Transforming the foundation of doing business Safe Harbor This presentation has been prepared by DocuSign, Inc. (“DocuSign”) for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or DocuSign or any officer, director, employee, agent or advisor of DocuSign. This presentation does not purport to be all-inclusive or to contain all of the information you may desire. Information provided in this presentation speaks only as of the date hereof. DocuSign assumes no obligation to update any information or statement after the date of this presentation as a result of new information, subsequent events, or any other circumstances.
This presentation includes express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our estimated preliminary financial results and other key business metrics for the quarter ended October 31, 2018 and the year ended January 31, 2019, strategic plans or objectives, revenues or earnings projections, or other financial items. By their nature, these statements are subject to numerous uncertainties, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements. You should not rely upon forward-looking statements as predictions of future events. Although our management believes that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.
Forward-looking statements are based on information available at the time those statements are made or management’s good faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. In light of these risks and uncertainties, the events and circumstances contemplated by the forward- looking statements made in this presentation may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These risks and uncertainties are described in greater detail under the heading “Risk Factors” in our prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on April 26, 2018 and in our quarterly report on Form 10-Q that we will file with the Securities and Exchange Commission (the “SEC”) on September 6, 2018, and include, but are not limited to, our ability to retain and upgrade paying users; our ability to attract new users or convert registered users to paying users; our future financial performance, including our ability to effectively sustain and manage our growth and future expenses, and our ability to achieve and maintain future profitability; our ability to attract new customers and to maintain and expand our existing customer base; our ability to scale and update our platform to respond to customers’ needs and rapid technological change; the effects of increased competition on our market and our ability to compete effectively; our ability to expand our operations and increase adoption of our platform internationally; our ability to maintain, protect and enhance our brand; the sufficiency of our cash and cash equivalents to satisfy our liquidity needs; our failure or the failure of our platform of services to comply with applicable industry standards, laws, and regulations; our ability to attract large organizations as users; our ability to maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel; our ability to identify targets for, execute on and realize the benefits of potential acquisitions; our ability to estimate the size and potential growth of our target market; and our ability to maintain proper and effective internal controls. These factors could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. Additional information will be made available in other future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. Our long-term target results are the view of management. We can provide no assurances that any of the revenue growth, gross margin, operating margin or cash flow targets will be achieved in a period of time that is material, if at all.
2 Use of Non-GAAP Measures
In addition to the financials presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes certain non-GAAP financial measures. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes: non-GAAP gross profit, non-GAAP gross margin, free cash flow, free cash flow margin, and dollar-based net retention rate. We believe that non- GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non- GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In particular, free cash flow is not a substitute for cash used in operating activities. Additionally, the utility of free cash flow as a measure of our financial performance and liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly-titled non- GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measures set forth in the Appendix, and not to rely on any single financial measure to evaluate our business. This presentation also contains certain estimated preliminary financial results and other key business metrics for the quarter ended October 31, 2018 ended January 31, 2019. This data is based on information available to us at this time. As such, our actual results may vary from the estimated preliminary results presented in this presentation. These estimates should not be viewed as a substitute for our full interim or annual financial statements prepared in accordance with GAAP. Accordingly, you should not place undue reliance on this preliminary data. In addition, this data has been prepared by, and is the responsibility of, management. Our independent registered public accounting firm, PricewaterhouseCoopers LLP, has not audited, reviewed, compiled, or performed any procedures with respect to the preliminary financial results. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto.
