Hello, everyone, welcome to DocuSign's first Analyst Day. We're excited you could join us today. My name is Annie Leschin, I'm the Vice President of Investor Relations here at DocuSign. Before I dive into the details of the day, let me just flash our safe harbor statement and remind everyone that some of our statements on today's presentation are forward-looking, that we'll also mention some GAAP and non-GAAP financial measures. You can find a reconciliation of these figures in the appendix section of the presentation and on our IR website. Hopefully, you all had a chance to join our Momentum User Conference earlier today listen to the keynote presentation. We're going to build off of that with a great set of presentations from five members of our management team. We'll kick off with Cynthia Gaylor, our CFO, interviewing our CEO, Dan Springer. After that, our COO, Scott Olrich, will dive deeper into why we win and how we differentiate with our broader Agreement Cloud. You'll also have the chance to hear from a couple of customers as they join Scott to discuss their journey with DocuSign. Next, our Head of Engineering, Tom Casey, will take you through the key elements of our Agreement Cloud platform and walk you through the life cycle of an agreement. After a short break, Loren Alhadeff, our CRO, will talk about our multifaceted go-to-market strategy. Finally, Cynthia will walk through some key financial highlights, and we'll close the day with a Q&A session that I'll be moderating with our presenters. Before we get started, just a few housekeeping items to note. We expect the presentation to be about two and a half hours long in total. For our analysts, please feel free to submit your questions via the private chat directly to me at any time along the way. Last, you can find the slides and a replay of today's presentation on our IR website at investor.docusign.com. Now, let me hand it over to Cynthia for a chat with Dan. Thanks, Annie, and thanks for joining us today for our first annual Analyst Day. We thought we'd try something a little bit different today, so we have Dan here with us for a fireside chat to answer all of investors' burning questions. Hey, Dan. Thanks for joining us. Thanks for having me, Cynthia. I'm excited to be here. We really enjoyed your Momentum keynote this morning. Oh, thank you. I enjoyed doing that. Hey, let's get to it. Some have been pegging us as a work from home stock. The permanence of the trends we've been seeing across the business look like they're really here to stay. We also, on our earnings call last week, talked a little bit about the anywhere economy. I want you to talk to us a little bit about why investors should be excited about the anywhere economy and where DocuSign plays in that. Yeah. It's interesting. I think investors should be excited about the anywhere economy for DocuSign, but even more broadly than that. We think this is a really important phenomenon that's going to shape the way people think about not just work, but also what consumers do. It's one of the things that's really interesting about DocuSign, because of course, we're a B2B software company, but we also have this incredible consumer relationship. A billion people have signed to DocuSign, we're kind of at the nexus of both of those. I actually think the anywhere economy really captures the fact that it's not just work from home or work from anywhere, it's not just transact or individuals do their consumer operations from home or anywhere. It's all those coming together. That's why I think it's important, and that's why we think DocuSign is really well-positioned because we're able to meet both sides, the business side and the consumer side, bring those together in this opportunity that has really been opened up to do the business anywhere. Yeah. Well, I'm looking forward to seeing how that plays out over time. Yeah. Over the course of the last year, we've seen a lot of strength across eSignature, and we've talked about how we've seen acceleration in the overall business, but also some deceleration in some of the more complex agreement products. How do you see this playing out, and when do you think our products outside of eSignature will really see some traction? What do you think the needle movers will be over what period of time? Yeah. Well, I think first of all, you're spot on that in fiscal year 2021, our customers came to us, and they fundamentally said, "We need eSignature, and we need it now." Because of the pandemic, they had so many use cases and business processes they just had to get online. We were, of course, pleased to really ramp up, as you said, and have that extra growth and provide that. We also saw some of the other Agreement Cloud products. We saw that in the advanced analytics with Seal. We saw that in the CLM products, where people said, "Those are really important things to do, but they're not urgent in the same way that getting sales contracts out when you no longer had a way to do that." I think we found that that slowed a little bit from the really good pace that we had at the beginning of the year pre-COVID. Going forward, I think we're starting to see that come back. If we look at what's building in our pipeline, we see, particularly in CLM and CLM+, where we sort of involved that advanced analytics and AI into the overall CLM product, that's going to be a real growth area for us. I think we're going to see that really kick off in fiscal year 2022 to start to re-accelerate, and that'll become noticeable as a growth driver in our business literally this year. Well, that's a good segue to my next question around growth drivers. International has been just over 20% of our revenue, and we've talked about that as one of the biggest growth opportunities for the company. We say that it should really be a bigger percentage of revenue given the scale of our company. When you think about the key things that we need to do to really make that happen and your confidence level in those items, how do you think about that, and how does international take more share for us? Yeah. Well, first off, I think you're spot on again that I do believe we should be bigger. If you think about a company that's going to be doing the guidance you just gave was basically $2 billion of revenue this year, you would expect to be more than 20% of that for a software company outside of the U.S. I think part of the history here is that DocuSign was slow to build an international business. Initially, we had such a great opportunity domestically, but also because of the different formats, the legal formats, common law, civil law, it took more investment and more time to really have a broad-based international strategy. You and I were going over this the other day, that if you actually plot the growth of our domestic business and then time adjust it back for when we entered our international markets, the growth levers look exactly the same, and the growth results are about the same. We actually look at our business and say, "I think it's on track for what we would expect it to be in the international markets. We just got a little bit later start." At the same time, I think there's a lot more we can do to ensure that we get that international growth that's faster than the domestic business, which is going to continue to grow at a good rate. International is going to have to grow at a really elevated rate to take share. I think digital is going to be a big piece of that. Digital has always been an opportunity for us to get into additional markets. We've had DocuSign customers in like 180 different countries, the vast majority of the countries of the world. Many of them, of course, are small on that long tail. I think that we can use that as an entry strategy, and then we see where we see that relevance and resonance in the marketplace, and then we can put more investment in those markets, both digitally but also with our direct business. I do think over the next couple of years, you'll probably see us go beyond our Focus 8, where we have a lot of physical presence in those key eight markets. I think you'll see us probably look for another market or two to enter. On top of the digital, the intensifying of the direct business, and then potentially adding a few more direct markets, I think you're going to see international continue to take share. Yeah. Well, you've given investors a lot of good tea leaves to look for going forward. Yeah as we report out how that's going. Internally, we talk a lot about delighting our customers and customer success, and it's a big area of investment for us. How do you think about that in the context of driving revenue, but also our record net retention rate? I think when you talk about customer success, before I can even talk about those metrics, I like to think about the soul of who we are as a company. If you're a SaaS company and you're not heavily focused on customer success, you are really missing the boat. I think what's special about DocuSign is we've not only made it a part of our business driver, we've made it a part of our culture. Our employees are so proud to work at a company that is so focused on customer success, that we not only don't get a lot of customer attrition, we don't get employee attrition. We've been operating under 10% attrition, which is fairly unheard of in the software world for years now because our customers are proud to work here. Turning to the piece you asked about directly, I do think things like net retention rate are a fantastic indicator that we're getting adoption right and that we're getting there for success. At DocuSign, when we get adoption right, success happens naturally because the ROI is so high from our core products. I think the big investment we made a few years ago, and we said explicitly to investors, we are going to put more investment in customer success than any other part of the company, and we did. That means we've seen great success. Our revenue growth has been high. Looking at the net retention, we came out when we were public, and we said, like 112%-119%. We felt pretty confident it's the range we'd stay in. With all that successful investment in success, we've now been above 120% the last few quarters. I don't know whether we're going to be able to maintain that because the compares get tougher and tougher, as you know well as a CFO. When you have that great retention rate, to even have a retention rate on top of that, to stay at that rate, is even more work. At the same time, I'll tell you, the focus we're putting on driving customer success, I think we're going to see fantastic results on those metrics for years to come. Yeah, it's funny. You talk about Digital First, how we went Digital First for our customers. When you think about it internally at the company, it's really a customer-first culture. Yeah which is really awesome to see. When we think far into the future, or maybe not that far into the future, and we think about our path to $5 billion in revenue, what do you think DocuSign's biggest challenges and our biggest opportunities to scaling to $5 billion and beyond will be? Yeah. I think it's funny, first of all, how fast it's happening, right? A couple of years ago, we hit $1 billion, everyone said, "What's next? Is it $2 billion?" I actually realized just the momentum we had in our business, that $2 billion was going to happen if we didn't get in our own way. In fact, it only took two years to go from $1 billion to what we're now projecting for $2 billion this year. I think we're going to get to $5 billion faster than we think, but I do think the focus we're trying to make on $5 billion requires us to do a couple things differently. One, we really want to take that DocuSign Agreement Cloud platform broader than our core eSignature business. That's going to help a lot. I think we could get there with the size of the TAM for signature alone, we could get to a $5 billion company, for sure. Our customers are asking for more than that, and so I do think that's a big piece of the $5 billion story. I think internally, we're going to have to make a lot of investments in our team, and we're going to have to grow the absolute size of the team, for sure. At the same time, I think that we're going to have to think about people who have had some of those experiences that have seen that level of scale, and we're going to bring in people, not unlike bringing you in as our CFO, who we really believe can get us to that next level of scale. The last thing I think is really important is not to do something, and that's not to change our culture. One of the things I like to talk about, and an expression I know you've heard me use many times in the past, is we're not going to have DocuSign become a big company. We're going to have DocuSign stay a small company that just happens to have lots of employees, lots of revenue, lots of customers, lots of success. I think if we can keep that's going to be a big part of us enabling the $5 billion scale. Well, I'm looking forward to doing that with you. Yeah. That's great. Maybe to wrap things up, because we have a full agenda following our fireside chat here. Maybe just a more interesting macro question. When you think about you've just crossed being four years CEO at DocuSign, what's been the biggest surprise about the business that you didn't expect? Then maybe a fast follow to that, what are you most excited about in a post-COVID world? Yeah. It's an interesting question because I feel like I should have really thoughtful insights on all these things I expected to be one way and turned out to be another way. The part that's really surprising here is how few surprises I think I've had, and I don't think that's because I was particularly insightful about what was going to happen. I think it's that it's been a very straightforward run. When I joined, it was very clear that we had a fantastic technology platform, and we had an incredibly high ROI for our customers, and we had what we call DocuLove. We had all these customers saying, "We love using DocuSign products." That's a pretty good foundation. We had some operational things along the way that we had to get right, basically, we've been focused on meeting that need for the market fit that we have with a fantastic product. If there's anything that's happened differently or maybe at a different pace, would be the breadth at which we've built out the DocuSign Agreement Cloud vision and the sort of rapidity that's happened in. Normally, I think it would've taken us longer for a company to come to that broader vision, we got there fast. I think we now have that vision that's going to take us to $5 billion. That's somewhat surprising, I think, to get there that quickly, and that sort of maturing out of the really broader long-term vision. That really leads right into, I guess, the second half of your question, what has me excited about this place is I think we're not just building a great software company, although I do think we're doing that. I think we're building a category. I think we have an opportunity, when we will look back five years from now, we'll say to ourselves, "There's a category. There's a software category for the Agreement Cloud. It did not exist before our company." There'll be other players in it. It won't just be us. There'll be other players in the space for sure, but they'll all say they're Agreement Cloud companies. I think one of my biggest prides will be the fact that we can say we built a category. It didn't exist without us. In that case, we did our little bit of changing the world. That's what I'm probably most excited about at DocuSign. Well, that's awesome, Dan. Thank you. With that, I think that's a good segue over to Scott, don't you? I think it's the perfect segue. Interesting for people that maybe don't know, but Scott and I have a tremendous amount of history together, previous companies as well, and we've now been working together for 17 years. He's been putting up with me. Scott really was, as Cynthia just sort of indicated, the architect of the DocuSign Agreement Cloud vision. Now as our COO, he's got the responsibility to be really responsible for driving a lot of the operational components to make that DocuSign Agreement Cloud vision become a reality. With that, I'd like to turn it over to you, Scott. Thanks, Dan, and thanks, Cynthia. Hello, everyone. My name is Scott Olrich, and I'm the Chief Operating Officer of the company. We're looking forward to digging in with you today. As