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Doximity Announces Fiscal 2024 Third Quarter Financial Results

Total revenues of $135.3 million, up 17% year-over-year

Net income margin of 35% and adjusted EBITDA margin of 54%

Net income growth of 43% and adjusted EBITDA growth of 32% year-over-year

Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2024 third quarter ended December 31, 2023.

"We’re proud to deliver another quarter of double-digit engagement growth across our entire platform, with a beat and raise on both our top and bottom lines,” said Jeff Tangney, co-founder and CEO of Doximity. “Our clinical workflow tools continue to drive daily use among doctors, and we now count 17 of the top 22 U.S. hospitals as enterprise software clients.”

Fiscal 2024 Third Quarter Financial Highlights

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

  • Revenue: Revenue of $135.3 million, versus $115.3 million, an increase of 17% year-over-year.
  • Net income and non-GAAP net income: Net income of $48.0 million, versus $33.5 million, representing a margin of 35.4%, versus 29.0%. Non-GAAP net income of $58.5 million, versus $45.8 million, representing a margin of 43.2%, versus 39.7%.
  • Adjusted EBITDA: Adjusted EBITDA of $73.3 million, versus $55.5 million, an increase of 32% year-over-year, representing adjusted EBITDA margins of 54.2%, versus 48.2%.
  • Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.24, versus $0.16, while non-GAAP diluted net income per share was $0.29, versus $0.22.
  • Operating cash flow and free cash flow: Operating cash flow of $50.1 million, versus $48.7 million, an increase of 3% year-over-year, and free cash flow of $48.7 million, versus $47.5 million, an increase of 3% year-over-year.

Financial Outlook

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

  • Revenue between $115.9 million and $116.9 million.
  • Adjusted EBITDA between $50.5 million and $51.5 million.

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

  • Revenue between $473.3 million and $474.3 million.
  • Adjusted EBITDA between $224.5 million and $225.5 million.

Conference Call Information

Doximity posted prepared remarks on its investor relations website at https://investors.doximity.com. Doximity will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investors.doximity.com. The archived webcast will be available on the Company’s Investor Relations page shortly after the call.

About Doximity

Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The Company's network members include 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)

 

 

December 31, 2023

 

March 31, 2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

123,089

 

$

158,027

Marketable securities

 

587,149

 

 

 

682,972

 

Accounts receivable, net

 

97,584

 

 

 

107,047

 

Prepaid expenses and other current assets

 

27,191

 

 

 

22,289

 

Deferred contract costs, current

 

5,886

 

 

 

5,118

 

Total current assets

 

840,899

 

 

 

975,453

 

Property and equipment, net

 

11,839

 

 

 

11,279

 

Deferred income tax assets

 

37,204

 

 

 

34,907

 

Operating lease right-of-use assets

 

12,808

 

 

 

13,819

 

Intangible assets, net

 

28,379

 

 

 

31,836

 

Goodwill

 

67,940

 

 

 

67,940

 

Other assets

 

1,580

 

 

 

1,654

 

Total assets

$

1,000,649

 

 

$

1,136,888

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

1,880

 

 

$

1,272

 

Accrued expenses and other current liabilities

 

34,079

 

 

 

31,245

 

Deferred revenue, current

 

66,694

 

 

 

105,238

 

Operating lease liabilities, current

 

2,109

 

 

 

1,752

 

Total current liabilities

 

104,762

 

 

 

139,507

 

Deferred revenue, non-current

 

166

 

 

 

198

 

Operating lease liabilities, non-current

 

12,947

 

 

 

13,885

 

Contingent earn-out consideration liability, non-current

 

10,787

 

 

 

15,942

 

Income taxes payable, non-current

 

6,532

 

 

 

99

 

Other liabilities, non-current

 

841

 

 

 

1,141

 

Total liabilities

 

136,035

 

 

 

170,772

 

Stockholders' Equity

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

186

 

 

 

194

 

Additional paid-in capital

 

