Technology
Veeva Announces Fourth Quarter and Fiscal Year 2024 Results
Published
3 years 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
Thousands of Suppliers, Nine Buyer Delegations, Three Major Trends: The 35th Guzhen Lighting Fair Opens October 22 to Chart New Directions for the Industry
Published
2 hours agoon
October 17, 2026By
ZHONGSHAN, China, Oct. 17, 2026 /PRNewswire/ — This October, the global lighting industry will once again turn its attention to the Pearl River Delta. The 2026 China (Guzhen) International Lighting Fair (Autumn Edition), also known as the 35th Guzhen Lighting Fair, will take place from October 22 to 25, 2026, at the Guzhen Convention and Exhibition Center in Zhongshan, Guangdong. Thousands of suppliers, nine buyer delegations, three major trends. They represent a major collective showcase for China’s lighting industry at a time of profound change in global trade.
Highlight 1: A New National Milestone for the Lighting Industry’s Only National-Level Trade Event
The Guzhen Lighting Fair’s standing begins with its national credentials. Approved by the Ministry of Commerce of the People’s Republic of China as a national-level exhibition and certified by UFI, the Global Association of the Exhibition Industry, this edition draws on a strong industrial base: a RMB 100 billion-plus lighting industry cluster centered on Guzhen and encompassing 11 towns and subdistricts across three surrounding cities.
Notably, the fair has been included in the 2026 National Consumer Goods Campaign Key Activity List, jointly issued by the Ministry of Industry and Information Technology and the Ministry of Culture and Tourism. It is the only major annual trade event from the lighting industry included on the list. The fair is also listed in the Guangdong Department of Commerce’s 2026 Guangdong Trade Nationwide program. These endorsements recognize the collective strength of Guzhen’s lighting industry and mark the fair’s rise from an industry exhibition to a national showcase.
Highlight 2: Seven themed Halls Reflect the Industry’s Evolving Priorities
All seven halls at the main venue have been upgraded, creating a new exhibition and trading layout in which each hall has a distinct theme and identity.
The seven-hall layout reveals three clear trends: increasingly sophisticated smart technologies, the return of design and aesthetics to the mainstream, and greater supply chain autonomy and control. Hall A, Urban Lighting and Smart Engineering, focuses on smart lighting and project lighting. Hall B, inter and commercial lighting, brings together decorative fixtures, residential lighting, and commercial lighting. Hall C, outdoor and special lighting, covers outdoor lighting, lighting for cultural and tourism attractions, and special-purpose fixtures. Halls D and E, lighting manufacturing and supply-chain, connect machinery, auxiliary materials and components, and supporting services. Hall F, smart home and living decor, combines smart home technologies with decorative furnishings and accessories. Hall H, new brands and cross-border sourcing, gives buyers a one-stop product sourcing destination.
The fair will showcase advances in three major areas. In AI integration, lighting control systems powered by large AI models and wireless AIoT lighting solutions will deliver more responsive experiences, with light adapting to people’s movements. In health-focused lighting, highlights include classroom lighting solutions designed to meet China’s new national standards, along with human-centric lighting and products tailored to older adults. In green and low-carbon development, the displays will span high-efficiency energy-saving technologies, solar photovoltaic and energy storage applications, and innovations in environmentally friendly materials.
Highlight 3: Targeted Sourcing for a Thousand Buyers Shifts the Focus from Visitor Traffic to Lasting Business
This edition will assemble nine professional buyer delegations. Six domestic groups will cover smart lighting systems, decorative lighting, linear lighting, wholesale distribution, the full range of lighting products, and intelligent lighting. Under the banner “Hundreds of Businesses, Nationwide Connections: Leading Lighting Distributors’ Sourcing Delegation,” the fair will invite selected company executives and decision-makers to attend with concrete sourcing plans. Three further delegations will bring together key overseas buyers, media and associations, and key opinion leaders (KOLs).
This approach shifts the emphasis from visitor traffic to a sustained flow of orders. Using the IIRIS data management system, the fair will identify high-quality buyers, establish qualification criteria for major buyers, and build a year-round service framework. By extending short-term connections at the fair into year-round trade support, it will help exhibitors turn a four-day encounter into year-round business relationships.
