Doximity, Inc.

Previous wording

Our mission is to help every physician be more productive and provide better care for their patients. We are physicians-first, putting technology to work for doctors instead of the other way around. That guiding principle has enabled Doximity to become an essential and trusted professional platform for physicians. Our physician cloud puts modern software in the hands of physicians and other medical professionals, enabling our members to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. Our revenue-generating customers, primarily pharmaceutical manufacturers and healthcare systems, have access to a suite of commercial solutions that benefit from broad physician usage.

Current wording

Our mission is to help every physician be more productive and provide better care for their patients. We are physicians-first, putting technology to work for doctors instead of the other way around. That guiding principle has enabled Doximity to become an essential and trusted professional platform for physicians and their colleagues. Doximity puts modern software in the hands of physicians and other medical professionals. We provide our members with digital tools specifically built for medicine, enabling our members to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Previous wording

At the core of our platform is the largest medical professional network in the nation, which creates proximity within our community of doctors and hundreds of thousands of other medical professionals. Verified members can search and connect with colleagues and specialists, which allows them to better coordinate patient care and streamline referrals. Our newsfeed addresses the ever increasing sub-specialization of medical expertise and volume of medical research by delivering news and information that is relevant to each physician's clinical practice. We also support physicians in their day-to-day practice of medicine with mobile-friendly and easy-to-use productivity tools such as voice and video dialer, secure messaging, digital faxing, and Doximity GPT. Our business model is designed to both respect and support physicians while driving value for our customers through our Marketing, Hiring, and Productivity Solutions. Our revenue-generating customers, primarily pharmaceutical manufacturers and health systems, have access to a suite of commercial solutions that benefit from broad physician usage.

Current wording

At the core of our platform is the largest medical professional network in the nation, which creates proximity within our community of doctors and other medical professionals. Verified members can search and connect with colleagues and specialists, which allows them to better coordinate patient care and streamline referrals. Our newsfeed addresses the ever increasing sub-specialization of medical expertise and volume of medical research by delivering news and information that is relevant to each physician's clinical practice. We also support physicians in their day-to-day practice of medicine with mobile-friendly and easy-to-use workflow tools such as voice and video dialer, secure messaging, digital faxing, and our AI-powered workflow tools. Our business model is designed to both respect and support physicians while driving value for our customers through our Marketing, Hiring, and Workflow Solutions. Our revenue-generating customers, primarily pharmaceutical manufacturers and health systems, have access to a suite of commercial solutions that benefit from broad physician usage.

Previous wording

Our business model has delivered high revenue growth at scale with profitability. For the three months ended December 31, 2024 and 2023, we recognized revenue of $168.6 million and $135.3 million, respectively, representing a year-over-year growth rate of 25%. For the nine months ended December 31, 2024 and 2023, we recognized revenue of $432.1 million and $357.4 million, respectively, representing a year-over-year growth rate of 21%. For the three months ended December 31, 2024 and 2023, our net income was $75.2 million and $48.0 million and our adjusted EBITDA was $102.0 million and $73.3 million, respectively. For the nine months ended December 31, 2024 and 2023, our net income was $160.7 million and $107.0 million and our adjusted EBITDA was $244.1 million and $174.0 million, respectively. We have accomplished this while focusing on our core mission to help every physician be more productive and provide better care for their patients.

Current wording

Our business model has delivered high revenue growth at scale with profitability. For the three months ended June 30, 2025 and 2024, we recognized revenue of $145.9 million and $126.7 million, respectively, representing a year-over-year growth rate of 15%. For the three months ended June 30, 2025 and 2024, our net income was $53.3 million and $41.4 million and our adjusted EBITDA was $79.8 million and $65.9 million, respectively. We have accomplished this while focusing on our core mission to help every physician be more productive and provide better care for their patients.

Previous wording

We define adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization, and as further adjusted for stock-based compensation expense, restructuring and impairment charges, change in fair value of contingent earn-out consideration liability, and other income, net. Net income margin represents net income as a percentage of revenue and adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.

Current wording

We define adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization, and as further adjusted for acquisition and other related expenses, stock-based compensation expense, change in fair value of contingent earn-out consideration liability, and other income, net. Net income margin represents net income as a percentage of revenue and adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.

Previous wording

•Subscriptions for specific modules delivered on a monthly basis to a consistent number of targeted Doximity members during the subscription period. Pricing is based on the number and composition of the targeted Doximity members, and on the specific modules purchased.

Current wording

•Subscriptions for specific modules delivered on a monthly basis to a consistent number of targeted Doximity members during the subscription period.

Previous wording

•Integrated subscriptions for a fixed subscription fee that are not tied to a single module, allowing customers to utilize any combination of modules during the subscription period.

Current wording

•Integrated and other subscriptions that are not tied to a single module per month but allow customers to utilize a given module or combination of modules during the subscription period, subject to limits on the total number of modules launched in a given period of time, active at any given time, and members targeted.

Previous wording

For these subscription-based contractual arrangements, we recognize revenue over time as control of the service is transferred to the customer.

Current wording

For these subscription-based contractual arrangements, pricing is based on the number and composition of the targeted Doximity members, and on the specific modules purchased. We recognize revenue over time as control of the service is transferred to the customer.

Previous wording

Hiring Solutions. We provide customers access to our platform which enables them to post job openings or deliver a fixed number of monthly messages to our network of medical professionals. Hiring Solutions contracts are noncancelable and customers are billed in annual, quarterly, or monthly installments in advance of the service period, and revenue is recognized ratably over the contractual term.

Current wording

Hiring and Workflow Solutions. We provide Hiring Solutions customers access to our platform which enables them to post job openings or deliver a fixed number of monthly messages to our network of medical professionals. We offer Workflow Solutions customers access to telehealth tools, on-call scheduling, and our AI writing assistant during the subscription period. Hiring and Workflow Solutions contracts are noncancelable and customers are billed in annual, quarterly, or monthly installments in advance of the service period, and revenue is recognized ratably over the contractual term.

Previous wording

We also generate revenue from temporary and permanent medical recruiting services which we charge on an hourly-fee, and retainer and placement-fee basis, respectively. For the three and nine months ended December 31, 2024 and 2023, the revenue from temporary and permanent medical recruiting services was not significant to our total revenue.

Current wording

We also generate revenue from temporary and permanent medical recruiting services which we charge on an hourly-fee, and retainer and placement-fee basis, respectively. For the three months ended June 30, 2025 and 2024, the revenue from temporary and permanent medical recruiting services was not significant to our total revenue.

Previous wording

Cost of revenue is primarily comprised of expenses related to cloud hosting, personnel-related expenses for our customer success team, costs for third-party platform access, information technology and software-related services and contractors, and other services used in connection with thedelivery and support of our platform. Our cost of revenue also includes the amortization of internal-use software development costs, editorial and other content-related expenses, and allocated overhead. Cost of revenue is driven by the growth of our member network and utilization of our productivity tools. We intend to continue to invest additional resources in our cloud infrastructure and our customer support organizations to support the growth of our business.

Current wording

Cost of revenue is primarily comprised of expenses related to cloud hosting, personnel-related expenses for our customer success team, costs for third-party platform access, information technology, software subscription costs, and other services used in connection with thedelivery and support of our platform. Our cost of revenue also includes the amortization of internal-use software development costs, editorial and other content-related expenses, and allocated overhead. Cost of revenue is driven by the growth of our member network and utilization of our workflow tools. We intend to continue to invest additional resources in our cloud infrastructure and our customer support organizations to support the growth of our business.

Previous wording

Gross profit is total revenue less total cost of revenue. Gross margin is gross profit expressed as a percentage of total revenue. Gross profit and gross margin has been and will continue to be affected by a number of factors, including the timing of our acquisition of new customers andsales of additional solutions to existing customers, the timing and extent of our investments in our operations, cloud hosting costs, growth in our customer success team, and the timing of amortization of internal-use software development costs. We expect our gross margin to remain relatively steady over the near term, although our quarterly gross margin is expected to fluctuate from period to period depending on the interplay of these and other factors.

Current wording

Gross profit is total revenue less total cost of revenue. Gross margin is gross profit expressed as a percentage of total revenue. Gross profit and gross margin has been and will continue to be affected by a number of factors, including the timing of our acquisition of new customers andsales of additional solutions to existing customers, the timing and extent of our investments in our operations, cloud hosting costs, growth in our customer success team, and the timing of internal-use software development costs amortization. We expect our gross margin to remain relatively steady over the near term, although our quarterly gross margin is expected to fluctuate from period to period depending on the interplay of these and other factors.

