VEEV - Earnings call transcript Q1 2022

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Operator

Greetings. Thank you for standing by, and welcome to the Veeva Systems Fiscal 2022 First Quarter Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Ato Garrett, Senior Director, Investor Relations. ahead. go Please

Ato Garrett

welcome conference and XXXX. fiscal first XXXX Good for to the earnings call XX, quarter quarter afternoon, Veeva’s ended April

Bowman, As Executive call p.m. today Strategy. Peter prepared Chief website a and to With read our you’ve posted me Veeva’s the chance Officer; primarily reminder, Relations call. Gassner, Paul used before Investor Q&A. Today’s had remarks a are just be Officer; today. our for EVP, Pacific on X:XX Brent Q&A them Chief We will hope Financial after Shawah, we for

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

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

obligation we discuss do disclaims of any call If so Forward-looking XX, this the today. in the call after unless statements to revise Veeva replayed public We on or made call us or contain updates XXXX, today, during made may guidance further any information. is we are will statements. during performance not presented our quarter, the forward-looking or today’s or on provide guidance update current today, facts to call but during information based accurate not on viewed May the available the as may forum. being our a

turn are our call supplemental GAAP the over understanding Peter. A financial non-GAAP and found we may will of both With thank available certain to aid metrics I reconciliation us, in that, metrics release in call, in be results. presentation, investor we today’s the On our for can joining you that also to earnings the on comparable discuss and of believe website. the which

Peter Gassner

with in Cloud. $XXX QX $XXX income XX% call, of of XX% operating due everyone. million. results the Development strength was to in total XX% to million year-over-year, guidance outstanding revenue We in Thank significant had subscription or Commercial was an and the Total welcome Non-GAAP $XXX up with revenue. to continued outperformance up revenue well you, million, Ato, quarter ahead and Cloud

You Paul the will details to further in point, I posted today. to about this at prepared our or find X our website open remarks quarter myself. call for up At Brent, like questions would the on Pacific

Operator

first And of the question [Operator Peterson from Instructions] line James. Brian Raymond comes your with

Brian Peterson

strong results. Congrats on really the

Vault as broader the this what’s to I trying we acceleration the indicator in bit. frame services the business? know a little about Just Vault So, indicator that Brent, Is up or revenue. an has But coincident? obviously, future I in me on that going of do saw come past. a services help the think how in

Brent Bowman

Thanks, Yes. Yes. Brian.

in-house good So, services that? And I mind indicator, keep a One lot just variability revenue. in capabilities. general is broadly. their what overall the we’re saw service development the pleased different very But strength on with we and say. Different is not why just have the on different business, would leading there’s needs, will to a have and services I products is of customers that based side -- in requirements in say, service thing

Brian Peterson

Got it.

and last the wants know as quarter. how that Okay. in you’re take an don’t that of terms know what really customers? with up just who we that’s Peter And that Quality on heard I I seeing Thanks, product or the ramping just to strength, guys. Paul, maybe but Quality of area

Paul Shawah

into Cloud vision that working, overall just vision they’re in and at driving well. that highest vision, we’re Quality, and kind across over I’d the in Development all are perfect particular. time. a really, Yes, rolling progressing Development where level, started Yes. of is another Thanks, the have Brian. buying then out and and broadly together This Cloud in really overall guess, is And is did we in unified with quarter Customers management Quality Paul. I we documentation Quality really training, have with that bringing example and quality they’re strong

space, in So, Veeva strong in help them looking to QualityDocs and performance in we had really And the at of looking partner modernize that to be companies to really the areas. all are they’re there. Quality and

really we’re progress. our with So, pleased

Operator

KeyBanc line the with Markets. And your Donald of next Capital question comes from Hooker

Donald Hooker

Just maybe would It you’re some the them if the sales all globally. a concerns Can around on of out. seems comments, there? or share maybe you thoughts just us force like more, from your back maybe hear like your you little pharma prepared pushing your expand of to thinking with bit some walking

Paul Shawah

Yes, talked ago now. guess, said context to yet But, these some hasn’t we’ve of like. some stabilized the far always There’s so guess, color terms sure. what is of watch in color The on any significant a reductions This haven’t we down that, something eye up I field and changes. that maybe that. variability on give state about, is quarters two look yet the you an structure and we keep every that, quarter. the are and But, seen very closely. I can industry having hit going and behind I the new steady

to little this why companies, likely So, next these closer end will through for are year is of half then to I the impact start of which that take a I big longer. And it the we’ll bit second year. think and see pharma changes think

a more more as So, I happening a walking it wouldn’t as classify classify bit over time. I back. little it just

