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®2016 Veeva Systems veeva.com |
J.P. Morgan Healthcare Conference
Investor Presentation Matt Wallach, President & Co-Founder
January 14, 2016
®2016 Veeva Systems veeva.com |
Safe Harbor Forward-looking Statements
This presentation contains forward-looking statements, including statements regarding Veeva's future financial outlook and financial performance,
market growth, the release dates for and benefits from the use of Veeva's solutions, our partnership plans, our strategies, and general business
conditions. Any forward-looking statements contained in this presentation are based upon Veeva's historical performance and its current plans,
estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking
statements represent Veeva's expectations as of the date of this presentation. Subsequent events may cause these expectations to change, and
Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements represent Veeva's
expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any
obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and
uncertainties that may cause actual results to differ materially, including (i) our limited operating history, which makes it difficult to predict future
results;(ii) our expectation that the future growth rate of our revenues will decline, and that as our costs increase, we may not be able to generate
sufficient revenues to sustain the level of profitability we have achieved in the past or achieve profitability in the future; (iii) breaches in our security
measures, unauthorized access to our customers’ data, or system availability or performance problems associated with our data centers or
computing infrastructure; (iv) dependence on revenues from our Veeva CRM solution, and the rate of adoption of our new products; (v) acceptance
of our applications and services by customers, including renewals of existing subscriptions and purchases of subscriptions for additional users and
solutions; (vi) our ability to integrate the Zinc Ahead business, retain Zinc Ahead customers and achieve the expected results from our acquisition of
Zinc Ahead; (vii) loss of one or more key customers; (viii) adverse changes in general economic or market conditions, particularly in the life sciences
industry; (ix) delays or reductions in information technology spending, particularly in the life sciences industry, including as a result of mergers in the
life sciences industry; (x) the development of the market for enterprise cloud services, particularly in the life sciences industry; (xi) competitive
factors, including but not limited to pricing pressures, industry consolidation, difficulty securing rights to access, host or integrate with complementary
third party products or data used by our customers, entry of new competitors and new applications and marketing initiatives by our competitors; (xii)
our ability to manage our growth effectively; and (xiii) changes in sales that may not be immediately reflected in our results due to the ratable
recognition of our subscription revenue.
Additional risks and uncertainties that could affect Veeva’s financial results are included under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” in the company’s filing on Form 10-Q for the period ended October 31,
2015, which is available on the company’s website at www.veeva.com under the Investors section and on the SEC’s website at www.sec.gov.
Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.
2
®2016 Veeva Systems veeva.com | ®2016 Veeva Systems veeva.com |
A Leading Provider of
Cloud Solutions to the
Global Life Sciences
Industry
Founded in 2007
$400M+ FY16 Revenue
1400+ Employees
HQ in Pleasanton, CA
3
®2016 Veeva Systems veeva.com | ®2016 Veeva Systems veeva.com |
Vision Become the Leading Cloud Solutions Provider to the
Global Life Sciences Industry
Values Customer Success
Employee Success
Speed
4
®2016 Veeva Systems veeva.com |
Investor Highlights
Industry Cloud Business Model
Large Market Opportunity
Broad, Growing Suite of Products
Blue Chip Customer Base
Unique Combination of High
Growth and Strong Profitability
Fiscal Year Ending January 31
¹ Year to date figures represent results from first 9 months of the fiscal year
² Refer to our latest earnings release dated 11/24/2015 for GAAP to non-GAAP reconciliation
$130m
$210m
$313m
$30m
$47m
$86m
FY’13 FY’14 FY’15
Revenue Non-GAAP Operating Income²
Revenue and Profitability
$226m
$61m
$83m
$295m
YTD’15¹ YTD’16¹
5
®2016 Veeva Systems veeva.com | 6
Emergence of Industry Cloud
Horizontal Client/Server
Industry Client/Server
Horizontal Cloud
Industry Cloud
1990s
2000s
2010+
®2016 Veeva Systems veeva.com |
Largest Segment of the Software Market Total Worldwide Software Market Share, 2014
27%
8%
8%
7% 6%
6%
5%
5%
4%
4%
4%
4%
3%
9% Vertical Specific Software
Operating Systems
Database Management Systems
Other Application Software
ERP
App Infrastructure / Middleware
CRM
IT Operations
Security
Office Suites
Storage Management
Business Intelligence
Other Infrastructure Software
Other
Source: Gartner, Market Share: All Software Markets Worldwide 2014, March 2015
$115B
7
®2016 Veeva Systems veeva.com |
-2
-1
0
1
2
3
4
5
6
7
8V
ert
ical S
pecific
Oth
er
app
lica
tion
s
CR
M
Mid
dle
ware
DM
S
ER
P
IT O
ps
Secu
rity
Sup
ply
Cha
in M
gm
t
Sto
rag
e M
gm
t
BI &
Ana
lytics
Socia
l
Oth
er
Infr
astr
uctu
re
Virtu
aliz
atio
n In
frastr
uctu
re
EC
M
App
De
v
Data
Inte
gra
tio
n
Pro
ject
Mg
mt
Offic
e S
uite
s
Conte
nt C
rea
tion
Th
ou
sa
nd
s
OS
Source: Gartner, Market Share: All Software Markets Worldwide 2014, March 2015
Ch
an
ge
in
sp
en
din
g f
rom
20
13
($B
)
8
…and with the Most Growth Dollar Growth by Software Category, Worldwide Software Market 2014
®2016 Veeva Systems veeva.com | 9
The Old Software Adage
The best software doesn’t
always win.
