Veeva Data Cloud Presentation

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#1Veeva Analyst and Investor Day October 28, 2021#22021 Veeva Analyst & Investor Day Veeva Vision Veeva Commercial Cloud Veeva Development Cloud Customer Success Financial Update THURSDAY OCTOBER 28 Peter Gassner, Founder & CEO Paul Shawah, EVP - Commercial Cloud Strategy Jim Reilly, VP - Development Cloud Strategy Alessandro De Luca, Merck Brent Bowman, CFO Peter Gassner, Founder & CEO Closing Remarks Q&A All Copyright Veeva Systems 2021#3Safe Harbor and Other Information This presentation and associated commentary contain forward-looking statements, including statements regarding Veeva's future performance, financial outlook, and guidance and the assumptions underlying those statements, market growth, market size and opportunity, the benefits from the use of Veeva's solutions, our strategies, and general business conditions. Any forward-looking statements contained in this presentation and associated commentary are based upon Veeva's historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva's expectations as of October 28, 2021, the date of this presentation. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including (i) breaches in our security measures or unauthorized access to our customers' data; (ii) competitive factors, including but not limited to pricing pressures, consolidation among our competitors, entry of new competitors, the launch of new products and marketing initiatives by our existing competitors, and difficulty securing rights to access, host or integrate with complementary third party products or data used by our customers; (iii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established applications, like Veeva CRM; (iv) our expectation that the future growth rate of our revenues will decline; (v) loss of one or more customers, particularly any of our large customers; (vi) our ability to attract and retain highly skilled employees and manage our growth effectively; (vii) fluctuation of our results, which may make period-to-period comparisons less meaningful; (viii) adverse changes in the life sciences industry, including as a result of customer mergers; (ix) the impact of the COVID-19 pandemic (including the impact to the life sciences industry, impact on general economic conditions, and government responses, restrictions, and actions related to the pandemic); (x) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure; (xi) failure to sustain the level of profitability we have achieved in the past as our costs increase; (xii) adverse changes in economic, regulatory, international trade relations, or market conditions, including with respect to natural disasters or actual or threatened public health emergencies; (xiii) a decline in new subscriptions that may not be immediately reflected in our operating results due to the ratable recognition of our subscription revenue; (xiv) pending, threatened, or future legal proceedings and related expenses; and (xv) our recent conversion to a Delaware public benefit corporation, including the expected impact, benefits, and risks of our conversion. Additional risks and uncertainties that could affect Veeva's financial results are included under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's filing on Form 10-Q for the period ended July 31, 2021. This is available on the company's website at veeva.com under the Investors section and on the SEC's website at sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time. This presentation includes certain non-GAAP financial measures and the corresponding growth rates as defined by SEC rules. For additional information, see the slide titled "Statement Regarding Use of Non-GAAP Financial Measures" in the Appendix. The comparison period amounts and the related growth rates included in this presentation have been adjusted from previously reported amounts to reflect the impact of the full retrospective adoption of Topic 606. Copyright Veeva Systems 2021#4Veeva Peter Gassner Founder & CEO#5Vision Building the Industry Cloud