Doximity Announces Fiscal 2023 Third Quarter Financial Results

Total revenues of $115.3 million, up 18% year-over-year

Operating cash flow of $48.7 million, up 78% year-over-year

Free cash flow of $47.5 million, up 85% year-over-year

Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results for the fiscal 2023 third quarter ended December 31, 2022.

“Our clinical workflow tools saw record use last quarter, including our telehealth platform which served 375,000 unique active clinicians,” said Jeff Tangney, co-founder and CEO at Doximity. “We’re proud to help more physicians be more mobile and more productive than ever before.”

Fiscal 2023 Third Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended December 31, 2021.

  • Revenue: Revenue of $115.3 million, versus $97.9 million, an increase of 18% year-over-year.
  • Net income and non-GAAP net income: Net income of $33.5 million, versus $55.6 million, representing a margin of 29.0%, versus 56.9%. Non-GAAP net income of $45.8 million, versus $63.6 million, representing a margin of 39.7%, versus 65.0%.
  • Adjusted EBITDA: Adjusted EBITDA of $55.5 million, versus $47.0 million, an increase of 18% year-over-year, representing adjusted EBITDA margins of 48.2%, versus 48.0%.
  • Net income per share and non-GAAP net income per share: Diluted net income per share was $0.16, versus $0.26, while non-GAAP diluted net income per share was $0.22, versus $0.29.
  • Operating cash flow and free cash flow: Operating cash flow of $48.7 million, versus $27.3 million, an increase of 78% year-over-year, and free cash flow of $47.5 million, versus $25.6 million, an increase of 85% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal fourth quarter ending March 31, 2023 as follows:

  • Revenue between $109.6 million and $110.6 million.
  • Adjusted EBITDA between $45.2 million and $46.2 million.

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

  • Revenue between $417.7 million and $418.7 million.
  • Adjusted EBITDA between $180.2 million and $181.2 million.

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

  • Revenue of greater than $500 million.
  • Adjusted EBITDA margin of 43% or greater.

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 December 31, 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.

DOXIMITY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

December 31, 2022

 

March 31, 2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

136,454

 

 

$

112,809

 

Marketable securities

 

664,511

 

 

 

685,304

 

Accounts receivable, net

 

74,862

 

 

 

81,073

 

Prepaid expenses and other current assets

 

17,120

 

 

 

19,439

 

Deferred contract costs, current

 

5,572

 

 

 

5,512

 

Total current assets

 

898,519

 

 

 

904,137

 

Property and equipment, net

 

11,519

 

 

 

8,488

 

Deferred income tax assets

 

40,338

 

 

 

48,558

 

Operating lease right-of-use assets

 

14,357

 

 

 

1,087

 

Intangible assets, net

 

33,034

 

 

 

7,909

 

Goodwill

 

67,940

 

 

 

18,915

 

Other assets

 

1,380

 

 

 

2,263

 

Total assets

$

1,067,087

 

 

$

991,357

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

1,604

 

 

$

463

 

Accrued expenses and other current liabilities

 

33,151

 

 

 

25,270

 

Deferred revenue, current

 

69,671

 

 

 

84,907

 

Operating lease liabilities, current

 

1,458

 

 

 

642

 

Total current liabilities

 

105,884

 

 

 

111,282

 

Deferred revenue, non-current

 

140

 

 

 

78

 

Operating lease liabilities, non-current

 

14,181

 

 

 

447

 

Contingent earn-out consideration liability, non-current

 

15,625

 

 

 

 

Other liabilities, non-current

 

1,083

 

 

 

956

 

Total liabilities

 

136,913

 

 

 

112,763

 

Stockholders' Equity

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

193

 

 

 

192

 

Additional paid-in capital

 

745,506

 

 

 

702,589

 

Accumulated other comprehensive loss

 

(18,742

)

 

 

(15,294

)

Retained earnings

 

203,217

 

 

 

191,107

 

Total stockholders' equity

 

930,174

 

 

 

878,594

 

Total liabilities and stockholders’ equity

$

1,067,087

 

 

$

991,357

 

DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

Revenue

$

115,262

 

$

97,876

 

 

$

308,086

 

$

249,895

 

Cost of revenue(1)

 

13,526

 

 

11,085

 

 

 

39,813

 

 

28,022

 

Gross profit

 

101,736

 

 

86,791

 

 

 

268,273

 

 

221,873

 

Operating expenses(1):

 

 

 

 

 

 

 

Research and development

 

20,519

 

 

16,225

 

 

 

58,645

 

 

44,926

 

Sales and marketing

 

33,220

 

 

25,698

 

 

 

90,375

 

 

66,230

 

General and administrative

 

9,513

 

 

9,079

 

 

 

26,986

 

 

25,102

 

Total operating expenses

 

63,252

 

 

51,002

 

 

 

