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[null,"DocuSign (DOCU) Valuation Summary"]
[]
[null,"Valuation date","2024-04-09"]
[null,"Current share price",{"$f":"DOCU_DCF!C4","v":58.48}]
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[null,"Data for graph",null,null,null,null,null,null,null,"Inputs"]
[null,"Methodology",null,null,null,"Low","Dif.","High",null,"Low","High",null,"Current share price"]
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[null,{"$f":"\"Public Comps w/ Price-to-Earnings range \"&TEXT(J11,\"0.0x\")&\"-\"&TEXT(K11,\"0.0x\")","v":"Public Comps w/ Price-to-Earnings range 13.9x-31.5x"},null,null,null,{"$f":"DOCU_Comps!D35","v":44.983708199907333},{"$f":"H11-F11","v":56.910238669971541},{"$f":"DOCU_Comps!D36","v":101.89394686987887},null,{"$f":"DOCU_Comps!N35","v":13.926844643934158},{"$f":"DOCU_Comps!N36","v":31.546113582005844},null,{"$f":"$C$5","v":58.48}]
[null,{"$f":"\"DCF w/ perpetuity growth range \"&TEXT(J12,\"0.0%\")&\"-\"&TEXT(K12,\"0.0%\")","v":"DCF w/ perpetuity growth range 0.5%-5.0%"},null,null,null,{"$f":"DOCU_DCF!I183","v":31.487644767539756},22.817554178545691,{"$f":"DOCU_DCF!I192","v":54.305198946085447},null,{"$f":"DOCU_DCF!D183","v":5.0000000000000001E-3},{"$f":"DOCU_DCF!D192","v":4.9999999999999996E-2},null,58.48]
[null,{"$f":"\"DCF w/ Exit multiple range \"&TEXT(J13,\"0.0x\")&\"-\"&TEXT(K13,\"0.0x\")","v":"DCF w/ Exit multiple range 20.4x-30.4x"},null,null,null,{"$f":"DOCU_DCF!C175","v":55.255609643110134},21.268975587405095,{"$f":"DOCU_DCF!M175","v":76.524585230515228},null,{"$f":"DOCU_DCF!C174","v":20.399999999999999},{"$f":"DOCU_DCF!M174","v":30.4},null,58.48]
[null,"52 week high-low",null,null,null,38.11,26.650000000000006,64.760000000000005,null,null,null,null,58.48]

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[null,"Sector","Application Software"]
[null,"Industry","Software"]
[]
[null,"Source","Peers"]
[null,"Proxy Statement","\nAutodesk\nOkta\nSnowflake\nWorkday\nCoStar Group\nPaycom Software\nSplunk\nZendesk\nCrowdstrike Holdings\nRingCentral\nThe Trade Desk\nZoom Video Communications\nDropbox\nServiceNow\nTwilio\t\nHubSpot\nShopify\nVeeva Systems"]
[null,"DOCU 10K (comp)","Adobe"]
[null,"DOCU 10K (partners)","Google\nMicrosoft\nOracle\nSalesforce\nSAP\nServiceNow"]
[null,"Industry (SIC code: 7370,7372.7373)","614 firms"]
[null,"Seeking Alpha","Procore Technologies\nAspen Technology\nDynatrace\nOpen Text Corp\nInformatica"]
[null,"Mergent","Apple Inc\nAlphabet Inc\nMicrosoft Corporation \nInternational Business Machines Corp\nIntel Corp \nHP Inc\nOracle Corp\nBroadcom Inc (DE)\nSalesforce Inc\nBlock Inc\nBaker Hughes Holdings LLC\nAdobe Inc\nDXC Technology Co\nIntuit Inc \nSchein (Henry) Inc","Insight Enterprises Inc.\nRockwell Automation, Inc.\nServiceNow Inc\nDoorDash Inc\nElectronic Arts, Inc.\nPalo Alto Networks, Inc\nVertiv Holdings Co\nCACI International Inc\nRoper Technologies Inc\nBroadridge Financial Solutions Inc"]
[null,"Capital IQ","Datadog, Inc\nHubSpot, Inc\nRingCentral, Inc.\nSalesforce, Inc\nPalantir Technologies, Inc\nDynatrace Inc\nAppLoving Corp.\nSnowflake Inc\nSplunk Inc\nZoom Video Communications, Inc\n"]
[null,"Morningstar","Adobe\nSalesforce\nZoom Video Communications"]
[null,"Financial Times","Unity Software Inc\t\nF5 Inc\t\nInformatica Inc\t\nAmdocs Ltd\t\nTwilio Inc\t\nPaycom Software Inc\t\nProcore Technologies Inc\t\t\nGrab Holdings Ltd\t\nUiPath Inc\t\nToast Inc\t\nDynatrace Inc\t\nAspen Technology Inc"]
[null,"ValuEngine","Grab Holdings\nElastic NV \nDuolingo Inc\nProcore Tech"]

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[null,null,null,null,null,null,null,"Proxy Statements",null,"10K"]
[null,"List of Possible Competitors","Ticker","Source","Business Description","Exchange","Include (Y/N)","Listed by DOCU","Lists DOCU","Lists DOCU","Signature","Direct","Consumer","Enterprise","International","LTM Gross Margin % ","LTM EBITDA Margin % ","LTM EBIT Margin % ","LTM Net Income Margin % ","LTM Total Revenues, 1 Yr Growth % ","LTM Total Debt/Capital %","LTM SG&A Margin % ","LTM R&D Margin ","Est. Annual Revenue Growth - 2 Yr % (Capital IQ)","LTM Total Revenues, 5 Yr CAGR % ","LTM Total Revenues, 3 Yr CAGR % ","LTM Total Revenues, 5 Yr CAGR % ","LTM Total Revenue "]
[null,"Salesforce, Inc. (NYSE:CRM)","CRM","10K (partner), Capital IQ, Mergent, Morningstar","Salesforce, Inc. provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company’s service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale. In addition, its platform offering comprise a flexible platform that enables companies of various sizes, locations, and industries to build business workflow and apps with customer; online learning platform that allows anyone to learn in-demand Salesforce skills; and Slack, an intelligent productivity platform. The company’s marketing services enables companies to plan, personalize, automate, and optimize customer marketing journey, connecting interaction, and connected products; and commerce services, which empowers shopping experience across various customer touchpoint, such as mobile, web, social, and stores and provides click-to-code tools that offers customers to build and deploy solutions. Further, its analytics offering includes Tableau, an end-to-end analytics solution for range of enterprise use cases and intelligent analytics with AI models, spot trends, predict outcomes, creates summaries, timely recommendations, and take action from any device; and integration service including MuleSoft, which provides building blocks to deliver end-to-end and connected experiences. Additionally, the company provides data cloud, a hyperscale data engine native to Salesforce; vertical services to meet the needs of customers in industries, such as financial services, healthcare and life sciences, manufacturing and automotive and government; and offers salesforce starter for small and medium-sized businesses. Salesforce, Inc. was incorporated in 1999 and is headquartered in San Francisco, California.","NYSE","Y",{"$f":"IF(IFERROR(SEARCH(\"Proxy\",D3),0)>0,\"Y\",\"N\")","v":"N"},"N","N",{"$f":"IFERROR(IF(SEARCH(K$2,$E3)>0,\"Y\",\"N\"),\"N\")","v":"N"},"N","N","Y","N",0.755,0.26500000000000001,0.17199999999999999,0.1187,0.1118,0.18529999999999999,0.44209999999999999,0.16189000774593337,9.6999999999999989E-2,6.8999999999999999E-3,0.17899999999999999,0.17899999999999999,34857]
[null,"RingCentral, Inc. (NYSE:RNG)","RNG","Capital IQ, Proxy","RingCentral, Inc., together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience. It provides RingCentral Video, a video meeting service that includes the company’s RCV video and team messaging capabilities; offers video and audio conferencing, team messaging, file sharing, contact, task, and calendar management, as well as pre-meeting, in-meeting, and post-meeting capabilities. In addition, the company offers RingCentral Professional Services, which include consultation, UCaaS and CCaaS implementation, VoIP phone system adoption, configuring custom workflows, customer and user onboarding, ongoing support, advanced support, managed services, and more. It serves a range of industries, including financial services, education, healthcare, legal services, real estate, retail, technology, insurance, construction, hospitality, state and local government, and others. It sells its products to enterprise customers, as well as small and medium-sized businesses through resellers and distributors, partners, and global service providers. RingCentral, Inc. was incorporated in 1999 and is headquartered in Belmont, California.","NYSE","Y","Y","Y","N","N","N","N","Y","N",0.69799999999999995,2.5000000000000001E-2,-8.1000000000000003E-2,-7.4999999999999997E-2,0.1077,1.2343999999999999,0.62929999999999997,0.15249273519796586,8.3000000000000004E-2,4.6800000000000001E-2,0.23,0.23,2202.4]
[null,"Splunk Inc.","Subsidiary of Cisco Systems","Capital IQ, Proxy","Splunk Inc., together with its subsidiaries, develops and markets cloud services and licensed software solutions in the United States and internationally. The company offers unified security and observability platform, including Splunk Security that helps security leaders fortify their organization’s digital resilience by mitigating cyber risk and meeting compliance requirements; and Splunk Observability, which provides visibility across the full stack of infrastructure, applications, and the digital customer experience. It also provides application programming interfaces, software development kits, and other interfaces that enables its network of third-party developers, partners, and customers to build content, including pre-built data inputs, workflows, searches, reports, alerts, custom dashboards, flexible user interface components, custom data visualizations, and integration actions and methods that configures and extends its solutions to accommodate specific use cases. In addition, the company offers adoption and implementation, education, and customer support services. It sells its offerings directly through field and inside sales, and indirectly through various routes to market with various partners. Splunk Inc. was incorporated in 2003 and is headquartered in San Francisco, California. As of March 18, 2024, Splunk Inc. operates as a subsidiary of Cisco Systems, Inc.","Subsidiary","N","Y","N","N","N","Y","N","N","Y",0.79800000000000004,0.105,8.4000000000000005E-2,6.2600000000000003E-2,0.15379999999999999,0.81489999999999996,0.49609999999999999,0.22391355916121072,0.115,8.8700000000000001E-2,0.23699999999999999,0.23699999999999999,4215.6000000000004]
