Total Revenues of $505.1M, up 16% Year Over
Year; Subscription Services Revenues of $402.6M, up 18% Year Over Year
PLEASANTON, Calif., June 1, 2022
/PRNewswire/ -- 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,
2022.
"It was a great quarter of innovation and deepening our
strategic partnership with the industry," said CEO Peter Gassner. "We announced major new
innovations, advanced in key areas that will have very positive
impacts over the long term, and got the industry back together in
person at Veeva Summit. Thanks to our customers for the energy and
ideas as we challenge each other in our work to improve the lives
of patients."
Fiscal 2023 First Quarter Results:
- Revenues: Total revenues for the first quarter were
$505.1 million, up from $433.6 million one year ago, an increase of 16%
year over year. Subscription services revenues for the first
quarter were $402.6 million, up from
$341.1 million one year ago, an
increase of 18% year over year.
- Operating Income and Non-GAAP Operating
Income(1): First quarter operating income was
$127.7 million, compared to
$128.4 million one year ago, a
decrease of 1% year over year. Non-GAAP operating income for the
first quarter was $199.6 million,
compared to $181.4 million one year
ago, an increase of 10% year over year.
- Net Income and Non-GAAP Net Income(1): First
quarter net income was $100.1
million, compared to $115.6
million one year ago, a decrease of 13% year over year.
Non-GAAP net income for the first quarter was $159.8 million, compared to $146.9 million one year ago, an increase of 9%
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 $0.62, compared
to $0.71 one year ago, while non-GAAP
fully diluted net income per share was $0.99, compared to $0.91 one year ago.
"We are starting the year with a strong first quarter and have
crossed the $2 billion revenue run
rate mark," said CFO Brent Bowman.
"Our multiple engines of long-term growth and innovation will
continue to fuel strong expansion and customer success well into
the future."
Recent Highlights:
- Continued Strength and Growing Opportunity in Veeva
Development Cloud — Progress to establish Veeva Development
Cloud as the operating system for the product life cycle continued
in the quarter. Partnering on this vision, in Q1 a top 20 pharma
selected twelve Development Cloud products across clinical,
quality, and regulatory as their enterprise standard. Product
excellence and customer success are fueling expansion across the
customer base and as of Q1, now more than 350 customers have at
least two Development Cloud applications. With a long tail of
growth ahead, the company is just 15% penetrated in the current
$7 billion total addressable market
opportunity on the R&D side.
- Veeva Link Expands with New Applications for Real-time
Intelligence — Veeva Link expands with four new data
applications for commercial and medical teams. This expansion
reflects the growing impact and potential of Veeva Link as the
platform matures into a powerful foundation to build high-value
data applications with speed and quality. Veeva Link also continued
its strong growth with new customer wins as well as major
enterprise expansions in the quarter.
- Innovating in Data with a Common Architecture for the
Industry — With a long-term commitment to bringing better data
to the industry, all on a common data architecture, the company
announced Veeva Data Cloud, as the overall brand for its growing
family of data applications. This includes Veeva OpenData for
customer reference data, Veeva Link for real-time intelligence, and
Veeva Compass patient, prescriber, and sales data for the U.S.
market. With better data on common data architecture sales,
medical, and marketing teams can work together in a more
coordinated, customer-centric, and compliant way.
- Advancing the Industry to Commercial Excellence — Its
first in-person summit of the year, the company brought together
more than 1,400 attendees for Veeva Commercial Summit in
Boston in early May. One of the
largest commercial life sciences gatherings in the world, the event
was an important forum for innovation and connection and key to
advancing the industry toward commercial excellence. Veeva Summits
are fundamental to Veeva's role as a strategic partner in bringing
the industry together, fuel Veeva product excellence, and drive
customer success.
Financial Outlook:
Veeva is providing guidance for its fiscal second quarter ending
July 31, 2022 as follows:
- Total revenues between $529 and
$531 million.
- Non-GAAP operating income between $201 and $203
million(2).
- Non-GAAP fully diluted net income per share between
$1.00 and $1.01(2).
Veeva is providing updated guidance for its fiscal year ending
January 31, 2023 as follows:
- Total revenues between $2,165 and
$2,175 million.
- Non-GAAP operating income of about $835
million(2).
- Non-GAAP fully diluted net income per share of approximately
$4.16(2).
