(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
par value $0.00001 per share |
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Veeva Systems Inc. | |||||||||||
By: | /s/ Timothy S. Cabral | ||||||||||
Timothy S. Cabral | |||||||||||
Chief Financial Officer | |||||||||||
Dated: | August 27, 2020 |
® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc. Veeva Systems Inc. owns other registered and unregistered trademarks. |
What: | Veeva’s Fiscal 2021 Second Quarter Results Conference Call | ||||
When: | Thursday, August 27, 2020 | ||||
Time: | 1:30 p.m. PT (4:30 p.m. ET) | ||||
Online Registration: | www.directeventreg.com | ||||
Conference ID 8170917 | |||||
Webcast: | ir.veeva.com |
® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc. Veeva Systems Inc. owns other registered and unregistered trademarks. | 2 |
® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc. Veeva Systems Inc. owns other registered and unregistered trademarks. | 3 |
® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc. Veeva Systems Inc. owns other registered and unregistered trademarks. | 4 |
July 31, 2020 | January 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 795,782 | $ | 476,733 | |||||||
Short-term investments | 699,707 | 610,015 | |||||||||
Accounts receivable, net | 220,803 | 389,690 | |||||||||
Unbilled accounts receivable | 36,650 | 32,817 | |||||||||
Prepaid expenses and other current assets | 32,490 | 21,869 | |||||||||
Total current assets | 1,785,432 | 1,531,124 | |||||||||
Property and equipment, net | 52,576 | 54,752 | |||||||||
Deferred costs, net | 34,645 | 35,585 | |||||||||
Lease right-of-use assets | 51,286 | 49,132 | |||||||||
Goodwill | 438,529 | 438,529 | |||||||||
Intangible assets, net | 124,420 | 134,601 | |||||||||
Deferred income taxes, noncurrent | 12,167 | 11,870 | |||||||||
Other long-term assets | 17,354 | 16,184 | |||||||||
Total assets | $ | 2,516,409 | $ | 2,271,777 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 16,476 | $ | 19,420 | |||||||
Accrued compensation and benefits | 27,494 | 25,619 | |||||||||
Accrued expenses and other current liabilities | 22,763 | 21,620 | |||||||||
Income tax payable | 2,464 | 5,613 | |||||||||
Deferred revenue | 421,167 | 468,887 | |||||||||
Lease liabilities | 11,118 | 10,013 | |||||||||
Total current liabilities | 501,482 | 551,172 | |||||||||
Deferred income taxes, noncurrent | 1,824 | 2,417 | |||||||||
Lease liabilities, noncurrent | 46,187 | 44,815 | |||||||||
Other long-term liabilities | 10,189 | 7,779 | |||||||||
Total liabilities | 559,682 | 606,183 | |||||||||
Stockholders’ equity: | |||||||||||
Class A common stock | 2 | 1 | |||||||||
Class B common stock | — | — | |||||||||
Additional paid-in capital | 850,776 | 745,475 | |||||||||
Accumulated other comprehensive income | 6,170 | 460 | |||||||||
Retained earnings | 1,099,779 | 919,658 | |||||||||
Total stockholders’ equity | 1,956,727 | 1,665,594 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,516,409 | $ | 2,271,777 |
® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc. Veeva Systems Inc. owns other registered and unregistered trademarks. | 5 |
Three months ended July 31, | Six months ended July 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Subscription services(4) | $ | 283,502 | $ | 217,312 | $ | 553,737 | $ | 415,427 | |||||||||||||||
Professional services and other(5) | 70,181 | 49,588 | 137,052 | 96,225 | |||||||||||||||||||
Total revenues | 353,683 | 266,900 | 690,789 | 511,652 | |||||||||||||||||||
