01—Abstract
Summary
Summary of the 8-K filed November 8, 2024. Cited figures are marked; the original filing is the authoritative source.
Veeva Systems Inc. filed this Form 8-K on November 8, 2024 under Item 2.02 (Results of Operations and Financial Condition) to disclose guidance commentary made at its 2024 Investor Day on November 7, 2024.
Chief Financial Officer Brian Van Wagener presented a slide restating the preliminary third quarter of fiscal year 2025 guidance first provided on August 28, 2024, and stated that the company expects to report third quarter results at or above that previously announced guidance. The guidance slide (furnished as Exhibit 99.1) lists third quarter fiscal 2025 expectations of total revenue of $682a-685 million, subscription revenue of approximately $571 million, services revenue of $111-114 million, non-GAAP operating income of $273-275 million, non-GAAP fully diluted net income per share of $1.57-1.58, and normalized billings of approximately $449 million. The guidance assumes constant foreign exchange rates, and normalized billings include an expected $10 million tailwind from billing term changes in customer renewals.
The company states it cannot provide GAAP operating income or GAAP net income per share targets because of items such as stock-based compensation, which may be significant. The filing is primarily a reaffirmation of prior guidance rather than new financial results. The slide also presents long-term financial goals for 2030 referenced in the forward-looking statements, and the information is furnished rather than filed for purposes of Section 18 of the Exchange Act.
02—Key points
Key Highlights
- Veeva reiterated its preliminary Q3 fiscal 2025 guidance from August 28, 2024 during its 2024 Investor Day on November 7, 2024.
- CFO Brian Van Wagener stated the company expects Q3 fiscal 2025 results at or above the previously announced guidance.
- Guided total revenue of $682-685 million, comprising subscription revenue of about $571 million and services revenue of $111-114 million.
- Guided non-GAAP operating income of $273-275 million and non-GAAP fully diluted net income per share of $1.57-1.58.
- Guided normalized billings of about $449 million, including an expected $10 million tailwind from billing term changes in customer renewals.
- Guidance assumes foreign exchange rates remain constant; GAAP operating income and EPS targets were not provided due to stock-based compensation and other excluded items.
- The Investor Day presentation was webcast and a replay is available on the company's investor relations website.
03—Questions
Frequently Asked Questions
What did Veeva say about its third quarter fiscal 2025 results?
Veeva said it expects to report third quarter fiscal 2025 results at or above the preliminary guidance it issued on August 28, 2024, as stated by CFO Brian Van Wagener at the November 7, 2024 Investor Day.
What revenue is Veeva guiding to for Q3 fiscal 2025?
Total revenue guidance is $682-685 million, made up of approximately $571 million in subscription revenue and $111-114 million in services revenue.
Why does Veeva not provide GAAP guidance for operating income and EPS?
The company says it cannot reasonably predict certain items excluded from non-GAAP measures, such as stock-based compensation expense, and that the effect of these excluded items may be significant.
What assumptions underlie the Q3 fiscal 2025 guidance?
The guidance assumes foreign exchange rates remain constant. The normalized billings guidance also reflects an expected $10 million tailwind from billing term changes in customer renewals.
Is this 8-K reporting new financial results?
No. The filing reiterates previously announced preliminary guidance, and the slide is furnished under Item 2.02 and not deemed filed for purposes of Section 18 of the Exchange Act.
04—Continue