Veeva Systems Inc.

12/01/2021 | Press release | Distributed by Public on 12/01/2021 15:14

Veeva Announces Fiscal 2022 Third Quarter Results

Total Revenues of $476.1M, up 26% Year Over Year; Subscription Services Revenues of $380.7M, up 26% Year Over Year

PLEASANTON, Calif., Dec. 1, 2021 /PRNewswire/ -- Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its third quarter ended October 31, 2021.

"Innovation and consistent execution have us tracking ahead of our 2025 targets and set us up for significant growth beyond," said CEO Peter Gassner. "As the strategic partner to the life sciences industry in its move to new digital and specialty models, we are proud our work will help patients get the therapies they need faster and easier."

Fiscal 2022 Third Quarter Results:

  • Revenues: Total revenues for the third quarter were $476.1 million, up from $377.5 million one year ago, an increase of 26% year over year. Subscription services revenues for the third quarter were $380.7 million, up from $302.9 million one year ago, an increase of 26% year over year.
  • Operating Income and Non-GAAP Operating Income(1): Third quarter operating income was $132.7 million, compared to $101.3 million one year ago, an increase of 31% year over year. Non-GAAP operating income for the third quarter was $199.4 million, compared to $155.5 million one year ago, an increase of 28% year over year.
  • Net Income and Non-GAAP Net Income(1): Third quarter net income was $105.9 million, compared to $97.0 million one year ago, an increase of 9% year over year. Non-GAAP net income for the third quarter was $158.2 million, compared to $125.6 million one year ago, an increase of 26% year over year.
  • Net Income per Share and Non-GAAP Net Income per Share(1): For the third quarter, fully diluted net income per share was $0.65, compared to $0.60 one year ago, while non-GAAP fully diluted net income per share was $0.97, compared to $0.78 one year ago.

"Our focus on customer success delivered another great quarter with top and bottom line results that exceeded our guidance," said CFO Brent Bowman. "We are excited about the large and expanding market opportunity ahead and are investing aggressively across our people and products to support strong growth in the years ahead."

Recent Highlights:

  • Veeva Data Cloud Innovation - Veeva is investing in the significant long-term opportunity for Veeva Data Cloud with new data assets and delivery methods. Data Cloud's new portal takes a modern, self-service approach where customers can define their own data subscriptions and delivery methods. Veeva also added new Data Cloud early adopters in Q3 for its patient data offering.
  • Transforming Regulatory for Greater Speed and Compliance - Continued customer success and the need to unify regulatory processes globally for greater speed and compliance drove further Veeva Vault RIM growth. Q3 saw a major milestone in Veeva's reference selling model, with its first enterprise customer now live with all four Vault RIM Suite applications. There were also two notable top 20 wins, one for Vault Registrations and one for Vault Publishing.
  • Another Quarter of Expanding Commercial Leadership - Veeva once again saw share gains through new wins and as existing customers expanded within Veeva Commercial Cloud. Seven 7-figure deals in the quarter came in a number of areas including Veeva CRM, Veeva Crossix, and Veeva Link. Veeva CRM also had 15 new SMB wins, enterprise expansions, and strength internationally with two major field forces in Asia standardizing on the product.

Financial Outlook:

Veeva is providing guidance for its fiscal fourth quarter ending January 31, 2022 as follows:

  • Total revenues between $478 and $480 million.
  • Non-GAAP operating income of about $181 million(2).
  • Non-GAAP fully diluted net income per share of approximately $0.88(2).

Veeva is providing guidance for its fiscal year ending January 31, 2022 as follows:

  • Total revenues between $1,843 and $1,845 million.
  • Non-GAAP operating income of about $753 million(2).
  • Non-GAAP fully diluted net income per share of approximately $3.69(2).

Veeva is providing guidance for its fiscal year ending January 31, 2023 as follows:

  • Total revenues between $2,150 and $2,170 million.
  • Subscription services revenues between $1,735 and $1,745 million.
  • Non-GAAP operating margin of roughly 38%(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, December 1, 2021, and a replay of the call will be available on Veeva's investor relations website.

