{"text_format":"1","workbook":"xlsx","n_sheets":7,"sheets":["DOCU_DCF","DOCU_Forecast","DOCU_IS","DOCU_BS","DOCU_CFS"," _Comps","Option_Value"],"not_rendered":{"charts":0,"images":1,"macros":1,"external_links":0,"defined_names":21,"comments":3,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"DOCU_DCF","index":0,"n_rows":155,"n_cols":21,"rows_kept":155,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Company Name","DocuSign"]
[null,"Ticker","DOCU"]
[null,"Share Price",53.89]
[null,"Valuation Date ","2024-03-07"]
[]
[null,{"$f":"C2&\" (\"&C3&\") DISCOUNTED CASH FLOWS MODEL\"","v":"DocuSign (DOCU) DISCOUNTED CASH FLOWS MODEL"}]
[null,"Fiscal year ends in January USD in thousands except per share data."]
[]
["x","FORECASTING CASH FLOWS"]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,2019,{"$f":"F13+1","v":2020},2021,2022,2023,2024,2025,2026,2027,2028,2029,2030]
[null,"Revenue - subscription",null,null,null,{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B14,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!F$13,DOCU_IS!$A$10:$F$10,0))","v":663657},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B14,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!G$13,DOCU_IS!$A$10:$F$10,0))","v":918463},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B14,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!H$13,DOCU_IS!$A$10:$F$10,0))","v":1381397},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B14,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!I$13,DOCU_IS!$A$10:$F$10,0))","v":2037272},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B14,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!J$13,DOCU_IS!$A$10:$F$10,0))","v":2442177},{"$f":"J14*(1+K38)","v":2670000},2864764.5,3079621.8374999999,3325991.5845000003,3592070.9112600004,3879436.5841608006,4189791.5108936648]
[null,"Revenue - professional services & other revenue",null,null,null,{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B15,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!F$13,DOCU_IS!$A$10:$F$10,0))","v":37312},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B15,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!G$13,DOCU_IS!$A$10:$F$10,0))","v":55508},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B15,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!H$13,DOCU_IS!$A$10:$F$10,0))","v":71650},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B15,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!I$13,DOCU_IS!$A$10:$F$10,0))","v":69941},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B15,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!J$13,DOCU_IS!$A$10:$F$10,0))","v":73738},76000,73455.5,78964.662500000093,85281.83550000003,92104.382339999996,99472.73292719973,107430.55156137543]
[null,"Total Revenue",null,null,null,{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B16,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!F$13,DOCU_IS!$A$10:$F$10,0))","v":700969},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B16,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!G$13,DOCU_IS!$A$10:$F$10,0))","v":973971},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B16,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!H$13,DOCU_IS!$A$10:$F$10,0))","v":1453047},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B16,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!I$13,DOCU_IS!$A$10:$F$10,0))","v":2107213},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B16,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!J$13,DOCU_IS!$A$10:$F$10,0))","v":2515915},2746000,2938220,3158586.5,3411273.4200000004,3684175.2936000004,3978909.3170880009,4297222.0624550413]
[null,"Cost of revenue - subscription",null,null,null,{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B17,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!F$13,DOCU_IS!$A$10:$F$10,0))","v":117764},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B17,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!G$13,DOCU_IS!$A$10:$F$10,0))","v":163931},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B17,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!H$13,DOCU_IS!$A$10:$F$10,0))","v":259992},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B17,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!I$13,DOCU_IS!$A$10:$F$10,0))","v":343661},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B17,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!J$13,DOCU_IS!$A$10:$F$10,0))","v":426077},{"$f":"K14*K41","v":453900.00000000006},487009.96500000003,523535.712375,565418.56936500012,610652.0549142001,659504.21930733614,712264.55685192312]
[null,"Cost of revenue - professional services & other cost of revenue",null,null,null,{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B18,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!F$13,DOCU_IS!$A$10:$F$10,0))","v":74657},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B18,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!G$13,DOCU_IS!$A$10:$F$10,0))","v":79303},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B18,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!H$13,DOCU_IS!$A$10:$F$10,0))","v":104066},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B18,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!I$13,DOCU_IS!$A$10:$F$10,0))","v":122790},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B18,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!J$13,DOCU_IS!$A$10:$F$10,0))","v":110011},114000,104674.08750000001,106602.29437500013,108734.34026250005,110525.25880800001,119367.27951263967,128916.6618736505]
[null,"Gross Profit",null,null,null,{"$f":"F16-F17-F18","v":508548},730737,1088989,1640762,1979827,2178100,2346535.9475000002,2528448.4932499998,2737120.5103725004,2962997.9798778002,3200037.8182680253,3456040.8437294681]
[]
[null,"Sales & marketing expense",null,null,null,{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B21,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!F$13,DOCU_IS!$A$10:$F$10,0))","v":539606},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B21,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!G$13,DOCU_IS!$A$10:$F$10,0))","v":591379},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B21,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!H$13,DOCU_IS!$A$10:$F$10,0))","v":798625},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B21,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!I$13,DOCU_IS!$A$10:$F$10,0))","v":1076527},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B21,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!J$13,DOCU_IS!$A$10:$F$10,0))","v":1242711},{"$f":"K16*K43","v":1235700},1248743.5,1263434.5999999999,1279227.5325,1289461.3527599999,1392618.2609808003,1504027.7218592644]
