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:
"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:
Financial Outlook:
Veeva is providing guidance for its fiscal second quarter ending July 31, 2022 as follows:
Veeva is providing updated guidance for its fiscal year ending January 31, 2023 as follows:
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 SystemsVeeva 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 StatementsThis 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 GarrettVeeva Systems Inc.925-271-4204[email protected]
Media Contact:Maria ScurryVeeva Systems Inc.781-366-7617[email protected]
VEEVA SYSTEMS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
|||
April 30, |
January 31, |
||
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 |
||||
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 |
||||
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 MeasuresIn 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.
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. |
|||||||
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 |
||||||
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 |
||||||
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 |
|||||||
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%. |
SOURCE Veeva Systems
Общая выручка составила $505,1млн, увеличившись на 16% в годовом исчислении; Выручка от услуг подписки составила $402,6млн, увеличившись на 18% в годовом исчислении.
ПЛЕЗАНТОН, Калифорния, 1 июня 2022 г. /PRNewswire/ -- Veeva Systems Inc. (NYSE: VEEV), ведущий поставщик отраслевых облачных решений для мировой индустрии естественных наук, сегодня объявила результаты за первый квартал, закончившийся 30 апреля 2022 года.
"Это был отличный квартал инноваций и углубления нашего стратегического партнерства с промышленностью", - сказал генеральный директор Питер Гасснер. "Мы объявили о новых крупных инновациях, продвинулись в ключевых областях, которые окажут очень положительное влияние в долгосрочной перспективе, и лично собрали индустрию вместе на саммите Veeva. Спасибо нашим клиентам за энергию и идеи, поскольку мы бросаем вызов друг другу в нашей работе по улучшению жизни пациентов".
Результаты первого квартала 2023 финансового года:
"Мы начинаем год с сильного первого квартала и преодолели отметку в 2 миллиарда долларов выручки", - сказал финансовый директор Брент Боуман. "Наши многочисленные двигатели долгосрочного роста и инноваций будут и впредь способствовать значительному расширению и успеху клиентов в будущем".
Последние основные моменты:
Финансовые перспективы:
Veeva предоставляет следующие рекомендации на второй финансовый квартал, заканчивающийся 31 июля 2022 года:
Veeva предоставляет обновленные рекомендации на свой финансовый год, заканчивающийся 31 января 2023 года, следующим образом:
Информация о конференц-звонке
Подготовленные замечания и презентацию для инвесторов, содержащую дополнительную информацию и анализ, можно найти на веб-сайте Veeva по связям с инвесторами по адресу ir.veeva.com . Сегодня, 1 июня 2022 года, в 14:00 по североамериканскому времени Veeva проведет телефонную конференцию с вопросами и ответами, а повтор разговора будет доступен на веб-сайте Veeva по связям с инвесторами.
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) В данном пресс-релизе используются финансовые показатели, не относящиеся к GAAP, которые скорректированы с учетом влияния различных статей GAAP. Подробности см. в разделе "Финансовые показатели, не относящиеся к GAAP", и в таблицах, озаглавленных "Сверка финансовых показателей GAAP с финансовыми показателями, не относящимися к GAAP", ниже.
(2) В настоящее время Veeva не может предоставить целевые показатели GAAP по операционному доходу и полностью разводненной чистой прибыли на акцию за второй финансовый квартал, заканчивающийся 31 июля 2022 года, или финансовый год, заканчивающийся 31 января 2023 года, из-за сложности оценки определенных статей, исключенных из операционных доходов, не относящихся к GAAP, и полностью разводненная чистая прибыль на акцию, не соответствующая ОПБУ, которая не может быть разумно спрогнозирована, например, расходы, связанные с компенсационными расходами на основе акций и амортизацией приобретенных нематериальных активов. Влияние этих исключенных элементов может быть значительным.
О компании Veeva SystemsVeeva - мировой лидер в области облачного программного обеспечения для индустрии естественных наук. Стремясь к инновациям, совершенству продукции и успеху клиентов, Veeva обслуживает более 1000 клиентов, начиная от крупнейших мировых фармацевтических компаний и заканчивая развивающимися биотехнологиями. Как общественная корпорация, Veeva стремится сбалансировать интересы всех заинтересованных сторон, включая клиентов, сотрудников, акционеров и отрасли, которые она обслуживает. Для получения дополнительной информации посетите veeva.com .
Veeva использует свой ir.veeva.com веб-сайт как средство раскрытия существенной непубличной информации, объявления о предстоящих конференциях инвесторов, а также для выполнения своих обязательств по раскрытию информации в соответствии с Положением FD. Соответственно, вам следует следить за нашим веб-сайтом по связям с инвесторами в дополнение к нашим пресс-релизам, заявкам SEC, а также публичным конференциям и веб-трансляциям.
