มใน August 26, 2025 Cautionary Note Regarding Forward-Looking Statements, Disclaimers and Financial Measures This presentation acontains forvard-laoking atatements obout aCino's financial and operating results, which includes statements regarding nCino's future performance. cutlo quidance, the assumptions underling those statements, the benefits from the use of n.Cino's solutions, our strategies, and general business conditions. Foward-looling statements cenerally include actions, events, results, strategie ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) nCino achieved strong Q2 FY26 financial results, exceeding guidance with significant profitability growth, driven by strengthening customer demand and strategic innovation in AI-banking [Q2 FY26 Performance Overview](index=1&type=section&id=Q2%20FY26%20Performance%20Overview) nCino reported strong financial results for the second quarter of fiscal year 2026, exceeding quarterly guidance for total and subscription revenues, as well as non-GAAP operating income, with significant year-over-year growth in key non-GAAP profitability metrics Q2 FY26 Financial Highlights | Metric | Q2 FY26 (Millions) | Q2 FY25 (Millions) | YoY Change | | :-------------------------------- | :------------------ | :------------------ | :--------- | | **Total Revenues** | $148.8 | $132.4 | +12% | | **Subscription Revenues** | $130.8 | $113.9 | +15% | | **GAAP Loss from Operations** | $(9.3) | $(7.9) | -18% | | **Non-GAAP Operating Income** | $30.0 | $19.3 | +56% | | **GAAP Net Loss Attributable to nCino** | $(15.3) | $(11.0) | -39% | | **Non-GAAP Net Income Attributable to nCino** | $25.7 | $15.6 | +64% | | **GAAP Net Loss per Share (Basic & Diluted)** | $(0.13) | $(0.10) | -30% | | **Non-GAAP Net Income per Diluted Share** | $0.22 | $0.13 | +69% | | **Cash, Cash Equivalents, and Restricted Cash (as of July 31, 2025)** | $123.2 | N/A | N/A | | **Revolving Credit Facility Outstanding (as of July 31, 2025)** | $203.5 | N/A | N/A | | **Shares Repurchased (Q2 FY26)** | 750,000 | N/A | N/A | | **Average Share Price for Repurchase** | $26.89 | N/A | N/A | | **Total Consideration for Repurchase** | $20.0 | N/A | N/A | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Sean Desmond expressed satisfaction with the financial results, highlighting that they exceeded quarterly guidance, noting strengthening customer demand and reinforcing confidence in the company's strategy and improved financial outlook, while emphasizing nCino's rapid progress towards becoming a leader in AI-banking through continuous innovation - Customer demand continued to strengthen in Q2, including for newer solutions and across target markets, reinforcing confidence in strategy and improved financial outlook[2](index=2&type=chunk) - nCino's vision of being the leader in AI-banking is rapidly coming into focus through continuous innovation and pursuit of substantial opportunities[2](index=2&type=chunk) [Business Highlights](index=2&type=section&id=Business%20Highlights) nCino expanded its global market presence and deepened customer relationships through key renewals and new client acquisitions across diverse financial sectors [Recent Customer Engagements](index=2&type=section&id=Recent%20Customer%20Engagements) nCino expanded its market presence and deepened existing relationships, securing renewals and expansions with major North American financial institutions, entering the Spanish market with a new customer, and broadening its engagement with a British challenger bank, while also signing a significant client in the mortgage sector - Renewed and expanded relationships with two top-50 banks in the U.S. and a top-5 Canadian bank, growing wallet share among North America's largest financial institutions[9](index=9&type=chunk) - Signed the first Spanish customer, a non-bank lender, to leverage nCino for scaling their lending business[9](index=9&type=chunk) - Expanded relationship with an existing British challenger bank to include nCino Client Lifecycle Management for efficient onboarding and continuous compliance monitoring[9](index=9&type=chunk) - Signed the lending division of a top-25 home builder for nCino Mortgage to enable nationwide growth[9](index=9&type=chunk) [Financial Outlook](index=2&type=section&id=Financial%20Outlook) nCino provided optimistic financial guidance for Q3 and the full fiscal year 2026, projecting continued revenue growth and enhanced non-GAAP profitability [Q3 FY26 Guidance](index=2&type=section&id=Q3%20FY26%20Guidance) nCino provided specific financial guidance for the third quarter ending October 31, 2025, projecting continued growth in revenues and non-GAAP profitability Q3 FY26 Guidance Range | Metric | Q3 FY26 Guidance Range (Millions) | | :-------------------------------- | :-------------------------------- | | **Total Revenues** | $146.0 - $148.0 | | **Subscription