(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices, including zip code) | ||||||||
( (Registrant's telephone number, including area code) |
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)). |
Title of each class | Trading Symbol(s) | Name and exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
99.1 |
DOXIMITY, INC. | ||||||||
By: | /s/ Anna Bryson | |||||||
Anna Bryson Chief Financial Officer |
September 30, 2021 | March 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 79,521 | $ | 66,393 | |||||||
Marketable securities | 663,140 | 76,141 | |||||||||
Accounts receivable, net | 55,681 | 50,319 | |||||||||
Prepaid expenses and other current assets | 28,159 | 10,692 | |||||||||
Deferred contract costs, current | 3,107 | 5,856 | |||||||||
Total current assets | 829,608 | 209,401 | |||||||||
Property and equipment, net | 8,004 | 7,598 | |||||||||
Deferred income tax assets | 2,112 | 2,112 | |||||||||
Operating lease right-of-use assets | 770 | 1,339 | |||||||||
Intangible assets, net | 9,067 | 9,596 | |||||||||
Goodwill | 18,915 | 18,915 | |||||||||
Other assets | 779 | 2,758 | |||||||||
Total assets | $ | 869,255 | $ | 251,719 | |||||||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 781 | $ | 1,515 | |||||||
Accrued expenses | 15,664 | 16,285 | |||||||||
Deferred revenue, current | 78,681 | 83,272 | |||||||||
Operating lease liabilities, current | 498 | 970 | |||||||||
Total current liabilities | 95,624 | 102,042 | |||||||||
Deferred revenue, non-current | 49 | 220 | |||||||||
Operating lease liabilities, non-current | 118 | 284 | |||||||||
Other liabilities, non-current | 904 | 972 | |||||||||
Total liabilities | 96,695 | 103,518 | |||||||||
Redeemable Convertible Preferred Stock | |||||||||||
Redeemable convertible preferred stock | — | 81,458 | |||||||||
Stockholders' Equity | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 187 | 83 | |||||||||
Additional paid-in capital | 674,414 | 30,357 | |||||||||
Accumulated other comprehensive loss | (775) | (21) | |||||||||
Retained earnings | 98,734 | 36,324 | |||||||||
Total stockholders' equity | 772,560 | 66,743 | |||||||||
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity | $ | 869,255 | $ | 251,719 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue | $ | 79,350 | $ | 45,113 | $ | 152,019 | $ | 81,501 | |||||||||||||||
Cost of revenue(1) | 8,951 | 7,456 | 16,937 | 15,331 | |||||||||||||||||||
Gross profit | 70,399 | 37,657 | 135,082 | 66,170 | |||||||||||||||||||
Operating expenses(1): | |||||||||||||||||||||||
Research and development | 15,460 | 9,866 | 28,701 | 19,909 | |||||||||||||||||||
Sales and marketing | 21,161 | 14,145 | 40,532 | 27,430 | |||||||||||||||||||
General and administrative | 8,827 | 3,209 | 16,023 | 6,311 | |||||||||||||||||||
Total operating expenses | 45,448 | 27,220 | 85,256 | 53,650 | |||||||||||||||||||
Income from operations | 24,951 | 10,437 | 49,826 | 12,520 | |||||||||||||||||||
Interest income | 440 | 73 | 516 | 210 | |||||||||||||||||||
Other expense, net | (20) | (93) | (51) | (383) | |||||||||||||||||||
Income before income taxes | 25,371 | 10,417 | 50,291 | 12,347 | |||||||||||||||||||
Provision for (benefit from) income taxes | (10,717) | 380 | (12,119) | 851 | |||||||||||||||||||
Net income | $ | 36,088 | $ | 10,037 | $ | 62,410 | $ | 11,496 | |||||||||||||||
Undistributed earnings attributable to participating securities | — | (8,354) | (18,326) | (9,122) | |||||||||||||||||||
Net income attributable to Class A and Class B common stockholders, basic and diluted | $ | 36,088 | $ | 1,683 | $ | 44,084 | $ | 2,374 | |||||||||||||||
Net income per share attributable to Class A and Class B common stockholders: | |||||||||||||||||||||||
