Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 162

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1A
Chunk 162
---
 employee success, management information systems personnel, and other administrative employees. In addition, general and administrative expenses include fees related to third-party legal counsel, fees related to third-party accounting, tax and audit services, other corporate 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 8 of the notes to our consolidated financial statements.

Veeva Systems Inc. | Form 10-K38

Table of Contents

Recent Accounting Pronouncements

See note 1 of the notes to our consolidated financial statements in “Part II, Item 8. Consolidated Financial Statements and Supplementary Data” of this Annual Report on Form 10-K for a discussion of recent accounting pronouncements.

Results of Operations

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

Fiscal year ended January 31,20252024(in thousands)Consolidated Statements of Comprehensive Income Data:Revenues:Subscription services$2,284,659 $1,901,593 Professional services and other461,960 462,080 Total revenues2,746,619 2,363,673 Cost of revenues (1):Cost of subscription services323,070 290,577 Cost of professional services and other376,566 386,714 Total cost of revenues699,636 677,291 Gross profit2,046,983 1,686,382 Operating expenses (1):Research and development693,078 629,031 Sales and marketing396,726 381,472 General and administrative265,744 246,545 Total operating expenses1,355,548 1,257,048 Operating income691,435 429,334 Other income, net227,946 158,689 Income before income taxes919,381 588,023 Income tax provision205,243 62,318 Net income$714,138 $525,705 (1) Includes stock-based compensation as follows:

Cost of revenues:Cost of subscription services$6,591 $6,483 Cost of professional services and other51