Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 270

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 2
Chunk 270
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 $5,304 Operating income on a GAAP basis$240,853 $181,353 $670,493 $503,012 Stock-based compensation expense120,268 117,859 354,444 322,146 Amortization of purchased intangibles3,794 4,812 11,810 14,490 Litigation settlement-related charges— — 30,627 5,000 Operating income on a non-GAAP basis$364,915 $304,024 $1,067,374 $844,648 Net income on a GAAP basis$236,203 $185,808 $664,702 $518,513 Stock-based compensation expense120,268 117,859 354,444 322,146 Amortization of purchased intangibles3,794 4,812 11,810 14,490 Litigation settlement-related charges— — 30,627 5,000 Income tax effect on non-GAAP adjustments (1)(15,155)(20,160)(55,240)(57,598)Net income on a non-GAAP basis$345,110 $288,319 $1,006,343 $802,551 Diluted net income per share on a GAAP basis$1.40 $1.13 $3.96 $3.15 Stock-based compensation expense0.71 0.71 2.11 1.95 Amortization of purchased intangibles0.02 0.03 0.07 0.09 Litigation settlement-related charges— — 0.18 0.03 Income tax effect on non-GAAP adjustments (1)(0.09)(0.12)(0.33)(0.35)Diluted net income per share on a non-GAAP basis$2.04 $1.75 $5.99 $4.87 (1) For the three and nine months ended October 31, 2025 and 2024, we used an estimated annual effective non-GAAP tax rate of 21%.

Veeva Systems Inc. | Form 10-Q27

Table of Contents

Liquidity and Capital Resources

Nine months ended October 31,20252024(in thousands)Net cash provided by operating activities$1,308,378 $1,