nCino Inc (NCNO) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the nCino First Quarter Fiscal Year 2025 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Harrison Masters, Director of Investor Relations.

美好的一天，感謝您的支持。歡迎參加 nCino 2025 財年第一季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員指示）我現在想將會議交給今天的發言人，投資者關係總監哈里森·馬斯特斯（Harrison Masters）。

Good afternoon. and welcome to nCino's First Quarter Fiscal 2025 Earnings Call. With me on today's call are Pierre Naude, nCino's Chairman and Chief Executive Officer; and Greg Orenstein, nCino's Chief Financial Officer.

午安.歡迎參加 nCino 的 2025 財年第一季財報電話會議。與我一起參加今天電話會議的有 nCino 董事長兼執行長 Pierre Naude；和 nCino 財務長 Greg Orenstein。

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、行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 just 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 指標的對帳可以在今天的收益報告中找到，該收益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，以及我們的投資者關係網站上的收益演示： Investor.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, Harrison, and thank you all for joining us today. We are very pleased with the start to the year. We built on the sales momentum from Q4, with gross sales in the first quarter, exceeding our plan and establishing a company record for gross sales in a first quarter.

謝謝哈里森，也謝謝大家今天加入我們。我們對今年的開局感到非常滿意。我們在第四季度的銷售動能基礎上，第一季的銷售總額超出了我們的計劃，並創造了公司第一季銷售總額的記錄。

We saw strength across the business with existing customers, expanding their adoption of our platform, most notably in the U.S. enterprise and community and regional markets. Last quarter, I noted that we expected net sales for fiscal '25 to increase approximately 50% over last year.

我們看到了現有客戶的業務優勢，擴大了他們對我們平台的採用，尤其是在美國企業、社區和區域市場。上個季度，我指出我們預計 25 財年的淨銷售額將比去年增長約 50%。

Our strong Q1 performance certainly increases our confidence in achieving that goal. At year-end, we pointed to stabilization of interest rates as key to the improving tone of customer conversations and more normalized buying behavior. The December 2023 Federal Reserve Open Market Committee meeting provided stability that was missing in the U.S. market for almost 2 years. With more visibility into their own financial performance, more and more financial institutions have been able to refocus on strategic initiatives to improve their operations, create additional operating efficiencies, provide better user experiences for their clients and improve their competitive positioning.

我們第一季的強勁表現無疑增強了我們實現這一目標的信心。年底時，我們指出，利率的穩定是改善客戶對話基調並使購買行為更正常化的關鍵。 2023 年 12 月的聯準會公開市場委員會會議提供了美國市場近兩年來缺乏的穩定性。隨著對自身財務表現的了解越來越多，越來越多的金融機構能夠重新專注於策略舉措，以改善營運、提高營運效率、為客戶提供更好的用戶體驗並提高競爭地位。

This is translating to more technology spend. 72% of the executives we polled in an internal survey this month responded that their IT budgets have increased from last year, with 44% citing, an increase of over 5%. While interest rate stability has been a positive for most of our business, rates being higher for longer have kept the mortgage market under pressure.

這意味著更多的技術支出。在我們本月進行的一項內部調查中，72% 的高階主管表示，他們的 IT 預算比去年有所增加，其中 44% 的人表示增加了 5% 以上。雖然利率穩定對我們的大部分業務都是有利的，但利率長期走高使抵押貸款市場面臨壓力。

Despite the difficult market conditions, our U.S. Mortgage business continued to perform well, adding 15 new logos and again exceeding internal quarterly gross sales targets with strength in both the FI and IMB market segments. The difficult Mortgage market over the past couple of years has reinforced the imperative for mortgage lenders to leverage technology to improve profitability, provide a more enjoyable and efficient customer experience and attract the best talent.

儘管市場條件困難，我們的美國抵押貸款業務仍然表現良好，增加了 15 個新徽標，並再次超出了內部季度銷售目標，在 FI 和 IMB 細分市場均表現強勁。過去幾年困難的抵押貸款市場強化了抵押貸款機構利用技術提高盈利能力、提供更愉快、更有效率的客戶體驗並吸引最優秀人才的必要性。

Our results again reflect our success in displacing competitors and cross-selling into our banking installed base. We are currently in a waiting game for the first Fed rate cut, and the puts and takes of the demand equation do add up a level of difficulty in predicting how and when rate cuts will impact mortgage volumes.

我們的業績再次反映出我們在取代競爭對手和交叉銷售到我們的銀行客戶群方面所取得的成功。我們目前正在等待聯準會首次降息，而需求方程式的看跌期權和看跌期權確實增加了預測降息將如何以及何時影響抵押貸款數量的難度。

That said, we are confident that our market-leading technology and our ongoing commitment to product innovation will continue to yield share gains. Obviously, there are nuances by market, but we see priorities generally aligned across all of the markets we serve. The liquidity crisis a year ago and the ensuing difficult business cycle imparted some lasting lessons for our customers and prospects.

儘管如此，我們相信我們市場領先的技術和對產品創新的持續承諾將繼續帶來份額成長。顯然，不同市場之間存在細微差別，但我們發現我們服務的所有市場的優先事項總體上是一致的。一年前的流動性危機和隨之而來的困難商業週期為我們的客戶和潛在客戶帶來了一些持久的教訓。

Operational efficiency matters and quality, digital experiences are table steaks for their clients. As the only cloud-native, single platform that spans lending, onboarding and account opening operations across business lines within the financial institution, we are uniquely positioned to bring efficiency and a modern digital experience to financial services.

