Veeva Systems (VEEV) 30 May 242025 Q1 Earnings call transcript

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Veeva Systems Fiscal 2025 First Quarter Results Conference Call. [Operator Instructions] I would now like to turn the call over to Gunnar Hansen, Senior Director, Investor Relations. Please go ahead. .

to the XXXX XXXX. quarter welcome Conference Quarter and for Call ended afternoon, Veeva's First fiscal Earnings Good April XX,

Shawah, a Executive call p.m. today Chief Peter prepared Commercial website posted Tim to With read EVP, you've reminder, me Veeva's the chance Officer; used As Relations call. Gassner, Cabral, primarily before Investor Q&A. Today's had remarks a are just be and today. our for Interim Pacific on X:XX Paul Q&A them Chief We will hope Strategy; after our we Officer. for Financial

call, statements financial current to expectations and and business, strategies may be These this various During of guidance views and risks including we will make our results. regarding trends, the on subject performance anticipated forward-looking are forward-looking our uncertainties. future and regarding statements the based

XX-K. refer Our the filing risk included actual in to our release risks listed Form materially. may recent and differ our earnings factors results most Please in on

our call as public Forward-looking us during statements. being in on obligation call or may If facts during presented not or so to on available the after Veeva the today's during of XXXX, information. XX, contain any information is statements based this the today, disclaims the discuss accurate do revise We today, any quarter today. we or to May a call our viewed the made are but will performance update guidance replayed not current updates further made or forward-looking we may unless call, on guidance forum. provide any

are today's release the reconciliation on comparable aid our in found be non-GAAP certain financial GAAP which On believe metric website. supplemental available both the we results. also can the our call, discuss may presentation, of in earnings that we understanding and investor to of A metrics in

thank call to that, us, the and turn over for I'll you joining With Peter.

of our to the results the Gunnar, you, start with the quarter It strong $XXX a income above and guidance. year, in Thank call. Total was million, was million. with welcome, revenue operating $XXX everyone, to non-GAAP

in As revenue macro $XX our execute X and as from saw products. In continued of multiple wins Data $X.XX XX for remarks, And we environment spans I making Vault adoption in and Cloud, momentum in great deliver Despite challenging. reduced continue with we're Commercial, areas we've our about all on to $X.XX by Development including billion Cloud to that progress R&D, full Cloud billion early year shared well remains million strong. headwinds, is prepared top business the customer CRM Compass in our we Commercial biopharma success. macro guidance

a We product strategy durable have are building of your a a We'll questions. now to and compelling long open with up very and runway call the clear company growth.

Joe line Vruwink from of first [Operator the Baird. comes Instructions] Your question with

from customers you're the deal to in Maybe to through when that just of versus the the to much you're mentioned making stakeholder How then about factors what R&D some change programs indications of is are that it timing curious, are the to other subscription million. of And timing, set comes outlook at start letter? these the year-end. hearing $XX deal come

ultimately, FY perhaps? So in 'XX lost, contributors but than more not 'XX they're they're

Joe, Thanks question. here. Yes. the Tim for

And the enterprise it's discussed. roughly business. XX% related services you enterprise to we Overall, that Peter, enterprise Joe, there, want a if remainder of subscription question you to As take to reduction to that the you do to XX% on include little the business. is on related XX% other it -- more asked. over the the to the is timing relates And SMB deal the R&D a in the the side, and

in systems we're that terms core selling. these normally are And of Sure. these deals,

be are upgraded, going time. are So that to need to enhanced systems these modernized, over

good. really not is We're just So these our deferred. deals, losing position getting competitive

Now on based customer a in lot discussions. of the that's of individual that's exact timing, and forecast our terms

our the knowledge time. to best accurate that's at So this of

you That's weeks big updates And CRM like both Veeva, Okay. I you There great. feedback from Commercial of you a focus with engagement plan of then any are Summit? afterwards to processes. the approach few say the on from ago. in how both good or a then migration from good tools partners there partners few kind quite the and framework What new And would were found products wanted to about that also notable? terms just the Summit from customers to takeaways sounds with ask

Yes. the Paul. this Joe, question. for is Thanks

So say from great we variety brought XX people I Summit wide industry companies. customers those from a of in we areas together different X,XXX over across as operations, all a marketing, -- really had the great was success would and IT, areas sales over event, we had XXX presenting about a pretty -- across

So pretty CRM what broad-based, covering content. Compass commercial in from everything Crossix, we're and doing

of lot couple takeaways. a I say would event, big kind momentum. of So great of

in area, it's our data, is with more finding customers, of the Compass. had cloud One how in quality operate how they data. they're the talking a customers terms specifically the and business of patients, doing what lot data We changing patient in about finding of changing more and

testimonials adding. good So it's Compass really value had customers some the specific and from that about and partners

talked something sales, the is event. area. doing the So one, would I And We're vision in and our the foundationally marketing say, certainly different there. a of was medical. for Compass about We CRM highlight other unifying

in number enthused in been of those core area content strategy we of supply our from now involved, being really CRM excited hasn't and Vault. was That together single We're the of bringing everything all innovations customers a AI but chain. That CRM the before. rethinking our really strategy, the done a to [indiscernible] announced whole

different a say our Center So a Campaign them. momentum innovations and demoed Manager, have areas, we new of that there, number of in I'd different excitement. also products, lot create we the which Service

space, And to demos showing them, about now faster I was that CRM in getting going they maybe and to stage up CRM, So so talking getting guess it had we're both innovation to on just wrap year. top third them after Vault commitment XX the or moved, innovation about of are the year our which this we on within available a why announcing train. their be --

momentum, announcements So positive lot customers. our product really in about number different of feedback in a from extremely lot Commercial. successful of areas. signals event, of good strategy of overall a a our clear But the was Lots

how So things happy with went.

