Veeva Systems (VEEV) 10-K risk factor changes: FY2021 vs FY2021

[removed: - The worldwide outbreak] [added: The continuing impact] of COVID-19 may negatively impact our business and our stock [removed: price.][added: price.]

[removed: - If] [added: If] the third-party providers of healthcare professional and healthcare organization data and prescription drug sales data do not allow our customers to upload and use such data in our solutions, the demand for our solutions may decrease, and our business may be negatively [removed: impacted.][added: impacted.]

We may suffer [removed: damages] [added: damages, which could be significant,] or other harm from these lawsuits and we may be sued for infringement or misappropriation of third-party intellectual property in the future.

| [removed: 12] [added: 34] | | | Veeva Systems Inc. \| Form 10-K | | |

While the impact of COVID-19 on our operational and financial performance has not been materially negative to date, the future impact is uncertain and will depend on future developments, including the duration and spread of the outbreak, government responses to the pandemic, the [added: rate of vaccinations, the] impact on our customers, the impact on our employees, the extent of further adverse impacts to the economy, and the scale and pace of economic recovery and resumption of normal business activities, [added: including the rollout of COVID-19 vaccines, the lifting of restrictions on movement, and the results of outbreaks and variants,] all of which cannot be predicted with certainty.

In response to the COVID-19 outbreak, we [removed: have] shifted most of our customer, employee, and industry events to virtual-only [removed: experiences for the remainder of our fiscal year ending January 31, 2022.][added: experiences.]

Many of our customers [added: continue to] have [removed: implemented similar] [added: travel restrictions and remote work] measures, which may limit our ability to sell or provide professional services to them [removed: over time.][added: in the future.]

[removed: We expect life sciences companies to reduce the number of sales representatives that they employ by roughly 10% over the next one to two years, which] [added: Such reductions] could negatively impact sales of our solutions, including Veeva CRM and [added: certain of our] other Commercial [removed: Cloud applications in particular,] [added: Solutions,] but we cannot be certain such reductions will happen or of the timing or magnitude of such reductions.

During certain [removed: early] periods of the COVID-19 pandemic, our stock price [added: has] declined significantly, and such declines may happen again.

If our security measures are breached or [added: compromised or] unauthorized access to customer data is otherwise obtained, our solutions may be perceived as not being secure, customers may reduce or stop their use of our solutions, and we may incur significant liabilities.

[added: Unauthorized access or other security breaches or incidents, as a result of third-party action (e.g., cyber-attacks, or the introduction into our networks or systems of ransomware or other malware), employee or contractor error or malfeasance, product defect, or] otherwise, could result in the loss of information, inappropriate [removed: use of or] access to [added: or use, unavailability, modification, destruction, or other processing of] information, [added: loss of intellectual property,] service interruption, service degradation, outages, service level credits, [added: claims, demands,] litigation, [added: regulatory investigations and other proceedings,] indemnity obligations, damage to our reputation, and other liability.

Moreover, [removed: the detection, prevention,] [added: our efforts to detect, prevent,] and [removed: remediation of] [added: remediate] known or unknown [removed: securities] [added: security] vulnerabilities, including those arising from third-party hardware or software in our supply chain, may [added: be insufficient to prevent security breaches or incidents resulting from such vulnerabilities, and may] result in additional direct or indirect costs and [added: liabilities and time of] management [removed: time.][added: and technical personnel.]

Any or all of these [removed: issues] [added: circumstances or issues, or the perception that any of them have occurred or are present (including any actual or perceived cyberattacks or other security breaches or incidents),] could adversely affect our ability to attract new customers, cause existing customers to elect to not renew their subscriptions, result in reputational [removed: damage,] [added: damage and harm to our market position,] or subject us to third-party [added: claims, demands, and] lawsuits, regulatory [added: investigations, proceedings,] fines, [added: and penalties,] mandatory [added: notifications and] disclosures, or other action or liability, which could adversely affect our operating [removed: results.][added: results and financial condition.]

Our insurance may not be adequate to cover losses associated with such events, and such insurance may not cover all of the types of costs, expenses, and losses we could incur to respond to and remediate a security [removed: breach.][added: breach or incident.]

The principal such competitor for our [removed: Veeva] Commercial [removed: Cloud applications] [added: Solutions] is IQVIA [added: Holdings] Inc., which offers a CRM application built on the Salesforce1 Platform, various data products, and other applications.

Our data and data analytics products, including Veeva OpenData, Veeva Link, Veeva Crossix, and Veeva Data Cloud, compete with [removed: IQVIA] [added: IQVIA, Ipsos Group S.A., Definitive Health Corp.,] and smaller data and data analytics providers.

[removed: No single vendor offers products that compete with all of our Veeva Vault applications, but] IQVIA, Dassault [removed: Systèmes,] [added: Systèmes (through its Medidata business line),] OpenText Corporation, Oracle Corporation, [added: Honeywell International Inc.,] and other smaller application providers offer applications that compete with certain of our Veeva [removed: Vault] [added: R&D] applications.

Our [added: Veeva] Commercial Cloud and Veeva [removed: Vault application suites] [added: R&D applications] also compete to replace client server-based legacy solutions offered by companies such as Oracle, Microsoft Corporation, and other smaller application [removed: providers.]

Our business consulting and professional services offerings compete with a range of professional services firms, [removed: including] [added: including,] at [removed: times] [added: times,] some of our partners.

[added: For example, we have limited experience selling our Veeva Data] Cloud offering for longitudinal patient [removed: and prescriber] data, our MyVeeva for Patients solution that will enable remote patient interactions for clinical trials, or our [removed: MyVeeva for Doctors] [added: Veeva Engage Connect, a] solution that will facilitate more efficient communications between health care [removed: practitioners] [added: professionals] and life sciences companies.

In our fiscal years ended January 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] our top 10 customers accounted for [removed: 36%,] [added: 31%,] 36%, and [removed: 39%] [added: 36%] of our total revenues, respectively.

[removed: An inability to attract] [added: - Difficulty attracting] and [removed: retain] [added: retaining] highly skilled employees could adversely affect our [removed: business.][added: business and efforts to attract and retain such employees may increase our expenses.]

We have experienced, and [removed: we] expect to continue to experience, difficulty in hiring and retaining employees with the appropriate level of qualifications, and we [added: also] have experienced, and [removed: we] expect to continue to experience, intense recruitment of our employees by competitors and other technology companies.

With respect to sales professionals, [added: for instance,] even if we are successful in attracting highly qualified personnel, it may take six to nine months or longer before they are fully trained and productive.

[added: If that occurs, our customers may delay or withhold payment to us, cancel their] agreements with us, elect not to renew, or make service credit claims, warranty claims, or other claims against us, and we could lose future sales.

[removed: Any failure] [added: We may find it challenging] to [removed: preserve] [added: maintain the same level of employee productivity while executing] our [removed: culture] [added: growth plan, fostering collaboration, and maintaining the beneficial aspects of our culture, and any such failures] could negatively affect our future success, including our ability to attract and retain highly qualified employees and to achieve our business objectives.

[removed: To effectively manage growth, we must continue to improve our key business applications, processes, and computing] infrastructure; enhance information and communication systems; and ensure that our policies and procedures evolve to reflect our current operations and are appropriately communicated to and observed by employees.

We may not be able to successfully integrate the acquired personnel, operations, and [removed: technologies,] [added: technologies] or effectively manage the combined business following the acquisition.

- problems arising from differences in applicable accounting standards or practices of the acquired business (for instance, non-U.S. businesses may not be accustomed to preparing their financial statements in accordance with U.S. [removed: GAAP),] [added: GAAP)] or difficulty identifying and correcting deficiencies in the internal controls over financial reporting of the acquired business;

- use of substantial portions of our available cash [removed: for] [added: to consummate] the acquisition;

- significant changes beyond our control to the worldwide economic environment that could negatively impact our underlying assumptions and expectations for performance of the acquired [removed: business, including, for example, the effect of COVID-19 on the Crossix and Physicians World businesses;] [added: business;] and

Our corporate headquarters are located in Pleasanton, California and our [added: primary] third-party hosted computing infrastructure is located in the United States, the European Union, Japan, and South Korea.

The west coast of the United States, [removed: Japan] [added: Japan,] and South Korea each contain active earthquake zones.

In the event of a major earthquake, hurricane, actual or threatened public health emergency (e.g., COVID-19), or other catastrophic event such as fire, power loss, telecommunications failure, cyber-attack, [removed: war,] [added: war (including the recent Russian invasion of Ukraine),] or terrorist attack, we may be unable to continue our operations at full capacity or at all and may experience system interruptions, reputational harm, delays in our solution development, lengthy interruptions in our services, breaches of data security, loss of key employees, and loss of critical data, all of which could have an adverse effect on our future operating results.

[removed: Within Veeva Commercial Cloud, our] [added: Our] core Veeva CRM application has achieved substantial market penetration [removed: within] [added: of] pharmaceutical and biotechnology companies.

If our efforts to sustain or further increase the use and adoption of our core CRM application do not succeed, the growth of our [removed: Veeva] Commercial [removed: Cloud] [added: Solutions] revenues may be negatively impacted.

In our fiscal year ended January 31, [removed: 2021,] [added: 2022,] we derived approximately [removed: 51%] [added: 59%] of our subscription services revenues and approximately [removed: 49%] [added: 56%] of our total revenues from our [removed: Veeva] Commercial [removed: Cloud solutions.][added: Solutions.]

A significant percentage of our [removed: Veeva] Commercial [removed: Cloud] [added: Solutions] subscription services revenues are derived from subscriptions for our core CRM application, and we have realized substantial sales penetration among pharmaceutical and biotechnology companies for our core Veeva CRM application.

If we are not able to sell additional user subscriptions for our core CRM application, if we fail to renew existing subscriptions for our core CRM application, or if subscription levels for our core CRM application are reduced at renewal (as a result of reductions in sales representatives that use our solutions, change in demand for our solutions, or for other reasons), the growth of our [removed: Veeva] Commercial [removed: Cloud] [added: Solutions] revenues may be negatively impacted.

[removed: We expect life sciences companies to reduce the number of sales representatives that they employ by roughly 10% over the next one to two years, which] [added: Such reductions] could negatively impact sales of Veeva CRM and [added: certain of our] other Commercial [removed: Cloud applications in particular,] [added: Solutions,] but we cannot be certain such reductions will happen or of the timing or magnitude of such reductions.

- Unique and uncertain macroeconomic and geopolitical factors, including as a result of the Russian invasion of Ukraine and continuing uncertainty surrounding the effects of COVID-19, may cause instability and volatility in the global financial markets and disruptions within the life sciences industry that may negatively impact our business and our stock price.

Additionally, we maintain and process other confidential, proprietary, and sensitive business information, including personal information relating to our employees and contractors and confidential information relating to our solutions and business.

It is possible that our risk of cyber-attack and other sources of security breaches and incidents may be elevated as a result of Russia’s invasion of Ukraine due to an increase in cyber-attack attempts on us, our customers, our partners, or our technology infrastructure providers.

We may be required to expend significant capital and financial resources to protect against the foregoing threats and to alleviate problems caused by actual or perceived security breaches or incidents.

Additionally, we and our service providers may face difficulties or delays in identifying, remediating, and otherwise responding to any cybersecurity attack or other security breach or incident.

providers.

Difficulty attracting and retaining highly skilled employees could adversely affect our business and efforts to attract and retain such employees may increase our expenses.

Competition for such employees and potential employees is intense.

These factors have been exacerbated by a general labor market shortage.

We believe our customers have faced similar challenges.

Staffing difficulties resulting from these labor market factors can negatively impact the timing of projects and the ability to staff projects.

Further, it takes time for newly hired employees to become productive.

In response to unusual inflationary pressure and the demand environment for skilled employees, we increased salaries for the majority of our employees by 5% effective September 1, 2021.

Further, in light of the labor market conditions and inflationary pressure discussed above, we expect compensation increases in connection with our annual compensation review process, which takes place in the quarter ending April 30, 2022, to be higher than our historical norms.

These factors are likely to increase our expenses.

As we continue to grow, both organically and through acquisitions, we must effectively integrate, develop, and manage an increasing number of employees, including an increasing number of employees who, pursuant to our “Work Anywhere” policy, do not work from a Veeva office.

To effectively manage growth, we must continue to improve our key business applications, processes, and computing

We have also adopted a “Work Anywhere” policy, which generally gives employees the flexibility to work in an office or at home on any given day, with certain job-specific restrictions.

We continue to monitor and evaluate the impact of COVID-19 on our business, including when larger in-person events should resume.

We expect to resume large in-person customer, employee, and industry events during the fiscal year ending January 31, 2023 but our plans could be disrupted.

Certain of our businesses were negatively impacted by COVID-19 in the past, and certain of our businesses may be negatively impacted by COVID-19 in the future.

In the quarter ended October 31, 2020, we disclosed that we expected life sciences companies to reduce the number of sales representatives that they employ by roughly 10%.

We currently expect most of these reductions to take place during our fiscal year ending January 31, 2023, with some reductions still occurring in our fiscal year ending January 31, 2024.

In the quarter ended October 31, 2020, we disclosed that we expected life sciences companies to reduce the number of sales representatives that they employ by roughly 10%.

We currently expect most of these reductions to take place during our fiscal year ending January 31, 2023, with some reductions still occurring in our fiscal year ending January 31, 2024.

While we do not currently have locations or employees in Russia and our revenues from sales to Russian entities is limited, some of our customers have users of our products in Russia that support their Russian operations and we maintain a small office and staff in Belarus.

As noted below, the Russian invasion of Ukraine poses particular risk to those aspects of our international business.

- difficulties in repatriating funds without adverse tax consequences or restrictions on the transfer of funds more generally, including as a result of sanctions arising from the Russian invasion of Ukraine, which may limit our ability to receive payment from Russian banks or limit our ability to fund our operations in Belarus through Russian banks;

Significant changes in drug pricing policy or regulation

could result in life sciences companies reducing the number of sales representatives that use our products or otherwise reduce demand for our products.

In the quarter ended October 31, 2020, we disclosed that we expected life sciences companies to reduce the number of sales representatives that they employ by roughly 10%.

We currently expect most of these reductions to take place during our fiscal year ending January 31, 2023, with some reductions still occurring in our fiscal year ending January 31, 2024.

