Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 333

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 3
Chunk 333
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274 (2,597)

Note 3. Deferred Costs

Deferred costs, which consist of deferred sales commissions, were $26 million and $24 million as of January 31, 2025 and January 31, 2024, respectively. Amortization expense for the deferred costs included in sales and marketing expenses in the consolidated statements of comprehensive income was $16 million, $18 million, and $22 million for the fiscal years ended January 31, 2025, 2024, and 2023, respectively. There have been no impairment losses recorded in relation to the costs capitalized for any period presented. 

Note 4. Property and Equipment, Net 

Property and equipment, net consists of the following as of the dates shown (in thousands):January 31,20252024Land$3,040 $3,040 Building20,984 20,984 Land improvements and building improvements22,392 22,392 Equipment and computers1,483 2,551 Furniture and fixtures6,288 15,498 Leasehold improvements30,186 30,793 Construction in progress2,992 31 Property and equipment, gross87,365 95,289 Less accumulated depreciation(31,453)(36,757)Total property and equipment, net$55,912 $58,532 

62Veeva Systems Inc. | Form 10-K

Table of Contents

Total depreciation expense was immaterial for the fiscal years ended January 31, 2025, 2024, and 2023.

Note 5. Goodwill and Intangible Assets

Goodwill was $440 million as of both January 31, 2025 and January 31, 2024.The following table presents the details of intangible assets as of January 31, 2025 (dollar amounts in thousands):GrosscarryingamountAccumulatedamortizationNetRemaininguseful life(in years)Existing technology$28,580 $(24,878)$3,702 1.0Customer relationships113,157 (73,223)39,934 4.5Trade name and trademarks13,900 (13,900)— 0.0Other intangibles21,405 (20,581)824 1.8Total intangible assets$177,042 $(132,582)$44,460 The following table presents the details of intangible assets as of January