[null,"HubSpot, Inc. (NYSE:HUBS)","HUBS","Capital IQ, Proxy","HubSpot, Inc., together with its subsidiaries, provides a cloud-based customer relationship management (CRM) platform for businesses in the Americas, Europe, and the Asia Pacific. The company’s CRM platform includes Marketing Hub, a toolset for marketing automation and email, social media, SEO, and reporting and analytics; Sales Hub offers email templates and tracking, conversations and live chat, meeting and call scheduling, lead and website visit alerts, lead scoring, sales automation, pipeline management, quoting, forecasting, and reporting; Service Hub, a service software designed to help businesses manage, respond, and connect with customers; and Content Management Systems Hub enables businesses to create new and edit existing web content. It offers Operations Hub, which is designed to unify customer data, automate business processes, data cleanup, and provide customer insights and connections; and Commerce Hub, a B2B commerce suite. In addition, the company provides professional services to educate and train customers on how to utilize its CRM platform; and customer success, as well as phone and/or email and chat-based support services. It serves mid-market business-to-business companies. The company was incorporated in 2005 and is headquartered in Cambridge, Massachusetts.","NYSE","N","Y","Y","N","N","N","N","N","N",0.84099999999999997,-3.6999999999999998E-2,-0.05,-8.1199999999999994E-2,0.25380000000000003,0.37369999999999998,0.60580000000000001,0.30575522993272508,0.184,9.7699999999999995E-2,0.35,0.35,2170.1999999999998]
[null,"Palantir Technologies Inc. (NYSE:PLTR)","PLTR","Capital IQ","Palantir Technologies Inc. builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform. It also offers Palantir Foundry, a platform that transforms the ways organizations operate by creating a central operating system for their data; and allows individual users to integrate and analyze the data they need in one place. In addition, it provides Palantir Apollo, a software that delivers software and updates across the business, as well as enables customers to deploy their software virtually in any environment; and Palantir Artificial Intelligence Platform (AIP) that provides unified access to open-source, self-hosted, and commercial large language models (LLM) that can transform structured and unstructured data into LLM-understandable objects and can turn organizations’ actions and processes into tools for humans and LLM-driven agents. The company was incorporated in 2003 and is headquartered in Denver, Colorado.","NYSE","N","N","N","N","N","N","N","N","Y",0.80600000000000005,6.9000000000000006E-2,5.3999999999999999E-2,9.4299999999999995E-2,0.16750000000000001,6.0499999999999998E-2,0.57050000000000001,0.18185168539325844,0.20399999999999999,7.3800000000000004E-2,0.26700000000000002,0.26700000000000002,2225]
[null,"Datadog, Inc. (NasdaqGS:DDOG)","DDOG","Capital IQ","Datadog, Inc. operates an observability and security platform for cloud applications in North America and internationally. The company’s products comprise infrastructure and application performance monitoring, log management, digital experience monitoring, continuous profiler, database monitoring, data streams and universal service monitoring, network monitoring, incident management, workflow automation, observability pipelines, cloud cost and cloud security management, application security management, cloud SIEM, sensitive data scanner, and CI visibility. Datadog, Inc. was incorporated in 2010 and is headquartered in New York, New York.","NASDAQ","N","N","Y","N","N","N","N","N","Y",0.80800000000000005,1E-3,-1.6E-2,2.2800000000000001E-2,0.27060000000000001,0.30819999999999997,0.3659,0.4521941364405187,0.22399999999999998,6.9900000000000004E-2,0.52200000000000002,0.52200000000000002,2128.4]
[null,"Zoom Video Communications, Inc. (NasdaqGS:ZM)","ZM","Capital IQ, Proxy, Morningstar","Zoom Video Communications, Inc. provides unified communications platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company offers Zoom Meetings that offers HD video, voice, chat, and content sharing through mobile devices, desktops, laptops, telephones, and conference room systems; Zoom Phone, an enterprise cloud phone system; and Zoom Chat enables users to share messages, images, audio files, and content in desktop, laptop, tablet, and mobile devices. It also provides Zoom Rooms, a software-based conference room system; Zoom Conference Room Connector, a gateway for SIP/H.323 endpoints to join Zoom meetings; Zoom Events, which enables users to manage and host internal and external virtual events; OnZoom, a prosumer-focused virtual event platform and marketplace for Zoom users to create, host, and monetize online events; and Zoom Webinars to provide video presentations to large audiences from many devices. In addition, the company offers Zoom Developer Platform that enables developers, platform integrators, service providers, and customers to build apps and integrations using Zoom’s video-based communications solutions, as well as integrate Zoom’s technology into their products and services; Zoom App Marketplace, which helps developers to publish their apps, as well as third-party integrations of Zoom; and Zoom Contact Center, an omnichannel contact center solution. It serves individuals; and education, entertainment/media, enterprise infrastructure, finance, government, healthcare, manufacturing, non-profit/not for profit and social impact, retail/consumer products, and software/Internet industries. The company was formerly known as Zoom Communications, Inc. and changed its name to Zoom Video Communications, Inc. in May 2012. The company was incorporated in 2011 and is headquartered in San Jose, California.","NASDAQ","Y","Y","N","N","N","N","Y","Y","N",0.76400000000000001,0.155,0.13200000000000001,0.14080000000000001,3.0599999999999999E-2,8.9999999999999993E-3,0.45829999999999999,0.17741429581198093,0.03,9.6000000000000002E-2,0.19500000000000001,0.19500000000000001,4527.2]
[null,"AppLovin Corporation (NasdaqGS:APP)","APP","Capital IQ, Mergent","AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company’s software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher’s advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products. It also offers SparkLabs, which uses app store optimization to enhance ad visibility; AppLovin Exchange, which connects buyers to mobile and CTV devices through a single and direct RTB exchange; and Array, an end-to-end app management suite for mobile operators and end users. In addition, the company operates various free-to-play mobile games. It serves individuals, small and independent businesses, enterprises, advertisers and advertising networks, mobile app publishers, indie studio developers, and internet platforms. AppLovin Corporation was incorporated in 2011 and is headquartered in Palo Alto, California.","NASDAQ","N","N","Y","N","N","Y","N","Y","Y",0.67700000000000005,0.34699999999999998,0.19800000000000001,0.1087,0.16539999999999999,0.72670000000000001,0.29920000000000002,0.18043617312905486,0.16800000000000001,9.4E-2,0.313,0.313,3283.1]
[null,"Snowflake Inc. (NYSE:SNOW)","SNOW","Capital IQ and Proxy","Snowflake Inc. provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems. The company was formerly known as Snowflake Computing, Inc. and changed its name to Snowflake Inc. in April 2019. Snowflake Inc. was incorporated in 2012 and is based in Bozeman, Montana.","NYSE","N","Y","Y","N","N","N","N","N","Y",0.68,-0.35399999999999998,-0.39,-0.2979,0.35859999999999997,5.2600000000000001E-2,0.61099999999999999,0.45891680028505255,0.23,"-",0.68,0.68,2806.5]
[null,"Dynatrace, Inc. (NYSE:DT)","DT","Capital IQ, Seeking Alpha, Financial Times","Dynatrace, Inc. provides a security platform for multicloud environments. It operates Dynatrace, a security platform, which provides application and microservices monitoring, runtime application security, infrastructure monitoring, log management and analytics, digital experience monitoring, digital business analytics, and cloud automation. Its platform allows its customers to modernize and automate IT operations, develop and release software, and enhance user experiences. The company also offers implementation, consulting, and training services. Dynatrace, Inc. markets its products through a combination of direct sales team and a network of partners, including resellers, system integrators, and managed service providers. It serves customers in various industries comprising banking, insurance, retail, manufacturing, travel, and software. The company operates in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. Dynatrace, Inc. was founded in 2005 and is headquartered in Waltham, Massachusetts.","NYSE","N","N","N","N","N","Y","N","N","N",0.82499999999999996,0.12,9.1999999999999998E-2,0.1444,0.24390000000000001,3.7400000000000003E-2,0.49830000000000002,0.26515173728192348,0.20699999999999999,0.19689999999999999,0.27500000000000002,0.27500000000000002,1364.2]
