Part 3/10:
DocuSign’s IPO in April raised approximately $629 million, significantly boosting the company's cash reserves. By the end of the second quarter, DocuSign had over $818 million in cash with minimal debt, thanks to a recent convertible note offering. Despite operating at a GAAP loss, the company generated $18 million in free cash flow, indicating that its business model remains sound, particularly as it invests heavily in growth.