Doximity Inc(NYSE:DOCS) 
Doximity, Inc. develops an online healthcare resource and interactive platform. The Company cloud-based platform which enables its members to collaborate with their colleagues, securely coordinate patient care, and conducts virtual patient visits. Doximity serves customers in the United States.
Website: https://www.doximity.com/
Founded: 2010
IPO Price: $26 (Jun 24, 2021)
Full Time Employees: 977 (Mar 2023)
CEO / Co-Founder: Jeff Tangney
Sector: Healthcare
Industry: Health Information Services
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At a glance:
- Leading Digital Platform for U.S. Clinicians: Doximity operates a large, physician-focused network used for professional communication, news, and workflow tools, giving it a differentiated, verified-user audience in healthcare.
- Advertising and Pharma Marketing Are Core Revenue Drivers: A meaningful portion of revenue is tied to pharmaceutical and health system marketing spend, making performance sensitive to industry ad-budget cycles and campaign ROI.
- Telehealth and Workflow Tools Provide Product Expansion Optionality: Products such as Dialer/telehealth and other clinician workflow offerings can deepen engagement and diversify revenue beyond marketing, depending on adoption and retention trends.
- High-Margin SaaS-Like Model, but Growth Can Be Cyclical: The business has historically benefited from attractive gross margins and strong operating leverage, though revenue growth may fluctuate with healthcare marketing demand and budgeting timing.
- Key Watch Items: Engagement, Customer Concentration, and Regulatory Environment: Investors typically monitor active clinician engagement, exposure to large pharma/health system customers, and evolving rules around healthcare marketing, privacy, and telehealth reimbursement.
Bull Thesis:
- Dominant Market Position and Network Effects: Doximity has achieved high penetration among U.S. physicians, creating a powerful network effect that attracts both healthcare professionals and advertisers, solidifying its moat against competitors.
- High Profitability and Strong Free Cash Flow Generation: The company's asset-light model and high gross margins translate into robust profitability and significant free cash flow generation, providing financial flexibility and potential for shareholder returns.
- Long-Term Tailwinds from Digital Healthcare Advertising Shift: The ongoing shift of healthcare marketing budgets from traditional channels to digital platforms provides a substantial and sustainable growth driver for Doximity's core business, positioning it as a key beneficiary.
- Expanding Product Offerings and Monetization Avenues: Doximity continues to innovate by adding new tools, telehealth capabilities, and engagement features, creating additional opportunities to deepen user engagement and further monetize its highly engaged professional network.
Bear Thesis:
- Market Saturation and Decelerating User Growth: With already high penetration among U.S. physicians, Doximity may face challenges in sustaining its historical hyper-growth rates for user acquisition, leading to slower overall growth as the addressable market becomes more saturated.
- Reliance on Healthcare Advertising Spend Volatility: Doximity's revenue is heavily dependent on advertising budgets from pharmaceutical companies and health systems, making it vulnerable to economic downturns, industry-specific budget cuts, or shifts in marketing strategies by its key clients.
- Premium Valuation and Limited Margin for Error: Doximity trades at a high valuation multiple relative to its earnings and growth prospects, implying that any operational missteps, increased competition, or slowdowns in growth could lead to significant stock price corrections.
- Potential for Increased Competition and Platform Stickiness Challenges: While Doximity has a strong position, the digital healthcare space could attract new competitors or existing players could enhance their offerings, potentially challenging Doximity's platform stickiness and market share over time.
Main Competitors:
- Medscape (WebMD) (Medscape), Directly competes for physician attention and engagement by offering comprehensive medical news, drug information, CME (Continuing Medical Education), and professional resources. Medscape also competes for pharmaceutical and health system advertising dollars by providing a platform to reach medical professionals, similar to Doximity's core revenue model.
- LinkedIn (Microsoft) ($MSFT) (LinkedIn), While a general professional networking platform, LinkedIn competes for physicians' time and attention for professional connections, career development, and industry news. Doximity differentiates itself with its medical-specific focus, HIPAA-compliant communication tools, and curated medical content tailored for healthcare professionals.
- UpToDate (Wolters Kluwer Health) ($WKL) (UpToDate), A leading clinical decision support resource, UpToDate competes for physicians' time spent seeking evidence-based medical information, diagnosis, and treatment guidance. It addresses a critical need for medical professionals, similar to Doximity's role as a source of medical information, though with a deeper focus on clinical practice rather than news and networking.
- Zoom Video Communications ($ZM) (Zoom for Healthcare), Competes with Doximity's telehealth offering (Doximity Dialer). Zoom for Healthcare provides secure, HIPAA-compliant video conferencing solutions for patient consultations, often with more robust features and integrations with EHR systems, appealing to healthcare providers seeking dedicated telehealth platforms.
