DocuSign,Inc。(DOCU) 首席执行官 Dan Springer 在 2020年 第二季度业绩 - 收益电话会议记录

DocuSign, Inc. (NASDAQ:DOCU) Q2 2020 Results Conference Call September 5, 2019 4:30 PM ET



Anne Leschin - Head, IR
Dan Springer - CEO
Mike Sheridan - CFO

  • Anne Leschin - IR负责人
  • Dan Springer - 首席执行官
  • Mike Sheridan - 首席财务官


Sterling Auty - J.P. Morgan
Karl Keirstead - Deutsche Bank
Rishi Jaluria - D.A. Davidson
Stan Zlotsky - Morgan Stanley
Dan Ives - Wedbush Securities
Shankar Subramanian - Bank of America Merrill Lynch
Pat Walravens - JMP Securities
Matthew Wells - Citi

  • Sterling Auty - J.P. Morgan
  • Karl Keirstead - 德意志银行
  • Rishi Jaluria - D.A.戴维森
  • Stan Zlotsky - 摩根士丹利
  • Dan Ives - Wedbush证券
  • Shankar Subramanian - 美国银行美林证券
  • Pat Walravens - JMP证券
  • 马修威尔斯 - 花旗


Good afternoon, ladies and gentlemen. Thank you for joining DocuSign’s Second Quarter Fiscal 2020 Earnings Conference Call. As a reminder, this call is being recorded and will be available for replay from the Investor Relations section of the website, following the call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]
I'll now pass the call over to Anne Leschin, Head of Investor Relations. Please go ahead.

女士们,先生们,下午好。 感谢您参加DocuSign第二季度财政2020年收益电话会议。 提醒一下,此电话会被录制,并可在电话会议后从网站的投资者关系部分重播。 此时,所有参与者都处于只听模式。 问答环节将在正式演讲之后进行。 [操作说明]

我现在将电话转给投资者关系负责人Anne Leschin。 请继续。

Anne Leschin

Anne Leschin

Thank you, operator. Good afternoon, everyone. Welcome to DocuSign's second quarter fiscal 2020 earnings conference call. On the call today, we have DocuSign's CEO, Dan Springer; and CFO, Mike Sheridan.
A press release announcing our second quarter results was issued earlier today and is posted on our Investor Relations website.
Before we get started, I would like to let everyone know that we will be participating in the Deutsche Bank Conference in Las Vegas on September 10th. As other events come up, we'll make additional announcements.
Now, let me remind everyone that the statements made today include forward-looking statements that are based on assumptions we believe to be reasonable as of this date and on information currently available to management. Generally, these statements are identified by the use of words such as expect, believe, anticipate, and other words that denote feature events.
Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results or performance to be materially different from any other results or performance expressed or implied by such statements.
These risks and uncertainties are described in our press release and in risk factors in our annual report, quarterly reports and other filings with the SEC. You should not rely upon forward-looking statements as predictions of future events. Except as required by law, we assume no obligation to update these forward-looking statements if actual results differ materially from those anticipated in such statements.
During this call, we will present GAAP and non-GAAP financial measures. Non-GAAP financial measures exclude stock-based compensation expenses, amortization of acquired intangible assets, amortization of debt discount and issuance costs from our notes and as applicable, other special items.
In addition, we provide non-GAAP weighted average share count and non-GAAP information regarding free cash flows and billings. These non-GAAP measures are not intended to be considered in isolation from, a substitute for or superior to our GAAP results, and we encourage you to consider all measures when analyzing our performance. For information, on our non-GAAP financial information, the most directly comparable GAAP measures and a quantitative reconciliation of those figures, please refer to today's press release.
I'd now like to turn the call over to Dan. Dan?

谢谢运营商。大家下午好。欢迎来到DocuSign 2020财年第二季度财报电话会议。在今天的电话会议上,我们有DocuSign的首席执行官Dan Springer;和首席财务官Mike Sheridan。









Dan Springer

Dan Springer

Thanks, Annie. Good afternoon, everyone, and thanks for joining our Q2 earnings call. Today, I'm going to cover three sections: Our high level financial results and how we are driving strong growth; an update our Agreement Cloud vision, and how our strengthen eSignature is the perfect on-ramp to expanded relationship with our customers; and finally, how we are rapidly delivering innovative solution to support the Agreement Cloud vision. I'll then pass it over to Mike for a more detailed rundown of our financials. Together, we believe it will showcase the strength in our existing business and the incredible potential for the future.
So, let me start with our results and our commitment to growth.
As part of our overall strategy, DocuSign has three main growth drivers, which you've heard me talk about before. One, acquire new customers; two, expand usage and use cases within existing customers; and finally, three, introduce innovative solutions to help customers c parts of their Systems of Agreement. In this quarter, we saw progress on all three fronts.
We acquired 29,000 new customers, approximately 4,000 of which are direct, bringing our total number of paying customers to 537,000 worldwide; 64,000 of those are direct. With strong consumer demand for our products within the DocuSign Agreement Cloud, we grew our revenues 41% year-over-year to $236 million and billings 47% year-over-year to $252 million. Expansion of eSignature volume and use cases was evident in our net dollar retention rate of 113%.
These results reflect solid progress for our second quarter and they support our confidence in and our excitement for future.
Next, I'd like to update you on our Agreement Cloud vision and our success with new product development there. Earlier this year, we introduced DocuSign Agreement Cloud. It is the umbrella for our suite of more than a dozen products and over 350 prebuilt integrations, all to help organizations connect and automate the entire agreement process for preparing, to signing, acting on and managing their agreements.
This quarter, we saw particularly strong progress from the CLM product that came via our acquisition of SpringCM. CLM stands for contract lifecycle management, a term we will increasingly use as we transition the SpringCM product name to DocuSign CLM.
Of course, we're still doing plenty of deals for our core eSignature solution by itself. And we believe this $25 billion market opportunity is still largely untapped. Moreover, we view nearly every eSignature win as the basis for future expansion to other Agreement Cloud products.
We've begun to see multiple examples of how customers are connecting and automating various stages of the agreement process, while continuing to expand their eSignature use cases. One of the world's largest energy companies is currently using eSignature and CLM together for generating, negotiating and signing sales agreements. With their deployment of the Agreement Cloud integrated with their instances of Salesforce, Microsoft SharePoint, and SAP, they now can complete agreements that used to take days or weeks in as little as two minutes. The efficiency improvements they've seen with the DocuSign Agreement Cloud are saving the company tens of millions of dollars, and have the potential to save even more.






