Doximity (DOCS) 10-Q 12 Aug 21 2022 Q1 Quarterly report Financial data

COVER

COVER - shares	3 Months Ended
	Jun. 30, 2021	Aug. 10, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-04321
Entity Registrant Name	Doximity, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2485512
Entity Address, Address Line One	500 3rd St.
Entity Address, Address Line Two	Suite 510
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94107
City Area Code	650
Local Phone Number	549-4330
Title of 12(b) Security	Class A common stock, $0.001 par value per share
Trading Symbol	DOCS
Security Exchange Name	NYSE
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001516513
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		48,853,734
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		136,818,608

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 594,321	$ 66,393
Marketable securities	132,133	76,141
Accounts receivable, net of allowance for doubtful accounts of $546 and $955 at June 30, 2021 and March 31, 2021, respectively	45,990	50,319
Prepaid expenses and other current assets	14,050	10,692
Deferred contract costs, current	4,103	5,856
Total current assets	790,597	209,401
Property and equipment, net	7,654	7,598
Deferred income tax assets	2,112	2,112
Operating lease right-of-use assets	1,056	1,339
Intangible assets, net	9,332	9,596
Goodwill	18,915	18,915
Other assets	516	2,758
Total assets	830,182	251,719
Current liabilities:
Accounts payable	2,700	1,515
Accrued expenses	14,282	16,285
Deferred revenue, current	82,578	83,272
Operating lease liabilities, current	622	970
Total current liabilities	100,182	102,042
Deferred revenue, non-current	349	220
Operating lease liabilities, non-current	162	284
Other liabilities, non-current	1,037	972
Total liabilities	101,730	103,518
Commitments and contingencies (Note 11)
Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, $0.001 par value; zero and 76,350 shares authorized as of June 30, 2021 and March 31, 2021, respectively; zero and 76,287 shares issued and outstanding as of June 30, 2021 and March 31, 2021, respectively; liquidation preference of zero and $81,672 as of June 30, 2021 and March 31, 2021, respectively	0	81,458
Stockholders' Equity
Preferred stock, $0.001 par value; 100,000 and zero shares authorized as of June 30, 2021 and March 31, 2021, respectively; zero shares issued or outstanding as of June 30, 2021 and March 31, 2021, respectively	0	0
Class A and Class B common stock, $0.001 par value; 1,500,000 and 198,000 shares authorized as of June 30, 2021 and March 31, 2021, respectively; 185,207 and 82,910 shares issued and outstanding as of June 30, 2021 and March 31, 2021, respectively	185	83
Additional paid-in capital	665,690	30,357
Accumulated other comprehensive loss	(69)	(21)
Retained earnings	62,646	36,324
Total stockholders' equity	728,452	66,743
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity	$ 830,182	$ 251,719

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 546	$ 955
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Redeemable convertible preferred stock, authorized (in shares)	0	76,350,000
Redeemable convertible preferred stock issued (in shares)	0	76,286,618
Redeemable convertible preferred stock outstanding (in shares)	0	76,286,618
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 81,672
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	100,000,000	0
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	1,500,000,000	198,000,000
Common stock, issued (in shares)	185,207,000	82,910,000
Common stock, outstanding (in shares)	185,207,000	82,910,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 72,669	$ 36,388
Cost of revenue	7,986	7,875
Gross profit	64,683	28,513
Operating expenses:
Research and development	13,241	10,043
Sales and marketing	19,371	13,285
General and administrative	7,196	3,102
Total operating expenses	39,808	26,430
Income from operations	24,875	2,083
Interest income	76	137
Other expense, net	(31)	(290)
Income before income taxes	24,920	1,930
Provision for (benefit from) income taxes	(1,402)	471
Net income	26,322	1,459
Undistributed earnings attributable to participating securities, basic	(15,581)	(1,459)
Undistributed earnings attributable to participating securities, diluted	(15,581)	(1,459)
Net income attributable to Class A and Class B common stockholders, basic	10,741	0
Net income attributable to Class A and Class B common stockholders, diluted	$ 10,741	$ 0
Net income per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 0.12	$ 0
Diluted (in dollars per share)	$ 0.09	$ 0
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic (in shares)	87,599	69,374
Diluted (in shares)	114,920	85,156

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 26,322	$ 1,459
Other comprehensive loss
Change in unrealized loss on available-for-sale-securities, net of tax of $0	(48)	0
Total other comprehensive loss	(48)	0
Comprehensive income	$ 26,274	$ 1,459

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)
Statement of Comprehensive Income [Abstract]
Change in unrealized loss on available-for-sale-securities, tax	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss/Income	Retained Earnings/Accumulated Deficit
Beginning balance (in shares) at Mar. 31, 2020	76,287,000
Beginning balance at Mar. 31, 2020	$ 81,458
Ending balance (in shares) at Jun. 30, 2020	76,287,000
Ending balance at Jun. 30, 2020	$ 81,458
Beginning balance (in shares) at Mar. 31, 2020		68,566,000
Beginning balance at Mar. 31, 2020	1,136	$ 68	$ 14,954	$ 0	$ (13,886)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,024		1,024
Exercise of stock options (in shares)		482,000
Exercise of stock options	222		222
Issuance of common stock in exchange for services (in shares)		22,000
Issuance of common stock in exchange for services	34		34
Vesting of common stock warrants	23		23
Other comprehensive loss	0
Issuance of common stock in connection with an acquisition (in shares)		690,000
Issuance of common stock in connection with an acquisition	1,062	$ 1	1,061
Net income	1,459				1,459
Ending balance (in shares) at Jun. 30, 2020		69,760,000
Ending balance at Jun. 30, 2020	$ 4,960	$ 69	17,318	0	(12,427)
Beginning balance (in shares) at Mar. 31, 2021	76,286,618
Beginning balance at Mar. 31, 2021	$ 81,458
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock upon initial public offering (in shares)	(76,287,000)
Conversion of redeemable convertible preferred stock upon initial public offering	$ (81,458)
Ending balance (in shares) at Jun. 30, 2021	0
Ending balance at Jun. 30, 2021	$ 0
Beginning balance (in shares) at Mar. 31, 2021		82,910,000
Beginning balance at Mar. 31, 2021	66,743	$ 83	30,357	(21)	36,324
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 5,176		5,176
Exercise of stock options (in shares)	3,685,000	3,685,000
Exercise of stock options	$ 3,035	$ 4	3,031
Repurchase and retirement of common stock (in shares)		(181,000)
Repurchase and retirement of common stock	(2,698)		(2,698)
Vesting of common stock warrants	12		12
Other comprehensive loss	(48)			(48)
Conversion of redeemable convertible preferred stock upon initial public offering (in shares)		76,287,000
Conversion of redeemable convertible preferred stock upon initial public offering	81,458	$ 76	81,382
Issuance of common stock upon initial public offering, net of underwriting discounts and offering costs (in shares)		22,506,000
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and deferred offering costs	548,452	$ 22	548,430
Net income	26,322				26,322
Ending balance (in shares) at Jun. 30, 2021		185,207,000
Ending balance at Jun. 30, 2021	$ 728,452	$ 185	$ 665,690	$ (69)	$ 62,646

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income	$ 26,322	$ 1,459
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,153	768
Deferred income taxes	0	363
Stock-based compensation, net of amounts capitalized	5,127	983
Other	0	58
Non-cash lease expense	283	651
Bad debt expense (recovery)	(93)	88
Amortization of premium on marketable securities, net	297	5
Amortization of prepaid partner fees	568	0
Amortization of deferred contract costs	3,204	1,547
Changes in operating assets and liabilities, net of effect of acquisition:
Accounts receivable	4,421	(10,862)
Prepaid expenses and other assets	(3,321)	3,473
Deferred contract costs	(1,492)	(1,480)
Accounts payable	129	(364)
Accrued expenses	(2,377)	(824)
Deferred revenue	(566)	12,047
Operating lease liabilities	(471)	(659)
Other liabilities	(9)	1,507
Net cash provided by operating activities	33,175	8,760
Cash flows from investing activities
Purchases of property and equipment	(41)	(25)
Capitalized internal-use software	(771)	(1,151)
Purchases of marketable securities	(67,375)	0
Maturities of marketable securities	10,764	18,000
Cash paid for acquisition, net of cash acquired	0	(31,634)
Net cash used in investing activities	(57,423)	(14,810)
Cash flows from financing activities
Proceeds from Issuance Initial Public Offering	553,905	0
Proceeds from issuance of common stock upon exercise of stock options	2,737	223
Payments of deferred offering costs	(1,768)	0
Repurchase and retirement of common stock	(2,698)	0
Net cash provided by financing activities	552,176	223
Net increase in cash and cash equivalents	527,928	(5,827)
Cash and cash equivalents, beginning of period	66,393	48,430
Cash and cash equivalents, end of period	594,321	42,603
Supplemental disclosures of cash flow information
Cash paid for taxes	131	0
Non-cash financing and investing activities
Conversion of redeemable convertible preferred stock to common stock	81,458	0
Unpaid deferred offering costs	2,214	0
Common stock issued in exchange for services	0	34
Common stock issued in acquisition	0	1,062
Capitalized stock-based compensation for internal-use software development costs	61	41
Property and equipment included in accounts payable and accrued expenses	71	0
Receivable from exercise of stock options included in prepaid expenses and other current assets	$ 298	$ 0

