Exhibit 99.1
Doximity Announces Fiscal 2022 Third Quarter Financial Results
Total revenues of $97.9 million, up 67% year-over-year
Net income margin of 57% and adjusted EBITDA margin of 48%
SAN FRANCISCO, Calif., February 8, 2022 -- Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results for the fiscal 2022 third quarter ended December 31, 2021.
“We had a strong Q3 led by our existing clients as our net revenue retention rate hit 171%,” said Jeff Tangney, co-founder & CEO at Doximity. “Our telehealth platform grew to 350,000 active providers and we agreed to acquire Amion which powers nearly 200,000 physician schedules. It’s our life’s work to build the physician cloud – a digital platform to help physicians save time, so they can provide better care for patients.”
Doximity Acquiring Amion: More information can be found in the press release at https://investors.doximity.com.
Fiscal 2022 Third Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended December 31, 2020.
•Revenue: Revenue of $97.9 million, versus $58.7 million, an increase of 67% year-over-year.
•Net income and non-GAAP net income: Net income of $55.6 million, versus $17.2 million, representing a 57% margin. Non-GAAP net income of $63.6 million, versus $19.5 million, representing a 65% margin.
•Adjusted EBITDA: Adjusted EBITDA of $47.0 million, versus $21.5 million, an increase of 119% year-over-year, representing adjusted EBITDA margins of 48%, versus 37%.
•Net income per share and non-GAAP net income per share: Diluted net income per share was $0.26, versus $0.05, while non-GAAP diluted net income per share was $0.29, versus $0.07.
•Operating cash flow and free cash flow: Operating cash flow of $27.3 million, versus $24.0 million, and free cash flow of $25.6 million, versus $22.9 million.
Financial Outlook
Doximity is providing guidance for its fiscal fourth quarter ending March 31, 2022 as follows:
•Revenue between $89.0 million and $90.0 million.
•Adjusted EBITDA between $34.0 million and $35.0 million.
Doximity is updating guidance for its fiscal year ending March 31, 2022 as follows:
•Revenue between $338.9 million and $339.9 million.
•Adjusted EBITDA between $144.9 million and $145.9 million.
Doximity is providing preliminary guidance for its fiscal year ending March 31, 2023 as follows:
•Revenue growth of about 33% (excluding the Amion acquisition) to approximately $450 million.
•Adjusted EBITDA margin of 40% or greater (excluding the Amion acquisition).

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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 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 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, please 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 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); (ii) our ability to retain existing members or add new members to our platform and maintain or grow their engagement with our platform; (iii) our ability to attract new customers or retain existing customers; (iv) the impact of our prioritization of our members’ interests; (v) breaches in our security measures or unauthorized access to members’ data; (vi) 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 prospectus for our recent offering of shares of Class A common stock shares that was filed with the SEC on June 25, 2021, and in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, as such risk factors may be updated from time to time in our periodic filings with the SEC. Additional information will be provided in our Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2021. 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.
Investor Relations Contact:
Perry Gold
ir@doximity.com
Media Contact:
pr@doximity.com




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DOXIMITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
December 31, 2021March 31, 2021
Assets
Current assets:
Cash and cash equivalents$85,079 $66,393 
Marketable securities680,499 76,141 
Accounts receivable, net 69,823 50,319 
Prepaid expenses and other current assets17,917 10,692 
Deferred contract costs, current5,060 5,856 
Total current assets858,378 209,401 
Property and equipment, net8,221 7,598 
Deferred income tax assets35,431 2,112 
Operating lease right-of-use assets1,589 1,339 
Intangible assets, net8,802 9,596 
Goodwill18,915 18,915 
Other assets836 2,758 
Total assets$932,172 $251,719 
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity
Current liabilities:
Accounts payable$1,230 $1,515 
Accrued expenses and other current liabilities23,980 16,285 
Deferred revenue, current65,576 83,272 
Operating lease liabilities, current927 970 
Total current liabilities91,713 102,042 
Deferred revenue, non-current38 220 
Operating lease liabilities, non-current668 284 
Other liabilities, non-current905 972 
Total liabilities93,324 103,518 
Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock— 81,458 
Stockholders' Equity
Preferred stock— — 
Common stock190 83 
Additional paid-in capital688,290 30,357 
Accumulated other comprehensive loss(4,013)(21)
Retained earnings154,381 36,324 
Total stockholders' equity838,848 66,743 
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity$932,172 $251,719 