Moat:
Doximity's primary moat lies in its powerful network effect among medical professionals, its aggregation of essential services (networking, news, telehealth, career tools) into a single, HIPAA-compliant platform, and its valuable first-party data on physician behavior. This creates a highly engaged audience that is attractive to pharmaceutical companies and health systems for targeted marketing. Competition is fragmented, coming from various angles: specialized medical content providers (Medscape, UpToDate), general professional networks (LinkedIn), dedicated telehealth solutions (Zoom, Amwell), and traditional medical publishers/conferences. Doximity's challenge is to maintain its 'one-stop-shop' appeal and continue to deepen physician engagement to defend its market position and premium advertising rates against these diverse competitors.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 145,372,000 | 185,053,000 | 168,525,000 | 145,913,000 | 138,288,000 | 168,603,000 | 136,832,000 | 126,676,000 | 118,057,000 | 135,284,000 | 113,612,000 | 108,469,000 | 110,966,000 | 115,262,000 | 102,185,000 | 90,639,000 | 93,653,000 | 97,876,000 | 79,350,000 | 72,669,000 |
yoy | 5.12% | 9.76% | 23.16% | 15.19% | 17.14% | 24.63% | 20.44% | 16.79% | 6.39% | 17.37% | 11.18% | 19.67% | 18.49% | 17.76% | 28.78% | 24.73% | ||||
qoq | -21.44% | 9.81% | 15.50% | 5.51% | -17.98% | 23.22% | 8.02% | 7.30% | -12.73% | 19.08% | 4.74% | -2.25% | -3.73% | 12.80% | 12.74% | -3.22% | -4.31% | 23.35% | 9.19% | |
cost of revenue | 19,407,000 | 18,701,000 | 16,425,000 | 15,793,000 | 14,467,000 | 14,181,000 | 13,676,000 | 13,550,000 | 12,567,000 | 12,190,000 | 12,759,000 | 13,153,000 | 13,677,000 | 13,526,000 | 13,210,000 | 13,077,000 | 11,765,000 | 11,085,000 | 8,951,000 | 7,986,000 |
gross profit | 125,965,000 | 166,352,000 | 152,100,000 | 130,120,000 | 123,821,000 | 154,422,000 | 123,156,000 | 113,126,000 | 105,490,000 | 123,094,000 | 100,853,000 | 95,316,000 | 97,289,000 | 101,736,000 | 88,975,000 | 77,562,000 | 81,888,000 | 86,791,000 | 70,399,000 | 64,683,000 |
yoy | 1.73% | 7.73% | 23.50% | 15.02% | 17.38% | 25.45% | 22.11% | 18.69% | 8.43% | 20.99% | 13.35% | 22.89% | 18.81% | 17.22% | 26.39% | 19.91% | ||||
qoq | -24.28% | 9.37% | 16.89% | 5.09% | -19.82% | 25.39% | 8.87% | 7.24% | -14.30% | 22.05% | 5.81% | -2.03% | -4.37% | 14.34% | 14.71% | -5.28% | -5.65% | 23.28% | 8.84% | |
gross margin % | 86.65% | 89.89% | 90.25% | 89.18% | 89.54% | 91.59% | 90.01% | 89.30% | 89.36% | 90.99% | 88.77% | 87.87% | 87.67% | 88.26% | 87.07% | 85.57% | 87.44% | 88.67% | 88.72% | 89.01% |
operating expenses: | ||||||||||||||||||||
research and development | 39,106,000 | 34,595,000 | 30,202,000 | 26,799,000 | 24,803,000 | 22,421,000 | 23,240,000 | 22,574,000 | 20,148,000 | 19,946,000 | 19,958,000 | 21,931,000 | 21,541,000 | 20,519,000 | 19,104,000 | 19,022,000 | 17,424,000 | 16,225,000 | 15,460,000 | 13,241,000 |
sales and marketing | 45,910,000 | 42,205,000 | 39,168,000 | 36,365,000 | 37,611,000 | 38,491,000 | 34,367,000 | 35,244,000 | 33,517,000 | 34,956,000 | 30,201,000 | 34,455,000 | 33,148,000 | 33,220,000 | 29,021,000 | 28,134,000 | 25,899,000 | 25,698,000 | 21,161,000 | 19,371,000 |
general and administrative | 16,123,000 | 17,656,000 | 19,049,000 | 12,439,000 | 12,727,000 | 13,585,000 | 10,103,000 | 9,255,000 | 9,973,000 | 9,641,000 | 8,966,000 | 9,247,000 | 9,759,000 | 9,513,000 | 8,749,000 | 8,724,000 | 10,644,000 | 9,079,000 | 8,827,000 | 7,196,000 |
impairment charge | ||||||||||||||||||||
total operating expenses | 101,139,000 | 94,456,000 | 88,419,000 | 75,603,000 | 75,141,000 | 74,497,000 | 70,014,000 | 67,073,000 | 63,638,000 | 64,543,000 | 67,061,000 | 65,633,000 | 64,448,000 | 63,252,000 | 56,874,000 | 55,880,000 | 53,967,000 | 51,002,000 | 45,448,000 | 39,808,000 |
income from operations | 24,826,000 | 71,896,000 | 63,681,000 | 54,517,000 | 48,680,000 | 79,925,000 | 53,142,000 | 46,053,000 | 41,852,000 | 58,551,000 | 33,792,000 | 29,683,000 | 32,841,000 | 38,484,000 | 32,101,000 | 21,682,000 | 27,921,000 | 35,789,000 | 24,951,000 | 24,875,000 |
yoy | -49.00% | -10.05% | 19.83% | 18.38% | 16.31% | 36.50% | 57.26% | 55.15% | 27.44% | 52.14% | 5.27% | 36.90% | 17.62% | 7.53% | 28.66% | -12.84% | ||||
