Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Jan. 31, 2021 | Feb. 28, 2021 | Jul. 31, 2020 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 31, 2021 | ||
Current Fiscal Year End Date | --01-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36121 | ||
Entity Registrant Name | Veeva Systems Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-8235463 | ||
Entity Address, Address Line One | 4280 Hacienda Drive | ||
Entity Address, City or Town | Pleasanton | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94588 | ||
City Area Code | 925 | ||
Local Phone Number | 452-6500 | ||
Title of 12(b) Security | Class A Common Stock,par value $0.00001 per share | ||
Trading Symbol | VEEV | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 36 | ||
Documents Incorporated by Reference | Portions of the Registrant’s Proxy Statement for the 2021 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Form 10-K to the extent stated herein. The proxy statement will be filed by the Registrant with the Securities and Exchange Commission within 120 days after the end of the Registrant’s fiscal year ended January 31, 2021. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001393052 | ||
Class A common stock | |||
Document And Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 137,447,441 | ||
Class B common stock | |||
Document And Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 14,776,223 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 730,504 | $ 476,733 |
Short-term investments | 933,122 | 610,015 |
Accounts receivable, net of allowance for doubtful accounts of $193 and $617, respectively | 564,387 | 389,690 |
Unbilled accounts receivable | 47,206 | 32,817 |
Prepaid expenses and other current assets | 35,607 | 21,869 |
Total current assets | 2,310,826 | 1,531,124 |
Property and equipment, net | 53,650 | 54,752 |
Deferred costs, net | 42,072 | 35,585 |
Lease right-of-use assets | 56,917 | 49,132 |
Goodwill | 436,029 | 438,529 |
Intangible assets, net | 114,595 | 134,601 |
Deferred income taxes | 14,100 | 11,870 |
Other long-term assets | 17,878 | 16,184 |
Total assets | 3,046,067 | 2,271,777 |
Current liabilities: | ||
Accounts payable | 23,253 | 19,420 |
Accrued compensation and benefits | 30,410 | 25,619 |
Accrued expenses and other current liabilities | 30,982 | 21,620 |
Income tax payable | 2,590 | 5,613 |
Deferred revenue | 616,992 | 468,887 |
Lease liabilities | 11,725 | 10,013 |
Total current liabilities | 715,952 | 551,172 |
Deferred income taxes | 1,835 | 2,417 |
Lease liabilities, noncurrent | 51,393 | 44,815 |
Other long-term liabilities | 10,567 | 7,779 |
Total liabilities | 779,747 | 606,183 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Additional paid-in capital | 965,670 | 745,475 |
Accumulated other comprehensive income | 992 | 460 |
Retained earnings | 1,299,656 | 919,658 |
Total stockholders’ equity | 2,266,320 | 1,665,594 |
Total liabilities and stockholders’ equity | 3,046,067 | 2,271,777 |
Class A common stock | ||
Stockholders’ equity: | ||
Common stock | 2 | 1 |
Class B common stock | ||
Stockholders’ equity: | ||
Common stock | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Allowance for doubtful accounts | $ 193 | $ 617 |
Class A common stock | ||
Common stock, par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, shares issued (in shares) | 137,062,817 | 133,892,725 |
Common stock, shares outstanding (in shares) | 137,062,817 | 133,892,725 |
Class B common stock | ||
Common stock, par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 190,000,000 | 190,000,000 |
Common stock, shares issued (in shares) | 14,993,991 | 15,202,858 |
Common stock, shares outstanding (in shares) | 14,993,991 | 15,202,858 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | ||
Revenues: | ||||
Total revenues | $ 1,465,069 | $ 1,104,081 | $ 862,210 | |
Cost of revenues: | ||||
Total cost of revenues | [1] | 408,928 | 303,369 | 245,281 |
Gross profit | 1,056,141 | 800,712 | 616,929 | |
Operating expenses: | ||||
Research and development | [1] | 294,220 | 209,895 | 158,783 |
Sales and marketing | [1] | 235,014 | 190,331 | 148,867 |
General and administrative | [1] | 149,113 | 114,267 | 86,413 |
Total operating expenses | [1] | 678,347 | 514,493 | 394,063 |
Operating income | 377,794 | 286,219 | 222,866 | |
Other income, net | 16,199 | 27,478 | 15,777 | |
Income before income taxes | 393,993 | 313,697 | 238,643 | |
Provision for income taxes | 13,995 | 12,579 | 8,811 | |
Net income | 379,998 | 301,118 | 229,832 | |
Net income, basic and diluted | $ 379,998 | $ 301,118 | $ 229,832 | |
Net income per share: | ||||
Basic (in usd per share) | $ 2.52 | $ 2.04 | $ 1.59 | |
Diluted (in usd per share) | $ 2.36 | $ 1.90 | $ 1.47 | |
Weighted-average shares used to compute net income per share: | ||||
Basic (in shares) | 150,666 | 147,796 | 144,244 | |
Diluted (in shares) | 160,732 | 158,296 | 156,117 | |
Other comprehensive income: | ||||
Net change in unrealized gain on available-for-sale investments | $ 985 | $ 2,388 | $ 1,409 | |
Net change in cumulative foreign currency translation loss | (453) | (2,857) | (2,081) | |
Comprehensive income | 380,530 | 300,649 | 229,160 | |
Subscription services | ||||
Revenues: | ||||
Total revenues | 1,179,486 | 896,294 | 694,467 | |
Cost of revenues: | ||||
Total cost of revenues | [1] | 184,589 | 136,328 | 117,009 |
Professional services and other | ||||
Revenues: | ||||
Total revenues | 285,583 | 207,787 | 167,743 | |
Cost of revenues: | ||||
Total cost of revenues | [1] | $ 224,339 | $ 167,041 | $ 128,272 |
[1] | (1) Includes stock-based compensation as follows: Cost of revenues: Cost of subscription services $ 4,840 $ 2,638 $ 1,553 Cost of professional services and other 27,698 17,518 10,575 Research and development 63,541 37,001 22,138 Sales and marketing 40,574 27,537 18,381 General and administrative 48,348 31,212 23,778 Total stock-based compensation $ 185,001 $ 115,906 $ 76,425 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Total stock-based compensation | $ 185,001 | $ 115,906 | $ 76,425 |
Cost of subscription services | |||
Total stock-based compensation | 4,840 | 2,638 | 1,553 |
Cost of professional services and other | |||
Total stock-based compensation | 27,698 | 17,518 | 10,575 |
Research and development | |||
Total stock-based compensation | 63,541 | 37,001 | 22,138 |
Sales and marketing | |||
Total stock-based compensation | 40,574 | 27,537 | 18,381 |
General and administrative | |||
Total stock-based compensation | $ 48,348 | $ 31,212 | $ 23,778 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | [1] | Class A & B common stock | Additional paid-in capital | Retained earnings | Retained earningsCumulative Effect, Period of Adoption, Adjustment | [1] | Accumulated other comprehensive income |
Beginning balance (in shares) at Jan. 31, 2018 | 142,069,396 | ||||||||
Beginning balance at Jan. 31, 2018 | $ 906,238 | $ 1 | $ 515,272 | $ 389,365 | $ 1,600 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 2,807,092 | ||||||||
Issuance of common stock upon exercise of stock options | $ 25,554 | 25,554 | |||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 1,313,591 | ||||||||
Issuance of common stock upon vesting of restricted stock units | 0 | ||||||||
Stock-based compensation expense | 76,797 | 76,797 | |||||||
Other comprehensive income | (672) | (672) | |||||||
Net income | 229,832 | 229,832 | |||||||
Ending balance (in shares) at Jan. 31, 2019 | 146,190,079 | ||||||||
Ending balance at Jan. 31, 2019 | 1,237,749 | $ (657) | $ 1 | 617,623 | 619,197 | $ (657) | 928 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 1,665,778 | ||||||||
Issuance of common stock upon exercise of stock options | 10,899 | 10,899 | |||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 1,239,726 | ||||||||
Issuance of common stock upon vesting of restricted stock units | 0 | ||||||||
Replacement award value in connection with business combination | 657 | 657 | |||||||
Stock-based compensation expense | 116,296 | 116,296 | |||||||
Other comprehensive income | (468) | (468) | |||||||
Net income | 301,118 | 301,118 | |||||||
Ending balance (in shares) at Jan. 31, 2020 | 149,095,583 | ||||||||
Ending balance at Jan. 31, 2020 | $ 1,665,594 | $ 1 | 745,475 | 919,658 | 460 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 1,839,723 | 1,839,723 | |||||||
Issuance of common stock upon exercise of stock options | $ 34,816 | $ 1 | 34,815 | ||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 1,121,502 | ||||||||
Issuance of common stock upon vesting of restricted stock units | 0 | ||||||||
Stock-based compensation expense | 185,380 | 185,380 | |||||||
Other comprehensive income | 532 | 532 | |||||||
Net income | 379,998 | 379,998 | |||||||
Ending balance (in shares) at Jan. 31, 2021 | 152,056,808 | ||||||||
Ending balance at Jan. 31, 2021 | $ 2,266,320 | $ 2 | $ 965,670 | $ 1,299,656 | $ 992 | ||||
[1] | (1) We adopted Accounting Standards Update (ASU) 2016-02, “ Leases ” (Topic 842) using the modified retrospective method as of February 1, 2019 and elected the transition option that allows us not to restate the comparative periods in our financial statements in the year of adoption. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Cash flows from operating activities | |||
Net income | $ 379,998 | $ 301,118 | $ 229,832 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 29,455 | 19,859 | 14,071 |
Reduction of operating lease right-of-use assets | 10,347 | 7,966 | 0 |
Amortization (accretion) of discount on short-term investments | 3,134 | (3,274) | (2,431) |
Stock-based compensation | 185,001 | 115,906 | 76,425 |
Amortization of deferred costs | 20,677 | 20,521 | 18,378 |
Deferred income taxes | (1,048) | (6,663) | (8,091) |
Gain on foreign currency from mark-to-market derivative | (365) | (120) | (177) |
Bad debt (recovery) expense | (307) | 244 | 198 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (174,067) | (55,531) | (78,995) |
Unbilled accounts receivable | (14,387) | (14,555) | (4,774) |
Deferred costs | (27,164) | (25,237) | (18,941) |
Income taxes payable | (3,023) | 1,131 | 637 |
Prepaid expenses and other current and long-term assets | (12,424) | (2,700) | (10,562) |
Accounts payable | 754 | 2,813 | 1,822 |
Accrued expenses and other current liabilities | 13,889 | (15,230) | 963 |
Deferred revenue | 147,479 | 97,753 | 89,416 |
Operating lease liabilities | (9,129) | (7,480) | 0 |
Other long-term liabilities | 2,426 | 854 | 3,056 |
Net cash provided by operating activities | 551,246 | 437,375 | 310,827 |
Cash flows from investing activities | |||
Purchases of short-term investments | (979,292) | (752,518) | (726,379) |
Maturities and sales of short-term investments | 654,341 | 688,091 | 632,329 |
Acquisitions, net of cash and restricted cash acquired | 0 | (448,162) | 0 |
Long-term assets | (8,683) | (4,321) | (9,819) |
Net cash used in investing activities | (333,634) | (516,910) | (103,869) |
Cash flows from financing activities | |||
Changes in lease liabilities - finance leases | (1,039) | (984) | 0 |
Proceeds from exercise of common stock options | 34,857 | 10,994 | 25,910 |
Net cash provided by financing activities | 33,818 | 10,010 | 25,910 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 484 | (2,856) | (2,077) |
Net change in cash, cash equivalents, and restricted cash | 251,914 | (72,381) | 230,791 |
Cash, cash equivalents, and restricted cash at beginning of period | 479,797 | 552,178 | 321,387 |
Cash, cash equivalents, and restricted cash at end of period | 731,711 | 479,797 | 552,178 |
Cash, cash equivalents, and restricted cash at end of period: | |||
Cash, cash equivalents, and restricted cash at end of period | 479,797 | 479,797 | 321,387 |
Supplemental disclosures of other cash flow information: | |||
Cash paid for income taxes, net of refunds | 18,096 | 14,289 | 19,541 |
Excess tax benefits from employee stock plans | 80,661 | 50,411 | 45,830 |
Non-cash investing activities: | |||
Changes in accounts payable and accrued expenses related to property and equipment purchases | $ 3,165 | $ 567 | $ 644 |
Summary of Business and Signifi
Summary of Business and Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Business and Significant Accounting Policies | Summary of Business and Significant Accounting Policies Description of Business Veeva is the leading provider of industry cloud solutions for the global life sciences industry. We were founded in 2007 on the premise that industry-specific cloud solutions could best address the operating challenges and regulatory requirements of life sciences companies. Our solutions span cloud software, data, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions—from research and development (R&D) to commercialization. Our solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations. Our commercial solutions help life sciences companies achieve better, more intelligent engagement with healthcare professionals and healthcare organizations across multiple communication channels, and plan and execute more effective media and marketing campaigns. Our R&D solutions for the clinical, regulatory, quality, and safety functions help life sciences companies streamline their end-to-end product development processes to increase operational efficiency and maintain regulatory compliance throughout the product life cycle. We also bring the benefits of our content and data management solutions to a set of customers outside of life sciences in three regulated industries: consumer goods, chemicals, and cosmetics. Our fiscal year end is January 31. Principles of Consolidation and Basis of Presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding annual financial reporting and include the accounts of our wholly-owned subsidiaries after elimination of intercompany accounts and transactions. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that affect the consolidated financial statements and the notes thereto. These estimates are based on information available as of the date of the consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Items subject to such estimates and assumptions include, but are not limited to: • the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations; • the determination of the period of benefit for amortization of deferred costs; • the fair value of assets acquired and liabilities assumed for business combinations; and • the fair value of our stock-based awards. As future events cannot be determined with precision, actual results could differ significantly from those estimates. Segment Information Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. We define the term “chief operating decision maker” to be our Chief Executive Officer. Our Chief Executive Officer reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. Accordingly, we have determined that we operate in a single reportable operating segment. Since we operate in one operating segment, all required financial segment information can be found in the consolidated financial statements. Revenue Recognition We derive our revenues primarily from subscription services and professional services. Subscription services revenues consist of fees from customers accessing our cloud-based software solutions and fees for our data solutions. Professional services and other revenues consist primarily of fees from implementation services, configuration, data services, training, and managed services related to our solutions. Revenues are recognized when control of these services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, we satisfy a performance obligation. Our subscription services agreements are generally non-cancelable during the term, although customers typically have the right to terminate their agreements for cause in the event of material breach. Subscription Services Revenues Subscription services revenues are recognized ratably over the respective non-cancelable subscription term because of the continuous transfer of control to the customer. Our subscription arrangements are considered service contracts, and the customer does not have the right to take possession of the software. Professional Services and Other Revenues The majority of our professional services arrangements are billed on a time and materials basis and revenues are recognized over time based on time incurred and contractually agreed upon rates. Certain professional services revenues are billed on a fixed fee basis and revenues are typically recognized over time as the services are delivered based on time incurred. Data services and training revenues are generally recognized as the services are performed. Contracts with Multiple Performance Obligations Some of our contracts with customers contain multiple performance obligations. For these contracts, we account for individual performance obligations separately when they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and other factors, including other groupings such as customer type and geography. Deferred Costs Deferred costs represents sales commissions associated with obtaining a contract with a customer. These costs are deferred and then amortized over a period of benefit that we have determined to be three years. We determined the period of benefit by taking into consideration the expected renewal period of our customer contracts, our technology and other factors. Amortization expense is included in sales and marketing expenses in the accompanying consolidated statements of comprehensive income. Certain Risks and Concentrations of Credit Risk Our revenues are derived from subscription services, professional services and other services delivered primarily to the 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 future operating results. Our financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, short-term investments and trade accounts receivable. Our cash equivalents and short-term investments are held by established financial institutions. We have established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. Deposits in these financial institutions may significantly exceed federally insured limits. We do not require collateral from our customers and generally require payment within 30 days to 60 days of billing. The following customers individually exceeded 10% of total accounts receivable as of the dates shown: January 31, 2021 2020 Customer 1 12% 14% No single customer represented over 10% of our total revenues for any of the years presented. Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Short-term Investments Our short-term investments are classified as available-for-sale and recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income, a component of stockholders’ equity. We evaluate our investments to assess whether those with unrealized loss positions are other than temporarily impaired. We consider impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely we will sell the securities before the recovery of their cost basis. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income, net, in the consolidated statements of comprehensive income. Interest, amortization of premiums, and accretion of discount on all short-term investments are also included as a component of other income, net, in the consolidated statements of comprehensive income. We may sell our short-term investments at any time, without significant penalty, for use in current operations or for other purposes, even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond 12 months, as current assets in the accompanying consolidated balance sheets. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount, net of allowance for doubtful accounts, which is not material. Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets and commences once the asset is placed in service or ready for its intended use. Land is not depreciated. The estimated useful lives by asset classification are as follows: Building 30 years Land and building improvements 10 years (land improvements) and estimated useful life of building (building improvements) Equipment and computers 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of remaining life of the lease term or estimated useful life Leases We have operating and finance leases for corporate offices and certain equipment. Additionally, we are the sublessor for certain office space. We adopted Accounting Standards Update (ASU) 2016-02 “ Leases ” (Topic 842) using the modified retrospective method as of February 1, 2019 with an immaterial amount of cumulative effect adjustment recorded to our retained earnings. Consequently, financial information for dates and periods before February 1, 2019 remain unchanged. Subsequent to our adoption of Topic 842, we recognize l ease right-of-use assets and liabilities at the commencement date based on the present value of lease payments over the lease term. We use an estimate of our discount rate based on the information available at the lease commencement date in determining the present value of lease payments, unless the implicit rate is readily determinable. The lease right-of-use assets also include any lease payments made and exclude lease incentives such as tenant improvement allowances. Options to extend or terminate the lease are included in the lease term when it is reasonably certain that we will exercise the extension or termination option. Our operating leases typically include non-lease components such as common-area maintenance costs. We have elected to exclude non-lease components from lease payments for the purpose of calculating lease right-of-use assets and liabilities and these are expensed as incurred as variable lease payments. Leases with a term of one year or less are not recognized on our consolidated balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Internal-Use Software We capitalize certain costs incurred for the development of computer software for internal use. We capitalize these costs during the development of the project, when it is determined that it is probable that the project will be completed and the software will be used as intended. Costs related to preliminary project activities, post-implementation activities, training, and maintenance are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life of three years, and the amortization expense is recorded as a component of cost of subscription services. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. Goodwill and Intangible Assets Goodwill is tested for impairment annually in the fourth quarter of each year or if circumstances indicate the carrying value of goodwill is impaired. We have one reporting unit and evaluate goodwill for impairment at the entity level. We completed our annual impairment test in our fourth quarter of the fiscal year ended January 31, 2021, which resulted in no impairment of the goodwill balance. All other intangible assets associated with purchased intangibles, consisting of existing technology, databases, customer relationships, software, trade names and trademarks, data supplier and partner relationships, non-competition agreements, brand, and backlog are stated at cost less accumulated amortization and are amortized on a straight-line basis over their estimated remaining economic lives. Amortization expense related to existing technology, databases, data supplier and partner relationships, software, and backlog is included in cost of subscription services. Amortization expense related to customer relationships, trade names and trademarks, and brand are included in sales and marketing expense. Amortization expense related to non-competition agreements are included in both general and administrative and research and development expense. Long-Lived Assets Long-lived assets, such as property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. There were no impairment charges recognized during any of the periods presented. Business Combinations The purchase price in a business combination is assigned to the estimated acquisition date fair values of the tangible and intangible assets acquired and the liabilities assumed with the residual recorded as goodwill. Critical estimates in valuing certain of the intangible assets include, but are not limited to, the net present value of future expected cash flows, future revenue growth, margins, customer retention rates, technology life, royalty rates, expected use of acquired assets, and discount rates. Stock-based Compensation We recognize compensation expense for all stock-based awards, including stock options and restricted stock units (RSUs), based on the estimate of fair value of the award at the grant date. The fair value of each option award is estimated on the grant date using either a Black-Scholes option-pricing model or a Monte Carlo simulation, to the extent market conditions exist, and a single option award approach. These models require that at the date of grant we determine the fair value of the underlying common stock, the expected term of the award, the expected volatility of the price of our common stock, risk-free interest rates, and expected dividend yield of our common stock. The fair value of each RSU award is measured based on the closing stock price of our common stock on the date of grant. We account for forfeitures as they occur. The compensation expense is recognized using a straight-line basis over the requisite service periods of the awards, which is generally four Cost of Revenues Cost of subscription services revenues consists of expenses related to our computing infrastructure provided by third parties, including salesforce.com and Amazon Web Services, personnel-related costs associated with hosting our subscription services and providing support including our data stewards, data acquisition costs, and allocated overhead, amortization expense associated with capitalized internal-use software related to our subscription services, and amortization expense associated with purchased intangibles related to our subscription services. Cost of subscription services revenues for Veeva CRM and certain of our multichannel customer relationship management applications include fees paid to salesforce.com for our use of the Salesforce Platform and the associated hosting infrastructure and data center operations that are provided by salesforce.com. Cost of professional services and other revenues consists primarily of employee-related expenses associated with providing these services, including salaries, benefits and stock-based compensation expense, the cost of third-party subcontractors, travel costs, and allocated overhead. Advertising Expenses Advertising expenditures are expensed as incurred and were immaterial for each of the years presented. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We regularly assess the realizability of our deferred tax assets and establish a valuation allowance if it is more-likely-than-not that some or all of our deferred tax assets will not be realized. We evaluate and weigh all available positive and negative evidence such as historic results, future reversals of existing deferred tax liabilities, projected future taxable income, as well as prudent and feasible tax-planning strategies. Generally, more weight is given to objectively verifiable evidence such as the cumulative income in recent years. We establish liabilities or reduce assets for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining whether the weight of available evidence indicates that it is more likely than not that the position will be sustained upon an audit, including resolution of related appeals or litigation processes, if any. The second step requires us to measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. We recognize interest accrued and penalties related to unrecognized tax benefits as a component of provision for income taxes. Foreign Currency Exchange Adjustments resulting from translating financial statements for those entities that do not have U.S. dollars as their functional currency are recorded as part of a separate component of the consolidated statements of comprehensive income. All assets and liabilities denominated in non-functional currency are translated into the functional currency at the exchange rate on the balance sheet date. Revenues and expenses are translated at the average exchange rate during the period. Equity transactions are translated using historical exchange rates. Foreign currency transaction gains and losses are included in the consolidated statements of comprehensive income for the period. Indemnification Our contracts generally include provisions for indemnifying customers against liabilities if our solutions infringe a third party’s intellectual property rights, and we may also incur liabilities if we breach the security and/or confidentiality obligations in our contracts. To date, we have not incurred any material costs, and we have not accrued any liabilities in the accompanying consolidated financial statements as a result of these obligations. Loss Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment or remediation can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. New Accounting Pronouncements Adopted in Fiscal 2021 Cloud Computing Arrangements In August 2018, the FASB issued ASU No. 2018-15, “ Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ” (Topic 350-40), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard requires capitalized costs to be amortized on a straight-line basis generally over the term of the arrangement, and the financial statement presentation for these capitalized costs would be the same as that of the fees related to the hosting arrangements. We adopted this standard on a prospective basis as of February 1, 2020 and it did not have a material impact on our consolidated financial statements. Credit Losses In June 2016, the Financial Accounting Standards Board, or FASB, issued ASU 2016-13, including subsequent amendments, regarding “ Measurement of Credit Losses on Financial Instruments ” (Topic 326), which modifies the accounting methodology for most financial instruments. The guidance establishes a new “expected loss model” that requires entities to estimate current expected credit losses on financial instruments by using all practical and relevant information. For trade receivables and other financial assets, we are required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Additionally, any expected credit losses are to be reflected as allowances rather than reductions in the amortized cost of available-for-sale debt securities. We adopted this standard on a modified retrospective basis as of February 1, 2020. The adoption of this standard did not result in any cumulative effect adjustment on our consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Jan. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Crossix On November 1, 2019, we acquired 100% ownership of Crossix in exchange for total consideration of $428 million, which includes the impact of adjustments to purchase price associated with the cash and net working capital of the acquired entity at close. In addition, we granted certain Crossix employees equity retention awards valued at approximately $120 million in the aggregate, which will be expensed as share-based compensation over the remaining service period. Crossix brings Veeva additional depth in patient data and data analytics. Crossix’s existing data analytics offerings are complementary to our existing Commercial Cloud offerings, and we are using the Crossix Data Platform to build Veeva Data Cloud, our longitudinal U.S. patient data offering. The following table summarizes the estimated fair values of the assets acquired, useful lives, and liabilities assumed at the acquisition date (in thousands): Useful life Fair value Net assets acquired $ 4,766 Identifiable intangible assets: Customer relationships 10 years 70,100 Existing technology 6 years 19,200 Trade name and trademarks 5 years 13,200 Other intangibles 1 to 7 years 6,000 Total purchased intangible assets 108,500 Goodwill 314,642 Total purchase consideration $ 427,908 The following unaudited pro forma information presents the combined results of operations for the periods presented as if the acquisition had been completed on February 1, 2018, the beginning of the comparable prior annual reporting period. The unaudited pro forma results include the amortization associated with estimates for the purchased intangible assets and stock-based compensation expense associated with the retention awards granted. The unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies or the effect of the incremental costs incurred in integrating the two companies. Accordingly, these unaudited pro forma results are presented for information purpose only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations (in thousands): Fiscal year ended January 31, 2020 2019 Pro forma revenues $ 1,153,497 $ 913,081 Pro forma net income $ 278,215 $ 201,382 Pro forma net income per share: Basic $ 1.88 $ 1.40 Diluted $ 1.76 $ 1.29 Physicians World On November 7, 2019, we completed our acquisition of Physicians World in exchange for total cash consideration of $41 million, which includes the impact of adjustments to purchase price associated with the cash and net working capital of the acquired entity at close. In addition, we granted certain Physicians World employees equity retention awards valued at approximately $15 million in the aggregate. The acquisition of Physicians World makes it easier for our customers to get industry leading cloud software and services from a single vendor. Pro forma results of operations have not been presented because the effect of this acquisition was not material to our consolidated financial statements. The following table summarizes the estimated fair values of the assets acquired, useful lives, and liabilities assumed at the acquisition date (in thousands): Useful life Fair value Net assets acquired $ 1,221 Identifiable intangible assets: Customer relationships 10 years $7,700 Existing technology 6 years 3,300 Trade name and trademarks 5 years 700 Total purchased intangible assets 11,700 Goodwill 28,083 Total purchase consideration $ 41,004 |
Short-Term Investments
Short-Term Investments | 12 Months Ended |
Jan. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-Term Investments | Short-Term Investments At January 31, 2021, short-term investments consisted of the following (in thousands): Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Certificates of deposits $ 17,350 $ 15 $ (1) $ 17,364 Asset-backed securities 125,833 745 (2) 126,576 Commercial paper 57,390 8 (2) 57,396 Corporate notes and bonds 428,710 2,360 (23) 431,047 Foreign government bonds 31,855 45 (2) 31,898 U.S. agency obligations 52,756 119 — 52,875 U.S. treasury securities 215,379 587 — 215,966 Total available-for-sale securities $ 929,273 $ 3,879 $ (30) $ 933,122 At January 31, 2020, short-term investments consisted of the following (in thousands): Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Certificates of deposits $ 3,500 $ 3 $ — $ 3,503 Asset-backed securities 100,419 396 (1) 100,814 Commercial paper 19,965 5 (1) 19,969 Corporate notes and bonds 234,664 1,552 (2) 236,214 Foreign government bonds 3,397 10 — 3,407 U.S. treasury securities 245,509 599 — 246,108 Total available-for-sale securities $ 607,454 $ 2,565 $ (4) $ 610,015 The following table summarizes the estimated fair value of our short-term investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of the dates shown (in thousands): January 31, 2021 2020 Due in one year or less $ 428,155 $ 247,592 Due in greater than one year 504,967 362,423 Total short-term investments $ 933,122 $ 610,015 We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high credit quality of our investments. We intend to hold our securities to maturity and it is more likely than not we will hold these securities until recovery of the cost basis. The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of January 31, 2021 (in thousands): Held for less than 12 months Fair value Gross unrealized losses Certificates of deposits $ 3,749 $ (2) Asset-backed securities 3,318 (1) Commercial paper 17,626 (2) Corporate notes and bonds 29,558 (23) Foreign government bonds 2,679 (2) The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of January 31, 2020 (in thousands): Held for less than 12 months Fair value Gross unrealized losses Asset-backed securities 999 (1) Commercial paper 5,589 (1) Corporate notes and bonds 6,104 (2) Asset values and gross unrealized losses of available-for-sale securities held for more than 12 months as of January 31, 2021 and 2020 were immaterial. There were no impairments considered other-than-temporary as of January 31, 2021 and 2020 as it is more likely than not we will hold these securities until recovery of the cost basis. |
Deferred Costs
Deferred Costs | 12 Months Ended |
Jan. 31, 2021 | |
Deferred Costs [Abstract] | |
Deferred Costs | Deferred CostsDeferred costs, which consists of deferred sales commissions, were $42 million and $36 million as of January 31, 2021 and January 31, 2020, respectively. Amortization expense for the deferred costs included in sales and marketing expenses in the consolidated statements of comprehensive income was $21 million, $21 million, and $18 million for the fiscal years ended January 31, 2021, 2020, and 2019, respectively. There have been no impairment losses recorded in relation to the costs capitalized for any period presented. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consists of the following as of the dates shown (in thousands): January 31, 2021 2020 Land $ 3,040 $ 3,040 Building 20,984 20,984 Land improvements and building improvements 22,392 22,392 Equipment and computers 8,847 11,066 Furniture and fixtures 13,452 12,849 Leasehold improvements 13,945 9,385 Construction in progress 606 386 83,266 80,102 Less accumulated depreciation (29,616) (25,350) Total property and equipment, net $ 53,650 $ 54,752 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jan. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill was $436 million and $439 million as of January 31, 2021 and January 31, 2020, respectively. The following schedule presents the details of intangible assets as of January 31, 2021 (dollar amounts in thousands): January 31, 2021 Gross carrying amount Accumulated amortization Net Remaining useful life (in years) Existing technology $ 26,180 $ (8,367) $ 17,813 4.8 Customer relationships 110,643 (27,741) 82,902 8.0 Trade name and trademarks 13,900 (4,005) 9,895 3.8 Other intangibles 20,453 (16,468) 3,985 5.1 Total intangible assets $ 171,176 $ (56,581) $ 114,595 The following schedule presents the details of intangible assets as of January 31, 2020 (dollar amounts in thousands): January 31, 2020 Gross Accumulated Net Remaining Existing technology $ 26,380 $ (4,808) $ 21,572 5.8 Customer relationships 111,443 (17,575) 93,868 9.0 Trade name and trademarks 13,900 (720) 13,180 4.7 Other intangibles 22,947 (16,966) 5,981 5.0 Total intangible assets $ 174,670 $ (40,069) $ 134,601 As of January 31, 2021, the estimated amortization expense for intangible assets, for the next five years and thereafter is as follows (in thousands): Fiscal 2022 $ 18,163 Fiscal 2023 18,163 Fiscal 2024 18,160 Fiscal 2025 17,417 Fiscal 2026 13,166 Thereafter 29,526 Total $ 114,595 The following schedule presents the details of goodwill as of January 31, 2021: Balance as of January 31, 2019 $ 95,804 Goodwill from Crossix acquisition 314,642 Goodwill from Physicians World acquisition 28,083 Balance as of January 31, 2020 438,529 Purchase price goodwill reduction from Crossix tax adjustments (2,500) Balance as of January 31, 2021 $ 436,029 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following as of the dates shown (in thousands): January 31, 2021 2020 Accrued commissions $ 7,498 $ 8,951 Accrued bonus 4,134 4,329 Accrued vacation 4,716 3,921 Payroll tax payable 10,250 7,353 Accrued other compensation and benefits 3,812 1,065 Total accrued compensation and benefits $ 30,410 $ 25,619 Accrued fees payable to salesforce.com $ 6,381 $ 5,787 Taxes payable 13,598 4,914 Accrued third-party professional services subcontractors' fees 1,515 1,338 Other accrued expenses 9,488 9,581 Total accrued expenses and other current liabilities $ 30,982 $ 21,620 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying amounts of accounts receivable and other current assets, accounts payable, and accrued liabilities approximate their fair value due to their short-term nature. Financial assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires management to make judgments and considers factors specific to the asset or liability. The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2021 (in thousands): Level 1 Level 2 Total Assets Cash equivalents: Money market funds $ 259,937 $ — $ 259,937 U.S. Treasury securities — 15,520 15,520 Short-term investments: Certificates of deposits — 17,364 17,364 Asset-backed securities — 126,576 126,576 Commercial paper — 57,396 57,396 Corporate notes and bonds — 431,047 431,047 Foreign government bonds — 31,898 31,898 U.S. agency obligations — 52,875 52,875 U.S. Treasury securities — 215,966 215,966 Foreign currency derivative contracts — 440 440 Total financial assets $ 259,937 $ 949,082 $ 1,209,019 Liabilities Foreign currency derivative contracts $ — $ 72 $ 72 Total financial liabilities $ — $ 72 $ 72 The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2020 (in thousands): Level 1 Level 2 Total Assets Cash equivalents: Money market funds $ 24,107 $ — $ 24,107 Commercial paper — 1,616 1,616 Corporate notes and bonds — 2,245 2,245 Short-term investments: Certificates of deposits — 3,503 3,503 Asset-backed securities — 100,815 100,815 Commercial paper — 19,969 19,969 Corporate notes and bonds — 236,214 236,214 Foreign government bonds — 3,407 3,407 U.S. Treasury securities — 246,107 246,107 Foreign currency derivative contracts — 75 75 Total financial assets $ 24,107 $ 613,951 $ 638,058 Liabilities Foreign currency derivative contracts $ — $ 42 $ 42 Total financial liabilities $ — $ 42 $ 42 We determine the fair value of our security holdings based on pricing from our service providers and market prices from industry-standard independent data providers. The valuation techniques used to measure the fair value of financial instruments having Level 2 inputs were derived from non-binding consensus prices that are corroborated by observable market data or quoted market prices for similar instruments. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs). Balance Sheet Hedges We enter into foreign currency forward contracts in order to hedge our foreign currency exposure. We account for derivative instruments at fair value with changes in the fair value recorded as a component of other income, net, in our consolidated statements of comprehensive income. Cash flows from such forward contracts are classified as operating activities. The realized foreign currency losses were $2 million for the fiscal year ended January 31, 2021 and were immaterial for the fiscal years ended January 31, 2020 and 2019. The fair value of our outstanding derivative instruments is summarized below (in thousands): January 31, 2021 2020 Notional amount of foreign currency derivative contracts $ 52,516 $ 7,304 Fair value of foreign currency derivative contracts 52,148 7,271 Derivatives not designated as hedging instruments are presented as components of the following balance sheet items for the periods shown as follows (in thousands): January 31, Balance sheet presentation 2021 2020 Foreign currency derivative contracts - assets Prepaid expenses and other current assets $ 440 $ 75 Foreign currency derivative contracts - liabilities Accrued expenses 72 42 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes by U.S. and foreign jurisdictions were as follows for the periods shown (in thousands): Fiscal year ended January 31, 2021 2020 2019 United States $ 378,042 $ 305,339 $ 222,743 Foreign 15,951 8,358 15,900 Total $ 393,993 $ 313,697 $ 238,643 The majority of our revenues from international sales are invoiced from and collected by our U.S. entity and recognized as a component of income before taxes in the United States as opposed to a foreign jurisdiction. Provision for income taxes consisted of the following for the periods shown (in thousands): Fiscal year ended January 31, 2021 2020 2019 Current provision: Federal $ 7,108 $ 11,143 $ 5,466 State 4,763 4,695 4,089 Foreign 2,825 3,404 7,438 Total current provision 14,696 19,242 16,993 Deferred provision: Federal (816) (1,063) (1,910) State 681 (517) (619) Foreign (566) (5,083) (5,653) Total deferred provision (701) (6,663) (8,182) Provision for income taxes $ 13,995 $ 12,579 $ 8,811 Provision for income taxes differed from the amount computed by applying the federal statutory income tax rate of 21% for each of the fiscal years ended January 31, 2021, 2020, and 2019 to income before income taxes as a result of the following for the periods shown (in thousands): Fiscal year ended January 31, 2021 2020 2019 Federal tax statutory tax rate $ 82,739 $ 65,876 $ 50,115 State taxes 4,401 3,035 3,139 Tax credits (24,617) (23,468) (21,415) Stock-based compensation (54,488) (34,569) (33,332) Valuation allowance 10,269 7,408 6,666 Impact of foreign operations (941) 470 3,381 Foreign derived intangible income deduction (FDII) (5,134) (4,836) (2,086) Others (1) 1,766 (1,337) 2,343 Provision for income taxes $ 13,995 $ 12,579 $ 8,811 (1) Note: Prior periods were adjusted due to prior period reclassifications The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and liabilities related to the following (in thousands): January 31, 2021 2020 Deferred tax assets: Accruals and reserves $ 13,494 $ 10,355 State income taxes 679 931 Stock-based compensation 11,486 9,861 Net operating loss carryforward 29,318 32,916 Tax credit carryforward 29,624 21,458 Lease liabilities 15,932 13,808 Other 298 217 Gross deferred tax assets 100,831 89,546 Valuation allowance (31,318) (22,694) Total deferred tax assets 69,513 66,852 Deferred tax liabilities: Property and equipment (141) (650) Intangible assets (30,253) (33,518) Expensed internal-use software (893) (974) Lease right-of-use assets (14,438) (12,717) Deferred costs (10,588) (8,922) Other (935) (619) Total deferred tax liabilities (57,248) (57,400) Net deferred tax assets $ 12,265 $ 9,452 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The valuation allowance at the end of January 31, 2021 was primarily related to certain foreign and U.S. state deferred tax assets. The net impact of our purchase price accounting allocation on our deferred tax assets and liabilities was immaterial. As of January 31, 2021, the net operating loss carryforwards for federal, state, and foreign income tax purposes were approximately $82 million, $91 million, and $29 million, respectively. The federal net operating losses do not expire, while the state and foreign net operating losses begin to expire in 2031 and 2026, respectively. As of January 31, 2021, we had $47 million of California research and development tax credits available to offset future taxes which do not expire. We evaluate tax positions for recognition using a more-likely than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. We classify unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as “other non-current liabilities” in the consolidated balance sheets. As of January 31, 2021, the total amount of gross unrecognized tax benefits was $19 million, of which $9 million, if recognized, would favorably impact our effective tax rate. The aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows for the periods shown (in thousands): Fiscal year ended January 31, 2021 2020 2019 Beginning balance $ 14,515 $ 12,597 $ 11,398 Increases related to tax positions taken during the prior period 96 796 968 Increases related to tax positions taken during the current period 4,126 3,420 2,697 Decreases related to tax positions taken during the prior period (51) (128) (1,754) Audit settlements — — (403) Lapse of statute of limitations (58) (2,170) (309) Ending balance $ 18,628 $ 14,515 $ 12,597 Our policy is to classify interest and penalties associated with unrecognized tax benefits as a component of the provision for income taxes. Interest and penalties were not significant during fiscal year ended January 31, 2021. We file tax returns in the United States for federal, California, and other states. Fiscal years ended January 31, 2017 and forward remain open to examination for federal income tax, and fiscal years ended January 31, 2016 and forward remain open to examination for California and other states. We file tax returns in multiple foreign jurisdictions. The fiscal years ended January 31, 2015 and forward remain open to examination in these foreign jurisdictions. |
Deferred Revenue, Performance O
Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable | 12 Months Ended |
Jan. 31, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable | Deferred Revenue, Performance Obligations, and Unbilled Accounts ReceivableFrom the deferred revenue balance at the beginning of the respective periods, we recognized $464 million, $353 million, and $265 million of subscription services revenue during the fiscal years ended January 31, 2021, 2020, and 2019, respectively. Professional services revenue recognized in the same periods from the deferred revenue balances at the beginning of the respective periods was immaterial. Transaction Price Allocated to the Remaining Performance Obligations Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenues in future periods. We applied the practical expedient in accordance with ASU 2014-09, “ Revenue from Contracts with Customers ” (Topic 606) to exclude the amounts related to professional services contracts as these contracts generally have a remaining duration of one year or less. As of January 31, 2021, approximately $1,287 million of revenue is expected to be recognized from remaining performance obligations for subscription services contracts. We expect to recognize revenue on approximately 76% of these remaining performance obligations over the next 12 months, with the balance recognized thereafter. Unbilled Accounts Receivable Unbilled accounts receivable consists of (i) a receivable primarily for the revenue recognized for professional services performed but not yet billed, which was $20 million and $18 million as of January 31, 2021 and January 31, 2020, respectively, and (ii) a contract asset primarily for revenue recognized from non-cancelable, multi-year orders in which fees increase annually but for which we are not contractually able to invoice until a future period, which was $27 million and $15 million as of January 31, 2021 and January 31, 2020, respectively. |
Leases
Leases | 12 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases We have operating and finance leases for corporate offices, data centers, and certain equipment. Our leases have various expiration dates through 2030, some of which include options to extend the leases for up to nine years. Our finance lease obligations for the fiscal years ended January 31, 2021 and 2020 were immaterial. Additionally, we are the sublessor for certain office space. Our sublease income for the fiscal years ended January 31, 2021 and 2020 was immaterial. For the fiscal years ended January 31, 2021, 2020, and 2019, our operating lease expense was $13 million, $8 million, and $6 million, respectively. Our finance lease expense was immaterial for the fiscal years ended January 31, 2021, 2020, and 2019. Supplemental cash flow information related to leases was as follows (in thousands): Fiscal year ended January 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 11,401 $ 7,657 Right-of-use assets obtained in exchange for lease obligations: Operating leases 12,214 23,546 Operating leases obtained through business combinations — 14,550 Supplemental balance sheet information related to operating leases was as follows (in thousands, except lease term and discount rate): January 31, 2021 2020 Lease right-of-use assets $ 56,917 $ 49,132 Lease liabilities $ 11,347 $ 8,960 Lease liabilities, noncurrent 51,393 44,453 Total operating lease liabilities $ 62,740 $ 53,413 Weighted Average Remaining Lease Term 6.7 years 7.1 years Weighted Average Discount Rate 3.8 % 4.3 % As of January 31, 2021, remaining maturities of operating lease liabilities are as follows (in thousands): Fiscal 2022 $ 12,887 Fiscal 2023 11,780 Fiscal 2024 10,585 Fiscal 2025 7,809 Fiscal 2026 6,867 Thereafter 21,576 Total operating lease payments 71,504 Less imputed interest (8,764) Total operating lease liabilities $ 62,740 |
Leases | Leases We have operating and finance leases for corporate offices, data centers, and certain equipment. Our leases have various expiration dates through 2030, some of which include options to extend the leases for up to nine years. Our finance lease obligations for the fiscal years ended January 31, 2021 and 2020 were immaterial. Additionally, we are the sublessor for certain office space. Our sublease income for the fiscal years ended January 31, 2021 and 2020 was immaterial. For the fiscal years ended January 31, 2021, 2020, and 2019, our operating lease expense was $13 million, $8 million, and $6 million, respectively. Our finance lease expense was immaterial for the fiscal years ended January 31, 2021, 2020, and 2019. Supplemental cash flow information related to leases was as follows (in thousands): Fiscal year ended January 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 11,401 $ 7,657 Right-of-use assets obtained in exchange for lease obligations: Operating leases 12,214 23,546 Operating leases obtained through business combinations — 14,550 Supplemental balance sheet information related to operating leases was as follows (in thousands, except lease term and discount rate): January 31, 2021 2020 Lease right-of-use assets $ 56,917 $ 49,132 Lease liabilities $ 11,347 $ 8,960 Lease liabilities, noncurrent 51,393 44,453 Total operating lease liabilities $ 62,740 $ 53,413 Weighted Average Remaining Lease Term 6.7 years 7.1 years Weighted Average Discount Rate 3.8 % 4.3 % As of January 31, 2021, remaining maturities of operating lease liabilities are as follows (in thousands): Fiscal 2022 $ 12,887 Fiscal 2023 11,780 Fiscal 2024 10,585 Fiscal 2025 7,809 Fiscal 2026 6,867 Thereafter 21,576 Total operating lease payments 71,504 Less imputed interest (8,764) Total operating lease liabilities $ 62,740 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock In connection with our initial public offering in October 2013 (IPO), we amended our certificate of incorporation to provide for Class A common stock, Class B common stock, and preferred stock. Immediately prior to the consummation of the IPO, all outstanding shares of convertible preferred stock and common stock were converted into shares of Class B common stock. As a result, following the IPO, we have two classes of authorized common stock: Class A common stock and Class B common stock. As of January 31, 2021, we had 137,062,817 shares of Class A common stock and 14,993,991 shares of Class B common stock outstanding. As of January 31, 2020, we had 133,892,725 shares of Class A common stock and 15,202,858 shares of Class B common stock outstanding. Voting Rights The holders of our Class B common stock are entitled to ten votes per share, and holders of our Class A common stock are entitled to one vote per share. The holders of our Class A common stock and Class B common stock vote together as a single class, unless otherwise required by our restated certificate of incorporation or by law. Delaware law could require either holders of our Class A common stock or our Class B common stock to vote separately as a single class in the following circumstances: • if we were to seek to amend our restated certificate of incorporation to increase the authorized number of shares of a class of stock, or to increase or decrease the par value of a class of stock, then that class would be required to vote separately to approve the proposed amendment; and • if we were to seek to amend our restated certificate of incorporation in a manner that alters or changes the powers, preferences, or special rights of a class of stock in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment. Our restated certificate of incorporation requires the approval of a majority of our outstanding Class B common stock voting as a separate class for any transaction that would result in a change in control of our company. Dividend Rights Holders of outstanding shares of our common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and only then at the times and in the amounts that our board of directors may determine. To date, no dividends have been declared or paid by us. No Preemptive or Similar Rights Our common stock is not entitled to preemptive rights and is not subject to conversion, redemption, or sinking fund provisions. Right to Receive Liquidation Distributions Upon our dissolution, liquidation, or winding-up, the assets legally available for distribution to our stockholders are distributable ratably among the holders of our common stock, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock. Conversion Rights Each outstanding share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer, whether or not for value, which occurs following the closing of our IPO, except for certain permitted transfers described in our restated certificate of incorporation, including transfers to any “permitted transferee” as defined in our restated certificate of incorporation, which includes, among others, transfers: • to trusts, corporations, limited liability companies, partnerships, foundations or similar entities established by a Class B stockholder, provided that: • such transfer is to entities established by a Class B stockholder where the Class B stockholder retains the exclusive right to vote and direct the disposition of the shares of Class B common stock; or • such transfer does not involve payment of cash, securities, property, or other consideration to the Class B stockholder. Once converted into Class A common stock, a share of Class B common stock may not be reissued. All the outstanding shares of Class A and Class B common stock will convert automatically into shares of a single class of common stock upon the earliest to occur of the following: (i) upon the election of the holders of a majority of the then-outstanding shares of Class B common stock or (ii) October 15, 2023. Following such conversion, each share of common stock will have one vote per share and the rights of the holders of all outstanding common stock will be identical. Once converted into a single class of common stock, the Class A and Class B common stock may not be reissued. Employee Equity Plans Beginning in the fiscal quarter ended April 30, 2019, we implemented a new equity compensation program applicable to the vast majority of our employees but not applicable to our Chief Executive Officer (CEO). Prior to the adoption of the new equity compensation program, at the time of hire, our employees received a grant of RSUs that vested quarterly over 4 years and received additional equity from time to time thereafter. Under the new equity compensation program, the vast majority of our employees are granted both RSUs, which typically vest over a one-year period, and stock options, which typically vest over a four-year period. 2007 Stock Plan Our board of directors adopted our 2007 Stock Plan (2007 Plan) in February 2007, and our stockholders approved it in February 2007. No further awards have been made under our 2007 Plan since the adoption of the 2012 Equity Incentive Plan. However, awards outstanding under our 2007 Plan will continue to be governed by their existing terms. 2012 Equity Incentive Plan Our board of directors adopted our 2012 Equity Incentive Plan (2012 EIP) in November 2012, and our stockholders approved it in December 2012. An amendment and restatement of the 2012 EIP was approved by our board of directors in March 2013, and our stockholders approved it in March 2013. The 2012 EIP became effective on adoption and replaced our 2007 Plan. No further awards have been made under our 2012 EIP since the adoption of the 2013 Equity Incentive Plan. However, awards outstanding under the 2012 EIP will continue to be governed by their existing terms. 