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0001516513FALSE00015165132024-11-072024-11-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________________________________________________________________
FORM 8-K
_________________________________________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 7, 2024
_________________________________________________________________________________________________________________
Doximity, Inc.
(Exact Name of Registrant as Specified in Its Charter)
_________________________________________________________________________________________________________________
Delaware 001-40508 27-2485512
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)
500 3rd St.
Suite 510
San Francisco, CA 94107
(Address of principal executive offices, including zip code)
(650) 549-4330
(Registrant's telephone number, including area code)
_______________________________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A common stock, $0.001 par value per share DOCS The New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 – Results of Operations and Financial Condition
On November 7, 2024, Doximity, Inc. (“Doximity”) issued a press release announcing its financial results for its fiscal quarter ended September 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information provided in this Item 2.02 of this Current Report on Form 8-K, and the Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 – Financial Statements and Exhibits
(d) Exhibits
Exhibit Number Description
99.1
104 Cover Page Interactive Data File (embedded within the inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 7, 2024
DOXIMITY, INC.
By:
/s/ Anna Bryson
Anna Bryson
Chief Financial Officer


EX-99.1 2 doximity-2024930xex991.htm EX-99.1 Document

Exhibit 99.1
Doximity Announces Fiscal 2025 Second Quarter Financial Results
Total revenues of $136.8 million, up 20% year-over-year
Net income growth of 44% and adjusted EBITDA growth of 41% year-over-year

SAN FRANCISCO, Calif., November 7, 2024 -- Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2025 second quarter ended September 30, 2024.
“Our clinical workflow tools saw record use in Q2 with over 600,000 unique active prescribers,” said Jeff Tangney, co-founder and CEO of Doximity. “We’re proud to help physicians save time, so they can provide better care for their patients.”
Fiscal 2025 Second Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended September 30, 2023.
•Revenue: Revenue of $136.8 million, versus $113.6 million, an increase of 20% year-over-year.
•Net income and non-GAAP net income: Net income of $44.2 million, versus $30.6 million, representing a margin of 32.3%, versus 26.9%. Non-GAAP net income of $61.1 million, versus $45.6 million, representing a margin of 44.7%, versus 40.1%.
•Adjusted EBITDA: Adjusted EBITDA of $76.1 million, versus $54.2 million, an increase of 41% year-over-year, representing adjusted EBITDA margins of 55.7%, versus 47.7%.
•Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.22, versus $0.15, while non-GAAP diluted net income per share was $0.30, versus $0.22.
•Operating cash flow and free cash flow: Operating cash flow of $68.3 million, versus $12.9 million, an increase of 430% year-over-year, and free cash flow of $66.8 million, versus $11.6 million, an increase of 475% year-over-year.
Financial Outlook
Doximity is providing guidance for its fiscal third quarter ending December 31, 2024 as follows:
•Revenue between $152 million and $153 million.
•Adjusted EBITDA between $83 million and $84 million.
Doximity is updating guidance for its fiscal year ending March 31, 2025 as follows:
•Revenue between $535 million and $540 million.
•Adjusted EBITDA between $274 million and $279 million.
1


Conference Call Information
Doximity posted prepared remarks on its investor relations website at https://investors.doximity.com. Doximity will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investors.doximity.com. The archived webcast will be available on the Company’s Investor Relations page shortly after the call.
About Doximity
Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The company's network members include more than 80% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. Doximity's mission is to help doctors be more productive so they can provide better care for their patients.
Forward-Looking Statements
Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors including (i) the timing and scope of anticipated stock repurchases; (ii) the impact of uncertainty in the current economic environment and macroeconomic uncertainty; (iii) our ability to retain existing members or add new members to our platform and maintain or grow their engagement with our platform; (iv) our ability to attract new customers or retain existing customers; (v) the impact of our prioritization of our members’ interests; (vi) breaches in our security measures or unauthorized access to members’ data; (vii) our ability to maintain or manage our growth, and other risks and factors that are beyond our control including, without limitation, those set forth in the section entitled “Risk Factors”in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024 and as may be updated in any subsequent Quarterly Reports on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements. The forward-looking statements made in this press release relate only to management’s beliefs and assumptions as of this date. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Perry Gold
ir@doximity.com
Media Contact:
Amanda Cox
pr@doximity.com




