Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 30, 2021 | May 31, 2021 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2021 | |
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 $0.00001 per share | |
Trading Symbol | VEEV | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001393052 | |
Current Fiscal Year End Date | --01-31 | |
Class A common stock | ||
Document And Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 138,152,712 | |
Class B common stock | ||
Document And Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 14,766,556 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,184,980 | $ 730,504 |
Short-term investments | 965,453 | 933,122 |
Accounts receivable, net of allowance for doubtful accounts of $358 and $193, respectively | 262,327 | 564,387 |
Unbilled accounts receivable | 51,367 | 47,206 |
Prepaid expenses and other current assets | 30,939 | 35,607 |
Total current assets | 2,495,066 | 2,310,826 |
Property and equipment, net | 52,248 | 53,650 |
Deferred costs, net | 40,007 | 42,072 |
Lease right-of-use assets | 53,776 | 56,917 |
Goodwill | 436,029 | 436,029 |
Intangible assets, net | 110,166 | 114,595 |
Deferred income taxes | 13,845 | 14,100 |
Other long-term assets | 21,012 | 17,878 |
Total assets | 3,222,149 | 3,046,067 |
Current liabilities: | ||
Accounts payable | 18,858 | 23,253 |
Accrued compensation and benefits | 31,720 | 30,410 |
Accrued expenses and other current liabilities | 32,716 | 30,982 |
Income tax payable | 6,299 | 2,590 |
Deferred revenue | 608,673 | 616,992 |
Lease liabilities | 11,280 | 11,725 |
Total current liabilities | 709,546 | 715,952 |
Deferred income taxes | 6,488 | 1,835 |
Lease liabilities, noncurrent | 48,672 | 51,393 |
Other long-term liabilities | 12,459 | 10,567 |
Total liabilities | 777,165 | 779,747 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Additional paid-in capital | 1,032,063 | 965,670 |
Accumulated other comprehensive income (loss) | (2,304) | 992 |
Retained earnings | 1,415,223 | 1,299,656 |
Total stockholders’ equity | 2,444,984 | 2,266,320 |
Total liabilities and stockholders’ equity | 3,222,149 | 3,046,067 |
Class A common stock | ||
Stockholders’ equity: | ||
Common stock | 2 | 2 |
Class B common stock | ||
Stockholders’ equity: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Allowance for doubtful accounts | $ 358 | $ 193 |
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) | 138,022,066 | 137,062,817 |
Common stock, shares outstanding (in shares) | 138,022,066 | 137,062,817 |
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) | 14,778,290 | 14,993,991 |
Common stock, shares outstanding (in shares) | 14,778,290 | 14,993,991 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Revenues: | ||
Total revenues | $ 433,573 | $ 337,106 |
Cost of revenues: | ||
Total cost of revenues | 116,136 | 94,880 |
Gross profit | 317,437 | 242,226 |
Operating expenses: | ||
Research and development | 83,226 | 62,237 |
Sales and marketing | 64,610 | 55,755 |
General and administrative | 41,155 | 36,669 |
Total operating expenses | 188,991 | 154,661 |
Operating income | 128,446 | 87,565 |
Other income, net | 4,564 | 3,414 |
Income before income taxes | 133,010 | 90,979 |
Provision for income taxes | 17,443 | 4,409 |
Net income | $ 115,567 | $ 86,570 |
Net income per share: | ||
Basic (in usd per share) | $ 0.76 | $ 0.58 |
Diluted (in usd per share) | $ 0.71 | $ 0.54 |
Weighted-average shares used to compute net income per share: | ||
Basic (in shares) | 152,444 | 149,541 |
Diluted (in shares) | 162,213 | 159,474 |
Other comprehensive income: | ||
Net change in unrealized gain (loss) on available-for-sale investments | $ (1,086) | $ 1,297 |
Net change in cumulative foreign currency translation gain (loss) | (2,213) | 389 |
Comprehensive income | 112,268 | 88,256 |
Subscription services | ||
Revenues: | ||
Total revenues | 341,119 | 270,235 |
Cost of revenues: | ||
Total cost of revenues | 51,217 | 43,212 |
Professional services and other | ||
Revenues: | ||
Total revenues | 92,454 | 66,871 |
Cost of revenues: | ||
Total cost of revenues | $ 64,919 | $ 51,668 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Total stock-based compensation | $ 48,489 | $ 36,907 |
Cost of subscription services | ||
Total stock-based compensation | 906 | 1,019 |
Cost of professional services and other | ||
Total stock-based compensation | 7,422 | 5,074 |
Research and development | ||
Total stock-based compensation | 16,837 | 11,401 |
Sales and marketing | ||
Total stock-based compensation | 11,555 | 8,192 |
General and administrative | ||
Total stock-based compensation | $ 11,769 | $ 11,221 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Class A & B common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income |
Beginning balance (in shares) at Jan. 31, 2020 | 149,095,583 | ||||
Beginning 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) | 645,515 | ||||
Issuance of common stock upon exercise of stock options | 10,279 | $ 1 | 10,278 | ||
Issuance of common stock upon vesting of restricted stock units (in shares) | 288,949 | ||||
Issuance of common stock upon vesting of restricted stock units | 0 | ||||
Stock-based compensation expense | 36,907 | 36,907 | |||
Change in other comprehensive income (loss) | 1,686 | 1,686 | |||
Net income | 86,570 | 86,570 | |||
Ending balance (in shares) at Apr. 30, 2020 | 150,030,047 | ||||
Ending balance at Apr. 30, 2020 | 1,801,036 | $ 2 | 792,660 | 1,006,228 | 2,146 |
Beginning balance (in shares) at Jan. 31, 2021 | 152,056,808 | ||||
Beginning balance at Jan. 31, 2021 | $ 2,266,320 | $ 2 | 965,670 | 1,299,656 | 992 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 485,037 | 485,037 | |||
Issuance of common stock upon exercise of stock options | $ 17,600 | 17,600 | |||
Issuance of common stock upon vesting of restricted stock units (in shares) | 258,511 | ||||
Issuance of common stock upon vesting of restricted stock units | 0 | ||||
Stock-based compensation expense | 48,793 | 48,793 | |||
Change in other comprehensive income (loss) | (3,296) | (3,296) | |||
Net income | 115,567 | 115,567 | |||
Ending balance (in shares) at Apr. 30, 2021 | 152,800,356 | ||||
Ending balance at Apr. 30, 2021 | $ 2,444,984 | $ 2 | $ 1,032,063 | $ 1,415,223 | $ (2,304) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 115,567 | $ 86,570 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,628 | 7,878 |
Reduction of operating lease right-of-use assets | 2,827 | 2,997 |
Accretion (amortization) of discount on short-term investments | 1,542 | (11) |
Stock-based compensation | 48,489 | 36,907 |
Amortization of deferred costs | 6,355 | 4,751 |
Deferred income taxes | 5,242 | (1,134) |
Loss on foreign currency from mark-to-market derivative | 431 | 93 |
Bad debt (recovery) expense | 159 | (393) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 301,732 | 154,160 |
Unbilled accounts receivable | (4,161) | (4,452) |
Deferred costs | (4,290) | (3,342) |
Income taxes payable | 3,709 | (1,850) |
Prepaid expenses and other current and long-term assets | 2,737 | 551 |
Accounts payable | (6,794) | (4,430) |
Accrued expenses and other current liabilities | 6,967 | 2,691 |
Deferred revenue | (8,176) | 1,477 |
Operating lease liabilities | (2,748) | (2,811) |
Other long-term liabilities | 2,169 | 2,520 |
Net cash provided by operating activities | 478,385 | 282,172 |
Cash flows from investing activities | ||
Purchases of short-term investments | (256,938) | (188,818) |
Maturities and sales of short-term investments | 221,645 | 140,342 |
Long-term assets | (2,656) | 267 |
Net cash used in investing activities | (37,949) | (48,209) |
Cash flows from financing activities | ||
Changes in lease liabilities - finance leases | (286) | (248) |
Proceeds from exercise of common stock options | 17,091 | 9,781 |
Net cash provided by financing activities | 16,805 | 9,533 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (2,765) | 548 |
