Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 204

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1A
Chunk 204
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%Expected term (in years)7.6Risk-free interest rate4.18%Dividend yield—%Restricted Stock Units

The 2013 EIP provides for the issuance of restricted stock unit (RSUs) to employees. RSUs issued under the 2013 EIP generally vest over a period of one year. 

Veeva Systems Inc. | Form 10-K71

Table of Contents

A summary of RSU activity for the fiscal year ended January 31, 2025 is as follows:Unreleased restrictedstock unitsWeighted average grantdate fair valueBalance at January 31, 20241,011,731 $192.77 RSUs granted989,174 $213.04 RSUs vested(1,030,545)$199.52 RSUs forfeited/cancelled(90,334)$206.10 Balance at January 31, 2025880,026 $206.25 As of January 31, 2025, there was a total of $84 million in unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of approximately 1.1 years. The total grant date fair value of RSUs vested for the fiscal year ended January 31, 2025 was $215 million.

Note 12. Other Income

Other income, net, consisted of the following (in thousands):Fiscal year ended January 31,202520242023Foreign currency (loss) gain$(3,274)$124 $591 Accretion on investments22,622 24,817 2,982 Interest income, net207,987 133,748 45,860 Miscellaneous income611 — 572 Other income, net$227,946 $158,689 $50,005 

Note 13. Net Income per Share 

Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period.Diluted net income per share is computed by dividing net income by the weighted-average shares outstanding, including potentially dilutive shares of common equivalents outstanding during the period. The dilutive effect of potential shares of common stock are determined using the treasury stock method.On October 15, 2023, all of our outstanding shares of Class B common stock automatically converted into the same number of shares of Class A common stock pursuant to the terms of our then effective