Veeva Systems Inc (VEEV) 2026 Q1 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. At this time, I would like to welcome everyone to the Veeva Systems fiscal 2026 first-quarter results conference call. (Operator Instructions)

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。現在，我歡迎大家參加 Veeva Systems 2026 財年第一季業績電話會議。（操作員指示）

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

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

Good afternoon, and welcome to Veeva's fiscal 2026 first-quarter earnings conference call for the quarter ended April 30, 2025. As a reminder, we posted prepared remarks on Veeva's Investor Relations website just after 1:00 PM Pacific today. We hope you've had a chance to read them before the call.

下午好，歡迎參加 Veeva 2026 財年第一季財報電話會議，該季度截至 2025 年 4 月 30 日。提醒一下，我們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. With me today for Q&A are Peter Gassner, our Chief Executive Officer; Paul Shawah, EVP, Strategy; and Brian Van Wagener, our Chief Financial Officer.

今天的電話會議主要用於問答。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 the 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-K.

在本次電話會議中，我們可能會對趨勢、我們的策略和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。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-K 表格中包含的風險因素。

Forward-looking statements made during the call are being made as of today, May 28, 2025, based on the facts available to us today. If this call is replayed/reviewed 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.

電話會議期間所做的前瞻性陳述是根據我們今天掌握的事實，截至 2025 年 5 月 28 日做出的。如果在今天之後重播/審查此通話，通話期間呈現的資訊可能不包含當前或準確的資訊。Veeva 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，但除非我們在公開論壇上這樣做，否則我們不會提供任何進一步的指導或有關本季業績的更新。

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.

在電話會議中，我們也可能討論某些我們認為有助於理解財務結果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. Now, I'll turn the call over to Peter.

最後，感謝您的參與。現在，我將把電話轉給彼得。

Thank you, Gunnar, and welcome, everyone, to the call. It was a strong start to the year with results above our guidance. Total revenue in the quarter was $759 million and non-GAAP operating margin of 46%. Thanks to the team and our customers, we have now achieved our calendar 2025 revenue run rate goal of $3 billion.

謝謝你，Gunnar，歡迎大家參加電話會議。今年開局強勁，業績超乎我們的預期。本季總營收為 7.59 億美元，非 GAAP 營業利潤率為 46%。感謝團隊和客戶的努力，我們現在已經實現了 2025 年 30 億美元的營收運行率目標。

Although the macro environment is more uncertain today compared to 90 days ago, we have not seen a material change to our financial results or pipeline at this time.

儘管與 90 天前相比，今天的宏觀環境更加不確定，但我們目前尚未看到財務表現或產品線發生重大變化。

Setting our sights on our 2030 goals last year has really aligned at Energized Veeva. I consider this our best first quarter ever in how we're executing across the company.

去年，我們設定了 2030 年的目標，而 Energized Veeva 也確實實現了這個目標。我認為這是我們公司有史以來執行情況最好的第一季。

Veeva AI is a major initiative and off to a good start. I'm especially excited about the positive impact Veeva AI can have on the life sciences industry.

Veeva AI 是一項重大舉措，並且開局良好。我對 Veeva AI 對生命科學產業的正面影響感到特別興奮。

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

我們現在開始回答你們的問題。

(Operator Instructions) Joe Vruwink, Baird.

（操作員指示）Joe Vruwink，Baird。

I wanted to start with your perspective on the 200 customers moving to Vault or considering Vault CRM for next year. I'd imagine many of these are migrations. Have the reasons customers cited behind migration decisions changed at all? And the reason I ask is it seems like Veeva at this point has really delivered on a product road map once shared customers can now see things like service center and campaign manager and you also now have, I would say, more fidelity behind the AI strategy. Are these starting to factor into why now, why the decisions?

首先我想了解您對 200 位轉向 Vault 或考慮明年使用 Vault CRM 的客戶的看法。我想像其中很多都是遷移。客戶做出遷移決定的原因是否改變了？我之所以問這個問題，是因為 Veeva 目前似乎已經真正實現了產品路線圖，一旦共享，客戶現在就可以看到服務中心和活動經理之類的東西，而且我想說，現在您對 AI 策略的忠誠度也更高了。這些是否開始成為現在要考慮的因素，為什麼要做出這樣的決定？

And maybe on the flip side, when customers aren't moving with you, what's coming up in those decisions?

而另一方面，當客戶不跟隨你行動時，這些決定會產生什麼結果呢？

Joe, this is Paul. Thanks for getting us kicked off here. So just to be clear on that, remember, one year ago, we were at a handful of customers live.

喬，這是保羅。感謝您讓我們從這裡出發。因此，為了清楚起見，請記住，一年前，我們曾現場接待過少數客戶。

Today, we're at about over 80 customers live. And I think the number you're referencing is about one year from now, where we're on track to be about 200 customers live on Vault CRM. So Vault CRM is going really well. It's working.

今天，我們現場接待了大約 80 多位客戶。我認為您所指的數字是從現在起大約一年後的數字，屆時我們預計在 Vault CRM 上擁有約 200 名客戶。所以 Vault CRM 運作得非常好。它正在發揮作用。

Now the why, why is that? It's better than Veeva CRM. Customers like Veeva CRM, but it's better. And what makes up that 200 number are really two things. It's new customers, and its migrations. So in the quarter, as an example, we added 20 Vault CRM customers to that number, and where we added Vault CRM -- sorry, 28 Vault CRM customers total and about half of those were migrations and the other half were net new customers to Veeva. So that's how to think about what will make up that 200 new customers and migrations.

現在問的是為什麼，為什麼會這樣？它比 Veeva CRM 更好。客戶喜歡 Veeva CRM，但它更好。而構成這個 200 這個數字的其實是兩件事。這是新客戶，也是遷移。舉例來說，在本季度，我們增加了 20 個 Vault CRM 客戶，抱歉，總共有 28 個 Vault CRM 客戶，其中大約一半是遷移的，另一半是 Veeva 的淨新客戶。這就是如何思考這 200 個新客戶和遷移的組成。

And the reasons are everything that we've talked about, it's better, our AI strategy. We'll have agents in the product by the end of the year. It's bringing sales, marketing, and medical together. We're innovating in a lot of different ways. So new companies want to get started there and other customers want to migrate.

原因就是我們所討論的一切，我們的人工智慧策略更好。到今年年底，我們將在產品上擁有代理商。它將銷售、行銷和醫療結合在一起。我們正在以多種不同的方式進行創新。因此，新公司希望在那裡起步，其他客戶也希望遷移。

In terms of why customers may not make a decision for Veeva and we've seen some of this, some companies want more of a custom-type project. So I don't expect that to be the path. We expect to win and retain the vast majority.

至於為什麼客戶可能不會選擇 Veeva，我們已經看到了一些這樣的情況，一些公司想要更多的客製化類型的專案。所以我不認為這是一條正確的道路。我們期望贏得並保留絕大多數席位。

Okay. That's great. Thank you, Paul. I guess on the go-forward forecast, it's an interesting contrast when you get a more dynamic macro but outright strength for Veeva when you may be honing in on some of the more discretionary aspects of your revenue model and I'm thinking about like services or maybe the prospect audience building, would you expect to see those weaken at this point if there were maybe looming signs of pressure for the second half? And is the fact that maybe that pressure isn't being seen factoring into how you think about the rest of the year?

好的。那太棒了。謝謝你，保羅。我想，在未來的預測中，當你獲得一個更具動態的宏觀但 Veeva 的絕對優勢時，這是一個有趣的對比，而當你可能正在磨練收入模式中一些更自由裁量的方面時，我正在考慮服務或潛在的受眾建設，如果下半年可能出現壓力的跡象，你是否預計這些會在此時減弱？事實上，這種壓力是否並沒有影響您對今年剩餘時間的看法？

That's a pretty nuanced question. It's Peter, I'll take that one. So as we mentioned in the prepared remarks, the macro environment is uncertain, and there's some uncertainty largely caused by the dynamics in the US administration. Now, we haven't seen that in our results, and we haven't seen that in our pipeline, not to say that we would or we wouldn't going forward, but we haven't seen it so far.

這是一個非常微妙的問題。我是彼得，我接受這個。正如我們在準備好的發言中提到的那樣，宏觀環境是不確定的，並且存在一些不確定性，主要是由美國政府的動態引起的。現在，我們還沒有在結果中看到這種情況，也沒有在我們的頻道中看到這種情況，並不是說我們會或不會繼續前進，而是我們到目前為止還沒有看到這種情況。

Generally, what we could see is funding issues could come if there's uncertainty that could come in the small market, the smaller side of the biopharma so that could delay projects and things like that and could cause some conservatism in large pharma. But certain things like Crossix that may not be affected by that because Crossix has a sort of a shorter business cycle, and it's really humming along into a way to get quick ROI. So I actually don't think it would expect effect Crossix that much. But we'll have to wait and see how things play out.

