Hi, and thank you everyone for joining us on our webcast today for our 2021 Virtual Analyst and Investor Day. I'm Ato Garrett, Head of Investor Relations here at Veeva. Feel free to contact me if you have any questions during the course of today's presentation or at any point in the future. A couple quick notes before we begin. Today, we have a series of presentations over about the next 90 minutes or so. First, you'll hear from Peter Gassner, our Founder and CEO, then you'll get an update on our commercial business from Paul Shawah, and some highlights of our R&D business from Jim Reilly. We're happy to share a customer discussion with Alessandro De Luca of Merck. After that, Veeva CFO, Brent Bowman, will provide a financial update, and then we'll return back to Peter for some closing remarks. At the end of the presentations, we'll have time for Q&A. If you have any questions during today's presentation, feel free to submit them during the webcast or using the webcast widget, or you can email them to ir@veeva.com. Before we get started, I'd like to read a quick disclaimer. During the course of today's presentations, we will make forward-looking statements, including statements regarding trends, our strategies, and the anticipated performance of our business. These forward-looking statements are based on management's current views and expectations and are subject to various risks and uncertainties. Actual results may differ materially. Please refer to the risk factors included in our most recent filing on Form 10-Q, which is available on the company's website at www.veeva.com under the Investor section and on the SEC website at sec.gov. Forward-looking statements made during today's presentation are being made as of today, October 28, 2021. If the presentations are replayed or viewed after today, the information presented may not contain current or accurate information. Veeva disclaims any obligation to update or revise any forward-looking statements. In the presentation, we will also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A reconciliation to comparable GAAP metrics can be found in the appendix of today's presentation, which will be posted on our website. With that, I'll turn it over to Peter. Thanks, Ato, and thanks everyone for joining today. Today, we wanna help you understand Veeva better, where we are now, our future plans, and the overall industry cloud opportunity. Understanding Veeva starts with our vision and values. I present this slide many times every quarter, including at the start of every Veeva summit, board meeting, and all-company meeting. Our vision is to build the industry cloud for life sciences and make the entire industry more efficient and effective. We do this through cloud software, data, and high-value services. Our values guide the decisions we make, big decisions like our product strategy and smaller operational decisions as well. Do the right thing is about integrity and actively making the choice to do the right thing every day. Customer success means our products and people have to deliver for the customers and for the industry overall. It's about helping the people in the industry, the companies in the industry, and making the whole industry more effective. For employee success, we want Veeva to be a positive place for our team, a place where they can do their best work. Speed reminds us to move quickly and get things done right the first time, even as we get bigger. In February, we became the first public company to convert to a public benefit corporation, a PBC. Let me take a minute to explain why we became a PBC and what it means for Veeva and the industry. We've always operated with a balanced and long-term view. Veeva has to work for customers, employees, and shareholders. We have to balance those interests. As a public benefit corporation, that philosophy is part of our legal duty at the board level. Changing to a PBC was not about changing Veeva. It was about protecting the way Veeva operates for the decades to come. Life as a PBC is going well. We're seeing the benefits we anticipated and some unexpected ones as well. It's helping us attract great people that are aligned to our values. It's making it easier for companies, especially large companies, to go all in with Veeva. Becoming a PBC is becoming a source of new ideas that might bear fruit over the long term. We're also hearing from other companies interested in the PBC structure. We're very happy with our new status as a PBC and that we took a strong lead in this important area. Our long-term thinking is also about setting clear goals against our vision, staying focused, and consistently executing. In 2015, we set a goal to cross $1 billion in 2020, and we reached it a year early. In 2019, we set our next goal of $3 billion in 2025, and we're tracking ahead of our plan. Now we're thinking about our 2030 goals. Drilling into our 2025 goal, first is to reach $3 billion in revenue with strong growth and profitability. At that point, we expect we'll be about 10,000 people, so roughly double headcount from where we are today. Room to grow is key. That means having strong early product pipeline when we get to 2025. I've been in high-growth enterprise software my entire career, and I know that deciding what products to build, having discipline about what not to do, having a vision for how these things all fit together, and then executing with product excellence, that's what creates growth and market leadership. We aim to pick clear and correct markets. After that, execution matters most. We always need vision and execution. Still Veeva means having a consistent vision and values and being agile. Companies can lose the ability to adapt as they grow, but we don't want that to happen to Veeva. We have the right strategy, markets, and products in place to achieve our 2025 goals, and we're executing well against those plans. Veeva operates in three main customer segments today: pharma and biotech, med tech, and consumer goods and chemicals, or CPGC. The bulk of our business and our largest market opportunity is in pharma and biotech. This is not uniform. It includes many sub-segments. We have global pharma companies, as well as local pharma companies that operate only in Asia and LatAm, generics companies, contract manufacturers, and contract research organizations, or CROs. Each of these sub-segments has nuance, and we embrace that. Med tech is a specific part of life sciences and is a growing segment for Veeva. We started focusing on med tech a few years ago with a dedicated team that's growing nicely. Development Cloud is our product offering in med tech, and we've added many med tech-specific features into Development Cloud over the past few years. In CTNC, we have specific Vault applications in the quality and regulatory area, and that segment is also growing nicely. Our industry cloud for life sciences includes Veeva Development Cloud for R&D and Commercial Cloud for commercial and medical. We've become an increasingly strategic partner to life sciences by building excellent products for their most important areas, running to complexity to solve the hard problems, and making it all fit together. This is hard to replicate because it's hard to do. If we combine that with customer success, humility, and continued innovation, that creates a very high barrier to entry. This is what building an industry cloud is about. It's a win for Veeva, our customers, and the industry. Jim and Paul will talk about R&D and commercial in a moment. Bigger picture, I'd like to touch briefly on two of the newer areas that build on our strong foundation in R&D and commercial, the Veeva Digital Trials Platform and Veeva Data Cloud. Both are just starting and can be very significant for Veeva in terms of long-term growth and could be transformative for the industry. Both are great examples of the power of industry cloud and how we can help advance the industry overall. The Digital Trials Platform connects pharma companies, clinical research sites, and patients. Enabling this type of business network is very powerful and very rare in enterprise software. In the case of Data Cloud, having the best industry-specific data at the country level and the best software, that can be a game changer. In 2015, we set a long-term goal to be essential and appreciated by the industry. It seemed pretty aspirational back then. We were only selling CRM, and Vault was just starting. We were far from essential. Now we have the building blocks to get there. The industry is big, more than $2 trillion and growing. It's still very early days in our vision to use technology and data to move the industry forward in innovative ways. It's a big goal, and if we achieve it, we will deliver significant value. How are we doing that? We need many products to cover the main industry-specific processes. All need to be excellent on their own and all work together, and we have a track record of doing just that. Here are a few examples. Starting with CRM in 2007, then moving to Vault in 2011, both are now proven and trusted by the industry. Link, which started in 2016, is hitting its stride now. Data Cloud and Digital Trials, they're newer. They started in the last two years, so there's no real proof yet, but I'm confident we're on the right track. Getting here is the result of our team and our operating model, which we refined over the years. We have over 5,000 people that know how to work together with a common multi-product operating model. Some products, they're in the innovation stage, and some are in the execution stage, and some are in the leadership stage, and they're treated differently in different stages. It starts with product excellence, attracting the best product people and creating the best products, being close to customers, deeply understanding the industry, and having the right vision for what to develop. Then putting the right processes in place. Things like, how does product management work with engineering and strategy? How to measure and course correct? What kind of risks should we take? We also want to do that globally so that our products are excellent all around the globe, not just in the U.S. Customer success drives many things, including hiring plans, compensation plans, and product plans. It's at the heart of all of our major decisions. Hiring and employee success have always been important but are probably even more important now. We have an innovative hiring and onboarding process that we continue to evolve and improve. Autonomy. This is critical in a multi-product company. Autonomy at the group level brings innovation and energy, and it also brings inefficiency, which we are okay with. We are a customer success company and an innovation company at our core. As I look forward, there are multiple drivers of long-term growth. First is just the market we're in. We're trying to automate a $2 trillion industry through cloud software, data, and services. It's still very early, and we're finding new ways to add value. The second is customer success. This fuels our growth and helps with new products. Customers trust Veeva because we've delivered for them, and they help us evolve. Third is our operating model that allows us to retain our speed and innovation even as we grow. It's an exciting time to be at Veeva. With that, I'll hand it over to Paul to talk about Commercial Cloud. Hi, everyone. I'm Paul Shawah, and I'm responsible for Commercial Cloud Strategy at Veeva. I get to give you an update on our commercial business. I'm gonna start with a short overview of what's happening in the industry 'cause it's