VEEVA SYSTEMS INC
For the period ended Jan 31, 2025. Filed Mar 24, 2025.
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FY2025 · Filed Mar 24, 2025
VEEV$305.55-0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Fiscal year ended January 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income | $714,138 | $525,705 | $487,706 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 39,383 | 32,628 | 29,122 |
| Reduction of operating lease right-of-use assets | 11,547 | 11,691 | 12,198 |
| Accretion of discount on short-term investments | (24,443) | (26,515) | (3,624) |
| Stock-based compensation | 437,350 | 393,733 | 351,907 |
| Amortization of deferred costs | 15,528 | 18,177 | 22,096 |
| Deferred income taxes | (112,273) | (105,374) | (127,502) |
| Other, net | 1,201 | 471 | 1,227 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (164,572) | (149,810) | (72,177) |
| Unbilled accounts receivable | (4,396) | 45,809 | (18,908) |
| Deferred costs | (17,995) | (10,268) | (20,815) |
| Prepaid expenses and other current and long-term assets | (17,453) | 414 | (47,399) |
| Accounts payable | (1,961) | (10,230) | 21,429 |
| Accrued expenses and other current liabilities | (1,414) | (4,249) | 9,276 |
| Income tax payable | (2,838) | 6,916 | (2,815) |
| Deferred revenue | 227,838 | 188,164 | 140,472 |
| Lease liabilities | (9,835) | (6,879) | (10,644) |
| Other long-term liabilities | 246 | 956 | 8,921 |
| Net cash provided by operating activities | 1,090,051 | 911,339 | 780,470 |
| Cash flows from investing activities | |||
| Purchases of short-term investments | (2,581,968) | (2,697,968) | (1,996,878) |
| Maturities and sales of short-term investments | 1,902,349 | 1,647,813 | 1,002,707 |
| Long-term assets | (20,519) | (26,196) | (13,512) |
| Net cash used in investing activities | (700,138) | (1,076,351) | (1,007,683) |
| Cash flows from financing activities | |||
| Proceeds from exercise of common stock options | 105,538 | 62,687 | 43,654 |
| Taxes paid related to net share settlement of equity awards | (79,423) | (78,875) | (63,030) |
| Net cash provided by (used in) financing activities | 26,115 | (16,188) | (19,376) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1,735) | (1,780) | (4,986) |
| Net change in cash, cash equivalents, and restricted cash | 414,293 | (182,980) | (251,575) |
| Cash, cash equivalents, and restricted cash at beginning of period | 706,670 | 889,650 | 1,141,225 |
| Cash, cash equivalents, and restricted cash at end of period | $1,120,963 | $706,670 | $889,650 |
| Cash, cash equivalents, and restricted cash at end of period: | |||
| Cash and cash equivalents | $1,118,785 | $703,487 | $886,465 |
| Restricted cash included in other long-term assets | 2,178 | 3,183 | 3,185 |
| Total cash, cash equivalents, and restricted cash at end of period | $1,120,963 | $706,670 | $889,650 |
| Supplemental disclosures of other cash flow information: | |||
| Cash paid for income taxes, net of refunds | $322,048 | $134,473 | $167,952 |
| Excess tax benefits from employee stock plans | $8,932 | $71,049 | $82,009 |
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