3 DocuSign at a glance
Pioneer & leader of Rapid revenue growth(2) System of Agreement e-signature category & improving profitability
Revenue FCF margin(4)
(1)
36% Prepare ~429K $519 customers 35% $381 $323 Manage Sign Significant market opportunity $239
Act 8% (3) 7% 0%
(13%)
$25B FY17 FY18 1H FY18 1H FY19 TAM
(1) As of July 31, 2018. (2) For the fiscal years ended January 31, 2017 and 2018, and the first half of the fiscal years ended January 31, 2018 and 2019. $ in millions. (3) Refer to Slide 15 for a detailed discussion of the market opportunity. (4)Please see Appendix for non-GAAP reconciliation. 4 DocuSign is transforming the foundation of doing business
Agreement of today Agreement of the future
Paper / Disconnected / Manual / Unintelligent Digital / Connected / Self-Executing / Smart
5 Business runs on agreements and they are everywhere
Sales Marketing Services Human Finance Sales Order Processing Event Registration Account Change Resources Invoice Processing Customer Account Customer Communication Service/Work Orders Offer Letters Expense Processing Provisioning Approvals Terms Change New Hire Paperwork Capitalization Management Special Deal Terms Mass Mailing/Email Approval Self-Service Requests Candidate NDA Audit Sign-off Referral Agreements Event Vendor Agreements Compliance On/Off-boarding Checklist Policy Management Reseller Agreements Rebate Agreements Field Service Employee Policy Distribution Inventory Sign-off Partner Agreements Sponsorship Agreements New Policy Applications & Signature Asset Transfer/Retirement Sales Support Promotion Agreements Policy Cancellations/ Contractor Agreements Grant Applications Loan Documents Advertising Contracts Suspensions Non-disclosure Sales and Use Tax Return Support Agreements Press Release Approvals Independent Agency Licensing PTO Management Consumer Account Opening and Renewals Brand Licensing Agreements EFT Authorization Performance Appraisal Deposit Products Media Plan Sign-offs Background Checks
IT/Operations Legal Facilities Product Procurement Asset Tracking NDAs Invoice Processing Management Purchase Order Change Requests Contract Management Expense Processing Change Management Statement of Work Requirements Sign-off Internal Compliance Capitalization Management Release Management Master Services Agreement Access Management IP Licensing Audit Sign-off Code Review Reporting RFP Sign-off Incident Reporting Patent Applications Policy Management Requirements Acceptance Supplier Compliance Production Change Board Minutes Inventory Sign-off Release Scope Commitment Service Level Agreements Authorization Affidavits Asset Transfer/Retirement Policy Approval Termination Letters Maintenance Authorization Summons Grant Applications Beta/SDK Agreements Software License Agreements Authorization Engagement Letters Sales and Use Tax Return Developer Program Enrollment Rate Cards Real Estate Approval Memoranda of Understanding Consumer Account Opening Product Development Methods Invoice Processing Project Budget Approvals Deposit Products New Product Evaluation Subcontractor Agreements New Offering Announcement Vendor Contracts
6 Every company has a system of agreement, it just has not been modernized
Prepare Sign Act Manage The physical signature was much to blame Mail it
Create it Print it Act on it Store it
Scan it
Manually Manually Fax it Manually Difficulty preparing and routing and signing entering info finding and collaborating paper-based from signed managing on agreements agreements agreements completed for execution into other agreements Email it systems
7 DocuSign unlocked the Today, we DocuSign signing bottleneck, opening up the rest of the agreement process to automation
Prepare
Sign
Act Manage
8 Behind those important signing moments is a very complex e-signature workflow Prepare Sign
Document Recipients/Roles Tag Route/Workflow Deliver/Certify Identify
Sign Act Manage
Document Collect Data Record Store Trigger/Act Manage
9 DocuSign’s robust technology platform
Web & Prepare Sign mobile apps 100s of millions of users(1) #1 most downloaded Document Recipients/Roles Tag Route/Workflow Deliver/Certify Identify mobile app in U.S(2)
API Sign Act Manage ~60% of transactions today(1) 300+ pre-built Document Collect Data Record Store Trigger/Act Manage Connectors
Available Secure Configurable Auditable Global 99.99% Stringent security 180+ countries availability(3) certifications
(1) As of January 31, 2018. (2) In its category for iOS and Android as of January 31, 2018. (3) Over the 24 months ended January 31, 2018. 10 Significant and under-penetrated market opportunity