[null,"Aspen Technology, Inc. (NasdaqGS:AZPN)","AZPN","Seeking Alpha, Financial Times","Aspen Technology, Inc. provides industrial software that focuses on helping customers in asset-intensive industries worldwide. The company’s solutions address complex environments where it is critical to optimize the asset design, operation, and maintenance lifecycle. Its software is used in performance engineering, modeling and design, supply chain management, predictive and prescriptive maintenance, digital grid management, and industrial data management. The company serves a range of asset-intensive industries, including oil and gas exploration and production; oil and gas processing and distribution; and oil and gas refining and marketing, as well as bulk and specialty chemicals, engineering and construction, power and utilities, metals and mining, and pharmaceuticals. Aspen Technology, Inc. was founded in 1981 and is headquartered in Bedford, Massachusetts. Aspen Technology, Inc. operates as a subsidiary of EMR Worldwide Inc.","NASDAQ","Y","N","Y","N","N","N","N","N","N",0.63800000000000001,0.29399999999999998,-0.17199999999999999,-8.1699999999999995E-2,0.29349999999999998,1.4800000000000001E-2,0.60560000000000003,0.20479659413434248,9.0999999999999998E-2,0.70189999999999997,"-","-",1057]
[null,"Informatica Inc. (NYSE:INFA)","INFA","Seeking Alpha, Financial Times","Informatica Inc. develops an artificial intelligence-powered platform that connects, manages, and unifies data across multi-vendor, multi-cloud, and hybrid systems at enterprise scale worldwide. Its platform includes a suite of interoperable data management products, including data integration products to ingest, transform, and integrate data; API and application integration products that enable users to create and manage APIs and integration processes for app-to-app synchronization, business process orchestration, B2B partner management, application development, and API management; data quality and observability products to profile, cleanse, standardize, observe, and monitor data to deliver accurate, complete, and consistent data; and master data management products to create an authoritative single source of truth of business-critical data. The company’s platform also includes customer and business 360 application that allow business analysts to create 360-degree views of business data domains like customer, product, supplier, reference, and finance with simplified business user experiences; data catalog products that enables customers to quickly find, access, and understand enterprise data using a simple Google-like search experience; governance and privacy products that help users define policies, govern data, and ensure compliance with industry and corporate policies; and a data marketplace that delivers cloud shopping experience for data consumers and enables data sharing and AI models across organizations to facilitate data-driven decision making. It also offers maintenance and professional services. The company sells its products through its direct sales team. The company was founded in 1993 and is headquartered in Redwood City, California.","NYSE","Y","N","N","N","N","Y","Y","Y","N",0.79500000000000004,0.156,5.8999999999999997E-2,-7.85E-2,5.9799999999999999E-2,0.46029999999999999,0.43319999999999997,0.21742728184553659,6.8000000000000005E-2,0.17269999999999999,6.4000000000000001E-2,6.4000000000000001E-2,1595.2]
[null,"Grab Holdings Limited (NasdaqGS:GRAB)","GRAB","Financial Times, ValuEngine","Grab Holdings Limited engages in the provision of superapps in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The company offers its Grab ecosystem, a single platform with superapps for driver- and merchant-partners and consumers, that allows access to mobility, delivery, digital financial services, and enterprise sector offerings. Grab Holdings Limited is headquartered in Singapore.","NASDAQ","N","N","NA","NA","N","N","Y","Y","N",0.36499999999999999,-0.14000000000000001,-0.20100000000000001,-0.184,0.6462,0.10920000000000001,0.3574,0.1784654514624841,0.17399999999999999,"-",0.71299999999999997,0.71299999999999997,2359]
[null,"Paycom Software, Inc. (NYSE:PAYC)","PAYC","Proxy, Financial Times","Paycom Software, Inc. provides cloud-based human capital management (HCM) solution delivered as software-as-a-service for small to mid-sized companies in the United States. It offers functionality and data analytics that businesses need to manage the employment life cycle from recruitment to retirement. The company’s HCM solution provides a suite of applications in the areas of talent acquisition, including applicant tracking, candidate tracker, background checks, on-boarding, e-verify, and tax credit services; and time and labor management, such as time and attendance, scheduling, time-off requests, labor allocation, labor management reports/push reporting, geofencing/geotracking, and Microfence, a proprietary Bluetooth. Its HCM solution also offers payroll applications comprising better employee transaction interface, payroll and tax management, payroll card, Everyday, Paycom pay, Client Action Center, expense management, mileage tracker/fixed and variable rates, garnishment administration, and GL concierge applications; and talent management applications that include employee self-service, compensation budgeting, performance management, position management, and Paycom learning, as well as my analytics. In addition, its HCM solution provides manager on-the-go that gives supervisors and managers the ability to perform a variety of tasks, such as approving time-off requests and expense reimbursements; direct data exchange; ask here, a tool for direct line of communication to ask work-related questions; document and checklist; government and compliance; benefits administration/benefits to carrier; benefit enrollment service; COBRA administration; personnel action and performance discussion forms; surveys; 401(k) reporting; report center; and affordable care act applications, as well as Clue, which securely collects, tracks, and manages the vaccination and testing data of the workforce. Paycom Software, Inc. was founded in 1998 and is based in Oklahoma City, Oklahoma.","NYSE","Y","Y","Y","N","N","Y","N","N","N",0.86799999999999999,0.29699999999999999,0.26600000000000001,0.20119999999999999,0.2316,5.5100000000000003E-2,0.41670000000000001,0.11746472220582156,0.115,6.0400000000000002E-2,0.26300000000000001,0.26300000000000001,1693.7]
[null,"Dropbox, Inc. (NasdaqGS:DBX)","DBX","Proxy","Dropbox, Inc. provides a content collaboration platform worldwide. The company’s platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries. The company was formerly known as Evenflow, Inc. and changed its name to Dropbox, Inc. in October 2009. Dropbox, Inc. was incorporated in 2007 and is headquartered in San Francisco, California.","NASDAQ","Y","Y","Y","Y","N","N","Y","N","N",0.80900000000000005,0.221,0.153,0.18129999999999999,7.5999999999999998E-2,1.0889,0.28110000000000002,0.37436040933802367,2.4E-2,0.36059999999999998,9.2999999999999999E-2,9.2999999999999999E-2,2501.6]
[null,"Twilio Inc. (NYSE:TWLO)","TWLO","Proxy, Financial Times","Twilio Inc., together with its subsidiaries, provides customer engagement platform solutions in the United States and internationally. It operates through two segments, Twilio Communications and Twilio Segment. The company provides various application programming interfaces and software solutions for communications between customers and end users, including messaging, voice, email, flex, marketing campaigns, and user identity and authentication. It also offers software products to build direct, personalized relationships with their end users, such as segment, a platform that provides tools for first-party data by unifying real-time information collected; and engage, an automation platform for the delivery of omnichannel campaigns. Twilio Inc. was incorporated in 2008 and is headquartered in San Francisco, California.","NYSE","Y","Y","Y","N","N","Y","N","N","Y",0.49199999999999999,-2.4E-2,-9.2999999999999999E-2,-0.2445,8.5599999999999996E-2,0.1079,0.35770000000000002,0.22696502082380415,7.2999999999999995E-2,"-",0.33100000000000002,0.33100000000000002,4153.8999999999996]