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DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended December 31,Nine Months Ended December 31,
2021202020212020
Revenue$97,876 $58,709 $249,895 $140,210 
Cost of revenue(1)
11,085 7,872 28,022 23,203 
Gross profit86,791 50,837 221,873 117,007 
Operating expenses(1):
Research and development16,225 11,406 44,926 31,315 
Sales and marketing25,698 17,017 66,230 44,447 
General and administrative9,079 4,478 25,102 10,789 
Total operating expenses51,002 32,901 136,258 86,551 
Income from operations35,789 17,936 85,615 30,456 
Other income, net20 4,601 485 4,428 
Income before income taxes35,809 22,537 86,100 34,884 
Provision for (benefit from) income taxes(19,838)5,306 (31,957)6,157 
Net income$55,647 $17,231 $118,057 $28,727 
Undistributed earnings attributable to participating securities— (11,831)(21,866)(17,907)
Net income attributable to Class A and Class B common stockholders, basic and diluted$55,647 $5,400 $96,191 $10,820 
Net income per share attributable to Class A and Class B common stockholders:
Basic$0.30 $0.07 $0.62 $0.15 
Diluted$0.26 $0.05 $0.53 $0.12 
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic188,372 77,766 154,289 72,590 
Diluted216,396 99,923 182,905 92,286 
                            
(1) Costs and expenses include share-based compensation expenses as follows:
Three Months Ended December 31,Nine Months Ended December 31,
2021202020212020
Cost of revenue$1,912 $179 $2,973 $368 
Research and development2,035 634 4,864 1,179 
Sales and marketing2,681 633 5,575 1,304 
General and administrative3,206 774 8,221 1,531 
Total stock-based compensation expense$9,834 $2,220 $21,633 $4,382 
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DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended December 31,Nine Months Ended December 31,
2021202020212020
Cash flows from operating activities
Net income$55,647 $17,231 $118,057 $28,727 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization1,361 1,015 3,672 2,711 
Deferred income taxes(31,972)3,450 (31,972)4,073 
Stock-based compensation, net of amounts capitalized9,834 2,220 21,633 4,382 
Other642 (287)570 (182)
Non-cash lease expense288 718 857 2,012 
Bad debt expense (recovery)(120)(47)75 (43)
Amortization of premium on marketable securities, net1,302 44 2,863 58 
Gain on sale of business— (4,698)— (4,698)
Amortization of deferred contract costs1,710 1,557 7,366 4,697 
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable(14,021)403 (19,579)(14,487)
Prepaid expenses and other assets10,722 (596)(7,003)167 
Deferred contract costs(3,697)(3,215)(6,672)(5,970)
Accounts payable453 (658)162 (933)
Accrued expenses and other current liabilities8,417 6,155 7,998 5,512 
Deferred revenue(13,111)830 (17,538)19,373 
Operating lease liabilities(173)(730)(811)(2,040)
Other liabilities2 569 (67)2,063 
Net cash provided by operating activities27,284 23,961 79,611 45,422 
Cash flows from investing activities
Purchases of property and equipment(611)(6)(852)(98)
Capitalized internal-use software(1,065)(1,069)(2,736)(3,599)
Purchases of marketable securities(115,772)(34,399)(1,271,915)(34,399)
Maturities of marketable securities6,066 4,000 41,617 38,000 
Sales of marketable securities85,862 — 616,938 — 
Cash paid for acquisition, net of cash acquired— (48)— (31,682)
Other— 25 — — 
Proceeds from sale of business— 4,230 — 4,230 
Net cash used in investing activities(25,520)(27,267)(616,948)(27,548)
Cash flows from financing activities
Proceeds from issuance of common stock upon initial public offering after deducting underwriting discounts and commissions— — 553,905 — 
Payments of deferred offering costs— (381)(3,982)(381)
Proceeds from issuance of common stock upon exercise of stock options4,174 3,075 9,234 4,422 
Taxes paid related to net share settlement of equity awards(380)— (436)— 
Repurchase of common stock— (370)(2,698)(370)
Net cash provided by financing activities3,794 2,324 556,023 3,671 
Net increase (decrease) in cash and cash equivalents5,558 (982)18,686 21,545 
Cash and cash equivalents, beginning of period79,521 70,957 66,393 48,430 
Cash and cash equivalents, end of period
$85,079 $69,975 $85,079 $69,975 

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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, 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, and other income, net. 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 capitalized internal-use software development cost.
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: We calculate net revenue retention rate 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.
•Customers with trailing 12-month subscription revenue greater than $100,000: We calculate the number of customers with TTM product revenue greater than $100,000 by counting the number of customers that contributed more than $100,000 in subscription revenue in the TTM period. The number of customers with TTM subscription-based revenue of at least $100,000 is a key indicator of the scale of our business. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity.
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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,
2021202020212020
(unaudited)
(in thousands)
Net income$55,647 $17,231 $118,057 $28,727 
Adjusted to exclude the following:
Acquisition and other related expenses— 326 — 470 
Stock-based compensation9,834 2,220 21,633 4,382 
Depreciation and amortization1,361 1,015 3,672 2,711 
Provision for (benefit from) income taxes(19,838)5,306 (31,957)6,157 
Other income, net(20)(4,601)(485)(4,428)
Adjusted EBITDA$46,984 $21,497 $110,920 $38,019 
Revenue$97,876 $58,709 $249,895 $140,210 
Net income margin57 %29 %47 %20 %
Adjusted EBITDA margin48 %37 %44 %27 %

