Press Releases

Veeva Announces Fiscal 2024 Second Quarter Results

Total Revenues of $590.2M, up 10% Year Over Year;
Subscription Services Revenues of $470.6M, up 10% Year Over Year

PLEASANTON, CA, Aug. 30, 2023 — 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, 2023.

“We had a great quarter with progress across the board that was particularly significant in CRM and clinical,” said CEO Peter Gassner. “Thanks to our customers for your partnership and to the Veeva team for your continued focus on customer success and product excellence.”

Fiscal 2024 Second Quarter Results:

  • Revenues: Total revenues for the second quarter were $590.2 million, up from $534.2 million one year ago, an increase of 10% year over year. Subscription services revenues for the second quarter were $470.6 million, up from $428.6 million one year ago, an increase of 10% year over year.
  • Operating Income and Non-GAAP Operating Income (1): Second quarter operating income was $104.0 million, compared to $101.1 million one year ago, an increase of 3% year over year. Non-GAAP operating income for the second quarter was $211.9 million, compared to $202.0 million one year ago, an increase of 5% year over year.
  • Net Income and Non-GAAP Net Income (1): Second quarter net income was $111.6 million, compared to $90.6 million one year ago, an increase of 23% year over year. Non-GAAP net income for the second quarter was $198.0 million, compared to $166.2 million one year ago, an increase of 19% year over year.
  • Net Income per Share and Non-GAAP Net Income per Share (1): For the second quarter, fully diluted net income per share was $0.68, compared to $0.56 one year ago, while non-GAAP fully diluted net income per share was $1.21, compared to $1.03 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 second quarter.

“In the second quarter, we delivered strong financial performance across the board including results ahead of all guided metrics,” said CFO Brent Bowman. “We are executing well and our proven operating model will continue to drive strong growth and profitability well into the future.”

Recent Highlights:

  • Veeva Announces Vault CRM Milestones — Veeva recently announced the first Vault CRM customer win, less than a year since announcing the migration of its market leading Veeva CRM solution to the Veeva Vault Platform. Vault CRM is now planned for general availability in April 2024 and will be the go-forward product for all new customers at that point. The next generation of CRM for the life sciences industry, Vault CRM will include all the functionality of Veeva CRM and new omnichannel capabilities, including Vault CRM Service Center.
  • Leading in Clinical with Innovation and Product Excellence — Veeva is helping the life sciences industry deliver clinical excellence by connecting sponsors, research sites, and patients. Companies are looking for a unified platform that is tightly integrated across clinical operations and clinical data management to speed clinical execution. Veeva Vault Clinical has more than 500 customers, including 85 that have selected applications from both Veeva Vault Clinical Operations and Veeva Vault Clinical Data Management.

Financial Outlook:

Veeva is providing guidance for its fiscal third quarter ending October 31, 2023 as follows:

  • Total revenues between $614 and $616 million.
  • Non-GAAP operating income between $223 and $225 million(2).
  • Non-GAAP fully diluted net income per share between $1.26 and $1.27(2).

Veeva is providing updated guidance for its fiscal year ending January 31, 2024 as follows:

  • Total revenues between $2,365 and $2,370 million.
  • Non-GAAP operating income of about $820 million(2).
  • Non-GAAP fully diluted net income per share of approximately $4.68(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, August 30, 2023, and a replay of the call will be available on Veeva’s investor relations website.

What:

Veeva Systems Fiscal 2024 Second Quarter Results Conference Call

When:

Wednesday, August 30, 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 third fiscal quarter ending October 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 August 30, 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 performance, 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, changes in applicable laws and regulations, 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 37 and 38 in our filing on Form 10-Q for the period ended April 30, 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-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.

VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)



July 31,
2023


January 31,
2023

Assets




Current assets:




Cash and cash equivalents

$         742,607


$         886,465

Short-term investments

3,126,132


2,216,163

Accounts receivable, net

379,066


703,055

Unbilled accounts receivable

37,541


82,174

Prepaid expenses and other current assets

76,407


81,456

Total current assets

4,361,753


3,969,313

Property and equipment, net

56,937


49,817

Deferred costs, net

22,463


31,825

Lease right-of-use assets

51,059


55,336

Goodwill

439,877


439,877

Intangible assets, net

72,825


82,476

Deferred income taxes

184,331


136,697

Other long-term assets

38,898


38,955

Total assets

$      5,228,143


$      4,804,296





Liabilities and stockholders equity




Current liabilities:




Accounts payable

$           49,932


$           41,678

Accrued compensation and benefits

48,296


44,282

Accrued expenses and other current liabilities

32,431


35,306

Income tax payable

24,143


4,946

Deferred revenue

836,500


869,285

Lease liabilities

10,652


11,306

Total current liabilities

1,001,954


1,006,803

Deferred income taxes

1,283


1,492

Lease liabilities, noncurrent

47,853


49,670

Other long-term liabilities

24,410


30,079

Total liabilities

1,075,500


1,088,044

Stockholders’ equity:




Class A common stock

2


2

Class B common stock


Additional paid-in capital

1,729,123


1,532,627

Accumulated other comprehensive loss

(34,383)


(31,129)

Retained earnings

2,457,901


2,214,752

Total stockholders’ equity

4,152,643


3,716,252

Total liabilities and stockholders equity

$      5,228,143


$      4,804,296

 

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,


2023


2022


2023


2022

Revenues:








Subscription services(3)

$     470,637


$     428,649


$     885,183


$     831,281

Professional services and other(4)

119,588


105,569


231,367


208,039

Total revenues

590,225


534,218


1,116,550


1,039,320

Cost of revenues (5):








Cost of subscription services

71,169


64,035


138,744


122,988

Cost of professional services and other

97,849


87,634


196,937


168,196

Total cost of revenues

169,018


151,669


335,681


291,184

Gross profit

421,207


382,549


780,869


748,136

Operating expenses (5):








Research and development

157,228


134,008


304,188


247,483

Sales and marketing

96,995


89,617


185,498


165,732

General and administrative

62,935


57,832


125,604


106,157

Total operating expenses

317,158


281,457


615,290


519,372

Operating income

104,049


101,092


165,579


228,764

Other income, net

38,826


8,398


69,074


11,107

Income before income taxes

142,875


109,490


234,653


239,871

Income tax provision (benefit)

31,247


18,889


(8,496)


49,155

Net income

$     111,628


$       90,601


$     243,149


$     190,716

Net income per share:








Basic

$           0.70


$           0.58


$           1.52


$           1.23

Diluted

$           0.68


$           0.56


$           1.49


$           1.17

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








Basic

160,396


154,951


160,129


154,736

Diluted

163,284


162,132


162,989


162,499

Other comprehensive income:








Net change in unrealized loss on available-for-sale investments

$       (8,891)


$       (2,224)


$       (3,463)


$     (13,223)

Net change in cumulative foreign currency translation gain (loss)

267


(900)


209


(2,154)

Comprehensive income

$     103,004


$       87,477


$     239,895


$     175,339









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








Veeva Commercial Solutions

$     243,430


$     236,356


$     482,754


$     464,080

Veeva R&D Solutions

227,207


192,293


402,429


367,201

Total subscription services

$     470,637


$     428,649


$     885,183


$     831,281









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








Veeva Commercial Solutions

$       47,319


$       44,424


$       92,183


$       87,745

Veeva R&D Solutions

72,269


61,145


139,184


120,294

Total professional services and other

$     119,588


$     105,569


$     231,367


$     208,039









(5) Includes stock-based compensation as follows:








Cost of revenues:








Cost of subscription services

1,748


1,693


$         3,253


2,970

Cost of professional services and other

14,216


13,818


$       26,938


23,808

Research and development

45,292


38,901


84,198


64,724

Sales and marketing

23,489


24,031


43,624


40,924

General and administrative

18,150


17,599


35,601


30,750

Total stock-based compensation

$     102,895


$       96,042


$     193,614


$     163,176

 

VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)



Three months ended July
31,


Six months ended July
31,


2023


2022


2023


2022

Cash flows from operating activities








Net income

$     111,628


$       90,601


$     243,149


$     190,716

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








Depreciation and amortization

8,087


7,228


15,636


14,286

Reduction of operating lease right-of-use assets

2,965


3,020


6,025


5,968

(Accretion) amortization of discount on short-term investments

(7,376)


