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Doximity Announces Fourth Quarter and Fiscal Year 2023 Financial Results and New Senior Leadership Hires

Q4 total revenues of $111.0 million, up 18% year-over-year

Q4 net income margin of 28% and adjusted EBITDA margin of 44%

Fiscal year 2023 total revenues of $419.1 million, up 22% year-over-year

Fiscal year 2023 net income margin of 27% and adjusted EBITDA margin of 44%

Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2023 fourth quarter and fiscal year ended March 31, 2023. The company also announced the appointment of two new senior leadership members, Craig Overpeck as SVP of commercial operations and Ben Greenberg as SVP of commercial products.

“With the public health emergency officially over, we’re proud to emerge with a record number of providers using our physician cloud in Q4 to power their scheduling, fax, e-signature, and telehealth needs,” said Jeff Tangney, co-founder and CEO at Doximity. “We’re also thrilled to welcome Craig Overpeck and Ben Greenberg to our senior leadership team, as we continue to grow and scale our commercial businesses.”

Mr. Overpeck joins Doximity with over 25 years of experience delivering digital solutions to serve and connect physicians. He served as the U.S. chief operating officer at M3 for over a decade, and spent more than 16 years as co-founder and chief technology officer at MDLinx.

Mr. Greenberg also joins Doximity with decades of experience building digital products. Most notably, he spent more than 11 years at WebMD / Medscape, where he served as vice president of mobile products and user experience.

Fiscal 2023 Fourth Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended March 31, 2022.

  • Revenue: Revenue of $111.0 million, versus $93.7 million, an increase of 18% year-over-year.
  • Net income and non-GAAP net income: Net income of $30.7 million, versus $36.7 million, representing a margin of 27.6%, versus 39.2%. Non-GAAP net income of $42.1 million, versus $44.9 million, representing a margin of 38.0%, versus 47.9%.
  • Adjusted EBITDA: Adjusted EBITDA of $48.9 million, versus $39.4 million, an increase of 24% year-over-year, representing adjusted EBITDA margins of 44.1%, versus 42.0%.
  • Net income per share and non-GAAP net income per share: Diluted net income per share was $0.14, versus $0.17, while non-GAAP diluted net income per share was $0.20, versus $0.21.
  • Operating cash flow and free cash flow: Operating cash flow of $46.6 million, versus $47.0 million, a decrease of 1% year-over-year, and free cash flow of $45.6 million, versus $44.9 million, an increase of 2% year-over-year.

Fiscal Year 2023 Financial Highlights

All comparisons, unless otherwise noted, are to the fiscal year ended March 31, 2022.

  • Revenue: Revenue of $419.1 million, versus $343.5 million, an increase of 22% year-over-year.
  • Net income and non-GAAP net income: Net income of $112.8 million, versus $154.8 million, representing a margin of 26.9%, versus 45.1%. Non-GAAP net income of $154.9 million, versus $180.6 million, representing a margin of 37.0%, versus 52.6%.
  • Adjusted EBITDA: Adjusted EBITDA of $184.0 million, versus $150.3 million, an increase of 22% year-over-year, representing adjusted EBITDA margins of 43.9%, versus 43.7%.
  • Net income per share and non-GAAP net income per share: Diluted net income per share was $0.53, versus $0.70, while non-GAAP diluted net income per share was $0.73, versus $0.82.
  • Operating cash flow and free cash flow: Operating cash flow of $179.6 million, versus $126.6 million, an increase of 42% year-over-year, and free cash flow of $173.4 million, versus $120.9 million, an increase of 43% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal first quarter ending June 30, 2023 as follows:

  • Revenue between $106.5 million and $107.5 million.
  • Adjusted EBITDA between $39.0 million and $40.0 million.

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

  • Revenue between $500 million and $506 million.
  • Adjusted EBITDA between $216 million and $222 million.

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, including the resurgence or resolution of the COVID-19 pandemic or other pandemics, epidemics or infectious diseases; (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, 2022. Additional information will be provided in our Annual Report on Form 10-K for the annual period ended March 31, 2023. 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.

CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

March 31, 2023

 

March 31, 2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

158,027

 

 

$

112,809

 

Marketable securities

 

682,972

 

 

 

685,304

 

Accounts receivable, net

 

107,047

 

 

 

81,073

 

Prepaid expenses and other current assets

 

22,289

 

 

 

19,439

 

Deferred contract costs, current

 

5,118

 

 

 

5,512

 

Total current assets

 

975,453

 

 

 

904,137

 

Property and equipment, net

 

11,279

 

 

 

8,488

 

Deferred income tax assets

 

34,907

 

 

 

48,558

 

Operating lease right-of-use assets

 

13,819

 

 

 

1,087

 

Intangible assets, net

 

31,836

 

 

 

7,909

 

Goodwill

 

67,940

 

 

 

18,915

 

Other assets

 

1,654

 

 

 

2,263

 

Total assets

$

1,136,888

 

 

$

991,357

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

1,272

 

 

$

463

 

Accrued expenses and other current liabilities

 

31,245

 

 

 

25,270

 

Deferred revenue, current

 

105,238

 

 

 

84,907

 

Operating lease liabilities, current

 

1,752

 

 

 

642

 

Total current liabilities

 

139,507

 

 

 

111,282

 

Deferred revenue, non-current

 

198

 

 

 

78

 

Operating lease liabilities, non-current

 

13,885

 

 

 

447

 

Contingent earn-out consideration liability, non-current

 

15,942

 

 

 

 

Other liabilities, non-current

 

1,240

 

 

 

956

 

Total liabilities

 

170,772

 

 

 

112,763

 

Stockholders' Equity

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

194

 

 

 

192

 

Additional paid-in capital

 

762,150

 

 

 

702,589

 

Accumulated other comprehensive loss

 

(14,083

)

 

 

(15,294

)

Retained earnings

 

217,855

 

 

 

191,107

 

Total stockholders' equity

 

966,116

 

 

 

878,594

 

Total liabilities and stockholders’ equity

$

1,136,888

 

 

$

991,357

 

DOXIMITY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

March 31,

 

Fiscal Year Ended

March 31,

 

 

2023

 

 

2022

 

 

 

2023

 

 

2022

 

Revenue

$

110,966

 

$

93,653

 

 

$

419,052

 

$

343,548

 

Cost of revenue(1)

 

13,677

 

 

11,765

 

 

 

53,490

 

 

39,787

 

Gross profit

 

97,289

 

 

81,888

 

 

 

365,562

 

 

303,761

 

Operating expenses(1):

 

 

 

 

 

 

 

Research and development

 

21,541

 

 

17,424

 

 

 

80,186

 

 

62,350

 

Sales and marketing

 

33,148

 

 

25,899

 

 

 

123,523

 

 

92,129

 

General and administrative

 

9,759

 

 

10,644

 

 

 

36,745

 

 

35,746

 

Total operating expenses

 

64,448

 

 

53,967

 

 

 

240,454

 

 

190,225

 

Income from operations

 

32,841

 

 

27,921

 

 

 

125,108

 

 

113,536

 

Other income (expense), net

 

3,875

 

 

(16

)

 

 

8,048

 

 

469

 

Income before income taxes

 

36,716

 

 

27,905

 

 

 

133,156

 

 

114,005

 

Provision for (benefit from) income taxes

 

6,048

 

 

(8,821

)

 

 

20,338

 

 

(40,778

)

Net income

$

30,668

 

$

36,726

 

 

$

112,818

 

$

154,783

 

Undistributed earnings attributable to participating securities

 

 

 

 

 

 

 

 

(21,526

)

Net income attributable to Class A and Class B common stockholders, basic and diluted

$

30,668

 

$

36,726

 

 

$

112,818

 

$

133,257

 

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

 

 

 

 

 

 

 

Basic

$

0.16

 

$

0.19

 

 

$

0.58

 

$

0.82

 

Diluted

$

0.14

 

$

0.17

 

 

$

0.53

 

$

0.70

 

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

 

 

 

 

 

 

 

Basic

 

193,829

 

 

191,579

 

 

 

193,176

 

 

163,484

 

Diluted

 

212,742

 

 

215,862

 

 

 

213,425

 

 

191,017

 

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

 

Three Months Ended March 31,

 

Fiscal Year Ended March 31,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

Cost of revenue

$

2,425

 

$

2,006

 

$

9,634

 

$

4,979

Research and development

 

3,167

 

 

2,201

 

 

12,583

 

 

7,065

Sales and marketing

 

5,027

 

 

2,533

 

 

16,939

 

 

8,108

General and administrative

 

2,372

 

 

3,069

 

 

8,678

 

 

11,290

Total stock-based compensation expense

$

12,991

 

$

9,809

 

$

47,834

 

$

31,442

DOXIMITY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Three Months Ended March 31,

