Christopher Fountain's questions to DocuSign Inc (DOCU) leadership • Q2 2025
Question
Christopher Fountain, representing Rishi Jaluria at RBC Capital Markets, asked for more detail on the planned investments causing margins to decline in the second half of the year. He also inquired about the pricing model for IAM and how it is evolving from the historical model.
Answer
CFO Blake Grayson explained the slight margin decline is due to investments needed to support the IAM rollout to new international geographies and customer segments beyond the initial launch. CEO Allan Thygesen detailed the IAM pricing model, stating it's anchored on seat-based pricing for different user types, supplemented by add-ons for document storage capacity and advanced features like AI and third-party ID verification. He noted this is a shift from the traditional envelope-based model and will continue to be refined.