Net change in cash, cash equivalents, and restricted cash | 454,476 | 244,044 |
Cash, cash equivalents, and restricted cash at beginning of period | 731,712 | 479,797 |
Cash, cash equivalents, and restricted cash at end of period | 1,186,188 | 723,841 |
Cash, cash equivalents, and restricted cash at end of period: | ||
Cash, cash equivalents, and restricted cash at end of period | 1,186,188 | 723,841 |
Supplemental disclosures of other cash flow information: | ||
Cash paid for income taxes, net of refunds | 5,133 | 5,866 |
Excess tax benefits from employee stock plans | 17,451 | 19,615 |
Non-cash investing activities: | ||
Changes in accounts payable and accrued expenses related to property and equipment purchases | $ 806 | $ 590 |
Summary of Business and Signifi
Summary of Business and Significant Accounting Policies | 3 Months Ended |
Apr. 30, 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 offerings span cloud software, data, professional services, 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 other regulated industries, including, for example, consumer goods, chemicals, and cosmetics. Our fiscal year end is January 31. Principles of Consolidation and Basis of Presentation These unaudited condensed 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 interim financial reporting and include the accounts of our wholly-owned subsidiaries after elimination of intercompany accounts and transactions. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2021, filed on March 30, 2021. There have been no changes to our significant accounting policies described in the annual report that have had a material impact on our condensed consolidated financial statements and related notes. The unaudited condensed consolidated balance sheet as of January 31, 2021 included herein was derived from the audited financial statements as of that date. These unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly our financial position, results of operations, comprehensive income, and cash flows for the interim periods but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year ending January 31, 2022 or any other period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that affect the condensed consolidated financial statements and the notes thereto. These estimates are based on information available as of the date of the condensed 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 our stock-based awards. As future events cannot be determined with precision, actual results could differ significantly from those estimates. New Accounting Pronouncements Adopted in Fiscal 2022 Income Taxes In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12, " Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" , which simplifies accounting guidance for certain tax matters. We adopted this standard effective February 1, 2021. The adoption of this new standard did not have a material impact on our condensed consolidated financial statements. |
Short-Term Investments
Short-Term Investments | 3 Months Ended |
Apr. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-Term Investments | Short-Term Investments At April 30, 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 $ 22,350 $ 18 $ — $ 22,368 Asset-backed securities 144,412 470 (49) 144,833 Commercial paper 59,425 4 (5) 59,424 Corporate notes and bonds 535,609 1,743 (209) 537,143 Foreign government bonds 32,092 41 (9) 32,124 U.S. agency obligations 52,761 78 — 52,839 U.S. treasury securities 116,374 356 (8) 116,722 Total available-for-sale securities $ 963,023 $ 2,710 $ (280) $ 965,453 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 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): April 30, January 31, Due in one year or less $ 356,853 $ 428,155 Due in one to five years 608,600 504,967 Total $ 965,453 $ 933,122 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 April 30, 2021 (in thousands): Held for less than 12 months Fair value Gross unrealized losses Asset-backed securities 30,844 (49) Commercial paper 33,342 (5) Corporate notes and bonds 174,182 (209) Foreign government bonds 12,097 (9) U.S. treasury securities 7,479 (8) 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) |
Deferred Costs
Deferred Costs | 3 Months Ended |
Apr. 30, 2021 | |
Deferred Costs [Abstract] | |
Deferred Costs | Deferred CostsDeferred costs, which consist primarily of deferred sales commissions, were $40 million and $42 million as of April 30, 2021 and January 31, 2021, respectively. Amortization expense for the deferred costs included in sales and marketing expenses in the condensed consolidated statements of comprehensive income was $6 million and $5 million for the three months ended April 30, 2021 and 2020, 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 | 3 Months Ended |
Apr. 30, 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): April 30, January 31, Land $ 3,040 $ 3,040 Building 20,984 20,984 Land improvements and building improvements 22,392 22,392 Equipment and computers 8,332 8,847 Furniture and fixtures 13,772 13,452 Leasehold improvements 13,857 13,945 Construction in progress 483 606 82,860 83,266 Less accumulated depreciation (30,612) (29,616) Total property and equipment, net $ 52,248 $ 53,650 Total depreciation expense was $2 million for each of the three months ended April 30, 2021 and 2020. Land is not depreciated. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Apr. 30, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill was $436 million as of both April 30, 2021 and January 31, 2021. The following schedule presents the details of intangible assets as of April 30, 2021 (dollar amounts in thousands): April 30, 2021 Gross carrying amount Accumulated amortization Net Remaining useful life (in years) Existing technology $ 26,180 $ (9,281) $ 16,899 4.5 Customer relationships 110,643 (30,414) 80,229 7.8 Trade name/trademarks 13,900 (4,649) 9,251 3.5 Other intangibles 20,453 (16,666) 3,787 4.9 $ 171,176 $ (61,010) $ 110,166 The following schedule presents the details of intangible assets as of January 31, 2021 (dollar amounts in thousands): January 31, 2021 Gross Accumulated Net Remaining Existing technology $ 26,180 $ (8,367) $ 17,813 4.8 Customer relationships 110,643 (27,741) 82,902 8.0 Trade name/trademarks 13,900 (4,005) 9,895 3.8 Other intangibles 20,453 (16,468) 3,985 5.1 $ 171,176 $ (56,581) $ 114,595 Amortization expense associated with intangible assets was $4 million and $5 million for the three months ended April 30, 2021 and 2020, respectively. As of April 30, 2021, the estimated amortization expense for intangible assets, for the next five years and thereafter is as follows (in thousands): Fiscal Year Estimated Remaining for 2022 $ 13,734 2023 18,163 2024 18,160 2025 17,417 2026 13,166 Thereafter 29,526 Total $ 110,166 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Apr. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following as of the dates shown (in thousands): April 30, January 31, Accrued commissions $ 6,217 $ 7,498 Accrued bonus 4,616 4,134 Accrued vacation 6,050 4,716 Payroll tax payable 10,128 10,250 Accrued other compensation and benefits 4,709 3,812 Total accrued compensation and benefits $ 31,720 $ 30,410 Accrued fees payable to salesforce.com 6,533 $ 6,381 Taxes payable 11,420 13,598 Accrued third-party professional services subcontractors' fees 1,631 1,515 Other accrued expenses 13,132 9,488 Total accrued expenses and other current liabilities $ 32,716 $ 30,982 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 30, 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 condensed 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 April 30, 2021 (in thousands): Level 1 Level 2 Total Assets Cash equivalents: Money market funds $ 626,523 $ — $ 626,523 Commercial paper — 22,949 22,949 Corporate notes and bonds — 2,630 2,630 Short-term investments: Certificates of deposits — 22,368 22,368 Asset-backed securities — 144,833 144,833 Commercial paper — 59,424 59,424 Corporate notes and bonds — 537,143 537,143 Foreign government bonds — 32,124 32,124 U.S. agency obligations — 52,839 52,839 U.S. treasury securities — 116,722 116,722 Foreign currency derivative contracts — 9 9 Total financial assets $ 626,523 $ 991,041 $ 1,617,564 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 $ 259,937 $ 949,082 $ 1,209,019 Liabilities Foreign currency derivative contracts $ — $ 72 $ 72 Total $ — $ 72 $ 72 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 condensed consolidated statements of comprehensive income. Cash flows from such forward contracts are classified as operating activities. We recognized foreign currency gains of $1 million for the three months ended April 30, 2021. Foreign currency gains were immaterial for the three months ended April 30, 2020. The fair value of our outstanding derivative instruments is summarized below (in thousands): April 30, January 31, Notional amount of foreign currency derivative contracts $ 28,317 $ 52,516 Fair value of foreign currency derivative contracts 28,309 52,148 Details on outstanding balance sheet hedges are presented below as of the date shown below (in thousands): Derivatives not designated as hedging instruments Balance sheet location April 30, January 31, Derivative Assets Foreign currency derivative contracts Prepaid expenses and other current assets $ 9 $ 440 Derivative Liabilities Foreign currency derivative contracts Accrued expenses $ — $ 72 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the three months ended April 30, 2021 and 2020, our effective tax rates were 13.1% and 4.8%, respectively. During the three months ended April 30, 2021 as compared to the prior year period, our effective tax rate increased primarily due to the increase in income before income taxes for the period combined with a decrease in excess tax benefits related to equity compensation. We recognized such excess tax benefits in our provision for income taxes of $17 million and $20 million for the three months ended April 30, 2021 and 2020, respectively. |
Deferred Revenue, Performance O
Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable | 3 Months Ended |
Apr. 30, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable | Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable Of the beginning deferred revenue balance for the respective periods, we recognized $249 million and $192 million of subscription services revenue during the three months ended April 30, 2021 and 2020, respectively. Professional services revenue recognized in the same periods from 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 April 30, 2021, approximately $1,244 million of revenue is expected to be recognized from remaining performance obligations for subscription services contracts. We expect to recognize revenue on approximately 75% 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 were $25 million and $20 million as of April 30, 2021 and January 31, 2021, 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 were $26 million and $27 million as of April 30, 2021 and January 31, 2021, respectively. |
Leases
Leases | 3 Months Ended |
Apr. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases We have operating and finance leases for corporate offices 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. Additionally, we are the sublessor for certain office space. Our sublease income for the three months ended April 30, 2021 and 2020 was immaterial. For each of the three months ended April 30, 2021 and 2020, our operating lease expense was $3 million. Our finance lease expense was immaterial for both the three months ended April 30, 2021 and 2020. Supplemental cash flow information related to leases was as follows (in thousands): Three months ended April 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,303 $ 2,563 Right-of-use assets obtained in exchange for lease obligations: Operating leases 243 306 Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount rate): April 30, 2021 January 31, 2021 Operating Leases Lease right-of-use assets $ 53,776 $ 56,917 Lease liabilities $ 11,184 $ 11,347 Lease liabilities, noncurrent 48,672 51,393 Total operating lease liabilities $ 59,856 $ 62,740 Weighted Average Remaining Lease Term 6.6 years 6.7 years Weighted Average Discount Rate 3.8 % 3.8 % As of April 30, 2021, remaining maturities of operating lease liabilities are as follows (in thousands): Fiscal Year Remaining for 2022 $ 9,632 2023 11,410 2024 10,641 2025 7,852 2026 6,916 Thereafter 21,606 Total lease payments 68,057 Less imputed interest (8,201) Total $ 59,856 |
Leases | Leases We have operating and finance leases for corporate offices 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. Additionally, we are the sublessor for certain office space. Our sublease income for the three months ended April 30, 2021 and 2020 was immaterial. For each of the three months ended April 30, 2021 and 2020, our operating lease expense was $3 million. Our finance lease expense was immaterial for both the three months ended April 30, 2021 and 2020. Supplemental cash flow information related to leases was as follows (in thousands): Three months ended April 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,303 $ 2,563 Right-of-use assets obtained in exchange for lease obligations: Operating leases 243 306 Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount rate): April 30, 2021 January 31, 2021 Operating Leases Lease right-of-use assets $ 53,776 $ 56,917 Lease liabilities $ 11,184 $ 11,347 Lease liabilities, noncurrent 48,672 51,393 Total operating lease liabilities $ 59,856 $ 62,740 Weighted Average Remaining Lease Term 6.6 years 6.7 years Weighted Average Discount Rate 3.8 % 3.8 % As of April 30, 2021, remaining maturities of operating lease liabilities are as follows (in thousands): Fiscal Year Remaining for 2022 $ 9,632 2023 11,410 2024 10,641 2025 7,852 2026 6,916 Thereafter 21,606 Total lease payments 68,057 Less imputed interest (8,201) Total $ 59,856 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Apr. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Stock Option Activity A summary of stock option activity for the three months ended April 30, 2021 is as follows: Number of shares Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate Options outstanding at January 31, 2021 12,761,289 $ 57.48 5.0 $ 2,794 Options granted 1,007,790 276.50 Options exercised (485,037) 36.29 Options forfeited/cancelled (105,892) 132.55 Options outstanding at April 30, 2021 13,178,150 $ 74.41 5.2 $ 2,742 Options vested and exercisable at April 30, 2021 7,195,626 $ 27.77 3.2 $ 1,833 Options vested and exercisable at April 30, 2021 and expected to vest thereafter 13,178,150 $ 74.41 5.2 $ 2,742 The options granted during the three months ended April 30, 2021 were predominantly made in connection with our annual performance review cycle. The weighted average grant-date fair value of options granted was $108.50 per option for the three months ended April 30, 2021. As of April 30, 2021, there was $300.1 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 April 30, 2021, we had authorized and unissued shares of common stock sufficient to satisfy exercises of stock options. The total intrinsic value of options exercised was approximately $114.6 million for the three months ended April 30, 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: Three months ended April 30, 2021 2020 Volatility 39% 39% - 41% Expected term (in years) 6.25 6.25 - 7.25 Risk-free interest rate 0.68 % - 1.07% 0.51% - 1.43% Dividend yield —% —% Restricted Stock Units A summary of restricted stock unit (RSU) activity for the three months ended April 30, 2021 is as follows: Unreleased restricted stock units Weighted average grant date fair value Balance at January 31, 2021 1,032,215 $ 121.98 RSUs granted 394,324 278.17 RSUs vested (258,511) 135.23 RSUs forfeited/cancelled (16,277) 138.00 Balance at April 30, 2021 1,151,751 172.24 As of April 30, 2021, there was a total of $185.2 million in unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of approximately 2.1 years. The total intrinsic value of RSUs vested was $71.5 million for the three months ended April 30, 2021, respectively. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Apr. 30, 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): Three months ended April 30, 2021 2020 Class A Class B Class A Class B Basic Numerator Net income, basic $ 104,319 $ 11,248 $ 77,777 $ 8,793 Denominator Weighted average shares used in computing net income per share, basic 137,607 14,837 134,353 15,188 Net income per share, basic $ 0.76 $ 0.76 $ 0.58 $ 0.58 Diluted Numerator Net income, basic $ 104,319 $ 11,248 $ 77,777 $ 8,793 Reallocation as a result of conversion of Class B to Class A common stock: Net income, basic 11,248 — 8,793 — Reallocation of net income to Class B common stock — 6,282 — 4,844 Net income, diluted $ 115,567 $ 17,530 $ 86,570 $ 13,637 Denominator Number of shares used for basic net income per share computation 137,607 14,837 134,353 15,188 Conversion of Class B to Class A common stock 14,837 — 15,188 — Effect of potentially dilutive common shares 9,769 9,769 9,933 9,933 Weighted average shares used in computing net income per share, diluted 162,213 24,606 159,474 25,121 Net income per share, diluted $ 0.71 $ 0.71 $ 0.54 $ 0.54 Potential common share equivalents excluded where the inclusion would be anti-dilutive are as follows: Three months ended April 30, 2021 2020 Options and awards to purchase shares not included in the computation of diluted net income per share because their inclusion would be anti-dilutive 348,495 2,386,498 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 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. Our counterclaims allege that IQVIA, as the dominant provider of data for life sciences companies, has abused monopoly power 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 increased the difficulty of attempting to switch from IQVIA data 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 October 3, 2018, the court denied IQVIA’s motion to dismiss our antitrust claims. On February 18, 2020, IQVIA filed a motion for sanctions against Veeva, seeking default judgment and dismissal and, in the alternative, an adverse inference at trial related to discovery disputes. On May 7, 2021, the special master appointed to oversee litigation discovery ruled against IQVIA’s request for default judgment and dismissal and ruled in IQVIA’s favor with respect to certain other matters, including recommending to the trial judge in the litigation that a permissive adverse inference instruction be issued to the jury with respect to Veeva’s failure to preserve certain documents. Such an instruction would likely instruct the jury that it is permitted but not required to infer that certain evidence not preserved by Veeva would have been unfavorable to Veeva if the jury concludes that Veeva controlled the evidence, that the evidence was relevant, and that Veeva should have preserved the evidence. The jury is also likely to be instructed that it may also consider whether the non-preserved evidence was duplicative of other evidence produced by Veeva and whether Veeva’s conduct was reasonable in light of all circumstances. Veeva was also ordered to pay IQVIA’s fees and expenses incurred in connection with portions of its sanctions motion. On June 4, 2021, we are appealing this ruling and IQVIA’s fee award to the federal district court judge assigned to the case. Fact discovery is largely complete and expert 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 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 its 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 |
Revenues by Product
Revenues by Product | 3 Months Ended |
Apr. 30, 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 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): Three months ended April 30, 2021 2020 Subscription services Veeva Commercial Cloud $ 168,458 $ 142,577 Veeva Vault 172,661 127,658 Total subscription services $ 341,119 $ 270,235 Professional services Veeva Commercial Cloud $ 36,026 $ 27,376 Veeva Vault 56,428 39,495 Total professional services $ 92,454 $ 66,871 Total revenues $ 433,573 $ 337,106 |
Information about Geographic Ar
Information about Geographic Areas | 3 Months Ended |
Apr. 30, 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): Three months ended April 30, 2021 2020 Revenues by geography North America $ 246,300 $ 195,657 Europe 121,304 89,422 Asia Pacific 53,632 42,292 Middle East, Africa, and Latin America 12,337 9,735 Total revenues $ 433,573 $ 337,106 Long-lived assets by geographic area are as follows as of the periods shown below (in thousands): April 30, January 31, Long-lived assets by geography North America $ 45,192 $ 46,285 Europe 5,298 5,525 Asia Pacific 1,324 1,359 Middle East, Africa, and Latin America $ 434 481 Total long-lived assets $ 52,248 $ 53,650 |
Summary of Business and Signi_2
Summary of Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 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 offerings span cloud software, data, professional services, 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 other regulated industries, including, for example, 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 unaudited condensed 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 interim financial reporting and include the accounts of our wholly-owned subsidiaries after elimination of intercompany accounts and transactions. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2021, filed on March 30, 2021. There have been no changes to our significant accounting policies described in the annual report that have had a material impact on our condensed consolidated financial statements and related notes. The unaudited condensed consolidated balance sheet as of January 31, 2021 included herein was derived from the audited financial statements as of that date. These unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly our financial position, results of operations, comprehensive income, and cash flows for the interim periods but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year ending January 31, 2022 or any other period. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that affect the condensed consolidated financial statements and the notes thereto. These estimates are based on information available as of the date of the condensed 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 our stock-based awards. As future events cannot be determined with precision, actual results could differ significantly from those estimates. |
New Accounting Pronouncements Adopted in Fiscal 2022 | New Accounting Pronouncements Adopted in Fiscal 2022 Income Taxes In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12, " Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" , which simplifies accounting guidance for certain tax matters. We adopted this standard effective February 1, 2021. The adoption of this new standard did not have a material impact on our condensed consolidated financial statements. |
Fair Value Measurements | Financial assets and liabilities recorded at fair value in the condensed 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. |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Short-Term Investments | At April 30, 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 $ 22,350 $ 18 $ — $ 22,368 Asset-backed securities 144,412 470 (49) 144,833 Commercial paper 59,425 4 (5) 59,424 Corporate notes and bonds 535,609 1,743 (209) 537,143 Foreign government bonds 32,092 41 (9) 32,124 U.S. agency obligations 52,761 78 — 52,839 U.S. treasury securities 116,374 356 (8) 116,722 Total available-for-sale securities $ 963,023 $ 2,710 $ (280) $ 965,453 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 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): April 30, January 31, Due in one year or less $ 356,853 $ 428,155 Due in one to five years 608,600 504,967 Total $ 965,453 $ 933,122 |