Donald Hooker

-- around whole maybe there Is guess, need recent does incremental clinical lot for what -- that new Is coming guys would already There’s CRO a and decentralized quarters, then, new across for the require space that something market. else investment? to buzz something you else need? And pharma clinical is companies all of you in just you is there been area, there’s general. you these of of decentralized -- there? there’s in or trials that product you bunch Is a have? a that Okay. any I’m if I trial sort wondering

Peter Gassner

decentralized trial trials, that we patient-centric. itself process the being patient parts what trials in that’s a call, that. the the through trials, do to, with clinical but moving like supervised patient’s and often, be so able trials something still in-home refers that’s caregiver, to be Decentralized of to or home, Zoom of Yes, through call may that to most part paperless a nurse, by an digital may

decentralized we’re be our doing our have patients, fit connect for into that product. Site like And things for trials. technology do investment that then, ongoing. sponsor. significant for we clinical Connect area What Suite That’s for eConsent, the that That MyVeeva will will into and So, in Clinical we’ll example.

and big area for of investment. bit a it’s it we be us, a But could broader. It’s So, opportunity trials. digital call what

Donald Hooker

clinical is point expansion over one just time? there there left to advanced I’ll these kind from into link being and together perhaps and of last discovery there preclinical I maybe maybe an Is across biotherapeutics for throw sort expanding for preclinical therapies, any more ever thought any sort that? one one And about kind gene all cell there all functionality? with all just a need and in and there guess, at me. or I of guess, field there? you about of is and some of opportunity have and more Okay. thought opportunity Is greater the workflows argument you

Peter Gassner

today Well, I’ll this play got fielder out and of Peter play field. I’ll that -- is left and one I left

-- characterize as a that broadly you can preclinical. we So,

and time the there’s when as eye area where characterize that or research rest I you it’s not future. would say also Some from would it, That never keep people -- an you connected in the time. time. this would an Veeva to area no lightly Thank an pharmaceutical. at at That’s at our not say that this focused lightly on of area we that’s this have the and product plans of But ongoing you. never we’re connected. no would be be products, investment

Operator

comes question the next from Ken Guggenheim with line your of Partners. And Wong

Ken Wong

to post keeps of degree. to that of past for This to led clinical lead to of when from Sorry statement, science replatforming that in up reimagining trials And the there about replatforming? you talk many theme is production, kind a an last be such to truth is in potential much popping our extension which assume then beneficiary Peter, this of stack, we to question a life year industry, workflows, a could particular a your think? some potential potentially fair is new how a that end-to-end customers. contacts submission Veeva is would that, to the given I do button. guess, just it

Peter Gassner

some maybe past COVID, valid. industries to the assumptions that’s customers in Ken, had has all caused they to and across were are things people think fair that reimagining that not think the definitely

question in to And more so, it that trying I COVID think, loss type Adversity life, increasing terms everything of mobility, creates innovation. innovation, is of open innovation. tremendous But, of now, thing. spurring to downside they’re of

So, that on. is what’s going

though, what think at that. data a investment. the questioning. customers slight digital have cycle think see I really, reimagining Again there’s long I we So, I yes, from When our efficiency, we yes, look from is, a tailwind replatforming, we’re And with customers. getting

did We digital And lot customers to it’s us Engage going see our the product next things look it’s trend positive moderate trials three, will a for into moved Veeva something year, but and as tailwind because position well and digital of with positioned. a be the continued when for us well. really. So, last is you’re years, immediately innovation, that we especially MyVeeva and not to footprint that four a that

think favorable I Ken. we’re So, position, and position good in a a

Ken Wong

one helpful, then, Got the you, And quick insight. Paul. Thanks for Peter. for it. Very a

Any guys Just data you across more prescription of when rest kind interest roll and, pent-up some if at talked wondering customer the U.S. of extent, a finally there. out to demand seeing point? the amount for Data you good guys there’s international and on out Cloud, the sense of

Paul Shawah

Yes.

market patient U.S. So, our we’re this first the you data. is on Cloud Data certainly know, in And point. at product focused as

as and prescriber over sales time. data We you have will, mentioned,

data. it’s and focus the in working So, data the data It’s the right patient product building patient is and longitudinal early now patient on market. best

