0001516513FALSE00015165132024-05-162024-05-16

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________________________________________________________________
FORM 8-K
_________________________________________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 16, 2024
_________________________________________________________________________________________________________________
Doximity, Inc.
(Exact Name of Registrant as Specified in Its Charter)
_________________________________________________________________________________________________________________
Delaware001-4050827-2485512
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)
500 3rd St.
Suite 510
San Francisco, CA 94107
(Address of principal executive offices, including zip code)
(650) 549-4330
(Registrant's telephone number, including area code)
_______________________________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.001 par value per shareDOCSThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 – Results of Operations and Financial Condition
On May 16, 2024, Doximity, Inc. (“Doximity”) issued a press release announcing its financial results for its fiscal quarter and year ended March 31, 2024. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
Item 7.01 – Regulation FD Disclosure
The Company from time to time presents slide presentations to the investment community to provide updates and summaries of its business. The Company is posting a slide presentation to the “Investors” portion of its website at investors.doximity.com/news/presentations/. These slides are attached to this Current Report on Form 8-K as Exhibit 99.2.
The information provided in Items 2.02 and 7.01 of this Current Report on Form 8-K, and Exhibits 99.1 and 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 – Financial Statements and Exhibits
(d) Exhibits


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 16, 2024
DOXIMITY, INC.
By:
/s/ Anna Bryson
Anna Bryson
Chief Financial Officer



Exhibit 99.1
Doximity Announces Fourth Quarter and Fiscal Year 2024 Financial Results
Fiscal year 2024 total revenues of $475.4 million, up 13% year-over-year
Fiscal year 2024 net income growth of 31% and adjusted EBITDA growth of 25% year-over-year
Q4 total revenues of $118.1 million, up 6% year-over-year
Q4 net income growth of 32% and adjusted EBITDA growth of 15% year-over-year

SAN FRANCISCO, Calif., May 16, 2024 -- Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2024 fourth quarter and fiscal year ended March 31, 2024.
“We were pleased to beat on our top and bottom lines, as we delivered another quarter of strong profits and record engagement,” said Jeff Tangney, co-founder and CEO of Doximity. “We’re proud to bring AI and automation to clinical workflows, with over 580,000 unique providers using our workflow tools last quarter.”
Fiscal 2024 Fourth Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended March 31, 2023.
•Revenue: Revenue of $118.1 million, versus $111.0 million, an increase of 6% year-over-year. Subscription revenue of $112.7 million, versus $103.2 million, an increase of 9% year-over-year.
•Net income and non-GAAP net income: Net income of $40.6 million, versus $30.7 million, representing a margin of 34.4%, versus 27.6%. Non-GAAP net income of $51.0 million, versus $42.1 million, representing a margin of 43.2%, versus 38.0%.
•Adjusted EBITDA: Adjusted EBITDA of $56.4 million, versus $48.9 million, an increase of 15% year-over-year, representing adjusted EBITDA margins of 47.8%, versus 44.1%.
•Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.20, versus $0.14, while non-GAAP diluted net income per share was $0.25, versus $0.20.
•Operating cash flow and free cash flow: Operating cash flow of $63.9 million, versus $46.6 million, an increase of 37% year-over-year, and free cash flow of $62.3 million, versus $45.6 million, an increase of 37% year-over-year.
Fiscal Year 2024 Financial Highlights
All comparisons, unless otherwise noted, are to the fiscal year ended March 31, 2023.
•Revenue: Revenue of $475.4 million, versus $419.1 million, an increase of 13% year-over-year. Subscription revenue of $450.1 million, versus $389.7 million, an increase of 15% year-over-year.
•Net income and non-GAAP net income: Net income of $147.6 million, versus $112.8 million, representing a margin of 31.0%, versus 26.9%. Non-GAAP net income of $195.6 million, versus $154.9 million, representing a margin of 41.2%, versus 37.0%.
•Adjusted EBITDA: Adjusted EBITDA of $230.5 million, versus $184.0 million, an increase of 25% year-over-year, representing adjusted EBITDA margins of 48.5%, versus 43.9%.
•Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.72, versus $0.53, while non-GAAP diluted net income per share was $0.95, versus $0.73.
•Operating cash flow and free cash flow: Operating cash flow of $184.1 million, versus $179.6 million, an increase of 3% year-over-year, and free cash flow of $178.3 million, versus $173.4 million, an increase of 3% year-over-year.
Financial Outlook
Doximity is providing guidance for its fiscal first quarter ending June 30, 2024 as follows:
•Revenue between $119.5 million and $120.5 million.
•Adjusted EBITDA between $55 million and $56 million.
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Doximity is providing guidance for its fiscal year ending March 31, 2025 as follows:
•Revenue between $506 million and $518 million.
•Adjusted EBITDA between $238 million and $250 million.
Stock Repurchase Program
On May 1, 2024 the Company’s board of directors authorized a program to repurchase up to $500 million of the Company’s Class A common stock. The repurchase program has no expiration date and is subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. Immediately upon the repurchase of any shares of Class A common stock, such shares shall be retired by the Company and shall automatically return to the status of authorized but unissued shares of Class A common stock. All prior repurchase programs were completed as of April 2024.
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Conference Call Information
Doximity posted prepared remarks on its investor relations website at https://investors.doximity.com. Doximity will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investors.doximity.com. The archived webcast will be available on the Company’s Investor Relations page shortly after the call.
About Doximity
Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The company's network members include more than 80% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. Doximity's mission is to help doctors be more productive so they can provide better care for their patients.
Forward-Looking Statements
Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors including (i) the timing and scope of anticipated stock repurchases; (ii) the impact of uncertainty in the current economic environment and macroeconomic uncertainty; (iii) our ability to retain existing members or add new members to our platform and maintain or grow their engagement with our platform; (iv) our ability to attract new customers or retain existing customers; (v) the impact of our prioritization of our members’ interests; (vi) breaches in our security measures or unauthorized access to members’ data; (vii) our ability to maintain or manage our growth, and other risks and factors that are beyond our control including, without limitation, those set forth in the section entitled “Risk Factors”in the Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2023. Additional information will be provided in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements. The forward-looking statements made in this press release relate only to management’s beliefs and assumptions as of this date. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Perry Gold
ir@doximity.com
Media Contact:
Amanda Cox
pr@doximity.com




