Doximity Announces Fiscal 2024 Second Quarter Financial Results

Total revenues of $113.6 million, up 11% year-over-year
Net income margin of 27% and adjusted EBITDA margin of 48%
Net income growth of 16% and adjusted EBITDA growth of 18% year-over-year

SAN FRANCISCO--()--Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2024 second quarter ended September 30, 2023.

We’re proud to make medicine mobile, with another quarter of record engagement across our entire platform,” said Jeff Tangney, co-founder and CEO of Doximity. “Over 550,000 unique providers used our generative AI, telehealth, messaging, and scheduling workflow tools in Q2 to provide better care for their patients.”

Fiscal 2024 Second Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended September 30, 2022.

  • Revenue: Revenue of $113.6 million, versus $102.2 million, an increase of 11% year-over-year.
  • Net income and non-GAAP net income: Net income of $30.6 million, versus $26.3 million, representing a margin of 26.9%, versus 25.7%. Included in net income was restructuring expense of $7.9 million, which consisted primarily of severance, benefits and stock-based compensation for equity award modification for terminated employees. Non-GAAP net income of $45.6 million, versus $36.2 million, representing a margin of 40.1%, versus 35.4%.
  • Adjusted EBITDA: Adjusted EBITDA of $54.2 million, versus $46.0 million, an increase of 18% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 45.0%.
  • Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.15, versus $0.12, while non-GAAP diluted net income per share was $0.22, versus $0.17.
  • Operating cash flow and free cash flow: Operating cash flow of $12.9 million, versus $39.5 million, a decrease of 67% year-over-year, and free cash flow of $11.6 million, versus $37.7 million, a decrease of 69% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal third quarter ending December 31, 2023 as follows:

  • Revenue between $127 million and $128 million.
  • Adjusted EBITDA between $61 million and $62 million.

Doximity is updating guidance for its fiscal year ending March 31, 2024 as follows:

  • Revenue between $460 million and $472 million.
  • Adjusted EBITDA between $207 million and $219 million.

Stock Repurchase Program

Doximity’s board of directors authorized another program to repurchase up to $70 million of the Company’s Class A common stock. The repurchases are expected to be executed from time to time over the next 12 months, 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. All prior repurchase programs were completed as of October 2023.

Conference Call Information

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 over 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, and conduct virtual patient visits. Doximity's mission is to help doctors be more productive so they can provide better care for their patients. For more information, visit www.doximity.com.

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 our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 and as may be updated in any subsequent Quarterly Reports on Form 10-Q. 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.

DOXIMITY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

September 30, 2023

March 31, 2023

Assets

 

 

Current assets:

 

 

Cash and cash equivalents

$

108,403

 

$

158,027

 

Marketable securities

 

621,451

 

 

682,972

 

Accounts receivable, net

 

97,217

 

 

107,047

 

Prepaid expenses and other current assets

 

32,789

 

 

22,289

 

Deferred contract costs, current

 

2,960

 

 

5,118

 

Total current assets

 

862,820

 

 

975,453

 

Property and equipment, net

 

11,780

 

 

11,279

 

Deferred income tax assets

 

39,289

 

 

34,907

 

Operating lease right-of-use assets

 

12,743

 

 

13,819

 

Intangible assets, net

 

29,440

 

 

31,836

 

Goodwill

 

67,940

 

 

67,940

 

Other assets

 

1,559

 

 

1,654

 

Total assets

$

1,025,571

 

$

1,136,888

 

Liabilities and Stockholders’ Equity

 

 

Current liabilities:

 

 

Accounts payable

$

714

 

$

1,272

 

Accrued expenses and other current liabilities

 

29,086

 

 

31,245

 

Deferred revenue, current

 

91,446

 

 

105,238

 

Operating lease liabilities, current

 

1,935

 

 

1,752

 

Total current liabilities

 

123,181

 

 

139,507

 

Deferred revenue, non-current

 

