Veeva Systems (VEEV) Tops Q4 EPS by 5c, Revenues Beat; Offers Q1 & FY19 EPS/Revenue Guidance Above Consensus

Veeva Systems (NYSE: VEEV) reported Q4 EPS of $0.45, $0.05 better than the analyst estimate of $0.40. Revenue for the quarter came in at $232.3 million versus the consensus estimate of $226.84 million.

“It was a great finish to another remarkable year,” said CEO Peter Gassner. “Our focus on innovation, customer success, and consistent execution sets the stage for strong organic growth for Veeva over the long-term.”

Fiscal 2019 Fourth Quarter Results:

• Revenues: Total revenues for the fourth quarter were $232.3 million, up from $186.0 million one year ago, an increase of 25% year-over-year. Subscription services revenues for the fourth quarter were $190.7 million, up from $152.0 million one year ago, an increase of 25% year-over-year.
• Operating Income and Non-GAAP Operating Income(1): Fourth quarter operating income was $63.0 million, compared to $38.5 million one year ago, an increase of 64% year-over-year. Non-GAAP operating income for the fourth quarter was $84.3 million, compared to $55.2 million one year ago, an increase of 53% year-over-year.
• Net Income and Non-GAAP Net Income(1): Fourth quarter net income was $71.2 million, compared to $40.7 million one year ago, an increase of 75% year-over-year. Non-GAAP net income for the fourth quarter was $71.1 million, compared to $37.8 million one year ago, an increase of 88% year-over-year.
• Net Income per Share and Non-GAAP Net Income per Share(1): For the fourth quarter, fully diluted net income per share was $0.45, compared to $0.26 one year ago, while non-GAAP fully diluted net income per share was $0.45, compared to $0.24 one year ago.

“We had an outstanding quarter with strong top and bottom line results that exceeded our guidance,” said CFO Tim Cabral. “Veeva Commercial Cloud had one of its best quarters ever and Veeva Vault set a new bookings record. This outperformance fuels our outlook for strong growth and profitability in the coming year.”

GUIDANCE:

Veeva Systems sees Q1 2020 EPS of $0.44-$0.45, versus the consensus of $0.40. Veeva Systems sees Q1 2020 revenue of $238-239 million, versus the consensus of $232.92 million.

Veeva Systems sees FY2020 EPS of $1.91-$1.94, versus the consensus of $1.78. Veeva Systems sees FY2020 revenue of $1.025-1.03 billion, versus the consensus of $1.02 billion.

For earnings history and earnings-related data on Veeva Systems (VEEV) click here.

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