Veeva Systems Inc. (VEEV) 2026 Q4 法說會逐字稿

Good afternoon, and welcome to Veeva's fiscal 2026 fourth-quarter and full-year earnings conference call for the quarter and fiscal year ended January 31, 2026. 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.

下午好，歡迎參加 Veeva 2026 財年第四季及全年財報電話會議，本次會議涵蓋截至 2026 年 1 月 31 日的季度和財年業績。再次提醒大家，我們已於今天太平洋時間下午 1 點剛過在 Veeva 的投資者關係網站上發布了準備好的發言稿。希望您在通話前有機會閱讀這些資料。今天的電話會議將主要用於問答環節。

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.

今天和我一起回答問題的有：執行長 Peter Gassner；執行副總裁兼策略主管 Paul Shawah；以及財務長 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. Our actual results may differ materially. Please refer to the risks listed in our earnings release and the risk factors included in our most recent filing on Form 10-Q.

在本次電話會議中，我們可能會對趨勢、我們的策略和預期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與此有重大差異。請參閱我們在盈利報告中列出的風險以及我們在最近提交的 10-Q 表格文件中列出的風險因素。

Forward-looking statements made during the call are being made as of today, March 4, 2026, 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. 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.

本次電話會議中所做的前瞻性陳述均基於我們今天（2026 年 3 月 4 日）所掌握的事實。如果今天之後重播或查看此通話，通話期間提供的資訊可能不包含最新或準確的資訊。Veeva公司聲明不承擔更新或修改任何前瞻性聲明的義務。我們可能會在今天的電話會議上討論我們的業績指引，但除非在公開場合，否則我們不會提供任何關於本季業績的進一步指引或更新。

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

在電話會議上，我們也可能會討論一些我們認為有助於理解我們財務表現的非GAAP指標。有關與可比較 GAAP 指標的調節表，請參閱今天的收益報告和補充投資者演示文稿，這兩份文件均可在我們的網站上找到。

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

謝謝大家的參與。我把電話轉給彼得。

Thank you, Gunnar, and welcome, everyone, to the call. We had a strong finish to the year, delivering results ahead of our guidance. Total revenue in the quarter was $836 million with non-GAAP operating income of $366 million. For the year, total revenue was $3.195 billion and non-GAAP operating income was $1.434 billion.

謝謝你，Gunnar，也歡迎各位參加通話。我們以強勁的勢頭結束了這一年，業績超出了預期。本季總收入為 8.36 億美元，非 GAAP 營業收入為 3.66 億美元。該年度總收入為 31.95 億美元，非 GAAP 營業收入為 14.34 億美元。

2025 was an outstanding year for Veeva. We surpassed our $3 billion revenue run rate goal and deepened our strategic partnerships across the life sciences industry through innovation and customer success.

2025年對Veeva來說是輝煌的一年。我們超額完成了 30 億美元的營收目標，並透過創新和客戶成功，深化了與生命科學產業的策略合作夥伴關係。

We'll now open up for your questions.

現在進入問答環節。

(Operator Instructions) Joe Vruwink, Baird.

（操作說明）喬·弗魯溫克，貝爾德。

I wanted to ask if Veeva is starting to see some programs funded maybe in the name of AI readiness. I would imagine for a top 20 to commit to Veeva in any of the R&D areas, RTSM, quality, safety. It would seem you're going eyes wide open into really viewing Veeva as a future foundation for everything AI related that is to come. And so I'm wondering if there's an AI influence that you're starting to see that's contributing to the strong demand here at year-end.

我想問一下 Veeva 是否開始看到一些項目以人工智慧準備的名義獲得資助。我認為，排名前 20 的公司會在研發、RTSM、品質、安全等任何領域與 Veeva 達成合作。看來你已經完全意識到 Veeva 是未來所有與人工智慧相關技術的基礎。所以我想知道，您是否開始看到人工智慧的影響，促成了年底的強勁需求。

This is Peter. I wouldn't say that's a broad theme. There are cases, and it varies by area. More of the theme is, hey, we need core systems that will scale. Either their existing systems are aging. So we talked about a top 20 safety win. There, their existing systems because they were doing other things over the past years and just lots of deferred maintenance, and that was going to become a critical risk for the company. So they have to get that in.

這是彼得。我不會說這是一個普遍的主題。確實存在這種情況，而且因地區而異。更確切地說，我們需要可擴展的核心系統。要嘛是他們現有的系統老化了。所以我們討論的是前 20 名安全球員的勝利。由於過去幾年他們一直在忙於其他事情，導致現有系統維護工作嚴重滯後，這對公司來說是一個重大風險。所以他們必須把那件事加進去。

There are sometimes where it will help our data business. They're trying to clean up their clean reference data because they know AI is not going to work because okay, garbage in, garbage out. So there's a little bit of that, but more.

有時它會對我們的數據業務有所幫助。他們試圖清理乾淨的參考資料，因為他們知道人工智慧行不通，因為垃圾進，垃圾出。所以這方面有點兒，但更多。

It's just modernizing, getting rid of legacy and looking for increased automation. AI is really the goal there is automation, right? That's the goal. But AI is not the only way you do automation, part of it is you do automation through a system to have clean workflow. So it's a driver, but I wouldn't say it's a major driver.

這只是現代化改造，淘汰舊系統，尋求提高自動化程度。人工智慧的真正目標是實現自動化，對吧？這就是目標。但人工智慧並不是實現自動化的唯一途徑，自動化的一部分是透過系統來實現的，從而獲得清晰的工作流程。所以這是一個驅動因素，但我不會說這是一個主要驅動因素。

Okay. Great. On CRM, Brian made, I thought interesting comments at a January conference around how that business is going to become about 10% of Veeva in 2030, so call it a $600 million run rate. I think that's a bigger number than many would have penciled in at the start of events and transitions happening there.

好的。偉大的。關於 CRM，Brian 在一月份的一次會議上發表了一些我認為很有趣的評論，他指出，到 2030 年，CRM 業務將佔 Veeva 的 10% 左右，也就是 6 億美元的年化收入。我認為這個數字比許多人在事件和轉型之初預想的要大得多。

Are there things like Service Center or Campaign Manager that are adding incrementally to the forecast? And how would you think about those increments rolling in versus the timing of what you know will roll off in probably that '28 and '29 timeframe?

服務中心或行銷活動管理工具等因素是否會逐步增加預測值？那麼，您如何看待這些逐步實施的措施與您所知的 2028 年和 2029 年期間可能逐步取消的措施之間的關係呢？

Yeah, Joe, that's right. We did talk about CRM being roughly 20% of our total revenue today, going to about 10% by the 2030 time frame. And that's primarily driven by a lot of the growth that you're going to see. We have a broad, diverse business that's growing along multiple dimensions.

是的，喬，沒錯。我們確實討論過，目前客戶關係管理 (CRM) 約占我們總收入的 20%，到 2030 年左右將降至 10% 左右。而這主要源自於你即將看到的許多成長。我們擁有廣泛而多元化的業務，並且正在多個維度上不斷發展壯大。

So -- and CRM is relatively stable. So we project CRM will be a nice stable business for us over the long term. And that includes, to your question, some of the add-on products that you've mentioned like Campaign Manager and additional revenue from Service Center and other things that we may create over time -- we may develop over time. But yes, that's -- think about that as the total kind of CRM seat-based revenue in 2030.

所以——而且客戶關係管理（CRM）相對穩定。因此，我們預計 CRM 將在長期內成為我們一項穩定且前景良好的業務。至於你的問題，其中也包括你提到的一些附加產品，例如 Campaign Manager，以及來自 Service Center 的額外收入，還有我們可能會隨著時間推移而創建的其他東西——我們可能會隨著時間推移而開發的東西。但是，沒錯，你可以把這看作是 2030 年 CRM 席位收入的總和。

I'll just put a few puts and takes on that. The add-on products, patient CRM, Service Center, Campaign Manager, those can grow. And also, there are some puts and takes in the core CRM.

我在這裡簡單說幾句買賣。附加產品，如患者客戶關係管理、服務中心、行銷活動管理等，這些都可以成長。此外，核心 CRM 中也存在一些增減因素。

So a couple of the large top 20, for example, were on IQVIA, okay, those are going on over to Veeva. We didn't have those before, some med tech companies. Yes, and Salesforce is getting a few of those as well. So there's puts -- we might focus on the takes, which -- but there's puts and takes in that area and then the add-ons will grow.

例如，排名前 20 的幾家大型公司之前在 IQVIA 上，現在它們將轉移到 Veeva。我們以前沒有這些，一些醫療科技公司。是的，Salesforce 也收到了一些類似的報價。所以有賣盤——我們可能會關注買盤，但該領域既有賣盤也有買盤，然後附加盤會成長。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Okay. Great. Can you hear me okay?

好的。偉大的。你聽得清楚我說話嗎？

Yes.

是的。

Nice finish to the year. Peter, maybe if I could start with you, just to stay on the AI theme a little bit. You spent a lot of time with customers on both the R&D and commercial sides of the house.

今年以完美的方式收尾。彼得，或許我可以先從你開始，就為了稍微延續一下人工智慧的話題。在公司的研發和銷售部門，你都花了很多時間與客戶交流。

What are they saying about AI adoption right now within the life sciences industry? Maybe what role do they see the big LLM providers playing? And what role do they see Veeva playing, if that makes sense?

他們目前對生命科學產業採用人工智慧有何看法？他們認為大型法學碩士（LLM）提供者將扮演什麼角色？如果可以這麼說的話，他們認為Veeva會扮演什麼角色？

Yeah. And in fact, you're right. I do spend a lot of time with customers. I was just reflecting when you ask that, it's one of the best parts of my day. And every day, at least I'm talking to one customer or another. It might be an individual person by text or a conference call or e-mail or whatever it is.

是的。事實上，你是對的。我確實花了很多時間和客戶在一起。你問這個問題的時候，我正在思考這個問題，這是我一天中最美好的時光之一。而且每天，我至少都會和一位或多位顧客交談。可能是透過簡訊、電話會議、電子郵件或其他任何方式與個人聯繫。

So what -- first of all, there's extreme interest in AI because they're getting pressured by their bosses and their peers, right, to be, okay, how do we get more efficient with AI because it's a new computing paradigm. And I would say they bucket into three -- maybe four types of people that might be able to help them. One is the infrastructure providers, the LLM providers themselves, Anthropic, OpenAI, Microsoft in that camp, Amazon, NVIDIA, those types of things, what -- how can they be leveraged there?

所以——首先，人們對人工智慧非常感興趣，因為他們的老闆和同行都給他們施加了壓力，對吧，那就是，好吧，我們如何利用人工智慧來提高效率，因為它是一種新的計算範式。我認為他們大致可以分成三到四類能夠幫助他們的人。一是基礎設施供應商，LLM 供應商本身，例如 Anthropic、OpenAI、微軟、亞馬遜、NVIDIA 等等，如何利用它們？

And then they would look for point solution providers. There's a specialized group of people in the specialized department and they can do this proof of concept or maybe you scale it for me here. And then there's their own employees doing custom software and then there's system integrators.

然後他們會尋找解決方案提供者。我們專業部門有一個專門的團隊，他們可以進行這個概念驗證，或者你也可以幫我在這裡進行規模化擴展。此外，他們還有自己的員工開發客製化軟體，以及系統整合商。

And then you get the core application people like Veeva, like Workday, like SAP. And so when they're generally talking to us, they want us to provide more AI solutions that are tightly integrated with their core systems because they trust Veeva and they know we deliver quality and really know when we say something it's going to work, it's going to work, right, because our reputation is on the line versus a small start-up can just say whatever they want, right? It doesn't really matter.

然後還有像 Veeva、Workday、SAP 這樣的核心應用軟體開發商。所以，當他們和我們溝通時，他們希望我們提供更多與他們的核心系統緊密整合的 AI 解決方案，因為他們信任 Veeva，他們知道我們交付高品質的產品，並且真正知道我們說的話一定會奏效，對吧？因為我們的聲譽岌岌可危，而一家小型新創公司卻可以隨心所欲，對吧？其實這並不重要。

So they want us to get in there and make it work, and they want us always to go faster. So I feel that we have -- our customers really want us to win in AI applications. And so we have a right to win and we just have to execute. So it's pretty exciting.

所以他們希望我們進去把事情做好，而且他們希望我們總是加快速度。所以我覺得我們——我們的客戶真的希望我們在人工智慧應用領域取得成功。所以我們有獲勝的實力，我們只需要執行好戰術。所以這很令人興奮。

And then some of them have projects going with us, for example, in the promotional materials management area, and they're pretty excited that I can have a winning AI application that really works and is really durable and is from Veeva because they've been -- a lot of them have been burned on a lot of experiments, but it's not easy for customers to admit failed experiments because that's just the dynamics. You don't like to admit that.

例如，他們中的一些人正在與我們合作進行項目，例如在宣傳材料管理領域。他們很高興我能提供一個真正有效、持久耐用的、來自 Veeva 的成功 AI 應用，因為他們中的許多人在許多實驗中都吃了虧，但客戶很難承認實驗失敗，因為這就是現實。你不願意承認這一點。

And failed is too hard of a word. Sometimes the experiment doesn't work out, but it's not a failure, you got a lot of learnings. But the experiments that can actually scale, they're rare so far, and they know Veeva's -- we won't do things unless we can scale them.

「失敗」這個詞太刺耳了。有時候實驗並不成功，但這不是失敗，你會從中學到很多經驗。但目前真正能夠規模化的實驗還很少，而且他們也知道 Veeva 的理念——除非能夠規模化，否則我們不會去做。

That's great and very, very helpful perspective, Peter. Brian, maybe for my follow-up for you. I was wondering if we could talk about the Crossix business here a little bit in fiscal '27. Obviously, you had a fantastic year in '26.

彼得，你的觀點很棒，非常有幫助。布萊恩，或許我可以跟進一下。我想知道我們是否可以稍微談談 2027 財年的 Crossix 業務。顯然，你在2026年度過了非常棒的一年。

So should we think about this year as a tough comp year? Or do you see some of the same trends continuing into '27?

所以我們應該把今年看成是競爭激烈的一年嗎？或者您認為某些相同的趨勢會延續到 2027 年？

Saket, I think both of those can be true. Crossix had an outstanding year last year, and it certainly exceeded our expectations. We're starting to lap some of those in Q4 and certainly into Q1. You'll recall that was the major driver of outperformance in Q1 of last year.

薩凱特，我認為這兩種說法都可能成立。Crossix去年表現出色，遠遠超出了我們的預期。我們在第四季開始超越其中一些競爭對手，而且肯定會在第一季超越。您應該還記得，這是去年第一季業績超預期的主要驅動因素。

So the compares do get tougher, but that is a business that's executing really well with a long runway for growth. And so we continue to expect very healthy growth from the Crossix team.

因此，比較起來確實會更難，但這是一個經營非常成功的企業，擁有很長的成長空間。因此，我們繼續期待 Crossix 團隊能夠取得非常健康的成長。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Congrats on the very strong quarter. So Brian, I wanted to start with you. I've got the question. Any help on bridging the gap between the 13% growth for subscription in fiscal year '27 versus the 11% growth in normalized billings?

恭喜你們本季業績非常出色。布萊恩，我想先從你開始。我有個問題。有什麼辦法可以彌補2027財年訂閱營收成長13%與正常化帳單收入成長11%之間的差距嗎？

For FY27?

2027財年？

Yeah, for fiscal year '27.

是的，是2027財年。

Yeah. I think the main thing as you think about subs growth in '27, Brian, is we've got some -- we just talked about Crossix. So we've got a little bit of slowing growth in commercial, very healthy growth, but just as Crossix laps some of those harder compares, and we've talked about CRM being a more mature business.

是的。布萊恩，我認為你在考慮 2027 年訂閱用戶成長時最主要的一點是，我們有一些——我們剛才談到了 Crossix。所以，我們在商業領域的成長速度略有放緩，但成長依然非常健康，只是 Crossix 在一些更難比較的方面遙遙領先，而且我們也討論過 CRM 是一個更成熟的業務。

In R&D, you'll see that the growth rate shifts a bit. And that's really driven by the shift from growth coming from our mature products like eTMF to the really big new products like RTSM and EDC and safety and LIMS. And so those products are very large and growing fast, but still early and getting to scale.

在研發領域，你會發現成長率略有變化。這實際上是由成長重心從成熟產品（如 eTMF）轉移到真正的大型新產品（如 RTSM、EDC、安全性和 LIMS）所驅動的。因此，這些產品規模非常大，成長速度很快，但仍處於早期階段，正在逐步擴大規模。

And so you're primarily seeing the effect of that mix shift in the delta there between subs and billings. But it's not a major effect, and we remain very pleased with the progress and trajectory and the path towards our 2030 goals.

因此，你主要看到的是這種組合變化對訂閱用戶和帳單用戶之間差額的影響。但這並不是什麼重大影響，我們對目前的進展、發展軌跡以及實現 2030 年目標的路徑仍然非常滿意。

Got it. And maybe a follow-up for Paul. I know you have 125-plus customers live on Vault CRM. I'd love to understand for that customer cohort and even some that are looking at the transition, what are you seeing in terms of pipeline development of some of the other products? And would be curious about that cross-sell opportunity.

知道了。或許還需要給保羅一個後續報道。我知道你們有超過 125 位客戶正在使用 Vault CRM。我想了解一下，對於這部分客戶群，甚至是一些正在考慮轉型的客戶群，您在其他一些產品的研發方面看到了什麼？我對交叉銷售的機會很感興趣。

Yeah, Brian, you're right. In the prepared remarks, I think we said 125-plus live. Actually, it's -- the actual number is closer to 140. So we're doing just really, really well in Vault CRM, pleased with our execution from the very largest of companies all the way to the very smallest and pretty much across every region. And yes, what we are seeing is, in some cases, when those migrations happen, it creates an opportunity to add a new product that they didn't have before.

是的，布萊恩，你說得對。在事先準備好的演講稿中，我想我們說過會有 125 人以上現場觀看。實際上，實際數字更接近 140。我們在 Vault CRM 方面做得非常出色，我們對從最大的公司到最小的公司，幾乎在每個地區的執行情況都非常滿意。是的，我們看到，在某些情況下，當這些遷移發生時，會創造一個機會，讓他們增加以前沒有的新產品。

We've seen that in examples with Network and OpenData, a couple of the top 20s that we've announced. as they went to Vault CRM, they expanded globally with network and OpenData. And then also with some of the newer add-ons, some of the small and midsized companies, they're adopting some of the new products that we have, like they're turning on Service Center. We're turning on Campaign Manager. So it's absolutely an opportunity for us to pull a lot of that through, and I expect that's going to continue over time.

我們已經從網路和開放資料的例子中看到了這一點，在我們公佈的前 20 名企業中，有幾家都採用了這種方式。當他們轉向 Vault CRM 時，他們透過網路和開放資料實現了全球擴張。此外，一些中小企業也開始採用我們的一些新產品，例如啟用服務中心等。我們正在啟用 Campaign Manager。所以這絕對是我們實現許多目標的機會，而且我預計這種情況會隨著時間的推移而持續下去。

Alexei Gogolev, JPMorgan.

阿列克謝‧戈戈列夫，摩根大通。

Peter, building on the AI theme, Veeva clearly has mission-critical software, strong network effect, proprietary data and domain expertise. How do your customers rank those key elements when they consider Veeva's right to win against those LLM infrastructure peers?

Peter 進一步闡述了人工智慧的主題，Veeva 顯然擁有關鍵任務軟體、強大的網路效應、專有數據和領域專業知識。您的客戶在考慮 Veeva 是否有資格在與 LLM 基礎設施同行的競爭中勝出時，如何對這些關鍵因素進行排序？

Yeah. I'm not sure how they would really rank that. I think they would kind of view it as altogether. Veeva understands our systems. They understand our processes. They understand our technology. But -- and more so, many of them think of Veeva as a company that's delivered on everything we've said we would do over the last 15 years. So the trust is there.

是的。我不太確定他們會如何給它排名。我認為他們會把它看作是整體而言的。Veeva 了解我們的系統。他們了解我們的流程。他們了解我們的技術。但是——更重要的是，許多人認為 Veeva 是一家在過去 15 年裡兌現了我們所承諾的一切的公司。所以信任是存在的。

And it's not just buying trust, it's earned trust. We're a company that really -- we really take customer success seriously. So when we commit to do something, we're going to do it. And we won't get a sale by committing to something we can't do. That's what we don't want to do.

而且，這不只是花錢買信任，而是贏得信任。我們是一家非常重視客戶成功的公司。所以，當我們承諾要做某事時，我們就會去做。如果我們承諾做不到的事情，就無法達成交易。這是我們不想看到的。

So I would say trust is the number one. And obviously, they know that we know our business, and we're tech experts. So that's kind of how they see it. It's pretty straightforward.

所以我認為信任才是最重要的。顯然，他們知道我們精通自己的業務，而且我們是技術專家。他們大概就是這麼看的。很簡單。

And Brian, I appreciate that you and Peter have confirmed the target of top 20 that you hope will switch to Vault CRM. Do you still think you may get the commitment from the remaining four customers by mid of calendar '26? And also related to the customer topic, it looks like customer growth has accelerated to 5%. What drove that?

