September 01, 2021

Veeva Announces Fiscal 2022 Second Quarter Results

Total Revenues of $455.6M, up 29% Year Over Year; Subscription Services Revenues of $366.4M, up 29% Year Over Year

PLEASANTON, Calif., Sept. 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 second quarter ended July 31, 2021.

"Thanks to the team and the trust of our customers, it was another great quarter," said CEO Peter Gassner. "Rapid innovation is driving expansion in existing markets and significant early traction in newer areas like CDMS and safety as we start to realize the major potential of Veeva Development Cloud."

Fiscal 2022 Second Quarter Results:

  • Revenues: Total revenues for the second quarter were $455.6 million, up from $353.7 million one year ago, an increase of 29% year over year. Subscription services revenues for the second quarter were $366.4 million, up from $283.5 million one year ago, an increase of 29% year over year.
     
  • Operating Income and Non-GAAP Operating Income (1): Second quarter operating income was $124.6 million, compared to $90.1 million one year ago, an increase of 38% year over year. Non-GAAP operating income for the second quarter was $191.6 million, compared to $144.4 million one year ago, an increase of 33% year over year.
     
  • Net Income and Non-GAAP Net Income (1): Second quarter net income was $108.9 million, compared to $93.6 million one year ago, an increase of 16% year over year. Non-GAAP net income for the second quarter was $152.7 million, compared to $116.4 million one year ago, an increase of 31% 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 $0.67, compared to $0.58 one year ago, while non-GAAP fully diluted net income per share was $0.94, compared to $0.72 one year ago.

"It was a strong quarter of financial performance with impressive execution across the business," said CFO Brent Bowman. "I am particularly excited about Veeva Vault Platform, which is a powerful asset for Veeva. It's a key foundation to develop new innovative products with remarkable speed and will be a strong engine for growth to 2025 and beyond."

Recent Highlights:

  • Leading in Commercial with Innovations in Software and Data — Veeva is moving life sciences to new digital-first models with innovations across commercial. This leadership and proven customer success drove 21 new Veeva CRM wins, the majority of which included multiple add-ons. The company's data solutions are also gaining traction as Veeva Link added three new enterprise customers, including two top 20 pharmas.
     
  • More Enterprises Standardize on Veeva Development Cloud Applications — Veeva Development Cloud momentum continued with significant enterprise wins in clinical operations, including Vault eTMF and Vault CTMS. New products also saw strong Q2 performance as Veeva Vault Safety had its first top 20 pharma win to become the customer's global standard and Veeva Vault CDMS signed its second top 20.
     
  • Setting the Foundation for Digital Trials — Veeva progressed product capabilities as it establishes the foundation for digital trials to connect patients, sponsors, and clinical research sites through the Veeva Clinical Network. In addition to another enterprise win for Vault CDMS, six early adopter customers are now using Veeva Site Connect, and over 1,000 clinical research sites are actively using Veeva SiteVault Free.

Financial Outlook:
Veeva is providing guidance for its fiscal third quarter ending October 31, 2021 as follows:

  • Total revenues between $464 and $466 million.
     
  • Non-GAAP operating income between $179 and $181 million(2).
     
  • Non-GAAP fully diluted net income per share between $0.87 and $0.88(2).

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

  • Total revenues between $1,830 and $1,835 million.
     
  • Non-GAAP operating income of about $730 million(2).
     
  • Non-GAAP fully diluted net income per share of approximately $3.57(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, September 1, 2021, and a replay of the call will be available on Veeva's investor relations website.

What:

Veeva's Fiscal 2022 Second Quarter Results Conference Call

When:

Wednesday, September 1, 2021

Time:

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

Online Registration:

www.directeventreg.com 


Conference ID 6596808

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, 2021 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.

