Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

7cd1c8fe8ee0c629dcc55ccb9c690e6eb6e9acf1cdc14756f3dc585300539ccd

Total Revenue (USD, thousands)

Cost of Goods Sold (COGS) (USD, thousands)

SG&A (USD, thousands)

R&D (USD, thousands)

D&A (USD, thousands)

Interest Expense (USD, thousands)

Operating Income (EBIT) (USD, thousands)

Net Income (USD, thousands)

EPS - Basic (USD)

EPS - Diluted (USD)

19f4b42219296f9c8c68538779225514c6ba5528fdbf0c152919c37407ab8c48

Current Assets (USD, thousands)

Cash and Cash Equivalents (USD, thousands)

Accounts Receivable (USD, thousands)

Inventory (USD, thousands)

Non-Current Assets (USD, thousands)

Property, Plant, and Equipment (PP&E) (USD, thousands)

Goodwill (USD, thousands)

Intangible Assets (USD, thousands)

Current Liabilities (USD, thousands)

Accounts Payable (USD, thousands)

Short-term Debt (USD, thousands)

Accrued Expenses (USD, thousands)

Non-Current Liabilities (USD, thousands)

Long-term Debt (USD, thousands)

Lease Liabilities (USD, thousands)

Deferred Tax Liabilities (USD, thousands)

Shareholders' Equity (USD, thousands)

Retained Earnings (USD, thousands)

Common Stock (USD, thousands)

Additional Paid-in Capital (USD, thousands)

9c53a75bf4cda2699c17096b33136e7e276141e3d5297099662f2033565477f0

Subscription Revenues

Professional Services & Other

Total Revenues

671fda9431b6fa49454e330cc054189fe8f19db38e3e5cf1e2ee0712e1838354

1. **Q4 Guidance and Organic Growth**

**Q:** What are the factors contributing to the Q4 guidance reduction on an organic subscription basis, excluding FullCircl?  

**A:** The two main factors affecting our Q4 guidance are **increased churn**, particularly in the mortgage sector, and the fact that despite the **Fed funds rate reduction**, we haven't seen **mortgage rates come down**. Consequently, we're being prudent and cautious in our outlook for the fourth quarter.  **[NCNO_3410723_7]** 

2. **Mortgage Churn Outlook**

**Q:** When do you expect mortgage churn to stabilize, and is the worst behind us?  

**A:** Mortgage churn has shifted from lenders shutting down to **M&A activity**, indicating a more stable market. While we can't predict exactly when churn will stabilize, the fact that lenders are becoming profitable again suggests that the worst may be behind us.  **[NCNO_3410723_14]** 

3. **CEO Succession Planning**

**Q:** Are there any plans for you to retire soon, and what's the perspective on succession planning?  

**A:** While I have no immediate plans to retire and am passionate about my role, we're committed to diligent succession planning. Our focus is on finding the right person to ensure a smooth transition when the time comes.  **[NCNO_3410723_11]** 

4. **Cross-Sell Potential and Product Integration**

**Q:** When will the newly acquired products be fully integrated, and when can we expect to see material cross-sell impact?  

**A:** Cross-sell is already happening, with over **50% of bookings from non-commercial products** last quarter. Integration of acquisitions like DocFox and FullCircl typically leads to a surge in sales once completed. We expect commercial onboarding to become as significant as our commercial loan origination business.  **[NCNO_3410723_13]** 

5. **Impact of FullCircl Acquisition**

**Q:** Can you provide more details on the FullCircl acquisition and its financial contribution?  

**A:** FullCircl enhances our client onboarding and compliance monitoring. It contributed **$4 million** in subscription revenue this quarter. We're integrating it to offer an unparalleled onboarding experience, which we believe will drive significant cross-sell opportunities.  **[NCNO_3410723_18]** 

6. **Banking Advisor Adoption and AI Integration**

**Q:** How is the adoption of Banking Advisor progressing, and is AI integration affecting sales cycles?  

**A:** We've added **11 new Banking Advisor customers** this quarter, and it's now included in every new deal and renewal. Banking Advisor is viewed positively by customers, with no elongation in sales cycles. The incorporation of AI features is enhancing our offerings without causing delays.  **[NCNO_3410723_12]** **[NCNO_3410723_25]** 

7. **International Market Performance**

**Q:** How is the international business performing, and what factors are influencing it?  

**A:** Our performance varies by region. The **U.K. and Ireland** are strong markets for us. We've seen positive developments in the **Nordics and Japan** due to our focused territory approach. We're optimistic about future growth in **Spain** and considering strategic moves in **Germany**.  **[NCNO_3410723_15]** 

