Veeva Systems (VEEV) 10-K risk factor changes: FY2025 vs FY2024

- [removed: Our plans to migrate] [added: The migration of] our customers to our Vault CRM applications built on our own Veeva Vault platform could cause business disruptions for customers, lead to the loss of our customers to competitors, and adversely affect our operating results.

- Nearly all of our revenues are generated by sales to customers in the life sciences industry, and factors that adversely affect this industry [added: (including regulatory, funding, or policy changes)] could also adversely affect us.

- [removed: Unique and uncertain] [added: Uncertain] macroeconomic and geopolitical factors, including as a result of worldwide inflationary pressures and changes in interest rates, [removed: volatility in the financial sector, concerns about a possible domestic or global recession,] currency exchange fluctuations, [added: changes in trade policies and practices (including] the [added: imposition of tariffs) or other economic policies, geopolitical conflicts (like the] Russian invasion of [removed: Ukraine,] [added: Ukraine] and the [removed: Israel-Hamas] [added: regional] conflict [added: in the Middle East), and concerns about a possible domestic or global recession,] may cause instability [removed: and volatility] in the global [removed: financial markets,] [added: economy,] and disruptions within the life sciences industry that may negatively impact our business, our financial results, and our stock price.

- We rely on third-party providers for computing infrastructure, secure network connectivity, and other technology-related services needed to deliver our cloud solutions, and any [added: slowdown, failure, or] disruption in the services provided by them could adversely affect our business and subject us to liability.

[removed: - Changing laws and regulations, including increasingly complex data privacy and information security regulations, in the U.S. and internationally, life sciences industry regulations, and trade policies,] [added: industry,] may impose additional costs for compliance, reduce demand for our solutions, and subject us to significant liabilities.

Our solutions involve the storage, transmission, and other processing of our customers’ proprietary information (including personal or identifying information regarding their employees and the medical professionals whom their sales personnel contact, and sensitive proprietary data related to the clinical trial, regulatory [removed: submission] [added: submission,] and sales and marketing processes for medical treatments), personal information of medical professionals, personal information (which may include personal health information) of patients and clinical trial participants, and other sensitive information.

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

It is possible that our risk of [removed: cyber-attack] [added: cyberattacks] and other sources of security breaches and incidents may be elevated as a result of Russia’s invasion of Ukraine, the [removed: Israel-Hamas conflict,] [added: regional conflict in the Middle East,] or other geopolitical tensions or conflicts, due to an increase in [removed: cyber-attack] [added: cyberattack] attempts on us, our customers, our partners, or our technology infrastructure providers.

Any or all of these 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 [removed: to] not [added: to] renew their subscriptions, result in reputational damage and harm to our market position, or subject us to third-party claims, demands, and lawsuits, regulatory investigations, proceedings, fines, and penalties, mandatory notifications and disclosures, or other action or liability, which could adversely affect our operating results and financial condition.

[removed: 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 breach or incident.

In new sales cycles within our largest product categories, we generally compete with other cloud-based solutions from providers that make applications geared toward the life [added: sciences industry.]

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

[removed: The principal such competitor for our Veeva Commercial Cloud applications is IQVIA Holdings] [added: Our CRM solutions primarily compete with Salesforce,] Inc., which [removed: offers] [added: is developing] a [added: life sciences industry-specific] CRM application [removed: built on the Salesforce platform,] [added: and has entered into a partnership with IQVIA Holdings, which also offers] various data [removed: products,] [added: products] and other applications that compete with our products.

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

IQVIA, Dassault Systèmes, OpenText Corporation, Oracle Corporation, Honeywell International Inc., and other smaller application providers offer applications that compete with certain of our Veeva Development Cloud [added: or Veeva Quality Cloud] applications.

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

In addition, our competitors [removed: may offer] [added: have offered] price concessions, delayed payment terms, or other more favorable terms and conditions in light of the recent macroeconomic environment.

If our competitors’ products, services, or technologies become more accepted than our solutions, if they are successful in bringing their products or services to market earlier than we are, if their products or services are more technologically capable than ours (including as a result of new or better use of evolving [removed: artificial intelligence (AI)] [added: AI] technologies), or if customers replace our solutions with custom-built software, then our revenues could be adversely affected.

[removed: Also,] [added: For example,] as discussed in more detail below, we [removed: intend] [added: have begun] to migrate our Veeva CRM customers to Vault CRM.

In our fiscal years ended January 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] our top 10 customers accounted for 28%, [removed: 29%,] [added: 28%,] and [removed: 31%] [added: 29%] of our total revenues, respectively.

We rely on our reputation and recommendations from key customers in order to promote our solutions to potential customers, which we call “reference selling.” The loss of any of our key customers, or a failure of one or more of them to renew or expand user subscriptions for some or all our products, could have a significant impact on the growth rate of our revenues, our reputation, and our ability to obtain new [added: customers.]

In the event of an acquisition of one of our customers or a business combination between two of our customers, we have in the past and may in the future suffer reductions in user subscriptions or [removed: non-renewal] [added: nonrenewal] of certain or all of their subscription orders.

These types of problems may be caused by a variety of factors, including human or software errors, viruses, [removed: cyber-attacks,] [added: cyberattacks,] fraud, spikes in customer usage, problems associated with our third-party computing infrastructure and network providers, infrastructure changes, and denial of service issues.

[removed: Our plans to migrate] [added: The migration of] our CRM customers to our Vault CRM applications built on our own Veeva Vault platform could cause business disruptions for customers, lead to the loss of our customers to competitors, and adversely affect our operating results.

We currently depend on the Salesforce platform to deliver our [removed: multichannel] [added: Veeva] CRM [removed: applications,] [added: application,] but [removed: in December 2022] we [removed: announced plans] [added: have begun] to migrate our CRM customers to our Vault CRM solutions, which are built on our Veeva Vault platform.

We [removed: also announced that we] do not intend to renew our agreement with Salesforce, Inc. for use of the Salesforce platform.

These migration processes are complex and we cannot be certain that we will be [removed: successful or that the Veeva Vault platform will be ready for migration on our intended timeline or the timeline necessary to support our customers.][added: successful.]

Further, [removed: some existing] [added: certain] customers [added: have decided, and other customers] may [removed: decide] [added: in the future decide,] not to migrate to Vault CRM and [removed: may decide to] use a different CRM [removed: solution.][added: solution, including a CRM solution provided by Salesforce.]

Additionally, [added: the migration may lead to outages or performance problems with] Vault CRM [removed: may] [added: or other Vault applications if we] encounter difficulties supporting the increased volume of users migrating from Veeva [removed: CRM, leading to outages or other performance problems.][added: CRM.]

In addition, our sales cycle can vary substantially from customer to customer because of various factors, including the discretionary nature of potential customers’ purchasing and budget decisions, the [added: macroeconomic and regulatory environments, the availability of funding in the life sciences industry, the announcement or planned introduction of new solutions by us or our competitors, and the purchasing approval processes of potential customers.]

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

In our fiscal year ended January 31, [removed: 2024,] [added: 2025,] customers outside North America accounted for approximately 41% of our total revenues.

The risks we face in doing business internationally that [added: have in the past adversely affected, and] could [added: in the future] adversely [removed: affect] [added: affect,] our business include:

- difficulties in repatriating funds without adverse tax consequences or restrictions on the transfer of funds more generally, including as a result of [removed: sanctions] [added: sanctions, including those] arising from the Russian invasion of Ukraine, which may limit our ability to receive payment from Russian banks;

- changes in diplomatic relations and trade policy, including the status of relations between the United States and other countries, including China and Russia, and the implementation of or changes to [added: export controls,] trade sanctions, tariffs, and embargoes, including if the United States and other countries were to impose more significant general sanctions against Russia in response to the continuing conflict in Ukraine, which could ban the use of our products by companies or users in Russia;

- unstable regional and economic political conditions or armed conflicts in the markets in which we operate, including as a result of the Russian invasion of Ukraine and the [removed: Israel-Hamas conflict.][added: regional conflict in the Middle East.]

Additionally, the European Union [removed: recently] adopted [removed: new] sanctions against Russia prohibiting the sale and supply of enterprise software to entities and individuals in Russia.

Many of the companies with which we compete for experienced employees have greater resources than we have and may offer compensation packages [added: and benefits] that are perceived to be better than ours.

In the event of a major earthquake, hurricane, or other natural disaster, or catastrophic event such as an actual or threatened public health emergency (e.g., a global pandemic), fire, extreme weather event, power loss, telecommunications failure, [removed: cyber-attack,] [added: cyberattack,] armed conflicts (including the Russian invasion of Ukraine and the [removed: Israel-Hamas conflict),] [added: regional conflict in the Middle East),] 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 [added: security, loss of key employees, and loss of critical data, all of which could have an adverse effect on our future operating results.]

| [removed: 14 | | |] Veeva Systems Inc. \| Form 10-K | | | [added: 14 | | |]

- Defects or disruptions in our solutions could result in diminished demand for our solutions and a reduction in our revenues, and subject us to substantial liability.

- Changing laws, regulations, and enforcement priorities, including increasingly complex U.S. and international data privacy and information security regulations and measures specific to the life sciences

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For instance, as artificial intelligence (AI) technologies, including generative AI models, develop rapidly, threat actors are using these technologies to create sophisticated new attack methods that are increasingly automated, targeted, coordinated, and difficult to defend against.

Our insurance may not be

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As we transition from our legacy Veeva CRM application to our Vault CRM application, as discussed in more detail below, certain customers have chosen, and other customers may in the future choose, to purchase CRM solutions from a competitor.

For example, Salesforce, our primary CRM competitor, recently announced that a large Veeva CRM customer has committed to purchasing its CRM solutions.

Moreover, if we enter new markets, we will likely face competition and will need to adapt to competitive factors that may be different from those we face today.

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Such issues have in the past, and may in the future, result in increased operational costs, delays in delivering new products, our customers delaying or withholding payment to us, cancelling their agreements with us, electing not to renew, or making service credit claims, warranty claims, or other claims against us, and loss of future sales.

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- difficulty entering into new markets in which we have little or no experience or where competitors have stronger market positions;

- the possibility of investigation by, or the failure to obtain required approvals from, governmental authorities on a timely basis, if at all, under various regulatory schemes, including competition laws,

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Accordingly,

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For example, regulatory changes with respect to life sciences advertising, such as limitations on or the elimination of the ability of pharmaceutical companies to engage in direct-to-consumer advertising, could negatively impact certain of our product offerings, including our Crossix business.

Further, in recent years, there have been legislative and regulatory changes regarding the pricing of drugs and other healthcare treatments sold by life sciences companies, such as the drug pricing reforms in the Inflation Reduction Act, and additional drug pricing reforms have been discussed and may be proposed in the future.

In addition, reductions in funding of government agencies and programs relevant to the life sciences industry—such as the Food and Drug Administration, the National Institutes of Health, and Medicaid—or changes in funding priorities relevant to the life sciences industry could adversely affect the life sciences industry.

Changes in public

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Additionally, as we expand our data product offerings into new jurisdictions, we are required to assess, monitor, and comply with additional laws and regulations related to our collection and processing of data, which may include new registration, consent, and notification obligations.

We also expect laws, regulations, industry standards and other obligations in relating to privacy, data protection, and cybersecurity to continue to evolve, and that there will continue to be new, modified, and re-interpreted laws, regulations, standards, and other obligations in these areas.

For example, the Network and Information Security Directive II (NIS2), adopted in 2023, aims to enhance cybersecurity across critical infrastructure and essential services in the EU.

NIS2 provides for all 27 EU member states to have issued implementing legislation by October 2024; however, several EU member states have not finalized their respective legislation and guidance.

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Other states have considered, and in certain cases enacted, similar laws.

Additionally, the U.S. Department of Justice recently issued a final rule that takes effect on April 8, 2025, and places limitations, and in some cases prohibitions, on certain transfers of sensitive personal data to data to business partners located in China or with other specified links to China and other designated countries.

Incorporating AI in our solutions may result in reputational harm and increased liability.

We recently began incorporating AI capabilities into certain of our solutions, which presents new risks and challenges that could affect the adoption of our solutions and our business.

If our AI offerings draw controversy due to their perceived or actual impact on privacy, security or confidentiality, inefficacy or inaccuracy, or contribution to bias, discrimination, other ethical harms, or other matters, we may experience new or enhanced governmental or regulatory scrutiny, brand or reputational harm, competitive harm or legal liability.

If our users lose confidence in the decisions, predictions, analyses, or other content that our AI offerings produce, the adoption of our offerings could be adversely affected, which may harm our operating results and financial condition.

The legal, regulatory, and policy environments around AI are evolving rapidly, and we may become subject to new and evolving legal and other obligations.

These and other developments may require us to make significant changes to our use of AI, including by limiting or restricting our use of AI, and which may require us to make significant changes to our policies and practices, which may necessitate expenditure of significant time, expense, and other resources.

Uncertainty around new and emerging AI applications and regulations may require us to make significant changes to our use of AI, including by limiting or restricting such use, and may cause us to incur increased research and development costs or compliance costs, or divert resources from other development efforts to address issues related to AI governance.

If we are unable to mitigate these risks, or if we incur excessive expenses in our efforts to do so, our reputation, business, operating results, and financial condition may be harmed.

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sciences industry.

Salesforce, Inc. has also announced their intention to offer a life science industry-specific CRM solution, which will compete with our offerings.

Our Veeva Data Cloud products.