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 1,100 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 April 30, 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
ir@veeva.com

Media Contact:
Deivis Mercado
Veeva Systems Inc.
925-226-8821
pr@veeva.com

 

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



July 31,

2021


January 31,

2021

Assets




Current assets:




Cash and cash equivalents

$

1,064,731



$

730,504


Short-term investments

1,198,785



933,122


Accounts receivable, net

283,619



564,387


Unbilled accounts receivable

51,100



47,206


Prepaid expenses and other current assets

33,557



35,607


Total current assets

2,631,792



2,310,826


Property and equipment, net

52,805



53,650


Deferred costs, net

37,335



42,072


Lease right-of-use assets

52,882



56,917


Goodwill

437,261



436,029


Intangible assets, net

107,253



114,595


Deferred income taxes

7,590



14,100


Other long-term assets

24,465



17,878


Total assets

$

3,351,383



$

3,046,067






Liabilities and stockholders' equity




Current liabilities:




Accounts payable

$

21,301



$

23,253


Accrued compensation and benefits

33,940



30,410


Accrued expenses and other current liabilities

35,198



30,982


Income tax payable

2,573



2,590


Deferred revenue

558,720



616,992


Lease liabilities

11,105



11,725


Total current liabilities

662,837



715,952


Deferred income taxes

7,511



1,835


Lease liabilities, noncurrent

47,630



51,393


Other long-term liabilities

13,308



10,567


Total liabilities

731,286



779,747


Stockholders' equity:




Class A common stock

2



2


Class B common stock




Additional paid-in capital

1,098,703



965,670


Accumulated other comprehensive income (loss)

(2,689)



992


Retained earnings

1,524,081



1,299,656


Total stockholders' equity

2,620,097



2,266,320


Total liabilities and stockholders' equity

$

3,351,383



$

3,046,067


 

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,


2021


2020


2021


2020

Revenues:








Subscription services(3)

$

366,436



$

283,502



$

707,555



$

553,737


Professional services and other(4)

89,158



70,181



181,612



137,052


Total revenues

455,594



353,683



889,167



690,789


Cost of revenues (5):








Cost of subscription services

53,909



43,400



105,126



86,612


Cost of professional services and other

68,188



53,804



133,107



105,472


Total cost of revenues

122,097



97,204



238,233



192,084


Gross profit

333,497



256,479



650,934



498,705


Operating expenses (5):








Research and development

94,899



70,053



178,125



132,290


Sales and marketing

71,789



59,172



136,399



114,927


General and administrative

42,185



37,173



83,340



73,842


Total operating expenses

208,873



166,398



397,864



321,059


Operating income

124,624



90,081



253,070



177,646


Other income, net

1,666



2,881



6,230



6,295


Income before income taxes

126,290



92,962



259,300



183,941


Provision for (benefit from) income taxes

17,432



(589)



34,875



3,820


Net income

$

108,858



$

93,551



$

224,425



$

180,121










Net income per share:








Basic

$

0.71



$

0.62



$

1.47



$

1.20


Diluted

$

0.67



$

0.58



$

1.38



$

1.12










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








Basic

153,090



150,413



152,768



149,982


Diluted

162,765



160,840



162,636



160,309


Other comprehensive income:








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

$

(217)



$

1,131



$

(1,303)



$

2,428


Net change in cumulative foreign currency translation gain (loss)

(165)



2,893



(2,378)



3,282


Comprehensive income

$

108,476



$

97,575



$

220,744



$

185,831










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








Veeva Commercial Cloud

$

176,051



$

144,815



$

344,509



$

287,392


Veeva Vault

190,385



138,687



363,046



266,345


Total subscription services

$

366,436



$

283,502



$

707,555



$

553,737










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








Veeva Commercial Cloud

$

32,161



$

26,618



$

68,187



$

53,994


Veeva Vault

56,997



43,563



113,425



83,058


Total professional services and other

$

89,158



$

70,181



$

181,612



$

137,052










(5) Includes stock-based compensation as follows:








Cost of revenues:








Cost of subscription services

$

1,316



$

1,532



$

2,222



$

2,551


Cost of professional services and other

9,541



7,318



16,963



12,392


Research and development

22,315



16,437



39,152



27,838


Sales and marketing

15,115



11,186



26,670



19,378


General and administrative

14,098



12,893



25,867



24,114


Total stock-based compensation

$

62,385



$

49,366



$

110,874



$

86,273


 

