Veeva Systems Inc. Class A

Thank you for standing by. My name is Eric and I will be a conference operator today. At this time, I would like to welcome everyone to the VIVA Systems Fiscal 2025 First 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, Press star one again. Thank you. I would now like to turn the call over to Gunnar Hansen, Senior Director, Investor Relations. Please go ahead.

Good afternoon and welcome to VIVA's fiscal 2025 first quarter earnings conference call for the quarter ended April 30th, 2024. 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 the call. Today's call will be used primarily for Q&A. With me today for Q&A are Peter Yasner, our Chief Executive Officer, Paul Shalwa, EVP Commercial Strategy, and Tim Cabral, our Interim 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 risk factors included in our most recent filing on Form 10-K. Forward-looking statements made during the call are being made as of today, May 30, 2024, 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. DBA disclaims any obligation to update or revise any forward-looking statement. 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 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 Gunnar and welcome everyone to the call. It was a strong start to the year with results above our guidance. Total revenue in the quarter was $650 million with non-GAAP operating income of $261 million. As I shared in our prepared remarks, we've reduced our full year revenue guidance by about $30 million from $2.74 billion to $2.71 billion. as the macro environment remains challenging. Despite macro headwinds, we continue to execute well and deliver customer success. In R&D, we saw continued adoption in all areas of development cloud, including three top 20 BioPharma wins that span multiple products. And in commercial, we're making great progress on our commercial cloud vision. With Vault TRM and in data cloud, early momentum for Compass is strong. We have a clear and compelling product strategy and are building a very durable company with a long runway of growth. We'll now open up the call to your questions.