接下来,我想向您介绍我们的协议云愿景以及我们在那里的新产品开发的成功。今年早些时候,我们推出了DocuSign Agreement Cloud。它是我们的十几种产品套件和超过350种预构建集成的保护伞,所有这些都可以帮助组织连接和自动化整个协议流程,以准备,签署,执行和管理协议。

本季度,我们看到通过收购SpringCM获得的CLM产品取得了特别强劲的进展。 CLM代表合同生命周期管理,我们将越来越多地使用这个术语,因为我们将SpringCM产品名称转换为DocuSign CLM。

当然,我们仍然为我们的核心电子签名解决方案做了大量的交易。我们相信这250亿美元的市场机会仍未得到充分利用。此外,我们将几乎所有eSignature胜利视为未来扩展到其他Agreement Cloud产品的基础。

我们已经开始看到客户如何连接和自动化协议流程各个阶段的多个示例,同时继续扩展其eSignature用例。世界上最大的能源公司之一目前正在使用eSignature和CLM来生成,谈判和签署销售协议。随着他们部署协议云与他们的Salesforce,Microsoft SharePoint和SAP实例的集成,他们现在可以在短短两分钟内完成过去需要数天或数周的协议。他们在DocuSign协议云中看到的效率提升为公司节省了数千万美元,并且有可能节省更多。

Another customer, a cloud payroll services company, not only expanded on their core signature usage as they brought more internal processes into DocuSign, but they also extended their implementation to include CLM. This is a prototype of the cross-sell opportunity, which has us so excited. And yet another customer, a consumer credit reporting agency previously had a small eSignature footprint from one of their sales teams. This quarter, they added a company-wide deployment of CLM, which in turn may lead to further eSignature opportunities throughout their business. This is a great example of how our land and expand motion can take multiple paths.
Next, I'm pleased to report that we began to see some nice progress in the federal vertical. This quarter, we partnered with a prominent government agency for a very significant deal. They're currently deploying CLM as the foundational system for the department to better track document status, identify delays in their processes, and provide better transparency throughout the agency.
Also this quarter, we signed a branch of the United States Armed Forces through an ISV partnership. First, they purchased eSignature to help streamline the recruiting process. Now, in an effort to further modernize the recruitment and retention system, they are expanding this use case with the addition of other Agreement Cloud offerings, which are closely integrated with their sales force CRM.
This expanding adoption of eSignature and the increasing traction of other products in the Agreement Cloud, continues to drive our business. We believe DocuSign Agreement Cloud defines an entirely new category of cloud software. It complements the marketing, sales, HR, ERP and other cloud categories that already exist, connecting them all into the agreement process.
To realize this big vision, we need to create and deliver a number of products that automate and connect the entire agreement process across multiple departments and industry verticals. Most notably this quarter, we added DocuSign Rooms for Mortgage, a solution that helps mortgage lenders accelerate closing times and improve the borrower experience. It provides a secure, digital workspace for everyone involved in a mortgage. It's actually flexible enough to support traditional closings, speed of pen and paper, as well as drive fully digital closing and hybrid closings as well.
Rooms for Mortgage is a great example of DocuSign’s focus on a particular vertical. In the mortgage industry, it costs thousands of dollars for a lender to process mortgage end-to-end. One of the reasons is that there are so many ingredients involved from the application to the title and the settlement. These processes today are manual and costly. That's why we think a mortgage-specific solution is such a great opportunity for us. We can automate and connect the many steps within the process, making it faster, less expensive, and a better customer experience for all parties.
So, to wrap up, let me summarize. We are seeing strong performance across our core growth drivers of eSignature expansion and increasing adoption of other Agreement Cloud products. We are positioning the DocuSign Agreement Cloud as the next must have cloud that underpins both front office and back office functions. And we are seeing the market respond well with the public and private sectors embracing our vision and our technology. Together with our core eSignature offerings, we believe that this expands our TAM well beyond the original $25 billion projection.




eSignature的不断扩大的采用以及协议云中其他产品的日益增长的推动力继续推动着我们的业务发展。我们相信DocuSign Agreement Cloud定义了一种全新的云软件类别。它补充了已经存在的营销,销售,人力资源,ERP和其他云类别,将它们全部连接到协议流程中。

为了实现这一重大愿景,我们需要创建并交付许多产品,以便跨多个部门和行业垂直行业自动化并连接整个协议流程。最值得一提的是本季度,我们增加了DocuSign Rooms for Mortgage,这是一个帮助抵押贷款人加快关闭时间并改善借款人体验的解决方案。它为参与抵押贷款的每个人提供安全的数字工作空间。它实际上足够灵活,可以支持传统的关闭,笔和纸的速度,以及驱动全数字关闭和混合关闭。



In closing, I wanted to mention one last item. I’m pleased to share that we recently appointed Trâm Phi, our new General Counsel to lead and oversee legal affairs and risk management. Trâm brings more than 20 years of corporate legal and general counsel experience to her role, including leading two technology IPOs. We're very excited to have her on board.
Now, I'd like to hand it over to Mike to walk through our financials in greater detail. Mike?

最后,我想提一个最后一项。 我很高兴地分享我们最近任命TrâmPhi,我们的新总法律顾问,负责领导和监督法律事务和风险管理。 Trâm为她的职位带来了20多年的企业法律和总法律顾问经验,包括领导两项技术IPO。 我们很高兴让她加入。

现在,我想把它交给迈克更详细地介绍我们的财务状况。 麦克风?

