Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 153

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 153
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Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. We define the term “chief operating decision maker” to be our Chief Executive Officer (“CEO”). Our CEO reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. Accordingly, the Company operates as a single operating and reportable segment that is focused on providing industry cloud solutions tailored to the global life sciences industry.The CEO gauges the effectiveness of investment and resourcing decisions and trends in the overall efficiency of the business over time using multiple measures of performance, including consolidated net income and adjusted operating income, which is an additional measure of our segment profitability. The measure of segment assets is reported on the consolidated balance sheets as total assets.The following table reconciles the Company’s revenues to consolidated net income and the specific items excluded from cost of revenues and operating expenses to calculate adjusted operating income (in thousands):

16Veeva Systems Inc. | Form 10-Q

Table of Contents

Three months ended October 31,Nine months ended October 31,2025202420252024Revenues$811,236 $699,207 $2,359,360 $2,025,733 Cost of revenues - adjusted: Cost of subscription services revenues91,283 79,899 257,745 231,420 Cost of professional services and other revenues90,367 78,683 259,422 240,016 Operating expenses - adjusted:Research and development139,092 124,368 414,465 372,725 Sales and marketing83,433 73,937 238,102 219,038 General and administrative42,146 38,296 122,252 117,886 Operating income - adjusted364,915 304,024 1,067,374 844,648 Other segment items (1)124,062 122,671 396,881 341,636 Other income, net71,933 60,937 206,478 171,239 Income tax provision76,583 56,482 212,269 155,738 Consolidated net income$236,203 $185,808 $664,702 $518,513 (1) Other segment items included in consolidated net income consist primarily of stock-based compensation, amortization of purchased intangibles, and litigation settlement-related