0001393052-24-000019.txt : 20240530 0001393052-24-000019.hdr.sgml : 20240530 20240530161259 ACCESSION NUMBER: 0001393052-24-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240530 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240530 DATE AS OF CHANGE: 20240530 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VEEVA SYSTEMS INC CENTRAL INDEX KEY: 0001393052 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] ORGANIZATION NAME: 06 Technology IRS NUMBER: 208235463 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36121 FILM NUMBER: 241005520 BUSINESS ADDRESS: STREET 1: 4280 HACIENDA DRIVE CITY: PLEASANTON STATE: CA ZIP: 94588 BUSINESS PHONE: 925-452-6500 MAIL ADDRESS: STREET 1: 4280 HACIENDA DRIVE CITY: PLEASANTON STATE: CA ZIP: 94588 FORMER COMPANY: FORMER CONFORMED NAME: VERTICALS ONDEMAND INC DATE OF NAME CHANGE: 20070313 8-K 1 veev-20240530.htm 8-K veev-20240530
False000139305200013930522024-05-302024-05-30

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): May 30, 2024
_____________________________________________________________________________
Veeva logo 1 for sec.jpg
Veeva Systems Inc.
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________
Delaware
001-36121
20-8235463
(State or other jurisdiction of
incorporation of organization)
(Commission File Number)
(IRS Employer
Identification No.)

4280 Hacienda Drive
Pleasanton, California 94588
(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (925) 452-6500
Not Applicable
(Former name or former address, if changed since last report)
_____________________________________________________________________________
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 (see General Instructions A.2. below):
☐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 classTrading SymbolName of each exchange on which registered
Class A Common Stock,
par value $0.00001 per share		VEEVNew 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 May 30, 2024, Veeva Systems Inc. (“Veeva”) issued a press release announcing its results for its first quarter ended April 30, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Current Report on Form 8-K and the accompanying Exhibit 99.1 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, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.

Item 9.01.    Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.Description
99.1
104Cover 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.
Veeva Systems Inc.
By:/s/ Tim Cabral
Tim Cabral
Interim Chief Financial Officer
Dated:May 30, 2024