3

DOXIMITY, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
March 31, 2024March 31, 2023
Assets
Current assets:
Cash and cash equivalents$96,785 $158,027 
Marketable securities666,115 682,972 
Accounts receivable, net 101,332 107,047 
Prepaid expenses and other current assets48,709 27,407 
Total current assets912,941 975,453 
Property and equipment, net12,318 11,279 
Deferred income tax assets45,068 34,907 
Operating lease right-of-use assets12,332 13,819 
Intangible assets, net27,317 31,836 
Goodwill67,940 67,940 
Other assets1,458 1,654 
Total assets$1,079,374 $1,136,888 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$2,253 $1,272 
Accrued expenses and other current liabilities43,703 31,245 
Deferred revenue, current99,145 105,238 
Operating lease liabilities, current2,149 1,752 
Total current liabilities147,250 139,507 
Deferred revenue, non-current211 198 
Operating lease liabilities, non-current12,397 13,885 
Contingent earn-out consideration liability, non-current10,895 15,942 
Other liabilities, non-current7,224 1,240 
Total liabilities177,977 170,772 
Stockholders' Equity
Preferred stock— — 
Common stock187 194 
Additional paid-in capital823,885 762,150 
Accumulated other comprehensive loss(2,664)(14,083)
Retained earnings79,989 217,855 
Total stockholders' equity901,397 966,116 
Total liabilities and stockholders’ equity$1,079,374 $1,136,888 

