TTM revenues are $2.3 billion with $1.2 billion sales costs and $450m Research and Development. Both figures are too high for a company whose growth has come do

TTM revenues are $2.3 billion with $1.2 billion sales costs and $450m Research and Development. Both figures are too high for a company whose growth has come down to the ~30% range. On selling it smells like attempting to sell huge, broad "solutions" that cover 20 different departments to try to get so stuck into an enterprise that they will never churn. This will cause very expensive and slow sales cycles. It can only be justified if these solutions are actually getting DocuSign in a place where they are uniquely positioned to upsell into all of these different functions down the road, taking into account that Microsoft is probably building crappier but cheaper versions of the same offerings. On R&D it sounds like they're either 1) way too inefficient or 2) supporting a ton of integration for the huge solutions that need 500 different connectors into every legacy app ever written. Again, this could make sense, but requires them to attain a Microsoftish level of integration into company workflows that ensures that the customer is a permanent golden goose.