Veeva Systems (VEEV) 5 Dec 242025 Q3 Earnings call transcript

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

You may begin.

to the XXXX XXXX. quarter welcome Conference Quarter and for Call ended afternoon, Veeva's Third Fiscal Earnings Good October XX,

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

call, and our to and statements financial Actual on views and recent Please in subject business, strategies differ may based forward-looking this During materially. risks risks of in guidance and expectations to including we release be Form make current our results. These regarding earnings trends, are included the may our most various performance anticipated refer factors results forward-looking the listed statements filing our XX-Q. future regarding risk will the uncertainties. the and on

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

non-GAAP turn the joining GAAP of release that, and may to results. thank for the reconciliation of our understanding aid we presentation, you comparable in available found we believe both that and our which call, earnings over metrics us, the to investor on Peter. today's supplemental the I'll also are website. With be financial A discuss can in metrics certain call On in

of you, and innovation. with Thank delivered Development call. was by results the of quarter of financial non-GAAP execution and everyone, quarter Veeva million another We strong of great the saw guidance, team. income really a broad-based of operating welcome, and Cloud. million. It We $XXX $XXX our Gunnar, a in to execution total revenue all QX adoption was above areas

to in We on to great milestones open Vault call also time a It's goals. We'll the now exciting significant Commercial, an ahead had progress of our number up CRM. as we including XXXX questions. your look

Kalia the comes Barclays. question Instructions] of Saket of first [Operator Your line from

just quarter, Great. this Nice you, with Peter, some job nice have your quarter. Veeva particularly innovation maybe Okay. to this CRM. to point, Vault start with did

sort their So the potential wondering, about are to of the CRM, what if I the them talking benefits I guess speaking as from sense? road Veeva moving main to we future are from away you of customers migration that about talk of around competitors, what away involved other and about CRM was that makes -- moving the future maps Veeva benefits wonder to sort Vault what CRM, off of effort as the all sort of you in when CRM? Vault you're

I'll keep excellent crisp. to Saket, try Yes, that question.

is is continuous from they've really appreciated one benefits always a the important of One of that Veeva innovation features.

the Vault on been product application keeping through Veeva that, years, you now great that's CRM. CRM that Veeva industry-leading the team, team, that So management product see team, CRM who's

that stay to way innovation Vault So on the be to train is on CRM.

to that. forward looking they're So

with that but be for that idea a of their view the more respectable. both they the also can of customers, medical, other single span platform one efficient is customer service, and sales, so marketing The centricity a records more can

you sciences, people XXX company. have biotechs, their in may life they have smaller in Now

people XX,XXX XX,XXX have may and over their in they biopharma, large have in company fields. You people their

there's change. levels of for different So appetite

You can people you XXX people. faster than XX,XXX change can change

and biotechs, wow, could we small forward the on quickly. just jump just like, they're for be to could clean we So looking on that

For to when about, enthused the right? there's change we XX,XXX there, could think way to potential we if going that to. they delivers larger they're be in We employees, well, will want with Veeva look companies to the that

So they optionality. view it as

QX as Got billings course, well, sort it. to even the you strong unchanged, as you. follow-up Brian, CDMS can on CDMS much question just next Super how a anecdotally? Got was a helpful. ramps the think driver largely how talk the contributing bit my of into little billings it. for maybe going back great remain is, of It And QX about the you are for a outlook about that? as of for see to strong well. Maybe year

Thanks, Saket. Yes.

So information playing out about it's think product to we're detailed get I within expected. into the not CDMS, by specific going overall, But area. I'd say billings we as

so and any more in as You largely I billings broad base broadly, QX of a proceeding one generally, a CDMS our recall more is products by then And our those predefined and going particular. growth forward, of lot driven expected. are think multiyear in in are product ramps, growth the than

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

be This first one, or this could Paul's. Peter

one Or comparable XX% I -- then One, the separate I said value-add in it is a getting it interest higher early and touched you've to something going is being as which what MLR think this You license. something potential uplift? can there? And about think of XX% of past, to commercial more second you will to we is your a for? modules, be on charge Bot when potentially guess, well, the you kind monetization, two, are a be

is Yes. thanks Paul. This question. the for Ken,

to and spend advance at this Bot, with. event quickly of their they insights MLR for time need move something we and is been was they that efficiently. That's about our as Content we can on GenAI Summit thinking evaluating parts using announced content we've to can time. to Commercial think Europe how and I get We and the customers more checks, some where So of what our do approved understand parts very providing content what what about, the provide help

sciences a is lot core companies. So of life for really process This there's excitement. a

So a lot excitement of there.

