Total Revenues of $526.3M, up 4% Year Over
Year;
Subscription Services Revenues of $414.5M, up 3% Year Over Year
PLEASANTON, Calif., May 31, 2023
/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,
2023.
"It was a strong start to the year for Veeva and we are
executing well on our goal to power the most critical functions for
the life sciences industry," said CEO Peter
Gassner. "We announced a number of new innovations,
connected the industry at Veeva Commercial Summit, and continued
progress in key areas across commercial and R&D."
Fiscal 2024 First Quarter Results:
- Revenues: Total revenues for the first quarter were
$526.3 million, up from $505.1 million one year ago, an increase of
4% year over year. Subscription services revenues for the first
quarter were $414.5 million, up from
$402.6 million one year ago, an
increase of 3% year over year.
- Operating Income and Non-GAAP Operating
Income(1): First quarter operating income was
$61.5 million, compared to
$127.7 million one year ago, a
decrease of 52% year over year. Non-GAAP operating income for the
first quarter was $157.0 million,
compared to $199.6 million one year
ago, a decrease of 21% year over year.
- Net Income and Non-GAAP Net Income(1): First
quarter net income was $131.5
million, compared to $100.1
million one year ago, an increase of 31% year over year.
Non-GAAP net income for the first quarter was $147.9 million, compared to $159.8 million one year ago, a decrease of 7%
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 $0.81,
compared to $0.62 one year ago, while
non-GAAP fully diluted net income per share was $0.91, compared to $0.99 one year ago.
- Customer Contracting Change: The previously announced
customer contracting change that standardized termination for
convenience (TFC) rights in our master subscription agreements went
into effect on February 1, 2023. This
resulted in a change in the timing of revenue for certain customer
contracts to which a TFC right was added and reduced revenues,
operating income and non-GAAP operating income, and net income and
non-GAAP net income in the first quarter.
"We started the year strong and delivered financial results that
exceeded our guidance on all metrics," said CFO Brent Bowman. "We see momentum in multiple
product categories, which positions us well to deliver durable and
profitable growth through 2025 and beyond."
Recent Highlights:
- Leading in Commercial with Product Excellence and
Innovation — Veeva is helping the life sciences industry
achieve commercial excellence through software, data, and services.
Veeva's commercial leadership and proven customer success drove 11
Veeva CRM wins and five Veeva Compass wins in the quarter. In May,
the company brought the industry together for Veeva Commercial
Summit in Boston, one of the
largest commercial life sciences gatherings in the world.
Showcasing innovation to advance the industry, Veeva announced
what's coming in Vault CRM — including CRM Bot, a generative AI
application for Vault CRM — and announced two new Veeva Compass
offerings.
- Continued Strength and Growing Opportunity in Veeva
Development Cloud — Progress to establish Veeva
Development Cloud as the operating system for product development
continued in the quarter. Product excellence and customer success
are fueling expansion as more than 400 customers have now selected
applications in more than one of the five Development Cloud product
suites.
- Expanding Quality Leadership — Offering a unified suite
of applications to connect quality and manufacturing processes,
Veeva Vault Quality is becoming the preferred choice among the life
sciences industry, fueling another strong quarter with 26 wins.
Veeva is building momentum for the large opportunity ahead, with
more than 275 customers now using both Vault QualityDocs and Vault
QMS, including 10 of the top 20 pharmas.
Financial Outlook:
Veeva is providing guidance for its fiscal second quarter ending
July 31, 2023 as follows:
- Total revenues between $580 and
$582 million.
- Non-GAAP operating income between $199 and $201
million(2).
- Non-GAAP fully diluted net income per share between
$1.12 and $1.13(2).
Veeva is providing updated guidance for its fiscal year ending
January 31, 2024 as follows:
- Total revenues between $2,360 and
$2,370 million.
- Non-GAAP operating income of about $810
million(2).
- Non-GAAP fully diluted net income per share of approximately
$4.59(2).
Veeva is reiterating guidance for its fiscal year ending
January 31, 2025 for the following
metrics:
- Total revenues of at least $2,800
million.