[null,"Procore Technologies, Inc. (NYSE:PCOR)","PCOR","Seeking Alpha, Financial Times, ValuEngine","Procore Technologies, Inc. engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office. The company also provides Workforce Management, that helps contractors to schedule, track, and forecast labor productivity, enhance time management, communication with workforces, and manage profitability on construction projects; Financial Management, which provides customers with visibility into the financial health of their individual construction projects and portfolios, as well as facilitates untethered access to financial data, linking the field, and the office in real-time; and Construction Intelligence, that allows customers to capture, manage, and learn from data for project and portfolio reporting, analytics, and artificial intelligence-guided workflows, as well as to monitor projects and drive informed decision-making for business needs. It serves owners, general contractors, and specialty contractors operating in the commercial, residential, industrial, and infrastructure segments of the construction industry. The company allow users to access its products on computers, smartphones, and tablets through any web browser or from its mobile application available for iOS and Android platforms through its direct sales team. Procore Technologies, Inc. was incorporated in 2002 and is headquartered in Carpinteria, California.","NYSE","N","N","Y","N",{"$f":"IFERROR(IF(SEARCH(K$2,$E19)>0,\"Y\",\"N\"),\"N\")","v":"N"},"Y","N","N","Y",0.81699999999999995,-0.183,-0.216,-0.19969999999999999,0.31909999999999999,7.5200000000000003E-2,0.71940000000000004,0.33533684210526316,0.2,9.8900000000000002E-2,0.33400000000000002,0.33400000000000002,950]
[null,"ServiceNow, Inc. (NYSE:NOW)","NOW","10K (partner), Proxy, Mergent","ServiceNow, Inc. provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools. It also provides asset management, cloud observability, integrated risk management; information technology (IT) service management applications; IT service management product suite for enterprise’s employees, customers, and partners; strategic portfolio management product suite; IT operations management product that connects a customer’s physical and cloud-based IT infrastructure; IT asset management; and security operations that connects with internal and third party. In addition, the company offers integrated risk management product to manage risk and resilience; environmental, social and governance management product; human resources, legal, and workplace service delivery products; customer service management product; and field service management applications. Further, the company provides app engine product; automation engine; platform privacy and security product; and source-to-pay operations. It serves to government, financial services, healthcare, telecommunications, manufacturing, IT services, technology, oil and gas, education, and consumer products through service providers and resale partners. The company was formerly known as Service-now.com and changed its name to ServiceNow, Inc. in May 2012. ServiceNow, Inc. was founded in 2004 and is headquartered in Santa Clara, California.","NYSE","N","Y","Y","N","N","N","Y","Y","Y",0.78600000000000003,0.14799999999999999,8.5000000000000006E-2,0.193,0.2382,0.23039999999999999,0.4642,0.23676290268643407,0.21100000000000002,-4.7999999999999996E-3,0.25700000000000001,0.25700000000000001,8971]
[null,"Workday, Inc. (NasdaqGS:WDAY)","WDAY","Proxy","Workday, Inc. provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments to manage their business and operations. The company offers a suite of financial management applications to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; enhance financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations. It also provides spend management solutions that help organizations to streamline supplier selection and contracts, manage indirect spend, and build and execute sourcing events, such as requests for proposals; expense management solutions to submit and approve expenses; and a suite of human capital management applications that enables HR teams to hire, onboard, pay, develop, reskill, and provide employee experiences. In addition, the company offers planning applications; and applications for analytics and reporting comprising augmented analytics to surface insights to the line of business in simple-to-understand stories, machine learning to drive efficiency and automation, and benchmarks to compare performance against other companies. Further, it provides supply chain and inventory solutions to healthcare organizations; solutions to manage the end-to-end student and faculty lifecycle; and Workday Extend for customers and their developers to build custom applications. It serves professional and business services, financial services, healthcare, education, government, technology, media, retail, and hospitality industries. The company was formerly known as North Tahoe Power Tools, Inc. and changed its name to Workday, Inc. in July 2005. Workday, Inc. was incorporated in 2005 and is headquartered in Pleasanton, California.","NASDAQ","N","Y","N","N","N","Y","N","Y","Y",0.75600000000000001,6.4000000000000001E-2,2.5000000000000001E-2,0.19020000000000001,0.1678,0.28970000000000001,0.39140000000000003,0.3394406943105111,0.16399999999999998,0.13420000000000001,0.189,0.189,7259]
[null,"Adobe Inc. (NasdaqGS:ADBE)","ADBE","10K (Comp), Mergent, Morningstar","Adobe Inc., together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform. Its flagship product is Creative Cloud, a subscription service that allows members to access its creative products. This segment serves content creators, students, workers, marketers, educators, enthusiasts, and communicators. The Digital Experience segment provides an integrated platform and set of applications and services that enable brands and businesses to create, manage, execute, measure, monetize, and optimize customer experiences from analytics to commerce. This segment serves marketers, advertisers, agencies, publishers, merchandisers, merchants, web analysts, data scientists, developers, and executives across the C-suite. The Publishing and Advertising segment offers products and services, such as e-learning solutions, technical document publishing, web conferencing, document and forms platform, web application development, and high-end printing, as well as Advertising Cloud offerings. It also provides consulting, technical support, and learning services. The company offers its products and services directly to enterprise customers through its sales force and local field offices, as well as to end users through app stores and through its website at adobe.com. It also distributes products and services through distributors, value-added resellers, systems integrators, software vendors and developers, retailers, and original equipment manufacturers. The company was formerly known as Adobe Systems Incorporated and changed its name to Adobe Inc. in October 2018. Adobe Inc. was founded in 1982 and is headquartered in San Jose, California.","NASDAQ","Y","N","Y","N","N","Y","N","Y","N",0.88100000000000001,0.38100000000000001,0.35,0.24079999999999999,0.1076,0.20899999999999999,0.34289999999999998,0.17982544141252008,0.111,"-",0.13400000000000001,0.13400000000000001,19936]
[null,null,null,null,null,"TOTAL",{"$f":"COUNTIF(G3:G22,\"Y\")","v":9}]
[null,"DocuSign, Inc. (NasdaqGS:DOCU)","DOCU",null,"DocuSign, Inc. provides electronic signature solution in the United States and internationally. The company provides e-signature solution that enables sending and signing of agreements on various devices; Contract Lifecycle Management (CLM), which automates workflows across the entire agreement process; Document Generation streamlines the process of generating new, custom agreements; and Gen for Salesforce, which allows sales representatives to automatically generate agreements with a few clicks from within Salesforce. It also provides Identify, a signer-identification option for checking government-issued IDs; Standards-Based Signatures, which support signatures that involve digital certificates; Monitor that uses advanced analytics to track DocuSign eSignature web, mobile, and API account; Notary which enables notaries public to conduct remote online notarization transactions; and Web Forms, a web forms that quickly draft agreements using pre-populated data from completed forms or external systems via APIs. In addition, the company offers Rooms for Real Estate that provides a way for brokers and agents to manage the entire real estate transaction digitally. Signature and CLM are FedRAMP, an authorized version of DocuSign eSignature for U.S. federal government agencies; and life sciences modules that support compliance with the electronic signature practices. The company sells its products through direct and partner-assisted sales, and digital self-service purchasing. DocuSign, Inc. was incorporated in 2003 and is headquartered in San Francisco, California.",null,null,null,null,null,"Y","Y","N","N","Y",0.80400000000000005,4.3999999999999997E-2,2.3E-2,2.6800000000000001E-2,9.7799999999999998E-2,0.1124,0.58509999999999995,0.20804156558890619,6.2E-2,0.57599999999999996,0.23899999999999999,0.3155,2761.9]
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[null,"Fiscal year ends in January USD in millions except per share data."]
[null,"Valuation for period ended ","2024-01-31"]
[null,"Ticker",{"$f":"DOCU_DCF!C3","v":"DOCU"}]
[null,"Valuation Date","2024-04-04"]
[null,"Company Name",{"$f":"DOCU_DCF!C2","v":"DocuSign"},null,null,null,null,"Enterprise Value Multiples",null,null,null,null,null,"Equity Value Multiples"]
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[null,"Company","Ticker","Share price",null,"of Equity","Value","EV/Sales","EV/EBIT","EV/EBITDA","EPS","rate","Equity","P/E","PEG","to-Book"]
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[]
[null,"Salesforce","CRM",302.26,null,293192.2,{"$f":"F12+SUM(INDIRECT(C12&\"_LTM!H12:H14\"))","v":287712.2},{"$f":"$G12/INDIRECT($C12&\"_LTM!H6\")","v":8.2540723527555446},{"$f":"$G12/INDIRECT($C12&\"_LTM!H7\")","v":47.960026671111855},{"$f":"$G12/INDIRECT($C12&\"_LTM!H8\")","v":31.201843617828871},9.7899999999999991,9.7000000000000003E-2,59646,{"$f":"D12/K12","v":30.874361593462719},{"$f":"D12/(K12*L12*100)","v":3.1829238756147133},{"$f":"F12/M12","v":4.9155383428897164}]
[null,"RingCentral","RNG",33.74,null,3114.8,4684.8900000000003,{"$f":"$G13/INDIRECT($C13&\"_LTM!H6\")","v":2.1271749001089719},{"$f":"$G13/INDIRECT($C13&\"_LTM!H7\")","v":-26.128778583379809},{"$f":"$G13/INDIRECT($C13&\"_LTM!H8\")","v":85.803846153846152},3.55,8.3000000000000004E-2,-303.10000000000002,9.5042253521126767,1.1450873918208042,-10.276476410425602]
[null,"Zoom Video Communications","ZM",64.73,null,19908.3,12536.61,{"$f":"$G14/INDIRECT($C14&\"_LTM!H6\")","v":2.7691752076338578},{"$f":"$G14/INDIRECT($C14&\"_LTM!H7\")","v":20.953718870132043},{"$f":"$G14/INDIRECT($C14&\"_LTM!H8\")","v":17.840629002419238},4.8899999999999997,0.03,8019.4,13.237218813905931,4.4124062713019772,2.482517395316358]
[null,"Aspen Technologies","AZPN",215.19,null,13675.1,13737.83,{"$f":"$G15/INDIRECT($C15&\"_LTM!H6\")","v":12.996877986017161},{"$f":"$G15/INDIRECT($C15&\"_LTM!H7\")","v":-75.490878118474555},{"$f":"$G15/INDIRECT($C15&\"_LTM!H8\")","v":44.200943359802324},7.33,9.0999999999999998E-2,1303,29.357435197817189,3.2260917799799107,10.495088257866461]
[null,"Informatica","INFA",35.200000000000003,null,10386.799999999999,11281.65,{"$f":"$G16/INDIRECT($C16&\"_LTM!H6\")","v":7.0722479939819456},{"$f":"$G16/INDIRECT($C16&\"_LTM!H7\")","v":120.91800643086816},{"$f":"$G16/INDIRECT($C16&\"_LTM!H8\")","v":45.435561820378574},1.08,6.8000000000000005E-2,2212.6,32.592592592592595,4.7930283224400876,4.6943866943866945]
[null,"Paycom Software","PAYC",198.28,null,11332.7,11114.62,{"$f":"$G17/INDIRECT($C17&\"_LTM!H6\")","v":6.5623309913207777},{"$f":"$G17/INDIRECT($C17&\"_LTM!H7\")","v":24.628007976955463},{"$f":"$G17/INDIRECT($C17&\"_LTM!H8\")","v":22.079102105681368},7.74,0.115,13070.9,25.617571059431523,2.2276148747331761,0.86701757338821361]
[null,"Dropbox","DBX",24.31,null,8362.2999999999993,9036.9,{"$f":"$G18/INDIRECT($C18&\"_LTM!H6\")","v":3.6124480332587146},{"$f":"$G18/INDIRECT($C18&\"_LTM!H7\")","v":23.564276401564538},{"$f":"$G18/INDIRECT($C18&\"_LTM!H8\")","v":16.326829268292681},2.04,2.4E-2,-165.8,11.916666666666666,4.9652777777777768,-50.436067551266575]
[null,"Twilio","TWLO",65.45,null,11369.7,8534.9800000000014,{"$f":"$G19/INDIRECT($C19&\"_LTM!H6\")","v":2.0546907725270231},{"$f":"$G19/INDIRECT($C19&\"_LTM!H7\")","v":-22.186067065245652},{"$f":"$G19/INDIRECT($C19&\"_LTM!H8\")","v":-85.094516450648072},2.7,7.2999999999999995E-2,9732.6,24.24074074074074,3.3206494165398275,1.1682078786757906]
[null,"Adobe","ADBE",502.09,null,224936.3,222202.3,{"$f":"$G20/INDIRECT($C20&\"_LTM!H6\")","v":11.145781500802567},{"$f":"$G20/INDIRECT($C20&\"_LTM!H7\")","v":31.875240281164825},{"$f":"$G20/INDIRECT($C20&\"_LTM!H8\")","v":29.279522993806825},18.399999999999999,0.111,16518,27.287500000000001,2.4583333333333335,13.617647414941276]
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[]
[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"]
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[null,null,null,24.949442282664691,{"$f":"DOCU_DCF!$I$109/1000","v":221.10113474692204},{"$f":"G34-SUM(DOCU_LTM!$H$12:$H$14)","v":5516.35},{"$f":"J34*DOCU_LTM!$H$8","v":4478.55},null,null,36.5]
[null,null,null,{"$f":"N35*$K$10","v":44.983708199907333},{"$f":"DOCU_DCF!$I$109/1000","v":221.10113474692204},null,null,null,null,null,null,null,null,{"$f":"N23-N26","v":13.926844643934158}]
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[]
[null,"Company Name","DocuSign"]
[null,"Ticker","DOCU"]
[null,"Share Price",58.48]
[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,{"$f":"Q24+Q29","v":873410.38419398828},null,"Implied Equity Value (Using PG)",null,null,{"$f":"H63","v":11869193.121690223}]
[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,{"$f":"I101","v":201904}]
[null,null,null,null,null,"Terminal value",null,{"$f":"H54*(1+H55)/(H57-H55)","v":17171447.128246062},null,null,"Terminal value",null,null,{"$f":"N55*N54","v":24831057.222635087},null,"Value of Options",null,null,{"$f":"Option_Value!E30","v":{"$error":"#N/A"}}]
[null,null,null,null,null,"WACC - current",null,{"$f":"F135","v":9.2475091532581294E-2},null,null,"WACC - current",null,null,{"$f":"F135","v":9.2475091532581294E-2},null,"Implied Equity Value per Share",null,null,{"$f":"(S54-S56)/(S55+I108)","v":{"$error":"#N/A"}}]
[null,null,null,null,null,"PV of Terminal Value",null,{"$f":"H56/(1+H57)^(Q36-J36)","v":9245408.1885164957},null,null,"PV of Terminal Value",null,null,{"$f":"PV(N57,Q36-J36,,N56)*-1","v":13369476.553786609}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Treasury Outstanding Options"]
[null,null,null,null,null,"PV of Unlevered Free Cash Flows",null,{"$f":"NPV(H57,K32:Q32)","v":2294359.9331737272},null,null,"PV of Unlevered Free Cash Flows",null,null,{"$f":"NPV(H57,K32:Q32)","v":2294359.9331737272},null,"Implied Equity Value",null,null,{"$f":"H63","v":11869193.121690223}]
[null,null,null,null,null,"Total Enterprise Value",null,{"$f":"H60+H58","v":11539768.121690223},null,null,"Total Enterprise Value",null,null,{"$f":"N60+N58","v":15663836.486960337},null,"Diluted Shares Outstanding",null,null,{"$f":"N109","v":221753}]
