Veeva Systems Inc. Class A

Ladies and gentlemen, thank you for standing by. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to the VIVA system's fiscal 2026 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 that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one a second time. Thank you. And I would now like to turn the conference over to Gunnar Hansen, Senior Director, Investor Relations. You may begin.

Good afternoon and welcome to VIVA's fiscal 2026 first quarter earnings conference call for the quarter ended April 30th, 2025. 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 Gassner, our Chief Executive Officer, Al Shawa, EVP Strategy, and Brian VanWagener, our Chief Financial Officer. During this call, we may make forward-looking statements regarding the 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 the call are being made as of today, May 28, 2025, based on the facts available to us today. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. BEVA 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, 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 $759 million and non-GAAP operating margin of 46%. Thanks to the team and our customers, we have now achieved our calendar 2025 revenue run rate goal of $3 billion. Although the macro environment is more uncertain today compared to 90 days ago, we have not seen a material change to our financial results or pipeline at this time. Setting our sights on our 2030 goals last year has really aligned at Energize Viva. I consider this our best first quarter ever in how we're executing across the company. Viva AI is a major initiative and off to a good start. I'm especially excited about the positive impact Viva AI can have on the life sciences industry. We'll now open up the call to your questions.