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



Three months ended July
31,


Six months ended July 31,


2021


2020


2021


2020

Cash flows from operating activities








Net income

$

108,858



$

93,551



$

224,425



$

180,121


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








Depreciation and amortization

6,880



7,317



13,508



15,195


Reduction of operating lease right-of-use assets

2,874



3,092



5,701



6,089


Accretion of discount on short-term investments

1,743



496



3,285



485


Stock-based compensation

62,385



49,366



110,874



86,273


Amortization of deferred costs

6,474



5,324



12,829



10,075


Deferred income taxes

6,953



(504)



12,195



(1,638)


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

2



(98)



433



(5)


Bad debt (expense) recovery

(22)



514



137



121


Changes in operating assets and liabilities:








Accounts receivable

(21,409)



14,606



280,323



168,766


Unbilled accounts receivable

267



619



(3,894)



(3,833)


Deferred costs

(3,802)



(5,793)



(8,092)



(9,135)


Income taxes payable

(3,726)



(3,141)



(17)



(4,991)


Other current and long-term assets

(3,866)



(11,683)



(1,129)



(11,132)


Accounts payable

5,031



914



(1,763)



(3,516)


Accrued expenses and other current liabilities

2,216



125



9,183



2,816


Deferred revenue

(49,783)



(49,166)



(57,959)



(47,689)


Operating lease liabilities

(2,913)



(2,456)



(5,661)



(5,267)


Other long-term liabilities

903



2,237



3,072



4,757


Net cash provided by operating activities

119,065



105,320



597,450



387,492


Cash flows from investing activities








Purchases of short-term investments

(422,680)



(267,749)



(679,618)



(456,567)


Maturities and sales of short-term investments

187,324



229,224



408,969



369,566


Acquisitions, net of cash and restricted cash acquired

(2,133)





(2,133)




Long-term assets

(5,325)



(5,407)



(7,981)



(5,140)


Net cash used in investing activities

(242,814)



(43,932)



(280,763)



(92,141)


Cash flows from financing activities








Reduction of lease liabilities - finance leases

(98)



(251)



(384)



(499)


Proceeds from exercise of common stock options

20,851



9,278



37,942



19,059


Taxes paid related to net share settlement of equity awards

(15,096)





(15,096)




Net cash provided by financing activities

5,657



9,027



22,462



18,560


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

(180)



2,734



(2,945)



3,282


Net change in cash, cash equivalents, and restricted cash

(118,272)



73,149



336,204



317,193


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

1,186,188



723,841



731,712



479,797


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

$

1,067,916



$

796,990



$

1,067,916



$

796,990










Supplemental disclosures of other cash flow information:








Excess tax benefits from employee stock plans

$

17,609



$

22,123



$

35,060



$

41,738


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.

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:




Three months ended
July 31,


Six months ended July
31,


2021


2020


2021


2020

Cost of subscription services revenues on a GAAP basis

$

53,909



$

43,400



$

105,126



$

86,612


Stock-based compensation expense

(1,316)



(1,532)



(2,222)



(2,551)


Amortization of purchased intangibles

(925)



(1,174)



(1,821)



(2,768)


Cost of subscription services revenues on a non-GAAP basis

$

51,668



$

40,694



$

101,083



$

81,293










Gross margin on subscription services revenues on a GAAP basis

85.3

%


84.7

%


85.1

%


84.4

%

Stock-based compensation expense

0.4



0.5



0.3



0.5


Amortization of purchased intangibles

0.2



0.4



0.3



0.4


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

85.9

%


85.6

%


85.7

%


85.3

%









Cost of professional services and other revenues on a GAAP basis

$

68,188



$

53,804



$

133,107



$

105,472


Stock-based compensation expense

(9,541)



(7,318)



(16,963)



(12,392)


Amortization of purchased intangibles

(139)



(138)



(273)



(273)