Brian，我很感謝你和P​​eter確認了你們希望前20家企業能夠轉而使用Vault CRM的目標。你仍然認為你能在 2026 年年中之前獲得剩餘四位客戶的承諾嗎？另外，關於客戶方面，客戶成長率似乎已加速至 5%。是什麼原因導致這種情況？

Yeah. So we -- as it relates to top 20, so most of the decisions have been made. There's a handful, roughly 5 that are left. We do expect -- we've said roughly 14 of 20 where we expect it will end up to be, and we still -- we're on track for that. Nothing has changed there. Maybe it's 13%, maybe it's 15%, but we think 14% is closest to the pin.

是的。所以，就前 20 名而言，大部分決定已經做出。還剩下寥寥幾個，大概5個左右。我們預計——我們已經說過大約 20 個目標中的 14 個最終會達到我們預期的目標，而且我們仍然——我們正朝著這個目標穩步前進。那裡什麼都沒變。可能是 13%，也可能是 15%，但我們認為 14% 最接近正確答案。

Those decisions will play out this year. Some of them will happen over the next couple of months. There may be a few that go later in the year for no other reason than company-specific things like there's a couple of customers that have some launches that are upcoming. So they're obviously prioritizing that over anything else. So yeah, we're on track in top 20. We think it will end up at roughly 14 of top 20. We're doing well there.

這些決定將在今年內得到體現。其中一些事件將在未來幾個月內發生。可能有些產品會推遲到今年稍後上市，原因只是公司本身的原因，例如有幾個客戶即將推出一些新產品。所以他們顯然把這件事放在第一位。是的，我們有望進入前20名。我們認為它最終大概會排在前20名中的第14名左右。我們在那裡一切順利。

And I think the second part of your question was around the growth rate in customer count. Did I hear that correctly? I think so. I think you asked about the 5% growth in customer count.

我認為你問題的第二部分是關於客戶數量的成長率。我沒聽錯吧？我也這麼認為。我想你問的是客戶數量增加5%的問題。

And I think what you're seeing there is just really strong execution from the team. We talked over the past few cycles about the progress we're making in the basics area, which is meant for some of the small emerging biotechs, and we've seen really good execution with that team in both commercial and R&D.

我認為你們現在看到的，正是團隊非常出色的執行力。在過去的幾個週期裡，我們討論了我們在基礎領域的進展，這主要面向一些小型新興生物技術公司，我們看到該團隊在商業和研發方面都取得了非常好的執行效果。

Ken Wong, Oppenheimer & Co.

Ken Wong，奧本海默公司

I wanted to maybe touch on professional services. It looks like there was some outperformance there. Can you talk about what segment saw that outperformance? And then as we think about fiscal '27, should we assume the gross margin profile of that services pipeline is consistent with '26?

我想稍微談談專業服務方面的問題。看起來那邊表現有些超常。能否談談是哪個細分市場表現優異？那麼，當我們考慮 2027 財年時，我們是否應該假設該服務業務的毛利率與 2026 年保持一致？

Ken, this is Brian. I'll pick that one up. So yeah, very strong execution from the team in FY26 and going into FY27 on services. The main driver of growth there continues to be business consulting, but also the R&D team growing very healthily as well as other areas like our digital events business and commercial as well.

肯，這是布萊恩。我來買那本。是的，團隊在 2026 財年和 2027 財年在服務方面都表現出色。推動公司成長的主要動力仍然是商業諮詢，但研發團隊以及其他領域（如數位活動業務和商業）也發展得非常健康。

We've had some of the uptick that we expected in CRM migration activity. And so you see that reflected in the top line. And we've been hiring to support that demand. You can see that in the margin profile over Q3 and Q4, continuing to run very profitably and expect that to continue over the coming year.

CRM遷移活動出現了我們預期的成長。因此，您可以在第一行看到這一點。我們一直在招聘以滿足這一需求。從第三季和第四季的利潤率曲線可以看出，公司持續獲利，預計未來一年將繼續保持獲利。

Got it. And then just a quick follow-up on the -- you mentioned on billings, no longer giving the quarterly guide. I guess as we think about our models, is it at least loosely fair to assume typical seasonality that we've seen these last few years?

知道了。然後，關於您提到的帳單問題，不再提供季度指南，我再快速跟進。我想，當我們思考我們的模型時，至少可以大致合理地假設我們過去幾年看到的典型季節性現象嗎？

Yeah. Thanks for that question, Ken. So yeah, our plan for the coming years, we'll continue to provide annual normalized billings. We'll update that on a quarterly basis alongside our other metrics.

是的。謝謝你的提問，肯。是的，未來幾年，我們將繼續提供年度標準化帳單。我們會像其他指標一樣，按季度更新該指標。

You've heard us say for several cycles, we think that's the better indicator of the underlying momentum of the business. So we're not going to give quarterly guidance. But with that said, we do expect the seasonality to be directionally similar to last year.

你們已經聽我們說過好幾個週期了，我們認為這是衡量企業潛在發展動能的更好指標。因此，我們不會提供季度業績指引。但即便如此，我們預計今年的季節性變化趨勢將與去年大致相同。

Stan Berenshteyn, Wells Fargo Securities.

史丹貝倫斯坦，富國證券。

So in the prepared remarks, you mentioned a top 20 standardizing on RTSM. I'm curious, will RTSM have a similar ramp to EDC? Or is there a different consideration there?

所以，在準備好的演講稿中，你提到了 RTSM 標準化的前 20 家公司。我很好奇，RTSM 的收益成長曲線會跟 EDC 類似嗎？或者，這裡面還有其他考量嗎？

And I want to understand the selling motion here. Was this a competitive takeaway? Does this top 20 standardize on any other major solutions for you?

我想了解這裡的銷售模式。這是競爭性外送嗎？這前 20 名是否與您推薦的其他主要解決方案相符？

Let's see. The selling motion there and the ramping -- these are long-term ramping deals with RTSM. RTSM is a significant product area. You could think of it as significant as the EDC area. So it's -- because it's very critical in what it does, shipping around drug supplies and blinded drug supplies to research sites all around the world and randomizing the patients into the right cohorts. This is extremely detailed and critical work.

讓我們來看看。那裡的銷售動向和產能提升——這些都是與 RTSM 達成的長期產能提升協議。RTSM 是一個重要的產品領域。你可以把它看作和EDC區域一樣重要。所以，它之所以如此重要——因為它所做的事情非常關鍵，那就是向世界各地的研究點運送藥品和盲法藥品，並將患者隨機分配到正確的隊列中。這是一項極其細緻且至關重要的工作。

The selling motion there is different than many of other products because -- especially the top 20, they buy the RTSM solutions and services almost on a study-by-study or therapeutic-area-by-therapeutic-area basis. And we think Veeva can be just the enterprise solution for that. We have the scale to do that. We're not a small stand-alone RTSM vendor.

那裡的銷售模式與其他許多產品不同，因為——尤其是前 20 名——他們幾乎是逐個研究或逐個治療領域地購買 RTSM 解決方案和服務。我們認為 Veeva 正好可以成為滿足這種需求的企業級解決方案。我們有能力做到這一點。我們不是小型獨立RTSM供應商。

We're a big Veeva that has a lot of scale and flex, but we have an outstanding stand-alone RTSM product. It's the best product in the business. So now you can standardize on Veeva and get a lot of synergies.

我們是一家規模龐大、靈活度很高的 Veeva 公司，但我們擁有出色的獨立 RTSM 產品。這是業界最好的產品。現在你可以採用 Veeva 作為標準解決方案，並獲得許多協同效應。

So the selling motion is often showing people that you don't have to do it the old way. You don't have to have an RTSM procurement department in your company. So it's a different selling motion.

所以銷售過程往往是向人們展示，你不必再用老方法了。貴公司無須設立 RTSM 採購部門。所以這是一種不同的銷售方式。

You asked if the customer -- about other products that the customer has, the customer has been a long-standing clinical customer. They did actually buy some other clinical products from us in the clinical operations area at the same time as this. But these are, I wouldn't say they're completely separate sales cycles, but it definitely -- this was an RTSM sales cycle, and we're really happy with that. It's a milestone deal for Veeva and for the industry. And I hope to have more of those over the next year or two.

您詢問了客戶—關於客戶擁有的其他產品，這位客戶一直是臨床領域的長期客戶。同時，他們確實從我們臨床營運領域購買了一些其他臨床產品。但這些，我不會說它們是完全獨立的銷售週期，但這絕對是 RTSM 銷售週期，我們對此非常滿意。這對 Veeva 和整個行業來說都是一項里程碑式的交易。我希望在未來一兩年內能有更多這樣的機會。

Now our focus right there in the RTSM is going to be delivering on that promise for the customers so that they see these synergies of standardizing. That's number one thing we got to do.

現在，RTSM 的重點就是兌現對客戶的承諾，讓他們看到標準化帶來的綜效。這是我們首要要做的事。

And then a quick follow-up on AI. So obviously, some of your clients are helping solutions that maybe are not widely available yet.

然後快速跟進一下人工智慧方面的內容。顯然，你們的一些客戶正在提供一些目前可能尚未廣泛普及的解決方案。

Can you maybe speak to early proof points that you're seeing on AI agents that I guess you're planning to roll out over the course of the year? Are there any sort of ROI or tidbits from clients that you're hearing that you can kind of comment on ahead of these releases?

您能否談談您在今年計劃推出的AI代理的早期驗證點？在這些產品發布之前，您能否從客戶那裡聽到一些關於投資回報率或其他方面的回饋，並就此發表一些評論？

Yeah. The one that's farthest along, and we have multiple projects underway is the commercial content area. And that -- the ROI is just very clear. It's faster content, lower cost to create that content, and that's what it's all about. Lower cost to create that content. I won't quote specific numbers, but that's pretty clear to quantify.

是的。進展最快的是商業內容領域，我們目前有多個專案正在進行中。這一點——投資報酬率非常明顯。內容製作速度更快，成本更低，這就是關鍵所在。降低內容創作成本。我不會引用具體數字，但這很容易量化。

Faster content just means better launches. That means that drives the top line before the on that product expires. So I get asked by that by customers all the time. They know in the age of really omnichannel experience for their customers, which are patients and health care providers, omnichannel experience that includes AI doctors and large language models, the speed that you can get your content out there in a compliant way is just going to be critical.

更快的內容發布速度意味著更好的產品發布。這意味著在該產品的促銷活動到期之前，它會推動銷售額的成長。所以常常有顧客問我這個問題。他們知道，在如今這個真正為客戶（包括患者和醫療保健提供者）提供全通路體驗的時代，全通路體驗還包括人工智慧醫生和大型語言模型，以合規的方式快速發佈內容至關重要。

So the old way of approving content is just not going to suffice anymore. You need to approve it. You can't do this. It's not legal to just throw content out there that's not compliant. They need to do it. But the old way of doing it is just not going to suffice. So there's intense interest in that area.

