Interactivity Service Line 05 Awareness PeerPeer Service Line 02 Interactivity Peer Awareness Manufacturer Health System 1 Land Initial Brands or Service Lines 2 Expand to Add'l Brands or Service Lines 3 Expand Number & Type of Modules Utilized Awareness Build brand equity and communicate key messages doximity (1) (2) (3) Proprietary & Confidential Est. Share of Total HCP Marketing Budgets1 >50% 20-50% 5-20% <5% No Revenue Q1 KEY METRICS 13 Adj. EBITDA & Margin1,2 Proprietary 1/3+ IN R&D1 Dr. Nate Gross CSO ...

Doximity, Inc. (NYSE:DOCS) Q1 2024 Earnings Conference Call August 8, 2023 5:00 PM ET Company Participants Perry Gold - VP of IR Jeffrey Tangney - Co-Founder and CEO Anna Bryson - CFO Nate Gross - Co-Founder and CSO Conference Call Participants Brian Peterson - Raymond James Scott Berg - Needham & Company Sandy Draper - Guggenheim Securities Jared Hasson - William Blair Allen Lutz - Bank of America Jessica Tassan - Piper Sandler Elizabeth Anderson - Evercore ISI Jailendra Singh - Truist Securities David Lar ...

Part I—Financial Information [Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents Doximity's unaudited condensed consolidated financial statements, highlighting a **20% revenue increase** and significant net income growth [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary (as of June 30, 2023 vs. March 31, 2023) | Metric | June 30, 2023 ($M) | March 31, 2023 ($M) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $306.7 | $158.0 | | Total current assets | $989.7 | $975.5 | | Total assets | $1,153.5 | $1,136.9 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $132.7 | $139.5 | | Total liabilities | $162.7 | $170.8 | | Total stockholders' equity | $990.8 | $966.1 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (Three Months Ended June 30) | Metric | 2023 ($M) | 2022 ($M) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $108.5 | $90.6 | +19.7% | | Gross Profit | $95.3 | $77.6 | +22.8% | | Income from operations | $29.7 | $21.7 | +36.9% | | Net income | $28.4 | $22.4 | +26.8% | | Diluted EPS | $0.13 | $0.10 | +30.0% | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Three Months Ended June 30) | Metric | 2023 ($M) | 2022 ($M) | | :--- | :--- | :--- | | Net cash provided by operating activities | $57.2 | $44.8 | | Net cash provided by (used in) investing activities | $117.3 | $(41.5) | | Net cash used in financing activities | $(25.8) | $(6.0) | - The significant increase in cash from investing activities in Q1 2023 was driven by **$116.6 million** in maturities of marketable securities, compared to only **$8.3 million** in the prior year period[26](index=26&type=chunk) - Cash used in financing activities increased primarily due to higher common stock repurchases (**$21.8M** in 2023 vs. **$8.9M** in 2022) and a **$5.4M** payment for contingent consideration related to the AMiON acquisition[26](index=26&type=chunk)[180](index=180&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company's revenue is primarily derived from subscription-based Marketing Solutions and Hiring Solutions sold to pharmaceutical companies and health systems[28](index=28&type=chunk)[38](index=38&type=chunk) - Subscription revenue for the three months ended June 30, 2023, was **$101.3 million**, a significant increase from **$83.7 million** in the same period of 2022[51](index=51&type=chunk) - On August 8, 2023, the company announced a plan to reduce its workforce by approximately **100 employees** (**10%** of total), estimating charges of **$8-10 million**, primarily consisting of severance and stock-based compensation[120](index=120&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting **20% revenue growth** to **$108.5 million**, key metrics, liquidity, and capital resources [Key Business and Financial Metrics](index=30&type=section&id=Key%20Business%20and%20Financial%20Metrics) - The number of customers with trailing 12-month subscription revenue greater than **$100,000** increased to **296** from **264** year-over-year[129](index=129&type=chunk) - The net revenue retention rate was **118%** for the trailing 12 months ended June 30, 2023, compared to **139%** for the same period in 2022[131](index=131&type=chunk) [Non-GAAP Financial Measures](index=31&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP Financial Highlights (Three Months Ended June 30) | Metric | 2023 ($M) | 2022 ($M) | | :--- | :--- | :--- | | Adjusted EBITDA | $46.6 | $33.5 | | Adjusted EBITDA Margin | 43% | 37% | | Free Cash Flow | $55.6 | $42.6 | [Results of Operations](index=35&type=section&id=Results%20of%20Operations) - Revenue increased by **$17.8 million** (**20%**) YoY, primarily driven by a **$17.5 million** increase in subscription revenue, with **$12.8 million** from existing customer expansion[158](index=158&type=chunk) - Gross margin improved to **88%** from **86%** YoY, as revenue growth outpaced the growth in cost of revenue[159](index=159&type=chunk)[160](index=160&type=chunk) - Sales and marketing expenses rose **22%** to **$34.5 million**, mainly due to a **$2.9 million** increase in stock-based compensation and a **$1.8 million** increase in personnel-related costs from headcount growth[162](index=162&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2023, the company's principal sources of liquidity were cash, cash equivalents, and marketable securities totaling **$873.2 million**[168](index=168&type=chunk) - The Board of Directors authorized a new **$200 million** stock repurchase program on June 1, 2023, with **$232.9 million** remaining available under all authorized programs as of June 30, 2023[170](index=170&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Discusses market risk, primarily interest rate fluctuations impacting the marketable securities portfolio, with no material foreign currency or inflation impact - The company's investments are exposed to market risk from interest rate fluctuations; a hypothetical **100 basis point** increase would decrease market value by **$3.7 million** as of June 30, 2023[186](index=186&type=chunk)[187](index=187&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation, the CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level[189](index=189&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[190](index=190&type=chunk) Part II—Other Information [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings that would materially affect its financial position or operations - The company is not aware of any legal matters that would individually or in aggregate have a material effect on its results of operations, financial position, or cash flows[111](index=111&type=chunk)[193](index=193&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended March 31, 2023 - The report states there have been no material changes to the risk factors included in the Annual Report on Form 10-K for the fiscal year ended March 31, 2023[194](index=194&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details share repurchase activity, including **663,574 shares** repurchased and a new **$200 million** program, with no material change in IPO proceeds use Share Repurchases (Three Months Ended June 30, 2023) | Period | Total Shares Repurchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | April 2023 | 123,086 | $31.89 | | May 2023 | 259,373 | $31.62 | | June 2023 | 281,115 | $31.90 | | **Total** | **663,574** | | - On June 1, 2023, the board authorized an additional program to repurchase up to **$200 million** of Class A common stock over 24 months[196](index=196&type=chunk) [Other Information](index=45&type=section&id=Item%205.%20Other%20Information) Post-quarter, the company announced a **10% workforce reduction** with **$8-10 million** charges, and an SVP adopted a Rule 10b5-1 trading plan - On August 8, 2023, the company announced a plan to reduce its workforce by approximately **100 employees**, with estimated charges of **$8-10 million** expected primarily in the second quarter of fiscal 2024[200](index=200&type=chunk) - On May 26, 2023, Craig Overpeck, SVP of Commercial Operations, adopted a Rule 10b5-1 trading plan for the sale of **9,500 shares** of common stock[201](index=201&type=chunk)

Part I [Business](index=7&type=section&id=Item%201.%20Business) Doximity operates a leading digital platform for U.S. medical professionals, generating revenue from subscription-based Marketing, Hiring, and Telehealth solutions - Doximity is the leading digital platform for U.S. medical professionals, with over two million members as of March 31, 2023, including more than **80% of U.S. physicians**, over **50% of nurse practitioners and physician assistants**, and over **90% of graduating medical students**[18](index=18&type=chunk) - The business model provides free tools for medical professionals while generating revenue from customers like pharmaceutical manufacturers and health systems through three main solution categories: **Marketing, Hiring, and Telehealth**[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) - The company's growth strategy includes expanding its member network, innovating its platform, increasing sales to existing customers, attracting new customers, monetizing telehealth solutions, and pursuing strategic acquisitions[50](index=50&type=chunk) - On April 1, 2022, Doximity acquired **AMiON**, a shift scheduling service, to further expand its physician cloud platform[47](index=47&type=chunk)[50](index=50&type=chunk) [Overview and Tools for Medical Professionals](index=7&type=section&id=Item%201.%20Business%23Overview) Doximity's platform offers U.S. clinicians a professional network, AI-powered newsfeed, and HIPAA-compliant productivity tools like Dialer for enhanced patient care and collaboration - The platform provides members with a professional network for connectivity, a personalized newsfeed for medical information, and a suite of productivity tools[19](index=19&type=chunk) - The Newsfeed uses **AI** to deliver personalized content, including medical articles and videos, and automatically tracks eligible **Continuing Medical Education (CME) credits** for members[29](index=29&type=chunk)[30](index=30&type=chunk) - Productivity tools are **HIPAA-compliant** and include **Dialer** for voice and video calls, secure messaging, and digital fax/eSignature capabilities to streamline clinical workflows[32](index=32&type=chunk)[35](index=35&type=chunk) [Solutions for Healthcare Customers](index=9&type=section&id=Item%201.