DALLAS, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform AltAccess, announced it has entered into an agreement to acquire Mercantile Bank International Corp. (“Mercantile Bank”), a Puerto Rico-based International Financial Entity (“IFE”), in exchange for an aggregate purchase price of $1.5 million, which is payable in up to approximately 2.1 million shares of the Company’s Class A common stock and cash. “We are very excited about the potential avenues for revenue growth that would be facilitated through this acquisition,” said Beneficient. “Acquiring Mercantile Bank would enable the Company to offer an expanded range of companion custody and other fee-based services that complement our existing businesses on a broader scale with the potential to generate additional cash flow in the near term. Our objective is to deliver additional alternative asset custody services to customers with the potential to generate higher fee rates than are generally available for traditional custody services. We also believe the acquisition has the potential to enhance and broaden our current offerings in ways that may open new international opportunities, allowing us to further democratize the market for illiquid alternative assets.” IFEs are licensed and regulated by the Office of the Commissioner of Financial Institutions of Puerto Rico (the “OCIF”) and may provide specific banking and other financial activity from Puerto Rico for persons, entities, and organizations around the globe that are non-residents of Puerto Rico. An IFE’s authorized activities may include custody, clearing, and payments and related traditional and digital products and services and, as approved by the OCIF, traditional banking services, such as deposits, lending, investments, and trusts. Upon closing of the acquisition, the Company, which has primarily focused on meeting the needs of individual investors and small-to-midsized institutions, expects to expand its offering of custody services to also address the current needs of large institutional investors and the growing needs of third-party alternative trading systems and foreign securities exchanges. The acquisition would position Ben to offer alternative asset custody services that include, among other potential items, a companion line of business focused on issuing depositary receipts to assist holders of foreign investments gain access to the capital markets of additional international jurisdictions. The Company believes these alternative asset custody services may yield higher fee assessments than more traditional custody offerings. The Company expects this companion business line to begin generating custody and depositary receipt issuance fee-based revenue and cash flow during calendar year 2025 that it would deploy to fund Ben’s ongoing operations and ultimately our core alternative asset liquidity product offerings. The acquisition reflects Beneficient’s execution on its objective of expanding its alternative asset custody fee-based service offerings to third parties and institutional investors. Closing of the acquisition is subject to customary closing conditions, including, among other things, approval by OCIF, and is anticipated to be completed in the second calendar quarter of 2025. About Beneficient Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuoteTM tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess ® portal to explore opportunities and receive proposals in a secure online environment. Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner. For more information, visit www.trustben.com or follow us on LinkedIn. Contacts Matt Kreps: 214-597-8200, mkreps@darrowir.com Michael Wetherington: 214-284-1199, mwetherington@darrowir.com Investor Relations: investors@beneficient.com Disclaimer and Cautionary Note Regarding Forward-Looking Statements Certain of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and, in each case, their negative or other various or comparable terminology. The forward-looking statements contained in this press release include, without limitation, statements relating to the anticipated timing of closing the acquisition, benefits of the acquisition and the Company’s anticipated product and service offerings following the closing of the acquisition. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the ultimate outcome of the acquisition; the Company’s ability to consummate the acquisition in a timely manner or at all; the ability of the parties to satisfy the closing conditions to the acquisition; the possibility that the Company may be unable to successfully integrate Mercantile Bank’s operations with those of the Company or realize the expected benefits of the acquisition; the possibility that such integration may be more difficult, time-consuming, or costly than expected; the risk that operating costs, customer loss, and business disruption (including, without limitation, difficulties in maintaining relationships with employees, contractors, and customers) may be greater than expected following the acquisition or the public announcement of the acquisition; the Company’s ability to retain certain key employees of Mercantile Bank; the ability to launch and receive market acceptance for new products and services; and risks related to the entry into a new line of business; the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission (the “SEC”). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