8. **Optimism Around Deregulation**

**Q:** Is the optimism around deregulation influencing customer demand for larger-scale tech deployments?  

**A:** Yes, there's a positive outlook among bankers regarding potential deregulation, which reduces regulatory burdens. This optimism is driving strategic initiatives, including M&A and increased investment in technology solutions like ours.  **[NCNO_3410723_22]** 

9. **Remaining Performance Obligations (RPO) Growth**

**Q:** What is driving the strength in RPO growth this quarter?  

**A:** The RPO growth is due to solid execution, a healthy mix of **net new business and renewals**, and strong performance across our community, regional, and enterprise businesses. There were no unusual factors influencing this growth.  **[NCNO_3410723_16]** 

10. **Mortgage Volume Impact on Revenue**

**Q:** At what level of mortgage volume increase would customers exceed contract minimums to impact revenue?  

**A:** It's difficult to specify exact volume levels, as minimums vary by customer. Many minimums were set low due to challenging market conditions. We need to see a sustained increase in volumes across customers before providing more clarity on revenue impacts.  **[NCNO_3410723_19]** 

416a62e62e117223e2a7e4376e68fcb255c3b87a6c4361de6838f1daf385a39f

1. With the increased mortgage churn due to IMB M&A activity and continued elevated mortgage rates despite a reduction in the federal funds rate, what specific measures are you taking to address the higher-than-expected mortgage churn and mitigate its impact on your subscription revenues?

2. You mentioned transitioning to the Intelligent Solution Framework with new platform-based pricing starting in February; can you provide more details on how this new pricing model will impact your revenue recognition and whether there are any risks to customer adoption during this transition?

3. You've indicated plans to provide an updated KPI framework starting with the fourth quarter's earnings report; can you share any preliminary insights into which new KPIs you will include, and how they will enhance transparency and help investors better model your business?

4. Given that you've struggled to penetrate continental European markets and have seen varied sales momentum internationally, what are the specific challenges you face in these regions, and what strategic initiatives are you implementing to accelerate international growth and market penetration?

5. Despite exceeding expectations for revenues and operating income and noting strong sales momentum, your guidance remains cautious; can you elaborate on the factors contributing to this conservative outlook, particularly in light of the expected strong fourth-quarter bookings, and how confident are you in sustaining this growth into next fiscal year?

117fb8046b6721b16f96e6625607a2f13861ce4e924e5d42ed435c244bbd5abc

United States

International

Total Revenue

bbe5eb51754a30a01e478e9b64d716fb24603e719b89847b64461dd8c65f22c6

e45110b323228d7f0f98ebf24c996adfda9f0d4ffdbb119f8addffa84fb09114

nCino, Inc. is a software-as-a-service (SaaS) company that specializes in providing cloud-based banking technology solutions to financial institutions. The company offers the nCino Bank Operating System, which is designed to enhance efficiency, transparency, and customer experience for banks and other financial entities. nCino's offerings include subscription-based services and professional services that support the implementation and use of its solutions.

1. **Subscription Revenues** - Provides access to nCino's solutions, including client onboarding, loan origination, and deposit account opening applications, under multi-year contracts. Offers nIQ and nCino Mortgage solutions, along with maintenance and support services.  **[0001902733-24-000053_ncno-20240131.htm:96]** 
   - **nIQ** - Charged based on asset size or usage.
   - **nCino Mortgage** - A digital homeownership solution.
2. **Professional Services and Other Revenues** - Offers implementation, configuration assistance, training, and advisory services to facilitate the adoption of nCino's solutions. Services are provided directly by nCino or through system integration partners for larger institutions.  **[0001902733-24-000053_ncno-20240131.htm:96]**

e907ca39619bb2899e7127d069a8024d45d7de4264987a17daaac478dcae1086

### Q3 2025 Earnings Call
- **Issued Period**: Q3 2025
- **Guided Period**: Q4 2025 and FY 2025

#### **Guidance for Q4 2025:**
- **Total Revenues**: $139.5 million to $141.5 million.  **[NCNO_3410723_5]** 
- **Subscription Revenues**: Approximately $122.5 million to $124.5 million.  **[NCNO_3410723_5]** 
- **Non-GAAP Operating Income**: Approximately $23.25 million to $24.25 million.  **[NCNO_3410723_5]** 
- **Non-GAAP Net Income per Share**: $0.18 to $0.19, based on a weighted average of approximately 118 million diluted shares outstanding.  **[NCNO_3410723_5]** 

