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    Veeva Announces Fiscal 2025 Second Quarter Results

    8/28/24 4:05:00 PM ET
    $VEEV
    Computer Software: Prepackaged Software
    Technology
    Get the next $VEEV alert in real time by email

    Total Revenues of $676.2M, up 15% Year Over Year;

    Subscription Services Revenues of $561.3M, up 19% Year Over Year

    PLEASANTON, Calif., Aug. 28, 2024 /PRNewswire/ -- Veeva Systems Inc. (NYSE:VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its second quarter ended July 31, 2024.

    Veeva Systems (PRNewsfoto/Veeva Systems)

    "It was another quarter of great execution, with major product advances in clinical and CRM that position us well for the industry cloud opportunity we see ahead," said CEO Peter Gassner. "Thanks to the team's focus on product excellence and customer success, we also had some very strategic wins that can pave the way for future opportunities."

    Fiscal 2025 Second Quarter Results:

    • Revenues(1): Total revenues for the second quarter were $676.2 million, up from $590.2 million one year ago, an increase of 15% year over year. Subscription services revenues for the second quarter were $561.3 million, up from $470.6 million one year ago, an increase of 19% year over year.



    • Operating Income and Non-GAAP Operating Income(1)(2): Second quarter operating income was $166.5 million, compared to $104.0 million one year ago, an increase of 60% year over year. Non-GAAP operating income for the second quarter was $279.8 million, compared to $211.9 million one year ago, an increase of 32% year over year.



    • Net Income and Non-GAAP Net Income(1)(2): Second quarter net income was $171.0 million, compared to $111.6 million one year ago, an increase of 53% year over year. Non-GAAP net income for the second quarter was $267.3 million, compared to $198.0 million one year ago, an increase of 35% year over year.



    • Net Income per Share and Non-GAAP Net Income per Share(1)(2): For the second quarter, fully diluted net income per share was $1.04, compared to $0.68 one year ago, while non-GAAP fully diluted net income per share was $1.62, compared to $1.21 one year ago.

    "We delivered strong financial performance in the second quarter, driven by execution across the business," said interim CFO and Board Director Tim Cabral. "We have a large opportunity ahead in life sciences, and have the right product strategy and operating model to deliver profitable growth through 2030 and beyond."

    Recent Highlights:

    • Vault CRM Suite Expands with Service Center – Veeva reached a significant milestone on its path to connect sales, marketing, medical, and service to enable true customer centricity with the release of Vault CRM Service Center this month. Veeva also added 14 new Vault CRM customers in the quarter.



    • Veeva Clinical Platform Innovations Drive Greater Speed and Efficiency – The new release of Veeva Site Connect added significant capabilities to streamline and simplify the clinical trial process for sites and biopharma sponsors. Site Connect is gaining momentum including a win with its seventh top 20 biopharma. Also in clinical, Veeva Clinical Database (CDB), a major innovation in clinical data, has been selected by seven top 20 biopharmas to reduce manual query work and increase speed and efficiency in trials.



    • Customer Success and Product Excellence Fuel Long-Term Opportunity – Based upon Veeva's track record of customer success, product excellence, and innovation, in Q2 a top 20 biopharma, with only one prior Veeva Development Cloud product, standardized on the full Vault RIM Suite for regulatory and Vault CTMS for clinical. Veeva also made major progress with emerging biotechs and added 12 Vault Basics customers in the quarter following its April release.

    Financial Outlook:

    Veeva is providing guidance for its fiscal third quarter ending October 31, 2024 as follows:

    • Total revenues between $682 and $685 million.
    • Non-GAAP operating income between $273 and $275 million(3).
    • Non-GAAP fully diluted net income per share between $1.57 and $1.58(3).

    Veeva is providing updated guidance for its fiscal year ending January 31, 2025 as follows:

    • Total revenues between $2,704 and $2,710 million.
    • Non-GAAP operating income of about $1,080 million(3).
    • Non-GAAP fully diluted net income per share of approximately $6.22(3).

    Conference Call Information

    Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva's investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00 p.m. PT today, August 28, 2024, and a replay of the call will be available on Veeva's investor relations website.

    What:

    Veeva Systems Fiscal 2025 Second Quarter Results Conference Call

    When:

    Wednesday, August 28, 2024

    Time:

    2:00 p.m. PT (5:00 p.m. ET)

    Online Registration:

    https://registrations.events/direct/Q4I255069

    Webcast:

    ir.veeva.com

    ___________

    (1) The customer contracting change that standardized termination for convenience (TFC) rights in our master subscription agreements resulted in a change in the timing of revenue for certain customer contracts and reduced revenues, operating income and non-GAAP operating income, and net income and non-GAAP net income in the second quarter of fiscal 2024.