4

DOXIMITY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31,
Fiscal Year Ended March 31,
2024202320242023
Revenue$118,057 $110,966 $475,422 $419,052 
Cost of revenue(1)
12,567 13,677 50,669 53,490 
Gross profit105,490 97,289 424,753 365,562 
Operating expenses(1):
Research and development20,148 21,541 81,983 80,186 
Sales and marketing33,517 33,148 133,129 123,523 
General and administrative9,973 9,759 37,827 36,745 
Restructuring— — 7,936 — 
Total operating expenses63,638 64,448 260,875 240,454 
Income from operations41,852 32,841 163,878 125,108 
Other income, net6,101 3,875 21,324 8,048 
Income before income taxes47,953 36,716 185,202 133,156 
Provision for income taxes7,335 6,048 37,620 20,338 
Net income$40,618 $30,668 $147,582 $112,818 
Net income per share attributable to Class A and Class B common stockholders:
Basic$0.22 $0.16 $0.78 $0.58 
Diluted$0.20 $0.14 $0.72 $0.53 
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic186,756 193,829 190,172 193,176 
Diluted201,110 212,742 205,734 213,425 
(1) Costs and expenses include stock-based compensation expense as follows (in thousands):
Three Months Ended March 31,
Fiscal Year Ended March 31,
2024202320242023
Cost of revenue$2,274 $2,425 $9,479 $9,634 
Research and development3,104 3,167 11,978 12,583 
Sales and marketing4,105 5,027 16,857 16,939 
General and administrative2,374 2,372 9,116 8,678 
Restructuring— — 3,646 — 
Total stock-based compensation expense$11,857 $12,991 $51,076 $47,834 
5

DOXIMITY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended March 31,Fiscal Year Ended March 31,
2024202320242023
Cash flows from operating activities
Net income$40,618 $30,668 $147,582 $112,818 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization2,548 2,708 10,265 10,283 
Deferred income taxes(8,593)3,834 (8,593)13,226 
Stock-based compensation, net of amounts capitalized11,857 12,991 51,076 47,834 
Non-cash lease expense475 537 2,074 2,027 
Amortization of premium (accretion of discount) on marketable securities, net(1,761)(29)(5,238)3,115 
Net loss on sale of marketable securities— — 402 1,093 
Amortization of deferred contract costs2,593 2,428 8,871 8,785 
Change in fair value of contingent earn-out consideration liability
183 405 951 728 
Other773 252 1,230 726 
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable(4,516)(32,433)3,993 (26,242)
Prepaid expenses and other assets(16,502)(5,372)(20,483)(3,448)
Deferred contract costs(1,683)(2,053)(8,608)(8,462)
Accounts payable, accrued expenses and other liabilities5,966 (2,918)8,332 (195)
Deferred revenue32,496 35,625 (6,080)17,527 
Operating lease liabilities(510)(4)(1,678)(213)
Net cash provided by operating activities63,944 46,639 184,096 179,602 
Cash flows from investing activities
Cash paid for acquisition— — — (53,500)
Purchases of property and equipment— (21)(147)(1,701)
Internal-use software development costs(1,634)(1,005)(5,654)(4,483)
Purchases of marketable securities(191,529)(60,303)(472,867)(190,560)
Maturities of marketable securities116,993 48,125 435,179 83,139 
Sales of marketable securities— — 74,675 107,182 
Net cash provided by (used in) investing activities(76,170)(13,204)31,186 (59,923)
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants3,134 2,471 12,892 9,926 
Proceeds from issuance of common stock in connection with the employee stock purchase plan1,952 2,418 3,446 4,759 
Taxes paid related to net share settlement of equity awards(1,424)(1,469)(6,756)(3,822)
Repurchase of common stock(17,740)(15,282)(280,716)(85,324)
Payment of contingent consideration related to a business combination— — (5,390)— 
Net cash used in financing activities(14,078)(11,862)(276,524)(74,461)
Net increase (decrease) in cash and cash equivalents(26,304)21,573 (61,242)45,218 
Cash and cash equivalents, beginning of period123,089 136,454 158,027 112,809 
Cash and cash equivalents, end of period
$96,785 $158,027 $96,785 $158,027 
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds
$12,911 $2,727 $51,274 $5,231 