#### **Guidance for FY 2025:**
- **Total Revenues**: $539 million to $541 million.  **[NCNO_3410723_5]** 
- **Subscription Revenues**: $467 million to $469 million.  **[NCNO_3410723_5]** 
- **Non-GAAP Operating Income**: $95 million to $96 million.  **[NCNO_3410723_5]** 
- **Non-GAAP Net Income per Share**: $0.75 to $0.76, based on a weighted average of approximately 117 million diluted shares outstanding.  **[NCNO_3410723_6]** 

### Q2 2025 Earnings Call
- **Issued Period**: Q2 2025
- **Guided Period**: Q3 2025 and FY 2025

#### **Guidance for Q3 2025:**
- **Total Revenues**: $136 million to $138 million.  **[NCNO_3399961_4]** 
- **Subscription Revenues**: Approximately $117 million to $119 million.  **[NCNO_3399961_4]** 
- **Non-GAAP Operating Income**: Approximately $21 million to $22 million.  **[NCNO_3399961_4]** 
- **Non-GAAP Net Income per Share**: $0.15 to $0.16, based on a weighted average of approximately 118 million diluted shares outstanding.  **[NCNO_3399961_4]** 

#### **Guidance for FY 2025:**
- **Total Revenues**: $538.5 million to $544.5 million.  **[NCNO_3399961_4]** 
- **Subscription Revenues**: $463 million to $469 million.  **[NCNO_3399961_4]** 
- **Non-GAAP Operating Income**: $87 million to $90 million.  **[NCNO_3399961_4]** 
- **Non-GAAP Net Income per Share**: $0.66 to $0.69, based on a weighted average of approximately 117 million basic shares outstanding.  **[NCNO_3399961_4]** 

### Q1 2025 Earnings Call
- **Issued Period**: Q1 2025
- **Guided Period**: Q2 2025 and FY 2025

#### **Guidance for Q2 2025:**
- **Total Revenues**: $130.5 million to $131.5 million.  **[NCNO_3391001_5]** 
- **Subscription Revenues**: $112.5 million to $113.5 million.  **[NCNO_3391001_5]** 
- **Non-GAAP Operating Income**: $17 million to $18.5 million.  **[NCNO_3391001_5]** 
- **Non-GAAP Net Income per Share**: $0.12 to $0.13, based on a weighted average of approximately 117 million diluted shares outstanding.  **[NCNO_3391001_5]** 

#### **Guidance for FY 2025:**
- **Total Revenues**: $538.5 million to $544.5 million.  **[NCNO_3391001_5]** 
- **Subscription Revenues**: $463 million to $469 million.  **[NCNO_3391001_5]** 
- **Non-GAAP Operating Income**: $86 million to $89 million.  **[NCNO_3391001_5]** 
- **Non-GAAP Net Income per Share**: $0.65 to $0.68, based on a weighted average of approximately 117 million diluted shares outstanding.  **[NCNO_3391001_5]** 

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: Q1 2025 and FY 2025

#### **Guidance for Q1 2025:**
- **Non-GAAP Operating Income**: $18 million to $19 million.  **[NCNO_3378992_11]** 
- **Non-GAAP Net Income per Share**: $0.13 to $0.14, based on a weighted average of approximately 117 million diluted shares outstanding.  **[NCNO_3378992_11]** 

#### **Guidance for FY 2025:**
- **Total Revenues**: $538.5 million to $544.5 million.  **[NCNO_3378992_11]** 
- **Subscription Revenues**: $463 million to $469 million.  **[NCNO_3378992_11]** 
- **Non-GAAP Operating Income**: $84 million to $86 million.  **[NCNO_3378992_11]** 
- **Non-GAAP Net Income per Share**: $0.60 to $0.64, based on a weighted average of approximately 118 million diluted shares outstanding.  **[NCNO_3378992_11]** 

