DOCUSIGN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended January 31,

Year Ended January 31,

(in thousands, except per share data)

2020

2019

2020

2019

Revenue:

Subscription

$

258,122

$

187,572

$

918,463

$

663,657

Professional services and other

16,773

12,160

55,508

37,312

Total revenue

274,895

199,732

973,971

700,969

Cost of revenue:

Subscription

48,162

33,560

163,931

117,764

Professional services and other

19,913

19,133

79,303

74,657

Total cost of revenue

68,075

52,693

243,234

192,421

Gross profit

206,820

147,039

730,737

508,548

Operating expenses:

Sales and marketing

161,326

127,691

591,379

539,606

Research and development

52,094

42,921

185,552

185,968

General and administrative

35,753

39,055

147,315

209,297

Total operating expenses

249,173

209,667

924,246

934,871

Loss from operations

(42,353)

(62,628)

(193,509)

(426,323)

Interest expense

(7,461)

(7,101)

(29,254)

(10,844)

Interest income and other income, net

3,658

4,794

19,207

8,959

Loss before provision for (benefit from) income taxes

(46,156)

(64,935)

(203,556)

(428,208)

Provision for (benefit from) income taxes

1,251

1,309

4,803

(1,750)

Net loss

$

(47,407)

$

(66,244)

$

(208,359)

$

(426,458)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.26)

$

(0.40)

$

(1.18)

$

(3.16)

Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted

180,859

167,269

176,704

135,163

Stock-based compensation expense included in costs and expenses:

Cost of revenue—subscription

$

3,951

$

2,241

$

12,882

$

16,182

Cost of revenue—professional services and other

3,826

3,413

15,703

25,858

Sales and marketing

26,170

20,505

94,863

172,115

Research and development

12,252

9,562

43,211

74,108

General and administrative

9,406

13,550

39,745

122,715