CALGARY, Alberta (AP) — A Ukrainian girls’ hockey team is in Canada for a few days of peace and hockey in an arena that doesn’t have a missile-sized hole in its roof. After 56 hours of travel to Calgary, including a 24-hour bus ride from Dnipro to Warsaw, Poland, that required army escort for a portion of it, the Ukrainian Wings will join Wickfest, Hayley Wickenheiser’s annual girls’ hockey festival, on Thursday. The squad of players aged 11 to 13 was drawn from eight different cities in Ukraine, where sport facilities have been damaged or destroyed since Russia started its invasion in February 2022. “They all have a personal story of something awful happening,” said Wickenheiser. “We give them a week of peace and joy here, and I hope they can carry that with them. “We know full well they’re going back to difficult circumstances. It’s tough that way.” Nine players are from Kharkiv, where pictures show a large hole in the roof of the Saltovskiy Led arena where the girls’ team WHC Panthers once skated. “It was our home ice arena, and we played all our national team championships in this ice arena,” said Kateryna Seredenko, who oversees the Panthers program and is the Wings general manager. Ukraine’s Olympic Committee posted photos and wrote in a Facebook post Sept. 1 that Kharkiv’s Sport Palace, which was home to multiple hockey teams, was also destroyed in an attack on the city. Seredenko says the Wings’ arduous journey to Calgary was worth it because it gives the girls hope. “It’s not a good situation in Ukraine, but when they come here, they can believe that everything will be good, everything will be fine, of course we will win soon and we must play hockey. We can’t stop because we love these girls and we will do everything for them,” she said. “So many girls on this Ukrainian team are future players of the national team.” Wickenheiser, a Hockey Hall of Famer , is the assistant general manager of player development for the Toronto Maple Leafs and a doctor who works emergency room shifts in the Toronto area. The six-time Olympian and four-time gold medalist organized her first Wickfest after the 2010 Winter Games. She’s had teams from India, Mexico and the Czech Republic attend over the last decade and a half, but never a team that ran the Ukrainians’ gauntlet of logistics. The Canadian Partnership for Women and Children’s Health took on the task of arranging visas and paying for the team’s travel. “We care about women and children’s health. Sport is such a symbol. When you see a group of girls coming off the ice all sweaty and having worked hard on the ice, it’s a symbol of a healthy girl,” said chief executive officer Julia Anderson. “That’s a healthy kid that’s able to participate in sport. We really believe if we can get girls there, whether they’re in an active war zone, or here in Canada, those girls will change the world.” The Wings aren’t the first Ukrainians to seek a hockey haven in Canada since the war began. An under-25 men’s team played four games against university squads in early 2023 to prepare for that year’s world university games. Ukrainian teams have also twice played in the Quebec City International Pee-Wee Hockey Tournament. “It’s the first time in Ukrainian history where a girls’ team is coming to Canada to a very good tournament,” Seredenko said. “They can see how they can play in their future. And they can see how it is to play hockey in Canada.” AP sports: https://apnews.com/sports
Arizona Cardinals Go routes have accounted for 26.8 percent of Marvin Harrison Jr.’s targets The NFL average is 14.4 percent for all wide receivers. Marv is good at these routes, so you’d expect him to earn more looks on them. But the Cardinals are also giving him a disproportionate amount of clearout routes. He has run a go route on 26.4 percent of his passing plays compared to 17.4 percent for all wide receivers. Atlanta Falcons Kyle Pitts has run a route on 70 percent of the Falcons’ dropbacks since Week 8 That would put Pitts at 19th among tight ends on the season. It’s not a terrible rank, but one of the biggest selling points with Pitts early in the year was that he ran every route, covering up his poor target rate of .16 on the season. Despite running fewer routes, his target rate has fallen to .13 since Week 8, tanking his target share to 11 percent. Buffalo Bills Josh Allen has topped 283 passing yards once The Bills have a negative pass rate