Revenues** | $127.5 - $129.5 | | **Non-GAAP Operating Income** | $31.5 - $33.5 | | **Non-GAAP Net Income Attributable to nCino per Diluted Share** | $0.20 - $0.21 | [Full Fiscal Year 2026 Guidance](index=2&type=section&id=Full%20Fiscal%20Year%202026%20Guidance) The company also issued guidance for the full fiscal year 2026, ending January 31, 2026, anticipating robust performance across key financial indicators, including Annual Contract Value (ACV) FY26 Guidance Range | Metric | FY26 Guidance Range (Millions) | | :-------------------------------- | :----------------------------- | | **Total Revenues** | $585.0 - $589.0 | | **Subscription Revenues** | $513.5 - $517.5 | | **Non-GAAP Operating Income** | $117.5 - $121.5 | | **Non-GAAP Net Income Attributable to nCino per Diluted Share** | $0.77 - $0.80 | | **Annual Contract Value (ACV)** | $564.0 - $567.0 | [Company Overview](index=2&type=section&id=Company%20Overview) nCino delivers intelligent banking solutions to over 2,700 global customers, leveraging AI to digitize processes and enhance financial institution performance [About nCino](index=2&type=section&id=About%20nCino) nCino is a leading provider of intelligent, best-in-class banking solutions, founded to help financial institutions digitize and reengineer business processes, serving over 2,700 customers globally with a platform that integrates artificial intelligence and actionable insights to consolidate legacy systems, enhance strategic decision-making, improve risk management, and elevate customer satisfaction - nCino provides intelligent, best-in-class banking solutions to help financial institutions digitize and reengineer business processes[8](index=8&type=chunk) - Serves over 2,700 customers worldwide, including community banks, credit unions, independent mortgage banks, and large financial entities[8](index=8&type=chunk) - Integrates artificial intelligence and actionable insights to enhance strategic decision-making, improve risk management, and elevate customer satisfaction[8](index=8&type=chunk) [Forward-Looking Statements & Risks](index=3&type=section&id=Forward-Looking%20Statements%20%26%20Risks) This section outlines forward-looking statements and potential risks that could materially impact nCino's future financial performance and operational results [Disclaimer and Risk Factors](index=3&type=section&id=Disclaimer%20and%20Risk%20Factors) This press release contains forward-looking statements regarding nCino's future performance, outlook, and strategies, which are based on current plans and expectations and are subject to various known and unknown risks and uncertainties that could cause actual results to differ materially from projections - Forward-looking statements are based on historical performance, current plans, estimates, and expectations, and are not guarantees of future achievement[10](index=10&type=chunk) - Key risks include adverse changes in the financial services industry, economic/regulatory conditions, acquisition-related risks, security breaches, competition, ability to attract and retain customers, fluctuations in operating results, growth management, relationship with Salesforce, and legal proceedings[10](index=10&type=chunk) - nCino does not undertake any obligation to update or revise these forward-looking statements, except as required by law[10](index=10&type=chunk) [Financial Statements (GAAP)](index=4&type=section&id=Financial%20Statements%20(GAAP)) This section presents nCino's GAAP-compliant condensed consolidated balance sheets, statements of operations, and cash flows for the specified periods [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The condensed consolidated balance sheets provide a snapshot of nCino's financial position at July 31, 2025, compared to January 31, 2025, detailing changes in assets, liabilities, and stockholders' equity Condensed Consolidated Balance Sheets (in thousands) | Metric (in thousands) | July 31, 2025 | January 31, 2025 | Change | | :------------------------------------ | :-------------- | :--------------- | :----- | | **Total Assets** | $1,616,017 | $1,610,381 | +$5,636 | | **Current Assets** | $255,085 | $302,249 | -$47,164 | | Cash and cash equivalents | $122,935 | $120,928 | +$2,007 | | Accounts receivable, net | $98,468 | $146,787 | -$48,319 | | **Total Liabilities** | $548,854 | $512,783 | +$36,071 | | Current Liabilities | $248,637 | $251,512 | -$2,875 | | Revolving credit facility, noncurrent | $203,500 | $166,000 | +$37,500 | | **Total Stockholders' Equity** | $1,056,818 | $1,089,312 | -$32,494 | | Treasury stock, at cost | $(60,598) | — | -$60,598 | | Additional paid-in capital | $1,510,517 | $1,474,413 | +$36,104 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The condensed consolidated statements of operations detail nCino's financial performance for the three and six months ended July 31, 2025, and 2024, showing