False000139305200013930522025-03-052025-03-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________________________________________________________
FORM 8-K
_____________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 5, 2025
_____________________________________________________________________________
Veeva logo 1 for sec.jpg
Veeva Systems Inc.
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________
Delaware
001-36121
20-8235463
(State or other jurisdiction of
incorporation of organization)
(Commission File Number)
(IRS Employer
Identification No.)

4280 Hacienda Drive
Pleasanton, California 94588
(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (925) 452-6500
Not Applicable
(Former name or former address, if changed since last report)
_____________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock,
par value $0.00001 per share		VEEVNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.    Results of Operations and Financial Condition.
On March 5, 2025, Veeva Systems Inc. (“Veeva”) issued a press release announcing its results for its fourth quarter and fiscal year ended ended January 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Current Report on Form 8-K and the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.

Item 9.01.    Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Veeva Systems Inc.
By:
/s/ Brian Van Wagener
Brian Van Wagener
Chief Financial Officer
Dated:March 5, 2025




Exhibit 99.1
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FOR IMMEDIATE RELEASE
Veeva Announces Fourth Quarter and Fiscal Year 2025 Results
Fiscal Year 2025 Total Revenues of $2,746.6M, up 16% Year Over Year
Q4 Total Revenues of $720.9M, up 14% Year Over Year
Fiscal Year 2025 Subscription Services Revenues of $2,284.7M, up 20% Year Over Year
Q4 Subscription Services Revenues of $608.6M, up 17% Year Over Year

PLEASANTON, CA - March 5, 2025 - Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its fourth quarter and fiscal year ended January 31, 2025.
“It was an outstanding quarter and year of execution and innovation in software, data, and business consulting,” said CEO Peter Gassner. “These advances set us up for the significant opportunity ahead to help life sciences bring better treatments to more patients, with greater speed and efficiency. I am excited to see what we can accomplish with our customers and the Veeva team in the coming years.”
Fiscal 2025 Fourth Quarter Results:
•Revenues(1): Total revenues for the fourth quarter were $720.9 million, up from $630.6 million one year ago, an increase of 14% year over year. Subscription services revenues for the fourth quarter were $608.6 million, up from $521.5 million one year ago, an increase of 17% year over year.
•Operating Income and Non-GAAP Operating Income(1)(2): Fourth quarter operating income was $188.4 million, compared to $135.3 million one year ago, an increase of 39% year over year. Non-GAAP operating income for the fourth quarter was $307.7 million, compared to $239.1 million one year ago, an increase of 29% year over year.
•Net Income and Non-GAAP Net Income(1)(2): Fourth quarter net income was $195.6 million, compared to $147.4 million one year ago, an increase of 33% year over year. Non-GAAP net income for the fourth quarter was $287.9 million, compared to $226.3 million one year ago, an increase of 27% year over year.
•Net Income per Share and Non-GAAP Net Income per Share(1)(2): For the fourth quarter, fully diluted net income per share was $1.18, compared to $0.90 one year ago, while non-GAAP fully diluted net income per share was $1.74, compared to $1.38 one year ago.
© 2025 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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Fiscal Year 2025 Results:
•Revenues(1): Total revenues for the fiscal year ended January 31, 2025 were $2,746.6 million, up from $2,363.7 million one year ago, an increase of 16% year over year. Subscription services revenues were $2,284.7 million, up from $1,901.6 million one year ago, an increase of 20% year over year.
•Operating Income and Non-GAAP Operating Income(1)(2): Fiscal year 2025 operating income was $691.4 million, compared to $429.3 million one year ago, an increase of 61% year over year. Non-GAAP operating income for fiscal year 2025 was $1,152.3 million, compared to $842.5 million one year ago, an increase of 37% year over year.
•Net Income and Non-GAAP Net Income(1)(2): Fiscal year 2025 net income was $714.1 million, compared to $525.7 million one year ago, an increase of 36% year over year. Non-GAAP net income for fiscal year 2025 was $1,090.4 million, compared to $791.0 million one year ago, an increase of 38% year over year.
