Document

•Mike Rosenbaum, CEO of Guidewire, has joined Docusign’s board: In addition to his experience as CEO of a leading enterprise SaaS company, Rosenbaum brings valuable platform growth, product, and go-to-market experience to Docusign. Prior to Guidewire, Rosenbaum served as EVP of Product at Salesforce, leading product management and strategy for its core CRM offerings. “Mike’s extensive experience in scaling platform SaaS businesses will be an immense resource for Docusign as we continue our transformation to an Intelligent Agreement Management company,” said Allan Thygesen, CEO of Docusign. “The opportunity to continue to revolutionize agreement technology for the benefit of our customers is profound, and Mike’s arrival will help us continue to capture that opportunity.”

•James Beer has been appointed as Docusign’s next Board Chair: He will succeed Maggie Wilderotter in this role at the end of the current fiscal year. Beer is a seasoned public company director with decades of CFO experience across American Airlines, Symantec, McKesson, and Atlassian. Beer has served on Docusign’s Board and Audit Committee since 2020, and will bring deep finance and strategy experience to his role as independent Board Chair. “The introduction and growth of IAM represents a pivotal moment for Docusign as we pioneer a new software category fueled through advances in AI. It is an incredibly exciting time to lead the Board,” said Beer. Wilderotter, who joined Docusign’s Board in 2017 and has served as Chair since 2018, will remain an independent director. “Maggie’s contribution to Docusign has been invaluable through a transformative period for the Company. I look forward to working with her as we continue to build an even stronger Company,” said Allan Thygesen.


(in millions, except percentages)	Three Months Ended October 31, 2025		YoY Midpoint Change
Total revenue [1]	$804	to	$808	7%
Subscription revenue	$786	to	$790	7%
Billings [2]	$785	to	$795	5%
Non-GAAP gross margin	80.3%	to	81.3%	NA
Non-GAAP operating margin	28.0%	to	29.0%	NA
Non-GAAP diluted weighted-average shares outstanding	207	to	212	NA


(in millions, except percentages)	Year Ended January 31, 2026		YoY Midpoint Change
Total revenue [1]	$3,189	to	$3,201	7%
Subscription revenue	$3,121	to	$3,133	8%
Billings [2]	$3,325	to	$3,355	7%
Non-GAAP gross margin	81.0%	to	82.0%	NA
Non-GAAP operating margin	28.6%	to	29.6%	NA
Non-GAAP diluted weighted-average shares outstanding	207	to	212	NA

A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by many factors, including the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release.

The company will host a conference call on September 4, 2025 at 2:00 p.m. PT (5:00 p.m. ET) to discuss its financial results. A live webcast of the event will be available on the Docusign Investor Relations website at investor.docusign.com. Prepared remarks and the news release with the financial results will also be accessible on Docusign’s website prior to the webcast. A live dial-in will be available domestically at 877-407-0784 or internationally at 201-689-8560. A replay will be available domestically at 844-512-2921 or internationally at 412-317-6671 until midnight (EDT) September 18, 2025 using the passcode 13755371.

Docusign brings agreements to life. Over 1.7 million customers and more than a billion people in over 180 countries use Docusign solutions to accelerate the process of doing business and simplify people's lives. With intelligent agreement management, Docusign unleashes business critical data that is trapped inside of documents. Until now, these were disconnected from business systems of record, costing businesses time, money, and opportunity. Using Docusign’s IAM platform, companies can create, commit, and manage agreements with solutions created by the #1 company in e-signature and CLM. Learn more at www.docusign.com.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management’s beliefs and assumptions and on information currently available to management, and which statements involve substantial risk and uncertainties. All statements contained in this press release other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, objectives for future operations, and the impact of such assumptions on our financial condition and results of operations are forward-looking statements. Forward-looking statements in this press release also include, among other things, statements under “Guidance” above and any other statements about expected financial metrics, such as revenue, billings, free cash flow, non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating expenses, and non-financial metrics, as well as statements related to our expectations regarding: the impact of foreign exchange rates; the timing and extent of customer renewals; the effectiveness of changes to our sales force and go-to-market strategy; the effects of seasonality; the timing and impact of our cloud migration transition; the benefits, the timing or rollout of future products and capabilities; customer demand and adoption of the Docusign IAM platform; and our utilization of our stock repurchase program, including the expected timing, duration, volume and nature of share repurchase under such program. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions.