Previous wording

Our operating expenses consist of research and development, sales and marketing, general and administrative expenses, and restructuring and impairment charges.

Current wording

Our operating expenses consist of research and development, sales and marketing, and general and administrative expenses.

Previous wording

Research and development expense is primarily comprised of personnel-related expenses associated with our engineering and product teams who are responsible for building new products and improving existing products. Research and development expense also includes costs for third-party services and contractors, information technology and software-related costs, and allocated overhead. Other than internal-use software development costs that qualify for capitalization, research and development costs are expensed as incurred. We expect research and development expenses will increase on an absolute dollar basis as we continue to grow our platform and product offerings.

Current wording

Research and development expense is primarily comprised of personnel-related expenses associated with our engineering and product teams who are responsible for building new products and improving existing products. Research and development expense also includes costs for information technology, software-related costs, contractors, third-party services, and allocated overhead. Other than internal-use software development costs that qualify for capitalization, research and development costs are expensed as incurred. We expect research and development expenses will increase on an absolute dollar basis as we continue to grow our platform and product offerings.

Previous wording

Sales and marketing expense is primarily comprised ofpersonnel-related expenses, sales incentive compensation, advertising costs, travel, and other event expenses. Sales and marketing expense also includes costs for third-party services and contractors, information technology and software-related costs, allocated overhead, amortization of intangible assets, and change in fair value of contingent earn-out consideration liability. We capitalize sales incentive compensation that is considered to be an incremental and recoverable cost of obtaining a contract with a customer. These sales incentive compensation costs are amortized over the period of benefit. We expect sales and marketing expense to increase and to be our largest expense on an absolute basis.

Current wording

Sales and marketing expense is primarily comprised ofpersonnel-related expenses, sales incentive compensation, advertising costs, travel, and other event expenses. Sales and marketing expense also includes costs for information technology, software-related costs, contractors, third-party services, allocated overhead, intangible assets amortization, and change in fair value of contingent earn-out consideration liability. We capitalize sales incentive compensation that is considered to be an incremental and recoverable cost of obtaining a contract with a customer. These sales incentive compensation costs are amortized over the period of benefit. We expect sales and marketing expense to increase and to be our largest expense on an absolute basis.

Previous wording

General and administrative expense is primarily comprised ofpersonnel-related expenses associated with our executive, finance, legal, human resources, information technology, and facilities employees. General and administrative expense includes fees for third-party legal and accounting services, insurance expense, information technology and software-related costs, and allocated overhead. We expect that general and administrative expense will increase on an absolute dollar basis as we incur compliance costs associated with being a publicly-traded company, including legal, audit, and consulting fees.

Current wording

General and administrative expense is primarily comprised ofpersonnel-related expenses associated with our executive, finance, legal, human resources, information technology, and facilities employees. General and administrative expense includes fees for third-party legal and accounting services, insurance expense, information technology, software-related costs, and allocated overhead. We expect that general and administrative expense will increase on an absolute dollar basis as we incur compliance costs associated with being a publicly-traded company, including legal, audit, and consulting fees.

Previous wording

Other income, net consists primarily of investment income earned on our cash equivalents and marketable securities.

Current wording

Other income, net consists primarily of interest income earned on our cash equivalents and marketable securities.

Previous wording

Provision for income taxes consists primarily of income taxes in U.S. federal, state, and local jurisdictions in which we conduct business. We calculate income taxes in interim periods by applying an estimated annual effective tax rate to income before income taxes and by calculating the tax effect of discrete items recognized during the period. Our effective income tax rate generally differs from the U.S. statutory tax rate of 21.0% primarily due to U.S. federal and state research and development tax credits, stock-based compensation related tax benefits, and state income taxes.

Current wording

Provision for income taxes consists primarily of income taxes in U.S. federal, state, and local jurisdictions in which we conduct business. We continue to maintain a valuation allowance related to specific net deferred tax assets where it is not more likely than not that the deferred tax assets will be realized, which includes Arizona research and development credits and capital loss carryforwards. We calculate income taxes in interim periods by applying an estimated annual effective tax rate to income before income taxes and by calculating the tax effect of discrete items recognized during the period. Our effective income tax rate generally differs from the U.S. statutory tax rate of 21.0% primarily due to U.S. federal and state research and development tax credits, and stock-based compensation related tax benefits.

Previous wording

Comparison of the three and nine months ended December 31, 2024 and 2023.

