Veeva Systems (VEEV) FY2024 results: revenue $2.4 billion, up 9.7% on the year

Veeva Systems Inc. (VEEV) reported revenue of $2.4 billion for fiscal 2024, the year ended 31 January 2024, up 9.7% on the year before. Net income was $526 million, up 7.8%, and diluted earnings per share $3.22. The figures are the company's own, from the 10-K it filed with the SEC on 25 March 2024.

Revenue

$2.4 billion

+9.7% on the year

FY2017FY2024

Operating margin

18.2%

21.3% a year earlier

FY2017FY2024

Net income

$526 million

+7.8% on the year

FY2017FY2024

Diluted EPS

$3.22

+7.3% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,364	2,155	1,851	+9.7%
Cost of revenue	677	609	504	+11.1%
Gross profit	1,686	1,546	1,347	+9.1%
Gross margin	71.3%	71.7%	72.8%
Research and development	629	520	382	+20.9%
Operating income	429	459	505	-6.5%
Operating margin	18.2%	21.3%	27.3%
Pre-tax income	588	509	512	+15.5%
Income tax	62.3	21.4	84.9	+191.3%
Effective tax rate	10.6%	4.2%	16.6%
Net income	526	488	427	+7.8%
Net margin	22.2%	22.6%	23.1%
Diluted EPS	$3.22	$3.00	$2.63	+7.3%

$ million except per share.

Free 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	911	780	764	+16.8%
Cash from investing	-1,076	-1,008	-346
Cash from financing	-16.2	-19.4	-4.1
Depreciation and amortisation	25.0	25.0	26.0	0.0%
Share-based compensation	394	352	235	+11.9%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	163m	162m	162m	+0.6%
Shares outstanding at period end	161m	n/a	n/a

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	4,645	3,716	2,912	+25.0%
Debt	0.0	0.0	0.0
Operating lease liabilities	46.4	49.7	43.6	-6.5%
Other liabilities	1,220	1,038	861	+17.5%
Total liabilities and equity	5,911	4,804	3,816	+23.0%
Fixed assets	58.5	49.8	54.5	+17.5%
Goodwill	440	440	440	0.0%
Intangible assets	63.0	82.5	102	-23.6%
Investments	3,324	2,216	1,238	+50.0%
Cash and equivalents	703	886	1,138	-20.6%
Receivables	852	703	631	+21.2%
Other assets	470	426	213	+10.1%
Total assets	5,911	4,804	3,816	+23.0%

10-K for the year ended 31 January 2024, filed 25 March 2024: the filing.