Veeva(US:VEEV)2025-08-29 20:08PART I. FINANCIAL INFORMATION Item 1. Financial Statements Presents Veeva's unaudited condensed consolidated financial statements, including balance sheets, income, equity, cash flows, and detailed notes Condensed Consolidated Balance Sheets Provides a snapshot of Veeva's financial position at specific dates, detailing assets, liabilities, and equity Condensed Consolidated Balance Sheets (in thousands) | Metric | July 31, 2025 | January 31, 2025 | | :-------------------------------- | :------------ | :--------------- | | Cash and cash equivalents | $1,930,431 | $1,118,785 | | Short-term investments | $4,473,282 | $4,031,442 | | Total current assets | $6,994,588 | $6,308,802 | | Total assets | $7,999,427 | $7,339,756 | | Deferred revenue | $1,107,696 | $1,273,978 | | Total liabilities | $1,360,888 | $1,507,383 | | Total stockholders' equity | $6,638,539 | $5,832,373 | Condensed Consolidated Statements of Comprehensive Income Details Veeva's financial performance over specific periods, including revenues, gross profit, operating income, and net income Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data) | Metric | Three months ended July 31, 2025 | Three months ended July 31, 2024 | Six months ended July 31, 2025 | Six months ended July 31, 2024 | | :--------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenues | $789,081 | $676,181 | $1,548,124 | $1,326,526 | | Gross profit | $593,828 | $505,809 | $1,179,047 | $982,270 | | Operating income | $195,908 | $166,487 | $429,640 | $321,659 | | Net income | $200,309 | $171,041 | $428,499 | $332,705 | | Diluted Net income per share | $1.19 | $1.04 | $2.56 | $2.02 | | Total stock-based compensation | $121,966 | $108,376 | $234,176 | $204,287 | Condensed Consolidated Statements of Stockholders' Equity Outlines changes in Veeva's equity over periods, including net income, stock issuance, and stock-based compensation Changes in Stockholders' Equity (in thousands, except share data) | Metric | July 31, 2025 (3 months) | July 31, 2024 (3 months) | July 31, 2025 (6 months) | July 31, 2024 (6 months) | | :--------------------------------- | :----------------------- | :----------------------- | :----------------------- | :----------------------- | | Balances at beginning of period | $6,211,098 | $4,889,381 | $5,832,373 | $4,644,824 | | Issuance of common stock (options) | $141,692 | $6,400 | $182,297 | $34,834 | | Shares withheld (net settlement) | $(26,373) | $(16,630) | $(46,783) | $(41,588) | | Stock-based compensation expense | $122,723 | $109,435 | $235,734 | $208,861 | | Net income | $200,309 | $171,041 | $428,499 | $332,705 | | Balances at end of period | $6,638,539 | $5,184,698 | $6,638,539 | $5,184,698 | Condensed Consolidated Statements of Cash Flows Summarizes cash inflows and outflows from operating, investing, and financing activities for specified periods Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Six months ended July 31, 2025 | Six months ended July 31, 2024 | | :--------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $1,115,591 | $856,390 | | Net cash used in investing activities | $(441,379) | $(386,220) | | Net cash provided by (used in) financing activities | $136,069 | $(7,656) | | Net change in cash, cash equivalents, and restricted cash | $811,646 | $461,262 | | Cash, cash equivalents, and restricted cash at end of period | $1,932,609 | $1,167,932 | Notes to Condensed Consolidated Financial Statements Provides detailed explanations and disclosures supporting the condensed consolidated financial statements Note 1. Summary of Business and Significant Accounting Policies Outlines Veeva's core business and the key accounting principles applied in its financial reporting - Veeva is a leading provider of industry cloud solutions for the global life sciences industry, offering cloud software, data, and business consulting from R&D through commercialization27 - New accounting pronouncements (ASU 2023-09 and ASU 2024-03) will modify disclosures but are not expected to materially impact financial position or results of operations3031 Note 2. Short-Term Investments Details the composition and fair value of Veeva's short-term investment portfolio Short-Term Investments (Available-for-sale securities, in thousands) | Category | July 31, 2025 (Estimated fair value) | January 31, 2025 (Estimated fair value) | | :-------------------------- | :----------------------------------- | :------------------------------------ | | Certificates of deposit | $20,103 | $64,093 | | Asset-backed securities | $401,501 | $530,011 | | Commercial paper | $23,835 | $74,575 | | Corporate notes and bonds | $2,675,213 | $2,206,956 | | Foreign government bonds | $214,017 | $176,103 | | Municipal securities | $61,739 | $67,831 | | U.S. agency obligations | $13,413 | $24,709 | | U.S. treasury securities | $1,063,461 | $887,164 | | Total | $4,473,282 | $4,031,442 | Short-Term Investments by Contractual Maturity (in thousands) | Maturity | July 31, 2025 | January 31, 2025 | | :------------------- | :------------ | :--------------- | | Due in one year or less | $930,144 | $1,066,558 | | Due in greater than one year | $3,543,138 | $2,964,884 | | Total | $4,473,282| $4,031,442 | Note 3. Deferred Costs Explains the nature and amortization of deferred costs, primarily sales commissions - Deferred costs, primarily deferred sales commissions, remained stable at $26 million as of July 31, 2025, and January 31, 202536 Amortization Expense for Deferred Costs (in thousands) | Period | Amortization Expense | | :--------------------------------- | :------------------- | | Three months ended July 31, 2025 | $4,000 | | Three months ended July 31, 2024 | $4,000 | | Six months ended July 31, 2025 | $8,000 | | Six months ended July 31, 2024 | $8