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Veeva Systems (VEEV)

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 975 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.

VEEV stock data

Calendar

2 Sep 22
28 Sep 22
31 Jan 23
Quarter (USD) Jul 22 Apr 22 Jan 22 Oct 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jan 22 Jan 21 Jan 20 Jan 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.14B 1.14B 1.14B 1.14B 1.14B 1.14B
Cash burn (monthly) 33.25M (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 63.83M n/a n/a n/a n/a n/a
Cash remaining 1.08B n/a n/a n/a n/a n/a
Runway (months of cash) 32.5 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

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Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
12 Sep 22 Paul Edward Chamberlain Class A Common Stock Sell Dispose S No Yes 179.99 260 46.8K 16,443
6 Sep 22 Wallach Matthew J Class A Common Stock Sell Dispose S No Yes 171.83 100 17.18K 2,546
6 Sep 22 Wallach Matthew J Class A Common Stock Sell Dispose S No Yes 171.2401 1,299 222.44K 2,646
6 Sep 22 Wallach Matthew J Class A Common Stock Sell Dispose S No Yes 170.0705 2,381 404.94K 3,945
6 Sep 22 Wallach Matthew J Class A Common Stock Sell Dispose S No Yes 169.2136 3,420 578.71K 6,326
6 Sep 22 Wallach Matthew J Class A Common Stock Sell Dispose S No Yes 168.1457 2,000 336.29K 9,746
6 Sep 22 Wallach Matthew J Class A Common Stock Sell Dispose S No Yes 166.7447 600 100.05K 11,746
6 Sep 22 Wallach Matthew J Class A Common Stock Sell Dispose S No Yes 165.5565 200 33.11K 12,346
6 Sep 22 Wallach Matthew J Class A Common Stock Conversion Acquire C No No 0 10,000 0 12,546
6 Sep 22 Wallach Matthew J Class B Common Stock Class A Common Stock Conversion Dispose C No No 0 10,000 0 130,000
91.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 724 724
Opened positions 86 77 +11.7%
Closed positions 86 173 -50.3%
Increased positions 264 279 -5.4%
Reduced positions 267 268 -0.4%
13F shares Current Prev Q Change
Total value 24.28B 26B -6.6%
Total shares 128.58M 128.54M +0.0%
Total puts 846.5K 1.02M -16.6%
Total calls 777.72K 1.09M -28.9%
Total put/call ratio 1.1 0.9 +17.3%
Largest owners Shares Value Change
TROW T. Rowe Price 16.41M $3.25B +14.3%
Vanguard 13.18M $2.61B +2.2%
BLK Blackrock 9.41M $1.86B -4.9%
Artisan Partners Limited Partnership 8.83M $1.75B +12.0%
MS Morgan Stanley 6.05M $1.2B -35.3%
Emergence Capital Partners Ii 5.95M $0 0.0%
Alliancebernstein 4.97M $984.54M +28.3%
STT State Street 2.89M $572.57M -2.4%
BEN Franklin Resources 2.48M $490.85M -9.4%
Brown Advisory 2.18M $432.05M -9.2%
Largest transactions Shares Bought/sold Change
MS Morgan Stanley 6.05M -3.3M -35.3%
TROW T. Rowe Price 16.41M +2.06M +14.3%
Alliancebernstein 4.97M +1.1M +28.3%
Artisan Partners Limited Partnership 8.83M +946.49K +12.0%
AustralianSuper Pty 20.49K -924.02K -97.8%
Jackson Square Partners 146K -617.71K -80.9%
NN Investment Partners 0 -579.39K EXIT
GS Goldman Sachs 1.52M +505.36K +49.9%
MNGPF Man 0 -504.22K EXIT
BLK Blackrock 9.41M -482.45K -4.9%

Financial report summary

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Risks
  • Risks Related to Our Business
  • If our security measures are breached or compromised or unauthorized access to customer data is otherwise obtained, our solutions may be perceived as not being secure, customers may reduce or stop their use of our solutions, and we may incur significant liabilities.
  • The markets in which we participate are highly competitive, and if we do not compete effectively, our business and operating results could be adversely affected.
  • If our newer solutions are not successfully adopted by new and existing customers, the growth rate of our revenues and operating results will be adversely affected.
  • Difficulty attracting and retaining highly skilled employees could adversely affect our business and efforts to attract and retain such employees may increase our expenses.
  • Our revenues are relatively concentrated within a small number of key customers, and the loss of one or more of such key customers, or their failure to renew or expand user subscriptions, could slow the growth rate of our revenues or cause our revenues to decline.
  • Defects or disruptions in our solutions could result in diminished demand for our solutions, a reduction in our revenues, and subject us to substantial liability.
  • We have experienced rapid growth, and if we fail to manage our growth effectively, we may be unable to execute our business plan.
  • The continuing impact of COVID-19 may negatively impact our business and our stock price.
  • We may acquire other companies or technologies, which could divert our management’s attention, result in additional dilution to our stockholders, and otherwise disrupt our operations and adversely affect our operating results.
  • Our sales cycles can be long and unpredictable, and our sales efforts require considerable investment of resources. If our sales cycle lengthens or we invest substantial resources pursuing unsuccessful sales opportunities, our operating results and growth would be harmed.
  • Catastrophic events could disrupt our business and adversely affect our operating results.
  • Our core Veeva CRM application has achieved substantial market penetration of pharmaceutical and biotechnology companies. If our efforts to sustain or further increase the use and adoption of our core CRM application do not succeed, the growth of our Commercial Solutions revenues may be negatively impacted.
  • Changes in our senior management team or other key personnel could have a negative effect on our ability to execute our business strategy.
  • Our business could be adversely affected if our customers are not satisfied with the professional or technical support services provided by us or our partners.
  • Sales to customers outside the United States or with international operations expose us to risks inherent in international sales.
  • Our estimate of the market size for our solutions we have provided publicly may prove to be inaccurate, and even if the market size is accurate, we cannot assure you that our business will serve a significant portion of the market.
  • Risks Related to the Principal Industry We Serve
  • Nearly all of our revenues are generated by sales to customers in the life sciences industry, and factors that adversely affect this industry, including mergers within the life sciences industry or regulatory changes, could also adversely affect us.
  • Our solutions address heavily regulated functions within the life sciences industry, and failure to comply with applicable laws and regulations could lessen the demand for our solutions or subject us to significant claims and losses.
  • Increasingly complex data protection and privacy regulations are burdensome, may reduce demand for our solutions, and non-compliance may impose significant liabilities.
  • Risks Related to Our Reliance on Third Parties
  • If the third-party providers of healthcare professional and healthcare organization data and prescription drug sales data do not allow our customers to upload and use such data in our solutions, the demand for our solutions may decrease, and our business may be negatively impacted.
  • We rely on third-party providers—including salesforce.com and Amazon Web Services—for computing infrastructure, secure network connectivity, and other technology-related services needed to deliver our cloud solutions. Any disruption in the services provided by such third-party providers could adversely affect our business and subject us to liability.
  • Because key and substantial portions of our multichannel CRM applications are built on salesforce.com’s Salesforce Platform, we are dependent upon salesforce.com to provide these solutions to our customers and we are bound by the restrictions of our agreement with salesforce.com, which limits the markets to which we may sell our Veeva CRM solution.
  • We employ third-party licensed software and software components for use in or with our solutions, and the inability to maintain these licenses or the presence of errors or security vulnerabilities in the software we license could limit the functionality of our products and result in increased costs or reduced service levels, which would adversely affect our business.
  • Our solutions utilize open source software, and any failure to comply with the terms of one or more of these open source licenses could adversely affect our business.
  • Risks Related to Our Financial Performance, How We Contract with Customers, and the Financial Position of Our Business
  • Our historic growth rates of total revenues and subscription services revenues should not be viewed as indicative of our future performance.
  • Our results may fluctuate from period to period, which could prevent us from meeting our own guidance or security analyst or investor expectations.
  • The majority of our subscription agreements with our customers are for a term of one year. If our existing customers do not renew their subscriptions, or do not buy additional solutions and user subscriptions from us, or renew at lower aggregate fee levels, our business and operating results will suffer.
  • As our costs increase, we may not be able to sustain the level of profitability we have achieved in the past.
  • Our revenues and gross margin from professional services fees are volatile and may not increase from quarter to quarter or at all.
  • Because we recognize subscription services revenues ratably over the term of an order for our subscription services, it may be difficult to evaluate our future financial performance.
  • Deferred revenue and change in deferred revenue may not be accurate indicators of our future financial results.
  • Taxing authorities may successfully assert that we should have collected or in the future should collect sales and use, value added or similar transactional taxes, and we could be subject to liability with respect to past or future sales, which could adversely affect our results of operations.
  • Unanticipated changes in our effective tax rate and additional tax liabilities, including as a result of our international operations or implementation of new tax rules, could harm our future results.
  • Currency exchange fluctuations may negatively impact our financial results.
  • If we are unable to implement and maintain effective internal controls over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports.
  • We have broad discretion in the use of our cash balances and may not use them effectively.
  • Risks Related to Our Intellectual Property
  • We have been and may in the future be sued by third parties for alleged infringement of their proprietary rights or misappropriation of intellectual property, and we may suffer damages or other harm from such proceedings.
  • Any failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and our brand.
  • Risks Related to Our Status as a Public Benefit Corporation and Ownership of Our Class A Common Stock
  • Our conversion to a Delaware public benefit corporation may not result in the benefits that we anticipate, requires our directors to balance the interest of stockholders with other interests, and may subject us to legal uncertainty and other risks.
  • Our Class A common stock price has been and will likely continue to be volatile.
  • The dual-class structure of our common stock has the effect of concentrating voting control with certain individuals and their affiliates, which will limit or preclude the ability of our investors to influence corporate matters and could depress the market value of our Class A common stock.
  • We do not intend to pay dividends on our capital stock for the foreseeable future, so any returns will be limited to changes in the value of our Class A common stock.
  • Provisions in our certificate of incorporation and bylaws and Delaware law might discourage, delay or prevent a change in control of our company or changes in our management and, therefore, depress the market price of our Class A common stock.
  • Our certificate of incorporation and bylaws provide for exclusive forums for certain disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
Management Discussion
  • ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
  • You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this report. In addition to historical consolidated financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results could differ materially from those anticipated by these forward-looking statements as a result of many factors. We discuss factors that we
  • believe could cause or contribute to these differences below and elsewhere in this report, including those set forth under “Risk Factors” and “Special Note Regarding Forward-Looking Statements.”

Content analysis

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