Such reductions could negatively impact sales of our solutions, including Veeva CRM and certain of our other Commercial Solutions.

For example, it has been reported that a number of significant life sciences companies plan to scale back sales, operations and investments in Russia, including curtailing clinical trial activity in Russia.

It is possible that clinical trial activity may be disrupted or delayed in the regions near Ukraine as clinical trial sites deal with the healthcare impact of the Russian invasion of Ukraine.

All PHI processed by Crossix for

Additionally, in June 2021, the European Commission issued revised SCCs, which are required to be implemented, and in February 2022, the United Kingdom’s Information Commissioner’s Office issued new standard contractual clauses (the UK SCCs), to support personal data transfers out of the United Kingdom.

If approved by the United Kingdom’s Parliament, the UK SCCs will become effective in March 2022.

We may be required to take additional steps to legitimize any personal data transfers impacted by these developments, be required to engage in new contract negotiations with third parties that aid in processing personal data on our behalf, and may be subject to increased costs of compliance and limitations on our service providers and us.

Additionally, other countries outside of the EU have enacted or are considering enacting similar cross-border data transfer restrictions and laws requiring local data residency.

The worldwide outbreak of COVID-19 may negatively impact our business and our stock price.

We have also implemented employee travel restrictions and, as of the time of this filing, many of our U.S. offices, including our corporate headquarters in Pleasanton, California, remain closed with employees working from home.

With respect to offices we have opened, we have generally offered employees the option to continue working from home and many employees have chosen to do so.

Customers may delay or cancel purchasing decisions or professional services projects in light of uncertainties to their businesses arising from COVID-19 or renew their subscriptions at lower levels.

In our fiscal year ended January 31, 2021, our recently acquired Crossix and Physicians World businesses were negatively impacted by COVID-19, and sales to certain other customer segments were and may continue to be negatively impacted as well, including sales to cosmetics companies.

Unauthorized access or security breaches, as a result of third-party action (e.g., cyber-attacks), employee error, product defect, malfeasance, or

We believe our risk of cyber-attack may be elevated during the COVID-19 outbreak due to an increase in cyber-attack attempts on U.S. businesses generally.

A security breach of another significant provider of cloud-based solutions may also negatively impact the demand for our solutions.

A significant Veeva CRM customer recently launched a project to implement IQVIA's competitive software offering for portions of its CRM users.

The scope of that deployment may expand, resulting in further losses of revenue within our Veeva CRM business, or we may lose additional Veeva CRM users or customers in the future.

For example, we have limited experience selling our Veeva Data

Competition for these employees is intense, especially with respect to software engineers with high levels of experience in enterprise software and internet-related services and sales personnel.

If that occurs, our customers may delay or withhold payment to us, cancel their

As we continue to grow, both organically and through acquisitions, we must effectively integrate, develop, and motivate an increasing number of employees (an increasing portion of whom are permanent remote employees), while executing our growth plan and maintaining the beneficial aspects of our culture.

For example, in November 2019, we acquired Crossix, a provider of privacy-safe patient data and data analytics, and Physicians World, a provider of speakers bureau services for healthcare professionals.

worldwide customer base.

- restrictions on the transfer of funds or difficulties in repatriating funds without adverse tax consequences;

Accordingly,

We expect life sciences companies to reduce the number of sales representatives that they employ by roughly 10% over the next one to two years, which could negatively impact sales of our solutions, including Veeva CRM and other Commercial Cloud applications in particular.

could lead to significant fines and penalties imposed by regulators, as well as claims by our customers or third parties.

For example, it has been reported that a significant Veeva CRM customer recently launched a project to implement IQVIA's competitive software offering for portions of its CRM users, in part as a result of concerns about restrictions imposed by IQVIA for the use of IQVIA data in certain Veeva software applications.

A rapid expansion of our business or an increase in

industry, it does not restrict a salesforce.com customer’s ability (or the ability of salesforce.com on behalf of a specific salesforce.com customer) to customize or configure the Salesforce Platform, and our remedy for a breach of these restrictions by salesforce.com would be to terminate the agreement, or continue the agreement but be released from our minimum order commitments from the date of salesforce.com’s breach forward.

However, more recently and with respect to solutions other than our core Veeva CRM application and particularly with respect to certain of our Vault applications, we have entered into a number of orders with multi-year terms.

As a customer’s total spend on Veeva solutions increases, we expect purchasing

Additionally, with respect to certain of our multi-year orders in which fees increase from year to year, we recognize ratably the total contracted revenue for the entire multi-year term of the order.

Moreover, such multi-year orders could renew at fees greater than the revenue that was recognized in the last year of the order, which could result in fluctuations in our financial results.

Therefore, our reported results could be less indicative of the actual health of our business at the time revenue is reported.

For example, the Tax Cuts and Jobs Act of 2017 (Tax Act) significantly changed how the U.S. Department of Treasury imposes income taxes on U.S. corporations.

Furthermore, on June 29, 2020, California Governor Newsom signed Assembly Bill No. 85 as part of the California 2020 Budget Act, which temporarily suspends the use of California net operating losses and imposes a limitation on the amount of business incentive tax credits that may impact our tax liabilities in future periods.

license agreements with our employees, customers, partners, and others to protect our intellectual property rights.

Any such lawsuit might be a

operating results, or financial condition.

[removed: We discuss factors that we believe] [added: *believe] could cause or contribute to these differences below and elsewhere in this report, including those set forth under “Risk Factors” and “Special Note Regarding Forward-Looking Statements.”*

Our [removed: solutions] [added: offerings] span cloud software, data, [added: analytics, professional services,] and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions—from research and development [removed: (R&D)] to commercialization.

[removed: In our] [added: For the] fiscal year ended January 31, 2021, we derived approximately [removed: 51%] [added: 63%] and [removed: 49%] [added: 37%] of our subscription services revenues and [removed: 49%] [added: 61%] and [removed: 51%] [added: 39%] of our total revenues from our [removed: Veeva] Commercial [removed: Cloud solutions] [added: Solutions] and [removed: Veeva Vault solutions,] [added: R&D Solutions,] respectively.

[removed: For the] [added: In our] fiscal year ended January 31, [removed: 2020,] [added: 2022,] we derived approximately [removed: 52%] [added: 59%] and [removed: 48%] [added: 41%] of our subscription services revenues and [removed: 49%] [added: 56%] and [removed: 51%] [added: 44%] of our total revenues from our [removed: Veeva] Commercial [removed: Cloud solutions] [added: Solutions] and [removed: Veeva Vault solutions,] [added: R&D Solutions,] respectively.

The contribution of subscription services revenues and total revenues associated with our [removed: Veeva Vault solutions] [added: R&D Solutions] are expected to continue to increase as a percentage of subscription services revenues and total revenues in the future.

We also offer certain of our [removed: Veeva Vault solutions] [added: R&D Solutions] to [removed: three] industries outside the life sciences industry primarily in North America and Europe.

For our fiscal years ended January 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] our total revenues were [removed: $1,465] [added: $1,851] million, [removed: $1,104] [added: $1,465] million, and [removed: $862] [added: $1,104] million, respectively, representing year-over-year growth in total revenues of [removed: 33%] [added: 26%] in our fiscal year ended January 31, [removed: 2021,] [added: 2022,] and [removed: 28%] [added: 33%] in our fiscal year ended January 31, [removed: 2020.][added: 2021.]

For our fiscal years ended January 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] our subscription services revenues were [removed: $1,179] [added: $1,484] million, [removed: $896] [added: $1,179] million, and [removed: $694] [added: $896] million, respectively, representing year-over-year growth in subscription services revenues of [removed: 32%] [added: 26%] in our fiscal year ended January 31, [removed: 2021,] [added: 2022,] and [removed: 29%] [added: 32%] in our fiscal year ended January 31, [removed: 2020.][added: 2021.]

We generated net income of [removed: $380] [added: $427] million, [removed: $301] [added: $380] million, and [removed: $230] [added: $301] million for our fiscal years ended January 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] respectively.

| [removed: 38] [added: 52] | | | Veeva Systems Inc. \| Form 10-K | | |

As of January 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] we served [added: 1,205,] 993, [removed: 861,] and [removed: 719,] [added: 861,] customers, respectively.

The combined customer counts for [removed: Veeva] Commercial [removed: Cloud] [added: Solutions] and [removed: Veeva Vault] [added: R&D Solutions] exceed the total customer count in each year because some customers subscribe to products in both areas.

Many of our [removed: Veeva Vault] applications [added: for R&D] are used by smaller, earlier [removed: stage] [added: stage,] pre-commercial companies, some of which may not reach the commercialization stage.

Thus, the potential number of [removed: Veeva Vault] [added: R&D Solutions] customers is [removed: significantly] higher than the potential number of [removed: Veeva] Commercial [removed: Cloud] [added: Solutions] customers.

For more information on our conversion to a PBC and associated risks, see [removed: “Business” and] “Risk Factors.”

[removed: Impact] [added: The Continuing Impact] of the COVID-19 Pandemic

While the impact of COVID-19 on our operational and financial performance has not been materially negative to date, the future impact is uncertain and will depend on future developments, including the duration and spread of the outbreak, government responses to the pandemic, the [added: rate of vaccinations, the] impact on our customers, the impact on our employees, the extent of further adverse impacts to the economy, and the scale and pace of economic recovery and resumption of normal business activities, [added: including the rollout of COVID-19 vaccines, the lifting of restrictions on movement, and the results of outbreaks and variants,] all of which cannot be predicted with certainty.

In response to the COVID-19 outbreak, we shifted most of our customer, employee, and industry events to virtual-only [removed: experiences for our fiscal year ending January 31, 2021.][added: experiences.]

Many of our customers [added: continue to] have [removed: implemented similar] [added: travel restrictions and remote work] measures, which may limit our ability to sell or provide professional services to them [removed: over time.][added: in the future.]

This transition has accelerated the use and adoption of certain of our applications, including Veeva CRM Engage Meeting and Veeva CRM Approved Email, and that may continue in the future with respect to these and other of our [removed: Veeva] Commercial [removed: Cloud] [added: Solutions] and [removed: Veeva Vault solutions] [added: R&D Solutions] that enable remote interactions.

[removed: We expect life sciences companies to reduce the number of sales representatives that they employ by roughly 10% over the next one to two years, which] [added: Such reductions] could negatively impact sales of our solutions, including Veeva CRM and [added: certain of our] other Commercial [removed: Cloud applications in particular,] [added: Solutions,] but we cannot be certain such reductions will happen or of the timing or magnitude of such reductions.

[added: Investment in Growth.] We have invested and intend to continue to invest aggressively in expanding the breadth and depth of our product portfolio, including through acquisitions.

[added: Adoption of Our Solutions by Existing and New Customers.] Most of our customers initially deploy our solutions to a limited number of end users within a division or geography and may only initially deploy a limited set of our available solutions.

[removed: Subscription Services Revenue Retention Rate][added: | Subscription services | | | | | | | | | | | | | | | | | | | | | 80 | | % | | | | 81 | | % | | | | | | |]

[added: Subscription Services Revenue Retention Rate.] A key factor to our success is the renewal and expansion of our existing subscription agreements with our customers.

For our fiscal years ended January 31, [added: 2022,] 2021, [removed: 2020,] and [removed: 2019,] [added: 2020,] our subscription services revenue retention rate was [added: 119%,] 124%, [removed: 121%,] and [removed: 122%,] [added: 121%,] respectively.

Professional services and other revenues consist primarily of fees from implementation services, configuration, data services, training, and managed services related to our solutions and services related to our Veeva Business Consulting [removed: offerings.][added: offering.]

For the fiscal year ended January 31, [removed: 2021,] [added: 2022,] subscription services revenues constituted [removed: 81%] [added: 80%] of total revenues and professional services and other revenues constituted [removed: 19%] [added: 20%] of total revenues.

If a customer adds end users or additional [removed: Veeva] Commercial [removed: Cloud applications] [added: Solutions] to an existing order for our core Veeva CRM application, such additional orders will generally be coterminous with the anniversary date of the core Veeva CRM order, and as a [removed: result, orders for additional end users or additional Veeva Commercial Cloud applications will commonly have an initial term of less than one year.]

[removed: With respect to applications other than our core Veeva CRM application and particularly] [added: Particularly] with respect to our [removed: Veeva Vault applications,] [added: R&D Solutions,] we have entered into a number of orders with multi-year terms.

Also, particularly with respect to [added: orders for] our [removed: Veeva] Commercial [removed: Cloud orders,] [added: Solutions,] because the term of orders for additional end users or applications is commonly less than one year, the annualized value of such orders may not be completely reflected in deferred revenue at any single point in time.

[added: Accordingly, we do not believe that changes on a] quarterly basis in deferred revenue, unbilled accounts receivable, or calculated billings, a metric commonly cited by financial analysts, are accurate indicators of future revenues for any given period of time.

Subscription services revenues are affected primarily by the number of customers, the scope of the subscription purchased by each customer (for example, the number of end users or other subscription usage [removed: metric),] [added: metric)] and the number of solutions subscribed to by each customer.

Cost of subscription services revenues for all of our solutions consists of expenses related to our computing infrastructure provided by third parties, including salesforce.com and Amazon Web Services, personnel related costs associated with hosting our subscription services and providing support, including our data stewards, data acquisition [removed: costs,] [added: and third-party contractor costs related to the development of our data products,] expenses associated with computer equipment and software, [removed: allocated overhead,] and [removed: amortization expense associated with certain purchased intangibles related to our subscription services.][added: allocated overhead.]

Research and development expenses consist primarily of employee-related expenses, third-party consulting fees, [removed: and] hosted infrastructure [removed: costs.][added: costs, and allocated overhead.]

Sales and marketing expenses consist primarily of employee-related expenses, sales commissions, marketing program costs, amortization expense associated with purchased intangibles related to our customer contracts, customer relationships and brand development, travel-related [removed: expenses,] [added: expenses] and allocated [added: overhead.]

Sales commissions are costs of obtaining [removed: new] customer [removed: contracts and] [added: contracts, which] are capitalized and then amortized over a period of benefit that we have determined to be [added: one to] three years.

See [removed: [note 9](#i800f2c156610488cbddbc160d70cd0ef_61)] [added: note 9] of the notes to our consolidated financial statements.