Mike Sheridan

Mike Sheridan

Thanks, Dan, and good afternoon, everyone.
First, I would like to remind you that our non-GAAP financial results exclude stock-based compensation, amortization of intangibles, amortization of debt discount, and employer payroll tax on employee stock transactions. In addition, this quarter's results include contributions from SpringCM, whereas the comparable quarter a year ago excludes SpringCM, which was acquired in Q3 of fiscal ‘19.
We saw substantial top line growth in the second quarter, driven by strong customer demand. Our total revenue rose 41% year-over-year to $236 million with subscription revenues growing 39% to $221 million. Our North American business was particularly strong this quarter. In addition, international revenues grew 47% year-over-year to $42 million.
Second quarter billings increased 47% year-over-year to $252 million. On a four-quarter rolling average basis, billings grew -- growth was 36%.
We saw strength in our core eSignature solutions as well as good progress in our sales of CLM products to new and existing customers. As Dan mentioned, this quarter, we also saw good progress in our sales into federal agencies. In Q2, we completed our first federal sale that exceeded $1 million in ACV, and this sale included significant components of both eSignature and CLM.
We added a total of approximately 29,000 new customers this quarter, of which 4,000 were new direct customers. This was an increase of 31% in our commercial and enterprise install base. This brings our total customer base to 537,000 with 64,000 direct customers worldwide.
In addition to strong new customer growth, we also saw strong growth in upsells into our install base. Our dollar net retention increased to 113%. And customers with ACVs greater than $300,000 grew 50% year-over-year to a total of 370 customers worldwide.
Non-GAAP gross margin for the second quarter was 78% compared to 81% in the same quarter last year. Subscription gross margin in the quarter was 84% compared with 87% a year ago. These margin impacts relate primarily to the addition of SpringCM, as well as higher capacity needs of our outsource data centers in developing regions where we do not have our own proprietary data centers.
Total non-GAAP operating expenses for the quarter were $185 million or 78% of total revenue, compared with $132 million or 79% of total revenue for the second quarter last year. These expenses include approximately $6 million related to the RPost litigation, which settled in the beginning of Q3. The significant majority of these RPost expenses are legal fees with a smaller amount related to the settlement. This settlement resolved all outstanding disputes with RPost. So, we do not expect any significant expenses related to these matters in Q3 or going forward.
Non-GAAP operating loss was less than $1 million in Q2, which includes the $6 million of RPost expenses. This compares to a $4 million non-GAAP operating income or 3% operating margin in Q2 of fiscal ‘19. For the first half of fiscal ‘20, our non-GAAP operating profit was $9.7 million, which includes the impact of $9.2 million of RPost legal and settlement expenses.




第二季度账单同比增长47%至2.52亿美元。在四季度滚动平均基础上,账单增长 - 增长率为36%。



除了强劲的新客户增长外,我们的安装基础的销售额也出现了强劲增长。我们的美元净保留率增加至113%。 ACV超过30万美元的客户同比增长50%,全球共有370家客户。




We ended the quarter with 3,489 employees, a year-over-year increase of 35%. We generated $26 million in operating cash flow compared with $23 million in Q2 of last year. Free cash flow came in at $12 million, compared to $18 million in the prior year. As we discussed previously, we saw particularly strong collections in Q1 of amounts that would typically be collected in Q2. For the first half of this year, we generated $72 million of operating cash flow, a 91% increase year-over-year, and we generated $42 million of free cash flow, a 56% increase year-over-year. In Q3 and the second half, we will continue to invest in the data center and real estate projects we have discussed previously, which will reduce second half cash flows below recent trends.
Turning to our guidance for the third quarter and fiscal 2020. We estimate first that revenue will range between $237 million to $241 million in Q3 and $947 million to $951 million for fiscal ‘20. And billings will range between $260 million to $270 million in Q3 and $1.063 billion to $1.083 billion for fiscal ‘20. We are maintaining our guidance for gross margin of 78% to 80% for Q3 and the fiscal year.
For operating expenses, we expect sales and marketing in the range of 48% to 50% of revenues in Q3 and fiscal ’20; R&D in the range of 15% to 17% for Q3 in fiscal ‘20; and G&A in the range of 10% to 12% for Q3, and 11% to 13% for fiscal ‘20. For the third quarter, we expect $3 million to $4 million of interest in other non-operating income, including interest income and expense associated with our convertible debt. And for fiscal ‘20, we expect interest and non-operating income of $13 million to $16 million.
We expect the tax provision of approximately $1 million to $2 million for the third quarter and $6 million to $8 million for fiscal ‘20. We expect fully diluted weighted-average shares outstanding of 185 million to 190 million shares for Q3 and 190 million to 195 million shares for fiscal ‘20.
We continue to be on track to spend $60 million to $70 million in capital investments in fiscal ‘20. We expect the majority of our second half spending to occur in Q3 as we ramp up the buildout of our Dublin office in the dedicated federal data center.
In summary, we are very pleased with the progress we've made in the first half of fiscal ‘20 towards our strategic and financial goals. And we believe we are well-positioned to continue our strong execution in the second half of the fiscal year.
With that, I'd like to now open it for Q&A.



对于营业费用,我们预计第三季度和20财年的销售额和营销额将占收入的48%至50%; 20财年第三季度的研发费用在15%至17%之间;第三季度和G&A的范围为10%至12%,20财年为11%至13%。对于第三季度,我们预计其他非营业收入的利息为300万至400万美元,包括与我们的可转换债务相关的利息收入和支出。对于20财年,我们预计利息和非营业收入将达到1300万美元至1600万美元。






Thank you. [Operator Instructions] Our first question comes from line of Sterling Auty with J.P. Morgan. Please proceed with your question.

谢谢。 [操作员说明]我们的第一个问题来自Sterling Auty与J.P. Morgan的合作。 请继续你的问题。

Sterling Auty...

Yes. Thanks. Hi, guys. So, last quarter, you talked about potential for elongating sales cycles as customers were evaluating CLM in the broader part of the product portfolio. Are we to take, given the strength in the results, the guidance and some of the examples that those deals have closed and perhaps you’re kind of settling into what you think is the new norm around sales cycle timing?

是。 谢谢。 嗨,大家好。 因此,上个季度,您谈到了延长销售周期的潜力,因为客户在产品组合的更广泛部分评估CLM。 考虑到结果的优势,我们是否应该采取指导以及这些交易已经结束的一些例子,或许您可以根据销售周期时间来确定新的规范?

Mike Sheridan

Mike Sheridan

Hey, Sterling. Yes. I would tell you, it’s similar to what we said last quarter that last quarter was the first quarter where we had CLM offerings available to our sales force to sell. So, we had some deals slip out in the quarter where we didn't have any deals slipping in since it was the first quarter.
I think, if you look at Q2, as we expected, some of those Q1 deals moved into Q2 and there were some Q2 deal that moved to Q3, much like we expected. So, yes, I think that going forward, we would expect that to normalize. I would say also that while the more complicated multiproduct deals will continue to have longer sales cycles, I think we made a good progress in the sales teams moving down the learning curve as we get more experience.

