Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 166

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 166
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 months ended October 31,20252024% Change20252024% Change(dollars in thousands)General and administrative$68,483 $72,359 (5)%$233,113 $195,001 20%Percentage of total revenues8 %10 %10 %10 %

General and administrative expenses for the three months ended October 31, 2025 decreased $4 million, primarily due to the 2018 equity grant to our Chief Executive Officer that was fully recognized in the prior year.

General and administrative expenses for the nine months ended October 31, 2025 increased $38 million, primarily due to a net increase of $26 million in litigation settlement-related charges and $10 million in employee compensation-related costs. The increase in employee compensation-related costs was primarily driven by stock-based compensation related to the equity grant to our Chief Executive Officer in the quarter ended July 31, 2024.

Other Income, Net

Three months ended October 31,Nine months ended October 31,20252024% Change20252024% Change(dollars in thousands)Other income, net$71,933 $60,937 18%$206,478 $171,239 21%

Other income, net, for the three and nine months ended October 31, 2025 increased $11 million and $35 million, respectively, primarily due to an increase in interest income from higher investment asset and cash balances. 

Provision for Income Taxes

Three months ended October 31,Nine months ended October 31,20252024% Change20252024% Change(dollars in thousands)Income before income taxes$312,786 $242,290 29%$876,971 $674,251 30%Income tax provision$76,583 $56,482 36%$212,269 $155,738 36%Effective tax rate24.5 %23.3 %24.2 %23.1 %

Veeva Systems Inc. | Form 10-Q25

Table of Contents

The provision for income taxes differs from the tax computed at the U.S. federal statutory income tax rate primarily due to state taxes, tax credits, equity compensation, and foreign-derived intangible income (“FDII”) deduction. Future tax rates could be affected by changes in tax laws and regulations or by rulings in tax related litigation, as may be applicable