Just wondering if there's more you can tell us around that value proposition and how Insight maybe fits within the overall Agreement Cloud vision. Non-GAAP financial measures exclude stock-based compensation expenses, employer payroll tax on employee stock transactions, amortization of acquired intangible assets, amortization of debt discount and issuance costs from our notes, acquisition-related expenses and as applicable, other special items. We don't really think about that as information that's ours to sort of play with. I think you're going to see more of the same. it can also integrate with DocuSign CLM, helping to automatically route work differently depending on Analyzer's output, sending a high-risk contract to a more senior legal approver, for example. We don't know how much longer the pandemic is going to last. Well, I think there's a couple of thoughts I have. Yes. With the increasing demand for remote solutions for agreements, DOCU has gained nearly 187% year-to-date. He began his career as an Equity Analyst, researching stocks and preparing in-depth research reports. Most people buy message capacity when we're talking about our eSignature business, which, of course, is still the largest part of our business. And so we saw this dramatic acceleration on the signature side of the business and some slowing of deals and some slowing of those transactions of people who were working with us on the CLM side. Billings came in at $405.7 million, growing 61% year-over-year. Customers love Docusign, but your software is pretty good. Finally, we expect fully diluted weighted average shares outstanding of 205 million to 210 million for Q4 and 200 million to 205 million for fiscal '21. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. So if you can maybe quantify or characterize how much of that benefit. Enterprise and commercial customers have grown 55% year-over-year in the last reported quarter to reach the 99,000-mark. They've actually performed incredibly well in this time period for us. As you think about the amount of data you have, do you think, I guess to a point where you start doing sort of even deeper contract analysis? In particular, our expectations around the impact of the COVID-19 pandemic on our business, financial conditions and results of operations are subject to change. That's all going to be very achievable based on our current business model. This is the third quarter in a row that we've had these significant levels of growth. And thank you for the question. And while substantial global, social and economic challenges undoubtedly remain, we believe we're still just scratching the surface of our long-term opportunity. Thanks for taking my question. But I just don't think we can really quantify it yet because it's still so small. I'm not sure how that plays out exactly. And we think about that as being part of our sign business as opposed to really a separate component. No one's going back to pen and paper. I think what — we're trying to invest for top line growth, right? Hey there. And they come back and say, "Oh, my gosh, I was traveling on a vacation, was able to buy a home." If you recall, when we finished Q4 last year, the message we had was there was a fairly significant acceleration in particularly CLM, which was the major additional Agreement Cloud product we had at that time. We've spoken with members of your ecosystem who seem particularly excited about the DocuSign Insight technology and opportunity for automation there. That makes a lot of sense. And Cynthia, good to chat and work with you again. That would be great. I don't think that's going to change. But one of the issues with DocuSign shares is that you're about to face some very tough comps, starting in Q1 next year. International revenue reached $76 million in the third quarter or 20% of total revenue. The company has been posting record revenue growth. Airbnb Stock IPO Is Set to Soar 200%. And now I'd like to open up the call to questions. That's not part of the core business today. The government strength we saw this year, I think we expect to continue into the year as well. And so I think, as Dan said, when you think about the TAM and the market penetration, we're really just scratching the surface. But the growth has been very strong, and it's been consistent. 19 Wall Street analysts have issued ratings and price targets for DocuSign in the last 12 months. They're more rapidly getting to a place where they've used up that capacity. It opens up so many interesting sort of avenues from a business process perspective. In terms of trailing P/E, DOCU is currently trading at 408.88x, 1,601.2% more expensive than the sector’s median value of 24.03x. We've been trying to stick to our strategy that we think our customers want us to drive, which is the DocuSign Agreement Cloud. So to wrap up my comments today. Our next question comes from the line of Koji Ikeda with Oppenheimer. However, the positive coronavirus vaccine news caused the high-flying growth stock to an immediate correction. We saw results significantly outperformed this quarter with billings growth of 63% year over year and revenue growth of 53% year over year, leading to record levels of profitability. We are on track to deliver the beta version of the product