really important to understand the context which is driving our strategy and how we're helping to enable our customers. First is this move to specialty medicines. We've seen this play out over the last couple of years, but it's certainly a trend that's gonna continue well into the next several years, through at least 2025, where the mix of medicines is becoming more personalized and more targeted to the individual patient, which is driving our strategy to help our customers be more patient-centric. The greater use of digital certainly a trend that we're helping to drive in the industry as we aspire to help make the industry more efficient. Then also our customers are thinking and rethinking about their commercial model, so it's on us to help make them more agile and efficient and think about newer stakeholders beyond just the healthcare professional. Given what's happening in the industry, our focus is on bringing these four core pillars of commercial together, data, analytics, content, and engagement. In data, we talk about our strategy as being helping the industry be more modern and connected. In modern, we mean using our technology to connect different data sets together, to source unique data sets, and to integrate them into the software applications where the business users need them most. Connected is about bringing all those data sets together to create a real clear picture and deeper visibility, and then taking those insights from an analytics perspective and surfacing them real time where they can take action on them. As the industry is becoming more digital, they're using more content, and we're helping the industry to scale, to develop and create that content faster and to do it in a more scalable, more cost-effective way. Of course, it's about the engagement side. We know that the industry is becoming more digital. We're helping to enable that shift and then also hybrid ways of working, making the field user as comfortable in the doctor's office as they are in their home office. Then, of course, putting the power of digital in the hands of healthcare professionals so they can get information when and how they want to from a pharma. Commercial Cloud is how we execute. Commercial Cloud is really unique in that it brings together software and data and people. Historically, we've cleaned up the software space where we've taken fragmented and siloed software applications, and we've built really innovative, unique software applications and connected them all together, like we did with our engagement channels and with content. We're taking that same approach to data. The data space has lacked innovation for a very long time. Legacy providers haven't innovated or changed much. What we're gonna do is take a very modern approach to data, connect all those data sets together, and integrate it into the software applications. Take people, business consultants that have deep domain expertise and really key visibility into the innovation that's possible with Veeva Commercial Cloud, so they can take a strategy and bring it to life with execution. We started with Veeva CRM. We became the market leader in CRM and then built a suite of products around that, and that's Veeva CRM Suite, and we're continuing to help move the industry to Veeva CRM Suite and help the industry become more efficient. Now to put that into perspective, the relative framing, CRM, the rep-based revenue products, is roughly 60% of our overall commercial subscription revenue. That mix will shift over time as more and more of our data and analytics products become adopted. From CRM, we expanded into content, delivering on PromoMats and MedComms, and those today are also market leaders in their areas. We continue to innovate in PromoMats and MedComms. We've also integrated our content, applications into our engagement applications. When we did that a number of years ago, that was highly unique, and it's still unique today. We create a really significant amount of value for our customers and efficiency by connecting those channels up together seamlessly. We expanded into data and analytics. In analytics, we started with Nitro as our data science platform. We acquired the Crossix business, and Crossix is for marketing optimization. That business is going really well, and we'll talk a little bit more about that in a moment. Our data products. OpenData has a very long history, and it's created a lot of value for our customers. Our OpenData customers are very, very happy, and this is healthcare professional, healthcare organization, affiliations data that our customers buy from us. We also continue to enhance OpenData over time. We'll talk about some of those enhancements in a moment. Data Cloud and Link. Data Cloud is our newest set of products, which is patient, prescriber, and sales data. Then, of course, Link, which is real-time customer intelligence on key customers or key people in the industry. Now to frame out the overall TAM for commercial, we talk about the overall TAM as being $6 billion. Roughly half of that is in data and analytics, and the other half is in software, which includes content and engagement. We're enabling our strategy on top of a very steady and stable and broad foundation. Veeva CRM is that foundation which we're building on top of and connecting and creating a lot of those connective points because it's fundamentally about enabling the industry to be more connected with their customers and engage more efficiently with them. This is really, really hard to replicate. The reason it's so hard to replicate is 'cause it spans all of these areas, creating a CRM global solution that works globally in all of these different markets, but meets the very specific needs of each country. Japan is very different than Italy is very different than the U.S., and Veeva CRM is able to enable that, but also have a customer get all of the efficiencies of having a global solution. Specialty models. We talked about the shift to specialized medicines, which is changing how companies are going to market, and we need to support an oncology medicine as well as a rare disease medicine or a gene therapy, just like we would do a more traditional biotech, enabling different roles like medical science liaisons or key account managers or a specialty rep. Veeva CRM needs to be great at doing all of it, and it is. Then hybrid ways of working, this idea that sales reps are working in the field, they're working from a home office, and their experience needs to be great regardless of where they're working from. This is why Veeva CRM is so hard to replicate, and you've seen this play out a bit in the industry with others trying to attempt this, but it's just a very, very challenging thing to do. We're building off of this foundation, and that foundation that much of the industry has put in place has enabled them to move with speed. As they've been pushed into becoming more digital at a much faster pace than they may have anticipated, they were able to. You see some of the stats on the screen here that give you a sense of how much digital the industry is doing over the last several months. The industry's never really seen this level of digital adoption at such a rapid pace. We're helping the industry to become more efficient. Again, this is because it's built on such a stable and broad and powerful platform where they're able to turn on a lot of these capabilities. We're proud to have enabled the industry to move with speed and to help the industry become more efficient. We've talked about the industry taking some of those productivity gains that they've gotten from becoming digital and applying them to rep reductions. You're seeing that we talked about 10% as the number where we expect rep reductions to play out, and we think that'll play out through the end of fiscal year 2024, with much of it happening by the end of next year. Again, we're proud to be part of that solution in helping the industry become more efficient. Now, digital is certainly a key aspect of the go-to-market model today and will be into the future. But rep relationships certainly matter. Reps matter. These are. Remember, these are complex medicines that biopharma companies are selling, and it's really important to have a human being that surrounds that digital. In fact, our data shows that when there's a rep relationship, the digital access and digital engagement is three times higher than if there is no rep relationship. It's important to remember that these kinds of medicines will always require a human being, a sales rep, somebody helping the healthcare professional in that broader ecosystem understand how to use those medicines. When they have a relationship, it's even more powerful. As digital continues, we've also seen from our data that content also equally matters. When content is used in those interactions with customers, the interaction is two times more effective, which is driving our strategy around helping our customers use content efficiently. That's about faster content at scale. Our vision is to continue to increase the speed to market by 75%. We're doing that through technology, but also business consulting and using data and insights to drive a lot of those efficiency gains. Our vision is to touch every aspect of that content creation lifecycle from the time there's a strategy and idea to the time it's created, approved, and pushed out in the field and used, whether it's in a sales rep's visual aid or on a website somewhere. We wanna make that process more efficient. We're innovating in areas like modular content, which is creating new ways of reusing content more efficiently, helping customers with their operating model through our business consulting services, but then using deep insights and intelligence about content to drive greater visibility and therefore efficiency. We're excited about the progress we're making in core content. Of all of that innovation that we talked about in core CRM and PromoMats, we're taking that same innovation engine, and we're applying it to data and analytics. Our strategy there, again, is to create a modern approach to data and analytics. Let's talk a little bit about what we mean when we say modern approach to data and analytics. Historically, data has been highly fragmented, really just like the software market has been in the past, and we've cleaned up the software space, and the data space has lagged behind. The legacy data providers have not really innovated for a very long time, and the datasets, they don't work together. They're generally not connected, and that creates a huge burden on our customers. Data's ultimately not so valuable if you can't connect it with other datasets. That's a key part of our strategy, is to bring all of the datasets together, but to connect them with the software that they need to be surfaced, 'cause ultimately, data needs to be surfaced as an insight where somebody can make sense of it or make a decision, or use it to take some specific action. Our strategy is create unique datasets that are high value and standalone are super valuable and innovative, but are also connected together with all the other datasets, and then integrate them into the software where they're used. The strategy is highly differentiated. The way that we do this, the unique and connected data, the way we connect is through this idea called the Veeva ID, which means we stamp an identifier on all of our datasets, the same common identifier, so it's really easy for us to connect them, but also more importantly, for our customers to connect all those different datasets together. These are the big