營運效率很重要，品質也很重要，數位體驗對客戶來說是餐桌上的美味。作為唯一涵蓋金融機構內跨業務線的貸款、入職和開戶操作的雲端原生單一平台，我們具有獨特的優勢，可以為金融服務帶來效率和現代數位體驗。

This was on full display for over 1,600 attendees at nSight, our annual user conference, held in Charlotte just 2 weeks ago. In responding to a registration survey, more than 70% of attendees confirmed that improved efficiency was the #1 priority for their institution in 2024. This aligns directly with our mission of bringing people, processes and data together on a single customer-centric platform.

兩週前我們在夏洛特舉行的年度用戶大會 nSight 上向 1,600 多名與會者充分展示了這一點。在回應註冊調查時，超過 70% 的與會者確認，提高效率是其機構 2024 年的第一要務。

As the first steps to our digital transformation can begin anywhere within the financial institution, we've been focused on ensuring that all of our solutions are market-leading. For example, in the first quarter, an over $15 billion asset bank expanded their use of nCino from treasury onboarding to include small business and consumer lending, as well as deposit account opening.

由於我們數位轉型的第一步可以在金融機構內的任何地方開始，因此我們一直致力於確保我們的所有解決方案都處於市場領先地位。例如，第一季度，一家價值超過 150 億美元的資產銀行將 nCino 的使用範圍從資金管理擴大到包括小型企業和消費者貸款以及存款帳戶開立。

We expanded ACV by nearly 7x within this account in Q1, even though they are not yet a customer of our flagship commercial lending solution. In April, we announced a number of announcements through our consumer lending solution, including the omnichannel experience we've discussed for the past few quarters. nSight was the GA launch of omnichannel, and we couldn't be more excited about the incredibly positive reaction and feedback from our customers for this product, as we make the same truly mobile-first point-of-sale experience already an important differentiator for our U.S. mortgage solution available across all of consumer lending.

儘管他們還不是我們旗艦商業貸款解決方案的客戶，但我們在第一季將該帳戶中的 ACV 擴大了近 7 倍。四月份，我們透過消費者貸款解決方案宣布了多項公告，包括我們在過去幾季討論的全通路體驗。 nSight 是全通路的正式發布，我們對客戶對該產品的令人難以置信的積極反應和反饋感到非常興奮，因為我們使相同的真正移動優先的銷售點體驗已經成為重要的差異化因素我們的美國抵押貸款解決方案適用於所有消費貸款。

Rounding out our consumer lending enhancements, our new capabilities for indirect auto lending made possible through the recent tuck-in technology process of Allegro. In evaluating the built partner by decision to solve for indirect lending, we decided the most efficient way to accelerate development for the specialized vertical was to acquire the technology from a valued partner in the credit union space, through States Financial Group.

為了完善我們的消費貸款增強功能，我們透過 Allegro 最近的嵌入技術流程實現了間接汽車貸款的新功能。在透過決定解決間接貸款問題來評估已建立的合作夥伴時，我們認為加速專業垂直領域發展的最有效方法是透過國家金融集團從信用合作社領域的重要合作夥伴那裡獲取技術。

You'll also recall we discussed the acquisition of DocFox on the last earnings call. This acquisition provides us with new onboarding and account opening capabilities for small business and commercial banking. nSight was the first opportunity for many of our customers to see how the solution digitizes and streamlines a traditionally high-touch, inefficient and time-consuming process.

您還記得我們在上次財報電話會議上討論了收購 DocFox。此次收購為我們提供了小型企業和商業銀行業務的新的入職和開戶功能。 nSight 是我們許多客戶第一次有機會了解解決方案如何數位化和簡化傳統的高接觸、低效且耗時的流程。

The feedback has been tremendous, including over 100 new sales and leads generated at nSight. We continue working with early adopters on an integrated product initially targeted at the community and regional banking market in the U.S. One mutual customer has reported onboarding time for business accounts being cut from 2 weeks to under an hour with DocFox.

回饋非常豐富，包括 nSight 產生的 100 多個新銷售和潛在客戶。我們繼續與早期採用者合作開發最初針對美國社區和區域銀行市場的整合產品。

In our early testing of the market, we have found solving the commercial onboarding platform for FIs, can yield around half of the ACV, we expect for commercial lending. We are incredibly excited about the opportunity for DocFox which will be referred to as the nCino commercial onboarding and account opening solution and look forward to expanding this offering for U.S. enterprise customers later this year.

在我們對市場的早期測試中，我們發現解決金融機構的商業入職平台問題，可以產生大約一半的 ACV，我們預期商業貸款。我們對 DocFox 的機會感到非常興奮，DocFox 將被稱為 nCino 商業入職和開戶解決方案，並期待在今年稍後為美國企業客戶擴展此產品。

Having laid a foundation with an integrated platform of best-in-class solutions, we are uniquely positioned to continue leading the digital transformation of financial services with automation, data and intelligence. Our newest NIC offering does exactly that. Continuous credit monitoring leverages our partner, rich data companies AI decisioning platform to automate what were previously manual loan review tasks at the customer and portfolio level.

我們以一流解決方案的整合平台奠定了基礎，擁有獨特的優勢，能夠繼續透過自動化、數據和智慧引領金融服務的數位轉型。我們最新的 NIC 產品正是這樣做的。持續的信用監控利用我們的合作夥伴、豐富的數據公司人工智慧決策平台，在客戶和投資組合層面實現先前手動貸款審查任務的自動化。

Through this collaboration, we are setting a new standard in how financial institutions manage credit risk. We were pleased to announce M&T an nCino customer since 2016, as our first U.S. customer on continuous credit monitoring. This solution will now enable M&T to detect more early warning signs and provide insights to M&T's employees to drive even more timely and tailored banking experiences for their clients.

