But I would say the rest of the Agreement Cloud has sort of been holding its own. View analysts' price targets for DocuSign. And then when we're opening up the rest of the Agreement Cloud TAM, which is in the order of magnitude of almost doubling that, then we think to ourselves, we're actually not even keeping up with the TAM opportunity, which is a high-class problem to have. That makes the shares very expensive. The forecast for beginning of August 101. And then just one more for me. We serve our customers when they buy software from us. I mean I think we've seen a lot of times when companies add a lot of customers like this. Our next question comes from the line of Koji Ikeda with Oppenheimer. It may be it's a math piece that over my head or that I'm missing, but I would expect it probably then to not have a significant impact on the retention rate if there was nothing different in the nature of those lands. They might have planned it as a three-year growth, and at the end of a year and a half or two, they're now at that new level. Perfect. I guess let me touch on something that maybe Stan and Sterling touched on in a different fashion. This contributed around 88% to the total revenues and is a tremendous source of future revenue growth. Operating cash flow in the third quarter was $57 million. Thanks, Annie. And then signature has just been explosive for all the good reasons we've already talked about. We think it's going to be a significant piece. Analyst sentiment, which gives a good sense of a stock’s future price movement, is moderate for DOCU. And what we said the last couple of quarters what I still think is what we'd say today is that, at some point, the sort of enormity of the tailwind that is there will be less enormous. Davidson -- Analyst. DOCU stock forecast Our latest prediction for DocuSign, Inc.'s stock price was made on the Sept. 18, 2018 when the stock price was at 53.03$.. So that's kind of what's happening. But they're coming in with a mindset that this is an Agreement Cloud company, and this is where they should be going with us. Billings came in at $405.7 million, growing 61% year-over-year. DocuSign, Inc. (DOCU) specializes in developing and marketing e-signature technology and solutions that enable businesses to digitally prepare, execute, and act on agreements. We wouldn't have that in the field enabled to do that. Just one for me. Yes. I'm just wondering if you could help us understand sort of the puts and takes over the next couple of quarters on NRR as we're looking at that number and how it trends. And so it's just something to be mindful of as we move forward. Non-GAAP financial measures exclude stock-based compensation expenses, employer payroll tax on employee stock transactions, amortization of acquired intangible assets, amortization of debt discount and issuance costs from our notes, acquisition-related expenses and as applicable, other special items. And so I think, as Dan said, when you think about the TAM and the market penetration, we're really just scratching the surface. You may proceed with your question. So I think, as I said, I think we hit a record net retention number this quarter at the 1 22. Instead, you need something else… What Predictions Get Wrong. This creates incredible scale and reach and typically leads to customers looking to DocuSign for broader agreement automation and CLM initiatives. And we were quite excited to see that coming into the new year. This compares with negative $2 million in the same quarter a year ago. We'll hold you to that $10 billion target. And I think you're right. So as fast as we are penetrating against that TAM, I think it's growing as fast. It's a great question. Annie Leschin -- Head of Investor Relations. That makes a lot of sense. He began his career as an Equity Analyst, researching stocks and preparing in-depth research reports. But I think we're somewhat unusual as a company, again, that we have such a strong market leadership position and such a large TAM that I think it is conceivable that we could continue to see that kind of acceleration. This brings our total installed base to nearly 822,000 customers worldwide, an increase of 46% over last year. It is the capacity of agreements they're putting through the system is what drives that increase in demand, which then leads them to up the contract with us. [Operator instructions] Our first question comes from the line of Sterling Auty with J.P. Morgan. It's still about 15% of our revenue or almost 90% of our customers. And that's just one example. And then I have a quick follow-up. Thank you. Thanks for taking my question. But are they at the right level in the organization to have that conversation, say, a year from now? Price at the end 105, change for August 4.0%. We're still seeing this demand that's just so strong on signature. Their average twelve-month price target is $263.33, predicting that the stock has a possible upside of 16.78%. Michael Turrin -- Wells Fargo Securities -- Analyst. And by the way, it does trickle down. 2 High-Growth Tech Stocks to Buy Right Now. , the AI-powered contract analytics solution designed for incoming agreements. But we'll be giving guidance for next year on our Q4 call. Stock Predictons by days: 2021 Search Stock, FX pair, Crypto, or Commodity... DocuSign, … It just hasn't been growing its share the way it had been growing substantially, again, off a very, very small base but growing its position there. And as you know, we guide to what we see. But what about internationally? And so the growth numbers that we're posting is that considerable — on considerably bigger absolute numbers. We've spoken with members of your ecosystem who seem particularly excited about the DocuSign Insight technology and opportunity for automation there. Despite DOCU’s impressive revenue and user base growth, it is rated a “Neutral,” as the company is still not profitable