bd1b4ea39dae1d7cec82b3d91f4363a854978655c2aa2c1cfc9cdc118bd8a184

| Name            | Position                                      | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|-----------------|-----------------------------------------------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Pierre Naudé    | Chairman and Chief Executive Officer          | N/A              | Pierre Naudé is a founder of nCino and has served as the **Chairman and Chief Executive Officer** since the company's inception. He became Chairman of the board on **May 10, 2022**. Prior to founding nCino, he was Divisional President of S1 Corporation and held leadership roles at Unisys.  **[0001193125-24-136132_d808341ddef14a.htm:11]** **[0001193125-24-125386_d808341dpre14a.htm:11]** **[0001193125-24-136132_d808341ddef14a.htm:22]**                                       |
| Greg Orenstein  | Chief Financial Officer & Treasurer           | January 2023     | Greg Orenstein has served as **Chief Financial Officer & Treasurer** since **January 2023**. He previously held various leadership roles at nCino, including Chief Corporate Development & Strategy Officer and Chief Corporate Development & Legal Officer and Secretary.  **[0001193125-24-136132_d808341ddef14a.htm:22]** **[0001193125-24-125386_d808341dpre14a.htm:22]** **[0001193125-23-140702_d445173ddef14a.htm:21]** **[0001902733-23-000003_pressreleaseofncinoincdate.htm:0]**                                                    |
| Sean Desmond    | Chief Product Officer                         | May 1, 2024      | Sean Desmond has served as **Chief Product Officer** since **May 1, 2024**. Prior to this, he was the Chief Customer Success Officer from July 2013 to May 2024. He held leadership positions at Informatica and worked as a Business Analyst at Platinum Technologies.  **[0001193125-24-136132_d808341ddef14a.htm:22]** **[0001193125-24-125386_d808341dpre14a.htm:22]** **[0001902733-24-000078_ncno-20240326.htm:1]**                                                          |
| April Rieger    | Chief Legal & Compliance Officer and Secretary| September 2022   | April Rieger has served as **Chief Legal & Compliance Officer and Secretary** since **September 2022**. She previously served as Executive Vice President, General Counsel, and Secretary, and as Assistant General Counsel. Before joining nCino, she practiced law at Williams & Connolly LLP.  **[0001193125-24-136132_d808341ddef14a.htm:22]** **[0001193125-24-125386_d808341dpre14a.htm:22]** **[0001193125-23-140702_d445173ddef14a.htm:21]**                                     |
| Paul Clarkson   | Executive Vice President Global Revenue       | March 22, 2024   | Paul Clarkson was named **Executive Vice President Global Revenue** effective **March 22, 2024**. He has extensive knowledge of nCino's business, having worked closely with Josh Glover, the outgoing President and Chief Revenue Officer, during his tenure leading global sales.  **[0001902733-24-000051_ncno-20240322.htm:2]** **[NCNO_3378992_4]** **[0001902733-24-000051_fourthquarterearningspress.htm:1]**                                            |

7aa15ef8a88aa65312ff09bb4e638bf3e40cb8f8808de7870239fe40f37b884b

- **nCino expects to achieve at least 15% subscription revenue growth in 2026**, driven by launching **new products** over the next 9 months, integrating **DocFox**, and an expected recovery in the **mortgage market**.  **[NCNO_3378992_21]**
- Demonstrated **strong upselling and cross-selling**, with about **60% of business signed in Q4 coming from existing customers**, including significant **expansion agreements** with major banks.  **[NCNO_3378992_5]**
- Customers are focusing on **efficiency**, and **nCino's solutions are well-positioned** to meet this demand globally, leading to an improved sales environment and **higher net bookings expected in FY25**.  **[NCNO_3378992_25]** **[NCNO_3378992_16]**

0fc32210fa10d9633ed2084a6f460cc243ad7856d5166ba904cdb8dda298f59b

- The company **expects elevated churn** to continue into fiscal '25 and is "taking a step down this year," indicating that churn rates remain higher than desired, which could impact revenue growth.  **[NCNO_3378992_21]**
- The **mortgage segment is expected to be dilutive** to the company's overall subscription revenue growth for three out of the next four quarters, suggesting underperformance in a significant business area.  **[NCNO_3378992_23]**
- The **large transformational deals with enterprise banks are in the very early stages** of the buying cycle, implying that anticipated revenue from these deals may not materialize in the near term, potentially affecting growth projections.  **[NCNO_3378992_12]**

5da91ff40455a85e16a5283ad9374d61c982e3094495822378e0f836410c42ce

- **Strong performance in Mortgage business despite market challenges:** nCino added **15 new logos** and achieved **almost double-digit growth** in its Mortgage business, even in a difficult market, demonstrating resilience and competitive strength.  **[NCNO_3391001_20]**
- **Accelerated growth in commercial sector with significant customer expansions:** The company saw accelerated growth in CRPO, with **three commercial customers expanding over 40% in ACV**, indicating continued opportunities and reduced concerns about market saturation.  **[NCNO_3391001_11]**
- **Robust international revenue growth:** International revenue increased by **34% year-over-year**, highlighting successful expansion and a healthy pipeline, particularly in regions like the UK, Spain, and Japan.  **[NCNO_3391001_16]**