over expected this year and rank 26th in pace. Allen has only attempted 40 passes in a game on time as well. He did so six times last year and five times in 2022. Carolina Panthers Bryce Young is Pro Football Focus’s No. 3 graded quarterback over the past three weeks Young is also eighth in EPA per play and 12th in CPOE over that stretch. He is taking fewer sacks and doesn’t have a single turnover since the Panthers’ bye (which was Week 11 so “past three weeks” is only two games but it sounds more impressive and we’re trying to give the guy his flowers here). Young did this against a solid Kansas City defense and a putrid Tampa Bay squad. He gets a tough test with a surging Philly defense this week. Chicago Bears Caleb Williams is 11th in EPA per play since Thomas Brown took over as interim offensive coordinator Williams was the QB27 before Brown took over. The rookie has put two of his best games on tape over the past two weeks with 596 yards, five touchdowns, and zero picks. PFF has charted him with a 74.1 passing grade since Brown donned the headset. That was at 61.5 before Brown. Cincinnati Bengals Chase Brown has seen all but one running back carry for the Bengals since Zack Moss was placed on injured reserve He also has the only running back target as well. Brown is a locked-in RB1 with Moss out of the lineup. Brown is 24 years old with two years left on his rookie deal and Moss is a cut candidate in the offseason. He has a strong case to be ranked as an RB1 in dynasty. Cleveland Browns Jameis Winston is averaging 336 yards per game That would be good for 5,712 yards over a 17-game season, 235 yards more than any other campaign in NFL history. His attempts pace would also be good for the NFL record over a full season. This fueled the trio of Cedric Tillman, Jerry Jeudy, and Elijah Moore to weekly WR3 rankings for a few weeks. With Tillman out, both Jeudy and Moore can be treated as WR2s. Dallas Cowboys Rico Dowdle has seen 70 percent of the Cowboys’ carries over the past two weeks Dowdle isn’t getting the full complement of routes but still has a healthy 10 percent target share in those games. He has 41 carries for 198 yards and a touchdown in his previous two games with an extra 23 yards on six receptions. Week 13 RB Fantasy Usage 1. Bijan Robinson (25.1 exp HPPR) 2. Jonathan Taylor (23.3) 3. Bucky Irving (22.4) 4. Josh Jacobs (21.6) 5. Alvin Kamara (19.5) 6. David Montgomery (18.7) 7. De'Von Achane (17.6) 8. Joe Mixon (17.5) 9. Rico Dowdle (17.2) This is RB1 stuff, folks. Detroit Lions Jahmyr Gibbs ran a season-low nine times Gibbs’ 27 percent carry share was also a season-low. His second-worst mark came two weeks ago. Both contests presented favorable game scripts for the Lions’ ground game, but that has been more beneficial for David Montgomery as of late. Montgomery had 36 carries for 163 yards and two scores in the pair of low-volume games for Gibbs. Green Bay Packers The Packers haven’t had a 20-point fantasy game from a receiver since Week 4 Green Bay has only had three such games this year and two came in Week 4. Jayden Reed and Dontayvion Wicks both broke out in a frantic comeback effort versus the Vikings. The Packers’ pass volume has remained low over the past two months and the targets are spread out nearly every week. Romeo Doubs is the only wideout with a target share north of 25 percent in even one game since Week 4. Doub is comfortably behind Reed and Christian Watson in yards per route run, so his high-volume games don’t always translate to spike weeks. Jacksonville Jaguars Mac Jones has still not completed a deep throw Jones is 0-of-11 on throws 20+ yards downfield this year. He is the only quarterback with more than eight such throws but no completions. Jones is also third-to-last in YPA on intermediate passes. He is, however, top-10 in YPA on attempts between one and nine yards downfield. Brian Thomas Jr. got home for fantasy managers last week with four catches for 76 yards and a score, all of which came from Jones, giving fantasy managers some hope that he will survive the Mac Jones era to close out the 2024 season. Kansas City Chiefs Isiah Pacheco saw 47 percent of the Chiefs’ carries in his first game in 10 weeks Pacheco returned from his leg and ankle injuries to run seven times for 44 yards. Kareem Hunt saw just as many carries but only ran for 15 yards. With Hunt offering no surplus value outside of a few yards and a cloud of dust, I fully expect Pacheco to take over the backfield by the end of the season. Las Vegas Raiders Brock Bowers’ 30.2 PPR points were the most for a rookie tight end since... Brock Bowers in Week 11 Bowers’ Week 11 total of 31.3 points is the most for a rookie tight end since 1995 while his Week 13 mark is a high dating back to 2006. He is one of seven tight ends to catch 10+ passes three times in one season and is on pace to set the record for receptions by a tight end. Los Angeles Chargers Ladd