Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 276

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 3
Chunk 276
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 the fiscal years ended January 31, 2025, 2024, and 2023, respectively. Transaction Price Allocated to the Remaining Performance ObligationsAs of January 31, 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 January 31, 2025, unbilled accounts receivable consisted of (i) a receivable of $33 million primarily for revenue recognized for professional services performed but not yet billed and (ii) a contract asset 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, 2024, unbilled accounts receivable consisted of (i) a receivable of $32 million primarily for revenue recognized for professional services performed but not yet billed and (ii) a contract asset of $4 million primarily related to professional services performed but for which we are not contractually able to invoice until a future period.

Note 10. 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 seven years. For the fiscal years ended January 31, 2025, 2024, and 2023, our operating lease expense was $14 million, $16 million, and $16 million, respectively.Supplemental cash flow information related to leases was as follows (in thousands):

68Veeva Systems Inc. | Form 10-K

Table of Contents

Fiscal year ended January 31,20252024Cash paid for lease liabilities$12,522 $10,291 Lease right-of-use assets obtained in exchange for new lease liabilities$30,866 $3,700 Supplemental balance sheet information related to operating leases was as follows:January 31,20252024Weighted average remaining lease term7.7 years6.6 yearsWeighted average discount rate4.6 %4.4 %As of January 31, 2025, remaining maturities of operating lease liabilities are as follows (in thousands):Fiscal YearFiscal 2026$8,818 Fiscal 202713,451 Fiscal 202814,101 Fiscal 202910