DocuSign (DOCU) 10-Q 8 Sep 22 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 31, 2022	Aug. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2022
Document Transition Report	false
Entity File Number	001-38465
Entity Registrant Name	DOCUSIGN, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	91-2183967
Entity Address, Address Line One	221 Main St.
Entity Address, Address Line Two	Suite 1550
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	489-4940
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	DOCU
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		200,779,249
Entity Central Index Key	0001261333
Current Fiscal Year End Date	--01-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2022	Jan. 31, 2022
Current assets
Cash and cash equivalents	$ 637,186	$ 509,059
Investments—current	357,539	293,763
Accounts receivable, net of allowance for doubtful accounts of $5,749 and $5,807 as of July 31, 2022 and January 31, 2022	339,528	440,950
Contract assets—current	9,387	12,588
Prepaid expenses and other current assets	79,142	63,236
Total current assets	1,422,782	1,319,596
Investments—noncurrent	133,238	94,938
Property and equipment, net	186,229	184,664
Operating lease right-of-use assets	100,481	126,021
Goodwill	353,326	355,058
Intangible assets, net	81,246	98,816
Deferred contract acquisition costs—noncurrent	322,695	311,835
Other assets—noncurrent	67,349	50,337
Total assets	2,667,346	2,541,265
Current liabilities
Accounts payable	44,449	52,804
Accrued expenses and other current liabilities	90,756	91,377
Accrued compensation	149,761	160,163
Contract liabilities—current	1,073,800	1,029,891
Operating lease liabilities—current	43,479	37,404
Total current liabilities	1,402,245	1,371,639
Convertible senior notes, net—noncurrent	720,677	718,487
Contract liabilities—noncurrent	14,630	16,725
Operating lease liabilities—noncurrent	90,479	126,340
Deferred tax liability—noncurrent	10,323	9,316
Other liabilities—noncurrent	21,861	23,255
Total liabilities	2,260,215	2,265,762
Commitments and contingencies (Note 7)
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000 shares authorized, 0 shares issued and outstanding as of July 31, 2022 and January 31, 2022	0	0
Common stock, $0.0001 par value; 500,000 shares authorized, 200,771 shares outstanding as of July 31, 2022; 500,000 shares authorized, 198,834 shares outstanding as of January 31, 2022	20	20
Treasury stock, at cost: 8 and 7 shares as of July 31, 2022 and January 31, 2022	(1,648)	(1,532)
Additional paid-in capital	1,968,852	1,720,013
Accumulated other comprehensive loss	(24,446)	(4,809)
Accumulated deficit	(1,535,647)	(1,438,189)
Total stockholders’ equity	407,131	275,503
Total liabilities and stockholders' equity	$ 2,667,346	$ 2,541,265

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2022	Jan. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 5,749	$ 5,807
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares outstanding (in shares)	200,771,000	198,834,000
Treasury stock, shares (in shares)	8,000	7,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Revenue:
Total revenue	$ 622,184	$ 511,844	$ 1,210,876	$ 980,923
Cost of revenue:
Total cost of revenue	136,704	113,780	269,120	219,023
Gross profit	485,480	398,064	941,756	761,900
Operating expenses:
Sales and marketing	323,582	262,372	624,279	501,491
Research and development	126,532	94,651	238,759	180,067
General and administrative	76,456	63,652	139,034	113,690
Total operating expenses	526,570	420,675	1,002,072	795,248
Loss from operations	(41,090)	(22,611)	(60,316)	(33,348)
Interest expense	(1,632)	(1,669)	(3,281)	(3,341)
Interest income and other income (expense), net	1,003	(1,063)	(3,647)	4,974
Loss before provision for income taxes	(41,719)	(25,343)	(67,244)	(31,715)
Provision for income taxes	3,359	158	5,207	2,140
Net loss	$ (45,078)	$ (25,501)	$ (72,451)	$ (33,855)
Net loss per share attributable to common stockholders, basic (in usd per share)	$ (0.22)	$ (0.13)	$ (0.36)	$ (0.17)
Net loss per share attributable to common stockholders, diluted (in usd per share)	$ (0.22)	$ (0.13)	$ (0.36)	$ (0.17)
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic (in shares)	200,618	195,996	200,150	195,183
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	200,618	195,996	200,150	195,183
Other comprehensive loss:
Foreign currency translation loss, net of tax	$ (5,029)	$ (2,058)	$ (16,854)	$ (1,422)
Unrealized losses on investments, net of tax	(369)	(54)	(2,783)	(296)
Other comprehensive loss	(5,398)	(2,112)	(19,637)	(1,718)
Comprehensive loss	(50,476)	(27,613)	(92,088)	(35,573)
Stock-based compensation expense included in costs and expenses
Stock-based compensation expense			251,930	181,095
Sales and marketing
Stock-based compensation expense included in costs and expenses
Stock-based compensation expense	61,218	46,921	108,649	85,057
Research and development
Stock-based compensation expense included in costs and expenses
Stock-based compensation expense	40,978	26,275	73,183	46,737
General and administrative
Stock-based compensation expense included in costs and expenses
Stock-based compensation expense	19,539	12,778	34,931	23,764
Subscription
Revenue:
Total revenue	605,194	492,758	1,174,445	944,693
Cost of revenue:
Total cost of revenue	107,931	84,455	213,090	162,526
Subscription | Cost of revenue
Stock-based compensation expense included in costs and expenses
Stock-based compensation expense	12,994	7,539	23,607	13,557
Professional services and other
Revenue:
Total revenue	16,990	19,086	36,431	36,230
Cost of revenue:
Total cost of revenue	28,773	29,325	56,030	56,497
Professional services and other | Cost of revenue
Stock-based compensation expense included in costs and expenses
Stock-based compensation expense	$ 6,478	$ 6,446	$ 11,560	$ 11,980