%20Business%23Solutions) Doximity provides subscription-based Marketing, Hiring, and Telehealth solutions to pharmaceutical manufacturers, health systems, and medical recruiting firms, including the AMiON shift scheduling service - Marketing Solutions enable pharmaceutical and health system customers to serve members with tailored sponsored content, categorized into **Awareness, Interactivity, and Peer** modules[34](index=34&type=chunk)[35](index=35&type=chunk)[45](index=45&type=chunk) - Hiring Solutions offer digital recruiting capabilities through job posts and direct messaging subscriptions, supplemented by a tech-enabled, higher-touch service called **Curative Talent**[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - Telehealth Solutions include **Dialer Enterprise**, a subscription-based telehealth tool for health systems, which builds on the organic adoption of the free Dialer tool used by individual members[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - The acquisition of **AMiON** on April 1, 2022, added a shift scheduling service for health systems to the company's offerings[47](index=47&type=chunk) [Competition](index=13&type=section&id=Item%201.%20Business%23Competition) Doximity faces competition across member engagement, marketing, hiring, and telehealth segments from large tech companies, specialized healthcare platforms, and staffing firms - Competes for members with large tech companies like **LinkedIn, Facebook, and Google**[60](index=60&type=chunk) - Competes for marketing budgets with outlets like **WebMD's Medscape**[60](index=60&type=chunk) - Competes for hiring budgets with healthcare staffing companies and job boards[60](index=60&type=chunk) - Competes for telehealth budgets with dedicated services like **Teladoc and Amwell**, and communication platforms like **Zoom and Microsoft Teams**[60](index=60&type=chunk) [Data Protection, Security, and Regulatory Compliance](index=14&type=section&id=Item%201.%20Business%23Regulation) Doximity is subject to complex data privacy and healthcare regulations, including HIPAA, CCPA/CPRA, and TCPA, requiring strict compliance and robust data protection measures - The company is a **"business associate" under HIPAA** and is subject to its privacy and security rules, with potential for civil and criminal penalties for violations[70](index=70&type=chunk)[71](index=71&type=chunk) - Doximity is also subject to various state privacy laws, such as the **California Consumer Privacy Act (CCPA)** and **California Privacy Rights Act (CPRA)**, which may be more restrictive than HIPAA[72](index=72&type=chunk) - The company's communication tools may be subject to federal and state laws like the **Telephone Consumer Protection Act (TCPA)**[73](index=73&type=chunk) - Data is protected with measures including **Web Application Firewalls, Bot Protection, DDoS mitigation, and encryption** (TLS 1.2 in transit, AES-256 for PHI at rest)[69](index=69&type=chunk) [Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including operational challenges, intense competition, stringent data privacy regulations, technology dependence, and concentrated voting control due to its dual-class stock structure - Failure to effectively manage growth, retain members, or attract and retain customers could significantly harm the business[88](index=88&type=chunk)[94](index=94&type=chunk)[98](index=98&type=chunk) - Revenue is relatively concentrated, and the loss of key customers could slow growth or cause revenue to decline[101](index=101&type=chunk) - The business is subject to stringent and changing data privacy laws (e.g., **HIPAA, CCPA**), and a failure to comply or a security breach could result in significant fines, liability, and reputational harm[123](index=123&type=chunk)[125](index=125&type=chunk)[136](index=136&type=chunk) - The **dual-class stock structure** concentrates approximately **86% of voting power** with executive officers and directors, limiting the influence of Class A stockholders on corporate matters[87](index=87&type=chunk)[230](index=230&type=chunk) [Unresolved Staff Comments](index=46&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[245](index=245&type=chunk) [Properties](index=46&type=section&id=Item%202.%20Properties) Doximity's corporate headquarters is a leased 9,197 square foot space in San Francisco, with additional leased office space in Irving, Texas - The corporate headquarters is approximately **9,197 square feet** of leased space in San Francisco, CA, with the lease expiring at the end of **2023**[246](index=246&type=chunk) - The company also leases office space in Irving, Texas and does not own any real property[246](index=246&type=chunk) [Legal Proceedings](index=47&type=section&id=Item%203.