DocuSign Announces Financial Results for First Quarter of Fiscal Year 2020

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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "SAN FRANCISCO, June 6, 2019 / PRNewswire / – & nbsp; DocuSign (DOCU), which offers the world's # 1 electronic signature solution under the DocuSign Cloud agreement to digitally transform the way organizations prepare, sign, apply and manage agreements, announced today the results announced today for the quarter ended April 30, 2019. "data- reactid =" 11 ">SAN FRANCISCO, June 6, 2019 / PRNewswire / – DocuSign (DOCU), the world's # 1 digital signature solution for the DocuSign Agreement Cloud, is a digital transformation of how organizations prepare, sign, act and manage agreements. Results announced today for the quarter ended April 30, 2019.

DocuSign, Inc. (PRNewsFoto / DocuSign, Inc.)

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" All in all, we published a solid first quarter For fiscal year 2020, revenues grew 37% over the previous year, we were again profitable on a non-GAAP basis and we now have more than one half million paying customers worldwide. In addition, we are seeing convincing results through the work we have done to optimize our sales movement in the market, attracting new net customers and developing use cases within our installed base. And with the announcement of the DocuSign Cloud Agreement this quarter, our suite of products and integrations to automate the entire process of agreement, we can now offer a much wider range of solutions on the market, positioning us as the next essential cloud. "I said Dan Springer, CEO of DocuSign. "Data-reactid =" 23 ">" Overall, we recorded a solid first quarter for the fiscal year 2020 – revenues grew 37% from one year to the next, we have to again been profitable on a non-account compliant basis today more than half a million paying customers in the world. In addition, we are seeing convincing results through the work we have done to optimize our sales movement in the market, attracting new net customers and developing use cases within our installed base. And with the announcement of the DocuSign Cloud Agreement this quarter, our suite of products and integrations to automate the entire process of agreement, we can now offer a much wider range of solutions on the market, positioning us as the next essential cloud. "I said Dan Springer, CEO of DocuSign.

First Quarter Financial Highlights

Total revenue was $ 214.0 million, up 37% year-on-year. Subscription revenues were $ 201.5 million, up 36% year-on-year. Professional services and other products have been $ 12.5 million, up 64% year-over-year.
Billings were $ 215.0 million, up 27% year-on-year.
GAAP gross margin was 76%, compared to 63% at the same time last year. Non-GAAP gross margin was 79%, compared to 80% at the same time last year.
Net loss GAAP per basic and diluted share was $ 0.27 172 million shares outstanding, compared to the net loss GAAP per share of $ 7.46 in the first quarter of fiscal 2019, out of 36 million shares outstanding.
Net earnings per share diluted non-GAAP was $ 0.07 189 million shares outstanding relative to non-GAAP earnings per share. $ 0.01 in the first quarter of fiscal 2019 out of 60 million shares outstanding.
Net cash provided by operating activities was $ 45.7 million, compared to $ 15.0 million at the same time last year.
Free movement of capital was $ 30.4 million in the first quarter of fiscal year 2020 compared to the free cash flow of $ 8.8 million at the same time last year.
Cash, cash equivalents, restricted cash and investments were $ 937.0 million at the end of the quarter.

A reconciliation of GAAP financial measures to non-GAAP financial measures is presented in the tables included in this press release. An explanation of these measures is also provided below under "Non-GAAP Financial Measures and Other Key Indicators".

Operational and Financial Highlights

DocuSign Agreement Cloud. In March, the company announced DocuSign Agreement Cloud, a suite of over a dozen products and 350 integrations designed to digitally transform the way organizations prepare, sign, act and manage agreements. By helping to automate and connect the entire contract process, DocuSign Agreement Cloud enables companies to work faster, with fewer risks and lower costs, while delivering better experiences for customers, partners and customers. the employees. This comprehensive suite defines a new class of cloud computing software that we believe could significantly expand our total address market.
DocuSign Spring 19 Release. The company launched several new products and updates as part of the DocuSign Agreement Cloud: DocuSign Gen for Salesforce, which simplifies and accelerates the generation of signature-ready contracts from Salesforce; DocuSign Click, which allows organizations of all sizes to get their consent in one click to the standard terms and conditions of websites, such as privacy policies, for example; and DocuSign Identify, which enables organizations to automate the verification of government-issued credentials and European e-IDs for transactions that require them.
Seal investment software. The company announced a $ 15 million investment in Seal Software, a leader in artificial intelligence. Building on the partnership between DocuSign and Seal Software, this investment in Seal-based analytics and analytics-based agreement discovery solutions is based on the And DocuSign's commitment to making the DocuSign Agreement licensing offer smarter and more impactful for customers.

Perspective

The company is currently waiting for the following indications:

• Quarter ending July 31, 2019 (in millions, except percentages):

Total revenue	$ 218	at	$ 222
Billings	$ 215	at	$ 225
Gross margin not in accordance with GAAP	78%	at	80%
Non-GAAP Sales and Marketing	48%	at	50%
Non-GAAP research and development	15%	at	17%
Non-general and administrative GAAP	ten%	at	14%
Interest and other income (expense)	$ 3	at	$ 4
Provision for income taxes	$ 2	at	$ 2.2
Non-GAAP diluted weighted average number outstanding	185	at	190


• Year ending January 31, 2020 (in millions, except percentages):

Total revenue	$ 917	at	$ 922
Billings	$ 1,010	at	$ 1,030
Gross margin not in accordance with GAAP	78%	at	80%
Non-GAAP Sales and Marketing	48%	at	50%
Non-GAAP research and development	15%	at	17%
Non-general and administrative GAAP	ten%	at	13%
Interest and other income (expense)	$ 12	at	$ 16
Provision for income taxes	$ 8	at	$ 10
Non-GAAP diluted weighted average number outstanding	190	at	195

The Company has not matched its expectations for non-GAAP financial measures with the corresponding GAAP measures as the stock-based compensation expense can not be reasonably calculated or forecast at this time. As a result, a match is not available without unreasonable effort.

Webcast Teleconference Information

<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The company will hold a conference call on June 6 nd 2019 at & nbsp; 13:30 PT & nbsp; (16.30. AND) & nbsp; to discuss his financial results. & nbsp; A live webcast of the event will be available on the DocuSign Investor Investor Relations website at & nbsp; docusign.com/investors. A live call will be available on the national market at 877-407-0784 or internationally at 201-689-8560. A retransmission will be available on the domestic market at 844-512-2921 or internationally at 412-317-6671 until midnight (ET) & nbsp; June 20, 2019 using access code 13690792. "data-reactid =" 46 "> The company will host a conference call from June 6, 2019 at 1:30 pm PT (16.30. AND) To discuss its financial results. A live webcast of the event will be available on the DocuSign Investor Investor Relations website at docusign.com/investors. A live call will be available on the national market at 877-407-0784 or internationally at 201-689-8560. A retransmission will be available on the domestic market at 844-512-2921 or internationally at 412-317-6671 until midnight (ET) on June 20, 2019 using access code 13690792.

About DocuSign

DocuSign helps organizations connect and automate the way they prepare, sign, act, and manage agreements. As an integral part of DocuSign Agreement Cloud, DocuSign offers eSignature: the world's first way to electronically sign on virtually any device, from anywhere, anytime. Today, more than 500,000 customers and hundreds of millions of users in more than 180 countries use DocuSign to accelerate business processes and simplify user lives.

<p class = "canvas-canvas-text canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "For more information, visit the site www.docusign.comcall + 1-877-720-2040 or follow @DocuSign on Twitter, LinkedIn, Facebook and Instagram. "data-reactid =" 49 "> For more information, visit www.docusign.com, call + 1-877-720-2040, or follow @DocuSign on Twitter, LinkedIn, Facebook, and Instagram. .

