VEEVA SYSTEMS INC
For the period ended Oct 31, 2024. Filed Dec 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Oct 31, 2024 · Filed Dec 9, 2024
VEEV$305.55-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Nine months ended October 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net income | $518,513 | $378,307 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 29,451 | 24,000 |
| Reduction of operating lease right-of-use assets | 8,348 | 8,885 |
| Accretion of discount on short-term investments | (20,442) | (19,298) |
| Stock-based compensation | 322,146 | 294,840 |
| Amortization of deferred costs | 11,507 | 12,843 |
| Deferred income taxes | (91,231) | (80,132) |
| (Gain) loss on foreign currency from mark-to-market derivative | (880) | 841 |
| Bad debt expense | 415 | 630 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 595,940 | 446,921 |
| Unbilled accounts receivable | (9,107) | 37,337 |
| Deferred costs | (10,106) | (751) |
| Prepaid expenses and other current and long-term assets | 1,354 | (6,806) |
| Accounts payable | 424 | (5,502) |
| Accrued expenses and other current liabilities | (10,240) | (9,572) |
| Income taxes payable | (1,059) | 1,614 |
| Deferred revenue | (321,090) | (228,120) |
| Operating lease liabilities | (7,131) | (4,263) |
| Other long-term liabilities | 3,695 | 1,796 |
| Net cash provided by operating activities | 1,020,507 | 853,570 |
| Cash flows from investing activities | ||
| Purchases of short-term investments | (2,206,521) | (2,142,068) |
| Maturities and sales of short-term investments | 1,537,874 | 1,170,881 |
| Long-term assets | (15,799) | (18,461) |
| Net cash used in investing activities | (684,446) | (989,648) |
| Cash flows from financing activities | ||
| Proceeds from exercise of common stock options | 65,104 | 52,184 |
| Taxes paid related to net share settlement of equity awards | (59,800) | (57,888) |
| Net cash provided by (used in) financing activities | 5,304 | (5,704) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1,346) | (973) |
| Net change in cash, cash equivalents, and restricted cash | 340,019 | (142,755) |
| Cash, cash equivalents, and restricted cash at beginning of period | 706,670 | 889,650 |
| Cash, cash equivalents, and restricted cash at end of period | $1,046,689 | $746,895 |
| Cash, cash equivalents, and restricted cash at end of period: | ||
| Cash and cash equivalents | $1,044,511 | $743,712 |
| Restricted cash included in other long-term assets | 2,178 | 3,183 |
| Total cash, cash equivalents, and restricted cash at end of period | $1,046,689 | $746,895 |
| Supplemental disclosures of other cash flow information: | ||
| Cash paid for income taxes, net of refunds | $238,935 | $100,856 |
| Excess tax benefits from employee stock plans | $5,160 | $68,575 |
| Veeva Systems Inc. | Form 10-Q | 7 |
|---|
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