Veeva Systems Inc (VEEV) 2026 Q2 法說會逐字稿

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

女士們、先生們，感謝你們的支持。我的名字是[艾比]。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 2026 second-quarter results conference call.

現在，我歡迎大家參加 Veeva Systems 2026 財年第二季業績電話會議。

(Operator Instructions)

（操作員指示）

Thank you. I would now like to turn the conference over to Gunnar Hansen of Veeva IR. You may begin.

謝謝。現在我想將會議交給 Veeva IR 的 Gunnar Hansen。你可以開始了。

Good afternoon. Welcome to Veeva's fiscal 2026 second-quarter earnings conference call for the quarter end of July 31, 2025.

午安.歡迎參加 Veeva 2026 財年第二季財報電話會議，該季度截至 2025 年 7 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. Today's call will be used primarily for Q&A.

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。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, EVP - Strategy; and Brian Van Wagener, our Chief Financial Officer.

今天與我一起進行問答的有我們的執行長 Peter Gassner、策略執行副總裁 Paul Shawah 和我們的財務長 Brian Van Wagener。

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

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。

Our actual results may differ materially. Please refer to the risk listed in our earnings release and the risk factors included in our most recent filing on Form 10-Q.

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-Q 表中包含的風險因素。

Forward-looking statements made during the call are being made as of today, August 27, 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根據我們今天掌握的事實，截至 2025 年 8 月 27 日做出的事實。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. 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.

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，但我們不會提供任何進一步的指導或有關本季業績的更新，除非我們在公開論壇上這樣做。

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. 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。

We had another strong quarter, delivering Q2 results ahead of our guidance. Total revenue in the quarter was $789 million, with non-GAAP operating income of $353 million.

我們又度過了一個表現強勁的季度，第二季度的業績超出了我們的預期。本季總收入為 7.89 億美元，非 GAAP 營業收入為 3.53 億美元。

Thanks to the team and our customers, our industry cloud vision is starting to come together. That means great industry-specific software data and business consulting all working together to help the industry become more efficient and effective. I'm especially excited about the clear vision and rapid progress on Veeva AI. That will be transformative for Veeva and the industry, over time.

感謝團隊和客戶，我們的產業雲願景開始逐漸實現。這意味著優秀的行業特定軟體數據和業務諮詢將共同幫助產業變得更有效率和有效。我對 Veeva AI 的清晰願景和快速進展感到特別興奮。隨著時間的推移，這將對 Veeva 和整個產業產生變革作用。

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

我們現在開始回答你們的問題。

Thank you. We'll 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）

Ken Wong, Oppenheimer.

黃肯，奧本海默。

Hey. Fantastic. Peter, I wanted to touch on the resolution, in terms of lawsuit with IQVIA. Can you help us walk through what led to that resolution and what potential opportunities this could potentially unlock?

嘿。極好的。彼得，我想談談與 IQVIA 的訴訟的解決方案。您能否幫助我們解釋促成該決議的原因以及該決議可能帶來哪些潛在機會？

And then, for Brian, just on the billing side, a nice increase there, although with an in line 2Q, just help us understand the confidence in increasing the back half with what it was a more in-line-ish second quarter?

然後，對於 Brian 來說，僅在帳單方面，就有了不錯的成長，儘管與第二季持平，但這是否有助於我們理解增加下半年的信心，因為第二季的業績更加與預期一致？

Thank you.

謝謝。

This is Peter. What led to the resolution? Well, we've had this dispute for about 10 years with IQVIA. Things were a lot different 10 years ago. IQVIA was still IMS, by the way. Just joining with IQVIA and Veeva wasn't that strong and clinical. IQVIA had a serum product. Now, they don't.

這是彼得。是什麼促成了這項決議？嗯，我們與 IQVIA 的爭議已經持續了約 10 年。十年前的情況大不相同。順便說一句，IQVIA 仍然是 IMS。僅僅與 IQVIA 和 Veeva 合作還不夠強大和有臨床意義。IQVIA 有一款精華產品。現在，他們不再這麼做了。

So many things have changed. We just got together at the start of the year. From the IQVIA leadership and myself, we realized there's no reason for this conflict anymore. We can begin to learn about each other and partner for the benefit of customers in Veeva and IQVIA.

很多事情都改變了。我們今年年初才認識的。從 IQVIA 領導階層到我自己，我們都意識到這種衝突已經沒有理由再發生了。我們可以開始互相了解並合作，以造福 Veeva 和 IQVIA 的客戶。

So it's just the passage of time. Things changed. We woke up and said, what are we fighting about? There's no reason to be doing this anymore. I'm super happy. I believe I can represent that IQVIA is very happy, as well, to have it resolved.

所以這只是時間的流逝。事情發生了變化。我們醒來後說，我們在爭吵什麼？沒有理由再這樣做了。我超開心。我相信我可以代表 IQVIA 非常高興這個問題得到解決。

Now, in terms of what is it in lock for us? Historically, in the Commercial area, there was two artificial barriers. One was with Salesforce. That was because of our OEM agreement. We couldn't develop the applications we wanted. We weren't allowed. We couldn't develop it in the way we wanted them either. Now, that's gone with Salesforce since we've moved to Vault. We have 100 live customers in CRM. That's really an anchor tenant in commercial.

現在，對我們來說，什麼是鎖定的？歷史上，商業區存在著兩個人為的屏障。其中一個是與 Salesforce 合作。這是因為我們的 OEM 協定。我們無法開發我們想要的應用程式。我們不被允許。我們也無法按照我們想要的方式去開發它。現在，自從我們遷移到 Vault 之後，Salesforce 就不再有這種情況了。我們在 CRM 中有 100 個活躍客戶。這確實是商業領域的主力租戶。

And then, we had these important products. We have even Network, even Nitro, our Commercial Analytics offerings. We couldn't put IQVIA data in there. This was a hole in our boat. These products were impractical because they couldn't put the industry-leading data in there. That's resolved now.

然後，我們有了這些重要的產品。我們甚至有網絡，甚至 Nitro，我們的商業分析產品。我們無法將 IQVIA 資料放入其中。這是我們的船上的一個洞。這些產品不實用，因為它們無法將業界領先的數據放入其中。現在已經解決了。

So you've got the Salesforce thing resolved, the IQVIA restrictions resolved. I'm really looking forward to making Commercial Cloud like Development Cloud. Really, no limits. Very excited about that.

因此，您已經解決了 Salesforce 的問題，也解決了 IQVIA 的限制問題。我非常期待讓商業雲變得像開發雲端一樣。確實，沒有限制。我對此感到非常興奮。

The biggest news in Commercial for a long time.

長期以來商業界最大的新聞。

Ken, this is Brian. I'll pick up the second question on billings.

肯，這是布萊恩。我將回答有關帳單的第二個問題。

On billings, really, annual is the better indicator. We're pleased with the $35 million raise there to full-year guidance, which is roughly in line with the revenue increase.

就帳單而言，年度帳單確實是更好的指標。我們很高興看到全年指導金額增加了 3500 萬美元，這與收入成長大致相符。

Quarterly billings, as we've spoken a bit about in the past, they're lumpy because there are a lot of timing factors. There's customer-specific items, operational things, mix on pre- and post-paid. It's just not a metric we use internally or a great indicator of the business. So annual is a better way to look at it.

正如我們過去談到的，季度帳單是不穩定的，因為有很多時間因素。有客戶特定的項目、操作事項、預付費和後付費的混合。它不是我們內部使用的衡量標準，也不是業務的良好指標。因此，以年度為單位來查看是更好的方法。

We're really happy with the guide there.

我們對那裡的導遊非常滿意。

Thank you, guys.

謝謝你們。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great. Thank you for taking my questions. Nice to see R&D subscriptions and services with larger upside, just relative to how we've been modeling it.

偉大的。感謝您回答我的問題。很高興看到研發訂閱和服務具有更大的上升空間，相對於我們一直以來的建模方式而言。

I've been interested in the evolution of Quality Cloud. It seems like that's receiving an elevated stature inside Veeva. I was hoping you could maybe just speak to what you're seeing. Is there a larger role for Veeva to play and maybe, extending that both into the lab and also manufacturing? And then, looking ahead, is that maybe more of an outsized driver? Obviously, I appreciate it's broad-based but it's quality may be factoring more into the five-year plan than you thought perhaps a year ago.

我一直對 Quality Cloud 的發展很感興趣。看起來，這一點在 Veeva 內部正變得越來越重要。我希望您能談談您所看到的情況。Veeva 是否可以發揮更大的作用，並將其擴展到實驗室和製造業？那麼，展望未來，這是否可能是更重要的驅動因素？顯然，我欣賞它的廣泛性，但它的品質對五年計畫的影響可能比你一年前想像的要大。

I'll take that. This is Peter, for the last one. I think we're very happy with our five-year plan. We have a lot of confidence in our $6 billion revenue plan. The changes in quality, from what we see, are not material. It's on track for where we roughly thought it would be.

我會接受的。我是彼得，最後一個。我認為我們對我們的五年計劃非常滿意。我們對我們的60億美元收入計劃非常有信心。從我們所見，品質的變化並不重要。一切正如我們大致預想的那樣。

It is a big area. It has gotten an elevated focus inside of even in the last couple of years. The start of that was to go after the LIMs area, the Laboratory Information Management. That's a super important area.

面積很大。即使在過去幾年中，它也受到了越來越多的關注。其開始是為了追尋 LIM 領域，即實驗室資訊管理。這是一個非常重要的領域。

And then, we have batch release. We have a Validation Management product. So we really elevated up to the level of the full cloud because, yeah, that can be a very big business for us, Quality.

然後，我們進行批量發布。我們有一個驗證管理產品。因此，我們確實提升到了全雲的水平，因為，是的，這對我們來說可能是一項非常大的業務，品質。

Okay. That's great. And then, just on the excitement around AI. The first products focus more in the Commercial suite and then, broadening out there into next year. How do you see the opportunity?

好的。那太棒了。然後，談談對人工智慧的興奮之情。首批產品主要集中在商業套件中，並將在明年擴展。您如何看待這個機會？

I think it's interesting that Commercial Cloud takes on basically the look of Development Cloud in terms of Veeva controlling it's full destiny now. Do you think that starts to be a meaningful incremental driver, just monetizing agents into next year? Or do you actually think that the bigger consequences may be more strategic in that Vault has developed such a robust architecture and partner ecosystem that Veeva's going to be a central role for the industry as they adopt AI? Maybe, regardless of whether it's a Veeva agent or not, your Vault's going to be a part of that mix, one way or the other?