因此，舊的內容審核方式已經遠遠不夠用了。你需要批准它。你不能這樣做。隨意發布不合規的內容是違法的。他們需要這樣做。但老辦法已經行不通了。所以人們對這個領域非常感興趣。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Nice to see continued momentum in the business. Two questions. Maybe first, I would love to start out by exploring a little bit more. Obviously, Anthropic made a lot of noise when they launched Claude for Life Sciences and signed up a lot of deals. And maybe lost in that was Veeva is an enabling and launch partner of Claude for Life Sciences.

很高興看到公司業務持續保持成長勢頭。兩個問題。或許首先，我很想先多探索一下。顯然，Anthropic 在推出 Claude for Life Sciences 並簽署大量協議時引起了廣泛關注。或許人們會忽略 Veeva 是 Claude 生命科學領域的賦能和啟動合作夥伴。

So Peter, how should we be thinking about the opportunity for Veeva to work with Anthropic, OpenAI, all the different kind of model providers out there, provide your domain expertise, provide the workflow expertise and kind of have a horizon tide list all boat situation rather than obviously the current market view of it being more cannibalistic? And then I got a quick follow-up.

所以彼得，我們應該如何看待 Veeva 與 Anthropic、OpenAI 以及所有其他類型的模型提供者合作的機會？我們可以提供您的領域專業知識和工作流程專業知識，從而形成一種全局性的合作局面，而不是像目前市場上普遍認為的那樣，演變成一場互相蠶食的競爭？然後我很快就收到了後續回覆。

Yeah. I certainly don't view it being cannibalistic for Veeva, absolutely not. I mean let me state that clearly, AI is a very positive thing. So I'll get back to that in a minute.

是的。我絕對不認為這對維瓦來說是同類相食，絕對不是。我的意思是，讓我明確地說，人工智慧是一件非常正面的事情。我稍後會再談到這一點。

But address a higher level, AI is not replacing software. That's just not happening. And not all software is the same. I'll make a point on that. So AI, that's not going to replace things like Windows, iOS, Excel or core systems of record like SAP, Workday or Veeva. These core systems, they're essential. And we'll add core AI systems as will SAP, as will Workday. And these core systems are going to be used by agents as well as human users. Yeah, that's new. But these systems are essential and they're not going away.

但從更高的層面來看，人工智慧並不會取代軟體。這根本不可能發生。並非所有軟體都一樣。我會就此提出一點意見。所以人工智慧不會取代 Windows、iOS、Excel 或 SAP、Workday 或 Veeva 等核心記錄系統。這些核心系統至關重要。我們將添加核心人工智慧系統，SAP 和 Workday 也將如此。這些核心系統將供代理商和人類使用者使用。是的，這倒是新鮮事。但這些系統至關重要，它們不會被淘汰。

But AI is going to enable a lot of new kinds of long-tail software. It's software could be only used by a few people or a specific software group in a company -- company-specific software or types of software that couldn't be done before, self-driving cars and trucks, dramatically better coding tools, better Google search.

但人工智慧將催生許多新型的長尾軟體。它的軟體可能只能由少數人或公司內的特定軟體團隊使用——公司專用軟體或以前無法實現的軟體類型，例如自動駕駛汽車和卡車、大幅改進的編碼工具、更好的谷歌搜尋。

And then in our case, industry-specific AI applications. So we're really in these early days of AI and people get a lot of hyper and they think it's going to play out over one or two months. It's not. It's going to play out over 10 or 20 years.

然後，就我們而言，是針對特定產業的 AI 應用。所以我們現在還處於人工智慧的早期階段，人們很容易過於樂觀，認為人工智慧會在一兩個月內發展成熟。它不是。這件事將會持續10到20年。

Now for Veeva, specifically for Veeva, AI, that's going to help us create and improve our core systems faster than before. So that's where it will help our software development, but not at the expense of quality, predictability, regulatory compliance and the real value that customers depend on.

現在對於 Veeva 來說，特別是對於 Veeva 而言，人工智慧將幫助我們比以往更快地創建和改進我們的核心系統。所以，這將有助於我們的軟體開發，但不會以犧牲品質、可預測性、合規性和客戶所依賴的真正價值為代價。

Now as it relates to Anthropic or OpenAI and others, that's an engine and their engine will be used for a lot of things. They will be used by the Veeva applications or by custom applications that customers develop. So yes, it's good for those large model providers.

至於 Anthropologie 或 OpenAI 等公司，那是一個引擎，他們的引擎將被用於許多方面。它們將供 Veeva 應用程式或客戶開發的自訂應用程式使用。所以，是的，這對那些大型模型提供者來說是好事。

Now they have to watch their profitability, et cetera. But they're an engine, then the new wave of cloud computing. So that's the new AWS, et cetera. So it's a good business there. But just as AWS itself and also Microsoft Azure, Google Cloud, et cetera, that was very good business for those hyperscalers.

現在他們必須關注盈利能力等等。但它們是引擎，也是新一輪雲端運算浪潮的引擎。所以這就是新的AWS等等。所以那裡的生意很好。但就像 AWS 本身以及微軟 Azure、谷歌雲端等等一樣，這對這些超大規模雲端服務供應商來說是非常好的生意。

But I think what sometimes gets lost, that actually enabled Veeva. You couldn't have built the industry cloud for life sciences. You couldn't have built those long tail of applications without those cloud infrastructure providers. And it's the same way here with these large language models. Veeva could not build the AI applications that we're going to build without these foundational LLMs.

但我認為，有時人們會忽略的一點，實際上正是 Veeva 得以實現的原因。你不可能為生命科學領域建構產業雲平台。如果沒有雲端基礎設施供應商，你不可能建立如此龐大的應用程式群體。對於這些大型語言模型來說，情況也是如此。如果沒有這些基礎的LLM，Veeva就無法建立我們將要建立的AI應用程式。

So I don't know if I'll use this word correctly. I think the word is symbiotic. I think so. I'm more of a short -- I'm more of a Hemmingway really than anything else, but I think it's very symbiotic. And at times, especially in the early days, it can be chaotic. As people are bumping around, that's okay, but the large -- I should write a poem, I guess. But the large patterns are very clear, and it will be very symbiotic.

所以我不知道我是否能正確使用這個詞。我認為應該用「共生」這個詞。我也這麼認為。我更像矮個子——我其實更像海明威，而不是其他任何類型，但我認為這是一種非常共生的關係。有時，尤其是在初期，情況可能會很混亂。人們四處走動，這沒關係，但規模很大——我想我應該寫首詩。但大趨勢非常清晰，而且這將是一種非常共生的關係。

Very helpful. And then just quickly as a follow-up on that kind of thought experiment, Peter, and looking forward to a collection of poems soon after this. But as we think about -- you talked about using AI for automating a lot within Veeva.

很有幫助。然後，作為對那種思想實驗的快速跟進，彼得，期待不久之後能有一本詩集出版。但正如我們所思考的那樣——您談到了在 Veeva 中使用人工智慧來實現許多自動化操作。

Maybe building on top of that, given how mission-critical this is and maybe how much it can be tied not just to better revenue outcomes, but more importantly, better patient and better health care outcomes and better societal outcomes, do you see an opportunity to not just automate and drive faster time to value and efficiency, but even leveraging AI within the Veeva platform to allow for better drug development, safer drugs out of the market, basically better outcomes rather than just faster time to value.

鑑於這項任務至關重要，而且它不僅與更好的收入結果息息相關，更重要的是，它與更好的患者和醫療保健結果以及更好的社會結果息息相關，您是否看到一個機會，不僅可以實現自動化並加快價值實現和效率提升，還可以利用 Veeva 平台內的 AI 來更好地開發藥物，推出更安全的藥物，從而獲得更好的結果，而不僅僅是更快地實現價值？

Yeah. Excellent question, and I hope I don't go too long on this because I have a real passion for this area. After working 18 years in this industry, I really know about it, I feel. And I really care about the people in it, and I see how it impacts patients. It's a real thing.

是的。問得好，我希望不要說太久，因為我對這個領域真的很有興趣。在這個行業工作了18年，我覺得我真的了解它。我真的很關心裡面的人，我也看到了它對病人的影響。這是真的。

Drug discovery is one thing, and there's a lot of focus on that. And yes, that will get faster, but that's not the real bottleneck. The real bottleneck is the clinical trial, the experiment that's done in the human. And we're always going to have to do those experiments in the human and the human biology runs at the same speed. So that always has to be done and the bottleneck now is finding the patients around the world that can get in those trials. So that's one.

藥物研發是一回事，人們非常關注這方面。是的，速度會越來越快，但這並不是真正的瓶頸。真正的瓶頸在於臨床試驗，也就是在人體上進行的實驗。我們總是需要在人體上進行這些實驗，而人體生物學的運行速度也是一樣的。所以這項工作必須要做，而現在的瓶頸在於找到世界各地能夠參與這些試驗的患者。這是其中之一。

But the biggest bottleneck by far is there's a patient somewhere out there in the world, they're diagnosed with something by a doctor. How long did it take them to get diagnosed? And when do they get the right medicine that will best treat them? That's where 90% of the value in life sciences is lost because of that impediment, the basics of is the patient informed? Can they get to the right doctor? Is the right doctor informed? Is the payer informed? It's -- that's where 90% of the value is lost. And I said value is lost.

但目前最大的瓶頸在於，世界上某個地方有一位病人，他被醫生診斷出患有某種疾病。他們花了多久時間才確診？他們什麼時候才能得到最適合他們病情的藥物？生命科學領域 90% 的價值都因為這個障礙而喪失，那就是病人是否知情這個基本問題？他們能找到合適的醫生嗎？是否已將情況告知相關醫師？付款方是否知情？就是這一點——90%的價值都損失在這裡。我說過，價值已經喪失了。

But on the other side, there's a lot of people who don't get treated correctly or timely around the world. And that affects productivity, that affects their family. And some of -- not all of these people are in their 90s. Some of them are young parents or just young children. If you saw our partnership with BioMarin and you look at what they're doing, they're treating genetic diseases primarily in young and disadvantaged children who have parents and brothers and sisters.

但另一方面，世界各地也有很多人沒有得到正確或及時的治療。這會影響生產力，也會影響他們的家庭。而這些人中有些——並非全部——都已年過九旬。他們當中有些是年輕的父母，有些則是年幼的孩子。如果你了解我們與 BioMarin 的合作，看看他們正在做的事情，他們主要治療有父母、兄弟姐妹的年輕弱勢兒童的遺傳疾病。

So this is really important for us, and AI can definitely, definitely, definitely bridge that gap. AI doctors and large language models can help bridge that gap between doctors and patients. So maybe that 90% inefficiency goes down to 50%, and that will be a tremendous boom. And yes, Veeva will definitely play a part in that by connecting our customers, the industry to its external ecosystem. And its external ecosystems are clinical researchers, patients and doctors and regulators. And the industry is not well connected and AI is going to provide a better method to do that.