Current wording

Comparison of the three months ended June 30, 2025 and 2024.

Previous wording

Revenue for the three months ended December 31, 2024 increased $33.3 million as compared to the same period in 2023. The increase was primarily driven by a $32.8 million increase in subscription revenue. Of the increase in subscription revenue, $7.6 million was driven by the addition of new subscription customers 1 and $25.2 million was due to the expansion of existing customers. The expansion of existing customers was primarily driven by average revenue per existing Marketing Solutions customers increasing by approximately 24% as a result of adding new and growing existing brands and service lines. Approximately 96% of our revenue for the three months ended December 31, 2024 was derived from subscription customers.

Current wording

Revenue for the three months ended June 30, 2025 increased $19.2 million as compared to the same period in 2024. The increase was primarily driven by a $17.9 million increase in subscription revenue. Of the increase in subscription revenue, $4.8 million was driven by the addition of new subscription customers 1 and $13.1 million was due to the expansion of existing customers. The expansion of existing customers was primarily driven by average revenue per existing Marketing Solutions customers increasing by approximately 14% as a result of adding new and growing existing brands and service lines. Approximately 94% of our revenue for the three months ended June 30, 2025 was derived from subscription customers.

Previous wording

Income tax expense for the three months ended December 31, 2024 remained materially consistent as compared to the same period in 2023.

Current wording

The gross margin for the three months ended June 30, 2025 remained consistent as compared to the same period in 2024.

Previous wording

Research and development expense for the three months ended December 31, 2024 increased $2.5 million as compared to the same period in 2023, primarily driven by a $1.8 million increase in stock-based compensation as a result of new awards granted to new hires and existing employees and a $1.1 million increase in personnel costs due to an increase in average headcount. These increases were partially offset by a $0.7 million increase in capitalization of internally-developed software costs.

Current wording

Research and development expense for the three months ended June 30, 2025 increased $4.2 million as compared to the same period in 2024. The increase was driven by a $2.2 million increase in stock-based compensation as a result of new awards granted to new hires and existing employees, a $1.5 million increase in personnel costs due to merit increases and increases in average headcount, and a $0.6 million increase in third-party contractor costs.

Previous wording

Research and development expense for the nine months ended December 31, 2024 increased $6.4 million as compared to the same period in 2023. The increase was driven by a $6.4 million increase in stock-based compensation as a result of new awards granted to new hires and existing employees, a $0.7 million increase in third-party contractor costs, and a $0.7 million increase in employee events and travel-related expenses. These increases were partially offset by a $1.6 million increase in capitalization of internally-developed software costs.

Current wording

General and administrative expense for the three months ended June 30, 2025 increased $3.2 million as compared to the same period in 2024, primarily driven by a $1.6 million increase in stock-based compensation as a result of new awards granted to new hires and existing employees and a $1.1 million increase in legal and accounting expenses.

Previous wording

Other income, net for the three months ended December 31, 2024 increased $5.4 million as compared to the same periods in 2023, primarily driven by increases in interest income due to higher yields earned on our cash equivalents and marketable securities portfolio and higher average portfolio balances.

Current wording

Other income, net for the three months ended June 30, 2025 increased $2.5 million as compared to the same periods in 2024, primarily driven by increases in interest income due to higher yields earned on our cash equivalents and marketable securities portfolio and a higher average portfolio balance.

Previous wording

Income tax expense for the nine months ended December 31, 2024 increased $14.2 million as compared to the same period in 2023, primarily driven by higher income before taxes and decreased tax deductions from stock award activities.

Current wording

Income tax expense for the three months ended June 30, 2025 decreased $1.0 million as compared to the same period in 2024, primarily driven by increased tax deductions from stock award activities offset in part by higher income before taxes.

Previous wording

Since inception, we have financed operations primarily through proceeds received from sales of equity securities and payments received from our customers. As of December 31, 2024, our principal sources of liquidity were cash and cash equivalents and marketable securities of $844.9 million. Our marketable securities consist of U.S. government and agency securities, corporate notes and bonds, and commercial paper.

Current wording

Since inception, we have financed operations primarily through proceeds received from sales of equity securities and payments received from our customers. As of June 30, 2025, our principal sources of liquidity were cash and cash equivalents and marketable securities of $841.0 million. Our marketable securities consist of U.S. government and agency securities, corporate notes and bonds, and commercial paper.