Forward-looking statements contained in this press release include, but are not limited to, statements about: our expectations regarding global macro-economic conditions, including the effects of inflation, volatile interest rates or foreign exchange rates, and market volatility on the global economy; our inability to accurately estimate our market opportunity; our ability to compete effectively in an evolving and competitive market; the impact of any interruptions or delays in performance of our technical infrastructure, or data breaches, cyberattacks or other fraudulent or malicious activity attempting to exploit our technology systems, platform or brand name; our ability to effectively sustain and manage our growth and future expenses and maintain or increase profitability; our ability to attract new customers and retain and expand our existing customer base, including our ability to attract large organizations as users; our ability to scale and update our platform to respond to customers’ needs and rapid technological change, including our ability to successfully incorporate generative artificial intelligence into our existing and future products and to successfully deploy them; our ability to successfully develop, launch and sell IAM solutions; our ability to expand use cases within existing customers and vertical solutions; our ability to expand our operations and increase adoption of our platform internationally; our ability to strengthen and foster our relationships with developers; our ability to retain our direct sales force, customer success team and strategic partnerships around the world; our ability to identify targets for and execute potential acquisitions and to successfully integrate and realize the anticipated benefits of such acquisitions; our ability to maintain, protect and enhance our brand; the sufficiency of our cash, cash equivalents and capital resources to satisfy our liquidity needs; limitations on us due to obligations we have under our credit facility; our ability to realize the anticipated benefits of our stock repurchase program; our failure or the failure of our software to comply with applicable industry standards, laws and regulations; our ability to maintain, protect and enhance our intellectual property; our ability to successfully defend litigation against us; our ability to maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel, including executive level management; our ability to successfully manage and integrate executive management transitions; uncertainties regarding the impact of general economic and market conditions, including as a result of geopolitical conflict or changes in trade policies and practices; and our ability to maintain proper and effective internal controls.

Additional risks and uncertainties that could affect our financial results are included in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the fiscal year ended January 31, 2025, filed on March 18, 2025, our quarterly report on Form 10-Q for the quarter ended July 31, 2025, which we expect to file on September 5, 2025 with the Securities and Exchange Commission (the “SEC”), and other filings that we make from time to time with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this press release or to conform such statements to actual results or revised expectations, except as required by law.

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We present these non-GAAP measures to assist investors in seeing our financial performance using a management view, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, these non-GAAP measures are not intended to be considered in isolation from, a substitute for, or superior to our GAAP results.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share: We define these non-GAAP financial measures as the respective GAAP measures, excluding expenses related to stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, acquisition-related expenses, restructuring and other related charges, as these costs are not reflective of ongoing operations and, as applicable, other special items. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business. When evaluating the performance of our business and making operating plans, we do not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants). We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies and over multiple periods. In addition to these exclusions, we subtract an assumed provision for income taxes to calculate non-GAAP net income. We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. We have determined the projected non-GAAP tax rate to be 20% for fiscal 2025 and 21% for fiscal 2026 due to the impact of the One Big Beautiful Bill Act.

Free cash flow: We define free cash flow as net cash provided by operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

Billings: We define billings as total revenues plus the change in our contract liabilities and refund liability less contract assets and unbilled accounts receivable in a given period. Billings reflects sales to new customers plus subscription renewals and additional sales to existing customers. Only amounts invoiced to a customer in a given period are included in billings. We believe billings can be used to measure our periodic performance, when taking into consideration the timing aspects of customer renewals, which represents a large component of our business. Given that most of our customers pay in annual installments one year in advance, but we typically recognize a majority of the related revenue ratably over time, we use billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers.

(Unaudited)


	Three Months Ended July 31,				Six Months Ended July 31,
(in thousands, except per share data)	2025		2024		2025		2024
Revenue:
Subscription	$	784,388	$	717,366	$	1,530,590	$	1,408,849
Professional services and other	16,248		18,661		33,700		36,818
Total revenue	800,636		736,027		1,564,290		1,445,667
Cost of revenue:
Subscription	144,097		132,372		281,440		258,974
Professional services and other	21,366		23,093		41,292		45,937
Total cost of revenue	165,463		155,465		322,732		304,911
Gross profit	635,173		580,562		1,241,558		1,140,756
Operating expenses:
Sales and marketing	305,450		287,464		601,863		569,108
Research and development	169,630		147,571		329,077		281,891
General and administrative	94,866		87,129		185,136		179,607
Restructuring and other related charges	—		597		—		29,721
Total operating expenses	569,946		522,761		1,116,076		1,060,327
Income from operations	65,227		57,801		125,482		80,429
Interest expense	(828)		(544)		(1,306)		(688)
Interest income and other income, net	12,061		14,630		26,074		28,739
Income before provision for (benefit from) income taxes	76,460		71,887		150,250		108,480
Provision for (benefit from) income taxes	13,490		(816,324)		15,193		(813,491)
Net income	$	62,970	$	888,211	$	135,057	$	921,971
Net income per share attributable to common stockholders:
Basic	$	0.31	$	4.34	$	0.67	$	4.49
Diluted	$	0.30	$	4.26	$	0.64	$	4.40
Weighted-average shares used in computing net income per share:
Basic	202,644		204,604		202,957		205,231
Diluted	210,956		208,274		211,878		209,559