Jaluria Your with line comes of from next Rishi question RBC. the

both? work I prepared AI. plans bit you want enterprises we exactly in with their large you little our Peter, does In manifesting is lot some on Can you. a to as alongside And on AI least of trusted picked is companies And FY we guidance through be they to Is specific? on a that clinical? commercial? on at their mentioned How Is that, 'XX in strategy. that think of about vendors conversations your one with up maybe wanting strategy, remarks, Wonderful. Is more on what what had mean? the increasingly disruption impacts with are itself? overall that start their that as your as AI that work

I've help Tim. a such you the companies plan you an do then got for that life to using quick strategy? how industry, And are position that with on to follow-up sciences their . AI partner important Given

see. Let's

mean part that. by So the first what it disruption, of we is the

more scene burst you a than So look a -- so, at the causes upon AI Gen that very AI. or year if little ago, it accessible. year really wiht became a And

You ] a could that saw question. it XX try answer on [ on and could log you minutes, it yourself,

larger in enterprises. pressure So our a lot that of caused

as On a IT we about the to department, Gen department what AI pharmaceutical our large company, biotech, the about IT hey, we and land do that What's companies. are these strategy would going of AI? in

of much. have other customers to other more things. they budget things these get or get a that for operational efficiencies land large of of people, they're for that very could looking companies, But kind doesn't with smaller through in Now pertinent, AI to about, They the of ahead they so tens the and have game. potentially stressful smaller SMB think thousands

had our customers, meant existing hey, we competing that plans. word So through a that I by priority disruption the some into

this to would of to do use on we budget for experimentation, thing. we who's on to going AI, that, innovation, where what do are type plan Now that, what we're going on we that have going to spend

to that of an ] switching take some So on core impact [ systems. would

project, Now a pent-up won't those core systems will you core systems, can it all when demand. these because of it but we a get delay it that delay but of create that type you somewhat things impact, need, does is them, stop are

then, vaccines a from years came bit of types a That ago. guess, a disruption, okay, good dynamics home, the a and that pandemic whole set of of and there all core ] few and was things Rishi, [ focus created a COVID, which therapies it take with list the then different I created work off priorities, with again. parallel back systems

That's there. answer part. first the the that's So

specific strategy, terms information, action, they're to In applications planning, applications AI develop very very for specific AI partners going applications. AI very of because to to Gen cases, pre-call strategy to going use really it's enable be applications, customers what the AI be and our They're is specific whether field their have next you.

one to everywhere. has from data. it the And innovation is of clean come things That needs

AI these clean, data. concurrent need applications of All fast

API, Vault April, the about about and actually, on data in Direct was and that provides consistent did the XXXx a ago, released of new this platform started one is put the So X years things API. Data than just API that we normal called faster concurrent

going great thing. So think be to that's that's I a --

customers, by long because But the Veeva the really deliver applications Now when that's on developed the we for versus by for foundation our concentrating probably APIs partners -- by the as only look that time, what system really can that to some core data, customers. our those over will and of well. some Veeva term, that's we're the be some

what on. we're that's So focused

.

key too. trust, Veeva wrote a part down. You That's talked of about I that

We have that trust.

to that trust. We to have continue earn

that speculative. don't don't the is have. are we definitely We valuable really trust over we things The most thing get too promise. So into

application use Gen will partner do, that be can we in AI get where, we'll into trusted to sure be do great have targeted and a it there's not case we're a that that when might hey, because So solved an area really pretty okay, step if we do position. an we by be AI we it, that's

In I of macro appreciate I Peter. helpful I the a services, the is right, moving to I And here. we've kind color. All this software that going won't rough is give confidence mostly words, little past the I the there's throughout cut. of pieces. lower quarters. enough guide as several see seen with we guess of guide-downs it's us see further cut, a conservative cuts to We've understand FX, a from would want and assumptions we're that over the guidance, down. macro, little big then, out into enough the of earnings last that really incremental It's in other think not really question lot bit delve bit had but there. just about Tim, and season. is That's conservative outlook What it not another

the Thanks, question. Yes. Rishi, For

think a for guidance so second. back our stepping just I philosophy,

has Our been information consistent. to not about guidance our it. us look inform we I to in We We're philosophy that very that's changed guidance, the and have necessarily. thoughtful think

look that customer with the and those to on we in that things. Peter of thoughtful so work our in insights we we're earlier as a terms them As at number again, because forecast, specifically terms of our closely talked data, of very we have, sales base about --

that materially, other macro today, we impact and here. or Rishi. have to the best if information promise continue sciences won't things is this Look, deteriorate that that that have has we we've life you informs impact an But a something to do again, we to given guidance material the can't

Next question Dylan with line comes from the William Blair. Becker of

maybe of enterprise you're larger for of like and Peter, Maybe some what top able faster. the seeing customers those versus quarter. those pair bit those kind some the Maybe kind wanted opportunity you. of impacts of delay between that the R&D disruptions and in looks are of divergence to you're to feeling a move versus that leverage momentum areas some and talking about the some decisioning what in some of are healthy I from of disruptions adoption comments are clinical XX the the

spending to learning there and Yes, top and I it's there's XX that more in top patterns. general such XX because really proof AI only say XX, you situations customer-specific some R&D not a what concepts you're the I referring are the large number would some would make spending and in is of are and can on it's companies less. say experimentation

this timing. just customers So many needs then that's area think some one in thing. have is And or that with of I Timing, these area.

