Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 90

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1A
Chunk 90
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4, and 2023, respectively.We file tax returns in the United States for federal, California, and other states. Fiscal years ended January 31, 2022 and forward remain open to examination for federal income tax, and fiscal years ended January 31, 2018 and forward remain open to examination for California and other states. We file tax returns in multiple foreign jurisdictions. The fiscal years ended January 31, 2020 and forward remain open to examination in these foreign jurisdictions.

Note 9. Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable

Deferred RevenueOf the beginning deferred revenue balance for the respective periods, we recognized $1,028 million, $833 million, and $708 million in revenue for the fiscal years ended January 31, 2025, 2024, and 2023, respectively. Transaction Price Allocated to the Remaining Performance ObligationsAs of January 31, 2025, the amount of the transaction price allocated to remaining performance obligations for noncancellable subscription services contracts greater than one year was not significant with the substantial majority of such allocated transaction price included in deferred revenue and expected to be recognized over the next 12 months.Unbilled Accounts ReceivableAs of January 31, 2025, unbilled accounts receivable consisted of (i) a receivable of $33 million primarily for revenue recognized for professional services performed but not yet billed and (ii) a contract asset of $8 million primarily related to professional services performed but for which we are not contractually able to invoice until a future period.As of January 31, 2024, unbilled accounts receivable consisted of (i) a receivable of $32 million primarily for revenue recognized for professional services performed but not yet billed and (ii) a contract asset of $4 million primarily related to professional services performed but for which we are not contractually able to invoice until a future period.

Note 10. Leases

We have operating leases for our corporate offices with various expiration dates, some of which include options to extend the leases for up to seven years. For the fiscal years ended January 31, 2025, 2024, and 2023, our operating lease expense was $14 million, $16 million, and $16 million, respectively.Supplemental cash flow information related to leases was as follows (in thousands):

68Veeva Systems Inc. | Form 10-K

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