VEEVA SYSTEMS INC — Call Transcript 2025

All right, everyone, we're going to get started. My name is Brian Peterson. I'm the Application Software Analyst here at Raymond James. Very happy to have Veeva back at the conference this year. Paul Shawah, EVP of Commercial Strategy, is with us today. We can make this interactive. If you guys have questions, raise your hand. Happy to hop in. But Paul, maybe to kick things off, you had an analyst day a couple of months ago. Just had your fiscal third quarter. Anything you'd highlight in terms of kind of near-term developments that you think are important for investors? Yeah, sure. First, good to be back. Good to have another conversation with you, Brian. So yeah, we just had our third quarter results. We had really strong results in the quarter. Exceeded all of our guidance numbers, so we did well, and I guess some of the highlights were we talked about broad, really strong execution across all parts of our business. We gave some very specific highlights. Some I'll call out in particular. Clinical, we continue to do well and perform well in the clinical space. More broadly, we have more than 10 applications in clinical. We're making progress in each of these areas. We call that a couple of Top 20 wins in places like Study Startup and in training, which I think are just indicators of the fact that it's a very broad portfolio of applications, and we're performing well across all those areas. We call that safety as another place where we're just kind of ramping up in that part of the market. We had another top 20 win. We had another top 20 go live in that space. So clinical safety. On the commercial side, CRM is going well. We talked about how that market's stabilizing out, at least on the top 20 side, where we'll end up with roughly 14 of top 20. So really good execution there. We have 115 customers live in that market, and we're innovating. And then I would say the last kind of highlight I'll call out is Veeva AI. So we just announced the availability of Veeva AI in our commercial products, so commercial content and in CRM and early customers. We have our first early customer live on the commercial content side. That part of the business is going well. So I'm excited about the innovation that we're delivering. We've promised it. We're now delivering on it. We're getting customers live. So there's a lot to be. We celebrate a lot of the focus on product excellence and innovation, and we're just executing really well across all the different parts of the business. So, I'm going to double-click on a lot of those, but maybe higher level too out of the analyst day. You guys gave a 2030 target, or I guess you gave it the year before. But maybe as you think about that growth opportunity, what are some of the key market scenarios where you really think that you can go get more revenue? Yeah, that's right, and I'll point back to clinical. Clinical is an area that we're super excited about. It's obviously the lifeblood of the life sciences company. It's where they make significant investments. It's where their future comes from, is the drug development and launches of new products. It's critical to the industry, but it's also traditionally highly inefficient. There's a lot of opportunity to create productivity gains in the clinical space. As I mentioned, we have 10 applications, and our unique value proposition is all of these applications are built on the Vault Platform. Natively, they're connected to each other. Multiple connected products across clinical operations, clinical data management, which means we can help the sponsors, the pharma companies, operate more efficiently, but we also help connect them to the clinical research sites and to the patients. That will drive the whole clinical segment an outsized portion of our growth as we look to 2030. Not the only growth driver. We'll have growth drivers in quality, regulatory safety. Then, of course, commercial will continue to be a growth driver for the company. So there's a lot of different areas, a lot of moving pieces. All right. So we'll focus on commercial. I know just on the kind of the CRM market share dynamics. As you kind of zoom out, you think about some of the top 20s that you're retaining versus the top 20s maybe that didn't stay with you through the Vault transition. Any commonalities in terms of those that did and those that didn't? Love to unpack that a bit. Yeah, the ones that have, and we said roughly we think it'll be roughly 14 of top 20. Remember, just to kind of maybe set the expectation, we had 18 of top 20 globally. We had two additional ones in very specific regions. So roughly 18 to roughly 14 is where we think it will end up. Those decisions are not all final at this point. Why are companies choosing to do something different? I think, one, there is a segment that wants to do some custom building, and that's essentially what they get with Salesforce, is kind of an immature product and a custom project that they can run on top of that. That's not everybody. There's also other companies that are. There's a lot of overselling, and there's a lot of hype out there and sifting through that. Some of these decisions are made by just individuals, and they can go either way. That's on that side. On the Veeva side, what we generally see is companies want to innovate fast. We talked about it as being the fastest path to AI. With Vault CRM, we're making that move to Vault CRM very easy. We now have two top 20s live in really all regions: Japan, Europe, US. Now, why do I say that? Because it's actually they're like different CRM systems. It's actually a very hard thing to do, is to get them live in all those regions. We're executing well on the basics, but now they have AI available. I expect some of those companies will be starting to turn on AI in 2026. That'll be years ahead of when you can do that any other way in the core CRM system. So they want stability. They want innovation. They want AI, and that's what they're going to get with Veeva. And maybe just kind of looking at CRM kind of outside of that top 20 lens. I know there's some customization aspects, but what are you seeing in terms of the longer tail of customers in terms of Vault CRM? Yeah. So we talked about top 20, and you can kind of do the math on what that win rate is. And outside of top 20, I expect that win rate to be even higher for kind of the opposite of what we just talked about, right? So those companies, they don't want custom projects. They don't want speculation. What they do want is something that they can rely on and trust. They can't afford for something to fail or to take some big gamble. They want something that's proven and a trusted partner. And they also want AI. And the promise of what we're making around AI is that it's going to be real. It's going to solve really very specific problems. And that's what we're doing, is we're building AI fundamentally into the platform and then into the applications that they're using. They want to be able to get that soon, not over. Talk about AI as a differentiator there, or maybe some of the early use cases that you're talking about in commercial. You're clearly excited about that. Maybe expand on where you see that value proposition for customers. Yeah. So in commercial, so I'll talk through kind of what does a field rep do, right? They can use AI across their entire workflow. So for example, talking to the CRM, just using natural language to talk to the CRM and asking it questions or getting it to help you prepare for the conversation you're about to have with a customer. So talking to the system, creating a very specific call plan for that customer, all of the context of what's happening with that customer and their patient population and their prescribing history, and making very specific suggestions about what they should be talking about with them. What are some things that some messaging that they may want to share based upon all that context and some very specific actions? And then recording the result of that, listening to you as you talk about what actually happened during that conversation and recording that in the system and doing it in a compliant way. So everything I just talked about can be enabled by agents, a voice agent that can translate your voice and power the system, a pre-call agent, which will provide that summary and that context and very specific actions, a compliance agent, which looks at everything that you've recorded and makes sure that it's compliant with what the pharma industry needs. So there's a lot to unpack inside of that. Those agents are just natively part of the workflow. They're just going to work. The rep is going to do their job in a very different way, but much more efficiently. So how do you think about kind of that balance of value versus monetization? Clearly, they're going to be able to drive much more efficiencies. But as you think about the evolution of AI pricing on top of what's historically been like a seat-based model, how does that evolve? Yeah. So we're thinking about it as usage-based. And what that will allow customers to do, one is to get started in a very easy way. They'll just be able to turn on the agents and basically match the cost with the value that they create. And that's the power. The industry is accustomed to being able to license technology, server-based technology in particular, on a usage basis. So they know that model. They understand that model. And we're doing it in a way where hopefully they can create an outsized value with a predictable and a cost that they can justify. Because I know you talked to a ton of customers. There's been some debate longer term about the size of rep headcounts and how they're thinking about that versus the opportunity to automate. How are customers thinking about their size of their sales force in an agentic AI era? Yeah. So that's an interesting one. We know over the past handful of years, we've seen the industry kind of adjust. We saw roughly a 10% reduction in the overall number of reps that's happened, a little bit less than that. We've talked about that. We predicted it. We were part of driving that move as we made the industry more digital. So that reset has happened once already. You fundamentally need a core number of field people talking to. If the number of HCPs hasn't changed in the U.S. market, or even globally, which it really fundamentally hasn't, you still need human beings to build those relationships and manage those relationships. So yes, I think there's an opportunity to make them more productive. But I think they're also going to be very thoughtful as to, do we go through another reset of the market? I don't think there will be a significant reduction or change over the next couple of years. I think it's going to be relatively stable over the next handful of years. And then I think we'll just see how I think there's a lot to be learned, what the potential is for AI, but I think it'll be stable for some period of time. I'm going to have more AI questions on the R&D side of things. But as we're thinking about Vault CRM, I think one of the things that investors have debated is kind of like the cost to implement that versus some potentially competitive solutions. How do you think about that in terms of maybe a top 20 or maybe some of the smaller customers? Maybe help us understand that dynamic a little bit. Yeah. So what we have done, what we've promised the industry is we're going to make the migration to Vault CRM as easy as possible. It's never zero cost. For a very small customer, it gets close to that. It approaches that. But it's never zero. It's always a project. We've built tooling to be able to migrate a customer. So fundamentally, what they're doing is they're taking everything they've done in Veeva CRM, and they're moving it over to. We're moving it over to Vault CRM for them with some migration tooling. And then there's some work to do around that, integrations that have to happen, for example, customizations that have to happen, as an example. So those things we don't actually move. They need to be redone. So for a Veeva customer, the vast majority moves, and then there's some work to do around it. And for some top 20 customers, we've made some select services investments there because they have a lot of customizations. Most companies that are small or mid-sized, they don't need that because they haven't done a whole lot of those customizations. Contrast that to what you may have to do with an alternative, let's say with Salesforce, for example. You're basically starting more closely to a platform. It's like you start with a platform with an immature product, and what you have to do is build everything out. And that's why a lot of the systems integrators are excited about the Salesforce model, is because they start with something very basic, and they get to build these custom CRM systems for Japan and for Europe and for the US market, which ends up being very, very expensive. So we think it's going to be an order of magnitude difference in terms of risk, but also in terms of cost. We think we'll be highly much more efficient. And actually, ours is now well established and well known because we've done it multiple times. We know exactly that path to get there. We're getting even more efficient at it. And I think with others, it'll just be a whole lot riskier. So, I remember asking you a couple of years ago when the Vault CRM process started that the opportunity to unlock innovation in other commercial areas outside of that. So, maybe update us on that, on how that's gone and as you're thinking about marketing