Hannah Rudoff: This is Hannah Rudoff on for Brent. Encouraged to hear about your early traction with Vault CRM. Those 6 non-Vault Veeva CRM customers you landed in the quarter, do most of them plan to migrate to Vault CRM before that 2030 deadline? Or is that even part of the discussion when you’re signing with them?
Paul Shawah: Yes. So we did have — we had a good strong quarter with CRM overall. So we had 9 wins. And you’re right, some of them are on Veeva CRM. And each of those is a discussion with the customer, and what’s right for them and based on their timing. And yes, of course, that’s the strategy is to — they’ll start on Veeva CRM. And then at some point before 2030, they’ll move over to Vault CRM. And certainly, for some of these customers that are now doing Veeva CRM. That transition path becomes pretty clear and very, very clean. So they have full awareness and knowledge and that’s part of the strategy.
Hannah Rudoff: Great. Super helpful. And then at your European Commercial Summit other than Vault CRM, what commercial developments were customers most excited to hear about?
Paul Shawah: Yes. Sure we do pick one. We had a very lively Europe Summit. So and part of that is related to — we now have our commercial products, our software products that are moving in all part of the all platforms. So that unlocks a lot of potential for us. So we were able to announce it. One is that Peter alluded to the service center demo. Remember, we announced that 5, 6 months ago at our U.S. Summit and now we demoed it live. So really strong execution that resonated really well. The announcements around marketing and outpatient CRM were some appreciated. And then in the data space, we had a new data announcement around Pulse data, and Peter talked a lot about that during our Investor Day. But more broadly, what we’re doing in data, the innovation we’re bringing in data by creating this common data architecture.
So you asked for one thing, I gave you 4 or 5, but it was really kind of an action-packed summit with lots of announcements and we put a lot of momentum in multiple different areas.
Peter Gassner: There’s a lot of — Paul, there’s a lot of excitement around modular content and the commercial content area as well, right? That track was very largely because we’ve done things over the last year in modular product content and now it’s sitting adopted in the field, so this great excitement over the one too.
Paul Shawah: For sure — and that — and just to go into that a little bit deeper, that we’re executing really well on the commercial content side and modular content. But as we think about what Vault allows us to do, it’s bringing that content closer to the engagement channel. It’s a platform that uniquely sorts both of those content and the engagement, whether it’s the sales channel or field medical or even marketing in the future. So it’s highly unique in that we’re in a unique position to be able to solve that, that content distribution from the time frame in a very modular efficient way all the way to the time it gets out to the end customer, whether it’s a marketing channel or a sales channel. So yes, that was also an exciting announcement.
Operator: Your next question comes from the line of Brad Sills from Bank of America.
Bradley Sills : Great. I wanted to ask about the comments on some of the deals slipping that affected the quarterly billings into the next year. Any more color there? I mean we typically hear about the slipping and then they close in the subsequent quarter. So what are the puts and takes that are impacting that? And what gives you that confidence that deals will close next year?
Peter Gassner: I will take that one. Each deal is different, but I would say, by and large, just timing that gets pushed out by some random bounces of the ball and some conservatism and extra scrutiny. So that’s what it is. What gives us confidence is the competitive environment is stronger than ever, right? So that is what gives us real confidence, both in each of our product areas and then customers seeing that, wow, we can bring complete solutions across R&D and commercial software and data. Also, the customers being slightly a bit more conservative, they’re not — customers are spending less on speculative projects. So they tend to go more towards Veeva and core capabilities. So that’s what gives me even more confidence about our strong market position. And then since our products aren’t optional over time. I have a lot of confidence that our market share, we’re in a better market position than we were 12 months ago.
Bradley Sills : Wonderful. And then if you could comment, please, Peter, on just the clinical deal pipeline and how that’s been impacted. It would seem less impacted by the macro because it’s trial-related but these are also big transformational projects, if it’s a new customer, for example. Any commentary or observations on how the macro has impacted that clinical business, which is such a critical growth driver.
Peter Gassner: Yes. We have a small amount of our business in the clinical and the very small customers maybe that have under 500 employees, under 300 employees. So that certainly impacted because sometimes food can’t get funding to do the trial or they move and go out of business. So that’s impacted specifically. Other than that, the general conservatism doesn’t impact clinical any more than it would be regulatory or safety or quality. These are large infrastructure projects, and they’re just having a bit more scrutiny than they used to.
Operator: Your next question comes from the line of Richard Poland from RBC Capital Markets.
Rishi Jaluria : This is actually Rishi Jaluria from RBC. Not sure why it but my colleague’s name. Actually wanted to ask 2 questions around generative AI. First, I would like to maybe drill a little bit into kind of a theme that we’ve been hearing more as we’ve been doing our conversation with partners and industry in which is that as generative AI is working behind clinical trials. It is leading to maybe more of a tailwind towards personalized and precision medicine, which feels like not only should that benefit your CDMS platform, but even on the data side, what you have with Compass, correct me if I’m wrong, it seems like it’s maybe a little bit more tailored to that. So maybe if you could help us understand some of the trends that you’re seeing out there and how that can play out and then I have a follow-up.