所以這對我們來說非常重要，而人工智慧絕對、絕對、絕對能夠彌合這一差距。人工智慧醫生和大型語言模型可以幫助彌合醫生和患者之間的差距。所以，或許90%的低效率會降到50%，那將是一次巨大的繁榮。是的，Veeva 肯定會在其中發揮作用，將我們的客戶、產業與其外部生態系統連接起來。其外部生態系統包括臨床研究人員、患者、醫生和監管機構。而且，目前產業內的連結並不緊密，人工智慧將提供一種更好的方法來解決這個問題。

So I think what people are missing is the benefit of AI over the next 10, 20 years on the life sciences industry because we'll be able to treat more patients faster, and that will transfer into our revenue and societal benefits.

所以我認為人們忽略的是人工智慧在未來 10 到 20 年內對生命科學產業的好處，因為我們將能夠更快地治療更多患者，這將轉化為我們的收入和社會效益。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist Securities。

Congrats on a strong quarter. I want to talk about your comment that guidance assumes no significant changes in the macro environment. Just curious with pharma companies having some clarity on MFN tariff and with some deals with current administration over the last six months or so, why you don't think trends could start moving in the right direction as these large pharma companies now have some more clarity?

恭喜本季業績出色。我想談談您關於指導意見的假設，即宏觀環境不會發生重大變化。我很好奇，既然製藥公司對最惠國待遇關稅有了更清晰的了解，並且在過去六個月左右的時間裡與現任政府達成了一些協議，為什麼您認為隨著這些大型製藥公司對關稅有了更清晰的認識，趨勢不會開始朝著正確的方向發展呢？

Are you just being more prudent in your guidance? Or do you still see some cross trends pharma clients have to navigate?

你只是在指導方面更加謹慎了嗎？或者，您仍然看到一些醫藥客戶需要應對的交叉趨勢？

Yeah, Jailendra, the uncertainty has been out there for some time. We've been tracking it. The industry has been tracking it. You're right, there has been a trend towards things becoming more certain across a number of different dimensions. But I think there's some cautious optimism about what's happening. Certainty is always better than uncertainty. And I think in a number of areas, things have become more certain. I think that's generally good for the industry.

是的，賈倫德拉，這種不確定性已經存在一段時間了。我們一直在關注此事。業內人士一直在關注此事。你說得對，在許多不同方面，事情確實呈現出變得更加確定的趨勢。但我認為人們對目前的情況抱持著一些謹慎的樂觀態度。確定性總比不確定性好。我認為在很多領域，情況變得更確定了。我認為這對整個行業來說總體上是件好事。

But we're in conversations with our customers. We know how they're thinking. We know how they're planning for the next year. So we provide guidance that's best in line what we anticipate the projects that they'll be focused on and less related to the specific ups and downs of the macro environment because they're -- over the short term, they're generally less influenced by that. They're more influenced by these longer planning cycles. So we do our best to incorporate kind of the discussions and conversations in the guidance more so than the overall macro environment.

但我們正在與客戶進行對話。我們知道他們在想什麼。我們知道他們明年的計劃。因此，我們提供的指導最符合我們對他們將要關注的項目的預期，而與宏觀環境的具體起伏關係不大，因為在短期內，他們通常受宏觀環境的影響較小。他們更容易受到較長規劃週期的影響。因此，我們盡力將各種討論和對話融入指導方針中，而不是更多地考慮整體宏觀環境。

Got it. And a quick follow-up on the CRM side. You recently moved the CRM end of support date from September of 2030 to December '29. What were the key drivers there? Are you still contractually paying sales force through 2030?

知道了。最後，我想快速跟進一下客戶關係管理（CRM）方面的情況。您最近將 CRM 停止支援日期從 2030 年 9 月提前至 2029 年 12 月。關鍵驅動因素是什麼？你們的合約是否仍然有效，支付銷售團隊的薪水到2030年？

And then related to that, I mean, you guys talked about a lot of other wins outside of top 20. Can you give us some number around your -- what is your win rate in that midsized pharma segment? Is it better than 70% lower? Can you give some color about the midsized pharma, how fast that's moving on CRM?

然後，與此相關的是，你們還談到了前 20 名以外的許多其他勝利。能否提供一下貴公司在中型製藥領域的成交率數據？比降低 70% 更好嗎？能否介紹一下中型製藥公司的情況，以及它們在客戶關係管理（CRM）方面的進展速度？

Yeah. So the drivers, you're right. We moved the date to December of '29. It used to be roughly September of 2030. So we pulled it in about eight or nine months.

是的。所以，你說得對，司機們。我們將日期改到了 2029 年 12 月。以前大約是 2030 年 9 月。所以我們大概花了八、九個月的時間就完成了。

The reason we did that is, one is Vault CRM is going well. I mentioned earlier, we're close to 140 customers live on Vault CRM. The momentum there is fantastic. The product is actually better than Veeva CRM and the migrations are going well. So we're executing well there.

我們這樣做的原因有二：一是 Vault CRM 運作良好。我之前提到過，我們目前有近 140 位客戶在使用 Vault CRM。那裡的發展勢頭非常強勁。該產品實際上比 Veeva CRM 更好，而且遷移工作進展順利。所以我們在那方面執行得很好。

And we don't have any customers with projects planned into that 2030 time frame. So what we want to do, the further you get out, there's more uncertainty. So what we want to do is make sure there's no stragglers that go into 2030. So that was the intent there, and we think that's good for the industry and good for customers.

而且我們沒有任何客戶計劃在 2030 年之前開展專案。所以，我們想說的是，距離越遠，不確定性就越大。所以我們要確保不會有落後者拖到 2030 年。這就是我們的初衷，我們認為這對產業和消費者都有好處。

You also asked about the royalty payments to Salesforce, and those will wind down as customers roll off of Salesforce. So once everybody is off, then those payments will stop.

您也問到了向 Salesforce 支付版稅的問題，隨著 Salesforce 的客戶逐漸減少，這些版稅也將逐漸停止。所以一旦所有人都下班，這些款項就​​會停止發放。

And then I think you had -- a last question, I think, was about win rates and win rates specifically outside of the top 20. We spent a lot of time talking about top 20 outside of top 20, we expect the win rates to be even higher than inside of top 20, mainly because those companies, they want a product that they know will work. They want a trusted partner, a strategic partner, somebody who's innovating and actually delivering agentic CRM today.

然後，我想你還有一個問題——最後一個問題，我想，是關於勝率，特別是前 20 名以外的勝率。我們花了很多時間討論前 20 名之外的公司，我們預計前 20 名之外的公司勝率會比前 20 名之內的公司更高，主要是因為這些公司想要的是一款他們知道會成功的產品。他們需要一個值得信賴的合作夥伴、一個策略夥伴，一個能夠創新並真正提供代理式客戶關係管理解決方案的合作夥伴。

This -- that was our promise was that our customers can innovate, get to CRM, get to agentic CRM fast, and now it's available with Veeva. So I think it's a big advantage for Veeva with those small and midsized companies just going with somebody that they trust and that they know will work.

這就是——這就是我們的承諾，我們的客戶可以進行創新，快速獲得 CRM，快速獲得代理型 CRM，現在 Veeva 讓這一切成為可能。所以我認為，對於那些信任且知道能夠合作的中小型企業來說，Veeva 的一大優勢就是他們選擇了 Veeva。

Dylan Baker, William Blair.

迪倫貝克，威廉布萊爾。

Maybe, Peter, sticking with the AI theme and topic, you kind of called out the value of platforms versus point solutions. I wonder -- and it kind of ties into trust, I guess, as well, too. But I wonder how you kind of delineate between those and how you think about your ability serving kind of the end-to-end workflow across the industry to maybe help solve the opaqueness or the uncertainty around the perception of AI and how that relates to maybe your ability to kind of quantify the value relative to a point solution that's maybe looking at the market, if that makes sense?

彼得，或許，繼續討論人工智慧這個主題，你剛才提到了平台相對於點解決方案的價值。我很好奇——而且我想，這也和信任有關。但我很好奇您如何區分這些，以及您如何看待您服務於整個行業端到端工作流程的能力，以幫助解決人工智能認知方面的不透明性或不確定性，以及這與您量化相對於某個可能著眼於市場的點解決方案的價值的能力有何關係，如果我的意思表達清楚的話？

And maybe how that kind of ties into your ability to -- as a right to win, if you will, in that intelligence layer.

或許這與你在情報層面的獲勝能力（或稱獲勝的權利）有著某種關聯。

Yeah. I would say trust certainly has something to do with it. So we have deep customer relationships. We have the trust with the customers so we can get the requirements quickly. But it's also just a skill and an operating model. So we have the skills that know about the industry and have the operating model of discipline and pricing and account management, et cetera.

是的。我認為信任肯定與此有關。因此，我們與客戶建立了深厚的合作關係。我們贏得了客戶的信任，因此能夠迅速了解他們的需求。但這同時也是一種技能和一種營運模式。因此，我們具備了解產業的技能，並擁有紀律、定價和客戶管理等方面的營運模式。

And then I always view Veeva -- we're developing pieces of a puzzle that the customers may purchase and they put in. But also, and sometimes not as relevant to the customers, we're developing a plan and continually maintaining the plan about how the puzzle pieces fit together. So every time they get more Veeva pieces, it more fits together in their puzzle.

然後，我總是把 Veeva 看作是——我們開發出客戶可以購買並組裝的拼圖碎片。但同時，雖然有時與客戶關係不大，但我們正在製定計劃並不斷維護該計劃，以確保各個環節能夠完美契合。所以，他們每獲得更多 Veeva 組件，就越能更好地拼湊出他們的拼圖。

Let's say they're doing something with us in safety and they start doing an AI solution with us in safety, and two years from now, they go with us in clinical data management. And a year later, they put in an AI solution for clinical data management. Well, that AI solution is going to work with their safety solution pretty much out of the box. And that's a benefit they never planned for, but they're going to get.

假設他們在安全領域與我們合作，開始與我們合作開發安全領域的人工智慧解決方案，兩年後，他們又與我們合作開發臨床資料管理解決方案。一年後，他們引入了人工智慧解決方案用於臨床數據管理。嗯，這個人工智慧解決方案幾乎可以開箱即用，與他們的安全解決方案完美相容。這是他們從未預料到的好處，但他們即將獲得。

So I think customers start to see that it kind of fits together with Veeva. I think the way back in the day, you saw this with Microsoft on the desktop too. Way back in the day, they start to see, oh, it kind of fits together with Microsoft. Microsoft will take responsibility for fitting things together, and there's value in that alignment.