 

Fiscal Year Ended

March 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net income

$

30,668

 

 

$

36,726

 

 

$

112,818

 

 

$

154,783

 

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

 

 

 

 

 

 

 

Depreciation and amortization

 

2,708

 

 

 

1,368

 

 

 

10,283

 

 

 

5,040

 

Deferred income taxes

 

3,834

 

 

 

(9,275

)

 

 

13,226

 

 

 

(41,247

)

Stock-based compensation, net of amounts capitalized

 

12,991

 

 

 

9,809

 

 

 

47,834

 

 

 

31,442

 

Non-cash lease expense

 

537

 

 

 

302

 

 

 

2,027

 

 

 

1,159

 

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

 

(29

)

 

 

1,469

 

 

 

3,115

 

 

 

4,332

 

Loss on sale of marketable securities

 

 

 

 

708

 

 

 

1,093

 

 

 

1,231

 

Amortization of deferred contract costs

 

2,428

 

 

 

2,389

 

 

 

8,785

 

 

 

9,755

 

Other

 

657

 

 

 

288

 

 

 

1,454

 

 

 

410

 

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

 

 

 

 

 

 

 

Accounts receivable

 

(32,433

)

 

 

(11,439

)

 

 

(26,242

)

 

 

(31,017

)

Prepaid expenses and other assets

 

(5,372

)

 

 

(2,086

)

 

 

(3,448

)

 

 

(9,089

)

Deferred contract costs

 

(2,053

)

 

 

(2,937

)

 

 

(8,462

)

 

 

(9,609

)

Accounts payable, accrued expenses and other liabilities

 

(2,918

)

 

 

571

 

 

 

(195

)

 

 

8,664

 

Deferred revenue

 

35,625

 

 

 

19,367

 

 

 

17,527

 

 

 

1,828

 

Operating lease liabilities

 

(4

)

 

 

(296

)

 

 

(213

)

 

 

(1,107

)

Net cash provided by operating activities

 

46,639

 

 

 

46,964

 

 

 

179,602

 

 

 

126,575

 

Cash flows from investing activities

 

 

 

 

 

 

 

Cash paid for acquisition

 

 

 

 

 

 

 

(53,500

)

 

 

 

Purchases of property and equipment

 

(21

)

 

 

(1,060

)

 

 

(1,701

)

 

 

(1,912

)

Internal-use software development costs

 

(1,005

)

 

 

(1,049

)

 

 

(4,483

)

 

 

(3,785

)

Purchases of marketable securities

 

(60,303

)

 

 

(45,278

)

 

 

(190,560

)

 

 

(1,317,193

)

Maturities of marketable securities

 

48,125

 

 

 

6,302

 

 

 

83,139

 

 

 

47,919

 

Sales of marketable securities

 

 

 

 

16,864

 

 

 

107,182

 

 

 

633,802

 

Other

 

 

 

 

595

 

 

 

 

 

 

595

 

Net cash used in investing activities

 

(13,204

)

 

 

(23,626

)

 

 

(59,923

)

 

 

(640,574

)

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

 

2,471

 

 

 

3,378

 

 

 

9,926

 

 

 

12,612

 

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

 

2,418

 

 

 

1,395

 

 

 

4,759

 

 

 

1,395

 

Taxes paid related to net share settlement of equity awards

 

(1,469

)

 

 

(381

)

 

 

(3,822

)

 

 

(817

)

Repurchase of common stock

 

(15,282

)

 

 

 

 

 

(85,324

)

 

 

(2,698

)

Payments of deferred offering costs

 

 

 

 

 

 

 

 

 

 

(3,982

)

Net cash provided by (used in) financing activities

 

(11,862

)

 

 

4,392

 

 

 

(74,461

)

 

 

560,415

 

Net increase in cash and cash equivalents

 

21,573

 

 

 

27,730

 

 

 

45,218

 

 

 

46,416

 

Cash and cash equivalents, beginning of period

 

136,454

 

 

 

85,079

 

 

 

112,809

 

 

 

66,393

 

Cash and cash equivalents, end of period

$

158,027

 

 

$

112,809

 

 

$

158,027

 

 

$

112,809

 

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, 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 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 and $10 million: The number of customers with TTM subscription revenue greater than $100,000 and $10 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 $10 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.

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 the impact of such acquisition was immaterial to the periods presented.