So particular there. pattern there's no

then to Okay. That's Paul, over maybe, helpful. And switching you.

cross-functional up in here. how data and medical. a can kind much sales you over out for multiyear understand emphasis seeing likely maybe step of innovation journey further mean time marketing, the guys a value potential is called order and it's getting collaboration here? this showing an that I the the as are that And and for between strength what commercial You of But commercial first side? opportunities creation unlock value in that

is long Yes. journey, This long-term and vision. really a It's a it's term. a

build I we exact they taking same have can one lot that customer we're now different systems. operated platform, at example. operate [indiscernible] functional been think are them marketing able in the we the And literally separate. doing, time. so separate same same record areas on into we're They've They've these operated historically, and what the Vault opportunity all in to building because silos, as the of have sales a we're them

So things can more more can as example, involved time, sales see what in marketing real be become sales campaign doing. marketing collaborative, is one exactly a

new new Center, some -- which So for and manager, of the -- is the course, we of announced it's hybrid campaign way it's but a and operating, like also that products sales through for are of then we've is in team. inside that center Service enabling call reps which the marketing our new reps, a

in about building all a together. way it they them, That's doing different we're And very way by to the think it. live

have with start midsized over sooner. time, sooner. move and CRM, that for They'll move who to advantage customers likely will new something able to be will a Vault larger advantage able And this. And it are to we Vault on be customers. that likely to So customers journey. of take be will will they'll then take small It be this of -- multiyear

this a thing. of So journey, kind you get innovation but operate. of you how change multiyear Vault to When ability foundational all CRM, this a have this and to is you it's on access to

So we're excited here. about the potential long-term

with . from question Oppenheimer Wong & comes next Your the Ken of line Company.

of line? existing one This was in I see Vault might or surprised live. feedback then early were to customers? customers wins and CRM future how was terms with maybe that from CRM go-lives the multiple these to customers implementation already time Peter And Paul, your What impact new engagements go-live

product first, the great And to so we customers. we CRM as Yes. April -- to made sole, able Vault it's The -- X, really of then additional in have sell progress the to be it's solution. go-forward

after customer will Vault X new every April So be on CRM.

to period testament come a it's So such short the far product a in time. has how of

from So execution Team the we're a -- also the team needs. that standpoint. But running. and Services getting the it and product to the from up a testament their it's of well And meeting executing is broader the feedback customers product it's and works

are Now of these them them, pre-commercial some companies. are smaller many companies, of

they're good using of the to system. us doing somewhat So it's but requirements, a little their that foundation and kinds early expand. well for creating more requirements And market, are in a bit simpler they're

start we more somewhere. that's foundation a migrate customers, We now to we're the for the period of time. vast the and and expect You to of started, to majority to industry expanding have what over and more

a Vault we're it's good success the so happy adoption So and really the with CRM. and far with customer milestone,

revenue to cut of characterize billings on being to subscription that pieces Perfect. portion the cut, $X $XX Is the subscription with moving it there. fair the the fairly and Okay. side, Tim, cut? million consistent revenue then quickly, of billing And lots million the

out in have yen roughly in the million pieces the perspective $XX FX a we down a the days. impacted an it's was reduction in And that euro The revenue, then headwind X services the our guide major called Ken. as from and weaker million last $XX the Ken, ballpark. billings yes, little our gotten XX

from comes with Berenshteyn question Securities. of next Your Wells . Stanislav line the Fargo

Paul. first Peter or Maybe for

traction to talk the there fact You to if called customer revenue a a mentioned had on through you that also pivot out demand, great prepared recurring And can segment a the touch in just the model. maybe you goal Can think I remarks you've historically, quarter. more and trends? the market Crossix

great Just well. any on be that updates would as

Sure, Yes. Stan.

that and to marketing referred and more optimization. as to stream. That's think the specifically would side, early X and optimization trying we enterprise one well of in marketing the about I license that. it the and we're those move we of Crossix, perform days as and parts to audiences, that in agreement a stable there's the So type There's businesses Crossix business. both of And

We have first foundationally of their for moved all measure well brands really across optimize to had them allows to be our marketing. use It to them. and their to that. customer able Crossix working kind It's

works that well. So

We a not want do customers. going time. value that But in will to unnatural. to over anything and It's to that continue do make creates it's focus way we customer-friendly sure on our -- that something we're it for

the become We the have market product more best healthy. there has and

So well we that we're couple that's at whole audiences, and over the in invested that lot on And Crossix a then off. side. past of years, more paying executing

a best know healthy. targeted have reaches how combine your so you consumer precise you for right also what health is, it product become great in we patient the get that really those get and of audiences. the there market to don't reach population. product. data media, And and it's We more and media We has precise your more to the have And

both So the the that and business. proud of execution of innovation sides the done in we're we've Crossix

quick And appreciate I follow-up color. a the then maybe Got it. for Tim.

