Company: VEEV
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001393052-25-000042
Chunk: 186

Company: VEEVA SYSTEMS INC
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 8
Chunk 186
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$888 The options granted during the three months ended April 30, 2025 were primarily made in connection with our annual performance review cycle. The weighted average grant-date fair value of options granted was $96.83 per option for the three months ended April 30, 2025.As of April 30, 2025, there was $609 million in unrecognized compensation cost related to unvested stock options granted under the 2013 Equity Incentive Plan. This cost is expected to be recognized over a weighted average period of 2.6 years.

The total intrinsic value of options exercised was approximately $16 million for the three months ended April 30, 2025.Stock Option Valuation AssumptionsThe following table presents the weighted-average assumptions used to estimate the grant date fair value of options granted during the periods presented:Three months ended April 30,20252024Volatility39%-40%40%-41%Expected term (in years)6.25-7.006.25-7.00Risk-free interest rate3.78%-4.41%4.12%-4.65%Dividend yield—%—%Restricted Stock Units

A summary of RSU activity for the three months ended April 30, 2025 is as follows:Unreleased restrictedstock unitsWeighted average grantdate fair valueBalance at January 31, 2025880,026 $206.25 RSUs granted983,736 $214.17 RSUs vested(237,956)$207.49 RSUs forfeited/cancelled(10,144)$214.02 Balance at April 30, 20251,615,662 $210.84 

14Veeva Systems Inc. | Form 10-Q

Table of Contents

As of April 30, 2025, there was a total of $236 million in unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of approximately 1.1 years. The total grant date fair value of RSUs vested for the three months ended April 30, 2025 was $54 million.

Note 10. Net Income per Share 

Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period.Diluted net income per share is computed by dividing net income by the weighted-average shares outstanding, including potentially dilutive