revenue generation, cost of revenues, operating expenses, and net loss Condensed Consolidated Statements of Operations (in thousands, except per share) | Metric (in thousands, except per share) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | **Total Revenues** | $148,815 | $132,403 | $292,952 | $260,490 | | Subscription Revenues | $130,752 | $113,911 | $256,340 | $224,317 | | Professional services and other | $18,063 | $18,492 | $36,612 | $36,173 | | **Gross Profit** | $88,125 | $78,472 | $174,567 | $155,379 | | Gross Margin % | 59% | 59% | 60% | 60% | | **Total Operating Expenses** | $97,421 | $86,378 | $185,376 | $166,948 | | Sales and marketing | $37,265 | $31,713 | $70,236 | $59,758 | | Research and development | $34,667 | $34,271 | $68,008 | $64,252 | | General and administrative | $25,489 | $20,394 | $47,132 | $42,938 | | **Loss from Operations** | $(9,296) | $(7,906) | $(10,809) | $(11,569) | | **Net Loss Attributable to nCino, Inc.** | $(15,257) | $(11,040) | $(9,695) | $(14,016) | | **Net Loss per Share (Basic and Diluted)** | $(0.13) | $(0.10) | $(0.08) | $(0.12) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The condensed consolidated statements of cash flows present the cash generated from or used in operating, investing, and financing activities for the six months ended July 31, 2025, and 2024, illustrating the overall change in cash and cash equivalents Condensed Consolidated Statements of Cash Flows (in thousands) | Metric (in thousands) | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | | **Net cash provided by operating activities** | $72,056 | $59,441 | | **Net cash used in investing activities** | $(53,445) | $(91,925) | | Acquisition of business, net of cash acquired | $(50,263) | $(90,839) | | Purchases of property and equipment | $(6,866) | $(786) | | **Net cash provided by (used in) financing activities** | $(20,184) | $43,159 | | Repurchases of common stock | $(60,598) | — | | Proceeds from borrowings on revolving credit facility | $102,500 | $75,000 | | Payments on revolving credit facility | $(65,000) | $(35,000) | | **Net increase in cash, cash equivalents, and restricted cash** | $1,956 | $9,321 | | **Cash, cash equivalents, and restricted cash, end of period** | $123,223 | $126,765 | [Non-GAAP Financial Measures & Reconciliation](index=9&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliation) This section explains nCino's non-GAAP financial measures and provides detailed reconciliations to their GAAP equivalents for enhanced operational clarity [Explanation of Non-GAAP Measures](index=9&type=section&id=Explanation%20of%20Non-GAAP%20Measures) nCino utilizes non-GAAP financial measures to provide a clearer understanding of its core operating results, budgeting, and comparisons with peers, excluding specific non-cash or non-recurring items that management believes are not indicative of ongoing business performance - Non-GAAP measures exclude amortization of purchased intangibles, stock-based compensation expenses, acquisition-related expenses, litigation expenses, and restructuring costs to provide a clearer view of operating results[23](index=23&type=chunk) - Beginning with Q1 FY26, nCino also adjusts for intercompany foreign currency exchange gains/losses, tax provisions related to acquisitions, income tax effects on non-GAAP adjustments, and adjustments to redeemable non-controlling interest for comparability[25](index=25&type=chunk) - These non-GAAP measures have limitations as they are not prepared in accordance with GAAP and should be reviewed in conjunction with GAAP financial information[24](index=24&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=12&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Detailed tables are provided to reconcile GAAP financial measures to their non-GAAP equivalents across various income statement line items, operating income, net income, and earnings per share for the three and six months ended July 31, 2025, and 2024, along with free cash flow Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share) | Metric (in thousands, except per share) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Six Months Ended July 31, 2025 | Six Months Ended July 31, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | **Non-GAAP Gross Profit** | $98,686 | $86,732 | $193,703 | $171,180 | | Non-GAAP Gross Margin % | 66% | 66% | 66% | 66% | | **Non-GAAP Operating Income** | $30,010 | $19,298 | $54,840 | $43,743 | | Non-GAAP Operating Margin % | 20% | 15% | 19% | 17% | | **Non-GAAP Net Income Attributable to nCino, Inc.** | $25,674 | $15,648 | $44,081 | $38,409 | | **Diluted Non-GAAP Net Income Attributable to nCino, Inc. per share** | $0.22 | $0.13 | $0.38 | $0.33 | | Weighted-average shares used for diluted non-GAAP EPS | 116,561,782 | 116,849,057 | 116,208,579 | 116,706,457 | | **Free Cash Flow** | $12,588 | $4,555 | $65,190 | $58,655 | | Free cash flow less principal payments on financing obligations | $12,174 | $4,192 | $64,366 | $57,933 |