[null,"Research & development expense",null,null,null,{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B22,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!F$13,DOCU_IS!$A$10:$F$10,0))","v":185968},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B22,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!G$13,DOCU_IS!$A$10:$F$10,0))","v":185552},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B22,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!H$13,DOCU_IS!$A$10:$F$10,0))","v":271522},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B22,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!I$13,DOCU_IS!$A$10:$F$10,0))","v":393362},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B22,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!J$13,DOCU_IS!$A$10:$F$10,0))","v":480584},{"$f":"K16*K44","v":521740},550916.25,584338.50249999994,622557.39915000007,663151.55284800008,716203.67707584018,773499.97124190745]
[null,"General & administrative expense",null,null,null,{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B23,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!F$13,DOCU_IS!$A$10:$F$10,0))","v":209297},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B23,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!G$13,DOCU_IS!$A$10:$F$10,0))","v":147315},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B23,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!H$13,DOCU_IS!$A$10:$F$10,0))","v":192697},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B23,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!I$13,DOCU_IS!$A$10:$F$10,0))","v":232757},{"$f":"INDEX(DOCU_IS!$A$10:$F$54,MATCH(DOCU_DCF!$B23,DOCU_IS!$A$10:$A$54,0),MATCH(DOCU_DCF!J$13,DOCU_IS!$A$10:$F$10,0))","v":316228},{"$f":"K16*K45","v":343250},341568.07499999995,339548.04874999996,336863.25022499997,331575.77642399992,358101.83853792009,386749.98562095372]
[null,"EBIT",null,null,null,{"$f":"F19-F21-F22-F23","v":-426323},-193509,-173855,-61884,-59696,77410,205308.12250000029,341127.34200000006,498472.32849750039,678809.29784580029,733114.04167346493,791763.16500734247]
[null,"NOL carryforward balance",null,null,null,null,null,null,null,2700000,{"$f":"J25-K24","v":2622590},{"$f":"K25-L24","v":2417281.8774999995},2076154.5354999993,1577682.2070024989,898872.90915669862,165758.86748323368,-626004.29752410878]
[null,"Taxes",null,0.25,null,null,null,null,null,null,{"$f":"IF(K25>0,0,K25*$D$26*-1)","v":0},{"$f":"IF(L25>0,0,L25*$D$26*-1)","v":0},0,0,0,0,156501.0743810272]
[null,"Tax-effected EBIT",null,null,null,{"$f":"F24-F26","v":-426323},-193509,-173855,-61884,-59696,77410,205308.12250000029,341127.34200000006,498472.32849750039,678809.29784580029,733114.04167346493,635262.09062631521]
[]
[null,"Depreciation and amortization",null,null,null,{"$f":"INDEX(DOCU_IS!$A$10:$F$60,MATCH(DOCU_DCF!$B29,DOCU_IS!$A$10:$A$60,0),MATCH(DOCU_DCF!F$13,DOCU_IS!$A$10:$F$10,0))","v":38027},{"$f":"INDEX(DOCU_IS!$A$10:$F$60,MATCH(DOCU_DCF!$B29,DOCU_IS!$A$10:$A$60,0),MATCH(DOCU_DCF!G$13,DOCU_IS!$A$10:$F$10,0))","v":50182},{"$f":"INDEX(DOCU_IS!$A$10:$F$60,MATCH(DOCU_DCF!$B29,DOCU_IS!$A$10:$A$60,0),MATCH(DOCU_DCF!H$13,DOCU_IS!$A$10:$F$10,0))","v":71090},{"$f":"INDEX(DOCU_IS!$A$10:$F$60,MATCH(DOCU_DCF!$B29,DOCU_IS!$A$10:$A$60,0),MATCH(DOCU_DCF!I$13,DOCU_IS!$A$10:$F$10,0))","v":81913},{"$f":"INDEX(DOCU_IS!$A$10:$F$60,MATCH(DOCU_DCF!$B29,DOCU_IS!$A$10:$A$60,0),MATCH(DOCU_DCF!J$13,DOCU_IS!$A$10:$F$10,0))","v":86255},{"$f":"-K30*K47","v":90618.000000000015},85851.115625000006,80938.779062500005,75794.231300625004,69999.330578399997,75599.277024672017,81647.219186645787]
[null,"Capex",null,null,null,{"$f":"INDEX(DOCU_IS!$A$10:$F$59,MATCH(DOCU_DCF!$B30,DOCU_IS!$A$10:$A$59,0),MATCH(DOCU_DCF!F$13,DOCU_IS!$A$10:$F$10,0))","v":-30413},{"$f":"INDEX(DOCU_IS!$A$10:$F$59,MATCH(DOCU_DCF!$B30,DOCU_IS!$A$10:$A$59,0),MATCH(DOCU_DCF!G$13,DOCU_IS!$A$10:$F$10,0))","v":-72046},{"$f":"INDEX(DOCU_IS!$A$10:$F$59,MATCH(DOCU_DCF!$B30,DOCU_IS!$A$10:$A$59,0),MATCH(DOCU_DCF!H$13,DOCU_IS!$A$10:$F$10,0))","v":-82395},{"$f":"INDEX(DOCU_IS!$A$10:$F$59,MATCH(DOCU_DCF!$B30,DOCU_IS!$A$10:$A$59,0),MATCH(DOCU_DCF!I$13,DOCU_IS!$A$10:$F$10,0))","v":-61396},{"$f":"INDEX(DOCU_IS!$A$10:$F$59,MATCH(DOCU_DCF!$B30,DOCU_IS!$A$10:$A$59,0),MATCH(DOCU_DCF!J$13,DOCU_IS!$A$10:$F$10,0))","v":-77654},{"$f":"-K46*K16","v":-82380},{"$f":"-L46*L16","v":-80801.05},-78964.662500000006,-76753.651950000014,-73683.505872000023,-79578.186341760025,-85944.441249100826]
[null,"Change in Net Working Capital",null,null,null,null,{"$f":"-(G89)","v":47699},{"$f":"-(H89)","v":163618},115099,5717,21132,38444,44073.300000000047,50537.384000000078,54580.374719999963,{"$f":"-(P89)","v":58946.804697600193},{"$f":"-(Q89)","v":63662.549073408009}]
[null,"Unlevered free cash flows",null,null,null,{"$f":"SUM(F27:F31)","v":-418709},-167674,-21542,73732,-45378,106780,248802.18812500028,387174.75856250012,548050.2918481254,729705.49727220018,788081.93705397716,694627.4176372682]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F13","v":2019},{"$f":"F36+1","v":2020},2021,2022,2023,2024,2025,2026,2027,2028,2029,2030]
[null,"Assumptions"]
[null,"Subscription Growth",null,null,null,null,{"$f":"G14/F14-1","v":0.38394230754742287},0.50403119124014784,0.47479109915542028,0.19874862070454991,{"$f":"DOCU_Forecast!H12","v":9.3286850216016237E-2},{"$f":"DOCU_Forecast!I12","v":7.2945505617977524E-2},{"$f":"DOCU_Forecast!J12","v":7.4999999999999956E-2},{"$f":"DOCU_Forecast!K12","v":8.0000000000000071E-2},{"$f":"DOCU_Forecast!L12","v":8.0000000000000071E-2},8.0000000000000071E-2,8.0000000000000071E-2]
[null,"Professional Growth",null,null,null,null,0.48767152658662094,0.29080492901924049,-2.3852058618283323E-2,5.4288614689524062E-2,{"$f":"DOCU_Forecast!H14","v":3.0676177818763639E-2},{"$f":"DOCU_Forecast!I14","v":-3.3480263157894763E-2},{"$f":"DOCU_Forecast!J14","v":7.5000000000001288E-2},{"$f":"DOCU_Forecast!K14","v":7.9999999999999183E-2},{"$f":"DOCU_Forecast!L14","v":7.9999999999999627E-2},7.9999999999997226E-2,7.9999999999997226E-2]
[null,"Sales Growth",null,null,null,null,0.38946372806786034,0.49187912165762637,0.45020291841901883,0.19395381482555396,{"$f":"DOCU_Forecast!H8","v":9.1451817728341434E-2},{"$f":"DOCU_Forecast!I8","v":7.0000000000000007E-2},{"$f":"DOCU_Forecast!J8","v":7.4999999999999997E-2},{"$f":"DOCU_Forecast!K8","v":0.08},{"$f":"DOCU_Forecast!L8","v":0.08},0.08,0.08,null,null,2028]
