Company: VEEV
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001393052-25-000042
Chunk: 170

Company: VEEVA SYSTEMS INC
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 1
Chunk 170
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-GAAP metrics for the periods shown below:

Three months ended April 30,20252024(in thousands)Net cash provided by operating activities on a GAAP basis$877,158 $763,516 Excess tax benefits from employee stock plans(2,579)(3,121)Net cash provided by operating activities on a non-GAAP basis$874,579 $760,395 Net cash used in investing activities on a GAAP basis$(52,107)$(272,378)Net cash provided by (used in) financing activities on a GAAP basis$20,380 $3,828 Operating income on a GAAP basis$233,732 $155,172 Stock-based compensation expense112,210 95,911 Amortization of purchased intangibles3,941 4,785 Litigation settlement— 5,000 Operating income on a non-GAAP basis$349,883 $260,868 Net income on a GAAP basis$228,190 $161,664 Stock-based compensation expense112,210 95,911 Amortization of purchased intangibles3,941 4,785 Litigation settlement— 5,000 Income tax effect on non-GAAP adjustments (1)(16,513)(20,408)Net income on a non-GAAP basis$327,828 $246,952 Diluted net income per share on a GAAP basis$1.37 $0.98 Stock-based compensation expense0.68 0.58 Amortization of purchased intangibles0.02 0.03 Litigation settlement— 0.03 Income tax effect on non-GAAP adjustments (1)(0.10)(0.12)Diluted net income per share on a non-GAAP basis$1.97 $1.50 (1) For the three months ended April 30, 2025 and 2024, we used an estimated annual effective non-GAAP tax rate of 21%.

26Veeva Systems Inc. | Form 10-Q

Table of Contents

Liquidity and Capital Resources

Three months ended April 30,20252024(in thousands)Net cash provided by operating activities$877,158 $763,516 Net cash used in investing activities(52,107)(272,378)Net cash provided by financing activities20,380 3,828 Effect of exchange