Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 515

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1
Chunk 515
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 in employee compensation-related costs and an increase of $16 million in technology and infrastructure costs. The increase in employee compensation-related costs was primarily driven by an increase in headcount and the increase in technology and infrastructure costs was primarily driven by higher hosting fees. The expansion of our headcount in research and development and the increased technology and infrastructure costs were to support development work for the products that we offer or may offer in the future.

We expect research and development expenses to increase in the near term, primarily due to employee compensation-related costs and hosting fees as we continue to invest in our product offerings.

Sales and Marketing

Fiscal year ended January 31,20252024% Change(dollars in thousands)Sales and marketing$396,726 $381,472 4%Percentage of total revenues14 %16 %

Sales and marketing expenses for the fiscal year ended January 31, 2025 increased $15 million, primarily due to an increase of $6 million in employee compensation-related costs and an increase of $4 million in travel costs. The increase in employee compensation-related costs was primarily driven by the increase in headcount during the period to support our sales and marketing efforts associated with our product offerings.

We expect sales and marketing expenses to increase in the near term, primarily due to employee compensation-related costs and the increase in marketing program costs related to events.

General and Administrative

Fiscal year ended January 31,20252024% Change(dollars in thousands)General and administrative$265,744 $246,545 8%Percentage of total revenues10 %10 %

General and administrative expenses for the fiscal year ended January 31, 2025 increased $19 million, primarily due to an increase of $34 million in employee compensation-related costs, partially offset by a reduction of $10 million in legal fees. 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 June 2024.

Veeva Systems Inc. | Form 10-K41

Table of Contents

We expect an increase in general and administrative expenses in the near term, primarily related to the stock-based compensation associated with the equity grant to our Chief Executive Officer discussed above.

Other Income, Net

Fiscal year ended January 31,20252024% Change(dollars in thousands)Other income, net$227,946 $158,689 44%

Other income, net, for the fiscal year ended January