Hi, everyone, welcome to the JP Morgan Healthcare Conference. My name is Anne Samuel, and I'm the healthcare technology and distribution analyst here at JP Morgan. We're really excited to have Veeva here with us this afternoon. CEO and Founder Peter Gassner is going to be presenting. He founded the company in 2007. Less than two decades later, you know, they'll be approaching $3 billion in revenue, so have done a really nice job growing the company. We'll have them do a presentation, and we'll do Q&A after that. If you have a question, you know, please raise your hand. We'll send a mic around. With that, let me turn it over to Peter.
All right. Thank you. Welcome, everyone. Hopefully you're staying dry. And it's not the best weather, but I hope this presentation is better than the weather. This is our safe harbor information. It's also in your-- It's on our website. You can read it. The basics about Veeva. This presentation will be pretty straightforward, right? Not a lot of sort of marketing stuff. Pretty straightforward. 20 minutes, and then we'll have questions. Yeah, founded in 2007. We have about 6,000 people. I remember when we had, you know, two people. Seems like a lot, but still we're a medium-sized company, I guess, 6,000 people. About 1,000 customers. Our revenue run rate is over $2 billion.
Last year or last quarter-on-quarter growth was 16% and about 40% non-GAAP operating margin. We're a company that is growing and profitable. We're a employee-based company. 6,000 people, a lot of coordination between there, right? What you'll hear today is about how we're really partnering with the life sciences industry. This is the life sciences, you know, industry conference, JPM. We're helping a lot of these companies do what they do through providing them technology. You'll hear about our operating model, how it's pretty durable. We're not like some kind of a social media company. You know, we're a pretty durable operating model. We focus on execution. That's a hallmark of Veeva. We say execution matters most. You'll hear about that. We have a long runway of growth.
Sort of like a pharmaceutical company has a pipeline. You know, we have a pipeline of products in different stages. That's what you'll hear about. This is our vision and values slide. This is very operational inside Veeva. I present this, oh gosh, maybe 20 times a quarter through different venues, every board meeting, leadership meeting, significant company meeting, et cetera. This is how we operate the company. Building the industry cloud for life sciences. What we mean is software data, high-value consulting to help the industry get more efficient and effective. We wanna be essential to each company in the industry and appreciated by each company in the industry. That's a super high bar because when you become essential, truly essential, you tend to not be appreciated because there's some resentment towards that. You also get arrogant and lackadaisical when you're essential.
But that's our bar. We wanna be essential to the industry and appreciated by the industry. Our values are how we make decisions. Stack ranked order. Number one is do the right thing. That's about integrity, honesty, and knowing what the right thing is to do and actively doing it. Customer Success has three parts. It's for the companies in the industry like Pfizer, Novartis, for the people that work in the industry and for the industry overall. We have to help the industry overall get more effective. Employee Success, more straightforward. That's for our people. It should be a place where they can do their best work, be treated, you know, right, have a good work experience for themselves and for their families. Speed is to remind us as we get big to get, you know, get it done quickly.
If we can get it done with quality today, just get it done rather than tomorrow. That's something that can slow down as you become a bigger company. It's very easy when you only have three people. You know, you're going very fast. We That's why it's our fourth value. We're a public benefit corporation. We were the first company to convert from a regular corporation, a regular public corporation to a public benefit corporation. I'll explain. That's significant about Veeva, and I'll explain what that means. We're a Delaware public benefit corporation. That's a official type of a corporation that has a legal duty to balance the interests of all concerned, customers, employees, society, and our shareholders. That's our legal duty. Our Board of Directors doesn't have a pure fiduciary duty only to investors. It has to balance the interests.
That's a fundamental thing. It's more like a family business where you have to balance the interests of that community that you're operating in, because otherwise it doesn't work. Everybody hates your kid at school because you're trying to, you know, abuse the community, right? It doesn't work. That's what we are. We're a public benefit corporation, we have to have a public benefit purpose, which you can read it there, to help make the industries we serve more productive and create high-quality employment opportunities in our communities. For example, one of the items on our public benefit mission right now, one of our objectives is to help end the use of non-competes in the United States. We don't get people to sign up for non-compete, pursuing that goal is not gonna help us at all. It's probably gonna hurt us.
Part of our mission is to do these things. We are a public benefit corporation. It's something to know. It has a lot of benefits being a public benefit corporation. It helps us attract the talent, I think, to the right type of talent to Veeva. It definitely helps us deepen customer relationships. In the life sciences industry, if they can tell their relationship is getting deeper and deeper and deeper with Veeva, if it was for a purely profit motive, it could become abusive. Being a public benefit corporation gives the legal framework that the industry can start to depend on Veeva over the long term, many decades, so that we could become essential maybe one day to running a clinical trial. That's a pretty important function in society, running a clinical trial.
If Veeva was the only way you could do it, that would be weird if there weren't some guardrails there. This definitely deepens customer relationships, and it's a source of new ideas, which I didn't expect when we converted two years ago. I'm finding that when you have a social purpose as well, different ideas start to come out that may be useful. I think it's also a source of innovation. I'm a big fan of this. I'm a big fan of this thing, and that's not theory anymore, it's working for us. It's been two years now. Now that's our corporate structure and our mission. What really matters, a part of our one of our operating principles is that execution matters most. You know, you can talk about stuff, it doesn't matter.
It's what individual, each 6,000 people do every day, how accurate they are, how they fit together. Our operating model is we're very clear about what markets we wanna go into. Market is a set of products into a type of customer. That's a market. We wanna be clear on what we're doing and most clear also on what we're not doing. We wanna try to execute on that, and hopefully that ends up being a correct market. It starts with being clear. We have a real focus on product excellence, so that's, we know what we mean by product excellence inside the company, and we keep striving for that product excellence because that's the best way to increase customer happiness and sales efficiency if you have an excellent product.
Product management inside Veeva is a very special role, and that's their job. We like to innovate. That's part of product excellence. Customer success, we take that. That's our second value, right? Customer success. That leads to strong growth and profitability because we get into this, what we call a reference selling model. People at this industry, they talk to each other, not only at this conference, but at other times. If we do well by a customer, that word gets out and it's a virtuous cycle. It's what we call our reference selling model. When we went on our IPO roadshow, which was a long time ago, almost 10 years ago, I was 10 years younger, we had to explain this reference selling model. Like, what does this mean? What does this mean?
I would explain it, and sometimes people would say, "Yes. Yes, I get that, but why don't you add more salespeople?" I'm like, "Okay. Well, you just proved you didn't get it." Right? We have a reference selling model. We get a product ready, and then we get early adopters that are willing to work with us when the product is not all there yet. We use that real-life input to make that customer successful and improve the product, get that early adopter success, and then we have reference selling, then we get customers together. We don't add a lot of salespeople. We spend as much money in product as we do in sales and marketing. That's a little unusual.
This leads to happier selling, more productive people, and your field people, your salespeople, your professional services people feel better because they're representing something high quality. We're deeply a high-quality product company. The reference selling is super key. It sounds very simple, but we actually have a lot of operational procedures around this reference selling. The go-to-market part of the company was designed around reference selling, which actually, when you start looking into it, is a pretty deep and elaborate thing. I would say everybody in the Veeva field team knows the term reference selling and what it means. Then some basics on how it breaks down in terms of our revenue. About 93% of our revenue is pharma and biotech. About 4% right now is med tech.
About 3% is consumer products, consumer packaged goods, cosmetics, things like that. Where we started and our biggest market is pharmaceutical and biotech. MedTech's growing pretty fast. We held off on going into MedTech for a long time because we had a lot of business that we had to focus on in pharma and biotech, but MedTech is really going. We started out selling cloud software. We've now moved into data a little bit, selling data products, and that'll continue. We also, two years ago, we started up a consulting arm, which is different than our professional services arm. This is consulting, not like a McKinsey type of consulting, but something similar to industry-specific work that maybe a Deloitte or an Accenture or somebody else like that would do.
This is actual consulting about business process work informed by our applications and our data. That's a big part of Veeva. It's not just a software company. Geographies, 58% of our revenue is North America, 28% Europe, 14% Asia, LatAm, rest of world. That doesn't align to currencies. The bulk of our contracts are in U.S. dollars, we service a global industry because the industry is global. It's one of the very interesting things about life science. It's very global, right? If you have a medicine that's gonna cure a particular thing, it's gonna work in Germany or in the U.S., that's not the case with a lot of products.
Life science is inherently a very global industry, so we're very global because of that, and it keeps things interesting. I do think we're becoming essential to this industry. Becoming. We're not essential now, but we're becoming. It's a big industry, pharma and biotech. You folks know that, right? $2 trillion industry, it's growing. Why is that industry growing? It's because the science is evolving. We're able to treat more conditions than we could before. As economies get more prosperous, people wanna spend money on their entertainment and their health. Governments wanna spend money on health of their citizens and defense of their citizens.
I think when I started Veeva, I thought, "Well, this is a good industry to serve because the macro trends, the science is clearly evolving." Like, nobody's here saying, "Oh, we understand exactly how the human body works." Nobody's saying that, right? It's clearly evolving, and it's clearly a need. Human health is gonna be something that humans want. You know, I could go longer on that, but our customers, they make the tools that doctors use. Without these tools, doctors can't take care of patients. That's basically we feel good about what we're doing, helping these people, helping our customers make better tools for healthcare. What makes Veeva unique probably is our product footprint.
In life sciences, you take a pharmaceutical or biotech company, they'll have a product development group that's running clinical trials, submitting regulatory submissions, monitoring drug safety. That's their product development group, their product group. They'll also have a very important manufacturing group that's making sure they're manufacturing things with safety and quality, enough supply, not too much supply. They'll have that manufacturing group. They'll also have a commercial group that's launching products. Sales, medical, and marketing. They'll have these three groups for sure. Veeva sells products into all three of these groups. Those are our 10 major product areas, and you can see how they're aligned, some to product development, one to manufacturing, and five to commercial. You won't find other technology partners in life sciences that do this.
Generally, what you'll find is people that specialize in just one of these lines, one of these 10s areas. We started out with CRM in the commercial side, I tell you, I was there when we did that, when we started to try to sell into clinical, it was hard because people thought, "Oh, Veeva, that CRM company. Why are you talking to us about clinical trials?" You know, our business is CRM is not the lion's share of our business anymore. We have a big business over in clinical regulatory safety. I'm pretty proud of that. We're a real multi-product company. We're the only company that sells these things across these areas from one company. There's obvious synergies in that because our relationships can go higher, we can...
We actually care about the integration between these products. We actually care about that because we have many of these products. Nobody else really cares about that integration because if you're a vendor that has just one of these products, you can't put any effort into the integration of these products. We can help a life sciences company with a better integration between their safety group and their clinical group. That's actually pretty important, you know, very important for them. We have the economic motive to make that work. I'm only a company that only has a clinical solution, I don't have an economic motive to make this whole thing work together. You know, I don't need to tell you folks that economic motives matter, right? It's how you keep score.
I think we have a really good, you know, I think we have a good plan. We set out to do something that nobody else tried to do yet, and we're executing on it. We're early, you know. There could be a lot of stumbles along the way, but I feel like we know what we're doing, and now we just gotta do it. Which leads into my next slide. The same 10 product, big product areas are listed here in what we call our product quadrant, which shows the maturity and the market share of the product. You'll notice our CRM is up and to the right. That's our longest standing, most established product that is quite mature and has a high market share because it's our longest standing, and we've executed well.
You notice we have a lot of products that have a long way to go in terms of maturity and market share. We have a pipeline. Our product pipeline is strong. Not all of these products are the same size in terms of market potential, but they're relatively similar. You know, none of these things are $100 million markets, right? They're all above that. They're all significant markets. I feel like we got a lot of good work to do, a lot of hard work to do, reference selling. If you look at the one on the very bottom left, Compass, new product. It's a data product. We've just introduced it. We've got some early customers. We don't have the full product suite yet.
It's gonna take us a long time to get those early adopters live, to get them really successful, to challenge the incumbent, to replace the incumbent. I want to get it up to the top right. These are very important products. They're gonna take 10 years to get up to the top right. That's an advantage because it's pretty hard to get it up to the top right. Takes 10 years of effort. Not a lot of companies wanna put in 10 years of effort. Then when it gets up there, it's very, very sticky. That's kinda what we do. Move these products up into the right and always create new products. That's what we do. When they're up into the right there, they really help the industry standardize. If you look at our...
The second one there, our Commercial Content system, which is the way life sciences companies review and approve material, what they call Medical Legal Regulatory review. We have a agency program. We train about 500 creative agencies how to use our software. It's the industry standard. That makes the whole industry more efficient and effective. That's super good. It's also, you know, that's a highly profitable product for Veeva. I always think if we can, if we can make a product and get a good product margin, but only capture half of the value so that the industry gets the other half of the value, that's a win-win, right? That's an authentic win-win. It's all about efficiency. Having an excellent product that everybody uses and knows how to use. That's where the efficiency comes.
We can take some of that efficiency as the inventor. The industry takes some of that efficiency as well. It's a win-win if it's done right. That's what we wanna do, move them up to the right. It's been working like this, you know, this is the scorecard of growth and profit over the years. We were profitable, I think, from about year two or three of the company. We only raised $7 million, and we only used $3 million of it. We always had this, you know.
Mm-hmm.
I just wanna run a profitable business, right? It feels a little weird if you're not profitable. Somehow the customers are not valuing what you're making. It's not working well. We always run consistently, you know, 35% or more profit. We like to do what we say we're gonna do. In 2015, we announced a goal of $1 billion. In 2015, we said we'd get to $1 billion revenue. We said our goal is to get to $1 billion revenue in 2020. We reached that a year early. We reached that in 2019. In 2019, we set a new five-year goal of $3 billion revenue, and we're about 1 year ahead of that plan. You know, we're looking forward to 2030, right?
Hopefully, if we can meet our 2025 goal, you know, we'll make a 2030 goal. We have some goals that we set out, you know. Whether we're gonna meet them or not, that you don't know when you set out that goal five years ahead of time, 'cause a lot of things can happen. Setting out a financial goal, I thought was pretty important. You, you just see the financial goals here. There was also, for the employees, there's a couple other things in there that are goals. For example, in that $3 billion, yes, it was $3 billion, but it was also room to grow. That was the second one, and the third one was still Veeva, which was retaining our ability to change because that can break down if you don't watch it.
You can, you can lose your ability to change, right? But this is the financial audience, right? So that's the $3 billion, but there was three equally important things on there. $3 billion, which to us meant about 10,000 people. We're gonna have room to grow, and we wanna still be Veeva. I like to have milestone goals because, you know, otherwise tomorrow never gets here. We got next year's goal. Next year never gets here. It's always next year. I like to have a milestone goal. Annual goals, for sure, but then a milestone goal. You work towards, if you achieve it, pick a new one. I think it makes things more predictable also for the financial community. When we grow, we wanna grow in the right way. Put a lot of focus on this. It's, it's the team.
You know, you have to attract talent the right way, set some big goals, you gotta keep our speed. We keep a lot of autonomy. We have one of our operating principles that says, "Autonomy over alignment," which means we really get paid for innovation, creativity. That requires autonomy, and sometimes alignment or efficiency is gonna suffer for it because of that. We're conscious of that. We make that trade-off. We go for autonomy first, and then if we can see a way we can align stuff between our different groups, okay, we do it. For example, we don't have a centralized engineering team or a centralized product management team. We have different groups, and inside of Veeva, there are some groups that are startups that run completely autonomous, and that's part of... creates our energy.
We wanna innovate not only in our technology, but in our operating model. We've, we've innovated significantly in our operating model, the way our field teams run, the way our incentive compensation work, the way our human resources practices work. I like that. I'm pretty operational CEO, and I think that flows down into Veeva. We've actually innovated a lot in our operating model, and you could see it there right in becoming a public benefit corporation, right? That has nothing to do with innovation in software design or something like that. We, we actually. There's a method behind our madness of what we do that's designed to make multiple products selling into an industry, and we have methods and operating procedures behind that.
I think we also get innovation through new people and ideas, a healthy mix of promoting from within and bringing leaders in from outside. For example, a couple years ago, we brought in a person to run our customer team for the U.S. market for commercial. This is a pretty important team. We brought in a person from McKinsey, a seasoned leader from McKinsey, not a person from tech. That person kind of changed our DNA, kind of injected a little thing here and there. We like to do that. We like to have a variety of people, because it's not that complicated. People bring their ideas, and if they're open-minded, they share their ideas and absorb ideas. I think that's important to remain vibrant. We do have multiple drivers of growth.
As we mentioned in the product quadrant, we're quite early with those products we have, and we do have plenty of other ideas. There's no shortage of ideas. You just can't do too many things all at once, otherwise you'll fall over and customer success will suffer. I really think we're very early in what we can do. We have a good innovation engine, and we have a pretty proven operating model. There's no question that Veeva can operate and execute well on multiple products. I always tell people that building a product company is hard. You know, 90% of the time it fails, right? You never have an economic model that works with your first product, or you get beat by a competitor or whatever. You just go out of business. It's fine.
Out of those, 90% of them cannot transition to a true multi-product company, because that's really hard. You have to, sort of tear apart what are your company processes versus your product processes. In Veeva, we went through that from about 2010, when we started making our first product line, to probably about 2014. That was four years of hardness around that. Now that's just who we are. We're. You know, I don't wanna compare us to Microsoft or something huge and successful like that, Microsoft's a good example. That's a multi-product company, They know how to do that thing. In our own way, we know how to do that. A product that's used in the manufacturing environment is very different than the product that's used in the clinical trial environment.
The type of people you talk to, the value prop, et cetera, are very, very different. We can execute in all of these different areas. We have a multi-product operating model that will suit us. Back to where I started. I think you could see we're a strategic partner to the industry. We do wanna make it more efficient and effective. We wanna share that value, some with Veeva, some with the industry. A very durable operating model, because these are a very sticky system of records. These are not things that get implemented easily or get. You don't. It's like a heart surgery. You don't get an optional heart surgery, right? You, you gotta have to have something really wrong to get. These are very sticky products. We execute well, and we got growth ahead. With that, how'd I do on time?
We have about 12 minutes for Q&A, so.
Wow. I ran over.
No, it was great. Great presentation. Thank you so much. We have a packed house. You guys really know how to draw a crowd. You know, I'll start with a couple questions. If you do have a question, you know, raise your hand, we'll get a mic to you. You know, I wanna start with you're a year ahead of plan, you've said, to reach your $3 billion target. That's a really big milestone. Can you talk about, you know, what areas of the business have surpassed your expectations and what's really driving that outperformance?
I think when the goal was made, you know, you've gotta assume a lot of bad things are gonna happen because we have these multiple product areas. I mean, you gotta assume there's gonna be some major missteps. I think the main thing is we didn't have any major missteps, which is not always gonna happen, right? That happened. Clinical area did well. The quality area did better than we expected. The Commercial Content area did better than expected. I think the main thing is nothing train wrecked out of all those. You have to take risk when you're making new products, right? Without risk, there's no reward.
I thought we were taking an appropriate risk and that we would have some, you know, failures or just incorrectness, and we really didn't. Nothing. There was no blooper that came in like, "Whoa, this area was three times more." It wasn't like that. It was just there was no failures.
What I've said is broad-based strength. It seems, you know, complementary to what Peter said. It's boring, but it's true. With a diversified broad portfolio of products, we've executed well broadly, and that's helped us, you know, track about a year ahead.
You know, there's a lot of moving pieces in the industry right now. You know, maybe we could start with industry tailwinds. What are, you know, what are some of the things that are really, you know, kind of industry-wide that are driving adoption of your product?
Tailwinds, you know, would be, it's basically our customer success, 'cause these are critical system. You know, every pharmaceutical company has to have a drug safety system. Why? That's regulated. You can't just do that, you know, give medicine to people and not track what's going on. They have to have it. We have success in our products, so that's by far our biggest tailwind. I would say the industry itself is growing because of science. When the industry If we have customer success, when the industry grows, we'll have a tailwind, we'll have a tailwind. Headwinds are, of course, you know, funding, the funding environment has been tough, right? For mostly for smaller biotechs. That's put some crimp on some companies' expansion plans.
If they can't expand, they would buy less from us. If they go out of business, they would, you know, and they're not buying very much from us when that happens. Those are probably the headwinds and the tailwinds. I would say also a tailwind for us is we, you know, we haven't had a type of thing that's been majorly disruptive to the industry, that has brought their focus onto something that is just not related to what we do. We had a little bit of that in... when COVID started three years ago. It caused some tailwinds for us in certain areas, but it caused some headwinds in certain other areas. It just caused disruption, like, "Oh, focus is not on that, focus is on this." I think right now the industry is in a little more stable. There's no, there's no crisis of the day.
You know, just touching on the headwinds that you mentioned, just, you know, 'cause I think it's something that's on everyone's mind. Can you explain to us why some of these macro pressures you're seeing are impacting you more on the commercial side as opposed to the R&D side?
Why more on the commercial side? I think it's just a bit. You know, we have big business on the commercial side, and it's an easy way for people to adjust. Their field team might be smaller. They might not launch a product. That has to do with our mainly with our CRM and then related add-on products there. That's probably why. It has a more immediate cycle on the commercial side. On the R&D side, you'll see longer sine waves 'cause they have to plan way ahead.
Mm-hmm.
Maybe just to add a bit there. It's more user-based, as Peter said, on the commercial side. On our Crossix business, we saw a little bit more macro on the marketing analytics side on the programmatic portion of our business. Those were a little bit, couple of the areas on the commercial side where we saw more of an impact.
Yeah. We had like Crossix, that would depend on the amount of advertising spend.
Yeah.
When people cut back on the advertising spend, some of that flows through to, less revenue for Veeva.
I would imagine that's a little more discretionary than drug development.
Yeah. Yeah. Yeah. You can make decisions quicker.
Great. you know, on your recent earnings call, you announced the transition of your CRM away from Salesforce onto your own platform.
Mm-hmm.
I was hoping you could talk a little bit about what went into the decision to do that, and then also how to think about what the financial impact might be over time. I would imagine that might drive some, you know, nice longer-term savings.
The decisions there are really about just thinking long-term for Veeva and our customers. You know, like I think you can tell, you know, we're thinking pretty long term, so five years from now, 10 years from now, 15 years from now, 20 years from now, it is better for us to be on our own platform because we can make a better application for our customers and have a better customer experience. It's super, super clear that our Vault platform is ready for this, right? We support all kinds of applications from clinical trial management to drug safety. We can certainly do a CRM system. When you look at in a customer, it's probably better for them if all their Veeva applications are on Veeva platforms.
Inside Veeva, when we look ahead five, 10, 15 years, if we had CRM on salesforce.com, the people inside Veeva working on that, they would be sort of alone on their island, right? Because already, you know, the amount of revenue, Veeva revenue that's on our own Veeva Vault platform is already double that's on the Salesforce platform. That's, of course, increasing all the time. It just wouldn't be the right thing for our internal employees or our customers. In terms of the margin or that type of thing, it's really. CRM is just one of our products, especially as you look at, you know, five, 10 years out, CRM is just gonna be one of those things that Veeva has.
Yes, maybe our margin's gonna be a little bit better because we have a little bit better cost, but that'll be lost totally in the weeds of the overall Veeva revenue. Not... We certainly didn't make any choice based on that.
Sticking with margins, I think some, you know, your view on profitability is probably something that everyone's very pleased with, particularly in the current environment. You know, you're well above the 35% floor that you set a couple years ago. How should we be thinking about margin expansion moving forward, and how you balance, you know, margin expansion with investing in growth?
I always wanna do things in a quality way, and that's hiring the right people that fit with the values for a role where they can be appropriately busy and productive. That's hard to do, right? We will generally do that as fast as we can do that. So far, We're pretty innovative. We have a lot of things to do, we've never said, "Oh, we can't hire that right person because it's gonna affect our margins." It's just not like that. We don't wanna increase margin by sort of, you know, increasing the price on the customers. That doesn't seem right.
I think, you know, what you'll see from Veeva in the future is probably what you see from us in the past, you know, building a long-term business that's a franchise. In our own way, you know, we wanna be really, like what I said, essential and appreciated. Like, that's our goal. If you do It's a beautiful franchise business, right? That would be a very enviable business. it just don't focus on the margin.
When we set the 35% + target, I mean, some of the thinking was, you know, allowing for optionality to be opportunistic for growth, right? That long-term durable growth, it gives us that flexibility to, you know, invest in those target areas where we see we can accelerate customer success and product excellence. That's really been kind of our view around that. We're running now at about 38% this fiscal year. There's a few unnatural tailwinds with travel and events and the like that have kind of buoyed that. You know, the balance of profitable growth is, you know, front and center, and we're gonna continue to invest, but in a disciplined way.
You know, you've got $3 billion of cash on the balance sheet.
Mm-hmm.
You know, a really strong balance sheet. Can you talk about, you know, how you think about capital allocation?
That would be for, you know, the way we would probably do that is acquisitions, right? When we can find something that is right, you know, and that's hard to do. It's a little bit easier to do now than it was when the market is so frothy, right? That's just it. We've deployed capital to acquire Crossix, which is a good business, and also we've used that to build our Compass product. We acquired a digital event services business, and we acquired a small little business for, you know, a small amount of money to start up a new clinical product, and that was about a little bit over a year ago. We keep looking, and if we find the right thing, that's where we would deploy that cash.
Great. In the last minute here, I was hoping you could share with us what you're most excited about in 2023.
I'm most excited about in 2023, just the process we make this. You know, I like the team that we work with. I like our customers. I've met with so many of the customers here. That's pretty invigorating. Our level of strategic partnership. You know, Mike talked to CEOs of large pharma companies. That's pretty cool as a partner, not as a vendor. I think, what am I most excited about? Probably it's innovation right now. I got a bee in my bonnet about innovation in the clinical area. I think that's super hard stuff to solve, and so I'm kinda into that right now.
Terrific. Well, thank you so much to Veeva , for sharing your time with us today. It was great to see you, and thank you all for joining us.
Thank you.