nCino Inc (NCNO) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the nCino Fourth Quarter and Fiscal Year 2024 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，美好的一天，歡迎參加 nCino 第四季和 2024 財年財務業績電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would like to turn the call over to Harrison Masters, Director of Investor Relations. Please go ahead.

我想將電話轉給投資者關係總監哈里森馬斯特斯 (Harrison Masters)。請繼續。

Good afternoon, and welcome to nCino's Fourth Quarter Fiscal 2024 Earnings Call. With me on today's call are Pierre Naude, nCino's Chairman and Chief Executive Officer; Greg Orenstein, Chief Financial Officer; and Josh Glover, President and Chief Revenue Officer.

下午好，歡迎參加 nCino 2024 財年第四季財報電話會議。與我一起參加今天電話會議的有 nCino 董事長兼執行長 Pierre Naude；格雷格‧奧倫斯坦，財務長；以及總裁兼首席營收長喬許‧格洛弗 (Josh Glover)。

During the course of this conference call, we will make forward-looking statements regarding trends, strategies and the anticipated performance of our business. These forward-looking statements are based on management's current views and expectations, entail certain assumptions made as of today's date and are subject to various risks and uncertainties described in our SEC filings and other publicly available documents, the financial services industry and global economic conditions.

在本次電話會議期間，我們將就我們業務的趨勢、策略和預期業績做出前瞻性陳述。這些前瞻性陳述是基於管理層當前的觀點和預期，包含截至今天所做的某些假設，並受到我們向美國證券交易委員會提交的文件和其他公開文件、金融服務業和全球經濟狀況中描述的各種風險和不確定性的影響。

nCino disclaims any obligation to update or revise any forward-looking statements. Further, on today's call, we will also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A reconciliation to comparable GAAP metrics can be found in today's earnings release, which is available on our website and as an exhibit to the Form 8-K furnished with the SEC before this call as well as the earnings presentation on our Investor Relations website at investor.ncino.com.

nCino 不承擔更新或修改任何前瞻性聲明的義務。此外，在今天的電話會議上，我們還將討論某些我們認為有助於理解我們財務表現的非公認會計準則指標。與可比較GAAP 指標的對帳可在今天的收益發布中找到，該收益發布可以在我們的網站上找到，並作為本次電話會議之前向SEC 提供的8-K 表格的附件，以及我們投資者關係網站上投資者關係網站上的收益演示。 .ncino.com。

With that, I will now turn the call over to Pierre.

現在，我將把電話轉給皮埃爾。

Thank you for joining us this afternoon to discuss our strong finish to a challenging year. We are very pleased to close fiscal '24 with the strongest gross sales quarter we've had in the past 10 quarters, increasing 23% over the fourth quarter of fiscal '23. We saw strength across all U.S. customer segments and from outside the U.S. as well, driving 16% subscription revenues growth for the quarter.

感謝您今天下午加入我們，討論我們為充滿挑戰的一年所取得的強有力的成果。我們非常高興地以過去 10 個季度以來最強勁的銷售季度結束 24 財年，比 23 財年第四季度增長了 23%。我們看到美國所有客戶群以及美國以外的客戶群都表現強勁，推動本季訂閱營收成長 16%。

We believe our Q4 results reflect a return to more normal buying patterns and behavior, including from our U.S. enterprise customers, which we saw disproportionately impacted by the liquidity crisis last year. The improving churn from customers is also a positive indicator. Our confidence in the rebound, along with our expectations for lower churn this year, drives our plan for net sales in fiscal '25 to be roughly 50% higher than fiscal '24. Despite the macro headwinds, full year subscription revenues in fiscal '24 increased 19% year-over-year.

我們認為，我們第四季度的業績反映了購買模式和行為的回歸，包括我們的美國企業客戶的購買模式和行為，我們認為這些客戶去年受到流動性危機的影響尤其嚴重。客戶流失率的改善也是一個正面的指標。我們對反彈的信心，以及對今年客戶流失率降低的預期，推動我們 25 財年的淨銷售額計劃比 24 財年高出約 50%。儘管存在宏觀阻力，24 財年的全年訂閱收入仍較去年同期成長 19%。

I couldn't be more proud of the solid execution of the global nCino team. Through the difficult environment, we remain focused on our customers and on product innovation, demonstrating our loyalty and commitment to them through the inevitable business cycles. Customer relationships are at the center of the nCino culture. The opportunity to expand these partnerships with new products and technology is one of the many reasons we are so excited about the road ahead.

我對全球 nCino 團隊的紮實執行力感到無比自豪。在困難的環境中，我們仍然專注於客戶和產品創新，在不可避免的商業週期中展現我們對他們的忠誠和承諾。客戶關係是 nCino 文化的核心。透過新產品和技術擴大這些合作夥伴關係的機會是我們對未來道路如此興奮的眾多原因之一。

A more normal buying cycle and the improving churn from customers follows almost 4 years of industry upheaval between COVID, an unprecedented rise in interest rates and the liquidity crisis. During this time, nCino generated a 41% subscription revenues CAGR and transformed from posting a $14 million non-GAAP operating loss in fiscal '21 to generating non-GAAP operating income of $62 million in fiscal '24.

在新冠疫情、史無前例的利率上升和流動性危機之間經歷了近四年的行業動盪之後，購買週期變得更加正常，客戶流失率也有所改善。在此期間，nCino 的訂閱收入複合年增長率為 41%，並從 21 財年的 1,400 萬美元非 GAAP 營運虧損轉變為 24 財年的 6,200 萬美元非 GAAP 營運收入。

This success reflects the value of our unique platform and strategy, which has created a durable business that can grow and be profitable in any economic environment. An obvious question is why we saw such a strong rebound in Q4 sales and the improved customer behavior. In short, interest rates stabilized, which provided customers the opportunity to focus more on moving forward to strategic investments in light of increased confidence in the business environment and greater visibility into economic trends.

這一成功體現了我們獨特的平台和策略的價值，它創造了一個可以在任何經濟環境下成長和獲利的持久業務。一個明顯的問題是為什麼我們看到第四季的銷售額出現如此強勁的反彈以及客戶行為的改善。簡而言之，利率趨於穩定，這使得客戶有機會更專注於策略性投資，因為他們對商業環境的信心增強，對經濟趨勢的了解也更加清晰。

Throughout fiscal '24, we discussed the strong demand we were seeing in the market, with the Federal Reserve indicating it has largely finished raising rates. We saw customers ready to close on pending deals. Even after the sales success in Q4, we entered fiscal '25 with a strong pipeline, which has helped us carry momentum into this year. Before we discuss the factors behind our optimism for the current year and beyond, I wanted to briefly review some of the highlights from the fourth quarter and from fiscal '24.

在整個 24 財年，我們討論了市場上看到的強勁需求，聯準會表示已基本完成升息。我們看到客戶準備完成待定交易。即使在第四季度取得銷售成功後，我們進入 25 財年時仍擁有強大的產品線，這幫助我們將勢頭帶入今年。在我們討論我們對今年及以後的樂觀情緒背後的因素之前，我想簡要回顧一下第四季度和 24 財年的一些亮點。

First, let's discuss mortgage. Despite the mortgage turmoil leading to unprecedented churn, full year U.S. mortgage subscription revenues grew by 14%, with Q4 being our best mortgage gross sales quarter of the year. Our success in the fourth quarter was driven largely by selling into banks and credit unions. Of the 21 new mortgage customers signed in the fourth quarter, 13 were FIs. For 12 of these customers, mortgage was the landing point for nCino with the India institution.

首先，我們來討論抵押貸款。儘管抵押貸款動盪導致前所未有的客戶流失，美國抵押貸款訂閱收入全年增長了 14%，其中第四季度是我們今年抵押貸款銷售最好的季度。我們第四季的成功主要歸功於向銀行和信用合作社的銷售。在第四季度新簽約的 21 名抵押貸款客戶中，有 13 名是金融機構。對其中 12 位客戶來說，抵押貸款是 nCino 與印度機構合作的起點。

We again saw solid growth internationally in the fourth quarter, which we now represent 20% of total revenues. EMEA remains our largest market outside of the United States, where in the fourth quarter, we added our first enterprise bank in the Nordics, a new logo in South Africa and a new U.K. platform customer for our commercial lending, mortgage and nIQ solutions.

第四季我們在國際市場再次穩健成長，目前佔總營收的 20%。歐洲、中東和非洲仍然是我們在美國以外最大的市場，第四季度，我們在北歐地區增加了第一家企業銀行，在南非增加了新徽標，並為我們的商業貸款、抵押貸款和nIQ 解決方案增加了新的英國平台客戶。

We also continued our momentum in Japan, announcing another Japanese customer a few weeks ago that signed with us in the fourth quarter for mortgage. We continued innovating to expand the capabilities of the platform, unlocking more wallet share opportunities in our installed base, which contributed to more multiproduct wins in the fourth quarter. Josh will cover some of these wins in more detail in his comments.

我們也繼續在日本保持勢頭，幾週前宣布另一位日本客戶在第四季度與我們簽訂了抵押貸款協議。我們繼續創新以擴展平台的功能，在我們的安裝基礎中釋放更多的錢包共享機會，這有助於在第四季度獲得更多的多產品勝利。喬什將在他的評論中更詳細地介紹其中一些勝利。

Let's turn to nIQ and AI, looking both at our progress in fiscal '24 and the accelerating opportunity we see in fiscal '25 and beyond. For nCino, AI starts with our nIQ products, which we've been developing for almost 5 years. We have seen strong traction across all 3 products currently in the nIQ portfolio. In the fourth quarter, we added our largest auto spreading deal outside of the United States, which follows signing our largest portfolio analytics deal last quarter.

讓我們轉向 nIQ 和人工智慧，看看我們在 24 財年取得的進展以及我們在 25 財年及以後看到的加速機會。對 nCino 來說，人工智慧始於我們的 nIQ 產品，我們已經開發了近 5 年。我們已經看到 nIQ 產品組合中目前所有 3 款產品的強勁吸引力。在第四季度，我們增加了美國以外最大的汽車傳播交易，這是繼上季度簽署我們最大的投資組合分析交易之後。

nIQ demonstrated our initial success in utilizing an unmatched data assets to provide intelligence and actionable insights at the point of production across our single platform. Now we are taking the next step with banking advisers, which already has early adopters. Banking adviser leverages generative AI to further automate banking-specific tasks.

nIQ 展示了我們在利用無與倫比的資料資產在單一平台的生產點提供情報和可操作的見解方面取得的初步成功。現在，我們正在與銀行顧問一起採取下一步行動，該顧問已經有了早期採用者。銀行顧問利用生成式人工智慧進一步自動化銀行特定任務。

The opportunity for AI in banking can't be overstated. A recent Accenture study concluded that banks are likely to benefit more from generative AI than any other industry. To truly benefit, financial institutions need nCino's single platform to surface data at the point of production to drive the actionable insights and intelligence that differentiate the bank and improve the customer experience. Obviously, it is early in the AI life cycle, but with our unique perspective on industry demand drivers, we believe the opportunity for AI and banks is not hype. It's real.

人工智慧在銀行業的機會怎麼強調都不為過。埃森哲最近的一項研究得出的結論是，銀行可能比其他行業從生成式人工智慧中受益更多。為了真正受益，金融機構需要 nCino 的單一平台來顯示生產點的數據，以推動可操作的見解和情報，使銀行脫穎而出並改善客戶體驗。顯然，現在還處於人工智慧生命週期的早期，但憑藉我們對產業需求驅動因素的獨特視角，我們相信人工智慧和銀行的機會並不是炒作。它是真實的。

Banking adviser and our other nIQ offerings are examples of our continued emphasis on expanding the breadth and depth of our product offerings. Since the beginning, nCino's single platform has addressed a variety of pain points, including the need to grow revenues, attract the base talent, (inaudible) demands, improve the customer experience and increase efficiency.