Basic | $ | 0.19 | $ | 0.02 | $ | 0.32 | $ | 0.03 | |||||||||||||||
Diluted | $ | 0.17 | $ | 0.02 | $ | 0.27 | $ | 0.03 | |||||||||||||||
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders: | |||||||||||||||||||||||
Basic | 186,171 | 70,591 | 137,154 | 69,988 | |||||||||||||||||||
Diluted | 216,672 | 91,830 | 166,066 | 88,498 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Cost of revenue | $ | 793 | $ | 99 | $ | 1,061 | $ | 189 | |||||||||||||||
Research and development | 1,859 | 281 | 2,829 | 545 | |||||||||||||||||||
Sales and marketing | 1,866 | 376 | 2,894 | 671 | |||||||||||||||||||
General and administrative | 2,154 | 423 | 5,015 | 757 | |||||||||||||||||||
Total stock-based compensation expense | $ | 6,672 | $ | 1,179 | $ | 11,799 | $ | 2,162 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net income | $ | 36,088 | $ | 10,037 | $ | 62,410 | $ | 11,496 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||
Depreciation and amortization | 1,158 | 928 | 2,311 | 1,696 | |||||||||||||||||||
Deferred income taxes | — | 260 | — | 623 | |||||||||||||||||||
Stock-based compensation, net of amounts capitalized | 6,672 | 1,179 | 11,799 | 2,162 | |||||||||||||||||||
Other | (72) | 44 | (70) | 105 | |||||||||||||||||||
Non-cash lease expense | 286 | 643 | 569 | 1,294 | |||||||||||||||||||
Bad debt expense (recovery) | 288 | (84) | 195 | 4 | |||||||||||||||||||
Amortization of premium on marketable securities, net | 1,264 | 9 | 1,561 | 14 | |||||||||||||||||||
Amortization of prepaid partner fees | 231 | — | 799 | — | |||||||||||||||||||
Amortization of deferred contract costs | 2,452 | 1,593 | 5,656 | 3,140 | |||||||||||||||||||
Changes in operating assets and liabilities, net of effect of acquisition: | |||||||||||||||||||||||
Accounts receivable | (9,978) | (4,028) | (5,556) | (14,890) | |||||||||||||||||||
Prepaid expenses and other assets | (14,867) | (2,707) | (18,191) | 763 | |||||||||||||||||||
Deferred contract costs | (1,483) | (1,275) | (2,975) | (2,755) | |||||||||||||||||||
Accounts payable | (420) | 89 | (292) | (275) | |||||||||||||||||||
Accrued expenses | 1,958 | 181 | (419) | (643) | |||||||||||||||||||
Deferred revenue | (4,198) | 6,496 | (4,763) | 18,543 | |||||||||||||||||||
Operating lease liabilities | (167) | (650) | (638) | (1,310) | |||||||||||||||||||
Other liabilities | (60) | (14) | (69) | 1,494 | |||||||||||||||||||
Net cash provided by operating activities | 19,152 | 12,701 | 52,327 | 21,461 | |||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Purchases of property and equipment | (200) | (67) | (241) | (92) | |||||||||||||||||||
Capitalized internal-use software | (900) | (1,379) | (1,671) | (2,530) | |||||||||||||||||||
Purchases of marketable securities | (1,088,768) | — | (1,156,143) | — | |||||||||||||||||||
Maturities of marketable securities | 24,787 | 16,000 | 35,551 | 34,000 | |||||||||||||||||||
Sales of marketable securities | 531,076 | — | 531,076 | — | |||||||||||||||||||
Cash paid for acquisition, net of cash acquired | — | — | — | (31,634) | |||||||||||||||||||
Other | — | (25) | — | (25) | |||||||||||||||||||
Net cash provided by (used in) investing activities | (534,005) | 14,529 | (591,428) | (281) | |||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Proceeds from issuance of common stock upon initial public offering after deducting underwriting discounts and commissions | — | — | 553,905 | — | |||||||||||||||||||
Payments of deferred offering costs | (2,214) | — | (3,982) | — | |||||||||||||||||||
Proceeds from issuance of common stock upon exercise of stock options | 2,323 | 1,124 | 5,060 | 1,347 | |||||||||||||||||||
Taxes paid related to net share settlement of equity awards | (56) | — | (56) | — | |||||||||||||||||||
