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Veeva Systems 8-K Report, Financial Results (May 30, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed May 30, 2024
Period End
May 30, 2024
Security
VEEV
In the record · 2016–202610-K1110-Q328-K94

VEEV filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 94 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Nov ’19Nov ’19
  2. Leadership change8-K · Aug ’22Aug ’22
  3. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed May 30, 2024. Cited figures are marked; the original filing is the authoritative source.

Veeva Systems Inc. (NYSE: VEEV) reported results for its fiscal 2025 first quarter ended April 30, 2024, via a press release furnished as Exhibit 99.1 under Item 2.02.

Total revenues were $650.3 milliona, up 24% year over year from $526.3 million, and subscription services revenues were $534.0 million, up 29% from $414.5 million. Management said first-quarter results exceeded guidance on all metrics. The company cited wins in Development Cloud, Commercial Cloud and Data Cloud, including three top 20 biopharma wins for multiple Development Cloud applications.

Profitability rose sharply. GAAP operating income was $155.2 millionb versus $61.5 million a year earlier, and non-GAAP operating income was $260.9 million versus $157.0 million. GAAP net income was $161.7 million, or $0.98 per diluted share, compared with $131.5 million, or $0.81, a year earlier.

Non-GAAP fully diluted net income per share was $1.50c, versus $0.91. The filing notes that a customer contracting change standardizing termination for convenience rights shifted revenue timing and reduced first-quarter fiscal 2024 revenues, operating income and net income. Veeva guided fiscal second-quarter 2025 total revenues to $666 to $669 million, non-GAAP operating income to $265 to $267 million, and non-GAAP diluted EPS to $1.53 to $1.54.

For fiscal 2025, it updated guidance to total revenues of $2,700 to $2,710 milliond, non-GAAP operating income of about $1,070 million, and non-GAAP diluted EPS of approximately $6.16. GAAP targets were not provided because certain excluded items, such as stock-based compensation, cannot be reasonably predicted.

02—Key points

Key Highlights

  1. Total revenues of $650.3 million, up 24% year over year; subscription services revenues of $534.0 million, up 29%.
  2. GAAP operating income of $155.2 million (vs. $61.5 million) and non-GAAP operating income of $260.9 million (vs. $157.0 million).
  3. GAAP diluted EPS of $0.98 (vs. $0.81); non-GAAP diluted EPS of $1.50 (vs. $0.91).
  4. Cash and short-term investments totaled about $4.77 billion at April 30, 2024, up from about $4.03 billion at January 31, 2024, with accounts receivable falling to $362.3 million from $852.2 million.
  5. Fiscal Q2 2025 guidance: revenues of $666-$669 million and non-GAAP diluted EPS of $1.53-$1.54.
  6. Updated fiscal 2025 guidance: revenues of $2,700-$2,710 million, non-GAAP operating income of about $1,070 million, and non-GAAP diluted EPS of approximately $6.16.
  7. Stock-based compensation of $95.9 million in the quarter, the main reconciling item between GAAP and non-GAAP results.

03—Questions

Frequently Asked Questions

  1. How did Veeva perform in its fiscal 2025 first quarter?

    Total revenues rose 24% to $650.3 million and subscription services revenues rose 29% to $534.0 million. GAAP net income was $161.7 million, and non-GAAP net income was $247.0 million. Management said results exceeded guidance on all metrics.

  2. Why is there a large gap between GAAP and non-GAAP results?

    The non-GAAP measures exclude stock-based compensation ($95.9 million in the quarter), amortization of purchased intangibles ($4.8 million), a $5.0 million litigation settlement, excess tax benefits, and related income tax effects. Veeva says these items are non-cash or non-recurring.

  3. Why are GAAP guidance figures not provided?

    Veeva says it cannot provide GAAP operating income or GAAP diluted EPS targets because of the difficulty of estimating excluded items such as stock-based compensation, which cannot be reasonably predicted and may be significant.

  4. Did anything affect comparability with the prior year?

    Yes. The filing states that a customer contracting change standardizing termination for convenience rights changed the timing of revenue for certain contracts and reduced revenues, operating income and net income in the first quarter of fiscal 2024.

04—Continue

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