for Life Sciences Values Do the Right Thing Customer Success Employee Success Speed Veeva A Public Benefit Corporation#6Veeva as a Public Benefit Corporation 8 Attracting Talent Deepening Customer Relationships B New Ideas Copyright Veeva Systems 2021#7Consistent Execution with a Long-term View 2015 Goal: $1B $1B in 2019 in 2020 in 2025 Looking Ahead to 2030 2019 Goal: $3B Tracking Ahead of Plan Copyright Veeva Systems 2021#8Veeva 2025 $3 Billion Room to Grow Still Veeva Copyright Veeva Systems 2021#9Pharmaceuticals and Biotech Customer Segments MedTech Consumer Products and Chemicals SOFTWARE DATA SERVICES Copyright Veeva Systems 2021#10Industry Cloud for Life Sciences IMA Veeva Life Sciences Development Cloud Veeva Commercial Cloud SOFTWARE DATA SERVICES Copyright Veeva Systems 2021#11R&D Big New Markets COMMERCIAL DIGITAL TRIALS DATA Copyright Veeva Systems 2021#12Essential Appreciated Copyright Veeva Systems 2021#13Source: MarketLine Life Sciences Industry is Large and Growing Pharma, Biotech, MedTech $2.2T 6% CAGR Copyright Veeva Systems 2021#14Strong Innovation Engine Fuels Growth Ꮩ CRM V Vault V Link V Data Cloud V Digital Trials Platform Copyright Veeva Systems 2021#15Proven Operating Model Global Excellence Customer Success Hiring & Employee Success Product Excellence V Autonomy Copyright Veeva Systems 2021#16Multiple Drivers of Long-Term Growth Early Days in Industry Cloud Customer Success Proven Operating Model Copyright Veeva Systems 2021#17Veeva Paul Shawah EVP, Commercial Cloud Strategy#18ΟΙΟ 110 001 Industry Context More Specialty Medicines Greater Use of Digital Evolving Commercial Models Copyright Veeva Systems 2021#19Our Focus DATA ANALYTICS CONTENT ENGAGEMENT Modern, connected Real-time, actionable Fast, scalable Hybrid, two-way Copyright Veeva Systems 2021#20VCommercial Cloud </> Software Data + People DATA OpenData Customer Reference Data Cloud Patient Prescriber • Sales • Link Customer Intelligence ANALYTICS Nitro Data Science Platform Crossix Marketing Optimization CONTENT PromoMats Commercial Content MedComms Medical Content ENGAGEMENT CRM Suite Multichannel Engagement Digital Events Events Services Engage HCP Digital Copyright Veeva Systems 2021#21Veeva CRM is the Foundation Global Solutions, Local Markets Specialty Models Role Specific Capabilities Hybrid Ways of Working Veeva CRM Copyright Veeva Systems 2021#22Moving to Digital with Speed 51 MILLION 12 MILLION 400 MILLION OPENED EMAILS ENGAGE MEETINGS MINUTES Figures reflect aggregate data from January 1, 2020 - September 30, 2021 Copyright Veeva Systems 2021#233x RELATIONSHIPS More Engagement with MATTER Strong Relationships Copyright © Veeva Systems 2021#243x More Engagement with Strong Relationships RELATIONSHIPS and CONTENT 2x MATTER Greater Impact for Interactions with Right Content Copyright © Veeva Systems 2021#25Faster Content at Scale Vision to Increase Speed to Market by 75% Speed Modular Content Scale Operating Model Intelligence Data-Driven Content Strategize 00000 and Plan ברז Create and Collaborate Insights and Optimization |a||| >>> Review and Approve Publish DEM 目 Store and Manage Copyright Veeva Systems 2021#26V Modern Approach to Data and Analytics#27Modern Approach to Data and Analytics Data + ✓ Unique ✓ Connected Software ✓ Integrated Copyright Veeva Systems 2021#28Unique and Connected Data Veeva ID VOpenData VLink V Crossix V Data Cloud Copyright Veeva Systems 2021#29V Link ooo DEMO#30影 Veeva Data Cloud Patient Data Available today Prescriber Data January 2022 Sales Data January 2022 Big Market Opportunity In Need of Innovation Taking a Modern Approach Copyright Veeva Systems 2021#31Durable Revenue, Steady Growth Consistent Execution Continuous Innovation Seamlessly Connected Copyright Veeva Systems 2021#32Veeva Jim Reilly Vice President, Development Cloud Strategy#33Veeva Development Cloud Vision T Provide the operating system for the full lifecycle of product operations Copyright Veeva Systems 2021#34V Development Cloud Operating System for the Full Lifecycle of Product Operations Clinical Data Management Clinical