%20Legal%20Proceedings) Information on legal proceedings is detailed in Note 14—Commitments and Contingencies of the financial statements - Information on legal proceedings is detailed in **Note 14—Commitments and Contingencies**[248](index=248&type=chunk) [Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - None[249](index=249&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=48&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Doximity's Class A common stock trades on the NYSE, with no cash dividends paid, and the company repurchased **$16.0 million** in shares during fiscal 2023 - Class A common stock is listed on the NYSE under the symbol **"DOCS"**, trading since **June 24, 2021**. There is no public market for Class B common stock[251](index=251&type=chunk) - The company has never paid cash dividends and does not expect to in the foreseeable future, intending to retain earnings for business expansion[253](index=253&type=chunk) Share Repurchases (Q4 FY2023) | Period | Total Number of Shares Repurchased | Average Price Paid per Share | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions) | | :--- | :--- | :--- | :--- | | January 1 - 31, 2023 | — | $ — | $ 70.0 | | February 1 - 28, 2023 | — | $ — | $ 70.0 | | March 1 - 31, 2023 | 523,647 | $ 30.59 | $ 54.0 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=52&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In FY2023, Doximity's revenue grew **22%** to **$419.1 million**, with net income decreasing due to a prior-year tax benefit, while maintaining strong liquidity and customer retention FY2023 vs. FY2022 Financial Performance | Metric | FY 2023 | FY 2022 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $419.1M | $343.5M | +$75.5M | +22% | | Gross Profit | $365.6M | $303.8M | +$61.8M | +20% | | Income from Operations | $125.1M | $113.5M | +$11.6M | +10% | | Net Income | $112.8M | $154.8M | -$42.0M | -27% | | Adjusted EBITDA | $184.0M | $150.3M | +$33.7M | +22% | Key Business Metrics | Metric | March 31, 2023 | March 31, 2022 | March 31, 2021 | | :--- | :--- | :--- | :--- | | Customers with at least $100,000 of revenue | 294 | 254 | 188 | | Net revenue retention rate | 117% | 157% | 153% | - The **22% revenue growth** in FY2023 was primarily driven by a **$70.4 million** increase in subscription revenue, with **$55.1 million** from existing customer expansion and **$15.3 million** from new customers[288](index=288&type=chunk) - The company maintains strong liquidity with **$841.0 million** in cash, cash equivalents, and marketable securities as of March 31, 2023[299](index=299&type=chunk) [Results of Operations (FY2023 vs FY2022)](index=56&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%23Results) In FY2023, revenue grew **22%** to **$419.1 million**, while increased operating expenses and a shift from a tax benefit to a tax provision led to a decrease in net income Revenue Breakdown FY2023 vs FY2022 | Category | FY 2023 (in millions) | FY 2022 (in millions) | Change (in millions) | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $419.1 | $343.5 | $75.5 | 22% | Operating Expenses FY2023 vs FY2022 | Category | FY 2023 (in millions) | FY 2022 (in millions) | Change (in millions) | % Change | | :--- | :--- | :--- | :--- | :--- | | Research & Development | $80.2 | $62.4 | $17.8 | 29% | | Sales & Marketing | $123.5 | $92.1 | $31.4 | 34% | | General & Administrative | $36.7 | $35.7 | $1.0 | 3% | - The provision for income taxes was an expense of **$20.3 million** in FY2023, compared to a benefit of **$40.8 million** in FY2022. This change was primarily due to a decrease in tax deductions from stock option activities[296](index=296&type=chunk) [Liquidity and Capital Resources](index=57&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%23Liquidity) As of March 31, 2023, Doximity held **$841.0 million** in cash and marketable securities, with strong operating cash flow and ongoing share repurchase programs - Principal sources of liquidity as of March 31, 2023, were cash and cash equivalents and marketable securities totaling **$841.0 million**[299](index=299&type=chunk) - The company authorized two separate **$70.0 million** share repurchase programs. The first was completed in September 2022. Under the second program, authorized in October 2022, the company repurchased **$16.0 million** of stock, with **$54.0 million** remaining as of March 31, 2023[301](index=301&type=chunk)[302](index=302&type=chunk) Cash Flow Summary (in millions) | Cash Flow Activity | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $179.6 | $126.6 | | Net cash used in investing activities | $(59.9) | $(640.6) | | Net cash (used in) provided by financing activities | $(74.5) | $560.4 | [Quantitative and Qualitative Disclosures About Market Risk](index=64&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate fluctuations, potentially impacting its **$841.0 million** investment