details are this -- separate we the it PromoMats. what but about be will roughly year. in there's then existing that think It terms the of monetization, add-on customers our -- through we're we're to look We early forward getting is some still working into a to on providing in the way a and of And to on next that, from be on as an go started license. will sizing excitement customers. ton planning We

kind driven by services. guys billings in when year, upside Brian, And year of good some it. I then, remarks, Got Perfect. on part also you about first pushout And the services. the the think in perhaps of prepared touched --

better potentially services. into out to just Anything calling Or timing maybe you're that? more read again, kind of Now some dynamic? one-off

Thanks, Ken.

services from saw with and complete team execution expected. than the we the more quarter. I think We pleased both overall, on in several projects previously the really subscription side the the or progress quickly

that's of services. billings the so main and revenue beat driver for on And the

think was the one that of of I different you'll impacting recall revenue. several the earlier which factors had year, subcontractor part performance, we

QX seeing and pleased and now so think base, is in the ahead. that of with work team's as And what we look stabilizing I we're

Baird. of line question Your the of Vruwink comes Joe from next

solutions to greater see maybe engagements? And partnership speak under you're and and to prepared maybe or scope if any large a I so, Veeva likes mention Development making end commonality wanted or way? can work sponsors strategic opportunities In and kind achieve what of in to type these to Great. you has Veeva that discussed remarks, possible to similar Cloud. if not by leveraging was of was of there of are that discussions is in see Veeva come the with progress the as objectives if the Merck those are just strategic the in terms large how on several in looking having, BI

have I'll a it Peter. But would I carefully. a it's to program as Medicine Boehringer way. in BI, with when Medicine do take more than we look that, we level that. products not Ingelheim, across great strategic and you the BI And similar Yes, its is that is One program. Merck. of this has product if -- say this we similar one -- different I mature want in One same each say are the to the have own Part but now with and lines. that is

when of started. Now genesis years that really, ago, the that was few

We have the more the products clinical quality and in mature. are now area that

both So -- now more the discussion is it's expansive.

used But particular, are across on all to than We then talk it clinical the in operations the have about. be to are they area, might these might regulatory it products very it clinical be just be the discussions area. bigger areas those products but be be. more or focused the might again, And clinical going and sometimes, to

So different. summary but is there similar

other, different objectives are Just each top cultures, they have have they XX different different as have different pharma all they the they of product people. companies portfolios, from different have and

So they're all same. to not the going be

Okay. question, worse That's any I customers? you at a your for say of of point together. How but you And point performance for with their this coming new the year. discussions compares. are know plans guess coming XXXX like good are how I'll given to in visibility visibility agreements kind ask And this in typically annual in of on that virtue what visibility very time? have Veeva budgeting it's the asking you just just just my how at active are intended does normally then, helpful. would well of those into customers Not terms number, maybe some state ramping things or by compare or has better of

marginally year would This compared say ago. to I is better Peter. as visibility a

a we think I settled we more mature of into more. apple. have I think customers the macro Every bite more environment have products. year, bit this also our have little

other. is one way have these you no therefore, or the swinging particular mentioned, ramps. as thing And one things we So

slightly dramatically more but nothing So visibility, say I would different.

from Brian Peterson Raymond of Question line comes James. the of

the backdrop. just quarter. Congrats under know potential what and implications I think how on customer changes I'd to that Veeva at least new regulatory a Peter, are on administration, being you been strong has discussed. of in really hit lot love there, there's feedback the to the coming about wanted potential I your understand Trump administration? to the a

Paul, that take Paul? one, you do to want

that take one. I'll Peter, Yes,

the Brian, for So thanks question.

administration change. right? this, very all established, out early, of some do. done they're need needs that work before. They customers on get know lot have still and they relates that uncertainty are sort customers Nominations what focused of and on now, be need need accustomed to are confirmed, seen it to stuff. And things it's we There's in to the see just a be that, be need They cases, future, of the to may to have right? to They've to settled that what They things changes our priorities and that. change administration as first, in some is priorities. there's our focused right So

So we're a are change in have how they not about mission-critical customers decisions advance. these projects planned really thinking how lot of making Remember, in that seeing well systems. are us any been with These have they're projects. or

things are will largely as things it's planned. change, But continuing accordingly. usual. far, as think as I And so So the react reality, things industry as business become

really for Got a follow-up The upside was impressive. it. maybe margin Brian. And this quarter

that call in in of third there. you Just any expenses terms the anything appreciate would would quarter? timing out perspective I of

for Brian as thanks question. Brian, the is This well.

revenue driven and revenue expense of continued outperformance, driven roughly -- I quarter driven half and expenses by quarter speaking, by QX, then in the remaining timing discipline. a the quarter think the the just about by So beat

on elements And that but into some things you will variability So hit expected there, instead nothing about, or asked QX to always QX those in we QX. move some we expect that into there's specific. timing that

Needham of of the MacDonald from Your comes next line & question Ryan Company.

win Peter, I to wanted the large deal Boehringer ask the on there. Vault maybe just on

going or that evaluation XX. how to Just process to migrations in prospective compares curious were maybe through they the pipeline other from the as of what thoroughness tender top that the and the