McConkey is 10th in total EPA among wide receivers For reference, McConkey is just ahead of Drake London, A.J. Brown, Zay Flowers, Garrett Wilson, and CeeDee Lamb on the list. As impressive as this is for Ladd, it’s also wildly concerning for Justin Herbert and the Chargers, who may be without the rookie this week. McConkey suffered a knee injury on Sunday and was listed as questionable to return late in the game. Los Angeles Rams Puka Nacua is third among wide receivers in yards per route run (3.1) and PFF receiving grade (90.4) Ncaua easily leads the league in targets per route run at .34. His knee injury robbed us of an incredible sophomore season, but all of the nerdy metrics say Nacua is a superstar. Miami Dolphins Tua Tagovailoa has the lowest time to throw (min. 300 dropbacks) for a quarterback under 38 years old in the past 14 years Tua’s 2.31 time to throw is a fraction of a second quicker than his 2023 mark. It’s faster than every quarterback with 300 dropbacks over the past nearly 15 years except for: 2020s Ben Roethlisberger Broncos Peyton Manning Bucs Tom Brady His 6.2 aDOT trails only Alex Smith’s mark of 5.9, set in 2015 with the Chiefs. That should give you an idea of what type of offense Miami is running. Minnesota Vikings Justin Jefferson has a 25 percent target share since T.J. Hockenson returned in Week 9 Jefferson’s air yards share is down to 30 percent. His splits pre and post-Hockenson are hard to look at. There are loads of other factors at play here. Jordan Addison missed time in the pre-Hockenson split, further juicing the numbers. Sam Darnold’s play has taken a hit lately. And Jefferson isn’t running as hot on touchdowns in recent weeks. Still, the volume metrics show a meaningful hit to Jefferson’s workload with the increase in target competition. New Orleans Saints Alvin Kamara is the only running back with over 200 expected fantasy points this year With 234 expected fantasy points to his name, Kamara is miles ahead of the No. 2 back. He is the only back with more than 100 expected points through the air and is on pace for a top-20 season over the past quarter-century in receiving expected points. That is all before the Saints lost Taysom Hill. New York Giants Malik Nabers is the WR6 in expected fantasy points since Week 7 As anyone who has rostered Nabers during that stretch knows, he is not the WR6 in actual fantasy points. In that category, he ranks 28th among wide receivers. With a banged-up line and terrible quarterback play, it’s hard to see how he turns things around this late in the season. Still the volume metrics...speak volumes about just how dominant Nabers could be in a different offense. I’m drafting Nabers at the 1/2 turn next year and there’s nothing you can do to stop me. New York Jets Breece Hall was held without a catch for the first time since Week 2 of the 2023 season Week 13 was just the third time in his career that Hall didn’t catch a pass. The first was when he suffered a torn ACL in 2022 and the second was in his second game back from said ACL tear. This time may also have been injury-related as Hall entered the weekend listed as questionable with a knee issue. The Jets dropped his route rate to 52 percent—his second-lowest mark of the year—and split the remaining routes between Braelon Allen and third-stringer Isaiah Davis. Davis caught his second, third, and fourth passes of the season, one of which was a touchdown. Philadelphia Eagles Grant Calcaterra had a 17 percent target share in three games without Dallas Goedert earlier this year He ran a route on 87 percent of Jalen Hurts’ dropbacks during that stretch and hit eight PPR points twice. His target share also rose in each subsequent start. Goedert is now expected to miss some time with a knee injury. There’s not much of a ceiling with Calcaterra, but there is a TE2 floor. Pittsburgh Steelers Russell Wilson’s 414 yards versus the Bengals are the second-most of his career Wilson is the QB15 in points per game dating back to his first start in Week 7. He ranks 11th in EPA per play and fourth in CPOE since taking over the starting gig. He gets a Browns defense that has fallen from grace this year and ranks 20th in EPA per dropback allowed. San Francisco 49ers Jauan Jennings hasn’t had a target share below 27 percent since Week 6 Jennings went down with an injury in Week 6 and didn’t return until Week 10, so the streak is “only” at four games. Still, that’s wildly impressive for a supposed third receiver playing alongside Deebo Samuel, George Kittle, and Christian McCaffrey. With CMC out of the picture and Deebo looking nothing like he did in previous years, Jennings is the 49ers’ clear No. 1 receiver to close the season. Seattle Seahawks Jaxon Smith-Njigba’s 15.3 aDOT was his highest of the year in games with DK Metcalf active JSN only saw four targets, but two of them were 20+ yards downfield. He had an underwhelming 14 percent target share but 30 percent of the air yards. Seattle has generally used Smith-Njigba as the underneath option and DK Metcalf as the deep threat when both are healthy. That was not the case in Week 13. Tampa Bay Buccaneers Cade Otton has a 16 percent target share and an eight percent air yards share since Mike Evans returned to the lineup Those numbers were at 30 percent and 26 percent with Evans out of the lineup. Evans and Chris Godwin were both sidelined after Week 7, thrusting Otton into the No. 1 receiver role for three weeks. Though Godwin won’t return, Evans alone is enough to relegate Otton to the TE2 ranks. Tennessee Titans Nick Westbrook-Ikhine has scored on 21 percent of his targets That is the highest rate for a wide receiver with at least 30 targets in the past 24 years, tying Chiefs wideout Marc Boerigter’s exact stat line (of targets and touchdowns) in 2002. NWI will lose the record on 30+ targets the next time he doesn’t catch a touchdown but is still chasing history for higher target thresholds.Daily Post Nigeria 2025 Club World Cup draw confirmed [Full fixtures] Home News Politics Metro Entertainment Sport Sport 2025 Club World Cup draw confirmed [Full fixtures] Published on December 5, 2024 By Ifreke Inyang The draw for next year’s Club World Cup was confirmed on Thursday. Manchester City have been drawn with Juventus Wydad AC and Al Ain. Lionel Messi’s Inter Miami will face Palmeiras, Al Ahly and FC Porto. Group B would seem to be the most difficult, with Paris Saint-Germain, Atletico Madrid and Botafogo. The expanded tournament will be played in 12 stadiums across 11 cities in the United States next summer. The top two teams in every group will advance to a single-elimination knockout stage. DRAW IN FULL Group A: Palmeiras, Porto, Al Ahly, Inter Miami Group B: PSG, Atletico Madrid, Botafogo, Seattle Sounders Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica Group D: Flamengo, Esperance de Tunis, Chelsea, Leon Group E: River Plate, Urawa Red Diamonds, Monterrey, Inter Milan Group F: Fluminense, Dortmund, Ulsan HD, Mamelodi Sundowns Group G: Man City, Wydad AC, Al Ain, Juventus Group H: Real Madrid, Pachuca, Al Hilal, RB Salzburg Related Topics: 2025 Club World Cup Up Next Serie A: Milan boss tasks Chukwueze to improve on weakness Don't Miss NPFL: Ezeaku tasks Rangers players on successful title defence You may like 2025 Club World Cup: Chelsea, Man City to play in new 32-team format Advertise About Us Contact Us Privacy-Policy Terms Copyright © Daily Post Media Ltd
Total Revenues of $699.2M , up 13% Year Over Year Subscription Services Revenues of $580.9M , up 17% Year Over Year PLEASANTON, Calif. , Dec. 5, 2024 /PRNewswire/ -- Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its third quarter ended October 31, 2024. "It was a great quarter of innovation and excellent execution across the board," said CEO Peter Gassner . "Especially significant was the hard work for the long term. We deepened a number of large, highly strategic relationships and are set to deliver the next generation of CRM this month with Vault CRM Suite to connect sales, marketing, and medical – a first for the industry." Fiscal 2025 Third Quarter Results: "We delivered results ahead of guidance on all metrics, reflecting our operational discipline and the durability of our model," said CFO Brian Van Wagener . "With a clear product strategy, focused execution, and large market opportunity we are well positioned for strong growth and profitability for many years to come." Recent Highlights: Financial Outlook: Veeva is providing guidance for its fiscal fourth quarter ending January 31, 2025 as follows: Veeva is providing updated guidance for its fiscal year ending January 31, 2025 as follows: Conference Call Information Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva's investor relations website at ir.veeva.com . Veeva will host a Q&A conference call at 2:00 p.m. PT today, December 5, 2024, and a replay of the call will be available on Veeva's investor relations website. What: Veeva Systems Fiscal 2025 Third Quarter Results Conference Call When: Thursday, December 5, 2024 Time: 2:00 p.m. PT (5:00 p.m. ET) Online Registration: https://registrations.events/direct/Q4I86021395 Webcast: ir.veeva.com ___________ (1) The customer contracting change that standardized termination for convenience (TFC) rights in our master subscription agreements resulted in a change in the timing of revenue for certain customer contracts and reduced revenues, operating income and non-GAAP operating income, and net income and non-GAAP net income in the third quarter of fiscal 2024. (2) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled "Non-GAAP Financial Measures" and the tables entitled "Reconciliation of GAAP to Non-GAAP Financial Measures" below for details. (3) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the fourth fiscal quarter ending January 31, 2025 or the fiscal year ending January 31, 2025 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. About Veeva Systems Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com . Veeva uses its ir.veeva.