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Doximity, Inc. (the “Company”) was incorporated in the state of Delaware in April 2010 as 3MD Communications, Inc. and is headquartered in San Francisco, California. The Company subsequently changed its name to Doximity, Inc. in June 2010. The Company provides an online platform, which enables physicians and other healthcare professionals to collaborate with their colleagues, securely coordinate patient care, stay up to date with the latest medical news and research, and manage their careers. The Company’s customers primarily include pharmaceutical companies and health systems that connect with healthcare professionals through the Company’s digital Marketing and Hiring Solutions. Marketing Solutions provide customers with the ability to share tailored content on the network. Hiring Solutions enable customers to identify, connect with, and hire from the network of both active and passive potential physician candidates. Initial Public Offering In June 2021, the Company completed its initial public offering (IPO), in which the Company issued and sold 22,505,750 shares of its Class A common stock at $26.00 per share, including 3,495,000 shares issued upon the exercise of the underwriters’ option to purchase additional shares. The Company received proceeds of $548.5 million after deducting underwriting discounts and commissions as well as deferred offering costs. In connection with the IPO, all 76,286,618 shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into an equivalent number of shares of Class B common stock on a one-to-one basis. Deferred offering costs, which consist of direct incremental legal, consulting, banking, and accounting fees relating to the Company’s planned initial public offering, were capitalized and offset against proceeds upon the consummation of the IPO. As of March 31, 2021, the Company capitalized $2.3 million of deferred offering costs, which were included in other assets on the condensed consolidated balance sheet. Through June 25, 2021, the date the Company filed its final prospectus with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Final Prospectus”), the Company had capitalized $5.5 million of deferred offering costs, which were offset against proceeds upon the consummation of the IPO. Stock Split On June 8, 2021, the Company’s Board of Directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation effecting a 2-for-1 forward split of the Company’s issued and outstanding stock, including outstanding stock-based instruments and redeemable convertible preferred stock. The par value of the common and redeemable convertible preferred stock was not adjusted as a result of the stock split. As such, the Company has reclassified amounts from additional paid-in capital to common stock. All issued and outstanding shares of common stock, stock-based instruments, redeemable convertible preferred stock, and per-share amounts included in the accompanying condensed consolidated financial statements have been adjusted to reflect this stock split for all periods presented. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Final Prospectus. The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of the Company’s management, the information contained herein reflects all adjustments necessary for a fair presentation of Doximity’s financial position, results of operations, stockholders’ equity, and cash flows. The results of operations for the three months ended June 30, 2021, shown in this report are not necessarily indicative of the results to be expected for the full year ending March 31, 2022. We reclassified certain prior year amounts, as applicable, to conform to the current year presentation. Fiscal Year The Company’s fiscal year ends on March 31. Unless otherwise noted, all references to a particular year shall mean the Company’s fiscal year.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies of the Company as compared to those described in the Final Prospectus dated June 23, 2021 and filed with the SEC on June 25, 2021. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts stated in the condensed consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, the determination of revenue recognition, fair values of acquired intangible assets and goodwill, useful lives of long-lived assets, internal-use software development costs, the valuation of the Company’s common stock, the valuation of stock-based awards, allowance for doubtful accounts, expected period of benefit for deferred commissions, and deferred income taxes. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. However, future events are subject to change and best estimates and judgments routinely require adjustment. Actual results could differ from those estimates. The World Health Organization declared in March 2020 that the recent outbreak of the coronavirus disease (“COVID-19”) constituted a pandemic. The COVID-19 pandemic has had, and continues to have, a significant impact on the U.S. economy and the markets in which the Company operates. The Company has not experienced significant adverse impacts on its business and workforce and the Company’s results of operations, cash flows, and financial condition have not been adversely impacted to date. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s results of operations, cash flows, and financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted. As of the date of issuance of the condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require it to update its estimates, judgments, or the carrying value of its assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating. To manage risk exposure, the Company invests cash equivalents and marketable securities in a variety of fixed income securities, including government and investment-grade debt securities and money market funds. The Company places its cash primarily in checking and money market accounts with reputable financial institutions. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits, if any. Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. The Company performs ongoing assessments and credit evaluations of its customers to assess the collectability of the accounts receivable based on a number of factors, including past transaction experience, age of the receivable, review of the invoicing terms of the contracts, and recent communications with customers. The Company has not experienced significant credit losses from its accounts receivable. The Company’s significant customers that represented 10% or more of revenue or accounts receivable, net for the periods presented were as follows: Revenue Accounts Receivable, Net Three Months Ended June 30, June 30, 2021 March 31, 2021 2021 2020 Customer A 11 % 10 % 19 % 25 % Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards, including stock options, and restricted stock units (RSUs) granted to employees, directors, and non-employees based on the estimated fair value of the awards on the date of grant. The resulting fair value, net of estimated forfeitures, is generally recognized as stock-based compensation expense on a straight-line basis over the requisite service period. The Company also grants certain awards that have performance-based vesting conditions. Stock-based compensation expense for such awards is recognized using an accelerated attribution method from the time it is deemed probable that the vesting condition will be met through the time the service-based vesting condition has been achieved. Estimated forfeitures are based upon the Company’s historical experience and the Company revises its estimates, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model. The determination of the grant-date fair value using an option-pricing model is affected by the estimated fair value of the Company’s common stock as well as assumptions regarding a number of other complex and subjective variables. These variables include expected stock price volatility over the expected term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate for the expected term of the award, and expected dividends. The fair value of each RSU is based on the fair value of the Company’s common stock on the date of grant. Accounting Pronouncements Recently Adopted In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify how entities assess goodwill for impairment by eliminating Step 2 from the goodwill impairment test. As amended, the goodwill impairment test consists of one step comparing the fair value of a reporting unit with its carrying amount. An entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance is effective for the Company for its interim and annual period beginning April 1, 2023, and early adoption is permitted. The Company early adopted this new guidance effective April 1, 2021, using a prospective approach. The Company will perform its annual impairment assessment in the fourth quarter of fiscal 2022 under this new guidance. The adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , that simplifies the accounting for income taxes by removing certain exceptions to the general principles in such areas as intraperiod tax allocation, year-to-date losses in interim periods, and deferred tax liabilities related to outside basis differences. Amendments also include simplifications in other areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements, and interim recognition of enactment of tax laws or rate changes. This guidance is effective for the Company for its fiscal year beginning April 1, 2022 and interim periods within its fiscal year beginning April 1, 2023. The Company is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company’s revenue is primarily derived from the sale of subscriptions for the following solutions: • Marketing Solutions : Hosting of customer-sponsored content on the Doximity platform and providing access to the Company’s professional database of healthcare professionals for referral or marketing purposes during the subscription period. • Hiring Solutions : Providing customers access to the Company’s professional tools where recruiters can access the Company’s database of healthcare professionals, allowing customers to send messages for talent sourcing and to share job postings during the subscription period. The Company determines revenue recognition in accordance with ASC 606, Revenue from Contracts with Customers , through the following five steps: 1) Identify the contract with a customer The Company considers the terms and conditions of its contracts and the Company’s customary business practices in identifying its contracts under ASC 606. The Company determines it has a contract with a customer when the contract has been approved by both parties, it can identify each party’s rights regarding the services to be transferred and the payment terms for the services, it has determined the customer to have the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s payment history or, in the case of a new customer, credit and financial information pertaining to the customer. Contractual terms for Marketing Solutions contracts are generally 12 months or less. The contractual term for Hiring Solutions contracts is typically 12 months. Customers are generally billed in advance based on contractual milestones during the subscription term. Certain Marketing Solutions contracts are cancellable with a 30-day notice period. The Company is not required to refund any prepayment fees invoiced and customers are responsible for prorated amounts to cover services that were provided but payment was not made. Contracts related to Hiring Solutions are non-cancellable and customers are billed in annual, quarterly, or monthly installments in advance of the service period. 2) Identify the performance obligations in the contract Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract. Marketing Solutions customers may purchase a subscription for a specific module to be used over a defined period of time. These customers may purchase more than one module with either the same or different subscription periods. Modules are the core building blocks of the Company’s customers’ marketing plan and can be broadly categorized as Awareness, Interactivity, and Peer. As an example, the Company’s Awareness modules may include: • A sponsored article, including a headline that appears in the targeted member’s newsfeed. • Short, animated videos that are presented in targeted members’ newsfeeds. • Short-form content that is presented within the targeted members’ newsfeeds. Each module targets a consistent number of Doximity members per month for the duration of the subscription period. The Company treats each subscription to a specific module as a distinct performance obligation because each module is capable of being distinct as the customer can benefit from the subscription to each module on their own and each subscription can be sold standalone. Furthermore, the subscriptions to individual modules are distinct in the context of the contract as (1) the Company is not integrating the services with other services promised in the contract into a bundle of services that represent a combined output, (2) the subscriptions to specific modules do not significantly modify or customize the subscription to another module, and (3) the specific modules are not highly interdependent or highly interrelated. The subscription to each module is treated as a series of distinct performance obligations because it is distinct and substantially the same, satisfied over time, and has the same measure of progress. Marketing Solutions customers may also purchase integrated subscriptions for a fixed subscription fee that are not tied to a single module but allow customers to utilize any combination of modules during the subscription period subject to limits on the total number of modules active at any given time and members targeted. These represent stand-ready obligations in that the delivery of the underlying sponsored content is within the control of the customer and the extent of use in any given period does not diminish the remaining services. Some customers have negotiated to receive credits to purchase additional services at no extra cost if certain metrics have not been achieved. These credits are accounted for as material rights. Subscriptions to Hiring Solutions provide customers access to the platform to place targeted job postings and send a fixed number of monthly messages. Each subscription is treated as a series of distinct performance obligations that are satisfied over time. 3) Determine the transaction price The transaction price is determined based on the consideration the Company expects to be entitled to in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. The Company may generate sales through the use of third-party media agencies that are authorized to enter into contracts on behalf of an end customer. The Company acts as the principal in these transactions since it maintains control prior to transferring the service to the customer and is primarily responsible for the fulfillment that occurs through the Company’s platform. The Company records revenue for the amount to which it is entitled from the third-party media agencies as the Company does not know and expects not to know the price charged by the third-party media agencies to its customers. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental entities. 4) Allocate the transaction price to performance obligations in the contract If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative stand-alone selling price (“SSP”). The determination of a SSP for each distinct performance obligation requires judgment. The Company determines SSP for performance obligations based on overall pricing objectives, which take into consideration market conditions and customer-specific factors, including a review of internal discounting tables, the type of services being sold, and other factors. The estimate of standalone selling price is based on historical sales of standalone services. The Company estimates standalone selling price for arrangements where standalone sales do not provide sufficient evidence of standalone selling price. The Company believes the use of its estimation approach and allocation of the transaction price on a relative SSP basis to each performance obligation results in revenue recognition in a manner consistent with the underlying economics of the transaction and the allocation principle included in ASC 606. 5) Recognize revenue when or as the Company satisfies a performance obligation Revenue is recognized when or as control of the promised goods or service is transferred to the customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. Subscriptions represent a series of distinct goods or services because the performance obligations are satisfied over time as customers simultaneously receive and consume the benefits related to the services as the Company performs. In the case of module specific subscriptions, a consistent level of service is provided during each monthly period the sponsored content is available on the Company’s platform. The Company commences revenue recognition when the first content is launched on the platform for the initial monthly period and revenue is recognized over time as each subsequent content period is delivered. The Company’s obligation for its integrated subscriptions is to stand-ready throughout the subscription period; therefore, the Company considers an output method of time to measure progress towards satisfaction of its obligations with revenue commencing upon the beginning of the subscription period. The Company treats Hiring Solutions subscriptions as a single performance obligation that represents a series of distinct performance obligations that is satisfied over time. Revenue recognition commences when the customer receives access to the services. Revenue Disaggregation Revenue consisted of the following (in thousands): Three Months Ended June 30, 2021 2020 Subscription $ 68,375 $ 33,022 Other 4,294 3,366 Total revenue $ 72,669 $ 36,388 Other revenue consists of fees earned from the temporary staffing and permanent placement of healthcare professionals. Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers. A majority of customers are invoiced throughout the contract while others are billed upfront. The Company’s contracts do not contain significant financing components. The Company records unbilled revenue when revenue is recognized in amounts for which it is contractually entitled but exceeds the amounts the Company has a right to bill as of the end of the period. The Company records unbilled revenue on the consolidated balance sheets within prepaid expenses and other current assets. The Company’s unbilled revenue balances were $1.3 million and $0.7 million as of June 30, 2021 and March 31, 2021 respectively. Deferred revenue consists of non-cancelable customer billings or payments received in advance of revenue recognition. Deferred revenue balances are generally expected to be recognized within 12 months. Revenue recognized for the three months ended June 30, 2021 from amounts included in deferred revenue as of March 31, 2021 was $49.5 million. Revenue recognized for the three months ended June 30, 2020 from amounts included in deferred revenue as of March 31, 2020 was $24.0 million. Deferred Contract Costs The Company capitalizes sales commissions that are considered to be incremental and recoverable costs of obtaining a contract with a customer. Sales commissions earned for the renewal of Marketing Solutions contracts are commensurate with commissions earned for a new or expansion Marketing Solutions contract, whereas commissions earned for the renewal of Hiring Solutions subscription contracts are at a lower rate than for new and expansion Hiring Solutions subscription contracts. Deferred commissions for Marketing Solutions contracts and for Hiring Solutions renewal contracts are recorded in deferred contract costs and amortized over the weighted-average contractual terms ranging from 7 months to 13 months. Sales commissions tied to new and expansion Hiring Solutions contracts are recorded in deferred contract costs and amortized on a straight-line basis over a longer period of benefit. Based on the nature of the Company’s technology and services, the rate at which the Company continually enhances and updates its technology, and its historical customer retention, the expected period of benefit for new and expansion Hiring Solutions contracts is determined to be 4 years. Certain sales commissions that are not considered incremental costs are expensed in the same period as they are earned. Amortized costs are included in sales and marketing expense in the condensed consolidated statements of operations. The Company capitalized $1.5 million and $1.5 million of contract acquisition costs for the three months ended June 30, 2021 and 2020, respectively. Amortization of deferred contract costs was $3.2 million and $1.5 million for the three months ended June 30, 2021 and 2020, respectively. Amounts expected to be recognized within one year of the balance sheet date are recorded as deferred contract costs, current, and the remaining portion is recorded as deferred contract costs, non-current, on the condensed consolidated balance sheets. Deferred contract costs are periodically analyzed for impairment. There were no impairment losses relating to deferred contract costs during the three months ended June 30, 2021 and 2020.

