Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 204

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 204
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 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.

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

Three months ended October 31,Nine months ended October 31,2025202420252024(in thousands)Net cash provided by operating activities on a GAAP basis$192,787 $164,117 $1,308,378 $1,020,507 Excess tax benefits from employee stock plans(7,692)(898)(23,302)(5,160)Net cash provided by operating activities on a non-GAAP basis$185,095 $163,219 $1,285,076 $1,015,347 Net cash used in investing activities on a GAAP basis$(495,233)$(298,226)$(936,612)$(684,446)Net cash provided by financing activities on a GAAP basis$32,646 $12,960 $168,715 $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