– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Total revenues of $108.5 million, up 20% year-over-year
Operating cash flow of $57.2 million, up 28% year-over-year
Free cash flow of $55.6 million, up 31% year-over-year
SAN FRANCISCO--(BUSINESS WIRE)--Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2024 first quarter ended June 30, 2023.
“We’re pleased to report another quarter of record engagement across our entire platform, with over 525,000 unique providers using our workflow tools in Q1,” said Jeff Tangney, co-founder and CEO at Doximity. “Looking ahead, we are focused on streamlining our client workflows, so we can fully capitalize on our long-term potential.”
Fiscal 2024 First Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended June 30, 2022.
Financial Outlook
Doximity is providing guidance for its fiscal second quarter ending September 30, 2023 as follows:
Doximity is revising guidance for its fiscal year ending March 31, 2024 as follows:
Workforce Reduction
On August 8, 2023, Doximity announced a plan to reduce its current workforce by approximately 100 employees, representing 10% of its workforce, to simplify its operations and better align its resources with its priorities. The Company expects the restructuring charge to be $8 - 10 million, the majority of which will be incurred in the second quarter of fiscal year 2024, and that the reduction in force will be substantially complete by the third quarter of fiscal year 2024.
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.
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 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. CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) |
|||||||
|
June 30, 2023 |
|
March 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
306,729 |
|
|
$ |
158,027 |
|
Marketable securities |
|
566,444 |
|
|
|
682,972 |
|
Accounts receivable, net |
|
92,922 |
|
|
|
107,047 |
|
Prepaid expenses and other current assets |
|
19,832 |
|
|
|
22,289 |
|
Deferred contract costs, current |
|
3,729 |
|
|
|
5,118 |
|
Total current assets |
|
989,656 |
|
|
|
975,453 |
|
Property and equipment, net |
|
11,639 |
|
|
|
11,279 |
|
Deferred income tax assets |
|
38,895 |
|
|
|
34,907 |
|
Operating lease right-of-use assets |
|
13,282 |
|
|
|
13,819 |
|
Intangible assets, net |
|
30,638 |
|
|
|
31,836 |
|
Goodwill |
|
67,940 |
|
|
|
67,940 |
|
Other assets |
|
1,459 |
|
|
|
1,654 |
|
Total assets |
$ |
1,153,509 |
|
|
$ |
1,136,888 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
582 |
|
|
$ |
1,272 |
|
Accrued expenses and other current liabilities |
|
31,741 |
|
|
|
31,245 |
|
Deferred revenue, current |
|
98,323 |
|
|
|
105,238 |
|
Operating lease liabilities, current |
|
2,048 |
|
|
|
1,752 |
|
Total current liabilities |
|
132,694 |
|
|
|
139,507 |
|
Deferred revenue, non-current |
|
191 |
|
|
|
198 |
|
Operating lease liabilities, non-current |
|
13,585 |
|
|
|
13,885 |
|
Contingent earn-out consideration liability, non-current |
|
10,454 |
|
|
|
15,942 |
|
Other liabilities, non-current |
|
5,798 |
|
|
|
1,240 |
|
Total liabilities |
|
162,722 |
|
|
|
170,772 |
|
Stockholders' Equity |
|
|
|
||||
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
195 |
|
|
|
194 |
|
Additional paid-in capital |
|
777,772 |
|
|
|
762,150 |
|
Accumulated other comprehensive loss |
|
(12,336 |
) |
|
|
(14,083 |
) |
Retained earnings |
|
225,156 |
|
|
|
217,855 |
|
Total stockholders' equity |
|
990,787 |
|
|
|
966,116 |
|
Total liabilities and stockholders’ equity |
$ |
1,153,509 |
|
|
$ |
1,136,888 |
|
DOXIMITY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) |
|||||||
|
Three Months Ended June 30, |
||||||
|
2023 |
|
2022 |
||||
Revenue |
$ 108,469 |
|
$ 90,639 |
||||
Cost of revenue(1) |
13,153 |
|
13,077 |
||||
Gross profit |
95,316 |
|
77,562 |
||||
Operating expenses(1): |
|
|
|
||||
Research and development |
21,931 |
|
19,022 |
||||
Sales and marketing |
34,455 |
|
28,134 |
||||
General and administrative |
9,247 |
|
8,724 |