我認為有趣的是，從 Veeva 現在控制其全部命運的角度來看，商業雲基本上具有開發雲端的外觀。您是否認為這會成為一個有意義的增量驅動力，只是將代理商貨幣化到明年？或者您實際上認為更大的後果可能更具策略性，因為 Vault 已經開發瞭如此強大的架構和合作夥伴生態系統，以至於 Veeva 將在行業採用 AI 時發揮核心作用？也許，無論是否是 Veeva 代理，您的 Vault 都會以某種方式成為其中的一部分？

Let's see. How I would think of it? You asked a few questions there. Let me reframe a little.

讓我們來看看。我會怎麼想呢？你在那裡問了幾個問題。讓我稍微重新表達一下。

The basic way I would think about it, Veeva Vault platform, we started that in 2010, actually -- late 2010. It was around this -- it had content and it had data. They could do both. That was very unique.

我對此的基本看法是，Veeva Vault 平台實際上是在 2010 年（2010 年底）啟動的。它圍繞著這個——它有內容，也有數據。他們可以同時做這兩件事。那是非常獨特的。

Users worked with content and data. And so we were able to make integrated suites in Clinical and Quality and Regulatory and Safety. That's what we've been doing for the last 15 years. Working very hard at it and making these deep industry applications. The business rules around all the data and the content.

使用者使用內容和資料。因此，我們能夠在臨床、品質、監管和安全方面打造綜合套件。這就是我們過去15年來一直在做的事情。非常努力地工作並實現這些深度的行業應用。圍繞所有資料和內容的業務規則。

Now, this is the next phase, where we're going to have agents. We still have our data. We have our content. We have our agents. The users are going to interact with all the three. The agents also interact with the content of the data. So it's a fundamental new thing.

現在，這是下一階段，我們將擁有代理商。我們仍然擁有我們的數據。我們有我們的內容。我們有我們的代理商。用戶將與這三個物件進行互動。代理還與數據內容進行互動。所以這是一個根本的新事物。

We've led, really, and are leading in this Industry Cloud area, industry-specific cloud applications. I think we're going to lead in industry-specific agents and certainly, inside life sciences. So that's the way to think about it.

我們確實在產業雲端領域、產業特定的雲端應用領域處於領先地位。我認為我們將在特定行業代理領域以及生命科學領域佔據領先地位。這就是思考這個問題的方式。

The monetization will come from selling Veeva AI, which is two things:

貨幣化將來自銷售 Veeva AI，這有兩點：

The platform. Customers can create their own custom agents. But mainly, our industry-specific agents that they'll get when they buy the AI.

平台。客戶可以創建自己的客製化代理。但主要是，當他們購買 AI 時，他們會獲得我們行業特定的代理商。

And with the MCP, Model Context Protocol. It's agent-to-agent interoperability is really easy. And also, Vault-to-Vault interoperability.

並與 MCP（模型上下文協定）配合使用。代理與代理之間的互通性非常簡單。此外，Vault 之間還具有互通性。

We will, in terms of monetizing that, create billions of dollars of value for the industry. No doubt about that. No doubt about that. Sometimes, making humans much more efficient. Sometimes, reducing the need for certain people doing certain types of tasks. So there's a tremendous amount of value that will be captured by the industry. We'll get our fair share of that, for sure.

就其貨幣化而言，我們將為該產業創造數十億美元的價值。毫無疑問。毫無疑問。有時，這會使人類變得更有效率。有時，減少某些人做某些類型任務的需要。因此，該行業將獲取巨大的價值。我們肯定會得到公平的份額。

But we're going to take that slow. Work with our early adopters, end of this year, in '26, or so. I don't expect any material revenue contribution for '26 or '27, for example, but I expected that it's a significant increase in our market size. That will play out over many years.

但我們會慢慢來。與我們的早期採用者合作，今年年底，也就是 26 年左右。例如，我不期望 26 年或 27 年會有任何實質的收入貢獻，但我預期我們的市場規模會顯著增加。這將持續很多年。

But this is going to be a tremendous benefit for Veeva; our employees, who are building all these agents; and our customers, who are getting the value. So we're very excited about it. We've done that hard work over the last seven months or so of plumbing it deeply into the Vault platform. That's really the hard work. Now, the application agent for that work is really starting in earnest.

但這對 Veeva、負責建立所有這些代理商的我們的員工以及獲得價值的客戶來說都將是一個巨大的優勢。所以我們對此感到非常興奮。在過去的七個月裡，我們做了大量艱苦的工作，將其深入 Vault 平台。這確實是一項艱苦的工作。現在，該項工作的申請代理已真正開始認真進行。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Good afternoon. First one for Peter here. I'd like to go back to the longstanding dispute with IMS and IQVIA that you settled. Specifically, we would love to get your thoughts on one, what's been the initial customer reaction feedback to the news, just last week here? Do you have any?

午安.這是彼得的第一部作品。我想回顧一下您解決的與 IMS 和 IQVIA 的長期爭端。具體來說，我們很想聽聽您的想法，上週客戶對這個消息的最初反應是什麼？你有嗎？

And then, two, how should we think about IQVIA that historically has been a CRM competitor, as we're going back to the (inaudible) days, sold some of the CRM business to Salesforce? How has that CRM-specific relationship with IQVIA changed?

然後，第二，我們應該如何看待歷史上一直是 CRM 競爭對手的 IQVIA，因為我們回顧（聽不清楚）那段日子，它將部分 CRM 業務出售給了 Salesforce？與 IQVIA 的 CRM 特定關係發生了什麼樣的變化？

Okay. Customer reaction to Veeva and OQVIA has just been overwhelmingly positive because it's such good news for customers.

好的。客戶對 Veeva 和 OQVIA 的反應非常積極，因為這對客戶來說是個好消息。

If you're a life sciences company, especially a medium to large one, there's a few things you have to have. You have to have SAP, for sure, in the supply chain. You have to have Microsoft on your desktop, for sure. You have to have that. You're going to have Veeva inside your organization in one part, two part, five parts, many parts. You're going to have IQVIA, as well; specifically, the IQVIA data. That's what you're going to have.

如果您是一家生命科學公司，特別是中大型公司，那麼您必須具備一些東西。毫無疑問，供應鏈中必須有 SAP。您的桌面上肯定必須有 Microsoft。你必須擁有它。您將在您的組織內採用 Veeva 的一部分、兩部分、五部分或多部分。您還將擁有 IQVIA；具體來說，就是 IQVIA 數據。這就是你將要得到的。

What they had before was a problem. They needed a lot of band-aids because in a lot of situations, IQVIA and Veeva didn't fit well together. So it's just a sense of relief from customers and exploring, hey, what's possible? Can I do this? Can I do that? So very positive.

他們之前遇到的是一個問題。他們需要很多創可貼，因為在許多情況下，IQVIA 和 Veeva 並不能很好地融合在一起。所以這只是顧客的一種解脫感和探索，嘿，有什麼可能嗎？我可以這樣做嗎？我可以這麼做嗎？非常積極。

In terms of IQVIA, they were a historical competitor in CRM. They're not anymore. When Salesforce got into that market of directly pharmaceutical CRM and said they were going to build a product, IQVIA went out of that market. I don't know what was the timing of what decisions there. I just know that IQVIA is not selling that CRM product anymore. So there's no issues there.

就 IQVIA 而言，他們是 CRM 領域的歷史競爭對手。他們不再是了。當 Salesforce 進入直接面向醫藥 CRM 的市場並表示要打造產品時，IQVIA 就退出了這個市場。我不知道當時做了哪些決定。我只知道 IQVIA 不再銷售該 CRM 產品。所以那裡沒有問題。

We still compete with IQVIA in the areas of things like reference data or open data products, our Compass product, things like that. But that's okay. That's normal, healthy competition. We partner in many areas and we compete in some.

我們仍在參考資料或開放資料產品、我們的 Compass 產品等領域與 IQVIA 競爭。但沒關係。這是正常的、良性的競爭。我們在許多領域開展合作，也在某些領域競爭。

Customers benefit. They don't need so many band-aids anymore to stitch things together between Veeva and IQVIA.

顧客受益。他們不再需要那麼多創可貼來將 Veeva 和 IQVIA 之間的連結縫合在一起。

A full color there. And then, Brian, just a quick follow-up on that R&D subscription growth. Sequentially, it looks like it rose the most in two years. What drove the momentum in that side in R&D, this quarter? Thanks.

那裡色彩繽紛。然後，布萊恩，我們來快速跟進研發訂閱成長的情況。從連續來看，它似乎是兩年來漲幅最大的。本季，是什麼推動了研發方面的發展動能？謝謝。

Hey, Brian. Yeah. It continues to, again, be broad-based. We're really pleased with the execution of this team across all areas. They're working in a pretty stable environment. So I think you saw a really strong Q2.

嘿，布萊恩。是的。它仍然具有廣泛的基礎。我們對這個團隊在各個領域的表現感到非常滿意。他們在一個相當穩定的環境中工作。所以我認為你看到了非常強勁的第二季。

Things are firming up as we go into the second half of the year and Q3 and Q4 -- broad-based strong execution.

隨著我們進入下半年以及第三季和第四季度，情況正在逐漸好轉——全面強勁的執行力。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey. Appreciate it. Nice job. Andy, Peter, going back to the idea of around the opportunity with AI, how you're thinking about Veeva's platform approach, the network you've built, the scale you've built, giving you that right to win as you embed more AI functionality across the platform? How more of these top 20 enterprises are going all in? How that can serve as gravity, supporting some of that AI momentum with embedded intelligence and things of the like in the future

嘿。非常感謝。幹得好。安迪、彼得，回到人工智慧帶來的機會這個問題，您如何看待 Veeva 的平台方法、您建立的網路、您建立的規模，當您在整個平台上嵌入更多人工智慧功能時，這些是否賦予了您獲勝的權利？這20強企業還有多少企業全心投入？如何將其作為引力，在未來透過嵌入式智慧等技術支撐人工智慧的發展勢頭

Okay. Yeah. The right to win. We refer to that as structural advantage. When you have an application that's a system of record, be it the e-mail system or the supply chain system or all the 50 applications that Veeva has that are deep in life sciences, from the CRM system to the drug safety system to the clinical trial management system, when you have that system of record with the users in there, you have the right to win the deep industry-specific agents because it's in the user's workflow.

好的。是的。獲勝的權利。我們稱之為結構優勢。當您擁有一個作為記錄系統的應用程式時，無論是電子郵件系統還是供應鏈系統，或者 Veeva 擁有的所有 50 個深入生命科學的應用程序，從 CRM 系統到藥物安全系統到臨床試驗管理系統，當您擁有帶有用戶的記錄系統時，您就有權贏得深度行業特定代理，因為它在用戶的工作流程中。

Think about it if you use Google for your e-mail and your calendar, you would love an agent from Google that works seamlessly with that, if you could get it.