Investments

Investments	3 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The cost, gross unrealized gains and losses, and fair value of investments as of June 30, 2021 are as follows (in thousands): Cost or Gross Gross Fair Value Cash equivalents: Corporate notes and bonds 130 — — 130 Money market funds 209,915 — — 209,915 Total cash equivalents 210,045 — — 210,045 Marketable securities: Asset-backed securities 7,245 — (1) 7,244 Certificates of deposit 4,516 1 — 4,517 Commercial paper 30,381 2 — 30,383 Corporate notes and bonds 73,009 13 (75) 72,947 Sovereign bonds 3,217 — (3) 3,214 U.S. government and agency securities 13,834 — (6) 13,828 Total marketable securities 132,202 16 (85) 132,133 Total cash equivalents and marketable securities $ 342,247 $ 16 $ (85) $ 342,178 As of June 30, 2021, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 297,939 Due in one year to three years 44,239 Total $ 342,178 The cost, gross unrealized gains and losses, and fair value of investments as of March 31, 2021 were as follows (in thousands): Cost or Gross Gross Fair Value Cash equivalents: Commercial paper $ 2,290 $ — $ — $ 2,290 Corporate notes and bonds 3,517 — (1) 3,516 Money market funds 9,838 — — 9,838 Certificates of deposit 1,301 — — 1,301 Total cash equivalents 16,946 — (1) 16,945 Marketable securities: Asset-backed securities 3,264 — (1) 3,263 Certificates of deposit 4,867 1 — 4,868 Commercial paper 16,411 1 — 16,412 Corporate notes and bonds 46,662 3 (24) 46,641 Sovereign bonds 1,100 — (1) 1,099 U.S. government and agency securities 3,857 1 — 3,858 Total marketable securities 76,161 6 (26) 76,141 Total cash equivalents and marketable securities $ 93,107 $ 6 $ (27) $ 93,086 As of March 31, 2021, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 72,307 Due in one year to three years 20,779 Total $ 93,086 As of June 30, 2021 and March 31, 2021, we have recognized accrued interest of $0.5 million and $0.3 million, respectively, which is included in prepaid expenses and other current assets in the condensed consolidated balance sheets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company accounts for fair value in accordance with ASC 820, Fair Value Measurements and Disclosures . Valuation techniques used to ensure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 —Inputs that are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 —Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in thousands): As of June 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Corporate notes and bonds $ — $ 130 $ — $ 130 Money market funds 209,915 — — 209,915 Total cash equivalents 209,915 130 — 210,045 Marketable securities: Asset-backed securities — 7,244 — 7,244 Certificates of deposit — 4,517 — 4,517 Commercial paper — 30,383 — 30,383 Corporate notes and bonds — 72,947 — 72,947 Sovereign bonds — 3,214 — 3,214 U.S. government and agency securities 12,332 1,496 — 13,828 Total marketable securities 12,332 119,801 — 132,133 Total cash equivalents and marketable securities $ 222,247 $ 119,931 $ — $ 342,178 As of March 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 2,290 $ — $ 2,290 Corporate notes and bonds — 3,516 — 3,516 Money market funds 9,838 — — 9,838 Certificates of deposit — 1,301 — 1,301 Total cash equivalents 9,838 7,107 — 16,945 Marketable securities: Asset-backed securities — 3,263 — 3,263 Certificates of deposit — 4,868 — 4,868 Commercial paper — 16,412 — 16,412 Corporate notes and bonds — 46,641 — 46,641 Sovereign bonds — 1,099 — 1,099 U.S. government and agency securities 3,858 — — 3,858 Total marketable securities 3,858 72,283 — 76,141 Total cash equivalents and marketable securities $ 13,696 $ 79,390 $ — $ 93,086 During the three months ended June 30, 2021 and 2020, the Company had no transfers between levels of the fair value hierarchy. Fair Value Measurements of Other Financial Instruments The carrying values of accounts receivable, accounts payable and accrued expenses approximate fair value due to their relatively short maturities.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, 2021 March 31, 2021 Furniture and fixtures $ 297 $ 299 Computers 771 704 Leasehold improvements 594 549 Capitalized internal-use software 11,665 10,908 Total property and equipment 13,327 12,460 Less: accumulated depreciation and amortization (5,673) (4,862) Total property and equipment, net $ 7,654 $ 7,598 Depreciation and amortization expense on property and equipment for the three months ended June 30, 2021 and 2020 was $0.9 million and $0.5 million, respectively. Included in these amounts was amortization expense for capitalized internal-use software costs of $0.8 million and $0.4 million for the three months ended June 30, 2021 and 2020, respectively. The amortization of the capitalized internal-use software costs is included in cost of revenue in the condensed consolidated statements of operations.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Accrued Expenses	Accrued ExpensesAccrued expenses consisted of the following (in thousands): June 30, 2021 March 31, 2021 Accrued commissions $ 3,938 $ 5,864 Accrued payroll, bonus, and related expenses 5,358 5,006 Other accrued expenses 4,986 5,415 Total accrued expenses $ 14,282 $ 16,285