Investor Relations:
Annie Leschin
VP Investor Relations
[email protected]

Media relations:
Adrian Wainwright
Head of Communication
[email protected]

Forward-looking statements

This press release contains "forward-looking" statements that are based on the beliefs and assumptions of our management and the information currently available to management. Forward-looking statements include statements about expected financial indicators, such as revenues, billing, non-GAAP gross margin, weighted average number of diluted non-GAAP shares, and non-financial indicators. , such as customer growth, as well as statements about: the benefits of DocuSign Agreement Cloud, our estimable addressable total market and the impact of DocuSign Agreement Cloud on this market, the potential benefits of our investment in Seal Software and our partnership with Seal Software, as well as our ability to innovate products. They also include statements about our potential or assumed business strategies, potential growth opportunities and potential market opportunities.

<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Forward-looking statements include all statements that are not historical facts and may be identified by terms such as "believe", "could", "potential", "will", "would" or similar expressions and their negative aspects.Forward statements involve known risks and uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward – looking statements, including but not limited to. to limit the risks and uncertainties related to: our ability to estimate the size of our total addressable market, our ability to maintain and manage our growth and future expenditures, to achieve and maintain enir our future profitability, attract new customers and maintain and develop our existing customer base, our ability to evolve and update our platform to meet custo customer needs, rapid technological evolution and increased competition on our market; our ability to effectively compete, expand our business and promote the adoption of our platform internationally; our ability to successfully integrate SpringCM operations; our ability to repay our convertible senior notes at maturity; our ability to successfully defend the claims of third parties that we infringe their intellectual property rights; and our ability to respond to a network security incident or data that allows unauthorized access to our network, data or customer data. The section entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K for the year ended December 31, 2005, presents additional risks and uncertainties that could to affect our financial results. January 31, 2019, and other filings that we make from time to time with the SEC. In addition, all forward-looking statements in this press release are based upon assumptions that we believe are reasonable as of that date. Except as required by law, we assume no obligation to update these forward-looking statements or to provide reasons for the actual results to differ materially from those anticipated in the forward-looking statements. "Data-reactid =" 59 "> Forward-looking statements include all statements that are not historical facts and may be identified by terms such as" believe "," could "," potential "," will "," would be "or similar expressions and the negative terms of such terms involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or These risks include, but are not limited to: risks and uncertainties related to: our ability to estimate the size of our total addressable market, our ability to sustain and manage our growth and future expenditures, to achieve and to maintain our future profitability, attract new customers and maintain and expand our existing customer base our ability to adapt and update our platform to meet customer needs, rapid technological change and increased competition in our marketplace; our ability to effectively compete, expand our business and promote the adoption of our platform internationally; our ability to successfully integrate SpringCM operations; our ability to repay our convertible senior notes at maturity; our ability to successfully defend the claims of third parties that we infringe their intellectual property rights; and our ability to respond to a network security incident or data that allows unauthorized access to our network, data or customer data. The section entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K for the year ended December 31, 2005, presents additional risks and uncertainties that could to affect our financial results. January 31, 2019, and other filings that we make from time to time with the SEC. In addition, all forward-looking statements in this press release are based upon assumptions that we believe are reasonable as of that date. Unless required by law, we assume no obligation to update these forward-looking statements or to provide reasons for the actual results to differ materially from those anticipated in the forward-looking statements.