銀行顧問和我們的其他 nIQ 產品是我們持續重視擴大產品範圍和深度的例子。從一開始，nCino 的單一平台就解決了各種痛點，包括增加收入、吸引基礎人才、（聽不清楚）需求、改善客戶體驗和提高效率。

While the relative importance of the individual capabilities varies over time, customer feedback points to efficiency is currently the most important driver. Becoming more efficient is critical in any economic environment. It's a business input an organization can control. Of course, the importance of AI ties directly to this demand. At the same time, the continued pressure on net interest margins can only be mitigated by improved efficiency. Our single platform allows nCino to be part of the solution as FIs look to consolidate vendors and streamline operations.

雖然各個能力的相對重要性隨著時間的推移而變化，但客戶回饋表明效率是目前最重要的驅動因素。在任何經濟環境中，提高效率都至關重要。這是組織可以控制的業務輸入。當然，人工智慧的重要性與這項需求直接相關。同時，淨利差的持續壓力只能透過提高效率來緩解。我們的單一平台使 nCino 能夠成為解決方案的一部分，因為金融機構希望整合供應商並簡化營運。

As the only platform that can work with small community banks, credit unions and independent mortgage banks, all the way to the largest institutions across the globe, the value of our solution becomes more and more clear over time. The nCino platform provides commercial, small business, consumer lending including mortgage, account opening and onboarding from one trusted partner on a single platform that is embedded with AI, actionable insights, data and intelligence.

作為唯一可以與小型社區銀行、信用社和獨立抵押貸款銀行一直到全球最大機構合作的平台，我們的解決方案的價值隨著時間的推移變得越來越明顯。 nCino 平台在嵌入人工智慧、可操作的見解、數據和情報的單一平台上提供商業、小型企業和消費貸款，包括抵押貸款、開戶和從一個值得信賴的合作夥伴入職。

nCino helps FIs act like fintechs, leveraging the lower cost of capital with the ease of use and personalized experience consumers have come to expect from fintechs. Our new omnichannel experience for consumer lending is also in the hands of early adopters. A lesson from the liquidity crisis last year that has sunk in all too well is the need to extend relationship banking through digital channels to create a more enjoyable user experience for the consumer and to reduce costs for financial institutions.

nCino 幫助金融機構像金融科技公司一樣運作，利用較低的資本成本以及消費者期望從金融科技公司獲得的易用性和個人化體驗。我們全新的消費貸款全通路體驗也掌握在早期採用者手中。去年行動危機的一個教訓是，需要透過數位管道擴展關係銀行業務，為消費者創造更愉快的使用者體驗，並降低金融機構的成本。

While online banking has been around for decades and consumers' interactions with their financial institution frequently occur through an app today, middle and back-office processes for consumers have remained far from automated. The consumer-facing technology leveraged from our nCino mortgage suite creates a consistent experience for consumers across mortgage and spectrum of consumer lending products offered in today's market.

儘管網路銀行已經存在了幾十年，而且如今消費者與金融機構的互動經常透過應用程式進行，但消費者的中後台流程仍然遠未實現自動化。我們的 nCino 抵押貸款套件所利用的面向消費者的技術為當今市場上提供的抵押貸款和消費貸款產品範圍內的消費者創造了一致的體驗。

nCino omnichannel connects seamlessly to our platform through proprietary APIs, fully digitizing the process, beginning with the application. The release of this functionality is already driving significant pipeline development for both our consumer lending and mortgage solutions.

nCino 全通路透過專有 API 無縫連接到我們的平台，從應用程式開始將流程完全數位化。此功能的發布已經推動了我們的消費貸款和抵押貸款解決方案的重大管道開發。

Subsequent to year-end, we took an additional step to accelerate expanding our platform capabilities with a tuck-in acquisition. Last week, we announced the acquisition of DocFox, which provides technology for commercial account opening and onboarding, including robust KYC and AML functionality. Utilizing DocFox eliminates paperwork, reducing the time required for onboarding complex commercial accounts from months to days.

年底後，我們又採取了一項措施，透過收購來加速擴展我們的平台能力。上週，我們宣布收購 DocFox，該公司提供商業帳戶開設和入職技術，包括強大的 KYC 和 AML 功能。使用 DocFox 可以消除文書工作，將複雜商業帳戶註冊所需的時間從數月縮短至數天。

The acquired technology provides complementary functionality, and again, allows us to capture greater wallet share within our installed base. I can't overemphasize the asset [delivered] by our customer base as we continue to expand the breadth and depth of our product capabilities and value proposition.

所獲得的技術提供了補充功能，並且再次使我們能夠在我們的安裝基礎中獲得更大的錢包份額。隨著我們不斷擴大產品功能和價值主張的廣度和深度，我怎麼強調我們的客戶群[提供的]資產都不為過。

Our initial focus will be on bringing DocFox to our community bank customers, refining our go-to-market and implementation motions in this market as we usually do with new products. After demonstrating success within the community market, we'll begin targeting our entire commercial and small business customer base. Greg will review our financial outlook, but I want to note that we are trying to be prudent in our guidance despite our optimism about the improving trends.

我們最初的重點是將 DocFox 帶給我們的社區銀行客戶，完善我們在該市場的上市和實施行動，就像我們通常對新產品所做的那樣。在社區市場取得成功後，我們將開始瞄準整個商業和小型企業客戶群。格雷格將審查我們的財務前景，但我想指出，儘管我們對改善趨勢持樂觀態度，但我們仍試圖謹慎對待我們的指導。

Even with a strong finish through the year, the difficult first quarter of fiscal '24, which stemmed from the liquidity crisis, paired with the unprecedented churn that we believe peaked in the second half of last year, does create difficult compares for much of the year.

儘管全年業績強勁，但由於流動性危機而導致的 24 財年第一季的困難，加上我們認為去年下半年達到頂峰的前所未有的客戶流失，確實給大部分企業帶來了困難。年。

Notwithstanding our success increasing profitability, subscription revenues growth remains our primary objective. We are confident the strength of year-end sales and the improving macro trends we see puts us on track to exceed 15% subscription revenue growth in FY '26. In addition, we remain on track to achieve the Rule of 50 as highlighted during our Investor Day in September.

儘管我們成功提高了獲利能力，但訂閱收入成長仍然是我們的首要目標。我們相信，年終銷售的強勁勢頭以及宏觀趨勢的改善將使我們預計在 26 財年實現超過 15% 的訂閱收入成長。此外，我們仍有望實現 9 月投資者日期間強調的 50 法則。

Before I turn the call over to Josh to review the operational highlights of the quarter, I want to speak briefly about 2 organizational changes. First, our Chief Product Officer, Matt Hansen, has informed me that following a number of professional successes, including founding SimpleNexus in 2011, integrating it with nCino following the acquisition in January 2022 and delivering exemplary results over the last 2 years leading our product development and engineering organization, he has made the decision to leave nCino to spend more quality time with his family.

在我將電話轉給喬許回顧本季的營運亮點之前，我想先簡單談談兩項組織變革。首先，我們的首席產品長Matt Hansen 告訴我，在取得了一系列專業成功之後，包括2011 年創立SimpleNexus、在2022 年1 月收購後將其與nCino 整合，以及在過去2 年中領導我們的產品在開發取得了典範成果和工程組織後，他決定離開 nCino，以便與家人共度更多美好時光。

We are grateful for Matt's contributions and the leadership of various change initiatives, including the launch of the omnichannel experience, monthly product releases, evolving how work is done across PD&E and the significant productivity improvements during his tenure will have an ongoing impact on our success. Mat will remain within nCino in a consulting capacity until August to help ensure a smooth transition.

我們感謝Matt 的貢獻和對各種變革舉措的領導，包括全通路體驗的推出、每月產品發布、改進整個PD&E 的工作方式以及他任職期間生產力的顯著提高，這些將對我們的成功產生持續的影響。 Mat 將以諮詢身份留在 nCino 直至 8 月，以幫助確保順利過渡。

Sean Desmond, currently our Chief Customer Success Officer has been named Chief Product Officer, effective May 1. Sean's extensive background in technical management and product development, his customer-centric approach and his proven ability to build meaningful relationships and lead complex organizations will help ensure the continued evolution of our solutions and our PD&E team.

目前我們的首席客戶成功官Sean Desmond 已被任命為首席產品官，自5 月1 日起生效。Sean 在技術管理和產品開發方面擁有豐富的背景，他以客戶為中心的方法以及他建立有意義的關係和領導複雜組織的公認能力將有助於確保我們的解決方案和 PD&E 團隊的持續發展。

Sean has been a member of nCino's executive leadership team for over 10 years, and his understanding of our business, products, customers and market needs have prepared him extremely well for this position. Sean has been a key partner and highly collaborative with Matt and PD&E leadership on the change initiatives I just referenced. His customer success organization is well developed and positioned to continue delivering best-in-class service levels to our customers.

Sean 擔任 nCino 執行領導團隊成員已有 10 多年，他對我們的業務、產品、客戶和市場需求的了解使他為擔任這一職位做好了充分的準備。 Sean 一直是我剛才提到的變革舉措的重要合作夥伴，並與 Matt 和 PD&E 領導層高度合作。他的客戶成功組織發展良好，能夠繼續為我們的客戶提供一流的服務水準。

The other organizational change, as referenced in our earnings release, is that Josh Glover, our President and Chief Revenue Officer, is leaving nCino to pursue an opportunity as President and CRO of a later-stage private company outside of the financial services industry. As most of you know, Josh was one of the earliest nCino employees and has been at my side for the past 12 years, helping to create a global profitable growth company we are today.

正如我們的財報中所提到的，另一個組織變化是我們的總裁兼首席營收長 Josh Glover 將離開 nCino，去尋求在金融服務業之外的一家後期私營公司擔任總裁和 CRO 的機會。大多數人都知道，Josh 是 nCino 最早的員工之一，在過去 12 年裡一直陪伴在我身邊，幫助創建了今天的全球盈利增長型公司。

While I'm sorry to see him leave, we all wish him the greatest success as he pursues a new challenge and expands his professional experience beyond nCino. Josh will continue with nCino in a consulting capacity until June 30 to help ensure a smooth transition. Paul Clarkson, who has been leading global sales with Josh's organization and has deep knowledge of our business, customers and the markets we serve, has been named Executive Vice President, Global Revenue.

雖然我對他的離開感到遺憾，但我們都祝福他在追求新的挑戰並拓展 nCino 以外的職業經驗時取得最大的成功。喬許將繼續在 nCino 擔任顧問直至 6 月 30 日，以幫助確保順利過渡。保羅克拉克森 (Paul Clarkson) 一直在喬許 (Josh) 的組織中領導全球銷售，對我們的業務、客戶和我們服務的市場有著深入的了解，他被任命為全球收入執行副總裁。

We're excited for Paul to take on this increased responsibility as promoting from within has long been part of nCino's success. At this time, we do not plan to fill the President role as we believe those responsibilities can be shared amongst the executive leadership team members.

我們很高興 Paul 能夠承擔起這一更大的責任，因為從內部提拔長期以來一直是 nCino 成功的一部分。目前，我們不打算填補總裁一職，因為我們相信這些職責可以由執行領導團隊成員分擔。

With that, I will turn the call over to Josh to review some of the operational highlights from the quarter.

接下來，我將把電話轉給喬什，回顧本季的一些營運亮點。

Thank you, Pierre. As I'm sure you can appreciate, I've given the decision to leave nCino a great deal of thought. It's never easy to leave a place where you've invested so much of yourself and where you so highly value the people, the friends that you work with. With a mature global go-to-market and sales organization well in place and with interest rates stabilizing and the liquidity crisis behind us, it feels like now is the right time for me to pursue a new challenge.

謝謝你，皮埃爾。我相信你會理解，我對離開 nCino 的決定深思熟慮。離開一個你投入瞭如此多的精力、如此重視與你一起工作的人和朋友的地方絕非易事。隨著成熟的全球上市和銷售組織的到位，利率的穩定和流動性危機的結束，我感覺現在是我迎接新挑戰的最佳時機。

I will always be nCino's biggest supporter and I look forward to watching the company's continued success. I particularly look forward to watching some of my closest colleagues and friends as they step up to take on additional responsibilities and receive well-earned professional opportunities. I've enjoyed getting to know all of you over the years, and I hope to get to work with you again down the road.

