Veeva Systems (VEEV) 10-Q 2 Jun 23 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Apr. 30, 2023	May 31, 2023
Document And Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2023
Document Transition Report	false
Entity File Number	001-36121
Entity Registrant Name	Veeva Systems Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8235463
Entity Address, Address Line One	4280 Hacienda Drive
Entity Address, City or Town	Pleasanton
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94588
City Area Code	925
Local Phone Number	452-6500
Title of 12(b) Security	Class A Common Stock,par value $0.00001 per share
Trading Symbol	VEEV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001393052
Current Fiscal Year End Date	--01-31
Class A common stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		145,725,595
Class B common stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		14,498,275

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,093,634	$ 886,465
Short-term investments	2,521,268	2,216,163
Accounts receivable, net of allowance for doubtful accounts of $542 and $469, respectively	412,940	703,055
Unbilled accounts receivable	38,070	82,174
Prepaid expenses and other current assets	122,222	81,456
Total current assets	4,188,134	3,969,313
Property and equipment, net	50,059	49,817
Deferred costs, net	23,166	31,825
Lease right-of-use assets	52,178	55,336
Goodwill	439,877	439,877
Intangible assets, net	77,731	82,476
Deferred income taxes	156,375	136,697
Other long-term assets	35,850	38,955
Total assets	5,023,370	4,804,296
Current liabilities:
Accounts payable	44,404	41,678
Accrued compensation and benefits	44,358	44,282
Accrued expenses and other current liabilities	32,269	35,306
Income tax payable	4,617	4,946
Deferred revenue	869,920	869,285
Lease liabilities	10,734	11,306
Total current liabilities	1,006,302	1,006,803
Deferred income taxes	1,407	1,492
Lease liabilities, noncurrent	47,494	49,670
Other long-term liabilities	25,104	30,079
Total liabilities	1,080,307	1,088,044
Commitments and contingencies (note 13)
Stockholders’ equity:
Additional paid-in capital	1,622,547	1,532,627
Accumulated other comprehensive loss	(25,759)	(31,129)
Retained earnings	2,346,273	2,214,752
Total stockholders’ equity	3,943,063	3,716,252
Total liabilities and stockholders’ equity	5,023,370	4,804,296
Class A common stock
Stockholders’ equity:
Common stock	2	2
Class B common stock
Stockholders’ equity:
Common stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Allowance for doubtful accounts	$ 542	$ 469
Class A common stock
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares issued (in shares)	145,701,957	143,693,009
Common stock, shares outstanding (in shares)	145,701,957	143,693,009
Class B common stock
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	190,000,000	190,000,000
Common stock, shares issued (in shares)	14,498,275	14,551,598
Common stock, shares outstanding (in shares)	14,498,275	14,551,598

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Apr. 30, 2023	Apr. 30, 2022
Revenues:
Total revenues		$ 526,325	$ 505,102
Cost of revenues:
Total cost of revenues	[1]	166,663	139,515
Gross profit		359,662	365,587
Operating expenses:
Research and development	[1]	146,960	113,475
Sales and marketing	[1]	88,503	76,115
General and administrative	[1]	62,669	48,325
Total operating expenses	[1]	298,132	237,915
Operating income		61,530	127,672
Other income, net		30,248	2,709
Income before income taxes		91,778	130,381
Income tax (benefit) provision		(39,743)	30,266
Net income		$ 131,521	$ 100,115
Net income per share:
Basic (in usd per share)		$ 0.82	$ 0.65
Diluted (in usd per share)		$ 0.81	$ 0.62
Weighted-average shares used to compute net income per share:
Basic (in shares)		159,852	154,514
Diluted (in shares)		162,521	161,928
Other comprehensive income:
Net change in unrealized loss on available-for-sale investments		$ 5,428	$ (10,999)
Net change in cumulative foreign currency translation loss		(58)	(1,254)
Comprehensive income		136,891	87,862
Subscription services
Revenues:
Total revenues		414,546	402,632
Cost of revenues:
Total cost of revenues	[1]	67,575	58,953
Professional services and other
Revenues:
Total revenues		111,779	102,470
Cost of revenues:
Total cost of revenues	[1]	$ 99,088	$ 80,562
[1] (1) Includes stock-based compensation as follows: Cost of revenues: Cost of subscription services $ 1,505 $ 1,277 Cost of professional services and other 12,722 9,990 Research and development 38,906 25,823 Sales and marketing 20,135 16,893 General and administrative 17,451 13,151 Total stock-based compensation $ 90,719 $ 67,134

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Total stock-based compensation	$ 90,719	$ 67,134
Cost of subscription services
Total stock-based compensation	1,505	1,277
Cost of professional services and other
Total stock-based compensation	12,722	9,990
Research and development
Total stock-based compensation	38,906	25,823
Sales and marketing
Total stock-based compensation	20,135	16,893
General and administrative
Total stock-based compensation	$ 17,451	$ 13,151

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Class A & B common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss
Beginning balance (in shares) at Jan. 31, 2022		154,196,597
Beginning balance at Jan. 31, 2022	$ 2,911,637	$ 2	$ 1,196,547	$ 1,727,046	$ (11,958)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		482,436
Issuance of common stock upon exercise of stock options	16,291		16,291
Issuance of common stock upon vesting of restricted stock units (in shares)		185,800
Shares withheld related to net share settlement (in shares)		(66,873)
Shares withheld related to net share settlement	(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
Ending balance (in shares) at Apr. 30, 2022		154,797,960
Ending balance at Apr. 30, 2022	3,068,275	$ 2	1,265,323	1,827,161	(24,211)
Beginning balance (in shares) at Jan. 31, 2023		158,244,607
Beginning balance at Jan. 31, 2023	$ 3,716,252	$ 2	1,532,627	2,214,752	(31,129)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	1,788,009	1,788,009
Issuance of common stock upon exercise of stock options	$ 15,233		15,233
Issuance of common stock upon vesting of restricted stock units (in shares)		260,782
Shares withheld related to net share settlement (in shares)		(93,166)
Shares withheld related to net share settlement	(16,987)		(16,987)
Stock-based compensation expense	91,674		91,674
Change in other comprehensive loss	5,370				5,370
Net income	131,521			131,521
Ending balance (in shares) at Apr. 30, 2023		160,200,232
Ending balance at Apr. 30, 2023	$ 3,943,063	$ 2	$ 1,622,547	$ 2,346,273	$ (25,759)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Cash flows from operating activities
Net income	$ 131,521	$ 100,115
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,549	7,058
Reduction of operating lease right-of-use assets	3,060	2,948
(Accretion) amortization of discount on short-term investments	(3,407)	1,056
Stock-based compensation	90,719	67,134
Amortization of deferred costs	5,052	5,993
Deferred income taxes	(21,514)	(32,432)
Loss (gain) on foreign currency from mark-to-market derivative	180	(582)
Bad debt expense	155	(25)
Changes in operating assets and liabilities:
Accounts receivable	289,960	301,482
Unbilled accounts receivable	44,104	1,295
Deferred costs	3,607	(3,079)
Prepaid expenses and other current and long-term assets	(36,298)	(7,563)
Accounts payable	1,955	5,121
Accrued expenses and other current liabilities	(3,344)	(2,336)
Income taxes payable	(329)	43,223
Deferred revenue	(1,221)	(7,471)
Operating lease liabilities	(2,693)	(2,031)
Other long-term liabilities	(3,120)	1,121
Net cash provided by operating activities	505,936	481,027
Cash flows from investing activities
Purchases of short-term investments	(612,492)	(572,344)
Maturities and sales of short-term investments	318,056	196,190
Long-term assets	(2,958)	(2,333)
Net cash used in investing activities	(297,394)	(378,487)
Cash flows from financing activities
Proceeds from exercise of common stock options	15,233	16,291
Taxes paid related to net share settlement of equity awards	(16,625)	(14,999)
Net cash (used in) provided by financing activities	(1,392)	1,292
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	19	(1,874)
Net change in cash, cash equivalents, and restricted cash	207,169	101,958
Cash, cash equivalents, and restricted cash at beginning of period	889,650	1,141,225
Cash, cash equivalents, and restricted cash at end of period	1,096,819	1,243,183
Cash, cash equivalents, and restricted cash at end of period:
Cash and cash equivalents	1,093,634	1,239,998
Restricted cash included in other long-term assets	3,185	3,185
Cash, cash equivalents, and restricted cash at end of period	1,096,819	1,243,183
Supplemental disclosures of other cash flow information:
Cash paid for income taxes, net of refunds	1,034	18,189
Excess tax benefits from employee stock plans	62,089	4,907
Non-cash investing activities:
Changes in accounts payable and accrued expenses related to property and equipment purchases	$ 791	$ (438)

Summary of Business and Signifi

Summary of Business and Significant Accounting Policies	3 Months Ended
	Apr. 30, 2023
Accounting Policies [Abstract]
Summary of Business and Significant Accounting Policies	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. 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, 2023, filed on March 30, 2023. 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, 2023 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, 2024 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; • the fair value of our stock-based awards. As future events cannot be determined with precision, actual results could differ significantly from those estimates. Recently Adopted Accounting Pronouncements 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. The new standard is effective for this fiscal year beginning on February 1, 2023. We adopted the new standard as of February 1, 2023 and there was no material impact to our financial statements.