Cost of revenues(3): | |||||||||||||||||||||||
Cost of subscription services | 43,400 | 31,480 | 86,612 | 61,858 | |||||||||||||||||||
Cost of professional services and other | 53,804 | 38,738 | 105,472 | 73,863 | |||||||||||||||||||
Total cost of revenues | 97,204 | 70,218 | 192,084 | 135,721 | |||||||||||||||||||
Gross profit | 256,479 | 196,682 | 498,705 | 375,931 | |||||||||||||||||||
Operating expenses(3): | |||||||||||||||||||||||
Research and development | 70,053 | 51,146 | 132,290 | 96,119 | |||||||||||||||||||
Sales and marketing | 59,172 | 45,821 | 114,927 | 85,438 | |||||||||||||||||||
General and administrative | 37,173 | 25,859 | 73,842 | 49,349 | |||||||||||||||||||
Total operating expenses | 166,398 | 122,826 | 321,059 | 230,906 | |||||||||||||||||||
Operating income | 90,081 | 73,856 | 177,646 | 145,025 | |||||||||||||||||||
Other income, net | 2,881 | 7,332 | 6,295 | 13,493 | |||||||||||||||||||
Income before income taxes | 92,962 | 81,188 | 183,941 | 158,518 | |||||||||||||||||||
Provision for (benefit from) income taxes | (589) | 1,946 | 3,820 | 5,827 | |||||||||||||||||||
Net income | $ | 93,551 | $ | 79,242 | $ | 180,121 | $ | 152,691 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 0.62 | $ | 0.54 | $ | 1.20 | $ | 1.04 | |||||||||||||||
Diluted | $ | 0.58 | $ | 0.50 | $ | 1.12 | $ | 0.96 | |||||||||||||||
Weighted-average shares used to compute net income per share: | |||||||||||||||||||||||
Basic | 150,413 | 147,510 | 149,982 | 147,116 | |||||||||||||||||||
Diluted | 160,840 | 158,675 | 160,309 | 158,339 | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Net change in unrealized gains on available-for- sale investments | 1,131 | 461 | 2,428 | 1,423 | |||||||||||||||||||
Net change in cumulative foreign currency translation loss | 2,893 | (1,742) | 3,282 | (2,444) | |||||||||||||||||||
Comprehensive income | $ | 97,575 | $ | 77,961 | $ | 185,831 | $ | 151,670 | |||||||||||||||
(3) Includes stock-based compensation as follows: | |||||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||
Cost of subscription services | $ | 1,532 | $ | 583 | $ | 2,551 | $ | 968 | |||||||||||||||
Cost of professional services and other | 7,318 | 4,458 | 12,392 | 7,436 | |||||||||||||||||||
Research and development | 16,437 | 9,509 | 27,838 | 15,833 | |||||||||||||||||||
Sales and marketing | 11,186 | 7,177 | 19,378 | 12,325 | |||||||||||||||||||
General and administrative | 12,893 | 6,643 | 24,114 | 12,564 | |||||||||||||||||||
Total stock-based compensation | $ | 49,366 | $ | 28,370 | $ | 86,273 | $ | 49,126 | |||||||||||||||
(4) Includes subscription services revenues from the following product areas: | |||||||||||||||||||||||
Veeva Commercial Cloud | $ | 144,815 | $ | 112,593 | $ | 287,392 | $ | 218,390 | |||||||||||||||
Veeva Vault | 138,687 | 104,719 | 266,345 | 197,037 | |||||||||||||||||||
Total subscription services | $ | 283,502 | $ | 217,312 | $ | 553,737 | $ | 415,427 | |||||||||||||||
(5) Includes professional services revenues from the following product areas: | |||||||||||||||||||||||
Veeva Commercial Cloud | $ | 26,618 | $ | 16,571 | $ | 53,994 | $ | 33,792 | |||||||||||||||
Veeva Vault | 43,563 | 33,017 | 83,058 | 62,433 | |||||||||||||||||||
Total professional services | $ | 70,181 | $ | 49,588 | $ | 137,052 | $ | 96,225 |
® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc. Veeva Systems Inc. owns other registered and unregistered trademarks. | 6 |