我將永遠是 nCino 最大的支持者，我期待看到該公司不斷取得成功。我特別期待看到一些最親密的同事和朋友站出來承擔額外的責任並獲得應得的職業機會。這些年來我很高興認識你們所有人，我希望將來能再次與你們合作。

With that said, let's turn to the strong Q4 results. We are very pleased with the way our sales team finished the year. Our existing customer base continues to be nCino's most strategic asset. About 60% of the business signed in the fourth quarter came from upsells and cross-sells to our existing base. We saw multiyear extensions across the entire business, with expanded commitments from 29 institutions in U.S. banking segments, in EMEA, APAC and Canada.

話雖如此，讓我們來看看第四季的強勁業績。我們對銷售團隊完成這一年的方式感到非常滿意。我們現有的客戶群仍然是 nCino 最具策略意義的資產。第四季簽訂的業務中約 60% 來自對我們現有基地的追加銷售和交叉銷售。我們看到了整個業務的多年擴展，美國銀行業、歐洲、中東和非洲、亞太地區和加​​拿大銀行業的 29 家機構擴大了承諾。

In the fourth quarter, we signed a 7-figure expansion agreement for small business at a top 50 U.S. bank and another for deposit account opening at a top 100 U.S. bank. Reinforcing our successful delivery of a single platform, half of the new business signed in the quarter came from solutions other than commercial lending. nIQ adoption also increased. 39% of our platform base has now adopted at least 1 nIQ solution. This is up from 30% at the end of last year.

第四季度，我們與一家美國排名前 50 的銀行簽署了一項針對小型企業的 7 位數擴張協議，並與一家美國排名前 100 的銀行簽署了另一份存款帳戶開立協議。本季度簽署的新業務中有一半來自商業貸款以外的解決方案，這進一步鞏固了我們單一平台的成功交付。 nIQ 的採用率也有所增加。我們 39% 的平台現已採用至少 1 個 nIQ 解決方案。這比去年年底的 30% 有所上升。

As part of their initial commitment to nCino, an over $4 billion bank in Texas selected us for commercial, small business and consumer lending as well as commercial pricing and profitability, automated spreading and portfolio analytics. Also, an over $8 billion bank in Ohio selected nCino for commercial and small business lending as well as auto spreading and portfolio analytics.

作為對 nCino 最初承諾的一部分，德州一家資產超過 40 億美元的銀行選擇我們提供商業、小型企業和消費者貸款以及商業定價和盈利能力、自動利差和投資組合分析服務。此外，俄亥俄州一家資產超過 80 億美元的銀行選擇 nCino 進行商業和小型企業貸款以及自動利差和投資組合分析。

Customers are telling us more now than ever that financial institutions need to realize efficiencies by consolidating operations and data onto a single trusted platform. With the new offerings we're bringing to the market and the acquisition of DocFox, we expect to see even deeper adoption of the single platform within our accounts. This platform is being embraced by more than just U.S. customers.

客戶現在比以往任何時候都更常告訴我們，金融機構需要透過將營運和數據整合到單一可信任平台上來提高效率。隨著我們向市場推出的新產品以及對 DocFox 的收購，我們預計我們的帳戶將更深入地採用單一平台。該平台不僅受到美國客戶的歡迎。

During the fourth quarter, we completed one of our largest automated spreading agreements. This is with a top 10 Canadian financial institution, Desjardins. Desjardins began their digital lending journey with nCino with small business banking that expanded to their commercial banking line of business and has now selected us for auto spreading. Also in the quarter, a top U.K. nonbank lender selected nCino as the digital lending platform across all of their core products: residential and buy-to-let mortgages, commercial loans, bridging finance and development funding.

在第四季度，我們完成了最大的自動傳播協議之一。這是加拿大十大金融機構 Desjardins 的合作夥伴。 Desjardins 與 nCino 一起開始了他們的數位貸款之旅，其小型企業銀行業務擴展到了商業銀行業務範圍，現在選擇我們進行自動分攤。同樣在本季度，英國一家頂級非銀行貸款機構選擇 nCino 作為其所有核心產品的數位貸款平台：住宅和買房出租抵押貸款、商業貸款、過渡性融資和開發資金。

Other notable wins outside of the U.S. included a Japanese regional bank win with The Saikyo Bank for mortgage, our first enterprise bank in the Nordics and a top 10 South African bank. Notably, in Canada, we added another 2 top 20 Canadian credit unions, and we added another top 10 Canadian bank. We now have 6 of the top 10 Canadian financial institutions on the nCino platform.

美國以外的其他顯著勝利包括日本地區銀行與 Saikyo Bank 贏得抵押貸款業務、我們在北歐的第一家企業銀行以及南非十大銀行。值得注意的是，在加拿大，我們又增加了 2 家加拿大排名前 20 名的信用合作社，並增加了另一家加拿大排名前 10 的銀行。目前，加拿大排名前 10 的金融機構中有 6 家已進駐 nCino 平台。

Our continued investment in the platform has become a major differentiator for us in the market. The product announcements over the last several quarters, including the launch of banking adviser, automated insights for portfolio analytics, our omnichannel experience for consumer lending and the acquisition of DocFox, revolve around 3 key innovation themes you've heard us discuss many times: automation, intelligence and experience.

我們對該平台的持續投資已成為我們在市場上的主要差異化因素。過去幾季的產品公告，包括銀行顧問的推出、投資組合分析的自動化見解、我們在消費貸款方面的全通路經驗以及對DocFox 的收購，都圍繞著您多次聽到我們討論的3 個關鍵創新主題：自動化、智力和經驗。

As Pierre mentioned, a recent publication from Accenture concluded that banking is likely to be more profoundly impacted by generative AI than any other industry based on the potential for automation and augmentation. As of this call, we have 3 early adopters representing the U.S. enterprise, U.S. community banking segments plus an international bank using several banking adviser skills.

正如皮埃爾所提到的，埃森哲最近發表的一份出版物得出的結論是，基於自動化和增強的潛力，銀行業可能比任何其他行業更受生成人工智慧的影響。截至本次電話會議，我們有 3 位早期採用者，代表美國企業、美國社區銀行業務部門以及一家使用多種銀行顧問技能的國際銀行。

One of those skills is credit memo narratives, which leverages generative AI to automate the creation of a credit memo, a required and complex deliverable in every commercial loan that is used when making a lending decision. We have additional skills already in development that will be in the market later this year, bringing even more actionable intelligence to the point of production, where it can influence positive business outcomes for the financial institution.

其中一項技能是貸項憑證敘述，它利用生成式人工智慧自動建立貸項憑證，這是在做出貸款決策時使用的每筆商業貸款中必需且複雜的可交付成果。我們已經開發了更多技能，將於今年稍後推向市場，為生產帶來更多可操作的情報，從而為金融機構帶來積極的業務成果。

These use cases include layering generative AI into commercial pricing and profitability and into our priority manager feature. Given the shape of anticipated demand and adoption for generative AI, our intent is to monetize as a platform fee paired with consumption-based fees and also to drive intelligence across our various solutions. We look forward to demonstrating many of these new features and enhancements at nSight in May. We hope to see many of you there as well to see these innovations and to see nCino's vibrant ecosystem in person.

這些用例包括將生成式人工智慧分層到商業定價和盈利能力以及我們的優先級管理器功能中。考慮到生成式人工智慧的預期需求和採用情況，我們的目的是透過平台費用與基於消費的費用相結合來實現貨幣化，並推動我們各種解決方案的智慧化。我們期待在 5 月的 nSight 上展示其中的許多新功能和增強功能。我們希望能在那裡見到你們中的許多人，親眼目睹這些創新並親眼目睹 nCino 充滿活力的生態系統。

Product enhancements aimed at experience have been driving market momentum for our mortgage suite. An over $30 billion regional bank who previously adopted nCino across consumer and commercial lending went live on our mortgage suite in the fourth quarter. We were glad to hear the differentiated experience of 1 borrower. The customer was able to apply for their mortgage in less than 10 minutes on their phone while walking their dog. This bank is well on their way to realize and exceed their business case for the solution by transitioning significant application volumes to digital channels and realizing a commensurate reduction in abandonment rates, bringing them well ahead of industry average.

以體驗為目標的產品增強一直在推動我們抵押貸款套件的市場動力。一家資產規模超過 300 億美元的區域銀行之前在消費者和商業貸款領域採用了 nCino，並於第四季度開始使用我們的抵押貸款套件。我們很高興聽到一位借款人的與眾不同的經歷。客戶一邊遛狗，一邊用手機不到 10 分鐘就申請了房貸。該銀行正在透過將大量應用程式轉移到數位管道並相應降低放棄率來實現並超越其解決方案的業務案例，從而遠遠領先於行業平均水平。

The fourth quarter was our best sales quarter for U.S. mortgage in fiscal '24, adding 21 new logos for mortgage point of sale. These 21 new customers included one of the largest IMBs in the nation, a takeaway from a competitor and one of the largest deals in our mortgage team's history. The 13 new financial institution customers added also validate the benefit of our efforts to continue integrating and aligning our go-to-market teams to leverage nCino's brand and presence across the finest financial institutions in the United States.

第四季是我們 24 財年美國抵押貸款銷售最好的季度，為抵押貸款銷售點添加了 21 個新標誌。這 21 位新客戶包括全國最大的 IMB 之一、從競爭對手那裡獲得的成果以及我們抵押貸款團隊歷史上最大的交易之一。新增的 13 家金融機構客戶也驗證了我們繼續整合和調整我們的市場推廣團隊以利用 nCino 的品牌和在美國最好的金融機構中的影響力的努力所帶來的好處。

The reshuffle of mortgage loan officers throughout the latest cycle has been one of our best sources of demand generation. Past users in nCino's mortgage solutions evangelize the product to their new employer and become vocal internal advocates as we pursue those accounts, and mortgage lenders look to implement our market-leading solutions to proactively compete for talent. While churn for market consolidation remained elevated in the quarter, we are confident that the share gains throughout this cycle paired with continued product development efforts will yield accelerating growth as the mortgage market normalizes.

在最近一個週期中，抵押貸款官員的改組是我們產生需求的最佳來源之一。 nCino 抵押貸款解決方案的過去用戶向他們的新雇主宣傳該產品，並在我們追求這些帳戶時成為直言不諱的內部倡導者，抵押貸款機構希望實施我們市場領先的解決方案來主動爭奪人才。儘管本季市場整合的流失率仍然較高，但我們相信，隨著抵押貸款市場的正常化，整個週期中的份額成長以及持續的產品開發努力將帶來加速成長。

I am proud of how the company came together to support sales efforts in the fourth quarter. The strength of our team and competitive positioning makes me optimistic for a strong fiscal '25 and beyond. Greg, can you please take us through the financials?

我為公司如何齊心協力支持第四季的銷售工作感到自豪。我們團隊的實力和競爭地位使我對 25 年及以後的強勁財年持樂觀態度。格雷格，您能為我們介紹一下財務狀況嗎？

Thank you, Josh, and thank you for your friendship and partnership over the past 8.5 years. While I will miss working with you, I know it's time for you to take on a new challenge, and I wish you the very best.

謝謝你，喬什，也謝謝你在過去 8.5 年裡的友誼和夥伴關係。雖然我會懷念與你一起工作的時光，但我知道你是時候接受新的挑戰了，我祝你一切順利。

With that, thanks, everyone, for joining us this afternoon to review our fourth quarter fiscal 2024 financial results. Please note that all numbers referenced in my remarks are on a non-GAAP basis, unless otherwise stated. A reconciliation to comparable GAAP metrics can be found in today's earnings release, which is available on our website and as an exhibit to the Form 8-K furnished with the SEC just before this call.