you've been hearing over the last several years now, we're positioning ourselves as an Agreement Cloud company. It's the path that we've been on, and it's the path that we're going to continue to pursue. As Dan mentioned earlier, it's what our customers want from us, and it's what we believe is the next big cloud software category, and we're uniquely positioned to win it. To help frame up where our true opportunity lies, it's at the intersection of the digital transformation of business processes and agreement processes. You have Salesforce and Microsoft focusing on winning the transformation dollars of the front office business processes of marketing, sales, and service. You have Workday, SAP, Oracle, Intuit on the small business side, and ServiceNow, all focused on winning the transformation dollars in the back office in HR, ERP, and IT. DocuSign is focusing on transforming the underlying agreements and agreement processes. This was an area already experiencing rapid transformation. As we accelerate into what we refer to as the anywhere economy, we will increasingly become the world's anywhere answer for agreements. It's like being Salesforce 20 years ago, talking about the opportunity for CRM in the cloud. Just like most every organization needed a modern CRM system to manage its customer relationships, every organization will need an Agreement Cloud to manage its agreements. Our Agreement Cloud is a suite of applications, integrations, and a platform for automating the entire agreement process. In the next few minutes, I'm going to go deeper on how we'll leverage these components of the Agreement Cloud to consistently win and differentiate in the marketplace. After that, I'll invite a few customers, Snowflake and Unilever, to join me. They'll explain their journeys from eSignature into the broader Agreement Cloud product portfolio. Does that sound good? Great. Okay. To start, the first reason we win and differentiate is that we offer the best way to agree to anything, anywhere. No matter the agreement use case or where you are in the world, whether in a civil law country or a common law country, we are the best way to agree to anything, anywhere. Of course, it started with eSignature. We pioneered the category, and our name is synonymous with electronic signing. We believe we spend more on R&D than every other competitor combined, and it shows in our capabilities. It shows in our availability, and it shows in our 350 pre-built integrations. No one can touch that. Signing is only a part of the story. With our Identify framework, we provide the most native options for enhanced identification of signers, like an SMS code or checking a photo ID. We have a product called Click for non-signature required clickwrap agreements that still have the audit trails of eSignature. Of course, if you saw Momentum event earlier today, you saw the debut of DocuSign Notary, which allows notarizations via video conference with Notary-specific tools and auditability. That's big. We also have region-specific offerings like eHanko in Japan and eWitness for the U.K. and Australia. No other company approaches this level of comprehensiveness in enabling people to agree to anything, anywhere, period. The second reason we win and differentiate is that we've assembled the most comprehensive set of product offerings and professional services to automate the entire end-to-end agreement process. Getting into CLM was our first big move two years ago with the acquisition of SpringCM, now a leader in both Forrester and Gartner reports on contract lifecycle management. We bought it initially for its strength on the sell side, which means automating sales agreements that our customers originate. Since then, we've been making big enhancements on the buy side, which means handling contracts originating from third parties, such as vendor agreements. The goal is to provide a single CLM system that all departments can leverage. We help our customers find and analyze all the contracts that they already have with our Insight product. It's based on Seal Software's pioneering agreement AI, which can analyze and search not just by keywords, but also legal concepts. Analyzer builds on Insight to automatically analyze incoming agreements for risks, like an analyst in support of a company's legal team. It can also be combined with CLM to automatically route contracts to different specialists based on a risk assessment. Then there's DocuSign Gen, a lighter-weight tool that allows reps to generate a contract with a few clicks right within Salesforce. We recently added a version of Gen specialized for quotes and billing. These products are actually sold by Salesforce's sales team, so it's a great collaboration there. These are just a few of our products that automate aspects of the agreement process before and after signing. Tom will showcase these products more in his demo in a little bit. Our customers and prospects are seeing that we have the best suite of products and that we're putting all the pieces of the puzzle together for them, and we're doing it in an integrated fashion. The third reason we win and differentiate is that we're quickly becoming our customers' platform of record for agreements. That means we're providing a centralized repository where all agreements can be stored and searched. We believe we're already storing more agreements than any other company in the world, so we bring a lot of credibility to this topic. We're also working to extend our object model from being eSignature centric to encompass the entire agreement process. As we do that, we're building the infrastructure, not just for traditional Word or PDF agreements, but also for emerging technologies like active or smart contracts that include running code. Any modern platform needs APIs. We've always differentiated here, and it represents the majority of our transactions going through our platform today. Finally, I should mention a product we recently launched called Monitor. It automatically tracks eSignature activity, looking for patterns that indicate a threat, such as an attempt to delete a lot of agreements. It's just another step in our security story, where we're going beyond making our platform secure to help our customers maintain their own security against rogue insiders and external threats. As the only public scale company focused on agreement technology, we believe we're pulling away with these big investments in a fully modern platform of record for agreements, which will become a bigger and bigger differentiator going forward. That hopefully gives you a better sense of how we win and differentiate with the various components of the Agreement Cloud today, but more importantly, how we're investing to be well-positioned to win long into the future and to take a big chunk of what we believe is the next big TAM opportunity in cloud software. Speaking of which, as most of you already know, we work with a top three strategy firm and shared our initial analysis that pegged the esignature TAM, which included clickwrap agreements, at about $25 billion. On top of that, if you include the broader sign offerings and other parts of the Agreement Cloud, we're looking at a TAM in excess of $50 billion. Since the original analysis, we've outpaced our assumptions in some key verticals like public sector. We believe there's even further upside on top of that. Of course, the vast majority of the TAM is unpenetrated by anyone. We're widely considered the leader, but our penetration in the U.S. is in the low single digits. For the rest of the world, where the majority of the TAM is, our penetration is even lower. We believe we have lots of room to run for a long, long time. Okay. You've been very patient, and I promised you that I would bring out a few great customers to join me. Without further ado, let's go out to the General Counsel of Unilever in London and the CIO and Chief Digital Officer of Snowflake right here in Silicon Valley. Well, thank you, Wei Ling and Sunny, for joining our Analyst Day. It's great to have you both here. Thank you. Thanks, Scott, for having us. Great to be here. Thanks, Scott, for having us. Looking forward to the discussion. Great. We have an exciting talk ahead of us. I thought it would be great if we could just start with a quick round of introductions. Wei Ling, can we start with you? Just share a little bit about your role within Unilever. Sure. I'm based in London, and I'm the global supply chain general counsel. Together with my team, we support and partner the supply chain function, the procurement function, and the UniOps function within Unilever. Also I'm the global lead for our Future Fit program, which is our legal team's global digital transformation program. Sunny, how about you? I'm the CIO as well as the CDO for Snowflake, based out of San Mateo. Great. Well, a huge success story at Snowflake. I know they have you very busy there at the moment. We really appreciate both of you joining us today and sharing your stories. The first question I want to pose to both of you is if you could just talk to our investors a little bit about how you began your relationship with DocuSign, kind of why you chose DocuSign in the first place, and a little bit about how that relationship's evolved over the years. Wei Ling, let's go back to you. Unilever started working with DocuSign about five to six years ago with its eSignature capability. This capability is widely used within Unilever across different locations in our global operations and also across different functions within Unilever as well. Since then, we worked with SpringCM back when it was an independent company to leverage its contract automation, contract building capabilities. A little bit later, we also started partnering with Seal back when it was an independent company, wanting to take advantage of its contract analytics capabilities. Wei Ling, you were putting the Agreement Cloud together before there was an Agreement Cloud. Why was that so important to Unilever? I guess it stemmed from the realization that there will always be more than enough for all of us to do. There's never enough time to get everything done. A primary driver was to find ways to give time back to our colleagues, give time back to our business partners so that they can do even more value add work. Also to create capabilities that will generate data-driven insights for them that they can take action on. It was with this in mind that we wanted to take advantage of the contract automation, the contract building capabilities, and the contract analytics capabilities in Agreement Cloud. Okay, let me go to Sunny on this one. Sunny, can you tell us a little bit about how your initial relationship with DocuSign began, why you chose DocuSign in the first place, and how that relationship's evolved over the last couple of years? Yeah. Scott, we started much earlier in the DocuSign journey on eSignatures. We were using eSignatures for quite some time before I joined the company. When I joined the company, one of the big pain points for us was CPQ deployment that we had done many years ago was not scaling in a graceful manner that we needed for how the business was changing for us, how the business was growing for us. I brought in Salesforce to come in and do an audit. Really identify what were all the pain points in the CPQ implementation that we had done in the past, and what should we do different in trying to automate the process. In that audit, one of the big things that came high and clear was we needed to implement a CLM solution that would allow the business process to be a lot more automated, a lot more compliant, wouldn't have any defects. In the evaluation process, we ended up choosing DocuSign. We had many other companies that we were evaluating. We did a POC with you guys. We felt good about it, and we ended up choosing you guys. It's kind of a common theme we see, Sunny, is when folks are thinking about transforming their sales processes, sometimes they forget that they need to transform the underlying agreement processes that connect with those sales processes. Clearly, you found that to be very important when you were thinking about the transformation of CPQ at the same time as CLM. Why did you pick DocuSign CLM? What stood apart for you? I would say that the two big reasons why we chose you guys, one was your seamless integration with Salesforce. Professionals in the business don't like to use multiple different applications and go in and out in completing a workflow. They want that whole workflow to be seamless where you go from one part of the process to another part of the process in a seamless manner. Our evaluation, our POC clearly gave you guys a high thumbs up on that seamless integration you guys have built with Salesforce. That was the primary reason. The second reason was the competitor landscape that we were looking at that competed with you guys. We didn't feel they had a strong roadmap like you guys did, as well as there was a lot of consolidation and private equity companies coming into that space. We needed to partner with a company like yours who has a rich product in the current offering, but also promises a future roadmap that we could take advantage of. We didn't feel the competitors that we were looking at offered that same level of solution. Hence we chose you guys. Great. Thanks, Sunny, for sharing that perspective. Well, this is great segue. Maybe I'll go back to Wei Ling. The next question I'd love to hear is, you're all at different levels of the transformation of your agreement processes. Can you talk to us about what the next use cases that you're thinking about? Where do you see the next opportunities to apply the Agreement Cloud in your business? Wei Ling? As you know, Unilever has operations across many parts of the world. I think there's a huge opportunity to extend the Agreement Cloud capabilities to operations that are in places where English is not the main language for the business. In other words, the non-English capabilities of Agreement Cloud, I think there's a lot of potential there. I guess the other one is also just deepening and broadening the contract analytics capabilities within Agreement Cloud, so that you can continue to generate more and more insights for our end users, and speed up contracting, avoid value leakage, and also to just give time back to people. Great. Clearly a lot going on. Sunny, how about you? What's next on the forefront for Snowflake and how you're going to apply the Agreement Cloud? For us, Scott, it's twofold. The first one is, we just went live with our CPQ CLM on the sell side, right? It's the whole sales process automation that integrates with CLM. That's done, but with that comes newer areas, newer geographies, newer language requirements, just like Unilever use cases. We're also going to grow and scale our company and get into new markets, so we have that same requirement. In addition to that, the second area that we are going to focus this year is on the buy side, on the procurement side. There's a lot of suppliers that we integrate with. There's a lot of supplier contracts that are all over the place for us that we want to have a one big repository and integrate with Workday, which is our core ERP system. We are pretty excited about both fronts of use cases that we're going to roll out this year. Great. That's kind of a common theme we see a lot, is that we'll have CLM customers that will start in the front office or the sell side, but then move to the buy side, and obviously, it sounds like you're doing further integration into other applications. That's great. Well, I think we have a couple more minutes. I thought it'd be great if we could end. I'll ask you, what are the couple things that you'd like to see from DocuSign? What do you want to see on our product roadmap, or what do you want to see us accomplish over the next couple of years as an important partner? Wei Ling, we'll start with you. Great question. I think one of the learnings for me, especially brought on by the pandemic, where we're all working virtually, where we're working agilely, in terms of flexibility, the need for a virtual repository of our legal content is clear to me. I think there's definitely a potential to work with DocuSign and explore the capabilities in that space. I think the other one is to connect the Agreement Cloud to maybe external sources, but other online resources, so that there's a closed loop, in terms of insights, information