2013 Equity Incentive Plan Our board of directors adopted our 2013 Equity Incentive Plan (2013 EIP) in August 2013, and our stockholders approved it in September 2013. The 2013 EIP became effective immediately on adoption although no awards were made under it until the date of our IPO on October 15, 2013, at which time our 2013 EIP replaced our 2012 EIP. As of January 31, 2021, the number of shares of our Class A common stock available for issuance under the 2013 EIP was 33,692,818 plus any shares of our Class B common stock subject to awards under the 2012 EIP and the 2007 Plan that expire or lapse unexercised or, with respect to shares issued pursuant to such awards, are forfeited or repurchased by us after the date of our IPO on October 15, 2013. The number of shares available for issuance under the 2013 EIP automatically increases on the first business day of each of our fiscal years, commencing in 2014, by a number equal to the least of (a) 13.75 million shares, (b) 5% of the shares of all classes of our common stock outstanding on the last business day of the prior fiscal year, or (c) the number of shares determined by our board of directors. During our fiscal year ended January 31, 2021, our board of directors determined to add 6,709,301 shares of common stock to the 2013 EIP. 2013 Employee Stock Purchase Plan Our Employee Stock Purchase Plan (ESPP) was adopted by our board of directors in August 2013 and our stockholders approved it in September 2013. The ESPP became effective as of our IPO registration statement on Form S-1, on October 15, 2013. Our ESPP is intended to qualify under Section 423 of the Internal Revenue Code of 1986, as amended (Code). The ESPP was approved with a reserve of 4 million shares of Class A common stock for future issuance under various terms provided for in the ESPP. As of January 31, 2021, the number of shares available for issuance under our ESPP was 4,897,856. The number of shares available for issuance under the ESPP automatically increases on the first business day of each of our fiscal years, commencing in 2014, by a number equal to the least of (a) 2.2 million shares, (b) 1% of the shares of all classes of our common stock outstanding on the last business day of the prior fiscal year or (c) the number of shares determined by our board of directors. During our fiscal year ended January 31, 2021, our board of directors determined no additional shares were to be made available for issuance under the ESPP. During active offering periods, our ESPP permits eligible employees to acquire shares of our common stock at 85% of the lower of the fair market value of our Class A common stock on the first day of the applicable offering period or the fair market value of our Class A common stock on the purchase date. Participants may purchase shares of common stock through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The initial offering period for our ESPP commenced on the date of our initial public offering and ended on June 15, 2014. We have not had any open offering periods subsequent to the initial offering period. Stock Option Activity The 2007 Stock Plan and the 2012 EIP provided, and the 2013 EIP provides, for the issuance of incentive and nonstatutory options to employees, consultants and non-employee directors. Options issued under and outside of the 2007 Plan generally are exercisable for periods not to exceed 10 years and generally vest over four five Number of shares Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate Options outstanding at January 31, 2020 13,448,026 $ 40.64 5.4 $ 1,427 Options granted 1,427,362 181.18 Options exercised (1,839,723) 18.92 Options forfeited/cancelled (274,376) 123.50 Options outstanding at January 31, 2021 12,761,289 $ 57.48 5.0 $ 2,794 Options vested and exercisable at January 31, 2021 6,817,037 $ 17.50 2.9 $ 1,765 Options vested and exercisable at January 31, 2021 and expected to vest thereafter 12,761,289 $ 57.48 5.0 $ 2,794 The options granted during the fiscal year ended January 31, 2021 were predominantly made in connection with our annual performance review cycle. The weighted average grant-date fair value of options granted was $71.86, $60.05, and $35.43 for the fiscal years ended January 31, 2021, 2020, and 2019, respectively. As of January 31, 2021, there was $215 million in unrecognized compensation cost related to unvested stock options granted under the 2012 Equity Incentive Plan and 2013 Equity Incentive Plan. This cost is expected to be recognized over a weighted average period of 3.2 years. As of January 31, 2021, we had authorized and unissued shares of common stock sufficient to satisfy exercises of stock options. Our closing stock price as reported on the New York Stock Exchange as of January 29, 2021, the last trading day of fiscal year 2021 was $276.44. The total intrinsic value of options exercised was approximately $376 million for the fiscal year ended January 31, 2021. Restricted Stock Units The 2013 EIP provides for the issuance of RSUs to employees. RSUs issued under the 2013 EIP generally vest over one to five years. A summary of RSU activity for the fiscal year ended January 31, 2021 is as follows: Unreleased restricted stock units Weighted average grant date fair value Balance at January 31, 2020 1,818,622 $ 95.23 RSUs granted 455,000 185.06 RSUs vested (1,121,502) 105.24 RSUs forfeited / cancelled (119,905) 111.50 Balance at January 31, 2021 1,032,215 121.98 As of January 31, 2021, there was a total of $109 million in unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of approximately 2.4 years. The total intrinsic value of RSUs vested was $261 million for the fiscal year ended January 31, 2021. Stock-Based Compensation The following table presents the weighted-average assumptions used to estimate the grant date fair value of options granted during the periods presented: Fiscal year ended January 31, 2021 2020 2019 Volatility 39 % - 42% 39 % - 41% 41% Expected term (in years) 6.25 - 7.25 5.64 - 6.61 6.25 - 6.35 Risk-free interest rate 0.33 % - 1.43% 1.39 % - 2.52% 2.57 % - 2.74% Dividend yield 0% 0% 0% |
Other Income
Other Income | 12 Months Ended |
Jan. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Income | Other Income Other income, net, consisted of the following (in thousands): Fiscal year ended January 31, 2021 2020 2019 Foreign currency gain (loss) $ 2,275 $ (708) $ (2,103) (Amortization) accretion on investments (3,082) 3,001 2,492 Interest income, net 15,859 25,185 15,388 Miscellaneous income 1,147 — — Other income, net $ 16,199 $ 27,478 $ 15,777 |
Net Income per Share
Net Income per Share | 12 Months Ended |
Jan. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Net Income per Share Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average shares outstanding, including potentially dilutive shares of common equivalents outstanding during the period. The dilutive effect of potential shares of common stock are determined using the treasury stock method. The computation of fully diluted net income per share of Class A common stock assumes the conversion from Class B common stock, while the fully diluted net income per share of Class B common stock does not assume the conversion of those shares. The numerators and denominators of the basic and diluted net income per share computations for our common stock are calculated as follows (in thousands, except per share data): Fiscal year ended January 31, 2021 2020 2019 Class A Class B Class A Class B Class A Class B Basic Numerator Net income, basic $ 341,866 $ 38,132 $ 266,104 $ 35,014 $ 194,607 $ 35,225 Denominator Weighted average shares used in computing net income per share, basic 135,547 15,119 130,610 17,186 122,137 22,107 Net income per share, basic $ 2.52 $ 2.52 $ 2.04 $ 2.04 $ 1.59 $ 1.59 Diluted Numerator Net income, basic $ 341,866 $ 38,132 $ 266,104 $ 35,014 $ 194,607 $ 35,225 Reallocation as a result of conversion of Class B to Class A common stock: Net income, basic 38,132 — 35,014 — 35,225 — Reallocation of net income to Class B common stock — 21,409 — 17,652 — 14,800 Net income, diluted $ 379,998 $ 59,541 $ 301,118 $ 52,666 $ 229,832 $ 50,025 Denominator Number of shares used for basic net income per share computation 135,547 15,119 130,610 17,186 122,137 22,107 Conversion of Class B to Class A common stock 15,119 — 17,186 — 22,107 — Effect of potentially dilutive common shares 10,066 10,066 10,500 10,500 11,873 11,873 Weighted average shares used in computing net income per share, diluted 160,732 25,185 158,296 27,686 156,117 33,980 Net income per share, diluted $ 2.36 $ 2.36 $ 1.90 $ 1.90 $ 1.47 $ 1.47 Potential common share equivalents excluded where the inclusion would be anti-dilutive are as follows: Fiscal year ended January 31, 2021 2020 2019 Options and awards to purchase shares not included in the computation of diluted net income per share because their inclusion would be anti-dilutive 1,045,222 1,461,255 3,054,322 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation IQVIA Litigation Matters Veeva OpenData and Veeva Network Action On January 10, 2017, IQVIA Inc. (formerly Quintiles IMS Incorporated) and IMS Software Services, Ltd. (collectively, “IQVIA”) filed a complaint against us in the U.S. District Court for the District of New Jersey (IQVIA Inc. v. Veeva Systems Inc. (No. 2:17-cv-00177)) (OpenData and Network Action). In the complaint, IQVIA alleges that we have used unauthorized access to proprietary IQVIA data to improve our software and data products and that our software is designed to steal IQVIA trade secrets. IQVIA further alleges that we have intentionally gained unauthorized access to IQVIA proprietary information to gain an unfair advantage in marketing our products and that we have made false statements concerning IQVIA’s conduct and our data security capabilities. IQVIA asserts claims under both federal and state misappropriation of trade secret laws, federal false advertising law, and common law claims for unjust enrichment, tortious interference, and unfair trade practices. The complaint seeks declaratory and injunctive relief and unspecified monetary damages. On March 13, 2017, we filed our answer denying IQVIA's claims and filed counterclaims in the OpenData and Network Action. Our counterclaims allege that IQVIA has abused monopoly power as the dominant provider of data products for life sciences companies to exclude Veeva OpenData and Veeva Network from their respective markets. The counterclaims allege that IQVIA has engaged in various tactics to prevent customers from using our applications and has deliberately raised costs and difficulty for customers attempting to switch from IQVIA to our data products. As amended, our counterclaims assert federal and state antitrust claims, as well as claims under California’s Unfair Practices Act and common law claims for intentional interference with contractual relations, intentional interference with prospective economic advantage, and negligent misrepresentation. The counterclaims seek injunctive relief, monetary damages exceeding $200 million, and attorneys’ fees. On May 3, 2017, in lieu of filing an answer, IQVIA filed a motion to dismiss our counterclaims. On October 3, 2018, the court denied IQVIA’s motion to dismiss and allowed our antitrust claims to proceed. In addition, on December 3, 2018, we filed an amended answer and counterclaims. IQVIA filed its answer and affirmative defenses on December 21, 2018. On February 18, 2020, IQVIA filed a motion for sanctions against Veeva, seeking default judgment and dismissal and, in the alternative, a negative inference at trial. Veeva responded to the motion and on October 29, 2020, a hearing was held before the Special Master appointed to assist the court with discovery and pretrial disputes. No ruling has been issued. Discovery is currently in process. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this action, and we are unable to make a meaningful estimate of the amount or range of gain or loss, if any, that could result from the OpenData and Network Action, we believe that IQVIA’s claims lack merit and that our counterclaims warrant injunctive relief and monetary damages for Veeva. Veeva Nitro Action On July 17, 2019, IQVIA filed a lawsuit in the U.S. District Court for the District of New Jersey (IQVIA Inc. v. Veeva Systems Inc. (No. 2:19-cv-15517)) (IQVIA Declaratory Action) seeking a declaratory judgment that IQVIA is not liable to Veeva for disallowing use of IQVIA’s data products in Veeva Nitro or any later-introduced Veeva software products. The IQVIA Declaratory Action does not seek any monetary relief. On July 18, 2019, we filed a lawsuit against IQVIA in the U.S. District Court for the Northern District of California (Veeva Systems Inc. v. IQVIA Inc. (No. 3:19-cv-04137)) (Veeva Nitro Action), alleging that IQVIA engaged in anticompetitive conduct as to Veeva Nitro. Our complaint asserts federal and state antitrust claims, as well as claims under California’s Unfair Competition Law and common law claims for intentional interference with contractual relations and intentional interference with prospective economic advantage. The complaint seeks injunctive relief and monetary damages. IQVIA filed its answer and affirmative defenses on September 5, 2019. On September 26, 2019, the Northern District of California transferred the Veeva Nitro Action to the District of New Jersey. On March 24, 2020, we amended our complaint in the Veeva Nitro Action to include allegations of IQVIA’s anticompetitive conduct as to additional Veeva software applications, such as Veeva Andi, Veeva Align, and Veeva Vault MedComms; additional examples of IQVIA’s monopolistic behavior against Veeva Nitro; IQVIA’s unlawful access of Veeva’s proprietary software products; and a request for declaratory relief. IQVIA answered the amended complaint on May 22, 2020. On August 21, 2020, the District of New Jersey consolidated the Veeva Nitro Action and IQVIA Declaratory Action, and stayed both actions pending conclusion of the OpenData and Network Action. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this action, we believe that our claims warrant injunctive and declaratory relief and monetary damages for Veeva and against IQVIA. Fee Arrangements Related to the IQVIA Litigation Matters. We have entered into a partial contingency fee arrangements with certain law firms representing us in the IQVIA litigations. Pursuant to those arrangements, such law firms are entitled to an agreed portion of any damages we recover from IQVIA (Contingency Fees) or may be entitled to payment of additional fees from us based on the achievement of certain outcomes (Success Fees). While it is reasonably possible that we may incur such Success Fees, we are unable to make an estimate of any such liability and have not accrued any liability related to Success Fees at this time. Medidata Litigation Matter On January 26, 2017, Medidata Solutions, Inc. filed a complaint in the U.S. District Court for the Southern District of New York (Medidata Solutions, Inc. v. Veeva Systems Inc. et al. (No. 1:17-cv-00589)) against us and five individual Veeva employees who previously worked for Medidata (Individual Employees). The complaint alleged that we induced and conspired with the Individual Employees to breach their employment agreements, including non-compete and confidentiality provisions, and to misappropriate Medidata’s confidential and trade secret information. The complaint sought declaratory and injunctive relief, unspecified monetary damages, and attorneys’ fees. Medidata has since amended its complaint twice, asserting the same claims with additional factual allegations, and has voluntarily dismissed the Individual Defendants without prejudice. Discovery is now completed. On April 24, 2020, Medidata filed a motion for partial summary judgment on its claims for trade secret misappropriation as well as several of Veeva’s affirmative defenses. On May 15, 2020, we filed a motion for summary judgment on all of Medidata’s claims. On February 9, 2021, the court issued it ruling granting summary judgment in favor of Veeva as to certain of Medidata's claims and in favor of Medidata as to certain of Veeva's affirmative defenses. A trial date has been set for September 20, 2021. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this action, and we are unable to make a meaningful estimate of the amount or range of loss, if any, that could result from any unfavorable outcome, we believe that Medidata’s claims lack merit. Other Litigation Matters From time to time, we may be involved in other legal proceedings and subject to claims incident to the ordinary course of business. Although the results of such legal proceedings and claims cannot be predicted with certainty, we believe we are not currently a party to any other legal proceedings, the outcome of which, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, cash flows, or financial position. Regardless of the outcome, such proceedings can have an adverse impact on us because of defense and settlement costs, diversion of resources, and other factors, and there can be no assurances that favorable outcomes will be obtained. Value-Added Reseller Agreement We have a value-added reseller agreement with salesforce.com, inc. for our use of the Salesforce Platform in combination with our developed technology to deliver certain of our multichannel CRM applications, including hosting infrastructure and data center operations provided by salesforce.com. The agreement, as amended, requires that we meet minimum order commitments of $500 million over the term of the agreement, which ends on September 1, 2025, including “true-up” payments if the orders we place with salesforce.com have not equaled or exceeded the following aggregate amounts within the timeframes indicated: (i) $250 million for the period from March 1, 2014 to September 1, 2020 and (ii) the full amount of $500 million by September 1, 2025. We have met our first minimum order requirement commitment of $250 million, and as of January 31, 2021, we remained obligated to pay fees of at least $57 million prior to September 1, 2025 in connection with this agreement. |
Revenues by Product
Revenues by Product | 12 Months Ended |
Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues by Product | Revenues by Product Our industry cloud solutions are grouped into two key product areas—Veeva Commercial Cloud and Veeva Vault. Veeva Commercial Cloud is a suite of software and data and analytics solutions built specifically for life sciences companies to more efficiently and effectively commercialize their products. Veeva Vault is a unified suite of cloud-based, enterprise content and data management applications. Total revenues consist of the following (in thousands): Fiscal year ended January 31, 2021 2020 2019 Subscription services Veeva Commercial Cloud $ 599,234 $ 468,615 $ 395,039 Veeva Vault 580,252 427,679 299,428 Total subscription services 1,179,486 896,294 694,467 Professional services Veeva Commercial Cloud 113,498 76,347 62,557 Veeva Vault 172,085 131,440 105,186 Total professional services 285,583 207,787 167,743 Total revenues $ 1,465,069 $ 1,104,081 $ 862,210 |
Information about Geographic Ar
Information about Geographic Areas | 12 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Information about Geographic Areas | Information about Geographic Areas We track and allocate revenues by principal geographic area rather than by individual country, which makes it impractical to disclose revenues for the United States or other specific foreign countries. We measure subscription services revenue primarily by the estimated location of the end users in each geographic area for Veeva Commercial Cloud and primarily by the estimated location of usage in each geographic area for Veeva Vault. We measure professional services revenue primarily by the location of the resources performing the professional services. Total revenues by geographic area were as follows for the periods shown below (in thousands): Fiscal year ended January 31, 2021 2020 2019 North America $ 838,192 $ 607,704 $ 480,713 Europe 400,790 310,215 228,784 Asia Pacific 183,848 151,052 124,431 Middle East, Africa, and Latin America 42,239 35,110 28,282 Total revenues $ 1,465,069 $ 1,104,081 $ 862,210 Long-lived assets by geographic area are as follows as of the periods shown below (in thousands): January 31, 2021 2020 North America $ 46,285 $ 51,334 Europe 5,525 1,772 Asia Pacific 1,359 1,341 Middle East, Africa, and Latin America 481 305 Total long-lived assets $ 53,650 $ 54,752 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Jan. 31, 2021 | |