qoq | -65.47% | 12.90% | 16.81% | 11.99% | -39.09% | 50.40% | 15.39% | 10.04% | -28.52% | 73.27% | 13.84% | -9.62% | -14.66% | 19.88% | 48.05% | -22.35% | -21.98% | 43.44% | 0.31% | |
operating margin % | 17.08% | 38.85% | 37.79% | 37.36% | 35.20% | 47.40% | 38.84% | 36.35% | 35.45% | 43.28% | 29.74% | 27.37% | 29.60% | 33.39% | 31.41% | 23.92% | 29.81% | 36.57% | 31.44% | 34.23% |
other income | 7,295,000 | 8,902,000 | 9,258,000 | 9,630,000 | 9,714,000 | 9,915,000 | 9,029,000 | 7,116,000 | 6,101,000 | 4,481,000 | 5,903,000 | 4,839,000 | 3,875,000 | 2,461,000 | 908,000 | 804,000 | -16,000 | 20,000 | ||
income before income taxes | 32,121,000 | 80,798,000 | 72,939,000 | 64,147,000 | 58,394,000 | 89,840,000 | 62,171,000 | 53,169,000 | 47,953,000 | 63,032,000 | 39,695,000 | 34,522,000 | 36,716,000 | 40,945,000 | 33,009,000 | 22,486,000 | 27,905,000 | 35,809,000 | 25,371,000 | 24,920,000 |
provision for income taxes | 13,007,000 | 19,240,000 | 10,880,000 | 10,827,000 | -4,064,000 | 14,644,000 | 18,017,000 | 11,792,000 | 7,335,000 | 15,076,000 | 9,093,000 | 6,116,000 | 6,048,000 | 7,477,000 | 6,710,000 | 103,000 | -8,821,000 | -19,838,000 | -10,717,000 | -1,402,000 |
net income | 19,114,000 | 61,558,000 | 62,059,000 | 53,320,000 | 62,458,000 | 75,196,000 | 44,154,000 | 41,377,000 | 40,618,000 | 47,956,000 | 30,602,000 | 28,406,000 | 30,668,000 | 33,468,000 | 26,299,000 | 22,383,000 | 36,726,000 | 55,647,000 | 36,088,000 | 26,322,000 |
yoy | -69.40% | -18.14% | 40.55% | 28.86% | 53.77% | 56.80% | 44.28% | 45.66% | 32.44% | 43.29% | 16.36% | 26.91% | -16.50% | -39.86% | -27.13% | -14.96% | ||||
qoq | -68.95% | -0.81% | 16.39% | -14.63% | -16.94% | 70.30% | 6.71% | 1.87% | -15.30% | 56.71% | 7.73% | -7.38% | -8.37% | 27.26% | 17.50% | -39.05% | -34.00% | 54.20% | 37.10% | |
net income margin % | 13.15% | 33.27% | 36.82% | 36.54% | 45.17% | 44.60% | 32.27% | 32.66% | 34.41% | 35.45% | 26.94% | 26.19% | 27.64% | 29.04% | 25.74% | 24.69% | 39.21% | 56.85% | 45.48% | 36.22% |
net income per share | ||||||||||||||||||||
basic | 0.11 | 0.33 | 0.33 | 0.28 | 0.33 | 0.4 | 0.24 | 0.22 | 0.22 | 0.26 | 0.16 | 0.15 | 0.15 | 0.17 | 0.14 | 0.12 | 0.2 | 0.3 | 0.19 | 0.12 |
diluted | 0.1 | 0.31 | 0.31 | 0.27 | 0.31 | 0.37 | 0.22 | 0.21 | 0.2 | 0.24 | 0.15 | 0.13 | 0.15 | 0.16 | 0.12 | 0.1 | 0.17 | 0.26 | 0.17 | 0.09 |
weighted-average shares used for eps calculation | ||||||||||||||||||||
basic | 187,014 | 187,478 | 187,705 | 187,984 | 186,841 | 187,161 | 186,252 | 185,610 | 190,172 | 186,309 | 193,112 | 194,521 | 193,176 | 192,805 | 193,137 | 192,947 | 163,484 | 188,372 | 186,171 | 87,599 |
diluted | 199,048 | 199,224 | 200,745 | 201,158 | 201,208 | 202,233 | 200,407 | 199,224 | 205,734 | 200,463 | 209,014 | 212,355 | 213,425 | 212,065 | 213,949 | 214,954 | 191,017 | 216,396 | 216,672 | 114,920 |
restructuring and impairment charges | ||||||||||||||||||||
restructuring and impairment charge | 2,304,000 | |||||||||||||||||||
restructuring | 7,936,000 | |||||||||||||||||||
undistributed earnings attributable to participating securities | 340,000 | -15,581,000 | ||||||||||||||||||
net income attributable to class a and class b common stockholders, basic and diluted | 30,668,000 | 33,468,000 | 26,299,000 | 22,383,000 | 37,066,000 | 55,647,000 | 36,088,000 | 10,741,000 | ||||||||||||
interest income | 440,000 | 76,000 | ||||||||||||||||||
other expense | -20,000 | -31,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
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assets | ||||||||||||||||||||
current assets: | ||||||||||||||||||||
cash and cash equivalents | 219,178,000 | 64,838,000 | 169,249,000 | 137,261,000 | 209,614,000 | 165,270,000 | 184,248,000 | 111,442,000 | 96,785,000 | 123,089,000 | 108,403,000 | 306,729,000 | 158,027,000 | 136,454,000 | 73,674,000 | 110,092,000 | 112,809,000 | 85,079,000 | 79,521,000 | 594,321,000 |
marketable securities | 529,423,000 | 670,288,000 | 709,118,000 | 703,712,000 | 706,050,000 | 679,670,000 | 621,310,000 | 639,046,000 | 666,115,000 | 587,149,000 | 621,451,000 | 566,444,000 | 682,972,000 | 664,511,000 | 676,317,000 | 666,162,000 | 685,304,000 | 680,499,000 | 663,140,000 | 132,133,000 |