and notification to us as well. That was my phone notifying me there. You got an alert already. We got that feature done for you. Yes, indeed. Sunny, what would you like to see from DocuSign? What are those couple big things you'd like to see us accomplish on the product roadmap? Yeah, Scott, I would say that the number one request for us would be that, how do you guys invest in the education and training ecosystem of your platform? We used a third-party consulting company in the initial stages of our rollout. We have hired some folks in the organization who have expertise in DocuSign, but it's really hard to find that type of talent in the industry. I think combination of your professional services organization, your training organization, as well as your system integrators that partner with you, there needs to be a really good plan on how you guys are going to increase the investment and how to train the IT professionals on how they are going to get trained on DocuSign platform. We see more roll-outs coming up, and I don't want to be dependent on consultants for that. I want to have my own team keep turning this automation journey that we have in front of us. We will hire more people that are DocuSign experienced professionals. You guys got to think about how do you create that ecosystem for us. Great. I heard from both of you the importance of this common repository for your agreements that can be accessed anywhere in the world, and also the increasing need to certify people within your organizations. Also being able to leverage an ecosystem, whether it's our professional services or Agreement Cloud practices that are being created by the SIs. Well, we're out of time, but I want to thank Wei Ling and Sunny so much for sharing your insights with our investors today. We really appreciate it. Thank you. Thanks for having us. Yeah. Thank you, Scott, for having us. Had a good discussion. I appreciate it. Okay. To show off some of his latest innovations and to get deeper into the platform that will allow us to truly scale, I'm going to pass it over to Tom Casey, our SVP of Product and Engineering, who is socially distanced up in our Seattle development office. Out to you, Tom. Thank you, Scott. Hello, everyone. I'm Tom Casey. I lead product development, design, and technology operations worldwide at DocuSign. As you've heard, every company needs to prepare, sign, act on, and manage their agreements. The DocuSign Agreement Cloud is the only solution that enables companies to transform and integrate the entire agreement process from end to end. We believe this is important because companies want to work with a single technology platform rather than a collection of piecemeal products. The Agreement Cloud builds on the trusted brand and platform we evolved with eSignature. It's composed of dozens of modular capabilities that are designed for reuse across our applications. Agreements shouldn't exist in a vacuum. DocuSign and our ecosystem partners have delivered more than 350 pre-built integrations to the most common applications people use every day. Our modularity and award-winning APIs power our native applications, partner extensions to DocuSign, and the applications our larger customers build themselves. About 60% of our new transactions originate from third parties using our APIs. We believe in offering a powerful open application platform, even as we strive to enable our customers to do more with clicks, not code. The DocuSign platform exhibits unparalleled scalability and reliability in our category. We process millions of transactions per day with almost five nines availability and zero downtime for maintenance. We can do so in part because even after 15+ years of working to make our services scale, we are constantly investing to instrument, to optimize, and to protect our platform and application services. We compute more than 800 billion operational metrics per day as our services run in real time. We believe that trust is the foundation of any system of record. With billions of documents under management, DocuSign acts as a system of record for agreements for many organizations. With our acquisition of Seal Software last year and internal investments in machine learning, we are infusing artificial intelligence and bringing actionable insights to every part of the Agreement Cloud. With our Insight product, we offer pre-built industry-specific models and a built-in decision engine, along with accelerators for industries like financial services and legal to help reduce risk. You've already seen the everyday application of machine learning and automating tasks, such as those featured in the automatic tagging of documents in eSignature. In just a moment, you'll see how these same AI engines help customers derive insights from related agreements and the documents they contain as part of everyday Contract Lifecycle Management. I want you to consider for a moment that 47% of businesses say they experience risk from an inability to proactively detect problematic contract language. We believe providing purpose-built contract analytics applications is only a part of the solution. Everybody working with agreements at any stage of the life cycle can benefit from AI-assisted experiences. The DocuSign Agreement Cloud is for all businesses, from true small businesses to the largest enterprise. Most people work with just one part of an agreement process, so sometimes it can be hard to envision how it all comes together. Rather than tell you, I thought it'd be more fun to show you with a couple of examples. SMB customers, as one example, have a lot of simple sales agreements that they need to prepare, to sign, to act on, and to manage. To make it easy for SMBs, the Agreement Cloud meets customers in the applications they use every day, providing an embedded and natural experience. For example, SMB customers can start in Salesforce, as shown here. By clicking right inside the Salesforce opportunity record, they can access the embedded DocuSign Gen functionality to automate the creation of customized, professional-looking agreements such as sales quotes, MSAs, invoices, and more, without ever having to leave the Salesforce application. Now in this case, we select generate quote, and a quote is automatically generated for us. With Gen, data like account information, contact information, and even product and pricing information from Salesforce is automatically merged into the document. Tables can also update dynamically, and the agreement layout is preserved. The result is an agreement that's accurate and on-brand. All of this automation is done with clicks, not custom code. Now that a final document has been seamlessly created, the next step is to get the customer to sign the agreement. As with all of our products, Gen integrates seamlessly with DocuSign eSignature. The generated document is added to a new DocuSign envelope. Recipients and other key data are automatically added from the Salesforce record. Tags and signature blocks can be added as well, and if the sales rep wants to add or adjust a field, that's pretty easy. Once everything is ready to be signed, the sales rep clicks the send with DocuSign button, and off it goes. No more faxing, no emailing PDFs or physically delivering paper copies. DocuSign eSignature and DocuSign Gen accelerate the agreement process for customers by managing a seamless handoff from Gen by quickly notifying the signer via the apps that they already use, like email or Slack, or of course, our own web and mobile applications. Continuing the seamless experience, the signer can easily read and sign agreements in a format that fits their screen, thanks to our multi-format rendering engine and HTML-based Responsive Signing. Creating the agreement and getting it signed is just the first half of the agreement process. Just as Gen and eSignature automated and streamlined the creation and signing of the agreement, DocuSign simplifies acting on the obligations in an agreement or automating common workflows with something we call agreement actions. Agreement actions are pre-built workflow tasks. They let DocuSign customers automate common post-signature processes like conditionally notifying stakeholders, copying documents to content management systems, or exporting data, as is the case here. They do all this with clicks and not code. Users can easily create rules and conditions based on eSignature document fields, the template type, and other metadata to drive automatic post-signature actions. Here, we're going to configure an agreement action to export the results directly to a Google Sheet if the internal alias salesone@tally.com receives a sales order update that says something is closed won. A common challenge for SMBs is dealing with the multiple systems that they have to piece together a view of their operational world. Once an agreement's completed, the opportunity automatically updates to closed won in Salesforce. Since DocuSign eSignature and Gen are natively integrated with Salesforce, a copy of the agreement is automatically stored in Salesforce as well as in DocuSign, ensuring continuity in existing systems after the agreement is signed. This example, featuring DocuSign Gen for Salesforce and our eSignature integration, is just one of many examples of how the Agreement Cloud helps small businesses prepare, sign, act on, and manage their agreements. Our integration with Salesforce, in fact, is just one of the many ways that we make working with agreements an embedded and natural part of the applications people use every day. In addition to providing great experiences that help real customers, these integrations are often excellent GTM accelerators as well. In our joint GTM with Intuit, the eSignature integration that Intuit built themselves within QuickBooks Online Advanced features the ability to connect an existing DocuSign account or to start a free trial. While there's a lot that happens throughout the life cycle of an agreement, it doesn't have to be complicated. Everybody wants a better experience. For large companies or companies with more complex requirements, we can help there too. In our next example, we'll highlight how DocuSign CLM and DocuSign eSignature come together to deliver on the promise of the Agreement Cloud for demanding global companies like Shell, Unilever, and so many more. Earlier today, we looked at how DocuSign makes it easy for any customer to generate, negotiate, and manage approvals for a sales agreement. There's another important area where contract lifecycle management is growing, namely source-to-pay or what are commonly known as buy-side scenarios like those frequently encountered in procurement. The prepare, sign, act, and manage phases of these agreements are often complicated by the counterparty's control of portions of the overall agreement process. On the sell side, you tend to generate your own agreements, but on the buy side, you frequently receive agreements prepared on someone else's paper. You saw a fairly simple demonstration of the sell-side CLM capabilities for SMBs earlier today. Now let's take a look at how DocuSign CLM, DocuSign Analyzer, and integrations with the likes of SAP Ariba, NetSuite, and Workday help companies quickly find, process, and report on existing vendors and agreements. Procurement teams work with multiple systems, with hundreds of suppliers and often thousands of purchasing agreements each year. DocuSign can help them act fast to procure goods while staying compliant with their company processes. Using our party management features in DocuSign CLM, shown here, procurement managers can see all of their vendors right in CLM and get important details on those partnerships. They can drill in to see key information like business type, contact information, expiration dates, and important related documents, all presented in a clean, modern interface. Because DocuSign integrates with ERP systems like SAP Ariba, the procurement team can rest assured that the information is accurate and up to date. Now, in this case, procurement can see whether or not they're operating under an active MSA with a supplier. If they aren't, they can quickly act to process a new master services agreement with just a few clicks. Here, the new MSA happens to be on third-party paper, and it must be uploaded to the party record in order to reactivate the relationship. After uploading a new MSA, our machine learning and decision engines kick in with an automated review of the agreement, detecting key attributes like the document type, which helps to minimize classification and processing errors. Once the new MSA has been uploaded, the party record is activated. Now drilling into the MSA, the new 360-degree view in DocuSign CLM provides a clear summary of the agreement, and it also highlights the next task this user needs to perform. Reviewing an agreement can require a lot of collaboration across departments. Key information found by our AI might trigger relevant DocuSign CLM workflows that loop in stakeholders like those in legal as part of the review process. DocuSign Analyzer helps the business and the legal teams to quickly assess the level of risk in agreements and to expedite their reviews by identifying specific contract risks and summarizing those into an aggregate risk score, as shown here. If the risk score requires deeper analysis or changes to address concerns, the legal team can access the same Analyzer functionality directly in Microsoft Word, legal's frequent tool of choice. Consistent experiences with familiar tools aid adoption and standardization of practice. The modular design and the reuse of Analyzer ensures that standard processes are met across all agreements, even when some documents happen to originate from outside of the company. Once legal's review's complete, the workflow advances, and the MSA is sent for signature. Now when all parties have signed, procurement can see that the new MSA has been updated on the supplier record in SAP Ariba as well, and they can proceed with sending out an auto-generated purchase order. By connecting the procurement system to the Agreement Cloud, DocuSign has saved procurement the hassle of manually updating data in different systems, while also ensuring finance has an accurate, error-free view of how much they're spending with each vendor throughout the source to pay process. A procurement manager can also be proactive about managing upcoming renewals using DocuSign CLM's built-in renewals report. With just a few clicks, she can begin addressing contracts by vendor well ahead of their expiration dates. Ultimately, DocuSign Analyzer and built-in CLM reports add intelligence and visibility that helps teams act efficiently on deep insights. CLM features like party management and integrations with SAP Ariba enable procurement to control cost, to reduce risk, and to improve their buy-side scenarios. With DocuSign CLM, large organizations can more effectively manage their contracted relationships on the sell side and on the buy side. At DocuSign, we're delivering the next big cloud, a collection of applications and platform services unified by a common design system featuring a modern task-focused user interface and AI-assisted experiences. Earlier, Scott talked about how we win. These are the same areas where we're focusing our development efforts. We want to be the best way to agree to anything anywhere. We will keep expanding our application portfolio, delivering new products of our own, and extending the capabilities of productivity and communication applications like Google G Suite and Slack to power the anywhere economy. Compelling user experience matters, and our products across the Agreement Cloud are unified by our design system, internally referred to as Ink. Our internal design system has been refined with feedback from over 6,000 research participants in the last year alone. Ink brings simple, clean, consumer-grade design to the power of our business products. This design approach keeps customers focused on the tasks and the insights that they need to keep their agreements moving forward. Automating the end-to-end agreement process is another area of focus. We do that with our own applications and by enabling everyone to connect to the Agreement Cloud. In the last year, we have significantly expanded our REST APIs and SDKs, featuring sending, signing, identity, and rooms capabilities with many notable new or improved integrations. Keller Williams, for example, deeply