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Total Revenues of $699.2M , up 13% Year Over Year Subscription Services Revenues of $580.9M , up 17% Year Over Year PLEASANTON, Calif. , Dec. 5, 2024 /PRNewswire/ -- Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its third quarter ended October 31, 2024. "It was a great quarter of innovation and excellent execution across the board," said CEO Peter Gassner . "Especially significant was the hard work for the long term. We deepened a number of large, highly strategic relationships and are set to deliver the next generation of CRM this month with Vault CRM Suite to connect sales, marketing, and medical – a first for the industry." Fiscal 2025 Third Quarter Results: "We delivered results ahead of guidance on all metrics, reflecting our operational discipline and the durability of our model," said CFO Brian Van Wagener . "With a clear product strategy, focused execution, and large market opportunity we are well positioned for strong growth and profitability for many years to come." Recent Highlights: Financial Outlook: Veeva is providing guidance for its fiscal fourth quarter ending January 31, 2025 as follows: Veeva is providing updated guidance for its fiscal year ending January 31, 2025 as follows: Conference Call Information Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva's investor relations website at ir.veeva.com . Veeva will host a Q&A conference call at 2:00 p.m. PT today, December 5, 2024, and a replay of the call will be available on Veeva's investor relations website. What: Veeva Systems Fiscal 2025 Third Quarter Results Conference Call When: Thursday, December 5, 2024 Time: 2:00 p.m. PT (5:00 p.m. ET) Online Registration: https://registrations.events/direct/Q4I86021395 Webcast: ir.veeva.com ___________ (1) The customer contracting change that standardized termination for convenience (TFC) rights in our master subscription agreements resulted in a change in the timing of revenue for certain customer contracts and reduced revenues, operating income and non-GAAP operating income, and net income and non-GAAP net income in the third quarter of fiscal 2024. (2) 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. (3) 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, 2025 or the fiscal year ending January 31, 2025 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant. About Veeva Systems Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com . Veeva uses its ir.veeva.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts. Forward-looking Statements This release contains forward-looking statements regarding Veeva's expected future performance and, in particular, includes quotes from management and guidance, provided as of December 5, 2024, about Veeva's expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, events that impact the life sciences industry, general macroeconomic and geopolitical events (including inflationary pressures, changes in interest rates, currency exchange fluctuations and impacts related to Russia's invasion of Ukraine and the Israel-Hamas conflict), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled "Summary of Risk Factors" on pages 36 and 37 in our filing on Form 10-Q for the period ended July 31, 2024 which you can find here . Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov . We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision. Investor Relations Contact: Media Contact: Gunnar Hansen Maria Scurry Veeva Systems Inc. Veeva Systems Inc. 267-460-5839 781-366-7617 ir@veeva.com pr@veeva.com VEEVA SYSTEMS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 1,044,511 $ 703,487 Short-term investments 4,018,475 3,324,269 Accounts receivable, net 255,817 852,172 Unbilled accounts receivable 45,472 36,365 Prepaid expenses and other current assets 82,885 86,918 Total current assets 5,447,160 5,003,211 Property and equipment, net 55,695 58,532 Deferred costs, net 22,515 23,916 Lease right-of-use assets 60,325 45,602 Goodwill 439,877 439,877 Intangible assets, net 48,527 63,017 Deferred income taxes 322,652 233,463 Other long-term assets 56,102 43,302 Total assets $ 6,452,853 $ 5,910,920 Liabilities and stockholders ' equity Current liabilities: Accounts payable $ 31,845 $ 31,513 Accrued compensation and benefits 34,634 43,433 Accrued expenses and other current liabilities 30,906 32,980 Income tax payable 10,803 11,862 Deferred revenue 739,657 1,049,761 Lease liabilities 9,156 9,334 Total current liabilities 857,001 1,178,883 Deferred income taxes 475 2,052 Lease liabilities, noncurrent 62,545 46,441 Other long-term liabilities 31,429 38,720 Total liabilities 951,450 1,266,096 Stockholders' equity: Common stock 2 2 Additional paid-in capital 2,248,890 1,915,002 Accumulated other comprehensive loss (6,459) (10,637) Retained earnings 3,258,970 2,740,457 Total stockholders' equity 5,501,403 4,644,824 Total liabilities and stockholders ' equity $ 6,452,853 $ 5,910,920 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, 2024 2023 2024 2023 Revenues: Subscription services (4) $ 580,850 $ 494,912 $ 1,676,082 $ 1,380,095 Professional services and other (5) 118,357 121,593 349,651 352,960 Total revenues 699,207 616,505 2,025,733 1,733,055 Cost of revenues (6) : Cost of subscription services 82,638 74,435 239,577 213,179 Cost of professional services and other 91,751 93,247 279,068 290,184 Total cost of revenues 174,389 167,682 518,645 503,363 Gross profit 524,818 448,823 1,507,088 1,229,692 Operating expenses (6) : Research and development 172,411 161,278 511,551 465,466 Sales and marketing 98,695 96,773 297,524 282,269 General and administrative 72,359 62,283 195,001 187,887 Total operating expenses 343,465 320,334 1,004,076 935,622 Operating income 181,353 128,489 503,012 294,070 Other income, net 60,937 42,187 171,239 111,260 Income before income taxes 242,290 170,676 674,251 405,330 Income tax provision 56,482 35,518 155,738 27,023 Net income $ 185,808 $ 135,158 $ 518,513 $ 378,307 Net income per share: Basic $ 1.15 $ 0.84 $ 3.21 $ 2.36 Diluted $ 1.13 $ 0.83 $ 3.15 $ 2.32 Weighted-average shares used to compute net income per share: Basic 161,987 160,768 161,707 160,344 Diluted 164,979 163,761 164,838 163,129 Other comprehensive income: Net change in unrealized (loss) gain on available-for-sale investments $ (738) $ (2,637) $ 5,576 $ (6,100) Net change in cumulative foreign currency translation loss (146) (518) (1,398) (309) Comprehensive income $ 184,924 $ 132,003 $ 522,691 $ 371,898 (4) Includes subscription services revenues from the following product areas: Veeva Commercial Solutions $ 278,377 $ 251,167 $ 811,503 $ 733,921 Veeva R&D Solutions 302,473 243,745 864,579 646,174 Total subscription services $ 580,850 $ 494,912 $ 1,676,082 $ 1,380,095 (5) Includes professional services and other revenues from the following product areas: Veeva Commercial Solutions $ 45,855 $ 47,899 $ 139,695 $ 140,082 Veeva R&D Solutions 72,502 73,694 209,956 212,878 Total professional services and other $ 118,357 $ 121,593 $ 349,651 $ 352,960 (6) Includes stock-based compensation as follows:
The Unsung Hero of the AI Revolution In the rapidly evolving world of artificial intelligence, few companies have captured the limelight like Nvidia. However, lurking in the shadows is Taiwan Semiconductor Manufacturing Company (TSMC), the powerhouse behind the scenes that makes many of these technological advancements possible. Specializing in the complex fabrication processes required for cutting-edge GPUs, TSMC partners with leading tech giants like Amazon, Broadcom, Qualcomm, AMD, and Nvidia. A Promising Future Shaping AI The global GPU market is on a skyrocketing trajectory, anticipated to grow annually by 33% through 2029, reaching a staggering $274 billion. TSMC is poised to seize growing opportunities as AI technology advances, with Nvidia and AMD launching next-gen GPUs, and big names like Microsoft and Meta also entering the game. This positions TSMC as a crucial player in meeting the ballooning demand for top-tier semiconductors. Valuation and Investment Potential TSMC’s stock has soared, gaining nearly 90% in 2024 alone, yet its forward price-to-earnings ratio remains on par with the S&P 500. This indicates notable potential for investors looking for growth in the semiconductor industry. However, challenges exist, including geopolitical tensions in Taiwan and competitive pressures from Intel’s expanding foundry business. Despite these risks, the compelling growth prospects and crucial role that TSMC plays in the AI landscape make it an appealing option for savvy investors seeking long-term gains. With the semiconductor industry at the heart of AI innovation, TSMC emerges as a pivotal investment opportunity in this transformative era. TSMC: The Semiconductor Titan Fueling the AI Boom In the dynamic landscape of artificial intelligence, while companies like Nvidia often steal the spotlight, Taiwan Semiconductor Manufacturing Company (TSMC) plays an indispensable yet understated role. TSMC’s advanced manufacturing capabilities in the realm of GPUs place it at the forefront of the AI revolution, supporting industry leaders like Nvidia, AMD, and Qualcomm, among others. Emerging Trends and Insights As AI technology continues to evolve, the global GPU market is projected to experience remarkable growth, with an annual increase of 33% anticipated through 2029. This surge presents TSMC with a lucrative opportunity to expand its influence. The launch of next-generation GPUs by Nvidia and AMD, coupled with the participation of tech giants such as Microsoft and Meta, underscores TSMC’s critical role in fulfilling the rising demand for high-performance semiconductors. Investment Viability and Market Prospects In 2024, TSMC’s stock experienced a notable increase of 90%, positioning it as an attractive option for investors seeking growth in the semiconductor sector. Despite maintaining a forward price-to-earnings ratio akin to the S&P 500, TSMC presents substantial growth potential. Nevertheless, investors must navigate challenges, including geopolitical tensions in Taiwan and intensified competition from Intel’s expanding foundry operations. Despite these hurdles, TSMC’s pivotal role in AI development solidifies its standing as a compelling investment avenue for strategic investors focused on long-term gains. Innovations and Specifications TSMC’s unwavering commitment to innovation is evident in its state-of-the-art fabrication processes and partnerships with leading tech companies. By offering cutting-edge semiconductor solutions, TSMC reinforces its reputation as a cornerstone of AI advancements. Its ability to deliver specialized chips tailored to diverse applications propels the continuous evolution of AI technologies. Sustainability and Ethical Considerations As a leader in semiconductor manufacturing, TSMC prioritizes sustainability. The company is focused on reducing its carbon footprint and enhancing energy efficiency in its production processes. These efforts not only bolster its ethical standing but also align with the global push toward more sustainable and environmentally conscious manufacturing practices. For further information about TSMC and its contributions to the semiconductor industry, visit the TSMC website .
Netflix to deliver thrills and drama with Seven Doors, Squid Game: Season 2, The Ultimatum: Marry or Move On: Season 3 and more in December It’s Christmas season and Netflix is delivering all the entertainment. From heart-pounding action and gripping drama to swoon-worthy romance, reality TV thrills, and side-splitting comedy, December is set to be a month to remember. Catch up on titles like the highly anticipated Seven Doors, where a man’s life unravels when he is elected as the new king of his village, only for an ancient prophecy to challenge his reign with blood and fury. A first-time foray into directing by renowned actor, Femi Adebayo, Seven Doors will premiere on Netflix on the 13th of December. Starring leading actors including Muyiwa Ademola, Jide Kosoko, Chioma Akpotha, Adebayo Salami, Ronke Oshodi, Aisha Lawal, Yinka Quadri, Gabriel Afolayan, and Femi Adebayo, the limited series is expected to transport viewers to 18th and 19th century Nigeria. Coming on the heels of Femi Adebayo’s previous project Jagun Jagun, which bagged awards at the AMVCA and AMAA, Seven Doors is expected to be a visionary masterpiece that will have viewers gripped from start to finish. As exciting as Seven Doors is, it’s only one of many titles hitting Netflix in December. On the 1st, there’s a host of titles to choose from. Catch up on Jin: Season 1-2, Firestarter, Taxi Driver, Stealth and Riverdale: Season 7. Start off a binge session with The Ultimatum: Marry or Move On Season 3 on the 4th as six couples test the theory – Is the grass greener on the other side? by moving in with new potential partners for a revealing social experiment. On the 5th, watch Black Doves where a spy posing as a politician’s wife learns her lover has been murdered, and an old assassin friend joins her on a quest for truth — and vengeance. On the 6th, take some time to watch Camp Crasher. Here, in a bid to save her son’s end-of-school camping trip, a single mom steps in as the bus driver while trying to show him she really can be a cool mom. On the 10th, Oscar and Grammy-winner and beloved comedy icon, Jamie Foxx, returns to the stage to set the record straight in a comedy event that celebrates resilience, humour, and the power of community; if he can stay funny, he can stay alive in Jamie Foxx: What Had Happened Was... That same day, check out the shadows of Korea’s rugby world, where seven teams engage in a fierce battle of strength, strategy, and teamwork — all vying to be crowned champion in Rugged Rugby: Conquer or Die The fun continues on the 10th with Polo, a rousing docuseries that goes behind the scenes of professional polo, offering an unprecedented look into the players’ lives on and off the field. On the 12th, watch No Good Deed. In this film, the sale of Paul and Lydia’s picture-perfect LA home forces them to face painful family secrets — and hide them from prying eyes and cutthroat buyers. On the 13th, it’s time for Disaster Holiday. Here, a workaholic dad, trying to win over his kids, heads to the coast of Durban for a big work meeting — under the guise of a family road trip vacation. Follow NFL legend Aaron Rodgers as he bounces back from an Achilles injury in this sports series chronicling the defining moments of his life and career in Aaron Rodgers: Enigma available on the 17th. On the 19th, the sixth season of Virgin River will be available. Here, viewers will experience new beginnings, uncovered secrets and second thoughts: As Mel and Jack prepare for the wedding, they learn more about each other — and their loved ones. A day later, it’s Ferry 2 day! After losing his drug empire, Ferry Bouman has found a measure of peace away from Brabant’s criminal underworld — until his past catches up to him. Lovers of history will have a blast with The Six Triple Eight – Netflix Film also available on the 20th. During World War II, the only Women’s Army Corps unit of colour to serve overseas takes on a seemingly impossible mission in Tyler Perry’s drama inspired by a true story. On the 26th, the show that had the world glued to their screens – Squid Game, makes a comeback. In season 2, a new chapter unfolds as Gi-hun comes back with an agenda, having given up on leaving for the US.