in some other areas, what's the opportunity to expand that relationship with customers? Yeah. And that's playing out already. And when we announced Vault CRM, that was the promise. We control our destiny. We can build and innovate in new areas that we weren't able to before: marketing, call center, patient. And I would even include AI, Veeva AI in that category. So really four big areas that didn't previously exist that now we can help our customers innovate in. And those areas are really just getting started. And they're some of our early products, and we have some early adopters in each of those areas. And as customers move to Vault CRM, that's really when they can start to take advantage of them. So a lot of excitement, a lot of potential, but still early days there. My last commercial question, I promise. But I have to hit on Crossix. It's been really strong this year. Can you talk about what's driven that? And what's the right way to think about the growth rate for that business? Yeah. Crossix has been a great growth driver for Veeva and will continue to be over the next several years. So Crossix is two businesses. It's the measurement and optimization, which is the larger part of the business. And we continue to gain share there. So what has happened over the past couple of years is we've clearly established ourselves as the market leader and the very best product in the M&O side. And then there's the audience side of the business, which is the smaller part of the business, but the faster growing part. And we've invested a lot over the last handful of years. It feels like it's sudden to you that, like, hey, this Crossix thing is actually really a contributor. To us, we've been investing in that audience side. Those investments are paying off in terms of market share gains, in terms of new product opportunities. We're expanding the size of that pie, and we're gaining a greater share of it. That, I expect, will continue to be an exciting growth driver. That's great. So maybe just pivoting to the R&D side, but AI and clinical, you mentioned some opportunities for efficiencies going forward. What do you see as maybe the low-hanging fruit? And how will customers invest in Veeva to kind of drive those efficiencies? Yeah. So a lot of potential on the clinical side. When I think about kind of two big things that we can help do, and really across the operational side and the data management side, but I would kind of put it into two big categories. One is automation. So there's a lot of manual labor that needs to happen in the clinical trials process. So intaking documents, classifying what a document looks like, verifying that the accuracy of a document is what it should be, getting information from the source of a patient in a clinical trial that needs to be entered into a system and validating that it's, is the blood pressure range? Is it an accurate range? Or is it something that's not even humanly possible, right? So that is done today by humans. And it's very manual. And there's a possibility to dramatically improve the productivity there, 10%, 20%, 30% on the automation side. And then I think there's a generation side, which is what AI is natively good at, is generating test data, generating protocols, as an example, helping to do that process much more efficiently. So I think there are many ways to really across the whole clinical lifecycle, from how you run and operate trials to how you automate some of the core capabilities to make it much more efficient. We're just at the beginning part of that. It's one of the exciting areas. We'll have AI in clinical starting in 2026. And how do you think about the AI evolution? Because it's not just in clinical for you on the R&D side. There's quality, there's regulatory, there's a lot of different areas. So is it starting in clinical and broadening? And I guess I'd love to understand too, maybe as these customers kind of lean into AI, where are they focused first? Is it clinical? Because there's a lot of opportunity for efficiency. So how does that all evolve? Yeah, and I would think of them as all separate business areas. So Veeva started in commercial, and now it's generally available today in our commercial applications. As we go through next year, it'll be available. AI will be available in all of our applications across all the areas that you mentioned: clinical, quality, regulatory, safety. That's all coming in 2026. Now, the way our customers will think about it is they won't necessarily make a trade-off of one area versus another because they're run by different people. So they may do AI and safety at the same time that they may start AI in clinical, as an example, or in commercial. So there's less of a single-threaded here. And a lot of it depends on the individual company, their priorities, and the business units. So I think there's a lot of potential there for them to get started across many areas. Of course, we're getting started in 2026 in all of those areas. And we'll kind of see how that plays out. I think it'll be a big year for kind of learning and establishing the value. And I think AI or not, quality and safety have been two pretty strong areas for you guys. So maybe talk about what's driven the strength there over the last few quarters, anything that you would call out. Yeah. Quality and safety, really strong areas for us. Quality is a really significant market for us. We've innovated by building many, many application areas all on the same Vault Platform. That's unique. Nobody else is doing that. So quality documentation, quality management, so CAPAs and change controls, and then a portfolio of other applications: laboratory information management, LIMS and validation management, and batch release and training, all on a common platform, all natively integrated. So what that replaces are lots of different fragmented players, lots of different vendors that they were stuck stitching together. So that's a very strong value proposition for quality, and we have a starting point with many, many customers, established market in quality documentation, quality management, and now we're expanding that, and then in safety, similar story, but I would say in safety, very conservative market that's resistant to change. You kind of get the safety system working, and you don't touch it. But now we have emerged as now with five top 20, and we have three top 20s live. We've emerged as the modern alternative there that can keep them current, but also connect a lot of these pieces just like we're doing in quality and clinical. And maybe just on EDC a little bit. I know we're pivoting back to clinical here. But can you talk about your share gains there, how that's continued to build, and the value proposition versus some of the incumbents in those markets? EDC is an exciting space for us. One, it's a really large market. It's a market that we continue to gain share in. We have nine of top 20 in EDC. I expect that we're going to continue to be the reason we're winning in that market is we have the very best product. We didn't on day one, five or six and seven and eight years ago. We have matured the product to where it's faster at doing things like getting a study built and running the study and handling changes that happen along the study because we've taken a different approach. It's all modern cloud-based software. We understood when we built this, we understood the challenges the industry was facing. We're able to build the software to solve a lot of their roadblocks or their barriers or the challenges. We're the very best product with a broad and bold vision. Not only is it the best EDC, but it's also connected in to everything else that they're doing in clinical, the operational side, even connectivity into the research sites and into the patients, which is a very unique. There's nobody else doing that, and we're well positioned. Yeah. I was going to say, as you kind of build out this broader portfolio and you're innovating, I remember there were a couple of modules, right? And now it's suites, and you're looking at how does that change your right to win? And when you sit down and talk to a customer, does it change kind of the nature of those relationships that they have so much more that they can buy from you today? Yeah, very much so. So customers make decisions kind of based on two things. One is they have to have the very best application for that specific area. It's got to be the best EDC. It's got to be the best clinical trial management system. That's super important. That's table stakes. And what Veeva offers well above and beyond that is the fact that that is interconnected with so many other areas. And Veeva is really the only company that can make that claim. And what is the structural advantage there is the Vault platform, is the fact that we have a platform that supports all of those different areas. Now, over 10 applications across all of clinical that we do that connectivity. They all need to be connected. We take that burden on so customers don't have to do that. Their decision-making now shifts to, I can be transformational in clinical. This is not like, hey, some better features and functions. This is, how do I streamline my end-to-end clinical process and make clinical trials 10% or 20% or 30% more productive and efficient. That's what they're aiming for. And that's what they can. That's the potential with Veeva. Maybe just hit on the IQVIA partnership that you guys announced this year. What does that mean in terms of your customers? Highlight that a little bit. Yeah. That has been super exciting. And it's been exciting because it really spans. It's one of those partnerships that spans commercial and clinical. So I'll start on the clinical side. IQVIA is one of the top CROs that has not had access to our software and our training and all of that capability. And I think what this does is it takes one of the leaders in the CRO space with the leading technology and allows them to work interoperate together. So this is hugely exciting. We're just at the beginning stages of what potential that has. I think it just takes a lot of friction out of the process for customers, a lot of uncertainty out of the game for customers, and allows them to choose the top companies and provides great choice for them and flexibility. So, great potential there in clinical. And then in commercial, not dissimilar. It gives customers choice to be able to use data and software from any company interoperably together. We're now building a connector between some of the IQVIA data and some of the Veeva software like Veeva Network and Veeva Nitro, which is super exciting. So again, customers have choice. It even helps in areas in some of our data products, for example. So customers oftentimes don't go all in on one company for their data, for they want to buy data from multiple different places. So this provides them with that ability to be more interoperable. They can buy data from Veeva, and they can buy data from IQVIA, and they can both work together. That's a huge advantage. So how does that change your optimism about your data strategy? I know there's multiple products there, but maybe talk about where you stand in that evolution and how you feel about that opportunity going forward. Yeah. You're right on that. It's a broad portfolio. We call the broad portfolio Data Cloud. And in that, there are multiple different pieces. There's OpenData, there's Link, there's Compass, so lots of different data products. So to some extent, it allows companies to start to mix and match some of those pieces together. It just takes friction, uncertainty out of the game there. And I think that just whenever any time you remove friction, you make it easier for somebody to make a longer-term decision and a commitment to a product. So I think that's a super exciting thing. And some companies, they now can go to Veeva and IQVIA and get everything that they need, which makes it a lot easier for them. Where they may have had to have stitched that together with three or four or five or six different vendors, they can say, oh, Veeva and IQVIA, they're my standards, and I'm going to get to use multiple products, software, and data products from both companies. So I want to hit on the horizontal opportunity that you guys outlined. You mentioned that's going to be in CRM. Maybe give us kind of an update on where you are in those efforts and how you're thinking about building the products for that maybe a little bit more longer term. Yeah. So again, we're still very early. We're super excited by it. We have a focus team that's building a platform. We're calling it a platform-first approach. So they're building the platform. Yes, it will focus on CRM and actually a more specific area in CRM. We're working on getting some early customers and working with them and building the platform with real customers in mind. We're excited because this is kind of the next generation of a cloud-based platform. We're building it in the era of AI. We're building it having understood and actually having built multiple platforms before as a company and as the leadership of some of our company has built multiple platforms. So we know some of the shortcomings of existing platforms, and we're kind of taking that into account and rethinking and reimagining what an enterprise platform should be. So it's an exciting area. We're early days, very, very focused effort. But I think we're on the early days of something that could be really big and exciting. That's great. I think we'll wrap it there. Paul, thanks for your time. Awesome. Thank you, Brian. Thank you. That's great.

Speaker 2: All right, everyone, we're going to get started. My name is Brian Peterson. I'm the Application Software Analyst here at Raymond James. Very happy to have Veeva back at the conference this year. Paul Shawah, EVP of Commercial Strategy, is with us today. We can make this interactive. If you guys have questions, raise your hand. Happy to hop in. But Paul, maybe to kick things off, you had an analyst day a couple of months ago. Just had your fiscal third quarter. Anything you'd highlight in terms of kind of near-term developments that you think are important for investors? All right, everyone, we're going to get started. all right everyone we're going to get started My name is Brian Peterson. my name is brian peterson I'm the Application Software Analyst here at Raymond James. i'm the application software analyst here at raymond james Very happy to have Veeva back at the conference this year. very happy to have veeva back at the conference this year Paul Shawah, EVP of Commercial Strategy, is with us today. paul shawah evp of commercial strategy is with us today We can make this interactive. we can make this interactive If you guys have questions, raise your hand. if you guys have questions raise your hand Happy to hop in. happy to hop in But Paul, maybe to kick things off, you had an analyst day a couple of months ago. but paul maybe to kick things off you had an analyst day a couple of months ago Just had your fiscal third quarter. just had your fiscal third quarter Anything you'd highlight in terms of kind of near-term developments that you think are important for investors? anything you'd highlight in terms of kind of near-term developments that you think are important for investors

Speaker 1: Yeah, sure. First, good to be back. Good to have another conversation with you, Brian. So yeah, we just had our third quarter results. We had really strong results in the quarter. Exceeded all of our guidance numbers, so we did well, and I guess some of the highlights were we talked about broad, really strong execution across all parts of our business. We gave some very specific highlights. Some I'll call out in particular. Clinical, we continue to do well and perform well in the clinical space. More broadly, we have more than 10 applications in clinical. We're making progress in each of these areas. We call that a couple of Top 20 wins in places like Study Startup and in training, which I think are just indicators of the fact that it's a very broad portfolio of applications, and we're performing well across all those areas. Yeah, sure. yeah sure First, good to be back. first good to be back Good to have another conversation with you, Brian. good to have another conversation with you brian So yeah, we just had our third quarter results. so yeah we just had our third quarter results We had really strong results in the quarter. we had really strong results in the quarter Exceeded all of our guidance numbers, so we did well, and I guess some of the highlights were we talked about broad, really strong execution across all parts of our business. exceeded all of our guidance numbers so we did well and i guess some of the highlights were we talked about broad really strong execution across all parts of our business We gave some very specific highlights. we gave some very specific highlights Some I'll call out in particular. some i'll call out in particular Clinical, we continue to do well and perform well in the clinical space. clinical we continue to do well and perform well in the clinical space More broadly, we have more than 10 applications in clinical. more broadly we have more than 10 applications in clinical We're making progress in each of these areas. we're making progress in each of these areas We call that a couple of Top 20 wins in places like Study Startup and in training, which I think are just indicators of the fact that it's a very broad portfolio of applications, and we're performing well across all those areas. we call that a couple of top 20 wins in places like study startup and in training which i think are just indicators of the fact that it's a very broad portfolio of applications and we're performing well across all those areas We call that safety as another place where we're just kind of ramping up in that part of the market. We had another top 20 win. We had another top 20 go live in that space. So clinical safety. On the commercial side, CRM is going well. We talked about how that market's stabilizing out, at least on the top 20 side, where we'll end up with roughly 14 of top 20. So really good execution there. We have 115 customers live in that market, and we're innovating. And then I would say the last kind of highlight I'll call out is Veeva AI. So we just announced the availability of Veeva AI in our commercial products, so commercial content and in CRM and early customers. We have our first early customer live on the commercial content side. That part of the business is going well. We call that safety as another place where we're just kind of ramping up in that part of the market. we call that safety as another place where we're just kind of ramping up in that part of the market We had another top 20 win. we had another top 20 win We had another top 20 go live in that space. we had another top 20 go live in that space So clinical safety. so clinical safety On the commercial side, CRM is going well. on the commercial side crm is going well We talked about how that market's stabilizing out, at least on the top 20 side, where we'll end up with roughly 14 of top 20. we talked about how that market's stabilizing out at least on the top 20 side where we'll end up with roughly 14 of top 20 So really good execution there. so really good execution there We have 115 customers live in that market, and we're innovating. we have 115 customers live in that market and we're innovating And then I would say the last kind of highlight I'll call out is Veeva AI. and then i would say the last kind of highlight i'll call out is veeva ai So we just announced the availability of Veeva AI in our commercial products, so commercial content and in CRM and early customers. so we just announced the availability of veeva ai in our commercial products so commercial content and in crm and early customers We have our first early customer live on the commercial content side. we have our first early customer live on the commercial content side That part of the business is going well. that part of the business is going well So I'm excited about the innovation that we're delivering. We've promised it. We're now delivering on it. We're getting customers live. So there's a lot to be. We celebrate a lot of the focus on product excellence and innovation, and we're just executing really well across all the different parts of the business. So I'm excited about the innovation that we're delivering. so i'm excited about the innovation that we're delivering We've promised it. we've promised it We're now delivering on it. we're now delivering on it We're getting customers live. we're getting customers live So there's a lot to be. so there's a lot to be We celebrate a lot of the focus on product excellence and innovation, and we're just executing really well across all the different parts of the business. we celebrate a lot of the focus on product excellence and innovation and we're just executing really well across all the different parts of the business

Speaker 2: So, I'm going to double-click on a lot of those, but maybe higher level too out of the analyst day. You guys gave a 2030 target, or I guess you gave it the year before. But maybe as you think about that growth opportunity, what are some of the key market scenarios where you really think that you can go get more revenue? So, I'm going to double-click on a lot of those, but maybe higher level too out of the analyst day. so i'm going to double-click on a lot of those but maybe higher level too out of the analyst day You guys gave a 2030 target, or I guess you gave it the year before. you guys gave a 2030 target or i guess you gave it the year before But maybe as you think about that growth opportunity, what are some of the key market scenarios where you really think that you can go get more revenue? but maybe as you think about that growth opportunity what are some of the key market scenarios where you really think that you can go get more revenue

Speaker 1: Yeah, that's right, and I'll point back to clinical. Clinical is an area that we're super excited about. It's obviously the lifeblood of the life sciences company. It's where they make significant investments. It's where their future comes from, is the drug development and launches of new products. It's critical to the industry, but it's also traditionally highly inefficient. There's a lot of opportunity to create productivity gains in the clinical space. As I mentioned, we have 10 applications, and our unique value proposition is all of these applications are built on the Vault Platform. Natively, they're connected to each other. Multiple connected products across clinical operations, clinical data management, which means we can help the sponsors, the pharma companies, operate more efficiently, but we also help connect them to the clinical research sites and to the patients. Yeah, that's right, and I'll point back to clinical. yeah that's right and i'll point back to clinical Clinical is an area that we're super excited about. clinical is an area that we're super excited about It's obviously the lifeblood of the life sciences company. it's obviously the lifeblood of the life sciences company It's where they make significant investments. it's where they make significant investments It's where their future comes from, is the drug development and launches of new products. it's where their future comes from is the drug development and launches of new products It's critical to the industry, but it's also traditionally highly inefficient. it's critical to the industry but it's also traditionally highly inefficient There's a lot of opportunity to create productivity gains in the clinical space. there's a lot of opportunity to create productivity gains in the clinical space As I mentioned, we have 10 applications, and our unique value proposition is all of these applications are built on the Vault Platform. as i mentioned we have 10 applications and our unique value proposition is all of these applications are built on the vault platform Natively, they're connected to each other. natively they're connected to each other Multiple connected products across clinical operations, clinical data management, which means we can help the sponsors, the pharma companies, operate more efficiently, but we also help connect them to the clinical research sites and to the patients. multiple connected products across clinical operations clinical data management which means we can help the sponsors the pharma companies operate more efficiently but we also help connect them to the clinical research sites and to the patients That will drive the whole clinical segment an outsized portion of our growth as we look to 2030. Not the only growth driver. We'll have growth drivers in quality, regulatory safety. Then, of course, commercial will continue to be a growth driver for the company. So there's a lot of different areas, a lot of moving pieces. That will drive the whole clinical segment an outsized portion of our growth as we look to 2030. that will drive the whole clinical segment an outsized portion of our growth as we look to 2030 Not the only growth driver. not the only growth driver We'll have growth drivers in quality, regulatory safety. we'll have growth drivers in quality regulatory safety Then, of course, commercial will continue to be a growth driver for the company. then of course commercial will continue to be a growth driver for the company So there's a lot of different areas, a lot of moving pieces. so there's a lot of different areas a lot of moving pieces

Speaker 2: All right. So we'll focus on commercial. I know just on the kind of the CRM market share dynamics. As you kind of zoom out, you think about some of the top 20s that you're retaining versus the top 20s maybe that didn't stay with you through the Vault transition. Any commonalities in terms of those that did and those that didn't? Love to unpack that a bit. All right. all right So we'll focus on commercial. so we'll focus on commercial I know just on the kind of the CRM market share dynamics. i know just on the kind of the crm market share dynamics As you kind of zoom out, you think about some of the top 20s that you're retaining versus the top 20s maybe that didn't stay with you through the Vault transition. as you kind of zoom out you think about some of the top 20s that you're retaining versus the top 20s maybe that didn't stay with you through the vault transition Any commonalities in terms of those that did and those that didn't? any commonalities in terms of those that did and those that didn't Love to unpack that a bit. love to unpack that a bit

Speaker 1: Yeah, the ones that have, and we said roughly we think it'll be roughly 14 of top 20. Remember, just to kind of maybe set the expectation, we had 18 of top 20 globally. We had two additional ones in very specific regions. So roughly 18 to roughly 14 is where we think it will end up. Those decisions are not all final at this point. Why are companies choosing to do something different? I think, one, there is a segment that wants to do some custom building, and that's essentially what they get with Salesforce, is kind of an immature product and a custom project that they can run on top of that. That's not everybody. There's also other companies that are. There's a lot of overselling, and there's a lot of hype out there and sifting through that. Yeah, the ones that have, and we said roughly we think it'll be roughly 14 of top 20. yeah the ones that have and we said roughly we think it'll be roughly 14 of top 20 Remember, just to kind of maybe set the expectation, we had 18 of top 20 globally. remember just to kind of maybe set the expectation we had 18 of top 20 globally We had two additional ones in very specific regions. we had two additional ones in very specific regions So roughly 18 to roughly 14 is where we think it will end up. so roughly 18 to roughly 14 is where we think it will end up Those decisions are not all final at this point. those decisions are not all final at this point Why are companies choosing to do something different? why are companies choosing to do something different I think, one, there is a segment that wants to do some custom building, and that's essentially what they get with Salesforce, is kind of an immature product and a custom project that they can run on top of that. i think one there is a segment that wants to do some custom building and that's essentially what they get with salesforce is kind of an immature product and a custom project that they can run on top of that That's not everybody. that's not everybody There's also other companies that are. there's also other companies that are There's a lot of overselling, and there's a lot of hype out there and sifting through that. there's a lot of overselling and there's a lot of hype out there and sifting through that Some of these decisions are made by just individuals, and they can go either way. That's on that side. On the Veeva side, what we generally see is companies want to innovate fast. We talked about it as being the fastest path to AI. With Vault CRM, we're making that move to Vault CRM very easy. We now have two top 20s live in really all regions: Japan, Europe, US. Now, why do I say that? Because it's actually they're like different CRM systems. It's actually a very hard thing to do, is to get them live in all those regions. We're executing well on the basics, but now they have AI available. I expect some of those companies will be starting to turn on AI in 2026. Some of these decisions are made by just individuals, and they can go either way. some of these decisions are made by just individuals and they can go either way That's on that side. that's on that side On the Veeva side, what we generally see is companies want to innovate fast. on the veeva side what we generally see is companies want to innovate fast We talked about it as being the fastest path to AI. we talked about it as being the fastest path to ai With Vault CRM, we're making that move to Vault CRM very easy. with vault crm we're making that move to vault crm very easy We now have two top 20s live in really all regions: Japan, Europe, US. we now have two top 20s live in really all regions japan europe us Now, why do I say that? now why do i say that Because it's actually they're like different CRM systems. because it's actually they're like different crm systems It's actually a very hard thing to do, is to get them live in all those regions. it's actually a very hard thing to do is to get them live in all those regions We're executing well on the basics, but now they have AI available. we're executing well on the basics but now they have ai available I expect some of those companies will be starting to turn on AI in 2026. i expect some of those companies will be starting to turn on ai in 2026 That'll be years ahead of when you can do that any other way in the core CRM system. So they want stability. They want innovation. They want AI, and that's what they're going to get with Veeva. That'll be years ahead of when you can do that any other way in the core CRM system. that'll be years ahead of when you can do that any other way in the core crm system So they want stability. so they want stability They want innovation. they want innovation They want AI, and that's what they're going to get with Veeva. they want ai and that's what they're going to get with veeva

Speaker 2: And maybe just kind of looking at CRM kind of outside of that top 20 lens. I know there's some customization aspects, but what are you seeing in terms of the longer tail of customers in terms of Vault CRM? And maybe just kind of looking at CRM kind of outside of that top 20 lens. and maybe just kind of looking at crm kind of outside of that top 20 lens I know there's some customization aspects, but what are you seeing in terms of the longer tail of customers in terms of Vault CRM? i know there's some customization aspects but what are you seeing in terms of the longer tail of customers in terms of vault crm

Speaker 1: Yeah. So we talked about top 20, and you can kind of do the math on what that win rate is. And outside of top 20, I expect that win rate to be even higher for kind of the opposite of what we just talked about, right? So those companies, they don't want custom projects. They don't want speculation. What they do want is something that they can rely on and trust. They can't afford for something to fail or to take some big gamble. They want something that's proven and a trusted partner. And they also want AI. And the promise of what we're making around AI is that it's going to be real. It's going to solve really very specific problems. And that's what we're doing, is we're building AI fundamentally into the platform and then into the applications that they're using. Yeah. yeah So we talked about top 20, and you can kind of do the math on what that win rate is. so we talked about top 20 and you can kind of do the math on what that win rate is And outside of top 20, I expect that win rate to be even higher for kind of the opposite of what we just talked about, right? and outside of top 20 i expect that win rate to be even higher for kind of the opposite of what we just talked about right So those companies, they don't want custom projects. so those companies they don't want custom projects They don't want speculation. they don't want speculation What they do want is something that they can rely on and trust. what they do want is something that they can rely on and trust They can't afford for something to fail or to take some big gamble. they can't afford for something to fail or to take some big gamble They want something that's proven and a trusted partner. they want something that's proven and a trusted partner And they also want AI. and they also want ai And the promise of what we're making around AI is that it's going to be real. and the promise of what we're making around ai is that it's going to be real It's going to solve really very specific problems. it's going to solve really very specific problems And that's what we're doing, is we're building AI fundamentally into the platform and then into the applications that they're using. and that's what we're doing is we're building ai fundamentally into the platform and then into the applications that they're using They want to be able to get that soon, not over. They want to be able to get that soon, not over. they want to be able to get that soon not over

Speaker 2: Talk about AI as a differentiator there, or maybe some of the early use cases that you're talking about in commercial. You're clearly excited about that. Maybe expand on where you see that value proposition for customers. Talk about AI as a differentiator there, or maybe some of the early use cases that you're talking about in commercial. talk about ai as a differentiator there or maybe some of the early use cases that you're talking about in commercial You're clearly excited about that. you're clearly excited about that Maybe expand on where you see that value proposition for customers. maybe expand on where you see that value proposition for customers

Speaker 1: Yeah. So in commercial, so I'll talk through kind of what does a field rep do, right? They can use AI across their entire workflow. So for example, talking to the CRM, just using natural language to talk to the CRM and asking it questions or getting it to help you prepare for the conversation you're about to have with a customer. So talking to the system, creating a very specific call plan for that customer, all of the context of what's happening with that customer and their patient population and their prescribing history, and making very specific suggestions about what they should be talking about with them. What are some things that some messaging that they may want to share based upon all that context and some very specific actions? Yeah. yeah So in commercial, so I'll talk through kind of what does a field rep do, right? so in commercial so i'll talk through kind of what does a field rep do right They can use AI across their entire workflow. they can use ai across their entire workflow So for example, talking to the CRM, just using natural language to talk to the CRM and asking it questions or getting it to help you prepare for the conversation you're about to have with a customer. so for example talking to the crm just using natural language to talk to the crm and asking it questions or getting it to help you prepare for the conversation you're about to have with a customer So talking to the system, creating a very specific call plan for that customer, all of the context of what's happening with that customer and their patient population and their prescribing history, and making very specific suggestions about what they should be talking about with them. so talking to the system creating a very specific call plan for that customer all of the context of what's happening with that customer and their patient population and their prescribing history and making very specific suggestions about what they should be talking about with them What are some things that some messaging that they may want to share based upon all that context and some very specific actions? what are some things that some messaging that they may want to share based upon all that context and some very specific actions And then recording the result of that, listening to you as you talk about what actually happened during that conversation and recording that in the system and doing it in a compliant way. So everything I just talked about can be enabled by agents, a voice agent that can translate your voice and power the system, a pre-call agent, which will provide that summary and that context and very specific actions, a compliance agent, which looks at everything that you've recorded and makes sure that it's compliant with what the pharma industry needs. So there's a lot to unpack inside of that. Those agents are just natively part of the workflow. They're just going to work. The rep is going to do their job in a very different way, but much more efficiently. And then recording the result of that, listening to you as you talk about what actually happened during that conversation and recording that in the system and doing it in a compliant way. and then recording the result of that listening to you as you talk about what actually happened during that conversation and recording that in the system and doing it in a compliant way So everything I just talked about can be enabled by agents, a voice agent that can translate your voice and power the system, a pre-call agent, which will provide that summary and that context and very specific actions, a compliance agent, which looks at everything that you've recorded and makes sure that it's compliant with what the pharma industry needs. so everything i just talked about can be enabled by agents a voice agent that can translate your voice and power the system a pre-call agent which will provide that summary and that context and very specific actions a compliance agent which looks at everything that you've recorded and makes sure that it's compliant with what the pharma industry needs So there's a lot to unpack inside of that. so there's a lot to unpack inside of that Those agents are just natively part of the workflow. those agents are just natively part of the workflow They're just going to work. they're just going to work The rep is going to do their job in a very different way, but much more efficiently. the rep is going to do their job in a very different way but much more efficiently

Speaker 2: So how do you think about kind of that balance of value versus monetization? Clearly, they're going to be able to drive much more efficiencies. But as you think about the evolution of AI pricing on top of what's historically been like a seat-based model, how does that evolve? So how do you think about kind of that balance of value versus monetization? so how do you think about kind of that balance of value versus monetization Clearly, they're going to be able to drive much more efficiencies. clearly they're going to be able to drive much more efficiencies But as you think about the evolution of AI pricing on top of what's historically been like a seat-based model, how does that evolve? but as you think about the evolution of ai pricing on top of what's historically been like a seat-based model how does that evolve

