Veeva Systems Inc. (NYSE:VEEV) Q4 2022 Earnings Call Transcript

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Peter Gassner: Well, I’ll take the first part of that. Certainly, the Vote of confidence from the customers in the EDC area, in the clinical data management area, which is one of the more critical and one of the most complex things and the long multiyear rollout. Yes, we take that as a vote of confidence and we’re really humbled by that, and we know we got to execute really well. So that’s where we feel like in clinical data management, we’ve got a sort of a tiger by the tail, and we got to pay attention and make sure we deliver on that. So yes, very excited about that. And how that flows through to the financials, that’s for Brent?

Brent Bowman: Yes. And when you asked about how we look at the forecast, we do our forecast at a pretty granular level. We work with the business and think about it at a product level, at a market level, area level as well. And these ramping deals play into that as well. So when we combine all of those, that informs our guide, and we feel good about looking out at 2025 at least $2.8 billion in revenue.

Dylan Becker: Got it. Super helpful. Maybe switching over to another area as called out on the Compass side of the equation, and kind of prioritizing dedicated sales teams. Is there anything to call out in the go-to-market piece, any kind of sales that needs to change there? And then maybe how that evolves and maybe benefits from the broader rollout of the sales and subscriber piece in fiscal 2024 as well.

Peter Gassner: I can take that one. In general, we have structured our sales team in terms of the commercial sales team and the R&D and quality sales team. And so they have a lot of products that they represent, and that helps our customers, helps Veeva be a strategic partner, and that’s what our customers want. Sometimes when a product is different enough or new enough or something is different about it, we’ll have a specialized sales team and we made that decision for Compass. It’s a very specific product, and it’s going to be a big product. It has a kind of an entrenched competitor. So no change in our philosophy. We always have that philosophy every year, we sort of make those decisions, whether we need a specialized sales team. So — that’s a decision we made some number of months ago and feel real comfortable with it.

Dylan Becker: Got it. Super helpful. Thanks guys.

Operator: And we’ll go back to Charles Rhyee, Cowen.

Charles Rhyee: Yes, thanks for taking the question. I wanted to follow-up on Crossix a little bit more. Peter, I think you said that the macro doesn’t really affect the selling cycle for Crossix, it’s really a decision whether someone wants to go enterprise or state — brand by brand. But you have called out a little bit of weakness in this category. What is the client saying in terms of maybe not moving forward? I know you signed a top 20 pharma here in this — or you announced this quarter, but for others where people are not willing to move forward yet, what is sort of their talking points as to why they’re not interested or maybe not yet looking to do it?

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