DOCUSIGN, INC. Fair Value Disclosure
| January 31, 2026 | |||||||||||||||||||||||
| (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
| Level 1: | |||||||||||||||||||||||
Cash equivalents(1) | |||||||||||||||||||||||
| Money market funds | $ | 248,251 | $ | — | $ | — | $ | 248,251 | |||||||||||||||
| Level 2: | |||||||||||||||||||||||
| Available-for-sale securities | |||||||||||||||||||||||
| Commercial paper | 32,611 | 7 | (6) | 32,612 | |||||||||||||||||||
| Corporate notes and bonds | 425,648 | 806 | (77) | 426,377 | |||||||||||||||||||
| U.S. governmental securities | 13,498 | 1 | (11) | 13,488 | |||||||||||||||||||
| Level 2 total | 471,757 | 814 | (94) | 472,477 | |||||||||||||||||||
| Total | $ | 720,008 | $ | 814 | $ | (94) | $ | 720,728 | |||||||||||||||
| January 31, 2025 | |||||||||||||||||||||||
| (in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
| Level 1: | |||||||||||||||||||||||
Cash equivalents(1) | |||||||||||||||||||||||
| Money market funds | $ | 183,885 | $ | — | $ | — | $ | 183,885 | |||||||||||||||
| Level 2: | |||||||||||||||||||||||
| Available-for-sale securities | |||||||||||||||||||||||
| Commercial paper | 31,367 | 12 | (8) | 31,371 | |||||||||||||||||||
| Corporate notes and bonds | 399,034 | 522 | (378) | 399,178 | |||||||||||||||||||
| U.S. governmental securities | 18,500 | 1 | (21) | 18,480 | |||||||||||||||||||
| Level 2 total | 448,901 | 535 | (407) | 449,029 | |||||||||||||||||||
| Total | $ | 632,786 | $ | 535 | $ | (407) | $ | 632,914 | |||||||||||||||
| Due in one year or less | $ | 264,084 | |||
| Due in one to two years | 208,393 | ||||
| $ | 472,477 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 18, 2026 | Showing above |
| 2025 | Mar 18, 2025 | |
| 2024 | Mar 21, 2024 | |
| 2023 | Mar 27, 2023 | |
| 2022 | Mar 25, 2022 | |
| 2021 | Mar 31, 2021 | |
| 2020 | Mar 27, 2020 | |
| 2019 | Mar 26, 2019 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.