Veeva Systems Inc (VEEV) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby and I will be your conference operator, today.

女士們、先生們，感謝你們的支持。我叫艾比 (Abby)，今天我將擔任您的會議主持人。

At this time, I would like to welcome, everyone, to the Veeva Systems' fiscal 2025 fourth-quarter and full-year results conference call.

現在，我歡迎大家參加 Veeva Systems 2025 財年第四季和全年業績電話會議。

(Operator Instructions)

（操作員指示）

Thank you. I would, now, like to turn the conference over to Gunnar Hansen, Director of Investor Relations. You may begin.

謝謝。現在，我想將會議交給投資者關係總監 Gunnar Hansen。你可以開始了。

Good afternoon and welcome to Veeva's fiscal 2025 fourth-quarter and full-year earnings conference call, for the quarter and fiscal year ended January 31, 2025.

下午好，歡迎參加 Veeva 2025 財年第四季和全年財報電話會議，該季度和財政年度截至 2025 年 1 月 31 日。

As a reminder, we posted prepared remarks on Veeva's Investor Relations website, just after 1:00 PM Pacific, today. We hope you have had a chance to read them before the call.

提醒一下，我們在今天太平洋時間下午 1:00 之後在 Veeva 的投資者關係網站上發布了準備好的評論。我們希望您在通話之前有機會閱讀它們。

Today's call will be used primarily for Q&A.

今天的電話會議主要用於問答。

With me, today, for Q&A are Peter Gassner, our Chief Executive Officer; Paul Shawah, Executive Vice President- Strategy; and Brian Van Wagener, our Chief Financial Officer.

今天與我一起進行問答的是我們的執行長 Peter Gassner； Paul Shawah，策略執行副總裁；以及我們的財務長 Brian Van Wagener。

During this call, we may make forward-looking statements regarding trends or 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.

在本次電話會議中，我們可能會對趨勢或策略以及預期的業務表現做出前瞻性陳述，包括對未來財務表現的指導。這些前瞻性陳述將基於我們目前的觀點和預期，並受各種風險和不確定性的影響。我們的實際結果可能會有重大差異。

Please refer to the risks listed in our earnings release and the risk factors included in our most recent filing on Form 10-Q.

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 10-Q 表中包含的風險因素。

Forward-looking statements made, during the call, are being made, as of today, March 5, 2025, based on the facts available to us, today. If this call is replayed or viewed after today, the information presented during the call may not contain current or accurate information.

電話會議期間所做的前瞻性陳述是基於我們今天掌握的事實，截至 2025 年 3 月 5 日。如果在今天之後重播或查看此通話，通話期間呈現的資訊可能不包含當前或準確的資訊。

Veeva disclaims any obligation to update or revise any forward-looking statements.

Veeva 不承擔更新或修改任何前瞻性陳述的義務。

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.

我們可能會在今天的電話會議上討論我們的指導，但除非我們在公開論壇上這樣做，否則我們不會在本季度提供任何進一步的指導或有關我們業績的更新。

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

在電話會議中，我們也可能討論某些我們認為有助於理解財務績效的非公認會計準則指標。在今天的收益報告和補充投資者介紹中可以找到與可比較 GAAP 指標的對賬，這兩份文件都可以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.

最後，感謝您的參與。我將把電話轉給彼得。

Thank you, Gunnar. Welcome, everyone, to the call.

謝謝你，Gunnar。歡迎大家參加電話會議。

The fourth quarter was a strong finish to a great year for Veeva, with strengths across the business and results above guidance.

第四季對 Veeva 來說是個輝煌的一年，其各項業務實力強勁，業績也超乎預期。

Total revenue in the quarter was $721 million, with non-GAAP operating income of $308 million. For the year, total revenue was $2.75 billion and non-GAAP operating income was $1.15 billion.

本季總收入為 7.21 億美元，非 GAAP 營業收入為 3.08 億美元。全年總收入為 27.5 億美元，非公認會計準則營業收入為 11.5 億美元。

This past year was a significant year for Veeva. We executed well and delivered significant innovations across all product areas and made great progress on our AI strategy.

過去的一年對 Veeva 來說是意義重大的一年。我們執行得很好，在所有產品領域都實現了重大創新，並在人工智慧策略上取得了巨大進展。

The year was also about looking forward. We set our 2030 revenue goal of $6 billion, which reflects the significant opportunity we have ahead. And we announced our planned expansion into new markets.

這一年也是充滿期待的一年。我們設定的 2030 年收入目標是 60 億美元，這反映了我們未來面臨的重大機會。我們也宣布了進軍新市場的計畫。

We'll, now, open up the call to your questions.

現在，我們將開始回答您的問題。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great. Good afternoon. First, congrats on the top 20 customer that went all in with Veeva, in Clinical, after you mentioned seeing these opportunities, last quarter.

偉大的。午安.首先，恭喜您在上個季度提到看到這些機會後，在臨床領域全力支持 Veeva 的前 20 名客戶。

I think there's, maybe, a trend in the large pharma community to, perhaps, reduce procurement risk and consolidate around strategic vendors. Is that part of why these opportunities are, now, arising? And how do you generally think about large strategic transactions, like this, when thinking about what you might see in the upcoming year?

我認為大型製藥業可能存在一種趨勢，即降低採購風險並圍繞戰略供應商進行整合。這是否是這些機會現在出現的部分原因？當您考慮來年可能發生的事情時，您通常如何看待像這樣的大型策略交易？

Hi, Joe. This is Peter. I'll take that one.

你好，喬。這是彼得。我要那個。

I think, for this particular customer, this is really about speed - just more efficient to make a combined decision for the full Clinical platform, in a better way to align their different clinical teams onto a shared goal and shared technology.

我認為，對於這個特定的客戶來說，這實際上與速度有關——只是更有效地為整個臨床平台做出綜合決策，以更好的方式將不同的臨床團隊協調到共同的目標和共享的技術上。

I didn't sense any risk avoidance in this particular case. And, in general, for the top 20 pharmas, they're more, with us, focusing on competitive advantage, speed, compliance; not really in risk avoidance.

在這種特殊情況下，我沒有感覺到任何風險規避。總體而言，對於排名前 20 名的製藥公司來說，他們與我們一樣，更加重視競爭優勢、速度和合規性；並非真正規避風險。

Also, there's some desire to somewhat standardize because they know in the clinical area, the more they standardize together, it'll make it easier for the clinical research sites they deal with.

此外，他們也希望在某種程度上實現標準化，因為他們知道在臨床領域，他們越是共同標準化，他們所處理的臨床研究站點就越容易進行。

Now, I wouldn't draw any particular conclusion to other customers. The one pattern would be we are getting more strategic with our customers, as we have more product solutions and more of our product solutions are proven.

現在，我不會對其他客戶得出任何特定的結論。一種模式是，隨著我們擁有更多的產品解決方案，並且更多的產品解決方案已經得到驗證，我們對客戶的策略將變得更為策略。

But each of the top 20 is going to take a different path. This is due to their -- it's just where they are in their technology journey. And, also, where they're at in their pipeline and the things they need to accomplish.

但前20名的每一位都會走上不同的道路。這是因為他們的——這只是他們在技術旅程中的位置。此外，他們也了解自己的流程處於什麼階段以及需要完成哪些任務。

Okay. That's great, Peter. Thank you.

好的。太好了，彼得。謝謝。

And, then, I wanted to ask just on recent industry developments, even though, I think, recently, there was even some news over my -- just now, in terms of research funding. But Veeva's always been very thoughtful. I remember back when the IRA was approved, you were very early in addressing what drug price legislation might mean.

然後，我想問一下最近的行業發展情況，儘管我認為最近甚至有一些關於我的——剛才是關於研究資金的新聞。但 Veeva 一直都很體貼。我記得當 IRA 獲得批准時，您很早就開始討論藥品價格立法可能意味著什麼。

Along those same lines, if there are changes to indirect research funding, how do you think about potential knock-on effects, over time? What customers might be thinking about? And, then, how that ultimately impacts Veeva?

同樣，如果間接研究資金發生變化，您如何看待潛在的連鎖反應？顧客可能會考慮什麼？那麼，這最終會對 Veeva 產生什麼影響？

Yeah. Hey, Joe. It's Paul.

是的。嘿，喬。我是保羅。

Yeah. We're certainly paying attention to what's happening around research funding. But I'll take your question, maybe, a little bit more broadly. There's certainly a lot that's happening, right? There's a lot of proposed changes across many different areas.

是的。我們當然關注研究資金方面的最新動態。但我可能會更廣泛地考慮你的問題。確實發生了很多事，對吧？許多不同領域都提出了許多變革建議。

We're seeing changes in the news, daily, about FDA or NIH or price negotiations. So there's a whole lot going on. It's early, right? It's a little bit early to predict, exactly, what the impact may or may not be.

我們每天都會看到有關 FDA 或 NIH 或價格談判的新聞變化。所以有很多事情發生。還早吧？現在預測其具體影響還為時過早。

One thing I can tell you is our customers -- there's really no impact to our customer decision-making process, so far. We're not really seeing any change there.

我可以告訴你的一件事是我們的客戶——到目前為止，這對我們的客戶決策過程確實沒有影響。我們確實沒有看到任何變化。

We're going to have to see how things play out, particularly as it relates to the (inaudible). There's just a lot of factors that come into play. It's super early to predict.

我們將拭目以待，看看事情如何發展，特別是與（聽不清楚）。有很多因素都會發揮作用。現在預測還為時過早。

Maybe, two things that I might point out for you, though. Life sciences is generally more resilient to economic cycles or potential changes that you're talking about because it's an adaptable industry. They're accustomed to these kinds of change.

不過，也許我可以向您指出兩件事。生命科學通常對經濟週期或您所說的潛在變化具有更強的適應能力，因為它是一個適應性很強的行業。他們已經習慣了這種改變。

And, then, as it flows through to Veeva, our revenue tends to be more predictable, right? It's core systems, it's annual subscriptions, projects may get delayed. But if there is disruption due to something like this, those projects, typically, come back.

然後，隨著資金流向 Veeva，我們的收入趨於更可預測，對嗎？這是核心系統，這是年度訂閱，專案可能會延遲。但如果因為這樣的事情而出現中斷，這些項目通常都會恢復。

So it's early to give you a detailed assessment of what the impact looks like. But it's something we're keeping our eye on, closely.

因此，現在就對其影響做出詳細評估還為時過早。但我們正在密切關注此事。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay. Great. Hey, guys. Thanks for taking my question, here.

好的。偉大的。嘿，大家好。感謝您在這裡回答我的問題。

Peter, maybe for you. I thought it was interesting, in the prepared comments, how you called out 17, of the top 20s, using CTMS, which I think replicates some of the success that you've had with eTMF.

彼得，也許對你來說。我覺得很有趣的是，在準備好的評論中，您如何使用 CTMS 從前 20 名中選出 17 名，我認為這複製了您使用 eTMF 取得的一些成功。

As you think about the growing success with different parts of the development cloud, what are the products could that success in eTMF and CTMS, maybe, pull-through, as you think about the next product cycles, here?

當您考慮開發雲端不同部分日益增長的成功時，當您考慮下一個產品週期時，哪些產品可以在 eTMF 和 CTMS 中取得成功？

Thanks, Saket. Yeah. That's very insightful of you to let out that the industry -- the top 20 seem to be standardizing on our eTMF and CTMS. And I think for good reasons.

謝謝，Saket。是的。您非常有見地地指出，該行業前 20 名似乎正在對我們的 eTMF 和 CTMS 進行標準化。我認為這是合理的。

These are innovative products that fit together. And, if we step back, that was an innovation that Veeva created. These systems never got together before Veeva. There was a document system way over someplace else and a transactional system someplace else.

這些是可以組合在一起的創新產品。如果我們回顧一下，就會發現這是 Veeva 創造的創新。在 Veeva 之前，這些系統從未整合在一起。在其他地方有一個檔案系統，在其他地方有一個交易系統。

The Viva Vault Platform enabled this transition. And I was, there, in the beginning, when people called us heretics, right? These things don't -- you cannot put peanut butter and jelly together, it's not going to be good, right?

Viva Vault 平台實現了這項轉變。一開始，當人們稱我們為異教徒時，我就在場，對嗎？這些東西不行──你不能把花生醬和果凍放在一起，這樣不會好吃，對吧？

But, now, it obviously enables this seamless flow. So they are standardizing on that. And we have to keep up the good work and the customer success. We can't rest on our laurels, at all. And we're not, so far.