the driver on lots year more out subscriptions. anything to of cloud there expectations. Obviously, specific full but quarter, upside the in to of is a constructive your commercial guidance of in developments So call terms bit

the specific seeing upside Paul, upside drove the consistent in upside Crossix business . I most or you question that we we say in somewhat broad-based just it's gave. Dan, guidance with asked, our related to recent would Yes, the are

Barclays. comes Your line from next the question Stephanie Davis with of

I evolution bit given of a this Compass just of quarter. a was hoping bunch about the call did little to healthy new talk you wins

big when that about about of ] you have talked what of given data? you data differentiation think wins out, you kind So the about restrictions. into I quarter? on building And this [ the and that areas did first play the called thought differentiations X applications data the speed How

Vault is Stephanie, this Compass very innovative. is it say Peter, in compass would introduced as I'll XXXX. that. is take when innovative we as I was

new had to things everybody there So adjust doing And at different. and a it. it first because to it and of so people way so not got was new was

So was the we Lipitor, in than with They retail much retail more much so of The different. early started others, get at selling IQVIA the largest Compass. adopters. thing pharmacy, where hospital different past, Today, It's as through drug Drugs the as what pharmacy. from pharmacy it were come same administered, in in-office the just it's complex. and care is system IQVIAs the you done health days had fundamentally right? specialty they're and administered well the out

have [indiscernible] introduce national, just Compass we in prescribers prescriber driving and specifically what's very Compass So then patient, and we January. early. They're

the it's therapeutic of brand and area. a data, thing for rather by get purchase use and And just purchase, records brand of buying patients it your driving what's access you own the -- are patient one with slice a, your than deals that's easier So it Is your billion the coming to now. XX from unlimited Compass to slice revenue it? you

explore to see. to why at what you you're could you see allows this see, what which data you don't to So see looking is

different. that's So fundamentally

a from rather patient matching different stresses And because we way is it's mostly more the more the one daily. retail the patient the use and data historically, we pharmacies. collection than other deliver The that level then complete it strategy sourcing that's accurate

daily, you So data. can campaigns, the and different is updated patient have triggering data so you run fresh that

and way client a appealing It's to doing just then new server of things, like move it's equivalent It's what's things. of that's doing So people way now. to the a -- to it's cloud. new and

that finding think it? prescribers finding treating Paul the second new I finding what that didn't they're they patterns. people know the I what our are patients and therefore, patients is didn't products, And common you competitors' said that's patients that What is that using doing do using that are -- most about. with one else or aren't new -- they're thing do products or -- patients those so are using using that's our that products patients doing. what are our is

sourcing [ some provide called cases, see because that the can ] strategy often that We data and products. in only that provide we're visibility visibility one of black can our what's

-- of attracting innovators. innovative product, So there, start. end I truly a start a lot and where I'll detail I'll It's that's but what's

nimble the digital I kind becomes kind that at more strategy. marketing just accelerating just the Peter, the more growth is that data you you Or marketing, try to note, guess of the on the on demand this pharma trends? important all? the always the to pharma that to of realtime-ness digital Is of from that go saw something incredibly be separate

in oh use probably biggest product. like, I prescribing goodness, is I didn't what prescribers But patients were now, would product certain were our one those the that's know know with didn't or prescribing biggest weren't doing product probably I The the our Compass what's or the what patient. is my our for right daily data. accelerator just the say, important is cases, timeliness understanding

these has -- basic that if little grown and up that to So think get bit they that they a the can. can't information, now I industry patients' things think that

So driving what's that's it.

. Your Brian next of with question comes Peterson James. Raymond the from line

see great this live to CRM it's Vault Paul, going wins in and So quarter.

bigger general going their As Vault to functional of think factor? may and is? deal that big effectively that on looking you for swing do you CRM? later think curious Or looking are a perspective more customers get to key full how in any be customers, you availability functionality this a I'm I'm through talk decisions. they're year points do migration

direction They've important Veeva we're important migrating. say that the to functionality are enough enough long they and our our say when and go-lives innovation. But around The are we What something standpoint, on Yes. level. considering is from have I to full those customers customers deliver. that we about, more that what's going have deliver them to would know we product comfort a thinking operated to they're to

are that these about -- the allowing of is we're It's kind really about But the so together of to content just solving delivering. pattern. that challenge. chain teams, points, things with proof it it's the talked earlier this collaborate new And some them I great way different that the extends decision innovation -- supply of better, the bringing

marketing. talked needs well, just Stephanie digital we're need be now unique To digital going to very you that way. do CRM marketing, position and very to in about Vault, a on those personalized. [indiscernible] do lot unique together It connect because to of content. Vault, a in is is like a on We're

So it's of to doesn't innovation and customers about get live course, there. it's having it making But about hurt. easy

customers are have think really proof live live and because point. quickly. it today, the we I And go purchase live the can smaller customers they

how they them, of have differently. they're of to see larger it, they X top get are would like they the what are many process changed, what some when to there, live, would what those the customers, liking eager XXs think I have done was