Veeva-only they sort point? trying maybe at to understand in type the just this being of deep Just versus a sort of solutions are discussion how marketplace evaluating other

I'll Yes. the Ryan. one. question, Thanks this take for

announcement Ingelheim innovative Boehringer super First company. It's an of the exciting. was all,

that so with talking that execute. in Markus, CIO, consistency, of innovation, may in were -- conversation. discussion the You for have partner terms they looking I the looking front of have them or a they had about what launches. They're the that in over their years They talked product next heard fireside can about X

Veeva and and we're their that's where is headed. saying has heard road execution then, vendors be something a customer granted, them full You and they course, map these was things, Did the customers have a them of thinking of do bit And right? So for lot about long And promised that They different analysis? a are all own term. over of that's process. consistently innovation that thorough little one not certainly right? taken deeply. lot the Absolutely, delivered Every and for a unique. to all

make Some for customers decisions different will reasons.

see their these they -- in I they're So would which own how by different are naturally make decisions decision-making, say made you'll there's thorough but but decisions. some in respects, their in people, differences ways, means

with of how a the of generative a grows for that that margins Brian. just that we adoption Obviously, them not should from next you next at as perspective? the guidance usage year, going impact that, additional the being included any applications, GenAI a giving over follow-up sort of for apps we we're but sort rollout Maybe margin AI think few charge, obviously, year, expect of yet and -- these how gross impacts into about think year, generally, next understanding of should just no the how

do to Peter, one? want that you take

Yes.

providers, and take where I GenAI and large large model, X a MLR right? charge will so we tech use power Generally, language Bot CRM be other be we Not but for, our we will that's from for we'll the Bot, So solutions, that. language and that. one host MLR compute will we Bot. announced We'll that, for one own we and run paying model. for charging the one the will big call

they're large that's system Bot, we running. incur where model not hook for, and the CRM not own will where customers' For charge And compute will the that CRM we will language that's cost. we our into

-- won't. There So you've thoughts where margin power, gross and to XXXX, not the material most margin. in. Brian, be significant compute use your likely change won't we that. charge. all In going factored impact where given we we likely any have is for our to AI we don't general, will profile we gross And to That's don't, on most

the from Your Samuel next question of comes line Anne JPMorgan. of

highlighted market, approaching was what and of then a the size what's means. your provide Veeva you safety solutions could about relative remind you I wondering could of color just You that here? need, point, the a where that are bit this little and maybe tipping if is And differentiated us more unmet

Yes.

So tipping different a when it's than a approaching tipping little bit you're more being at a the of feeling point, point. it's

using optimized customers. getting having of the Every and we're of legacy systems the getting And like little aging level a cloud-based kind more them. And conversations it's year, it's So are depth that. customer year, of better the in multiple bit. they're people are more our that using and large just every are solutions they're

suite. You is out a the that filled feeling We've point coming. have tipping our also

safety have and they what core doing some in Those these [ upgrades We are And of available. Signal looking in our of ] idea had of systems now Safety they have are for stuff for which aging. is terms they're we lot don't so things they processing are we've time, Workbench system Safety and taking cloud-based and those -- that but want the is, application, -- A a unappealing. a, legacy because do need. changes

modernization. But So automation. there's, one, the second is one just advanced

have Within we to manual because both we and some intervention between system, then that across those the can management system of do of lot without safety a systems, clinical and innovation there's data do for applications. the things safety example, sides

to from can take the that doing. So loop, the activities for redundant the the so know automation, and have to don't up people going need be of but notice on they be they're act people the free because them that to what's to loop looking care not to totally and appropriately, in they out

one And maybe really just That's more. helpful. then

that are, change your your not, business really you as the are here? was inflection if said, of the you new into signs as macro. current would this noted viewing And I settling a areas of customers You what which wondering, for from early monitoring see you And an And first? are normal?

Yes.

think if now. know unless could won't we people I it right? have is are that changing change, now we it's I to macro in does level change. what uncertainty it of guess But the accustomed this

haven't that. detected We

getting So not was in shock That had very of was was to a company they're had a was while, system, we that The then now the low to started, that real Actually, ago, right? right? to very sort rates, normal. also to done. For very bit used that and But work not gotten two normal. And just little very, a settling conflicts very, more long getting code not interest used people the things. are interest high rates. the these that

free well, anymore. okay, is to, interest back not it's Now

So the guess new but it want really it I is normal, I normal. don't to call new

next from of the Windley Your line Dave question Jefferies. comes of

you their wondering advertising But appointments the and that was were on was way? how direct-to-consumer question changes impact earlier. any model if eliminated, appointments desires approved I -- business I followed possibly answered if administration about through in your theoretically, in understand would of and some