Operations Regulatory Quality Drug Safety 圓 Vault Platform Copyright Veeva Systems 2021#35Clinical#36VVault Clinical Suite VVault Clinical Operations SSU eTMF CTMS Payments EDC $ Start up & Feasibility Content & Trial & Site Site Budgets & Inspections Management Payments VVault CDMS CDB L Data Capture & Verification Coder Clinical Coding 目 Cleaning and Formatting Vault Platform Copyright Veeva Systems 2021#37V Vault Clinical Operations SPEEDING EXECUTION INNOVATION GROWING ADOPTION OLD. TMF 350+ Customers 16 Top 20 eTMF CTMS 110 Customers Streamlining Systems & Processes TMF Bot All customer counts as of July 31, 2021 unless otherwise noted Copyright Veeva Systems 2021#38VVault Clinical Data Management SPEEDING TRIALS INNOVATION MOMENTUM 250+ Clinical Trials 50% faster study builds Clinical Database 5 of 6 Top CROS as Partners No migration amendments. Copyright Veeva Systems 2021#39Regulatory#40V Vault RIM Suite Providing a Single Source for Regulatory Content and Data Registrations Submissions Submissions Publishing Submissions Archive I' ☑ יוון Vault Platform Copyright Veeva Systems 2021#41V Vault RIM Suite SINGLE GLOBAL SOLUTION INNOVATION Publishing Regulatory Transformation Collaborative Authoring ACCELERATING ADOPTION 250+ Customers 13 Top 20 Publishing 25 Customers Copyright Veeva Systems 2021#42Quality#43VVault Quality Suite Unified Quality Management Process Content Training Lab Quality Docs QMS Training LIMS Station Manager Product Surveillance LearnGxP Validation Management Vault Platform Copyright © Veeva Systems 2021#44MODERNIZING QUALITY VVault Quality Suite Unified Compliance with QC LIMS and Validation Management INNOVATION STRONG MOMENTUM Process Navigator Quality Recurrence Check 15 Top 20 100+ Training Customers QMS 175+ Customers Copyright Veeva Systems 2021#45Safety#46V Vault Safety Comprehensive Safety Management M VVault Safety VVault Signal VVault SafetyDocs DATA + ANALYSIS + CONTENT Copyright Veeva Systems 2021#47MOMENTUM www www V Vault Safety CUSTOMER SUCCESS INNOVATION 123 50+ Safety Suite Customers. Top 10 Implementing Vault Signal Copyright Veeva Systems 2021#48Digital Trials#49Clinical Trials in Need of Innovation DJA SPONSORS SITES PATIENTS Want to be more efficient Overburdened-need to simplify collaboration Need better ways to participate and engage Back Office Front Office Copyright Veeva Systems 2021#50teckro Medable Fragmented Ecosystem Lack of Integration and Consistency reify HEALTH ⠀⠀⠀ medidata ORACLE ERT Science 37 bio-optronics. Complion. Florence HEALTHCARE yprime SIGNANT HEALTH ELLIGO HEALTH RESEARCH® THREAD CRIO clinicalresearch.io Clinical Ink® FORTE Confident Decisions, Faster SHARED INVESTIGATOR PLATFORM REDCap * Clinical Pipe Research Electronic Data Capture medpoint Copyright Veeva Systems 2021#51Veeva's Vision for Digital Trials ☐ Patient-Centric Decentralized 25% Faster 25% Less Costly ΟΙΟ 118 Paperless 001 Copyright Veeva Systems 2021#52V Digital Trials Platform Better Trials for All Through a Connected Ecosystem Sites Sponsors |||00| 2 V Site Vault VClinical Suite V Patients MyVeeva Copyright Veeva Systems 2021#53V Digital Trials Platform Better Trials for All Through a Connected Ecosystem Sites LEO First Early Adopter VSiteVault >>> Sponsors Patients VClinical Suite MyVeeva Copyright Veeva Systems 2021#54Veeva V Development Cloud V Digital Trials Platform Strategic Partner Innovation Engine Copyright © Veeva Systems 2021#55Merck Alessandro De Luca Group CIO, Head of Information Technology FIRESIDE CHAT#56Veeva Brent Bowman CFO#57Highlights Consistent Execution: Growth & Profitability Durable Operating Model Tracking Ahead of 2025 Targets Long Runway for Growth Copyright Veeva Systems 2021#58Consistent History of Strong Growth and Profitability Revenue Non-GAAP Operating Income¹ $862M $691M $551M $409M $108M $173M FY16 Fiscal Year Ending January 31 FY172 1 A reconciliation of GAAP to non-GAAP measures is set forth in the Appendix 2 Restated for ASC 606 3 Based on the high end of our guidance issued September 1, 2021 $1.10B $1.47B $1.835B $730M $583M $412M $307M $220M FY182 