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VEEV · Veeva Systems

13 filings

10-K

VEEV 10-K Annual Reports

Veeva Systems - 13 annual reports

Filing record · 2016–202610-K1110-Q328-K94

2026
Veeva Systems Annual Report, Year Ended Jan 31, 2026
Veeva Systems Inc. (NYSE: VEEV) reported fiscal 2026 (year ended January 31, 2026) total revenues of $3.195 billion, up 16% from $2.747 billion, with subscription revenues of $2.684 billion, up 17%. Net income rose to $908.9 million from $714.1 million, and diluted GAAP earnings per share were $5.44 versus $4.32. Operating income was $916.4 million versus $691.4 million, and operating cash flow was $1.415 billion versus $1.090 billion. The company attributed the cash flow increase to higher sales and collections and to the One Big Beautiful Bill Act (OBBBA), which restored immediate expensing of domestic R&D costs. Veeva ended the year with $6.6 billion in cash, cash equivalents and short-term investments, and its auditor KPMG LLP issued an unqualified opinion on both the financial statements and internal control over financial reporting. The company's non-GAAP operating income was $1.434 billion, and non-GAAP diluted EPS was $8.10 versus $6.60, figures the filing reconciles to GAAP. Stock-based compensation was $472.7 million. In January 2026 the board authorized a $2 billion share repurchase program with a two-year term; the company repurchased 801,735 shares for about $180 million during the year and had $1.82 billion remaining under the program at year end. Customer count rose to 1,552 from 1,477, and the filing notes that a migration of Veeva CRM customers to its own Vault CRM platform, which is built on Veeva Vault rather than Salesforce, is under way, with Veeva CRM supported until December 31, 2029. Risk factors highlighted by the filing include customer concentration (top 10 customers were 28% of revenues), competition from Salesforce in CRM, the wind-down of the Salesforce platform agreement, which expired September 1, 2025 and allows no new customers on that platform after September 1, 2030, and exposure to life sciences industry conditions and drug pricing policy. The company also disclosed a settlement with IQVIA, under which neither party paid damages, and a subsequent event: the March 10, 2026 acquisition of Rise Healthcare Tech, Inc. (Ostro) for about $100 million in cash and retention grants.
Mar 20, 2026
2025
Veeva Systems Annual Report, Year Ended Jan 31, 2025
Veeva Systems Inc. reported total revenues of $2,746.6 million for the fiscal year ended January 31, 2025, up from $2,363.7 million, with subscription services revenues of $2,284.7 million (up 20%) making up 83% of total revenues. Operating income rose to $691.4 million from $429.3 million, and net income increased to $714.1 million from $525.7 million. GAAP diluted EPS was $4.32 versus $3.22 in the prior year, while non-GAAP diluted EPS was $6.60 versus $4.84. Stock-based compensation was $437.4 million, and the company ended the year with $5.2 billion in cash, cash equivalents and short-term investments. Growth was driven by R&D Solutions subscription revenue, which rose $274 million, and Commercial Solutions subscription revenue, which rose $109 million. Gross margin improved to 75% from 71%. Operating expenses are expected to increase in the near term, primarily from employee compensation, and the CEO's June 2024 option grant (about $172 million grant-date fair value) will add stock-based compensation expense. The filing highlights concentration and transition risks. The top 10 customers accounted for 28% of total revenues. Veeva is migrating Veeva CRM customers from the Salesforce platform to its own Vault CRM, and it does not intend to renew the Salesforce agreement, which expires September 1, 2025. IQVIA's trade secret claims against Veeva remain pending, and Veeva's counterclaims seek over $200 million in antitrust damages, with no ruling yet on cross-motions for summary judgment.