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

$

58,508



$

46,348



$

115,871



$

92,807










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

23.5

%


23.3

%


26.7

%


23.0

%

Stock-based compensation expense

10.7



10.5



9.3



9.1


Amortization of purchased intangibles

0.2



0.2



0.2



0.2


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

34.4

%


34.0

%


36.2

%


32.3

%









Gross profit on a GAAP basis

$

333,497



$

256,479



$

650,934



$

498,705


Stock-based compensation expense

10,857



8,850



19,185



14,943


Amortization of purchased intangibles

1,064



1,312



2,094



3,041


Gross profit on a non-GAAP basis

$

345,418



$

266,641



$

672,213



$

516,689










Gross margin on total revenues on a GAAP basis

73.2

%


72.5

%


73.2

%


72.2

%

Stock-based compensation expense

2.4



2.5



2.2



2.2


Amortization of purchased intangibles

0.2



0.4



0.2



0.4


Gross margin on total revenues on a non-GAAP basis

75.8

%


75.4

%


75.6

%


74.8

%









Research and development expense on a GAAP basis

$

94,899



$

70,053



$

178,125



$

132,290


Stock-based compensation expense

(22,315)



(16,437)



(39,152)



(27,838)


Amortization of purchased intangibles

(29)



(29)



(56)



(57)


Research and development expense on a non-GAAP basis

$

72,555



$

53,587



$

138,917



$

104,395










Sales and marketing expense on a GAAP basis

$

71,789



$

59,172



$

136,399



$

114,927


Stock-based compensation expense

(15,115)



(11,186)



(26,670)



(19,378)


Amortization of purchased intangibles

(3,429)



(3,568)



(6,745)



(6,970)


Sales and marketing expense on a non-GAAP basis

$

53,245



$

44,418



$

102,984



$

88,579










General and administrative expense on a GAAP basis

$

42,185



$

37,173



$

83,340



$

73,842


Stock-based compensation expense

(14,098)



(12,893)



(25,867)



(24,114)


Amortization of purchased intangibles

(57)



(57)



(112)



(113)


General and administrative expense on a non-GAAP basis

$

28,030



$

24,223



$

57,361



$

49,615


















VEEVA SYSTEMS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)
(Dollars in thousands, except per share data)
(Unaudited)


















Three months ended
July 31,


Six months ended July
31,


2021


2020


2021


2020

Operating expense on a GAAP basis

$

208,873



$

166,398



$

397,864



$

321,059


Stock-based compensation expense

(51,528)



(40,516)



(91,689)



(71,330)


Amortization of purchased intangibles

(3,515)



(3,654)



(6,913)



(7,140)


Operating expense on a non-GAAP basis

$

153,830



$

122,228



$

299,262



$

242,589










Operating income on a GAAP basis

$

124,624



$

90,081



$

253,070



$

177,646


Stock-based compensation expense

62,385



49,366



110,874



86,273


Amortization of purchased intangibles

4,579



4,966



9,007



10,181


Operating income on a non-GAAP basis

$

191,588



$

144,413



$

372,951



$

274,100










Operating margin on a GAAP basis

27.4

%


25.4

%


28.5

%


25.7

%

Stock-based compensation expense

13.7



14.0



12.5



12.5


Amortization of purchased intangibles

1.0



1.4



1.0



1.5


Operating margin on a non-GAAP basis

42.1

%


40.8

%


42.0

%


39.7

%









Net income on a GAAP basis

$

108,858



$

93,551



$

224,425



$

180,121


Stock-based compensation expense

62,385



49,366



110,874



86,273


Amortization of purchased intangibles

4,579



4,966



9,007



10,181


Income tax effect on non-GAAP adjustments (6)

(23,151)



(31,521)



(44,753)



(55,063)


Net income on a non-GAAP basis

$

152,671



$

116,362



$

299,553



$

221,512










Diluted net income per share on a GAAP basis

$

0.67



$

0.58



$

1.38



$

1.12


Stock-based compensation expense

0.38



0.31



0.68



0.54


Amortization of purchased intangibles

0.03



0.03



0.06



0.06


Income tax effect on non-GAAP adjustments(6)

(0.14)



(0.20)



(0.28)



(0.34)


Diluted net income per share on a non-GAAP basis

$

0.94



$

0.72



$

1.84



$

1.38


________________________

(6)   For the three and six months ended July 31, 2021 and 2020, management used an estimated annual effective non-GAAP tax rate of 21.0%.

 

Cision View original content:https://www.prnewswire.com/news-releases/veeva-announces-fiscal-2022-second-quarter-results-301367764.html

SOURCE Veeva Systems

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