Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 151

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 151
---
 the periods presented:Three months ended October 31,Nine months ended October 31,2025202420252024Volatility39%-40%39%-40%39%-40%39%-41%Expected term (in years)6.255.54-7.256.25-7.005.54-7.63Risk-free interest rate3.68%-3.97%3.46%-4.07%3.68%-4.41%3.46%-4.65%Dividend yield—%—%—%—%Restricted Stock Units (“RSUs”)

A summary of RSU activity for the nine months ended October 31, 2025 is as follows:Unreleased restrictedstock unitsWeighted average grantdate fair valueBalance at January 31, 2025880,026 $206.25 RSUs granted1,037,518 $217.30 RSUs vested(731,949)$210.98 RSUs forfeited/cancelled(48,516)$214.69 Balance at October 31, 20251,137,079 $212.93 As of October 31, 2025, there was a total of $122 million in unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of approximately 0.7 years. The total grant date fair value of RSUs vested for the three and nine months ended October 31, 2025 was $70 million and $195 million, respectively.

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 shares of common equivalents outstanding during the period. The dilutive effect of potential shares of common stock is determined using the treasury stock method.The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data):Three months ended October 31,Nine months ended October 31,2025202420252024Numerator:Net income$236,203 $185,808 $664,702 $518,513 Denominator:Basic shares:Weighted average common shares outstanding, basic164,049 161,987 163,676 161,707 Diluted shares