0001628280-20-008529.txt : 20200528 0001628280-20-008529.hdr.sgml : 20200528 20200528160553 ACCESSION NUMBER: 0001628280-20-008529 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20200528 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200528 DATE AS OF CHANGE: 20200528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VEEVA SYSTEMS INC CENTRAL INDEX KEY: 0001393052 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 208235463 FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36121 FILM NUMBER: 20921080 BUSINESS ADDRESS: STREET 1: 4280 HACIENDA DRIVE CITY: PLEASANTON STATE: CA ZIP: 94588 BUSINESS PHONE: 925-264-8887 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-20200430q1218xk.htm 8-K Document
false0001393052 0001393052 2020-05-28 2020-05-28


 
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 28, 2020
_____________________________________________________________________________
Veeva Systems Inc.
(Exact name of Registrant as Specified in Its Charter)
_____________________________________________________________________________
 
Delaware
001-36121
20-8235463
 
 
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
 

4280 Hacienda Drive
Pleasanton, California 94588
(Address of Principal Executive Offices)

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 class
 
Trading Symbol
 
Name of each exchange on which registered
Class A Common Stock,
par value $0.00001 per share
 
VEEV
 
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 May 28, 2020, Veeva Systems Inc. (“Veeva”) issued a press release announcing its results for its first quarter ended April 30, 2020. 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
 
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.
 
Veeva Systems Inc.
 
 
 
By:
/s/ Timothy S. Cabral
 
 
Timothy S. Cabral
 
 
Chief Financial Officer
 
 
 
Dated:
May 28, 2020
 
 



 EX-99.1 2 veev-20200430q121xexx9.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
pa01.jpg
FOR IMMEDIATE RELEASE
Veeva Announces Fiscal 2021 First Quarter Results
Total Revenues of $337.1M, up 38% Year-over-year;
Subscription Services Revenues of $270.2M, up 36% Year-over-year

PLEASANTON, CA - May 28, 2020 - Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its fiscal first quarter ended April 30, 2020.
“We are incredibly proud to serve the life sciences industry as they pursue diagnostics, treatments, and cures for COVID-19 with unprecedented speed,” said CEO Peter Gassner. “Thanks to the Veeva team for all the incredible innovation and execution that’s enabling our customers’ rapid move to digital so they can continue their critical work helping healthcare professionals and patients.”
Fiscal 2021 First Quarter Results:
•
Revenues: Total revenues for the first quarter were $337.1 million, up from $244.8 million one year ago, an increase of 38% year-over-year. Subscription services revenues for the first quarter were $270.2 million, up from $198.1 million one year ago, an increase of 36% year-over-year.
•
Operating Income and Non-GAAP Operating Income(1): First quarter operating income was $87.6 million, compared to $71.2 million one year ago, an increase of 23% year-over-year. Non-GAAP operating income for the first quarter was $129.7 million, compared to $93.5 million one year ago, an increase of 39% year-over-year.
•
Net Income and Non-GAAP Net Income(1): First quarter net income was $86.6 million, compared to $73.4 million one year ago, an increase of 18% year-over-year. Non-GAAP net income for the first quarter was $105.2 million, compared to $78.7 million one year ago, an increase of 34% year-over-year.
•
Net Income per Share and Non-GAAP Net Income per Share(1): For the first quarter, fully diluted net income per share was $0.54, compared to $0.47 one year ago, while non-GAAP fully diluted net income per share was $0.66, compared to $0.50 one year ago.
“Focused execution and our ability to adapt quickly in the face of change enabled us to deliver results above plan in Q1,” said CFO Tim Cabral. “Looking ahead, we will continue to invest in our growing product portfolio as the industry increasingly looks to Veeva as one of its most strategic partners across R&D and commercial.”
Recent Highlights:
•
Veeva Innovation Supports Life Sciences Industry Response to COVID-19
Veeva introduces new capabilities, data, and programs to help customers quickly move to digital, including:
◦
Veeva CRM Engage Meeting provided free of charge, to enable remote meetings between pharmaceutical reps and the doctors who depend on them for information on the latest research and treatments for their patients.

® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.
Veeva Systems Inc. owns other registered and unregistered trademarks.
oa01.jpg


◦
New Remote Monitoring capabilities in Veeva SiteVault Free to allow study monitors to remotely review and verify source documents, a process required to keep clinical trials on track.
◦
Remote Sampling added to Veeva CRM Engage Meeting to allow pharmaceutical reps to compliantly fulfill drug sample requests online with physicians.
◦
Telehealth Metrics new in the Crossix Data Platform to provide the industry greater understanding and insights into changing patient and physician engagement patterns.
•
Veeva Data Cloud Offers New Approach for Patient and Prescriber Data
The company announced Veeva Data Cloud to bring much needed innovation and choice to the life sciences data market. The longitudinal patient and prescriber data offering will be focused on the specialty distribution channel initially in the U.S. with other countries and use cases to follow in the coming years. Veeva has already signed its first two early adopters for pilots, a top 20 pharma and an emerging biotech.  
•
Top 20 Pharmas Adopt Multiple Veeva Development Cloud Solutions
Veeva Development Cloud continues to gain momentum with more than 570 customers and key wins at three different top 20 pharmas in the quarter. One selected Veeva Vault CTMS to round out their use of the full clinical suite of products. Another top 20 pharma customer for Veeva Vault RIM will now deploy Vault eTMF and Vault Study Startup as their enterprise standard. The third will expand into Vault QualityDocs after success with Vault clinical applications.
Financial Outlook:
Veeva is providing guidance for its fiscal second quarter ending July 31, 2020 as follows:
•
Total revenues between $339 and $341 million.
•
Non-GAAP operating income between $126 and $128 million(2).
•
Non-GAAP fully diluted net income per share between $0.63 and $0.64(2).
Veeva is providing guidance for its fiscal year ending January 31, 2021 as follows:
•
Total revenues between $1,380 and $1,395 million.
•
Non-GAAP operating income between $500 and $510 million(2).
•
Non-GAAP fully diluted net income per share between $2.50 and $2.55(2).
Conference Call Information
What:
Veeva’s Fiscal 2021 First Quarter Results Conference Call
When:
Thursday, May 28, 2020
Time:
1:30 p.m. PT (4:30 p.m. ET)
Live Call:
1-833-502-0495, domestic
 
1-778-560-2571, international
 
Conference ID 669 0227
Webcast:
ir.veeva.com
Investor Presentation Details
An investor presentation providing additional information and analysis can be found at ir.veeva.com.

® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.
Veeva Systems Inc. owns other registered and unregistered trademarks.
2



___________
(1) 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.
(2) 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, 2020 or fiscal year ending January 31, 2021 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.

® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.
Veeva Systems Inc. owns other registered and unregistered trademarks.
3



About Veeva Systems
Veeva Systems Inc. is the leader in cloud-based software for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 875 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. Veeva has more than 390 Commercial Cloud customers and more than 570 Development Cloud customers. Veeva is headquartered in the San Francisco Bay Area, with offices throughout North America, Europe, Asia, and Latin America. 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, including the quotations from management, the statements in “Financial Outlook,” and other statements regarding Veeva’s future performance, outlook, and guidance and the assumptions underlying those statements, market growth, the benefits from the use of Veeva’s solutions, our strategies, and general business conditions. Any forward-looking statements contained in this press release are based upon Veeva’s historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva’s expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including (i) the impact of the worldwide outbreak of COVID-19 (including the impact to the life sciences industry, impact on general economic conditions, and government responses, restrictions, and actions related to the pandemic); (ii) breaches in our security measures or unauthorized access to our customers’ data; (iii) our expectation that the future growth rate of our revenues will decline; (iv) competitive factors, including but not limited to pricing pressures, consolidation among our competitors, entry of new competitors, the launch of new products and marketing initiatives by our existing competitors, and difficulty securing rights to access, host or integrate with complementary third party products or data used by our customers; (v) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established applications, like Veeva CRM; (vi) fluctuation of our results, which may make period-to-period comparisons less meaningful; (vii) our ability to integrate Crossix Systems Inc. and Physicians World LLC into our business and achieve the expected benefits of the acquisitions; (viii) loss of one or more customers, particularly any of our large customers; (ix) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure; (x) our ability to attract and retain highly skilled employees and manage our growth effectively; (xi) failure to sustain the level of profitability we have achieved in the past as our costs increase; (xii) adverse changes in the life sciences industry, including as a result of customer mergers; (xiii) adverse changes in economic, regulatory, or market conditions, including with respect to natural disasters or actual or threatened public health emergencies; (xiv) a decline in new subscriptions that may not be immediately reflected in our operating results due to the ratable recognition of our subscription revenue; and (xv) pending, threatened, or future legal proceedings and related expenses.
Additional risks and uncertainties that could affect Veeva’s financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s filing on Form 10-K for the period ended January 31, 2020. This is available on the company’s website at veeva.com under the Investors section and on the SEC’s website at sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.
###
Investor Relations Contact:
Rick Lund
Veeva Systems Inc.
925-271-9816
ir@veeva.com
Media Contact:
Roger Villareal

® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.
Veeva Systems Inc. owns other registered and unregistered trademarks.
4



Veeva Systems Inc.
925-264-8885
pr@veeva.com

® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.
Veeva Systems Inc. owns other registered and unregistered trademarks.
5



VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
April 30,
2020
 
January 31,
2020
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
720,776

 
$
476,733

Short-term investments
660,199

 
610,015

Accounts receivable, net
235,923

 
389,690

Unbilled accounts receivable
37,269

 
32,817

Prepaid expenses and other current assets
21,105

 
21,869

Total current assets
1,675,272

 
1,531,124

Property and equipment, net
52,886

 
54,752

Deferred costs, net
34,176

 
35,585

Lease right-of-use assets
46,923

 
49,132

Goodwill
438,529

 
438,529

Intangible assets, net
129,403

 
134,601

Deferred income taxes, noncurrent
11,701

 
11,870

Other long-term assets
15,729

 
16,184

Total assets
$
2,404,619

 
$
2,271,777

 
 
 
 
Liabilities and stockholders’ equity
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
15,041

 
$
19,420

Accrued compensation and benefits
27,064

 
25,619

Accrued expenses and other current liabilities
23,405

 
21,620

Income tax payable
4,441

 
5,613

Deferred revenue
470,262

 
468,887

Lease liabilities
10,127

 
10,013

Total current liabilities
550,340

 
551,172

Deferred income taxes, noncurrent
1,673

 
2,417

Lease liabilities, noncurrent
42,430

 
44,815

Other long-term liabilities
9,140

 
7,779

Total liabilities
603,583

 
606,183

Stockholders’ equity:
 
 
 
Class A common stock
2

 
1

Class B common stock
—

 
—

Additional paid-in capital
792,660

 
745,475

Accumulated other comprehensive income
2,146

 
460

Retained earnings
1,006,228

 
919,658

Total stockholders’ equity
1,801,036

 
1,665,594

Total liabilities and stockholders’ equity
$
2,404,619

 
$
2,271,777




® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.
Veeva Systems Inc. owns other registered and unregistered trademarks.
6



VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
 
Three months ended
April 30,
 
2020
 
2019
Revenues:
 
 
 
Subscription services
$
270,235

 
$
198,115

Professional services and other
66,871

 
46,637

Total revenues
337,106

 
244,752

Cost of revenues(3):
 
 
 
Cost of subscription services
43,212

 
30,378

Cost of professional services and other
51,668

 
35,125

Total cost of revenues
94,880

 
65,503

Gross profit
242,226

 
179,249

Operating expenses(3):
 
 
 
Research and development
62,237

 
44,973

Sales and marketing
55,755

 
39,617

General and administrative
36,669

 
23,490

Total operating expenses
154,661

 
108,080

Operating income
87,565

 
71,169

Other income, net
3,414

 
6,161

Income before income taxes
90,979

 
77,330

Provision for income taxes
4,409

 
3,881

Net income
$
86,570

 
$
73,449

 
 
 
 
Net income per share:
 
 
 