6

Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses the following non-GAAP measures of financial performance:
•Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income margin, and non-GAAP basic and diluted net income per common share: We exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, restructuring expense, change in fair value of contingent earn-out consideration liability, and acquisition and other related expenses from non-GAAP gross profit, non-GAAP gross margin and non-GAAP operating income. Non-GAAP net income and non-GAAP net income margin are further adjusted for estimated income tax on such adjustments. We calculate income taxes on the adjustments by applying an estimated annual effective tax rate to the adjustments. Non-GAAP basic and diluted net income per common share is non-GAAP net income attributable to common stockholders divided by the weighted average number of shares. For both basic and diluted non-GAAP net income per share, the weighted average shares we use in computing non-GAAP net income per share is equal to our GAAP weighted average shares. Non-GAAP gross margin represents non-GAAP gross profit as a percentage of revenue and non-GAAP net income margin represents non-GAAP net income as a percentage of revenue.
•Adjusted EBITDA and adjusted EBITDA margin: We define adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization, and as further adjusted for acquisition and other related expenses, stock-based compensation expense, restructuring expense, change in fair value of contingent earn-out consideration liability, and other income, net. Net income margin represents net income as a percentage of revenue and adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.
•Free cash flow: We calculate free cash flow as cash flow from operating activities less purchases of property and equipment and internal-use software development costs.
We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.
Key Business Metrics
•Net revenue retention rate: Net revenue retention rate is calculated by taking the trailing 12-month (“TTM”) subscription-based revenue from our customers that had revenue in the prior TTM period and dividing that by the total subscription-based revenue for the prior TTM period. For the purposes of this calculation, subscription revenue excludes subscriptions for individuals and small practices and other non-recurring items. Our net revenue retention rate compares our subscription revenue from the same set of customers across comparable periods, and reflects customer renewals, expansion, contraction, and churn. Our net revenue retention rate is directly tied to our revenue growth rate and thus fluctuates as that growth rate fluctuates.
•Customers with trailing 12-month subscription revenue greater than $100,000 and $500,000: The number of customers with TTM subscription revenue greater than $100,000 and $500,000 is a key indicator of the scale of our business, and is calculated by counting the number of customers that contributed more than $100,000 and $500,000 in subscription revenue in the TTM period. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our total customer count for historical periods reflecting these adjustments.
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Reconciliation of GAAP to Non-GAAP Financial Measures
The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:
Three Months Ended March 31,Fiscal Year Ended March 31,
2024202320242023
(unaudited)
(in thousands, except percentages)
Net income$40,618 $30,668 $147,582 $112,818 
Adjusted to exclude the following:
Acquisition and other related expenses— — — 30 
Stock-based compensation11,857 12,991 47,430 47,834 
Depreciation and amortization2,548 2,708 10,265 10,283 
Provision for income taxes7,335 6,048 37,620 20,338 
Restructuring expense
— — 7,936 — 
Change in fair value of contingent earn-out consideration liability183 405 951 728 
Other income, net(6,101)(3,875)(21,324)(8,048)
Adjusted EBITDA$56,440 $48,945 $230,460 $183,983 
Revenue$118,057 $110,966 $475,422 $419,052 
Net income margin34.4 %27.6 %31.0 %26.9 %
Adjusted EBITDA margin47.8 %44.1 %48.5 %43.9 %