總體而言，我們可以看到，如果小市場、生物製藥規模較小的領域存在不確定性，就會出現資金問題，從而可能推遲項目等，並可能導致大型製藥公司採取一些保守態度。但某些事物（例如 Crossix）可能不會受到影響，因為 Crossix 的業務週期較短，而且它確實在快速獲得投資回報。所以我實際上並不認為它會對 Crossix 產生那麼大的影響。但我們還得拭目以待，看看事情會如何發展。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

Fantastic. Peter, I wanted to perhaps address the comment you called out in the prepared remarks in terms of the horizontal market. It seems like you guys have made at least some progress there, and you're moving forward on horizontal CRM. Could you provide us just a little more color in terms of how you're thinking about the approach there, the potential differentiation? And to the extent there's any kind of timeline, that would be much appreciated.

極好的。彼得，我想談談你在準備好的發言中就橫向市場提出的評論。看起來你們至少在那裡取得了一些進展，並且在橫向 CRM 方面正在取得進展。您能否向我們提供更多細節，說明您對這種方法的看法以及潛在的差異化？如果能提供任何時間表，我們將非常感激。

Yeah. We're pretty excited about that new market. So horizontal business applications, which we announced last year and now what we said in the prepared remarks that we are focusing in for our first area in the horizontal CRM. Now that -- when we look at that, there's many areas that the exact product area. That's something you have to determine inside CRM, the exact customer segments. That's something we have to determine as well.

是的。我們對這個新市場感到非常興奮。因此，我們去年宣布了橫向業務應用程序，現在我們在準備好的評論中說過，我們專注於橫向 CRM 中的第一個領域。現在——當我們看一下時，有許多領域是確切的產品領域。您必須在 CRM 內部確定確切的客戶細分。這也是我們必須確定的。

So we'll go through those motions and figure that out. And I'm excited about getting customers. So I hope to have first customers by the end of the year, hope to have that. And then you start making the customer successful. And that's really how we've grown our business.

因此，我們會完成這些動作並解決這個問題。我很高興能有顧客來。所以我希望在今年年底前能迎來第一批客戶，希望如此。然後你開始讓客戶成功。這就是我們業務真正發展的方式。

It's outside of life sciences, this new market, it's a different team. It's not going to be confused with life sciences. It's a different operating model. But the one thing that is common is we can live our values of customer success and employee success and speed and focus just on customer success and product excellence. I'm pretty excited about it, actually, what we're going to do out there. It's a whole new Veeva out there.

這是生命科學以外的新市場，是一個不同的團隊。它不會與生命科學混淆。這是一種不同的營運模式。但有一點是共同的，那就是我們能夠實現客戶成功、員工成功和速度的價值觀，並且只專注於客戶成功和產品卓越。事實上，我對我們將要做的事情感到非常興奮。這是一個全新的 Veeva。

Appreciate the color. We're looking forward to it as well. And then Paul, I wanted to maybe dive into the commercial strength, meaningful acceleration there. I guess, fairly surprising considering most of us knew that as maybe a more mature business. Where are you seeing this outsized growth? You called out Crossix, are there other areas of the business, whether it's cross-selling something or new products that's really driving that upside?

欣賞色彩。我們也很期待。然後保羅，我想深入研究商業實力和那裡有意義的加速。我想，考慮到我們大多數人都知道這可能是一個更成熟的業務，這相當令人驚訝。您在哪裡看到這種超大的成長？您提到了 Crossix，那麼還有其他業務領域嗎？無論是交叉銷售還是新產品，都能真正推動這項成長？

Yeah. So you're right. I mean we're executing well across the entire commercial area, but I would specifically call out Crossix. We invested heavily in the product over the last couple of years, and that's paying off in -- both in the marketing and optimization space, also in audiences. I remember that can be a little lumpy.

是的。所以你是對的。我的意思是我們在整個商業領域的表現都很好，但我要特別提到 Crossix。過去幾年，我們對該產品投入了大量資金，無論是在行銷和優化領域，還是在受眾方面，都獲得了回報。我記得那可能有點凹凸不平。

So there can be ups and downs quarter-by-quarter.

因此，每個季度都可能會有起伏。

But over the long term, that will be a really nice growth business for us. And so Crossix did well. And then we're executing well in all the other areas. CRM is relatively stable, which is a nice momentum as we look across data cloud, including Link, Compass early days in those areas, but we're executing well.

但從長遠來看，這對我們來說將是一項非常好的成長業務。因此 Crossix 表現良好。我們在所有其他領域都表現良好。CRM 相對穩定，這是一個很好的勢頭，因為我們可以縱觀資料雲，包括 Link、Compass 在這些領域的早期發展，但我們的執行情況良好。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Maybe for Brian, sticking with commercial strength here. This is the highest growth rate we've seen in kind of three years. And as we double click, you flag Crossix, any other drivers you would flag? I know data cloud is early, but is there a contribution there? Any color just given the magnitude of acceleration and highest growth in three years. Any other color would be appreciated.

也許對布萊恩來說，堅持商業實力才是關鍵。這是我們三年來看到的最高成長率。當我們雙擊時，您標記了 Crossix，您還會標記其他駕駛者嗎？我知道資料雲還處於早期階段，但是它有貢獻嗎？任何顏色都只是給出了加速的幅度和三年來的最高增長。如果有任何其他顏色，我們將不勝感激。

Brent, really happy with the execution across the business in Q1 and the revenue growth rate that we saw really reflects, I think, broad-based execution. We saw a strong growth out of our R&D business as well, with guidance for the year now at 19%. So that remains a really strong growth engine for the business. And then the outperformance in the quarter, as we called out in some of the prepared remarks and you mentioned was really driven by Crossix, which outperformed our expectations.

布倫特對第一季整個業務的執行感到非常滿意，而且我認為我們看到的收入成長率確實反映了廣泛的執行情況。我們的研發業務也實現了強勁成長，今年的預期成長為 19%。因此，這仍然是業務真正強勁的成長引擎。正如我們在一些準備好的評論中提到的那樣，本季度的優異表現實際上是由 Crossix 推動的，它的表現超出了我們的預期。

And within Crossix, predominantly driven by the usage-based area of that business. So that can be a little bit lumpy from quarter to quarter, and that's reflected in our guide for the full year. But we're seeing really strong growth out of that business over the long term. It's a business that's growing at more than 30% year-over-year. And so we think it can continue to contribute meaningfully to our growth over the long term.

在 Crossix 內部，主要由該業務的使用領域所驅動。因此，每季之間的差異可能會有點大，這反映在我們的全年指南中。但從長遠來看，我們看到該業務確實實現了強勁成長。該業務的年增長率超過 30%。因此我們認為它可以繼續為我們的長期成長做出有意義的貢獻。

Got it. Over 30% growth. Super helpful color there. And then, Peter, just a follow-up on horizontal CRM again, it's your first area. Sounds like you're very excited.

知道了。增長超過30%。那裡的顏色超級有用。然後，Peter，再次跟進水平 CRM，這是您的第一個領域。聽起來你很興奮。

Why the excitement? And I asked why? Because you have sales force that's kind of a dominant player in the large enterprise space and then you have HubSpot that's kind of emerged on the scene here in SMB. So what's unique about horizontal CRM that gets you excited about what Veeva is thinking about here?

為什麼這麼興奮？我問為什麼？因為您的銷售團隊在大型企業領域佔據主導地位，而 HubSpot 則在 SMB 領域嶄露頭角。那麼，水平 CRM 有何獨特之處，讓您對 Veeva 的想法感到興奮？

It's just unique in that there are so many things we can do. Now, I would say Veeva is more expert at large markets as well, large enterprises than we would be in the QuickBooks type or HubSpot area.

它的獨特之處在於我們可以做很多事情。現在，我想說 Veeva 在大型市場和大型企業方面比我們在 QuickBooks 類型或 HubSpot 領域更專業。

So I think you'll see us target there, but there's many, many entry points we can go after, and we just think it's in need of innovation when we look at the technology that we can bring to it in our business model, our public benefit corporation orientation, we'll be a very differentiated offering. So we're excited about it. And it's this excitement of getting close to getting our first customers in our first product and knowing that we have a great team on it.

所以我想你會看到我們的目標在那裡，但是我們可以追求的切入點有很多，我們只是認為它需要創新，當我們看到我們可以在我們的商業模式、我們的公益公司定位中帶來的技術時，我們將提供非常差異化的產品。所以我們對此感到很興奮。當我們的第一款產品即將迎來第一批客戶，並且知道我們擁有一支優秀的團隊時，我們感到非常興奮。

And also, I think, something what you're hearing is the excitement of some of the fundamental technology breakthroughs, which we're not going to go into on this call. But I think people got used to that there's nothing new that you could do. But actually, there is something that you can do.

而且，我認為，您所聽到的是一些基礎技術突破帶來的興奮，但我們不會在這次電話會議上討論這些突破。但我認為人們已經習慣了沒有什麼新鮮事可以做。但實際上，你可以做些什麼。

So we're pretty excited about it.

所以我們對此感到非常興奮。

Call me intrigued. It will be interesting to watch. Thank you so much.

叫我好奇吧。觀看將會很有趣。太感謝了。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay. Great. Nice start to the year. Peter, maybe for you. Just to dig into the Crossix business because it's been mentioned a few times, and it seems like it was one of the main drivers to some of the billing strength outside of FX. Can we just dig into that? I mean, it seems like you're gaining market share. There have been questions just around macro uncertainty and whether customers would be willing to invest as much in tools like that. But this seems to be bucking the trend -- can you go a little deeper into what you think is really driving that strength in Crossix?