    (2) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled "Non-GAAP Financial Measures" and the tables entitled "Reconciliation of GAAP to Non-GAAP Financial Measures" below for details.

    (3) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the third fiscal quarter ending October 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 August 28, 2024, about Veeva's expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, events that impact the life sciences industry, general macroeconomic and geopolitical events (including inflationary pressures, changes in interest rates, currency exchange fluctuations and impacts related to Russia's invasion of Ukraine and the Israel-Hamas conflict), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled "Summary of Risk Factors" on pages 35 and 36 in our filing on Form 10-Q for the period ended April 30, 2024 which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.

    Investor Relations Contact:



    Media Contact:

    Gunnar Hansen



    Maria Scurry

    Veeva Systems Inc.



    Veeva Systems Inc.

    267-460-5839



    781-366-7617

    [email protected]



    [email protected]

     

    VEEVA SYSTEMS INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands)

    (Unaudited)





    July 31,

    2024



    January 31,

    2024

    Assets







    Current assets:







    Cash and cash equivalents

    $      1,165,754



    $         703,487

    Short-term investments

    3,719,324



    3,324,269

    Accounts receivable, net

    364,719



    852,172

    Unbilled accounts receivable

    39,432



    36,365

    Prepaid expenses and other current assets

    78,614



    86,918

    Total current assets

    5,367,843



    5,003,211

    Property and equipment, net

    56,685



    58,532

    Deferred costs, net

    23,439



    23,916

    Lease right-of-use assets

    43,146



    45,602

    Goodwill

    439,877



    439,877

    Intangible assets, net

    53,339



    63,017

    Deferred income taxes

    291,044



    233,463

    Other long-term assets

    55,464



    43,302

    Total assets

    $      6,330,837



    $      5,910,920









    Liabilities and stockholders' equity







    Current liabilities:







    Accounts payable

    $           28,307



    $           31,513

    Accrued compensation and benefits

    37,151



    43,433

    Accrued expenses and other current liabilities           

    32,801



    32,980

    Income tax payable

    5,616



    11,862

    Deferred revenue

    956,381



    1,049,761

    Lease liabilities

    10,182



    9,334

    Total current liabilities

    1,070,438



    1,178,883

    Deferred income taxes

    591



    2,052

    Lease liabilities, noncurrent

    43,912



    46,441

    Other long-term liabilities

    31,198



    38,720

    Total liabilities

    1,146,139



    1,266,096

    Stockholders' equity:







    Class A common stock

    2



    2

    Additional paid-in capital

    2,117,109



    1,915,002

    Accumulated other comprehensive loss

    (5,575)



    (10,637)

    Retained earnings

    3,073,162



    2,740,457

    Total stockholders' equity

    5,184,698



    4,644,824

    Total liabilities and stockholders' equity

    $      6,330,837



    $      5,910,920

     

    VEEVA SYSTEMS INC.

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

    (In thousands, except per share data)

    (Unaudited)





    Three months ended July

    31,



    Six months ended July

    31,



    2024



    2023



    2024



    2023

    Revenues:















    Subscription services(4)

    $     561,277



    $     470,637



    $  1,095,232



    $     885,183

    Professional services and other(5)

    114,904



    119,588



    231,294



    231,367

    Total revenues

    676,181



    590,225



    1,326,526



    1,116,550

    Cost of revenues(6):















    Cost of subscription services

    78,791



    71,169



    156,939



    138,744

    Cost of professional services and other

    91,581



    97,849



    187,317



    196,937

    Total cost of revenues

    170,372



    169,018



    344,256



    335,681

    Gross profit

    505,809



    421,207



    982,270



    780,869

    Operating expenses(6):















    Research and development

    176,429



    157,228



    339,140



    304,188

    Sales and marketing

    101,528



    96,995



    198,829



    185,498

    General and administrative

    61,365



    62,935



    122,642



    125,604

    Total operating expenses

    339,322



    317,158



    660,611



    615,290

    Operating income

    166,487



    104,049



    321,659



    165,579

    Other income, net

    58,573



    38,826



    110,302



    69,074

    Income before income taxes

    225,060



    142,875



    431,961



    234,653

    Income tax provision

    54,019



    31,247



    99,256



    (8,496)