但現在，它顯然實現了這種無縫流動。所以他們正在對此進行標準化。我們必須繼續努力，確保客戶成功。我們絕對不能滿足於現狀。但到目前為止，我們還沒有。

But your question is what can it lead to? That leads to the broader clinical suite and you saw that with one top 20, which is things like Study Training and Site Connect. These are both major applications -- very deeply connected with CTMS, and eTMF.

但你的問題是這會導致什麼？這引出了更廣泛的臨床套件，你會看到其中一個前 20 名，其中包括學習培訓和站點連接等。這些都是主要應用——與 CTMS 和 eTMF 密切相關。

The payments module. We'll be doing for further investments, there, so that payments product can become a suite of products for Veeva.

支付模組。我們將在那裡進行進一步的投資，以便支付產品能夠成為 Veeva 的一套產品。

And, then, that also leads into the clinical data management, the EDC, CDB. Also, these big new areas of RTSM, Randomization and Trial Supply Management, and, also, the eCOA, the Clinical Outcomes Assessment.

然後，這也引出了臨床數據管理、EDC、CDB。此外，還有 RTSM、隨機化和試驗供應管理以及 eCOA（臨床結果評估）等重要的新領域。

Just to give a perspective, roughly speaking -- I wouldn't hold a ruler up to this -- EDC is one of our larger product line areas, larger opportunities. But RTSM is roughly equivalent to EDC. And eCOA is, on its own, roughly equivalent to EDC. So these are not small areas -- big areas.

只是為了提供一個視角，粗略地說——我不會拿尺子來衡量這一點——EDC 是我們較大的產品線領域之一，擁有較大的機會。但 RTSM 大致相當於 EDC。且 eCOA 本身大致相當於 EDC。所以這些不是小區域，而是大區域。

Clinical is roughly one-third of our of our opportunity, our TAM, because it's such an important area and there's a long way to go. And eTMS and CTMS' success, not just selling the product in, but the success and the fact that our implementations are getting faster and faster. Our implementations, now, are faster than they were before. And that's really what people are looking off into Veeva.

臨床大約占我們的機會（TAM）的三分之一，因為它是一個非常重要的領域，而且還有很長的路要走。eTMS 和 CTMS 的成功不僅是產品銷售的成功，也是我們實施速度越來越快的成功。現在，我們的實施速度比以前更快了。這正是人們關注 Veeva 的原因。

And I know I'm going a little long on this but that's an insightful question.

我知道我對此說得有點長，但這是一個有見地的問題。

Sometimes, the question is I'm going to go to Veeva but how can I get there the fastest and the most economically, and the most accurately? And we're much better at that than we were two or three or four years ago.

有時，問題是我要去 Veeva，但我怎麼能最快、最經濟、最準確地到達那裡？與兩年、三年或四年前相比，我們現在做得好多了。

It makes a ton of sense, Brian. Maybe, for my follow-up for you, just building off of what Peter talked through, I was wondering if you could just touch on CTMS or EDC. I was wondering if you could just touch on how that's contributing to billings in fiscal '26. You had some big top 20 wins, in EDC, a couple of years ago. And if I recall correctly, those are ramping contracts. How do you think about that contribution, in fiscal '26?

這很有道理，布萊恩。也許，為了跟進您的情況，我只是基於 Peter 所談論的內容，我想知道您是否可以談談 CTMS 或 EDC。我想知道您是否可以簡單談談這對 26 財年的帳單有何貢獻。幾年前，您在 EDC 中多次獲得前 20 名的勝利。如果我沒記錯的話，這些都是遞增合約。您如何看待 26 財年的這項貢獻？

And, maybe, the corollary of that, since we're at the end of the year and to make sure the question is asked, as you build scale in that EDC business, is there a finer point that you could give us, just on relative size of that business?

而且，也許，由於我們已經到了年底，為了確保提出這個問題，隨著您在 EDC 業務中建立規模，您能否就該業務的相對規模給我們一個更詳細的觀點？

Hey, Saket. Thanks for the question.

嘿，Saket。謝謝你的提問。

As you just heard Peter speak to, about one-third of our overall TAM is in the clinical space. So it's certainly a large opportunity. And within that, EDC is a pretty significant component.

正如您剛才聽到彼得所說的那樣，我們整體 TAM 中約有三分之一是在臨床領域。所以這無疑是一個巨大的機會。其中，EDC 是一個非常重要的組成部分。

We were very pleased that, in the quarter, we had our ninth of the top 20 commit to VV EDC. And we've had a steady advancement in EDC, with top 20s.

我們非常高興，本季度，前 20 名中有第九名承諾加入 VV EDC。我們在 EDC 中取得了穩步進步，進入了前 20 名。

So from a ramp perspective, there are ramps that are steadily contributing to our revenue base, both to billings and to revenue. And ramps are not limited to EDC.

因此，從坡道角度來看，坡道正在穩步為我們的收入基礎做出貢獻，包括帳單和收入。且坡道不僅限於 EDC。

So we see that dynamic with top 20 customers in, really, all of our R&D products. So there's no one product, no one customer, no one year where that really spikes. But it's factored into our guidance for FY26.

因此，我們看到，在我們所有的研發產品中，前 20 名客戶都存在這種動態。因此，沒有一種產品、沒有一個客戶、沒有一個年份會出現真正的高峰。但它已計入我們對 26 財年的指導中。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Thank you for taking the question, here. Peter, great to see the momentum. Great to hear the peanut-butter-and-jelly narrative is actually starting to work.

感謝您在這裡回答這個問題。彼得，很高興看到這樣的勢頭。很高興聽到花生醬和果凍的故事實際上開始發揮作用。

I wanted to drill down into data cloud. You really brought up the point, in the prepared remarks, that Compass represents the biggest single -data opportunity for you. You've got over 100 brands, here. I think, a year ago, nine months ago, you talked about your first seven-figure customer.

我想深入研究數據雲。您在準備好的發言中確實提出了這一點，即 Compass 為您帶來了最大的單一數據機會。這裡有超過 100 個品牌。我想，一年前，也就是九個月前，您談到了您的第一位七位數客戶。

What's the momentum you're seeing on the expand side? Are you seeing larger seven-figure deals? I asked because, obviously, a lot of those Compass customers can start small. But would love to get any color you had on larger transactions, any expansion opportunities you're seeing. Thanks.

您在擴展方面看到的勢頭如何？您是否看到更大的七位數交易？我之所以問這個問題，是因為顯然很多 Compass 客戶都可以從小處著手。但我很想了解您對大型交易的看法，以及您看到的任何擴張機會。謝謝。

Yeah. For Compass, and if I go up one level to data cloud, I think that's probably the biggest change I've seen in the last six months, in terms of tone -- is more interest in data cloud, overall.

是的。對於 Compass，如果我上升一個層次到資料雲，我認為這可能是我在過去六個月中看到的最大變化，就基調而言——總體而言，對資料雲的興趣更大了。

Now, that doesn't translate into deals or revenue, right away. But we've organized, internally, a little bit more around data cloud, which is -- that's Compass, that's open data, that's Link, and that's Pulse, a new product we just announced.

現在，這還不能立即轉化為交易或收入。但我們內部圍繞著資料雲進行了更多的組織，也就是－Compass、開放資料、Link，以及我們剛發布的新產品Pulse。

I think we're getting that vision out there and I think that's starting to resonate. That's, like, going back to eTMF and CTMS, back in 2018. That's the way I feel; that people are starting to get the glimmer of, oh, okay, that might really work.

我認為我們正在將這一願景傳達出去，並且它開始引起共鳴。這就像回到 2018 年的 eTMF 和 CTMS。這就是我的感受；人們開始意識到，哦，好吧，這可能真的有效。

Now, in terms of Compass, most of our progress in Compass is on -- we have two main products, there: the Compass Patient and the Compass Prescriber. Most of our progress and revenue, in our earlier product, is in the Compass Patient.

現在，就 Compass 而言，我們在 Compass 方面取得的大部分進展在於——我們有兩個主要產品：Compass Patient 和 Compass Prescriber。我們早期產品的大部分進展和收入都來自 Compass Patient。

And, now, we haven't seen really a trend to ELAs, yet. We're still on the brand-by-brand. I think that trend to ELAs, large-enterprise ELAs -- we might be a year or so out, for that. But the trend is escapable.

而現在，我們還沒有真正看到 ELA 的趨勢。我們仍在逐一品牌地進行研究。我認為 ELA、大型企業 ELA 的趨勢——我們可能還需要一年左右的時間才能實現。但這種趨勢是無法避免的。

I also think I'm very excited about bringing this value of data cloud into the smaller market, companies of under 50 employees, because when you think about it, they critically need data. They have to decide: Are they going to run this clinical trial? Which indication are they going after? How are they going to do this? What's the patient pathway? And they really don't have a good source of that data.

我還認為，我很高興能將數據雲的價值帶入較小的市場，即員工人數少於 50 人的公司，因為當你想到這一點時，你會發現他們迫切需要數據。他們必須決定：是否要進行這項臨床試驗？他們要尋找什麼跡象？他們要怎麼做呢？患者的治療路徑是怎麼樣的？但他們確實沒有很好的數據來源。

So I want to make something great for these small companies. Really great, really easy, integrated patient and prescriber data. I think we can really help boost the life sciences industry around that.

所以我想為這些小公司做一些偉大的事情。真的很棒，非常簡單，整合了患者和處方者的數據。我認為我們確實可以幫助推動生命科學產業的發展。

So as you can tell, I really think we've got something in data cloud. But the adoption is early.

所以正如你所看到的，我真的認為我們在數據雲方面取得了一些進展。但採用還為時過早。

(inaudible) color there. And, then, Brian, just a follow -up for you. The full-year margin guide, here -- highest we've ever seen. That comes at a time where you're investing in R&D; you have the whole investment focus around a Vault CRM, additional products, here.

（聽不清楚）那裡的顏色。然後，布萊恩，我還要跟進一下你的狀況。全年利潤率指南就在這裡——這是我們見過的最高值。這正是您投資研發的時候；您可以在這裡集中全部投資於 Vault CRM 及其附加產品。

What's driving the guide, here, above the 42%, on margin? Thanks.

是什麼推動了該指南的保證金超過 42%？謝謝。

Yeah. Great question. The main way that we think about margin is investing the right amount in the business. We've always thought about growth and profitability and don't really view those in conflict with each other.

是的。好問題。我們考慮保證金的主要方式是在業務中投入適當的金額。我們始終在考慮成長和獲利，並不認為它們相互衝突。

So what you're seeing is that we're always trying to get more efficient. And it's because that efficiency allows us to execute better and faster. We find that lean teams are more agile, they've got better speed. And so, we think there's going to continue to be efficiency in economies of scale.

所以你看到的是我們一直在努力提高效率。正是因為這種效率，我們才能更好、更快地執行。我們發現精實團隊更加敏捷，速度更快。因此，我們認為規模經濟的效率將持續提高。

But what we're optimizing for and what you're seeing reflected in the guide is that we're optimizing for speed and execution, not margin. We're continuing to invest in the business for growth. We're spending about twice on product -- like we do on sales and marketing -- and keeping that focus on product excellence and innovation in our products.

但我們正在優化的以及您在指南中看到的是，我們正在優化速度和執行力，而不是利潤。我們將繼續投資於業務以實現成長。我們在產品上花費的資金大約是銷售和行銷資金的兩倍，並且始終專注於產品的卓越性和創新性。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Oh. Wonderful. Thanks so much for taking my questions. Nice to see you continue the momentum in the business.

哦。精彩的。非常感謝您回答我的問題。很高興看到您在業務上繼續保持良好的勢頭。

Maybe, I want to start with the AI offerings that you've built out. Peter, maybe, if we rewound the tape back, a year, there was a little bit of a perception from the investment community that you were coming off as, maybe, a little bit skeptical on GenAI. But, now, you've come out with a lot of these products.

也許，我想從您建立的 AI 產品開始。彼得，也許，如果我們把時間倒回一年前，投資界會有點認為你對 GenAI 有點懷疑。但是，現在，你們已經推出了許多這樣的產品。

Maybe, can you walk us through what's driven the desire or the momentum to push out these products, quickly? And what is early customer feedback and use cases been?

也許，您能向我們介紹一下是什麼促使您快速推出這些產品的願望或動力嗎？早期的客戶回饋和使用案例如何？

And, then, I've got a quick follow-up.

