Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 285

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 3
Chunk 285
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879 Operating expenses - adjusted:Research and development507,092 456,041 378,594 Sales and marketing293,105 276,505 247,077 General and administrative157,271 176,048 151,139 Operating income - adjusted1,152,343 842,526 830,462 Other segment items (1)460,908 413,192 371,371 Other income, net227,946 158,689 50,005 Provision for income taxes205,243 62,318 21,390 Consolidated net income$714,138 $525,705 $487,706 (1) Other segment items included in consolidated net income consist primarily of stock-based compensation expense and amortization of purchased intangibles.

74Veeva Systems Inc. | Form 10-K

Table of Contents

Cost of revenues - adjusted, and operating expenses - adjusted, are segment expenses that are regularly provided to the CEO and do not include stock-based compensation, amortization of purchased intangibles, and litigation settlement expenses, as we exclude them from our internal management reporting processes. We find it useful to exclude these expenses when we assess the appropriate level of various operating expenses and resource allocations when budgeting, planning, and forecasting future periods.

Note 16. Information about Geographic Areas and Products

Information about Geographic AreasWe track and allocate revenues by principal geographic area rather than by individual country, which makes it impractical to disclose revenues for the United States or other specific foreign countries. We measure subscription services revenue primarily by the estimated location of the end users in each geographic area for our Commercial Solutions and primarily by the estimated location of usage in each geographic area for our R&D Solutions. We measure professional services revenue primarily by the location of the resources performing the professional services.Total revenues by geographic area were as follows for the periods shown below (in thousands):Fiscal year ended January 31,202520242023Revenues by geographyNorth America$1,621,697 $1,387,425 $1,253,760 Europe790,777 662,560 598,828 Asia Pacific265,735 250,600 244,655 Middle East, Africa, and Latin America68,410 63,088 57,817 Total revenues$2,746,619 $2,363,673 $2,155,060 Long-lived assets by geographic area are as follows as of