Revenue Growth - Total revenues for the first quarter were 650.3million,up24526.3 million[5] - Subscription services revenues for the first quarter were 534.0million,up29414.5 million[5] - Subscription services revenues increased to 533.955millioninQ12024,upfrom414.546 million in Q1 2023[20] - Veeva Commercial Solutions subscription revenues grew to 261.316millioninQ12024,comparedto239.324 million in Q1 2023[20] Operating Income and Profitability - First quarter operating income was 155.2million,a15261.5 million[5] - Non-GAAP operating income for the first quarter was 260.9million,up66157.0 million[5] - Non-GAAP operating income for Q1 2025 is expected to be between 265millionand267 million[18] - Non-GAAP operating income for fiscal year 2025 is expected to be approximately 1.07billion[18]−Non−GAAPgrossmarginonsubscriptionservicesrevenuesimprovedto85.9491,783 thousand in Q2 2024 from 375,113thousandinQ22023[29]NetIncomeandEarningsPerShare−Firstquarternetincomewas161.7 million, a 23% increase year over year from 131.5million[5]−Non−GAAPnetincomeforthefirstquarterwas247.0 million, up 67% year over year from 147.9million[5]−Fullydilutednetincomepersharewas0.98, compared to 0.81oneyearago[5]−Non−GAAPfullydilutednetincomepersharewas1.50, compared to 0.91oneyearago[5]−Non−GAAPfullydilutednetincomepershareforQ12025isforecastedbetween1.53 and 1.54[18]−Non−GAAPfullydilutednetincomepershareforfiscalyear2025isforecastedatapproximately6.16[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 666millionand669 million[18] - Total revenues for fiscal year 2025 are projected between 2.7billionand2.71 billion[18] Cash Flow and Expenses - Net cash provided by operating activities on a GAAP basis increased to 763,516thousandinQ22024from505,936 thousand in Q2 2023[29] - Non-GAAP research and development expense decreased to 120,940thousandinQ22024from108,026 thousand in Q2 2023[29] - Net cash used in investing activities on a GAAP basis was 272,378thousandinQ22024comparedto297,394 thousand in Q2 2023[29] - Net cash provided by financing activities on a GAAP basis was 3,828thousandinQ22024comparedtoanetcashusedof1,392 thousand in Q2 2023[29] - Non-GAAP cost of subscription services revenues decreased to 75,495thousandinQ22024from64,980 thousand in Q2 2023[29] - Non-GAAP cost of professional services and other revenues decreased to 83,067thousandinQ22024from86,232 thousand in Q2 2023[29]
Veeva(VEEV)2024-05-30 20:12