||||
Total operating expenses |
65,633 |
|
55,880 |
||||
Income from operations |
29,683 |
|
21,682 |
||||
Other income, net |
4,839 |
|
804 |
||||
Income before income taxes |
34,522 |
|
22,486 |
||||
Provision for income taxes |
6,116 |
|
103 |
||||
Net income |
$ 28,406 |
|
$ 22,383 |
||||
Net income per share attributable to Class A and Class B common stockholders: |
|
|
|
||||
Basic |
$ 0.15 |
|
$ 0.12 |
||||
Diluted |
$ 0.13 |
|
$ 0.10 |
||||
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders: |
|
|
|
||||
Basic |
194,521 |
|
192,947 |
||||
Diluted |
212,355 |
|
214,954 |
||||
(1) Costs and expenses include stock-based compensation expense as follows (in thousands):
|
Three Months Ended June 30, |
||||||
|
2023 |
|
|
|
2022 |
||
Cost of revenue |
$ 2,461 |
|
$ 2,122 |
||||
Research and development |
3,256 |
|
2,552 |
||||
Sales and marketing |
5,995 |
|
3,074 |
||||
General and administrative |
2,289 |
|
1,758 |
||||
Total stock-based compensation expense |
$ 14,001 |
|
$ 9,506 |
||||
DOXIMITY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
|
|||||||
|
Three Months Ended June 30, |
||||||
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
||||
Net income |
$ |
28,406 |
|
|
$ |
22,383 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
2,604 |
|
|
|
2,370 |
|
Deferred income taxes |
|
— |
|
|
|
105 |
|
Stock-based compensation, net of amounts capitalized |
|
14,001 |
|
|
|
9,506 |
|
Non-cash lease expense |
|
537 |
|
|
|
401 |
|
Amortization of premium (accretion of discount) on marketable securities, net |
|
(299 |
) |
|
|
1,455 |
|
Loss on sale of marketable securities |
|
273 |
|
|
|
37 |
|
Amortization of deferred contract costs |
|
2,667 |
|
|
|
2,767 |
|
Other |
|
(152 |
) |
|
|
(30 |
) |
Changes in operating assets and liabilities, net of effect of acquisition: |
|
|
|
||||
Accounts receivable |
|
14,032 |
|
|
|
5,533 |
|
Prepaid expenses and other assets |
|
2,589 |
|
|
|
1,246 |
|
Deferred contract costs |
|
(1,210 |
) |
|
|
(866 |
) |
Accounts payable, accrued expenses and other liabilities |
|
677 |
|
|
|
(6,109 |
) |
Deferred revenue |
|
(6,922 |
) |
|
|
6,152 |
|
Operating lease liabilities |
|
(3 |
) |
|
|
(198 |
) |
Net cash provided by operating activities |
|
57,200 |
|
|
|
44,752 |
|
Cash flows from investing activities |
|
|
|
||||
Cash paid for acquisition |
|
— |
|
|
|
(53,500 |
) |
Purchases of property and equipment |
|
(70 |
) |
|
|
(710 |
) |
Internal-use software development costs |
|
(1,494 |
) |
|
|
(1,415 |
) |
Purchases of marketable securities |
|
(35,284 |
) |
|
|
(8,870 |
) |
Maturities of marketable securities |
|
116,649 |
|
|
|
8,271 |
|
Sales of marketable securities |
|
37,525 |
|
|
|
14,724 |
|
Net cash provided by (used in) investing activities |
|
117,326 |
|
|
|
(41,500 |
) |
Cash flows from financing activities |
|
|
|
||||
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants |
|
3,285 |
|
|
|
3,014 |
|
Taxes paid related to net share settlement of equity awards |
|
(1,964 |
) |
|
|
(109 |
) |
Repurchase of common stock |
|
(21,755 |
) |
|
|
(8,874 |
) |
Payment of contingent consideration related to a business combination |
|
(5,390 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(25,824 |
) |
|
|
(5,969 |
) |
Net increase (decrease) in cash and cash equivalents |
|
148,702 |
|
|
|
(2,717 |
) |
Cash and cash equivalents, beginning of period |
|
158,027 |
|
|
|
112,809 |
|
Cash and cash equivalents, end of period |
$ |
306,729 |
|
|
$ |
110,092 |
|
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:
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 Metrics
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 June 30, |
||||||
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
||||||
|
(in thousands, except percentages) |
||||||
Net income |
$ |
28,406 |
|
|
$ |
22,383 |
|
Adjusted to exclude the following: |
|
|
|
||||
Acquisition and other related expenses |
|
— |
|
|
|
30 |
|
Stock-based compensation |
|
14,001 |
|
|
|
9,506 |
|
