Veeva Systems Inc (VEEV) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to Veeva's Fiscal 2024 Second Quarter Earnings Conference Call for the quarter ended July 31, 2023. As a reminder, we posted prepared remarks on Veeva's Investor Relations website just after 1:00 p.m. Pacific today. We hope you have had a chance to read them before the call.

下午好，歡迎參加Veeva 的2024 財年第二季度收益電話會議（截至2023 年7 月31 日的季度）。作為提醒，我們在下午1:00 後在Veeva 投資者關係網站上發布了準備好的評論。今天太平洋。我們希望您在通話前有機會閱讀這些內容。

Today's call will be used primarily for Q&A. With me today for Q&A are Peter Gassner, our Chief Executive Officer; Paul Shawah, EVP, Commercial Strategy; and Brent Bowman, our Chief Financial Officer. During the call, we may make forward-looking statements regarding trends, our strategies and the anticipated performance of the business, including guidance regarding future financial results. These forward-looking statements will be based on our current views and expectations and are subject to various risks and uncertainties. Our actual results may differ materially. Please refer to the risks listed in our earnings release and the risk factors included in our most recent filing on Form 10-Q. Forward-looking statements made during the call are being made as of today, August 30, 2023, based on the facts available to us today.

今天的電話會議將主要用於問答。今天與我一起參加問答的有我們的首席執行官 Peter Gassner； Paul Shawah，商業戰略執行副總裁；和我們的首席財務官布倫特鮑曼。在電話會議期間，我們可能會就趨勢、我們的戰略和預期業務業績做出前瞻性陳述，包括有關未來財務業績的指導。這些前瞻性陳述將基於我們當前的觀點和預期，並受到各種風險和不確定性的影響。我們的實際結果可能存在重大差異。請參閱我們的收益報告中列出的風險以及我們最近提交的表格 10-Q 中包含的風險因素。電話會議期間做出的前瞻性陳述是基於我們今天掌握的事實，截至 2023 年 8 月 30 日作出的。

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

如果今天之後重播或查看此通話，則通話期間提供的信息可能不包含當前或準確的信息。 Veeva 不承擔更新或修改任何前瞻性陳述的義務。我們可能會在今天的電話會議上討論我們的指導意見，但除非我們在公共論壇上這樣做，否則我們不會就本季度的業績提供任何進一步的指導或更新。

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

在電話會議上，我們還可能討論某些我們認為有助於理解我們財務業績的非公認會計準則指標。與可比 GAAP 指標的調節可以在今天的收益發布和補充投資者演示文稿中找到，兩者均可在我們的網站上找到。

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

感謝您加入我們，我會將電話轉給 Peter。

Thank you, Gunnar, and welcome, everyone, to the call. We had another strong quarter, delivering results ahead of guidance, including total revenue of $590 million and non-GAAP operating income of $212 million. In commercial, I'm excited about our first Vault CRM customer win and planned general availability date in April 2024. That's really strong progress by the Veeva team as we deliver the next generation of CRM. We also saw great activity in clinical, both with our established products and our newer products in clinical operations and clinical data management.

謝謝你，Gunnar，歡迎大家參加電話會議。我們又經歷了一個強勁的季度，交付的業績超出了指引，包括 5.9 億美元的總收入和 2.12 億美元的非 GAAP 營業收入。在商業方面，我對我們贏得第一個 Vault CRM 客戶以及計劃於 2024 年 4 月全面上市感到興奮。在我們交付下一代 CRM 時，Veeva 團隊確實取得了巨大進展。我們還看到了臨床領域的巨大活動，無論是我們的既定產品還是臨床操作和臨床數據管理方面的新產品。

At this point, we'll open up the call to your questions.

此時，我們將開始回答您的問題。

(Operator Instructions) Your first question comes from the line of Joe Vruwink with Baird.

（操作員說明）您的第一個問題來自 Joe Vruwink 和 Baird 的線路。

I guess I wanted to start with the news this week on Vault CRM signing its first new customer. And really the question with the go live later this year, that does strike me as a bit earlier of a timetable. I think in the past, there was talk of 2024, maybe ahead of the Summit next year. So if I'm right on maybe this being a bit earlier of a timetable, just any views on why that might be the case? And then does that at all influence kind of how you think about launch and strategy progressing from that point onwards?

我想我想從本週 Vault CRM 簽署其第一個新客戶的新聞開始。事實上，今年晚些時候上線的問題確實讓我覺得時間表有點早了。我想過去有人談論過 2024 年，也許是在明年峰會之前。因此，如果我的看法是對的，也許這比時間表早了一點，那麼對於為什麼會出現這種情況有什麼看法嗎？那麼這是否會影響您對從那時起的發布和戰略進展的看法？

Joe, yes, this is Paul. Thanks for the question. So yes, we are certainly very excited to announce our first customer win. This is an early adopter. They will go live that's the plan in Q4 this year. It is a little bit earlier than we had expected. But Vault CRM is progressing really well. The product team has really delivered with excellence over the last year since we announced Vault CRM. So we're excited with the progress, we're excited where we're headed.

喬，是的，這是保羅。謝謝你的提問。所以，是的，我們當然非常高興地宣布我們贏得了第一個客戶。這是早期採用者。他們計劃在今年第四季度上線。這比我們預期的要早一些。但 Vault CRM 進展非常順利。自從我們發布 Vault CRM 以來，產品團隊在去年確實表現出色。因此，我們對進展感到興奮，對我們的前進方向感到興奮。

In terms of the timing, it's generally in line with what we talked about. So we'll look at all new customers after April of next year. So that's what the general availability date means. We'll have our first migration starting in 2025. And we'll expect to migrate most of our customers in 2026 through 2028. So that fundamentally doesn't change that much. But yes, you're right, it's a good indicator of the progress we're making.

從時間上來說，與我們所說的基本一致。因此，我們將在明年四月之後關注所有新客戶。這就是全面上市日期的含義。我們將於 2025 年開始首次遷移。我們預計將在 2026 年至 2028 年遷移大部分客戶。因此，從根本上來說，這不會發生太大變化。但是，是的，你是對的，這是我們所取得進展的一個很好的指標。

Okay. That's great. And then just pertaining to the strength in EDC with the wins this quarter and then really the highlighting of the broader clinical data management strategy in the prepared remarks. When you step back and look at all of this, would you say really it's no different than what Veeva has now done several times over its history in terms of product leadership, lighthouse account wins and then building out the suite? Or just given the size and consequence of this category, would you maybe start highlighting different things in terms of strategy, the consequences going forward about your clinical data specifically?

好的。那太棒了。然後只是與 EDC 的實力以及本季度的勝利有關，然後在準備好的講話中真正強調了更廣泛的臨床數據管理策略。當您退後一步審視這一切時，您會說這真的與 Veeva 在其歷史上多次在產品領先、贏得燈塔客戶以及構建套件方面所做的事情沒有什麼不同嗎？或者考慮到這一類別的規模和後果，您是否會開始強調策略方面的不同內容，特別是對您的臨床數據的未來後果？

I'll take that one. The broader clinical overall, which is clinical operations and clinical data management, and they kind of -- they go together. A few high-level thoughts. When we started a new product area, we always have plans, and we always try to do our best. And sometimes, we exceed those internal goals for ourselves and sometimes we fall short. I think in the clinical area, we probably exceeded what we -- so far, what we thought we would set out to do when we first got into our first pieces of clinical with CPM was really eTMF in 2012 and CTMS in 2016. So we're a bit ahead. And then all product areas are important, but clinical is just a very, very big one. So maybe in that way, it's a bit more important than others.

我會接受那個。更廣泛的臨床整體，即臨床操作和臨床數據管理，它們是相輔相成的。一些高層次的想法。當我們開始一個新的產品領域時，我們總是有計劃，並且總是盡力做到最好。有時，我們會超越自己的內部目標，有時又會達不到目標。我認為在臨床領域，我們可能超出了我們——到目前為止，當我們第一次進入CPM 的第一個臨床階段時，我們認為我們會著手做的事情實際上是2012 年的eTMF 和2016 年的CTMS。所以我們有點超前了。所有的產品領域都很重要，但臨床只是一個非常非常大的領域。所以也許從這個角度來說，它比其他的更重要一點。

A long way of saying we're really happy with our progress, and we've executed well. We've probably got some -- had some good luck along the way as well. And now we just really have to focus on our customer's success, and then we'll do just fine.

