Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 85

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1A
Chunk 85
---
,395 8,900 Total accrued compensation and benefits$39,429 $43,433 Accrued fees payable to Salesforce, Inc.$6,414 $6,562 Taxes payable8,697 7,632 Other accrued expenses (2)20,446 18,786 Total accrued expenses and other current liabilities$35,557 $32,980 (1) Represents accrued vacation primarily for international employees. Vacation does not accrue for most U.S. employees.(2) Prior period balances were adjusted to conform with current period presentation.

Note 7. Fair Value Measurements

The carrying amounts of accounts receivable, other current assets, accounts payable, and accrued liabilities approximate their fair value due to their short-term nature.Financial assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities, are as follows:Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities.Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.Financial assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires management to make judgments and considers factors specific to the asset or liability.

64Veeva Systems Inc. | Form 10-K

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—