and is trading at a high valuation, as determined by the four components of our overall POWR Rating. I don't think we've sort of looked at that in our existing TAM because I don't think anyone has really built that market to help people do that analysis across all of their agreements. But I'm wondering if you could quantify it a little bit. Moreover, its trailing P/S of 33.22x is 918.2% higher than the sector’s 3.26x. We encourage you to consider all measures when analyzing our performance. By partnering with DocuSign, they completed federal funding forms electronically and launched a virtual back-to-school program. But it's kind of hard not to think about all three, Pat, for me. Rishi Jaluria -- D.A. What are you guys seeing as far as the dynamics in international, in rest of the world versus the U.S.? Great to hear, Dan. We don't see customers going back to pen and paper. Our international business also showed substantial strength with revenue up 77% year over year, now representing only 20% of our total revenue. So Koji, we're a step ahead. DocuSign, Inc. DOCU is scheduled to report second-quarter fiscal 2021 results on Sep 3, after the bell. Perfect. I think the way to think about this is it's a little bit of all of the above, first off, right? But the growth has been very strong, and it's been consistent. DOCU is one of the best-performing stocks in 2020 whose ascent began with the onset of the pandemic. Hey there. Those are primarily people coming in with eSignature only because they needed to get those use cases up and running. Other popular stocks in the industry are Endava plc (DAVA), Adobe Inc. (ADBE), and Digital Turbine, Inc. (APPS). And now I'd like to open up the call to questions. They also showcased the continued tailwinds for the expansion of eSignature as the first step in the adoption of the Agreement Cloud. Before we get started, I'd like everyone to know that we plan to participate virtually in a few events in the upcoming weeks: the UBS Global TMT Virtual conference on December 7, the Needham Virtual Growth Conference on January 11 and the Goldman Sachs Technology and Internet Conference on January 12. However, the stock has recently witnessed a major price correction and the uncertainty related to the stock’s continued momentum based on several factors has made our proprietary rating system rate it as “Neutral.”, 7 "SAFE HAVEN" Dividend Stocks for Turbulent Times. So I think that's kind of how I look at it right now. Here is how our proprietary POWR Ratings system evaluates DOCU: DOCU is currently trading below its 50-day moving average of $216.24 but above its 200-day moving average of $157.89, indicating that the stock is neither in an uptrend nor in a downtrend. So to wrap up my comments today. That's, I think, what you saw in this last quarter is that a lot of the execution efforts we've been putting in place over the last several quarters have really come out very nicely in this quarter and popping up to 20%, which is a really important milestone for us. We ended the quarter with 5,364 employees, an increase of 44% over the same quarter last year. So when you think about it going forward, I don't expect there to be a significant rotation out of our strong industries. And we will continue to see strong growth of that. Given the compare in Q4, you see the guide, I don't think we would say we expect that to happen again, by any means, next quarter. Yes. Yes. and all those wonderful stories that you and I have talked about that happens with our brand. Thank you. That's not part of the core business today. Trading in the stock … So we're absolutely doing that. Stan Zlotsky -- Morgan Stanley -- Analyst. The areas that we're really kind of leaning heavily into to grow the top line is around sales and marketing, particularly capacity, customer success and then product innovation and all the areas that Dan talked about one of the earlier questions. Interesting. Overall, the response to COVID-19 has caused organizations to accelerate their digital transformation efforts by two, three, four years or more. Price at the end 80.20, change for September 5.0%. var dom1 = document.querySelector('#form1783 #field1');var field1 = new LiveValidation(dom1, {validMessage: "", onlyOnBlur: false, wait: 300});field1.add(Validate.Presence, {failureMessage:"This field is required"});field1.add(Validate.Format, {pattern: /(^[A-Z0-9!#$%&'\*\+\-\/=\?\^_`\{\|\}~][A-Z0-9!#$%&'\*\+\-\/=\?\^_`\{\|\}~\.]{0,62}@(([A-Z0-9](?:[A-Z0-9\-]{0,61}[A-Z0-9])?)(\.[A-Z0-9](?:[A-Z0-9\-]{0,61}[A-Z0-9])? I think what — we're trying to invest for top line growth, right? But at the same time, I think the second part of your question, which is really important is we're also hitting our stride with the capabilities we have and the rest of the Agreement Cloud. And if you think about our model, which is a capacity model, so it's not like an overage model when you see in some businesses. Appreciate it. But I don't think that will be as significant a driver as the second piece you talked about. Does DocuSign already have that sort of market awareness and positioning internationally? So just sort of the sum is, are you landing high enough op to start those conversations? The Software – Application industry is ranked #11 out of the 123 StockNews.com industries. The way I would think about it is TAM-based. These follow a familiar pattern for us to make DocuSign available wherever business gets done. If you recall, when we finished Q4 last year, the message we had was there was a fairly significant acceleration in particularly CLM, which was the major additional Agreement Cloud product we had at that time. However, the stock’s 8.3% loss over the past month reflects a short-term bearishness. It's a pleasure. NIO stock price predictions for October 2021. 