[null,null,null,null,null,"Net debt + Preferred stock + NCI",null,{"$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,{"$f":"DOCU_BS!B49+DOCU_BS!B51+DOCU_BS!B56-DOCU_BS!B16-DOCU_BS!B17-DOCU_BS!B27","v":-329425},null,"Total Proceeds",null,null,{"$f":"N106","v":38121.08}]
[null,null,null,null,null,"Implied Equity Value",null,{"$f":"H61-H62","v":11869193.121690223},null,null,"Implied Equity Value",null,null,{"$f":"N61-N62","v":15993261.486960337},null,"Implied Equity Value per Share",null,null,{"$f":"(S60+S62)/S61","v":53.696293631609144}]
[null,null,null,null,null,"Diluted Shares Outstanding",null,{"$f":"I109","v":221101.13474692203},null,null,"Diluted Shares Outstanding",null,null,{"$f":"I109","v":221101.13474692203}]
[null,null,null,null,null,"Implied Equity Value per Share",null,{"$f":"H63/H64","v":53.682189986387911},null,null,"Implied Equity Value per Share",null,null,{"$f":"N63/N64","v":72.334597039796421}]
[]
[]
[]
["x","WORKING CAPITAL SCHEDULE"]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$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,201904,null,"Basic share count",null,null,201904]
[null,null,null,null,null,"Outstanding options",null,null,2228,null,"Oustanding options",null,null,2228]
[null,null,null,null,null,"Exercise price",null,null,17.11,null,"Exercise price",null,null,17.11]
[null,null,null,null,null,"Current share price",null,null,{"$f":"C4","v":58.48},null,"Current share price",null,null,{"$f":"C4","v":58.48}]
[null,null,null,null,null,"In-the-money options",null,null,{"$f":"IF(I104>I103,I102,0)","v":2228},null,"In-the-money options",null,null,{"$f":"IF(N104>N103,N102,0)","v":2228}]
[null,null,null,null,null,"Total proceeds",null,null,{"$f":"I105*I103","v":38121.08},null,"Total proceeds",null,null,{"$f":"N105*N103","v":38121.08}]
[null,null,null,null,null,"Total shares repurchased",null,null,{"$f":"I106/I104","v":651.86525307797547}]
[null,null,null,null,null,"Unvested RSUs",null,null,17621,null,"Unvested RSUs",null,null,17621]
[null,null,null,null,null,"Diluted shares outstanding",null,null,{"$f":"I101+I105+I108-I107","v":221101.13474692203},null,"Diluted shares outstanding",null,null,{"$f":"N108+N105+N101","v":221753}]
[]
[]
["x","WACC"]
[]
[null,null,null,null,null,"Current"]
[null,"Percent of Capital"]
[null,"Total debt",null,null,null,{"$f":"DOCU_BS!B49+DOCU_BS!B51+DOCU_BS!B56","v":888290}]
[null,"Share price",null,null,null,{"$f":"C4","v":58.48}]
[null,"Shares outstanding",null,null,null,{"$f":"I109","v":221101.13474692203}]
[null,"Market value of equity",null,null,null,{"$f":"F118*F117","v":12929994.359999999}]
[]
[null,"Weight of debt",null,null,null,{"$f":"F116/(F116+F119)","v":6.4283667701277497E-2}]
[null,"Weight of equity",null,null,null,{"$f":"F119/(F119+F116)","v":0.93571633229872253}]
[]
[null,"Cost of debt"]
[null,"Default Spread",null,null,null,2.2100000000000002E-2]
[null,"Pre-tax cost of debt",null,null,null,{"$f":"F125+F130","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,{"$f":"C154","v":1.3061706024226296}]
[null,"Cost of equity",null,null,null,{"$f":"F130+F131*F132","v":9.5577931181265924E-2}]
[]
[null,"Weighted average cost of capital",null,null,null,{"$f":"F126*F121*(1-F127)+F133*F122","v":9.2475091532581294E-2}]
[]
["x","BOTTOM UP BETA"]
[]
[]
[null,null,null,null,"MV","Book Value","Debt/","Reg","Unlevered",null,"Marginal "]
[null,"Company","Ticker",null,"Equity","Debt","Equity","Beta","Beta",null,"Tax Rate"]
[null,"RingCentral, Inc","RNG",null,3126.8,{"$f":"1374.19+222.2","v":1596.39},{"$f":"F142/E142","v":0.51055072278367664},0.92,{"$f":"H142/(1+((1-K142)*G142))","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":"H143/(1+((1-K143)*G143))","v":0.91496075433306701},null,{"$f":"$K$142","v":0.25}]
[null,"Palentir Technologies, Inc","PLTR",null,55163.4,{"$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",{"$f":"AVERAGE(I142:I148)","v":1.2421679432790482}]
[null,"Average unlevered beta (Full industry)",1.24]
[null,{"$f":"C3&\" Debt/Equity ratio\"","v":"DOCU Debt/Equity ratio"},{"$f":"F116/F119","v":6.8699952627048172E-2}]
[null,{"$f":"C3&\" Tax Rate\"","v":"DOCU Tax Rate"},{"$f":"F127","v":0.25}]
[null,{"$f":"C3&\" Levered Beta\"","v":"DOCU Levered Beta"},{"$f":"C150*(1+(1-C153)*C152)","v":1.3061706024226296}]
[]
["x","SENSITIVITY ANALYSIS"]
[]
[null,null,null,null,null,null,{"$f":"H65","v":53.682189986387911}]
[null,null,"Beta Step",0.1,null,{"$f":"F160-$D$159","v":0.81999999999999984},98.367806947675518]
[null,null,null,null,null,0.91999999999999982,84.098266582263534]
[null,null,null,null,null,1.0199999999999998,73.399788319965751]
[null,null,null,null,null,1.1199999999999999,65.081747799769772]
[null,null,null,null,null,{"$f":"F164-$D$159","v":1.22},58.429869227192519]
[null,null,null,null,"Beta",1.32,52.989661911023902]
[null,null,null,null,null,{"$f":"F164+$D$159","v":1.4200000000000002},48.458157534802055]
[null,null,null,null,null,{"$f":"F165+$D$159","v":1.5200000000000002},44.625622934457894]
[null,null,null,null,null,1.6200000000000003,41.342256869821668]
[null,null,null,null,null,1.7200000000000004,38.498209955825274]
[null,null,null,null,null,1.8200000000000005,36.011098103823009]
[null,null,null,null,null,1.9200000000000006,33.817923527845743]
[]
[null,null,"Exit Multiple Step",1]
[null,null,"Exit Multiple"]
[null,null,{"$f":"D174-$D$172","v":20.399999999999999},21.4,22.4,23.4,24.4,{"$f":"I174-$D$172","v":25.4},{"$f":"J174-$D$172","v":26.4},{"$f":"K174-$D$172","v":27.4},28.4,{"$f":"K174+$D$172","v":29.4},{"$f":"L174+$D$172","v":30.4}]
[null,{"$f":"N65","v":72.334597039796421},55.255609643110134,57.382507201850636,59.509404760591153,61.636302319331662,63.763199878072172,65.890097436812681,68.016994995553191,70.1438925542937,72.270790113034195,74.397687671774719,76.524585230515228]
[]
[]
[null,null,"WACC Step",0.01]
[null,null,"Growth Step ",5.0000000000000001E-3]
[]
[null,null,null,null,"WACC"]
