Company: VEEV
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0001393052-25-000022
Chunk: 430

Company: VEEVA SYSTEMS INC
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1
Chunk 430
---
 excess tax benefits related to equity compensation.

Net cash provided by operating activities was $1,090 million for the fiscal year ended January 31, 2025 compared to $911 million provided by operating activities for the fiscal year ended January 31, 2024. The $179 million increase in cash provided by operating activities was primarily due to increased sales and the related cash collections, partially offset by increased expenses.

In the fiscal year ended January 31, 2025, cash payments for income taxes in relation to the Tax Cuts and Jobs Act of 2017, which eliminated the option to deduct research and development expenditures and required taxpayers to capitalize and amortize them over five or fifteen years, reduced our cash flows from operating activities. The requirement may also impact our cash flows from operating activities in future periods, the amounts and specific periods of which we are unable to estimate at this time.

Cash Flows from Investing Activities

Investing activities primarily relate to cash used for the purchase of marketable securities, net of maturities, as well as capital expenditures.

Net cash used in investing activities was $700 million for the fiscal year ended January 31, 2025 compared to $1,076 million used in investing activities for the fiscal year ended January 31, 2024. The $376 million decrease in cash used in investing activities was mainly due to the increase in proceeds from maturities and sales of short-term investments, and the decrease in purchases of short-term investments.

Cash Flows from Financing Activities

The cash flows from financing activities relate primarily to stock option exercises offset by taxes paid on behalf of employees related to the net share settlement of restricted stock units (RSUs).

Net cash provided by financing activities was $26 million for the fiscal year ended January 31, 2025 compared to $16 million used in financing activities for the fiscal year ended January 31, 2024. The $42 million change in cash 

Veeva Systems Inc. | Form 10-K45

Table of Contents

provided by financing activities was related to an increase of $43 million in proceeds from employee stock option exercises.

Critical Accounting Policies and Estimates

Our consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (GAAP). In the preparation of these consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an ongoing basis,