Non-GAAP Financial Measures and Other Key Indicators

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, described below, to understand and evaluate our basic operating performance. These non-GAAP financial measures, which may be different from similarly titled measures used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute or substitute. an overrun of the financial information prepared. and presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our financial performance, improve the overall understanding of our past performance and future prospects, and provide greater transparency regarding the important indicators used by our management to financial and operational decision-making. . We present these non-GAAP measures to help investors see our financial performance according to management's vision. Because we believe these measures are an additional tool to use in comparing our basic financial performance over time with other companies in our company. industry.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Non-GAAP gross income, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP net income (loss) per share: We define these non-GAAP financial measures as their respective measures, excluding stock-based compensation expense, the employer payroll tax on employee stock amortization of acquisition-related intangible assets, debt amortization and issuance costs of our senior convertible bonds. notes issued in September 2018and, as the case may be, other special articles. The amount of items related to the employer payroll tax on employee stock transactions depends on the price of our shares and other factors beyond our control and that are not related to the operation of the company. We believe that it is useful to exclude these expenses in order to better understand the long-term performance of our core business and to facilitate the comparison of our results with those of comparable companies over a number of periods. "Data-reactid =" 63 ">Non-GAAP gross income, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP net income (loss) per share: We define these non-GAAP financial measures as their respective measures, excluding stock-based compensation expense, the employer payroll tax on employee stock amortization of acquisition-related intangible assets, debt amortization and issuance costs of our senior convertible bonds. notes issued in September 2018and, as the case may be, other special articles. The amount of items related to the employer payroll tax on employee stock transactions depends on the price of our shares and other factors beyond our control and that are not related to the operation of the company. We believe that it is useful to exclude these expenses in order to better understand the long-term performance of our core business and to facilitate the comparison of our results with those of comparable companies over a number of periods.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Free cash flowWe define free cash flow as net cash provided by operating activities (used in), less purchases of property, plant and equipment. & Nbsp; We believe that free cash flow is an important measure of the liquidity of available cash after purchases. tangible capital assets, operating expenses, investments in our business and acquisitions. Free cash flow is useful for investors as a measure of liquidity as it measures our ability to generate or use cash in excess of our fixed asset investments. Once our business requirements and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth. "Data-reactid =" 64 ">Free cash flowWe define free cash flow as net cash provided by operating activities (used) less purchases of property, plant and equipment. We believe that free cash flow is a significant measure of cash liquidity (if any) available, after the purchase of property, plant and equipment, operating expenses, investments in our operations and acquisitions. Free cash flow is useful for investors as a measure of liquidity as it measures our ability to generate or use cash in excess of our fixed asset investments. Once our needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Billings: We define billing as total revenue, plus changes in our contract liabilities, and the liability for repayments less contract assets and unbilled customer accounts in a given period. Billing reflects sales to new customers as well as subscription renewals and additional sales to existing customers. Only amounts invoiced to a customer during a given period are included in the billing. We believe that billing is a key measure to measure our periodic performance. Since most of our clients make annual payments one year in advance, but we generally account for the majority of the corresponding products, we use billing to measure and monitor our ability to provide our business with turnover generated by the initial payments. of our customers. "data-reactid =" 65 ">Billings: We define billing as total revenue, plus changes in our contract liabilities, and the liability for repayments less contract assets and unbilled customer accounts in a given period. Billing reflects sales to new customers as well as subscription renewals and additional sales to existing customers. Only amounts invoiced to a customer during a given period are included in the billing. We believe that billing is a key measure to measure our periodic performance. Since most of our clients make annual payments one year in advance, but we generally account for the majority of the corresponding products, we use billing to measure and monitor our ability to provide our business with turnover generated by the initial payments. of our customers.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, see "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures". below.

DOCUSIGN, INC. STATEMENTS OF CONSOLIDATED RESULTS SUMMARIZED (Not verified)

	Three months ended April 30
(in thousands, except per share data)	2019		2018
Returned:
Subscription	$	201 458	$	148198
Professional and other services	12,504		7,610
Total revenue	213,962		155,808
Cost of income:
Subscription	33 119		32,438
Professional and other services	18,900		25,856
Total cost of revenues	52,019		58,294
Gross profit	161,943		97,514
Operating expenses:
Sales and Marketing	129,936		191,085
Research and development	37183		70,870
general and administrative	37,261		103.117
Total expenditure	204,380		365,072
Loss of operation	(42,437)		(267.558)
Interest charges	(7,156)		(193)
Interest income and other net income (expense)	5,217		(2.228)
Loss before provision for income taxes	(44.376)		(269.979)
Provision for income taxes	1,346		708
Net loss	$	(45,722)	$	(270,687)
Net loss per share attributable to common shareholders, basic and diluted	$	(0.27)	$	(7.46)
Weighted average number of shares used in the calculation of basic and diluted net loss per share attributable to common shareholders	172.101		36.334

