VEEV Q1 2024 Earnings

Call Details

• Call Title: Veeva Systems Q1 2024 Earnings Call
• Date: May 31, 2023 at 9:00 PM UTC
• Management Team:
  • Gunnar Hansen (Senior Director, Investor Relations)
  • Peter Gassner (Chief Executive Officer)
  • Paul Shawah (EVP, Commercial Strategy)
  • Brent Bowman (Chief Financial Officer)

Call Summary

Financial Performance

• Total revenue for the quarter was $526 million.
• Operating cash flow full-year target was increased by $30 million to $840 million, representing about 20% growth on the metric referenced on the call.
• Normalized billings for the quarter were discussed at $554 million by participants during Q&A.
• Full-year normalized billings were reiterated and the company stated the full-year normalized billings figure increased by $5 million versus prior, which was described as about 15% growth.
• The company said non-GAAP metrics would be discussed and that reconciliations to comparable GAAP metrics are available in the earnings release and supplemental presentation.
• The company reported 11 new SMB wins in the quarter as part of commercial commentary.

Guidance

• The company reiterated fiscal 2025 targets of at least $2.8 billion in revenue and at least $1.0 billion in operating income.
• The guidance reiteration assumed a stable macro environment with no improvement or deterioration from current conditions.
• CFO stated the company increased the full-year billings anchor modestly and expects about 15% growth on normalized billings on a full-year basis.
• The company said CPI-based price increases will begin to impact revenue/billings in Q3 and Q4.
• The company stated it will not provide intra-quarter updates outside public forums and pointed listeners to the formal guidance disclosures.
• The company did not explicitly label the reiterated targets as GAAP or non-GAAP on the call.