Veeva Systems Inc (VEEV) has reported 187.98 percent jump in profit for the quarter ended Apr. 30, 2017. The company has earned $36.02 million, or $0.24 a share in the quarter, compared with $12.51 million, or $0.09 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $33.27 million, or $0.22 a share compared with $21.17 million or $0.15 a share, a year ago. Revenue during the quarter surged 31.86 percent to $157.92 million from $119.76 million in the previous year period. Gross margin for the quarter expanded 336 basis points over the previous year period to 69.05 percent. Total expenses were 76.36 percent of quarterly revenues, down from 85.13 percent for the same period last year. This has led to an improvement of 878 basis points in operating margin to 23.64 percent.
Operating income for the quarter was $37.34 million, compared with $17.81 million in the previous year period.
However, the adjusted operating income for the quarter stood at $50.60 million compared to $29.45 million in the prior year period. At the same time, adjusted operating margin improved 745 basis points in the quarter to 32.04 percent from 24.59 percent in the last year period.
“Q1 was another great quarter across the board,” said Chief exeutive officer Peter Gassner. “Our continued momentum further demonstrates we have the proven innovation engine, disciplined execution, and customer success focus to continue to achieve long-term leadership.”
For the second-quarter 2018, Veeva System Inc expects revenue to be in the range of $163 million to $164 million and its adjusted operating income to be in the range of $46 million to $47 million and diluted earnings per share to be $0.20
For fiscal year 2018, Veeva System Inc expects revenue to be in the range of $665 million to $669 million and its adjusted operating income to be in the range of $191 million to $195 million and adjusted diluted earnings per share to be in the range of $0.82 to $0.84.
Operating cash flow improves significantly
Veeva Systems Inc has generated cash of $142.16 million from operating activities during the quarter, up 29.99 percent or $32.80 million, when compared with the last year period. The company has spent $2.30 million cash to meet investing activities during the quarter as against cash inflow of $0.08 million in the last year period.
Cash flow from financing activities was $7.28 million for the quarter, up 73.25 percent or $3.08 million, when compared with the last year period.
Cash and cash equivalents stood at $365.66 million as on Apr. 30, 2017, up 48.68 percent or $119.72 million from $245.94 million on Apr. 30, 2016.
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