從長遠來看，我們對我們的進展感到非常滿意，而且我們執行得很好。我們可能有一些——一路上也有一些好運氣。現在我們只需要專注於客戶的成功，然後我們就會做得很好。

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

您的下一個問題來自 Oppenheimer & Company 的 Ken Wong。

Maybe this first question for Brent. Just wanted to understand the moving pieces on the billing side, exceptionally strong in Q2, held the line for the full year, just wondering if maybe some pull forward, some realignments, like what drove those moving pieces?

也許這是布倫特的第一個問題。只是想了解計費方面的移動部分，在第二季度異常強勁，全年保持不變，只是想知道是否可能有一些前進，一些重新調整，比如是什麼驅動了這些移動部分？

I'll take that one. So from a full year perspective, we reiterated the full year billings guide. So we're growing at about 15%. And what we've always said, when you look at any 1 quarter, it can be -- it can move a little bit. So in Q2, we are pleased to see some benefit from some linearity of some deals, so a little bit better deal timing. Those deals we expected to close within the year, we just happened to close in Q2. So that's not going to impact the full year number, but we'd rather have the business earlier than later. So overall happy with the execution.

我會接受那個。因此，從全年的角度來看，我們重申了全年的賬單指南。所以我們的增長率約為 15%。我們總是說，當你觀察任何一個季度時，它都可能會發生一點變化。因此，在第二季度，我們很高興看到某些交易的某些線性性帶來了一些好處，因此交易時機更好了一些。我們預計將在年內完成的那些交易，我們恰好在第二季度完成。因此，這不會影響全年的數字，但我們寧願早點開展業務，也不願晚點開展業務。總的來說，對執行感到滿意。

Got it. It makes a ton of sense. And then for Peter, just you guys touched on SMB softness. I think that's something you called out a year ago, but it did sound like it was more towards the commercial side when you first called it out. Would you say you've seen any impact or more meaningful impact on clinical? Or has it held roughly the same in terms of how that SMB exposure has weighed on the business?

知道了。這很有道理。然後，對於 Peter，只有你們談到了 SMB 的軟性。我認為這是您一年前提出的，但當您第一次提出時，聽起來確實更傾向於商業方面。您是否認為您已經看到了對臨床的任何影響或更有意義的影響？或者就中小企業風險對業務的影響而言，情況是否大致相同？

Well, I think we always knew that the macro wouldn't affect the commercial in SMB and particularly the smaller SMB, the emerging biotech because when the funding environment is down, they might not be able to fund their clinical trials, get the money they need to expand. So overall, I would say it's playing out as we expected. And that's -- I don't know when things would change, who knows, right? They may change in the future, but you won't know that until they change. Right now, it's business as we expected.

嗯，我認為我們一直都知道，宏觀經濟不會影響中小型企業的商業，特別是小型中小型企業，新興的生物技術，因為當融資環境惡化時，他們可能無法資助他們的臨床試驗，獲得他們想要的資金。需要擴展。總的來說，我想說，事情的發展正如我們所預期的那樣。那就是——我不知道事情什麼時候會改變，誰知道呢，對吧？它們將來可能會改變，但在它們改變之前你不會知道。現在，一切正如我們所預期的那樣。

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

您的下一個問題來自 RBC Capital Markets 的 Rishi Jaluria。

This is Richard Poland on for Rishi. So just 1 for me on the China exposure that you called out in some of the prepared remarks, and you said that you kind of factored that into guidance. Just wanted to get a little bit of clarification on what exactly is factored into guidance on that side?

我是里希 (Rishi) 的理查德·波蘭 (Richard Polish)。因此，我只想談談您在一些準備好的講話中提到的中國風險敞口，您說您已將其納入指導中。只是想澄清一下這方面的指導到底包含哪些因素？

Yes, this is Paul. I can answer that. Just a little context. I think it might be helpful on China. This is in regards to some regulations that have come about over the last couple of years, which impact how data is transferred outside of China, which starts to impact Veeva CRM. Veeva CRM is the predominant CRM that's used for most of the multinationals in the Chinese market. So what it's doing is it's forcing them to rethink their solution. We have a solution for them in the Chinese market. That's our China SFA product.

是的，這是保羅。我可以回答這個問題。只是一點背景知識。我認為這對中國可能會有幫助。這是關於過去幾年出現的一些法規，這些法規影響了數據在中國境外的傳輸方式，從而開始影響 Veeva CRM。 Veeva CRM 是中國市場上大多數跨國公司使用的主要 CRM。所以它的作用是迫使他們重新考慮他們的解決方案。我們為他們在中國市場提供了解決方案。這就是我們中國S​​FA的產品。

In terms of the size and the impact of this, this is not material. It's all factored in, but it's really not a material impact, either in this year or next year. So maybe that's how to think about it.

就其規模和影響而言，這並不重要。這些都已考慮在內，但無論是今年還是明年，這實際上都不會產生實質性影響。所以也許這就是思考的方式。

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

你的下一個問題來自布萊恩·彼得森和雷蒙德·詹姆斯的對話。

Congrats on the strong quarter. So I wanted to double-click on the Vault CRM, it's good to see the win this quarter. I'm curious, you did announce some other wins this quarter. As we progress towards GA, should we expect to hear more of the kind of net new CRM wins be Vault? Or would they still kind of go with the Salesforce CRM? Any way to kind of level set expectations there?

祝賀季度表現強勁。所以我想雙擊 Vault CRM，很高興看到本季度的勝利。我很好奇，您確實宣布了本季度的其他一些勝利。隨著我們向 GA 邁進，我們是否應該期待聽到更多有關 Vault 的淨新 CRM 勝利？或者他們仍然會選擇 Salesforce CRM？有什麼辦法可以設定期望值嗎？

Yes, it's a good question. And it will be customer specific. So we'll think very deeply and work very closely with our customers. We're obviously very transparent about our direction. For some companies, Veeva CRM is the right thing to do, and that's what we will sell to them and work with them. But I do think it's a fair way to think about it. As we get closer to that April date and certainly after that April date, it will start to become more Vault CM -- Vault CRM and eventually all and exclusively Vault CRM, that's for new customers.

是的，這是一個好問題。這將是針對特定客戶的。因此，我們將進行深入思考並與客戶密切合作。顯然，我們對自己的方向非常透明。對於一些公司來說，Veeva CRM 是正確的選擇，這就是我們將向他們銷售並與他們合作的產品。但我確實認為這是一個公平的思考方式。隨著我們越來越接近 4 月的日期，當然在 4 月的日期之後，它將開始變得更加 Vault CM - Vault CRM，最終完全是 Vault CRM，這是針對新客戶的。

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

你的下一個問題來自迪倫·貝克爾和威廉·布萊爾的對話。

Maybe for Peter, you emphasized the multiproduct kind of strategy effort. It seems like as you guys are going wider, you're also going deeper functionally. I think you called out a number of new solutions that have the potential to be larger markets than in kind of what some of your respective offerings currently have. I guess how do you think about that in context to the durability of kind of the growth equation and what Veeva can look like over time as you go deeper from a functional perspective?

也許對於彼得來說，您強調了多產品類型的戰略工作。看起來，當你們變得更廣泛時，你們也在功能上變得更深入。我認為您提出了許多新的解決方案，這些解決方案有可能成為比您各自的產品目前擁有的市場更大的市場。我想您如何看待這種增長方程的持久性以及隨著時間的推移，當您從功能角度更深入地了解 Veeva 時會是什麼樣子？

Yes, it's a really good way you said it. One of our special things is this multiproduct-company approach, our operating model that allows us to do that. So excellence in an area like clinical quality or safety. But because we have a lot of autonomy in those areas, we can go deep in those areas and provide the full suite of things, not just the surface level. So if we look actually in clinical there's not been a company that has attempted to do the full broad suite of clinical applications, such as Veeva is trying. Nobody's attempted that before, let alone succeeded at it.

是的，你說的這確實是一個很好的方式。我們的特別之處之一是這種多產品公司方法，我們的運營模式使我們能夠做到這一點。在臨床質量或安全等領域表現卓越。但因為我們在這些領域擁有很大的自主權，所以我們可以深入這些領域並提供全套的東西，而不僅僅是表面的東西。因此，如果我們實際觀察臨床，還沒有一家公司像 Veeva 正在嘗試的那樣嘗試進行全套臨床應用。以前沒有人嘗試過，更不用說成功了。

So it is absolutely our strategy to go in each area with autonomy, deep in each area with excellent applications, the main ones that people need and then have things align across areas on a common set of values, how we operate as a company, how we strive for product excellence, how we do controls so that we see if we have some customer success issues and catch that.

