The electronic signature company has risen more than 50% from its low in mid-May and is now up around 25.7% year to date.
DocuSign had just released a sparkling set of numbers for its fiscal 2022 first-quarter earnings report. Total revenue surged 58% year over year to $$469.1 million, with subscription revenue making up more than 96%, up from 94.6% in the prior year. Gross margin improved from 75.1% to 77.6% and the company significantly narrowed its net loss from $47.8 million to $8.4 million.
Operating cash flow more than doubled year over year from $59.1 million to $135.6 million, while free cash flow more than tripled over the same period to $123 million. DocuSign also reported impressive growth in its customer base, with a 51% jump in total customers to 892,000 at the end of its fiscal 2021. Within just three months, total customers rose another 10.8% to hit 988,000. The company's net dollar retention rate also hit the highest level in the last eight quarters at 125%.
It's no surprise that DocuSign's suite of services is witnessing soaring demand as the pandemic forces a wide swath of businesses to digitize. The company is also focusing on international expansion, with international markets making up one-fifth of total revenue. International revenue growth also accelerated quicker than overall revenue, jumping by 84% year over year.
Growth will be further driven by new features introduced by the company such as data visualization tools and improved data verification. Its new remote online notarization service provides an additional value-added service for customers, too. Plus, DocuSign's recent acquisition of Clause, a smart legal contract pioneer, promises to introduce elements into existing contracts that add value through the entire agreement process, making the company's services even more compelling for customers.