$DOCS

Doximity, Inc.

CIK:0001516513|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 156,618	$ 145,913
Cost of revenue	23,692	15,793
Gross profit	132,926	130,120
Operating expenses:
Research and development	38,477	26,799
Sales and marketing	45,049	36,365
General and administrative	15,756	12,439
Total operating expenses	99,282	75,603
Income from operations	33,644	54,517
Other income, net	6,719	9,630
Income before income taxes	40,363	64,147
Provision for income taxes	16,048	10,827
Net income	$ 24,315	$ 53,320
Net income per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 0.13	$ 0.28
Diluted (in dollars per share)	$ 0.13	$ 0.27
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic (in shares)	182,569	187,984
Diluted (in shares)	191,169	201,158

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 24,315	$ 53,320
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,287	2,794
Stock-based compensation, net of amounts capitalized	36,752	21,865
Non-cash lease expense	387	450
Accretion of discount on marketable securities, net	(568)	(2,488)
Amortization of deferred contract costs	4,300	3,896
Other	(338)	(408)
Changes in operating assets and liabilities:
Accounts receivable	(33,334)	(13,381)
Prepaid expenses and other assets	9,125	(4,234)
Deferred contract costs	(2,642)	(1,965)
Accounts payable, accrued expenses and other liabilities	(2,433)	(165)
Deferred revenue	2,648	2,973
Operating lease liabilities	(512)	(556)
Net cash provided by operating activities	41,987	62,101
Cash flows from investing activities
Purchases of property and equipment	(62)	0
Internal-use software development costs	(2,322)	(1,966)
Purchases of marketable securities	(14,746)	(139,934)
Maturities of marketable securities	126,071	144,579
Sales of marketable securities	4,049	0
Net cash provided by investing activities	112,990	2,679
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants	3,080	2,398
Taxes paid related to net share settlement of equity awards	(6,974)	(11,927)
Repurchase of common stock	(91,633)	(122,355)
Payment of contingent consideration related to a business combination	(5,024)	(5,249)
Net cash used in financing activities	(100,551)	(137,133)
Net increase (decrease) in cash and cash equivalents	54,426	(72,353)
Cash and cash equivalents, beginning of period	219,178	209,614
Cash and cash equivalents, end of period	273,604	137,261
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds	3,990	4,978
Non-cash financing and investing activities
Capitalized stock-based compensation for internal-use software development costs	1,203	555
Excise tax payable on share repurchases	$ 3,029	$ 745

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Current assets:
Cash and cash equivalents	$ 273,604	$ 219,178
Marketable securities	414,185	529,423
Accounts receivable, net of allowance for doubtful accounts of $1,956 and $1,345 at June 30, 2026 and March 31, 2026, respectively	177,575	144,783
Prepaid expenses and other current assets	48,614	50,880
Total current assets	913,978	944,264
Property and equipment, net	19,243	18,080
Deferred income tax assets	23,839	31,984
Operating lease right-of-use assets	6,752	7,140
Intangible assets, net	33,385	35,325
Goodwill	84,973	84,973
Other assets	1,675	1,921
Total assets	1,083,845	1,123,687
Current liabilities:
Accounts payable	6,494	4,009
Accrued expenses and other current liabilities	32,666	42,804
Deferred revenue, current	109,061	106,050
Operating lease liabilities, current	2,142	2,110
Total current liabilities	150,363	154,973
Deferred revenue, non-current	37	400
Operating lease liabilities, non-current	7,531	8,075
Other liabilities, non-current	9,844	9,402
Total liabilities	167,775	172,850
Commitments and contingencies (Note 12)
Stockholders' Equity
Preferred stock, $0.001 par value; 100,000 shares authorized as of June 30, 2026 and March 31, 2026, respectively; zero shares issued and outstanding as of June 30, 2026 and March 31, 2026, respectively	0	0
Class A and Class B common stock, $0.001 par value; 1,500,000 shares authorized as of June 30, 2026 and March 31, 2026, respectively; 179,849 and 183,060 shares issued and outstanding as of June 30, 2026 and March 31, 2026, respectively	180	183
Additional paid-in capital	1,035,282	1,001,688
Accumulated other comprehensive income (loss)	(348)	28
Accumulated deficit	(119,044)	(51,062)
Total stockholders’ equity	916,070	950,837
Total liabilities and stockholders’ equity	$ 1,083,845	$ 1,123,687