portfolio, and the potential future effects of inflation - The company is exposed to interest rate risk on its portfolio of cash, cash equivalents, and marketable securities, which totaled **$841.0 million** as of March 31, 2023[337](index=337&type=chunk)[299](index=299&type=chunk) - A hypothetical **100 basis point increase** in interest rates would have resulted in a **$5.0 million decrease** in the market value of cash equivalents and marketable securities as of March 31, 2023[338](index=338&type=chunk) - The company does not believe inflation has had a material effect on its business to date[339](index=339&type=chunk) [Financial Statements and Supplementary Data](index=65&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements, including the auditor's report highlighting critical audit matters like revenue recognition and AMiON intangible asset valuation - The independent auditor's report identified two critical audit matters: (1) **Revenue Recognition** for subscription contracts, focusing on the evaluation of contract terms to determine the pattern of recognition, and (2) the valuation of the **customer relationships intangible asset** acquired in the **AMiON** business combination[347](index=347&type=chunk)[348](index=348&type=chunk)[350](index=350&type=chunk) Consolidated Balance Sheet Highlights (as of March 31, 2023) | Account | Amount (in millions) | | :--- | :--- | | **Assets** | | | Cash and cash equivalents | $158.0 | | Marketable securities | $683.0 | | Total Assets | $1,136.9 | | **Liabilities & Equity** | | | Total Liabilities | $170.8 | | Total Stockholders' Equity | $966.1 | | Total Liabilities and Stockholders' Equity | $1,136.9 | Consolidated Statement of Operations Highlights (for Fiscal Year Ended March 31, 2023) | Account | Amount (in millions) | | :--- | :--- | | Revenue | $419.1 | | Gross Profit | $365.6 | | Income from Operations | $125.1 | | Net Income | $112.8 | | Diluted EPS | $0.53 | [Controls and Procedures](index=106&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of March 31, 2023, with no material changes during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of **March 31, 2023**[550](index=550&type=chunk) - Management's report concluded that internal control over financial reporting was effective as of **March 31, 2023**, and this assessment was audited by the independent registered public accounting firm[553](index=553&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended **March 31, 2023**[551](index=551&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=107&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the 2023 Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the **2023 Annual Meeting of Stockholders**[556](index=556&type=chunk) [Executive Compensation](index=107&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the 2023 Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the **2023 Annual Meeting of Stockholders**[558](index=558&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=107&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership by beneficial owners and management is incorporated by reference from the 2023 Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the **2023 Annual Meeting of Stockholders**[559](index=559&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=107&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the 2023 Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the **2023 Annual Meeting of Stockholders**[560](index=560&type=chunk) [Principal Accountant Fees and Services](index=107&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the 2023 Proxy Statement - Information is incorporated by reference from the definitive Proxy Statement for the **2023 Annual Meeting of Stockholders**[561](index=561&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=108&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the Annual Report, including corporate governance documents, material contracts, and certifications - Lists all exhibits filed with the Annual Report, including the **Amended and Restated Certificate of Incorporation, bylaws, equity incentive plans, and CEO/CFO certifications**[563](index=563&type=chunk) [Form 10-K Summary](index=110&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that no Form 10-K summary is provided - None[566](index=566&type=chunk)