accounts receivable | 144,783,000 | 156,589,000 | 129,306,000 | 141,663,000 | 128,354,000 | 137,504,000 | 124,793,000 | 120,910,000 | 101,332,000 | 97,584,000 | 97,217,000 | 92,922,000 | 107,047,000 | 74,862,000 | 79,236,000 | 76,021,000 | 81,073,000 | 69,823,000 | 55,681,000 | 45,990,000 |
prepaid expenses and other current assets | 50,880,000 | 101,738,000 | 84,527,000 | 51,595,000 | 44,602,000 | 30,259,000 | 27,361,000 | 37,068,000 | 48,709,000 | 27,191,000 | 32,789,000 | 19,832,000 | 22,289,000 | 17,120,000 | 15,691,000 | 18,258,000 | 19,439,000 | 17,917,000 | 28,159,000 | 14,050,000 |
total current assets | 944,264,000 | 993,453,000 | 1,092,200,000 | 1,034,231,000 | 1,088,620,000 | 1,012,703,000 | 957,712,000 | 908,466,000 | 912,941,000 | 840,899,000 | 862,820,000 | 989,656,000 | 975,453,000 | 898,519,000 | 847,917,000 | 874,143,000 | 904,137,000 | 858,378,000 | 829,608,000 | 790,597,000 |
property and equipment | 18,080,000 | 17,055,000 | 15,712,000 | 14,275,000 | 13,656,000 | 13,477,000 | 12,818,000 | 12,869,000 | 12,318,000 | 11,839,000 | 11,780,000 | 11,639,000 | 11,279,000 | 11,519,000 | 11,647,000 | 11,381,000 | 8,488,000 | 8,221,000 | 8,004,000 | 7,654,000 |
deferred income tax assets | 31,984,000 | 14,842,000 | 15,074,000 | 55,461,000 | 60,014,000 | 43,079,000 | 43,761,000 | 44,742,000 | 45,068,000 | 37,204,000 | 39,289,000 | 38,895,000 | 34,907,000 | 40,338,000 | 50,583,000 | 49,348,000 | 48,558,000 | 35,431,000 | 2,112,000 | 2,112,000 |
operating lease right-of-use assets | 7,140,000 | 7,523,000 | 7,982,000 | 8,436,000 | 8,886,000 | 9,332,000 | 9,774,000 | 11,852,000 | 12,332,000 | 12,808,000 | 12,743,000 | 13,282,000 | 13,819,000 | 14,357,000 | 14,894,000 | 11,563,000 | 1,087,000 | 1,589,000 | 770,000 | 1,056,000 |
intangible assets | 35,325,000 | 37,266,000 | 39,143,000 | 22,069,000 | 23,072,000 | 24,134,000 | 25,195,000 | 26,256,000 | 27,317,000 | 28,379,000 | 29,440,000 | 30,638,000 | 31,836,000 | 33,034,000 | 34,232,000 | 35,430,000 | 7,909,000 | 8,802,000 | 9,067,000 | 9,332,000 |
goodwill | 84,973,000 | 84,973,000 | 84,973,000 | 67,940,000 | 67,940,000 | 67,940,000 | 67,940,000 | 67,940,000 | 67,940,000 | 67,940,000 | 67,940,000 | 67,940,000 | 67,940,000 | 67,940,000 | 67,940,000 | 67,940,000 | 18,915,000 | 18,915,000 | 18,915,000 | 18,915,000 |
other assets | 1,921,000 | 1,914,000 | 2,025,000 | 2,035,000 | 2,121,000 | 1,492,000 | 1,316,000 | 1,333,000 | 1,458,000 | 1,580,000 | 1,559,000 | 1,459,000 | 1,654,000 | 1,380,000 | 1,130,000 | 1,126,000 | 2,263,000 | 836,000 | 779,000 | 516,000 |
total assets | 1,123,687,000 | 1,157,026,000 | 1,257,109,000 | 1,204,447,000 | 1,264,309,000 | 1,172,157,000 | 1,118,516,000 | 1,073,458,000 | 1,079,374,000 | 1,000,649,000 | 1,025,571,000 | 1,153,509,000 | 1,136,888,000 | 1,067,087,000 | 1,028,343,000 | 1,050,931,000 | 991,357,000 | 932,172,000 | 869,255,000 | 830,182,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||
current liabilities: | ||||||||||||||||||||
accounts payable | 4,009,000 | 4,785,000 | 4,391,000 | 1,962,000 | 1,356,000 | 1,636,000 | 2,770,000 | 1,656,000 | 2,253,000 | 1,880,000 | 714,000 | 582,000 | 1,272,000 | 1,604,000 | 1,106,000 | 916,000 | 463,000 | 1,230,000 | 781,000 | 2,700,000 |
accrued expenses and other current liabilities | 42,804,000 | 76,677,000 | 33,722,000 | 38,363,000 | 38,405,000 | 42,793,000 | 33,540,000 | 28,488,000 | 43,703,000 | 34,079,000 | 29,086,000 | 31,741,000 | 31,245,000 | 33,151,000 | 26,408,000 | 25,253,000 | 25,270,000 | 23,980,000 | ||
deferred revenue, current | 106,050,000 | 66,307,000 | 100,034,000 | 117,419,000 | 114,285,000 | 69,197,000 | 93,751,000 | 102,943,000 | 99,145,000 | 66,694,000 | 91,446,000 | 98,323,000 | 105,238,000 | 69,671,000 | 89,616,000 | 93,907,000 | 84,907,000 | 65,576,000 | 78,681,000 | 82,578,000 |
operating lease liabilities, current | 2,110,000 | 2,079,000 | 2,123,000 | 2,168,000 | 2,211,000 | 2,255,000 | 2,222,000 | 2,190,000 | 2,149,000 | 2,109,000 | 1,935,000 | 2,048,000 | 1,752,000 | 1,458,000 | 1,013,000 | 677,000 | 642,000 | 927,000 | 498,000 | 622,000 |
