Company: VEEV
Filing Date: 2025-08-29
Form Type: 10-Q
Source: 0001393052-25-000067
Chunk: 195

Company: VEEVA SYSTEMS INC
Filing Date: 2025-08-29
Form: 10-Q
Item: Part I, Item 8
Chunk 195
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830 78,791 172,176 156,939 Cost of professional services and other101,423 91,581 196,901 187,317 Total cost of revenues195,253 170,372 369,077 344,256 Gross profit593,828 505,809 1,179,047 982,270 Operating expenses (1):Research and development192,677 176,429 376,710 339,140 Sales and marketing109,439 101,528 208,067 198,829 General and administrative95,804 61,365 164,630 122,642 Total operating expenses397,920 339,322 749,407 660,611 Operating income195,908 166,487 429,640 321,659 Other income, net69,456 58,573 134,545 110,302 Income before income taxes265,364 225,060 564,185 431,961 Income tax provision65,055 54,019 135,686 99,256 Net income$200,309 $171,041 $428,499 $332,705 

(1) Includes stock-based compensation as follows:Cost of revenues:Cost of subscription services$1,941 $1,642 $3,656 $3,196 Cost of professional services and other14,804 13,176 27,573 25,711 Research and development53,388 48,984 101,337 90,727 Sales and marketing25,392 23,671 47,713 46,714 General and administrative26,441 20,903 53,897 37,939 Total stock-based compensation$121,966 $108,376 $234,176 $204,287 

Revenues

Three months ended July 31,Six months ended July 31,20252024% Change20252024% Change(dollars in thousands)Revenues:Subscription services$659,183 $561,277 17%$1,293,951 $1,095,232 18%Professional services and other129,898 114,904 13%254,173 231,294 10%Total revenues$789,081 $676,181 17%$1,548,124