$VEEV
VEEVA SYSTEMS INC

2014 Q1 Form 10-K Financial Statement

#000119312514103258 Filed on March 18, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2014 2013 Q4
Revenue $62.80M $210.2M $54.98M
YoY Change 57.84% 62.22% 53.59%
Cost Of Revenue $24.36M $82.60M $21.39M
YoY Change 45.33% 44.88% 34.91%
Gross Profit $38.45M $127.5M $33.59M
YoY Change 66.96% 75.85% 68.44%
Gross Profit Margin 61.22% 60.69% 61.09%
Selling, General & Admin $19.28M $61.92M $17.02M
YoY Change 114.86% 122.24% 125.36%
% of Gross Profit 50.15% 48.54% 50.67%
Research & Development $7.858M $26.33M $6.585M
YoY Change 67.48% 79.85% 82.66%
% of Gross Profit 20.44% 20.64% 19.61%
Depreciation & Amortization $800.0K $900.0K $200.0K
YoY Change 166.67% 80.0% 100.0%
% of Gross Profit 2.08% 0.71% 0.6%
Operating Expenses $27.14M $88.25M $23.60M
YoY Change 98.59% 107.64% 111.56%
Operating Profit $11.31M $39.30M $9.985M
YoY Change 20.79% 30.87% 13.67%
Interest Expense $502.0K
YoY Change 239.19%
% of Operating Profit 1.28%
Other Income/Expense, Net -$365.0K -$804.0K $125.0K
YoY Change -39.47% -14.47% 68.92%
Pretax Income $10.94M $38.50M $10.11M
YoY Change 24.93% 32.33% 14.13%
Income Tax $4.696M $14.89M $3.585M
% Of Pretax Income 42.91% 38.66% 35.46%
Net Earnings $6.247M $23.62M $6.525M
YoY Change 9.9% 25.73% 13.5%
Net Earnings / Revenue 9.95% 11.24% 11.87%
Basic Earnings Per Share $0.05 $0.20 $0.07
Diluted Earnings Per Share $0.04 $0.15 $0.05
COMMON SHARES
Basic Shares Outstanding 122.6M 51.73M 35.80M
Diluted Shares Outstanding 143.2M 68.02M 132.0M

Balance Sheet

Concept 2014 Q1 2014 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $288.1M $288.1M $273.4M
YoY Change 523.59%
Cash & Equivalents $262.5M $262.5M $257.1M
Short-Term Investments $25.60M $25.60M $16.20M
Other Short-Term Assets $5.092M $7.200M $4.635M
YoY Change 364.18% 213.04%
Inventory
Prepaid Expenses
Receivables $58.43M $58.40M $48.60M
Other Receivables $0.00 $0.00 $100.0K
Total Short-Term Assets $353.7M $353.7M $328.4M
YoY Change 307.1% 307.02%
LONG-TERM ASSETS
Property, Plant & Equipment $2.445M $2.400M $2.319M
YoY Change 77.3% 71.43%
Goodwill $4.850M $4.709M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.145M $1.100M $1.220M
YoY Change 70.64% 57.14%
Total Long-Term Assets $16.58M $16.60M $16.84M
YoY Change 465.73% 472.41%
TOTAL ASSETS
Total Short-Term Assets $353.7M $353.7M $328.4M
Total Long-Term Assets $16.58M $16.60M $16.84M
Total Assets $370.3M $370.3M $345.3M
YoY Change 312.28% 312.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.117M $2.100M $2.436M
YoY Change -36.62% -36.36%
Accrued Expenses $7.931M $16.70M $14.11M
YoY Change 13.61% 138.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $86.62M $86.60M $70.25M
YoY Change 59.55% 59.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.897M $3.600M $1.882M
YoY Change 68.77% 227.27%
Total Long-Term Liabilities $1.897M $3.600M $1.882M
YoY Change 68.77% 227.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.62M $86.60M $70.25M
Total Long-Term Liabilities $1.897M $3.600M $1.882M
Total Liabilities $90.21M $90.20M $74.64M
YoY Change 61.51% 61.36%
SHAREHOLDERS EQUITY
Retained Earnings $48.54M $42.30M
YoY Change 94.74%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $280.1M $280.1M $270.6M
YoY Change
Total Liabilities & Shareholders Equity $370.3M $370.3M $345.3M
YoY Change 312.28% 312.36%

Cashflow Statement

Concept 2014 Q1 2014 2013 Q4
OPERATING ACTIVITIES
Net Income $6.247M $23.62M $6.525M
YoY Change 9.9% 25.73% 13.5%
Depreciation, Depletion And Amortization $800.0K $900.0K $200.0K
YoY Change 166.67% 80.0% 100.0%
Cash From Operating Activities $16.30M $41.75M $5.267M
YoY Change 132.86% 35.57% -45.79%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K $1.860M $460.0K
YoY Change 33.33% 92.95% 75.57%
Acquisitions $12.15M
YoY Change
Other Investing Activities -$9.500M -$23.60M -$2.000M
YoY Change 106.52% 59.46% -79.8%
Cash From Investing Activities -$9.900M -$26.58M -$3.250M
YoY Change 106.25% 62.41% -68.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.000M 215.4M 216.5M
YoY Change -1100.0% 37367.83% 92428.21%
NET CHANGE
Cash From Operating Activities 16.30M 41.75M 5.267M
Cash From Investing Activities -9.900M -26.58M -3.250M
Cash From Financing Activities -1.000M 215.4M 216.5M
Net Change In Cash 5.400M 230.6M 218.5M
YoY Change 134.78% 1436.42% -42044.91%
FREE CASH FLOW
Cash From Operating Activities $16.30M $41.75M $5.267M
Capital Expenditures -$400.0K $1.860M $460.0K
Free Cash Flow $16.70M $39.89M $4.807M
YoY Change 128.77% 33.71% -49.15%

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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b><i>Certain Risks and Concentrations of Credit Risk</i></b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> Our revenues are derived from subscription services and professional services delivered primarily to the pharmaceutical and life sciences industry. We operate in markets that are highly competitive and rapidly changing. Significant technological changes, shifting customer needs, the emergence of competitive products or services with new capabilities and other factors could negatively impact our operating results.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> Our financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. 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