Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 421

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1
Chunk 421
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 foreign currency, net of hedging costs.

Provision for Income Taxes

Provision for income taxes consists of federal, state, and local income taxes in the United States and income taxes in certain foreign jurisdictions. See note 8 of the notes to our consolidated financial statements.

Veeva Systems Inc. | Form 10-K38

Table of Contents

Recent Accounting Pronouncements

See note 1 of the notes to our consolidated financial statements in “Part II, Item 8. Consolidated Financial Statements and Supplementary Data” of this Annual Report on Form 10-K for a discussion of recent accounting pronouncements.

Results of Operations

The following tables set forth selected consolidated statements of operations data and such data as a percentage of total revenues for each of the periods indicated:

Fiscal year ended January 31,20252024(in thousands)Consolidated Statements of Comprehensive Income Data:Revenues:Subscription services$2,284,659 $1,901,593 Professional services and other461,960 462,080 Total revenues2,746,619 2,363,673 Cost of revenues (1):Cost of subscription services323,070 290,577 Cost of professional services and other376,566 386,714 Total cost of revenues699,636 677,291 Gross profit2,046,983 1,686,382 Operating expenses (1):Research and development693,078 629,031 Sales and marketing396,726 381,472 General and administrative265,744 246,545 Total operating expenses1,355,548 1,257,048 Operating income691,435 429,334 Other income, net227,946 158,689 Income before income taxes919,381 588,023 Income tax provision205,243 62,318 Net income$714,138 $525,705 (1) Includes stock-based compensation as follows:

Cost of revenues:Cost of subscription services$6,591 $6,483 Cost of professional services and other51,377 53,237 Research and development185,901 172,876 Sales and marketing90,178 90,865 General and administrative103,303 70,272 Total stock-based compensation$437,350 $393,733 

Fiscal Year Ended January 31, 2025 and 2024 

The following is a discussion of our results of operations for the year ended