Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 181

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1A
Chunk 181
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,789 $2 $2,386,192 $3,454,595 $(8,416)$5,832,373 (1) Class B common stock was converted to Class A common stock on October 15, 2023. We refer to our Class A common stock as common stock. See note 13 Net Income per Share.

See Notes to Consolidated Financial Statements.

Veeva Systems Inc. | Form 10-K53

Table of Contents

VEEVA SYSTEMS INC.

 CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Fiscal year ended January 31,202520242023Cash flows from operating activitiesNet income$714,138 $525,705 $487,706 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization39,383 32,628 29,122 Reduction of operating lease right-of-use assets11,547 11,691 12,198 Accretion of discount on short-term investments(24,443)(26,515)(3,624)Stock-based compensation437,350 393,733 351,907 Amortization of deferred costs15,528 18,177 22,096 Deferred income taxes(112,273)(105,374)(127,502)Other, net1,201 471 1,227 Changes in operating assets and liabilities:Accounts receivable(164,572)(149,810)(72,177)Unbilled accounts receivable(4,396)45,809 (18,908)Deferred costs(17,995)(10,268)(20,815)Prepaid expenses and other current and long-term assets(17,453)414 (47,399)Accounts payable(1,961)(10,230)21,429 Accrued expenses and other current liabilities(1,414)(4,249)9,276 Income tax payable(2,838)6,916 (2,815)Deferred revenue227,838 188,164 140,472 Lease liabilities(9,835)(6,879)(10,644)Other long-term liabilities246 956 8,921 Net cash provided by operating activities1,090,051 911,339 780,470 Cash flows from investing activitiesPurchases of short-term investments(2,581,968)(2,697,968)(