因此，我們的戰略絕對是自主地進入每個領域，深入每個領域，提供優秀的應用程序，人們需要的主要應用程序，然後讓各個領域的事物在一套共同的價值觀上保持一致，我們作為一家公司如何運作，如何我們力求產品卓越，我們如何進行控制，以便我們了解是否存在一些客戶成功問題並抓住它。

One of the reasons why we're durable is we're optimizing for the whole and customers appreciate that. They know when we sell them, let's say, our RTSM solution, we care deeply about that success, not only for the reputation of our RTSM business but for the reputation of the overall Veeva, which is much more than RTSM business. So in other words, we have more to lose if we have an unhappy customer in an area. So we will work harder to protect that which is what the customers want. And that's the beauty of our operating model.

我們經久不衰的原因之一是我們正在針對整體進行優化，並且客戶對此表示讚賞。他們知道，當我們向他們出售我們的 RTSM 解決方案時，我們非常關心這種成功，不僅是為了我們 RTSM 業務的聲譽，也是為了整個 Veeva 的聲譽，這比 RTSM 業務的聲譽要重要得多。換句話說，如果某個地區的客戶不滿意，我們會損失更多。因此，我們將更加努力地保護客戶想要的東西。這就是我們運營模式的美妙之處。

Got it. That's super helpful. And then maybe just kind of piggybacking off of that to I think the R&D Summit coming up here in a handful of weeks to support a lot of these kind of maturing product offerings, 2,000 attendees. I guess -- is it, maybe for Peter or Paul, highlight kind of the importance of what that event can mean as you build out that customer and product excellence into not only the existing platform set, but obviously some of these newer initiatives you guys are going after?

知道了。這非常有幫助。然後也許只是順應這一點，我認為幾週後在這裡舉行的研發峰會將支持許多此類成熟的產品，有 2,000 名與會者。我想，也許對於彼得或保羅來說，強調該事件的重要性，因為您不僅將客戶和產品的卓越性融入到現有的平台集中，而且顯然還融入了你們這些較新的舉措中正在追趕嗎？

Yes, customer summit in Boston for R&D in the U.S. coming up here in a couple of weeks, and we'll have about 2,000 people. It's absolutely 1 of our key reference selling events. Now reference selling goes on all the time across the globe every day, people talking to other people, "Hey, what about those Veeva products? What do you think about that? Are you having a good experience, not a good experience? I'm thinking about using it? What do you think?" That's reference selling. But it happens really in a hurry in the customer summits because there's 2,000 people and they are there. Their time is focused and they have fortuitous run-ins with each other in the hallways, unplanned pollination, that's a little bit difficult to get without a physical event.

是的，幾週後將在美國波士頓舉行研發客戶峰會，我們將有大約 2,000 人參加。這絕對是我們重要的參考銷售活動之一。現在全球範圍內每天都在進行參考銷售，人們互相交談，“嘿，那些 Veeva 產品怎麼樣？你對此有何看法？你的體驗是好的還是不好的？我”我正在考慮使用它？你覺得怎麼樣？”這就是參考銷售。但在客戶峰會上，事情發生得非常匆忙，因為有 2,000 人參加。他們的時間很集中，他們會在走廊裡偶然發生衝突，計劃外的授粉，如果沒有實體活動，這有點困難。

And I think you saw that not just with you, but with other companies during the COVID crisis, there was initially a massive spread of information, everybody getting on Zoom. But then after a while, you noticed information didn't spread as much because there weren't these spontaneous interactions happening. So you're right to say it's our massive cross-selling event.

我想您不僅看到了這一點，在新冠危機期間，其他公司也看到了這一點，最初信息大量傳播，每個人都在使用 Zoom。但過了一段時間，你發現信息傳播得不夠多，因為沒有發生這些自發的互動。所以你說這是我們的大規模交叉銷售活動是對的。

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

您的下一個問題來自 Needham & Company 的瑞安·麥克唐納 (Ryan MacDonald)。

Congrats on the nice quarter. Peter, maybe first for you. Great to see the continued success with Compass patient and starting to get more wins there. Can you just talk about how you're sort of driving that success in an environment that seems to be quite tough in terms of data investment right now given the tight budgets?

祝賀這個美好的季度。彼得，也許第一個對你來說。很高興看到 Compass 患者持續取得成功，並開始在那裡取得更多勝利。您能談談您是如何在目前預算緊張、數據投資相當困難的環境中取得成功的嗎？

Yes. For Compass, I'm very excited about that. Now in terms of the wins, those wins are going to happen. When there are a lot of companies wanting to buy a lot of data products and sometimes they buy multiple data products. They might some -- buy some data from company A and some data from company B and company C. That's going to happen. So the wins itself, they don't excite me that much. That's relatively easy to happen. What excites me is our product vision and the product team we put together and the goal we're setting out. We're setting out to have a unique, highly integrated, highly excellent suite of data products from Compass to Link to OpenData and to be the leader in life sciences data. Nobody else has set out to do that over the last -- as far as I know, over the last 20 years because IQVIA is the unquestionable leader. So we're setting out to do that.

是的。對於 Compass，我對此感到非常興奮。現在就勝利而言，這些勝利將會發生。當有很多公司想要購買很多數據產品時，有時他們會購買多種數據產品。他們可能會從 A 公司購買一些數據，從 B 公司和 C 公司購買一些數據。這將會發生。所以勝利本身並沒有讓我那麼興奮。這相對容易發生。讓我興奮的是我們的產品願景、我們組建的產品團隊以及我們設定的目標。我們致力於擁有一套獨特的、高度集成的、高度優秀的數據產品套件，從 Compass 到 Link to OpenData，並成為生命科學數據領域的領導者。據我所知，在過去 20 年裡，沒有其他人打算這樣做，因為 IQVIA 是毫無疑問的領導者。所以我們正著手這樣做。

And then we have this product team and architecture that's really clean. It's making a clean new way thing. It's sort of like there's client CRM, we're coming out with cloud, we're coming out with something fundamentally cleaner. And the real thing is getting the enthusiasm for the early customers, hearing not so much what they're saying, but why they're saying it. So the early intuition here is that it could be something great if we execute well.

然後我們就有了非常乾淨的產品團隊和架構。它正在創造一種干淨的新方式。這有點像客戶 CRM，我們推出了雲，我們推出了一些從根本上更乾淨的東西。真正的事情是激發早期客戶的熱情，而不是聽他們在說什麼，而是聽他們為什麼這麼說。因此，早期的直覺是，如果我們執行得好，這可能會是一件很棒的事情。

Maybe just a quick follow-up on that. I mean, from the customers you've won so far, do you get the sense that they're sort of committed and bought into the broader product strategy with the additional data sets coming out where you can start to have -- take that multiproduct adoption to sort of consolidate more on Veeva?

也許只是對此進行快速跟進。我的意思是，從你迄今為止贏得的客戶中，你是否感覺到他們有點承諾並接受了更廣泛的產品策略，並且你可以開始擁有更多的數據集——以多產品為例採用以在Veeva 上進行更多整合？

I wouldn't say the customers rightly so are committed yet, I do think they see the potential. This might be really good. This could be very differentiated. There is potential here, and I should keep my eyes on it. But I would -- no one committed because we haven't released these major products, which are Compass Prescriber and Compass National. So we have to deliver those. Customers have to start working with them, start to delivering them with quality month after month after month after month. That's how people really get enthused about it.

我不會說客戶已經做出了承諾，但我確實認為他們看到了潛力。這可能真的很好。這可能是非常有區別的。這裡有潛力，我應該密切關注它。但我會——沒有人承諾，因為我們還沒有發布這些主要產品，即 Compass Prescriber 和 Compass National。所以我們必須交付這些。客戶必須開始與他們合作，開始月復一月地高質量交付產品。這就是人們真正對其感興趣的方式。

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

您的下一個問題來自花旗銀行的泰勒·拉德克 (Tyler Radke)。

If I look at the full year guidance, obviously, a lot of the metrics stayed pretty unchanged. It did look like you slightly took up the commercial guidance. But in the quarter, it seemed like R&D, at least outperformed consensus. So I know it's not big changes, but could you just talk to the modest changes you're expecting for the full year outlook? And I guess, to the extent macro is impacting the business, are you seeing it more in R&D versus commercial?

如果我看一下全年指導，顯然，很多指標都保持不變。看起來你確實稍微接受了商業指導。但在本季度，研發似乎至少超出了共識。所以我知道這並不是很大的變化，但您能否談談您對全年前景的預期的適度變化？我想，就宏觀對業務的影響而言，您是否更多地在研發方面看到它而不是在商業方面？

Yes. So Tyler, so what we did is we increased our full year subscription guide by about $5 million. So that was driven in the commercial space. So what we saw in the commercial space is we saw some favorable linearity with some deals close a little bit earlier. So that's what you're seeing kind of flow through to the full year.