New Accounting Pronouncements Adopted in Fiscal [removed: 2021][added: 2022]

Refer to [note [removed: 1](#i800f2c156610488cbddbc160d70cd0ef_37)] [added: 1](#ibc0f32642e384790a49f9d5af0c1367f_136)] of the notes to our consolidated financial statements for a full description of the recent accounting pronouncements adopted during the fiscal year ended January 31, [removed: 2021.][added: 2022.]

We discuss factors that we*

As of January 31, 2022, 2021, and 2020, we had 653, 572 and 523 Commercial Solutions customers, respectively, and 860, 664, and 538 R&D Solutions customers, respectively.

These customer count totals are net of customer attrition during each period.

Commercial Solutions consist of our cloud software, data, and analytics products built specifically to more efficiently and effectively commercialize our customers’ products.

R&D Solutions consist of our clinical, quality, regulatory, and safety products.

Prior to the fiscal quarter ended October 31, 2021, we grouped our revenues into two product areas: Commercial Cloud and Vault.

During the fiscal quarter ended October 31, 2021, we changed the product areas under which we group revenues to Commercial Solutions and R&D Solutions to better align with how we manage our business and to reflect the principal functions served by our products.

Specifically, revenues attributable to Vault PromoMats and Vault MedComms, applications used for commercial operations, are now reflected in Commercial Solutions.

Prior period revenue balances have been adjusted to reflect the current period presentation of our product areas.

There were no changes to the aggregate amounts reported within our consolidated statements of comprehensive income.

Our Conversion to PBC

We have also adopted a “Work Anywhere” policy, which generally gives employees the flexibility to work in an office or at home on any given day, with certain job-specific restrictions.

We continue to monitor and evaluate the impact of COVID-19 on our business, including when larger in-person events should resume.

We expect to resume large in-person customer, employee, and industry events during the fiscal year ending January 31, 2023 but our plans could be disrupted.

Certain of our businesses were negatively impacted by COVID-19 in the past, and certain of our businesses may be negatively impacted by COVID-19 in the future.

In the quarter ended October 31, 2020, we disclosed that we expected life sciences companies to reduce the number of sales representatives that they employ by roughly 10%.

We currently expect most of these reductions to take place during our fiscal year ending January 31, 2023, with some reductions still occurring in our fiscal year ending January 31, 2024.

For Veeva Crossix, we do not count as distinct customers agencies contracting with us on behalf of brands within life sciences companies.

result, orders for additional end users or additional Commercial Solutions will commonly have an initial term of less than one year.

Recent Accounting Pronouncements

Reference Rate Reform

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): *Facilitation of the Effects of Reference Rate Reform on Financial Reporting*, which provides accounting relief from the future impact of the cessation of the London Interbank Offered Rate (“LIBOR”) by, among other things, providing optional expedients to treat contract modifications resulting from such reference rate reform as a continuation of the existing contract and for hedging relationships to not be de-designated resulting from such changes provided certain criteria are met.

The guidance is effective beginning on March 12, 2020, and the amendments apply prospectively through December 31, 2022.

We are currently in the process of incorporating fallback language in negotiated contracts and incorporating non-LIBOR reference rate and/or fallback language in new contracts to prepare for these changes.

We do not expect the adoption of ASU 2020-04 to have a material impact on our consolidated financial statements.

Business Combinations

In October 2021, the FASB issued ASU No. 2021-08, *Business Combinations* (Topic 805): *Accounting for Contract Assets and Contract Liabilities from Contracts with Customers*, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with Topic 606, *Revenue from Contracts with Customers*, as if the acquirer had originated the contracts.

Under current GAAP, such assets and liabilities are recognized by the acquirer at fair value on the acquisition date.

The new standard is effective for our fiscal year beginning on February 1, 2023, with early adoption permitted.

We are currently evaluating the accounting, transition, and disclosure requirements of this standard.

| | | | | | | | | | | | | | | | 2022 | | | | | | 2021 | | |

Demand for our Veeva Business Consulting services also contributed to the growth for the period.

compensation-related costs.

The slight increase compared to the prior period is due primarily to a more favorable mix of products and services, including increased revenue from R&D Solutions products and services that have a higher gross margin profile.

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capacity across all our solutions, and as a result of compensation increases for the reasons discussed above.

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The increase in employee compensation-related costs is primarily driven by the increase in headcount during the period, as well as the 5% increase in salaries discussed above.

Additionally, there was an increase of $5 million in professional services that primarily consisted of fees associated with on-going litigation.

Please note that revenues attributable to our Crossix and Physicians World businesses, which we acquired in November 2019, are classified under Veeva Commercial Cloud and impacted the mix of revenues between Veeva Commercial Cloud and Veeva Vault.

As of January 31, 2021, 2020, and 2019, we had 432, 390 and 335 Veeva Commercial Cloud customers, respectively, and 852, 715, and 574 Veeva Vault customers, respectively.

Veeva Commercial Cloud customers are those customers that have at least one of the following products: Veeva CRM, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management (including services delivered via Veeva Digital Events), Veeva Nitro, Veeva Andi, Veeva OpenData, Veeva Link, Veeva Network Customer Master, Veeva Crossix, or Veeva Data Cloud.

Veeva Vault customers are those customers that have at least one Vault product.

On November 1, 2019, we completed our acquisition of Crossix, a provider of privacy-safe patient data and data analytics.

Crossix brings Veeva additional depth in patient data and data analytics.

Crossix's existing data analytics offerings are complementary to our existing Commercial Cloud offerings, and we are utilizing the Crossix Data Platform to build Veeva Data Cloud, our longitudinal patient and prescriber data offering.

Further, on November 7, 2019, we completed our acquisition of Physicians World, a provider of speakers bureau services for healthcare professionals.

Acquiring Physicians World makes it easier for our customers to get industry leading cloud software and services from a single vendor.

We consider these businesses fully integrated into Veeva as of January 31, 2021.

Recent Development

We will continue to monitor events related to the pandemic and plan to continue the same approach for our fiscal year ending January 31, 2022.

We have also implemented employee travel restrictions and, as of the time of this filing, for many of our U.S. offices, including our corporate headquarters in Pleasanton, California, we have recommended that most employees work from home and the substantial majority of employees continue to do so.

Customers may delay or cancel purchasing decisions or professional services projects in light of uncertainties to their businesses arising from COVID-19 or may renew their subscriptions at lower levels.

In our fiscal year ended January 31, 2021, our recently acquired Crossix and Physicians World businesses were negatively impacted by COVID-19, and sales to certain other customer segments were and may continue to be negatively impacted as well, including sales to cosmetics companies.

For instance, from March 2020 until December 31, 2020, we allowed customers to use Veeva CRM Engage Meeting free of charge to facilitate the ability for life sciences personnel to meet remotely with healthcare professionals.

A significant number of customers adopted and began use of Veeva CRM Engage Meeting for the first time during this period, and we observed a dramatic increase in the volume of virtual meetings with healthcare professionals via Veeva CRM Engage Meeting over the same time period.

At the end of the free use period, we saw very high conversion rates to paid subscriptions by the customers who were using Veeva Engage Meeting without charge during the free use period.

Investment in Growth

Adoption of Our Solutions by Existing and New Customers

Accordingly, we do not believe that changes on a

overhead.

| Subscription services | | | | | | | | | | | | | | | | | | | | | 84 | | % | | | | 85 | | % | | | | | | |

There was also an increase of $9 million in employee compensation-related costs (which includes an increase of $2 million in stock-based compensation) and was primarily driven by the increase in headcount during the period and the full year impact of the headcount from the acquired Crossix business.

$9 million in other computing infrastructure costs, the vast majority of which was for computing infrastructure provided by Amazon Web Services.

The decrease compared to the prior period is largely due to the products and services of our acquired Crossix and Physicians World businesses, which have lower gross margins than many of our other products and services.

There was an additional increase of $7 million in amortization of purchased intangibles related to our acquired Crossix and Physicians World businesses.

These increases were partially offset by a $10 million decrease in travel and entertainment costs primarily related to travel and meeting restrictions associated with COVID-19.

product offerings, the impact of changes to our sales compensation plans, and our continued expansion of our sales capacity across all our solutions.

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may not be able to raise it on terms acceptable to us or at all.

Additionally, operating cash flow benefited from a non-cash adjustment for stock-based compensation.

The $183 million decrease in cash used in investing activities was mainly due to our prior year investments in Crossix and Physicians World acquisitions, partially offset by the nature and timing of purchases of short-term investments in excess of maturities.

The $24 million increase in cash provided by financing activities is primarily related to an increase in proceeds from employee stock option exercises resulting from both an increase in stock option exercise volume and a higher aggregate average exercise price during the period.

Commitments

Our principal commitments consist of obligations for minimum payment commitments to salesforce.com, and leases for office space and data centers.

On March 3, 2014, we amended our agreement with salesforce.com.

The agreement, as amended, requires that we meet minimum order commitments of $500 million over the term of the agreement, which ends on September 1, 2025, including “true-up” payments if the orders we place with salesforce.com have not equaled or exceeded the following aggregate amounts within the timeframes indicated: (i) $250 million for the period from March 1, 2014 to September 1, 2020 and (ii) the full amount of $500 million by September 1, 2025.

Our results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the [removed: British Pound Sterling,] Euro, Japanese Yen, [added: Canadian Dollar, British Pound Sterling, Hungarian Forint,] and Chinese Yuan, and may be adversely affected in the future due to changes in foreign currency exchange rates.

For the fiscal years ended January 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019,] [added: 2020,] we had foreign currency [removed: gains of $2 million,] losses of $1 million, [added: gains of $2 million,] and losses of [removed: $2] [added: $1] million, respectively.

We engage in the hedging of our foreign currency transactions as described in [note [removed: 8](#i800f2c156610488cbddbc160d70cd0ef_58)] [added: 8](#ibc0f32642e384790a49f9d5af0c1367f_193)] of the notes to our consolidated financial statements and may, in the future, hedge selected significant transactions or net monetary exposure positions denominated in currencies other than the U.S. dollar.

We had cash, cash equivalents and short-term investments totaling [removed: $1,664 million] [added: $2.4 billion] as of January 31, [removed: 2021.][added: 2022.]

An immediate increase of 100-basis points in interest rates would have resulted in a [removed: $9] [added: $13] million market value reduction in our investment portfolio as of January 31, [removed: 2021.][added: 2022.]

An immediate decrease of 100-basis points in interest rates would have increased the market value by [removed: $3] [added: $12] million as of January 31, [removed: 2021.][added: 2022.]

| [removed: 52] [added: 54] | | | Veeva Systems Inc. \| Form 10-K | | |

We also bring the benefits of our content and data management solutions to customers [removed: outside of life sciences] in [removed: three regulated industries:] [added: the] consumer [removed: goods, chemicals,] [added: products] and [removed: cosmetics.][added: chemical industries.]

Our applications currently offered to companies [removed: outside of life sciences] [added: in these industries] are designed to help customers efficiently manage critical [removed: regulated] processes and content in a compliant [removed: way] [added: way,] and to enable secure collaboration across internal and external stakeholders, including outsourcing partners and vendors.

Our industry cloud solutions for the life sciences industry are grouped into two [removed: key product] [added: major] areas—Veeva Commercial Cloud and Veeva [removed: Vault—and] [added: Development Cloud—and] are designed to address pharmaceutical, biotechnology, and medical device companies’ most pressing strategic needs in their commercial and R&D operations.

[removed: Veeva] [added: Veeva] Commercial [removed: Cloud] [added: Cloud] is a suite of software, data and analytics solutions built specifically for life sciences companies to more efficiently and effectively commercialize their products.

- [removed: Veeva CRM and Veeva] [added: Veeva CRM *and* Veeva] Medical CRM enable customer-facing [removed: employees, such as] [added: employees—including] life sciences sales [removed: representatives, key account managers,] [added: representative] and [removed: scientific liaisons, to] [added: medical science liaisons—to] manage, track, and optimize [removed: interactions] [added: engagement] with healthcare professionals [removed: and healthcare organizations utilizing] [added: with] a single, integrated solution.

With [removed: multichannel Veeva CRM,] [added: *Veeva CRM*,] customers have an end-to-end solution [removed: for the planning and coordination of their teams] across all key channels, including face-to-face, email, and virtual [removed: engagement.][added: engagement, that supports the life sciences industry’s unique commercial business processes and regulatory compliance requirements with highly specialized functionality.]

- Veeva CRM Approved Email enables the management, delivery, and tracking of emails from [removed: life sciences sales] [added: field] representatives to healthcare professionals, while maintaining regulatory compliance.

[removed: Engage] [added: It] is embedded in [removed: Veeva CRM] [added: *Veeva CRM*] for ease of use, regulatory compliance, and access to important industry-specific processes such as signature requests for samples or medical inquiries.

- [removed: Veeva] [added: Veeva] Align enables life sciences companies to perform fast, accurate territory alignments.

Through native integration with [removed: Veeva] [added: *Veeva] CRM, Veeva [removed: Align allows] [added: Align* delivers] seamless field collaboration to increase accuracy and minimize manual effort.

- [removed: Veeva] [added: Veeva] CLM provides [added: closed loop marketing] capabilities for life sciences sales representatives to present digital marketing content on a mobile device, such as an iPad, during in-person interactions with healthcare professionals.

- [removed: Veeva] [added: Veeva Digital Events includes Veeva] CRM Events Management [added: which] enables the planning, management, and execution of group meetings with healthcare [removed: professionals] [added: professionals,] and [removed: helps life sciences companies track] [added: tracks] and [removed: manage] [added: manages] spending [removed: in order] to meet transparency reporting requirements.

[removed: We also provide] [added: Veeva Events Services provides] event support [removed: services in the United States] for life sciences companies of all sizes [removed: through our Veeva Digital Events offerings, which consists,] in [removed: part, of] the [removed: acquired Physicians World business.][added: United States.]

The [removed: MyVeeva for Doctors] [added: *Engage*] mobile [removed: application for] [added: apps help] healthcare professionals [removed: enables them to] find the right people [removed: and resources] from across the industry to [added: communicate and gain resources to] better serve their patients.

[added: -] Veeva [removed: Commercial Cloud data] [added: Data] and [removed: analytics] [added: Analytics] solutions include:

In the life sciences industry, this [removed: category of data] is referred to as customer reference [removed: data or customer] data.