Three months ended July 31, | Six months ended July 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net income | $ | 93,551 | $ | 79,242 | $ | 180,121 | $ | 152,691 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 7,317 | 3,881 | 15,195 | 7,781 | |||||||||||||||||||
Reduction of operating lease right-of-use assets | 3,092 | 1,680 | 6,089 | 3,218 | |||||||||||||||||||
Accretion of discount on short-term investments | 496 | (1,096) | 485 | (2,274) | |||||||||||||||||||
Stock-based compensation | 49,366 | 28,370 | 86,273 | 49,126 | |||||||||||||||||||
Amortization of deferred costs | 5,324 | 4,843 | 10,075 | 9,692 | |||||||||||||||||||
Deferred income taxes | (504) | 921 | (1,638) | 1,339 | |||||||||||||||||||
(Gain) Loss on foreign currency from mark-to-market derivative | (98) | 42 | (5) | (38) | |||||||||||||||||||
Bad debt (expense) recovery | 514 | (159) | 121 | (312) | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | 14,606 | 18,804 | 168,766 | 158,314 | |||||||||||||||||||
Unbilled accounts receivable | 619 | 1,982 | (3,833) | (3,262) | |||||||||||||||||||
Deferred costs | (5,793) | (4,427) | (9,135) | (9,028) | |||||||||||||||||||
Income taxes payable | (3,141) | 611 | (4,991) | 949 | |||||||||||||||||||
Other current and long-term assets | (11,683) | (1,338) | (11,132) | (4,097) | |||||||||||||||||||
Accounts payable | 914 | 379 | (3,516) | (37) | |||||||||||||||||||
Accrued expenses and other current liabilities | 125 | 2,672 | 2,816 | 1,913 | |||||||||||||||||||
Deferred revenue | (49,166) | (35,225) | (47,689) | (27,311) | |||||||||||||||||||
Operating lease liabilities | (2,456) | (1,889) | (5,267) | (3,518) | |||||||||||||||||||
Other long-term liabilities | 2,237 | 1,180 | 4,757 | 1,616 | |||||||||||||||||||
Net cash provided by operating activities | 105,320 | 100,473 | 387,492 | 336,762 | |||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Purchases of short-term investments | (267,749) | (209,195) | (456,567) | (438,089) | |||||||||||||||||||
Maturities and sales of short-term investments | 229,224 | 187,772 | 369,566 | 376,737 | |||||||||||||||||||
Long-term assets | (5,407) | (1,378) | (5,140) | (2,991) | |||||||||||||||||||
Net cash used in investing activities | (43,932) | (22,801) | (92,141) | (64,343) | |||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Reduction of lease liabilities - finance leases | (251) | (239) | (499) | (488) | |||||||||||||||||||
Proceeds from exercise of common stock options | 9,278 | 3,620 | 19,059 | 7,011 | |||||||||||||||||||
Net cash provided by financing activities | 9,027 | 3,381 | 18,560 | 6,523 | |||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 2,734 | (1,742) | 3,282 | (2,444) | |||||||||||||||||||
Net change in cash, cash equivalents, and restricted cash | 73,149 | 79,311 | 317,193 | 276,498 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 723,841 | 749,365 | 479,797 | 552,178 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 796,990 | $ | 828,676 | $ | 796,990 | $ | 828,676 | |||||||||||||||
Supplemental disclosures of other cash flow information: | |||||||||||||||||||||||
Excess tax benefits from employee stock plans | $ | 22,123 | $ | 17,026 | $ | 41,738 | $ | 30,578 |
® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc. Veeva Systems Inc. owns other registered and unregistered trademarks. | 7 |
® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc. Veeva Systems Inc. owns other registered and unregistered trademarks. | 8 |
Three months ended July 31, | Six months ended July 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Cost of subscription services revenues on a GAAP basis | $ | 43,400 | $ | 31,480 | $ | 86,612 | $ | 61,858 | |||||||||||||||
