Veeva Systems Inc (VEEV) 2022 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Veeva Systems Fiscal 2022 Fourth Quarter and Full Year Earnings Call. Just a quick reminder, today's call is being recorded. (Operator Instructions) Now at this time, I would like to turn the call over to Ato Garrett, Senior Director of Investor Relations. Please go ahead.

下午好，女士們，先生們，歡迎參加 Veeva Systems 2022 財年第四季度和全年收益電話會議。提醒一下，今天的通話正在錄音中。 （操作員說明）現在，我想將電話轉給投資者關係高級總監 Ato Garrett。請繼續。

Good afternoon, and welcome to Veeva's Fiscal 2022 Fourth Quarter and Full Year Earnings Conference Call for the quarter and year ended January 31, 2022. As a reminder, we posted prepared remarks on Veeva's Investor Relations website just after 1:00 p.m. Pacific today. We hope you've had a chance to read them before the call. Today's call will be used primarily for Q&A. With me today for Q&A are Peter Gassner, our Chief Executive Officer; Paul Shawah, EVP of Commercial Strategy; and Brent Bowman, our Chief Financial Officer.

下午好，歡迎參加截至 2022 年 1 月 31 日的季度和年度的 Veeva 2022 財年第四季度和全年收益電話會議。作為提醒，我們在下午 1:00 之後在 Veeva 的投資者關係網站上發布了準備好的評論。今天太平洋。我們希望您在電話會議之前有機會閱讀它們。今天的電話將主要用於問答。今天和我一起進行問答的有我們的首席執行官 Peter Gassner； Paul Shawah，商業戰略執行副總裁；和我們的首席財務官布倫特鮑曼。

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.

在本次電話會議期間，我們可能會就趨勢、我們的戰略和預期的業務業績做出前瞻性陳述，包括對未來財務業績的指導。這些前瞻性陳述將基於我們當前的觀點和預期，並受到各種風險和不確定性的影響。我們的實際結果可能存在重大差異。

Please refer to the risks listed in our earnings release and the risk factors included in our most recent filing on Form 10-Q. Forward-looking statements made during the call are being made as of today, March 2, 2022 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 active 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.

請參閱我們的收益發布中列出的風險以及我們最近提交的表格 10-Q 中包含的風險因素。根據我們今天掌握的事實，截至今天，即 2022 年 3 月 2 日，在電話會議期間作出的前瞻性陳述正在作出。如果今天之後重播或查看此通話，通話期間顯示的信息可能不包含當前或活動信息。 Veeva 不承擔任何更新或修改任何前瞻性陳述的義務。我們可能會在今天的電話會議上討論我們的指導，但除非我們在公共論壇上這樣做，否則我們不會就本季度的業績提供任何進一步的指導或更新。

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

在電話會議上，我們還可能討論某些我們認為有助於理解我們的財務業績的非公認會計原則指標。可以在今天的收益發布和補充投資者介紹中找到與可比 GAAP 指標的對賬，兩者都可以在我們的網站上找到。

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

有了這個，感謝您加入我們。現在，我將把電話轉給彼得。

Thank you, Ato, and welcome, everyone, to the call. It was a great quarter and a year of execution for Veeva, with strength across the business and results above our guidance. Total revenue and subscription revenue for the quarter were each up 23%, and we posted a 38% operating margin. Total revenue for the year was up 26% to $1.85 billion, and our operating margin was 41%. We also continued to track ahead of our 2025 targets.

謝謝你，Ato，歡迎大家來電。對於 Veeva 來說，這是一個偉大的季度和一年的執行力，整個業務的實力和結果都超出了我們的指導。本季度的總收入和訂閱收入分別增長了 23%，我們公佈了 38% 的營業利潤率。全年總收入增長 26% 至 18.5 億美元，營業利潤率為 41%。我們還繼續跟踪我們的 2025 年目標。

Things are going well. We have a great team and are attracting new people who believe in our values and want to be part of our mission. And our partnership with the industry continues to become more strategic. Our innovation engine is strong. And we're executing well in established areas and newer areas. This sets Veeva up for a long runway of organic growth and profitability as we deliver more value to the industry.

事情進展順利。我們擁有一支優秀的團隊，正在吸引相信我們價值觀並希望成為我們使命一部分的新人。我們與業界的合作夥伴關係繼續變得更具戰略意義。我們的創新引擎很強大。我們在成熟領域和新領域都表現良好。隨著我們為行業提供更多價值，這使 Veeva 能夠長期保持有機增長和盈利能力。

And we'll now open it up -- open up the call to your questions.

現在我們將打開它——打開您的問題的電話。

(Operator Instructions) We'll go first this afternoon to Brent Bracelin at Piper Sandler.

（操作員說明）我們今天下午先去 Piper Sandler 的 Brent Bracelin。

Peter, maybe I'll start with you in the script here in the prepared remarks. You do mention something about seeing some challenges around larger deals and closing deals and some projects taking a little longer to close. Can you just maybe talk about is that a shortage on talent on your side, being able to service the client? Or is it really around things that you're seeing and feeling in the customer side of the equation here?

彼得，也許我會在準備好的評論中的腳本中從你開始。你確實提到了一些關於大型交易和完成交易的挑戰以及一些需要更長時間才能完成的項目。你能不能談談你身邊的人才短缺，能夠為客戶服務？或者它真的是圍繞著你在等式的客戶方面看到和感受到的東西？

Yes, Brent, this is Peter. What we're seeing is, overall, there's a bit of a talent shortage in the industry that affects us and that affects our customers as well. We have -- the industry is really growing. And as you know, the labor pool is a little bit shrinking in the U.S. So that causes a bit of a talent shortage. We need more people. We have to train up people. But I would say that's a slight one, and I feel comfortable about it. We had a great hiring quarter. We're training a lot of new people how to do things in the industry. So I think that will work its way out.

是的，布倫特，這是彼得。我們所看到的是，總體而言，該行業存在一些人才短缺，這影響了我們，也影響了我們的客戶。我們有——這個行業真的在成長。如你所知，美國的勞動力資源有點萎縮，這導致了人才短缺。我們需要更多的人。我們必須培養人。但我會說這是一個輕微的問題，我對此感到很自在。我們有一個很棒的招聘季度。我們正在培訓很多新人如何在行業中做事。所以我認為這將解決問題。

And then the other one you mentioned is the large deals. That's something different. Those are just -- we're seeing larger deals than we've ever seen before, some of them in companies that are maybe in the top 40 to the top 15 or so companies. They might look to be going all-in with Veeva, things they haven't done before on the R&D side and in Development Cloud. Some top 10s are looking sort of to go all-in with us in Clinical. These are large things and they take time to work themselves through. So 2 different factors you asked about there.

然後你提到的另一個是大宗交易。那是不同的東西。這些只是 - 我們看到的交易規模比以往任何時候都大，其中一些公司可能在前 40 名到前 15 名左右的公司中。他們可能會全力支持 Veeva，這是他們以前在研發方面和開發雲方面沒有做過的事情。一些前 10 名希望在臨床中與我們全力以赴。這些都是大事，需要時間自己解決。所以你問了兩個不同的因素。

Helpful color. And just one quick follow-up on Clinical. That seems to be an area where you continue to have very good success, particularly around kind of the digital trials, broader CDMS adoption, broader CTMS adoption here. What's resonating there? And would you say Clinical adoption is happening as you expected in the last year? Or are things happening a little quicker than you anticipated in the last year?