[null,"COGS-subscription (as a % of subscription)",null,null,null,{"$f":"F17/F14","v":0.17744708486462132},0.17848405433860701,0.18820947200551327,0.16868685182930901,0.17446606040430321,0.17,{"$f":"K41+$U41","v":0.17},0.17,0.17,0.17,0.17,0.17,null,"Step",0.17,{"$f":"(T41-K41)/($O$36-$K$36)","v":0}]
[null,"COGS-professional (as a % of professional)",null,null,null,2.000884433962264,1.4286769474670318,1.4524214933705513,1.7556225961882157,1.4919173289213161,1.5,1.425,1.35,1.2750000000000001,1.2000000000000002,1.2,1.2,null,"Step",1.2,-7.5000000000000011E-2]
[null,"Sales & Marketing (as a % of revenue)",null,null,null,{"$f":"F21/F16","v":0.76980009101686375},{"$f":"G21/G16","v":0.6071833760964136},{"$f":"H21/H16","v":0.54962090008100217},{"$f":"I21/I16","v":0.51087716334324063},{"$f":"J21/J16","v":0.49393997809941909},0.45,0.42499999999999999,0.39999999999999997,0.37499999999999994,0.34999999999999992,0.35,0.35,null,"Step",0.35,-2.5000000000000008E-2]
[null,"R&D expenses (as % of revenues)",null,null,null,{"$f":"F22/F16","v":0.26530131860324779},{"$f":"G22/G16","v":0.19051080576321061},{"$f":"H22/H16","v":0.18686387983320568},{"$f":"I22/I16","v":0.18667405715511437},{"$f":"J22/J16","v":0.19101758207252631},0.19,0.1875,0.185,0.1825,0.18,0.18,0.18,null,"Step",0.18,-2.5000000000000022E-3]
[null,"G&A (as a % of revenue)",null,null,null,{"$f":"F23/F16","v":0.29858239094738853},{"$f":"G23/G16","v":0.15125193665930506},{"$f":"H23/H16","v":0.13261580664630945},{"$f":"I23/I16","v":0.11045727223588693},{"$f":"J23/J16","v":0.12569105077079312},0.125,0.11624999999999999,0.10749999999999998,9.8749999999999977E-2,8.9999999999999969E-2,0.09,0.09,null,"Step",0.09,-8.7500000000000008E-3]
[null,"Capex (as % of revenues)",null,null,null,{"$f":"-F30/F16","v":4.3387082738323667E-2},{"$f":"-G30/G16","v":7.3971401612573678E-2},{"$f":"-H30/H16","v":5.6704979260822255E-2},{"$f":"-I30/I16","v":2.913611485882063E-2},{"$f":"-J30/J16","v":3.0865112692598916E-2},0.03,2.75E-2,2.5000000000000001E-2,2.2500000000000003E-2,2.0000000000000004E-2,0.02,0.02,null,"Step",0.02,-2.4999999999999996E-3]
[null,"Depreciation and amortization (as % of capex)",null,null,null,{"$f":"-F29/F30","v":1.2503534672672869},{"$f":"-G29/G30","v":0.69652721872137247},{"$f":"-H29/H30","v":0.8627950725165362},{"$f":"-I29/I30","v":1.33417486481204},{"$f":"-J29/J30","v":1.1107605532232725},1.1000000000000001,1.0625,1.0249999999999999,0.98749999999999982,0.94999999999999973,0.95,0.95,null,"Step",0.95,-3.7500000000000033E-2]
[null,"Gross margin",null,null,null,{"$f":"F19/F16","v":0.72549285346427583},{"$f":"G19/G16","v":0.75026566499413228},{"$f":"H19/H16","v":0.74945201359625668},{"$f":"I19/I16","v":0.77864079236413219},{"$f":"J19/J16","v":0.78692125926352841}]
[]
["x","TERMINAL VALUE AND EQUITY VALUE PER SHARE"]
[]
[null,null,null,null,null,"Terminal Value - Perpetuity Growth",null,null,null,null,"Terminal Value - Exit Multiple",null,null,null,null,"Option Drag"]
[]
[null,null,null,null,null,"Unlevered FCF in terminal year",null,{"$f":"Q32","v":694627.4176372682},null,null,"Terminal year EBITDA",null,null,{"$f":"Q24+Q29","v":873410.38419398828},null,"Implied Equity Value (Using TV)"]
[null,null,null,null,null,"Terminal growth rate",null,0.05,null,null,"Terminal year EBITDA multiple",null,null,28.43,null,"Basic Shares"]
[null,null,null,null,null,"Terminal value",null,{"$f":"H54*(1+H55)/(H57-H55)","v":17199721.915853344},null,null,"Terminal value",null,null,{"$f":"N55*N54","v":24831057.222635087},null,"Value of Options"]
[null,null,null,null,null,"WACC - current",null,{"$f":"F134","v":9.2405266322757598E-2},null,null,"WACC - current",null,null,{"$f":"F134","v":9.2405266322757598E-2},null,"Implied Equity Value per Share"]
[null,null,null,null,null,"PV of Terminal Value",null,{"$f":"H56/(1+H57)^(Q36-J36)","v":9264776.1224100646},null,null,"PV of Terminal Value",null,null,{"$f":"PV(N57,Q36-J36,,N56)*-1","v":13375459.625217648}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Treasury Outstanding Options"]
[null,null,null,null,null,"PV of Unlevered Free Cash Flows",null,{"$f":"NPV(H57,K32:Q32)","v":2295043.2140573184},null,null,"PV of Unlevered Free Cash Flows",null,null,{"$f":"NPV(H57,K32:Q32)","v":2295043.2140573184},null,"Implied Equity Value"]
[null,null,null,null,null,"Total Enterprise Value",null,{"$f":"H60+H58","v":11559819.336467383},null,null,"Total Enterprise Value",null,null,{"$f":"N60+N58","v":15670502.839274967},null,"Diluted Shares Outstanding"]
[null,null,null,null,null,"Net debt + Preferred stock + NCI",null,{"$f":"DOCU_BS!B49+DOCU_BS!B51+DOCU_BS!B56-DOCU_BS!B16-DOCU_BS!B17-DOCU_BS!B27","v":-329425},null,null,"Net debt + Preferred stock + NCI",null,null,{"$f":"DOCU_BS!B49+DOCU_BS!B51+DOCU_BS!B56-DOCU_BS!B16-DOCU_BS!B17-DOCU_BS!B27","v":-329425},null,"Total Proceeds"]
[null,null,null,null,null,"Implied Equity Value",null,{"$f":"H61-H62","v":11889244.336467383},null,null,"Implied Equity Value",null,null,{"$f":"N61-N62","v":15999927.839274967},null,"Implied Equity Value per Share"]
[null,null,null,null,null,"Diluted Shares Outstanding",null,null,null,null,"Diluted Shares Outstanding"]
[null,null,null,null,null,"Implied Equity Value per Share",null,null,null,null,"Implied Equity Value per Share"]
[]
[]
[]
["x","WORKING CAPITAL SCHEDULE"]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F13","v":2019},{"$f":"F73+1","v":2020},2021,2022,2023,2024,2025,2026,2027,2028,{"$f":"O73+1","v":2029},{"$f":"P73+1","v":2030}]
[null,"Total current assets",null,null,null,{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B74,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!F$73,DOCU_BS!$A$10:$F$10,0))","v":984521},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B74,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!G$73,DOCU_BS!$A$10:$F$10,0))","v":943890},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B74,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!H$73,DOCU_BS!$A$10:$F$10,0))","v":1162348},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B74,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!I$73,DOCU_BS!$A$10:$F$10,0))","v":1319596},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B74,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!J$73,DOCU_BS!$A$10:$F$10,0))","v":1631004}]