Enterprise Commercial VSBs
Number of Companies by Size, Industry and Geography(1)
Average Contract Value (ACV) per Company by Size and Industry(2)
(3)
$25BTAM
(1) Estimated using the total number of companies in DocuSign’s immediate core markets globally across enterprises, commercial businesses, and VSBs, using data from various government data sources from each respective region and country, such as the US Census Bureau and Eurostat. (2) Calculated using internal company data based on actual customer spend by size and industry. (3) Total addressable market as of 2017. Market opportunity is calculated by estimating the total number of companies in our immediate core markets globally across enterprises, commercial businesses, and VSBs and applying an ACV to each respective company using internally-generated data of actual customer spend based on the company’s size, industry, and location. The aggregate calculated value across all of these markets represents estimated TAM. The ACV applied to the estimated number of companies in each market is calculated by leveraging internal company data on actual customer spend by size and industry. For our enterprise customers, we have applied the median ACV of our top 100 global customers, which customers we believe have achieved broader implementation of our solution across their organization. Additionally, the ACV applied to non-enterprise businesses in international markets was reduced to account for differences in the pricing of goods and services in various international markets relative to the United States using data provided by the Organization for Economic Co-operation and Development. 11 Embedded in widely used business applications
CRM
HCM
ERP
12 Significant benefits for customers
Experience Cost Speed Improved Reduced cost of Accelerated customer doing business transactions and employee and business experience processes NPS of 63(1) $36 83% 50% average incremental value completed completed generated per transaction <24 hours(3) <15 minutes(3) by enterprise customers(2)
(1) Net Promoter Score as of October 2017. The NPS is an index ranging from -100 to 100 that measures the willingness of customers to recommend a company’s products or services to others. (2) Based on a 2015 third-party study of certain of our enterprise customers that we commissioned, enterprise customers realized an average of $36 of incremental value with a typical range from $5 to $100 per document depending on use case generated per transaction when they deployed DocuSign versus their existing paper-based processes. (3) In 2017, 83% of all Successful Transactions on our platform were completed in less than 24 hours and 50% within 15 minutes—compared to the days or weeks common to traditional methods. 13 Winning strategy with customers large and small
DocuSign Target market market definition Sales channel Growth drivers
Companies generally included in the Why We Win Global 2000 Land & Expand Enterprise Direct Model Globally adopted & Partner and auditable Mid-Market Expansion ≥250 employees Model 99.99% availability(1) SMBs 10-249 employees Highly advanced Commercial security API capabilities Lead and integrations Generation <10 employees Web-based channel Brand Ease of use VSBs Recognition (very small businesses)
(1) Over the 24 months ended January 31, 2018. 14 Trusted by customers across verticals
10of the top 15 7of the top 10 18of the top 20 global financial global technology global pharmaceutical services companies companies companies
Financial Healthcare & Business Telco Services Technology Life Sciences Services
Real Estate Education Government Non-Profits Other
15 Customer success across industries
Customer Service Drives ROI Mobile Workforce Use Case Use Case Use Case Manual in-store process Lengthy and complex process Field salesforce constrained across global enterprise by paper and manual process With DocuSign(1) With DocuSign(1) With DocuSign(1) Simplified the complexity >90% of contracts completed in CRM integration for easy order processing of completing agreement <24 hours and 71% in <1 hour Mobile enabled for signing in the field Reduced volume of paperwork Accelerated the customer’s time to ROI Customers up and running In-store closure rates have increased >20% as well as Salesforce’s speed to revenue quicker than before #1 most downloaded e-signature solution across the Salesforce AppExchange
Expansion over time Expansion over time 3x Salesforce’s deployment 22x Multiple of DocuSign has expanded Multiple by a multiple of 36 over the 8 year engagement.