In December 2022, we announced plans to migrate customers of our multichannel CRM applications built on the Salesforce platform to CRM solutions that are built on our own Veeva Vault platform, as discussed in more detail below, which could lead to customers choosing competitors that continue to use the Salesforce platform, or other CRM application providers, over us.

We also continue to be subject to litigation from our competitors.

For example, as disclosed elsewhere in this report, we are in active litigation with IQVIA.

For example, we have limited experience selling certain of our data and analytics offerings and certain of our solutions that enable remote patient interactions for clinical trials.

customers.

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.

Vault CRM is currently used by early adopters and we intend to make Vault CRM generally available to all customers in April 2024.

macroeconomic and regulatory environments, the availability of funding in the life sciences industry, the announcement or planned introduction of new solutions by us or our competitors, and the purchasing approval processes of potential customers.

security, loss of key employees, and loss of critical data, all of which could have an adverse effect on our future operating results.

Our core Veeva CRM application has achieved substantial market penetration 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 Commercial Solutions revenues may be negatively impacted.

In our fiscal year ended January 31, 2024, we derived approximately 52% of our subscription services revenues and approximately 50% of our total revenues from our Commercial Solutions.

In our fiscal quarter ended January 31, 2024, we derived approximately 50% of our subscription services revenues and approximately 49% of our total revenues from our Commercial Solutions.

A significant percentage of our Commercial 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 Commercial Solutions revenues may be negatively impacted.

For example, in recent years, certain life sciences companies have reduced the number of sales representatives they employ due to an increased preference for digitally-enabled sales channels, which negatively impacted sales of Veeva CRM and certain of our other Commercial Solutions.

Our ability to serve a significant portion of this

In particular, legislation or regulatory changes regarding the pricing of drugs and other healthcare treatments sold by life sciences companies, including the extent to which the U.S. government or other governments may establish or negotiate prescription drug prices, has continued to be a topic of discussion by political leaders and regulators in the United States and elsewhere.

For example, the Inflation Reduction Act contains a number of significant drug pricing reforms, including provisions designed to limit the prices paid by Medicare for various prescription drugs.

A number of life sciences companies have initiated litigation against the federal government challenging the constitutionality of the Inflation Reduction Act’s mandatory pricing scheme.

It is unclear at this time what impact this legislation will have on our business or our customers’ businesses.

We will continue to evaluate its impact.

healthcare professionals and healthcare organizations with respect to the sales and marketing efforts of life sciences companies, and changes in the regulation of the sales and marketing efforts and pricing practices of life sciences companies.

Furthermore, we have in the past and may in the future be subject to inspections or

21, 2024, establishing significant new restrictions on how businesses can collect, use, and disclose consumer health data.

platform for our multichannel CRM applications, and we are bound by the restrictions of our agreement with Salesforce, Inc., which limits the markets to which we may sell our Veeva CRM solution.

Our Veeva CRM application, and certain portions of the multichannel CRM applications that complement our Veeva CRM application, utilize the Salesforce platform of Salesforce, Inc., and we are currently dependent upon the Salesforce platform to deliver our CRM application.

obligations by Salesforce, Inc. released us from our minimum order commitments in the future.

Also, in 2019, Salesforce, Inc. announced a strategic partnership with Alibaba, a Chinese company, through which Alibaba will become the exclusive provider of Salesforce in mainland China, Hong Kong, Macau, and Taiwan.

The timeframe and exact parameters of changes to Salesforce, Inc. offerings in the listed regions has not been announced.

Our existing agreement with Salesforce, Inc. allows us to sell our CRM solutions to drug makers in the pharmaceutical and biotechnology industries in mainland China, Hong Kong, Macau, and Taiwan, and our right to do so is not impacted by the Alibaba partnership.

However, our ability to offer our CRM solutions from data centers located in the listed regions may be limited if Salesforce, Inc. does not operate data centers in the listed regions in the future and we do not contract for such data center services from Alibaba.

If our inability to offer our CRM solutions from data centers located in the listed regions negatively impacts the performance of our solutions in those regions or causes legal compliance concerns, or if customers in the listed regions prefer their CRM solutions to be hosted from local data centers, our business may be negatively affected.

In the fiscal year ended January 31, 2024, our revenue growth rate was negatively impacted by macroeconomic conditions, including lower funding levels within segments of our customer base and increased scrutiny for certain potential projects, a contracting change in the master subscription agreements that govern our multi-year orders, which affected the timing of revenue recognition for such orders, and foreign currency exchange fluctuations.

While we expect our revenue growth rates to accelerate in our fiscal year ending January 31, 2025, as compared to the prior fiscal year, the year-over-year acceleration is in part due to the reduction in our revenues in the fiscal year ended January 31, 2024 from the contracting change discussed above.

| [removed: 36 | | |] Veeva Systems Inc. \| Form 10-K | | | [added: 35 | | |]

Our offerings span cloud software, data, [removed: 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 [added: (R&D)] through commercialization.

Our [added: industry cloud] solutions are grouped into [removed: three] [added: four] major product [removed: categories —Veeva] [added: categories—Veeva] Development Cloud, Veeva [added: Quality Cloud, Veeva] Commercial Cloud, and Veeva Data Cloud.

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

[removed: In our] [added: For the] fiscal year ended January 31, 2024, we derived approximately 52% and 48% of our subscription services revenues and 50% and 50% of our total revenues from our Commercial Solutions and R&D Solutions, respectively.

[removed: For the] [added: In our] fiscal year ended January 31, [removed: 2023,] [added: 2025,] we derived approximately [removed: 55%] [added: 48%] and [removed: 45%] [added: 52%] of our subscription services revenues and [removed: 52%] [added: 47%] and [removed: 48%] [added: 53%] of our total revenues from our Commercial Solutions and R&D Solutions, respectively.

Revenues associated with our R&D Solutions are expected to [removed: continue to] increase as a percentage of both subscription services revenues and total revenues in the future.

For our fiscal years ended January 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] our total revenues were [removed: $2,364] [added: $2,747] million, [removed: $2,155] [added: $2,364] million, and [removed: $1,851] [added: $2,155] million, respectively, representing year-over-year growth in total revenues of [removed: 10%] [added: 16%] in our fiscal year ended January 31, [removed: 2024,] [added: 2025,] and [removed: 16%] [added: 10%] in our fiscal year ended January 31, [removed: 2023.][added: 2024.]

For our fiscal years ended January 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] our subscription services revenues were [removed: $1,902] [added: $2,285] million, [removed: $1,733] [added: $1,902] million, and [removed: $1,484] [added: $1,733] million, respectively, representing year-over-year growth in subscription services revenues of [removed: 10%] [added: 20%] in our fiscal year ended January 31, [removed: 2024,] [added: 2025,] and [removed: 17%] [added: 10%] in our fiscal year ended January 31, [removed: 2023.][added: 2024.]

We generated net income of [removed: $526] [added: $714] million, [removed: $488] [added: $526] million, and [removed: $427] [added: $488] million for our fiscal years ended January 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] respectively.

As of January 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] we served [added: 1,477,] 1,432, [removed: 1,388,] and [removed: 1,205,] [added: 1,388] customers, respectively.

As of January 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] we had [added: 730,] 693, [removed: 684] and [removed: 653] [added: 684] Commercial Solutions customers, respectively, and [added: 1,125,] 1,078, [removed: 1025,] and [removed: 860] [added: 1,025] R&D Solutions customers, respectively.

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

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 [removed: Veeva Business Consulting offering.]

For the fiscal year ended January 31, [removed: 2024,] [added: 2025,] subscription services revenues constituted [removed: 80%] [added: 83%] of total revenues and professional services and other revenues constituted [removed: 20%] [added: 17%] of total revenues.

Conversely, affiliated legal entities that maintain distinct master subscription agreements [added: may choose to consolidate their orders under a single master subscription agreement, and, in that circumstance, our customer count would decrease.]

New subscription orders for our [removed: Veeva] CRM [removed: application] [added: applications] generally have a one-year term.

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

[removed: Since February 1, 2023, our] [added: Our] master subscription agreements [removed: that govern] [added: governing] multi-year orders generally include a termination for convenience right for our customers.

[removed: Starting in our fiscal year ending January 31, 2025, the] [added: The] amount of revenue recognized from such orders will generally be consistent with the amount invoiced for the relevant term of the order.

Accordingly, we do not believe that changes on a quarterly [added: or annual] basis in deferred revenue, [removed: unbilled accounts receivable,] calculated billings, or normalized billings are [removed: accurate] [added: precise] indicators of future [removed: revenues for any given period of time.][added: revenues.]

We define the term normalized billings for any period to mean calculated billings adjusted for the impact of [added: (i)] term changes in [removed: renewal business,] [added: our customer renewals,] such as [removed: in the timing] [added: changes to renewal date] (for example, changing the renewal date of multiple products to be coterminous) or [added: changes to] billing frequency (for example, changing from annual to quarterly [removed: billings).][added: billings), and (ii) delayed renewals that have closed and billed after the period end.]

Subscription services revenues are recognized ratably over the respective [removed: non-cancellable] [added: noncancellable] subscription term because of the continuous transfer of control to the customer.

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

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

Certain professional services and business consulting arrangements are billed on a fixed fee basis and revenues are [removed: typically recognized over time as the services are delivered based on time incurred.]

We accumulate certain costs such as [removed: building depreciation,] office rent, utilities, and other facilities [removed: costs] [added: costs, information technology,] and [added: building depreciation, and] allocate them across the various departments based on headcount.

Cost of subscription services revenues for all of our solutions consists of expenses related to our computing infrastructure provided by third parties, including Salesforce, Inc. 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: costs,] and costs of delivering our data solutions, expenses associated with computer equipment and software, and allocated overhead.

[removed: Operating Expenses][added: | Operating expenses (1): | | | | | | | | | | | | | | | | | | | | | | | |]

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

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

See [note [removed: 8](#ic434b8423fd143e0904096859dd23f0c_142)] [added: 8](#i7e129a0ad48d459ea13c21cd7e2de073_1649267442974)] of the notes to our consolidated financial statements.

See [removed: [n](#ic434b8423fd143e0904096859dd23f0c_1138)[ote](#ic434b8423fd143e0904096859dd23f0c_1138) [1](#ic434b8423fd143e0904096859dd23f0c_1138), in our Notes] [added: [note 1](#i7e129a0ad48d459ea13c21cd7e2de073_34) of the notes] to [removed: Consolidated Financial Statements included] [added: our consolidated financial statements] in “Part II, Item 8.

| | | | | | | | | | | | | | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| Subscription services | | | | | | | | | | | | | | | $ | [removed: 1,901,593] [added: 2,284,659] | | | | | $ | [removed: 1,733,002] [added: 1,901,593] | |

| Professional services and other | | | | | | | | | | | | | | | [removed: 462,080] [added: 461,960] | | | | | | [removed: 422,058] [added: 462,080] | | |

| Total revenues | | | | | | | | | | | | | | | [removed: 2,363,673] [added: 2,746,619] | | | | | | [removed: 2,155,060] [added: 2,363,673] | | |

| Cost of [removed: revenues(1):] [added: revenues (1):] | | | | | | | | | | | | | | | | | | | | | | | |

| Cost of subscription services | | | | | | | | | | | | | | | [removed: 290,577] [added: 323,070] | | | | | | [removed: 257,635] [added: 290,577] | | |

| Cost of professional services and other | | | | | | | | | | | | | | | [removed: 386,714] [added: 376,566] | | | | | | [removed: 351,770] [added: 386,714] | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

Veeva Business Consulting offering.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

typically recognized over time as the services are delivered based on time incurred.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | |

| Income tax provision | | | | | | | | | | | | | | | 205,243 | | | | | | 62,318 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

The increase in subscription services revenue attributable to R&D solutions was primarily due to expanding use of Veeva Development Cloud products by both existing and new customers.

The increase in subscription services revenue attributable to Commercial Solutions was primarily due to expanding use of our Veeva Commercial Cloud products by both existing and new customers and, to a lesser extent, due to higher prices in connection with our annual inflation adjustment.

Cost of revenues for the fiscal year ended January 31, 2025 increased $22 million, comprising a $32 million increase in cost of subscription services, partially offset by a $10 million decrease in cost of professional services and other.

The increase in cost of subscription services was primarily due to an increase of $21 million related to computing infrastructure costs, which was driven by an increase in both the number of end users and the volume of activity by end users of our subscription services.

The decrease in cost of professional services and other was mainly due to lower utilization of third-party services, and reduction in employee related costs in our implementation and deployment-related activities.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | | | | | % Change | | |

| | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | | | | | % Change | | |

| | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | | | | | % Change | | |

The increase in employee compensation-related costs was primarily driven by stock-based compensation related to the equity grant to our Chief Executive Officer in June 2024.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

We expect an increase in general and administrative expenses in the near term, primarily related to the stock-based compensation associated with the equity grant to our Chief Executive Officer discussed above.

| | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | | | | | % Change | | |

| | | | | | | | | | | | | | | | | | | (dollars in thousands) | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | | | | | % Change | | |

| Income tax provision | | | | | | | | | | | | | | | | | | | | | $ | 205,243 | | | | | $ | 62,318 | | | | | 229% | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

- Litigation settlement.

We exclude costs related to the settlement of certain litigation matters because they are non-recurring and outside the ordinary course of business.

Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | |

| Litigation settlement | | | | | | | | | | | | | | | 5,000 | | | | | | — | | |

| Stock-based compensation expense | | | | | | | | | | | | | | | 437,350 | | | | | | 393,733 | | |

| Amortization of purchased intangibles | | | | | | | | | | | | | | | 18,558 | | | | | | 19,459 | | |

| Litigation settlement | | | | | | | | | | | | | | | 5,000 | | | | | | — | | |

| Litigation settlement | | | | | | | | | | | | | | | 0.03 | | | | | | — | | |

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

Under currently enacted tax laws, if we were to choose to repatriate the funds we have designated as indefinitely

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

The $376 million decrease in cash used in investing activities was mainly due to the increase in proceeds from maturities and sales of short-term investments, and the decrease in purchases of short-term investments.

| | | | | | | |

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

Veeva Data Cloud is comprised of our data offerings, including Veeva Compass, Veeva Link, and Veeva OpenData.

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.

Thus, the potential number of R&D Solutions customers is higher than the potential number of Commercial Solutions customers.

may choose to consolidate their orders under a single master subscription agreement, and, in that circumstance, our customer count would decrease.

Particularly with respect to our R&D Solutions, we have entered into a number of orders with multi-year terms.

The fees associated with such orders are typically not based on the number of end-users and typically escalate over the term of such orders at a pre-agreed rate to account for, among other factors, implementation and adoption timing and planned increased usage by the customer.

When such multi-year orders are non-cancellable (other than for cause), we recognize the total contracted revenue ratably over the multi-year term of the order.

For such non-cancellable orders, when the amounts we are entitled to invoice in any period pursuant to multi-year orders with escalating fees are less than the revenue recognized, we accrue an unbilled accounts receivable balance (a contract asset) related to such orders.

In the same scenario, the net deferred revenue we would record in connection with such orders will be less because we will be recognizing more revenue than we bill earlier in the term of such multi-year orders.

In the fiscal year ended January 31, 2024, the addition of termination for convenience rights in such master subscription agreements changed the timing of revenue recognition for orders governed by these master subscription agreements and reduced our unbilled revenue balance from such orders, as well as reduced our revenue for the fiscal year.

Historically, our master subscription agreements have generally been non-cancellable during the term, although customers typically have had the right to terminate their agreements for cause in the event of material breach.

However, since February 1, 2023, our master subscription agreements that govern multi-year orders generally include a termination for convenience right for our customers.

subscription purchased by each customer (for example, the number of end users or other subscription usage metric) and the number of solutions subscribed to by each customer.

| Provision for income taxes | | | | | | | | | | | | | | | 62,318 | | | | | | 21,390 | | |

The increase in professional services and other revenues was primarily due to new customers requesting implementation and deployment related professional services and existing customers requesting professional services related to expanding deployments or the deployment of newly purchased solutions, particularly within R&D solutions and increased demand for our business consulting services.

Since February 1, 2023, our master subscription agreements that govern multi-year orders generally included a termination for convenience right for our customers.

In the fiscal year ended January 31, 2024, the addition of termination for convenience rights in such master subscription agreements changed the timing of revenue recognition for such orders governed by these master subscription agreements and reduced our revenue for the fiscal year.

In addition, certain of our customer contracts include an annual inflation adjustment, which raises the price to each customer upon renewal by the lower of 4% or the Consumer Price Index (All Urban Consumer, U.S. City Average, All Items Index) published by the U.S. Bureau of Labor and Statistics for the month of August of the prior calendar year.

Cost of revenues for the fiscal year ended January 31, 2024 increased $68 million, of which $33 million was related to an increase in cost of subscription services.

The increase in cost of subscription services was primarily due to an

increase of $12 million related to computing infrastructure costs, the majority of which was provided by Amazon Web Services and an increase of $7 million in costs of delivering our data solutions.

The increase in employee compensation-related costs is primarily driven by merit increases and continued investment in professional services resources.

General and administrative expenses for the fiscal year ended January 31, 2024 increased $29 million, primarily due to an increase of $15 million in employee compensation-related costs.

We expect general and administrative expenses to continue to increase in the fiscal year ending January 31, 2025, primarily due to employee compensation-related costs.

We may continue to experience favorable or adverse foreign currency impacts due to volatility in these currencies.

| Provision for income taxes | | | | | | | | | | | | | | | | | | | | | $ | 62,318 | | | | | $ | 21,390 | | | | | 191% | | |

We recognized excess tax benefits of $74 million and $94 million in our provision for income taxes for the fiscal years ended January 31, 2024 and 2023, respectively.

| (1) For the fiscal years ended January 31, 2024 and 2023, we used an estimated annual effective non-GAAP tax rate of 21% | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

Our cash deposits are primarily held at financial institutions classified as global systemically important banks, and we maintain sufficient cash at more than one financial institution to meet our operational needs.

and data acquisition costs.

We also use cash to invest in capital assets to support our growth.

In June 2021, we began funding withholding taxes due on employee RSU awards by net share settlement, rather than our previous approach of requiring employees to either sell shares of our common stock or pay the withholding taxes in cash to cover taxes due upon vesting of such awards.

Net cash used in financing activities was $16 million for the fiscal year ended January 31, 2024 compared to $19 million used in financing activities for the fiscal year ended January 31, 2023.

The $3 million decrease was primarily related to a decrease of $19 million in proceeds from employee stock option exercises due to decreased stock option activity during the period partially offset by an increase of $16 million used to pay employee taxes related to the net share settlement of RSUs .

| Veeva Systems Inc. \| Form 10-K | | | 47 | | |

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

For the fiscal year ended January 31, [removed: 2024,] [added: 2025,] about 83% of our revenues and about [removed: 80%] [added: 81%] of our expenses were denominated in [removed: USD, respectively.][added: USD.]

We engage in the hedging of our foreign currency transactions as described in [note [removed: 7](#ic434b8423fd143e0904096859dd23f0c_139)] [added: 7](#i7e129a0ad48d459ea13c21cd7e2de073_52)] 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.

Realized [removed: foreign currency gains, primarily resulting from the re-measurement of monetary account balances offset by the foreign currency hedges, were $3 million] and unrealized foreign currency [added: gains and] losses were [removed: $4 million] [added: immaterial] for [added: both] the fiscal [removed: year] [added: years] ended January 31, [added: 2025 and] 2024.

We had cash, cash equivalents and short-term investments totaling [removed: $4.0] [added: $5.2] billion as of January 31, [removed: 2024.][added: 2025.]

This amount was held primarily in demand deposit accounts, money market funds, [added: corporate notes and bonds,] U.S. treasury securities and agency obligations, [removed: corporate notes] and [removed: bonds,] asset-backed [removed: securities, commercial paper, and foreign government bonds.][added: securities.]

Fixed rate securities may have their market value adversely affected due to a rise in interest rates, while floating rate securities may produce less income than expected if [added: interest rates fall.]

| [removed: 48 | | |] Veeva Systems Inc. \| Form 10-K | | | [added: 46 | | |]

An immediate increase of 100-basis points in interest rates would have resulted in a [removed: $43] [added: $58] million market value reduction in our investment portfolio as of January 31, [removed: 2024.][added: 2025.]

An immediate decrease of 100-basis points in interest rates would have increased the market value by [removed: $43] [added: $58] million as of January 31, [removed: 2024.][added: 2025.]

| Veeva Systems Inc. \| Form 10-K | | | [removed: 49] [added: 47] | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

For example, changes in exchange rates negatively affected our revenues as expressed in U.S. dollars for the fiscal year ended January 31, 2024.

Additionally, changes in exchange rates had a largely offsetting impact on operating income for the fiscal year ended January 31, 2024.

For the fiscal year ended January 31, 2023, we had realized foreign currency gains of $4 million and unrealized foreign currency losses of $4 million.

interest rates fall.

Our R&D solutions for the clinical, regulatory, quality, and safety functions help life sciences companies streamline their end-to-end product development [added: and quality and manufacturing] processes to increase operational efficiency and maintain regulatory compliance throughout the product life cycle.

Our industry cloud solutions for the life sciences industry are grouped into [removed: three] [added: four] major product categories—Veeva Development Cloud, Veeva [added: Quality Cloud, Veeva] Commercial Cloud, and Veeva Data Cloud—and are designed to address pharmaceutical, biotechnology, and medical devices and diagnostics (MedTech) companies’ most pressing strategic needs in their commercial and R&D operations.

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

Veeva Development Cloud includes application suites for the clinical, regulatory, [removed: quality,] and safety functions of life sciences companies, all built on our proprietary Veeva Vault platform.

Veeva Vault can be deployed one application at a time or as an integrated solution with multiple applications that enable customers to unify and manage important documents and related data in a single global [removed: system.][added: system:]

| [removed: 2 | | |] Veeva Systems Inc. \| Form 10-K | | | [added: 2 | | |]

- Veeva [removed: Vault Clinical] [added: Clinical Platform] advances clinical trial execution by providing a complete and connected technology ecosystem.

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

[removed: The platform is comprised of our clinical] [added: Our] suite [removed: and] [added: of] applications for clinical research sites and patient [removed: engagement.][added: engagement facilitates clinical trial participation for patients and streamlines study execution for research sites and trial sponsors.]

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

This includes [removed: solutions] [added: Veeva EDC] for electronic data capture; [added: Veeva CDB for] aggregating, cleaning, and transforming clinical data; and [removed: randomization] [added: solutions for electronic processing of consents] and [added: assessments of clinical] trial [removed: supply management.][added: participants.]

Veeva Clinical Operations Suite offers applications such as Veeva [removed: Vault] eTMF, an electronic trial master file application, Veeva [removed: Vault] CTMS for clinical trial management, [added: solutions for randomization] and [added: trial supply management, and] solutions for automating the flow of clinical trial information between sponsors, CROs, and clinical research sites [removed: and] for better collaboration and faster clinical trials.

These offerings include applications that [removed: allow] [added: enable] sites to [removed: maintain and access] [added: manage] study documents [removed: electronically, to] [added: electronically and] securely exchange information with sponsors and [removed: CROs, and to enable electronic processing of consents and assessments of clinical trial participants.][added: CROs.]

- Veeva [removed: Vault] Safety is a suite of applications that unifies systems and processes to enable proactive patient safety.

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

[removed: In addition, we offer] [added: Both Vault CRM and Veeva CRM include] multichannel CRM applications that can enhance and extend our core CRM and Medical CRM products, providing customers with an end-to-end solution across all key channels, including face-to-face, email, and virtual engagement, live and virtual enterprise events, and field collaboration.

[removed: Veeva CRM] [added: Veeva CRM] and some of its [added: related] applications are built on a platform provided by Salesforce, Inc. and will be supported until September 1, 2030.

[removed: Veeva] [added: - Veeva] Vault CRM [added: Suite] is our next generation CRM solution [removed: that is] built on our proprietary Veeva Vault [removed: platform and will include the full functionality of Veeva CRM.][added: platform.]

- Veeva [removed: Vault] Medical provides a single, validated source of medical content across multiple channels and geographies with capabilities for medical affairs teams to centralize medical inquiries and content.

- Veeva [removed: Vault] PromoMats is an end-to-end content and digital asset management (DAM) solution through which life sciences companies can collaborate, review, distribute, and update commercial content and manage assets.

This includes demographic information, license information and status, specialty information, affiliations, and other key data about healthcare [removed: providers (HCP)] [added: professionals] and organizations that is crucial to customer engagement and compliance.

- Veeva Link applications are built on a modern data platform that combines intelligent software automation with human curation to provide deep data across a growing number of areas, including key people, [added: key accounts,] publications, conferences, [added: medical insights,] and digital engagement.

R&D Business Consulting enables continuous and sustainable innovation across the drug development [added: value chain, including process efficiency, time-to-market acceleration, and optimized operating model and governance.]

| [removed: 4 | | |] Veeva Systems Inc. \| Form 10-K | | | [added: 4 | | |]

As of January 31, [removed: 2024,] [added: 2025,] we served [removed: 1,432] [added: 1,477] customers.

Our life sciences customers range from the largest global pharmaceutical and biotechnology companies such as Bayer AG, Boehringer Ingelheim GmbH, Eli Lilly and Company, Gilead Sciences, Inc., Merck Sharp & Dohme Corp., [removed: and Novartis Pharma AG, to emerging growth pharmaceutical and biotechnology companies, including Alkermes Inc., Alnylam Pharmaceuticals, Inc., bluebird bio, Inc., and Idorsia Pharmaceuticals Ltd. We also deliver solutions to companies in the consumer products industries.]

As of January 31, [removed: 2024,] [added: 2025,] we had [removed: 7,172] [added: 7,291] employees worldwide, up by [removed: 428] [added: 119] from the previous year.

Our products are hosted in data centers located in the United States, the [removed: United Kingdom, the] European Union, Japan, South Korea, [added: Singapore,] Australia, and Brazil.

| ICH [removed: E6(R2)] [added: E6(R3)] | | | | | | Good Clinical Practice (GCP) Validation Principles | | |

Our program focuses on the implementation of policies, procedures, and agreements to [removed: comply] [added: facilitate compliance] with applicable data privacy laws and regulations as well as data privacy requirements of customers and partners; the creation and maintenance of privacy documentation to demonstrate compliance with applicable data privacy laws and regulations, including legal transfer mechanisms; the [removed: process] [added: processes] by which we obtain personal information through lawful and transparent means; the [removed: process] [added: processes] by which we process personal information; the [removed: process] [added: processes] by which we notify customers and data subjects in a timely manner in the event of a data breach, as required by contract or law; and the training of employees and contractors engaged in the processing of personal information.

