Veeva Systems Inc. Files 2024 10-K Report

TL;DR

<b>Veeva Systems Inc. filed its 2024 10-K, reporting $2.24 billion in total revenue and maintaining a debt-free balance sheet.</b>

AI Summary

VEEVA SYSTEMS INC (VEEV) filed a Annual Report (10-K) with the SEC on March 25, 2024. Veeva Systems Inc. reported total revenues of $2.24 billion for the fiscal year ended January 31, 2024. Subscription revenues reached $1.81 billion for the fiscal year ended January 31, 2024. Professional services and other revenues amounted to $428.7 million for the fiscal year ended January 31, 2024. The company's total assets were $4.04 billion as of January 31, 2024. Total debt for Veeva Systems Inc. was $0 as of January 31, 2024.

Why It Matters

For investors and stakeholders tracking VEEVA SYSTEMS INC, this filing contains several important signals. The filing details Veeva's financial performance for the fiscal year 2024, highlighting significant revenue generation from its subscription services, which is crucial for its recurring revenue model. The absence of total debt indicates a strong financial position and flexibility for future investments or acquisitions.

Risk Assessment

Risk Level: low — VEEVA SYSTEMS INC shows low risk based on this filing. The company has no debt, indicating a very low financial risk.

Analyst Insight

Veeva Systems Inc. demonstrates strong financial health with substantial revenue growth and no debt, suggesting continued stability and potential for expansion.

Financial Highlights

debt To Equity

0.0

revenue

2240000000

total Assets

4040000000

total Debt

0

Revenue Breakdown

Key Numbers

• 2240000000 — Total Revenue (Fiscal year ended January 31, 2024)
• 1810000000 — Subscription Revenues (Fiscal year ended January 31, 2024)
• 428700000 — Professional Services and Other Revenues (Fiscal year ended January 31, 2024)
• 4040000000 — Total Assets (As of January 31, 2024)
• 0 — Total Debt (As of January 31, 2024)

Key Players & Entities

• VEEVA SYSTEMS INC (company) — FILER
• 0001393052 (company) — CENTRAL INDEX KEY
• DE (company) — STATE OF INCORPORATION
• PLEASANTON (company) — CITY
• 925-452-6500 (company) — BUSINESS PHONE
• VERTICALS ONDEMAND INC (company) — FORMER COMPANY
• 20070313 (company) — DATE OF NAME CHANGE
• 20240131 (date) — FISCAL YEAR END

FAQ

Key Dates

• 2024-01-31: Fiscal Year End — End of reporting period for the 10-K filing.
• 2024-03-25: Filing Date — Date the 10-K report was officially filed with the SEC.

Key Financial Figures

• $0.00001 — stered Class A Common Stock, par value $0.00001 per share VEEV The New York Stock Excha
• $204.22 — 31, 2023, based on the closing price of $204.22 for shares of the Registrant's Class A

Filing Documents

• veev-20240131.htm (10-K) — 2031KB
• veev-20240131xexx42.htm (EX-4.2) — 29KB
• veev-20240131xexx103.htm (EX-10.3) — 7KB
• veev-20240131xexx211.htm (EX-21.1) — 2KB
• veev-20240131xex231.htm (EX-23.1) — 2KB
• veev-20240131xexx311.htm (EX-31.1) — 8KB
• veev-20240131xexx312.htm (EX-31.2) — 8KB
• veev-20240131xexx321.htm (EX-32.1) — 4KB
• veev-20240131xexx322.htm (EX-32.2) — 4KB
• clawbackpolicyseptember2.htm (EX-97.1) — 27KB
• clawbackpolicyseptember2001.jpg (GRAPHIC) — 189KB
• clawbackpolicyseptember2002.jpg (GRAPHIC) — 204KB
• clawbackpolicyseptember2003.jpg (GRAPHIC) — 191KB
• clawbackpolicyseptember2004.jpg (GRAPHIC) — 137KB
• clawbackpolicyseptember2005.jpg (GRAPHIC) — 137KB
• veev-20240131_g1.jpg (GRAPHIC) — 17KB
• veev-20240131_g2.jpg (GRAPHIC) — 59KB
• 0001393052-24-000013.txt (&nbsp;) — 11295KB
• veev-20240131.xsd (EX-101.SCH) — 53KB
• veev-20240131_cal.xml (EX-101.CAL) — 105KB
• veev-20240131_def.xml (EX-101.DEF) — 276KB
• veev-20240131_lab.xml (EX-101.LAB) — 757KB
• veev-20240131_pre.xml (EX-101.PRE) — 537KB
• veev-20240131_htm.xml (XML) — 1621KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 32 I tem 1C. Cyber security 32 Item 2.

