Veeva Data Cloud Presentation

CY2021E1 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

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