Depreciation and amortization |
|
2,604 |
|
|
|
2,370 |
|
Provision for income taxes |
|
6,116 |
|
|
|
103 |
|
Change in fair value of contingent earn-out consideration liability |
|
269 |
|
|
|
(54 |
) |
Other income, net |
|
(4,839 |
) |
|
|
(804 |
) |
Adjusted EBITDA |
$ |
46,557 |
|
|
$ |
33,534 |
|
|
|
|
|
||||
Revenue |
$ |
108,469 |
|
|
$ |
90,639 |
|
Net income margin |
|
26.2 |
% |
|
|
24.7 |
% |
Adjusted EBITDA margin |
|
42.9 |
% |
|
|
37.0 |
% |
|
Three Months Ended June 30, |
||||||
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
||||||
|
(in thousands) |
||||||
Net cash provided by operating activities |
$ |
57,200 |
|
|
$ |
44,752 |
|
Purchases of property and equipment |
|
(70 |
) |
|
|
(710 |
) |
Internal-use software development costs |
|
(1,494 |
) |
|
|
(1,415 |
) |
Free cash flow |
$ |
55,636 |
|
|
$ |
42,627 |
|
Other cash flow components: |
|
|
|
||||
Net cash provided by (used in) investing activities |
$ |
117,326 |
|
|
$ |
(41,500 |
) |
Net cash used in financing activities |
$ |
(25,824 |
) |
|
$ |
(5,969 |
) |
Three Months Ended June 30, |
|||||||
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
||||||
|
(in thousands, except per share data and percentages) |
||||||
GAAP cost of revenue |
$ |
13,153 |
|
|
$ |
13,077 |
|
Adjusted to exclude the following: |
|
|
|
||||
Stock-based compensation |
|
(2,461 |
) |
|
|
(2,122 |
) |
Amortization of acquired intangibles |
|
(137 |
) |
|
|
(137 |
) |
Non-GAAP cost of revenue |
$ |
10,555 |
|
|
$ |
10,818 |
|
|
|
|
|
||||
GAAP gross profit |
$ |
95,316 |
|
|
$ |
77,562 |
|
Adjusted to exclude the following: |
|
|
|
||||
Stock-based compensation |
|
2,461 |
|
|
|
2,122 |
|
Amortization of acquired intangibles |
|
137 |
|
|
|
137 |
|
Non-GAAP gross profit |
$ |
97,914 |
|
|
$ |
79,821 |
|
|
|
|
|
||||
GAAP gross margin |
|
87.9 |
% |
|
|
85.6 |
% |
Non-GAAP gross margin |
|
90.3 |
% |
|
|
88.1 |
% |
|
|
|
|
||||
GAAP research and development expense |
$ |
21,931 |
|
|
$ |
19,022 |
|
Adjusted to exclude the following: |
|
|
|
||||
Stock-based compensation |
|
(3,256 |
) |
|
|
(2,552 |
) |
Non-GAAP research and development expense |
$ |
18,675 |
|
|
$ |
16,470 |
|
|
|
|
|
||||
GAAP sales and marketing expense |
$ |
34,455 |
|
|
$ |
28,134 |
|
Adjusted to exclude the following: |
|
|
|
||||
Stock-based compensation |
|
(5,995 |
) |
|
|
(3,074 |
) |
Amortization of acquired intangibles |
|
(1,061 |
) |
|
|
(1,063 |
) |
Change in fair value of contingent earn-out consideration liability |
|
(269 |
) |
|
|
54 |
|
Non-GAAP sales and marketing expense |
$ |
27,130 |
|
|
$ |
24,051 |
|
|
|
|
|
||||
GAAP general and administrative expense |
$ |
9,247 |
|
|
$ |
8,724 |
|
Adjusted to exclude the following: |
|
|
|
||||
Acquisition and other related expenses |
|
— |
|
|
|
(30 |
) |
Stock-based compensation |
|
(2,289 |
) |
|
|
(1,758 |
) |
Non-GAAP general and administrative expense |
$ |
6,958 |
|
|
$ |
6,936 |
|
|
|
|
|
||||
GAAP operating expense |
$ |
65,633 |
|
|
$ |
55,880 |
|
Adjusted to exclude the following: |
|
|
|
||||
Acquisition and other related expenses |
|
— |
|
|
|
(30 |
) |
Stock-based compensation |
|
(11,540 |
) |
|
|
(7,384 |
) |
Amortization of acquired intangibles |
|
(1,061 |
) |
|
|
(1,063 |
) |
Change in fair value of contingent earn-out consideration liability |
|
(269 |
) |
|
|
54 |
|
Non-GAAP operating expense |
$ |
52,763 |
|
|
$ |
47,457 |
|
|
|
|
|
||||
GAAP operating income |
$ |
29,683 |
|
|
$ |
21,682 |
|
Adjusted to exclude the following: |
|
|
|
||||
Acquisition and other related expenses |
|
— |
|
|
|
30 |
|
Stock-based compensation |
|
14,001 |
|
|
|
9,506 |
|
Amortization of acquired intangibles |
|
1,198 |
|
|
|
1,200 |
|
Change in fair value of contingent earn-out consideration liability |
|
269 |
|
|
|
(54 |
) |
Non-GAAP operating income |
$ |
45,151 |
|
|
$ |
32,364 |
|
|
|
|
|
||||
GAAP net income |
$ |
28,406 |
|
|
$ |
22,383 |
|
Adjusted to exclude the following: |
|
|
|
||||
Acquisition and other related expenses |
|
— |
|
|