[null,null,null,{"$f":"H65","v":53.682189986387911},{"$f":"F182-$D$178","v":5.2000000000000005E-2},6.2000000000000006E-2,7.2000000000000008E-2,{"$f":"I182-$D$178","v":8.2000000000000003E-2},9.1999999999999998E-2,{"$f":"I182+$D$178","v":0.10199999999999999},{"$f":"J182+$D$178","v":0.11199999999999999},{"$f":"K182+$D$178","v":0.12199999999999998},{"$f":"L182+$D$178","v":0.13199999999999998}]
[null,null,null,5.0000000000000001E-3,60.998463745815251,49.698938283351794,41.794944998571971,35.962861002491714,31.487644767539756,27.949134402712872,25.084253345030277,22.719879729232137,20.73743096365255]
[null,null,null,{"$f":"D183+$D$179","v":0.01},66.869156702922368,53.393012822604049,44.286644985117576,37.72867179946077,32.786204761440729,28.931972144699042,25.845487526887887,23.320735073397596,21.219255421548102]
[null,null,null,{"$f":"D184+$D$179","v":1.4999999999999999E-2},74.326523432220569,57.873060668080178,47.215485320179958,39.758036446723722,34.25340891039378,30.027779742085912,26.685199459452459,23.977745122625254,21.742261457041558]
[null,null,null,0.02,84.114317264424514,63.419786572003012,50.707564181215886,42.114717972577488,35.924391413368085,31.257222412324843,27.616184428165369,24.699167921777189,22.311964459989795]
[null,null,null,2.5000000000000001E-2,97.527219923370581,70.465627585094197,54.942638544599859,44.884852397703817,37.844774289920643,32.646332961815581,28.654179163396989,25.49496420537778,22.934910734241598]
[null,null,null,3.0000000000000002E-2,117.03689651820129,79.713293914776358,60.186063946884794,48.187704981508311,40.074896340110719,34.228375532068931,29.818758622437358,26.377260085021913,23.618930172635736]
[null,null,null,3.5000000000000003E-2,148.0228534629324,92.386021848044507,66.846631349787287,52.193292157611616,42.69626787279028,36.0465438590765,31.134582167067379,27.360969284165368,24.373467078905559]
[null,null,null,0.04,204.83044119493937,110.81908066007087,75.588626066096793,57.152590566120466,45.821749315600513,38.15796514205303,32.633158981784902,28.46464301978973,25.210018866291669]
[null,null,null,4.4999999999999998E-2,342.79172568695617,140.09511524387747,87.568396603261647,63.452239895847939,49.612226810072507,40.639811211516687,34.35540397780354,29.711651006793886,26.142726031538249]
[null,null,null,4.9999999999999996E-2,1170.5594326390537,193.76784531418954,104.99351738459238,71.720529641115235,54.305198946085447,43.598935371261803,36.355430424792928,31.13185454754862,27.189177973034415]

{"sheet":"DOCU_Forecast","index":5,"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":"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,null,{"$f":"DOCU_DCF!S57","v":{"$error":"#N/A"}}]
[null,"Enter the strike price on the option =",null,null,17.11]
[null,"Enter the expiration of the option =",null,null,3.6]
[null,"Enter the standard deviation in stock prices =",null,null,0.66,"(volatility)"]
[null,"Enter the annualized dividend yield on stock =",null,null,0]
[null,"Enter the treasury bond rate =",null,null,{"$f":"DOCU_DCF!F130","v":4.0980000000000003E-2}]
[null,"Enter the number of options outstanding =",null,null,{"$f":"DOCU_DCF!I102","v":2228}]
[null,"Enter the number of shares outstanding =",null,null,{"$f":"DOCU_DCF!I101","v":201904}]
[]
[null,"Circuit Breaker","OFF"]
[]
[null,"Do not input any numbers below this line"]
[null,"VALUING WARRANTS WHEN THERE IS DILUTION"]
[null,"Stock Price=",null,{"$f":"E3","v":{"$error":"#N/A"}},"# Warrants issued=",null,{"$f":"E9","v":2228}]
[null,"Strike Price=",null,{"$f":"E4","v":17.11},"# Shares outstanding=",null,{"$f":"E10","v":201904}]
[null,"Adjusted S =",null,{"$f":"(D16*G17+D29*G16)/(G17+G16)","v":{"$error":"#N/A"}},"T.Bond rate=",null,{"$f":"E8","v":4.0980000000000003E-2}]
[null,"Adjusted K =",null,{"$f":"D17","v":17.11},"Variance=",null,{"$f":"E6^2","v":0.43560000000000004}]
[null,"Expiration (in years) =",null,{"$f":"E5","v":3.6},"Annualized dividend yield=",null,{"$f":"E7","v":0}]
[null,null,null,null,"Div. Adj. interest rate=",null,{"$f":"G18-G20","v":4.0980000000000003E-2}]
[]
[null,"d1 = ",{"$f":"(LN(D18/D19)+(G21+(G19/2))*D20)/(((G19)^(0.5))*(D20^0.5))","v":{"$error":"#N/A"}}]
[null,"N (d1) =",{"$f":"NORMSDIST(C23)","v":{"$error":"#N/A"}}]
[]
[null,"d2 = ",{"$f":"C23-((G19^0.5)*(D20^(0.5)))","v":{"$error":"#N/A"}}]
[null,"N (d2) =",{"$f":"NORMSDIST(C26)","v":{"$error":"#N/A"}}]
[]
[null,"Value per option = ",null,{"$f":"IF(C12=\"OFF\",((EXP((0-G20)*D20))*D18*C24-D19*(EXP((0-G18)*D20))*C27),0)","v":{"$error":"#N/A"}}]
[null,"Value of all options outstanding =",null,null,{"$f":"D29*E9","v":{"$error":"#N/A"}}]

{"sheet":"Scenario Summary","index":7,"n_rows":18,"n_cols":7,"rows_kept":18,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Scenario Summary"]
[null,null,null,"Current Values:","Best_Case","Base_Case","Worse_Case"]
[null,null,null,null,"Created by David Moore on 3/13/2024","Created by David Moore on 3/13/2024","Created by David Moore on 3/13/2024"]
[null,"Changing Cells:"]
[null,"Terminal Growth Rate",null,0.05,0.05,0.05,2.5000000000000001E-2]
[null,"Exit Multiple",null,28.43,28.43,28.43,20]
[null,"Default Spread",null,2.2100000000000002E-2,1.7399999999999999E-2,2.2100000000000002E-2,3.61E-2]
[null,"Equity Risk Premium",null,4.1799999999999997E-2,4.1799999999999997E-2,4.1799999999999997E-2,0.05]
[null,"Sales & Marketing (as a % of revenue)",null,0.35,0.3,0.35,0.4]
[null,"G&A (as a % of revenue)",null,0.09,0.08,0.09,0.12]
[null,"COGS-subscription (as a % of subscription)",null,0.17,0.15,0.17,0.18]
[null,"Result Cells:"]
[null,"Implied Equity Value per share (Perpetuity Growth)",null,53.786384491819,70.340281905610397,53.786384491819,22.841991318168699]
[null,"Implied Equity Value per share (Exit Multiple)",null,72.382924116126205,96.830467495037198,72.382924116126205,32.943737113464003]
[null,"Notes:  Current Values column represents values of changing cells at"]
[null,"time Scenario Summary Report was created.  Changing cells for each"]
[null,"scenario are highlighted in gray."]