好的。偉大的。今年的開始很好。彼得，也許對你來說。只是深入研究 Crossix 業務，因為它已被提及過幾次，而且它似乎是 FX 之外一些計費實力的主要驅動因素之一。我們能深入研究一下嗎？我的意思是，看起來你們的市佔率正在增加。人們一直質疑宏觀不確定性以及客戶是否願意在這樣的工具上投入這麼多。但這似乎與趨勢背道而馳——您能否更深入地解釋一下，您認為真正推動 Crossix 實力的因素是什麼？

Yes. I -- at the highest level, I would say, is we're growing the product. When we started with clinical back in the day, we had one application and then we had two in the clinical operations, seeing eTMF and CTMS. Now, we have about five major applications in there.

是的。我想說，從最高層次來說，我們正在發展產品。當我們開始臨床工作時，我們有一個應用程序，然後在臨床操作中我們有兩個，即 eTMF 和 CTMS。現在，我們有大約五個主要應用程式。

The same thing with Crossix. So our Crossix started historically with digital, consumer measurement, and optimization.

Crossix 也存在同樣的情況。因此，我們的 Crossix 從歷史上看是從數位化、消費者測量和優化開始的。

Now, we're starting to get very strong in HCP, healthcare provider, measurement optimization and then audiences across both segments.

現在，我們在 HCP、醫療保健提供者、測量優化以及兩個領域的受眾方面開始變得非常強大。

So our offering is getting more broad and getting more valuable. So when we sell a pretty comprehensive Crossix deal, that value is maybe double in the size of what it was three years ago because the value we can provide.

因此，我們提供的服務越來越廣泛，越來越有價值。因此，當我們出售相當全面的 Crossix 交易時，由於我們可以提供的價值，其價值可能是三年前的兩倍。

Then we also are seeing companies really, and it's a trend that continues to lean into leveraging their digital spend. So in the United States, if a company could stand let's say, $500 million in advertising, if they could double the value of that, that's very fast ROI. And that's not a 12-month implementation. I think it's a very quick implementation.

然後，我們也看到公司確實在繼續傾向於利用其數位支出，這是一種趨勢。因此在美國，如果一家公司可以承受 5 億美元的廣告投入，如果他們可以將價值翻一番，那麼投資回報就會非常快。這並不是 12 個月就能實現的。我認為這是一個非常快速的實施。

So you're seeing that? Also, you're seeing us take a more strategic approach, meaning the integration with our CRM products and optimizing more for long-term agreements rather than the shorter-term agreements and just getting higher in the account. So it's a combination of factors.

所以你看到了嗎？此外，您還看到我們採取了更具策略性的方法，這意味著與我們的 CRM 產品集成，並針對長期協議而不是短期協議進行更多優化，並且僅僅提高帳戶利率。所以這是多種因素共同作用的結果。

I'll honestly say we had a great team on Crossix, too. Great leadership, all the way down to the analyst level and the leadership and they're just executing they're humming along. So they're kind of winning the race.

我可以坦白說，我們在 Crossix 上也有一支很棒的團隊。偉大的領導力，一直到分析師級別和領導層，他們只是在執行，他們在哼唱。所以他們算是贏了比賽。

Got it. That was a super helpful answer. Brian, maybe for my follow-up for you. It's great to see the higher billings guide for the year. I don't think a lot of you folks were expecting that even excluding the FX tailwind.

知道了。這是一個非常有用的答案。布萊恩，也許我可以跟進一下你的情況。很高興看到今年的帳單指南有所提高。我認為，即使排除 FX 順風，你們中的很多人都沒有想到這一點。

Can you just maybe dig into some of the drivers there? Maybe we hit on some of it here with Crossix, but also some of the other drivers there, maybe like billings duration or any other things that you want to flag as we thought about the slightly higher guide for billings for the year?

您能否深入了解其中的一些驅動因素？也許我們在這裡透過 Crossix 討論了其中的一些問題，但也討論了其他一些驅動因素，例如帳單持續時間或任何其他您想要標記的事情，因為我們考慮了今年帳單的略高指南？

Saket, had two major factors, as you mentioned. One is the FX guidance that's flowing through to billings. But then the other is largely the revenue outperformance that we saw in Q1 from the subscription side coming through to billings. There's always a little bit of timing and duration things at the margin, and there's some of that in there, but the main two factors are FX and then the revenue beat.

正如您所說，Saket 有兩個主要因素。一是流向帳單的外匯指導。但另一個主要是我們在第一季看到從訂閱方面到帳單的收入表現優異。總是有一些時間和持續時間的問題，其中有一些，但主要的兩個因素是外匯和收入超出預期。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Maybe two strategically focused ones. Number one, look, I wanted to think about the CRM business. You've talked about getting into marketing and service. You came out some initial applications there. Maybe can you talk about what you're seeing from early customer feedback and adoption of these?

也許是兩個具有策略重點的。首先，看，我想考慮一下 CRM 業務。您曾談到進入行銷和服務領域。您在那裡推出了一些初步的應用程式。也許您可以談談從早期客戶回饋和採用這些技術的情況來看，您看到了什麼？

And at what point, whether it's in the next year, three years, five years, can we see those actually become share gainers in the space? And then I've got a quick follow-up.

那麼什麼時候，無論是明年、三年或五年，我們才能看到這些產品真正成為該領域的市佔率成長者？然後我有一個快速的跟進。

Yeah. Hi, Rishi. So we're early in both of those areas. But to your point since we made the move to Vault CRM, we've been able to innovate in totally different new ways, and that includes bringing sales and marketing and service all together in a single customer database that hasn't been done in life sciences. That's resonating. That's really good for customers. It will help customers become more customer-centric. So this is a significant value proposition, but we're very early days.

是的。嗨，里希。因此我們在這兩個領域都處於早期階段。但正如您所說，自從我們轉向 Vault CRM 以來，我們已經能夠以完全不同的方式進行創新，其中包括將銷售、行銷和服務整合到一個客戶資料庫中，這在生命科學領域是前所未有的。這引起了共鳴。這對顧客來說真的很好。它將幫助客戶變得更加以客戶為中心。因此，這是一個重要的價值主張，但我們仍處於早期階段。

Exciting news is we have some early customers in both of those areas. We're just getting started. Remember, the requirement is that they're on Vault CRM. So for someone to get started with, let's say, campaign manager or service center, the first step is moving out -- migrating to all CRM or getting started on Vault CRM. So it's a smaller pool to play in, at least today, and we're going to focus which means we'll largely focus on some smaller and midsized customers. But then over time, I expect that we'll make even more progress in the midsize and even in the large company. So it's is a long journey, but we're innovating in a really different way. It's something to be excited about.

令人興奮的消息是我們在這兩個地區都有一些早期客戶。我們才剛開始。請記住，請他們使用 Vault CRM。因此，對於剛開始從事活動經理或服務中心工作的人來說，第一步就是遷移到所有 CRM 或開始使用 Vault CRM。因此，至少在今天，我們的市場範圍還比較小，我們將集中精力，這意味著我們將主要關註一些小型和中型客戶。但隨著時間的推移，我預計我們將在中型甚至大型公司中取得更大的進步。所以這是一個漫長的旅程，但我們正在以一種真正不同的方式進行創新。這是一件令人興奮的事。

All right. Wonderful. That's really helpful. And then, Peter, on the AI front, look, I appreciate that you're taking a more gradual and slow approach to AI versus kind of overpromising on your delivering, which I think is always appear with any new technological wave.

好的。精彩的。這真的很有幫助。然後，彼得，在人工智慧方面，你看，我很欣賞你對人工智慧採取了一種更加循序漸進和緩慢的方式，而不是過度承諾你的交付，我認為這在任何新的技術浪潮中都會出現。

Maybe can you walk us through, number one, how you're kind of thinking on AI in life sciences and the willingness to adopt it has evolved? And number two, if we think about kind of what this can really unlock the customers over time, where do you kind of see it shaking out other than the typical efficiency gains because I'm sure that there's a major unlock that you can see over time using AI?

首先，您能否向我們介紹一下，您對生命科學領域人工智慧的看法以及採用人工智慧的意願是如何演變的？第二，如果我們思考一下隨著時間的推移，這能真正為客戶帶來什麼好處，除了典型的效率提升之外，您還會看到它帶來哪些變化？因為我確信，隨著時間的推移，使用人工智慧可以帶來重大的改變。

Yes, I do. I'm very bullish about what Veeva can bring with AI for the life sciences industry. I think -- if you look over the next three, four, five years out to 2030, I think this can help increase life sciences efficiency by 15% or so through the AI. That's a huge number when you look at that. So I really think it will be a step change.

是的，我願意。我非常看好 Veeva 能透過人工智慧為生命科學產業帶來什麼。我認為——如果你展望未來三、四、五年，到 2030 年，我認為這可以透過人工智慧幫助將生命科學效率提高 15% 左右。如果你看一下，你會發現這是一個龐大的數字。所以我真的認為這將是一個重大的改變。

Why I'm so bullish on it because Veeva has the core applications, and we're building the AI very deeply embedded in the core applications. So when we build AI, we're not building a generic AI.

