Company: VEEV
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001393052-25-000042
Chunk: 196

Company: VEEVA SYSTEMS INC
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 8
Chunk 196
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 expenses, and allocated overhead.

Other Income, Net

Other income, net, consists primarily of interest income, amortization of premiums paid or accretion of discounts on investments, and transaction gains or losses on 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 6 of the notes to our condensed consolidated financial statements.

Veeva Systems Inc. | Form 10-Q21

Table of Contents

Results of Operations

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

Three months ended April 30,20252024(in thousands)Consolidated Statements of Comprehensive Income Data:Revenues:Subscription services$634,768 $533,955 Professional services and other124,275 116,390 Total revenues759,043 650,345 Cost of revenues (1):Cost of subscription services78,346 78,148 Cost of professional services and other95,478 95,736 Total cost of revenues173,824 173,884 Gross profit585,219 476,461 Operating expenses (1):Research and development184,033 162,711 Sales and marketing98,628 97,301 General and administrative68,826 61,277 Total operating expenses351,487 321,289 Operating income233,732 155,172 Other income, net65,089 51,729 Income before income taxes298,821 206,901 Income tax provision70,631 45,237 Net income$228,190 $161,664 (1) Includes stock-based compensation as follows:

Cost of revenues:Cost of subscription services$1,715 $1,554 Cost of professional services and other12,769 12,535 Research and development47,949 41,743 Sales and marketing22,321 23,043 General and administrative27,456 17,036 Total stock-based compensation$112,210 $95,911 

Revenues

Three months ended April 30,20252024% Change(dollars in thousands)Revenues:Subscription services$634,768 $533,955 19%Professional services and other124,275 116,390 7%Total revenues