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Apr 30, 2023
Veeva Q1 2024 Earnings Report
Veeva's first quarter of fiscal year 2024 resulted in revenue growth and exceeded guidance.
Key Takeaways
Veeva announced its Q1 2024 results with total revenues of $526.3 million, a 4% increase year-over-year, and subscription services revenues of $414.5 million, a 3% increase year-over-year. The company's financial results exceeded guidance.
Total revenues for the first quarter were $526.3 million, up 4% year over year.
Subscription services revenues for the first quarter were $414.5 million, up 3% year over year.
First quarter net income was $131.5 million, an increase of 31% year over year.
Non-GAAP net income per share was $0.91, compared to $0.99 one year ago.
Veeva
Veeva
Forward Guidance
Veeva provided guidance for its fiscal second quarter ending July 31, 2023 and updated guidance for its fiscal year ending January 31, 2024, while reiterating guidance for its fiscal year ending January 31, 2025.
Positive Outlook
- Total revenues between $580 and $582 million for Q2 2024.
- Non-GAAP operating income between $199 and $201 million for Q2 2024.
- Non-GAAP fully diluted net income per share between $1.12 and $1.13 for Q2 2024.
- Total revenues between $2,360 and $2,370 million for fiscal year 2024.
- Non-GAAP operating income of about $810 million for fiscal year 2024.
Challenges Ahead
- Veeva is not able to provide GAAP targets for operating income and fully diluted net income per share due to the difficulty of estimating certain items excluded from non-GAAP measures.
- Estimating guidance accurately for future periods is difficult and involves assumptions and internal estimates that may prove to be incorrect.
- There is a significant risk that actual results could differ materially from the guidance provided.
- Numerous risks have the potential to negatively impact financial performance, including issues related to product security, competitive factors, and macroeconomic events.
- Customer contracting change resulted in a change in the timing of revenue for certain customer contracts