datasets that we're talking about, OpenData. Again, as you know, we've had this business for a long time, and we continue to innovate and create innovation and even have a roadmap for data. That concept is unique in the industry. We're treating it like a software product, where OpenData gets better and better and better over time, and our OpenData customers are very happy. This is a much better alternative to anything available in the marketplace. OpenData is that foundation. It provides the source of that Veeva ID is the healthcare professionals, the healthcare accounts and the organizations, how they're related, their affiliations with each other, and it's the backbone of a lot of the datasets that we provide and helps us to connect all those pieces together. We also have Link, and Link is real-time customer intelligence on key people. We curate data using machine learning and using people to source all of this rich information, and we provide very rich and meaningful and deep insights. Now, the best way to really appreciate Link is to see it. Let's take a moment, and we'll show you a short demo. Link has many ways to find the critical information that I need. Here, I have a dynamic news feed based on the key people that matter most to me. It includes information such as regional congresses, publications, clinical trials information, and relevant social activities, as well as details on speakers and investigators. It even suggests some emerging experts that I should consider meeting. Link's market analysis shows me market-level insights. For example, active clinical trials, so that I can understand the competitive landscape. I can easily see who's conducting which trials, trial phase, location, and investigators. In a similar way, I can dive into more than 100,000 relevant congresses and scientific associations. I can also search for thought leaders, congresses, scientific content, and associations. Here, I'll search key people based on topic and location. When I drill in, I get a deep profile that includes activities, affiliations, featured topics, company collaborations, and payments all in one place. The timeline includes over a decade of chronological activities that can easily be filtered. I can also learn more about their top collaborators. Here, I can easily see all employees at my company that follow this thought leader or that have interacted with them because it's integrated directly into Veeva CRM. The Social tab shows all their Twitter and YouTube information. As you can see, Link insights are always accessible from within Veeva CRM. I can see the same deep profiles and details such as the news feed, customer, market, and scientific insights right where I need it. The thought leader profiles are also directly available, allowing me to plan my engagements with key people. You just got to see how Link was able to surface really interesting information about things like clinical trials, associations, congresses, but also key people. You're able to find key people based on very specific dimensions like lung cancer as an example, and their location, and then deeply profile them. Also, you saw at the end there that, and how we integrated that data directly into Veeva CRM. It's really powerful standalone, but again, we're integrating it into the software where people can use it most easily. Then we have Crossix and Data Cloud. Crossix and Data Cloud are both built on the Crossix data platform. Crossix, of course, is our marketing optimization, which we acquired, and we took that business and we continued to innovate around that business, and that business is performing very well and that'll continue to be a contributor over the long term for Veeva, particularly as we add new innovation in the Crossix core space. One example is how we took the core CRM activity data, and we embedded that data into the Crossix analytics. Now customers that are both customers of Crossix and CRM, they can see not only their marketing but also their field activity against those same sets of targeted healthcare professionals. That's very powerful. We're using the same Crossix data platform to drive Data Cloud. Let's take a moment to talk a little bit about what Data Cloud looks like. Data Cloud is really three products, one of which is available today, which is patient data. It's available for early customers. Our early customers are using it, and we're taking a very different approach in patient data. We're taking a patient-centric approach as opposed to prescription-centric. The legacy providers have taken the approach of aggregating and syndicating data from all of their retail pharmacies. That's prescription-centric. We're taking a patient-centric approach, which is looking at diagnoses and procedures and prescriptions, and we're assembling that around a complete view of the patient, which is better for today's more modern medicines. The precision medicines and specialized medicines that we talked about earlier, they need something that's more patient-centric and patient-specific, and that's what we're doing with patient data. That's proving out to be very valuable for our early customers that are using it. They're finding more healthcare professional targets that they can call on. This data is more valuable for how they segment and target their customers. We're pleased with the progress we're making in patient data, and we're going to continue to use that Crossix Data Platform to build out new datasets. Prescriber data will be the next dataset coming in January. Prescriber data is really that longitudinal view now around a prescribing physician. That same level of really patient-centric data organized around a healthcare professional. Really valuable and also used for things like segmentation and targeting. We can drive a lot of value in those areas 'cause they're really core business processes to a life sciences company. Then sales data, we're also pleased to deliver on that, and that'll be available in January of next year. Sales data is the data that pharma companies use to measure the performance of their field, but also to do incentive compensation. Data Cloud is addressing a really significant market opportunity. There has not been a lot of innovation in this space, and we're gonna bring that innovation, taking a very modern approach using technology. We're using technology to source and combine, connect, and even enable our customers to consume the data via our software. That's a very different approach. We're gonna deliver on new sets of data over time, and we see this as a really meaningful growth contributor as we get closer to 2025. I'm excited to share a lot of our innovation is driving the industry to new levels of efficiency. This is all enabling us to deliver a very durable revenue business with really steady growth over the long term. We're doing that through really consistent execution. We do what we say we're going to do. That's a key part of our formula is consistently executing over and over and over again for our customers and then never stopping, continuously innovating. All of our products, existing products, get better over time. Then we also create new products and then seamlessly connecting them. All of those products are designed and built to work together, creating really new and unique value for our customers. Thanks for listening in to the commercial update. With that, I'd like to turn it over to Jim. He'll give you an update on R&D. Thanks, Paul. I'm Jim Reilly. I lead Development Cloud strategy here at Veeva. In Development Cloud, we have a big vision. We're providing the operating system for the full lifecycle of a product. That's a massive vision. It's a hard thing to build though, because it's so expansive. You have content, data, process touch points, and handoffs, and it's deep. It's a very large data model with hundreds of objects and thousands of data elements. No one's really ever tried to do this before. It's kind of like making the MS Office for product development, and it's still relatively early. 2014 is when we had the idea, and when I joined in 2015, it was really about the content management applications, things like submissions and quality and the trial master file. In 2016 is when we fully committed to the idea. That's when we decided to provide data-oriented applications. Now it's becoming a reality. All of the major verticals of product operations are represented. First, there's clinical, which is all about building and executing a trial and collecting and processing trial data. You build a regulatory package showing that the products are safe and efficacious, and then you submit them to the health authorities. You manufacture it according to quality standards, and you monitor it for safety in the population. All of those are not one-time events. Most of that process follows even after a product is approved. What we're offering is valuable not just for developing the product the first time, but for the lifespan of a product's life cycle. It's not an all or nothing proposition either. The nice thing is that a customer can start with us anywhere, do well, and then add on more over time. All of this makes Development Cloud very durable. It's not the kind of thing you wanna switch out for something else very easily. Now, let's take a quick view into each area. We'll start in clinical. The clinical suite is made up of two application families. There's clinical operations and then clinical data. In clinical operations, that's where customers go to manage the execution of the trial from startup to execution and closeout. Then there's clinical data. This is where a customer builds a study for data collection. Usually, people think this means EDC, but Vault CDMS is bigger than EDC. It also includes the CDB. That's the clinical database, which is the place where all study-related data is ingested for cleaning and formatting so that it can be analyzed and submitted to health authorities. CDMS is unique in that all of it is self-contained. Clinical operations and clinical data are connected across to share things like patient enrollment and visit status. It's even more efficient for customers who use the whole clinical suite. If we dig into clinical operations, it's all about speeding execution. Our customers are consolidating dozens of systems to run their clinical process end to end on one app. Even though it's been maturing, we continue to innovate. We just released a new capability called the TMF Bot. It's an artificial intelligence and automation feature that automatically classifies content files, which can save a clinical team a lot of manual effort. It's a new capability, but already a top 20 pharma has been using it with promising results. They've had tens of thousands of documents auto-classified at a success rate of auto-classification at 99%. It's about efficiency and better accuracy than what they do today. We have growing adoption overall in clinical operations with over 350 customers, including 16 of the top 20 on eTMF. We've got over 110 customers in CTMS, which is only a 4-year-old product. Then there's CDMS. Here, it's all about speeding trials and keeping them on course. Customers using CDMS are seeing 50% faster study builds than what they could do previously. When a protocol is mended, there is no database migration required, which is the industry norm. We're innovating with the CDB. As I mentioned, that's all the sponsor study data coming into one data hub for integrated cleaning, reporting, and export. Together with EDC, this is all about complete and concurrent data, which helps customers clean data faster, make better