237

 

 

198

 

Operating lease liabilities, non-current

 

13,119

 

 

13,885

 

Contingent earn-out consideration liability, non-current

 

10,448

 

 

15,942

 

Other liabilities, non-current

 

7,119

 

 

1,240

 

Total liabilities

 

154,104

 

 

170,772

 

Stockholders' Equity

 

 

Preferred stock

 

 

 

 

Common stock

 

188

 

 

194

 

Additional paid-in capital

 

794,804

 

 

762,150

 

Accumulated other comprehensive loss

 

(8,928

)

 

(14,083

)

Retained earnings

 

85,403

 

 

217,855

 

Total stockholders' equity

 

871,467

 

 

966,116

 

Total liabilities and stockholders’ equity

$

1,025,571

 

$

1,136,888

 

DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended
September 30,

Six Months Ended
September 30,

 

2023

2022

2023

2022

Revenue

$

113,612

$

102,185

$

222,081

$

192,824

Cost of revenue(1)

 

12,759

 

13,210

 

25,912

 

26,287

Gross profit

 

100,853

 

88,975

 

196,169

 

166,537

Operating expenses(1):

 

 

 

 

Research and development

 

19,958

 

19,104

 

41,889

 

38,126

Sales and marketing

 

30,201

 

29,021

 

64,656

 

57,155

General and administrative

 

8,966

 

8,749

 

18,213

 

17,473

Restructuring

 

7,936

 

 

7,936

 

Total operating expenses

 

67,061

 

56,874

 

132,694

 

112,754

Income from operations

 

33,792

 

32,101

 

63,475

 

53,783

Other income, net

 

5,903

 

908

 

10,742

 

1,712

Income before income taxes

 

39,695

 

33,009

 

74,217

 

55,495

Provision for income taxes

 

9,093

 

6,710

 

15,209

 

6,813

Net income

$

30,602

$

26,299

$

59,008

$

48,682

Net income per share attributable to Class A and Class B common stockholders:

 

 

 

 

Basic

$

0.16

$

0.14

$

0.30

$

0.25

Diluted

$

0.15

$

0.12

$

0.28

$

0.23

Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:

 

 

 

 

Basic

 

193,112

 

193,137

 

193,813

 

193,042

Diluted

 

209,014

 

213,949

 

210,681

 

214,452

(1) Costs and expenses include stock-based compensation expense as follows (in thousands):

 

Three Months Ended
September 30,

Six Months Ended
September 30,

 

2023

2022

2023

2022

Cost of revenue

$

2,278

$

2,392

$

4,739

$

4,514

Research and development

 

2,538

 

2,862

 

5,794

 

5,414

Sales and marketing

 

2,697

 

3,982

 

8,692

 

7,056

General and administrative

 

2,288

 

2,117

 

4,577

 

3,875

Restructuring

 

3,646

 

 

3,646

 

Total stock-based compensation expense

$

13,447

$

11,353

$

27,448

$

20,859

DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Three Months Ended
September 30,

Six Months Ended
September 30,

 

2023

2022

2023

2022

Cash flows from operating activities

 

 

 

 

Net income

$

30,602

 

$

26,299

 

$

59,008

 

$

48,682

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

2,604

 

 

2,589

 

 

5,208

 

 

4,959

 

Deferred income taxes

 

 

 

 

 

 

 

105

 

Stock-based compensation, net of amounts capitalized

 

13,447

 

 

11,353

 

 

27,448

 

 

20,859

 

Non-cash lease expense

 

540

 

 

551

 

 

1,077

 

 

952

 

Amortization of premium (accretion of discount) on marketable securities, net

 

(1,495

)

 

1,218

 

 

(1,794

)

 

2,673

 

Loss (gain) on sale of marketable securities

 

(131

)

 

463

 

 

142

 

 

500

 

Amortization of deferred contract costs

 

2,063

 

 

2,072

 

 

4,730

 