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DOXIMITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
September 30, 2024 March 31, 2024
Assets
Current assets:
Cash and cash equivalents $ 184,248  $ 96,785 
Marketable securities 621,310  666,115 
Accounts receivable, net 124,793  101,332 
Prepaid expenses and other current assets 27,361  48,709 
Total current assets 957,712  912,941 
Property and equipment, net 12,818  12,318 
Deferred income tax assets 43,761  45,068 
Operating lease right-of-use assets 9,774  12,332 
Intangible assets, net 25,195  27,317 
Goodwill 67,940  67,940 
Other assets 1,316  1,458 
Total assets $ 1,118,516  $ 1,079,374 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 2,770  $ 2,253 
Accrued expenses and other current liabilities 33,540  43,703 
Deferred revenue, current 93,751  99,145 
Operating lease liabilities, current 2,222  2,149 
Total current liabilities 132,283  147,250 
Deferred revenue, non-current 148  211 
Operating lease liabilities, non-current 11,269  12,397 
Contingent earn-out consideration liability, non-current 5,469  10,895 
Other liabilities, non-current 8,151  7,224 
Total liabilities 157,320  177,977 
Stockholders' Equity
Preferred stock —  — 
Common stock 187  187 
Additional paid-in capital 863,113  823,885 
Accumulated other comprehensive income (loss) 2,676  (2,664)
Retained earnings 95,220  79,989 
Total stockholders’ equity
961,196  901,397 
Total liabilities and stockholders’ equity $ 1,118,516  $ 1,079,374 

3


DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30, Six Months Ended September 30,
2024 2023 2024 2023
Revenue $ 136,832  $ 113,612  $ 263,508  $ 222,081 
Cost of revenue(1)
13,676  12,759  27,226  25,912 
Gross profit 123,156  100,853  236,282  196,169 
Operating expenses(1):
Research and development 23,240  19,958  45,814  41,889 
Sales and marketing 34,367  30,201  69,611  64,656 
General and administrative 10,103  8,966  19,358  18,213 
Restructuring and impairment charge
2,304  7,936  2,304  7,936 
Total operating expenses 70,014  67,061  137,087  132,694 
Income from operations 53,142  33,792  99,195  63,475 
Other income, net 9,029  5,903  16,145  10,742 
Income before income taxes 62,171  39,695  115,340  74,217 
Provision for income taxes 18,017  9,093  29,809  15,209 
Net income $ 44,154  $ 30,602  $ 85,531  $ 59,008 
Net income per share attributable to Class A and Class B common stockholders:
Basic $ 0.24  $ 0.16  $ 0.46  $ 0.30 
Diluted $ 0.22  $ 0.15  $ 0.43  $ 0.28 
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic 186,252  193,112  185,933  193,813 
Diluted 200,407  209,014  199,818  210,681 
(1) Costs and expenses include stock-based compensation expense as follows (in thousands):
Three Months Ended September 30, Six Months Ended September 30,
2024 2023 2024 2023
Cost of revenue $ 2,661  $ 2,278  $ 5,555  $ 4,739 
Research and development 5,447  2,538  10,131  5,794 
Sales and marketing 6,808  2,697  13,394  8,692 
General and administrative 2,952  2,288  5,878  4,577 
Restructuring —  3,646  —  3,646 
Total stock-based compensation expense $ 17,868  $ 13,447  $ 34,958  $ 27,448 
4


DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended September 30, Six Months Ended September 30,
2024 2023 2024 2023
Cash flows from operating activities
Net income $ 44,154  $ 30,602  $ 85,531  $ 59,008 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 2,613  2,604  5,175  5,208 
Deferred income taxes 204  —  204  — 
Stock-based compensation, net of amounts capitalized 17,868  13,447  34,958  27,448 
Non-cash lease expense 470  540  951  1,077 
Accretion of discount on marketable securities, net (3,008) (1,495) (5,368) (1,794)
Amortization of deferred contract costs 2,033  2,063  4,759  4,730 
Impairment of long-lived assets
2,304  —  2,304  — 
Other 414  (122) 127 
Changes in operating assets and liabilities:
Accounts receivable (4,106) (4,388) (23,478) 9,644 
Prepaid expenses and other assets 9,488  (13,093) 19,948  (10,504)
Deferred contract costs (1,785) (1,238) (3,216) (2,448)
Accounts payable, accrued expenses and other liabilities 7,396  (8,740) (5,546) (8,063)
Deferred revenue (9,161) (6,831) (5,457) (13,753)
Operating lease liabilities (538) (579) (1,054) (582)
Net cash provided by operating activities 68,346  12,898  109,589  70,098 
Cash flows from investing activities
Purchases of property and equipment —  (41) —  (111)
Internal-use software development costs (1,543) (1,238) (3,247) (2,732)
Purchases of marketable securities (197,395) (144,942) (367,808) (180,226)
Maturities of marketable securities 215,855  96,119  417,913  212,768 
Sales of marketable securities 7,241  —  7,241  37,525 
Net cash provided by (used in) investing activities 24,158  (50,102) 54,099  67,224 
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants
7,692  3,933  10,243  7,218 
Proceeds from issuance of common stock in connection with the employee stock purchase plan 1,422  1,494  1,422  1,494 
Taxes paid related to net share settlement of equity awards (5,828) (2,120) (8,222) (4,084)
Repurchase of common stock (22,984) (164,429) (74,198) (186,184)
Payment of contingent consideration related to a business combination —  —  (5,470) (5,390)
Net cash used in financing activities (19,698) (161,122) (76,225) (186,946)
Net increase (decrease) in cash and cash equivalents 72,806  (198,326) 87,463  (49,624)
Cash and cash equivalents, beginning of period 111,442  306,729  96,785  158,027 
Cash and cash equivalents, end of period
$ 184,248  $ 108,403  $ 184,248  $ 108,403 
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds
$ 9,078  $ 29,438  $ 21,985  $ 29,438 