- Veeva Link provides [added: strategic market insights and] real-time customer intelligence [removed: data] on key scientific [removed: experts in oncology] [added: experts, leaders,] and [removed: is expected to expand to experts in additional therapeutic areas in 2021.][added: influencers.]

Veeva Link associates [removed: thousands of] [added: these] global experts with millions of actions, including [added: scholarly] publications, clinical trials, [removed: events,] [added: medical congresses, associations,] and [removed: digital activities.][added: social media activity.]

- [removed: Veeva] [added: Veeva] Crossix provides pharmaceutical brands [removed: privacy-safe U.S. patient data and] a best-in-class analytics platform to maximize media investments and drive greater marketing effectiveness.

Patented [removed: Crossix SafeMine] [added: *Crossix SafeMine*] technology connects health data and non-health data, including consumer and media [removed: data,] [added: data] for U.S. [removed: patients] [added: patients,] in [removed: a] [added: an accurate,] privacy-safe [removed: manner.][added: way.]

- [removed: Veeva] [added: Veeva] Data Cloud provides longitudinal U.S. patient data for both retail and specialty distribution channels [added: and prescriber data] for [removed: commercial use cases such as] launch planning, patient segmentation, commercial analytics, artificial intelligence, territory design, and targeting.

[removed: Veeva] [added: *Veeva] Data [removed: Cloud] [added: Cloud*] is powered by [removed: the Crossix Data Platform,] [added: *Veeva Crossix*] privacy-safe [removed: processes,] [added: processes] and an expanding health data set.

- Veeva [removed: Network Customer Master] [added: Network] is an industry-specific, customer master software solution that de-duplicates, standardizes, and cleanses healthcare professional and healthcare organization data from multiple systems and data sources to arrive at a single, consolidated customer master record.

[removed: Veeva Network Customer Master] [added: *Veeva Network*] comes pre-configured with a data model that is specific to life sciences [removed: and supports global harmonization,] as well as country, market, and regional data specifications, within a single [removed: system.][added: system to support global harmonization.]

[added: -] Veeva Vault [added: for Commercial Content Management] is a unified suite of cloud-based, enterprise content and data management [removed: applications, all built on our proprietary Veeva Vault Platform.][added: applications.]

[added: Veeva Development Cloud includes application suites for the clinical, regulatory, quality, and safety functions of life sciences companies, all built on our proprietary Veeva Vault Platform.] Veeva Vault’s unique ability to handle content and data allows us to build [removed: content-] [added: content] and data-centric applications to help customers streamline end-to-end business processes and eliminate manual processes and siloed systems.

The Veeva Vault applications [removed: and capabilities] primarily used by the commercial and medical departments of life sciences companies to manage [removed: commercial and medical] content include:

[removed: Veeva] [added: Veeva] Development [removed: Cloud][added: Cloud solutions include:]

[removed: Veeva] [added: The *Veeva] Vault [removed: Clinical][added: Clinical Suite* includes:]

- Veeva Vault CTMS is a clinical trial management application that helps unify information and documentation [removed: for a “single source of truth”] across sponsors, contract research organizations, and investigators to reduce complexity, increase transparency, and speed time to market.

[removed: -] Veeva Vault Payments is [removed: a complementary] [added: an] application for [removed: Vault CTMS] [added: use with *Vault CTMS*] that helps manage the payment and reimbursement process to clinical research sites.

[added: A fully configurable, for-charge version, called SiteVault Enterprise, includes open APIs] for integrations, customized reports, and tailored workflows.

[removed: Life sciences companies that sponsor clinical trials and the contract research organizations with which they work to run clinical trials on an outsourced basis use Veeva] [added: - Veeva] Site Connect [removed: to share and automate] [added: automates] the flow of clinical trial information between Veeva Vault [removed: Clinical] [added: clinical] applications [added: used by sponsors] and [removed: Veeva SiteVault allowing] [added: CROs, and clinical research sites using *Veeva SiteVault*] for better collaboration and faster clinical trials.

[removed: Veeva] [added: - Veeva] Vault [removed: RIM] [added: RIM] is a suite of applications that provides fully integrated regulatory information management (RIM) capabilities on a single cloud platform.

[removed: Veeva] [added: - Veeva] Vault [removed: Quality] [added: Quality] is the industry’s first unified suite of quality applications for life sciences, contract manufacturers, and suppliers to seamlessly manage quality processes and content in a single platform for greater visibility and control.

- Veeva Vault Station Manager provides manufacturing operators up-to-date documents and [removed: video,] [added: videos,] including critical work instructions and procedures, directly through tablets located at manufacturing stations on the manufacturing floor.

[removed: Companies can efficiently organize, assign, and track] content [removed: and information] so the right people are trained on the right policies and procedures.

[removed: Veeva] [added: - Veeva] Vault [removed: Safety] [added: Safety] is a unified suite of applications that helps the pharmacovigilance and safety departments [removed: of life sciences companies] increase efficiency and maintain compliance in the management of end-to-end safety [removed: processes that includes:][added: processes.]

[removed: - Veeva Vault Safety is a modern application for the] [added: The] collection, management, and real-time oversight of adverse events [added: occurs] in a single [removed: system.][added: system, including:]

Our initial applications for customers outside of life sciences address specific content and data management processes within the [removed: regulated industries of consumer goods, chemicals, and cosmetics.][added: CP&C industries.]

For financial reporting purposes, revenues associated with our Veeva Commercial Cloud and Veeva Claims solutions are classified as “Commercial Solutions” revenues, and revenues associated with our Veeva Development Cloud, Veeva RegulatoryOne, and Veeva QualityOne solutions are classified as “R&D Solutions” revenues.

Veeva Commercial Cloud includes solutions for the sales, medical affairs, and marketing functions of a life sciences company:

The following applications can be purchased to enhance and extend *Veeva CRM*:

- Veeva CRM MyInsights provides a tailored CRM user experience that enables field teams to make data-driven decisions for more personalized engagement.

- Veeva CRM Engage platform enables digital engagement through compliant video meetings, phone calls, contactless in-person interactions, or chat.

Built-in DAM capabilities provide a central hub to store, search, and share compliant content, with workflows for edits and approval, enabling global content management and reuse.

This helps life sciences companies better understand the full impact of medical activities, identify new experts and HCPs with whom they should connect, and drive more relevant, coordinated engagements.

We expect to make our Veeva Data Cloud product for subscription sales data available in early 2023.

All of these healthcare data sets support the industry’s need for a modern solution for more precise targeting.

- Veeva Digital Trials Platform advances clinical trial execution by providing a complete and connected technology ecosystem.

The *Veeva Digital Trials Platform* is comprised of our comprehensive application suites for clinical operations and clinical data management and pre-built connections to our applications for clinical research sites and patient engagement.

The platform is designed to enable seamless execution and flow of data between clinical trial stakeholders—including patients, research sites, contract research organizations (CROs), and trial sponsors—for faster, more efficient trials that achieve higher data accuracy and increased patient diversity.

The Veeva Digital Trials Platform includes:

- Veeva Vault Clinical Suite transforms clinical operations and clinical data management with the most comprehensive suite of clinical solutions on a single cloud platform.

Life sciences companies can increase visibility, streamline end-to-end processes, and improve how sponsors, CROs, and sites work together throughout the clinical trial process.

- Veeva Vault Clinical Data Management Suite (CDMS) helps sponsors and CROs design and run trials with tools to speed the build process and eliminate manual steps.

- Veeva Vault EDC is an electronic data capture application that enables complex, multi-arm adaptive trials and mid-study design amendments without downtime.

Vault Coder codes medical terms quickly and accurately within *Vault EDC*.

- Veeva CDB (clinical database), planned for availability in 2022, is an application for aggregating, cleaning, reporting, and exporting data.

This solution provides a complete and concurrent view across study data, whether managed internally or by CRO partners.

- Veeva RTSM (randomization and trial supply management) supports the most complex study designs with flexible control over trial supply, with advanced tools to minimize drug wastage.

- Veeva Vault Clinical Operations Suite unifies clinical operations applications to accelerate trial execution and deliver real-time visibility.

Veeva also offers fit-for-purpose solutions for clinical research sites and patients to reduce administrative burden and make patient participation easier in clinical trials.

- Veeva Site and Patient Engagement Applications include our applications intended to make clinical trial participation easier for patients, and streamline study execution for research sites and trial sponsors.

- Veeva SiteVault is an application for clinical research sites that reduces the administrative burden of managing documents in a system that supports regulatory and HIPAA requirements.

Veeva offers *SiteVault* to clinical research sites free of charge to help them manage regulatory documentation and run connected studies with sponsors that are using the *Vault Clinical Suite*.

- Veeva eConsent simplifies the set-up, completion, and review of consent for clinical trial participants, reducing administrative burden and helping sites and study teams ensure compliance.

- MyVeeva for Patients is a single, intuitive application that clinical research sites use to digitally connect with patients.

It is expected to provide a single point of access for clinical trial documents, actions, and communication, and enable patients to view study information and stay in touch with their clinical research site.

Available on the app now is *eConsent, w*ith virtual visits, patient adherence, and ePRO (electronic patient reported outcome) planned for release in the future.

- Veeva Vault LIMS (Laboratory Information Management System) is planned for availability in 2022 to optimize Quality Control (QC) labs for real-time batch release.

It will connect with *Vault QualityDocs, Vault QMS,* and *Vault Training* to increase productivity, efficiency, and compliance.

- Veeva Vault Validation Management is planned for availability in 2022 to modernize validation processes by driving faster, more efficient test execution while maintaining compliance.

Seamless integration with *Vault QualityDocs* and *Vault QMS* will connect key artifacts, discrepancies, and change control, improving transparency and data accessibility.

- Veeva Vault Training improves GxP training efficiency and effectiveness, ensuring role-based qualifications and training compliance (for example, training to comply with industry-specific good manufacturing practices (GMP)).

Companies can efficiently design, deliver, and track training

Veeva LearnGxP is a comprehensive eLearning library (from the acquisition of Learnaboutgmp, a leading provider of accredited GxP training for life sciences) with hundreds of assets to help organizations develop programs that reduce cost, and improve training outcomes.

Our Cloud Solutions for Medical Devices and Diagnostics (MedTech) Companies

Veeva MedTech Suite offers unified and connected cloud software solutions to get medical devices and diagnostics to patients faster.

Veeva MedTech solutions include Veeva Vault products within the clinical, regulatory, quality, and commercial content management categories described above to help speed the total product development lifecycle for our MedTech customers.

We believe that the ability of our solutions to meet the demanding business and compliance requirements of life sciences companies translates well into these regulated industries.

Veeva Commercial Cloud

Veeva Commercial Cloud software applications include:

Veeva CRM supports the life science industry’s unique commercial business processes and regulatory compliance requirements with highly specialized functionality, such as prescription drug sample management with electronic signature capture, the management of complex affiliations between physicians and the organizations where they work, and the capture of medical inquiries from physicians.

- Veeva CRM MyInsights provides a data visualization tool that delivers tailored, actionable insights to life sciences sales representatives embedded directly in Veeva CRM.

- Veeva CRM Engage enables life sciences representatives to interact with healthcare professionals in online meetings.

- MyVeeva for Doctors is a digital platform to connect healthcare professionals with the life sciences industry.

Veeva Vault

Our Veeva Vault applications address the content management requirements for our customers’ commercial functions, including sales and marketing and medical content and communications, and key R&D functions, including clinical, regulatory, quality, and safety.

Our Veeva Vault applications for life sciences are organized into two product areas: Veeva Vault for Commercial Content Management and Veeva Development Cloud.

Veeva Vault for Commercial Content Management

The high volume of digital interactions has increased pressure on the sales and marketing organizations of life sciences companies to deliver relevant, compliant content to healthcare professionals faster while maintaining strict regulatory compliance across channels and geographies.

Workflows within Vault PromoMats enable real-time collaboration, review, and approval of commercial content in a compliant way.

Built-in DAM capabilities provide a globally-accessible repository for rich media content.

Veeva Development Cloud brings together application suites for the clinical, regulatory, quality, and safety functions of life sciences companies on the Veeva Vault Platform to enable companies to streamline product development life cycles and eliminate manual processes and siloed systems.

These applications help life sciences companies achieve greater efficiency and agility in product development, while maintaining regulatory compliance.

Our Veeva Development Cloud applications each have a unique data model based on shared content and data, deep functionality, and pre-defined workflows to support industry-specific processes.

The Veeva Development Cloud application suites are:

Veeva Vault Clinical combines electronic data capture (EDC), clinical trial management (CTMS), electronic trial master file (eTMF), and study start-up applications to unify clinical data management and clinical operations.

Veeva also offers a solution to help clinical research sites seamlessly manage regulatory documents and trial information.

- Veeva Vault CDMS *i*s a clinical data management solution that includes Veeva Vault EDC*,* Veeva Vault Coder, and Veeva Vault CDB.

Vault CDMS combines coding, EDC, data cleaning, and reporting in a single integrated solution to manage studies and gain a complete view of all clinical data within a trial.

- Veeva Clinical Network links patients, clinical research sites, and life sciences companies that sponsor clinical trials to help create paperless, patient-centric clinical trials.

Veeva SiteVault helps clinical research sites reduce the administrative burden of managing documents and processes for study site qualification and activation with capabilities such as electronic signatures, remote monitoring, certified copy workflows, and reporting.

Veeva offers a fully configurable edition called SiteVault Enterprise that includes open APIs

We also offer a free edition called SiteVault Free to provide clinical trial sites of all sizes with a modern cloud solution that helps streamline trial activities with the goal of accelerating clinical research for the life sciences industry overall.

MyVeeva for Patients provides patient access to trials with current capabilities for eConsent with additional capabilities planned for the future.

Veeva Vault RIM

Veeva Vault Quality

- Veeva Vault Training simplifies role-based training within life sciences companies and helps quality teams remain audit-ready and compliant.

Veeva Vault Safety

Veeva Vault Medical Device Suite

Veeva Vault Medical Device Suite includes the commercial, clinical, quality, and regulatory applications described above to provide manufacturers with greater visibility, collaboration, and speed across the product development life cycle.

