Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 273

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 3
Chunk 273
---
 of foreign currency derivative contracts$130,122 $201,407 Fair value of foreign currency derivative contracts$130,552 $201,024 

Note 8. Income Taxes

The components of income before income taxes by U.S. and foreign jurisdictions were as follows for the periods shown (in thousands):Fiscal year ended January 31,202520242023United States$890,066 $546,837 $482,885 Foreign29,315 41,186 26,211 Total$919,381 $588,023 $509,096 The majority of our revenues from international sales are invoiced from and collected by our U.S. entity and recognized as a component of income before taxes in the United States as opposed to a foreign jurisdiction.Provision for income taxes consisted of the following for the periods shown (in thousands):Fiscal year ended January 31,202520242023Current provision:Federal$243,660 $126,174 $110,610 State62,953 29,361 29,775 Foreign10,903 12,157 8,507 Total current provision317,516 167,692 $148,892 Deferred benefitFederal(90,035)(87,651)(98,923)State(18,569)(15,739)(20,755)Foreign(3,669)(1,984)(7,824)Total deferred benefit(112,273)(105,374)$(127,502)Income tax provision$205,243 $62,318 $21,390 

66Veeva Systems Inc. | Form 10-K

Table of Contents

Provision for income taxes differed from the amount computed by applying the federal statutory income tax rate of 21% for each of the fiscal years ended January 31, 2025, 2024, and 2023 to income before income taxes as a result of the following for the periods shown (in thousands):Fiscal year ended January 31,202520242023Expected provision at statutory tax rate$193,070 $123,485 $106,910 State taxes, net of federal benefit42,650 12,056 7,318 Tax credits(35,416)(36,333)(33,463)Stock-based compensation35,618 (32,054)(52,304)Valuation allowance3,726 13,572 5,654 Foreign