Repurchase and retirement of common stock | — | — | (2,698) | — | |||||||||||||||||||
Net cash provided by financing activities | 53 | 1,124 | 552,229 | 1,347 | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (514,800) | 28,354 | 13,128 | 22,527 | |||||||||||||||||||
Cash and cash equivalents, beginning of period | 594,321 | 42,603 | 66,393 | 48,430 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | 79,521 | $ | 70,957 | $ | 79,521 | $ | 70,957 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Net income | $ | 36,088 | $ | 10,037 | $ | 62,410 | $ | 11,496 | |||||||||||||||
Adjusted to exclude the following: | |||||||||||||||||||||||
Acquisition and other related expenses | — | 65 | — | 144 | |||||||||||||||||||
Stock-based compensation | 6,672 | 1,179 | 11,799 | 2,162 | |||||||||||||||||||
Depreciation and amortization | 1,158 | 928 | 2,311 | 1,696 | |||||||||||||||||||
Interest income | (440) | (73) | (516) | (210) | |||||||||||||||||||
Provision for (benefit from) income taxes | (10,717) | 380 | (12,119) | 851 | |||||||||||||||||||
Other expense, net | 20 | 93 | 51 | 383 | |||||||||||||||||||
Adjusted EBITDA | $ | 32,781 | $ | 12,609 | $ | 63,936 | $ | 16,522 | |||||||||||||||
Revenue | $ | 79,350 | $ | 45,113 | $ | 152,019 | $ | 81,501 | |||||||||||||||
Net income margin | 45 | % | 22 | % | 41 | % | 14 | % | |||||||||||||||
Adjusted EBITDA margin | 41 | % | 28 | % | 42 | % | 20 | % |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 19,152 | $ | 12,701 | $ | 52,327 | $ | 21,461 | |||||||||||||||
Purchases of property and equipment | (200) | (67) | (241) | (92) | |||||||||||||||||||
Capitalized internal-use software | (900) | (1,379) | (1,671) | (2,530) | |||||||||||||||||||
Free cash flow | $ | 18,052 | $ | 11,255 | $ | 50,415 | $ | 18,839 | |||||||||||||||
Other cash flow components: | |||||||||||||||||||||||
Net cash provided by (used in) investing activities | $ | (534,005) | $ | 14,529 | $ | (591,428) | $ | (281) | |||||||||||||||
Net cash provided by financing activities | $ | 53 | $ | 1,124 | $ | 552,229 | $ | 1,347 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
GAAP cost of revenue | $ | 8,951 | $ | 7,456 | $ | 16,937 | $ | 15,331 | |||||||||||||||
Adjusted to exclude the following: | |||||||||||||||||||||||
Stock-based compensation | (793) | (99) | (1,061) | (189) | |||||||||||||||||||
Non-GAAP cost of revenue | $ | 8,158 | $ | 7,357 | $ | 15,876 | $ | 15,142 | |||||||||||||||
GAAP gross profit | $ | 70,399 | $ | 37,657 | $ | 135,082 | $ | 66,170 | |||||||||||||||
Adjusted to exclude the following: | |||||||||||||||||||||||
Stock-based compensation | 793 | 99 | 1,061 | 189 | |||||||||||||||||||
Non-GAAP gross profit | $ | 71,192 | $ | 37,756 | $ | 136,143 | $ | 66,359 | |||||||||||||||
GAAP gross margin | 89 | % | 83 | % | 89 | % | 81 | % | |||||||||||||||
Non-GAAP gross margin | 90 | % | 84 | % | 90 | % | 81 | % | |||||||||||||||
GAAP research and development expense | $ | 15,460 | $ | 9,866 | $ | 28,701 | $ | 19,909 | |||||||||||||||
Adjusted to exclude the following: | |||||||||||||||||||||||
Stock-based compensation | (1,859) | (281) | (2,829) | (545) | |||||||||||||||||||
Non-GAAP research and development expense | $ | 13,601 | $ | 9,585 | $ | 25,872 | $ | 19,364 | |||||||||||||||
GAAP sales and marketing expense | $ | 21,161 | $ | 14,145 | $ | 40,532 | $ | 27,430 | |||||||||||||||
Adjusted to exclude the following: | |||||||||||||||||||||||
Stock-based compensation | (1,866) | (376) | (2,894) | (671) | |||||||||||||||||||
Amortization of acquired intangibles | (265) | (257) | (530) | (514) | |||||||||||||||||||
Non-GAAP sales and marketing expense | $ | 19,030 | $ | 13,512 | $ | 37,108 | $ | 26,245 | |||||||||||||||
