DOCU · Forward model · Professional services and other · Thygesen case
What has to happen in Professional services and other
Model as of
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Professional services and other
Deployment and integration fees charged to new customers: 2.3% of revenue, and shrinking for two years - $75.2 million in fiscal 2024, $75.4 million in fiscal 2025, $68.9 million in fiscal 2026 - as Docusign pushed implementation toward partners and self-service. The April 2026 quarter broke the run with $19.0 million against $17.5 million, the first year-over-year increase since October 2024, plausibly because an IAM deployment needs more hand-holding than an e-signature rollout. It is too small to move the valuation and too clearly disclosed to fold into the subscription line.
Latest: $21M (2032Q1E)
| Period | Value |
|---|---|
| 2024Q1 | $22M |
| 2024Q2 | $18M |
| 2024Q3 | $18M |
| 2024Q4 | $17M |
| 2025Q1 | $18M |
| 2025Q2 | $19M |
| 2025Q3 | $20M |
| 2025Q4 | $18M |
| 2026Q1 | $17M |
| 2026Q2 | $16M |
| 2026Q3 | $17M |
| 2026Q4 | $18M |
| 2027Q1 | $19M |
| 2027Q2E | $19M |
| 2027Q3E | $19M |
| 2027Q4E | $19M |
| 2028Q1E | $20M |
| 2028Q2E | $20M |
| 2028Q3E | $20M |
| 2028Q4E | $20M |
| 2029Q1E | $20M |
| 2029Q2E | $20M |
| 2029Q3E | $20M |
| 2029Q4E | $20M |
| 2030Q1E | $20M |
| 2030Q2E | $21M |
| 2030Q3E | $21M |
| 2030Q4E | $21M |
| 2031Q1E | $21M |
| 2031Q2E | $21M |
| 2031Q3E | $21M |
| 2031Q4E | $21M |
| 2032Q1E | $21M |
Assumptions & reasoning
- Sourced exactly like the subscription line: twelve quarters from the Professional services and other line of each release income statement, the thirteenth from the fiscal 2027 Q1 10-Q revenue note. The two verticals sum to Docusign's reported total revenue in all thirteen quarters with no residual, which is why neither line carries an estimated flag.
- No seasonal factors. The same centred four-quarter moving-average test that found a clear shape in subscriptions found none here: the worst window-to-window spread is 8.51%, larger than the whole 4.98% signal, so the apparent shape is noise on a $16-22 million line. That is a finding, not a gap.
- Applying the subscription line's margin to this vertical is knowingly wrong in fact and nearly harmless in effect. At 2.3% of revenue, moving this line's margin from 52.6% to zero changes consolidated free cash flow by about 1.2%. The alternative - inventing a services-specific margin Docusign has never disclosed - would be worse. The honest caveat is that cost of professional services revenue was $20.5 million against $17.9 million of revenue in the January 2026 quarter, so on a fully-loaded gross basis this line loses money.