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Veeva Systems Inc. Class A (VEEV+0.94%) has submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports total revenues of $699.2 million for the quarter, an increase from $616.5 million in the same period last year. Subscription services revenues contributed $580.9 million, while professional services and other revenues accounted for $118.4 million.
Operating income for the quarter was $181.4 million, compared to $128.5 million in the previous year. The company recorded a net income of $185.8 million, up from $135.2 million in the same quarter last year.
Research and development expenses increased to $172.4 million from $161.3 million in the previous year, reflecting continued investment in product development.
Sales and marketing expenses were $98.7 million, slightly up from $96.8 million in the same period last year. General and administrative expenses increased to $72.4 million from $62.3 million.
The company reported cash and cash equivalents of $1.0 billion as of October 31, 2024, with net cash provided by operating activities amounting to $1.0 billion for the nine months ended October 31, 2024.
Veeva Systems continues to focus on expanding its cloud solutions for the life sciences industry, with a significant portion of revenues derived from its Commercial and R&D Solutions.
The report also highlights ongoing litigation matters, including cases with IQVIA, which could impact future financial results.
Veeva's management discusses the impact of macroeconomic conditions, including inflationary pressures and geopolitical factors, on its business operations and future outlook.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Veeva Systems Inc. Class A quarterly 10-Q report dated December 9, 2024. To report an error, please email earnings@qz.com.