Three Months Ended December 31,Nine Months Ended December 31,
2021202020212020
(unaudited)
(in thousands)
Net cash provided by operating activities$27,284 $23,961 $79,611 $45,422 
Purchases of property and equipment(611)(6)(852)(98)
Capitalized internal-use software(1,065)(1,069)(2,736)(3,599)
Free cash flow$25,608 $22,886 $76,023 $41,725 
Other cash flow components:
Net cash used in investing activities$(25,520)$(27,267)$(616,948)$(27,548)
Net cash provided by financing activities$3,794 $2,324 $556,023 $3,671 
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Three Months Ended December 31,Nine Months Ended December 31,
2021202020212020
(unaudited)
(in thousands, except percentages)
GAAP cost of revenue$11,085 $7,872 $28,022 $23,203 
Adjusted to exclude the following:
Stock-based compensation(1,912)(179)(2,973)(368)
Non-GAAP cost of revenue$9,173 $7,693 $25,049 $22,835 
GAAP gross profit$86,791 $50,837 $221,873 $117,007 
Adjusted to exclude the following:
Stock-based compensation1,912 179 2,973 368 
Non-GAAP gross profit$88,703 $51,016 $224,846 $117,375 
GAAP gross margin89 %87 %89 %83 %
Non-GAAP gross margin91 %87 %90 %84 %
GAAP research and development expense$16,225 $11,406 $44,926 $31,315 
Adjusted to exclude the following:
Stock-based compensation(2,035)(634)(4,864)(1,179)
Non-GAAP research and development expense$14,190 $10,772 $40,062 $30,136 
GAAP sales and marketing expense$25,698 $17,017 $66,230 $44,447 
Adjusted to exclude the following:
Stock-based compensation(2,681)(633)(5,575)(1,304)
Amortization of acquired intangibles(265)(303)(795)(817)
Non-GAAP sales and marketing expense$22,752 $16,081 $59,860 $42,326 
GAAP general and administrative expense$9,079 $4,478 $25,102 $10,789 
Adjusted to exclude the following:
Acquisition and other related expenses— (326)— (470)
Stock-based compensation(3,206)(774)(8,221)(1,531)
Non-GAAP general and administrative expense$5,873 $3,378 $16,881 $8,788 
GAAP operating expense$51,002 $32,901 $136,258 $86,551 
Adjusted to exclude the following:
Acquisition and other related expenses— (326)— (470)
Stock-based compensation(7,922)(2,041)(18,660)(4,014)
Amortization of acquired intangibles(265)(303)(795)(817)
Non-GAAP operating expense$42,815 $30,231 $116,803 $81,250 
GAAP operating income$35,789 $17,936 $85,615 $30,456 
Adjusted to exclude the following:
Acquisition and other related expenses— 326 — 470 
Stock-based compensation9,834 2,220 21,633 4,382 
Amortization of acquired intangibles265 303 795 817 
Non-GAAP operating income$45,888 $20,785 $108,043 $36,125 
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Three Months Ended December 31,Nine Months Ended December 31,
2021202020212020
(unaudited)
(in thousands, except per share data and percentages)
GAAP net income$55,647 $17,231 $118,057 $28,727 
Adjusted to exclude the following:
Acquisition and other related expenses— 326 — 470 
Stock-based compensation9,834 2,220 21,633 4,382 
Amortization of acquired intangibles265 303 795 817 
Income tax effect of non-GAAP adjustments (1)
(2,121)(598)(4,710)(1,190)
Non-GAAP net income$63,625 $19,482 $135,775 $33,206 
Non-GAAP net income margin65 %33 %54 %24 %
GAAP undistributed earnings attributable to participating securities$— $(11,831)$(21,866)$(17,907)
Impact on undistributed earnings attributable to participating securities due to non-GAAP adjustments— (1,114)(2,436)(2,295)
Non-GAAP undistributed earnings attributable to participating securities$— $(12,945)$(24,302)$(20,202)
Non-GAAP net income$63,625 $19,482 $135,775 $33,206 
Non-GAAP undistributed earnings attributable to participating securities— (12,945)(24,302)(20,202)
Non-GAAP net income attributable to Class A and Class B stockholders, basic and diluted$63,625 $6,537 $111,473 $13,004 
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic188,372 77,766 154,289 72,590 
Diluted216,396 99,923 182,905 92,286 
Non-GAAP net income per share attributable to Class A and Class B stockholders:
Basic$0.34 $0.08 $0.72 $0.18 
Diluted$0.29 $0.07 $0.61 $0.14 
(1) For the three and nine months ended December 31, 2021 and 2020, management used an estimated annual effective non-GAAP tax rate of 21.0%.
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