Dave, for Yes. question. the thanks

you framed to ifs your policy, would it nominations, of The even a the So of that to the that reality. there's actually, things make right? actually priorities, for a potentially way happen. lot happen was interesting, lot question, There's a to have the that legislation there, become

So probably changing major a challenged, it'd change, certainly happening. And happen, it be of could a of become something kind to a for to that example, right? right? Just be rights access lot but patients' to that's the to barrier would idea information, thing

to will -- happen, likely be have and but would it challenged. think lot a I So

if challenged. kind what thing take years this being happens the because many many, that of were would to think In terms of enacted, of I it is our it business,

been our of on even way, in that's haven't there. impact given any reacting sort out near-term the our customers any seen and So negative really some business, I don't of commentary expect I

it with when and how it, on of think I focused that's it I the our are customers deal thinking about term. it's So near think happens, and kind

of Evercore Your next the question Materne line ISI. comes from of Kirk

In on play remarks, Bill Kirk. prepared has driving you that been for the driving this say are Crossix factors is This would at you commercial growth. noted What performance?

the network Real our think area, all is in Crossix fine-tuned. growing innovation team. audiences doing, I good the getting execution audiences the really by time. data they're with Also, more micro particularly that is the

our data for leverage we Crossix. that have network, Compass We and

rich network So data more data as all we getting is more the our add time sources.

sure. for those in competition have markets We

in that deliver When for our think stumbles couldn't lot Veeva us. some into new do has promises and maybe I they to creates tailwind market, of X a on. tends well, promises a that some had made competition makes and or last comes the player a year right? then do well, doesn't a

So the the But our commercial, it's products, the think, CRM in one drivers, integration Crossix is Crossix, customers et of -- Content I not main a the of integration wheels the a rest the Commercial the noticing, Compass are it's that of think suite. of of strength the overall, on CRM train. driver product, one with cetera. main the something had the strength the I that's positive. Also CRM is with our driver products, our quarter, but was good

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

that you factors feel confident in offset add-ons? you're pressure what's to count, Paul. and revisit what any count one I the for seat commercial can on the seat still give and the within what specifically playing extent dynamic on extent you pressure discussion the Paul, on just an to versus commercial. Maybe And to think upsell are add-on how count-based seeing happening seat dynamic those X is seat us count growth out? update with this want with I and

Yes.

as as relates So I core it as seat add-ons. is CRM question to about the count also think your well in

stable. the overall, relatively So market is

industry about in That reductions. over you've of digital, the talk -- become generally out. saw more the years, dynamics little a of couple the we some shifts the us heard last has So stabilized we as has some

reducing is average, So counts adding although on you stable. industry may or see individual the relatively companies their rep

there. expect much change don't I So

products, make to higher. rates As continue the to meaning become our add-on we it progress relates attach there,

goes quarter rates products. we for our tend those attach every As increase to of on, some

have more higher attach others room rates, still grow. have to Some

that's to think way So it. the about

relatively be perspective. I think as years stable relates it the next couple market of to it a over will

I is think state. the market steady a new at

for you That far conversations Yes. makes that on is transition lot CRM learnings you the you so customer just us Vault done. the to follow-up from know a of know how to on a X of conversions didn't highlight Maybe already that is The Vault? you've easing what today the your that navigate do or And some year helping the ground? sense. ago

Yes.

So it difference a learnings, had. X where significant years today. few are well, was years really we an we A from -- we idea, where was were ago it ago, there's to what

being Our idea and our formed. strategy was just

what a where kind able we of to terms of in remarkable so are difference And is today been we've achieve.

and have then big full first planned our happening -- live product the go-lives migrations to going technical year, market -- which migrations, some a early we Now are are and that's this be at year. functionality, next happening

now needs So it -- tooling, go learned built and or know even know customers. that to that we good lot, would go we We've place. -- say, work, that to in learn things migration migration even Your more less ways We is and a learned you migration around we And find as make the as what always disruptive help didn't the confidence tooling. We've do. we've and fixed and you along, things right? along, you for tooling technology disruptive have the it. found I a we now

Manager, then Outlook time, areas third thing So just connectivity thinking is I connectivity then think think we feel Vault quickly Campaign that. And else. the able like very everything I that of really products PromoMats, the and Service things Teams integration small like and the CRM about, -- this with advantage and move of and they're and tighter with very all take customers, over with maybe good the how to new our the of innovation Microsoft like then some new about on and for midsized to Center, some fast, turning particularly really

better we're quarter and and a on. better each learned executing goes we get that better, lot, and we So