Three Months Ended March 31,Fiscal Year Ended March 31,
2024202320242023
(unaudited)
(in thousands)
Net cash provided by operating activities$63,944 $46,639 $184,096 $179,602 
Purchases of property and equipment— (21)(147)(1,701)
Internal-use software development costs(1,634)(1,005)(5,654)(4,483)
Free cash flow$62,310 $45,613 $178,295 $173,418 
Other cash flow components:
Net cash provided by (used in) investing activities$(76,170)$(13,204)$31,186 $(59,923)
Net cash used in financing activities$(14,078)$(11,862)$(276,524)$(74,461)
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Three Months Ended March 31,Fiscal Year Ended March 31,
2024202320242023
(unaudited)
(in thousands, except per share data and percentages)
GAAP cost of revenue$12,567 $13,677 $50,669 $53,490 
Adjusted to exclude the following:
Stock-based compensation(2,274)(2,425)(9,479)(9,634)
Amortization of acquired intangibles— (137)(274)(548)
Non-GAAP cost of revenue$10,293 $11,115 $40,916 $43,308 
GAAP gross profit$105,490 $97,289 $424,753 $365,562 
Adjusted to exclude the following:
Stock-based compensation2,274 2,425 9,479 9,634 
Amortization of acquired intangibles— 137 274 548 
Non-GAAP gross profit$107,764 $99,851 $434,506 $375,744 
GAAP gross margin89.4 %87.7 %89.3 %87.2 %
Non-GAAP gross margin91.3 %90.0 %91.4 %89.7 %
GAAP research and development expense$20,148 $21,541 $81,983 $80,186 
Adjusted to exclude the following:
Stock-based compensation(3,104)(3,167)(11,978)(12,583)
Non-GAAP research and development expense$17,044 $18,374 $70,005 $67,603 
GAAP sales and marketing expense$33,517 $33,148 $133,129 $123,523 
Adjusted to exclude the following:
Stock-based compensation(4,105)(5,027)(16,857)(16,939)
Amortization of acquired intangibles(1,061)(979)(4,244)(4,164)
Change in fair value of contingent earn-out consideration liability(183)(405)(951)(728)
Non-GAAP sales and marketing expense$28,168 $26,737 $111,077 $101,692 
GAAP general and administrative expense$9,973 $9,759 $37,827 $36,745 
Adjusted to exclude the following:
Acquisition and other related expenses— — — (30)
Stock-based compensation(2,374)(2,372)(9,116)(8,678)
Non-GAAP general and administrative expense$7,599 $7,387 $28,711 $28,037 
GAAP operating expense$63,638 $64,448 $260,875 $240,454 
Adjusted to exclude the following:
Acquisition and other related expenses— — — (30)
Stock-based compensation(9,583)(10,566)(37,951)(38,200)
Amortization of acquired intangibles(1,061)(979)(4,244)(4,164)
Change in fair value of contingent earn-out consideration liability(183)(405)(951)(728)
Restructuring— — (7,936)— 
Non-GAAP operating expense$52,811 $52,498 $209,793 $197,332 
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Three Months Ended March 31,Fiscal Year Ended March 31,
2024202320242023
(unaudited)
(in thousands, except per share data and percentages)
GAAP operating income$41,852 $32,841 $163,878 $125,108 
Adjusted to exclude the following:
Acquisition and other related expenses— — — 30 
Stock-based compensation11,857 12,991 47,430 47,834 
Amortization of acquired intangibles1,061 1,116 4,518 4,712 
Change in fair value of contingent earn-out consideration liability183 405 951 728 
Restructuring— — 7,936 — 
Non-GAAP operating income$54,953 $47,353 $224,713 $178,412 
GAAP net income$40,618 $30,668 $147,582 $112,818 
Adjusted to exclude the following:
Acquisition and other related expenses— — — 30 
Stock-based compensation11,857 12,991 47,430 47,834 
Amortization of acquired intangibles1,061 1,116 4,518 4,712 
Change in fair value of contingent earn-out consideration liability183 405 951 728 
Restructuring— — 7,936 — 
Income tax effect of non-GAAP adjustments (1)
(2,751)(3,048)(12,775)(11,194)
Non-GAAP net income$50,968 $42,132 $195,642 $154,928 
Non-GAAP net income margin43.2 %38.0 %41.2 %37.0 %
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic186,756 193,829 190,172 193,176 
Diluted201,110 212,742 205,734 213,425 
Non-GAAP net income per share attributable to Class A and Class B stockholders:
Basic$0.27 $0.22 $1.03 $0.80 
Diluted$0.25 $0.20 $0.95 $0.73 
(1) For the three months and fiscal years ended March 31, 2024 and 2023, management used an estimated annual effective non-GAAP tax rate of 21.0%.
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Marketing Solutions: Revenue Recognition and Billing FAQ

 
LEGAL DISCLAIMER 2 This presentation and associated commentary may contain forward-looking statements, including statements regarding expectations of future results of operations or financial performance of Doximity, the calculation of certain of our key financial and operating metrics, and the assumptions underlying those statements. Any forward-looking statements contained in this presentation and associated commentary are based upon Doximity’s historical performance and its plans, estimates and expectations as of the dates noted in this presentation, and are not a representation that such plans, estimates, or expectations have been or will be achieved. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Subsequent events may cause these expectations to change, and Doximity disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including, but not limited to, those related to our business and financial performance, our ability to attract and retain customers, our ability to develop new products and services and our ability to enhance existing products and services. Additional risks and uncertainties that could affect Doximity’s financial results are included under the captions, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s filings with the Securities and Exchange Commission on Form 10-K. These materials are available on our investor relations website at investors.doximity.com under the Financials section and on the SEC’s website at sec.gov. Further information on potential risks that could affect actual results will be included in other filings Doximity makes with the SEC from time to time. In addition to financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation and associated commentary may include certain non-GAAP financial measures (including on a forward-looking basis). Definitions and reconciliations of non-GAAP measures to their most directly comparable GAAP counterparts are available in our most recent 10-K on the company’s investor relations website at investors.doximity.com.