 EX-99.1 2 veev-20240430q125xex991.htm EX-99.1 Document


Exhibit 99.1
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FOR IMMEDIATE RELEASE
Veeva Announces Fiscal 2025 First Quarter Results
Total Revenues of $650.3M, up 24% Year Over Year;
Subscription Services Revenues of $534.0M, up 29% Year Over Year
PLEASANTON, CA - May 30, 2024 - Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its first quarter ended April 30, 2024.
“Thanks to our customers and the Veeva team we had an excellent start to the year,” said CEO Peter Gassner. “We made major progress in Development Cloud, Commercial Cloud, and Data Cloud.”
Fiscal 2025 First Quarter Results:
•Revenues(1): Total revenues for the first quarter were $650.3 million, up from $526.3 million one year ago, an increase of 24% year over year. Subscription services revenues for the first quarter were $534.0 million, up from $414.5 million one year ago, an increase of 29% year over year.
•Operating Income and Non-GAAP Operating Income(1)(2): First quarter operating income was $155.2 million, compared to $61.5 million one year ago, an increase of 152% year over year. Non-GAAP operating income for the first quarter was $260.9 million, compared to $157.0 million one year ago, an increase of 66% year over year.
•Net Income and Non-GAAP Net Income(1)(2): First quarter net income was $161.7 million, compared to $131.5 million one year ago, an increase of 23% year over year. Non-GAAP net income for the first quarter was $247.0 million, compared to $147.9 million one year ago, an increase of 67% year over year.
•Net Income per Share and Non-GAAP Net Income per Share(1)(2): For the first quarter, fully diluted net income per share was $0.98, compared to $0.81 one year ago, while non-GAAP fully diluted net income per share was $1.50, compared to $0.91 one year ago.
“Our results in the first quarter exceeded our guidance on all metrics,” said interim CFO and Board Director Tim Cabral. “We are investing for durable growth, and I am confident our commitment to customer success and product excellence will enable us to execute on the significant life sciences opportunity ahead.”
Recent Highlights:
•Three Top 20 Biopharmas Select Multiple Veeva Development Cloud Applications – Momentum continued in the quarter, with significant wins in clinical, quality, regulatory, and safety including three top 20 biopharma wins for multiple Development Cloud applications. All three wins included clinical, a critical area for the industry with a lot of potential and where the majority of Veeva's 11 clinical products are in the early stages of adoption.
•Veeva Vault Basics Now Available – Vault Basics applications are preconfigured with industry standard processes and managed by Veeva with no implementation cost. This allows emerging biotechs to start with Development Cloud earlier in their lifecycle then graduate easily to full Development Cloud as they grow.
© 2024 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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•Vault CRM Suite Progress Continues – With a unique ability to bring together sales, marketing, and medical in a single Vault for connected customer data, content, and processes, the Vault CRM Suite can help the industry realize the vision of true customer centricity. Major progress toward this goal continued with the full availability of Vault CRM for all new customers in April. Multiple customers are already live and there were 13 CRM wins in the quarter. Veeva also announced planned availability dates for new applications in the Vault CRM Suite with Service Center coming in August and Campaign Manager in December.
•Better Commercial Data for the Industry with Veeva Data Cloud – Veeva added a record 21 new brands for Compass Patient in the first quarter, including its first seven-figure enterprise-wide win with a top 50 biopharma. It also signed the first Compass Prescriber and Compass National customers, following the products’ release in January. Compass is gaining traction because it delivers data for in-office therapies and retail prescriptions, giving customers more complete and more accurate data than legacy alternatives. Veeva Link also continued to progress well, crossing the 100-customer mark, as the industry enhances engagement through real-time intelligence.
Financial Outlook:
Veeva is providing guidance for its fiscal second quarter ending July 31, 2024 as follows:
•Total revenues between $666 and $669 million.
•Non-GAAP operating income between $265 and $267 million(3).
•Non-GAAP fully diluted net income per share between $1.53 and $1.54(3).
Veeva is providing updated guidance for its fiscal year ending January 31, 2025 as follows:
•Total revenues between $2,700 and $2,710 million.
•Non-GAAP operating income of about $1,070 million(3).
•Non-GAAP fully diluted net income per share of approximately $6.16(3).
Conference Call Information
Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva's investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00 p.m. PT today, May 30, 2024, and a replay of the call will be available on Veeva's investor relations website.
What:
Veeva Systems Fiscal 2025 First Quarter Results Conference Call
When:Thursday, May 30, 2024
Time:2:00 p.m. PT (5:00 p.m. ET)
Online Registration:
https://registrations.events/direct/Q4I8741326
Webcast:ir.veeva.com


© 2024 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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___________
(1) The customer contracting change that standardized termination for convenience (TFC) rights in our master subscription agreements resulted in a change in the timing of revenue for certain customer contracts and reduced revenues, operating income and non-GAAP operating income, and net income and non-GAAP net income in the first quarter of fiscal 2024.
(2) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled “Non-GAAP Financial Measures” and the tables entitled “Reconciliation of GAAP to Non-GAAP Financial Measures” below for details.
(3) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the second fiscal quarter ending July 31, 2024 or the fiscal year ending January 31, 2025 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.
About Veeva Systems
Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com.
Veeva uses its ir.veeva.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.
Forward-looking Statements
This release contains forward-looking statements regarding Veeva’s expected future performance and, in particular, includes quotes from management and guidance, provided as of May 30, 2024, about Veeva’s expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, security, or privacy of our products, competitive factors, customer decisions and priorities, events that impact the life sciences industry, general macroeconomic and geopolitical events (including inflationary pressures, changes in interest rates, currency exchange fluctuations and impacts related to Russia’s invasion of Ukraine and the Israel-Hamas conflict), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled “Summary of Risk Factors” on pages 9 and 10 in our filing on Form 10-K for the period ended January 31, 2024 which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-K and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.