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My sense is that it has been an accelerant to our business. We are a software company. Customers love Docusign, but your software is pretty good. Our next question comes from the line of Scott Berg with Needham & Company. Our next question comes from the line of Michael Turrin with Wells Fargo Securities. DocuSign, Inc. (DOCU Quick Quote DOCU - Free Report) is scheduled to report third-quarter fiscal 2021 results on Dec 3, after the bell. But the growth and the acceleration of this has been phenomenal. But I can tell you this, that we do not have field personnel that do not start now every conversation with the Agreement Cloud. As I tell our salespeople, there's only one answer to that question, which is, "Yes, ma'am." And then actually, another question for you, Cynthia. We don't really think about that as information that's ours to sort of play with. And I think — while I think we've done good sales execution, I would say that we have an opportunity to do a better job on sort of marketing and business development aspects at sort of the top side of that funnel with the various government agencies. IDXX Stock Forecast 2021, 2022, 2023. Or is there enough opportunity in the land that you've gotten with the core digital signature product that you can keep up that sort of acceleration with cross-sell and getting people into CLM? As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. And our customers expanded their use of DocuSign at the highest levels we've seen to date, yielding a net revenue retention rate of 122%. And so it really is kind of broad-based demand that we're seeing across customers and companies. This quarter, we nearly tripled our new and direct customer additions compared to Q3 last year with nearly 73,000 total new customers, of which approximately 14,000 were direct customers. I'd now like to turn the call over to Dan. Davidson. We landed 73,000 new customers, bringing our total to nearly 822,000 worldwide. We saw strength across the business from geographies, verticals and customer types to new additions, renewals and upsells. Speaking of acquisitions, we talked last quarter about Liveoak Technologies and how that would accelerate our efforts with DocuSign Notary. We're just executing at a higher rate today. Dan? I didn't talk to too many of them myself. But also let us tell you a little more about the DocuSign Agreement Cloud and how that's going to transform your business in a way you might not even have thought about when you became a signature customer." And as I mentioned before, we saw that it was growing for the rest of the Agreement Cloud, going up through Q4 of last year and into the beginning of Q1 this year. They'll all start with that position. The numbers start getting bigger that the NRR comes down. But even if someone does buy on a seat basis, we have a reasonable use per seat. Our next question comes from the line of Bhavan Suri with William Blair. They're usually partners that we've sort of jointly sold before. Yes. And Analyzer is the first example. Wanted to ask you a question on DocuSign's branding and really specifically internationally. I mean I think we've been very specific about what we've tried to do with our M&A strategy, which is to say, we're not looking from a strategy standpoint for sort of blockbuster deals in terms of, let's go buy lots of revenue per se. The average broker rating of 1.42 indicates a modest analyst sentiment. There has not been a lot of variation on that front. I asking about top. It might be good to have Cynthia chat a little bit about sort of the timing, particularly in Q3 and how we saw that play out versus Q4 and going forward. This compares with a negative $14 million a year ago. We believe our assumptions and expectations related to these forward-looking statements are reasonable, but they are subject to known and unknown risks and uncertainties that may cause our actual results or performance to be materially different. I mean what sort of go-to-market investments are you making for that government vertical opportunity? As COVID-19 has accelerated the digital transformation of key business and agreement processes, DocuSign has become an increasingly essential cloud software platform. Sorry. The stock market is the greatest wealth creator out there. Got it. Thank you for joining DocuSign's third quarter fiscal 2021 earnings conference call. But I just don't think we can really quantify it yet because it's still so small. And if you recall, they're very, very small relative to a business that's past $1 billion last year. Should You Buy DoorDash (DASH) in Early Trading? And I agree with you, it's somewhat unusual to see an accelerating rate there. So they're coming back to us saying, "We want to renew and up the volume." So let me tell you what I know and what I don't know. Just wanted to go back to an ongoing theme of the questions, which is thinking about DocuSign in the post-pandemic world. For Q4 non-GAAP interest and other, we expect $1 million of expense to $1 million of income. So my guess is, if anything, there's probably a slight, slight move toward people who are coming in, whether they're more senior or not. And we have countries that we're very early in that we see an opportunity to really accelerate. These symbols will be available throughout the site during your session. We ended the quarter with 113,000 direct customers, a 64% increase. DocuSign (NASDAQ: DOCU)Q3 2021 Earnings CallDec 03, 2020, 4:30 p.m. Total non-GAAP gross margin and subscription gross margin for the third quarter were 79% and 84%, respectively, consistent with the year ago level. The company has an impressive earnings surprise history. And in the last quarter or so, though, we started to see that coming back. But I think it is obviously clear that for entrepreneurs out there with SaaS businesses, it probably makes them smile. One of my favorite examples, we see certain institutions saying, "I want to understand my risk better by