DocuSign Inc at Nasdaq London Investor Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Chris Quintero - Morgan Stanley - Analyst : Blake, maybe to start, tell us a little bit about yourself, your journey to Docusign, how that fits within the overall company management transformation that's been going on over the past three years? What drew you to Docusign? And where are we in terms of the long-term potential of the company?

Question: Chris Quintero - Morgan Stanley - Analyst : Yes. And I want to follow up on that. You're talking about agreement management, your IEM solution is a really big key focus for investors right now. So -- maybe for those who are new to the product, the suite, the solution, can you describe what it is? How is it different from your core eSignature business? And what gives you that confidence that this can become a bigger mix of your overall revenue?

Question: Chris Quintero - Morgan Stanley - Analyst : Yes. Let's talk a little bit more about that data and the scale that you all have. You talked about having some data advantages on the last earnings call. Can you talk about the 15% precision that you've talked about, 150 million agreement data points? And how does that really speak to your advantages with AI embedding that within IAM?

Question: Chris Quintero - Morgan Stanley - Analyst : And I assume like that increased precision is also helping drive the go-to-market traction you're having with IAM so far. You shared that you crossed over 25,000 customers. That's up from 10,000 in April. So -- and that's quite significant given IAM only launched mid last year. So talk to us a bit about where that growth is coming from? Where is the success coming from?

Question: Chris Quintero - Morgan Stanley - Analyst : Yes. Let's talk about the evolution of IAM. So you mentioned initially started with kind of more small and medium-sized businesses. That's kind of where you got the initial traction. Now you're trying to move more into the enterprise side of things. What do you have to change or augment on the go-to-market and the product side to really make that successful upmarket?

Question: Chris Quintero - Morgan Stanley - Analyst : Got it. In terms of the breakout between new and existing customers that are adopting IAM, how would you break out that opportunity amongst both? And are there any differences you're seeing in terms of how these customers behave?

Question: Chris Quintero - Morgan Stanley - Analyst : Yes. No, it definitely sounds like you're super excited about the IAM opportunity. How do you think about the competitive landscape, though? You all kind of branded this as kind of a new category. Clearly, there's been a lot of competition on the eSignature side, but you are the market leader. So how do you think about the IAM competition side of things?

Question: Chris Quintero - Morgan Stanley - Analyst : Yes. So scale, trust, and the horizontal nature across multiple different.

Question: Chris Quintero - Morgan Stanley - Analyst : Got it. How do we think about OpenAI, large language models? Where do they kind of fit within the competitive landscape for Docusign? Are you partnering with any of these model vendors? How are you kind of integrating some of that technology into your product portfolio?

Question: Chris Quintero - Morgan Stanley - Analyst : Yes. So it seems like you're pursuing a multimodal strategy, partnering with all these different models and maybe choosing the right model depending on which one can best answer.

Question: Chris Quintero - Morgan Stanley - Analyst : Got it. Switching gears a bit. I want to touch on the core eSignature business. It's not a hypergrowth space right now, but what gives you the confidence to maintain durable growth there, maintain market share? What are some of the drivers you're really excited about there?

Question: Chris Quintero - Morgan Stanley - Analyst : Yes. You and Allan have both talked about the kind of North Star being kind of high single or double-digit type of growth. You're at high single digit today. How do you get to that double digits? What are the kind of parts of the equation that you need to really, really drive upon to get there?

Question: Chris Quintero - Morgan Stanley - Analyst : Yes. Let's talk about the bottom line efficiencies. You all -- since the new management team came in, have made some really good progress on the margin front. So what are some of those efficiencies you all have been really focused on? And as you think about the go forward, what are some of the operating leverage investment priorities you're making?

Question: Chris Quintero - Morgan Stanley - Analyst : And how are you leveraging AI? I assume you all are key users of your own software, too. But how do you think about that as well as third-party vendors that you're also leveraging?

Question: Chris Quintero - Morgan Stanley - Analyst : Yes. Maybe before I open it up to the audience, capital allocation. You all have returned about 75% of free cash flow to date. How do you think about buybacks and M&A as well because you also acquired a company called Lexion and integrated that pretty well. So how do you think about the trade-offs there? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 9:30AM, DOCU.OQ - DocuSign Inc at Nasdaq London Investor Conference

Question: Chris Quintero - Morgan Stanley - Analyst : Got it. Any questions from the audience here? Unidentified Participant I am understanding the point of solution that eSignature provides, but how are you selling the IAM into the C-suite? How are you pushing this across the enterprise?

Question: Chris Quintero - Morgan Stanley - Analyst : One last one. Unidentified Participant You mentioned that Docusign has been around for like a couple of decades. So there's tech that's been there for a couple of decades. You're replatforming. Now with this IAM, which sounds very exciting in terms of opportunity, where are you as far as the product, the technology being at a point where it's not patchy and it's like everything is sort of -- can actually sort of grow and you can demonstrate it and it's not sort of --

Question: Chris Quintero - Morgan Stanley - Analyst : Awesome. I think we will end it there. Thanks so much, Blake.