5


Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses the following non-GAAP measures of financial performance:
•Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income margin, and non-GAAP basic and diluted net income per common share: We exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, change in fair value of contingent earn-out consideration liability, and restructuring and impairment charge from non-GAAP gross profit, non-GAAP gross margin and non-GAAP operating income. Non-GAAP net income and non-GAAP net income margin are further adjusted for estimated income tax on such adjustments. We calculate income taxes on the adjustments by applying an estimated annual effective tax rate to the adjustments. Non-GAAP basic and diluted net income per common share is non-GAAP net income attributable to common stockholders divided by the weighted average number of shares. For both basic and diluted non-GAAP net income per share, the weighted average shares we use in computing non-GAAP net income per share is equal to our GAAP weighted average shares. Non-GAAP gross margin represents non-GAAP gross profit as a percentage of revenue and non-GAAP net income margin represents non-GAAP net income as a percentage of revenue.
•Adjusted EBITDA and adjusted EBITDA margin: We define adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization, and as further adjusted for stock-based compensation expense, change in fair value of contingent earn-out consideration liability, restructuring and impairment charge, and other income, net. Net income margin represents net income as a percentage of revenue and adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.
•Free cash flow: We calculate free cash flow as cash flow from operating activities less purchases of property and equipment and internal-use software development costs.
We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.
Key Business Metrics
•Net revenue retention rate: Net revenue retention rate is calculated by taking the trailing 12-month (“TTM”) subscription-based revenue from our customers that had revenue in the prior TTM period and dividing that by the total subscription-based revenue for the prior TTM period. For the purposes of this calculation, subscription revenue excludes subscriptions for individuals and small practices and other non-recurring items. Our net revenue retention rate compares our subscription revenue from the same set of customers across comparable periods, and reflects customer renewals, expansion, contraction, and churn. Our net revenue retention rate is directly tied to our revenue growth rate and thus fluctuates as that growth rate fluctuates.
•Customers with trailing 12-month subscription revenue greater than $500,000: The number of customers with TTM subscription revenue greater than $500,000 is a key indicator of the scale of our business, and is calculated by counting the number of customers that contributed more than $500,000 in subscription revenue in the TTM period. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our total customer count for historical periods reflecting these adjustments.
6


Reconciliation of GAAP to Non-GAAP Financial Measures
The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:
Three Months Ended September 30, Six Months Ended September 30,
2024 2023 2024 2023
(unaudited)
(in thousands, except percentages)
Net income $ 44,154  $ 30,602  $ 85,531  $ 59,008 
Adjusted to exclude the following:
Stock-based compensation 17,868  9,801  34,958  23,802 
Depreciation and amortization 2,613  2,604  5,175  5,208 
Provision for income taxes 18,017  9,093  29,809  15,209 
Restructuring and impairment charge
2,304  7,936  2,304  7,936 
Change in fair value of contingent earn-out consideration liability 221  47  423  316 
Other income, net (9,029) (5,903) (16,145) (10,742)
Adjusted EBITDA $ 76,148  $ 54,180  $ 142,055  $ 100,737 
Revenue $ 136,832  $ 113,612  $ 263,508  $ 222,081 
Net income margin 32.3  % 26.9  % 32.5  % 26.6  %
Adjusted EBITDA margin 55.7  % 47.7  % 53.9  % 45.4  %

Three Months Ended September 30, Six Months Ended September 30,
2024 2023 2024 2023
(unaudited)
(in thousands)
Net cash provided by operating activities $ 68,346  $ 12,898  $ 109,589  $ 70,098 
Purchases of property and equipment —  (41) —  (111)
Internal-use software development costs (1,543) (1,238) (3,247) (2,732)
Free cash flow $ 66,803  $ 11,619  $ 106,342  $ 67,255 
Other cash flow components:
Net cash provided by (used in) investing activities $ 24,158  $ (50,102) $ 54,099  $ 67,224 
Net cash used in financing activities $ (19,698) $ (161,122) $ (76,225) $ (186,946)
7