是的。泰勒，我們所做的是將全年訂閱指南增加了約 500 萬美元。這是商業領域推動的。因此，我們在商業領域看到的是一些有利的線性關係，一些交易提前完成了一些。這就是你所看到的全年的情況。

R&D, it basically played out exactly. So we're executing well there and the linearity of the deals are as expected. So that's kind of what you see from a subscription perspective. The macro, again, no surreal surprises when we set out the year, we said it was going to be a continuation of what we have been seeing, so not better, not worse. And we saw that in the first half, and we expect that in the second half as well.

研發，基本上完全發揮了作用。因此，我們在那裡執行得很好，交易的線性度也符合預期。這就是您從訂閱角度看到的情況。宏觀方面，再次，當我們設定今年時，並沒有出現超現實的驚喜，我們說這將是我們所看到的情況的延續，所以不會更好，也不會更糟。我們在上半場看到了這一點，我們預計下半場也會如此。

Got it. And maybe another follow-up for you, Brent, as I think about the billings guidance and your expectations for normalized billings versus calculated billings. I think last quarter, you were expecting more of a headwind on the normalized billings about an $8 million headwind. This quarter, it seemed like it maybe turned out to be a tailwind if I'm reading those signs correctly. Could you just talk through kind of what you saw in the quarter from a normalized-billings perspective that differed relative to your original guidance, and I guess, if there's any changes for the full year?

知道了。布倫特，當我考慮賬單指南以及您對標準化賬單與計算賬單的期望時，也許還有另一個後續行動。我認為上個季度，您預計標準化賬單會遇到更多阻力，約為 800 萬美元。如果我正確解讀這些跡象，本季度似乎可能會成為順風。您能否從標準化賬單的角度談談您在本季度看到的情況，這與您最初的指導有所不同，我想全年是否有任何變化？

Yes. So from a normalized billings, so just to make sure we're level set. So what we're doing here is for our renewal business, we normalize for changes in frequency. That's when the customer goes from annual to quarterly or vice versa and also for things like the co-terms. So for that renewal business, that's what we're focused on is taking that noise out of the equation. So looking at normalized is the best way to look at the number.

是的。因此，從標準化的賬單來看，只是為了確保我們處於水平狀態。所以我們在這裡做的是我們的續訂業務，我們對頻率的變化進行標準化。那時，客戶從年度變為季度，反之亦然，也包括聯合術語之類的內容。因此，對於續約業務，我們重點關注的是消除噪音。因此，查看標準化是查看數字的最佳方式。

Now there's always going to be movements between calculating that because what a customer may co-term or change that. So those term -- billing term changes is what you're seeing there. But that doesn't impact the normalized number. That's just an adjustment to calculate it. So I wouldn't be so worried about that $8 million versus $3 million, I'd look at the full year, the full year, we're growing at 15%, and we feel good about it.

現在，計算之間總是會發生變化，因為客戶可能會共同術語或改變它。所以這些術語——計費術語的變化就是你所看到的。但這並不影響標準化數字。這只是計算時的調整。所以我不會那麼擔心 800 萬美元和 300 萬美元，我會看看全年，全年，我們的增長率為 15%，我們對此感覺良好。

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

您的下一個問題來自 Brent Bracelin 和 Piper Sandler。

Maybe first for Peter, I wanted to double click into the clinical data management space. I mean you talked about some pretty strong momentum with ePRO and RTSM. I think you framed that as an opportunity bigger than EDC. What are the catalysts that you think can drive broader adoption of ePRO and RTSM? Are we in an environment where this is still largely a push? Or are we starting to see kind of customer pull?

也許首先對彼得來說，我想雙擊進入臨床數據管理空間。我的意思是，您談到了 ePRO 和 RTSM 的強勁勢頭。我認為你認為這是一個比 EDC 更大的機會。您認為哪些因素可以推動 ePRO 和 RTSM 的更廣泛採用？我們所處的環境是否仍然在很大程度上推動著這一點？或者我們是否開始看到某種客戶拉動？

Good questions. RTSM and ePRO first, I would say, there are areas where these are 2 areas where life sciences is going to be cautious. The randomization and trial supply management, that's very, very critical. If that's done incorrectly, you could have patient safety problems. You could wipe out a significant part of the investment in your whole trial. So they're going to be cautious. There are companies are going to try some trials first and see how it goes, rightfully so.

好問題。我想說的是，首先是 RTSM 和 ePRO，這兩個領域是生命科學需要謹慎的領域。隨機化和試驗供應管理非常非常關鍵。如果操作不當，可能會出現患者安全問題。您可能會在整個試驗中花掉很大一部分投資。所以他們會保持謹慎。有些公司會先進行一些試驗，看看效果如何，這是理所當然的。

And in the ePRO area, the patient reported outcomes, that's a patient-facing things. So again, they're going to be extra sensitive on that. So I think the way it will play out is, people experimenting a first trial at a time. And if they like it -- and try a little more and if they like it, what we see may happen over the coming years play out is they might look for an enterprise standard, for example, an enterprise standard for randomization and trial supply management, and they really haven't done that before because of the way the market dynamics have been, they genuinely would pick randomization and trial supply management on a trial-by-trial basis and have multiple vendors, almost as if they were using a contract research organization.

而在ePRO領域，患者報告結果，這是面向患者的事情。再說一次，他們對此會格外敏感。所以我認為它的實施方式是，人們一次進行第一次試驗。如果他們喜歡它 - 並多嘗試一點，如果他們喜歡它，我們看到未來幾年可能發生的情況是他們可能會尋找企業標準，例如隨機化和試驗供應管理的企業標準，而且由於市場動態，他們以前確實沒有這樣做過，他們真的會在逐個試驗的基礎上選擇隨機化和試驗供應管理，並擁有多個供應商，幾乎就像他們使用合同一樣研究組織。

Our innovation and the way we're doing it, we're set up for scale such that a company might say, "You know, hey, I'm going with Veeva with all my trial for randomization and trial supply management". And in ePro over time, that may also play out as well, where they could use us not selecting on a trial by trial, who has the best ePro for this or for that. We would like to, over time, earn the right to have an enterprise agreement, that's one for the ePro.

我們的創新和我們所做的方式，我們是為了規模而建立的，這樣一家公司可能會說，“你知道，嘿，我將與 Veeva 一起進行隨機化和試驗供應管理的所有試驗”。隨著時間的推移，在 ePro 中，這也可能會發揮作用，他們可以使用我們，而不是通過試驗來選擇誰擁有最好的 ePro。我們希望隨著時間的推移，獲得簽訂企業協議的權利，這就是 ePro 的協議。

And then the second, we're a big fan of what's called bring your own device, meaning that the patient would use their own web browser or their own iPhone, their own Android and put their own app on it rather than the pharmaceutical company provisioning a specific iPad application. So we've done a lot of things to make that happen and make that work really well, which, by the way, of course, you couldn't do 10 years ago when ePRO started or -- you couldn't do that. So we're taking a new approach. We think it's better, that will take time for it to work its way through the system and the company's sponsors and CROs to get comfortable with that. So we're taking an innovative approach and we hope to have innovative results.

第二，我們非常喜歡所謂的“自帶設備”，這意味著患者可以使用自己的網絡瀏覽器或自己的iPhone、自己的Android 設備，並在上面安裝自己的應用程序，而不是製藥公司提供的應用程序特定的 iPad 應用程序。因此，我們做了很多事情來實現這一目標，並使其發揮真正的作用，順便說一句，當然，這是 10 年前 ePRO 啟動時無法做到的，或者——你無法做到這一點。所以我們正在採取一種新方法。我們認為這樣更好，但這需要時間才能在系統中發揮作用，並且公司的讚助商和 CRO 也需要時間來適應這一點。所以我們正在採取創新的方法，我們希望能取得創新的結果。

Got it. Very clear. And if you become the standard, obviously, a lot to gain there. My last question for Brent here. If I just look at net cash, it's on pace to eclipse $4 billion for the first time in the second half of the year. You're now looking at generating $1 billion in cash flow annually here. What are the plans for that excess cash position? Is there an opportunity to maybe accelerate your product plan that's ambitious with more tuck-ins? How do you think about that $4 billion in the second half, going to $5 billion end of next year and what the appropriate uses for that cash would be?

