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    Christopher Fountain

    Research Analyst at RBC Capital Markets

    Christopher Fountain is an Analyst at RBC Capital Markets, specializing in software and cloud computing sectors with coverage of companies such as Fastly, MongoDB, Zscaler, and Magnite. He has delivered notable calls on companies like MDB and ZS, achieving periods of significant returns as reflected in RBC Capital Markets platform performance disclosures with returns ranging up to 241% on select names. Fountain began his tenure at RBC in 2010, was promoted to Director in 2016, and plays an active role in structuring sector coverage and client communication. He holds a Bachelor of Business Administration in Finance from Villanova University with minors in Accounting and Business Analytics, and is registered with FINRA, maintaining the necessary securities licenses for equity research.

    Christopher Fountain's questions to DOCUSIGN (DOCU) leadership

    Christopher Fountain's questions to DOCUSIGN (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.

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