Veeva Systems (VEEV) FY2021 results: revenue $1.5 billion, up 32.7% on the year
Veeva Systems Inc. (VEEV) reported revenue of $1.5 billion for fiscal 2021, the year ended 31 January 2021, up 32.7% on the year before. Net income was $380 million, up 26.2%, and diluted earnings per share $2.36. The figures are the company's own, from the 10-K it filed with the SEC on 30 March 2021.
Revenue
$1.5 billion
+32.7% on the year
FY2014FY2021
Operating margin
25.8%
25.9% a year earlier
FY2014FY2021
Net income
$380 million
+26.2% on the year
FY2014FY2021
Diluted EPS
$2.36
+24.2% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
1,465
1,104
862
+32.7%
Cost of revenue
409
303
245
+34.8%
Gross profit
1,056
801
617
+31.9%
Gross margin
72.1%
72.5%
71.6%
Research and development
294
210
159
+40.2%
Operating income
378
286
223
+32.0%
Operating margin
25.8%
25.9%
25.8%
Pre-tax income
394
314
239
+25.6%
Income tax
14.0
12.6
8.8
+11.3%
Effective tax rate
3.6%
4.0%
3.7%
Net income
380
301
230
+26.2%
Net margin
25.9%
27.3%
26.7%
Diluted EPS
$2.36
$1.90
$1.47
+24.2%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
551
437
311
+26.0%
Capital expenditure
n/a
3.1
8.4
Free cash flow
n/a
434
302
Free cash flow margin
n/a
39.3%
35.1%
Cash from investing
-334
-517
-104
Cash from financing
33.8
10.0
25.9
+237.8%
Depreciation and amortisation
29.0
19.9
14.1
+46.0%
Share-based compensation
185
116
76.4
+59.6%
Diluted shares, weighted
161m
158m
156m
+1.5%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
2,266
1,666
1,238
+36.1%
Debt
0.0
0.0
0.0
Operating lease liabilities
51.4
44.5
n/a
+15.6%
Finance lease liabilities
n/a
0.4
n/a
Other liabilities
728
561
416
+29.7%
Total liabilities and equity
3,046
2,272
1,654
+34.1%
Fixed assets
53.6
54.8
55.0
-2.0%
Goodwill
436
439
95.8
-0.6%
Intangible assets
115
135
24.5
-14.9%
Investments
933
610
539
+53.0%
Cash and equivalents
731
477
551
+53.2%
Receivables
564
390
303
+44.8%
Other assets
214
167
84.8
+27.7%
Total assets
3,046
2,272
1,654
+34.1%
10-K for the year ended 31 January 2021, filed 30 March 2021: the filing.