Mar 24, 2025
2024
Veeva Systems Annual Report, Year Ended Jan 31, 2024
Veeva Systems Inc. reported total revenues of $2,363.67 million for the fiscal year ended January 31, 2024, up from $2,155.06 million, with net income of $525.71 million compared with $487.71 million the prior year. Subscription services revenues were $1,901.59 million (80% of total), and professional services and other revenues were $462.08 million. Operating income was $429.33 million, down from $459.09 million, as research and development expenses rose 21% to $629.03 million. Other income, net, increased to $158.69 million, driven mainly by $133.75 million of interest income, which lifted pre-tax income to $588.02 million. The effective tax rate rose to 10.6% from 4.2%, mainly due to lower excess tax benefits from stock compensation. The company ended the year with cash, cash equivalents and short-term investments of $4.0 billion and operating cash flow of $911.34 million. Management states that revenue growth was held back by lower customer funding, increased scrutiny of certain projects, a contract change to termination-for-convenience rights in multi-year master subscription agreements, and currency fluctuations. It expects revenue growth to accelerate in the fiscal year ending January 31, 2025, partly because of the reduction in revenue from that contract change in the current year. The filing also highlights legal and commercial risks. Veeva is in ongoing litigation with IQVIA, which includes trade secret claims against Veeva and Veeva's antitrust counterclaims seeking more than $200 million in damages, with a trial date set for February 10, 2025. The company also plans to migrate Veeva CRM customers to Vault CRM and not renew its Salesforce platform agreement when it expires on September 1, 2025. Top 10 customers accounted for 28% of total revenues in fiscal 2024.
Mar 25, 2024
2023
Veeva Systems Annual Report, Year Ended Jan 31, 2023
Veeva Systems Inc. reported fiscal year ended January 31, 2023 total revenues of $2,155 million, up from $1,851 million, with subscription services revenues of $1,733 million and professional services and other revenues of $422 million. Net income was $488 million, compared with $427 million the prior year, and diluted net income per share was $3.00. Operating income declined to $459 million from $505 million, as operating expenses rose to $1,087 million from $842 million, driven largely by research and development headcount growth and higher compensation costs. Other income, net increased to $50 million, and the effective tax rate fell to 4.2% from 16.6%, primarily due to excess tax benefits from stock-based compensation. The filing signals slower growth ahead. Management expects total revenue and subscription services growth to decline in fiscal 2024, partly due to a change in multi-year subscription agreements that adds termination-for-convenience rights effective February 1, 2023, and it expects operating margin to decrease. The company also disclosed that it intends to migrate its CRM applications off the Salesforce platform to its own Veeva Vault platform, with the Salesforce agreement not being renewed after September 1, 2025. Cash, cash equivalents and short-term investments totaled $3.1 billion at year end, and cash provided by operating activities was $780 million. Litigation remains significant. Veeva is in ongoing disputes with IQVIA, including trade secret claims against it and Veeva's own antitrust counterclaims seeking damages exceeding $200 million, and it also faces a pending appeal in the Medidata matter and the Mednet trade secret case. The company is a Delaware public benefit corporation, and its dual-class structure gives Class B holders about 50.3% of voting power until October 15, 2023, when the classes are scheduled to convert.
Mar 30, 2023
2022
Veeva Systems Annual Report, Year Ended Jan 31, 2022
Veeva Systems Inc. reported fiscal year ended January 31, 2022 total revenues of $1.85 billion, up 26% from $1.47 billion, with subscription services revenues of $1.48 billion (up 26%) and professional services and other revenues of $367 million (up 28%). Net income was $427 million, versus $380 million in the prior year, and GAAP diluted EPS was $2.63 compared with $2.36. Operating income rose to $505 million from $378 million, and gross margin was 73% versus 72%. Non-GAAP operating income was $759 million, and non-GAAP diluted EPS was $3.73, which excludes stock-based compensation of $235 million and amortization of purchased intangibles of $19 million. The company reported operating cash flow of $764 million and ended the year with cash, cash equivalents and short-term investments of $2.4 billion. Customer count reached 1,205, up from 993, and the subscription services revenue retention rate was 119%, down from 124%. Management stated it expects revenue growth rates to decline over time, and it expects cost of revenues, operating expenses and stock-based compensation to rise in absolute dollars. The company also cited expected sales-representative reductions of roughly 10% at life sciences customers, mostly during the fiscal year ending January 31, 2023, as a risk to its Commercial Solutions revenues. Key risks in the filing include ongoing trade secret litigation with IQVIA and Medidata, where IQVIA seeks monetary damages and Veeva counterclaims for over $200 million, and dependence on IQVIA data access and on salesforce.com for its Veeva CRM platform. Veeva is a Delaware public benefit corporation, and its dual-class structure gives Class B holders 51.4% of voting power, with Class B shares expiring from control on October 15, 2023.
Mar 30, 2022
2021
Veeva Systems Annual Report, Year Ended Jan 31, 2021
Veeva Systems Inc. reported fiscal year ended January 31, 2021 total revenues of $1.47 billion, up 33% from $1.10 billion, with subscription services revenues of $1.18 billion (up 32%) and professional services and other revenues of $286 million (up 37%). Net income rose to $380 million from $301 million, and diluted EPS was $2.36 versus $1.90. Operating income was $378 million, while non-GAAP operating income was $583 million per the filing's reconciliation. Gross margin was 72% versus 73% in the prior year, which the company attributes largely to the lower-margin Crossix and Physicians World businesses. The company states it expects revenue growth rates to decline over time, and its subscription services revenue retention rate was 124% for fiscal 2021. The filing notes that Veeva became a Delaware public benefit corporation on February 1, 2021, with a stated public benefit purpose. Cash, cash equivalents and short-term investments totaled $1.66 billion at year-end, and operating cash flow was $551 million. Customer count rose to 993 from 861. Dual-class voting control remains concentrated, with Class B holders controlling about 52.2% of voting power and CEO Peter Gassner holding about 45.7%. Veeva is also engaged in ongoing litigation with IQVIA and Medidata, with trade secret and antitrust claims pending and no estimate of potential outcomes disclosed.
Mar 30, 2021
2020
Veeva Systems Annual Report, Year Ended Jan 31, 2020
Veeva Systems Inc. (NYSE: VEEV) reported fiscal 2020 (year ended January 31, 2020) total revenues of $1.10 billion, up 28% from $862.2 million, with subscription services revenues of $896.3 million, up 29%. Net income rose to $301.1 million from $229.8 million, and diluted EPS was $1.90 versus $1.47. Operating income was $286.2 million, and operating margin reflects gross margin of 73%. The company ended the year with cash, cash equivalents and short-term investments totaling $1.1 billion and no debt financing disclosed beyond leases, with operating cash flow of $437.4 million. Veeva completed the acquisitions of Crossix (total cash consideration of $427.9 million) and Physicians World ($41.0 million) in November 2019, and it stated that it expects revenue growth rates to decline over time. The filing highlights concentration and competitive risk. The top 10 customers accounted for 36% of total revenues in fiscal 2020, down from 39% and 42% in prior years. Veeva is in active litigation with IQVIA and Medidata over trade secret and antitrust claims, and it disclosed a remaining $140.0 million minimum purchase commitment to salesforce.com due by September 1, 2025. The company also disclosed that a significant CRM customer had launched a project to implement IQVIA's competing software for portions of its CRM users. Class B shares held by insiders and affiliates represent about 53.2% of voting power. The filing also flags COVID-19 as a risk that could affect customer purchasing decisions and events, though its full financial impact was described as uncertain. For investors, the filing shows strong growth and profitability alongside concentrated customer exposure, ongoing litigation with a major data competitor, and a dual-class voting structure that limits outside shareholder influence over corporate matters.
Mar 30, 2020
2019
Veeva Systems Annual Report, Year Ended Jan 31, 2019
Veeva Systems Inc. reported fiscal 2019 (year ended January 31, 2019) total revenues of $862.2 million, up from $690.6 million, with subscription services revenues of $694.5 million, up from $559.4 million. Operating income rose to $222.9 million from $157.9 million, and net income reached $229.8 million, or $1.47 per diluted share, compared with $151.2 million, or $0.98 per diluted share, in the prior year. The company attributes much of the profit improvement to its effective tax rate falling to 3.7% from 8.8%, driven by excess tax benefits from equity compensation and tax credits, so the net income increase is not solely operating in nature. Non-GAAP operating income was $305.9 million, and cash, cash equivalents and short-term investments totaled $1.1 billion at year end. The filing states that management expects the growth rate of total revenues and subscription services revenues to decline in future periods. Veeva Vault solutions contributed a growing share of results, accounting for 47% of total revenues versus 53% from Veeva Commercial Cloud. The company's subscription services revenue retention rate was 122% in fiscal 2019, compared with 121% in fiscal 2018. Customer count rose to 719 from 625, and the top 10 customers accounted for 39% of total revenues. Key risks disclosed include ongoing litigation with competitors IQVIA and Medidata over trade secret and non-compete claims, dependence on salesforce.com and Amazon Web Services for hosting, a minimum order commitment of $500 million to salesforce.com through September 2025 with $216.4 million remaining, and a dual-class share structure in which Class B holders controlled approximately 61.6% of voting power as of January 31, 2019.
Mar 28, 2019
2018
Veeva Systems Annual Report, Year Ended Jan 31, 2018
Veeva Systems Inc. reported fiscal year ended January 31, 2018 total revenues of $685.6 million, up 26% from $544.0 million in fiscal 2017, with subscription services revenues of $554.4 million (up 28%) making up 81% of the total. Net income rose to $142.0 million from $68.8 million, though the effective tax rate fell to 10.5% largely due to $45.8 million of excess tax benefits from stock-based compensation under newly adopted ASU 2016-09. Operating income was $150.8 million, a 22.0% operating margin, and gross margin was 69.2%. Management expects revenue growth rates to decline in future periods and expects operating expenses to keep rising as it invests in R&D, sales and marketing, and professional services. The company serves 625 customers as of January 31, 2018, up from 517, and its Veeva Vault customer count rose to 449 from 334. Veeva Commercial Cloud, led by Veeva CRM, still produced about 61% of total revenues, and the top 10 customers accounted for 42% of revenues. Cash, cash equivalents and short-term investments totaled $762.0 million, and the company has no debt disclosed in this filing. Its largest commitment is a minimum order obligation of $500 million to salesforce.com through September 1, 2025, of which $285.8 million remained outstanding at year end. Key risks include dependence on a few large customers, intense competition from IQVIA, Oracle and others, and pending litigation with IQVIA and Medidata over trade secrets and non-compete claims. Class B shares carry ten votes each, giving insiders about 67.9% of the voting power until October 2023. The company also adopts Topic 606 for fiscal 2019 with full retrospective transition, which will change how revenue and commissions are recognized.
Mar 30, 2018
2017
Veeva Systems Annual Report, Year Ended Jan 31, 2017
Veeva Systems Inc. (VEEV) reported total revenues of $544.0 million for the fiscal year ended January 31, 2017, up 33% from $409.2 million, with subscription services revenues of $434.3 million (up 37%) making up 80% of total revenues. Net income was $68.8 million, compared with $54.5 million in the prior year, and operating income was $108.0 million. The company served 517 customers as of January 31, 2017, up from 400 a year earlier, and its subscription services revenue retention rate was 127%. Management expects the growth rate of total and subscription revenues to decline in future periods, and operating expenses are expected to rise as a percentage of revenue, which could slightly reduce operating margin. The balance sheet remained strong, with cash, cash equivalents and short-term investments of $518.9 million and no debt disclosed in the filing. Operating cash flow was $144.0 million. Stockholders' equity rose to $653.0 million. Class B shares carry ten votes each, and holders of Class B stock held approximately 76.7% of voting power as of January 31, 2017, so control remains concentrated. The filing also details several pending legal matters. Quintiles IMS sued Veeva in January 2017 alleging trade secret theft, and Veeva countersued in March 2017 under antitrust laws seeking damages exceeding $200 million. Medidata filed a trade secret complaint in January 2017, and Veeva has moved to compel arbitration. Management believes IMS's and Medidata's claims lack merit but cannot estimate a range of loss. A separate Section 16(b) short-swing profits action brought on Veeva's behalf is also pending.
