VEEVA SYSTEMS INC
For the period ended Jan 31, 2024. Filed Mar 25, 2024.
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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
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Table of Contents
Pursuant to Part IV, Item 16, a summary of Form 10-K content follows, including hyperlinked cross-references (in the EDGAR filing). This allows users to easily locate the corresponding items in this annual report on Form 10-K where the disclosure is fully presented. The summary does not include certain Part III information that will be incorporated by reference from the Proxy Statement for the 2024 Annual Meeting of Stockholders, which will be filed within 120 days after our fiscal year ended January 31, 2024.
| Special Note Regarding Forward Looking Statements | 1 | |
|---|---|---|
| PART I | ||
| Item 1. | Business | 2 |
| Item 1A. | Risk Factors | 8 |
| Item 1B. | Unresolved Staff Comments | 32 |
| Item 1C. | Cybersecurity | 32 |
| Item 2. | Properties | 34 |
| Item 3. | Legal Proceedings | 34 |
| Item 4. | Mine Safety Disclosures | 34 |
| PART II | ||
| Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities | 34 |
| Item 6. | [Reserved] | 36 |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 36 |
| Overview | 37 | |
| Components of Results of Operations | 37 | |
| Results of Operations | 40 | |
| Operating Expenses and Operating Margin | 42 | |
| Non-GAAP Financial Measures | 43 | |
| Liquidity and Capital Resources | 46 | |
| Critical Accounting Policies and Estimates | 47 | |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 48 |
| Item 8. | Consolidated Financial Statements and Supplementary Data | 50 |
| Report of Independent Registered Public Accounting Firm | 51 | |
| Consolidated Balance Sheets | 53 | |
| Consolidated Statements of Comprehensive Income | 54 | |
| Consolidated Statements of Stockholders’ Equity | 55 | |
| Consolidated Statements of Cash Flows | 56 | |
| Notes to Consolidated Financial Statements | 57 | |
| Note 1. Summary of Business and Significant Accounting Policies | 57 | |
| Note 2. Short-Term Investments | 63 | |
| Note 3. Deferred Costs | 64 | |
| Note 4. Property and Equipment, Net | 65 | |
| Note 5. Goodwill and Intangible Assets | 65 | |
| Note 6. Accrued Expenses | 66 | |
| Note 7. Fair Value Measurements | 66 | |
| Note 8. Income Taxes | 68 | |
| Note 9. Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable | 70 | |
| Note 10. Leases | 71 | |
| Note 11. Stockholders’ Equity | 71 | |
| Note 12. Other Income | 74 | |
| Note 13. Net Income per Share | 74 | |
| Note 14. Commitments and Contingencies | 75 | |
| Note 15. Revenues by Product | 78 | |
| Note 16. Information about Geographic Areas | 78 | |
| Note 17. 401(k) Plan | 78 | |
| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 79 |
|---|---|---|
| Item 9A. | Controls and Procedures | 79 |
| Item 9B. | Other Information | 80 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 80 |
| PART III | ||
| Item 10. | Directors, Executive Officers and Corporate Governance | 80 |
| Item 11. | Executive Compensation | 80 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters | 80 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 80 |
| Item 14. | Principal Accounting Fees and Services | 80 |
| PART IV | ||
| Item 15. | Exhibits, Financial Statement Schedules | 81 |
| Exhibit Index | 81 | |
| Signatures | 84 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.