Veeva Systems, Inc. Announces Fiscal 2018 First Quarter Results

PLEASANTON, Calif.--(BUSINESS WIRE)--Veeva Systems Inc. (NYSE:VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its fiscal first quarter ended April 30, 2017.

“Q1 was another great quarter across the board,” said CEO Peter Gassner. “Our continued momentum further demonstrates we have the proven innovation engine, disciplined execution, and customer success focus to continue to achieve long-term leadership.”

Fiscal 2018 First Quarter Results:

• Revenues: Total revenues for the first quarter were $157.9 million, up from $119.8 million one year ago, an increase of 32% year-over-year. Subscription services revenues for the first quarter were $127.3 million, up from $96.0 million one year ago, an increase of 33% year-over-year.
• Operating income and non-GAAP operating income⁽¹⁾: First quarter operating income was $37.3 million, compared to $17.8 million one year ago, an increase of 110% year-over-year. Non-GAAP operating income for the first quarter was $50.6 million, compared to $29.4 million one year ago, an increase of 72% year-over-year.
• Net income and non-GAAP net income⁽¹⁾: First quarter net income was $36.0 million, compared to $12.5 million one year ago, an increase of 188% year-over-year. Non-GAAP net income for the first quarter was $33.3 million, compared to $21.2 million one year ago, an increase of 57% year-over-year.
• Net income per share and non-GAAP net income per share⁽¹⁾: For the first quarter, fully diluted net income per share was $0.24, compared to $0.09 one year ago, while non-GAAP fully diluted net income per share was $0.22, compared to $0.15 one year ago.

“We once again posted financial results well above guidance, driven by our ability to achieve significant growth in multiple large markets,” said CFO Tim Cabral. “Our highly efficient operating model allowed us to generate strong profitability and material cash flow in the quarter.”