 

4,839

 

Other

 

137

 

 

37

 

 

(15

)

 

7

 

Changes in operating assets and liabilities, net of effect of acquisition:

 

 

 

 

Accounts receivable

 

(4,388

)

 

(3,339

)

 

9,644

 

 

2,194

 

Prepaid expenses and other assets

 

(13,093

)

 

2,405

 

 

(10,504

)

 

3,651

 

Deferred contract costs

 

(1,238

)

 

(1,476

)

 

(2,448

)

 

(2,342

)

Accounts payable, accrued expenses and other liabilities

 

(8,740

)

 

1,635

 

 

(8,063

)

 

(4,474

)

Deferred revenue

 

(6,831

)

 

(4,280

)

 

(13,753

)

 

1,872

 

Operating lease liabilities

 

(579

)

 

(13

)

 

(582

)

 

(211

)

Net cash provided by operating activities

 

12,898

 

 

39,514

 

 

70,098

 

 

84,266

 

Cash flows from investing activities

 

 

 

 

Cash paid for acquisition

 

 

 

 

 

 

 

(53,500

)

Purchases of property and equipment

 

(41

)

 

(766

)

 

(111

)

 

(1,476

)

Internal-use software development costs

 

(1,238

)

 

(1,051

)

 

(2,732

)

 

(2,466

)

Purchases of marketable securities

 

(144,942

)

 

(82,307

)

 

(180,226

)

 

(91,177

)

Maturities of marketable securities

 

96,119

 

 

16,167

 

 

212,768

 

 

24,438

 

Sales of marketable securities

 

 

 

49,434

 

 

37,525

 

 

64,158

 

Net cash provided by (used in) investing activities

 

(50,102

)

 

(18,523

)

 

67,224

 

 

(60,023

)

Cash flows from financing activities

 

 

 

 

Proceeds from issuance of common stock upon exercise of stock options and common stock warrants

 

3,933

 

 

2,570

 

 

7,218

 

 

5,584

 

Proceeds from issuance of common stock in connection with the employee stock purchase plan

 

1,494

 

 

2,341

 

 

1,494

 

 

2,341

 

Taxes paid related to net share settlement of equity awards

 

(2,120

)

 

(1,152

)

 

(4,084

)

 

(1,261

)

Repurchase of common stock

 

(164,429

)

 

(61,168

)

 

(186,184

)

 

(70,042

)

Payment of contingent consideration related to a business combination

 

 

 

 

 

(5,390

)

 

 

Net cash used in financing activities

 

(161,122

)

 

(57,409

)

 

(186,946

)

 

(63,378

)

Net decrease in cash and cash equivalents

 

(198,326

)

 

(36,418

)

 

(49,624

)

 

(39,135

)

Cash and cash equivalents, beginning of period

 

306,729

 

 

110,092

 

 

158,027

 

 

112,809

 

Cash and cash equivalents, end of period

$

108,403

 

$

73,674

 

$

108,403

 

$

73,674

 

Supplemental disclosures of cash flow information

 

 

 

 

Cash paid for taxes, net of refunds

$

29,438

 

$

123

 

$

29,438

 

$

123

 

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 condensed 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 $1 million: The number of customers with TTM subscription revenue greater than $100,000 and $1 million 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 $1 million 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.

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
September 30,

Six Months Ended
September 30,

 

2023

2022

2023

2022

 

(unaudited)

 

(in thousands, except percentages)

Net income

$

30,602

 

$

26,299

 

$

59,008

 

$

48,682

 

Adjusted to exclude the following:

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

30

 

Stock-based compensation

 

9,801

 

 

11,353

 

 

23,802

 

 

20,859

 

Depreciation and amortization

 

2,604

 

 

2,589

 

 

5,208

 

 

4,959

 

Provision for income taxes

 

9,093

 

 

6,710

 

 

15,209

 

 

6,813

 

Restructuring expense

 