(507)


(10,783)


549

Stock-based compensation

102,895


96,042


193,614


163,176

Amortization of deferred costs

4,249


5,736


9,301


11,729

Deferred income taxes

(25,213)


(20,881)


(46,727)


(53,313)

(Gain) loss on foreign currency from mark-to-market derivative

(727)


1,768


(547)


1,186

Bad debt expense

341


146


496


121

Changes in operating assets and liabilities:








Accounts receivable

33,533


16,312


323,493


317,794

Unbilled accounts receivable

529


(15,807)


44,633


(14,512)

Deferred costs

(3,546)


(3,421)


61


(6,500)

Other current and long-term assets

45,543


(3,513)


9,245


(11,076)

Accounts payable

6,099


5,540


8,054


10,661

Accrued expenses and other current liabilities

2,215


(475)


(1,129)


(2,811)

Income taxes payable

19,526


(45,841)


19,197


(2,618)

Deferred revenue

(34,862)


(39,998)


(36,083)


(47,469)

Operating lease liabilities

(1,597)


(3,081)


(4,290)


(5,112)

Other long-term liabilities

747


517


(2,373)


1,638

Net cash provided by operating activities

265,036


93,386


770,972


574,413

Cash flows from investing activities








Purchases of short-term investments

(988,074)


(433,073)


(1,600,566)


(1,005,417)

Maturities and sales of short-term investments

378,737


250,531


696,793


446,721

Long-term assets

(9,593)


(1,663)


(12,551)


(3,996)

Net cash used in investing activities

(618,930)


(184,205)


(916,324)


(562,692)

Cash flows from financing activities








Proceeds from exercise of common stock options

22,995


9,250


38,228


25,541

Taxes paid related to net share settlement of equity awards

(20,418)


(17,134)


(37,043)


(32,133)

Net cash provided by (used in) financing activities

2,577


(7,884)


1,185


(6,592)

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

290


(1,049)


309


(2,923)

Net change in cash, cash equivalents, and restricted cash

(351,027)


(99,752)


(143,858)


2,206

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

1,096,819


1,243,183


889,650


1,141,225

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

$     745,792


$  1,143,431


$     745,792


$  1,143,431









Supplemental disclosures of other cash flow information:








Excess tax benefits from employee stock plans

$         3,211


$         2,094


$       65,300


$         5,093

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 July
31,


Six months ended July
31,



2023


2022


2023


2022


Net cash provided by operating activities on a GAAP basis

$  265,036


$    93,386


$  770,972


$  574,413


Excess tax benefits from employee stock plans

(3,211)


(2,094)


(65,300)


(5,093)


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

$  261,825


$    91,292


$  705,672


$  569,320


Net cash used in investing activities on a GAAP basis

$ (618,930)


$ (184,205)


$ (916,324)


$ (562,692)


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

$      2,577


$    (7,884)


$      1,185


$    (6,592)











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

Three months ended July
31,


Six months ended July
31,



2023


2022


2023


2022


Cost of subscription services revenues on a GAAP basis

$    71,169


$    64,035


$  138,744


$  122,988


Stock-based compensation expense

(1,748)


(1,693)


(3,253)


(2,970)


Amortization of purchased intangibles

(1,126)


(1,126)


(2,216)


(2,216)


Cost of subscription services revenues on a non-GAAP basis

$    68,295


$    61,216


$  133,275


$  117,802











Gross margin on subscription services revenues on a GAAP basis

84.9 %


85.1 %


84.3 %


85.2 %


Stock-based compensation expense

0.4


0.4


0.3


0.3


Amortization of purchased intangibles

0.2


0.2


0.3


0.3


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

85.5 %


85.7 %


84.9 %


85.8 %











Cost of professional services and other revenues on a GAAP basis

$    97,849


$    87,634


$  196,937


$  168,196


Stock-based compensation expense

(14,216)


(13,818)


(26,938)


(23,808)


Amortization of purchased intangibles

(139)


(139)


(273)


(273)


