Technology
Veeva Announces Fourth Quarter and Fiscal Year 2024 Results
Published
7 months agoon
By
Fiscal Year 2024 Total Revenues of $2,363.7M, up 10% Year Over Year;
Q4 Total Revenues of $630.6M, up 12% Year Over Year
Fiscal Year 2024 Subscription Services Revenues of $1,901.6M, up 10% Year Over Year;
Q4 Subscription Services Revenues of $521.5M, up 13% Year Over Year
PLEASANTON, Calif., Feb. 29, 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 fourth quarter and fiscal year ended January 31, 2024.
“The fourth quarter was a strong finish to an important year for Veeva,” said CEO Peter Gassner. “Executing on our long-term industry cloud opportunity, we delivered the Veeva Compass Suite of data products, established the Clinical Platform, and progressed our new Commercial Cloud. These advances will fuel our growth and have a major impact on the industry for years to come.”
Fiscal 2024 Fourth Quarter Results:
Revenues: Total revenues for the fourth quarter were $630.6 million, up from $563.4 million one year ago, an increase of 12% year over year. Subscription services revenues for the fourth quarter were $521.5 million, up from $460.2 million one year ago, an increase of 13% year over year.
Operating Income and Non-GAAP Operating Income(1): Fourth quarter operating income was $135.3 million, compared to $108.9 million one year ago, an increase of 24% year over year. Non-GAAP operating income for the fourth quarter was $239.1 million, compared to $209.4 million one year ago, an increase of 14% year over year.
Net Income and Non-GAAP Net Income(1): Fourth quarter net income was $147.4 million, compared to $188.5 million one year ago, a decrease of 22% year over year. Non-GAAP net income for the fourth quarter was $226.3 million, compared to $186.3 million one year ago, an increase of 21% year over year.
Net Income per Share and Non-GAAP Net Income per Share(1): For the fourth quarter, fully diluted net income per share was $0.90, compared to $1.16 one year ago, while non-GAAP fully diluted net income per share was $1.38, compared to $1.15 one year ago.
Customer Contracting Change: The previously announced customer contracting change that standardized termination for convenience (TFC) rights in our master subscription agreements went into effect on February 1, 2023. This resulted in a change in the timing of revenue for certain customer contracts to which a TFC right was added and reduced revenues, operating income and non-GAAP operating income, and net income and non-GAAP net income in the fourth quarter.
Fiscal Year 2024 Results:
Revenues: Total revenues for the fiscal year ended January 31, 2024 were $2,363.7 million, up from $2,155.1 million one year ago, an increase of 10% year over year. Subscription services revenues were $1,901.6 million, up from $1,733.0 million one year ago, an increase of 10% year over year.
Operating Income and Non-GAAP Operating Income(1): Fiscal year 2024 operating income was $429.3 million, compared to $459.1 million one year ago, a decrease of 6% year over year. Non-GAAP operating income for fiscal year 2024 was $842.5 million, compared to $830.5 million one year ago, an increase of 1% year over year.
Net Income and Non-GAAP Net Income(1): Fiscal year 2024 net income was $525.7 million, compared to $487.7 million one year ago, an increase of 8% year over year. Non-GAAP net income for fiscal year 2024 was $791.0 million, compared to $695.6 million one year ago, an increase of 14% year over year.
Net Income per Share and Non-GAAP Net Income per Share(1): For fiscal year 2024, fully diluted net income per share was $3.22, compared to $3.00 one year ago, while non-GAAP fully diluted net income per share was $4.84, compared to $4.28 one year ago.
Customer Contracting Change: The customer contracting change that standardized TFC rights in our master subscription agreements resulted in a change in the timing of revenue for certain customer contracts to which a TFC right was added and reduced revenues, operating income and non-GAAP operating income, and net income and non-GAAP net income in fiscal year ended January 31, 2024.
“We ended the year with strong financial results, reflecting our increasing strategic partnership with the industry and continued focused execution,” said CFO Brent Bowman. “Our innovation engine, proven operating model, and customer success focus continue to differentiate Veeva and drive our strong, profitable growth.”
Recent Highlights:
Product Excellence and Customer Success Drive Industry Leadership – Progressing on its vision to become the most strategic partner to the life sciences industry, Veeva finished the year with 1,432 customers, up 44 from the year prior. Veeva R&D Solutions ended the year with 1,078 customers and Veeva Commercial Solutions ended the year with a total of 693 customers.(2)(3)
Setting a New Standard with Veeva Clinical Platform – As the only company connecting clinical operations and clinical data management with 11 industry leading solutions today, the Veeva Clinical Platform is helping connect sponsors, research sites, and patients for more effective and efficient trials. Given its ability to help improve trial collaboration end-to-end, the industry is increasingly turning to Veeva as more than 500 customers now use at least one Veeva Vault Clinical solution. More than 85 customers have both a clinical operations and clinical data management product from Veeva.