Year 1 Year 3 Year 5 Year 1 Year 5 Year 10
(1) As of March 2018. 16 Globally positioned to succeed
Offices Data Centers 3rd Party Data Centers
Canada London Dublin Frankfurt Paris Seattle Warrenville Europe U.S. New York San Francisco Tokyo (Global HQ) Tel Aviv
Singapore
14 offices worldwide(1) 2,579 employees(1) Australia (25% international)(1) São Paulo Proprietary data centers (US & Europe) Sydney 3rd party data centers (Australia & Canada) Melbourne
(1) As of July 31, 2018. 17 Leveraged growth strategies
Extend Pre & Post Agreement Introduce AI Modern API Usage System of Pre-built Integrations Prepare Agreement Platform Expand Use Cases Functions Manage Sign Verticals Global Network Effect Act Land #1 e-signature All Sizes of Customers Solution
Paper
$25B TAM
Drive global transformation Drive global transformation to from paper to e-signature modern systems of agreement 18 SpringCM + DocuSign Accelerating System of Agreement Vision & Platform
1 Automated Document 2 Collaboration & Generation Negotiation
Templates Other Systems SpringCM is a leading cloud- Spring Financials(1) based document generation and CY17 Revenue - $24.0M contract lifecycle management software company Subscription revenue $17.4M Prepare > 600 commercial and enterprise CY17 Operating Loss - $12.7M customers worldwide Similar vertical overlap with DocuSign Manage Sign Partnered across more than 150 joint customers Acquisition closed Sept 4, 2018 Act 4 End-to-End Agreement 3 Organize & Search Workflow Stored Agreements
(1) Metrics as of calendar year end December 31, 2017. 19 From e-signature to platform for modern systems of Prepare agreement
Manage Sign
Act
20 Financial Review
21 Financial highlights
Rapid Recurring Customer Demonstrated growth subscription base with operating at scale model with continued leverage strong expansion revenue in spend visibility
22 Strong growth across the board(1)
Billings(2) Revenue Billings(2) Revenue Enterprise & commercial Enterprise & commercial
Web & mobile Web & mobile
$599 39% $599 $519 36% 14% $432 $381 35% $323 33% 15% $341 15% $239 $257 15% 85% 86% 85% 85% 85% 85%
FY17 FY18 FY17 FY18 1H FY18 IH FY19 1H FY18 1H FY19
(1) For the fiscal years ended January 31, 2017 and 2018, and for the first half of the fiscal years ended January 31, 2018 and 2019. $ in millions. (2) Billings defined as total revenues plus the change in contract liabilities and refund liability less contract assets and unbilled accounts receivable in a given period. Please see Appendix for non-GAAP reconciliation. 23 Capacity-based subscription model
Pricing by functionality & Envelopes(1) Wide range of customers & deal sizes
# of Envelopes provisioned Product editions
Business Enterprise Single-user Multi-user Platform Pro Pro Enterprise Basic Business Payments Advanced All products e-signature fields Automation admin functionality API access Industry Advanced CRM modules workflows connectors Commercial & # of Envelopes provisioned VSBs
Single- Multi- Business Enterprise user user Pro Pro Platform
(1) An Envelope is a digital container used to send one or more documents for signature or approval to one or more recipients. 24 Strong revenue visibility
Revenue contribution(1) Average contract length(2)
Subscription Professional services & other ≤12 months >12 months
5% 9% 7% 6% By contracts Dollar weighted 13% 37%
91% 93% 94% 95% 13 19 months months
87% 63% FY17 FY18 1H FY18 1H FY19
(1) For the fiscal years ended January 31, 2017 and 2018, and for the first half of the fiscal years ended January 31, 2018 and 2019. (2) First half of the fiscal year ended January 31, 2019. 25 Land and expand model
Land Drive Expand Adoption Into New of Initial Use Cases Use Case
