8-K

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): November 10, 2022

_________________________________________________________________________________________________________________

Doximity, Inc.

(Exact Name of Registrant as Specified in Its Charter)

_________________________________________________________________________________________________________________

Delaware	001-40508	27-2485512
(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 class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, $0.001 par value per share	DOCS	The 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 November 10, 2022, Doximity, Inc. (“Doximity”) issued a press release announcing its financial results for its fiscal quarter ended September 30, 2022. 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.

The information provided in this Item 2.02 of this Current Report on Form 8-K, and the Exhibit 99.1 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

Exhibit Number	Description
99.1	Press Release entitled “Doximity Announces Fiscal 2023 Second Quarter Financial Results” dated November 10, 2022
104	Cover Page Interactive Data File (embedded within the inline XBRL document)

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: November 10, 2022

DOXIMITY, INC.
By:	/s/ Anna Bryson
	Anna Bryson Chief Financial Officer

EX-99.1

Exhibit 99.1

Doximity Announces Fiscal 2023 Second Quarter Financial Results

Q2 total revenues of $102.2 million, up 29% year-over-year

Q2 operating cash flow of $39.5 million, up 106% year-over-year

Q2 free cash flow of $37.7 million, up 109% year-over-year

SAN FRANCISCO, Calif., November 10, 2022 -- Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results for the fiscal 2023 second quarter ended September 30, 2022.

“We were pleased to beat on both our top and bottom lines while delivering our first nine-figure revenue quarter,” said Jeff Tangney, co-founder and CEO at Doximity. “Our telehealth platform grew to a record 370,000 quarterly active clinicians. We will continue to invest in building tools to help physicians save time, so they can provide better care for their patients.”

Fiscal 2023 Second Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended September 30, 2021.

•Revenue: Revenue of $102.2 million, versus $79.4 million, an increase of 29% year-over-year.

•Net income and non-GAAP net income: Net income of $26.3 million, versus $36.1 million, representing a margin of 26%, versus 45%. Non-GAAP net income of $36.2 million, versus $41.6 million, representing a margin of 35%, versus 52%.

•Adjusted EBITDA: Adjusted EBITDA of $46.0 million, versus $32.8 million, an increase of 40% year-over-year, representing adjusted EBITDA margins of 45%, versus 41%.

•Net income per share and non-GAAP net income per share: Diluted net income per share was $0.12, versus $0.17, while non-GAAP diluted net income per share was $0.17, versus $0.19.

•Operating cash flow and free cash flow: Operating cash flow of $39.5 million, versus $19.2 million, and free cash flow of $37.7 million, versus $18.1 million.

Financial Outlook

Doximity is providing guidance for its fiscal third quarter ending December 31, 2022 as follows:

•Revenue between $110.7 million and $111.7 million.

•Adjusted EBITDA between $47.7 million and $48.7 million.

Doximity is reiterating its guidance for its fiscal year ending March 31, 2023 as follows:

•Revenue between $424.0 million and $432.0 million.

•Adjusted EBITDA between $178.0 million and $186.0 million.

Stock Repurchase Program

The board of directors of Doximity 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.

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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 the COVID-19 pandemic (including the impact to our industry or on our customers’ industries, impact on general economic conditions, and government responses, restrictions, and actions related to the pandemic); (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 Annual Report on Form 10-K that was filed with the SEC on May 27, 2022. Additional information will be provided in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022. 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

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DOXIMITY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