Stock-based compensation expense | (1,532) | (583) | (2,551) | (968) | |||||||||||||||||||
Amortization of purchased intangibles | (1,174) | (688) | (2,768) | (1,355) | |||||||||||||||||||
Cost of subscription services revenues on a non-GAAP basis | $ | 40,694 | $ | 30,209 | $ | 81,293 | $ | 59,535 | |||||||||||||||
Gross margin on subscription services revenues on a GAAP basis | 84.7 | % | 85.5 | % | 84.4 | % | 85.1 | % | |||||||||||||||
Stock-based compensation expense | 0.5 | 0.3 | 0.5 | 0.3 | |||||||||||||||||||
Amortization of purchased intangibles | 0.4 | 0.3 | 0.4 | 0.3 | |||||||||||||||||||
Gross margin on subscription services revenues on a non-GAAP basis | 85.6 | % | 86.1 | % | 85.3 | % | 85.7 | % | |||||||||||||||
Cost of professional services and other revenues on a GAAP basis | $ | 53,804 | $ | 38,738 | $ | 105,472 | $ | 73,863 | |||||||||||||||
Stock-based compensation expense | (7,318) | (4,458) | (12,392) | (7,436) | |||||||||||||||||||
Amortization of purchased intangibles | (138) | — | (273) | — | |||||||||||||||||||
Cost of professional services and other revenues on a non-GAAP basis | $ | 46,348 | $ | 34,280 | $ | 92,807 | $ | 66,427 | |||||||||||||||
Gross margin on professional services and other revenues on a GAAP basis | 23.3 | % | 21.9 | % | 23.0 | % | 23.2 | % | |||||||||||||||
Stock-based compensation expense | 10.5 | 9.0 | 9.1 | 7.8 | |||||||||||||||||||
Amortization of purchased intangibles | 0.2 | — | 0.2 | — | |||||||||||||||||||
Gross margin on professional services and other revenues on a non-GAAP basis | 34.0 | % | 30.9 | % | 32.3 | % | 31.0 | % | |||||||||||||||
Gross profit on a GAAP basis | $ | 256,479 | $ | 196,682 | $ | 498,705 | $ | 375,931 | |||||||||||||||
Stock-based compensation expense | 8,850 | 5,041 | 14,943 | 8,404 | |||||||||||||||||||
Amortization of purchased intangibles | 1,312 | 688 | 3,041 | 1,355 | |||||||||||||||||||
Gross profit on a non-GAAP basis | $ | 266,641 | $ | 202,411 | $ | 516,689 | $ | 385,690 | |||||||||||||||
Gross margin on total revenues on a GAAP basis | 72.5 | % | 73.7 | % | 72.2 | % | 73.5 | % | |||||||||||||||
Stock-based compensation expense | 2.5 | 1.9 | 2.2 | 1.6 | |||||||||||||||||||
Amortization of purchased intangibles | 0.4 | 0.3 | 0.4 | 0.3 | |||||||||||||||||||
Gross margin on total revenues on a non-GAAP basis | 75.4 | % | 75.9 | % | 74.8 | % | 75.4 | % | |||||||||||||||
Research and development expense on a GAAP basis | $ | 70,053 | $ | 51,146 | $ | 132,290 | $ | 96,119 | |||||||||||||||
Stock-based compensation expense | (16,437) | (9,509) | (27,838) | (15,833) | |||||||||||||||||||
Amortization of purchased intangibles | (29) | — | (57) | — | |||||||||||||||||||
Research and development expense on a non-GAAP basis | $ | 53,587 | $ | 41,637 | $ | 104,395 | $ | 80,286 | |||||||||||||||
Sales and marketing expense on a GAAP basis | $ | 59,172 | $ | 45,821 | $ | 114,927 | $ | 85,438 | |||||||||||||||
Stock-based compensation expense | (11,186) | (7,177) | (19,378) | (12,325) | |||||||||||||||||||
Amortization of purchased intangibles | (3,568) | (825) | (6,970) | (1,728) | |||||||||||||||||||
Sales and marketing expense on a non-GAAP basis | $ | 44,418 | $ | 37,819 | $ | 88,579 | $ | 71,385 | |||||||||||||||
General and administrative expense on a GAAP basis | $ | 37,173 | $ | 25,859 | $ | 73,842 | $ | 49,349 | |||||||||||||||