透過這次合作，我們正在為金融機構如何管理信用風險制定新標準。我們很高興地宣布 M&T 自 2016 年起成為 nCino 客戶，成為我們第一個進行持續信用監控的美國客戶。該解決方案現在將使 M&T 能夠檢測到更多預警訊號，並為 M&T 員工提供見解，從而為客戶提供更及時、量身定制的銀行體驗。

This is just one example of how key partnerships, extend and enhance our platform. And perhaps the most innovative developments shown at nSight were the banking adviser products. We demonstrated how we have productized generative AI to automate the creation of deal and credit memos, to quickly interpret policies, to chat with, upload, locate and file documents and return PDFs into data.

這只是關鍵合作夥伴如何擴展和增強我們平台的一個例子。也許 nSight 上展示的最具創新性的發展是銀行顧問產品。我們示範如何將生成式人工智慧產品化，以自動建立交易和貸項憑證、快速解釋政策、聊天、上傳、定位和歸檔文件以及將 PDF 返回為資料。

Our customers are so excited by this breakthrough technology that we actually got reprimanded by the Fire Marshal for overcrowding at the nSight Banking Adviser booth.

我們的客戶對這項突破性技術感到非常興奮，以至於我們實際上因 nSight 銀行顧問展位過度擁擠而受到消防隊長的譴責。

As a reminder, nCino first earned our customers' trust as we let them on the journey of cloud adoption. Our goal is to install that same trust as their partner in the journey to adopt AI. nCino is differentiated as a vendor in financial services not only by our global reach and inability to serve institutions of all sizes but by being home to the mission-critical lending, account opening and onboarding processes across a single platform for all of our financial institutions products and services. nCino's routes are in the business process reengineering and with AI we have the ability to drive intelligence and automation like never before.

提醒一下，nCino 首先贏得了客戶的信任，因為我們讓他們踏上了雲端採用之旅。我們的目標是在採用人工智慧的過程中與他們的合作夥伴建立同樣的信任。 nCino 作為金融服務供應商的獨特之處不僅在於我們的全球影響力和無法為各種規模的機構提供服務，還在於我們所有金融機構產品都在單一平台上提供關鍵任務貸款、開戶和入職流程和服務。 nCino 的路線是業務流程再造，透過人工智慧，我們有能力以前所未有的方式推動智慧和自動化。

With that, I'll turn the call over to Greg to take us through the financials.

這樣，我會將電話轉給格雷格，請他向我們介紹財務狀況。

Thank you, Pierre, and thanks, everyone, for joining us this afternoon to review our first quarter fiscal 2025 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.

謝謝皮埃爾，也謝謝大家今天下午與我們一起回顧我們 2025 財年第一季的財務業績。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 指標的對帳可以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 very pleased with our first quarter financial results. Total revenues for the first quarter of fiscal '25 were $128.1 million, an increase of 13% year-over-year. Subscription revenues for the first quarter were $110.4 million, an increase of 13% year-over-year, representing 86% of total revenues.

我們對第一季的財務表現感到非常滿意。 2025 財年第一季的總營收為 1.281 億美元，年增 13%。第一季訂閱營收為1.104億美元，年增13%，佔總營收的86%。

As previously discussed, revenue growth rates this year are being impacted by the heightened churn we saw last year, particularly in the IMB market. Churn in the first quarter did moderate as expected and while we will continue to closely monitor the interest rate environment, our churn expectations for the rest of this year remain in line with the $20.5 million we discussed for the full year.

如同先前所討論的，今年的營收成長率受到去年客戶流失加劇的影響，尤其是在 IMB 市場。第一季的客戶流失率確實如預期有所放緩，雖然我們將繼續密切關注利率環境，但我們對今年剩餘時間的客戶流失預期仍與我們討論的全年 2050 萬美元保持一致。

Professional services revenues were $17.7 million in the quarter, growing 8% year-over-year. Non-U.S. revenues were $25.8 million or 20% of total revenues in the first quarter, up 34% year-over-year. Non-GAAP gross profit for the first quarter of fiscal '25 was $84.4 million, an increase of 14% year-over-year. Non-GAAP gross margin was 66%, compared to 65% in the first quarter of fiscal '24.

本季專業服務收入為 1,770 萬美元，年增 8%。非美國第一季營收為 2,580 萬美元，佔總營收的 20%，年增 34%。 2025 財年第一季非 GAAP 毛利為 8,440 萬美元，較去年同期成長 14%。非 GAAP 毛利率為 66%，而 2024 財年第一季的毛利率為 65%。

Our Subscription gross margins reflect approximately 70 basis points of benefit from improved unit economics under our agreement with Salesforce. We expect continued subscription gross margin improvement in line with the 1% increase for fiscal '25 we discussed last quarter, as we lap annual billing events for existing customers and have the opportunity to move more of them on to our new Salesforce pricing.

根據我們與 Salesforce 的協議，我們的訂閱毛利率反映了單位經濟效益改善帶來的約 70 個基點的收益。我們預計訂閱毛利率將持續改善，與我們上季度討論的25 財年1% 的增幅一致，因為我們結束了現有客戶的年度計費活動，並有機會將更多客戶轉移到我們新的Salesforce定價。

Non-GAAP operating income for the first quarter of fiscal '25 was $24.4 million, compared with $10.9 million in the first quarter of fiscal '24. Our non-GAAP operating margin for the first quarter was 19%, compared with 10% in the first quarter of fiscal '24.