所以我覺得顧客開始意識到它和 Veeva 很契合。我覺得以前微軟的桌面系統也出現過這種狀況。很久以前，他們就開始意識到，哦，這和微軟的理念很契合。微軟將負責把各項工作整合起來，這種協調是有價值的。

That's our right to win and what gives us the ability to execute is just our operating model and our discipline for making great software.

這是我們贏得勝利的權利，而賦予我們執行能力的，正是我們的營運模式和我們打造優秀軟體的嚴謹作風。

Very helpful. And then I'm not sure if this is maybe for Paul or Brian here as well. But I think there were comments in the prepared remarks as well, too, around the opportunity to maybe lean more aggressively into the CRO channel. This might be a little bit more down market, it might be tied to Veeva Basics.

很有幫助。然後我不確定這是否也適用於保羅或布萊恩。但我認為在準備好的發言稿中也提到了或許可以更積極地利用轉換率優化（CRO）管道。這可能稍微偏向低階市場，可能與 Veeva Basics 有關。

But any kind of color on what you're seeing with traction and adoption of kind of bundling more services and software to tie into kind of Peter's point right there and maybe how you can kind of leverage that and lean more into the enterprise segment if that is tailored down market today?

但對於將更多服務和軟體捆綁在一起的趨勢和採用情況，您有什麼看法？這與 Peter 剛才的觀點很契合。或許您可以利用這一點，更多地向企業領域靠攏，如果目前這種模式是向下調整的呢？

Yeah. I'll take that one. This is Peter. This is about the CRO, or contract research organization, basically using them as a channel for what we call the study-by-study business. So when a small biotech, usually, when they run a clinical trial, they will get those services from a contract research organization. And with those clinical services, the CRO will provide technology as well.

是的。我選那個。這是彼得。這是關於合約研究組織 (CRO) 基本上將它們用作我們所說的「逐項研究業務」的管道。因此，當一家小型生物技術公司進行臨床試驗時，通常會從合約研究組織獲得這些服務。除了提供臨床服務外，CRO 還將提供技術支援。

And so far, we have not participated too much in that. The CROs have had their established patterns and they've used a different variety of vendors and some homegrown things to provide to their customers. But we're putting an effort now, and we're making -- starting to make progress where they would offer the Veeva technology as they would OEM the Veeva technology to their customers for that study. And sometimes this can be significant, right?

到目前為止，我們還沒有太多參與其中。合約研究組織 (CRO) 都有其既定的模式，他們使用各種不同的供應商以及一些自研產品來為客戶提供服務。但我們現在正在努力，並且開始取得進展，他們將向他們的客戶提供 Veeva 技術，就像他們將 Veeva 技術 OEM 到他們的客戶那裡進行這項研究一樣。有時候這可能意義重大，對吧？

It's not unheard of for this technology if a lot of it is from Veeva on a big study, that might be $500,000, that might be $1 million. And there's a lot of studies that start every year. So this can be a very -- the study-by-study business internally at Veeva, we know that can be a $1 billion business for a couple of reasons.

如果這項技術的大部分資金來自 Veeva，並且用於一項大型研究，那麼費用可能達到 50 萬美元，甚至 100 萬美元，這並不罕見。每年都有很多研究計畫啟動。因此，在 Veeva 內部，我們可以逐項研究地進行這項業務，我們知道，由於一些原因，它可以成為一個價值 10 億美元的業務。

The breadth of products we have. So the EDC is sold study by study, the RTSM sold study by study, the ECOA sold study by study. Those are three very, very big product areas. So that's what we're talking about there. It's a new -- not new products, although we will adjust our products a little bit for that market. It's more a new focus on a go-to-market motion and operating model inside of our company.

我們擁有的產品種類繁多。所以 EDC 是按研究結果出售的，RTSM 是按研究結果出售的，ECOA 也是以研究結果出售的。這是三大非常非常大的產品領域。這就是我們剛才討論的內容。這是一個新的市場——雖然不是全新的產品，但我們會針對該市場對我們的產品進行一些調整。這更多的是對我們公司內部市場推廣策略和營運模式的新關注。

David Windley.

大衛溫德利。

So Peter, I wanted to come back to some of your comments on automation. So it seems like to me that maybe to the point that you also just made around standardizing on, and I'm focused particularly on Development Cloud, should drive a lot of automation. You highlighted that AI is a way to automate, but not the only way. I guess I'm wondering if AI is shining a brighter light on the benefits of standardizing on Veeva for that automation.

彼得，我想再談談你之前關於自動化的一些看法。所以我覺得，正如你剛才提到的，標準化，尤其是開發雲，應該可以推動很多自動化。您強調人工智慧是實現自動化的一種方式，但並非唯一的方式。我想知道人工智慧是否讓大家更清楚地認識到採用 Veeva 作為自動化標準的好處。

And in that context, I'm going to ask kind of the flip side of the question would be, why do you -- what's your view of the EDC market -- submarket within your Development Cloud portfolio? And why hasn't that been moving in your direction more lately?

在這種情況下，我想問的是這個問題的反面，您為什麼——您對 EDC 市場——在您的開發雲端產品組合中進行細分市場有何看法？為什麼最近情況沒有朝著你預想的方向發展？

Well, let's see. Automate -- well, standardization and standardizing on Veeva, I haven't really seen that as a theme to say, hey, standardizing on Veeva is a way we can accelerate with AI in a few pockets, but not as a theme. Now I think that theme is probably coming, but we have to really prove out that Veeva AI is just available this year, right? But once we start really proving out the value and some of these point solutions start not doing so well, et cetera, that's, I think, where it can really accelerate.

嗯，讓我看看。自動化——嗯，標準化和以 Veeva 為標準，我還沒有真正看到這是一個主題，也就是說，嘿，以 Veeva 為標準是我們可以在一些領域加速人工智慧發展的一種方式，但這不是一個主題。現在我認為這個主題可能會出現，但我們必須真正證明 Veeva AI 是今年才推出的，對吧？但一旦我們開始真正證明其價值，而某些點解決方案開始效果不佳等等，我認為，那才是它真正加速發展的地方。

When we -- a year from now, two years from now, when we have companies thinking a big company thinking, I increased my revenue by $40 million because I lowered the time of drug approvals because of the Veeva regulatory solution allowed me to get back faster to the health authorities around the world, that's when things really start coming.

一年後、兩年後，當一些公司開始思考，一家大公司開始思考，由於 Veeva 監管解決方案縮短了藥物審批時間，我的收入增加了 4000 萬美元，這讓我能夠更快地向世界各地的衛生當局反饋信息，那時事情才會真正開始好轉。

So but we have to deliver on that. The promise is there, but I think I put in my prepared remarks, I used the words it's hard. This is very hard stuff. It's not simple. And so we have to get it right.

所以，我們必須兌現承諾。承諾是有的，但我認為我在準備好的演講稿中，用了「這很難」這樣的說法。這非常難。這並不簡單。所以我們必須確保萬無一失。

And then -- so you talk about standardization, and then I did not write down the second part of your question. Could you ask that again? I'm sorry, David.

然後——你談到了標準化，但我沒有記下你問題的第二部分。您能再問一次嗎？對不起，大衛。

Just the EDC component of standardizing on Development Cloud. And I think you've been relatively stable, flat, but that's an area where you could penetrate more top 20s, it would seem.

僅指開發雲標準化過程中的 EDC 組件。我認為你的成績一直比較穩定，沒有太大變化，但你似乎還有提升的空間，可以進入前 20 名。

Yeah. I would say, yeah, hit a bit of an air pocket there in the EDC, and that's just the random timings of life, I guess. So we certainly hope to make progress there in the coming years. And I think we have a structural advantage because the customers really -- they really want the combined clinical operations and clinical data management to work together, and we announced a real groundbreaking thing on our eSource initiative. So we have some late adopters there.

是的。我想說，是的，在日常出行方面遇到了一些小問題，我想這就是生活中隨機發生的一些事情。因此，我們當然希望在未來幾年裡在這方面取得進展。我認為我們擁有結構性優勢，因為客戶真的希望臨床營運和臨床資料管理能夠協同運作，而我們在電子資料來源計畫中宣布了一項真正具有突破性的舉措。所以，我們這邊有一些後知後覺的用戶。

And they also have other priorities that they have to get after, right? So it's a question of priorities. I think we'll -- arguably, we're the leader now. It's us in metadata, although they do better in the study-by-study area. But I think we're on a path to leadership. I guess that's one high-level thing to know.

他們還有其他更重要的事要處理，對吧？所以，這是一個優先事項的問題。我認為──可以說，我們現在是領導者。我們在元資料方面做得更好，儘管他們在逐項研究領域做得更好。但我認為我們正走在通往領導地位的道路上。我想這是需要了解的重要知識。

Our competitive environment has never been stronger. So I can -- I feel like I can see where we're going as long as we don't get arrogant, as long as we keep executing, we will complete that vision. But do you complete it -- do you complete that in five years and seven years? When does the EDC breakthrough come?

我們的競爭環境從未如此激烈。所以我覺得──只要我們不驕傲自滿，只要我們堅持執行，我們就能看到我們的前進方向，最終實現這個願景。但是你能完成嗎？你能在五年或七年內完成嗎？EDC技術何時才能取得突破？

Does it come in two years or one year or four years? Those things are hard to predict, David, but we're well set up to get there because we have a structural advantage.

是兩年後、一年後還是四年後？戴維，這些事情很難預測，但我們已經做好了充分的準備去實現它，因為我們擁有結構性優勢。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

I just wanted a sort of a two-part question, if I may, on the Vault CRM, the 10 that you said will stick with Vault CRM. I just wondered how firm are those commitments? I mean we've been hearing some questions from investors that some could still decide to move despite signing with you.

我只是想問一個關於 Vault CRM 的問題，可以嗎？您說的 10 個將留在 Vault CRM 中。我只是想知道這些承諾有多堅定？我的意思是，我們聽到一些投資者提出疑問，即使與你們簽約，他們中的一些人仍有可能決定轉移投資。

And then separately, as the services revenue picks up, it sounds like those are tied to the two go-live decisions. Should we expect that to ramp up this year in fiscal '27 as more of those customers go live? And if so, have you accounted for that in the guidance?

此外，隨著服務收入的成長，這些收入似乎與這兩個上線決定有關。我們是否可以預期，隨著更多客戶上線，這一趨勢將在 2027 財年加速發展？如果是這樣，你們在指導原則中是否考慮到了這一點？

Yeah. I'll take the first part of that question, and I'll leave the services revenue part of it to Brian. So your question is how firm are those commitments? I think with Veeva commitments, they're generally pretty firm. Nothing is ever set in stone or final, but I feel really confident about the decisions that have already been made.