Stock-based compensation expense | (12,893) | (6,643) | (24,114) | (12,564) | |||||||||||||||||||
Amortization of purchased intangibles | (57) | — | (113) | — | |||||||||||||||||||
General and administrative expense on a non-GAAP basis | $ | 24,223 | $ | 19,216 | $ | 49,615 | $ | 36,785 | |||||||||||||||
® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc. Veeva Systems Inc. owns other registered and unregistered trademarks. | 9 |
Three months ended July 31, | Six months ended July 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Operating expense on a GAAP basis | $ | 166,398 | $ | 122,826 | $ | 321,059 | $ | 230,906 | |||||||||||||||
Stock-based compensation expense | (40,516) | (23,329) | (71,330) | (40,722) | |||||||||||||||||||
Amortization of purchased intangibles | (3,654) | (825) | (7,140) | (1,728) | |||||||||||||||||||
Operating expense on a non-GAAP basis | $ | 122,228 | $ | 98,672 | $ | 242,589 | $ | 188,456 | |||||||||||||||
Operating income on a GAAP basis | $ | 90,081 | $ | 73,856 | $ | 177,646 | $ | 145,025 | |||||||||||||||
Stock-based compensation expense | 49,366 | 28,370 | 86,273 | 49,126 | |||||||||||||||||||
Amortization of purchased intangibles | 4,966 | 1,513 | 10,181 | 3,083 | |||||||||||||||||||
Operating income on a non-GAAP basis | $ | 144,413 | $ | 103,739 | $ | 274,100 | $ | 197,234 | |||||||||||||||
Operating margin on a GAAP basis | 25.4 | % | 27.6 | % | 25.7 | % | 28.4 | % | |||||||||||||||
Stock-based compensation expense | 14.0 | 10.6 | 12.5 | 9.6 | |||||||||||||||||||
Amortization of purchased intangibles | 1.4 | 0.6 | 1.5 | 0.6 | |||||||||||||||||||
Operating margin on a non-GAAP basis | 40.8 | % | 38.8 | % | 39.7 | % | 38.6 | % | |||||||||||||||
Net income on a GAAP basis | $ | 93,551 | $ | 79,242 | $ | 180,121 | $ | 152,691 | |||||||||||||||
Stock-based compensation expense | 49,366 | 28,370 | 86,273 | 49,126 | |||||||||||||||||||
Amortization of purchased intangibles | 4,966 | 1,513 | 10,181 | 3,083 | |||||||||||||||||||
Income tax effect on non-GAAP adjustments(1) | (31,521) | (21,379) | (55,063) | (38,426) | |||||||||||||||||||
Net income on a non-GAAP basis | $ | 116,362 | $ | 87,746 | $ | 221,512 | $ | 166,474 | |||||||||||||||
Diluted net income per share on a GAAP basis | $ | 0.58 | $ | 0.50 | $ | 1.12 | $ | 0.96 | |||||||||||||||
Stock-based compensation expense | 0.31 | 0.17 | 0.54 | 0.31 | |||||||||||||||||||
Amortization of purchased intangibles | 0.03 | 0.01 | 0.06 | 0.02 | |||||||||||||||||||
Income tax effect on non-GAAP adjustments(1) | (0.20) | (0.13) | (0.34) | (0.24) | |||||||||||||||||||
Diluted net income per share on a non-GAAP basis | $ | 0.72 | $ | 0.55 | $ | 1.38 | $ | 1.05 |
® 2020 Veeva Systems Inc. All rights reserved. Veeva and the Veeva logo are trademarks of Veeva Systems Inc. Veeva Systems Inc. owns other registered and unregistered trademarks. | 10 |
Cover Page Cover Page |
Aug. 27, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 27, 2020 |
Entity Registrant Name | Veeva Systems Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-36121 |
Entity Tax Identification Number | 20-8235463 |
Entity Address, Address Line One | 4280 Hacienda Drive |
Entity Address, City or Town | Pleasanton |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94588 |
City Area Code | 925 |
Local Phone Number | 452-6500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock,par value $0.00001 per share |
Trading Symbol | VEEV |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001393052 |
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