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Adjustment	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated Deficit Cumulative Adjustment
Beginning balance (in shares) at Jan. 31, 2021			192,807
Beginning balance at Jan. 31, 2021	$ 325,737	$ (73,905)	$ 19	$ 1,702,254	$ (86,144)	$ (1,048)	$ 4,964	$ (1,380,452)	$ 12,239
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of convertible senior notes due in 2023 (in shares)			586
Settlement of convertible senior notes due in 2023	724		$ 1	725
Exercise of stock options (in shares)			1,112
Exercise of stock options	11,818			11,818
Settlement of restricted stock units (in shares)			1,820
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan	(228,065)			(227,894)		(171)
Employee stock purchase plan (in shares)			132
Employee stock purchase plan	23,167			23,167
Charitable donation of common stock (in shares)			10
Charitable donation of common stock	3,000			3,000
Employee stock-based compensation	186,421			186,421
Net loss	(33,855)							(33,855)
Other comprehensive loss, net	(1,718)						(1,718)
Ending balance (in shares) at Jul. 31, 2021			196,467
Ending balance at Jul. 31, 2021	211,876		$ 20	1,611,897		(1,219)	3,246	(1,402,068)
Beginning balance (in shares) at Apr. 30, 2021			194,734
Beginning balance at Apr. 30, 2021	243,237		$ 19	1,615,646		(1,219)	5,358	(1,376,567)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Settlement of convertible senior notes due in 2023 (in shares)			234
Settlement of convertible senior notes due in 2023	278		$ 1	279
Exercise of stock options (in shares)			624
Exercise of stock options	5,202			5,202
Settlement of restricted stock units (in shares)			865
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan	(114,481)			(114,481)
Charitable donation of common stock (in shares)			10
Charitable donation of common stock	3,000			3,000
Employee stock-based compensation	102,809			102,809
Net loss	(25,501)							(25,501)
Other comprehensive loss, net	(2,112)						(2,112)
Ending balance (in shares) at Jul. 31, 2021			196,467
Ending balance at Jul. 31, 2021	211,876		$ 20	1,611,897		(1,219)	3,246	(1,402,068)
Beginning balance (in shares) at Jan. 31, 2022			198,834
Beginning balance at Jan. 31, 2022	$ 275,503		$ 20	1,720,013		(1,532)	(4,809)	(1,438,189)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	719		719
Exercise of stock options	$ 10,626			10,626
Settlement of restricted stock units (in shares)			1,347
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan	(47,473)			(47,357)		(116)
Employee stock purchase plan (in shares)			265
Employee stock purchase plan	$ 24,151			24,151
Repurchases of common stock (in shares)	(400)		(394)
Repurchases of common stock	$ (25,007)							(25,007)
Employee stock-based compensation	261,419			261,419
Net loss	(72,451)							(72,451)
Other comprehensive loss, net	(19,637)						(19,637)
Ending balance (in shares) at Jul. 31, 2022			200,771
Ending balance at Jul. 31, 2022	407,131		$ 20	1,968,852		(1,648)	(24,446)	(1,535,647)
Beginning balance (in shares) at Apr. 30, 2022			199,920
Beginning balance at Apr. 30, 2022	348,949		$ 20	1,835,187		(1,648)	(19,048)	(1,465,562)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			540
Exercise of stock options	8,689			8,689
Settlement of restricted stock units (in shares)			705
Tax withholding on net share settlement of restricted stock units and employee stock purchase plan	$ (21,953)			(21,953)
Repurchases of common stock (in shares)	(400)		(394)
Repurchases of common stock	$ (25,007)							(25,007)
Employee stock-based compensation	146,929			146,929
Net loss	(45,078)							(45,078)
Other comprehensive loss, net	(5,398)						(5,398)
Ending balance (in shares) at Jul. 31, 2022			200,771
Ending balance at Jul. 31, 2022	$ 407,131		$ 20	$ 1,968,852		$ (1,648)	$ (24,446)	$ (1,535,647)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jul. 31, 2022	Jul. 31, 2021
Cash flows from operating activities:
Net loss		$ (72,451)	$ (33,855)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		42,444	40,997
Amortization of deferred contract acquisition and fulfillment costs		89,575	63,476
Amortization of debt discount and transaction costs		2,482	2,593
Non-cash operating lease costs		13,466	13,649
Stock-based compensation expense		251,930	181,095
Deferred income taxes		3,068	(1,250)
Other		8,099	2,439
Changes in operating assets and liabilities:
Accounts receivable		101,422	38,840
Prepaid expenses and other current assets		(16,028)	(10,367)
Deferred contract acquisition and fulfillment costs		(108,315)	(95,418)
Other assets		(7,255)	(3,856)
Accounts payable		(4,687)	(9,443)
Accrued expenses and other liabilities		2,967	17,022
Accrued compensation		(14,019)	(13,047)
Contract liabilities		41,814	136,624
Operating lease liabilities		(17,347)	(16,233)
Net cash provided by operating activities		317,165	313,266
Cash flows from investing activities:
Cash paid for acquisition, net of acquired cash		0	(6,388)
Purchases of marketable securities		(296,293)	(185,628)
Sales of marketable securities		0	3,002
Maturities of marketable securities		190,179	113,171
Purchases of strategic and other investments		(2,625)	(500)
Purchases of property and equipment		(37,113)	(28,534)
Net cash used in investing activities		(145,852)	(104,877)
Cash flows from financing activities:
Repayments of convertible senior notes		(16)	(61,714)
Repurchases of common stock		(25,007)	0
Payment of tax withholding obligation on net RSU settlement and ESPP purchase		(43,857)	(228,575)
Proceeds from exercise of stock options		10,626	11,818
Proceeds from employee stock purchase plan		24,151	23,167
Net cash used in financing activities		(34,103)	(255,304)
Effect of foreign exchange on cash, cash equivalents and restricted cash		(8,040)	(563)
Net increase (decrease) in cash, cash equivalents and restricted cash		129,170	(47,478)
Cash, cash equivalents and restricted cash at beginning of period	[1]	509,679	566,336
Cash, cash equivalents and restricted cash at end of period	[1]	638,849	518,858
Supplemental disclosure:
Cash paid for interest		93	223
Cash paid for operating lease liabilities		20,851	20,352
Cash paid for income taxes		4,035	4,310
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses and other current liabilities		8,862	7,500
Fair value of shares issued as part of the repayments of convertible senior notes		$ 2	$ 133,288
[1]$1.7 million of restricted cash was included in Other assets—noncurrent at July 31, 2022. $0.6 million of restricted cash was included in both Prepaid expenses and other current assets and Other assets—noncurrent at January 31, 2022. $0.3 million of restricted cash was included in Prepaid expenses and other current assets at July 31, 2021, and in Other assets—noncurrent at January 31, 2021.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jul. 31, 2022	Jan. 31, 2022	Jul. 31, 2021	Jan. 31, 2021
Statement of Cash Flows [Abstract]
Restricted cash	$ 1.7	$ 0.6	$ 0.3	$ 0.3

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization and Description of Business DocuSign, Inc. (“we,” “our” or “us”) was incorporated in the State of Washington in April 2003. We merged with and into DocuSign, Inc., a Delaware corporation, in March 2015. We provide a platform that enables businesses of all sizes to digitally prepare, sign, act on and manage agreements, thereby simplifying and accelerating the process of doing business. Basis of Presentation and Principles of Consolidation Our condensed consolidated financial statements include those of DocuSign, Inc. and our subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, these unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our fiscal 2022 Annual Report on Form 10-K. Our condensed consolidated financial statements are unaudited and have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and, in our opinion, include all adjustments of a normal recurring nature necessary for the fair statement of our financial position, results of operations and cash flows. Our condensed consolidated balance sheet as of January 31, 2022 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The results of operations for the three and six months ended July 31, 2022 are not necessarily indicative of the results to be expected for the year ending January 31, 2023 . O ur fiscal year ends on January 3 1. References to fiscal 2023, for example, are to the fiscal year ending January 31, 2023 . Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the condensed consolidated financial statements and notes thereto. Significant items subject to such estimates and assumptions made by management include, but are not limited to, the determination of: • the average period of benefit associated with deferred contract acquisition costs and fulfillment costs; • the valuation of strategic investments; • the fair value of certain stock awards issued; • the f air value of convertible notes; • the useful life and recoverability of long-lived assets; • the discount rate used for operating leases; and • the recognition, measurement and valuation of deferred income taxes. The COVID-19 pandemic and related developments have created and may continue to create significant uncertainty in global financial markets, which may decrease technology spending, depress demand for our products and harm our business and results of operations. As of the date of issuance of the financial statements, we are not aware of any specific event or circumstance that would require us to update our estimates or judgments or revise the carrying value of our assets or liabilities, except for certain subleases that resulted in impairment losses of $5.1 million on operating lease right-of-use assets recorded during the year ended January 31, 2022, $3.9 million of which was recognized during the three months ended July 31, 2021. These estimates may change as new events occur and additional information is obtained, which could be recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our financial statements. Significant Accounting Policies