有用的顏色。只需對臨床進行一次快速跟進。這似乎是一個你繼續取得非常好的成功的領域，特別是在數字試驗、更廣泛的 CDMS 採用、更廣泛的 CTMS 採用方面。那裡有什麼共鳴？您是否會說臨床採用正在如您預期的那樣在去年發生？或者事情發生的速度比你去年預期的要快一些？

Certainly, what's happening there is we're on our way to becoming the leader in Clinical. We started out with a broad vision to be the leader in Clinical many years ago, and that starts with putting in that anchor of eTMF, and we're really the leader there and still expanding there. And then CTMS, we got good success there. We're on our way to being the leader there. Then CDMS, we got our early customers live, very happy. Now we're planting these new seeds of digital trials, things like ePRO and Site Connect, eConsent.

當然，那裡正在發生的事情是我們正在成為臨床領域的領導者。多年前，我們以成為臨床領域領導者的廣闊願景開始，從建立 eTMF 的錨點開始，我們確實是那裡的領導者，並且仍在繼續擴張。然後是 CTMS，我們在那裡取得了很好的成功。我們正在成為那裡的領導者。然後CDMS，我們得到了我們早期的客戶，非常高興。現在我們正在播下這些數字試驗的新種子，例如 ePRO 和 Site Connect、eConsent。

So our Clinical Suite is getting very broad, and we're the only vendor -- only technology company that's trying to attack it broadly and also reinvent it at the same time. So momentum is very good, and it's a long-term play. We're super happy with Clinical. I saw our first demo of one of our new applications about 2 weeks ago, our ePRO, the ones that the patients are directly going to use. And I think it's going to be the world-beating application, but it's new and it will change things. It will change the industry, so it takes time to adopt.

因此，我們的臨床套件變得非常廣泛，我們是唯一的供應商——唯一一家試圖廣泛攻擊它並同時對其進行改造的技術公司。所以勢頭非常好，而且是一個長期的遊戲。我們對臨床非常滿意。大約 2 週前，我看到了我們的一個新應用程序的第一個演示，我們的 ePRO，患者將直接使用的應用程序。而且我認為它將成為世界一流的應用程序，但它是新的，它將改變一切。它將改變行業，因此需要時間來採用。

We'll take our next question now from Saket Kalia at Barclays.

我們現在從巴克萊的 Saket Kalia 提出我們的下一個問題。

Peter, maybe just to start with you. I would love to dig into Data Cloud a little bit. Really interesting remark in the prepared comments about sort of comparing that to Vault in the early days. Can you just talk about that comparison a little bit? A lot of us on the call remember that. And maybe just the extension to that question is what's been the feedback that you've gotten from those early adopters on Data Cloud about how the product stacks up against competitors out there? Does that make sense?

彼得，也許只是從你開始。我很想深入研究一下 Data Cloud。在準備好的評論中，關於將其與早期的 Vault 進行比較的評論非常有趣。你能談談這個比較嗎？我們通話中的很多人都記得這一點。也許只是對這個問題的擴展是，您從 Data Cloud 的早期採用者那裡得到的關於產品如何與競爭對手相抗衡的反饋是什麼？那有意義嗎？

Yes. Very good. Yes. When I compared to Vault is our Data business overall, which has multiple components, it has Link in there, it has Data Cloud in there, it has OpenData in there, and what we're finding there, we're making multiple data products and we're finding a way to fit them together in a nice cohesive data architecture that customers can start consuming in different areas. And that's very similar to Vault, nice architecture in the way of doing things. And yes, some people might start in Regulatory or they might start in Clinical or they might start in Quality. But then they all fit together and get more valuable as you have more parts.

是的。很好。是的。當我將 Vault 與我們的數據業務進行比較時，它有多個組件，裡面有 Link，裡面有 Data Cloud，裡面有 OpenData，我們在那裡找到的東西，我們正在製作多個數據產品我們正在尋找一種方法將它們組合到一個很好的有凝聚力的數據架構中，客戶可以開始在不同的領域消費。這與 Vault 非常相似，做事方式很好的架構。是的，有些人可能從監管開始，或者他們可能從臨床開始，或者他們可能從質量開始。但是當你有更多的部分時，它們都融合在一起並變得更有價值。

So that's what I mean about -- that's the hallmark of Veeva. We make excellent solutions that stand on their own, multiple different points of entry, and then we move forward. So -- and in terms of the specific use cases, I think it is good to dive into how Data Cloud is a bit different. Paul, do you want to take that one and maybe what some of our early adopters are doing with Data Cloud?

這就是我的意思——這就是 Veeva 的標誌。我們制定了出色的解決方案，這些解決方案獨立存在，有多個不同的切入點，然後我們繼續前進。所以——就具體用例而言，我認為深入了解 Data Cloud 的不同之處是件好事。保羅，你想要那個，也許我們的一些早期採用者正在用 Data Cloud 做些什麼？

Yes, sure. And this is an area where we're very clearly focused on kind of the early adopter phase of the market, maturing the product, product excellence. I'll give you 1 or 2 customer examples because they're real and they're super interesting. One is a top 10 pharma company in one of their brand teams for a very specific use case. This is a specialty product. And specialty products are delivered through specialty pharmacies, and some specialty pharmacies block the access to the sales of that data. So which means the brand team can't see how much of it is being sold through that specialty pharmacy, it's this thing called block.

是的，當然。在這個領域，我們非常明確地關注市場的早期採用者階段，成熟的產品，卓越的產品。我會給你 1 或 2 個客戶示例，因為它們是真實的並且非常有趣。一家是其品牌團隊之一的前 10 名製藥公司，用於非常具體的用例。這是一種特殊產品。特色產品是通過特色藥店提供的，一些特色藥店會阻止訪問該數據的銷售。所以這意味著品牌團隊看不到有多少是通過那個專業藥房銷售的，這就是所謂的塊。

So that's like having a blind spot. They can't see what's happening. And they came to us and they asked us if we could help fill that blind spot in for them, if we can provide that visibility. And we're actually -- because we -- because of what Peter talked about, the modern way that we source and assemble and bring all our data together, we essentially, in a sense, unblocked a lot of the things that they couldn't see with their legacy provider.

所以這就像有一個盲點。他們看不到正在發生的事情。他們來找我們，問我們是否可以幫助他們填補這個盲點，我們是否可以提供這種可見性。事實上，我們——因為我們——因為彼得所說的，我們獲取和收集所有數據的現代方式，從某種意義上說，我們基本上解除了很多他們無法做到的事情。看不到他們的傳統提供商。

So this is just one use case in a top 10 pharma company, 1 brand. This company probably markets 25 or 30 products. So when you think about that, that's patient data in a very small part of that company. And what happens is that, that starts to go viral in that company. So we're just building confidence in the data set, and the market is starting to see that.

