Andrew DeGasperi

Peter said both Veeva and IQVIA are very happy with the partnership, customers appreciate the reduced hassle, and he feels far better about the relationship than two years ago.

Peter said Falcon is fully accretive as it addresses a labor market Veeva does not serve today and still requires a system of record.

Paul said commitments are firm based on 140 live customers and 2 top 20 live in major markets. Greater risk is Salesforce custom builds failing and coming back to Veeva. Peter added all 10 Veeva projects are started and going to a stable product. Brian confirmed services guidance accounts for top 20 projects at various phases.

Brian cited overall CRM health beyond top 20, win-back potential, and business diversity with 80% of revenue outside CRM growing well. Always multiple paths to 2030. Peter added Crossix could be as large as CRM suite by 2030.

Peter said they do not disclose EDC verbal commitments; CRM verbal updates are shared due to the competitive dynamic during the Salesforce transition. Brian said Generation Veeva hiring was larger class in Q2 but in line with expectations.

Peter said the core team is in place and will grow incrementally over two to four years. On M&A, keeping a wide aperture for synergistic acquisitions, most likely in horizontal applications. Very disciplined approach.

Paul said clinical trial starts don't drive R&D confidence since most contracts are enterprise license agreements unaffected by trial volume fluctuations.

Brian noted secular margin improvement from platform shift but said it will take time and be spread between now and 2030 as migrations are long-range.

Devgan confirmed the customer is an AI infrastructure/ASIC company without naming them specifically. Noted Innovus and signoff solutions gaining share at TSMC and other foundries.

Devgan said labor productivity TAM expansion from agentic AI plus add-on capabilities could accelerate monetization beyond original 2 contract cycle estimate.

Anirudh confirmed competitive position improved. Share gains in hardware, IP, EDA, 3D-IC. Holding strong position in analog, gaining in digital and verification. R&D investments paying off with broader flow adoption.

Olivier said AI/LLM monitoring volume has rapidly accelerated over the past couple of quarters from a very small base a year ago, spanning both traditional companies and newer AI natives, while noting the category is still very early and likely to change.

Obstler expected continuation of land-and-expand trends. Pomel added that balancing upsell incentives with new customer acquisition is a constant focus of territory management and sales planning.

Obstler detailed higher international investment intensity in markets like Brazil, India, APJ, and Middle East, driven by bottoms-up TAM and coverage analysis, while North America still has plenty of opportunity.

Dominic confirmed software-only deals are gross-margin accretive since hardware amortization is a top COGS line, and expects more software-only products.

Dominic reframed to ARR mix and growth, the cohort up 35% year over year, now 59% of ARR vs 57% a year ago, plus a record number of $1M+ additions.

Sanjit had no cross-border data on hand but said most customers run domestic operations (food & beverage, construction), implying limited direct tariff exposure.

Kevin noted the earlier price increase had no negative impact and pricing is reviewed dynamically. Jay attributed the cost pressure to AI data center demand creating component shortages, calling it a fairly unique situation.

Kevin clarified prior call discussed expected ARR at close (not full-year). Recognized $83M at close, guiding $95M for FY2026 assuming low double-digit growth. Taking prudent approach given MDR providers' historically higher churn.

Jay said federal in line with expectations. Cost reduction push in government works in Zscaler's favor vs legacy firewall vendors. Remo added not expecting significant Fed strength in Q4 guide. Well-positioned in 14 of 15 cabinet agencies.

Shelagh addressed the channel accounting mechanics but largely confirmed the analyst's 3-4% organic estimate, noting timing of upfront hardware revenue between Q3 and Q4.

Sassine confirmed this is not the first hyperscaler tapeout and emphasized universal adoption of the full Synopsys portfolio across all COT hyperscaler programs, highlighting IP customization opportunity.