VEEVA SYSTEMS Reports Record Earnings for FY2024 Q2 Ending July 31 2023
September 7, 2023
🌥️Earnings Overview
On August 30 2023, VEEVA SYSTEMS ($NYSE:VEEV) reported its second quarter earnings results for FY2024, including a total revenue of USD 590.2 million – a 10.5% year-over-year increase – and net income of USD 111.6 million, a 23.2% year-over-year rise, for the period ending July 31 2023.
Market Price
On Wednesday, VEEVA SYSTEMS stock opened at $192.9 and closed at $192.6, a dip of 0.2% from its previous closing price of 193.0. This marks the end of the financial year of 2024 for the company in terms of Q2, ending July 31st 2023. This quarter has seen record earnings for VEEVA SYSTEMS.
Additionally, the company’s investments in global expansion have provided them with access to new markets and customers, leading to increased demand for their products and services. Additionally, the launch of their new suite of cloud-based solutions has also been extremely beneficial for the company’s growth. In conclusion, VEEVA SYSTEMS have reported record earnings for FY2024 Q2 as their stock opened and closed at $192.9 and $192.6 respectively. The strong growth in subscription and services revenue, along with the company’s global expansion strategies and launch of new cloud-based solutions contributed to this success. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Veeva Systems. More…
| Total Revenues | Net Income | Net Margin |
| 2.23k | 540.14 | 24.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Veeva Systems. More…
| Operations | Investing | Financing |
| 977.03 | -1.36k | -11.6 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Veeva Systems. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 5.23k | 1.08k | 25.92 |
Key Ratios Snapshot
Some of the financial key ratios for Veeva Systems are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 20.3% | 7.5% | 17.7% |
| FCF Margin | ROE | ROA |
| 43.8% | 6.1% | 4.7% |
Analysis
GoodWhale conducted an analysis of VEEVA SYSTEMS‘s wellbeing and the results indicate that they are classified as a ‘gorilla’, a type of company that has achieved stable and high revenue or earning growth due to its strong competitive advantage. From a financial standpoint, VEEVA SYSTEMS has a high health score of 10/10, indicating that the company is capable of supporting its current debt and future operations. Additionally, VEEVA SYSTEMS is strong in asset, growth, and profitability, but weak in dividend. Investors interested in such a company should be aware of the strong competitive advantages and cashflow strength that VEEVA SYSTEMS has. The company has shown the ability to generate consistent and strong returns year over year, making it an attractive investment for those looking for long-term success. More…
Peers
The company’s competitors include ORHub Inc, Essence Information Technology Co Ltd, and Xybion Digital Inc.
– ORHub Inc ($OTCPK:ORHB)
CrowdStrike Holdings, Inc. is an American cybersecurity technology firm headquartered in Sunnyvale, California. It provides endpoint security, threat intelligence, and cyber attack response services. The company was founded in 2011 by George Kurtz and Dmitri Alperovitch.
– Essence Information Technology Co Ltd ($SHSE:688555)
Essence Information Technology Co Ltd is a Chinese company that provides information technology services. It has a market cap of 1.01B as of 2022 and a Return on Equity of -2.84%. The company offers services in areas such as cloud computing, big data, and artificial intelligence.
– Xybion Digital Inc ($TSXV:XYBN)
Xybion Digital Inc is a publicly traded company with a market capitalization of $157.07 million as of 2022. The company has a negative return on equity of 12.47% and is involved in the digital media industry. Xybion Digital Inc owns and operates a number of online properties, including social media, video, and email platforms. The company has a strong presence in the United States, Canada, and Europe.
Summary
Investors are bullish on Veeva Systems, given its impressive second quarter results for FY2024. Total revenue grew 10.5% year-over-year, reaching USD 590.2 million. Net income increased 23.2% from the same period last year to USD 111.6 million. This positive performance indicates the company is well-positioned to continue its strong growth trajectory in the coming quarters.
Analysts have recommended investing in Veeva Systems due to its robust fundamentals, customer loyalty, and strong cash position. Long-term investors should keep a close eye on the company’s upcoming quarterly releases for further insight into its growth potential.
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