Management Meetings: 1Q Evidenced Consistency on the Path Towards Double-Digits

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Management Meetings: 1Q Evidenced Consistency on the Path Towards Double-Digits

C O M PA N Y N O T E

J u n e 1 1 , 2 0 2 6

DocuSign, Inc. (DOCU) Neutral

CONCLUSION PRICE: US$44.55

We hosted a virtual fireside with CFO Blake Grayson and interim Head of IR Anderson TARGET: US$52.00

Lee following last week's results. The conversation unpacked dynamics seen during the Our base case discounted cash flow assumes

quarter (including billings / the 2Q guide), alongside diving into partnerships with AI a terminal multiple of 6x CY30E EV/FCF, a

labs / AI-natives, the enterprise IAM rollout, path to double-digit growth alongside broader discount rate of 16%, and 196M fully diluted

operational improvements seen at the company recently. Management expressed optimism shares outstanding.

on the retention improvements seen, the consistency in execution and the broader rollout

Rob D. Owensof IAM to the enterprise segment. We felt the conversation was incrementally encouraging, Sr. Research Analyst, Piper Sandler & Co.

but with plenty of work remaining before a double-digit growth rate is visible, we remain 503 275-8317, rob.owens@psc.com

Neutral. Ethan D. Weeks, CFA

Research Analyst, Piper Sandler & Co.

• Consistent execution seen in 1Q. Management was pleased with how 1Q results 503 275-7797, ethan.weeks@psc.com

came in, evidencing another quarter of consistent execution with guidance still implying a Aidan M. Perry

modest acceleration in ARR growth for the year. It was noted that billings were inline with Research Analyst, Piper Sandler & Co.

503 275-8309, aidan.perry@psc.com

internal expectations, with the renewal base continuing to be more 2H weighted which

can impact growth rates. Questions around the 2Q guide were posed given the ~4.4% Changes Previous Current