So, proud value success the the market. that of in for the and creating really early we’re we’re customers

demand, this is terms journey. pent-up long In a of

term the long for here. investing We’re

is can recognize excited really this We’re are the excited But about deliver. a we play. and they that long-term innovation, the about customers innovation our

long we’ve So, haul, the progress really made we’re excited about and so far. for the

Operator

of Suri with your Blair. the [Operator Instructions] comes next question Bhavan from And line William

Dylan Becker

guess, Bhavan noted This quarter willingness as platform, Great. looking Dylan lot you all here, for development. right, I of to on but solutions. It to Thanks, those Becker quarter the leverage on is appreciate Suite question. you the throughout congrats increased we’re first, a of standardize an kind guys. I actually our taking customers tonight, kind common seeing several have across to this makes data and sense your the Clinical accelerate of a across and of

the cross-sell I question stage future should the standardization, further safety, guess, supporting offerings, is, related the especially the So, cetera? efforts, to thinking how some importance earlier et CDMS, be about of CTMS, driver of the we

Peter Gassner

Dylan, can going common What’s that they’re do audits, suite, business a integrations, is real I’ll common benefit looking common But on not much one. to an useful. is this they trust, the -- for common will thing. way standardization of nice to that that practices. that integrated that’s do technology take is, they’re the way and for type so vendor And is Peter. They looking get on

to flow and operations a have that Clinical advantage life integrated competitive a people. of Suite clinical there. Management extra that trial company. sciences company, we That’s will across life quickly. to suite efficiency, when for what’s just the approved that importance the market That’s because seamless be getting long-term sciences has So, with products essence clinical can exciting be Veeva the And Data a

standardization the of looking process not for. they’re it’s but seamless the it’s So, that business technology

Dylan Becker

to as And early Cloud have want this side recent well, in about of Data might well days Data But, too. some and just that a from of guess, IQVIA traction of kind segment kind what the of And into too remind deep us of if, -- as kind as the on of some of can dig this maybe can but Paul, we’ve for seen Cloud you sustainability you and kind is commercial that on driver the around talk here, you it, kind well? then, any the one releases impact I I piece. mentioned don’t of

Paul Shawah

It’s noise Data for the data of all a different impact and Yes. that Cloud. and really but product. terms impact own There’s no in lot that innovating obviously competitive IQVIA, at their of Data they a and Cloud’s our there’s marketplace. way in have behaviors a history kind in marketplace the of, we’re on has been of really no that sourcing

Data that should we material say, no I Cloud. at impact all, impact around no -- So,

Operator

question with And Davis from your Leerink. Stephanie of comes the next SVB line

Stephanie Davis

question, a funding guys. uptick products. for congratulations Thank We’ve you meaningful health my in pretty quarter. that on Vault And related companies a the tech for taking very seen compete strong with

I subscale, about increase we love potential thinking and integration or your these of you’re a So, just early the value players. on partnership pure-play them that think as take platform? as a how are of competitors there maybe that more is Vault Should

Peter Gassner

Hey certainly, Stephanie, market’s now. this awash not right is capital the health early tech Peter. Yes,, in just with market, overall,

so, entrants. new And multiple you get

diffusity in because Now, you average get surplus. and the entrants you’re getting on lower quality monies a

on. going So, that’s I think what’s

our -- application some terms those of will one of many competitors be those of areas. of In in

areas. competitor be will application they So, our one of in a

Veeva’s for into And Vault highest, of platform smaller, product will the funded be partners and focus some funded them because the be think that’s good have will overall will go industry. for lead market. and fit high tend really It companies, to then, more nicely. companies to I they to sharpen competitive lower the highest practical, innovation. Those the

It’s I think that’s good fine. competition.

for in a it’d them for are in that. full a companies long-term ways be looking the flash pharmaceutical a think for looking has suite. many like quick really They’re because difficult win not that partner pan I a

the for overall, So, trend view I positive as Veeva.

Stephanie Davis

growing that on how less that think space? and players probably for the M&A thought most you continuing the likely in partners, of about Well, do funded

Peter Gassner

in not other We been for say M&A growth. space look in. places would versus different that for I we’ve M&A, that Yes. would

where get and of something overall So, will that we seed can either the help help a industry really Veeva. thereby

made for Zinc, years completed migration acquisition DNA with better. customers or good completed right, brought their completed You into the That five acquisition was that. ago, industry, products the we our those Veeva, with that that saw of the

had see what You certain a Crossix. We with asset. would did we Crossix. bought They

bringing them Cloud. leveraging asset We’re and that to Data

what we grow. seed look that’s can We we would for look innovation for. So, that of

Stephanie Davis

Very helpful. one quick one...

