Company: VEEV
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001393052-25-000042
Chunk: 266

Company: VEEVA SYSTEMS INC
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 2
Chunk 266
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 basis$228,190 $161,664 Stock-based compensation expense112,210 95,911 Amortization of purchased intangibles3,941 4,785 Litigation settlement— 5,000 Income tax effect on non-GAAP adjustments (1)(16,513)(20,408)Net income on a non-GAAP basis$327,828 $246,952 Diluted net income per share on a GAAP basis$1.37 $0.98 Stock-based compensation expense0.68 0.58 Amortization of purchased intangibles0.02 0.03 Litigation settlement— 0.03 Income tax effect on non-GAAP adjustments (1)(0.10)(0.12)Diluted net income per share on a non-GAAP basis$1.97 $1.50 (1) For the three months ended April 30, 2025 and 2024, we used an estimated annual effective non-GAAP tax rate of 21%.

26Veeva Systems Inc. | Form 10-Q

Table of Contents

Liquidity and Capital Resources

Three months ended April 30,20252024(in thousands)Net cash provided by operating activities$877,158 $763,516 Net cash used in investing activities(52,107)(272,378)Net cash provided by financing activities20,380 3,828 Effect of exchange rate changes on cash and cash equivalents766 (1,257)Net change in cash and cash equivalents$846,197 $493,709 

Our principal sources of liquidity continue to be comprised of our existing cash, cash equivalents, and short-term investments. As of April 30, 2025, our cash, cash equivalents, and short-term investments totaled $6.1 billion, of which $66 million represented cash and cash equivalents held outside of the United States. 

Our primary use of cash is payment of our operating costs, which consist primarily of employee-related expenses, such as compensation and benefits, investments in our information technology infrastructure, and general operating expenses for marketing, facilities, and overhead costs. Long-term cash requirements for items other than normal operating expenses could include the following: the acquisition of businesses, or technologies complementary to our business, and capital expenditures.

Our non-U.S. cash and cash equivalents are not considered indefinitely reinvested outside the United States, except in certain designated jurisdictions. As of