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DocuSign, Inc. (NASDAQ: DOCU), a provider of electronic signature solutions, has reported earnings for the fourth quarter of 2023. It also provided guidance for the first quarter and fiscal 2024.
The top line increased by 14% to $659.6 million. As a result, adjusted earnings rose 35% year over year to $0.65 per share. Fourth quarter net income was $0.02 per share or $4.9 million, compared to a loss of $30.4 million or $0.15 per share in the fiscal year-ago quarter. Net income mainly reflects interest income and income from other sources.
The subscription segment accounts for approximately 98% of total revenue, while the remainder comes from the professional services division. Billings increased 10% year over year to $739 million. Cash, cash equivalents, restricted cash, and investments were $1.2 billion at the end of the quarter.
In fiscal year 2023, the net loss increased to $97.5 million due to a 20% increase in operating expenses, and management expects this trend to continue in the coming quarters.
Outlook
For the first quarter of 2024, total revenue is expected to be in the range of $639 million to $643 million. Subscription revenue is estimated between $625 million and $629 million, while billings are expected to be in the $615-$625 million range. 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.
Previous Performance
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