Company: VEEV
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001393052-25-000042
Chunk: 197

Company: VEEVA SYSTEMS INC
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 8
Chunk 197
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$759,043 $650,345 17%Percentage of revenues:Subscription services84 %82 %Professional services and other16 18 Total revenues100 %100 %

Total revenues for the three months ended April 30, 2025 increased $109 million, of which $101 million was from growth in subscription services revenue.

22Veeva Systems Inc. | Form 10-Q

Table of Contents

The increase in subscription services revenues consisted of $57 million attributable to R&D Solutions and $44 million attributable to Commercial Solutions. The increase in subscription services revenue attributable to R&D solutions was driven by Veeva Development Cloud products primarily due to the expanding use by existing customers and, to a lesser extent, due to higher prices in connection with our annual inflation adjustment. The increase in subscription services revenue attributable to Commercial Solutions was primarily due to expanding use of our Veeva Commercial Cloud and Veeva Data Cloud products by existing customers and, to a lesser extent, due to higher prices in connection with our annual inflation adjustment for Veeva Commercial Cloud products. The geographic mix of subscription services revenues was 61% from North America, 27% from Europe, and 12% from other locations, primarily Asia Pacific, for the three months ended April 30, 2025, as compared to 59% from North America, 28% from Europe, and 13% from other locations, primarily Asia Pacific, for the three months ended April 30, 2024.

Professional services and other revenues for the three months ended April 30, 2025 increased $8 million. The increase was primarily due to an increase in business consulting services. The geographic mix of professional services and other revenues was 60% from North America, 34% from Europe, and 6% from other locations, primarily Asia Pacific, for the three months ended April 30, 2025, as compared to 59% from North America, 35% from Europe, and 6% from other locations, primarily Asia Pacific, for the three months ended April 30, 2024.

Cost of Revenue and Gross Margin

Three months ended April 30,20252024% Change(dollars in thousands)Cost of revenues:Cost of subscription services$78,346 $78,148 —%Cost of professional services and other95,478 95,736 —%Total cost of revenues$173,824 $173,884