    Net income

    $     171,041



    $     111,628



    $     332,705



    $     243,149

    Net income per share:















    Basic

    $           1.06



    $           0.70



    $           2.06



    $           1.52

    Diluted

    $           1.04



    $           0.68



    $           2.02



    $           1.49

    Weighted-average shares used to compute net income per share:















    Basic

    161,708



    160,396



    161,566



    160,129

    Diluted

    164,564



    163,284



    164,497



    162,989

    Other comprehensive income:















    Net change in unrealized gain (loss) on available-for-sale investments

    $       25,175



    $       (8,891)



    $         6,314



    $       (3,463)

    Net change in cumulative foreign currency translation (loss) gain

    (104)



    267



    (1,252)



    209

    Comprehensive income

    $     196,112



    $     103,004



    $     337,767



    $     239,895

















    (4) Includes subscription services revenues from the following product areas:















    Veeva Commercial Solutions

    $     271,810



    $     243,430



    $     533,126



    $     482,754

    Veeva R&D Solutions

    289,467



    227,207



    562,106



    402,429

    Total subscription services

    $     561,277



    $     470,637



    $  1,095,232



    $     885,183

















    (5) Includes professional services and other revenues from the following product areas:           















    Veeva Commercial Solutions

    $       45,068



    $       47,319



    $       93,840



    $       92,183

    Veeva R&D Solutions

    69,836



    72,269



    137,454



    139,184

    Total professional services and other

    $     114,904



    $     119,588



    $     231,294



    $     231,367

















    (6) Includes stock-based compensation as follows:















    Cost of revenues:















    Cost of subscription services

    $         1,642



    $         1,748



    $         3,196



    $         3,253

    Cost of professional services and other

    13,176



    14,216



    25,711



    26,938

    Research and development

    48,984



    45,292



    90,727



    84,198

    Sales and marketing

    23,671



    23,489



    46,714



    43,624

    General and administrative

    20,903



    18,150



    37,939



    35,601

    Total stock-based compensation

    $     108,376



    $     102,895



    $     204,287



    $     193,614

     

    VEEVA SYSTEMS INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)





    Six months ended July

    31,



    2024



    2023

    Cash flows from operating activities







    Net income

    $     332,705



    $     243,149

    Adjustments to reconcile net income to net cash provided by operating activities:          







    Depreciation and amortization

    19,519



    15,636

    Reduction of operating lease right-of-use assets

    5,508



    6,025

    Accretion of discount on short-term investments

    (14,254)



    (10,783)

    Stock-based compensation

    204,287



    193,614

    Amortization of deferred cost

    7,651



    9,301

    Deferred income taxes

    (59,801)



    (46,727)

    Gain on foreign currency from mark-to-market derivative

    (107)



    (547)

    Bad debt expense

    234



    496

    Changes in operating assets and liabilities:







    Accounts receivable

    487,219



    323,493

    Unbilled accounts receivable

    (3,067)



    44,633

    Deferred costs

    (7,174)



    61

    Other current and long-term assets

    4,344



    9,245

    Accounts payable

    (3,343)



    8,054

    Accrued expenses and other current liabilities

    (5,517)



    (1,129)

    Income taxes payable

    (6,246)



    19,197

    Deferred revenue

    (103,652)



    (36,083)

    Operating lease liabilities

    (4,666)



    (4,290)

    Other long-term liabilities

    2,750



    (2,373)

    Net cash provided by operating activities

    856,390



    770,972

    Cash flows from investing activities







    Purchases of short-term investments

    (1,392,297)



    (1,600,566)

    Maturities and sales of short-term investments

    1,017,605



    696,793

    Long-term assets

    (11,528)



    (12,551)

    Net cash used in investing activities

    (386,220)



    (916,324)

    Cash flows from financing activities







    Proceeds from exercise of common stock options

    34,834



    38,228

    Taxes paid related to net share settlement of equity awards

    (42,490)



    (37,043)

    Net cash (used in) provided by financing activities

    (7,656)



    1,185

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

    (1,252)



    309

    Net change in cash, cash equivalents, and restricted cash

    461,262



    (143,858)

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

    706,670



    889,650

    Cash, cash equivalents, and restricted cash at end of period

    $  1,167,932



    $     745,792









    Supplemental disclosures of other cash flow information:







    Excess tax benefits from employee stock plans

    $         4,262



    $       65,300

    Non-GAAP Financial Measures

    In Veeva's public disclosures, Veeva has provided non-GAAP measures, which it defines as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, Veeva uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing its financial results. For the reasons set forth below, Veeva believes that excluding the following items provides information that is helpful in understanding its operating results, evaluating its future prospects, comparing its financial results across accounting periods, and comparing its financial results to its peers, many of which provide similar non-GAAP financial measures.