Stock-based compensation expense included in fees and expenses:
Cost of revenues – subscription	$	2,282	$	9,955
Cost of Revenues – Professional Services	3,440		16,045
Sales and Marketing	18.102		112,481
Research and development	7,317		47,268
general and administrative	11,130		84,045

DOCUSIGN, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Not verified)

(in thousands)	April 30, 2019		January 31, 2019
Assets
Current assets
Cash and cash equivalents	$	236,476	$	517,811
Investments – currents	515.648		251.203
Restricted species	167		367
Accounts receivable	117.134		174,548
Contractual assets – currents	13,360		10,616
Expenses paid in advance and other current assets	39,341		29,976
Total current assets	922 126		984.521
Non-current investments	184,683		164,220
Property and equipment, net	84.094		75,832
Assets related to the right of use of operating lease	143,361		–
Good will	194,775		195,225
Net intangible assets	69,490		74,203
Deferred contract acquisition costs – non-recurring	115,924		112,583
Other assets – non-current	23,947		8,833
Total assets	$	1,738,400	$	1,615,417
Liabilities and equity
Current liabilities
Accounts payable	$	21,436	$	19,590
Increased expenses	28,133		21,755
Indemnity to pay	57,684		77,553
Contract Passive – Current	385.460		381,060
Liabilities of operating leases	16,921		–
Deferred rent – current	–		2,452
Other liabilities – currents	12,973		13.903
Total current liabilities	522.607		516.313
Convertible Senior Notes, Net	445385		438.932
Non-current contractual liabilities	7,586		7,712
Liabilities under operating leases	154,778		–
Deferred rent – non-current	–		24195
Deferred tax liability – non-current	4,267		4,207
Other liabilities – non-current	6095		9,696
Total responsibilities	1,140,718		1 001 055
Equity
Ordinary actions	17		17
Issue premium	1,575,471		1,545,088
Accumulated other comprehensive income	(3,258)		(1.965)
Accumulated deficit	(974.548)		(928.778)
Total equity of shareholders	597,682		614.362
Total liabilities and equity	$	1,738,400	$	1,615,417

DOCUSIGN, INC. SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS (Not verified)

	Three months ended April 30
(in thousands)	2019		2018
Cash flow from operating activities:
Net loss	$	(45,722)	$	(270,687)
Adjustments to reconcile net loss with net cash used in operating activities
Depreciation and amortization	11,971		8,600
Amortization of deferred acquisition and contract execution costs	14,260		9,246
Depreciation of the debt discount and transaction costs	6,454		–
Amortization of rights-of-use assets under operating leases	4,128		–
Stock-based compensation charge	42271		269794
Deferred taxes	52		(6)
Other	(1,111)		2,225
Variations des actifs et des passifs d’exploitation
Comptes débiteurs	57 414		19 622
Actifs contractuels	(2 701)		2 546
Charges payées d'avance et autres actifs courants	(7.107)		(6,519)
Frais d'acquisition et d'exécution de contrat reportés	(20 487)		(12 326)
Autres actifs	541		440
Comptes à payer	282		(7 218)
Dépenses accrues	6,442		3 302
Indemnité à payer	(19 869)		(16 947)
Passif contractuel	4 274		12 611
Passif des contrats de location simple	(3,705)		–
Autres passifs	(1,732)		309
Trésorerie nette fournie par les activités opérationnelles	45 655		14 992
Flux de trésorerie provenant d'activités d'investissement:
Achats de titres négociables	(375,211)		–
Échéances des titres négociables	92 457		–
Achats d'investissements stratégiques	(15 500)		–
Achats de biens et d'équipement	(15 237)		(6.184)
Trésorerie nette utilisée dans les activités d'investissement	(313,491)		(6.184)
Flux de trésorerie provenant des activités de financement:
Paiement de l'obligation de retenue d'impôt sur le règlement RSU	(56,137)		–
Produit de l'exercice d'options d'achat d'actions	32 254		7 815
Produit du régime d’achat d’actions des employés	10 563		–
Paiement des frais d'offre reportés	–		(2 194)
Trésorerie nette fournie par (utilisée dans) les activités de financement	(13 320)		5 621
Effet du change sur la trésorerie, les équivalents de trésorerie et la trésorerie soumise à restrictions	(379)		(2,069)
Augmentation (diminution) nette de la trésorerie, des équivalents de trésorerie et de la trésorerie affectée	(281,535)		12 360
Trésorerie, équivalents de trésorerie et liquidités soumises à restrictions au début de la période	518,178		257,436
Trésorerie, équivalents de trésorerie et liquidités soumises à restrictions en fin de période	$	236 643	$	269.796

