Doximity, Inc.DOCS

Doximity, Inc. Earnings Per Share Disclosure

10-KFiled May 20, 20251 min read
Net Income Per Share Attributable to Common Stockholders
The following table presents the reconciliation of the numerator and denominator for calculating basic and diluted net income per share (in thousands, except per share data):
Fiscal Year Ended March 31,
202520242023
Numerator
Net income$223,185 $147,582 $112,818 
Denominator
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic
186,841 190,172 193,176 
Dilutive effect of stock options13,021 15,346 20,027 
Dilutive effect of common stock warrants— 72 139 
Dilutive effect of other share-based awards1,346 144 83 
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, diluted
201,208 205,734 213,425 
Net income per share attributable to Class A and Class B common stockholders:
Basic$1.19 $0.78 $0.58 
Diluted$1.11 $0.72 $0.53 
Certain potentially dilutive securities have been excluded from the calculation of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive (in thousands):
Fiscal Year Ended March 31,
202520242023
Other share-based awards102 883 572 
Common stock warrants379 516 516 
Total481 1,399 1,088 
Other share-based awards consist of RSUs, PSUs, and ESPP rights.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsCommitmentsNew StandardsPay vs Performance