What:

Veeva Systems Fiscal 2022 Third Quarter Results Conference Call

When:

Wednesday, December 1, 2021

Time:

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

Online Registration:

www.directeventreg.com


Conference ID 6998914

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 fourth fiscal quarter ending January 31, 2022 or fiscal year ending January 31, 2022 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.

(3) Veeva is not able, at this time, to provide GAAP targets for operating margin for the fiscal year ending January 31, 2023 because of the difficulty of estimating certain items excluded from non-GAAP operating income 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, including the quotations from management, the statements in "Financial Outlook," and other statements regarding Veeva's future performance, outlook, and guidance and the assumptions underlying those statements, market growth, the benefits from the use of Veeva's solutions, our strategies, and general business conditions. Any forward-looking statements contained in this press release are based upon Veeva's historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva's expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including (i) breaches in our security measures or unauthorized access to our customers' data; (ii) competitive factors, including but not limited to pricing pressures, consolidation among our competitors, entry of new competitors, the launch of new products and marketing initiatives by our existing competitors, and difficulty securing rights to access, host or integrate with complementary third party products or data used by our customers; (iii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established applications, like Veeva CRM; (iv) our expectation that the future growth rate of our revenues will decline; (v) loss of one or more customers, particularly any of our large customers; (vi) our ability to attract and retain highly skilled employees and manage our growth effectively; (vii) fluctuation of our results, which may make period-to-period comparisons less meaningful; (viii) adverse changes in the life sciences industry, including as a result of customer mergers; (ix) the impact of the COVID-19 pandemic (including the impact to the life sciences industry, impact on general economic conditions, and government responses, restrictions, and actions related to the pandemic); (x) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure; (xi) failure to sustain the level of profitability we have achieved in the past as our costs increase; (xii) adverse changes in economic, regulatory, international trade relations, or market conditions, including with respect to natural disasters or actual or threatened public health emergencies; (xiii) a decline in new subscriptions that may not be immediately reflected in our operating results due to the ratable recognition of our subscription revenue; (xiv) pending, threatened, or future legal proceedings and related expenses; and (xv) our recent conversion to a Delaware public benefit corporation, including the expected impact, benefits, and risks of our conversion.

Additional risks and uncertainties that could affect Veeva's financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's filing on Form 10-Q for the period ended July 31, 2021. This is available on the company's website at veeva.com under the Investors section and on the SEC's website at sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.

Investor Relations Contact:
Ato Garrett
Veeva Systems Inc.
925-271-4204
[email protected]

Media Contact:
Deivis Mercado
Veeva Systems Inc.
925-226-8821
[email protected]


VEEVA SYSTEMS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)



October 31,
2021


January 31,
2021

Assets




Current assets:




Cash and cash equivalents

$

1,149,946



$

730,504


Short-term investments

1,201,541



933,122


Accounts receivable, net

211,046



564,387


Unbilled accounts receivable

67,970



47,206


Prepaid expenses and other current assets

29,292



35,607


Total current assets

2,659,795



2,310,826


Property and equipment, net

53,463



53,650


Deferred costs, net

34,091



42,072


Lease right-of-use assets

50,499



56,917


Goodwill

437,261



436,029


Intangible assets, net

102,559



114,595


Deferred income taxes

4,884



14,100


Other long-term assets

24,934



17,878


Total assets

$

3,367,486



$

3,046,067






Liabilities and stockholders' equity




Current liabilities:




Accounts payable

$

25,605



$

23,253


Accrued compensation and benefits

32,116



30,410


Accrued expenses and other current liabilities

36,131



30,982


Income tax payable

14,477



2,590


Deferred revenue

417,755



616,992


Lease liabilities

10,803



11,725


Total current liabilities

536,887



715,952


Deferred income taxes

1,941



1,835


Lease liabilities, noncurrent

45,237



51,393


Other long-term liabilities

14,060



10,567


Total liabilities

598,125



779,747


Stockholders' equity:




Class A common stock

2



2


Class B common stock

-



-


Additional paid-in capital

1,145,147



965,670


Accumulated other comprehensive income (loss)

(5,738)



992


Retained earnings

1,629,950



1,299,656


Total stockholders' equity

2,769,361



2,266,320


Total liabilities and stockholders' equity

$

3,367,486



$

3,046,067





VEEVA SYSTEMS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)



Three months ended
October 31,


Nine months ended
October 31,


2021


2020


2021


2020

Revenues:








Subscription services(4)

$

380,738



$

302,938



$

1,088,293



$

856,675


Professional services and other(5)

95,373



74,581



276,985



211,633


Total revenues

476,111



377,519



1,365,278



1,068,308


Cost of revenues(6):








Cost of subscription services

59,648



45,845



164,774



132,457


Cost of professional services and other

69,916



57,152



203,023



162,624


Total cost of revenues

129,564



102,997



367,797



295,081


Gross profit

346,547



274,522



997,481



773,227


Operating expenses(6):








Research and development

98,635



79,992



276,760



212,282


Sales and marketing

72,423



57,982



208,822



172,909


General and administrative

42,781



35,243



126,121



109,085


Total operating expenses

213,839



173,217



611,703



494,276


Operating income

132,708



101,305



385,778



278,951


Other income, net

824



3,455



7,054



9,750


Income before income taxes

133,532



104,760



392,832



288,701


Provision for income taxes

27,663



7,801



62,538



11,621


Net income

$

105,869



$

96,959



$

330,294



$

277,080


Net income per share:








Basic

$

0.69



$

0.64



$

2.16



$

1.84


Diluted

$

0.65



$

0.60



$

2.03



$

1.73


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








Basic

153,514



150,993



153,020



150,322


Diluted

163,034



161,711



162,663



160,517


Other comprehensive income:








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

$

(2,741)



$

(1,230)



$

(4,044)



$

1,198


Net change in cumulative foreign currency translation gain (loss)

(308)



(1,438)



(2,686)



1,844


Comprehensive income

$

102,820



$

94,291



$

323,564



$

280,122










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








Veeva Commercial Solutions(7)

$

223,183



$

189,874



$

649,156



$

547,341


Veeva R&D Solutions(7)

157,555



113,064



439,137



309,334


Total subscription services

$

380,738



$

302,938



$

1,088,293



$

856,675










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








Veeva Commercial Solutions(7)

$

41,675



$

36,613



$

124,241



$

104,859


Veeva R&D Solutions(7)

53,698



37,968



152,744



106,774


Total professional services and other

$

95,373



$

74,581



$

276,985



$

211,633


(7) Certain prior period product revenues have been adjusted to match current period presentation.









(6) Includes stock-based compensation as follows:








Cost of revenues:








Cost of subscription services

$

1,292



$

1,149



$

3,514



$

3,700


Cost of professional services and other

9,616



7,510



26,579



19,902


Research and development

22,311



17,685



61,463



45,523


Sales and marketing

15,102



10,711



41,772



30,089


General and administrative

13,724



11,918



39,591



36,032


Total stock-based compensation

$

62,045



$

48,973



$

172,919



$

135,246





VEEVA SYSTEMS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)



Three months ended
October 31,


Nine months ended
October 31,


2021


2020


2021


2020

Cash flows from operating activities








Net income

$

105,869



$

96,959



$

330,294



$

277,080


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








Depreciation and amortization

6,899



7,525



20,407



22,720


Reduction of operating lease right-of-use assets

2,855



3,322



8,556



9,411


Accretion of discount on short-term investments

1,574



1,203



4,859



1,688


Stock-based compensation

62,045



48,973



172,919



135,246


Amortization of deferred costs

6,597



5,350



19,426



15,425


Deferred income taxes

(2,021)



(1,894)



10,174



(3,532)