{"sheet":"DOCU_IS","index":8,"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":9,"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":10,"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":"DOCU_LTM","index":11,"n_rows":14,"n_cols":8,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[null,"LTM Calculations For","DOCU"]
[]
[null,null,"Fiscal year ended",null,"X-Months Ended",null,null,"LTM"]
[null,null,"2024-01-31",null,null,null,null,"2024-01-31"]
[null,"Revenues",2761.9,null,null,null,null,{"$f":"E6+C6-F6","v":2761.9}]
[null,"EBIT",62.7,null,null,null,null,{"$f":"E7+C7-F7","v":62.7}]
[null,"EBITDA",122.7,null,null,null,null,{"$f":"E8+C8-F8","v":122.7}]
[]
[null,null,null,null,null,null,null,"As of"]
[null,null,null,null,null,null,null,"2024-01-31"]
[null,"Net debt",null,null,null,null,null,{"$f":"22.1+120.8-1045.5-135.2","v":-1037.8}]
[null,"Preferred stock",null,null,null,null,null,0]
[null,"Non-controlling Interest",null,null,null,null,null,0]

{"sheet":"CRM_LTM","index":12,"n_rows":14,"n_cols":8,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[null,"LTM Calculations For","CRM"]
[]
[null,null,"Fiscal year ended",null,"X-Months Ended",null,null,"LTM"]
[null,null,"2024-01-31",null,null,null,null,"2024-01-31"]
[null,"Revenues",34857,null,null,null,null,{"$f":"E6+C6-F6","v":34857}]
[null,"EBIT",5999,null,null,null,null,{"$f":"E7+C7-F7","v":5999}]
[null,"EBITDA",9221,null,null,null,null,{"$f":"E8+C8-F8","v":9221}]
[]
[null,null,null,null,null,null,null,"As of"]
[null,null,null,null,null,null,null,"2024-01-31"]
[null,"Net debt",null,null,null,null,null,{"$f":"8427+3246+999+890-14194-4848","v":-5480}]
[null,"Preferred stock",null,null,null,null,null,0]
[null,"Non-controlling Interest",null,null,null,null,null,0]

{"sheet":"RNG_LTM","index":13,"n_rows":14,"n_cols":8,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[null,"LTM Calculations For","RNG"]
[]
[null,null,"Fiscal year ended",null,"X-Months Ended",null,null,"LTM"]
[null,null,"2023-12-31",null,null,null,null,"2023-12-31"]
[null,"Revenues",2202.4,null,null,null,null,{"$f":"E6+C6-F6","v":2202.4}]
[null,"EBIT",-179.3,null,null,null,null,{"$f":"E7+C7-F7","v":-179.3}]
[null,"EBITDA",54.6,null,null,null,null,{"$f":"E8+C8-F8","v":54.6}]
[]
[null,null,null,null,null,null,null,"As of"]
[null,null,null,null,null,null,null,"2023-12-31"]
[null,"Net debt",null,null,null,null,null,{"$f":"1374.19-3.5","v":1370.69}]
[null,"Preferred stock",null,null,null,null,null,199.4]
[null,"Non-controlling Interest",null,null,null,null,null,0]

{"sheet":"ZM_LTM","index":14,"n_rows":14,"n_cols":8,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[null,"LTM Calculations For","ZM"]
[]
[null,null,"Fiscal year ended",null,"X-Months Ended",null,null,"LTM"]
[null,null,"2024-01-31",null,null,null,null,"2024-01-31"]
[null,"Revenues",4527.2,null,null,null,null,{"$f":"E6+C6-F6","v":4527.2}]
[null,"EBIT",598.29999999999995,null,null,null,null,{"$f":"E7+C7-F7","v":598.29999999999995}]
[null,"EBITDA",702.7,null,null,null,null,{"$f":"E8+C8-F8","v":702.7}]
[]
[null,null,null,null,null,null,null,"As of"]
[null,null,null,null,null,null,null,"2024-01-31"]
[null,"Net debt",null,null,null,null,null,{"$f":"-6962.49-409.2","v":-7371.69}]
[null,"Preferred stock",null,null,null,null,null,0]
[null,"Non-controlling Interest",null,null,null,null,null,0]

{"sheet":"AZPN_LTM","index":15,"n_rows":14,"n_cols":8,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[null,"LTM Calculations For","AZPN"]
[]
[null,null,"Fiscal year ended",null,"6-Months Ended",null,null,"LTM"]
[null,null,"2023-06-30",null,"2023-12-31","2022-12-31",null,"2023-12-31"]
[null,"Revenues",1044.2,null,506.47,493.66,null,{"$f":"E6+C6-F6","v":1057.01}]
[null,"EBIT",-183.1,null,-109.46,-110.58,null,{"$f":"E7+C7-F7","v":-181.98000000000002}]
[null,"EBITDA",308.39999999999998,null,{"$f":"E7+246.386","v":136.92599999999999},{"$f":"F7+245.102","v":134.52199999999999},null,{"$f":"E8+C8-F8","v":310.80399999999997}]
[]
[null,null,null,null,null,null,null,"As of"]
[null,null,null,null,null,null,null,"2023-12-31"]
[null,"Net debt",null,null,null,null,null,62.73]
[null,"Preferred stock",null,null,null,null,null,0]
[null,"Non-controlling Interest",null,null,null,null,null,0]

{"sheet":"INFA_LTM","index":16,"n_rows":14,"n_cols":8,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[null,"LTM Calculations For","INFA"]
[]
[null,null,"Fiscal year ended",null,"X-Months Ended",null,null,"LTM"]
[null,null,"2023-12-31",null,null,null,null,"2023-12-31"]
[null,"Revenues",1595.2,null,null,null,null,{"$f":"E6+C6-F6","v":1595.2}]
[null,"EBIT",93.3,null,null,null,null,{"$f":"E7+C7-F7","v":93.3}]
[null,"EBITDA",248.3,null,null,null,null,{"$f":"E8+C8-F8","v":248.3}]
[]
[null,null,null,null,null,null,null,"As of"]
[null,null,null,null,null,null,null,"2023-12-31"]
[null,"Net debt",null,null,null,null,null,894.85]
[null,"Preferred stock",null,null,null,null,null,0]
[null,"Non-controlling Interest",null,null,null,null,null,0]

{"sheet":"PAYC_LTM","index":17,"n_rows":14,"n_cols":8,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[null,"LTM Calculations For","PAYC"]
[]
[null,null,"Fiscal year ended",null,"X-Months Ended",null,null,"LTM"]
[null,null,"2023-12-31",null,null,null,null,"2023-12-31"]
[null,"Revenues",1693.7,null,null,null,null,{"$f":"E6+C6-F6","v":1693.7}]
[null,"EBIT",451.3,null,null,null,null,{"$f":"E7+C7-F7","v":451.3}]
[null,"EBITDA",503.4,null,null,null,null,{"$f":"E8+C8-F8","v":503.4}]
[]
[null,null,null,null,null,null,null,"As of"]
[null,null,null,null,null,null,null,"2023-12-31"]
[null,"Net debt",null,null,null,null,null,-218.08]
[null,"Preferred stock",null,null,null,null,null,0]
[null,"Non-controlling Interest",null,null,null,null,null,0]

{"sheet":"DBX_LTM","index":18,"n_rows":14,"n_cols":8,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[null,"LTM Calculations For","DBX"]
[]
[null,null,"Fiscal year ended",null,"X-Months Ended",null,null,"LTM"]
[null,null,"2023-12-31",null,null,null,null,"2023-12-31"]
[null,"Revenues",2501.6,null,null,null,null,{"$f":"E6+C6-F6","v":2501.6}]
[null,"EBIT",383.5,null,null,null,null,{"$f":"E7+C7-F7","v":383.5}]
[null,"EBITDA",553.5,null,null,null,null,{"$f":"E8+C8-F8","v":553.5}]
[]
[null,null,null,null,null,null,null,"As of"]
[null,null,null,null,null,null,null,"2023-12-31"]
[null,"Net debt",null,null,null,null,null,674.6]
[null,"Preferred stock",null,null,null,null,null,0]
[null,"Non-controlling Interest",null,null,null,null,null,0]

{"sheet":"TWLO_LTM","index":19,"n_rows":14,"n_cols":8,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[null,"LTM Calculations For","TWLO"]
[]
[null,null,"Fiscal year ended",null,"X-Months Ended",null,null,"LTM"]
[null,null,"2023-12-31",null,null,null,null,"2023-12-31"]
[null,"Revenues",4153.8999999999996,null,null,null,null,{"$f":"E6+C6-F6","v":4153.8999999999996}]
[null,"EBIT",-384.7,null,null,null,null,{"$f":"E7+C7-F7","v":-384.7}]
[null,"EBITDA",-100.3,null,null,null,null,{"$f":"E8+C8-F8","v":-100.3}]
[]
[null,null,null,null,null,null,null,"As of"]
[null,null,null,null,null,null,null,"2023-12-31"]
[null,"Net debt",null,null,null,null,null,-2834.72]
[null,"Preferred stock",null,null,null,null,null,0]
[null,"Non-controlling Interest",null,null,null,null,null,0]

{"sheet":"ADBE_LTM","index":20,"n_rows":14,"n_cols":8,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[null,"LTM Calculations For","ADBE"]
[]
[null,null,"Fiscal year ended",null,"3-Months Ended",null,null,"LTM"]
[null,null,"2023-12-01",null,"2024-03-01","2023-03-01",null,"2024-03-01"]
[null,"Revenues",19409,null,5182,4655,null,{"$f":"E6+C6-F6","v":19936}]
[null,"EBIT",6650,null,1907,1586,null,{"$f":"E7+C7-F7","v":6971}]
[null,"EBITDA",7268,null,{"$f":"E7+212","v":2119},{"$f":"F7+212","v":1798},null,{"$f":"E8+C8-F8","v":7589}]
[]
[null,null,null,null,null,null,null,"As of"]
[null,null,null,null,null,null,null,"2024-03-01"]
[null,"Net debt",null,null,null,null,null,-2734]
[null,"Preferred stock",null,null,null,null,null,0]
[null,"Non-controlling Interest",null,null,null,null,null,0]