VEEVA SYSTEMS INC

For the period ended Oct 31, 2024. Filed Dec 9, 2024.

About this filing

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

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Contents

Condensed Consolidated Statements of Comprehensive Income

(In thousands, except per share data)

	Three months ended October 31,		Nine months ended October 31,
	2024	2023	2024	2023
Revenues:
Subscription services	$580,850	$494,912	$1,676,082	$1,380,095
Professional services and other	118,357	121,593	349,651	352,960
Total revenues	699,207	616,505	2,025,733	1,733,055
Cost of revenues(1):
Cost of subscription services	82,638	74,435	239,577	213,179
Cost of professional services and other	91,751	93,247	279,068	290,184
Total cost of revenues	174,389	167,682	518,645	503,363
Gross profit	524,818	448,823	1,507,088	1,229,692
Operating expenses(1):
Research and development	172,411	161,278	511,551	465,466
Sales and marketing	98,695	96,773	297,524	282,269
General and administrative	72,359	62,283	195,001	187,887
Total operating expenses	343,465	320,334	1,004,076	935,622
Operating income	181,353	128,489	503,012	294,070
Other income, net	60,937	42,187	171,239	111,260
Income before income taxes	242,290	170,676	674,251	405,330
Income tax provision	56,482	35,518	155,738	27,023
Net income	$185,808	$135,158	$518,513	$378,307
Net income per share:
Basic	$1.15	$0.84	$3.21	$2.36
Diluted	$1.13	$0.83	$3.15	$2.32
Weighted-average shares used to compute net income per share:
Basic	161,987	160,768	161,707	160,344
Diluted	164,979	163,761	164,838	163,129
Other comprehensive income:
Net change in unrealized (loss) gain on available-for-sale investments	$(738)	$(2,637)	$5,576	$(6,100)
Net change in cumulative foreign currency translation loss	(146)	(518)	(1,398)	(309)
Comprehensive income	$184,924	$132,003	$522,691	$371,898

(1) Includes stock-based compensation as follows:
Cost of revenues:
Cost of subscription services	$1,696	$1,604	$4,892	$4,857
Cost of professional services and other	12,929	12,943	38,640	39,881
Research and development	48,014	45,711	138,741	129,909
Sales and marketing	21,214	23,460	67,928	67,084
General and administrative	34,006	17,508	71,945	53,109
Total stock-based compensation	$117,859	$101,226	$322,146	$294,840

Veeva Systems Inc. \| Form 10-Q	5

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.