[null,"Cash & cash equivalents",null,null,null,{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B75,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!F$73,DOCU_BS!$A$10:$F$10,0))","v":517811},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B75,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!G$73,DOCU_BS!$A$10:$F$10,0))","v":241203},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B75,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!H$73,DOCU_BS!$A$10:$F$10,0))","v":566055},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B75,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!I$73,DOCU_BS!$A$10:$F$10,0))","v":509059},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B75,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!J$73,DOCU_BS!$A$10:$F$10,0))","v":721895}]
[null,"Investments",null,null,null,{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B76,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!F$73,DOCU_BS!$A$10:$F$10,0))","v":251203},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B76,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!G$73,DOCU_BS!$A$10:$F$10,0))","v":414939},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B76,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!H$73,DOCU_BS!$A$10:$F$10,0))","v":207450},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B76,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!I$73,DOCU_BS!$A$10:$F$10,0))","v":293763},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B76,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!J$73,DOCU_BS!$A$10:$F$10,0))","v":309771}]
[null,"Add:"]
[null,"Deferred contract acquisition costs - noncurrent",null,null,null,{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B78,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!F$73,DOCU_BS!$A$10:$F$10,0))","v":112583},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B78,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!G$73,DOCU_BS!$A$10:$F$10,0))","v":153333},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B78,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!H$73,DOCU_BS!$A$10:$F$10,0))","v":260130},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B78,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!I$73,DOCU_BS!$A$10:$F$10,0))","v":311835},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B78,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!J$73,DOCU_BS!$A$10:$F$10,0))","v":350899}]
[null,"Total non-cash current assets",null,null,null,{"$f":"F74-F75-F76+F78","v":328090},{"$f":"G74-G75-G76+G78","v":441081},648973,828609,950237]
[]
[null,"Total current liabilities",null,null,null,{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B81,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!F$73,DOCU_BS!$A$10:$F$10,0))","v":516313},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B81,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!G$73,DOCU_BS!$A$10:$F$10,0))","v":693965},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B81,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!H$73,DOCU_BS!$A$10:$F$10,0))","v":1093173},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B81,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!I$73,DOCU_BS!$A$10:$F$10,0))","v":1371639},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B81,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!J$73,DOCU_BS!$A$10:$F$10,0))","v":2208322}]
[null,"Convertible senior notes - current",null,null,null,{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B82,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!F$73,DOCU_BS!$A$10:$F$10,0))","v":0},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B82,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!G$73,DOCU_BS!$A$10:$F$10,0))","v":0},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B82,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!H$73,DOCU_BS!$A$10:$F$10,0))","v":20469},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B82,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!I$73,DOCU_BS!$A$10:$F$10,0))","v":0},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B82,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!J$73,DOCU_BS!$A$10:$F$10,0))","v":722887}]
[null,"Operating lease liabilities-current",null,null,null,{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B83,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!F$73,DOCU_BS!$A$10:$F$10,0))","v":0},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B83,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!G$73,DOCU_BS!$A$10:$F$10,0))","v":20728},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B83,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!H$73,DOCU_BS!$A$10:$F$10,0))","v":32971},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B83,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!I$73,DOCU_BS!$A$10:$F$10,0))","v":37404},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B83,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!J$73,DOCU_BS!$A$10:$F$10,0))","v":24055}]
[null,"Add:"]
[null,"Contract liabilities - noncurrent",null,null,null,{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B85,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!F$73,DOCU_BS!$A$10:$F$10,0))","v":7712},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B85,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!G$73,DOCU_BS!$A$10:$F$10,0))","v":11478},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B85,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!H$73,DOCU_BS!$A$10:$F$10,0))","v":16492},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B85,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!I$73,DOCU_BS!$A$10:$F$10,0))","v":16725},{"$f":"INDEX(DOCU_BS!$10:$67,MATCH(DOCU_DCF!$B85,DOCU_BS!$A$10:$A$67,0),MATCH(DOCU_DCF!J$73,DOCU_BS!$A$10:$F$10,0))","v":16925}]
[null,"Total non-debt current liabilities",null,null,null,{"$f":"F81-F82-F83+F85","v":524025},{"$f":"G81-G82-G83+G85","v":684715},{"$f":"H81-H82-H83+H85","v":1056225},{"$f":"I81-I82-I83+I85","v":1350960},{"$f":"J81-J82-J83+J85","v":1478305}]
[]
[null,"Non-cash Net Working Capital",null,null,null,{"$f":"F79-F86","v":-195935},{"$f":"G79-G86","v":-243634},{"$f":"H79-H86","v":-407252},{"$f":"I79-I86","v":-522351},{"$f":"J79-J86","v":-528068},{"$f":"K94*K16","v":-549200},-587644,-631717.30000000005,-682254.68400000012,-736835.05872000009,-795781.86341760028,-859444.41249100829]
[null,"Change in NWC",null,null,null,null,{"$f":"G88-F88","v":-47699},-163618,-115099,-5717,-21132,-38444,-44073.300000000047,-50537.384000000078,-54580.374719999963,-58946.804697600193,-63662.549073408009]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F73","v":2019},{"$f":"F93+1","v":2020},2021,2022,2023,2024,2025,2026,2027,2028,{"$f":"O93+1","v":2029},{"$f":"P93+1","v":2030}]