Revenue

Revenue	6 Months Ended
	Jul. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Subscription revenue is recognized over time and accounted for approximately 97% and 96% of our revenue for the three and six months ended July 31, 2022 and 2021. Performance Obligations As of July 31, 2022, the amount of the transaction price allocated to remaining performance obligations for contracts greater than one year was $1.7 billion. We expect to recognize 57% of the transaction price allocated to remaining performance obligations within the 12 months following July 31, 2022 in our condensed consolidated statement of operations and comprehensive loss. Contract Balances Contract assets represent amounts for which we have recognized revenue, pursuant to our revenue recognition policy, for contracts that have not yet been fully invoiced to our customers where there remains a performance obligation, typically for our multi-year arrangements. Total contract assets were $9.4 million and $12.6 million as of July 31, 2022 and January 31, 2022. The change in contract assets reflects the difference in timing between the satisfaction of our remaining performance obligations and our contractual right to bill our customers. Contract liabilities consist of deferred revenue and include payments received in advance of performance under the contract. Such amounts are generally recognized as revenue over the contractual period. For the six months ended July 31, 2022 and 2021, we recognized revenue of $763.1 million and $595.4 million that was included in the corresponding contract liability balance at the beginning of the periods presented. We receive payments from customers based upon contractual billing schedules. We record accounts receivable when the right to consideration becomes unconditional. Payment terms on invoiced amounts are typically 30 days. Geographic Information Revenue by geography is based on the address of the customer as specified in our master subscription agreements with our customers. Revenue by geographic area was as follows: Three Months Ended July 31, Six Months Ended July 31, (in thousands) 2022 2021 2022 2021 U.S. $ 468,622 $ 397,882 $ 913,075 $ 766,305 International 153,562 113,962 297,801 214,618 Total revenue $ 622,184 $ 511,844 $ 1,210,876 $ 980,923 The following table represents a rollforward of our deferred contract acquisition and fulfillment costs: Six Months Ended July 31, (in thousands) 2022 2021 Deferred Contract Acquisition Costs: Beginning balance $ 315,158 $ 262,519 Additions to deferred contract acquisition costs 82,237 83,600 Amortization of deferred contract acquisition costs (65,309) (53,250) Cumulative translation adjustment (5,064) (332) Ending balance $ 327,022 $ 292,537 Deferred Contract Fulfillment Costs: Beginning balance $ 19,088 $ 12,506 Additions to deferred contract fulfillment costs 26,078 11,731 Amortization of deferred contract fulfillment costs (24,266) (10,116) Cumulative translation adjustment (849) — Ending balance $ 20,051 $ 14,121

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes our financial assets that are measured at fair value on a recurring basis: July 31, 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Level 1: Cash equivalents (1) Money market funds $ 5,554 $ — $ — $ 5,554 Level 2: Cash equivalents (1) Commercial paper 4,997 — (3) 4,994 Available-for-sale securities Commercial paper 165,351 — (730) 164,621 Corporate notes and bonds 294,479 28 (3,256) 291,251 Municipal notes and bonds 7,969 — (38) 7,931 U.S. governmental securities 27,303 — (329) 26,974 Level 2 total 500,099 28 (4,356) 495,771 Total $ 505,653 $ 28 $ (4,356) $ 501,325 January 31, 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Level 1: Cash equivalents (1) Money market funds $ 110,716 $ — $ — $ 110,716 Level 2: Cash equivalents (1) Commercial paper 3,499 — — 3,499 Available-for-sale securities Commercial paper 126,371 1 (175) 126,197 Corporate notes and bonds 243,840 — (1,296) 242,544 U.S. governmental securities 20,036 — (76) 19,960 Level 2 total 393,746 1 (1,547) 392,200 Total $ 504,462 $ 1 $ (1,547) $ 502,916 (1) Included in “cash and cash equivalents” in our consolidated balance sheets as of July 31, 2022 and January 31, 2022, in addition to cash of $626.6 million and $394.9 million. We use quoted prices in active markets for identical assets to determine the fair value of our Level 1 investments. The fair value of our Level 2 investments is determined using pricing based on quoted market prices or alternative market observable inputs . The fair value of our Level 3 investments is determined based on an income approach using unobservable inputs. The fair value of our available-for-sale securities as of July 31, 2022, by remaining contractual maturities, were as follows (in thousands): Due in one year or less $ 357,539 Due in one to two years 133,238 $ 490,777 As of July 31, 2022 and January 31, 2022, securities in an unrealized loss position were, individually and in aggregate, not material. An allowance for credit losses was deemed unnecessary for these securities, given the extent of the unrealized loss positions as well as the issuers' high credit ratings and consistent payment history. We had no liabilities measured at fair value on a recurring basis as of July 31, 2022 and January 31, 2022. Convertible Senior Notes We estimated the fair value of the convertible senior notes based on the quoted market prices in an inactive market on the last trading day of the reporting period (Level 2). The Notes are recorded at face value less unamortized debt discount and transaction costs as “Convertible senior notes, net—noncurrent” on our condensed consolidated balance sheets. Refer to Note 6 for further information. (in thousands) July 31, 2022 January 31, 2022 0.5% Convertible Senior Notes due in 2023 Aggregate principal amount $ 37,083 $ 37,099 Fair value amount 42,096 65,440 0% Convertible Senior Notes due in 2024 Aggregate principal amount $ 690,000 $ 690,000 Fair value amount 635,897 656,363

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jul. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment consisted of the following: (in thousands) July 31, 2022 January 31, 2022 Computer and network equipment $ 134,851 $ 127,799 Software, including capitalized software development costs 87,615 82,537 Furniture and office equipment 20,763 20,939 Leasehold improvements 79,661 79,811 322,890 311,086 Less: Accumulated depreciation (194,941) (170,261) 127,949 140,825 Work in progress 58,280 43,839 Total $ 186,229 $ 184,664 Depreciation and amortization expense associated with property and equipment was $16.1 million and $14.3 million for the three months ended July 31, 2022 and 2021, and $31.8 million and $27.8 million for the six months ended July 31, 2022 and 2021 . This included amortization expense related to capitalized internally-developed software costs of $5.5 million and $2.4 million for the three months ended July 31, 2022 and 2021, and $9.8 million and $4.1 million for the six months ended July 31, 2022 and 2021 . For the three months ended July 31, 2022 and 2021, we capitalized $16.6 million and $9.3 million of internally developed software, including $4.9 million and $2.2 million of capitalized stock-based compensation expense in the three months ended July 31, 2022 and 2021. For the six months ended July 31, 2022 and 2021, we capitalized $27.0 million and $17.1 million of internally developed software, including $7.7 million and $4.2 million of capitalized stock-based compensation expense in the six months ended July 31, 2022 and 2021.

