Veeva : Investor Presentation ( PDF 373 KB )

Q4'22 Quarterly Results

March 2, 2022

Safe Harbor and Other Information

This presentation and associated commentary contain forward-looking statements regarding Veeva's expected future performance and, in particular, includes guidance provided as of March 2, 2022 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 presentation and associated commentary, 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 as a result of competitive factors, customer decisions and priorities, events that impact the life sciences industry, issues related to the security or performance of our products, the pandemic, issues that impact our ability to hire, retain and adequately compensate talented employees, and general macroeconomic and geo-political events (including impacts related to events in Ukraine). We have summarized on one page what we believe are the principal risks to our business in a section titled "Summary of Risk Factors" on page 39 in our filing on Form 10-Q for the period ended October 31, 2021, 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.

Terms such as "Excess Tax Benefit," "Calculated Billings," and "R&D Tax" have the meanings set forth in the Appendix.

The comparison period amounts and the related growth rates included in this presentation have been adjusted from previously reported amounts to reflect the impact of the full retrospective adoption of Topic 606.

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Statement Regarding Use of

Non-GAAP Financial Measures

We provide the following non-GAAP measures, which we define as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP: Non-GAAP gross margin, non-GAAP operating income and margin, non-GAAP net income, and non-GAAP net income per share. In addition to our GAAP measures, we use these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. We believe that excluding stock-based compensation expense, amortization of purchased intangibles, deferred compensation associated with our acquisition of the Zinc Ahead business, and income tax effects of the same provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. We encourage our investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures has been provided in the Appendix.

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Total Revenue - Annual

$million

$2,500

$2,000

$1,500

$1,000

$500

$0

			Subscription Revenue			Services Revenue		2,160-2,170
							1,851	415-425
		1,465		367
	1,104	286
862	208
							~ 1,745
168							1,484
	1,179
	896
694
FY 2019	FY 2020 1		FY 2021 1	FY 2022	FY 2023 Guidance2

Y/Y Growth
Total	25%	28%1	33%1	26%	~17%2
% Mix
Commercial Solutions	68%	63%1	61%1	56%	-
R&D Solutions	32%	37%	39%	44%	-

Fiscal Year Ending January 31

Components of total revenue may not sum to total revenue due to rounding

1. The Crossix and Physicians World acquisitions closed in the quarter ended January 31, 2020 and contributed an aggregate of $20M in total revenue for the year ended January 31, 2020 and $103M for the year ended January 31, 2021
2. Guidance issued on March 2, 2022

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Total Revenue - Quarterly

$million

					Subscription Revenue		Services Revenue	485	494-496
$500				456	476
		434
							90	96-98
		397				95
$400			89
		92
		74
$300
$200			341	366	381	396	~ 398
		323
$100
$0
								1
		Q4'21	Q1'22		Q2'22		Q3'22	Q4'22	Q1'23 Guidance
Y/Y Growth
Total	27%	29%	29%	26%	22%	~14%1
% Mix
Commercial Solutions	59%	58%	56%	56%	55%	-
R&D Solutions	41%	42%	44%	44%	45%	-

Fiscal Year Ending January 31

Components of total revenue may not sum to total revenue due to rounding

1 Guidance issued on March 2, 2022

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