[null,"Non-cash NWC as a % of Sale",null,null,null,{"$f":"F88/F16","v":-0.27952020702770025},{"$f":"G88/G16","v":-0.25014502485186929},{"$f":"H88/H16","v":-0.28027448527129545},{"$f":"I88/I16","v":-0.24788713812984259},{"$f":"J88/J16","v":-0.20989103367959569},-0.2,{"$f":"K94+$U$94","v":-0.2},-0.2,-0.2,-0.2,-0.2,-0.2,null,"Step",-0.2,{"$f":"(T94-K94)/(Q93-K93)","v":0}]
[]
[]
["x","DILUTED SHARES"]
[]
[]
[null,null,null,null,null,"Treasury with a Twist- All Outstanding Options",null,null,null,null,"Treasury Method- All Outstanding Options"]
[null,null,null,null,null,"Basic share count",null,null,null,null,"Basic share count"]
[null,null,null,null,null,"Outstanding options",null,null,null,null,"Oustanding options"]
[null,null,null,null,null,"Exercise price",null,null,null,null,"Exercise price"]
[null,null,null,null,null,"Current share price",null,null,{"$f":"C4","v":53.89}]
[null,null,null,null,null,"In-the-money options"]
[null,null,null,null,null,"Total proceeds",null,null,null,null,"Total proceeds"]
[null,null,null,null,null,"Total shares repurchased"]
[null,null,null,null,null,"Diluted shares outstanding",null,null,null,null,"Diluted shares outstanding"]
[]
[]
["x","WACC"]
[]
[null,null,null,null,null,"Current"]
[null,"Percent of Capital"]
[null,"Total debt",null,null,null,{"$f":"DOCU_BS!B49+DOCU_BS!B51+DOCU_BS!B56","v":888290}]
[null,"Share price",null,null,null,{"$f":"C4","v":53.89}]
[null,"Shares outstanding",null,null,null,203933.894,"Note: This will be updated to diluted shares. "]
[null,"Market value of equity",null,null,null,{"$f":"F117*F116","v":10989997.547660001}]
[]
[null,"Weight of debt",null,null,null,{"$f":"F115/(F115+F118)","v":7.4782665130462458E-2}]
[null,"Weight of equity",null,null,null,{"$f":"F118/(F118+F115)","v":0.9252173348695375}]
[]
[null,"Cost of debt"]
[null,"Default Spread",null,null,null,2.2100000000000002E-2]
[null,"Pre-tax cost of debt",null,null,null,{"$f":"F124+F129","v":6.3079999999999997E-2}]
[null,"Marginal tax rate",null,null,null,0.25]
[]
[null,"Cost of equity"]
[null,"Risk-free rate",null,null,null,4.0980000000000003E-2]
[null,"Market risk premium (Rm - Rf)",null,null,null,4.1799999999999997E-2]
[null,"Beta",null,null,null,{"$f":"C153","v":1.317468599003736}]
[null,"Cost of equity",null,null,null,{"$f":"F129+F130*F131","v":9.6050187438356166E-2}]
[]
[null,"Weighted average cost of capital",null,null,null,{"$f":"F125*F120*(1-F126)+F132*F121","v":9.2405266322757598E-2}]
[]
["x","BOTTOM UP BETA"]
[]
[]
[null,null,null,null,"MV","Book Value","Debt/","Reg","Unlevered",null,"Marginal "]
[null,"Company","Ticker",null,"Equity","Debt","Equity","Beta","Beta",null,"Tax Rate"]
[null,"RingCentral, Inc","RNG",null,3126.8,{"$f":"1374.19+222.2","v":1596.39},{"$f":"F141/E141","v":0.51055072278367664},0.92,{"$f":"H141/(1+((1-K141)*G141))","v":0.66526236429956109},null,0.25]
[null,"Splunk Inc","SPLK",null,26319.1,{"$f":"1258.02+2003.55","v":3261.5699999999997},0.12392407035194972,1,{"$f":"H142/(1+((1-K142)*G142))","v":0.91496075433306701},null,{"$f":"$K$141","v":0.25}]
[null,"Palentir Technologies, Inc","PLTR",null,55163.4,{"$f":"54.18+175.22","v":229.4},4.1585544038257247E-3,2.81,2.8012630962610769,null,0.25]
[null,"Datadog, Inc","DDOG",null,43216.6,{"$f":"21.97+724.24+138.13","v":884.34},2.0462970247543771E-2,1.17,1.1523151569210972,null,0.25]
[null,"Dynatrace Inc","DT",null,14518.8,{"$f":"16.29+58","v":74.289999999999992},5.1168140617681903E-3,1.08,1.0758712252395319,null,0.25]
[null,"CoStar Group inc","CSGP",null,35809.300000000003,{"$f":"40+66+990.5","v":1096.5},3.0620537123037868E-2,0.83,0.81136663829868549,null,0.25]
[null,"Adobe Inc","ADBE",null,245773.3,{"$f":"73+373+3634","v":4080},1.6600664107940123E-2,1.29,1.2741363676003172,null,0.25]
[]
[null,"Average unlevered beta",{"$f":"AVERAGE(I141:I147)","v":1.2421679432790482}]
[null,"Average unlevered beta (Full industry)",1.24]
[null,{"$f":"C3&\" Debt/Equity ratio\"","v":"DOCU Debt/Equity ratio"},{"$f":"F115/F118","v":8.082713359559715E-2}]
[null,{"$f":"C3&\" Tax Rate\"","v":"DOCU Tax Rate"},{"$f":"F126","v":0.25}]
[null,{"$f":"C3&\" Levered Beta\"","v":"DOCU Levered Beta"},{"$f":"C149*(1+(1-C152)*C151)","v":1.317468599003736}]
[]
["x","SENSITIVITY ANALYSIS"]

{"sheet":"DOCU_Forecast","index":1,"n_rows":47,"n_cols":15,"rows_kept":47,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Key metrics (Annual)"]
[null,null,2019,{"$f":"C3+1","v":2020},{"$f":"D3+1","v":2021},2022,2023,2024,2025,2026,2027,2028]
[null,"Revenue",700969,973971,1453047,2107213,2515915,2746000,{"$f":"H4*(1+I8)","v":2938220},{"$f":"I4*(1+J8)","v":3158586.5},{"$f":"J4*(1+K8)","v":3411273.4200000004},{"$f":"K4*(1+L8)","v":3684175.2936000004}]
[null," Direct (%)",0.85,0.86,0.87,0.88,0.87,0.86,0.85499999999999998,{"$f":"I5","v":0.85499999999999998},0.85499999999999998,0.85499999999999998]
[null," Digital (%)",0.15,0.14000000000000001,0.13,0.12,0.13,0.14000000000000001,0.14499999999999999,0.14499999999999999,0.14499999999999999,0.14499999999999999]
[]
[null,"Revenue growth",null,null,null,null,null,{"$f":"H4/G4-1","v":9.1451817728341434E-2},7.0000000000000007E-2,7.4999999999999997E-2,0.08,0.08]
[]
[null," Subscription Revenue",663657,918463,1381397,2037272,2442177,2670000,{"$f":"I4*I11","v":2864764.5},{"$f":"J4*J11","v":3079621.8374999999},{"$f":"K4*K11","v":3325991.5845000003},{"$f":"L4*L11","v":3592070.9112600004}]
[null," % of revenue",{"$f":"C10/C4","v":0.94677082724057693},{"$f":"D10/D4","v":0.94300857007036143},0.9506898262754061,0.96680876589125064,0.97069137868330213,0.97499999999999998,0.97499999999999998,0.97499999999999998,0.97499999999999998,0.97499999999999998]
[null," % growth",null,null,null,null,null,{"$f":"H10/G10-1","v":9.3286850216016237E-2},{"$f":"I10/H10-1","v":7.2945505617977524E-2},{"$f":"J10/I10-1","v":7.4999999999999956E-2},{"$f":"K10/J10-1","v":8.0000000000000071E-2},{"$f":"L10/K10-1","v":8.0000000000000071E-2}]
[null,"Professional Revenue ",null,null,null,null,{"$f":"G4-G10","v":73738},76000,73455.5,78964.662500000093,85281.835500000045,92104.382340000011]
[null," % growth",null,null,null,null,null,{"$f":"H13/G13-1","v":3.0676177818763639E-2},{"$f":"I13/H13-1","v":-3.3480263157894763E-2},{"$f":"J13/I13-1","v":7.5000000000001288E-2},{"$f":"K13/J13-1","v":7.9999999999999183E-2},{"$f":"L13/K13-1","v":7.9999999999999627E-2}]
[]
[null,"Customers (in thousands)",477,589,892,1170,1360,{"$f":"G16*(1+H17)","v":1536.8},{"$f":"H16*(1+I17)","v":1713.5319999999999},{"$f":"I16*(1+J17)","v":1867.7498800000001},{"$f":"J16*(1+K17)","v":2017.1698704000003},{"$f":"K16*(1+L17)","v":2158.3717613280005}]