DOCUSIGN, INC. RAPPROCHEMENT DES MESURES FINANCIÈRES NON CONFORMES AUX PCGR (Non vérifié)

Rapprochement de la marge brute et de la marge brute:

	Trois mois terminés le 30 avril
(en milliers)	2019			2018
Marge brute conforme aux PCGR	$	161 943		$	97 514
Ajouter: rémunération à base d'actions	5 722			26 000
Ajouter: amortissement des actifs incorporels liés aux acquisitions	1 627			1,668
Ajouter: taxe sur les salaires de l'employeur sur les opérations sur actions des employés	652			–
Marge brute non conforme aux PCGR	$	169 944		$	125.182
Marge brute GAAP	76		%	63		%
Ajustements non conformes aux PCGR	3		%	17		%
Marge brute non conforme aux PCGR	79		%	80		%

Marge brute résultant de la souscription aux normes GAAP	$	168 339		$	115 760
Ajouter: rémunération à base d'actions	2 282			9 955
Ajouter: amortissement des actifs incorporels liés aux acquisitions	1 627			1,668
Ajouter: taxe sur les salaires de l'employeur sur les opérations sur actions des employés	221			–
Marge brute d'abonnement non conforme aux PCGR	$	172 469		$	127,383
Marge brute de souscription GAAP	84		%	78		%
Ajustements non conformes aux PCGR	2		%	8		%
Marge brute d'abonnement non conforme aux PCGR	86		%	86		%

Services professionnels conformes aux PCGR et autres pertes brutes	$	(6 396)		$	(18 246)
Ajouter: rémunération à base d'actions	3 440			16 045
Ajouter: taxe sur les salaires de l'employeur sur les opérations sur actions des employés	431			–
Services professionnels non conformes aux PCGR et autres pertes brutes	$	(2 525)		$	(2 201)
Services professionnels conformes aux PCGR et autre marge brute	(51)		%	(240)		%
Ajustements non conformes aux PCGR	31		%	211		%
Services professionnels non conformes aux PCGR et autre marge brute	(20)		%	(29)		%

Rapprochement des charges d'exploitation:

	Trois mois terminés le 30 avril
(en milliers)	2019			2018
Ventes et marketing GAAP	$	129 936		$	191 085
Moins: rémunération à base d'actions	(18.102)			(112 481)
Moins: amortissement des actifs incorporels liés aux acquisitions	(3 106)			(765)
Moins: taxe sur la masse salariale de l'employeur sur les opérations sur actions des employés	(2,351)			–
Ventes et marketing non conformes aux PCGR	$	106.377		$	77 839
Ventes et marketing GAAP en pourcentage du chiffre d'affaires	61		%	123		%
Ventes et marketing non conformes aux PCGR en pourcentage des produits	50		%	50		%