    • Excess tax benefits. Excess tax benefits from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations, Veeva excludes excess tax benefits for its internal management reporting processes. Veeva management also finds it useful to exclude excess tax benefits when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits, Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies.



    • Stock-based compensation expenses. Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva's management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.



    • Amortization of purchased intangibles. Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva's revenues earned during the periods presented and will contribute to Veeva's future period revenues as well.



    • Litigation settlement. We exclude costs related to the settlement of certain litigation matters because they are non-recurring and outside the ordinary course of business. Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results.



    • Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP measures.

    There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Veeva's management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures.

    Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Veeva encourages its investors and others to review its financial information in its entirety, not to rely on any single financial measure to evaluate its business, and to view its non-GAAP financial 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 July

    31,



    Six months ended July

    31,



    2024



    2023



    2024



    2023

    Net cash provided by operating activities on a GAAP basis

    $    92,874



    $  265,036



    $  856,390



    $  770,972

    Excess tax benefits from employee stock plans

    (1,141)



    (3,211)



    (4,262)



    (65,300)

    Net cash provided by operating activities on a non-GAAP basis

    $    91,733



    $  261,825



    $  852,128



    $  705,672

    Net cash used in investing activities on a GAAP basis

    $  (113,842)



    $  (618,930)



    $  (386,220)



    $  (916,324)

    Net cash (used in) provided by financing activities on a GAAP basis

    $  (11,484)



    $      2,577



    $    (7,656)



    $      1,185

















    Reconciliation of Financial Measures (GAAP basis to non-GAAP basis)

    Three months ended July

    31,



    Six months ended July

    31,



    2024



    2023



    2024



    2023

    Cost of subscription services revenues on a GAAP basis

    $    78,791



    $    71,169



    $  156,939



    $  138,744

    Stock-based compensation expense

    (1,642)



    (1,748)



    (3,196)



    (3,253)

    Amortization of purchased intangibles

    (1,123)



    (1,126)



    (2,222)



    (2,216)

    Cost of subscription services revenues on a non-GAAP basis

    $    76,026



    $    68,295



    $  151,521



    $  133,275

















    Gross margin on subscription services revenues on a GAAP basis

    86.0 %



    84.9 %



    85.7 %



    84.3 %

    Stock-based compensation expense

    0.3



    0.4



    0.3



    0.3

    Amortization of purchased intangibles

    0.2



    0.2



    0.2



    0.3

    Gross margin on subscription services revenues on a non-GAAP basis

    86.5 %



    85.5 %



    86.2 %



    84.9 %

















    Cost of professional services and other revenues on a GAAP basis

    $    91,581



    $    97,849



    $  187,317



    $  196,937

    Stock-based compensation expense

    (13,176)



    (14,216)



    (25,711)



    (26,938)

    Amortization of purchased intangibles

    (138)



    (139)



    (273)



    (273)

    Cost of professional services and other revenues on a non-GAAP basis

    $    78,267



    $    83,494



    $  161,333



    $  169,726

















    Gross margin on professional services and other revenues on a GAAP basis

    20.3 %



    18.2 %



    19.0 %



    14.9 %

    Stock-based compensation expense

    11.5



    11.9



    11.1



    11.6

    Amortization of purchased intangibles

    0.1



    0.1



    0.1



    0.1

    Gross margin on professional services and other revenues on a non-GAAP basis          

    31.9 %



    30.2 %



    30.2 %



    26.6 %

















    Gross profit on a GAAP basis

    $  505,809



    $  421,207



    $  982,270



    $  780,869

    Stock-based compensation expense

    14,818



    15,964



    28,907



    30,191

    Amortization of purchased intangibles

    1,261



    1,265



    2,495



    2,489

    Gross profit on a non-GAAP basis

    $  521,888



    $  438,436



    $  1,013,672



    $  813,549

















    Gross margin on total revenues on a GAAP basis

    74.8 %



    71.4 %



    74.0 %



    69.9 %

    Stock-based compensation expense

    2.2



    2.7



    2.2



    2.7

    Amortization of purchased intangibles

    0.2



    0.2



    0.2



    0.3

    Gross margin on total revenues on a non-GAAP basis

    77.2 %



    74.3 %



    76.4 %



    72.9 %

















    Research and development expense on a GAAP basis

    $  176,429



    $  157,228



    $  339,140



    $  304,188

    Stock-based compensation expense

    (48,984)