[null,"% growth",null,{"$f":"D16/C16-1","v":0.23480083857442358},{"$f":"E16/D16-1","v":0.51443123938879465},{"$f":"F16/E16-1","v":0.31165919282511201},{"$f":"G16/F16-1","v":0.16239316239316248},0.13,0.115,0.09,0.08,7.0000000000000007E-2]
[null," Enterprise",56,75,125,170,211,{"$f":"G18*(1+H19)","v":242.64999999999998},{"$f":"H18*(1+I19)","v":274.19449999999995},{"$f":"I18*(1+J19)","v":301.61394999999999},{"$f":"J18*(1+K19)","v":327.25113575},{"$f":"K18*(1+L19)","v":351.79497093124996}]
[null,"  % growth",null,{"$f":"D18/C18-1","v":0.33928571428571419},{"$f":"E18/D18-1","v":0.66666666666666674},{"$f":"F18/E18-1","v":0.3600000000000001},{"$f":"G18/F18-1","v":0.24117647058823533},0.15,0.13,0.1,8.5000000000000006E-2,7.4999999999999997E-2]
[null," Small ",{"$f":"C16-C18","v":421},514,767,1000,1149,1294.1500000000001,1439.3375000000001,1566.1359300000001,1689.9187346500003,1806.5767903967505]
[null,"  % growth",null,{"$f":"D20/C20-1","v":0.2209026128266034},0.49221789883268485,0.30378096479791394,0.14900000000000002,0.12632724107919935,0.11218753622068545,8.8094995093228601E-2,7.9037076079341295E-2,6.9031754814477209E-2]
[]
[null,"Large (>300k)",310,437,599,852,1080,{"$f":"G23*(1+H24)","v":1069.2},{"$f":"H23*(1+I24)","v":1101.2760000000001},{"$f":"I23*(1+J24)","v":1156.3398000000002},{"$f":"J23*(1+K24)","v":1214.1567900000002},{"$f":"K23*(1+L24)","v":1274.8646295000003}]
[null,"% growth",null,{"$f":"D23/C23-1","v":0.4096774193548387},{"$f":"E23/D23-1","v":0.37070938215102966},{"$f":"F23/E23-1","v":0.42237061769616036},{"$f":"G23/F23-1","v":0.26760563380281699},-0.01,0.03,0.05,0.05,0.05]
[]
[null,"Enterprise/Direct ARPC",{"$f":"(C4*C5)/C18","v":10639.708035714286},11168.200799999999,10113.207119999999,10907.926117647059,10373.677962085307,9732.3717288275311,9162.0295082505327,8953.8015648811997,8912.5398065176942,8953.9934800363808]
[null,"Digital ARPC",{"$f":"(C4*C6)/C20","v":249.75142517814726},265.28392996108948,246.27915254237291,252.86555999999999,284.65530896431682,297.05984623111698,295.99861047183163,{"$f":"(J4*J6)/J20","v":292.43632926549355},{"$f":"(K4*K6)/K20","v":292.69729706999431},{"$f":"(L4*L6)/L20","v":295.70036569255427}]
[]
[]
[]
[null,"S&M",539606,591379,798625,1076527,1242711,{"$f":"H4*H32","v":1235700},{"$f":"I4*I32","v":1248743.5},{"$f":"J4*J32","v":1263434.6000000001},{"$f":"K4*K32","v":1279227.5325000002},{"$f":"L4*L32","v":1289461.3527600002}]
[null,"S&M margin",{"$f":"C31/C4","v":0.76980009101686375},{"$f":"D31/D4","v":0.6071833760964136},{"$f":"E31/E4","v":0.54962090008100217},{"$f":"F31/F4","v":0.51087716334324063},{"$f":"G31/G4","v":0.49393997809941909},0.45,0.42499999999999999,0.4,0.375,0.35]
[null,"CAC (all)",null,{"$f":"D31/(D16-C16)","v":5280.1696428571431},{"$f":"E31/(E16-D16)","v":2635.7260726072609},3872.3992805755397,6540.5842105263155,6989.2533936651598,7065.746440938824,8192.5299452955715,{"$f":"K31/(K16-J16)","v":8561.2877438653522},{"$f":"L31/(L16-K16)","v":9132.040260123038}]
[null,"CAC (enterprise)",null,{"$f":"D31*D5/(D18-C18)","v":26767.681052631578},13896.075000000001,21052.083555555557,26369.721219512197,33576.682464455,33846.651317979391,39396.726885477226,42662.230985610411,{"$f":"L31*L5/(L18-K18)","v":44919.200624849247}]
[null,"CAC (small)",null,{"$f":"D31*D6/(D20-C20)","v":890.24795698924743},410.36067193675888,554.43450643776816,1084.2444966442952,1191.8566999655523,1247.1308308222126,1444.7972029306666,1498.4956330321752,{"$f":"L31*L6/(L20-K20)","v":1602.7345471631388}]
[]
[null,"International Revenue (%)",null,null,0.2,0.23,0.25]
[]
[]
[null,"Key Metric (Quarterely)"]
[null,null,"FY22","FY22","FY22","FY22","FY23","FY23","FY23","FY23","FY24","FY24","FY24"]
[null,null,"Q1","Q2","Q3","Q4","Q1","Q2","Q3","Q4","Q1","Q2","Q3","Q4low","Q4high"]
[null,"Dollar Net Retention",1.25,1.24,1.21,1.19,1.1399999999999999,1.1000000000000001,1.08,1.07,1.05,1.02,1]
[null,"Billings ($)",527,595,565,670,614,648,659,739,675,711,692,758,768]
[null,"Billings (Y/Y growth)",null,null,null,null,{"$f":"G44/C44-1","v":0.16508538899430736},8.9075630252100746E-2,0.16637168141592928,0.10298507462686568,9.9348534201954442E-2,9.7222222222222321E-2,{"$f":"M44/I44-1","v":5.0075872534142585E-2}]
[null,"Employees",6080,6551,7056,7461,7642,8061,7522,7336,6586,6748,6945,6500]
[null,null,null,{"$f":"D46/C46-1","v":7.746710526315792E-2},{"$f":"E46/D46-1","v":7.7087467562204193E-2},5.7397959183673519E-2,2.4259482643077313E-2,5.4828578906045644E-2,-6.68651532067982E-2,-2.4727466099441653E-2,-0.10223555070883317,2.4597631339204451E-2,2.9193835210432617E-2,-6.4074874010079164E-2]

{"sheet":"DOCU_IS","index":2,"n_rows":60,"n_cols":6,"rows_kept":60,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
["Powered by Clearbit"]
["DocuSign Inc (NMS: DOCU)"]
[]
["Exchange rate used is that of the Year End reported date "]
[]
[]
["As Reported Annual Income Statement ",{"$f":"YEAR(B11)","v":2023},{"$f":"YEAR(C11)","v":2022},{"$f":"YEAR(D11)","v":2021},{"$f":"YEAR(E11)","v":2020},{"$f":"YEAR(F11)","v":2019}]
["Report Date","01/31/2023","01/31/2022","01/31/2021","01/31/2020","01/31/2019"]
["Currency","USD","USD","USD","USD","USD"]
["Audit Status","Not Qualified","Not Qualified","Not Qualified","Not Qualified","Not Qualified"]
["Consolidated","Yes","Yes","Yes","Yes","Yes"]
["Scale","Thousands","Thousands","Thousands","Thousands","Thousands"]
["Revenue - subscription",2442177,2037272,1381397,918463,663657]
["Revenue - professional services & other revenue",73738,69941,71650,55508,37312]
["Total revenue",2515915,2107213,1453047,973971,700969]
["Cost of revenue - subscription",426077,343661,259992,163931,117764]
["Cost of revenue - professional services & other cost of revenue",110011,122790,104066,79303,74657]
["Total cost of revenue",536088,466451,364058,243234,192421]
["Gross profit",1979827,1640762,1088989,730737,508548]
["Sales & marketing expense",1242711,1076527,798625,591379,539606]
["Research & development expense",480584,393362,271522,185552,185968]
["General & administrative expense",316228,232757,192697,147315,209297]
["Restructuring & other related charges",28335,"-","-","-","-"]
["Total operating expenses",2067858,1702646,1262844,924246,934871]
["Income (loss) from operations",-88031,-61884,-173855,-193509,-426323]
["Interest expense",6389,6443,30799,29254,10844]
["Gain (loss) on extinguishment of debt","-","-",-33752,"-","-"]
["Interest income & other income (expense), net",4539,1413,8914,19207,8959]
["Income before income taxes - U.S.",19673,-93356,-240175,-228476,-460627]
["Income before income taxes - international",-109554,26442,10683,24920,32419]
["Income (loss) before provision for (benefit from) income taxes",-89881,-66914,-229492,-203556,-428208]
