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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________________
FORM 10-Q
____________________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission File Number: 001-36121
____________________________________________________________________________________
veev-20220731_g1.jpg
Veeva Systems Inc.
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________
Delaware20-8235463
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
4280 Hacienda Drive
Pleasanton, California, 94588
(Address of principal executive offices)
(Registrant’s telephone number, including area code) (925452-6500
(Former name, former address and former fiscal year, if changed since last report) N/A
____________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock,
par value $0.00001 per share
VEEVThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of August 31, 2022, there were 140,515,983 shares of the Registrant’s Class A common stock outstanding and 14,765,431 shares of the Registrant’s Class B common stock outstanding.



VEEVA SYSTEMS INC.
FORM 10-Q
TABLE OF CONTENTS
2
Veeva Systems Inc. | Form 10-Q

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report on Form 10-Q contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations and expenses, business strategies and plans, trends, market sizing, competitive position, industry environment, potential growth opportunities, and product capabilities among other things. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as “aim,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “goal,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “strive,” “will,” “would,” or similar expressions and the negatives of those terms.
Forward-looking statements are based on our current views and expectations and involve known and unknown risks, uncertainties and other factors—including those described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this report—that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements.
Any forward-looking statements in this report are made only as of the date of this report. Except as required by law, we disclaim any obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
As used in this report, the terms “Veeva,” “Registrant,” “the Company,” “we,” “us,” and “our” mean Veeva Systems Inc. and its subsidiaries unless the context indicates otherwise.
Veeva Systems Inc. | Form 10-Q
3

PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS.
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except number of shares and par value)
(Unaudited)
July 31,
2022
January 31,
2022
Assets
Current assets:
Cash and cash equivalents$1,140,246 $1,138,040 
Short-term investments1,778,861 1,238,064 
Accounts receivable, net of allowance for doubtful accounts of $510 and $473, respectively
313,219 631,134 
Unbilled accounts receivable77,778 63,266 
Prepaid expenses and other current assets46,038 36,679 
Total current assets3,356,142 3,107,183 
Property and equipment, net52,409 54,495 
Deferred costs, net27,877 33,106 
Lease right-of-use assets58,539 49,640 
Goodwill439,877 439,877 
Intangible assets, net92,288 101,940 
Deferred income taxes62,059 5,097 
Other long-term assets27,392 25,127 
Total assets$4,116,583 $3,816,465 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$30,915 $20,348 
Accrued compensation and benefits36,609 33,834 
Accrued expenses and other current liabilities30,714 36,109 
Income tax payable5,143 7,761 
Deferred revenue684,642 731,746 
Lease liabilities11,366 10,981 
Total current liabilities799,389 840,779 
Deferred income taxes1,657 2,216 
Lease liabilities, noncurrent52,106 43,607 
Other long-term liabilities19,500 18,226 
Total liabilities872,652 904,828 
Commitments and contingencies (note 13)
Stockholders’ equity:
Class A common stock, $0.00001 par value; 800,000,000 shares authorized, 140,456,123 and 139,432,822 issued and outstanding at July 31, 2022 and January 31, 2022, respectively
2 2 
Class B common stock, $0.00001 par value; 190,000,000 shares authorized, 14,768,551 and 14,763,775 issued and outstanding at July 31, 2022 and January 31, 2022, respectively
  
Additional paid-in capital1,353,502 1,196,547 
Accumulated other comprehensive loss(27,335)(11,958)
Retained earnings1,917,762 1,727,046 
Total stockholders’ equity3,243,931 2,911,637 
Total liabilities and stockholders’ equity$4,116,583 $3,816,465 
See Notes to Condensed Consolidated Financial Statements.
4
Veeva Systems Inc. | Form 10-Q

VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended July 31,Six months ended July 31,
2022202120222021
Revenues:
Subscription services$428,649 $366,436 $831,281 $707,555 
Professional services and other105,569 89,158 208,039 181,612 
Total revenues534,218 455,594 1,039,320 889,167 
Cost of revenues(1):
Cost of subscription services64,035 53,909 122,988 105,126 
Cost of professional services and other87,634 68,188 168,196 133,107 
Total cost of revenues151,669 122,097 291,184 238,233 
Gross profit382,549 333,497 748,136 650,934 
Operating expenses(1):
Research and development134,008 94,899 247,483 178,125 
Sales and marketing89,617 71,789 165,732 136,399 
General and administrative57,832 42,185 106,157 83,340 
Total operating expenses281,457 208,873 519,372 397,864 
Operating income101,092 124,624 228,764 253,070 
Other income, net8,398 1,666 11,107 6,230 
Income before income taxes109,490 126,290 239,871 259,300 
Provision for income taxes18,889 17,432 49,155 34,875 
Net income$90,601 $108,858 $190,716 $224,425 
Net income per share:
Basic$0.58 $0.71 $1.23 $1.47 
Diluted$0.56 $0.67 $1.17 $1.38 
Weighted-average shares used to compute net income per share:
Basic154,951 153,090 154,736 152,768 
Diluted162,132 162,765 162,499 162,636 
Other comprehensive income:
Net change in unrealized loss on available-for-sale investments$(2,224)$(217)$(13,223)$(1,303)
Net change in cumulative foreign currency translation loss(900)(165)(2,154)(2,378)
Comprehensive income$87,477 $108,476 $175,339 $220,744 
(1) Includes stock-based compensation as follows:
Cost of revenues:
Cost of subscription services$1,693 $1,316 $2,970 $2,222 
Cost of professional services and other13,818 9,541 23,808 16,963 
Research and development38,901 22,315 64,724 39,152 
Sales and marketing24,031 15,115 40,924 26,670 
General and administrative17,599 14,098 30,750 25,867 
Total stock-based compensation$96,042 $62,385 $163,176 $110,874 
See Notes to Condensed Consolidated Financial Statements.
Veeva Systems Inc. | Form 10-Q
5

VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)
(Unaudited)
Three months ended July 31, 2022Three months ended July 31, 2021
Class A & B
common stock
Additional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
loss
Total
stockholders’
equity
Class A & B
common stock
Additional paid-in capitalRetained earningsAccumulated other comprehensive lossTotal stockholders’ equity
SharesAmountSharesAmount
Balances at beginning of period154,797,960 $2 $1,265,323 $1,827,161 $(24,211)$3,068,275 152,800,356 $2 $1,032,063 $1,415,223 $(2,304)$2,444,984 
Issuance of common stock upon exercise of stock options262,921 — 9,250 — — 9,250 404,754 — 20,342 — — 20,342 
Issuance of common stock upon vesting of restricted stock units253,050 — — — — — 206,774 — — — — — 
Shares withheld related to net share settlement(89,257)— (17,761)— — (17,761)(53,625)— (16,385)— — (16,385)
Stock-based compensation expense— — 96,690 — — 96,690 — — 62,683 — — 62,683 
Change in other comprehensive loss— — — — (3,124)(3,124)— — — — (385)(385)
Net income— — — 90,601 — 90,601 — — — 108,858 — 108,858 
Balances at end of period155,224,674 $2 $1,353,502 $1,917,762 $(27,335)$3,243,931 153,358,259 $2 $1,098,703 $1,524,081 $(2,689)$2,620,097 
Six months ended July 31, 2022Six months ended July 31, 2021
Class A & B
common stock
Additional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
loss
Total
stockholders’
equity
Class A & B
common stock
Additional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Total
stockholders’
equity
SharesAmountSharesAmount
Balances at beginning of period154,196,597 $2 $1,196,547 $1,727,046 $(11,958)$2,911,637 152,056,808 $2 $965,670 $1,299,656 $992 $2,266,320 
Issuance of common stock upon exercise of stock options745,357 — 25,541 — — 25,541 889,791 — 37,942 — — 37,942 
Issuance of common stock upon vesting of restricted stock units438,850 — — — — — 465,285 — — — — — 
Shares withheld related to net share settlement(156,130)— (32,671)— — (32,671)(53,625)— (16,385)— — (16,385)
Stock-based compensation expense— — 164,085 — — 164,085 — — 111,476 — — 111,476 
Change in other comprehensive loss— — — — (15,377)(15,377)— — — — (3,681)(3,681)
Net income— — — 190,716 — 190,716 — — — 224,425 — 224,425 
Balances at end of period155,224,674 $2 $1,353,502 $1,917,762 $(27,335)$3,243,931 153,358,259 $2 $1,098,703 $1,524,081 $(2,689)$2,620,097 
See Notes to Condensed Consolidated Financial Statements.

6
Veeva Systems Inc. | Form 10-Q

VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three months ended July 31,Six months ended July 31,
2022202120222021
Cash flows from operating activities
Net income$90,601 $108,858 $190,716 $224,425 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization7,228 6,880 14,286 13,508 
Reduction of operating lease right-of-use assets3,020 2,874 5,968 5,701 
(Accretion) amortization of discount on short-term investments(507)1,743 549 3,285 
Stock-based compensation96,042 62,385 163,176 110,874 
Amortization of deferred costs5,736 6,474 11,729 12,829 
Deferred income taxes(20,881)6,953 (53,313)12,195 
Loss on foreign currency from mark-to-market derivative1,768 2 1,186 433 
Bad debt (recovery) expense146 (22)121 137 
Changes in operating assets and liabilities:
Accounts receivable16,312 (21,409)317,794 280,323 
Unbilled accounts receivable(15,807)267 (14,512)(3,894)
Deferred costs(3,421)(3,802)(6,500)(8,092)
Prepaid expenses and other current and long-term assets(3,513)(3,866)(11,076)(1,129)
Accounts payable5,540 5,031 10,661 (1,763)
Accrued expenses and other current liabilities(475)2,216 (2,811)9,183 
Income taxes payable(45,841)(3,726)(2,618)(17)
Deferred revenue(39,998)(49,783)(47,469)(57,959)
Operating lease liabilities(3,081)(2,913)(5,112)(5,661)
Other long-term liabilities517 903 1,638 3,072 
Net cash provided by operating activities93,386 119,065 574,413 597,450 
Cash flows from investing activities
Purchases of short-term investments(433,073)(422,680)(1,005,417)(679,618)
Maturities and sales of short-term investments250,531 187,324 446,721 408,969 
Acquisitions, net of cash acquired (2,133) (2,133)
Long-term assets(1,663)(5,325)(3,996)(7,981)
Net cash used in investing activities(184,205)(242,814)(562,692)(280,763)
Cash flows from financing activities
Changes in lease liabilities - finance leases (98) (384)
Proceeds from exercise of common stock options9,250 20,851 25,541 37,942 
Taxes paid related to net share settlement of equity awards(17,134)(15,096)(32,133)(15,096)
Net cash (used in) provided by financing activities(7,884)5,657 (6,592)22,462 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(1,049)(180)(2,923)(2,945)
Net change in cash, cash equivalents, and restricted cash(99,752)(118,272)2,206 336,204 
Cash, cash equivalents, and restricted cash at beginning of period1,243,183 1,186,188 1,141,225 731,712 
Cash, cash equivalents, and restricted cash at end of period$1,143,431 $1,067,916 $1,143,431 $1,067,916 
Cash, cash equivalents, and restricted cash at end of period:
Cash and cash equivalents$1,140,246 $1,064,731 $1,140,246 $1,064,731 
Restricted cash included in other long-term assets3,185 3,185 3,185 3,185 
Total cash, cash equivalents, and restricted cash at end of period$1,143,431 $1,067,916 $1,143,431 $1,067,916 
Supplemental disclosures of other cash flow information:
Cash paid for income taxes, net of refunds$89,583 $15,368 $107,772 $20,501 
Excess tax benefits from employee stock plans$2,094 $17,609 $5,093 $35,060 
Non-cash investing activities:
Changes in accounts payable and accrued expenses related to property and equipment purchases$(3)$104 $(441)$(2,826)
See Notes to Condensed Consolidated Financial Statements.
Veeva Systems Inc. | Form 10-Q
7

VEEVA SYSTEMS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Summary of Business and Significant Accounting Policies
Description of Business
Veeva is the leading provider of industry cloud solutions for the global life sciences industry. We were founded in 2007 on the premise that industry-specific cloud solutions could best address the operating challenges and regulatory requirements of life sciences companies. Our offerings span cloud software, data, analytics, professional services, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions—from research and development (R&D) to commercialization. Our solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations. Our Commercial Solutions help life sciences companies achieve better, more intelligent engagement with healthcare professionals and healthcare organizations across multiple communication channels, and plan and execute more effective media and marketing campaigns. Our R&D Solutions for the clinical, quality, regulatory, and safety functions help life sciences companies streamline their end-to-end product development processes to increase operational efficiency and maintain regulatory compliance throughout the product life cycle. We also bring the benefits of our content and data management solutions to a set of customers outside of life sciences in the consumer product and chemical industries. Our fiscal year end is January 31.
Principles of Consolidation and Basis of Presentation
These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting and include the accounts of our wholly-owned subsidiaries after elimination of intercompany accounts and transactions. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022, filed on March 30, 2022. There have been no changes to our significant accounting policies described in the annual report that have had a material impact on our condensed consolidated financial statements and related notes.
The unaudited condensed consolidated balance sheet as of January 31, 2022 included herein was derived from the audited financial statements as of that date. These unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly our financial position, results of operations, comprehensive income, and cash flows for the interim periods but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year ending January 31, 2023 or any other period.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates, judgments, and assumptions that affect the condensed consolidated financial statements and the notes thereto. These estimates are based on information available as of the date of the condensed consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Items subject to such estimates and assumptions include, but are not limited to:
the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations;
the determination of the period of benefit for amortization of deferred costs;
the realizability of deferred income tax assets and liabilities;
the fair value of our stock-based awards.
As future events cannot be determined with precision, actual results could differ significantly from those estimates.
8
Veeva Systems Inc. | Form 10-Q

Note 2. Short-Term Investments
At July 31, 2022, short-term investments consisted of the following (in thousands):
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Estimated
fair
value
Available-for-sale securities:
Certificates of deposits$70,710 $3 $(214)$70,499 
Asset-backed securities328,546 147 (4,089)324,604 
Commercial paper173,905 1 (636)173,270 
Corporate notes and bonds889,583 266 (16,450)873,399 
Foreign government bonds22,832 12 (409)22,435 
U.S. agency obligations27,986 7 (625)27,368 
U.S. treasury securities291,750 110 (4,574)287,286 
Total available-for-sale securities$1,805,312 $546 $(26,997)$1,778,861 
At January 31, 2022, short-term investments consisted of the following (in thousands):
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Estimated
fair
value
Available-for-sale securities:
Certificates of deposits$13,500 $ $(15)$13,485 
Asset-backed securities191,676 45 (1,432)190,289 
Commercial paper29,432  (2)29,430 
Corporate notes and bonds669,489 276 (5,856)663,909 
Foreign government bonds24,577 13 (179)24,411 
U.S. agency obligations27,978 12 (254)27,736 
U.S. treasury securities290,513 46 (1,755)288,804 
Total available-for-sale securities$1,247,165 $392 $(9,493)$1,238,064 
The following table summarizes the estimated fair value of our short-term investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of the dates shown (in thousands):
July 31,
2022
January 31,
2022
Due in one year or less$862,430 $457,948 
Due in greater than one year916,431 780,116 
Total$1,778,861 $1,238,064 
We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high credit quality of our investments. We intend to hold our securities to maturity and it is more likely than not that we will hold these securities until recovery of the cost basis.
Veeva Systems Inc. | Form 10-Q
9

The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of July 31, 2022 (in thousands):
Held for less than 12 monthsHeld for more than 12 months
Fair
value
Gross
unrealized
losses
Fair
value
Gross
unrealized
losses
Certificates of deposits$60,495 $(214)$ $ 
Asset-backed securities282,437 (3,928)6,188 (161)
Commercial paper168,390 (636)  
Corporate notes and bonds766,929 (14,251)64,854 (2,199)
Foreign government bonds16,730 (409)  
U.S. agency obligations22,286 (620)2,075 (5)
U.S. treasury securities265,627 (4,330)7,249 (244)
The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of January 31, 2022 (in thousands):
Held for less than 12 months
Fair
value
Gross
unrealized
losses
Certificates of deposits$5,985 $(15)
Asset-backed securities177,056 (1,432)
Commercial paper17,190 (2)
Corporate notes and bonds571,099 (5,856)
Foreign government bonds19,594 (179)
U.S. agency obligations24,725 (254)
U.S. treasury securities247,509 (1,756)
Gross unrealized losses of available-for-sale securities held for more than 12 months as of January 31, 2022 were immaterial.
Note 3. Deferred Costs
Deferred costs, which consist of deferred sales commissions, were $28 million and $33 million as of July 31, 2022 and January 31, 2022, respectively. Amortization expense for the deferred costs included in sales and marketing expenses in the condensed consolidated statements of comprehensive income was $6 million and $12 million for the three and six months ended July 31, 2022, respectively, and $6 million and $13 million for the three and six months ended July 31, 2021, respectively. There have been no impairment losses recorded in relation to the costs capitalized for any period presented.
10
Veeva Systems Inc. | Form 10-Q

Note 4. Property and Equipment, Net
Property and equipment, net consists of the following as of the dates shown (in thousands):
July 31,
2022
January 31,
2022
Land$3,040 $3,040 
Building20,984 20,984 
Land improvements and building improvements22,392 22,392 
Equipment and computers2,202 3,581 
Furniture and fixtures15,472 15,040 
Leasehold improvements19,659 19,002 
Construction in progress228 730 
83,977 84,769 
Less accumulated depreciation(31,568)(30,274)
Total property and equipment, net$52,409 $54,495 
Total depreciation expense was $2 million and $3 million for the three and six months ended July 31, 2022, respectively, and $2 million and $