所以這只是排名前 10 位的製藥公司、1 個品牌的一個用例。這家公司可能銷售 25 或 30 種產品。因此，當您考慮到這一點時，那是該公司很小一部分的患者數據。發生的事情是，這開始在該公司傳播開來。所以我們只是在建立對數據集的信心，市場開始看到這一點。

One other interesting example. It happens to be with one of the top vaccine manufacturers, is they were asking us about our vaccine visibility. And we used Data Cloud, our patient data, to look at the vaccine trends. And we found the trend and they said, "Hey, wait. That's wrong." It was a very specific trend. There was a very specific dip at the time in the marketplace. And they questioned our data. And together, we dug into it with them and they actually learned something that they didn't expect, that they were surprised to learn. And they validated that our data was accurate.

另一個有趣的例子。它恰好與頂級疫苗製造商之一有關，他們是否在向我們詢問我們的疫苗知名度。我們使用數據云（我們的患者數據）來查看疫苗趨勢。我們發現了趨勢，他們說，“嘿，等等。那是錯誤的。”這是一個非常具體的趨勢。當時市場出現了非常具體的下跌。他們質疑我們的數據。我們和他們一起深入研究，他們實際上學到了一些他們沒想到的東西，他們對此感到驚訝。他們驗證了我們的數據是準確的。

So we're teaching customers new things with our data, and we're building confidence in -- our product excellence is working. So that's playing out through the marketplace. It's going to take time. These are really complex companies, and it takes time for that to work through the system. But it's playing out really nicely in the early part of the market.

因此，我們正在用我們的數據向客戶傳授新事物，並且我們正在建立信心——我們的卓越產品正在發揮作用。所以這是通過市場發揮作用的。這需要時間。這些是非常複雜的公司，需要時間才能通過系統發揮作用。但它在市場的早期表現得非常好。

Got it. That's really helpful. Brent, maybe for you as a follow-up. Very helpful commentary in the prepared remarks again, just around Commercial subscription revenue, roughly that 60-40 split, right, around kind of pricing based on a per rep and not per rep basis. And -- or rather CRM versus non-CRM, maybe is the better way to put it, right? And so I was wondering if you could just maybe talk about sort of the relative growth profiles across those 2 parts of the Commercial business as you look at fiscal '23, even broad-brush.

知道了。這真的很有幫助。布倫特，也許是你的後續行動。再次在準備好的評論中提供非常有用的評論，僅圍繞商業訂閱收入，大約是 60-40 分，對，圍繞基於每個代表而不是每個代表的定價。而且——或者更確切地說是 CRM 與非 CRM，也許是更好的表達方式，對吧？因此，我想知道您是否可以在查看 23 財年甚至粗略的情況時談論商業業務這兩個部分的相對增長概況。

Yes. No, happy to, Saket. So if you take a look at fiscal year '23 guide, the primary drivers of that growth is going to be on that nonrep-based piece. So think about prospects of our marketing -- advanced marketing analytics product as well as Link and our content, Vault content product suite, that is really going to be the primary driver. The more traditional CRM and add-on business will be more steady, slight grower. I would think of it from that perspective.

是的。不，很高興，Saket。因此，如果您查看 23 財年指南，那麼增長的主要驅動力將是基於非代表的部分。因此，想想我們營銷的前景——高級營銷分析產品以及 Link 和我們的內容、Vault 內容產品套件，這確實將成為主要驅動力。更傳統的 CRM 和附加業務將更加穩定，略有增長。我會從這個角度考慮。

We go next now to Ken Wong with Guggenheim Securities.

我們現在去古根海姆證券公司的 Ken Wong。

Maybe it's for Peter or maybe Brent. Just as we look at the Clinical growth on subscription, it did decel again from 39% to 34%. I guess what's the key driver that -- is that just purely because those are typically the larger deals and that's where you're seeing some -- maybe some near-term pressure? I would love any color you can give in terms of what the impact is.

也許是給彼得或布倫特的。正如我們查看訂閱的臨床增長一樣，它確實再次從 39% 下降到 34%。我猜關鍵驅動因素是什麼——僅僅是因為這些通常是較大的交易，而這就是你看到的一些——也許是一些近期壓力？我會喜歡任何你能給出的影響的顏色。

Yes. Ken, this is Peter. I'm really happy with that 34% growth on what is becoming a larger number these days. So it's just the way that the deals are falling out and the product suite is getting larger. CDMS is very early in its revenue curve, CDMS, and then Digital Trials hasn't even really started. So I think that's what you're seeing, numbers getting larger. CDMS is really getting a lot of traction, but not contributing very much from a revenue point of view because these are large deals oftentimes that ramp.

是的。肯，這是彼得。我真的很高興看到現在這個數字越來越大，增長了 34%。所以這只是交易失敗和產品套件變得越來越大的方式。 CDMS 處於其收入曲線的早期階段，CDMS，然後數字試驗甚至還沒有真正開始。所以我認為這就是你所看到的，數字越來越大。 CDMS 確實獲得了很大的吸引力，但從收入的角度來看並沒有太大的貢獻，因為這些都是大筆交易，通常會增加。

Now if you want leading indicators on Clinical, if you look in that script, one of the most meaningful lines in there was that 1 of the top 6 CROs switched to Veeva as their preferred CDMS. When a sponsor asks them to run a trial, that's a big deal. That will start a trend. So that's really good validation. So yes, really happy with our Clinical business.

現在，如果您想要臨床的領先指標，如果您查看該腳本，其中最有意義的行之一是前 6 名 CRO 中有 1 名切換到 Veeva 作為他們首選的 CDMS。當贊助商要求他們進行試驗時，這是一件大事。這將開始一個趨勢。所以這是一個很好的驗證。所以，是的，對我們的臨床業務非常滿意。

Got it. Really appreciate the color there. And then, Brent, I see that billings is kind of no longer part of the disclosures. I guess as we think about our model, I know, in the past, you typically steered us towards it to kind of track with subscription growth. Is that still the right framework as we look ahead? And any kind of seasonal elements that we should be thinking about on that number?

知道了。真的很欣賞那裡的顏色。然後，布倫特，我看到比林斯不再是披露的一部分。我想當我們考慮我們的模型時，我知道，在過去，您通常會引導我們朝著訂閱增長的方向發展。展望未來，這仍然是正確的框架嗎？以及我們應該在這個數字上考慮的任何類型的季節性因素？

So Ken, I just want to make sure we're in sync. We did provide a guide on billings for the year. So we began -- guided fiscal year '23 to $2.32 billion, growing at about 19%. So we're excited about the momentum we're seeing in the business that's translating into our guide of billings for the year.

所以肯，我只是想確保我們是同步的。我們確實提供了當年的賬單指南。所以我們開始 - 指導 23 財年達到 23.2 億美元，增長約 19%。因此，我們對我們在業務中看到的勢頭感到興奮，這種勢頭正在轉化為我們今年的賬單指南。

Yes. Okay. Sorry about that. Yes, we're having issues. We couldn't get onto the IR side. So I was kind of going off of the press release. But I appreciate that. Well, in that case then, thank you for the clarification. I'm good on my end.

是的。好的。對於那個很抱歉。是的，我們遇到了問題。我們無法進入 IR 方面。所以我有點離開新聞稿。但我很感激。那麼，在那種情況下，謝謝你的澄清。我很好。

We go next now to Rishi Jaluria at RBC Capital Markets.