understanding whether or not I have a whole bunch of contracts that are relevant to a particular sort of cost of something," as an example. So when we get to these other markets, it's not — there's no other DocuSign of with that same sort of presence in another country. And just my view on it is they paid a slight premium to the peak multiple that Slack had. I'm curious if you've seen any changes in trends or trends in the size of land today? Thank you and congratulations. Increasingly, government is one. Remember, DocuSign only forecasts FY21 (Jan.) revenues of $1.43 billion. According to the latest earnings report, DocuSign generated $342.2 million in total revenue in the second quarter of its fiscal year 2021, which ended July 31, 2020. But we've also seen those web upgrades that we talked about, where we call that positive churn, right, where someone comes to us on the digital business, and they start growing with us. And we think it will accelerate our ability to build out those products and services for our customers. We saw further expansions and upsells from our existing customer base, leading to record dollar net retention of 122% for the quarter. So first off, the danger is, I look at my data set of the customers I've spoken with and will be a look at those. I assume you saw the same lack of TV and so forth? Enterprise and commercial customers have grown 55% year-over-year in the last reported quarter to reach the 99,000-mark. So I don't think we're landing higher or landing lower for that matter. It opens up so many interesting sort of avenues from a business process perspective. And that's why I sort of see is probably the trend moving in the future. The companies in this industry design, develop, publish, and support software used to collect, store, report, and analyze data from various operations of a business. The stock is currently trading 26.7% below its 52-week high of $290.23. But clearly, it's an additional growth opportunity for us on the sign side. Finally, we expect fully diluted weighted average shares outstanding of 205 million to 210 million for Q4 and 200 million to 205 million for fiscal '21. Should we think about sort of a return to pre-COVID sequential growth rates as a starting point to model next year? Got you. And at the beginning of Q1, we saw that trend continuing. Our next question comes from the line of Walter Pritchard with Citi. On the call with me today, we have DocuSign's CEO, Dan Springer; and CFO, Cynthia Gaylor. Yes. So one of the things you've heard us talk about is we're actually trying to decrease even though it's small, we're talking about 4% of our revenue being services, decreasing that as a percentage going forward, not because we're going to reduce the services we do, but we're just going to move so much more of the growth into the partner ecosystem. As part of the response to COVID-19, the company expanded into several new eSignature use cases, which drove nearly 100,000 additional transactions over just the past seven months. Absolutely. I think we'll probably be looking to doing the same thing. This last point reinforces something that history has taught us at DocuSign. 10 stocks we like better than DocuSignWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. Remember, they were, just like DocuSign, having to go to a work from home setting and they weren't in their offices. For information regarding our non-GAAP financial information, the most directly comparable GAAP measures and a quantitative reconciliation of those figures, please refer to today's earnings press release, which can again be found on our website at investor.docusign.com. These two platforms will be integrated into the Agreement Cloud suite of products to enhance the breadth of its offerings. How should we think around the puts and takes of certain verticals that may have surprisingly strong capacity increases this year that maybe are difficult comps for next year or the opposite, verticals that have come back that you expect to actually sustain some of that capacity growth? So I think it will be very strong growth and probably higher than you've seen previously. So it's probably — maybe it might even be a little mix shift from that standpoint to growth there in more senior relationships. We are on track to deliver the beta version of the product before the end of this fiscal year. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. And so we'll have that conversation next quarter when we chat with you all. Other popular stocks in the industry are Endava plc (. Any forward-looking statements are based on our assumptions and expectations to date. And in fact, Forrester did a couple of years ago put out a report saying we already had become a brand in that same way you talked about like Kleenex or Xerox. I'm pleased with how quickly we've been able to apply Seal's technology in this new and exciting way. DOCU stock on the rise Friday after Docusign (DOCU) reported positive earnings results for its third quarter of fiscal 2021. But we think that opportunity there is a very specific thing that we're aggressively going after. We're obviously incredibly excited about the business and the performance we have. Free cash flow came in at $38 million for the quarter. Copyright © 2020. Yes. And I think to your question about the implication going forward, I think the first implication is just what you said, is that our customers are saying they want to do more DocuSign. It provides cloud-based transaction products and services in the United States and over 180 countries internationally. For you as well as each customer we come in to talk about signature for a second on the. To growth there 263.33, predicting that the NRR comes down 're describing just talk about renewal to. To, our GAAP results of 96 stocks in the post-pandemic world be substantial that people have,. 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