Retirement Benefits [Abstract] | |
401(k) Plan | 401(k) PlanWe have a qualified defined contribution plan under Section 401(k) of the Internal Revenue Code covering eligible employees as well as a Registered Retirement Savings Plan (RRSP) for eligible employees in Canada. Under the 401(k) plan, we match up to $2,000 per employee per year. Under the RRSP plan, we also match up to $2,000 per employee per year. For the fiscal years ended January 31, 2021, 2020, and 2019, total expense related to these plans was $6 million, $4 million, and $3 million, respectively. |
Related-Party Transaction
Related-Party Transaction | 12 Months Ended |
Jan. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transaction | Related-Party TransactionIn September 2016, we entered into an agreement with Zoom Video Communications, Inc. (Zoom) to embed two of their products into our multichannel CRM applications. Pursuant to this agreement, we will pay Zoom a fixed annual fee that is not material to us. We have also entered into a contract with Zoom pursuant to which Zoom provides conference call, video conference, and web conference capabilities for our internal use. Pursuant to this agreement, we pay Zoom a fee based on usage that has not been material in the past and that we do not expect to be material in the future. Our chief executive officer is on the board of directors of Zoom. Also, another member of our board of directors is the founder and a general partner of Emergence Capital Partners, one of Zoom's investors. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) Selected summarized quarterly financial information for fiscal years ended January 31, 2021 and 2020 is as follows (in thousands, except per share data): Three months ended January 31, October 31, July 31, April 30, January 31, October 31, July 31, April 30, 2021 2020 2020 2020 2020 2019 2019 2019 Consolidated Statements of Income Data: Revenues $ 396,761 $ 377,519 $ 353,683 $ 337,106 $ 311,508 $ 280,921 $ 266,900 $ 244,752 Gross profit 282,914 274,522 256,479 242,226 217,189 207,592 196,682 179,249 Operating income 98,843 101,305 90,081 87,565 60,394 80,800 73,856 71,169 Net income 102,918 96,959 93,551 86,570 66,182 82,245 79,242 73,449 Net income per share: Basic $ 0.68 $ 0.64 $ 0.62 $ 0.58 $ 0.44 $ 0.56 $ 0.54 $ 0.50 Diluted $ 0.64 $ 0.60 $ 0.58 $ 0.54 $ 0.42 $ 0.52 $ 0.50 $ 0.47 |
Summary of Business and Signi_2
Summary of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Veeva is the leading provider of industry cloud solutions for the global life sciences industry. We were founded in 2007 on the premise that industry-specific cloud solutions could best address the operating challenges and regulatory requirements of life sciences companies. Our solutions span cloud software, data, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions—from research and development (R&D) to commercialization. Our solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations. Our commercial solutions help life sciences companies achieve better, more intelligent engagement with healthcare professionals and healthcare organizations across multiple communication channels, and plan and execute more effective media and marketing campaigns. Our R&D solutions for the clinical, regulatory, quality, and safety functions help life sciences companies streamline their end-to-end product development processes to increase operational efficiency and maintain regulatory compliance throughout the product life cycle. We also bring the benefits of our content and data management solutions to a set of customers outside of life sciences in three regulated industries: consumer goods, chemicals, and cosmetics. Our fiscal year end is January 31. |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding annual financial reporting and include the accounts of our wholly-owned subsidiaries after elimination of intercompany accounts and transactions. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that affect the consolidated financial statements and the notes thereto. These estimates are based on information available as of the date of the consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Items subject to such estimates and assumptions include, but are not limited to: • the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations; • the determination of the period of benefit for amortization of deferred costs; • the fair value of assets acquired and liabilities assumed for business combinations; and • the fair value of our stock-based awards. As future events cannot be determined with precision, actual results could differ significantly from those estimates. |
Segment Information | Segment Information Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. We define the term “chief operating decision maker” to be our Chief Executive Officer. Our Chief Executive Officer reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. Accordingly, we have determined that we operate in a single reportable operating segment. Since we operate in one operating segment, all required financial segment information can be found in the consolidated financial statements. |
Revenue Recognition | Revenue Recognition We derive our revenues primarily from subscription services and professional services. Subscription services revenues consist of fees from customers accessing our cloud-based software solutions and fees for our data solutions. Professional services and other revenues consist primarily of fees from implementation services, configuration, data services, training, and managed services related to our solutions. Revenues are recognized when control of these services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. We determine revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, we satisfy a performance obligation. Our subscription services agreements are generally non-cancelable during the term, although customers typically have the right to terminate their agreements for cause in the event of material breach. Subscription Services Revenues Subscription services revenues are recognized ratably over the respective non-cancelable subscription term because of the continuous transfer of control to the customer. Our subscription arrangements are considered service contracts, and the customer does not have the right to take possession of the software. Professional Services and Other Revenues The majority of our professional services arrangements are billed on a time and materials basis and revenues are recognized over time based on time incurred and contractually agreed upon rates. Certain professional services revenues are billed on a fixed fee basis and revenues are typically recognized over time as the services are delivered based on time incurred. Data services and training revenues are generally recognized as the services are performed. Contracts with Multiple Performance Obligations Some of our contracts with customers contain multiple performance obligations. For these contracts, we account for individual performance obligations separately when they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. We determine the standalone selling prices based on our overall pricing objectives, taking into consideration market conditions and other factors, including other groupings such as customer type and geography. |
Deferred Costs | Deferred Costs Deferred costs represents sales commissions associated with obtaining a contract with a customer. These costs are deferred and then amortized over a period of benefit that we have determined to be three years. We determined the period of benefit by taking into consideration the expected renewal period of our customer contracts, our technology and other factors. Amortization expense is included in sales and marketing expenses in the accompanying consolidated statements of comprehensive income. |
Certain Risks and Concentrations of Credit Risk | Certain Risks and Concentrations of Credit Risk Our revenues are derived from subscription services, professional services and other services delivered primarily to the 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 future operating results. Our financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents, short-term investments and trade accounts receivable. Our cash equivalents and short-term investments are held by established financial institutions. We have established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. Deposits in these financial institutions may significantly exceed federally insured limits. We do not require collateral from our customers and generally require payment within 30 days to 60 days of billing. |
Cash Equivalents | Cash EquivalentsWe consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
Short-term Investments | Short-term Investments Our short-term investments are classified as available-for-sale and recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income, a component of stockholders’ equity. We evaluate our investments to assess whether those with unrealized loss positions are other than temporarily impaired. We consider impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely we will sell the securities before the recovery of their cost basis. Realized gains and losses and declines in value judged to be other than temporary are determined based on the specific identification method and are reported in other income, net, in the consolidated statements of comprehensive income. Interest, amortization of premiums, and accretion of discount on all short-term investments are also included as a component of other income, net, in the consolidated statements of comprehensive income. We may sell our short-term investments at any time, without significant penalty, for use in current operations or for other purposes, even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond 12 months, as current assets in the accompanying consolidated balance sheets. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount, net of allowance for doubtful accounts, which is not material. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets and commences once the asset is placed in service or ready for its intended use. Land is not depreciated. The estimated useful lives by asset classification are as follows: Building 30 years Land and building improvements 10 years (land improvements) and estimated useful life of building (building improvements) Equipment and computers 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of remaining life of the lease term or estimated useful life |
Leases | Leases We have operating and finance leases for corporate offices and certain equipment. Additionally, we are the sublessor for certain office space. We adopted Accounting Standards Update (ASU) 2016-02 “ Leases ” (Topic 842) using the modified retrospective method as of February 1, 2019 with an immaterial amount of cumulative effect adjustment recorded to our retained earnings. Consequently, financial information for dates and periods before February 1, 2019 remain unchanged. Subsequent to our adoption of Topic 842, we recognize l ease right-of-use assets and liabilities at the commencement date based on the present value of lease payments over the lease term. We use an estimate of our discount rate based on the information available at the lease commencement date in determining the present value of lease payments, unless the implicit rate is readily determinable. The lease right-of-use assets also include any lease payments made and exclude lease incentives such as tenant improvement allowances. Options to extend or terminate the lease are included in the lease term when it is reasonably certain that we will exercise the extension or termination option. Our operating leases typically include non-lease components such as common-area maintenance costs. We have elected to exclude non-lease components from lease payments for the purpose of calculating lease right-of-use assets and liabilities and these are expensed as incurred as variable lease payments. Leases with a term of one year or less are not recognized on our consolidated balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. |
Internal-Use Software | Internal-Use Software We capitalize certain costs incurred for the development of computer software for internal use. We capitalize these costs during the development of the project, when it is determined that it is probable that the project will be completed and the software will be used as intended. Costs related to preliminary project activities, post-implementation activities, training, and maintenance are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life of three years, and the amortization expense is recorded as a component of cost of subscription services. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is tested for impairment annually in the fourth quarter of each year or if circumstances indicate the carrying value of goodwill is impaired. We have one reporting unit and evaluate goodwill for impairment at the entity level. We completed our annual impairment test in our fourth quarter of the fiscal year ended January 31, 2021, which resulted in no impairment of the goodwill balance. All other intangible assets associated with purchased intangibles, consisting of existing technology, databases, customer relationships, software, trade names and trademarks, data supplier and partner relationships, non-competition agreements, brand, and backlog are stated at cost less accumulated amortization and are amortized on a straight-line basis over their estimated remaining economic lives. Amortization expense related to existing technology, databases, data supplier and partner relationships, software, and backlog is included in cost of subscription services. Amortization expense related to customer relationships, trade names and trademarks, and brand are included in sales and marketing expense. Amortization expense related to non-competition agreements are included in both general and administrative and research and development expense. |
Long-Lived Assets | Long-Lived Assets Long-lived assets, such as property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, we first compare undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. There were no impairment charges recognized during any of the periods presented. |
Business Combinations | Business Combinations The purchase price in a business combination is assigned to the estimated acquisition date fair values of the tangible and intangible assets acquired and the liabilities assumed with the residual recorded as goodwill. Critical estimates in valuing certain of the intangible assets include, but are not limited to, the net present value of future |
Stock-based Compensation | Stock-based Compensation We recognize compensation expense for all stock-based awards, including stock options and restricted stock units (RSUs), based on the estimate of fair value of the award at the grant date. The fair value of each option award is estimated on the grant date using either a Black-Scholes option-pricing model or a Monte Carlo simulation, to the extent market conditions exist, and a single option award approach. These models require that at the date of grant we determine the fair value of the underlying common stock, the expected term of the award, the expected volatility of the price of our common stock, risk-free interest rates, and expected dividend yield of our common stock. The fair value of each RSU award is measured based on the closing stock price of our common stock on the date of grant. We account for forfeitures as they occur. The compensation expense is recognized using a straight-line basis over the requisite service periods of the awards, which is generally four |
Cost of Revenues | Cost of Revenues Cost of subscription services revenues consists of expenses related to our computing infrastructure provided by third parties, including salesforce.com and Amazon Web Services, personnel-related costs associated with hosting our subscription services and providing support including our data stewards, data acquisition costs, and allocated overhead, amortization expense associated with capitalized internal-use software related to our subscription services, and amortization expense associated with purchased intangibles related to our subscription services. Cost of subscription services revenues for Veeva CRM and certain of our multichannel customer relationship management applications include fees paid to salesforce.com for our use of the Salesforce Platform and the associated hosting infrastructure and data center operations that are provided by salesforce.com. Cost of professional services and other revenues consists primarily of employee-related expenses associated with providing these services, including salaries, benefits and stock-based compensation expense, the cost of third-party subcontractors, travel costs, and allocated overhead. |
Advertising Expenses | Advertising Expenses Advertising expenditures are expensed as incurred and were immaterial for each of the years presented. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We regularly assess the realizability of our deferred tax assets and establish a valuation allowance if it is more-likely-than-not that some or all of our deferred tax assets will not be realized. We evaluate and weigh all available positive and negative evidence such as historic results, future reversals of existing deferred tax liabilities, projected future taxable income, as well as prudent and feasible tax-planning strategies. Generally, more weight is given to objectively verifiable evidence such as the cumulative income in recent years. We establish liabilities or reduce assets for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining whether the weight of available evidence indicates that it is more likely than not that the position will be sustained upon an audit, including resolution of related appeals or litigation processes, if any. The second step requires us to measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. We recognize interest accrued and penalties related to unrecognized tax benefits as a component of provision for income taxes. |
Foreign Currency Exchange | Foreign Currency Exchange Adjustments resulting from translating financial statements for those entities that do not have U.S. dollars as their functional currency are recorded as part of a separate component of the consolidated statements of comprehensive income. All assets and liabilities denominated in non-functional currency are translated into the functional currency at the exchange rate on the balance sheet date. Revenues and expenses are translated at the average exchange rate during the period. Equity transactions are translated using historical exchange rates. Foreign currency transaction gains and losses are included in the consolidated statements of comprehensive income for the period. |
Indemnification | Indemnification Our contracts generally include provisions for indemnifying customers against liabilities if our solutions infringe a third party’s intellectual property rights, and we may also incur liabilities if we breach the security and/or confidentiality obligations in our contracts. To date, we have not incurred any material costs, and we have not accrued any liabilities in the accompanying consolidated financial statements as a result of these obligations. |
Loss Contingencies | Loss Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment or remediation can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. |