Short-Term Investments

Short-Term Investments	3 Months Ended
	Apr. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Short-Term Investments	Short-Term Investments As of April 30, 2023, 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 $ 50,998 $ 17 $ (70) $ 50,945 Asset-backed securities 494,106 681 (4,658) 490,129 Commercial paper 97,755 — (226) 97,529 Corporate notes and bonds 1,257,327 2,451 (13,832) 1,245,946 Foreign government bonds 22,733 37 (402) 22,368 Municipal securities 61,247 76 (652) 60,671 U.S. agency obligations 74,067 126 (324) 73,869 U.S. treasury securities 484,575 374 (5,138) 479,811 Total available-for-sale securities $ 2,542,808 $ 3,762 $ (25,302) $ 2,521,268 As of January 31, 2023, 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 $ 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 U.S. agency obligations 32,995 4 (594) 32,405 U.S. treasury securities 321,946 265 (6,014) 316,197 Total available-for-sale securities $ 2,244,966 $ 2,555 $ (31,358) $ 2,216,163 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, January 31, Due in one year or less $ 962,994 $ 849,673 Due in greater than one year 1,558,274 1,366,490 Total $ 2,521,268 $ 2,216,163 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. It is more likely than not we will hold the securities until maturity or a recovery of the cost basis. 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, 2023 (in thousands): Less than 12 months 12 months or greater Fair Gross Fair Gross Certificates of deposits $ 31,937 $ (62) $ 4,992 $ (8) Asset-backed securities 270,926 (2,516) 103,232 (2,142) Commercial paper 97,529 (226) — — Corporate notes and bonds 586,325 (5,280) 347,275 (8,552) Foreign government bonds 10,663 (113) 7,049 (289) Municipal securities 28,791 (217) 18,787 (435) U.S. agency obligations 29,645 (60) 24,734 (264) U.S. treasury securities 350,782 (3,305) 41,103 (1,833) 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, 2023 (in thousands): Less than 12 months Greater than 12 months Fair value Gross unrealized losses Fair Value Gross unrealized losses Certificates of deposits $ 15,934 $ (66) $ — $ — Asset-backed securities 293,854 (3,219) 78,279 (2,489) Commercial paper 144,741 (580) — — Corporate notes and bonds 604,264 (6,801) 370,969 (11,079) Foreign government bonds 11,284 (126) 11,827 (390) U.S. agency obligations 4,941 (61) 24,461 (533) U.S. treasury securities 210,246 (3,661) 63,422 (2,353)

Deferred Costs

Deferred Costs	3 Months Ended
	Apr. 30, 2023
Deferred Costs [Abstract]
Deferred Costs	Deferred CostsDeferred costs, which consist of deferred sales commissions, were $23 million and $32 million as of April 30, 2023 and January 31, 2023, respectively. Amortization expense for the deferred costs included in sales and marketing expenses in the condensed consolidated statements of comprehensive income was $5 million for the three months ended April 30, 2023 and $6 million for the three months ended April 30, 2022. There have been no impairment losses recorded in relation to the costs capitalized for any period presented.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Apr. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consists of the following as of the dates shown (in thousands): April 30, January 31, Land $ 3,040 $ 3,040 Building 20,984 20,984 Land improvements and building improvements 22,392 22,392 Equipment and computers 2,220 2,233 Furniture and fixtures 13,968 13,995 Leasehold improvements 18,740 18,986 Construction in progress 1,859 302 83,203 81,932 Less accumulated depreciation (33,144) (32,115) Total property and equipment, net $ 50,059 $ 49,817 Total depreciation expense was $1 million for the three months ended April 30, 2023 and $2 million for the three months ended April 30, 2022. Land is not depreciated.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Apr. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill was $440 million as of April 30, 2023 and January 31, 2023. The following schedule presents the details of intangible assets as of April 30, 2023 (dollar amounts in thousands): April 30, 2023 Gross carrying amount Accumulated amortization Net Remaining useful life (in years) Existing technology $ 28,580 $ (17,449) $ 11,131 2.7 Customer relationships 113,157 (53,089) 60,068 5.9 Trade name/trademarks 13,900 (9,929) 3,971 1.5 Other intangibles 21,405 (18,844) 2,561 2.8 Total intangible assets $ 177,042 $ (99,311) $ 77,731 The following schedule presents the details of intangible assets as of January 31, 2023 (dollar amounts in thousands): January 31, 2023 Gross Accumulated Net Remaining Existing technology $ 28,580 $ (16,418) $ 12,162 2.9 Customer relationships 113,157 (50,293) 62,864 6.1 Trade name/trademarks 13,900 (9,285) 4,615 1.8 Other intangibles 21,405 (18,570) 2,835 3.0 Total intangible assets $ 177,042 $ (94,566) $ 82,476 Amortization expense associated with intangible assets was $5 million for the three months ended April 30, 2023 and 2022. As of April 30, 2023, the estimated amortization expense for intangible assets was as follows (in thousands): Fiscal Year Estimated Remaining for 2024 $ 14,713 2025 18,557 2026 14,147 2027 8,922 2028 7,778 Thereafter 13,614 Total $ 77,731

Accrued Expenses

Accrued Expenses	3 Months Ended
	Apr. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consisted of the following as of the dates shown (in thousands): April 30, January 31, Accrued commissions $ 6,333 $ 11,240 Accrued bonus 3,235 3,484 Accrued vacation (1) 8,352 6,653 Payroll tax payable 18,325 16,229 Accrued other compensation and benefits 8,113 6,676 Total accrued compensation and benefits $ 44,358 $ 44,282 Accrued fees payable to Salesforce, Inc. 6,609 $ 6,653 Taxes payable 6,891 9,197 Accrued third-party professional services subcontractors' fees 1,855 2,597 Other accrued expenses 16,914 16,859 Total accrued expenses and other current liabilities $ 32,269 $ 35,306 (1) Represents accrued vacation primarily for international employees. Vacation does not accrue for most U.S. employees.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	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. The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of April 30, 2023 (in thousands): Level 1 Level 2 Total Assets Cash equivalents: Money market funds $ 368,851 $ — $ 368,851 U.S. Treasury securities — 19,771 19,771 Commercial paper — 163,807 163,807 Corporate notes and bonds — 2,294 2,294 Short-term investments: Certificates of deposit — 50,945 50,945 Asset-backed securities — 490,129 490,129 Commercial paper — 97,529 97,529 Corporate notes and bonds — 1,245,946 1,245,946 Foreign government bonds — 22,368 22,368 Municipal securities — 60,671 60,671 U.S. agency obligations — 73,869 73,869 U.S. Treasury securities — 479,811 479,811 Foreign currency derivative contracts — 71 71 Total financial assets $ 368,851 $ 2,707,211 $ 3,076,062 The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2023 (in thousands): Level 1 Level 2 Total Assets Cash equivalents: Money market funds $ 180,895 $ — $ 180,895 U.S. Treasury securities — 22,929 22,929 Corporate notes and bonds — 6,691 6,691 Short-term investments: Certificates of deposit — 37,963 37,963 Asset-backed securities — 442,958 442,958 Commercial paper — 154,525 154,525 Corporate notes and bonds — 1,207,964 1,207,964 Foreign government bonds — 24,151 24,151 U.S. agency obligations — 32,405 32,405 U.S. Treasury securities — 316,197 316,197 Foreign currency derivative contracts — 251 251 Total financial assets $ 180,895 $ 2,246,034 $ 2,426,929 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). 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. The realized foreign currency gains were $2 million and $4 million for the three months ended April 30, 2023 and 2022, respectively. The fair value of our outstanding derivative instruments is summarized below (in thousands): April 30, January 31, Notional amount of foreign currency derivative contracts $ 51,929 $ 137,998 Fair value of foreign currency derivative contracts 52,207 137,860

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesFor the three months ended April 30, 2023 and 2022, our effective tax rates were (43.3)% and 23.2%, respectively. During the three months ended April 30, 2023, as compared to the prior year period, our effective tax rate decreased primarily due to the increase in excess tax benefits related to equity compensation. We recognized excess tax benefits in our provision for income taxes of $64 million and $5 million for the three months ended April 30, 2023 and 2022, respectively. The increase in excess tax benefits during the three months ended April 30, 2023 was primarily due to our Chief Executive Officer’s exercise of stock options in connection with a previously announced plan.