知道了。非常清楚。如果你成為標準，顯然你會收穫很多。我要問布倫特的最後一個問題。如果我只看淨現金，今年下半年淨現金將首次突破 40 億美元。您現在希望每年產生 10 億美元的現金流。對於多餘的現金頭寸有何計劃？是否有機會加速您雄心勃勃的產品計劃並提供更多內容？您如何看待下半年的 40 億美元（到明年底將達到 50 億美元）以及這些現金的適當用途？

Yes, sure. So Brent, yes, so you're right. We run a profitable business, and we're generating a good amount of cash, and we're at about $3.9 billion. But we're focused on M&A. M&A is a use of cash. If we see the right acquisition, that's what we're going to do. But as always, in Veeva fashion, we're going to be disciplined about it in our strategy and our approach. And we have done a few deals in the past, and we've been successful in those deals. So that's really our focus Brent right now is to really invest for growth and M&A is a big part of that.

是的，當然。所以布倫特，是的，所以你是對的。我們經營著盈利的業務，​​並且產生了大量現金，現金價值約為 39 億美元。但我們專注於併購。併購是現金的使用。如果我們看到正確的收購，我們就會這麼做。但與往常一樣，在 Veeva 時尚中，我們將在我們的戰略和方法中嚴格遵守這一點。我們過去已經完成了一些交易，並且在這些交易中我們取得了成功。因此，布倫特現在的重點是真正為增長而投資，而併購是其中的重要組成部分。

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

你的下一個問題來自古根海姆證券公司的傑克·華萊士。

Brent, first one for you, diving into the rest of your billings guide. Am I right by inferring here that it looks like there's a little bit of a mix shift towards more subscription billings versus services and the read there would be from the services guide to the lower half of the prior range? And then within that, is that -- if that is the case, is that related to some of the larger deals that you're either signed this year or anticipate to sign later in the year that may need less of Veeva resources during implementation?

布倫特，第一個給你的，深入了解你的帳單指南的其餘部分。我在這裡推斷，似乎有一點混合轉向更多的訂閱賬單與服務，以及閱讀內容將從服務指南到先前範圍的下半部分，對嗎？然後，如果是這種情況，這是否與您今年簽署或預計今年晚些時候簽署的一些較大交易有關，這些交易在實施過程中可能需要較少的 Veeva 資源？

Yes. There's a few moving pieces there. Like if you take a big step back on -- in the area here, services, was down a little bit. So that will have a small impact, a small impact on billings. But what you saw happen in Q2 was some favorability, right? So the visibility we have to the business is still the same visibility. It's just we closed some deals a little bit earlier. And that takes some of the pressure out of the back half when you look at the growth rate. So we're very happy with the visibility we have and the growth rates we see in that business, which is in that metric, which is 15%.

是的。那裡有一些移動的部件。就像如果你退後一大步——在這個地區，服務會下降一點。所以這會對賬單產生很小的影響，很小的影響。但你在第二季度看到的情況是一些好感，對吧？因此，我們對業務的可見性仍然是相同的可見性。只是我們提前完成了一些交易。當你觀察增長率時，這會減輕後半段的一些壓力。因此，我們對該業務的可見度和增長率感到非常滿意，按照該指標計算，增長率為 15%。

Excellent. And then Peter and Paul, your question about the kind of competitive landscape in commercial. What have we seen since last quarter in terms of activity from Salesforce and essentially even IQVIA in and around the public migration taking place?

出色的。然後彼得和保羅提出了關於商業競爭格局的問題。自上季度以來，我們在 Salesforce 甚至 IQVIA 以及圍繞公共遷移進行的活動方面看到了什麼？

Yes, I can talk about that. So we haven't as it relates to Salesforce, really business as usual. They've been a good partner. They continue to support our existing customers. I expect they're going to continue to do that through the end of our agreement. So that's business as usual as far as that goes.

是的，我可以談談這個。因此，對於 Salesforce，我們並沒有真正一切如常。他們一直是很好的合作夥伴。他們繼續支持我們現有的客戶。我預計他們將在我們的協議結束前繼續這樣做。就目前而言，一切照常進行。

In terms of them in a competitive landscape, I can't comment on their direction, their plans. What I can tell you is this is really hard, building a pharma CRM. It's a really deep life sciences specific application. It's complex. It's different and different parts of the globe. Brazil is different than Japan is different than Italy. So it's really a -- it's a different beast from what Salesforce is accustomed to doing. And then there's the full Commercial Cloud. So we have CRM. We have full Commercial Cloud. There's software, there's data. They all interoperate and work together, and nobody else really has that. So as far as my perspective on Salesforce, I don't see this as an attractive market for them.

就他們在競爭格局中的情況而言，我無法評論他們的方向和計劃。我可以告訴您的是，構建製藥 CRM 確實非常困難。這是一個非常深入的生命科學特定應用。這很複雜。這是地球上不同的地方。巴西與日本不同，與意大利不同。所以這確實與 Salesforce 習慣做的事情不同。然後是完整的商業雲。所以我們有CRM。我們擁有完整的商業雲。有軟件，就有數據。它們都可以互操作和協同工作，但沒有其他人真正擁有這樣的能力。因此，就我對 Salesforce 的看法而言，我不認為這對他們來說是一個有吸引力的市場。

You asked about IQVIA also, nothing has really changed there. We haven't seen any difference. We still win most of the deals. We won 8 SMBs in the quarter. Maybe one thing to think about as you kind of think about the longer term here, also 1 data point to put things into perspective. Veeva CRM and our add-ons is roughly 25% of our total revenue. And we expect to move the vast majority of that over to Vault CRM over, let's say, the next 5 years. So just a way to frame kind of what that looks like. Yes, there's the competitive landscape and that may change, but that's how we're thinking about it. We expect to move the vast majority over and focus on our horse, and that's the next generation of CRM.

您還詢問了 IQVIA，那裡沒有任何真正的改變。我們沒有看到任何差異。我們仍然贏得了大部分交易。本季度我們贏得了 8 家中小企業。也許當你考慮這裡的長期目標時需要考慮一件事，也是一個可以讓你正確看待事物的數據點。 Veeva CRM 和我們的附加組件約占我們總收入的 25%。我們預計在接下來的 5 年內將其中的絕大多數轉移到 Vault CRM。所以這只是一種構建框架的方式。是的，競爭格局可能會發生變化，但這就是我們的想法。我們希望將絕大多數人轉移到我們的馬匹上，這就是下一代 CRM。

Got it. That's helpful. And then just a quick last one here. What should we be anticipating in terms of the migration costs maybe on the back-end side versus also the implementation side?

知道了。這很有幫助。然後這裡只是最後一個。就後端方面與實施方面的遷移成本而言，我們應該預期什麼？

So I'm sorry, can you repeat -- you're talking about the migration path. Can you just repeat the question? Just so I understand...

抱歉，您能再說一遍嗎？您正在談論遷移路徑。你能重複一下這個問題嗎？就這樣我明白了...

The cost for migrating customers, incremental to the existing expense base?

遷移客戶的成本是否會增加現有費用基礎？

Got it. So yes, costs for migrating. So the way to think about it is the cost -- there's a lot of variables that are going to go into what that cost looks like. And 1 big 1 will be the approach that customers take from a very lift and shift to something that may be more optimizing around business process. The way I would think about it is we're building a lot of the tools to make that migration a whole lot easier. So the cost of just moving to Vault CRM, I estimate could be 20% of the total cost of trying to do something new and build some new offering. So we have a significant advantage because our customers are going to get everything we've delivered in Veeva CRM in Vault CRM on day one, that's what happens with our existing customers, plus they'll get more on top of that. So it's a much more efficient way and it's a much better way. Ultimately, we'll deliver a better application.

知道了。所以是的，遷移成本。所以考慮這個問題的方法是成本——有很多變量會影響到成本的情況。 1 big 1 將是客戶從非常提升並轉向圍繞業務流程可能更加優化的方法。我的想法是，我們正在構建很多工具來使遷移變得更加容易。因此，我估計，遷移到 Vault CRM 的成本可能佔嘗試做新事情和構建新產品總成本的 20%。因此，我們擁有顯著的優勢，因為我們的客戶將在第一天就在Vault CRM 中獲得我們在Veeva CRM 中交付的所有內容，這就是我們現有客戶所發生的情況，此外，他們還將獲得更多。所以這是一種更有效、更好的方法。最終，我們將提供更好的應用程序。

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

您的下一個問題來自摩根士丹利的 Craig Hettenbach。

In R&D, can you touch on the ramping nature of some of the larger wins in EDC, and how do you think about that in terms of layering on to the growth rate?

