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DocuSign talks up strong Q4 as fiscal helmswoman prepares to step down

The chief financial officer (CFO) of e-signatures pioneer DocuSign, Cynthia Gaylor, will leave the company in the “coming months”, despite delivery of strong Q4 and annual financial results for the year ending 31 January 2023.

An investor event happens today, 3 April, with Gaylor in place, but the search for a new CFO was officially announced to media and investors in March.

Chief executive officer Allan Thygesen is leading the search for her replacement, but Gaylor will stay for the announcement and filing of the company’s Q1 of 2024 results in April, the company confirmed.

“Cynthia has been an instrumental part of DocuSign’s story. We have benefited from her unwavering commitment and leadership these last few years, and we are grateful for the strong foundation she leaves behind,” he said.

“Her countless contributions include guiding the company through tremendous growth and serving as a stabilising force during market adjustments and leadership changes.”

The company added that Gaylor’s exit wasn’t due to “any disagreement regarding the company’s financial statements or disclosures”. Appointed CFO in September 2020, she previously served on the Board, including chairing an audit committee.

DocuSign fourth quarter and full year financial results for 2023 painted a picture of a strong company that was continuing to make progress with flagship digital document management offerings such as Agreement Cloud.

The company reported total quarterly reveune of $659.6 million, up 14% from the previous year. Subscription revenue was $643.7 million. Billings were $739.0 million, an increase of 10% year-over-year.

However, professional services and other revenues totalled $15.9 million, down five percent year-over-year, according to the 9 March results announcement.

“We finished the year strongly, delivering across our key financial metrics and making tangible progress on our strategic priorities. We are reshaping DocuSign to invest in our innovation roadmap and self-service capabilities,” DocuSign’s Thygesen said.

“Looking ahead, we aim to drive profitable growth at scale by executing our mission of smarter, easier, and trusted agreements.”

For the 2023 financial year as a whole, DocuSign reported total revenues up 19% to $2.5 billion year-over-year, with subscriptions accounting for $2.4 billion. Over the full year, professional services and other revenues were up five percent to $73.7 million, the company said.

The new CFO will work with a C-suite team refreshed in 2022 to include a new president and general manager for growth, Robert Chatwani, late of Atlassian, and a new chief operating officer ex of Google, Anwar Akram.

( Image by Tumisu from Pixabay  )

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