是的。這個問題的第一部分由我來回答，服務收入部分就留給布萊恩來回答吧。所以你的問題是，這些承諾有多堅定？我認為 Veeva 的承諾通常都很堅定。任何事情都不是一成不變的，但我對已經做出的決定非常有信心。

Why? Because we have close to 140 customers live. We have two top 20s, big complex companies operating in all of the major markets who are now live on Vault CRM. So we've proven that this is the fastest path to get to CRM and agentic CRM. So I feel really confident we're executing well.

為什麼？因為我們有近 140 位客戶在線上。我們有兩家排名前 20 的大型複雜公司，業務遍及所有主要市場，現在都已上線 Vault CRM。因此，我們已經證明這是實現 CRM 和代理型 CRM 的最快途徑。所以我很有信心我們執行得很好。

I don't see any risk there. I think actually, there's a greater risk that a customer that decided to do Salesforce and tries to go down the path of a custom build project, a big systems integrator project. I think there's greater risk that those companies see how difficult it is and come back to Veeva. So I think that's our opportunity over the next few years.

我不認為這有什麼風險。我認為，實際上，如果客戶決定採用 Salesforce，並試圖走客製化建置專案、大型系統整合商專案這條路，那麼風險就會更大。我認為這些公司更有可能看到其中的困難，然後重新回到 Veeva 平台。所以我認為這是我們未來幾年的機會。

And then Andrew, on the I'll just put a fine point on that. It's Peter. So those top -- those 10 customers that have picked us, all those projects were started and they're all going, and they're all going to a very stable product that's already live. So I think those are pretty clear.

然後安德魯，我只想補充一點。是彼得。所以，選擇我們的前 10 位客戶，所有這些項目都已經啟動並正在推進，而且它們都將使用一個非常穩定且已經上線的產品。所以我覺得這些都很清楚了。

Now on the other hand, not all the Salesforce projects are going so well, and they're different. So I know of one top 20 that has -- I won't say the exact number, but they have a large number of development team contracted in India from a third-party system integrator. They're coding basically a custom solution. And that may work out well or that may not work out well. And at some point, there may be a new regime and they might not want that custom build.

另一方面，並非所有 Salesforce 專案都進展順利，而且它們各不相同。我知道排名前 20 的公司中，有一家——我不會說確切的數字——從印度的第三方系統整合商那裡僱用了大量的開發團隊。他們基本上是在編寫一個客製化的解決方案。這或許會奏效，或許不會奏效。而且在某個時候，可能會出現新的政權，他們可能不再需要這種客製化建築。

So there's a complete difference in certainty. Those Salesforce projects, they might work well. But even the customers, they know it's going on to a speculative product. That's not the case with Veeva. So it's very different.

所以確定性方面存在著完全不同的差異。那些 Salesforce 項目，它們或許能運作得很好。但就連顧客也知道，這將會是一款投機性產品。但Veeva並非如此。所以情況截然不同。

And Andrew, I'll jump in quickly. This is Brian. I think you hit for the cycle with all three of us in your question. Nice job.

安德魯，我這就插話。這是布萊恩。我覺得你的問題問了我們三個人的問題。幹得漂亮。

On the services guide, the short answer is yes. We've got top 20 projects at various phases wrapping up well underway, kicking off over the course of the year, and that's all factored into our guidance for FY27.

關於服務指南，簡短的回答是肯定的。我們有 20 個處於不同階段的前 20 個專案正在順利收尾或啟動，這些都已納入我們對 2027 財年的預期。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Congrats on the nice quarter. This is Matt Shea on for Ryan. Maybe sticking with the AI theme. You've noted in the past how AI could be a game changer in safety and how you potentially see faster adoption there than quality. But maybe if we take a step back, could you comment on why you're leaning into agent development and safety given how historically reluctant to change that segment of the market has been?

恭喜你本季業績出色。這是馬特謝伊替瑞恩解說。或許可以繼續沿用人工智慧的主題。您過去曾指出，人工智慧可能會在安全領域帶來變革，您認為人工智慧在安全領域的應用速度可能會比在品質領域的應用速度更快。但或許我們可以退一步來看，鑑於市場這一領域歷來不願做出改變，您能否談談您為何現在如此重視經紀人發展和安全問題？

And then do you think these two new agents in April can unlock demand? Or do you envision this -- or how do you ultimately envision this market adopting AI?

那麼，你認為四月這兩位新經紀人的加入能否釋放需求？或者，您設想過這種情況——或者說，您最終設想這個市場將如何採用人工智慧？

Yeah. safety momentum, we internally call it the safety surge. We've been winning some deals and the projects are going well. We had another top 20 win this quarter, and we had our first top 20 go-live with Signal and [were spence].

是的。安全勢頭，我們內部稱之為安全浪潮。我們拿下了一些訂單，專案進展順利。本季我們再次躋身前20名，並且我們首次與Signal合作，實現了前20名的首次上線。[是史賓賽]。

Now in terms of AI, it's pretty clear there in -- there's a lot of human processing of case intake and case narrative generation that's done by people. That's not necessarily that high risk, but it has to be done well and it's expensive to hire those people, and it's not easy. So in safety, it's just very clear. It's about replacing that type of labor with automation with AI software.

現在就人工智慧而言，很明顯——案件接收和案件敘述生成等大量工作都是由人來完成的。這未必是高風險的事情，但必須做好，而且僱用這些人成本很高，並不容易。所以在安全方面，這一點非常明確。這是指用人工智慧軟體實現自動化，從而取代這類勞動力。

Now what is risky for the customers or what they would claim is really important is when they switch from their current core safety system to Veeva, that project has to go really well, right? That's not easy to do. So that's more where the risk aversion is.

現在，對客戶來說，風險在於或說他們真正認為重要的，是當他們從目前的核心安全系統切換到 Veeva 時，這個專案必須進展得非常順利，對吧？這並非易事。所以，風險規避的體現就更多在這裡。

But I think they're starting to realize if you want to have a potential future where you have a great core safety system that has safety AI on top of it and is connected to your other systems in your company, Veeva is the only place you're going to do that unless you're going to build it yourself. I think most people are starting also to realize now that it's not that easy to build and maintain these things themselves.

但我認為他們開始意識到，如果你想要一個未來，擁有一個強大的核心安全系統，該系統在其上集成了安全人工智能，並與公司中的其他系統連接起來，那麼除非你自己構建，否則 Veeva 是你唯一能做到這一點的地方。我認為現在大多數人也開始意識到，自己建造和維護這些東西並不容易。

So that's kind of what's leaning into our favor on the AI. Now of course, we have to deliver it. But what does make that market slow is people are very reluctant to change their core safety database because they have to report to health authorities all around the world. And if they can't do that, they have to pull their products off the market. So it's serious.

所以，這在某種程度上對我們在人工智慧方面有利。現在，我們當然要把它交付出去。但導致市場發展緩慢的原因是，人們非常不願意改變其核心安全資料庫，因為他們必須向世界各地的衛生當局報告。如果他們做不到這一點，就必須將產品撤出市場。所以事情很嚴重。

I think that sometimes people don't understand. We're not making systems that help people write better e-mails or better spell checker. It's a big deal for a pharmaceutical company if your products get pulled off the market. So that's -- these things are very critical.

我覺得有時候人們不理解。我們不是在開發幫助人們寫出更好的電子郵件或更好的拼字檢查系統的。如果你的產品被撤出市場，對製藥公司來說是一件大事。所以，這些事情非常關鍵。

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛集團。

Two-parter, if I can, just to follow up on Rishi's from earlier. As AI speeds up clinical trial timelines and trial success rates, I'm curious, first, how this dynamic impacts how customers use Veeva's R&D products?

如果可以的話，我會寫兩個部分，作為對之前Rishi那篇文章的後續。隨著人工智慧加快臨床試驗進程並提高試驗成功率，我首先想知道的是，這種動態變化會如何影響客戶使用 Veeva 的研發產品？

And then second, maybe for Brian, I know that pricing models differ within the R&D portfolio, but how could this impact, if at all, customer spend on Veeva?

其次，也許對布萊恩來說，我知道研發組合中的定價模式各不相同，但這會對客戶在 Veeva 上的支出產生怎樣的影響（如果有的話）？

About AI speeding up clinical trials, I think AI can speed up some maybe in the start-up and in the close down, but not that much really. It's still based on the clinical protocol of the medicine, which is based on the time of the human body it takes to deal with that medicine and to prove it out. And then the patient recruitment, which I don't think is actually an AI problem, the patient recruitment. So speed it up some, but not so much in clinical trials.

關於人工智慧能否加速臨床試驗，我認為人工智慧或許能在啟動和結束階段加快一些速度，但實際上速度不會太快。它仍然是基於藥物的臨床方案，而該方案又基於人體處理該藥物並證明其療效所需的時間。然後是病人招募，我認為這其實不是一個人工智慧問題，病人招募。所以可以稍微加快速度，但在臨床試驗中不要加快太多。

And then in terms of how -- so I don't think that really impacts their view of the core Veeva systems.

至於如何實現——所以我認為這並不會真正影響他們對 Veeva 核心系統的看法。

Brian, did you want to follow up on that one?

布萊恩，你想跟進一下那個問題嗎？

Yeah. I think the second part of the question was around how this can impact spend over time. And Adam, it's still very early there. What we're really focused on is product excellence and customer success right now.

是的。我認為問題的第二部分是關於這會對長期支出產生怎樣的影響。亞當那邊現在還很早。我們現在真正關注的是產品卓越性和客戶成功。

Last year was about putting the foundation in and the platform and the first agents. This year is about rolling out agents in all of our product areas, getting customers live, refining the product, really creating a lot of value. And then I think that we don't really expect it to be a major financial contributor this year. It's more in the out years and still pretty early down that journey.

去年主要是打基礎、搭建平台和招募第一批代理商。今年我們的目標是在所有產品領域推出代理商，讓顧客上線使用，完善產品，真正創造許多價值。而且我認為，我們並不指望它今年能成為主要的財政貢獻者。現在還處於退休後的幾年，而且這段旅程還處於相當早期的階段。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

Pete, I wanted to ask the AI question maybe in a different way. If I look at some of the success you've had in the R&D business, the breadth of the product offerings as you continue to layer on new capabilities, being able to bundle those products, offer a platform to customers.