Core Insights - nCino, Inc. reported strong financial results for Q2 FY2026, exceeding guidance for total and subscription revenues, as well as non-GAAP operating income, indicating robust customer demand and confidence in its AI-banking strategy [2][6][7] Financial Highlights - Total revenues for Q2 FY2026 were $148.8 million, a 12% increase from $132.4 million in Q2 FY2025 - Subscription revenues reached $130.8 million, up 15% from $113.9 million year-over-year - Non-GAAP operating income increased by 56% to $30.0 million compared to $19.3 million in the same quarter last year - GAAP net loss attributable to nCino was $(15.3) million, compared to $(11.0) million in Q2 FY2025, while non-GAAP net income was $25.7 million, up 64% from $15.6 million [6][7][11] Recent Business Highlights - nCino expanded relationships with two top-50 U.S. banks and a top-5 Canadian bank, enhancing its market presence - The company signed its first customer in Spain, a non-bank lender, to leverage nCino's solutions for scaling its lending business - nCino renewed and expanded its relationship with a British challenger bank, incorporating Client Lifecycle Management for efficient onboarding and compliance monitoring - A top-25 home builder's lending division signed on for nCino Mortgage to support nationwide growth [6][7][9] Financial Outlook - For Q3 FY2026, nCino expects total revenues between $146.0 million and $148.0 million, with subscription revenues between $127.5 million and $129.5 million - The company anticipates non-GAAP operating income between $31.5 million and $33.5 million, and non-GAAP net income per diluted share of $0.20 to $0.21 - For the full fiscal year 2026, total revenues are projected between $585.0 million and $589.0 million, with subscription revenues between $513.5 million and $517.5 million [5][11]

Core Insights - nCino, Inc. is set to release its second-quarter earnings results on August 26, with analysts expecting earnings of 14 cents per share, unchanged from the previous year [1] - The company anticipates quarterly revenue of $143.17 million, an increase from $132.4 million in the same quarter last year [1] - nCino reported better-than-expected first-quarter sales on May 28 [1] Stock Performance - nCino shares experienced a decline of 2.4%, closing at $28.37 on Monday [2] Analyst Ratings - Morgan Stanley analyst James Faucette maintained an Outperform rating and raised the price target from $29 to $33 [4] - Baird analyst Joe Vruwink upgraded the stock from Neutral to Overweight, increasing the price target from $30 to $38 [4] - Piper Sandler analyst Brent Bracelin kept a Neutral rating and raised the price target from $25 to $28 [4] - Barclays analyst Saket Kalia maintained an Overweight rating and increased the price target from $24 to $31 [4] - Needham analyst Mayank Tandon reiterated a Buy rating with a price target of $33 [4]

Group 1 - The article emphasizes the importance of careful single-stock selection for investors, particularly focusing on small and mid-cap growth stocks that have unique catalysts to outperform the broader market [1] Group 2 - Gary Alexander has extensive experience in covering technology companies and has been involved with seed-round startups, providing insights into current industry themes [2]

Core Viewpoint - nCino (NCNO) is anticipated to report flat earnings of $0.14 per share for the quarter ended July 2025, with revenues expected to rise by 8% to $143 million compared to the previous year [3][12]. Earnings Expectations - The upcoming earnings report is scheduled for August 26, and the stock may experience upward movement if earnings exceed expectations, while a miss could lead to a decline [2][12]. - The consensus EPS estimate has been revised 4.35% higher in the last 30 days, indicating a positive sentiment among analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP for nCino is +3.70%, suggesting a likelihood of beating the consensus EPS estimate, supported by a Zacks Rank of 1 (Strong Buy) [12]. - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a favorable Zacks Rank [10]. Historical Performance - In the last reported quarter, nCino met the expected earnings of $0.16 per share, resulting in no surprise [13]. - Over the past four quarters, nCino has surpassed consensus EPS estimates two times [14]. Industry Context - VNET Group (VNET), another player in the Zacks Internet - Software industry, is expected to report a significant decline in EPS of $0.02, a year-over-year change of -66.7%, with revenues projected to increase by 17.1% to $321.33 million [18]. - VNET Group's consensus EPS estimate has remained unchanged, resulting in an Earnings ESP of 0%, making predictions about beating the consensus EPS challenging [19].