Sandler. Your comes Piper Bracelin the line of of from Brent question next

remarks the there's the appetite being about through little feels that Reading prepared far, sense to through a the maybe XX level XX the move historically, here. of of the dialogue the Walk and different broader a Is you've Veeva urgency lean and reads into to of me call engaging misread? that portfolio multiple something portfolio commentary one sense a get I and on to you're know, I right here with whole top top greater it top the maybe talked so the governor across relative off embrace the a these legacy the maybe XX. but year, having products. read? Or is product

that's year, think our function, products, in that the I for a every say pretty of high-quality X that yes, we mechanical But that more things say than I more us gives the big of would read and it's most but particular customer reasons pretty gives probably track Cloud because it's of if have because year that going was record that all wouldn't reinforcing the us products, a a tailwind, -- deliver area, at bit are dramatically and mature is and a to ago. And Development and a of more in, more success, more I going responsibility. fast area, it a also lot most year more suite comprehensive but is where prudent. going

that a take know when We because what deliver said. for that on works pretty you Veeva, to responsibility. CIO big your example, at we the with Ingelheim you Veeva of go So seriously. and Boehringer stuff Wow, you said that's everybody

we got deliver we've we're said So going to to do. what

it do that, and So is increases be. trust every a year accelerator we should trust as business

we've is record, on maybe, the in obviously of of going X first just put margin. but you, have guide year? us And for think some operating for guide to color. quarter discipline leverage and hot start quarter about Veeva you your about of it should beat quarter expenses in here then but seen the a gate, walk in it XX.X% Helpful here we on -- what think This QX, biggest the bit place versus cost the of how out A the you the kind highest out your discipline we for through Brian, showed additional next and means you're in and the as philosophy and implies this leverage years. you cost

the that for margin, the a mentioned, start, is from of great side. Veeva I the team. outperformance really More to a It's question. than thanks Brent, due on half the to as nice but testament the execution certainly, revenue

And that's to our teams, sales day. the our the teams so for across execution team, outstanding customers our value services product every create working teams,

expenses We far the that then costs continuing second say to philosophy. no need that to we're you've be that to execution our discipline this and heard pleased to, a ongoing make around in with on really of around front. And cost period-by-period cost So to out moved quarter other then happened that us philosophy the management, as basis. as a change part about that question few think we that your I'd and real managing there on past. feel be the We investments in we growth from as quarters

the line. bottom from So and top both strong execution on overall, the team the

question next Wells of line the of Stan Fargo. from Your Berenshteyn comes

to likely up First, had Investor you the suggested just Vault follow Day, so. on to I top At or like over would XX more X CRM. the be months next commitments announced

So conversations these maturing. clearly, are

hurdle down been with Vault in you're these have wild, you commitments as with come as to say, has the the for clients, commitments? all? already the out these what these gating reflect at Now CRM And you factors on having discussions get

next and there. migrating about advantage, different the different. mean, do talked Yes. a person event, over to that commitments it's in progress we're medical reaction have first, many And ways. what top I excited to Having summit at customer foundationally real the right? marketing continue XX really we're got our several We have we lot we our everything I customers' We're to having the the in Stan, innovating pleased fourth we innovation are. got in to where with commitment. it, hear a from about, product product, market, well. in that's product months. Yes, customers significant additional I expect customers that single We're Vault Peter a live, a in sales, a about innovation, executing our

how strategy, against well we're that. AI about talked Our we executing

So in And a things a not that sense, that of deals majority customer progress so every for but with would progress. win and bit the to on are is deal, little have, far kind the certainly things. we're I stand balance going that little a vast each certainly, more the still would make there. win say, and we're We're also optimize every we yes, XX different top different. we expect of we I out But to They beyond. where kind pleased of deal making with

toward expect a then you'll to product that be quickly, And applications, us? pivot horizontal can when more share Great. able with strategy concrete on your enterprise we

one. take I'll that

horizontal In markets, business we're a terms applications, of there. the new approach taking platform-specific

terms update, know time and just we any what available. of let when terms customer for no we'll that. there's have out, In line exactly play you of that more area application specific in information segment, or to We'll let have

Tyler next comes Radke Citi. from of Your question of the line

deals in about this have numbers those the growth of you're early of framing think guidance, been any in as you just you longer about maybe As macro way year, have next would targets? And towards and not change cycles, the formal have think of you how year think FY seen any instance, that you for the back your of we your environment, should 'XX, very context given long-term of do resilient. half out? larger about we that know layering But the giving I sort but clearly, in stages call sales just the

to bit do Peter little At marginally But 'XX growth prior better years. visibility covered, giving XX%. of we've after we're this year, guidance time, not updated got Overall, the QX so the FY next speaking, guidance. a than about results. Tyler, our subscription probably year, reflects think as I that we'll for

growth really targets. So pleased long-term our growth against that with rate

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

of in these investments more in to that strategy do back Just to you of today, the little a some the margin going? make core you going horizontal profile think you as that how the bit get leverage about business terms perhaps giving strength and

just and one. product a right? thing first, as much keeping financial you -- And see I'll teams, twice in sales and in of our do lean to marketing. do We spend Yes, right take delivering that as Well, the we profile, value. by have about we in almost that product lot that's excellence, our customers, we

So really a a that's that focused efficient. And to being really and we team then a it's small you business need really our invest focus, not there. I It's very dollars the and tiger for applications, horizontal team. need team think

the certainly applications. cash So need have invest yes, new the capital horizontal that we all to business flows market's to -- would in we the

and out With products in, that the additional revenue life into we and new success customer and have we're existing put of inside that filling to sciences. mostly, support coming customer going products our

way think the So in revenue that's will The basically about sciences to that. in stay really life life sciences.