Milestone Quarter for Veeva Data Cloud – In January, Veeva announced the availability of the complete Veeva Compass Suite of commercial data products, giving the industry a modern alternative to legacy data products. Compass uniquely supports the needs of today’s medicines because it includes projected data for both retail products and complex in-office therapies. Veeva Link also saw major success in the quarter as the ninth top 20 biopharma selected Veeva Link for Key People for all therapeutic areas.
Financial Outlook:
Veeva is providing guidance for its fiscal first quarter ending April 30, 2024 as follows:
Total revenues between $640 and $643 million.
Non-GAAP operating income between $245 and $247 million(4).
Non-GAAP fully diluted net income per share between $1.42 and $1.43(4).
Veeva is providing guidance for its fiscal year ending January 31, 2025 as follows:
Total revenues between $2,725 and $2,740 million.
Non-GAAP operating income of about $1,070 million(4).
Non-GAAP fully diluted net income per share of approximately $6.16(4).
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, February 29, 2024, and a replay of the call will be available on Veeva’s investor relations website.
What:
Veeva Systems Fourth Quarter and Fiscal Year 2024 Results Conference Call
When:
Thursday, February 29, 2024
Time:
2:00 p.m. PT (5:00 p.m. ET)
Online Registration:
https://registrations.events/direct/Q4I879596
Webcast:
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) The combined customer counts for Commercial Solutions and R&D Solutions exceed the total customer count in each year because some customers subscribe to products in both areas. Commercial Solutions consist of our Veeva Commercial Cloud, Veeva Data Cloud, and Veeva Claims solutions. R&D Solutions consist of our Veeva Development Cloud, Veeva RegulatoryOne, and Veeva QualityOne solutions.
(3) Customer count totals are presented net of customer attrition during the period.
(4) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the first fiscal quarter ending April 30, 2024 or 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 February 29, 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, 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, changes in applicable laws and regulations, 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 38 and 39 in our filing on Form 10-Q for the period ended October 31, 2023, 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:
Gunnar Hansen
Veeva Systems Inc.
267-460-5839
ir@veeva.com
Media Contact:
Maria Scurry
Veeva Systems Inc.
781-366-7617
pr@veeva.com
VEEVA SYSTEMS INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
January 31,
2024
January 31,
2023
Assets
Current assets:
Cash and cash equivalents
$ 703,487
$ 886,465
Short-term investments
3,324,269
2,216,163
Accounts receivable, net
852,172
703,055
Unbilled accounts receivable
36,365
82,174
Prepaid expenses and other current assets
86,918
81,456
Total current assets
5,003,211
3,969,313
Property and equipment, net
58,532
49,817
Deferred costs, net
23,916
31,825
Lease right-of-use assets
45,602
55,336
Goodwill
439,877
439,877
Intangible assets, net
63,017
82,476
Deferred income taxes
233,463
136,697
Other long-term assets
43,302
38,955
Total assets
$ 5,910,920
$ 4,804,296
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 31,513
$ 41,678
Accrued compensation and benefits
43,433
44,282
Accrued expenses and other current liabilities
32,980
35,306
Income tax payable
11,862
4,946
Deferred revenue
1,049,761
869,285
Lease liabilities
9,334
11,306
Total current liabilities
1,178,883
1,006,803
Deferred income taxes
2,052
1,492
Lease liabilities, noncurrent
46,441
49,670
Other long-term liabilities
38,720
30,079
Total liabilities
1,266,096
1,088,044
Stockholders’ equity:
Class A common stock(5)
2
2
Class B common stock(5)
—
—
Additional paid-in capital
1,915,002
1,532,627
Accumulated other comprehensive loss
(10,637)
(31,129)
Retained earnings
2,740,457
2,214,752
Total stockholders’ equity
4,644,824
3,716,252
Total liabilities and stockholders’ equity
$ 5,910,920
$ 4,804,296
(5)Class B common stock was converted to Class A common stock on October 15, 2023. We refer to our Class A common
stock as common stock.