total current liabilities | 154,973,000 | 149,848,000 | 140,270,000 | 159,912,000 | 156,257,000 | 115,881,000 | 132,283,000 | 135,277,000 | 147,250,000 | 104,762,000 | 123,181,000 | 132,694,000 | 139,507,000 | 105,884,000 | 118,143,000 | 120,753,000 | 111,282,000 | 91,713,000 | 95,624,000 | 100,182,000 |
deferred revenue, non-current | 400,000 | 174,000 | 263,000 | 118,000 | 280,000 | 73,000 | 148,000 | 116,000 | 211,000 | 166,000 | 237,000 | 191,000 | 198,000 | 140,000 | 166,000 | 203,000 | 78,000 | 38,000 | 49,000 | 349,000 |
operating lease liabilities, non-current | 8,075,000 | 8,613,000 | 9,146,000 | 9,673,000 | 10,185,000 | 10,692,000 | 11,269,000 | 11,841,000 | 12,397,000 | 12,947,000 | 13,119,000 | 13,585,000 | 13,885,000 | 14,181,000 | 14,625,000 | 11,092,000 | 447,000 | 668,000 | 118,000 | 162,000 |
contingent earn-out consideration liability, non-current | 5,579,000 | 5,498,000 | 5,469,000 | 5,349,000 | 10,895,000 | 10,787,000 | 10,448,000 | 10,454,000 | 15,942,000 | 15,625,000 | 15,422,000 | 15,668,000 | ||||||||
other liabilities, non-current | 9,402,000 | 19,093,000 | 11,899,000 | 9,149,000 | 9,383,000 | 8,893,000 | 8,151,000 | 7,295,000 | 7,224,000 | 841,000 | 7,119,000 | 5,798,000 | 1,240,000 | 1,083,000 | 1,023,000 | 1,049,000 | 956,000 | 905,000 | 904,000 | 1,037,000 |
total liabilities | 172,850,000 | 177,728,000 | 161,578,000 | 178,852,000 | 181,684,000 | 141,037,000 | 157,320,000 | 159,878,000 | 177,977,000 | 136,035,000 | 154,104,000 | 162,722,000 | 170,772,000 | 136,913,000 | 149,379,000 | 148,765,000 | 112,763,000 | 93,324,000 | 96,695,000 | 101,730,000 |
commitments and contingencies | ||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||
preferred stock, 0.001 par value... | ||||||||||||||||||||
class a and class b common stock, 0.001 par value... | 183,000 | 185,000 | 188,000 | 187,000 | 189,000 | 188,000 | 187,000 | 186,000 | 187,000 | 186,000 | 188,000 | 195,000 | 194,000 | 193,000 | 192,000 | 193,000 | 192,000 | 190,000 | 187,000 | 185,000 |
additional paid-in capital | 1,001,688,000 | 956,744,000 | 936,176,000 | 907,115,000 | 894,225,000 | 878,701,000 | 863,113,000 | 841,470,000 | 823,885,000 | 808,078,000 | 794,804,000 | 777,772,000 | 762,150,000 | 745,506,000 | 730,582,000 | 715,282,000 | 702,589,000 | 688,290,000 | 674,414,000 | 665,690,000 |
accumulated other comprehensive income | 28,000 | 1,396,000 | 1,477,000 | 1,183,000 | 1,323,000 | 1,015,000 | 2,676,000 | |||||||||||||
retained earnings | -51,062,000 | 20,973,000 | 157,690,000 | 117,110,000 | 186,888,000 | 151,216,000 | 95,220,000 | 72,932,000 | 79,989,000 | 61,003,000 | 85,403,000 | 225,156,000 | 217,855,000 | 203,217,000 | 169,749,000 | 204,616,000 | 191,107,000 | 154,381,000 | 98,734,000 | 62,646,000 |
total stockholders' equity | 950,837,000 | 1,082,625,000 | 901,397,000 | 966,116,000 | 902,166,000 | 878,594,000 | 838,848,000 | 772,560,000 | 728,452,000 | |||||||||||
total liabilities and stockholders’ equity | 1,123,687,000 | 1,157,026,000 | 1,257,109,000 | 1,204,447,000 | 1,264,309,000 | 1,172,157,000 | 1,118,516,000 | 1,073,458,000 | 1,079,374,000 | 1,000,649,000 | 1,025,571,000 | 1,153,509,000 | 1,136,888,000 | 1,067,087,000 | 1,028,343,000 | 1,050,931,000 | ||||
stockholders' equity | ||||||||||||||||||||
total stockholders’ equity | 979,298,000 | 1,095,531,000 | 1,025,595,000 | 1,031,120,000 | 961,196,000 | 913,580,000 | 864,614,000 | 871,467,000 | 990,787,000 | 930,174,000 | 878,964,000 | |||||||||
accumulated other comprehensive loss | -1,008,000 | -2,664,000 | -4,653,000 | -8,928,000 | -12,336,000 | -14,083,000 | -18,742,000 | -21,559,000 | -17,925,000 | -15,294,000 | -4,013,000 | -775,000 | -69,000 | |||||||
deferred contract costs, current | 5,886,000 | 2,960,000 | 3,729,000 | 5,118,000 | 5,572,000 | 2,999,000 | 3,610,000 | 5,512,000 | 5,060,000 | 3,107,000 | 4,103,000 | |||||||||
income taxes payable, non-current | 6,532,000 | |||||||||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders’ equity | ||||||||||||||||||||
redeemable convertible preferred stock | ||||||||||||||||||||
redeemable convertible preferred stock, 0.001 par value... | ||||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders’ equity | 991,357,000 | 932,172,000 | 869,255,000 | 830,182,000 | ||||||||||||||||
