Good afternoon. My name is Mike, and I will be your conference operator today. At this time, I would like to welcome everyone to the Workiva Inc. First Quarter 2016 Earnings Conference Call. [Operator Instructions] I will now turn the call over to Adam Rogers, Senior Manager of Investor Relations; you may begin your conference.

Thank you and good afternoon, everyone. And welcome to the Workiva first quarter 2016 earnings conference call. This afternoon, we'll begin with comments from Chairman and Chief Executive Officer, Matt Rizai; followed by Executive Vice President, Treasurer and Chief Financial Officer, Stuart Miller. And then we'll turn the call over to questions. Also on the line today are Marty Vanderploeg, President and Chief Operating Officer; and Mike Sellberg, Executive Vice President and Chief Product Officer. A replay of this call will be available until May 11. Information to access the replay is listed in today's press release, which is available on our website under the Investor Relations section. As a reminder, today's conference call is also being broadcast live via webcast. Before we begin, I'd like to remind everyone that during today's call we'll be making forward-looking statements regarding future events and financial performance, including guidance for our second quarter and full fiscal year 2016. These forward-looking statements are subject to known and unknown risks and uncertainties. Workiva 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 obligations 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 or quarterly report on Form 10-Q 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. And with that, we'll begin by turning the call over to our Chairman and CEO, Matt Rizai.

Thank you, Adam. And thanks to everyone for joining us today to discuss our first quarter 2016 results. Workiva is off to a strong start this year. Total revenue for the first quarter was $44.6 million, an increase of 27% over Q1 of 2015. With subscription and support revenue up 28% and Professional services revenue up 23%. We outperformed our guidance for quarterly revenue, operating loss and loss per share. As a result, we’re increasing our full year 2016 guidance which Stuart will discuss in more detail later in the call. Today, we are reaffirming our expectations that for the full year of 2016, Workiva will use less cash from operations than we did in 2015. We expect further improvements in 2017. We continue to sign new Wdesk customers as well as add-seats within existing customers in our non-SEC markets including Sarbanes-Oxley, risk proceeds and management reporting and adjacent markets like enterprise risk management and audit management. Growth on these expanded markets post our expectations that non-SEC used cases will contribute more than 50% of our subscription bookings for the full year 2016. I want to give you some examples of these non-SEC used cases that show breadth and depth of Wdesk. Several insurance companies including American Enterprise Group, Aon Corporation and Donegal Group employers holding in United Fire Group used Wdesk to streamline the Model Audit Rule compliance process which is very similar to SOX. The California Lottery system uses Wdesk for budget and planning and to create its comprehensive annual financial report also known as CAFR. The CAFR reports are very similar to 10-K reports that public companies must file. A cloud base e-commerce company use Wdesk for its S1 process for its IPO and more recently for its follow-on offering. KC Jewel Stores is using Wdesk for…

Thank you. As Matt mentioned, our first quarter result exceeded our expectations and we continue to see positive momentum in market. We generated total revenue in the first quarter $44.6 million, an increase of 26.7% from the first quarter last year. Breaking out revenue by reporting line item. Subscription and support revenue was $33.6 million up 27.9% from Q1 of 2015. 51.4% of the increase came from deeper penetration of our existing customer base. The remaining 48.6% of the S&S revenue increase in Q1fame for new customers added in the last 12 months. The average contract values on subscription support from all customers continue to rise. Professional services revenue was $11 million, an increase of 23.4% from the first quarter of 2015. Higher customer account and services for non-SEC used cases accounted for the majority of growth in the services revenue. Turning to our supplemental metrics, we finished the first quarter with 2557 customers, a net increase of 267 customers from Q1 of 2015, and a net increase of $33 from Q4 of 2015. Our subscription support revenue retention rate excluding add-ons was 96.1% for the month of March 2016 compared with 95.8% in December of 2015. Once again, customers being acquired or seasoned to file SEC reports accounted for over half of the revenue attrition. With add-ons our subscription and support revenue retention rate was 112.1% for the month of March 2016 compared with 112.5% in December 2015. Increased subscription revenue on non-SEC use cases from existing customers continues to be the primary driver of our add-on revenue retention rate. Moving down the income statement, I will talk about our results [technical difficulty] before stock-based compensation, in other words, on a GAAP basis. Please refer to our press release for a reconciliation of our non-GAAP and GAAP results. Gross…

[Operator Instructions] Your first question is from Jeff Houston from Northland.

Hey, guys thanks for taking my question. Looking at the upside in the quarter where to assume that most of that came from the non-SEC business or was it mix of both SEC and non-SEC?

Yeah. We -- this is Matt. We don’t really break out the revenue breakout as we mentioned and Stuart mentioned that we won’t give you at the end of the year what that breakout is within the context of bookings. And we also are communicating with you that we are expecting the SEC, Non-SEC bookings is going to be greater than 6%, but we don’t do a break up for revenue split per year yet.

Great, makes sense. And then looking at the cash flow guidance Stuart last year I think it was negative $21.5 million cash from operations and free to hit that the guidance of improved cash flow from operations this year since you lost $19 million in the first quarter is it safe to assume remaining three quarters should be flat to positive?

Well, I guess we’re comfortable with the guidance we have given and so it’s going to be fluctuations around each quarter, but we are definitely giving guidance for 21.6.

Okay. Thank you.

Thank you.

Your next question is from Steve Ashely from Robert W. Baird.

Perfect. I would just like to ask on the non-SEC business, if we just look at that as maybe a pie chart and just trying to understand how of that business is SOX and I am not looking for an exact number here but I am looking for just some color commentary of how much of non-SEC does the SOX business represents maybe on a subscription bookings basis?

Yes, Steve I think we are not going to break that down, but non-SEC as we have mentioned includes SOX, management reporting and regulated risk and those are probably the main areas that at least for this year we are seeing a lot of and some economic and finance side especially with private company. So overall those are the areas that we see quite a bit of attention and demand but we are not ready to give you a split on each of those categories yet.

And then Stuart new customers that you bring in are you able to get annual billings terms for them and then secondarily have you had any success being able to maybe convert any existing quarterly billing customers over to annual?

We have as you know we have standardized around annual contract starting second quarter last year for new customer and I think that’s going well. We have been endeavoring to converge existing customers and have made some progress there, but we got a long way to go.

Thank you.

[Operator Instructions] The next question is from Michael Nemeroff with Credit Suisse.

Hi, guys. Thanks for taking the question. This is Alex on for Michael. One question if I may, just given the ramp and sales investments over the past couple of quarters. Can you provide an update on how productivity has been trending, are you seeing a positive and improving contribution margins from your incremental sales for hire. And if you could can you show any metric or clarify anyway for us? Thanks.

Well, this is Marty and I would say that most of those new hires were in sort of a new markets and we are seeing improved efficiencies in those but it's still early. I mean most of those folks have been on six months or less. And so it’s a little early but we are seeing some good signs there.

All right good thanks.

There are not further questions at this time. I will turn the call over to Matt for closing comments.

In closing I want to thank you for joining us today and operator you may now end the call.

This concludes today’s conference call you may now disconnect.