GAAP general and administrative expense | $ | 8,827 | $ | 3,209 | $ | 16,023 | $ | 6,311 | |||||||||||||||
Adjusted to exclude the following: | |||||||||||||||||||||||
Acquisition and other related expenses | — | (65) | — | (144) | |||||||||||||||||||
Stock-based compensation | (2,154) | (423) | (5,015) | (757) | |||||||||||||||||||
Non-GAAP general and administrative expense | $ | 6,673 | $ | 2,721 | $ | 11,008 | $ | 5,410 | |||||||||||||||
GAAP operating expense | $ | 45,448 | $ | 27,220 | $ | 85,256 | $ | 53,650 | |||||||||||||||
Adjusted to exclude the following: | |||||||||||||||||||||||
Acquisition and other related expenses | — | (65) | — | (144) | |||||||||||||||||||
Stock-based compensation | (5,879) | (1,080) | (10,738) | (1,973) | |||||||||||||||||||
Amortization of acquired intangibles | (265) | (257) | (530) | (514) | |||||||||||||||||||
Non-GAAP operating expense | $ | 39,304 | $ | 25,818 | $ | 73,988 | $ | 51,019 | |||||||||||||||
GAAP operating income | $ | 24,951 | $ | 10,437 | $ | 49,826 | $ | 12,520 | |||||||||||||||
Adjusted to exclude the following: | |||||||||||||||||||||||
Acquisition and other related expenses | — | 65 | — | 144 | |||||||||||||||||||
Stock-based compensation | 6,672 | 1,179 | 11,799 | 2,162 | |||||||||||||||||||
Amortization of acquired intangibles | 265 | 257 | 530 | 514 | |||||||||||||||||||
Non-GAAP operating income | $ | 31,888 | $ | 11,938 | $ | 62,155 | $ | 15,340 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
(in thousands, except per share data) | (in thousands, except per share data) | ||||||||||||||||||||||
GAAP net income | $ | 36,088 | $ | 10,037 | $ | 62,410 | $ | 11,496 | |||||||||||||||
Adjusted to exclude the following: | |||||||||||||||||||||||
Acquisition and other related expenses | — | 65 | — | 144 | |||||||||||||||||||
Stock-based compensation | 6,672 | 1,179 | 11,799 | 2,162 | |||||||||||||||||||
Amortization of acquired intangibles | 265 | 257 | 530 | 514 | |||||||||||||||||||
Income tax effect of non-GAAP adjustments (1) | (1,457) | (315) | (2,589) | (592) | |||||||||||||||||||
Non-GAAP net income | $ | 41,568 | $ | 11,223 | $ | 72,150 | $ | 13,724 | |||||||||||||||
Non-GAAP net income margin | 52 | % | 25 | % | 47 | % | 17 | % | |||||||||||||||
GAAP undistributed earnings attributable to participating securities | $ | — | $ | (8,354) | $ | (18,326) | $ | (9,122) | |||||||||||||||
Impact on undistributed earnings attributable to participating securities due to non-GAAP adjustments | — | (616) | (2,055) | (1,162) | |||||||||||||||||||
Non-GAAP undistributed earnings attributable to participating securities | $ | — | $ | (8,970) | $ | (20,381) | $ | (10,284) | |||||||||||||||
Non-GAAP net income | $ | 41,568 | $ | 11,223 | $ | 72,150 | $ | 13,724 | |||||||||||||||
Non-GAAP undistributed earnings attributable to participating securities | — | (8,970) | (20,381) | (10,284) | |||||||||||||||||||
Non-GAAP net income attributable to Class A and Class B stockholders, basic and diluted | $ | 41,568 | $ | 2,253 | $ | 51,769 | $ | 3,440 | |||||||||||||||
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders: | |||||||||||||||||||||||
Basic | 186,171 | 70,591 | 137,154 | 69,988 | |||||||||||||||||||
Diluted | 216,672 | 91,830 | 166,066 | 88,498 | |||||||||||||||||||
Non-GAAP net income per share attributable to Class A and Class B stockholders: | |||||||||||||||||||||||
Basic | $ | 0.22 | $ | 0.03 | $ | 0.38 | $ | 0.05 | |||||||||||||||
Diluted | $ | 0.19 | $ | 0.02 | $ | 0.31 | $ | 0.04 |
Cover |
Nov. 09, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 09, 2021 |
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 | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001516513 |
Amendment Flag | false |
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