然後，我有一個快速的後續行動。

Yeah. AI strategy is certainly a captivating technology, right? So much money going into it, so much progress and so much hype. And, if we just stay at that level, I'm really pleased that things are starting to shake out, roughly, how we thought they were going to shake out.

是的。人工智慧策略確實是一項令人著迷的技術，對吧？投入瞭如此多的資金，取得瞭如此大的進展，並引起瞭如此多的炒作。如果我們只是保持這個水平，我真的很高興事情開始大致按照我們想像的那樣發展。

There's not going to be one Large Language Model. There are going to be multiple. There's not going to be 50 but there's going to be a good handful. And they're going to specialize in different areas. And it's not so unstable, anymore, where you wake up and everything changes, right?

不會存在一個大型語言模型。將會有多個。雖然數量不會達到 50 個，但肯定會有相當多。他們將專注於不同的領域。現在情況不再那麼不穩定了，你一醒來，一切都變了，對吧？

DeepSeek came out. Yes. Well, guess what, the world keeps turning. Nvidia is going to have their own models. Okay, that's okay. And the world keeps turning.

DeepSeek 問世了。是的。好吧，你猜怎麼著，世界繼續轉動。Nvidia 將擁有自己的模型。好的，沒關係。世界仍在繼續轉動。

So I think it's starting to settle out. And, Amazon, people were counting them out, on AI, for a while. Well, okay, they're back in the game, in a major way.

所以我認為事情開始穩定下來了。人們一度對亞馬遜在人工智慧領域的表現持懷疑態度。好吧，他們又回到了遊戲中，以一種重要方式。

So it's settling out that these core Large Language Models are going to be at the platform level. And the real -- a lot of core value, and that's super valuable, right? That's not where companies like Veeva play -- at that core infrastructure level. It's very valuable.

因此，這些核心大型語言模型將處於平台層級。而真正的——有很多核心價值，而且非常有價值，對吧？這不是 Veeva 等公司所擅長的——在核心基礎設施層面。這非常有價值。

But there's a lot of great value on the specific use cases, on top, that can be used in the workflow. So that's what we're doing, now: focusing on our AI solutions. We have our TMF Bot to classify documents. That was a very early experiment.

但最重要的是，在工作流程中可以使用的具體用例有很多很大的價值。所以這就是我們現在正在做的事情：專注於我們的人工智慧解決方案。我們有 TMF Bot 來對文件進行分類。那是一個非常早期的實驗。

Now, with CRM Voice Control that we'll be bringing out this year and, also, CRM Bot and the MLR Bot to medical legal regulatory review. We have quite a few others in the plan too. We don't know exactly which ones we'll bring out when but we're putting more investment in AI solutions.

現在，我們將在今年推出 CRM 語音控制，以及 CRM Bot 和 MLR Bot 進行醫療法律監管審查。我們的計劃中還有其他一些內容。我們不知道什麼時候會推出哪些產品，但我們正在對人工智慧解決方案投入更多資金。

We centralized the group around that so we can develop. I have a strong leader, there, and develop more core competency around AI. And I think our timing is just right because the base of the technology is, now, stable enough.

我們將團隊集中於此，以便我們能夠發展。我有一個強大的領導者，並且圍繞著人工智慧開發更多的核心競爭力。我認為我們的時機恰到好處，因為現在技術基礎已經足夠穩定。

And, while that base was getting stable instead of running around and typing things, we were focusing on things like EDC and TMF, et cetera. So I'm pretty happy with how things are playing out with AI.

而且，當基地逐漸穩定下來，我們不再到處奔波和打字，而是專注於 EDC 和 TMF 等事情。所以我對人工智慧的發展感到非常高興。

All right. Wonderful. That's really helpful, Peter. Thanks.

好的。精彩的。這真的很有幫助，彼得。謝謝。

And, then, maybe, wanted to get a sense -- I know it's still really early -- but the Analyst Day, prior to the last quarter, you did talk about this potential move or planned move into horizontal ops.

然後，也許，想要了解一下——我知道現在還為時過早——但是在上個季度之前的分析師日，您確實談到了這個潛在的舉措或計劃轉向橫向運營。

Now that we've got three or four months under our belt and you've been talking to your existing customer base, I imagine, your engineering team.

現在我們已經有三、四個月的經驗了，我想您也一直在與現有客戶群（也就是您的工程團隊）進行交流。

Just how have those discussions shaked out? Where have you seen where there's opportunity, for you, in the market? Anything that you're willing to share would be really helpful, right now. Thanks.

這些討論結果如何？您認為市場上哪些地方存在著對您有利的機會？現在，您願意分享的任何內容都會非常有幫助。謝謝。

Yeah. I'll start with our existing customers. I may have asked a little bit what will we do in new markets. But, not so much because they know we have a dedicated -- almost everybody in the company is on life sciences. So they really think of Veeva in life sciences and are more curious than anything else, what will we come out with.

是的。我先從我們現有的客戶開始。我可能問過我們在新市場會做什麼。但是，這並不是因為他們知道我們有一個專門的團隊——公司裡幾乎每個人都在從事生命科學研究。因此，他們確實考慮過 Veeva 在生命科學領域的應用，並且比任何事情都更好奇我們將會推出什麼產品。

And, then, in terms of the product areas, we're just doing a lot of great work on the platform. It's a really lean, really great team. Very close to me. I had a good leader, there. I'm having so much fun reviewing the individual engineers that go into that group and making sure we get the special sauce of the right 7 people, the right 12 people doing what in what order. So I'm really enjoying that.

然後，就產品領域而言，我們在平台上做了很多出色的工作。這是一支非常精幹、非常優秀的團隊。離我很近。我在那裡有一位好領導。我非常樂意審查該小組的個別工程師，並確保我們得到正確的 7 個人、正確的 12 個人按什麼順序做什麼的特殊指導。所以我真的很享受這一點。

And we're focused on innovation, in that platform. If you look at the application-tech platforms -- and that's something I've known about, all the way back from PeopleSoft, Salesforce, et cetera -- most of the cloud application platforms, now, are really, version 1. And, maybe, there's a need for a version 2-type of thing, maybe or maybe not.

我們專注於該平​​台的創新。如果你看一下應用技術平台——這是我從 PeopleSoft、Salesforce 等開始就了解的東西——現在大多數雲端應用平台實際上都是版本 1。並且，也許，需要版本 2 類型的東西，也許需要，也許不需要。

But that's the risk we're taking. That we think there's a version 2-type of thing that can come out. That's where we're focused. And we don't have anything to announce, at this time, about which application area we're going into.

但這就是我們要承擔的風險。我們認為可能會出現第 2 版類型的東西。這就是我們關注的重點。目前，我們還沒有關於我們將進入哪個應用領域的消息可以宣布。

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

Great. Thanks for taking my question.

偉大的。感謝您回答我的問題。

Peter, good to see the momentum on the EDC side, with another all-in customer. Just wanted to circle up on, just, the competitive landscape, there. You had a competitor call out a potential win back. Are you, guys, sensing any changes in the customer conviction for EDC, CDMS? Any color there would be great.

彼得，很高興看到 EDC 方面的勢頭，又有一位全押客戶。只是想了解那裡的競爭格局。你讓競爭對手喊出了潛在的贏迴機會。各位，你們感覺到客戶對 EDC、CDMS 的信念有任何改變嗎？任何顏色都很棒。

Yeah. In terms of the competition there, in the clinical, there would be Metadata and Oracle in the EDC area; not so much in the clinical operations area.

是的。就那裡的競爭而言，在臨床方面，EDC 領域會有元資料和 Oracle；在臨床操作領域則不然。

I think, increasingly, people -- they do want an integrated system between clinical operations and clinical data management or the EDC area. I think that gives us a bit of a structural advantage over our competitors. We have nine out of the top 20 doing the EDC, now. And about half came from -- and there was Oracle and Metadata, about half came from each.

我認為，人們越來越希望建立一個介於臨床操作和臨床數據管理或 EDC 區域之間的整合系統。我認為這使我們比競爭對手具有一些結構性優勢。目前，排名前 20 名的公司中有 9 家正在參加 EDC。大約一半來自 - Oracle 和 Metadata，大約一半來自兩者。

But we're trying not to focus on that a lot, right? We really need to focus on the value. Sometimes, I look at all the clinical trials that are running on our platforms and some of the really innovative companies that are that are growing so much and doing so many clinical trials. That's where our focus is: How can we make that even more efficient?

但我們盡量不把太多注意力放在這上面，對吧？我們確實需要關注價值。有時，我會查看我們平台上正在進行的所有臨床試驗，以及一些真正具有創新精神、發展迅速、進行大量臨床試驗的公司。這就是我們的重點：我們如何使其更有效率？

And, then, looking towards 2030, we reset our goals, as a company, 2025 goals to 2030 goals. And really starting to think about if we would have most of the market in the EDC, one day, what kind of innovation can we do to put on top of that to really fundamentally change clinical trials?

然後，展望 2030 年，作為一家公司，我們將重新設定目標，從 2025 年的目標到 2030 年的目標。我們開始認真思考，如果我們有一天佔據了 EDC 的大部分市場，我們可以進行什麼樣的創新，從根本上改變臨床試驗？

So our focus is not on the competitor. It's on us doing a great job capturing the remaining part of that market share. But I'm already thinking ahead, what amazing innovation can we put on top of that, once we've standardized this core EDC, a little bit more?

所以我們的重點都不在競爭對手身上。我們要出色地奪取剩餘的市佔率。但我已經開始思考，一旦我們對這個核心 EDC 進行了進一步標準化，我們還能在此基礎上實現什麼驚人的創新呢？

Got it. And, Brian, just a quick question on cash flow guidance.

知道了。布萊恩，我只想問一個關於現金流指導的簡單問題。

It looked a little light, relative to the billings growth. I think we're calculating about 8% growth on cash flow versus you got 10% on billings and some slight margin in expansion. Any one-time items or some working capital movements that we should be aware of, there?

相對於帳單成長而言，它看起來有點輕。我認為我們計算的現金流成長率約為 8%，而帳單成長率為 10%，擴張幅度略有增加。有哪些一次性項目或營運資金變動是我們應該注意的？

Hey, Ken. Yeah. The main thing, there, we see a pretty standard relationship between our operating margins and operating cash flow. The main two differences, obviously, are taxes and then SBC, Stock Base Comp.

嘿，肯。是的。最重要的是，我們看到我們的營業利潤率和營業現金流之間有相當標準的關係。顯然，主要的兩個區別是稅收和 SBC（股票基礎薪酬）。

But the one-time difference we had, last year, is we had about a $50 million-dollar impact of collections pushing from the prior year. So what you're really seeing is just a harder year-over-year compare, rather than anything else.

但去年，我們遇到的一次性差異是，與前一年相比，收款推動的影響約為 5,000 萬美元。因此，您真正看到的只是更艱難的同比比較，而不是其他任何事情。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Thanks, guys. Congrats on the solid billings. It definitely sounds like it's peanut-butter-jelly time.

謝謝大家。恭喜您取得豐厚的業績。這聽起來確實像是花生醬果凍時間。

But I'll keep it to one. Paul, the prepared marks referenced some expected Vault CRM commitments from top 20 customers, in 2025. I'm curious: How have the decision timelines gone versus your initial expectations? And would you expect 2025 to, maybe, be a bigger year or 2026? Any color there. Thanks, guys.

但我會將其限制為一個。保羅，準備好的分數參考了 2025 年預計的前 20 名客戶對 Vault CRM 所做的承諾。我很好奇：與您最初的預期相比，決策時間表進展如何？您認為 2025 年或 2026 年會是更為輝煌的一年嗎？那裡有任何顏色。謝謝大家。

Yes. Sure, Brian. First, it's going along exactly as we expected, right? We're not forcing customers and doing anything unnatural and to force customers into a specific timeline. We want to do this in a very customer-friendly way.

是的。當然，布萊恩。首先，一切正如我們預期的那樣，對嗎？我們不會強迫客戶，也不會做任何不自然的事情，也不會強迫客戶遵守特定的時間表。我們希望以一種非常客戶友好的方式來實現這一點。

Having said that, we're in discussions with all of top 2 and we're progressing them every month, every week that goes by. We progress those conversations. There's a lot that they're excited about, everything from our delivery or consistent execution, the migration progress that we've made.

