Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 427

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1
Chunk 427
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 measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies.

The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which items are adjusted to calculate our non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures.

Veeva Systems Inc. | Form 10-K43

Table of Contents

The following table reconciles the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:

Fiscal year ended January 31,20252024(in thousands)Net cash provided by operating activities on a GAAP basis$1,090,051 $911,339 Excess tax benefits from employee stock plans(8,932)(71,049)Net cash provided by operating activities on a non-GAAP basis$1,081,119 $840,290 Net cash used in investing activities on a GAAP basis$(700,138)$(1,076,351)Net cash provided by (used in) financing activities on a GAAP basis$26,115 $(16,188)Operating income on a GAAP basis$691,435 $429,334 Stock-based compensation expense437,350 393,733 Amortization of purchased intangibles18,558 19,459 Litigation settlement5,000 — Operating income on a non-GAAP basis$1,152,343 $842,526 Net income on a GAAP basis$714,138 $525,705 Stock-based compensation expense437,350 393,733 Amortization of purchased intangibles18,558 19,459 Litigation settlement5,000 — Income tax effect on non-GAAP adjustments (1)(84,