我之所以如此看好它，是因為 Veeva 擁有核心應用程序，而且我們正在建立深深嵌入核心應用程式中的人工智慧。因此，當我們建構人工智慧時，我們並不是在建構通用人工智慧。

We're building a medical legal regulatory approval agent, a CRA agent to those pre-call planning, a safety AI agent that can transcribe pretax into a safety case, so deep AI applications -- and you need the deep core applications and the AI working together. And that's where the magic will happen. It's just very, very, very clear to me. That's what I'm excited about.

我們正在建立一個醫療法律監管審批代理、一個負責預先計劃的 CRA 代理、一個可以將稅前資料轉錄為安全案例的安全 AI 代理，因此深度 AI 應用程式——您需要深度核心應用程式和 AI 協同工作。這就是奇蹟發生的地方。對我來說這非常非常清楚。這就是令我興奮的事情。

I think we -- the core technology settled down a little bit in terms of large language models, what's going on there. And then it's very clear that this AI is a new computing paradigm. It's something that can automate certain things that humans can do, which basic software, traditional software can do that. It doesn't work like a hemo. This is nondeterministic computing they can automate some things that a human can do, but it doesn't obviate the need for a core application.

我認為，就大型語言模型而言，核心技術已經穩定下來，那裡正在發生什麼。那麼很明顯，這種人工智慧是一種新的運算範式。它可以使人類能夠做到的某些事情自動化，基礎軟體和傳統軟體都可以做到這一點。它不像血液淨化器那樣有效。這是非確定性計算，它們可以自動執行人類可以做的一些事情，但這並不能消除對核心應用程式的需求。

So we let the core get settled down of the large language models, OT to settled down. We developed our partner program. We developed our direct data API. Now we got a specific and separate team working on BVA I couldn't be more pleased with our positioning where we're at right now with AI.

所以我們讓大型語言模型的核心安定下來，OT 也安定下來。我們開發了合作夥伴計劃。我們開發了直接資料 API。現在我們有一個專門的獨立團隊負責 BVA，我對我們目前在 AI 方面的定位感到非常滿意。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Paul, I know you talked with a lot of customers and how they're thinking about their go-to-market motion. I'm curious -- on the relative prioritization of IT spend, if we think about it in the lens of sales versus marketing versus customer service, are any of those areas seen increased or decreased prioritization in kind of a GenAI world? Any thoughts on that?

保羅，我知道您與許多客戶進行了交談，了解了他們如何考慮進入市場的舉措。我很好奇——關於 IT 支出的相對優先級，如果我們從銷售、行銷和客戶服務的角度來看，在 GenAI 世界中，這些領域的優先級是否有所增加或減少？對此有什麼想法嗎？

Yeah. Hey, Brian. Thanks for the question. Yes. So where is AI likely to be and across sales, marketing, or service. Yesp, two questions. Overall, the way to think about the pharma industry is the human relationships, the sales organizations to spend on the sales force is very significant and very meaningful, And if you can provide productivity gains and effectiveness gains for the field team, you have a very significant impact.

是的。嘿，布萊恩。謝謝你的提問。是的。那麼人工智慧可能出現在銷售、行銷或服務等領域。是的，兩個問題。總的來說，思考製藥業的方式是人際關係，銷售組織在銷售隊伍上花費的錢非常重要且非常有意義，如果你可以為現場團隊提供生產力提升和效率提升，你就會產生非常重大的影響。

So I think there's a -- we're seeing a lot of focus in the sales side, which is why one of our first agents will be in the CR in the core CRM space, the CRM bot. We think we can make customers significantly more productive from a fuel team perspective. So it's not to say that we're not seeing investment in other areas, certainly, customer service. Case intake is an example. There's a lot of examples on the marketing side. But I would prioritize sales higher given the size, the importance of the relationships and the potential impact for to have.

所以我認為——我們看到銷售方面有很多關注，這就是為什麼我們的第一批代理商之一將在核心 CRM 領域的 CR 中，即 CRM 機器人。我們認為，從燃料團隊的角度來看，我們可以顯著提高客戶的生產力。所以這並不是說我們沒有看到其他領域的投資，當然包括客戶服務。案件接收就是一個例子。行銷方面有很多例子。但考慮到規模、關係的重要性以及潛在影響，我會優先考慮銷售。

Got it. I appreciate the color. And Brian, I know in the prepared remarks, Peter mentioned some of these -- from some of the customers. I'm curious as you think about the outlook for the remainder of the year, was there any incremental caution that you factored into the guidance?

知道了。我很欣賞這個顏色。布萊恩，我知道在準備好的發言中，彼得提到了一些來自一些客戶的意見。我很好奇，當您考慮今年剩餘時間的前景時，您是否在指導中考慮了任何漸進的謹慎因素？

Thanks, Brian. So without a doubt, I'd say there's more uncertainty today than 90 days ago. And so if that persists, it's not going to have a positive impact on the life sciences industry or on patients. With that said, so much of our business is subscription-based. It's in mission-critical areas, and the industry that we serve is more long-term oriented.

謝謝，布萊恩。因此毫無疑問，我認為今天的不確定性比 90 天前更大。如果這種情況持續下去，它不會對生命科學產業或患者產生積極影響。話雖如此，我們的大部分業務都是基於訂閱的。它處於關鍵任務領域，我們所服務的產業更加重視長期發展。

So in the short term, we're a bit more insulated from some of those pressures. And as we said in the prepared remarks, we're not really seeing any material impact to our financials or pipeline yet. We've got deals progressing as expected, contracts are renewing, projects are proceeding on or ahead of schedule. So given all that, our guidance right now assumes that things continue roughly as they are now. That means that there's more uncertainty in the world and the unease comes with that, but that customers continue to navigate it effectively.

因此，從短期來看，我們能更好地抵禦一些壓力。正如我們在準備好的評論中所說的那樣，我們實際上還沒有看到對我們的財務或管道產生任何實質影響。我們的交易進度如預期，合約正在續簽，專案正在按計劃或提前進行。因此，考慮到所有這些，我們目前的指導假設情況大致會繼續保持現在的狀態。這意味著世界上存在著更多的不確定性和隨之而來的不安，但客戶仍能繼續有效地應對。

Stan Berenshteyn, Wells Fargo Securities.

貝倫斯坦 (Stan Berenshteyn)，富國證券。

First, maybe going back to Crossix. We heard recently maybe there's been some pull forward in commercial activity by biopharma into the first half of the year. I'm just curious if you're seeing any signs of this within Crossix, maybe you can square that with how Crossix has performed year-to-date versus the same time last year?

首先，也許會回到 Crossix。我們最近聽說，今年上半年生物製藥的商業活動可能會提前。我只是好奇您是否在 Crossix 內部看到了這種跡象，也許您可以將其與 Crossix 今年迄今為止的表現與去年同期的表現進行比較？

Yes, I'll pick that one. This is Peter. I wouldn't say any particular pull forward we're seeing. I think we're seeing -- in the case of Crossix, customers just wanting to build up their digital marketing capabilities and part of that is being more effective on how -- where they're putting their campaigns and their audiences. So I wouldn't say any particular pull forward.

是的，我會選那個。這是彼得。我不會說我們看到了任何特別的推動力。我認為我們看到——就 Crossix 的案例而言，客戶只是希望增強他們的數位行銷能力，其中一部分就是更有效地開展他們的行銷活動並吸引受眾。所以我不會說任何特別的推動。

Okay. And then I have a follow-up on the [Compass] product. I think it's been a little bit more than a year since you launched prescriber National Compass products. I was just hoping to get an update on the adoption and momentum trends under the segment?

好的。然後我跟進了[Compass]產品。我認為自您推出處方藥 National Compass 產品以來已經過去了一年多的時間。我只是希望了解該領域的採用情況和發展趨勢的最新情況？

Yes, Compass is doing well. We added about 10 brands this quarter, mostly in the patient area and that continues to grow. And I've often said Compass is a marathon. The industry is used to doing things in a certain way with data, and it's a hard business to get into. But we're making good progress there.

是的，Compass 做得很好。本季我們增加了約 10 個品牌，主要集中在患者領域，而這個數字仍在持續成長。我常說指南針是一場馬拉松。這個行業習慣以特定的方式處理數據，這是一個很難進入的行業。但我們在這方面取得了良好的進展。

In terms of prescriber and national, I would say we're still definitely in the early adopter area. So we've got a few early adopters, pipelines getting a bit bigger. We're focused on adding to our data network and also focusing on customer success. So in prescriber and national, it's just not a mature business yet. It's not a business to scale yet, but we're encouraged by what we see from early adopters.

就處方者和國家而言，我想說我們仍然處於早期採用者領域。因此，我們有一些早期採用者，管道變得更大一些。我們專注於擴大我們的數據網絡，同時也專注於客戶的成功。因此，對於處方醫生和全國而言，這還不是一個成熟的業務。這還不是一個可以擴大規模的業務，但我們對早期採用者的表現感到鼓舞。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Peter, I wanted to start with you on the macro environment. You talked about some of the tariff uncertainty not being great for business, which I think we can all appreciate. But One of the things that we have heard is some signs of potential reshoring in terms of the manufacturing within the pharma industry. To what extent -- do you -- how do you view this opportunity? Is this a potential tailwind?