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,
June 1, 2022, and a replay of the
call will be available on Veeva's investor relations website.
What:
|
Veeva Systems Fiscal
2023 First Quarter Results Conference Call
|
When:
|
Wednesday, June 1,
2022
|
Time:
|
2:00 p.m. PT (5:00 p.m.
ET)
|
Online
Registration:
|
https://conferencingportals.com/event/badXudFz
|
|
|
Webcast:
|
ir.veeva.com
|
___________
(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, 2022 or
fiscal year ending January 31, 2023 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 and amortization of purchased intangibles. 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 June 1, 2022 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 as a result of
competitive factors, customer decisions and priorities, events that
impact the life sciences industry, issues related to the security
or performance of our products, the pandemic, issues that impact
our ability to hire, retain and adequately compensate talented
employees, and general macroeconomic and geopolitical events
(including inflationary pressures and impacts related to
Russia's invasion of Ukraine). We have summarized what we believe
are the principal risks to our business in a section titled
"Summary of Risk Factors" on pages 13 and 14 in our filing on Form
10-K for the fiscal year ended January 31, 2022, 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:
Ato Garrett
Veeva Systems Inc.
925-271-4204
ir@veeva.com
Media Contact:
Maria
Scurry
Veeva Systems Inc.
781-366-7617
pr@veeva.com
VEEVA SYSTEMS
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
thousands)
(Unaudited)
|
|
|
April 30,
2022
|
|
January 31,
2022
|
Assets
|
|
|
|
Current assets:
|
|
|
|
Cash and cash equivalents
|
$ 1,239,998
|
|
$ 1,138,040
|
Short-term investments
|
1,598,555
|
|
1,238,064
|
Accounts receivable, net
|
329,677
|
|
631,134
|
Unbilled accounts receivable
|
61,971
|
|
63,266
|
Prepaid expenses and other current assets
|
45,094
|
|
36,679
|
Total current assets
|
3,275,295
|
|
3,107,183
|
Property and equipment,
net
|
53,816
|
|
54,495
|
Deferred costs,
net
|
30,192
|
|
33,106
|
Lease right-of-use
assets
|
48,887
|
|
49,640
|
Goodwill
|
439,877
|
|
439,877
|
Intangible assets,
net
|
97,194
|
|
101,940
|
Deferred income
taxes
|
40,674
|
|
5,097
|
Other long-term
assets
|
25,287
|
|
25,127
|
Total
assets
|
$ 4,011,222
|
|
$ 3,816,465
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
|
$
25,404
|
|
$
20,348
|
Accrued compensation and benefits
|
33,214
|
|
33,834
|
Accrued expenses and other current liabilities
|
33,931
|
|
36,109
|
Income tax payable
|
50,984
|
|
7,761
|
Deferred revenue
|
723,721
|
|
731,746
|
Lease liabilities
|
11,606
|
|
10,981
|
Total current
liabilities
|
878,860
|
|
840,779
|
Deferred income
taxes
|
1,725
|
|
2,216
|
Lease liabilities,
noncurrent
|
42,462
|
|
43,607
|
Other long-term
liabilities
|
19,900
|
|
18,226
|
Total liabilities
|
942,947
|
|
904,828
|
Stockholders'
equity:
|
|
|
|
Class A common stock
|
2
|
|
2
|
Class B common stock
|
—
|
|
—
|
Additional paid-in capital
|
1,265,323
|
|
1,196,547
|
Accumulated other comprehensive loss
|
(24,211)
|
|
(11,958)
|
Retained earnings
|
1,827,161
|
|
1,727,046
|
Total stockholders'
equity
|
3,068,275
|
|
2,911,637
|
Total liabilities
and stockholders' equity
|
$ 4,011,222
|
|
$ 3,816,465
|
VEEVA SYSTEMS
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands,
except per share data)