integrates DocuSign Rooms for Real Estate capabilities directly into the platform and applications experience they give to more than 100,000 real estate agents worldwide. ServiceNow created a new version of a DocuSign Spoke to enable direct integration with their customer workflows. They also did a new eSignature integration in their legal services management product. In the rapidly changing world of healthcare, Kno 2 provides electronic medical records, EMR, EHR integrations with DocuSign. The list goes on. Our developer community is strong, and it's growing. Of the tens of thousands of new developers who signed up to get an integrator key from DocuSign last year, more than half of those came from outside of North America, a trend I really like. Finally, as Scott noted too, DocuSign's becoming the platform of record for agreements, and we're building on our trust foundation to provide a differentiated level of control, of visibility, and AI-powered automation. At the platform level, we will continue to focus on engineering for scale, instilling these common attributes into every piece of technology that we build or buy. We're differentiating in the amount of visibility and control that we give to administrators. Enterprises with multiple accounts can already get a rolled-up view of their accounts by department, and they can manage users efficiently through both our admin portal or our admin APIs. DocuSign Monitor, just introduced last quarter, leverages our existing telemetry subsystem and our investments in machine learning in our platform to highlight user login and sending activity within DocuSign for individual customers. The same data that we use to generate alerts in the DocuSign Monitor application can also be forwarded to Splunk ES or to whatever enterprise security management tool the customer already uses so they can manage their security risk profile the way they want to. We want our platform to fit in with the customer's existing operational tools and protocols. We believe compliance and control are core elements of establishing and maintaining customer trust. We also believe AI needs to be infused into everything we do. The machine learning and analytics engines from Seal Software already power DocuSign Insight and the accelerator packs that we ship for legal, finance, and other contract analytics scenarios. That same AI engine powers DocuSign Analyzer in our Insights product, in our CLM product, or in a third-party application like Word, which I showed you earlier. Over time, you'll increasingly see more AI-assisted experiences like auto-tagging and clause detection showing up throughout the entire agreement process as we infuse AI into everything we do. Fundamentally, we believe that customers want to work with a common set of applications built on a trusted technology platform that integrates deeply into the everyday tools that they use in today's everywhere economy. The DocuSign Agreement Cloud is the only solution that enables companies to transform and integrate the entire agreement process from end to end. I appreciate the opportunity to engage with you today. Now, let me pass it back over to Annie. Thanks, Tom. That was great. We'll now take a quick 15-minute break before we move on to Loren and our go-to-market strategy and financial overview. Welcome back, everyone. I'd like to hand it off to Loren Alhadeff, our Chief Revenue Officer, to talk about our go-to-market strategy. Welcome back. I love to follow Tom. You know how we sales guys are, always coming behind the product guys. When I see the innovations and how we've matured from a single product to a platform, it drives home what an incredible selling opportunity we have at DocuSign. I'm really excited to be here with you to talk about our go-to-market strategy. Since it's my first time being with you, I wanted to share a little bit about my background at DocuSign. This coming July will be 13 years since I joined the company, and there were a couple of things that drew me to the opportunity back then. Number one, what we do is so easy to explain to people, and the value is so real. Number two, our products can be used by anyone, anywhere, in any industry, so the opportunity is huge. These are just two of the things that I believe make us unique and are still true today. In my time here, we have grown from a single office in Seattle to 18 offices around the world, from one main customer segment in real estate to truly being able to address any company in any industry, and from a single core sign product to a platform company. Let me jump into our go-to-market. You've heard about the size of our TAM, and from a sales perspective, what is exciting is that we have tremendous brand awareness and reach, and yet these are still the early days. We are just barely scratching the surface of where we can take our business. Over time, we've developed a multi-channel approach to our customer's journey to make sure that we are meeting them where they are and as they grow with us. There are several ways that a customer can engage with us today. The first is through our software as a signer, which doesn't require that you are a paying customer. The second is through our digital channel, which is an incredible source of both leads and sales. The third is by working with our direct sales teams, which are oriented to help prospects and customers understand and unlock the value of DocuSign and the broader Agreement Cloud. The fourth is through our partner ecosystem. Starting with our signers, we have hundreds of millions of users who have engaged with our brand and who have had a great experience with us. Over the years, nearly a billion people around the world have signed an agreement using DocuSign. That's pretty impressive. When people think of eSignature, of course they think of DocuSign. As they use our products and send out agreements to be signed, they broaden DocuSign's exposure to customers and non-customers alike. When those agreements move back and forth around the world, they drive people to our website and digital channel, where they can trial the product or immediately buy it. In fact, one of our largest sources of pipeline comes from people who are asked to sign a document and want to learn more about what we do and how we do it. Every month, we generate hundreds of thousands of trials that result in paid digital customers. Last year alone, we delivered a few million trials ending the year with over 700,000 paying digital customers. Any company would love to point to numbers like that, but there's still tremendous amount of opportunity ahead of us. The next way in which customers and prospects engage with us is directly with our sales teams. Our field organization has always been key to how we grow our business. This is even more important today as we mature into a platform company. From a direct selling orientation, we have a fairly complex model to address the reality that we can sell across so many different customer types. First, we are organized around four global regions, North America, EMEA, LATAM, and APJ. North America has long been our biggest market from a customer and product perspective. In the last few years, EMEA has developed at a very fast pace and looks very much like North America from a go-to-market perspective. We recently brought together our EMEA enterprise and commercial businesses under one leader to capitalize on the opportunities we see and to better develop our top talent to grow the business. LATAM has grown at a steady clip, and now that CLM products are available in market, I expect to see even stronger results. In APJ, we've attracted several new leaders who bring deep expertise in multi-product platform selling and running businesses at scale from companies including Salesforce, Cisco. Add to that the tremendous opportunities in the region around enterprise selling in areas like public sector, and I expect to see a tremendous amount of potential over the next couple of years there. As each market grows, we focus our efforts on the needs of distinct customer size. One of my top goals since taking on the role of CRO has been to standardize our go-to-market motion globally. Within each region, we also organize around customer type. From SMB at the low end to mid-market and majors in the commercial segment to enterprise at the top. Regardless of vertical or customer size, our entire sales force is enabled to sell across the entire Agreement Cloud platform. We also orient our go-to-market teams to address new customer acquisition and install base expansion opportunities, what you know of as a hunter/farmer model. This model has been incredibly successful for us and has resulted in both significant uplift to our new customer acquisition rates, as well as strong growth in upsell and cross-sell rates, both of which are critical to driving the growth of our business. Another key area for us is verticalization. We adopted a vertical orientation early on in the sign days, and that has set us up well from an Agreement Cloud perspective. At this point, we're probably more vertically oriented than other companies our size, and we still have massively untapped potential in this regard. What started around the needs of a few highly regulated industries has evolved to teams focused on financial services and insurance, healthcare, public sector, legal, education, not-for-profit, and real estate. The sheer diversity of our install base across verticals differentiates us and allows us to weather ups and downs in any particular industry. In North America, we're growing our vertical focus for fiscal year 2022 by introducing a new team dedicated to what we see as emerging verticals for us as a business, around industries like manufacturing and retail, as well as technology to meet more specific customer needs. You've heard Dan talk about DocuSign as a customer success company. This is something we think about all the time in the field. The more our product is used by customers, the greater the adoption and the better the outcome. Our direct selling motion includes an account executive who acts as the captain, who is really focused on solely growing the account. We also have renewal managers who drive customer retention. Aligned with our direct go-to market is our customer success motion, which is focused on driving greater adoption of our solutions and ensuring customers are optimizing their purchases. Over the last few years, we have invested in everything from low-touch self-service to dedicated customer success and engagement managers for our most complex customers. We've also introduced incentives for our sellers around consumption and adoption to ensure everyone is focused on post-sale customer success. The goal is to drive customers to adopt even faster while delivering an incredible experience and opening up additional opportunities to grow with us over time. Ultimately, successful customers also become an important marketing channel for DocuSign, whether it's an individual talking to their peers about the value that we bring, or, as we often see, a DocuSign champion at one company moves to a new company and becomes a champion there. The final dimension of our go-to market is aligned to partners. We work with three types of partner delivery models. First are the resellers who are critical to driving two motion. One is a procurement motion that delivers value to us in areas like highly regulated industries. Think Carahsoft for public sector. Two is localized go-to-market capabilities across geographies and industries where it may not make sense for us to invest directly at this time. Resellers all over the globe are seeing the value in what we're bringing to customers with the Agreement Cloud and are regularly approaching us. Second are technology partners, or ISVs, who bring deep expertise and integrate our solutions into their offerings. This has been an area where we're seeing growing demand. As Tom just mentioned, Intuit is a great example of how these relationships are growing. Intuit has been a partner of ours since 2014, leveraging eSignature in its tax products to enable users to sign tax forms electronically. In the last month, we've expanded our strategic relationship to announce an integration with QuickBooks, which enables their users to sign estimates and quotes. The result is an accelerated time to revenue while allowing these businesses to focus on their own higher-value customer activities. Additionally, we've also announced an integration solution with Intuit's ProFile Tax product that focuses on Canada, continuing to accelerate our ISV relationship with them. These actions show the value of strategic partners adding DocuSign as a key enabler of the anywhere economy. As a best-of-breed solution, DocuSign is a brand of choice and one that their customers will value. Third are global and regional SIs. As the Agreement Cloud has evolved, the need for a more robust and highly capable SI ecosystem has become increasingly important in making sure our customers are set up for success. As a partner-led services model, we are focused on accelerating the build-out of our capacity worldwide, along with delivering expert services through our SIs. That means doubling down on partner enablement and building an augmentation model to help as they develop their Agreement Cloud practices. With the build-out of the Agreement Cloud products, SIs are increasingly recognizing the value of working with DocuSign and the opportunity for partners to drive deeper service engagements with their customers. This represents an area of significant future growth for us. Partners are also a way we are expanding our presence internationally. As the biggest piece of our TAM, international growth is key to our success. Today, we have customers in 180 countries globally, but take a differentiated approach to how we invest in our go-to-market across each. Our heaviest investment and most comprehensive multi-channel presence is in our Focus 8 countries. This is where we've made our biggest investments in our direct motion, built a fully localized digital experience, and begun to develop a robust partner strategy. When identifying the next tier of targeted countries, we will first look for larger economies where we see significant demand through our digital platform to seed the market and begin to drive awareness. From there, we'll look to develop a strong reseller presence while making more targeted direct investments when the time is right. As we map our go-to-market to our customer journey around try, buy, and grow, it really is all about a multi-channel approach to meet them where they want to be met, whether digital, direct, or partner-led. This leads to greater and greater opportunities over time for us to deepen the relationship. Again, something I think is pretty unique to DocuSign. Now, let me share what this looks like from the eyes of a customer. Let's say a customer began as a user who was receiving and signing documents. Within a year, that user purchased an account via our website. Just a few months later, we closed our first direct deal with them in a single department. Over the course of the next two years, they added three new departments, and shortly thereafter, made the decision to enter into an ELA based on the ROI that we had provided. Meanwhile, along the journey, it's not unusual to see up to 40 partner integrations, including Salesforce, Workday, Microsoft, as well as custom-built applications in one single company. This can also include additional integrations as an SI partner does a larger digital transformation program and brings in DocuSign across more areas of the business. What's even more compelling is that this was just for eSignature. The account team now has a ripe opportunity to begin to position the broader Agreement Cloud. The opportunities out there are limitless, and our go-to-market is designed to address as many of them as possible, regardless of how a customer comes to us. I'll close with touching on the strategic investments that we are making to continue to grow this business at scale. We'll continue to lead with a digital-first and partner-led strategy to prioritize our market expansion and direct sales efforts. We'll accelerate investments in customer adoption and growth across the globe in every customer type across verticals. Finally, we're driving productivity as we continue to focus on enabling our sellers from a platform-selling perspective. I am incredibly bullish about