|
30 |
|
Stock-based compensation |
|
14,001 |
|
|
|
9,506 |
|
Amortization of acquired intangibles |
|
1,198 |
|
|
|
1,200 |
|
Change in fair value of contingent earn-out consideration liability |
|
269 |
|
|
|
(54 |
) |
Income tax effect of non-GAAP adjustments (1) |
|
(3,248 |
) |
|
|
(2,243 |
) |
Non-GAAP net income |
$ |
40,626 |
|
|
$ |
30,822 |
|
Non-GAAP net income margin |
|
37.5 |
% |
|
|
34.0 |
% |
|
|
|
|
||||
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders: |
|
|
|
||||
Basic |
|
194,521 |
|
|
|
192,947 |
|
Diluted |
|
212,355 |
|
|
|
214,954 |
|
|
|
|
|
||||
Non-GAAP net income per share attributable to Class A and Class B stockholders: |
|
|
|
||||
Basic |
$ |
0.21 |
|
|
$ |
0.16 |
|
Diluted |
$ |
0.19 |
|
|
$ |
0.14 |
|
(1) |
For the three months ended June 30, 2023 and 2022, management used an estimated annual effective non-GAAP tax rate of 21.0%. |
Общая выручка составила $108,5 млн, что на 20% больше по сравнению с аналогичным периодом прошлого года
Операционный денежный поток составил $57,2 млн, что на 28% больше по сравнению с аналогичным периодом прошлого года
Свободный денежный поток составил $55,6 млн, что на 31% больше по сравнению с аналогичным периодом прошлого года
САН-ФРАНЦИСКО -- (BUSINESS WIRE) -- Doximity, Inc. (NYSE: DOCS), ведущая цифровая платформа для медицинских работников США, сегодня объявила результаты своего первого квартала 2024 финансового года, закончившегося 30 июня 2023 года.
“Мы рады сообщить о еще одной четверти рекордных показателей вовлеченности по всей нашей платформе: более 525 000 уникальных поставщиков использовали наши инструменты документооборота в первом квартале”, - сказал Джефф Тангни, соучредитель и генеральный директор Doximity. “Заглядывая в будущее, мы сосредоточены на оптимизации рабочих процессов наших клиентов, чтобы в полной мере использовать наш долгосрочный потенциал”.
Основные финансовые показатели первого квартала 2024 финансового года
Все сравнения, если не указано иное, относятся к трем месяцам, закончившимся 30 июня 2022 года.
Финансовые перспективы
Doximity предоставляет следующие рекомендации на второй финансовый квартал, заканчивающийся 30 сентября 2023 года:
Doximity пересматривает руководство на свой финансовый год, заканчивающийся 31 марта 2024 года, следующим образом:
Сокращение рабочей силы
8 августа 2023 года Doximity объявила о плане сокращения своей текущей рабочей силы примерно на 100 сотрудников, что составляет 10% от общей численности персонала, чтобы упростить свою деятельность и лучше привести ресурсы в соответствие со своими приоритетами. Компания ожидает, что расходы на реструктуризацию составят 8-10 миллионов долларов, большая часть которых будет понесена во втором квартале 2024 финансового года, и что сокращение, вступившее в силу, будет в значительной степени завершено к третьему кварталу 2024 финансового года.
Информация о конференц-звонке
Doximity проведет веб-трансляцию сегодня в 14:00 по тихоокеанскому времени (17:00 по восточному времени), чтобы обсудить эти финансовые результаты. Чтобы прослушать прямую аудиотрансляцию, пожалуйста, посетите страницу компании по связям с инвесторами по адресу https://investors.doximity.com . Архивная веб-трансляция будет доступна на странице компании по связям с инвесторами вскоре после звонка.
Основанная в 2010 году, Doximity является ведущей цифровой платформой для медицинских работников США. Членами сети компании являются более 80% врачей США по всем специальностям и областям практики. Doximity предоставляет своим верифицированным клиническим членам цифровые инструменты, созданные для медицины, позволяющие им сотрудничать с коллегами, быть в курсе последних медицинских новостей и исследований, управлять своей карьерой и расписанием дежурств, а также проводить виртуальные визиты пациентов. Миссия Doximity состоит в том, чтобы помочь врачам быть более продуктивными, чтобы они могли лучше заботиться о своих пациентах. Для получения дополнительной информации посетите www.doximity.com .
