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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