176,006

 

 

136,258

 

Income from operations

 

38,484

 

 

35,789

 

 

 

92,267

 

 

85,615

 

Other income, net

 

2,461

 

 

20

 

 

 

4,173

 

 

485

 

Income before income taxes

 

40,945

 

 

35,809

 

 

 

96,440

 

 

86,100

 

Provision for (benefit from) income taxes

 

7,477

 

 

(19,838

)

 

 

14,290

 

 

(31,957

)

Net income

$

33,468

 

$

55,647

 

 

$

82,150

 

$

118,057

 

Undistributed earnings attributable to participating securities

 

 

 

 

 

 

 

 

(21,866

)

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

$

33,468

 

$

55,647

 

 

$

82,150

 

$

96,191

 

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

 

 

 

 

 

 

 

Basic

$

0.17

 

$

0.30

 

 

$

0.43

 

$

0.62

 

Diluted

$

0.16

 

$

0.26

 

 

$

0.38

 

$

0.53

 

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

 

 

 

 

 

 

 

Basic

 

192,805

 

 

188,372

 

 

 

192,963

 

 

154,289

 

Diluted

 

212,065

 

 

216,396

 

 

 

213,656

 

 

182,905

 

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

 

Three Months Ended December 31,

 

 

Nine Months Ended December 31,

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

Cost of revenue

$

2,695

 

$

1,912

 

$

7,209

 

$

2,973

Research and development

 

4,002

 

 

2,035

 

 

9,416

 

 

4,864

Sales and marketing

 

4,856

 

 

2,681

 

 

11,912

 

 

5,575

General and administrative

 

2,431

 

 

3,206

 

 

6,306

 

 

8,221

Total stock-based compensation expense

$

13,984

 

$

9,834

 

$

34,843

 

$

21,633

DOXIMITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net income

$

33,468

 

 

$

55,647

 

 

$

82,150

 

 

$

118,057

 

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

 

 

 

 

 

 

 

Depreciation and amortization

 

2,616

 

 

 

1,361

 

 

 

7,575

 

 

 

3,672

 

Deferred income taxes

 

9,287

 

 

 

(31,972

)

 

 

9,392

 

 

 

(31,972

)

Stock-based compensation, net of amounts capitalized

 

13,984

 

 

 

9,834

 

 

 

34,843

 

 

 

21,633

 

Non-cash lease expense

 

538

 

 

 

288

 

 

 

1,490

 

 

 

857

 

Amortization of premium on marketable securities, net

 

471

 

 

 

1,302

 

 

 

3,144

 

 

 

2,863

 

Loss on sale of marketable securities

 

593

 

 

 

595

 

 

 

1,093

 

 

 

525

 

Amortization of deferred contract costs

 

1,518

 

 

 

1,710

 

 

 

6,357

 

 

 

7,366

 

Other

 

790

 

 

 

(73

)

 

 

797

 

 

 

120

 

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

 

 

 

 

 

 

 

Accounts receivable

 

3,997

 

 

 

(14,021

)

 

 

6,191

 

 

 

(19,579

)

Prepaid expenses and other assets

 

(1,727

)

 

 

10,722

 

 

 

1,924

 

 

 

(7,003

)

Deferred contract costs

 

(4,067

)

 

 

(3,697

)

 

 

(6,409

)

 

 

(6,672

)

Accounts payable, accrued expenses and other liabilities

 

7,197

 

 

 

8,872

 

 

 

2,723

 

 

 

8,093

 

Deferred revenue

 

(19,970

)

 

 

(13,111

)

 

 

(18,098

)

 

 

(17,538

)

Operating lease liabilities

 

2

 

 

 

(173

)

 

 

(209

)

 

 

(811

)

Net cash provided by operating activities

 

48,697

 

 

 

27,284

 

 

 

132,963

 

 

 

79,611

 

Cash flows from investing activities

 

 

 

 

 

 

 

Cash paid for acquisition

 

 

 

 

 

 

 

(53,500

)

 

 

 

Purchases of property and equipment

 

(204

)

 

 

(611

)

 

 

(1,680

)

 

 

(852

)

Internal-use software development costs

 

(1,012

)

 

 

(1,065

)

 

 

(3,478

)

 

 

(2,736

)

Purchases of marketable securities

 

(39,080

)

 

 

(115,772

)

 

 

(130,257

)

 

 

(1,271,915

)

Maturities of marketable securities

 

10,576

 

 

 

6,066

 

 

 

35,014

 

 

 

41,617

 

Sales of marketable securities

 

43,024

 

 

 

85,862

 

 

 

107,182

 

 

 

616,938

 

Net cash provided by (used in) investing activities

 

13,304

 

 

 

(25,520

)

 

 

(46,719

)

 

 

(616,948

)

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

 

1,871

 

 

 

4,174

 

