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Veeva Systems 8-K Report, Financial Results (Dec 5, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed December 5, 2024
Period End
December 5, 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 December 5, 2024. Cited figures are marked; the original filing is the authoritative source.

Veeva Systems Inc. (NYSE: VEEV) furnished a press release under Item 2.02 reporting results for its fiscal 2025 third quarter ended October 31, 2024.

Total revenues were $699.2 milliona, up 13% year over year, and subscription services revenues were $580.9 million, up 17%. GAAP operating income rose 41% to $181.4 million, and non-GAAP operating income rose 30% to $304.0 million. GAAP net income was $185.8 million, or $1.13 per fully diluted share, compared with $0.83 a year earlier, and non-GAAP fully diluted net income per share was $1.75, compared with $1.34.

Management said results were ahead of guidance on all metrics. Guidance for the fiscal fourth quarter ending January 31, 2025 calls for total revenues of $696 to $699 millionb, non-GAAP operating income of about $275 million, and non-GAAP fully diluted EPS of about $1.57. Updated fiscal 2025 guidance calls for total revenues of $2,722 to $2,725 million, non-GAAP operating income of about $1,120 million, and non-GAAP fully diluted EPS of about $6.44.

The company said it cannot provide GAAP targets for these periods because certain excluded items, such as stock-based compensation, cannot be reasonably predicted and may be significant. The release also highlights the transition of customers to Vault CRM, with more than 30 customers live and seven Veeva CRM migrations on track for completion by year end, plus new AI capabilities planned for late 2025 and more than 600 customers using at least one Vault Quality Suite application. Cash and short-term investments totaled about $5.06 billionc at October 31, 2024, and deferred revenue fell to $739.7 million from $1.05 billion at January 31, 2024.

02—Key points

Key Highlights

  1. Q3 FY2025 total revenues of $699.2 million, up 13% year over year; subscription services revenues of $580.9 million, up 17%
  2. GAAP operating income of $181.4 million, up 41% from $128.5 million; non-GAAP operating income of $304.0 million, up 30%
  3. GAAP diluted EPS of $1.13 versus $0.83 a year earlier; non-GAAP diluted EPS of $1.75 versus $1.34
  4. Updated FY2025 guidance: total revenues of $2,722 to $2,725 million and non-GAAP operating income of about $1,120 million
  5. Q4 FY2025 guidance: total revenues of $696 to $699 million, non-GAAP operating income of about $275 million, and non-GAAP diluted EPS of about $1.57
  6. Cash and cash equivalents of $1.04 billion plus short-term investments of $4.02 billion at October 31, 2024
  7. Deferred revenue declined to $739.7 million from $1.05 billion at January 31, 2024, and operating cash flow for the nine months was $1.02 billion

03—Questions

Frequently Asked Questions

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

    Total revenues were $699.2 million, up 13% year over year, and subscription services revenues were $580.9 million, up 17%. GAAP net income was $185.8 million, and non-GAAP net income was $288.3 million. Management said results were ahead of guidance on all metrics.

  2. What guidance did Veeva provide for the fourth quarter and full fiscal year?

    For the fourth quarter ending January 31, 2025, Veeva expects total revenues of $696 to $699 million, non-GAAP operating income of about $275 million, and non-GAAP diluted EPS of about $1.57. For fiscal 2025, it updated guidance to total revenues of $2,722 to $2,725 million, non-GAAP operating income of about $1,120 million, and non-GAAP diluted EPS of about $6.44.

  3. Why does Veeva not provide GAAP guidance?

    Veeva states 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.

  4. What did the company say about its CRM and AI product developments?

    More than 30 customers are live on Vault CRM, and seven migrations from Veeva CRM to Vault CRM are on track for completion by year end. A fourth top 20 biopharma committed to Vault CRM in November. Veeva announced CRM Bot, Voice Control, and MLR Bot for Vault PromoMats, planned for availability in late 2025.

04—Continue

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