Прогнозные заявления Этот релиз содержит прогнозные заявления относительно ожидаемых будущих результатов деятельности Veeva и, в частности, включает цитаты руководства и рекомендации, предоставленные по состоянию на 1 июня 2022 года, относительно ожидаемых будущих финансовых результатов Veeva. Точная оценка ориентиров на будущие периоды затруднена. Он включает в себя допущения и внутренние оценки, которые могут оказаться неверными, и основан на планах, которые могут измениться. Следовательно, существует значительный риск того, что фактические результаты могут существенно отличаться от рекомендаций, которые мы предоставили в этом выпуске, и мы не обязаны обновлять такие рекомендации. Существуют также многочисленные риски, которые могут негативно повлиять на наши финансовые показатели, в том числе в результате факторов конкуренции, решений и приоритетов клиентов, событий, влияющих на отрасль естественных наук, проблем, связанных с безопасностью или производительностью наших продуктов, пандемии, проблем, которые влияют на нашу способность нанимать, удерживать и адекватную компенсацию талантливым сотрудникам, а также общие макроэкономические и геополитические события (включая инфляционное давление и последствия, связанные с вторжением России в Украину). Мы обобщили то, что, по нашему мнению, является основными рисками для нашего бизнеса, в разделе под названием "Краткое описание факторов риска" на страницах 13 и 14 в нашей заявке по форме 10-K за финансовый год, закончившийся 31 января 2022 года, которую вы можете найти здесь. Дополнительную информацию о рисках и неопределенностях, которые могут повлиять на наш бизнес, можно найти в той же заявке по форме 10-K и в наших последующих заявках SEC, доступ к которым вы можете получить по адресу sec.gov . Мы рекомендуем вам ознакомиться с этими рисками и неопределенностями, прежде чем принимать инвестиционное решение.
Контактное лицо по связям с инвесторами: Ato GarrettVeeva Systems Inc.925-271-4204[email protected]
Контакты для СМИ: Мария СкурриВеева Systems Inc.781-366-7617[email protected]
Veeva Systems INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
|||
April 30, |
January 31, |
||
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 |
||||
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 |
||||
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 |
Финансовые показатели, не относящиеся к GAAP В публичной информации Veeva компания Veeva представила показатели, не относящиеся к GAAP, которые она определяет как финансовую информацию, которая не была подготовлена в соответствии с общепринятыми принципами бухгалтерского учета в Соединенных Штатах, или GAAP. В дополнение к своим показателям GAAP, Veeva использует эти финансовые показатели, не относящиеся к GAAP, внутри компании для составления бюджета и распределения ресурсов, а также для анализа своих финансовых результатов. По причинам, изложенным ниже, Veeva считает, что исключение следующих статей дает информацию, которая полезна для понимания ее операционных результатов, оценки ее будущих перспектив, сравнения ее финансовых результатов за разные отчетные периоды и сравнения ее финансовых результатов с аналогичными показателями, многие из которых предоставляют аналогичные финансовые показатели, отличные от GAAP.
Существуют ограничения на использование финансовых показателей, не относящихся к GAAP, поскольку финансовые показатели, не относящиеся к GAAP, не готовятся в соответствии с GAAP и могут отличаться от финансовых показателей, не относящихся к GAAP, предоставляемых другими компаниями. Финансовые показатели, не относящиеся к GAAP, имеют ограниченную ценность, поскольку они исключают определенные статьи, которые могут оказать существенное влияние на наши отчетные финансовые результаты. Кроме того, они подвержены неотъемлемым ограничениям, поскольку отражают суждения руководства Veeva о том, какие статьи корректируются для расчета финансовых показателей, не относящихся к GAAP. Veeva компенсирует эти ограничения, анализируя текущие и будущие результаты на основе GAAP, а также на основе, отличной от GAAP, а также предоставляя показатели GAAP в своей публичной информации.
Финансовые показатели, не относящиеся к ОПБУ, не следует рассматривать в отрыве от финансовой информации, подготовленной в соответствии с ОПБУ, или в качестве замены для нее. Veeva призывает своих инвесторов и других лиц просматривать свою финансовую информацию в полном объеме, не полагаться на какой-либо отдельный финансовый показатель для оценки своего бизнеса и рассматривать свои финансовые показатели, не относящиеся к GAAP, в сочетании с наиболее непосредственно сопоставимыми финансовыми показателями GAAP. Сверка ОПБУ с финансовыми показателями, не относящимися к ОПБУ, приведена в таблицах ниже.
Veeva Systems INC. |
|||||||
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 |
||||||
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 |
||||||
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 |
|||||||
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 |
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(7) For the three months ended April 30, 2022 and 2021, management used an estimated annual effective non-GAAP tax rate of 21.0%. |
ИСХОДНЫЕ Veeva Systems
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