在此，感謝大家今天下午與我們一起回顧 2024 財年第四季的財務表現。請注意，除非另有說明，我的評論中引用的所有數字均基於非公認會計原則。與可比較 GAAP 指標的對帳可在今天的收益報告中找到，該報告可在我們的網站上找到，並作為本次電話會議之前向 SEC 提供的 8-K 表格的附件。

We are pleased with our fourth quarter fiscal '24 financial results. Total revenues for the fourth quarter were $123.7 million, an increase of 13% year-over-year. Full year total revenues were $476.5 million, an increase of 17% over fiscal '23. Subscription revenues for the fourth quarter of fiscal '24 were $107.5 million, an increase of 16% year-over-year. Subscription revenues were 87% of total revenues. Full year subscription revenues were $409.5 million, an increase of 19% over fiscal '23 and 86% of total revenues for the year.

我們對 24 財年第四季的財務表現感到滿意。第四季總營收為1.237億美元，年增13%。全年總營收為 4.765 億美元，比 2023 財年成長 17%。 2024 財年第四季的訂閱營收為 1.075 億美元，較去年同期成長 16%。訂閱收入佔總收入的87%。全年訂閱收入為 4.095 億美元，比 2023 財年增長 19%，佔當年總收入的 86%。

Professional services revenues were $16.2 million in the fourth quarter, a slight decrease year-over-year. Full year professional services revenues were $67.1 million, an increase of 6%. As I noted on our third quarter earnings call and at Investor Day, we intend to prioritize subscription revenues growth over professional services revenues growth on our path towards the Rule of 50.

第四季專業服務收入為 1,620 萬美元，較去年同期略有下降。全年專業服務收入為 6,710 萬美元，成長 6%。正如我在第三季財報電話會議和投資者日上指出的那樣，在實現 50 法則的道路上，我們打算優先考慮訂閱收入成長而不是專業服務收入成長。

In the fourth quarter, we continued to invest in our FI partner ecosystem and in implementation repetitions for newer products, which impacted the number of billable hours. We also faced a difficult year-over-year comparison in professional services from our portfolio analytics business, where the fourth quarter of fiscal '23 contributed an additional $1.2 million of professional services revenue related to meeting the CECL implementation deadline.

第四季度，我們繼續投資於我們的金融合作夥伴生態系統以及新產品的重複實施，這影響了計費小時數。我們的投資組合分析業務的專業服務也面臨艱難的同比比較，23 財年第四季與滿足 CECL 實施截止日期相關的專業服務收入額外貢獻了 120 萬美元。

Non-U.S. revenues were $24.8 million or 20% of total revenues in the fourth quarter, up 48% year-over-year. Revenues from outside the U.S. were $89.3 million or 19% of total revenues for the full year, up 45% year-over-year. As you are aware, international is one of our key growth pillars, and we are very pleased to see this continued growth outside the United States. We believe our global footprint, which just grew with the new office in South Africa from the DocFox acquisition, is truly unique amongst vertical financial services SaaS companies.

非美國第四季營收為 2,480 萬美元，佔總營收的 20%，較去年同期成長 48%。來自美國以外的收入為 8,930 萬美元，佔全年總收入的 19%，年增 45%。如您所知，國際業務是我們的關鍵成長支柱之一，我們很高興看到美國以外的持續成長。我們相信，隨著收購 DocFox 在南非設立新辦事處，我們的全球足跡在垂直金融服務 SaaS 公司中真正獨一無二。

Non-GAAP gross profit for the fourth quarter of fiscal '24 was $81.7 million, an increase of 15% year-over-year. Non-GAAP gross margin was 66% compared to 65% in the fourth quarter of fiscal '23. Non-GAAP gross profit for the full year was $313.1 million, an increase of 18% year-over-year. Non-GAAP gross margin for the full year was 66% compared to 65% in fiscal '23. Our gross margins improved due to subscription revenues being a larger contributor to total revenues.

2024 財年第四季非 GAAP 毛利為 8,170 萬美元，較去年同期成長 15%。非 GAAP 毛利率為 66%，而 2023 財年第四季的毛利率為 65%。全年非 GAAP 毛利為 3.131 億美元，較去年同期成長 18%。全年非 GAAP 毛利率為 66%，而 2023 財年為 65%。由於訂閱收入對總收入的貢獻更大，我們的毛利率有所提高。

Non-GAAP operating income for the fourth quarter of fiscal '24 was $19.3 million, with non-GAAP operating income of $1.8 million in the fourth quarter of fiscal '23. Our non-GAAP operating margin in the fourth quarter was 16% compared with 2% in the fourth quarter of fiscal '23. Non-GAAP operating income for the full year was $61.8 million compared with a non-GAAP operating loss of $2.1 million for fiscal '23.

24 財年第四季的非 GAAP 營業收入為 1,930 萬美元，23 財年第四季的非 GAAP 營業收入為 180 萬美元。我們第四季的非公認會計準則營業利益率為 16%，而 2023 財年第四季的營業利潤率為 2%。全年非 GAAP 營業收入為 6,180 萬美元，而 23 財年非 GAAP 營業虧損為 210 萬美元。

Our non-GAAP operating margin for fiscal '24 was 13% compared with negative 1% in fiscal '23. We realized efficiencies across the organization in fiscal '24 while remaining committed to continuous product innovation, delivering the highest levels of customer satisfaction and building out our global market presence.

我們 24 財年的非 GAAP 營業利益率為 13%，而 23 財年為負 1%。我們在 24 財年實現了整個組織的效率提高，同時繼續致力於持續的產品創新、提供最高水準的客戶滿意度並擴大我們的全球市場影響力。

Non-GAAP net income attributable to nCino for the fourth quarter of fiscal '24 was $23.8 million or $0.21 per diluted share compared to $4.4 million or $0.04 per diluted share in the fourth quarter of fiscal '23. Non-GAAP net income attributable to nCino for fiscal '24 was $58 million or $0.50 per diluted share compared to negative $8 million or negative $0.07 per basic and diluted share in fiscal '23.

24 財年第四季歸屬於 nCino 的非公認會計準則淨利潤為 2,380 萬美元，或稀釋後每股 0.21 美元，而 23 財年第四季為 440 萬美元，或稀釋後每股 0.04 美元。 24 財年歸屬於 nCino 的非公認會計準則淨利為 5,800 萬美元，或稀釋後每股收益 0.50 美元，而 23 財年為負 800 萬美元，或每股基本和稀釋每股負 0.07 美元。

The company received an income tax benefit in the fourth quarter from releasing a valuation allowance against a U.K. deferred tax asset which contributed $3.7 million to both GAAP and non-GAAP net income attributable to nCino in the quarter. Our remaining performance obligation increased to over $1 billion as of January 31, 2024, up 9% from $944.1 million as of January 31, 2023, with $675.4 million in the less than 24 months category, up 6% from $634.8 million as of January 31, 2023. RPO was positively impacted by the strength of gross sales coupled with a very strong renewal quarter.

該公司在第四季度獲得了所得稅優惠，因為對一項英國遞延稅資產發放了估值備抵，該資產為本季度歸屬於 nCino 的 GAAP 和非 GAAP 淨利潤貢獻了 370 萬美元。截至2024年1月31日，我們的剩餘履約義務增加至超過10億美元，較截至2023年1月31日的9.441億美元增長9%，其中24個月以內類別為6.754億美元，較截至1月31日的6.348億美元成長6% ，2023 年。RPO 受到銷售強勁以及非常強勁的續訂季度的正面影響。

We ended the quarter with cash and cash equivalents of $117.4 million, including restricted cash. Net cash provided by operating activities in the fourth quarter was $8.1 million compared to negative $22 million in the fourth quarter of fiscal '23. Capital expenditures were $400,000 in the quarter, resulting in free cash flow of $7.7 million in the fourth quarter, marking the first year in company history with positive free cash generation in every quarter of a fiscal year.

本季結束時，我們的現金和現金等價物為 1.174 億美元，其中包括限制性現金。第四季經營活動提供的淨現金為 810 萬美元，而 2023 財年第四季為負 2,200 萬美元。本季資本支出為 40 萬美元，第四季自由現金流為 770 萬美元，這標誌著公司歷史上第一年每個財年每季都產生正的自由現金流。

Moving on to DocFox. We closed this acquisition on March 20, with the $75 million purchase price paid in cash at closing. We leveraged our expanding revolving credit facility to help fund this transaction and intend to pay down the borrower principal throughout the year as we continue to generate cash. Financial results of DocFox will be consolidated from the date of acquisition for reporting in accordance with GAAP. As of December 31, 2023, DocFox had approximately $6 million of annualized subscription revenues.

繼續討論 DocFox。我們於 3 月 20 日完成了此次收購，並在交易結束時以現金支付了 7,500 萬美元的收購價格。我們利用不斷擴大的循環信貸額度為這筆交易提供資金，並打算在全年繼續產生現金的同時償還借款人本金。 DocFox 的財務表現將從收購之日起合併，以便根據 GAAP 進行報告。截至 2023 年 12 月 31 日，DocFox 的年訂閱收入約為 600 萬美元。

We ended fiscal '24 with over 1,800 customers, down from 1,858 at the end of fiscal '23 due to the churn we have discussed all year within the independent mortgage bank market. 501 of these customers contributed greater than $100,000 to fiscal '24 subscription revenues, an increase of 8% from the end of fiscal '23. Of these 501 customers, 86 contributed more than $1 million to fiscal '24 subscription revenues, an increase of 18% from the end of fiscal '23. We ended fiscal '24 with 460 platform customers, up from 428 at the end of fiscal '23.

到 24 財年結束時，我們擁有超過 1,800 名客戶，低於 23 財年末的 1,858 名客戶，因為我們全年都在討論獨立抵押貸款銀行市場的客戶流失情況。其中 501 家客戶為 24 財年訂閱收入貢獻了超過 10 萬美元，比 23 財年末成長了 8%。在這 501 家客戶中，有 86 家為 24 財年訂閱收入貢獻了超過 100 萬美元，比 23 財年末成長了 18%。截至 24 財年末，我們擁有 460 家平台客戶，高於 23 財年末的 428 家。

Our subscription revenue retention rate for fiscal '24 was 117%, down from 148% in fiscal '23 and or 125% if you exclude the inorganic contribution from the SimpleNexus acquisition. Churn for fiscal '24 was approximately $31 million, in line with the revised expectations provided on our Q3 earnings call.

我們 24 財年的訂閱營收保留率為 117%，低於 23 財年的 148%；如果排除 SimpleNexus 收購帶來的無機貢獻，則為 125%。 24 財年的流失量約為 3,100 萬美元，與我們在第三季財報電話會議上提供的修訂後的預期一致。

Before we turn to our fiscal '25 financial guidance, let me provide some commentary around our outlook for the year, in addition to Pierre's earlier comment about the negative impact of first quarter fiscal '24 sales as a result of the liquidity crisis. First and most noteworthy, we entered fiscal '25 with a subscription revenues headwind of approximately $31 million as a result of the heightened churn that occurred in fiscal '24, a significant amount of which we consider to be outside the...

在我們轉向 25 財年財務指引之前，除了 Pierre 之前關於流動性危機對 24 財年第一季度銷售造成的負面影響的評論之外，讓我對今年的前景發表一些評論。首先也是最值得注意的是，由於 24 財年發生的客戶流失加劇，我們進入 25 財年時訂閱收入逆風約為 3100 萬美元，我們認為其中很大一部分超出了…

(technical difficulty)

（技術難度）

Apologies, it seemed like we were having some technical difficulties. So let me take a few lines back and we'll start over. Appreciate your patience.

抱歉，我們似乎遇到了一些技術困難。讓我收回幾行，我們重新開始。感謝您的耐心。

First and most noteworthy, we entered fiscal '25 with a subscription revenue headwind of approximately $31 million as a result of the heightened churn that occurred in fiscal '24, a significant amount of which we consider to be outside the normal course of our business. Specifically, $13 million was related to the turmoil in the U.S. mortgage market, $2.5 million was attributable to a customer directly impacted by the liquidity crisis and $4 million represented the remainder of PPP licenses. The financial impact of this churn, even when netted against the contribution from the DocFox acquisition, results in a 3% headwind to fiscal '25 subscription revenues growth.