25 財年第一季的非 GAAP 營業收入為 2,440 萬美元，而 24 財年第一季的非 GAAP 營業收入為 1,090 萬美元。我們第一季的非 GAAP 營運利潤率為 19%，而 2024 財年第一季的營運利潤率為 10%。

Our operating margin benefited from hiring being slightly behind plan in the quarter, favorable insurance renewals and improvement in bad debt expense, particularly in the IMB space. Non-GAAP net income attributable to nCino for the first quarter of fiscal '25 was $22 million, or $0.19 per diluted share, compared to $8 million or $0.07 per diluted share in the first quarter of fiscal '24.

我們的營業利潤率受益於本季的招聘稍微落後於計劃、有利的保險續約以及壞帳費用的改善，特別是在 IMB 領域。 25 財年第一季歸屬於 nCino 的非公認會計準則淨利為 2,200 萬美元，或稀釋後每股 0.19 美元，而 24 財年第一季為 800 萬美元，或稀釋後每股 0.07 美元。

Our remaining performance obligation, or RPO, increased to $1.07 billion as of April 30, 2024, up 17% over $914 million as of April 30, 2023, with $702 million in the less than 24 months category, up 13% from $623 million as of April 30, 2023.

截至2024 年4 月30 日，我們的剩餘履約義務(RPO) 增至10.7 億美元，比截至2023 年4 月30 日的9.14 億美元增長17%，其中24 個月以內類別為7.02 億美元，比2023 年4 月30 日的6.23 億美元成長13%。

We had another strong expansion quarter with contract extensions accompanying those deals, so we had healthy contract duration adds that accompanied the incremental ACV. We ended the quarter with cash and cash equivalents of $134.8 million, including restricted cash. Net cash provided by operating activities was $54.4 million, compared to $31.3 million in the first quarter of fiscal '24.

我們又經歷了一個強勁的擴張季度，這些交易伴隨著合約延期，因此我們的合約期限隨著 ACV 的增量而健康增長。本季結束時，我們的現金和現金等價物為 1.348 億美元，其中包括限制性現金。經營活動提供的淨現金為 5,440 萬美元，而 2024 財年第一季為 3,130 萬美元。

Capital expenditures were $342,000 in the quarter, resulting in free cash flow of $54.1 million for the first quarter of fiscal '25. As a reminder, the first quarter is typically our seasonally strongest cash generation quarter. You will note, our statement of cash flow reflects investing activity net of acquired cash of $91.2 million. This reflects $19.9 million of all-cash purchase consideration for Allegro and $74.3 million for DocFox, including approximately $2 million of purchase consideration that was recorded as post combination expense, which was excluded from our non-GAAP results.

該季度的資本支出為 342,000 美元，導致 25 財年第一季的自由現金流為 5,410 萬美元。提醒一下，第一季通常是我們季節性最強的現金產生季度。您會注意到，我們的現金流量表反映了扣除已獲得現金 9,120 萬美元的投資活動。這反映了Allegro 的1,990 萬美元的全現金購買對價和DocFox 的7,430 萬美元的全現金購買對價，其中包括記錄為合併後費用的約200 萬美元的購買對價，該費用不包括在我們的非GAAP業績中。

With the addition of indirect lending functionality, Alegro expands the market opportunity for our consumer lending product to a larger number of banks and credit unions, which we expect will further increase our competitiveness and consumer lending though the revenue contribution expected this fiscal year from this technology is immaterial.

透過增加間接貸款功能，Alegro 將我們的消費貸款產品的市場機會擴大到更多的銀行和信用合作社，我們預計這將進一步提高我們的競爭力和消費貸款，儘管該技術預計本財年的收入貢獻是無關緊要的。

We borrowed $75 million on our revolving credit facility to finance the DocFox acquisition and subsequently repaid $20 million within the quarter. We plan to pay down the remaining $55 million of borrowed principal during the rest of this fiscal year as we continue to generate cash. We use cash on hand to fund the acquisition of Allegro.

我們透過循環信貸融資借了 7,500 萬美元，為收購 DocFox 提供資金，並隨後在本季內償還了 2,000 萬美元。隨著我們繼續產生現金，我們計劃在本財年剩餘時間內償還剩餘的 5,500 萬美元借款本金。我們使用手頭現金為收購 Allegro 提供資金。

Turning to guidance. For the second quarter, we expect total revenues of $130.5 million to $131.5 million, with subscription revenues of $112.5 million to $113.5 million. This guidance assumes year-over-year subscription revenues growth of 13% to 14%.

轉向指導。我們預計第二季總營收為 1.305 億美元至 1.315 億美元，其中訂閱收入為 1.125 億美元至 1.135 億美元。該指引假設訂閱收入年增 13% 至 14%。

For full fiscal year '25, we continue to 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 revenue growth of 13% to 15%.

對於 25 年整個財年，我們仍然預計總收入為 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%。

Non-GAAP operating income in the second quarter is expected to be approximately $17 million to $18.5 million and non-GAAP net income attributable to nCino per share to be $0.12 to $0.13. This is based upon a weighted average of approximately 117 million diluted shares outstanding.

第二季非公認會計準則營業收入預計約為 1,700 萬美元至 1,850 萬美元，非公認會計準則歸屬於 nCino 的每股淨利潤為 0.12 美元至 0.13 美元。這是基於約 1.17 億股稀釋後流通股的加權平均數。

nSight is expected to add approximately $2 million of incremental sales and marketing expense in the second quarter on a sequential basis. Additionally, annual merit increases affected in April, plus salaries and wages of people onboarded with the acquisitions will contribute to a higher quarterly operating expense run rate.

nSight 預計第二季銷售和行銷費用將比上季增加約 200 萬美元。此外，四月份影響的年度績效成長，加上參與收購的人員的薪水和工資，將有助於提高季度營運費用率。

Also, in light of the incredible customer demand we saw at nSight for our expanded product capabilities, we plan to reinvest some of the Q1 bottom line overperformance in sales and marketing to drive even greater adoption of our newer solutions and to more aggressively pursue the consumer lending opportunity in the credit union market.