在研發方面，您能否談談 EDC 中一些較大成果的逐漸增長性質，以及您如何看待增長率分層方面的問題？

Brent, do you want to take that one?

布倫特，你想拿那個嗎？

Yes, I'm happy to -- yes, I'm happy to take that one. So if you think about these large EDC deals, these are not single-year deals. These are these multiyear arrangements, which could be 3, 4, 5 years. So think about them in the first year, it's not going to be a significant amount. And as you get into years 3, 4 and 5, it will become much more material. Revenue will follow that billings path as well. So those 2 will be aligned as you look forward. That's kind of a way to think about it.

是的，我很高興——是的，我很高興接受那個。因此，如果您考慮一下這些大型 EDC 交易，就會發現它們並不是單年交易。這些是多年期安排，可能是 3 年、4 年、5 年。因此，在第一年考慮一下，這不會是一個很大的數字。當你進入第三年、第四年和第五年時，它會變得更加重要。收入也將遵循該計費路徑。因此，正如您所期待的那樣，這兩個因素將保持一致。這是一種思考方式。

And then just switching gears back to some of the questions on the data business in commercial. Can you touch on just how you're thinking about just from a timeline perspective when you could see some inflection in that business?

然後回到商業數據業務的一些問題。當您看到該業務出現一些變化時，您能否從時間線的角度談談您是如何思考的？

I'll take that one. Real inflection, I do think will be -- first, it's going to be customer success wise and product excellence. And that, I think, we'll have a pretty good view about 12 months from now, really. Now that is going to lead the financial significance by a long way. So it will be multiple years from now before -- Compass is not going to be a $60 million business, even a $50 million business. It's not going to be that anytime soon, anytime in the next few years. So that's how long of a path these things are. The leading indicator will be the customer success and the customers -- and it would start probably with the very small biotechs who can -- who would say, "Hey, I run my business, and I don't use any IQVIA data products". That's -- I just use the Veeva data products. That's -- and I'm happy with that. And I'm able to see things that I couldn't see before. That's when you know you have something. So that -- those are the things that we're really looking for every day trying to optimize for, trying to listen for, trying to make changes, so we can arrive at that next year.

我會接受那個。我確實認為，真正的變化將是——首先，這將是客戶成功和產品卓越。我認為，從現在開始大約 12 個月後，我們將會看到非常好的景象，真的。現在，這將遠遠領先於財務意義。因此，從現在開始多年之後，Compass 不會成為一家價值 6000 萬美元的企業，甚至不會成為一家價值 5000 萬美元的企業。在接下來的幾年裡，短期內、任何時候都不會出現這種情況。這就是這些事情的路徑有多長。主要指標將是客戶的成功和客戶，這可能會從非常小的生物技術公司開始，他們會說，“嘿，我經營我的業務，​​我不使用任何 IQVIA 數據產品” 。那是——我只使用 Veeva 數據產品。這就是——我對此感到高興。而且我能夠看到以前看不到的東西。那是你知道你擁有某些東西的時候。因此，這些是我們每天真正在尋找的東西，試圖優化、嘗試傾聽、嘗試做出改變，這樣我們就能在明年實現這一目標。

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

您的下一個問題來自 Truist Securities 的 Jailendra Singh。

Congrats on a strong quarter. First, I want to better understand the margin trends in the quarter, which came in nicely ahead of your quarterly guidance when you adjust for TFC and FX impact. Just trying to understand what drove the upside there? And it looks like you're only raising the EBIT guide for the full year to reflect outperformance in the quarter. So how are you thinking about those cost trends in the second half?

祝賀季度表現強勁。首先，我想更好地了解本季度的利潤率趨勢，當您根據 TFC 和外匯影響進行調整時，該趨勢遠遠超出了您的季度指導。只是想了解是什麼推動了那裡的上漲？看來您只是提高了全年的息稅前利潤指南，以反映本季度的優異表現。那麼您如何看待下半年的成本趨勢？

Yes. So yes, thank you. So we're really happy with the performance in Q2. And you're right, we did flow through that outperformance in op income about $10 million to the full year. So we increased our full year number by $10 million. So growing at 38% in the quarter, and that's really about just great focused execution across every one at Veeva, all functions. So really good execution. And so we're real pleased with that. And if you look at our full year guide, we're guiding to about 37%. Remember, there's a little bit of seasonality in Q4. But than that, it's just purely about execution, and we're going to continue to focus on investing in areas that make sense that can accelerate our value to our customers.

是的。所以是的，謝謝。所以我們對第二季度的表現非常滿意。你是對的，我們全年的運營收入確實表現出色，約為 1000 萬美元。因此，我們全年的數字增加了 1000 萬美元。本季度增長率為 38%，這實際上是 Veeva 的每個人、所有職能部門都高度專注的執行力。所以執行力真的很好。所以我們對此非常滿意。如果你看一下我們的全年指南，我們的指導值為 37% 左右。請記住，第四季度有一些季節性。但除此之外，這純粹是關於執行，我們將繼續專注於那些有意義的領域的投資，這些領域可以加速我們為客戶創造的價值。

Okay. And then following up on the question on macro front, asked earlier with respect to the funding environment putting pressure on smaller biotech companies. I understand your fiscal '24 guidance does not assume any change there. But what are you assuming in your fiscal '25 outlook, are you assuming any improvement in trends there?

好的。然後跟進宏觀方面的問題，之前問到融資環境給小型生物技術公司帶來的壓力。據我了解，你們的 24 財年指導意見並未假設有任何變化。但是，您對 25 財年的展望有何假設？您是否假設那裡的趨勢有任何改善？

And then my broader question on macro is that I completely understand that Veeva's products are core to pharma R&D, but some of your peers and competitors have been talking about shrinking R&D budgets for pharma and cut down on discretionary spending. What gives you comfort that these trends will not start spilling over to your focus area? Just trying to understand the comfort there.

然後我對宏觀的更廣泛的問題是，我完全理解 Veeva 的產品是製藥研發的核心，但你的一些同行和競爭對手一直在談論縮減製藥的研發預算並減少可自由支配的支出。是什麼讓您放心這些趨勢不會開始蔓延到您的重點領域？只是想了解那裡的舒適感。

Yes. Let me take the first one. So in our guidance, we've assumed that the macro environment will continue. And so we don't expect it to get better nor do we expect it to get worse. Fiscal year '25 is a long ways out, but that's our base assumption as you think about our guide.

是的。讓我拿第一個。因此，在我們的指導中，我們假設宏觀環境將持續下去。因此，我們不期望它會變得更好，也不期望它會變得更糟。 25 財年還有很長的路要走，但這是我們在考慮我們的指南時的基本假設。

I'll take the second part of that. The life sciences industry, it's a healthy industry. There's always going to be some level of ups and downs in a quarter, quarter-to-quarter as it relates to clinical trial activity. But as we look out over the next couple of years, we're seeing growth in R&D budgets on average around 3% growth in R&D spend. So it's a healthy industry, you'll certainly see a little bit of kind of ups and downs. And as far as that impact on our business, I don't expect that to be material, given where that focus is on the smaller segment of our business, and we're a little bit more ELA centric.

我將討論第二部分。生命科學行業是一個健康的行業。由於與臨床試驗活動相關，每個季度、每個季度總會有一定程度的起伏。但展望未來幾年，我們發現研發預算平均增長 3% 左右。所以這是一個健康的行業，你肯定會看到一些起伏。就對我們業務的影響而言，我認為這不會產生重大影響，因為我們的重點是業務的較小部分，而且我們更以 ELA 為中心。

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

您的下一個問題來自富國銀行證券公司的 Stan Berenshteyn。

In the prepared remarks, you called out Veeva Link as contributing to commercial subscription growth in the quarter. Brent, could you maybe give us an update on the ARR under Link? And then Peter or Paul, can you share with us, what are some of the newer products under Link?

在準備好的評論中，您稱讚 Veeva Link 對本季度商業訂閱增長做出了貢獻。 Brent，您能給我們提供鏈接下 ARR 的最新信息嗎？然後Peter或者Paul，您能跟我們分享一下Link旗下有哪些較新的產品嗎？

Yes. So not going to get into specific ARR values, but just what's important is Link is a big opportunity for us. We're executing well. Our first application Link for key people is getting really good traction, and you're seeing that as a driver to our revenue growth. So it's one of the -- that is 1 of the primary drivers you saw in Q2 and for the balance of the year from a commercial revenue growth perspective.

