Veeva(US:VEEV)2024-05-30 20:12Revenue Growth - Total revenues for the first quarter were $650.3 million, up 24% year over year from $526.3 million[5] - Subscription services revenues for the first quarter were $534.0 million, up 29% year over year from $414.5 million[5] - Subscription services revenues increased to $533.955 million in Q1 2024, up from $414.546 million in Q1 2023[20] - Veeva Commercial Solutions subscription revenues grew to $261.316 million in Q1 2024, compared to $239.324 million in Q1 2023[20] Operating Income and Profitability - First quarter operating income was $155.2 million, a 152% increase year over year from $61.5 million[5] - Non-GAAP operating income for the first quarter was $260.9 million, up 66% year over year from $157.0 million[5] - Non-GAAP operating income for Q1 2025 is expected to be between $265 million and $267 million[18] - Non-GAAP operating income for fiscal year 2025 is expected to be approximately $1.07 billion[18] - Non-GAAP gross margin on subscription services revenues improved to 85.9% in Q2 2024 from 84.3% in Q2 2023[29] - Non-GAAP gross margin on professional services and other revenues rose to 28.6% in Q2 2024 from 23.0% in Q2 2023[29] - Total non-GAAP gross margin increased to 75.6% in Q2 2024 from 71.3% in Q2 2023[29] - Non-GAAP gross profit increased to $491,783 thousand in Q2 2024 from $375,113 thousand in Q2 2023[29] Net Income and Earnings Per Share - First quarter net income was $161.7 million, a 23% increase year over year from $131.5 million[5] - Non-GAAP net income for the first quarter was $247.0 million, up 67% year over year from $147.9 million[5] - Fully diluted net income per share was $0.98, compared to $0.81 one year ago[5] - Non-GAAP fully diluted net income per share was $1.50, compared to $0.91 one year ago[5] - Non-GAAP fully diluted net income per share for Q1 2025 is forecasted between $1.53 and $1.54[18] - Non-GAAP fully diluted net income per share for fiscal year 2025 is forecasted at approximately $6.16[18] Product and Customer Wins - Three top 20 biopharma companies selected multiple Veeva Development Cloud applications[5] - Veeva Vault Basics applications are now available, allowing emerging biotechs to start with Development Cloud earlier in their lifecycle[5] - Vault CRM Suite achieved 13 CRM wins in the quarter, with full availability for new customers starting in April[18] - Veeva Data Cloud added a record 21 new brands for Compass Patient in Q1, including a seven-figure enterprise-wide win with a top 50 biopharma[18] Financial Projections - Total revenues for Q1 2025 are projected between $666 million and $669 million[18] - Total revenues for fiscal year 2025 are projected between $2.7 billion and $2.71 billion[18] Cash Flow and Expenses - Net cash provided by operating activities on a GAAP basis increased to $763,516 thousand in Q2 2024 from $505,936 thousand in Q2 2023[29] - Non-GAAP research and development expense decreased to $120,940 thousand in Q2 2024 from $108,026 thousand in Q2 2023[29] - Net cash used in investing activities on a GAAP basis was $272,378 thousand in Q2 2024 compared to $297,394 thousand in Q2 2023[29] - Net cash provided by financing activities on a GAAP basis was $3,828 thousand in Q2 2024 compared to a net cash used of $1,392 thousand in Q2 2023[29] - Non-GAAP cost of subscription services revenues decreased to $75,495 thousand in Q2 2024 from $64,980 thousand in Q2 2023[29] - Non-GAAP cost of professional services and other revenues decreased to $83,067 thousand in Q2 2024 from $86,232 thousand in Q2 2023[29]