Billings ShortfallThe impact was greater than expected, with less early renewals than anticipated, driving the billings shortfall in Q1.
Investor SentimentDOCU pressure in AH a result of Q1 billings miss, FY26 billings cut, flat QoQ NDR & lower QoQ >$300K customers at conflict with the narrative.
Revenue GuidanceConstant-currency FY26 billings guidance was reduced from 8% to 5.8% YoY, or 220 bps, due to embedding broader macro prudence and the early renewal dynamic.