So that. a selling. reference like it's always It's

customers the year. will think will migration, when live through next are of the some be I have to they now, milestone big that go large which start

time. of little take to So that's going bit a

looking to guidance. you color love midyear was Great. on smaller from of there maybe know moving I to that? But as get drove going appreciate deals it of by kind behind the detail any the Would lot scenes I on at or Tim, you color. the say, the segment the mentioned of be apple." product just bites end what's pipeline commonality the of gave that customer larger may to they Are and parts a relates qualitative on the take there. of year, some the And people moving some on that "Hey,

we that company-specific And on Yes. mostly are commonality. this These the of drove we the I one as was clinical say questions -- the mentioned quarter. that enterprise of related in to is more in some wouldn't that are this. said Brian, These area. had earlier, deal-specific, there's Peter wins any factors the

or plays that nothing the a beyond deals, or Brian? common a AI may that, across factor thread common would into mentioned in we that. amongst the percent not specific whether the Now of these some saw year. That Peter I much of move had deals how But be disruption say, of later was a

David Your from line Jefferies. of next question with Windley the comes

you margin. I wanted to ask one on

savings savings the and be if ahead, or later seem think, about maybe cost cost the the I certainly, timing back extent timing and mentioned little could whether a wondered to of You the the I savings Street target, hiring. ahead some talk quarter you of in of year. were come costs need just what adding to durable next might in year fiscal sustainable, versus to that of in like hiring the

Yes.

hiring. in David, think, in we right, QX. year down. couple do us you're talk as was a focused saw our coming even about you And very guide, I over income last is at operating performance the good left heard I you've as relates margin, very revenue level though it to it So quarters, think of the same full

the, out in sort about quarters. an over to Peter of One And this of efficient of some -- that that result the being last costs. your less sort is focused lean incredibly hallmarks would seen I couple that do a [ the seeing additional question, And is of talk little you've hiring play bit of Veeva and being company I think, I of think Teams of ]. that the we're and

is in you're very and result. a margin seeing have market Now to a efficient of invest large of opportunity large opportunity. we'll company a But us, course, continue we what front appropriately to deliver market against that

different slightly follow-up, a as And topic.

Vault clients down moving contemplated included you and TAM previous Basics have kind you CRM not basically that Vault couple breaking but You mentioned in what different incremental areas the sounds incremental device bases into smaller [indiscernible], Are medical into these already would in in incremental client mentioned Or like like brand the and biotech. a that opportunities? of of prepared new, would you're discussions? be things of these where remarks

Yes.

Let me take those.

them. That So the their as me largest -- deployment. a a operates not sell It's model company. they've a It The an a interesting but medtech to they is weren't first. Veeva one use that will committed from company. to is force. deals custom it let They company of the scale like to pharma company new one. one adjust for Vault medtech our to CRM, of -- a CRM. -- is that conversion company a sales full is to talking to was we years. pharma been able number selling be unlike has Their wanted us This This

one is This us the everything and CRM. now all to offer we're advantage opportunity Vault, took Vault they that able -- of of the get the of moving in that

that's Basics, an these one. like overall we small on very started but companies tech then about market. something the and them med are other that's you of CRM being subset and mentioned companies to And operate able them. and Basics There Vault that, get exciting a for So is Vault that run

efficient for them. getting them efficient. implementation. no very access It's for best software is in It's way. the very We're There efficient very a

that. our talked opportunity of included It's in about. are these that about growing All not that. talk the market TAM. It's When into additive total to we we overall

super Vault with to Vault Basics, that XXX that be a to for on say to run systems That's on under about very I'm this able interesting in costs just employees is implementation there, processes. get no I'd companies Peter. chime area. would our and I these Veeva excited

standard we're well They're you to processes. configure like right on that So Veeva the how et before. end moving We just processes, very them of market would address cetera. couldn't asking to industry not

Now we can.

you doing address and crazy, companies that more you graduate it's could little surprisingly, flip Basics. QuickBooks That with And is this could included start SAP to a switch our That's can But is just Vault that million with in maybe or yes, $XX the would then $XXX Vault TAM. implementation. of billion what we're graduate the segment couldn't start full and it's actually R&D Vault. SAP It before. and Paul to then even And segment this right? about overall right, Basics, we be

little with it. And a about So super color. excited just more

the and of XX And Vault right is stack have the Vault than before these and from customer ago That's the customers. time decision done was that's tremendous. employee CRM first and XX And one can. only in to we in announced just That's the then shortly speed, months last getting correctly do that. about second half that with ranked. the if company, the values started X We idea quickly to then thing. months platform It's Salesforce about have that ago to go that Basics, integrity, things already less accomplish fourth success. remember the announcement year, you success, the was the decision to

Now the on we hundreds people. have of product CRM, working of Vault team hundreds

committed multiple mode. Veeva top XXs live. customers have successfully enterprise, stability We CRM and Three in

-- thought speed. could I So optimism. pretty I that down. It always We we gives slow think turns get that of our a down going would we're lot bigger and our me out would speed fast. slow

CRM. and So I'm Vault about of glad Vault you asked me reminded Basics

go. you there So

with for that bargained You than got question. you more

DJ The next Hynes from Canaccord with question line Genuity. of comes the

know think longer-term was helpful. industry would life sciences co-develop what's cloud. I really look the Paul, But product to that be should answer, Any that? sales to like. think partnership what announced the to don't How is chatter we to expanded of as we had the Peter, a with their It's don't an you chance going force, threat? question impossible speak surrounding been since IQVIA we've that color given potential

Yes, I can take that.