Financial Data and Key Metrics Changes - For the full fiscal year, the company reported revenue of $419 million, representing a 22% year-on-year growth [95] - The adjusted EBITDA for Q4 was $48.9 million, with an adjusted EBITDA margin of 44%, compared to $39.4 million and a 42% margin in the prior year [109] - The company generated free cash flow of $173.4 million for the full fiscal year, an increase of 43% year-over-year [132] Business Line Data and Key Metrics Changes - Subscription revenue, which comprises 93% of total revenue, grew by 20% in Q4, up from 18% in Q3 [127] - The company ended the year with 294 customers contributing at least $100,000 each in subscription-based revenue, a 16% increase from the previous year [128] - Curative, the only non-subscription part of the business, saw flat growth year-over-year due to tough comparisons from the previous year [26] Market Data and Key Metrics Changes - The company reported a net revenue retention rate of 124% for its top 20 customers [127] - The overall pharma ETF in the US was down only 5% for the year, indicating a relatively stable market environment [138] - The company noted that 65% of its annual subscription revenue guidance is already under contract, which is higher than typical for this time of year [119] Company Strategy and Development Direction - The company is focusing on integrating new products and enhancing its physician cloud offerings, with a strong emphasis on R&D and sales and marketing investments [18][99] - The introduction of DocsGPT, an AI medical writing tool, is expected to significantly improve workflow efficiency for physicians [122][70] - The company plans to continue its strategy of opportunistic pricing for new products as ROI studies are generated [60] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding upsell expectations due to macroeconomic uncertainties, preparing for a potentially tougher year [119][137] - The company remains optimistic about the engagement and ROI data from new products, which are expected to contribute to growth in the coming years [113] - Management highlighted the importance of maintaining margins while continuing to invest in growth opportunities [19] Other Important Information - The company repurchased $86 million of its own stock during the fiscal year, reflecting confidence in its long-term value [97] - The company is set to host its inaugural Investor Day on June 6th, where it will showcase new products and discuss long-term financial targets [104][125] - The company has received regulatory approvals for most of its new vertical video products, with launches expected in the coming quarters [134] Q&A Session Summary Question: What is the revenue contribution from new products? - Management indicated that subscription revenue growth reaccelerated to 20% in Q4, suggesting new products are contributing positively [6] Question: Can you provide an update on the hospital market? - Management reported strong engagement in the hospital market, with over 38,000 unique active providers using their telehealth tools [32] Question: What are the expectations for deferred revenue growth? - Management cautioned that while deferred revenue is up, it should not be heavily weighted as a metric due to milestone-based billing practices [23][170] Question: How is the competitive landscape evolving? - Management noted no major changes in competition, emphasizing the strength of their physician network amidst digital privacy regulations [165] Question: What are the expectations for gross margin and EBITDA? - Management expects gross margin and adjusted EBITDA margins to remain similar to the previous year, reflecting stable operational performance [66]

Doximity, Inc. (NYSE:DOCS) Q3 2023 Earnings Conference Call February 9, 2023 5:00 PM ET Company Participants Perry Gold - Head of IR Jeffrey Tangney - Co-Founder & CEO Anna Bryson - CFO Nate Gross - Co-Founder & Chief Scientific Officer Conference Call Participants Brian Peterson - Raymond James Scott Berg - Needham & Company Sandy Draper - Guggenheim Stan Berenshteyn - Wells Fargo Securities Richard Close - Canaccord Genuity Ryan Daniels - William Blair Elizabeth Anderson - Evercore Jessica Tassan - Piper ...

FORM 10-Q _________________________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 For the quarterly period ended December 31, 2022 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number ...

Doximity, Inc. (NYSE:DOCS) Q2 2023 Earnings Conference Call November 10, 2022 17:00 ET Company Participants Perry Gold - Head of Investor Relations Jeff Tangney - Co-Founder & Chief Executive Officer Anna Bryson - Chief Financial Officer <p style="margin-top:0in;margin-right:0in;margin-bottom:12.75pt;margin-left: 0in;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2; text-align:start;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial; text-deco ...

Table of Contents Title of each class Trading Symbol(s) Name of exchange on which registered DOCS The New York Stock Exchange Class A common stock, $0.001 par value per share UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________________________________________________________________________________ FORM 10-Q _________________________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPO ...

Table of Contents Title of each class Trading Symbol(s) Name of exchange on which registered DOCS The New York Stock Exchange Class A common stock, $0.001 par value per share UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________________________________________________________________________________ FORM 10-Q _________________________________________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPO ...