Veeva Systems Inc Investor Day Transcript

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

Question: Rishi Nitya Jaluria - RBC Capital Markets, Research Division - Analyst : Wonderful. Just 2 for me. First, Peter, and maybe for Paul as well, I want to dive a little bit deeper into your strategy around generative AI. I know you've been using AI for a while. It feels like there is a really big opportunity for you as a leader in pharma and biopharma to maybe verticalize a lot of these LLMs and add a lot more value there for your customer base that they won't be able to do on their own. Can you maybe speak to the opportunities there? I know, Peter, you talked about some early opportunities. But thinking out through 2030 because you're kind of laying out that foundation, how should we be thinking about your opportunity there and maybe the monetization that could come with that? And then I've got a quick follow-up.

Question: Rishi Nitya Jaluria - RBC Capital Markets, Research Division - Analyst : All right. Wonderful. That's really helpful. And then going back to the migrations from Veeva CRM to Vault CRM. One piece of feedback we've heard from talking to customers, right, is that it is a significant undertaking, both of time and money. You talked a little bit about that, but maybe can REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 09, 2023 / 5:00PM, VEEV.N - Veeva Systems Inc Investor Day you talk about are there any tools in your arsenal that you can use to make that a little bit of an easier pill to swallow for customers, be that discounting or even bundling in other commercial solutions just to provide that incentive.

Question: Jailendra P. Singh - Truist Securities, Inc., Research Division - Analyst : I want to go back to macro trends. Clearly, a lot of focus there. The way shares are reacting, it seems investors are concerned that there is more risk beyond the guidance cut. I understand your confidence in the pipeline, but clearly, sometimes macro trends can often be beyond your control. And we've seen that some of your peers who have taken multiple guidance cuts over the past 12 months. So a few points I want to clarify. First, did you say that the incremental slowdown you have seen since mid-third quarter, is that now spreading across more of your pharma clients? Or is it same pharma clients kind of delaying more projects? And then does your guidance for next fiscal year, I assume that some of these projects come back in any capacity?

Question: Jailendra P. Singh - Truist Securities, Inc., Research Division - Analyst : I was trying to understand whether it's how broad-based is it like, is there more risk there in terms of like more pharma clients are delaying projects or it's like same pharma clients who are using. Just trying to understand what -- how broad these concerns you're seeing in your market.

Question: Jailendra P. Singh - Truist Securities, Inc., Research Division - Analyst : And my follow-up on the same topic, given the trends you're experiencing, are you making any changes to your investment or capital allocation in terms of resources? Just curious, is there any change in strategy? Or do you think this is just a temporary and there's no need to deviate from your long-term focus? Maybe you want to talk about that.