decisions, and run more effective trials. We're starting to see some good uptake now with over 250 studies built and now almost all of the top CROs offering the service to build on Vault CDMS. Over to regulatory. That's the Vault RIM Suite, where a customer goes to manage their end-to-end investigational and marketing approval applications to health authorities. The users author the content for their submission, they publish, and they send to a health authority to keep a compliant record. If it's approved, they manage and maintain the product registration in each country where the product's been approved for use. Regulatory in Vault RIM is transformative because it's all in one. In a large pharma, there's usually dozens of these tools I mentioned, and they're usually split by region. Whereas here with Vault RIM, it's one place to go for their global organization. More than that, we're innovating. We've recently built Vault Publishing, and this is not an easy thing because there are different publishing standards across the globe. Many of them are electronic, but some are still on paper. We're making it faster and more streamlined for our customers. Also, we launched collaborative authoring a few years back, and this is where users can author and annotate a document together in real-time over Microsoft Office. It's a big time saver, and we already have over 95 of our RIM customers using this today. The RIM Suite overall, we continue to see strong adoption with over 250 customers, including 13 of the top 20. We also have 25 early customers on publishing, which is a newly released product. If we turn our attention over to quality. In just the last year, we've broadened our strategy. As customer adoption has grown on leading solutions like QualityDocs and QMS, manufacturing QA groups have been viewing Veeva more strategically, more so than the standard incumbent players. Now the Quality Suite has evolved into a more robust capability, supporting the needs of quality assurance, quality control, and manufacturing. It spans process, content, training, and the quality control lab. As part of this evolved strategy, we recently announced three new products. Vault Validation Management is for managing the validation process across all disciplines in an efficient and digital way to remove the paper from that process. There's Veeva LearnGxP, which is a training content product. It's not an application, but it's actual e-learning content modules with more than 150 accredited courses and 500 micro-learning videos. It complements the Vault Training application. Finally, there's Vault LIMS, which is a big new area for Veeva, where we wanna optimize the quality control lab operations to get closer to real-time product batch releases. LIMS and validation management are targeted for the H2 of next year, and these are big new areas of innovation for Veeva, where we can bring more value to the industry and provide more market potential as well. The industry is modernizing their approach to quality with the unified Quality Suite, and they'll have the ability to build from there as we've launched into these new areas like LIMS and Validation Management. We're also innovating the core of quality with things like Process Navigator. This is the ability to define and visualize quality processes hierarchically, along with the supporting content in a single screen. It's a big efficiency gain, and it's a compliance driver. Then there's a quality event recurrence check. Quality people need to identify patterns of events that may have a common root cause and resolution. This event recurrence check is an automation feature that lets them work more intelligently to identify those recurring events. In terms of momentum overall in quality, we've seen strong growth with over 350 quality customers, including 15 of the top 20, and very strong uptake in QMS and training, which are only five and three years old, respectively. Finally, the newest area of the Development Cloud, Vault Safety. This is a big, complex area, and we're now in year two. We launched into this space because there are two major incumbents that the industry is not satisfied with. They're looking for better execution and more innovation. Safety is an incredibly important area. If the safety system goes down, the product stops being sold. The fact that we're bringing safety to the cloud is also important. It means our customers won't have to upgrade every time there's a regulation change, which is what they have to do today. In this suite, we're covering the data by bringing in case intake and processing as a capability. We're marrying that up with what's required for content. In the longer run, we're offering up an analytical capability to detect safety signals. Now, even though safety is traditionally a very conservative and highly regulated area, we're making excellent progress. Our first customer went live in August of 2019, and it's been a steady stream of go live since. We now have over 150 customers, including a top ten pharma now implemented. While we're currently very focused on customer success, we also believe there's innovation to be had in the signal area. There's exciting times ahead in safety. That was a quick tour of Development Cloud, which covers what I like to call the back office systems for the sponsor world. There's also a front office in dealing with research sites and patients, where we've been formulating a strategy and building capabilities, and it's what we call digital trials. Quickly on the need there. Industry is looking for a way to innovate in trials, and it's really a holistic need. Each stakeholder needs attention. The sponsors, they want to run trials more efficiently. Sites, they're overburdened with technology, and they wanna simplify. Patients need better ways to participate and engage in research. All the stakeholders need to be thought about together because they're all integral to the trial. That's not how it works today with current and new offerings. The landscape is riddled with point solutions. Some of them that focus only on the back office for sponsors or those that focus only on the patient experience or the site or their middleware between two of them, such as site portals. Like we saw with internal sponsor operations, this dynamic is in need of a more holistic platform approach. That's Veeva's vision for digital trials, a platform that's patient-centric, which means a single experience for the patient's needs to engage in research. Decentralized, meaning bringing the trial to the patient by allowing for remote options such as virtual visits. Then finally paperless, to remove the paper that is still rampant in the process and thereby digitizing the information flow. If we do this well, we think with our customers, we can lead the industry to trials that are 25% faster at 25% less cost. It's a very different approach that hasn't been attempted before. Our strategy is to provide great software specifically designed for each stakeholder. There's the back office for the sponsors, their operations. That's the clinical suite for them to manage their internal shop and the data that they manage. There's the front office with the research sites and the patients. It's where the care happens. With research sites, that's where we have SiteVault, which is a free application for research sites to become more efficient in how they operate. For patients, that's the MyVeeva for Patients app, which is a single experience for patients to participate in and engage in clinical trials. The Digital Trials Platform will then connect these stakeholders so that you have better collaboration, greater visibility, and more efficient trials. Compared to many of the new players now entering the space, we have a key advantage in that we can leverage the strong relationships we have with our over 400 sponsor customers in clinical. We've already got this going with our first two applications now available and in use, which are Site Connect, which connects the sponsor and the research sites, and then eConsent, which is used by the sponsor, the research site, and the patient to manage the patient consenting process. There's lots more to build and deliver over the coming years. Now, with something so visionary, it's important to have good partners, especially early on. They help to shape aspects of how the product needs to work in the real world. This has been a recipe for success at Veeva when we build a new product area, and I'm happy to share that we now have our first full digital trials early adopter in LEO Pharma. We have lots of work ahead of us together, but it's already off to a great start as a partnership. We're on a big mission for Development Cloud, and that's still early days and growing. We're tackling a new area that we're just getting off the ground with digital trials. To be successful, we'll continue to be a strategic partner to the industry by taking on the big problems with complete and novel solutions. We'll continue to innovate by finding new opportunities to help industry that will also help broaden our reach. Now we'll get to the highlight of the day. We get to hear from a customer. I'll hand it over to Tom. Hi, I'm Tom Schwenger, President and CEO of Veeva, and it's my pleasure today to welcome Alessandro De Luca, my friend and colleague from Merck KGaA in Darmstadt, Germany. Welcome, Alessandro. It's great to see you. Thanks, Tom. Thanks for inviting me here. Great to have you. Merck KGaA is a global science and technology company with more than 58,000 employees worldwide. Just a few examples of Alessandro's leadership include a 2020 mention by Gartner in their executive yearly report for implementing a state-of-the-art digital transformation in supply chain and in 2019 being named one of the top 100 most influential leaders in healthcare by the International Forum on Advancements in Healthcare. Previously, Alessandro had been the Merck Healthcare CIO, serving a portfolio of solutions across R&D, commercial, and the business franchises. He joined Merck with responsibility for the healthcare supply chain operations, including end-to-end planning, physical distribution, and warehousing. Prior to Merck KGaA, Alessandro worked at Procter & Gamble for 20 years, holding positions across innovation, manufacturing, engineering, and supply chain management. Again, welcome, Alessandro, and thanks so much for spending time with us today. Thank you. Let's start with a brief introduction to Merck. Merck is a 350-year-old company with a long and diversified history. Can you give the audience a high-level view of Merck and how your company is evolving its focus? No, absolutely. Thanks for asking this question, Tom. We are very proud to be one of the oldest pharma company in the world. I mean, definitely more than 350 years is a point of pride. Broader theme: sustainability of business model and people and drive forward science and technology. This is exactly what we are. We define ourselves a vibrant science and technology company. Why vibrant? Because we believe in the curiosity of minds. We believe in innovation. We believe in drive forward the next generation of drugs. That is also where science enter into the picture, because obviously, science is at the heart of everything we do. When we discover a new molecule, when we implement a new process, when develop a new solution for our customer. Then there is the technological element, vibrant science and technology. The technology is mainly digital. I mean, not only obviously, but in the last five years, the company has decided to definitely include digitalization as