[removed: The principal such competitor for our Veeva Commercial Cloud applications is IQVIA Holdings] [added: Our CRM solutions primarily compete with Salesforce,] Inc., which [removed: offers] [added: is developing] a [added: life sciences industry-specific] CRM application [removed: built on the Salesforce platform,] [added: and has entered into a partnership with IQVIA Holdings, which also offers] various data [removed: products,] [added: products] and other applications that compete with our products.

| [removed: 6 | | |] Veeva Systems Inc. \| Form 10-K | | | [added: 6 | | |]

No single vendor offers products that compete with all of our Veeva Development Cloud [added: or Quality Cloud] applications, but IQVIA, Dassault Systèmes, OpenText Corporation, Oracle Corporation, Honeywell International Inc., and other smaller application providers offer applications that compete with certain of our Veeva Development Cloud [added: and Quality Cloud] applications.

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

We sell certain of our Development Cloud [added: and Quality Cloud] applications to companies outside the life sciences industry.

The table below provides a summary of our issued patents and pending patent applications as of January 31, [removed: 2024:][added: 2025:]

| Issued U.S. patents (expiring between May 2027 and [removed: January 2039)] [added: May 2044)] | | | [removed: 74] [added: 83] | | |

| U.S. and international pending patent applications | | | [removed: 90] [added: 121] | | |

Our patents and patent applications cover technology within our Veeva Development Cloud, Veeva Commercial Cloud, [removed: and] Veeva Data [added: Cloud, and Veeva Quality] Cloud product families.

Despite our efforts to protect our proprietary technology and our intellectual property rights, unauthorized parties may attempt to copy or obtain and use our technology to develop applications with the same functionality as our [removed: application.]

Our goal is to become the most strategic software, data, and business consulting partner to the life sciences industry, supporting the industry’s most critical drug development, quality and manufacturing, and commercialization functions.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

(CROs), and trial sponsors—for faster, more efficient trials that achieve higher data accuracy and increased patient diversity.

Veeva Quality Cloud unifies quality applications, processes, and partners across content management, training, quality management, quality assurance, and quality control lab solutions on the Veeva Vault platform.

These applications help our customers in the life sciences and consumer products industries to develop and manufacture products more efficiently.

Veeva Quality Cloud includes Veeva QMS to manage integrated quality processes and Veeva Quality Docs to manage regulated quality content throughout its lifecycle, as well as lab solutions, which enable quality control to optimize batch release testing, stability study management, and environmental monitoring, and training solutions, which increase quality training efficiency and compliance.

Vault CRM brings together sales, marketing, medical, and service teams at pharmaceutical and biotechnology companies in a single Vault database, with shared data and content, to manage, track, and optimize engagement with healthcare professionals.

Vault CRM includes the full functionality of our legacy product, Veeva CRM, with additional applications like Campaign Manager for coordination across engagement channels and Service Center for customer support.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

- Veeva CRM Pulse is a data subscription that provides access and multichannel engagement metrics about healthcare professionals that are used by our life sciences customers for segmentation, targeting, and engagement planning.

Veeva Services Partners include global systems integrators and market specialty firms that help customers maximize the value of Veeva solutions.

Partner services include program management, support, training, customization, and integration.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

and Novartis Pharma AG, to emerging growth pharmaceutical and biotechnology companies, including Alkermes Inc., Alnylam Pharmaceuticals, Inc., bluebird bio, Inc., and Idorsia Pharmaceuticals Ltd. We also deliver solutions to companies in the consumer products industries.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

application.

We are currently engaged in legal proceedings with competitors in which the competitors are asserting trade secret misappropriation and other claims, as well as discussions with a non-practicing entity relating to alleged infringement of its patents.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

Our goal is to become the most strategic technology partner to the life sciences industry and achieve long-term leadership with our solutions that support the R&D and commercial functions of life sciences companies.

We also bring the benefits of our content and data management solutions to customers in the consumer products industries.

Our applications currently offered to companies in these industries are designed to help customers efficiently manage critical processes and content in a compliant way, and to enable secure collaboration across internal and external stakeholders, including outsourcing partners and vendors.

- Our suite of applications for clinical research sites and patient engagement makes clinical trial participation easier for patients and streamlines study execution for research sites and trial sponsors.

- Veeva Vault Quality is the life science industry’s only unified suite of applications for managing quality content, processes, and training on a single cloud platform.

Applications include solutions for aggregating and managing quality content, harmonizing quality processes, and simplifying employee qualification.

The unification of quality processes and systems increases operational efficiency, enables continuous improvement, and drives compliance.

- Veeva CRM suite enables customer-facing employees at pharmaceutical and biotechnology companies—including sales representatives and medical science liaisons—to manage, track, and optimize engagement with healthcare professionals with a single, integrated solution.

All support the life sciences industry’s unique commercial business processes and regulatory compliance requirements with highly specialized functionality.

Vault CRM is currently used by early adopters and planned for general availability in April 2024.

Our Cloud Solutions for the Consumer Products Industries

Our initial applications for customers outside of life sciences address specific content and data management processes within the consumer products industries.

Veeva QualityOne is a robust quality management, document management, and training solution.

Veeva RegulatoryOne helps companies manage regulatory submission content.

Veeva Claims addresses the end-to-end product and marketing claims management process.

Our global systems integrator partners also deliver implementation and selected support services to customers who wish to utilize them.

Our systems integrator partners include Accenture, Cognizant, Tata Consultancy Services (TCS), and other life sciences specialty firms.

value chain, including process efficiency, time-to-market acceleration, and optimized operating model and governance.

Our workforce is diverse in many respects.

As of January 31, 2024, 44% of our global employee population self-identified as female and approximately 42% of our U.S. workforce self-identified as members of underrepresented racial or ethnic groups.

We define underrepresented racial or ethnic groups as those comprising individuals who identify as American Indian, Alaska Native, Asian, Black, African American, Hispanic, Latino, Hawaiian, Pacific Islander, or two or more races.

Veeva CRM and portions of our multichannel CRM applications currently utilize the Salesforce platform of Salesforce, Inc. Our Veeva Vault applications, including Vault CRM, and portions of our other Commercial Cloud applications are built upon our own proprietary platforms.

Salesforce, Inc. has also announced their intention to offer a life sciences industry-specific CRM solution, which will likely compete with our offerings.

For information regarding certain current legal proceedings, see [removed: [note](#ic434b8423fd143e0904096859dd23f0c_172) [14](#ic434b8423fd143e0904096859dd23f0c_172)] [added: [note](#i7e129a0ad48d459ea13c21cd7e2de073_79) [1](#i7e129a0ad48d459ea13c21cd7e2de073_79)[4](#i7e129a0ad48d459ea13c21cd7e2de073_79)] of the notes to our consolidated [removed: financial statements, which is incorporated herein by reference.]

In addition to the legal proceedings referenced in [note [removed: 14](#ic434b8423fd143e0904096859dd23f0c_172),] [added: 1](#i7e129a0ad48d459ea13c21cd7e2de073_79)[4](#i7e129a0ad48d459ea13c21cd7e2de073_79),] we are involved in the following additional legal proceedings which may be material to our business.

Since the original complaint was filed, there [removed: has] [added: have] been extensive requests to the court for rulings on contested questions.

On June 9, 2023, [removed: IQVIA] [added: IQVIA, the only defendant remaining in the case,] filed a counter-complaint seeking a declaration that its non-compete agreements comply with California law.

| | | | | | | |

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

| Veeva Systems Inc. \| Form 10-K | | | 33 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

financial statements, which is incorporated herein by reference.

On March 25, 2024, the trial court judge set a trial date of June 16, 2025 on the consolidated claims.

Among other things, Medidata and Sparta appealed the superior court’s decisions finding that the case may proceed as to some causes of action, and Veeva 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 now final.

On October 31, 2019, as to Veeva's claims against IQVIA, the trial court's earlier dismissal was reversed by the court of appeal and the case was reassigned to a new trial court judge.

Discovery is proceeding and no trial date has been set.

On February 13, 2023, Veeva and Sparta entered into a confidential settlement agreement dismissing their claims against each other.

On January 16, 2024, Veeva and Medidata also entered into a confidential settlement agreement dismissing their claims against each other.

The only defendant now in the case is IQVIA.

[removed: |] (Mark One) [removed: | | | | | | | | |]

| ☒ | | | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | [removed: | | |]

For the fiscal year ended January 31, [removed: 2024][added: 2025]

][added: sec.jpg](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131_g1.jpg)]

[removed: (Exact] [added: *(Exact] name of registrant as specified in its [removed: charter)][added: charter)*]

| [removed: (State] [added: *(State] or other jurisdiction of incorporation or [removed: organization)] [added: organization)*] | | | [removed: (IRS] [added: *(IRS] Employer Identification [removed: No.)] [added: No.)*] | | | | | |

[removed: (Address] [added: *(Address] of principal executive [removed: offices)][added: offices, including zip code)*]

[removed: (Registrant’s] [added: *(Registrant’s] telephone number, including area [removed: code)] [added: code)*] (925) 452-6500

[removed: (Former] [added: *(Former] name, former address and former fiscal year, if changed since last [removed: report)] [added: report)*] N/A

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, [added: a] smaller reporting company, or an emerging growth company.

The aggregate market value of voting stock held by non-affiliates of the [removed: Registrant] [added: registrant] on the last business day of the [removed: Registrant’s] [added: registrant’s] most recently completed second fiscal quarter, which was July 31, [removed: 2023,] [added: 2024,] based on the closing price of [removed: $204.22] [added: $191.93] for shares of the [removed: Registrant’s] [added: registrant’s] Class A common stock as reported by the New York Stock Exchange on July 31, [removed: 2023,] [added: 2024,] the last trading day of the second fiscal quarter, was approximately [removed: $29.7] [added: $28.3] billion.

As of [removed: February 29, 2024,] [added: March 21, 2025,] there were [removed: 161,316,597] [added: 162,696,040] shares of the [removed: Registrant’s] [added: registrant’s] Class A common stock outstanding.

Portions of the [removed: Registrant’s] [added: registrant’s] Proxy Statement for the [removed: 2024] [added: 2025] 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 [removed: Registrant] [added: registrant] with the Securities and Exchange Commission within 120 days after the end of the [removed: Registrant’s] [added: registrant’s] fiscal year ended January 31, [removed: 2024.][added: 2025.]

The summary does not include certain Part III information that will be incorporated by reference from the Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed within 120 days after our fiscal year ended January 31, [removed: 2024.][added: 2025.]

| [Special Note Regarding Forward Looking [removed: Statements](#ic434b8423fd143e0904096859dd23f0c_10)] [added: Statements](#i7e129a0ad48d459ea13c21cd7e2de073_10)] | | | | | | [removed: [1](#ic434b8423fd143e0904096859dd23f0c_10)] [added: [1](#i7e129a0ad48d459ea13c21cd7e2de073_10)] | | |

| [Item [removed: 1.](#ic434b8423fd143e0904096859dd23f0c_16)] [added: 1.](#i7e129a0ad48d459ea13c21cd7e2de073_549755815600)] | | | [removed: [Business](#ic434b8423fd143e0904096859dd23f0c_16)] [added: [Business](#i7e129a0ad48d459ea13c21cd7e2de073_549755815600)] | | | [removed: [2](#ic434b8423fd143e0904096859dd23f0c_16)] [added: [2](#i7e129a0ad48d459ea13c21cd7e2de073_549755815600)] | | |

| [Item [removed: 1A.](#ic434b8423fd143e0904096859dd23f0c_19)] [added: 1A.](#i7e129a0ad48d459ea13c21cd7e2de073_124)] | | | [Risk [removed: Factors](#ic434b8423fd143e0904096859dd23f0c_19)] [added: Factors](#i7e129a0ad48d459ea13c21cd7e2de073_124)] | | | [removed: [8](#ic434b8423fd143e0904096859dd23f0c_19)] [added: [9](#i7e129a0ad48d459ea13c21cd7e2de073_124)] | | |

| [Item [removed: 1B.](#ic434b8423fd143e0904096859dd23f0c_22)] [added: 1B.](#i7e129a0ad48d459ea13c21cd7e2de073_549755815615)] | | | [Unresolved Staff [removed: Comments](#ic434b8423fd143e0904096859dd23f0c_22)] [added: Comments](#i7e129a0ad48d459ea13c21cd7e2de073_549755815615)] | | | [removed: [32](#ic434b8423fd143e0904096859dd23f0c_22)] [added: [31](#i7e129a0ad48d459ea13c21cd7e2de073_549755815615)] | | |

| [Item [removed: 2.](#ic434b8423fd143e0904096859dd23f0c_25)] [added: 2.](#i7e129a0ad48d459ea13c21cd7e2de073_549755815646)] | | | [removed: [Properties](#ic434b8423fd143e0904096859dd23f0c_25)] [added: [Properties](#i7e129a0ad48d459ea13c21cd7e2de073_549755815646)] | | | [removed: [34](#ic434b8423fd143e0904096859dd23f0c_25)] [added: [33](#i7e129a0ad48d459ea13c21cd7e2de073_549755815646)] | | |

| [Item [removed: 3.](#ic434b8423fd143e0904096859dd23f0c_28)] [added: 3.](#i7e129a0ad48d459ea13c21cd7e2de073_2200)] | | | [Legal [removed: Proceedings](#ic434b8423fd143e0904096859dd23f0c_28)] [added: Proceedings](#i7e129a0ad48d459ea13c21cd7e2de073_2200)] | | | [removed: [34](#ic434b8423fd143e0904096859dd23f0c_28)] [added: [33](#i7e129a0ad48d459ea13c21cd7e2de073_2200)] | | |

