Assertion Supported AI assessment confidence: 92% certainty 4/5 debate potential 1/5

Lemkin: Veeva and Qualtrics IPO'd with 70% and 80% Software Revenue Splits

Jason Lemkin · Why You're Unfundable Today: The Cold, Hard Truths About SaaS Part 2 with SaaStr CEO Jason Lemkin · Jul 14, 2023 · at 3:50

Jason Lemkin explains to a SaaS founder with heavy professional services revenue what revenue mix public markets expect.

0:00 / 0:05exact quote · 5.4s

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“Viva went public, which is at thirty billion. 7030. Qualtrics was like 8020.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

Veeva went public with a 70/30 software-to-services revenue split, while Qualtrics went public at roughly 80/20.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

SEC Form S-1 filings and related disclosures confirm both revenue mix figures at their respective IPO periods within reasonable rounding for offhand commentary. For Veeva Systems' October 2013 IPO, quarterly subscription revenue leading up to and during the IPO quarter represented between 69.0% and 70.8% of total revenue (roughly 70/30). For Qualtrics International Inc.'s January 2021 IPO, subscription revenue was 75.5% of total revenue in the Form S-1 interim period (nine months ended September 30, 2020) and reached 80.0% to 80.9% across 2021, aligning with the stated approximation of 'roughly 80/20'.

Veeva Systems Form S-1 reported $62.0 million in subscription services out of $92.4 million total revenue (67.1%) for the six months ended July 31, 2013, with the quarter ended July 31, 2013 at 69% subscription revenue and the IPO quarter (ended October 31, 2013) reaching 70.8% subscription revenue.
Qualtrics Form S-1/A reported $415.0 million in subscription revenue out of $550.0 million total revenue (75.5%) for the nine months ended September 30, 2020, and subsequently reported 80.0% subscription revenue for the six months ended June 30, 2021 and 80.9% for full-year 2021.

Checked against

[1] q4cdn.com [2] sec.gov [3] sec.gov [4] sec.gov [5] sec.gov [6] sec.gov [7] veeva.com [8] sec.gov

site:sec.gov/Archives/edgar/data/1747748 "CONSOLIDATED STATEMENTS OF OPERATIONS" "Subscription" "Professional services" 2020 OR 2021 "Subscription services revenues constituted" site:sec.gov/Archives/edgar/data/1393052 "Subscription revenue comprised" site:sec.gov/Archives/edgar/data/1747748 "Subscription services" "Professional services and other" "Six Months Ended July 31, 2013" site:sec.gov/Archives/edgar/data/1393052 site:sec.gov/Archives/edgar/data/1393052 "Subscription services" "Professional services and other" "Total revenues" site:sec.gov/Archives/edgar/data/1747748/000162828020017771 "Subscription" "Professional services and other" "Subscription services" "Professional services and other" "January 31, 2013" site:sec.gov/Archives/edgar/data/1393052 "VEEVA SYSTEMS INC." "Subscription services" "Professional services and other" "Total revenues" "July 31, 2013" S-1 OR S-1/A "Veeva Systems" "S-1" "subscription services" "professional services" revenue "Qualtrics International Inc." S-1 2020 OR 2021 OR 2018 revenue "subscription" "professional services" "VEEVA SYSTEMS INC." "Subscription services" "Professional services" "129,548" OR "61,343" OR "29,088" "Subscription" "Professional services and other" "September 30, 2020" site:sec.gov/Archives/edgar/data/1747748

assessed as of 2026-09-03

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

Qualtrics Viva Systems

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