Our Cloud Solutions for Regulated Industries Outside of Life Sciences

Our Business Consulting engagements are currently focused on customer-centric commercial strategies that solve commercial business challenges such as optimizing digital engagement, commercial content management, field optimization, go-to-market strategy, and commercial insights and analytics.

We plan to expand Business Consulting into the R&D functions of life sciences companies by the end of 2021 to help our customers accelerate their capabilities and improve business processes.

Our rate of voluntary attrition has been comparatively low historically.

redundant configurations to minimize service interruptions.

In new sales cycles, we generally compete with other cloud-

our technology innovations.

For information regarding certain current legal proceedings, see [note [removed: 15](#i800f2c156610488cbddbc160d70cd0ef_82)] [added: 15](#ibc0f32642e384790a49f9d5af0c1367f_247)] of the notes to our consolidated financial statements, which is incorporated herein by reference.

In addition to the legal proceedings referenced in [note [removed: 15](#i800f2c156610488cbddbc160d70cd0ef_82),] [added: 15](#ibc0f32642e384790a49f9d5af0c1367f_247),] we are involved in the following additional legal proceedings which may be material to our business.

[added: Among other things,] Medidata and Sparta [removed: have] appealed the superior court’s decisions finding that the case may [removed: proceed,] [added: proceed as to some causes of action,] and Veeva [removed: has cross-appealed.][added: cross-appealed the superior court’s ruling that certain causes of action were barred under California law.]

On March 10, 2022, the California Court of Appeal affirmed the decision of the superior court, ruling that certain of Veeva's claims may proceed and certain of its claims may not.

This decision is not yet final.

The court has not ruled on these appeals.

For the fiscal year ended January 31, [removed: 2021][added: 2022]

[removed: ][added: ]

The aggregate market value of voting stock held by non-affiliates of the Registrant on the last business day of the Registrant’s most recently completed second fiscal quarter, which was July 31, [removed: 2020,] [added: 2021,] based on the closing price of [removed: $264.57] [added: $332.71] for shares of the Registrant’s Class A common stock as reported by the New York Stock [removed: Exchange,] [added: Exchange on July 30, 2021, the last trading day of the second fiscal quarter,] was approximately [removed: $36.0] [added: $46.2] billion.

As of February 28, [removed: 2021,] [added: 2022,] there were [removed: 137,447,441] [added: 139,594,253] shares of the Registrant’s Class A common stock outstanding and [removed: 14,776,223] [added: 14,764,740] shares of the Registrant’s Class B common stock outstanding.

Portions of the Registrant’s Proxy Statement for the [removed: 2021] [added: 2022] Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Form 10-K to the extent stated herein.

The proxy statement will be filed by the Registrant with the Securities and Exchange Commission within 120 days after the end of the Registrant’s fiscal year ended January 31, [removed: 2021.][added: 2022.]

The summary does not include certain Part III information that will be incorporated by reference from the Proxy Statement for the [removed: 2021] [added: 2022] Annual Meeting of Stockholders, which will be filed within 120 days after our fiscal year ended January 31, [removed: 2021.][added: 2022.]

| [Special Note Regarding Forward Looking [removed: Statements](#i800f2c156610488cbddbc160d70cd0ef_10)] [added: Statements](#ibc0f32642e384790a49f9d5af0c1367f_19)] | | | | | | [removed: [1](#i800f2c156610488cbddbc160d70cd0ef_10)] [added: [1](#ibc0f32642e384790a49f9d5af0c1367f_19)] | | |

| [Item [removed: 1.](#i800f2c156610488cbddbc160d70cd0ef_1754)] [added: 1.](#ibc0f32642e384790a49f9d5af0c1367f_25)] | | | [removed: [Business](#i800f2c156610488cbddbc160d70cd0ef_1754)] [added: [Business](#ibc0f32642e384790a49f9d5af0c1367f_25)] | | | [removed: [2](#i800f2c156610488cbddbc160d70cd0ef_1754)] [added: [2](#ibc0f32642e384790a49f9d5af0c1367f_25)] | | |

| [Item [removed: 1A.](#i800f2c156610488cbddbc160d70cd0ef_136)] [added: 1A.](#ibc0f32642e384790a49f9d5af0c1367f_28)] | | | [Risk [removed: Factors](#i800f2c156610488cbddbc160d70cd0ef_136)] [added: Factors](#ibc0f32642e384790a49f9d5af0c1367f_28)] | | | [removed: [11](#i800f2c156610488cbddbc160d70cd0ef_136)] [added: [12](#ibc0f32642e384790a49f9d5af0c1367f_28)] | | |

| [Item [removed: 1B.](#i800f2c156610488cbddbc160d70cd0ef_1749)] [added: 1B.](#ibc0f32642e384790a49f9d5af0c1367f_31)] | | | [Unresolved Staff [removed: Comments](#i800f2c156610488cbddbc160d70cd0ef_1749)] [added: Comments](#ibc0f32642e384790a49f9d5af0c1367f_31)] | | | [removed: [34](#i800f2c156610488cbddbc160d70cd0ef_1749)] [added: [36](#ibc0f32642e384790a49f9d5af0c1367f_31)] | | |

| [Item [removed: 2.](#i800f2c156610488cbddbc160d70cd0ef_1744)] [added: 2.](#ibc0f32642e384790a49f9d5af0c1367f_34)] | | | [removed: [Properties](#i800f2c156610488cbddbc160d70cd0ef_1744)] [added: [Properties](#ibc0f32642e384790a49f9d5af0c1367f_34)] | | | [removed: [34](#i800f2c156610488cbddbc160d70cd0ef_1744)] [added: [37](#ibc0f32642e384790a49f9d5af0c1367f_34)] | | |

| [Item [removed: 3.](#i800f2c156610488cbddbc160d70cd0ef_133)] [added: 3.](#ibc0f32642e384790a49f9d5af0c1367f_37)] | | | [Legal [removed: Proceedings](#i800f2c156610488cbddbc160d70cd0ef_133)] [added: Proceedings](#ibc0f32642e384790a49f9d5af0c1367f_37)] | | | [removed: [35](#i800f2c156610488cbddbc160d70cd0ef_133)] [added: [37](#ibc0f32642e384790a49f9d5af0c1367f_37)] | | |

| [Item [removed: 4.](#i800f2c156610488cbddbc160d70cd0ef_1739)] [added: 4.](#ibc0f32642e384790a49f9d5af0c1367f_40)] | | | [Mine Safety [removed: Disclosures](#i800f2c156610488cbddbc160d70cd0ef_1739)] [added: Disclosures](#ibc0f32642e384790a49f9d5af0c1367f_40)] | | | [removed: [35](#i800f2c156610488cbddbc160d70cd0ef_1739)] [added: [37](#ibc0f32642e384790a49f9d5af0c1367f_40)] | | |

| [Item [removed: 5.](#i800f2c156610488cbddbc160d70cd0ef_1816)] [added: 5.](#ibc0f32642e384790a49f9d5af0c1367f_43)] | | | [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#i800f2c156610488cbddbc160d70cd0ef_1816)] [added: Securities](#ibc0f32642e384790a49f9d5af0c1367f_43)] | | | [removed: [35](#i800f2c156610488cbddbc160d70cd0ef_1816)] [added: [37](#ibc0f32642e384790a49f9d5af0c1367f_43)] | | |

| [Item [removed: 7.](#i800f2c156610488cbddbc160d70cd0ef_91)] [added: 7.](#ibc0f32642e384790a49f9d5af0c1367f_49)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i800f2c156610488cbddbc160d70cd0ef_91)] [added: Operations](#ibc0f32642e384790a49f9d5af0c1367f_49)] | | | [removed: [38](#i800f2c156610488cbddbc160d70cd0ef_91)] [added: [39](#ibc0f32642e384790a49f9d5af0c1367f_49)] | | |

| | | | [Recent [removed: Development](#i800f2c156610488cbddbc160d70cd0ef_97)] [added: Development](#ibc0f32642e384790a49f9d5af0c1367f_58)] | | | [removed: [39](#i800f2c156610488cbddbc160d70cd0ef_97)] [added: [41](#ibc0f32642e384790a49f9d5af0c1367f_58)] | | |

| | | | [Impact of the COVID-19 [removed: Pandemic](#i800f2c156610488cbddbc160d70cd0ef_1897)] [added: Pandemic](#ibc0f32642e384790a49f9d5af0c1367f_61)] | | | [removed: [39](#i800f2c156610488cbddbc160d70cd0ef_1897)] [added: [41](#ibc0f32642e384790a49f9d5af0c1367f_61)] | | |

| | | | [Key Factors Affecting Our [removed: Performance](#i800f2c156610488cbddbc160d70cd0ef_1890)] [added: Performance](#ibc0f32642e384790a49f9d5af0c1367f_64)] | | | [removed: [40](#i800f2c156610488cbddbc160d70cd0ef_1890)] [added: [42](#ibc0f32642e384790a49f9d5af0c1367f_64)] | | |

| | | | [Components of Results of [removed: Operations](#i800f2c156610488cbddbc160d70cd0ef_100)] [added: Operations](#ibc0f32642e384790a49f9d5af0c1367f_67)] | | | [removed: [41](#i800f2c156610488cbddbc160d70cd0ef_100)] [added: [42](#ibc0f32642e384790a49f9d5af0c1367f_67)] | | |

| | | | [Results of [removed: Operations](#i800f2c156610488cbddbc160d70cd0ef_1517)] [added: Operations](#ibc0f32642e384790a49f9d5af0c1367f_70)] | | | [removed: [44](#i800f2c156610488cbddbc160d70cd0ef_1517)] [added: [46](#ibc0f32642e384790a49f9d5af0c1367f_70)] | | |

| | | | [Operating Expenses and Operating [removed: Margin](#i800f2c156610488cbddbc160d70cd0ef_2079)] [added: Margin](#ibc0f32642e384790a49f9d5af0c1367f_76)] | | | [removed: [46](#i800f2c156610488cbddbc160d70cd0ef_2079)] [added: [48](#ibc0f32642e384790a49f9d5af0c1367f_76)] | | |

| | | | [Non-GAAP Financial [removed: Measures](#i800f2c156610488cbddbc160d70cd0ef_109)] [added: Measures](#ibc0f32642e384790a49f9d5af0c1367f_79)] | | | [removed: [48](#i800f2c156610488cbddbc160d70cd0ef_109)] [added: [50](#ibc0f32642e384790a49f9d5af0c1367f_79)] | | |

| | | | [Liquidity and Capital [removed: Resources](#i800f2c156610488cbddbc160d70cd0ef_1558)] [added: Resources](#ibc0f32642e384790a49f9d5af0c1367f_82)] | | | [removed: [49](#i800f2c156610488cbddbc160d70cd0ef_1558)] [added: [51](#ibc0f32642e384790a49f9d5af0c1367f_82)] | | |

| | | | [Critical Accounting Policies and [removed: Estimates](#i800f2c156610488cbddbc160d70cd0ef_121)] [added: Estimates](#ibc0f32642e384790a49f9d5af0c1367f_97)] | | | [removed: [51](#i800f2c156610488cbddbc160d70cd0ef_121)] [added: [53](#ibc0f32642e384790a49f9d5af0c1367f_97)] | | |

| [Item [removed: 7A.](#i800f2c156610488cbddbc160d70cd0ef_124)] [added: 7A.](#ibc0f32642e384790a49f9d5af0c1367f_106)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i800f2c156610488cbddbc160d70cd0ef_124)] [added: Risk](#ibc0f32642e384790a49f9d5af0c1367f_106)] | | | [removed: [52](#i800f2c156610488cbddbc160d70cd0ef_124)] [added: [54](#ibc0f32642e384790a49f9d5af0c1367f_106)] | | |

| [Item [removed: 8.](#i800f2c156610488cbddbc160d70cd0ef_13)] [added: 8.](#ibc0f32642e384790a49f9d5af0c1367f_109)] | | | [Consolidated Financial Statements and Supplementary [removed: Data](#i800f2c156610488cbddbc160d70cd0ef_13)] [added: Data](#ibc0f32642e384790a49f9d5af0c1367f_109)] | | | [removed: [53](#i800f2c156610488cbddbc160d70cd0ef_13)] [added: [55](#ibc0f32642e384790a49f9d5af0c1367f_109)] | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i800f2c156610488cbddbc160d70cd0ef_1334)] [added: Firm](#ibc0f32642e384790a49f9d5af0c1367f_115)] | | | [removed: [53](#i800f2c156610488cbddbc160d70cd0ef_1334)] [added: [56](#ibc0f32642e384790a49f9d5af0c1367f_115)] | | |

| | | | [Consolidated Balance [removed: Sheets](#i800f2c156610488cbddbc160d70cd0ef_19)] [added: Sheets](#ibc0f32642e384790a49f9d5af0c1367f_118)] | | | [removed: [55](#i800f2c156610488cbddbc160d70cd0ef_19)] [added: [58](#ibc0f32642e384790a49f9d5af0c1367f_118)] | | |

| | | | [Consolidated Statements of Comprehensive [removed: Income](#i800f2c156610488cbddbc160d70cd0ef_25)] [added: Income](#ibc0f32642e384790a49f9d5af0c1367f_121)] | | | [removed: [57](#i800f2c156610488cbddbc160d70cd0ef_25)] [added: [59](#ibc0f32642e384790a49f9d5af0c1367f_121)] | | |

| | | | [Consolidated Statements of Stockholders’ [removed: Equity](#i800f2c156610488cbddbc160d70cd0ef_1340)] [added: Equity](#ibc0f32642e384790a49f9d5af0c1367f_124)] | | | [removed: [57](#i800f2c156610488cbddbc160d70cd0ef_1340)] [added: [59](#ibc0f32642e384790a49f9d5af0c1367f_124)] | | |

| | | | [Consolidated Statements of Cash [removed: Flows](#i800f2c156610488cbddbc160d70cd0ef_31)] [added: Flows](#ibc0f32642e384790a49f9d5af0c1367f_130)] | | | [removed: [59](#i800f2c156610488cbddbc160d70cd0ef_31)] [added: [61](#ibc0f32642e384790a49f9d5af0c1367f_130)] | | |

| | | | [Notes to Consolidated Financial [removed: Statements](#i800f2c156610488cbddbc160d70cd0ef_34)] [added: Statements](#ibc0f32642e384790a49f9d5af0c1367f_133)] | | | [removed: [60](#i800f2c156610488cbddbc160d70cd0ef_34)] [added: [62](#ibc0f32642e384790a49f9d5af0c1367f_133)] | | |

