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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________________
FORM 10-Q
____________________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission File Number: 001-36121
____________________________________________________________________________________
veev-20220430_g1.jpg
Veeva Systems Inc.
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________
Delaware20-8235463
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
4280 Hacienda Drive
Pleasanton, California, 94588
(Address of principal executive offices)
(Registrant’s telephone number, including area code) (925452-6500
(Former name, former address and former fiscal year, if changed since last report) N/A
____________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock,
par value $0.00001 per share
VEEVThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of June 1, 2022, there were 140,081,514 shares of the Registrant’s Class A common stock outstanding and 14,765,491 shares of the Registrant’s Class B common stock outstanding.



VEEVA SYSTEMS INC.
FORM 10-Q
TABLE OF CONTENTS
2
Veeva Systems Inc. | Form 10-Q

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report on Form 10-Q contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations and expenses, business strategies and plans, trends, market sizing, competitive position, industry environment, potential growth opportunities, and product capabilities among other things. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as “aim,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “goal,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “strive,” “will,” “would,” or similar expressions and the negatives of those terms.
Forward-looking statements are based on our current views and expectations and involve known and unknown risks, uncertainties and other factors—including those described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this report—that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements.
Any forward-looking statements in this report are made only as of the date of this report. Except as required by law, we disclaim any obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
As used in this report, the terms “Veeva,” “Registrant,” “the Company,” “we,” “us,” and “our” mean Veeva Systems Inc. and its subsidiaries unless the context indicates otherwise.
Veeva Systems Inc. | Form 10-Q
3

PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS.
VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except number of shares and par value)
(Unaudited)
April 30,
2022
January 31,
2022
Assets
Current assets:
Cash and cash equivalents$1,239,998 $1,138,040 
Short-term investments1,598,555 1,238,064 
Accounts receivable, net of allowance for doubtful accounts of $448 and $473, respectively
329,677 631,134 
Unbilled accounts receivable61,971 63,266 
Prepaid expenses and other current assets45,094 36,679 
Total current assets3,275,295 3,107,183 
Property and equipment, net53,816 54,495 
Deferred costs, net30,192 33,106 
Lease right-of-use assets48,887 49,640 
Goodwill439,877 439,877 
Intangible assets, net97,194 101,940 
Deferred income taxes40,674 5,097 
Other long-term assets25,287 25,127 
Total assets$4,011,222 $3,816,465 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$25,404 $20,348 
Accrued compensation and benefits33,214 33,834 
Accrued expenses and other current liabilities33,931 36,109 
Income tax payable50,984 7,761 
Deferred revenue723,721 731,746 
Lease liabilities11,606 10,981 
Total current liabilities878,860 840,779 
Deferred income taxes1,725 2,216 
Lease liabilities, noncurrent42,462 43,607 
Other long-term liabilities19,900 18,226 
Total liabilities942,947 904,828 
Commitments and contingencies (note 13)
Stockholders’ equity:
Class A common stock, $0.00001 par value; 800,000,000 shares authorized, 140,032,529 and 139,432,822 issued and outstanding at April 30, 2022 and January 31, 2022, respectively
2 2 
Class B common stock, $0.00001 par value; 190,000,000 shares authorized, 14,765,431 and 14,763,775 issued and outstanding at April 30, 2022 and January 31, 2022, respectively
  
Additional paid-in capital1,265,323 1,196,547 
Accumulated other comprehensive loss(24,211)(11,958)
Retained earnings1,827,161 1,727,046 
Total stockholders’ equity3,068,275 2,911,637 
Total liabilities and stockholders’ equity$4,011,222 $3,816,465 
See Notes to Condensed Consolidated Financial Statements.
4
Veeva Systems Inc. | Form 10-Q

VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended April 30,
20222021
Revenues:
Subscription services$402,632 $341,119 
Professional services and other102,470 92,454 
Total revenues505,102 433,573 
Cost of revenues(1):
Cost of subscription services58,953 51,217 
Cost of professional services and other80,562 64,919 
Total cost of revenues139,515 116,136 
Gross profit365,587 317,437 
Operating expenses(1):
Research and development113,475 83,226 
Sales and marketing76,115 64,610 
General and administrative48,325 41,155 
Total operating expenses237,915 188,991 
Operating income127,672 128,446 
Other income, net2,709 4,564 
Income before income taxes130,381 133,010 
Provision for income taxes30,266 17,443 
Net income$100,115 $115,567 
Net income per share:
Basic$0.65 $0.76 
Diluted$0.62 $0.71 
Weighted-average shares used to compute net income per share:
Basic154,514 152,444 
Diluted161,928 162,213 
Other comprehensive income:
Net change in unrealized loss on available-for-sale investments$(10,999)$(1,086)
Net change in cumulative foreign currency translation loss(1,254)(2,213)
Comprehensive income$87,862 $112,268 
(1) Includes stock-based compensation as follows:
Cost of revenues:
Cost of subscription services$1,277 $906 
Cost of professional services and other9,990 7,422 
Research and development25,823 16,837 
Sales and marketing16,893 11,555 
General and administrative13,151 11,769 
Total stock-based compensation$67,134 $48,489 
See Notes to Condensed Consolidated Financial Statements.
Veeva Systems Inc. | Form 10-Q
5

VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)
(Unaudited)
Three months ended April 30, 2022
Class A & B
common stock
Additional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
loss
Total
stockholders’
equity
SharesAmount
Balances at beginning of period154,196,597 $2 $1,196,547 $1,727,046 $(11,958)$2,911,637 
Issuance of common stock upon exercise of stock options482,436 — 16,291 — — 16,291 
Issuance of common stock upon vesting of restricted stock units185,800 — — — — — 
Shares withheld related to net share settlement(66,873)— (14,910)— — (14,910)
Stock-based compensation expense— — 67,395 — — 67,395 
Change in other comprehensive loss— — — — (12,253)(12,253)
Net income— — — 100,115 — 100,115 
Balances at end of period154,797,960 $2 $1,265,323 $1,827,161 $(24,211)$3,068,275 
Three months ended April 30, 2021
Class A & B
common stock
Additional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Total
stockholders’
equity
SharesAmount
Balances at beginning of period152,056,808 $2 $965,670 $1,299,656 $992 $2,266,320 
Issuance of common stock upon exercise of stock options485,037 — 17,600 — — 17,600 
Issuance of common stock upon vesting of restricted stock units258,511 — — — — — 
Stock-based compensation expense— — 48,793 — — 48,793 
Change in other comprehensive loss— — — — (3,296)(3,296)
Net income— — — 115,567 — 115,567 
Balances at end of period152,800,356 $2 $1,032,063 $1,415,223 $(2,304)$2,444,984 
See Notes to Condensed Consolidated Financial Statements.