this business over the long term. I think the world we are in now, where people have the expectation to do anything from anywhere, favors us at DocuSign. With that, I'm going to turn things over to you, Cynthia. Thanks, Loren, and hello again. I know most of you, but for those I haven't had the chance to meet yet, I'm excited to have you join us today for our inaugural Analyst Day, and I'm equally excited to be here with you. Being on DocuSign's board the last few years and chair of the audit committee has been a pleasure. However, I'm thrilled to now be working alongside Dan and the entire team here at DocuSign in an operating capacity to help the company grow and scale to $5 billion and beyond. When I take a step back and I think about it, we are just getting started. Thinking about $5 billion and beyond, how do we get there? I'll be talking with you today about four key areas, ranging from laying the foundation for that growth, diving a little deeper into our business model, highlighting the various expansion levers we have, and finally ending with just how much leverage we see in our model. Let me begin with the foundation for our growth at scale. Fiscal year 2021 was a monumental year of firsts. We crossed $1 billion in revenue and reached nearly $1.5 billion in the same year. International revenue is approaching $300 million. Billings surpassed $1.7 billion for the year, and we are well on our way to the next billion. We showed incredible operating leverage with 12% operating margins and free cash flow of 15%. Just about every other metric you can think of was equally impressive this year, from direct customers to dollar net retention and more. We grew number of total customers to 892,000, adding nearly the same number of customers this past year as we had in total at the same time we went public. We had close to 600 customers greater than $300,000, and dollar net retention was at record high of 123%, exceeding our historical range for the third consecutive quarter. As Scott talked about, perhaps the best indicator of DocuSign's potential is the incredible market opportunity in front of us. Our brand recognition is off the charts. DocuSign has become synonymous with eSignature, and we are a critical pillar in the anywhere economy. As the trusted and market leader in the industry, we've got a bird's eye view of where different organizations, customer segments, verticals are in the digital transformation process and how we can help them move faster, smarter, more securely, and efficiently across the agreement process. We are going after a $50 billion market opportunity and are just scratching the surface of a market moving from offline to online, from pen and paper to automation. From our vantage point, there's a long way to go. Just how long? To give you an idea, I was a software internet banker for quite some time, and I can tell you it's rare to see a company like DocuSign growing so quickly at scale 17 years after it was founded. Many SaaS companies go public after six, seven, eight years with a couple of hundred million dollars of revenue and some pretty big losses. DocuSign was different. The company was building something special, a very horizontal platform that could be used by just about any organization in the world to help streamline their business and help them come to agreement faster. While it took us that long to reach $1 billion in revenue, from our vantage point, it's not surprising to see that we're already halfway to our next $1 billion in less than a year's time. How do we get to that next $1 billion and the one after that? By focusing on driving growth at scale. It's a unique recipe for each company, yet one that often has similar elements. The first is innovation. As you heard Tom talk about, DocuSign has been a nonstop innovation engine for well over a decade and counting. Sure, we could have just built our eSignature product and stopped there, but we kept listening and learning from our customers and thinking about the next step forward. In doing so, we introduced the Agreement Cloud because it's not just about signing, it's about coming to agreement and enabling that process for all people and organizations worldwide. In order to do that and make our customers successful, innovation has to be top of our list. A close second for sure is having multiple ways to grow and expand with our customers. Whether it's increasing volumes of envelopes, adding new use cases, our go-to-market organization is second to none. Loren described the incredibly effective way our model works to drive brand recognition and lead generation through our digital engine. This creates a network effect and leverage with a digital-first motion, which allows us to then have our salespeople focus on direct new customers and upsell opportunities big and small. It's a rare company that has the breadth we do in our go-to-market organization, from the individual up to the Fortune 50 across vertical industries and geographies, as we're just getting started. Third has to be building our customer success and partner ecosystem. These components are critical pieces of our value proposition. Getting our customers up and running and successful on the platform is our top customer priority and will drive our Agreement Cloud strategy. We also invest in our partners from resellers to SIs and beyond. DocuSign's set of partners spans across tech and even competing entities because they recognize just how important DocuSign's leading position is. To have over 350 pre-built integrations for customers to choose from in order to get up and working quickly is crucial. Finally, perhaps the less glamorous but no less important is the scaling of our platform and operations. From our product platform and sales capacity to our infrastructure and back office systems, we need to be prepared to meet the needs of our customers and the opportunity in front of us. If this year has taught us anything, it's that. We're working hard to make sure we're ahead of the curve, especially as we continue to scale. Now on to our model. I know most of you are well-versed on our capacity-based subscription model, but I thought I'd spend just a few minutes highlighting some of the key elements. We're a high-growth recurring revenue model with a strong dollar net retention of 123%. We operate under a prepaid model where customers buy from us in two ways. First, they select their product and what level of functionality they need. Second, they choose a capacity needed for their particular use case or cases. This is a set quantity that is prepaid upfront. While some digital customers have monthly contracts, the majority of our customers operate on a one to three-year contract with a dollar weighted average of 18 months. We bill annually in advance, duration typically does not come into play in our billings metric. In terms of overages, we typically don't charge for them, but use it as an opportunity to upsell or early renew. All of this has led to strong and consistent growth at scale. 95% of our revenue is subscription-based. The other 5% is professional services and some small in-period revenue. As you can see, subscription revenue typically outpaces total revenue. About 12% of our total revenue comes from digital, web, and mobile, which is our self-serve channel, the rest from our direct sales. As you know, we report billings growth each quarter. We all know the pitfalls of billings, volatility, fluctuations due to the timing of deals, including renewals, which results in less predictability versus revenue, which is why we focus on revenue, and for billings, we look at a trailing 12-month average rather than a single quarter or point in time. We had a record quarter with over half a billion dollars of billings in Q4. If you look back pre-COVID, what you'll see is that the average billings growth generally fell in the low to mid-30s. While we may not see the peak billings growth rates that we saw during the early days of COVID, we expect to continue to see strong growth rates, especially at our scale. With $1.7 billion in billings as of year-end, that's a pretty impressive start to the year. A big component of this is our many areas of diversified growth. With nearly 1 billion signers over the year, our global reach is unmatched. While not all users will become customers, the awareness, brand recognition this drives for us is critical. With less than 1 million total customers currently and just 125,000 direct customers, there are millions and millions of more customers that are still doing things manually. Just think of the number of businesses in the U.S. alone, over 30 million, you can tell by our growth rates we're continuing to see success in unlocking new customers, getting them onto the platform, driving ROI for them, all while creating more opportunities for our customers and helping drive DocuSign's growth. Those customers run across just about every vertical you can think of, healthcare, education, financial services, public sector, technology, business services, retail, you name it. Over 75% of the Fortune 500 are DocuSign customers. In other industries, that might sound like a mature market, but for eSignature and the rest of the Agreement Cloud, it's just the beginning. Yes, we have 15 of the top 15 financial services companies as our customers, but that does not mean that virtually any of them are yet fully penetrated. That's yet to come, one of the biggest reasons our sales force is as excited as we are at their prospects. One of the important things to remember is that most of our revenue and market penetration to date is in the U.S. Internationally, DocuSign reaches over 180 countries through our digital channels, reflecting a big opportunity as most countries are even earlier than the U.S. in their digital journeys. At the time of our IPO, our international business was about 17% of total revenue. Since then, it's grown to about 20% of the business in fiscal 2021. While that doesn't seem huge for a company of our size, and we'd agree, we've made some sizable headway this year and have brought additional senior leadership to the team across the globe as we see it as the biggest potential growth driver of our future. The strength of our international business has been overshadowed by the scale and continuing robustness of our U.S. business. Last year, international sales grew 67%, fast approaching $300 million in revenue. As Loren mentioned, we've been focused on our Focus 8 countries and really driving customer adoption as we continue to look to the future and identify other countries through our digital channel and partners. Expansion from our existing customer base continues to drive the vast majority of our revenue. As you can see here, we're making good progress, and the pacing and sizing of expansions is accelerating with each cohort. Given the breadth and depth of our customer base, we have no customer concentration or reliance on any one cohort. To give you some flavor, when you look at our top customers, they can start anywhere from a few hundred dollars to $1 million or more. On average, their first expansion occurs at the one-year anniversary, and it takes several more years before they reach $1 million in ACV. With such a huge influx of new customers last year, the potential pipeline of expansion opportunities is growing. We have to make sure we execute and help our customers be successful, and we're doing that through our investments in our customer success organization to make sure we set our customers up for success, get them up and running on the platform, help them utilize the capacity they've purchased, and see the advantages, all while developing new use cases for other parts of their organizations. All of this has driven a consistently strong dollar net retention. Historically, we've been in a range of 112%-119%, and based on our experience, anywhere in that range was a healthy place for our business. Like the rest of our business, this number has been driven primarily by eSignature, and to a lesser extent and more recently, expansions into the rest of the Agreement Cloud. The calculation is based on bookings. In the last eight quarters, and with the onset of the Anywhere Economy, we've seen a pretty remarkable trajectory upwards and outside of that range to a record high of 123% this quarter. While I can't say that it will continue to go up and to the right, we do expect at least to be at the high end of our historical range this year as we continue to see a big opportunity to upsell into our existing install base, particularly given the number of new customers we have added over the last 12 months. At the same time, that denominator is growing, and we all know that gets harder and harder to drive proportionately at scale. Finally, let me touch on our operating leverage. This chart pretty much says it all. Since we went public right around non-GAAP breakeven, operating margins have significantly improved, up 7.5% over last year. Having ended the year at 17% in Q4, we're really starting to see the potential of our model as we demonstrate high growth at scale. Our first priority is to grow the business, and we will continue to look for opportunities to invest for growth across the massive market opportunity. Given our position in the market, it's ours to win. However, we are building a long-term sustainable business, so we'll continue to see operating leverage, even if not at the seismic levels as last year. We will continue to push towards our target model of 20%-25% operating margin over the next few years. Of course, the biggest component of that is our sales and marketing expense. Since IPO, we've driven it down seven points. Again, while we don't expect to see quite as drastic a move as we did last year, we are increasing capacity while driving solid productivity, efficiency improvements, and optimizing our land and expand motion. We are doing this by balancing our operating goals with important investments like our Digital First motion, where and how much sales capacity we're adding and when. R&D, on the other hand, has largely been operating within our target model range. We expect continued investments in eSignature to grow our leadership position and to make the rest of the Agreement Cloud available everywhere we sell as we democratize many of those offerings. With innovation as an ongoing priority, we will continue to scale ahead of the consumption we are seeing. One important element of investment is improving the predictable value of our product releases. We're doing this by building out software development life cycle teams and corresponding processes to orchestrate across different releases. We've also established efficient shared services in order to put better organizational structures in place to allow product development to scale and optimize operating processes better. We're making sure we have the foundation in place to help build a single platform across the DAC, and product experience is implementing a design system across the DAC products. Perhaps one of our most impressive metrics this year was the growth of our cash flow margins, up 8 to 9 points over last year, excluding the $75 million debt discount. Said another way, operating cash flow of 26% margin and free cash flow margin of 20%. Overall, we've seen strong leverage as we've continued to invest in the platform and new products to support growth. We expect CapEx to mostly be directed towards platform infrastructure expense to support elevated capacity demands. Facilities CapEx has mostly been at normalized levels and related to the completion of data centers. As you know, we recently completed a set of financing transactions to put together a more strategic capital structure as we head into the next phase of our growth. In January, we completed a $690 million convert at a record premium and a 0% coupon due in 2024 to take down roughly $460 million in principal from our existing 2023 convert. We also put $144 million on the balance sheet. Additionally, we put in place a $500 million revolving credit facility with a $250 million accordion option. Over the course of the last few years, you've seen us make several investments and a handful of acquisitions as we built out the Agreement Cloud. While our cash flow is more than sufficient to cover our working capital needs, we took these steps to give us the maximum amount of flexibility to take advantage of future potential opportunities as they arise. All of this culminates in our