Business Combinations, Intangib

Business Combinations, Intangible Assets, and Goodwill	3 Months Ended
	Jun. 30, 2021
Business Combination, Goodwill And Intangible Assets Disclosure [Abstract]
Business Combinations, Intangible Assets, and Goodwill	Business Combinations, Intangible Assets, and Goodwill Curative Talent Acquisition On April 1, 2020, the Company completed the acquisition of THMED, LLC (subsequently renamed Curative Talent, LLC, “Curative Talent” or “Curative”), which was accounted for as a business combination. Curative provides temporary and permanent healthcare staffing services to hospitals, medical groups, and other healthcare facilities across the United States. The acquisition-date fair value of the consideration transferred was $34.7 million, consisting of $33.6 million in cash and 689,656 shares of common stock valued at $1.1 million. The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill as shown below. The purchase consideration allocation was as follows (in thousands): Assets acquired: Cash and cash equivalents $ 1,972 Accounts receivable 4,075 Other assets 1,503 Customer relationships 10,280 Total assets acquired $ 17,830 Liabilities assumed: Accounts payable and accrued liabilities $ 2,030 Net assets acquired, excluding goodwill 15,800 Goodwill $ 18,915 Total purchase consideration $ 34,715 Goodwill represents the excess of purchase price over future economic benefits arising from other assets that could not be individually identified and separately recognized, such as the acquired assembled workforce of Curative. In addition, goodwill represents the future benefits as a result of the acquisition that will enhance the Company’s product available to both new and existing customers and increase the Company’s competitive position. The goodwill is deductible for income tax purposes. The Company’s acquisition-related costs were $1.2 million and were recorded as general and administrative expense in the Company’s consolidated statements of operations during the year ended March 31, 2020. Acquisition related expenses incurred during the three months ended June 30, 2020 were not material. Intangible assets acquired are comprised of customer relationships with an estimated useful life of 10 years. The fair value assigned to the customer relationship was determined primarily using the multiple period excess earnings method cost approach, which estimates the direct cash flows expected to be generated from the existing customers acquired. The results of operations of this business combination have been included in the Company’s consolidated financial statements from the acquisition date. Intangible Assets Intangible assets, net consisted of the following (in thousands): June 30, 2021 March 31, 2021 Customer relationships $ 10,280 $ 10,280 Domain names 436 436 Total intangible assets 10,716 10,716 Less: accumulated amortization (1,384) (1,120) Total intangible assets, net $ 9,332 $ 9,596 Amortization expense for intangible assets was $0.3 million and $0.3 million for the three months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, future amortization expense is as follows (in thousands): Year Ending March 31, Amount Remainder of 2022 $ 794 2023 1,059 2024 1,059 2025 1,059 2026 1,059 2027 1,056 Thereafter 3,246 Total future amortization expense $ 9,332 Goodwill

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock	3 Months Ended
	Jun. 30, 2021
Temporary Equity Disclosure [Abstract]
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred StockAs of March 31, 2021, there were 76,286,618 shares of redeemable convertible preferred stock issued and outstanding. Upon completion of the IPO in June 2021, all shares of the Company’s redeemable convertible preferred stock outstanding, totaling 76,286,618, were automatically converted into an equivalent number of shares of Class B common stock on a one-to-one basis. The carrying value of redeemable convertible preferred stock of $81.5 million was reclassified into stockholders’ equity. As of June 30, 2021, there were no shares of redeemable convertible preferred stock issued and outstanding.

Equity

Equity	3 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Equity	Equity Preferred Stock In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 100,000,000 shares of undesignated preferred stock with a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the Board of Directors. As of June 30, 2021, there were no shares of preferred stock issued and outstanding. Common Stock and Creation of Dual-Class Structure On June 8, 2021, the Company’s Board of Directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation effecting a 2-for-1 forward split of the Company’s issued and outstanding stock, including outstanding stock-based instruments and redeemable convertible preferred stock. The par value of the common and redeemable convertible preferred stock was not adjusted as a result of the stock split. As such, the Company reclassified amounts from additional paid-in capital to common stock. All issued and outstanding shares of common stock, stock-based instruments, redeemable convertible preferred stock, and per-share amounts included in the accompanying condensed consolidated financial statements have been adjusted to reflect this stock split for all periods presented. The Company has two classes of common stock authorized: Class A common stock and Class B common stock, and are collectively referred to as common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. On June 8, 2021, the Company’s Board of Directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation which authorized 1,000,000,000 shares of Class A common stock with par value of $0.001 and one vote per share, and 500,000,000 shares of Class B common Stock with par value of $0.001 and ten votes per share. The holders of common stock are entitled to receive dividends as may be declared by the board of directors. Each of the Company’s 85,523,836 shares of existing common stock outstanding was reclassified into Class B common stock. Each outstanding share of Class B common stock may be converted at any time at the option of the holder into one share of Class A common stock. During the three months ended June 30, 2021, 22,747,228 shares of Class B common stock were converted to Class A common stock. Common Stock Warrants In March 2017, the Company issued warrants to purchase 250,000 shares of common stock at an exercise price of $0.72 per share in connection with a contract signed between the Company and U.S. News & World Report, L.P (“U.S. News”). The warrants vest on a monthly basis over a 5-year term starting on March 1, 2017. The Company recognizes the fair value of the warrants as stock-based compensation expense and additional paid-in capital over the vesting term of the warrants. On June 14, 2021, the Company issued a warrant to U.S. News to purchase 1,200,000 shares of Class A common stock with an exercise price of $12.56 per share, contingent on the execution of a commercial agreement with the U.S. News (the “Commercial Agreement”) prior to September 10, 2021. The warrant will vest on a monthly basis over 6 years, with the first tranche vesting on May 1, 2022. The Company will measure the fair value of the warrants upon the execution of the Commercial Agreement. Equity Incentive Plans In April 2010, the Company’s board of directors and stockholders approved the adoption of the 2010 Equity Incentive Plan (the “2010 Plan”). As of June 30, 2021 and March 31, 2021, a total of 72,516,690 and 71,966,690 shares of common stock were authorized for issuance under the 2010 Plan, respectively. The 2010 Plan provides for the granting of incentive stock options, nonstatutory stock options, restricted stock units, and restricted stock awards to employees, non-employee directors, and consultants of the Company. Options may be granted at a price per share not less than 100% of the fair market value at date of grant. If the incentive stock option is granted to a 10% stockholder, then the purchase or exercise price per share shall not be less than 110% of the fair market value per share of common stock on the grant date. Options granted under the 2010 Plan continue to vest until the last day of employment and generally vest over four years and expire 10 years from the date of grant. Stock awards may also be granted for services performed by external consultants and vest according to an award-specific schedule as approved by the board of directors. In June 2021, The Company’s Board of Directors approved the adoption of the 2021 Stock Option and Incentive Plan (the “2021 Plan”), which became effective upon the Company’s initial public offering. A total of 22,500,000 shares of Class A common stock is reserved for the 2021 Plan. Any shares of Class B common stock that would have otherwise returned to the Company’s 2010 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder shall be returned to the share reserve under the 2021 Plan after being automatically converted from shares of Class B common stock to Class A common stock. The 2010 Plan and the 2021 Plan are collectively referred to as the “Plans” in the notes to the condensed consolidated financial statements, unless otherwise noted. The Company’s Board of Directors approved the adoption of the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective upon the Company’s initial public offering. A total of 4,500,000 shares of Class A common stock is initially reserved for the ESPP. The number of shares reserved and available for issuance for the ESPP will automatically increase each April 1, beginning on April 1, 2022 and continuing through April 1, 2031, by the lesser of 6,750,000 shares of Class A common stock, 1% of the outstanding number of shares of our Class A and Class B common stock on the immediately preceding March 31, or such lesser number of shares as determined by the Company’s compensation committee. The Company grants stock options under terms of the Plans, as well as options outside of the Plans as approved by the board of directors. The Company granted 4,682,582 options during the year ended March 31, 2018 outside of the Plans, of which 1,973,332 options were exercised as of June 30, 2021. As of June 30, 2021, 2,709,250 options issued outside of the Plans were outstanding. The Company has shares of common stock reserved for issuance as follows (in thousands): June 30, 2021 March 31, 2021 Redeemable convertible preferred stock — 76,287 Common stock warrants 1,450 250 2010 Equity Incentive Plan Options outstanding 31,933 33,856 Shares available for future grant — 1,550 2021 Equity Incentive Plan RSUs outstanding 28 — Shares available for future grant 22,488 — 2021 ESPP Plan 4,500 — Options outstanding outside the Plans 2,709 2,720 Total 63,108 114,663 Stock Options Stock option activities within the Plans as well as outside of the Plans were as follows for both service-based and performance-based options (in thousands, except per share information): Number of Shares Weighted- Average Aggregate Intrinsic Value Balance, March 31, 2021 36,576 $ 2.80 7.86 $ 357,366 Options granted 1,966 12.56 Options exercised (3,685) 0.82 Options forfeited or expired (215) 3.30 Balance, June 30, 2021 34,642 3.56 7.96 1,892,961 Vested and exercisable as of June 30, 2021 10,399 1.02 5.84 594,666 Vested and expected to vest as of June 30, 2021 31,437 3.39 7.83 1,722,923 The intrinsic value of the stock options exercised is the difference between the fair value of the Company’s common stock and the exercise price for in-the-money options. The aggregate intrinsic value of options exercised during the three months ended June 30, 2021 and 2020 was $80.4 million and $0.5 million, respectively. The weighted-average grant-date fair value of options granted for the three months ended June 30, 2021 and 2020 was $10.73 and $1.23, respectively. As of June 30, 2021, unamortized compensation expense related to unvested stock options was $81.7 million, which is expected to be recognized over a weighted-average period of 3.46 years. The fair value of each option on the date of grant is determined using the Black-Scholes option-pricing model with the assumptions set forth in the following table: Three Months Ended June 30, 2021 2020 Fair value of common stock $ 18.41 – $ 21.41 $2.06 Volatility 46.5 % – 47.0 % 57.6 % – 58.3 % Risk-free interest rate 0.77 % – 1.02 % 0.33 % – 0.75 % Expected term (in years) 5.00 – 6.09 5.00 – 10.00 Expected dividend —% —% Restricted Stock Units ("RSUs") The Company granted 28,250 RSUs under the 2021 Plan on June 24, 2021. 50% of the RSUs shall vest on November 15, 2021, with the remaining vesting on February 15, 2022. The RSUs are valued using the closing stock price of its common stock, which is traded on NYSE, on the day of the grant, and are expensed on a straight-line basis over the applicable vesting period. All vesting is contingent on continued service. The following table summarizes RSU activity during the three months ended June 30, 2021: Number of Shares Weighted- Balance, March 31, 2021 — $ — Granted 28 53.00 Vested — — Forfeited — — Balance, June 30, 2021 28 $ 53.00 As of June 30, 2021, total unrecognized stock-based compensation cost, net of estimated forfeitures, related to non-vested RSUs was $1.5 million, and is expected to be recognized over a weighted-average period of approximately 0.63 years. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the condensed consolidated statement of operations for the three months ended June 30, 2021 and 2020 was as follows (in thousands): Three Months Ended June 30, 2021 2020 Cost of revenue $ 268 $ 90 Research and development 970 264 Sales and marketing 1,028 295 General and administrative 2,861 334 Total stock-based compensation expense $ 5,127 $ 983 Performance-Based Options In March 2018, the Board of Directors or the Company granted 1,792,000 options to the Chief Executive Officer with an exercise price of $0.97 per share under the 2010 Plan (the “2018 CEO Grant”) with a liquidity-event performance-based vesting condition based on the occurrence of a qualifying liquidity event, including an IPO, as well as stock price target after the consummation of the IPO. In September 2020, the 2018 CEO Grant was modified to extend the stock price target achievement cutoff date. The fair value of the 2018 CEO Grant was determined using a Monte Carlo simulation approach on the modification date. The achievement of the qualifying event was not considered to be probable prior to the Company’s IPO. Upon the Company's IPO, the liquidity-event performance-based condition was met. During the three months ended June 30, 2021, $0.9 million was recognized as stock-based compensation expense relating to the 2018 CEO Grant. As the grant consists of a single tranche, the Company will amortize the remaining unrecognized compensation expense of $1.0 million on a straight-line basis over the remaining term of 0.92 years. During the three months ended June 30, 2020, the Company granted two options for an aggregate of 780,000 shares of common stock with performance-based vesting conditions that are satisfied upon meeting certain revenue growth and sales targets. During the year ended March 31, 2021, the performance condition for one of the two options, for 100,000 shares of common stock, was met.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases In June 2021, the Company entered into an 8-year lease for office space in Irving, Texas. This lease will commence on or around June 1, 2022, with total undiscounted lease payments of $17.9 million. In accordance with ASC 842, Leases, the classification of the lease will be determined and the lease right-of-use assets and lease liabilities will be recognized on the lease commencement date based on the present value of lease payments over the lease term, discounted using the Company’s incremental borrowing rate. Indemnification The Company enters into indemnification provisions under agreements with other companies in the ordinary course of business, including, but not limited to, clients, business partners, landlords, and other parties involved in the performance of the Company’s services. Pursuant to these arrangements, the Company has agreed to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The terms of these indemnification agreements are generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. The Company maintains commercial general liability insurance and product liability insurance that may offset certain of its potential liabilities under these indemnification provisions. In addition, the Company has agreed to indemnify its officers and directors and certain key employees while they are serving in good faith in their respective capacities. To date, there have been no claims under these indemnification provisions. Legal Matters From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together have a material effect on its results of operations, financial position, or cash flows. No loss contingencies were recorded for the three months ended June 30, 2021 and 2020.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. The Company’s effective tax rate of (5.6)% for the three months ended June 30, 2021 was lower than the U.S. federal statutory rate, primarily due to stock-based compensation related tax benefits. The Company’s effective tax rate of 24.4%, for the three months ended June 30, 2020 was higher than the U.S. federal statutory rate, primarily due to state tax expense and partially offset by the U.S. Research and Development Tax Credit. The Company’s effective tax rate is based on forecasted annual income before income taxes ("pre-tax earnings") which may fluctuate through the rest of the year.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information The Company considers operating segments to be components of the Company in which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The chief operating decision maker reviews financial information on a consolidated basis to make decisions about how to allocate resources and how to measure the Company’s performance. As such, the Company has determined that it has one operating and reportable segment. Substantially all of the Company’s long-lived assets were based in the United States as of June 30, 2021 and March 31, 2021. No country outside of the United States accounted for more than 10% of total revenue for the three months ended June 30, 2021 and 2020. Substantially all of the Company’s revenue was derived in the United States for the three months ended June 30, 2021 and 2020.