Stock-based compensation expense included in costs and expenses:
Cost of revenue—subscription	$	14,425	$	15,593	$	27,421	$	29,774
Cost of revenue—professional services and other	4,167		4,998		8,075		9,700
Sales and marketing	49,081		58,778		95,166		105,049
Research and development	61,865		53,430		116,296		97,632
General and administrative	31,000		31,649		59,176		60,169
Restructuring and other related charges	—		208		—		4,836

(Unaudited)


(in thousands)	July 31, 2025		January 31, 2025
Assets
Current assets
Cash and cash equivalents	$	599,986	$	648,623
Investments—current	244,469		314,924
Accounts receivable, net	356,943		429,582
Contract assets—current	9,892		13,764
Prepaid expenses and other current assets	107,760		82,368
Total current assets	1,319,050		1,489,261
Investments—noncurrent	208,864		134,105
Property and equipment, net	327,953		299,370
Operating lease right-of-use assets	109,953		109,630
Goodwill	456,368		454,477
Intangible assets, net	64,553		76,388
Deferred contract acquisition costs—noncurrent	462,928		467,201
Deferred tax assets—noncurrent	836,641		840,470
Other assets—noncurrent	163,613		141,803
Total assets	$	3,949,923	$	4,012,705
Liabilities and Equity
Current liabilities
Accounts payable	$	10,643	$	30,697
Accrued expenses and other current liabilities	100,579		99,579
Accrued compensation	208,005		227,115

Contract liabilities—current	1,436,033		1,455,442
Operating lease liabilities—current	21,185		19,077
Total current liabilities	1,776,445		1,831,910

Contract liabilities—noncurrent	27,428		21,523
Operating lease liabilities—noncurrent	105,757		105,350
Deferred tax liability—noncurrent	19,064		20,596
Other liabilities—noncurrent	33,254		30,634
Total liabilities	1,961,948		2,010,013

Stockholders’ equity
Common stock	20		20
Treasury stock	(3,192)		(2,871)
Additional paid-in capital	3,544,127		3,321,242
Accumulated other comprehensive loss	(16,078)		(28,376)
Accumulated deficit	(1,536,902)		(1,287,323)
Total stockholders’ equity	1,987,975		2,002,692
Total liabilities and equity	$	3,949,923	$	4,012,705

(Unaudited)


	Three Months Ended July 31,				Six Months Ended July 31,
(in thousands)	2025		2024		2025		2024
Cash flows from operating activities:
Net income	$	62,970	$	888,211	$	135,057	$	921,971
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,880		27,022		59,249		51,528
Amortization of deferred contract acquisition and fulfillment costs	68,654		57,255		135,136		111,467
Amortization of debt discount and transaction costs	302		139		440		277
Non-cash operating lease costs	4,704		4,984		9,364		9,862
Stock-based compensation expense	160,538		164,656		306,134		307,160
Deferred income taxes	4,997		(826,038)		1,532		(824,561)
Other	(218)		3,851		1,505		5,323
Changes in operating assets and liabilities:
Accounts receivable	(50,674)		(7,068)		70,329		123,571

Prepaid expenses and other current assets	5,544		(6)		(23,007)		(17,067)
Deferred contract acquisition and fulfillment costs	(71,340)		(68,183)		(127,988)		(131,255)
Other assets	(2,179)		(16,975)		(1,335)		(15,058)
Accounts payable	(14,030)		(10,412)		(20,794)		(11,575)
Accrued expenses and other liabilities	175		(4,680)		4,800		(8,160)
Accrued compensation	37,214		25,146		(24,237)		(19,902)
Contract liabilities	15,966		(11,553)		(18,274)		(16,526)
Operating lease liabilities	(5,430)		(6,141)		(10,399)		(12,021)
Net cash provided by operating activities	246,073		220,208		497,512		475,034
Cash flows from investing activities:
Cash paid for acquisition, net of acquired cash	—		(143,611)		—		(143,611)
Purchases of marketable securities	(119,637)		(103,603)		(212,200)		(223,241)