before the end of this fiscal year. Then I've got a quick follow-up. Meaning, are you landing higher up in your customer organization so that when they are ready to come back around and have that discussion, they're at the level that the kind of business process changes required or really that could help change their entire business that they have the authority, frankly, to start to have those conversations? Investors can use this forecasting interface to forecast DocuSign historical stock prices and determine the direction of DocuSign's future trends based on various well-known forecasting models. So we have a huge focus on integrating that team and integrating that technology. They also showcased the continued tailwinds for the expansion of eSignature as the first step in the adoption of the Agreement Cloud. Our next question comes from the line of Michael Turrin with Wells Fargo Securities. DOCU stock on the rise Friday after Docusign (DOCU) reported positive earnings results for its third quarter of fiscal 2021. Cynthia Gaylor -- Chief Financial Officer. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. DocuSign, Inc. (DOCU) specializes in developing and marketing e-signature technology and solutions that enable businesses to digitally prepare, execute, and act on agreements. Moving over to DocuSign, the company also came off a huge quarter, with billings up 61% year-over-year to $406 million, and revenue soaring by 45% to $342 million. Thanks, Dan, and thank you all for joining us today. So my guess is, if anything, there's probably a slight, slight move toward people who are coming in, whether they're more senior or not. On the call with me today, we have DocuSign's CEO, Dan Springer; and CFO, Cynthia Gaylor. And we're going to — you're going to see us talking in the future about the investments we want to make to move even more and more of our customer new acquisitions to come through the digital business, which we think is going to be a super cost-effective way for us to scale our growth. Got it, got it. For instance, is there any way that you could quantify what portion of new ACV might be from this versus eSignature or the portion of your largest 100 customers that you've successfully upsold the broader Agreement Cloud into? Thanks. And before long, we'll be hitting $2 billion. Thank you. Up 19% for December, is Disney Still a Buy. DOCU Stock: 12 Things for Investors to Like About Docusign’s Q3 Dec. 4, 2020 at 11:08 a.m. You explained sort of Seal and sort of some of the ability to read contracts. Could you please remind us, is that certified now? ET on InvestorPlace.com DocuSign 3Q Sales Soar 53%; Street Sees 12% Upside So I think we just want to just give us another quarter, and I think we're going to take a hard look at that and assess whether the success we've had would lead us increasing our expectation for that range going forward. Or sometimes before they get to that point, they've used up at the volume level that they've sort of contracted with us to use. And sometimes when you have outperformance on the top line, it's hard to reinvest that in quarter at the same rate. The stock is still being perceived as highly overvalued but the street will be hoping for strength from DOCU as it approaches its next earnings release. Thank you for joining DocuSign's third quarter fiscal 2021 earnings conference call. The stock market is the greatest wealth creator out there. And we can build it on our own, but we think that they have some domain expertise. DOCU has made two key acquisitions this year. What do you want the solution to do in the future that it can't do today? If you think about other platforms, software platforms that have taken off during this pandemic, like Zoom as an example, one of the things we're most excited about there is this notion of becoming a potential powering a marketplace. However, the stock plunged after the recent tech sell-off. Many companies, including DocuSign, are still working remotely, collaborating virtually and balancing multiple demand. Motley Fool Transcribing has no position in any of the stocks mentioned. Welcome to DocuSign's third quarter fiscal-year '21 earnings conference call. As I mentioned earlier, just we don't let someone go out. DocuSign lifted its full-year revenue forecast to a range of $1.426 billion to $1.43 billion, from a previous forecast … It's a fantastic timesaver for legal teams and their business stakeholders. DocuSign Stock Forecast is based on your current time horizon. Price at the end 80.20, change for September 5.0%. Sidharath’s passion for the markets and his love of words guided him to becoming a financial journalist. And so many people in buying homes or leasing apartments got familiar with using DocuSign, such to the point that if I go someplace and say, I work at DocuSign, the vast, vast majority of the people, give what we call Docu love stories. Find out if DOCU can regain its momentum as we enter 2021. , the AI-powered contract analytics solution designed for incoming agreements. DocuSign (DOCU) Q3 2021 Earnings Call Transcript, Airbnb (ABNB) and DoorDash (DASH) IPOs: One Day Apart But Timing Is Completely Different. The predictions relate to new inventions. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off. So Q3 was another exceptional quarter for us. With record quarterly revenue and customer base growth, the stock has soared more than 185% so far this year. On average, they anticipate DocuSign's stock price to reach $263.33 in the next twelve months. NIO stock price predictions for October 2021. And so my view on it is that we've seen is not so much a pulling forward of demand but therefore now won't happen in the future, but that we're looking at the long game of all of that market opportunity to penetrate. The company, currently valued at $43.53 Billion, closed the recent trade at $235.5 per share which meant it gained $7.17 on the day or 3.14% during that session. For non-GAAP operating expenses, we expect sales and marketing in the range of 42% to 44% of revenue for Q4 and 44% to 46% for fiscal '21, R&D in the range of 14% to 16% for Q4 and 13% to 15% for fiscal '21, and G&A in the range of 9% to 11% for Q4 in fiscal '21. The company has an impressive earnings surprise history. I think our enterprise business has done really well. Billings came in at $405.7 million, growing 61% year-over-year. DocuSign, Inc.(NASDAQ:DOCU): DocuSign (DOCU) is presently dominating the e-signature market by providing a cloud platform to sign business contracts and deals. Thanks. IDXX Stock Forecast 2021, 2022, 2023. @/i, failureMessage: "A valid email address is required", negate: "true"});var dom2 = document.querySelector('#form1783 #field2');var field2 = new LiveValidation(dom2, {validMessage: "", onlyOnBlur: false, wait: 300});field2.add(Validate.Presence, {failureMessage:"This field is required"});var dom5 = document.querySelector('#form1783 #field5');var field5 = new LiveValidation(dom5, {validMessage: "", onlyOnBlur: false, wait: 300});field5.add(Validate.Custom, {against: function(value) {return !value.match(/(telnet|ftp|https?):\/\/(?:[a-z0-9][a-z0-9-]{0,61}[a-z0-9]\.|[a-z0-9]\. Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions.Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. Here is how our proprietary POWR Ratings system evaluates DOCU: DOCU is currently trading below its 50-day moving average of $216.24 but above its 200-day moving average of $157.89, indicating that the stock is neither in an uptrend nor in a downtrend. This contributed around 88% to the total revenues and is a tremendous source of future revenue growth. Appreciate it. So I'm sure you don't want to give guide on this call, but is there any framework you can provide? And I'll just give you a quick example. I can tell you, the deals that we have coming in have had a higher focus on signature in the last few quarters. And so we've accelerated that growth not because we're sort of robbing from the future, but we're just getting closer toward that $25 billion TAM opportunity. They might have planned it as a three-year growth, and at the end of a year and a half or two, they're now at that new level. Got you. The way I would think about it is TAM-based. And I'm just wondering, where you sort of hit the gas to accelerate that opex? Some of the verticals that weren't as big for us that you would expect to have been hurt, of course, were. The forecast for beginning of August 101. 6 days ago. We ended the quarter with 113,000 direct customers, a 64% increase. Michael Turrin -- Wells Fargo Securities -- Analyst. Stan Zlotsky -- Morgan Stanley -- Analyst. Yes. Rishi Jaluria -- D.A. So in terms of the valuation question, I'm certain that the issue we already have today when we acquire a company and they look at us and they go, "We love you to buy us at the same multiple that DocuSign has." Yes. DOCU – DocuSign (DOCU) is presently dominating the e-signature market by providing a cloud platform to sign business contracts and deals. Free cash flow came in at $38 million for the quarter. Thanks, Annie. Overall, the response to COVID-19 has caused organizations to accelerate their digital transformation efforts by two, three, four years or more. Thank you and congratulations. With record quarterly revenue and customer base growth, the stock has soared more than 185% so far this year. And then the third piece for me is it really is about this macro opportunity in the Agreement Cloud and making sure we're stitching together all of the pieces that — one of the things when we buy these other companies, sometimes they're small. And I think to your question about the implication going forward, I think the first implication is just what you said, is that our customers are saying they want to do more DocuSign. We do think about the potential for churn. I would like to turn this call back over to management for closing remarks. It's their customers, it's their customers' data. And didn't think that would happen this quarter after last quarter, and it did. Don’t Sit This Out. Nice to see continued acceleration in the business. Create your Watchlist to save your favorite quotes on Nasdaq.com. So that's going to be a big part of our marketing plan in the coming year. I'd now like to turn the call over to Dan. It's a pleasure. Dan, if you think about — I mean going back to kind of Sterling's question around even the bonds, the biggest question people have is around the durability of growth. [Operator instructions] Our first question comes from the line of Sterling Auty with J.P. Morgan. So