VEEVA SYSTEMS INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended
January 31,
Fiscal year ended
January 31,
2024
2023
2024
2023
Revenues:
Subscription services(6)
$ 521,498
$ 460,152
$ 1,901,593
$ 1,733,002
Professional services and other(7)
109,120
103,237
462,080
422,058
Total revenues
630,618
563,389
2,363,673
2,155,060
Cost of revenues(8):
Cost of subscription services
77,398
68,913
290,577
257,635
Cost of professional services and other
96,530
95,401
386,714
351,770
Total cost of revenues
173,928
164,314
677,291
609,405
Gross profit
456,690
399,075
1,686,382
1,545,655
Operating expenses(8):
Research and development
163,565
142,538
629,031
520,278
Sales and marketing
99,203
89,049
381,472
348,691
General and administrative
58,658
58,565
246,545
217,595
Total operating expenses
321,426
290,152
1,257,048
1,086,564
Operating income
135,264
108,923
429,334
459,091
Other income, net
47,429
26,440
158,689
50,005
Income before income taxes
182,693
135,363
588,023
509,096
Income tax provision (benefit)
35,295
(53,170)
62,318
21,390
Net income
$ 147,398
$ 188,533
$ 525,705
$ 487,706
Net income per share:
Basic
$ 0.92
$ 1.20
$ 3.27
$ 3.14
Diluted
$ 0.90
$ 1.16
$ 3.22
$ 3.00
Weighted-average shares used to compute net income per share:
Basic
161,088
156,512
160,532
155,385
Diluted
164,071
162,104
163,486
162,437
Other comprehensive income:
Net change in unrealized gain (loss) on available-for-sale investments
$ 28,135
$ 15,868
$ 22,035
$ (14,854)
Net change in cumulative foreign currency translation loss
(1,237)
(1,355)
(1,546)
(4,317)
Comprehensive income
$ 174,296
$ 203,046
$ 546,194
$ 468,535
(6) Includes subscription services revenues from the following product areas:
Veeva Commercial Solutions
$ 261,882
$ 242,896
$ 995,803
$ 946,252
Veeva R&D Solutions
259,616
217,256
905,790
786,750
Total subscription services
$ 521,498
$ 460,152
$ 1,901,593
$ 1,733,002
(7) Includes professional services and other revenues from the following product areas:
Veeva Commercial Solutions
$ 45,899
$ 44,161
$ 185,981
$ 177,188
Veeva R&D Solutions
63,221
59,076
276,099
244,870
Total professional services and other
$ 109,120
$ 103,237
$ 462,080
$ 422,058
(8) Includes stock-based compensation as follows:
Cost of revenues:
Cost of subscription services
$ 1,626
$ 1,651
$ 6,483
$ 6,257
Cost of professional services and other
13,356
13,307
53,237
50,341
Research and development
42,967
39,430
172,876
141,571
Sales and marketing
23,781
23,010
90,865
87,509
General and administrative
17,163
18,147
70,272
66,229
Total stock-based compensation
$ 98,893
$ 95,545
$ 393,733
$ 351,907
VEEVA SYSTEMS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three months ended
January 31,
Fiscal year ended
January 31,
2024
2023
2024
2023
Cash flows from operating activities
Net income
$ 147,398
$ 188,533
$ 525,705
$ 487,706
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
8,628
7,679
32,628
29,122
Reduction of operating lease right-of-use assets
2,806
3,136
11,691
12,198
Accretion of discount on short-term investments
(7,217)
(2,608)
(26,515)
(3,624)
Stock-based compensation
98,893
95,545
393,733
351,907
Amortization of deferred costs
5,334
4,989
18,177
22,096
Deferred income taxes
(25,242)
(43,133)
(105,374)
(127,502)
(Gain) loss on foreign currency from mark-to-market derivative
(1,063)
(222)
(222)
971
Bad debt expense (recovery)
63
(954)
693
256
Changes in operating assets and liabilities:
Accounts receivable
(596,731)
(459,243)
(149,810)
(72,177)
Unbilled accounts receivable
8,472
(89)
45,809
(18,908)
Deferred costs
(9,517)
(8,939)
(10,268)
(20,815)
Other current and long-term assets
7,220
(43,649)
414
(47,399)
Accounts payable
(4,728)
766
(10,230)
21,429
Accrued expenses and other current liabilities
5,323
6,622
(4,249)
9,276
Income taxes payable
5,302
(49,520)
6,916
(2,815)
Deferred revenue
416,284
362,485
188,164
140,472
Operating lease liabilities
(2,616)
(2,908)
(6,879)
(10,644)
Other long-term liabilities
(840)
4,808
956
8,921
Net cash provided by operating activities
57,769
63,298
911,339
780,470
Cash flows from investing activities
Purchases of short-term investments
(555,900)
(280,628)
(2,697,968)
(1,996,878)
Maturities and sales of short-term investments
476,932
245,273
1,647,813
1,002,707
Long-term assets
(7,735)
(3,907)
(26,196)
(13,512)
Net cash used in investing activities
(86,703)
(39,262)
(1,076,351)
(1,007,683)
Cash flows from financing activities
Proceeds from exercise of common stock options
10,503
13,538
62,687
43,654
Taxes paid related to net share settlement of equity awards
(20,987)
(15,779)
(78,875)
(63,030)
Net cash used in financing activities
(10,484)
(2,241)
(16,188)
(19,376)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(807)
(489)
(1,780)
(4,986)
Net change in cash, cash equivalents, and restricted cash
(40,225)
21,306
(182,980)
(251,575)
Cash, cash equivalents, and restricted cash at beginning of period
746,895
868,344
889,650
1,141,225
Cash, cash equivalents, and restricted cash at end of period
$ 706,670
$ 889,650
$ 706,670
$ 889,650
Supplemental disclosures of other cash flow information:
Excess tax benefits from employee stock plans
$ 2,474
$ 76,028
$ 71,049
$ 82,009
Non-GAAP Financial Measures
In 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.