我們現在去加拿大皇家銀行資本市場的 Rishi Jaluria。

This is Richard calling on for Rishi. I guess just a quick question on the -- a follow-up on the pharma rep reduction. I know, last quarter, you said that it was a minimal impact in the quarter. And you pointed to the noncore CRM pieces being now 40%. But just kind of as we look into fiscal '23 and fiscal '24, are you still seeing the same 10% rep reduction and that impact on the core CRM business? And just kind of, I guess, any update over the last 90 days on that piece?

這是理查德在召喚里希。我想這只是一個關於減少醫藥代表的後續問題。我知道，上個季度，您說這對本季度的影響很小。您指出非核心 CRM 部分現在佔 40%。但是，當我們研究 23 財年和 24 財年時，您是否仍然看到同樣的 10% 代表減少以及對核心 CRM 業務的影響？我猜，在過去 90 天裡，這件作品有什麼更新嗎？

Yes. Richard, this is Paul. I can give you an update. In terms of rep reductions, what we saw in Q4 was exactly -- pretty much exactly as we had expected and anticipated. We did see some reductions that we had planned for and anticipated. So no surprises there.

是的。理查德，這是保羅。我可以給你一個更新。在減少代表方面，我們在第四季度看到的情況完全 - 幾乎完全符合我們的預期和預期。我們確實看到了一些我們計劃和預期的削減。所以那裡沒有驚喜。

We also didn't see anything that would cause us to change any of our thinking around this overall 10%, which has been playing out starting last year. It will play out mostly through this year and partly into next year. So really no change on any of that thinking. It's playing out much as we expected.

我們也沒有看到任何會導致我們改變圍繞這 10% 的想法的任何東西，這從去年開始就一直在發揮作用。它將主要在今年發揮作用，部分到明年。因此，這種想法實際上沒有任何改變。它的表現和我們預期的一樣。

We go next now to Dylan Becker with William Blair.

我們現在和威廉布萊爾一起去迪倫貝克爾。

I guess maybe first for Peter, too. So kind of a record customer add year here. And as you continue to mature, some of your R&D solutions in the platform today, I guess, how are you thinking about, again, the pace of adoption of some of these earlier offerings, right?

我想也許彼得也是第一個。如此創紀錄的客戶在這裡添加了一年。隨著您的不斷成熟，您今天在平台中的一些研發解決方案，我想，您如何再次考慮這些早期產品的採用速度，對吧？

So it seems like CDMS, CTMS, [some particulars], then Safety, [some of those big tools], are seeing a more rapid uptick. Is it solely again the value of the integration across the platform that's driving that? And how are you guys thinking about, I mean, factoring in that uptick from an innovation standpoint, again, going forward? As you add new solutions, should we think about it as incremental accelerated kind of adoption for those solutions just given the fact that it's an incremental value-add to the customers?

因此，似乎 CDMS、CTMS、[一些細節]，然後是安全性，[其中一些大工具]，正在看到更快的上升。推動它的僅僅是跨平台集成的價值嗎？你們是如何考慮的，我的意思是，從創新的角度考慮這種上升趨勢，再次向前發展？當您添加新的解決方案時，我們是否應該將其視為對這些解決方案的增量加速採用，因為它是對客戶的增量增值？

Yes, Dylan. I guess the way to think about that adoption is what drives the adoption. I would say, product excellence, number one, having the best product in the market and staying with it, building the best product in the market, that's hard work. We got to hire the best product people and have quite a strong vision. And so that's going well, and then we're very good at that. I would say the other thing is relationships. When you're bringing something into large enterprises, relationships really help. That's where our multiproduct approach really helps.

是的，迪倫。我想考慮採用的方式是推動採用的原因。我想說，產品卓越，第一，擁有市場上最好的產品並堅持下去，打造市場上最好的產品，這是一項艱苦的工作。我們必須聘請最優秀的產品人員，並且有很強的願景。所以進展順利，然後我們非常擅長。我會說另一件事是關係。當您將某些東西帶入大型企業時，關係確實很有幫助。這就是我們的多產品方法真正有用的地方。

And these products, we have a lot of early products. If you look at -- they're making progress, but they're very early in their revenue cycle, Safety, very, very early; Data Cloud, extremely early; even CDMS, very early. Not to mention some of the Digital Trials things, some other products we have. So progress really starts a long way before the revenue. So I'm really happy with the progress, and it will lead to good revenue over time.

而這些產品，我們有很多早期的產品。如果你看 - 他們正在取得進展，但他們處於收入周期的早期階段，安全性，非常非常早期；數據云，極早；甚至CDMS，很早。更不用說一些數字試驗的東西，我們還有其他一些產品。因此，進步真正開始於收入之前很長的路要走。因此，我對取得的進展感到非常滿意，隨著時間的推移，這將帶來可觀的收入。

That's great. Yes, I appreciate the color there. Maybe one other one too, and maybe more for -- more so for Brent. But as we think about kind of the back half ramp maybe in the year, right, so how should we be thinking about kind of the impact of hiring the project starts here and how it's kind of factored in from a recovery standpoint through that back-end acceleration and maybe as well to thinking of kind of the uptick in -- or as you see an uptick in professional service, how that kind of flows through as a contributor to the subscription dynamic as well?

那太棒了。是的，我很欣賞那裡的顏色。也許還有另外一個，也許更多——布倫特更是如此。但是當我們考慮可能在今年的後半部分坡度時，對，所以我們應該如何考慮從這裡開始招聘項目的影響，以及從恢復的角度來看它是如何考慮到那個後段的——結束加速，也許還可以考慮一下這種上升——或者當你看到專業服務的上升時，這種作為訂閱動態的貢獻者是如何流動的？

Yes. So yes, thanks, Dylan. So when we look at the deal progressions, we saw that the bookings linearity was slightly more weighted towards the back half of the year. And so we are seeing good momentum of deals progressing, and that's having about a $15 million impact overall to revenue that we called out.

是的。所以，是的，謝謝，迪倫。因此，當我們查看交易進展時，我們發現預訂線性度在今年下半年的權重略高。因此，我們看到交易進展的良好勢頭，這對我們所說的收入產生了大約 1500 萬美元的整體影響。

That has lent itself to the fact that we think we will be accelerating on the back half of the year from a revenue subscription perspective. So we are informed through the conversations we're having with customers. And as Peter mentioned, we're really progressing some large deals nicely. Professional services plays in that nicely. That's a really nice growing business. We're excited about it. And we're continuing to build and add talent to that team.

這使得我們認為從收入訂閱的角度來看，我們將在今年下半年加速發展。因此，我們通過與客戶的對話了解情況。正如彼得所說，我們確實在很好地推進一些大宗交易。專業服務很好地發揮了作用。這是一個非常好的成長業務。我們對此感到興奮。我們正在繼續為該團隊建立和增加人才。

We go next now to Ryan MacDonald at Needham & Company.

我們現在去Needham＆Company的Ryan MacDonald。

Peter, maybe for you first. I'm curious on Veeva Engage. Obviously, as we are broadly, I think, hopefully approaching the return to normal here and travel opening up again, I'm curious what the renewals have looked like for Veeva Engage and if you're seeing any similar trends that we're seeing more broadly with sort of video meeting platform vendors in terms of sort of less usage here and if that could have sort of a double impact on Commercial over time with sort of not only fewer pharma reps, but then also maybe a shift away from more video-based meetings, to return in-person.