想想看，如果您使用 Google 來收發電子郵件和使用日曆，您會喜歡 Google 提供的可以與之無縫協作的代理商（如果可以的話）。

So we have a right to win there. You call the right to win. I call it a structural advantage. We can knit that technology together so that it's a seamless platform that handles the agents, the content, the data.

所以我們有權在那裡獲勝。您有權獲勝。我稱之為結構性優勢。我們可以將這些技術結合在一起，使其成為一個處理代理、內容和資料的無縫平台。

Another thing that Veeva has is we have a platform that's broad. We make about 50 applications with our platform. So we can touch a lot of things with our Vault platform. We put it in the Vault platform once and it can extend area everywhere. So we have a structural advantage.

Veeva 的另一個優點是我們擁有一個廣闊的平台。我們利用我們的平台製作了大約 50 個應用程式。因此我們可以透過 Vault 平台觸及很多東西。我們只需將它放入 Vault 平台一次，它就可以擴展到任何地方。因此我們具有結構性優勢。

I think it's early for customers to be going all in on AI with Veeva because we haven't even released any agents yet so we've got to work with our first early adopters and work that out. We have to execute.

我認為客戶現在就全面採用 Veeva 的 AI 還為時過早，因為我們甚至還沒有發布任何代理，所以我們必須與我們的第一批早期採用者合作並解決這個問題。我們必須執行。

Everybody has a grand plan. But do you execute on it? That's what really makes a difference. So we have to execute; prove our value; and over time, I'm quite confident when customers see the value, they will come and they will want to go all in with Veeva, for AI, around the things that we do; and with Microsoft, around those things that they do; and with [SAP], around other things that they do.

每個人都有一個宏偉的計劃。但你執行了嗎？這才是真正重要的。所以我們必須執行；證明我們的價值；隨著時間的推移，我非常有信心，當客戶看到價值時，他們就會來，並且願意全力以赴地與 Veeva 合作，在人工智慧方面，圍繞我們所做的事情；與微軟合作，圍繞他們所做的事情；與 [SAP] 合作，圍繞他們所做的其他事情。

The nice thing about Agentic AI that's framing up is these agents will be able to talk to each other in a much easier way than what's possible before AI.

Agentic AI 的優點在於，這些代理商能夠以比 AI 出現之前更簡單的方式相互交談。

That's very helpful. Thank you. That does make sense.

這非常有幫助。謝謝。這確實有道理。

Paul, for you, with the two top 20 customers live on CRM -- and I know there's been a handful of more momentum of others coming online over the past few months -- wondering how the evidence of that live and successful implementation is resonating with customers? How that stacks up on a like-for-like cost basis versus some of the conviction.

保羅，對您來說，有兩個排名前 20 的客戶已開始使用 CRM —— 而且我知道在過去的幾個月中，已經有許多其他客戶開始使用 CRM —— 您是否想知道這種成功實施的 CRM 在客戶中引起了怎樣的共鳴？與一些信念相比，同等成本基礎上的差異如何？

Again, the customer conviction and the fact that that's only going to get more efficient, over time, compounding the obvious nature of needing to migrate. Thank you.

再次，客戶的信念以及隨著時間的推移只會變得更有效率的事實，加劇了遷移需求的明顯性質。謝謝。

Yeah. I don't think so. Let me step back a little bit and just give you a little bit of a broader context. We call out seven top 20s committed to Vault CRM in the prepared remarks.

是的。我不這麼認為。讓我稍微回顧一下，並向你們提供更廣泛的背景。我們在準備好的評論中列舉了 7 位致力於 Vault CRM 的前 20 名。

I can give you a little more context beyond that. Including verbal commitments, we added two additional top 20s for a total of nine top 20s committed to Vault CRM. So we're doing really well in the market. Part of it is the go-lives and the continued execution there.

除此之外，我還可以為您提供更多背景資訊。包括口頭承諾在內，我們又增加了 2 名前 20 名，總共有 9 名前 20 名承諾使用 Vault CRM。所以我們在市場上表現非常好。其中一部分是上線並在那裡持續執行。

To be fair, we're also aware that Salesforce had one additional top 20 verbal commit for a total of three. So just to give you the full picture, the latest is Veeva has nine TOP20 wins, Salesforce is at three.

公平地說，我們還知道 Salesforce 還有一項額外的前 20 名口頭提交，總共有三項。為了讓您全面了解情況，最新消息是 Veeva 有 9 場 TOP20 勝利，Salesforce 有 3 場。

All of the wins that I talk about are not equal. This gets to your question here. There's a very big difference between a Veeva win and a Salesforce win.

我所談論的所有勝利都是不平等的。這就回答了你的問題。Veeva 的勝利和 Salesforce 的勝利之間存在很大差異。

You asked about the two top 20s' go-live, less than two years after they made an announcement, they're now live in major markets. That just happened this quarter. So with Veeva, a win almost becomes a certainty. right? We have to work at it. I don't want to make it sound too easy. But these are two significant live and happy customers now in some of their major markets.

你詢問了前 20 名中的兩個產品的上線情況，在他們宣布上線不到兩年的時間裡，它們現在已在主要市場上線。這件事本季就發生了。因此，有了 Veeva，勝利幾乎是板上釘釘的事了，對嗎？我們必須努力。我不想讓它聽起來太簡單。但目前，這兩位客戶已成為其一些主要市場上活躍且滿意的重要客戶。

They're going to continue to go live globally through the end of the year and beyond. So that's where we are with wins. That's a huge milestone. That has a big impact.

他們將在今年年底及以後繼續在全球範圍內上線。這就是我們取得勝利的地方。這是一個巨大的里程碑。這影響很大。

With Salesforce, that's obviously very different. The earliest that they'll have a go-live with a top 20 in a single region is the end of 2026, possibly finishing in, let's say, the 2029 timeframe. That's obviously a very long time. A lot of things can happen between now and then, especially as our customers get the benefit of all the things that Peter just talked about around Veeva AI -- being able to get started with AI this year. Our partnership with IQVIA. That, they can take advantage of today. But that will get better, over time.

對於 Salesforce 來說，情況顯然有很大不同。他們最早將在 2026 年底在單一地區推出排名前 20 的產品，或者說可能在 2029 年完成。這顯然是一段很長的時間。從現在到那時，很多事情都可能發生，特別是當我們的客戶從 Peter 剛才談到的有關 Veeva AI 的所有事情中受益時——能夠在今年開始使用 AI。我們與 IQVIA 的合作關係。他們今天就可以利用這一點。但隨著時間的推移，情況會變得更好。

So the chance that all three Salesforce customers go live in all regions is actually low. It's just not proven. It's going to require a lot of custom work. It's going to take years to mature, if it even gets there. So all of those three wins that they have, they're not equal to a Veeva win. They all have a contingency plan, which is Veeva.

因此，所有三位 Salesforce 客戶在所有地區上線的可能性實際上都很低。這只是尚未得到證實。這將需要大量的客製化工作。即使它能夠成熟，也需要數年的時間。因此，他們所取得的這三次勝利都無法與 Veeva 的勝利相提並論。他們都有一個應急計劃，那就是 Veeva。

That's where things play out. The two wins that we had that are now live customers. Obviously, critically important that these are multi-factor decisions. But this is a pretty significant play in how customers are thinking about where they place their chips. Beyond the top 20, that story even gets stronger, right, as smaller companies, they just can't afford to take a risk on a risky project.

事情就是這樣發生的。我們贏得的兩筆交易現在都是活躍客戶。顯然，至關重要的是這些都是由多因素決定的。但這對於了解客戶如何考慮將籌碼放在哪裡具有相當重要的意義。除了前 20 名之外，這個故事變得更加強大，對吧，作為小公司，他們根本無法承擔有風險的專案。

So we're feeling good about the competitive position. This is a huge milestone that that Veeva had. I have confidence we'll be able to continue to win and continue to convert to live, happy customers.

因此我們對競爭地位感到滿意。這是 Veeva 的一個重要里程碑。我相信我們能夠繼續獲勝並繼續轉化為活躍的、滿意的客戶。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Congrats on the quarter. I just wanted to take a step back and think about the Agentic opportunity. If you think about how we could maybe size that or where you could see some of the early opportunities, I think in Commercial, we see that. But if we're looking at the R&D portfolio and what Vault could be with Agentic opportunities, what are some of the early use cases you'd see there? How would you look at that opportunity, thinking about it Commercial versus R&D?

恭喜本季取得佳績。我只是想退一步思考一下 Agentic 的機會。如果你思考我們如何確定其規模，或者在哪裡可以看到一些早期的機會，我認為在商業領域，我們看到了這一點。但是，如果我們看看研發組合以及 Vault 與 Agentic 合作的可能性，您會看到哪些早期用例？您如何看待這個機會，是商業機會還是研發機會？

Okay. I'll take that one. That's certainly different, right? We have a lot of variety in the (inaudible), where we do clinical trial operations; we do commercial and medical things and quality and manufacturing. So each one is different.

好的。我要那個。這當然不同，對吧？我們在（聽不清楚）領域有很多業務，我們進行臨床試驗操作；我們從事商業和醫療事務以及品質和製造。所以每個人都是不同的。

In the Commercial area, I don't think it's about reducing the number of people too much inside of life sciences, if at all. But it's enabling them to be more productive and hold more relationships and get more work done. And so that's very valuable in itself.

在商業領域，我認為這並不會減少生命科學領域的人員數量，甚至根本不會減少。但它使他們能夠提高工作效率、維持更多的關係並完成更多的工作。這本身就非常有價值。

If you look at areas within Safety and Clinical, there's some areas where there's a lot of hundreds of millions of dollars of outsourced labor used to do processing-type things. I think Agentic AI can maybe remove the need for half of that.

如果你觀察安全和臨床領域，你會發現有些領域需要花費數億美元外包勞動力來做加工類的事情。我認為 Agentic AI 也許可以消除其中一半的需求。

If you look at a clinical trial master file, agentic AI going to be pretty good at putting a document where it should go and telling you if you have all the documentation you need for that trial, based on the protocol. Is any document blurry? Is there any document eligible, et cetera? It's going to be really d*** good at that stuff.

如果您查看臨床試驗主文件，agentic AI 將會非常擅長將文件放到正確的位置，並根據協議告訴您是否擁有該試驗所需的所有文件。是否有任何文件模糊？是否有任何符合條件的文件等等？它在這方面一定會非常出色。

So it will be different by each area. But Agentic AI is going to do some of the things that humans can do. Agentic AI is going to be able to do that. That either frees up more human time for humans to be more productive on what they need to do or reduces the need for humans. So it's going to apply to every area, just like people applying to every area. But it's going to apply in different ways.

