Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 336

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 3
Chunk 336
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 liabilities measured at fair value on a recurring basis as of January 31, 2024 (in thousands):Level 1Level 2TotalAssetsCash equivalents:Money market funds$73,197 $— $73,197 U.S. Treasury securities— 9,969 9,969 Short-term investments:Certificates of deposit— 94,283 94,283 Asset-backed securities— 606,981 606,981 Commercial paper— 144,245 144,245 Corporate notes and bonds— 1,585,029 1,585,029 Foreign government bonds— 50,206 50,206 Municipal securities— 79,474 79,474 U.S. agency obligations— 49,592 49,592 U.S. Treasury securities— 714,459 714,459 Foreign currency derivative contracts— 616 616 Total financial assets$73,197 $3,334,854 $3,408,051 LiabilitiesForeign currency derivative contracts$— $(232)$(232)Total financial liabilities$— $(232)$(232)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). 

Veeva Systems Inc. | Form 10-K65

Table of Contents

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 consolidated statements of comprehensive income. Cash flows from such forward contracts are classified as operating activities. Realized and unrealized foreign currency gains and losses on hedges were immaterial for the fiscal years ended January 31, 2025, 2024, and 2023.The fair value of our outstanding derivative instruments is summarized below (in thousands): January 31,20252024Notional amount