6
Veeva Systems Inc. | Form 10-Q

VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three months ended April 30,
20222021
Cash flows from operating activities
Net income$100,115 $115,567 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization7,058 6,628 
Reduction of operating lease right-of-use assets2,948 2,827 
Amortization of discount on short-term investments1,056 1,542 
Stock-based compensation67,134 48,489 
Amortization of deferred costs5,993 6,355 
Deferred income taxes(32,432)5,242 
(Gain) loss on foreign currency from mark-to-market derivative(582)431 
Bad debt (recovery) expense(25)159 
Changes in operating assets and liabilities:
Accounts receivable301,482 301,732 
Unbilled accounts receivable1,295 (4,161)
Deferred costs(3,079)(4,290)
Prepaid expenses and other current and long-term assets(7,563)2,737 
Accounts payable5,121 (6,794)
Accrued expenses and other current liabilities(2,336)6,967 
Income taxes payable43,223 3,709 
Deferred revenue(7,471)(8,176)
Operating lease liabilities(2,031)(2,748)
Other long-term liabilities1,121 2,169 
Net cash provided by operating activities481,027 478,385 
Cash flows from investing activities
Purchases of short-term investments(572,344)(256,938)
Maturities and sales of short-term investments196,190 221,645 
Long-term assets(2,333)(2,656)
Net cash used in investing activities(378,487)(37,949)
Cash flows from financing activities
Changes in lease liabilities - finance leases (286)
Proceeds from exercise of common stock options16,291 17,091 
Taxes paid related to net share settlement of equity awards(14,999) 
Net cash provided by financing activities1,292 16,805 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(1,874)(2,765)
Net change in cash, cash equivalents, and restricted cash101,958 454,476 
Cash, cash equivalents, and restricted cash at beginning of period1,141,225 731,712 
Cash, cash equivalents, and restricted cash at end of period$1,243,183 $1,186,188 
Cash, cash equivalents, and restricted cash at end of period:
Cash and cash equivalents$1,239,998 $1,184,980 
Restricted cash included in other long-term assets3,185 1,208 
Total cash, cash equivalents, and restricted cash at end of period$1,243,183 $1,186,188 
Supplemental disclosures of other cash flow information:
Cash paid for income taxes, net of refunds$18,189 $5,133 
Excess tax benefits from employee stock plans$4,907 $17,451 
Non-cash investing activities:
Changes in accounts payable and accrued expenses related to property and
     equipment purchases
$(438)$806 
See Notes to Condensed Consolidated Financial Statements.
Veeva Systems Inc. | Form 10-Q
7

VEEVA SYSTEMS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Summary of Business and Significant Accounting Policies
Description of Business
Veeva is the leading provider of industry cloud solutions for the global life sciences industry. We were founded in 2007 on the premise that industry-specific cloud solutions could best address the operating challenges and regulatory requirements of life sciences companies. Our offerings span cloud software, data, 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 (R&D) to commercialization. Our solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations. Our Commercial Solutions help life sciences companies achieve better, more intelligent engagement with healthcare professionals and healthcare organizations across multiple communication channels, and plan and execute more effective media and marketing campaigns. Our R&D Solutions for the clinical, quality, regulatory, and safety functions help life sciences companies streamline their end-to-end product development processes to increase operational efficiency and maintain regulatory compliance throughout the product life cycle. 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. Our fiscal year end is January 31.
Principles of Consolidation and Basis of Presentation
These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting and include the accounts of our wholly-owned subsidiaries after elimination of intercompany accounts and transactions. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2022, filed on March 30, 2022. There have been no changes to our significant accounting policies described in the annual report that have had a material impact on our condensed consolidated financial statements and related notes.
The unaudited condensed consolidated balance sheet as of January 31, 2022 included herein was derived from the audited financial statements as of that date. These unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly our financial position, results of operations, comprehensive income, and cash flows for the interim periods but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year ending January 31, 2023 or any other period.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that affect the condensed consolidated financial statements and the notes thereto. These estimates are based on information available as of the date of the condensed consolidated financial statements. On a regular basis, management evaluates these estimates and assumptions. Items subject to such estimates and assumptions include, but are not limited to:
the standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations;
the determination of the period of benefit for amortization of deferred costs;
the realizability of deferred income tax assets and liabilities;
the fair value of our stock-based awards.
As future events cannot be determined with precision, actual results could differ significantly from those estimates.
8
Veeva Systems Inc. | Form 10-Q

Note 2. Short-Term Investments
At April 30, 2022, short-term investments consisted of the following (in thousands):
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Estimated
fair
value
Available-for-sale securities:
Certificates of deposits$63,710 $13 $(69)$63,654 
Asset-backed securities239,639 6 (3,465)236,180 
Commercial paper151,341 14 (93)151,262 
Corporate notes and bonds802,603 58 (15,100)787,561 
Foreign government bonds24,521 4 (425)24,100 
U.S. agency obligations27,982 10 (622)27,370 
U.S. treasury securities312,468 20 (4,060)308,428 
Total available-for-sale securities$1,622,264 $125 $(23,834)$1,598,555 
At January 31, 2022, short-term investments consisted of the following (in thousands):
Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Estimated
fair
value
Available-for-sale securities:
Certificates of deposits$13,500 $ $(15)$13,485 
Asset-backed securities191,676 45 (1,432)190,289 
Commercial paper29,432  (2)29,430 
Corporate notes and bonds669,489 276 (5,856)663,909 
Foreign government bonds24,577 13 (179)24,411 
U.S. agency obligations27,978 12 (254)27,736 
U.S. treasury securities290,513 46 (1,755)288,804 
Total available-for-sale securities$1,247,165 $392 $(9,493)$1,238,064 
The following table summarizes the estimated fair value of our short-term investments, designated as available-for-sale and classified by the contractual maturity date of the securities as of the dates shown (in thousands):
April 30,
2022
January 31,
2022
Due in one year or less$666,232 $457,948 
Due in greater than one year932,323 780,116 
Total$1,598,555 $1,238,064 
We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high credit quality of our investments. We intend to hold our securities to maturity and it is more likely than not that we will hold these securities until recovery of the cost basis.
Veeva Systems Inc. | Form 10-Q
9

The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of April 30, 2022 (in thousands):
Held for less than 12 months
Fair
value
Gross
unrealized
losses
Certificates of deposits$33,641 $(69)
Asset-backed securities227,959 (3,465)
Commercial paper112,904 (93)
Corporate notes and bonds730,194 (15,100)
Foreign government bonds20,516 (425)
U.S. agency obligations24,360 (622)
U.S. treasury securities270,888 (4,060)
The following table shows the fair values of available-for-sale securities which were in an unrealized loss position, aggregated by investment category, as of January 31, 2022 (in thousands):
Held for less than 12 months
Fair
value
Gross
unrealized
losses
Certificates of deposits$5,985 $(15)
Asset-backed securities177,056 (1,432)
Commercial paper17,190 (2)
Corporate notes and bonds571,099 (5,856)
Foreign government bonds19,594 (179)
U.S. agency obligations24,725 (254)
U.S. treasury securities247,509 (1,756)
Asset values and gross unrealized losses of available-for-sale securities held for more than 12 months as of April 30, 2022 and January 31, 2022 were immaterial.
Note 3. Deferred Costs
Deferred costs, which consist of deferred sales commissions, were $30 million and $33 million as of April 30, 2022 and January 31, 2022, respectively. Amortization expense for the deferred costs included in sales and marketing expenses in the condensed consolidated statements of comprehensive income was $6 million for each of the three months ended April 30, 2022 and 2021. There have been no impairment losses recorded in relation to the costs capitalized for any period presented.
Note 4. Property and Equipment, Net
Property and equipment, net consists of the following as of the dates shown (in thousands):
April 30,
2022
January 31,
2022
Land$3,040 $3,040 
Building20,984 20,984 
Land improvements and building improvements22,392 22,392 
Equipment and computers2,246 3,581 
Furniture and fixtures15,480 15,040 
Leasehold improvements19,704 19,002 
Construction in progress325 730 
84,171 84,769 
Less accumulated depreciation(30,355)(30,274)
Total property and equipment, net$53,816 $54,495 
10
Veeva Systems Inc. | Form 10-Q

Total depreciation expense was $2 million for each of the three months ended April 30, 2022 and 2021. Land is not depreciated.
Note 5. Goodwill and Intangible Assets
Goodwill was $440 million as of April 30, 2022 and January 31, 2022.
The following schedule presents the details of intangible assets as of April 30, 2022 (dollar amounts in thousands):
April 30, 2022
Gross
carrying
amount
Accumulated
amortization
Net
Remaining
useful life
(in years)
Existing technology$28,580 $(13,219)$15,361 3.7
Customer relationships113,157 (41,624)71,533 6.8
Trade name/trademarks13,900 (7,289)6,611 2.5
Other intangibles21,405 (17,716)3,689 3.6
$177,042 $(79,848)$97,194 
The following schedule presents the details of intangible assets as of January 31, 2022 (dollar amounts in thousands):
January 31, 2022
Gross
carrying
amount
Accumulated
amortization
NetRemaining
useful life
(in years)
Existing technology$28,580 $(12,187)$16,393 3.9
Customer relationships113,157 (38,829)74,328 7.0
Trade name/trademarks13,900 (6,645)7,255 2.8
Other intangibles21,405 (17,441)3,964 3.8
$177,042 $(75,102)$101,940 
Amortization expense associated with intangible assets was $5 million for the three months ended April 30, 2022, and $4 million for the three months ended April 30, 2021.
As of April 30, 2022, the estimated amortization expense for intangible assets was as follows (in thousands):
Fiscal YearEstimated
amortization
expense
Remaining for 2023$14,717 
202419,459 
202518,557 
202614,147 
20278,922 
Thereafter21,392 
Total$97,194 
 
Veeva Systems Inc. | Form 10-Q
11

Note 6. Accrued Expenses
Accrued expenses consisted of the following as of the dates shown (in thousands):
April 30,
2022
January 31,
2022
Accrued commissions$6,445 $8,556 
Accrued bonus3,245 4,677 
Accrued vacation (1)
6,728 5,546 
Payroll tax payable10,031 9,487 
Accrued other compensation and benefits6,765 5,568 
Total accrued compensation and benefits$33,214 $33,834 
Accrued fees payable to salesforce.com6,672 $6,521 
Taxes payable8,252 9,743 
Accrued third-party professional services subcontractors' fees2,326 1,961 
Other accrued expenses16,681 17,884 
Total accrued expenses and other current liabilities$33,931 $36,109 
(1) Represents accrued vacation primarily for international employees. Vacation does not accrue for most U.S. employees.
Note 7. Fair Value Measurements
The carrying amounts of accounts receivable and other current assets, accounts payable, and accrued liabilities approximate their fair value due to their short-term nature.
Financial assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows:
Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities.
Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Financial assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires management to make judgments and considers factors specific to the asset or liability.
12
Veeva Systems Inc. | Form 10-Q

The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of April 30, 2022 (in thousands):
Level 1
Level 2
Total
Assets
Cash equivalents:
Money market funds$521,734 $ $521,734 
Certificates of deposit 12,000 12,000 
U.S. treasury securities 69,960 69,960 
Commercial paper 59,043 59,043 
Corporate notes and bonds 6,846 6,846 
Asset-backed securities 2,545 2,545 
Short-term investments:
Certificates of deposit 63,654 63,654 
Asset-backed securities 236,180 236,180 
Commercial paper 151,262 151,262 
Corporate notes and bonds 787,561 787,561 
Foreign government bonds 24,100 24,100 
U.S. agency obligations 27,370 27,370 
U.S. treasury securities 308,428 308,428 
Foreign currency derivative contracts 1,804 1,804 
Total financial assets$521,734 $1,750,753 $2,272,487 
The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2022 (in thousands):
Level 1
Level 2
Total
Assets
Cash equivalents:
Money market funds$428,411 $ $428,411 
Corporate notes and bonds 5,853 5,853 
Asset-backed securities 2,568 2,568 
Short-term investments:
Certificates of deposit 13,485 13,485 
Asset-backed securities 190,289 190,289 
Commercial paper 29,430 29,430 
Corporate notes and bonds 663,909 663,909 
Foreign government bonds 24,411 24,411 
U.S. agency obligations 27,736 27,736 
U.S. treasury securities 288,804 288,804 
Foreign currency derivative contracts 1,222 1,222 
Total financial assets$428,411 $1,247,707 $1,676,118 
We determine the fair value of our security holdings based on pricing from our service providers and market prices from industry-standard independent data providers. The valuation techniques used to measure the fair value of financial instruments having Level 2 inputs were derived from non-binding consensus prices that are corroborated by observable market data or quoted market prices for similar instruments. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs).
Veeva Systems Inc. | Form 10-Q
13