Highlight 4: The Hosted Buyer Program Combines Business Matching, VIP Sourcing Tour, and Networking Party
The fair’s flagship Hosted Buyer Program (HBP) will return with an expanded program, inviting hundreds of overseas buyers to join an international sourcing delegation. The business matching area in Hall H will host five Denggle.com Business Matching, four for overseas buyers and one for domestic buyers. The proven format combines pre-event research into buyers’ needs, targeted invitations, and one-on-one matching in a dedicated meeting area during the fair. It will cover major lighting markets including Southeast Asia, South Asia, Europe, the Americas, and Africa.
A distinctive addition is the partnership with GZCD•STAR ALLIANCE for the “Stars Gather at Star Alliance: A Global Search for Lighting” event series. Activities will include a guided tour for 40 overseas buyers, store visits by KOLs, and the “206 Hosted Buyer Program Networking Party.” Together, they will create an integrated program of exhibition matchmaking, direct sourcing at lighting malls, and social networking over cocktails.
This combination of exhibition halls and lighting malls, formal business meetings and informal networking, sets the Guzhen Lighting Fair apart. Behind the event is Guzhen’s extensive local industry. In China’s Lighting Capital, the entire town serves as a showroom, with opportunities to do business throughout the area. This is the foundation of the fair’s distinctive strength: industry concentration drives efficiency, and location creates a competitive advantage that is hard to replicate.
Highlight 5: Five Lighting Forums Address the Industry’s Challenges and Next Steps
This edition will feature five themed forums, all centered on light.
“Illuminating Prospects: Forum on Industry Trends and New Opportunities in Guzhen” will examine the reshaping of global trade and the direction of industrial policy, exploring how the industry can move from selling lighting products to providing lighting solutions and services.
The “Building Intelligence with Light, Achieving Low-Carbon Coexistence” forum will focus on green, low-carbon IoT applications, wireless AIoT lighting, and upgrades to smart manufacturing in factories.
“Expanding Markets with Light, Making Retail Breakthroughs,” a distribution alliance forum, will address declining foot traffic for dealers and encourage shared access to customer bases and joint brand initiatives among lighting malls.
“Light for All Homes, Harmonious Living,” a forum on health-focused lighting, will explore lighting environments that serve people of all ages and the standardization of lighting for older adults.
“Global Reach with Light, Profit at the Endpoints,” a practical matchmaking forum on cross-platform customer acquisition through new media and overseas expansion, will focus on AI-powered customer acquisition across new media channels and generative engine optimization (GEO).
The five events will be organized in collaboration with leading bodies including the China Association of Lighting Industry, the Guangdong Lighting Association, and the Guangdong Electronic Commerce Association. They will cover industry trends, smart manufacturing, retail channels, health-focused lighting, and overseas expansion through new media. Their themes address both where businesses should go and how to get there. Combining strategic direction with practical methods is precisely the value industry dialogue should deliver.
Highlight 6: A Networking Party Builds Industry Consensus Through Recognition
To mark its 35th edition, the fair will hold the 35th Guzhen Lighting Fair Sourcing and Supply Information Networking Dinner on the evening of October 22. The organizing committee will launch a “Gold Partners” recognition program, with awards across several categories honoring companies that have supported the fair over the long term, demonstrated sustained commitment to the industry, and excelled in their respective fields.
By recognizing exemplary businesses, the program will establish industry role models, strengthen longstanding exhibitors’ connection to the fair, and demonstrate to global buyers the industry’s commitment to quality and a strong reputation for reliability. Around 250 key guests are expected to be invited, including representatives of government, business and industry associations, industrial bases, and high-caliber exhibitor partners. With the fair as a meeting point, the dinner will help companies support one another and strengthen ties between individual businesses and the wider industry.
Highlight 7: The 2026 Short-Video & Live Creator Contest Award Ceremony and KOL Tours Test New Ways for a Traditional Trade Fair to Reach Wider Audiences
“Good Lighting in Guzhen: The 2026 Short-Video & Live Creator Contest Award Ceremony” has evolved into a year-round signature event on Douyin and WeChat Channels. It features two categories, short-form video and on-site livestreaming, with quarterly popularity awards, annual grand prizes, and other honors. Recognition, audience metrics, and cash prizes will encourage participation by industry buyers and sellers, creators, and influencers.
