Veeva Systems (VEEV) FY2020 results: revenue $1.1 billion, up 28.1% on the year
Veeva Systems Inc. (VEEV) reported revenue of $1.1 billion for fiscal 2020, the year ended 31 January 2020, up 28.1% on the year before. Net income was $301 million, up 31.0%, and diluted earnings per share $1.90. The figures are the company's own, from the 10-K it filed with the SEC on 30 March 2020.
Revenue
$1.1 billion
+28.1% on the year
FY2013FY2020
Operating margin
25.9%
25.8% a year earlier
FY2013FY2020
Net income
$301 million
+31.0% on the year
FY2013FY2020
Diluted EPS
$1.90
+29.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,104
862
691
+28.1%
Cost of revenue
303
245
211
+23.7%
Gross profit
801
617
479
+29.8%
Gross margin
72.5%
71.6%
69.4%
Research and development
210
159
132
+32.2%
Operating income
286
223
158
+28.4%
Operating margin
25.9%
25.8%
22.9%
Pre-tax income
314
239
166
+31.5%
Income tax
12.6
8.8
14.6
+42.8%
Effective tax rate
4.0%
3.7%
8.8%
Net income
301
230
151
+31.0%
Net margin
27.3%
26.7%
21.9%
Diluted EPS
$1.90
$1.47
$0.98
+29.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
437
311
233
+40.7%
Capital expenditure
3.1
8.4
9.6
-63.1%
Free cash flow
434
302
224
+43.6%
Free cash flow margin
39.3%
35.1%
32.4%
Cash from investing
-517
-104
-155
Cash from financing
10.0
25.9
20.8
-61.4%
Depreciation and amortisation
19.9
14.1
14.3
+41.1%
Share-based compensation
116
76.4
54.0
+51.7%
Diluted shares, weighted
158m
156m
154m
+1.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,666
1,238
906
+34.6%
Debt
0.0
0.0
0.0
Operating lease liabilities
44.5
n/a
n/a
Finance lease liabilities
0.4
n/a
n/a
Other liabilities
561
416
324
+34.9%
Total liabilities and equity
2,272
1,654
1,230
+37.4%
Fixed assets
54.8
55.0
52.3
-0.4%
Goodwill
439
95.8
95.8
+357.7%
Intangible assets
135
24.5
31.5
+448.9%
Investments
610
539
442
+13.1%
Cash and equivalents
477
551
320
-13.5%
Receivables
390
303
225
+28.4%
Other assets
167
84.8
64.1
+97.4%
Total assets
2,272
1,654
1,230
+37.4%
10-K for the year ended 31 January 2020, filed 30 March 2020: the filing.