VEEV · Veeva Systems
116 filings
VEEV 8-K Current Reports
Veeva Systems - 116 current reports
VEEV filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 94 current reports (8-K) between 2016 and 2026.
- 8-K · Mar 1, 2016
- 10-K · Mar 31, 2016
- 8-K · May 26, 2016
- 10-Q · Jun 8, 2016
- 8-K · Jun 23, 2016
- 8-K · Aug 30, 2016
- 10-Q · Sep 8, 2016
- 8-K · Nov 22, 2016
- 10-Q · Dec 8, 2016
- 8-K · Feb 28, 2017
- 10-K · Mar 30, 2017
- 8-K · May 25, 2017
- 10-Q · Jun 8, 2017
- 8-K · Jun 22, 2017
- 8-K · Aug 24, 2017
- 10-Q · Sep 7, 2017
- 8-K · Dec 5, 2017
- 10-Q · Dec 6, 2017
- 8-K · Jan 12, 2018
- 8-K · Feb 27, 2018
- 10-K · Mar 30, 2018
- 8-K · May 24, 2018
- 10-Q · Jun 7, 2018
- 8-K · Jun 7, 2018
- 8-K · Jun 15, 2018
- 8-K · Aug 23, 2018
- 10-Q · Sep 6, 2018
- 8-K · Nov 28, 2018
- 10-Q · Dec 7, 2018
- 8-K · Feb 26, 2019
- 8-K · Feb 26, 2019
- 8-K · Mar 4, 2019
- 8-K · Mar 21, 2019
- 10-K · Mar 28, 2019
- 8-K · Apr 1, 2019
- 8-K · May 29, 2019
- 10-Q · Jun 6, 2019
- 8-K · Jun 21, 2019
- 8-K · Aug 19, 2019
- 8-K · Aug 27, 2019
- 10-Q · Sep 5, 2019
- 8-K · Sep 26, 2019
- 8-K · Nov 1, 2019
- 8-K · Nov 26, 2019
- 10-Q · Dec 5, 2019
- 8-K/A · Jan 14, 2020
- 8-K · Mar 3, 2020
- 10-K · Mar 30, 2020
- 8-K · May 28, 2020
- 10-Q · Jun 4, 2020
- 8-K · Jun 8, 2020
- 8-K · Jun 29, 2020
- 8-K · Aug 27, 2020
- 8-K · Aug 31, 2020
- 10-Q · Sep 8, 2020
- 8-K · Sep 17, 2020
- 8-K · Dec 1, 2020
- 10-Q · Dec 9, 2020
- 8-K · Jan 14, 2021
- 8-K · Feb 1, 2021
- 8-K · Feb 5, 2021
- 8-K · Mar 2, 2021
- 8-K · Mar 22, 2021
- 10-K · Mar 30, 2021
- 8-K · May 27, 2021
- 10-Q · Jun 4, 2021
- 8-K · Jun 28, 2021
- 8-K · Sep 1, 2021
- 10-Q · Sep 3, 2021
- 8-K · Dec 1, 2021
- 10-Q · Dec 3, 2021
- 8-K · Jan 25, 2022
- 8-K · Mar 2, 2022
- 10-K · Mar 30, 2022
- 8-K · Jun 1, 2022
- 10-Q · Jun 3, 2022
- 8-K · Jun 13, 2022
- 8-K · Aug 8, 2022
- 8-K · Aug 31, 2022
- 10-Q · Sep 2, 2022
- 8-K · Sep 26, 2022
- 8-K · Nov 8, 2022
- 8-K · Dec 1, 2022
- 10-Q · Dec 7, 2022
- 8-K · Jan 26, 2023
- 8-K · Mar 1, 2023
- 8-K · Mar 7, 2023
- 8-K · Mar 17, 2023
- 10-K · Mar 30, 2023
- 8-K · May 31, 2023
- 10-Q · Jun 2, 2023
- 8-K · Jun 23, 2023
- 8-K · Aug 21, 2023
- 8-K · Aug 30, 2023
- 10-Q · Sep 1, 2023
- 8-K · Oct 16, 2023
- 8-K · Nov 9, 2023
- 8-K · Dec 6, 2023
- 10-Q · Dec 7, 2023
- 8-K · Feb 29, 2024
- 10-K · Mar 25, 2024
- 8-K · Apr 1, 2024
- 8-K · May 30, 2024
- 10-Q · Jun 4, 2024
- 8-K · Jun 14, 2024
- 8-K · Jun 21, 2024
- 8-K · Jul 12, 2024
- 8-K · Jul 15, 2024
- 8-K · Aug 28, 2024
- 10-Q · Sep 4, 2024
- 8-K · Sep 16, 2024
- 8-K · Nov 8, 2024
- 8-K · Dec 5, 2024
- 10-Q · Dec 9, 2024
- 8-K · Mar 5, 2025
- 8-K · Mar 12, 2025
- 10-K · Mar 24, 2025
- 8-K · May 28, 2025
- 10-Q · Jun 2, 2025
- 8-K · Jun 23, 2025
- 8-K · Aug 18, 2025
- 8-K · Aug 27, 2025
- 10-Q · Aug 29, 2025
- 8-K · Nov 18, 2025
- 8-K · Nov 20, 2025
- 10-Q · Nov 21, 2025
- 8-K · Dec 11, 2025
- 8-K · Jan 5, 2026
- 8-K · Mar 4, 2026
- 10-K · Mar 20, 2026
- 8-K · Apr 20, 2026
- 8-K · Jun 3, 2026
- 10-Q · Jun 5, 2026
- 8-K · Jun 18, 2026
- 8-K · Aug 20, 2026
- 8-K · Aug 26, 2026
- 10-Q · Aug 27, 2026
Veeva Systems 8-K Report, Financial Results (Aug 26, 2026)
Veeva Systems Inc. (NYSE: VEEV) furnished an 8-K under Item 2.02 reporting results for its fiscal 2027 second quarter ended July 31, 2026. Total revenues were $928.0 million, up 18% year over year from $789.1 million, and subscription revenues were $766.8 million, up 16% from $659.2 million. GAAP operating income was $275.0 million (up 40% from $195.9 million), and GAAP net income was $273.4 million, or $1.66 per diluted share, versus $1.19 a year earlier. Non-GAAP operating income was $415.9 million (up 18%) and non-GAAP fully diluted EPS was $2.35, compared with $1.99. Management said second-quarter results exceeded guidance on all metrics and its full-year view improved across the board. Guidance for the fiscal third quarter ending October 31, 2026 calls for total revenues of $932 to $935 million, non-GAAP operating income of $417 to $420 million, and non-GAAP fully diluted EPS of $2.33 to $2.34. Updated fiscal 2027 guidance (year ending January 31, 2027) calls for total revenues of $3,682 to $3,687 million, non-GAAP operating income of about $1,640 million, and non-GAAP fully diluted EPS of approximately $9.21. Veeva states it cannot provide GAAP operating income or EPS guidance because of hard-to-predict items such as stock-based compensation, which may be significant. On the balance sheet, cash and cash equivalents rose to $1.81 billion and short-term investments to $5.43 billion at July 31, 2026. Six-month cash flows from operations were $1.37 billion, and the company repurchased $472.7 million of common stock during the period. Management highlighted Vault CRM growth, with 12 top-20 biopharma commitments, and progress on Veeva Falcon, an agentic platform with five early adopters and initial go-lives expected this year. The company also acquired Copli during the quarter.
Veeva Systems 8-K Report, Executive Changes (Aug 20, 2026)
Veeva Systems Inc. (VEEV) filed a Form 8-K on August 20, 2026 reporting a leadership change under Item 5.02. The company announced the appointment of Dan Rizzo as EVP, Sales, Consulting, and Services, effective October 2, 2026. He succeeds Thomas D. Schwenger, who has been with Veeva since September 2019 and most recently served as President and Chief Customer Officer. Mr. Schwenger informed Veeva of his decision to resign on August 18, 2026, with his resignation effective October 2, 2026. The filing states he is departing to assume a CEO role at a long-standing Veeva partner. Veeva thanked him for his service to the company and its customers over the past seven years. The filing contains no financial results, guidance, or other financial statements. Its only exhibit is the Cover Page Interactive Data File (Exhibit 104), and it is signed by Josh Faddis, Senior Vice President, General Counsel.
Veeva Systems 8-K Report, Shareholder Vote Results (Jun 18, 2026)
Veeva Systems Inc. filed this Current Report on Form 8-K to report the results of its Annual Meeting of shareholders, held on June 17, 2026. Holders of record as of the April 20, 2026 record date were entitled to vote, and 163,198,698 shares of Class A common stock were outstanding and entitled to vote, with each share carrying one vote. Shareholders voted on two proposals, each described in more detail in the 2026 Proxy Statement. Under Proposal 1, all nine director nominees were elected to serve until the 2027 annual meeting. Support varied widely among nominees. Peter P. Gassner received 130,518,132 votes for and 1,555,040 against, and Tim Cabral received 129,552,566 for and 2,519,259 against. Matthew J. Wallach received 84,161,990 votes for and 47,870,106 against, and Gordon Ritter received 97,109,062 for and 34,885,018 against. Each nominee also had 13,692,787 broker non-votes. Under Proposal 2, shareholders ratified the appointment of KPMG LLP as Veeva's independent registered public accounting firm for the fiscal year ending January 31, 2027, with 143,034,910 votes for, 2,725,098 against, and 65,837 abstaining. The filing also includes Exhibit 104, the cover page Interactive Data File embedded within the Inline XBRL document.
Veeva Systems 8-K Report, Financial Results (Jun 3, 2026)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2027 first quarter ended April 30, 2026, in a press release furnished as Exhibit 99.1 under Item 2.02. Total revenues were $882.9 million, up 16% year over year, and subscription revenues were $730.2 million, up 15%. GAAP operating income was $273.1 million (up 17%) and GAAP net income was $260.9 million (up 14%), with GAAP fully diluted EPS of $1.57 versus $1.37 a year earlier. Non-GAAP operating income was $395.4 million (up 13%) and non-GAAP fully diluted EPS was $2.24 versus $1.97. CFO Brian Van Wagener said first quarter results exceeded guidance on all metrics. Management emphasized its AI strategy, with CEO Peter Gassner describing a shift from an industry-specific application company to an industry-specific application and AI agent company. The filing cites Ostro (acquired in March) serving more than 50 brands, Vault AI expanding to all Vault applications in August, and Veeva Falcon planned for early adopter release in November. Vault CRM added 27 new customers in the quarter and now has more than 150 live customers. Veeva raised its fiscal 2027 guidance: total revenues of $3,635 to $3,645 million, non-GAAP operating income of about $1,610 million, and non-GAAP fully diluted EPS of approximately $9.05. For the fiscal second quarter ending July 31, 2026, it guided to total revenues of $902 to $905 million, non-GAAP operating income of $392 to $395 million, and non-GAAP EPS of $2.21 to $2.22. GAAP guidance for operating income and EPS was not provided because certain excluded items, such as stock-based compensation, cannot be reasonably predicted.
Veeva Systems 8-K Report, Executive Changes (Apr 20, 2026)
Veeva Systems Inc. (VEEV) filed a Current Report on Form 8-K dated April 20, 2026, under Item 5.02 (Departure of Directors or Certain Officers; Compensatory Arrangements). The filing reports that Josh Faddis, Senior Vice President, General Counsel, intends to retire from that role effective November 1, 2026. At that time, Mr. Faddis intends to transition into a part-time advisor role at Veeva. The filing states that Veeva will appoint a successor to the General Counsel position upon Mr. Faddis' transition. No successor is named in this filing, and the filing does not disclose any compensation arrangements tied to the transition. The announcement is a planned, forward-dated leadership change rather than an immediate one, giving the company roughly six months to identify a replacement. The filing contains no financial statements and no financial results. Its only substantive disclosure is the planned executive transition, with the Cover Page Interactive Data File (Exhibit 104) as the sole listed exhibit.
Veeva Systems 8-K Report, Financial Results (Mar 4, 2026)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fourth quarter and fiscal year ended January 31, 2026, in a press release furnished as Exhibit 99.1 to this Form 8-K. Fiscal year 2026 total revenues were $3,195.3 million, up 16% year over year, and subscription revenues were $2,684.2 million, up 17%. Fourth-quarter total revenues were $836.0 million, up 16%, and subscription revenues were $707.7 million, up 16%. Fiscal year GAAP operating income was $916.4 million, up 33%, and GAAP net income was $908.9 million, up 27%, with fully diluted GAAP net income per share of $5.44 compared with $4.32 a year earlier. Non-GAAP results were also reported: fiscal year non-GAAP operating income was $1,433.8 million (up 24%) and non-GAAP fully diluted net income per share was $8.10 versus $6.60. Management said fourth-quarter results exceeded guidance and pointed to its $6 billion revenue run rate target by 2030. Guidance for the fiscal first quarter ending April 30, 2026 calls for total revenues of $855 to $858 million and non-GAAP fully diluted EPS of $2.13 to $2.14. For fiscal year 2027, total revenues are guided to $3,585 to $3,600 million, non-GAAP operating income to about $1,590 million, and non-GAAP fully diluted EPS to approximately $8.85. The release also highlights product progress, including Veeva AI Agents for CRM and commercial content released in December, more than 125 customers live on Vault CRM, and 1,552 total customers at year end. Fiscal year 2026 operating cash flow was $1,415.2 million, and the company repurchased $169.9 million of common stock during the year.
Veeva Systems 8-K Report, Corporate Update (Jan 5, 2026)
Veeva Systems Inc. (NYSE: VEEV) announced on January 5, 2026 that its Board of Directors authorized a share repurchase program of up to $2 billion of its Class A common stock. Under Item 8.01 of this Form 8-K, the company states that repurchases may be made through open market purchases, privately negotiated transactions, or other means, including Rule 10b5-1 trading plans, in accordance with Rule 10b-18. The timing and amount of repurchases will be at management's discretion and depend on business, economic and market conditions, regulatory requirements, prevailing stock prices, and other considerations. The program has a term of two years, does not obligate Veeva to buy a specific number of shares, and may be canceled or suspended at any time without notice. In the accompanying press release (Exhibit 99.1), CFO Brian Van Wagener said the company's multi-product business and operational discipline have driven financial outperformance and robust cash generation, providing a healthy balance sheet to invest and return capital to shareholders. He described the launch as the company's first-ever share repurchase program. The press release also describes Veeva as a provider of industry cloud solutions for the global life sciences industry serving more than 1,500 customers, and notes it is a Public Benefit Corporation. The filing states that the information is not deemed "filed" for purposes of Section 18 of the Exchange Act.
Veeva Systems 8-K Report, Executive Changes (Dec 11, 2025)
Veeva Systems Inc. filed a Form 8-K dated December 11, 2025 reporting a leadership change in its accounting function. On December 10, 2025, Veeva's board of directors appointed Vipin Kondath as principal accounting officer, effective December 12, 2025. Mr. Kondath, age 50, has served as Veeva's VP, Corporate Controller since April 2022, and previously served as Senior Director of Revenue Accounting from August 2019 to March 2022. The filing states that Mr. Kondath entered into Veeva's standard form of indemnification agreement and that his compensation arrangements did not change as a result of the appointment. The filing also states there are no family relationships between Mr. Kondath and any Veeva directors or executive officers, and that he has no direct or indirect material interest in any related-person transaction required to be disclosed under Item 404(a) of Regulation S-K. The filing is limited to this personnel change and includes only the Inline XBRL cover page exhibit (Exhibit 104). It reports no financial results, operating metrics, or other financial information.
Veeva Systems 8-K Report, Financial Results (Nov 20, 2025)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2026 third quarter ended October 31, 2025, in a press release furnished as Exhibit 99.1 to this Form 8-K. Total revenues were $811.2 million, up 16% year over year from $699.2 million, and subscription services revenues were $682.5 million, up 17% from $580.9 million. GAAP operating income rose 33% to $240.9 million and GAAP net income rose 27% to $236.2 million, with GAAP fully diluted net income per share of $1.40 versus $1.13 a year earlier. Non-GAAP operating income was $364.9 million (up 20%) and non-GAAP fully diluted net income per share was $2.04 versus $1.75. Management raised its full-year guidance. For the fiscal year ending January 31, 2026, Veeva now expects total revenues of $3,166 to $3,169 million, non-GAAP operating income of about $1,417 million, and non-GAAP fully diluted net income per share of approximately $7.93. For the fiscal fourth quarter, it guided to total revenues of $807 to $810 million, non-GAAP operating income of about $350 million, and non-GAAP fully diluted net income per share of approximately $1.92. The company stated it cannot provide GAAP targets for these periods because certain excluded items, such as stock-based compensation, are difficult to predict. The filing highlights progress on Veeva AI, with the first CRM and commercial content agents on track for release in early December, and notes Vault CRM had 23 new customer additions, bringing it to 115 live customers. Veeva Development Cloud, described as its largest go-forward opportunity, saw three top 20 biopharmas select its applications as enterprise standards in the quarter. The balance sheet showed cash and cash equivalents of $1.66 billion and short-term investments of $4.98 billion at October 31, 2025, against deferred revenue of $822.5 million, and nine-month operating cash flow of $1.31 billion.
Veeva Systems 8-K Report, Executive Changes (Nov 18, 2025)
Veeva Systems Inc. (NYSE: VEEV) filed a Current Report on Form 8-K dated November 17, 2025, disclosing a leadership change in its finance organization. Kristine Diamond, Chief Accounting Officer, informed the company on November 17, 2025 of her decision to resign, effective December 11, 2025. Upon Ms. Diamond's departure, Brian Van Wagener, Chief Financial Officer, will serve as principal accounting officer until a replacement is named. The filing does not state a successor or a timeline for naming one. The filing contains no financial results, guidance, or other operational disclosures. Its only substantive content is the Item 5.02 departure and interim assignment. The report was signed by Josh Faddis, Senior Vice President, General Counsel, on November 18, 2025.