###
Investor Relations Contact:     Media Contact:
Gunnar Hansen Maria Scurry
Veeva Systems Inc. Veeva Systems Inc.
267-460-5839 781-366-7617
ir@veeva.com pr@veeva.com

© 2024 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
April 30,
2024		January 31,
2024
Assets
Current assets:
Cash and cash equivalents$1,197,196 $703,487 
Short-term investments3,567,841 3,324,269 
Accounts receivable, net362,320 852,172 
Unbilled accounts receivable38,771 36,365 
Prepaid expenses and other current assets78,820 86,918 
Total current assets5,244,948 5,003,211 
Property and equipment, net58,042 58,532 
Deferred costs, net23,967 23,916 
Lease right-of-use assets44,583 45,602 
Goodwill439,877 439,877 
Intangible assets, net58,231 63,017 
Deferred income taxes266,060 233,463 
Other long-term assets51,850 43,302 
Total assets$6,187,558 $5,910,920 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$31,930 $31,513 
Accrued compensation and benefits38,755 43,433 
Accrued expenses and other current liabilities41,187 32,980 
Income tax payable71,567 11,862 
Deferred revenue1,029,455 1,049,761 
Lease liabilities
10,392 9,334 
Total current liabilities1,223,286 1,178,883 
Deferred income taxes705 2,052 
Lease liabilities, noncurrent45,351 46,441 
Other long-term liabilities28,835 38,720 
Total liabilities1,298,177 1,266,096 
Stockholders’ equity:
Class A common stock2 2 
Additional paid-in capital2,017,904 1,915,002 
Accumulated other comprehensive loss(30,646)(10,637)
Retained earnings2,902,121 2,740,457 
Total stockholders’ equity4,889,381 4,644,824 
Total liabilities and stockholders’ equity
$6,187,558 $5,910,920 