Loss (gain) on foreign currency from mark-to-market derivative

(65)



19



368



14


Bad debt (expense) recovery

58



(181)



195



(60)


Changes in operating assets and liabilities:








Accounts receivable

72,147



37,448



352,470



206,214


Unbilled accounts receivable

(16,870)



(16,585)



(20,764)



(20,418)


Deferred costs

(3,353)



(6,177)



(11,445)



(15,312)


Other current and long-term assets

4,407



8,195



3,278



(2,937)


Accounts payable

4,028



3,060



2,265



(456)


Accrued expenses and other current liabilities

(537)



1,541



8,646



4,357


Income taxes payable

12,010



4,538



11,993



(453)


Deferred revenue

(141,083)



(90,291)



(199,042)



(137,980)


Operating lease liabilities

(2,941)



(3,229)



(8,602)



(8,496)


Other long-term liabilities

1,340



(4,373)



4,412



384


Net cash provided by operating activities

112,959



95,403



710,409



482,895


Cash flows from investing activities








Purchases of short-term investments

(256,008)



(417,898)



(935,626)



(874,465)


Maturities and sales of short-term investments

248,093



158,628



657,062



528,194


Acquisitions, net of cash and restricted cash acquired

-



-



(2,133)



-


Long-term assets

(2,314)



(3,316)



(10,295)



(8,456)


Net cash used in investing activities

(10,229)



(262,586)



(290,992)



(354,727)


Cash flows from financing activities








Reduction of lease liabilities - finance leases

-



79



(384)



(420)


Proceeds from exercise of common stock options

5,368



6,186



43,310



25,245


Taxes paid related to net share settlement of equity awards

(21,414)



-



(36,510)



-


Net cash (used in) provided by financing activities

(16,046)



6,265



6,416



24,825


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

(1,469)



(599)



(4,414)



2,683


Net change in cash, cash equivalents, and restricted cash

85,215



(161,517)



421,419



155,676


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

1,067,916



796,990



731,712



479,797


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

$

1,153,131



$

635,473



$

1,153,131



$

635,473










Supplemental disclosures of other cash flow information:








Excess tax benefits from employee stock plans

$

10,404



$

17,329



$

45,464



$

59,067


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.

  • 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 under FASB ASC Topic 718, 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.

The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:


Three months ended
October 31,


Nine months ended
October 31,


2021


2020


2021


2020

Cost of subscription services revenues on a GAAP basis

$

59,648



$

45,845



$

164,774



$

132,457


Stock-based compensation expense

(1,292)



(1,149)



(3,514)



(3,700)


Amortization of purchased intangibles

(1,005)



(1,174)



(2,826)



(3,942)


Cost of subscription services revenues on a non-GAAP basis

$

57,351



$

43,522



$

158,434



$

124,815










Gross margin on subscription services revenues on a GAAP basis

84.3

%


84.9

%


84.9

%


84.5

%

Stock-based compensation expense

0.3



0.4



0.3



0.4


Amortization of purchased intangibles

0.3



0.4



0.3



0.5


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

84.9

%


85.7

%


85.5

%


85.4

%









Cost of professional services and other revenues on a GAAP basis

$

69,916



$

57,152



$

203,023



$

162,624


Stock-based compensation expense

(9,616)



(7,510)



(26,579)



(19,902)


Amortization of purchased intangibles

(139)



(138)



(411)



(411)