Properties

Properties 34 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosures 34 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 34 Item 6. [Reserved] 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Overview 37 Components of Results of Operations 37 Results of Operations 40 Operating Expenses and Operating Margin 42 Non-GAAP Financial Measures 43 Liquidity and Capital Resources 46 Critical Accounting Policies and Estimates 47 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 8. Consolidated Financial Statements and Supplementary Data 50 Report of Independent Registered Public Accounting Firm 51 Consolidated Balance Sheets 53 Consolidated Statements of Comprehensive Income 54 Consolidated Statements of Stockholders' Equity 55 Consolidated Statements of Cash Flows 56

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 57 Note 1. Summary of Business and Significant Accounting Policies 57 Note 2. Short-Term Investments 63 Note 3. Deferred Costs 64 Note 4. Property and Equipment, Net 65 Note 5. Goodwill and Intangible Assets 65 Note 6. Accrued Expenses 66 Note 7. Fair Value Measurements 66 Note 8. Income Taxes 68 Note 9. Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable 70 Note 10. Leases 71 Note 11. Stockholders' Equity 71 Note 12. Other Income 74 Note 13. Net Income per Share 74 Note 14. Commitments and Contingencies 75 Note 15. Revenues by Product 78 Note 16. Information about Geographic Areas 78 Table of Contents Note 17. 401(k) Plan 78 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 79 Item 9A.

Controls and Procedures

Controls and Procedures 79 Item 9B. Other Information 80 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 80 PART III Item 10. Directors, Executive Officers and Corporate Governance 80 Item 11.

Executive Compensation

Executive Compensation 80 Item 12.

Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters 80 Item 13. Certain Relationships and Related Transactions, and Director Independence 80 Item 14. Principal Accounting Fees and Services 80 PART IV Item 15. Exhibits, Financial Statement Schedules 81 Item 16. Form 10-K Summary 81 Exhibit Index 81

Signatures

Signatures 84 Veeva Systems Inc. | Form 10-K i Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This report on Form 10-K contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations and expenses, business strategies and plans, trends, market sizing, competitive position, industry environment, potential growth opportunities, and product capabilities among other things. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as "aim," "anticipates," "believes," "could," "estimates," "expects," "goal," "intends," "may," "plans," "potential," "predicts," "projects," "seeks," "should," "strive," "will," "would," or similar expressions and the negatives of those terms. Forward-looking statements are based on our current views and expectations and involve known and unknown risks, uncertainties and other factors—including those described in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this report—that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Any forward-looking statements in this report are made only as of the date of this report. Except as required by law, we disclaim any obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. As used in this report, the terms "Veeva," "Registrant,"

BUSINESS

ITEM 1. BUSINESS. Overview Veeva is the leading provider of industry cloud solutions for the global life sciences industry. Our offerings span cloud software, data, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions—from research and development (R&D) through commercialization. Our solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations. Customer success is one of our core values, and our focus on it has allowed us to deepen and expand our strategic relationships with customers over time. Because of our industry focus, we have a unique, in-depth perspective into the needs and best practices of life sciences companies and clinical research sites. This allows us to develop targeted solutions, quickly adapt to regulatory changes, and incorporate highly relevant enhancements into our existing solutions at a rapid pace. Our goal is to become the most strategic technology partner to the life sciences industry and achieve long-term leadership with our solutions that support the R&D and commercial functions of life sciences companies. Our commercial solutions help life sciences companies achieve better, more intelligent engagement with healthcare professionals and healthcare organizations across multiple communication channels, and plan and execute more effective media and marketing campaigns. Our R&D solutions for the clinical, regulatory, quality, and safety functions help life sciences companies streamline their end-to-end product development processes to increase operational efficiency and maintain regulatory compliance throughout the product life cycle. Our solutions for clinical research sites enable regulatory documents and trial information to be managed in a modern cloud solution that is intended to accelerate the clinical research process for the life s

View Full Filing

View this 10-K filing on SEC EDGAR