彼得，也許先給你。我對 Veeva Engage 很好奇。顯然，正如我們廣泛的那樣，我認為，希望在這裡恢復正常並再次開放旅行，我很好奇 Veeva Engage 的續訂是什麼樣的，如果您看到我們看到的任何類似趨勢更廣泛地說，與視頻會議平台供應商相比，這裡的使用量減少了- 基於會議，親自返回。

Yes. Hey, Ryan. This is Paul. I can take that. I track those numbers pretty closely with Engage. First, the renewals have been very strong into this year. And last year, into this year, utilization was really high. The utilization will go up and down with offices opening and closing. And just preferences, we're focused together with the industry on helping the industry become more hybrid, operate either from the doctor's office or from their home office, and do that very seamlessly.

是的。嘿，瑞恩。這是保羅。我可以接受。我使用 Engage 非常密切地跟踪這些數字。首先，今年的續約非常強勁。去年，到今年，利用率真的很高。使用率將隨著辦公室的開放和關閉而上升和下降。只是偏好，我們與行業一起專注於幫助行業變得更加混合，無論是在醫生辦公室還是在他們的家庭辦公室進行操作，並且非常無縫地做到這一點。

I'm really proud of the team. We've built a really strong product in core CRM and Engage to enable this hybrid way of working. And that hybrid way of working is here to stay. Most every company, every customer that I talk to, they're thinking about hybrid ways of working, sometimes digital, sometimes in -- physically in an office. So although the utilization will go up and down, it's something that is just here to stay and it's going to be kind of how they do business going forward.

我真的為球隊感到驕傲。我們在核心 CRM 和 Engage 中構建了一個非常強大的產品，以支持這種混合工作方式。這種混合的工作方式將繼續存在。大多數與我交談的每家公司，每一個客戶，他們都在考慮混合的工作方式，有時是數字的，有時是在辦公室裡。因此，儘管利用率會上升和下降，但它會一直存在，這將成為他們未來開展業務的一種方式。

So I think the renewals will continue in Engage. And particularly as we continue to innovate in that product, we're making it -- we're adding -- interestingly adding things into the product where even if you're in an office, Engage becomes valuable, where you can share content, let's say, 6 feet apart. That's part of the Engage platform. So our customers really appreciate that kind of innovation. So we're excited about helping to move the industry to hybrid and also the road map of innovation there.

所以我認為續約將繼續在 Engage 中進行。尤其是當我們繼續在該產品中進行創新時，我們正在製造它——我們正在添加——有趣地在產品中添加一些東西，即使你在辦公室，Engage 也變得有價值，你可以在其中分享內容，比方說，相距6英尺。這是 Engage 平台的一部分。所以我們的客戶非常欣賞這種創新。因此，我們很高興能夠幫助該行業向混合動力轉型以及那裡的創新路線圖。

And perhaps, just a quick follow-up on that. In terms of the pace of the migration of the industry there, do you feel that the current environment is such that the pharma companies are sort of obviously cutting headcount here and then just sort of evaluating the productivity levels of what they have remaining before making sort of those incremental, more hybrid or virtual investments?

也許，只是對此的快速跟進。就那裡的行業遷移速度而言，您是否認為目前的環境是製藥公司明顯在削減員工人數，然後在進行排序之前評估他們剩餘的生產力水平那些增量的、更多的混合或虛擬投資？

Or are you starting to see a faster sort of adoption of those additional areas? Just trying to understand how quickly we could see perhaps that 40% nonrep-based component evolve over time.

或者您是否開始看到這些額外領域的採用速度更快？只是想了解我們可能會以多快的速度看到 40% 的非基於代表的組件隨著時間的推移而發展。

Yes. So when they -- first of all, what has driven some of their productivity gains is the adoption of more technology, the utilization of digital. And Veeva's played a big part in that. That was part of our strategy, help make the industry more productive.

是的。因此，當他們——首先，推動他們的一些生產力提高的是採用更多技術，利用數字技術。 Veeva 在其中發揮了重要作用。這是我們戰略的一部分，有助於提高行業的生產力。

So now, they get the benefit of that productivity. And what they're able to do with that is, of course, take some of that as reductions. They're able to use that -- those dollars to either invest in more digital or to invest in other areas. Like as they do digital over the long term, they need better data as one example. So that could lead to tailwinds for areas like Link and helping them figure out who they need to reach digitally, Data Cloud becoming more precise about how they do digital engagement.

所以現在，他們從這種生產力中受益。當然，他們能夠做的就是將其中的一些作為減少。他們能夠使用這些錢來投資更多數字化或投資其他領域。就像他們長期進行數字化一樣，他們需要更好的數據作為一個例子。因此，這可能會為 Link 等領域帶來順風，並幫助他們弄清楚他們需要以數字方式聯繫誰，Data Cloud 變得更加精確地了解他們如何進行數字參與。

So this is something that's going to play out over many, many years, the shift to digital. It's not a fast thing that happens. But I think the number of reps will hit a new steady state, and then the industry will continue to evolve and adopt new digital capabilities and also new data and analytics sets from Veeva and more broadly.

因此，在向數字化的轉變中，這將在很多很多年中發揮作用。這不是一件很快的事情。但我認為銷售代表的數量將達到一個新的穩定狀態，然後行業將繼續發展並採用新的數字能力以及來自 Veeva 的新數據和分析集，甚至更廣泛。

We go next now to Stan Zlotsky at Morgan Stanley.

接下來我們來看看摩根士丹利的斯坦·茲洛茨基。

You have Ryan Bressner on for Stan. I guess just maybe first, maybe talk about Vault outside of life sciences. How are you thinking about that business going into FY '23 now that maybe some of the COVID headwinds are starting to subside?

你讓瑞恩·布雷斯納（Ryan Bressner）替斯坦上場。我想也許首先，也許是在生命科學之外談論 Vault。既然一些 COVID 逆風開始消退，您如何看待該業務進入 23 財年？

Yes, the business there, I think you're right, COVID headwinds has largely normalized in that business outside of life sciences. So there, we're focused on large customers in consumer products and chemicals, so things like your basic consumer goods, actually food, consumer health care, cosmetics and specialty chemicals. And we're focused on company -- large companies largely, companies of $5 billion in revenue and above.

是的，那裡的業務，我認為你是對的，COVID 逆風在生命科學以外的業務中已基本正常化。因此，我們專注於消費品和化學品領域的大客戶，例如基本消費品，實際上是食品、消費者保健、化妝品和特種化學品。我們專注於公司——主要是大公司，收入在 50 億美元及以上的公司。

And if you look where we're focused, Regulatory and Quality and Safety, that's kind of where we're going to help them -- Safety has a different meaning than inside life sciences. It's not the drug safety. It's safety of employees, safety -- and safety of environment. So pretty focused there, and I think seems got good momentum and steady as she goes there. It's going to be a nice, steady, growing business for us.