 

 

7,455

 

 

 

9,234

 

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

 

 

 

 

 

 

 

2,341

 

 

 

 

Taxes paid related to net share settlement of equity awards

 

(1,092

)

 

 

(380

)

 

 

(2,353

)

 

 

(436

)

Repurchase of common stock

 

 

 

 

 

 

 

(70,042

)

 

 

(2,698

)

Payments of deferred offering costs

 

 

 

 

 

 

 

 

 

 

(3,982

)

Net cash provided by (used in) financing activities

 

779

 

 

 

3,794

 

 

 

(62,599

)

 

 

556,023

 

Net increase in cash and cash equivalents

 

62,780

 

 

 

5,558

 

 

 

23,645

 

 

 

18,686

 

Cash and cash equivalents, beginning of period

 

73,674

 

 

 

79,521

 

 

 

112,809

 

 

 

66,393

 

Cash and cash equivalents, end of period

$

136,454

 

 

$

85,079

 

 

$

136,454

 

 

$

85,079

 

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. 

1 The 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.

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,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

(unaudited)

 

(in thousands, except percentages)

Net income

$

33,468

 

 

$

55,647

 

 

$

82,150

 

 

$

118,057

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

30

 

 

 

 

Stock-based compensation

 

13,984

 

 

 

9,834

 

 

 

34,843

 

 

 

21,633

 

Depreciation and amortization

 

2,616

 

 

 

1,361

 

 

 

7,575

 

 

 

3,672

 

Provision for (benefit from) income taxes

 

7,477

 

 

 

(19,838

)

 

 

14,290

 

 

 

(31,957

)

Change in fair value of contingent earn-out consideration liability

 

417

 

 

 

 

 

 

323

 

 

 

 

Other income, net

 

(2,461

)

 

 

(20

)

 

 

(4,173

)

 

 

(485

)

Adjusted EBITDA

$

55,501

 

 

$

46,984

 

 

$

135,038

 

 

$

110,920

 

 

 

 

 

 

 

 

 

Revenue

$

115,262

 

 

$

97,876

 

 

$

308,086

 

 

$

249,895

 

Net income margin

 

29.0

%

 

 

56.9

%

 

 

26.7

%

 

 

47.2

%

Adjusted EBITDA margin

 

48.2

%

 

 

48.0

%

 

 

43.8

%

 

 

44.4

%

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

(unaudited)

 

(in thousands)

Net cash provided by operating activities

$

48,697

 

 

$

27,284

 

 

$

132,963

 

 

$

79,611

 

Purchases of property and equipment

 

(204

)

 

 

(611

)

 

 

(1,680

)

 

 

(852

)

Internal-use software development costs

 

(1,012

)

 

 

(1,065

)

 

 

(3,478

)

 

 

(2,736

)

Free cash flow

$

47,481

 

 

$

25,608

 

 

$

127,805

 

 

$

76,023

 

Other cash flow components:

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

$

13,304

 

 

$

(25,520

)

 

$

(46,719

)

 

$

(616,948

)

Net cash provided by (used in) financing activities

$

779

 

 

$

3,794

 

 

$

(62,599

)

 

$

556,023

 

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

(unaudited)

 

(in thousands, except per share data and percentages)

GAAP cost of revenue

$

13,526

 

 

$

11,085

 

 

$

39,813

 

 

$

28,022

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Stock-based compensation

 

(2,695

)

 

 

(1,912

)

 

 

(7,209

)

 

 

(2,973

)

Amortization of acquired intangibles

 

(137

)

 

 

 

 

 

(410

)

 

 

 

Non-GAAP cost of revenue

$

10,694

 

 

$

9,173

 

 

$

32,194

 

 

$

25,049

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

101,736

 

 

$

86,791

 

 

$

268,273

 

 

$

221,873

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Stock-based compensation

 

2,695

 

 

 

1,912

 

 

 

7,209

 

 

 

2,973

 

Amortization of acquired intangibles

 

137

 

 

 

 

 

 

410

 

 

 

 

Non-GAAP gross profit

$

104,568

 

 

$

88,703

 

 

$

275,892

 

 

$

224,846

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

88.3

%

 

 

88.7

%

 

 

87.1

%

 

 

88.8

%

Non-GAAP gross margin

 

90.7

%

 

 

90.6

%

 

 

89.6

%

 

 

90.0

%

 

 

 

 

 

 

 

 

GAAP research and development expense

$

20,519

 

 

$

16,225

 

 

$

58,645

 

 

$

44,926

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Stock-based compensation

 

(4,002

)

 

 

(2,035

)

 

 

(9,416

)

 

 

(4,864

)

Non-GAAP research and development expense

$

16,517

 

 

$

14,190

 

 

$

49,229

 

 

$

40,062

 

 

 

 

 

 

 

 

 

GAAP sales and marketing expense

$

33,220

 

 

$

25,698

 

 

$

90,375

 

 

$

66,230

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Stock-based compensation

 

(4,856

)

 

 

(2,681

)

 

 

(11,912

)

 

 

(5,575

)

Amortization of acquired intangibles

 

(1,061

)

 

 

(265

)

 

 

(3,185

)

 

 

(795

)

Change in fair value of contingent earn-out consideration liability

 

(417

)

 

 

 

 

 

(323

)

 

 

 

Non-GAAP sales and marketing expense

$

26,886

 

 

$

22,752

 

 

$

74,955

 

 

$

59,860

 

 

 

 

 

 

 

 

 

GAAP general and administrative expense

$

9,513

 

 

$

9,079

 

 

$

26,986

 

 

$

25,102

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

(30

)

 

 

 

Stock-based compensation

 

(2,431

)

 

 

(3,206

)

 

 

(6,306

)

 

 

(8,221

)

Non-GAAP general and administrative expense

$

7,082

 

 

$

5,873

 

 

$

20,650

 

 

$

16,881

 

 

 

 

 

 

 

 

 

GAAP operating expense

$

63,252

 

 

$

51,002

 

 

$

176,006

 

 

$

136,258

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

(30

)

 

 

 

Stock-based compensation

 

(11,289

)

 

 

(7,922

)

 

 

(27,634

)

 

 

(18,660

)

Amortization of acquired intangibles

 

(1,061

)

 

 

(265

)

 

 

(3,185

)

 

 

(795

)

Change in fair value of contingent earn-out consideration liability

 

(417

)

 

 

 

 

 

(323

)

 

 

 

Non-GAAP operating expense

$

50,485

 

 

$

42,815

 

 

$

144,834

 

 

$

116,803

 

 

 

 

 

 

 

 

 

GAAP operating income

$

38,484

 

 

$

35,789

 

 

$

92,267

 

 

$

85,615

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

30

 

 

 

 

Stock-based compensation

 

13,984

 

 

 

9,834

 

 

 

34,843

 

 

 

21,633

 

Amortization of acquired intangibles

 

1,198

 

 

 

265

 

 

 

3,595

 

 

 

795

 

Change in fair value of contingent earn-out consideration liability

 

417

 

 

 

 

 

 

323

 

 

 

 

Non-GAAP operating income

$

54,083

 

 

$

45,888

 

 

$

131,058

 

 

$

108,043

 

 

 

 

 

 

 

 

 

GAAP net income

$

33,468

 

 

$

55,647

 

 

$

82,150

 

 

$

118,057

 

Adjusted to exclude the following:

 

 

 

 

 

 

 

Acquisition and other related expenses

 

 

 

 

 

 

 

30

 

 

 

 

Stock-based compensation

 

13,984

 

 

 

9,834

 

 

 

34,843

 

 

 

21,633

 

Amortization of acquired intangibles

 

1,198

 

 

 

265

 

 

 

3,595

 

 

 

795

 

Change in fair value of contingent earn-out consideration liability

 

417

 

 

 

 

 

 

323

 

 

 

 

Income tax effect of non-GAAP adjustments (1)

 

(3,276

)

 

 

(2,121

)

 

 

(8,146

)

 

 

(4,710

)

Non-GAAP net income

$

45,791

 

 

$

63,625

 

 

$

112,795

 

 

$

135,775

 

Non-GAAP net income margin

 

39.7

%

 

 

65.0

%

 

 

36.6

%

 

 

54.3

%

 

 

 

 

 

 

 

 

GAAP undistributed earnings attributable to participating securities

$

 

 

$

 

 

$

 

 

$

(21,866

)

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

 

 

 

 

 

 

 

 

 

 

(2,436

)

Non-GAAP undistributed earnings attributable to participating securities

$

 

 

$

 

 

$

 

 

$

(24,302

)

 

 

 

 

 

 

 

 

Non-GAAP net income

$

45,791

 

 

$

63,625

 

 

$

112,795

 

 

$

135,775

 

Non-GAAP undistributed earnings attributable to participating securities

 

 

 

 

 

 

 

��

 

 

 

(24,302

)

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

$

45,791

 

 

$

63,625

 

 

$

112,795

 

 

$

111,473

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic

 

192,805

 

 

 

188,372

 

 

 

192,963

 

 

 

154,289

 

Diluted

 

212,065

 

 

 

216,396

 

 

 

213,656

 

 

 

182,905

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic

$

0.24

 

 

$

0.34

 

 

$

0.58

 

 

$

0.72

 

Diluted

$

0.22

 

 

$

0.29

 

 

$

0.53

 

 

$

0.61

 

(1) For the three and nine months ended December 31, 2022 and 2021, management used an estimated annual effective non-GAAP tax rate of 21.0%.

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