Got it. follow-up had on just a I services. then question And

even multiyear if from looks profile looking years? that market to growth a couple a think like range? about assumption what's growth, a Like on do out it's reasonable of next services a that As how in be stabilizing, you

Craig, is this Brian.

guidance, the momentum revenue happy give team continuing services to we on out the of QX coming guidance QX. won't with but and as think I specific results, with execute are until we after the saw how revenue So our

Canaccord. comes Hynes line question from next of the Your DJ of

But not XX up you Congrats showing since out sense that is you week happening on any as more component picked at quarter. up is Salesforce this Salesforce what's their your sciences them. deals life often? of see in X of is I've one top for reported a I'm asking of speak nice questions there they as customers, earlier Paul, cloud the to quarter. called that the

right? vast having certainly the no And are that's it's of our conversations. not We've about. see in They're our in we customers. majority customers larger mean, surprise, that. I That's to Yes. expected surprised something

are We of frequently? they that terms see they're up In in don't and there's know certainly a still them primary market, competitor. I more the change. showing the

Their game. I competing IQVIA product to the We're Salesforce. out They a I sunset. of yet. product have with don't think alluded as before, is

point. that's competitor at is the So really who this primary

Yes. Yes.

whether And we thinking as me just of about normalization this year, Can or Brian, and that for you. we has then, should that you set on follow-up Okay. year? models next be TFC the reversal there's a margins any our remind for impact

Yes.

recall just and normalized a are think TFC impacts both revenue side, to the bit. certainly to predominantly normalization, I jump stop excited the year and So for we TFC But that's results side on margins a so having into to it next TFC for non-normalized report.

On about by the revenue side, it rate impacted year-over-year growth the X%.

question of Jailendra the Truist line comes Singh next from Your Securities. of

Can Vault new an us what whether you related CRM can customer? to is typically migration, on Congrats length from that, remind top is existing biopharma customer when commitment. back time go average migrate commitment how on you live customer Vault, think the the And CRM CRM. it's it do to confirm of to they or a to they the commitment? fourth post platform? to want If they customer about to on when want based largely are a I preferences, to

Yes, Jailendra.

take second by say and complexity around size first significantly would it the migration. customer. I me that So let varies the part pretty of

it's top So If X or small customer, a as XX, that different midsized or top years, weeks. up say, than to then difference. customer. let's small you're X take X that very a closer migrated be you can may to expand weeks very, a And right? we in, XX see customer likely A

make what's to In a launches a migration do to of, launch terms own think they their on say, about, commitment, of they timing have, happening have things they there's in the The lot after that business, a frame. should their the time commitment launch. let's a that anything before force try or their they not of timing, doing commitment? depends We're unnatural to when and

come into of kinds those play. So things

our things, each different. make optimize to easy a bit a disruptive So customer but the is slightly to also to this They them migration. strategy as get for and minimally to is different possible as but little decision

or And customer? whether existing new an CRM it's a customer

or the win, was new question, an for was customer customer? a The top that existing XX us Paul,

Yes.

just So existing an the customer. top that was announced XX we

the referring think that Ingelheim Is -- So was Boehringer Jailendra? I to announcement. you're that what to, you're referring

Yes.

Yes.

with several Veeva CRM, for has closely commercial successful long-term So side, commercial the We've Veeva then years, Ingelheim Boehringer in them very last made and customer and trust us a R&D them term. last in with they're in couple very the long CRM been in years, of for the worked also. putting Vault over their for

customer. yes, So existing

more is momentum count clearly, the on additions? increase the follow-up good focused the respect in on into quarter. my Any guys decent net I And areas Or mean, with here. is count seeing are head particular board? you you're in to acceleration read Anything head across that? it to some

Brian. take is that This I'll question.

