Veeva Q4 2020 Earnings Report
Key Takeaways
Veeva Systems Inc. reported strong fiscal fourth-quarter results, with a 34% increase in total revenues year-over-year. Subscription services revenues also saw a significant increase of 33% compared to the previous year. The company's focus on customer success and innovation in both established and new markets drove the positive results.
Total revenues for the fourth quarter reached $311.5 million, a 34% increase year-over-year.
Subscription services revenues for the fourth quarter were $254.1 million, up 33% year-over-year.
Fourth quarter net income was $66.2 million, compared to $71.2 million one year ago.
Non-GAAP net income for the fourth quarter was $85.5 million, an increase of 20% year-over-year.
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Veeva Revenue by Segment
Forward Guidance
Veeva provided financial guidance for the fiscal first quarter ending April 30, 2020, and for the fiscal year ending January 31, 2021.
Positive Outlook
- Total revenues between $327 and $328 million for Q1 2021.
- Non-GAAP operating income between $117 and $118 million for Q1 2021.
- Non-GAAP fully diluted net income per share between $0.59 and $0.60 for Q1 2021.
- Total revenues between $1,400 and $1,405 million for FY 2021.
- Non-GAAP operating income of roughly $500 million for FY 2021.
Challenges Ahead
- Veeva is not able to provide GAAP targets for operating income for Q1 2021.
- Veeva is not able to provide GAAP targets for fully diluted net income per share for Q1 2021.
- Veeva is not able to provide GAAP targets for operating income for FY 2021.
- Veeva is not able to provide GAAP targets for fully diluted net income per share for FY 2021.
- The effect of excluded items may be significant.
Revenue & Expenses
Visualization of income flow from segment revenue to net income