所以每個地區都會有所不同。但 Agentic AI 將會做一些人類可以做的事情。Agentic AI 將能夠做到這一點。這可以為人類節省更多的時間，使他們能夠更有效率地完成需要做的事情，或減少對人類的需求。因此它將適用於每個領域，就像人們適用於每個領域一樣。但它的應用方式卻不同。

Maybe, a follow-up. I'd love to get an update on some of your horizontal software ambitions. I know that was a big theme at the Analyst Day last year. Any progress, to date, that you can share?

或許，還有後續行動。我很想了解您在橫向軟體方面的一些抱負。我知道這是去年分析師日的一個重要主題。到目前為止，有什麼進展可以分享嗎？

Yeah. No specific progress. I think, just to reiterate, we're working on a platform-first approach here. Our first (inaudible). We're making great progress. They know we have a good team -- a pretty stable team making excellent progress. Really excited about it.

是的。暫無具體進展。我想，只是重申一下，我們正在採用平台優先的方法。我們的第一個（聽不清楚）。我們正在取得巨大進步。他們知道我們有一支優秀的團隊──一支相當穩定、有優秀進步的團隊。我真的很興奮。

We have said the CRM area will be our first use case or first application. We're starting to talk to early customers and getting that feedback, et cetera. So I think we'll have a project or two, starting this year.

我們已經說過 CRM 領域將是我們的第一個用例或第一個應用程式。我們開始與早期客戶交談並獲取回饋等等。所以我認為從今年開始我們會有一兩個項目。

And then, we'll give more of an update on our Analyst Day, more of a fulsome update. But if you think about Veeva, what do we do? We make excellent products. We really buckle down and make excellent products. We avoid the hype and all that stuff. We improve those products with our customers. We're very authentic.

然後，我們將在分析師日提供更多更新，更全面的更新。但如果你考慮一下 Veeva，我們該怎麼做？我們生產優質的產品。我們確實努力工作並生產出優秀的產品。我們避免炒作和所有那些東西。我們與客戶一起改進這些產品。我們非常真誠。

Maybe everybody thinks that, yeah, you can't do that in horizontal software. Well, I don't know. I think we'll buck the trend. I think we'll do that.

也許每個人都認為，是的，你不能在橫向軟體中做到這一點。嗯，我不知道。我認為我們會逆轉這一趨勢。我想我們會這麼做。

So in the horizontal software, I think you'll see the flavor and the culture of Veeva come through. You'll see the product excellence come through.

因此，在橫向軟體中，我認為您會看到 Veeva 的風格和文化。您將看到產品的卓越品質。

You got to remember, a lot of these cloud applications, they were made before -- it was certainly made before AI but a lot of them were made before the iPhone, too. So there are some structural things when we're starting from scratch here that we can really take advantage of.

你要記住，很多這些雲端應用程式都是在人工智慧出現之前製作的，但很多也是在 iPhone 出現之前製作的。因此，當我們從頭開始時，我們可以真正利用一些結構性的東西。

The whole new markets team is super excited about that. So more to come. But the activity is definitely going full steam.

整個新市場團隊對此感到非常興奮。未來還會有更多。但這項活動肯定正在全力進行中。

Stan Berenshteyn, Wells Fargo Securities.

貝倫斯坦 (Stan Berenshteyn)，富國證券。

First, Peter, for you. Going back to the IQVIA news, just with Nitro and Network getting a second life here, can you just size the dollar opportunity for these products? What uptake should we anticipate from clients?

首先，彼得，請聽我為您講解。回到 IQVIA 新聞，隨著 Nitro 和 Network 在這裡獲得第二次生命，您能評估這些產品的美元機會嗎？我們應該預期客戶會做出怎樣的反應？

In terms of the dollar opportunity, I would say similar to some of our other add-on products, maybe a bit bigger but similar. But the way to think about it is that what it enables for our full Commercial suite.

就美元機會而言，我想說它與我們的其他一些附加產品類似，可能稍大一些，但類似。但思考的方式是它為我們的整個商業套件提供了什麼功能。

This helps our CRM products and all the different products we have. Our Events Management, our Patient CRM, our Campaign Management, our Data Products because it's a more full solution. It really helps our Business Consulting too, which drives stickiness.

這有助於我們的 CRM 產品以及我們擁有的所有不同產品。我們的事件管理、我們的病患 CRM、我們的活動管理、我們的資料產品，因為它是一個更完整的解決方案。這也確實有助於我們的業務諮詢，從而提高黏性。

I would say it lets customers, over time, take a bigger bite at the Veeva apple in Commercial, such -- yeah. And then, you saw that in Clinical. When our product suite got very mature and got fulsome and got practical for people, (inaudible) started customers, hey, maybe I'll just get out that Veeva stuff at once. I think that's going to happen a bit more in Commercial. So it's transformative.

我想說的是，隨著時間的推移，它可以讓客戶在商業領域對 Veeva 蘋果產生更大的興趣，例如 — — 是的。然後，您在臨床中看到了這一點。當我們的產品套件變得非常成熟、豐富且實用時，（聽不清楚）客戶開始說，嘿，也許我應該立即推出 Veeva 產品。我認為這種現像在商業領域會比較常見。所以它具有變革性。

I would say if you had to think about the benefit for Veeva, maybe 25% of that benefit is related to actually revenue there -- Business Consulting and Network and Nitro. 75% of it is related to the Network and the new Network effect that we'll have on the broader Commercial.

我想說，如果你必須考慮 Veeva 的利益，也許其中 25% 的利益與那裡的實際收入有關——業務諮詢、網路和 Nitro。其中 75% 與網路以及我們將對更廣泛的商業產生的新網路效應有關。

Got it. Thank you. And then a follow-up for Brian. On the Commercial Cloud subscriptions, they were flattish quarter on quarter here. In the prepared remarks, Crossix was called out as seeing continued strength and momentum here in the quarter.

知道了。謝謝。然後是 Brian 的後續行動。就商業雲端訂閱而言，季度環比持平。在準備好的發言中，Crossix 表示其在本季將繼續保持強勁的勢頭和發展勢頭。

First, wondering if there's anything offsetting that momentum here in the fiscal 2Q? And then, what is factored into the raised guidance for Commercial subscriptions?

首先，想知道第二財季是否有任何因素抵消了這一勢頭？那麼，商業訂閱指導價上調考慮了哪些因素？

Great quarter for cross 6 and 2 on the back of a few great quarters in a row now so we're really pleased with the execution of that team. We expect that to continue to be a meaningful driver of growth in in commercial going forward and the balance of the year. And then I think more broadly you see, the growth as you touched on earlier in the call in R&D subscriptions which works for picking up in the second half and seeing firming up of the pipeline in the second half. So, good quarter of execution in Q2 and the solid view going into the second half of the year here.

在連續幾季取得優異成績的基礎上，本季業績表現優異，達到6勝2負，我們對團隊的執行力非常滿意。我們預計，這將繼續成為未來以及全年商業業務成長的重要驅動力。此外，我認為，從更廣泛的角度來看，正如您之前在電話會議上提到的，研發訂閱量的成長預計將在下半年回升，並有望在下半年鞏固產品線。因此，第二季的執行情況良好，並且對下半年的前景持樂觀態度。

Stan. Yeah. Great quarter for Crossix in Q2, on the back of a few great quarters in a row now. So we're really pleased with the execution of that team. We expect that to continue to be a meaningful driver of growth in Commercial, going forward and in the balance of the year.

斯坦。是的。Crossix 在第二季度表現出色，目前已連續幾季表現優異。所以我們對團隊的表現非常滿意。我們預計，在未來以及今年剩餘的時間裡，這將繼續成為商業成長的重要推動力。

And then, I think, more broadly, you see the growth, as we touched on earlier in the call, in R&D subscriptions, which we're picking up in the second half and seeing firming up of the pipeline in the second half.

然後，我認為，從更廣泛的角度來看，正如我們在電話會議早些時候提到的那樣，你會看到研發訂閱量的增長，我們在下半年將會出現回升，並且會看到下半年的管道建設不斷加強。

So good quarter of execution in Q2 and the solid view going into the second half of the year here.

因此，第二季的執行情況良好，對下半年的前景也十分樂觀。

If you could just comment why was the quarter, like, flat or sequentially, if there's any offsets there? What drove the raised guidance for the back half of the year for Commercial Cloud?

如果您能評論為什麼本季表現持平或季比成長，是否有任何偏移？是什麼推動了商業雲下半年業績指引的提升？

Well, on Commercial, I think similar factors to what we've spoken about previously stand. We still see Crossix being the main driver there. We saw that in the past quarter. It continues to be a driver in Q2.

嗯，關於商業，我認為與我們之前談到的類似的因素仍然存在。我們仍然認為 Crossix 是那裡的主要推動者。我們在上個季度就看到了這一點。它繼續成為第二季的推動力。

David Windley, Jefferies.

傑富瑞的戴維溫德利 (David Windley)。

Management has talked about, I think, CRM evolving to a breadth of products that would rival what R&D looks like today with the release or the transition over to Vault and away from Salesforce reliance. And now, your IQVIA resolution, you talked about today, Peter, that that seems to open the path to do that more aggressively. You've already launched a couple.

我認為，管理層已經談到 CRM 將發展成為一系列產品，這些產品的發布或過渡到 Vault 並擺脫對 Salesforce 的依賴，可以與當今的研發相提並論。現在，彼得，您今天談到的 IQVIA 決心似乎為更積極地實現這一目標開闢了道路。您已經推出了一些產品。

So the question here is: what is the path to a doubling or maybe even 2.5 times number of products in CRM look like? Are AI agents part of the count along that path? Or do you think of those as companion to that path?

所以這裡的問題是：CRM 中的產品數量增加一倍甚至 2.5 倍的途徑是什麼樣的？人工智慧代理是否是該路徑上計數的一部分？還是您認為它們是這條道路的伴侶？

Excellent question. I think there may be some new applications. But that's probably not the main way look at it. I look at it for Veeva AI will expand our opportunity Also, we have now opportunity to pull through some of the newer applications we already have, Campaign Management, Service Center Patient CRM, Network, Nitro, some of our Data Products, and our Commercial Analytics.

非常好的問題。我認為可能會有一些新的應用。但這可能不是看待這個問題的主要方式。我認為 Veeva AI 將擴大我們的機會，此外，我們現在有機會利用我們已經擁有的一些較新的應用程序，如活動管理、服務中心患者 CRM、網路、Nitro、我們的一些數據產品和商業分析。

So if you look at our revenue on the Commercial side now, the Crossix doing quite well. Commercial content, doing quite well. The core CRM is doing quite well.