key we're the were we investments increase product of. continuing year with We're So in broad-based, It's look happy is a hiring the growth. the and areas head to quarter. around as we next something count to ahead see focus pleased make in in to our certainly execution but

of question the next Your from comes of Paribas. BNP line Andrew DeGasperi

two I just questions. had

these of ends? over the next migration gross these CRM. an we that that to I X margin? later words, CRM, customers for Or years as this just was improve impact the see improve to that going as agreement Salesforce on for First, of seeing other is the Veeva should customers do we you wondering, sort to start In Vault royalty migrate? pay

go gross Vault as recall, There's out. on that long-range in change making platform. we Salesforce the as platform as still pretty secular well long Vault Veeva in these, Vault some customers margins CRM story, CRM the migration decisions are the both to But the from look their towards is a on are migrations. time There migration away

some that the take that to that to for see spread adjustment, over you in so results out and really margins and XXXX. between and improvement will And time now time shift

made that? just I could could is saw -- there in really is if been others has well, on you -- Cloud that remind I just And Crossix that comments as then of versus us, terms mean, you And this direct-to-consumer product year? Or the the the in Commercial this one strength on it advertising portfolio? earlier. that year, really if is you is previous within change a the add you focused maybe

the some and with is involved most that's Yes. Crossix direct-to-consumer around the one that. audiences measurement from advertising Veeva's with

providers what's add-ons, for the well but us, also so Now and in Compass. as it's only is and has but Veeva Veeva is direct-to-consumer. And Link Crossix also health also Crossix direct-to-consumer, well, and been Commercial Data it's the us to performing well care products, data been performing Cloud, for not Content our the CRM

the commercial pretty area, So broad-based we've in strength. had

of from Larsen David BTIG. next of comes Your the question line

but there to just Connect those what talk Study Why reported Congratulations focused Can doing maybe there? Training are sell have into trial-related is like do on a CROs any challenges. you the challenges but they has the that difference not? obviously about of very Obviously, not The clinical good some quarter. trials, CRO clinical or you're Site are the you things more impact And you or seeing like been products? any space.

revenue take The make with I'll CROs, do lot they studies. This is their Peter. particular that one. a of associated

out and the studies those and is or gets X years. year customer a and study selects they and planning services, to until go the bidding wins deciding and years next a the a from the then -- as they're CRO time get long even revenue So from CRO or X that's over then lag services they're that forward revenue

facing and stopping customers so were customers say ago a ago, smaller don't and so They they and would there flight. I funding that facing in planned uncertainty, were year year ago So stop the and or X were more X certainly years usually trials. trials issues,

maybe trials So revenue stopping year. would planned they turned that CRO into maybe this were some have

seeing of So that's what maybe my estimate the CROs. best you're from

has doesn't, for by of that study is is that some basis. a us, really, Now and affected study-by-study not our channel because a CRO how of study. Veeva? is most revenue on It good

in by study the EDC our and ups the example, product, is are and our long-term not agreements for enterprise of supply example, is volume. for study are the and CROs. us those trial affected eTMF product study-by-study, For CTMS by study that But management standardization license downs

insulated and studies, ups XXX% close. downs but not we're from in the So darn pretty

steady That state? like of of that Is think an X a such CRM lot. uptick? were They there 'XX And sort like there X XX the in of Vault quarter. fiscal were a sounds 'XX. like wins, a for very number. XQ I why seems XX like good And new and in and and XQ X and is then XQ

Yes.

the exact roughly see I might XX, if it that we have amount the So quarter. number was think -- correctly. it But in been yes, remember I

that Think [indiscernible] each CRM as it amount think see about quarter. I likely exactly. these fact, most We are In companies was system. that roughly choosing it XX are

exciting are have getting most already they companies, rate there, their as -- pre-commercial winning be products we're winning. And there's customers of that that's of virtually to their teams -- larger. continue are grow to will the market out field Yes, But in expand system. their and prepared sort what But some vast So customers and launch, even is very have our yes, the go already, stage lot all of they we're medical deals that's pre-commercial majority some or win them for those of XX they super into high. win. and commercial a that's these may the us, for we're and and of that's that very, getting commercial from still winning something

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

the your I journey little to sense data in just Walgreens wanted us are in ask bit currently? more And sources general? about on give and you strategic think partnership, of you position Compass where market Cloud in with how there maybe adding to your maybe feel is talk a a you the Data about, competitive obviously, in sort

look new I'll data we it's and We're data we're when patient to if when things, for sources, and increase we take always see opportunity. looking evaluate at reasonable opportunity take one. network, It's our Peter. and that we'll that that, a we an

of those a have, and So partnership that do. was we more can there's great Walgreens we can

data powers patient-first think the powers that Compass it and our industry. I In Crossix, strongest with network, competitive Remember also our data have a it's network and of in position network. terms data the we

that we're to do a has lot just pharmacy data retail with data. not So data, getting of patient

of There's we to able doing way at patient also for are the to they've where the a in Prescriber we for measurement Compass Crossix, Those disruptive both our Compass in make products accurate and We're across have things but in our also sources and bit years. of data that a leads for the products in and bringing pretty in we're disruptive number So multiple matching us the and a audiences, I great industry. way. And -- data that a out be really product sources with the feel product. been but very way. Patient of comfortable do the multiple way

I'm So more now, patients, change very got right quarter, but takes as for flywheel a and and happy a adding going Compass it's time, and every customers but spinning we're more flywheel we've with It's customers little it. there.