just sort of the sum is, are you landing high enough op to start those conversations? Our next question comes from the line of Walter Pritchard with Citi. So we haven't lost that opportunity to take that global leadership position in each of the key international markets where we want to be and that's — we intend to do just that. So that's the place where I think we'll see a bigger opportunity to really maintain substantial growth that Cynthia described. But we've also, this year, more than ever, when we finished that sort of explanation and articulation of the power of that Agreement Cloud vision, most of them this year have said, "That's fantastic, and I look forward to doing that, but I need some signature today." Any forward-looking statements are based on our assumptions and expectations to date. Operator? Stock Predictons by days: 2021 Search Stock, FX pair, Crypto, or Commodity... DocuSign, … In addition, we provide non-GAAP weighted average share count and information regarding free cash flows and billings. There's also been increased interest from SIs looking to build out Agreement Cloud practices that attach to their existing Salesforce, Oracle, SAP and Workday practices, thereby embedding DocuSign even deeper into critical front- and back-office business processes. Is there any framework you could provide before maybe giving more formalized guidance, I presume, on the next call? Before handing it over to Cynthia to walk you through our Q3 results in more detail, I want to share one other great piece of news. We encourage you to consider all measures when analyzing our performance. It may be it's a math piece that over my head or that I'm missing, but I would expect it probably then to not have a significant impact on the retention rate if there was nothing different in the nature of those lands. I'm just wondering if you could help us understand sort of the puts and takes over the next couple of quarters on NRR as we're looking at that number and how it trends. So the sizes of lands, the pricing of the deals that we've been doing, they've been amazingly consistent even though the volume, as you point out, has been more substantial. That being said, I do want to point out, Q3 was exceptionally strong. And I'd like to express my personal gratitude and excitement to be working alongside Dan and the entire DocuSign team in this new capacity. I didn't talk to too many of them myself. These results reflect how the team has executed with excellence amid the ongoing challenges. It's super interesting, as you said, big-picture question. Yes. But we've also seen those web upgrades that we talked about, where we call that positive churn, right, where someone comes to us on the digital business, and they start growing with us. That's fantastic, but there's a ton more, where we take that AI capability and we bring it into our overall product suite. And I think that we've seen real strength there, and I think we're going to continue to see strength. So from a standpoint, when you said '21, I assume you meant calendar '21, not fiscal '21. Annie Leschin -- Head of Investor Relations. And in fact, Forrester did a couple of years ago put out a report saying we already had become a brand in that same way you talked about like Kleenex or Xerox. And as you know, we guide to what we see. DocuSign, Inc. (DOCU Quick Quote DOCU - Free Report) is scheduled to report third-quarter fiscal 2021 results on Dec 3, after the bell. I know you guys have been talking about your IL4 government data center. And I guess maybe stepping back a little bit. And so I would say there's been an increase in that mix in that direction. But we'll make dollar trade-offs to grow top line before we improve margin. Dow component Walgreens Boots was marked 5.6% higher in early trading following the earnings release to change hand at $37.92, a move that trims the stock… Your opex has actually grown in line with what it grew last year. But let's get through this year, get through Q4 and see if we then maybe want to reassess that. The Software – Application industry is ranked #11 out of the 123 StockNews.com industries. The numbers start getting bigger that the NRR comes down. No, not Insight, the partner, the DocuSign Insight technology, which feel in for the contract analysis. This creates incredible scale and reach and typically leads to customers looking to DocuSign for broader agreement automation and CLM initiatives. What I know is what Cynthia just reported to you, which we had, something I can say for the last three quarters, the highest rate of billings growth we've ever had in our history. I guess let me touch on something that maybe Stan and Sterling touched on in a different fashion. Dan, if I could go back to the question of the upsell of the broader Agreement Cloud or CLM suite, you gave some good color. Signature has just been explosive for all the good reasons we 've a! The longer-duration tailwinds to your first earnings call customers like this there would be sooner when we be. Julio, our Q4 last year the second time we 've been able to sign that I! ] I would start off and say, just we do n't think 's! Reflects a short-term bearishness better buys join our ecosystem at a higher on... 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