	September 30, 2022		March 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	73,674	$	112,809
Marketable securities	676,317		685,304
Accounts receivable, net	79,236		81,073
Prepaid expenses and other current assets	15,691		19,439
Deferred contract costs, current	2,999		5,512
Total current assets	847,917		904,137
Property and equipment, net	11,647		8,488
Deferred income tax assets	50,583		48,558
Operating lease right-of-use assets	14,894		1,087
Intangible assets, net	34,232		7,909
Goodwill	67,940		18,915
Other assets	1,130		2,263
Total assets	$	1,028,343	$	991,357
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	1,106	$	463
Accrued expenses and other current liabilities	26,408		25,270
Deferred revenue, current	89,616		84,907
Operating lease liabilities, current	1,013		642
Total current liabilities	118,143		111,282
Deferred revenue, non-current	166		78
Operating lease liabilities, non-current	14,625		447
Contingent earn-out consideration liability, non-current	15,422		—
Other liabilities, non-current	1,023		956
Total liabilities	149,379		112,763
Stockholders' Equity
Preferred stock	—		—
Common stock	192		192
Additional paid-in capital	730,582		702,589
Accumulated other comprehensive loss	(21,559)		(15,294)
Retained earnings	169,749		191,107
Total stockholders' equity	878,964		878,594
Total liabilities and stockholders’ equity	$	1,028,343	$	991,357

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DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Revenue	$	102,185	$	79,350	$	192,824	$	152,019
Cost of revenue(1)	13,210		8,951		26,287		16,937
Gross profit	88,975		70,399		166,537		135,082
Operating expenses(1):
Research and development	19,104		15,460		38,126		28,701
Sales and marketing	29,021		21,161		57,155		40,532
General and administrative	8,749		8,827		17,473		16,023
Total operating expenses	56,874		45,448		112,754		85,256
Income from operations	32,101		24,951		53,783		49,826
Other income, net	908		420		1,712		465
Income before income taxes	33,009		25,371		55,495		50,291
Provision for (benefit from) income taxes	6,710		(10,717)		6,813		(12,119)
Net income	$	26,299	$	36,088	$	48,682	$	62,410
Undistributed earnings attributable to participating securities	—		—		—		(18,326)
Net income attributable to Class A and Class B common stockholders, basic and diluted	$	26,299	$	36,088	$	48,682	$	44,084
Net income per share attributable to Class A and Class B common stockholders:
Basic	$	0.14	$	0.19	$	0.25	$	0.32
Diluted	$	0.12	$	0.17	$	0.23	$	0.27
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic	193,137		186,171		193,042		137,154
Diluted	213,949		216,672		214,452		166,066

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

	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Cost of revenue	$	2,392	$	793	$	4,514	$	1,061
Research and development	2,862		1,859		5,414		2,829
Sales and marketing	3,982		1,866		7,056		2,894
General and administrative	2,117		2,154		3,875		5,015
Total stock-based compensation expense	$	11,353	$	6,672	$	20,859	$	11,799

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DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Cash flows from operating activities
Net income	$	26,299	$	36,088	$	48,682	$	62,410
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,589		1,158		4,959		2,311
Deferred income taxes	—		—		105		—
Stock-based compensation, net of amounts capitalized	11,353		6,672		20,859		11,799
Non-cash lease expense	551		286		952		569
Amortization of premium on marketable securities, net	1,218		1,264		2,673		1,561
Loss (gain) on sale of marketable securities	463		(72)		500		(70)
Amortization of deferred contract costs	2,072		2,452		4,839		5,656
Other	37		288		7		195
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable	(3,339)		(9,978)		2,194		(5,556)
Prepaid expenses and other assets	2,405		(14,867)		3,651		(17,728)
Deferred contract costs	(1,476)		(1,483)		(2,342)		(2,975)
Accounts payable, accrued expenses and other liabilities	1,635		1,478		(4,474)		(780)
Deferred revenue	(4,280)		(3,967)		1,872		(4,427)
Operating lease liabilities	(13)		(167)		(211)		(638)
Net cash provided by operating activities	39,514		19,152		84,266		52,327
Cash flows from investing activities
Cash paid for acquisition	—		—		(53,500)		—
Purchases of property and equipment	(766)		(200)		(1,476)		(241)
Internal-use software development costs	(1,051)		(900)		(2,466)		(1,671)
Purchases of marketable securities	(82,307)		(1,088,768)		(91,177)		(1,156,143)
Maturities of marketable securities	16,167		24,787		24,438		35,551
Sales of marketable securities	49,434		531,076		64,158		531,076
Net cash used in investing activities	(18,523)		(534,005)		(60,023)		(591,428)
Cash flows from financing activities
Proceeds from issuance of common stock upon initial public offering after deducting underwriting discounts and commissions	—		—		—		553,905
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants	2,570		2,323		5,584		5,060
Proceeds from issuance of common stock in connection with the employee stock purchase plan	2,341		—		2,341		—
Taxes paid related to net share settlement of equity awards	(1,152)		(56)		(1,261)		(56)
Repurchase of common stock	(61,168)		—		(70,042)		(2,698)
Payments of deferred offering costs	—		(2,214)		—		(3,982)
Net cash provided by (used in) financing activities	(57,409)		53		(63,378)		552,229
Net increase (decrease) in cash and cash equivalents	(36,418)		(514,800)		(39,135)		13,128
Cash and cash equivalents, beginning of period	110,092		594,321		112,809		66,393
Cash and cash equivalents, end of period	$	73,674	$	79,521	$	73,674	$	79,521

