Company: VEEV
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001393052-25-000042
Chunk: 202

Company: VEEVA SYSTEMS INC
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 8
Chunk 202
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 Amortization of purchased intangibles3,941 4,785 Litigation settlement— 5,000 Income tax effect on non-GAAP adjustments (1)(16,513)(20,408)Net income on a non-GAAP basis$327,828 $246,952 Diluted net income per share on a GAAP basis$1.37 $0.98 Stock-based compensation expense0.68 0.58 Amortization of purchased intangibles0.02 0.03 Litigation settlement— 0.03 Income tax effect on non-GAAP adjustments (1)(0.10)(0.12)Diluted net income per share on a non-GAAP basis$1.97 $1.50 (1) For the three months ended April 30, 2025 and 2024, we used an estimated annual effective non-GAAP tax rate of 21%.

26Veeva Systems Inc. | Form 10-Q

Table of Contents

Liquidity and Capital Resources

Three months ended April 30,20252024(in thousands)Net cash provided by operating activities$877,158 $763,516 Net cash used in investing activities(52,107)(272,378)Net cash provided by financing activities20,380 3,828 Effect of exchange rate changes on cash and cash equivalents766 (1,257)Net change in cash and cash equivalents$846,197 $493,709 

Our principal sources of liquidity continue to be comprised of our existing cash, cash equivalents, and short-term investments. As of April 30, 2025, our cash, cash equivalents, and short-term investments totaled $6.1 billion, of which $66 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: the acquisition of businesses, or technologies complementary to our business, and capital expenditures.

Our non-U.S. cash and cash equivalents are not considered indefinitely reinvested outside the United States, except in certain designated jurisdictions. As of April 30, 2025, we have not recorded any taxes, such as withholding taxes, associated with