long-term target model, which we're on track to achieve on schedule in the next two years. As we've said all along, we believe we can achieve these targets while driving growth at scale. Always the caveat to that is growth is our number one priority, so where we see the opportunity to invest into demand, we will. Before I hand it over to Annie to help us with the Q&A, there are three things that sit atop of my mind about DocuSign, the rarefied air we occupy, and why I'm so excited to be part of the team. First, the opportunity is massive and the runway almost equally so. Second, growth will continue to be our number one priority as we strive to execute on the multiple growth levers in front of us. Finally, the strength of our operating model is becoming clear as we reach scale, and I'm personally thrilled to be part of it. Now back to Annie. Thanks so much, Cynthia. Now we'll move on to Q&A for everyone. As a reminder to our analysts, you're welcome to submit a question via the Q&A function in Zoom. With that, let's get started with our first question. This one basically is for Dan. What we're looking at here is in terms of ultimately how investors should think about DocuSign post-pandemic, the sustainability of our growth, and why you believe DocuSign will be above pre-COVID levels. I'll turn it over to Dan. Thanks, Annie. Yeah. I think this is a core question that we've been talking with everyone since the last earnings, as we're starting to see a little bit of light at the end of the tunnel, with vaccines, to think we're going to come to some sort of new normal. We're calling it back to better at DocuSign. I think what we've seen are a couple factors. One is that the transformation that our customers are undergoing and leveraging DocuSign to drive, this is not a short-term thing. This is not something that just sort of happened because of the pandemic. This is something that was happening, and it's been happening for years, and we believe it's going to continue to happen for years. We think that what we've seen happen because of the pandemic is that we've seen sort of a one-time step-up where people actually accelerated their transformation at a faster rate. We've talked about the fact that we had 50% revenue growth last year. While that's wonderful and we're pleased about it's probably not going to be sort of the new normal for us, as much as that would be attractive even at these higher and higher revenue levels. We are pleased to see that the core things that were driving that, the transformations, the ROI people are getting, the roadmaps that our customers are showing us about all the additional things they want to do, that's just with eSignature as well as the rest of the DocuSign Agreement Cloud. We feel that we're so early in the TAM and we have a significant amount of time ahead of us for this kind of very aggressive growth. Great. Thanks, Dan. Next question comes from Michael at Wells Fargo on customer penetration. Scott, I'm gonna send this one over to you. You've mentioned mid-single digit type penetration in the past. Is there a chance we can revisit that? Do you have a sense of what penetration looks like today in the U.S. versus international? What informs that number from your vantage point? Secondarily, does that also hold across key verticals? Loren might wanna chime in after that. Over to you, Scott. Great. Thanks, Annie, and hi, everyone. As we've been saying, we're early innings in the opportunity, and we're in the single-digit penetration in the U.S., and it's even smaller where the majority of the TAM is internationally. I think the biggest thing, and Dan hit on this, if you think about the last 12 months, the biggest change is the addressability of that TAM. We are seeing the increased brand awareness, and we do studies all over the globe in our core countries, and you can see the awareness for the eSignature category is dramatically increased. Also the awareness of DocuSign has dramatically increased. We're seeing that translated into more traffic to our website, more trials downloaded directly off of our digital channels. I think the big fundamental takeaway, I think that's happened with COVID, yeah, we saw that acceleration that Dan mentioned, but more importantly, the market is more aware than ever that, hey, things are moving to be more electronically executed. Most businesses still are using pen and paper, we believe we have a huge opportunity ahead of us to grow. Increasingly, that potential customer base is primed and have better understanding of that electronic signature. More importantly, the Agreement Cloud is going to be something that they're going to need to leverage. Okay. Next question is from Stan, Morgan Stanley. This one, I think we'll start with Dan, and then, and then Cynthia, you may wanna chime in after that. When you think about the path to $5 billion of revenue, what kind of timeframe are you contemplating, and how big will the core signature, eSignature part of it be versus the rest of the Agreement Cloud? Dan? We set $5 billion as our next, you know, kind of goal when we hit $1 billion. Initially, we talked about maybe setting $2 billion, but we kinda realized that was just gonna happen anyway, with the momentum in our business. As you've seen the, you know, the guidance that Cynthia's already provided, is that we'll basically be at $2 billion this year. That happened pretty quickly, just two years to double the size of the business. When we think about the timeframe to $5 billion, I think while we're not coming forward with sort of a long-term growth rate, you see kind of the growth we've had, and we've talked about this phenomenon that Annie referred to earlier, that we think we're gonna grow at rates of our revenue at or higher than we were pre-COVID. You can see with the power of compounding, it's only gonna be a few years before we get those, you know, those two doubles to get us to five. It's only a few years out, and I think that the mix question is gonna be clearly revenue will still be the dramatic lead for us. As we start getting to that level of around $5 billion, you'll see some of the other DocuSign Agreement Cloud products start to become a meaningful share. Today, they're still very small, and the reality is, because of the high growth of our signature business, it's very difficult for the new products actually to take share, right? We're not doing blockbuster sort of M&A deals to bring in massive amounts of revenue. You know, Tom and his team have been integrating small sort of add-on capabilities and then growing them, you know, within our platform. I think you got a few years out, and then you've got probably a fairly substantial portion of that revenue will start to be the broader Agreement Cloud as we hit that $5 billion. Yeah, Dan, I think you covered that question well. I think the only thing I would add is, one, our guidance this year is just below $2 billion, right? The point is, we're growing tremendously at scale, and we're growing faster than we were pre-COVID at a lot bigger volume, type of numbers. I think the second point is just around, you know, our growth at scale, and we could really get to $5 billion, you know, just on eSignature alone. As you mentioned in, I mean, Momentum earlier, we're really defining a category here, right? It's gonna take some time, and we're building out kind of our product capability and customer use cases across the category. It will take time, but what will get us to $10 billion and beyond is kind of the Agreement Cloud and all the products we're building around that. What will get us to five is eSignature with a lot of investment in growth around the Agreement Cloud and building out that capability across the customer base and the use cases across the customer base. That's a little bit of color that I would add around that one. Great. Thanks, Cynthia. Next question comes from Michael at Wells Fargo around, and a couple people have been asking about this, around international expansion. I'm gonna send this one over to you, Loren. You've mentioned the likelihood of adding an additional market or two. How repeatable is that playbook as you roll into other regions, and how should we think about incremental investments there? Is there anything you can add around how you'd expect sort of economic profile of international customer companies to that in the U.S.? Over to you, Loren. That's a good question. I think as you've probably heard, we do have a very specific and deliberate strategy around how we're thinking about bringing in what we consider core countries and how we invest appropriately across those core countries. As you know, we currently have eight of those countries. There are certain common denominators that are evaluated around what we need to see in one of those countries or regions for us to go and invest, both from a digital perspective, or previously known as web and mobile. As well as from a direct and partner perspective. I would say the answer is yes, it's quite repeatable because we've been doing it fairly successfully for a period of time now. I think part two to the first question was sort of really around, do we look to add additional countries to that core list of eight. The answer is yes, we will, as soon as they meet some of those specific criteria that we look for. Hopefully that answers that piece of the question. I think the other component, which was really the part two, is really around what are the different economic profiles coming from the different types of buyers based on region or country, and they are different. Some of those things are related to the maturity that we are in terms of when we came into the country. If you look at when we came into Japan, it's quite a bit later than when we went into the U.K. The buyer behavior is still one, as Scott mentioned, is really around education and learning. We've got a team that's very focused on that. Then the other piece of it, I think, really has to do with whether the country is a common or civil law country. That has a big impact on how we go to market, what products we need to make sure that we are ready to go to market with, and/or is there an opportunity to potentially look at another path or route to market in those countries via an acquisition or the like. Great. Thanks, Loren. Annie, I might just add to that just two things. One is just around international and growth, right? When we think about, to the earlier question, our path to $5 billion and beyond, international is going to be a huge part of that. Scott said during his presentation, when you look at our TAM, the majority of it is international, and we're just in such early days there. I would just underscore the growth of international is going to be a big contributor to the growth of our path to $5 billion and beyond. Second, under digital, when you think about Digital First, it's really a differentiator for DocuSign in terms of that motion and how we unfold the international markets. We really get additional insights into what markets our product and product portfolio might resonate with customers. I think that's pretty unique to us, and is a key differentiator when we think about international. Yeah. Great add. Thanks, Cynthia. Tom, a follow-up on that question for you. When you think about the international products, are there any that come to mind, especially as you think about the different requirements country by country, that our customers might have that have been real sort of differentiators for us as we think about DocuSign from a more global perspective? Sure. First and foremost, the international opportunity is big, as everybody's talked about. It is a little bit more complicated, which Loren mentioned. By geography, you have different requirements for digital signature, which we already support. In many cases, there are regionally specific requirements around asserting your identity in the context of a given transaction. That's the reason we built something like the identity framework that we ship and have DocuSign Identify as a product country by country. We're able to tune that with third-party providers to validate government-issued IDs, for example, as part of completing a transaction. Those sorts of things are what end up being complicated. What I would say is we're positioned actually very well, from my perspective. I think awareness has been lagging. As Loren said, as Dan alluded to, there was this big step function jump in awareness over the past year or so. I think that we're able to respond to the increased interest in international markets and come in and really go talk about these things that differentiate DocuSign and make us relevant to help bring more and more users on board so they can agree legally in each of these jurisdictions. Great. Thanks very much. This one will go to you, Cynthia. This is from Kirk at Evercore. You mentioned that you believe that you all can get to your long-term targets from a margin perspective in the next few years. Is that right? What would be the reasons if that didn't happen, i.e., higher cost of the international business, et cetera? For us, just given the market opportunity, it's really all about growth. We're on track and on pace to hit our target margins in the next couple of years. We've kind of demonstrated that. I think last year is a great example of we outperformed on the top line and a lot of it dropped to the bottom line. We wouldn't expect that to continue, and we really are prioritizing top line growth. You should expect to see us look into the market, look into the opportunity with customers, and continue to invest aggressively across that, mainly in kind of our go-to-market, our sales capacity. International growth will be a big part of that. Also in R&D and continue to build out the product portfolio and the product suite across the Agreement Cloud. We're going to invest aggressively, but we should continue to kind of be on pace on our margin, but if we see opportunities to invest in growth, we will take those at the expense of margin, kind of as we go. Right now we're on target, and we'll keep you updated as we see those investment opportunities. We'll be talking about those more. Great. This one comes from Sterling, JP Morgan. Adobe reported earnings yesterday, as you all know, and they commented that they had about 50% growth in Adobe Sign this quarter for the first time. This has been a little bit closer, if you will, to DocuSign's in the quarter, which, as you know, was 57%. This one, Scott, goes to you, and maybe a follow-up from Loren. Do you guys see anything changing competitively in that dynamic in general, but specifically with Adobe? Yeah, great question. I think in general, we don't see a big change in the competitive dynamic with Adobe. I think clearly we've talked about our size versus Adobe Sign. We're significantly larger. We've articulated about five to six times bigger. I think the category, as I mentioned earlier, I think is expanding. They're growing faster off a smaller base. I think that as you see the maturity of these customers evolve, not only are they going to want to electronically sign documents, but as Tom, and we've been talking about as part of Momentum, increasingly the buying criteria of the customer set is going to get more sophisticated. They're going to need better ways to agree to anything, anywhere. They're going to need to start managing and automating their broader agreement processes. As new customers come into the marketplace, we believe they're going to have more sophisticated buying needs long term, which we believe plays into a lot of the strengths that DocuSign has around the investments that we're making in the broader Agreement Cloud. Loren, you might have a few comments to add. Yeah, no, I think that was really well said, Scott. I think the only thing that I would underline the fact that, no, we don't see anything dramatically changing, although we always apply a healthy skepticism as we look across our competitive landscape. There's a couple of things that I would call out, which is sort of how we engage with customers and what they continue to reiterate with us, with regards to what's important to them. There's really two main categories. Number one is the infrastructure and stability of the platform in which they trust. As Scott mentioned, so many of our customers rely on the stability of our infrastructure to transact some of the most valuable things those organizations do. Having that uptime is critical