Veeva Systems Inc. Class A

Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the VIVA Systems fiscal 2023 third quarter results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press the star one. Thank you. Otto Garrett, Senior Director of Investor Relations. You may begin your conference.

Good afternoon, and welcome to Viva Systems Fiscal 2023 Third Quarter Earnings Conference call for the quarter ended October 31st, 2022. As a reminder, we posted prepared remarks on Viva's Investor Relations website just after 1 p.m. Pacific today. We hope you've had a chance to read them before the call. Today's call will be used primarily for Q&A. With me today for Q&A are Peter Gasner, our Chief Executive Officer, Paul Schala, EVP Commercial Strategy, and Brent Bowman, our Chief Financial Officer. During this call, we may make forward-looking statements regarding trends, our strategies, and the anticipated performance of the business, including guidance regarding future financial results. These forward-looking statements will be based on our current views and expectations and are subject to various risks and uncertainties. Our actual results may differ materially. Please refer to the risks listed in our earnings release and the risk factors included in our most recent filing on Form 10Q. Forward-looking statements made during the call are being made as of today, December 1st, 2022, based on the facts available to us today. If this call is replayed or viewed after today, the information presented during the call may not contain current or accurate information. VIVA disclaims any obligation to update or revise any forward-looking statements. We may discuss our guidance on today's call, but we will not provide any further guidance or updates on our performance during the quarter unless we do so in a public forum. On the call, we may 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 today's earnings release and in the supplemental investor presentation, both of which are available on our website. With that, thank you for joining us, and I'll turn the call over to Peter.

Thank you, Atto, and welcome everyone to the call. We had a strong Q3, delivering results ahead of our guidance. Total revenue in the quarter was 552 million, up 16% year-over-year, and subscription revenue was up 16% to 442 million. Non-GAAP operating income was 219 million, or 40% of total revenue. Despite the difficult macro environment, we continued to execute well. Our innovation engine is strong and our strategic partnerships with the industry are increasing. We also had a record hiring quarter and a very strong quarter in clinical with some significant wins. We also announced that we are moving Viva CRM to the VivaFault platform over time. This will allow us to deliver a better application and a better customer experience. At this point, we'll open up the call to your questions.