FY19 FY20 FY21 FY22E3 Copyright Veeva Systems 2021#59PREVIOUS Revenue Realignment • Vault • Clinical Regulatory Quality Safety Commercial • CRM Suite Data & Analytics . CP&C • Vault Commercial R&D Clinical CURRENT • Commercial CRM Suite Regulatory • Data & Analytics • Quality Vault Commercial Safety CP&C Copyright Veeva Systems 2021#60Subscription Revenue Realignment FY 2022 Subscription Revenue Guidance $1.475B PREVIOUS Vault Commercial CURRENT R&D Commercial $775M $700M $165M $610M FY22E Vault Commercial Revenue $165M $865M $165M Copyright Veeva Systems 2021#61Tracking Ahead of 2025 Targets Metric Total Revenue Run Rate Commercial R&D Non-GAAP Op Margin 1 We are not able, at this time, to provide GAAP targets for operating margin 2025 because of the difficulty of estimating certain items excluded from non-GAAP operating income that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant. CY 2025 Targets $3B+ ~$1.2B ~$1.8B 35%+ Copyright Veeva Systems 2021#62Veeva's Large and Growing Market Opportunity *CP&C includes Veeva's CPG, Cosmetics, and Chemicals businesses $13B+ TAM $3B Data & Analytics Commercial $6B+ $3B Commercial Software $1B CP&C $3B Clinical R&D $7B+ $3B Quality, Regulatory & Safety Copyright Veeva Systems 2021#63Significant Room to Grow $13B+ TAM Fiscal Year Ending January 31 1 Based on the high end of our guidance issued September 1, 2021 $1.8B FY22E Revenue¹ Copyright Veeva Systems 2021#64Claims Data Cloud LIMS Innovation Engine Fuels Long-term Growth Deep pipeline of products on the path to market leadership Approved Email CRM CLM Validation Management CDMS Digital Trials LearnGxP Link Align Crossix Nitro Publishing QualityOne RegulatoryOne CTMS Events Network OpenData QMS Registrations Study Startup Subs Archive Safety Training Engage eTMF QualityDocs Submissions Market Share MedComms PromoMats Innovators Early Adopters Early Majority Middle Majority Later Adopters Copyright Veeva Systems 2021#65Avg. Products Per Customer: Consistent Momentum in R&D 1.71 2.07 2.25 2.35 2.61 2.71 423 317 281 238 223 190 76 45 3 18 FY17 FY18 538 346 664 389 758 431 194 168 125 95 133 107 67 47 FY19 FY20 FY21 Q2FY22 ■3-4 Products 12 Products or Fewer Customers with: 5 or More Products Copyright Veeva Systems 2021#66Avg. Products Per Customer: Expanding Our Commercial Leadership 2.78 2.93 3.25 3.51 3.95 4.02 454 417 617 572 523 316 363 297 306 277 284 260 97 122 6 FY17 11 FY18 208 194 167 150 93 81 50 27 FY19 FY20 FY21 Q2FY22 4-7 Products ■3 Products or Fewer Customers with: 8 or More Products Copyright © Veeva Systems 2021#67Durable Operating Model FY182 FY19 FY20 FY21 FY223 Non-GAAP 71% 73% 75% 75% -75% Gross Margin 1 S&M % of Revenue 16% 15% 14% 12% ~12% (Non-GAAP) 1 R&D % of Revenue 17% 16% 16% 16% ~16% (Non-GAAP) 1 G&A % of Revenue 7% 7% 8% 7% 7% (Non-GAAP) 1 Non-GAAP 32% 36% 37% 40% ~40%3 Operating Margin¹ Fiscal Year Ending January 31 1 A reconciliation of GAAP to non-GAAP measures is set forth in the Appendix 2 Restated for ASC 606 3 Based on the high end of our guidance issued September 1, 2021 Copyright Veeva Systems 2021#68CY2021E1 Investing for Growth Margin Drivers CY2025 Targets¹ 40% Non-GAAP Op Margin GROSS MARGIN ↑ Revenue mix and growth ↓ Data investments ↓ Additional services OP MARGIN ↑ Operating leverage/scale Travel and entertainment ↓ Growth investments 35%+ Non-GAAP Op Margin We are not able, at this time, to provide GAAP targets for operating margin for CY2021 and CY2025 because of the difficulty of estimating certain items excluded from non-GAAP operating income that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these items may be significant. 