New Relic Inc. (NYSE:NEWR) Q1 2023 Earnings Conference Call August 4, 2022 5:00 PM ET
Company Participants
Peter Goldmacher - IR
Bill Staples - CEO
Mark Sachleben - CFO
Conference Call Participants
Kingsley Crane - Canaccord
Angie Ng - Morgan Stanley
Yun Kim - Loop Capital Markets
Eric Heath - KeyBanc
Mike Cikos - Needham
Richard Poland - RBC Capital Markets
Operator
Good afternoon. Thank you for attending today's New Relic First Quarter Fiscal 2023 Financial Results Conference Call. My name is Francis, and I'll be your moderator today. All lines will be muted during the presentation portion of the call within opportunity for questions and answer at the end. [Operator Instructions]
I would now like to pass the conference over to our host, Peter Goldmacher, Vice President of Investor Relations.
Peter Goldmacher
Hi, everyone, and thanks for joining our Q1 fiscal '23 earnings call. We published a presentation on our Investor Relations website about an hour ago and hope everyone has had a chance to review it together with today's earnings press release. Today's call will begin with prepared comments from Bill and Mark, and then we'll open up the line for your questions. .
During this call, we will make forward-looking statements, including about our business outlook and strategies, which we based on our predictions and expectations as of today. Actual results could differ materially due to a number of risks and uncertainties and, including the risk factors in our most recent 10-K and upcoming 10-Q to be filed with the SEC. Also, during this call, we will discuss certain non-GAAP financial measures. We have reconciled those to the most directly comparable GAAP financial measures in our earnings release. These non-GAAP measures are not intended to be a substitute for our GAAP results.
And finally, this call in its entirety is being webcast from our Investor Relations website, and an audio replay will be available there in a few hours.
And with that, I'd like to turn it over to Bill.
Bill Staples
Thank you, Peter, and good afternoon, everyone. Thanks for joining us for our Q1 FY '23 earnings call.
I'd like to update you on how our first quarter of the fiscal year played out, including CRR trends, and what we're doing to accelerate the business before handing over to Mark for an update on the financials. As a reminder, we entered FY '23 with four key priorities: first, return revenue to market growth rates; second, improve our non-GAAP gross margins to the mid-70s and achieve modest non-GAAP profitability exiting FY '23; third, accelerate the number of new paying customers; and fourth, drive increased platform adoption across our customer base.