Deferred Revenue, Performance O

Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable	3 Months Ended
	Apr. 30, 2023
Contract with Customer, Liability [Abstract]
Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable	Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable Of the beginning deferred revenue balance for the respective periods, we recognized $354 million of subscription services revenue for the three months ended April 30, 2023, and $294 million for the three months ended April 30, 2022. 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-cancellable 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, 2023, approximately $1,225 million of revenue is expected to be recognized from remaining performance obligations for subscription services contracts. We expect to recognize revenue on approximately 92% of these remaining performance obligations over the next 12 months, with the balance recognized thereafter. Unbilled Accounts Receivable As of January 31, 2023, unbilled accounts receivable consisted of (i) a receivable of $32 million primarily for revenue recognized for professional services performed but not yet billed and (ii) a contract asset of $50 million primarily for revenue recognized from non-cancellable, multi-year orders in which fees increase annually but for which we are not contractually able to invoice until a future period. As of April 30, 2023, unbilled accounts receivable consisted of (i) a receivable of $33 million primarily for revenue recognized for professional services performed but not yet billed and (ii) a contract asset of $5 million primarily related to professional services performed but for which we were not contractually able to invoice until a future period. Since February 1, 2023, our master subscription agreements that govern multi-year orders generally include a termination for convenience right for our customers, which reduced the non-cancellable term of such orders. This

Leases

Leases	3 Months Ended
	Apr. 30, 2023
Leases [Abstract]
Leases	Leases We have operating leases for our corporate offices. Our leases have various expiration dates through 2034, 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 each of the three months ended April 30, 2023 and 2022 was immaterial. For the three months ended April 30, 2023 and 2022, our operating lease expense was $4 million and $3 million, respectively. Supplemental cash flow information related to leases was as follows (in thousands): Three months ended April 30, 2023 2022 Cash paid for operating lease liabilities $ 3,295 $ 2,566 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities — 1,599 Supplemental balance sheet information related to operating leases was as follows (in thousands, except lease term and discount rate): April 30, 2023 January 31, 2023 Weighted Average Remaining Lease Term 6.6 years 6.7 years Weighted Average Discount Rate 4.2 % 4.2 % As of April 30, 2023, remaining maturities of operating lease liabilities are as follows (in thousands): Fiscal Year Remaining for 2024 $ 5,645 2025 11,962 2026 9,950 2027 8,899 2028 8,412 Thereafter 24,245 Total operating lease payments 69,113 Less imputed interest (10,885) Total operating lease liabilities $ 58,228
Leases	Leases We have operating leases for our corporate offices. Our leases have various expiration dates through 2034, 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 each of the three months ended April 30, 2023 and 2022 was immaterial. For the three months ended April 30, 2023 and 2022, our operating lease expense was $4 million and $3 million, respectively. Supplemental cash flow information related to leases was as follows (in thousands): Three months ended April 30, 2023 2022 Cash paid for operating lease liabilities $ 3,295 $ 2,566 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities — 1,599 Supplemental balance sheet information related to operating leases was as follows (in thousands, except lease term and discount rate): April 30, 2023 January 31, 2023 Weighted Average Remaining Lease Term 6.6 years 6.7 years Weighted Average Discount Rate 4.2 % 4.2 % As of April 30, 2023, remaining maturities of operating lease liabilities are as follows (in thousands): Fiscal Year Remaining for 2024 $ 5,645 2025 11,962 2026 9,950 2027 8,899 2028 8,412 Thereafter 24,245 Total operating lease payments 69,113 Less imputed interest (10,885) Total operating lease liabilities $ 58,228

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Apr. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity	Stockholders’ Equity Automatic Conversion As of April 30, 2023, we had 145,701,957 shares of Class A common stock and 14,498,275 shares of Class B common stock outstanding. All the outstanding shares of Class B common stock will automatically convert into shares of Class A common stock upon the earliest to occur of the following: (i) the election of the holders of a majority of the then-outstanding shares of Class B common stock or (ii) October 15, 2023. Following such conversion, each share of common stock will have one vote per share and the rights of the holders of all outstanding common stock will be identical. Stock Option Activity A summary of stock option activity for the three months ended April 30, 2023 is as follows: Number of shares Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate Options outstanding at January 31, 2023 11,503,409 $ 128.62 5.9 $ 705 Options granted 2,337,326 179.63 Options exercised (1,788,009) 8.52 Options forfeited/cancelled (176,500) 191.89 Options outstanding at April 30, 2023 11,876,226 $ 155.80 7.3 $ 459 Options vested and exercisable at April 30, 2023 4,791,383 $ 125.26 5.8 $ 316 Options vested and exercisable at April 30, 2023 and expected to vest thereafter 11,876,226 $ 155.80 7.3 $ 459 The options granted during the three months ended April 30, 2023 were predominantly made in connection with our annual performance review cycle. The weighted average grant-date fair value of options granted was $80.51 per option for the three months ended April 30, 2023. As of April 30, 2023, there was $483 million in unrecognized compensation cost related to unvested stock options granted under the 2012 Equity Incentive Plan and 2013 Equity Incentive Plan. This cost is expected to be recognized over a weighted average period of 2.9 years. As of April 30, 2023, we had authorized and unissued shares of common stock sufficient to satisfy exercises of stock options. The total intrinsic value of options exercised was approximately $303 million for the three months ended April 30, 2023. Stock Option Valuation Assumptions The following table presents the weighted-average assumptions used to estimate the grant date fair value of options granted during the periods presented: Three months ended April 30, 2023 2022 Volatility 39% - 40% 37% - 38% Expected term (in years) 6.25 - 7.00 6.00 - 7.00 Risk-free interest rate 3.34% - 3.99% 1.86% - 2.82% Dividend yield —% —% Restricted Stock Units A summary of restricted stock unit (RSU) activity for the three months ended April 30, 2023 is as follows: Unreleased restricted stock units Weighted average grant date fair value Balance at January 31, 2023 1,103,679 $ 194.36 RSUs granted 1,080,491 179.56 RSUs vested (260,782) 198.77 RSUs forfeited/cancelled (37,647) 188.90 Balance at April 30, 2023 1,885,741 185.38 As of April 30, 2023, there was a total of $300 million in unrecognized compensation cost related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of approximately 1.7 years. The total intrinsic value of RSUs vested was $48 million for the three months ended April 30, 2023.

Net Income per Share

Net Income per Share	3 Months Ended
	Apr. 30, 2023
Earnings Per Share [Abstract]
Net Income per Share	Net Income per Share Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average shares outstanding, including potentially dilutive shares of common equivalents outstanding during the period. The dilutive effect of potential shares of common stock are determined using the treasury stock method. The computation of fully diluted net income per share of Class A common stock assumes the conversion from Class B common stock, while the fully diluted net income per share of Class B common stock does not assume the conversion of those shares. The numerators and denominators of the basic and diluted net income per share computations for our common stock are calculated as follows (in thousands, except per share data): Three months ended April 30, 2023 2022 Class A Class B Class A Class B Basic Numerator Net income, basic $ 119,574 $ 11,947 $ 90,548 $ 9,567 Denominator Weighted average shares used in computing net income per share, basic 145,332 14,520 139,749 14,765 Net income per share, basic $ 0.82 $ 0.82 $ 0.65 $ 0.65 Diluted Numerator Net income, basic $ 119,574 $ 11,947 $ 90,548 $ 9,567 Reallocation as a result of conversion of Class B to Class A common stock: Net income, basic 11,947 — 9,567 — Reallocation of net income to Class B common stock — 1,964 — 4,146 Net income, diluted $ 131,521 $ 13,911 $ 100,115 $ 13,713 Denominator Number of shares used for basic net income per share computation 145,332 14,520 139,749 14,765 Conversion of Class B to Class A common stock 14,520 — 14,765 — Effect of potentially dilutive common shares 2,669 2,669 7,414 7,414 Weighted average shares used in computing net income per share, diluted 162,521 17,189 161,928 22,179 Net income per share, diluted $ 0.81 $ 0.81 $ 0.62 $ 0.62 Potential common share equivalents excluded where the inclusion would be anti-dilutive are as follows: Three months ended April 30, 2023 2022 Options and awards 5,749,358 2,295,241

