Veeva Systems Inc. (NYSE:VEEV) Q4 2024 Earnings Call Transcript
Veeva Systems Inc. (NYSE:VEEV) Q4 2024 Earnings Call Transcript February 29, 2024
Veeva Systems Inc. beats earnings expectations. Reported EPS is $1.38, expectations were $1.3. Veeva Systems Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Hello and thank you for standing by. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the Veeva Systems Fiscal 2024 Fourth Quarter and Full Year Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] With that, I would like to turn the conference over to Gunnar Hansen, Director, Investor Relations. Please go ahead.
Gunnar Hansen: Good afternoon, and welcome to Veeva's fiscal 2024 Fourth Quarter and Full Year Earnings Conference Call for the quarter and fiscal year ended January 31st, 2024. As a reminder, we posted prepared remarks on Veeva's Investor Relations website just after 1:00 PM Pacific today. We hope you have had a chance to read them before the call. Today's call will be used primarily for Q&A. With me today for Q&A are Peter Gassner, our Chief Executive Officer; Paul Shawah, EVP, Commercial Strategy; and Brent Bowman, our Chief Financial Officer. During this call, we may make forward-looking statements regarding trends, our strategies and the anticipated performance of the business, including guidance regarding future financial results.
These forward-looking statements will be based on our current views and expectations and are subject to various risks and uncertainties. Our actual results may differ materially. Please refer to the risks listed in our earnings release and the risk factors included in our most recent filing on Form 10-Q. Forward-looking statements made during the call are being made as of today, February 29, 2024, based on the facts available to us today. If this call is replayed or viewed after today, the information presented during the call may not contain current or accurate information. Veeva disclaims any obligation to update or revise any forward-looking statements. We may discuss our guidance on today's call, but we will not provide any further guidance or updates on our performance during the quarter unless we do so in a public form.
On the call, we may also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A reconciliation to comparable GAAP metrics can be found in today's earnings release and in the supplemental investor presentation, both of which are available on our website. With that, thank you for joining us, and I'll turn the call over to Peter.
Peter Gassner: Thank you, Gunnar, and welcome everyone to the call. It was a great quarter and year of execution for Veeva with strength across the business and results above our guidance. Total revenue in the quarter was $631 million with non-GAAP operating income of $239 million. For the year, total revenue was $2.4 billion and non-GAAP operating income was $843 million. This past year was important in many ways for Veeva and the industry. And I'm proud of all the team accomplished. We delivered the Veeva Compass Suite, giving the industry a better alternative to legacy data. We established the clinical platform and progressed on our new commercial cloud. It was a milestone year that I think we'll look back on as one of the most significant. We'll now open up the call to your question.
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