And that product rights for based IQVIA heard -- CRM using intention right, licensed on it, OCE So the Salesforce quarter. those with a the haven't it I the of. of top with build their OCE the announced future to it to heard intention you're you use about that in think happened has

like. that the that looks bit what little arrangement a product announced the marketplace. I was a in given CRM on future worked surprised, they're honestly, but Salesforce well going that's hasn't to build it So a and

the gained big So OCE traction, X last for years the hasn't worked has well and played or X out customers. any over product hasn't

standpoint, it little seems than strategy So more a may be like from like a it bit hindrance a that from an accelerator. product standpoint,

customers at mentioning some it is, talking The I Summit. other about thing heard and

marketplace. good OCE industry was the of little was a The us bit lukewarm share innovation. slightly our of in the to say, the is same guess we're well and would chatter to the obviously I right? also reason, the surprised, negative customers, it's that in and for mainly aware a it IQVIA So check market I place of doing for everything pulse history

for impact your I even go-to-market So an something our potentially to not and standpoint. a overall distraction of more see any impact from either a question, answer I would really see say, standpoint, competitors. material I don't It's or a from as product

few, now heard ones So one been a companies you small don't I there's of And smooth not was, to the kind heard with on that summit, every at They're talk but the of is not a for about had customer somebody sure, way a couple quite the the Salesforce I went OCE. that that out because that. get that to to specific not happy of one IQVIA getting thing. OCE

just was that heard I that's So specific thing well. one -- as

Yes. Yes.

was X was CRM, Veeva happened little Okay. me them CRM? also that to Or mid-market to I functionality fully push set the Veeva Was which customers granted, Vault choose just wasn't live. right, was help with understand That's before helpful. there I these what a there. wins, And had go -- CRM, surprised Vault are on you CRM

on deal really it's requirements. is vault the a be going It's a big going from the that that on to big we're Yes, not it Veeva CRM some based CRM, months CRM, right know to will Veeva So easy. a was extent, based deal, for ago companies is Obviously, company CRM not their those the starting timing a quite transition even Vault of right? be X nonissue. Yes. when for on to -- and they move

will one. such not [indiscernible] be big the but So last that

going CRM. will on as we So everything mentioned, forward, Vault be,

into Yes. family, the is over the move finish Get line them right. the and over when we'll them then time

. right. That's

Yes.

really their to much. time. think later for choice the Remember, know they know They Veeva CRM companies, works. customer have CRM. years Wow, absolutely time. know can Vault they too. it's to first products migrate they so They X at stressful these by it. do some the launching are of it's a They driven I They know it

a for strategy. derisking of just them, it's So some

comes Jack . next Wallace the of Your line Securities. Guggenheim from question with

quarter about of top next can't on a deals. the deals conversations big XX, here, talking there. the and time to say, Obviously, at that migrating CDMS strategy. platform both the pipeline Vault. you largest as wanted you the merge on some for to levels migration highest Are your for lines the you customers, have a of But talk in the the to and in of to or well about the CRM AI as effect you broader EDC the the was sides as Just Vault win same have out data within all around we're there happening that architecture platform starting house common time

straight we decisions some that that don't commercial made really. aligned by area decisions a are Yes. data, The have made The in decisions by area team, the team Compass of area real safety actually commercial the the Veeva made in the the clinical the for clinical team, the in strategy. There there pretty and see answer companies by the no, different. is, safety that's kind

push, have they broad there, wouldn't incremental but extra, little So extra a if just strategy. a a I I little a get nudge say easier get things, little a think Veeva we

I that. merits win the based timings on the But to each we in that like have and and functions area the really area. And

way. the product in about Veeva have an in need each area. each to that set up we've fact, We business ensures everything area. excellent In That to win we be

one like I success. keys of our it. the of It's So been

a you customer have a you your That's the is Therefore, sale area. sometimes to a have existing it. products, in We as you're a tremendous worst for what lot into win of where good. company, Veeva. isn't negative when could That's net different especially the you thing multiproduct business each have product -- boy, to make

want So we that. don't

So that's operate things. we how

Got it. Tim, you. And this one's then for

the the some been maybe last terms like quarterly quarter. we saw appears happen as thinking changes would Just didn't this year. as about And more of we in move It billing have to much of had thought. in it anticipation

customers over your particularly with are getting the largest largest we checks. that become Just more should larger, time sizes annual terms the versus quarterly expect cutting check will billing

Yes, that pattern Jack, a it's aligns we've seen to question. I good a with frequency. of deal think payment term the size don't

or I necessarily So on. we're the we're that pattern path say going that, is the that wouldn't towards

and excuse me, payment these decisions frequency deal somewhat customer area. frequency by customer area are think I -- by very much

. Stanley. of comes Your from Craig next question the line with Hettenbach Morgan

of X you're Where an ultimately seeing things been think looking over are weak And business? only in months And what do with not projects? recovery now. and a kind customers rationalization terms you some at in stabilization impact. for of that are company services you're So has the of

can that This Peter. those services do I'll one. and we're Services, right? that is really where for take customer in That's them we success, do profitably.

looking really to So per se. revenue we're not optimize there

flows example, That's there. more of efficient, the to Veeva to the when interesting. to things state, we things and get or super there's steady customers and more Basics things be In Vault ebbs terms as customers go for partners more on go reach or as a to going moving

because services revenue. would But that have fit. and got might subscription those we're have Now been wouldn't didn't got that we longer, have the significant customers, services regular we revenue of product on granted, for of some trading some have that revenue. Veeva before of customers, all a is that those And we off

impact For timing this revenue these the the year, of services by deals.