•Net Income per Share and Non-GAAP Net Income per Share(1)(2): For fiscal year 2025, fully diluted net income per share was $4.32, compared to $3.22 one year ago, while non-GAAP fully diluted net income per share was $6.60, compared to $4.84 one year ago.
“We closed the year with results ahead of guidance for all metrics,” said CFO Brian Van Wagener. “Our execution continues to be strong and we see momentum across our product areas, positioning us well to consistently deliver on our goals.”
Recent Highlights:
•Strong Finish to an Important Year Building the Industry Cloud for Life Sciences – Through customer success and product excellence, Veeva deepened its strategic partnerships across all customer segments – from top 20 biopharmas to emerging biotechs. Expanding with both new and existing customers, Veeva finished the year with a total of 1,477 customers, including 1,125 in Veeva R&D Solutions and 730 in Veeva Commercial Solutions.(3)(4)
•Vault CRM Suite Delivers on Innovation Roadmap – The December release of Vault CRM represents the most advanced CRM for life sciences, which includes the full functionality of Veeva CRM, additional new capabilities, and a strong innovation roadmap ahead with AI coming to Vault CRM this year. The company also expanded the Vault CRM Suite in the quarter with the release of Campaign Manager, following the August availability of Service Center. More than 50 customers are now live on Vault CRM, and eight customers have migrated from Veeva CRM to Vault CRM with more underway.
•Veeva Becoming the Standard for Drug Development and Quality – There were a number of notable wins, expansions, and go-lives in Q4 in clinical, regulatory, safety, and quality. Quality Cloud added 41 new customers and more than 20 existing customers expanded their use of Veeva Quality Cloud products. The fourth top 20 biopharma selected Veeva Safety. In February, the second top 20 biopharma went live with Veeva Safety and is now rolling out the full Safety Suite. Expansion across clinical continued in Q4 as well, including a top 20 biopharma taking a full Clinical Platform approach – adding six major clinical applications all at once – representing one of Veeva's largest subscription orders ever.
© 2025 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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Financial Outlook:
Veeva is providing guidance for its fiscal first quarter ending April 30, 2025 as follows:
•Total revenues between $726 and $729 million.
•Non-GAAP operating income between $307 and $309 million.(5)
•Non-GAAP fully diluted net income per share between $1.74 and $1.75.(5)
Veeva is providing guidance for its fiscal year ending January 31, 2026 as follows:
•Total revenues between $3,040 and $3,055 million.
•Non-GAAP operating income of about $1,300 million.(5)
•Non-GAAP fully diluted net income per share of approximately $7.32.(5)
Conference Call Information
Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva's investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00 p.m. PT today, March 5, 2025, and a replay of the call will be available on Veeva's investor relations website.
What:
Veeva Systems Fourth Quarter and Fiscal Year 2025 Results Conference Call
When:Wednesday, March 5, 2025
Time:2:00 p.m. PT (5:00 p.m. ET)
Online Registration: https://registrations.events/direct/Q4I2974099
Webcast:ir.veeva.com
___________
(1) The customer contracting change that standardized termination for convenience (TFC) rights in our master subscription agreements resulted in a change in the timing of revenue for certain customer contracts and reduced revenues, operating income and non-GAAP operating income, and net income and non-GAAP net income in the fourth quarter and fiscal year ended January 31, 2024.
(2) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled “Non-GAAP Financial Measures” and the tables entitled “Reconciliation of GAAP to Non-GAAP Financial Measures” below for details.
(3) The combined customer counts for Commercial Solutions and R&D Solutions exceed the total customer count in each year because some customers subscribe to products in both areas. Commercial Solutions consist of our Veeva Commercial Cloud, Veeva Data Cloud, and Veeva Claims solutions. R&D Solutions consist of our Veeva Development Cloud, Veeva RegulatoryOne, and Veeva QualityOne solutions.