此外，鑑於我們在nSight 看到的客戶對我們擴展的產品功能的巨大需求，我們計劃將第一季的部分超額業績再投資於銷售和行銷，以推動我們更新的解決方案得到更廣泛的採用，並更積極吸引消費者信用合作社市場的貸款機會。

That said, we are increasing our non-GAAP operating income outlook for the full year and now expect non-GAAP operating income for fiscal '25 to be $86 million to $89 million. Full fiscal year '25 non-GAAP net income attributable to nCino per share is expected to be $0.65 to $0.68 based upon a weighted average of approximately 117 million diluted shares outstanding.

也就是說，我們正在提高全年的非 GAAP 營業收入預期，目前預計 25 財年的非 GAAP 營業收入為 8,600 萬美元至 8,900 萬美元。根據約 1.17 億股稀釋後流通股的加權平均數，25 年整個財政年度 nCino 的非公認會計原則每股淨利潤預計為 0.65 美元至 0.68 美元。

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

接線員，我們將開通提問熱線。

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

（操作員說明）我們的第一個問題來自高盛的 Adam Hotchkiss。

Pierre, I appreciate the comments you gave around nSight. I would love for you to just dig a little bit more into what are some of the key things you learned from customer conversations? What are they asking for around? Themes like AI and innovation? And then any incremental color you can give around the 100 new sales leads generated there? What products are people most focused on? Really appreciate it.

Pierre，我很欣賞您對 nSight 的評論。我希望您能更深入地了解您從客戶對話中學到的一些關鍵知識？他們在周圍要求什麼？人工智慧和創新等主題？然後，您可以為其中產生的 100 個新銷售線索添加任何增量顏色嗎？人們最關注哪些產品？真的很感激。

Yes. Thanks a lot for that question. It's interesting. AI has got this hype since October being around the market. You get lots of very important senior people like Jamie Dimon talking about it. But then there's a problem, we are a regulated industry, lots of laws and regulation, lots of privacy, a lot of data issues.

是的。非常感謝你提出這個問題。這真有趣。自 10 月出現在市場以來，人工智慧就受到如此大的炒作。許多像傑米戴蒙這樣非常重要的資深人士都在談論這個問題。但隨之而來的問題是，我們是一個受監管的行業，有許多法律和法規、很多隱私、很多資料問題。

If you feed bad data into AI, you get bad outcomes, okay? So what I'm seeing is, the majority of people are very excited, but they need guidance. They need to understand what tools can be used, how do I stay compliant, how do I -- Don't do the wrong things with it. So what we've seen is, and that's why the fire marshal concept and the crime rate comes in as well.

如果你將錯誤的資料輸入人工智慧，你會得到不好的結果，好嗎？所以我看到的是，大多數人都非常興奮，但他們需要指導。他們需要了解可以使用哪些工具、如何保持合規性、如何——不要用它做錯誤的事情。所以我們所看到的是，這就是消防隊長概念和犯罪率也出現的原因。

They are really hungry for solutions that will drive efficiency and help them to operate the bank better. And they need people like us to actually build those tools to be very purposeful and very narrow in their focus of what solutions or what problems they solve, okay? That way, they feel secure. And so we have to take this journey with them and actually bolt solutions that's very purpose-driven. It's within a very specific focused problem set. And that way the industry will come along over time. Because as you can imagine, banking is a conservative business but it's about money and regulation and compliance.

他們非常渴望能夠提高效率並幫助他們更好地經營銀行的解決方案。他們需要像我們這樣的人來真正建立這些工具，使其目標明確，並專注於解決什麼解決方案或解決什麼問題，好嗎？這樣，他們就會感到安全。因此，我們必須與他們一起踏上這段旅程，並真正提供非常有目的的解決方案。它屬於一個非常具體的重點問題集。這樣，隨著時間的推移，這個產業就會不斷發展。因為正如你可以想像的那樣，銀行業是一個保守的行業，但它與金錢、監管和合規性有關。

So that's why I show most of the excitement was that the fact that we have the platform in place, but you have to do it first, get all your business processes right, get the platform laid out. And then after that, you can literally start taking that platform steps and compress them through automation and the use of data and analytics.

因此，這就是為什麼我表現出最興奮的原因是，我們擁有適當的平台，但你必須先做到這一點，讓所有業務流程正確，並佈置好平台。然後，您就可以真正開始採取該平台步驟，並透過自動化以及資料和分析的使用來壓縮它們。

And Adam, just on your question about the 100 sales leads. That was specifically for DocFox, which we're now calling our commercial onboarding and deposit account opening solution, but that was specifically at their booth. So a lot of excitement about bringing that technology into the nCino family.

Adam，關於你關於 100 個銷售線索的問題。這是專門針對 DocFox 的，我們現在稱之為我們的商業入職和存款帳戶開立解決方案，但那是專門在他們的展位上進行的。將這項技術引入 nCino 家族讓我們非常興奮。

Okay. Great. That's really helpful. And then, Greg, just on the margin consideration there. I think you talked about hiring being a little bit behind plan? What do you need to see either from a revenue perspective or other signals to lean in on the hiring side?

好的。偉大的。這真的很有幫助。然後，格雷格，只是關於邊際考慮。我想你談到招聘有點落後於計劃？從收入角度或其他訊號來看，您需要看到什麼才能在招募方面有所幫助？

And then how do we think about some of the sales and marketing expense within the context of that relative to the margin expansion plans that you laid out at Investor Day last year?