Deferred Contract Acquisition a

Deferred Contract Acquisition and Fulfillment Costs	6 Months Ended
	Jul. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred Contract Acquisition and Fulfillment Costs	Revenue Subscription revenue is recognized over time and accounted for approximately 97% and 96% of our revenue for the three and six months ended July 31, 2022 and 2021. Performance Obligations As of July 31, 2022, the amount of the transaction price allocated to remaining performance obligations for contracts greater than one year was $1.7 billion. We expect to recognize 57% of the transaction price allocated to remaining performance obligations within the 12 months following July 31, 2022 in our condensed consolidated statement of operations and comprehensive loss. Contract Balances Contract assets represent amounts for which we have recognized revenue, pursuant to our revenue recognition policy, for contracts that have not yet been fully invoiced to our customers where there remains a performance obligation, typically for our multi-year arrangements. Total contract assets were $9.4 million and $12.6 million as of July 31, 2022 and January 31, 2022. The change in contract assets reflects the difference in timing between the satisfaction of our remaining performance obligations and our contractual right to bill our customers. Contract liabilities consist of deferred revenue and include payments received in advance of performance under the contract. Such amounts are generally recognized as revenue over the contractual period. For the six months ended July 31, 2022 and 2021, we recognized revenue of $763.1 million and $595.4 million that was included in the corresponding contract liability balance at the beginning of the periods presented. We receive payments from customers based upon contractual billing schedules. We record accounts receivable when the right to consideration becomes unconditional. Payment terms on invoiced amounts are typically 30 days. Geographic Information Revenue by geography is based on the address of the customer as specified in our master subscription agreements with our customers. Revenue by geographic area was as follows: Three Months Ended July 31, Six Months Ended July 31, (in thousands) 2022 2021 2022 2021 U.S. $ 468,622 $ 397,882 $ 913,075 $ 766,305 International 153,562 113,962 297,801 214,618 Total revenue $ 622,184 $ 511,844 $ 1,210,876 $ 980,923 The following table represents a rollforward of our deferred contract acquisition and fulfillment costs: Six Months Ended July 31, (in thousands) 2022 2021 Deferred Contract Acquisition Costs: Beginning balance $ 315,158 $ 262,519 Additions to deferred contract acquisition costs 82,237 83,600 Amortization of deferred contract acquisition costs (65,309) (53,250) Cumulative translation adjustment (5,064) (332) Ending balance $ 327,022 $ 292,537 Deferred Contract Fulfillment Costs: Beginning balance $ 19,088 $ 12,506 Additions to deferred contract fulfillment costs 26,078 11,731 Amortization of deferred contract fulfillment costs (24,266) (10,116) Cumulative translation adjustment (849) — Ending balance $ 20,051 $ 14,121

Debt

Debt	6 Months Ended
	Jul. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Convertible Senior Notes In September 2018, we issued $575.0 million in aggregate principal amount of the 0.5% Convertible Senior Notes due in 2023 (“2023 Notes”). The net proceeds from the issuance of the 2023 Notes were $560.8 million after deducting the initial purchasers’ discounts and transaction costs. Based upon the reported sales price of our common stock, the 2023 Notes became convertible on August 1, 2020 and continued to be convertible through July 31, 2022 In January 2021, we issued $690.0 million in aggregate principal amount of the 0% Convertible Senior Notes due in 2024 (“2024 Notes,” and together with the 2023 Notes, the “Notes”). The net proceeds from the issuance of the 2024 Notes were $677.3 million after deducting the initial purchasers’ discounts and transaction costs. As of July 31, 2022, the conversion conditions for the 2024 Notes described in our fiscal 2022 Annual Report on Form 10-K were not met. Conversions of the 2023 Notes In the three months ended July 31, 2022, we did not receive conversion notices on our 2023 Notes. Settlements were immaterial during the six months ended July 31, 2022. The net carrying amounts of the Notes were as follows: (in thousands) July 31, 2022 January 31, 2022 2023 Notes: Principal $ 37,083 $ 37,099 Less: unamortized transaction costs (209) (303) Net carrying value of current and noncurrent liability component $ 36,874 $ 36,796 2024 Notes: Principal $ 690,000 $ 690,000 Less: unamortized transaction costs (6,197) (8,309) Net carrying value of noncurrent liability component $ 683,803 $ 681,691 The effective interest rate on the 2023 Notes was 1.0%. The effective interest rate on the 2024 notes was 0.6%. Interest expense recognized related to the Notes was as follows: Three Months Ended July 31, Six Months Ended July 31, (in thousands) 2022 2021 2022 2021 Contractual interest expense $ 46 $ 66 $ 92 $ 102 Amortization of transaction costs 1,103 1,135 2,204 2,316 Total $ 1,149 $ 1,201 $ 2,296 $ 2,418 Capped Calls To minimize the potential economic dilution to our common stock upon conversion of the Notes, we entered into privately-negotiated capped call transactions (“Capped Calls”) with certain counterparties. The material terms of the capped call transactions were as follows: (in thousands, except per share amounts) 2023 Notes 2024 Notes Aggregate cost of capped calls $ 67,563 $ 31,395 Initial strike price per share (1) $ 71.50 $ 420.24 Initial cap price per share (1) $ 110.00 $ 525.30 Shares of our common stock covered by the capped calls (1) 8,042 1,642 (1) Subject to adjustments for certain events, such as merger events and tender offers, and anti-dilution adjustments Impact on Loss Per Share In periods when we have net income, the shares of our common stock subject to the Notes outstanding during the period are included in our diluted earnings per share under the if-converted method. Capped Calls are excluded from the calculation of diluted earnings per share, as they would be antidilutive. Upon conversion, there will be no economic dilution from the Notes unless the market price of our common stock exceeds the cap prices listed above in the Capped Calls section, as exercise of the Capped Calls offsets any dilution from the Notes from the conversion price up to the cap price. As of July 31, 2022, the market price of our common stock did not exceed the $110.00 per share cap price associated with the 2023 Notes nor the $525.30 cap price associated with the 2024 Notes; therefore, the Notes would not have caused economic dilution if converted. Revolving Credit Facility In January 2021, we entered into a credit agreement with a syndicate of banks. The credit agreement extended a senior secured revolving credit facility (the “Credit Facility”) to us in an aggregate principal amount of $500.0 million, which amount may be increased by an additional $250.0 million subject to the terms of the credit agreement. We may use the proceeds of future borrowings under the credit facility to finance working capital, for capital expenditures and for other general corporate purposes, including permitted acquisitions. The Credit Facility matures in January 2026 and requires us to comply with customary affirmative and negative covenants. We were in compliance with all covenants as of July 31, 2022. As of July 31, 2022, there were no outstanding borrowings under the Credit Facility. The Credit Facility is subject to customary fees for loan facilities of this type, including ongoing commitment fees at a rate between 0.25% and 0.30% per annum on the daily undrawn balance.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of July 31, 2022, we had outstanding unused letters of credit associated with our various operating leases totaling $6.3 million. We have entered into certain noncancellable contractual arrangements that require future purchases of goods and services. These arrangements primarily relate to cloud infrastructure support and sales and marketing activities. As of July 31, 2022, the future noncancellable minimum payments due under these contractual obligations with a remaining term of more than one year were as follows: Fiscal Period: Amount (in thousands) 2023, remainder $ 21,956 2024 44,951 2025 25,456 2026 11,762 2027 4,899 Thereafter 3,284 Total $ 112,308 In May 2022, the Company entered into an agreement with a public cloud computing service provider. Under the agreement, the minimum commitment is $175.0 million through fiscal 2028. As of July 31, 2022 , the remaining commitment was $170.0 million. The remaining commitment is excluded from the table above. Indemnification We enter into indemnification provisions under our agreements with customers and other companies in the ordinary course of business, including business partners, contractors and parties performing our research and development. Pursuant to these arrangements, we agree to indemnify and defend the indemnified party for certain claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims because of our activities. The duration of these indemnification agreements is generally perpetual. The maximum potential amount of future payments we could be required to make under these indemnification clauses or agreements is not determinable. Historically, we have not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, we believe the fair value of these indemnification agreements is not material as of July 31, 2022, and January 31, 2022. We maintain commercial general liability insurance and product liability insurance to offset certain of our potential liabilities under these indemnification agreements. We have entered into indemnification agreements with each of our directors, executive officers and certain other officers. These agreements require us to indemnify such individuals, to the fullest extent permitted by Delaware law, for certain liabilities to which they may become subject as a result of their affiliation with us. Claims and Litigation From time to time, we may be subject to legal proceedings, claims and litigation made against us in the ordinary course of business. We believe the final outcome of these matters will not have a material adverse effect on our business, consolidated financial position, results of operations or cash flows. DocuSign, Inc. Securities Litigation and Related Derivative Litigation On February 8, 2022, a putative securities class action was filed in the U.S. District Court for the Northern District of California, captioned Weston v. DocuSign, Inc., et al., Case No. 3:22-cv-00824, naming DocuSign and certain of our current and former officers as defendants. An amended complaint was filed on July 8, 2022. As amended, the suit purports to allege claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, based on allegedly false and misleading statements about our business and prospects during the course of the COVID-19 pandemic. As amended, the suit is purportedly brought on behalf of purchasers of our securities between June 4, 2020 and June 9, 2022. Our response to the amended complaint is due on September 16, 2022, and we believe its allegations are devoid of merit. An earlier action alleging similar claims against the same defendants, captioned Collins v. DocuSign, Inc., et al., Case No. 3:22-cv-00851, filed in the Eastern District of New York and subsequently transferred to the Northern District of California, was voluntarily dismissed on February 14, 2022. Three putative shareholder derivative cases have been filed containing allegations based on or similar to those in the securities class action. The cases were filed on May 17, 2022, in the U.S. District Court for the District of Delaware, captioned Potteti v. Springer, et al., Case No. 1:22-cv-00652; on May 19, 2022 in the U.S. District Court for the Northern District of California, captioned Lapin v. Springer, et al., Case No. 3:22-cv-02980; and on May 20, 2022, also in the U.S. District Court for the Northern District of California, captioned Votto v. Springer, et al., Case No. 3:22-cv-02987. Each case is allegedly brought on the Company’s behalf. The suits name the Company as a nominal defendant and, depending on the particular case, the members of our board of directors or, in certain instances, current or former