 
Rev. Rec. & Billing FAQ — May 16, 2024 MARKETING SOLUTIONS: REV. REC. & BILLING FAQ How does revenue recognition work for Marketing Solutions?* For the majority of our subscriptions, we recognize revenue over the subscription period beginning with the launch of the program. Typically, a program launches within 90 days of contract signing. How do you account for your Marketing Solutions subscription contracts on the balance sheet? Deferred revenue consists of noncancelable customer billings or payments received in advance of revenue recognition. How do you bill your customers and how has that evolved? Unlike some enterprise software companies that bill primarily upfront, the majority of marketing solutions subscriptions are billed over time. Typically, about 15% to 25% of a subscription contract is billed upon signing of the contract. The remainder of the billing occurs throughout the subscription period and is typically billed in the same quarter as revenue is recognized. Over the last several years, billing milestones in our marketing solutions contracts have become more closely aligned with the period over which services are being provided due to customer requests. As a result, less billings occur upfront on contract signing and more billings occur during service performance. This has led to a higher % of revenue recognition from billings added during the same quarter, and a lower % of revenue recognition coming from prior period deferred revenue. Because the way in which we bill has and will continue to change over time due to customer requests, changes in deferred revenue may not be a good leading indicator for our business. Please refer to the example slides to see how billings variability impacts deferred revenue. *For a more detailed description of our revenue recognition policy, please refer to our most recently filed Annual Report on Form 10-K

 
10-Month $3.0m Program Booked & Launched Program Ends in December in thousands 25% Billed 25% Billed 25% Billed 25% Billed Fiscal Quarter (March Year End) Q4'23 Q1'24 Q2'24 Q3'24 Beginning Deferred Revenue - $450 $300 $150 Additions Due to Billing $750 $750 $750 $750 Revenue Recognition ($300) ($900) ($900) ($900) Ending Deferred Revenue $450 $300 $150 - % of Total Contract Value 15% 10% 5% - Rev. Rec. & Billing FAQ — May 16, 2024 EXAMPLE PROGRAM 1* ● Customer purchased a 10 month subscription on 1/1/2023 for $3,000,000 ● Subscription to be billed based on 4 milestones: 25% upon contract signing, 25% one month after program launch, 25% four months after program launch and 25% seven months after program launch ● Program launched on 3/1/2023 with an end date of 12/31/2023 * This is offered by way of example only and is not meant to describe an actual customer

 
10-Month $3.0m Program Booked & Launched Program Ends in December in thousands 20% Billed 25% Billed 25% Billed 30% Billed Fiscal Quarter (March Year End) Q4'23 Q1'24 Q2'24 Q3'24 Beginning Deferred Revenue - $300 $150 - Additions Due to Billing $600 $750 $750 $900 Revenue Recognition ($300) ($900) ($900) ($900) Ending Deferred Revenue $300 $150 - - % of Total Contract Value 10% 5% - - Rev. Rec. & Billing FAQ — May 16, 2024 EXAMPLE PROGRAM 2* ● Customer purchased a 10 month subscription on 1/1/2023 for $3,000,000 ● Subscription to be billed based on 4 milestones: 20% upon contract signing, 25% one month after program launch, 25% four months after program launch and 30% seven months after program launch ● Program launched on 3/1/2023 with an end date of 12/31/2023 ● This is the same program as the prior slide, with a different billing schedule (less upfront) * This is offered by way of example only and is not meant to describe an actual customer

 
v3.24.1.1.u2
Cover
May 16, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 16, 2024
Entity Registrant Name Doximity, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40508
Entity Tax Identification Number 27-2485512
Entity Address, Address Line One 500 3rd St.
Entity Address, Address Line Two Suite 510
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94107
City Area Code 650
Local Phone Number 549-4330
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock, $0.001 par value per share
Trading Symbol DOCS
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001516513
Amendment Flag false
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