Basic
$
0.58

 
$
0.50

Diluted
$
0.54

 
$
0.47

 
 
 
 
Weighted-average shares used to compute net income per share:
 
 
 
Basic
149,541

 
146,708

Diluted
159,474

 
157,910

Other comprehensive income:
 
 
 
Net change in unrealized gains on available-for- sale investments
$
1,297

 
$
962

Net change in cumulative foreign currency translation loss
389

 
(702
)
Comprehensive income
$
88,256

 
$
73,709

_______________________
(3) Includes stock-based compensation as follows:

 
 
 
Cost of revenues:
 
 
 
Cost of subscription services
$
1,019

 
$
385

Cost of professional services and other
5,074

 
2,978

Research and development
11,401

 
6,325

Sales and marketing
8,192

 
5,152

General and administrative
11,221

 
5,916

Total stock-based compensation
$
36,907

 
$
20,756




® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.
Veeva Systems Inc. owns other registered and unregistered trademarks.
7



VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
Three months ended
April 30,
 
2020
 
2019
Cash flows from operating activities
 
 
 
Net income
$
86,570

 
$
73,449

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
7,878

 
3,900

Reduction of operating lease right-of-use assets
2,997

 
1,538

Accretion of discount on short-term investments
(11
)
 
(1,178
)
Stock-based compensation
36,907

 
20,756

Amortization of deferred costs
4,751

 
4,849

Deferred income taxes
(1,134
)
 
418

(Gain) Loss on foreign currency from mark-to-market derivative
93

 
(80
)
Bad debt recovery
(393
)
 
(153
)
Changes in operating assets and liabilities:
 
 
 
Accounts receivable
154,160

 
139,510

Unbilled accounts receivable
(4,452
)
 
(5,244
)
Deferred costs
(3,342
)
 
(4,601
)
Income taxes payable
(1,850
)
 
338

Other current and long-term assets
551

 
(2,759
)
Accounts payable
(4,430
)
 
(416
)
Accrued expenses and other current liabilities
2,691

 
(759
)
Deferred revenue
1,477

 
7,914

Operating lease liabilities
(2,811
)
 
(1,629
)
Other long-term liabilities
2,520

 
436

Net cash provided by operating activities
282,172

 
236,289

Cash flows from investing activities
 
 
 
Purchases of short-term investments
(188,818
)
 
(228,894
)
Maturities and sales of short-term investments
140,342

 
188,965

Purchases of property and equipment
267

 
(1,194
)
Capitalized internal-use software development costs
—

 
(419
)
Net cash used in investing activities
(48,209
)
 
(41,542
)
Cash flows from financing activities
 
 
 
Reduction of lease liabilities - finance leases
(248
)
 
(249
)
Proceeds from exercise of common stock options
9,781

 
3,391

Net cash provided by financing activities
9,533

 
3,142

Effect of exchange rate changes on cash, cash equivalents, and restricted cash
548

 
(702
)
Net change in cash, cash equivalents, and restricted cash
244,044

 
197,187

Cash, cash equivalents, and restricted cash at beginning of period
479,797

 
552,178

Cash, cash equivalents, and restricted cash at end of period
$
723,841

 
$
749,365


® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.
Veeva Systems Inc. owns other registered and unregistered trademarks.
8



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.
•
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 under FASB ASC Topic 718, 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.
•
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 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.

® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.
Veeva Systems Inc. owns other registered and unregistered trademarks.
9

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:
 
Three months ended
April 30,
 
2020
 
2019
Cost of subscription services revenues on a GAAP basis
$
43,212

 
$
30,378

Stock-based compensation expense
(1,019
)
 
(385
)
Amortization of purchased intangibles
(1,594
)
 
(667
)
Cost of subscription services revenues on a non-GAAP basis
$
40,599

 
$
29,326

 
 
 
 
Gross margin on subscription services revenues on a GAAP basis
84.0
%
 
84.7
%
Stock-based compensation expense
0.4

 
0.2

Amortization of purchased intangibles
0.6

 
0.3

Gross margin on subscription services revenues on a non-GAAP basis
85.0
%
 
85.2
%
 
 
 
