Company: VEEV
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001393052-25-000042
Chunk: 165

Company: VEEVA SYSTEMS INC
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 1
Chunk 165
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97,301 General and administrative68,826 61,277 Total operating expenses351,487 321,289 Operating income233,732 155,172 Other income, net65,089 51,729 Income before income taxes298,821 206,901 Income tax provision70,631 45,237 Net income$228,190 $161,664 (1) Includes stock-based compensation as follows:

Cost of revenues:Cost of subscription services$1,715 $1,554 Cost of professional services and other12,769 12,535 Research and development47,949 41,743 Sales and marketing22,321 23,043 General and administrative27,456 17,036 Total stock-based compensation$112,210 $95,911 

Revenues

Three months ended April 30,20252024% Change(dollars in thousands)Revenues:Subscription services$634,768 $533,955 19%Professional services and other124,275 116,390 7%Total revenues$759,043 $650,345 17%Percentage of revenues:Subscription services84 %82 %Professional services and other16 18 Total revenues100 %100 %

Total revenues for the three months ended April 30, 2025 increased $109 million, of which $101 million was from growth in subscription services revenue.

22Veeva Systems Inc. | Form 10-Q

Table of Contents

The increase in subscription services revenues consisted of $57 million attributable to R&D Solutions and $44 million attributable to Commercial Solutions. The increase in subscription services revenue attributable to R&D solutions was driven by Veeva Development Cloud products primarily due to the expanding use by existing customers and, to a lesser extent, due to higher prices in connection with our annual inflation adjustment. The increase in subscription services revenue attributable to Commercial Solutions was primarily due to expanding use of our Veeva Commercial Cloud and Veeva Data Cloud products by existing customers and, to a lesser extent, due to higher prices in connection with our annual inflation adjustment for Veeva Commercial Cloud products. The geographic mix of subscription services revenues was 61% from North America, 27% from Europe, and 12% from other locations, primarily Asia Pacific, for the three months ended April 30, 2025, as compared to 59% from North America, 28%