Speaker 1: Yeah. So we're thinking about it as usage-based. And what that will allow customers to do, one is to get started in a very easy way. They'll just be able to turn on the agents and basically match the cost with the value that they create. And that's the power. The industry is accustomed to being able to license technology, server-based technology in particular, on a usage basis. So they know that model. They understand that model. And we're doing it in a way where hopefully they can create an outsized value with a predictable and a cost that they can justify. Yeah. yeah So we're thinking about it as usage-based. so we're thinking about it as usage-based And what that will allow customers to do, one is to get started in a very easy way. and what that will allow customers to do one is to get started in a very easy way They'll just be able to turn on the agents and basically match the cost with the value that they create. they'll just be able to turn on the agents and basically match the cost with the value that they create And that's the power. and that's the power The industry is accustomed to being able to license technology, server-based technology in particular, on a usage basis. the industry is accustomed to being able to license technology server-based technology in particular on a usage basis So they know that model. so they know that model They understand that model. they understand that model And we're doing it in a way where hopefully they can create an outsized value with a predictable and a cost that they can justify. and we're doing it in a way where hopefully they can create an outsized value with a predictable and a cost that they can justify

Speaker 2: Because I know you talked to a ton of customers. There's been some debate longer term about the size of rep headcounts and how they're thinking about that versus the opportunity to automate. How are customers thinking about their size of their sales force in an agentic AI era? Because I know you talked to a ton of customers. because i know you talked to a ton of customers There's been some debate longer term about the size of rep headcounts and how they're thinking about that versus the opportunity to automate. there's been some debate longer term about the size of rep headcounts and how they're thinking about that versus the opportunity to automate How are customers thinking about their size of their sales force in an agentic AI era? how are customers thinking about their size of their sales force in an agentic ai era

Speaker 1: Yeah. So that's an interesting one. We know over the past handful of years, we've seen the industry kind of adjust. We saw roughly a 10% reduction in the overall number of reps that's happened, a little bit less than that. We've talked about that. We predicted it. We were part of driving that move as we made the industry more digital. So that reset has happened once already. You fundamentally need a core number of field people talking to. If the number of HCPs hasn't changed in the U.S. market, or even globally, which it really fundamentally hasn't, you still need human beings to build those relationships and manage those relationships. So yes, I think there's an opportunity to make them more productive. But I think they're also going to be very thoughtful as to, do we go through another reset of the market? Yeah. yeah So that's an interesting one. so that's an interesting one We know over the past handful of years, we've seen the industry kind of adjust. we know over the past handful of years we've seen the industry kind of adjust We saw roughly a 10% reduction in the overall number of reps that's happened, a little bit less than that. we saw roughly a 10% reduction in the overall number of reps that's happened a little bit less than that We've talked about that. we've talked about that We predicted it. we predicted it We were part of driving that move as we made the industry more digital. we were part of driving that move as we made the industry more digital So that reset has happened once already. so that reset has happened once already You fundamentally need a core number of field people talking to. you fundamentally need a core number of field people talking to If the number of HCPs hasn't changed in the U.S. market, or even globally, which it really fundamentally hasn't, you still need human beings to build those relationships and manage those relationships. if the number of hcps hasn't changed in the u.s market or even globally which it really fundamentally hasn't you still need human beings to build those relationships and manage those relationships So yes, I think there's an opportunity to make them more productive. so yes i think there's an opportunity to make them more productive But I think they're also going to be very thoughtful as to, do we go through another reset of the market? but i think they're also going to be very thoughtful as to do we go through another reset of the market I don't think there will be a significant reduction or change over the next couple of years. I think it's going to be relatively stable over the next handful of years. And then I think we'll just see how I think there's a lot to be learned, what the potential is for AI, but I think it'll be stable for some period of time. I don't think there will be a significant reduction or change over the next couple of years. i don't think there will be a significant reduction or change over the next couple of years I think it's going to be relatively stable over the next handful of years. i think it's going to be relatively stable over the next handful of years And then I think we'll just see how I think there's a lot to be learned, what the potential is for AI, but I think it'll be stable for some period of time. and then i think we'll just see how i think there's a lot to be learned what the potential is for ai but i think it'll be stable for some period of time

Speaker 2: I'm going to have more AI questions on the R&D side of things. But as we're thinking about Vault CRM, I think one of the things that investors have debated is kind of like the cost to implement that versus some potentially competitive solutions. How do you think about that in terms of maybe a top 20 or maybe some of the smaller customers? Maybe help us understand that dynamic a little bit. I'm going to have more AI questions on the R&D side of things. i'm going to have more ai questions on the r&d side of things But as we're thinking about Vault CRM, I think one of the things that investors have debated is kind of like the cost to implement that versus some potentially competitive solutions. but as we're thinking about vault crm i think one of the things that investors have debated is kind of like the cost to implement that versus some potentially competitive solutions How do you think about that in terms of maybe a top 20 or maybe some of the smaller customers? how do you think about that in terms of maybe a top 20 or maybe some of the smaller customers Maybe help us understand that dynamic a little bit. maybe help us understand that dynamic a little bit

Speaker 1: Yeah. So what we have done, what we've promised the industry is we're going to make the migration to Vault CRM as easy as possible. It's never zero cost. For a very small customer, it gets close to that. It approaches that. But it's never zero. It's always a project. We've built tooling to be able to migrate a customer. So fundamentally, what they're doing is they're taking everything they've done in Veeva CRM, and they're moving it over to. We're moving it over to Vault CRM for them with some migration tooling. And then there's some work to do around that, integrations that have to happen, for example, customizations that have to happen, as an example. So those things we don't actually move. They need to be redone. So for a Veeva customer, the vast majority moves, and then there's some work to do around it. Yeah. yeah So what we have done, what we've promised the industry is we're going to make the migration to Vault CRM as easy as possible. so what we have done what we've promised the industry is we're going to make the migration to vault crm as easy as possible It's never zero cost. it's never zero cost For a very small customer, it gets close to that. for a very small customer it gets close to that It approaches that. it approaches that But it's never zero. but it's never zero It's always a project. it's always a project We've built tooling to be able to migrate a customer. we've built tooling to be able to migrate a customer So fundamentally, what they're doing is they're taking everything they've done in Veeva CRM, and they're moving it over to. so fundamentally what they're doing is they're taking everything they've done in veeva crm and they're moving it over to We're moving it over to Vault CRM for them with some migration tooling. we're moving it over to vault crm for them with some migration tooling And then there's some work to do around that, integrations that have to happen, for example, customizations that have to happen, as an example. and then there's some work to do around that integrations that have to happen for example customizations that have to happen as an example So those things we don't actually move. so those things we don't actually move They need to be redone. they need to be redone So for a Veeva customer, the vast majority moves, and then there's some work to do around it. so for a veeva customer the vast majority moves and then there's some work to do around it And for some top 20 customers, we've made some select services investments there because they have a lot of customizations. Most companies that are small or mid-sized, they don't need that because they haven't done a whole lot of those customizations. Contrast that to what you may have to do with an alternative, let's say with Salesforce, for example. You're basically starting more closely to a platform. It's like you start with a platform with an immature product, and what you have to do is build everything out. And that's why a lot of the systems integrators are excited about the Salesforce model, is because they start with something very basic, and they get to build these custom CRM systems for Japan and for Europe and for the US market, which ends up being very, very expensive. And for some top 20 customers, we've made some select services investments there because they have a lot of customizations. and for some top 20 customers we've made some select services investments there because they have a lot of customizations Most companies that are small or mid-sized, they don't need that because they haven't done a whole lot of those customizations. most companies that are small or mid-sized they don't need that because they haven't done a whole lot of those customizations Contrast that to what you may have to do with an alternative, let's say with Salesforce, for example. contrast that to what you may have to do with an alternative let's say with salesforce for example You're basically starting more closely to a platform. you're basically starting more closely to a platform It's like you start with a platform with an immature product, and what you have to do is build everything out. it's like you start with a platform with an immature product and what you have to do is build everything out And that's why a lot of the systems integrators are excited about the Salesforce model, is because they start with something very basic, and they get to build these custom CRM systems for Japan and for Europe and for the US market, which ends up being very, very expensive. and that's why a lot of the systems integrators are excited about the salesforce model is because they start with something very basic and they get to build these custom crm systems for japan and for europe and for the us market which ends up being very very expensive So we think it's going to be an order of magnitude difference in terms of risk, but also in terms of cost. We think we'll be highly much more efficient. And actually, ours is now well established and well known because we've done it multiple times. We know exactly that path to get there. We're getting even more efficient at it. And I think with others, it'll just be a whole lot riskier. So we think it's going to be an order of magnitude difference in terms of risk, but also in terms of cost. so we think it's going to be an order of magnitude difference in terms of risk but also in terms of cost We think we'll be highly much more efficient. we think we'll be highly much more efficient And actually, ours is now well established and well known because we've done it multiple times. and actually ours is now well established and well known because we've done it multiple times We know exactly that path to get there. we know exactly that path to get there We're getting even more efficient at it. we're getting even more efficient at it And I think with others, it'll just be a whole lot riskier. and i think with others it'll just be a whole lot riskier