因此，如果您現在看一下我們商業方面的收入，您會發現 Crossix 表現相當不錯。商業內容，做得相當不錯。核心 CRM 表現相當不錯。

But these other applications were somewhat stalled for two reasons. First, things like Campaign Managers, Service Center Patients CRM, we couldn't develop them until we decide to move off of the Salesforce platform. That was about three years ago. So maybe had to develop those.

但由於兩個原因，這些其他應用程式在某種程度上停滯不前。首先，像是 Campaign Managers、服務中心病患 CRM 這樣的功能，在我們決定脫離 Salesforce 平台之前，我們無法開發它們。那是大約三年前的事了。所以也許必須開發這些。

And then, for the ones that dealt with data and analytics, those were timing, due to the IQVIA restrictions.

然後，對於那些處理數據和分析的人來說，由於 IQVIA 的限制，這些都是時間問題。

The long story short, we have the products that we need to really increase our revenue in Commercial. Now, we just have to mature those products and do that hard work of customer adoption and customer success.

長話短說，我們擁有真正增加商業收入所需的產品。現在，我們只需要完善這些產品並努力實現客戶採用和客戶成功。

But we're free in Commercial. The runway is clear. We just have to do that hard work to go down that path.

但我們在商業上是自由的。跑道暢通。我們只需要努力工作，走這條路。

Excellent. And then, the follow-up for me would be, just to confirm and clarify that in your Data Products and development paths that you're thinking about there, your agreement with IQVIA does not restrict you, in any way, from pursuing the development of the applications that you want to, the data that you want to?

出色的。然後，對我來說，後續的事情是，只是為了確認和澄清，在您正在考慮的數據產品和開發路徑中，您與 IQVIA 的協議不會以任何方式限制您追求您想要的應用程式的開發，您想要的數據？

Right. There's no restriction on Veeva. There's no restriction on IQVIA, where the market is open and free. And so we'll compete in some areas, partner in some areas.

正確的。Veeva 沒有任何限制。IQVIA 沒有任何限制，市場開放且自由。因此，我們會在某些領域競爭，在某些領域合作。

We both have an interest in customer success. But no restrictions on Veeva.

我們都對客戶的成​​功感興趣。但對 Veeva 沒有限制。

Got it. Thank you.

知道了。謝謝。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Peter, on the IQVIA partnership, I know a lot of questions have been asked on that but is there immediate, imminent revenue unlocks that is perhaps driving the higher forecast for this year around some of the data products? If you could just hit on, like, what this year this unlocks, if anything?

彼得，關於與 IQVIA 的合作關係，我知道很多人對此提出了疑問，但是否存在直接、迫在眉睫的收入釋放，這或許會推動今年部分數據產品的預測上升？如果您能簡單說一下，今年這會解鎖什麼，如果有的話？

Yeah. Nothing material for this year. Nothing that we -- our confidence in the year is just that Q3 and Q4 are closer now than they were 90 days ago and things are firming up.

是的。今年沒有什麼實質的事。我們對今年的信心只是因為第三季和第四季現在比 90 天前更近了，而且情況正在好轉。

So no. Any additional revenue that was unlocked as it relates to IQVIA, not material for this year. But it will contribute in the coming years.

所以不。與 IQVIA 相關的任何解鎖的額外收入對於今年來說並不重要。但在未來幾年它將有所貢獻。

Okay. Great. And then, more of a product and technology question, you talked a lot about your optimism, maybe a bit more medium to long term, around AI and agents. Could you just articulate what you view as the unique differentiator from an architecture perspective of Vault versus Agentforce or even the back end of IQVIA? Like, what do you think puts you at an advantage? Are there certain design or technologies that you made?

好的。偉大的。然後，更多的是關於產品和技術的問題，您談了很多關於您對人工智慧和代理的樂觀態度，也許更多的是中長期的樂觀態度。您能否從架構角度闡明您認為 Vault 與 Agentforce 甚至 IQVIA 後端之間的獨特差異？例如，您認為什麼能為您帶來優勢？您是否採用了某些設計或技術？

Yeah. Our main advantage is that we have the deep applications. If we just take a Clinical example, again, we have the clinical trial management application. So that houses all the people that deal with Clinical and all the data about Clinical and all the business rules and all the content and all the security about clinical trials.

是的。我們的主要優勢是擁有深度應用。如果我們僅舉一個臨床例子，那麼我們有臨床試驗管理應用程式。因此，這裡容納了所有與臨床打交道的人員、有關臨床的所有數據、所有業務規則、所有內容以及有關臨床試驗的所有安全。

With Veeva AI, when we build an application agent, that's built inside of the Vault platform. So it inherently knows all the security rules and how to deal with that. It is running in the Vault application server. So it also has transaction control. We can update the data in the content. It can act on behalf of the user inside of a workflow in a transactionally sound way.

使用 Veeva AI，當我們建立應用程式代理程式時，它內建於 Vault 平台內部。因此它本質上知道所有的安全規則以及如何處理這些規則。它在 Vault 應用程式伺服器中運行。所以它也有交易控制。我們可以更新內容中的資料。它可以以事務合理的方式在工作流程中代表使用者行事。

So that's a structural advantage if you have the application. For example -- and what I said is if you're using Google for mail and if you need an agent to help you write e-mails, boy, Google has an inside advantage on that one because they know what you're doing in e-mail. So that's the main thing.

因此，如果您有該應用程序，那麼這是一個結構性優勢。例如——我說的是，如果你使用 Google 收發郵件，並且需要一個代理來幫助你寫電子郵件，那麼 Google 在這方面就具有內部優勢，因為他們知道你在電子郵件中做什麼。這就是最重要的事。

And then, from the technology perspective, we have some good technologies here, making good decisions. One of the nice things is we waited a little bit, help the Large Language Models, tell that the base AI technology settled down a little bit so we could be really accurate on how to do things.

然後，從技術角度來看，我們這裡有一些很好的技術，可以做出很好的決策。一件好事是我們等待了一段時間，幫助大型語言模型，告訴基礎人工智慧技術稍微穩定下來，這樣我們就可以真正準確地知道如何做事。

When we put it into the Vault platform, we took a platform-first approach. So it's going to have very wide adoption across our different applications.

當我們將其放入 Vault 平台時，我們採取了平台優先的方法。因此它將在我們的不同應用程式中得到廣泛的應用。

Now, you asked about something like Agentforce. Agentforce really grew out of the use case of a call center agent, your 1-800 number. You used to outsource those people and now, use the Agentforce. That's a little bit different. What we're doing is more of a deep application.

現在，您詢問有關 Agentforce 之類的事情。Agentforce 實際上是從呼叫中心代理的使用案例（您的 1-800 號碼）發展而來的。您過去常常將這些人外包，而現在，可以使用 Agentforce。這有點不同。我們所做的更像是一種深度應用。

There are other toolkit-based approaches that says, hey, you can build a bunch of AI with our toolkit. We're not like that. We are deeply embedded in the application, which I think is a structural advantage and makes it very sticky.

還有其他基於工具包的方法，比如說​​，嘿，你可以用我們的工具包建立一堆人工智慧。我們不是那樣的。我們深深嵌入到應用程式中，我認為這是一種結構性優勢，並且使其非常具有黏性。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful. Nice to see continued progress here. I want to ask two questions on the AI front, which I know has been dominating this call.

精彩的。很高興看到這裡不斷取得進展。我想問兩個人工智慧方面的問題，我知道人工智慧一直是這次電話會議的焦點。

Number one, Peter, you talked about the ability to leverage (inaudible) and agent-to-agent transaction. I just want to understand, are you going to be architecting our agents out in a way/have you already started to see this, where it's not only living within the Vault ecosystem or the Veeva ecosystem but you have the ability to do agent-to-agent transactions outside of Veeva, whether that's with completely different vendors like a Workday or ServiceNow or even something that might be a little bit of coopetition like an Agentforce from Salesforce or something from IQVIA?

首先，彼得，您談到了利用（聽不清楚）和代理商之間交易的能力。我只是想了解一下，您是否打算以某種方式構建我們的代理/您是否已經開始看到這一點，它不僅存在於 Vault 生態系統或 Veeva 生態系統中，而且您還能夠在 Veeva 之外進行代理對代理交易，無論是與完全不同的供應商（如 Workday 或 ServiceNow）合作，還是與一些可能有點合作的產品（如 SalesliforceA VI VI VI 的新供應商）的產品（如 SalesforceA VI VI VI 面）競爭的產品（如 SalesforceA VIA VI VI VI 面的新產品（例如 SalesforceA））（如 SalesforceA VI VI VIA）在 Sales 的新產品中競爭”

Then, I've got a quick follow-up.

然後，我會快速跟進。

Yeah. Certainly, we're architecting in that way. If you have an agent inside a Veeva, it can talk to an agent that might be inside of SAP or Workday or a different Salesforce (one) and vice versa. I think that's going to be one of the unheralded -- people don't realize how much of a benefit that is when you have agents that can talk to agents across systems because they're all following a common protocol, much less brittle than you're wiring things up with a mule soft and transferring data back and forth.

是的。當然，我們正以這種方式進行設計。如果您在 Veeva 內部有一個代理，它可以與 SAP 或 Workday 或不同的 Salesforce（一個）內部的代理進行對話，反之亦然。我認為這將是一個未被預示的——人們沒有意識到當你的代理可以跨系統與代理對話時會帶來多大的好處，因為他們都遵循一個通用的協議，這比你用騾子軟體連接並來回傳輸數據要安全得多。

I'm really excited about that potential. It can expose from system-to-system communication but also, for a user.

我對這種潛力感到非常興奮。它不僅可以向使用者公開系統間的通信，還可以向使用者公開。

I might be in my Microsoft Office and I might say, file this document in TMF. Well, the Microsoft Office Copilot may have that agent, the TMF filing agent from Veeva registered with it. So it says, any of the agents know how to do this? The TMF agent with AI sure do. Okay. I'll hand the document over to you and away it goes.

我可能正在使用我的 Microsoft Office，然後我可能會說，將此文件歸檔到 TMF 中。嗯，Microsoft Office Copilot 可能有那個代理，即 Veeva 在其處註冊的 TMF 備案代理。所以它說，任何代理商都知道該怎麼做嗎？具有 AI 的 TMF 代理確實可以做到。好的。我會把文件交給你，然後就好了。

That might have been just from within a person's e-mail and they just said, hey, file is documented in the TMS. Well, the agent would know by reading that document, well, what clinical site are you talking about? What type of a form is this? What investigators is related to -- and I have to fill out three or four fields, okay, I got it from the definition of this particular trial, and I'll fish that out of the PDF. Okay. I got that, and I'm done there.