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jul. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Equity Incentive Plans We maintain three stock-based compensation plans: the 2018 Equity Incentive Plan (the “2018 Plan”), the Amended and Restated 2011 Equity Incentive Plan (the “2011 Plan”) and the Amended and Restated 2003 Stock Plan (the “2003 Plan”). As of July 31, 2022, 43.6 million shares of our common stock were available for issuance under the 2018 Plan. Restricted Stock Units Restricted stock unit (“RSU”) activity for the six months ended July 31, 2022 was as follows: (in thousands, except per share data) Number of Units Weighted-Average Grant Date Fair Value Unvested at January 31, 2022 7,843 $ 146.52 Granted 10,797 79.07 Vested (2,050) 100.76 Canceled (1,561) 127.42 Unvested at July 31, 2022 15,029 $ 106.35 As of July 31, 2022, our total unrecognized compensation cost related to RSUs was $1.2 billion. We expect to recognize this expense over the remaining weighted-average period of approximately 3 years. As of July 31, 2022, we had $47.5 million of unvested RSUs that are subject to market-based vesting conditions. Stock Options Option activity for the six months ended July 31, 2022 was as follows: (in thousands, except years and per share data) Number of Options Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 31, 2022, all vested and exercisable 3,105 $ 16.41 4.45 $ 339,286 Exercised (719) 14.80 Canceled/expired (9) 17.25 Outstanding at July 31, 2022, all vested and exercisable 2,377 $ 16.89 3.99 $ 111,810 As of July 31, 2022, there was no remaining unrecognized compensation cost related to stock option grants. 2018 Employee Stock Purchase Plan The Employee Stock Purchase Plan (“ESPP”) allows eligible employees to purchase shares of our common stock at a discounted price, normally through payroll deductions, subject to the terms of the ESPP and applicable law. As of July 31, 2022, 9.7 million shares of our common stock were reserved for issuance under the ESPP. Compensation expense related to the ESPP was $6.9 million and $4.8 million for the three months ended July 31, 2022 and 2021, and $11.9 million and $9.1 million for the six months ended July 31, 2022 and 2021. Stock Repurchase Program In March 2022, our board of directors authorized a stock repurchase program of up to $200.0 million of our outstanding common stock. During the three and six months ended July 31, 2022, we repurchased and cancelled 0.4 million shares of common stock at an average price of $63.52 per share, for an aggregate amount of $25.0 million.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	6 Months Ended
	Jul. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders for periods presented: Three Months Ended July 31, Six Months Ended July 31, (in thousands, except per share data) 2022 2021 2022 2021 Numerator: Net loss attributable to common stockholders $ (45,078) $ (25,501) $ (72,451) $ (33,855) Denominator: Weighted-average common shares outstanding 200,618 195,996 200,150 195,183 Net loss per share attributable to common stockholders: Basic and diluted $ (0.22) $ (0.13) $ (0.36) $ (0.17) Outstanding potentially dilutive securities that were excluded from the diluted per share calculations because they would have been antidilutive are as follows: July 31, (in thousands) 2022 2021 RSUs 14,843 9,305 Stock options 2,377 3,686 ESPP 553 158 Convertible senior notes 2,161 2,387 Total antidilutive securities 19,934 15,536

