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

Item 8. Consolidated Statements of Cash Flows

(In thousands)

	Fiscal year ended January 31,
2024 · 2023 · 2022
Cash flows from operating activities
Net income	$525,705	$487,706	$427,390
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	32,628	29,122	27,448
Reduction of operating lease right-of-use assets	11,691	12,198	11,445
(Accretion) amortization of discount on short-term investments	(26,515)	(3,624)	6,264
Stock-based compensation	393,733	351,907	234,636
Amortization of deferred costs	18,177	22,096	26,050
Deferred income taxes	(105,374)	(127,502)	11,079
(Gain) loss on foreign currency from mark-to-market derivatives	(222)	971	(782)
Bad debt expense	693	256	272
Changes in operating assets and liabilities:
Accounts receivable	(149,810)	(72,177)	(67,020)
Unbilled accounts receivable	45,809	(18,908)	(16,060)
Deferred costs	(10,268)	(20,815)	(17,084)
Prepaid expenses and other current and long-term assets	414	(47,399)	(2,910)
Accounts payable	(10,230)	21,429	(2,997)
Accrued expenses and other current liabilities	(4,249)	9,276	9,439
Income taxes payable	6,916	(2,815)	5,275
Deferred revenue	188,164	140,472	116,144
Operating lease liabilities	(6,879)	(10,644)	(11,607)
Other long-term liabilities	956	8,921	7,481
Net cash provided by operating activities	911,339	780,470	764,463
Cash flows from investing activities
Purchases of short-term investments	(2,697,968)	(1,996,878)	(1,117,076)
Maturities and sales of short-term investments	1,647,813	1,002,707	792,918
Acquisitions, net of cash and restricted cash acquired	—	—	(7,780)
Long-term assets	(26,196)	(13,512)	(14,214)
Net cash used in investing activities	(1,076,351)	(1,007,683)	(346,152)
Cash flows from financing activities
Changes in lease liabilities - finance leases	—	—	(384)
Proceeds from exercise of common stock options	62,687	43,654	51,538
Taxes paid related to net share settlement of equity awards	(78,875)	(63,030)	(55,294)
Net cash used in financing activities	(16,188)	(19,376)	(4,140)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(1,780)	(4,986)	(4,657)
Net change in cash, cash equivalents, and restricted cash	(182,980)	(251,575)	409,514
Cash, cash equivalents, and restricted cash at beginning of period	889,650	1,141,225	731,711
Cash, cash equivalents, and restricted cash at end of period	$706,670	$889,650	$1,141,225
Cash, cash equivalents, and restricted cash at end of period:
Cash and cash equivalents	$703,487	$886,465	$1,138,040
Restricted cash included in other long-term assets	3,183	3,185	3,185
Total cash, cash equivalents, and restricted cash at end of period	$706,670	$889,650	$1,141,225
Supplemental disclosures of other cash flow information:
Cash paid for income taxes, net of refunds	$134,473	$167,952	$58,627
Excess tax benefits from employee stock plans	$71,049	$82,009	$56,172
Non-cash investing activities:
Changes in accounts payable and accrued expenses related to property and equipment purchases	$46	$(454)	$(2,489)

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