Veeva Systems Inc. Class A

Hello and welcome to the Viva Systems Fiscal 2024 First Quarter Results Conference Call. All lines have been placed on mute to prevent any bad 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 1 on your telephone keypad. If you would like to withdraw your question, again press star 1. I will now turn the conference over to Gunnar Hansen, Director of Investor Relations. Please go ahead.

Good afternoon and welcome to VIVA's fiscal 2024 first quarter earnings conference call for the quarter ended April 30th, 2023. As a reminder, we posted prepared remarks on VIVA's investor relations website just after 1 p.m. Pacific today. We hope you have had a chance to read them before our call. Today's call will be used primarily for Q&A. With me today for Q&A are Peter Gassner, 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 risk listed in our earnings release and the risk factors included in our most recent filing on Form 10-K. Forward-looking statements made during this call are being made as of today, May 31st, 2023, 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. FEVA 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 on today's earnings release and in the supplemental earnings 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, Gunnar, and welcome everyone to the call. We had a great start to the year, delivering results ahead of guidance with total revenue coming in at $526 million. The macroeconomic environment was stable, and it was another quarter of strong execution across R&D and commercial. In commercial, development of Vault CRM is on track, and we gave a compelling demo at Summit. We expect to have our first customers live on Vault CRM early next year. We also announced two new Compass data products in our first AI application, CRM Bot for Vault CRM. We also saw continued momentum in development cloud across all areas. Our product strategies in R&D and commercial are clear and compelling, and we have a long runway of growth ahead.