Veeva Systems Inc. (NYSE:VEEV) Q4 2019 Earnings Conference Call - Final Transcript

Feb 26, 2019 • 04:30 pm ET


Veeva Systems Inc. (NYSE:VEEV) Q4 2019 Earnings Conference Call - Final Transcript


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Good afternoon. My name is Mike, and I will be your conference operator today. At this time, I would like to welcome everyone to Veeva Systems Fiscal 2019 Fourth Quarter Results Conference Call.

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

(Operator Instructions) I will now turn the call over to Rick Lund, Head of Investor Relations. You may begin your conference.

Rick Lund

Good afternoon, and welcome to Veeva's fiscal 2019 fourth-quarter and full-year earnings call for the quarter and year ended January 31, 2019. With me on today's call are Peter Gassner, our Chief Executive Officer; Matt Wallach, our President; and Tim Cabral, our Chief Financial Officer.

During the course of this conference call, we will make forward-looking statements regarding trends, our strategies and the anticipated performance of the business. These forward-looking statements will be based on management's current views and expectations and are subject to various risks and uncertainties.

Actual results may differ materially. Please refer to the risks listed in our earnings release and the risk factors included in our most recent filing on Form 10-Q, which is available on the company's website at, under the investors section, and on the SEC's website at

Forward-looking statements made during the call are being made as of today, February 26, 2019. If this call is replayed or viewed after today, the information presented during the call may not contain current or accurate information.

Veeva disclaims any obligation to update or revise any forward-looking statements. We will provide guidance on today's call but will not provide any further guidance or updates on our performance during the quarter, unless we do so in a public forum.

On the call, we will also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A reconciliation to comparable GAAP metrics can be found in today's earnings release, which is available on our website and as an exhibit to the Form 8-K filed with the SEC just before this call.

With that, thank you for joining us. And I will turn it over to Peter.

Peter Gassner

Thank you, Rick, and thanks to everyone for joining us today. We had another great quarter, with the results above our guidance. Total revenue was $232 million, up 25% year over year. Subscription revenue grew 25% and non-GAAP operating margin was 36%.

We also announced today that Matt Wallach will transition from his current position as President and is joining Veeva's Board of Directors. Matt will continue in his role as president until June and will join the Board of Directors in January next year. This transition will allow Matt to continue to contribute highly to Veeva, while spending more time with his family. Matt has built a very strong leadership team, who will assume his day-to-day responsibilities. Over the last 12 years, Matt has been an incredible partner to me, the team and to our customers. Thanks to Matt