 
Cost of professional services and other revenues on a GAAP basis
$
51,668

 
$
35,125

Stock-based compensation expense
(5,074
)
 
(2,978
)
Amortization of purchased intangibles
(135
)
 
—

Cost of professional services and other revenues on a non-GAAP basis
$
46,459

 
$
32,147

 
 
 
 
Gross margin on professional services and other revenues on a GAAP basis
22.7
%
 
24.7
%
Stock-based compensation expense
7.6

 
6.4

Amortization of purchased intangibles

0.2

 
—

Gross margin on professional services and other revenues on a non-GAAP basis
30.5
%
 
31.1
%
 
 
 
 
Gross profit on a GAAP basis
$
242,226

 
$
179,249

Stock-based compensation expense
6,093

 
3,363

Amortization of purchased intangibles
1,729

 
667

Gross profit on a non-GAAP basis
$
250,048

 
$
183,279

 
 
 
 
Gross margin on total revenues on a GAAP basis
71.9
%
 
73.2
%
Stock-based compensation expense
1.8

 
1.4

Amortization of purchased intangibles
0.5

 
0.3

Gross margin on total revenues on a non-GAAP basis
74.2
%
 
74.9
%
 
 
 
 
Research and development expense on a GAAP basis
$
62,237

 
$
44,973

Stock-based compensation expense
(11,401
)
 
(6,325
)
Amortization of purchased intangibles

(28
)
 
—

Research and development expense on a non-GAAP basis
$
50,808

 
$
38,648

 
 
 
 
Sales and marketing expense on a GAAP basis
$
55,755

 
$
39,617

Stock-based compensation expense
(8,192
)
 
(5,152
)
Amortization of purchased intangibles
(3,402
)
 
(903
)
Sales and marketing expense on a non-GAAP basis
$
44,161

 
$
33,562

 
 
 
 
General and administrative expense on a GAAP basis
$
36,669

 
$
23,490

Stock-based compensation expense
(11,221
)
 
(5,916
)
Amortization of purchased intangibles

(56
)
 
—

General and administrative expense on a non-GAAP basis
$
25,392

 
$
17,574

 
 
 
 

® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.
Veeva Systems Inc. owns other registered and unregistered trademarks.
10

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,
 
2020
 
2019
Operating expense on a GAAP basis
$
154,661

 
$
108,080

Stock-based compensation expense
(30,814
)
 
(17,393
)
Amortization of purchased intangibles
(3,486
)
 
(903
)
Operating expense on a non-GAAP basis
$
120,361

 
$
89,784

 
 
 
 
Operating income on a GAAP basis
$
87,565

 
$
71,169

Stock-based compensation expense
36,907

 
20,756

Amortization of purchased intangibles
5,215

 
1,570

Operating income on a non-GAAP basis
$
129,687

 
$
93,495

 
 
 
 
Operating margin on a GAAP basis
26.0
%
 
29.1
%
Stock-based compensation expense
11.0

 
8.5

Amortization of purchased intangibles
1.5

 
0.6

Operating margin on a non-GAAP basis
38.5
%
 
38.2
%
 
 
 
 
Net income on a GAAP basis
$
86,570

 
$
73,449

Stock-based compensation expense
36,907

 
20,756

Amortization of purchased intangibles
5,215

 
1,570

Income tax effect on non-GAAP adjustments(1)
(23,542
)
 
(17,047
)
Net income on a non-GAAP basis
$
105,150

 
$
78,728

 
 
 
 
Diluted net income per share on a GAAP basis
$
0.54

 
$
0.47

Stock-based compensation expense
0.23

 
0.13

Amortization of purchased intangibles
0.04

 
0.01

Income tax effect on non-GAAP adjustments(1)
(0.15
)
 
(0.11
)
Diluted net income per share on a non-GAAP basis
$
0.66

 
$
0.50

________________________
(1) 
For the three months ended April 30, 2020 and 2019, management used an estimated annual effective non-GAAP tax rate of 21.0%.

® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc.
Veeva Systems Inc. owns other registered and unregistered trademarks.
11

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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
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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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