DocuSign Results Get a Boost From Social Distancing and Remote Work

Expectations were high going into DocuSign's (NASDAQ: DOCU) fiscal 2021 first-quarter financial report. The stock was up 89% year-to-date headed into the company's earnings release on Thursday, and the results showed that the e-signature technology provider had continued to gain converts as people around the globe sheltered at home to stem the spread of the COVID-19 pandemic.

For the quarter that ended April 30, DocuSign reported revenue of $297 million, up 39% year over year, easily surpassing analysts' consensus estimates of $281 million. It also eclipsed management's forecast for about 32% growth, while accelerating slightly from 38% revenue growth last quarter. This translated to a bottom-line performance that was also better than expected. Non-GAAP (adjusted) earnings per share grew 71% year over year to $0.12, exceeding expectations of $0.10.

The company also generated net cash from operations of $59.1 million and free cash flow of $32.8 million, up 29% and 8%, respectively.

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Source Fool.com