(4) Customer count totals are presented net of customer attrition during the period.
(5) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the first fiscal quarter ending April 30, 2025 or the fiscal year ending January 31, 2026 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.
© 2025 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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About Veeva Systems
Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com.
Veeva uses its ir.veeva.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.
Forward-looking Statements
This release contains forward-looking statements regarding Veeva’s expected future performance and, in particular, includes quotes from management and guidance, provided as of March 5, 2025, about Veeva’s expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, developments that impact the life sciences industry (including regulatory, funding, or policy changes), general macroeconomic and geopolitical events (including inflationary pressures, changes in interest rates, changes in trade policy or practices, currency exchange fluctuations, and geopolitical conflicts), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled “Summary of Risk Factors” on pages 36 and 37 in our filing on Form 10-Q for the period ended October 31, 2024 which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.

###
Investor Relations Contact:
Media Contact:
Gunnar Hansen
Maria Scurry
Veeva Systems Inc.
Veeva Systems Inc.
267-460-5839
781-366-7617
ir@veeva.com
pr@veeva.com
© 2025 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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VEEVA SYSTEMS INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
January 31,
2025		January 31,
2024
Assets
Current assets:
Cash and cash equivalents$1,118,785 $703,487 
Short-term investments4,031,442 3,324,269 
Accounts receivable, net1,016,356 852,172 
Unbilled accounts receivable40,761 36,365 
Prepaid expenses and other current assets101,458 86,918 
Total current assets6,308,802 5,003,211 
Property and equipment, net55,912 58,532 
Deferred costs, net26,383 23,916 
Lease right-of-use assets63,863 45,602 
Goodwill439,877 439,877 
Intangible assets, net44,460 63,017 
Deferred income taxes343,919 233,463 
Other long-term assets56,540 43,302 
Total assets$7,339,756 $5,910,920 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$30,447 $31,513 
Accrued compensation and benefits39,429 43,433 
Accrued expenses and other current liabilities35,557 32,980 
Income tax payable9,024 11,862 
Deferred revenue1,273,978 1,049,761 
Lease liabilities9,969 9,334 
Total current liabilities1,398,404 1,178,883 
Deferred income taxes587 2,052 
Long-term lease liabilities
65,806 46,441 
Other long-term liabilities42,586 38,720 
Total liabilities1,507,383 1,266,096 
Stockholders’ equity:
Common stock
2 2 
Additional paid-in capital2,386,192 1,915,002 
Accumulated other comprehensive loss(8,416)(10,637)
Retained earnings3,454,595 2,740,457 
Total stockholders’ equity5,832,373 4,644,824 
Total liabilities and stockholders’ equity
$7,339,756 $5,910,920 


© 2025 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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VEEVA SYSTEMS INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended January 31,Fiscal year ended January 31,
2025202420252024
Revenues:
Subscription services(6)
$608,577 $521,498 $2,284,659 $1,901,593 
Professional services and other(7)
112,309 109,120 461,960 462,080 
Total revenues720,886 630,618 2,746,619 2,363,673 
Cost of revenues(8):
Cost of subscription services83,493 77,398 323,070 290,577 
Cost of professional services and other97,498 96,530 376,566 386,714 
Total cost of revenues180,991 173,928 699,636 677,291 
Gross profit539,895 456,690 2,046,983 1,686,382 
Operating expenses(8):
Research and development181,527 163,565 693,078 629,031 
Sales and marketing99,202 99,203 396,726 381,472 
General and administrative70,743 58,658 265,744 246,545 
Total operating expenses351,472 321,426 1,355,548 1,257,048 
Operating income188,423 135,264 691,435 429,334 
Other income, net56,707 47,429 227,946 158,689 
Income before income taxes245,130 182,693 919,381 588,023 
Income tax provision
49,505 35,295 205,243 62,318 