話雖如此，我們正在與排名前兩名的所有公司進行討論，並且每個月、每週都在推進他們的工作。我們推進這些對話。他們對很多事情感到興奮，從我們的交付或持續執行，到我們的遷移進展。

So there's a lot of really good momentum. Also, the roadmap of our products, innovation roadmap, everything that we're doing.

因此，現在確實存在著良好的勢頭。還有我們的產品路線圖、創新路線圖以及我們正在做的一切。

So the conversations are going very well. But we want it to happen on the customer's timeframe.

所以談話進展得很順利。但我們希望它能夠在客戶的時間表內發生。

And, having said that, we expect more announcements in 2025. And I expect the vast majority of decisions, particularly in top 20, will happen by the end of 2026.

話雖如此，我們預計 2025 年將會有更多公告。我預計絕大多數決定，特別是前 20 名的決定，將在 2026 年底前做出。

So that's how to think about it. We're not forcing anything but we're excited. And we're excited that the momentum's in our direction and we'll win most of the decisions.

這就是我們應該思考的問題。我們不會強迫任何事情，但我們很興奮。我們很高興看到情況朝著有利於我們的方向發展，我們將贏得大多數決策。

We still expect to win the vast majority.

我們仍然期望贏得絕大多數選票。

(multiple speakers) add there is customers are starting to get aware of the concept of a red zone, right? You can't let this decision go too long because, then, you won't have enough time.

（多位發言者）另外，顧客開始意識到紅色區域的概念了，對嗎？你不能讓這個決定拖延太久，因為那樣的話，你就沒有足夠的時間了。

So, '25, '26 is reasonable for many customers, depending on the complexity of what they're doing. Maybe, the early part of '27 could be there. But, after that, you really start getting into the red zone, for most customers.

因此，對許多客戶來說，‘25’、‘26’是合理的，這取決於他們所做工作的複雜性。也許，27 年初就可以到達那裡。但在那之後，對於大多數客戶來說，你就真的開始進入紅色區域了。

So that's why we -- even though we will support Veeva CRM all the way till 2030, when you're talking about change management with well over 10,000 people and functions and de-customizing and reappointing integrations, it's not something you can do in six months.

所以這就是為什麼我們——儘管我們將一直支援 Veeva CRM 直到 2030 年，但當你談論超過 10,000 名員工和職能的變更管理以及取消客製化和重新任命整合時，這不是你可以在六個月內完成的事情。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, gentlemen. Maybe, pulling on that thread, on the CRM front. You touched on the accelerated innovation cadence, right? We've seen a number of new product releases within the CRM suite. I'm wondering how much of that is driving this appetite and interest?

嘿，先生們。或許，在 CRM 方面，可以利用這個線索。您提到了加速創新節奏，對嗎？我們已經看到 CRM 套件中發布了許多新產品。我想知道其中有多少因素推動了這種胃口和興趣？

Obviously, in the platform, as well too, where there's clarity on the product roadmap. How's that helping give confidence in this decision and cadence, maybe, over the next two years or so?

顯然，在平台上，產品路線圖也很清楚。在接下來的兩年左右的時間裡，這如何有助於對這個決定和節奏增強信心？

Yeah. Dylan, the new product -- the innovation roadmap and core CRM is one thing and that's driving a lot of our momentum. But, also, I would say the new products that we've announced in areas like Service Center and Campaign Manager and Patient CRM, that's super exciting.

是的。迪倫，新產品——創新路線圖和核心 CRM 是一回事，這推動了我們的重大發展勢頭。但是，我還想說，我們在服務中心、活動管理器和患者 CRM 等領域發布的新產品非常令人興奮。

It's exciting for -- across all of our customers, top 20, all the way down to SMB because we are making, really, for the first time in life sciences, this idea of customer centricity simpler, easier, everything in one database.

這對我們所有的客戶來說都是令人興奮的，從前 20 名一直到 SMB，因為我們在生命科學領域首次將以客戶為中心的理念變得更簡單、更容易，將所有內容都放在一個資料庫中。

That's never been done before. So there is a sense of -- we have a clear vision. Our customers see a path to getting there. And they see Vault CRM as the foundation to making that happen.

這是以前從未做過的事。因此，我們有一種清晰的願景。我們的客戶看到了實現這一目標的途徑。他們將 Vault CRM 視為實現這一目標的基礎。

So that's not the only part of the decision-making process but it's a key thing. And we're bringing this customer centricity to life. So we're excited about the new potential, there.

因此，這不是決策過程的唯一部分，但卻是關鍵部分。我們正在將這種以客戶為中心的理念付諸實現。因此，我們對那裡的新潛力感到興奮。

And, then, of course, it unlocks potential for these new markets, right? New expansion opportunities to sell additional products, as customers migrate over.

當然，它釋放了這些新市場的潛力，對吧？隨著客戶的遷移，新的擴展機會可以銷售更多產品。

Okay. That's helpful, Paul. Thank you.

好的。這很有幫助，保羅。謝謝。

Maybe, for Peter and/or Brian, here, too, going back to the topic of AI, as well too. You announced the direct-data API and the value of interoperability, wondering if you're seeing any accelerated momentum around being able to build on top of the accessibility of your data sets?

也許，對於 Peter 和/或 Brian 來說，這裡也回到了人工智慧的話題。您宣布了直接資料 API 和互通性的價值，想知道您是否看到了在資料集可訪問性基礎上進行構建的加速勢頭？

And, maybe, if that's the view, externally, how you're leaning into internal utilization too, if we think about some of the margin strength you're delivering throughout the business? Thanks, guys.

而且，如果從外部來看，您如何也傾向於內部利用，如果我們考慮您在整個業務中提供的一些利潤優勢？謝謝大家。

Let's see, in terms of the margin, Brian, I'll leave that one to you.

讓我們看看，就利潤而言，布萊恩，我會把這個留給你。

Yeah. We are seeing good tech uptake of the direct-data API. And we, as you mentioned, recently announced that that's going to be free to all of our customers. And the reason, there, is we want everybody building on that type of API.

是的。我們看到直接資料 API 的技術應用良好。正如您所說，我們最近宣布這項服務將免費提供給所有客戶。原因是我們希望每個人都基於這種類型的 API 來建構。

It's just a much better, faster API for many use cases. And we found a way to do it, where it was not going to consume as many compute resources as we thought it was.

對於許多用例來說，它只是一個更好、更快的 API。我們找到了一種方法來做到這一點，它不會消耗我們想像的那麼多運算資源。

So we're pretty excited about that. We're using it, internally. For example, for connecting different parts of our clinical suite, different parts of our safety suite, together.

所以我們對此感到非常興奮。我們正在內部使用它。例如，將我們的臨床套件的不同部分、安全套件的不同部分連接在一起。

And our partners are starting to do it. We have more than 10 customers that are already doing it. Some of them are large customers.

我們的合作夥伴也開始這麼做了。我們已有 10 多個客戶在這樣做。其中一些是大客戶。

It takes some time because it's a different paradigm for integration. People have been using the hammer for a long time and, now, you're giving them a jackhammer and they got learn how to use it. But we are super enthused. It's a fundamental new type of API, where you can get, like, all of the data out of your vault, super quickly, in one F3 file every night and transactionally sound deltas every 15 minutes, in one pile.

這需要一些時間，因為這是一個不同的整合範例。人們使用錘子已經很長時間了，現在，你給他們一把風鎬，他們必須學會如何使用它。但我們非常熱情。這是一種基礎的新型 API，透過它，您可以每晚以超快速度從您的保險庫中獲取一個 F3 文件中的所有數據，並且每 15 分鐘將事務性健全的增量數據放在一堆中。

Nobody has that type of thing. And AI is just pumping up the demand for data everywhere. AI and data science. And, overall, that's just the trend. As the compute powers get more and more accessible, people want that data in more and more places, all the time.

沒人有這種東西。人工智慧正在刺激各地對數據的需求。人工智慧和數據科學。總體而言，這只是趨勢。隨著運算能力越來越強，人們希望將資料隨時隨地儲存在越來越多的地方。

So I'm really enthused about what we're doing for the life sciences industry because many of their core systems are Veeva. And, now, their core systems are going to be enabled with this fundamental new API that's going to allow them to leverage their core data faster than any other industry.

因此，我對我們為生命科學產業所做的事情感到非常熱情，因為他們的許多核心系統都是 Veeva。現在，他們的核心系統將啟用這個新的基礎 API，這將使他們能夠比任何其他行業更快地利用其核心數據。

So, hopefully, we're doing our part to help the life sciences industry grow. And that will be good for (inaudible).

因此，希望我們能夠盡自己的一份力量來幫助生命科學產業的發展。這對（聽不清楚）。

Dylan, this is Brian. You'd asked the second part of the question around the internal use of AI and the extent to which that was contributing to margins, I think.

迪倫，這是布萊恩。我認為，您問的是問題的第二部分，有關人工智慧的內部使用及其對利潤的貢獻程度。

And I think the short answer, there, is it's an area that we're really excited about, internally, as well. We're building strategies around. But it's not a major contributor to the margin expansion that we saw in Q4 or in the coming year.

我認為簡短的回答是，這也是我們內在真正興奮的一個領域。我們正在製定相關戰略。但這並不是我們在第四季或來年看到的利潤率擴張的主要貢獻者。

So it's something we're looking into. We're building strategies around it. It's not something we're counting on, though, to deliver on this year's guidance.

所以這是我們正在研究的事情。我們正在圍繞它制定戰略。然而，我們並不指望它能實現今年的預期。

Stan Berenshteyn, Wells Fargo Securities.

貝倫斯坦 (Stan Berenshteyn)，富國證券。

All right. Thanks for taking my questions.

好的。感謝您回答我的問題。

I want to go back to the prepared remarks. I believe you called out positive momentum in a variety of products, including Site Connect, Study Startup, RTSM, eCOA. Now, to me, that seems that these are precisely the products that a customer would want to buy, if they were ramping in EDC.

我想回到準備好的發言。我相信您指出了各種產品的積極勢頭，包括 Site Connect、Study Startup、RTSM、eCOA。現在，對我來說，如果顧客在 EDC 中加強購買力度，這些產品似乎正是顧客想要購買的產品。

So my question is: Are these add-ons being sold in parallel to when you're selling EDC? Or are these opportunities emerging, once these clients are starting to ramp their EDC? And, therefore, is there more to come, in that regard? Thanks.

所以我的問題是：這些附加元件是否與您銷售 EDC 時同時銷售？或者，一旦這些客戶開始增加他們的 EDC，這些機會就會出現嗎？那麼，在這方面還有更多進展嗎？謝謝。

Yeah. I'll take that one.

是的。我要那個。

In general, I wouldn't say connected to EDC. EDC is, in some ways, a special area of a life science company. It's pretty specific, pretty standalone.

總體來說，我不會說它與 EDC 有關。從某種程度上來說，EDC 是生命科學公司的一個特殊領域。它非常具體，非常獨立。

But if you look at Site Connect, Study Training, eCOA, RTSM, those come when a customer makes more of an emotional commitment on two things: One, hey, we're going to invest in modernizing our clinical tech. Because, sometimes, they may not want to do that. Sometimes, they want to have a status quo. We've got other things going on. We don't want to move one thing because it might break another thing. So they may be in that mode or they may be, hey, I'm going to invest in our clinical tech.

但如果你看看 Site Connect、Study Training、eCOA、RTSM，你會發現這些都是當客戶對兩件事做出更多的情感承諾時產生的：第一，嘿，我們將投資於臨床技術的現代化。因為，有時候，他們可能不想這樣做。有時，他們希望維持現狀。我們還有其他事情要做。我們不想移動一個東西，因為它可能會破壞另一個東西。所以他們可能處於那種模式，或者他們可能會說，嘿，我要投資我們的臨床技術。

The other one would be: We've decided Veeva is a very strategic partner. Maybe, we're not buying all things at once, like that one customer did. But we've decided, well, that's where we're going. So when we do modernize, we'll get Veeva.

另一個是：我們已經認定 Veeva 是我們非常重要的策略夥伴。也許，我們不會像那位顧客那樣一次購買所有東西。但我們已經決定了，那就是我們要去的地方。因此，當我們進行現代化改造時，我們會採用 Veeva。

So those two trends, more than any type of EDC attachment, is what's causing those other products to move.

因此，與任何類型的 EDC 配件相比，這兩種趨勢更能推動其他產品的發展。

Got it. And, then, a quick follow-up on the top 20 announcement. I'm just curious how long will it take for this to fully ramp in revenue? And can you ballpark the size of this contract, once it's fully ramped?