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts. Forward-looking Statements This release contains forward-looking statements regarding Veeva's expected future performance and, in particular, includes quotes from management and guidance, provided as of December 5, 2024, about Veeva's expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, events that impact the life sciences industry, general macroeconomic and geopolitical events (including inflationary pressures, changes in interest rates, currency exchange fluctuations and impacts related to Russia's invasion of Ukraine and the Israel-Hamas conflict), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled "Summary of Risk Factors" on pages 36 and 37 in our filing on Form 10-Q for the period ended July 31, 2024 which you can find here . Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov . We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision. Investor Relations Contact: Media Contact: Gunnar Hansen Maria Scurry Veeva Systems Inc. Veeva Systems Inc. 267-460-5839 781-366-7617 ir@veeva.com pr@veeva.com VEEVA SYSTEMS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 1,044,511 $ 703,487 Short-term investments 4,018,475 3,324,269 Accounts receivable, net 255,817 852,172 Unbilled accounts receivable 45,472 36,365 Prepaid expenses and other current assets 82,885 86,918 Total current assets 5,447,160 5,003,211 Property and equipment, net 55,695 58,532 Deferred costs, net 22,515 23,916 Lease right-of-use assets 60,325 45,602 Goodwill 439,877 439,877 Intangible assets, net 48,527 63,017 Deferred income taxes 322,652 233,463 Other long-term assets 56,102 43,302 Total assets $ 6,452,853 $ 5,910,920 Liabilities and stockholders ' equity Current liabilities: Accounts payable $ 31,845 $ 31,513 Accrued compensation and benefits 34,634 43,433 Accrued expenses and other current liabilities 30,906 32,980 Income tax payable 10,803 11,862 Deferred revenue 739,657 1,049,761 Lease liabilities 9,156 9,334 Total current liabilities 857,001 1,178,883 Deferred income taxes 475 2,052 Lease liabilities, noncurrent 62,545 46,441 Other long-term liabilities 31,429 38,720 Total liabilities 951,450 1,266,096 Stockholders' equity: Common stock 2 2 Additional paid-in capital 2,248,890 1,915,002 Accumulated other comprehensive loss (6,459) (10,637) Retained earnings 3,258,970 2,740,457 Total stockholders' equity 5,501,403 4,644,824 Total liabilities and stockholders ' equity $ 6,452,853 $ 5,910,920 VEEVA SYSTEMS INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands, except per share data) (Unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Revenues: Subscription services (4) $ 580,850 $ 494,912 $ 1,676,082 $ 1,380,095 Professional services and other (5) 118,357 121,593 349,651 352,960 Total revenues 699,207 616,505 2,025,733 1,733,055 Cost of revenues (6) : Cost of subscription services 82,638 74,435 239,577 213,179 Cost of professional services and other 91,751 93,247 279,068 290,184 Total cost of revenues 174,389 167,682 518,645 503,363 Gross profit 524,818 448,823 1,507,088 1,229,692 Operating expenses (6) : Research and development 172,411 161,278 511,551 465,466 Sales and marketing 98,695 96,773 297,524 282,269 General and administrative 72,359 62,283 195,001 187,887 Total operating expenses 343,465 320,334 1,004,076 935,622 Operating income 181,353 128,489 503,012 294,070 Other income, net 60,937 42,187 171,239 111,260 Income before income taxes 242,290 170,676 674,251 405,330 Income tax provision 56,482 35,518 155,738 27,023 Net income $ 185,808 $ 135,158 $ 518,513 $ 378,307 Net income per share: Basic $ 1.15 $ 0.84 $ 3.21 $ 2.36 Diluted $ 1.13 $ 0.83 $ 3.15 $ 2.32 Weighted-average shares used to compute net income per share: Basic 161,987 160,768 161,707 160,344 Diluted 164,979 163,761 164,838 163,129 Other comprehensive income: Net change in unrealized (loss) gain on available-for-sale investments $ (738) $ (2,637) $ 5,576 $ (6,100) Net change in cumulative foreign currency translation loss (146) (518) (1,398) (309) Comprehensive income $ 184,924 $ 132,003 $ 522,691 $ 371,898 (4) Includes subscription services revenues from the following product areas: Veeva Commercial Solutions $ 278,377 $ 251,167 $ 811,503 $ 733,921 Veeva R&D Solutions 302,473 243,745 864,579 646,174 Total subscription services $ 580,850 $ 494,912 $ 1,676,082 $ 1,380,095 (5) Includes professional services and other revenues from the following product areas: Veeva Commercial Solutions $ 45,855 $ 47,899 $ 139,695 $ 140,082 Veeva R&D Solutions 72,502 73,694 209,956 212,878 Total professional services and other $ 118,357 $ 121,593 $ 349,651 $ 352,960 (6) Includes stock-based compensation as follows:Carlo Ancelotti backs Kylian Mbappe after latest penalty miss: 'He can do better'