Veeva Systems Inc Q1 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jailendra P. Singh - Truist Securities, Inc., Research Division - Analyst : I want to go back to discussion around macro environment. In your prepared remarks, you called out the funding environment continuing to put pressure on project scrutiny. Can you give a little bit more color there? What kind of projects are being scrutinized? Is it across the board or specific to certain type of solutions? Are you seeing these projects getting like pushed out to a later date or getting canceled? And what does your guidance assume in terms of these projects going through?

Question: Jailendra P. Singh - Truist Securities, Inc., Research Division - Analyst : Yes, that's really helpful.

Question: Jailendra P. Singh - Truist Securities, Inc., Research Division - Analyst : Okay. That makes sense. And then a quick follow-up on normalized billings quarterly cadence. Now kind of we can calculate what the growth is for -- implied in fiscal Q3 number. Can you remind us on the drivers behind the growth acceleration you expect from what you expect in Q2 fiscal quarter to Q3? And of course, we have talked about Q4, but just curious like if you can remind us on the growth drivers for billings in the second half?

Question: Natalie Elena Howe - BofA Securities, Research Division - Analyst : So earlier, you touched a bit on Veeva Quality. And in the press release, you mentioned that QMS won a top 20 pharma. So the Quality segment seems to have a pretty large opportunity. Can you talk a bit more on what has been driving the strength in that category and expand a bit more on how you're really going to capture the opportunity there?