知道了。然後，快速跟進前 20 名的公告。我只是好奇這需要多長時間才能完全增加收入？一旦合約全面完成，您能估算一下合約的規模嗎？

Thank you.

謝謝。

Yeah. I want to ballpark the size of that contract. It's certainly a large deal. But I think it's not -- there's only 20 top 20s and I wouldn't want to want to ballpark anything, there.

是的。我想估算一下該合約的大致金額。這確實是一件大事。但我認為不是——只有 20 個排名前 20 位的歌曲，我不想在那裡估算任何東西。

In terms of the full ramp, this would be one of our longer ramps. There's a lot of things in there. So you could consider this in the area of five years or so.

就整個坡道而言，這將是我們較長的坡道之一。裡面有很多東西。所以你可以考慮在五年左右的時間內實現這個目標。

Dave Windley , Jefferies.

戴夫溫德利 (Dave Windley)，傑富瑞 (Jefferies)。

Hi. Thanks for taking my question.

你好。感謝您回答我的問題。

Perhaps, a good segue from the last one. Peter, we recently surveyed clinical development folks about their tech stack and they said they're very fragmented, today, and would desperately like to move to an integrated solution, which is, I'm sure, music to your ears. I'm wondering, in your answer, about this all-in client and speed being a driving factor, is that speed to get the full implementation? Or is that efficiency and speed of their organization, once they are fully implemented, on a more integrated system, like yours?

或許，這是上一個的一個很好的過渡。彼得，我們最近對臨床開發人員進行了技術堆疊調查，他們說，目前他們的技術堆疊非常分散，迫切希望轉向整合解決方案，我相信這對他們來說是一個好消息。我想知道，在您的回答中，關於這個全客戶端和速度是一個驅動因素，這個速度是否可以全面實施？或者，一旦這些措施在像你們這樣的更整合的系統上全面實施，他們的組織的效率和速度就會提高嗎？

And, then, part B of the question would be to what degree can you measure and use that, as your selling point? How you're enhancing the efficiency of your clients, when they do move to an integrated technology stack, like yours?

那麼，問題的 B 部分是您可以在多大程度上衡量並使用它作為您的賣點？當您的客戶轉向像您這樣的整合技術堆疊時，您如何提高客戶的效率？

That first question, really, what I was referring, there, is speed of getting to value. So, for example, there's quite a few products they purchased, together. Now, what it could have been instead, and in a very quick -- not very quick -- but over a set of months, really, looking at, hey, we would like an integrated system, who is the partner we can depend on? Who has these things? Who has a track record of success?

第一個問題，實際上，我指的是獲得價值的速度。例如，他們一起購買了不少產品。現在，它本來可以是什麼呢？在很快的——不是很快——但經過幾個月的時間，我們真的會考慮，嘿，我們想要一個整合的系統，誰是我們可以依賴的合作夥伴？誰有這些東西？誰有成功的記錄？

Okay, that's Veeva, let's go that way. And that was driven from a high level of the organization, not from within one of one of the subdepartments.

好的，那是 Veeva，我們走那邊吧。這是由組織高層推動的，而不是由某個部門內部推動的。

If the customer doesn't go that way, there might be an 18-month sales cycle for each of those applications, in each of those departments, with a different start date, with independent projects planned and temporary integrations. So you double your speed of evaluation and implementation, when you go all at once.

如果客戶不這樣做，那麼每個應用程式、每個部門的銷售週期可能都是 18 個月，並且有不同的開始日期、獨立的專案計劃和臨時整合。因此，當您同時進行所有操作時，評估和實施的速度就會加倍。

So that's the main thing that I was referring to -- speed to value and cost, right? Eliminate these RFPs, these seven RFPs. Don't do that, go with Veeva, make it easy.

這就是我所指的主要內容──速度與價值和成本，對嗎？消除這些 RFP，這七個 RFP。不要這樣做，選擇 Veeva，讓一切變得簡單。

Now, in terms of quantifying the value when they get in there, that's something that is not so easy because different customers different measure value, differently. Generally, what people do is they will ask for references. They will ask each other: Hey, we're thinking of using Veeva. Hey, I know, this person, at that other company, is using Veeva and I'll ask him, hey, how's it going? Do they like it? Are they getting what they expect?

現在，就量化他們進入時的價值而言，這並不是那麼容易的事情，因為不同的客戶對價值的衡量標準不同。一般來說，人們會要求提供參考。他們會互相詢問：嘿，我們正在考慮使用 Veeva。嘿，我知道，這個人，在另一家公司，正在使用 Veeva，我會問他，嘿，進展如何？他們喜歡嗎？他們得到了他們期望的結果嗎？

So it's really that. And I think those are actually more accurate because those are leading indicators versus depending on a lagging measurement and did you measure it correctly. So for better or for worse, that's how that usually goes.

事實確實如此。我認為這些實際上更準確，因為它們是領先指標，而不是依賴滯後測量，你是否正確測量了它。所以無論好壞，事情通常都是這樣的。

Got it. A quick follow-up on Compass. You, in the past, have used what I think are the magic words of compensation-grade data. Where would you say you are, in terms of validating, at that level, a compensation-grade data set that could begin to displace the competitor, at that important level of consideration? Thanks.

知道了。對 Compass 進行快速跟進。過去，您曾使用過我認為是薪酬級數據的神奇字眼。在驗證這一級別的薪酬級資料集方面，您認為您處於什麼位置，可以開始取代競爭對手，在如此重要的考慮層面上？謝謝。

Yeah. Compensation incentive, Incentive Compensation grade -- sometimes, we shorten it to IC, Incentive Compensation-grade data. There's a few things.

是的。薪酬激勵、激勵薪酬等級－有時，我們將其縮寫為IC，即激勵薪酬等級資料。有幾件事。

Our two main products, in Compass, are Patient and Prescriber -- patient data and prescriber data. For some types of products, because of the complexity of the products, they're really paying on the individual patient data. So it's sometimes done with our patient data, today.

Compass 中的兩個主要產品是患者和處方者——患者數據和處方者數據。對於某些類型的產品，由於產品的複雜性，他們實際上是根據個人患者數據付費的。所以今天，有時會利用我們的患者數據來完成。

For the prescriber data, which is a more common way -- they'll pay on Incentive Comp. We're early in that cycle. We don't have anybody, today, using our prescriber data for Incentive Comp. I would say, next year at this time, we will. But that's a pattern where they will view that, over time.

對於處方者數據，這是一種更常見的方式——他們將根據激勵補償進行支付。我們正處於這個週期的早期階段。今天，我們還沒有任何人使用我們的處方數據來進行激勵補償。我想說，明年這個時候，我們會的。但隨著時間的推移，他們會形成這樣的模式。

Hey, how is Veeva's projections on this month, on that month? How do they line up with what we're doing? Do we see stability and consistency?

嘿，Veeva 對這個月、那個月的預測怎麼樣？它們與我們所做的有何一致？我們是否看到了穩定性和一致性？

So that will take some time. But, in the meantime, for prescriber, there's another great use for it, which is segmentation and targeting, at the prescriber level. And, sometimes, there, we're going to have better coverage than our competitors.

所以這需要一些時間。但同時，對於開處方者來說，它還有另一個很好的用途，那就是在開處方者層級進行細分和定位。有時，我們的覆蓋範圍會比競爭對手更好。

So it's a long road for Compass. But we're definitely starting down that path. So we'll see how it goes.

因此，對於 Compass 來說，這是一條漫長的道路。但我們確實已經開始走這條路了。我們將拭目以待。

And one thing I can tell you is we're not giving up on it, that's for sure, right? It's just a matter of how long it's going to take.

我可以告訴你的一件事是，我們不會放棄，這是肯定的，對吧？這只是需要多長時間的問題。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Yeah. Thanks and congrats on a nice fourth quarter.

是的。謝謝並恭喜第四季取得良好成績。

I don't know if this is for Peter or Paul but I was wondering if you guys, could, just talk about any potential risk, in terms of the amount of consultants needed to help your clients move on to Vault CRM? Or what that dynamic looks like in the industry, right now?

我不知道這是針對彼得還是保羅，但我想知道你們是否可以談談任何潛在風險，就幫助客戶轉向 Vault CRM 所需的顧問數量而言？或者目前該產業的動態是什麼樣的？

I know everybody's making a decision around this. They obviously need help making this transition. How do you feel about the bandwidth? Being there to help them get over from the other system, onto the Vault CRM?

我知道每個人都在就此做出決定。他們顯然需要幫助來完成這項轉變。您覺得頻寬怎麼樣？能否幫助他們從其他系統轉換到 Vault CRM？

Yeah. That's a good question. For Veeva, right, we have our products, our software data, our software products, our data products. We also have our services team. And we have our consulting team. And, then, we have a network of partners.

是的。這是個好問題。對 Veeva 來說，我們有我們的產品、我們的軟體資料、我們的軟體產品、我們的資料產品。我們還有我們的服務團隊。我們還有自己的諮詢團隊。然後，我們有一個合作夥伴網路。

One thing to know about Veeva -- and it gets the core to who we are -- we don't rampantly hire-up people and services in the boom times and, then, let people go in the bust times. What we do is we flex utilization.

關於 Veeva，有一件事你需要知道——這也是我們公司的核心——我們不會在經濟繁榮時期大肆僱用員工和服務，然後在經濟蕭條時期解僱員工。我們所做的就是靈活利用。

So when the boom times come, our services team knows, okay, you might be running hot, you might be running at 120% utilization for a while but it won't last forever. Just get through it, right? So our service team, I would say, is amazing and complex and can flex very well.

因此，當繁榮時期到來時，我們的服務團隊知道，好吧，您可能會運行得很熱，您可能會在一段時間內以 120% 的利用率運行，但這不會永遠持續下去。熬過去就好了，對吧？所以我想說，我們的服務團隊非常出色、複雜，而且靈活性很強。

We, also, see that in our partner ecosystem, like Accenture. They are the masters at flexing to meet demand, much more so even than Veeva, right? And they can do that scale. So I, really, honestly don't worry about that.

我們也在我們的合作夥伴生態系統中看到了這一點，例如埃森哲。他們非常善於靈活應對需求，甚至比 Veeva 還要好，對嗎？他們可以實現這樣的規模。所以我真的不擔心這個。

They have a lot of Veeva expertise. Accenture does. We do too. Both of us kind of flex and we're not the only ones. So I don't minimize the hard work and your question is very good. We can flex.

他們擁有豐富的 Veeva 專業知識。埃森哲確實如此。我們也是。我們兩個都是這種類型的人，而且我們並不是唯一的。所以我不會低估辛勤工作，你的問題非常好。我們可以靈活變通。

Also, we're automating a lot. The data migrator, we put a tremendous investment in that. So the actual data migration part, which in -- and it's not just the initial migration, it's the delta migrations, et cetera -- that's a lot of work, which is largely going to be automated, in here, because we control both the source and the target.

此外，我們正在實現很多自動化。我們在資料遷移器方面投入了巨大的投資。因此，實際的資料遷移部分 - 它不僅僅是初始遷移，還包括增量遷移等等 - 這是一項很大的工作，在這裡基本上可以實現自動化，因為我們同時控制來源和目標。

Okay. And, then, just one last one here, Peter. Obviously, in the life sciences industry, people are thinking a lot about tariffs and how they have to move things around, potentially, in terms of their supply chain. Do you worry, at all, about those decisions distracting from, say, signing new contracts with you, all?

好的。然後，這裡只剩下最後一個人了，彼得。顯然，在生命科學產業，人們正在認真考慮關稅問題以及如何在供應鏈方面轉移貨物。您是否擔心這些決定會分散您的注意力，例如與您簽訂新合約？

Or where do you think that stands, right now? I know it's sort of in flux. But I was just curious on your opinion on that. Thanks.

或者您認為目前情況如何？我知道它有點不穩定。但我只是好奇你對此的看法。謝謝。

Yeah. It's very early and we see that there's different announcements every day. And, Paul alluded to that. If there ends up being a lot of disruption, that can cause lack of focus and delayed contracts. We haven't seen that, yet, but that could happen.