| [Item [removed: 4.](#ic434b8423fd143e0904096859dd23f0c_31)] [added: 4.](#i7e129a0ad48d459ea13c21cd7e2de073_133)] | | | [Mine Safety [removed: Disclosures](#ic434b8423fd143e0904096859dd23f0c_31)] [added: Disclosures](#i7e129a0ad48d459ea13c21cd7e2de073_133)] | | | [removed: [34](#ic434b8423fd143e0904096859dd23f0c_31)] [added: [34](#i7e129a0ad48d459ea13c21cd7e2de073_133)] | | |

| [Item [removed: 5.](#ic434b8423fd143e0904096859dd23f0c_34)] [added: 5.](#i7e129a0ad48d459ea13c21cd7e2de073_549755815847)] | | | [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#ic434b8423fd143e0904096859dd23f0c_34)] [added: Securities](#i7e129a0ad48d459ea13c21cd7e2de073_549755815847)] | | | [removed: [34](#ic434b8423fd143e0904096859dd23f0c_34)] [added: [34](#i7e129a0ad48d459ea13c21cd7e2de073_549755815847)] | | |

| [Item [removed: 6.](#ic434b8423fd143e0904096859dd23f0c_37)] [added: 6.](#i7e129a0ad48d459ea13c21cd7e2de073_549755815662)] | | | [removed: [\[Reserved\]](#ic434b8423fd143e0904096859dd23f0c_37)] [added: [\[Reserved\]](#i7e129a0ad48d459ea13c21cd7e2de073_549755815662)] | | | [removed: [36](#ic434b8423fd143e0904096859dd23f0c_37)] [added: [35](#i7e129a0ad48d459ea13c21cd7e2de073_549755815662)] | | |

| [Item [removed: 7.](#ic434b8423fd143e0904096859dd23f0c_40)] [added: 7.](#i7e129a0ad48d459ea13c21cd7e2de073_88)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ic434b8423fd143e0904096859dd23f0c_40)] [added: Operations](#i7e129a0ad48d459ea13c21cd7e2de073_88)] | | | [removed: [36](#ic434b8423fd143e0904096859dd23f0c_40)] [added: [35](#i7e129a0ad48d459ea13c21cd7e2de073_88)] | | |

| | | | [Components of Results of [removed: Operations](#ic434b8423fd143e0904096859dd23f0c_49)] [added: Operations](#i7e129a0ad48d459ea13c21cd7e2de073_94)] | | | [removed: [37](#ic434b8423fd143e0904096859dd23f0c_49)] [added: [36](#i7e129a0ad48d459ea13c21cd7e2de073_94)] | | |

| | | | [Results of [removed: Operations](#ic434b8423fd143e0904096859dd23f0c_52)] [added: Operations](#i7e129a0ad48d459ea13c21cd7e2de073_97)] | | | [removed: [40](#ic434b8423fd143e0904096859dd23f0c_52)] [added: [39](#i7e129a0ad48d459ea13c21cd7e2de073_97)] | | |

| | | | [Operating Expenses and Operating [removed: Margin](#ic434b8423fd143e0904096859dd23f0c_55)] [added: Margin](#i7e129a0ad48d459ea13c21cd7e2de073_100)] | | | [removed: [42](#ic434b8423fd143e0904096859dd23f0c_55)] [added: [41](#i7e129a0ad48d459ea13c21cd7e2de073_100)] | | |

| | | | [Non-GAAP Financial [removed: Measures](#ic434b8423fd143e0904096859dd23f0c_58)] [added: Measures](#i7e129a0ad48d459ea13c21cd7e2de073_103)] | | | [removed: [43](#ic434b8423fd143e0904096859dd23f0c_58)] [added: [42](#i7e129a0ad48d459ea13c21cd7e2de073_103)] | | |

| | | | [Liquidity and Capital [removed: Resources](#ic434b8423fd143e0904096859dd23f0c_61)] [added: Resources](#i7e129a0ad48d459ea13c21cd7e2de073_106)] | | | [removed: [46](#ic434b8423fd143e0904096859dd23f0c_61)] [added: [44](#i7e129a0ad48d459ea13c21cd7e2de073_106)] | | |

| | | | [Critical Accounting Policies and [removed: Estimates](#ic434b8423fd143e0904096859dd23f0c_64)] [added: Estimates](#i7e129a0ad48d459ea13c21cd7e2de073_1649267443311)] | | | [removed: [47](#ic434b8423fd143e0904096859dd23f0c_64)] [added: [46](#i7e129a0ad48d459ea13c21cd7e2de073_1649267443311)] | | |

| [Item [removed: 7A.](#ic434b8423fd143e0904096859dd23f0c_70)] [added: 7A.](#i7e129a0ad48d459ea13c21cd7e2de073_112)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ic434b8423fd143e0904096859dd23f0c_70)] [added: Risk](#i7e129a0ad48d459ea13c21cd7e2de073_112)] | | | [removed: [48](#ic434b8423fd143e0904096859dd23f0c_70)] [added: [46](#i7e129a0ad48d459ea13c21cd7e2de073_112)] | | |

| [Item [removed: 8.](#ic434b8423fd143e0904096859dd23f0c_73)] [added: 8.](#i7e129a0ad48d459ea13c21cd7e2de073_16)] | | | [Consolidated Financial Statements and Supplementary [removed: Data](#ic434b8423fd143e0904096859dd23f0c_73)] [added: Data](#i7e129a0ad48d459ea13c21cd7e2de073_16)] | | | [removed: [50](#ic434b8423fd143e0904096859dd23f0c_73)] [added: [48](#i7e129a0ad48d459ea13c21cd7e2de073_16)] | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#ic434b8423fd143e0904096859dd23f0c_79)] [added: Firm](#i7e129a0ad48d459ea13c21cd7e2de073_1193)] | | | [removed: [51](#ic434b8423fd143e0904096859dd23f0c_79)] [added: [49](#i7e129a0ad48d459ea13c21cd7e2de073_1193)] | | |

| | | | [Consolidated Balance [removed: Sheets](#ic434b8423fd143e0904096859dd23f0c_82)] [added: Sheets](#i7e129a0ad48d459ea13c21cd7e2de073_19)] | | | [removed: [53](#ic434b8423fd143e0904096859dd23f0c_82)] [added: [51](#i7e129a0ad48d459ea13c21cd7e2de073_19)] | | |

| | | | [Consolidated Statements of Comprehensive [removed: Income](#ic434b8423fd143e0904096859dd23f0c_85)] [added: Income](#i7e129a0ad48d459ea13c21cd7e2de073_22)] | | | [removed: [54](#ic434b8423fd143e0904096859dd23f0c_85)] [added: [52](#i7e129a0ad48d459ea13c21cd7e2de073_22)] | | |

| | | | [Consolidated Statements of Stockholders’ [removed: Equity](#ic434b8423fd143e0904096859dd23f0c_88)] [added: Equity](#i7e129a0ad48d459ea13c21cd7e2de073_25)] | | | [removed: [55](#ic434b8423fd143e0904096859dd23f0c_88)] [added: [53](#i7e129a0ad48d459ea13c21cd7e2de073_25)] | | |

| | | | [Consolidated Statements of Cash [removed: Flows](#ic434b8423fd143e0904096859dd23f0c_91)] [added: Flows](#i7e129a0ad48d459ea13c21cd7e2de073_28)] | | | [removed: [56](#ic434b8423fd143e0904096859dd23f0c_91)] [added: [54](#i7e129a0ad48d459ea13c21cd7e2de073_28)] | | |

| | | | [Notes to Consolidated Financial [removed: Statements](#ic434b8423fd143e0904096859dd23f0c_94)] [added: Statements](#i7e129a0ad48d459ea13c21cd7e2de073_31)] | | | [removed: [57](#ic434b8423fd143e0904096859dd23f0c_94)] [added: [55](#i7e129a0ad48d459ea13c21cd7e2de073_31)] | | |

| | | | [Note 1. Summary of Business and Significant Accounting [removed: Policies](#ic434b8423fd143e0904096859dd23f0c_97)] [added: Policies](#i7e129a0ad48d459ea13c21cd7e2de073_34)] | | | [removed: [57](#ic434b8423fd143e0904096859dd23f0c_97)] [added: [55](#i7e129a0ad48d459ea13c21cd7e2de073_34)] | | |

| | | | | | |

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

____________________________________________________________________________________

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

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

| [PART I](#i7e129a0ad48d459ea13c21cd7e2de073_13) | | | | | | | | |

| I[tem 1C.](#i7e129a0ad48d459ea13c21cd7e2de073_549755815632) | | | [Cybersecurity](#i7e129a0ad48d459ea13c21cd7e2de073_549755815632) | | | [31](#i7e129a0ad48d459ea13c21cd7e2de073_549755815632) | | |

| [PART II](#i7e129a0ad48d459ea13c21cd7e2de073_118) | | | | | | | | |

| | | | [Overview](#i7e129a0ad48d459ea13c21cd7e2de073_91) | | | [36](#i7e129a0ad48d459ea13c21cd7e2de073_91) | | |

| | | | [Note 15. Segment Information](#i7e129a0ad48d459ea13c21cd7e2de073_85) | | | [74](#i7e129a0ad48d459ea13c21cd7e2de073_85) | | |

| [PART III](#i7e129a0ad48d459ea13c21cd7e2de073_549755815705) | | | | | | | | |

| [PART IV](#i7e129a0ad48d459ea13c21cd7e2de073_549755815798) | | | | | | | | |

| [Exhibit Index](#i7e129a0ad48d459ea13c21cd7e2de073_139) | | | | | | [79](#i7e129a0ad48d459ea13c21cd7e2de073_139) | | |

| [Signatures](#i7e129a0ad48d459ea13c21cd7e2de073_1649267443347) | | | | | | [82](#i7e129a0ad48d459ea13c21cd7e2de073_1649267443347) | | |

| | | | | | | |

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

| Veeva Systems Inc. \| Form 10-K | | | 4 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| | | | | | | |

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

| Veeva Systems Inc. \| Form 10-K | | | 1 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| | | | | | | | | |

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

___________________________________________________________________________________

| [PART I](#ic434b8423fd143e0904096859dd23f0c_13) | | | | | | | | |

| I[tem 1C.](#ic434b8423fd143e0904096859dd23f0c_3298534884457) | | | [Cyber](#ic434b8423fd143e0904096859dd23f0c_3298534884457)[security](#ic434b8423fd143e0904096859dd23f0c_3298534884457) | | | [32](#ic434b8423fd143e0904096859dd23f0c_22) | | |

| [PART II](#ic434b8423fd143e0904096859dd23f0c_34) | | | | | | | | |

| | | | [Overview](#ic434b8423fd143e0904096859dd23f0c_43) | | | [37](#ic434b8423fd143e0904096859dd23f0c_43) | | |

| | | | [Note 15. Revenues by Product](#ic434b8423fd143e0904096859dd23f0c_175) | | | [78](#ic434b8423fd143e0904096859dd23f0c_175) | | |

| [PART III](#ic434b8423fd143e0904096859dd23f0c_196) | | | | | | | | |

| [PART IV](#ic434b8423fd143e0904096859dd23f0c_211) | | | | | | | | |

| [Exhibit Index](#ic434b8423fd143e0904096859dd23f0c_217) | | | | | | [81](#ic434b8423fd143e0904096859dd23f0c_217) | | |

| [Signatures](#ic434b8423fd143e0904096859dd23f0c_220) | | | | | | [84](#ic434b8423fd143e0904096859dd23f0c_220) | | |

The Cybersecurity Committee receives reports from management on a regular basis on a range of topics, including the current cybersecurity landscape and emerging threats, the status of ongoing cybersecurity initiatives, incident reports from cybersecurity [added: and privacy] events, [added: data privacy policies] and [added: procedures, and] compliance with regulatory requirements and industry standards.

Our Chief Information Security Officer (CISO), who has over two decades of experience in cybersecurity, [added: including over five years at Veeva,] reports to the EVP of Internal Operations and oversees our security team.

We have a security points of contact program, which embeds security experts into product [removed: development] [added: development, services, and IT] teams.

| [removed: 32 | | |] Veeva Systems Inc. \| Form 10-K | | | [added: 31 | | |]

- Operational measures to monitor and respond to data breaches and [removed: cyber attacks.][added: cyberattacks.]

We have application, database, network, and resource monitoring in place that are designated to identify [removed: vulnerabilities and] [added: vulnerabilities,] protect our [removed: applications.][added: applications, and alert incident response personnel.]

[removed: Our personnel] [added: Security incidents] are [removed: trained to promptly report any security incident and any such incident is] addressed by our Security Incident Management Policy, which includes a formal incident response process.

[removed: We have built] [added: In addition,] our [removed: own] [added: software products undergo] internal [removed: penetration testing systems and we conduct] vulnerability [removed: assessments on our software] [added: testing] using automated and manual [removed: methods, at least annually.][added: methods prior to general availability.]

[removed: In addition, we] [added: - Vulnerability and penetration testing*.* We] commission annual vulnerability and penetration testing of [removed: our] [added: certain] systems by industry-recognized, third-party security specialists.

Employees in certain roles (e.g., customer support representatives, developers, and hiring managers) receive more extensive data [added: and application] security training annually.

