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PLEASANTON, Calif.--(BUSINESS WIRE)--Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its fiscal third quarter ended October 31, 2020. Our customers are delivering innovations that will have positive, lasting impacts on human health, said CEO Peter Gassner. We are proud to work with these amazing companies, providing solutions that streamline drug development and enable them to support healthcare providers on the front lines. Fiscal 2021 Third Quarter Results: I am very pleased with our financial outperformance in the quarter, which was a direct result of our strong vision and focused execution, said CFO Brent Bowman. As we look to the opportunities ahead, we plan to continue investing aggressively to hit our 2025 targets and drive a long runway of growth beyond. Recent Highlights: Financial Outlook: Veeva is providing guidance for its fiscal fourth quarter ending January 31, 2021 as follows: Veeva is providing guidance for its fiscal year ending January 31, 2021 as follows: Veeva is providing guidance for its fiscal year ending January 31, 2022 as follows: Conference Call Information What: Veeva's Fiscal 2021 Third Quarter Results Conference Call When: Tuesday, December 1, 2020 Time: 1:30 p.m. PT (4:30 p.m. ET) Online Registration: www.directeventreg.com Conference ID 3283186 Webcast: ir.veeva.com Investor Presentation Details An investor presentation providing additional information and analysis can be found at ir.veeva.com. ___________ (1) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled Non-GAAP Financial Measures and the tables entitled Reconciliation of GAAP to Non-GAAP Financial Measures below for details. (2) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the fourth fiscal quarter ending January 31, 2021 or fiscal year ending January 31, 2021 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant. (3) Veeva is not able, at this time, to provide GAAP targets for operating margin for the fiscal year ending January 31, 2022 because of the difficulty of estimating certain items excluded from non-GAAP operating income that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant. About Veeva Systems Veeva Systems Inc. is the leader in cloud-based software for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 950 customers, ranging from the worlds largest pharmaceutical companies to emerging biotechs. Veeva is headquartered in the San Francisco Bay Area, with offices throughout North America, Europe, Asia, and Latin America. For more information, visit veeva.com. Veeva uses its ir.veeva.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts. Forward-looking Statements This release contains forward-looking statements, including the quotations from management, the statements in Financial Outlook, and other statements regarding Veevas future performance, outlook, and guidance and the assumptions underlying those statements, market growth, the benefits from the use of Veevas solutions, our strategies, and general business conditions. Any forward-looking statements contained in this press release are based upon Veevas historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veevas expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including (i) the impact of the COVID-19 pandemic (including the impact to the life sciences industry, impact on general economic conditions, and government responses, restrictions, and actions related to the pandemic); (ii) breaches in our security measures or unauthorized access to our customers data; (iii) our expectation that the future growth rate of our revenues will decline; (iv) competitive factors, including but not limited to pricing pressures, consolidation among our competitors, entry of new competitors, the launch of new products and marketing initiatives by our existing competitors, and difficulty securing rights to access, host or integrate with complementary third party products or data used by our customers; (v) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established applications, like Veeva CRM; (vi) fluctuation of our results, which may make period-to-period comparisons less meaningful; (vii) our ability to integrate Crossix Solutions Inc. and Physicians World, LLC into our business and achieve the expected benefits of the acquisitions, including as a result of the impact of the COVID-19 pandemic on these businesses; (viii) loss of one or more customers, particularly any of our large customers; (ix) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure; (x) our ability to attract and retain highly skilled employees and manage our growth effectively; (xi) failure to sustain the level of profitability we have achieved in the past as our costs increase; (xii) adverse changes in the life sciences industry, including as a result of customer mergers; (xiii) adverse changes in economic, regulatory, international trade relations, or market conditions, including with respect to natural disasters or actual or threatened public health emergencies; (xiv) a decline in new subscriptions that may not be immediately reflected in our operating results due to the ratable recognition of our subscription revenue; (xv) pending, threatened, or future legal proceedings and related expenses; and (xvi) our potential conversion to a Delaware public benefit corporation, including the expected impact, benefits, and risks of such a conversion. Additional risks and uncertainties that could affect Veevas financial results are included under the captions Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations in the companys filing on Form 10-Q for the period ended July 31, 2020. This is available on the companys website at veeva.com under the Investors section and on the SECs website at sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time. VEEVA SYSTEMS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) October 31, 2020 January 31, 2020 Assets Current assets: Cash and cash equivalents $ 634,265 $ 476,733 Short-term investments 956,167 610,015 Accounts receivable, net 183,435 389,690 Unbilled accounts receivable 53,235 32,817 Prepaid expenses and other current assets 25,895 21,869 Total current assets 1,852,997 1,531,124 Property and equipment, net 54,352 54,752 Deferred costs, net 35,472 35,585 Lease right-of-use assets 52,824 49,132 Goodwill 436,029 438,529 Intangible assets, net 119,165 134,601 Deferred income taxes, noncurrent 15,689 11,870 Other long-term assets 17,113 16,184 Total assets $ 2,583,641 $ 2,271,777 Liabilities and stockholders equity Current liabilities: Accounts payable $ 21,324 $ 19,420 Accrued compensation and benefits 28,906 25,619 Accrued expenses and other current liabilities 22,391 21,620 Income tax payable 2,555 5,613 Deferred revenue 331,166 468,887 Lease liabilities 11,050 10,013 Total current liabilities 417,392 551,172 Deferred income taxes, noncurrent 1,004 2,417 Lease liabilities, noncurrent 47,965 44,815 Other long-term liabilities 10,901 7,779 Total liabilities 477,262 606,183 Stockholders equity: Class A common stock 2 1 Class B common stock Additional paid-in capital 906,137 745,475 Accumulated other comprehensive income 3,502 460 Retained earnings 1,196,738 919,658 Total stockholders equity 2,106,379 1,665,594 Total liabilities and stockholders equity $ 2,583,641 $ 2,271,777 VEEVA SYSTEMS INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands, except per share data) (Unaudited) Three months ended October 31, Nine months ended October 31, 2020 2019 2020 2019 Revenues: Subscription services(4) $ 302,938 $ 226,760 $ 856,675 $ 642,187 Professional services and other(5) 74,581 54,161 211,633 150,386 Total revenues 377,519 280,921 1,068,308 792,573 Cost of revenues(3): Cost of subscription services 45,845 31,964 132,457 93,822 Cost of professional services and other 57,152 41,365 162,624 115,228 Total cost of revenues 102,997 73,329 295,081 209,050 Gross profit 274,522 207,592 773,227 583,523 Operating expenses(3): Research and development 79,992 52,575 212,282 148,694 Sales and marketing 57,982 45,524 172,909 130,962 General and administrative 35,243 28,693 109,085 78,042 Total operating expenses 173,217 126,792 494,276 357,698 Operating income 101,305 80,800 278,951 225,825 Other income, net 3,455 9,141 9,750 22,634 Income before income taxes 104,760 89,941 288,701 248,459 Provision for income taxes 7,801 7,696 11,621 13,523 Net income $ 96,959 $ 82,245 $ 277,080 $ 234,936 Net income per share: Basic $ 0.64 $ 0.56 $ 1.84 $ 1.59 Diluted $ 0.60 $ 0.52 $ 1.73 $ 1.49 Weighted-average shares used to compute net income per share: Basic 150,993 148,157 150,322 147,467 Diluted 161,711 158,750 160,517 158,124 Other comprehensive income: Net change in unrealized gains on available-for-sale investments $ (1,230 ) $ 753 $ 1,198 $ 2,176 Net change in cumulative foreign currency translation loss (1,438 ) (487 ) 1,844 (2,931 ) Comprehensive income $ 94,291 $ 82,511 $ 280,122 $ 234,181 (3) Includes stock-based compensation as follows: Cost of revenues: Cost of subscription services $ 1,149 $ 560 $ 3,700 $ 1,528 Cost of professional services and other 7,510 4,825 19,902 12,261 Research and development 17,685 9,899 45,523 25,732 Sales and marketing 10,711 6,882 30,089 19,207 General and administrative 11,918 7,155 36,032 19,719 Total stock-based compensation $ 48,973 $ 29,321 $ 135,246 $ 78,447 (4) Includes subscription services revenues from the following product areas: Veeva Commercial Cloud $ 152,466 $ 115,201 $ 439,858 $ 333,591 Veeva Vault 150,472 111,559 416,817 308,596 Total subscription services $ 302,938 $ 226,760 $ 856,675 $ 642,187 (5) Includes professional services and other revenues from the following product areas: Veeva Commercial Cloud $ 29,115 $ 18,589 $ 83,109 $ 52,381 Veeva Vault 45,466 35,572 128,524 98,005 Total professional services and other $ 74,581 $ 54,161 $ 211,633 $ 150,386 VEEVA SYSTEMS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three months ended October 31, Nine months ended October 31, 2020 2019 2020 2019 Cash flows from operating activities Net income $ 96,959 $ 82,245 $ 277,080 $ 234,936 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7,525 3,845 22,720 11,626 Reduction of operating lease right-of-use assets 3,322 1,798 9,411 5,016 Accretion of discount on short-term investments 1,203 (722 ) 1,688 (2,996 ) Stock-based compensation 48,973 29,321 135,246 78,447 Amortization of deferred costs 5,350 4,832 15,425 14,524 Deferred income taxes (1,894 ) 432 (3,532 ) 1,771 Loss (Gain) on foreign currency from mark-to-market derivative 19 (74 ) 14 (112 ) Bad debt (expense) recovery (181 ) 270 (60 ) (42 ) Changes in operating assets and liabilities: Accounts receivable 37,448 28,319 206,214 186,633 Unbilled accounts receivable (16,585 ) (9,515 ) (20,418 ) (12,777 ) Deferred costs (6,177 ) (4,500 ) (15,312 ) (13,528 ) Income taxes payable 4,538 3,909 (453 ) 4,858 Other current and long-term assets 8,195 5,610 (2,937 ) 1,513 Accounts payable 3,060 1,253 (456 ) 1,216 Accrued expenses and other current liabilities 1,541 (1,682 ) 4,357 231 Deferred revenue (90,291 ) (78,326 ) (137,980 ) (105,637 ) Operating lease liabilities (3,229 ) (1,625 ) (8,496 ) (5,143 ) Other long-term liabilities (4,373 ) (3,886 ) 384 (2,270 ) Net cash provided by operating activities 95,403 61,504 482,895 398,266 Cash flows from investing activities Purchases of short-term investments (417,898 ) (190,695 ) (874,465 ) (628,784 ) Maturities and sales of short-term investments 158,628 194,661 528,194 571,398 Long-term assets (3,316 ) (1,237 ) (8,456 ) (4,228 ) Net cash (used in) provided by investing activities (262,586 ) 2,729 (354,727 ) (61,614 ) Cash flows from financing activities Reduction of lease liabilities - finance leases 79 (241 ) (420 ) (729 ) Proceeds from exercise of common stock options 6,186 1,607 25,245 8,618 Net cash provided by financing activities 6,265 1,366 24,825 7,889 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (599 ) (487 ) 2,683 (2,931 ) Net change in cash, cash equivalents, and restricted cash (161,517 ) 65,112 155,676 341,610 Cash, cash equivalents, and restricted cash at beginning of period 796,990 828,676 479,797 552,178 Cash, cash equivalents, and restricted cash at end of period $ 635,473 $ 893,788 $ 635,473 $ 893,788 Supplemental disclosures of other cash flow information: Excess tax benefits from employee stock plans $ 17,329 $ 8,931 $ 59,067 $ 39,509 Non-GAAP Financial Measures In Veevas public disclosures, Veeva has provided non-GAAP measures, which it defines as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, Veeva uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing its financial results. For the reasons set forth below, Veeva believes that excluding the following items provides information that is helpful in understanding its operating results, evaluating its future prospects, comparing its financial results across accounting periods, and comparing its financial results to its peers, many of which provide similar non-GAAP financial measures. There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Veevas management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Veeva encourages its investors and others to review its financial information in its entirety, not to rely on any single financial measure to evaluate its business, and to view its non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below. VEEVA SYSTEMS INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Dollars in thousands) (Unaudited) The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below: Three months ended October 31, Nine months ended October 31, 2020 2019 2020 2019 Cost of subscription services revenues on a GAAP basis $ 45,845 $ 31,964 $ 132,457 $ 93,822 Stock-based compensation expense (1,149 ) (560 ) (3,700 ) (1,528 ) Amortization of purchased intangibles (1,174 ) (688 ) (3,942 ) (2,043 ) Cost of subscription services revenues on a non-GAAP basis $ 43,522 $ 30,716 $ 124,815 $ 90,251 Gross margin on subscription services revenues on a GAAP basis 84.9 % 85.9 % 84.5 % 85.4 % Stock-based compensation expense 0.4 0.2 0.4 0.2 Amortization of purchased intangibles 0.4 0.4 0.5 0.3 Gross margin on subscription services revenues on a non-GAAP basis 85.7 % 86.5 % 85.4 % 85.9 % Cost of professional services and other revenues on a GAAP basis $ 57,152 $ 41,365 $ 162,624 $ 115,228 Stock-based compensation expense (7,510 ) (4,825 ) (19,902 ) (12,261 ) Amortization of purchased intangibles (138 ) (411 ) Cost of professional services and other revenues on a non-GAAP basis $ 49,504 $ 36,540 $ 142,311 $ 102,967 Gross margin on professional services and other revenues on a GAAP basis 23.4 % 23.6 % 23.2 % 23.4 % Stock-based compensation expense 10.1 8.9 9.4 8.2 Amortization of purchased intangibles 0.2 0.2 Gross margin on professional services and other revenues on a non-GAAP basis 33.7 % 32.5 % 32.8 % 31.6 % Gross profit on a GAAP basis $ 274,522 $ 207,592 $ 773,227 $ 583,523 Stock-based compensation expense 8,659 5,385 23,602 13,789 Amortization of purchased intangibles 1,312 688 4,353 2,043 Gross profit on a non-GAAP basis $ 284,493 $ 213,665 $ 801,182 $ 599,355 Gross margin on total revenues on a GAAP basis 72.7 % 73.9 % 72.4 % 73.6 % Stock-based compensation expense 2.3 1.9 2.2 1.7 Amortization of purchased intangibles 0.3 0.3 0.3 0.3 Gross margin on total revenues on a non-GAAP basis 75.3 % 76.1 % 74.9 % 75.6 % Research and development expense on a GAAP basis $ 79,992 $ 52,575 $ 212,282 $ 148,694 Stock-based compensation expense (17,685 ) (9,899 ) (45,523 ) (25,732 ) Amortization of purchased intangibles (29 ) (86 ) Research and development expense on a non-GAAP basis $ 62,278 $ 42,676 $ 166,673 $ 122,962 Sales and marketing expense on a GAAP basis $ 57,982 $ 45,524 $ 172,909 $ 130,962 Stock-based compensation expense (10,711 ) (6,882 ) (30,089 ) (19,207 ) Amortization of purchased intangibles (3,858 ) (802 ) (10,828 ) (2,530 ) Sales and marketing expense on a non-GAAP basis $ 43,413 $ 37,840 $ 131,992 $ 109,225 General and administrative expense on a GAAP basis $ 35,243 $ 28,693 $ 109,085 $ 78,042 Stock-based compensation expense (11,918 ) (7,155 ) (36,032 ) (19,719 ) Amortization of purchased intangibles (57 ) (170 ) General and administrative expense on a non-GAAP basis $ 23,268 $ 21,538 $ 72,883 $ 58,323 VEEVA SYSTEMS INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (Dollars in thousands, except per share data) (Unaudited) Three months ended October 31, Nine months ended October 31, 2020 2019 2020 2019 Operating expense on a GAAP basis $ 173,217 $ 126,792 $ 494,276 $ 357,698 Stock-based compensation expense (40,314 ) (23,936 ) (111,644 ) (64,658 ) Amortization of purchased intangibles (3,944 ) (802 ) (11,084 ) (2,530 ) Operating expense on a non-GAAP basis $ 128,959 $ 102,054 $ 371,548 $ 290,510 Operating income on a GAAP basis $ 101,305 $ 80,800 $ 278,951 $ 225,825 Stock-based compensation expense 48,973 29,321 135,246 78,447 Amortization of purchased intangibles 5,256 1,490 15,437 4,573 Operating income on a non-GAAP basis $ 155,534 $ 111,611 $ 429,634 $ 308,845 Operating margin on a GAAP basis 26.8 % 28.8 % 26.1 % 28.5 % Stock-based compensation expense 13.0 10.4 12.7 9.9 Amortization of purchased intangibles 1.4 0.5 1.4 0.6 Operating margin on a non-GAAP basis 41.2 % 39.7 % 40.2 % 39.0 % Net income on a GAAP basis $ 96,959 $ 82,245 $ 277,080 $ 234,936 Stock-based compensation expense 48,973 29,321 135,246 78,447 Amortization of purchased intangibles 5,256 1,490 15,437 4,573 Income tax effect on non-GAAP adjustments(1) (25,587 ) (17,662 ) (80,650 ) (56,088 ) Net income on a non-GAAP basis $ 125,601 $ 95,394 $ 347,113 $ 261,868 Diluted net income per share on a GAAP basis $ 0.60 $ 0.52 $ 1.73 $ 1.49 Stock-based compensation expense 0.30 0.18 0.84 0.50 Amortization of purchased intangibles 0.03 0.01 0.10 0.02 Income tax effect on non-GAAP adjustments(1) (0.15 ) (0.11 ) (0.51 ) (0.35 ) Diluted net income per share on a non-GAAP basis $ 0.78 $ 0.60 $ 2.16 $ 1.66 ________________________ (1) For the three and nine months ended October 31, 2020 and 2019, management used an estimated annual effective non-GAAP tax rate of 21.0%.

Answer: Veeva Announces Fiscal 2021 Third Quarter Results Total Revenues of $377.5 million, up 34% Year-over-year; Subscription Services Revenues of $302.9 million, up 34% Year-over-year