Typically start with Help customer drive Drive new use cases an initial use case in further adoption throughout the a department within of use case within organization the organization organization
26 Large and growing customer base
Total customers(1) Enterprise & commercial customers(2)
49K ~429K
373K 42K
289K 47% 60% 30K CAGR CAGR 214K 23K
18K 147K
12K 96K
54K 4K
FY13 FY14 FY15 FY16 FY17 FY18 Q2 FY19 FY13 FY14 FY15 FY16 FY17 FY18 Q2 FY19
(1) At period end. 27 (2) Comprised of customers who were not acquired through our self-service channel. Demonstrated expansion within cohorts
Cohort analysis Customers with >$300K in ACV(3)
246 5.2x 115%
Top 100 Customers Net Retention Life-to-Date Rate as of July 31, Purchase Multiple as 2018(2) of July 31, 2018(1) ~8x
30
FY13 FY14 FY15 FY16 FY17 FY18 FY13 Q2 FY19
(1) For our top 100 customers as measured by ACV for the quarter ended July 31, 2018 that placed their first order in, or prior to, the fiscal year ended January 31, 2014. (2) Compares the ACV for subscription contracts from a set of enterprise and commercial customers at two period end dates. To calculate our dollar-based net retention rate at the end of a base year (e.g., January 31, 2017), we first identify the set of customers that were customers at the end of the prior year (e.g., January 31, 2016) and then divide the ACV attributed to that set of customers at the end of the base year by the ACV attributed to that same set at the end of the prior year. The quotient obtained from this calculation is the dollar-based net retention rate. (3) Average Contract Value. 28 Rapid international expansion
Revenue by geography(1) Global growth investments
International e-signature 17% Products eHanko Standards-Based Signatures (SBS)
SAP Deutsche Partnerships Ingram Telekom Telstra
Brazil UK France Presence Singapore Australia Germany Japan Domestic 83%
(1)For the six months ended July 31, 2018. 29 Achieving increased leverage(1)
Non-GAAP gross margin(2) Headcount(3) Non-GAAP opex(2) Subscription gross margin Total gross margin Domestic International $88 $50
$79 2,579 $44 21% 18% 2,270 25% R&D 17% 15% 87% 1,973 24% $265 84% 84% 22% $226 81% 75% $164 $127 76% 59% 81% 78% 53% 51% S&M 51% 51% 79% 79% $68 76% $52 $38 $29 21% 14% 13% 12% 12% G&A 14% 13% FY17 FY18 1H FY18 1H FY19 FY17 FY18 Q2 FY19 FY17 FY18 1H FY18 1H FY19
(1) For the periods ending January 31, 2017 and 2018, and for the first half of the fiscal years ending January 31, 2018 and 2019. $ in millions.. (2) Please see Appendix for non-GAAP reconciliation. (3) As of July 31, 2018. 30 Improving profitability and cash flows(1)
Non-GAAP operating income Cash flow OCF FCF
$55
11% $9 $36 $38 3% 12% $27 (2%) (5%) 7% 8% ($12) ($11) $11 (1%) 5% $0
($5) 0%
(18%) ($70) (13%) ($48) FY17 FY18 1H FY18 1H FY19 FY17 FY18 1H FY18 1H FY19
(1) Please see Appendix for non-GAAP reconciliation. 31 Investment highlights
Market $25B Large & Driving Proven leadership market growing growth, management as world’s opportunity customer scale and team #1 base with profitability e-signature strong solution expansion opportunities
32 Appendix
33 GAAP to non-GAAP reconciliation
Gross Profit (in $K) Year Ended January 31, Six Months Ended July 31, 2017 2018 2017 2018 GAAP Gross Profit 278,982 400,231 183,459 228,197 Add: Stock-based Compensation in Cost of Revenue 2,211 1,887 958 30,410 Add: Amortization of Intangibles in Cost of Revenue 6,940 6,793 3,388 2,671 Non-GAAP Gross Profit 288,133 408,911 187,805 261,278 Gross Margin (GAAP) 73% 77% 77% 71% Gross Margin (non-GAAP) 76% 79% 79% 81%