808,078

 

 

 

762,150

 

Accumulated other comprehensive loss

 

(4,653

)

 

 

(14,083

)

Retained earnings

 

61,003

 

 

 

217,855

 

Total stockholders' equity

 

864,614

 

 

 

966,116

 

Total liabilities and stockholders’ equity

$

1,000,649

 

 

$

1,136,888

 

 

DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

December 31,

 

Nine Months Ended

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

$

135,284

 

$

115,262

 

$

357,365

 

$

308,086

Cost of revenue(1)

 

12,190

 

 

 

13,526

 

 

 

38,102

 

 

 

39,813

 

Gross profit

 

123,094

 

 

 

101,736

 

 

 

319,263

 

 

 

268,273

 

Operating expenses(1):

 

 

 

 

 

 

 

Research and development

 

19,946

 

 

 

20,519

 

 

 

61,835

 

 

 

58,645

 

Sales and marketing

 

34,956

 

 

 

33,220

 

 

 

99,612

 

 

 

90,375

 

General and administrative

 

9,641

 

 

 

9,513

 

 

 

27,854

 

 

 

26,986

 

Restructuring

 

 

 

 

 

 

 

7,936

 

 

 

 

Total operating expenses

 

64,543

 

 

 

63,252

 

 

 

197,237

 

 

 

176,006

 

Income from operations

 

58,551

 

 

 

38,484

 

 

 

122,026

 

 

 

92,267

 

Other income, net

 

4,481

 

 

 

2,461

 

 

 

15,223

 

 

 

4,173

 

Income before income taxes

 

63,032

 

 

 

40,945

 

 

 

137,249

 

 

 

96,440

 

Provision for income taxes

 

15,076

 

 

 

7,477

 

 

 

30,285

 

 

 

14,290

 

Net income

$

47,956

 

 

$

33,468

 

 

$

106,964

 

 

$

82,150

 

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

 

 

 

 

 

 

 

Basic

$

0.26

 

 

$

0.17

 

 

$

0.56

 

 

$

0.43

 

Diluted

$

0.24

 

 

$

0.16

 

 

$

0.52

 

 

$

0.38

 

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

 

 

 

 

 

 

 

Basic

 

186,309

 

 

 

192,805

 

 

 

191,302

 

 

 

192,963

 

Diluted

 

200,463

 

 

 

212,065

 

 

 

207,265

 

 

 

213,656

 

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

 

 

Three Months Ended

December 31,

 

Nine Months Ended

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Cost of revenue

$

2,466

 

$

2,695

 

$

7,205

 

$

7,209

Research and development

 

3,080

 

 

 

4,002

 

 

 

8,874

 

 

 

9,416

 

Sales and marketing

 

4,060

 

 

 

4,856

 

 

 

12,752

 

 

 

11,912

 

General and administrative

 

2,165

 

 

 

2,431

 

 

 

6,742

 

 

 

6,306

 

Restructuring

 

 

 

 

 

 

 

3,646

 

 

 

 

Total stock-based compensation expense

$

11,771

 

 

$

13,984

 

 

$

39,219

 

 

$

34,843

 

 

DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Three Months Ended

December 31,

 

Nine Months Ended

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net income

$

47,956

 

 

$

33,468

 

 

$

106,964

 

 

$

82,150

 

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

 

 

 

 

 

 

 

Depreciation and amortization

 

2,509

 

 

 

2,616

 

 

 

7,717

 

 

 

7,575

 

Deferred income taxes

 

 

 

 

9,287

 

 

 

 

 

 

9,392

 

Stock-based compensation, net of amounts capitalized

 

11,771

 

 

 

13,984

 

 

 

39,219

 

 

 

34,843

 

Non-cash lease expense

 

522

 

 

 

538

 

 

 

1,599

 

 

 

1,490

 

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

 

(1,683

)

 

 

471

 

 

 

(3,477

)

 

 

3,144

 

Loss on sale of marketable securities

 