["Current federal income taxes",-464,-931,-35,"-","-"]
["Current state income taxes",1666,-108,269,239,413]
["Current foreign income taxes",4674,3407,15951,3277,2838]
["Current income taxes",5876,2368,16185,3516,3251]
["Deferred federal income taxes",21,213,-243,"-",-7083]
["Deferred state income taxes",-21,184,5,-43,-2]
["Deferred foreign income taxes",1697,297,-2172,1330,2084]
["Deferred income taxes",1697,694,-2410,1287,-5001]
["Provision for (benefit from) income taxes",7573,3062,13775,4803,-1750]
["Net income (loss)",-97454,-69976,-243267,-208359,-426458]
["Less: preferred stock accretion","-","-","-","-",353]
["Net income (loss) attributable to common stockholders",-97454,-69976,-243267,-208359,-426811]
["Weighted average shares outstanding - basic",200903,196675,185760,176704,135163]
["Weighted average shares outstanding - diluted",200903,196675,185760,176704,135163]
["Year end shares outstanding",201904,198834,192807,181254,169303]
["Net earnings (loss) per share - basic",-0.49,-0.36,-1.31,-1.18,-3.16]
["Net earnings (loss) per share - diluted",-0.49,-0.36,-1.31,-1.18,-3.16]
["Total number of employees",7336,7461,5630,3909,3023]
["Number of common stockholders",78,73,104,115,248]
["Foreign currency translation adjustments",-15336,-7935,7468,"-","-"]
[]
[]
["For Model"]
["Depreciation and amortization",86255,81913,71090,50182,38027]
["Capex",-77654,-61396,-82395,-72046,-30413]
["Amortization of deferred contract acquisition & fulfillment costs",185045,144442,99384,69747,42112]

{"sheet":"DOCU_BS","index":3,"n_rows":67,"n_cols":6,"rows_kept":67,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
["Powered by Clearbit"]
["DocuSign Inc (NMS: DOCU)"]
[]
["Exchange rate used is that of the Year End reported date "]
[]
[]
["As Reported Annual Balance Sheet ",{"$f":"YEAR(B11)","v":2023},{"$f":"YEAR(C11)","v":2022},{"$f":"YEAR(D11)","v":2021},{"$f":"YEAR(E11)","v":2020},{"$f":"YEAR(F11)","v":2019}]
["Report Date","01/31/2023","01/31/2022","01/31/2021","01/31/2020","01/31/2019"]
["Currency","USD","USD","USD","USD","USD"]
["Audit Status","Not Qualified","Not Qualified","Not Qualified","Not Qualified","Not Qualified"]
["Consolidated","Yes","Yes","Yes","Yes","Yes"]
["Scale","Thousands","Thousands","Thousands","Thousands","Thousands"]
["Cash & cash equivalents",721895,509059,566055,241203,517811]
["Investments",309771,293763,207450,414939,251203]
["Restricted cash","-","-","-",280,367]
["Accounts receivable, gross",522925,446757,328932,240841,175148]
["Allowance for doubtful accounts",6011,5807,5362,3000,600]
["Accounts receivable, net",516914,440950,323570,237841,174548]
["Contract assets - current",12437,12588,16883,12502,10616]
["Prepaid expenses","-","-","-",24429,18415]
["Other current assets","-","-","-",12696,11561]
["Prepaid expenses & other current assets",69987,63236,48390,37125,29976]
["Total current assets",1631004,1319596,1162348,943890,984521]
["Investments - noncurrent",186049,94938,92717,239729,164220]
["Computer & network equipment",138869,127799,102163,66937,55233]
["Software, including capitalized software development costs",114524,82537,56858,33373,27959]
["Furniture & office equipment",20897,20939,21682,16752,9511]
["Leasehold improvements",73415,79811,79892,59564,41464]
["Total property & equipment, gross",347705,311086,260595,176626,134167]
["Less: accumulated depreciation",210781,170261,121029,81228,66479]
["Work in progress",62968,43839,25473,32895,8144]
["Property & equipment, net",199892,184664,165039,128293,75832]
["Operating lease right-of-use assets",141493,126021,159352,149833,"-"]
["Goodwill",353619,355058,350151,194882,195225]
["Intangible assets, net",70280,98816,121828,56500,74203]
["Deferred contract acquisition costs - noncurrent",350899,311835,260130,153333,112583]
["Other assets - noncurrent",79484,50337,24942,24678,8833]
["Total assets",3012720,2541265,2336507,1891138,1615417]
["Accounts payable",24393,52804,37367,28144,19590]
["Accrued expenses","-","-","-","-",21755]
["Deferred rent-current","-","-","-","-",2452]
["Accrued expenses","-","-","-",39350,"-"]
["Other current liabilities","-","-","-",14994,"-"]
["Accrued expenses & other current liabilities",100987,91377,66566,54344,"-"]
["Accrued compensation",163133,160163,156158,83189,77553]
["Convertible senior notes - current",722887,null,20469]
["Contract liabilities-current",1172867,1029891,779642,507560,381060]
["Operating lease liabilities-current",24055,37404,32971,20728]
["Other liabilities - current","-","-","-","-",13903]
["Total current liabilities",2208322,1371639,1093173,693965,516313]
["Convertible senior notes, net - noncurrent","-",718487,693219,465321,438932]
["Contract liabilities - noncurrent",16925,16725,16492,11478,7712]
["Operating lease liabilities-noncurrent",141348,126340,165704,162432,"-"]
["Deferred rent - noncurrent","-","-","-","-",24195]
["Deferred tax liability - noncurrent",10723,9316,6464,4920,4207]
["Other liabilities - noncurrent",18115,23255,32328,6695,9696]
["Total liabilities",2395433,2265762,2007380,1344811,1001055]
["Convertible senior notes","-","-",3390,"-","-"]
["Common stock",20,20,19,18,17]
["Treasury stock, at cost",1785,1532,1048,"-","-"]
["Additional paid-in capital",2240732,1720013,1702254,1685167,1545088]
["Accumulated other comprehensive income (loss)",-22996,-4809,4964,-1673,-1965]
["Retained earnings (accumulated deficit)",-1598684,-1438189,-1380452,-1137185,-928778]
["Total stockholders' equity (deficit)",617287,275503,325737,546327,614362]

{"sheet":"DOCU_CFS","index":4,"n_rows":66,"n_cols":6,"rows_kept":66,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
["Powered by Clearbit"]
["DocuSign Inc (NMS: DOCU)"]
[]
["Exchange rate used is that of the Year End reported date "]
[]
[]
["As Reported Annual Cash Flow "]
["Report Date","01/31/2023","01/31/2022","01/31/2021","01/31/2020","01/31/2019"]
["Currency","USD","USD","USD","USD","USD"]
["Audit Status","Not Qualified","Not Qualified","Not Qualified","Not Qualified","Not Qualified"]
["Consolidated","Yes","Yes","Yes","Yes","Yes"]
["Scale","Thousands","Thousands","Thousands","Thousands","Thousands"]
["Net income (loss)",-97454,-69976,-243267,-208359,-426458]
["Depreciation & amortization expense",86255,81913,71090,50182,38027]
["Amortization of deferred contract acquisition & fulfillment costs",185045,144442,99384,69747,42112]
["Amortization of debt discount & transaction costs",4970,5098,28001,26389,9507]
["Loss (gain) on extinguishment of debt","-","-",33752,"-","-"]
["Operating cash flow related to repayments of convertible senior notes","-","-",-75165,"-","-"]