Net income$195,625 $147,398 $714,138 $525,705 
Net income per share:
Basic$1.20 $0.92 $4.41 $3.27 
Diluted$1.18 $0.90 $4.32 $3.22 
Weighted-average shares used to compute net income per share:
Basic162,391 161,088 161,879 160,532 
Diluted165,674 164,071 165,232 163,486 
Other comprehensive income:
Net change in unrealized gain (loss) on available-for-sale investments$(1,482)$28,135 $4,094 $22,038 
Net change in cumulative foreign currency translation loss(475)(1,234)(1,873)(1,546)
Comprehensive income$193,668 $174,299 $716,359 $546,197 
(6) Includes subscription services revenues from the following product areas:
Veeva Commercial Solutions$293,385 $261,882 $1,104,888 $995,803 
Veeva R&D Solutions315,192 259,616 1,179,771 905,790 
Total subscription services$608,577 $521,498 $2,284,659 $1,901,593 
(7) Includes professional services and other revenues from the following product areas:
Veeva Commercial Solutions$45,607 $45,899 $185,302 $185,981 
Veeva R&D Solutions66,702 63,221 276,658 276,099 
Total professional services and other$112,309 $109,120 $461,960 $462,080 
(8) Includes stock-based compensation as follows:
Cost of revenues:
Cost of subscription services$1,699 $1,626 $6,591 $6,483 
Cost of professional services and other12,737 13,356 51,377 53,237 
Research and development47,160 42,967 185,901 172,876 
Sales and marketing22,250 23,781 90,178 90,865 
General and administrative31,358 17,163 103,303 70,272 
Total stock-based compensation$115,204 $98,893 $437,350 $393,733 
© 2025 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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VEEVA SYSTEMS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Fiscal year ended January 31,
20252024
Cash flows from operating activities
Net income$714,138 $525,705 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization39,383 32,628 
Reduction of operating lease right-of-use assets11,547 11,691 
Accretion of discount on short-term investments(24,443)(26,515)
Stock-based compensation437,350 393,733 
Amortization of deferred costs15,528 18,177 
Deferred income taxes(112,273)(105,374)
Other, net1,201 471 
Changes in operating assets and liabilities:
Accounts receivable(164,572)(149,810)
Unbilled accounts receivable(4,396)45,809 
Deferred costs(17,995)(10,268)
Prepaid expenses and other current and long-term assets(17,453)414 
Accounts payable(1,961)(10,230)
Accrued expenses and other current liabilities(1,414)(4,249)
Income tax payable(2,838)6,916 
Deferred revenue227,838 188,164 
Lease liabilities(9,835)(6,879)
Other long-term liabilities246 956 
Net cash provided by operating activities1,090,051 911,339 
Cash flows from investing activities
Purchases of short-term investments(2,581,968)(2,697,968)
Maturities and sales of short-term investments1,902,349 1,647,813 
Long-term assets(20,519)(26,196)
Net cash used in investing activities(700,138)(1,076,351)
Cash flows from financing activities
Proceeds from exercise of common stock options105,538 62,687 
Taxes paid related to net share settlement of equity awards(79,423)(78,875)
Net cash provided by (used in) financing activities26,115 (16,188)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(1,735)(1,780)
Net change in cash, cash equivalents, and restricted cash414,293 (182,980)
Cash, cash equivalents, and restricted cash at beginning of period706,670 889,650 
Cash, cash equivalents, and restricted cash at end of period$1,120,963 $706,670 
Supplemental disclosures of other cash flow information:
Excess tax benefits from employee stock plans$8,932 $71,049 
© 2025 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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Non-GAAP Financial Measures
In Veeva’s public disclosures, Veeva has provided non-GAAP measures, which it defines as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, Veeva uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing its financial results. For the reasons set forth below, Veeva believes that excluding the following items provides information that is helpful in understanding its operating results, evaluating its future prospects, comparing its financial results across accounting periods, and comparing its financial results to its peers, many of which provide similar non-GAAP financial measures.