one of the key strategy. The progress in this area has been significant. That's great, and especially that focus on digital recently. Given that, what role does the CIO play in enabling that kind of company-wide evolution that you just described? Yeah. Obviously the role of CIO is pivotal to drive and to foster all this digital innovation and to make sure that backbone infrastructure support value creation with new digital model, support value creation with solution for our customer, support value creation in terms of new supply chain solution, architectural and go to market. This is why the work of the CIO is very, very important. Obviously the CIO is nothing. It's the people behind the CIO that makes a difference. Yeah, absolutely. If we were to double-click on that within your healthcare sector, what are some of the biggest initiatives you have going on within Merck right now? Yeah. In the healthcare sector, I would say that there are several initiatives that have a digital connotation that is very strong. One is virtual customer engagement, and we have seen it in COVID time, how it's important to continue an engagement with the customer and to make sure that will happen virtually. This is where, you know it very well, we partner with different solution with you, CRM model, Veeva Engage and so on, and they were very successful. The other element is digitalized clinical trial. Obviously, that is the most important development that we could have it in the digital space for R&D, and that's where we are focused a lot of energy and focus. That's great. Thanks for that. You were recently named Group CIO across the whole of the company. When you look at this new role that you're in, how do you think about the role that vendors play in the broader ecosystem? What is it that you're looking for from companies like Veeva and how can we best support you in that journey you described? Yeah. I mean, you said the right word, Tom, is partnership. I mean, partnership is definitely what we expect from all vendors like you and your company, and this is a long-standing partnership that the two companies have together. What I would say is that the two criteria that we drive throughout the company is scale and adoption. Scale means that we really need to make sure that our solution are scalable worldwide. We have seen several example of small pilot projects, but it's really where scale happens that you drive business value. We've been able to scale together with you, our CRM solution, Veeva CRM, across the board, not only our Veeva PromoMats and so on. The other element is adoption. I mean, I believe that the success of any digital solution is in the adoption of the user, the customer and the patient. If together with us, you help us to drive in this direction of scale and adoption, and you co-create, co-innovate together with us, and that's what we're doing together with these Veeva releases that are coming continuously, then we continuously drive an improvement of the digital towards the digital journey day after day. Yeah, that's great. I really like how you frame the importance of scale and adoption on that journey that you're on. When you think about the partnership with Veeva that you just described so well, are there any specific examples that jump to mind for you in terms of that partnership coming to life? Yeah. I mean, we partner on several areas. I think one of the most successful example has been the recent introduction of Veeva RIM, and that has been really fantastic. When I say fantastic because the teams have worked together, your team, the information technology team, the business team of Merck, we all work together as single one team. Then the execution was flawless. I mean, really flawless. Flawless in terms of implementation, flawless in terms of users, and very much appreciated by all the users around the company. That is fantastic example. Yeah. Thanks for that. That's really appreciated. I guess the ultimate question for all of us, when all these things come together, when your strategy comes together and the ecosystem is working well and you're delivering, how does that come to life for patients and caregivers? How does it make a difference in the lives of patients? Yeah. Yeah. I mean, Tom, this is definitely the most important question of all, because at the end, we are all here to serve better our patient, to improve the life of all our customer and so on and so forth. Here is that where I think we can bring it forward, the next generation of digital solution is really moving towards an end-to-end model. This is something that we have been talking together, we are working together. I know that we are doing it. It's probably a competitive advantage because not many companies have done it really scaling end-to-end from R&D to the customer and backwards. This will enable us to really drive a sort of better personalized medicine, predictive medicine, and this is what the customer and patient want. If we're able to continue this journey successfully together, I'm sure that we'll be able to serve our patients better together. Yeah, absolutely. It's really exciting and an honor for us to be part of that journey that you're on at Merck. I think we're about at the end of our time. I did wanna thank you very much for spending some time with us today, as well as for your partnership over the years, both personally and across the whole company of Merck. I look forward to many years ahead of continued partnership, and we'll talk again soon. Thanks very much. Absolutely. Thanks, Tom. Take care. Thank you, Tom and Alessandro, for the informative discussion on the partnership between Merck and Veeva. Veeva is helping our customers solve the most critical problems of the life sciences industry through our focus on customer success and product excellence. Our proven ability to execute together with our reference selling strategy creates a durable operating model that has driven Veeva's success to date and will continue in the years ahead. As I approach nearly a year and a half at Veeva, I'm even more confident we have the right vision, the right people, and a robust product portfolio to enable customer success. Driven by our strong execution and momentum across the business, I'm happy to report that we are tracking ahead of our 2025 target of $3 billion in revenue with a greater than 35% operating margin. I'm very proud of Veeva's execution as we continue to build on our history of strong growth and profitability as a result of our proven operating model. Over the next few minutes, I'll cover our progress towards our 2025 targets and provide some highlights regarding our long runway for growth. Veeva has a consistent history of revenue growth and increasing operating income as we continue to expand our role as the most strategic partner to the life sciences industry. We are focused on helping our customers be more productive by creating innovative products and solutions that make their most critical operations more efficient. The focus on innovation and customer success continues to drive our growth and underpins our fiscal year 2022 guidance of 25% revenue growth and an operating margin of roughly 40%. Today, we are introducing a change in how we report revenue. Revenue reporting will now be broken out between R&D and commercial. This realignment is consistent with how we manage the business with all of our commercial solutions now reported as commercial revenue. Specifically, we will now report our Vault Commercial offerings, which include PromoMats and MedComms in our commercial revenue. R&D revenue will now include our clinical, regulatory, quality, safety, and consumer products and chemical suites of products. In terms of our fiscal year 2022 guidance, this realignment moves roughly $165 million of subscription revenue related to PromoMats and MedComms from Vault to Commercial. On a realigned basis, our fiscal year 2022 guide is for a commercial subscription revenue of roughly $865 million and R&D subscription revenue of roughly $610 million. Our total fiscal year 2022 subscription revenue guide is unchanged at $1,475 million. This implies a revenue growth rate of roughly 40% for R&D and 16% for commercial in our fiscal 2022 guidance. Please refer to our investor relations website, where we have just posted historical revenue data reflecting this realignment. We are tracking ahead of our 2025 targets, and I am both encouraged by our disciplined execution and excited about the many growth drivers ahead. The revenue realignment does not impact our 2025 revenue target of $3 billion, but does shift the mix slightly towards commercial. We continue to expect operating margins above 35%. We are more confident than ever in our ability to achieve and exceed these targets, and I'm pleased to see Veeva progressing ahead of these goals. We are raising our TAM estimate to $13 billion+ to reflect our recent innovations, including the new solutions in quality and digital clinical trials that you heard about earlier. This marks the sixth consecutive year where our TAM has grown by at least $1 billion. The growth in our TAM reflects Veeva's focus on addressing our customers' most challenging problems and bringing innovation to new markets. This is core to both our operating model and our role as a strategic partner to the life sciences industry. Looking at the components of our TAM, the $6 billion opportunity for commercial is split evenly between our data and analytics products, such as Crossix and Data Cloud, and our software products, which include our core CRM platform, add-ons, and content products. Clinical is our largest single opportunity within R&D and reflects the significant room to grow that we have across clinical operations, clinical data management, and digital trials. Outside of clinical, we estimate a $3 billion TAM across our quality, regulatory, safety suites, where Veeva is bringing innovation to these large and complex markets. Within consumer products and chemicals, we continue to make progress in the $1 billion opportunity as we grow towards a $100 million revenue target for 2025. Based on our FY 2022 revenue guidance, Veeva is only 14% penetrated to its TAM and has a very large market opportunity with $11 billion+ of room to grow. We have the product portfolio and trusted customer relationships to address this large opportunity. The breadth and strength of our product portfolio is driven by our continuous focus on innovation for customer success and provides confidence that we can deliver against the large and growing market opportunity in front of us. This chart provides a great view into where each of our products sit along the maturity curve. On average, it takes about three years to get to the innovation and early adopter phase, where we work with pilot customers to ensure product-market fit. The early majority phase is where we start to see meaningful market share and revenue generation through our reference selling model. We expect to achieve market leadership within the middle majority phase. As you can see, a large portion of our products are still in their early days, which will help drive long-term revenue growth as they move up the adoption curve. R&D product adoption and new customer adds continue to experience strong growth. Through the first six months of the year, we are on pace to add over 175 customers in fiscal year 2022, which is well above the roughly 120 customer adds in each of the past two years. Equal in importance to the growth of our customer base is the growth of product adoption within our existing customers. We continue to believe the majority