That's line? in the for helpful. growth And of give growth been driver maybe Or it key to the color through commercial. commercial? growing first faster? Any relative it you there a Obviously, be us on just a give is Crossix. a has is Can follow-up Crossix rate X helpful. growth sense XX% a quarters what the in sense, would Just us

get going and into is continue has year with the won't something strong a take Brian. this It's the really and growing performed share We against forward. one. to we're But to Crossix take that pleased in product hope team that level and and specific overall how growth I'll market This we opportunity. continuing executed market, rates. healthy

question America. line of of comes the of next Bank Sills from Your Brad

some I the pharma. wanted maybe environment. big stable, demand question green fairly on general to in like ask a shoots just but that It sounds things the are you're seeing

business, segment properly. remarks, reading prepared if sorry, I think that in the commercial I'm business, I'm the R&D of not -- if I'm some of the

indications kind things in seeing be environment? the general So of are might that positive here turning any spending just you

a great. environment say great I it's for think I wouldn't Veeva. yes,

it's stabilized. think I

we ago, the they're better, especially in. year capabilities, a these customers' long-term are capabilities the that it's and compare long-term larger Development with in bit as a putting but to So Cloud

to -- industry is these moving. And value need have and about they're our So But I'm trains, it's goal support what more and not are our to is dramatic ups the that's encouraged goals, going add to what downs. XXXX and overall. to trains the big we

having quarter. really encouraged encouraged having this that progress discussions was encouraged. the by the was and that individual with team with I with was executives and So I was energized I executives. was I last senior the senior Veeva

was good a quarter. So it

-- the how And then doing That's the accounts? How early getting update comfortable kind hear. taking indications replatforming on some And going? of you're larger feel do the about any to where great that of to any you point of that? that's to you anything effort? Are

of that. to CRM replatforming CRM, on it We ago. announced with the years Vault X Yes, Veeva very comfortable

and the Of ago, X you course, it. comfortable it's years you when audacious it to plan, execute with and an you anything on plan not have you're announced announce

were time that really So obvious reasons, you at and paranoid we were. We be for focused. better

We now. customers have live

compared it, platform. compared have of We that X adapted full applications, CRM CRM, we the and and now Center. to CRM as existing needed is it's -- into we We've product features have so new we need Service Vault many functionality where Veeva the product Campaign the functionality these Manager and full to

if told bears hey, in take it's -- We would where that to out from didn't I So I'd a ready, forest. really us. years heartbeat. years you means got come definitely now, be the you and eat the we're that me here's to excited have if have through you'll be X ecstatic. would -- said, X ago, It

So that. very with happy I'm

Securities. Your of line comes Mizuho Steven the next question of Valiquette from

questions of here. couple a Just

the on Cloud. First, Development

are like years. on, that now for growing touched cetera. to on the questions to On the on couple trial a little it bit a actually deeper. I year-over-year does drill just one again after the of of for question, starts X our maybe for quarters wanted actually clinical last just I but declining in we on trends, back And some spending mean channel initiation, globally the checks et look R&D did of industry ask was last

year. follow-up the was the only weeks customer question year was revenue this by last follow-up carefully that points more than a the is on Analyst discussions, at really as just just far Day Or focus just little alluded the way your you own different few it you actually other I'm at data you that, total then marketplace? And question guys your ago, assessment curious down as just just cetera, the guys your to of quick do et look a customer So like base broke bit that? do you type as around

last just but can percent So case you currently. customers I'm standpoint? total just us hoping to a revenue of that of your was still the confirm if want percentage from to X% was recall no I book than of just I relates what year, remind it again, business more CRO

Steven, yes, on bit let to Brian to turn don't any I'll trial that. about revenue me take percent certainly the that. a metric. attention caution certainly and what single CRO question, starts, we and pay We from it first that many, one Clinical is. over-indexing talk metric I you but little do just to over of It's

talk little bit near-term we're changes how an insulated of as about heard trial from in some You clinical example. a volumes the Peter

most patterns we term, don't In trial our over-index than starts. that So the because matters. and buying not long they are near more for clinical term, so there. Obviously, of enterprise customers' capabilities deals over important it's our for are the

it most the I'll important. turn metric So yes, pay about question a on second a attention, your revenue. CRO as to Brian single we to but -- over to talk little not answer

Yes.

So it's specifically, was revenue, comparison. top little and bit saw, your it's that. revenue SMB, of we on materially you not from disclosed CRO part about the within around Day, channel it the as CRO XX time enterprise and we it, a second so harder question embedded the changed year-over-year Investor the at of But last X% for

Q&A Peter turn remarks. the our closing for Gassner, conference back Veeva's CEO, to session. will concludes This now I over

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

conference today's call. concludes This

now disconnect. You may