DOCUSIGN INC
For the period ended Apr 30, 2024. Filed Jun 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Apr 30, 2024 · Filed Jun 7, 2024
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Condensed Consolidated Statements of Cash Flows for the and
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Three Months Ended April 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income | $33,760 | $539 |
| Adjustments to reconcile net income provided by operating activities: | ||
| Depreciation and amortization | 24,506 | 22,867 |
| Amortization of deferred contract acquisition and fulfillment costs | 54,212 | 48,230 |
| Amortization of debt discount and transaction costs | 138 | 1,246 |
| Non-cash operating lease costs | 4,878 | 5,980 |
| Stock-based compensation expense | 142,504 | 144,706 |
| Deferred income taxes | 1,477 | 1,623 |
| Other | 1,472 | (831) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 130,639 | 108,281 |
| Prepaid expenses and other current assets | (17,061) | (16,803) |
| Deferred contract acquisition and fulfillment costs | (63,072) | (56,526) |
| Other assets | 1,917 | (7,661) |
| Accounts payable | (1,163) | (9,021) |
| Accrued expenses and other liabilities | (3,480) | 1,095 |
| Accrued compensation | (45,048) | (21,582) |
| Contract liabilities | (4,973) | 18,287 |
| Operating lease liabilities | (5,880) | (6,795) |
| Net cash provided by operating activities | 254,826 | 233,635 |
| Cash flows from investing activities: | ||
| Purchases of marketable securities | (119,638) | (53,830) |
| Maturities of marketable securities | 82,114 | 80,699 |
| Purchases of strategic and other investments | (500) | — |
| Purchases of property and equipment | (22,753) | (19,057) |
| Net cash provided by (used in) investing activities | (60,777) | 7,812 |
| Cash flows from financing activities: | ||
| Repurchases of common stock | (149,062) | (40,472) |
| Settlement of capped calls, net of related costs | — | 23,688 |
| Payment of tax withholding obligation on net RSU settlement and ESPP purchase | (41,637) | (22,637) |
| Proceeds from exercise of stock options | 635 | 127 |
| Proceeds from employee stock purchase plan | 20,190 | 18,390 |
| Net cash used in financing activities | (169,874) | (20,904) |
| Effect of foreign exchange on cash, cash equivalents and restricted cash | (2,915) | 1,011 |
| Net increase in cash, cash equivalents and restricted cash | 21,260 | 221,554 |
| Cash, cash equivalents and restricted cash at beginning of period (1) | 801,499 | 723,201 |
| Cash, cash equivalents and restricted cash at end of period (1) | $822,759 | $944,755 |
(1) $5.4 million and $4.4 million of restricted cash was included in Prepaid expenses and other current assets and Other assets—noncurrent at April 30, 2024 and January 31, 2024. $4.3 million and $1.3 million of restricted cash was included in Prepaid expenses and other current assets and in Other assets—noncurrent at April 30, 2023 and January 31, 2023.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)
| Three Months Ended April 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Supplemental disclosure: | ||
| Cash paid for interest | $— | $93 |
| Cash paid for operating lease liabilities | 7,689 | 10,861 |
| Cash paid for income taxes | 3,875 | 765 |
| Non-cash investing and financing activities: | ||
| Property and equipment in accounts payable and accrued expenses and other current liabilities | $2,416 | $2,727 |
| Operating lease right-of-use assets exchanged for lease obligations | 1,837 | — |
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