VEEV: Falcon to Take Flight as Veeva Expanding Beyond SaaS to Monetize AI Labor; PT to $320

研报英文原文证据摘录

VEEV: Falcon to Take Flight as Veeva Expanding Beyond SaaS to Monetize AI Labor; PT to $320

tax) = -$96MM + $80MM CRM fee sunset. Rev. (MM)

2027E 882.9 A 904.6 E 914.9 E 938.7 E 3.64B E

CRM addressed in follow-up call with management. While it remains a narrative Prior 856.8 E 887.3 E 913.4 E 936.6 E 3.59B E

overhang for investors, management indicated their CRM market share will remain 2028E 998.1 E 1.02B E 1.03B E 1.06B E 4.11B E

>70% with their win rate >80% among CRM migrations. Additionally, management Prior 968.6 E 1.00B E 1.03B E 1.06B E 4.06B E

appeared more optimistic about win-back opportunities vs prior quarters, noting

committed Salesforce accounts are encountering implementation delays from a Source:NA = NotCompanyAvailable,Data,NC =WellsNo Change,Fargo SecuritiesNE = Noestimates,Estimate and Factset.

seemingly underdeveloped product (meanwhile Vault CRM has 150 customers live of

which 40 were migrations). Stan Berenshteyn, CFA

Equity Analyst | Wells Fargo Securities, LLC

Stan.Berenshteyn@wellsfargo.com | 732-266-3756

FY2027 guidance raised by $45MM (includes $27MM beat in F1Q + $10MM benefit

Corey DeVitofrom M&A). Drivers are $5MM for R&D Subs, +$15MM for Commercial Subs (of which

Associate Equity Analyst | Wells Fargo Securities, LLC

$10MM is Ostro M&A), +$25MM Professional services (strength in consulting; not just Corey.DeVito@wellsfargo.com | 212-214-5444

implementations).

FY27E EBIT Guided to 44% (F1Q came in at 45%). Mgmt called out ongoing investment

in Data cloud and AI investment initiatives (Ostro, Falcon, Vault AI), though token-based

usage is not expected to drive a material impact on margins in FY27.

Additional highlights herein.

Tweak estimates. Rev estimates for FY27 / FY28 revised up ~1% to $3,641MM /

$4,114MM. Adj.