(Unaudited)
|
|
|
Three months
ended
April 30,
|
|
|
2022
|
|
2021
|
|
Revenues:
|
|
|
|
|
Subscription services(3)
|
$ 402,632
|
|
$ 341,119
|
|
Professional services and other(4)
|
102,470
|
|
92,454
|
|
Total revenues
|
505,102
|
|
433,573
|
|
Cost of
revenues(5):
|
|
|
|
|
Cost of subscription services
|
58,953
|
|
51,217
|
|
Cost of professional services and other
|
80,562
|
|
64,919
|
|
Total cost of
revenues
|
139,515
|
|
116,136
|
|
Gross profit
|
365,587
|
|
317,437
|
|
Operating
expenses(5):
|
|
|
|
|
Research and development
|
113,475
|
|
83,226
|
|
Sales and marketing
|
76,115
|
|
64,610
|
|
General and administrative
|
48,325
|
|
41,155
|
|
Total operating
expenses
|
237,915
|
|
188,991
|
|
Operating
income
|
127,672
|
|
128,446
|
|
Other income,
net
|
2,709
|
|
4,564
|
|
Income before income
taxes
|
130,381
|
|
133,010
|
|
Provision for income
taxes
|
30,266
|
|
17,443
|
|
Net
income
|
$ 100,115
|
|
$ 115,567
|
|
Net income per
share:
|
|
|
|
|
Basic
|
$ 0.65
|
|
$ 0.76
|
|
Diluted
|
$ 0.62
|
|
$ 0.71
|
|
Weighted-average
shares used to compute net income per share:
|
|
|
|
|
Basic
|
154,514
|
|
152,444
|
|
Diluted
|
161,928
|
|
162,213
|
|
Other comprehensive
income:
|
|
|
|
|
Net
change in unrealized loss on available-for-sale
investments
|
$
(10,999)
|
|
$
(1,086)
|
|
Net
change in cumulative foreign currency translation loss
|
(1,254)
|
|
(2,213)
|
|
Comprehensive
income
|
$
87,862
|
|
$ 112,268
|
|
|
|
|
|
|
(3) Includes
subscription services revenues from the following product
areas:
|
|
|
|
|
Veeva Commercial
Solutions(6)
|
$ 227,724
|
|
$ 207,845
|
|
Veeva R&D
Solutions(6)
|
174,908
|
|
133,274
|
|
Total subscription
services
|
$ 402,632
|
|
$ 341,119
|
|
|
|
|
|
|
(4) Includes
professional services and other revenues from the following product
areas:
|
|
|
|
|
Veeva Commercial
Solutions(6)
|
$
43,321
|
|
$
43,598
|
|
Veeva R&D
Solutions(6)
|
59,149
|
|
48,856
|
|
Total professional
services and other
|
$ 102,470
|
|
$
92,454
|
|
(6) Certain
prior period product revenues have been adjusted to match current
period presentation.
|
|
|
|
|
|
(5) Includes
stock-based compensation as follows:
|
|
|
|
|
Cost of
revenues:
|
|
|
|
|
Cost of subscription services
|
$ 1,277
|
|
$
906
|
|
Cost of professional services and other
|
9,990
|
|
7,422
|
|
Research and
development
|
25,823
|
|
16,837
|
|
Sales and
marketing
|
16,893
|
|
11,555
|
|
General and
administrative
|
13,151
|
|
11,769
|
|
Total stock-based
compensation
|
$
67,134
|
|
$
48,489
|
|
VEEVA SYSTEMS
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
|
|
|
Three months
ended
April 30,
|
|
|
2022
|
|
2021
|
|
Cash flows from
operating activities
|
|
|
|
|
Net
income
|
$ 100,115
|
|
$ 115,567
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation and
amortization
|
7,058
|
|
6,628
|
|
Reduction of operating lease
right-of-use assets
|
2,948
|
|
2,827
|
|
Accretion of discount on
short-term investments
|
1,056
|
|
1,542
|
|
Stock-based
compensation
|
67,134
|
|
48,489
|
|
Amortization of deferred
costs
|
5,993
|
|
6,355
|
|
Deferred income
taxes
|
(32,432)
|
|
5,242
|
|
(Gain) loss on foreign currency
from mark-to-market derivative
|
(582)
|
|
431
|
|
Bad debt (recovery)
expense
|
(25)
|
|
159
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
Accounts
receivable
|
301,482
|
|
301,732
|
|
Unbilled accounts
receivable
|
1,295
|
|
(4,161)
|
|
Deferred
costs
|
(3,079)
|
|
(4,290)
|
|
Other current and