Previous wording

On May 1, 2024 the Company’s board of directors authorized a program to repurchase up to $500 million of the Company’s Class A common stock with no expiration date. As of December 31, 2024, the Company repurchased and retired

Current wording

On May 1, 2024 the Company’s board of directors authorized a program to repurchase up to $500 million of the Company’s Class A common stock with no expiration date. As of June 30, 2025, the Company repurchased and retired 4,141,229 shares of Class A common stock under this program for an aggregate purchase price of $198.3 million and $301.7 million remained available and authorized for repurchase.

Previous wording

Effective January 1, 2023, the Company’s share repurchases in excess of allowable share issuances are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. As of March 31, 2024, the Company had accrued excise taxes of $1.5 million, all of which were paid during the third quarter of fiscal 2025. As of December 31, 2024, the Company had no accrued excise taxes.

Current wording

Effective January 1, 2023, the Company’s share repurchases in excess of allowable share issuances are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. As of June 30, 2025, the Company had accrued excise taxes of $0.7 million and nil as of March 31, 2025.

Previous wording

Cash provided by operating activities was $174.8 million for the nine months ended December 31, 2024. This consisted of net income of $160.7 million, adjusted for non-cash items of $66.1 million and a net outflow from operating assets and liabilities of $52.1 million. Non-cash items primarily consisted of stock-based compensation expense of $54.3 million, depreciation and amortization expense of $7.8 million, amortization of deferred contract costs of $6.5 million, impairment of long-lived assets of $2.3 million, deferred income taxes of $2.2 million, and non-cash lease expense of $1.4 million, partially offset by the accretion of discount on marketable securities of $8.7 million. The net outflow from operating assets and liabilities was driven by a $36.5 million increase in accounts receivable due to the timing of billings and collections, a $30.1 million decrease in deferred revenue due to the timing of customer billings and program launches, and a $9.1 million increase in deferred contract costs. The outflows were partially offset by a $21.3 million decrease in prepaid expenses and other assets primarily due to prepaid taxes and a $3.9 million increase in accounts payable, accrued expenses, and other liabilities. During the nine months ended December 31, 2024 and 2023, the Company made $35.8 million and $38.4 million, respectively, in payments for taxes. The increase in cash paid for income taxes in these periods, as compared to prior years, was partially related to the Tax Cuts and Jobs Act of 2017, which eliminated the option to deduct research and development expenditures and required taxpayers to capitalize and amortize them over five or fifteen years. Although Congress is considering legislation that would defer the amortization requirement to later years, we have no assurance that the provision will be so deferred, repealed or otherwise modified. The requirement may also reduce our cash flows from operating activities in future periods, the amounts and specific periods of which we are unable to estimate at this time.

Current wording

Cash provided by operating activities was $62.1 million for the three months ended June 30, 2025. This consisted of net income of $53.3 million, adjusted for non-cash items of $26.1 million and a net outflow from operating assets and liabilities of $17.3 million. Non-cash items primarily consisted of stock-based compensation expense of $21.9 million, depreciation and amortization expense of $2.8 million, amortization of deferred contract costs of $3.9 million, and non-cash lease expense of $0.5 million, partially offset by the accretion of discount on marketable securities of $2.5 million. The net outflow from operating assets and liabilities was driven by a $13.4 million increase in accounts receivable due to the timing of billings and collections, a $4.2 million increase in prepaid expenses and other assets primarily due to prepaid taxes, a $2.0 million increase in deferred contract costs, and a $0.6 million decrease in operating lease liabilities. The outflows were partially offset by a $3.0 million increase in deferred revenue due to the timing of customer billings and program launches.

Previous wording

Cash provided by operating activities was $120.2 million for the nine months ended December 31, 2023. This consisted of net income of $107.0 million, adjusted for non-cash items of $53.0 million and a net outflow from operating assets and liabilities of $39.8 million. Non-cash items primarily consisted of stock-based compensation expense of $39.2 million, depreciation and amortization expense of $7.7 million, amortization of deferred contract costs of $6.3 million, non-cash lease expense of $1.6 million, partially offset by the accretion of discount on marketable securities of $3.5 million. The net outflow from operating assets and liabilities was driven by a $38.6 million decrease in deferred revenue due to the timing of customer billings and program launches, a $6.9 million increase in deferred contract costs, a $4.0 million increase in prepaid expenses and other assets primarily due to prepayment of income taxes, a $1.2 million decrease in operating lease liabilities. These outflows were partially offset by a $8.5 million decrease in accounts receivable due to the timing of billings and collections and a $2.4 million increase in accounts payable, accrued expenses, and other liabilities which was primarily due to the timing of commission payments.