Заявления прогнозного характера
Заявления, которые мы делаем в настоящем пресс-релизе, могут включать заявления, которые не являются историческими фактами и считаются прогнозными по смыслу раздела 27A Закона о ценных бумагах и раздела 21E Закона о биржах ценных бумаг, которые обычно обозначаются использованием таких слов, как “ожидает”, “полагает”, “оценивает”, “ожидает”, “намеревается”, “может”, “планирует”, “проектирует”, “стремится”, “должен”, “будет” и вариации таких слов или аналогичных выражений. Мы предполагаем, что эти прогнозные заявления подпадают под действие положений о безопасной гавани для прогнозных заявлений, содержащихся в разделе 27A Закона о ценных бумагах и разделе 21E Закона о фондовых биржах, и делаем это заявление в целях соблюдения этих положений о безопасной гавани. Эти заявления прогнозного характера отражают наши текущие взгляды на наши планы, намерения, ожидания, стратегии и перспективы, которые основаны на информации, доступной нам в настоящее время, и на сделанных нами предположениях. Хотя мы считаем, что наши планы, намерения, ожидания, стратегии и перспективы, отраженные в этих прогнозных заявлениях или предлагаемые ими, являются разумными, мы не можем дать никаких гарантий того, что эти планы, намерения, ожидания или стратегии будут реализованы. Кроме того, фактические результаты могут существенно отличаться от тех, которые описаны в прогнозных заявлениях, и на них будут влиять различные риски и факторы, включая (i) сроки и объем ожидаемых выкупов акций; (ii) влияние неопределенности в текущей экономической среде и макроэкономической неопределенности, включая возобновление или разрешение пандемии COVID-19 или других пандемий, эпидемий или инфекционных заболеваний; (iii) наша способность удерживать существующих участников или добавлять новых участников на нашу платформу и поддерживать или расширять их взаимодействие с нашей платформой; (iv) наша способность привлекать новых клиентов или удерживать существующих клиентов; (v) влияние нашей приоритизации интересов наших участников; (vi) нарушения наших мер безопасности или несанкционированный доступ к данным участников; (vii) наша способность поддерживать наш рост или управлять им, а также другие риски и факторы, которые находятся вне нашего контроля, включая, помимо прочего, указанные выше в разделе, озаглавленном “Факторы риска”, в нашем годовом отчете по форме 10-K за финансовый год, закончившийся 31 марта 2023 года, и который может быть обновлен в любых последующих квартальных отчетах по форме 10-Q. Более того, мы работаем в очень конкурентной и быстро меняющейся среде. Время от времени возникают новые риски и неопределенности, и мы не можем предсказать все риски и неопределенности, которые могут привести к существенному отличию фактических результатов от тех, которые содержатся в наших прогнозных заявлениях. Заявления прогнозного характера, сделанные в настоящем пресс-релизе, относятся только к убеждениям и предположениям руководства на данную дату. Мы не берем на себя никаких обязательств по публичному обновлению каких-либо прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом, за исключением случаев, предусмотренных законом.
DOXIMITY, INC. CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) |
|||||||
|
June 30, 2023 |
|
March 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
306,729 |
|
|
$ |
158,027 |
|
Marketable securities |
|
566,444 |
|
|
|
682,972 |
|
Accounts receivable, net |
|
92,922 |
|
|
|
107,047 |
|
Prepaid expenses and other current assets |
|
19,832 |
|
|
|
22,289 |
|
Deferred contract costs, current |
|
3,729 |
|
|
|
5,118 |
|
Total current assets |
|
989,656 |
|
|
|
975,453 |
|
Property and equipment, net |
|
11,639 |
|
|
|
11,279 |
|
Deferred income tax assets |
|
38,895 |
|
|
|
34,907 |
|
Operating lease right-of-use assets |
|
13,282 |
|
|
|
13,819 |
|
Intangible assets, net |
|
30,638 |
|
|
|
31,836 |
|
Goodwill |
|
67,940 |
|
|
|
67,940 |
|
Other assets |
|
1,459 |
|
|
|
1,654 |
|