Three Months Ended September 30, Six Months Ended September 30,
2024 2023 2024 2023
(unaudited)
(in thousands, except per share data and percentages)
GAAP cost of revenue $ 13,676  $ 12,759  $ 27,226  $ 25,912 
Adjusted to exclude the following:
Stock-based compensation (2,661) (2,278) (5,555) (4,739)
Amortization of acquired intangibles —  (137) —  (274)
Non-GAAP cost of revenue $ 11,015  $ 10,344  $ 21,671  $ 20,899 
GAAP gross profit $ 123,156  $ 100,853  $ 236,282  $ 196,169 
Adjusted to exclude the following:
Stock-based compensation 2,661  2,278  5,555  4,739 
Amortization of acquired intangibles —  137  —  274 
Non-GAAP gross profit $ 125,817  $ 103,268  $ 241,837  $ 201,182 
GAAP gross margin 90.0  % 88.8  % 89.7  % 88.3  %
Non-GAAP gross margin 91.9  % 90.9  % 91.8  % 90.6  %
GAAP research and development expense $ 23,240  $ 19,958  $ 45,814  $ 41,889 
Adjusted to exclude the following:
Stock-based compensation (5,447) (2,538) (10,131) (5,794)
Non-GAAP research and development expense $ 17,793  $ 17,420  $ 35,683  $ 36,095 
GAAP sales and marketing expense $ 34,367  $ 30,201  $ 69,611  $ 64,656 
Adjusted to exclude the following:
Stock-based compensation (6,808) (2,697) (13,394) (8,692)
Amortization of acquired intangibles (1,061) (1,061) (2,122) (2,122)
Change in fair value of contingent earn-out consideration liability (221) (47) (423) (316)
Non-GAAP sales and marketing expense $ 26,277  $ 26,396  $ 53,672  $ 53,526 
GAAP general and administrative expense $ 10,103  $ 8,966  $ 19,358  $ 18,213 
Adjusted to exclude the following:
Stock-based compensation (2,952) (2,288) (5,878) (4,577)
Non-GAAP general and administrative expense $ 7,151  $ 6,678  $ 13,480  $ 13,636 
GAAP operating expense $ 70,014  $ 67,061  $ 137,087  $ 132,694 
Adjusted to exclude the following:
Stock-based compensation (15,207) (7,523) (29,403) (19,063)
Amortization of acquired intangibles (1,061) (1,061) (2,122) (2,122)
Change in fair value of contingent earn-out consideration liability (221) (47) (423) (316)
Restructuring and impairment charge
(2,304) (7,936) (2,304) (7,936)
Non-GAAP operating expense $ 51,221  $ 50,494  $ 102,835  $ 103,257 
8


Three Months Ended September 30, Six Months Ended September 30,
2024 2023 2024 2023
(unaudited)
(in thousands, except per share data and percentages)
GAAP operating income $ 53,142  $ 33,792  $ 99,195  $ 63,475 
Adjusted to exclude the following:
Stock-based compensation 17,868  9,801  34,958  23,802 
Amortization of acquired intangibles 1,061  1,198  2,122  2,396 
Change in fair value of contingent earn-out consideration liability 221  47  423  316 
Restructuring and impairment charge
2,304  7,936  2,304  7,936 
Non-GAAP operating income $ 74,596  $ 52,774  $ 139,002  $ 97,925 
GAAP net income $ 44,154  $ 30,602  $ 85,531  $ 59,008 
Adjusted to exclude the following:
Stock-based compensation 17,868  9,801  34,958  23,802 
Amortization of acquired intangibles 1,061  1,198  2,122  2,396 
Change in fair value of contingent earn-out consideration liability 221  47  423  316 
Restructuring and impairment charge
2,304  7,936  2,304  7,936 
Income tax effect of non-GAAP adjustments (1)
(4,505) (3,986) (8,359) (7,235)
Non-GAAP net income $ 61,103  $ 45,598  $ 116,979  $ 86,223 
Non-GAAP net income margin 44.7  % 40.1  % 44.4  % 38.8  %
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic 186,252  193,112  185,933  193,813 
Diluted 200,407  209,014  199,818  210,681 
Non-GAAP net income per share attributable to Class A and Class B stockholders:
Basic $ 0.33  $ 0.24  $ 0.63  $ 0.44 
Diluted $ 0.30  $ 0.22  $ 0.59  $ 0.41 
(1) For the three and six months ended September 30, 2024 and 2023, management used an estimated annual effective non-GAAP tax rate of 21.0%.
9