Veeva Systems 8-K Report, Financial Results (Aug 27, 2025)
Veeva Systems Inc. reported fiscal 2026 second-quarter results for the period ended July 31, 2025, through a press release furnished as Exhibit 99.1 to this Form 8-K. Total revenues were $789.1 million, up 17% from $676.2 million a year earlier, and subscription services revenues were $659.2 million, up 17% from $561.3 million. GAAP operating income was $195.9 million (up 18% from $166.5 million), and GAAP net income was $200.3 million, or $1.19 per fully diluted share, compared with $1.04 a year earlier. Non-GAAP operating income rose 26% to $352.6 million, and non-GAAP fully diluted net income per share was $1.99, compared with $1.62. The company stated that all metrics outperformed its guidance. Second-quarter GAAP results included $30.6 million of litigation settlement-related charges, which the company excludes from non-GAAP measures. Management highlighted progress on Veeva AI, with the first AI agents planned for release in December for CRM and commercial content, and Vault CRM, which now has more than 100 customers live and a seventh top 20 biopharma commitment in August. The company also announced a long-term global partnership with IQVIA and the complete resolution of all pending legal disputes between the two companies in August. For the fiscal third quarter ending October 31, 2025, Veeva guided to total revenues of $790 to $793 million and non-GAAP operating income of $348 to $350 million. It updated fiscal 2026 guidance to total revenues of $3,134 to $3,140 million, non-GAAP operating income of about $1,388 million, and non-GAAP fully diluted net income per share of approximately $7.78. The company stated it cannot provide GAAP targets for operating income or per-share net income because of items, such as stock-based compensation, that are difficult to predict.
Veeva Systems 8-K Report, Regulation FD Disclosure (Aug 18, 2025)
Veeva Systems Inc. (VEEV) disclosed in an Item 7.01 Regulation FD filing dated August 18, 2025 that on August 13, 2025 it entered into a settlement agreement with IQVIA Inc. that resolves all ongoing litigation between the two companies, which dated back to 2017. Under the settlement, neither party will pay damages to the other, and both parties will dismiss with prejudice all pending claims and counterclaims. The companies also entered into agreements to facilitate access to each other's data and software so they can provide certain products and services to mutual customers. Veeva disclosed that it will make a one-time payment of approximately $31 million to law firms that represented it in the IQVIA litigation, under previously disclosed outcome-based fee arrangements. This payment is the only specific financial figure in the filing, and the filing does not quantify any other financial effect of the settlement. The accompanying press release, Exhibit 99.1, announces long-term commercial and clinical partnerships. Commercial terms include master data and software third-party access agreements covering use of IQVIA data in Veeva Network, Veeva Nitro and Veeva AI, and IQVIA joining Veeva's partner programs. Clinical terms include IQVIA joining Veeva's CRO Clinical Data Partner program to execute trials using Veeva software, including EDC. The information is furnished, not filed, under Section 18 of the Exchange Act.
Veeva Systems 8-K Report, Shareholder Vote Results (Jun 23, 2025)
Veeva Systems Inc. filed this Current Report on Form 8-K to report the results of its Annual Meeting of shareholders held on June 18, 2025. As of the April 21, 2025 record date, 162,954,468 shares of Class A common stock were outstanding and entitled to vote, with each share carrying one vote. Shareholders elected all nine director nominees to serve until the 2026 annual meeting. Each nominee received more "for" votes than "against" votes, though the margins varied considerably. Gordon Ritter (85,524,236 for vs. 51,334,602 against) and Matthew J. Wallach (82,017,483 for vs. 54,791,620 against) received notably higher opposition than other nominees, and Mark Carges (110,197,208 for vs. 26,613,984 against) also drew substantial opposition. Each nominee also had 11,827,759 broker non-votes. Shareholders also ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending January 31, 2026, with 146,381,498 votes for, 2,306,137 against, and 92,380 abstentions. The filing's only listed exhibit is the Cover Page Interactive Data File (Exhibit 104).
Veeva Systems 8-K Report, Financial Results (May 28, 2025)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2026 first quarter ended April 30, 2025, in a press release furnished as Exhibit 99.1 to this Form 8-K. Total revenues were $759.0 million, up 17% year over year from $650.3 million, and subscription services revenues were $634.8 million, up 19% from $534.0 million. GAAP operating income was $233.7 million versus $155.2 million a year earlier, and GAAP net income was $228.2 million versus $161.7 million. GAAP fully diluted net income per share was $1.37, compared with $0.98 a year earlier. Non-GAAP operating income was $349.9 million, up 34% from $260.9 million, and non-GAAP net income was $327.8 million, up 33% from $247.0 million. Non-GAAP fully diluted net income per share was $1.97, compared with $1.50. Management said the company crossed its 2025 revenue run-rate goal of $3 billion during the quarter. Cash and cash equivalents rose to $1.96 billion at April 30, 2025, from $1.12 billion at January 31, 2025, and net cash provided by operating activities was $877.2 million. For the fiscal second quarter ending July 31, 2025, Veeva guided to total revenues of $766 to $769 million, non-GAAP operating income of $335 to $337 million, and non-GAAP fully diluted net income per share of $1.89 to $1.90. For fiscal 2026 it updated guidance to total revenues of $3,090 to $3,100 million, non-GAAP operating income of about $1,360 million, and non-GAAP fully diluted net income per share of approximately $7.63. The company stated it cannot provide GAAP operating income or EPS guidance because of items such as stock-based compensation that cannot be reasonably predicted.
Veeva Systems 8-K Report, Executive Changes (Mar 12, 2025)
Veeva Systems Inc. filed this Form 8-K to report that director Tina Hunt informed the Board of Directors on March 10, 2025, of her intention to retire from her role as a director, effective immediately prior to the 2025 annual meeting of shareholders. Dr. Hunt will not stand for re-election at that meeting. The filing reports no financial results, guidance, or other operational developments. The filing is a governance-related notice under Item 5.02 (Departure of Directors or Certain Officers). It does not state the reason for the retirement or name a successor director. Investors should note that the change affects Board composition at the upcoming annual meeting. The report was signed by Josh Faddis, Senior Vice President and General Counsel, and dated March 12, 2025. The only exhibit listed is the Cover Page Interactive Data File embedded in the Inline XBRL document.
Veeva Systems 8-K Report, Financial Results (Mar 5, 2025)
Veeva Systems Inc. (NYSE: VEEV) reported fourth quarter and fiscal year 2025 results for the fiscal year ended January 31, 2025, via a press release furnished as Exhibit 99.1. Fiscal year 2025 total revenues were $2,746.6 million, up 16% year over year, and subscription services revenues were $2,284.7 million, up 20%. Fourth-quarter total revenues were $720.9 million, up 14%, and subscription services revenues were $608.6 million, up 17%. GAAP operating income for the fiscal year was $691.4 million, up 61%, and non-GAAP operating income was $1,152.3 million, up 37%. GAAP net income was $714.1 million, and fully diluted GAAP net income per share was $4.32, compared with $6.60 on a non-GAAP basis. Management stated it closed the year with results ahead of guidance for all metrics. The company ended the year with 1,477 customers, including 1,125 in Veeva R&D Solutions and 730 in Veeva Commercial Solutions. Highlights include the December release of Vault CRM, more than 50 customers live on Vault CRM, and a fourth top-20 biopharma selecting Veeva Safety. For fiscal 2026 (ending January 31, 2026), Veeva guided to total revenues of $3,040 million to $3,055 million, non-GAAP operating income of about $1,300 million, and non-GAAP fully diluted net income per share of approximately $7.32. For the first quarter ending April 30, 2025, guidance is total revenues of $726 million to $729 million, non-GAAP operating income of $307 million to $309 million, and non-GAAP fully diluted EPS of $1.74 to $1.75. The company notes that GAAP guidance for operating income and EPS is not provided because certain items, such as stock-based compensation, cannot be reasonably predicted.
Veeva Systems 8-K Report, Financial Results (Dec 5, 2024)
Veeva Systems Inc. (NYSE: VEEV) furnished a press release under Item 2.02 reporting results for its fiscal 2025 third quarter ended October 31, 2024. Total revenues were $699.2 million, up 13% year over year, and subscription services revenues were $580.9 million, up 17%. GAAP operating income rose 41% to $181.4 million, and non-GAAP operating income rose 30% to $304.0 million. GAAP net income was $185.8 million, or $1.13 per fully diluted share, compared with $0.83 a year earlier, and non-GAAP fully diluted net income per share was $1.75, compared with $1.34. Management said results were ahead of guidance on all metrics. Guidance for the fiscal fourth quarter ending January 31, 2025 calls for total revenues of $696 to $699 million, non-GAAP operating income of about $275 million, and non-GAAP fully diluted EPS of about $1.57. Updated fiscal 2025 guidance calls for total revenues of $2,722 to $2,725 million, non-GAAP operating income of about $1,120 million, and non-GAAP fully diluted EPS of about $6.44. The company said it cannot provide GAAP targets for these periods because certain excluded items, such as stock-based compensation, cannot be reasonably predicted and may be significant. The release also highlights the transition of customers to Vault CRM, with more than 30 customers live and seven Veeva CRM migrations on track for completion by year end, plus new AI capabilities planned for late 2025 and more than 600 customers using at least one Vault Quality Suite application. Cash and short-term investments totaled about $5.06 billion at October 31, 2024, and deferred revenue fell to $739.7 million from $1.05 billion at January 31, 2024.
Veeva Systems 8-K Report, Financial Results (Nov 8, 2024)
Veeva Systems Inc. filed this Form 8-K on November 8, 2024 under Item 2.02 (Results of Operations and Financial Condition) to disclose guidance commentary made at its 2024 Investor Day on November 7, 2024. Chief Financial Officer Brian Van Wagener presented a slide restating the preliminary third quarter of fiscal year 2025 guidance first provided on August 28, 2024, and stated that the company expects to report third quarter results at or above that previously announced guidance. The guidance slide (furnished as Exhibit 99.1) lists third quarter fiscal 2025 expectations of total revenue of $682-685 million, subscription revenue of approximately $571 million, services revenue of $111-114 million, non-GAAP operating income of $273-275 million, non-GAAP fully diluted net income per share of $1.57-1.58, and normalized billings of approximately $449 million. The guidance assumes constant foreign exchange rates, and normalized billings include an expected $10 million tailwind from billing term changes in customer renewals. The company states it cannot provide GAAP operating income or GAAP net income per share targets because of items such as stock-based compensation, which may be significant. The filing is primarily a reaffirmation of prior guidance rather than new financial results. The slide also presents long-term financial goals for 2030 referenced in the forward-looking statements, and the information is furnished rather than filed for purposes of Section 18 of the Exchange Act.
Veeva Systems 8-K Report, Executive Changes (Sep 16, 2024)
On September 11, 2024, Veeva Systems Inc.'s Board of Directors appointed Brian Van Wagener as Chief Financial Officer, effective September 16, 2024, and he will serve as the company's principal financial officer. Mr. Van Wagener, age 42, previously served as Veeva's Executive Vice President, Finance. He has about 20 years of corporate and consulting experience across technology, healthcare, and life sciences. Before rejoining the company's leadership path, he was SVP, GTM Strategy and Operations at BetterUp from February 2023, and he held multiple roles at Veeva from 2017 to 2023, including VP, Global Sales Operations, Chief People Officer, and Chief of Staff to the CEO. Under his offer letter, Mr. Van Wagener will receive an annual base salary of $450,000 and is eligible for standard company-sponsored benefits. He also received equity grants under Veeva's 2013 Equity Incentive Plan, including two restricted stock unit grants (2,193 shares and 5,848 shares) and two stock option grants (6,579 shares and 17,544 shares, each with a strike price of $185.74). Vesting schedules vary, with some grants vesting in early 2025 and others on August 1, 2028, subject to continued service. He has entered into Veeva's standard indemnification agreement. Concurrently, Tim Cabral resigned from his position as Interim Chief Financial Officer effective on the same date, and he will remain on Veeva's Board of Directors. The filing reports no family relationships between Mr. Van Wagener and any directors or executive officers, and no material related-person transactions.
Veeva Systems 8-K Report, Financial Results (Aug 28, 2024)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2025 second quarter ended July 31, 2024, per a press release furnished as Exhibit 99.1 to this Form 8-K dated August 28, 2024. Total revenues were $676.2 million, up 15% year over year, and subscription services revenues were $561.3 million, up 19%. GAAP operating income rose to $166.5 million from $104.0 million, and GAAP net income rose to $171.0 million from $111.6 million. GAAP fully diluted net income per share was $1.04, compared with $0.68 a year earlier. The filing notes that a customer contracting change standardizing termination for convenience rights reduced revenues, operating income and net income in the second quarter of fiscal 2024. Non-GAAP operating income was $279.8 million, up from $211.9 million, and non-GAAP fully diluted net income per share was $1.62, compared with $1.21. For the fiscal third quarter ending October 31, 2024, Veeva guided to total revenues of $682 to $685 million, non-GAAP operating income of $273 to $275 million, and non-GAAP fully diluted EPS of $1.57 to $1.58. For fiscal 2025 (ending January 31, 2025), it updated guidance to total revenues of $2,704 to $2,710 million, non-GAAP operating income of about $1,080 million, and non-GAAP fully diluted EPS of approximately $6.22. The company stated it cannot reliably provide GAAP guidance because of items such as stock-based compensation, which may be significant. Balance sheet data show cash and cash equivalents of $1.17 billion and short-term investments of $3.72 billion at July 31, 2024, versus deferred revenue of $956.4 million. Six-month net cash provided by operating activities was $856.4 million. Management commentary from CEO Peter Gassner and interim CFO Tim Cabral emphasized product advances in clinical and CRM and profitable growth through 2030.
Veeva Systems 8-K Report, Executive Changes (Jul 15, 2024)
Veeva Systems Inc. (VEEV) announced on July 15, 2024 that Brian Van Wagener will become its chief financial officer following an approximately 60-day transition with Tim Cabral, who is currently serving as interim CFO and a member of the Veeva Board of Directors. Cabral will remain on the board after the transition. According to the filing, Van Wagener has more than five years of tenure at Veeva, where he held multiple executive positions on the leadership team, including vice president of global sales operations and chief of staff to the CEO. His prior experience includes Monitor Deloitte, Frontier Communications, and BetterUp. CEO Peter Gassner stated that Van Wagener brings broad experience in strategic planning, global operations, and finance, along with in-depth knowledge of Veeva. In the CFO role, Van Wagener will oversee finance, accounting, legal, investor relations, and treasury. The filing contains no financial results or compensation terms for the appointment.
Veeva Systems 8-K Report, Corporate Update (Jul 12, 2024)
Veeva Systems Inc. (VEEV) filed a Current Report on Form 8-K dated July 12, 2024, reporting an event dated July 10, 2024. Under Item 8.01 (Other Events), the filing states that Stacey Epstein, Chief Marketing Officer, informed Veeva of her decision to resign from her position for personal reasons, effective July 19, 2024. The filing states that Veeva plans to appoint an interim leader for the marketing function until a replacement is named. No financial results, guidance, or other financial metrics are reported in this filing. For investors, the principal takeaway is a senior executive transition in the marketing leadership role. The filing does not disclose the reasons beyond "personal reasons," nor does it name a successor or interim leader.
Veeva Systems 8-K Report, Executive Changes (Jun 21, 2024)
Veeva Systems Inc. disclosed in an 8-K filed June 21, 2024 that its Board of Directors, on June 19, 2024, approved a premium-priced performance-based stock option grant to Chief Executive Officer and founder Peter P. Gassner. The grant covers 2,650,000 shares of Class A common stock at an exercise price of $236.90 per share, equal to the Company's 52-week high and well above the $178.74 closing price on the trading date before the grant. The company estimates the grant date fair value at approximately $172 million, to be recognized as stock compensation expense ratably each quarter through the final vesting date. The option vests in five equal annual increments beginning on each anniversary of February 1, 2025, subject to Mr. Gassner's continued service as CEO. No portion vests unless the closing stock price is sustained at or above $236.90 for sixty consecutive trading days during the period between February 1, 2025 and February 1, 2030. Shares acquired on exercise are subject to a holding period ending on the earlier of two years after exercise and February 1, 2032. The filing states that the option is not subject to contractual vesting acceleration and that the Board intends it to be Mr. Gassner's only equity-based compensation until at least 2030. Mr. Gassner's only other compensation has been a below-market annual base salary of $450,000, and he has received no cash compensation since the IPO. In Item 8.01, the Board decided unanimously on June 19, 2024 not to accept the tendered resignation of director Paul Sekhri. The filing states that Mr. Sekhri did not receive a majority of votes cast in favor of his reelection, which the Board attributes in part to a recommendation from Institutional Shareholder Services (ISS) that shareholders vote against him for being overboarded. Mr. Sekhri will continue to serve on the Board. The filing also contains forward-looking statements and refers readers to the risk factors summarized in the company's Form 10-Q for the period ended April 30, 2024.
Veeva Systems 8-K Report, Bylaw Amendment (Jun 14, 2024)
Veeva Systems Inc. (VEEV) filed this Form 8-K to report the results of its June 12, 2024 Annual Meeting of Shareholders and to disclose an amendment to its certificate of incorporation. The amended and restated Certificate of Incorporation, approved by shareholders at the meeting, became effective with the Delaware Secretary of State on June 14, 2024. The change adds a provision exculpating certain Veeva officers from liability in specific circumstances, as permitted by Delaware law. Details are described in Appendix A of the 2024 Proxy Statement, and the full text is filed as Exhibit 3.1. Shareholders elected nine of the ten director nominees to serve until the 2025 annual meeting. Director Paul Sekhri received 66,050,424 votes for and 69,136,450 against, and he tendered a conditional resignation. The disinterested members of the Nominating and Governance Committee recommended that the Board not accept it. The Board will decide whether to accept or reject the resignation, with Mr. Sekhri recusing himself, and Veeva will publicly disclose that decision. Mr. Sekhri will remain a director in the meantime. Shareholders also ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending January 31, 2025, approved the officer exculpation charter amendment, and approved named executive officer compensation on an advisory basis. Votes on the compensation proposal were 123,209,618 for and 12,000,479 against.
Veeva Systems 8-K Report, Financial Results (May 30, 2024)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2025 first quarter ended April 30, 2024, via a press release furnished as Exhibit 99.1 under Item 2.02. Total revenues were $650.3 million, up 24% year over year from $526.3 million, and subscription services revenues were $534.0 million, up 29% from $414.5 million. Management said first-quarter results exceeded guidance on all metrics. The company cited wins in Development Cloud, Commercial Cloud and Data Cloud, including three top 20 biopharma wins for multiple Development Cloud applications. Profitability rose sharply. GAAP operating income was $155.2 million versus $61.5 million a year earlier, and non-GAAP operating income was $260.9 million versus $157.0 million. GAAP net income was $161.7 million, or $0.98 per diluted share, compared with $131.5 million, or $0.81, a year earlier. Non-GAAP fully diluted net income per share was $1.50, versus $0.91. The filing notes that a customer contracting change standardizing termination for convenience rights shifted revenue timing and reduced first-quarter fiscal 2024 revenues, operating income and net income. Veeva guided fiscal second-quarter 2025 total revenues to $666 to $669 million, non-GAAP operating income to $265 to $267 million, and non-GAAP diluted EPS to $1.53 to $1.54. For fiscal 2025, it updated guidance to total revenues of $2,700 to $2,710 million, non-GAAP operating income of about $1,070 million, and non-GAAP diluted EPS of approximately $6.16. GAAP targets were not provided because certain excluded items, such as stock-based compensation, cannot be reasonably predicted.
Veeva Systems 8-K Report, Executive Changes (Apr 1, 2024)
Veeva Systems Inc. disclosed in this Form 8-K, dated April 1, 2024, that Chief Financial Officer and Principal Financial Officer Brent Bowman's tenure ends as of the close of business on April 1, 2024, by mutual agreement with the company. Bowman will remain a Veeva employee for three months to ensure a smooth transition. Tim Cabral, Veeva's CFO from 2010 to 2020 and a current board member, will serve as Interim CFO and PFO until a replacement is named. The filing states the change is not the result of misconduct, disagreements over financial results or accounting, or issues related to operations, policies, or practices. In connection with Bowman's departure, 9/16ths of his fiscal 2023 grant of 10,000 RSUs and 20,000 stock options, originally scheduled to vest on April 1, 2026, will vest on July 1, 2024. The filing also reports leadership changes effective April 1, 2024. E. Nitsa Zuppas, previously Chief Marketing Officer since March 2013, was appointed President and Chief of Staff, and Stacey Epstein assumes the Chief Marketing Officer role. Tom Schwenger, formerly President and Chief Operating Officer, becomes President and Chief Customer Officer, leading the sales and services organizations. Alan Mateo, Executive Vice President, Global Sales, retires from that position effective April 30, 2024, and moves to a part-time advisor role. Under Item 7.01, Veeva reiterated guidance first issued on its February 29, 2024 earnings call. For the quarter ending April 30, 2024, it expects total revenue of $640-643 million and non-GAAP operating income of $245-247 million. For the fiscal year ending January 31, 2025, it expects total revenue of $2,725-2,740 million and non-GAAP operating income of approximately $1,070 million. The company stated it cannot currently provide GAAP operating income targets because of difficulty estimating excluded items such as stock-based compensation, which may be significant.
Veeva Systems 8-K Report, Financial Results (Feb 29, 2024)
Veeva Systems Inc. (NYSE: VEEV) reported fourth-quarter and fiscal year 2024 results for the period ended January 31, 2024, as detailed in Exhibit 99.1 (press release dated February 29, 2024). Fiscal year 2024 total revenues were $2,363.7 million, up 10% year over year, and subscription services revenues were $1,901.6 million, also up 10%. Fourth-quarter total revenues were $630.6 million, up 12%, and subscription services revenues were $521.5 million, up 13%. Management attributed the year's progress to the Veeva Compass Suite of data products, the Clinical Platform, and the new Commercial Cloud. GAAP profitability was mixed. Fiscal year 2024 GAAP operating income was $429.3 million, down 6% from $459.1 million, while non-GAAP operating income rose 1% to $842.5 million. GAAP net income increased 8% to $525.7 million, and fully diluted GAAP net income per share was $3.22 versus $3.00. Fourth-quarter GAAP net income declined 22% to $147.4 million. The company stated that a customer contracting change standardizing termination for convenience rights, effective February 1, 2023, shifted the timing of revenue on certain contracts and reduced revenues, operating income and net income in both the quarter and the fiscal year. For the fiscal first quarter ending April 30, 2024, Veeva guided to total revenues of $640 to $643 million, non-GAAP operating income of $245 to $247 million, and non-GAAP fully diluted EPS of $1.42 to $1.43. For fiscal year 2025 (ending January 31, 2025), it guided to total revenues of $2,725 to $2,740 million, non-GAAP operating income of about $1,070 million, and non-GAAP fully diluted EPS of approximately $6.16. Veeva stated it could not provide GAAP guidance for these periods because of items such as stock-based compensation that cannot be reasonably predicted.
Veeva Systems 8-K Report, Financial Results (Dec 6, 2023)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2024 third quarter ended October 31, 2023, per Exhibit 99.1 (press release dated December 6, 2023). Total revenues were $616.5 million, up 12% year over year, and subscription services revenues were $494.9 million, also up 12%. GAAP operating income was $128.5 million versus $121.4 million a year earlier, and GAAP net income was $135.2 million versus $108.5 million. GAAP fully diluted EPS was $0.83, compared with $0.67, and non-GAAP fully diluted EPS was $1.34, compared with $1.13. The company noted that a customer contracting change standardizing termination for convenience rights, effective February 1, 2023, shifted the timing of revenue on certain contracts and reduced third-quarter revenues, operating income, and net income. Cash and short-term investments were substantial at quarter end: cash and cash equivalents of $743.7 million and short-term investments of $3.20 billion, against total liabilities of $846.0 million and total stockholders' equity of $4.38 billion. Deferred revenue declined to $644.5 million from $869.3 million at January 31, 2023. Nine-month net cash provided by operating activities was $853.6 million on a GAAP basis, and the company's non-GAAP reconciliation excludes $68.6 million of excess tax benefits from employee stock plans for that period. For the fiscal fourth quarter ending January 31, 2024, Veeva guided to total revenues of $620 to $622 million and non-GAAP operating income of about $227 million. For the full fiscal year ending January 31, 2024, it updated guidance to total revenues of $2,353 to $2,355 million, non-GAAP operating income of about $830 million, and non-GAAP fully diluted EPS of about $4.76. It reiterated fiscal 2025 targets of at least $2,750 million in revenues and at least $1,000 million in non-GAAP operating income. The company stated it cannot provide GAAP targets for these forward-looking operating income and EPS measures because of items such as stock-based compensation that are difficult to predict.
Veeva Systems 8-K Report, Financial Results (Nov 9, 2023)
Veeva Systems Inc. (VEEV) furnished this Form 8-K ahead of its 2023 Investor Day on November 9, 2023, to update guidance. The Company disclosed preliminary fiscal third-quarter 2024 results (quarter ended October 31, 2023): total revenue of $616 million, subscription revenue of $495 million, services revenue of $121 million, GAAP operating income of $125 million and non-GAAP operating income of $232 million. Management said the quarter came in about in-line to slightly ahead of guidance for revenue and non-GAAP operating income. The main change for investors is lower services revenue expectations. Fiscal fourth-quarter total revenue guidance was cut by $15 million to $621–$623 million, with services revenue now expected at $104–$106 million, while subscription revenue (about $517 million) and non-GAAP operating income (about $226 million) were left unchanged. Fiscal 2024 total revenue guidance was lowered to $2,353–$2,355 million, while non-GAAP operating income guidance was raised to about $827 million. Management cited a challenging macro environment, higher interest rates, pressure on emerging biotechs, and Inflation Reduction Act effects, and said customers are scrutinizing spend, which is hitting the less predictable services business most. For fiscal 2025, total revenue guidance was reduced by $50 million to at least $2.75 billion, while the non-GAAP operating income target of at least $1 billion and subscription outlook were reaffirmed. Management reiterated its goal of reaching a $3 billion revenue run-rate about one year ahead of target. Full fiscal 2025 guidance is to come with the fourth-quarter earnings call.
Veeva Systems 8-K Report, Rights Modification (Oct 16, 2023)
Veeva Systems Inc. (VEEV) filed this Form 8-K to report that all outstanding shares of its Class B Common Stock automatically converted into an equal number of Class A Common Stock on October 15, 2023, under the terms of its Amended and Restated Certificate of Incorporation. The conversion had no effect on the total number of outstanding shares or on the economic interests of former Class B holders, but it eliminated the ten-votes-per-share structure, so all former Class B holders now hold Class A shares carrying one vote each. Class A shares continue to trade on the New York Stock Exchange under the ticker "VEEV" with the same CUSIP number. On October 16, 2023, the company filed a Certificate of Retirement with the Delaware Secretary of State to retire the Class B shares that were issued but no longer outstanding, which reduced total authorized capital stock from 1 billion to 810 million shares. Immediately afterward, the company filed a Restated Certificate of Incorporation, effective October 16, 2023, which removes references to Class B stock, removes the forum selection provision (now included in the Bylaws), and makes other clarifying changes. The Board approved the restated certificate on May 8, 2023, and stockholders approved it at the annual meeting on June 21, 2023. The filing is administrative in nature. It documents a change in stockholder voting rights and a corresponding reduction in authorized shares, and it attaches the Certificate of Retirement and Restated Certificate as Exhibits 3.1 and 3.2.
Veeva Systems 8-K Report, Financial Results (Aug 30, 2023)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2024 second quarter ended July 31, 2023 in a press release furnished as Exhibit 99.1. Total revenues were $590.2 million, up 10% year over year from $534.2 million, and subscription services revenues were $470.6 million, up 10% from $428.6 million. GAAP operating income was $104.0 million versus $101.1 million a year earlier, and GAAP net income was $111.6 million versus $90.6 million. Fully diluted GAAP net income per share was $0.68, compared with $0.56. Non-GAAP operating income was $211.9 million and non-GAAP fully diluted net income per share was $1.21, compared with $1.03 a year earlier. The company said a previously announced customer contracting change standardizing termination for convenience rights, effective February 1, 2023, changed the timing of revenue for certain contracts and reduced second-quarter revenues, operating income, and net income. Management provided guidance for the fiscal third quarter ending October 31, 2023, with total revenues of $614 to $616 million, non-GAAP operating income of $223 to $225 million, and non-GAAP fully diluted EPS of $1.26 to $1.27. For the fiscal year ending January 31, 2024, updated guidance calls for total revenues of $2,365 to $2,370 million, non-GAAP operating income of about $820 million, and non-GAAP fully diluted EPS of approximately $4.68. Guidance for the fiscal year ending January 31, 2025 was reiterated at total revenues of at least $2,800 million and non-GAAP operating income of at least $1,000 million. Balance sheet data show cash and cash equivalents of $742.6 million and short-term investments of $3,126.1 million at July 31, 2023, against deferred revenue of $836.5 million. Six-month operating cash flow was $771.0 million on a GAAP basis, and the release also reports a non-GAAP figure of $705.7 million that excludes excess tax benefits from employee stock plans.
Veeva Systems 8-K Report, Executive Changes (Aug 21, 2023)
Veeva Systems Inc. filed this Form 8-K on August 21, 2023 to report the appointment of Kristine Diamond as its principal accounting officer. The Board of Directors appointed Ms. Diamond on August 17, 2023, effective August 21, 2023. She previously served as VP, Corporate Controller at DocuSign, Inc. from November 2021 to July 2023, and before that as SVP, Chief Accounting Officer at Poly (formerly Plantronics, Inc. and Polycom, Inc.) and as VP, Corporate Controller there. She is a licensed certified public accountant in the State of Michigan. Under her offer letter, Ms. Diamond will receive an annual base salary of $425,000 and is eligible for standard company-sponsored benefits. Her equity grants, with a vesting start date of August 1, 2023, under Veeva's 2013 Equity Incentive Plan consist of a restricted stock unit grant of 585 shares vesting over eight months, a restricted stock unit grant of 4,124 shares vesting on August 1, 2027, and a stock option grant of 1,755 shares vesting at 1/4th per year with an exercise price of $188.06, the closing market price on the grant date. She also entered into Veeva's standard indemnification agreement. The filing states that there is no arrangement or understanding pursuant to which she was elected, no family relationships with directors or executive officers, and no material interest in any related-person transaction under Item 404(a) of Regulation S-K. The offer letter is filed as Exhibit 10.1.
Veeva Systems 8-K Report, Bylaw Amendment (Jun 23, 2023)
Veeva Systems Inc. filed this Form 8-K to report three matters from its June 21, 2023 Annual Meeting of Shareholders and a bylaw update. On June 21, 2023, the Board amended and restated Veeva's bylaws effective immediately. The changes add a Delaware forum selection provision, update advance notice provisions to align with Rule 14a-19 under the Exchange Act and current market practices, include provisions consistent with Veeva's charter as a public benefit corporation, and make other updates to reflect Delaware law changes. The full bylaws are filed as Exhibit 3.1. Shareholders elected all ten director nominees to serve until the 2024 annual meeting. Shareholders also ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending January 31, 2024, with 276,668,343 votes for, 1,108,243 against and 136,620 abstaining. Shareholders approved a proposal to amend and restate the Restated Certificate of Incorporation to eliminate inoperative provisions and update other miscellaneous provisions, effective on or after October 15, 2023, with 264,486,364 votes for and 38,224 against. Shareholders did not approve a shareholder proposal requiring shareholder approval for certain advance notice bylaw amendments, which received 17,273,081 votes for and 246,579,720 against. As of the Record Date of April 26, 2023, 145,691,558 Class A shares and 14,498,275 Class B shares were outstanding and entitled to vote, with Class B shares carrying ten votes each and both classes voting as a single class.
Veeva Systems 8-K Report, Financial Results (May 31, 2023)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2024 first quarter ended April 30, 2023, as furnished in Exhibit 99.1 to this Form 8-K. Total revenues were $526.3 million, up 4% year over year from $505.1 million, and subscription services revenues were $414.5 million, up 3% from $402.6 million. GAAP operating income fell to $61.5 million from $127.7 million, a 52% decrease, while non-GAAP operating income declined 21% to $157.0 million. GAAP net income rose 31% to $131.5 million, while non-GAAP net income fell 7% to $147.9 million. Fully diluted GAAP net income per share was $0.81 versus $0.62 a year earlier, and non-GAAP fully diluted net income per share was $0.91 versus $0.99. The company attributed the reduced revenue, operating income and net income in the quarter to a customer contracting change that standardized termination for convenience (TFC) rights in its master subscription agreements, effective February 1, 2023, which changed the timing of revenue recognition for certain contracts. Management said results exceeded its guidance on all metrics and pointed to momentum across multiple product categories. Veeva provided guidance for the fiscal second quarter ending July 31, 2023, with total revenues of $580 to $582 million, non-GAAP operating income of $199 to $201 million, and non-GAAP fully diluted EPS of $1.12 to $1.13. It updated fiscal 2024 guidance to total revenues of $2,360 to $2,370 million, non-GAAP operating income of about $810 million, and non-GAAP fully diluted EPS of approximately $4.59, and reiterated fiscal 2025 targets of at least $2,800 million in revenue and at least $1,000 million in non-GAAP operating income.
Veeva Systems 8-K Report, Executive Changes (Mar 17, 2023)
Veeva Systems Inc. (NYSE: VEEV) filed a Current Report on Form 8-K dated March 14, 2023, disclosing a leadership transition. The company announced that Alan Mateo intends to retire from his role as Executive Vice President, Global Sales, effective during the second quarter of calendar year 2024. Upon his transition, Mr. Mateo intends to serve as a part-time advisor to Veeva. The filing states that Veeva will appoint a successor upon Mr. Mateo's transition. The filing does not name a successor or disclose any compensation arrangements tied to the retirement or advisory role. Because the retirement is more than a year away, the immediate operational impact on the company is likely limited, though investors may watch the selection of a successor for continuity in the global sales organization. The report contains no financial results, guidance, or other financial statements. Its only disclosed exhibit is the Cover Page Interactive Data File (Exhibit 104). The filing was signed by Josh Faddis, Senior Vice President, General Counsel, and dated March 17, 2023.
Veeva Systems 8-K Report, Executive Changes (Mar 7, 2023)
Veeva Systems Inc. filed this Form 8-K on March 7, 2023 to disclose a board change under Item 5.02. On March 6, 2023, director Paul Chamberlain informed the Board of Directors of his intention to retire from his directorship, effective immediately prior to the 2023 annual meeting of shareholders (the "2023 Annual Meeting"). As a result, Mr. Chamberlain will not stand for re-election at that meeting. The filing contains no financial results, guidance, or financial figures. Its only exhibit listed is Exhibit 104, the Cover Page Interactive Data File embedded within the Inline XBRL document, which is a standard data tagging component rather than substantive content. For investors, the principal takeaway is a routine governance development: a board member's planned departure ahead of the annual meeting, with the filing stating no reason for the retirement and no successor appointment.
Veeva Systems 8-K Report, Financial Results (Mar 1, 2023)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fourth quarter and fiscal year ended January 31, 2023, in a press release furnished as Exhibit 99.1 to this Form 8-K. Fiscal year 2023 total revenues were $2,155.1 million, up 16% year over year, and subscription services revenues were $1,733.0 million, up 17%. Fourth-quarter total revenues were $563.4 million, up 16%, and subscription services revenues were $460.2 million, up 16%. Profitability was mixed on a GAAP basis. Fiscal year 2023 GAAP operating income was $459.1 million, down 9% from $505.5 million, while non-GAAP operating income rose 9% to $830.5 million. Fiscal year 2023 GAAP net income was $487.7 million, up 14%, and fully diluted GAAP net income per share was $3.00 versus $2.63. Fourth-quarter GAAP net income was $188.5 million, up 94%, though the filing's non-GAAP reconciliation shows stock-based compensation of $95.5 million in the quarter. Stock-based compensation for the full year was $351.9 million. Veeva issued guidance for its fiscal first quarter ending April 30, 2023, with total revenues of $514 to $516 million and non-GAAP fully diluted net income per share of $0.79 to $0.80. For the fiscal year ending January 31, 2024, it guided to total revenues of $2,350 to $2,360 million and non-GAAP fully diluted net income per share of approximately $4.33. It also reiterated a longer-term target of total revenues of at least $2,800 million and non-GAAP operating income of at least $1,000 million for fiscal year 2025, and stated it expects to reach its 2025 targets a year early. Veeva finished the year with 1,388 customers, up 174.
Veeva Systems 8-K Report, Executive Changes (Jan 26, 2023)
Veeva Systems Inc. (NYSE: VEEV) filed a Form 8-K dated January 24, 2023, reporting a single personnel change. Michele O'Connor, VP and Chief Accounting Officer, informed the company on January 24, 2023, of her decision to resign for personal reasons, effective June 23, 2023. The filing describes her as having over ten years of service with the company. Upon Ms. O'Connor's departure, Brent Bowman, Chief Financial Officer, will serve as principal accounting officer. The filing does not describe any change to the CFO role itself or any financial results, guidance, or other operational developments. The report is limited to Item 5.02 (Departure of Directors or Certain Officers) and Item 9.01 (Financial Statements and Exhibits), with only the Cover Page Interactive Data File (Exhibit 104) listed. For investors, this is a routine leadership transition with no financial impact disclosed in the filing.
Veeva Systems 8-K Report, Financial Results (Dec 1, 2022)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2023 third quarter ended October 31, 2022, per a press release furnished as Exhibit 99.1 to this Form 8-K. Total revenues were $552.4 million, up 16% year over year, and subscription services revenues were $441.6 million, also up 16%. GAAP operating income was $121.4 million, down 9% from $132.7 million a year earlier, while non-GAAP operating income rose 10% to $219.5 million. GAAP net income was $108.5 million (diluted EPS $0.67), and non-GAAP net income was $183.2 million (non-GAAP diluted EPS $1.13, versus $0.97 a year earlier). Management said the company is tracking a year ahead of its 2025 targets. The release also highlights a 10-year strategic partnership with Merck (MSD outside the United States and Canada), which builds on an existing 12-year relationship and establishes a Veeva-first approach for new industry-specific software and data. Veeva also cited a top 20 pharma customer going live with Vault Safety across its main divisions and most countries. For the fiscal fourth quarter ending January 31, 2023, Veeva guided to total revenues of $551 to $553 million, non-GAAP operating income of about $199 million, and non-GAAP diluted EPS of about $1.05. Updated fiscal 2023 guidance calls for total revenues of $2,143 to $2,145 million, non-GAAP operating income of about $820 million, and non-GAAP diluted EPS of about $4.19. The company stated it cannot provide GAAP targets for these metrics because of items such as stock-based compensation that cannot be reasonably predicted.
Veeva Systems 8-K Report, Financial Results (Nov 8, 2022)
Veeva Systems Inc. filed this Form 8-K under Items 2.02 (Results of Operations and Financial Condition) and 9.01 (Financial Statements and Exhibits) to furnish slides from its 2022 Investor Day, presented on November 3, 2022. During the presentation, Chief Financial Officer Brent Bowman reiterated the preliminary third-quarter fiscal 2023 guidance first given on August 31, 2022, and said the company expects to report third-quarter results at or above that guidance. The previously announced Q3 FY2023 guidance calls for total revenue of $545 million to $547 million, comprised of subscription revenue of approximately $439 million and services revenue of $106 million to $108 million. Non-GAAP operating income is guided to $209 million to $211 million, non-GAAP fully diluted net income per share to $1.07 to $1.08, and calculated billings to approximately $365 million. The guidance assumes constant foreign exchange rates, which the company says reflects FX headwinds of roughly $11 million on revenue and $10 million on calculated billings compared with Q3 FY2022. The company stated it cannot provide GAAP operating income or GAAP fully diluted net income per share targets because certain items excluded from non-GAAP measures, such as stock-based compensation expense, cannot be reasonably predicted and may be significant. The filing states that the information is furnished rather than filed for purposes of Section 18 of the Exchange Act.
Veeva Systems 8-K Report, Corporate Update (Sep 26, 2022)
Veeva Systems Inc. disclosed in a Form 8-K filed September 26, 2022 under Item 8.01 (Other Events) that Founder, Chief Executive Officer and Director Peter Gassner intends to exercise an option to purchase 3,333,333 shares of Class B common stock. The option was granted in 2013, before Veeva's initial public offering, and expires March 9, 2023 if not exercised. Mr. Gassner expects to exercise the option, convert the shares to Class A common stock, and sell all of the underlying shares under a Rule 10b5-1 plan, with trading to begin no earlier than December 5, 2022 and end no later than March 8, 2023. He plans to use part of the sale proceeds to fund the exercise price and resulting tax obligations. Separately, Mr. Gassner intends to convert up to 1,000,000 Class B shares he owns and donate the resulting Class A shares to a donor-advised charitable gift fund, in installments starting no earlier than December 5, 2022 and ending no later than December 31, 2023. He states he will remain one of Veeva's largest shareholders, continuing to beneficially own more than 12,000,000 shares excluding vested options, and does not intend to make further sales in 2023 after these transactions. He notes that he has not exercised any Veeva options or sold Veeva stock since selling 2,000,000 shares in March 2014 in the company's secondary public offering. The filing includes forward-looking statements and refers investors to the risk factors in Veeva's Form 10-Q for the fiscal period ended July 31, 2022, and subsequent SEC filings.
Veeva Systems 8-K Report, Financial Results (Aug 31, 2022)
Veeva Systems Inc. (NYSE: VEEV) furnished a press release under Item 2.02 announcing results for its second quarter of fiscal 2023, ended July 31, 2022. Total revenues were $534.2 million, up 17% year over year, and subscription services revenues were $428.6 million, also up 17%. GAAP operating income was $101.1 million, down 19% from $124.6 million a year earlier, while non-GAAP operating income rose 5% to $202.0 million. GAAP net income was $90.6 million, down 17%, and GAAP fully diluted EPS was $0.56 versus $0.67; non-GAAP fully diluted EPS was $1.03 versus $0.94. Management highlighted the durability of the business model and said the company is tracking ahead of its 2025 targets. The release also cited product momentum in Veeva CRM and Vault Quality, with more than 500 Vault Quality Suite customers and a record 52 Vault Quality customer wins in the quarter. It noted that a federal court dismissed a trade secret lawsuit Medidata had filed against Veeva in 2017. For guidance, Veeva expects fiscal third-quarter total revenues of $545 to $547 million, non-GAAP operating income of $209 to $211 million, and non-GAAP fully diluted EPS of $1.07 to $1.08. For fiscal 2023 (ending January 31, 2023), it updated guidance to total revenues of $2,140 to $2,145 million, non-GAAP operating income of about $820 million, and non-GAAP fully diluted EPS of approximately $4.17. The company states it cannot provide GAAP targets for these measures because of items such as stock-based compensation and amortization of purchased intangibles that it cannot reasonably predict.
Veeva Systems 8-K Report, Executive Changes (Aug 8, 2022)
Veeva Systems Inc. filed a Form 8-K on August 8, 2022 reporting a leadership transition in its services organization under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers). Veeva announced that Fred Lequient will move from his role as Senior Vice President of Global Customer Services to a part-time position as Global Customer Services Advisor, effective October 2, 2022. Howard Hsueh will assume the position of Senior Vice President of Global Customer Services. The filing states that Hsueh has led Veeva's services programs and teams for more than 10 years, most recently as Senior Vice President of R&D Services. The filing contains no financial statements or quantitative results. Its only exhibit is Exhibit 104, the Cover Page Interactive Data File embedded in the Inline XBRL document. For investors, the filing is an operational management change rather than a financial disclosure.
Veeva Systems 8-K Report, Executive Changes (Jun 13, 2022)
At its Annual Meeting of Stockholders held on June 9, 2022, Veeva Systems Inc. stockholders approved an amendment and restatement of the company's 2013 Equity Incentive Plan. The filing states that the material terms of the amended plan are described in the definitive proxy statement filed on April 27, 2022, and the amended plan is filed as Exhibit 10.1. Stockholders also elected eleven director nominees to serve until the 2023 annual meeting and ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending January 31, 2023. The record date was April 14, 2022, when 140,022,354 shares of Class A common stock and 14,765,193 shares of Class B common stock were outstanding. Each Class A share carries one vote and each Class B share carries ten votes, and the two classes voted as a single class except where otherwise noted in the filing. The plan amendment was the most closely contested item. It received 160,322,705 votes for and 100,915,388 against, with 65,776 abstentions and 10,650,209 broker non-votes. Director votes were generally lopsided, though Paul Sekhri received 227,621,463 votes for and 33,623,539 against.
Veeva Systems 8-K Report, Financial Results (Jun 1, 2022)
Veeva Systems Inc. (NYSE: VEEV) reported results for its first quarter ended April 30, 2022, per Exhibit 99.1 furnished under Item 2.02 of this Form 8-K. Total revenues were $505.1 million, up 16% year over year from $433.6 million, and subscription services revenues were $402.6 million, up 18% from $341.1 million. GAAP operating income was $127.7 million, compared with $128.4 million a year earlier, while non-GAAP operating income rose 10% to $199.6 million. GAAP net income was $100.1 million, down 13% from $115.6 million, and GAAP fully diluted EPS was $0.62 versus $0.71; non-GAAP fully diluted EPS was $0.99 versus $0.91. The quarter's GAAP profitability was pressured by stock-based compensation of $67.1 million, up from $48.5 million, and higher research and development expense of $113.5 million, compared with $83.2 million a year earlier. Cash and short-term investments totaled $2.84 billion at April 30, 2022 (cash of $1.24 billion plus short-term investments of $1.60 billion), and net cash provided by operating activities was $481.0 million. Total deferred revenue was $723.7 million at quarter end. For fiscal 2023, Veeva guided second-quarter total revenues of $529 to $531 million and non-GAAP operating income of $201 to $203 million, and updated full-year guidance to total revenues of $2,165 to $2,175 million and non-GAAP operating income of about $835 million. The company stated it cannot provide GAAP targets for these measures because of items such as stock-based compensation and amortization of purchased intangibles, which may be significant.
Veeva Systems 8-K Report, Financial Results (Mar 2, 2022)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fourth quarter and fiscal year ended January 31, 2022, furnishing a press release as Exhibit 99.1 under Item 2.02. For the fiscal year, total revenues were $1,850.8 million, up 26% year over year, and subscription services revenues were $1,484.0 million, also up 26%. Fourth-quarter total revenues were $485.5 million, up 22%, and subscription services revenues were $395.7 million, up 23%. GAAP operating income for the year was $505.5 million, up 34%, and GAAP net income was $427.4 million, up 12%, with fully diluted GAAP EPS of $2.63 versus $2.36 a year earlier. Non-GAAP measures, which exclude stock-based compensation and amortization of purchased intangibles, showed fiscal-year non-GAAP operating income of $758.7 million (up 30%) and non-GAAP fully diluted EPS of $3.73 (versus $2.94). Fourth-quarter non-GAAP operating income was $186.3 million and non-GAAP diluted EPS was $0.90. Operating cash flow for the fiscal year was $764.5 million, compared with $551.2 million in the prior year. Customer count reached 1,205, up 212 from the prior year, and subscription revenue retention was 119% for the year. For fiscal 2023 (ending January 31, 2023), Veeva guided total revenues of $2,160 to $2,170 million, non-GAAP operating income of about $825 million, and non-GAAP fully diluted EPS of approximately $4.02. For the first quarter ending April 30, 2022, guidance called for total revenues of $494 to $496 million, non-GAAP operating income of $187 to $189 million, and non-GAAP diluted EPS of $0.91 to $0.92. Veeva stated it could not provide GAAP guidance because of the difficulty of predicting excluded items such as stock-based compensation.
Veeva Systems 8-K Report, Executive Changes (Jan 25, 2022)
Veeva Systems Inc. (NYSE: VEEV) disclosed in this Form 8-K that its board of directors appointed four new directors, effective January 21, 2022: Timothy S. Cabral, Priscilla Hung, Tina Hunt, and Marshall L. Mohr. The board also increased its size from eight to twelve members. Mr. Mohr was additionally appointed to the audit committee, and the board did not place the other new directors on any committee at this time. Each new director will receive compensation under Veeva's non-employee director compensation plan effective June 23, 2021, and has executed the company's standard indemnification agreement. The filing also reports that director Ronald Codd informed the board on January 21, 2022 of his intention to retire, effective immediately prior to the 2022 Annual Meeting, so he will not stand for re-election. A press release dated January 25, 2022 announcing the appointments and Mr. Codd's retirement is furnished as Exhibit 99.1 under Item 7.01, Regulation FD Disclosure, and is not deemed filed for Section 18 purposes. The filing discloses that Lisa Halsey, a sister-in-law of Mr. Cabral, has been employed by Veeva since August 2015 as a director for talent marketing on the employee success team. During fiscal year 2022 to date, she had total cash and other compensation of approximately $205,000, of which $61,000 represents the aggregate grant date fair value of RSUs and options.
Veeva Systems 8-K Report, Financial Results (Dec 1, 2021)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2022 third quarter ended October 31, 2021, in a press release furnished as Exhibit 99.1 to this Form 8-K. Total revenues were $476.1 million, up 26% year over year from $377.5 million, and subscription services revenues were $380.7 million, up 26% from $302.9 million. GAAP operating income was $132.7 million (up 31%), and GAAP net income was $105.9 million (up 9%). Fully diluted GAAP net income per share was $0.65, compared with $0.60 a year earlier. Non-GAAP operating income was $199.4 million and non-GAAP fully diluted net income per share was $0.97, versus $0.78 a year earlier. Management said results exceeded its guidance. The company issued fiscal guidance. For the fourth quarter ending January 31, 2022, it expects total revenues of $478 to $480 million, non-GAAP operating income of about $181 million, and non-GAAP fully diluted EPS of about $0.88. For fiscal 2022 it expects total revenues of $1,843 to $1,845 million, non-GAAP operating income of about $753 million, and non-GAAP fully diluted EPS of about $3.69. For fiscal 2023 it expects total revenues of $2,150 to $2,170 million, subscription services revenues of $1,735 to $1,745 million, and a non-GAAP operating margin of roughly 38%. Veeva said it cannot provide GAAP targets for these forward-looking non-GAAP measures because stock-based compensation and other excluded items are difficult to predict and may be significant. The balance sheet at October 31, 2021 showed cash and cash equivalents of $1.15 billion and short-term investments of $1.20 billion, against total liabilities of $598.1 million and stockholders' equity of $2.77 billion. Deferred revenue declined to $417.8 million from $617.0 million at January 31, 2021. Stock-based compensation was $62.0 million in the quarter.
Veeva Systems 8-K Report, Financial Results (Sep 1, 2021)
Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2022 second quarter ended July 31, 2021, in a press release furnished as Exhibit 99.1 to this Form 8-K. Total revenues were $455.6 million, up 29% year over year from $353.7 million, and subscription services revenues were $366.4 million, up 29% from $283.5 million. GAAP operating income was $124.6 million versus $90.1 million a year earlier, and non-GAAP operating income was $191.6 million versus $144.4 million. GAAP net income was $108.9 million and non-GAAP net income was $152.7 million. Fully diluted GAAP EPS was $0.67 and non-GAAP fully diluted EPS was $0.94, compared with $0.58 and $0.72 a year earlier. Management highlighted early traction in Veeva Development Cloud, including enterprise wins in clinical operations, a first top 20 pharma win for Vault Safety, and a second top 20 pharma win for Vault CDMS. Veeva CRM drew 21 new wins, and Veeva Link added three new enterprise customers. The company also cited six early adopter customers for Veeva Site Connect and over 1,000 clinical research sites actively using Veeva SiteVault Free. For the fiscal third quarter ending October 31, 2021, Veeva guided to total revenues of $464 to $466 million, non-GAAP operating income of $179 to $181 million, and non-GAAP fully diluted EPS of $0.87 to $0.88. For fiscal 2022 ending January 31, 2022, it guided to total revenues of $1,830 to $1,835 million, non-GAAP operating income of about $730 million, and non-GAAP fully diluted EPS of approximately $3.57. The company said it cannot provide GAAP targets for operating income or EPS because of hard-to-predict items such as stock-based compensation.
Veeva Systems 8-K Report, Bylaw Amendment (Jun 28, 2021)
Veeva Systems Inc. filed an Amended and Restated Certificate of Incorporation with the Delaware Secretary of State, effective June 25, 2021, after stockholders approved it at the June 23, 2021 Annual Meeting. The main change permits stockholders to call special meetings, provided they satisfy the requirements in the amended and restated bylaws. Corresponding bylaw changes became effective the same day. Under the bylaws, stockholders holding 25% or more of the voting power of the capital stock for at least one year may call a special meeting. At the Annual Meeting, stockholders elected all eight director nominees to serve until the 2022 annual meeting. Paul Sekhri had the lowest support, with 181,842,609 votes for and 77,779,478 against. Stockholders also ratified the appointment of the independent registered public accounting firm for the fiscal year ending January 31, 2022, approved the named executive officer compensation on an advisory basis, and approved the special meeting amendment. The amendment required approval by 66 2/3% of the voting power of the capital stock and a majority of the Class B common stock voting as a separate class. The Class B vote was 14,722,386 for and none against. In the advisory vote on frequency, the 159,471,902 votes for every three years was the largest response. The board adopted a policy to hold advisory votes on executive compensation every three years, with the next vote due no later than the 2027 annual meeting. A stockholder proposal to let holders of 15% or more of common stock call special meetings was not approved, with 54,411,859 votes for and 205,136,311 against.