Total assets |
$ |
1,153,509 |
|
|
$ |
1,136,888 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
582 |
|
|
$ |
1,272 |
|
Accrued expenses and other current liabilities |
|
31,741 |
|
|
|
31,245 |
|
Deferred revenue, current |
|
98,323 |
|
|
|
105,238 |
|
Operating lease liabilities, current |
|
2,048 |
|
|
|
1,752 |
|
Total current liabilities |
|
132,694 |
|
|
|
139,507 |
|
Deferred revenue, non-current |
|
191 |
|
|
|
198 |
|
Operating lease liabilities, non-current |
|
13,585 |
|
|
|
13,885 |
|
Contingent earn-out consideration liability, non-current |
|
10,454 |
|
|
|
15,942 |
|
Other liabilities, non-current |
|
5,798 |
|
|
|
1,240 |
|
Total liabilities |
|
162,722 |
|
|
|
170,772 |
|
Stockholders' Equity |
|
|
|
||||
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
195 |
|
|
|
194 |
|
Additional paid-in capital |
|
777,772 |
|
|
|
762,150 |
|
Accumulated other comprehensive loss |
|
(12,336 |
) |
|
|
(14,083 |
) |
Retained earnings |
|
225,156 |
|
|
|
217,855 |
|
Total stockholders' equity |
|
990,787 |
|
|
|
966,116 |
|
Total liabilities and stockholders’ equity |
$ |
1,153,509 |
|
|
$ |
1,136,888 |
|
DOXIMITY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) |
|||||||
|
Three Months Ended June 30, |
||||||
|
2023 |
|
2022 |
||||
Revenue |
$ 108,469 |
|
$ 90,639 |
||||
Cost of revenue(1) |
13,153 |
|
13,077 |
||||
Gross profit |
95,316 |
|
77,562 |
||||
Operating expenses(1): |
|
|
|
||||
Research and development |
21,931 |
|
19,022 |
||||
Sales and marketing |
34,455 |
|
28,134 |
||||
General and administrative |
9,247 |
|
8,724 |
||||
Total operating expenses |
65,633 |
|
55,880 |
||||
Income from operations |
29,683 |
|
21,682 |
||||
Other income, net |
4,839 |
|
804 |
||||
Income before income taxes |
34,522 |
|
22,486 |
||||
Provision for income taxes |
6,116 |
|
103 |
||||
Net income |
$ 28,406 |
|
$ 22,383 |
||||
Net income per share attributable to Class A and Class B common stockholders: |
|
|
|
||||
Basic |
$ 0.15 |
|
$ 0.12 |
||||
Diluted |
$ 0.13 |
|
$ 0.10 |
||||
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders: |
|
|
|
||||
Basic |
194,521 |
|
192,947 |
||||
Diluted |
212,355 |
|
214,954 |
||||
(1) Затраты включают в себя расходы на компенсацию, основанную на запасах, следующим образом (в тысячах):
|
Three Months Ended June 30, |
||||||
|
2023 |
|
|
|
2022 |
||
Cost of revenue |
$ 2,461 |
|
$ 2,122 |
||||
Research and development |
3,256 |
|
2,552 |
||||
Sales and marketing |
5,995 |
|
3,074 |
||||
General and administrative |
2,289 |
|
1,758 |
||||
Total stock-based compensation expense |
$ 14,001 |
|
$ 9,506 |
||||
DOXIMITY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
|
|||||||
|
Three Months Ended June 30, |
||||||
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
||||
Net income |
$ |
28,406 |
|
|
$ |
22,383 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
2,604 |
|
|
|
2,370 |
|
Deferred income taxes |
|
— |
|
|
|
105 |
|
Stock-based compensation, net of amounts capitalized |
|
14,001 |
|
|
|
9,506 |
|
Non-cash lease expense |
|
537 |
|
|
|
401 |
|
Amortization of premium (accretion of discount) on marketable securities, net |
|
(299 |
) |
|
|
1,455 |
|
Loss on sale of marketable securities |
|
273 |
|
|
|
37 |
|
Amortization of deferred contract costs |
|
2,667 |
|
|
|
2,767 |
|
Other |
|
(152 |
) |
|
|
(30 |
) |
Changes in operating assets and liabilities, net of effect of acquisition: |
|
|
|
||||
Accounts receivable |
|
14,032 |
|
|
|
5,533 |
|
Prepaid expenses and other assets |
|
2,589 |
|
|
|
1,246 |
|
Deferred contract costs |
|
(1,210 |
) |
|
|
(866 |
) |
Accounts payable, accrued expenses and other liabilities |
|
677 |
|
|
|
(6,109 |
) |
Deferred revenue |
|
(6,922 |
) |
|
|
6,152 |
|
Operating lease liabilities |
|
(3 |
) |
|
|
(198 |
) |
Net cash provided by operating activities |
|
57,200 |
|
|
|
44,752 |
|
Cash flows from investing activities |
|
|
|
||||
Cash paid for acquisition |
|
— |
|
|
|
(53,500 |
) |