這可能只是來自某人的電子郵件，他們只是說，嘿，文件記錄在 TMS 中。那麼，代理人透過閱讀該文件就會知道，那麼，您談論的是哪個臨床網站？這是什麼類型的表格？調查人員與之相關 - 我必須填寫三到四個字段，好的，我從這個特定試驗的定義中得到了它，我會從 PDF 中找出它。好的。我明白了，事情已經完成了。

So that can't happen without Agentic behavior.

所以，如果沒有代理行為，這一切都不可能發生。

All right. Got it. That's really helpful.

好的。知道了。這真的很有幫助。

And then, maybe just sticking with AI agents. One of the things that have led to some customers dragging their feet on migration to, what, CRM have been rebuilding some of the customizations that they've done on, like, the previous Veeva CRM. Is there an opportunity that you can leverage your agents to make that is movement of applications, as well?

然後，也許就只堅持使用人工智慧代理。導致一些客戶在遷移到 CRM 時拖延的原因之一是，他們不得不重建一些他們在先前的 Veeva CRM 上所做的客製化。您是否有機會利用您的代理來實現應用程式的移動？

Now, I would say, it wouldn't have the migration, either. Now, what's really helped there is we've really got our tooling really well refined. That's not AI-based tooling. That's very specific migration tooling. We have our services team. Our partners teams trained up because we have a lot of projects underway now.

現在，我想說，它也不會有遷移。現在，真正有幫助的是，我們的工具已經得到了非常完善。那不是基於人工智慧的工具。這是非常具體的遷移工具。我們有我們的服務團隊。由於我們現在正在進行許多項目，因此我們的合作夥伴團隊進行了培訓。

I think we've migrated over 20 customers. But we have about 300 more to go. So this is going to become a machine.

我認為我們已經遷移了超過 20 個客戶。但我們還有大約 300 個要完成。所以這將成為一台機器。

Now, I think what it will do -- and you're right, some customers are hesitant to migrate to Vault CRM but the main reason is they're happy with Veeva CRM. It's working for them. They have other things to focus on.

現在，我想它會做什麼——你是對的，有些客戶不願意遷移到 Vault CRM，但主要原因是他們對 Veeva CRM 感到滿意。這對他們來說很有效。他們還有其他事情需要關注。

I think the pool of AI in CRM will cause a little bit of a pull as it really starts to roll out. That will cause a bit of pull.

我認為，隨著 CRM 中的 AI 真正開始推廣，它會產生一點拉動動作用。這會引起一點拉力。

And then, time marches on, right? When we get into '26, certainly at the end of '27, most customers are going to think, well, I'm not going to arrive Veeva CRM, wait until the end. I got to get going. I got to get this done.

然後，時間繼續前進，對嗎？當我們進入 26 年，當然在 27 年末，大多數客戶都會想，好吧，我不會等到年底才使用 Veeva CRM。我得走了。我得把這件事做完。

So we always thought the bulk of our migrations would happen in 2026 and 2027. I still think that's true. So we have to see how it plays out. But I got to believe more than two-thirds are going to be done in '26 and '27.

因此，我們一直認為大部分遷移將發生在 2026 年和 2027 年。我仍然認為這是真的。所以我們必須看看結果如何。但我相信，超過三分之二的工作將在 26 年和 27 年完成。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Peter, I was fascinated about the comments on the use of Veeva Business Consulting to help push forward your AI initiatives, particularly because we obviously hear plenty about agent fatigue amongst buyers and organizations, just broadly these days.

彼得，我對使用 Veeva Business Consulting 來幫助推動您的 AI 計劃的評論很感興趣，特別是因為我們最近顯然聽到了很多關於買家和組織中代理疲勞的報道。

Can you just talk about what level of demand that you're seeing from customers for some of these consulting services to help with change management? Moving forward, should we look at projects from Business Consulting as a leading indicator for Agentic AI adoption of your Veeva AI tools?

您能否談談客戶對這些有助於變革管理的諮詢服務的需求程度如何？展望未來，我們是否應該將商業諮詢專案視為 Agentic AI 採用 Veeva AI 工具的領先指標？

Agentic fatigue? I love that term. Did you make it yourself? Or is that an industry term I don't know about?

代理疲勞？我喜歡這個詞。你自己做的嗎？還是這是我不知道的行業術語？

I don't think I'm that clever. So I'll say it's the industry.

我不認為我那麼聰明。所以我會說這是行業。

Okay. Well, I don't know. Maybe I got it or maybe I don't, agentic fatigue. But that's a good term.

好的。嗯，我不知道。我可能明白了，也可能不明白，這是一種代理疲勞。但這是一個很好的術語。

You're right to pick up on this. In fact, sometimes, when we have strategic meetings with the customer, I was thinking about meeting we had a few weeks ago with the CEO and his management team of a medium-sized pharma company. I think the biggest eye opener was, actually, what our Business Consulting can do for their company because, for the first time in the industry, you have a business consulting group that can do business process transformation that is aligned with the technology partner, as well.

你對這一點的認識是正確的。事實上，有時，當我們與客戶舉行策略會議時，我會想到幾週前我們與一家中型製藥公司的執行長及其管理團隊舉行的會議。我認為最令人大開眼界的實際上是我們的業務諮詢可以為他們的公司做些什麼，因為這是業內第一次有一個業務諮詢團隊可以進行與技術合作夥伴保持一致的業務流程轉型。

So these are reinforcing things. Now, when AI comes in here, every AI project is a Business Consulting project because you're changing the boundaries of what the humans do and what the agents do. That's not going to happen just by sending an e-mail. It's not going to work like that.

所以這些都是強化的事情。現在，當人工智慧出現時，每個人工智慧項目都是一個商業諮詢項目，因為你正在改變人類和代理商之間的界限。僅透過發送一封電子郵件是無法實現這一點的。那樣是行不通的。

So you're right. It's a major structural advantage. If we would disclose how many specific Business Consulting AI projects were starting in any one quarter, that would be a leading indicator. We don't break it down that way but it's certainly something I watch because that's the start of an AI project.

所以你是對的。這是一個重大的結構優勢。如果我們揭露在任何一個季度有多少具體的商業諮詢 AI 專案啟動，那將是領先指標。我們不會這樣分解它，但我確實會關注它，因為這是一個人工智慧專案的開始。

We have one going on, right now, an early adopter that wanted to get going even far before the software was ready. It started with a Business Consulting project in the Commercial Content area, which is a very intricate workflow of handoffs of people between medical, regulatory, and legal, and different brands in different countries, very intricate.

目前，我們正在進行一項早期採用，該採用者希望在軟體準備好之前就開始使用。它始於商業內容領域的商業諮詢項目，這是一個非常複雜的工作流程，涉及醫療、監管和法律部門以及不同國家不同品牌之間的人員交接，非常複雜。

So when an agent is going to do some of that, you have to figure out, well, what is my workflow and what is my expectation for that? If those people were doing that step and they're not going to be doing that step anymore, what work do I want them to do?

因此，當代理商要做其中的一些工作時，你必須弄清楚，我的工作流程是什麼以及我對此的期望是什麼？如果那些人正在做那一步，而他們不再做那一步了，我希望他們做什麼工作？

So that's all Business Consulting. Like I said, that's not just send an e-mail and use the agent. That's not going to work.

這就是全部的商業諮詢。就像我說的，這不僅僅是發送電子郵件和使用代理。那是行不通的。

Yeah. Makes a lot of sense. I appreciate all the color there.

是的。很有道理。我很欣賞那裡的所有色彩。

Maybe as a follow-up, it's great to see some of the continued progress with the Compass product suite. You did call out Compass Prescriber seeing a bit of resistance in the marketplace or resistance to change. Can you just talk about maybe what's driving that resistance, whether it's macro driven? Is there incremental product investments you need to make there?

也許作為後續行動，很高興看到 Compass 產品套件取得一些持續進展。您確實指出 Compass Prescriber 在市場上看到了一些阻力或對變革的阻力。您能否談談是什麼導致了這種阻力，是否由宏觀因素驅動？您是否需要在那裡進行增量產品投資？

Just any target you can provide on that?. Thanks.

您能提供任何目標嗎？謝謝。

I would say there's always incremental product investments we need to do. Sometimes, you run the race and you run 100 miles an hour and that's faster than you expected. Sometimes, you run 50 miles an hour and that's a little slower than you expected. This one is probably a little slower than expected.

我想說我們總是需要進行增量產品投資。有時，你在比賽中以每小時 100 英里的速度奔跑，這比你預期的要快。有時，你以每小時 50 英里的速度奔跑，這比你預期的要慢一點。這個可能比預期的慢一點。

We ran into a few more bumps than we expected. I think, in Prescriber, particularly. We probably underestimated just the resistance to change in that area. But it's -- we're turning the corner a bit. But, really, customers are pretty happy with it.

我們遇到的困難比我們預期的多。我認為，尤其是在《處方者》中。我們可能低估了該地區變革的阻力。但我們正在稍微扭轉局面。但事實上，顧客對此非常滿意。

We project -- we're the first product to project products and procedures for 100-plus brands. That was just not available before. So people don't know, really, what to make of it too much. They're very used to the way things are since it's been a hard market. But when it goes, it will go, I think.

我們進行專案－我們是第一個為 100 多個品牌進行產品和程序專案的產品。這在以前是根本不可能的。所以人們真的不知道該如何理解這一點。由於市場形勢嚴峻，他們已經非常習慣這種狀況。但我認為，當它消失時，它就會消失。

(Operator Instructions)

（操作員指示）

Craig Hettenbach, Morgan Stanley.

摩根士丹利的克雷格·赫滕巴赫。

Great. Just a question on the macro backdrop, which hasn't changed for prepared remarks in the last 90 days. Crossix is highlighted as an area of relative strength. Any other segments that you would call out -- in terms of, despite some of the macro uncertainty -- that are still performing really well?

偉大的。這只是關於宏觀背景的一個問題，在過去 90 天裡，宏觀背景對於準備好的發言來說並沒有改變。Crossix 被強調為相對強勢的領域。儘管存在一些宏觀不確定性，但您還提到哪些其他領域仍然表現良好？

Craig. Yeah. This is Brian. I'll take this one.

克雷格。是的。這是布萊恩。我要這個。

On the macro environment, I think what we're seeing overall is while there's still elevated uncertainty, there's really no change. It's fairly stable in that level of uncertainty. So we continue to see customers work effectively within that environment.