accrued expenses | 15,664,000 | 14,282,000 | ||||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders’ equity |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||||
net income | 19,114,000 | 61,558,000 | 62,059,000 | 53,320,000 | 62,458,000 | 75,196,000 | 44,154,000 | 41,377,000 | 40,618,000 | 47,956,000 | 30,602,000 | 28,406,000 | 30,668,000 | 33,468,000 | 26,299,000 | 22,383,000 | 36,726,000 | 55,647,000 | 36,088,000 | 26,322,000 |
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||
depreciation and amortization | 4,131,000 | 3,989,000 | 3,469,000 | 2,794,000 | 2,829,000 | 2,655,000 | 2,613,000 | 2,562,000 | 2,548,000 | 2,509,000 | 2,604,000 | 2,604,000 | 2,708,000 | 2,616,000 | 2,589,000 | 2,370,000 | 1,368,000 | 1,361,000 | 1,158,000 | 1,153,000 |
deferred income taxes | -13,788,000 | 1,992,000 | 3,834,000 | 9,287,000 | 0 | 105,000 | -9,275,000 | |||||||||||||
stock-based compensation, net of amounts capitalized | 36,742,000 | 33,546,000 | 29,474,000 | 21,865,000 | 18,060,000 | 19,368,000 | 17,868,000 | 17,090,000 | 11,857,000 | 11,771,000 | 13,447,000 | 14,001,000 | 12,991,000 | 13,984,000 | 11,353,000 | 9,506,000 | 9,809,000 | 9,834,000 | 6,672,000 | 5,127,000 |
non-cash lease expense | 384,000 | 459,000 | 454,000 | 450,000 | 446,000 | 441,000 | 470,000 | 481,000 | 475,000 | 522,000 | 540,000 | 537,000 | 537,000 | 538,000 | 551,000 | 401,000 | 302,000 | 288,000 | 286,000 | 283,000 |
accretion of discount on marketable securities | -1,130,000 | -1,764,000 | -2,199,000 | -2,488,000 | -3,368,000 | -3,008,000 | -2,360,000 | |||||||||||||
amortization of deferred contract costs | 4,207,000 | 2,499,000 | 2,876,000 | 3,896,000 | 3,423,000 | 1,785,000 | 2,033,000 | 2,726,000 | 2,593,000 | 1,548,000 | 2,063,000 | 2,667,000 | 2,428,000 | 1,518,000 | 2,072,000 | 2,767,000 | 2,389,000 | 1,710,000 | 2,452,000 | 3,204,000 |
impairment of long-lived assets | 0 | 0 | ||||||||||||||||||
other | 133,000 | 295,000 | 294,000 | -408,000 | -19,000 | 411,000 | 616,000 | -738,000 | 773,000 | 472,000 | 137,000 | -152,000 | 657,000 | 790,000 | 37,000 | -30,000 | -160,000 | 640,000 | ||
changes in operating assets and liabilities, net of effect of acquisition: | ||||||||||||||||||||
accounts receivable | 11,720,000 | -27,614,000 | 12,396,000 | -13,381,000 | 9,258,000 | -12,986,000 | -4,106,000 | -19,372,000 | -4,516,000 | -1,135,000 | -4,388,000 | 14,032,000 | -32,433,000 | 3,997,000 | -3,339,000 | 5,533,000 | -11,438,000 | -14,023,000 | -9,977,000 | 4,421,000 |
prepaid expenses and other assets | 1,105,000 | -12,828,000 | 7,685,000 | -4,234,000 | -18,489,000 | 1,303,000 | 9,488,000 | 10,460,000 | -16,502,000 | 6,523,000 | -13,093,000 | 2,589,000 | -5,372,000 | -1,727,000 | 2,405,000 | 1,246,000 | -2,086,000 | 11,188,000 | -14,870,000 | -3,321,000 |
deferred contract costs | -3,231,000 | -6,710,000 | -2,584,000 | -1,965,000 | -2,982,000 | -5,853,000 | -1,785,000 | -1,431,000 | -1,683,000 | -4,477,000 | -1,238,000 | -1,210,000 | -2,053,000 | -4,067,000 | -1,476,000 | -866,000 | -2,937,000 | -3,697,000 | -1,483,000 | -1,492,000 |
accounts payable, accrued expenses and other liabilities | -35,254,000 | 41,855,000 | -2,168,000 | -165,000 | -4,535,000 | 9,418,000 | 7,396,000 | -12,942,000 | 5,966,000 | 10,429,000 | -8,740,000 | 677,000 | -2,918,000 | 7,197,000 | 1,635,000 | -6,109,000 | ||||
deferred revenue | 39,969,000 | -33,816,000 | -17,241,000 | 2,973,000 | 45,295,000 | -24,628,000 | -9,161,000 | 3,704,000 | 32,496,000 | -24,823,000 | -6,831,000 | -6,922,000 | 35,625,000 | -19,970,000 | -4,280,000 | 6,152,000 | 19,366,000 | -12,775,000 | -4,197,000 | -566,000 |
operating lease liabilities | -506,000 | -578,000 | -571,000 | -556,000 | -550,000 | -545,000 | -538,000 | -516,000 | -510,000 | -586,000 | -579,000 | -3,000 | -4,000 | 2,000 | -13,000 | -198,000 | -296,000 | -173,000 | -167,000 | -471,000 |
net cash from operating activities | 109,522,000 | 60,891,000 | 93,944,000 | 62,101,000 | 98,487,000 | 65,189,000 | 68,346,000 | 41,243,000 | 63,944,000 | 50,054,000 | 12,898,000 | 57,200,000 | 46,639,000 | 48,697,000 | 39,514,000 | 44,752,000 | 46,964,000 | 27,284,000 | 19,152,000 | 33,175,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -36,000 | -41,000 | -70,000 | -21,000 | -27,000 | -592,000 | -436,000 | -1,060,000 | -1,500,000 | -1,020,000 | -751,000 | |