嘿,斯特林。 是。 我告诉你,这与我们上个季度所说的相似,即上一季度我们的销售人员可以销售CLM产品的第一季度。 因此,我们在本季度暂停了一些交易,因为这是第一季度我们没有任何交易。

我认为,如果你看看第二季度,正如我们预期的那样,一些Q1交易进入第二季度,并且有一些第二季度交易进入第三季度,就像我们预期的那样。 所以,是的,我认为未来,我们希望这会正常化。 我还要说,虽然更复杂的多产品交易将继续延长销售周期,但我认为随着我们获得更多经验,我们在销售团队中取得了良好的进展。

Sterling Auty...

All right. Great. And then, one follow-up on the federal opportunity. In terms of the go-to-market, should we expect that most of the opportunities are going to go through either some sort of prime contractor or other partner or how much of the opportunity can you actually now take direct, based on where you are with certifications et cetera?

行。 大。 然后,对联邦机会采取后续行动。 就市场而言,我们是否应该期望大部分机会都要通过某种主承包商或其他合作伙伴,或者根据您所处的位置,您现在可以实际拥有多少机会? 有认证等等?

Dan Springer

Dan Springer

Yes. I think, we are going to see a combination, Sterling. I think, the phenomenon is that there are certain sort of master contractors that have every large overall relationships, and they will look -- even if we're doing sort of a selling directly to the agency, we will get pulled into those larger master agreements which we're perfectly happy to do. And as we mentioned on the call of the sort of two big pieces we are excited about this quarter, one of them was more direct and one of them was through sort of a bundle from master contractor. I think there is going to be a mix. At this point, it will be early for us to try to give you a flavor of what that mix would look like, other than to say, I think we will see both flavors.

是。 我想,我们将会看到一个组合,Sterling。 我认为,现象是某些主承包商拥有各种大的整体关系,他们会看 - 即使我们直接向代理商进行销售,我们也会被拉进那些更大的主人 我们非常乐意做的协议。 正如我们在关于这两个大块的呼吁中所提到的,我们对本季度感到兴奋,其中一个更直接,其中一个是通过主承包商的捆绑。 我认为会有一个混合。 在这一点上,我们会尽早尝试给你一种混合效果的味道,除此之外,我想我们会看到两种口味。


Your next question comes from line of Karl Keirstead with Deutsche Bank. Please proceed with your question.

您的下一个问题来自Karl Keirstead与德意志银行的合作。 请继续你的问题。

Karl Keirstead

Thank you. Two, maybe one for Mike, one for Dan. Maybe I’ll ask both at the same time. So, Mike, $27 million billings outperformance is I think your biggest perhaps since the first quarter when you came public. So, I just want to press a little bit more on where that outperformance came from. And maybe you could answer it in the context of whether it was core eSignature really outperformed or the CLM stuff really took off, or perhaps -- and this is maybe what Sterling was getting at, was there an unusual catch-up in 2Q quarter where some of the deals that slipped out of Q1 all closed in 2Q, so this outperformance was unusual? So, that that was the question for Mike.
And then, for Dan, last earnings call, you talked a little bit about this new sales structure, at least to North America where you split it between new logos and install base. And perhaps you can give an update on three months later whether that process is now fine tuned and whether you're looking to make any other sales structure changes? Thanks so much.

谢谢。两个,也许一个用于迈克,一个用于丹。也许我会同时问两个问题。所以,迈克,2700万美元的表现优于其他我认为你最大的可能是自你上市以来的第一季度。所以,我只想再多说一下表现优异的地方。也许你可以在核心电子签名确实表现优异或者CLM真正起飞的情况下回答它,或者也许 - 这可能是斯特林所得到的,第二季度有不寻常的追赶从第一季度开始的一些交易在第二季度全部结束,所以这个表现不同寻常?那么,这就是迈克的问题。


Mike Sheridan

Mike Sheridan

Thanks, Karl. Yes. I'll take the billings question first. I guess at the highest level, I would reiterate what I talked about in prior quarters, which is billings as we all know, is a statistic that is affected by timing differences of timing of orders booked and everything else. And so, it's not a perfect growth statistic. And so, I always look at it as the fourth quarter rolling average, which was 36%, which, for example, last quarter of 27% year-over-year growth isn't terribly telling and a 47% might not be as telling this quarter either. I think, looking at those trailing averages makes sense for that particular statistic. With that said, we had an excellent quarter and the things that we’re talking about strong North American performance, good growth in CLM, the fed coming online first, those all contributed to the good growth statistics we saw both in billings and revenue.

谢谢,卡尔。 是。 我先拿点账单问题。 我想在最高级别,我会重申我在前几个季度所谈到的内容,我们都知道,这是一个统计数据,受到预订订单时间和其他一切的时间差异的影响。 因此,这不是一个完美的增长统计数据。 因此,我总是将其视为第四季度的滚动平均值,即36%,例如,上一季度27%的同比增长并不是非常明显,47%可能不那么明显 本季度也是。 我认为,查看那些尾随平均值对于该特定统计数据是有意义的。 话虽如此,我们有一个很好的季度,我们谈论的是强劲的北美表现,CLM的良好增长,美联储首先上线,这些都有助于我们在账单和收入方面看到的良好增长统计数据。

Dan Springer

Dan Springer

On the sales structure, Karl, I think we felt really good, as I indicated before that the right answer was to have a split between what we call newco and install base, and we tested that at the end of last year with our SMB business and decided it was successful. And I think, the best telltale sign of why we're pleased with that result, the core goal there is to make sure we have enough people focused on generating newcos, which are traditionally a harder sales process than the upsell to the install base. And the fact that you saw the 4,000 new direct customers coming on board, that's a great indication to me but it was a very strong quarter and that our efforts in sort of bifurcating the sales force that way, is spot on. So, we're really pleased with that approach.

关于销售结构,Karl,我认为我们感觉非常好,正如我之前所说的那样,正确的答案是在我们称之为newco和安装基础之间进行区分,并且我们在去年年底对我们的SMB业务进行了测试 并认定它是成功的。 而且我认为,最好的迹象表明我们为什么对这一结果感到满意,其核心目标是确保我们有足够多的人专注于生产newcos,传统上销售过程比销售基础的销售更难。 事实上,你看到了4,000名新的直接客户加入,这对我来说是一个很好的指示,但这是一个非常强大的季度,而且我们努力将销售队伍分成两部分。 所以,我们对这种方法非常满意。


Our next question comes from the line of Rishi Jaluria with D.A. Davidson. Please proceed with your question.

我们的下一个问题来自Rishi Jaluria和D.A.戴维森。 请继续你的问题。

Rishi Jaluria

First, I just wanted to go back to billings. I don't mean to harp on it, but that's clearly going to be sort of the headline after what happened last quarter and then where we are at this quarter until we understand all the moving pieces. But, I just want to understand, A, if we kind of think about this on a rolling four-quarter basis, like you alluded to, is somewhere in that let’s call it mid to upper 30s type of growth rate, is that the right way to think about what the underlying growth of the business is right now, versus looking at the 27% or 47% of isolation? And then, alongside that, it looks like there wasn’t a duration impact right with average contract ranks both on dollar rate and by contracts, pretty consistent with where they've been the last several quarters. But I just wanted to confirm that none of the uptake in billings was caused by something on the duration side.

首先,我只想回到账单上。 我并不是故意要竖起来,但这显然会成为上一季度发生的事情的标题,然后是我们在本季度的情况,直到我们了解所有动人的作品。 但是,我只是想明白,A,如果我们在四季度的基础上考虑这个问题,就像你提到的那样,在某种程度上让我们把它称为中上三十年代的增长率类型,那是正确的 现在考虑一下企业的潜在增长是什么,而不是考虑27%或47%的隔离? 然后,与此同时,看起来没有持续时间影响,平均合约排名在美元汇率和合约上,与过去几个季度的情况非常一致。 但我只是想确认,没有任何吸收是由持续时间的东西引起的。

Mike Sheridan

Mike Sheridan

Yes. So, let me answer the second part first on the duration that doesn't have an impact on billings, it's stable, number one. But also even multiyear contracts, we still build them manually. So, even if we did have a change in duration, it wouldn't affect the billings statistic. And in terms of how to look at billings as a growth indicator, yes, I think, you summarized it correctly, which is in any particular quarter, you can have that particular statistic affected by timing and other things. And so, we do look at it on a on a rolling basis. And in quarters where it’s a bit lower, we don't want that over-interpreted; in a quarter like this, we don't want the 47% over-interpreted either. I think, in fairness, looking at that land, which takes away some of the noise of inter-quarter movement of deals that closed in one week versus another, those kinds of things, the rolling average, I think helps to give you a better indication of where the core growth is going.

是。 所以,让我先回答第二部分关于对账单没有影响的持续时间,它是稳定的,第一。 但即使是多年的合同,我们仍然手动构建它们。 因此,即使我们确实有持续时间的变化,也不会影响账单统计。 而就如何将账单视为增长指标而言,是的,我认为,您正确地对其进行了总结,在任何特定的季度中,您可以使该特定统计数据受到时间和其他因素的影响。 因此,我们会在滚动的基础上进行研究。 在有点低的季度,我们不希望过度解释; 在这样的四分之一,我们不希望47%过度解释。 我认为,公平地说,看着那片土地,它消除了一周内关闭的交易的季度间交易的噪音,这些事情,滚动的平均值,我认为有助于给你一个更好的 指示核心增长的去向。

Rishi Jaluria

And then, just a quick follow-up if I may, going to subscription, gross margin. I understand, again a lot of moving pieces here, if we kind of focus on the two of the data center side, and then SpringCM, maybe just help us understand going forward A, can we expect to see some optimization of the SpringCM or I guess DocuSign CLM gross margins to come back in line with where the core eSignature offering is? And then, B, on the data center side, is that something that again, at least weight on overall subscription gross margins can maybe start to go away over time? That’s it. Thanks.

然后,如果可能的话,只需快速跟进,即可获得认购,毛利率。 我明白了,这里有很多动人的作品,如果我们专注于数据中心的两个方面,然后是SpringCM,也许只是帮助我们了解前进的A,我们是否可以期待看到一些SpringCM或我的优化 猜测DocuSign CLM的毛利率是否与核心电子签名产品的位置一致? 那么,在数据中心方面,B又是这样,至少对整体订阅毛利率的影响可能会随着时间的推移而开始消失吗? 而已。 谢谢。

Mike Sheridan

Mike Sheridan

Yes. So, I think, if you look at our guidance, the 78% is on the low end of the range. So, I think that would tell you that I do believe there is opportunities for us to continue to optimize and leverage our investments. The SpringCM model did have a lower margin profile. I think, as we continue to expand our successful CLM, we will get a better leverage out of some of that infrastructure. And yes, the datacenter usage variance that we had some this quarter, while it costs us a bit more money, it’s an indication that we needed that capacity for more usage in our install base. So, it might have a little bit of an unfavorable impact on costs but it's a pretty positive indicator in terms of what our customers are doing with the product.

是。 所以,我认为,如果你看一下我们的指导,那么78%是在该范围的低端。 因此,我认为这会告诉您我相信我们有机会继续优化和利用我们的投资。 SpringCM模型确实具有较低的利润率。 我认为,随着我们继续扩展我们成功的CLM,我们将从一些基础设施中获得更好的利用。 是的,我们在本季度使用的数据中心使用差异,虽然它花了我们多一点钱,但这表明我们需要这个容量以便在我们的安装基础上使用更多。 因此,它可能会对成本产生一些不利影响,但就客户对产品的影响而言,这是一个非常积极的指标。

Dan Springer

Dan Springer

And I’d just add, I think for the growth -- when we see that progress, as Mike described, it's a good leading indicator that we're seeing that growth trend going forward.

而且我想补充一点,我认为对于增长 - 当我们看到这一进展时,正如迈克所描述的那样,这是一个很好的领先指标,我们看到了未来的增长趋势。


The next question comes from the line of Stan Zlotsky with Morgan Stanley. Please proceed with your question.

接下来的问题来自Stan Zlotsky与摩根士丹利的合作。 请继续你的问题。

Stan Zlotsky

Hey, guys. Good afternoon. And thank you for taking my questions, and really nice job in the quarter. From my end, looking at the dynamic that we saw in Q1 where you had extended selling cycles into existing, it’s not something that software investors typically see. Usually, we see extensions of sales cycles to new customers. What are the adjustments that you've been making behind the scenes to get that under control on your sales -- or within your sales organization and get those cycles back in line? And how are those -- how are you thinking about these kind of extensions as we get into the really big second half of the year, especially Q4? And then, I have a quick follow-up.