-- start deal going in out. So One macro when in it was up record it for because timing nice things QX our we not to in large I it's of but no level see optional. obviously have there's and QX, was if pushes a services demand the that customers. change the to delays, now pent maybe start the of core really that they're is It's just going about in these appetite later gets capability revenue the systems just

on about look for how the wanted the to year how And for some you just those contribution have, side, forward? then on EDC are helpful. kind you're update it. Got an progressing of That's thinking and ramping and of this going through deals

maybe one, are sold, I'll The and well. take then first projects the EDC contribution. going deals take Tim, that that about maybe we and

I'm them, of studies their thinking they couple have live. a -- them of first about Some

do slide, between XX next test the significant they of study next to them when complicated way new studies. Veeva. less on their and their out in processes. Now live their Most have are be will where XX -- and the coming they These first months a milestones studies learn pick all

communication tight and team -- integration tight our with team. services There's our product

That's I helping that's happy with to our well. very in really and EDC. going services I'm So think execution our offerings. our improve product

to you -- ramping financial flows want how the Tim, into that do revenue, how of results terms of that take and In our one?

Sure. Yes.

of we've these in of are arrangements are arrangement. the longer small. original couple think before, those of And duration side, typically first relatively I as of terms years said the the EDC on

. to will some a and that's I there So we've material the while contribution, don't see expect given in there, today. us be contribution guidance included that

line Next from Ryan with the question MacDonald comes of Needham.

a you there's there. from? your on nice progress or they incumbents? Matt adopters about if there of Maybe early opportunities? is attracting XXX wins the them -- options sort Shea are Needham. out Ryan. I these winning And on and Are Where seems going customers from to incumbents, of with now ask Link. Data for lot products. This to back newer for wanted away like Are Maybe you It Cloud. over greenfield

So biggest what curious been your seen you've of competitive differentiation. point just has

That's a good question.

than of have something I those People system or it incumbents. we're think system a a systems and is like which different is eTMF there. and greenfield a incumbent, replacing mix CRM an

we just far we're far superior. our that, and is of incumbents not when superior -- that are replacing the data top is as sometimes software because and on Here, it do it's quality

before system a And on The to then especially go smaller a the to no to. would larger in We companies, for companies, but and higher they that ask that. what that sometimes, do and they're used reference for heavily They make had and invested is is things far market superior. research even product, than price product data. bit organized maybe Link, to They system. sometimes had of reports some some consultant no like in

the see. we those So are dynamics

couple Got then customers you got of May. on live Basics, that quickly Vault in just went you. And a That's maybe helpful.

to in wait how what more this And wondering has given early grow land sort them, Mike. biotechs alongside you more for feedback opportunity guess, the for recovery? on plan that macro heavily do then, lean been, of of to Just I these small

it's that Feedback, that's fact good get buying a really customers to the anything the even though feedback. buy the guess early quite they when are comprehensive into feedback early, through gotten We've cycle. was the little the I product probably concept.

certainly but smooth . And So yes, that. first of too go lot a Basics happy the get of been far, early forward, a the terms it's and about to in weeks, there there's in concrete feedback. think we for then we're pipeline Vault

so interest products the make the really -- really think our really, that rates But the us. I make small environments There great. biotechs our fine-tune to get again, customers focus for down, more starting process, up come funding be and great, if better. can process will really, more now with really it's be is these

as Vault Basics clinical Basics expansion time. for and we Vault some we'll we things with look product. And QMS some have put our too, more product, system trial to management And do for our then such there, over in CTMS other industry help definitely would full you the Veeva very when grow the can is is small, fundamental This in a profitable super emerging biotech Veeva a on-ramp a be the thing not need flash vault where we to. area, in pan. the onto provide smooth for applications and

actually enough, helping types from really, innovative I important. fundamental to year. apply to our at help you Basics CRM. all to a of level it's the This to let in help of the yes, fundamental us Interestingly -- this is products time. in know, commercial to decision to some The view coming and ideas us industry going our because is Over apply time, mean, types areas standardization as Vault all is the the last best going are We of really is just it It's areas. standardize. discussed over Board deeply going

of next the Charles question with Cowen. TD line comes Your from Rhyee

that environment rather your Can QX aligning challenging you sort kind you of your XX not about with conversations to kind particularly Yes. with of QX. talk biopharma from causing this in the for the comments, ] have prepared sort and of top they that solutions [ communications noted and but that Is is visibility until here? just that Peter, year. later among maybe clients direct plan of add you than comment QX

long is way, XX-type question companies, Those I companies. to X We're and this active -- could these actually delay Yes. based about Probably that sales on deal have into specifically what into year, are was X time. remarks, the things. the been managing as in maybe enterprise, we're the are the our our these the referenced and related the months, forecast, your for It a right, specifically large easiest top a our years. tracking tracking on R&D on opportunities be prepared the

teams product these on and on it's judgment. their based So customers with field and interaction our based our best teams

it's not -- done that's So done individual by not discussions. by That's right? formula,