- Non-GAAP operating income of at least $1,000 million(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,
May 31, 2023, and a replay of the call will be available on
Veeva's investor relations website.
What:
|
Veeva Systems Fiscal
2024 First Quarter Results Conference Call
|
When:
|
Wednesday, May 31,
2023
|
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, 2023, the fiscal year ending
January 31, 2024, or the fiscal year ending January 31, 2025, because of the difficulty of
estimating certain items excluded from non-GAAP operating income
and non-GAAP fully diluted net income per share that cannot be
reasonably predicted, such as charges related to stock-based
compensation expense. The effect of these excluded items may be
significant.
About Veeva Systems
Veeva is the global leader in cloud software for the life
sciences industry. Committed to innovation, product excellence, and
customer success, Veeva serves more than 1,000 customers, ranging
from the world's largest pharmaceutical companies to emerging
biotechs. As a Public Benefit Corporation, Veeva is committed to
balancing the interests of all stakeholders, including customers,
employees, shareholders and the industries it serves. For more
information, visit veeva.com.
Veeva uses its ir.veeva.com website as a means of disclosing
material non-public information, announcing upcoming investor
conferences, and for complying with its disclosure obligations
under Regulation FD. Accordingly, you should monitor our investor
relations website in addition to following our press releases, SEC
filings, and public conference calls and webcasts.
Forward-looking Statements
This release contains forward-looking statements regarding
Veeva's expected future performance and, in particular, includes
quotes from management and guidance, provided as of May 31, 2023, about Veeva's expected future
financial results. Estimating guidance accurately for future
periods is difficult. It involves assumptions and internal
estimates that may prove to be incorrect and is based on plans that
may change. Hence, there is a significant risk that actual results
could differ materially from the guidance we have provided in this
release and we have no obligation to update such guidance. There
are also numerous risks that have the potential to negatively
impact our financial performance, including issues related to the
security or performance of our products, competitive factors,
customer decisions and priorities, events that impact the life
sciences industry, general macroeconomic and geopolitical events
(including inflationary pressures, changes in interest rates,
currency exchange fluctuations, and impacts related to Russia's invasion of Ukraine), and issues that impact our ability
to hire, retain and adequately compensate talented employees. We
have summarized what we believe are the principal risks to our
business in a section titled "Summary of Risk Factors" on pages 9
and 10 in our filing on Form 10-K for the fiscal year ended
January 31, 2023 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:
Gunnar Hansen
Veeva Systems Inc.
267-460-5839
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,
2023
|
|
January 31,
2023
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$ 1,093,634
|
|
$
886,465
|
Short-term
investments
|
2,521,268
|
|
2,216,163
|
Accounts receivable,
net
|
412,940
|
|
703,055
|
Unbilled accounts
receivable
|
38,070
|
|
82,174
|
Prepaid expenses and
other current assets
|
122,222
|
|
81,456
|
Total current
assets
|
4,188,134
|
|
3,969,313
|
Property and equipment,
net
|
50,059
|
|
49,817
|
Deferred costs,
net
|
23,166
|
|
31,825
|
Lease right-of-use
assets
|
52,178
|
|
55,336
|
Goodwill
|
439,877
|
|
439,877
|
Intangible assets,
net
|
77,731
|
|
82,476
|