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation IQVIA Litigation Matters Veeva OpenData and Veeva Network Action. On January 10, 2017, IQVIA Inc. (formerly Quintiles IMS Incorporated) and IMS Software Services, Ltd. (collectively, “IQVIA”) filed a complaint against us in the U.S. District Court for the District of New Jersey (IQVIA Inc. v. Veeva Systems Inc. (No. 2:17-cv-00177)). In the complaint, IQVIA alleges that we used unauthorized access to proprietary IQVIA data to improve our software and data products and that our software is designed to steal IQVIA trade secrets. IQVIA further alleges that we have intentionally gained unauthorized access to IQVIA proprietary information to gain an unfair advantage in marketing our products and that we have made false statements concerning IQVIA’s conduct and our data security capabilities. IQVIA asserts claims under both federal and state misappropriation of trade secret laws, federal false advertising law, and common law claims for unjust enrichment, tortious interference, and unfair trade practices. The complaint seeks declaratory and injunctive relief and unspecified monetary damages. On March 13, 2017, we filed our answer denying IQVIA's claims and filed counterclaims. Our counterclaims allege that IQVIA, as the dominant provider of data for life sciences companies, has abused monopoly power to exclude Veeva OpenData and Veeva Network from their respective markets. The counterclaims allege that IQVIA has engaged in various tactics to prevent customers from using our applications and has deliberately raised costs and increased the difficulty of attempting to switch from IQVIA data to our data products. As amended, our counterclaims assert federal and state antitrust claims, as well as claims under California’s Unfair Practices Act and common law claims for intentional interference with contractual relations, intentional interference with prospective economic advantage, and negligent misrepresentation. The counterclaims seek injunctive relief, monetary damages exceeding $200 million, and attorneys’ fees. On October 3, 2018, the court denied IQVIA’s motion to dismiss our antitrust claims. On February 18, 2020, IQVIA filed a motion for sanctions against Veeva, seeking default judgment and dismissal and, in the alternative, an adverse inference at trial related to discovery disputes. On May 7, 2021, the special master appointed to oversee litigation discovery ruled against IQVIA’s request for default judgment and dismissal and ruled in IQVIA’s favor with respect to certain other matters, including recommending to the trial judge that a permissive adverse inference instruction be issued to the jury with respect to certain documents that were not preserved by Veeva. Should the trial judge accept the recommendation, the jury would be permitted, but not required, to infer that certain evidence not preserved by Veeva would have been unfavorable to Veeva, if the jury first concludes that Veeva controlled the evidence, that the evidence was relevant, and that Veeva should have preserved the evidence. The jury is also likely to be instructed that it may also consider whether the non-preserved evidence was duplicative of other evidence produced by Veeva and whether Veeva’s conduct was reasonable in light of all circumstances. Veeva was also ordered to pay IQVIA’s fees and expenses incurred in connection with portions of its sanctions motion. On June 4, 2021, we appealed the special master’s ruling and IQVIA’s fee award to the federal district court judge. Fact discovery is largely complete and we expect to complete expert discovery by the end of October 2023. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this action, and we are unable to make a meaningful estimate of the amount or range of gain or loss, if any, that could result from the OpenData and Network Action, we believe that IQVIA’s claims lack merit and that our counterclaims warrant injunctive relief and monetary damages for Veeva. Veeva Nitro Action. On July 17, 2019, IQVIA filed a lawsuit in the U.S. District Court for the District of New Jersey (IQVIA Inc. v. Veeva Systems Inc. (No. 2:19-cv-15517)) (IQVIA Declaratory Action) seeking a declaratory judgment that IQVIA is not liable to Veeva for disallowing use of IQVIA’s data products in Veeva Nitro or any later-introduced Veeva software products. The IQVIA Declaratory Action does not seek any monetary relief. On July 18, 2019, we filed a lawsuit against IQVIA in the U.S. District Court for the Northern District of California (Veeva Systems Inc. v. IQVIA Inc. (No. 3:19-cv-04137)) (Veeva Nitro Action), alleging that IQVIA engaged in anticompetitive conduct as to Veeva Nitro. Our complaint asserts federal and state antitrust claims, as well as claims under California’s Unfair Competition Law and common law claims for intentional interference with contractual relations and intentional interference with prospective economic advantage. The complaint seeks injunctive relief and monetary damages. IQVIA filed its answer and affirmative defenses on September 5, 2019. On September 26, 2019, the Northern District of California transferred the Veeva Nitro Action to the District of New Jersey (Veeva Systems Inc. v. IQVIA Inc. (No. 2:19-cv-18558)). On March 24, 2020, we amended our complaint in the Veeva Nitro Action to include allegations of IQVIA’s anticompetitive conduct as to additional Veeva software applications, such as Veeva Andi, Veeva Align, and Veeva Vault MedComms; additional examples of IQVIA’s monopolistic behavior against Veeva Nitro; IQVIA’s unlawful access of Veeva’s proprietary software products; and a request for declaratory relief. IQVIA answered the amended complaint on May 22, 2020. On August 21, 2020, the District of New Jersey consolidated the Veeva Nitro Action and IQVIA Declaratory Action. Fact discovery is largely complete and we expect to complete expert discovery by the end of October 2023. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this action, we believe that our claims warrant injunctive and declaratory relief and monetary damages for Veeva and against IQVIA. Fee Arrangements Related to the IQVIA Litigation Matters. We have entered into partial contingency fee arrangements with certain law firms representing us in the IQVIA litigations. Pursuant to those arrangements, such law firms are entitled to an agreed portion of any damages we recover from IQVIA or may be entitled to payment of success fees from us based on the achievement of certain outcomes. While it is reasonably possible that we may incur such success fees, we are unable to make an estimate of any such liability and have not accrued any liability related to success fees at this time. Medidata Litigation Matter On January 26, 2017, Medidata Solutions, Inc. filed a complaint in the U.S. District Court for the Southern District of New York ( Medidata Solutions, Inc. v. Veeva Systems Inc. et al. (No. 1:17-cv-00589)) against us and five individual Veeva employees who previously worked for Medidata (“Individual Employees”). The complaint alleged that we induced and conspired with the Individual Employees to breach their employment agreements, including non-compete and confidentiality provisions, and to misappropriate Medidata’s confidential and trade secret information. The complaint sought declaratory and injunctive relief, unspecified monetary damages, and attorneys’ fees. Medidata amended its complaint twice, asserting the same claims with additional factual allegations, and voluntarily dismissed the Individual Defendants without prejudice. The trial began on July 11, 2022. On July 15, 2022, after four days of jury trial, the court granted Veeva’s motion for judgment as a matter of law, thereby resolving the case in favor of Veeva. Medidata moved for reconsideration of the decision on July 29, 2022, which was denied by the court on August 18, 2022. Medidata filed an appeal in the Second Circuit Court of Appeals on January 3, 2023, to which we filed our opposition on April 4, 2023 and Medidata responded on May 25, 2023. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this appeal, and we are unable to make a meaningful estimate of the amount or range of loss, if any, that could result from any unfavorable outcome, we believe that Medidata’s appeal lacks merit. Mednet Litigation Matter On July 14, 2020, Mednet Solutions, Inc. filed a complaint in Minnesota state court ( Mednet Solutions, Inc. v. Veeva Systems Inc. (No. 27-CV-20-9374)) against us and a Veeva employee who previously worked for Mednet. The complaint alleged that the employee improperly accessed Mednet’s computer systems after joining Veeva, in violation of his employment agreement to misappropriate Mednet’s confidential and trade secret information for our benefit. The complaint sought declaratory and injunctive relief, unspecified monetary damages, and attorneys’ fees. On December 9, 2020, the case was removed to the U.S. District Court for the District of Minnesota (No. 20-cv-2502). The complaint has been amended twice to include additional factual allegations, a claim against the employee under the federal Computer Fraud and Abuse Act, and direct claims against us for misappropriation. The matter is currently in the discovery phase of litigation, with a trial set for early 2024. While it is not possible at this time to predict with any degree of certainty the ultimate outcome of this litigation, and we are unable to make a meaningful estimate of the amount or range of loss, if any, that could result from any unfavorable outcome, we believe that Mednet’s claims lack merit. Other Litigation Matters From time to time, we may be involved in other legal proceedings and subject to claims incident to the ordinary course of business. Although the results of such legal proceedings and claims cannot be predicted with certainty, we believe we are not currently a party to any other legal proceedings, the outcome of which, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, cash flows, or financial position. Regardless of the outcome, such proceedings can have an adverse impact on us because of defense and settlement costs, diversion of resources, and other factors, and there can be no assurances that favorable outcomes will be obtained.