Balance Sheet Hedges
We enter into foreign currency forward contracts in order to hedge our foreign currency exposure. These forward contracts are not designated as hedging instruments under applicable accounting guidance, and therefore, we account for them at fair value with changes in the fair value recorded as a component of other income, net in our condensed consolidated statements of comprehensive income. Cash flows from such forward contracts are classified as operating activities. We recognized realized foreign currency gains of $4 million and $1 million for the three months ended April 30, 2022 and 2021, respectively.
The fair value of our outstanding derivative instruments is summarized below (in thousands): 
April 30,
2022
January 31,
2022
Notional amount of foreign currency derivative contracts$64,483 $87,097 
Fair value of foreign currency derivative contracts62,680 85,876 
Details on outstanding balance sheet hedges are presented below as of the date shown below (in thousands): 
Derivatives not designated as hedging instruments
Balance sheet location
April 30,
2022
January 31,
2022
Derivative Assets
Foreign currency derivative contractsPrepaid expenses and other current assets$1,804 $1,222 
Note 8. Income Taxes
For the three months ended April 30, 2022 and 2021, our effective tax rates were 23.2% and 13.1%, respectively. During the three months ended April 30, 2022, as compared to the prior year period, our effective tax rate increased primarily due to a reduction in excess tax benefits related to equity compensation. We recognized excess tax benefits in our provision for income taxes of $5 million and $17 million for the three months ended April 30, 2022 and 2021, respectively.
Note 9. Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable
Of the beginning deferred revenue balance for the respective periods, we recognized $294 million of subscription services revenue during the three months ended April 30, 2022, and $249 million for the three months ended April 30, 2021, respectively. Professional services revenue recognized in the same periods from deferred revenue balances at the beginning of the respective periods was immaterial.
Transaction Price Allocated to the Remaining Performance Obligations
Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenues in future periods. We applied the practical expedient in accordance with ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606) to exclude the amounts related to professional services contracts as these contracts generally have a remaining duration of one year or less.
As of April 30, 2022, approximately $1,493 million of revenue is expected to be recognized from remaining performance obligations for subscription services contracts. We expect to recognize revenue on approximately 77% of these remaining performance obligations over the next 12 months, with the balance recognized thereafter.
Unbilled Accounts Receivable
Unbilled accounts receivable consists of (i) a receivable primarily for the revenue recognized for professional services performed but not yet billed, which were $32 million and $28 million as of April 30, 2022 and January 31, 2022, respectively, and (ii) a contract asset primarily for revenue recognized from non-cancelable, multi-year orders in which fees increase annually but for which we are not contractually able to invoice until a future period, which were $30 million and $36 million as of April 30, 2022 and January 31, 2022, respectively.
14
Veeva Systems Inc. | Form 10-Q

Note 10. Leases
We have operating leases for our corporate offices. Our leases have various expiration dates through 2030, some of which include options to extend the leases for up to nine years. Additionally, we are the sublessor for certain office space. Our sublease income for the three months ended April 30, 2022 and 2021 was immaterial.
For each of the three months ended April 30, 2022 and 2021, our operating lease expense was $3 million.
Supplemental cash flow information related to leases was as follows (in thousands):
Three months ended April 30,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,566 $3,303 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases1,599 243 
Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount rate):
April 30, 2022January 31, 2022
Operating Leases
Lease right-of-use assets$48,887 $49,640 
Lease liabilities$11,606 $10,981 
Lease liabilities, noncurrent42,462 43,607 
Total operating lease liabilities$54,068 $54,588 
Weighted Average Remaining Lease Term6.0 years6.0 years
Weighted Average Discount Rate3.7 %3.7 %
As of April 30, 2022, remaining maturities of operating lease liabilities are as follows (in thousands):
Fiscal Year
Remaining for 2023$