Net Income Per Share Attributab

Net Income Per Share Attributable to Common Stockholders	3 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income Per Share Attributable to Common Stockholders	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): Three Months Ended June 30, 2021 2020 Numerator Net income $ 26,322 $ 1,459 Less: undistributed earnings attributable to participating securities (15,581) (1,459) Net income attributable to common stockholders, basic and diluted $ 10,741 $ — Denominator Weighted-average number of shares used in computing net income per share attributable to common stockholders, basic 87,599 69,374 Dilutive effect of assumed exercise of options to purchase common stock 27,119 15,693 Dilutive effect of assumed exercise of common stock warrants 202 89 Weighted-average number of shares used in computing net income per share attributable to common stockholders, diluted 114,920 85,156 Net income per share attributable to common stockholders, basic $ 0.12 $ — Net income per share attributable to common stockholders, diluted $ 0.09 $ — 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): Three Months Ended June 30, 2021 2020 Redeemable convertible preferred stock — 76,287 Stock options 1,108 5,496 RSUs 2 — Total 1,110 81,783

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of ConsolidationThe accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Final Prospectus.
Principles of Consolidation	The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of the Company’s management, the information contained herein reflects all adjustments necessary for a fair presentation of Doximity’s financial position, results of operations, stockholders’ equity, and cash flows. The results of operations for the three months ended June 30, 2021, shown in this report are not necessarily indicative of the results to be expected for the full year ending March 31, 2022.
Fiscal Year	Fiscal Year The Company’s fiscal year ends on March 31. Unless otherwise noted, all references to a particular year shall mean the Company’s fiscal year.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts stated in the condensed consolidated financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, the determination of revenue recognition, fair values of acquired intangible assets and goodwill, useful lives of long-lived assets, internal-use software development costs, the valuation of the Company’s common stock, the valuation of stock-based awards, allowance for doubtful accounts, expected period of benefit for deferred commissions, and deferred income taxes. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. However, future events are subject to change and best estimates and judgments routinely require adjustment. Actual results could differ from those estimates. The World Health Organization declared in March 2020 that the recent outbreak of the coronavirus disease (“COVID-19”) constituted a pandemic. The COVID-19 pandemic has had, and continues to have, a significant impact on the U.S. economy and the markets in which the Company operates. The Company has not experienced significant adverse impacts on its business and workforce and the Company’s results of operations, cash flows, and financial condition have not been adversely impacted to date. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s results of operations, cash flows, and financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted. As of the date of issuance of the condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require it to update its estimates, judgments, or the carrying value of its assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating. To manage risk exposure, the Company invests cash equivalents and marketable securities in a variety of fixed income securities, including government and investment-grade debt securities and money market funds. The Company places its cash primarily in checking and money market accounts with reputable financial institutions. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits, if any. Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. The Company performs ongoing assessments and credit evaluations of its customers to assess the collectability of the accounts receivable based on a number of factors, including past transaction experience, age of the receivable, review of the invoicing terms of the contracts, and recent communications with customers. The Company has
Stock-Based Compensation	Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards, including stock options, and restricted stock units (RSUs) granted to employees, directors, and non-employees based on the estimated fair value of the awards on the date of grant. The resulting fair value, net of estimated forfeitures, is generally recognized as stock-based compensation expense on a straight-line basis over the requisite service period. The Company also grants certain awards that have performance-based vesting conditions. Stock-based compensation expense for such awards is recognized using an accelerated attribution method from the time it is deemed probable that the vesting condition will be met through the time the service-based vesting condition has been achieved. Estimated forfeitures are based upon the Company’s historical experience and the Company revises its estimates, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model. The determination of the grant-date fair value using an option-pricing model is affected by the estimated fair value of the Company’s common stock as well as assumptions regarding a number of other complex and subjective variables. These variables include expected stock price volatility over the expected term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate for the expected term of the award, and expected dividends. The fair value of each RSU is based on the fair value of the Company’s common stock on the date of grant.
Accounting Pronouncements Recently Adopted and Not Yet Adopted	Accounting Pronouncements Recently Adopted In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , to simplify how entities assess goodwill for impairment by eliminating Step 2 from the goodwill impairment test. As amended, the goodwill impairment test consists of one step comparing the fair value of a reporting unit with its carrying amount. An entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This guidance is effective for the Company for its interim and annual period beginning April 1, 2023, and early adoption is permitted. The Company early adopted this new guidance effective April 1, 2021, using a prospective approach. The Company will perform its annual impairment assessment in the fourth quarter of fiscal 2022 under this new guidance. The adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , that simplifies the accounting for income taxes by removing certain exceptions to the general principles in such areas as intraperiod tax allocation, year-to-date losses in interim periods, and deferred tax liabilities related to outside basis differences. Amendments also include simplifications in other areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements, and interim recognition of enactment of tax laws or rate changes. This guidance is effective for the Company for its fiscal year beginning April 1, 2022 and interim periods within its fiscal year beginning April 1, 2023. The Company is currently evaluating the impact of the adoption of this guidance on its condensed consolidated financial statements.
Fair Value Measurements	Fair Value Measurements The Company accounts for fair value in accordance with ASC 820, Fair Value Measurements and Disclosures . Valuation techniques used to ensure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 —Inputs that are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 —Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
Prior Period Reclassification Adjustment	We reclassified certain prior year amounts, as applicable, to conform to the current year presentation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Significant Customers Representing 10% or more of Revenue or Accounts Receivable, Net	The Company’s significant customers that represented 10% or more of revenue or accounts receivable, net for the periods presented were as follows: Revenue Accounts Receivable, Net Three Months Ended June 30, June 30, 2021 March 31, 2021 2021 2020 Customer A 11 % 10 % 19 % 25 %