for them. The other one is just a very easy and neat integration into the existing and proprietary infrastructure that our customers already have. What do I mean by that? Our ability to integrate seamlessly into all of the existing systems, regardless of what vertical one of our customers may be in, is really, really important and eliminates the requirement for them to have to build additional integration points or middleware. Our ability to integrate is best in breed. We can rely very, very heavily, I think, on those two factors or denominators around how we go to market and how we see our product as differentiated. Yeah. Thanks, Loren. Scott, just a follow-up to that, Tom, for you, when you think about our product from a technological perspective, what do you see as the key technological differentiators and call it barriers to entry for eSignature, and then secondarily, moving on to CLM? Sure. Loren's already mentioned some of these, and we've alluded to a couple of others. I would start out by saying from a differentiation perspective, it's not just the fact that we've got a foundation of trust established with customers and we operate at a scale greater than the competitors. We also have hundreds of millions of users that give us constant feedback and sort of guide what we do. That's really led us to continue to drive innovation in eSignature at our core around ease of use, and then differentiate by pulling more and more of the agreement process into that automation naturally. You see ease-of-use capabilities like integration with Slack and Teams that we've just announced recently to reach users in the productivity apps that they use every day. You see capability that we showed today, advanced capability like responsive signing for reaching users on any device, Signing Insights for optimizing your signing experience end to end, then advanced capability in things like identity verification that we talked about as well, now the introduction of DocuSign Notary. The fundamental feedback we've received from our customers is the more they begin to adopt DocuSign for some basic scenarios around signing, they realize they're not just signing documents. What they're trying to do is actually transform their agreements. In order to do that, you have to pull more of the agreement process into that digitization, you want to do that through a common experience. DocuSign offers a DocuSign-branded common experience in our applications for those things. Straight. As Loren noted, a lot of times what the customers really value is the fact that we can deeply integrate with their brand and the experience that they want to give their customers as well. I think one of the biggest advantages that we have is that depth of integration and the ability to fit with the experience that customers want to give to their clients. If you want me to, I can comment on CLM specifically and the rest of the Agreement Cloud. Yeah, I think people would love to hear that. Yep. Sure. It's also beyond eSignature. We're not just focused on signing documents. That's certainly a core of what we do, and we know how to do that effectively. Really, again, it's about agreements end to end. The introduction of the Agreement Cloud, and you heard from Unilever earlier today and Snowflake as well about how important it is that there's a vision and an ability to begin to actually act on the obligations in an agreement, to manage them over their life cycle and become more efficient. With CLM, we're particularly differentiated and strong in the area of sell side, both for the SMB scenario that I showed on a demo earlier, but also for large enterprises. If the data originates in a selling system like Salesforce, we can bind to those objects directly, make it very easy to generate ready-to-go documents, negotiate those as part of the agreement process, and accelerate through that cycle. A few customers and kind of scenarios that stand out that people buy for. I can think there's a rather large nonprofit that automates its grant-making process with DocuSign and takes advantage of our advanced workflow routing capabilities and a bunch of what we do around traditional routing for pre-review and negotiation. You have a customer that's featured later today, like Cisco, as part of one of the breakouts with Momentum that people can check out. They tend to use DocuSign CLM and our analytics capabilities to go in and drive procurement. They start with something like our differentiated Procurement Accelerator and then are able to build custom models on top of that get to more advanced functionality. It allows you to match your business processes themselves and to effectively make the product your own. One of the significant things we're trying to do around CLM is take it from the world of 12-18 months deployment cycles and make it sort of DocuSign easy use and bring it back to that motion where people get initial value immediately, very task-focused and oriented in what they do. You have the strength of our professional services and our partners to build on that and expand, and a lot of that same customizability and enrichment. Again, with CLM, you can make it part of your own experience, just like with eSignature. That was great. Thanks, Tom. Sure. Next question, I think this probably goes, Cynthia, to you and Scott. This is Will from Baird. Following on to the CLM question, percent of revenue does CLM really represent today, and what are the expectations for it to grow over the next three and maybe five years? How do you think about what the biggest drivers are there? Is that AI pre and post signature, or how should folks think about that? Maybe I'll kick off, and then Scott, maybe you can talk about the driver. In terms of percent of revenue, we don't disclose what percent of revenue specifically, but the Agreement Cloud today makes up a very small percentage of the overall revenue, and that includes CLM, it includes Seal, it includes the AI pieces. It will include notary as kind of an extension of eSignature. eSignature is the vast majority of the revenue, and it's growing really strongly. We're making a lot of investments across the Agreement Cloud. Those will become a bigger percentage of revenue over time. I would expect by the time we get to $5 billion, it will still be a relatively small proportion of revenue, and we'll be watching it closely as we make these investments, because it is a huge part of our future in terms of how we're going to grow revenue over time and kind of sustain our growth over a long period of time. Scott, maybe you can talk a little bit about the drivers across the Agreement Cloud and how we think about that. Great, happy to do that. As we said earlier, we believe everybody's going to have an Agreement Cloud. Doesn't matter if you're an enterprise customer or small business, it's just a matter of time. I think that there's a natural journey, though, for customers, and we see it. You got to remember, a lot of the new customers we brought in has happened over the last couple of years. Also, a lot of these new products that we're talking about, DocuSign CLM, DocuSign Insight, DocuSign Analyzer, in most cases, we've had these products for less than a couple of years. A lot of this is a new phenomenon. Typically, our customers will start with eSignature. Most of them start in the front office. They'll start with some sort of customer-facing use case, and then they'll move to the back office. This is the same thing we see with CLM. They'll start with the front office and sell-side contracts. You saw this with Snowflake, they'll move to the back office. Increasingly, as companies get more sophisticated, we saw that with Unilever. I was talking with a bank this week. They had already bought Seal Software and SpringCM before we ever acquired them. They're looking for us to put these pieces of the puzzle together for them. As Cynthia mentioned, it's a smaller piece of our revenue today, but we believe ultimately that is how small businesses and ultimately enterprise companies are going to want to buy. It's just a matter of where they are in the digital transformation of their agreements. Once they start having success with eSignature, both in the front office and in the back office, they'll start automating their end-to-end agreement processes. We think that is the next big step, hence why we think CLM will be the largest contributor out next to eSignature. Then we start getting into analytics, and then we start getting into kind of unifying all their agreements on one single repository. That's how we see it. We think it's going to be incredibly important to drive stickiness of our platform. Also, we believe it's what our customers want from us, and even if they don't buy the whole Agreement Cloud today, they believe that that is the right vision for them, so they're willing to pay us a higher premium, even if they're just using us for eSignature. More importantly, they're buying into a platform that they can really grow into and grow out of. It's absolutely critical to our strategy. Great. Thanks, Scott. This one's from Rob Owens from Piper. Dan, we'll start with you, and then maybe Loren can chime in. Over the next few years, where do you foresee the biggest vertical opportunities that are currently going through disruption driven by digital transformation? We're an interesting company in that we're quite broad. We don't really have any concentration in one particular vertical, but we do have certain industries that we do well in. I think the years ahead are probably going to initially look a little bit like the years that we've recently had in the past. If I think about financial services, if I think about healthcare and life sciences, when I think about the opportunity that we, I think, is really going to be big from a federal standpoint, public sector in general, but federal, I think is where we're going to have a bigger turbocharging there. Those are probably the places where I would see the biggest opportunities going forward. Again, with the exception of federal, which has been nascent for us, where the rest of the public sector has been strong, those are the places, banking, insurance, pharma, those are the places where we've had our greatest successes in the past, but we're just so lightly penetrated. I think that's where we will continue to have the biggest successes going forward. Loren, I don't know if you have additional insight, but that's where I'd start. Yeah, I think that's well said. I also would say that the vertical strategy that we have helps to create a level of durability because we are at the dense point across so many different verticals. Similar to what I mentioned around international, where we have some core countries. From a vertical perspective, we operate very similarly in that we have some core verticals that we go deep into. Public sector, as Dan mentioned, is one of them. The good news is that while we may operate similarly within some of those verticals, the opportunity, given the amount of customers that we now have in those verticals to sell them more product, is where I think the big opportunity comes. I think that has a lot to do with transitioning how we talk to those customers. Scott talked a lot about that in terms of not just selling a specific product to meet a need, but changing the dynamic of the conversation with a customer to accommodate multiple needs across multiple departments inside of those specific companies. The vertical strategy, I think continues to be core. Then I think as I mentioned before, in industries like retail and manufacturing, which are not core to our business today, doesn't mean we don't touch those, because we do. I think we'll start to see more and more traction in some of those industries as they become more familiar with their own digital journey. We'll be there to help them along that path. Great. Thanks, Loren. Cynthia, this one might go to you and Scott. This is from Shebly at FBN. With the recent capital raise, how are you thinking about different areas of expansion, likely inorganically? What makes the most sense as you sit here today? Sure. Maybe just touching on the recent financing. That was really about optimizing our capital structure and giving us more financial flexibility, just given the attractiveness of the markets right now and being able to fortify our balance sheet, but also just have really inexpensive capital at the ready. Part of that is, we don't need it. Our cash flow profile is quite attractive right now. To give us flexibility as we think forward into some of these growth areas. I would say, you should expect us to continue to do tuck-in type of acquisitions that you've seen us do in the past to expand our product portfolio, to accelerate our roadmap. A lot of what we've done is really around product, tech, talent. I would expect we'd continue to do those. Scott, you may want to elaborate on what some of those areas are, or even Tom. I wouldn't expect us to do blockbuster deals in the foreseeable future. We'll be opportunistic, and the financing was really around making sure that we have that operating flexibility, both for organic and also potentially inorganic growth. I'm happy to hit on some of the key themes. Obviously, can't get into specifics, but we feel, first off, great about the acquisitions that we've done, obviously with SpringCM, on the contract lifecycle management, Seal Software, which was a leading AI company, and then Liveoak, to bring remote notary, which we shared today. We feel great about those. Those offerings are primarily focused on the mid-market to enterprise, being able to support the end-to-end automation of agreement processes. I think the themes that I think you will see us continually look at is how do we open up new use cases, both in North America, but also internationally. For example, notary was a great example of that. For particular use cases, it required the agreements to get notarized. That's why we wanted to get into remote notary. We'll look for other opportunities to open up additional use cases that we might not have been able to access. We'll focus on that. I think the other key theme is verticalization. We're very mature in our go-to-market, as it relates to going and attacking verticals and making sure that we understand how to apply the Agreement Cloud in the context of that specific industry. We'll look for opportunities to get more sophisticated and make sure that we're meeting the needs of those industry verticals, especially when you think about public sector and healthcare, life sciences, and financial services. I think the other piece that I would mention is if you think about the small end of our business, we got hundreds of thousands of customers that we'll continue to look for opportunities, where we can have offerings that we can sell digitally, that are super easy to implement and configure, that play into our strength of our core eSignature offerings. Hopefully that gives you a couple key themes that we're going to be continually looking out in the horizon. Great. Thanks, guys. Next is a question from Michael at Wells Fargo. Folks are really excited about Notary. I can't tell you how many times I've heard about it from my audience. It looks super exciting and valuable. You guys mentioned the initial launch is the first-party focus. Anything else you can provide in terms of how many businesses there are that fall into that category, and how Notary adoption could really add to the sale and/or the value of the sale when the analysts try to think about that bucket and what the spend profile would look like for those customers. Scott, I don't know if you want to start, and then maybe, Loren or Tom chime in from there. Yeah, I'm happy to do that. We're obviously extremely excited about remote notary. I bet you are as well. I think there's two parts of the notary market, and one, which is called first party, and the other, which we call third party. First party is you bring your own notary. If you think about a bank, banks actually hire their own internal notaries to sit in the bank, and when you need to get something notarized, they can do that. Obviously when you start thinking about third party, that's in the case that the bank wouldn't provide the notary, and you'd have to actually go find an independent notary. We actually believe that the current kind of TAM that we've shared, and just the market talks about, we think it's underrepresented, because typically what they do is