Excess tax benefits. Excess tax benefits from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations, Veeva excludes excess tax benefits for its internal management reporting processes. Veeva management also finds it useful to exclude excess tax benefits when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits, Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies.
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 in the calculation of non-GAAP metrics for the periods shown
below:
Reconciliation of Net Cash Provided by Operating Activities (GAAP basis
to non-GAAP basis)
Three months ended
January 31,
Fiscal year ended January
31,
2024
2023
2024
2023
Net cash provided by operating activities on a GAAP basis
$ 57,769
$ 63,298
$ 911,339
$ 780,470
Excess tax benefits from employee stock plans
(2,474)
(76,028)
(71,049)
(82,009)
Net cash provided by (used in) operating activities on a non-GAAP basis
$ 55,295
$ (12,730)
$ 840,290
$ 698,461
Net cash used in investing activities on a GAAP basis
$ (86,703)
$ (39,262)
$ (1,076,351)
$ (1,007,683)
Net cash used in financing activities on a GAAP basis
$ (10,484)
$ (2,241)
$ (16,188)
$ (19,376)
Reconciliation of Financial Measures (GAAP basis to non-GAAP basis)
Three months ended
January 31,
Fiscal year ended January
31,
2024
2023
2024
2023
Cost of subscription services revenues on a GAAP basis
$ 77,398
$ 68,913
$ 290,577
$ 257,635
Stock-based compensation expense
(1,626)
(1,651)
(6,483)
(6,257)
Amortization of purchased intangibles
(1,125)
(1,126)
(4,468)
(4,469)
Cost of subscription services revenues on a non-GAAP basis
$ 74,647
$ 66,136
$ 279,626
$ 246,909
Gross margin on subscription services revenues on a GAAP basis
85.2 %
85.0 %
84.7 %
85.1 %
Stock-based compensation expense
0.3
0.4
0.4
0.4
Amortization of purchased intangibles
0.2
0.2
0.2
0.3
Gross margin on subscription services revenues on a non-GAAP basis
85.7 %
85.6 %
85.3 %
85.8 %
Cost of professional services and other revenues on a GAAP basis
$ 96,530
$ 95,401
$ 386,714
$ 351,770
Stock-based compensation expense
(13,356)
(13,307)
(53,237)
(50,341)
Amortization of purchased intangibles
(139)
(139)
(550)
(550)
Cost of professional services and other revenues on a non-GAAP basis
$ 83,035
$ 81,955
$ 332,927
$ 300,879
Gross margin on professional services and other revenues on a GAAP basis
11.5 %
7.6 %
16.3 %
16.7 %
Stock-based compensation expense
12.3
12.9
11.6
11.9
Amortization of purchased intangibles
0.1
0.1
0.1
0.1
Gross margin on professional services and other revenues on a non-GAAP basis
23.9 %
20.6 %
28.0 %
28.7 %
Gross profit on a GAAP basis
$ 456,690
$ 399,075
$ 1,686,382
$ 1,545,655
Stock-based compensation expense
14,982
14,958
59,720
56,598
Amortization of purchased intangibles
1,264
1,265
5,018
5,019
Gross profit on a non-GAAP basis
$ 472,936
$ 415,298
$ 1,751,120
$ 1,607,272
Gross margin on total revenues on a GAAP basis
72.4 %
70.8 %
71.3 %
71.7 %
Stock-based compensation expense
2.4
2.7
2.6
2.7
Amortization of purchased intangibles
0.2
0.2
0.2
0.2
Gross margin on total revenues on a non-GAAP basis
75.0 %
73.7 %
74.1 %
74.6 %
Research and development expense on a GAAP basis
$ 163,565
$ 142,538
$ 629,031
$ 520,278
Stock-based compensation expense
(42,967)
(39,430)
(172,876)
(141,571)
Amortization of purchased intangibles
(29)
(29)
(114)
(113)
Research and development expense on a non-GAAP basis
$ 120,569
$ 103,079
$ 456,041
$ 378,594
Three months ended
January 31,
Fiscal year ended January
31,
2024
2023
2024
2023
Sales and marketing expense on a GAAP basis
$ 99,203
$ 89,049
$ 381,472
$ 348,691
Stock-based compensation expense
(23,781)
(23,010)
(90,865)
(87,509)
Amortization of purchased intangibles
(3,552)
(3,555)
(14,102)
(14,105)
Sales and marketing expense on a non-GAAP basis
$ 71,870
$ 62,484
$ 276,505
$ 247,077
General and administrative expense on a GAAP basis
$ 58,658
$ 58,565
$ 246,545
$ 217,595
Stock-based compensation expense
(17,163)
(18,147)
(70,272)
(66,229)