["Non-cash operating lease costs",27501,26819,26728,19435,"-"]
["Stock-based compensation expense",538726,408542,286877,206404,410978]
["Deferred income taxes",1697,1369,-2410,1287,-5001]
["Other adjustments",15723,9871,-210,-1741,800]
["Accounts receivable",-75964,-117380,-73913,-63293,-42571]
["Contract assets","-",4893,1912,-1508,4204]
["Prepaid expenses & other current assets",-5038,-7074,-1155,-3142,-3283]
["Deferred contract acquisition & fulfillment costs",-232315,-207393,-208510,-115723,-80869]
["Other assets",-22319,-16389,-6006,1538,2658]
["Accounts payable",-26440,12148,12128,3849,-7380]
["Accrued expenses & other liabilities",7340,10828,37155,9353,"-"]
["Accrued expenses","-","-","-","-",4214]
["Accrued compensation",-1781,1128,64586,5636,26039]
["Contract liabilities",143177,250482,267750,130266,100874]
["Operating lease liabilities",-42364,-32854,-21773,-14624,"-"]
["Deferred rent","-","-","-","-",1845]
["Other liabilities","-","-","-","-",390]
["Net cash flows from operating activities",506759,506467,296954,115696,76086]
["Cash paid for acquisition, net of acquired cash","-",-6388,-180370,"-",-218779]
["Purchases of marketable securities",-533710,-384128,-164989,-861252,"-"]
["Sales of marketable securities","-",7569,28986,"-","-"]
["Maturities of marketable securities",423917,283184,488538,627309,"-"]
["Purchases of strategic investments",-3750,-1750,-5300,-15500,"-"]
["Purchases of other investments","-","-",-3241,"-",-415132]
["Purchases of property & equipment",-77654,-61396,-82395,-72046,-30413]
["Net cash flows from investing activities",-191197,-162909,81229,-321489,-664324]
["Proceeds from issuance of convertible senior notes, net of initial purchasers' discounts & transaction costs","-","-",677370,"-",560756]
["Purchase of capped calls related to issuance of convertible senior notes","-","-",-31395,"-",-67563]
["Repayments of convertible senior notes",-16,-77906,-384199,"-","-"]
["Repurchases of common stock",-63041,"-","-","-","-"]
["Payment of revolving credit facility costs","-","-",-2453,"-","-"]
["Proceeds from issuance of common stock in initial public offering, net of underwriting commissions","-","-","-","-",529305]
["Payment of tax withholding obligation on RSU settlement","-","-","-",-166504,-215332]
["Payment of tax withholding obligation on restricted stock units settlement & employee stock purchase plan purchase",-84403,-386521,-372463,"-","-"]
["Proceeds from the exercise of stock options",12678,23729,24305,72177,50211]
["Proceeds from employee stock purchase plan",36526,46077,29859,23872,"-"]
["Payment of deferred offering costs","-","-","-","-",-4011]
["Other financing","-","-","-","-",-250]
["Net cash flows from financing activities",-98256,-394621,-58976,-70455,853116]
["Effect of foreign exchange on cash, cash equivalents & restricted cash",-3784,-5594,5646,-447,-4136]
["Net increase (decrease) in cash, cash equivalents & restricted cash",213522,-56657,324853,-276695,260742]
["Cash, cash equivalents & restricted cash at beginning of period",509679,566336,241483,518178,257436]
["Cash, cash equivalents & restricted cash at end of period",723201,509679,566336,241483,518178]
["Cash paid for interest",185,349,78040,2852,204]
["Cash paid for income taxes",10416,6940,3503,1970,3213]

{"sheet":" _Comps","index":5,"n_rows":26,"n_cols":17,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"DOCU_DCF!C2&\"Valuation with Public Comparables\"","v":"DocuSignValuation with Public Comparables"}]
[null,{"$f":"DOCU_DCF!B8","v":"Fiscal year ends in January USD in thousands except per share data."}]
[null,"Valuation for period ended "]
[null,"Ticker",{"$f":"DOCU_DCF!C3","v":"DOCU"}]
[null,"Valuation Date"]
[null,"Company Name",{"$f":"DOCU_DCF!C2","v":"DocuSign"},null,null,null,null,"Enterprise Value Multiples",null,null,null,null,null,"Equity Value Multiples"]
[null,null,null,null,null,"Market Value","Enterprise",null,null,null,"Forward","5 year growth","BV","Forward","Forward","Price(Market)-","Cash/MS as "]
[null,"Company","Ticker","Share price",null,"of Equity","Value","EV/Sales","EV/EBIT","EV/EBITDA","EPS","rate","Equity","P/E","PEG","to-Book","% of TA"]
[null,{"$f":"DOCU_DCF!C2","v":"DocuSign"},{"$f":"C5","v":"DOCU"},{"$f":"DOCU_DCF!C4","v":53.89}]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,"High"]
[null,null,null,null,null,null,"Mean"]
[null,null,null,null,null,null,"Median"]
[null,null,null,null,null,null,"Low"]
[]
[]
[null,null,null,"Implied price per share","Diluted shares outstanding","Implied Equity Value","Implied Enterprise Value","Range of EV/Sales","Range of EV/EBIT","Range of EV/EBITDA",null,null,null,"Range of Forward P/E","Range of Forward PEG","Range of Price-to-Book","Excess Cash"]
[null,{"$f":"DOCU_DCF!C2","v":"DocuSign"}]

{"sheet":"Option_Value","index":6,"n_rows":30,"n_cols":7,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Valuing Options or Warrants"]
[null,"Enter the current stock price ="]
[null,"Enter the strike price on the option ="]
[null,"Enter the expiration of the option ="]
[null,"Enter the standard deviation in stock prices =",null,null,null,"(volatility)"]
[null,"Enter the annualized dividend yield on stock ="]
[null,"Enter the treasury bond rate ="]
[null,"Enter the number of options outstanding ="]
[null,"Enter the number of shares outstanding ="]
[]
[null,"Circuit Breaker","OFF"]
[]
[null,"Do not input any numbers below this line"]
[null,"VALUING WARRANTS WHEN THERE IS DILUTION"]
[null,"Stock Price=",null,{"$f":"E3","v":0},"# Warrants issued=",null,{"$f":"E9","v":0}]
[null,"Strike Price=",null,{"$f":"E4","v":0},"# Shares outstanding=",null,{"$f":"E10","v":0}]
[null,"Adjusted S =",null,{"$f":"(D16*G17+D29*G16)/(G17+G16)","v":{"$error":"#DIV/0!"}},"T.Bond rate=",null,{"$f":"E8","v":0}]
[null,"Adjusted K =",null,{"$f":"D17","v":0},"Variance=",null,{"$f":"E6^2","v":0}]
[null,"Expiration (in years) =",null,{"$f":"E5","v":0},"Annualized dividend yield=",null,{"$f":"E7","v":0}]
[null,null,null,null,"Div. Adj. interest rate=",null,{"$f":"G18-G20","v":0}]
[]
[null,"d1 = ",{"$f":"(LN(D18/D19)+(G21+(G19/2))*D20)/(((G19)^(0.5))*(D20^0.5))","v":{"$error":"#DIV/0!"}}]
[null,"N (d1) =",{"$f":"NORMSDIST(C23)","v":{"$error":"#DIV/0!"}}]
[]
[null,"d2 = ",{"$f":"C23-((G19^0.5)*(D20^(0.5)))","v":{"$error":"#DIV/0!"}}]
[null,"N (d2) =",{"$f":"NORMSDIST(C26)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Value per option = ",null,{"$f":"IF(C12=\"OFF\",((EXP((0-G20)*D20))*D18*C24-D19*(EXP((0-G18)*D20))*C27),0)","v":{"$error":"#DIV/0!"}}]
[null,"Value of all options outstanding =",null,null,{"$f":"D29*E9","v":{"$error":"#DIV/0!"}}]