Deferred income
taxes
|
156,375
|
|
136,697
|
Other long-term
assets
|
35,850
|
|
38,955
|
Total
assets
|
$ 5,023,370
|
|
$ 4,804,296
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
44,404
|
|
$
41,678
|
Accrued compensation
and benefits
|
44,358
|
|
44,282
|
Accrued expenses and
other current liabilities
|
32,269
|
|
35,306
|
Income tax
payable
|
4,617
|
|
4,946
|
Deferred
revenue
|
869,920
|
|
869,285
|
Lease
liabilities
|
10,734
|
|
11,306
|
Total current
liabilities
|
1,006,302
|
|
1,006,803
|
Deferred income
taxes
|
1,407
|
|
1,492
|
Lease liabilities,
noncurrent
|
47,494
|
|
49,670
|
Other long-term
liabilities
|
25,104
|
|
30,079
|
Total
liabilities
|
1,080,307
|
|
1,088,044
|
Stockholders'
equity:
|
|
|
|
Class A common
stock
|
2
|
|
2
|
Class B common
stock
|
—
|
|
—
|
Additional paid-in
capital
|
1,622,547
|
|
1,532,627
|
Accumulated other
comprehensive loss
|
(25,759)
|
|
(31,129)
|
Retained
earnings
|
2,346,273
|
|
2,214,752
|
Total stockholders'
equity
|
3,943,063
|
|
3,716,252
|
Total liabilities
and stockholders' equity
|
$ 5,023,370
|
|
$ 4,804,296
|
VEEVA SYSTEMS
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
Three months ended
April 30,
|
|
2023
|
|
2022
|
Revenues:
|
|
|
|
Subscription
services(3)
|
$
414,546
|
|
$
402,632
|
Professional services
and other(4)
|
111,779
|
|
102,470
|
Total
revenues
|
526,325
|
|
505,102
|
Cost of
revenues(5):
|
|
|
|
Cost of subscription
services
|
67,575
|
|
58,953
|
Cost of professional
services and other
|
99,088
|
|
80,562
|
Total cost of
revenues
|
166,663
|
|
139,515
|
Gross profit
|
359,662
|
|
365,587
|
Operating
expenses(5):
|
|
|
|
Research and
development
|
146,960
|
|
113,475
|
Sales and
marketing
|
88,503
|
|
76,115
|
General and
administrative
|
62,669
|
|
48,325
|
Total operating
expenses
|
298,132
|
|
237,915
|
Operating
income
|
61,530
|
|
127,672
|
Other income,
net
|
30,248
|
|
2,709
|
Income before income
taxes
|
91,778
|
|
130,381
|
Income tax (benefit)
provision
|
(39,743)
|
|
30,266
|
Net
income
|
$
131,521
|
|
$
100,115
|
Net income per
share:
|
|
|
|
Basic
|
$
0.82
|
|
$
0.65
|
Diluted
|
$
0.81
|
|
$
0.62
|
Weighted-average
shares used to compute net income per share:
|
|
|
|
Basic
|
159,852
|
|
154,514
|
Diluted
|
162,521
|
|
161,928
|
Other comprehensive
income:
|
|
|
|
Net change in
unrealized loss on available-for-sale investments
|
$
5,428
|
|
$
(10,999)
|
Net change in
cumulative foreign currency translation loss
|
(58)
|
|
(1,254)
|
Comprehensive
income
|
$
136,891
|
|
$
87,862
|
|
|
|
|
(3) Includes
subscription services revenues from the following product
areas:
|
|
|
|
Veeva Commercial
Solutions
|
$
239,324
|
|
$
227,724
|
Veeva R&D
Solutions
|
175,222
|
|
174,908
|
Total subscription
services
|
$
414,546
|
|
$
402,632
|
|
|
|
|
(4) Includes
professional services and other revenues from the following product
areas:
|
|
|
|
Veeva Commercial
Solutions
|
$
44,864
|
|
$
43,321
|
Veeva R&D
Solutions
|
66,915
|
|
59,149
|
Total professional
services and other
|
$
111,779
|
|
$
102,470
|
|
|
|
|
(5) Includes
stock-based compensation as follows:
|
|
|
|
Cost of
revenues:
|
|
|
|
Cost of subscription
services
|
1,505
|
|
1,277
|
Cost of professional
services and other
|
12,722
|
|
9,990
|
Research and
development
|
38,906
|
|
25,823
|
Sales and
marketing
|
20,135
|
|
16,893
|
General and
administrative
|
17,451
|
|
13,151
|
Total stock-based
compensation
|
$
90,719
|
|
$
67,134
|
VEEVA SYSTEMS
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
Three months ended
April 30,
|
|
2023
|
|
2022
|
Cash flows from
operating activities
|
|
|
|
Net income
|
$
131,521
|
|
$
100,115
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
7,549
|
|
7,058
|
Reduction of operating
lease right-of-use assets
|
3,060
|
|
2,948
|
(Accretion)