大家好。 下午好。 谢谢你提出我的问题,并在本季度做得非常好。 从我的结果来看,我们看到第一季度你已经将销售周期扩展到现有的动态,这不是软件投资者通常看到的。 通常,我们会看到新客户的销售周期延长。 您在幕后进行的调整是为了让您的销售受到控制 - 或者在您的销售组织中进行调整并让这些周期恢复正常? 那些怎么样 - 当我们进入今年下半年非常大的时候,尤其是第四季度,你是如何考虑这些扩展的呢? 然后,我有一个快速的跟进。

Dan Springer

Dan Springer

Sure. So, Stan, I think, two things. One is, as Mike indicated earlier in the commentary, there is definitely a phenomenon that not all products have that same cycle time. And we do see that -- and do expect that CLM will have a longer cycle time of sales. And one of the major drivers behind that is, there is more of an implementation plan, so you actually have to have a bigger statement of work. And again, we love it. We can choose one of our system integrator partners. Sometimes we do that work ourselves. But regardless, there ends up to be a more effort, and I think elongated process than we would have in a traditional eSignature. So, as Mike said, if you think about that mix over time, you will expect some elongation because of that. Again, we don't think that's a bad thing. We think it’s an opportunity to have larger footprint at our customers. But the second piece to get to the opportunities that we can improve our performance aspect is really around sales enablement.
And I think that phenomenon for us is when it was a very early, first couple of quarters of new product at least didn't have the scale of enablement we needed to have. If we look into the second half, I think you're spot on that that's the big opportunity for us because we have so much of our business that occurs in the second half. And we feel we really are accelerating those investments to enable our team to not just be successful with the traditional eSignature offering, but also with the broader system of agreement offerings we're delivering through the DocuSign Agreement Cloud.

当然。所以,斯坦,我想,有两件事。一个是,正如迈克在评论中早先指出的那样,肯定存在一种并非所有产品都具有相同周期时间的现象。我们确实看到了 - 并且期望CLM的销售周期更长。其中一个主要驱动因素是,有更多的实施计划,所以你实际上必须有更大的工作陈述。再一次,我们喜欢它。我们可以选择我们的系统集成商合作伙伴之一。有时我们自己做这件事。但无论如何,最终会有更多的努力,而且我认为比传统电子签名更长的过程。所以,正如迈克所说,如果你考虑一下这种混合,那么你会期待一些延伸。同样,我们认为这不是一件坏事。我们认为这是一个为客户提供更大足迹的机会。但是,第二个获得我们可以改善我们的表现方面的机会的部分实际上是围绕销售支持。


Stan Zlotsky

Got it, perfect. And then, a follow-up. As you sell these larger Agreement Cloud contracts into customers, just may be anecdotally, how much bigger are these contracts that you sell into these customers, or at least what you’ve seen thus far as the proof points? And Mike, maybe for you, what is that due to net revenue retention as we move through the rest of this year and perhaps into next year? That's it for me. Thank you.

得到它,完美。 然后,一个后续行动。 当您将这些较大的协议云合同出售给客户时,可能只是传闻,您向这些客户销售的这些合约会有多大,或者至少是您迄今为止看到的证明点? 迈克,也许对你来说,当我们在今年剩下的时间里,也许到明年,我们会有多少净收入? 这对我来说。 谢谢。

Dan Springer

Dan Springer

So, Stan, on first piece, I think, the number of observations we have is still limited. So, I don't know that we can yet get you a sense of here’s how we think they’ll play out. I can tell you this from the observations we had. With some customer situation where the CLM opportunity, just one of the other components of the Agreement Cloud that we’re most focused on, can be significantly larger than what they would do from an eSignature standpoint. But, we also have lots of customers that are going to be eSignature customers to CLM, as an example, might not be appropriate for their business where we think virtually every company on the planet will eventually be using eSignature. So, if you think about it that way, there’s going to be a lot of difference in them. And in general, I would say CLM opportunities can be bigger, but it's too early to tell right now sort of what that average would look like.

所以,斯坦,我认为,在第一篇文章中,我们观察的数量仍然有限。 所以,我不知道我们还能让你了解我们认为他们会如何发挥作用。 我可以从我们的观察中告诉你这一点。 在某些客户情况下,CLM机会,我们最关注的协议云的其他组件之一,可能远远超过他们从电子签名角度所做的工作。 但是,我们也有许多客户将成为CLM的电子签名客户,例如,可能不适合他们的业务,我们认为这个星球上几乎每家公司最终都会使用电子签名。 所以,如果你这样思考,它们会有很大的不同。 总的来说,我会说CLM的机会可能会更大,但现在判断平均值是什么还为时过早。

Mike Sheridan

Mike Sheridan

And in terms of the dollar net retention, obviously having more products available to the sales force, to bring to the install base is a good thing, when it comes to both mitigating churn but also expanding a footprint that we have inside the customer. So, the range that we've seen historically is of 112% to 119%. I think, it's still a valid range, but I think that can certainly be helpful in moving us up into that range as we continue to get success in the install base.

就美元净保留而言,显然有更多的产品可供销售人员使用,带到安装基地是一件好事,既可以减轻客户流失,又可以扩大我们在客户内部的占地面积。 因此,我们历史上看到的范围是112%至119%。 我认为,它仍然是一个有效的范围,但我认为,当我们继续在安装基础上取得成功时,这肯定有助于我们进入该范围。


Your next question comes from the line of Dan Ives with Wedbush Securities. Please proceed with your question.

您的下一个问题来自于具有Wedbush Securities的Dan Ives系列。 请继续你的问题。

Dan Ives

Thanks, and great quarter. So, can you talk about international in terms of what you're seeing there, just changes, obviously seems like ramping growth? May be you can just talk about the international trajectory and maybe what you saw this quarter?

谢谢,很棒的一刻。 那么,你能谈谈你在那里看到的国际,只是变化,显然似乎在增长? 也许你可以谈谈国际轨迹,也许你在本季度看到了什么?

Dan Springer

Dan Springer

Sure. Overall, Dan, as you head us talk about, we believe that we have an opportunity for our international growth overall to outpace our U.S. growth, although we had very strong quarter in the U.S. and those guys are doing their darndest to make it harder for the international team to "take share", if you will, of our overall business.
I think traditionally, we talk about this a lot, it’s a consistent message, which is the folks that were in the common law countries, were the places that we got most of our initial traction that places like the UK and Canada and Australia. And I think, we continue to see good strength there. In particular, we've now started to see some acceleration in some of the civil law countries. We see that in sort of France, Germany, we see that in Brazil, and we will see that I think, over time in Japan more as well.
So, we had some pockets that were quite encouraging for us that we're going to continue to achieve what we said from an international growth standpoint. And again, I think it's broadly across the board that we see those opportunities across both common and civil.