For additional information regarding risks from cybersecurity threats that we face, and regarding our likelihood of being materially affected by risks from cybersecurity threats, please see [removed: item] [added: [Item] 1A, [removed: “*Risk Factors*.”][added: “Risk Factors”](#i7e129a0ad48d459ea13c21cd7e2de073_124).]

| Veeva Systems Inc. \| Form 10-K | | | [removed: 33] [added: 32] | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

Our CISO’s cybersecurity experience includes serving as a security architect and Director of Security Engineering at Veeva, and overseeing security, automation, and performance testing for other technology companies.

- Preventative measures to hinder or limit cyberattacks.

We procure, develop, deploy, and maintain preventative solutions and follow preventative practices for our corporate IT and product engineering infrastructures, as well as the production infrastructure that processes our customer data.

These solutions and practices include identity and access management, separation of duties, secure software development, network and data security, and system hardening.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

Employees are trained to promptly report security incidents.

Our CISO’s cybersecurity experience includes serving as an enterprise architect and network security architect at a Fortune 25 public retail company.

- Vulnerability and penetration testing.

Our solutions undergo internal vulnerability testing prior to release.

We expect to expand our facilities capacity in certain field locations during our fiscal year ending January 31, [removed: 2025] [added: 2026] and may further expand our facilities capacity after January 31, [removed: 2025] [added: 2026] as our employee base grows.

See [note [removed: 10](#ic434b8423fd143e0904096859dd23f0c_154)] [added: 10](#i7e129a0ad48d459ea13c21cd7e2de073_64)] 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.

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

As of January 31, [removed: 2024,] [added: 2025,] we had [removed: 21] [added: 17] holders of record of our common stock.

The chart assumes $100 was invested at the close of market on January 31, [removed: 2019] [added: 2020] in the common stock of Veeva Systems Inc., the S&P 500 Index, and the S&P 1500 Application Software Index and [removed: assumes the reinvestment of any dividends.]

[removed: ][added: ]

| | | | | | | [added: | | | | | |] January 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | [removed: 2019] | | | | | | 2020 | | | | | | 2021 | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | | [added: | | | 2025 | | |]

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

assumes the reinvestment of any dividends.

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

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

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

| Veeva Systems Inc. | | | | | | | | | | | | | | | 100.00 | | | | | | 188.55 | | | | | | 161.34 | | | | | | 116.33 | | | | | | 141.47 | | | | | | 159.10 | | |

| S&P 500 | | | | | | | | | | | | | | | 100.00 | | | | | | 117.25 | | | | | | 144.56 | | | | | | 132.68 | | | | | | 160.30 | | | | | | 202.59 | | |

| S&P 1500 Application Software Index | | | | | | | | | | | | | | | 100.00 | | | | | | 131.94 | | | | | | 146.32 | | | | | | 118.53 | | | | | | 178.89 | | | | | | 194.28 | | |

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

| | | | | | | |

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

| Veeva Systems Inc. \| Form 10-K | | | 35 | | |

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

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

| Veeva Systems Inc. | | | | | | | | | 100.00 | | | | | | 134.43 | | | | | | 253.48 | | | | | | 216.89 | | | | | | 156.38 | | | | | | 190.18 | | |

| S&P 500 | | | | | | | | | 100.00 | | | | | | 121.68 | | | | | | 142.67 | | | | | | 175.90 | | | | | | 161.45 | | | | | | 195.06 | | |

| S&P 1500 Application Software Index | | | | | | | | | 100.00 | | | | | | 133.60 | | | | | | 176.27 | | | | | | 195.48 | | | | | | 158.36 | | | | | | 238.99 | | |

| [Report of Independent Registered Public Accounting [removed: Firm] [added: Firm](#i7e129a0ad48d459ea13c21cd7e2de073_1193)] (KPMG LLP, [removed: San](#ic434b8423fd143e0904096859dd23f0c_79) [Fra](#ic434b8423fd143e0904096859dd23f0c_79)[ncisco,](#ic434b8423fd143e0904096859dd23f0c_79) [CA,] [added: San Francisco, CA,] Auditor Firm [removed: ID](#ic434b8423fd143e0904096859dd23f0c_79)[:](#ic434b8423fd143e0904096859dd23f0c_79) 185[)](#ic434b8423fd143e0904096859dd23f0c_79)] [added: ID: 185)] | | | [removed: [51](#ic434b8423fd143e0904096859dd23f0c_79)] [added: [49](#i7e129a0ad48d459ea13c21cd7e2de073_1193)] | | |

| [Consolidated Balance [removed: Sheets](#ic434b8423fd143e0904096859dd23f0c_82)] [added: Sheets](#i7e129a0ad48d459ea13c21cd7e2de073_19)] | | | [removed: [53](#ic434b8423fd143e0904096859dd23f0c_82)] [added: [51](#i7e129a0ad48d459ea13c21cd7e2de073_19)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#ic434b8423fd143e0904096859dd23f0c_85)] [added: Income](#i7e129a0ad48d459ea13c21cd7e2de073_22)] | | | [removed: [54](#ic434b8423fd143e0904096859dd23f0c_85)] [added: [52](#i7e129a0ad48d459ea13c21cd7e2de073_22)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#ic434b8423fd143e0904096859dd23f0c_88)] [added: Equity](#i7e129a0ad48d459ea13c21cd7e2de073_25)] | | | [removed: [55](#ic434b8423fd143e0904096859dd23f0c_88)] [added: [53](#i7e129a0ad48d459ea13c21cd7e2de073_25)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ic434b8423fd143e0904096859dd23f0c_91)] [added: Flows](#i7e129a0ad48d459ea13c21cd7e2de073_28)] | | | [removed: [56](#ic434b8423fd143e0904096859dd23f0c_91)] [added: [54](#i7e129a0ad48d459ea13c21cd7e2de073_28)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ic434b8423fd143e0904096859dd23f0c_97)] [added: Statements](#i7e129a0ad48d459ea13c21cd7e2de073_34)] | | | [removed: [57](#ic434b8423fd143e0904096859dd23f0c_94)] [added: [55](#i7e129a0ad48d459ea13c21cd7e2de073_34)] | | |

| [removed: 50 | | |] Veeva Systems Inc. \| Form 10-K | | | [added: 48 | | |]

We have audited the accompanying consolidated balance sheets of Veeva Systems Inc. and subsidiaries (the Company) as of January 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] based on criteria established in Internal Control – Integrated Framework (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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the years in the three-year period ended January 31, [removed: 2024,] [added: 2025,] 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: 2024] [added: 2025] based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Our [removed: audit] [added: audits] of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Our [removed: audit] [added: audits] also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

As discussed in Note 1 to the consolidated financial statements, the Company recorded [removed: $2.363] [added: $2,747] million of total revenues for the year ended January 31, [removed: 2024,] [added: 2025,] of which [removed: $1.901] [added: $2,285] million was subscription services related, and $462 million was professional services related.

San Francisco, [removed: California][added: CA]

| [removed: 52 | | |] Veeva Systems Inc. \| Form 10-K | | | [added: 49 | | |]

| | | | January 31, [removed: 2024] [added: 2025] | | | | | | January 31, [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents | | | [added: | | | | | | | | | | | |] $ | [added: 1,118,785 | | | | | $ |] 703,487 | | | | | $ | 886,465 | |

| Short-term investments | | | [removed: 3,324,269] [added: 4,031,442] | | | | | | [removed: 2,216,163] [added: 3,324,269] | | |

| Accounts receivable, net of allowance for [removed: doubtful accounts] [added: credit losses] of [removed: $520] [added: $57] and [removed: $469,] [added: $520,] respectively | | | [removed: 852,172] [added: 1,016,356] | | | | | | [removed: 703,055] [added: 852,172] | | |

| Unbilled accounts receivable | | | [removed: 36,365] [added: 40,761] | | | | | | [removed: 82,174] [added: 36,365] | | |

| Prepaid expenses and other current assets | | | [removed: 86,918] [added: 101,458] | | | | | | [removed: 81,456] [added: 86,918] | | |

| Total current assets | | | [removed: 5,003,211] [added: 6,308,802] | | | | | | [removed: 3,969,313] [added: 5,003,211] | | |

| Property and equipment, net | | | [removed: 58,532] [added: 55,912] | | | | | | [removed: 49,817] [added: 58,532] | | |

| Deferred costs, net | | | [removed: 23,916] [added: 26,383] | | | | | | [removed: 31,825] [added: 23,916] | | |

| Lease right-of-use assets | | | [removed: 45,602] [added: 63,863] | | | | | | [removed: 55,336] [added: 45,602] | | |

| Intangible assets, net | | | [removed: 63,017] [added: 44,460] | | | | | | [removed: 82,476] [added: 63,017] | | |

| Deferred income taxes | | | [removed: 233,463] [added: 343,919] | | | | | | [removed: 136,697] [added: 233,463] | | |

| Other long-term assets | | | [removed: 43,302] [added: 56,540] | | | | | | [removed: 38,955] [added: 43,302] | | |

| Total assets | | | $ | [removed: 5,910,920] [added: 7,339,756] | | | | | $ | [removed: 4,804,296] [added: 5,910,920] | |

| Accounts payable | | | $ | [removed: 31,513] [added: 30,447] | | | | | $ | [removed: 41,678] [added: 31,513] | |

| Accrued compensation and benefits | | | [removed: 43,433] [added: 39,429] | | | | | | [removed: 44,282] [added: 43,433] | | |

| Accrued expenses and other current liabilities | | | [removed: 32,980] [added: 35,557] | | | | | | [removed: 35,306] [added: 32,980] | | |

| Income tax payable | | | [removed: 11,862] [added: 9,024] | | | | | | [removed: 4,946] [added: 11,862] | | |

| Deferred revenue | | | [removed: 1,049,761] [added: 1,273,978] | | | | | | [removed: 869,285] [added: 1,049,761] | | |

| Lease liabilities | | | [removed: 9,334] [added: 9,969] | | | | | | [removed: 11,306] [added: 9,334] | | |

| Total current liabilities | | | [removed: 1,178,883] [added: 1,398,404] | | | | | | [removed: 1,006,803] [added: 1,178,883] | | |

| Deferred income taxes | | | [removed: 2,052] [added: 587] | | | | | | [removed: 1,492] [added: 2,052] | | |

| Other long-term liabilities | | | [removed: 38,720] [added: 42,586] | | | | | | [removed: 30,079] [added: 38,720] | | |

| Total liabilities | | | [removed: 1,266,096] [added: 1,507,383] | | | | | | [removed: 1,088,044] [added: 1,266,096] | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

March 24, 2025

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| Long-term lease liabilities | | | 65,806 | | | | | | 46,441 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| Change in other comprehensive income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,221 | | | | | | 2,221 | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 714,138 | | | | | | — | | | | | | 714,138 | | |

| Balance at January 31, 2025 | | | 162,583,789 | | | | | | $ | 2 | | | | | $ | 2,386,192 | | | | | $ | 3,454,595 | | | | | $ | (8,416) | | | | | $ | 5,832,373 | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| Other, net | | | | | | | | | | | | | | | 1,201 | | | | | | 471 | | | | | | 1,227 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

Our solutions for clinical research sites enable regulatory documents and trial information to be managed in a modern cloud solution that is intended to accelerate the clinical research process for the life sciences industry overall.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| | | | 2025 | | | | | | 2024 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

Management evaluates the useful lives of these assets on an annual

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

Internal-use software is included in other long-term assets on the consolidated balance sheets.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

software, and amortization expense associated with purchased intangibles related to our subscription services.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

We adopted the new standard during the year ended January 31, 2025.

See [note 15](#i7e129a0ad48d459ea13c21cd7e2de073_85) for more information.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): *Disaggregation of Income Statement Expenses*, which requires disclosure, in the notes to the financial statements, of additional information about certain costs and expenses for interim and annual reporting periods.

| Certificates of deposit | | | $ | 64,045 | | | | | $ | 69 | | | | | $ | (21) | | | | | $ | 64,093 | |

| Asset-backed securities | | | 526,986 | | | | | | 3,257 | | | | | | (232) | | | | | | 530,011 | | |

| Commercial paper | | | 74,468 | | | | | | 108 | | | | | | (1) | | | | | | 74,575 | | |

| Corporate notes and bonds | | | 2,202,150 | | | | | | 10,588 | | | | | | (5,782) | | | | | | 2,206,956 | | |

| Foreign government bonds | | | 176,684 | | | | | | 442 | | | | | | (1,023) | | | | | | 176,103 | | |

| Municipal securities | | | 67,780 | | | | | | 173 | | | | | | (122) | | | | | | 67,831 | | |

| U.S. treasury securities | | | 888,968 | | | | | | 1,440 | | | | | | (3,244) | | | | | | 887,164 | | |

| Total available-for-sale securities | | | $ | 4,025,697 | | | | | $ | 16,171 | | | | | $ | (10,426) | | | | | $ | 4,031,442 | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| | | | 2025 | | | | | | 2024 | | |

It is more likely than not we will hold the securities until maturity or a recovery of the cost basis.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| Certificates of deposit | | | $ | 20,095 | | | | | $ | (21) | | | | | $ | — | | | | | $ | — | |

| | | | | | | |

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

March 25, 2024

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

| Lease liabilities, noncurrent | | | 46,441 | | | | | | 49,670 | | |

| Class B common stock, $0.00001 par value; 0 and 190,000,000 shares authorized at January 31, 2024 and January 31, 2023, respectively. 0 and 14,551,598 issued and outstanding at January 31, 2024 and January 31, 2023, respectively(1) | | | — | | | | | | — | | |

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

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

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

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

| Balance at January 31, 2021 | | | 152,056,808 | | | | | | $ | 2 | | | | | $ | 965,670 | | | | | $ | 1,299,656 | | | | | $ | 992 | | | | | $ | 2,266,320 | |

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

| Other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,171) | | | | | | (19,171) | | |

| (1)Class B common stock was converted to Class A common stock on October 15, 2023. We refer to our Class A common stock as common stock. See [note 11](#ic434b8423fd143e0904096859dd23f0c_160) Stockholders’ Equity. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| (Gain) loss on foreign currency from mark-to-market derivatives | | | | | | | | | | | | | | | (222) | | | | | | 971 | | | | | | (782) | | |

| Bad debt expense | | | | | | | | | | | | | | | 693 | | | | | | 256 | | | | | | 272 | | |

| Acquisitions, net of cash and restricted cash acquired | | | | | | | | | | | | | | | — | | | | | | — | | | | | | (7,780) | | |

| Changes in lease liabilities - finance leases | | | | | | | | | | | | | | | — | | | | | | — | | | | | | (384) | | |

| Non-cash investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Changes in accounts payable and accrued expenses related to property and equipment purchases | | | | | | | | | | | | | | | $ | 46 | | | | | $ | (454) | | | | | $ | (2,489) | |

We also bring the benefits of our content and data management solutions to a set of customers outside of life sciences in the consumer product and chemical industries.

