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Arphra AIPlain-English read on DocuSign, Inc.’s valuationIncome statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $2.11B | $2.52B | $2.76B | $2.98B | $3.22B | $3.49B | $3.75B | $4B |
| Cost of revenue | $466.45M | $536.09M | $572.62M | $621.66M | $663.06M | $702.89M | $768.03M | $846.82M |
| Gross profit | $1.64B | $1.98B | $2.19B | $2.36B | $2.56B | $2.76B | $2.96B | $3.15B |
| Gross margin | +77.86% | +78.69% | +79.27% | +79.12% | +79.40% | +79.13% | +78.84% | +78.81% |
| Operating | ||||||||
| Research & development | $393.36M | $480.58M | $539.49M | $588.46M | $664.99M | $685.59M | $770.91M | $809.67M |
| Selling, general & administrative | $1.31B | $1.56B | $1.59B | $1.54B | $1.59B | $1.85B | $1.98B | $2.11B |
| Total operating expenses | $1.7B | $2.07B | $2.16B | $2.16B | $2.26B | $2.55B | $2.82B | $2.88B |
| Operating income | -$61.88M | -$88.03M | $31.63M | $199.93M | $298.58M | $198.54M | $212.63M | $231.17M |
| Operating margin | -2.94% | -3.50% | +1.15% | +6.72% | +9.27% | +5.69% | +5.67% | +5.79% |
| EBITDA | $21.44M | $2.76M | $195.59M | $357.3M | $562.16M | $421.67M | $469.03M | $496.07M |
| EBIT | -$60.47M | -$83.49M | $100.52M | $249.49M | $335.48M | $266.47M | $281.68M | $305.39M |
| Below the line | ||||||||
| Interest expense | $6.44M | $6.39M | $6.84M | $1.55M | $2.55M | $4.4M | $4.69M | $4.94M |
| Interest income | $1.41M | $4.54M | $68.89M | $49.56M | $40.47M | $64.32M | $68.97M | $72.78M |
| Other income / expense | -$5.03M | -$1.85M | $62.05M | $48.01M | $48.75M | — | — | — |
| Pre-tax income | -$66.91M | -$89.88M | $93.68M | $247.94M | $347.33M | $269.64M | $276.05M | $307.1M |
| Income tax expense | $3.06M | $7.57M | $19.7M | -$819.94M | $38.24M | $41.09M | $44.49M | $48.56M |
| Earnings | ||||||||
| Net income | -$69.98M | -$97.45M | $73.98M | $1.07B | $309.09M | $199.29M | $218.53M | $227.27M |
| Net income · continuing ops | -$69.98M | -$97.45M | $73.98M | $1.07B | $309.09M | $555.48M | $612.69M | $645.88M |
| Net margin | -3.32% | -3.87% | +2.68% | +35.87% | +9.60% | +5.71% | +5.82% | +5.69% |
| EPS · basic | $-0.36 | $-0.49 | $0.36 | $5.23 | $1.52 | $4.53 | $5.23 | $5.59 |
| EPS · diluted | $-0.36 | $-0.49 | $0.36 | $5.08 | $1.48 | $4.44 | $5.07 | $5.47 |
| EPS · low estimate | — | — | — | — | — | $4.18 | $4.56 | $4.11 |
| EPS · high estimate | — | — | — | — | — | $4.57 | $5.31 | $6.57 |
| Shares · basic | 196.68M | 200.9M | 204.07M | 204.33M | 200.48M | 198.75M | 199.59M | 199.91M |
| Shares · diluted | 196.68M | 200.9M | 208.95M | 210.34M | 204.68M | 205.77M | 206.05M | 205.46M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 16 | 15 | 9 |
| Analysts (EPS) | — | — | — | — | — | 13 | 12 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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