就宏觀環境而言，我認為我們總體上看到的是，儘管不確定性仍然存在，但實際上並沒有改變。在這種不確定程度下，它相當穩定。因此，我們繼續看到客戶在該環境中有效地工作。

We continue to see pipeline build and deals progress. That's the main contributor to what you just talked about, a firming up the view for Q3 and Q4. No one area that I would call out, in particular.

我們繼續看到管道建設和交易進展。這是您剛才談到的主要因素，鞏固了對第三季和第四季的看法。我沒有特別指出哪個領域。

We're seeing good execution across the business. Customers stay focused on the task at hand.

我們看到整個業務的執行情況良好。客戶專注於手邊的任務。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

This is Bill, on for Kirk.

我是比爾，代替柯克。

Brian, you already have great margins but are you seeing any in-house benefits yet from AI and R&D or sales and marketing functions?

布萊恩，你們已經獲得了很大的利潤，但是你是否從人工智慧和研發或銷售和行銷功能中看到了任何內部效益？

Hey, Bill. I think on AI, internally, we don't expect a meaningful contribution from that in the short term. We think these have the potential to be a transformational tool over the long term.

嘿，比爾。我認為，就人工智慧而言，就內部而言，我們並不期望它在短期內帶來有意義的貢獻。我們認為從長遠來看，這些有潛力成為一種轉型工具。

But for us, it's really a new tool about driving productivity and quality. And so we've got access that everybody, internally, has some models that are integrated with our e-mail system. Our engineers have specific tools that are in their flow of work.

但對我們來說，它確實是一個提高生產力和品質的新工具。因此，我們可以讓每個人在內部擁有一些與我們的電子郵件系統整合的模型。我們的工程師在工作流程中擁有特定的工具。

A lot like what Peter talked about, with customers and building AI embedded in customers' flow of work. But I wouldn't expect a big sudden headcount change. It's a tool that we're using to continue to drive quality and productivity in our team.

很像彼得所說的，與客戶合作並在客戶的工作流程中嵌入人工智慧。但我預計員工人數不會突然大幅變動。這是我們用來持續提高團隊品質和生產力的工具。

Great. Thanks.

偉大的。謝謝。

DJ Hynes, Canaccord Genuity.

DJ Hynes，Canaccord Genuity。

Going back to the two top 20s that have gone live on Vault CRM and major markets, can you just speak to the economics of those very early large Vault CRM customers, both spend levels and margin contribution maybe compared to what that may have looked like on legacy Veeva CRM?

回顧已經在 Vault CRM 和主要市場上上線的兩大前 20 名客戶，您能否談談這些早期大型 Vault CRM 客戶的經濟狀況，包括支出水平和利潤貢獻，與傳統 Veeva CRM 相比如何？

I can take that one. Price is similar, the best way to say it. It's not exactly the same because the packaging is somewhat different. It's a bit simplified in Vault versus CRM. But revenue-wise to Veeva, about similar.

我可以接受那個。價格差不多，最好這樣說。並不完全一樣，因為包裝有些不同。與 CRM 相比，Vault 稍微簡單了一些。但從收入方面來看，與 Veeva 差不多。

Over the long term, our cost of goods sold will be smaller. In the short term, actually, a little bit bigger because we have some transition costs. During that transition time, the customers, we're getting them going on Vault CRM and customers are still using the Veeva CRM and they continue that for a while to do a cut-over an archive.

從長遠來看，我們的銷售成本將會更低。從短期來看，實際上規模會稍微大一些，因為我們有一些轉型成本。在過渡期間，我們讓客戶使用 Vault CRM，而客戶仍在使用 Veeva CRM，他們會繼續使用一段時間來進行檔案切換。

So in the short term, a little more cost of goods sold. And then, in the longer term, better cost of goods sold. But from a revenue perspective, it should be roughly neutral.

因此，從短期來看，銷售成本會略高一些。然後，從長遠來看，銷售成本會更低。但從收入角度來看，應該大致保持中性。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist Securities。

I wanted to follow up on the Crossix comments. Can you be a little bit more specific there? It seems Crossix still remain strong. But how would trend there compared to Q1? Broadly, what would you attribute some of the key drivers behind Crossix' performance? Is it strength in industry trends? Or are you gaining market share?

我想跟進 Crossix 的評論。能更具體一點嗎？看來 Crossix 依然保持強勁。但與第一季相比，那裡的趨勢如何？整體而言，您認為 Crossix 業績表現背後的一些關鍵驅動因素是什麼？這是產業趨勢的力量嗎？或者說，你的市佔率正在擴大？

Just trying to better understand if all the noise around other marketing channels for pharma companies is creating more opportunity for you guys and your confidence in sustainability of those trends, going forward.

只是想更了解製藥公司其他行銷管道周圍的所有噪音是否為你們創造了更多機會，並增強了你們對這些趨勢可持續性的信心。

Jailendra, this is Brian. I'll take this one.

Jailendra，這是 Brian。我要這個。

On the Crossix trends, I think we saw continued strong performance coming into Q2. You'll recall that in Q1 where we had some outperformance there, we said it was largely driven by audiences. We're waiting to see some of those trends play out.

就 Crossix 趨勢而言，我認為我們會看到其在第二季度繼續表現強勁。您會記得，在第一季度，我們有一些出色的表現，我們說這主要是由觀眾推動的。我們正在等待觀察這些趨勢的發展。

We saw continued growth across the Crossix business. We're not going to break it out, specifically

我們看到 Crossix 業務持續成長。我們不會具體地透露

But it continues to be a meaningful driver of growth in Commercial. We see that continuing as we go into the balance of the year.

但它仍然是商業成長的重要推動力。隨著今年的結束，我們看到這種情況將繼續下去。

There's some seasonality in Crossix. It tends to be a little bit heavier in Q1 than over the course of the year. But that's really more about the nature of the market than any change in the macro trends.

Crossix 具有一些季節性。第一季的情況往往比全年稍微嚴重一些。但這實際上更多的是關於市場性質而不是宏觀趨勢的任何變化。

We think we're positioned well there in continuing to pursue market leadership in that space.

我們認為，我們已做好準備，繼續在該領域追求市場領導地位。

Yeah. I would add on. I would say we are -- increasing market share is one thing we're doing. And then, we are increasing our product footprint. Audiences relatively new for us, that's growing quite well.

是的。我想補充一下。我想說的是——增加市場份額是我們正在做的事情之一。然後，我們正在增加我們的產品足跡。對我們來說，觀眾群相對較新，但成長勢頭良好。

And then, traditionally, Crossix made -- it was very strong in the consumer measurement and optimization of the potential patients; now, are getting quite a bit better. Pharma is actually spending more incremental money in the marketing to healthcare providers.

然後，傳統上，Crossix 在消費者測量和潛在患者的優化方面非常強大；現在，情況已經好多了。製藥公司實際上在針對醫療保健提供者的行銷上投入了更多的增量資金。

And so we're doing more measurement in what was called the HCP marketing. That's what you're seeing. It's growth on two axis, both market share and product footprint.

因此，我們在所謂的 HCP 行銷中做了更多的測量。這就是你所看到的。它的成長體現在兩個方面：市場佔有率和產品足跡。

And then, that's really, if you get down to it, driven by producing solid ROI and customer success. It's a word-of-mouth business. That's what's going on.

然後，如果你認真對待它，這實際上是由產生可靠的投資回報率和客戶成功所驅動的。這是一項口耳相傳的生意。事情就是這樣的。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay. Great. Peter, maybe for you. It's great to get to see the IQVIA stuff behind us. Nitro, in my view, was really one of Veeva's early AI products. We didn't hear much about that product earlier on because of the data challenges with IQVIA.

好的。偉大的。彼得，也許對你來說。很高興看到我們身後的 IQVIA 產品。在我看來，Nitro 確實是 Veeva 早期的 AI 產品之一。由於 IQVIA 的數據挑戰，我們之前對該產品了解不多。

But now that that's out of the way, how quickly can we get Nitro back in front of customers? How much of a multiplier could that be to your CRM deals or however you think about the revenue opportunity?

但既然這個問題已經解決了，我們多久才能讓 Nitro 重新回到客戶面前？這對您的 CRM 交易或您對收入機會的看法能產生多大的影響？

Yeah. It is. If you're happy to see it, I'm probably triple happy to see it; and the whole Veeva team. Imagine if you're working on the Nitro product or the Network product, you're going in there and you have one hand tied behind your back. Now, all of a sudden, you don't have that restriction.

是的。這是。如果您很高興看到它，我和整個 Veeva 團隊也會很高興看到它。想像一下，如果您正在開發 Nitro 產品或網路產品，那麼您進入那裡時，一隻手卻被綁在身後。現在，突然之間你就不再受到這種限制了。

So part of it is we have to relearn that motion in Veeva, right? We have to invest in the people and invest in the product and the selling. We have to relearn that motion. It's not going to happen overnight. We need to do that.

所以部分原因是我們必須在 Veeva 中重新學習該動作，對嗎？我們必須投資人才、投資產品和銷售。我們必須重新學習那個動作。這不會在一夜之間發生。我們需要這麼做。

And in terms of the revenue, again, I won't break it out but it will be significant. Mainly, it's significance will show up with a more wholesome and more fulsome solution to the customer. It will enable us to do all types of things -- make new data products, make new analytical products -- and to show up with a better, more full suite. So I couldn't be more excited about it.

至於收入，我不會單獨列出，但收入將是相當可觀的。主要是，它的意義將體現在為客戶提供更全面、更完善的解決方案。它將使我們能夠做各種事情——製造新的數據產品、製造新的分析產品——並提供更好、更完整的套件。所以我對此感到非常興奮。

I think the main reason I'm excited is customers are excited about it. Our joint customers. We had, just the week after it was announced -- the following week, I believe, or maybe one week afterwards -- a joint call with Veeva and IQVIA with I believe that was certainly a top 20 pharma, if not a top 10, at their request. There was high level of people from the customer.

我認為我興奮的主要原因是顧客對此感到興奮。我們的共同客戶。就在消息宣布後的一周內——我相信是接下來的一周，或者可能是一周之後——我們與 Veeva 和 IQVIA 舉行了聯合電話會議，我相信這肯定是前 20 名製藥公司，如果不是前 10 名的話，這是應他們的要求。來自客戶的人員水準很高。

That never happened before, as far as I know, in the history of Veeva here. It was very productive information sharing. The Veeva team came away energized. The IQVIA team came away energized. And the customer team came away energized. There was actually specific follow-ups to explore this or to explore that. That never happened before.