Accordingly, we have determined that we operate in a single operating and reportable segment.

Since we operate in one operating segment, all required financial segment information can be found in the consolidated financial statements.

| Customer 2 | | | N/A | | | | | | 10.7% | | |

Land is not depreciated.

Additionally, we are the sublessor for certain office space.

We have one reporting unit and evaluate goodwill for impairment at the entity level.

Business Combinations

In October 2021, the FASB issued ASU 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 the previous standard, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date.

We adopted the new standard effective February 1, 2023 and there was no impact to our consolidated financial statements for the fiscal year ended January 31, 2024.

Reference Rate Reform

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 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 as a result of such changes provided certain criteria are met.

The guidance, along with the amendments within ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, that extended the period of time preparers can utilize the reference rate reform relief guidance in Topic 848, became effective on March 12, 2020, and the amendments apply prospectively through December 31, 2024.

As of January 31, 2024, all of our contracts that previously referenced LIBOR have transitioned to an alternative rate, which did not have a material impact to our consolidated financial statements for the fiscal year ended January 31, 2024.

| Certificates of deposits | | | $ | 37,998 | | | | | $ | 31 | | | | | $ | (66) | | | | | $ | 37,963 | |

| Asset-backed securities | | | 448,081 | | | | | | 585 | | | | | | (5,708) | | | | | | 442,958 | | |

| Commercial paper | | | 155,097 | | | | | | 8 | | | | | | (580) | | | | | | 154,525 | | |

| Corporate notes and bonds | | | 1,224,195 | | | | | | 1,649 | | | | | | (17,880) | | | | | | 1,207,964 | | |

| Foreign government bonds | | | 24,654 | | | | | | 13 | | | | | | (516) | | | | | | 24,151 | | |

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: 2024.][added: 2025.]

Based on the evaluation of our disclosure controls and procedures as of January 31, [removed: 2024,] [added: 2025,] 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: 2024] [added: 2025] based on the criteria set forth in [removed: *Internal Control-Integrated Framework (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: 2024] [added: 2025] to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with U.S. GAAP.

[removed: There] [added: Other than as described in the preceding paragraph, 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: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance [added: that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate.]

| [added: 76 | | |] Veeva Systems Inc. \| Form 10-K | | | [removed: 79 | | |]

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

*Internal Control-Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

During the fiscal quarter ended January 31, 2025, we implemented an internally developed system that we use for our internal commercial operations.

As a result of this implementation, internal controls were modified to align with the changed business processes, and new system-based controls were implemented to adapt to the new system functionalities.

that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate.

The following table sets forth the material terms of all “Rule 10b5-1 trading arrangements” (as such term is defined under Item 408(a) of Regulation S-K) [removed: adopted, modified,] [added: adopted] or terminated by our Section 16 officers and directors during the fiscal quarter ended January 31, [removed: 2024:][added: 2025:]

| Name and Title | | | Action (Adoption / Termination) | | | Adoption / Termination Date | | | Aggregate Number of Shares of Common Stock to be [removed: Sold (1)] [added: Sold (1)] | | | Expiration [removed: Date (2)] [added: Date (2)] | | |

[added: |] (1) This number represents the maximum number of shares of common stock that may be sold pursuant to the trading plan. [added: The number of shares actually sold will depend on the satisfaction of certain conditions as set forth in the plan. | | | | | | | | | | | | | | |]

[added: |] (2) [removed: The] [added: In each case, the] trading plan may expire on an earlier date if and when all transactions thereunder are completed. [added: | | | | | | | | | | | | | | |]

None of our Section 16 officers or directors [removed: adopted, modified,] [added: adopted] or terminated a “non-Rule 10b5-1 trading arrangement” (as such term is defined under Item 408(c) of Regulation S-K) during the fiscal quarter ended January 31, [removed: 2024.][added: 2025.]

| Josh Faddis *SVP, General Counsel and Secretary* | | | Adoption | | | 12/19/2024 | | | 17,655 | | | 4/1/2026 | | |

| Tom Schwenger *President and Chief Customer Officer* | | | Adoption | | | 1/7/2025 | | | 8,300 | | | 4/10/2026 | | |

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

| | | | | | | |

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

| Veeva Systems Inc. \| Form 10-K | | | 77 | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| Josh Faddis *Corporate Secretary. SVP & General Counsel* | | | Adoption | | | 12/21/2023 | | | 7,645 | | | 4/15/2025 | | |

The number of shares actually sold will depend on the satisfaction of certain conditions as set forth in the plan.

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: 2024] [added: 2025] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] 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: 2024] [added: 2025] 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: 2024] [added: 2025] and is incorporated in this report by reference.

| [removed: 80] [added: 78] | | | Veeva Systems Inc. \| Form 10-K | | |

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: 2024] [added: 2025] and is incorporated in this report by reference.

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

See [Index to Consolidated Financial [removed: Statements](#ic434b8423fd143e0904096859dd23f0c_76)] [added: Statements](#i7e129a0ad48d459ea13c21cd7e2de073_1186)] under [Item [removed: 7](#ic434b8423fd143e0904096859dd23f0c_73)] [added: 8](#i7e129a0ad48d459ea13c21cd7e2de073_1186)] 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](#ic434b8423fd143e0904096859dd23f0c_217)] [added: Index](#i7e129a0ad48d459ea13c21cd7e2de073_139)] immediately preceding the signature page of this Form 10-K.

| 3.1 | | | | | | [Amended [removed: and](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000055/amendedrestatedcertifica.htm) [Restated] [added: and Restated] Certificate of Incorporation of Veeva Systems [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000055/amendedrestatedcertifica.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000031/a240612arcertificateofin.htm)] | | | | | | 8-K | | | | | | 001-36121 | | | | | | [removed: 3.2] [added: 3.1] | | | | | | [removed: 10/16/2023] [added: 6/14/2024] | | | | | | | | |

| 4.1 | | | | | | [Form [removed: of Registrant’s] [added: of](https://www.sec.gov/Archives/edgar/data/1393052/000119312513389320/d541293dex41.htm) [Veeva](https://www.sec.gov/Archives/edgar/data/1393052/000119312513389320/d541293dex41.htm) [Systems Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000119312513389320/d541293dex41.htm)[’s] Class A common stock certificate.](https://www.sec.gov/Archives/edgar/data/1393052/000119312513389320/d541293dex41.htm) | | | | | | S-1/A | | | | | | 333-191085 | | | | | | 4.1 | | | | | | 10/3/2013 | | | | | | | | |

| 4.2 | | | | | | [Description of Capital Stock.](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000013/veev-20240131xexx42.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-36121] | | | | | | [added: 4.2] | | | | | | [added: 3/25/2024] | | | | | | [removed: X] | | |

| 10.1 | | | | | | [Data Processing Addendum, dated April 4, 2014, to Value-Added Reseller Agreement, [removed: between Registrant and] [added: between](https://www.sec.gov/Archives/edgar/data/1393052/000119312514228721/d707842dex101.htm) [Veeva Systems Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000119312514228721/d707842dex101.htm) [and] salesforce.com, inc., as amended.](https://www.sec.gov/Archives/edgar/data/1393052/000119312514228721/d707842dex101.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 6/6/2014 | | | | | | | | |

| 10.2 | | | | | | [Purchase and Sale Agreement, dated June 11, 2014, [removed: between Registrant and] [added: between](https://www.sec.gov/Archives/edgar/data/1393052/000156459014004069/veev-ex10_20140731535.htm) [Veeva Systems Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000156459014004069/veev-ex10_20140731535.htm) [and] The Duffield Family Foundation, as amended July 16, 2014.](https://www.sec.gov/Archives/edgar/data/1393052/000156459014004069/veev-ex10_20140731535.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 9/11/2014 | | | | | | | | |

| 10.3 | | | | | | [Description of Non-Employee Director Compensation.](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000013/veev-20240131xexx103.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-36121] | | | | | | [added: 10.3] | | | | | | [added: 3/25/2024] | | | | | | [removed: X] | | |

| 10.4* | | | | | | [Form of Indemnification Agreement [removed: between the Registrant and] [added: between](https://www.sec.gov/Archives/edgar/data/1393052/000162828021001246/veevex101feb2021.htm) [Veeva](https://www.sec.gov/Archives/edgar/data/1393052/000162828021001246/veevex101feb2021.htm) [Systems Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000162828021001246/veevex101feb2021.htm) [and] each of its directors and officers.](https://www.sec.gov/Archives/edgar/data/1393052/000162828021001246/veevex101feb2021.htm) | | | | | | 8-K | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 2/1/2021 | | | | | | | | |

| 10.6* | | | | | | [removed: [2012] [added: [2013] Equity Incentive Plan and forms of agreements [removed: thereunder.](https://www.sec.gov/Archives/edgar/data/1393052/000119312513363152/d541293dex103.htm)] [added: thereunder.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000015/veev-20210131xex107.htm)] | | | | | | [removed: S-1] [added: 10-K] | | | | | | [removed: 333-191085] [added: 001-36121] | | | | | | [removed: 10.3] [added: 10.7] | | | | | | [removed: 9/11/2013] [added: 3/30/2021] | | | | | | | | |

| 10.7* | | | | | | [removed: [2013] [added: [Veeva Systems Inc. 2013] Equity Incentive [removed: Plan] [added: Plan, as amended] and [removed: forms of agreements thereunder.](https://www.sec.gov/Archives/edgar/data/1393052/000139305221000015/veev-20210131xex107.htm)] [added: restated.](https://www.sec.gov/Archives/edgar/data/1393052/000139305222000028/veev-202206098xkex101.htm)] | | | | | | [removed: 10-K] [added: 8-K] | | | | | | 001-36121 | | | | | | [removed: 10.7] [added: 10.1] | | | | | | [removed: 3/30/2021] [added: 6/13/2022] | | | | | | | | |

| [removed: 10.9*] [added: 10.8*] | | | | | | [2013 Employee Stock Purchase Plan.](https://www.sec.gov/Archives/edgar/data/1393052/000119312513389320/d541293dex105.htm) | | | | | | S-1/A | | | | | | 333-191085 | | | | | | 10.5 | | | | | | 10/3/2013 | | | | | | | | |

| [removed: 10.10] [added: 10.9] | | | | | | [Amended and Restated Value-Added Reseller Agreement, dated September 2, 2010, [removed: between Registrant and] [added: between](https://www.sec.gov/Archives/edgar/data/1393052/000119312513373497/d541293dex107.htm) [Veeva Systems Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000119312513373497/d541293dex107.htm) [and] salesforce.com, inc., as amended December 3, 2010, December 13, 2010, April 15, 2011, August 23, 2011, September 29, 2011, April 3, 2012](https://www.sec.gov/Archives/edgar/data/1393052/000119312513373497/d541293dex107.htm),[May 24, 2012, March 3, 2014, and August 11, 2016.](https://www.sec.gov/Archives/edgar/data/1393052/000119312513373497/d541293dex107.htm) | | | | | | S-1/A | | | | | | 333-191085 | | | | | | 10.7 | | | | | | 9/20/2013 | | | | | | | | |

| [removed: 10.11] [added: 10.10] | | | | | | [Eighth Amendment, dated March 3, 2014, to Amended and Restated Value-Added Reseller Agreement, dated September 2, 2010, [removed: between Registrant and] [added: between](https://www.sec.gov/Archives/edgar/data/1393052/000119312514082315/d684653dex101.htm) [Veeva Systems Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000119312514082315/d684653dex101.htm) [and] salesforce.com, inc., as amended.](https://www.sec.gov/Archives/edgar/data/1393052/000119312514082315/d684653dex101.htm) | | | | | | 8-K | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 3/4/2014 | | | | | | | | |

