Conduit fill - number of circuits .vs. number of branches
If a group of wires, together, are splitting power from one circuit, such that they together could not exceed the breaker rating without a trip -- then those wires together count as 1 wire for this purpose.  

Let's suppose you have box A and box B.  Supply comes in to box A. B has a GFCI deadfront and a bunch of switches, protected by the GFCI. 


Supply hot goes from A to B.  
Supply neutral goes from A to B, to supply the GFCI. 
Five separate protected-switched-hot wires double back from B through A onward to their destinations.   
Protected neutral doubles back from B to A, where it splits to feed each switched load.  


This situation is annoying, because we must haul neutral from A to B and back again because of the GFCI.  At 15A draw, how many wires "count" for derate? 


supply hot is carrying 15A to the GFCI
supply neutral is carrying 15A to the GFCI
protected neutral is carrying 15A to the loads
Five protected switched hots, totaling 15A.  


So four "wires" for derate, which in a 120/240 split-phase context we can simply count as 2 "circuits". The actual limit is 9 wires, but it's impossible to have an odd number of wires in split-phase.   

If it wasn't for the GFCI, neutral could splice at box A and need only carry smart-switch loads A-B, which means it would be splitting the 15A with the switched hots, and we would only count 1 circuit.