Company: VEEV
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001393052-25-000042
Chunk: 183

Company: VEEVA SYSTEMS INC
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 8
Chunk 183
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$(3,942)$(3,942)Total financial liabilities$— $(3,942)$(3,942)

Veeva Systems Inc. | Form 10-Q11

Table of Contents

The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of January 31, 2025 (in thousands):Level 1Level 2TotalAssetsCash equivalents:Money market funds$314,872 $— $314,872 U.S. Treasury securities— 3,301 3,301 Short-term investments:Certificates of deposit— 64,093 64,093 Asset-backed securities— 530,011 530,011 Commercial paper— 74,575 74,575 Corporate notes and bonds— 2,206,956 2,206,956 Foreign government bonds— 176,103 176,103 Municipal securities— 67,831 67,831 U.S. agency obligations— 24,709 24,709 U.S. Treasury securities— 887,164 887,164 Foreign currency derivative contracts— 96 96 Total financial assets$314,872 $4,034,839 $4,349,711 LiabilitiesForeign currency derivative contracts$— $(525)$(525)Total financial liabilities$— $(525)$(525)We determine the fair value of our security holdings based on pricing from our service providers and market prices from industry-standard independent data providers. The valuation techniques used to measure the fair value of financial instruments having Level 2 inputs were derived from non-binding consensus prices that are corroborated by observable market data or quoted market prices for similar instruments. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs). Balance Sheet HedgesWe enter into foreign currency forward contracts in order to hedge our foreign currency exposure. These forward contracts are not designated as hedging instruments under applicable accounting guidance, and therefore, we account for them at fair value with changes in the fair value recorded as a component of other income, net in our condensed consolidated statements of comprehensive income. Cash flows from such forward contracts are classified as operating activities. In the three months ended April 30, 2025 and 2024, there were realized and unrealized foreign currency