Income Taxes

Income Taxes	6 Months Ended
	Jul. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our tax provision from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. There were no material discrete items in the quarter. Our income tax provision was $3.4 million and $0.2 million for the three months ended July 31, 2022 and 2021. Our income tax provision was $5.2 million and $2.1 million for the six months ended July 31, 2022 and 2021. We review the likelihood that we will realize the benefit of our deferred tax assets and, therefore, the need for valuation allowances, on a quarterly basis. We maintain a valuation allowance against certain deferred tax assets, including all U.S. consolidated group deferred tax assets and certain foreign deferred tax assets as a result of our history of losses in the U.S. and certain foreign jurisdictions, and the variability and uncertainty of our operating results. In the event we determine our deferred tax assets are realizable based on our assessment of relevant factors, an adjustment to the valuation allowance may increase income in the period such determination is made. As of July 31, 2022, our gross unrecognized tax benefits totaled $50.0 million, excluding related accrued interest and penalties, of which $13.6 million would impact the effective tax rate if recognized. Our policy is to account for interest and penalties related to uncertain tax positions as a component of income tax provision. We do not expect to have any significant changes to unrecognized tax benefits during the next twelve months.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Basis of Presentation and Principles of Consolidation Our condensed consolidated financial statements include those of DocuSign, Inc. and our subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, these unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our fiscal 2022 Annual Report on Form 10-K.
Basis of Presentation	Our condensed consolidated financial statements are unaudited and have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and, in our opinion, include all adjustments of a normal recurring nature necessary for the fair statement of our financial position, results of operations and cash flows. Our condensed consolidated balance sheet as of January 31, 2022 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The results of operations for the three and six months ended July 31, 2022 are not necessarily indicative of the results to be expected for the year ending January 31, 2023 .
Fiscal Year	O ur fiscal year ends on January 3 1. References to fiscal 2023, for example, are to the fiscal year ending January 31, 2023 .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the condensed consolidated financial statements and notes thereto. Significant items subject to such estimates and assumptions made by management include, but are not limited to, the determination of: • the average period of benefit associated with deferred contract acquisition costs and fulfillment costs; • the valuation of strategic investments; • the fair value of certain stock awards issued; • the f air value of convertible notes; • the useful life and recoverability of long-lived assets; • the discount rate used for operating leases; and • the recognition, measurement and valuation of deferred income taxes.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jul. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenues by geographic area	Revenue by geographic area was as follows: Three Months Ended July 31, Six Months Ended July 31, (in thousands) 2022 2021 2022 2021 U.S. $ 468,622 $ 397,882 $ 913,075 $ 766,305 International 153,562 113,962 297,801 214,618 Total revenue $ 622,184 $ 511,844 $ 1,210,876 $ 980,923

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 31, 2022
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured at fair value on a recurring basis	The following table summarizes our financial assets that are measured at fair value on a recurring basis: July 31, 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Level 1: Cash equivalents (1) Money market funds $ 5,554 $ — $ — $ 5,554 Level 2: Cash equivalents (1) Commercial paper 4,997 — (3) 4,994 Available-for-sale securities Commercial paper 165,351 — (730) 164,621 Corporate notes and bonds 294,479 28 (3,256) 291,251 Municipal notes and bonds 7,969 — (38) 7,931 U.S. governmental securities 27,303 — (329) 26,974 Level 2 total 500,099 28 (4,356) 495,771 Total $ 505,653 $ 28 $ (4,356) $ 501,325 January 31, 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Level 1: Cash equivalents (1) Money market funds $ 110,716 $ — $ — $ 110,716 Level 2: Cash equivalents (1) Commercial paper 3,499 — — 3,499 Available-for-sale securities Commercial paper 126,371 1 (175) 126,197 Corporate notes and bonds 243,840 — (1,296) 242,544 U.S. governmental securities 20,036 — (76) 19,960 Level 2 total 393,746 1 (1,547) 392,200 Total $ 504,462 $ 1 $ (1,547) $ 502,916 (1) Included in “cash and cash equivalents” in our consolidated balance sheets as of July 31, 2022 and January 31, 2022, in addition to cash of $626.6 million and $394.9 million.
Fair value of available-for-sale marketable securities by remaining contractual maturities	The fair value of our available-for-sale securities as of July 31, 2022, by remaining contractual maturities, were as follows (in thousands): Due in one year or less $ 357,539 Due in one to two years 133,238 $ 490,777
Schedule of convertible senior notes	(in thousands) July 31, 2022 January 31, 2022 0.5% Convertible Senior Notes due in 2023 Aggregate principal amount $ 37,083 $ 37,099 Fair value amount 42,096 65,440 0% Convertible Senior Notes due in 2024 Aggregate principal amount $ 690,000 $ 690,000 Fair value amount 635,897 656,363

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jul. 31, 2022
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment consisted of the following: (in thousands) July 31, 2022 January 31, 2022 Computer and network equipment $ 134,851 $ 127,799 Software, including capitalized software development costs 87,615 82,537 Furniture and office equipment 20,763 20,939 Leasehold improvements 79,661 79,811 322,890 311,086 Less: Accumulated depreciation (194,941) (170,261) 127,949 140,825 Work in progress 58,280 43,839 Total $ 186,229 $ 184,664

Deferred Contract Acquisition_2

Deferred Contract Acquisition and Fulfillment Costs (Tables)	6 Months Ended
	Jul. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred contract costs	The following table represents a rollforward of our deferred contract acquisition and fulfillment costs: Six Months Ended July 31, (in thousands) 2022 2021 Deferred Contract Acquisition Costs: Beginning balance $ 315,158 $ 262,519 Additions to deferred contract acquisition costs 82,237 83,600 Amortization of deferred contract acquisition costs (65,309) (53,250) Cumulative translation adjustment (5,064) (332) Ending balance $ 327,022 $ 292,537 Deferred Contract Fulfillment Costs: Beginning balance $ 19,088 $ 12,506 Additions to deferred contract fulfillment costs 26,078 11,731 Amortization of deferred contract fulfillment costs (24,266) (10,116) Cumulative translation adjustment (849) — Ending balance $ 20,051 $ 14,121

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jul. 31, 2022
Debt Disclosure [Abstract]
Schedule of convertible debt	The net carrying amounts of the Notes were as follows: (in thousands) July 31, 2022 January 31, 2022 2023 Notes: Principal $ 37,083 $ 37,099 Less: unamortized transaction costs (209) (303) Net carrying value of current and noncurrent liability component $ 36,874 $ 36,796 2024 Notes: Principal $ 690,000 $ 690,000 Less: unamortized transaction costs (6,197) (8,309) Net carrying value of noncurrent liability component $ 683,803 $ 681,691 Three Months Ended July 31, Six Months Ended July 31, (in thousands) 2022 2021 2022 2021 Contractual interest expense $ 46 $ 66 $ 92 $ 102 Amortization of transaction costs 1,103 1,135 2,204 2,316 Total $ 1,149 $ 1,201 $ 2,296 $ 2,418
Schedule of capped calls	The material terms of the capped call transactions were as follows: (in thousands, except per share amounts) 2023 Notes 2024 Notes Aggregate cost of capped calls $ 67,563 $ 31,395 Initial strike price per share (1) $ 71.50 $ 420.24 Initial cap price per share (1) $ 110.00 $ 525.30 Shares of our common stock covered by the capped calls (1) 8,042 1,642 (1) Subject to adjustments for certain events, such as merger events and tender offers, and anti-dilution adjustments

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jul. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of noncancelable contractual obligations	As of July 31, 2022, the future noncancellable minimum payments due under these contractual obligations with a remaining term of more than one year were as follows: Fiscal Period: Amount (in thousands) 2023, remainder $ 21,956 2024 44,951 2025 25,456 2026 11,762 2027 4,899 Thereafter 3,284 Total $ 112,308

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jul. 31, 2022
Equity [Abstract]
Schedule of RSU activity	Restricted stock unit (“RSU”) activity for the six months ended July 31, 2022 was as follows: (in thousands, except per share data) Number of Units Weighted-Average Grant Date Fair Value Unvested at January 31, 2022 7,843 $ 146.52 Granted 10,797 79.07 Vested (2,050) 100.76 Canceled (1,561) 127.42 Unvested at July 31, 2022 15,029 $ 106.35
Schedule of stock option activity	Option activity for the six months ended July 31, 2022 was as follows: (in thousands, except years and per share data) Number of Options Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 31, 2022, all vested and exercisable 3,105 $ 16.41 4.45 $ 339,286 Exercised (719) 14.80 Canceled/expired (9) 17.25 Outstanding at July 31, 2022, all vested and exercisable 2,377 $ 16.89 3.99 $ 111,810