260

 

 

 

593

 

 

 

402

 

 

 

1,093

 

Amortization of deferred contract costs

 

1,548

 

 

 

1,518

 

 

 

6,278

 

 

 

6,357

 

Change in fair value of contingent earn-out consideration liability

 

452

 

 

 

417

 

 

 

768

 

 

 

323

 

Other

 

788

 

 

 

373

 

 

 

457

 

 

 

474

 

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

 

 

 

 

 

 

 

Accounts receivable

 

(1,135

)

 

 

3,997

 

 

 

8,509

 

 

 

6,191

 

Prepaid expenses and other assets

 

6,523

 

 

 

(1,727

)

 

 

(3,981

)

 

 

1,924

 

Deferred contract costs

 

(4,477

)

 

 

(4,067

)

 

 

(6,925

)

 

 

(6,409

)

Accounts payable, accrued expenses and other liabilities

 

10,429

 

 

 

7,197

 

 

 

2,366

 

 

 

2,723

 

Deferred revenue

 

(24,823

)

 

 

(19,970

)

 

 

(38,576

)

 

 

(18,098

)

Operating lease liabilities

 

(586

)

 

 

2

 

 

 

(1,168

)

 

 

(209

)

Net cash provided by operating activities

 

50,054

 

 

 

48,697

 

 

 

120,152

 

 

 

132,963

 

Cash flows from investing activities

 

 

 

 

 

 

 

Cash paid for acquisition

 

 

 

 

 

 

 

 

 

 

(53,500

)

Purchases of property and equipment

 

(36

)

 

 

(204

)

 

 

(147

)

 

 

(1,680

)

Internal-use software development costs

 

(1,288

)

 

 

(1,012

)

 

 

(4,020

)

 

 

(3,478

)

Purchases of marketable securities

 

(101,112

)

 

 

(39,080

)

 

 

(281,338

)

 

 

(130,257

)

Maturities of marketable securities

 

105,418

 

 

 

10,576

 

 

 

318,186

 

 

 

35,014

 

Sales of marketable securities

 

37,150

 

 

 

43,024

 

 

 

74,675

 

 

 

107,182

 

Net cash provided by (used in) investing activities

 

40,132

 

 

 

13,304

 

 

 

107,356

 

 

 

(46,719

)

Cash flows from financing activities

 

 

 

 

 

 

 

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

 

2,540

 

 

 

1,871

 

 

 

9,758

 

 

 

7,455

 

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

 

 

 

 

 

 

 

1,494

 

 

 

2,341

 

Taxes paid related to net share settlement of equity awards

 

(1,248

)

 

 

(1,092

)

 

 

(5,332

)

 

 

(2,353

)

Repurchase of common stock

 

(76,792

)

 

 

 

 

 

(262,976

)

 

 

(70,042

)

Payment of contingent consideration related to a business combination

 

 

 

 

 

 

 

(5,390

)

 

 

 

Net cash provided by (used in) financing activities

 

(75,500

)

 

 

779

 

 

 

(262,446

)

 

 

(62,599

)

Net increase (decrease) in cash and cash equivalents

 

14,686

 

 

 

62,780

 

 

 

(34,938

)

 

 

23,645

 

Cash and cash equivalents, beginning of period

 

108,403

 

 

 

73,674

 

 

 

158,027

 

 

 

112,809

 

Cash and cash equivalents, end of period

$

123,089

 

 

$

136,454

 

 

$

123,089

 

 

$

136,454

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

Cash paid for taxes, net of refunds

$

8,925

 

 

$

2,381

 

 

$

38,363

 

 

$

2,504

 

 

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

December 31,

 

Nine Months Ended

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(unaudited)

 

(in thousands, except percentages)

Net income

$

47,956

 

 

$

33,468

 

 

$

106,964

 

 

$

82,150

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

 

 

 

30

 

Stock-based compensation

 

11,771

 

 

 

13,984

 

 

 