Got balance estimated of as it. then for X% sort like think about we of beyond growth as good should the point? or this point? past the Understood. look a has [indiscernible] Should benchmark it And mid-teens of more as billings growth in that been think growth we year you or at of we Tim, maybe 'XX? How of obviously, around maybe, if the starting Is like a we fiscal the jumping because so. to XX% growth. think new that the sort off basically year, looks about

give as Number about one, today, don't dollar thing there. at as guidance a the or a gave services growth. shows the you know, right to in up the billings consider sitting of now guidance which, is, 'XX imply Charles, of percent single year-on-year, consider call perspective. I that to today. outside things we growth service to Yes, low from revenue is But pretty think revenue you on our year billings one much every fiscal same X any want That

those X our billings color relates be that guidance. on it give more So things the would as would to I

of because is way kind being as is in market the artificially So [indiscernible] that the it? this rebounds the year, basically services the the that assumption impacted part of year to think current of

this growth low. of to relative to rate But some historical any it's And or those that services in critical systems. Charles. specifically implement very guidance year, revenue services not in Again, prepared Peter is the new future some projects to back revenue which on commentary less days here, put any very, rebound to revenue timing of deal moved remarks, that just in later terms the the gives services of those implying of

Got quick. real Peter, it. I X could more if And ask

talked why but maybe Any key biotech You haven't for the different yet one reason funding some [ development going sort environment, for that strong. ] we things, that of about more clinical of technology was you X seen flow actually investments? is quite that is money of versus into funding some through guys? of Or maybe

I the data up funding a bit. Yes. the haven't little about picking seen

there's funds I to as funding still when the use, those far and quite strong wouldn't characterize little see, announced that gets As delay. right? high. a a relatively I But of still When a funding can -- And when is delay, yet. as put always bit cost funding that and there's then you there's of you

So indeed, that funding benefits actually that, if better, the haven't some getting could seen but see to we positive environment is we yet.

next of Borges with Gabriela Goldman question the Sachs. from line comes

change? are a some to to resumption sluggish projects been mission-critical maybe see your you these question, I'll has telling the better that time, looking spending to to get which a steady couple stay years of in a of some do to customers in state of in and you ] of back what think order for and What and come last for are spending in the industry we've of [ is, kind on now. this Or Peter, topic for state. the you've been environment

and are to growing, be customers Yes. we doing I mean, are things. fair, still still

that lot think the they're I a and doing. of So important customers can of projects

don't stagnant. want all are at to So I that imply things

As I positive get talked probably we take far these the the things conflicts favorable macro way. industry it's of if as about, environment do better, some resolved interest think, a in rates a could make if or -- what turn, the global

little bit that Those more if we successfully little the help the IRA think a industry. more, political a are the the stability. things industry legislative and bit -- I navigates

really. not end, and the a that which predictability at a They especially it's it's of complicated want the capital-intensive smaller industry, lot So feeds innovation. stability,

So a to it little industry that's interest sensitive is rates. an

phases phases II, that the on of about The thinking specifically, across progressing follow-up how I Yes. you completeness Phase sense. solution you with more of and have And us how trials, feel about Share clinical That of makes the how different different et the developing is is across Phase I, CDMS. are cetera. the functionality trial? the functionality

the products clinical we management for collect multiple our product example, there, patient The in data area, EDC data. that have

We and called, have, and trial data we collect management, directly randomization ePRO what's have supply the from to patients.

All across work of across phases all today. will and those phases all do work

So . But complete products functionality we have for phases. that the of all are those works maturity. that in different levels different

So have handle you trials. the record. all the complexity track generally Phase IV and which trial, we get And it's we those with II, of proven can is get III you really where pretty Phase in about -- EDC, that's some But complex. Phase most the of

the it area, most younger say, and I mature management in say, just selling to to would the model reference clinical the to product, so mature the for and product have And time takes it's is most is data I and the, start the next proven to ePRO the work. RTSM customers would

of guess our at we're stage that we're phases trial, all only this certain we answer where the phases the can beyond it -- all beyond So time. I directly, of could products work trial, for of we for work to for

Jailendra Next of Truist Singh question the line comes . from with Securities.

missed already the if apologies so covered minutes first few call, you this. of I the

than environment. across contracts areas your on wanted are portfolio, competitive macro seen see we have guys And have you There for I given tighter about that ask or of up where been the business. environment? environment. that Have pricing renewal, less been pursuing pricing companies as usual to discussions certain there negotiations as pricing more the even First, any pharma you look come new

one. no dynamics. less I'll particular we there's pricing area No take or the And see no, that more. where in change

there. it's So usual as business

product, great but value, make prove to have the We change. a no particular

skill any then my on search helpful. would update focus quick be or Any CFO update set, permanent And experience the on Okay. follow-up, time process? line

disclose continues, and And -- feel I But it, I'm orderly you going certainly search we'll I I give good active We're to it's when going an specific The we an candidates. only would talking we're making we are it's can. and to progress. say progress. process. not . in well. update

Peter go for remarks. That now over Please turn the Gassner, call concludes ahead. CEO, closing question-and-answer session. will back the I to

and customers the and everyone, team today, you, you. joining you Thank thank continued work Thank call to for the for your for quarter. our your the in Veeva partnership outstanding

and today's all that for you Ladies Thank gentlemen, call. concludes joining.

You may disconnect. now