New Accounting Pronouncements Adopted in Fiscal 2021 | New Accounting Pronouncements Adopted in Fiscal 2021 Cloud Computing Arrangements In August 2018, the FASB issued ASU No. 2018-15, “ Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ” (Topic 350-40), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard requires capitalized costs to be amortized on a straight-line basis generally over the term of the arrangement, and the financial statement presentation for these capitalized costs would be the same as that of the fees related to the hosting arrangements. We adopted this standard on a prospective basis as of February 1, 2020 and it did not have a material impact on our consolidated financial statements. Credit Losses In June 2016, the Financial Accounting Standards Board, or FASB, issued ASU 2016-13, including subsequent amendments, regarding “ Measurement of Credit Losses on Financial Instruments ” (Topic 326), which modifies the accounting methodology for most financial instruments. The guidance establishes a new “expected loss model” that requires entities to estimate current expected credit losses on financial instruments by using all practical and relevant information. For trade receivables and other financial assets, we are required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Additionally, any expected credit losses are to be reflected as allowances rather than reductions in the amortized cost of available-for-sale debt securities. We adopted this standard on a modified retrospective basis as of February 1, 2020. The adoption of this standard did not result in any cumulative effect adjustment on our consolidated financial statements. |
Fair Value Measurements | Financial assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires management to make judgments and considers factors specific to the asset or liability. |
Net Income per Share Attributable to Common Stockholders | Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average shares outstanding, including potentially dilutive shares of common equivalents outstanding during the period. The dilutive effect of potential shares of common stock are determined using the treasury stock method. The computation of fully diluted net income per share of Class A common stock assumes the conversion from Class B common stock, while the fully diluted net income per share of Class B common stock does not assume the conversion of those shares. |
Summary of Business and Signi_3
Summary of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Certain Risks and Concentrations of Credit Risk | The following customers individually exceeded 10% of total accounts receivable as of the dates shown: January 31, 2021 2020 Customer 1 12% 14% |
Schedule of Estimated Useful Lives of Property Plant And Equipment | The estimated useful lives by asset classification are as follows: Building 30 years Land and building improvements 10 years (land improvements) and estimated useful life of building (building improvements) Equipment and computers 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of remaining life of the lease term or estimated useful life |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Business Combinations [Abstract] | |
Estimated Fair Values of Assets and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired, useful lives, and liabilities assumed at the acquisition date (in thousands): Useful life Fair value Net assets acquired $ 4,766 Identifiable intangible assets: Customer relationships 10 years 70,100 Existing technology 6 years 19,200 Trade name and trademarks 5 years 13,200 Other intangibles 1 to 7 years 6,000 Total purchased intangible assets 108,500 Goodwill 314,642 Total purchase consideration $ 427,908 The following table summarizes the estimated fair values of the assets acquired, useful lives, and liabilities assumed at the acquisition date (in thousands): Useful life Fair value Net assets acquired $ 1,221 Identifiable intangible assets: Customer relationships 10 years $7,700 Existing technology 6 years 3,300 Trade name and trademarks 5 years 700 Total purchased intangible assets 11,700 Goodwill 28,083 Total purchase consideration $ 41,004 |
Schedule of Pro Forma Information from Business Acquisition | Accordingly, these unaudited pro forma results are presented for information purpose only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations (in thousands): Fiscal year ended January 31, 2020 2019 Pro forma revenues $ 1,153,497 $ 913,081 Pro forma net income $ 278,215 $ 201,382 Pro forma net income per share: Basic $ 1.88 $ 1.40 Diluted $ 1.76 $ 1.29 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Short-Term Investments | At January 31, 2021, short-term investments consisted of the following (in thousands): Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Certificates of deposits $ 17,350 $ 15 $ (1) $ 17,364 Asset-backed securities 125,833 745 (2) 126,576 Commercial paper 57,390 8 (2) 57,396 Corporate notes and bonds 428,710 2,360 (23) 431,047 Foreign government bonds 31,855 45 (2) 31,898 U.S. agency obligations 52,756 119 — 52,875 U.S. treasury securities 215,379 587 — 215,966 Total available-for-sale securities $ 929,273 $ 3,879 $ (30) $ 933,122 At January 31, 2020, short-term investments consisted of the following (in thousands): Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Available-for-sale securities: Certificates of deposits $ 3,500 $ 3 $ — $ 3,503 Asset-backed securities 100,419 396 (1) 100,814 Commercial paper 19,965 5 (1) 19,969 Corporate notes and bonds 234,664 1,552 (2) 236,214 Foreign government bonds 3,397 10 — 3,407 U.S. treasury securities 245,509 599 — 246,108 Total available-for-sale securities $ 607,454 $ 2,565 $ (4) $ 610,015 |
Summary of Estimated Fair Value of Short-Term Investments, Designated as Available-for-Sale and Classified by Contractual Maturity | The following table summarizes the estimated fair value of our short-term investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of the dates shown (in thousands): January 31, 2021 2020 Due in one year or less $ 428,155 $ 247,592 Due in greater than one year 504,967 362,423 Total short-term investments $ 933,122 $ 610,015 |
Schedule of Fair Values and Gross Unrealized Loss Position of Available-for-Sale Securities Aggregated by Investment Category | The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of January 31, 2021 (in thousands): Held for less than 12 months Fair value Gross unrealized losses Certificates of deposits $ 3,749 $ (2) Asset-backed securities 3,318 (1) Commercial paper 17,626 (2) Corporate notes and bonds 29,558 (23) Foreign government bonds 2,679 (2) The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of January 31, 2020 (in thousands): Held for less than 12 months Fair value Gross unrealized losses Asset-backed securities 999 (1) Commercial paper 5,589 (1) Corporate notes and bonds 6,104 (2) |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following as of the dates shown (in thousands): January 31, 2021 2020 Land $ 3,040 $ 3,040 Building 20,984 20,984 Land improvements and building improvements 22,392 22,392 Equipment and computers 8,847 11,066 Furniture and fixtures 13,452 12,849 Leasehold improvements 13,945 9,385 Construction in progress 606 386 83,266 80,102 Less accumulated depreciation (29,616) (25,350) Total property and equipment, net $ 53,650 $ 54,752 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Details of Intangible Assets | The following schedule presents the details of intangible assets as of January 31, 2021 (dollar amounts in thousands): January 31, 2021 Gross carrying amount Accumulated amortization Net Remaining useful life (in years) Existing technology $ 26,180 $ (8,367) $ 17,813 4.8 Customer relationships 110,643 (27,741) 82,902 8.0 Trade name and trademarks 13,900 (4,005) 9,895 3.8 Other intangibles 20,453 (16,468) 3,985 5.1 Total intangible assets $ 171,176 $ (56,581) $ 114,595 The following schedule presents the details of intangible assets as of January 31, 2020 (dollar amounts in thousands): January 31, 2020 Gross Accumulated Net Remaining Existing technology $ 26,380 $ (4,808) $ 21,572 5.8 Customer relationships 111,443 (17,575) 93,868 9.0 Trade name and trademarks 13,900 (720) 13,180 4.7 Other intangibles 22,947 (16,966) 5,981 5.0 Total intangible assets $ 174,670 $ (40,069) $ 134,601 |
Estimated Amortization Expense | As of January 31, 2021, the estimated amortization expense for intangible assets, for the next five years and thereafter is as follows (in thousands): Fiscal 2022 $ 18,163 Fiscal 2023 18,163 Fiscal 2024 18,160 Fiscal 2025 17,417 Fiscal 2026 13,166 Thereafter 29,526 Total $ 114,595 |
Schedule of Goodwill | The following schedule presents the details of goodwill as of January 31, 2021: Balance as of January 31, 2019 $ 95,804 Goodwill from Crossix acquisition 314,642 Goodwill from Physicians World acquisition 28,083 Balance as of January 31, 2020 438,529 Purchase price goodwill reduction from Crossix tax adjustments (2,500) Balance as of January 31, 2021 $ 436,029 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following as of the dates shown (in thousands): January 31, 2021 2020 Accrued commissions $ 7,498 $ 8,951 Accrued bonus 4,134 4,329 Accrued vacation 4,716 3,921 Payroll tax payable 10,250 7,353 Accrued other compensation and benefits 3,812 1,065 Total accrued compensation and benefits $ 30,410 $ 25,619 Accrued fees payable to salesforce.com $ 6,381 $ 5,787 Taxes payable 13,598 4,914 Accrued third-party professional services subcontractors' fees 1,515 1,338 Other accrued expenses 9,488 9,581 Total accrued expenses and other current liabilities $ 30,982 $ 21,620 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2021 (in thousands): Level 1 Level 2 Total Assets Cash equivalents: Money market funds $ 259,937 $ — $ 259,937 U.S. Treasury securities — 15,520 15,520 Short-term investments: Certificates of deposits — 17,364 17,364 Asset-backed securities — 126,576 126,576 Commercial paper — 57,396 57,396 Corporate notes and bonds — 431,047 431,047 Foreign government bonds — 31,898 31,898 U.S. agency obligations — 52,875 52,875 U.S. Treasury securities — 215,966 215,966 Foreign currency derivative contracts — 440 440 Total financial assets $ 259,937 $ 949,082 $ 1,209,019 Liabilities Foreign currency derivative contracts $ — $ 72 $ 72 Total financial liabilities $ — $ 72 $ 72 The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2020 (in thousands): Level 1 Level 2 Total Assets Cash equivalents: Money market funds $ 24,107 $ — $ 24,107 Commercial paper — 1,616 1,616 Corporate notes and bonds — 2,245 2,245 Short-term investments: Certificates of deposits — 3,503 3,503 Asset-backed securities — 100,815 100,815 Commercial paper — 19,969 19,969 Corporate notes and bonds — 236,214 236,214 Foreign government bonds — 3,407 3,407 U.S. Treasury securities — 246,107 246,107 Foreign currency derivative contracts — 75 75 Total financial assets $ 24,107 $ 613,951 $ 638,058 Liabilities Foreign currency derivative contracts $ — $ 42 $ 42 Total financial liabilities $ — $ 42 $ 42 |
Summary Fair Value of Outstanding Derivative Instruments | The fair value of our outstanding derivative instruments is summarized below (in thousands): January 31, 2021 2020 Notional amount of foreign currency derivative contracts $ 52,516 $ 7,304 Fair value of foreign currency derivative contracts 52,148 7,271 |
Summary of Outstanding Balance Sheet Hedges | Derivatives not designated as hedging instruments are presented as components of the following balance sheet items for the periods shown as follows (in thousands): January 31, Balance sheet presentation 2021 2020 Foreign currency derivative contracts - assets Prepaid expenses and other current assets $ 440 $ 75 Foreign currency derivative contracts - liabilities Accrued expenses 72 42 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income before Income Taxes | The components of income before income taxes by U.S. and foreign jurisdictions were as follows for the periods shown (in thousands): Fiscal year ended January 31, 2021 2020 2019 United States $ 378,042 $ 305,339 $ 222,743 Foreign 15,951 8,358 15,900 Total $ 393,993 $ 313,697 $ 238,643 |
Components of Provision for Income Taxes | Provision for income taxes consisted of the following for the periods shown (in thousands): Fiscal year ended January 31, 2021 2020 2019 Current provision: Federal $ 7,108 $ 11,143 $ 5,466 State 4,763 4,695 4,089 Foreign 2,825 3,404 7,438 Total current provision 14,696 19,242 16,993 Deferred provision: Federal (816) (1,063) (1,910) State 681 (517) (619) Foreign (566) (5,083) (5,653) Total deferred provision (701) (6,663) (8,182) Provision for income taxes $ 13,995 $ 12,579 $ 8,811 |
Reconciliation of Statutory Federal Income Tax to Effective Tax | Provision for income taxes differed from the amount computed by applying the federal statutory income tax rate of 21% for each of the fiscal years ended January 31, 2021, 2020, and 2019 to income before income taxes as a result of the following for the periods shown (in thousands): Fiscal year ended January 31, 2021 2020 2019 Federal tax statutory tax rate $ 82,739 $ 65,876 $ 50,115 State taxes 4,401 3,035 3,139 Tax credits (24,617) (23,468) (21,415) Stock-based compensation (54,488) (34,569) (33,332) Valuation allowance 10,269 7,408 6,666 Impact of foreign operations (941) 470 3,381 Foreign derived intangible income deduction (FDII) (5,134) (4,836) (2,086) Others (1) 1,766 (1,337) 2,343 Provision for income taxes $ 13,995 $ 12,579 $ 8,811 (1) Note: Prior periods were adjusted due to prior period reclassifications |
Components of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and liabilities related to the following (in thousands): January 31, 2021 2020 Deferred tax assets: Accruals and reserves $ 13,494 $ 10,355 State income taxes 679 931 Stock-based compensation 11,486 9,861 Net operating loss carryforward 29,318 32,916 Tax credit carryforward 29,624 21,458 Lease liabilities 15,932 13,808 Other 298 217 Gross deferred tax assets 100,831 89,546 Valuation allowance (31,318) (22,694) Total deferred tax assets 69,513 66,852 Deferred tax liabilities: Property and equipment (141) (650) Intangible assets (30,253) (33,518) Expensed internal-use software (893) (974) Lease right-of-use assets (14,438) (12,717) Deferred costs (10,588) (8,922) Other (935) (619) Total deferred tax liabilities (57,248) (57,400) Net deferred tax assets $ 12,265 $ 9,452 |
Summary of Changes in Total Gross Amount of Unrecognized Tax Benefits | The aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows for the periods shown (in thousands): Fiscal year ended January 31, 2021 2020 2019 Beginning balance $ 14,515 $ 12,597 $ 11,398 Increases related to tax positions taken during the prior period 96 796 968 Increases related to tax positions taken during the current period 4,126 3,420 2,697 Decreases related to tax positions taken during the prior period (51) (128) (1,754) Audit settlements — — (403) Lapse of statute of limitations (58) (2,170) (309) Ending balance $ 18,628 $ 14,515 $ 12,597 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows (in thousands): Fiscal year ended January 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities $ 11,401 $ 7,657 Right-of-use assets obtained in exchange for lease obligations: Operating leases 12,214 23,546 Operating leases obtained through business combinations — 14,550 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to operating leases was as follows (in thousands, except lease term and discount rate): January 31, 2021 2020 Lease right-of-use assets $ 56,917 $ 49,132 Lease liabilities $ 11,347 $ 8,960 Lease liabilities, noncurrent 51,393 44,453 Total operating lease liabilities $ 62,740 $ 53,413 Weighted Average Remaining Lease Term 6.7 years 7.1 years Weighted Average Discount Rate 3.8 % 4.3 % |
Maturity of Operating Lease Liabilities | As of January 31, 2021, remaining maturities of operating lease liabilities are as follows (in thousands): Fiscal 2022 $ 12,887 Fiscal 2023 11,780 Fiscal 2024 10,585 Fiscal 2025 7,809 Fiscal 2026 6,867 Thereafter 21,576 Total operating lease payments 71,504 Less imputed interest (8,764) Total operating lease liabilities $ 62,740 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity for the fiscal year ended January 31, 2021 is as follows: Number of shares Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate Options outstanding at January 31, 2020 13,448,026 $ 40.64 5.4 $ 1,427 Options granted 1,427,362 181.18 Options exercised (1,839,723) 18.92 Options forfeited/cancelled (274,376) 123.50 Options outstanding at January 31, 2021 12,761,289 $ 57.48 5.0 $ 2,794 Options vested and exercisable at January 31, 2021 6,817,037 $ 17.50 2.9 $ 1,765 Options vested and exercisable at January 31, 2021 and expected to vest thereafter 12,761,289 $ 57.48 5.0 $ 2,794 |
Summary of Restricted Stock Unit (RSU) Activity | A summary of RSU activity for the fiscal year ended January 31, 2021 is as follows: Unreleased restricted stock units Weighted average grant date fair value Balance at January 31, 2020 1,818,622 $ 95.23 RSUs granted 455,000 185.06 RSUs vested (1,121,502) 105.24 RSUs forfeited / cancelled (119,905) 111.50 Balance at January 31, 2021 1,032,215 121.98 |
Schedule of Weighted-Average Assumptions Used to Estimate Grant Date Fair Value of Options Granted | The following table presents the weighted-average assumptions used to estimate the grant date fair value of options granted during the periods presented: Fiscal year ended January 31, 2021 2020 2019 Volatility 39 % - 42% 39 % - 41% 41% Expected term (in years) 6.25 - 7.25 5.64 - 6.61 6.25 - 6.35 Risk-free interest rate 0.33 % - 1.43% 1.39 % - 2.52% 2.57 % - 2.74% Dividend yield 0% 0% 0% |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | Other income, net, consisted of the following (in thousands): Fiscal year ended January 31, 2021 2020 2019 Foreign currency gain (loss) $ 2,275 $ (708) $ (2,103) (Amortization) accretion on investments (3,082) 3,001 2,492 Interest income, net 15,859 25,185 15,388 Miscellaneous income 1,147 — — Other income, net $ 16,199 $ 27,478 $ 15,777 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Earnings Per Share [Abstract] | |
Numerators and Denominators of the Basic and Diluted EPS Computations for Common Stock | The numerators and denominators of the basic and diluted net income per share computations for our common stock are calculated as follows (in thousands, except per share data): Fiscal year ended January 31, 2021 2020 2019 Class A Class B Class A Class B Class A Class B Basic Numerator Net income, basic $ 341,866 $ 38,132 $ 266,104 $ 35,014 $ 194,607 $ 35,225 Denominator Weighted average shares used in computing net income per share, basic 135,547 15,119 130,610 17,186 122,137 22,107 Net income per share, basic $ 2.52 $ 2.52 $ 2.04 $ 2.04 $ 1.59 $ 1.59 Diluted Numerator Net income, basic $ 341,866 $ 38,132 $ 266,104 $ 35,014 $ 194,607 $ 35,225 Reallocation as a result of conversion of Class B to Class A common stock: Net income, basic 38,132 — 35,014 — 35,225 — Reallocation of net income to Class B common stock — 21,409 — 17,652 — 14,800 Net income, diluted $ 379,998 $ 59,541 $ 301,118 $ 52,666 $ 229,832 $ 50,025 Denominator Number of shares used for basic net income per share computation 135,547 15,119 130,610 17,186 122,137 22,107 Conversion of Class B to Class A common stock 15,119 — 17,186 — 22,107 — Effect of potentially dilutive common shares 10,066 10,066 10,500 10,500 11,873 11,873 Weighted average shares used in computing net income per share, diluted 160,732 25,185 158,296 27,686 156,117 33,980 Net income per share, diluted $ 2.36 $ 2.36 $ 1.90 $ 1.90 $ 1.47 $ 1.47 |
Potential Common Share Equivalents Excluded where the Inclusion would be Anti-dilutive | Potential common share equivalents excluded where the inclusion would be anti-dilutive are as follows: Fiscal year ended January 31, 2021 2020 2019 Options and awards to purchase shares not included in the computation of diluted net income per share because their inclusion would be anti-dilutive 1,045,222 1,461,255 3,054,322 |
Revenues by Product (Tables)
Revenues by Product (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Total Revenues | Total revenues consist of the following (in thousands): Fiscal year ended January 31, 2021 2020 2019 Subscription services Veeva Commercial Cloud $ 599,234 $ 468,615 $ 395,039 Veeva Vault 580,252 427,679 299,428 Total subscription services 1,179,486 896,294 694,467 Professional services Veeva Commercial Cloud 113,498 76,347 62,557 Veeva Vault 172,085 131,440 105,186 Total professional services 285,583 207,787 167,743 Total revenues $ 1,465,069 $ 1,104,081 $ 862,210 |
Information about Geographic _2