Recherche et développement GAAP	$	37.183		$	70 870
Moins: rémunération à base d'actions	(7 317)			(47 268)
Moins: taxe sur la masse salariale de l'employeur sur les opérations sur actions des employés	(1,150)			–
Recherche et développement non conformes aux PCGR	$	28 716		$	23 602
Recherche et développement selon les PCGR en pourcentage des revenus	17		%	45		%
Recherche et développement non conformes aux PCGR en pourcentage des produits	13		%	15		%

PCGR général et administratif	$	37 261		$	103,117
Moins: rémunération à base d'actions	(11 130)			(84,045)
Moins: taxe sur la masse salariale de l'employeur sur les opérations sur actions des employés	(1 602)			–
Non-GAAP général et administratif	$	24 529		$	19 072
PCGR généraux et administratifs en pourcentage des produits	18		%	67		%
Frais généraux et administratifs non conformes aux PCGR en pourcentage des produits	11		%	12		%

Rapprochement du résultat opérationnel et de la marge opérationnelle:

	Trois mois terminés le 30 avril
(en milliers)	2019			2018
Perte d’exploitation selon les PCGR	$	(42 437)		$	(267,558)
Ajouter: rémunération à base d'actions	42.271			269.794
Ajouter: amortissement des actifs incorporels liés aux acquisitions	4 733			2 433
Ajouter: taxe sur les salaires de l'employeur sur les opérations sur actions des employés	5 755			–
Résultat opérationnel non-GAAP	$	10 322		$	4 669
Marge opérationnelle GAAP	(20)		%	(172)		%
Ajustements non conformes aux PCGR	25		%	175		%
Marge opérationnelle non-GAAP	5		%	3		%

Rapprochement du résultat net et du résultat net par action, de base et dilué:

	Trois mois terminés le 30 avril
(en milliers, sauf les données par action)	2019		2018
Perte nette selon les PCGR	$	(45 722)	$	(270 687)
Ajouter: rémunération à base d'actions	42.271		269.794
Ajouter: amortissement des actifs incorporels liés aux acquisitions	4 733		2 433
Ajouter: taxe sur les salaires de l'employeur sur les opérations sur actions des employés	5 755		–
Ajouter: amortissement des frais d'escompte et d'émission	6 454		–
Résultat net non-GAAP	$	13 491	$	1 540

Numérateur:
Résultat net non-GAAP	$	13 491	$	1 540
Moins: accroissement du stock préféré	–		(353)
Moins: résultat net affecté aux titres de participation	–		(871)
Résultat net non-GAAP attribuable aux actionnaires ordinaires	$	13,491	$	316

Denominator:
Weighted-average common shares outstanding, basic	172,101		36,334
Effect of dilutive securities	17,080		23,833
Non-GAAP weighted-average common shares outstanding, diluted	189,181		60,167

GAAP net loss per share, basic and diluted	$	(0.27)	$	(7.46)
Non-GAAP net income per share, basic	0.08		0.01
Non-GAAP net income per share, diluted	0.07		0.01

Computation of free cash flow:

	Three Months Ended April 30,
(in thousands)	2019		2018
Net cash provided by operating activities	$	45,655	$	14,992
Less: purchase of property and equipment	(15,237)		(6,184)
Non-GAAP free cash flow	$	30,418	$	8,808
Net cash used in investing activities	$	(313,491)	$	(6,184)
Net cash provided by (used in) financing activities	$	(13,320)	$	5,621

Computation of billings:

	Three Months Ended April 30,
(in thousands)	2019		2018
Revenue	$	213,962	$	155,808
Add: Contract liabilities and refund liability, end of period	395,254		293,667
Less: Contract liabilities and refund liability, beginning of period	(390,887)		(282,943)
Add: Contract assets and unbilled accounts receivable, beginning of period	13,436		16,899
Less: Contract assets and unbilled accounts receivable, end of period	(16,810)		(14,555)
Non-GAAP billings	$	214,955	$	168,876

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