amortization of discount on short-term investments
|
(3,407)
|
|
1,056
|
Stock-based
compensation
|
90,719
|
|
67,134
|
Amortization of
deferred costs
|
5,052
|
|
5,993
|
Deferred income
taxes
|
(21,514)
|
|
(32,432)
|
Loss (gain) on
foreign currency from mark-to-market derivative
|
180
|
|
(582)
|
Bad debt expense
(recovery)
|
155
|
|
(25)
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
289,960
|
|
301,482
|
Unbilled accounts
receivable
|
44,104
|
|
1,295
|
Deferred
costs
|
3,607
|
|
(3,079)
|
Other current and
long-term assets
|
(36,298)
|
|
(7,563)
|
Accounts
payable
|
1,955
|
|
5,121
|
Accrued expenses and
other current liabilities
|
(3,344)
|
|
(2,336)
|
Income taxes
payable
|
(329)
|
|
43,223
|
Deferred
revenue
|
(1,221)
|
|
(7,471)
|
Operating lease
liabilities
|
(2,693)
|
|
(2,031)
|
Other long-term
liabilities
|
(3,120)
|
|
1,121
|
Net cash provided
by operating activities
|
505,936
|
|
481,027
|
Cash flows from
investing activities
|
|
|
|
Purchases of
short-term investments
|
(612,492)
|
|
(572,344)
|
Maturities and sales
of short-term investments
|
318,056
|
|
196,190
|
Long-term
assets
|
(2,958)
|
|
(2,333)
|
Net cash used in
investing activities
|
(297,394)
|
|
(378,487)
|
Cash flows from
financing activities
|
|
|
|
Proceeds from exercise
of common stock options
|
15,233
|
|
16,291
|
Taxes paid related to
net share settlement of equity awards
|
(16,625)
|
|
(14,999)
|
Net cash (used in)
provided by financing activities
|
(1,392)
|
|
1,292
|
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash
|
19
|
|
(1,874)
|
Net change in cash,
cash equivalents, and restricted cash
|
207,169
|
|
101,958
|
Cash, cash equivalents,
and restricted cash at beginning of period
|
889,650
|
|
1,141,225
|
Cash, cash
equivalents, and restricted cash at end of period
|
$ 1,096,819
|
|
$ 1,243,183
|
|
|
|
|
Supplemental
disclosures of other cash flow information:
|
|
|
|
Excess tax benefits
from employee stock plans
|
$
62,089
|
|
$
4,907
|
Non-GAAP Financial Measures
In Veeva's public disclosures, Veeva has provided non-GAAP
measures, which it defines as financial information that has not
been prepared in accordance with generally accepted accounting
principles in the United States,
or GAAP. In addition to its GAAP measures, Veeva uses these
non-GAAP financial measures internally for budgeting and resource
allocation purposes and in analyzing its financial results. For the
reasons set forth below, Veeva believes that excluding the
following items provides information that is helpful in
understanding its operating results, evaluating its future
prospects, comparing its financial results across accounting
periods, and comparing its financial results to its peers, many of
which provide similar non-GAAP financial measures.
- Excess tax benefits. Excess tax benefits from employee stock
plans are dependent on previously agreed-upon equity grants to our
employees, vesting of those grants, stock price, and exercise
behavior of our employees, which can fluctuate from quarter to
quarter. For example, excess tax benefits for the quarters
ended January 31 and April 30, 2023 were higher than normal primarily
due to our Chief Executive Officer's exercise of stock options in
connection with a previously announced trading plan.
Because these fluctuations are not directly related to our
business operations, Veeva excludes excess tax benefits for its
internal management reporting processes. Veeva management also
finds it useful to exclude excess tax benefits when assessing the
level of cash provided by operating activities. Given the nature of
the excess tax benefits, Veeva believes excluding it allows
investors to make meaningful comparisons between our operating cash
flows from quarter to quarter and those of other companies.