Peter Gassner

Sorry, finish. I didn’t

Sorry…

Stephanie Davis

continue. no, No,

Peter Gassner

come the actually, often those smaller Those in of companies will innovation. seeds

Stephanie Davis

Impressive.

just Ato’s we call. have us would like He the least on because one quick done it at much I So, work you kill Could feel didn’t this. a if so mention I just… on

Peter Gassner

a He’s guy. He’s kill very going not anybody. to nice

Stephanie Davis

so. might He

litigation, of just really is the give you’ve Could us worst So, a lot downside heard of a refresh IQVIA. on announcements? case noise about recent scenario you some the what in

Peter Gassner

their upside IQVIA issued a certainly intentionally created. is and really behavior, Yes, But IQVIA’s that of Veeva the status press that a all is release restricted noise. environment campaign. misleading lot because disinformation anticompetitive situation data for quo the there case with this

IQVIA -- So, about It’s release this status is the that’s really -- If nothing press case. the about the recent from procedural ruling. a quo. procedural about

case antitrust the going case, ahead. our So, is

and trial jury We win. expect the in expect our we are XXXX. in And case confident to

we Commercial provide really choice industry, that Cloud, an Now, that’s did for be if accelerant we’ll see the and win, in if would that win. would XXXX. would and we more for But,

Operator

line from Stifel. with And of Roderick question Tom your comes next the

Tom Roderick

my run, really, I’d to front? up they saying, Thank acrimonious this that the that of of your that many little questions. you we accessible And hear the a to fairly in this? to could on what are saying really saying Great. respect And wanted Peter, Are that not of a of all. which positioning what inside competitor, great with ask at love nervous customers many, about IQVIA different the for a from we it’s public I arena This the to is do and I and choice, question, to are they’re just of taking might CRM for they hear and the long perhaps of glad customers you little some you. about get systems discussions data sort that a your both want parties. you guess, the IQVIA your issues version create Great there all I’m poked to opening between core conversely, be is, bit which getting both your time of thread use at you kind results. choice. bit. then, Stephanie hey, Congratulations in

love to which they’re I’d on pushing way that know So, thread.

Peter Gassner

they one. is customers, general, Tom, this in The is I’ll for noise. This take not them. -- that positive

like, fighting the feel really started noise they Who care. two the on fight lawn. there’s hey, why, So, don’t kids just it’s them. They or for

it. So, Veeva suppliers they it companies. industry. not still they’re I would life are matter. know think, with sciences to appreciate by appreciate IQVIA caused They that the really it. with say don’t I it’s They’re and partners our IQVIA, but don’t -- they nervous IQVIA, generally They’re the we doesn’t customers,

I So, data; IQVIA CRM, that their data up something, they’d Veeva that IQVIA knew that any like wouldn’t if to another losing nervousness not way they our customers. analyze They IQVIA appreciate do b, to don’t would and from feel find into allow business. a, from end

be around they choice. not they’re is So, Where to by think this is about willing IQVIA. pushed

the that’s think enthusiastic lawsuits hurry, a always positive choice that about full So, -- a More a press a is more faster. customers. is want about customers. in They complete choice for that’s Noise releases, have us positive customers. get Data a I example, never fighting faster, for for Veeva. positive is positive for for Cloud, really not to sorry, Noise mature

Tom Roderick

they’re of thing a prepared last them over me platform And remarks has modernized benefits they margin mind gross discussion the the kind I might transitioned customer be the the there. why the margins a sort line for PromoMats. over to This continue. anytime customers Great. higher guess, end-of-life mean, can’t point other question a then lasting bit is a and to How was in of the brings no at gross version, gross for that? Zinc that should that Seemingly, you And one highs all from think in all-time reason on to the That’s high we these platform but excellent, look across just at to one there we can kind Peter. and of that. this it or to I do I outside is watermark get about opportunities you. here? appreciate of we here. little weeds, how Brent, more move margins stood out

Brent Bowman

quarter thanks for right that outstanding the think mode obviously, growth in date. to I quarter, op was had it an question. op mean, Yes, about now. Yes. perspective, this we’ve we’re an is, from margin how And margin I the highest

We’re we’re customer specifically sales invest for consulting a area. continuing and to the success. is products, hiring Business And aggressively services in focus area.