首先也是最值得注意的是，由於 24 財年發生的客戶流失加劇，我們進入 25 財年時訂閱收入逆風約為 3100 萬美元，我們認為其中很大一部分超出了我們的正常業務流程。具體來說，1300萬美元與美國抵押貸款市場的動盪有關，250萬美元與受流動性危機直接影響的客戶有關，400萬美元代表PPP許可證的剩餘部分。即使扣除收購 DocFox 的貢獻，這種流失的財務影響也會導致 25 財年訂閱收入成長下降 3%。

Turning to mortgage. Our U.S. mortgage subscription revenues grew 10% in the fourth quarter of fiscal '24 and 14% for the full year. We are very proud of this achievement in what was a very difficult mortgage market. For fiscal '25, we are modeling $8 million in mortgage churn, which, while still elevated from historic levels, is $5 million less than last year, but otherwise modeling minimal improvement in the U.S. mortgage market until the fourth quarter of fiscal '25. We expect our U.S. mortgage business will be dilutive to the company's overall subscription revenues growth rate for full year fiscal '25 in light of the fiscal '24 churn.

轉向抵押貸款。我們的美國抵押貸款訂閱收入在 2024 財年第四季成長了 10%，全年成長了 14%。我們對在非常困難的抵押貸款市場取得的這項成就感到非常自豪。對於25 財年，我們對800 萬美元的抵押貸款流失進行了建模，雖然仍高於歷史水平，但比去年減少了500 萬美元，但在其他方面，我們對美國抵押貸款市場的改善進行了建模，直到25 財年第四季。鑑於 24 財年的流失，我們預計我們的美國抵押貸款業務將稀釋公司 25 財年全年的整體訂閱收入成長率。

We expect our total company churn in fiscal '25 to decrease to approximately $20.5 million or 5% of fiscal '24 subscription revenues, and that churn will continue to moderate towards historic norms beyond this year as the mortgage market continues to normalize. On the cost side, we were pleased to announce an extension to our long-standing agreement with Salesforce in December that took effect at the start of fiscal '25.

我們預計25 財年的公司總流失率將降至約2,050 萬美元，佔24 財年訂閱收入的5%，並且隨著抵押貸款市場繼續正常化，今年之後的流失率將繼續趨於歷史正常水平。在成本方面，我們很高興地宣布延長 12 月與 Salesforce 的長期協議，該協議於 25 財年年初生效。

In addition to deepening the commitment between our 2 product organizations, we expect the more favorable unit economics provided by the agreement to contribute an approximately 1% improvement in our non-GAAP gross margin in fiscal '25 and then contribute further incremental improvements in our non-GAAP gross margin in future years. This agreement provides us with even more confidence in our ability to deliver on the 78% to 80% subscription gross margin long-term target announced at Investor Day.

除了加深我們兩個產品組織之間的承諾之外，我們預計該協議提供的更有利的單位經濟效益將使我們25 財年的非GAAP 毛利率提高約1%，然後進一步改善我們的非GAAP 毛利率。- 未來幾年公認的會計準則 毛利率。該協議使我們對實現投資者日宣布的 78% 至 80% 認購毛利率長期目標的能力更有信心。

You will note our guidance for fiscal '25 assumes continued progress on non-GAAP operating income with a $22 million to $24 million or 36% to 39% improvement year-over-year. We plan to continue prudently investing, particularly in R&D and sales and marketing, to drive subscription revenues growth in light of the significant opportunity we see ahead, including with our nIQ AI, data and analytics products.

您會注意到，我們對 25 財年的指導假設非 GAAP 營業收入持續取得進展，年增 2,200 萬美元至 2,400 萬美元，成長 36% 至 39%。鑑於我們看到的未來​​重大機遇，包括我們的 nIQ 人工智慧、數據和分析產品，我們計劃繼續謹慎投資，特別是在研發、銷售和行銷方面，以推動訂閱收入成長。

We remain confident in the long-term operating model targets we shared at our Investor Day in September. As I have previously stated, progress towards those targets will not be linear. And as a reminder, the 15% implied subscription revenues growth target in our long-term model is not a CAGR, but rather expected growth for that year.

我們對 9 月份投資者日分享的長期營運模式目標仍然充滿信心。正如我之前所說，實現這些目標的進展不會是線性的。提醒一下，我們的長期模型中 15% 的隱含訂閱收入成長目標不是複合年增長率，而是當年的預期成長。

Finally, our plan assumes approximately $8.5 million of capital expenditures, most of which is for improvements to and expansion of our office in the U.K. For the first quarter of fiscal 2025, we expect total revenues of $126 million to $127 million, with subscription revenues of $108.75 million to $109.75 million. This guidance assumes year-over-year subscription revenues growth of 12% to 13%.

最後，我們的計劃假設資本支出約為850 萬美元，其中大部分用於改善和擴大我們在英國的辦事處。2025 財年第一季度，我們預計總收入為1.26 億至1.27 億美元，訂閱收入為1.0875 億美元至 1.0975 億美元。該指引假設訂閱收入年增 12% 至 13%。

As Pierre noted, churn in fiscal '24 peaked in the second half of the year. Specifically, mortgage churn peaked in October, and total churn peaked in the fourth quarter, making the first 3 quarters more difficult comparisons. Non-GAAP operating income in the first quarter is expected to be approximately $18 million to $19 million, and non-GAAP net income attributable to nCino per share to be $0.13 to $0.14. This is based upon a weighted average of approximately 117 million diluted shares outstanding.

正如皮埃爾指出的那樣，24 財年的客戶流失率在下半年達到頂峰。具體而言，抵押貸款流失率在 10 月達到頂峰，總流失率在第四季度達到頂峰，這使得前三個季度的比較變得更加困難。第一季非 GAAP 營業收入預計約為 1,800 萬至 1,900 萬美元，非 GAAP 歸屬於 nCino 的每股淨利潤為 0.13 至 0.14 美元。這是基於約 1.17 億股稀釋後流通股的加權平均數。

For fiscal '25, we expect total revenues of $538.5 million to $544.5 million, with subscription revenues of $463 million to $469 million. This full year guidance assumes year-over-year subscription revenues growth of 13% to 15%. As you will note, the 13% high end of our first quarter subscription revenues guidance is the low end of our full year subscription revenue guidance. We expect our highest year-over-year and sequential growth to occur in the fourth quarter.

對於 25 財年，我們預計總收入為 5.385 億美元至 5.445 億美元，其中訂閱收入為 4.63 億美元至 4.69 億美元。該全年指引假設訂閱收入年增 13% 至 15%。正如您將注意到的，我們第一季訂閱收入指引的 13% 高端是我們全年訂閱收入指引的低端。我們預計第四季將出現最高的同比和環比增長。

We expect non-GAAP operating income for fiscal '25 to be $84 million to $86 million. Non-GAAP net income attributable to nCino per share is expected to be $0.60 to $0.64 based upon a weighted average of approximately 118 million diluted shares outstanding.

我們預計 25 財年非 GAAP 營業收入為 8,400 萬美元至 8,600 萬美元。根據約 1.18 億股稀釋後流通股的加權平均數，非公認會計準則下 nCino 每股淨利潤預計為 0.60 至 0.64 美元。

And with that, operator, we'll open the line for questions.

接線員，接下來我們將開通提問專線。

(Operator Instructions) Our first question comes from Terry Tillman with Truist Securities.

（操作員指示）我們的第一個問題來自 Truist Securities 的 Terry Tillman。

Yes. First, I do want to say, Josh, I guess congratulations and good luck with the new opportunity, and I'm sure you're going to miss our great questions.

是的。首先，我確實想說，喬什，我想恭喜你，祝你好運，獲得新的機會，我相信你會錯過我們提出的好問題。

I guess my first question, and then I have a follow-up, is on the enterprise side. Pierre, I think you were talking about enterprise demand normalizing. I guess is it starting to shift or pivot in terms of some of the products they're looking at?

我想我的第一個問題以及後續問題是在企業方面。皮埃爾，我認為您正在談論企業需求正常化。我想他們正在考慮的一些產品是否開始轉變或轉向？

In particular, I'm wondering, are you seeing green shoots for these larger transformational commercial loan origination deals, which typically were much larger? Or is it really a lot of the other products and the diversification playing out? And then I had a follow-up.

我特別想知道，您是否看到這些規模更大的轉型商業貸款發起交易的萌芽？這些交易通常規模要大得多？還是真的有很多其他產品和多元化正在發揮作用？然後我進行了跟進。

Yes. I would say -- thanks a lot, Terry. I would say that the larger banks is returning to more of a strategic posture, which means they are beginning to look at larger transformations. It's very early on in the buying cycle, but most of the actual activity is on the non-loan origination or noncommercial loan origination systems, okay? So it's things other than commercial loan origination.

是的。我想說——非常感謝，特里。我想說的是，大型銀行正在回歸更多的策略姿態，這意味著他們開始考慮更大的轉型。現在還處於購買週期的早期階段，但大部分實際活動都在非貸款發放或非商業貸款發放系統上，好嗎？所以這是商業貸款發放以外的事情。

And as we always reminded you, we see our customer base as a massive asset to this company. And you can see now how we're beginning to cross-sell into them with existing products as these products start scaling and become more attractive to larger banks as well, as well as the community and regional space. You can also see how the DocFox acquisition has been tremendously accretive to those accounts. That is a critical issue for them, how to deposit account opening and onboarding with a robust KYC and AML functionality. So I think we are proving out the case that our customer base is not a drag but actually a positive for us.

正如我們一直提醒您的那樣，我們將客戶群視為該公司的巨大資產。現在您可以看到我們如何開始與現有產品進行交叉銷售，因為這些產品開始擴大規模並對大型銀行以及社區和區域空間變得更具吸引力。您還可以看到 DocFox 的收購如何極大地增加了這些帳戶。對他們來說，這是一個關鍵問題，即如何透過強大的 KYC 和 AML 功能進行開戶和入職存款。因此，我認為我們正在證明我們的客戶群不是拖累，而是對我們來說實際上是積極的。

Got it. And I guess my follow-up question is related to the $6 million. Greg, I think you disclosed that, that was the annualized subscription revenue. Is that what you're assuming for FY '25? And if it's like SimpleNexus, you have some pretty significant revenue synergies. Are you baking anything in there?

知道了。我想我的後續問題與 600 萬美元有關。格雷格，我想你透露了這一點，那就是年化訂閱收入。這是您對 25 財年的假設嗎？如果它像 SimpleNexus 一樣，你就會獲得一些相當顯著的收入協同效應。你在裡面烤東西嗎？

Yes. Thanks, Terry. Obviously, we don't break down that detail from a fiscal '25 or specific product guidance perspective, but as was noted in the call, we're going to focus on integration and make sure, from a product perspective, we've got that single platform motion going to market, starting in the community base. And so we would expect the momentum to build as the year progresses is how we're looking at that contribution from DocFox.

是的。謝謝，特里。顯然，我們不會從 25 財年或特定產品指導的角度來分解該細節，但正如電話會議中指出的那樣，我們將專注於集成，並確保從產品的角度來看，我們擁有從社區基礎開始，單一平台運動進入市場。因此，我們預計隨著時間的推移，勢頭將會增強，這就是我們看待 DocFox 貢獻的方式。

(Operator Instructions) Our next question comes from Adam Hotchkiss with Goldman Sachs.

（操作員說明）我們的下一個問題來自高盛的 Adam Hotchkiss。

Great. I guess to start, I just wanted to touch a little bit more on the expansion of your partnership with Salesforce. I appreciate the detail on the model, Greg, but could you just talk a little bit more about what, if at all, is changing on the technology side from an integration perspective?

偉大的。我想首先，我只是想多談談你們與 Salesforce 合作夥伴關係的擴展。我很欣賞模型的細節，Greg，但是您能否從整合角度多談談技術方面正在發生哪些變化（如果有的話）？

Yes, I'll take that. Thanks, Greg. So the first thing is we and Salesforce get together with our customers, and we always look at opportunities to improve how the platform, which is Force.com, and then the CRM functionality, the call center functionality from Salesforce, integrate to nCino to make it a seamless experience for the banker. And so on the one hand, Salesforce are kind of expanding some platform elements so that we can integrate easier to it and better, and on top of that, it will provide a much better client experience.