35,573

 

 

 

34,843

 

Depreciation and amortization

 

2,509

 

 

 

2,616

 

 

 

7,717

 

 

 

7,575

 

Provision for income taxes

 

15,076

 

 

 

7,477

 

 

 

30,285

 

 

 

14,290

 

Restructuring expense

 

 

 

 

 

 

 

7,936

 

 

 

 

Change in fair value of contingent earn-out consideration liability

 

452

 

 

 

417

 

 

 

768

 

 

 

323

 

Other income, net

 

(4,481

)

 

 

(2,461

)

 

 

(15,223

)

 

 

(4,173

)

Adjusted EBITDA

$

73,283

 

 

$

55,501

 

 

$

174,020

 

 

$

135,038

 

 

 

 

 

 

 

 

 

Revenue

$

135,284

 

 

$

115,262

 

 

$

357,365

 

 

$

308,086

 

Net income margin

 

35.4

%

 

 

29.0

%

 

 

29.9

%

 

 

26.7

%

Adjusted EBITDA margin

 

54.2

%

 

 

48.2

%

 

 

48.7

%

 

 

43.8

%

 

 

Three Months Ended

December 31,

 

Nine Months Ended

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(unaudited)

 

(in thousands)

Net cash provided by operating activities

$

50,054

 

 

$

48,697

 

 

$

120,152

 

 

$

132,963

 

Purchases of property and equipment

 

(36

)

 

 

(204

)

 

 

(147

)

 

 

(1,680

)

Internal-use software development costs

 

(1,288

)

 

 

(1,012

)

 

 

(4,020

)

 

 

(3,478

)

Free cash flow

$

48,730

 

 

$

47,481

 

 

$

115,985

 

 

$

127,805

 

Other cash flow components:

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

$

40,132

 

 

$

13,304

 

 

$

107,356

 

 

$

(46,719

)

Net cash provided by (used in) financing activities

$

(75,500

)

 

$

779

 

 

$

(262,446

)

 

$

(62,599

)

 

 

Three Months Ended

December 31,

 

Nine Months Ended

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(unaudited)

 

(in thousands, except per share data and percentages)

GAAP cost of revenue

$

12,190

 

 

$

13,526

 

 

$

38,102

 

 

$

39,813

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Stock-based compensation

 

(2,466

)

 

 

(2,695

)

 

 

(7,205

)

 

 

(7,209

)

Amortization of acquired intangibles

 

 

 

 

(137

)

 

 

(274

)

 

 

(410

)

Non-GAAP cost of revenue

$

9,724

 

 

$

10,694

 

 

$

30,623

 

 

$

32,194

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

123,094

 

 

$

101,736

 

 

$

319,263

 

 

$

268,273

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Stock-based compensation

 

2,466

 

 

 

2,695

 

 

 

7,205

 

 

 

7,209

 

Amortization of acquired intangibles

 

 

 

 

137

 

 

 

274

 

 

 

410

 

Non-GAAP gross profit

$

125,560

 

 

$

104,568

 

 

$

326,742

 

 

$

275,892

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

91.0

%

 

 

88.3

%

 

 

89.3

%

 

 

87.1

%

Non-GAAP gross margin

 

92.8

%

 

 

90.7

%

 

 

91.4

%

 

 

89.6

%

 

 

 

 

 

 

 

 

GAAP research and development expense

$

19,946

 

 

$

20,519

 

 

$

61,835

 

 

$

58,645

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Stock-based compensation

 

(3,080

)

 

 

(4,002

)

 

 

(8,874

)

 

 

(9,416

)

Non-GAAP research and development expense

$

16,866

 

 

$

16,517

 

 

$

52,961

 

 

$

49,229

 

 

 

 

 

 

 

 

 

GAAP sales and marketing expense

$

34,956

 

 

$

33,220

 

 

$

99,612

 

 

$

90,375

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Stock-based compensation

 

(4,060

)

 

 

(4,856

)