Purchases of property and equipment |
|
(70 |
) |
|
|
(710 |
) |
Internal-use software development costs |
|
(1,494 |
) |
|
|
(1,415 |
) |
Purchases of marketable securities |
|
(35,284 |
) |
|
|
(8,870 |
) |
Maturities of marketable securities |
|
116,649 |
|
|
|
8,271 |
|
Sales of marketable securities |
|
37,525 |
|
|
|
14,724 |
|
Net cash provided by (used in) investing activities |
|
117,326 |
|
|
|
(41,500 |
) |
Cash flows from financing activities |
|
|
|
||||
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants |
|
3,285 |
|
|
|
3,014 |
|
Taxes paid related to net share settlement of equity awards |
|
(1,964 |
) |
|
|
(109 |
) |
Repurchase of common stock |
|
(21,755 |
) |
|
|
(8,874 |
) |
Payment of contingent consideration related to a business combination |
|
(5,390 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(25,824 |
) |
|
|
(5,969 |
) |
Net increase (decrease) in cash and cash equivalents |
|
148,702 |
|
|
|
(2,717 |
) |
Cash and cash equivalents, beginning of period |
|
158,027 |
|
|
|
112,809 |
|
Cash and cash equivalents, end of period |
$ |
306,729 |
|
|
$ |
110,092 |
|
Финансовые показатели, не относящиеся к GAAP
В дополнение к нашей консолидированной финансовой отчетности, которая подготовлена и представлена в соответствии с общепринятыми в Соединенных Штатах принципами бухгалтерского учета (“GAAP”), Компания использует следующие показатели финансовых результатов, отличные от GAAP:
Мы используем эти финансовые показатели, не соответствующие GAAP, внутри компании для целей принятия финансовых и операционных решений, а также в качестве средства оценки сравнений между периодами. Финансовые показатели, не относящиеся к GAAP, не предназначены для рассмотрения изолированно или в качестве замены сопоставимых финансовых показателей по GAAP и должны рассматриваться только в сочетании с нашей консолидированной финансовой отчетностью, подготовленной в соответствии с GAAP. Представленные нами финансовые показатели, не относящиеся к GAAP, могут быть несопоставимы с аналогичными показателями, используемыми другими компаниями. Мы призываем инвесторов внимательно изучить наши результаты в соответствии с GAAP, а также нашу дополнительную информацию, не относящуюся к GAAP, и сверку между этими презентациями, чтобы более полно понять наш бизнес. Пожалуйста, ознакомьтесь с таблицами, приведенными в конце этого выпуска, для сверки результатов по GAAP с результатами, не относящимися к GAAP.
Ключевые бизнес-показатели
Сверка финансовых показателей по GAAP с показателями, не относящимися к GAAP
В следующих таблицах приведены конкретные статьи, исключенные из показателей GAAP при расчете показателей, не относящихся к GAAP, за периоды, показанные ниже:
|
Three Months Ended June 30, |
||||||
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
||||||
|
(in thousands, except percentages) |
||||||
Net income |
$ |
28,406 |
|
|
$ |
22,383 |
|
Adjusted to exclude the following: |
|
|
|
||||
Acquisition and other related expenses |
|
— |
|
|
|
30 |
|
Stock-based compensation |
|
14,001 |
|
|
|
9,506 |
|
Depreciation and amortization |
|
2,604 |
|
|
|
2,370 |
|
Provision for income taxes |
|
6,116 |
|
|
|
103 |
|
Change in fair value of contingent earn-out consideration liability |
|
269 |
|
|
|
(54 |
) |
Other income, net |
|
(4,839 |
) |
|
|
(804 |
) |
Adjusted EBITDA |
$ |
46,557 |
|
|
$ |
33,534 |
|
|
|
|
|
||||
Revenue |
$ |
108,469 |
|
|
$ |
90,639 |
|
Net income margin |
|
26.2 |
% |
|
|
24.7 |
% |
Adjusted EBITDA margin |
|
42.9 |
% |
|
|
37.0 |
% |
|
Three Months Ended June 30, |
||||||
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
||||||
|
(in thousands) |
||||||
Net cash provided by operating activities |
$ |
57,200 |
|
|
$ |
44,752 |
|
Purchases of property and equipment |
|
(70 |
) |
|
|
(710 |
) |
Internal-use software development costs |
|
(1,494 |
) |
|
|
(1,415 |
) |
Free cash flow |
$ |
55,636 |
|
|
$ |
42,627 |
|
Other cash flow components: |
|
|
|
||||
Net cash provided by (used in) investing activities |