The “Star Scout KOL Sourcing Group” will bring together more than 30 short-video creators specializing in lighting. Through in-depth short videos and on-site livestreams, they will explore the fair and amplify its reach across their combined online channels. Campaign-related content is expected to generate more than one million impressions over the full campaign period.
The Data Foundation: A Buyer Database of Over 1.3 Million Records and Year-Round Online Exhibitions and Trade
For promotion and buyer outreach, the fair uses the IIRIS data management system to draw on more than 1.3 million global buyer records. It works with over 150 trade and general-interest media outlets and web portals, alongside a social media presence on WeChat, Douyin, Kuaishou, Xiaohongshu, and Weibo, to send multiple rounds of targeted invitations to buyers in more than 140 countries and regions. Offline, it partners with over ten industry print publications and sends promotion teams to more than 40 lighting wholesale markets across China. Outdoor advertising will also appear along Guzhen’s main roads, on shuttle buses, and on LED displays.
On the digital side, the fair’s specialized B2B trading website, Denggle.com, and its online exhibition and e-commerce platform, Denggle EZbuy, use big data and intelligent recommendations to match buyers and suppliers precisely, providing online exhibition and trading services 365 days a year. By extending a four-day fair into a year-round online presence and complementing in-person connections with data-driven matching, the Guzhen Lighting Fair is redefining the reach of a lighting exhibition, extending it beyond its physical venue and four-day run.
Since its launch in 1999, the Guzhen Lighting Fair has held 34 successful editions over 27 years. From a regional ordering fair to an international exhibition and trading platform spanning more than 1.5 million square meters, each stage of its development has kept pace with the transformation of China’s lighting industry.
As AI integration reshapes lighting products, health-focused lighting responds to people’s aspirations for a better life, and green, low-carbon practices become a requirement for access to global supply chains, the 35th Guzhen Lighting Fair offers more than seven event highlights. It presents a promising vision for the future of China’s lighting industry.
SOURCE China (Guzhen) International Lighting Fair
Technology
DR. PHONE FIX ANNOUNCES AMENDMENT TO INTEREST CONVERSION TERMS OF CONVERTIBLE DEBENTURES
Published
2 hours agoon
October 17, 2026By
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
EDMONTON, AB, Oct. 16, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (“Dr. Phone Fix” or the “Company”) (TSXV: DPF) announces that it has entered into an amending agreement dated October 8, 2026 (the “Amending Agreement”) to amend the mechanics for converting accrued and unpaid interest under its unsecured convertible debentures issued on June 24, 2026 and July 17, 2026 in the aggregate principal amount of $1,608,000 and bearing interest at 10% per annum (the “Debentures”). The conversion price applicable to the principal amount of the Debentures is not affected by the amendments.
Under the Amending Agreement, the principal amount of the Debentures remains convertible, at the option of the holder, at any time on or before the maturity date into common shares of the Company (“Common Shares”) at a conversion price of $0.16 per Common Share. Accrued and unpaid interest on the Debentures remains convertible into Common Shares at the option of the holder, but at a deemed price per Common Share (the “Interest Conversion Price”) equal to the closing price of the Common Shares on the TSX Venture Exchange (the “TSXV”) on the last trading day before the holder delivers a notice electing to convert interest (an “Interest Conversion Notice”), provided that the Interest Conversion Price will not be less than the Market Price (as defined in the policies of the TSXV) on that trading day.
An Interest Conversion Notice must be delivered within the five trading days before the date on which the applicable interest becomes payable, including on conversion of the principal amount, in which case the Interest Conversion Notice is to be delivered together with the conversion notice. Any issuance of Common Shares in satisfaction of interest is subject to the prior acceptance of the TSXV, and any interest that is not converted, or for which TSXV acceptance is not obtained, will be paid in cash. The form of conversion notice attached to the Debentures has been updated to reflect these amendments. All other terms of the Debentures remain unchanged.
The terms of the Debentures provide that they may be amended with the consent of the holders of a majority of the aggregate principal amount of the Debentures outstanding, and that all holders are bound by any amendment so approved. Holders of more than 50% of the aggregate principal amount of the outstanding Debentures have consented to the Amending Agreement. Accordingly, the amendments are binding on all holders of Debentures, whether or not they executed the Amending Agreement and whether or not replacement certificates are issued.