7,936

 

 

 

 

7,936

 

 

 

Change in fair value of contingent earn-out consideration liability

 

47

 

 

(40

)

 

316

 

 

(94

)

Other income, net

 

(5,903

)

 

(908

)

 

(10,742

)

 

(1,712

)

Adjusted EBITDA

$

54,180

 

$

46,003

 

$

100,737

 

$

79,537

 

 

 

 

 

 

Revenue

$

113,612

 

$

102,185

 

$

222,081

 

$

192,824

 

Net income margin

 

26.9

%

 

25.7

%

 

26.6

%

 

25.2

%

Adjusted EBITDA margin

 

47.7

%

 

45.0

%

 

45.4

%

 

41.2

%

 

Three Months Ended
September 30,

Six Months Ended
September 30,

 

2023

2022

2023

2022

 

(unaudited)

 

(in thousands)

Net cash provided by operating activities

$

12,898

 

$

39,514

 

$

70,098

 

$

84,266

 

Purchases of property and equipment

 

(41

)

 

(766

)

 

(111

)

 

(1,476

)

Internal-use software development costs

 

(1,238

)

 

(1,051

)

 

(2,732

)

 

(2,466

)

Free cash flow

$

11,619

 

$

37,697

 

$

67,255

 

$

80,324

 

Other cash flow components:

 

 

 

 

Net cash provided by (used in) investing activities

$

(50,102

)

$

(18,523

)

$

67,224

 

$

(60,023

)

Net cash used in financing activities

$

(161,122

)

$

(57,409

)

$

(186,946

)

$

(63,378

)

 

Three Months Ended
September 30,

Six Months Ended
September 30,

 

2023

2022

2023

2022

 

(unaudited)

 

(in thousands, except per share data and percentages)

GAAP cost of revenue

$

12,759

 

$

13,210

 

$

25,912

 

$

26,287

 

Adjusted to exclude the following:

 

 

 

 

Stock-based compensation

 

(2,278

)

 

(2,392

)

 

(4,739

)

 

(4,514

)

Amortization of acquired intangibles

 

(137

)

 

(137

)

 

(274

)

 

(273

)

Non-GAAP cost of revenue

$

10,344

 

$

10,681

 

$

20,899

 

$

21,500

 

 

 

 

 

 

GAAP gross profit

$

100,853

 

$

88,975

 

$

196,169

 

$

166,537

 

Adjusted to exclude the following:

 

 

 

 

Stock-based compensation

 

2,278

 

 

2,392

 

 

4,739

 

 

4,514

 

Amortization of acquired intangibles

 

137

 

 

137

 

 

274

 

 

273

 

Non-GAAP gross profit

$

103,268

 

$

91,504

 

$

201,182

 

$

171,324

 

 

 

 

 

 

GAAP gross margin

 

88.8

%

 

87.1

%

 

88.3

%

 

86.4

%

Non-GAAP gross margin

 

90.9

%

 

89.5

%

 

90.6

%

 

88.8

%

 

 

 

 

 

GAAP research and development expense

$

19,958

 

$

19,104

 

$

41,889

 

$

38,126

 

Adjusted to exclude the following:

 

 

 

 

Stock-based compensation

 

(2,538

)

 

(2,862

)

 

(5,794

)

 

(5,414

)

Non-GAAP research and development expense

$

17,420

 

$

16,242

 

$

36,095

 

$

32,712

 

 

 

 

 

 

GAAP sales and marketing expense

$

30,201

 

$

29,021

 

$

64,656

 

$

57,155

 

Adjusted to exclude the following:

 

 

 

 

Stock-based compensation

 

(2,697

)

 

(3,982

)

 

(8,692

)

 

(7,056

)

Amortization of acquired intangibles

 

(1,061

)

 

(1,061

)

 

(2,122

)

 

(2,124

)

Change in fair value of contingent earn-out consideration liability

 

(47

)

 