•Excess tax benefits. Excess tax benefits from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations, Veeva excludes excess tax benefits for its internal management reporting processes. Veeva management also finds it useful to exclude excess tax benefits when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits, Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies.
•Stock-based compensation expenses. Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.
•Amortization of purchased intangibles. Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva’s revenues earned during the periods presented and will contribute to Veeva’s future period revenues as well.
•Litigation settlement. We exclude costs related to the settlement of certain litigation matters because they are non-recurring and outside the ordinary course of business. Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results.
•Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP measures.
There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Veeva’s management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Veeva encourages its investors and others to review its financial information in its entirety, not to rely on any single financial measure to evaluate its business, and to view its non-GAAP financial
measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.
© 2025 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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VEEVA SYSTEMS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
(Unaudited)

The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:

Reconciliation of Net Cash Provided by Operating Activities (GAAP basis to non-GAAP basis)Three months ended January 31,Fiscal year ended January 31,
2025202420252024
Net cash provided by operating activities on a GAAP basis$69,544 $57,769 $1,090,051 $911,339 
Excess tax benefits from employee stock plans(3,772)(2,474)(8,932)(71,049)
Net cash provided by operating activities on a non-GAAP basis$65,772 $55,295 $1,081,119 $840,290 
Net cash used in investing activities on a GAAP basis$(15,692)$(86,703)$(700,138)$(1,076,351)
Net cash provided by (used in) financing activities on a GAAP basis$20,811 $(10,484)$26,115 $(16,188)
Reconciliation of Financial Measures (GAAP basis to non-GAAP basis)Three months ended January 31,Fiscal year ended January 31,
2025202420252024
Cost of subscription services revenues on a GAAP basis$83,493 $77,398 $323,070 $290,577 
Stock-based compensation expense(1,699)(1,626)(6,591)(6,483)
Amortization of purchased intangibles(1,045)(1,125)(4,310)(4,468)
Cost of subscription services revenues on a non-GAAP basis$80,749 $74,647 $312,169 $279,626 
Gross margin on subscription services revenues on a GAAP basis86.3 %85.2 %85.9 %84.7 %
Stock-based compensation expense0.3 0.3 0.3 0.4 
Amortization of purchased intangibles0.1 0.2 0.1 0.2 
Gross margin on subscription services revenues on a non-GAAP basis86.7 %85.7 %86.3 %85.3 %
Cost of professional services and other revenues on a GAAP basis$97,498 $96,530 $376,566 $386,714 
Stock-based compensation expense(12,737)(13,356)(51,377)(53,237)
Amortization of purchased intangibles(138)(139)(550)(550)
Cost of professional services and other revenues on a non-GAAP basis$84,623 $83,035 $324,639 $332,927 
Gross margin on professional services and other revenues on a GAAP basis13.2 %11.5 %18.5 %16.3 %
Stock-based compensation expense11.3 12.3 11.1 11.6 
Amortization of purchased intangibles0.2 0.1 0.1 0.1 
Gross margin on professional services and other revenues on a non-GAAP basis24.7 %23.9 %29.7 %28.0 %
Gross profit on a GAAP basis$539,895 $456,690 $2,046,983 $1,686,382 
Stock-based compensation expense14,436 14,982 57,968 59,720 
Amortization of purchased intangibles1,183 1,264 4,860 5,018 
Gross profit on a non-GAAP basis$555,514 $472,936 $2,109,811 $1,751,120 
Gross margin on total revenues on a GAAP basis74.9 %72.4 %74.5 %71.3 %
Stock-based compensation expense2.0 2.4 2.1 2.6 