8d8706ed36a91105029b0a5a48e7a50625219ca9fd6f3c842e4895c0409c1725

- **nCino is on track to exceed its net bookings targets for the year**, with strong gross bookings momentum in both its community and regional and enterprise businesses ( **[NCNO_3410723_17]** ).
- **The company's investments in AI and products like Banking Advisor are driving growth**, with **11 new Banking Advisor deals signed in the quarter** and plans to include it in every new deal, leveraging their unique data position with consents from 4 of their 10 largest customers ( **[NCNO_3410723_20]** ).
- **Revenue churn has decreased from 9% last year to approximately 5% this year**, reflecting improved customer retention and satisfaction with nCino's platform ( **[NCNO_3410723_23]** ).

6bbe2445dfb96c0638c812e9b1417ac0184095ff716adaf124517f91990ac8f5

- nCino's non-commercial pipeline is growing, now representing **60%** of the pipeline, indicating significant growth opportunities beyond commercial lending. The company is excited about the maturation and growth of their non-commercial products.  **[NCNO_3399961_20]**
- Management is confident in achieving **50% net bookings growth** this year, with over **50% of bookings already exceeded** in the enterprise U.S. segment. They anticipate a massive fourth quarter due to strong pipeline visibility and expected large enterprise deals.  **[NCNO_3399961_16]**
- Customers prefer nCino's new pricing model, which aligns with helping banks become more efficient through the adoption of **AI, analytics, and machine learning**. Management is highly confident this will be a very positive development for the company, enhancing its competitive position.  **[NCNO_3399961_10]**

cacb77f9b845452a6750f45276ec534ea0bd219fe1aa2738ea04c051f0d3cb6e

- **Mortgage business growth is slowing and dilutive to overall growth:** Despite signing 15 new logos and growing almost double digits, nCino's Mortgage business is growing slower than the rest of the company and is dilutive to growth overall. There are ongoing concerns about churn and uncertainty in the Independent Mortgage Bankers (IMB) sector due to market conditions.  **[NCNO_3391001_20]** ,  **[NCNO_3391001_8]**
- **Maintained guidance despite strong start indicates potential concerns:** The company is maintaining its full-year guidance despite exceeding plans in the first quarter, suggesting caution due to potential headwinds such as churn and uncertainty in the Mortgage market. Management is "sensitive on the churn side" and acknowledges the difficulty in predicting M&A and its impact on churn.  **[NCNO_3391001_20]** ,  **[NCNO_3391001_8]**
- **New product innovations not expected to contribute to revenue in FY25:** Despite positive customer reactions to new products like the Banking Advisor, nCino does not expect any revenue contribution from these innovations in fiscal year 2025, potentially limiting near-term growth opportunities.  **[NCNO_3391001_18]**

542905f95ba823b1b60624632e8dec8a6842992a741cc1a2af177ba3e403d395

- **Slowing organic growth**: The company projects low double-digit organic growth in Q4, excluding M&A contributions, indicating a potential slowdown in growth momentum.  **[NCNO_3410723_26]** ,  **[NCNO_3410723_21]**
- **Increased churn in mortgage segment**: Mortgage churn increased due to M&A in the IMB space, with expected mortgage churn for the full year raised from **$8 million** to **$10 million**.  **[NCNO_3410723_23]** ,  **[NCNO_3410723_17]**
- **Uncertainty over CEO succession**: Speculation about CEO Pierre Naude potentially retiring could lead to leadership uncertainty.  **[NCNO_3410723_11]**

745d16bd1286c7e90df1e07d388e10295ce1234c16672570c4b36ccb1e9d0926

- nCino expects **lower cash generation** in the second half of the year due to historical seasonality and timing of deals, potentially impacting **free cash flow**. Additionally, **unbilled accounts receivable increased by approximately $5 million** since the beginning of the year, which may affect short-term cash flow.  **[NCNO_3399961_9]** ,  **[NCNO_3399961_8]**
- The company is experiencing **shorter durations in some mortgage renewals**, which negatively impacts **Remaining Performance Obligations (RPO)**. The **sequential step down in RPO** could indicate challenges in the mortgage segment and customer commitment.  **[NCNO_3399961_6]**
- nCino has decided to **de-emphasize investment in Germany and France**, focusing on other markets like Spain. This strategic choice may result in missed opportunities in **large European markets**, potentially limiting international growth prospects.  **[NCNO_3399961_15]**

5a034a139bdebb203468a8d7c3cf29d671ff7fe16673a46abda90fc7b8861eb4

nCino Inc (NCNO)

Financials