 

 

(12,752

)

 

 

(11,912

)

Amortization of acquired intangibles

 

(1,061

)

 

 

(1,061

)

 

 

(3,183

)

 

 

(3,185

)

Change in fair value of contingent earn-out consideration liability

 

(452

)

 

 

(417

)

 

 

(768

)

 

 

(323

)

Non-GAAP sales and marketing expense

$

29,383

 

 

$

26,886

 

 

$

82,909

 

 

$

74,955

 

 

 

 

 

 

 

 

 

GAAP general and administrative expense

$

9,641

 

 

$

9,513

 

 

$

27,854

 

 

$

26,986

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

 

 

 

(30

)

Stock-based compensation

 

(2,165

)

 

 

(2,431

)

 

 

(6,742

)

 

 

(6,306

)

Non-GAAP general and administrative expense

$

7,476

 

 

$

7,082

 

 

$

21,112

 

 

$

20,650

 

 

 

 

 

 

 

 

 

GAAP operating expense

$

64,543

 

 

$

63,252

 

 

$

197,237

 

 

$

176,006

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

 

 

 

(30

)

Stock-based compensation

 

(9,305

)

 

 

(11,289

)

 

 

(28,368

)

 

 

(27,634

)

Amortization of acquired intangibles

 

(1,061

)

 

 

(1,061

)

 

 

(3,183

)

 

 

(3,185

)

Change in fair value of contingent earn-out consideration liability

 

(452

)

 

 

(417

)

 

 

(768

)

 

 

(323

)

Restructuring

 

 

 

 

 

 

 

(7,936

)

 

 

 

Non-GAAP operating expense

$

53,725

 

 

$

50,485

 

 

$

156,982

 

 

$

144,834

 

 

 

 

 

 

 

 

 

GAAP operating income

$

58,551

 

 

$

38,484

 

 

$

122,026

 

 

$

92,267

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

 

 

 

30

 

Stock-based compensation

 

11,771

 

 

 

13,984

 

 

 

35,573

 

 

 

34,843

 

Amortization of acquired intangibles

 

1,061

 

 

 

1,198

 

 

 

3,457

 

 

 

3,595

 

Change in fair value of contingent earn-out consideration liability

 

452

 

 

 

417

 

 

 

768

 

 

 

323

 

Restructuring

 

 

 

 

 

 

 

7,936

 

 

 

 

Non-GAAP operating income

$

71,835

 

 

$

54,083

 

 

$

169,760

 

 

$

131,058

 

 

 

 

 

 

 

 

 

GAAP net income

$

47,956

 

 

$

33,468

 

 

$

106,964

 

 

$

82,150

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

 

 

 

30

 

Stock-based compensation

 

11,771

 

 

 

13,984

 

 

 

35,573

 

 

 

34,843

 

Amortization of acquired intangibles

 

1,061

 

 

 

1,198

 

 

 

3,457

 

 

 

3,595

 

Change in fair value of contingent earn-out consideration liability

 

452

 

 

 

417

 

 

 

768

 

 

 

323

 

Restructuring

 

 

 

 

 

 

 

7,936

 

 

 

 

Income tax effect of non-GAAP adjustments (1)

 

(2,790

)

 

 

(3,276

)

 

 

(10,024

)

 

 

(8,146

)

Non-GAAP net income

$

58,450

 

 

$

45,791

 

 

$

144,674

 

 

$

112,795

 

Non-GAAP net income margin

 

43.2

%

 

 

39.7

%

 

 

40.5

%

 

 

36.6

%

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic

 

186,309

 

 

 

192,805

 

 

 

191,302

 

 

 

192,963

 

Diluted

 

200,463

 

 

 

212,065

 

 

 

207,265

 

 

 

213,656

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.24

 

 

$

0.76

 

 

$

0.58

 

Diluted

$

0.29

 

 

$

0.22

 

 

$

0.70

 

 

$

0.53

 

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

 

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