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Revenue consisted of the following (in thousands): Three Months Ended June 30, 2021 2020 Subscription $ 68,375 $ 33,022 Other 4,294 3,366 Total revenue $ 72,669 $ 36,388

Investments (Tables)

Investments (Tables)	3 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments	The cost, gross unrealized gains and losses, and fair value of investments as of June 30, 2021 are as follows (in thousands): Cost or Gross Gross Fair Value Cash equivalents: Corporate notes and bonds 130 — — 130 Money market funds 209,915 — — 209,915 Total cash equivalents 210,045 — — 210,045 Marketable securities: Asset-backed securities 7,245 — (1) 7,244 Certificates of deposit 4,516 1 — 4,517 Commercial paper 30,381 2 — 30,383 Corporate notes and bonds 73,009 13 (75) 72,947 Sovereign bonds 3,217 — (3) 3,214 U.S. government and agency securities 13,834 — (6) 13,828 Total marketable securities 132,202 16 (85) 132,133 Total cash equivalents and marketable securities $ 342,247 $ 16 $ (85) $ 342,178 The cost, gross unrealized gains and losses, and fair value of investments as of March 31, 2021 were as follows (in thousands): Cost or Gross Gross Fair Value Cash equivalents: Commercial paper $ 2,290 $ — $ — $ 2,290 Corporate notes and bonds 3,517 — (1) 3,516 Money market funds 9,838 — — 9,838 Certificates of deposit 1,301 — — 1,301 Total cash equivalents 16,946 — (1) 16,945 Marketable securities: Asset-backed securities 3,264 — (1) 3,263 Certificates of deposit 4,867 1 — 4,868 Commercial paper 16,411 1 — 16,412 Corporate notes and bonds 46,662 3 (24) 46,641 Sovereign bonds 1,100 — (1) 1,099 U.S. government and agency securities 3,857 1 — 3,858 Total marketable securities 76,161 6 (26) 76,141 Total cash equivalents and marketable securities $ 93,107 $ 6 $ (27) $ 93,086
Contractual Maturities of Available-For-Sale Debt Securities	As of June 30, 2021, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 297,939 Due in one year to three years 44,239 Total $ 342,178 As of March 31, 2021, the contractual maturities of the Company’s available-for-sale debt securities were as follows (in thousands): Fair Value Due within one year $ 72,307 Due in one year to three years 20,779 Total $ 93,086

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following tables present the fair value hierarchy for the Company’s assets measured at fair value on a recurring basis (in thousands): As of June 30, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Corporate notes and bonds $ — $ 130 $ — $ 130 Money market funds 209,915 — — 209,915 Total cash equivalents 209,915 130 — 210,045 Marketable securities: Asset-backed securities — 7,244 — 7,244 Certificates of deposit — 4,517 — 4,517 Commercial paper — 30,383 — 30,383 Corporate notes and bonds — 72,947 — 72,947 Sovereign bonds — 3,214 — 3,214 U.S. government and agency securities 12,332 1,496 — 13,828 Total marketable securities 12,332 119,801 — 132,133 Total cash equivalents and marketable securities $ 222,247 $ 119,931 $ — $ 342,178 As of March 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Commercial paper $ — $ 2,290 $ — $ 2,290 Corporate notes and bonds — 3,516 — 3,516 Money market funds 9,838 — — 9,838 Certificates of deposit — 1,301 — 1,301 Total cash equivalents 9,838 7,107 — 16,945 Marketable securities: Asset-backed securities — 3,263 — 3,263 Certificates of deposit — 4,868 — 4,868 Commercial paper — 16,412 — 16,412 Corporate notes and bonds — 46,641 — 46,641 Sovereign bonds — 1,099 — 1,099 U.S. government and agency securities 3,858 — — 3,858 Total marketable securities 3,858 72,283 — 76,141 Total cash equivalents and marketable securities $ 13,696 $ 79,390 $ — $ 93,086

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): June 30, 2021 March 31, 2021 Furniture and fixtures $ 297 $ 299 Computers 771 704 Leasehold improvements 594 549 Capitalized internal-use software 11,665 10,908 Total property and equipment 13,327 12,460 Less: accumulated depreciation and amortization (5,673) (4,862) Total property and equipment, net $ 7,654 $ 7,598

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following (in thousands): June 30, 2021 March 31, 2021 Accrued commissions $ 3,938 $ 5,864 Accrued payroll, bonus, and related expenses 5,358 5,006 Other accrued expenses 4,986 5,415 Total accrued expenses $ 14,282 $ 16,285

Business Combinations, Intang_2

Business Combinations, Intangible Assets, and Goodwill (Tables)	3 Months Ended
	Jun. 30, 2021
Business Combination, Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible assets, net consisted of the following (in thousands): June 30, 2021 March 31, 2021 Customer relationships $ 10,280 $ 10,280 Domain names 436 436 Total intangible assets 10,716 10,716 Less: accumulated amortization (1,384) (1,120) Total intangible assets, net $ 9,332 $ 9,596
Future Amortization Expense	As of June 30, 2021, future amortization expense is as follows (in thousands): Year Ending March 31, Amount Remainder of 2022 $ 794 2023 1,059 2024 1,059 2025 1,059 2026 1,059 2027 1,056 Thereafter 3,246 Total future amortization expense $ 9,332
Purchase Consideration Allocation	The purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess recorded to goodwill as shown below. The purchase consideration allocation was as follows (in thousands): Assets acquired: Cash and cash equivalents $ 1,972 Accounts receivable 4,075 Other assets 1,503 Customer relationships 10,280 Total assets acquired $ 17,830 Liabilities assumed: Accounts payable and accrued liabilities $ 2,030 Net assets acquired, excluding goodwill 15,800 Goodwill $ 18,915 Total purchase consideration $ 34,715

Equity (Tables)

Equity (Tables)	3 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Common Stock Reserved for Issuance	The Company has shares of common stock reserved for issuance as follows (in thousands): June 30, 2021 March 31, 2021 Redeemable convertible preferred stock — 76,287 Common stock warrants 1,450 250 2010 Equity Incentive Plan Options outstanding 31,933 33,856 Shares available for future grant — 1,550 2021 Equity Incentive Plan RSUs outstanding 28 — Shares available for future grant 22,488 — 2021 ESPP Plan 4,500 — Options outstanding outside the Plans 2,709 2,720 Total 63,108 114,663
Stock Option Activity	Stock option activities within the Plans as well as outside of the Plans were as follows for both service-based and performance-based options (in thousands, except per share information): Number of Shares Weighted- Average Aggregate Intrinsic Value Balance, March 31, 2021 36,576 $ 2.80 7.86 $ 357,366 Options granted 1,966 12.56 Options exercised (3,685) 0.82 Options forfeited or expired (215) 3.30 Balance, June 30, 2021 34,642 3.56 7.96 1,892,961 Vested and exercisable as of June 30, 2021 10,399 1.02 5.84 594,666 Vested and expected to vest as of June 30, 2021 31,437 3.39 7.83 1,722,923
Stock Options Valuation Assumptions	The fair value of each option on the date of grant is determined using the Black-Scholes option-pricing model with the assumptions set forth in the following table: Three Months Ended June 30, 2021 2020 Fair value of common stock $ 18.41 – $ 21.41 $2.06 Volatility 46.5 % – 47.0 % 57.6 % – 58.3 % Risk-free interest rate 0.77 % – 1.02 % 0.33 % – 0.75 % Expected term (in years) 5.00 – 6.09 5.00 – 10.00 Expected dividend —% —%
Restricted Stock Unit Activity	The following table summarizes RSU activity during the three months ended June 30, 2021: Number of Shares Weighted- Balance, March 31, 2021 — $ — Granted 28 53.00 Vested — — Forfeited — — Balance, June 30, 2021 28 $ 53.00
Stock-Based Compensation Expense	Total stock-based compensation expense recognized in the condensed consolidated statement of operations for the three months ended June 30, 2021 and 2020 was as follows (in thousands): Three Months Ended June 30, 2021 2020 Cost of revenue $ 268 $ 90 Research and development 970 264 Sales and marketing 1,028 295 General and administrative 2,861 334 Total stock-based compensation expense $ 5,127 $ 983

Net Income Per Share Attribut_2

Net Income Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income Per Share, Basic and Diluted	The following table presents the reconciliation of the numerator and denominator for calculating basic and diluted net income per share (in thousands): Three Months Ended June 30, 2021 2020 Numerator Net income $ 26,322 $ 1,459 Less: undistributed earnings attributable to participating securities (15,581) (1,459) Net income attributable to common stockholders, basic and diluted $ 10,741 $ — Denominator Weighted-average number of shares used in computing net income per share attributable to common stockholders, basic 87,599 69,374 Dilutive effect of assumed exercise of options to purchase common stock 27,119 15,693 Dilutive effect of assumed exercise of common stock warrants 202 89 Weighted-average number of shares used in computing net income per share attributable to common stockholders, diluted 114,920 85,156 Net income per share attributable to common stockholders, basic $ 0.12 $ — Net income per share attributable to common stockholders, diluted $ 0.09 $ —
Antidilutive Securities Excluded from Computation of Net Income Per Share	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): Three Months Ended June 30, 2021 2020 Redeemable convertible preferred stock — 76,287 Stock options 1,108 5,496 RSUs 2 — Total 1,110 81,783