Amortization of purchased intangibles0.2 0.2 0.2 0.2 
Gross margin on total revenues on a non-GAAP basis77.1 %75.0 %76.8 %74.1 %
Research and development expense on a GAAP basis$181,527 $163,565 $693,078 $629,031 
Stock-based compensation expense(47,160)(42,967)(185,901)(172,876)
Amortization of purchased intangibles— (29)(85)(114)
Research and development expense on a non-GAAP basis$134,367 $120,569 $507,092 $456,041 
© 2025 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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VEEVA SYSTEMS INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)
(Dollars in thousands, except per share data)
(Unaudited)
Three months ended January 31,Fiscal year ended January 31,
2025202420252024
Sales and marketing expense on a GAAP basis$99,202 $99,203 $396,726 $381,472 
Stock-based compensation expense(22,250)(23,781)(90,178)(90,865)
Amortization of purchased intangibles(2,885)(3,552)(13,443)(14,102)
Sales and marketing expense on a non-GAAP basis$74,067 $71,870 $293,105 $276,505 
General and administrative expense on a GAAP basis$70,743 $58,658 $265,744 $246,545 
Stock-based compensation expense(31,358)(17,163)(103,303)(70,272)
Amortization of purchased intangibles— (56)(170)(225)
Litigation settlement
— — (5,000)— 
General and administrative expense on a non-GAAP basis$39,385 $41,439 $157,271 $176,048 
Operating expense on a GAAP basis$351,472 $321,426 $1,355,548 $1,257,048 
Stock-based compensation expense(100,768)(83,911)(379,382)(334,013)
Amortization of purchased intangibles(2,885)(3,637)(13,698)(14,441)
Litigation settlement
— — (5,000)— 
Operating expense on a non-GAAP basis$247,819 $233,878 $957,468 $908,594 
Operating income on a GAAP basis$188,423 $135,264 $691,435 $429,334 
Stock-based compensation expense115,204 98,893 437,350 393,733 
Amortization of purchased intangibles4,068 4,901 18,558 19,459 
Litigation settlement
— — 5,000 — 
Operating income on a non-GAAP basis$307,695 $239,058 $1,152,343 $842,526 
Operating margin on a GAAP basis26.1 %21.4 %25.2 %18.2 %
Stock-based compensation expense16.0 15.7 15.9 16.6 
Amortization of purchased intangibles0.6 0.8 0.7 0.8 
Litigation settlement
— — 0.2 — 
Operating margin on a non-GAAP basis42.7 %37.9 %42.0 %35.6 %
Net income on a GAAP basis$195,625 $147,398 $714,138 $525,705 
Stock-based compensation expense115,204 98,893 437,350 393,733 
Amortization of purchased intangibles4,068 4,901 18,558 19,459 
Litigation settlement
— — 5,000 — 
Income tax effect on non-GAAP adjustments(9)
(27,020)(24,867)(84,618)(147,937)
Net income on a non-GAAP basis$287,877 $226,325 $1,090,428 $790,960 
Diluted net income per share on a GAAP basis$1.18 $0.90 $4.32 $3.22 
Stock-based compensation expense0.70 0.60 2.65 2.41 
Amortization of purchased intangibles0.02 0.03 0.11 0.12 
Litigation settlement
— — 0.03 — 
Income tax effect on non-GAAP adjustments(9)
(0.16)(0.15)(0.51)(0.91)
Diluted net income per share on a non-GAAP basis$1.74 $1.38 $6.60 $4.84 
________________________
(9) For the three months and fiscal years ended January 31, 2025 and 2024, management used an estimated annual effective non-GAAP
tax rate of 21.0%.
© 2025 Veeva Systems Inc. All rights reserved. Veeva, V, Vault and Crossix are registered trademarks of Veeva Systems Inc.
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10
v3.25.0.1
Cover Page Cover Page
Mar. 05, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 05, 2025
Entity Registrant Name Veeva Systems Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-36121
Entity Tax Identification Number 20-8235463
Entity Address, Address Line One 4280 Hacienda Drive
Entity Address, City or Town Pleasanton
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94588
City Area Code 925
Local Phone Number 452-6500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock,par value $0.00001 per share
Trading Symbol VEEV
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001393052
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