well. we that course of think travel things So, the growth look during of regarding that our in are high normalization. expect pay all-time There long will are running term are perspective. margin, do off a ‘XX. in utilization an as that level return out other some quarter to We you from services as some play There’s this to fiscal was at year gross

So, things QX there’s lot drove margin a in percentage. the of high that that op happened

all-in-all, model it. sell to to opportunity continue Vault the well. leverage we Great space as of to continue as with product get out pleased So, the

Operator

And America. your next question Brad comes of from the with Bank line Sills of

Sherry Guo

Hi. This for outside quarter. opportunity. sciences life great ask about a on Congratulations is Brad. Sherry wanted the to on of I

updates where can little go-to-market you a You But, of are Thank you bit out building organization? remarks. you. are that prepared maybe terms where in touched you on provide today and on your some

Peter Gassner

track Peter. life is Hi Yes, of outside with Sherry, on this there. we’re sciences

goods the business chemicals. customers add believe customers, bringing in we’re to packaged sort We’re track and consumer on Maybe of for and and million, goods some in XXXX. focused the $XXX existing expand to on we consumer

on success, the that. business our there. pleased I’m that’s track what’s fueling really we’re for with customer So, and

life going sciences. So, of is all well outside

Sherry Guo

any you. start businesses tech physicians event then, the are services world headwinds in COVID for as app changes to dissipate? Got you or seeing And like

Paul Shawah

starting is Yes. And we’re some up. this which doing of for really are digital reopening Yes, customers, demand events. an guess, Hey see the we ramping as to to ramping our -- starting in That’s now think up that uptick around and focused we demand face-to-face. about events getting little more and the of back digital to time Sherry, business is I I’d we’re Paul. in-person a supporting starting the see bit But to return. been on are companies also characterize events,

to is both. news I kind yes, forward. expect So, -- good it is, supporting of going that we’re The continue on focused demand

digital So, support or prefer, it’s as customers we in-person. can whether it’s whether

Operator

your Zlotsky with of And line question Morgan comes the from next Stanley. Stan

Stan Zlotsky

that onetime in year? mindful second in wanted be to the need year, informed as the billings year. the I and of strong as billings billings we the to increase a the anything maybe for how far to start for like your strength obviously, very start billings, switch the a And in -- Is to of overall that there full quarter? confidence guidance to

Brent Bowman

Yes. Thanks, Dan. Yes.

we XX%. result were the There headwind or note QX, that a quarter tailwind was that had that items onetime in no at So, in a number. outstanding to to billings growing

a formed definitely looked out beat our of good year. that So, we the portion for as guide, our guide

of broad-based both Dev probably that side a subscription the services. third two-thirds in and Cloud strength and the with on about good Services in say contributing was I So, about nicely. beat, would

really overall, to contributions the growth billings rate. So good

Stan Zlotsky

it, How your health the I year? thinking does for the across wanted around just to pharmaceutical one headcount headcount, around that the Commercial Got of And and reduction remainder earlier sales industry. inform this care go questions of in overall the growth the back Cloud the to perfect.

Paul Shawah

Yes.

have a So, fiscal not rest already. meaningful that for the modeling We’ve year. impact of this on accounted reductions our the into

time, on or the one, we anticipate based kinds we a smaller a the typically, of we’ve So, any cycles. saw other. guidance. It’s renewal tend those accounted larger one modeled reduction, way name; two, material our impact don’t in to those whether play out and for things already And over or things,

change no there. really So,

Stan Zlotsky

say like Commercial of the cuts don’t are we to cuts last those guys Is -- I you line head would strategic the for begin if have or to half the the as subscription annual the back as maybe to guys much I on long-term where upside trying year what you Cloud -- in talking impact a and come materialize, couple about quarters? there was cuts headcount those potential see maybe of is this guess, you contract. been revenue could plus potential

Brent Bowman

Yes.

it’s Brent. Stan, So,

So, for fiscal prepared I mentioned so the my remarks year, in it.

didn’t QX. fact, do the year. to in any reductions increase second increase the expect that And included And see we in in in is our that increase, of guide. So, we in the half

So, we contemplated second of that half into ‘XX. the year fiscal

Operator

next Your Sterling of JPMorgan the & from comes question Auty line Chase with Company.

Drew Glaeser

This on is Drew Hey. Sterling. for

mentioned and operating of the in travel You the return there in some of post-COVID sustainable the Are are cost any normalization -- expenditures. the to the savings that post think you after environment? model

Brent Bowman

Yes.

about fiscal seeing I’ll and So, a ‘XX we’re talk what year bit.