是的，我會接受的。謝謝，格雷格。因此，第一件事是我們和 Salesforce 與我們的客戶合作，我們總是尋找機會改進平台（Force.com），然後將 CRM 功能、Salesforce 的呼叫中心功能整合到 nCino 中，從而使這對銀行家來說是一種無縫的體驗。因此，一方面，Salesforce 正在擴展一些平台元素，以便我們可以更輕鬆、更好地整合它，最重要的是，它將提供更好的客戶體驗。

And I always use this example. Think of your iPhone as a platform with a number of apps on there. And if they start sharing data, that makes it just so much more seamless. And although we've had that in the past, we are now taking that to a new dimension where more vertical capabilities of Salesforce becomes available to nCino. So it gives us deeper integration, it gives us more cross-sell opportunities as well as co-sell opportunities. And I'm very optimistic with the product direction of Salesforce and how we piggyback on that as well as the coordination in the field for us to win larger deals.

我總是用這個例子。將您的 iPhone 視為一個平台，上面有許多應用程式。如果他們開始共享數據，那就會變得更加無縫。儘管我們過去已經做到了這一點，但我們現在正在將其提升到一個新的維度，讓 nCino 可以使用 Salesforce 的更多垂直功能。因此，它為我們提供了更深入的整合，為我們提供了更多的交叉銷售機會以及共同銷售機會。我對 Salesforce 的產品方向以及我們如何利用這一方向以及在該領域的協調來贏得更大的交易非常樂觀。

Okay. Great. That's really helpful. And then I just wanted to talk a little bit more about banking adviser, some of the early adopters. How quickly do you think you can realistically ramp adoption of some of these features into the base? And then just any initial thoughts on how you think about the potential ACV uplift for existing customers would be helpful.

好的。偉大的。這真的很有幫助。然後我想多談談銀行顧問和一些早期採用者。您認為您能以多快的速度在基礎中實際採用其中一些功能？然後，關於如何看待 ACV 對現有客戶的潛在提升的任何初步想法都會有所幫助。

It's very early stage for banking adviser. We've got early adopters going with it. But in the end, banking adviser is going to be a tremendous productivity tool, and it will be based on, obviously, the size of the deployment, which correlates with the size of the bank. It will be based with a number of skills. It will be heavily ROI-based because we have to begin to understand how is it complementing specific roles and how it may even replace humans at certain places in the production line, okay? So the feedback we're getting right now is very positive, but it's early days. And Josh, do you want to comment on that?

對於銀行顧問來說，現在還處於早期階段。我們已經有了早期採用者。但最終，銀行顧問將成為一個巨大的生產力工具，顯然，它將基於部署的規模，而部署的規模與銀行的規模相關。它將基於許多技能。它將在很大程度上基於投資回報率，因為我們必須開始了解它如何補充特定角色，以及它甚至如何在生產線的某些地方取代人類，好嗎？因此，我們現在得到的回饋非常積極，但現在還處於早期階段。喬希，你想對此發表評論嗎？

I think it's important to note, back to your question about how quickly we can ramp adoption of that, our early adopters represent pieces of the U.S. enterprise, U.S. community regional and international customers. So this is something we feel will be globally applicable, and that's why we've taken that approach with the innovation.

我認為重要的是要注意，回到你關於我們能夠以多快的速度提高採用率的問題，我們的早期採用者代表了美國企業、美國社區區域和國際客戶的一部分。因此，我們認為這將在全球範圍內適用，這就是我們採用這種創新方法的原因。

It will be a much faster implementation than an nCino transformation. And that aligns with a lot of our other cross-sell and nIQ solutions that you've seen. You've heard us talk about record-setting portfolio analytics deals. Those are also quick to adopt, and we think that translates nicely to lots of our customers, the problems that we solve and to how quickly we can see a ramp from that.

這將是比 nCino 轉換更快的實作方式。這與您見過的許多其他交叉銷售和 nIQ 解決方案一致。您已經聽過我們談論創紀錄的投資組合分析交易。這些也很快就會被採用，我們認為這很好地轉化為我們的許多客戶、我們解決的問題以及我們能夠多快看到成長。

Yes. And Adam, it's Greg. Just to note, while again, not necessarily breaking down product contribution, I will note I think it's important that we're not assuming revenue in fiscal '25 from banking advisers. So again, consistent with our rollout model, very methodical, make sure it's battle-tested, and ultimately, that's what we're focused on doing this year.

是的。亞當，是格雷格。只是要再次指出，雖然不一定要細分產品貢獻，但我會指出，我認為重要的是我們不假設 25 財年來自銀行顧問的收入。再次強調，與我們的推出模型一致，非常有條理，確保它經過實戰測試，最終，這就是我們今年的重點工作。

Our next question comes from Alex Sklar with Raymond James.

我們的下一個問題來自 Alex Sklar 和 Raymond James。

Great. First question, I guess, for Pierre, Josh or Paul, if he's on, but you highlighted some of the fiscal '24 issues that impacted growth, and I just wanted to see if you could elaborate a little bit more on the visibility going to FY '25 that should drive the comments around 50% greater net bookings. And specifically, how should we think about that between kind of improved gross bookings versus improved churn?

偉大的。我想，第一個問題是問皮埃爾、喬什或保羅，如果他在的話，但你強調了一些影響增長的24 財年問題，我只是想看看你是否能詳細說明一下未來的可見性。25 財年，這應該會使淨預訂量增加 50% 左右。具體來說，我們應該如何考慮總預訂量的提高與客戶流失率的提高之間的關係？

Yes. Alex, it's Greg. Just on the churn, I think it's a combination of both in terms of, again, improved gross bookings, a little bit more consistent than what we saw last year, particularly in light of the liquidity crisis in Q1. but again, also an expectation, as I tried to detail in my prepared remarks, around the lower expectation for churn. So those 2, I think, helped drive that 50% number and some of the confidence that we see going into -- as the year begins in the pipelines that we have.

是的。亞歷克斯，這是格雷格。就流失而言，我認為這是兩者的結合，再次提高了總預訂量，比我們去年看到的更加一致，特別是考慮到第一季的流動性危機。但同樣，這也是一種預期，正如我在準備好的發言中試圖詳細說明的那樣，對客戶流失的預期較低。因此，我認為，這兩個因素幫助推動了 50% 的數字和我們看到的一些信心——隨著今年開始我們現有的管道。

I want to emphasize our capacity on the field has increased year-over-year because we believe there's a massive opportunity, and our TAM and SAM supports that. That gross bookings growth, along with lesser churn, gives us a significant upside on the net bookings.

我想強調的是，我們在該領域的能力逐年增強，因為我們相信存在巨大的機會，並且我們的 TAM 和 SAM 對此表示支持。總預訂量的成長以及客戶流失率的減少，使我們的淨預訂量有了顯著的成長。

Okay. And then just a quick follow-up. Is there any way to think about kind of how that should flow into fiscal '25 versus fiscal '26? Is that mostly a '26 issue?

好的。然後進行快速跟進。有沒有辦法考慮如何將其流入 25 財年和 26 財年？這主要是 26 年的問題嗎？

Our revenue certainty or visibility as the year starts, we're sitting around 93% to the middle of the guidance, okay? And so what we booked the first half of the year, there's 2 main factors. It's mix of product, in other words, how quickly it becomes revenue. It will be churned as we see those indicators because there's some unknowns in churn always. We've been conservative, but you never know what's going to happen. So those are the 2 main factors.

今年開始時，我們的收入確定性或能見度處於指引的中間位置，大約是 93%，好嗎？所以我們上半年的預訂有兩個主要因素。它是產品的組合，換句話說，就是它變成收入的速度。當我們看到這些指標時，它就會被攪動，因為攪動總是存在一些未知因素。我們一直很保守，但你永遠不知道會發生什麼事。這是兩個主要因素。

And can we get the bookings early enough in the year? Which I'll give you just a rough understanding of if we can, by mid-year, have roughly around 40% of our total gross bookings for the year in, that is much more of a normal picture for the year end. You get 60% in the back half. That first 6 months of bookings still impact this year's P&L. And as you get later through the end of the year, that impacts a lot more into next year's P&L, okay? So that gives you some color how we see. So actually, if you look at this year's financial results, we need to get bookings early and often, and we need to contain churn. And those are the main factors for this year's financials.

我們能在今年儘早獲得預訂嗎？我將讓您粗略地了解一下，到年中，我們的總預訂量是否能夠達到全年總預訂量的 40% 左右，這更像是年底的正常情況。下半場你能得到 60% 的機會。前 6 個月的預訂量仍影響今年的損益。隨著年底的臨近，這會對明年的損益產生更大的影響，好嗎？這給了你一些我們所看到的顏色。所以實際上，如果你看看今年的財務業績，我們需要儘早且經常獲得預訂，並且我們需要控制客戶流失。這些是今年財務狀況的主要因素。

Our next question comes from Nick Altmann with Scotiabank.

我們的下一個問題來自豐業銀行的尼克·阿爾特曼。

Awesome. I wanted to ask a question on the mortgage side of the business. It sounds like there is a pretty nice rebound in Q4, but can you maybe just talk about where you're at with the transition to more of a consumption-based model? And going off that, how should we be thinking about the impacts to the model in FY '25?

驚人的。我想問一個有關抵押貸款業務的問題。聽起來第四季度出現了相當不錯的反彈，但您能否談談在向更多基於消費的模式過渡方面您所處的位置？接下來，我們該如何考慮對 25 財年模型的影響？

Yes. Nick, if you think about the transition to more consumption base, which again has a committed platform fee and then which comes with a specific number of loans for that, and then to the extent that there's additional volume, we would get upside from that, from a logo perspective, it's about 25% to 30% of our mortgage base, probably a little bit higher from a revenue perspective. And so that's where we are from a transition standpoint.

是的。尼克，如果你考慮向更多消費基礎的過渡，這又需要承擔平台費用，然後附帶特定數量的貸款，然後在數量增加的情況下，我們會從中獲得好處，從標誌的角度來看，它大約占我們抵押貸款基礎的25% 到30%，從收入的角度來看可能會更高一些。從過渡的角度來看，這就是我們所處的位置。

Some customers, again, like the old seat-based model, and it works for them, and we're comfortable with that. Again, we started this because a lot of customers who were trying to navigate the rising interest rates came to us and wanted some relief, and we agreed to work with them as the market was struggling through that. But again, we wanted upside on the other side, and they worked with us for that. So I think we're positioned nicely as volumes come back.

一些客戶再次喜歡舊的基於座椅的模型，它適合他們，我們對此感到滿意。同樣，我們之所以開始這樣做，是因為許多試圖應對利率上升的客戶來到我們這裡並希望得到一些緩解，我們同意與他們合作，因為市場正在努力解決這個問題。但同樣，我們希望在另一方面有上升空間，他們為此與我們合作。因此，我認為隨著銷量的回升，我們的定位很好。

That said, if you go back to my prepared remarks, we aren't expecting much improvement in the mortgage market until Q4 of this year. If you look at the MBA statistics, Q3 is where they see a pop. But again, we want to be prudent with our modeling as we think about the business and we think about managing the business. So that's where we are as it relates to the mortgage opportunity.

也就是說，如果你回到我準備好的講話中，我們預計抵押貸款市場在今年第四季之前不會有太大改善。如果你看一下 MBA 的統計數據，你會發現第三季出現了成長。但同樣，當我們考慮業務和管理業務時，我們希望謹慎對待我們的建模。這就是我們與抵押貸款機會相關的情況。

Greg, maybe I can give some further color, just so that people understand what the mortgage impact is on the company as a whole. Today, mortgage is about 16% of total revenue. And then if you look at the -- what I would say is your churn and stability is that is more in the IMB market, and that makes up only 11%. When you look at the overall picture that we said in our press release that mortgage grew 14% year-over-year, which I think with all these headwinds is a fantastic accomplishment, number one.

