Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 60

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1A
Chunk 60
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 on a non-GAAP basis$1,152,343 $842,526 Net income on a GAAP basis$714,138 $525,705 Stock-based compensation expense437,350 393,733 Amortization of purchased intangibles18,558 19,459 Litigation settlement5,000 — Income tax effect on non-GAAP adjustments (1)(84,618)(147,937)Net income on a non-GAAP basis$1,090,428 $790,960 Diluted net income per share on a GAAP basis$4.32 $3.22 Stock-based compensation expense2.65 2.41 Amortization of purchased intangibles0.11 0.12 Litigation settlement0.03 — Income tax effect on non-GAAP adjustments (1)(0.51)(0.91)Diluted net income per share on a non-GAAP basis$6.60 $4.84 (1) For the fiscal years ended January 31, 2025 and 2024, we used an estimated annual effective non-GAAP tax rate of 21%.

Liquidity and Capital Resources

Fiscal year ended January 31,202520242023(in thousands)Net cash provided by operating activities$1,090,051 $911,339 $780,470 Net cash used in investing activities(700,138)(1,076,351)(1,007,683)Net cash provided by (used in) financing activities26,115 (16,188)(19,376)Effect of exchange rate changes on cash and cash equivalents(1,735)(1,780)(4,986)Net change in cash and cash equivalents$414,293 $(182,980)$(251,575)

Our principal sources of liquidity continue to be comprised of our existing cash, cash equivalents, and short-term investments. As of January 31, 2025, our cash, cash equivalents, and short-term investments totaled $5.2 billion, of which $50 million represented cash and cash equivalents held outside of the United States. 

Our primary use of cash is payment of our operating costs, which consist primarily of employee-related expenses, such as compensation and benefits, investments in our information technology infrastructure, and general operating expenses for marketing, facilities, and overhead costs. Long-term cash requirements for items other than normal operating expenses could include the following: