists who

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<v Speaker 1>basically tapped into, you know, tons of surveillance cameras around

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<v Speaker 1>the globe just to show how easy it is. What

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<v Speaker 1>about that when we're throwing up really important documents in

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<v Speaker 1>the cloud and elsewhere, Um, how do you ensure you

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<v Speaker 1>know the security of all of that, because that's going

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<v Speaker 1>to be a big thing that you know, people are

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<v Speaker 1>gonna think twice if there's any kind of problems of course,

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<v Speaker 1>and that's an area that we're investing a lot in

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<v Speaker 1>across our platform and in our infrastructure, and so it's

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<v Speaker 1>a really top of mind area, particularly for enterprises, but

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<v Speaker 1>also kind of in the long tail of all the

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<v Speaker 1>customers that we serve. So we invest a lot in

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<v Speaker 1>R and D, insecurity, in kind of all the compliance

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<v Speaker 1>pieces required to operate out our scale. All right, and

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<v Speaker 1>we are talking, of course, with the CFO of Docum,

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<v Speaker 1>sign Cynthia Galor. Hey, Cynthia, one thing I want to

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<v Speaker 1>ask you. You mentioned growth, and we just have about

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<v Speaker 1>a minute or so left here. UM in terms of

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<v Speaker 1>growth US versus overseas, where are the real opportunities going forward? Absolutely? So,

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<v Speaker 1>I mean international is growing tremendously for US, it's about

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<v Speaker 1>of our revenue. And in Q four three UM which

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<v Speaker 1>is it was just quite substantial. It's um it's approaching

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<v Speaker 1>a three hundred million dollar run rate um UH in

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<v Speaker 1>terms of revenue for US UM. And we have a

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<v Speaker 1>really unique go to market with our digital which really

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<v Speaker 1>feeds and creates legion into our direct business. But we're

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<v Speaker 1>in a hundred and eighty countries globally and then we

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<v Speaker 1>go direct in our core eight countries, and so we're

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<v Speaker 1>in the beginning days of our international strategy and in

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<v Speaker 1>many ways we're even less penetrated internationally than we are

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<v Speaker 1>in North America. Hey, listen, I'd like to ask people,

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<v Speaker 1>just real quickly, twenty seconds sconds, what keeps you up

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<v Speaker 1>at night? You know? We have just a tremendous opportunity

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<v Speaker 1>ahead of us, and so we really need to keep

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<v Speaker 1>our eye on the ball and focus on executing a

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<v Speaker 1>cross our priorities and continuing to scale our business. And

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<v Speaker 1>so for US, it's really about execution because the market

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<v Speaker 1>opportunity is there, alright. Gonna leave it on that note, Listen,

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<v Speaker 1>thank you so much, really appreciate all the time you

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<v Speaker 1>gave us. Synthony Cynthia Galor. She is chief financial officer

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<v Speaker 1>at DOC you sign joining us on the phone from

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<v Speaker 1>San Francisco. Stalks down about five so far in twenty one.

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<v Speaker 1>As I mentioned a little bit of pressure we saw

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<v Speaker 1>certainly following their earnings. This stock today closing down six

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<v Speaker 1>point six percent, but again it's been on quite a

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<v Speaker 1>tear in the last couple of years. You're listening to

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<v Speaker 1>Bloomberg Business Week. I'm Carol Masser in our Interactor Broker studio.