Company: VEEV
Filing Date: 2025-11-21
Form Type: 10-Q
Source: 0001393052-25-000078
Chunk: 184

Company: VEEVA SYSTEMS INC
Filing Date: 2025-11-21
Form: 10-Q
Item: Part I, Item 8
Chunk 184
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 Bill Act (“OBBBA”), offset by increased excess tax benefits related to equity compensation. 

12Veeva Systems Inc. | Form 10-Q

Table of Contents

Note 7. Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable

Deferred RevenueOf the beginning deferred revenue balance for the respective periods, we recognized $581 million and $1,090 million in revenue for the three and nine months ended October 31, 2025, respectively, and $492 million and $914 million for the three and nine months ended October 31, 2024, respectively.Transaction Price Allocated to the Remaining Performance ObligationsAs of October 31, 2025 and January 31, 2025, the amount of the transaction price allocated to remaining performance obligations for noncancellable subscription services contracts greater than one year was not significant with the substantial majority of such allocated transaction price included in deferred revenue and expected to be recognized over the next 12 months.Unbilled Accounts ReceivableAs of October 31, 2025, unbilled accounts receivable consisted of (i) receivables of $45 million primarily for revenue recognized for professional services performed but not yet billed and (ii) contract assets of $13 million primarily related to professional services performed but for which we are not contractually able to invoice until a future period.As of January 31, 2025, unbilled accounts receivable consisted of (i) receivables of $33 million primarily for revenue recognized for professional services performed but not yet billed and (ii) contract assets of $8 million primarily related to professional services performed but for which we are not contractually able to invoice until a future period.

Note 8. Leases

We have operating leases for our corporate offices with various expiration dates, some of which include options to extend the leases for up to five years. For the three months ended October 31, 2025 and 2024, our operating lease expense was $4 million and $3 million, respectively. For the nine months ended October 31, 2025 and 2024, our operating lease expense was $13 million and $10 million, respectively.Supplemental cash flow information related to leases was as follows (in thousands):Nine months ended October 31,20252024Cash paid for lease liabilities$9,597 $8,984 Lease right-of-use assets obtained in exchange for new lease liabilities$19,242