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Millions	Jun. 08, 2021	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 25, 2021USD ($)	Mar. 31, 2021USD ($)
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, conversion ratio		1
Capitalized deferred offering costs | $			$ 5.5	$ 2.3
Forward split ratio	2
Redeemable Convertible Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, shares converted (in shares)		76,286,618
Common Class B
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, shares issued (in shares)		76,286,618
Initial Public Offering, Including Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold in initial public offering		22,505,750
Initial public offering price (in dollars per share) | $ / shares		$ 26
Aggregate net proceeds from initial public offering | $		$ 548.5
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold in initial public offering		3,495,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Significant Customers Representing 10% or more of Revenue or Accounts Receivable, Net (Details) - Customer A - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Revenue
Concentration Risk [Line Items]
Concentration risk	11.00%	10.00%
Accounts Receivable, Net
Concentration Risk [Line Items]
Concentration risk	19.00%		25.00%

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Unbilled revenue	$ 1,300,000		$ 700,000
Revenue recognized from deferred revenue	49,500,000	$ 24,000,000
Capitalized contract acquisition costs	1,500,000	1,500,000
Deferred contract costs, amortization	3,204,000	1,547,000
Deferred contract costs, impairment losses	$ 0	$ 0
Sales Commissions For Subscriptions Of New And Expansion Hiring Solutions Contracts
Disaggregation of Revenue [Line Items]
Deferred contract costs, amortization period	4 years
Deferred Commissions For Marketing Solutions Contracts And For Hiring Solutions Renewal Contracts | Minimum
Disaggregation of Revenue [Line Items]
Deferred contract costs, amortization period	7 months
Deferred Commissions For Marketing Solutions Contracts And For Hiring Solutions Renewal Contracts | Maximum
Disaggregation of Revenue [Line Items]
Deferred contract costs, amortization period	13 months
Subscription, Marketing Solutions
Disaggregation of Revenue [Line Items]
Contractual term	12 months
Contract cancellation, notice period	30 days
Subscription, Hiring Solutions
Disaggregation of Revenue [Line Items]
Contractual term	12 months

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 72,669	$ 36,388
Subscription
Disaggregation of Revenue [Line Items]
Revenue	68,375	33,022
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 4,294	$ 3,366

Investments - Cost, Gross Unrea

Investments - Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	$ 342,247	$ 93,107
Gross Unrealized Gains	16	6
Gross Unrealized Losses	(85)	(27)
Fair Value	342,178	93,086
Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	210,045	16,946
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(1)
Fair Value	210,045	16,945
Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	132,202	76,161
Gross Unrealized Gains	16	6
Gross Unrealized Losses	(85)	(26)
Fair Value	132,133	76,141
Commercial paper | Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost		2,290
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		2,290
Corporate notes and bonds | Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	130	3,517
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(1)
Fair Value	130	3,516
Corporate notes and bonds | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	73,009	46,662
Gross Unrealized Gains	13	3
Gross Unrealized Losses	(75)	(24)
Fair Value	72,947	46,641
Money market funds | Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	209,915	9,838
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	209,915	9,838
Certificates of deposit | Cash and Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost		1,301
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		1,301
Certificates of deposit | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	4,516	4,867
Gross Unrealized Gains	1	1
Gross Unrealized Losses	0	0
Fair Value	4,517	4,868
Asset-backed securities | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	7,245	3,264
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	(1)
Fair Value	7,244	3,263
Commercial paper | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	30,381	16,411
Gross Unrealized Gains	2	1
Gross Unrealized Losses	0	0
Fair Value	30,383	16,412
Sovereign bonds | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	3,217	1,100
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3)	(1)
Fair Value	3,214	1,099
U.S. government and agency securities | Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	13,834	3,857
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(6)	0
Fair Value	$ 13,828	$ 3,858

Investments - Contractual Matur

Investments - Contractual Maturities of Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Due within one year	$ 297,939	$ 72,307
Due in one year to three years	44,239	20,779
Total	$ 342,178	$ 93,086

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Debt securities credit losses	$ 0	$ 0
Accrued interest	$ 500,000		$ 300,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	$ 342,178	$ 93,086
Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	210,045	16,945
Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	132,133	76,141
Commercial paper | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities		2,290
Money market funds | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	209,915	9,838
Certificates of deposit | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities		1,301
Certificates of deposit | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	4,517	4,868
Asset-backed securities | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	7,244	3,263
Commercial paper | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	30,383	16,412
Corporate notes and bonds | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	130	3,516
Corporate notes and bonds | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	72,947	46,641
Sovereign bonds | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	3,214	1,099
U.S. government and agency securities | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	13,828	3,858
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	342,178	93,086
Fair Value, Recurring | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	210,045	16,945
Fair Value, Recurring | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	132,133	76,141
Fair Value, Recurring | Commercial paper | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities		2,290
Fair Value, Recurring | Money market funds | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	209,915	9,838
Fair Value, Recurring | Certificates of deposit | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities		1,301
Fair Value, Recurring | Certificates of deposit | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	4,517	4,868
Fair Value, Recurring | Asset-backed securities | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	7,244	3,263
Fair Value, Recurring | Commercial paper | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	30,383	16,412
Fair Value, Recurring | Corporate notes and bonds | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	130	3,516
Fair Value, Recurring | Corporate notes and bonds | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	72,947	46,641
Fair Value, Recurring | Sovereign bonds | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	3,214	1,099
Fair Value, Recurring | U.S. government and agency securities | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	13,828	3,858
Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	222,247	13,696
Level 1 | Fair Value, Recurring | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	209,915	9,838
Level 1 | Fair Value, Recurring | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	12,332	3,858
Level 1 | Fair Value, Recurring | Commercial paper | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities		0
Level 1 | Fair Value, Recurring | Money market funds | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	209,915	9,838
Level 1 | Fair Value, Recurring | Certificates of deposit | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities		0
Level 1 | Fair Value, Recurring | Certificates of deposit | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 1 | Fair Value, Recurring | Asset-backed securities | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 1 | Fair Value, Recurring | Commercial paper | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 1 | Fair Value, Recurring | Corporate notes and bonds | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 1 | Fair Value, Recurring | Corporate notes and bonds | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 1 | Fair Value, Recurring | Sovereign bonds | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 1 | Fair Value, Recurring | U.S. government and agency securities | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	12,332	3,858
Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	119,931	79,390
Level 2 | Fair Value, Recurring | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	130	7,107
Level 2 | Fair Value, Recurring | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	119,801	72,283
Level 2 | Fair Value, Recurring | Commercial paper | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities		2,290
Level 2 | Fair Value, Recurring | Money market funds | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 2 | Fair Value, Recurring | Certificates of deposit | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities		1,301
Level 2 | Fair Value, Recurring | Certificates of deposit | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	4,517	4,868
Level 2 | Fair Value, Recurring | Asset-backed securities | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	7,244	3,263
Level 2 | Fair Value, Recurring | Commercial paper | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	30,383	16,412
Level 2 | Fair Value, Recurring | Corporate notes and bonds | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	130	3,516
Level 2 | Fair Value, Recurring | Corporate notes and bonds | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	72,947	46,641
Level 2 | Fair Value, Recurring | Sovereign bonds | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	3,214	1,099
Level 2 | Fair Value, Recurring | U.S. government and agency securities | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	1,496	0
Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Commercial paper | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities		0
Level 3 | Fair Value, Recurring | Money market funds | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Certificates of deposit | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities		0
Level 3 | Fair Value, Recurring | Certificates of deposit | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Asset-backed securities | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Commercial paper | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Corporate notes and bonds | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Corporate notes and bonds | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | Sovereign bonds | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	0	0
Level 3 | Fair Value, Recurring | U.S. government and agency securities | Available-for-sale Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	$ 0	$ 0

Property and Equipment, Net - T

Property and Equipment, Net - Total Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 13,327	$ 12,460
Less: accumulated depreciation and amortization	(5,673)	(4,862)
Total property and equipment, net	7,654	7,598
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	297	299
Computers
Property, Plant and Equipment [Line Items]
Property and equipment, gross	771	704
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	594	549
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,665	$ 10,908

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 0.9	$ 0.5
Amortization of internal-use software development costs	0.8	0.4
Capitalized internal-use software development costs	$ 0.8	$ 1.2

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued commissions	$ 3,938	$ 5,864
Accrued payroll, bonus, and related expenses	5,358	5,006
Other accrued expenses	4,986	5,415
Total accrued expenses	$ 14,282	$ 16,285

Business Combinations, Intang_3

Business Combinations, Intangible Assets, and Goodwill - Narrative (Details) - USD ($)	Apr. 01, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Mar. 31, 2021
Business Acquisition [Line Items]
Amortization of intangible assets		$ 300,000	$ 300,000
Goodwill		18,915,000			$ 18,915,000
Goodwill impairment		$ 0	0
Curative Talent
Business Acquisition [Line Items]
Consideration transferred	$ 34,700,000
Payments to acquire businesses	$ 33,600,000
Number of shares issued	689,656
Value of shares issued	$ 1,100,000
Acquisition related costs			$ 0	$ 1,200,000
Goodwill	$ 18,915,000
Curative Talent | Customer relationships
Business Acquisition [Line Items]
Intangible assets acquired, useful life	10 years

Business Combinations, Intang_4

Business Combinations, Intangible Assets, and Goodwill - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 10,716	$ 10,716
Less: accumulated amortization	(1,384)	(1,120)
Total intangible assets, net	9,332	9,596
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	10,280	10,280
Domain names
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 436	$ 436

Business Combinations, Intang_5

Business Combinations, Intangible Assets, and Goodwill - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Remainder of 2022	$ 794
2023	1,059
2024	1,059
2025	1,059
2026	1,059
2027	1,056
Thereafter	3,246
Total intangible assets, net	$ 9,332	$ 9,596

Business Combinations, Intang_6

Business Combinations, Intangible Assets, and Goodwill - Purchase Consideration Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Apr. 01, 2020
Liabilities assumed:
Goodwill	$ 18,915	$ 18,915
Curative Talent
Assets acquired:
Cash and cash equivalents			$ 1,972
Accounts receivable			4,075
Other assets			1,503
Customer relationships			10,280
Total assets acquired			17,830
Liabilities assumed:
Accounts payable and accrued liabilities			2,030
Net assets acquired, excluding goodwill			15,800
Goodwill			18,915
Total purchase consideration			$ 34,715

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock (Details) $ in Millions	1 Months Ended
	Jun. 30, 2021USD ($)shares	Mar. 31, 2021shares	Jun. 30, 2020shares	Mar. 31, 2020shares
Temporary Equity [Line Items]
Redeemable convertible preferred stock issued (in shares)	0	76,286,618
Redeemable convertible preferred stock outstanding (in shares)	0	76,286,618	76,287,000	76,287,000
Conversion of stock, conversion ratio	1
Conversion of redeemable convertible preferred stock upon initial public offering | $	$ 81.5
Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Conversion of stock, shares converted (in shares)	76,286,618
Common Class B
Temporary Equity [Line Items]
Conversion of stock, shares issued (in shares)	76,286,618

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands	Jun. 24, 2021shares	Jun. 08, 2021vote$ / sharesshares	Mar. 31, 2018$ / sharesshares	Apr. 30, 2010	Jun. 30, 2021USD ($)tranche$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Mar. 31, 2021$ / sharesshares	Mar. 31, 2018shares	Jun. 14, 2021$ / sharesshares	Mar. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, authorized (in shares)					100,000,000		0
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.001		$ 0.001
Preferred stock, issued (in shares)					0		0
Preferred stock, outstanding (in shares)					0		0
Forward split ratio		2
Common stock, authorized (in shares)					1,500,000,000		198,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.001		$ 0.001
Number of shares called by warrants					1,450,000		250,000
Number of shares reserved for future issuance					63,108,000		114,663,000
Options granted in period (in shares)					1,966,000
Options outstanding in period (in shares)					34,642,000		36,576,000
Aggregate intrinsic value of options | $					$ 80,400	$ 500
Weighted-average grant-date fair value of options granted (in dollars per share) | $ / shares					$ 10.73	$ 1.23
Unamortized compensation expense, option | $					$ 81,700
Stock based compensation expense | $					$ 5,127	$ 983
Granted (in dollars per share) | $ / shares					$ 12.56
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense, weighted average period of recognition					3 years 5 months 15 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense, weighted average period of recognition					7 months 17 days
Other than options granted in period (in shares)	28,250				28,000
Unrecognized stock-based compensation, excluding option | $					$ 1,500
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares)						780,000
Unamortized compensation expense, option | $					3,400
Stock based compensation expense | $					$ 300
Options granted in period (in shares)							100,000
Number of option tranches | tranche					4
Number of shares, exercisable, subject to performance condition, tranche one					200,000
Number of shares, exercisable, subject to performance condition, tranche two					200,000
Number of shares, exercisable, subject to performance condition, tranche three					200,000
Number of shares, exercisable, subject to performance condition, tranche four					80,000
Number of shares, performance condition not satisfied, tranche one					200,000
Performance Shares | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares)			1,792,000
Unamortized compensation expense, option | $					$ 1,000
Unamortized compensation expense, weighted average period of recognition					11 months 1 day
Stock based compensation expense | $					$ 900
Granted (in dollars per share) | $ / shares			$ 0.97
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance					72,516,690		71,966,690
Options outstanding in period (in shares)					31,933,000		33,856,000
2010 Plan | Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				4 years
Expiration period from the date of grant				10 years
2010 Plan | Individuals With Voting Interest Less Than Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant exercise price, percentage of estimated fair value of common stock on date of grant (not less than)				100.00%
2010 Plan | Individuals With Voting Interest At Threshold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant exercise price, percentage of estimated fair value of common stock on date of grant (not less than)				110.00%
Voting interests threshold				10.00%
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance					22,500,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance					4,500,000
Maximum annual increase of shares reserved for future issuance (in shares)					6,750,000
Maximum annual increase of shares reserved for future issuance as a percentage of common stock outstanding					1.00%
Approved by Board of Directors, Outside of Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares)								4,682,582
Options exercised (in shares)					1,973,332
Options outstanding in period (in shares)					2,709,250		2,720,000
Contract With U.S. News & World Report, L.P.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares called by warrants										250,000
Exercise price called by warrants (in dollars per share) | $ / shares										$ 0.72
Warrant outstanding, term										5 years
Commercial Agreement With U.S. News & World Report, L.P.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares called by warrants									1,200,000
Exercise price called by warrants (in dollars per share) | $ / shares									$ 12.56
Warrant outstanding, term									6 years
Class A and Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock (in shares)		85,523,836
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares)		1,000,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.001
Common stock, number of votes per share | vote		1
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, authorized (in shares)		500,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.001
Common stock, number of votes per share | vote		10
Conversion of stock (in shares)					22,747,228

Equity - Common Stock Reserved

Equity - Common Stock Reserved for Issuance (Details) - shares	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Redeemable convertible preferred stock (in shares)	0	76,286,618	76,287,000	76,287,000
Common stock warrants (in shares)	1,450,000	250,000
Options outstanding (in shares)	34,642,000	36,576,000
Total	63,108,000	114,663,000
2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	31,933,000	33,856,000
Shares available for future grant (in shares)	0	1,550,000
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)	22,488,000	0
RSUs outstanding (in shares)	28,000	0
Total	22,500,000
2021 ESPP Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)	4,500,000	0
Total	4,500,000
Options outstanding outside the Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	2,709,250	2,720,000

Equity - Stock Option Activity

Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Number of Shares
Beginning balance (in shares)	36,576
Options granted (in shares)	1,966
Options exercised (in shares)	(3,685)
Options forfeited or expired (in shares)	(215)
Ending balance (in shares)	34,642	36,576
Vested and exercisable, at end of period (in shares)	10,399
Vested and expected to vest, at end of period (in shares)	31,437
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 2.80
Granted (in dollars per share)	12.56
Exercised (in dollars per share)	0.82
Forfeited or expired (in dollars per share)	3.30
Ending balance (in dollars per share)	3.56	$ 2.80
Weighted average exercise price, vested and exercisable at period end (in dollars per share)	1.02
Weighted average exercise price, vested and expected to vest at period end (in dollars per share)	$ 3.39
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Average remaining contractual term, outstanding	7 years 11 months 15 days	7 years 10 months 9 days
Average remaining contractual term, vested and exercisable at period end	5 years 10 months 2 days
Average remaining contractual term, vested and expected to vest at period end	7 years 9 months 29 days
Aggregate intrinsic value, outstanding	$ 1,892,961	$ 357,366
Aggregate intrinsic value, vested and exercisable at period end	594,666
Aggregate intrinsic value, vested and expected to vest at period end	$ 1,722,923

Equity - Stock Options Valuatio

Equity - Stock Options Valuation Assumptions (Details) - Share-based Payment Arrangement, Option - $ / shares	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	46.50%	57.60%
Expected volatility, maximum	47.00%	58.30%
Risk free interest rate, minimum	0.77%	0.33%
Risk free interest rate, maximum	1.02%	0.75%
Expected dividend	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (in dollars per share)	$ 18.41	$ 2.06
Expected term (in years)	5 years	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (in dollars per share)	$ 21.41
Expected term (in years)	6 years 1 month 2 days	10 years

Equity - Restricted Stock Unit

Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	Jun. 24, 2021	Jun. 30, 2021
Number of Shares (in thousands)
Beginning balance (in shares)		0
Granted (in shares)	28,250	28,000
Vested (in shares)		0
Forfeited (in shares)		0
Ending balance (in shares)		28,000
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)		$ 0
Granted (in dollars per share)		53
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Ending balance (in dollars per share)		$ 53

Equity - Stock-Based Compensati

Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 5,127	$ 983
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	268	90
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	970	264
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	1,028	295
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 2,861	$ 334

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Lease term for lease not yet commenced	8 years
Total undiscounted lease payments for lease not yet commenced	$ 17,900,000
Loss contingency	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	(5.60%)	24.40%
Unrecognized tax benefits	$ 3.3		$ 3.2
Unrecognized tax benefits that would impact effective tax rate	$ 2

Segment and Geographic Inform_2

Segment and Geographic Information (Details)	3 Months Ended
	Jun. 30, 2021segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Net Income Per Share Attribut_3

Net Income Per Share Attributable to Common Stockholders - Net Income Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net income	$ 26,322	$ 1,459
Undistributed earnings attributable to participating securities, diluted	(15,581)	(1,459)
Undistributed earnings attributable to participating securities, basic	(15,581)	(1,459)
Net income attributable to Class A and Class B common stockholders, basic	10,741	0
Net income attributable to Class A and Class B common stockholders, diluted	$ 10,741	$ 0
Denominator
Weighted-average number of shares used in computing net income per share attributable to common stockholders, basic (in shares)	87,599	69,374
Dilutive effect of assumed exercise of options to purchase common stock (in shares)	27,119	15,693
Dilutive effect of assumed exercise of common stock warrants (in shares)	202	89
Weighted-average number of shares used in computing net income per share attributable to common stockholders, diluted (in shares)	114,920	85,156
Net income per share attributable to common stockholders, basic (in dollars per share)	$ 0.12	$ 0
Net income per share attributable to common stockholders, diluted (in dollars per share)	$ 0.09	$ 0

Net Income Per Share Attribut_4

Net Income Per Share Attributable to Common Stockholders - Antidilutive Securities Excluded from Computation of Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	1,110	81,783
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	0	76,287
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	1,108	5,496
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net income per share (in shares)	2	0