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

$    83,494


$    73,677


$  169,726


$  144,115











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

18.2 %


17.0 %


14.9 %


19.2 %


Stock-based compensation expense

11.9


13.1


11.6


11.4


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

30.2 %


30.2 %


26.6 %


30.7 %











Gross profit on a GAAP basis

$  421,207


$  382,549


$  780,869


$  748,136


Stock-based compensation expense

15,964


15,511


30,191


26,778


Amortization of purchased intangibles

1,265


1,265


2,489


2,489


Gross profit on a non-GAAP basis

$  438,436


$  399,325


$  813,549


$  777,403











Gross margin on total revenues on a GAAP basis

71.4 %


71.6 %


69.9 %


72.0 %


Stock-based compensation expense

2.7


2.9


2.7


2.6


Amortization of purchased intangibles

0.2


0.2


0.3


0.2


Gross margin on total revenues on a non-GAAP basis

74.3 %


74.7 %


72.9 %


74.8 %











Research and development expense on a GAAP basis

$  157,228


$  134,008


$  304,188


$  247,483


Stock-based compensation expense

(45,292)


(38,901)


(84,198)


(64,724)


Amortization of purchased intangibles

(29)


(29)


(56)


(56)


Research and development expense on a non-GAAP basis

$  111,907


$    95,078


$  219,934


$  182,703





















Three months ended July
31,


Six months ended July
31,



2023


2022


2023


2022











Sales and marketing expense on a GAAP basis

$    96,995


$    89,617


$  185,498


$  165,732


Stock-based compensation expense

(23,489)


(24,031)


(43,624)


(40,924)


Amortization of purchased intangibles

(3,555)


(3,555)


(6,995)


(6,995)


Sales and marketing expense on a non-GAAP basis

$    69,951


$    62,031


$  134,879


$  117,813











General and administrative expense on a GAAP basis

$    62,935


$    57,832


$  125,604


$  106,157


Stock-based compensation expense

(18,150)


(17,599)


(35,601)


(30,750)


Amortization of purchased intangibles

(57)


(57)


(112)


(112)


General and administrative expense on a non-GAAP basis

$    44,728


$    40,176


$    89,891


$    75,295











Operating expense on a GAAP basis

$  317,158


$  281,457


$  615,290


$  519,372


Stock-based compensation expense

(86,931)


(80,531)


(163,423)


(136,398)


Amortization of purchased intangibles

(3,641)


(3,641)


(7,163)


(7,163)


Operating expense on a non-GAAP basis

$  226,586


$  197,285


$  444,704


$  375,811











Operating income on a GAAP basis

$  104,049


$  101,092


$  165,579


$  228,764


Stock-based compensation expense

102,895


96,042


193,614


163,176


Amortization of purchased intangibles

4,906


4,906


9,652


9,652


Operating income on a non-GAAP basis

$  211,850


$  202,040


$  368,845


$  401,592











Operating margin on a GAAP basis

17.6 %


18.9 %


14.8 %


22.0 %


Stock-based compensation expense

17.4


18.0


17.3


15.7


Amortization of purchased intangibles

0.9


0.9


0.9


0.9


Operating margin on a non-GAAP basis

35.9 %


37.8 %


33.0 %


38.6 %











Net income on a GAAP basis

$  111,628


$    90,601


$  243,149


$  190,716


Stock-based compensation expense

102,895


96,042


193,614


163,176


Amortization of purchased intangibles

4,906


4,906


9,652


9,652


Income tax effect on non-GAAP adjustments(6)

(21,395)


(25,303)


(100,459)


(37,512)


Net income on a non-GAAP basis

$  198,034


$  166,246


$  345,956


$  326,032











Diluted net income per share on a GAAP basis

$       0.68


$       0.56


$       1.49


$       1.17


Stock-based compensation expense

0.63


0.59


1.19


1.00


Amortization of purchased intangibles

0.03


0.03


0.06


0.06


Income tax effect on non-GAAP adjustments(6)

(0.13)


(0.15)


(0.62)


(0.22)


Diluted net income per share on a non-GAAP basis

$       1.21


$       1.03


$       2.12


$       2.01


________________________

(6)

For the three and six months July 31, 2023 and 2022, management used an estimated annual effective non-GAAP tax rate of 21.0%.

###

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