- Stock-based compensation expenses. Veeva excludes stock-based
compensation expenses primarily because they are non-cash expenses
that Veeva excludes from its internal management reporting
processes. Veeva's management also finds it useful to exclude
these expenses when they assess the appropriate level of various
operating expenses and resource allocations when budgeting,
planning and forecasting future periods. Moreover, because of
varying available valuation methodologies, subjective assumptions
and the variety of award types that companies can use, Veeva
believes excluding stock-based compensation expenses allows
investors to make meaningful comparisons between our recurring core
business operating results and those of other companies.
- Amortization of purchased intangibles. Veeva incurs
amortization expense for purchased intangible assets in connection
with acquisitions of certain businesses and technologies.
Amortization of intangible assets is a non-cash expense and is
inconsistent in amount and frequency because it is significantly
affected by the timing, size of acquisitions and the inherent
subjective nature of purchase price allocations. Because these
costs have already been incurred and cannot be recovered, and are
non-cash expenses, Veeva excludes these expenses for its internal
management reporting processes. Veeva's management also finds it
useful to exclude these charges when assessing the appropriate
level of various operating expenses and resource allocations when
budgeting, planning and forecasting future periods. Investors
should note that the use of intangible assets contributed to
Veeva's revenues earned during the periods presented and will
contribute to Veeva's future period revenues as well.
- 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,
|
|
2023
|
|
2022
|
Net cash provided by
operating activities on a GAAP basis
|
$ 505,936
|
|
$ 481,027
|
Excess tax benefits
from employee stock plans
|
(62,089)
|
|
(4,907)
|
Net cash provided by
operating activities on a non-GAAP basis
|
$ 443,847
|
|
$ 476,120
|
Net cash used in
investing activities on a GAAP basis
|
$
(297,394)
|
|
$
(378,487)
|
Net cash (used in)
provided by financing activities on a GAAP basis
|
$
(1,392)
|
|
$
1,292
|
|
|
|
|
Reconciliation of
Financial Measures (GAAP basis to non-GAAP basis)
|
Three months ended
April 30,
|
|
2023
|
|
2022
|
Cost of subscription
services revenues on a GAAP basis
|
$
67,575
|
|
$
58,953
|
Stock-based
compensation expense
|
(1,505)
|
|
(1,277)
|
Amortization of
purchased intangibles
|
(1,090)
|
|
(1,090)
|
Cost of subscription
services revenues on a non-GAAP basis
|
$
64,980
|
|
$
56,586
|
|
|
|
|
Gross margin on
subscription services revenues on a GAAP basis
|
83.7 %
|
|
85.4 %
|
Stock-based
compensation expense
|
0.4
|
|
0.3
|
Amortization of
purchased intangibles
|
0.2
|
|
0.3
|
Gross margin on
subscription services revenues on a non-GAAP basis
|
84.3 %
|
|
86.0 %
|
|
|
|
|
Cost of professional
services and other revenues on a GAAP basis
|
$
99,088
|
|
$
80,562
|
Stock-based
compensation expense
|
(12,722)
|
|
(9,990)
|
Amortization of
purchased intangibles
|
(134)
|
|
(134)
|
Cost of professional
services and other revenues on a non-GAAP basis
|
$
86,232
|
|
$
70,438
|
|
|
|