Speaker 2: So, I remember asking you a couple of years ago when the Vault CRM process started that the opportunity to unlock innovation in other commercial areas outside of that. So, maybe update us on that, on how that's gone and as you're thinking about marketing in some other areas, what's the opportunity to expand that relationship with customers? So, I remember asking you a couple of years ago when the Vault CRM process started that the opportunity to unlock innovation in other commercial areas outside of that. so i remember asking you a couple of years ago when the vault crm process started that the opportunity to unlock innovation in other commercial areas outside of that So, maybe update us on that, on how that's gone and as you're thinking about marketing in some other areas, what's the opportunity to expand that relationship with customers? so maybe update us on that on how that's gone and as you're thinking about marketing in some other areas what's the opportunity to expand that relationship with customers

Speaker 1: Yeah. And that's playing out already. And when we announced Vault CRM, that was the promise. We control our destiny. We can build and innovate in new areas that we weren't able to before: marketing, call center, patient. And I would even include AI, Veeva AI in that category. So really four big areas that didn't previously exist that now we can help our customers innovate in. And those areas are really just getting started. And they're some of our early products, and we have some early adopters in each of those areas. And as customers move to Vault CRM, that's really when they can start to take advantage of them. So a lot of excitement, a lot of potential, but still early days there. Yeah. yeah And that's playing out already. and that's playing out already And when we announced Vault CRM, that was the promise. and when we announced vault crm that was the promise We control our destiny. we control our destiny We can build and innovate in new areas that we weren't able to before: marketing, call center, patient. we can build and innovate in new areas that we weren't able to before marketing call center patient And I would even include AI, Veeva AI in that category. and i would even include ai veeva ai in that category So really four big areas that didn't previously exist that now we can help our customers innovate in. so really four big areas that didn't previously exist that now we can help our customers innovate in And those areas are really just getting started. and those areas are really just getting started And they're some of our early products, and we have some early adopters in each of those areas. and they're some of our early products and we have some early adopters in each of those areas And as customers move to Vault CRM, that's really when they can start to take advantage of them. and as customers move to vault crm that's really when they can start to take advantage of them So a lot of excitement, a lot of potential, but still early days there. so a lot of excitement a lot of potential but still early days there

Speaker 2: My last commercial question, I promise. But I have to hit on Crossix. It's been really strong this year. Can you talk about what's driven that? And what's the right way to think about the growth rate for that business? My last commercial question, I promise. my last commercial question i promise But I have to hit on Crossix. but i have to hit on crossix It's been really strong this year. it's been really strong this year Can you talk about what's driven that? can you talk about what's driven that And what's the right way to think about the growth rate for that business? and what's the right way to think about the growth rate for that business

Speaker 1: Yeah. Crossix has been a great growth driver for Veeva and will continue to be over the next several years. So Crossix is two businesses. It's the measurement and optimization, which is the larger part of the business. And we continue to gain share there. So what has happened over the past couple of years is we've clearly established ourselves as the market leader and the very best product in the M&O side. And then there's the audience side of the business, which is the smaller part of the business, but the faster growing part. And we've invested a lot over the last handful of years. It feels like it's sudden to you that, like, hey, this Crossix thing is actually really a contributor. To us, we've been investing in that audience side. Yeah. yeah Crossix has been a great growth driver for Veeva and will continue to be over the next several years. crossix has been a great growth driver for veeva and will continue to be over the next several years So Crossix is two businesses. so crossix is two businesses It's the measurement and optimization, which is the larger part of the business. it's the measurement and optimization which is the larger part of the business And we continue to gain share there. and we continue to gain share there So what has happened over the past couple of years is we've clearly established ourselves as the market leader and the very best product in the M&O side. so what has happened over the past couple of years is we've clearly established ourselves as the market leader and the very best product in the m&o side And then there's the audience side of the business, which is the smaller part of the business, but the faster growing part. and then there's the audience side of the business which is the smaller part of the business but the faster growing part And we've invested a lot over the last handful of years. and we've invested a lot over the last handful of years It feels like it's sudden to you that, like, hey, this Crossix thing is actually really a contributor. it feels like it's sudden to you that like hey this crossix thing is actually really a contributor To us, we've been investing in that audience side. to us we've been investing in that audience side Those investments are paying off in terms of market share gains, in terms of new product opportunities. We're expanding the size of that pie, and we're gaining a greater share of it. That, I expect, will continue to be an exciting growth driver. Those investments are paying off in terms of market share gains, in terms of new product opportunities. those investments are paying off in terms of market share gains in terms of new product opportunities We're expanding the size of that pie, and we're gaining a greater share of it. we're expanding the size of that pie and we're gaining a greater share of it That, I expect, will continue to be an exciting growth driver. that i expect will continue to be an exciting growth driver

Speaker 2: That's great. So maybe just pivoting to the R&D side, but AI and clinical, you mentioned some opportunities for efficiencies going forward. What do you see as maybe the low-hanging fruit? And how will customers invest in Veeva to kind of drive those efficiencies? That's great. that's great So maybe just pivoting to the R&D side, but AI and clinical, you mentioned some opportunities for efficiencies going forward. so maybe just pivoting to the r&d side but ai and clinical you mentioned some opportunities for efficiencies going forward What do you see as maybe the low-hanging fruit? what do you see as maybe the low-hanging fruit And how will customers invest in Veeva to kind of drive those efficiencies? and how will customers invest in veeva to kind of drive those efficiencies

Speaker 1: Yeah. So a lot of potential on the clinical side. When I think about kind of two big things that we can help do, and really across the operational side and the data management side, but I would kind of put it into two big categories. One is automation. So there's a lot of manual labor that needs to happen in the clinical trials process. So intaking documents, classifying what a document looks like, verifying that the accuracy of a document is what it should be, getting information from the source of a patient in a clinical trial that needs to be entered into a system and validating that it's, is the blood pressure range? Is it an accurate range? Or is it something that's not even humanly possible, right? So that is done today by humans. And it's very manual. Yeah. yeah So a lot of potential on the clinical side. so a lot of potential on the clinical side When I think about kind of two big things that we can help do, and really across the operational side and the data management side, but I would kind of put it into two big categories. when i think about kind of two big things that we can help do and really across the operational side and the data management side but i would kind of put it into two big categories One is automation. one is automation So there's a lot of manual labor that needs to happen in the clinical trials process. so there's a lot of manual labor that needs to happen in the clinical trials process So intaking documents, classifying what a document looks like, verifying that the accuracy of a document is what it should be, getting information from the source of a patient in a clinical trial that needs to be entered into a system and validating that it's, is the blood pressure range? so intaking documents classifying what a document looks like verifying that the accuracy of a document is what it should be getting information from the source of a patient in a clinical trial that needs to be entered into a system and validating that it's is the blood pressure range Is it an accurate range? is it an accurate range Or is it something that's not even humanly possible, right? or is it something that's not even humanly possible right So that is done today by humans. so that is done today by humans And it's very manual. and it's very manual And there's a possibility to dramatically improve the productivity there, 10%, 20%, 30% on the automation side. And then I think there's a generation side, which is what AI is natively good at, is generating test data, generating protocols, as an example, helping to do that process much more efficiently. So I think there are many ways to really across the whole clinical lifecycle, from how you run and operate trials to how you automate some of the core capabilities to make it much more efficient. We're just at the beginning part of that. It's one of the exciting areas. We'll have AI in clinical starting in 2026. And there's a possibility to dramatically improve the productivity there, 10%, 20%, 30% on the automation side. and there's a possibility to dramatically improve the productivity there 10% 20% 30% on the automation side And then I think there's a generation side, which is what AI is natively good at, is generating test data, generating protocols, as an example, helping to do that process much more efficiently. and then i think there's a generation side which is what ai is natively good at is generating test data generating protocols as an example helping to do that process much more efficiently So I think there are many ways to really across the whole clinical lifecycle, from how you run and operate trials to how you automate some of the core capabilities to make it much more efficient. so i think there are many ways to really across the whole clinical lifecycle from how you run and operate trials to how you automate some of the core capabilities to make it much more efficient We're just at the beginning part of that. we're just at the beginning part of that It's one of the exciting areas. it's one of the exciting areas We'll have AI in clinical starting in 2026. we'll have ai in clinical starting in 2026

Speaker 2: And how do you think about the AI evolution? Because it's not just in clinical for you on the R&D side. There's quality, there's regulatory, there's a lot of different areas. So is it starting in clinical and broadening? And I guess I'd love to understand too, maybe as these customers kind of lean into AI, where are they focused first? Is it clinical? Because there's a lot of opportunity for efficiency. So how does that all evolve? And how do you think about the AI evolution? and how do you think about the ai evolution Because it's not just in clinical for you on the R&D side. because it's not just in clinical for you on the r&d side There's quality, there's regulatory, there's a lot of different areas. there's quality there's regulatory there's a lot of different areas So is it starting in clinical and broadening? so is it starting in clinical and broadening And I guess I'd love to understand too, maybe as these customers kind of lean into AI, where are they focused first? and i guess i'd love to understand too maybe as these customers kind of lean into ai where are they focused first Is it clinical? is it clinical Because there's a lot of opportunity for efficiency. because there's a lot of opportunity for efficiency So how does that all evolve? so how does that all evolve