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Non-GAAP Financial Measures

To supplement our condensed 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, change in fair value of contingent earn-out consideration liability, and expenses associated with acquisitions 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, 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 Metrics1

•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. 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: The number of customers with TTM subscription revenue greater than $100,000 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 in subscription revenue in the TTM period. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity.

1The metric excludes the impact of the AMiON acquisition, which closed on April 1, 2022, including customers of, and subscription revenue generated from, the AMiON on-call scheduling and messaging application and was immaterial to the periods presented.

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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 September 30,						Six Months Ended September 30,
	2022			2021			2022			2021
	(unaudited)
	(in thousands, except percentages)
Net income	$	26,299		$	36,088		$	48,682		$	62,410
Adjusted to exclude the following:
Acquisition and other related expenses	—			—			30			—
Stock-based compensation	11,353			6,672			20,859			11,799
Depreciation and amortization	2,589			1,158			4,959			2,311
Provision for (benefit from) income taxes	6,710			(10,717)			6,813			(12,119)
Change in fair value of contingent earn-out consideration liability	(40)			—			(94)			—
Other income, net	(908)			(420)			(1,712)			(465)
Adjusted EBITDA	$	46,003		$	32,781		$	79,537		$	63,936
Revenue	$	102,185		$	79,350		$	192,824		$	152,019
Net income margin	26		%	45		%	25		%	41		%
Adjusted EBITDA margin	45		%	41		%	41		%	42		%

	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
	(unaudited)
	(in thousands)
Net cash provided by operating activities	$	39,514	$	19,152	$	84,266	$	52,327
Purchases of property and equipment	(766)		(200)		(1,476)		(241)
Internal-use software development costs	(1,051)		(900)		(2,466)		(1,671)
Free cash flow	$	37,697	$	18,052	$	80,324	$	50,415
Other cash flow components:
Net cash used in investing activities	$	(18,523)	$	(534,005)	$	(60,023)	$	(591,428)
Net cash provided by (used in) financing activities	$	(57,409)	$	53	$	(63,378)	$	552,229