®2016 Veeva Systems veeva.com | 10
The New Reality
The best cloud software will
always win.
®2016 Veeva Systems veeva.com |
Significant IT Spend and Large Market
Opportunity
Sources: IDC, Worldwide IT Spending Guide – Life Science, March 2015; Veeva Systems estimates
$19B Infrastructure
$33B Software & Services
Annual Life Sciences IT Spending
$52B $5B+ Current Addressable Market
$2B+ Content Management (Vault)
$1B Master Data Management & Data (Network & OpenData)
$2B Sales Productivity &
Compliance Tools (CRM)
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®2016 Veeva Systems veeva.com |
2015 New Drug Approvals Hit 66-year High
Product approvals
2014 Product approvals
2015
44 51 Sources: Forbes: 2014 New Drug Approvals Hit 18-Year High. Jan 2, 2015
Forbes: 2015 New Drug Approvals Hit 66-Year High. Jan 4, 2016
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®2016 Veeva Systems veeva.com |
Veeva Spans an Entire Life Sciences
Company
Regulatory Information
Management
Investigator
Portal eTMF QualityDocs MedComms PromoMats
Customer Master
Regulatory Clinical
Trials
Quality and
Manufacturing Marketing Sales
Research & Development Commercial
Medical
Affairs
Field
Medical
KOL Data
& Services
Medical
Data Services Email Services Customer &
Compliance Data
Approved
Email CLM CRM Engage CoBrowse Align Events
Management
13
Product Master
®2016 Veeva Systems veeva.com |
INTEGRATED + BEST-OF-BREED
®2016 Veeva Systems veeva.com |
Veeva Commercial Cloud D
ATA
C
ON
TE
NT
IN
TE
RA
CT
ION
S
15
®2016 Veeva Systems veeva.com |
R&D Cloud
CLINICAL QUALITY REGULATORY
PLATFORM
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®2016 Veeva Systems veeva.com |
Select Veeva Customers 375+ customers with users in over 80 countries
Enterprise Emerging Growth
17
®2016 Veeva Systems veeva.com |
Targeting a $1B Revenue Run-rate in CY2020
2015 2020
$1B
~$400M+
75%
20%
~50%
~35-40%
~10-15%
CRM Vault Network / OpenData / Other
(FY16 Guidance) (CY Revenue Run Rate)
18
®2016 Veeva Systems veeva.com |
Vault Tracking Ahead vs. Early Days of CRM
Vault
CRM
Note: First quarter of sales was Q2’08 for CRM and Q2’12 for Vault
Quarters after product line launch
Total revenue through first ~4 years of sales by product line
19
®2016 Veeva Systems veeva.com |
Vault Customers Expand Over Time
First year Q2'16
2013 2014 2015
1.2x
3.0x
9.6x
1.3
Avg. Vaults per
customer
2.0
2.2
Annualized Vault subscription revenue by annual cohort
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®2016 Veeva Systems veeva.com |
Competitive Advantage
Industry
Expertise
Amazing
Cloud
Software
Regulatory
Compliance in
the Cloud
Deep Industry-
Specific
Functionality
21
®2016 Veeva Systems veeva.com |
Most Important Competitive Advantage
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®2016 Veeva Systems veeva.com |
Thank You