we think they categorize and calculate the third party. They don't really capture the first party that much, because in most cases, the bank is actually paying for the notary. It's their cost of doing business. We think remote notary, and one of the reasons why we focused on the first-party notary solution is our customers said, "Hey, this is very inefficient. We have notaries sitting across all our banks we're paying a lot of money for that we might not even need to notarize a document in a given day. We really focused on going after this first-party Notary availability to give our core customers the ability to bring together a notary with the customer in a remote setting, anytime, anywhere. That has been the big focus of this initial launch, obviously, it's focused in North America. Tom, I know you're knee-deep in the Notary opportunity. I know you'll have some comments and color you want to add. Sure. Thanks, Scott. Yeah, I think you covered pretty well this notion that people refer outside on occasion to go get that. We think that will still continue in the future to some extent. The initial focus, as Scott said, is on first-party notary. I want us to consider the facets of third-party notary that are really necessary. It's that notion of being able to, if somebody just refers you out, independently source a notary to schedule that signing experience that you need to have with the notary. Those things are all elements that are on our roadmap internally, and we're working on and anticipate having delivered by the end of the year. It's certainly an area of focus to be covering of the third-party cases as well. As Scott said, those first-party cases are the ones that are very high value and that our customers were asking us to prioritize first. A couple of things that differentiate those and differentiate DocuSign Notary right out of the gate, is our ability to go provide customers with control, the choice of using their own notaries who work for them or contracted notaries. That allows them to maintain a high degree of control over the quality and the branded experience that somebody has by not sending somebody out somewhere else to get something notarized with a different product, but by integrating that experience very deeply and naturally into the rest of the signing experience that they're giving their customers. That's reflected as well in sort of what Cynthia said with this notion of these technology and talent acquisitions that we do. Liveoak was really nice for us in that it gave us the building block capabilities and components to go build Notary our way as part of sending and signing, a natural extension to that, rather than, again, sort of bolting something else on. What I would say is our approach on it is to get after third-party Notary next. We're going to do it the same way we're doing first-party Notary, and that's to make it as seamless and natural an extension of the regular sending and signing experience. Hey, Annie, maybe I'll add one other thing, just from a go-to-market perspective. I think Tom did a really nice job talking about sort of from a product perspective and how we're thinking about that. One of the things about the eNotary that I'm particularly excited about, I know the field is as well, is we have a long list of existing customers that are awaiting this feature and this functionality. Part of the verticalization strategy that we have in terms of having our core sellers and core customer success members focused on industries is that we've been able to train them specifically on these products. We have demand waiting, specifically in financial services, credit unions, small, medium, and large lenders, all of which are looking at this saying, "While we already use DocuSign, we have this incredible digital process until we have this analog break, which is this eNotary that's very time-consuming." To be able to plug that gap, and I think part of the question, I think is what you mentioned is, can we command a higher price point for that? There's no question that we can, because it's really closing that last mile of the transaction for these organizations of which are already customers of ours. It's a very exciting selling opportunity for us as well. Thanks, guys. Next one comes from Rishi at D.A. Davidson. Dan, maybe we'll start with you on this one. How are you thinking about the opportunity to get more champions or experts, excuse me, for DocuSign at the larger customers in order to decrease the reliance on consultants? What steps are we taking there that maybe grow the number of those and help accelerate the flywheel? Similarly, Kirk had asked something around just the general partner ecosystem. How are we thinking about accelerating that to help the adoption? Well, it's interesting. There's two parts to that question that I have fairly different responses to. In terms of the idea of building more champions in the company, it's a huge focus for us. We actually find that if we make those folks that play like an administrator role, a key partner at DocuSign, it does amazing things for our ability to scale the business. Our customer success team invests a lot in building those core relationships. If you think about some of the conversations we had with customers, particularly the ones that Scott had, and while you saw executives, you know, in Wei Ling and Sunny talking about our business there, a lot of the power in the execution that occurs is not from the executives. It's from that core, you know, champion at DocuSign. With some larger entities, we actually see multiple champions across different divisions to build in this space. The nature of the question may have suggested that we didn't wanna have sort of SI partners as part of that in order to have a more direct relationship, and that's where I would actually differ with the premise of the question. We actually believe one of our big investment areas and scaling opportunities is to build out a stronger SI ecosystem. In fact, one of the things we saw in the early days was a lot of SIs say, "Well, DocuSign's a great company." They came to us to talk about how they could work with us more closely. The challenge is, and we sometimes joke with Tom about this sometimes, was that the software was too good. The usability was too good. It was too easy for people to install. The SI said, "I can't make enough money on DocuSign eSignature." Now, as implementations get bigger and bigger, they're starting to rethink that, and some of those SIs are coming and saying, "Maybe there is an eSignature practice." When we bought SpringCM, we saw a complete change. They said with CLM and what you guys vision for the DocuSign Agreement Cloud, the SIs are now saying, "We wanna be part of that." We'll lead heavily with regional SIs initially, where our strength has been traditionally, and then you'll see us building into the GSIs and, you know, Scott's already having conversations with Accenture and Deloitte about how we can expand that relationship. We don't think it weakens our direct relationship. We think because of our strong product leadership space, we're not concerned that that's giving up some sort of control to the SI partners. We'd like to actually partner more aggressively with them and build a better total solution for our customers. Hey, Dan, the only thing I might add is that we are doing a lot of work with DocuSign University in the certification of our customers. Just like Salesforce certifies Salesforce admins, we're increasingly focusing on DocuSign University to certify more of our customers. That was one of the big requests that you heard from Sunny. Wants more certified folks, not only within Snowflake, but he wants more folks out in the general marketplace that he can hire. Yeah into Snowflake. That is an important thrust for us as well. I wanted to add that. Yeah. Agree. It's important. Thanks, guys. One from Dan from Morningstar. Regarding the vertical strategy, Loren, this may land in your camp. When you think about sort of beyond the selling motion, you know, how is DocuSign viewing developing more specialized vertical solutions to address the needs of, say, the U.S. federal market? We know you've got some around FinServ and/or life science, but how are you thinking about expanding those? Tom, you may wanna obviously chime in as well. Hi, Annie. Do you wanna start with Loren or do you wanna start with me? Let's start with Loren, and then go Sorry, Dan, and then go to Tom. Yeah, I mean, I think the core of the question probably has a little bit more of a product orientation to it than it does go to market. What I will say is what I mentioned earlier, which is specific to how we build integrations with the existing and core platforms that our customers are already using. For example, if you think about, you know, selling into a credit union, for example. You know, we can do one of two things. We can go and try to build a credit union-specific product, or we can look at a company like MeridianLink, which is an LOS or a loan origination system, which many credit unions already use to generate their loans. What we've done there is we've built a seamless integration into MeridianLink that allows us and their customers to use our technology in their own native environment. In that example, I think there's actually a lot more strength in, rather than just building custom solutions, looking at the solutions that our customers are already using and building seamless integrations into them. Do you want me to pick it up or Dan? Please, go ahead, Tom. Great. I think people would love to hear your perspective. Just kinda riffing on what Loren said there. Yeah. I think, you know, philosophically for us, meeting the customer in the tools they already live and work in every day is really important. What we try to focus on, you know, outside of maybe real estate, where we have a solution that tries to bring that complex ecosystem together with DocuSign Rooms for Real Estate and some of what we're doing with mortgage now. We try to focus a lot on the enabling technologies and capabilities and extensions that are necessary. Take healthcare and life sciences, for example. In healthcare and life sciences, you have to incorporate a digital signature. You need to have 21 CFR Part 11 support, which DocuSign added a few years ago as well. You need to be able to meet additional KBA requirements. We have knowledge-based authentication directly integrated into what we do. In many cases, those customers have to recertify their solutions. And we offer targeted tools and add-ons for them, actually derived from our own internal test systems, where they are able to validate each new update that we release and do their monthly reporting and validation of the systems that they process things like drug trials in, and things of that nature. We really focus on the enabling technologies as much as we can in many places. I think we've all said this year, we think having a vibrant ecosystem that consists of ISVs and SIs is really important in meeting customers where they work and providing the kind of verticalized and localized capabilities that people really need. Great. Thanks, guys. Another question. You mentioned investment in data centers. Where is capacity, and what additional investments might be needed to support that growth? An add-on, in case they missed what you said, what were total transactions in 2020? Cynthia, maybe we'll start with you on investments, and then as needed, folks can add on. Yeah, sure. We're investing kind of across the board as we've scaled. Similar to our go-to-market, where we've talked about last year, the tremendous growth in volume, kind of in some ways, demand outstripped our sales capacity, and similar on our infrastructure. Across the board, whether it's data centers or cloud and kind of how we're running our technology and running technology for our customers, that's a big investment area for us. One that we not only need to scale with the volume, but also the customer requirements or the geographic requirements, depending on international markets and trust and security, which is a big part not only of our brand, but also of our product offering. We're making the requisite investments there, and that volume is continuing to grow at pace. That will continue to be kind of part of our, call it growth investments, but across the infrastructure layer that's required to run the products. Great. Thanks. I think we got time for just one more here. We've been hearing this from a variety of folks in different ways. Maybe, Dan, we'll start with you. What gives you confidence in the NewCo growth that's been so incredibly strong throughout fiscal year 2021? When you think about customers and their motivation for moving ahead with eSignature, especially during this past year, one could argue, geez, if they haven't moved ahead in a once in a 100-year pandemic, when will they? People are trying to get at, I think, who's left out there, if you will. Yeah. Well, I think there's a lot of people left. If you go back, and let's just start this from the standpoint of the market, and then I'll talk a little bit why I'm excited about the investments we're making. From a market standpoint, we talk about the fact that we've coming up on 900,000 customers. We believe virtually every company can become a DocuSign customer, from the smallest small business to the largest Fortune company. Last time I checked, there were a lot more than 900,000 companies out there. I think it's very early days, right? We got the 25, 27, whatever it is, million businesses in the U.S. alone. I think there's a huge untapped market out there. I think one of the things that's tricky sometimes when we're in a financial services-oriented group, everyone says everyone uses DocuSign. Like, who's left, to the spirit of the question. While we're more penetrated in financial services than we are in some industries, Loren will tell you, he's still got a bunch of NewCo reps going into the vertical. Not just outside of the U.S., in the U.S., there's still significantly more. Guys, this is very early days in the penetration of the market. The other reason that I'm pretty bullish on the years ahead, as Cynthia was describing, of significant growth, both of NewCo as well as increasing our penetration of the existing, is the investments we're making. This is a growth first company for sure. If you look at the scale and the capacity that we're building in Loren's direct team, it's significant. We talked about international a little bit today. We would not have asked Mike Sheridan to lead this very significant opportunity effort if it wasn't an effort against a very significant opportunity. We see that not only from the standpoint of the core things that we want to do in those Focus 8 countries we are today, but the rest of those countries that we see direct opportunity. As Cynthia indicated earlier, this is a piece that I think may not be something we've emphasized enough, is our digital business is a really strong secret weapon for us here, right? If you think about the SMB business, only about 15% of our revenue, but on the international theater, it's a much more significant portion in a lot of those markets. We think that not only is a big growth area in which Scott and his team are investing heavily in going after, it's also going to uncover the insights of which countries we will follow, and Loren will build a direct team to go after. We feel like we have so much NewCo opportunity ahead of us because the market is ginormous, to use a technical term. Because I think what's really important here is we are focused on investing in that growth, both in international and domestically. I appreciate the question, but we don't see anything close to a headwind there. We see this as a locomotive, and we're going full speed ahead. Well, thank you so much, and thank you to everybody for joining us today. I think that's probably a good place to wrap up the Q&A. We hope you enjoyed the meeting today with our team, and wanted to thank everybody for all of their hard work in putting together all of the material for our first Analyst Day. For those of you in our audience, we will be sharing the slides later this afternoon, and a replay will be available as of the end of this week as well. Thanks again for joining us. If you do have any follow-up questions, you're certainly welcome to email us at investors@docusign.com. Be safe, and we look forward to seeing you all soon. Take care.