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 April 30, 2021 (in thousands): Held for less than 12 months Fair value Gross unrealized losses Asset-backed securities 30,844 (49) Commercial paper 33,342 (5) Corporate notes and bonds 174,182 (209) Foreign government bonds 12,097 (9) U.S. treasury securities 7,479 (8) 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) |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Apr. 30, 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): April 30, January 31, Land $ 3,040 $ 3,040 Building 20,984 20,984 Land improvements and building improvements 22,392 22,392 Equipment and computers 8,332 8,847 Furniture and fixtures 13,772 13,452 Leasehold improvements 13,857 13,945 Construction in progress 483 606 82,860 83,266 Less accumulated depreciation (30,612) (29,616) Total property and equipment, net $ 52,248 $ 53,650 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Details of Intangible Assets | The following schedule presents the details of intangible assets as of April 30, 2021 (dollar amounts in thousands): April 30, 2021 Gross carrying amount Accumulated amortization Net Remaining useful life (in years) Existing technology $ 26,180 $ (9,281) $ 16,899 4.5 Customer relationships 110,643 (30,414) 80,229 7.8 Trade name/trademarks 13,900 (4,649) 9,251 3.5 Other intangibles 20,453 (16,666) 3,787 4.9 $ 171,176 $ (61,010) $ 110,166 The following schedule presents the details of intangible assets as of January 31, 2021 (dollar amounts in thousands): January 31, 2021 Gross Accumulated Net Remaining Existing technology $ 26,180 $ (8,367) $ 17,813 4.8 Customer relationships 110,643 (27,741) 82,902 8.0 Trade name/trademarks 13,900 (4,005) 9,895 3.8 Other intangibles 20,453 (16,468) 3,985 5.1 $ 171,176 $ (56,581) $ 114,595 |
Estimated Amortization Expense | As of April 30, 2021, the estimated amortization expense for intangible assets, for the next five years and thereafter is as follows (in thousands): Fiscal Year Estimated Remaining for 2022 $ 13,734 2023 18,163 2024 18,160 2025 17,417 2026 13,166 Thereafter 29,526 Total $ 110,166 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following as of the dates shown (in thousands): April 30, January 31, Accrued commissions $ 6,217 $ 7,498 Accrued bonus 4,616 4,134 Accrued vacation 6,050 4,716 Payroll tax payable 10,128 10,250 Accrued other compensation and benefits 4,709 3,812 Total accrued compensation and benefits $ 31,720 $ 30,410 Accrued fees payable to salesforce.com 6,533 $ 6,381 Taxes payable 11,420 13,598 Accrued third-party professional services subcontractors' fees 1,631 1,515 Other accrued expenses 13,132 9,488 Total accrued expenses and other current liabilities $ 32,716 $ 30,982 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 30, 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 April 30, 2021 (in thousands): Level 1 Level 2 Total Assets Cash equivalents: Money market funds $ 626,523 $ — $ 626,523 Commercial paper — 22,949 22,949 Corporate notes and bonds — 2,630 2,630 Short-term investments: Certificates of deposits — 22,368 22,368 Asset-backed securities — 144,833 144,833 Commercial paper — 59,424 59,424 Corporate notes and bonds — 537,143 537,143 Foreign government bonds — 32,124 32,124 U.S. agency obligations — 52,839 52,839 U.S. treasury securities — 116,722 116,722 Foreign currency derivative contracts — 9 9 Total financial assets $ 626,523 $ 991,041 $ 1,617,564 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 $ 259,937 $ 949,082 $ 1,209,019 Liabilities Foreign currency derivative contracts $ — $ 72 $ 72 Total $ — $ 72 $ 72 |
Summary Fair Value of Outstanding Derivative Instruments | The fair value of our outstanding derivative instruments is summarized below (in thousands): April 30, January 31, Notional amount of foreign currency derivative contracts $ 28,317 $ 52,516 Fair value of foreign currency derivative contracts 28,309 52,148 |
Summary of Outstanding Balance Sheet Hedges | Details on outstanding balance sheet hedges are presented below as of the date shown below (in thousands): Derivatives not designated as hedging instruments Balance sheet location April 30, January 31, Derivative Assets Foreign currency derivative contracts Prepaid expenses and other current assets $ 9 $ 440 Derivative Liabilities Foreign currency derivative contracts Accrued expenses $ — $ 72 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Leases [Abstract] | |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows (in thousands): Three months ended April 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,303 $ 2,563 Right-of-use assets obtained in exchange for lease obligations: Operating leases 243 306 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount rate): April 30, 2021 January 31, 2021 Operating Leases Lease right-of-use assets $ 53,776 $ 56,917 Lease liabilities $ 11,184 $ 11,347 Lease liabilities, noncurrent 48,672 51,393 Total operating lease liabilities $ 59,856 $ 62,740 Weighted Average Remaining Lease Term 6.6 years 6.7 years Weighted Average Discount Rate 3.8 % 3.8 % |
Maturity of Operating Lease Liabilities | As of April 30, 2021, remaining maturities of operating lease liabilities are as follows (in thousands): Fiscal Year Remaining for 2022 $ 9,632 2023 11,410 2024 10,641 2025 7,852 2026 6,916 Thereafter 21,606 Total lease payments 68,057 Less imputed interest (8,201) Total $ 59,856 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity for the three months ended April 30, 2021 is as follows: Number of shares Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate Options outstanding at January 31, 2021 12,761,289 $ 57.48 5.0 $ 2,794 Options granted 1,007,790 276.50 Options exercised (485,037) 36.29 Options forfeited/cancelled (105,892) 132.55 Options outstanding at April 30, 2021 13,178,150 $ 74.41 5.2 $ 2,742 Options vested and exercisable at April 30, 2021 7,195,626 $ 27.77 3.2 $ 1,833 Options vested and exercisable at April 30, 2021 and expected to vest thereafter 13,178,150 $ 74.41 5.2 $ 2,742 |
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: Three months ended April 30, 2021 2020 Volatility 39% 39% - 41% Expected term (in years) 6.25 6.25 - 7.25 Risk-free interest rate 0.68 % - 1.07% 0.51% - 1.43% Dividend yield —% —% |
Summary of Restricted Stock Unit (RSU) Activity | A summary of restricted stock unit (RSU) activity for the three months ended April 30, 2021 is as follows: Unreleased restricted stock units Weighted average grant date fair value Balance at January 31, 2021 1,032,215 $ 121.98 RSUs granted 394,324 278.17 RSUs vested (258,511) 135.23 RSUs forfeited/cancelled (16,277) 138.00 Balance at April 30, 2021 1,151,751 172.24 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Apr. 30, 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): Three months ended April 30, 2021 2020 Class A Class B Class A Class B Basic Numerator Net income, basic $ 104,319 $ 11,248 $ 77,777 $ 8,793 Denominator Weighted average shares used in computing net income per share, basic 137,607 14,837 134,353 15,188 Net income per share, basic $ 0.76 $ 0.76 $ 0.58 $ 0.58 Diluted Numerator Net income, basic $ 104,319 $ 11,248 $ 77,777 $ 8,793 Reallocation as a result of conversion of Class B to Class A common stock: Net income, basic 11,248 — 8,793 — Reallocation of net income to Class B common stock — 6,282 — 4,844 Net income, diluted $ 115,567 $ 17,530 $ 86,570 $ 13,637 Denominator Number of shares used for basic net income per share computation 137,607 14,837 134,353 15,188 Conversion of Class B to Class A common stock 14,837 — 15,188 — Effect of potentially dilutive common shares 9,769 9,769 9,933 9,933 Weighted average shares used in computing net income per share, diluted 162,213 24,606 159,474 25,121 Net income per share, diluted $ 0.71 $ 0.71 $ 0.54 $ 0.54 |