Subscription Gross Profit (in $K) Year Ended January 31, Six Months Ended July 31, 2017 2018 2017 2018 GAAP Subscription Revenue 348,563 484,581 224,400 306,659 Less: GAAP Subscription Cost of Revenue (73,363) (83,834) 39,333 55,495 GAAP Subscription Gross Profit 275,200 400,747 185,067 251,164 Add: SBC in Subscription Cost of Revenue 1,190 911 469 11,543 Add: Amortization in Subscription Cost of Revenue 6,940 6,793 3,388 2,671 Non-GAAP Subscription Gross Profit 283,330 408,451 188,924 265,378 Subscription Gross Margin (GAAP) 79% 83% 82% 82% Subscription Gross Margin (Non-GAAP) 81% 84% 84% 87%
34 GAAP to non-GAAP reconciliation
Adjusted Operating Gain / (Loss) (in $K) Year Ended January 31, Six Months Ended July 31, 2017 2018 2017 2018 GAAP Operating Loss (115,817) (51,653) (33,045) (305,278) Add: Stock-based Compensation in Cost of Revenue 2,211 1,887 958 30,410 Add: Amortization of Intangibles in Cost of Revenue 6,940 6,793 3,388 2,671 Add: Stock-based Compensation in Operating Expenses 33,232 27,860 15,960 279,549 Add: Amortization of Intangibles in Operating Expenses 3,385 3,250 1,505 1,530 Non-GAAP Operating Gain (Loss) (70,049) (11,863) (11,234) 8,882 Operating Margin (GAAP) (30%) (10%) (14%) (95%) Operating Margin (non-GAAP) (18%) (2%) (5%) 3%
Free Cash Flow (in $K) Year Ended January 31, Six Months Ended July 31, 2017 2018 2017 2018 Cash Flow Provided by (Used in) Operations Activities (4,790) 54,979 11,401 37,688 Less: Purchases of Property, Plant, and Equipment (43,330) (18,929) (11,089) (10,520) Free Cash Flow (48,120) 36,050 312 27,168 Free Cash Flow Margin (13%) 7% 0% 8%
35 GAAP to non-GAAP reconciliation
Sales & Marketing (in $K) Year Ended January 31, Six Months Ended July 31, 2017 2018 2017 2018 GAAP Sales & Marketing 240,787 277,930 133,634 294,864 Less: Stock-based Compensation in Sales & Marketing (11,187) (9,386) (5,588) (129,272) Less: Amortization of Intangibles in Sales & Marketing (3,385) (3,250) (1,505) (1,530) Non-GAAP Sales & Marketing 226,215 265,294 126,541 164,062 Sales & Marketing as % of Revenue (GAAP) 63% 54% 56% 91% Sales & Marketing as % of Revenue (non-GAAP) 59% 51% 53% 51%
Research & Development (in $K) Year Ended January 31, Six Months Ended July 31, 2017 2018 2017 2018 GAAP Research & Development 89,652 92,428 46,475 104,643 Less: Stock-based Compensation in Research & Development (10,161) (4,896) (2,679) (54,627) Less: Amortization of Intangibles in Research & Development 0 0 0 0 Non-GAAP Research & Development 79,491 87,532 43,796 50,016 Research & Development as % of Revenue (GAAP) 24% 18% 19% 33% Research & Development as % of Revenue (non-GAAP) 21% 17% 18% 15%
General & Administrative (in $K) Year Ended January 31, Six Months Ended July 31, 2017 2018 2017 2018 GAAP General & Administrative 64,360 81,526 36,395 133,968 Less: Stock-based Compensation in General & Administrative (11,884) (13,578) (7,693) (95,650) Less: Amortization of Intangibles in General & Administrative 0 0 0 0 Non-GAAP General & Administrative 52,476 67,948 28,702 38,318 General & Administrative as % of Revenue (GAAP) 17% 16% 16% 42% General & Administrative as % of Revenue (non-GAAP) 14% 13% 12% 12%
36 Computation of Billings
Computation of Billings (in $K) Twelve Months Ended Three Months Ended Six Months Ended January 31, July 31, July 31, 2017 2018 2017 2018 2017 2018
Revenue 381,459 518,504 125,543 167,044 239,041 322,852 Add: Contract Liabilities and Refund Liability, End of Period 195,501 282,943 214,405 300,426 214,405 300,426 Less: Contract Liabilities and Refund Liability, Beginning of Period (137,031) (195,501) (208,882) (293,667) (195,501) (282,943) Add: Contract Assets and Unbilled Accounts Receivable, Beginning of Period 2,532 10,095 10,400 14,555 10,095 16,899 Less: Contract Assets and Unbilled Accounts Receivable, End of Period (10,095) (16,899) (11,381) (16,196) (11,381) (16,196) Billings 432,366 599,142 130,085 172,162 256,659 341,038
37