40

 

 

(316

)

 

94

 

Non-GAAP sales and marketing expense

$

26,396

 

$

24,018

 

$

53,526

 

$

48,069

 

 

 

 

 

 

GAAP general and administrative expense

$

8,966

 

$

8,749

 

$

18,213

 

$

17,473

 

Adjusted to exclude the following:

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

(30

)

Stock-based compensation

 

(2,288

)

 

(2,117

)

 

(4,577

)

 

(3,875

)

Non-GAAP general and administrative expense

$

6,678

 

$

6,632

 

$

13,636

 

$

13,568

 

 

 

 

 

 

GAAP operating expense

$

67,061

 

$

56,874

 

$

132,694

 

$

112,754

 

Adjusted to exclude the following:

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

(30

)

Stock-based compensation

 

(7,523

)

 

(8,961

)

 

(19,063

)

 

(16,345

)

Amortization of acquired intangibles

 

(1,061

)

 

(1,061

)

 

(2,122

)

 

(2,124

)

Change in fair value of contingent earn-out consideration liability

 

(47

)

 

40

 

 

(316

)

 

94

 

Restructuring

 

(7,936

)

 

 

 

(7,936

)

 

 

Non-GAAP operating expense

$

50,494

 

$

46,892

 

$

103,257

 

$

94,349

 

 

 

 

 

 

GAAP operating income

$

33,792

 

$

32,101

 

$

63,475

 

$

53,783

 

Adjusted to exclude the following:

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

30

 

Stock-based compensation

 

9,801

 

 

11,353

 

 

23,802

 

 

20,859

 

Amortization of acquired intangibles

 

1,198

 

 

1,198

 

 

2,396

 

 

2,397

 

Change in fair value of contingent earn-out consideration liability

 

47

 

 

(40

)

 

316

 

 

(94

)

Restructuring

 

7,936

 

 

 

 

7,936

 

 

 

Non-GAAP operating income

$

52,774

 

$

44,612

 

$

97,925

 

$

76,975

 

 

 

 

 

 

GAAP net income

$

30,602

 

$

26,299

 

$

59,008

 

$

48,682

 

Adjusted to exclude the following:

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

30

 

Stock-based compensation

 

9,801

 

 

11,353

 

 

23,802

 

 

20,859

 

Amortization of acquired intangibles

 

1,198

 

 

1,198

 

 

2,396

 

 

2,397

 

Change in fair value of contingent earn-out consideration liability

 

47

 

 

(40

)

 

316

 

 

(94

)

Restructuring

 

7,936

 

 

 

 

7,936

 

 

 

Income tax effect of non-GAAP adjustments (1)

 

(3,986

)

 

(2,627

)

 

(7,235

)

 

(4,870

)

Non-GAAP net income

$

45,598

 

$

36,183

 

$

86,223

 

$

67,004

 

Non-GAAP net income margin

 

40.1

%

 

35.4

%

 

38.8

%

 

34.7

%

 

 

 

 

 

Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:

 

 

 

 

Basic

 

193,112

 

 

193,137

 

 

193,813

 

 

193,042

 

Diluted

 

209,014

 

 

213,949

 

 

210,681

 

 

214,452

 

 

 

 

 

 

Non-GAAP net income per share attributable to Class A and Class B stockholders:

 

 

 

 

Basic

$

0.24

 

$

0.19

 

$

0.44

 

$

0.35

 

Diluted

$

0.22

 

$

0.17

 

$

0.41

 

$

0.31

 

(1)

For the three and six months ended September 30, 2023 and 2022, management used an estimated annual effective non-GAAP tax rate of 21.0%.

 

Contacts

Investor Relations Contact:
Perry Gold
ir@doximity.com

Media Contact:
Amanda Cox
pr@doximity.com

Contacts

Investor Relations Contact:
Perry Gold
ir@doximity.com

Media Contact:
Amanda Cox
pr@doximity.com