Core Insights - nCino, Inc. will report its financial results for the second quarter ended July 31, 2025, on August 26, 2025, after market close [1] - A conference call and webcast will be held on the same day at 4:30 p.m. ET to discuss these results [2] Company Overview - nCino is a leading provider of intelligent banking solutions, aimed at helping financial institutions digitize and improve business processes [3] - The company serves over 2,700 customers globally, including community banks, credit unions, independent mortgage banks, and major financial entities [3] - nCino integrates artificial intelligence and actionable insights into its platform to enhance decision-making, risk management, and customer satisfaction [3]

Core Viewpoint - The digital banking space is identified as an attractive investment arena, with a focus on companies like Alkami Technology and Q2 Holdings, which are modernizing customer-facing software for credit unions and regional banks [1][3]. Company Summaries - **Alkami Technology**: - Rated as Overweight by the analyst, with organic revenue growth exceeding 20% and trading at six times EV/Sales for 2026E [4]. - Holds less than 5% market share in a ~$10 billion market, with up to 60% of the market being an addressable opportunity [3]. - Benefits from high customer retention and long contract lengths, supporting revenue visibility [1]. - **Q2 Holdings**: - Also rated as Overweight, with similar characteristics to Alkami Technology in terms of customer retention and contract lengths [1]. - Holds less than 10% market share in the same ~$10 billion market, with significant growth potential [3]. - **nCino**: - Rated as Neutral, focusing on cloud-based banking software solutions for financial institutions [2]. - The analyst has noted idiosyncratic factors that have kept her on the sidelines regarding nCino compared to broader vertical SaaS [2]. Market Dynamics - The digital banking industry is characterized by a defensive monetization model based on the number of bank accounts and products subscribed to by banks [2]. - The opportunity for improving bank efficiency is described as seemingly limitless, indicating a strong growth potential for the sector [2]. Price Actions - As of publication, stock prices are as follows: - Alkami Technology (ALKT) is up 5.26% at $28.24 - Q2 Holdings (QTWO) is up 3.56% at $89.07 - nCino (NCNO) is down 0.44% at $26.96 [5].

