Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 519

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1
Chunk 519
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618)(147,937)Net income on a non-GAAP basis$1,090,428 $790,960 Diluted net income per share on a GAAP basis$4.32 $3.22 Stock-based compensation expense2.65 2.41 Amortization of purchased intangibles0.11 0.12 Litigation settlement0.03 — Income tax effect on non-GAAP adjustments (1)(0.51)(0.91)Diluted net income per share on a non-GAAP basis$6.60 $4.84 (1) For the fiscal years ended January 31, 2025 and 2024, we used an estimated annual effective non-GAAP tax rate of 21%.

Liquidity and Capital Resources

Fiscal year ended January 31,202520242023(in thousands)Net cash provided by operating activities$1,090,051 $911,339 $780,470 Net cash used in investing activities(700,138)(1,076,351)(1,007,683)Net cash provided by (used in) financing activities26,115 (16,188)(19,376)Effect of exchange rate changes on cash and cash equivalents(1,735)(1,780)(4,986)Net change in cash and cash equivalents$414,293 $(182,980)$(251,575)

Our principal sources of liquidity continue to be comprised of our existing cash, cash equivalents, and short-term investments. As of January 31, 2025, our cash, cash equivalents, and short-term investments totaled $5.2 billion, of which $50 million represented cash and cash equivalents held outside of the United States. 

Our primary use of cash is payment of our operating costs, which consist primarily of employee-related expenses, such as compensation and benefits, investments in our information technology infrastructure, and general operating expenses for marketing, facilities, and overhead costs. Long-term cash requirements for items other than normal operating expenses could include the following: the acquisition of businesses, or technologies complementary to our business, and capital expenditures.

Our non-U.S. cash and cash equivalents are not considered indefinitely reinvested outside the United States, except in certain designated jurisdictions. As of January 31, 2025, we have not recorded any taxes, such as withholding taxes, associated with the foreign earnings that are indefinitely reinvested outside of the United States. Under currently enacted