Dan Ives

And in terms of the product strategy, could you maybe talk about your view of organically building on to the footprint versus maybe some acquisitions in terms of what you could see in the margin? Just talk around the EBITDA puts and takes there and how you are thinking about it?

就产品策略而言,您是否可以谈谈您有关构建足迹的观点,而不是根据您在保证金中看到的一些收购? 只需谈谈EBITDA投入并采取那里以及您如何考虑它?

Dan Springer

Dan Springer

Absolutely. And so, if you think about what’s laid out with the overall DocuSign Agreement Cloud opportunity, we've been very clear that we want to provide for our customers the best possible solutions. And we have a very strong commitment having an open platform. And I don't think you are going to see anyone who's more motivated than we are to continue to build out both our API capabilities as well as the prebuild integrations, and we have just over 350 of them now. So, again, strong commitment to keep it open.
At the same time, part of the reason we got to the construct of the Agreement Cloud is that our customers were telling us, we want to have more integrated strongly with core eSignature capability. And that's why we started, if you remember the history, looking for folks who are interested in the prepare product, because they said it’d be great if that could be integrated with the DocGen [ph] capability, right at the DocuSign.
Going forward, we make the choice versus sort of the build and the buy and the partner. I think, the answer is all of the above. I think we're going to continue to look for opportunities, as we did with Spring where we saw there was a significant amount of customer demand. And we felt that there was a skill set -- sort of a capability that we didn't have that domain expertise is strong within DocuSign, so we could build it ourselves and we just think it’d make sense to get there faster to acquisition. And that's how we look at things today. We see the ability that's very close to what we already have, those intrinsic capabilities, we’ll probably continue to build and innovate internally. And when we see someone who's just far ahead of us with that expertise and that domain knowledge, then, we'll look for the acquisitions. That's really I think is going to be the pivot on how we buy versus partner versus build our self.


与此同时,我们对协议云构建的部分原因是我们的客户告诉我们,我们希望与核心eSignature功能更强大地集成。这就是为什么我们开始,如果你还记得历史,寻找对准备产品感兴趣的人,因为他们说如果能与DocGen [ph]能力整合,那就好了,就在DocuSign。

展望未来,我们做出选择,而不是构建,购买和合作伙伴。我想,答案就是以上所有。我认为我们将继续寻找机会,正如我们在Spring所做的那样,我们看到有大量的客户需求。我们觉得有一套技能 - 我们没有在DocuSign中拥有领域专业知识的能力,所以我们可以自己构建它,我们只是认为更快地到达那里是有意义的。这就是我们今天看待事物的方式。我们看到的能力与我们已有的能力非常接近,这些内在能力,我们可能会继续在内部建立和创新。当我们看到那些拥有专业知识和领域知识的人远远领先于我们时,我们将寻找收购。我认为这将成为我们购买与合作伙伴的关系的重点,而不是建立自我。


The next question comes from line of Kash Rangan with Bank of America Merrill Lynch. Please proceed with your question.

接下来的问题来自Kash Rangan和美国银行美林证券。 请继续你的问题。

Shankar Subramanian

Hi. Thanks for taking my question. This is Shankar on behalf of Kash. I have two questions. One, can you add some more color on the strength of your pipeline in the government and ECLM business? Do you expect them to kind of accelerate through the year or do you see any kind of lumpiness in those businesses? And maybe you can even add some color on the eSignature pipeline?

你好。 谢谢你提出我的问题。 这是Shankar代表Kash。 我有两个问题。 一,您是否可以在政府和ECLM业务中增加更多颜色的管道? 您是否期望它们在一年中加速,或者您是否认为这些业务存在任何形式的问题? 也许你甚至可以在eSignature管道上添加一些颜色?

Dan Springer

Dan Springer

Sure. So, to your perspective on the pipe and specifically around government. Look, we've been very clear from the beginning that we are hugely excited about what we think is quite frankly a massive opportunity for us in public sector. And at the same time, I think we've also tried to be very cautious about understanding that the cycle to sort of realize that opportunity is not going to be the same as we've had in our traditional commercial business. And so, I think, the best way for us to look at it right now as we look at Q2, we're very pleased with these significant deals that we talked about on the call. And we believe there will be more deals like that.
I don't think I would characterize it as if there is sort of like a floodgate opened up and once we have our first large deal, all of the rest of the government agencies are going to come running. And at the same time, I think it's a very strong proof point that the government agencies will eventually come to DocuSign. So that goes back to as we start to think about the TAM, a significant portion of what we always thought was the big opportunity, not only for eSignature but for the broader Agreement Cloud offering was on the federal and continued state and local success as we've had in the past. That's how we sort of think about it. It's a really big proof point of the size of the opportunity, but we're not yet making a call. So, it's going to lead to some acceleration in our business in the near term.



Shankar Subramanian

Now, one of the things that I took away from the conversations in your conference in June was that the CLM business, while it adds a lot of value to customers, it was kind of hard to find the budget for CLM; it was a new kind of a venture for a lot of the customers. Can you maybe address how you are addressing that -- the dollar, the budget question among customers? And maybe some color around the recent deals which are closed, kind of how the sales cycle started and how do they get the customer to kind of move from, I don't know what it is to like actually signing a deal?

现在,我在6月的会议中谈到的一件事就是CLM业务,虽然它为客户增加了很多价值,但很难找到CLM的预算; 对许多客户来说,这是一种新的冒险。 你能否谈谈你如何解决这个问题 - 美元,客户的预算问题? 也许有些颜色围绕最近的交易已经关闭,销售周期如何开始以及它们如何让客户从中转移,我不知道实际签署交易是什么感觉?

Dan Springer

Dan Springer

Absolutely. Well, I think, in CLM, it's actually not too different than it was several years ago with eSignature. As the pioneer in that space, there was no one that had an eSignature specific budget. But, if you were a human resources team, you were spending money on, as an example, sending out offer letters and having people manage that manual process. And we came along and said, here's what the budget opportunity is, let's replace that labor intensive and manual process that has postage and other physical costs, FedEx costs in it with our solution. So, we really transferred budget that came from sort of the offline to the online. And we see the exact same phenomenon in when we're talking to people at CLM.
It's true that a lot of people didn't have a historic budget for CLM, if they're coming in entering the space now, but they had a way that they managed all those contracts. And a lot of it is manual processes, and that's the opportunity we come in and show a fantastic ROI by telling them that the money and time that people are spending today on those processes could be dramatically more efficient and provide a better customer experience. So, we really substitute their old spend with the new spend. I think, we're seeing the exact same phenomenon as I said in CLM, as we saw developed with eSignature.