The amendments to the Debentures remain subject to the acceptance of the TSXV.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Dr. Phone Fix
Dr. Phone Fix is an award-winning, eco-friendly, and customer-centric integrated device care platform providing repair, refurbishment, certified pre-owned devices, trade-in solutions, accessories and related services through its growing national retail network. Founded in 2019, the Company serves consumers and businesses across multiple Canadian markets, delivering convenient and reliable device care solutions through its corporately owned retail network. With a focus on operational execution, customer service and sustainability, Dr. Phone Fix continues to expand its national platform while supporting the repair, reuse and extension of the useful life of connected devices.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Forward-Looking Information and Cautionary Statements
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the acceptance of the amendments to the Debentures by the TSXV; and the conversion of principal and interest under the Debentures and the issuance of Common Shares in connection therewith. Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company’s financial condition and development plans do not change as a result of unforeseen events; and the Company will be able to obtain the financing required in order to develop and continue its business and operations. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to obtain TSXV acceptance of the amendments to the Debentures or of any issuance of Common Shares in satisfaction of interest; market conditions and investor demand for the Company’s securities; and general economic and market conditions. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOURCE Dr. Phone Fix
Technology
Brightmoor Hospice, LLC Provides Notification of Data Security Incident
Published
3 hours agoon
October 17, 2026By
GRIFFIN, Ga., Oct. 16, 2026 /PRNewswire/ — Brightmoor Hospice, LLC (“Brightmoor”) is providing notification of a data security incident that may have impacted certain protected health information.
On or around March 25, 2026, Brightmoor Hospice, LLC (“Brightmoor”) discovered suspicious activity related to two employees’ email accounts. Upon discovery, Brightmoor took immediate action to secure the accounts and engaged a team of third-party specialists to investigate. The investigation determined that two employee email accounts were accessed without authorization between March 24, 2026, and March 25, 2026. Upon confirmation of unauthorized access, Brightmoor began a comprehensive review of the contents of the affected accounts to determine whether they contained sensitive information pertaining to individuals. On August 18, 2026, Brightmoor determined that protected health information belonging to certain patients was present within the accounts. Brightmoor then conducted a time-intensive review of its internal records to locate address information for the potentially impacted individuals. On October 16, 2026, Brightmoor began notifying individuals by mail.
The types of information vary by individual and may include name and one or more of the following: addresses, Social Security numbers, driver’s license information, dates of birth, patients’ identification numbers, diagnosis, medical history information, medical record numbers, medical treatment information, lab information, treating doctor’s name, medication information, vaccination information, medical insurance information, and family and social history information.
In response to this incident, Brightmoor worked with third-party specialists to investigate and implement additional security measures within its network. Brightmoor has no evidence of actual or attempted misuse of information as a result of this incident. Nonetheless, in an abundance of caution, Brightmoor is providing notice to potentially affected individuals and offering complimentary credit monitoring services. Individuals are also encouraged to monitor their account statements and explanation of benefits forms for suspicious activity and to detect errors. In addition, Brightmoor has notified the U.S. Health and Human Services Office for Civil Rights of this incident.
Brightmoor has established a toll-free call center to answer questions about the incident and to address related concerns. The number for the hotline is 1-800-759-8524. The hotline hours of operation are Monday through Friday from 8 AM to 8 PM EST, excluding holidays. You can also write to 3247 Newnan Rd, Griffin, GA 30223.
Brightmoor takes protecting the privacy and security of personal information seriously and is reviewing and implementing further security enhancements designed to strengthen the protection of our systems.
View original content:https://www.prnewswire.com/news-releases/brightmoor-hospice-llc-provides-notification-of-data-security-incident-302911735.html
SOURCE Brightmoor Hospice, LLC
Thousands of Suppliers, Nine Buyer Delegations, Three Major Trends: The 35th Guzhen Lighting Fair Opens October 22 to Chart New Directions for the Industry
DR. PHONE FIX ANNOUNCES AMENDMENT TO INTEREST CONVERSION TERMS OF CONVERTIBLE DEBENTURES
Brightmoor Hospice, LLC Provides Notification of Data Security Incident
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