DocuSign, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending July 31, 2024. Total revenue for the three months reached $736.0 million, a 7% increase from $687.7 million in the same period of 2023. For the six months, revenue rose to $1.45 billion, up from $1.35 billion year-over-year. Subscription revenue, which constitutes approximately 97% of total revenue, also saw a 7% increase for the quarter, totaling $717.4 million, driven by customer expansion and increased sales to commercial and enterprise clients.
The company's gross profit for the three months ended July 31, 2024, was $580.6 million, compared to $542.1 million in the prior year, reflecting a robust gross margin improvement. Income from operations surged to $57.8 million for the quarter, significantly higher than $6.6 million in the same period last year. Net income for the quarter was reported at $888.2 million, a dramatic increase from $7.4 million in 2023, with net income per share rising to $4.34 from $0.04.
DocuSign's total assets increased to $3.75 billion as of July 31, 2024, up from $2.97 billion at the end of January 2024. Total stockholders' equity also saw a substantial rise, reaching $1.96 billion compared to $1.13 billion earlier in the year. The company’s cash and cash equivalents decreased to $619.1 million from $797.1 million, primarily due to increased cash used in financing activities, which totaled $408.9 million, largely attributed to stock repurchases.
In terms of strategic developments, DocuSign completed the acquisition of Lexion, Inc. for $154 million in cash on May 31, 2024. This acquisition is expected to enhance DocuSign's capabilities in contract lifecycle management. The company also initiated a restructuring plan aimed at improving operational efficiency, which included $29.7 million in related charges over the first half of the fiscal year.
Operating expenses for the three months decreased to $522.8 million from $535.5 million in the previous year, while research and development expenses increased by 9% due to workforce investments. General and administrative expenses saw a notable decline of 16%, reflecting cost management efforts.
Overall, DocuSign's financial performance indicates a strong recovery and growth trajectory, supported by strategic investments and operational efficiencies.
About DOCUSIGN, INC.
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