Doximity Inc

For the period ended Mar 31, 2024. Filed May 23, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed May 23, 2024

DOCS$32.42-1.4%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Fiscal Year Ended March 31,
	2024	2023	2022
Cash flows from operating activities
Net income	$147,582	$112,818	$154,783
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,265	10,283	5,040
Deferred income taxes	(8,593)	13,226	(41,247)
Stock-based compensation, net of amounts capitalized	51,076	47,834	31,442
Non-cash lease expense	2,074	2,027	1,159
Amortization of premium (accretion of discount) on marketable securities, net	(5,238)	3,115	4,332
Net loss on sale of marketable securities	402	1,093	1,231
Amortization of deferred contract costs	8,871	8,785	9,755
Change in fair value of contingent earn-out consideration liability	951	728	—
Other	1,230	726	410
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable	3,993	(26,242)	(31,017)
Prepaid expenses and other assets	(20,483)	(3,448)	(9,089)
Deferred contract costs	(8,608)	(8,462)	(9,609)
Accounts payable, accrued expenses and other liabilities	8,332	(195)	8,664
Deferred revenue	(6,080)	17,527	1,828
Operating lease liabilities	(1,678)	(213)	(1,107)
Net cash provided by operating activities	184,096	179,602	126,575
Cash flows from investing activities
Cash paid for acquisition	—	(53,500)	—
Purchases of property and equipment	(147)	(1,701)	(1,912)
Internal-use software development costs	(5,654)	(4,483)	(3,785)
Purchases of marketable securities	(472,867)	(190,560)	(1,317,193)
Maturities of marketable securities	435,179	83,139	47,919
Sales of marketable securities	74,675	107,182	633,802
Other	—	—	595
Net cash provided by (used in) investing activities	31,186	(59,923)	(640,574)
Cash flows from financing activities
Proceeds from issuance of common stock upon initial public offering after deducting underwriting discounts and commissions	—	—	553,905
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants	12,892	9,926	12,612
Proceeds from issuance of common stock in connection with the employee stock purchase plan	3,446	4,759	1,395
Taxes paid related to net share settlement of equity awards	(6,756)	(3,822)	(817)
Repurchase of common stock	(280,716)	(85,324)	(2,698)
Payment of contingent consideration related to a business combination	(5,390)	—	—
Payments of deferred offering costs	—	—	(3,982)
Net cash provided by (used in) financing activities	(276,524)	(74,461)	560,415
Net increase (decrease) in cash and cash equivalents	(61,242)	45,218	46,416
Cash and cash equivalents, beginning of period	158,027	112,809	66,393
Cash and cash equivalents, end of period	$96,785	$158,027	$112,809

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds	$51,274	$5,231	$206
Non-cash financing and investing activities
Conversion of redeemable convertible preferred stock to common stock	$—	$—	$81,458
Fair value of contingent earn-out consideration included in purchase consideration	$—	$21,134	$—
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$587	$14,759	$1,151
Repurchase included in accrued expenses	$4,000	$748	$—
Excise tax payable on share repurchases	$1,493	$—	$—

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