Amortization of purchased intangibles
(56)
(57)
(225)
(227)
General and administrative expense on a non-GAAP basis
$ 41,439
$ 40,361
$ 176,048
$ 151,139
Operating expense on a GAAP basis
$ 321,426
$ 290,152
$ 1,257,048
$ 1,086,564
Stock-based compensation expense
(83,911)
(80,587)
(334,013)
(295,309)
Amortization of purchased intangibles
(3,637)
(3,641)
(14,441)
(14,445)
Operating expense on a non-GAAP basis
$ 233,878
$ 205,924
$ 908,594
$ 776,810
Operating income on a GAAP basis
$ 135,264
$ 108,923
$ 429,334
$ 459,091
Stock-based compensation expense
98,893
95,545
393,733
351,907
Amortization of purchased intangibles
4,901
4,906
19,459
19,464
Operating income on a non-GAAP basis
$ 239,058
$ 209,374
$ 842,526
$ 830,462
Operating margin on a GAAP basis
21.4 %
19.3 %
18.2 %
21.3 %
Stock-based compensation expense
15.7
17.0
16.6
16.3
Amortization of purchased intangibles
0.8
0.9
0.8
0.9
Operating margin on a non-GAAP basis
37.9 %
37.2 %
35.6 %
38.5 %
Net income on a GAAP basis
$ 147,398
$ 188,533
$ 525,705
$ 487,706
Stock-based compensation expense
98,893
95,545
393,733
351,907
Amortization of purchased intangibles
4,901
4,906
19,459
19,464
Income tax effect on non-GAAP adjustments(9)
(24,867)
(102,691)
(147,937)
(163,508)
Net income on a non-GAAP basis
$ 226,325
$ 186,293
$ 790,960
$ 695,569
Diluted net income per share on a GAAP basis
$ 0.90
$ 1.16
$ 3.22
$ 3.00
Stock-based compensation expense
0.60
0.59
2.41
2.17
Amortization of purchased intangibles
0.03
0.03
0.12
0.12
Income tax effect on non-GAAP adjustments(9)
(0.15)
(0.63)
(0.91)
(1.01)
Diluted net income per share on a non-GAAP basis
$ 1.38
$ 1.15
$ 4.84
$ 4.28
________________________
(9) For the three months and fiscal years ended January 31, 2024 and 2023, management used an estimated annual effective non-GAAP
tax rate of 21.0%.
View original content to download multimedia:https://www.prnewswire.com/news-releases/veeva-announces-fourth-quarter-and-fiscal-year-2024-results-302076388.html
SOURCE Veeva Systems
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Technology
LYT ANNOUNCES DEPLOYMENT OF TRANSIT PRIORITY SOLUTIONS BY PARTNERING WITH ORANGE COUNTY TRANSPORTATION AUTHORITY (OCTA)
Published
49 mins agoon
September 19, 2024By
LYT.Transit Will Move Bus Transit Vehicles Through Congested Harbour Blvd. Corridor Safer and Faster
SANTA CLARA, Calif., Sept. 19, 2024 /PRNewswire/ — LYT, a leader in NextGen intelligent connected traffic technology solutions, announced today it has signed a contract with the Orange County Transportation Authority (OCTA) and the city of Fullerton for a one-year pilot program and the implementation of LYT’s leading NextGen transit priority solution (TSP), LYT.transit.
Serving as the primary contractor for TSP under the Master Service Agreement with Arcadis, a leading global design and consultancy organization for natural and built assets, LYT.transit will help solve congestion issues for traffic signals across the busy corridor of Harbour Blvd. The Orange County TSP deployment extends LYT’s rapid expansion throughout the west coast.
LYT’s leading transit signal priority solution, LYT.transit, moves bus transit vehicles through congested intersections faster, safer, and more intelligently. Harnessing the power of a single-edge device installed in the Traffic Management Center (TMC), bus transit vehicles speak directly to networked traffic signals through LYT’s open architecture cloud platform. This results in a consistent and reliable green light for every bus transit vehicle in the network.
Cities are realizing the distinct benefits of this technology due to LYT’s machine learning models and artificial intelligence technology that knows when to prioritize and activate a traffic signal. LYT’s system uses automotive data in an actionable way as it takes a broader traffic pattern ecosystem into account to have an impact on other surrounding signals, not just the one signal that traffic is heading toward.