long-term assets
|
(7,563)
|
|
2,737
|
|
Accounts
payable
|
5,121
|
|
(6,794)
|
|
Accrued expenses and
other current liabilities
|
(2,336)
|
|
6,967
|
|
Income taxes
payable
|
43,223
|
|
3,709
|
|
Deferred
revenue
|
(7,471)
|
|
(8,176)
|
|
Operating lease
liabilities
|
(2,031)
|
|
(2,748)
|
|
Other long-term
liabilities
|
1,121
|
|
2,169
|
|
Net cash provided by operating
activities
|
481,027
|
|
478,385
|
|
Cash flows from
investing activities
|
|
|
|
|
Purchases of short-term investments
|
(572,344)
|
|
(256,938)
|
|
Maturities and sales of short-term investments
|
196,190
|
|
221,645
|
|
Long-term assets
|
(2,333)
|
|
(2,656)
|
|
Net cash used in investing
activities
|
(378,487)
|
|
(37,949)
|
|
Cash flows from
financing activities
|
|
|
|
|
Changes in lease liabilities - finance leases
|
—
|
|
(286)
|
|
Proceeds from exercise of common stock options
|
16,291
|
|
17,091
|
|
Taxes paid related to net share settlement of equity
awards
|
(14,999)
|
|
—
|
|
Net cash provided by financing
activities
|
1,292
|
|
16,805
|
|
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash
|
(1,874)
|
|
(2,765)
|
|
Net change in cash,
cash equivalents, and restricted cash
|
101,958
|
|
454,476
|
|
Cash, cash equivalents,
and restricted cash at beginning of period
|
1,141,225
|
|
731,712
|
|
Cash, cash
equivalents, and restricted cash at end of period
|
$
1,243,183
|
|
$
1,186,188
|
|
|
|
|
|
|
Supplemental
disclosures of other cash flow information:
|
|
|
|
|
Excess tax benefits from employee stock plans
|
$
4,907
|
|
$
17,451
|
|
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 benefit. Excess tax benefit 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 benefit for its
internal management reporting processes. Veeva management also
finds it useful to exclude excess tax benefit when assessing the
level of cash provided by operating activities. Given the nature of
the excess tax benefit, 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.
- 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.
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,
|
|
|
2022
|
|
2021
|
|
Net cash provided by
operating activities on a GAAP basis
|
$
481,027
|
|
$
478,385
|
|
Excess tax benefits
from employee stock plans
|
(4,907)
|
|
(17,451)
|
|
Net cash provided by
operating activities on a non-GAAP basis
|
$
476,120
|
|
$
460,934
|
|
|
|
|
|
|
Reconciliation of
Financial Measures (GAAP basis to non-GAAP basis)
|
Three months
ended
April 30,
|
|
|
2022
|
|
2021
|
|
Cost of subscription
services revenues on a GAAP basis
|
$ 58,953
|
|
$ 51,217
|
|
Stock-based
compensation expense
|
(1,277)
|
|
(906)
|
|
Amortization of
purchased intangibles
|
(1,090)
|
|
(895)
|
|
Cost of subscription
services revenues on a non-GAAP basis
|
$ 56,586
|
|
$ 49,416
|
|
|
|
|
|
|
Gross margin on
subscription services revenues on a GAAP basis
|
85.4 %
|
|
85.0 %
|
|
Stock-based
compensation expense
|
0.3
|
|
0.3
|
|
Amortization of
purchased intangibles
|
0.3
|
|
0.3
|
|
Gross margin on
subscription services revenues on a non-GAAP basis
|
86.0 %
|
|
85.5 %
|
|
|
|
|
|
|
Cost of professional
services and other revenues on a GAAP basis
|
$ 80,562
|
|
$ 64,919
|
|
Stock-based
compensation expense
|
(9,990)
|
|
(7,422)
|
|
Amortization of
purchased intangibles
|
(134)
|
|
(134)
|
|
Cost of professional
services and other revenues on a non-GAAP basis
|
$ 70,438
|
|
$ 57,363
|
|
|
|
|
|
|
Gross margin on