Information about Geographic Areas (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Revenues by Geographic Area | Total revenues by geographic area were as follows for the periods shown below (in thousands): Fiscal year ended January 31, 2021 2020 2019 North America $ 838,192 $ 607,704 $ 480,713 Europe 400,790 310,215 228,784 Asia Pacific 183,848 151,052 124,431 Middle East, Africa, and Latin America 42,239 35,110 28,282 Total revenues $ 1,465,069 $ 1,104,081 $ 862,210 |
Long-Lived Assets by Geographic Area | Long-lived assets by geographic area are as follows as of the periods shown below (in thousands): January 31, 2021 2020 North America $ 46,285 $ 51,334 Europe 5,525 1,772 Asia Pacific 1,359 1,341 Middle East, Africa, and Latin America 481 305 Total long-lived assets $ 53,650 $ 54,752 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | Selected summarized quarterly financial information for fiscal years ended January 31, 2021 and 2020 is as follows (in thousands, except per share data): Three months ended January 31, October 31, July 31, April 30, January 31, October 31, July 31, April 30, 2021 2020 2020 2020 2020 2019 2019 2019 Consolidated Statements of Income Data: Revenues $ 396,761 $ 377,519 $ 353,683 $ 337,106 $ 311,508 $ 280,921 $ 266,900 $ 244,752 Gross profit 282,914 274,522 256,479 242,226 217,189 207,592 196,682 179,249 Operating income 98,843 101,305 90,081 87,565 60,394 80,800 73,856 71,169 Net income 102,918 96,959 93,551 86,570 66,182 82,245 79,242 73,449 Net income per share: Basic $ 0.68 $ 0.64 $ 0.62 $ 0.58 $ 0.44 $ 0.56 $ 0.54 $ 0.50 Diluted $ 0.64 $ 0.60 $ 0.58 $ 0.54 $ 0.42 $ 0.52 $ 0.50 $ 0.47 |
Summary of Business and Signi_4
Summary of Business and Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Jan. 31, 2021USD ($)industrysegment | |
Concentration Risk [Line Items] | |
Number of regulated industries | industry | 3 |
Amortization period of deferred costs | 3 years |
Highly liquid investments maturity | 3 months |
Number of operating segments | segment | 1 |
Impairment of goodwill | $ 0 |
Impairment recognized for long-lived assets | $ 0 |
Software Development | |
Concentration Risk [Line Items] | |
Finite-lived intangible asset, useful life | 3 years |
Minimum | |
Concentration Risk [Line Items] | |
Customer payment period | 30 days |
Minimum | 2007 Stock Plan | |
Concentration Risk [Line Items] | |
Share-based compensation cost recognition vesting service period | 4 years |
Maximum | |
Concentration Risk [Line Items] | |
Customer payment period | 60 days |
Maximum | 2007 Stock Plan | |
Concentration Risk [Line Items] | |
Share-based compensation cost recognition vesting service period | 9 years |
Summary of Business and Signi_5
Summary of Business and Significant Accounting Policies - Concentrations of Credit Risk (Details) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Customer One | Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 12.00% | 14.00% |
Summary of Business and Signi_6
Summary of Business and Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Jan. 31, 2021 | |
Building | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 30 years |
Land improvements and building improvements | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 10 years |
Equipment and computers | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 3 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 5 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | Shorter of remaining life of the lease term or estimated useful life |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Millions | Nov. 07, 2019 | Nov. 01, 2019 |
Crossix Solutions | ||
Business Acquisition [Line Items] | ||
Percentage of voting interests acquired | 100.00% | |
Consideration transferred | $ 428 | |
Equity retention awards | $ 120 | |
Physicians World | ||
Business Acquisition [Line Items] | ||
Consideration transferred | $ 41 | |
Equity retention awards | $ 15 |
Acquisitions - Schedule of Asse
Acquisitions - Schedule of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands | Nov. 07, 2019 | Nov. 01, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 436,029 | $ 438,529 | $ 95,804 | ||
Crossix Solutions | |||||
Business Acquisition [Line Items] | |||||
Net assets acquired | $ 4,766 | ||||
Total purchased intangible assets | 108,500 | ||||
Goodwill | 314,642 | ||||
Total purchase consideration | $ 427,908 | ||||
Crossix Solutions | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Useful life of intangible assets | 10 years | ||||
Total purchased intangible assets | $ 70,100 | ||||
Crossix Solutions | Developed Technology Rights | |||||
Business Acquisition [Line Items] | |||||
Useful life of intangible assets | 6 years | ||||
Total purchased intangible assets | $ 19,200 | ||||
Crossix Solutions | Trade name and trademarks | |||||
Business Acquisition [Line Items] | |||||
Useful life of intangible assets | 5 years | ||||
Total purchased intangible assets | $ 13,200 | ||||
Crossix Solutions | Other intangibles | |||||
Business Acquisition [Line Items] | |||||
Total purchased intangible assets | $ 6,000 | ||||
Crossix Solutions | Other intangibles | Minimum | |||||
Business Acquisition [Line Items] | |||||
Useful life of intangible assets | 1 year | ||||
Crossix Solutions | Other intangibles | Maximum | |||||
Business Acquisition [Line Items] | |||||
Useful life of intangible assets | 7 years | ||||
Physicians World | |||||
Business Acquisition [Line Items] | |||||
Net assets acquired | $ 1,221 | ||||
Total purchased intangible assets | 11,700 | ||||
Goodwill | 28,083 | ||||
Total purchase consideration | $ 41,004 | ||||
Physicians World | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Useful life of intangible assets | 10 years | ||||
Total purchased intangible assets | $ 7,700 | ||||
Physicians World | Developed Technology Rights | |||||
Business Acquisition [Line Items] | |||||
Useful life of intangible assets | 6 years | ||||
Total purchased intangible assets | $ 3,300 | ||||
Physicians World | Trade name and trademarks | |||||
Business Acquisition [Line Items] | |||||
Useful life of intangible assets | 5 years | ||||
Total purchased intangible assets | $ 700 |
Acquisitions - Schedule of Pro
Acquisitions - Schedule of Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Business Combinations [Abstract] | ||
Pro forma revenues | $ 1,153,497 | $ 913,081 |
Pro forma net income | $ 278,215 | $ 201,382 |
Pro forma net income per share: | ||
Basic (in dollars per share) | $ 1.88 | $ 1.40 |
Diluted (in dollars per share) | $ 1.76 | $ 1.29 |
Short-Term Investments - Schedu
Short-Term Investments - Schedule of Short-Term Investments (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 929,273 | $ 607,454 |
Gross unrealized gains | 3,879 | 2,565 |
Gross unrealized losses | (30) | (4) |
Estimated fair value | 933,122 | 610,015 |
Certificates of deposits | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 17,350 | 3,500 |
Gross unrealized gains | 15 | 3 |
Gross unrealized losses | (1) | 0 |
Estimated fair value | 17,364 | 3,503 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 125,833 | 100,419 |
Gross unrealized gains | 745 | 396 |
Gross unrealized losses | (2) | (1) |
Estimated fair value | 126,576 | 100,814 |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 57,390 | 19,965 |
Gross unrealized gains | 8 | 5 |
Gross unrealized losses | (2) | (1) |
Estimated fair value | 57,396 | 19,969 |
Corporate notes and bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 428,710 | 234,664 |
Gross unrealized gains | 2,360 | 1,552 |
Gross unrealized losses | (23) | (2) |
Estimated fair value | 431,047 | 236,214 |
Foreign government bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 31,855 | 3,397 |
Gross unrealized gains | 45 | 10 |
Gross unrealized losses | (2) | 0 |
Estimated fair value | 31,898 | 3,407 |
U.S. agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 52,756 | |
Gross unrealized gains | 119 | |
Gross unrealized losses | 0 | |
Estimated fair value | 52,875 | |
U.S. treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 215,379 | 245,509 |
Gross unrealized gains | 587 | 599 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | $ 215,966 | $ 246,108 |
Short-Term Investments - Summar
Short-Term Investments - Summary of Estimated Fair Value of Short-Term Investments, Designated as Available-for-Sale and Classified by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less | $ 428,155 | $ 247,592 |
Due in greater than one year | 504,967 | 362,423 |
Total short-term investments | $ 933,122 | $ 610,015 |
Short-Term Investments - Sche_2
Short-Term Investments - Schedule of Fair Values and Gross Unrealized Loss Position of Available-for-Sale Securities Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Certificates of deposits | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | $ 3,749 | |
Gross unrealized losses | (2) | |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 3,318 | $ 999 |
Gross unrealized losses | (1) | (1) |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 17,626 | 5,589 |
Gross unrealized losses | (2) | (1) |
Corporate notes and bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 29,558 | 6,104 |
Gross unrealized losses | (23) | $ (2) |
Foreign government bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 2,679 | |
Gross unrealized losses | $ (2) |
Deferred Costs - Additional Inf
Deferred Costs - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Deferred Costs [Abstract] | |||
Deferred costs | $ 42,072,000 | $ 35,585,000 | |
Amortization of deferred costs | 21,000,000 | 21,000,000 | $ 18,000,000 |
Impairment losses recorded in relation to the costs capitalized | $ 0 | $ 0 | $ 0 |
Property and Equipment, Net - C
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 83,266 | $ 80,102 |
Less accumulated depreciation | (29,616) | (25,350) |
Total property and equipment, net | 53,650 | 54,752 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,040 | 3,040 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 20,984 | 20,984 |
Land improvements and building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 22,392 | 22,392 |
Equipment and computers | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,847 | 11,066 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 13,452 | 12,849 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 13,945 | 9,385 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 606 | $ 386 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 9 | $ 9 | $ 6 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Goodwill | $ 436,029 | $ 438,529 | $ 95,804 |
Amortization expense | $ 20,000 | $ 10,000 | $ 7,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Details of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 171,176 | $ 174,670 |
Accumulated amortization | (56,581) | (40,069) |
Net | 114,595 | 134,601 |
Existing technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 26,180 | 26,380 |
Accumulated amortization | (8,367) | (4,808) |
Net | $ 17,813 | $ 21,572 |
Remaining useful life (in years) | 4 years 9 months 18 days | 5 years 9 months 18 days |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 110,643 | $ 111,443 |
Accumulated amortization | (27,741) | (17,575) |
Net | $ 82,902 | $ 93,868 |
Remaining useful life (in years) | 8 years | 9 years |
Trade name and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 13,900 | $ 13,900 |
Accumulated amortization | (4,005) | (720) |
Net | $ 9,895 | $ 13,180 |
Remaining useful life (in years) | 3 years 9 months 18 days | 4 years 8 months 12 days |
Other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 20,453 | $ 22,947 |
Accumulated amortization | (16,468) | (16,966) |
Net | $ 3,985 | $ 5,981 |
Remaining useful life (in years) | 5 years 1 month 6 days | 5 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Fiscal 2022 | $ 18,163 | |
Fiscal 2023 | 18,163 | |
Fiscal 2024 | 18,160 | |
Fiscal 2025 | 17,417 | |
Fiscal 2026 | 13,166 | |
Thereafter | 29,526 | |
Net | $ 114,595 | $ 134,601 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 438,529 | $ 95,804 |
Goodwill, ending balance | 436,029 | 438,529 |
Crossix Solutions | ||
Goodwill [Roll Forward] | ||
Goodwill, acquired during period | 314,642 | |
Purchase price goodwill reduction from Crossix tax adjustments | $ (2,500) | |
Physicians World | ||
Goodwill [Roll Forward] | ||
Goodwill, acquired during period | $ 28,083 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued commissions | $ 7,498 | $ 8,951 |
Accrued bonus | 4,134 | 4,329 |
Accrued vacation | 4,716 | 3,921 |
Payroll tax payable | 10,250 | 7,353 |
Accrued other compensation and benefits | 3,812 | 1,065 |
Total accrued compensation and benefits | 30,410 | 25,619 |
Accrued fees payable to salesforce.com | 6,381 | 5,787 |
Taxes payable | 13,598 | 4,914 |
Accrued third-party professional services subcontractors' fees | 1,515 | 1,338 |
Other accrued expenses | 9,488 | 9,581 |
Total accrued expenses and other current liabilities | $ 30,982 | $ 21,620 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Assets | ||
Short-term investments | $ 933,122 | $ 610,015 |
U.S. treasury securities | ||
Assets | ||
Short-term investments | 215,966 | 246,108 |
Certificates of deposits | ||
Assets | ||
Short-term investments | 17,364 | 3,503 |
Asset-backed securities | ||
Assets | ||
Short-term investments | 126,576 | 100,814 |
Commercial paper | ||
Assets | ||
Short-term investments | 57,396 | 19,969 |
Corporate notes and bonds | ||
Assets | ||
Short-term investments | 431,047 | 236,214 |
Foreign government bonds | ||
Assets | ||
Short-term investments | 31,898 | 3,407 |
U.S. agency obligations | ||
Assets | ||
Short-term investments | 52,875 | |
Fair value, measurements recurring | ||
Assets | ||
Total financial assets | 1,209,019 | 638,058 |
Liabilities | ||
Total financial liabilities | 72 | 42 |
Fair value, measurements recurring | Money market funds | ||
Assets | ||
Cash equivalents: | 259,937 | 24,107 |
Fair value, measurements recurring | U.S. treasury securities | ||
Assets | ||
Cash equivalents: | 15,520 | |
Short-term investments | 215,966 | 246,107 |
Fair value, measurements recurring | Certificates of deposits | ||
Assets | ||
Short-term investments | 17,364 | 3,503 |
Fair value, measurements recurring | Asset-backed securities | ||
Assets | ||
Short-term investments | 126,576 | 100,815 |
Fair value, measurements recurring | Commercial paper | ||
Assets | ||
Cash equivalents: | 1,616 | |
Short-term investments | 57,396 | 19,969 |
Fair value, measurements recurring | Corporate notes and bonds | ||
Assets | ||
Cash equivalents: | 2,245 | |
Short-term investments | 431,047 | 236,214 |
Fair value, measurements recurring | Foreign government bonds | ||
Assets | ||
Short-term investments | 31,898 | 3,407 |
Fair value, measurements recurring | U.S. agency obligations | ||
Assets | ||
Short-term investments | 52,875 | |
Fair value, measurements recurring | Foreign currency derivative contracts | ||
Assets | ||
Short-term investments | 440 | 75 |
Fair value, measurements recurring | Foreign currency derivative contracts | ||
Liabilities | ||
Foreign currency derivative contracts | 72 | 42 |
Fair value, measurements recurring | Level 1 | ||
Assets | ||
Total financial assets | 259,937 | 24,107 |
Liabilities | ||
Total financial liabilities | 0 | 0 |
Fair value, measurements recurring | Level 1 | Money market funds | ||
Assets | ||
Cash equivalents: | 259,937 | 24,107 |
Fair value, measurements recurring | Level 1 | U.S. treasury securities | ||
Assets | ||
Cash equivalents: | 0 | |
Short-term investments | 0 | 0 |
Fair value, measurements recurring | Level 1 | Certificates of deposits | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair value, measurements recurring | Level 1 | Asset-backed securities | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair value, measurements recurring | Level 1 | Commercial paper | ||
Assets | ||
Cash equivalents: | 0 | |
Short-term investments | 0 | 0 |
Fair value, measurements recurring | Level 1 | Corporate notes and bonds | ||
Assets | ||
Cash equivalents: | 0 | |
Short-term investments | 0 | 0 |
Fair value, measurements recurring | Level 1 | Foreign government bonds | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair value, measurements recurring | Level 1 | U.S. agency obligations | ||
Assets | ||
Short-term investments | 0 | |
Fair value, measurements recurring | Level 1 | Foreign currency derivative contracts | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair value, measurements recurring | Level 1 | Foreign currency derivative contracts | ||
Liabilities | ||
Foreign currency derivative contracts | 0 | 0 |
Fair value, measurements recurring | Level 2 | ||
Assets | ||
Total financial assets | 949,082 | 613,951 |
Liabilities | ||
Total financial liabilities | 72 | 42 |
Fair value, measurements recurring | Level 2 | Money market funds | ||
Assets | ||
Cash equivalents: | 0 | 0 |
Fair value, measurements recurring | Level 2 | U.S. treasury securities | ||
Assets | ||
Cash equivalents: | 15,520 | |
Short-term investments | 215,966 | 246,107 |
Fair value, measurements recurring | Level 2 | Certificates of deposits | ||
Assets | ||
Short-term investments | 17,364 | 3,503 |
Fair value, measurements recurring | Level 2 | Asset-backed securities | ||
Assets | ||
Short-term investments | 126,576 | 100,815 |
Fair value, measurements recurring | Level 2 | Commercial paper | ||
Assets | ||
Cash equivalents: | 1,616 | |
Short-term investments | 57,396 | 19,969 |
Fair value, measurements recurring | Level 2 | Corporate notes and bonds | ||
Assets | ||
Cash equivalents: | 2,245 | |
Short-term investments | 431,047 | 236,214 |
Fair value, measurements recurring | Level 2 | Foreign government bonds | ||
Assets | ||
Short-term investments | 31,898 | 3,407 |
Fair value, measurements recurring | Level 2 | U.S. agency obligations | ||
Assets | ||
Short-term investments | 52,875 | |
Fair value, measurements recurring | Level 2 | Foreign currency derivative contracts | ||
Assets | ||
Short-term investments | 440 | 75 |
Fair value, measurements recurring | Level 2 | Foreign currency derivative contracts | ||
Liabilities | ||
Foreign currency derivative contracts | $ 72 | $ 42 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Fair Value Disclosures [Abstract] | |||
Loss on foreign currency hedge | $ 2,000,000 | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Fair Value of Outstanding Derivative Instruments (Detail) - Foreign currency derivative contracts - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Notional amount of foreign currency derivative contracts | $ 52,516 | $ 7,304 |
Fair value of foreign currency derivative contracts | $ 52,148 | $ 7,271 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Outstanding Balance Sheet Hedges (Detail) - Foreign currency derivative contracts - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency derivative contracts - assets | $ 440 | $ 75 |
Accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency derivative contracts - liabilities | $ 72 | $ 42 |
Income Taxes - Components of In
Income Taxes - Components of Income before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 378,042 | $ 305,339 | $ 222,743 |
Foreign | 15,951 | 8,358 | 15,900 |
Income before income taxes | $ 393,993 | $ 313,697 | $ 238,643 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Current provision: | |||
Federal | $ 7,108 | $ 11,143 | $ 5,466 |
State | 4,763 | 4,695 | 4,089 |
Foreign | 2,825 | 3,404 | 7,438 |
Total current provision | 14,696 | 19,242 | 16,993 |
Deferred provision: | |||
Federal | (816) | (1,063) | (1,910) |
State | 681 | (517) | (619) |
Foreign | (566) | (5,083) | (5,653) |
Total deferred provision | (701) | (6,663) | (8,182) |
Provision for income taxes | $ 13,995 | $ 12,579 | $ 8,811 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Tax Contingency [Line Items] | ||||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% | |
Federal net operating loss carryforwards | $ 82,000 | |||
State net operating loss carryforwards | 91,000 | |||
Foreign net operating loss carryforwards | $ 29,000 | |||
Percentage of likely being realized upon effective settlement | 50.00% | |||
Unrecognized tax benefits | $ 18,628 | $ 14,515 | $ 12,597 | $ 11,398 |
Unrecognized tax benefits that would impact effective tax rate | 9,000 | |||
State and Local Jurisdiction | California Franchise Tax Board | ||||
