Financial Data and Key Metrics Changes - Total revenues for Q2 FY2025 were $132.4 million, an increase of 13% year-over-year [16] - Subscription revenues were $113.9 million, up 14% year-over-year, representing 86% of total revenues [16] - Non-GAAP operating income for Q2 FY2025 was $19.3 million, compared to $11.2 million in Q2 FY2024 [19] - Non-GAAP net income attributable to nCino was $15.8 million, or $0.14 per diluted share, compared to $10 million, or $0.09 per diluted share in Q2 FY2024 [19] Business Line Data and Key Metrics Changes - Mortgage subscription revenues were approximately $17 million, or 15% of subscription revenues, representing year-over-year growth of 4% [17] - Professional services revenues were $18.5 million, growing 7% year-over-year [17] - Non-US revenues were $27.5 million, or 21% of total revenues, up 25% year-over-year [18] Market Data and Key Metrics Changes - Gross bookings in the US were up 36% over the first half of last year, including mortgage, and up 67% without mortgage [6] - International markets remain more challenged than the US, but there is an expectation for healthy new logo additions in the second half of the year [9] Company Strategy and Development Direction - The company is transitioning to a platform pricing model, with new and expansion sales of consumer lending, deposit account opening, and US mortgage solutions on this model [23] - The focus is on enhancing efficiency and reducing costs for financial institutions through digital channels and automation [13] - The company is actively exploring opportunities to accelerate integration of acquired products like DocFox and Allegro [15] Management's Comments on Operating Environment and Future Outlook - Management noted improved sentiment in the financial services industry in the US, with healthy balance sheets and abating net interest margin headwinds [6] - There is an expectation that interest rate cuts will catalyze growth in the US mortgage business starting in Q4 FY2025 [7] - Management expressed confidence in achieving gross bookings goals for the year, particularly with large enterprise opportunities [10] Other Important Information - Remaining performance obligation (RPO) was $1.04 billion as of July 31, 2024, up 12% year-over-year [20] - The company ended Q2 with cash and cash equivalents of $126.8 million [20] - Guidance for Q3 FY2025 expects total revenues of $136 million to $138 million [22] Q&A Session Summary Question: General sentiment on financial institutions' willingness to spend - Management noted a return to normalcy in the US market, with a focus on volume business rather than large transformation projects [25] Question: Importance of platform deals and pricing structures - Management indicated that while platform deals are beneficial, the company is not dependent on the pricing structure change to meet financial targets [34] Question: Execution risks associated with pricing transition - Management expressed confidence in the new pricing model, highlighting customer preference for guaranteed pricing based on volume or asset size [41] Question: Outlook for mortgage business growth - Management anticipates that the mortgage business will perform better as the market stabilizes and interest rates potentially decrease [50] Question: Mix of new bookings versus cross-sell - The first half of the year saw 80% cross-sell and 20% new logos, with expectations for a shift in the second half towards more new logo deals [52]