如果你看看我們關注的重點，監管、質量和安全，這就是我們要幫助他們的地方——安全與生命科學內部的含義不同。這不是藥物安全。這是員工的安全、安全和環境的安全。那裡非常專注，我認為她去那裡時似乎有很好的動力和穩定。對我們來說，這將是一個不錯的、穩定的、不斷增長的業務。

Helpful. Maybe just one more then. You talked last quarter a bit about MedTech CRM. Just kind of curious if you have any updates on the opportunity there and how that could maybe work into your existing relationship with Salesforce?

有幫助。那時也許就多了一個。您上個季度談到了 MedTech CRM。有點好奇，如果您對那裡的機會有任何更新，以及這可能如何影響您與 Salesforce 的現有關係？

Yes. MedTech CRM, we announced that last quarter. So overall, the MedTech business for us is going well, and it's largely on the Vault side, on the R&D side. It's the Quality, Regulatory, Clinical area, Commercial content. But we did announce MedTech CRM, and that was done very openly with Salesforce, who's been a great partner of ours for 15 years.

是的。 MedTech CRM，我們在上個季度宣布了這一點。所以總的來說，我們的醫療技術業務進展順利，主要是在保險庫方面，在研發方面。它是質量、監管、臨床領域、商業內容。但我們確實宣布了 MedTech CRM，而且是與 Salesforce 公開合作的，15 年來，他一直是我們的重要合作夥伴。

15-year partnerships in technology, that doesn't happen very often. So yes, we partner there in pharma with Salesforce. It's just early in MedTech CRM that we're doing on Vault, and we're just talking to some customers who may become early adopters. We're building the product. So we don't really have any progress to report. We're having a lot of good customer conversations.

15 年的技術合作夥伴關係，這種情況並不經常發生。所以是的，我們在製藥領域與 Salesforce 合作。我們在 Vault 上做的只是 MedTech CRM 的早期階段，我們只是在與一些可能成為早期採用者的客戶交談。我們正在構建產品。所以我們真的沒有任何進展可以報告。我們有很多很好的客戶對話。

(Operator Instructions) We go next now to Kirk Materne at Evercore.

（操作員說明）我們接下來去 Evercore 的 Kirk Materne。

This is Adi Ahire asking on behalf of Kirk. But I just wanted to ask, you guys acquired Veracity a couple of months ago now and which is now being offered as Veeva RTSM. But can you talk a little bit about how that's going so far, the future product -- the future growth of this product and your thoughts on M&A moving forward?

這是 Adi Ahire 代表 Kirk 提出的問題。但我只是想問一下，你們幾個月前收購了 Veracity，現在作為 Veeva RTSM 提供。但是你能談談到目前為止的進展情況，未來的產品——這個產品的未來增長以及你對併購前進的想法嗎？

And just kind of a follow-up, like does more M&A kind of make sense with all the organic developments that you guys are kind of making? Just any thoughts on that?

只是一種後續行動，比如更多的併購對你們正在進行的所有有機發展有意義嗎？對此有什麼想法嗎？

We're very happy with the RTSM acquisition. I'll take a little bit of time on that. It's feeling great, I have to say. I'm a bit more involved in that one than I am in some other things. And it's a small team and -- but they had a very robust product that they've developed over more than 10 years. But they didn't have a channel and a way really to sell that product.

我們對 RTSM 的收購非常滿意。我會花一點時間。感覺很棒，我不得不說。與其他一些事情相比，我參與的更多。這是一個小團隊，但他們有一個非常強大的產品，他們已經開發了 10 多年。但他們沒有真正銷售該產品的渠道和方式。

So that team is feeling really energized as part of Veeva. We've added to the team. We have a new general manager for that area that came from the Veeva side. He is engaged because he has a new job and a new thing to do. And we actually won a few new deals and net new logos. It's really feeling good.

因此，作為 Veeva 的一部分，這支團隊感到非常有活力。我們已經加入了團隊。我們有一位來自 Veeva 方面的新總經理。他訂婚是因為他有一份新工作和一件新事情要做。我們實際上贏得了一些新交易和全新的徽標。真的感覺很好。

Now in terms of acquisition strategy, still, we would -- whenever we look to go into a new market, we would look, is that the right type of thing we can buy? Or do we build or do we partner? Oftentimes, you're not going to find the right thing to buy, sometimes you are. And in this case, we did. And so our strategy really hasn't changed, and we're very happy with our RTSM acquisition.

現在在收購策略方面，我們仍然會——每當我們想要進入一個新市場時，我們會看看，我們能買到正確的東西嗎？還是我們建立或合作？通常，您不會找到合適的東西來購買，有時您會。在這種情況下，我們做到了。所以我們的戰略確實沒有改變，我們對收購 RTSM 感到非常滿意。

We take our next question now from Joe Vruwink at Baird.

我們現在向 Baird 的 Joe Vruwink 提出下一個問題。

Veeva obviously had a very strong year in the Quality category. And Quality seems to be receiving a bit of an elevated focus, just in general, based on some of the recent news and based on some big transactions in the space.

Veeva 顯然在質量類別中表現出色。總的來說，基於最近的一些新聞和該領域的一些大交易，質量似乎得到了一些更高的關注。

Do you think the role of that product set in your customers is changing or evolving so that, ultimately, it can command a bigger footprint? I think about Veeva rank-ordering its Vault products in the past. Has the overall opportunity for Quality actually grown so that it might be more consequential going forward than it might have been several years prior?

您是否認為該產品集在您的客戶中的角色正在發生變化或演變，以便最終能夠佔據更大的足跡？我想到 Veeva 過去對其 Vault 產品進行排序。質量的整體機會是否真的增長了，以至於它可能比幾年前更重要？

Yes. Certainly, Quality is a big area for us and still relatively early, and it's growing in 2 ways. The footprint is getting bigger. So training was something we added, and that's now starting to do well. We bought what's called the GXP content. That's very early. That's starting to ramp. We announced a big new product, laboratory information management system, which is the way pharmaceutical companies test the quality of their products. That's a very strategic and big area. So it's growing in its number of applications.

是的。當然，質量對我們來說是一個很大的領域，而且還相對較早，它以兩種方式增長。足跡越來越大。所以培訓是我們添加的東西，現在開始做得很好。我們購買了所謂的 GXP 內容。那很早。這開始上升了。我們發布了一個重要的新產品，實驗室信息管理系統，這是製藥公司測試其產品質量的方式。這是一個非常具有戰略意義的大領域。因此，它的應用程序數量正在增長。

And then the places where we're bringing it is also growing. So Quality is one of those things -- over time, we'll probably have 1,000 Quality customers or more. We have roughly 450 or so now. So Quality will go far and wide and be a really big business for us over time. So you're right to pick up on that.

然後我們帶來它的地方也在增長。所以質量就是其中之一——隨著時間的推移，我們可能會擁有 1,000 名或更多質量客戶。我們現在大約有 450 個左右。因此，隨著時間的推移，質量將變得越來越廣泛，並成為我們真正的大生意。所以你是對的。

Okay. Great. And then maybe a question for Brent. Just on the back end-weighted nature of billings growth in this year, it seems like maybe starting the year with mid-teens growth and then exiting closer to 20% growth. Can that 20%-type number start to inform kind of how we should view growth, and I know it's early, but growth in fiscal 2024 if you're exiting at that type of level?