Revenues by Product

Revenues by Product	3 Months Ended
	Apr. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues by Product	Revenues by Product We group our revenues into two product areas: Commercial Solutions and R&D Solutions. Commercial Solutions revenues consist of revenues from our Veeva Commercial Cloud and Veeva Claims solutions. R&D Solutions consist of revenues from our Veeva Development Cloud, Veeva RegulatoryOne, and Veeva QualityOne solutions. Total revenues consist of the following (in thousands): Three months ended April 30, 2023 2022 Subscription services Commercial Solutions $ 239,324 $ 227,724 R&D Solutions 175,222 174,908 Total subscription services $ 414,546 $ 402,632 Professional services Commercial Solutions $ 44,864 $ 43,321 R&D Solutions 66,915 59,149 Total professional services $ 111,779 $ 102,470 Total revenues $ 526,325 $ 505,102

Information about Geographic Ar

Information about Geographic Areas	3 Months Ended
	Apr. 30, 2023
Segment Reporting [Abstract]
Information about Geographic Areas	Information about Geographic Areas We track and allocate revenues by principal geographic area rather than by individual country, which makes it impractical to disclose revenues for the United States or other specific foreign countries. We measure subscription services revenue primarily by the estimated location of the end users in each geographic area for our Commercial Solutions and primarily by the estimated location of usage in each geographic area for our R&D Solutions. We measure professional services revenue primarily by the location of the resources performing the professional services. Total revenues by geographic area were as follows for the periods shown below (in thousands): Three months ended April 30, 2023 2022 Revenues by geography North America $ 313,975 $ 294,771 Europe 142,423 138,962 Asia Pacific 55,577 57,713 Middle East, Africa, and Latin America 14,350 13,656 Total revenues $ 526,325 $ 505,102 Long-lived assets by geographic area are as follows as of the periods shown below (in thousands): April 30, January 31, Long-lived assets by geography North America $ 42,593 $ 42,003 Europe 5,179 5,336 Asia Pacific 880 963 Middle East, Africa, and Latin America 1,407 1,515 Total long-lived assets $ 50,059 $ 49,817

Summary of Business and Signi_2

Summary of Business and Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 30, 2023
Accounting Policies [Abstract]
Description of Business	Description of Business Veeva is the leading provider of industry cloud solutions for the global life sciences industry. 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	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, 2023, filed on March 30, 2023. 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, 2023 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, 2024 or any other period.
Use of Estimates	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; • the fair value of our stock-based awards. As future events cannot be determined with precision, actual results could differ significantly from those estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements 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. The new standard is effective for this fiscal year beginning on February 1, 2023. We adopted the new standard as of February 1, 2023 and there was no material impact to our financial statements.
Fair Value Measurements	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.
Net Income per Share	Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average shares outstanding, including potentially dilutive shares of common equivalents outstanding during the period. The dilutive effect of potential shares of common stock are determined using the treasury stock method. The computation of fully diluted net income per share of Class A common stock assumes the conversion from Class B common stock, while the fully diluted net income per share of Class B common stock does not assume the conversion of those shares.

Short-Term Investments (Tables)

Short-Term Investments (Tables)	3 Months Ended
	Apr. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Short-Term Investments	As of April 30, 2023, 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 $ 50,998 $ 17 $ (70) $ 50,945 Asset-backed securities 494,106 681 (4,658) 490,129 Commercial paper 97,755 — (226) 97,529 Corporate notes and bonds 1,257,327 2,451 (13,832) 1,245,946 Foreign government bonds 22,733 37 (402) 22,368 Municipal securities 61,247 76 (652) 60,671 U.S. agency obligations 74,067 126 (324) 73,869 U.S. treasury securities 484,575 374 (5,138) 479,811 Total available-for-sale securities $ 2,542,808 $ 3,762 $ (25,302) $ 2,521,268 As of January 31, 2023, 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 $ 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 U.S. agency obligations 32,995 4 (594) 32,405 U.S. treasury securities 321,946 265 (6,014) 316,197 Total available-for-sale securities $ 2,244,966 $ 2,555 $ (31,358) $ 2,216,163
Schedule of Estimated Fair Value of Short-Term Investments, Designated as Available-for-Sale and Classified by Contractual Maturity	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, January 31, Due in one year or less $ 962,994 $ 849,673 Due in greater than one year 1,558,274 1,366,490 Total $ 2,521,268 $ 2,216,163
Schedule of Fair Values and Gross Unrealized Loss Position of Available-for-Sale Securities Aggregated by Investment Category	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, 2023 (in thousands): Less than 12 months 12 months or greater Fair Gross Fair Gross Certificates of deposits $ 31,937 $ (62) $ 4,992 $ (8) Asset-backed securities 270,926 (2,516) 103,232 (2,142) Commercial paper 97,529 (226) — — Corporate notes and bonds 586,325 (5,280) 347,275 (8,552) Foreign government bonds 10,663 (113) 7,049 (289) Municipal securities 28,791 (217) 18,787 (435) U.S. agency obligations 29,645 (60) 24,734 (264) U.S. treasury securities 350,782 (3,305) 41,103 (1,833) 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, 2023 (in thousands): Less than 12 months Greater than 12 months Fair value Gross unrealized losses Fair Value Gross unrealized losses Certificates of deposits $ 15,934 $ (66) $ — $ — Asset-backed securities 293,854 (3,219) 78,279 (2,489) Commercial paper 144,741 (580) — — Corporate notes and bonds 604,264 (6,801) 370,969 (11,079) Foreign government bonds 11,284 (126) 11,827 (390) U.S. agency obligations 4,941 (61) 24,461 (533) U.S. treasury securities 210,246 (3,661) 63,422 (2,353)

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Apr. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consists of the following as of the dates shown (in thousands): April 30, January 31, Land $ 3,040 $ 3,040 Building 20,984 20,984 Land improvements and building improvements 22,392 22,392 Equipment and computers 2,220 2,233 Furniture and fixtures 13,968 13,995 Leasehold improvements 18,740 18,986 Construction in progress 1,859 302 83,203 81,932 Less accumulated depreciation (33,144) (32,115) Total property and equipment, net $ 50,059 $ 49,817

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Apr. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Details of Intangible Assets	The following schedule presents the details of intangible assets as of April 30, 2023 (dollar amounts in thousands): April 30, 2023 Gross carrying amount Accumulated amortization Net Remaining useful life (in years) Existing technology $ 28,580 $ (17,449) $ 11,131 2.7 Customer relationships 113,157 (53,089) 60,068 5.9 Trade name/trademarks 13,900 (9,929) 3,971 1.5 Other intangibles 21,405 (18,844) 2,561 2.8 Total intangible assets $ 177,042 $ (99,311) $ 77,731 The following schedule presents the details of intangible assets as of January 31, 2023 (dollar amounts in thousands): January 31, 2023 Gross Accumulated Net Remaining Existing technology $ 28,580 $ (16,418) $ 12,162 2.9 Customer relationships 113,157 (50,293) 62,864 6.1 Trade name/trademarks 13,900 (9,285) 4,615 1.8 Other intangibles 21,405 (18,570) 2,835 3.0 Total intangible assets $ 177,042 $ (94,566) $ 82,476
Schedule of Estimated Amortization Expense	As of April 30, 2023, the estimated amortization expense for intangible assets was as follows (in thousands): Fiscal Year Estimated Remaining for 2024 $ 14,713 2025 18,557 2026 14,147 2027 8,922 2028 7,778 Thereafter 13,614 Total $ 77,731

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Apr. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following as of the dates shown (in thousands): April 30, January 31, Accrued commissions $ 6,333 $ 11,240 Accrued bonus 3,235 3,484 Accrued vacation (1) 8,352 6,653 Payroll tax payable 18,325 16,229 Accrued other compensation and benefits 8,113 6,676 Total accrued compensation and benefits $ 44,358 $ 44,282 Accrued fees payable to Salesforce, Inc. 6,609 $ 6,653 Taxes payable 6,891 9,197 Accrued third-party professional services subcontractors' fees 1,855 2,597 Other accrued expenses 16,914 16,859 Total accrued expenses and other current liabilities $ 32,269 $ 35,306 (1) Represents accrued vacation primarily for international employees. Vacation does not accrue for most U.S. employees.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of April 30, 2023 (in thousands): Level 1 Level 2 Total Assets Cash equivalents: Money market funds $ 368,851 $ — $ 368,851 U.S. Treasury securities — 19,771 19,771 Commercial paper — 163,807 163,807 Corporate notes and bonds — 2,294 2,294 Short-term investments: Certificates of deposit — 50,945 50,945 Asset-backed securities — 490,129 490,129 Commercial paper — 97,529 97,529 Corporate notes and bonds — 1,245,946 1,245,946 Foreign government bonds — 22,368 22,368 Municipal securities — 60,671 60,671 U.S. agency obligations — 73,869 73,869 U.S. Treasury securities — 479,811 479,811 Foreign currency derivative contracts — 71 71 Total financial assets $ 368,851 $ 2,707,211 $ 3,076,062 The following table presents the fair value hierarchy for financial assets measured at fair value on a recurring basis as of January 31, 2023 (in thousands): Level 1 Level 2 Total Assets Cash equivalents: Money market funds $ 180,895 $ — $ 180,895 U.S. Treasury securities — 22,929 22,929 Corporate notes and bonds — 6,691 6,691 Short-term investments: Certificates of deposit — 37,963 37,963 Asset-backed securities — 442,958 442,958 Commercial paper — 154,525 154,525 Corporate notes and bonds — 1,207,964 1,207,964 Foreign government bonds — 24,151 24,151 U.S. agency obligations — 32,405 32,405 U.S. Treasury securities — 316,197 316,197 Foreign currency derivative contracts — 251 251 Total financial assets $ 180,895 $ 2,246,034 $ 2,426,929
Schedule of Fair Value of Outstanding Derivative Instruments	The fair value of our outstanding derivative instruments is summarized below (in thousands): April 30, January 31, Notional amount of foreign currency derivative contracts $ 51,929 $ 137,998 Fair value of foreign currency derivative contracts 52,207 137,860

