Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 201

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 201
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 marketing expenses for the nine months ended October 31, 2025 increased $21 million, primarily due to an increase of $18 million in employee compensation-related costs, which was driven by increases in salaries and benefits, as well as headcount. The expansion of our headcount was to support our sales and marketing efforts associated with our product offerings.

We expect sales and marketing expenses to increase in the future, primarily due to employee compensation-related costs and the increase in marketing program costs related to events.

General and Administrative

Three months ended October 31,Nine months ended October 31,20252024% Change20252024% Change(dollars in thousands)General and administrative$68,483 $72,359 (5)%$233,113 $195,001 20%Percentage of total revenues8 %10 %10 %10 %

General and administrative expenses for the three months ended October 31, 2025 decreased $4 million, primarily due to the 2018 equity grant to our Chief Executive Officer that was fully recognized in the prior year.

General and administrative expenses for the nine months ended October 31, 2025 increased $38 million, primarily due to a net increase of $26 million in litigation settlement-related charges and $10 million in employee compensation-related costs. The increase in employee compensation-related costs was primarily driven by stock-based compensation related to the equity grant to our Chief Executive Officer in the quarter ended July 31, 2024.

Other Income, Net

Three months ended October 31,Nine months ended October 31,20252024% Change20252024% Change(dollars in thousands)Other income, net$71,933 $60,937 18%$206,478 $171,239 21%

Other income, net, for the three and nine months ended October 31, 2025 increased $11 million and $35 million, respectively, primarily due to an increase in interest income from higher investment asset and cash balances. 

Provision for Income Taxes

Three months ended October 31,Nine months ended October 31,20252024% Change20252024% Change(dollars in thousands)Income before income taxes$312,786 $242,290 29%$876,971 $674,251 30%Income tax provision$76,583 $56,482 36%$212,269 $155,