The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jacob Roberge - William Blair & Company L.L.C., Research Division - Analyst
: Has the macro started to impact the top of funnel at all or most of the headwinds still related to just that expansion motion? And
then how is linearity of demand throughout the quarter? Have there been any noticeable changes on the macro front, especially as
we've gone through July and August?
Question: Jacob Roberge - William Blair & Company L.L.C., Research Division - Analyst
: Helpful. And then Allan, you made quite a bit of organizational changes over the past year with 2 reps, a new CFO, Head of Sales and
President. Do you feel like the structural changes are behind us at this point? And then when do you think those changes start
bearing more fruit for DocuSign just as a broader org just given those changes will likely take a few quarters, if not years to play out?
Question: Karl Emil Keirstead - UBS Investment Bank, Research Division - Analyst
: Maybe a couple for Blake. Blake, if you don't mind unpacking the 3Q billings guide, it obviously implies down $33 million. I know we
had that phenomenon 2 years ago, but it's typically up sequentially. Is this a function of the greater on-time renewals? Anything else
that you might flag around that?
Question: Karl Emil Keirstead - UBS Investment Bank, Research Division - Analyst
: Yes. Okay. Makes sense. And one more, Blake. Your predecessor, it was never a formal guidance, obviously, around operating cash
flow. But the kind of the soft color was that it might land for this fiscal year, "a couple of points below operating margins," is that still
roughly your framework as to where cash flow margins might shake out this year?
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