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: Three months ended April 30, 2021 2020 Options and awards to purchase shares not included in the computation of diluted net income per share because their inclusion would be anti-dilutive 348,495 2,386,498 |
Revenues by Product (Tables)
Revenues by Product (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Total Revenues | Total revenues consist of the following (in thousands): Three months ended April 30, 2021 2020 Subscription services Veeva Commercial Cloud $ 168,458 $ 142,577 Veeva Vault 172,661 127,658 Total subscription services $ 341,119 $ 270,235 Professional services Veeva Commercial Cloud $ 36,026 $ 27,376 Veeva Vault 56,428 39,495 Total professional services $ 92,454 $ 66,871 Total revenues $ 433,573 $ 337,106 |
Information about Geographic _2
Information about Geographic Areas (Tables) | 3 Months Ended |
Apr. 30, 2021 | |
Segment Reporting [Abstract] | |
Revenues by Geographic Area | Total revenues by geographic area were as follows for the periods shown below (in thousands): Three months ended April 30, 2021 2020 Revenues by geography North America $ 246,300 $ 195,657 Europe 121,304 89,422 Asia Pacific 53,632 42,292 Middle East, Africa, and Latin America 12,337 9,735 Total revenues $ 433,573 $ 337,106 |
Long-Lived Assets by Geographic Area | Long-lived assets by geographic area are as follows as of the periods shown below (in thousands): April 30, January 31, Long-lived assets by geography North America $ 45,192 $ 46,285 Europe 5,298 5,525 Asia Pacific 1,324 1,359 Middle East, Africa, and Latin America $ 434 481 Total long-lived assets $ 52,248 $ 53,650 |
Short-Term Investments - Schedu
Short-Term Investments - Schedule of Short-Term Investments (Detail) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 963,023 | $ 929,273 |
Gross unrealized gains | 2,710 | 3,879 |
Gross unrealized losses | (280) | (30) |
Estimated fair value | 965,453 | 933,122 |
Certificates of deposits | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 22,350 | 17,350 |
Gross unrealized gains | 18 | 15 |
Gross unrealized losses | 0 | (1) |
Estimated fair value | 22,368 | 17,364 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 144,412 | 125,833 |
Gross unrealized gains | 470 | 745 |
Gross unrealized losses | (49) | (2) |
Estimated fair value | 144,833 | 126,576 |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 59,425 | 57,390 |
Gross unrealized gains | 4 | 8 |
Gross unrealized losses | (5) | (2) |
Estimated fair value | 59,424 | 57,396 |
Corporate notes and bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 535,609 | 428,710 |
Gross unrealized gains | 1,743 | 2,360 |
Gross unrealized losses | (209) | (23) |
Estimated fair value | 537,143 | 431,047 |
Foreign government bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 32,092 | 31,855 |
Gross unrealized gains | 41 | 45 |
Gross unrealized losses | (9) | (2) |
Estimated fair value | 32,124 | 31,898 |
U.S. agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 52,761 | 52,756 |
Gross unrealized gains | 78 | 119 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | 52,839 | 52,875 |
U.S. treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 116,374 | 215,379 |
Gross unrealized gains | 356 | 587 |
Gross unrealized losses | (8) | 0 |
Estimated fair value | $ 116,722 | $ 215,966 |
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 | Apr. 30, 2021 | Jan. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less | $ 356,853 | $ 428,155 |
Due in one to five years | 608,600 | 504,967 |
Total | $ 965,453 | $ 933,122 |
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 | Apr. 30, 2021 | Jan. 31, 2021 |
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 | $ 30,844 | 3,318 |
Gross unrealized losses | (49) | (1) |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 33,342 | 17,626 |
Gross unrealized losses | (5) | (2) |
Corporate notes and bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 174,182 | 29,558 |
Gross unrealized losses | (209) | (23) |
Foreign government bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 12,097 | 2,679 |
Gross unrealized losses | (9) | $ (2) |
U.S. treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 7,479 | |
Gross unrealized losses | $ (8) |
Deferred Costs - Additional Inf
Deferred Costs - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Jan. 31, 2021 | |
Deferred Costs [Abstract] | |||
Deferred costs | $ 40,007,000 | $ 42,072,000 | |
Amortization of deferred costs | 6,000,000 | $ 5,000,000 | |
Impairment losses recorded in relation to the costs capitalized | $ 0 | $ 0 |
Property and Equipment, Net - C
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 82,860 | $ 83,266 |
Less accumulated depreciation | (30,612) | (29,616) |
Total property and equipment, net | 52,248 | 53,650 |
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 | 8,332 | 8,847 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 13,772 | 13,452 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 13,857 | 13,945 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 483 | $ 606 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 2 | $ 2 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Jan. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Goodwill | $ 436,029 | $ 436,029 | |
Amortization expense | $ 4,000 | $ 5,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Details of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Jan. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 171,176 | $ 171,176 |
Accumulated amortization | (61,010) | (56,581) |
Total | 110,166 | 114,595 |
Existing technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 26,180 | 26,180 |
Accumulated amortization | (9,281) | (8,367) |
Total | $ 16,899 | $ 17,813 |
Remaining useful life (in years) | 4 years 6 months | 4 years 9 months 18 days |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 110,643 | $ 110,643 |
Accumulated amortization | (30,414) | (27,741) |
Total | $ 80,229 | $ 82,902 |
Remaining useful life (in years) | 7 years 9 months 18 days | 8 years |
Trade name/trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 13,900 | $ 13,900 |
Accumulated amortization | (4,649) | (4,005) |
Total | $ 9,251 | $ 9,895 |
Remaining useful life (in years) | 3 years 6 months | 3 years 9 months 18 days |
Other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 20,453 | $ 20,453 |
Accumulated amortization | (16,666) | (16,468) |
Total | $ 3,787 | $ 3,985 |
Remaining useful life (in years) | 4 years 10 months 24 days | 5 years 1 month 6 days |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Remaining for 2022 | $ 13,734 | |
2023 | 18,163 | |
2024 | 18,160 | |
2025 | 17,417 | |
2026 | 13,166 | |
Thereafter | 29,526 | |
Total | $ 110,166 | $ 114,595 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued commissions | $ 6,217 | $ 7,498 |
Accrued bonus | 4,616 | 4,134 |
Accrued vacation | 6,050 | 4,716 |
Payroll tax payable | 10,128 | 10,250 |
Accrued other compensation and benefits | 4,709 | 3,812 |
Total accrued compensation and benefits | 31,720 | 30,410 |
Accrued fees payable to salesforce.com | 6,533 | 6,381 |
Taxes payable | 11,420 | 13,598 |
Accrued third-party professional services subcontractors' fees | 1,631 | 1,515 |
Other accrued expenses | 13,132 | 9,488 |
Total accrued expenses and other current liabilities | $ 32,716 | $ 30,982 |
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 | Apr. 30, 2021 | Jan. 31, 2021 |
Assets | ||
Short-term investments | $ 965,453 | $ 933,122 |
Fair value, measurements recurring | ||
Assets | ||
Total financial assets | 1,617,564 | 1,209,019 |
Liabilities | ||