“As the Southern California region continues to thrive, it is essential to implement advanced traffic signal prioritization technology to improve the daily commutes of Orange County residents,” said Tim Menard, CEO and Founder of LYT. “Our cutting-edge AI-powered technology ensures smoother traffic flow, reduces congestion, and enhances safety on today’s roads. By prioritizing public transportation and optimizing traffic signals, we are committed to creating a more efficient and sustainable transportation network that benefits all residents and businesses throughout Orange County.”
Gabriel Murillo, ITS and Connected Mobility Market Leader at Arcadis, said: “We are pleased to partner with LYT on LYT.transit, to help ease the impacts of traffic congestion for buses in Orange County. By harnessing the power of advanced AI and machine learning, LYT.transit is set to elevate transit efficiency, enhance safety, and contribute to a more sustainable transportation network for the residents and businesses of Orange County.”
About LYT
LYT is the leading provider of smart cities NextGen intelligent connected traffic technologies that orchestrates today’s Intelligent Transportation Systems. LYT’s AI-powered, open architecture, machine learning technology enables a suite of transit signal priority and emergency vehicle preemption solutions that utilize pre-existing vehicle tracking sensors and city communication networks to dynamically adjust the phase and timing of traffic signals to provide sufficient green clearance time while minimally impacting cross traffic. LYT is headquartered in Silicon Valley and serves municipalities across the US and Canada. Learn more at LYT.ai.
ABOUT ARCADIS
Arcadis is the world’s leading company delivering data-driven sustainable design, engineering, and consultancy solutions for natural and built assets. We are more than 36,000 architects, data analysts, designers, engineers, project planners, water management and sustainability experts, all driven by our passion for improving quality of life. As part of our commitment to accelerating a planet positive future, we work with our clients to make sustainable project choices, combining digital and human innovation, and embracing future-focused skills across the environment, energy and water, buildings, transport, and infrastructure sectors. We operate in over 30 countries, and in 2023 reported €5.0 billion in gross revenues. www.arcadis.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/lyt-announces-deployment-of-transit-priority-solutions-by-partnering-with-orange-county-transportation-authority-octa-302252300.html
SOURCE LYT
Technology
Safire Group Raises $8 Million in New Financing to Deliver Lithium-ion Battery Safety Technology to Government, Automotive Markets
Published
49 mins agoon
September 19, 2024By
Canaan Partners Leads Round to Establish SAFIRE™ Technology as New Benchmark for Battery Safety
KNOXVILLE, Tenn., Sept. 20, 2024 /PRNewswire/ — Safire Technology Group, Inc. (“Safire Group”), today announced $8 million in new financing led by Canaan Partners, with participation from Correlation Ventures, Higher Life Ventures, Ajinomoto Co., Inc., Automotive Ventures, Outpost Ventures, Potomac Angel Capital, and MaC Venture Capital. This Pre-Series A priced round of financing brings total funding to $11 million and fuels continued development of the company’s Safe, Impact-Resistant Electrolyte (SAFIRE™) technology to transform the safety benchmarks of Lithium-ion (Li-ion) batteries across government and automotive industries. Canaan’s Hrach Simonian will join co-founders John Lee and Mike Grubbs on the board of directors.
“We are grateful to have a highly regarded, deeply experienced, and values-aligned investor in Canaan, and we are eager to continue building Safire Group together,” said Mike Grubbs.
“Safire Group is revolutionizing Li-ion battery technology with a focus on safety. Their innovative solutions are addressing the critical issue of battery volatility and setting new standards in the industry,” said Hrach Simonian, General Partner of Canaan Partners. “Safety should be intrinsic to battery design, not an afterthought. Safire Group’s commitment to redefining how these batteries are used in mobility and government applications promises to unlock unprecedented opportunities on a global scale.”
SAFIRE is the world’s only patented and proprietary drop-in additive for Li-ion batteries that prevents fires through an instantaneous liquid to solid transformation upon kinetic impact, such as an electric vehicle (EV) crash or ballistic event. During an impact, Safire Group’s shear thickening electrolyte technology enables the battery to resist deformation and prevents a short circuit – providing EV makers with lightweight crash protection and enabling Li-ion batteries to be used in novel ways.
Invented after nearly a decade of research and development by the U.S. Department of Energy’s Oak Ridge National Laboratory (ORNL), SAFIRE is currently being deployed by the company in four distinct use cases across broad domains: a ruggedized electric motorcycle, a rapidly deployable sensor tower, an unmanned ground vehicle, and multifunctional body armor.
“There is significant demand across the government to integrate SAFIRE technology into novel, ruggedized applications. This financing allows us to expand our operations in the Knoxville, Tennessee area, continue collaboration with ORNL, and further demonstrate the benefits of SAFIRE in government and automotive markets,” said John Lee, CEO of Safire Group. “We are excited about our partnership with Canaan and the opportunities it brings for the next stages of growth in deploying safety solutions for energy systems. Our focus remains on protecting people and critical assets while driving innovation in safety.”
About SAFIRE
Safire Group is a venture-backed company developing advanced Li-ion battery technologies for government and automotive markets. The company’s core technology, SAFe Impact Resistant Electrolyte (SAFIRE™), is the world’s only patented and proprietary drop-in additive for Lithium-ion (Li-ion) batteries that prevents fire through an instantaneous liquid-to-solid transformation upon kinetic impact, such as an electric vehicle (EV) crash or ballistic event. For more information, visit: www.safire.co.
Media Contact
info@safire.co
Logo – https://mma.prnewswire.com/media/2508443/Safire_Technology_Group_logo.jpg
View original content:https://www.prnewswire.com/apac/news-releases/safire-group-raises-8-million-in-new-financing-to-deliver-lithium-ion-battery-safety-technology-to-government-automotive-markets-302253094.html
SOURCE Safire Technology Group, Inc.
Technology
Logistics Automation Market to Reach $55 Billion by 2030, Driven by E-Commerce and Supply Chain Transformation – LogisticsIQ
Published
49 mins agoon
September 19, 2024By
NEW DELHI, Sept. 19, 2024 /PRNewswire/ — According to LogisticsIQ‘s latest report (5th edition), Logistics Automation Market is expected to grow to $55 Billion by 2030, at a CAGR of 15% between 2024 and 2030. The drivers of growth are the growth in the e-commerce industry, multichannel distribution channels, digital services, increasing e-grocery penetration and dark stores, globalization of supply chain networks, emergence of autonomous mobile robots (AMRs) and increasing demand for same day / same hour delivery.
Market Trends and Key Drivers
E-Commerce Boom and Its Impact on Logistics
The exponential growth of the e-commerce industry has significantly transformed the $5 trillion global logistics industry. Online retail requires more complex logistical processes, including individual picking, packing, and shipping, which contrasts with the bulk transportation model of brick-and-mortar retail. This surge in online retail, coupled with the increasing need for faster delivery times, is putting immense pressure on logistics providers to automate.Challenges and Market Conditions (2021-2025)
In 2021, logistics automation companies had a huge order intake, however, revenue growth was constrained by supply chain disruptions. Thus, the industry entered in 2022 with a backlog of orders, which was eventually reduced by 2023 due to macroeconomic uncertainties. In 2024, order volumes began to rise again, but cautious capital expenditure from retailers slowed down investments due to inflation, low consumer spending, and geopolitical tensions. We expect order volumes expected to rebound in 2025 as retailers aim to meet increasing consumer demand.Emerging Technologies and Market Players
The past few years have seen the emergence of cutting-edge technologies like automated picking systems, mobile manipulators, and automated cold storage solutions. Significant investments in companies like Symbotic, Geek+, Fabric, and Exotec Solutions reflect this growth. At the same time, established players such as Dematic, Honeywell Intelligrated, SSI Schafer, and Toyota Advanced Logistics continue to innovate. Additionally, major retailers including Walmart, Kroger, Amazon, Ocado, and Carrefour are actively adopting these technologies to enhance their supply chain capabilities.Apart this, piece picking players such as Righthand Robotics, Nimble, Fizyr, Kindred, Covariant, OSARO, Plus One Robotics, Berkshire Grey, and AWL have established a new attractive capability for order picking in ecommerce fulfillment as picking is least automated process in existing warehouses.
Download a Free Sample of our report on the Logistics Automation Market
Industry Consolidation in Logistics Automation Market
Over the last decade, the logistics automation market has experienced significant consolidation. Traditional industry players are acquiring innovative technology leaders to stay competitive and address evolving market demands. Notable examples include:
Rockwell Automation’s acquisition of Clearpath Robotics and OTTO MotorsZebra’s acquisition of Fetch RoboticsToyota’s acquisition of Vanderlande, Bastian Solutions and ViaStoreHoneywell’s acquisition of Intelligrated and TransnormJungheinrich acquired Magazino and ArculusSSI Schafer acquired DS AutomotionABB acquired ASTI Mobile Robotics and SevensenseKPI Solutions acquired Kuecker Logistics Group, Pulse Integration, QC SoftwareKörber acquired Cohesio Group, Siemens Logistics, HighJumpTeradyne acquired MiR, Energid, AutoGuide Mobile Robots
These mergers and acquisitions reflect the ongoing shift towards automation and the integration of cutting-edge technologies across the supply chain.