那麼，相對於您去年在投資者日制定的利潤擴張計劃，我們如何考慮一些銷售和行銷費用？

From a hiring perspective, again, our folks have got the green light to hire. I think what we've seen over the last quarter or 3 is more and more talent in the market. And I think our teams are being very methodical about who they're hiring and bringing in to help drive the company going forward.

從招募的角度來看，我們的員工再次獲得了招募許可。我認為過去一三個季度我們看到市場上的人才越來越多。我認為我們的團隊在招募和引進人員方面非常有條理，以幫助推動公司前進。

So from that perspective, it's nothing from the CFO's office, for example. And it's all around making sure we've got the right people who can help drive growth, particularly when we talk about the breadth of products that we have going forward. So that's that.

因此，從這個角度來看，這與財務長辦公室無關。這一切都是為了確保我們擁有合適的人才來幫助推動成長，特別是當我們談論我們未來產品的廣度時。就是這樣。

As it relates from a margin perspective, again, we're going to take a little bit of a jump in our OpEx lines in the second quarter, as I talked about and gave some reasons. But once we get beyond that, again, we expect it to be fairly stable as the year progresses. I think we've talked about on our last call before we feel very comfortable with the head count that we've got.

正如我所談到的並給出了一些原因，從利潤率角度來看，我們將在第二季的營運支出方面略有跳躍。但一旦我們再次超越這一點，我們預計隨著時間的推移，它會相當穩定。我想我們在上次通話中已經討論過了，然後我們對現有的人數感到非常滿意。

We're continuing to add in places where we see opportunities again to drive growth and drive efficiencies. You'll note that our head count is up, but that's really solely related to the acquisitions that we did and the employees that we brought on from those 2 transactions.

我們將繼續在那些我們再次看到機會來推動成長和提高效率的地方增加業務。您會注意到，我們的員工人數有所增加，但這實際上僅與我們所做的收購以及我們從這兩筆交易中引進的員工有關。

Our next question comes from Ryan Tomasello with KBW.

我們的下一個問題來自 KBW 的 Ryan Tomasello。

Pierre, last quarter, you talked about needing to hit roughly 40% of your annual bookings target to hit the guidance for the year. So just given the strong start to the year, can you provide some context around where that visibility stands today. And maybe some where the puts and takes have been. And just given the strong bookings performance to start the year, maybe just help us understand the drivers of the maintained top line guide for the year.

皮埃爾，上個季度，您談到需要達到年度預訂目標的大約 40% 才能達到今年的指導目標。鑑於今年的強勁開局，您能否提供一些有關目前可見度狀況的背景資訊。或許還有一些看跌期權和賣出選擇權的地方。考慮到年初強勁的預訂表現，也許可以幫助我們了解今年維護的頂線指南的驅動因素。

Yes. So look, firstly, first quarter was a continuation of the momentum of fourth quarter, and that gives us confidence to maintain the guidance and this exactly how expressed our market sentiment is at this point. If you look at just further color on the bookings, it was about 60-40 commercial.

是的。因此，首先，第一季是第四季動能的延續，這讓我們有信心維持指導，這正是我們目前市場情緒的表達方式。如果您進一步查看預訂的顏色，您會發現大約有 60-40 個廣告。

And I want to emphasize for all of you that remember, if you look historically at commercial, you look at a workflow solution that we want to cover all the people. That is the breadth. We've taken that breadth and expanded that into small business as well as consumer deposit account opening and now onboarding, okay? So that's how we get users.

我想向大家強調，請記住，如果您回顧商業歷史，您會看到我們希望涵蓋所有人的工作流程解決方案。這就是廣度。我們已經擴大了這個範圍，並將其擴展到小型企業以及消費者存款帳戶開設和現在的入職，好嗎？這就是我們獲取用戶的方式。

But now there's a debt issue. And the debt is all about intelligence, data, AI, analytics, machine learning. And we're literally going to go deeper into the bank and look at very specific roles and see how we can replace that. And that adds tremendous value, through the efficiency and the operations of the bank. So we see that customer base of commercial as a tremendous asset to drive more automation and to actually get more customer value out of it.

但現在出現了債務問題。債務全都與情報、數據、人工智慧、分析、機器學習有關。我們實際上將深入銀行，研究非常具體的角色，看看我們如何能夠取代它。透過銀行的效率和運營，這增加了巨大的價值。因此，我們將商業客戶群視為推動更多自動化並真正從中獲得更多客戶價值的龐大資產。

So I would say that the first quarter confirmed to me our confidence. On the downside, you have to remember, we have to look at churn. And we always have to understand what is the churn impact going to be. And since I haven't seen any cuts in rates, although Mortgage is only about 15%, 16% of total revenue of the company, it does have an impact. And that Mortgage business is still running flat, although we're taking market share all the time because we're growing our Mortgage business. But obviously it's dilutive to growth overall because it's growing slightly slower than the rest of the company. So I'd say for right now, we're going to hold what we have, and we'll see how the market develops by mid year.

所以我想說，第一季證實了我們的信心。不利的一面是，你必須記住，我們必須專注於客戶流失。我們始終必須了解客戶流失會產生什麼影響。而且由於我沒有看到任何利率下調，儘管抵押貸款只占公司總收入的15%、16%左右，但它確實有影響。儘管我們一直在擴大抵押貸款業務，但抵押貸款業務仍然表現平平。但顯然它會稀釋整體成長，因為它的成長速度比公司其他部門略慢。所以我現在想說的是，我們將持有現有的資產，到年中我們將看到市場如何發展。

Yes. Just to expand on that, Ryan. From a mortgage perspective, that business is still growing almost double digits this quarter. Again, the team continuing to do a great job in a difficult market. We added 15 new logos in the quarter, but it is dilutive to growth. And you would have heard my comments around bad debt, particularly on the IMB side, subsiding a little bit.