是的。現在還很早，我們看到每天都有不同的公告。保羅也提到了這一點。如果最終出現很多混亂，就會導致注意力不集中和合約延遲。我們還沒有看到這種情況，但這種情況有可能發生。

It's just too early to know whether that's really going to happen. We've seen no sign, yet. And, again, what Paul mentioned is if that were to happen, the nice thing is it really just delays things, it may push it out a little bit. It's not a consumable product, where you lose the opportunity.

現在判斷這是否真的會發生還為時過早。我們還沒有看到任何跡象。保羅再次提到，如果這種情況真的發生，好處就是它實際上只是延遲了事情，可能會稍微推遲一點。它不是一種消耗品，如果你失去了它，你就會失去機會。

I hope it doesn't happen. It's just don't have enough data, yet, to know.

我希望這不會發生。只是目前還沒有足夠的數據可以了解。

Anne Samuel, J.P. Morgan.

安妮‧塞繆爾 (J.P. Morgan)。

Hi. Thanks so much for the question.

你好。非常感謝您的提問。

You highlighted, in your prepared remarks, that safety was an area with a lot of opportunity for AI innovation. I was hoping, maybe, you could just speak to why that is? And, maybe, just expand on that? Maybe, provide some examples of what kind of technologies you might be able to use there? Thanks.

您在準備好的發言中強調，安全是人工智慧創新的一個具有大量機會的領域。我希望您能解釋為什麼會這樣？並且，也許只是進一步擴展這一點？也許，提供一些您可能在那裡使用哪些技術的例子？謝謝。

I can take that one. I guess I'm doing a lot of talking, today. But it seems to be a lot of product-related questions, Brian. And I love that.

我可以接受那個。我想我今天要說很多話。但似乎有很多與產品相關的問題，布萊恩。我喜歡這樣。

Well, it's not that complicated in the safety area. We are the first true-cloud integrated set of safety applications. So the core Safety Processing, Safety Signaling, the Safety Workbencher reporting. Nobody has had that in the cloud before.

嗯，安全方面並沒有那麼複雜。我們是第一套真正的雲端整合安全應用程式。因此核心是安全處理、安全訊號、安全工作台報告。以前沒有人在雲端實現過這一點。

And when you have it in the cloud, there's benefits. There's benefits of performance. You don't have to manage the infrastructure; you don't have to manage the upgrades; you can configure it. So that's, probably, honestly the main thing.

當你將它放在雲端時，就會有好處。有性能方面的好處。您不必管理基礎設施；您不必管理升級；你可以配置它。所以，這或許才是最重要的事。

There are some other benefits with the Veeva system. I think it's a better safety system than what's out there. There's different features and functions, things like that.

Veeva 系統還有其他一些好處。我認為這是一個比現有的安全系統更好的系統。它們具有不同的特性和功能等等。

For some, they're really enthused about the connection into clinical, which is a real cost saver.

對某些人來說，他們真的非常熱衷於臨床研究，因為這確實可以節省成本。

But I'll bring it back to the number 1 basics -- is they'd like to have a cloud-based safety system that's high quality and, then, finally, they can have it.

但我要回到第一個基本點——他們希望擁有一個高品質的基於雲端的安全系統，然後最終他們可以擁有它。

Great. Thank you.

偉大的。謝謝。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Hi. Thanks for taking my questions.

你好。感謝您回答我的問題。

Maybe, I'll start with one, for Brian, just to get him in, on the action here. Brian, as you think about the strong op margin guide for the start of the year, can you call out, maybe, the areas where you expect to get the most incremental leverage?

也許，我會為布萊恩先做一件事，讓他參與這裡的行動。布萊恩，當您考慮年初強勁的營業利潤率指南時，您能否指出您預計可以獲得最大增量槓桿的領域？

It sounds like R&D is going to be a continued area of focus, from an investment perspective. But how should we think about those incremental leverage points?

從投資角度來看，研發似乎將繼續成為關注的領域。但是我們該如何看待這些漸進式槓桿點呢？

Hey, Ryan. Thanks for getting me in here. Peter was on a roll, though. But I'll do my best to jump in.

嘿，瑞安。謝謝你讓我來這裡。不過，彼得的運氣不錯。但我會盡力參與。

So it's really pretty broad-based. I think, first, you see that there's a bit of improvement on the gross margin side. And that's part of a secular increase, as we grow in R&D and move more of the business over to the Vault platform. And, then, from better efficiency in the services business.

所以它確實具有相當廣泛的基礎。我認為，首先，您會看到毛利率有所改善。這是長期成長的一部分，因為我們在研發方面不斷發展，並將更多的業務轉移到 Vault 平台。然後，提高服務業務的效率。

And, then, beyond that, on the OpEx side, it's quite broad-based. It's just us looking to be efficient and execute better across the business. That's in our sales teams, it's in our marketing teams, it's in our product teams -- so looking to be efficient and effective and execute well, across the business.

除此之外，在營運支出方面，它的基礎相當廣泛。我們只是希望提高整個業務的效率並更好地執行。我們的銷售團隊、行銷團隊和產品團隊都是如此——我們希望在整個業務範圍內高效、有效、執行良好。

If I could just tell you a little bit of the why on that. As we get more products, as you know that the field tends to get a little bit more efficient, right? There's relationships you can leverage. Sometimes, there's a broader decision made, rather than fixed decisions. So that's where efficiencies, in the field, come.

如果我可以告訴你一點原因的話。隨著我們推出更多產品，您知道該領域會變得更有效率，對嗎？您可以利用一些關係。有時，會做出更廣泛的決定，而不是固定的決定。這就是現場效率的來源。

Also, every year -- and we have to keep it up -- but, every year, if we execute well, we develop more trust. And when you develop more trust, that translates into more efficient sales because communication is higher fidelity. So that's on the sales side.

此外，每年——我們必須堅持下去——但是，每年，如果我們執行得好，我們就會建立更多的信任。當你建立更多的信任時，這將轉化為更有效的銷售，因為溝通的保真度更高。這就是銷售方面的情況。

On the product side, there's more of a mathematical reason. The more products we develop on Veeva Vault, the more efficient we get, the more economies of scales we drive out of the platform. The better the platform gets and the more economies of scale.

從產品方面來看，更多的是數學原因。我們在 Veeva Vault 上開發的產品越多，我們的效率就越高，我們從平台中獲得的規模經濟就越大。平台越好，規模經濟就越強。

So we have a platform. If we have 20 applications on that platform, it's an efficiency of one thing. If we have 40, it's an efficiency of another. And if we have 80, it's a whole efficiency of another thing.

所以我們有一個平台。如果我們在該平台上有 20 個應用程序，那麼效率就提高了。如果我們有 40，那就是另一種效率。如果我們有 80，那麼整個效率就是另一回事了。

So that one's just more mechanical, on that side.

因此從那方面來說，它只是更加機械化。

Super helpful color, there. Paul, maybe, a follow-up for you.

那裡有超有用的顏色。保羅，也許，這是對你一個後續的行動。

Crossix, obviously, continues to perform really well. But, as you're getting into the new calendar year, we started to hear, maybe, a little bit more of pull-forward of spend, like, early in the year or more upfront purchasing around marketing spend.

顯然，Crossix 的表現仍然非常出色。但是，隨著進入新的一年，我們開始聽到一些消息，也許會提前一點支出，例如在年初或在行銷支出方面進行更多的前期採購。

Are you seeing similar trends, within Crossix, at all? Or any reason to think that -- we see a greater mix of upfront or beginning of the year spend versus years past?

您是否在 Crossix 內部看到了類似的趨勢？或者有什麼理由認為——與過去幾年相比，我們看到了更大的預付或年初支出組合？

Thanks. This is Brian. Why don't I pick up that one, Paul?

謝謝。這是布萊恩。我為什麼不選那個呢，保羅？

On Crossix, obviously, very pleased with the result that we had last year -- was a major driver of the outperformance that we saw in commercial, throughout the year. And feeling really good about the trajectory, there.

顯然，Crossix 對我們去年的成果感到非常滿意——這是我們全年商業表現優異的主要動力。並且對那裡的軌跡感覺非常好。

I think no change that we're seeing to the overall shape of revenue in Crossix, if you're asking about linearity, there.

如果您問的是線性，我認為 Crossix 的整體收入形態沒有變化。

We saw a strong close to Q4 and expecting continued growth out of that business, in the year ahead.

我們看到第四季業績強勁收官，並預計未來一年該業務將繼續成長。

Craig Hettenbach, Morgan Stanley.

摩根士丹利的克雷格·赫滕巴赫。

Yes. Thank you. Peter, just going back to the commentary around AI and the strategy, there. Any milestones to watch for this year, as that business develops?

是的。謝謝。彼得，我們再回到人工智慧和策略的評論。隨著業務的發展，今年有哪些值得關注的里程碑？

And, then, also from a customer base, I think, last year, there was a bit of a pause, as customers are evaluating new technologies like AI. Where are their heads at, in terms of what they're most focused on, today?

而且，從客戶群來看，我認為去年出現了一些停頓，因為客戶正在評估人工智慧等新技術。就他們今天最關注的事物而言，他們在想什麼？

The milestones to look for are the releases of our CRM Bots and our MLR Bots and the success we start having with customers -- those are really the milestones. And it could be new products that we announced, as it relates to the new AI solutions. So those are the things to look for.

值得期待的里程碑是我們的 CRM 機器人和 MLR 機器人的發布以及我們開始為客戶取得的成功——這些才是真正的里程碑。它可能是我們發布的新產品，因為它與新的人工智慧解決方案有關。這些就是我們要尋找的東西。

And in terms of, I believe we called it before, AI disruption -- maybe, that was 18 months or so, a year ago -- and I think that's largely behind us. Our customers have settled in to what AI is and what it does. They're still doing some innovation projects. But it's not consuming them or distracting from the core work.

就我之前所說的人工智慧顛覆而言——大概是一年前，也就是 18 個月前——我認為基本上已經過去了。我們的客戶已經了解了人工智慧是什麼以及它能做什麼。他們仍在做一些創新項目。但它不會消耗他們的精力或分散他們對核心工作的注意力。

So I think we're largely through that area of AI distraction, now.

所以我認為我們現在基本上已經擺脫了人工智慧幹擾的困擾。

Okay. That's helpful. Thanks.

好的。這很有幫助。謝謝。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hey. Good afternoon. Thank you for taking the question. And thanks for all the product detail, on the call.

嘿。午安.感謝您回答這個問題。感謝您在電話中提供的所有產品詳細資訊。

Paul, I wanted to follow-up on your earlier comment, on commercial. You mentioned that there are several customers that you've been speaking with, that are looking to make decisions in 2025 and, ideally, before the (inaudible) in 2027.

保羅，我想跟進你之前關於商業的評論。您提到，您與幾位客戶交談過，他們希望在 2025 年做出決策，理想情況下是在 2027 年（聽不清楚）之前。

The customers that you're talking to -- what do they tell you are the reasons for hesitation? Meaning, if they're telling you, hey, we're not ready to make a decision yet, what are some of the reasons that they tell you that is? And what do you do, then, to help them feel better about making a decision or to help them along in their discovery?

與您交談的客戶—他們告訴您猶豫的原因是什麼？意思是，如果他們告訴你，嘿，我們還沒準備好做出決定，他們告訴你的原因是什麼？那麼，您該怎麼做才能幫助他們更好地做出決定或幫助他們發現呢？

Yeah. Hey, Gabriela. Every customer's a little bit different, in terms of their process and the internal process they have to go through.

是的。嘿，加布里埃拉。每個客戶的流程和必須經歷的內部流程都略有不同。

Some companies have to go through a formal or a pre-process, as an example. Other companies are, really, frankly focused on other priorities, right? It may be something related to a launch of a medicine coming up in 2025 or 2026. And they want to focus their resources there. And, then, think more deeply about the CRM decision.

例如，有些公司必須經過正式程序或預先流程。坦白說，其他公司確實專注於其他優先事項，對嗎？這可能與 2025 年或 2026 年即將推出的藥物有關。他們希望將資源集中在那裡。然後，更深入地思考 CRM 決策。

So I would say there's no single answer. It certainly varies by customer. And I think each month that goes by, we continue to hit new milestones, which make the case even more interesting and more compelling.

所以我想說沒有唯一的答案。這當然因客戶而異。我認為每個月我們都在不斷取得新的里程碑，這使得案件變得更加有趣和引人注目。

So we're focused on -- our strategy to deal with that is to continue delivering. Deliver new products, deliver innovation, deliver on the CRM Bot -- that Peter just talked about -- deliver on the migrations.