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

$

60,161



$

49,504



$

176,033



$

142,311










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

26.7

%


23.4

%


26.7

%


23.2

%

Stock-based compensation expense

10.1



10.1



9.6



9.4


Amortization of purchased intangibles

0.1



0.2



0.1



0.2


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

36.9

%


33.7

%


36.4

%


32.8

%









Gross profit on a GAAP basis

$

346,547



$

274,522



$

997,481



$

773,227


Stock-based compensation expense

10,908



8,659



30,093



23,602


Amortization of purchased intangibles

1,144



1,312



3,237



4,353


Gross profit on a non-GAAP basis

$

358,599



$

284,493



$

1,030,811



$

801,182










Gross margin on total revenues on a GAAP basis

72.8

%


72.7

%


73.1

%


72.4

%

Stock-based compensation expense

2.3



2.3



2.2



2.2


Amortization of purchased intangibles

0.2



0.3



0.2



0.3


Gross margin on total revenues on a non-GAAP basis

75.3

%


75.3

%


75.5

%


74.9

%









Research and development expense on a GAAP basis

$

98,635



$

79,992



$

276,760



$

212,282


Stock-based compensation expense

(22,311)



(17,685)



(61,463)



(45,523)


Amortization of purchased intangibles

(29)



(29)



(85)



(86)


Research and development expense on a non-GAAP basis

$

76,295



$

62,278



$

215,212



$

166,673










Sales and marketing expense on a GAAP basis

$

72,423



$

57,982



$

208,822



$

172,909


Stock-based compensation expense

(15,102)



(10,711)



(41,772)



(30,089)


Amortization of purchased intangibles

(3,464)



(3,858)



(10,210)



(10,828)


Sales and marketing expense on a non-GAAP basis

$

53,857



$

43,413



$

156,840



$

131,992










General and administrative expense on a GAAP basis

$

42,781



$

35,243



$

126,121



$

109,085


Stock-based compensation expense

(13,724)



(11,918)



(39,591)



(36,032)


Amortization of purchased intangibles

(57)



(57)



(169)



(170)


General and administrative expense on a non-GAAP basis

$

29,000



$

23,268



$

86,361



$

72,883











































Three months ended
October 31,


Nine months ended
October 31,


2021


2020


2021


2020

Operating expense on a GAAP basis

$

213,839



$

173,217



$

611,703



$

494,276


Stock-based compensation expense

(51,137)



(40,314)



(142,826)



(111,644)


Amortization of purchased intangibles

(3,550)



(3,944)



(10,464)



(11,084)


Operating expense on a non-GAAP basis

$

159,152



$

128,959



$

458,413



$

371,548










Operating income on a GAAP basis

$

132,708



$

101,305



$

385,778



$

278,951


Stock-based compensation expense

62,045



48,973



172,919



135,246


Amortization of purchased intangibles

4,694



5,256



13,701



15,437


Operating income on a non-GAAP basis

$

199,447



$

155,534



$

572,398



$

429,634










Operating margin on a GAAP basis

27.9

%


26.8

%


28.3

%


26.1

%

Stock-based compensation expense

13.0



13.0



12.7



12.7


Amortization of purchased intangibles

1.0



1.4



1.0



1.4


Operating margin on a non-GAAP basis

41.9

%


41.2

%


42.0

%


40.2

%









Net income on a GAAP basis

$

105,869



$

96,959



$

330,294



$

277,080


Stock-based compensation expense

62,045



48,973



172,919



135,246


Amortization of purchased intangibles

4,694



5,256



13,701



15,437


Income tax effect on non-GAAP adjustments(8)

(14,394)



(25,587)



(59,147)



(80,650)


Net income on a non-GAAP basis

$

158,214



$

125,601



$

457,767



$

347,113










Diluted net income per share on a GAAP basis

$

0.65



$

0.60



$

2.03



$

1.73


Stock-based compensation expense

0.38



0.30



1.06



0.84


Amortization of purchased intangibles

0.03



0.03



0.08



0.10


Income tax effect on non-GAAP adjustments(8)

(0.09)



(0.15)



(0.36)



(0.51)


Diluted net income per share on a non-GAAP basis

$

0.97



$

0.78



$

2.81



$

2.16


________________________

(8)

For the three and nine months ended October 31, 2021 and 2020, management used an estimated annual effective non-GAAP tax rate of 21.0%.

View original content:https://www.prnewswire.com/news-releases/veeva-announces-fiscal-2022-third-quarter-results-301435572.html

SOURCE Veeva Systems