© 2024 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended April 30,
20242023
Revenues:
Subscription services(4)
$533,955 $414,546 
Professional services and other(5)
116,390 111,779 
Total revenues650,345 526,325 
Cost of revenues(6):
Cost of subscription services78,148 67,575 
Cost of professional services and other95,736 99,088 
Total cost of revenues173,884 166,663 
Gross profit476,461 359,662 
Operating expenses(6):
Research and development162,711 146,960 
Sales and marketing97,301 88,503 
General and administrative61,277 62,669 
Total operating expenses321,289 298,132 
Operating income155,172 61,530 
Other income, net51,729 30,248 
Income before income taxes206,901 91,778 
Income tax provision (benefit)
45,237 (39,743)
Net income$161,664 $131,521 
Net income per share:
Basic$1.00 $0.82 
Diluted$0.98 $0.81 
Weighted-average shares used to compute net income per share:
Basic161,421 159,852 
Diluted164,394 162,521 
Other comprehensive income:
Net change in unrealized loss on available-for-sale investments$(18,861)$5,428 
Net change in cumulative foreign currency translation loss
(1,148)(58)
Comprehensive income$141,655 $136,891 
(4) Includes subscription services revenues from the following product areas:
Veeva Commercial Solutions$261,316 $239,324 
Veeva R&D Solutions272,639 175,222 
Total subscription services$533,955 $414,546 
(5) Includes professional services and other revenues from the following product areas:
Veeva Commercial Solutions$48,772 $44,864 
Veeva R&D Solutions67,618 66,915 
Total professional services and other$116,390 $111,779 
(6) Includes stock-based compensation as follows:
Cost of revenues:
Cost of subscription services$1,554 $1,505 
Cost of professional services and other12,535 12,722 
Research and development41,743 38,906 
Sales and marketing23,043 20,135 
General and administrative17,036 17,451 
Total stock-based compensation$95,911 $90,719 
© 2024 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three months ended April 30,
20242023
Cash flows from operating activities
Net income$161,664 $131,521 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization8,499 7,549 
Reduction of operating lease right-of-use assets2,783 3,060 
Accretion of discount on short-term investments
(6,187)(3,407)
Stock-based compensation95,911 90,719 
Amortization of deferred costs3,803 5,052 
Deferred income taxes(26,539)(21,514)
Loss on foreign currency from mark-to-market derivative
1,082 180 
Bad debt (recovery) expense
(152)155 
Changes in operating assets and liabilities:
Accounts receivable490,004 289,960 
Unbilled accounts receivable(2,406)44,104 
Deferred costs(3,854)3,607 
Other current and long-term assets8,160 (36,298)
Accounts payable280 1,955 
Accrued expenses and other current liabilities2,597 (3,344)
Income taxes payable59,705 (329)
Deferred revenue(31,292)(1,221)
Operating lease liabilities(1,643)(2,693)
Other long-term liabilities1,101 (3,120)
Net cash provided by operating activities763,516 505,936 
Cash flows from investing activities
Purchases of short-term investments(777,831)(612,492)
Maturities and sales of short-term investments513,929 318,056 
Long-term assets(8,476)(2,958)
Net cash used in investing activities(272,378)(297,394)
Cash flows from financing activities
Proceeds from exercise of common stock options28,434 15,233 
Taxes paid related to net share settlement of equity awards(24,606)(16,625)
Net cash provided by (used in) financing activities
3,828 (1,392)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(1,257)19 
Net change in cash, cash equivalents, and restricted cash493,709 207,169 
Cash, cash equivalents, and restricted cash at beginning of period706,670 889,650 
Cash, cash equivalents, and restricted cash at end of period$1,200,379 $1,096,819 
Supplemental disclosures of other cash flow information:
Excess tax benefits from employee stock plans$3,121 $62,089 
© 2024 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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Non-GAAP Financial Measures
In Veeva’s public disclosures, Veeva has provided non-GAAP measures, which it defines as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, Veeva uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing its financial results. For the reasons set forth below, Veeva believes that excluding the following items provides information that is helpful in understanding its operating results, evaluating its future prospects, comparing its financial results across accounting periods, and comparing its financial results to its peers, many of which provide similar non-GAAP financial measures.
•Excess tax benefits. Excess tax benefits from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations, Veeva excludes excess tax benefits for its internal management reporting processes. Veeva management also finds it useful to exclude excess tax benefits when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits, Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies.
•Stock-based compensation expenses. Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.
•Amortization of purchased intangibles. Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva’s revenues earned during the periods presented and will contribute to Veeva’s future period revenues as well.
•Litigation settlement. We exclude costs related to the settlement of certain litigation matters because they are non-recurring and outside the ordinary course of business. Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results.
•Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP measures.
There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Veeva’s management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Veeva encourages its investors and others to review its financial information in its entirety, not to rely on any single financial measure to evaluate its business, and to view its non-GAAP financial
© 2024 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.
© 2024 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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VEEVA SYSTEMS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
(Unaudited)

The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:

Reconciliation of Net Cash Provided by Operating Activities (GAAP basis to non-GAAP basis)Three months ended April 30,
20242023
Net cash provided by operating activities on a GAAP basis$763,516 $505,936 
Excess tax benefits from employee stock plans(3,121)(62,089)
Net cash provided by operating activities on a non-GAAP basis$760,395 $443,847 
Net cash used in investing activities on a GAAP basis$(272,378)$(297,394)
Net cash provided by (used in) financing activities on a GAAP basis
$3,828 $(1,392)
Reconciliation of Financial Measures (GAAP basis to non-GAAP basis)Three months ended April 30,
20242023
Cost of subscription services revenues on a GAAP basis$78,148 $67,575 
Stock-based compensation expense(1,554)(1,505)
Amortization of purchased intangibles(1,099)(1,090)
Cost of subscription services revenues on a non-GAAP basis$75,495 $64,980 
Gross margin on subscription services revenues on a GAAP basis85.4 %83.7 %
Stock-based compensation expense0.3 0.4 
Amortization of purchased intangibles0.2 0.2 
Gross margin on subscription services revenues on a non-GAAP basis85.9 %84.3 %
Cost of professional services and other revenues on a GAAP basis$95,736 $99,088 
Stock-based compensation expense(12,535)(12,722)
Amortization of purchased intangibles(134)(134)
Cost of professional services and other revenues on a non-GAAP basis$83,067 $86,232 
Gross margin on professional services and other revenues on a GAAP basis17.7 %11.4 %
Stock-based compensation expense10.8 11.4 
Amortization of purchased intangibles0.1 0.2 
Gross margin on professional services and other revenues on a non-GAAP basis28.6 %23.0 %
Gross profit on a GAAP basis$476,461 $359,662 
Stock-based compensation expense14,089 14,227 
Amortization of purchased intangibles1,233 1,224 
Gross profit on a non-GAAP basis$491,783 $375,113 
Gross margin on total revenues on a GAAP basis73.3 %68.3 %
Stock-based compensation expense2.2 2.7 
Amortization of purchased intangibles0.1 0.3 
Gross margin on total revenues on a non-GAAP basis75.6 %71.3 %
Research and development expense on a GAAP basis$162,711 $146,960 
Stock-based compensation expense(41,743)(38,906)
Amortization of purchased intangibles(28)(28)
Research and development expense on a non-GAAP basis$120,940 $108,026 
© 2024 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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VEEVA SYSTEMS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)
(Dollars in thousands, except per share data)
(Unaudited)
Three months ended April 30,
20242023
Sales and marketing expense on a GAAP basis$97,301 $88,503 
Stock-based compensation expense(23,043)(20,135)
Amortization of purchased intangibles(3,469)(3,439)
Sales and marketing expense on a non-GAAP basis$70,789 $64,929 
General and administrative expense on a GAAP basis$61,277 $62,669 
Stock-based compensation expense(17,036)(17,451)
Amortization of purchased intangibles(55)(55)
Litigation settlement
(5,000)— 
General and administrative expense on a non-GAAP basis$39,186 $45,163 
Operating expense on a GAAP basis$321,289 $298,132 
Stock-based compensation expense(81,822)(76,492)
Amortization of purchased intangibles(3,552)(3,522)
Litigation settlement
(5,000)— 
Operating expense on a non-GAAP basis$230,915 $218,118 
Operating income on a GAAP basis$155,172 $61,530 
Stock-based compensation expense95,911 90,719 
Amortization of purchased intangibles4,785 4,746 
Litigation settlement
5,000 — 
Operating income on a non-GAAP basis$260,868 $156,995 
Operating margin on a GAAP basis23.9 %11.7 %
Stock-based compensation expense14.7 17.2 
Amortization of purchased intangibles0.7 0.9 
Litigation settlement
0.8 — 
Operating margin on a non-GAAP basis40.1 %29.8 %
Net income on a GAAP basis$161,664 $131,521 
Stock-based compensation expense95,911 90,719 
Amortization of purchased intangibles4,785 4,746 
Litigation settlement
5,000 — 
Income tax effect on non-GAAP adjustments(7)
(20,408)(79,064)
Net income on a non-GAAP basis$246,952 $147,922 
Diluted net income per share on a GAAP basis$0.98 $0.81 
Stock-based compensation expense0.58 0.56 
Amortization of purchased intangibles0.03 0.03 
Litigation settlement
0.03 — 
Income tax effect on non-GAAP adjustments(7)
(0.12)(0.49)
Diluted net income per share on a non-GAAP basis$1.50 $0.91 
________________________
(7) For the three months ended April 30, 2024 and 2023, management used an estimated annual effective non-GAAP
tax rate of 21.0%.
© 2024 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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Cover Page Cover Page
May 30, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 30, 2024
Entity Registrant Name Veeva Systems Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-36121
Entity Tax Identification Number 20-8235463
Entity Address, Address Line One 4280 Hacienda Drive
Entity Address, City or Town Pleasanton
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94588
City Area Code 925
Local Phone Number 452-6500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock,par value $0.00001 per share
Trading Symbol VEEV
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001393052
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