格雷格，也許我可以進一步說明，以便人們了解抵押貸款對整個公司的影響。如今，抵押貸款約佔總收入的 16%。然後，如果你看一下——我想說的是，IMB 市場的流失率和穩定性更高，但只佔 11%。當你看一下我們在新聞稿中所說的整體情況時，抵押貸款同比增長了 14%，我認為，儘管面臨所有這些不利因素，這是一項了不起的成就，第一。

But also you have to understand that it's -- the IMB market is only 11% of the total company. So that impact is not massive on the company as a whole. It's painful, and I want to see a change. But overall, this company has got a financial and a business model that is way beyond mortgage and much stronger to support certainty for us as we make these projections.

但你也必須明白，IMB 市場僅占公司總數的 11%。因此，這種影響對整個公司來說並不大。這很痛苦，我希望看到改變。但總的來說，這家公司的財務和商業模式遠遠超出了抵押貸款的範圍，並且在我們做出這些預測時為我們提供了更強的確定性支持。

Our next question comes from James Faucette with Morgan Stanley.

我們的下一個問題來自摩根士丹利的詹姆斯·福賽特。

It's Michael Infante on for James. I just wanted to follow up on Nick's question on mortgage. It sounds like you're modeling minimal improvement in the market throughout the year, even though the business grew 14% on a subscription basis in a market that was down quite meaningfully in '23.

邁克爾·因方特 (Michael Infante) 替補詹姆斯。我只是想跟進尼克關於抵押貸款的問題。聽起來您正在對全年市場的改善進行建模，儘管在 23 年大幅下滑的市場中，訂閱業務增長了 14%。

If we -- Greg, you alluded to this. If we look at some of the industry estimates, it looks like on an aggregate basis for '24, we're going to see about a 20% to 30% year-over-year growth relative to '23. So granted, a lot of that will be concentrated in the back half, but I'm curious if you could just walk through the rationale for minimal improvement in the mortgage business in fiscal year '25 and whether or not that could prove to be conservative.

如果我們——格雷格，你提到了這一點。如果我們看一些行業預測，從 24 年的總體來看，我們將看到與 23 年相比，同比增長約 20% 至 30%。因此，當然，其中許多內容將集中在後半段，但我很好奇您是否可以簡單介紹一下 25 財年抵押貸款業務改善程度最小的理由，以及這是否可能被證明是保守的。

Yes. Thanks, Michael. So I think a couple of things. One is, again, we want to be prudent with our model and our guidance and forecasting. We launched last year a plan, and 6 weeks into it, Silicon Valley Bank happened. So we're sensitive to that. From a year-over-year growth perspective, again, the churn that we identified in the mortgage side in fiscal '24, you see the impact of that really in fiscal '25. And so as we think about year-over-year growth, that's a big drag on that business.

是的。謝謝，麥可。所以我想有幾件事。一是我們希望對我們的模型、指導和預測保持謹慎。我們去年啟動了一項計劃，六週後，矽谷銀行就發生了。所以我們對此很敏感。從同比增長的角度來看，我們在 24 財年在抵押貸款方面發現了流失，您可以在 25 財年看到其真正的影響。因此，當我們考慮同比增長時，這對該業務來說是一個很大的拖累。

That said, again, I think the team has done a great job navigating through with the 14% year-over-year growth and 10% in the fourth quarter. And as I've said before, I think one of the focus areas was aligning with the larger, more successful IMBs, if you look at that part of that business. And as the dust is settling, again, I think you're left with a smaller number of larger, better capitalized IMBs. And again, we've worked hard to support those. And as volumes come back, we expect to benefit from that.

儘管如此，我還是認為該團隊做得很好，年增 14%，第四季成長 10%。正如我之前所說，如果你看看該業務的這一部分，我認為重點領域之一是與規模更大、更成功的 IMB 保持一致。隨著塵埃落定，我認為剩下的規模更大、資本更好的 IMB 數量將會減少。我們再次努力支持這些。隨著銷售回升，我們預計將從中受益。

The other thing, from a mortgage perspective, if you go back to Josh's comments earlier around sales in Q4, the number of financial institutions that we're cross-selling, and not only just cross-selling, but actually bringing nCino into the financial institution, again, is another part that should bring some stability to that business as we get through the year.

另一件事，從抵押貸款的角度來看，如果你回到Josh 早些時候關於第四季度銷售的評論，我們交叉銷售的金融機構數量，不僅僅是交叉銷售，而是實際上將nCino 納入金融領域同樣，機構是在我們度過這一年時應該為該業務帶來一定穩定性的另一個部分。

But net of it is, is we want to be prudent. And I think there's a debate about when interest rates are going to go down and the impact of that on mortgage rates. And I think we're probably taking a view of it happening a little bit later in the year than maybe some other people.

但除此之外，我們要保持謹慎。我認為關於利率何時下降以及對抵押貸款利率的影響存在爭議。我認為我們可能會比其他人認為它會在今年晚些時候發生。

Appreciate that Greg, makes sense. For my second question, I'm curious if you could give us a status update just in terms of how the synchronization of the SimpleNexus front end to the rest of the retail lending offering is going. When do you expect to complete that, and how do you think that will ultimately impact adoption of the product more generally, particularly after last quarter's win on the retail side?

欣賞格雷格，說得有道理。對於我的第二個問題，我很好奇您能否向我們提供有關 SimpleNexus 前端與零售貸款產品其他部分同步進展情況的最新狀態。您預計什麼時候完成？您認為這最終將如何影響該產品的更廣泛採用，特別是在上個季度零售方面取得勝利之後？

Yes. So as you could hear, the number of banks or financial institutions we're selling that front end to now is increasing, and that velocity or momentum is good. At our nSight user conference, which is in May, we will demonstrate the end-to-end product. It will be in -- it will come with fully developed APIs, and we are very excited about that.

是的。正如您所聽到的，我們現在銷售該前端的銀行或金融機構的數量正在增加，而且速度或勢頭很好。在 5 月的 nSight 用戶大會上，我們將示範端對端產品。它將附帶完全開發的 API，我們對此感到非常興奮。

I can tell you with vendor consolidation and the platform approach we've taken, we just see a significant, what I would say, interest in this platform because it gives the big banks the ability to do their own front end, and then it gives -- through the APIs, and gives the smaller banks the ability to adopt the platform end-to-end, okay?

我可以告訴你，透過供應商整合和我們採取的平台方法，我們只是看到了人們對這個平台的巨大興趣，因為它讓大銀行有能力做自己的前端，然後它給了——透過API，讓小型銀行能夠端到端採用該平台，好嗎？

Now you throw in the DocFox acquisition, which is going to cover -- so SimpleNexus will cover your consumer and individual oriented businesses and use cases, and then you bring in DocFox and you cover your deposit account opening and onboarding for the commercial side and the heavy complex side. So I just think that this piece of the puzzle is coming together. DocFox will take us 6 months for the first integration milestone and SimpleNexus will be after our nSight conference in May. It will be fully in the market, and we will sell this across the platform.

現在你加入 DocFox 收購，這將涵蓋 - 所以 SimpleNexus 將涵蓋你面向消費者和個人的業務和用例，然後你引入 DocFox，你將涵蓋商業方面的存款帳戶開立和入職，以及重複雜的一面。所以我認為這塊拼圖正在拼湊起來。 DocFox 將花費我們 6 個月的時間實現第一個整合里程碑，SimpleNexus 將在 5 月的 nSight 會議之後完成。它將完全投放市場，我們將透過平台進行銷售。

Yes. So Michael, again, nSight in May, we look forward to showing that to our customer base and prospects there. And again, we're really excited about that technology. So make sure you're there.

是的。所以邁克爾，再次，五月的 nSight，我們期待向我們的客戶群和潛在客戶展示這一點。再說一次，我們對這項技術感到非常興奮。所以請確保你在場。

Our next question comes from Cris Kennedy with William Blair.

我們的下一個問題來自克里斯·肯尼迪和威廉·布萊爾。

Pierre, you talked about at least 15% subscription revenue growth in 2026. Can you just talk about kind of the puts and takes to that number as you sit here today?

皮埃爾，您談到 2026 年訂閱收入至少增長 15%。您今天坐在這裡能談談這個數字的看跌期權和看跌期權嗎？

Yes. So the first thing is, if we accomplish the goals our bookings for this year that we feel very confident about, if you look at the macroeconomic environment, if you look at customer conversations we're having, et cetera, that is your first foundational milestone to that.

是的。因此，第一件事是，如果我們實現了我們非常有信心的今年預訂目標，如果你看看宏觀經濟環境，如果你看看我們正在進行的客戶對話等等，那就是你的第一個基礎里程碑。

The second one is, over the next 9 months, we are going to launch a number of new products that is very quick to market, much smaller installation cycles, and I believe that will drive momentum where we actually have a higher ACV number come the end of the year, but it will translate into revenue growth for next year.

第二個是，在接下來的9 個月裡，我們將推出一系列新產品，這些產品上市速度非常快，安裝週期要短得多，我相信這將推動我們實際上擁有更高ACV 數位的勢頭。年底，但這將轉化為明年的收入成長。

So the new products, along with the omnichannel front end, we're launching along with DocFox being fully integrated, okay? I think all of those -- and then you look at mortgage, when that recovers. And I do believe there's a point -- the rate of -- mortgage rates will not come down that much.

因此，我們推出的新產品以及全通路前端與 DocFox 完全集成，好嗎？我認為所有這些 - 然後你看看抵押貸款，當它恢復時。我確實相信有一點——抵押貸款利率不會下降那麼多。

I think it's more of a point of house prices will reach an equilibrium and that the consumer realizes because of life events, they have to move. And if you combine all of those and we return more to a normal market, that upside in mortgage is going to be significant for us as well. So the combination of all of that I think will drive a growth rate for next year that is north of 15%.

我認為這更多的是房價將達到平衡點，消費者意識到由於生活事件，他們必須搬家。如果將所有這些結合起來，我們將更多地回歸到正常市場，那麼抵押貸款的上漲對我們來說也將是重大的。因此，我認為所有這些因素的結合將推動明年的成長率超過 15%。

Great. And then you talked about churn going back to normal. Do you still think the normal is kind of 2% to 3% going forward?

偉大的。然後你談到客戶流失率恢復正常。您仍然認為未來 2% 到 3% 是正常的嗎？

Yes, I think it would probably be more towards the 3-ish percent, Cris, just because, again, the IMB piece to it, which is a little bit more volatile. But I think, again, we're taking a step down this year. We still expect elevated churn as we noted. But ultimately, particularly if you look at the legacy nCino side, it's fairly consistent, so there's no new news there. And as mortgage settles, we would expect to be closer down to that 3-ish percent than where we are last year and certainly where we are this year, where we were last year, so say where we are this year.

是的，我認為它可能會更接近 3％左右，克里斯，只是因為 IMB 的部分，它的波動性更大一些。但我認為，今年我們將再次退一步。正如我們所指出的，我們仍然預期客戶流失率會上升。但最終，特別是如果你看看傳統的 nCino 方面，它是相當一致的，所以那裡沒有新消息。隨著抵押貸款的解決，我們預計會比去年更接近百分之三左右的水平，當然今年的水平，去年的水平，所以說今年的水平。

Yes. The products we're installing is very sticky. It's long term. These are generational buying decisions, and once banks standardize on this kind of software, they stay on it for a very long time. So I feel confident that churn rate will come down to that.

是的。我們正在安裝的產品非常黏。這是長期的。這些都是一代人的購買決策，一旦銀行對此類軟體進行標準化，他們就會長期使用它。所以我有信心客戶流失率會下降到這個水準。

Over time, as the rest of the business grows as well, you'll find that our mortgage business in banking will grow significantly, which is a much more stable customer base. We love the IMB space. We're going to focus on it and sell that. 2/3 of mortgages are made there. However, over time, that will become a smaller and smaller portion of the business overall just because we'll outgrow it on the other side of the balance sheet.

