Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 270

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 3
Chunk 270
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31, 2024 (dollar amounts in thousands):GrosscarryingamountAccumulatedamortizationNetRemaininguseful life(in years)Existing technology$28,580 $(20,646)$7,934 2.0Customer relationships113,157 (61,755)51,402 5.3Trade name and trademarks13,900 (11,925)1,975 0.8Other intangibles21,405 (19,699)1,706 2.2Total intangible assets$177,042 $(114,025)$63,017 Amortization expense associated with intangible assets was $19 million for all the fiscal years ended January 31, 2025, 2024, and 2023.As of January 31, 2025, the estimated future amortization expense for intangible assets is as follows (in thousands):Fiscal YearEstimatedamortizationexpenseFiscal 2026$14,147 Fiscal 20278,922 Fiscal 20287,778 Fiscal 20297,782 Fiscal 20305,831 Total$44,460  

Veeva Systems Inc. | Form 10-K63

Table of Contents

Note 6. Accrued Expenses 

Accrued expenses consisted of the following as of the dates shown (in thousands):January 31,20252024Accrued commissions$8,031 $9,848 Accrued bonus3,391 3,481 Accrued vacation (1)7,017 7,375 Payroll tax payable12,595 13,829 Accrued other compensation and benefits8,395 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