彼得，我想跟你先談談宏觀環境。您談到一些關稅不確定性對企業不利，我想我們都能理解這一點。但我們聽到的一件事是，製藥業製造業出現了一些潛在回流的跡象。您如何看待這個機會？這是一個潛在的順風嗎？

I know it's potentially a ways away, but I would just love to hear the conversations you're having with customers and how Veeva could potentially benefit from that.

我知道這可能還有很長的路要走，但我很想聽聽您與客戶的對話，以及 Veeva 如何從中受益。

Specifically about the tariffs and the potential reshoring. I wouldn't say that's a headwind or a tailwind for Veeva actually. There, we're really looking at enterprise type of capabilities in our large customers. And then for small customers for small biotechs, they wouldn't generally have multiple manufacturing sites and maybe use contract manufacturers.

具體來說，是關於關稅和潛在的回流。實際上，我不會說這對 Veeva 來說是逆風還是順風。我們真正關注的是大客戶的企業類型能力。對於小型生物技術公司的小客戶來說，他們通常不會擁有多個生產基地，也許會使用合約製造商。

So I think it's not a headwind. There could be a tailwind if they have to do things -- sorry, there could be a headwind if they have to do things that take higher priorities. Let's say they have some long-term capabilities projects in the quality area that they want to get started on. But there's some emergency reshoring that they have to do that could take strategic focus and delay projects. Now having said that, we've seen no evidence of that so far.

所以我認為這不是逆風。如果他們必須做某件事，可能會有順風——抱歉，如果他們必須做更重要的事情，可能會有逆風。假設他們在品質領域有一些長期能力計畫想要開始實施。但他們必須進行一些緊急回流，這可能會影響戰略重點並延遲專案。話雖如此，但到目前為止我們還沒有看到任何證據。

Okay. Great. And a follow-up on the -- I guess, on the updated guidance for the full year. And the earlier question was sort of asked. But I guess, are you -- if we think about the change versus 90 days ago on the revenue and billings guide, are you increasing discount rates or any type of deterioration in close rate assumptions, or are you assuming a consistent macro environment versus 90 days ago? And I think what investors are trying to understand is this was a very solid quarter. But would the raise be even greater, had you not seen kind of the macro and tariff uncertainty play out in the quarter.

好的。偉大的。我想，這是對全年最新指導的後續跟進。之前的問題已經被問過了。但我想，如果我們考慮與 90 天前相比收入和帳單指南的變化，您是否會提高折扣率或任何類型的收盤率假設惡化，或者您是否假設與 90 天前相比宏觀環境保持一致？我認為投資者試圖理解的是，這是一個非常穩健的季度。但是，如果您沒有看到本季宏觀和關稅不確定性的影響，漲幅是否會更大？

I think we really have not seen any impact from the macro on the velocity of business on close rates or those kinds of things. And so what you're seeing in Q1 is, again, that outperforms largely of the Crossix segment and then the timing of services revenue. So that timing we expect to kind of normalize back out as we go through Q2 to Q4 on services. And so the beat on the Q1 Crossix side really pulls through to the balance of the year, and you see that reflected in the billings guide going up as well.

我認為我們確實沒有看到宏觀因素對業務速度、收盤價或諸如此類的事情產生任何影響。因此，您在第一季看到的表現再次大大優於 Crossix 部門以及服務收入的時機。因此，我們預計，隨著服務從第二季度過渡到第四季度，時間安排將恢復正常。因此，第一季 Crossix 的表現確實延續到了全年，而且您會看到這也反映在帳單指南的上漲中。

So outside of those factors, I would say the business is largely as we expected it to be 90 days ago. We're seeing really good execution in all the areas of the business and feeling really good about the trajectory going forward for the year.

因此，除了這些因素之外，我想說業務基本上與我們 90 天前的預期一致。我們看到所有業務領域的執行情況都非常好，並且對今年的發展軌跡感到非常樂觀。

Craig Hettenbach, Morgan Stanley.

摩根士丹利的克雷格·赫滕巴赫。

Great. Thank you. Just following up on the macro. What do you think would prove to be most insulated? Like if things do get more difficult into the back half, are there parts of the business you'd expect to be kind of most insulated versus some areas that you would expect to maybe see some impact if things were to deteriorate.

偉大的。謝謝。只是跟進宏觀情況。您認為什麼材質的絕緣性最好？例如，如果後半段情況變得更加困難，您是否認為某些業務部分會受到最大程度的保護，而如果情況惡化，您認為某些業務部分可能會受到一定影響。

I'll take that one. Hard to estimate too much because there's multiple ways that things could deteriorate. It could be interest rates, it could be drug pricing. It could be specific to one country or another, it could be geopolitical conflict. So hard to really speculate there.

我要那個。很難估計太多，因為事情可能會以多種方式惡化。它可能是利率，也可能是藥品定價。它可能特定於某個國家，也可能是地緣政治衝突。所以很難真正推測。

the most durable part of the business is our long-term subscription contracts because they just don't really get affected by things. Then business consulting engagements, services engagement, those are quicker to get impacted. And if things get very tough, which we saw a number of years ago, it can impact our really small emerging biotechs because they can't get funding until projects would stop. And then sometimes, they may go out of business if the funding environment is dying. So the bulk of our business is in these long-term subscription projects and that those just aren't susceptible to those short-term swings.

業務中最持久的部分是我們的長期訂閱合同，因為它們實際上不會受到任何影響。然後，業務諮詢活動、服務活動會更快受到影響。如果情況變得非常艱難，就像我們幾年前看到的那樣，它可能會影響我們真正規模較小的新興生物技術公司，因為它們在專案停止之前無法獲得資金。有時，如果融資環境惡化，他們可能會破產。因此，我們的業務大多來自這些長期訂閱項目，這些項目不易受到短期波動的影響。

That's helpful. And just as a follow-up, Peter, understanding its Veeva AI just recently kind of rolled out. Any initial feedback from customers and how you think in the coming years, how it might impact your overall business?

這很有幫助。作為後續報道，Peter 了解到 Veeva AI 是最近才推出的。您有收到客戶的初步回饋嗎？您認為未來幾年它會如何影響您的整體業務？

Yes. that impact -- the reception from customers is very positive because it just makes sense. It's not a lot of hype. They need the AI working with the core applications. They know Viva cares about the industry.

是的。這種影響－客戶的接受度非常積極，因為它很有意義。這並不是什麼炒作。他們需要人工智慧與核心應用程式協同工作。他們知道 Viva 關心這個行業。

We'll be responsible with the data, and they can see the tangible use cases. So there's a lot of excitement. How it can move our business forward. I think the AI is something that we will charge an appropriate license fee for. So I think it will be a net positive for Veeva.

我們將對數據負責，他們可以看到切實的用例。因此，我們非常興奮。它如何推動我們的業務發展。我認為我們會對人工智慧收取適當的許可費。所以我認為這對 Veeva 來說是一件好事。

We don't have that packaging worked out yet. We do want to price it so that it can be very reasonable and broadly adopted helped the industry move forward. And yes, it certainly help our revenue all the time, but we don't have any specific projections at this time.

我們尚未完成該包裝。我們確實希望對它進行合理的定價，並使其廣泛採用，從而推動行業向前發展。是的，它確實一直對我們的收入有幫助，但目前我們還沒有任何具體的預測。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

This is Bill on for Kirk. Peter, can you highlight some of the key takeaways from you from the Commercial Summit last week?

這是比爾 (Bill) 代替柯克 (Kirk)。彼得，您能否重點介紹一下上週商業峰會上的一些主要收穫？

Sure. Commercial Summit. I would say -- first thing I would take away it sounds very basic, but the customers feeling is good, and I probably had more than 50 one-on-one conversations that were each of 5 to 10 minutes or more. So that's a pretty representative sample size and non-scripted. So customers feeling is good. That means we're executing well. We're hiring good people that have the right customer relationships that are confident that are bringing value in our sales, services, business consulting, product management. So that's number one. And I think that is not to be underrated because that is the gift that will bring value over the next 5 to 10 years.

當然。商業峰會。我想說的是——首先我要說的是，這聽起來很簡單，但顧客的感覺很好，而且我可能進行了 50 多次一對一的談話，每次談話持續 5 到 10 分鐘或更長時間。這是一個非常具有代表性的樣本量，並且是非腳本化的。所以顧客感覺很好。這意味著我們執行得很好。我們聘請的優秀人才擁有良好的客戶關係，並有信心為我們的銷售、服務、業務諮詢和產品管理帶來價值。這是第一點。我認為這一點不容低估，因為這是一份將在未來 5 到 10 年內帶來價值的禮物。

The next one is a whole different side around Veeva's CRM -- Vault CRM. 80 customers live this time versus just a handful last year. Products mature, couple of big top 20 customers. Midway and fly. We had one of them boom into the -- couldn't actually be there the persona things where they couldn't be there at the summit. So they zoomed in, this is the person, the SVP of Digital from a top 20 pharma that's confirmed, yes, we'll be live here in a month or so and fully live in all of our multiple close to 20,000 people around the world by the end of the year. So that was a whole different side there and then beta AI, making it real.

