Veeva Systems Q3 Revenue Grows Across Subscriptions & Services

TL;DR

VEEV Q3 revenue up YoY, subscription revenue hits $671.4M for 9 months.

AI Summary

Veeva Systems Inc. reported its third-quarter results for the period ending October 31, 2024. The company's filing indicates revenue from Subscription and Circulation increased to $671.4 million for the nine months ended October 31, 2024, compared to $552.1 million in the same period of 2023. Revenue from Technology Services also saw growth, reaching $130.7 million for the nine months ended October 31, 2024, up from $105.2 million in the prior year.

Why It Matters

This filing shows Veeva Systems' continued growth in its core subscription and technology services, indicating strong demand for its cloud solutions in the life sciences industry.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $671.4M — Subscription & Circulation Revenue (9 months ended Oct 31, 2024) (Represents growth in core software offerings.)
• $130.7M — Technology Services Revenue (9 months ended Oct 31, 2024) (Shows expansion in related service offerings.)
• $552.1M — Subscription & Circulation Revenue (9 months ended Oct 31, 2023) (Provides a year-over-year comparison point.)
• $105.2M — Technology Services Revenue (9 months ended Oct 31, 2023) (Provides a year-over-year comparison point.)

Key Players & Entities

• Veeva Systems Inc. (company) — Filer of the 10-Q report
• 2024-10-31 (date) — End of the reporting period
• $671.4 million (dollar_amount) — Subscription and Circulation revenue for the nine months ended October 31, 2024
• $552.1 million (dollar_amount) — Subscription and Circulation revenue for the nine months ended October 31, 2023
• $130.7 million (dollar_amount) — Technology Services revenue for the nine months ended October 31, 2024
• $105.2 million (dollar_amount) — Technology Services revenue for the nine months ended October 31, 2023

FAQ

Key Financial Figures

• $0.00001 — stered Class A Common Stock, par value $0.00001 per share VEEV The New York Stock Excha

Filing Documents

• veev-20241031.htm (10-Q) — 1693KB
• veev-20241031xexx311.htm (EX-31.1) — 8KB
• veev-20241031xexx312.htm (EX-31.2) — 9KB
• veev-20241031xexx321.htm (EX-32.1) — 4KB
• veev-20241031xexx322.htm (EX-32.2) — 4KB
• veev-20241031_g1.jpg (GRAPHIC) — 17KB
• 0001393052-24-000075.txt ( ) — 7785KB
• veev-20241031.xsd (EX-101.SCH) — 40KB
• veev-20241031_cal.xml (EX-101.CAL) — 78KB
• veev-20241031_def.xml (EX-101.DEF) — 189KB
• veev-20241031_lab.xml (EX-101.LAB) — 597KB
• veev-20241031_pre.xml (EX-101.PRE) — 408KB
• veev-20241031_htm.xml (XML) — 1283KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4 Item 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Note 1. Summary of Business and Significant Accounting Policies 8 Note 2. Short-Term Investments 9 Note 3. Deferred Costs 10 Note 4. Property and Equipment, Net 10 Note 5. Goodwill and Intangible Assets 11 Note 6. Accrued Expenses 12 Note 7. Fair Value Measurements 12 Note 8. Income Taxes 14 Note 9. Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable 14 Note 10. Leases 14 Note 11. Stockholders' Equity 15 Note 12. Net Income per Share 17 Note 13. Commitments and Contingencies 18 Note 14. Revenues by Product 19 Note 15. Information about Geographic Areas 19 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Overview 21 Components of Results of Operations 21 Results of Operations 24 Operating Expenses and Operating Margin 26 Non-GAAP Financial Measures 28 Liquidity and Capital Resources 30 Critical Accounting Policies and Estimates 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION 35 Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59 Item 3. Defaults Upon Senior Securities 59 Item 4. Mine Safety Disclosures 59 Item 5. Other Information 59 Item 6. Exhibits 60

SIGNATURES

SIGNATURES 62 2 Veeva Systems Inc. | Form 10-Q Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This report on Form 10-Q 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,"

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. VEEVA SYSTEMS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except number of shares and par value) (Unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 1,044,511 $ 703,487 Short-term investments 4,018,475 3,324,269 Accounts receivable, net of allowance for doubtful accounts of $ 157 and $ 520 , respectively 255,817 852,172 Unbilled accounts receivable 45,472 36,365 Prepaid expenses and other current assets 82,885 86,918 Total current assets 5,447,160 5,003,211 Property and equipment, net 55,695 58,532 Deferred costs, net 22,515 23,916 Lease right-of-use assets 60,325 45,602 Goodwill 439,877 439,877 Intangible assets, net 48,527 63,017 Deferred income taxes 322,652 233,463 Other long-term assets 56,102 43,302 Total assets $ 6,452,853 $ 5,910,920 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 31,845 $ 31,513 Accrued compensation and benefits 34,634 43,433 Accrued expenses and other current liabilities 30,906 32,980 Income tax payable 10,803 11,862 Deferred revenue 739,657 1,049,761 Lease liabilities 9,156 9,334 Total current liabilities 857,001 1,178,883 Deferred income taxes 475 2,052 Lease liabilities, noncurrent 62,545 46,441 Other long-term liabilities 31,429 38,720 Total liabilities 951,450 1,266,096 Commitments and contingencies ( note 13 ) Stockholders' equity: Common stock 2 2 Additional paid-in capital 2,248,890 1,915,002 Accumulated other comprehensive loss ( 6,459 ) ( 10,637 ) Retained earnings 3,258,970 2,740,457 Total stockholders' equity 5,501,403 4,644,824 Total liabilities and stockholders' equity $ 6,452,853 $ 5,910,920 See Notes to Condensed Consolidated Financial Statements. 4 Veeva Systems Inc. | Form 10-Q Table of Contents VEEVA SYSTEMS INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands, except per share data) (Unaudited) Three months ended Octob

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