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,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(unaudited)

 

(in thousands, except percentages)

Net income

$

30,668

 

 

$

36,726

 

 

$

112,818

 

 

$

154,783

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

254

 

 

 

30

 

 

 

254

 

Stock-based compensation

 

12,991

 

 

 

9,809

 

 

 

47,834

 

 

 

31,442

 

Depreciation and amortization

 

2,708

 

 

 

1,368

 

 

 

10,283

 

 

 

5,040

 

Provision for (benefit from) income taxes

 

6,048

 

 

 

(8,821

)

 

 

20,338

 

 

 

(40,778

)

Change in fair value of contingent earn-out consideration liability

 

405

 

 

 

 

 

 

728

 

 

 

 

Other income (expense), net

 

(3,875

)

 

 

16

 

 

 

(8,048

)

 

 

(469

)

Adjusted EBITDA

$

48,945

 

 

$

39,352

 

 

$

183,983

 

 

$

150,272

 

 

 

 

 

 

 

 

 

Revenue

$

110,966

 

 

$

93,653

 

 

$

419,052

 

 

$

343,548

 

Net income margin

 

27.6

%

 

 

39.2

%

 

 

26.9

%

 

 

45.1

%

Adjusted EBITDA margin

 

44.1

%

 

 

42.0

%

 

 

43.9

%

 

 

43.7

%

 

Three Months Ended

March 31,

 

Fiscal Year Ended

March 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(unaudited)

 

(in thousands)

Net cash provided by operating activities

$

46,639

 

 

$

46,964

 

 

$

179,602

 

 

$

126,575

 

Purchases of property and equipment

 

(21

)

 

 

(1,060

)

 

 

(1,701

)

 

 

(1,912

)

Internal-use software development costs

 

(1,005

)

 

 

(1,049

)

 

 

(4,483

)

 

 

(3,785

)

Free cash flow

$

45,613

 

 

$

44,855

 

 

$

173,418

 

 

$

120,878

 

Other cash flow components:

 

 

 

 

 

 

 

Net cash used in investing activities

$

(13,204

)

 

$

(23,626

)

 

$

(59,923

)

 

$

(640,574

)

Net cash provided by (used in) financing activities

$

(11,862

)

 

$

4,392

 

 

$

(74,461

)

 

$

560,415

 

 

Three Months Ended

March 31,

 

Fiscal Year Ended

March 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(unaudited)

 

(in thousands, except per share data and percentages)

GAAP cost of revenue

$

13,677

 

 

$

11,765

 

 

$

53,490

 

 

$

39,787

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Stock-based compensation

 

(2,425

)

 

 

(2,006

)

 

 

(9,634

)

 

 

(4,979

)

Amortization of acquired intangibles

 

(137

)

 

 

 

 

 

(548

)

 

 

 

Non-GAAP cost of revenue

$

11,115

 

 

$

9,759

 

 

$

43,308

 

 

$

34,808

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

97,289

 

 

$

81,888

 

 

$

365,562

 

 

$

303,761

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Stock-based compensation

 

2,425

 

 

 

2,006

 

 

 

9,634

 

 

 

4,979

 

Amortization of acquired intangibles

 

137

 

 

 

 

 

 

548

 

 

 

 

Non-GAAP gross profit

$

99,851

 

 

$

83,894

 

 

$

375,744

 

 

$

308,740

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

87.7

%

 

 

87.4

%

 

 

87.2

%

 

 

88.4

%

Non-GAAP gross margin

 

90.0

%

 

 

89.6

%

 

 

89.7

%

 

 

89.9

%

 

 

 

 

 

 

 

 

GAAP research and development expense

$

21,541

 

 

$

17,424

 

 

$

80,186

 

 

$

62,350

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Stock-based compensation

 

(3,167

)

 

 

(2,201

)

 

 

(12,583

)

 

 

(7,065

)

Non-GAAP research and development expense

$

18,374

 

 

$

15,223

 

 

$

67,603

 

 

$

55,285

 

 

 

 

 

 

 

 

 

GAAP sales and marketing expense

$

33,148

 

 

$

25,899

 

 

$

123,523

 

 

$

92,129

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Stock-based compensation

 

(5,027

)

 

 

(2,533

)

 

 

(16,939

)

 

 

(8,108

)

Amortization of acquired intangibles

 

(979

)

 

 

(252

)

 

 

(4,164

)

 

 

(1,046

)

Change in fair value of contingent earn-out consideration liability

 

(405

)

 

 

 

 

 

(728

)

 

 

 