Leases (Tables)

Leases (Tables)	3 Months Ended
	Apr. 30, 2023
Leases [Abstract]
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows (in thousands): Three months ended April 30, 2023 2022 Cash paid for operating lease liabilities $ 3,295 $ 2,566 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities — 1,599
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to operating leases was as follows (in thousands, except lease term and discount rate): April 30, 2023 January 31, 2023 Weighted Average Remaining Lease Term 6.6 years 6.7 years Weighted Average Discount Rate 4.2 % 4.2 %
Schedule of Maturity of Operating Lease Liabilities	As of April 30, 2023, remaining maturities of operating lease liabilities are as follows (in thousands): Fiscal Year Remaining for 2024 $ 5,645 2025 11,962 2026 9,950 2027 8,899 2028 8,412 Thereafter 24,245 Total operating lease payments 69,113 Less imputed interest (10,885) Total operating lease liabilities $ 58,228

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Apr. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of stock option activity for the three months ended April 30, 2023 is as follows: Number of shares Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate Options outstanding at January 31, 2023 11,503,409 $ 128.62 5.9 $ 705 Options granted 2,337,326 179.63 Options exercised (1,788,009) 8.52 Options forfeited/cancelled (176,500) 191.89 Options outstanding at April 30, 2023 11,876,226 $ 155.80 7.3 $ 459 Options vested and exercisable at April 30, 2023 4,791,383 $ 125.26 5.8 $ 316 Options vested and exercisable at April 30, 2023 and expected to vest thereafter 11,876,226 $ 155.80 7.3 $ 459
Schedule of Weighted-Average Assumptions Used to Estimate Grant Date Fair Value of Options Granted	The following table presents the weighted-average assumptions used to estimate the grant date fair value of options granted during the periods presented: Three months ended April 30, 2023 2022 Volatility 39% - 40% 37% - 38% Expected term (in years) 6.25 - 7.00 6.00 - 7.00 Risk-free interest rate 3.34% - 3.99% 1.86% - 2.82% Dividend yield —% —%
Schedule of Restricted Stock Unit (RSU) Activity	A summary of restricted stock unit (RSU) activity for the three months ended April 30, 2023 is as follows: Unreleased restricted stock units Weighted average grant date fair value Balance at January 31, 2023 1,103,679 $ 194.36 RSUs granted 1,080,491 179.56 RSUs vested (260,782) 198.77 RSUs forfeited/cancelled (37,647) 188.90 Balance at April 30, 2023 1,885,741 185.38

Net Income per Share (Tables)

Net Income per Share (Tables)	3 Months Ended
	Apr. 30, 2023
Earnings Per Share [Abstract]
Schedule of Numerators and Denominators of the Basic and Diluted EPS Computations for Common Stock	The numerators and denominators of the basic and diluted net income per share computations for our common stock are calculated as follows (in thousands, except per share data): Three months ended April 30, 2023 2022 Class A Class B Class A Class B Basic Numerator Net income, basic $ 119,574 $ 11,947 $ 90,548 $ 9,567 Denominator Weighted average shares used in computing net income per share, basic 145,332 14,520 139,749 14,765 Net income per share, basic $ 0.82 $ 0.82 $ 0.65 $ 0.65 Diluted Numerator Net income, basic $ 119,574 $ 11,947 $ 90,548 $ 9,567 Reallocation as a result of conversion of Class B to Class A common stock: Net income, basic 11,947 — 9,567 — Reallocation of net income to Class B common stock — 1,964 — 4,146 Net income, diluted $ 131,521 $ 13,911 $ 100,115 $ 13,713 Denominator Number of shares used for basic net income per share computation 145,332 14,520 139,749 14,765 Conversion of Class B to Class A common stock 14,520 — 14,765 — Effect of potentially dilutive common shares 2,669 2,669 7,414 7,414 Weighted average shares used in computing net income per share, diluted 162,521 17,189 161,928 22,179 Net income per share, diluted $ 0.81 $ 0.81 $ 0.62 $ 0.62
Schedule of Potential Common Share Equivalents Excluded where the Inclusion would be Anti-dilutive	Potential common share equivalents excluded where the inclusion would be anti-dilutive are as follows: Three months ended April 30, 2023 2022 Options and awards 5,749,358 2,295,241

Revenues by Product (Tables)

Revenues by Product (Tables)	3 Months Ended
	Apr. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Total Revenues	Total revenues consist of the following (in thousands): Three months ended April 30, 2023 2022 Subscription services Commercial Solutions $ 239,324 $ 227,724 R&D Solutions 175,222 174,908 Total subscription services $ 414,546 $ 402,632 Professional services Commercial Solutions $ 44,864 $ 43,321 R&D Solutions 66,915 59,149 Total professional services $ 111,779 $ 102,470 Total revenues $ 526,325 $ 505,102

Information about Geographic _2

Information about Geographic Areas (Tables)	3 Months Ended
	Apr. 30, 2023
Segment Reporting [Abstract]
Schedule of Revenues by Geographic Area	Total revenues by geographic area were as follows for the periods shown below (in thousands): Three months ended April 30, 2023 2022 Revenues by geography North America $ 313,975 $ 294,771 Europe 142,423 138,962 Asia Pacific 55,577 57,713 Middle East, Africa, and Latin America 14,350 13,656 Total revenues $ 526,325 $ 505,102
Schedule of Long-Lived Assets by Geographic Area	Long-lived assets by geographic area are as follows as of the periods shown below (in thousands): April 30, January 31, Long-lived assets by geography North America $ 42,593 $ 42,003 Europe 5,179 5,336 Asia Pacific 880 963 Middle East, Africa, and Latin America 1,407 1,515 Total long-lived assets $ 50,059 $ 49,817

Short-Term Investments - Schedu

Short-Term Investments - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 2,542,808	$ 2,244,966
Gross unrealized gains	3,762	2,555
Gross unrealized losses	(25,302)	(31,358)
Estimated fair value	2,521,268	2,216,163
Certificates of deposits
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	50,998	37,998
Gross unrealized gains	17	31
Gross unrealized losses	(70)	(66)
Estimated fair value	50,945	37,963
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	494,106	448,081
Gross unrealized gains	681	585
Gross unrealized losses	(4,658)	(5,708)
Estimated fair value	490,129	442,958
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	97,755	155,097
Gross unrealized gains	0	8
Gross unrealized losses	(226)	(580)
Estimated fair value	97,529	154,525
Corporate notes and bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	1,257,327	1,224,195
Gross unrealized gains	2,451	1,649
Gross unrealized losses	(13,832)	(17,880)
Estimated fair value	1,245,946	1,207,964
Foreign government bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	22,733	24,654
Gross unrealized gains	37	13
Gross unrealized losses	(402)	(516)
Estimated fair value	22,368	24,151
Municipal securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	61,247
Gross unrealized gains	76
Gross unrealized losses	(652)
Estimated fair value	60,671
U.S. agency obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	74,067	32,995
Gross unrealized gains	126	4
Gross unrealized losses	(324)	(594)
Estimated fair value	73,869	32,405
U.S. treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	484,575	321,946
Gross unrealized gains	374	265
Gross unrealized losses	(5,138)	(6,014)
Estimated fair value	$ 479,811	$ 316,197

Short-Term Investments - Sche_2

Short-Term Investments - Schedule of Estimated Fair Value of Short-Term Investments, Designated as Available-for-Sale and Classified by Contractual Maturity (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Due in one year or less	$ 962,994	$ 849,673
Due in greater than one year	1,558,274	1,366,490
Total	$ 2,521,268	$ 2,216,163

Short-Term Investments - Sche_3

Short-Term Investments - Schedule of Fair Values and Gross Unrealized Loss Position of Available-for-Sale Securities Aggregated by Investment Category (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Certificates of deposits
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair value	$ 31,937	$ 15,934
Less than 12 months, Gross unrealized losses	(62)	(66)
12 months or greater, Fair value	4,992	0
12 months or greater, Gross unrealized losses	(8)	0
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair value	270,926	293,854
Less than 12 months, Gross unrealized losses	(2,516)	(3,219)
12 months or greater, Fair value	103,232	78,279
12 months or greater, Gross unrealized losses	(2,142)	(2,489)
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair value	97,529	144,741
Less than 12 months, Gross unrealized losses	(226)	(580)
12 months or greater, Fair value	0	0
12 months or greater, Gross unrealized losses	0	0
Corporate notes and bonds
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair value	586,325	604,264
Less than 12 months, Gross unrealized losses	(5,280)	(6,801)
12 months or greater, Fair value	347,275	370,969
12 months or greater, Gross unrealized losses	(8,552)	(11,079)
Foreign government bonds
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair value	10,663	11,284
Less than 12 months, Gross unrealized losses	(113)	(126)
12 months or greater, Fair value	7,049	11,827
12 months or greater, Gross unrealized losses	(289)	(390)
Municipal securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair value	28,791
Less than 12 months, Gross unrealized losses	(217)
12 months or greater, Fair value	18,787
12 months or greater, Gross unrealized losses	(435)
U.S. agency obligations
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair value	29,645	4,941
Less than 12 months, Gross unrealized losses	(60)	(61)
12 months or greater, Fair value	24,734	24,461
12 months or greater, Gross unrealized losses	(264)	(533)
U.S. treasury securities
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair value	350,782	210,246
Less than 12 months, Gross unrealized losses	(3,305)	(3,661)
12 months or greater, Fair value	41,103	63,422
12 months or greater, Gross unrealized losses	$ (1,833)	$ (2,353)

Deferred Costs (Details)

Deferred Costs (Details) - USD ($)	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Jan. 31, 2023
Deferred Costs [Abstract]
Deferred costs	$ 23,166,000		$ 31,825,000
Amortization of deferred costs	5,000,000	$ 6,000,000
Impairment losses recorded in relation to the costs capitalized	$ 0	$ 0

Property and Equipment, Net - C

Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 83,203	$ 81,932
Less accumulated depreciation	(33,144)	(32,115)
Total property and equipment, net	50,059	49,817
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,040	3,040
Building
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,984	20,984
Land improvements and building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22,392	22,392
Equipment and computers
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,220	2,233
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,968	13,995
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,740	18,986
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,859	$ 302

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 1	$ 2

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Jan. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Goodwill	$ 439,877		$ 439,877
Amortization expense	$ 5,000	$ 5,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Details of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 30, 2023	Jan. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 177,042	$ 177,042
Accumulated amortization	(99,311)	(94,566)
Total	77,731	82,476
Existing technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,580	28,580
Accumulated amortization	(17,449)	(16,418)
Total	$ 11,131	$ 12,162
Remaining useful life (in years)	2 years 8 months 12 days	2 years 10 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 113,157	$ 113,157
Accumulated amortization	(53,089)	(50,293)
Total	$ 60,068	$ 62,864
Remaining useful life (in years)	5 years 10 months 24 days	6 years 1 month 6 days
Trade name/trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 13,900	$ 13,900
Accumulated amortization	(9,929)	(9,285)
Total	$ 3,971	$ 4,615
Remaining useful life (in years)	1 year 6 months	1 year 9 months 18 days
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 21,405	$ 21,405
Accumulated amortization	(18,844)	(18,570)
Total	$ 2,561	$ 2,835
Remaining useful life (in years)	2 years 9 months 18 days	3 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Remainder for 2024	$ 14,713
2025	18,557
2026	14,147
2027	8,922
2028	7,778
Thereafter	13,614
Total	$ 77,731	$ 82,476

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Payables and Accruals [Abstract]
Accrued commissions	$ 6,333	$ 11,240
Accrued bonus	3,235	3,484
Accrued vacation	8,352	6,653
Payroll tax payable	18,325	16,229
Accrued other compensation and benefits	8,113	6,676
Total accrued compensation and benefits	44,358	44,282
Accrued fees payable to Salesforce, Inc.	6,609	6,653
Taxes payable	6,891	9,197
Accrued third-party professional services subcontractors' fees	1,855	2,597
Other accrued expenses	16,914	16,859
Total accrued expenses and other current liabilities	$ 32,269	$ 35,306

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Assets
Short-term investments	$ 2,521,268	$ 2,216,163
U.S. Treasury securities
Assets
Short-term investments	479,811	316,197
Commercial paper
Assets
Short-term investments	97,529	154,525
Corporate notes and bonds
Assets
Short-term investments	1,245,946	1,207,964
Certificates of deposit
Assets
Short-term investments	50,945	37,963
Asset-backed securities
Assets
Short-term investments	490,129	442,958
Foreign government bonds
Assets
Short-term investments	22,368	24,151
Municipal securities
Assets
Short-term investments	60,671
U.S. agency obligations
Assets
Short-term investments	73,869	32,405
Fair value, measurements recurring
Assets
Total financial assets	3,076,062	2,426,929
Fair value, measurements recurring | Money market funds
Assets
Cash equivalents:	368,851	180,895
Fair value, measurements recurring | U.S. Treasury securities
Assets
Cash equivalents:	19,771	22,929
Short-term investments	479,811	316,197
Fair value, measurements recurring | Commercial paper
Assets
Cash equivalents:	163,807
Short-term investments	97,529	154,525
Fair value, measurements recurring | Corporate notes and bonds
Assets
Cash equivalents:	2,294	6,691
Short-term investments	1,245,946	1,207,964
Fair value, measurements recurring | Certificates of deposit
Assets
Short-term investments	50,945	37,963
Fair value, measurements recurring | Asset-backed securities
Assets
Short-term investments	490,129	442,958
Fair value, measurements recurring | Foreign government bonds
Assets
Short-term investments	22,368	24,151
Fair value, measurements recurring | Municipal securities
Assets
Short-term investments	60,671
Fair value, measurements recurring | U.S. agency obligations
Assets
Short-term investments	73,869	32,405
Fair value, measurements recurring | Foreign currency derivative contracts
Assets
Short-term investments	71	251
Fair value, measurements recurring | Level 1
Assets
Total financial assets	368,851	180,895
Fair value, measurements recurring | Level 1 | Money market funds
Assets
Cash equivalents:	368,851	180,895
Fair value, measurements recurring | Level 1 | U.S. Treasury securities
Assets
Cash equivalents:	0	0
Short-term investments	0	0
Fair value, measurements recurring | Level 1 | Commercial paper
Assets
Cash equivalents:	0
Short-term investments	0	0
Fair value, measurements recurring | Level 1 | Corporate notes and bonds
Assets
Cash equivalents:	0	0
Short-term investments	0	0
Fair value, measurements recurring | Level 1 | Certificates of deposit
Assets
Short-term investments	0	0
Fair value, measurements recurring | Level 1 | Asset-backed securities
Assets
Short-term investments	0	0
Fair value, measurements recurring | Level 1 | Foreign government bonds
Assets
Short-term investments	0	0
Fair value, measurements recurring | Level 1 | Municipal securities
Assets
Short-term investments	0
Fair value, measurements recurring | Level 1 | U.S. agency obligations
Assets
Short-term investments	0	0
Fair value, measurements recurring | Level 1 | Foreign currency derivative contracts
Assets
Short-term investments	0	0
Fair value, measurements recurring | Level 2
Assets
Total financial assets	2,707,211	2,246,034
Fair value, measurements recurring | Level 2 | Money market funds
Assets
Cash equivalents:	0	0
Fair value, measurements recurring | Level 2 | U.S. Treasury securities
Assets
Cash equivalents:	19,771	22,929
Short-term investments	479,811	316,197
Fair value, measurements recurring | Level 2 | Commercial paper
Assets
Cash equivalents:	163,807
Short-term investments	97,529	154,525
Fair value, measurements recurring | Level 2 | Corporate notes and bonds
Assets
Cash equivalents:	2,294	6,691
Short-term investments	1,245,946	1,207,964
Fair value, measurements recurring | Level 2 | Certificates of deposit
Assets
Short-term investments	50,945	37,963
Fair value, measurements recurring | Level 2 | Asset-backed securities
Assets
Short-term investments	490,129	442,958
Fair value, measurements recurring | Level 2 | Foreign government bonds
Assets
Short-term investments	22,368	24,151
Fair value, measurements recurring | Level 2 | Municipal securities
Assets
Short-term investments	60,671
Fair value, measurements recurring | Level 2 | U.S. agency obligations
Assets
Short-term investments	73,869	32,405
Fair value, measurements recurring | Level 2 | Foreign currency derivative contracts
Assets
Short-term investments	$ 71	$ 251

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Realized foreign currency gain	$ 2	$ 4

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Outstanding Derivative Instruments (Details) - Foreign currency derivative contracts - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Derivatives, Fair Value [Line Items]
Notional amount of foreign currency derivative contracts	$ 51,929	$ 137,998
Fair value of foreign currency derivative contracts	$ 52,207	$ 137,860

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rates	(43.30%)	23.20%
Excess tax benefits in provision from employee stock plans	$ 64	$ 5

Deferred Revenue, Performance_2

Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022	Jan. 31, 2023
Disaggregation of Revenue [Line Items]
Unbilled accounts receivable	$ 38,070		$ 82,174
Subscription services
Disaggregation of Revenue [Line Items]
Recognition of deferred revenue	354,000	$ 294,000
Unbilled accounts receivable	5,000		50,000
Professional services and other
Disaggregation of Revenue [Line Items]
Unbilled accounts receivable	$ 33,000		$ 32,000