$ |
117,326 |
|
|
$ |
(41,500 |
) |
Net cash used in financing activities |
$ |
(25,824 |
) |
|
$ |
(5,969 |
) |
Three Months Ended June 30, |
|||||||
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
||||||
|
(in thousands, except per share data and percentages) |
||||||
GAAP cost of revenue |
$ |
13,153 |
|
|
$ |
13,077 |
|
Adjusted to exclude the following: |
|
|
|
||||
Stock-based compensation |
|
(2,461 |
) |
|
|
(2,122 |
) |
Amortization of acquired intangibles |
|
(137 |
) |
|
|
(137 |
) |
Non-GAAP cost of revenue |
$ |
10,555 |
|
|
$ |
10,818 |
|
|
|
|
|
||||
GAAP gross profit |
$ |
95,316 |
|
|
$ |
77,562 |
|
Adjusted to exclude the following: |
|
|
|
||||
Stock-based compensation |
|
2,461 |
|
|
|
2,122 |
|
Amortization of acquired intangibles |
|
137 |
|
|
|
137 |
|
Non-GAAP gross profit |
$ |
97,914 |
|
|
$ |
79,821 |
|
|
|
|
|
||||
GAAP gross margin |
|
87.9 |
% |
|
|
85.6 |
% |
Non-GAAP gross margin |
|
90.3 |
% |
|
|
88.1 |
% |
|
|
|
|
||||
GAAP research and development expense |
$ |
21,931 |
|
|
$ |
19,022 |
|
Adjusted to exclude the following: |
|
|
|
||||
Stock-based compensation |
|
(3,256 |
) |
|
|
(2,552 |
) |
Non-GAAP research and development expense |
$ |
18,675 |
|
|
$ |
16,470 |
|
|
|
|
|
||||
GAAP sales and marketing expense |
$ |
34,455 |
|
|
$ |
28,134 |
|
Adjusted to exclude the following: |
|
|
|
||||
Stock-based compensation |
|
(5,995 |
) |
|
|
(3,074 |
) |
Amortization of acquired intangibles |
|
(1,061 |
) |
|
|
(1,063 |
) |
Change in fair value of contingent earn-out consideration liability |
|
(269 |
) |
|
|
54 |
|
Non-GAAP sales and marketing expense |
$ |
27,130 |
|
|
$ |
24,051 |
|
|
|
|
|
||||
GAAP general and administrative expense |
$ |
9,247 |
|
|
$ |
8,724 |
|
Adjusted to exclude the following: |
|
|
|
||||
Acquisition and other related expenses |
|
— |
|
|
|
(30 |
) |
Stock-based compensation |
|
(2,289 |
) |
|
|
(1,758 |
) |
Non-GAAP general and administrative expense |
$ |
6,958 |
|
|
$ |
6,936 |
|
|
|
|
|
||||
GAAP operating expense |
$ |
65,633 |
|
|
$ |
55,880 |
|
Adjusted to exclude the following: |
|
|
|
||||
Acquisition and other related expenses |
|
— |
|
|
|
(30 |
) |
Stock-based compensation |
|
(11,540 |
) |
|
|
(7,384 |
) |
Amortization of acquired intangibles |
|
(1,061 |
) |
|
|
(1,063 |
) |
Change in fair value of contingent earn-out consideration liability |
|
(269 |
) |
|
|
54 |
|
Non-GAAP operating expense |
$ |
52,763 |
|
|
$ |
47,457 |
|
|
|
|
|
||||
GAAP operating income |
$ |
29,683 |
|
|
$ |
21,682 |
|
Adjusted to exclude the following: |
|
|
|
||||
Acquisition and other related expenses |
|
— |
|
|
|
30 |
|
Stock-based compensation |
|
14,001 |
|
|
|
9,506 |
|
Amortization of acquired intangibles |
|
1,198 |
|
|
|
1,200 |
|
Change in fair value of contingent earn-out consideration liability |
|
269 |
|
|
|
(54 |
) |
Non-GAAP operating income |
$ |
45,151 |
|
|
$ |
32,364 |
|
|
|
|
|
||||
GAAP net income |
$ |
28,406 |
|
|
$ |
22,383 |
|
Adjusted to exclude the following: |
|
|
|
||||
Acquisition and other related expenses |
|
— |
|
|
|
30 |
|
Stock-based compensation |
|
14,001 |
|
|
|
9,506 |
|
Amortization of acquired intangibles |
|
1,198 |
|
|
|
1,200 |
|
Change in fair value of contingent earn-out consideration liability |
|
269 |
|
|
|
(54 |
) |
Income tax effect of non-GAAP adjustments (1) |
|
(3,248 |
) |
|
|
(2,243 |
) |
Non-GAAP net income |
$ |
40,626 |
|
|
$ |
30,822 |
|
Non-GAAP net income margin |
|
37.5 |
% |
|
|
34.0 |
% |
|
|
|
|
||||
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders: |
|
|
|
||||
Basic |
|
194,521 |
|
|
|
192,947 |
|
Diluted |
|
212,355 |
|
|
|
214,954 |
|
|
|
|
|
||||
Non-GAAP net income per share attributable to Class A and Class B stockholders: |
|
|
|
||||
Basic |
$ |
0.21 |
|
|
$ |
0.16 |
|
Diluted |
$ |
0.19 |
|
|
$ |
0.14 |
|
(1) |
For the three months ended June 30, 2023 and 2022, management used an estimated annual effective non-GAAP tax rate of 21.0%. |