free cash flows | 109,522,000 | 60,891,000 | 93,944,000 | 62,101,000 | 98,487,000 | 65,189,000 | 68,346,000 | 63,944,000 | 50,018,000 | 12,857,000 | 57,130,000 | 46,618,000 | 48,670,000 | 38,922,000 | 44,316,000 | 45,904,000 | 25,784,000 | 18,132,000 | 32,424,000 | |
cash flows from investing activities | ||||||||||||||||||||
cash paid for acquisition, net of cash acquired | 0 | 0 | ||||||||||||||||||
purchases of property and equipment | 0 | -36,000 | -41,000 | -70,000 | -21,000 | -204,000 | -766,000 | -710,000 | -1,060,000 | -611,000 | -200,000 | -41,000 | ||||||||
purchases of intangible assets | 0 | |||||||||||||||||||
internal-use software development costs | -2,253,000 | -2,313,000 | -2,369,000 | -1,966,000 | -1,507,000 | -1,771,000 | -1,543,000 | -1,704,000 | -1,634,000 | -1,288,000 | -1,238,000 | -1,494,000 | -1,005,000 | -1,012,000 | -1,051,000 | -1,415,000 | ||||
purchases of marketable securities | -8,037,000 | -112,922,000 | -128,266,000 | -139,934,000 | -143,724,000 | -164,025,000 | -197,395,000 | -170,413,000 | -191,529,000 | -101,112,000 | -144,942,000 | -35,284,000 | -60,303,000 | -39,080,000 | -82,307,000 | -8,870,000 | -45,278,000 | -115,772,000 | -1,088,768,000 | -67,375,000 |
maturities of marketable securities | 148,267,000 | 143,136,000 | 125,452,000 | 144,579,000 | 118,180,000 | 99,308,000 | 215,855,000 | 202,058,000 | 116,993,000 | 105,418,000 | 96,119,000 | 116,649,000 | 48,125,000 | 10,576,000 | 16,167,000 | 8,271,000 | 6,302,000 | 6,066,000 | 24,787,000 | 10,764,000 |
sales of marketable securities | 0 | 2,578,000 | 7,564,000 | 0 | 37,150,000 | 0 | 37,525,000 | 0 | 43,024,000 | 49,434,000 | 14,724,000 | 16,864,000 | 85,862,000 | |||||||
net cash from investing activities | 137,977,000 | 38,225,000 | -31,711,000 | 2,679,000 | -24,473,000 | -58,924,000 | 24,158,000 | 29,941,000 | -76,170,000 | 40,132,000 | -50,102,000 | 117,326,000 | -13,204,000 | 13,304,000 | -18,523,000 | -41,500,000 | -23,626,000 | -25,520,000 | -534,005,000 | -57,423,000 |
cash flows from financing activities | ||||||||||||||||||||
proceeds from issuance of common stock upon exercise of stock options and common stock warrants | 2,767,000 | 2,221,000 | 2,398,000 | 2,398,000 | 5,827,000 | 3,662,000 | 3,134,000 | 2,540,000 | 3,933,000 | 3,285,000 | 2,471,000 | 1,871,000 | 2,570,000 | 3,014,000 | ||||||
proceeds from issuance of common stock in connection with the employee stock purchase plan | 2,076,000 | 0 | 2,147,000 | 0 | 1,952,000 | 0 | 2,418,000 | 0 | ||||||||||||
taxes paid related to net share settlement of equity awards | -7,477,000 | -8,869,000 | -12,566,000 | -11,927,000 | -10,856,000 | -8,107,000 | -5,828,000 | -2,394,000 | -1,424,000 | -1,248,000 | -2,120,000 | -1,964,000 | -1,469,000 | -1,092,000 | -1,152,000 | -109,000 | -381,000 | -380,000 | ||
repurchase of common stock | -90,525,000 | -196,879,000 | -21,893,000 | -122,355,000 | -26,788,000 | -19,307,000 | -22,984,000 | -51,214,000 | -17,740,000 | -76,792,000 | -164,429,000 | -21,755,000 | -15,282,000 | 0 | -61,168,000 | -8,874,000 | 0 | 0 | ||
payment of contingent consideration related to a business combination | 0 | 0 | 0 | -5,249,000 | 0 | 0 | 0 | -5,470,000 | 0 | 0 | 0 | -5,390,000 | ||||||||
payment of excise taxes on share repurchases | 0 | |||||||||||||||||||
net cash from financing activities | -93,159,000 | -203,527,000 | -30,245,000 | -137,133,000 | -29,670,000 | -25,243,000 | -19,698,000 | -56,527,000 | -14,078,000 | -75,500,000 | -161,122,000 | -25,824,000 | -11,862,000 | 779,000 | -57,409,000 | -5,969,000 | 4,392,000 | 3,794,000 | 53,000 | 552,176,000 |
net increase in cash and cash equivalents | 154,340,000 | -104,411,000 | 31,988,000 | -72,353,000 | 44,344,000 | -18,978,000 | 72,806,000 | 14,657,000 | -26,304,000 | 148,702,000 | 21,573,000 | 62,780,000 | -36,418,000 | -2,717,000 | 27,730,000 | 5,558,000 | -514,800,000 | 527,928,000 | ||
cash and cash equivalents, beginning of period | 0 | 0 | 0 | 209,614,000 | 0 | 0 | 0 | 96,785,000 | 0 | 0 | 0 | 158,027,000 | 0 | 0 | 0 | 112,809,000 | 0 | 0 | 0 | 66,393,000 |