Non-GAAP sales and marketing expense

$

26,737

 

 

$

23,114

 

 

$

101,692

 

 

$

82,975

 

 

 

 

 

 

 

 

 

GAAP general and administrative expense

$

9,759

 

 

$

10,644

 

 

$

36,745

 

 

$

35,746

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

(254

)

 

 

(30

)

 

 

(254

)

Stock-based compensation

 

(2,372

)

 

 

(3,069

)

 

 

(8,678

)

 

 

(11,290

)

Non-GAAP general and administrative expense

$

7,387

 

 

$

7,321

 

 

$

28,037

 

 

$

24,202

 

 

 

 

 

 

 

 

 

GAAP operating expense

$

64,448

 

 

$

53,967

 

 

$

240,454

 

 

$

190,225

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

(254

)

 

 

(30

)

 

 

(254

)

Stock-based compensation

 

(10,566

)

 

 

(7,803

)

 

 

(38,200

)

 

 

(26,463

)

Amortization of acquired intangibles

 

(979

)

 

 

(252

)

 

 

(4,164

)

 

 

(1,046

)

Change in fair value of contingent earn-out consideration liability

 

(405

)

 

 

 

 

 

(728

)

 

 

 

Non-GAAP operating expense

$

52,498

 

 

$

45,658

 

 

$

197,332

 

 

$

162,462

 

 

 

 

 

 

 

 

 

GAAP operating income

$

32,841

 

 

$

27,921

 

 

$

125,108

 

 

$

113,536

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

254

 

 

 

30

 

 

 

254

 

Stock-based compensation

 

12,991

 

 

 

9,809

 

 

 

47,834

 

 

 

31,442

 

Amortization of acquired intangibles

 

1,116

 

 

 

252

 

 

 

4,712

 

 

 

1,046

 

Change in fair value of contingent earn-out consideration liability

 

405

 

 

 

 

 

 

728

 

 

 

 

Non-GAAP operating income

$

47,353

 

 

$

38,236

 

 

$

178,412

 

 

$

146,278

 

 

 

 

 

 

 

 

 

GAAP net income

$

30,668

 

 

$

36,726

 

 

$

112,818

 

 

$

154,783

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

254

 

 

 

30

 

 

 

254

 

Stock-based compensation

 

12,991

 

 

 

9,809

 

 

 

47,834

 

 

 

31,442

 

Amortization of acquired intangibles

 

1,116

 

 

 

252

 

 

 

4,712

 

 

 

1,046

 

Change in fair value of contingent earn-out consideration liability

 

405

 

 

 

 

 

 

728

 

 

 

 

Income tax effect of non-GAAP adjustments (1)

 

(3,048

)

 

 

(2,166

)

 

 

(11,194

)

 

 

(6,876

)

Non-GAAP net income

$

42,132

 

 

$

44,875

 

 

$

154,928

 

 

$

180,649

 

Non-GAAP net income margin

 

38.0

%

 

 

47.9

%

 

 

37.0

%

 

 

52.6

%

 

 

 

 

 

 

 

 

GAAP undistributed earnings attributable to participating securities

$

 

 

$

 

 

$

 

 

$

(21,526

)

Impact on undistributed earnings attributable to participating securities due to non-GAAP adjustments

 

 

 

 

 

 

 

 

 

 

(2,616

)

Non-GAAP undistributed earnings attributable to participating securities

$

 

 

$

 

 

$

 

 

$

(24,142

)

 

 

 

 

 

 

 

 

Non-GAAP net income

$

42,132

 

 

$

44,875

 

 

$

154,928

 

 

$

180,649

 

Non-GAAP undistributed earnings attributable to participating securities

 

 

 

 

 

 

 

 

 

 

(24,142

)

Non-GAAP net income attributable to Class A and Class B stockholders, basic and diluted

$

42,132

 

 

$

44,875

 

 

$

154,928

 

 

$

156,507

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic

 

193,829

 

 

 

191,579

 

 

 

193,176

 

 

 

163,484

 

Diluted

 

212,742

 

 

 

215,862

 

 

 

213,425

 

 

 

191,017

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic

$

0.22

 

 

$

0.23

 

 

$

0.80

 

 

$

0.96

 

Diluted

$

0.20

 

 

$

0.21

 

 

$

0.73

 

 

$

0.82

 

(1) For the three months and fiscal years ended March 31, 2023 and 2022, management used an estimated annual effective non-GAAP tax rate of 21.0%.

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