| | | | [Note 1. Summary of Business and Significant Accounting [removed: Policies](#i800f2c156610488cbddbc160d70cd0ef_37)] [added: Policies](#ibc0f32642e384790a49f9d5af0c1367f_136)] | | | [removed: [60](#i800f2c156610488cbddbc160d70cd0ef_37)] [added: [62](#ibc0f32642e384790a49f9d5af0c1367f_136)] | | |

| | | | [Note 2. [removed: Acquisitions](#i800f2c156610488cbddbc160d70cd0ef_40)] [added: Acquisitions](#ibc0f32642e384790a49f9d5af0c1367f_154)] | | | [removed: [65](#i800f2c156610488cbddbc160d70cd0ef_40)] [added: [67](#ibc0f32642e384790a49f9d5af0c1367f_154)] | | |

| | | | [Note 3. Short-Term [removed: Investments](#i800f2c156610488cbddbc160d70cd0ef_43)] [added: Investments](#ibc0f32642e384790a49f9d5af0c1367f_157)] | | | [removed: [67](#i800f2c156610488cbddbc160d70cd0ef_43)] [added: [69](#ibc0f32642e384790a49f9d5af0c1367f_157)] | | |

| | | | [Note 4. Deferred [removed: Costs](#i800f2c156610488cbddbc160d70cd0ef_46)] [added: Costs](#ibc0f32642e384790a49f9d5af0c1367f_163)] | | | [removed: [68](#i800f2c156610488cbddbc160d70cd0ef_46)] [added: [70](#ibc0f32642e384790a49f9d5af0c1367f_163)] | | |

| | | | [Note 5. Property and Equipment, [removed: Net](#i800f2c156610488cbddbc160d70cd0ef_49)] [added: Net](#ibc0f32642e384790a49f9d5af0c1367f_169)] | | | [removed: [68](#i800f2c156610488cbddbc160d70cd0ef_49)] [added: [70](#ibc0f32642e384790a49f9d5af0c1367f_169)] | | |

| | | | [Note 6. Goodwill and Intangible [removed: Assets](#i800f2c156610488cbddbc160d70cd0ef_52)] [added: Assets](#ibc0f32642e384790a49f9d5af0c1367f_178)] | | | [removed: [69](#i800f2c156610488cbddbc160d70cd0ef_52)] [added: [71](#ibc0f32642e384790a49f9d5af0c1367f_178)] | | |

| | | | [Note 7. Accrued [removed: Expenses](#i800f2c156610488cbddbc160d70cd0ef_55)] [added: Expenses](#ibc0f32642e384790a49f9d5af0c1367f_190)] | | | [removed: [70](#i800f2c156610488cbddbc160d70cd0ef_55)] [added: [72](#ibc0f32642e384790a49f9d5af0c1367f_190)] | | |

| [PART I](#ibc0f32642e384790a49f9d5af0c1367f_22) | | | | | | | | |

| [PART II](#ibc0f32642e384790a49f9d5af0c1367f_43) | | | | | | | | |

| [Item 6.](#ibc0f32642e384790a49f9d5af0c1367f_46) | | | [\[Reserved\]](#ibc0f32642e384790a49f9d5af0c1367f_46) | | | [39](#ibc0f32642e384790a49f9d5af0c1367f_46) | | |

| | | | [Overview](#ibc0f32642e384790a49f9d5af0c1367f_52) | | | [40](#ibc0f32642e384790a49f9d5af0c1367f_52) | | |

| | | | [Note 18. 401(k) Plan](#ibc0f32642e384790a49f9d5af0c1367f_256) | | | [85](#ibc0f32642e384790a49f9d5af0c1367f_256) | | |

| [Item 9C.](#ibc0f32642e384790a49f9d5af0c1367f_17592186046159) | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ibc0f32642e384790a49f9d5af0c1367f_17592186046159) | | | [87](#ibc0f32642e384790a49f9d5af0c1367f_17592186046159) | | |

| [PART III](#ibc0f32642e384790a49f9d5af0c1367f_277) | | | | | | | | |

| [PART IV](#ibc0f32642e384790a49f9d5af0c1367f_292) | | | | | | | | |

| [Exhibit Index](#ibc0f32642e384790a49f9d5af0c1367f_298) | | | | | | [88](#ibc0f32642e384790a49f9d5af0c1367f_298) | | |

| [Signatures](#ibc0f32642e384790a49f9d5af0c1367f_301) | | | | | | [90](#ibc0f32642e384790a49f9d5af0c1367f_301) | | |

| [PART I](#i800f2c156610488cbddbc160d70cd0ef_1717) | | | | | | | | |

| [PART II](#i800f2c156610488cbddbc160d70cd0ef_1816) | | | | | | | | |

| [Item 6.](#i800f2c156610488cbddbc160d70cd0ef_1811) | | | [Selected Consolidated Financial Data](#i800f2c156610488cbddbc160d70cd0ef_1811) | | | [37](#i800f2c156610488cbddbc160d70cd0ef_1811) | | |

| | | | [Overview](#i800f2c156610488cbddbc160d70cd0ef_94) | | | [38](#i800f2c156610488cbddbc160d70cd0ef_94) | | |

| | | | [Commitments](#i800f2c156610488cbddbc160d70cd0ef_115) | | | [50](#i800f2c156610488cbddbc160d70cd0ef_115) | | |

| | | | [Off-Balance Sheet Arrangements](#i800f2c156610488cbddbc160d70cd0ef_118) | | | [51](#i800f2c156610488cbddbc160d70cd0ef_118) | | |

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| | | | [Note 1](#i800f2c156610488cbddbc160d70cd0ef_1980)[8](#i800f2c156610488cbddbc160d70cd0ef_1980)[. 401(k) Plan](#i800f2c156610488cbddbc160d70cd0ef_1980) | | | [83](#i800f2c156610488cbddbc160d70cd0ef_1980) | | |

| | | | [Note 19. Related-Parties Transactions](#i800f2c156610488cbddbc160d70cd0ef_2160) | | | [84](#i800f2c156610488cbddbc160d70cd0ef_2160) | | |

| | | | [Note](#i800f2c156610488cbddbc160d70cd0ef_1504) [20](#i800f2c156610488cbddbc160d70cd0ef_1504)[. Selected Quarterly Financial Data (Unaudited)](#i800f2c156610488cbddbc160d70cd0ef_1504) | | | [84](#i800f2c156610488cbddbc160d70cd0ef_1504) | | |

| [PART III](#i800f2c156610488cbddbc160d70cd0ef_1671) | | | | | | | | |

| [PART IV](#i800f2c156610488cbddbc160d70cd0ef_1596) | | | | | | | | |

| [Exhibit Index](#i800f2c156610488cbddbc160d70cd0ef_1584) | | | | | | [86](#i800f2c156610488cbddbc160d70cd0ef_1584) | | |

| [Signatures](#i800f2c156610488cbddbc160d70cd0ef_154) | | | | | | [90](#i800f2c156610488cbddbc160d70cd0ef_154) | | |

| ii | | | Veeva Systems Inc. \| Form 10-K | | |

Forward looking statements are based on our current views and expectations and are subject to various risks and uncertainties, including those related to the impact of COVID-19 on our business, the life sciences industry, and global economic conditions.

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| 36 | | | Veeva Systems Inc. \| Form 10-K | | |

We expect to expand our facilities capacity in certain field locations during our fiscal year ending January 31, [removed: 2022] [added: 2023] and may further expand our facilities capacity after January 31, [removed: 2022] [added: 2023] as our employee base grows.

See [note [removed: 11](#i800f2c156610488cbddbc160d70cd0ef_1494)] [added: 11](#ibc0f32642e384790a49f9d5af0c1367f_214)] of the notes to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K for more information about our lease commitments.

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| 34 | | | Veeva Systems Inc. \| Form 10-K | | |

As of January 31, [removed: 2021,] [added: 2022,] we had [removed: 10] [added: 11] holders of record of our Class A common stock and [removed: 41] [added: 33] holders of record of our Class B common stock.

| Veeva Systems Inc. \| Form 10-K | | | [removed: 35] [added: 37] | | |

The chart assumes $100 was invested at the close of market on January 31, [removed: 2016] [added: 2017] in the Class A common stock of Veeva Systems Inc., the S&P 500 Index, and the S&P 1500 Application Software [removed: Index and assumes the reinvestment of any dividends.]

[removed: ][added: ]

| | | | [removed: 2016] [added: 2017] | | | | | | [removed: 2017] [added: 2018] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | |

| [removed: 36] [added: 38] | | | Veeva Systems Inc. \| Form 10-K | | |

Index and assumes the reinvestment of any dividends.

| Veeva Systems Inc. | | | 100.00 | | | | | | 148.50 | | | | | | 257.64 | | | | | | 346.35 | | | | | | 653.06 | | | | | | 558.80 | | |

| S&P 500 | | | 100.00 | | | | | | 126.41 | | | | | | 123.48 | | | | | | 150.26 | | | | | | 176.18 | | | | | | 217.21 | | |

| S&P 1500 Application Software Index | | | 100.00 | | | | | | 148.30 | | | | | | 178.97 | | | | | | 241.85 | | | | | | 318.66 | | | | | | 352.87 | | |

| Veeva Systems Inc. | | | 100.00 | | | | | | 175.64 | | | | | | 260.83 | | | | | | 452.53 | | | | | | 608.34 | | | | | | 1,147.05 | | |

| S&P 500 | | | 100.00 | | | | | | 120.04 | | | | | | 151.74 | | | | | | 148.23 | | | | | | 180.37 | | | | | | 211.48 | | |

| S&P 1500 Application Software Index | | | 100.00 | | | | | | 126.71 | | | | | | 187.47 | | | | | | 227.35 | | | | | | 307.71 | | | | | | 405.77 | | |

The following selected consolidated financial data should be read in conjunction with our audited consolidated financial statements and related notes thereto and with Management’s Discussion and Analysis of Financial Condition and Results of Operations, which are included elsewhere in this Form 10‑K.

The consolidated statement of income data for our fiscal years ended January 31, 2021, 2020, and 2019, and the selected consolidated balance sheet data as of January 31, 2021 and 2020 are derived from, and are qualified by reference to, the audited consolidated financial statements included in this Form 10-K.

The consolidated statement of income data for fiscal years ended January 31, 2018 and 2017 and the consolidated balance sheet data as of January 31, 2019, 2018, and 2017 are derived from audited consolidated financial statements which are not included in this Form 10‑K.

The consolidated balance sheet data as of January 31, 2018 and 2017 and consolidated statement of income data for the fiscal years ended January 31, 2018 and 2017 have been derived from our audited consolidated financial statements adjusted for the adoption of Topic 606.

Our historical results are not necessarily indicative of our future results.

The selected consolidated financial data in this section are not intended to replace our consolidated financial statements and the related notes, and are qualified in their entirety by the consolidated financial statements and related notes included elsewhere in this Form 10-K.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Fiscal year ended January 31, | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | | | | | 2018 | | | | | | 2017 | | |

| | | | (in thousands, except share data) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Subscription services | | | $ | 1,179,486 | | | | | $ | 896,294 | | | | | $ | 694,467 | | | | | $ | 559,434 | | | | | $ | 440,815 | |

| Professional services and other | | | 285,583 | | | | | | 207,787 | | | | | | 167,743 | | | | | | 131,125 | | | | | | 109,727 | | |

| Total revenues | | | 1,465,069 | | | | | | 1,104,081 | | | | | | 862,210 | | | | | | 690,559 | | | | | | 550,542 | | |

| Cost of revenues(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Cost of subscription services | | | 184,589 | | | | | | 136,328 | | | | | | 117,009 | | | | | | 110,465 | | | | | | 94,386 | | |

| Cost of professional services and other | | | 224,339 | | | | | | 167,041 | | | | | | 128,272 | | | | | | 100,957 | | | | | | 79,295 | | |

| Total cost of revenues | | | 408,928 | | | | | | 303,369 | | | | | | 245,281 | | | | | | 211,422 | | | | | | 173,681 | | |

| Gross profit | | | 1,056,141 | | | | | | 800,712 | | | | | | 616,929 | | | | | | 479,137 | | | | | | 376,861 | | |

| Operating expenses(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Research and development | | | 294,220 | | | | | | 209,895 | | | | | | 158,783 | | | | | | 132,017 | | | | | | 96,743 | | |

| Sales and marketing | | | 235,014 | | | | | | 190,331 | | | | | | 148,867 | | | | | | 128,781 | | | | | | 110,634 | | |

| General and administrative | | | 149,113 | | | | | | 114,267 | | | | | | 86,413 | | | | | | 60,410 | | | | | | 48,796 | | |

| Total operating expenses | | | 678,347 | | | | | | 514,493 | | | | | | 394,063 | | | | | | 321,208 | | | | | | 256,173 | | |

| Operating income | | | 377,794 | | | | | | 286,219 | | | | | | 222,866 | | | | | | 157,929 | | | | | | 120,688 | | |

| Other income, net | | | 16,199 | | | | | | 27,478 | | | | | | 15,777 | | | | | | 7,842 | | | | | | 1,667 | | |

| Income before income taxes | | | 393,993 | | | | | | 313,697 | | | | | | 238,643 | | | | | | 165,771 | | | | | | 122,355 | | |

| Provision for income taxes | | | 13,995 | | | | | | 12,579 | | | | | | 8,811 | | | | | | 14,594 | | | | | | 44,783 | | |

| Net income | | | $ | 379,998 | | | | | $ | 301,118 | | | | | $ | 229,832 | | | | | $ | 151,177 | | | | | $ | 77,572 | |

| Net income, basic and diluted | | | $ | 379,998 | | | | | $ | 301,118 | | | | | $ | 229,832 | | | | | $ | 151,177 | | | | | $ | 77,569 | |

| Net income per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Basic | | | $ | 2.52 | | | | | $ | 2.04 | | | | | $ | 1.59 | | | | | $ | 1.08 | | | | | $ | 0.57 | |

| Diluted | | | $ | 2.36 | | | | | $ | 1.90 | | | | | $ | 1.47 | | | | | $ | 0.98 | | | | | $ | 0.53 | |