Total financial liabilities | 72 | |
Fair value, measurements recurring | Money market funds | ||
Assets | ||
Cash equivalents: | 626,523 | 259,937 |
Fair value, measurements recurring | Commercial paper | ||
Assets | ||
Cash equivalents: | 22,949 | |
Short-term investments | 59,424 | 57,396 |
Fair value, measurements recurring | Corporate notes and bonds | ||
Assets | ||
Cash equivalents: | 2,630 | |
Short-term investments | 537,143 | 431,047 |
Fair value, measurements recurring | U.S. treasury securities | ||
Assets | ||
Cash equivalents: | 15,520 | |
Short-term investments | 116,722 | 215,966 |
Fair value, measurements recurring | Certificates of deposits | ||
Assets | ||
Short-term investments | 22,368 | 17,364 |
Fair value, measurements recurring | Asset-backed securities | ||
Assets | ||
Short-term investments | 144,833 | 126,576 |
Fair value, measurements recurring | Foreign government bonds | ||
Assets | ||
Short-term investments | 32,124 | 31,898 |
Fair value, measurements recurring | U.S. agency obligations | ||
Assets | ||
Short-term investments | 52,839 | 52,875 |
Fair value, measurements recurring | Foreign currency derivative contracts | ||
Assets | ||
Short-term investments | 9 | 440 |
Fair value, measurements recurring | Foreign currency derivative contracts | ||
Liabilities | ||
Foreign currency derivative contracts | 72 | |
Fair value, measurements recurring | Level 1 | ||
Assets | ||
Total financial assets | 626,523 | 259,937 |
Liabilities | ||
Total financial liabilities | 0 | |
Fair value, measurements recurring | Level 1 | Money market funds | ||
Assets | ||
Cash equivalents: | 626,523 | 259,937 |
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 | 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 | Foreign government bonds | ||
Assets | ||
Short-term investments | 0 | 0 |
Fair value, measurements recurring | Level 1 | U.S. agency obligations | ||
Assets | ||
Short-term investments | 0 | 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 | |
Fair value, measurements recurring | Level 2 | ||
Assets | ||
Total financial assets | 991,041 | 949,082 |
Liabilities | ||
Total financial liabilities | 72 | |
Fair value, measurements recurring | Level 2 | Money market funds | ||
Assets | ||
Cash equivalents: | 0 | 0 |
Fair value, measurements recurring | Level 2 | Commercial paper | ||
Assets | ||
Cash equivalents: | 22,949 | |
Short-term investments | 59,424 | 57,396 |
Fair value, measurements recurring | Level 2 | Corporate notes and bonds | ||
Assets | ||
Cash equivalents: | 2,630 | |
Short-term investments | 537,143 | 431,047 |
Fair value, measurements recurring | Level 2 | U.S. treasury securities | ||
Assets | ||
Cash equivalents: | 15,520 | |
Short-term investments | 116,722 | 215,966 |
Fair value, measurements recurring | Level 2 | Certificates of deposits | ||
Assets | ||
Short-term investments | 22,368 | 17,364 |
Fair value, measurements recurring | Level 2 | Asset-backed securities | ||
Assets | ||
Short-term investments | 144,833 | 126,576 |
Fair value, measurements recurring | Level 2 | Foreign government bonds | ||
Assets | ||
Short-term investments | 32,124 | 31,898 |
Fair value, measurements recurring | Level 2 | U.S. agency obligations | ||
Assets | ||
Short-term investments | 52,839 | 52,875 |
Fair value, measurements recurring | Level 2 | Foreign currency derivative contracts | ||
Assets | ||
Short-term investments | $ 9 | 440 |
Fair value, measurements recurring | Level 2 | Foreign currency derivative contracts | ||
Liabilities | ||
Foreign currency derivative contracts | $ 72 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Fair Value Disclosures [Abstract] | ||
Realized foreign currency gain (loss) | $ 1 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Fair Value of Outstanding Derivative Instruments (Detail) - Foreign currency derivative contracts - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Notional amount of foreign currency derivative contracts | $ 28,317 | $ 52,516 |
Fair value of foreign currency derivative contracts | $ 28,309 | $ 52,148 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Outstanding Balance Sheet Hedges (Detail) - Foreign currency derivative contracts - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 9 | $ 440 |
Accrued expenses | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 0 | $ 72 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rates | 13.10% | 4.80% |
Excess tax benefits recognized | $ 17,451 | $ 19,615 |
Deferred Revenue, Performance_2
Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Jan. 31, 2021 | |
Revenue From Contracts With Customers [Line Items] | |||
Unbilled accounts receivable | $ 51,367 | $ 47,206 | |
Subscription services | |||
Revenue From Contracts With Customers [Line Items] | |||
Recognition of deferred revenue | 249,000 | $ 192,000 | |
Revenue expected to be recognized from remaining performance obligations | 1,244,000 | ||
Unbilled accounts receivable | 26,000 | 27,000 | |
Professional services and other | |||
Revenue From Contracts With Customers [Line Items] | |||
Unbilled accounts receivable | $ 25,000 | $ 20,000 |
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]: 2021-05-01 | Apr. 30, 2021 |
Revenue From Contracts With Customers [Line Items] | |
Revenue, remaining performance obligation, percentage | 75.00% |
Revenue, remaining performance obligation, recognition period | 12 months |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Leases [Line Items] | ||
Operating lease expense | $ 3 | $ 3 |
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 | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 3,303 | $ 2,563 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 243 | $ 306 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Operating Leases | ||
Lease right-of-use assets | $ 53,776 | $ 56,917 |
Lease liabilities | $ 11,184 | $ 11,347 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Lease liabilities | Lease liabilities |
Lease liabilities, noncurrent | $ 48,672 | $ 51,393 |
Total operating lease liabilities | $ 59,856 | $ 62,740 |
Weighted Average Remaining Lease Term | 6 years 7 months 6 days | 6 years 8 months 12 days |
Weighted Average Discount Rate | 3.80% | 3.80% |
Leases- Maturities of lease lia
Leases- Maturities of lease liabilities (Detail) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remaining for 2022 | $ 9,632 | |
2023 | 11,410 | |
2024 | 10,641 | |
2025 | 7,852 | |
2026 | 6,916 | |
Thereafter | 21,606 | |
Total lease payments | 68,057 | |
Less imputed interest | (8,201) | |
Total | $ 59,856 | $ 62,740 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Jan. 31, 2021 | |
Number of shares | ||
Options outstanding, Beginning balance (in shares) | 12,761,289 | |
Options granted (in shares) | 1,007,790 | |
Options exercised (in shares) | (485,037) | |
Options forfeited/cancelled (in shares) | (105,892) | |
Options outstanding, Ending balance (in shares) | 13,178,150 | 12,761,289 |
Options vested and exercisable (in shares) | 7,195,626 | |
Options vested and exercisable and expected to vest thereafter (in shares) | 13,178,150 | |
Weighted average exercise price | ||
Options outstanding, Beginning balance (in usd per share) | $ 57.48 | |
Options granted (in usd per share) | 276.50 | |
Options exercised (in usd per share) | 36.29 | |
Options forfeited/cancelled (in usd per share) | 132.55 | |
Options outstanding, Ending balance (in usd per share) | 74.41 | $ 57.48 |
Options vested and exercisable (in usd per share) | 27.77 | |
Options vested and exercisable and expected to vest thereafter (in usd per share) | $ 74.41 | |
Weighted average remaining contractual term (in years), Options outstanding | 5 years 2 months 12 days | 5 years |
Weighted average remaining contractual term (in years), Options vested and exercisable | 3 years 2 months 12 days | |