professional services and other revenues on a GAAP basis
|
21.4 %
|
|
29.8 %
|
|
Stock-based
compensation expense
|
9.8
|
|
8.0
|
|
Amortization of
purchased intangibles
|
0.1
|
|
0.2
|
|
Gross margin on
professional services and other revenues on a non-GAAP
basis
|
31.3 %
|
|
38.0 %
|
|
|
|
|
|
|
Gross profit on a GAAP
basis
|
$
365,587
|
|
$
317,437
|
|
Stock-based
compensation expense
|
11,267
|
|
8,328
|
|
Amortization of
purchased intangibles
|
1,224
|
|
1,029
|
|
Gross profit on a
non-GAAP basis
|
$
378,078
|
|
$
326,794
|
|
|
|
|
|
|
Gross margin on total
revenues on a GAAP basis
|
72.4 %
|
|
73.2 %
|
|
Stock-based
compensation expense
|
2.2
|
|
1.9
|
|
Amortization of
purchased intangibles
|
0.2
|
|
0.3
|
|
Gross margin on total
revenues on a non-GAAP basis
|
74.8 %
|
|
75.4 %
|
|
|
|
|
|
|
Research and
development expense on a GAAP basis
|
$
113,475
|
|
$ 83,226
|
|
Stock-based
compensation expense
|
(25,823)
|
|
(16,837)
|
|
Amortization of
purchased intangibles
|
(28)
|
|
(28)
|
|
Research and
development expense on a non-GAAP basis
|
$ 87,624
|
|
$ 66,361
|
|
|
|
|
|
|
Sales and marketing
expense on a GAAP basis
|
$ 76,115
|
|
$ 64,610
|
|
Stock-based
compensation expense
|
(16,893)
|
|
(11,555)
|
|
Amortization of
purchased intangibles
|
(3,439)
|
|
(3,317)
|
|
Sales and marketing
expense on a non-GAAP basis
|
$ 55,783
|
|
$ 49,738
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
April 30,
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
General and
administrative expense on a GAAP basis
|
$ 48,325
|
|
$ 41,155
|
|
Stock-based
compensation expense
|
(13,151)
|
|
(11,769)
|
|
Amortization of
purchased intangibles
|
(55)
|
|
(55)
|
|
General and
administrative expense on a non-GAAP basis
|
$ 35,119
|
|
$ 29,331
|
|
|
|
|
|
|
Operating expense on a
GAAP basis
|
$
237,915
|
|
$
188,991
|
|
Stock-based
compensation expense
|
(55,867)
|
|
(40,161)
|
|
Amortization of
purchased intangibles
|
(3,522)
|
|
(3,400)
|
|
Operating expense on a
non-GAAP basis
|
$
178,526
|
|
$
145,430
|
|
|
|
|
|
|
Operating income on a
GAAP basis
|
$
127,672
|
|
$
128,446
|
|
Stock-based
compensation expense
|
67,134
|
|
48,489
|
|
Amortization of
purchased intangibles
|
4,746
|
|
4,429
|
|
Operating income on a
non-GAAP basis
|
$
199,552
|
|
$
181,364
|
|
|
|
|
|
|
Operating margin on a
GAAP basis
|
25.3 %
|
|
29.6 %
|
|
Stock-based
compensation expense
|
13.3
|
|
11.2
|
|
Amortization of
purchased intangibles
|
0.9
|
|
1.0
|
|
Operating margin on a
non-GAAP basis
|
39.5 %
|
|
41.8 %
|
|
|
|
|
|
|
Net income on a GAAP
basis
|
$
100,115
|
|
$
115,567
|
|
Stock-based
compensation expense
|
67,134
|
|
48,489
|
|
Amortization of
purchased intangibles
|
4,746
|
|
4,429
|
|
Income tax effect on
non-GAAP adjustments(7)
|
(12,209)
|
|
(21,602)
|
|
Net income on a
non-GAAP basis
|
$
159,786
|
|
$
146,883
|
|
|
|
|
|
|
Diluted net income per
share on a GAAP basis
|
$ 0.62
|
|
$ 0.71
|
|
Stock-based
compensation expense
|
0.41
|
|
0.30
|
|
Amortization of
purchased intangibles
|
0.03
|
|
0.03
|
|
Income tax effect on
non-GAAP adjustments(7)
|
(0.07)
|
|
(0.13)
|
|
Diluted net income per
share on a non-GAAP basis
|
$ 0.99
|
|
$ 0.91
|
|
|
|
|
|
|
|
|
|
(7)
For the three months ended April 30, 2022 and 2021, management
used an estimated annual effective non-GAAP
tax rate of
21.0%.
|
View original
content:https://www.prnewswire.com/news-releases/veeva-announces-fiscal-2023-first-quarter-results-301559503.html
SOURCE Veeva Systems