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	Three Months Ended September 30,						Six Months Ended September 30,
	2022			2021			2022			2021
	(unaudited)
	(in thousands, except per share data and percentages)
GAAP cost of revenue	$	13,210		$	8,951		$	26,287		$	16,937
Adjusted to exclude the following:
Stock-based compensation	(2,392)			(793)			(4,514)			(1,061)
Amortization of acquired intangibles	(137)			—			(273)			—
Non-GAAP cost of revenue	$	10,681		$	8,158		$	21,500		$	15,876
GAAP gross profit	$	88,975		$	70,399		$	166,537		$	135,082
Adjusted to exclude the following:
Stock-based compensation	2,392			793			4,514			1,061
Amortization of acquired intangibles	137			—			273			—
Non-GAAP gross profit	$	91,504		$	71,192		$	171,324		$	136,143
GAAP gross margin	87		%	89		%	86		%	89		%
Non-GAAP gross margin	90		%	90		%	89		%	90		%
GAAP research and development expense	$	19,104		$	15,460		$	38,126		$	28,701
Adjusted to exclude the following:
Stock-based compensation	(2,862)			(1,859)			(5,414)			(2,829)
Non-GAAP research and development expense	$	16,242		$	13,601		$	32,712		$	25,872
GAAP sales and marketing expense	$	29,021		$	21,161		$	57,155		$	40,532
Adjusted to exclude the following:
Stock-based compensation	(3,982)			(1,866)			(7,056)			(2,894)
Amortization of acquired intangibles	(1,061)			(265)			(2,124)			(530)
Change in fair value of contingent earn-out consideration liability	40			—			94			—
Non-GAAP sales and marketing expense	$	24,018		$	19,030		$	48,069		$	37,108
GAAP general and administrative expense	$	8,749		$	8,827		$	17,473		$	16,023
Adjusted to exclude the following:
Acquisition and other related expenses	—			—			(30)			—
Stock-based compensation	(2,117)			(2,154)			(3,875)			(5,015)
Non-GAAP general and administrative expense	$	6,632		$	6,673		$	13,568		$	11,008
GAAP operating expense	$	56,874		$	45,448		$	112,754		$	85,256
Adjusted to exclude the following:
Acquisition and other related expenses	—			—			(30)			—
Stock-based compensation	(8,961)			(5,879)			(16,345)			(10,738)
Amortization of acquired intangibles	(1,061)			(265)			(2,124)			(530)
Change in fair value of contingent earn-out consideration liability	40			—			94			—
Non-GAAP operating expense	$	46,892		$	39,304		$	94,349		$	73,988

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	Three Months Ended September 30,						Six Months Ended September 30,
	2022			2021			2022			2021
	(unaudited)
	(in thousands, except per share data and percentages)
GAAP operating income	$	32,101		$	24,951		$	53,783		$	49,826
Adjusted to exclude the following:
Acquisition and other related expenses	—			—			30			—
Stock-based compensation	11,353			6,672			20,859			11,799
Amortization of acquired intangibles	1,198			265			2,397			530
Change in fair value of contingent earn-out consideration liability	(40)			—			(94)			—
Non-GAAP operating income	$	44,612		$	31,888		$	76,975		$	62,155
GAAP net income	$	26,299		$	36,088		$	48,682		$	62,410
Adjusted to exclude the following:
Acquisition and other related expenses	—			—			30			—
Stock-based compensation	11,353			6,672			20,859			11,799
Amortization of acquired intangibles	1,198			265			2,397			530
Change in fair value of contingent earn-out consideration liability	(40)			—			(94)			—
Income tax effect of non-GAAP adjustments (1)	(2,627)			(1,457)			(4,870)			(2,589)
Non-GAAP net income	$	36,183		$	41,568		$	67,004		$	72,150
Non-GAAP net income margin	35		%	52		%	35		%	47		%
GAAP undistributed earnings attributable to participating securities	$	—		$	—		$	—		$	(18,326)
Impact on undistributed earnings attributable to participating securities due to non-GAAP adjustments	—			—			—			(2,055)
Non-GAAP undistributed earnings attributable to participating securities	$	—		$	—		$	—		$	(20,381)
Non-GAAP net income	$	36,183		$	41,568		$	67,004		$	72,150
Non-GAAP undistributed earnings attributable to participating securities	—			—			—			(20,381)
Non-GAAP net income attributable to Class A and Class B stockholders, basic and diluted	$	36,183		$	41,568		$	67,004		$	51,769
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic	193,137			186,171			193,042			137,154
Diluted	213,949			216,672			214,452			166,066
Non-GAAP net income per share attributable to Class A and Class B stockholders:
Basic	$	0.19		$	0.22		$	0.35		$	0.38
Diluted	$	0.17		$	0.19		$	0.31		$	0.31

(1) For the three and six months ended September 30, 2022 and 2021, management used an estimated annual effective non-GAAP tax rate of 21.0%.

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Cover	Nov. 10, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Nov. 10, 2022
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