Veeva Announces Fourth Quarter and Fiscal Year 2024 Results
Fiscal Year 2024 Total Revenues of
Q4 Total Revenues of
Fiscal Year 2024 Subscription Services Revenues of
Q4 Subscription Services Revenues of
"The fourth quarter was a strong finish to an important year for
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
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 fromVeeva . -
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 forKey People for all therapeutic areas.
Financial Outlook:
- 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).
- 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
What: |
Veeva Systems Fourth Quarter and Fiscal Year 2024 Results Conference Call |
When: |
|
Time: |
|
Online Registration: |
https://registrations.events/direct/Q4I879596 |
Webcast: |
___________
(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
About
Forward-looking Statements
This release contains forward-looking statements regarding
###
Investor Relations Contact:
267-460-5839
ir@veeva.com
Media Contact:
781-366-7617
pr@veeva.com
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CONSOLIDATED BALANCE SHEETS |
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(In thousands) |
|||
(Unaudited) |
|||
|
|
|
|
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 |
|
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 |
|
|
|
|
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|||||||
(In thousands, except per share data) |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
Three months ended |
|
Fiscal year ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenues: |
|
|
|
|
|
|
|
Subscription services(6) |
|
|
|
|
$ 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 |
|
|
|
|
|
|
$ 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 |
|
|
|
|
|
|
$ 468,535 |
|
|
|
|
|
|
|
|
(6) Includes subscription services revenues from the following product areas: |
|
|
|
|
|
|
|
Veeva Commercial Solutions |
|
|
|
|
$ 995,803 |
|
$ 946,252 |
Veeva R&D Solutions |
259,616 |
|
217,256 |
|
905,790 |
|
786,750 |
Total subscription services |
|
|
|
|
$ 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 |
|
|
|
$ 177,188 |
Veeva R&D Solutions |
63,221 |
|
59,076 |
|
276,099 |
|
244,870 |
Total professional services and other |
|
|
|
|
|
|
$ 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 |
|
|
|
$ 351,907 |
|
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(In thousands) |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
Three months ended |
|
Fiscal year ended |
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|
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
- 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 toVeeva's revenues earned during the periods presented and will contribute toVeeva'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
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Dollars in thousands) (Unaudited) |
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|
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The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown |
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Reconciliation of Net Cash Provided by Operating Activities (GAAP basis |
Three months ended |
|
Fiscal year ended January |
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|
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 |
|
Fiscal year ended January |
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|
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 |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
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 |
|
Fiscal year ended January |
||||
|
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 |
|
|
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 tax rate of 21.0%. |
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