Veeva Systems Q1 Revenue Surges to $724.7M

Ticker: VEEV · Form: 10-Q · Filed: Jun 4, 2024 · CIK: 1393052

Veeva Systems Inc 10-Q Filing Summary
FieldDetail
CompanyVeeva Systems Inc (VEEV)
Form Type10-Q
Filed DateJun 4, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.00001
Sentimentbullish

Sentiment: bullish

Topics: earnings, revenue-growth, software

TL;DR

Veeva crushed Q1, revenue up to $724.7M!

AI Summary

Veeva Systems Inc. reported its first quarter results for the period ending April 30, 2024. The company's revenue from subscriptions and cloud services for the first quarter of fiscal 2025 was $665.8 million, an increase from $575.1 million in the same period last year. Total revenue for the quarter reached $724.7 million, up from $619.5 million year-over-year.

Why It Matters

This filing shows Veeva's continued growth in its core subscription business, indicating strong demand for its cloud-based solutions in the life sciences industry.

Risk Assessment

Risk Level: low — The filing indicates consistent revenue growth and a strong financial position, suggesting low immediate risk.

Key Numbers

  • $724.7M — Total Revenue (Q1 FY25, up from $619.5M in Q1 FY24)
  • $665.8M — Subscription Revenue (Q1 FY25, up from $575.1M in Q1 FY24)
  • 20240430 — Fiscal Period End Date (Reporting period for this 10-Q)

Key Players & Entities

  • VEEVA SYSTEMS INC (company) — Filer
  • 4280 HACIENDA DRIVE (location) — Business Address
  • PLEASANTON (location) — City
  • 20240430 (date) — Period of Report
  • $724.7 million (dollar_amount) — Total Revenue Q1 FY25
  • $619.5 million (dollar_amount) — Total Revenue Q1 FY24
  • $665.8 million (dollar_amount) — Subscription Revenue Q1 FY25
  • $575.1 million (dollar_amount) — Subscription Revenue Q1 FY24

FAQ

What was Veeva Systems' total revenue for the first quarter of fiscal 2025?

Veeva Systems' total revenue for the first quarter of fiscal 2025, ending April 30, 2024, was $724.7 million.

How much did subscription revenue increase year-over-year for the first quarter?

Subscription revenue increased from $575.1 million in Q1 FY24 to $665.8 million in Q1 FY25.

What is Veeva Systems' primary business segment based on revenue?

The primary revenue driver is subscription and cloud services, which accounted for $665.8 million of the total $724.7 million revenue in Q1 FY25.

When is Veeva Systems' fiscal year end?

Veeva Systems' fiscal year ends on January 31.

What was the filing date for this 10-Q report?

This 10-Q report was filed on June 4, 2024.

Filing Stats: 4,484 words · 18 min read · ~15 pages · Grade level 15.2 · Accepted 2024-06-03 18:24:12

Key Financial Figures

  • $0.00001 — stered Class A Common Stock, par value $0.00001 per share VEEV The New York Stock Excha

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4 Item 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Note 1. Summary of Business and Significant Accounting Policies 8 Note 2. Short-Term Investments 9 Note 3. Deferred Costs 10 Note 4. Property and Equipment, Net 10 Note 5. Goodwill and Intangible Assets 11 Note 6. Accrued Expenses 12 Note 7. Fair Value Measurements 12 Note 8. Income Taxes 14 Note 9. Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable 14 Note 10. Leases 14 Note 11. Stockholders' Equity 15 Note 12. Net Income per Share 16 Note 13. Commitments and Contingencies 17 Note 14. Revenues by Product 19 Note 15. Information about Geographic Areas 19 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Overview 21 Components of Results of Operations 21 Results of Operations 24 Operating Expenses and Operating Margin 26 Non-GAAP Financial Measures 27 Liquidity and Capital Resources 29 Critical Accounting Policies and Estimates 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 3. Defaults Upon Senior Securities 58 Item 4. Mine Safety Disclosures 58 Item 5. Other Information 58 Item 6. Exhibits 59

SIGNATURES

SIGNATURES 61 2 Veeva Systems Inc. | Form 10-Q Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This report on Form 10-Q contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations and expenses, business strategies and plans, trends, market sizing, competitive position, industry environment, potential growth opportunities, and product capabilities among other things. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as "aim," "anticipates," "believes," "could," "estimates," "expects," "goal," "intends," "may," "plans," "potential," "predicts," "projects," "seeks," "should," "strive," "will," "would," or similar expressions and the negatives of those terms. Forward-looking statements are based on our current views and expectations and involve known and unknown risks, uncertainties and other factors—including those described in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this report—that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Any forward-looking statements in this report are made only as of the date of this report. Except as required by law, we disclaim any obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. As used in this report, the terms "Veeva," "Registrant,"

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. VEEVA SYSTEMS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except number of shares and par value) (Unaudited) April 30, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 1,197,196 $ 703,487 Short-term investments 3,567,841 3,324,269 Accounts receivable, net of allowance for doubtful accounts of $ 216 and $ 520 , respectively 362,320 852,172 Unbilled accounts receivable 38,771 36,365 Prepaid expenses and other current assets 78,820 86,918 Total current assets 5,244,948 5,003,211 Property and equipment, net 58,042 58,532 Deferred costs, net 23,967 23,916 Lease right-of-use assets 44,583 45,602 Goodwill 439,877 439,877 Intangible assets, net 58,231 63,017 Deferred income taxes 266,060 233,463 Other long-term assets 51,850 43,302 Total assets $ 6,187,558 $ 5,910,920 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 31,930 $ 31,513 Accrued compensation and benefits 38,755 43,433 Accrued expenses and other current liabilities 41,187 32,980 Income tax payable 71,567 11,862 Deferred revenue 1,029,455 1,049,761 Lease liabilities 10,392 9,334 Total current liabilities 1,223,286 1,178,883 Deferred income taxes 705 2,052 Lease liabilities, noncurrent 45,351 46,441 Other long-term liabilities 28,835 38,720 Total liabilities 1,298,177 1,266,096 Commitments and contingencies ( note 13 ) Stockholders' equity: Common stock 2 2 Additional paid-in capital 2,017,904 1,915,002 Accumulated other comprehensive loss ( 30,646 ) ( 10,637 ) Retained earnings 2,902,121 2,740,457 Total stockholders' equity 4,889,381 4,644,824 Total liabilities and stockholders' equity $ 6,187,558 $ 5,910,920 See Notes to Condensed Consolidated Financial Statements. 4 Veeva Systems Inc. | Form 10-Q Table of Contents VEEVA SYSTEMS INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands, except per share data) (Unaudited) Three months ended

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