VEEVA SYSTEMS INC Earnings Per Share Disclosure
| Fiscal year ended January 31, | |||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||
Common | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
| Basic | |||||||||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||||||||
| Net income, basic | $ | 714,138 | $ | 491,747 | $ | 33,958 | $ | 441,425 | $ | 46,281 | |||||||||||||||||||
| Denominator | |||||||||||||||||||||||||||||
| Weighted average shares used in computing net income per share, basic | 161,879 | 150,162 | 10,370 | 140,640 | 14,745 | ||||||||||||||||||||||||
| Net income per share, basic | $ | 4.41 | $ | 3.27 | $ | 3.27 | $ | 3.14 | $ | 3.14 | |||||||||||||||||||
| Diluted | |||||||||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||||||||
| Net income, basic | $ | 714,138 | $ | 491,747 | $ | 33,958 | $ | 441,425 | $ | 46,281 | |||||||||||||||||||
| Reallocation as a result of conversion of Class B to Class A common stock: | |||||||||||||||||||||||||||||
| Net income, basic | — | 33,958 | — | 46,281 | — | ||||||||||||||||||||||||
| Reallocation of net income to Class B common stock | — | — | 8,887 | — | 19,163 | ||||||||||||||||||||||||
| Net income, diluted | $ | 714,138 | $ | 525,705 | $ | 42,845 | $ | 487,706 | $ | 65,444 | |||||||||||||||||||
| Denominator | |||||||||||||||||||||||||||||
| Number of shares used for basic net income per share computation | 161,879 | 150,162 | 10,370 | 140,640 | 14,745 | ||||||||||||||||||||||||
| Conversion of Class B to Class A common stock | — | 10,370 | — | 14,745 | — | ||||||||||||||||||||||||
| Effect of potentially dilutive common shares | 3,353 | 2,954 | 2,954 | 7,052 | 7,052 | ||||||||||||||||||||||||
| Weighted average shares used in computing net income per share, diluted | 165,232 | 163,486 | 13,324 | 162,437 | 21,797 | ||||||||||||||||||||||||
| Net income per share, diluted | $ | 4.32 | $ | 3.22 | $ | 3.22 | $ | 3.00 | $ | 3.00 | |||||||||||||||||||
| Fiscal year ended January 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Options and RSUs | 8,609 | 6,083 | 3,945 | ||||||||||||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.