Current wording

Cash provided by operating activities was $41.2 million for the three months ended June 30, 2024. This consisted of net income of $41.4 million, adjusted for non-cash items of $20.0 million and a net outflow from operating assets and liabilities of $20.1 million. Non-cash items primarily consisted of stock-based compensation expense of $17.1 million, depreciation and amortization expense of $2.6 million, amortization of deferred contract costs of $2.7 million, non-cash lease expense of $0.5 million, partially offset by the accretion of discount on marketable securities of $2.4 million. The net outflow from operating assets and liabilities was driven by a $19.4 million increase in accounts receivable due to the timing of billings and collections, a $12.9 million decrease in accounts payable, accrued expenses, and other liabilities which was primarily due to the timing of transferable tax credit payments, and a $1.4 million increase in deferred contract costs. The outflows were partially offset by a $10.5 million decrease in prepaid expenses and other assets primarily due to prepaid taxes, and a $3.7 million increase in deferred revenue due to the timing of customer billings and program launches.

Previous wording

Cash provided by investing activities was $107.4 million for the nine months ended December 31, 2023, which primarily consisted of proceeds from the maturities of marketable securities of $318.2 million and proceeds from the sale of marketable securities of $74.7 million. These inflows were partially offset by $281.3 million of marketable securities purchases and $4.0 million for internal-use software development costs.

Current wording

Cash provided by investing activities was $2.7 million for the three months ended June 30, 2025, which primarily consisted of proceeds from the maturities of marketable securities of $144.6 million, partially offset by $139.9 million of marketable securities purchases and $2.0 million for internal-use software development costs.

Previous wording

Cash used in investing activities was $4.8 million for the nine months ended December 31, 2024, which primarily consisted of $531.8 million of marketable securities purchases and $5.0 million for internal-use software development costs, partially offset by proceeds from the maturities of marketable securities of $517.2 million and $14.8 million of proceeds from the sale of marketable securities.

Current wording

Cash provided by investing activities was $29.9 million for the three months ended June 30, 2024, which primarily consisted of proceeds from the maturities of marketable securities of $202.1 million, partially offset by $170.4 million of marketable securities purchases and $1.7 million for internal-use software development costs.

Previous wording

Cash used in financing activities was $101.5 million for the nine months ended December 31, 2024, which primarily consisted of common stock repurchases of $93.5 million, $5.5 million of payments for contingent consideration related to the AMiON acquisition, and $16.3 million of taxes paid related to the net share settlement of equity awards. These payments were partially offset by $13.9 million of proceeds from the exercise of stock options and common stock warrants.

Current wording

Cash used in financing activities was $137.1 million for the three months ended June 30, 2025, which primarily consisted of common stock repurchases of $122.4 million, $5.2 million of payments for contingent consideration related to the AMiON acquisition, and $11.9 million of taxes paid related to the net share settlement of equity awards. These payments were partially offset by $2.4 million of proceeds from the exercise of stock options and common stock warrants.

Previous wording

Cash used in financing activities was $262.4 million for the nine months ended December 31, 2023, which primarily consisted of common stock repurchases of $263.0 million, $5.4 million of payments for contingent consideration related to the AMiON acquisition, and $5.3 million of taxes paid related to the net share settlement of equity awards. These payments were partially offset by $9.8 million of proceeds from the exercise of stock options and warrants and $1.5 million of proceeds from the issuance of common stock related to the employee stock purchase plan.

Current wording

Cash used in financing activities was $56.5 million for the three months ended June 30, 2024, which primarily consisted of common stock repurchases of $51.2 million, $5.5 million of payments for contingent consideration related to the AMiON acquisition, and $2.4 million of taxes paid related to the net share settlement of equity awards. These payments were partially offset by $2.6 million of proceeds from the exercise of stock options.

Previous wording

There have been no material changes to our critical accounting policies and estimates during the three and nine months ended December 31, 2024 as compared to those described in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024 and filed with the SEC on May 23, 2024.

Current wording

There have been no material changes to our critical accounting policies and estimates during the three months ended June 30, 2025 as compared to those described in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and filed with the SEC on May 20, 2025.