PR Newswire | Sep 1, 2021 04:06PM EDT

09/01 15:05 CDT

Veeva Announces Fiscal 2022 Second Quarter ResultsTotal Revenues of $455.6M, up 29% Year Over Year; Subscription Services Revenues of $366.4M, up 29% Year Over Year PLEASANTON, Calif., Sept. 1, 2021

PLEASANTON, Calif., Sept. 1, 2021 /PRNewswire/ --Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its second quarter ended July 31, 2021.

"Thanks to the team and the trust of our customers, it was another great quarter," said CEO Peter Gassner. "Rapid innovation is driving expansion in existing markets and significant early traction in newer areas like CDMS and safety as we start to realize the major potential of Veeva Development Cloud."

Fiscal 2022 Second Quarter Results:

* Revenues: Total revenues for the second quarter were $455.6 million, up from $353.7 million one year ago, an increase of 29% year over year. Subscription services revenues for the second quarter were $366.4 million, up from $283.5 million one year ago, an increase of 29% year over year. * Operating Income and Non-GAAP Operating Income(1): Second quarter operating income was $124.6 million, compared to $90.1 million one year ago, an increase of 38% year over year. Non-GAAP operating income for the second quarter was $191.6 million, compared to $144.4 million one year ago, an increase of 33% year over year. * Net Income and Non-GAAP Net Income(1): Second quarter net income was $108.9 million, compared to $93.6 million one year ago, an increase of 16% year over year. Non-GAAP net income for the second quarter was $152.7 million, compared to $116.4 million one year ago, an increase of 31% year over year. * Net Income per Share and Non-GAAP Net Income per Share(1): For the second quarter, fully diluted net income per share was $0.67, compared to $0.58 one year ago, while non-GAAP fully diluted net income per share was $0.94, compared to $0.72 one year ago.

"It was a strong quarter of financial performance with impressive execution across the business," said CFO Brent Bowman. "I am particularly excited about Veeva Vault Platform, which is a powerful asset for Veeva. It's a key foundation to develop new innovative products with remarkable speed and will be a strong engine for growth to 2025 and beyond."

Recent Highlights:

* Leading in Commercial with Innovations in Software and Data - Veeva is moving life sciences to new digital-first models with innovations across commercial. This leadership and proven customer success drove 21 new Veeva CRM wins, the majority of which included multiple add-ons. The company's data solutions are also gaining traction as Veeva Link added three new enterprise customers, including two top 20 pharmas. * More Enterprises Standardize on Veeva Development Cloud Applications - Veeva Development Cloud momentum continued with significant enterprise wins in clinical operations, including Vault eTMF and Vault CTMS. New products also saw strong Q2 performance as Veeva Vault Safety had its first top 20 pharma win to become the customer's global standard and Veeva Vault CDMS signed its second top 20. * Setting the Foundation for Digital Trials - Veeva progressed product capabilities as it establishes the foundation for digital trials to connect patients, sponsors, and clinical research sites through the Veeva Clinical Network. In addition to another enterprise win for Vault CDMS, six early adopter customers are now using Veeva Site Connect, and over 1,000 clinical research sites are actively using Veeva SiteVault Free.

Financial Outlook:Veeva is providing guidance for its fiscal third quarter ending October 31, 2021 as follows:

* Total revenues between $464 and $466 million. * Non-GAAP operating income between $179 and $181 million(2). * Non-GAAP fully diluted net income per share between $0.87 and $0.88(2).

Veeva is providing guidance for its fiscal year ending January 31, 2022 as follows:

* Total revenues between $1,830 and $1,835 million. * Non-GAAP operating income of about $730 million(2). * Non-GAAP fully diluted net income per share of approximately $3.57(2).

Conference Call InformationPrepared 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, September 1, 2021, and a replay of the call will be available on Veeva's investor relations website.

What: Veeva's Fiscal 2022 Second Quarter Results Conference Call

When: Wednesday, September 1, 2021

Time: 2:00 p.m. PT (5:00 p.m. ET)

Online Registration: www.directeventreg.com

Conference ID 6596808

Webcast: ir.veeva.com

___________

^(1) This press release uses non-GAAP financial metrics that are adjusted forthe impact of various GAAP items. See the section titled "Non-GAAP FinancialMeasures" and the tables entitled "Reconciliation of GAAP to Non-GAAP FinancialMeasures" below for details.

^(2) Veeva is not able, at this time, to provide GAAP targets for operatingincome and fully diluted net income per share for the third fiscal quarterending October 31, 2021 or fiscal year ending January 31, 2022 because of thedifficulty of estimating certain items excluded from non-GAAP operating incomeand non-GAAP fully diluted net income per share that cannot be reasonablypredicted, such as charges related to stock-based compensation expense. Theeffect of these excluded items may be significant.

About Veeva SystemsVeeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,100 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 StatementsThis release contains forward-looking statements, including the quotations from management, the statements in "Financial Outlook," and other statements regarding Veeva's future performance, outlook, and guidance and the assumptions underlying those statements, market growth, the benefits from the use of Veeva's solutions, our strategies, and general business conditions. Any forward-looking statements contained in this press release are based upon Veeva's 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 Veeva's 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) breaches in our security measures or unauthorized access to our customers' data; (ii) 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; (iii) 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; (iv) our expectation that the future growth rate of our revenues will decline; (v) loss of one or more customers, particularly any of our large customers; (vi) our ability to attract and retain highly skilled employees and manage our growth effectively; (vii) fluctuation of our results, which may make period-to-period comparisons less meaningful; (viii) adverse changes in the life sciences industry, including as a result of customer mergers; (ix) 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); (x) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure; (xi) failure to sustain the level of profitability we have achieved in the past as our costs increase; (xii) adverse changes in economic, regulatory, international trade relations, or market conditions, including with respect to natural disasters or actual or threatened public health emergencies; (xiii) a decline in new subscriptions that may not be immediately reflected in our operating results due to the ratable recognition of our subscription revenue; (xiv) pending, threatened, or future legal proceedings and related expenses; and (xv) our recent conversion to a Delaware public benefit corporation, including the expected impact, benefits, and risks of our conversion.

Additional risks and uncertainties that could affect Veeva's financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's filing on Form 10-Q for the period ended April 30, 2021. This is available on the company's website at veeva.com under the Investors section and on the SEC's 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.

###

Investor Relations Contact:Ato GarrettVeeva Systems Inc.925-271-4204 ir@veeva.com

Media Contact:Deivis MercadoVeeva Systems Inc.925-226-8821pr@veeva.com

VEEVA SYSTEMS INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)

July 31, January 31,

2021 2021

Assets

Current assets:

Cash and cash equivalents $ 1,064,731 $ 730,504

Short-term investments 1,198,785 933,122

Accounts receivable, net 283,619 564,387

Unbilled accounts receivable 51,100 47,206

Prepaid expenses and other current assets 33,557 35,607

Total current assets 2,631,792 2,310,826

Property and equipment, net 52,805 53,650

Deferred costs, net 37,335 42,072

Lease right-of-use assets 52,882 56,917

Goodwill 437,261 436,029

Intangible assets, net 107,253 114,595

Deferred income taxes 7,590 14,100

Other long-term assets 24,465 17,878

Total assets $ 3,351,383 $ 3,046,067

Liabilities and stockholders' equity

Current liabilities:

Accounts payable $ 21,301 $ 23,253

Accrued compensation and benefits 33,940 30,410

Accrued expenses and other current liabilities 35,198 30,982

Income tax payable 2,573 2,590

Deferred revenue 558,720 616,992

Lease liabilities 11,105 11,725

Total current liabilities 662,837 715,952

Deferred income taxes 7,511 1,835

Lease liabilities, noncurrent 47,630 51,393

Other long-term liabilities 13,308 10,567

Total liabilities 731,286 779,747

Stockholders' equity:

Class A common stock 2 2

Class B common stock - -

Additional paid-in capital 1,098,703 965,670

Accumulated other comprehensive income (loss) (2,689) 992

Retained earnings 1,524,081 1,299,656

Total stockholders' equity 2,620,097 2,266,320

Total liabilities and stockholders' equity $ 3,351,383 $ 3,046,067

VEEVA SYSTEMS INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands, except per share data)(Unaudited)

Three months ended Six months ended July July 31, 31,

2021 2020 2021 2020

Revenues:

Subscription services^(3) $ 366,436 $ 283,502 $ 707,555 $ 553,737

Professional services and other^(4) 89,158 70,181 181,612 137,052

Total revenues 455,594 353,683 889,167 690,789

Cost of revenues^(5):

Cost of subscription services 53,909 43,400 105,126 86,612

Cost of professional services and other 68,188 53,804 133,107 105,472

Total cost of revenues 122,097 97,204 238,233 192,084

Gross profit 333,497 256,479 650,934 498,705

Operating expenses^(5):

Research and development 94,899 70,053 178,125 132,290

Sales and marketing 71,789 59,172 136,399 114,927

General and administrative 42,185 37,173 83,340 73,842

Total operating expenses 208,873 166,398 397,864 321,059

Operating income 124,624 90,081 253,070 177,646

Other income, net 1,666 2,881 6,230 6,295

Income before income taxes 126,290 92,962 259,300 183,941

Provision for (benefit from) income taxes 17,432 (589) 34,875 3,820

Net income $ 108,858 $ 93,551 $ 224,425 $ 180,121

Net income per share:

Basic $ 0.71 $ 0.62 $ 1.47 $ 1.20

Diluted $ 0.67 $ 0.58 $ 1.38 $ 1.12

Weighted-average shares used to compute net income per share:

Basic 153,090 150,413 152,768 149,982

Diluted 162,765 160,840 162,636 160,309

Other comprehensive income:

Net change in unrealized gain (loss) on available-for- sale investments $ (217) $ 1,131 $ (1,303) $ 2,428

Net change in cumulative foreign currency translation gain (loss) (165) 2,893 (2,378) 3,282

Comprehensive income $ 108,476 $ 97,575 $ 220,744 $ 185,831

^(3) Includes subscription services revenues from the following product areas:

Veeva Commercial Cloud $ 176,051 $ 144,815 $ 344,509 $ 287,392

Veeva Vault 190,385 138,687 363,046 266,345

Total subscription services $ 366,436 $ 283,502 $ 707,555 $ 553,737

^(4) Includes professional services and other revenues from the followingproduct areas:

Veeva Commercial Cloud $ 32,161 $ 26,618 $ 68,187 $ 53,994

Veeva Vault 56,997 43,563 113,425 83,058

Total professional services and other $ 89,158 $ 70,181 $ 181,612 $ 137,052

^(5) Includes stock-based compensation as follows:

Cost of revenues:

Cost of subscription services $ 1,316 $ 1,532 $ 2,222 $ 2,551

Cost of professional services and other 9,541 7,318 16,963 12,392

Research and development 22,315 16,437 39,152 27,838

Sales and marketing 15,115 11,186 26,670 19,378

General and administrative 14,098 12,893 25,867 24,114

Total stock-based compensation $ 62,385 $ 49,366 $ 110,874 $ 86,273

VEEVA SYSTEMS INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited)

Three months ended July Six months ended July 31, 31,

2021 2020 2021 2020

Cash flows from operating activities

Net income $ 108,858 $ 93,551 $ 224,425 $ 180,121

Adjustments to reconcile net income to net cash provided by operatingactivities:

Depreciation and amortization 6,880 7,317 13,508 15,195

Reduction of operating lease right-of-use assets 2,874 3,092 5,701 6,089

Accretion of discount on short-term investments 1,743 496 3,285 485

Stock-based compensation 62,385 49,366 110,874 86,273

Amortization of deferred costs 6,474 5,324 12,829 10,075

Deferred income taxes 6,953 (504) 12,195 (1,638)

Loss (gain) on foreign currency from mark-to-market derivative 2 (98) 433 (5)

Bad debt (expense) recovery (22) 514 137 121

Changes in operating assets and liabilities:

Accounts receivable (21,409) 14,606 280,323 168,766

Unbilled accounts receivable 267 619 (3,894) (3,833)

Deferred costs (3,802) (5,793) (8,092) (9,135)

Income taxes payable (3,726) (3,141) (17) (4,991)

Other current and long-term assets (3,866) (11,683) (1,129) (11,132)

Accounts payable 5,031 914 (1,763) (3,516)

Accrued expenses and other current liabilities 2,216 125 9,183 2,816

Deferred revenue (49,783) (49,166) (57,959) (47,689)

Operating lease liabilities (2,913) (2,456) (5,661) (5,267)

Other long-term liabilities 903 2,237 3,072 4,757

Net cash provided by operating activities 119,065 105,320 597,450 387,492

Cash flows from investing activities

Purchases of short-term investments (422,680) (267,749) (679,618) (456,567)

Maturities and sales of short-term investments 187,324 229,224 408,969 369,566

Acquisitions, net of cash and restricted cash acquired (2,133) - (2,133) -

Long-term assets (5,325) (5,407) (7,981) (5,140)

Net cash used in investing activities (242,814) (43,932) (280,763) (92,141)

Cash flows from financing activities

Reduction of lease liabilities - finance leases (98) (251) (384) (499)

Proceeds from exercise of common stock options 20,851 9,278 37,942 19,059

Taxes paid related to net share settlement of equity awards (15,096) - (15,096) -

Net cash provided by financing activities 5,657 9,027 22,462 18,560

Effect of exchange rate changes on cash, cash equivalents, and restricted cash (180) 2,734 (2,945) 3,282

Net change in cash, cash equivalents, and restricted cash (118,272) 73,149 336,204 317,193

Cash, cash equivalents, and restricted cash at beginning of period 1,186,188 723,841 731,712 479,797

Cash, cash equivalents, and restricted cash at end of period $ 1,067,916 $ 796,990 $ 1,067,916 $ 796,990

Supplemental disclosures of other cash flow information:

Excess tax benefits from employee stock plans $ 17,609 $ 22,123 $ 35,060 $ 41,738

Non-GAAP Financial MeasuresIn Veeva's 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.

* Stock-based compensation expenses. Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva's management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies. * Amortization of purchased intangibles. Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva's revenues earned during the periods presented and will contribute to Veeva's future period revenues as well. * Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP 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 Veeva's 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 inthe calculation of non-GAAP metrics for the periods shown below:

Three months ended Six months ended July July 31, 31,

2021 2020 2021 2020

Cost of subscription services revenues on a GAAP basis $ 53,909 $ 43,400 $ 105,126 $ 86,612

Stock-based compensation expense (1,316) (1,532) (2,222) (2,551)

Amortization of purchased intangibles (925) (1,174) (1,821) (2,768)

Cost of subscription services revenues on a non-GAAP basis $ 51,668 $ 40,694 $ 101,083 $ 81,293

Gross margin on subscription services revenues on a GAAP basis 85.3 % 84.7 % 85.1 % 84.4 %

Stock-based compensation expense 0.4 0.5 0.3 0.5

Amortization of purchased intangibles 0.2 0.4 0.3 0.4

Gross margin on subscription services revenues on a non-GAAP basis 85.9 % 85.6 % 85.7 % 85.3 %

Cost of professional services and other revenues on a GAAP basis $ 68,188 $ 53,804 $ 133,107 $ 105,472

Stock-based compensation expense (9,541) (7,318) (16,963) (12,392)

Amortization of purchased intangibles (139) (138) (273) (273)

Cost of professional services and other revenues on a non-GAAP basis $ 58,508 $ 46,348 $ 115,871 $ 92,807

Gross margin on professional services and other revenues on a GAAP basis 23.5 % 23.3 % 26.7 % 23.0 %

Stock-based compensation expense 10.7 10.5 9.3 9.1

Amortization of purchased intangibles 0.2 0.2 0.2 0.2

Gross margin on professional services and other revenues on a non-GAAP basis 34.4 % 34.0 % 36.2 % 32.3 %

Gross profit on a GAAP basis $ 333,497 $ 256,479 $ 650,934 $ 498,705

Stock-based compensation expense 10,857 8,850 19,185 14,943

Amortization of purchased intangibles 1,064 1,312 2,094 3,041

Gross profit on a non-GAAP basis $ 345,418 $ 266,641 $ 672,213 $ 516,689

Gross margin on total revenues on a GAAP basis 73.2 % 72.5 % 73.2 % 72.2 %

Stock-based compensation expense 2.4 2.5 2.2 2.2

Amortization of purchased intangibles 0.2 0.4 0.2 0.4

Gross margin on total revenues on a non-GAAP basis 75.8 % 75.4 % 75.6 % 74.8 %

Research and development expense on a GAAP basis $ 94,899 $ 70,053 $ 178,125 $ 132,290

Stock-based compensation expense (22,315) (16,437) (39,152) (27,838)

Amortization of purchased intangibles (29) (29) (56) (57)

Research and development expense on a non-GAAP basis $ 72,555 $ 53,587 $ 138,917 $ 104,395

Sales and marketing expense on a GAAP basis $ 71,789 $ 59,172 $ 136,399 $ 114,927

Stock-based compensation expense (15,115) (11,186) (26,670) (19,378)

Amortization of purchased intangibles (3,429) (3,568) (6,745) (6,970)

Sales and marketing expense on a non-GAAP basis $ 53,245 $ 44,418 $ 102,984 $ 88,579

General and administrative expense on a GAAP basis $ 42,185 $ 37,173 $ 83,340 $ 73,842

Stock-based compensation expense (14,098) (12,893) (25,867) (24,114)

Amortization of purchased intangibles (57) (57) (112) (113)

General and administrative expense on a non-GAAP basis $ 28,030 $ 24,223 $ 57,361 $ 49,615

VEEVA SYSTEMS INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)(Dollars in thousands, except per share data)(Unaudited)

Three months ended Six months ended July July 31, 31,

2021 2020 2021 2020

Operating expense on a GAAP basis $ 208,873 $ 166,398 $ 397,864 $ 321,059

Stock-based compensation expense (51,528) (40,516) (91,689) (71,330)

Amortization of purchased intangibles (3,515) (3,654) (6,913) (7,140)

Operating expense on a non-GAAP basis $ 153,830 $ 122,228 $ 299,262 $ 242,589

Operating income on a GAAP basis $ 124,624 $ 90,081 $ 253,070 $ 177,646

Stock-based compensation expense 62,385 49,366 110,874 86,273

Amortization of purchased intangibles 4,579 4,966 9,007 10,181

Operating income on a non-GAAP basis $ 191,588 $ 144,413 $ 372,951 $ 274,100

Operating margin on a GAAP basis 27.4 % 25.4 % 28.5 % 25.7 %

Stock-based compensation expense 13.7 14.0 12.5 12.5

Amortization of purchased intangibles 1.0 1.4 1.0 1.5

Operating margin on a non-GAAP basis 42.1 % 40.8 % 42.0 % 39.7 %

Net income on a GAAP basis $ 108,858 $ 93,551 $ 224,425 $ 180,121

Stock-based compensation expense 62,385 49,366 110,874 86,273

Amortization of purchased intangibles 4,579 4,966 9,007 10,181

Income tax effect on non-GAAP adjustments^ (6) (23,151) (31,521) (44,753) (55,063)

Net income on a non-GAAP basis $ 152,671 $ 116,362 $ 299,553 $ 221,512

Diluted net income per share on a GAAP basis $ 0.67 $ 0.58 $ 1.38 $ 1.12

Stock-based compensation expense 0.38 0.31 0.68 0.54

Amortization of purchased intangibles 0.03 0.03 0.06 0.06

Income tax effect on non-GAAP adjustments^(6) (0.14) (0.20) (0.28) (0.34)

Diluted net income per share on a non-GAAP basis $ 0.94 $ 0.72 $ 1.84 $ 1.38

________________________

^(6) For the three and six months ended July 31, 2021 and 2020, managementused an estimated annual effective non-GAAP tax rate of 21.0%.

View original content: https://www.prnewswire.com/news-releases/veeva-announces-fiscal-2022-second-quarter-results-301367764.html

SOURCE Veeva Systems