好的。偉大的。然後也許是布倫特的問題。就今年比林斯增長的後端加權性質而言，似乎今年開始時可能會出現十幾歲的增長，然後退出接近 20% 的增長。這個 20% 的數字能否開始告訴我們應該如何看待增長，我知道這還為時過早，但如果你以這種水平退出，那麼 2024 財年的增長？

Yes. So regarding our guide for the year, so I think looking at the full year number is the best way to kind of look at the overall strength of the business from a billings perspective at 19%, not to provide any sort of guidance for '24 at this point in time, but we are excited about the momentum we're seeing in the business, the scale of the deals, the breadth of the deals. And as we look out to 2025 and beyond, we're clearly tracking ahead of our 2025 goals. So we're very optimistic.

是的。所以關於我們的年度指南，所以我認為查看全年數字是從比林斯的 19% 的角度看待業務整體實力的最佳方式，而不是為 24 年提供任何形式的指導在這個時間點，但我們對我們在業務中看到的勢頭、交易的規模、交易的廣度感到興奮。當我們展望 2025 年及以後，我們顯然在跟踪我們的 2025 年目標。所以我們非常樂觀。

We go next now to Stephanie Davis at SVB Leerink.

我們接下來去 SVB Leerink 的 Stephanie Davis。

You made some comments on the hybrid environment earlier as we go between in-person and Engage. So I was hoping we could draw some parallels to some of the virtual care players. Are there any pockets of providers or departments that will generally require more in-person rep meetings, especially as you go into more of a MedTech-y kind of environment?

當我們在面對面和參與之間進行時，您早些時候對混合環境發表了一些評論。所以我希望我們可以與一些虛擬護理參與者進行比較。是否有一些提供者或部門通常需要更多的面對面代表會議，尤其是當您進入更多的 MedTech-y 環境時？

And are there any pockets that you think will be able to more fully lean in to Engage communications, similar to how the behavioral health, for example, has gone more fully onto virtual care?

您認為是否有任何口袋可以更充分地投入到 Engage 通信中，例如行為健康如何更充分地投入到虛擬護理中？

Yes, that's a good insightful one. And you're absolutely right. We do see those nuances and differences across therapeutic areas. And we can see that at a pretty granular level. So we can compare oncology with neurology, with cardiovascular space. We can look at different segments. And we see differences there. And those differences are often related to some of the things that you just described. Their level of comfort with doing telemedicine is one indicator. If they're -- if they tend to do that more as part of their traditional practice, they tend to be more comfortable doing an Engage meeting with a pharma.

是的，這是一個很好的洞察力。你是絕對正確的。我們確實看到了治療領域的這些細微差別和差異。我們可以在非常細粒度的層面上看到這一點。因此，我們可以將腫瘤學與神經學、心血管領域進行比較。我們可以看看不同的細分市場。我們看到了那裡的差異。這些差異通常與您剛才描述的一些事情有關。他們對遠程醫療的舒適程度是一項指標。如果他們是 - 如果他們傾向於將其作為其傳統實踐的一部分，他們往往更願意與製藥公司進行 Engage 會議。

So we translate -- there is some translation there. There's some other factors that come into play, the regional nature where some of these customers are. Some customers are getting reached now digitally, that weren't previously reached before in-person. So there -- some companies are expanding their customer target sets that they're able to reach.

所以我們翻譯——那裡有一些翻譯。還有一些其他因素在起作用，其中一些客戶所在的區域性質。一些客戶現在可以通過數字方式接觸到，而以前是面對面接觸過的。所以那裡 - 一些公司正在擴大他們能夠達到的客戶目標集。

So we see those nuances. We help our customers get visibility into that so they can be more effective. They can start to benchmark themselves. And that's where our Business Consulting comes into play. We're able to be that very strategic partner to our customer, giving them kind of really precise guidance. So yes, it's a key trend we see and watch and help our customers think through.

所以我們看到了這些細微差別。我們幫助我們的客戶了解這一點，以便他們更有效。他們可以開始對自己進行基準測試。這就是我們的業務諮詢發揮作用的地方。我們能夠成為客戶的戰略合作夥伴，為他們提供非常精確的指導。所以是的，這是我們看到和觀察並幫助我們的客戶深思熟慮的關鍵趨勢。

That's helpful. Can I shift gears real quick just over to the Development Cloud side? I was hoping you could help us frame the trend of greater end-to-end outsourcing on pharma biotech companies and kind of what the puts and takes are across trial complexity and cost and success rate that's impacting this, especially in the terms of a reopen, knock on wood, and how that impacts your win rates versus some of your potentially more incumbent competitors as the shift happens.

這很有幫助。我可以快速轉移到開發雲方面嗎？我希望您能幫助我們確定製藥生物技術公司更大的端到端外包的趨勢，以及影響這一點的試驗複雜性、成本和成功率的投入和產出，特別是在重新開放方面，敲木頭，以及隨著轉變的發生，這將如何影響您與一些潛在的更老牌競爭對手的勝率。

Stephanie, yes, I think that trend of outsourcing in-source, that's largely net-neutral to us at Veeva. I don't see a big change in that, any kind of a macro change. It's really net-neutral. Now if we look at those small biotechs, what are the first things they need, they will need a Quality product and that they always have to have their own Quality records. That's just basic. So I see no change there.

Stephanie，是的，我認為內包外包的趨勢在很大程度上對 Veeva 的我們來說是網絡中立的。我看不出有什麼大的變化，任何宏觀的變化。這真的是網絡中立的。現在，如果我們看看那些小型生物技術公司，他們首先需要的是什麼，他們需要高質量的產品，並且他們總是必須有自己的質量記錄。這只是基本的。所以我認為那裡沒有變化。

And then the next thing they will need is probably the Clinical area, and that is where, especially for the small biotech, Veeva making progress in the CRO channel, the contract research organization channel, becoming the preferred provider of the Clinical Data Management, that's what -- that is what's going to help us there.

然後他們接下來需要的可能是臨床領域，尤其是對於小型生物技術公司，Veeva 在 CRO 渠道、合同研究組織渠道取得進展，成為臨床數據管理的首選提供商，那就是什麼 - 這將幫助我們在那裡。

We go next now to Brian Peterson at Raymond James.

接下來我們將介紹 Raymond James 的 Brian Peterson。

So I wanted to start, and maybe this is for Paul, but just on PromoMats and maybe on MedComms. It sounded like that was a driver of growth year-over-year. You know what, I believe in the past, when it used to be just the Vault business, there was some discussion on maybe that had hit a saturation point. But it sounds like that's not the case.

所以我想開始，也許這是給 Paul 的，但只是在 PromoMats 上，也許在 MedComms 上。聽起來這是同比增長的驅動力。你知道嗎，我相信在過去，當它曾經只是 Vault 業務時，有一些關於可能已經達到飽和點的討論。但聽起來情況並非如此。

So I would be curious, as some of your customers kind of rethink their commercial strategies, are we seeing incremental adoption for MedComms and PromoMats. I would be curious to get your thoughts there.

所以我會很好奇，因為您的一些客戶會重新考慮他們的商業策略，我們是否看到 MedComms 和 PromoMats 逐漸採用。我很想知道你的想法。

Yes. That's a good one, Brian. And the answer is yes, we are. And a couple of things are driving that. So we're seeing expansion within some existing customers. They're expanding their use to additional users and in some cases, even additional markets as they need to become more efficient in the content space. So expansions with existing customers, but we're also seeing because of digital, the demand for digital content. And once you become more digital, the speed of content, you need to be faster.

是的。這是一個很好的，布賴恩。答案是肯定的，我們是。有幾件事正在推動這一點。因此，我們看到一些現有客戶的擴張。他們正在將其使用擴展到更多用戶，在某些情況下，甚至是更多市場，因為他們需要在內容空間中變得更加高效。因此，與現有客戶的擴張，但我們也看到由於數字化，對數字內容的需求。一旦你變得更加數字化，內容的速度，你需要更快。

So we're helping our customers get to new levels of speed with innovation areas like modular content, for example. So there -- our customers are innovating, we're innovating with them and helping them become more efficient. So expansions in existing customers, driving the new levels of efficiency with things like modular content is in -- because of digital, all is driving some of the uptick that you're seeing.

因此，我們正在幫助我們的客戶在模塊化內容等創新領域達到新的速度水平。因此——我們的客戶正在創新，我們正在與他們一起創新並幫助他們提高效率。因此，現有客戶的擴展，通過模塊化內容等方式推動新的效率水平 - 由於數字化，所有這些都在推動你所看到的一些上升。

And Brent, maybe one for you. I mean you guys had given a lot of detail about the rep decline and the 10% and the timing. I think the question that we get a lot is we're only seeing that in the financials. So if we think about just given how much of your renewal base is tied to the fourth quarter, is this last quarter that was just reported, is that going to be the biggest headwind to billings given the revenue and the renewal impact? Or how do we think about this?

還有布倫特，也許適合你。我的意思是你們已經提供了很多關於代表下降、10% 和時間的細節。我認為我們得到的很多問題是我們只在財務方面看到了這一點。因此，如果我們考慮到您的續訂基礎有多少與第四季度相關，那麼剛剛報告的最後一個季度是否會成為考慮到收入和續訂影響的最大逆風？或者我們如何看待這個問題？

Yes. Hey, Brian. So what we've said is we expect most of the sales rep reductions of the 10% to happen by the end of fiscal year '23. So we're on that path. We didn't see anything that was unusual or surprising to us in this last Q4. And as you should expect, that the revenue impact to slightly trail the reduction in the pharma reps in the billings. So there's a little bit of a lag there on how it flows through the financials. But nothing's changed from what we've seen previously, and it's all incorporated into our guidance.

是的。嘿，布賴恩。因此，我們所說的是，我們預計銷售代表減少 10% 的大部分將在 23 財年末發生。所以我們在這條路上。在最後一個第四季度，我們沒有看到任何不尋常或令我們驚訝的事情。正如您應該預料的那樣，收入影響將略微落後於賬單中醫藥代表的減少。因此，它在金融領域的流動方式存在一點滯後。但與我們之前看到的相比，一切都沒有改變，這一切都納入了我們的指導。

And our last question this afternoon will come from Brad Sills of Bank of America.

我們今天下午的最後一個問題將來自美國銀行的 Brad Sills。

I just wanted to ask, and apologies if you answered the question already, but the hiring impact, was that more on the customer side, they're lagging hiring plans, getting projects started? Or is it more on your side, hiring sales personnel and whatnot to help close the deals, to get the deals started?

我只是想問一下，如果你已經回答了這個問題，我很抱歉，但是招聘的影響，更多的是在客戶方面，他們落後於招聘計劃，讓項目開始了嗎？還是更多地站在你這邊，僱傭銷售人員等等來幫助完成交易，開始交易？

Yes, Brad. This is Peter. I'll take that. I would say it's a bit of both, right, the industry overall. I think you're talking about a pharmaceutical company, whether it's Pfizer or Novartis or Veeva, and so the industry is growing. And so we need more talent and kind of specialized talent, and so we're having trouble getting enough people and manufacturing those people. So it's a slowdown, is both, from both of those things.

是的，布拉德。這是彼得。我會接受的。我想說這兩者兼而有之，對，整個行業。我想你說的是一家製藥公司，無論是輝瑞、諾華還是 Veeva，所以這個行業正在發展。所以我們需要更多的人才和專業的人才，所以我們很難獲得足夠的人才和製造這些人才。所以這是一個放緩，兩者都是，來自這兩件事。

Now in the grand scheme of things, you have to remember, a pretty minor slowdown and no change to the competitive environment. On our side, yes, those types of people that you would expect, sales and services people. But the good news is we had a strong hiring quarter, and we're training a lot of new people about the industry. So we think we'll come out of this very strong.

現在，在宏偉的計劃中，你必須記住，一個非常小的放緩並且沒有改變競爭環境。在我們這邊，是的，你所期望的那些類型的人，銷售和服務人員。但好消息是我們有一個強勁的招聘季度，我們正在培訓很多關於這個行業的新人。所以我們認為我們會非常強大。

That's great to hear, Peter. And one more, if I may. Just anything on CTMS, CDMS deals in that top 50 segment this quarter, and just pipelines, how does that segment look?

很高興聽到，彼得。如果可以的話，還有一個。 CTMS 上的任何內容，本季度前 50 名細分市場中的 CDMS 交易，以及管道，該細分市場看起來如何？

Yes. I would say I'm very optimistic about that segment. We really won't talk about -- we mentioned the CRO that picked Veeva as their primary CDMS, now that was a really big one. A CTMS win in the top 20 as well. But the pipeline is really progressing for Clinical, both in CDMS, CTMS, some combo deals across CTMS and CDMS. I'm very excited about that. Momentum, and you can feel it when it happens, it doesn't show up in the financials for a while. And we can definitely feel the Clinical momentum right now.

是的。我會說我對那個部分非常樂觀。我們真的不會談論——我們提到了選擇 Veeva 作為他們主要 CDMS 的 CRO，現在這是一個非常大的。 CTMS 在前 20 名中也獲勝。但在 CDMS、CTMS 以及一些跨 CTMS 和 CDMS 的組合交易中，臨床的管道確實在取得進展。我對此感到非常興奮。勢頭，當它發生時你能感覺到，它暫時不會出現在財務上。我們現在絕對可以感受到臨床的勢頭。

And that is all the questions we have for today. Mr. Gassner, back to you, sir, for any closing comments.

這就是我們今天的所有問題。先生，加斯納先生，請回复您，先生，任何結束評論。

All right. 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.

好的。謝謝大家今天加入電話會議。感謝我們的客戶一直以來的合作夥伴關係，感謝 Veeva 團隊在本季度和本年度的出色工作。謝謝你。

Thank you. And again, ladies and gentlemen, that will conclude today's Veeva Systems Fiscal 2022 Fourth Quarter and Full Year Earnings Call. I would like to thank you all so much for joining us and wish you all a great day. Goodbye.

謝謝你。女士們先生們，今天的 Veeva Systems 2022 財年第四季度和全年收益電話會議將再次結束。非常感謝大家加入我們，並祝大家有美好的一天。再見。