Workiva Inc. Class A

Ladies and gentlemen, thank you for standing by and welcome to the Workiva Inc. First Quarter 2020 Earnings Conference Call. At this time, all participants' lines are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone keypad. If you should require further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Adam Therese.

Good afternoon and thank you for joining us for Rakeva's first quarter 2020 earnings conference call. Today's conference call is prerecorded. This afternoon we'll begin with comments from our Chief Executive Officer, Marty Vander Plauw, followed by our Chief Financial Officer, Stuart Miller. A replay of this call will be available until May 7th. Information to access the replay is listed in today's press release, which is available on our website under the investor relations section. Before we begin, I would like to remind everyone that during today's call, we will be making forward-looking statements regarding future events and financial performance, including guidance for our second quarter and commentary on our full year of 2020. These forward-looking statements are subject to known and unknown risks and uncertainties. Rekiva cautions that these statements are not guarantees of future performance. All forward-looking statements made today reflect our current expectations only. and we undertake no obligation to update any statement to reflect the events that occur after this call. Please refer to the company's annual report on Form 10-K in subsequent filings for factors that could cause our actual results to differ materially from any forward-looking statements. Also, during the course of today's call, we will refer to certain non-GAAP financial measures. Reconciliations of non-GAAP to GAAP measures and certain additional information are also included in today's earnings press release. With that, we'll begin by turning the call over to our CEO, Marty Vander Plauw.

Thank you, Adam, and thanks to everyone for joining the Workiva first quarter 2020 conference call. Our hearts go out to the people directly affected by COVID-19, and we are grateful for the essential workers and community leaders around the world who are on the front lines. At Workiva, we are doing everything we can to protect our employees and their families during this difficult time. We are grateful that all of our employees are able to work from home and that we are able to fully compensate the small number of employees who do not have roles outside of our physical offices. To keep our team connected and focused, I host a weekly live stream Q&A to offer updates, insights, advice, and support to all employees. As a cloud-based technology company with a highly distributed workforce, the shift to work from home has been smooth for us. With cloud platforms and digital channels, it's been mostly business as usual. We continue to deliver the highest levels of performance, availability, and security. Our technology, global infrastructure, and operating model, along with our 24-7 customer support, enable our customers to work from home in a controlled, secure environment. This ability to work from anywhere is becoming the new baseline. We believe that Workiva will be a key player in this broad-based shift to remote work, which will drive increased demand for our reporting and compliance platform for years to come. Workiva entered this global crisis from a position of financial strength. We believe we are in a stronger, more flexible financial position now than ever before, including nearly $500 million in unrestricted cash and short term investments. We are pleased with our first quarter 2020 financial results, which exceeded guidance for revenue and operating results. However, like many other companies, the month of March delivered some unprecedented challenges as we saw a number of customers and prospects delay software purchases. In March, we restricted non-essential business travel and we transitioned to all virtual sales meetings. Even though our traditional sales process has been disrupted, in many cases we are finding it easier to access people and we are having engaging conversations with customers and prospects. In fact, most of the companies that delayed first quarter purchases are back in our pipeline. Stuart Miller, our CFO, will provide more details about our financial results later in the call. In times of rapid change, our commitment to each other and our customers remains the same, where Kiva is driven by our values, which sustain us in these uncertain times. We are a strong, resourceful company, and we are moving forward, staying focused on our goals and objectives. We continue to execute on our growth vectors, which include EMEA, WData, and our platform solutions for integrated risk, global statutory reporting, and the U.S. government. And we are continuing to hire people in the areas where we see the most potential for growth. Despite COVID-19, we remain confident that Europe will comprise 25 to 30% of our total revenue over time. We recently launched a new solution to help mid-sized companies comply with the European Single Electronic Format, commonly known as ESEF. Our new solution offers limited functionality specifically for this market. Because this solution resides on the Workiva platform, customers are able to upgrade to our more comprehensive ESEF solution and leverage additional platform capabilities at any time. We also plan to continue extending the capabilities of our platform into additional industry verticals. Earlier this week, we announced that we will be working with utility, pipeline, and other energy companies, many of which are existing customers, automate data integration and streamline reporting to the Federal Energy Regulatory Commission, known as FERC. Last June, FERC adopted XBRL as its reporting standard. With our connected reporting platform and our leadership in XBRL, Workiva is ideally positioned to capture this market. In response to COVID-19, we shifted all marketing activities to virtual channels. As a result, our annual Amplify User Conference will be hosted virtually later this year. In March, our two-day virtual event, Amplify Go, was attended by nearly 2,400 customers, prospects, and partners and was our largest event to date. I want to thank our amazing employees for their ongoing dedication and commitment to delivering our platform and supporting our customers and partners around the world. With that, let me turn it over to Stuart Miller, our CFO.