因此，我們專注於——我們應對這一問題的策略是繼續交付。提供新產品、提供創新、提供 CRM Bot（Peter 剛才談到的）以及提供遷移。

And that's our answer -- is delivering. Our customers are looking for delivery. They're not looking for big, bold statements-type, that sort of thing.

這就是我們的答案——兌現。我們的客戶正在尋求送貨。他們並不尋求宏大、大膽的聲明之類的東西。

Again, we're not forcing them down a path. I think it's a customer-friendly way of approaching the market.

再說一次，我們不會強迫他們走這條路。我認為這是接近市場的一種客戶友好型方式。

Absolutely. Thank you. Peter, the follow-up is for you. You made an earlier comment on your thinking around horizontal applications, longer term, and version 1 versus version 2. I'd love to hear your thoughts, if you're willing to share them.

絕對地。謝謝。彼得，後續內容是給你的。您之前就橫向應用、長期應用以及版本 1 與版本 2 的比較發表了看法。如果您願意分享的話，我很樂意聽聽您的想法。

What do you think the limitations are on some of the version 1 cloud-fast applications, today? And where do you think version 2, from an innovation standpoint, could really shine? Thank you.

您認為目前某些版本 1 雲端快速應用程式有哪些限制？從創新角度來看，您認為第 2 版真正能扮演什麼角色？謝謝。

I don't think there's any one particular area. I think there's core set of things of better, stronger, faster, right? Accumulation of five, six, seven, eight things that have been core learnings. And, then, putting that together. And so, when you put those together, it has a compounding effect, I would say that.

我認為不存在任何一個特定的領域。我認為有一系列核心的東西：更好、更強、更快，對嗎？累積五、六、七、八項核心學習內容。然後，將它們組合在一起。所以，當你把它們放在一起時，它會產生複合效應，我想說。

Also, AI will change the user interfaces on the operating systems, over time. Not tonight but sometimes over the next five years. There'll be some fundamental change, just in the way that the graphical user interface or the browser-based interface change things.

此外，隨著時間的推移，人工智慧將改變作業系統上的使用者介面。不是今晚，而是未來五年內的某個時候。將會有一些根本性的變化，就像圖形使用者介面或基於瀏覽器的介面改變事物的方式一樣。

I think a platform that's designed with that in mind; that knows it's: Yes, it's going to be used as a core system of record. Some of us have heard this thing from the Microsoft CEO about these system of record application, SaaS applications are going away.

我認為平台的設計應該考慮到這一點；知道它是：是的，它將被用作核心記錄系統。我們中的一些人從微軟執行長那裡聽說過這些記錄系統應用程式、SaaS 應用程式正在消失的事情。

I don't believe that. I don't think any of our customers are removing their SAP application, anytime, in the next 100 years. But there is going to be a way to use AI to dip into multiple of these applications and add value.

我不相信。我認為，在未來 100 年內，我們的任何客戶都不會在任何時候刪除他們的 SAP 應用程式。但有一種方法可以利用人工智慧深入這些應用並增加價值。

And that's going to be a critical component. I think the newer platforms are going to be designed, with that in mind, because it's obvious that's coming. I think it's pretty hard to retrofit, pretty hard.

這將是一個關鍵組成部分。我認為新平台的設計將會考慮到這一點，因為很明顯這一點即將到來。我認為改造起來非常困難，非常困難。

(Operator Instructions)

（操作員指示）

Jailendra Singh, Truist securities.

Jailendra Singh，Truist 證券。

Hi. Thanks for taking my question. This is Jenny Cao, on for Jailendra Singh.

你好。感謝您回答我的問題。我是 Jailendra Singh 的 Jenny Cao。

Just a quick question on your guidance. I think your guidance assumes no major changes in the macro environment. But I think fiscal '26 guide reflects, maybe, a little bit of growth deceleration, particularly in the subscription business, from 20% growth last year, in fiscal '25, to 13% growth this year, according to the guide.

我只是想問一下您的指導。我認為您的指導假設宏觀環境不會發生重大變化。但我認為 26 財年的指南可能反映出成長略有減速，特別是訂閱業務，根據指南，其成長率從去年 20%（25 財年）下降到今年 13%。

Can you help us break down the key factors and the moving pieces, there?

您能幫助我們分解其中的關鍵因素和影響因素嗎？

Hey, Jenny. First off, on the guide, you're exactly right. We've not factored in any macro changes into the guide. And, as Paul touched on, obviously aware of all the shifting government policies. There's a lot of discussion around it. But we just haven't seen any impact, yet, in our customers' decision making. So it doesn't reflect any change in macro.

嘿，珍妮。首先，關於指南，您說得完全正確。我們沒有將任何宏觀變化納入指南中。而且，正如保羅所提到的，顯然意識到了政府政策的所有變化。對此有很多討論。但我們尚未看到其對客戶決策產生任何影響。所以它沒有反映出宏觀的任何變化。

From a subscription perspective, one thing to remember is that, last year, we still had the impact of [T4C]. We're celebrating over here. So last year, we have to talk about [T4C]. But we were normalizing out the TFC impact.

從訂閱的角度來看，需要記住的一件事是，去年我們仍然受到[T4C]。我們在這裡慶祝。所以去年，我們必須討論[T4C]。但我們正在使 TFC 的影響標準化。

And so normalizing for that, subscription growth, in FY25, was 15%. And, then, excluding FX, it's about 14%, this year. So it's a minor deceleration. It's mostly driven by commercial. And, within commercial, it's Crossix. And that Crossix deceleration is mostly a function of last year's very strong outperformance, making for a hard year-over-year compare.

因此，在正常情況下，25 財年的訂閱量成長率為 15%。那麼，不包括外匯，今年的增幅約為 14%。所以這只是輕微的減速。它主要是由商業驅動的。在商業領域，它是 Crossix。Crossix 的成長減速主要是由於去年的強勁表現，因此很難進行同比比較。

So we're feeling really great about the momentum of the business, about the execution of the Veeva teams -- seeing very strong growth in R&D and good growth in commercial, as well.

因此，我們對業務的發展勢頭、Veeva 團隊的執行力感到非常滿意——看到研發方面的強勁成長以及商業方面的良好成長。

Jeff Garro, Stephens.

傑夫加羅、史蒂芬斯。

Yeah. Good afternoon. Thanks for taking the question.

是的。午安.感謝您回答這個問題。

I want to ask another one on the new CRM Pulse product. Clearly, unique in how Veeva Systems are originating in the data, there. I want to ask about the differentiation, from the global scope that you are already offering, on launch?

我想再問一個有關新 CRM Pulse 產品的問題。顯然，Veeva Systems 的資料來源是獨一無二的。我想問一下，與您在發佈時已經提供的全球範圍服務相比，有何區別？

And, then, the release mentions additional countries being added to the scope. And it looks like you have most of Europe. Want to follow-up on adding additional Asian countries? And how much of a catalyst that could be, down the line? Thanks.

然後，新聞稿中提到其他國家也被納入範圍。看起來你們已經佔領了歐洲大部分地區。想要跟進加入其他亞洲國家嗎？那麼，從長遠來看，這會起到多大的催化作用呢？謝謝。

Yeah. I'm very excited about Veeva Pulse -- this is Peter -- because this is where we're generating the Pulse data, privacy-safe Pulse data, at the small groups of physicians, from the activity data in our CRM products.

是的。我對 Veeva Pulse 感到非常興奮——我是 Peter——因為這是我們在小組醫生中使用 CRM 產品中的活動數據來產生脈搏數據、隱私安全的脈搏數據的地方。

So that's revolutionary and that's going to help the life sciences industry to be more efficient and effective because this is used for segmentation and targeting. In other words, understanding which -- a pharmaceutical company has a field force, of a certain size, in a certain country and they want to be very effective on where do they tell those people to go? So they do what's called segmentation and targeting.

這是革命性的，它將幫助生命科學產業變得更有效率和有效，因為它可以用於細分和定位。換句話說，了解——一家製藥公司在某個國家擁有一定規模的實地人員，他們希望非常有效地告訴這些人去哪裡？所以他們做了所謂的細分和定位。

But they don't have any feedback into how the industry does it. So they're not able to catch their own internal errors that that creep up, over time. So with Pulse, they can get a privacy-safe industry view: Of the of the urologists in this country, who did the industry, generally, call on and am I calling on them? And in what way? What types of patterns?

但他們對於產業如何運作沒有任何回饋。因此，他們無法發現隨著時間的推移而出現的內在錯誤。因此，透過 Pulse，他們可以獲得隱私安全的行業視圖：在這個國家的泌尿科醫生中，該行業通常會拜訪誰，而我是否會拜訪他們？以什麼方式？有哪些類型的圖案？

So that's what it's used for. It's very unique. And it's going to be a great compliment to CRM and to data cloud.

這就是它的用途。它非常獨特。這將對 CRM 和資料雲起到極大的補充作用。

The countries we'll add are -- you're right -- from Southeast Asian countries and, then, also Japan. And we may add a European country or two. One of the other European countries or two, we'll see by 2026.

我們要新增的國家是──您說得對──東南亞國家，然後還有日本。我們可能還會增加一兩個歐洲國家。到 2026 年，我們將看到其他一個或兩個歐洲國家的情況。

It's early. We've signed our first deal, actually, for Pulse. Signed it, roughly, right before it was available. It was for a top 20 pharma, in the US. And it's interesting to know that's one of our first products, where the first deal was actually with a seven-figure deal.

現在還早。實際上，我們已經為 Pulse 簽署了第一份協議。大致上，就在它可用之前簽署了它。這是一家美國排名前 20 的製藥公司。有趣的是，這是我們的首批產品之一，其第一筆交易實際上是一筆七位數的交易。

So Pulse is a very interesting product and unique product from Veeva.

Pulse 是 Veeva 的一款非常有趣且獨特的產品。

Steven Valiquette, Mizuho Securities.

瑞穗證券的史蒂文‧瓦利奎特 (Steven Valiquette)。

Oh. Great. Thanks. Yeah. Most of my product questions were answered.

哦。偉大的。謝謝。是的。我的大部分產品問題都得到了回答。

Maybe, just a financial question, here. With the fiscal '26 EPS guidance coming in, well above street consensus, the revenue growth more in line. You did call out that 1% revenue growth headwind from FX, which was, probably, not baked into the street view, before today. (inaudible) guidance, rev guidance also about the street view.

也許，這只是一個財務問題。隨著 26 財年每股盈餘預測的出台，遠高於華爾街的普遍預期，營收成長更符合預期。您確實提到了外匯帶來 1% 的收入成長逆風，但在今天之前，這可能還沒有被納入街景視野。 （聽不清楚）指導，rev 指導也涉及街景。

But, really, my question is: Can you just remind us how much of that FX revenue headwind falls to the bottom line versus any natural offsets in the cost lines that might mitigate some of that? Thanks.

但實際上，我的問題是：您能否提醒我們，外匯收入逆風對底線的影響有多大，以及成本線中是否有任何自然抵消因素可以減輕其中的一些影響？謝謝。

Okay. So it is primarily a revenue-side impact. There's a natural hedge built in on expenses because we have some expenses that are not denominated in dollars, as well.

好的。因此，這主要對收入方面產生影響。由於我們的一些支出不是以美元計價的，因此在支出方面存在自然對沖。

And so, there's not as much of an impact on operating income. There's a bit of a revenue headwind. But it shakes out on the op income line.

因此，對營業收入的影響不大。收入方面存在一些阻力。但它對營業收入產生了影響。

David Larsen, BTIG.

BTIG 的 David Larsen。

Did I see, in the prepared remarks, that you won 20 Vault CRM clients, in the quarter? And I think that's up a lot. It was like 5, 14, and 13.

在準備好的發言中，我是否看到您在本季度贏得了 20 個 Vault CRM 客戶？我認為這已經上升了很多。大概是 5、14 和 13。

Just any color there would be very helpful. Thank you.

任何顏色都會很有幫助。謝謝。

Yeah. David, that's, in fact, right. 20 Vault CRM new customers. And think of most of these companies as -- first, the vast majority of them in the US market, a small number in Europe, and, then, most of them, small, mid-sized companies -- the vast majority selecting their first CRM system.

是的。大衛，事實上這是對的。20 個 Vault CRM 新客戶。想像一下這些公司中的大多數——首先，它們中的絕大多數在美國市場，少數在歐洲，然後，它們中的大多數是中小型公司——絕大多數都在選擇他們的第一個 CRM 系統。

So they're betting there. They want to launch. They may be starting in the medical area, moving into the commercial space, getting ready for their launch. And they want something that's proven and the best solution.

