3X. Yes, that magic number that haunted all hardware companies and drove (most lazy) VCs away from investments in hardwares. The market is currently seeing Xiaomi as a pure hardware company. It will take time to see if the market will buy into Lei Jun's "Xiaomi is an internet company" in the future.

… totally different from privately-owned corporates, whether by PE firms (Toys R' Us) or by individuals (Gibson), which have not had its stocks transacted by large volumes for quite a while therefore do not have any sort of signals for the worth of their stocks. This makes financing options purely based on company's financial health, specifically near-to-mid term free cash flow levels.

To get a quick feel, I found that DocuSign's main numbers (see above) are eerily similar to that of Box in fiscal year 2017 (both ending on 1/31) - whether it's revenue, growth, gross margin, S&M expenses or even operating cash flow. Knowing that DocuSign and Box share the same board member, Rory O'Driscoll of Scale Venture Partners, since 2010, it's hard not to make any connections here.