| Weighted-average shares used to compute net income per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Basic | | | 150,666 | | | | | | 147,796 | | | | | | 144,244 | | | | | | 140,311 | | | | | | 135,698 | | |

| Diluted | | | 160,732 | | | | | | 158,296 | | | | | | 156,117 | | | | | | 153,681 | | | | | | 147,578 | | |

| (1) Includes stock-based compensation as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Cost of revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Cost of subscription services | | | $ | 4,840 | | | | | $ | 2,638 | | | | | $ | 1,553 | | | | | $ | 1,448 | | | | | $ | 1,109 | |

| [Consolidated Balance [removed: Sheets](#i800f2c156610488cbddbc160d70cd0ef_19)] [added: Sheets](#ibc0f32642e384790a49f9d5af0c1367f_118)] | | | [removed: [55](#i800f2c156610488cbddbc160d70cd0ef_19)] [added: [58](#ibc0f32642e384790a49f9d5af0c1367f_118)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i800f2c156610488cbddbc160d70cd0ef_25)] [added: Income](#ibc0f32642e384790a49f9d5af0c1367f_121)] | | | [removed: [57](#i800f2c156610488cbddbc160d70cd0ef_25)] [added: [59](#ibc0f32642e384790a49f9d5af0c1367f_121)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#i800f2c156610488cbddbc160d70cd0ef_1340)] [added: Equity](#ibc0f32642e384790a49f9d5af0c1367f_124)] | | | [removed: [57](#i800f2c156610488cbddbc160d70cd0ef_1340)] [added: [59](#ibc0f32642e384790a49f9d5af0c1367f_124)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i800f2c156610488cbddbc160d70cd0ef_1340)] [added: Flows](#ibc0f32642e384790a49f9d5af0c1367f_124)] | | | [removed: [59](#i800f2c156610488cbddbc160d70cd0ef_31)] [added: [61](#ibc0f32642e384790a49f9d5af0c1367f_130)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i800f2c156610488cbddbc160d70cd0ef_37)] [added: Statements](#ibc0f32642e384790a49f9d5af0c1367f_136)] | | | [removed: [60](#i800f2c156610488cbddbc160d70cd0ef_34)] [added: [62](#ibc0f32642e384790a49f9d5af0c1367f_133)] | | |

| [added: 84 | | |] Veeva Systems Inc. \| Form 10-K | | | [removed: 53 | | |]

We have audited the accompanying consolidated balance sheets of Veeva Systems Inc. and subsidiaries (the Company) as of January 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] the related consolidated statements of comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended January 31, [removed: 2021,] [added: 2022,] and the related notes (collectively, the consolidated financial statements).

We also have audited the Company’s internal control over financial reporting as of January 31, [removed: 2021,] [added: 2022,] based on criteria established in [removed: Internal] [added: *Internal] Control - Integrated Framework [removed: (2013)] [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of January 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the years in the three-year period ended January 31, [removed: 2021,] [added: 2022,] in conformity with U.S. generally accepted accounting principles.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of January 31, [removed: 2021] [added: 2022] based on criteria established in [removed: Internal] [added: *Internal] Control - Integrated Framework [removed: (2013)] [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission.

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, [added: accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made]

[removed: accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made] only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

As discussed in Note 1 to the consolidated financial statements, the Company recorded [removed: $1,465] [added: $1,851] million of total revenues for the year ended January 31, [removed: 2021,] [added: 2022,] of which [removed: $1,179] [added: $1,484] million was subscription services related, and [removed: $286] [added: $367] million was professional services related.

| | | | January 31, [removed: 2021] [added: 2022] | | | | | | January 31, [removed: 2020] [added: 2021] | | |

| Cash and cash equivalents | | | [added: | | | | | | | | | | | |] $ | [added: 1,138,040 | | | | | $ |] 730,504 | | | | | $ | 476,733 | |

| Short-term investments | | | [removed: 933,122] [added: 1,238,064] | | | | | | [removed: 610,015] [added: 933,122] | | |

| Accounts receivable, net of allowance for doubtful accounts of [removed: $193] [added: $473] and [removed: $617,] [added: $193,] respectively | | | [removed: 564,387] [added: 631,134] | | | | | | [removed: 389,690] [added: 564,387] | | |

| Unbilled accounts receivable | | | [removed: 47,206] [added: 63,266] | | | | | | [removed: 32,817] [added: 47,206] | | |

| Prepaid expenses and other current assets | | | [removed: 35,607] [added: 36,679] | | | | | | [removed: 21,869] [added: 35,607] | | |

| Total current assets | | | [removed: 2,310,826] [added: 3,107,183] | | | | | | [removed: 1,531,124] [added: 2,310,826] | | |

| Property and equipment, net | | | [removed: 53,650] [added: 54,495] | | | | | | [removed: 54,752] [added: 53,650] | | |

| Deferred costs, net | | | [removed: 42,072] [added: 33,106] | | | | | | [removed: 35,585] [added: 42,072] | | |

| Lease right-of-use assets | | | [removed: 56,917] [added: 49,640] | | | | | | [removed: 49,132] [added: 56,917] | | |

| Goodwill | | | [removed: 436,029] [added: 439,877] | | | | | | [removed: 438,529] [added: 436,029] | | |

| Intangible assets, net | | | [removed: 114,595] [added: 101,940] | | | | | | [removed: 134,601] [added: 114,595] | | |

| Deferred income taxes | | | [removed: 14,100] [added: 5,097] | | | | | | [removed: 11,870] [added: 14,100] | | |

| Other long-term assets | | | [removed: 17,878] [added: 25,127] | | | | | | [removed: 16,184] [added: 17,878] | | |

| Total assets | | | $ | [removed: 3,046,067] [added: 3,816,465] | | | | | $ | [removed: 2,271,777] [added: 3,046,067] | |

| Accounts payable | | | $ | [removed: 23,253] [added: 20,348] | | | | | $ | [removed: 19,420] [added: 23,253] | |

| Accrued compensation and benefits | | | [removed: 30,410] [added: 33,834] | | | | | | [removed: 25,619] [added: 30,410] | | |

| Accrued expenses and other current liabilities | | | [removed: 30,982] [added: 36,109] | | | | | | [removed: 21,620] [added: 30,982] | | |

| Income tax payable | | | [removed: 2,590] [added: 7,761] | | | | | | [removed: 5,613] [added: 2,590] | | |

| Deferred revenue | | | [removed: 616,992] [added: 731,746] | | | | | | [removed: 468,887] [added: 616,992] | | |

| Lease liabilities | | | [removed: 11,725] [added: 10,981] | | | | | | [removed: 10,013] [added: 11,725] | | |

| Total current liabilities | | | [removed: 715,952] [added: 840,779] | | | | | | [removed: 551,172] [added: 715,952] | | |

| Deferred income taxes | | | [removed: 1,835] [added: 2,216] | | | | | | [removed: 2,417] [added: 1,835] | | |

| Lease liabilities, noncurrent | | | [removed: 51,393] [added: 43,607] | | | | | | [removed: 44,815] [added: 51,393] | | |

| Other long-term liabilities | | | [removed: 10,567] [added: 18,226] | | | | | | [removed: 7,779] [added: 10,567] | | |

| Total liabilities | | | [removed: 779,747] [added: 904,828] | | | | | | [removed: 606,183] [added: 779,747] | | |

| Commitments and contingencies ([note [removed: 15](#i800f2c156610488cbddbc160d70cd0ef_82))] [added: 15](#ibc0f32642e384790a49f9d5af0c1367f_247))] | | | | | | | | | | | |

| [Report of Independent Registered Public Accounting Firm (KPMG LLP, Santa Clara, CA, Auditor Firm ID](#ibc0f32642e384790a49f9d5af0c1367f_115)[:](#ibc0f32642e384790a49f9d5af0c1367f_115) 185[)](#ibc0f32642e384790a49f9d5af0c1367f_115) | | | [56](#ibc0f32642e384790a49f9d5af0c1367f_115) | | |

March 30, 2022

| Shares withheld related to net share settlement | | | (191,645) | | | | | | — | | | | | | (56,398) | | | | | | — | | | | | | — | | | | | | (56,398) | | |

| Other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,950) | | | | | | (12,950) | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 427,390 | | | | | | — | | | | | | 427,390 | | |

| Balance at January 31, 2022 | | | 154,196,597 | | | | | | $ | 2 | | | | | $ | 1,196,547 | | | | | $ | 1,727,046 | | | | | $ | (11,958) | | | | | $ | 2,911,637 | |

| Taxes paid related to net share settlement of equity awards | | | | | | | | | | | | | | | (55,294) | | | | | | — | | | | | | — | | |

- the realizability of deferred income tax assets and liabilities;

| | | | 2022 | | | | | | 2021 | | |

| Customer 2 | | | 10% | | | | | | * | | |

| * Does not exceed 10%. | | | | | | | | | | | |

In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12, “*Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes*” which simplifies accounting guidance for certain tax matters.

The legacy Physicians World business is now part of our Veeva Digital Events offerings.

| Asset-backed securities | | | 191,676 | | | | | | 45 | | | | | | (1,432) | | | | | | 190,289 | | |

| Corporate notes and bonds | | | 669,489 | | | | | | 276 | | | | | | (5,856) | | | | | | 663,909 | | |

| Foreign government bonds | | | 24,577 | | | | | | 13 | | | | | | (179) | | | | | | 24,411 | | |

| U.S. agency obligations | | | 27,978 | | | | | | 12 | | | | | | (254) | | | | | | 27,736 | | |

| U.S. treasury securities | | | 290,513 | | | | | | 46 | | | | | | (1,755) | | | | | | 288,804 | | |

| Total available-for-sale securities | | | $ | 1,247,165 | | | | | $ | 392 | | | | | $ | (9,493) | | | | | $ | 1,238,064 | |

| | | | 2022 | | | | | | 2021 | | |

| Asset-backed securities | | | 177,056 | | | | | | (1,432) | | | | | | | | | | | | | | |

| U.S. agency obligations | | | 24,725 | | | | | | (254) | | | | | | | | | | | | | | |

| | | | 2022 | | | | | | 2021 | | |

| | | | 84,769 | | | | | | 83,266 | | |

| Goodwill from business acquisitions | | | | | | $ | 3,848 | |

| Balance as of January 31, 2022 | | | | | | $ | 439,877 | |

| | | | January 31, 2022 | | | | | | | | | | | | | | | | | | | | |

| Existing technology | | | $ | 28,580 | | | | | $ | (12,187) | | | | | $ | 16,393 | | | | | 3.9 | | |

| Customer relationships | | | 113,157 | | | | | | (38,829) | | | | | | 74,328 | | | | | | 7.0 | | |

| Other intangibles | | | 21,405 | | | | | | (17,441) | | | | | | 3,964 | | | | | | 3.8 | | |

| Total intangible assets | | | $ | 177,042 | | | | | $ | (75,102) | | | | | $ | 101,940 | | | | | | | |

| Fiscal 2027 | | | | | | 8,922 | | |

| Thereafter | | | | | | 21,392 | | |

| Total | | | | | | $ | 101,940 | |

| | | | 2022 | | | | | | 2021 | | |

| Certificates of deposits | | | | | | — | | | | | | 13,485 | | | | | | | | | | | | 13,485 | | |

| U.S. agency obligations | | | | | | — | | | | | | 27,736 | | | | | | | | | | | | 27,736 | | |

| Total financial assets | | | | | | $ | 428,411 | | | | | $ | 1,247,707 | | | | | | | | | | | $ | 1,676,118 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [Report of Independent Registered Public Accounting Firm](#i800f2c156610488cbddbc160d70cd0ef_1334) | | | [53](#i800f2c156610488cbddbc160d70cd0ef_1334) | | |

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

*Change in Accounting Principle*

As discussed in Note 1 to the consolidated financial statements, the Company has changed its method of accounting for leases as of February 1, 2019 due to the adoption of Accounting Standards Codification Topic 842, *Leases.*

| 54 | | | Veeva Systems Inc. \| Form 10-K | | |

March 30, 2021

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at January 31, 2018 | | | 142,069,396 | | | | | | $ | 1 | | | | | $ | 515,272 | | | | | $ | 389,365 | | | | | $ | 1,600 | | | | | $ | 906,238 | |

| Other comprehensive income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (672) | | | | | | (672) | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 229,832 | | | | | | — | | | | | | 229,832 | | |

- the fair value of assets acquired and liabilities assumed for business combinations; and

diversification and maturities that seek to maintain safety and liquidity.

Consequently, financial information for dates and periods before February 1, 2019 remain unchanged.

expected cash flows, future revenue growth, margins, customer retention rates, technology life, royalty rates, expected use of acquired assets, and discount rates.

*Cloud Computing Arrangements*

In August 2018, the FASB issued ASU No. 2018-15, “*Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract*” (Topic 350-40), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.

The new standard requires capitalized costs to be amortized on a straight-line basis generally over the term of the arrangement, and the financial statement presentation for these capitalized costs would be the same as that of the fees related to the hosting arrangements.

*Credit Losses*

In June 2016, the Financial Accounting Standards Board, or FASB, issued ASU 2016-13, including subsequent amendments, regarding “*Measurement of Credit Losses on Financial Instruments*” (Topic 326), which modifies the accounting methodology for most financial instruments.

The guidance establishes a new “expected loss model” that requires entities to estimate current expected credit losses on financial instruments by using all practical and relevant information.

For trade receivables and other financial assets, we are required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable.

Additionally, any expected credit losses are to be reflected as allowances rather than reductions in the amortized cost of available-for-sale debt securities.

The adoption of this standard did not result in any cumulative effect adjustment on our consolidated financial statements.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Asset-backed securities | | | 100,419 | | | | | | 396 | | | | | | (1) | | | | | | 100,814 | | |

| Total available-for-sale securities | | | $ | 607,454 | | | | | $ | 2,565 | | | | | $ | (4) | | | | | $ | 610,015 | |

| | | | 83,266 | | | | | | 80,102 | | |

| Existing technology | | | $ | 26,380 | | | | | $ | (4,808) | | | | | $ | 21,572 | | | | | 5.8 | | |

| Customer relationships | | | 111,443 | | | | | | (17,575) | | | | | | 93,868 | | | | | | 9.0 | | |

| Other intangibles | | | 22,947 | | | | | | (16,966) | | | | | | 5,981 | | | | | | 5.0 | | |

| Total intangible assets | | | $ | 174,670 | | | | | $ | (40,069) | | | | | $ | 134,601 | | | | | | | |

| Fiscal 2022 | | | | | | $ | 18,163 | |

| Thereafter | | | | | | 29,526 | | |

| Total | | | | | | $ | 114,595 | |

| Balance as of January 31, 2019 | | | | | | $ | 95,804 | |

| Goodwill from Crossix acquisition | | | | | | 314,642 | | |

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| Veeva Systems Inc. \| Form 10-K | | | 85 | | |

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of January 31, [removed: 2021.][added: 2022.]