所以他們在那裡下注。他們想要發射。他們可能從醫療領域起步，然後進入商業領域，為產品上市做好準備。他們想要的是經過驗證的最佳解決方案。

And we're winning, virtually, all of those deals. So, yeah, we did well there.

事實上，我們贏得了所有這些交易。是的，我們在那裡做得很好。

That's a chunky number. It's an unusually high number. But we're virtually winning every one of those.

這是一個相當大的數字。這是一個異常高的數字。但實際上，我們贏得了每一個勝利。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

Thanks. Maybe, on the trial starts. We've seen an inflection since October, just in terms of how that's growing. And I was just wondering: Is that part what's giving confidence, in terms of the R&D growth, for the year? Just any comments on that would be great. Thanks.

謝謝。也許，審判就要開始了。從成長情況來看，自十月以來我們已經看到了變化。我只是想知道：就今年的研發成長而言，這部分是否能給人信心？對此的任何評論都很好。謝謝。

Yeah. On the trial starts, our confidence, and our clinical performance is not related to that. Remember, the way to think about our Clinical business is that most of our contracts are Enterprise License Agreements, Particularly, as you look at the enterprise side, which is the vast majority of the contribution to Clinical, today.

是的。試驗開始時，我們的信心和臨床表現與此無關。請記住，思考我們的臨床業務的方式是，我們的大多數合約都是企業許可協議，特別是當您查看企業方面時，這是當今對臨床的絕大部分貢獻。

So given that, our enterprise agreements are not really impacted by clinical trial volumes, whether that goes up or down. So that's not really a driver. We're performing well, broadly across all the Clinical -- and you heard Peter talk about a lot of the reasons why that is.

因此，有鑑於此，我們的企業協議實際上並不受臨床試驗數量的影響，無論是增加或減少。所以這並不是真正的驅動因素。我們在所有臨床領域都表現良好——您聽到彼得談到了很多原因。

Allan Verkhovski, Scotiabank.

加拿大豐業銀行的 Allan Verkhovski。

Hey, guys. Thanks for squeezing me, in here. And congrats on the strong end of the year.

嘿，大家好。謝謝你把我擠到這裡。並祝賀今年取得了圓滿成功。

Peter, it's interesting to hear you say how you could be through the period of customers being distracted by AI. Can you talk about what your top learnings were, in the past three months? And the conversations you have with top 20 CRM customers?

彼得，聽到您講述如何度過客戶被人工智慧分散注意力的時期，真是有趣。您能談談過去三個月裡您最大的收穫是什麼嗎？您與前 20 位 CRM 客戶進行了哪些對話？

And to just to close the loop, here, on AI, just how important is having a strong AI product roadmap in customers' decisions, whether or not to move to Vault CRM? Thanks.

為了完成關於人工智慧的閉環，擁有強大的人工智慧產品路線圖對於客戶是否轉向 Vault CRM 的決策到底有多重要？謝謝。

What I've been seeing in, I think, the learnings and the customers is that AI is one part of the technology strategy. Many of them did quite a few experiences, in quite a few areas. And rightfully so, they wanted to really learn fast and see where they could apply things.

我認為，從學習和客戶中我看到的是，人工智慧是技術策略的一部分。他們中的許多人在許多領域都有過很多經歷。理所當然的是，他們想要真正快速地學習並了解他們可以在哪裡應用這些知識。

So what they're finding is they need to be focused, right? They need to focus on a few areas that can really draw out -- really return on investments. And they can't ignore the core capabilities. And, just, the execution -- that matters.

所以他們發現他們需要集中註意力，對嗎？他們需要關注幾個真正能夠帶來投資回報的領域。他們不能忽視核心能力。而且，執行才是最重要的。

So they're segregating things, doing a little bit less experimentation and segregating that. And I think that's normal. That's about part of the process.

因此，他們將事物分開，進行少一點的實驗，然後將其分開。我認為這很正常。這就是過程的一部分。

And, in terms of the Vault CRM, about AI and how that plays into things. Well, it will depend on the size of the customer. For the smaller biotech, they have a lot of things going on and they get a lot of things from Veeva. And, boy, their first launch is critical. It'll be a make or break for their company. It'll either go or it will go out of business.

並且，就 Vault CRM 而言，關於 AI 及其如何發揮作用。嗯，這取決於客戶的規模。對於規模較小的生物技術公司來說，他們有很多事情要做，並且從 Veeva 那裡獲得了很多東西。而且，他們的首次發射至關重要。這對他們的公司來說將是至關重要的。它要么繼續營業，要么破產。

There, they don't want risk and they don't want messing around. They can't -- they'll go from an unproven product on salesforce.com and some custom build and, then, piece it together with content and this and that. They just don't have the people.

在那裡，他們不想冒險，也不想胡鬧。他們不能——他們會從 salesforce.com 上未經證實的產品和一些客製化產品開始，然後將其與內容和諸如此類的東西拼湊在一起。他們只是沒有人手。

So, there, it's: I get Veeva. That's one thing I don't have to worry about and I'm moving on.

所以，就是這樣：我得到了 Veeva。這是我不需要擔心的事情，我會繼續前進。

In the larger customers, that's where -- I would think, a couple of things. AI is certainly a big part of it. And what we believe is, for the case for Veeva CRM, there's two things. One, salesforce.com doesn't have a product, yet. You're really signing up for a custom build that takes a long time and a certain IT skill set. Most customers don't want that. Some customers do. But most customers don't want that.

對於較大的客戶來說，我認為有幾件事。人工智慧無疑是其中很重要的一部分。我們認為，對於 Veeva CRM 來說，有兩件事。首先，salesforce.com 還沒有產品。您實際上是在註冊一個需要花費很長時間和一定 IT 技能的客製化建置。大多數顧客並不希望出現這種情況。有些顧客確實如此。但大多數顧客並不希望這樣。

And, then, the second, it turns out Veeva is the fastest path to AI that you can use in CRM because it has to be done in the workflow of what you're doing. This is not some generic AI. This is AI for pre-call planning, for compliance, for the things that a pharmaceutical rep does in a compliant way, based on the data sources that are needed in CRM.

其次，事實證明 Veeva 是您可以在 CRM 中使用的 AI 的最快途徑，因為它必須在您正在做的工作流程中完成。這不是某種通用的人工智慧。這是用於預約拜訪計劃、合規性以及醫藥代表以合規方式所做之事的 AI，基於 CRM 中所需的資料來源。

So Veeva is the fastest path to AI. And so, I think that's why Veeva Vault CRM is appealing.

因此，Veeva 是通往人工智慧的最快途徑。所以，我認為這就是 Veeva Vault CRM 具有吸引力的原因。

Charles Rhyee, TD Cowen.

查爾斯·瑞伊（Charles Rhyee），考恩（Cowen）TD。

Yeah. Thanks for taking the question. Peter. I wanted to follow-up on, I think, it was David's question, earlier. Maybe, ask it in a slightly different way.

是的。感謝您回答這個問題。彼得。我想跟進一下，我認為這是大衛之前提出的問題。也許，可以用稍微不同的方式來詢問。

Obviously, in the last year-plus, we've seen many large pharma companies undertake significant restructurings of their development processes. And, in many cases, taking more of those capabilities in-house and moving to more of a functional FSP model of development, which certainly should give them greater control and gain efficiency through standardization.

顯然，在過去一年多的時間裡，我們看到許多大型製藥公司對其開發流程進行了重大重組。而且，在許多情況下，將更多的這些能力轉移到公司內部，並轉向更具功能性的 FSP 開發模式，這無疑會讓他們獲得更大的控制權，並透過標準化來提高效率。

Has this been, maybe, a driver of growth for Development Cloud? Or, maybe, it's the reverse -- finally having something like Development Cloud available to them allows them to start this process, take more in-house. Whereas in the past, maybe, the efficiencies weren't there for them. And so, they maintain these more broader CRO relationships and really outsourcing development.

這是否可能是 Development Cloud 成長的動力？或者，也許是相反的——最終有了像 Development Cloud 這樣的東西，他們就可以啟動這個過程，在內部完成更多工作。而在過去，也許他們的效率並不高。因此，他們維持了更廣泛的 CRO 關係並真正外包了開發。

Yeah. I think, in an interesting way, the Veeva Development Cloud has played a small part in the move from the large pharma to do more functional outsourcing, rather than full service, because they're able to get a bit more efficiency and have an integrated tech stack.

是的。我認為，有趣的是，Veeva 開發雲端在大型製藥公司轉向更多功能外包而非全方位服務的過程中發揮了小小的作用，因為他們能夠獲得更高的效率並擁有整合的技術堆疊。

So they want to take advantage of that. Now, that doesn't apply to many small biotechs, right? They need the speed and they use CROs. And they want the tech and the process and everything, all together.

所以他們想利用這一點。現在，這並不適用於許多小型生物技術公司，對嗎？他們需要速度，因此他們使用 CRO。他們想要將技術、流程和一切整合在一起。

So I think it's -- in general, I wouldn't say it's driving the large percentage of the Veeva Development Cloud uptake but it's helping a little bit. And Development Cloud is contributing to the functional outsourcing a little bit versus the full service.

所以我認為——總的來說，我不會說它推動了 Veeva 開發雲端的大量採用，但它確實有一點幫助。與全方位服務相比，開發雲端對功能外包的貢獻很小。

Peter Griffith, Citi.

花旗銀行的彼得‧格里菲斯 (Peter Griffith)。

Hey. It's Peter, on the line, here, for Tyler Radke. Congrats on the great quarter.

嘿。我是彼得，接聽泰勒·拉德克的電話。恭喜本季取得如此出色的成績。

EDC has been really strong, here, over the past few years. And it still seems like there's a good opportunity for [attach racing pinnacle].

過去幾年，EDC 在這裡表現非常強勁。看起來仍然有一個很好的機會[附加賽車巔峰]。

I believe you touched on it a bit but I'd like to get some detail on what products you usually see customers choosing to adopt in the Clinical suite, after choosing EDC? Just trying to understand if there's a typical pathway for product adoption or if it varies by customer. Thanks.

我相信您已經稍微談及了這一點，但我想詳細了解一下，在選擇 EDC 之後，您通常會看到客戶選擇在臨床套件中採用哪些產品？只是想了解產品採用是否有典型的途徑，或因客戶而異。謝謝。

It is going to vary by customer. Oftentimes, our EDC and our CDB, our Clinical Database, they go together. Then, I think the typical things, after that, would be -- well, I start looking at eCOA a little bit more.

它會根據客戶的不同而變化。通常，我們的 EDC 和 CDB（臨床資料庫）是一起使用的。然後，我認為之後的典型事情是——好吧，我開始更多地關注 eCOA。

I think it would be relatively unusual for a customer to go with our eCOA before our EDC because our eCOA is -- it started much later than our EDC and it's not as mature.

我認為客戶在 EDC 之前採用我們的 eCOA 的情況相對不常見，因為我們的 eCOA 比 EDC 啟動得晚得多，而且不夠成熟。

And those two departments are highly close to each other, the ECOA and the EDC. So I think EDC success will be a good indicator of eCOA success.

這兩個部門彼此非常接近，即 ECOA 和 EDC。因此我認為 EDC 的成功將成為 eCOA 成功的一個很好的指標。

And I don't think it influences the other ones too much, really. I think those are independent groups, when you look at RTSM Study Training, Site Connect payments, those are more influenced by the eTMF and CTMS.

而且我認為它實際上不會對其他方面造成太大影響。我認為這些都是獨立的團體，當你查看 RTSM 學習培訓、Site Connect 付款時，你會發現它們更多地受到 eTMF 和 CTMS 的影響。

Ladies and gentlemen, that concludes our question-and-answer session. I will, now, turn the conference back over to Mr. Peter Gassner for closing remarks.

女士們、先生們，我們的問答環節到此結束。現在，我將會議交還給彼得·加斯納先生，請他致閉幕詞。

Thank you, everyone, for joining the call, today. And thank you to our customers for your trust and partnership.

感謝大家今天參加電話會議。並感謝客戶的信任與合作。

And thanks to the Veeva team for your outstanding work in the quarter and year. You're the best and I love working with you.

並感謝 Veeva 團隊在本季和今年的出色工作。你是最棒的，我喜歡和你一起工作。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's call. We thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。