Read full report on the Logistics Automation Market Size, Growth, Share, Trends, and Forecast
Key Markets and Growth Opportunities
Top Markets: The United States, China, and Germany account for more than 50% of the demand for logistics automation, with strong market penetration in Europe, particularly in Germany, Italy, France, and the Netherlands. Western Europe represents around 30% of the global market. Emerging markets in APAC, particularly in India and Southeast Asia, are also showing strong growth potential, as are regions like the Middle East and Latin America.Emerging opportunities: Latin America is still under-penetrated with regards to automation; however, things are set to change and market is set to observe a high growth in Brazil and Mexico. Within Europe, Central and Eastern Europe is a fast-growing region, with Poland and Czech Republic emerging as logistics hub and showing good growth prospects.Grocery Industry: The grocery sector is a key area for logistics automation, driven by the need for high-frequency deliveries and the growing demand for online grocery services. Grocery distributors ship high cubic volumes of merchandise to retail stores with frequent deliveries to ensure product freshness. Grocery distribution center operations are amongst the most labour intensive of any industry. Grocery automation market is expected to reach over $7 billion by 2030.AGV and AMR Market Growth: The market for Automated Guided Vehicles (AGVs) and Autonomous Mobile Robots (AMRs) is projected to experience rapid growth, with a CAGR of over 20% by 2030. AMRs, which can operate without external guidance systems like optical tape or sensors, are becoming increasingly popular due to their ease of deployment in existing warehouse infrastructures.We expect AGVs/AMRs to have more than 20% market share by 2030 in this market led by players such as Seegrid, Balyo, Hai Robotics, Geek+, GreyOrange, HikRobot, Quicktron, Locus Robotics, Fetch Robotics (Zebra), 6 River Systems (Ocado), Teradyne (MiR, AutoGuide Mobile Robots), Rocla, JBT, ek-robotics, Omron, Rockwell Automation (Clearpath Robotics, OTTO Motors). We further see more consolidation and M&A in the mobile robots space as larger System integrators look to complete their product portfolios.
Order Picking and Automation Trends
Manual vs. Automated Picking: The order picking process remains one of the most labor-intensive tasks in the warehouse, especially in e-commerce fulfillment. While manual picking is still preferred for operations with a large variety of SKUs, automated picking systems and robotic solutions are gaining traction. Technologies such as RFID, pick-to-light, and pick-to-voice systems help improve efficiency even in semi-automated environments.Piece Picking Robots: Companies such as Righthand Robotics, Berkshire Grey, Osaro, and Covariant are leading the charge in developing piece picking robots that are ideal for e-commerce fulfillment. These robots significantly reduce labor costs and increase throughput, offering a high return on investment for businesses.
What will you get in this report?
500+ Pages, 290+ Exhibits and 350+ Market tables for7 major Industry Verticals (eCommerce, Grocery, General Merchandise, Apparel, Food & Beverage, 3PL, Wholesale)10 Technologies (Mobile Robots, AS/RS, Conveyors, Sortation, Order Picking, Automatic Identification and Data Capture (AIDC), Palletizing and Depalletizing Robots, Overhead systems, Software (Warehouse Management, Warehouse Execution, and Warehouse Control), and MRO services.6 regions and 28 countries (United States, Canada, United Kingdom, Germany, France, Italy, Spain, Netherlands, Nordics, China, Japan, India, Australia, Thailand, Vietnam, Singapore, Indonesia, South Korea, Malaysia, Philippines, Taiwan, Saudi Arabia, UAE, Turkey, South Africa, Argentina, Brazil, Mexico)Pivot-friendly Excel file with 350+ market tables including forecast till 2030In-depth analysis of 700 companies in the ecosystem with more than 140+ company profilesFocus Group Discussion with 100+ key industry stakeholders across the value chain to collect the first-hand information to validate our analysis2 Analyst Sessions to brainstorm furtherInvestment details with 150+ M&A and 750+ funding dealsLogisticsIQ™ Exclusive Market Map (~700 Players across 15+ categories)
About LogisticsIQ
LogisticsIQ is a dedicated market research and advisory firm in Logistics & Supply Chain sector, empowering decision makers from top fortune 1000 companies, financial and research institutions, private equity and high potential start-ups with market insights to make better decisions. We enable this by analysing the right mix of the best data, the best research methodologies, and the best industry panel to deliver value to our clients.
Media Contact
Name: Sunny M.
Email: sunny@thelogisticsiq.com
Phone: +91-952-918-4938
Photo: https://mma.prnewswire.com/media/2509503/Logistics_Automation_Market.jpg
Logo: https://mma.prnewswire.com/media/2320412/LogisticsIQ_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/logistics-automation-market-to-reach-55-billion-by-2030-driven-by-e-commerce-and-supply-chain-transformation—logisticsiq-302252917.html
LYT ANNOUNCES DEPLOYMENT OF TRANSIT PRIORITY SOLUTIONS BY PARTNERING WITH ORANGE COUNTY TRANSPORTATION AUTHORITY (OCTA)
Safire Group Raises $8 Million in New Financing to Deliver Lithium-ion Battery Safety Technology to Government, Automotive Markets
Logistics Automation Market to Reach $55 Billion by 2030, Driven by E-Commerce and Supply Chain Transformation – LogisticsIQ
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