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jul. 31, 2022
Earnings Per Share [Abstract]
Schedule of calculation of basic and diluted loss per share	The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders for periods presented: Three Months Ended July 31, Six Months Ended July 31, (in thousands, except per share data) 2022 2021 2022 2021 Numerator: Net loss attributable to common stockholders $ (45,078) $ (25,501) $ (72,451) $ (33,855) Denominator: Weighted-average common shares outstanding 200,618 195,996 200,150 195,183 Net loss per share attributable to common stockholders: Basic and diluted $ (0.22) $ (0.13) $ (0.36) $ (0.17)
Schedule of antidilutive securities	Outstanding potentially dilutive securities that were excluded from the diluted per share calculations because they would have been antidilutive are as follows: July 31, (in thousands) 2022 2021 RSUs 14,843 9,305 Stock options 2,377 3,686 ESPP 553 158 Convertible senior notes 2,161 2,387 Total antidilutive securities 19,934 15,536

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jul. 31, 2021	Jan. 31, 2022
Accounting Policies [Abstract]
Operating lease, impairment loss	$ 3.9	$ 5.1

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021	Jan. 31, 2022
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 1,700		$ 1,700
Contract assets	$ 9.4		9.4		$ 12.6
Revenue recognized that was included in contract liability balance at the beginning of the period			$ 763.1	$ 595.4
Payment term			30 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	57%		57%
Remaining performance obligations, period of recognition	12 months		12 months
Product concentration risk | Revenue | Subscription
Disaggregation of Revenue [Line Items]
Concentration risk percentage	97%	97%	96%	96%

Revenue - Revenue by Geographic

Revenue - Revenue by Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 622,184	$ 511,844	$ 1,210,876	$ 980,923
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	468,622	397,882	913,075	766,305
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 153,562	$ 113,962	$ 297,801	$ 214,618

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jul. 31, 2022	Jan. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	$ 505,653	$ 504,462
Gross Unrealized Gains	28	1
Gross Unrealized Losses	(4,356)	(1,547)
Estimated Fair Value	501,325	502,916
Cash	626,600	394,900
Level 2 | Short-term Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	500,099	393,746
Gross Unrealized Gains	28	1
Gross Unrealized Losses	(4,356)	(1,547)
Estimated Fair Value	495,771	392,200
Money market funds | Level 1 | Cash and Cash Equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	5,554	110,716
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	5,554	110,716
Commercial paper | Level 2 | Cash and Cash Equivalents
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	4,997	3,499
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3)	0
Estimated Fair Value	4,994	3,499
Commercial paper | Level 2 | Short-term Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	165,351	126,371
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(730)	(175)
Estimated Fair Value	164,621	126,197
Corporate notes and bonds | Level 2 | Short-term Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	294,479	243,840
Gross Unrealized Gains	28	0
Gross Unrealized Losses	(3,256)	(1,296)
Estimated Fair Value	291,251	242,544
Municipal notes and bonds | Level 2 | Short-term Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	7,969
Gross Unrealized Gains	0
Gross Unrealized Losses	(38)
Estimated Fair Value	7,931
U.S. governmental securities | Level 2 | Short-term Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	27,303	20,036
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(329)	(76)
Estimated Fair Value	$ 26,974	$ 19,960

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Available-for-Sale Marketable Securities by Remaining Contractual Maturities (Details) - Short-term Investments $ in Thousands	Jul. 31, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due in one year or less	$ 357,539
Due in one to two years	133,238
Total available-for-sale securities	$ 490,777

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Jul. 31, 2022	Jan. 31, 2022
Fair Value, Recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value on a recurring basis	$ 0	$ 0

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value of Convertible Notes (Details) - Convertible Debt - USD ($) $ in Thousands	Jul. 31, 2022	Jan. 31, 2022	Jan. 31, 2021	Sep. 30, 2018
Convertible Senior Notes Due 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt interest rate percentage				0.50%
Principal	$ 37,083	$ 37,099
Fair value amount	42,096	65,440
Convertible Senior Notes Due 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt interest rate percentage			0%
Principal	690,000	690,000
Fair value amount	$ 635,897	$ 656,363

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021	Jan. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 186,229		$ 186,229		$ 184,664
Depreciation expense	16,100	$ 14,300	31,800	$ 27,800
Capitalized computer software, amortization	5,500	2,400	9,800	4,100
Capitalized software costs	16,600	9,300	27,000	17,100
Capitalized stock-based compensation	4,900	$ 2,200	7,700	$ 4,200
Property and equipment, excluding work in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	322,890		322,890		311,086
Less: Accumulated depreciation	(194,941)		(194,941)		(170,261)
Property and equipment, net	127,949		127,949		140,825
Computer and network equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	134,851		134,851		127,799
Software, including capitalized software development costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	87,615		87,615		82,537
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	20,763		20,763		20,939
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	79,661		79,661		79,811
Work in progress
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 58,280		$ 58,280		$ 43,839

Deferred Contract Acquisition_3

Deferred Contract Acquisition and Fulfillment Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Capitalized Contract Cost, Net [Roll Forward]
Amortization of deferred contract acquisition costs	$ (89,575)	$ (63,476)
Deferred Contract Acquisition Costs
Capitalized Contract Cost, Net [Roll Forward]
Beginning balance	315,158	262,519
Additions to deferred contract acquisition costs	82,237	83,600
Amortization of deferred contract acquisition costs	(65,309)	(53,250)
Cumulative translation adjustment	(5,064)	(332)
Ending balance	327,022	292,537
Deferred Contract Fulfillment Costs
Capitalized Contract Cost, Net [Roll Forward]
Beginning balance	19,088	12,506
Additions to deferred contract acquisition costs	26,078	11,731
Amortization of deferred contract acquisition costs	(24,266)	(10,116)
Cumulative translation adjustment	(849)	0
Ending balance	$ 20,051	$ 14,121

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	1 Months Ended		6 Months Ended
	Jan. 31, 2021	Sep. 30, 2018	Jul. 31, 2022	Jan. 31, 2022
Convertible Senior Notes Due 2023 | Capped Calls
Debt Conversion [Line Items]
Initial cap price (in usd per share)			$ 110
Convertible Senior Notes Due 2023 | Convertible Debt
Debt Conversion [Line Items]
Principle on face amount of debt		$ 575,000,000
Debt interest rate percentage		0.50%
Proceeds from issuance of debt		$ 560,800,000
Debt instrument, effective interest rate	1%
Carrying value of debt			$ 36,874,000	$ 36,796,000
Convertible Senior Notes Due 2023 | Convertible Debt | Capped Calls
Debt Conversion [Line Items]
Initial cap price (in usd per share)			$ 110
Convertible Senior Notes Due 2024 | Capped Calls
Debt Conversion [Line Items]
Initial cap price (in usd per share)			$ 525.30
Convertible Senior Notes Due 2024 | Convertible Debt
Debt Conversion [Line Items]
Principle on face amount of debt	$ 690,000,000
Debt interest rate percentage	0%
Proceeds from issuance of debt	$ 677,300,000
Debt instrument, effective interest rate	0.60%
Carrying value of debt			$ 683,803,000	$ 681,691,000
Convertible Senior Notes Due 2024 | Convertible Debt | Capped Calls
Debt Conversion [Line Items]
Initial cap price (in usd per share)			$ 525.30
Credit Facility | Revolving Credit Facility
Debt Conversion [Line Items]
Line of credit, maximum borrowing capacity	$ 500,000,000
Line of credit, additional borrowing amount	$ 250,000,000
Carrying value of debt			$ 0
Credit Facility | Revolving Credit Facility | Minimum
Debt Conversion [Line Items]
Line of credit, commitment fee percentage on undrawn balance			0.25%
Credit Facility | Revolving Credit Facility | Maximum
Debt Conversion [Line Items]
Line of credit, commitment fee percentage on undrawn balance			0.30%