Weighted average remaining contractual term (in years), Options vested and exercisable and expected to vest thereafter | 5 years 2 months 12 days | |
Aggregate intrinsic value (in millions) | ||
Options outstanding | $ 2,742 | $ 2,794 |
Options vested and exercisable | 1,833 | |
Options vested and exercisable and expected to vest thereafter | $ 2,742 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended |
Apr. 30, 2021USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost related to unvested stock options granted | $ 300.1 |
Intrinsic value of options exercised | $ 114.6 |
2013 Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average grant date fair value of options granted (in usd per share) | $ / shares | $ 108.50 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average period of unvested stock (in years) | 3 years 2 months 12 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average period of unvested stock (in years) | 2 years 1 month 6 days |
Unrecognized compensation cost related to unvested RSUs | $ 185.2 |
Total intrinsic value, vested | $ 71.5 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Weighted-Average Assumptions Used to Estimate Grant Date Fair Value of Options Granted (Detail) - Stock Options | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 39.00% | |
Expected term (in years) | 6 years 3 months | |
Risk-free interest rate, Minimum | 0.68% | 0.51% |
Risk-free interest rate, Maximum | 1.07% | 1.43% |
Dividend yield | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 39.00% | |
Expected term (in years) | 6 years 3 months | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 41.00% | |
Expected term (in years) | 7 years 3 months |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Restricted Stock Unit (RSU) Activity (Detail) - Restricted Stock Units (RSUs) | 3 Months Ended |
Apr. 30, 2021$ / sharesshares | |
Unreleased restricted stock units | |
Beginning Balance (in shares) | shares | 1,032,215 |
RSUs granted (in shares) | shares | 394,324 |
RSUs vested (in shares) | shares | (258,511) |
RSUs forfeited/cancelled (in shares) | shares | (16,277) |
Ending Balance (in shares) | shares | 1,151,751 |
Weighted average grant date fair value | |
Beginning Balance (in usd per share) | $ / shares | $ 121.98 |
RSUs granted (in usd per share) | $ / shares | 278.17 |
RSUs vested (in usd per share) | $ / shares | 135.23 |
RSUs forfeited/cancelled (in usd per share) | $ / shares | 138 |
Ending Balance (in usd per share) | $ / shares | $ 172.24 |
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 | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Weighted average shares used in computing net income per share, basic (in shares) | 152,444 | 149,541 |
Net income per share, basic (in usd per share) | $ 0.76 | $ 0.58 |
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) | 162,213 | 159,474 |
Net income per share, diluted (in usd per share) | $ 0.71 | $ 0.54 |
Class A common stock | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Net income, basic | $ 104,319 | $ 77,777 |
Weighted average shares used in computing net income per share, basic (in shares) | 137,607 | 134,353 |
Net income per share, basic (in usd per share) | $ 0.76 | $ 0.58 |
Reallocation as a result of conversion of Class B to Class A common stock: | ||
Net income, basic | $ 11,248 | $ 8,793 |
Reallocation of net income to Class B common stock | 0 | 0 |
Net Income (Loss) Available to Common Stockholders, Diluted, Total | $ 115,567 | $ 86,570 |
Conversion of Class B to Class A common stock (in shares) | 14,837 | 15,188 |
Effect of potentially dilutive common shares (in shares) | 9,769 | 9,933 |
Weighted average shares used in computing net income per share, diluted (in shares) | 162,213 | 159,474 |
Net income per share, diluted (in usd per share) | $ 0.71 | $ 0.54 |
Class B common stock | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Net income, basic | $ 11,248 | $ 8,793 |
Weighted average shares used in computing net income per share, basic (in shares) | 14,837 | 15,188 |
Net income per share, basic (in usd per share) | $ 0.76 | $ 0.58 |
Reallocation as a result of conversion of Class B to Class A common stock: | ||
Net income, basic | $ 0 | $ 0 |
Reallocation of net income to Class B common stock | 6,282 | 4,844 |
Net Income (Loss) Available to Common Stockholders, Diluted, Total | $ 17,530 | $ 13,637 |
Conversion of Class B to Class A common stock (in shares) | 0 | 0 |
Effect of potentially dilutive common shares (in shares) | 9,769 | 9,933 |
Weighted average shares used in computing net income per share, diluted (in shares) | 24,606 | 25,121 |
Net income per share, diluted (in usd per share) | $ 0.71 | $ 0.54 |
Net Income per Share - Potentia
Net Income per Share - Potential Common Share Equivalents Excluded where the Inclusion would be Anti-dilutive (Detail) - shares | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
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) | 348,495 | 2,386,498 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Mar. 13, 2017USD ($) | Jan. 26, 2017employee | Apr. 30, 2021USD ($) |
Value-Added Reseller Agreement | |||
Long-term Purchase Commitment [Line Items] | |||
Minimum order commitment | $ 500,000,000 | ||
Amount of first minimum order commitment met | 250,000,000 | ||
Minimum fee commitment obligation | 35,000,000 | ||
IQVIA Litigation Matter | Minimum | |||
Long-term Purchase Commitment [Line Items] | |||
Monetary damages | $ 200,000,000 | ||
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 | 500,000,000 | ||
March 1st 2014 to September 1st, 2020 | Value-Added Reseller Agreement | |||
Long-term Purchase Commitment [Line Items] | |||
Amount of first minimum order commitment met | $ 250,000,000 |
Revenues by Product - Summary o
Revenues by Product - Summary of Total Revenues (Detail) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021USD ($)industry | Apr. 30, 2020USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of product areas | industry | 2 | |
Total revenues | $ 433,573 | $ 337,106 |
Veeva Commercial Cloud | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 168,458 | 142,577 |
Veeva Vault | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 172,661 | 127,658 |
Total subscription services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 341,119 | 270,235 |
Veeva Commercial Cloud | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 36,026 | 27,376 |
Veeva Vault | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 56,428 | 39,495 |
Total professional services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 92,454 | $ 66,871 |
Information about Geographic _3
Information about Geographic Areas - Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Revenues by geography | ||
Total revenues | $ 433,573 | $ 337,106 |
North America | ||
Revenues by geography | ||
Total revenues | 246,300 | 195,657 |
Europe | ||
Revenues by geography | ||
Total revenues | 121,304 | 89,422 |
Asia Pacific | ||
Revenues by geography | ||
Total revenues | 53,632 | 42,292 |
Middle East, Africa, and Latin America | ||
Revenues by geography | ||
Total revenues | $ 12,337 | $ 9,735 |
Information about Geographic _4
Information about Geographic Areas - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Apr. 30, 2021 | Jan. 31, 2021 |
Long-lived assets by geography | ||
Total long-lived assets | $ 52,248 | $ 53,650 |
North America | ||
Long-lived assets by geography | ||
Total long-lived assets | 45,192 | 46,285 |
Europe | ||
Long-lived assets by geography | ||
Total long-lived assets | 5,298 | 5,525 |
Asia Pacific | ||
Long-lived assets by geography | ||
Total long-lived assets | 1,324 | 1,359 |
Middle East, Africa, and Latin America | ||
Long-lived assets by geography | ||
Total long-lived assets | $ 434 | $ 481 |
Uncategorized Items - veev-2021
Label | Element | Value |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 3,065,000 |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 1,208,000 |