    (45,292)



    (90,727)



    (84,198)

    Amortization of purchased intangibles

    (28)



    (29)



    (56)



    (56)

    Research and development expense on a non-GAAP basis

    $  127,417



    $  111,907



    $  248,357



    $  219,934











    Three months ended July

    31,



    Six months ended July

    31,



    2024



    2023



    2024



    2023

















    Sales and marketing expense on a GAAP basis

    $  101,528



    $    96,995



    $  198,829



    $  185,498

    Stock-based compensation expense

    (23,671)



    (23,489)



    (46,714)



    (43,624)

    Amortization of purchased intangibles

    (3,546)



    (3,555)



    (7,014)



    (6,995)

    Sales and marketing expense on a non-GAAP basis

    $    74,311



    $    69,951



    $  145,101



    $  134,879

















    General and administrative expense on a GAAP basis

    $    61,365



    $    62,935



    $  122,642



    $  125,604

    Stock-based compensation expense

    (20,903)



    (18,150)



    (37,939)



    (35,601)

    Amortization of purchased intangibles

    (57)



    (57)



    (113)



    (112)

    Litigation settlement

    —



    —



    (5,000)



    —

    General and administrative expense on a non-GAAP basis

    $    40,405



    $    44,728



    $    79,590



    $    89,891

















    Operating expense on a GAAP basis

    $  339,322



    $  317,158



    $  660,611



    $  615,290

    Stock-based compensation expense

    (93,558)



    (86,931)



    (175,380)



    (163,423)

    Amortization of purchased intangibles

    (3,631)



    (3,641)



    (7,183)



    (7,163)

    Litigation settlement

    —



    —



    (5,000)



    —

    Operating expense on a non-GAAP basis

    $  242,133



    $  226,586



    $  473,048



    $  444,704

















    Operating income on a GAAP basis

    $  166,487



    $  104,049



    $  321,659



    $  165,579

    Stock-based compensation expense

    108,376



    102,895



    204,287



    193,614

    Amortization of purchased intangibles

    4,892



    4,906



    9,678



    9,652

    Litigation settlement

    —



    —



    5,000



    —

    Operating income on a non-GAAP basis

    $  279,755



    $  211,850



    $  540,624



    $  368,845

















    Operating margin on a GAAP basis

    24.6 %



    17.6 %



    24.2 %



    14.8 %

    Stock-based compensation expense

    16.0



    17.4



    15.4



    17.3

    Amortization of purchased intangibles

    0.8



    0.9



    0.8



    0.9

    Litigation settlement

    —



    —



    0.4



    —

    Operating margin on a non-GAAP basis

    41.4 %



    35.9 %



    40.8 %



    33.0 %

















    Net income on a GAAP basis

    $  171,041



    $  111,628



    $  332,705



    $  243,149

    Stock-based compensation expense

    108,376



    102,895



    204,287



    193,614

    Amortization of purchased intangibles

    4,892



    4,906



    9,678



    9,652

    Litigation settlement

    —



    —



    5,000



    —

    Income tax effect on non-GAAP adjustments(7)

    (17,030)



    (21,395)



    (37,438)



    (100,459)

    Net income on a non-GAAP basis

    $  267,279



    $  198,034



    $  514,232



    $  345,956

















    Diluted net income per share on a GAAP basis

    $        1.04



    $        0.68



    $        2.02



    $        1.49

    Stock-based compensation expense

    0.66



    0.63



    1.24



    1.19

    Amortization of purchased intangibles

    0.03



    0.03



    0.06



    0.06

    Litigation settlement

    —



    —



    0.03



    —

    Income tax effect on non-GAAP adjustments(7)

    (0.11)



    (0.13)



    (0.22)



    (0.62)

    Diluted net income per share on a non-GAAP basis

    $        1.62



    $        1.21



    $        3.13



    $        2.12

    ________________________

    (7)   For the three and six months ended July 31, 2024 and 2023, management used an estimated annual effective non-GAAP

        tax rate of 21.0%.

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/veeva-announces-fiscal-2025-second-quarter-results-302233348.html

    SOURCE Veeva Systems

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