皮特，我想換個方式問一下關於人工智慧的問題。如果我看看你們在研發業務方面取得的一些成功，以及你們不斷增加新功能、拓展產品範圍、將這些產品捆綁在一起並為客戶提供平台的能力。

When we think about the LLM providers introducing some tools for clinical workflows, how do you think about the customer base, if they were to go direct to customer in terms of doing some things piecemeal on that versus working with kind of one large vendor with Veeva? Does that carry over in terms of the AI world in terms of how the opportunity set may evolve?

當我們考慮LLM提供者推出一些用於臨床工作流程的工具時，如果他們直接面向客戶，以零散的方式進行一些工作，而不是與像Veeva這樣的大型供應商合作，您會如何看待客戶群？就人工智慧領域而言，這種趨勢是否也適用於機會集的演進？

I think that's very similar, right? Some people will want to experiment and do solutions on their own and see if they can get that up working in scale. But I don't think the AI vendors are really making industry-specific software applications, right? It takes a lot of dedication and effort to do that. So I think it's a very symbiotic relationship.

我覺得很相似，對吧？有些人會想自己嘗試尋找解決方案，看看能否大規模地實現這些方案。但我認為人工智慧供應商並沒有真正開發針對特定行業的軟體應用程序，對嗎？做到這一點需要投入大量的時間和精力。所以我認為這是一種非常互惠互利的關係。

Just like the cloud area, yeah, Amazon didn't make industry-specific applications either. I don't really see -- why would somebody like Anthropic do that, right? They're going to make broad applications and applications for coding itself, et cetera. That's what I feel would happen.

就像雲端運算領域一樣，亞馬遜也沒有開發行業特定的應用程式。我實在不明白──像 Anthropic 這樣的公司為什麼要這樣做，對吧？他們將開發廣泛的應用程序，以及用於編碼本身等的應用程式。我覺得就會發生這種情況。

And this is our domain. We know how to do this stuff. It takes software, data, consulting together. And so I think it's going to be a very symbiotic relationship.

這是我們的領域。我們知道該怎麼做。它需要軟體、數據和諮詢三者共同協作。所以我認為這將是一種非常互惠互利的關係。

DJ Hynes, Canaccord Genuity.

DJ Hynes，Canaccord Genuity。

Brian, I'm going to take another cut at an AI finance question with you, realizing just how early everything is here. But based on the adoption trends you're seeing kind of customer willingness to pay, how you're thinking about pricing, do you expect your agentic AI offerings to be immediately accretive to margins? Or will that take time?

布萊恩，我意識到現在一切都還處於早期階段，所以我想再向你請教一個關於人工智慧金融的問題。但根據您觀察到的採用趨勢、客戶的支付意願以及您對定價的考慮，您是否預期您的智慧AI產品能夠立即提高利潤率？還是這需要時間？

Like help us think about the kind of the curve to profitability. You're already at 45% margins. Like how does that ramp happen as the portfolio matures?

例如幫助我們思考獲利曲線的類型。你們的利潤率已經達到 45% 了。例如，隨著投資組合的成熟，這種成長是如何實現的？

DJ, yes, it's a great question. And it is, as you said, still quite early. As we're starting this year, we're really expecting to be using a token-based pricing model. And so that gives us a little bit of predictability around the margin profile. But that may evolve over time.

DJ，是的，這是一個很好的問題。正如你所說，現在還為時過早。今年伊始，我們確實計劃採用以代幣為基礎的定價模型。因此，這讓我們對利潤率走勢有一定的可預測性。但這種情況可能會隨著時間推移而改變。

And it's really more around getting to product excellence and value creation and sort of less about pricing, revenue exact margin structure. So it's not a material impact on FY27, and let's see how it plays out in the forward years.

其實更重要的是實現卓越的產品和價值創造，而較不重視定價、收入和具體的利潤率結構。因此，這對 2027 財年不會產生實質影響，讓我們看看未來幾年情況會如何發展。

Karl Keirstead, UBS.

瑞銀集團的卡爾·基爾斯蒂德。

Okay. Great. Maybe, Brian, just back to the numbers and the total revenue guide of 13% for fiscal '27. A year ago, you started the total revenue guide at 11%, and you just finished with 16%, a really strong 5-point beat.

好的。偉大的。布萊恩，或許我們應該回到數字上來，看看 2027 財年的總收入預期是 13%。一年前，你們的總收入預期是 11%，而最終達到了 16%，比預期高出 5 個百分點，表現非常出色。

So as we all assess your 13% starting point for this fiscal year, is there anything about the fiscal '26 5-point outperformance that in retrospect strikes you as somewhat nonrecurring and a reason to be a little bit more cautious in terms of modeling any upside this year?

因此，在我們評估您本財年 13% 的起始點時，回顧 2026 財年 5 個百分點的超額收益，您是否覺得其中有任何不經常性因素，以及是否有理由在預測今年的任何上漲空間時更加謹慎？

Karl, the way we think about guidance is giving the best information we've got and calling it based on that. And so as we went into last year, I think we provided that guidance and then had pretty strong outperformance in particular, out of Crossix. So that was really a major driver of the beat over the course of the year. We do expect to see continued healthy growth out of Crossix. I think we would be surprised at the same level of outperformance.

卡爾，我們對指導的看法是，提供我們所掌握的最佳信息，並以此為依據做出決定。所以，在去年，我認為我們提供了這樣的指導，並且特別是 Crossix 的表現非常出色。所以這確實是這一年節奏變化的主要動力。我們預計 Crossix 將持續保持健康成長。我認為，如果能達到同樣的超額收益水平，我們會感到驚訝。

But our guidance philosophy last year as this year is to give the best information that we've got to call it closest to the pin. So no change in the approach and not expecting specific outperformance in any area like we saw last year.

但我們去年的指導理念和今年一樣，就是盡我們所能提供最好的訊息，做出最接近球洞的預測。因此，策略不會改變，也不期望像去年那樣在任何領域取得特別優異的表現。

Hannah Rudoff, Piper Sandler.

漢娜·魯道夫，派珀·桑德勒。

Within Veeva AI, what is the mix of customer adoption you're seeing right now between prepackaged agents that you've built and custom agents that they're building using Veeva AI?

在 Veeva AI 中，您目前看到的客戶採用方案是：使用您建立的預先打包代理，還是使用 Veeva AI 建置的自訂代理程式？

And kind of by extension of that, I know you have plans to roll out a lot of the R&D agents this year. Are you seeing any customers that are so eager that they're building out these agents and workflows ahead of you launching them?

由此推斷，我知道你們今年計劃推出很多研發代理。您是否遇到過一些客戶，他們非常積極地在您推出這些代理商和工作流程之前就自行搭建好了？

Yeah. The bulk of it is with our agents that we're designing. So part of it is our -- I guess, our agents are probably a little more robust than our custom tooling right now. But if you look at our agents, there's detailed work in the agents, right? There's detailed data curation. There's detailed testing pipelines. There's a lot of logic in the agents, right? When we talk about AI agents, there's a lot of logic -- specific logic written in our Java code that's hard that needs great product management.

是的。大部分工作都是由我們正在設計的代理商負責。所以部分原因是——我想，我們目前的代理商可能比我們客製化的工具更強大一些。但是，如果你看看我們的代理商，你會發現他們做了很多細緻的工作，對吧？數據經過詳細整理。有詳細的測試流程。這些代理程式中有很多邏輯，對吧？當我們談論人工智慧代理時，其中涉及許多邏輯——用 Java 程式碼編寫的特定邏輯，這很複雜，需要出色的產品管理。

So in general, customers would rather get that solution rather than build that themselves. I think we'll see some adoption in the custom agents around lighter use cases where they're doing a little helper applications. And I think that will start, and we'll have a good amount of that in the second half of this year.

因此，總的來說，客戶寧願接受現成的解決方案，而不是自己建立解決方案。我認為我們會看到一些自訂代理在一些較輕的用例中得到應用，例如運行一些輔助應用程式。我認為這種情況將會開始，而且在今年下半年我們將看到相當多的這種情況發生。

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

So going to the R&D business, a lot of great top 20 wins. It looks like the revenue outperformance on subscription was a bit stronger than normal. And I guess I'm wondering, are you seeing -- I know you've gotten half -- more than half the questions on AI, but just given the success in migration tools, code completion tools, are you seeing any acceleration in implementation times driven by AI or other things? And just sort of what drove that outperformance, whether it was timing or anything you'd call out?

所以，在研發領域，有許多非常優秀的、前 20 名的案例。訂閱收入表現似乎比平常略好一些。我想問的是，您是否注意到——我知道您已經收到了一半以上關於人工智慧的問題，但考慮到遷移工具、程式碼補全工具的成功，您是否看到人工智慧或其他因素推動了實施時間的加快？那麼，究竟是什麼因素促成了這種優異表現呢？是時機把握還是其他什麼原因？

I'll take that one actually. It was just good execution and some of the balls bounced our way, more of the balls bounced our way than bounced against us. So I really appreciate your question about whether implementation time lines are shortening.

我就要那個。這只是執行得不錯​​，而且有些球彈到了我們這邊，彈到我們這邊的球比彈到我們那邊的球要多。所以我非常感謝您提出的實施時間是否正在縮短的問題。

A couple of things are, I would say, yes, but that's natural as our products get better and our services people get better. We do have a push on -- a big push on tech enabling our services. That really hasn't borne a lot of fruit just yet, but I do expect it to in the next year or two.

有些事情確實如此，我會說，但這很自然，因為我們的產品和服務人員都在不斷進步。我們正在大力推進——大力推進科技賦能我們的服務。目前來看，這項措施還沒有太大成果，但我預計在未來一兩年內會有所成效。

So for example, we're working with a customer where actually they do have -- they don't have Medidata. They have a different EDC system. They've moved on to Veeva. They want to migrate their studies and AI is helping us -- will help us do that faster than we could have before.

例如，我們正在與一位客戶合作，但實際上他們並沒有 Medidata。他們的EDC系統不一樣。他們已經轉而使用 Veeva 了。他們希望遷移他們的學習項目，而人工智慧正在幫助我們——將幫助我們比以前更快地實現這一目標。

So I think that's not only specific to Veeva. I think system migration is a great use case for AI automation to cut down the time and reduce the cost of system migration. And we'll do our part in that, too, but it's early days.

所以我認為這不僅僅是 Veeva 特有的問題。我認為系統遷移是人工智慧自動化的一個很好的應用案例，可以縮短系統遷移的時間並降低成本。我們也會盡自己的一份力，但現在還為時過早。

The Q&A is now finished. I will turn the call back over to CEO, Peter Gassner, for closing remarks.

問答環節到此結束。我將把電話轉回給執行長彼得·加斯納，請他作總結發言。

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 and the year. Thank you.

感謝各位今天參加電話會議，感謝我們的客戶一直以來的支持與合作，也感謝 Veeva 團隊在本季和本年度的出色工作。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。