Mar 30, 2017
2016
Veeva Systems Annual Report, Year Ended Jan 31, 2016
Veeva Systems Inc. (VEEV) reported total revenues of $409.2 million for the fiscal year ended January 31, 2016, up from $313.2 million, with subscription services revenues of $316.3 million (up from $233.1 million) making up 77% of total revenues. Operating income was $78.6 million and net income was $54.5 million, compared with $70.0 million and $40.4 million in fiscal 2015. Non-GAAP net income was $74.5 million, and the company stated that it expects revenue growth to slightly decline in future periods. Operating expenses rose to 46.0% of revenues from 40.6%, and management expects operating expenses to increase in absolute dollars and as a percentage of revenue, which may slightly reduce operating margin. The company acquired Zinc Ahead in September 2015 for approximately $119.9 million in cash, plus $10.0 million in deferred compensation, and acquired Qforma CrowdLink for $9.8 million. Cash, cash equivalents and short-term investments totaled $346.2 million at January 31, 2016, and operating cash flow was $80.2 million. The 10-K disclosed a material weakness in internal control over financial reporting related to the review of inputs used to value acquired intangible assets, and KPMG's report on internal control was adverse. Investors should also note the dual-class structure, under which Class B holders controlled about 84.1% of voting power, and a Section 16(b) short-swing profit lawsuit filed on the company's behalf against Criterion Capital defendants. Customer count rose to 400 from 276, and the subscription services revenue retention rate was 125%, down from 138% in the prior year. Commitments to salesforce.com total $500 million over the agreement term through September 1, 2025, including true-up payments.
Mar 31, 2016
2015
Veeva Systems Annual Report, Year Ended Jan 31, 2015
Veeva Systems Inc. filed this annual report on Form 10-K for the fiscal year ended January 31, 2015. The company describes itself as a leading provider of cloud-based software solutions for the global life sciences industry, offering Veeva CRM, Veeva Vault, Veeva Network and Veeva OpenKey. Total revenues were $313.2 million, up from $210.2 million, and net income was $40.4 million, versus $23.6 million in the prior year. Subscription services revenues were $233.1 million, or 74% of total revenues, and operating income was $70.0 million. The company reported 276 life sciences customers, a subscription services revenue retention rate of 138%, and cash, cash equivalents and short-term investments of $397.9 million. The filing highlights several risks for investors. Veeva CRM accounted for approximately 89% of subscription services revenues, and the company expects its revenue growth rate to decline. Its agreement with salesforce.com requires minimum order commitments of $500 million through September 1, 2025, with true-up payments tied to specified dates, and about $462.8 million of obligations remained as of January 31, 2015. The Class B common stock held by executives, directors and affiliates represented approximately 91.1% of voting power. During the fiscal year, the company completed a follow-on offering of 1,390,000 Class A shares for $34.5 million in net proceeds and purchased its new Pleasanton, California headquarters for $24.0 million. In a subsequent event on March 31, 2015, it acquired the key opinion leader business of Qforma and Mederi AG for $10.0 million in cash.
Apr 1, 2015
2014
Veeva Systems Annual Report, Year Ended Jan 31, 2014
Veeva Systems Inc. filed its first annual report on Form 10-K for the fiscal year ended January 31, 2014, describing itself as a provider of industry-specific, cloud-based software for the life sciences industry. Total revenues rose to $210.2 million in fiscal 2014 from $129.5 million in fiscal 2013, with subscription services revenues of $146.6 million (70% of total revenues). Net income was $23.6 million, compared with $18.8 million a year earlier. The company served 198 life sciences customers as of January 31, 2014, including 33 of the top 50 global pharmaceutical companies, and derived about 41% of total revenues from outside North America. The filing highlights concentration risks. About 95% of subscription services revenues came from Veeva CRM, and the company depends on a subscription agreement with salesforce.com that requires minimum order commitments of $500 million through September 1, 2025, with true-up payments. Subscription agreements are generally one year, and the top 10 customers accounted for 56% of fiscal 2014 revenues. The company also faces a patent infringement lawsuit from Prolifiq Software, Inc. over Veeva CRM Approved Email, and the filing says the outcome cannot be reasonably estimated. Capital and ownership are also significant. The IPO closed October 21, 2013, with 11,646,750 shares sold by the company at $20.00 per share, for net cash proceeds of $214.5 million. Cash, cash equivalents and short-term investments totaled $288.1 million at year-end. Class B shares carry ten votes each, and holders of Class B stock held about 98.6% of voting power as of January 31, 2014, which concentrates control with executives, directors and their affiliates.
Mar 18, 2014