| [removed: 10.12*] [added: 10.11*] | | | | | | [removed: [Offer letter,] [added: [Offer](https://www.sec.gov/Archives/edgar/data/1393052/000119312513363152/d541293dex108.htm) [L](https://www.sec.gov/Archives/edgar/data/1393052/000119312513363152/d541293dex108.htm)[etter,] dated June 20, 2013, between Peter P. Gassner [removed: and the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000119312513363152/d541293dex108.htm)] [added: and](https://www.sec.gov/Archives/edgar/data/1393052/000119312513363152/d541293dex108.htm) [Veeva Systems Inc](https://www.sec.gov/Archives/edgar/data/1393052/000119312513363152/d541293dex108.htm)[.](https://www.sec.gov/Archives/edgar/data/1393052/000119312513363152/d541293dex108.htm)] | | | | | | S-1 | | | | | | 333-191085 | | | | | | 10.8 | | | | | | 9/11/2013 | | | | | | | | |

| [removed: 10.13*] [added: 10.12*] | | | | | | [removed: [Offer letter,] [added: [Offer](https://www.sec.gov/Archives/edgar/data/1393052/000156459015004860/veev-ex101_20150430401.htm) [L](https://www.sec.gov/Archives/edgar/data/1393052/000156459015004860/veev-ex101_20150430401.htm)[etter,] dated August 14, 2012, between Jonathan W. Faddis [removed: and the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000156459015004860/veev-ex101_20150430401.htm)] [added: and](https://www.sec.gov/Archives/edgar/data/1393052/000156459015004860/veev-ex101_20150430401.htm) [Veeva Systems](https://www.sec.gov/Archives/edgar/data/1393052/000156459015004860/veev-ex101_20150430401.htm) [Inc](https://www.sec.gov/Archives/edgar/data/1393052/000156459015004860/veev-ex101_20150430401.htm)[.](https://www.sec.gov/Archives/edgar/data/1393052/000156459015004860/veev-ex101_20150430401.htm)] | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 6/4/2015 | | | | | | | | |

| [removed: 10.14*] [added: 10.13*] | | | | | | [removed: [Amended offer letter,] [added: [Amended](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000025/veev-20230131xexx1014220.htm) [O](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000025/veev-20230131xexx1014220.htm)[ffer](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000025/veev-20230131xexx1014220.htm) [L](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000025/veev-20230131xexx1014220.htm)[etter,] dated April 26, 2022, between Jonathan W. Faddis [removed: and the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000025/veev-20230131xexx1014220.htm)] [added: and](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000025/veev-20230131xexx1014220.htm) [Veeva Systems Inc](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000025/veev-20230131xexx1014220.htm)[.](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000025/veev-20230131xexx1014220.htm)] | | | | | | 10-K | | | | | | 001-36121 | | | | | | 10.14 | | | | | | 3/30/2023 | | | | | | | | |

| [removed: 10.15] [added: 10.14] | | | | | | [Data Processing Addendum, dated January 23, 2016, to Value-Added Reseller Agreement, [removed: between Registrant and] [added: between](https://www.sec.gov/Archives/edgar/data/1393052/000156459016015753/veev-ex1017_286.htm) [Veeva Systems Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000156459016015753/veev-ex1017_286.htm) [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: 10.19*] | | | | | | [Offer [removed: letter,] [added: Letter,] dated [removed: February 20, 2015,] [added: March 17, 2019,] between [removed: Alan V. Mateo and the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000156459016020379/veev-ex101_552.htm)] [added: Tom Schwenger and](https://www.sec.gov/Archives/edgar/data/1393052/000162828020008982/veev-20200430xexx101.htm) [Veeva Systems Inc](https://www.sec.gov/Archives/edgar/data/1393052/000162828020008982/veev-20200430xexx101.htm)[.](https://www.sec.gov/Archives/edgar/data/1393052/000162828020008982/veev-20200430xexx101.htm)] | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.1 | | | | | | [removed: 6/8/2016] [added: 6/4/2020] | | | | | | | | |

| [removed: 10.17] [added: 10.15*] | | | | | | [removed: [Offer letter,] [added: [Offer](https://www.sec.gov/Archives/edgar/data/1393052/000156459016020379/veev-ex102_603.htm) [L](https://www.sec.gov/Archives/edgar/data/1393052/000156459016020379/veev-ex102_603.htm)[etter,] dated January 23, 2013, between E. Nitsa Zuppas [removed: and the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000156459016020379/veev-ex102_603.htm)] [added: and](https://www.sec.gov/Archives/edgar/data/1393052/000156459016020379/veev-ex102_603.htm) [Veeva Systems Inc](https://www.sec.gov/Archives/edgar/data/1393052/000156459016020379/veev-ex102_603.htm)[.](https://www.sec.gov/Archives/edgar/data/1393052/000156459016020379/veev-ex102_603.htm)] | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.2 | | | | | | 6/8/2016 | | | | | | | | |

| [removed: 10.18] [added: 10.16] | | | | | | [Ninth Amendment, dated August 11, 2016, to Amended and Restated Value-Added Reseller Agreement dated September 2010, [removed: between Registrant and] [added: between](https://www.sec.gov/Archives/edgar/data/1393052/000156459016025058/veev-ex101_631.htm) [Veeva Systems Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000156459016025058/veev-ex101_631.htm) [and] salesforce.com, inc., 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: 10.17*] | | | | | | [2013 Equity Incentive Plan Forms of Notice of Stock Option Grants to Peter P. [removed: Gassner.](https://www.sec.gov/Archives/edgar/data/1393052/000156459018007164/veev-ex1022_631.htm)] [added: Gassner](https://www.sec.gov/Archives/edgar/data/1393052/000156459018007164/veev-ex1022_631.htm)[,](https://www.sec.gov/Archives/edgar/data/1393052/000156459018007164/veev-ex1022_631.htm) [for Grant dated January 10, 2018](https://www.sec.gov/Archives/edgar/data/1393052/000156459018007164/veev-ex1022_631.htm)[.](https://www.sec.gov/Archives/edgar/data/1393052/000156459018007164/veev-ex1022_631.htm)] | | | | | | 10-K | | | | | | 001-36121 | | | | | | 10.22 | | | | | | 3/30/2018 | | | | | | | | |

| [removed: 10.20] [added: 10.20*] | | | | | | [Offer [removed: Letter,] [added: Letter] dated [removed: March 17, 2019,] [added: April 12, 2023,] between [removed: Tom Schwenger and the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000162828020008982/veev-20200430xexx101.htm)] [added: Kristine Diamond and](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000044/veevex101jul2023.htm) [Veeva Systems Inc](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000044/veevex101jul2023.htm)[.](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000044/veevex101jul2023.htm)] | | | | | | [removed: 10-Q] [added: 8-K] | | | | | | 001-36121 | | | | | | 10.1 | | | | | | [removed: 6/4/2020] [added: 8/21/2023] | | | | | | | | |

| [removed: 10.21] [added: 10.22*] | | | | | | [removed: [Offer Letter,] [added: [Separation Agreement,] dated April [removed: 19, 2020,] [added: 4, 2024,] between Brent Bowman and [removed: the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000162828020013148/brentbowmanofferletter1.htm)] [added: Veeva Systems Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000024/a240404brentseparationag.htm)] | | | | | | [removed: 8-K] [added: 10-Q] | | | | | | 001-36121 | | | | | | [removed: 10.1] [added: 10.2*] | | | | | | [removed: 8/31/2020] [added: 6/4/2024] | | | | | | | | |

| 21.1 | | | | | | [List of Subsidiaries [removed: of Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000013/veev-20240131xexx211.htm)] [added: of](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx211.htm) [Veeva Systems Inc](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx211.htm)[.](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx211.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | | | | [Consent of KPMG LLP, Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000013/veev-20240131xex231.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xex231.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 24.1 | | | | | | [Power of Attorney (see [removed: page 85 of] [added: page](#i7e129a0ad48d459ea13c21cd7e2de073_1649267443362) [84](#i7e129a0ad48d459ea13c21cd7e2de073_1649267443362) [of] this Annual Report on Form [removed: 10-K).](#ic434b8423fd143e0904096859dd23f0c_223)] [added: 10-K).](#i7e129a0ad48d459ea13c21cd7e2de073_1649267443362)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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/1393052/000139305224000013/veev-20240131xexx311.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx311.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/1393052/000139305224000013/veev-20240131xexx312.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx312.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/1393052/000139305224000013/veev-20240131xexx321.htm)] [added: §1350.](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx321.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/1393052/000139305224000013/veev-20240131xexx322.htm)] [added: §1350.](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/veev-20250131xexx322.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 97.1 | | | | | | [Compensation Recovery [removed: (](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000013/clawbackpolicyseptember2.htm)[“](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000013/clawbackpolicyseptember2.htm)[Clawback](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000013/clawbackpolicyseptember2.htm)[”](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000013/clawbackpolicyseptember2.htm)[) Policy](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000013/clawbackpolicyseptember2.htm)] [added: (“Clawback”) Policy](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000013/clawbackpolicyseptember2.htm)] | | | | | | [added: 10-K] | | | | | | [added: 001-36121] | | | | | | [added: 97.1] | | | | | | [added: 3/25/2024] | | | | | | [removed: X] | | |

† The certifications attached as Exhibit 32.1 and 32.2 that accompany this [added: Annual Report on] Form 10-K are not deemed filed with the SEC and are not to be incorporated by reference into any filing of Veeva Systems Inc. under the Securities Act of 1933, as [removed: amended (Securities Act),] [added: amended,] or the Securities Exchange Act of 1934, as [removed: amended (Exchange Act),] [added: amended,] whether made before or after the date of this [added: Annual Report on] Form 10-K, irrespective of any general incorporation language contained in such filing.

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 [removed: 25th] [added: 24th] day of March, [removed: 2024.][added: 2025.]

| | | | | | | [removed: Veeva] [added: Veeva] Systems [removed: Inc.] [added: Inc.] | | | | | |

| | | | | | | | | | [removed: Brent Bowman] [added: Brian Van Wagener] Chief Financial Officer (Principal Financial Officer) | | |

Gassner and [removed: Brent Bowman,] [added: Brian Van Wagener,] and each of them, as his or her true and lawful attorney-in-fact and agent with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

| Veeva Systems Inc. \| Form 10-K | | | [removed: 84] [added: 79] | | |

| /s/ Peter P. Gassner | | | | | | Chief Executive Officer and Director | | | | | | March [removed: 25, 2024] [added: 24, 2025] | | |

| /s/ Kristine Diamond | | | | | | Chief Accounting Officer | | | | | | March [removed: 25, 2024] [added: 24, 2025] | | |

| /s/ Tim Cabral | | | | | | Director | | | | | | March [removed: 25, 2024] [added: 24, 2025] | | |

| /s/ Mark Carges | | | | | | Director | | | | | | March [removed: 25, 2024] [added: 24, 2025] | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| 10.18* | | | | | | [2013 Equity Incentive Plan Forms of Notice of Stock Option Grants to Peter P. Gassner](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000062/ceo_stockoptionagreement.htm)[, for Grant dated June 19, 2024](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000062/ceo_stockoptionagreement.htm)[.](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000062/ceo_stockoptionagreement.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.1* | | | | | | 9/4/2024 | | | | | | | | |

| 10.21* | | | | | | [Advisor Agreement, dated April 22, 2024, between Alan Mateo and Veeva Systems Inc.](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000024/a240422advisoragreement-.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.1* | | | | | | 6/4/2024 | | | | | | | | |

| 10.23* | | | | | | [Offer Letter, dated February 29, 2024, between Stacey Epstein and Veeva Systems Inc.](https://www.sec.gov/Archives/edgar/data/1393052/000139305224000024/veevaofferletter-staceye.htm) | | | | | | 10-Q | | | | | | 001-36121 | | | | | | 10.3* | | | | | | 6/4/2024 | | | | | | | | |

| 10.24* | | | | | | [Offer Letter, dated May 23, 2024, between Brian Van Wagener and](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm) [Veeva](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm) [Systems](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm) [Inc](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm)[.](https://www.sec.gov/Archives/edgar/data/0001393052/000139305224000065/us_offerletterxbrianvanw.htm) | | | | | | 8-K | | | | | | 001-36121 | | | | | | 10.1* | | | | | | 9/16/2024 | | | | | | | | |

| 19.1 | | | | | | [Insider Tra](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/a24-09x23xinsiderxtradin.htm)[ding Policy](https://www.sec.gov/Archives/edgar/data/1393052/000139305225000022/a24-09x23xinsiderxtradin.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| Dated: | | | March 24, 2025 | | | By: | | | /s/ BRIAN VAN WAGENER | | |

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

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

[Table of](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863) [Contents](#i7e129a0ad48d459ea13c21cd7e2de073_549755815863)

| /s/ Brian Van Wagener | | | | | | Chief Financial Officer | | | | | | March 24, 2025 | | |

| Brian Van Wagener | | | | | | (Principal Financial Officer) | | | | | | | | |

| | | | | | | |

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

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

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

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

| 10.8* | | | | | | [Veeva Systems Inc. 2013 Equity Incentive Plan, as amended and restated.](https://www.sec.gov/Archives/edgar/data/1393052/000139305222000028/veev-202206098xkex101.htm) | | | | | | 8-K | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 6/13/2022 | | | | | | | | |

| 10.22 | | | | | | [Offer Letter dated April 12, 2023, between Kristine Diamond and the Registrant.](https://www.sec.gov/Archives/edgar/data/1393052/000139305223000044/veevex101jul2023.htm) | | | | | | 8-K | | | | | | 001-36121 | | | | | | 10.1 | | | | | | 8/21/2023 | | | | | | | | |

| | | | | | | By: | | | /s/ BRENT BOWMAN | | |

| /s/ Brent Bowman | | | | | | Chief Financial Officer | | | | | | March 25, 2024 | | |

| Brent Bowman | | | | | | (Principal Financial Officer) | | | | | | | | |