是的。因此，我們不會討論具體的 ARR 值，但重要的是 Link 對我們來說是一個巨大的機會。我們執行得很好。我們的第一個針對關鍵人員的應用程序 Link 獲得了非常好的關注，您將其視為我們收入增長的驅動力。因此，從商業收入增長的角度來看，這是您在第二季度和今年剩餘時間看到的主要驅動因素之一。

It's Peter. I'll start -- sorry for the audio there, I had a little issue. This is Peter. I'll talk about Link overall. We started out with Link for key people. And when we were building that, we were also building the Link platform so that we could expand it to different solution areas, and we're seeing that. We started seeing that last year. So Link for key accounts for multiple countries, Link for scientific awareness, for medical insights, Link Workflow and then over into the clinical area. We've announced Link TrialBase and Link SiteBase. So we've really announced a broad, broad set of products.

是彼得。我要開始了——對那裡的音頻感到抱歉，我遇到了一些問題。這是彼得。我將總體談談 Link。我們從針對關鍵人員的 Link 開始。當我們構建該平台時，我們也在構建 Link 平台，以便我們可以將其擴展到不同的解決方案領域，我們已經看到了這一點。我們去年就開始看到這一點。因此，鏈接多個國家的關鍵客戶，鏈接科學意識、醫學見解，鏈接工作流程，然後進入臨床領域。我們已經發布了 Link TrialBase 和 Link SiteBase。因此，我們確實發布了一系列廣泛的產品。

Now each of those products, they are going to take a long time to mature. As Brent said, the bulk of our Link revenue, I don't have the exact number, but let's say, probably more than 90% right now is in Link for key people. We think it can be a broad set of solutions that can add significant value, but we'll have to see. We'll have to see can we make excellent applications and make customers happy. We're very mature in Link Key People, a lot more customers to sell into, but the product is very mature. By far, the market-leading product. We have to see if we can get there with our other Link products.

現在，這些產品中的每一個都需要很長時間才能成熟。正如布倫特所說，我們 Link 收入的大部分，我沒有確切的數字，但可以說，現在可能超過 90% 的收入都在 Link 中，供關鍵人員使用。我們認為這可能是一套廣泛的解決方案，可以增加顯著的價值，但我們還得拭目以待。我們必須看看我們能否做出出色的應用程序並讓客戶滿意。我們在 Link Key People 方面非常成熟，有更多的客戶可以銷售，但產品也非常成熟。迄今為止，市場領先的產品。我們必須看看我們的其他 Link 產品是否可以實現這一目標。

Got it. And then maybe just a quick one on Crossix. Obviously, that's a choppier business quarter-to-quarter. But can you share with us any trends you're seeing as it relates to pharma marketing activities and demand?

知道了。然後也許只是在 Crossix 上快速介紹一下。顯然，這是一個季度與季度之間的業務波動。但您能否與我們分享您所看到的與藥品營銷活動和需求相關的任何趨勢？

Marketing, no broad level trends that we haven't seen before, just increased scrutiny. Marketing is a spend. And I would say there's increased scrutiny, especially more than it was a couple of years ago. But it continues to go well for us Crossix, and it's going to have ups and downs quarter-to-quarter. But as companies -- they want to reach their customers in the U.S. specifically in 2 ways, face-to-face and through digital. And they're always going to use both methods. Digital marketing is a big part of it. Crossix is the leading measurement solution. So I think you have a good long-term business there. Our focus is to integrate Crossix more tightly with CRM so that it becomes more towards enterprise license agreements and becomes a little bit less of a stand-alone measurement tool.

營銷方面，沒有我們以前從未見過的廣泛趨勢，只是加強了審查。營銷是一種支出。我想說的是，審查力度加大了，尤其是比幾年前更加嚴格。但對於我們 Crossix 來說，它仍然進展順利，而且每個季度都會有起有落。但作為公司，他們希望通過兩種方式接觸美國客戶：面對面和數字化。他們總是會同時使用這兩種方法。數字營銷是其中的重要組成部分。 Crossix 是領先的測量解決方案。所以我認為你們在那裡有很好的長期業務。我們的重點是將 Crossix 與 CRM 更緊密地集成，使其更接近於企業許可協議，而不再是一個獨立的測量工具。

Your next question comes from the line of Saket Kalia with Barclays.

你的下一個問題來自巴克萊銀行的 Saket Kalia。

Okay. Great. Apologies in advance if these questions have been asked, but I'm going to try it anyway. Peter, maybe first for you, great to see the growth in the EDC customer base. I think you said you added 8, right, in the quarter. Maybe the question for you is, are there any commonalities that you're seeing across some of those wins, whether it's coming from 1 or 2 specific competitors or maybe a common reasoning that you're seeing those customers choose to switch? Any observations that you would make just as you look at a bigger EDC customer base now?

好的。偉大的。如果有人問這些問題，請提前致歉，但無論如何我都會嘗試一下。 Peter，也許首先對你來說，很高興看到 EDC 客戶群的增長。我想你說過你在本季度增加了 8 個，對吧。也許您面臨的問題是，您在其中一些勝利中是否看到了任何共同點，無論是來自 1 或 2 個特定競爭對手，還是您看到這些客戶選擇轉換的共同原因？當您現在看到更大的 EDC 客戶群時，您會做出什麼觀察嗎？

Yes, there are some commonalities. I would say the bulk of them are either coming from Medidata, which is the leading by volume in industry solutions, or they're coming from a series of smaller competitors that are targeted for the SMB.

是的，有一些共同點。我想說，其中大部分要么來自 Medidata，該公司在行業解決方案的數量上處於領先地位，要么來自一系列針對中小型企業的較小競爭對手。

As it relates to Medidata, I would say, they like the EDC solution from Veeva, but they also like the integration with our clinical operations suite. In the EDC solution, why they like our solution better at times, sometimes is -- and that will be the primary driver. It's a specific, what I would call meat and potatoes things, for example, when you do a study amendment, you change the design of the study many times with competitive solutions, you have to unload the data, reload the data, the site can't -- the clinical research site can't operate during that time with Veeva because of the newer architecture that doesn't happen.

由於它與 Medidata 相關，我想說，他們喜歡 Veeva 的 EDC 解決方案，但他們也喜歡與我們的臨床操作套件的集成。在 EDC 解決方案中，他們有時更喜歡我們的解決方案的原因是——這將是主要驅動力。這是一個具體的，我稱之為重要的事情，例如，當你做一項研究修改時，你用競爭性的解決方案多次改變研究的設計，你必須卸載數據，重新加載數據，網站可以不——臨床研究站點在此期間無法使用Veeva 運行，因為新的架構沒有出現。

We also are able to -- through the use of our tooling, our customers can build their studies, can define their studies dramatically faster, they might do 4 weeks instead of 8 weeks. And then the way that Veeva system works, has less custom programming. There's custom programming needed in these other solutions. That is expensive, but also (inaudible) specialized skill, you don't need that, you can define that in Veeva. So these very specific things. And then as to why they would use Veeva instead of maybe smaller SMB solutions, I think, again, they would like to get solutions from 1 partner that fits together. And that's what we do.

我們還能夠——通過使用我們的工具，我們的客戶可以建立他們的研究，可以更快地定義他們的研究，他們可能需要 4 周而不是 8 週。 Veeva 系統的工作方式也減少了自定義編程。這些其他解決方案需要自定義編程。這是昂貴的，但也是（聽不清）專業技能，你不需要它，你可以在 Veeva 中定義它。這些非常具體的事情。至於為什麼他們會使用 Veeva 而不是較小的中小型企業解決方案，我再次認為，他們希望從 1 個合作夥伴那裡獲得適合的解決方案。這就是我們所做的。

A good example of that is we have a great clinical trial management system, and we have a great EDC system. You don't have to use both if you use both or better together. Our ePRO system and our RTSM system, they work fine if you don't have our EDC. They don't require our EDC at all. They're best stand-alone, and nobody else has done that before, right? Nobody else that has an EDC product. But if you have all of our products, the integration is even better and it's just easier to get these solutions from an integrated solution from 1 company. So that's what our -- what we're seeing. People want a broad clinical partner where all of the applications are excellent, and that's what they can find in Veeva.