是的。只是為了擴展這一點，瑞安。從抵押貸款的角度來看，該業務本季仍以近兩位數的速度成長。再次，該團隊在困難的市場中繼續表現出色。我們在本季度添加了 15 個新徽標，但這會稀釋成長。你們可能已經聽到了我關於壞帳的評論，特別是在國際貨幣基金組織方面，壞帳有所下降。

And so I think what we've seen is somewhat what we experienced mainly last year was a lot of these IMBs, these mortgage lenders who are just shutting their doors. We've seen that, I'd say, slow, I still expect some of those to happen, but not with the frequency that they did maybe last year. And really, as we think about churn in this year, and I think I touched upon it on the last call, it's really more around M&A.

因此，我認為我們所看到的情況與去年主要經歷的情況是許多 IMB，這些抵押貸款機構剛剛關閉。我想說，我們已經看到，緩慢的情況，我仍然預計其中一些會發生，但不會像去年那樣頻繁。事實上，當我們考慮今年的客戶流失時，我想我在上次電話會議上談到了它，它實際上更多地圍繞併購。

As you're left with a smaller number of larger, better capitalized IMBs, and some of those are becoming aggressive in taking market share. Fortunately, we think many of those are our customers. So we hope that there's opportunities for growth through M&A there. But again, sometimes you end up on the wrong side of a trade. And so as we think about the guidance, we told you guys in late March when we gave that guidance, we want to be prudent as we think about the rest of the year.

由於規模較大、資本較好的 IMB 數量較少，其中一些正在積極搶佔市場份額。幸運的是，我們認為其中許多是我們的客戶。因此，我們希望那裡有透過併購來實現成長的機會。但同樣，有時您最終會在交易中做出錯誤的決定。因此，當我們考慮該指導意見時，我們在三月下旬給出該指導意見時告訴大家，我們在考慮今年剩餘時間時要保持謹慎。

Great. I appreciate all that color. And then just a bigger picture one here Pierre, as you think about potential catalysts on the horizon, driving demand and bookings over maybe the next 6 to 12 months, I was hoping you can just help us contextualize the importance of the different variables in play between some of the more obvious ones like rates, the U.S. presidential election, maybe just broader urgency that AI is putting on the industry to innovate.

偉大的。我很欣賞所有這些顏色。然後是一個更大的圖景，皮埃爾，當你考慮即將出現的潛在催化劑、推動未來 6 到 12 個月的需求和預訂時，我希望你能幫助我們了解不同變數的重要性。在明顯的問題（例如利率、美國總統大選）之間，也許只是人工智慧為產業創新帶來了更廣泛的迫切性。

How would you rank order the importance among those? And any other major variables that come to mind as you think about the bookings environment over the next 6 to 12 months.

您如何對這些因素的重要性進行排序？以及當您考慮未來 6 到 12 個月的預訂環境時想到的任何其他主要變數。

The first thing you have to realize is that banks this year operate under a lot more stability and a stable macro environment with the rates being stable. Last year was all about survival. When you have a liquidity crisis, the management teams turn all their focus to a very tactical mindset to just survive.

首先你必須意識到的是，今年銀行的營運更加穩定，宏觀環境也更加穩定，利率也保持穩定。去年是關於生存的一年。當遇到流動性危機時，管理團隊會將所有註意力轉向戰術思維，以求生存。

This year, I would say they're bruised from that experience but they are carefully moving forward with more strategic options. So what I find is a lot of scrutiny in deals and really making sure that they prioritize their spending in the right places. Fortunately, with what we do, we get prioritized at the top of the list many, many times.

今年，我想說他們因這次經歷而受到重創，但他們正在謹慎地採取更多策略選擇。因此，我發現對交易進行了大量審查，並真正確保他們將支出優先放在正確的地方。幸運的是，透過我們所做的事情，我們多次被優先考慮。

However, there is still a posture of conservatism that you can see. Now what's going to happen as time goes and the rates stay stable and then start coming -- maybe coming down a little bit. And look, it's going to be a quarter point cut. So it's not material in dollar terms, but it's more of a sentiment and a signal to the market.

但是，仍然可以看到保守主義的姿態。現在隨著時間的推移會發生什麼，利率保持穩定，然後開始下降——也許會下降一點。看，這將減少四分之一個百分點。因此，以美元計算，這並不重要，但更多的是一種情緒和向市場發出的信號。

What you'll see is that banks will become more aggressive and realizing they have to run an efficient operation. When you come to the election, look, changes of administrations, we started this company under Obama. We ran it under Trump for 4 years. We're now under Biden. So these administrations come and go. If it's more compliance oriented, we've got the tools to solve that for you.

您將看到的是，銀行將變得更加積極進取，並意識到他們必須有效地運作。當你參加選舉時，看，政府更迭，我們在歐巴馬領導下創辦了這家公司。我們在川普的領導下運作了四年。我們現在在拜登的領導下。所以這些政府來來去去。如果它更注重合規性，我們有工具可以為您解決這個問題。

If it's more growth driven, we've got the tools to help you grow, if it's more about profitability and efficiency, we've got the tools to drive automation and help you to become more efficient. But all the bankers know they have to come to an efficiency ratio around 50%, 51%. Some of my top banks run around 39%, 40%, okay?