Debt - Carrying Value of Liabil

Debt - Carrying Value of Liability Component (Details) - Convertible Debt - USD ($) $ in Thousands	Jul. 31, 2022	Jan. 31, 2022
Convertible Senior Notes Due 2023
Debt Instrument [Line Items]
Principal	$ 37,083	$ 37,099
Less: unamortized transaction costs	(209)	(303)
Net carrying value of current and noncurrent liability component	36,874	36,796
Convertible Senior Notes Due 2024
Debt Instrument [Line Items]
Principal	690,000	690,000
Less: unamortized transaction costs	(6,197)	(8,309)
Net carrying value of current and noncurrent liability component	$ 683,803	$ 681,691

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - Convertible Debt - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 46	$ 66	$ 92	$ 102
Amortization of transaction costs	1,103	1,135	2,204	2,316
Total	$ 1,149	$ 1,201	$ 2,296	$ 2,418

Debt - Schedule of Capped Calls

Debt - Schedule of Capped Calls (Details) - Capped Calls $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jul. 31, 2022 USD ($) $ / shares shares
Convertible Senior Notes Due 2023
Option Indexed to Issuer's Equity [Line Items]
Initial cap price (in usd per share)	$ 110
Convertible Senior Notes Due 2024
Option Indexed to Issuer's Equity [Line Items]
Initial cap price (in usd per share)	$ 525.30
Convertible Debt | Convertible Senior Notes Due 2023
Option Indexed to Issuer's Equity [Line Items]
Aggregate cost of capped calls | $	$ 67,563
Initial strike price (in usd per share)	$ 71.50
Initial cap price (in usd per share)	$ 110
Shares covered by capped calls (in shares) | shares	8,042
Convertible Debt | Convertible Senior Notes Due 2024
Option Indexed to Issuer's Equity [Line Items]
Aggregate cost of capped calls | $	$ 31,395
Initial strike price (in usd per share)	$ 420.24
Initial cap price (in usd per share)	$ 525.30
Shares covered by capped calls (in shares) | shares	1,642

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Jul. 31, 2022	May 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 6.3
Minimum commitment	$ 170	$ 175

Commitments and Contingencies_2

Commitments and Contingencies - Future Purchase Obligations (Details) $ in Thousands	Jul. 31, 2022 USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
2023, remainder	$ 21,956
2024	44,951
2025	25,456
2026	11,762
2027	4,899
Thereafter	3,284
Total	$ 112,308

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2022 USD ($) plan $ / shares shares	Jul. 31, 2021 USD ($)	Jul. 31, 2022 USD ($) plan $ / shares shares	Jul. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Jan. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation plans | plan	3		3
Unrecognized compensation cost, options	$ 0		$ 0
Employee stock purchase plan, compensation expense			$ 251,930,000	$ 181,095,000
Stock repurchase program, authorized amount					$ 200,000,000
Repurchases of common stock (in shares) | shares	400		400
Average price per share of stock repurchased | $ / shares	$ 63.52		$ 63.52
Aggregate purchase price of stock repurchased	$ 25,007,000		$ 25,007,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, RSUs	$ 1,200,000,000		$ 1,200,000,000
Unrecognized compensation cost, remaining weighted-average period for recognition			3 years
RSUs outstanding (in shares) | shares	15,029		15,029			7,843
RSUs | Market Based Vesting Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs outstanding (in shares) | shares	47,500		47,500
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan, compensation expense	$ 6,900,000	$ 4,800,000	$ 11,900,000	$ 9,100,000
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved for future issuance (in shares) | shares	43,600		43,600
2018 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved for future issuance (in shares) | shares	9,700		9,700

Stockholders' Equity - RSU Acti

Stockholders' Equity - RSU Activity (Details) - RSUs shares in Thousands	6 Months Ended
	Jul. 31, 2022 $ / shares shares
Number of Units
Unvested at beginning of period (in shares) | shares	7,843
Granted (in shares) | shares	10,797
Vested (in shares) | shares	(2,050)
Canceled (in shares) | shares	(1,561)
Unvested at end of period (in shares) | shares	15,029
Weighted-Average Grant Date Fair Value
Unvested at beginning of period (in usd per share) | $ / shares	$ 146.52
Granted (in usd per share) | $ / shares	79.07
Vested (in usd per share) | $ / shares	100.76
Canceled (in usd per share) | $ / shares	127.42
Unvested at end of period (in usd per share) | $ / shares	$ 106.35

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 31, 2022 USD ($) $ / shares shares	Jan. 31, 2022 USD ($) $ / shares shares
Number of Options
Beginning balance (in shares) | shares	3,105
Options exercised (in shares) | shares	(719)
Options canceled/expired (in shares) | shares	(9)
Ending balance (in shares) | shares	2,377	3,105
Weighted-Average Exercise Price Per Share
Beginning balance (in usd per share) | $ / shares	$ 16.41
Options exercised (in usd per share) | $ / shares	14.80
Options canceled/expired (in usd per share) | $ / shares	17.25
Ending balance (in usd per share) | $ / shares	$ 16.89	$ 16.41
Weighted-Average Remaining Contractual Term (Years)
Outstanding balance	3 years 11 months 26 days	4 years 5 months 12 days
Aggregate Intrinsic Value
Outstanding balance | $	$ 111,810	$ 339,286

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholders - Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Numerator:
Net loss attributable to common stockholders, basic	$ (45,078)	$ (25,501)	$ (72,451)	$ (33,855)
Net loss attributable to common stockholders, diluted	$ (45,078)	$ (25,501)	$ (72,451)	$ (33,855)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	200,618	195,996	200,150	195,183
Weighted-average common shares outstanding, diluted (in shares)	200,618	195,996	200,150	195,183
Net loss per share attributable to common stockholders:
Basic (in usd per share)	$ (0.22)	$ (0.13)	$ (0.36)	$ (0.17)
Diluted (in usd per share)	$ (0.22)	$ (0.13)	$ (0.36)	$ (0.17)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares shares in Thousands	6 Months Ended
	Jul. 31, 2022	Jul. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	19,934	15,536
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	14,843	9,305
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,377	3,686
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	553	158
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,161	2,387

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2022	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 3,359	$ 158	$ 5,207	$ 2,140
Unrecognized tax benefits	50,000		50,000
Unrecognized tax benefits that would impact effective tax rate	$ 13,600		$ 13,600

Uncategorized Items - docu-2022

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]