Speaker 1: Yeah, and I would think of them as all separate business areas. So Veeva started in commercial, and now it's generally available today in our commercial applications. As we go through next year, it'll be available. AI will be available in all of our applications across all the areas that you mentioned: clinical, quality, regulatory, safety. That's all coming in 2026. Now, the way our customers will think about it is they won't necessarily make a trade-off of one area versus another because they're run by different people. So they may do AI and safety at the same time that they may start AI in clinical, as an example, or in commercial. So there's less of a single-threaded here. And a lot of it depends on the individual company, their priorities, and the business units. Yeah, and I would think of them as all separate business areas. yeah and i would think of them as all separate business areas So Veeva started in commercial, and now it's generally available today in our commercial applications. so veeva started in commercial and now it's generally available today in our commercial applications As we go through next year, it'll be available. as we go through next year it'll be available AI will be available in all of our applications across all the areas that you mentioned: clinical, quality, regulatory, safety. ai will be available in all of our applications across all the areas that you mentioned clinical quality regulatory safety That's all coming in 2026. that's all coming in 2026 Now, the way our customers will think about it is they won't necessarily make a trade-off of one area versus another because they're run by different people. now the way our customers will think about it is they won't necessarily make a trade-off of one area versus another because they're run by different people So they may do AI and safety at the same time that they may start AI in clinical, as an example, or in commercial. so they may do ai and safety at the same time that they may start ai in clinical as an example or in commercial So there's less of a single-threaded here. so there's less of a single-threaded here And a lot of it depends on the individual company, their priorities, and the business units. and a lot of it depends on the individual company their priorities and the business units So I think there's a lot of potential there for them to get started across many areas. Of course, we're getting started in 2026 in all of those areas. And we'll kind of see how that plays out. I think it'll be a big year for kind of learning and establishing the value. So I think there's a lot of potential there for them to get started across many areas. so i think there's a lot of potential there for them to get started across many areas Of course, we're getting started in 2026 in all of those areas. of course we're getting started in 2026 in all of those areas And we'll kind of see how that plays out. and we'll kind of see how that plays out I think it'll be a big year for kind of learning and establishing the value. i think it'll be a big year for kind of learning and establishing the value

Speaker 2: And I think AI or not, quality and safety have been two pretty strong areas for you guys. So maybe talk about what's driven the strength there over the last few quarters, anything that you would call out. And I think AI or not, quality and safety have been two pretty strong areas for you guys. and i think ai or not quality and safety have been two pretty strong areas for you guys So maybe talk about what's driven the strength there over the last few quarters, anything that you would call out. so maybe talk about what's driven the strength there over the last few quarters anything that you would call out

Speaker 1: Yeah. Quality and safety, really strong areas for us. Quality is a really significant market for us. We've innovated by building many, many application areas all on the same Vault Platform. That's unique. Nobody else is doing that. So quality documentation, quality management, so CAPAs and change controls, and then a portfolio of other applications: laboratory information management, LIMS and validation management, and batch release and training, all on a common platform, all natively integrated. So what that replaces are lots of different fragmented players, lots of different vendors that they were stuck stitching together. So that's a very strong value proposition for quality, and we have a starting point with many, many customers, established market in quality documentation, quality management, and now we're expanding that, and then in safety, similar story, but I would say in safety, very conservative market that's resistant to change. Yeah. yeah Quality and safety, really strong areas for us. quality and safety really strong areas for us Quality is a really significant market for us. quality is a really significant market for us We've innovated by building many, many application areas all on the same Vault Platform. we've innovated by building many many application areas all on the same vault platform That's unique. that's unique Nobody else is doing that. nobody else is doing that So quality documentation, quality management, so CAPAs and change controls, and then a portfolio of other applications: laboratory information management, LIMS and validation management, and batch release and training, all on a common platform, all natively integrated. so quality documentation quality management so capas and change controls and then a portfolio of other applications laboratory information management lims and validation management and batch release and training all on a common platform all natively integrated So what that replaces are lots of different fragmented players, lots of different vendors that they were stuck stitching together. so what that replaces are lots of different fragmented players lots of different vendors that they were stuck stitching together So that's a very strong value proposition for quality, and we have a starting point with many, many customers, established market in quality documentation, quality management, and now we're expanding that, and then in safety, similar story, but I would say in safety, very conservative market that's resistant to change. so that's a very strong value proposition for quality and we have a starting point with many many customers established market in quality documentation quality management and now we're expanding that and then in safety similar story but i would say in safety very conservative market that's resistant to change You kind of get the safety system working, and you don't touch it. But now we have emerged as now with five top 20, and we have three top 20s live. We've emerged as the modern alternative there that can keep them current, but also connect a lot of these pieces just like we're doing in quality and clinical. You kind of get the safety system working, and you don't touch it. you kind of get the safety system working and you don't touch it But now we have emerged as now with five top 20, and we have three top 20s live. but now we have emerged as now with five top 20 and we have three top 20s live We've emerged as the modern alternative there that can keep them current, but also connect a lot of these pieces just like we're doing in quality and clinical. we've emerged as the modern alternative there that can keep them current but also connect a lot of these pieces just like we're doing in quality and clinical

Speaker 2: And maybe just on EDC a little bit. I know we're pivoting back to clinical here. But can you talk about your share gains there, how that's continued to build, and the value proposition versus some of the incumbents in those markets? And maybe just on EDC a little bit. and maybe just on edc a little bit I know we're pivoting back to clinical here. i know we're pivoting back to clinical here But can you talk about your share gains there, how that's continued to build, and the value proposition versus some of the incumbents in those markets? but can you talk about your share gains there how that's continued to build and the value proposition versus some of the incumbents in those markets

Speaker 1: EDC is an exciting space for us. One, it's a really large market. It's a market that we continue to gain share in. We have nine of top 20 in EDC. I expect that we're going to continue to be the reason we're winning in that market is we have the very best product. We didn't on day one, five or six and seven and eight years ago. We have matured the product to where it's faster at doing things like getting a study built and running the study and handling changes that happen along the study because we've taken a different approach. It's all modern cloud-based software. We understood when we built this, we understood the challenges the industry was facing. We're able to build the software to solve a lot of their roadblocks or their barriers or the challenges. EDC is an exciting space for us. edc is an exciting space for us One, it's a really large market. one it's a really large market It's a market that we continue to gain share in. it's a market that we continue to gain share in We have nine of top 20 in EDC. we have nine of top 20 in edc I expect that we're going to continue to be the reason we're winning in that market is we have the very best product. i expect that we're going to continue to be the reason we're winning in that market is we have the very best product We didn't on day one, five or six and seven and eight years ago. we didn't on day one five or six and seven and eight years ago We have matured the product to where it's faster at doing things like getting a study built and running the study and handling changes that happen along the study because we've taken a different approach. we have matured the product to where it's faster at doing things like getting a study built and running the study and handling changes that happen along the study because we've taken a different approach It's all modern cloud-based software. it's all modern cloud-based software We understood when we built this, we understood the challenges the industry was facing. we understood when we built this we understood the challenges the industry was facing We're able to build the software to solve a lot of their roadblocks or their barriers or the challenges. we're able to build the software to solve a lot of their roadblocks or their barriers or the challenges We're the very best product with a broad and bold vision. Not only is it the best EDC, but it's also connected in to everything else that they're doing in clinical, the operational side, even connectivity into the research sites and into the patients, which is a very unique. There's nobody else doing that, and we're well positioned. We're the very best product with a broad and bold vision. we're the very best product with a broad and bold vision Not only is it the best EDC, but it's also connected in to everything else that they're doing in clinical, the operational side, even connectivity into the research sites and into the patients, which is a very unique. not only is it the best edc but it's also connected in to everything else that they're doing in clinical the operational side even connectivity into the research sites and into the patients which is a very unique There's nobody else doing that, and we're well positioned. there's nobody else doing that and we're well positioned

Speaker 2: Yeah. I was going to say, as you kind of build out this broader portfolio and you're innovating, I remember there were a couple of modules, right? And now it's suites, and you're looking at how does that change your right to win? And when you sit down and talk to a customer, does it change kind of the nature of those relationships that they have so much more that they can buy from you today? Yeah. yeah I was going to say, as you kind of build out this broader portfolio and you're innovating, I remember there were a couple of modules, right? i was going to say as you kind of build out this broader portfolio and you're innovating i remember there were a couple of modules right And now it's suites, and you're looking at how does that change your right to win? and now it's suites and you're looking at how does that change your right to win And when you sit down and talk to a customer, does it change kind of the nature of those relationships that they have so much more that they can buy from you today? and when you sit down and talk to a customer does it change kind of the nature of those relationships that they have so much more that they can buy from you today

Speaker 1: Yeah, very much so. So customers make decisions kind of based on two things. One is they have to have the very best application for that specific area. It's got to be the best EDC. It's got to be the best clinical trial management system. That's super important. That's table stakes. And what Veeva offers well above and beyond that is the fact that that is interconnected with so many other areas. And Veeva is really the only company that can make that claim. And what is the structural advantage there is the Vault platform, is the fact that we have a platform that supports all of those different areas. Now, over 10 applications across all of clinical that we do that connectivity. They all need to be connected. We take that burden on so customers don't have to do that. Yeah, very much so. yeah very much so So customers make decisions kind of based on two things. so customers make decisions kind of based on two things One is they have to have the very best application for that specific area. one is they have to have the very best application for that specific area It's got to be the best EDC. it's got to be the best edc It's got to be the best clinical trial management system. it's got to be the best clinical trial management system That's super important. that's super important That's table stakes. that's table stakes And what Veeva offers well above and beyond that is the fact that that is interconnected with so many other areas. and what veeva offers well above and beyond that is the fact that that is interconnected with so many other areas And Veeva is really the only company that can make that claim. and veeva is really the only company that can make that claim And what is the structural advantage there is the Vault platform, is the fact that we have a platform that supports all of those different areas. and what is the structural advantage there is the vault platform is the fact that we have a platform that supports all of those different areas Now, over 10 applications across all of clinical that we do that connectivity. now over 10 applications across all of clinical that we do that connectivity They all need to be connected. they all need to be connected We take that burden on so customers don't have to do that. we take that burden on so customers don't have to do that Their decision-making now shifts to, I can be transformational in clinical. This is not like, hey, some better features and functions. This is, how do I streamline my end-to-end clinical process and make clinical trials 10% or 20% or 30% more productive and efficient. That's what they're aiming for. And that's what they can. That's the potential with Veeva. Their decision-making now shifts to, I can be transformational in clinical. their decision-making now shifts to i can be transformational in clinical This is not like, hey, some better features and functions. this is not like hey some better features and functions This is, how do I streamline my end-to-end clinical process and make clinical trials 10% or 20% or 30% more productive and efficient. this is how do i streamline my end-to-end clinical process and make clinical trials 10% or 20% or 30% more productive and efficient That's what they're aiming for. that's what they're aiming for And that's what they can. and that's what they can That's the potential with Veeva. that's the potential with veeva

Speaker 2: Maybe just hit on the IQVIA partnership that you guys announced this year. What does that mean in terms of your customers? Highlight that a little bit. Maybe just hit on the IQVIA partnership that you guys announced this year. maybe just hit on the iqvia partnership that you guys announced this year What does that mean in terms of your customers? what does that mean in terms of your customers Highlight that a little bit. highlight that a little bit

Speaker 1: Yeah. That has been super exciting. And it's been exciting because it really spans. It's one of those partnerships that spans commercial and clinical. So I'll start on the clinical side. IQVIA is one of the top CROs that has not had access to our software and our training and all of that capability. And I think what this does is it takes one of the leaders in the CRO space with the leading technology and allows them to work interoperate together. So this is hugely exciting. We're just at the beginning stages of what potential that has. I think it just takes a lot of friction out of the process for customers, a lot of uncertainty out of the game for customers, and allows them to choose the top companies and provides great choice for them and flexibility. Yeah. yeah That has been super exciting. that has been super exciting And it's been exciting because it really spans. and it's been exciting because it really spans It's one of those partnerships that spans commercial and clinical. it's one of those partnerships that spans commercial and clinical So I'll start on the clinical side. so i'll start on the clinical side IQVIA is one of the top CROs that has not had access to our software and our training and all of that capability. iqvia is one of the top cros that has not had access to our software and our training and all of that capability And I think what this does is it takes one of the leaders in the CRO space with the leading technology and allows them to work interoperate together. and i think what this does is it takes one of the leaders in the cro space with the leading technology and allows them to work interoperate together So this is hugely exciting. so this is hugely exciting We're just at the beginning stages of what potential that has. we're just at the beginning stages of what potential that has I think it just takes a lot of friction out of the process for customers, a lot of uncertainty out of the game for customers, and allows them to choose the top companies and provides great choice for them and flexibility. i think it just takes a lot of friction out of the process for customers a lot of uncertainty out of the game for customers and allows them to choose the top companies and provides great choice for them and flexibility So, great potential there in clinical. And then in commercial, not dissimilar. It gives customers choice to be able to use data and software from any company interoperably together. We're now building a connector between some of the IQVIA data and some of the Veeva software like Veeva Network and Veeva Nitro, which is super exciting. So again, customers have choice. It even helps in areas in some of our data products, for example. So customers oftentimes don't go all in on one company for their data, for they want to buy data from multiple different places. So this provides them with that ability to be more interoperable. They can buy data from Veeva, and they can buy data from IQVIA, and they can both work together. That's a huge advantage. So, great potential there in clinical. so great potential there in clinical And then in commercial, not dissimilar. and then in commercial not dissimilar It gives customers choice to be able to use data and software from any company interoperably together. it gives customers choice to be able to use data and software from any company interoperably together We're now building a connector between some of the IQVIA data and some of the Veeva software like Veeva Network and Veeva Nitro, which is super exciting. we're now building a connector between some of the iqvia data and some of the veeva software like veeva network and veeva nitro which is super exciting So again, customers have choice. so again customers have choice It even helps in areas in some of our data products, for example. it even helps in areas in some of our data products for example So customers oftentimes don't go all in on one company for their data, for they want to buy data from multiple different places. so customers oftentimes don't go all in on one company for their data for they want to buy data from multiple different places So this provides them with that ability to be more interoperable. so this provides them with that ability to be more interoperable They can buy data from Veeva, and they can buy data from IQVIA, and they can both work together. they can buy data from veeva and they can buy data from iqvia and they can both work together That's a huge advantage. that's a huge advantage

Speaker 2: So how does that change your optimism about your data strategy? I know there's multiple products there, but maybe talk about where you stand in that evolution and how you feel about that opportunity going forward. So how does that change your optimism about your data strategy? so how does that change your optimism about your data strategy I know there's multiple products there, but maybe talk about where you stand in that evolution and how you feel about that opportunity going forward. i know there's multiple products there but maybe talk about where you stand in that evolution and how you feel about that opportunity going forward

Speaker 1: Yeah. You're right on that. It's a broad portfolio. We call the broad portfolio Data Cloud. And in that, there are multiple different pieces. There's OpenData, there's Link, there's Compass, so lots of different data products. So to some extent, it allows companies to start to mix and match some of those pieces together. It just takes friction, uncertainty out of the game there. And I think that just whenever any time you remove friction, you make it easier for somebody to make a longer-term decision and a commitment to a product. So I think that's a super exciting thing. And some companies, they now can go to Veeva and IQVIA and get everything that they need, which makes it a lot easier for them. Yeah. yeah You're right on that. you're right on that It's a broad portfolio. it's a broad portfolio We call the broad portfolio Data Cloud. we call the broad portfolio data cloud And in that, there are multiple different pieces. and in that there are multiple different pieces There's OpenData, there's Link, there's Compass, so lots of different data products. there's opendata there's link there's compass so lots of different data products So to some extent, it allows companies to start to mix and match some of those pieces together. so to some extent it allows companies to start to mix and match some of those pieces together It just takes friction, uncertainty out of the game there. it just takes friction uncertainty out of the game there And I think that just whenever any time you remove friction, you make it easier for somebody to make a longer-term decision and a commitment to a product. and i think that just whenever any time you remove friction you make it easier for somebody to make a longer-term decision and a commitment to a product So I think that's a super exciting thing. so i think that's a super exciting thing And some companies, they now can go to Veeva and IQVIA and get everything that they need, which makes it a lot easier for them. and some companies they now can go to veeva and iqvia and get everything that they need which makes it a lot easier for them Where they may have had to have stitched that together with three or four or five or six different vendors, they can say, oh, Veeva and IQVIA, they're my standards, and I'm going to get to use multiple products, software, and data products from both companies. Where they may have had to have stitched that together with three or four or five or six different vendors, they can say, oh, Veeva and IQVIA, they're my standards, and I'm going to get to use multiple products, software, and data products from both companies. where they may have had to have stitched that together with three or four or five or six different vendors they can say oh veeva and iqvia they're my standards and i'm going to get to use multiple products software and data products from both companies

Speaker 2: So I want to hit on the horizontal opportunity that you guys outlined. You mentioned that's going to be in CRM. Maybe give us kind of an update on where you are in those efforts and how you're thinking about building the products for that maybe a little bit more longer term. So I want to hit on the horizontal opportunity that you guys outlined. so i want to hit on the horizontal opportunity that you guys outlined You mentioned that's going to be in CRM. you mentioned that's going to be in crm Maybe give us kind of an update on where you are in those efforts and how you're thinking about building the products for that maybe a little bit more longer term. maybe give us kind of an update on where you are in those efforts and how you're thinking about building the products for that maybe a little bit more longer term

Speaker 1: Yeah. So again, we're still very early. We're super excited by it. We have a focus team that's building a platform. We're calling it a platform-first approach. So they're building the platform. Yes, it will focus on CRM and actually a more specific area in CRM. We're working on getting some early customers and working with them and building the platform with real customers in mind. We're excited because this is kind of the next generation of a cloud-based platform. We're building it in the era of AI. We're building it having understood and actually having built multiple platforms before as a company and as the leadership of some of our company has built multiple platforms. So we know some of the shortcomings of existing platforms, and we're kind of taking that into account and rethinking and reimagining what an enterprise platform should be. So it's an exciting area. Yeah. yeah So again, we're still very early. so again we're still very early We're super excited by it. we're super excited by it We have a focus team that's building a platform. we have a focus team that's building a platform We're calling it a platform-first approach. we're calling it a platform-first approach So they're building the platform. so they're building the platform Yes, it will focus on CRM and actually a more specific area in CRM. yes it will focus on crm and actually a more specific area in crm We're working on getting some early customers and working with them and building the platform with real customers in mind. we're working on getting some early customers and working with them and building the platform with real customers in mind We're excited because this is kind of the next generation of a cloud-based platform. we're excited because this is kind of the next generation of a cloud-based platform We're building it in the era of AI. we're building it in the era of ai We're building it having understood and actually having built multiple platforms before as a company and as the leadership of some of our company has built multiple platforms. we're building it having understood and actually having built multiple platforms before as a company and as the leadership of some of our company has built multiple platforms So we know some of the shortcomings of existing platforms, and we're kind of taking that into account and rethinking and reimagining what an enterprise platform should be. so we know some of the shortcomings of existing platforms and we're kind of taking that into account and rethinking and reimagining what an enterprise platform should be So it's an exciting area. so it's an exciting area We're early days, very, very focused effort. But I think we're on the early days of something that could be really big and exciting. We're early days, very, very focused effort. we're early days very very focused effort But I think we're on the early days of something that could be really big and exciting. but i think we're on the early days of something that could be really big and exciting

Speaker 2: That's great. I think we'll wrap it there. Paul, thanks for your time. That's great. that's great I think we'll wrap it there. i think we'll wrap it there Paul, thanks for your time. paul thanks for your time

Speaker 1: Awesome. Thank you, Brian. Awesome. awesome Thank you, Brian. thank you brian

Speaker 2: Thank you. Thank you. thank you That's great. That's great. that's great