Your next question comes from the line of Pat Walravens with JMP Securities. Please proceed with your question.

您的下一个问题来自Pat Walravens与JMP Securities的合作。 请继续你的问题。

Pat Walravens

Great. Thank you and congratulations. So, Dan, I think one thing that makes investors nervous about DocuSign is when they spend too much time talking to the IR people of your competitors. And so, I think it would be helpful if you talk a little bit about how your approach to the market is different than Adobe or Dropbox?

大。 谢谢你,祝贺你。 所以,Dan,我认为让投资者对DocuSign感到担忧的一件事是他们花了太多时间与竞争对手的IR人交谈。 所以,我认为如果你谈一下你的市场方法与Adobe或Dropbox的不同之处会有所帮助吗?

Dan Springer

Dan Springer

Yes. I think, Pat, my sense is, as you know, when we talk about the competitive dynamics, on the one hand, we are laser-focused on what we see other people doing in the marketplace. And you're talking mostly by eSignature competitive set there, but it's exact same thing when we look at the overall Agreement Cloud. We look very closely what other people are doing. And at the same time, even though we have that maniacal focus on potential competitive threat, we have been fortunate to have a very strong leadership position in the marketplace. Not only did we build the core eSignature market, but we have maintained a dramatic market share lead. And so, we really believe that our biggest focus is less about being overly concerned about specific actions or tactics that other people are doing and rather focus on going after this giant TAM that's ahead of us where we have so much of a high ROI opportunity to provide to our customers.
So, again, when we talk about what product, we're going to build, we actually talk to our customers and say what's the functionality and capability you need to have a broader relationship with DocuSign, which is why we got into the Agreement Cloud vision that we've talked about in the past.
So, yes, we just don't see that having a significant part of our business -- impact on our business from those competitive threats. So, I don't know exactly what the IR departments in those other companies say. But from our standpoint, we are laser-focused on the customer side and really not putting too much focus on what the other folks are saying.



所以,是的,我们只是没有看到我们业务的重要部分 - 从这些竞争威胁对我们的业务产生影响。所以,我不确切知道其他公司的IR部门说的是什么。但从我们的角度来看,我们以激光为重点关注客户方面,并没有过多关注其他人所说的话。

Pat Walravens

All right. Great. And then, a quick one. Is the federal data center done?

行。 大。 然后,一个快速的。 联邦数据中心完成了吗?

Mike Sheridan

Mike Sheridan

No, it's not done yet. But, we're going to complete it this fiscal year. There is more work to be done in Q3.

不,还没有完成。 但是,我们将在本财年完成它。 第三季度还有很多工作要做。

Pat Walravens

Okay, great. Thank you.

好,太棒了。 谢谢。

Dan Springer

Dan Springer

And, Pat, just a clarification to make sure broad [ph] takeaway, as Mike said, we're building that separate data center for federal, but we are serving government including federal customers today. Not all government business requires a dedicated government infrastructure. So, we are in fact serving them today, but it unlocks additional use cases and opportunities for people that have higher security requirements.

而且,帕特,只是澄清确保广泛的[ph]外卖,正如迈克所说,我们正在为联邦建立单独的数据中心,但我们今天为包括联邦客户在内的政府服务。 并非所有政府企业都需要专门的政府基础设施 因此,我们实际上是在为它们服务,但它为具有更高安全性要求的人们提供了额外的用例和机会。


[Operator Instructions] Your next question comes from line of Matthew Wells with Citi. Please proceed with your question.

[操作员说明]您的下一个问题来自马修威尔斯与花旗的合作。 请继续你的问题。

Matthew Wells


Thanks for taking my question. When I size 1.5 billings growth, there is an acceleration year-over-year, while net expansion rates in the first half have actually trended down. I'm curious if you could just unpack what's driving this? Are you seeing larger initial deals in the commercial and enterprise space?

谢谢你提出我的问题。 当我的账单增长1.5倍时,同比增长加快,而上半年的净扩张率实际上趋于下降。 我很好奇你是否可以解开驱动这个的东西? 您是否在商业和企业领域看到了更大的初始交易?

Mike Sheridan

Mike Sheridan

I think, one piece of it is going to be that in the first half of this year we had SpringCM and we had CLM as part of our business, in the first half of last year, we did not. And so Q3, this coming quarter will be the first quarter where CLM will be in both quarters. So, I think, that's one factor. I think, on the dollar net retention, it has fluctuated a little bit but it’s remained relatively in the same place. So, I think, some of what you're seeing this year as we've been talking about it, starting to see greater contribution, just not in the former Spring business but actually seeing CLM getting sold by our sales force into our accounts is helping -- seeing the expansion internationally is helping things like starting to have success. In fact, all those things are contributing to that year-over-year improvement.

我认为,其中一部分是今年上半年我们有SpringCM,我们将CLM作为我们业务的一部分,去年上半年,我们没有。 因此,第三季度,即将到来的季度将是CLM将进入两个季度的第一季度。 所以,我认为,这是一个因素。 我认为,在美元净保留率方面,它有一点波动,但它仍然保持在相同的位置。 因此,我认为,今年我们所看到的一些内容正如我们一直在讨论的那样,开始看到更大的贡献,而不是前春季业务,但实际上看到CLM被我们的销售人员卖给我们的账户是 帮助 - 看到国际扩张正在帮助开始取得成功。 事实上,所有这些都有助于实现年度同比改善。

Matthew Wells


And are you able to size the revenue and billings contribution from SpringCM in the quarter?


Mike Sheridan

Mike Sheridan

No, we don't break it out separately. But, with and without, it was a very strong growth quarter.

不,我们不单独分解。 但是,无论有没有,这是一个非常强劲的增长季度。


Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would like to turn the call back to management for closing remarks.

女士们,先生们,我们已经到了问答环节。 我想把这个电话转回管理层,以便结束发言。

Dan Springer

Dan Springer

Well, I want to thank you all for joining us. We're pleased with the progress in the quarter. And we look forward to seeing you all on the road in the weeks ahead. Thanks for joining.

好的,我要感谢大家加入我们。 我们对本季度的进展感到满意。 我们期待在未来几周内与您见面。 谢谢加入。


This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的会议结束了。 您可以在此时断开线路。 感谢您的参与。


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