Veeva Systems Inc. (VEEV) on Q4 2023 Results - Earnings Call Transcript
Ato Garrett: Good afternoon, and welcome to Veeva's Fiscal 2023 Fourth Quarter and Full-Year Earnings Conference Call for the quarter and year ended January 31, 2023. As a reminder, we posted prepared remarks on Veeva's Investor Relations website just after 1:00 p.m. Pacific today. We hope you have had a chance to read them before the call. Today's call will be used primarily for Q&A. With me today for Q&A are Peter Gassner, our Chief Executive Officer; Paul Shawah, EVP, Commercial Strategy; and Brent Bowman, our Chief Financial Officer. During this call, we may make forward-looking statements regarding trends, our strategies, and the anticipated performance of the business, including guidance regarding future financial results. These forward-looking statements will be based on our current views and expectations and are subject to various risks and uncertainties. Our actual results may differ materially. Please refer to the risks listed in our earnings release and the risk factors included in our most recent filing on Form 10-Q. Forward-looking statements made during the call are being made as of today, March 1, 2023, based on the facts available to us today. If this call is replayed or viewed after today, the information presented during the call may not contain current or accurate information. Veeva disclaims any obligation to update or revise any forward-looking statements. We may discuss our guidance on today's call, but we will not provide any further guidance or update in our performance during the quarter, unless we do so in a public forum. On the call, we may also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A reconciliation to comparable GAAP metrics can be found in today's earnings release and in the supplemental investor presentation, both of which are available on our website. With that, thank you for joining us, and I'll turn the call over to Peter. Peter Gassner: Thank you, Ato, and welcome everyone to the call. We had a strong finish to the year with results ahead of our guidance for the quarter and year. Thanks to great execution by the Veeva teams across all areas. We're early in the significant industry cloud opportunity, and we are executing well. It was a breakout year for clinical data management, and we saw a great traction in newer areas such as Safety, Link and Compass. Our innovation engine is strong and our strategic partnerships with the industry are increasing. We issued guidance for fiscal '24 and initial guidance for fiscal '25 to provide context for the one-time revenue impacts to 2024 related to TFC. Normalizing for TFC and FX, we expect revenue to grow about 15% in fiscal '24 and at least 15% in fiscal '25. At this point, we'll open the call to your questions. Operator: Thank you sir. [Operator Instructions]. We'll go to Brent Bracelin, Piper Sandler. Operator: Next up is Brian Peterson from Raymond James. Operator: Next up is Joe Vruwink, Baird. Operator: Our next question is Ken Wong, Oppenheimer. Operator: The next question is Anne Samuel, JPMorgan. Operator: Will go to Stephanie Davis, SVB Securities. Operator: The next question is Gabriela Borges, Goldman Sachs. Operator: Craig Hettenbach from Morgan Stanley has the next question. Operator: We'll take our next question from Rishi Jaluria, RBC Capital Markets. Operator: Up next is Saket Kalia, Barclays. Operator: We will take a question next from Dylan Becker, William Blair. Operator: And we'll go back to Charles Rhyee, Cowen. Operator: Up next is Ryan MacDonald, Needham & Company. Operator: Next up is Joe Goodwin, JMP. Operator: Our next question is Stan Berenshteyn, Wells Fargo Securities. Operator: We'll go to Jack Wallace, Guggenheim Securities. Operator: Next up is Natalie Hao [ph], Bank of America. Operator: And that was our final question. I'd like to hand the call back to Mr. Peter Gassner for any additional or closing remarks. Peter Gassner: Thank you, everyone, for joining the call today, and thank you to our customers for your continued partnership and to the Veeva team for your outstanding work in the quarter. Thank you. Operator: And everyone, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.
Veeva Systems Stock Surges 17% on Q1 Beat
Veeva Systems (NYSE:VEEV) shares jumped more than 17% intra-day today after the company reported its Q1 results, with EPS of $0.91 coming in better than the Street estimate of $0.79. Revenue was $526.3 million, beating the Street estimate of $515.86 million.
Management reiterated that demand, and underlying KPIs (pipeline, win-rates, collections) remain consistent despite macro uncertainties. Management expects early customers to be live on Vault CRM and the Compass suite by next year.
For Q2/24, the company expects EPS to be in the range of $1.12-$1.13, compared to the Street estimate of $1.07, and revenue in the range of $580-$582 million, compared to the Street estimate of $580.31 million.
For the full year, the company expects EPS of $4.59, compared to the Street’s $4.32, and revenue of $2.36-$2.37 billion, compared to the Street’s $2.36 billion.
Veeva Systems Inc. Shares Closed 5% Lower Despite Strong Q2 Beat
Veeva Systems Inc. (NYSE:VEEV) shares closed more than 5% lower today despite the company’s reported Q2 results, which were above the Street estimates. The company delivered quarterly $0.94 EPS, beating the consensus estimate of $0.87, and revenue of $455.6 million (up 29% year-over-year), versus the consensus estimate of $451.93 million.
The company projects Q3 revenue to range from $464 million to $466 million, which is better than the Street estimate of $456.94 million.
For the full 2022-year the management of the company expects an EPS of $3.57, better than the consensus estimate of $3.50, and revenue of $1.83 billion-$1.835 billion, compared to the consensus of $1.82 billion.