of our future growth will come from these expanding customer partnerships. A steadily increasing portion of our R&D customers are using three or more products, which reflects both this breadth of our product portfolio and the increasing value that our customers receive by adopting additional products. Our customers are seeing the benefit of a single integrated platform across their R&D needs. With 25 products across our R&D portfolio, we are excited about the significant opportunity to expand our footprint within our customer base. We are building our leading market position in Veeva CRM with both strength in new customer adds and growing product adoption within commercial. Since fiscal year 2017, a steadily increasing portion of our commercial customers are using four or more products. These expanding customer relationships reflect the growing trust our customers have in Veeva and the value we provide as a strategic partner. Our early innovations, such as Veeva CRM, CLM, Approved Email, and Consent products, have the broadest adoption amongst our commercial customers. Last year, we saw a boost in Engage adoption as our customers and the industry moved to digital engagement models during the pandemic. Our customers continue to adopt our newer add-ons, including Events and Align, as well as other commercial products like Network. Looking ahead in commercial, our innovations in data and analytics solutions such as Data Cloud, Link, and Crossix will be meaningful drivers of growth for many years into the future. It is still early days for a number of our commercial products, and we have plenty of runway for growth ahead. Veeva's operating model produces expanding operating profit while investing for future growth. More recently, our operating margins have benefited from COVID-related reduced travel expenses, equal to roughly 200 basis points in fiscal year 2022. This is most apparent in our sales and marketing spend. While we expect some level of travel expenses to return over time, it remains difficult to predict when and by how much. Equally important, we continue to invest across our business to address the large and growing market opportunity with a focus on customer success. This includes continued investments in our people and products. We are tracking ahead of our 2025 operating margin target of 35%+, while also continuing to invest for long-term growth. Our gross margins benefit from a high mix of subscription revenue as well as increasing mix of R&D revenue, which is based on the Veeva Vault platform. Mitigating these benefits will be additional product investments, such as in Data Cloud, we are taking a new approach to targeting data, as well as expanding our business consulting services. These and other investments in people and products reinforce our role as a strategic partner to our customers and to the industry. We are pleased with the durability and the leverage we have in our operating model and the optionality it provides to invest for long-term growth. In closing, I'd like to leave you with a few key takeaways. The team continues to deliver strong financial results through disciplined execution that is driving momentum across the business. This has us tracking ahead of our 2025 targets of $3 billion revenue and over 35% operating margin. We're helping our customers solve the most critical problems of the industry, and we will continue to benefit from deepening relationships with our customers. This provides for a large growing market opportunity and a long runway for growth. Our proven ability to execute together with our reference selling model create a durable operating model. This enables Veeva to continue to innovate and invest in new product development to support future growth toward 2025 and beyond. With that, let me turn it back to Peter for some closing remarks before Q&A. Thanks, Brent, and thanks to Alessandro. It's great to hear from Alessandro. We really appreciate the partnership. To recap, you know, it's an exciting time for Veeva. We have a large opportunity ahead, you know, as we look to become essential to this large and important industry. In other words, we have the right strategy. We also have the ability to innovate and execute. That's about having the right team and the right operating model. That sets us up very well for 2025 and beyond. Now we'd like to open it up for your questions. Thanks, Peter. As a reminder, feel free to enter any questions that you might have using the widget on the web tool, or you can email them to ir@veeva.com. Our first question, I think it's for Paul. Can you help us size the impact of the 10% rep reduction? How confident are you that 10% is the right number? Reps have been pretty steady over the last decade or so. Is there a chance that some of these reps could be reallocated to new precision medicine therapies? Yeah, thanks. Thanks, Ato. You got a couple questions in there. I'll take the sizing the headwind question first. Maybe let me give you some way to frame how to think about that. From a headwind perspective, if you go back to the beginning of the year and use that as a baseline, we're expecting a 10% reduction of rep headcount. From that starting point, we expect that will play out through FY 2024, with most of it happening this year and next year. I also mentioned earlier that about 60% of our commercial subscription revenue is rep-based. If you do that math, you come up with a total headwind of about $50 million, and that'll that's an impact on our annual on our revenue run rate, which will play out over time. That gives you some way to kind of size that headwind. Do remember that as those headcount reductions occur, some of the impact on revenue may trail the actual rep reductions. That's the headwind side. The offsetting factors in that we do expect growth in commercial to more than offset those reductions. For example, as our customers become more digital, as they introduce more precision medicines into the marketplace, they need better data. We expect that'll be a growth driver for our data and analytics business. You'll start to see that mix shift from that 60% of commercial subscription revenue to lower over time. We also expect to have additional gains in core CRM and additional penetration in the add-ons, again, all of which will more than offset some of the headwinds that I talked about. Your second question embedded in there was the size, the 10%. Why are we confident in that 10% number? You know, it's simple. We have lots of conversations with lots of customers, and they triangulate, we triangulate that number. Now, some companies may be slightly higher. That's an average. Some may be lower. Even within a company, you may have some therapeutic areas which are more, as you mentioned in your question, more precision medicines, where they may shift more users from more of a primary care environment into that precision medicine space. We do expect some shifting to happen within companies and across companies, but on average, it'll be about 10%. Remember, these are complex medicines. You need people, you need human beings to sell and introduce these drugs into the market. The rep selling model is so foundational to the pharma industry, and that's not going away, and digital is actually better with reps. Great. Thanks, Paul. Next question, I think it's probably for Jim relating to digital trials. What's the broader opportunity in digital trials across patients, sponsors, and sites? Can you help us understand the value of that connected network between those over just a decentralized tool? Sure. Thanks. Thanks, Atul, thanks for the question. Well, for all of you paying attention to this decentralized digital trial space, you know that it's getting very frothy. Seems like any technology vendor or service vendor that's using the phrase decentralized trial is getting funding. Our perspective is pretty simple. It's that those solutions that we're seeing come on the market are point solutions. They're offering technologies that assist in the patient area, in the site area, or the old guard of the sponsor area. What Veeva is bringing to the table is just something that's very different. It's something that brings great technology to all three of those stakeholders, but then also brings it together as a platform, kind of like a business network. For us, that's the big differentiator. That's going to be what solves the challenge of what will this new mode of trial operations look like. When you look at a lot of these other vendors, they're also offering services to complement the software. Whenever you offer services and software together, that's frankly a project. It's not a product. Again, Veeva's differentiator here is bringing this platform approach to the way that digital trials can operate. Great. Thanks for that, Jim. Next question, I guess we go back to Paul on Data Cloud. What are you seeing from early customers as you roll out capabilities, and what's been the initial market perception versus some of the incumbents there? How are your additional efforts progressing around offering new functionalities like sales data and prescriber data? Where we are with Data Cloud is we've patient data is available. It's our first data set that we're delivering as part of Data Cloud. It's with early customers. We have a number of early customers who are actively using it and getting data from us. The feedback is really positive, meaning they're finding patients that they did not find with their legacy data provider sets, which leads to finding healthcare professionals and new targets that they didn't find with their legacy data sets. They're seeing and starting to appreciate some of that innovation that we talk about coming to life. It's really working with early customers. We're focused on those early customers, customer success in maturing the product. We are also in progress of building out the second and third data sets, which we'll deliver on, which is the prescriber data, longitudinal prescriber data, that really deep visibility into prescriber and over time. Also sales data, which is, as I mentioned earlier, just used more for field performance measurements and incentive compensation. We're early, very early days though, in both of those and we'll start the process of early adopters in the beginning part of next year. We're excited about where we're going with Data Cloud. Thanks, Paul. I think our next question here is probably for Peter and about Medtech. Can you tell us more about Veeva's Medtech business, and how large is that business now, and how large could it be over time? Medtech, we're really excited about Medtech. It's a great time of innovation and change, and it has a lot of variety. We have large diagnostic machines, implantable machines, you know, large implantables, small implantables. It's really exciting. In terms of the size of the business, it's roughly, we should do about $60 million of revenue this year, in Medtech. In terms of its potential, I would say in 2025, we're looking at probably, more than $200 million of revenue in 2025. Exciting times and highly related, you know, pharma and biotech, medtech, they're getting close together, and they're getting essential to each other. Very excited about medtech. Thanks. Next question is probably for Brent. Why did you change the way we report revenue, and why'd you do it now? Thanks, Ato, for the question. Our updated revenue reporting really is just to align how we manage the business, which is Commercial and R&D. A little bit of history. Back in the 2014, 2015 timeframe, we ran the business with a Commercial and Vault