Veeva Systems Inc. · NYSE:VEEV
Veeva Systems — 41st Annual J.P. Morgan Healthcare Conference (January 2023)
24 slides from Veeva Systems's conference presentation, Jan 11, 2023
Slide 1: 41st Annual J.P. Morgan Healthcare Conference
Peter Gassner Founder & CEO 41st Annual J.P. Morgan Healthcare Conference January 11, 2023
Slide 2: Safe Harbor and Other Information
Safe Harbor and Other Information This presentation and associated commentary contain forward-looking statements regarding Veeva’s future performance, market size and opportunity, and financial outlook, including, in particular, guidance provided as of December 1, 2022 about Veeva’s expected future
Slide 3: A Few Facts About Veeva
A Few Facts About Veeva • Founded in 2007 • 6,000+ employees • 1,000+ customers • $2B+ revenue run rate • 16% y/y revenue growth • 40% non-GAAP operating margin Copyright © Veeva Systems 2023. Veeva Confidential. 3
Slide 4: Highlights
Highlights Strategic Partner to the Life Sciences Industry Durable Operating Model Consistent Execution Long Runway of Growth Copyright © Veeva Systems 2023. Veeva Confidential. 4
Slide 5: Vision and Values
Vision Building the Industry Cloud for Life Sciences Values Do the Right Thing Customer Success Employee Success Speed A Public Benefit Corporation Copyright © Veeva Systems 2023. Veeva Confidential. 5
Slide 6: Veeva as a Public Benefit Corporation
Veeva as a Public Benefit Corporation PUBLIC BENEFIT PURPOSE To help make the industries we serve more productive and create high-quality employment opportunities in our communities Legal duty to balance the interests of all concerned Customers Employees Society Shareholders Copyright © Veeva System
Slide 7: Veeva as a Public Benefit Corporation
Veeva as a Public Benefit Corporation Attracting Talent Deepening Customer Relationships New Ideas Copyright © Veeva Systems 2023. Veeva Confidential. 7
Slide 8: Execution Matters Most: The Veeva Way
Execution Matters Most: The Veeva Way Innovation & Customer Product Excellence Success Values Clear & Correct Operating Model Strong Growth & Markets Trust Profitability Copyright © Veeva Systems 2023. Veeva Confidential. 8
Slide 9: Proven Reference Selling Model
Proven Reference Selling Model Disciplined approach to success in new markets Early Adopter Launch Product Win Early Adopters Success Reference Selling Copyright © Veeva Systems 2023. Veeva Confidential. 9
Slide 10: Our Industry Cloud Segments
Our Industry Cloud Segments Pharmaceuticals Consumer Products and Biotech MedTech 93% 4% 3% S O F T WA R E I D ATA I C O N S U LT I N G Copyright © Veeva Systems 2023. Veeva Confidential. 10
Slide 11: Geographies
Geographies North America Europe Asia, LatAm, ROW 58% 28% 14% Copyright © Veeva Systems 2023. Veeva Confidential. 11
Slide 12: Becoming Essential to a Large & Growing Industry
Becoming Essential to a Large & Growing Industry Pharma, Biotech, Medtech Industry $2T Copyright © Veeva Systems 2023. Veeva Confidential. 12
Slide 13: Industry Cloud for Life Sciences
Industry Cloud for Life Sciences SOFTWARE I DATA I CONSULTING Product Development Manufacturing Commercial CLINICAL OPERATIONS QUALITY CRM CLINICAL DATA COMMERCIAL CONTENT LINK REGULATORY CROSSIX SAFETY COMPASS Copyright © Veeva Systems 2023. Veeva Confidential. 13
Slide 14: Long Runway Ahead in Life Sciences
Long Runway Ahead in Life Sciences Product Suite Maturity and Market Share Veeva Product Quadrant High Product Maturity Market Share High Copyright © Veeva Systems 2023. Veeva Confidential. 14
Slide 15: Consistent History of Strong Growth and Profitability
Consistent History of Strong Growth and Profitability Revenue $2.145B Non-GAAP Operating Income $1.85B $1.47B $1.10B $862M $820M $759M $691M $551M $583M $412M $307M $220M $173M FY17 FY18 FY19 FY20 FY21 FY22 FY23E Copyright © Veeva Systems 2023. Veeva Confidential. 15
Slide 16: Consistent Execution with a Long-term View
Consistent Execution with a Long-term View 2019 GOAL Looking Ahead to 2015 GOAL $3B 2030 $1B in 2025 in 2020 $1B One Year Ahead in 2019 of Plan Copyright © Veeva Systems 2023. Veeva Confidential. 16
Slide 17: Growing in the Right Way
Growing in the Right Way TEAM AUTONOMY INNOVATION Talent attraction For our start-ups Technology Big goals Creates energy & innovation Operating model Keep our speed Okay with some inefficiency New people & ideas Copyright © Veeva Systems 2023. Veeva Confidential. 17
Slide 18: Multiple Drivers of Long-Term Growth
Multiple Drivers of Long-Term Growth Early Days Rapid Proven in Industry Innovation Operating Cloud Engine Model Copyright © Veeva Systems 2023. Veeva Confidential. 18
Slide 19: Highlights
Highlights Strategic Partner to the Life Sciences Industry Durable Operating Model Consistent Execution Long Runway of Growth Copyright © Veeva Systems 2023. Veeva Confidential. 19
Slide 20: Veeva
Veeva
Slide 21: Appendix
V Appendix
Slide 22: Statement Regarding Use of Non-GAAP Financial Measures
Statement Regarding Use of Non-GAAP Financial Measures We provide the following non-GAAP measures, which we define as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP: Non-GAAP gross margin, non-GAAP operating
Slide 23: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Q3 FY'23 Operating income on a GAAP basis $ 121.4 Stock-based compensation expense 93.2 Amortization of purchased intangibles 4.9 Operating income on a non-GAAP basis $ 219.5 Q3 FY'23 Operating margin on a GAAP basis 22.0 % Stock-based compensation expense
Slide 24: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures in millions FY'17* FY'18* FY'19 FY'20 FY'21 FY'22 Operating income on a GAAP basis $ 120.7 $ 157.9 $ 222.9 $ 286.2 $ 377.8 $ 505.5 Stock-based compensation expense 40.8 54.0 76.4 115.9 185.0 234.6 Amortization of purchased intangibles 8.2 7.8 7.0 10.1 20.0
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