Income Tax Contingency [Line Items] | ||||
Tax credit carryforward | $ 47,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Federal Income Tax to Effective Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal tax statutory tax rate | $ 82,739 | $ 65,876 | $ 50,115 |
State taxes | 4,401 | 3,035 | 3,139 |
Tax credits | (24,617) | (23,468) | (21,415) |
Stock-based compensation | (54,488) | (34,569) | (33,332) |
Valuation allowance | 10,269 | 7,408 | 6,666 |
Impact of foreign operations | (941) | 470 | 3,381 |
Foreign derived intangible income deduction (FDII) | (5,134) | (4,836) | (2,086) |
Others | 1,766 | (1,337) | 2,343 |
Provision for income taxes | $ 13,995 | $ 12,579 | $ 8,811 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Deferred tax assets: | ||
Accruals and reserves | $ 13,494 | $ 10,355 |
State income taxes | 679 | 931 |
Stock-based compensation | 11,486 | 9,861 |
Net operating loss carryforward | 29,318 | 32,916 |
Tax credit carryforward | 29,624 | 21,458 |
Lease liabilities | 15,932 | 13,808 |
Other | 298 | 217 |
Gross deferred tax assets | 100,831 | 89,546 |
Valuation allowance | (31,318) | (22,694) |
Total deferred tax assets | 69,513 | 66,852 |
Deferred tax liabilities: | ||
Property and equipment | (141) | (650) |
Intangible assets | (30,253) | (33,518) |
Expensed internal-use software | (893) | (974) |
Lease right-of-use assets | (14,438) | (12,717) |
Deferred costs | (10,588) | (8,922) |
Other | (935) | (619) |
Total deferred tax liabilities | (57,248) | (57,400) |
Net deferred tax assets | $ 12,265 | $ 9,452 |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes in Total Gross Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 14,515 | $ 12,597 | $ 11,398 |
Increases related to tax positions taken during the prior period | 96 | 796 | 968 |
Increases related to tax positions taken during the current period | 4,126 | 3,420 | 2,697 |
Decreases related to tax positions taken during the prior period | (51) | (128) | (1,754) |
Audit settlements | 0 | 0 | (403) |
Lapse of statute of limitations | (58) | (2,170) | (309) |
Ending balance | $ 18,628 | $ 14,515 | $ 12,597 |
Deferred Revenue, Performance_2
Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Revenue From Contracts With Customers [Line Items] | |||
Unbilled accounts receivable | $ 47,206 | $ 32,817 | |
Subscription services | |||
Revenue From Contracts With Customers [Line Items] | |||
Recognition of deferred revenue | 464,000 | 353,000 | $ 265,000 |
Revenue expected to be recognized from remaining performance obligations | 1,287,000 | ||
Unbilled accounts receivable | 27,000 | 15,000 | |
Professional services and other | |||
Revenue From Contracts With Customers [Line Items] | |||
Unbilled accounts receivable | $ 20,000 | $ 18,000 |
Deferred Revenue, Performance_3
Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable - Performance Obligation Duration (Details) - Subscription services - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-02-01 | Jan. 31, 2021 |
Revenue From Contracts With Customers [Line Items] | |
Revenue, remaining performance obligation, percentage | 76.00% |
Revenue, remaining performance obligation, recognition period | 12 months |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Leases [Line Items] | |||
Operating lease expense | $ 13 | $ 8 | $ 6 |
Maximum | |||
Leases [Line Items] | |||
Operating leases, options to extend leases term | 9 years | ||
Finance leases, options to extend leases term | 9 years |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 11,401 | $ 7,657 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | 12,214 | 23,546 |
Operating leases obtained through business combinations | $ 0 | $ 14,550 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Leases [Abstract] | ||
Lease right-of-use assets | $ 56,917 | $ 49,132 |
Lease liabilities | 11,347 | 8,960 |
Lease liabilities, noncurrent | 51,393 | 44,453 |
Total operating lease liabilities | $ 62,740 | $ 53,413 |
Weighted Average Remaining Lease Term | 6 years 8 months 12 days | 7 years 1 month 6 days |
Weighted Average Discount Rate | 3.80% | 4.30% |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Lease liabilities | Lease liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Lease liabilities, noncurrent | Lease liabilities, noncurrent |
Leases- Maturities of lease lia
Leases- Maturities of lease liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Fiscal 2022 | $ 12,887 | |
Fiscal 2023 | 11,780 | |
Fiscal 2024 | 10,585 | |
Fiscal 2025 | 7,809 | |
Fiscal 2026 | 6,867 | |
Thereafter | 21,576 | |
Total operating lease payments | 71,504 | |
Less imputed interest | (8,764) | |
Total operating lease liabilities | $ 62,740 | $ 53,413 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 12 Months Ended | |||
Jan. 31, 2021USD ($)vote$ / sharesshares | Jan. 31, 2020$ / sharesshares | Jan. 31, 2019$ / shares | Jan. 29, 2021$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends payable | $ | $ 0 | |||
Options outstanding (in shares) | 12,761,289 | 13,448,026 | ||
Unrecognized compensation cost related to unvested stock options granted | $ | $ 215,000,000 | |||
Share price (in usd per share) | $ / shares | $ 276.44 | |||
Intrinsic value of options exercised | $ | $ 376,000,000 | |||
Class A common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares issued (in shares) | 137,062,817 | 133,892,725 | ||
Common stock, shares outstanding (in shares) | 137,062,817 | 133,892,725 | ||
Vote per common share | vote | 1 | |||
Class B common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares issued (in shares) | 14,993,991 | 15,202,858 | ||
Common stock, shares outstanding (in shares) | 14,993,991 | 15,202,858 | ||
Vote per common share | vote | 10 | |||
2007 Stock Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 0 | |||
2021 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 0 | |||
2013 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 0 | |||
Number of additional shares authorized (in shares) | 13,750,000 | |||
Common stock, shares outstanding, percentage | 5.00% | |||
Weighted-average grant date fair value of options granted (in usd per share) | $ / shares | $ 71.86 | $ 60.05 | $ 35.43 | |
2013 Equity Incentive Plan | Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued in period (in shares) | 6,709,301 | |||
2013 Equity Incentive Plan | Class A common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for issuance (in shares) | 33,692,818 | |||
2013 Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of additional shares authorized (in shares) | 2,200,000 | |||
Common stock, shares outstanding, percentage | 1.00% | |||
Number of shares reserved for future issuance (in shares) | 4,000,000 | |||
Number of shares authorized (in shares) | 4,897,856 | |||
Percent of fair market value paid for shares | 85.00% | |||
Percentage of payroll deductions for shares acquired | 15.00% | |||
2013 Employee Stock Purchase Plan | Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued in period (in shares) | 0 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Weighted average period of unvested stock (in years) | 2 years 4 months 24 days | |||
Unrecognized compensation cost related to unvested RSUs | $ | $ 109,000,000 | |||
Total intrinsic value, vested | $ | $ 261,000,000 | |||
Restricted Stock Units (RSUs) | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Weighted average period of unvested stock (in years) | 3 years 2 months 12 days | |||
Stock Options | 2007 Stock Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Stock Options | 2007 Stock Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Options exercisable period | 10 years | |||
Stock Options | 2013 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Stock Options | 2013 Equity Incentive Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Stock Options | 2013 Equity Incentive Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 9 years | |||
Options exercisable period | 10 years |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Number of shares | ||
Options outstanding, beginning balance (in shares) | 13,448,026 | |
Options granted (in shares) | 1,427,362 | |
Options exercised (in shares) | (1,839,723) | |
Options forfeited/cancelled (in shares) | (274,376) | |
Options outstanding, ending balance (in shares) | 12,761,289 | 13,448,026 |
Options vested and exercisable (in shares) | 6,817,037 | |
Options vested and exercisable and expected to vest thereafter (in shares) | 12,761,289 | |
Weighted average exercise price | ||
Options outstanding, beginning balance (in usd per share) | $ 40.64 | |
Options granted (in usd per share) | 181.18 | |
Options exercised (in usd per share) | 18.92 | |
Options forfeited/cancelled (in usd per share) | 123.50 | |
Options outstanding, ending balance (in usd per share) | 57.48 | $ 40.64 |
Options vested and exercisable (in usd per share) | 17.50 | |
Options vested and exercisable and expected to vest thereafter (in usd per share) | $ 57.48 | |
Weighted average remaining contractual term (in years), options outstanding | 5 years | 5 years 4 months 24 days |
Weighted average remaining contractual term (in years), options vested and exercisable | 2 years 10 months 24 days | |
Weighted average remaining contractual term (in years), options vested and exercisable and expected to vest thereafter | 5 years | |
Aggregate intrinsic value (in millions) | ||
Options outstanding | $ 2,794 | $ 1,427 |
Options vested and exercisable | 1,765 | |
Options vested and exercisable and expected to vest thereafter | $ 2,794 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Restricted Stock Unit (RSU) Activity (Detail) - Restricted Stock Units (RSUs) | 12 Months Ended |
Jan. 31, 2021$ / sharesshares | |
Unreleased restricted stock units | |
Beginning balance (in shares) | shares | 1,818,622 |
RSUs granted (in shares) | shares | 455,000 |
RSUs vested (in shares) | shares | (1,121,502) |
RSUs forfeited/cancelled (in shares) | shares | (119,905) |
Ending balance (in shares) | shares | 1,032,215 |
Weighted average grant date fair value | |
Beginning balance (in usd per share) | $ / shares | $ 95.23 |
RSUs granted (in usd per share) | $ / shares | 185.06 |
RSUs vested (in usd per share) | $ / shares | 105.24 |
RSUs forfeited/cancelled (in usd per share) | $ / shares | 111.50 |
Ending balance (in usd per share) | $ / shares | $ 121.98 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Weighted-Average Assumptions Used to Estimate Grant Date Fair Value of Options Granted (Detail) - Stock Options | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 41.00% | ||
Risk-free interest rate, minimum | 0.33% | 1.39% | 2.57% |
Risk-free interest rate, maximum | 1.43% | 2.52% | 2.74% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 39.00% | 39.00% | |
Expected term (in years) | 6 years 3 months | 5 years 7 months 20 days | 6 years 3 months |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 42.00% | 41.00% | |
Expected term (in years) | 7 years 3 months | 6 years 7 months 9 days | 6 years 4 months 6 days |
Other Income (Details)
Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Other Income and Expenses [Abstract] | |||
Foreign currency gain (loss) | $ 2,275 | $ (708) | $ (2,103) |
(Amortization) accretion on investments | (3,082) | 3,001 | 2,492 |
Interest income, net | 15,859 | 25,185 | 15,388 |
Miscellaneous income | 1,147 | 0 | 0 |
Other income, net | $ 16,199 | $ 27,478 | $ 15,777 |
Net Income per Share - Numerato
Net Income per Share - Numerators and Denominators of the Basic and Diluted EPS Computations for Common Stock (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||||||
Weighted average shares used in computing net income per share, basic (in shares) | 150,666 | 147,796 | 144,244 | ||||||||
Net income per share, basic (in usd per share) | $ 0.68 | $ 0.64 | $ 0.62 | $ 0.58 | $ 0.44 | $ 0.56 | $ 0.54 | $ 0.50 | $ 2.52 | $ 2.04 | $ 1.59 |
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||
Weighted average shares used in computing net income per share, diluted (in shares) | 160,732 | 158,296 | 156,117 | ||||||||
Net income per share, diluted (in usd per share) | $ 0.64 | $ 0.60 | $ 0.58 | $ 0.54 | $ 0.42 | $ 0.52 | $ 0.50 | $ 0.47 | $ 2.36 | $ 1.90 | $ 1.47 |
Class A common stock | |||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||||||
Net income, basic | $ 341,866 | $ 266,104 | $ 194,607 | ||||||||
Weighted average shares used in computing net income per share, basic (in shares) | 135,547 | 130,610 | 122,137 | ||||||||
Net income per share, basic (in usd per share) | $ 2.52 | $ 2.04 | $ 1.59 | ||||||||
Net income, basic | $ 341,866 | $ 266,104 | $ 194,607 | ||||||||
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||
Net income, basic | 38,132 | 35,014 | 35,225 | ||||||||
Reallocation of net income to Class B common stock | 0 | 0 | 0 | ||||||||
Net income, diluted | $ 379,998 | $ 301,118 | $ 229,832 | ||||||||
Conversion of Class B to Class A common stock (in shares) | 15,119 | 17,186 | 22,107 | ||||||||
Effect of potentially dilutive common shares (in shares) | 10,066 | 10,500 | 11,873 | ||||||||
Weighted average shares used in computing net income per share, diluted (in shares) | 160,732 | 158,296 | 156,117 | ||||||||
Net income per share, diluted (in usd per share) | $ 2.36 | $ 1.90 | $ 1.47 | ||||||||
Class B common stock | |||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||||||
Net income, basic | $ 38,132 | $ 35,014 | $ 35,225 | ||||||||
Weighted average shares used in computing net income per share, basic (in shares) | 15,119 | 17,186 | 22,107 | ||||||||
Net income per share, basic (in usd per share) | $ 2.52 | $ 2.04 | $ 1.59 | ||||||||
Net income, basic | $ 38,132 | $ 35,014 | $ 35,225 | ||||||||
Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||
Net income, basic | 0 | 0 | 0 | ||||||||
Reallocation of net income to Class B common stock | 21,409 | 17,652 | 14,800 | ||||||||
Net income, diluted | $ 59,541 | $ 52,666 | $ 50,025 | ||||||||
Conversion of Class B to Class A common stock (in shares) | 0 | 0 | 0 | ||||||||
Effect of potentially dilutive common shares (in shares) | 10,066 | 10,500 | 11,873 | ||||||||
Weighted average shares used in computing net income per share, diluted (in shares) | 25,185 | 27,686 | 33,980 | ||||||||
Net income per share, diluted (in usd per share) | $ 2.36 | $ 1.90 | $ 1.47 |
Net Income per Share - Potentia
Net Income per Share - Potential Common Share Equivalents Excluded where the Inclusion would be Anti-dilutive (Detail) - shares | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Options and awards to purchase shares not included in the computation of diluted net income per share because their inclusion would be anti-dilutive (in shares) | 1,045,222 | 1,461,255 | 3,054,322 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Mar. 13, 2017USD ($) | Jan. 26, 2017employee | Jan. 31, 2021USD ($) |
Value-Added Reseller Agreement | |||
Long-term Purchase Commitment [Line Items] | |||
Minimum order commitment | $ 500 | ||
Amount of first minimum order commitment met | 250 | ||
Minimum fee commitment obligation | 57 | ||
IQVIA Litigation Matter | Minimum | |||
Long-term Purchase Commitment [Line Items] | |||
Monetary damages | $ 200 | ||
Medidata Litigation Matter | |||
Long-term Purchase Commitment [Line Items] | |||
Number of former employees | employee | 5 | ||
Present to September 1st, 2025 | Value-Added Reseller Agreement | |||
Long-term Purchase Commitment [Line Items] | |||
Minimum order commitment | 500 | ||
March 1st 2014 to September 1st, 2020 | Value-Added Reseller Agreement | |||
Long-term Purchase Commitment [Line Items] | |||
Amount of first minimum order commitment met | $ 250 |
Revenues by Product - Summary o
Revenues by Product - Summary of Total Revenues (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2021USD ($)industry | Oct. 31, 2020USD ($) | Jul. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Jan. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Jul. 31, 2019USD ($) | Apr. 30, 2019USD ($) | Jan. 31, 2021USD ($)industry | Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($) | |
Disaggregation of Revenue [Line Items] | |||||||||||
Number of product areas | industry | 2 | 2 | |||||||||
Total revenues | $ 396,761 | $ 377,519 | $ 353,683 | $ 337,106 | $ 311,508 | $ 280,921 | $ 266,900 | $ 244,752 | $ 1,465,069 | $ 1,104,081 | $ 862,210 |
Veeva Commercial Cloud | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 599,234 | 468,615 | 395,039 | ||||||||
Veeva Vault | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 580,252 | 427,679 | 299,428 | ||||||||
Total subscription services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 1,179,486 | 896,294 | 694,467 | ||||||||
Veeva Commercial Cloud | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 113,498 | 76,347 | 62,557 | ||||||||
Veeva Vault | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 172,085 | 131,440 | 105,186 | ||||||||
Total professional services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 285,583 | $ 207,787 | $ 167,743 |
Information about Geographic _3
Information about Geographic Areas - Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Revenues by geography | |||||||||||
Total revenues | $ 396,761 | $ 377,519 | $ 353,683 | $ 337,106 | $ 311,508 | $ 280,921 | $ 266,900 | $ 244,752 | $ 1,465,069 | $ 1,104,081 | $ 862,210 |
North America | |||||||||||
Revenues by geography | |||||||||||
Total revenues | 838,192 | 607,704 | 480,713 | ||||||||
Europe | |||||||||||
Revenues by geography | |||||||||||
Total revenues | 400,790 | 310,215 | 228,784 | ||||||||
Asia Pacific | |||||||||||
Revenues by geography | |||||||||||
Total revenues | 183,848 | 151,052 | 124,431 | ||||||||
Middle East, Africa, and Latin America | |||||||||||
Revenues by geography | |||||||||||
Total revenues | $ 42,239 | $ 35,110 | $ 28,282 |
Information about Geographic _4
Information about Geographic Areas - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Long-lived assets by geography | ||
Total long-lived assets | $ 53,650 | $ 54,752 |
North America | ||
Long-lived assets by geography | ||
Total long-lived assets | 46,285 | 51,334 |
Europe | ||
Long-lived assets by geography | ||
Total long-lived assets | 5,525 | 1,772 |
Asia Pacific | ||
Long-lived assets by geography | ||
Total long-lived assets | 1,359 | 1,341 |
Middle East, Africa, and Latin America | ||
Long-lived assets by geography | ||
Total long-lived assets | $ 481 | $ 305 |
401(k) Plan (Details)
401(k) Plan (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Total expense related defined benefit plan | $ 6,000,000 | $ 4,000,000 | $ 3,000,000 |
401(k) plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer maximum matching contribution amount per employee per year | 2,000 | ||
RRSP | CANADA | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer maximum matching contribution amount per employee per year | $ 2,000 |
Related-Party Transaction (Deta
Related-Party Transaction (Details) | 1 Months Ended |
Sep. 30, 2016product | |
Zoom Video Communications Incorporation | |
Related Party Transaction [Line Items] | |
Number of products to embed into our multichannel customer relationship management applications | 2 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 396,761 | $ 377,519 | $ 353,683 | $ 337,106 | $ 311,508 | $ 280,921 | $ 266,900 | $ 244,752 | $ 1,465,069 | $ 1,104,081 | $ 862,210 |
Gross profit | 282,914 | 274,522 | 256,479 | 242,226 | 217,189 | 207,592 | 196,682 | 179,249 | 1,056,141 | 800,712 | 616,929 |
Operating income | 98,843 | 101,305 | 90,081 | 87,565 | 60,394 | 80,800 | 73,856 | 71,169 | 377,794 | 286,219 | 222,866 |
Net income | $ 102,918 | $ 96,959 | $ 93,551 | $ 86,570 | $ 66,182 | $ 82,245 | $ 79,242 | $ 73,449 | $ 379,998 | $ 301,118 | $ 229,832 |
Net income per share: | |||||||||||
Basic (in usd per share) | $ 0.68 | $ 0.64 | $ 0.62 | $ 0.58 | $ 0.44 | $ 0.56 | $ 0.54 | $ 0.50 | $ 2.52 | $ 2.04 | $ 1.59 |
Diluted (in usd per share) | $ 0.64 | $ 0.60 | $ 0.58 | $ 0.54 | $ 0.42 | $ 0.52 | $ 0.50 | $ 0.47 | $ 2.36 | $ 1.90 | $ 1.47 |
Uncategorized Items - veev-2021
Label | Element | Value |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 1,207,000 |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | 3,064,000 |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 1,207,000 |