Maturities of marketable securities	117,710		93,509		208,972		175,623
Purchases of strategic and other investments	(100)		(125)		(100)		(625)
Purchases of property and equipment	(28,425)		(22,280)		(52,049)		(45,033)
Net cash used in investing activities	(30,452)		(176,110)		(55,377)		(236,887)
Cash flows from financing activities:

Payment of revolving credit facility costs	(3,133)		—		(3,133)		—
Repurchases of common stock	(201,514)		(200,076)		(384,945)		(349,138)

Payment of tax withholding obligation on net RSU settlement and ESPP purchase	(69,164)		(39,446)		(131,957)		(81,083)
Proceeds from exercise of stock options	471		454		1,170		1,089
Proceeds from employee stock purchase plan	—		—		22,010		20,190
Net cash used in financing activities	(273,340)		(239,068)		(496,855)		(408,942)
Effect of foreign exchange on cash, cash equivalents and restricted cash	1,529		238		11,452		(2,677)
Net decrease in cash, cash equivalents and restricted cash	(56,190)		(194,732)		(43,268)		(173,472)
Cash, cash equivalents and restricted cash at beginning of period (1)	672,476		822,759		659,554		801,499
Cash, cash equivalents and restricted cash at end of period (1)	$	616,286	$	628,027	$	616,286	$	628,027

Reconciliation of gross profit (loss) and gross margin:


	Three Months Ended July 31,						Six Months Ended July 31,
(in thousands)	2025			2024			2025			2024
GAAP gross profit	$	635,173		$	580,562		$	1,241,558		$	1,140,756
Add: Stock-based compensation	18,592			20,591			35,496			39,474
Add: Employer payroll tax on employee stock transactions	1,575			816			3,448			1,839
Add: Amortization of acquisition-related intangibles	1,562			3,067			5,127			5,137


Non-GAAP gross profit	$	656,902		$	605,036		$	1,285,629		$	1,187,206
GAAP gross margin	79.3		%	78.9		%	79.4		%	78.9		%
Non-GAAP adjustments	2.7		%	3.3		%	2.8		%	3.1		%
Non-GAAP gross margin	82.0		%	82.2		%	82.2		%	82.0		%

GAAP subscription gross profit	$	640,291		$	584,994		$	1,249,150		$	1,149,875
Add: Stock-based compensation	14,425			15,593			27,421			29,774
Add: Employer payroll tax on employee stock transactions	1,220			595			2,665			1,387
Add: Amortization of acquisition-related intangibles	1,562			3,067			5,127			5,137


Non-GAAP subscription gross profit	$	657,498		$	604,249		$	1,284,363		$	1,186,173
GAAP subscription gross margin	81.6		%	81.5		%	81.6		%	81.6		%
Non-GAAP adjustments	2.2		%	2.7		%	2.3		%	2.6		%
Non-GAAP subscription gross margin	83.8		%	84.2		%	83.9		%	84.2		%

GAAP professional services and other gross loss	$	(5,118)		$	(4,432)		$	(7,592)		$	(9,119)
Add: Stock-based compensation	4,167			4,998			8,075			9,700

Add: Employer payroll tax on employee stock transactions	355			221			783			452

Non-GAAP professional services and other gross profit (loss)	$	(596)		$	787		$	1,266		$	1,033
GAAP professional services and other gross margin	(31.5)		%	(23.8)		%	(22.5)		%	(24.8)		%
Non-GAAP adjustments	27.8		%	28.0		%	26.3		%	27.6		%
Non-GAAP professional services and other gross margin	(3.7)		%	4.2		%	3.8		%	2.8		%

Reconciliation of operating expenses:


	Three Months Ended July 31,						Six Months Ended July 31,
(in thousands)	2025			2024			2025			2024
GAAP sales and marketing	$	305,450		$	287,464		$	601,863		$	569,108
Less: Stock-based compensation	(49,081)			(58,778)			(95,166)			(105,049)
Less: Employer payroll tax on employee stock transactions	(2,962)			(1,595)			(6,902)			(3,733)
Less: Amortization of acquisition-related intangibles	(3,354)			(3,113)			(6,708)			(5,742)


Non-GAAP sales and marketing	$	250,053		$	223,978		$	493,087		$	454,584
GAAP sales and marketing as a percentage of revenue	38.2		%	39.1		%	38.5		%	39.4		%
Non-GAAP sales and marketing as a percentage of revenue	31.2		%	30.4		%	31.6		%	31.4		%

GAAP research and development	$	169,630		$	147,571		$	329,077		$	281,891
Less: Stock-based compensation	(61,865)			(53,430)			(116,296)			(97,632)

