Company: VEEV
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001393052-25-000042
Chunk: 153

Company: VEEVA SYSTEMS INC
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 1
Chunk 153
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 ObligationsAs of April 30, 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 April 30, 2025, unbilled accounts receivable consisted of (i) receivables of $40 million primarily for revenue recognized for professional services performed but not yet billed and (ii) contract assets 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, 2025, unbilled accounts receivable consisted of (i) receivables of $33 million primarily for revenue recognized for professional services performed but not yet billed and (ii) contract assets of $8 million primarily related to professional services performed but for which we are not contractually able to invoice until a future period.

Note 8. 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 five years. For both the three months ended April 30, 2025 and 2024, our operating lease expense was $4 million.Supplemental cash flow information related to leases was as follows (in thousands):Three months ended April 30,20252024Cash paid for lease liabilities$3,359 $2,253 Lease right-of-use assets obtained in exchange for new lease liabilities$2,976 $605 Supplemental balance sheet information related to operating leases was as follows:April 30, 2025January 31, 2025Weighted average remaining lease term7.5 years7.7 yearsWeighted average discount rate4.6 %4.6 %As of April 30, 2025, remaining maturities of lease liabilities are as follows (in thousands):Fiscal YearRemaining for 2026$6,046 202714,411 202815,046 202911,440 203010,532 Thereafter36,570 Total lease payments94,045 Less imputed interest(16,814)Total lease liabilities$77,231 

Veeva Systems Inc. | Form 10-Q13

Table of Contents

Note 9. Stockholders’ Equity 

Common StockAs of April 30,