|
Gross margin on
professional services and other revenues on a GAAP basis
|
11.4 %
|
|
21.4 %
|
Stock-based
compensation expense
|
11.4
|
|
9.8
|
Amortization of
purchased intangibles
|
0.2
|
|
0.1
|
Gross margin on
professional services and other revenues on a non-GAAP
basis
|
23.0 %
|
|
31.3 %
|
|
|
|
|
Gross profit on a GAAP
basis
|
$ 359,662
|
|
$ 365,587
|
Stock-based
compensation expense
|
14,227
|
|
11,267
|
Amortization of
purchased intangibles
|
1,224
|
|
1,224
|
Gross profit on a
non-GAAP basis
|
$ 375,113
|
|
$ 378,078
|
|
|
|
|
Gross margin on total
revenues on a GAAP basis
|
68.3 %
|
|
72.4 %
|
Stock-based
compensation expense
|
2.7
|
|
2.2
|
Amortization of
purchased intangibles
|
0.3
|
|
0.2
|
Gross margin on total
revenues on a non-GAAP basis
|
71.3 %
|
|
74.8 %
|
|
|
|
|
Research and
development expense on a GAAP basis
|
$ 146,960
|
|
$ 113,475
|
Stock-based
compensation expense
|
(38,906)
|
|
(25,823)
|
Amortization of
purchased intangibles
|
(28)
|
|
(28)
|
Research and
development expense on a non-GAAP basis
|
$ 108,026
|
|
$
87,624
|
|
|
|
|
|
|
|
|
|
Three months ended
April 30,
|
|
2023
|
|
2022
|
|
|
|
|
Sales and marketing
expense on a GAAP basis
|
$
88,503
|
|
$
76,115
|
Stock-based
compensation expense
|
(20,135)
|
|
(16,893)
|
Amortization of
purchased intangibles
|
(3,439)
|
|
(3,439)
|
Sales and marketing
expense on a non-GAAP basis
|
$
64,929
|
|
$
55,783
|
|
|
|
|
General and
administrative expense on a GAAP basis
|
$
62,669
|
|
$
48,325
|
Stock-based
compensation expense
|
(17,451)
|
|
(13,151)
|
Amortization of
purchased intangibles
|
(55)
|
|
(55)
|
General and
administrative expense on a non-GAAP basis
|
$
45,163
|
|
$
35,119
|
|
|
|
|
Operating expense on a
GAAP basis
|
$ 298,132
|
|
$ 237,915
|
Stock-based
compensation expense
|
(76,492)
|
|
(55,867)
|
Amortization of
purchased intangibles
|
(3,522)
|
|
(3,522)
|
Operating expense on a
non-GAAP basis
|
$ 218,118
|
|
$ 178,526
|
|
|
|
|
Operating income on a
GAAP basis
|
$
61,530
|
|
$ 127,672
|
Stock-based
compensation expense
|
90,719
|
|
67,134
|
Amortization of
purchased intangibles
|
4,746
|
|
4,746
|
Operating income on a
non-GAAP basis
|
$ 156,995
|
|
$ 199,552
|
|
|
|
|
Operating margin on a
GAAP basis
|
11.7 %
|
|
25.3 %
|
Stock-based
compensation expense
|
17.2
|
|
13.3
|
Amortization of
purchased intangibles
|
0.9
|
|
0.9
|
Operating margin on a
non-GAAP basis
|
29.8 %
|
|
39.5 %
|
|
|
|
|
Net income on a GAAP
basis
|
$ 131,521
|
|
$ 100,115
|
Stock-based
compensation expense
|
90,719
|
|
67,134
|
Amortization of
purchased intangibles
|
4,746
|
|
4,746
|
Income tax effect on
non-GAAP adjustments(6)
|
(79,064)
|
|
(12,209)
|
Net income on a
non-GAAP basis
|
$ 147,922
|
|
$ 159,786
|
|
|
|
|
Diluted net income per
share on a GAAP basis
|
$
0.81
|
|
$
0.62
|
Stock-based
compensation expense
|
0.56
|
|
0.41
|
Amortization of
purchased intangibles
|
0.03
|
|
0.03
|
Income tax effect on
non-GAAP adjustments(6)
|
(0.49)
|
|
(0.07)
|
Diluted net income per
share on a non-GAAP basis
|
$
0.91
|
|
$
0.99
|
________________
(6)
|
For the three months
April 30, 2023 and 2022, management used an estimated annual
effective non-GAAP tax rate of 21.0%.
|
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SOURCE Veeva Systems