Company: VEEV
Filing Date: 2025-08-29
Form Type: 10-Q
Source: 0001393052-25-000067
Chunk: 169

Company: VEEVA SYSTEMS INC
Filing Date: 2025-08-29
Form: 10-Q
Item: Part I, Item 1
Chunk 169
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 net income per share on a non-GAAP basis$1.99 $1.62 $3.95 $3.13 (1) For the three and six months ended July 31, 2025 and 2024, we used an estimated annual effective non-GAAP tax rate of 21%.

Veeva Systems Inc. | Form 10-Q27

Table of Contents

Liquidity and Capital Resources

Six months ended July 31,20252024(in thousands)Net cash provided by operating activities$1,115,591 $856,390 Net cash used in investing activities(441,379)(386,220)Net cash provided by (used in) financing activities136,069 (7,656)Effect of exchange rate changes on cash and cash equivalents1,365 (1,252)Net change in cash and cash equivalents$811,646 $461,262 

Our principal sources of liquidity continue to be comprised of our existing cash, cash equivalents, and short-term investments. As of July 31, 2025, our cash, cash equivalents, and short-term investments totaled $6.4 billion, of which $79 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 July 31, 2025, we have not recorded any taxes, such as withholding taxes, associated with the foreign earnings that are indefinitely reinvested outside of the United States. Under currently enacted tax laws, if we were to choose to repatriate the funds we have designated as indefinitely reinvested outside the United States, such amounts may be subject to certain jurisdictional taxes (e.g., withholding taxes).

We have financed our operations primarily through cash generated from operations. We believe our existing cash, cash equivalents, and short-term investments will be sufficient to meet our working capital and capital expenditure needs over at least the next 12 months. Our future capital requirements will depend on many factors including our growth rate, subscription renewal