view, and that was really because our original Vault products were our Commercial content products. That has changed. It's purely aligning our reporting to, you know, how we manage the business. Specifically, Commercial products, the content products, PromoMats and MedComms are now reported in Commercial. One thing to highlight, this does not change our total revenue guidance for the year. It doesn't change our total subscription revenue guidance for the year. It just does change the mix between Commercial and now R&D. Specifically, the change was a bit dilutive to the commercial growth rate, which is now 16%, which was previously 17%, and it was a bit accretive to the growth rate, which is now 40%, and it was once at 34% for Vault. Thanks, Brent. Jim, we have a question about some of our product traction in R&D. It seems like we've had a lot of momentum across CTMS, CDMS and safety. How are we thinking about the adoption curve for these products relative to some of our other more established clinical tools? Is this a tailwind that's being created, or is this a cross-sell opportunity? Thanks, Ato, and I think there's also a question that came in about our first safety customer having been announced, and I think that somewhat relates to this question, so I'll bring all that together. Generally speaking, yes, the idea that we have a lot of success from some of our earlier products like eTMF, like QualityDocs, that helps when you think about the ability to sell some of our newer products like CTMS and safety. Largely that's through a few lenses. One is the existing customer might already be using some of our technology in their functional area, right? They're likely a happy customer because we focus on customer success. The likelihood that they'll buy more from us in that area is certainly higher and also a bit faster than perhaps if it was a new RFP for a new solution off the street. There's the idea of the cross-selling within the customer, what we call reference selling. For instance, if a clinical customer is happy with using the eTMF and the CTMS, they might talk to the head of safety at that organization and say, "Hey, this Veeva stuff is great in clinical. You should give a look at it in safety." When that first customer comes in, especially in an enterprise, that's a very important pivotal point for us because we focus on that project, and we drive success, and that allows us to continue to expand in that market. Other enterprises know that our product and the way that we deliver it is enterprise ready. Thanks, Jim. Now a question for Paul. How does Veeva's data strategy compare to some of our competitors out there, and are we relying on unique data sources? Yeah. Our data strategy is very different in where we're taking a, you know, more of a modern, innovative approach to data, which means using technology really through the entire data supply chain from the time that we source data and connect different data sets together and how our customers consume data. They're consuming it via Veeva technology. Technology allows us to be faster and more accurate and ensure that it's privacy safe, becomes a big advantage for us. The other aspect I would mention that's significantly different is that we're very much patient-centric in our data. The opposite of that would be prescription-centric, meaning focusing a heavier focus on kind of the traditional retail pharmacy, small white pills that, you know, historically was really important. You know, in today's environment, these specialized medicines that we talk about, it's more about patient centricity. We use technology, it's more patient-centric, and that value prop, again, as I mentioned earlier, is playing out nicely in the marketplace. Great. This next question is probably for either Peter or Brent, but Crossix and Physicians World are about two years old now. What are you thinking about in terms of M&A going forward? I can take that one. M&A, we look at that as really acquiring people and ideas to fuel our growth. If we see something that's early, that can provide a spark, an ingredient, a fertilizer to Veeva that fits in with our strategy, we'll do that. First thing we do is look at our product strategy. What is it that we want to accomplish? Then we're constantly scanning with, "Hey, is there anybody that can complement that?" That's gonna be generally rare, right? All the stars have to line up. We're not counting on M&A to provide us anything really, but we may do some when we find the right opportunity. Great. This might be another one for you, Peter. 2021 has been a great year for biotech VC funding. Does a favorable funding environment help Veeva, and how so? I think it doesn't change things in the short term for Veeva materially at all. Early funding that is a great indicator of long-term health of the life sciences industry. The funding attracts great people. Those great people do innovation and execution and great work. That grows the value that the industry can provide to the healthcare system, and therefore that grows the value of Veeva. I view it as a very early indicator, a great sign of health. Great. I have a question for Jim again. Is the quality control product for lab or LIMS the first offering of what could be a larger lab management platform for Veeva? When you think about lab technologies, there really are two buckets. Just like in a pharma, there are two ideas of labs. There is the research lab that focuses on the research of creating new products. Then there is the lab that is associated with manufacturing. They are the ones that make sure that the quality control of the manufactured product is good before the product gets released, what we call a batch. The LIMS product that we are offering is for that QC lab, right? It is part of our Quality Suite, and it is a big innovation because it is going to allow those quality control groups to really focus on making that process more efficient so that they can get closer to a real-time batch release. We're gonna build that out, do well in that area, and then we'll see how it goes in terms of potential applicability to other lab operations. Next question is for Brent regarding our 2025 targets. It's great to hear about your progress relative to your long-term targets. How far ahead are you tracking right now? What products have been driving that outperformance? We're tracking ahead to our 2025 targets of $3 billion and 35% op margin. This is both the case in commercial as well as in R&D. Pretty broad-based growth strength that we're seeing. You know, again, it's broad-based across R&D in clinical as well as in the Quality Suite specifically. On the commercial side, a lot of opportunities with Crossix and our data and analytics products in front of us. Truly a broad-based strength that's driving the opportunity in front of us. Great. One question about ongoing litigation. What's the latest on our lawsuits? Anything we should be aware of or any developments you'd like to share? I guess I'll take that one, Ato. Yep. In terms of our lawsuits, we have our lawsuit, our antitrust lawsuit with IQVIA that's progressing well. It had some COVID delays, but now it's progressing well. We expect that to go to trial in early 2023, so you know, roughly 18 months from now, and we're confident in our case and I think that if that gets resolved in our favor, that'll be a nice long-term boost for Veeva and the industry overall. If it unfortunately gets resolved not in our favor, then it'll be just life as usual for Veeva. Great. Next question is for Paul regarding Data Cloud. We said that prescriber and sales data will be available in January next year. How should we think about what the revenue profile might look like for some of our larger customers? Yeah, that's right. Prescriber and sales data in the early part of next year. Remember, we're in the very early phase of the market with Data Cloud, with all of our data products, so we're focused on early adopters and customer success. From a timing standpoint, you know, the contribution for a large enterprise customer, although significant, it could be in, you know, kind of the low double digits of millions of dollars, you know, that will take time. We're really thinking about more meaningful contribution from Data Cloud closer to 2025. Great. One more for Jim on digital trials. For our early adopter, LEO Pharma, why did they select to partner with Veeva? Can you tell us a little bit more about the relationship between Veeva and Leo? Sure. Two reasons on why Leo went with Veeva and why we have the partnership. One is, they were already leveraging Veeva in many of the areas across development and are a very happy customer. We've delivered a lot of value together. So there was a trust there. The other is that there was actually very good alignment in terms of where each of us is going with this concept of digital trials. Leo has got a vision for 2030 that aligns very nicely to what we're looking to do with digital trials with this connected ecosystem and driving more efficient trial execution. Great. Question for Paul about Link. How does the opportunity for Link fit into the broader commercial business? Like, can you give us a little bit more details about how it helps drive rep efficiency? Yeah. Link is exciting 'cause it brings together data which we curate. We use technology, we use people to curate key data about key people, key accounts, and then insights about them, and we surface that data in real time. It's unique in what it does, and it combines software and data, which is core to our strategy. Then we surface that data where the field teams need it most. It could be someone in medical, or it can be a field rep. What's valuable about that, it does help them be more efficient, but it also helps them, more importantly, be more effective. These are really key people. They're some of the most important people in the industry. They may be thought leaders or scientific experts. It surfaces that information when they're about to have a conversation with that customer or as they plan for that engagement with that key person. It's really valuable. I would say it's more of an effectiveness play for the field teams, both medical and sales, and we're excited about it. It's a core part of what we're doing in Commercial Cloud. Great. Another question for Jim. Can you tell us a little bit more about CDB and where that fits in within our clinical data management solution? Is this additive or is it part of that product? Sure. CDB is an acronym for Clinical Database. This is a differentiated solution for us in the clinical data space. Yes, we offer the Vault EDC, but CDB actually is part of the overall CDMS solution. CDB allows data to be ingested not only from the collected patient data, but really from all the necessary data you need for a trial, like labs and imaging, et cetera. It's an environment where the customer can clean and format their data so that ultimately it can be submitted to a health authority. It's a big differentiator because it works alongside our EDC, which is really not what any of the incumbents do. In terms of being sold as a separate product, yes, it is. It is a license that can be in addition to EDC or bought together. Great. Thanks for that. A question for Peter. As we look out towards our 2025 target of 10,000 employees, can you talk to us about the hiring environment and our progress against that? Yeah. Well, it's a difficult hiring environment for everybody, right? Talent, they call it the war for talent. You know, talent is in higher demand right now, especially for technology-related talent, and the supply