Company: VEEV
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001393052-25-000042
Chunk: 154

Company: VEEVA SYSTEMS INC
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 1
Chunk 154
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 2025, we had 162,975,081 shares of common stock outstanding.

Stock Option Activity

 A summary of stock option activity for the three months ended April 30, 2025 is as follows: 

Numberof sharesWeightedaverageexercisepriceWeightedaverageremainingcontractualterm (in years)Aggregateintrinsicvalue (in millions)Options outstanding at January 31, 202514,633,921 $177.65 6.8$860 Options granted2,137,998 $214.08 Options exercised(242,713)$167.26 Options forfeited/cancelled(86,831)$212.68 Options outstanding at April 30, 202516,442,375 $182.36 7.0$888 Options vested and exercisable at April 30, 20257,484,376 $143.18 4.9$712 Options vested and exercisable at April 30, 2025 and expected to vest thereafter16,442,375 $182.36 7.0$888 The options granted during the three months ended April 30, 2025 were primarily made in connection with our annual performance review cycle. The weighted average grant-date fair value of options granted was $96.83 per option for the three months ended April 30, 2025.As of April 30, 2025, there was $609 million in unrecognized compensation cost related to unvested stock options granted under the 2013 Equity Incentive Plan. This cost is expected to be recognized over a weighted average period of 2.6 years.

The total intrinsic value of options exercised was approximately $16 million for the three months ended April 30, 2025.Stock Option Valuation AssumptionsThe following table presents the weighted-average assumptions used to estimate the grant date fair value of options granted during the periods presented:Three months ended April 30,20252024Volatility39%-40%40%-41%Expected term (in years)6.25-7.006.25-7.00Risk-free interest rate3.78%-4.41%4.12%-4.65%Dividend yield—%—%Restricted Stock Units

A summary of RSU activity for the three months ended April 30, 2025 is as follows:Unreleased restrictedstock unitsWeighted average grantdate fair valueBalance at January