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Apr 30, 2022
Veeva Q1 2023 Earnings Report
Veeva reported a strong first quarter with revenue growth and strategic partnership advancements.
Key Takeaways
Veeva Systems Inc. announced its fiscal 2023 first-quarter results, with total revenues of $505.1 million, up 16% year over year, and subscription services revenues of $402.6 million, up 18% year over year. The company is starting the year with a strong first quarter and have crossed the $2 billion revenue run rate mark.
Total revenues for the first quarter were $505.1 million, a 16% increase year over year.
Subscription services revenues for the first quarter were $402.6 million, an 18% increase year over year.
First quarter net income was $100.1 million, compared to $115.6 million one year ago.
Non-GAAP fully diluted net income per share was $0.99, compared to $0.91 one year ago.
Forward Guidance
Veeva is providing guidance for its fiscal second quarter ending July 31, 2022 as follows: Total revenues between $529 and $531 million. Non-GAAP operating income between $201 and $203 million. Non-GAAP fully diluted net income per share between $1.00 and $1.01. Veeva is providing updated guidance for its fiscal year ending January 31, 2023 as follows: Total revenues between $2,165 and $2,175 million. Non-GAAP operating income of about $835 million. Non-GAAP fully diluted net income per share of approximately $4.16.
Positive Outlook
- Total revenues between $529 and $531 million for Q2 2023.
- Non-GAAP operating income between $201 and $203 million for Q2 2023.
- Non-GAAP fully diluted net income per share between $1.00 and $1.01 for Q2 2023.
- Total revenues between $2,165 and $2,175 million for fiscal year 2023.
- Non-GAAP operating income of about $835 million for fiscal year 2023.
Challenges Ahead
- Veeva is not able to provide GAAP targets for operating income.
- Veeva is not able to provide GAAP targets for fully diluted net income per share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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