cash and cash equivalents, end of period | 154,340,000 | -104,411,000 | 31,988,000 | 137,261,000 | 44,344,000 | -18,978,000 | 72,806,000 | 111,442,000 | -26,304,000 | 14,686,000 | -198,326,000 | 306,729,000 | 21,573,000 | 62,780,000 | -36,418,000 | 110,092,000 | 27,730,000 | 5,558,000 | -514,800,000 | 594,321,000 |
supplemental disclosures of cash flow information | ||||||||||||||||||||
cash paid for taxes, net of refunds | 792,000 | 1,675,000 | 14,369,000 | 4,978,000 | 19,840,000 | 13,829,000 | 9,078,000 | 12,907,000 | 8,925,000 | |||||||||||
non-cash financing and investing activities | ||||||||||||||||||||
equity awards included in purchase consideration | 0 | 0 | ||||||||||||||||||
capitalized stock-based compensation for internal-use software development costs | 177,000 | 174,000 | 274,000 | 176,000 | 80,000 | 61,000 | ||||||||||||||
excise tax payable on share repurchases | 745,000 | -220,000 | 1,713,000 | 571,000 | ||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||
share repurchases included in accrued expenses | -898,000 | 1,002,000 | ||||||||||||||||||
amortization of premium (accretion of discount) on marketable securities | -1,761,000 | -1,683,000 | -1,495,000 | -299,000 | ||||||||||||||||
cash paid for acquisition | 0 | 0 | -53,500,000 | |||||||||||||||||
fair value of contingent earn-out consideration included in purchase consideration | ||||||||||||||||||||
operating lease right-of-use assets obtained in exchange for operating lease liabilities | 0 | 3,882,000 | 10,877,000 | |||||||||||||||||
repurchase included in accrued expenses | ||||||||||||||||||||
net loss on sale of marketable securities | ||||||||||||||||||||
change in fair value of contingent earn-out consideration liability | 202,000 | 183,000 | ||||||||||||||||||
proceeds from issuance of common stock upon exercise of stock options | 2,551,000 | 3,378,000 | 4,174,000 | 2,323,000 | 2,737,000 | |||||||||||||||
proceeds from issuance of common stock upon initial public offering after deducting underwriting discounts and commissions | 0 | 0 | 0 | 553,905,000 | ||||||||||||||||
payments of deferred offering costs | 0 | -2,214,000 | -1,768,000 | |||||||||||||||||
loss on sale and redemption of marketable securities | 260,000 | |||||||||||||||||||
net decrease in cash and cash equivalents | ||||||||||||||||||||
loss on sale of marketable securities | 273,000 | 0 | 593,000 | 463,000 | 37,000 | |||||||||||||||
cash paid for taxes | 2,381,000 | 2,000 | 49,000 | 131,000 | ||||||||||||||||
amortization of premium on marketable securities | -29,000 | 471,000 | 1,218,000 | 1,455,000 | 1,302,000 | 1,264,000 | 297,000 | |||||||||||||
gain on sale of business | ||||||||||||||||||||
proceeds from sale of business | ||||||||||||||||||||
conversion of redeemable convertible preferred stock to common stock | 0 | 0 | 81,458,000 | |||||||||||||||||
property and equipment included in accounts payable and accrued expenses | -523,000 | 632,000 | 63,000 | 71,000 | ||||||||||||||||
adjustments to reconcile net income to net cash from operating activities | ||||||||||||||||||||
unpaid deferred offering costs | 2,214,000 | |||||||||||||||||||
payments for deferred offering costs | ||||||||||||||||||||
proceeds from exercise of redeemable convertible preferred stock warrants | ||||||||||||||||||||
bad debt expense | -120,000 | 288,000 | -93,000 | |||||||||||||||||
accounts payable | 454,000 | -421,000 | 129,000 | |||||||||||||||||
accrued expenses and other current liabilities | ||||||||||||||||||||
other liabilities | 2,000 | -60,000 | -9,000 | |||||||||||||||||
capitalized internal-use software | -1,065,000 | -900,000 | -771,000 | |||||||||||||||||
common stock issued in acquisition | ||||||||||||||||||||
amounts held in escrow related to sale of business | ||||||||||||||||||||
receivable from exercise of stock options included in prepaid expenses and other current assets | 75,000 | -293,000 | 298,000 | |||||||||||||||||
operating lease right-of-use assets obtained in exchange for modified operating lease liabilities | ||||||||||||||||||||
amortization of prepaid partner fees | 231,000 | 568,000 | ||||||||||||||||||
accrued expenses | 1,958,000 | -2,377,000 | ||||||||||||||||||
common stock issued in exchange for services | ||||||||||||||||||||
repurchase and retirement of common stock | -2,698,000 |