Based on the evaluation of our disclosure controls and procedures as of January 31, [removed: 2021,] [added: 2022,] our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Our management conducted an assessment of the effectiveness of our internal control over financial reporting as of January 31, [removed: 2021] [added: 2022] based on the criteria set forth in [removed: the 2013 Internal] [added: *Internal] Control-Integrated Framework [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on the assessment, our management has concluded that our internal control over financial reporting was effective as of January 31, [removed: 2021] [added: 2022] to provide reasonable assurance regarding the reliability of [added: financial reporting and the preparation of financial statements in accordance with U.S. GAAP.]

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the fiscal quarter ended January 31, [removed: 2021] [added: 2022] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| 84 | | | Veeva Systems Inc. \| Form 10-K | | |

financial reporting and the preparation of financial statements in accordance with U.S. GAAP.

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| 86 | | | Veeva Systems Inc. \| Form 10-K | | |

PART III.

Not Applicable.

PART III.

The information required by this item will be contained in our definitive proxy statement to be filed with the Securities and Exchange Commission in connection with our [removed: 2021] [added: 2022] annual meeting of stockholders (Proxy Statement), which we expect to file not later than 120 days after the end of our fiscal year ended January 31, [removed: 2021,] [added: 2022,] and is incorporated in this report by reference.

The information required by this item will be set forth in the Proxy Statement, which we expect to file not later than 120 days after the end of our fiscal year ended January 31, [removed: 2021] [added: 2022] and is incorporated in this report by reference.

The information required by this item will be set forth in the Proxy Statement, which we expect to file not later than 120 days after the end of our fiscal year ended January 31, [removed: 2021] [added: 2022] and is incorporated in this report by reference.

The information required by this item will be set forth in the Proxy Statement, which we expect to file not later than 120 days after the end of our fiscal year ended January 31, [removed: 2021] [added: 2022] and is incorporated in this report by reference.

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| Veeva Systems Inc. \| Form 10-K | | | 85 | | |

The information required by this item will be set forth in the Proxy Statement, which we expect to file not later than 120 days after the end of our fiscal year ended January 31, [removed: 2021] [added: 2022] and is incorporated in this report by reference.

See [Index to Consolidated Financial [removed: Statements](#i800f2c156610488cbddbc160d70cd0ef_1576)] [added: Statements](#ibc0f32642e384790a49f9d5af0c1367f_112)] under [Item [removed: 8](#i800f2c156610488cbddbc160d70cd0ef_13)] [added: 8](#ibc0f32642e384790a49f9d5af0c1367f_109)] of this Form 10-K.

We have filed, or incorporated into this Form 10-K by reference, the exhibits listed on the accompanying [Exhibit [removed: Index](#i800f2c156610488cbddbc160d70cd0ef_1584)] [added: Index](#ibc0f32642e384790a49f9d5af0c1367f_298)] immediately preceding the signature page of this Form 10-K.

| [removed: 86] [added: 91] | | | Veeva Systems Inc. \| Form 10-K | | |

| 3.1 | | | | | | [Restated Certificate of Incorporation of Veeva Systems [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000162828021001246/veevex31feb2021.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000162828021013044/veevex31jun2021.htm)] | | | | | | 8-K | | | | | | 001-36121 | | | | | | 3.1 | | | | | | [removed: 2/1/2021] [added: 6/28/2021] | | | | | | | | |

| 3.2 | | | | | | [Amended and Restated Bylaws of Veeva Systems [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000008/veevex31mar2021.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000162828021013044/veevex32june2021.htm)] | | | | | | 8-K | | | | | | 001-36121 | | | | | | [removed: 3.1] [added: 3.2] | | | | | | [removed: 3/22/2021] [added: 6/28/2021] | | | | | | | | |

| 4.2 | | | | | | [Description of Capital [removed: Stock.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000015/veev-20210131xexx42.htm)] [added: Stock.](https://www.sec.gov/Archives/edgar/data/1393052/000139305222000017/veev-20220131xexx42.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 10.3 | | | | | | [Description of [removed: Non- Employee] [added: Non-Employee] Director [removed: Compensation.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000015/veev-20210131xexx103.htm)] [added: Compensation.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000034/veev-20210731xexx101.htm)] | | | | | | [added: 10-Q] | | | | | | [added: 001-36121] | | | | | | [added: 10.1] | | | | | | [added: 9/3/2021] | | | | | | [removed: X] | | |

| 10.7* | | | | | | [2013 Equity Incentive Plan and forms of agreements thereunder.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000015/veev-20210131xex107.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-36121] | | | | | | [added: 10.7] | | | | | | [added: 3/30/2021] | | | | | | [removed: X] | | |

| [removed: 10.12*] [added: 10.15*] | | | | | | [Offer letter, dated January [removed: 25, 2010,] [added: 23, 2013,] between [removed: Timothy S. Cabral] [added: E. Nitsa Zuppas] and the [removed: Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000119312513363152/d541293dex1010.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000156459016020379/veev-ex102_603.htm)] | | | | | | [removed: S-1] [added: 10-Q] | | | | | | [removed: 333-191085] [added: 001-36121] | | | | | | [removed: 10.10] [added: 10.2] | | | | | | [removed: 9/11/2013] [added: 6/8/2016] | | | | | | | | |

| [removed: 10.13*] [added: 10.19*] | | | | | | [Offer [removed: letter,] [added: Letter,] dated March [removed: 16, 2012,] [added: 17, 2019,] between [removed: Ronald E. F. Codd] [added: Tom Schwenger] and the [removed: Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000119312513363152/d541293dex1011.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000162828020008982/veev-20200430xexx101.htm)] | | | | | | [removed: S-1] [added: 10-Q] | | | | | | [removed: 333-191085] [added: 001-36121] | | | | | | [removed: 10.11] [added: 10.1] | | | | | | [removed: 9/11/2013] [added: 6/4/2020] | | | | | | | | |

| [removed: 10.14*] [added: 10.12*] | | | | | | [Offer letter, dated August 14, 2012, between Jonathan W. Faddis and the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000156459015004860/veev-ex101_20150430401.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 6/4/2015 | | | | | | | | |

| [removed: 10.15] [added: 10.13] | | | | | | [Data Processing Addendum, dated January 23, 2016, to Value-Added Reseller Agreement, between Registrant and salesforce.com, inc., as amended.](https://www.sec.gov/Archives/edgar/data/1393052/000156459016015753/veev-ex1017_286.htm) | | | | | | 10-K | | | | | | 001-36121 | | | | | | 10.17 | | | | | | 3/31/2016 | | | | | | | | |

| [removed: 10.16*] [added: 10.14*] | | | | | | [Offer letter, dated February 20, 2015, between Alan V. Mateo and the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000156459016020379/veev-ex101_552.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 6/8/2016 | | | | | | | | |

| 10.17* | | | | | | [Offer [removed: letter,] [added: Letter,] dated January [removed: 23, 2013,] [added: 15, 2016,] between [removed: E. Nitsa Zuppas] [added: Frederic Lequient] and the [removed: Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000156459016020379/veev-ex102_603.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000156459017012336/veev-ex101_22.htm)] | | | | | | 10-Q | | | | | | 001-36121 | | | | | | [removed: 10.2] [added: 10.1] | | | | | | [removed: 6/8/2016] [added: 6/8/2017] | | | | | | | | |

| [removed: 10.18] [added: 10.16] | | | | | | [Ninth Amendment, dated August 11, 2016, to Amended and Restated Value-Added Reseller Agreement, between salesforce.com, inc. and the Registrant, as amended.](https://www.sec.gov/Archives/edgar/data/1393052/000156459016025058/veev-ex101_631.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 9/8/2016 | | | | | | | | |

| [removed: 10.19*] [added: 10.20*] | | | | | | [Offer Letter, dated [removed: January 15, 2016,] [added: April 19, 2020,] between [removed: Frederic Lequient] [added: Brent Bowman] and the [removed: Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000156459017012336/veev-ex101_22.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000162828020013148/brentbowmanofferletter1.htm)] | | | | | | [removed: 10-Q] [added: 8-K] | | | | | | 001-36121 | | | | | | 10.1 | | | | | | [removed: 6/8/2017] [added: 8/31/2020] | | | | | | | | |

| [removed: 10.20*] [added: 10.18*] | | | | | | [2013 Equity Incentive Plan Forms of Notice of Stock Option Grants to Peter P. Gassner.](https://www.sec.gov/Archives/edgar/data/1393052/000156459018007164/veev-ex1022_631.htm) | | | | | | 10-K | | | | | | 001-36121 | | | | | | 10.22 | | | | | | 3/30/2018 | | | | | | | | |

| 21.1 | | | | | | [List of Subsidiaries of [removed: Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000015/veev-20210131xexx211.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000139305222000017/veev-20220131xexx211.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | | | | [Consent of KPMG LLP, Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000015/veev-20210131xex231.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/1393052/000139305222000017/veev-20220131xex231.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 24.1 | | | | | | [Power of Attorney (see page 90 of this Annual Report on Form [removed: 10-K).](#i800f2c156610488cbddbc160d70cd0ef_2221)] [added: 10-K).](#ibc0f32642e384790a49f9d5af0c1367f_304)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.1 | | | | | | [Certification of Principal Executive Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as [removed: amended.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000015/veev-20210131xexx311.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1393052/000139305222000017/veev-20220131xexx311.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.2 | | | | | | [Certification of Principal Financial Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as [removed: amended.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000015/veev-20210131xexx312.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1393052/000139305222000017/veev-20220131xexx312.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.1† | | | | | | [Certification of Chief Executive Officer Required Under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. [removed: §1350.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000015/veev-20210131xexx321.htm)] [added: §1350.](https://www.sec.gov/Archives/edgar/data/1393052/000139305222000017/veev-20220131xexx321.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.2† | | | | | | [Certification of Chief Financial Officer Required Under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. [removed: §1350.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000015/veev-20210131xexx322.htm)] [added: §1350.](https://www.sec.gov/Archives/edgar/data/1393052/000139305222000017/veev-20220131xexx322.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Pleasanton, State of California, on this 30th day of March, [removed: 2021.][added: 2022.]

| /s/ Peter P. Gassner | | | | | | Chief Executive Officer and Director | | | | | | March 30, [removed: 2021] [added: 2022] | | |

| /s/ Brent Bowman | | | | | | Chief Financial Officer | | | | | | March 30, [removed: 2021] [added: 2022] | | |

| /s/ Michele O'Connor | | | | | | Chief Accounting Officer | | | | | | March 30, [removed: 2021] [added: 2022] | | |

| /s/ Tim [removed: Barabe] [added: Cabral] | | | | | | Director | | | | | | March 30, [removed: 2021] [added: 2022] | | |

| /s/ Mark Carges | | | | | | Director | | | | | | March 30, [removed: 2021] [added: 2022] | | |

| /s/ Paul Chamberlain | | | | | | Director | | | | | | March 30, [removed: 2021] [added: 2022] | | |

| /s/ Ronald E.F. Codd | | | | | | Director | | | | | | March 30, [removed: 2021] [added: 2022] | | |

| /s/ Mary Lynne Hedley | | | | | | Director | | | | | | March 30, [removed: 2021] [added: 2022] | | |

| /s/ Gordon Ritter | | | | | | Chairman of the Board of Directors | | | | | | March 30, [removed: 2021] [added: 2022] | | |

| /s/ Paul Sekhri | | | | | | Director | | | | | | March 30, [removed: 2021] [added: 2022] | | |

| /s/ Matthew J. Wallach | | | | | | Director | | | | | | March 30, [removed: 2021] [added: 2022] | | |

| Tim Cabral | | | | | | | | | | | | | | |

| /s/ Priscilla Hung | | | | | | Director | | | | | | March 30, 2022 | | |

| Priscilla Hung | | | | | | | | | | | | | | |

| /s/ Nimrata Khatra Hunt | | | | | | Director | | | | | | March 30, 2022 | | |

| Nimrata Khatra Hunt | | | | | | | | | | | | | | |

| /s/ Marshall Mohr | | | | | | Director | | | | | | March 30, 2022 | | |

| Marshall Mohr | | | | | | | | | | | | | | |

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| Exhibit Number | | | | | | Exhibit Description | | | | | | Incorporated by Reference | | | | | | | | | | | | | | | | | | | | | | | | Filed Herewith | | |

| | | | Form | | | | | | File No. | | | | | | Exhibit | | | | | | Filing Date | | | | | | | | | | | | | | | | | |

| 2.1 | | | | | | [Agreement and Plan of Merger, dated September 26, 2019, among Veeva Systems Inc., P109 Merger Sub., Inc., Crossix Solutions Inc. and the other sellers party thereto.](https://www.sec.gov/Archives/edgar/data/1393052/000162828019011939/ex21mergeragreement.htm) | | | | | | 8-K | | | | | | 001-36121 | | | | | | 2.1 | | | | | | 9/26/2019 | | | | | | | | |

| | | | | | | | | | | | | 10-K | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.21* | | | | | | [Offer Letter, dated March 17, 2019, between Tom Schwenger and the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000162828020008982/veev-20200430xexx101.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 6/4/2020 | | | | | | | | |

| 10.22* | | | | | | [Offer Letter, dated April 19, 2020, between Brent Bowman and the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000162828020013148/brentbowmanofferletter1.htm) | | | | | | 8-K | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 8/31/2020 | | | | | | | | |

| 10.23* | | | | | | [Advisor Agreement, dated September 4, 2020, between Tim Cabral and the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000162828020017286/veev-20201031xexx101.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 12/9/2020 | | | | | | | | |

| Tim Barabe | | | | | | | | | | | | | | |