Company Performance - nCino reported quarterly earnings of $0.14 per share, exceeding the Zacks Consensus Estimate of $0.13 per share, and up from $0.09 per share a year ago, representing an earnings surprise of 7.69% [1] - The company posted revenues of $132.4 million for the quarter ended July 2024, surpassing the Zacks Consensus Estimate by 1.04%, compared to year-ago revenues of $117.24 million [2] - Over the last four quarters, nCino has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] Stock Performance and Outlook - nCino shares have increased about 3% since the beginning of the year, while the S&P 500 has gained 17.8% [3] - The company's current consensus EPS estimate for the coming quarter is $0.16 on revenues of $138.23 million, and for the current fiscal year, it is $0.66 on revenues of $541.05 million [7] - The estimate revisions trend for nCino is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Internet - Software industry, to which nCino belongs, is currently in the top 39% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Revenue Growth - Total revenues for the three months ended July 31, 2024, increased to $132.4 million, up from $117.2 million for the same period in 2023, representing a growth of 12.5%[9] - Subscription revenues for the six months ended July 31, 2024, reached $224.3 million, compared to $197.2 million for the same period in 2023, reflecting an increase of 13.8%[9] - Total revenues for the three months ended July 31, 2024, were $132.4 million, representing a 12.9% increase from $117.2 million in the same period of 2023[98] - Subscription revenues for the three months ended July 31, 2024, were $113.9 million, a 14.0% increase from $99.9 million in the same period of 2023[98] - For the six months ended July 31, 2024, total revenues were $260.5 million, a 12.8% increase from $230.9 million in the same period of 2023[98] - Subscription revenues for the six months ended July 31, 2024, were $224.3 million, representing a 13.7% increase from $197.2 million in the same period of 2023[98] Profitability and Losses - Gross profit for the three months ended July 31, 2024, was $78.5 million, compared to $69.2 million for the same period in 2023, indicating a gross margin improvement[9] - Net loss attributable to nCino, Inc. for the three months ended July 31, 2024, was $11.0 million, compared to a net loss of $15.9 million for the same period in 2023, showing a reduction in losses[11] - The company reported a comprehensive loss of $10.5 million for the three months ended July 31, 2024, down from a comprehensive loss of $16.1 million for the same period in 2023[11] - Net loss attributable to nCino, Inc. for the six months ended July 31, 2024, was $14,016 thousand, compared to a net loss of $27,723 thousand for the same period in 2023, representing a 49% improvement[19] - The company recorded basic and diluted loss per share of $(0.10) for the three months ended July 31, 2024, compared to $(0.14) for the same period in 2023[87] Operating Expenses - Operating expenses for the three months ended July 31, 2024, totaled $86.4 million, slightly up from $84.0 million in the same period of 2023, with research and development expenses increasing to $34.3 million[9] - Sales and marketing expenses decreased by $2.3 million for the six months ended July 31, 2024, compared to the same period in 2023, primarily due to a $1.4 million decrease in personnel costs and a $0.6 million decrease in sales-related travel costs[130] - Research and development expenses increased by $6.2 million for the six months ended July 31, 2024, compared to the same period in 2023, mainly due to a $5.3 million increase in personnel costs[132] - General and administrative expenses increased by $3.0 million for the six months ended July 31, 2024, compared to the same period in 2023, primarily due to a $3.7 million increase in personnel costs[135] Cash Flow and Liquidity - Cash provided by operating activities for the six months ended July 31, 2024, was $59,441 thousand, an increase from $43,267 thousand in the same period of 2023, reflecting a 37% increase[19] - Total cash, cash equivalents, and restricted cash at the end of the period on July 31, 2024, was $126,765 thousand, up from $103,369 thousand at the end of the previous period, indicating a 22.6% increase[20] - As of July 31, 2024, the company had $121.4 million in cash and cash equivalents and an accumulated deficit of $365.9 million[146] - Cash used in investing activities for the six months ended July 31, 2024, was $91.9 million, primarily for the acquisitions of DocFox and ILT[155] - Cash provided by financing activities for the six months ended July 31, 2024, was $43.2 million, mainly from $75.0 million in borrowings on the Credit Facility[156] Acquisitions - The company acquired DocFox for a total cash consideration of $74.3 million, including $6.2 million for common stock options, with an estimated fair value of consideration transferred at $72.4 million[49] - The Company acquired Integrated Lending Technologies (ILT) for $19.9 million in cash, with transaction costs of approximately $0.9 million recorded in general and administrative expenses[55][56] - The financial results of DocFox and ILT since their respective acquisition dates are included in the Company's consolidated financial statements but are not material to the overall results[54][60] Market Presence and Future Plans - The company continues to focus on expanding its market presence and investing in new product development to drive future growth[9] - The company plans to continue investing in product development and sales and marketing to drive growth and maintain market leadership[102] Stock and Shareholder Information - The weighted average number of common shares outstanding for the three months ended July 31, 2024, was 115.2 million, compared to 112.4 million for the same period in 2023[9] - The company’s total common shares outstanding increased from 113,684,299 on January 31, 2024, to 115,387,309 on July 31, 2024[17] - The total unrecognized compensation expense related to non-vested RSUs is $178.6 million, expected to be recognized over a weighted average period of 2.93 years[66] Foreign Currency and Interest - Interest income for the three months ended July 31, 2024, was $321, down from $835 in the same period of 2023, while interest expense increased to $1.8 million[9] - A hypothetical 10% increase or decrease in foreign currency exchange rates would have impacted cash, cash equivalents, and restricted cash by approximately $7.0 million as of July 31, 2024[164]

• Total Revenues of $132.4M, up 13% year-over-year • Subscription Revenues of $113.9M, up 14% year-over-year • GAAP Operating Margin of (6)%, up ~650 basis points year-over-year • Non-GAAP Operating Margin of 15%, up ~500 basis points year-over-year WILMINGTON, N.C., Aug. 27, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced financial results for the second quarter of fiscal year 2025, ended July 31, 2024. "We are plea ...

Wall Street expects a year-over-year increase in earnings on higher revenues when nCino (NCNO) reports results for the quarter ended July 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 27, 2024, might help the stock move higher if these key numbers are better than expectatio ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? NCino (NCNO) , which belongs to the Zacks Internet - Software industry, could be a great candidate to consider. When looking at the last two reports, this company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 60.58%, on average, in the last two quarters. For the most recent quarter, nCino was expecte ...

LONDON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced that Shawbrook has chosen nCino to help automate its loan origination processes, while expanding portfolio management capabilities through nCino's cloud-based platform. With nCino's intelligent solutions, Shawbrook's team will be able to more efficiently complete routine tasks, allowing for more focus on delivering impactful services to the SME market i ...

LONDON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced that Shawbrook has chosen nCino to help automate its loan origination processes, while expanding portfolio management capabilities through nCino's cloud-based platform. With nCino's intelligent solutions, Shawbrook's team will be able to more efficiently complete routine tasks, allowing for more focus on delivering impactful services to the SME market i ...

WILMINGTON, N.C., July 10, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ:NCNO), a pioneer in cloud banking for the global financial services industry, today announced its inclusion on CNBC and Statista's 2024 World's Top FinTech Companies list. The recognition further validates the power of nCino's single platform, boosted by several key solution offerings including Banking Advisor, a generative AI tool for bankers, made available in the first half of the year. nCino was founded to help financial institution ...

"nCino is exceptionally proud to be recognized as a World's Top FinTech Company for 2024," said Pierre Naudé, CEO and Chairman of the Board at nCino. "We continue to be driven by our mission of transforming financial services, and this recognition reflects both our roots as a pioneer in cloud banking and our evolution as a partner to financial institutions modernizing their operations through data, AI, intelligent automation, and best-in-class experiences. For us, innovation is not just a mindset – it's our ...