Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 160

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 1
Chunk 160
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 our cloud-based applications.

Sales and Marketing. Sales and marketing expenses consist primarily of employee-related expenses, sales commissions, marketing program costs, travel-related expenses, amortization expense associated with purchased intangibles related to our customer contracts, customer relationships and brand development, and allocated overhead. Marketing program costs include advertising, customer events, corporate communications, brand awareness, and product marketing activities. Sales commissions are costs of obtaining new customer contracts and are capitalized and then amortized over a period of benefit that we have determined to be three years. 

General and Administrative. General and administrative expenses consist of employee-related expenses for our finance and accounting, legal, 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 6 of the notes to our condensed consolidated financial statements.

Veeva Systems Inc. | Form 10-Q21

Table of Contents

Results of Operations

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

Three months ended October 31,Nine months ended October 31,2025202420252024(in thousands)Consolidated Statements of Comprehensive Income Data:Revenues:Subscription services$682,498 $580,850 $1,976,449 $1,676,082 Professional services and other128,738 118,357 382,911 349,651 Total revenues811,236 699,207 2,359,360 2,025,733 Cost of revenues (1):Cost of subscription services94,171 82,638 266,347 239,577 Cost of professional services and other105,294 91,751 302,195 279,068 Total cost of revenues199,465 174,389 568,542 518,645 Gross profit611,771 524,818 1,790,818 1,507,088