DOCUSIGN, INC.

For the period ended Jan 31, 2025. Filed Mar 18, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 18, 2025

DOCU$77.66-0.1%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows for the Years Ended

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended January 31,
(in thousands)	2025	2024	2023
Cash flows from operating activities:
Net income (loss)	$1,067,885	$73,980	$(97,454)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	107,804	95,062	86,255
Amortization of deferred contract acquisition and fulfillment costs	237,217	200,163	185,045
Amortization of debt discount and transaction costs	554	4,749	4,970
Non-cash operating lease costs	19,065	21,310	27,501
Stock-based compensation expense	610,335	616,847	538,726
Deferred income taxes	(839,989)	6,292	1,697
Other	6,111	(1,904)	15,723
Changes in operating assets and liabilities
Accounts receivable	2,075	71,681	(75,964)
Prepaid expenses and other current assets	(17,634)	(657)	(5,038)
Deferred contract acquisition and fulfillment costs	(302,166)	(255,159)	(232,315)
Other assets	(22,002)	(15,432)	(22,319)
Accounts payable	7,638	(4,826)	(26,440)
Accrued expenses and other liabilities	2,935	6,473	7,340
Accrued compensation	29,236	33,979	(1,781)
Contract liabilities	129,854	152,247	143,177
Operating lease liabilities	(21,646)	(25,279)	(42,364)
Net cash provided by operating activities	1,017,272	979,526	506,759
Cash flows from investing activities:
Cash paid for acquisition, net of acquired cash	(143,611)	—	—
Purchases of marketable securities	(411,236)	(336,221)	(533,710)
Maturities of marketable securities	340,334	473,869	423,917
Purchases of strategic and other investments	(1,375)	(645)	(3,750)
Purchases of property and equipment	(96,988)	(92,391)	(77,654)
Net cash provided by (used in) investing activities	(312,876)	44,612	(191,197)
Cash flows from financing activities:
Repayments of convertible senior notes	—	(726,979)	(16)
Repurchases of common stock	(683,528)	(145,515)	(63,041)
Settlement of capped calls, net of related costs	—	23,688	—
Payment of tax withholding obligation on net RSU settlement and ESPP purchase	(213,282)	(144,218)	(84,403)
Proceeds from exercise of stock options	22,705	13,991	12,678
Proceeds from employee stock purchase plan	35,314	32,994	36,526
Net cash used in financing activities	(838,791)	(946,039)	(98,256)
Effect of foreign exchange on cash, cash equivalents and restricted cash	(7,550)	199	(3,784)
Net increase (decrease) in cash, cash equivalents and restricted cash	(141,945)	78,298	213,522
Cash, cash equivalents and restricted cash at beginning of period	801,499	723,201	509,679
Cash, cash equivalents and restricted cash at end of period	$659,554	$801,499	$723,201

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

	Year Ended January 31,
(in thousands)	2025	2024	2023
Supplemental disclosure:
Cash paid for interest	$—	$185	$185
Cash paid for operating lease liabilities	26,500	34,845	38,873
Cash paid for income taxes	24,324	10,460	10,416
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses and other current liabilities	$5,687	$2,879	$4,757
Operating lease right-of-use assets exchanged for lease obligations	5,586	3,149	63,086
Excise tax payable on net stock repurchase	1,461	—	—
Fair value of shares issued as part of the repayments of convertible senior notes	—	—	2

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