is not increasing that much. We're tracking well, we're tracking to our plans, and I think it's helping Veeva, actually. You know, when the times get hard like this, when a company can execute better on their talent attraction, not just the number of talent, right? Because that's easy to do. But the talent that really fits in with your values and is sort of surgically implanted in onboarding, then you can execute better versus, for example, a company that just rampantly gets a lot of people and throws them together. That may help them in the short term, but it hurts them in the long term. It's hard work, but it's actually a positive. This tight market is actually a positive for Veeva. Great. Thanks for that. Paul, we have a question about OpenData and Crossix and the competitive environment there. How does Veeva OpenData and Crossix solutions stack up against some of the competing offerings from Doximity? Yeah, it's very different. They're different markets. Doximity is, think of it as kind of the LinkedIn for doctors, social media network for doctors. That is not what OpenData and Crossix are about. OpenData is really fundamentally the healthcare professional and organization data that we curate and sell back to our customers, and we do that in a really efficient way for the market. Our customers are very happy, and we integrate that into our software applications. Crossix, as you know, is about, you know, optimizing the spend of your media and your marketing both to healthcare professionals as well as to patients and consumers. That is also very different than Crossix. We don't compare those two because they're very different markets. Okay, great. Well, Paul, another question for you on Data Cloud. Can you give some details about how our approach is more modern and different in terms of sourcing alternative data for targeting? Yeah, we'll stop there. I mean, you know, as I mentioned earlier, we talk about it as being modern using technology. The core part of the Crossix acquisition was to acquire the Crossix Data Platform. The Crossix Data Platform is unique in that it allows us to really source data from a variety of different sources. We're not as reliant as some of the legacy providers on, you know, a couple of retail, you know, pharmacy chains, for example. Our breadth and our depth of the data is very different. The privacy-safe aspect is controlled by technology. It's not controlled by people. That gives us an advantage. Then also it enables us to be more agile and move with speed. It's fundamentally a technology advantage that we have created, which is very different than, you know, the legacy approach in the marketplace, which hasn't relied as much on technology and platforms. Great. Next question for Peter. You've been at PBC for a little bit, for coming up on a year now. Can you talk about some of the impacts and what you've seen change in terms of the customer reaction or industry reaction? Customer and industry reaction has been positive. You know, two real concrete things. Helping us attract the right type of people that wanna be part of our mission. It makes it clear what Veeva is all about, and so therefore, that allows people to self-select into the place that they feel good about. For our customers, especially large customers, Veeva, our solutions are very sticky, each one of itself. When they're integrated together, they're even more sticky. You think about customers, they're thinking, "Wow, this could be a 20-30-year commitment with Veeva realistically." They would like, and they now appreciate that legal comfort that Veeva's gonna have their best interest in mind. I really feel that it's gonna be a great thing for our long term. You know, honestly, a great thing for society. I think it's a model where important companies should be about the employees, the customers, and the shareholders. That's the way I feel and the way the board feels. You know, that's the way our shareholders felt, too. It was very nice to see them vote for that. I think we're gonna take just a couple more questions. Paul, one more question for you on Link. Can you talk to us about the momentum that we've seen recently in Link and a little bit more about the pricing model for Link? Yeah. Link is going well in the marketplace. Remember, there's a little bit of history behind Link, where we focused it on the oncology therapeutic area and earlier this year, in about the mid part of the year, we expanded to a number of therapeutic areas, which has allowed enterprise customers to really appreciate that value from oncology and extend that to other therapeutic areas. We've seen that turn into global agreements with customers. We announced seven-figure customers in our last call. Link is going quite well in the marketplace. The pricing model is generally enterprise license agreement. You know, our customers would license the kind of the full data set in Link, and they can use it for all of their users. There's some more granularity in there, but that's the general approach. Yeah. I'll just chime in there. Link is interesting, and I appreciate the questions around Link. It's quite innovative and it's new, and it's a bit hard to absorb. Yes, enterprise license agreement, that's the goal. Sometimes it's gonna start in a particular area. It might be a particular brand or a country, or it might be in the medical or the commercial. Then we expand from there. Then remember about Link, it's a combined customer intelligence platform, so it's combined software and data. Way to think about it is we have our CRM system. Maybe you might think of that as sort of like salesforce.com. Then we have Link, which is a central system that we operate. You might think of that sort of like LinkedIn. The magic that we're doing is we're having those two systems work together. That's something we've been working on for a few years, and now I feel like we've really cracked the code, and now we can accelerate around the curve on that. Great. This next question is probably for both Brent and Peter. Can you give us an update on Crossix since the acquisition? Like, how's that business trending relative to your expectations? Brent, do you wanna take that one first? Yeah, happy to take that. The Crossix acquisition has gone really well, from a people perspective and the fit within the Veeva culture, as well as just the overall business results. It's been a nice contributor to our growth over the past couple quarters, and we expect it to contribute nicely to our growth, going forward as well. Yeah. Absolutely. Now, if you look at the thesis for the acquisition, it was relatively interesting, right? Get a company that we think is, you know, that has some scale and can scale farther, use that core Crossix platform, morph it into an even bigger opportunity, and then achieve synergies in our sales organization through cross-sell in the account. That's a lot of stuff to do, and it's going well. All three of those things are going well. Pretty disciplined execution. I'm really happy with it. Acquisitions are not so easy to pull off correctly, but we're definitely pulling this one off correctly. All right. Question for both Peter and Paul. It's a few questions around analytics rolled together. One, does the legal stalemate with IQVIA need to be resolved before you really start picking up momentum in terms of analytics? Two, can you give us a little bit of a view on Veeva's approach to analytics and what might make Veeva successful as we go forward in that marketplace? Three, looking at customer data and analytics environment, that's a pretty fragmented industry space. Who against whom might Veeva be competing? Is that one there or Paul? Paul, you wanna take that one? Yeah. Let me take a stab here. The first question you have, restate the first question. As I recall, it was, Does the litigation with IQVIA need to be resolved before we can really start to build momentum in analytics? Yeah. It certainly impacts portions of our analytics business. We've talked about IQVIA blocking our customers from our innovation in areas like Nitro. That's real, and that has had a negative impact on our business. It blocks innovation from our customers being able to to kinda do new and different things. Yeah, that is real. Remember, that's kind of one part of our business. There's other when we talk about analytics, we're talking about areas like Crossix, as an example, where it is an application which includes data surfaced through really rich analytics, which allows our customers to make more impactful decisions, smarter decisions, really driving significant ROI. Yes, it impacts part of our business, but it doesn't fully need to be resolved for other areas. It also has no impact on what we're doing with Data Cloud. Data Cloud is separate and not impacted by that. I think you had maybe refresh Peter and I on your next question. Yep. The second one is that, you know, analytics is a pretty competitive environment. Can you just let us know about how Veeva is going to go to market here and really achieve success as we move forward with our analytics products. Yeah. Yeah, I'll take it. Paul, maybe I'll take that one. When people say analytics, you might hear a lot of, you know, a lot of things are lumped into that. What will make Veeva successful is probably our precision approach to the solution. You notice the OpenData, the foundational reference data, making that excellent around the globe, fitting that in with CRM, then this innovation with Link, and then also innovation with Data Cloud and the performance data, and then tying that all together with the VeevaID. Interestingly enough, I view our data strategy in commercial as very similar to the strategy we laid out with Vault, for Vault for the Development Cloud, which was in about 2013. It started being laid out in 2013. It crystallized sort of in 2016, and then we've been executing. That's what we're kind of doing in data. Integrated products, each excellent, fit together, global scale, and married with our software. Now, there are other. If you look at differentiation, there are many companies that have to get to a certain scale selling a niche product. Their company is their product, and they have to do that, and so they optimize for that. And then there are many tooling companies that are great. People need tools, you know, Snowflake and other companies. They need tools to build custom solutions, for sure. But what we're offering is not that. We're offering the integrated solutions so companies can easily consume it. It's quite differentiated. It's not something anybody else has tried yet, and that's why we're excited about it. Great. Thanks. I think for our last question, Peter, just a little bit more about the history of Veeva and where we see opportunities going forward is that, you know, Veeva started in commercial and moved into clinical. Longer term, is there an opportunity for Veeva to move into the preclinical vertical? Preclinical into the research area. I believe that's the meaning of that question. Yeah, of course, there could be opportunity to do that over time, but right now we're really focused on what we're doing, so we have no current plans to go into the research area. These areas are still early that we're in right now, and especially when you look at the data area and the digital trials area, that's more than enough to keep us busy. Great. All right. Thank you. Back to you, Peter, for some closing remarks. All right. Thanks everyone for joining us today, and thanks for your great questions, and I look forward to speaking with you again on our Q3 earnings call. Thank you.