據我所知，在 Veeva 的歷史上，這種事情從未發生過。這是非常有成效的資訊共享。Veeva 團隊充滿活力地離開。IQVIA 團隊充滿活力地離開。客戶團隊也因此充滿活力。實際上還有具體的後續行動來探索這個或那個。這種事以前從來沒有發生過。

So I'm just optimistic that a lot of value can be created and ideas can come out of this that are super positive for the industry. We do different things, IQVIA and Veeva. And then, we compete in certain areas. But the one thing we do share deeply, both of us, is proven deep commitment and understanding of the industry.

因此，我樂觀地認為，這可以創造很多價值，並且可以產生對行業非常積極的想法。我們做不同的事情，IQVIA 和 Veeva。然後，我們在某些​​領域展開競爭。但我們兩人確實深深地分享了一件事，那就是對這個行業的深刻承諾和理解。

IQVIA is a much bigger company than us. They do different things than us. But we share that in space. We're both deeply committed to the industry. We're probably the two largest companies that are deeply, deeply committed to -- in terms of revenue, anyway, or impact -- life sciences.

IQVIA 是一家比我們大得多的公司。他們所做的事情和我們不同。但我們在太空中共享這一點。我們都對這個行業有著深厚的感情。無論如何，就收入或影響而言，我們可能是對生命科學領域做出深度承諾的兩家最大的公司。

Now, we're working together in the customers' interest. I'm pretty excited about it.

現在，我們正在為了客戶的利益而共同努力。我對此感到非常興奮。

Sounds like a great outcome for everybody. Thanks.

聽起來這對每個人來說都是一個很好的結果。謝謝。

Yeah. It is. Thank you.

是的。這是。謝謝。

Jeff Garro, Stephens.

傑夫加羅、史蒂芬斯。

I'll throw one more AI question out there, specifically around the R&D product set. The market seems to have a strong appetite for AI in Clinical Development. You've outlined a measured approach to releasing AI agents into the market.

我將再提出一個有關人工智慧的問題，特別是研發產品集的問題。市場似乎對臨床開發中的人工智慧有著強烈的興趣。您已經概述了將人工智慧代理推向市場的審慎方法。

Wondering if you could comment on how you plan to work with partners in the interim as you get to a fuller set of agents released? Any early thoughts on where Veeva can automate in a differentiated way versus partnerships, effectively driving value for your life science sponsor clients?

想知道您是否可以評論一下在發布更全面的代理商名單期間您計劃如何與合作夥伴合作？您能否初步考慮 Veeva 可以在哪些方面以差異化的方式實現自動化，而不是透過合作關係，從而有效地為您的生命科學贊助客戶創造價值？

Well, the partner work certainly continues. We have customers using partners. There's no issues there.

嗯，合作工作肯定會繼續。我們的客戶使用合作夥伴。那裡沒有問題。

You mentioned a measured approach about AI. That's true. But the goals are pretty big.

您提到了一種有關人工智慧的測量方法。這是真的。但目標相當大。

So when we talk about in the TMF area, where we have 20 out of the top 20 using our TMF, we have a goal, internally, about to see if we can reduce the processing and the outsourced labor needed in and around the TMF by 50% in the industry.

因此，當我們談論 TMF 領域時，前 20 名中有 20 名都在使用我們的 TMF，我們內部有一個目標，看看我們是否可以將行業內 TMF 內部和周圍所需的處理和外包勞動力減少 50%。

That's not measured. -- that's a very, very aggressive goal. So to do that, you got to start out with these big goals in mind and then, you got to incrementally make progress.

這是無法衡量的——這是一個非常非常激進的目標。因此，要做到這一點，你必須先在心中設定這些大目標，然後逐步取得進展。

Partners will play a part in that because with Veeva AI and the ability to develop these agents and for agents to inter-operate, I think there's going to be good room for partners to develop agents. They're going to operate with our agents. And then, customers could develop their own custom agents pretty quickly to do the small things that we're not going to get around to that might be very specific to that customer.

合作夥伴將在其中發揮作用，因為借助 Veeva AI 以及開發這些代理和代理互通的能力，我認為合作夥伴將有良好的空間來開發代理。他們將與我們的特工一起行動。然後，客戶可以很快地開發自己的客製化代理商來處理那些我們無法處理的、針對該客戶的特定小事。

So measured progress and very deliberate platform first. But the goals are very large.

因此，首先要衡量進展情況，並非常慎重地制定平台。但目標非常遠大。

Steven Valiquette, Mizuho Securities.

瑞穗證券的 Steven Valiquette。

Yeah. Really, just a quick follow-up. Another one here on Crossix, which I think you have answered but I'm just going to ask it, anyway. Last quarter, in fiscal 1Q, you mentioned the usage-based component of Crossix drove more of the upside. You mentioned back then that could be lumpy. That was reflected in the full -year guide. Just one quarter later, I just want to confirm how you're still thinking about that lumpiness for the back half of fiscal '26?

是的。真的，只是一個快速的跟進。Crossix 上還有另一個問題，我想你已經回答過了，但無論如何我還是想問一下。上個季度，即財政年度第一季度，您提到 Crossix 的基於使用情況的組件推動了更多的上漲。您當時提到過，這可能會很不平衡。這在全年指南中有所體現。僅僅一個季度之後，我只是想確認一下，您還在考慮 26 財年下半年的不平衡問題嗎？

And then, also, for fiscal 1Q, you mentioned Crossix was growing at over 30%. So I'm just wondering are you able to comment on whether Crossix is still or was still comping at 30% growth or more in the fiscal second quarter, as well?

然後，同樣，對於第一財季，您提到 Crossix 的成長率超過 30%。所以我只是想知道您是否可以評論 Crossix 在第二財季是否仍然或曾經保持 30% 或更高的成長率？

We continue to see good growth in both areas of process. The Measurement business, which is a little more consistent subscription-like business; as well as the Audiences business, which is usage-based. Both for drivers of growth in Q2.

我們繼續看到這兩個流程領域都取得了良好的成長。測量業務是一種更類似於訂閱的業務；而受眾業務則是基於使用情況的。兩者都是第二季度的成長動力。

Audiences was in Q1 and remains in Q2 the higher growth segment of the business. The smaller but higher-growth segment of the business. We're not going to break down a specific growth rate, quarter by quarter, and speak to the 30% each quarter but it still remains that Audiences is the primary growth driver of that business.

觀眾在第一季和第二季仍然是業務中成長較快的部分。規模較小但成長較快的業務部分。我們不會逐季細分特定的成長率，也不會談論每季的 30%，但受眾仍然是該業務的主要成長動力。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

Just a follow-up. I appreciate the color on the verbal commitments on the CRM side. I was just wondering, are you seeing -- can you comment on any potential verbal commitments on [EDC]?

只是後續行動。我很欣賞 CRM 的口頭承諾。我只是想知道，你是否看到——你能否評論任何潛在的口頭承諾[EDC]？

If you can't answer that question, I was just going to add, in terms of the head count growth you had, I know it's a recent graduate class, I'm just wondering, is this like a once-a-year event because I didn't see that level of additions in the past 12 months, at least?

如果您無法回答這個問題，我只是想補充一下，就您的員工人數增長而言，我知道這是剛畢業的班級，我只是想知道，這是否是一年一次的活動，因為至少在過去 12 個月中我沒有看到這種程度的增加？

Thank you.

謝謝。

Yeah. I'll take the verbal commitment on -- we're always talking with the customers on the EDC and other area but we really don't get into that level of verbal commitment.

是的。我會接受口頭承諾——我們一直在與 EDC 和其他領域的客戶交談，但我們實際上並沒有達到那種程度的口頭承諾。

I think the Salesforce one is a little bit of a weird territory we're in here with the Veeva CRM for the next nine months. So we wanted to give you updates there because we know people are interested in that one.

我認為 Salesforce 是一個有點奇怪的領域，我們將在接下來的九個月內使用 Veeva CRM。因此，我們想向您提供最新消息，因為我們知道人們對此很感興趣。

And then, Brian, in terms of the seasonality, do you want to take that one?

然後，布萊恩，就季節性而言，你想接受這一點嗎？

Yeah. Absolutely. On the hiring side, the headline there is in line with our expectations and driven by the core business. Generation Veeva, which is our hiring program for recent graduates was, as you mentioned, the largest driver of that. That's a really important program for us. It feeds our consulting, our professional services, and our engineering.

是的。絕對地。在招募方面，主要內容符合我們的預期，並由核心業務推動。正如您所說，Generation Veeva 是我們針對應屆畢業生的招募計劃，也是實現這一目標的最大推動力。這對我們來說是一個非常重要的計劃。它為我們的諮詢、專業服務和工程提供支援。

It had a larger class in Q2, relative to its usual mix, but was in line with our expectation. So a little bit of a shift in the mix versus prior years but as we expected.

與通常的組合相比，它在第二季度的班級規模更大，但符合我們的預期。因此，與前幾年相比，組合略有變化，但正如我們預期的那樣。

Thank you.

謝謝。

David Larsen, BTIG.

BTIG 的 David Larsen。

How many total Vault CRM wins were there in the quarter? I think there were 28 last quarter. Just, any color on the trends sequentially and where those wins are coming from, please?

本季度 Vault CRM 總共獲得多少次勝利？我認為上個季度有 28 個。請問，請按順序說明一下趨勢以及這些勝利來自哪裡？

Thank you.

謝謝。

Yeah. David, this is Paul. We had 13, total, which was a mix of new customers that were mostly buying out for CRM but also, of some of the migrations from Veeva CRM. So I would think about each quarter having a mix of both of those categories. But also, it being relatively lumpy because the number of companies that are coming online each quarter, buying a new CRM, that will vary. That will change. It's not a linear thing.

是的。大衛，這是保羅。我們總共有 13 位客戶，其中大部分是新客戶，他們大多購買 CRM，但也有一些是從 Veeva CRM 遷移過來的。所以我會考慮每個季度將這兩個類別混合在一起。但同時，由於每個季度上線併購買新 CRM 的公司數量會有所不同，因此它也相對不穩定。這種情況將會改變。這不是線性的事情。

And then, also, the number of migrations, in 2025, I expect that to be, [somewhat], the lower years. I expect that number to ramp up, as we get into 2026 and through '27 and even, 2028 [quarter].

另外，我預計 2025 年移民人數將會比較少。我預計，隨著我們進入 2026 年、2027 年，甚至 2028 年（季度），這個數字還會上升。

Ladies and gentlemen, that concludes our question-and-answer session.

女士們、先生們，我們的問答環節到此結束。

I will now turn the conference back over to Mr. Peter Gassner for closing remarks.

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

感謝大家今天參加電話會議。感謝我們的客戶一直以來的合作，也感謝 Veeva 團隊在本季所做的出色工作。

I'm looking forward to talking with you again at our upcoming Investor Day, October 16.

我期待在 10 月 16 日即將到來的投資者日再次與您交談。

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。