下一個是 Veeva CRM 的完全不同的一面——Vault CRM。這次共有 80 名顧客，而去年只有少數。產品成熟，擁有幾家排名前 20 名的大客戶。中途飛走。我們讓其中一人大聲喊道——他們實際上無法到達那裡，他們無法到達山頂。於是他們放大了畫面，這個人是來自排名前 20 位的製藥公司的數位高級副總裁，他確認說，是的，我們將在一個月左右的時間內在這裡上線，到今年年底，我們將在全球近 20,000 名員工中全面上線。所以那是完全不同的一面，然後是測試版 AI，使其成為現實。

When I showed the demo of Veeva AI, one example of what Veeva can do with CRM bot, you just see the aha moment go with the customers because what they want is they want AI to help them with the engagement planning do all that work.

當我展示 Veeva AI 的演示時，這是 Veeva 可以使用 CRM 機器人做什麼的一個例子，你會看到客戶突然靈光一現，因為他們想要的是 AI 能夠幫助他們進行參與計劃並完成所有工作。

And then all the data entry afterwards, do that work so they can focus on the engagement in their field. And you just see the light bulbs going on. And that's what I'm excited about bed. I want to be known as the company that probably really did AI right. maybe in a durable way.

然後進行所有資料輸入，完成這些工作，以便他們能夠專注於自己領域的參與。你會看到燈泡亮了。這就是我對床感到興奮的原因。我希望公司能成為真正在人工智慧領域做得很好的公司。也許以一種持久的方式。

It's adding a ton of value where Veeva is bringing in $1 and customers are getting $4 a value and wow, that was done right. So there was that hearing for the first time of -- it's somewhat relief because we've been measuring carefully on AI and not jumping in in the hyping -- so then you could see that relief from the customers. Yes, this is the Veeva period goes, right? They have a plan now they're starting to execute and making plans around it. So that was the excitement.

它增加了大量的價值，Veeva 帶來 1 美元的收入，而客戶獲得 4 美元的價值，哇，這做得正確。所以第一次聽到這個消息——這多少讓人鬆了一口氣，因為我們一直在仔細衡量人工智慧，而不是盲目跟風——所以你可以看到客戶的這種鬆了一口氣。是的，這就是 Veeva 時期，對嗎？他們現在有了一個計劃，並開始執行並圍繞該計劃制定計劃。這就是令人興奮的事。

And the last thing I'll mention is that our database, data cloud is becoming really real, and people are starting to understand, hey, we have commercial cloud and data cloud, and they work together, they're modular, but you can connect them, and that's what our commercial solutions are. So Veeva, not just the CRM company anymore. When I remember some years ago on an earnings call multiple years ago, I said, hey, CRM over time will be not the major part of our commercial solutions. A man could you see that at summit.

我最後要提到的是，我們的資料庫、資料雲正在變得真正現實，人們開始明白，嘿，我們有商業雲和資料雲，它們協同工作，它們是模組化的，但你可以連接它們，這就是我們的商業解決方案。因此，Veeva 不再只是一家 CRM 公司。我記得幾年前的一次收益電話會議上，我說，嘿，隨著時間的推移，CRM 將不再是我們商業解決方案的主要部分。你能在山頂看到那個男人嗎？

The CRM add-on products, marketing, service center, data cloud, Crossix, business consulting, CRM is the start of our commercial core CRM. So that was -- you asked a small question. I guess you got more of an answer than you were looking for, but that -- you can tell me the excitement about commercial summit, about 2,000 people there and so many ideas that stays. It was wonderful. I think we should keep doing it.

CRM附加產品、行銷、服務中心、資料雲、Crossix、業務諮詢、CRM是我們商業核心CRM的開始。所以這是——你問了一個小問題。我想你得到的答案比你想要的要多，但是——你可以告訴我商業峰會的興奮之處，那裡大約有 2,000 人，還有很多想法。太棒了。我認為我們應該繼續這樣做。

Paul, do you think we should keep doing our summits?

保羅，你認為我們應該繼續舉行高峰會嗎？

Count me in.

算我一份。

Count you in. Okay. We're going to keep going on.

算你一份。好的。我們會繼續前進。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist Securities。

Congrats on a strong quarter. I wanted to ask about the CRM conversion to Viva. I understand these top 20 pharma companies still have some time before they can decide and you have top 20 going live in 2026. But compared to your internal expectations, I mean, expectations you had like maybe 18, 24 months back, are you surprised by the pace at which these top 20 are coming through? What are the most common decision-making drivers you come across in terms of these top 20 pharma companies?

恭喜本季業績強勁。我想詢問有關 CRM 轉換為 Viva 的情況。我知道這 20 家頂級製藥公司還需要一些時間才能做出決定，而這 20 家頂級製藥公司名單將於 2026 年公佈。但與你內心的預期相比，我的意思是，與你可能在 18、24 個月前的預期相比，你對這 20 名選手的晉級速度感到驚訝嗎？對於這 20 家頂尖製藥公司而言，您遇到的最常見的決策驅動因素是什麼？

Yes. So first, I would say, overall, we're making great progress in top 20, and we're on track with our expectations. As I think back a year or two years ago on track, maybe even a little bit ahead of what our expectations were. Now, you think about what does that timing look like and what makes up that decision-making process. Customers are happy with a CRM -- we're not pushing anybody to move. So there's not really that urgency.

是的。首先，我想說，總體而言，我們在前 20 名中取得了巨大進步，並且達到了我們的預期。當我回想起一兩年前的情況時，我們的情況甚至可能比我們的預期要好一些。現在，您想想那個時機是什麼樣的，以及那個決策過程是由什麼組成的。客戶對 CRM 很滿意－我們不會強迫任何人改變。所以其實沒有那麼緊迫。

Now eventually, there will be -- we've talked about the red zone which starts to kick in, in that 2027 timeframe, particularly if you're a large customer, a top 20 company, you want to make a decision before that 2027 timeframe, which is why we've said most large companies will make decisions either in 2025 or in 2026. So they'll have plenty of time to migrate and move. So customers are happy.

現在最終將會有——我們已經討論了在 2027 年的時間範圍內開始出現的紅色區域，特別是如果你是一個大客戶，一個排名前 20 的公司，你會希望在 2027 年的時間範圍之前做出決定，這就是為什麼我們說大多數大公司將在 2025 年或 2026 年做出決定。這樣它們就有充足的時間遷移和移動。所以顧客很高興。

They're going to make that decision when they're ready. We're not doing anything on natural to force them into a specific timeline. Now the ones that have made decisions already and there's four that have publicly announced -- or 4 top 20, I should say, that have publicly announced their decision, they want to move fast. They want to get to all of the innovation that you heard us talking about, and they want to get this behind them and be able to take advantage of things like our sales and marketing and medical and bringing all those pieces together and all the innovation, all the excitement. So we're doing this in a customer-friendly way.

當他們準備好時，他們就會做出決定。我們不會採取任何自然措施來強迫他們遵守特定的時間表。現在那些已經做出決定的機構，有 4 家已經公開宣布了他們的決定——或者我應該說，有 4 個排名前 20 的機構已經公開宣布了他們的決定，他們希望快速採取行動。他們希望獲得我們談論的所有創新，他們希望獲得這些創新，並能夠利用我們的銷售、行銷和醫療等方面的優勢，將所有這些部分、所有的創新、所有的熱情整合在一起。因此，我們以一種客戶友好的方式來做這件事。

We're excited with the progress. I think we're very much on track.

我們對這項進展感到非常興奮。我認為我們進展順利。

Okay. And then my quick follow-up on the topic of takeaways from the Veeva Commercial Summit very helpful. But as you compare to the conversations you were having like last year Summit, did you guys come across like pharma executives having increased focus on ROI, budget priorities? Or is it more or less same as compared to last year?

好的。然後，我對 Veeva 商業高峰會的收穫進行了快速跟進，非常有幫助。但是，與去年峰會上的對話相比，你們是否發現製藥公司的高階主管更加關注投資報酬率和預算優先事項？或者與去年相比，情況大致相同嗎？

In terms of the dealing from the customers, -- similar to last year, I think they have -- last year, there was still some uncertainty how the administration was going to hold. There was a US presidential election, things like that that uncertainty in a way is gone because they have a new environment that they're working in, but similar in that they're focused on execution. And I think leaning into the digital a bit more. And that's one thing I noticed leading into the digital marketing a bit more and the data and analytics. So getting more systematic, a bit more systematic in commercial.

就客戶的交易而言——我認為與去年類似——去年，政府將如何維持仍然存在一些不確定性。有美國總統大選之類的事情，某種程度上不確定性已經消失，因為他們有了新的工作環境，但相似之處在於他們都專注於執行。我認為應該更傾向於數位化。我注意到這一點對數位行銷、數據和分析有進一步的推動作用。因此變得更加系統化，商業上更加系統化。

(Operator Instructions) Jeff Garro, Stephens.

（操作員指示）傑夫·加羅，史蒂芬斯。

Follow-up on that last one and also some earlier ones on the momentum for Crossix. I was hoping you could discuss the mix of customers' commercial focus on digital versus in-person spend and how Veeva is particularly differentiated there to enable both digital and in-person commercial activities and help your customers evaluate the effectiveness of both.

繼續跟進上一條以及一些有關 Crossix 勢頭的早期信息。我希望您能討論一下客戶對數位和麵對面支出的商業關注點的組合，以及 Veeva 如何在這方面脫穎而出，支持數位和麵對面的商業活動，並幫助您的客戶評估兩者的有效性。

Yes. In terms of the mix, I didn't notice or sense any broad change in mix. Now, we're not always in those discussions, but I didn't notice them anymore. But what I did notice is, hey, using technology, particularly crosses, can I have the same amount of spend in digital and double the impact right? That's really what Crossing.

是的。就混合而言，我沒有註意到或感覺到混合有任何廣泛的變化。現在，我們並不總是進行這些討論，但我不再注意到它們了。但我確實注意到，嘿，使用技術，特別是交叉技術，我可以在數位領域投入相同的資金並獲得雙倍的影響力嗎？這才是真正的 Crossing。

Now, in terms of the field or the CRM, I think there's a lot of excitement about AI to say it's not easy to ramp up or ramp down my field force. So what I can do is I'd like to keep that field force the same roughly and just get more productivity out of money out of my team as they have more launches and more content. So I think that's what I'm seeing there.

現在，就領域或 CRM 而言，我認為人工智慧有很多令人興奮的地方，但要增加或減少我的領域力量並不容易。因此，我能做的就是大致保持現場力量不變，並且隨著我的團隊推出更多產品和提供更多內容，從而提高生產力。所以我認為這就是我所看到的。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

Maybe as a follow-up to the horizontal Sierra product. You mentioned it's a different team. I guess I'm wondering, number one, is have those investments been made in terms of people and headcount, is that already in place? And then secondly, is M&A on the horizon for this particular product? Or is this something properly related to another opportunity?

也許是作為水平 Sierra 產品的後續產品。您提到這是另一支球隊。我想知道的是，首先，這些投資在人員和員工數量方面是否已經到位？其次，這款特定產品是否即將迎來併購？或者這與另一個機會有適當的關聯？

Yes. The core team is in place. Of course, we'll be adding to that team incrementally when you have to keep the team small at first, so it can execute with really fast speed and quality on the foundations. And then you incrementally add to that team, and I'm sure we'll be doing that. over the next two, three year -- two, three, four years.

是的。核心團隊已到位。當然，當你一開始必須保持團隊規模較小時，我們會逐步擴大團隊規模，以便能夠在基礎上以非常快的速度和品質執行。然後你逐步擴大團隊規模，我相信我們會這樣做。在接下來的兩三年──兩三年四年裡。

So that's normal and we have a heartbeat for that. And I'm sorry, so that was about the team. And then you asked the second question, I didn't catch it.

這是很正常的，我們對此心存感激。很抱歉，這是關於團隊的事情。然後你問了第二個問題，我沒聽清楚。

It was on M&A. I know you mentioned this would be an area that you'd focus on. I'm just wondering if your -- M&A will be focused on the CRM product, or would it be for other areas?

這是關於併購的。我知道您提到這是您將重點關注的領域。我只是想知道您的併購是否會集中在 CRM 產品上，還是會集中在其他領域？

Yes. For M&A, we're keeping a really wide aperture on that. If we can see something that would be synergistic with Veeva most likely that would be in the area that is horizontal applications, could be CRM could be other things. We would look at that. We've been very disciplined on our acquisitions, and we've not had any failed acquisitions, and that's unusual.

是的。對於併購，我們對此保持著非常廣泛的關注。如果我們發現某種東西可以與 Veeva 產生協同作用，那麼最有可能的就是在水平應用領域，可能是 CRM，也可能是其他東西。我們會考慮這一點。我們對收購非常嚴格，並且沒有發生任何失敗的收購，這是很不尋常的。

So we like acquisitions like Crossix where we can really create a lot of value and create a lot of innovation. So that's the type of thing we've been looking for. Outside of life sciences, it could be in CRM, it could be in a different area.

因此，我們喜歡像 Crossix 這樣的收購，因為它可以真正創造很多價值並帶來很多創新。這就是我們一直在尋找的東西。在生命科學之外，它可能存在於 CRM 中，也可能存在於其他領域。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

I'd like to follow up on some of the positive commentary on eTMF with asking you about an update for EDC. Peter, perhaps you could comment how are some of those conversations progressing on new customers for EDC? And any updated color on how we should think about the ramp of revenue for the customer wins that you've already announced?

我想跟進一些關於 eTMF 的積極評論，並向您詢問有關 EDC 的更新情況。彼得，也許您可以評論一下關於 EDC 新客戶的對話進展如何？您對於我們應該如何看待您已經宣布的客戶收益成長有任何更新的看法嗎？

Yeah. You touched on the eTMF, and I'll just spend a little bit there. I'm -- we're really excited about that. The [19] top 20, and we feel like we have a pretty good path to have 20 of the top 20 on a eTMF. That's -- that's just amazing, and we view that as just an honor.

是的。您提到了 eTMF，我只想花一點時間在那裡談一下。我——我們對此感到非常興奮。前 [19] 名，我們覺得我們有很好的機會將前 20 名中的 20 名列入 eTMF。這真是太棒了，我們很榮幸能有這樣的成績。

And what we want to do when we get that simplification as standard relation to the industry is just double down and invest and help the industry get more efficient.

當我們將這種簡化作為行業標準時，我們想要做的就是加倍投入並幫助產業提高效率。

So I want the whole Veeva team to know and yourselves as the investors and our customers to know is that's a signal to Veeva to really double down on investment that's the type of company Veeva is. We view that as a privilege. So eTMF is there. And I'm confident over time actually EDC will get there. I think but it will take time.

因此，我希望整個 Veeva 團隊以及身為投資者和客戶的你們都知道，這是向 Veeva 發出的一個訊號，要真正加倍投資，Veeva 就是這樣一家公司。我們認為這是一種榮幸。因此 eTMF 就在那裡。我相信隨著時間的推移，EDC 最終會實現這一目標。我認為，但這需要時間。

Today, we have 9 out of the top 20 are using our EDC. Now some of those are very early and those are multiyear ramp deals. I think we have a path to additional top 20s in EDC. I don't see anything imminent right away, but I'm sure customer success will get there over time because we have a structural advantage. People want to integrate a clinical platform in the clinical operations, clinical data management, even reaching out to the research site. So if we keep executing our teachers very bright in clinical.

如今，排名前 20 位的公司中已有 9 家在使用我們的 EDC。現在其中一些還處於非常早期的階段，並且是多年的坡道交易。我認為我們有辦法在 EDC 中進入前 20 名。我沒有看到任何即將發生的事情，但我相信隨著時間的推移，客戶的成功將會實現，因為我們具有結構性優勢。人們希望在臨床操作、臨床數據管理甚至研究站點中整合一個臨床平台。因此，如果我們繼續執行，我們的老師在臨床上就會非常出色。

Thank you for the color, and congratulations on the strong 1Q.

謝謝顏色，祝賀1Q強勁。

Allan Verkhovski, Scotiabank.

加拿大豐業銀行的 Allan Verkhovski。

Congrats from me as well on the great quarter. I want to just double-click on how you mentioned discussions with customers that are starting to reflect the general unease. Can you give more color on how that developed through the quarter? What types of customers are expressing this more? Just in general, I appreciate more color on this.

我也對本季取得的優異成績表示祝賀。我想雙擊您提到的與客戶的討論，這些討論開始反映出普遍的不安情緒。您能否詳細說明本季的情況？哪些類型的客戶更表達了這一點？總的來說，我更欣賞這方面的色彩。

Yes. That color is things that we get in personal conversations, namely one-on-one conversation sometimes by him, sometimes in person. So it's not anything that shows up in the financial results of the pipeline. So you would expect, it's mostly face some people are concerned about drug launches, and they're concerned about what's called the PDUFA date, their approvals and they see some open vacancies in the FDA and they wonder if he's going to fill those and whether they're going to fill those in time so they have a little objective there.

是的。那種顏色是我們在個人談話中獲得的東西，即有時由他進行一對一談話，有時親自進行談話。因此，它不會在管道的財務結果中體現出來。因此，您可以預料到，大多數人擔心的是藥品的上市，他們擔心所謂的 PDUFA 日期、他們的批准，他們看到 FDA 中有一些空缺，他們想知道他是否會填補這些空缺，以及他們是否會及時填補這些空缺，所以他們在這方面有一點目標。

There's people concerned about what types of acquisitions they might do? And if they might be them, well, is there going to be an impact on drug pricing, the executive order because that may deter or accelerate their plans for acquisitions. So it's just broad-based across life sciences.

有人擔心他們會進行哪些類型的收購？如果他們可能是，那麼行政命令是否會對藥品定價產生影響，因為這可能會阻止或加速他們的收購計畫。所以它涉及生命科學的廣泛領域。

And then for the smaller biotechs, what they would be wondering about is how is this going to affect the funding environment is pretty dynamic with which way will interest rates go and how will this affect funding and then watching the price of bonds [and things]. And they're wondering, well, when we need another round or we going to get it. So should we need to be more conservative or not? So those are the type of discussions it's varied, not dominated by one particular topic.

對於規模較小的生技公司來說，他們想知道的是，這將如何影響融資環境，融資環境是相當動態的，利率將如何變化，這將如何影響融資，然後觀察債券的價格[和事物]。他們想知道，什麼時候我們需要再來一輪或我們什麼時候才能得到它。那我們是否應該更加保守呢？所以討論的類型是多種多樣的，並不是由某一特定主題所主導。

Steven Valiquette, Mizuho Securities.

