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Veeva
🇺🇸 NYSE:VEEV
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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.

Total Revenue
$505M
Previous year: $434M
+16.5%
EPS
$0.99
Previous year: $0.91
+8.8%
Gross Profit
$366M
Previous year: $317M
+15.2%
Cash and Equivalents
$1.24B
Previous year: $1.18B
+4.6%
Total Assets
$4.01B
Previous year: $3.22B
+24.5%

Veeva

Veeva

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.
  • Guidance involves assumptions and internal estimates that may prove to be incorrect.
  • Guidance is based on plans that may change.
  • There is a significant risk that actual results could differ materially from the guidance.

Company Overview

Full financial data and analysis

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