Deferred Revenue, Performance_3

Deferred Revenue, Performance Obligations, and Unbilled Accounts Receivable - Performance Obligation Duration (Details) - Subscription services $ in Millions	Apr. 30, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Revenue expected to be recognized from remaining performance obligations	$ 1,225
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-05-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	92%
Revenue, remaining performance obligation, recognition period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, recognition period

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Leases [Line Items]
Operating lease expense	$ 4	$ 3
Maximum
Leases [Line Items]
Operating leases, options to extend leases term	9 years
Finance leases, options to extend leases term	9 years

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Leases [Abstract]
Cash paid for operating lease liabilities	$ 3,295	$ 2,566
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 1,599

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details)	Apr. 30, 2023	Jan. 31, 2023
Operating Leases
Weighted Average Remaining Lease Term	6 years 7 months 6 days	6 years 8 months 12 days
Weighted Average Discount Rate	4.20%	4.20%

Leases- Maturities of Lease Lia

Leases- Maturities of Lease Liabilities (Details) $ in Thousands	Apr. 30, 2023 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining for 2024	$ 5,645
2025	11,962
2026	9,950
2027	8,899
2028	8,412
Thereafter	24,245
Total operating lease payments	69,113
Less imputed interest	(10,885)
Total operating lease liabilities	$ 58,228

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 30, 2023 USD ($) vote $ / shares shares	Jan. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Votes per share | vote	1
Unrecognized compensation cost related to unvested stock options granted	$ 483
Intrinsic value of options exercised	$ 303
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares) | shares	145,701,957	143,693,009
Class B common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares) | shares	14,498,275	14,551,598
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of options granted (in usd per share) | $ / shares	$ 80.51
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of unvested stock (in years)	2 years 10 months 24 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of unvested stock (in years)	1 year 8 months 12 days
Unrecognized compensation cost related to unvested RSUs	$ 300
Total intrinsic value, vested	$ 48

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Apr. 30, 2023	Jan. 31, 2023
Number of shares
Options outstanding, beginning balance (in shares)	11,503,409
Options granted (in shares)	2,337,326
Options exercised (in shares)	(1,788,009)
Options forfeited/cancelled (in shares)	(176,500)
Options outstanding, ending balance (in shares)	11,876,226	11,503,409
Options vested and exercisable (in shares)	4,791,383
Options vested and exercisable and expected to vest thereafter (in shares)	11,876,226
Weighted average exercise price
Options outstanding, beginning balance (in usd per share)	$ 128.62
Options granted (in usd per share)	179.63
Options exercised (in usd per share)	8.52
Options forfeited/cancelled (in usd per share)	191.89
Options outstanding, ending balance (in usd per share)	155.80	$ 128.62
Options vested and exercisable (in usd per share)	125.26
Options vested and exercisable and expected to vest thereafter (in usd per share)	$ 155.80
Weighted average remaining contractual term (in years), Options outstanding	7 years 3 months 18 days	5 years 10 months 24 days
Weighted average remaining contractual term (in years), Options vested and exercisable	5 years 9 months 18 days
Weighted average remaining contractual term (in years), Options vested and exercisable and expected to vest thereafter	7 years 3 months 18 days
Aggregate intrinsic value (in millions)
Options outstanding	$ 459	$ 705
Options vested and exercisable	316
Options vested and exercisable and expected to vest thereafter	$ 459

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Weighted-Average Assumptions Used to Estimate Grant Date Fair Value of Options Granted (Details) - Stock Options	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, minimum	39%	37%
Volatility, maximum	40%	38%
Risk-free interest rate, Minimum	3.34%	1.86%
Risk-free interest rate, Maximum	3.99%	2.82%
Dividend yield	0%	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 3 months	6 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	7 years	7 years

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Restricted Stock Unit (RSU) Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Apr. 30, 2023 $ / shares shares
Unreleased restricted stock units
Beginning balance (in shares) | shares	1,103,679
RSUs granted (in shares) | shares	1,080,491
RSUs vested (in shares) | shares	(260,782)
RSUs forfeited/cancelled (in shares) | shares	(37,647)
Ending balance (in shares) | shares	1,885,741
Weighted  average grant date fair value
Beginning balance (in usd per share) | $ / shares	$ 194.36
RSUs granted (in usd per share) | $ / shares	179.56
RSUs vested (in usd per share) | $ / shares	198.77
RSUs forfeited/cancelled (in usd per share) | $ / shares	188.90
Ending balance (in usd per share) | $ / shares	$ 185.38

Net Income per Share - Numerato

Net Income per Share - Numerators and Denominators of the Basic and Diluted EPS Computations for Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Weighted average shares used in computing net income per share, basic (in shares)	159,852	154,514
Net income per share, basic (in usd per share)	$ 0.82	$ 0.65
Reallocation as a result of conversion of Class B to Class A common stock:
Weighted average shares used in computing net income per share, diluted (in shares)	162,521	161,928
Net income per share, diluted (in usd per share)	$ 0.81	$ 0.62
Class A common stock
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net income, basic	$ 119,574	$ 90,548
Weighted average shares used in computing net income per share, basic (in shares)	145,332	139,749
Net income per share, basic (in usd per share)	$ 0.82	$ 650
Reallocation as a result of conversion of Class B to Class A common stock:
Net income, basic	$ 11,947	$ 9,567
Reallocation of net income to Class B common stock	0	0
Net income, diluted	$ 131,521	$ 100,115
Conversion of Class B to Class A common stock (in shares)	14,520	14,765
Effect of potentially dilutive common shares (in shares)	2,669	7,414
Weighted average shares used in computing net income per share, diluted (in shares)	162,521	161,928
Net income per share, diluted (in usd per share)	$ 0.81	$ 0.62
Class B common stock
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net income, basic	$ 11,947	$ 9,567
Weighted average shares used in computing net income per share, basic (in shares)	14,520	14,765
Net income per share, basic (in usd per share)	$ 0.82	$ 650
Reallocation as a result of conversion of Class B to Class A common stock:
Net income, basic	$ 0	$ 0
Reallocation of net income to Class B common stock	1,964	4,146
Net income, diluted	$ 13,911	$ 13,713
Conversion of Class B to Class A common stock (in shares)	0	0
Effect of potentially dilutive common shares (in shares)	2,669	7,414
Weighted average shares used in computing net income per share, diluted (in shares)	17,189	22,179
Net income per share, diluted (in usd per share)	$ 0.81	$ 0.62

Net Income per Share - Potentia

Net Income per Share - Potential Common Share Equivalents Excluded where the Inclusion would be Anti-dilutive (Details) - shares	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Earnings Per Share [Abstract]
Options and awards (in shares)	5,749,358	2,295,241

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 13, 2017 USD ($)
IQVIA Litigation Matter | Minimum
Long-term Purchase Commitment [Line Items]
Monetary damages	$ 200

Revenues by Product - Schedule

Revenues by Product - Schedule of Total Revenues (Details) $ in Thousands	3 Months Ended
	Apr. 30, 2023 USD ($) product_area	Apr. 30, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Number of product areas | product_area	2
Total revenues	$ 526,325	$ 505,102
Total subscription services
Disaggregation of Revenue [Line Items]
Total revenues	414,546	402,632
Commercial Solutions
Disaggregation of Revenue [Line Items]
Total revenues	239,324	227,724
R&D Solutions
Disaggregation of Revenue [Line Items]
Total revenues	175,222	174,908
Total professional services
Disaggregation of Revenue [Line Items]
Total revenues	111,779	102,470
Commercial Solutions
Disaggregation of Revenue [Line Items]
Total revenues	44,864	43,321
R&D Solutions
Disaggregation of Revenue [Line Items]
Total revenues	$ 66,915	$ 59,149

Information about Geographic _3

Information about Geographic Areas - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	Apr. 30, 2022
Revenues by geography
Total revenues	$ 526,325	$ 505,102
North America
Revenues by geography
Total revenues	313,975	294,771
Europe
Revenues by geography
Total revenues	142,423	138,962
Asia Pacific
Revenues by geography
Total revenues	55,577	57,713
Middle East, Africa, and Latin America
Revenues by geography
Total revenues	$ 14,350	$ 13,656

Information about Geographic _4

Information about Geographic Areas - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 31, 2023
Long-lived assets by geography
Total long-lived assets	$ 50,059	$ 49,817
North America
Long-lived assets by geography
Total long-lived assets	42,593	42,003
Europe
Long-lived assets by geography
Total long-lived assets	5,179	5,336
Asia Pacific
Long-lived assets by geography
Total long-lived assets	880	963
Middle East, Africa, and Latin America
Long-lived assets by geography
Total long-lived assets	$ 1,407	$ 1,515