Less: Employer payroll tax on employee stock transactions	(2,600)			(1,754)			(7,681)			(4,319)

Non-GAAP research and development	$	105,165		$	92,387		$	205,100		$	179,940
GAAP research and development as a percentage of revenue	21.2		%	20.0		%	21.1		%	19.5		%
Non-GAAP research and development as a percentage of revenue	13.1		%	12.6		%	13.1		%	12.4		%

GAAP general and administrative	$	94,866		$	87,129		$	185,136		$	179,607
Less: Stock-based compensation	(31,000)			(31,649)			(59,176)			(60,169)
Less: Employer payroll tax on employee stock transactions	(911)			(607)			(2,276)			(1,285)
Less: Acquisition-related expenses	—			(3,358)			—			(4,716)


Non-GAAP general and administrative	$	62,955		$	51,515		$	123,684		$	113,437
GAAP general and administrative as a percentage of revenue	11.8		%	11.8		%	11.8		%	12.4		%
Non-GAAP general and administrative as a percentage of revenue	7.9		%	7.0		%	7.9		%	7.8		%

Reconciliation of income from operations and operating margin:


	Three Months Ended July 31,						Six Months Ended July 31,
(in thousands)	2025			2024			2025			2024
GAAP income from operations	$	65,227		$	57,801		$	125,482		$	80,429
Add: Stock-based compensation	160,538			164,448			306,134			302,324
Add: Employer payroll tax on employee stock transactions	8,048			4,772			20,307			11,176
Add: Amortization of acquisition-related intangibles	4,916			6,180			11,835			10,879
Add: Acquisition-related expenses	—			3,358			—			4,716
Add: Restructuring and other related charges	—			597			—			29,721


Non-GAAP income from operations	$	238,729		$	237,156		$	463,758		$	439,245
GAAP operating margin	8.1		%	7.9		%	8.0		%	5.6		%
Non-GAAP adjustments	21.7		%	24.3		%	21.6		%	24.8		%
Non-GAAP operating margin	29.8		%	32.2		%	29.6		%	30.4		%

Reconciliation of net income and net income per share, basic and diluted:


	Three Months Ended July 31,				Six Months Ended July 31,
(in thousands, except per share data)	2025		2024		2025		2024
GAAP net income	$	62,970	$	888,211	$	135,057	$	921,971
Add: Stock-based compensation	160,538		164,448		306,134		302,324
Add: Employer payroll tax on employee stock transactions	8,048		4,772		20,307		11,176
Add: Amortization of acquisition-related intangibles	4,916		6,180		11,835		10,879
Add: Acquisition-related expenses	—		3,358		—		4,716
Add: Restructuring and other related charges	—		597		—		29,721




Add: Income tax and other tax adjustments	(41,387)		(866,572)		(87,397)		(906,950)
Non-GAAP net income attributable to common stockholders	$	195,085	$	200,994	$	385,936	$	373,837

Numerator:
Non-GAAP net income attributable to common stockholders	$	195,085	$	200,994	$	385,936	$	373,837



Denominator:
Weighted-average common shares outstanding, basic	202,644		204,604		202,957		205,231
Effect of dilutive securities	8,312		3,670		8,921		4,328
Non-GAAP weighted-average common shares outstanding, diluted	210,956		208,274		211,878		209,559

GAAP net income per share, basic	$	0.31	$	4.34	$	0.67	$	4.49
GAAP net income per share, diluted	$	0.30	$	4.26	$	0.64	$	4.40
Non-GAAP net income per share, basic	$	0.96	$	0.98	$	1.90	$	1.82
Non-GAAP net income per share, diluted	$	0.92	$	0.97	$	1.82	$	1.78

Computation of billings:


	Three Months Ended July 31,				Six Months Ended July 31,
(in thousands)	2025		2024		2025		2024
Revenue	$	800,636	$	736,027	$	1,564,290	$	1,445,667
Add: Contract liabilities and refund liability, end of period	1,468,618		1,334,461		1,468,618		1,334,461
Less: Contract liabilities and refund liability, beginning of period	(1,450,718)		(1,340,680)		(1,479,266)		(1,343,792)
Add: Contract assets and unbilled accounts receivable, beginning of period	13,319		17,179		17,825		20,189
Less: Contract assets and unbilled accounts receivable, end of period	(13,824)		(17,461)		(13,824)		(17,461)
Add: Contract assets and unbilled accounts receivable by acquisitions	—		53		—		53
Less: Contract liabilities and refund liability contributed by acquisitions	—		(5,071)		—		(5,071)
Non-GAAP billings	$	818,031	$	724,508	$	1,557,643	$	1,434,046