1 Based on the high end of our guidance issued September 1, 2021 Copyright Veeva Systems 2021#69333 Consistent Execution Key Takeaways Tracking Ahead of Long Runway 2025 Targets for Growth Durable Operating Model Copyright Veeva Systems 2021#70Veeva V Appendix#71Statement Regarding Use of Non-GAAP Financial Measures We provide the following non-GAAP measures, which we define as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP: Non-GAAP gross margin on subscription services revenues and professional services and other revenues, operating income and margin, non-GAAP net income, and non-GAAP net income per share. In addition to our GAAP measures, we use these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. We believe that excluding stock-based compensation expense, amortization of purchased intangibles, deferred compensation associated with our acquisition of the Zinc Ahead business, and income tax effects of the same provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures. We define the term calculated billings for any period to mean revenue for the period plus the change in deferred revenue from the immediately preceding period minus the change in unbilled accounts receivable from the immediately preceding period. There are numerous factors that make year-over-year comparisons of calculated billings highly variable on a quarterly basis—therefore, we do not believe it is a good indicator of the underlying momentum of our business, and we do not manage to it internally. Our subscription revenue guidance and calculated billings guidance for the full fiscal year are the best indicators of our momentum. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. We encourage our investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures has been provided in this Appendix. Copyright Veeva Systems 2021#72Reconciliation of GAAP to Non-GAAP Measures Fiscal Year Ending January 31 1 Restated for ASC 606 in millions Operating income on a GAAP basis FY'16 FY'17¹ FY'181 FY'19 FY'20 FY'21 78.6 120.7 157.9 222.9 $ 286.2 377.8 Stock-based compensation expense 24.3 40.8 54.0 76.4 115.9 185.0 Amortization of purchased intangibles 4.3 8.2 7.8 7.0 10.1 20.0 Deferred compensation associated with Zinc Ahead acquisition Operating income on a non-GAAP basis 1.1 2.8 0.5 0.3 $ 108.3 $ 172.5 $ 220.2 $ 306.6 $ 412.2 $ 582.8 Copyright Veeva Systems 2021#73Reconciliation of GAAP to Non-GAAP Measures Gross margin on total revenues on a GAAP basis FY'181 69.4% 1.4 Stock-based compensation expense Amortization of purchased intangibles Gross margin on total revenues on a non-GAAP basis 0.6 71.4% FY'19 71.6% 1.4 0.3 73.3% FY'20 72.5% 1.8 0.4 74.7% FY'21 72.1% 2.2 0.4 74.7% FY'18¹ % of Revenue FY'19 % of Revenue FY'20 % of Revenue FY'21 % of Revenue Sales and marketing expense on a GAAP basis $ 128.8 19% $ 148.9 17% $ 190.3 17% $ 235.0 16% Stock-based compensation expense (16.3) (18.4) (27.5) (40.6) Amortization of purchased intangibles (3.9) (3.9) (6.0) (14.2) Sales and marketing expense on a non-GAAP basis $ 108.6 16% $ 126.6 15% $ 156.8 14% $ 180.2 12% FY'181 % of Revenue FY'19 % of Revenue FY'20 % of Revenue FY'21 % of Revenue Research and development expense on a GAAP basis $ 132.0 19% $ 158.8 18% $ 209.9 19% $ 294.2 20% Stock-based compensation expense (17.8) (22.1) (37.0) (63.5) Amortization of purchased intangibles (0.1) Research and development expense on a non-GAAP basis $ 114.2 17% $ 136.7 16% $ 172.9 16% $ 230.6 16% FY'18¹ % of Revenue FY'19 % of Revenue FY'20 % of Revenue FY'21 % of Revenue General and administrative expense on a GAAP basis $ 60.4 9% $ Stock-based compensation expense (10.0) 86.4 (23.8) 10% $ 114.3 10% $ 149.1 10% (31.2) (48.4) Amortization of purchased intangibles (0.1) (0.2) General and administrative expense on a non-GAAP basis $ 50.4 7% $ 62.6 7% $ 83.0 8% $ 100.5 7% Operating margin on a GAAP basis Stock-based compensation expense Amortization of purchased intangibles Operating margin on a non-GAAP basis FY'18¹ 22.9% FY'19 25.8% 7.7 8.9 1.1 0.8 31.7% 35.5% FY'20 25.9% 10.5 0.9 37.3% FY'21 25.8% 12.6 1.4 39.8% Fiscal Year Ending January 31 1 Restated for ASC 606 Copyright Veeva Systems 2021#74FY 2022 Guidance Total Revenue Subscription Revenue Commercial Subscription Revenue¹ R&D Subscription Revenue¹ Services Revenue Non-GAAP Operating Income Non-GAAP Fully Diluted Net Income per Share Calculated Billings Cash from Operations (excluding ETB) Guidance $1,830-1,835 million ~$1,475 million ~$865 million ~$610 million $355-360 million ~$730 million ~$3.57 ~$1,940 million ~$710 million 1 As of October 28, 2021, revenue reporting will be broken out between Commercial Solutions and R&D Solutions. This realignment is consistent with how we manage the business, with all of our Commercial solutions now reported as Commercial Solutions Revenue. We will report our Vault Commercial Content offerings, which includes PromoMats and MedComms, in our Commercial Solutions revenue. R&D Solutions will include our Clinical, Regulatory, Quality, Safety, and CP&C suites of products. For FY22, this realignment moves roughly $165 million of subscription revenue related to PromoMats and MedComms to be included in Commercial. On a realigned basis, our FY22 guidance for Commercial subscription revenue is roughly $865 million and R&D subscription revenue is roughly $610 million. Guidance issued on October 28, 2021. We are not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the fiscal year ending January 31, 2022 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant. Copyright Veeva Systems 2021#75Realigned Historical Revenue Commercial Solutions R&D Solutions Total Subscription Services FY20201 Q1'FY21 Q2'FY21 Q3'FY21 Q4'FY21 FY20211 Q1'FY22 Q2'FY22 593.6 176.6 180.9 189.9 197.5 744.9 207.8 218.1 302.7 93.7 102.6 113.1 125.3 434.6 133.3 148.3 896.3 270.2 283.5 302.9 322.8 1,179.5 341.1 366.4 Commercial Solutions 103.8 34.4 33.9 36.6 37.1 142.0 43.6 39.0 R&D Solutions 104.0 32.5 36.3 38.0 36.8 143.6 48.9 50.2 Total Professional Services and Other 207.8 66.9 70.2 74.6 73.9 285.6 92.5 89.2 Commercial Solutions R&D Solutions Total 697.4 211.0 214.8 226.5 234.7 886.9 251.4 257.1 406.7 126.1 138.9 151.0 162.1 578.2 182.1 198.5 1,104.1 337.1 353.7 377.5 396.8 1,465.1 433.6 455.6 As of October 28, 2021, revenue reporting will be broken out between Commercial Solutions and R&D Solutions. This realignment is consistent with how we manage the business, with all of our Commercial solutions now reported as Commercial Solutions Revenue. We will report our Vault Commercial Content offerings, which includes PromoMats and MedComms, in our Commercial Solutions revenue. R&D Solutions will include our Clinical, Regulatory, Quality, Safety, and CP&C suites of products. For FY22, this realignment moves roughly $165 million of subscription revenue related to PromoMats and MedComms to be included in Commercial. On a realigned basis, our FY22 guidance for Commercial subscription revenue is roughly $865 million and R&D subscription revenue is roughly $610 million. 1 The Crossix and Physicians World acquisitions closed in the quarter ended January 31, 2020 and contributed an aggregate of $20M in total revenue for the year ended January 31, 2020 and $103M for the year ended January 31, 2021. On a subscription basis, the Crossix acquisition contributed $14M in subscription services revenue for the year ended January 31, 2020 and $79M for the year ended January 31, 2021. Copyright Veeva Systems 2021#76Commercial Solutions Veeva CRM Suite • Veeva CRM • Veeva CLM • Veeva CRM Approved Email Veeva Product Area Definitions 0 Veeva CRM Events Management • Veeva CRM Align • Veeva CRM Engage Crossix Veeva Data Cloud Veeva Link Veeva OpenData Veeva Network Veeva Nitro Engage Connect Vault Commercial F • Vault MedComms Vault PromoMats Vault Outside Life Sciences . Vault Claims Reflects products planned for availability in the second half of 2022 R&D Solutions Vault Clinical Suite CDMS • Vault EDC Vault Quality Suite • Vault QualityDocs Vault QMS Veeva CDB O Vault Station Manager Clinical Operations • Vault Training • Vault CTMS • Vault LIMSF • Vault eTMF Vault Study Startup • Vault Payments Digital Trials Platform • SiteVault ° Veeva Site Connect • Veeva eConsent • Vault Validation ManagementF Veeva LearnGxP Vault RIM Suite ⚫ Vault Registrations Vault Submissions Vault Submissions Archive • Vault Publishing Vault Safety Suite • Vault Safety ⚫ Vault Safety Docs ⚫ Vault Signal Vault Outside Life Sciences • ⚫ Vault QualityOne • ⚫ Vault RegulatoryOne Copyright © Veeva Systems 2021

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