VEEVA SYSTEMS INC

For the period ended Jan 31, 2024. Filed Mar 25, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 25, 2024

VEEV$305.55-0.3%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Comprehensive Income

(In thousands, except per share data)

	Fiscal year ended January 31,
	2024	2023	2022
Revenues:
Subscription services	$1,901,593	$1,733,002	$1,483,976
Professional services and other	462,080	422,058	366,801
Total revenues	2,363,673	2,155,060	1,850,777
Cost of revenues(1):
Cost of subscription services	290,577	257,635	224,911
Cost of professional services and other	386,714	351,770	278,767
Total cost of revenues	677,291	609,405	503,678
Gross profit	1,686,382	1,545,655	1,347,099
Operating expenses(1):
Research and development	629,031	520,278	382,035
Sales and marketing	381,472	348,691	288,061
General and administrative	246,545	217,595	171,507
Total operating expenses	1,257,048	1,086,564	841,603
Operating income	429,334	459,091	505,496
Other income, net	158,689	50,005	6,815
Income before income taxes	588,023	509,096	512,311
Provision for income taxes	62,318	21,390	84,921
Net income	$525,705	$487,706	$427,390
Net income per share:
Basic	$3.27	$3.14	$2.79
Diluted	$3.22	$3.00	$2.63
Weighted-average shares used to compute net income per share:
Basic	160,532	155,385	153,251
Diluted	163,486	162,437	162,277
Other comprehensive income:
Net change in unrealized gain (loss) on available-for-sale investments, net of tax	$22,038	$(14,854)	$(9,872)
Net change in cumulative foreign currency translation loss	(1,546)	(4,317)	(3,078)
Comprehensive income	$546,197	$468,535	$414,440

(1) Includes stock-based compensation as follows:
Cost of revenues:
Cost of subscription services	$6,483	$6,257	$4,795
Cost of professional services and other	53,237	50,341	36,293
Research and development	172,876	141,571	83,837
Sales and marketing	90,865	87,509	56,830
General and administrative	70,272	66,229	52,881
Total stock-based compensation	$393,733	$351,907	$234,636

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.