Summary of nCino Conference Call Company Overview - **Company**: nCino - **Industry**: Banking Software Solutions Key Points and Arguments Leadership and Background - The CEO of nCino has over 30 years of experience in the software industry, transitioning through various technological shifts, including mainframe to client-server, enterprise to big data, and now to cloud and AI in banking [4][5]. Commercial Business Performance - nCino's organic commercial Annual Contract Value (ACV) grew approximately 10% in fiscal year 2025 despite normalization in the business [6][7]. - The company aims to deepen its penetration in the commercial sector, currently at 30% within its existing installed base, with a focus on enhancing efficiency through AI [8][10]. Banking Advisor Functionality - The banking advisor functionality has gained significant traction, with 16 new skills launched, aimed at automating manual tasks and improving efficiency in commercial workflows [15][16]. - Early data suggests a potential ACV uplift of 20% to 25% from the banking advisor, although the CEO refrains from committing to specific figures at this stage [17][18]. Consumer Business Growth - The consumer lending segment is growing, with 20 new deals signed in Q4, including a significant deal with a $200 billion asset bank [20][22]. - The consumer business is currently about 15% to 20% the size of the commercial business, with similar growth rates expected to accelerate [21][23]. Mortgage Business Strategy - nCino's acquisition of SimpleNexus aims to enhance its position in the mortgage market by providing a consistent digital front-end experience across all banking solutions [26][28]. - The mortgage business has shown resilience, growing every year despite challenging market conditions, with a focus on transitioning to a new pricing model [30][32]. International Expansion - nCino operates in North America, EMEA, Australia, New Zealand, and Japan, with plans to expand aggressively in the European market [35][36]. - The international subscription business is growing in the high teens, but year-over-year growth in EMEA has been disappointing, prompting leadership changes to drive improvement [39][41]. Pricing Model Transition - Currently, 15% of revenue is on a new pricing model, primarily in the mortgage segment, with expectations for gradual conversion over the next few years [43][44]. - The new model is designed to align value and growth with customers, allowing for annual adjustments based on asset growth [46][47]. Implementation and Efficiency - nCino is focused on reducing implementation timelines from months to weeks through pre-configured solutions and leveraging AI [54][55]. - The company aims to deploy all solutions in under 200 consulting hours, enhancing speed to market and decision-making for clients [54][57]. Future Growth Initiatives - nCino is optimistic about growth opportunities across various segments, including commercial, consumer, and mortgage, with a focus on AI integration and international expansion [61][62]. - The company has increased its sales capacity by 14% and believes its customer base is healthier than in previous years, setting the stage for reacceleration of growth [66][67]. Additional Important Insights - The CEO emphasizes the importance of speed and efficiency in banking operations, suggesting that banks will need to adapt quickly to remain competitive in the evolving landscape [49][67]. - The transition to AI banking is seen as a significant opportunity for nCino, positioning the company as a leader in this emerging category [67].

Summary of nCino Conference Call Company Overview - nCino is a software company that provides a unified platform to help banks improve efficiency by addressing legacy infrastructure issues and enhancing customer interactions [2][4] - The platform focuses on four key areas: customer onboarding, loan origination, account opening, and portfolio management across various banking sectors [3] Financial Performance - nCino reported a strong first quarter, exceeding revenue and subscription revenue guidance by $1.8 million, with $800,000 attributed to mortgage services [5][6] - The company raised its subscription revenue guidance by $4 million and operating income guidance by $5 million for the second half of the year, indicating a positive outlook [7] Investor Sentiment and Market Conditions - Investors are concerned about macroeconomic factors, including tariffs and international business impacts, but nCino has not experienced negative effects so far [9][10] - There is optimism among customers regarding potential deregulation under the current administration [10] - The transition to a new CEO, Sean Desmond, has generated interest and positive discussions about leadership changes [10][11] Investor Day Highlights - The recent Investor Day showcased a multi-year R&D initiative that culminated in a unified platform across various banking sectors [12][13] - The company emphasized its "Rule of 40" target, which combines revenue growth and non-GAAP operating margins, as a key performance metric [14][16] Pricing Model Transition - nCino is transitioning from a seat-based pricing model to a platform-based model, which is expected to enhance customer value and align pricing with asset growth on the platform [21][24] - Approximately 15% of the customer base has transitioned to the new pricing model, with expectations for further adoption in Q4 [26] Market Position and Competition - nCino serves a diverse customer base, from community banks to large institutions like Bank of America, and has a unique position in the market due to its comprehensive platform [35][36] - The total addressable market (TAM) is estimated at nearly $20 billion, with significant growth potential since going public [38] AI Strategy - nCino aims to lead in AI banking, leveraging its existing customer trust and unique datasets to develop AI-driven solutions [47][48] - The AI strategy includes three pillars: Banking Advisor (generative AI), AgenTic (workflow automation), and iPass (integration platform as a service) [48][51][52] M&A Strategy - The company is currently in a digestion phase following four acquisitions made over the past year, focusing on integration and maximizing returns from these assets [60][62] - Future M&A opportunities will be evaluated based on their potential to enhance shareholder value [66][67] Conclusion - nCino is positioned for growth with a strong financial performance, a clear strategy for AI integration, and a focus on executing its product vision while navigating market challenges and opportunities [70][71]