So, we’re the we largely advance progress as in fiscal will ‘XX. I of seeing the virtual start balance next year. of starting the the going through be to the that to travel return year believe of months couple for And that’s work normalization. balance to

of that’s with be into that confident Over of stated about tell. how you will our contemplated that’s will feel hand on All time been I bps guide, much of at time, number a that. give the permanent, tailwind. why XXX and information don’t to I explicitly

Operator

of Merwin Goldman And comes the Sachs. next line with from question Chris

Kevin Kumar

should on growth in base taking Curious the a how we and Engage. How product think It here customer about was there? tailwind Kevin across the CRM like Thanks runway the Hi. penetrated for for questions. my today is that that sounds quarter. on to Chris.

Paul Shawah

the Engage overall Paul. is penetrated This market. we talked XX% as Engage, being about Yes. in quarter last roughly

expect Engage to see XX% we’ll think Engage, roughly broader market. that’s continued going it bump obviously more will to captured you was. of And the significant We -- -- out a of if QX, had given growth the will forward. be we’ve the a opportunity, that normalizing have time about normalized it conversion. growth we where So, play in where rate But over in

Kevin Kumar

it. investments recent Crossix. then, Got headcount, in given customer adoption, the of And Thanks. curious the about

Paul Shawah

Yes.

is you’re Crossix’ generally say and fundamentally, trying Crossix companies on operating which marketing, And different ways. and more that kinds reach that of an supporting is and and digitally overall is So, would the based independent to of digital. there in shift to new business media customers seeing. advertising I is reductions

in good anticipate that will So, we saw quarter we this forward. strength going and continue strength Crossix

Operator

line next MacDonald Needham. question of from with your And Ryan comes the

Ryan MacDonald

Hi. Veeva I repeated. if dead the it’s Thanks to But, I Consulting services. wanted about Link around dropped remarks I the for prepared on taking and apologize question. temporarily And the ask Business commentary here. my

consulting. heard I an around dynamic been comment we’ve what doubling if it at do not that the customers. of on you how your that in service view, think increased does And is seems hear and on thoughts an It’s total think change emerging and be just time of revenue grows I’d curious it Peter, it’s interesting terms trend. to first year-over-year component to the that a forward? how this from how this reliance is your consulting the on services causing of sort of as going percent all, be

Peter Gassner

just actually process bit, our and service business process -- is growing a business not as don’t of the In look type change there. material terms of small still higher-value Consulting when focuses at the software. expect that Consulting I is forward, it’s professional which percentage on our implementing business but revenue and bulk subscription how going a services. that any business, is grows you things,

So, Veeva, going biggest it But never be the but type complementary. is to that it’s part of it’s thing. growing of

So, up been very consulting it’s bit And a needs we complementary. products. go will little have as multiple

when and of regulatory needed business is consulting So, stitching implementing things clinical or across for the for and processes processes, very good medical. that one together are us, commercial you’re example, the with

redesign a and So, these responsibilities. you roles of when the business where processes, get you that’s value and lot

as cake. on view icing and it’s the but necessary not cake, So, the it

Operator

line Your question the from next of comes Tyler Radke with Citi.

Unidentified Analyst

suite, customers Commercial Cloud. then, a quick more including question customers just on to see and regarding Quality I like going Regulatory strong. pretty the last had are in quarter that looks -- the starting in quarter in Congrats especially and current And and result in or we new full

in to we like Thanks. then, be some supposed see of forward? might going versus your just this see initially? are trend, expectation implications like to coming in I’d that So, is the how And also, what

Peter Gassner

Generally, side. to started way infrastructure. R&D that because also a they suite, full very-modernized Yes. the they nimble, They with be along existing have on that go The want just will smaller happen don’t in with side Commercial get the they’re Veeva. biotechs can and and

So, our of lots so the is, not to they and sort as maybe bit processes that But, pick trend that have in applicable to it expect they biotechs. large people, lots of they because continue of have I optimize. the that’s accelerate to small parts a enterprises, really

Operator

That for Peter back time. turn to to closing this concludes call this would questions at I like remarks. all over

Peter Gassner

customers continued for everyone, their thank for you, their Thank to joining call. All customer partnership right. commitment Thank and our success. for today’s like our I’d to you. employees

Operator

conference Thank you for concludes your participation. This today’s call.

You may now disconnect.

Veeva Systems (VEEV) 28 May 212022 Q1 Earnings call transcript