一個很好的例子是我們有一個很棒的臨床試驗管理系統，我們有一個很棒的 EDC 系統。如果您同時使用兩者或更好地結合使用，則不必同時使用兩者。如果您沒有我們的 EDC，我們的 ePRO 系統和 RTSM 系統也可以正常工作。他們根本不需要我們的 EDC。它們最好是獨立的，以前沒有人這樣做過，對吧？沒有其他人擁有 EDC 產品。但是，如果您擁有我們的所有產品，那麼集成會更好，並且更容易從一家公司的集成解決方案中獲得這些解決方案。這就是我們所看到的。人們想要一個廣泛的臨床合作夥伴，所有的應用程序都非常出色，而這正是他們可以在 Veeva 中找到的。

Got it. Got it. That makes a lot of sense. Brent, maybe for my follow-up for you. And again, apologies if this has already been asked, but some competitors during the quarter talked about maybe some lower clinical trial volume just kind of industry-wide, and that potentially impacting their revenue. Maybe just to level set for all of us. Can you just remind us how much of Veeva's business, if any at all, is dependent on sort of near-term in-quarter clinical trial volume so that we could sort of get a sense for Veeva's exposure to that potential trend?

知道了。知道了。這很有意義。布倫特，也許是為了我對你的後續行動。再次，如果已經被問到這個問題，我們深表歉意，但本季度的一些競爭對手談到，可能是全行業範圍內的臨床試驗量下降，這可能會影響他們的收入。也許只是為了我們所有人設定水平。您能否提醒我們，Veeva 的業務（如果有的話）有多少取決於近期季度臨床試驗量，以便我們能夠了解 Veeva 面臨的潛在趨勢？

So minimal, a very small amount is going to be variable based on near-term trial volumes. If you think about our 6 top-20 EDC wins. Those are typically multiyear predefined ramping deals. So they're going to -- they're not going to move with the ebb and flow of the near-term trial volume. So I would say that has a minimal impact in kind of how we go to market and contract with our customers.

所以最小的，非常小的數量將根據近期的試用量而變化。如果您考慮一下我們在 EDC 前 20 名中取得的 6 場胜利。這些通常是多年預定義的逐步增加交易。因此，他們不會隨著近期試用量的起伏而變化。所以我想說，這對我們如何進入市場以及與客戶簽訂合同的方式影響很小。

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

您的下一個問題來自美國銀行證券公司的布拉德·希爾斯 (Brad Sils)。

This is [Carly] on for Brad. I know we talked about just the fiscal year guidance, I guess the implied Q3 guidance kind of assuming current macro to continue. I just want to dig in a little deeper into, I guess, specific cohort or product wise. I know you guys pointed out smaller biotech customers impacting the R&D business. But just wondering, going forward, looking at the second half, what segments do you expect to be impacted more than the other perhaps and maybe some that are going to recover sooner than the other, which will offset some of that weaker macro. Yes, I just want to like learn -- dig in a little deeper into nuances here.

這是布拉德的[卡莉]。我知道我們只討論了財政年度指導，我猜隱含的第三季度指導是假設當前的宏觀經濟繼續下去。我想我只是想更深入地研究特定的群體或產品。我知道你們指出了影響研發業務的小型生物技術客戶。但只是想知道，展望下半年，您預計哪些細分市場會比其他細分市場受到更大的影響，也許有些細分市場會比其他細分市場更快恢復，這將抵消一些宏觀疲軟的影響。是的，我只是想學習——更深入地了解這裡的細微差別。

Yes. So it's starting from the top. The macro again, we expect it to be a continuation of what we saw in the first half and the back half. If you look at our full year guide and you look at R&D, we're growing that business at about 28% adjusted for termination for convenience. So that's a very healthy business growing nicely, and we continue to execute, and we see the strength to be broad-based across clinical, quality, and safety in the rest of the businesses in regulatory. So broad-based strength there. The macro was going to impact both commercial and R&D, but nothing more than what we've been seeing. So we're happy with the execution we have broadly across the portfolio.

是的。所以它是從頂部開始的。再次宏觀來看，我們預計這將是上半年和下半年的延續。如果你看看我們的全年指南和研發部門，你會發現我們的業務增長了 28% 左右，並根據方便終止進行了調整。因此，這是一項非常健康、發展良好的業務，我們將繼續執行，並且我們看到其他監管業務在臨床、質量和安全方面的廣泛實力。那裡有如此廣泛的實力。宏觀經濟將會影響商業和研發，但不會比我們所看到的更多。因此，我們對整個投資組合的執行情況感到滿意。

Got it. And then just a follow-up for me, if I may. You definitely have a broad solutions stack, 35 products. Just looking beyond the macro here, perhaps fiscal year '25, you reiterate your $2.8 billion target. So just wondering in your broad product suite, are there any ramping more meaningfully in the pipeline that might contribute more to the growth going forward?

知道了。如果可以的話，然後對我來說是一個後續行動。您肯定擁有廣泛的解決方案堆棧，包括 35 種產品。超越宏觀，也許是 25 財年，您重申了 28 億美元的目標。因此，我想知道在您廣泛的產品套件中，是否有任何更有意義的增長可能對未來的增長做出更多貢獻？

Yes. So we reiterated the $2.8 billion. We're not going to get into specific splits of the product portfolio. But as Peter has indicated in his prepared remarks, we're less than 20% penetrated broadly and across R&D. So the beauty of being a multiproduct company and have 35 plus major products is you have broad-based strength, and that's what we're seeing. We see a broad opportunity and it's up to us to execute to that.

是的。所以我們重申了28億美元。我們不會討論產品組合的具體劃分。但正如 Peter 在他準備好的發言中指出的那樣，我們在整個研發領域的廣泛滲透率還不到 20%。因此，成為一家多產品公司並擁有超過 35 種主要產品的美妙之處在於您擁有廣泛的實力，這就是我們所看到的。我們看到了廣闊的機會，而這取決於我們如何執行。

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

你的下一個問題來自 Charles Rhyee 和 TD Cowen 的對話。

This is Lucas on for Charles. Most of our questions have been asked. So I guess a longer-term question around Vault CRM. As we understand it, bringing the CRM product on to your own platform, give you guys the ability to develop some add-ons or added functionality that your customers may be currently going to other vendors for. So 2 questions, I guess. Would like to hear what sort of functionality this may entail? Maybe that's asking too far down the road map, but would be curious to hear how you guys are thinking about this opportunity?

這是盧卡斯替查爾斯發言。我們的大部分問題都被問到了。所以我猜想這是一個關於 Vault CRM 的長期問題。據我們了解，將 CRM 產品引入您自己的平台，使您能夠開發一些您的客戶目前可能會向其他供應商尋求的附加組件或附加功能。我想有兩個問題。想听聽這可能需要什麼樣的功能嗎？也許這對路線圖要求太遠了，但我很想知道你們如何看待這個機會？

And then 2, is the timelines for when you guys may look to such functionality?

然後 2，你們何時會考慮此類功能？

Yes. Lucas, this is Paul. So the way I would think about it, first and foremost, the decision was mainly about having complete control over the platform, the application so we can deliver on customer success. That's the highest level. We want to make sure that we can do what we need to do to deliver the very best application and the best customer experience. That's the decision at the highest level. Now beyond that, that means we may be able to unlock new functionality, and we've announced some of that already.

是的。盧卡斯，這是保羅。因此，我認為，首先也是最重要的是，該決定主要是為了完全控制平台和應用程序，以便我們能夠實現客戶的成功。那是最高水平。我們希望確保我們能夠做我們需要做的事情來提供最好的應用程序和最好的客戶體驗。這是最高層的決定。除此之外，這意味著我們可能能夠解鎖新功能，並且我們已經宣布了其中一些功能。

I'm not going to introduce new announcements or new things that we may do in the future. But one really interesting one that's been really well received by our customers is this idea of how do we help the industry become more service-centric, enabling some of these new therapies, new complex medicines, complex therapies. It's important for doctors to be able to get information inbound from life sciences. And Service Center will allow them to do that. So that's just 1 example.

我不會介紹新的公告或我們將來可能做的新事情。但一個非常有趣且深受客戶歡迎的想法是，我們如何幫助該行業變得更加以服務為中心，從而實現其中一些新療法、新的複雜藥物、複雜療法。對於醫生來說，能夠從生命科學獲取信息非常重要。服務中心將允許他們這樣做。這只是 1 個例子。

I would expect -- our model is we continue to innovate. So I would expect that over time, we'll do new things on Vault CRM that we haven't done before. But that's standard Veeva operating model.

我希望——我們的模式是不斷創新。因此，我預計隨著時間的推移，我們將在 Vault CRM 上做一些以前沒有做過的新事情。但這是標準的 Veeva 運營模式。

There are no further questions at this time. I will turn the call back to Peter for closing remarks.

目前沒有其他問題。我將把電話轉回給彼得，讓他發表結束語。

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

感謝大家今天加入電話會議，感謝我們的客戶持續的合作夥伴關係以及 Veeva 團隊在本季度的出色工作。謝謝。

This concludes today's conference call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。