瑞穗證券的 Steven Valiquette。

Let me offer my congrats on the strong results as well. Really, for me, just a financial question. The 79% non-GAAP gross margin operating margin were obviously pretty strong in the fiscal first quarter and the guidance for the fiscal second quarter and for the full year imply that the margins will come back down a little bit relative to the F1Q trend. I guess just getting too specific, is there anything high level you can point out one or two factors that just mechanically might bring the margins back down in the remainder of the year versus fiscal 1Q.

我也對取得的優異成績表示祝賀。真的，對我來說，這只是一個財務問題。79% 的非 GAAP 毛利率和營業利潤率在第一財季顯然相當強勁，而第二財季和全年的指引意味著利潤率相對於第一財季的趨勢將略有回落。我想問得有點太具體了，您能否從高層次上指出一兩個因素，這些因素可能會從機械上導致今年剩餘時間的利潤率與第一財季相比下降？

Hey, Stephen. Q1 was a great quarter for the collective Veeva team, and you saw that reflected in the margins. The part that doesn't always show up in the margins is the impact that we'll see in years to come. When you look at the margin specifically in the quarter, about three quarters of the outperformance was driven by revenue. And so that was mostly the usage-based elements of Crossix and the faster timing of services delivery. So things that we don't expect to be a recurring benefit to margins through the balance of the year.

嘿，史蒂芬。對於 Veeva 團隊來說，第一季是一個很棒的季度，這一點您可以從利潤中看到。邊緣並不總是顯現的部分是我們在未來幾年將會看到的影響。當你具體看一下本季的利潤率時，你會發現大約四分之三的優異表現是由收入推動的。因此，這主要是 Crossix 的基於使用情況的元素以及更快的服務交付時間。因此，我們預計這些事情不會在今年餘下時間為利潤帶來經常性收益。

We also saw some benefit from expenses, which was really timing related factors as well, things that occurred later than we'd otherwise expected. And so when you put all that together, we saw a high watermark for margins in Q1 and then we see it return back to 44% in Q2, which is about what we expect for the balance of the year.

我們也看到了一些來自費用的好處，這實際上也是與時間相關的因素，事情發生的時間比我們預期的要晚。因此，當把所有這些因素綜合起來時，我們看到第一季的利潤率達到了高位，然後我們看到它在第二季度回升至 44%，這與我們對今年剩餘時間的預期差不多。

David Larsen, BTIG.

BTIG 的 David Larsen。

With regards to Crossix, you mentioned investments in the Crossix and you mentioned the word provider. Just with respect to the actual data itself, does it include like obviously, the retail sort of data. But does it also include like the specialty script data for medications that could be supplied in a hospital? Does that include like Part B drugs, drugs administered in the clinic, and a skilled nursing facility?

關於 Crossix，您提到了對 Crossix 的投資，並且提到了提供者這個詞。就實際數據本身而言，它顯然包括零售類型的數據。但它是否也包括醫院可提供的藥物的專科處方數據？這是否包括 B 部分藥物、診所管理的藥物和專業護理設施？

And then when you use the word provider, would that also include like facility data. So if a hospital wants to look at all of their volumes, inpatient, ambulatory and so forth, is that also included in Crossix or are there plans to eventually include it there?

然後，當您使用提供者這個詞時，它是否也包括類似設施資料。因此，如果一家醫院想要查看其所有病人數量，包括住院病人、門診病人等等，這是否也包含在 Crossix 中，或者是否有計劃最終將其包含在那裡？

Yes, the data sources, the data network, which supports Crossix and it also supports Compass. It does work for retail, specialty drugs, specialty pharmacy administered in the hospital, all the type of drugs and especially is good at what we call complex therapies, and those are definitely ones that are -- you're not just going through a retail pharmacy and picking them up. That's one of the very unique things about our data sourcing strategy. So for example, Encompass. I know you asked about Crossix, but for example, Encompass, we can project data sales data for about 4,000 brands across retail and non-retail.

是的，資料來源，資料網絡，它支援 Crossix，也支援 Compass。它適用於零售、特種藥品、醫院管理的特殊藥房、所有類型的藥品，尤其擅長我們所說的複雜療法，而這些絕對是——你不僅僅是去零售藥房取藥。這是我們資料採購策略的獨特之處之一。例如，Encompass。我知道您問過 Crossix，但例如，Encompass，我們可以預測零售和非零售領域約 4,000 個品牌的銷售數據。

And we can do that because of our data sourcing strategy. That data sourcing strategy makes us able to do great measurement and audiences also on Crossix. So in Crossix, what you're trying to do is figure out what segments do you want to expose to media. And then was that effective at which media points was that effective at driving visits to healthcare providers and then resulting in the uptake of the right medicine. So it's a pretty comprehensive data network.

由於我們的數據採購策略，我們可以做到這一點。此數據採購策略使我們能夠在 Crossix 上進行出色的測量和受眾調查。因此在 Crossix 中，您要做的就是弄清楚要向媒體展示哪些片段。那麼，媒體指出的這種做法是否有效地推動了人們對醫療保健提供者的訪問，並最終導致人們服用正確的藥物。所以這是一個相當全面的數據網路。

That's what we set out to build when we acquired Crossix about five years ago, and it's really, really great to see it coming to fruition now.

這就是我們五年前收購 Crossix 時所著手打造的目標，現在看到它取得成果，我們真的非常高興。

Faith Brunner, William Blair.

費絲布倫納、威廉布萊爾。

I guess just diving into [someone] again. You said that customers are feeling good about Veeva. But maybe from a broader industry perspective, what challenges were they bringing to you? What's top of mind for them? And has there been any shift when you compare the conversations you've had back in April to maybe more recent conversations you've had reasonably as we continue to try to navigate the changing environment?

我想只是再次投入[某人]之中。您說客戶對 Veeva 感覺很好。但也許從更廣泛的行業角度來看，它們給您帶來了哪些挑戰？他們最關心的是什麼？當我們繼續嘗試應對不斷變化的環境時，如果您將 4 月的對話與您最近的對話進行比較，是否有任何變化？

Yes. So I'll take that. Yes, it's a good one, challenges and has that shifted over time. So remember where the industry is. They've been in a place where in the commercial side, we've helped many companies be able to connect up a lot of their software systems.

是的。所以我會接受。是的，這是一個很好的機會，它充滿挑戰，並且隨著時間的推移而改變。所以要記住產業在哪裡。在商業領域，我們幫助許多公司連接起他們的許多軟體系統。

We now we're going through the migration process. So that's certainly a big topic of conversation. But we -- the industry still has fragmented data and getting the data to work together, getting the data into the software so you can make decisions and you can get insights fast about that. That is still a challenge for the industry. It's not a solved problem yet.

我們現在正在進行遷移過程。所以這當然是個熱門話題。但是我們——這個行業仍然擁有零散的數據，我們需要將這些數據整合在一起，將數據輸入軟體中，以便您可以做出決策并快速獲得相關見解。這對行業來說仍然是一個挑戰。這還不是一個已解決的問題。

So the topic of our -- you heard Peter talk about this, connected software, connected data that's resonating, and it's a challenge that it's very clearly an unsolved problem in the industry, and our approach to that, harmonizing the data sets, formalizing it with the software fundamentally solving it at a very foundational level, the data model consistency of data attributes and elements across all these different data sets, creating this connected environment.

因此，我們的主題是——您聽到彼得談論了這一點，互聯軟體、互聯資料正在引起共鳴，這是一個挑戰，顯然這是行業中尚未解決的問題，而我們對此的方法是協調資料集，用軟體將其形式化，從根本上在非常基礎的層面上解決它，所有這些不同資料集上的資料屬性和元素的資料模型，創建這個連結環境。

So that's top of mind, and that leads to things like helping them be more efficient, helping them get insights to the right people faster and make decisions, helping them do AI. So that's an area. And then second is we talked a lot about the excitement around AI, but there's also a lot of unsolved problems in the AI space. And part of that is bringing together or the industry hasn't yet been able to bring together very industry-specific processes with deep industry-specific AI. That's a problem that they've made investments.

所以這是最重要的，它可以幫助他們提高效率，幫助他們更快地向合適的人提供見解並做出決策，幫助他們實現人工智慧。這就是一個區域。其次，我們談論了許多有關人工智慧的興奮點，但人工智慧領域也有很多未解決的問題。其中一部分是將行業尚未能夠將特定於行業的流程與深度特定於行業的人工智慧結合起來。這是他們投資所面臨的問題。

They haven't often seen the full return on their investment in some of the AI projects. And I think that's another area where they're excited about our ability to help them over time. So those are some specific examples.

他們往往無法從一些人工智慧專案的投資中獲得全部回報。我認為這是他們對我們長期幫助他們的能力感到興奮的另一個方面。這些就是一些具體的例子。

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

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 continued partnership and to the Veeva team for your outstanding work in the quarter. Thank you.

感謝大家今天參加電話會議，感謝我們的客戶繼續合作，感謝 Veeva 團隊在本季所做的出色工作。謝謝。

And ladies and gentlemen, this concludes today's call, and 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，感謝你們的參與。您現在可以斷開連線。