隨著時間的推移，隨著其他業務的成長，你會發現我們的銀行抵押貸款業務將顯著成長，這是一個更穩定的客戶群。我們喜歡 IMB 空間。我們將專注於它並出售它。 2/3的抵押貸款是在那裡進行的。然而，隨著時間的推移，這將在整體業務中所佔的比例越來越小，因為我們將在資產負債表的另一邊超越它。

Our next question comes from Robert Trout with Macquarie Capital.

我們的下一個問題來自麥格理資本的羅伯特·特勞特。

Yes. Congratulations to Josh as well. My first question, I know we've covered the pricing evolution and the trends that you're seeing on the consumer and mortgage side. With regards to that eventual shift on the commercial side, I know you've said, Greg, that you want to work out all the kinks and everything on the consumer side before you begin to deploy that on the commercial segment. But with the DocFox acquisition, and as Pierre mentioned, rounding out the pieces of the puzzle, is there any thought to perhaps accelerating that hybrid pricing model transition on the commercial side versus a quarter ago?

是的。也祝賀喬許。我的第一個問題，我知道我們已經介紹了您在消費者和抵押貸款方面看到的定價演變和趨勢。關於商業方面的最終轉變，我知道你說過，格雷格，你想在開始在商業領域部署之前解決消費者方面的所有問題和一切。但隨著 DocFox 的收購，正如 Pierre 所提到的，解決了這個難題，是否有任何想法可能會比一個季度前加速商業方面的混合定價模式轉型？

Yes. Thanks, Bob. Potentially, I mean, ultimately, the rollout of platform pricing is really a cross-functional and organizational effort and that will play out throughout the year as we get that muscle solidified here internally and are able to do that on a very consistent basis. And so you're right. Again, our focus has been on mortgage and on consumer, but ultimately, if the year progresses, and certainly, as we get into next year, we would expect to focus on commercial as well, starting with net new customers and then again, as renewals come up, addressing it from a renewal perspective.

是的。謝謝，鮑伯。我的意思是，最終，平台定價的推出實際上是一項跨職能和組織的努力，隨著我們在內部鞏固這種力量並能夠在非常一致的基礎上做到這一點，這將在全年發揮作用。所以你是對的。同樣，我們的重點是抵押貸款和消費者，但最終，如果今年進展，當然，隨著我們進入明年，我們預計也會關注商業，從淨新客戶開始，然後再次，更新出現了，從更新的角度來解決這個問題。

So it will be an evolution throughout the year and into next year. But again, that's where we're going. And again, it's really been reinforced as we talked about efficiency here a lot on this call and in the prepared remarks, and again, I think we're making our customers more efficient, which means fewer seats, which means they're also getting more value from our products. And so focusing on that value from a sales standpoint versus the number of seats is the right thing for us to be doing.

因此，這將是全年和明年的演變。但同樣，這就是我們要去的地方。再說一次，這一點確實得到了加強，因為我們在這次電話會議和準備好的發言中多次討論了效率，而且，我認為我們正在使我們的客戶變得更有效率，這意味著更少的座位，這意味著他們也得到了更多的機會。我們的產品帶來更多價值。因此，從銷售的角度和座位數量的角度關注這一價值對我們來說是正確的事情。

That makes perfect sense. And then my follow-up, just on the -- very pleased to hear that still on track for the targeted drive to Rule of 50. Within the various levers that you have that will get you there, when you think about the fact that for, let's say, 3 out of the next 4 quarters, you expect the mortgage segment's growth to be dilutive to the company average before rebounding in the fourth quarter, but you still very much believe that you'll get to Rule of 50 and you'll hit your gross margin of 78% to 80%, and it doesn't have to be linear. So what would be potentially the positively offsetting factors when you have, say, a couple of quarters of weakness in, say, mortgage or any other?

這是完全有道理的。然後是我的後續行動——非常高興地聽到，仍然朝著實現50 規則的目標前進。在你擁有的各種槓桿中，當你考慮到這一事實時，你可以利用這些槓桿來實現這一目標。假設，在接下來的4 個季度中，有3 個季度，您預計抵押貸款部門的成長將在第四季度反彈之前稀釋到公司平均水平，但您仍然非常相信您將達到50 的規則，並且您'毛利率將達到 78% 到 80%，而且不一定是線性的。那麼，當抵押貸款或任何其他方面出現幾個季度的疲軟時，潛在的積極抵消因素是什麼？

I think one of the things that we're really proud about, we talked about the turmoil really that this business and the industry has gone through over the last couple of years between COVID and the rising interest rates and the liquidity crisis, we stayed very focused on executing our strategy, both product-wise as well as our geographic footprint. And so again, I think we've got multiple levers in the business in order to help us or support us on our path to reach that Rule of 50 on that long-term target that we discussed back in September.

我認為我們真正感到自豪的一件事是，我們談論了過去幾年在新冠疫情、利率上升和流動性危機之間，這個行業和這個行業所經歷的動盪，我們一直保持著非常好的狀態。專注於執行我們的策略，無論是產品方面還是我們的地理足跡。再說一遍，我認為我們在業務中擁有多種槓桿，可以幫助我們或支持我們實現我們在 9 月討論的長期目標的 50 條規則。

And it's from mortgage, it's from new products, it's from AI, it's from our consumer lending product being in a place where, again, we can sign a $200 billion enterprise bank as we announced in the third quarter. It's the new omnichannel. And so again, I think it's just been a credit to the team, a lot of focus over the last couple of years to position us to be ready and really have this kind of convergence of the market hopefully coming back and settling after the turmoil that we've seen aligning very nicely with the maturing of our products and our go-to-market motion. And so again, I think it really spans products and geographies, and I think we've got multiple different levers to help drive growth over the next several years.

它來自抵押貸款、新產品、人工智慧、我們的消費貸款產品，正如我們在第三季宣布的那樣，我們可以與一家 2000 億美元的企業銀行簽約。這是新的全通路。再說一次，我認為這對團隊來說是一種榮譽，過去幾年的大量關注讓我們做好了準備，並真正實現了市場的這種融合，希望在動蕩之後能夠回歸併穩定下來。我們已經看到它與我們產品的成熟和我們的上市行動非常吻合。再說一遍，我認為它確實跨越了產品和地理，而且我認為我們有多種不同的槓桿來幫助推動未來幾年的成長。

Our next question comes from Brent Bracelin with Piper Sandler.

我們的下一個問題來自 Brent Bracelin 和 Piper Sandler。

This is J.R. on for Brent. Just a quick clarification for me. Wondering if you can quantify how much of this build in RPO you would attribute to the enterprise deals that slipped from the third quarter versus any other source of uplift.

這是 J.R. 代表布倫特發言。只是給我一個快速的澄清。想知道您是否可以量化 RPO 的成長有多少是歸因於第三季下滑的企業交易（與任何其他成長來源相比）。

J.R., wouldn't get that level of specificity. What I would highlight is, as we talked about, seeing traction across all kind of market segments, that total RPO really is a reflection of duration. And as you're aware, it's those enterprise customers that generally sign the longer contracts. And again, with those enterprise customers signing, it was very much extend and expand with those. And so that was really what was driving.

J.R.，不會達到那種程度的特異性。我要強調的是，正如我們所討論的，看到所有細分市場的吸引力，總 RPO 確實反映了持續時間。如您所知，通常是那些企業客戶簽署較長的合約。再說一遍，隨著這些企業客戶的簽約，它得到了很大的擴展和擴展。這才是真正的驅動力。

But I wouldn't highlight 1 specific deal versus, again, just a strong quarter of gross sales and a strong renewal quarter as part of that as things came together nicely, very much more in line with what our historic expectations have been versus, again, what we've seen over the prior several quarters where it was much more lumpy than normal.

但我不會強調一項具體交易，而只是一個強勁的季度銷售和強勁的續訂季度，因為一切都很好地結合在一起，非常符合我們的歷史預期。 ，我們在前幾個季度所看到的情況比正常情況要崎嶇得多。

And our last question comes from Alex Markgraff with KBCM.

我們的最後一個問題來自 KBCM 的 Alex Markgraff。

Just wanted to follow up on some of the commentary around a normalizing sales environment. When you think about the normalization that you've seen so far, really in the fourth quarter, just curious. I mean, what does that represent versus the, I don't know, I'll call it sort of backlog of paused demand that has built up more recently? That's sort of the first part of it. And then as you think about fiscal '25, what is sort of the operating assumption as to how quickly some of that demand sort of resumes and deals are signed?

只是想跟進一些關於銷售環境正常化的評論。當你想到迄今為止所看到的正常化時，實際上是在第四季度，只是好奇。我的意思是，這代表什麼，我不知道，我稱之為最近累積的暫停需求的積壓？這就是它的第一部分。然後，當您考慮 25 財年時，對於某些需求類型的履歷和交易簽署的速度有多快，營運假設是什麼？

Thank you for the question. This is Josh. I think the biggest shift that we've seen is really the motivation that the customer has as we engage with them. We see a more resounding and consistent focus on efficiency from our customer base than we've seen since we started the company.

感謝你的提問。這是喬許。我認為我們看到的最大轉變實際上是客戶在我們與他們互動時的動機。與公司成立以來相比，我們看到客戶群更加強烈且一致地關注效率。

Look, if you look at last year, you had the market took a shock, but when they've come back and realized that their margins are still compressed, so they understand the environment they're in, they're getting more questions about their credit quality, the ability to continue banking but do so more efficiently is something that we're seeing in all segments across the globe.

看，如果你看看去年，你會發現市場受到了衝擊，但當他們回過神來時，意識到他們的利潤仍然受到壓縮，所以他們了解自己所處的環境，他們會收到更多關於以下方面的問題：我們在全球各個領域都看到了他們的信用品質、繼續開展銀行業務但更有效率的能力。

And so obviously, you understand the efficiency lift that nCino gives. No team and no ecosystem is better equipped than the nCino crew is to deliver that efficiency. That's probably been the biggest change that we've seen. So a big piece when we talk about return to engagement and returning sentiment is a pretty crystal clear focus from the customers we serve and delivering more efficiency.

顯然，您了解 nCino 帶來的效率提升。沒有任何團隊和生態系統比 nCino 團隊更有能力提供這種效率。這可能是我們見過的最大的改變。因此，當我們談論回歸參與度和回歸情緒時，一個重要的部分是我們所服務的客戶和提供更高效率的一個非常明確的焦點。

There are no further questions at this time. I'd like to turn the call back over to Pierre Naude for closing remarks.

目前沒有其他問題。我想將電話轉回皮埃爾·諾德（Pierre Naude）做總結發言。

Thank you so much, operator. When we founded nCino, our goal was to make our customers successful. That vision hasn't changed. Today, our solutions brings all of our financial institutions' lending, onboarding and account opening operations onto a single trusted platform. I know of no other truly multi-tenant SaaS company in the financial services industry with the product richness and ability to serve the needs of the largest financial institutions across the globe to community banks, credit unions and IMBs.

非常感謝你，接線生。當我們創立 nCino 時，我們的目標是讓我們的客戶成功。這個願景沒有改變。如今，我們的解決方案將所有金融機構的貸款、入職和開戶操作轉移到一個值得信賴的平台上。據我所知，金融服務業中沒有其他真正的多租戶 SaaS 公司擁有如此豐富的產品和能力，能夠滿足全球最大的金融機構、社區銀行、信用合作社和 IMB 的需求。

nCino had the vision and technology to take banks into the cloud, and now we have the deep domain expertise and unmatched data to help them embrace and leverage AI. Thank you all for joining us today. I hope many of you will be able to attend our annual user conference, nSight, in May to see what's coming next. Thank you so much.

nCino 擁有將銀行帶入雲端的願景和技術，現在我們擁有深厚的領域專業知識和無與倫比的數據來幫助他們接受和利用人工智慧。感謝大家今天加入我們。我希望你們中的許多人能夠參加我們五月的年度用戶大會 nSight，看看接下來會發生什麼。太感謝了。

Thank you to (inaudible). This does conclude the program. You may now disconnect. Everyone, have a great evening.

謝謝（聽不清楚）。這確實結束了該程式。您現在可以斷開連線。祝大家有個愉快的夜晚。