如果更多的是成長驅動，我們有工具來幫助您成長，如果更多的是獲利能力和效率，我們有工具來推動自動化並幫助您提高效率。但所有銀行家都知道，他們的效率必須達到 50%、51% 左右。我的一些頂級銀行的營運率約為 39%、40%，好嗎？

So you can operate these banks at very efficient and highly profitable margins by utilizing nCino and that's a message we take out, and that's a message that they confirm for us in our surveys and the feedback we're getting.

因此，您可以利用 nCino 以非常高效和高利潤的方式運營這些銀行，這是我們得出的信息，也是他們在我們的調查和我們收到的反饋中為我們證實的信息。

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。

Pierre for you, if I look at DocFox, Allegro, it looks like you're reinvesting here in that community bank small business area. What's driving the need or the opportunity? Is there some pull there where you decided to buy versus build because the demand was there? Walk us through the logic and what you're hearing, the sense of urgency from some of those community banks and why you're leaning in here on that.

皮埃爾，如果我看看 DocFox、Allegro，看起來你們正在對社區銀行的小型業務領域進行再投資。是什麼推動了需求或機會？由於存在需求，您決定購買還是建造，是否存在某種吸引力？請向我們介紹其中的邏輯和您所聽到的內容、一些社區銀行的緊迫感以及您為何傾向於這一點。

Yes. So let me talk about onboarding first. Look, onboarding has always been an interest of ours, but it came in pecking order. I wanted to do small business and consumer lending and deposit account opening first.

是的。那我先談談入職。看，入職培訓一直是我們的興趣所在，但它是按優先順序排列的。我想先做小企業和消費者貸款和存款帳戶開立。

But onboarding for commercial businesses. It's a highly complex, and it literally is as big an effort as it is to originate a loan, okay? Some of these deposit account openings, because of regulation and money laundering, could take up to 6 months for them to get the account open, depending how complex and if it's an international business, okay? So automating that and helping banks with that is a tremendously attractive market.

但針對商業企業的入職。這是一個非常複雜的事情，實際上它與發放貸款一樣需要付出巨大的努力，好嗎？由於監管和洗錢的原因，其中一些存款帳戶的開設可能需要長達 6 個月的時間才能開設帳戶，具體取決於複雜程度以及是否是國際業務，好嗎？因此，實現自動化並幫助銀行實現這一點是一個極具吸引力的市場。

In DocFox, as you know, we always start building for the community bank market. With DocFox, I can accelerate that. And the moment they've fully integrated, that product will go all the way up the enterprise. And so there's tremendous pull for that. And that, by the way, will then go internationally and be a global product.

如您所知，在 DocFox，我們總是開始為社區銀行市場進行建造。有了 DocFox，我可以加速這個過程。一旦他們完全集成，該產品將一路上升到企業。因此，這具有巨大的吸引力。順便說一句，這將走向國際並成為全球產品。

So the onboarding of commercial customers was always an interest of us was the natural next step in building out the platform. Let me come to Allegro. Allegro was more of an impediment in the credit union market, where a lot of indirect auto lending happens. Some banks are doing it, that business falls out of favor and back in favor, depending on economic climates. But in the credit union markets, they see it as an essential member service.

因此，商業客戶的加入始終是我們的興趣所在，也是建立平台的下一步。讓我來一下快板。 Allegro 在信用合作社市場上更像是一個障礙，那裡發生了大量間接汽車貸款。一些銀行正在這樣做，根據經濟形勢，業務會失寵並重新受到青睞。但在信用合作社市場，他們將其視為一項重要的會員服務。

So they actually have many of these dealers signed up and you can -- like you know you go to a dealer, you get the man behind the curtain and you get your financing, okay? And that's where the solution is helping them, to connect with these dealerships and do that indirect lending. And it's a highly complex, deeply integrated solution. And for us to abode that would have added no value. It's more of a commodity. And this product I see as more as an add-on to consumer lending.

所以他們實際上有很多這樣的經銷商簽約了，你可以——就像你知道你去找經銷商一樣，你找到了幕後的人，你就得到了融資，好嗎？這就是解決方案幫助他們的地方，與這些經銷商建立聯繫並進行間接貸款。這是一個高度複雜、深度整合的解決方案。對我們來說，這樣的居住不會增加任何價值。它更像是一種商品。我認為該產品更像是消費貸款的附加產品。

So when you go in, you can replace all our new technology with the old stuff they've got. And then I covering this indirect lending issue that if you don't have that, they cannot select you because then they have multiple vendors. That's where that one came from. By the way, indirect lending does apply also to credit unions, to banks and it goes all the way up the enterprise. And it's a U.S.-based product.

所以當你進去的時候，你可以用他們擁有的舊東西來取代我們所有的新技術。然後我討論了這個間接貸款問題，如果你沒有這個問題，他們就無法選擇你，因為他們有多個供應商。那個人就是從那裡來的。順便說一句，間接貸款也適用於信用合作社、銀行，並且一直延伸到企業。這是一款美國產品。

Yes. And Brent, I think I would also view that -- the Allegro again as we think about how far our consumer lending solution has come and the confidence we have in it, as evidenced by the enterprise bank that we highlighted a quarter or 2 ago that purchased it. I think it's really rounding out the functionality to bring to market. And as Pierre noted, frequently, you'd have an RFP where it's a box, we would not be able to check and you'd get dinged for that. But ultimately, now we're able to give this net new technology, and we think the market is asking for it because we don't see other net new technology like what we have in the consumer side out there.

是的。布倫特（Brent），我想我也會再次看到這一點——當我們思考我們的消費貸款解決方案已經取得了多大的進展以及我們對其的信心時，正如我們在一兩個季度前強調的企業銀行所證明的那樣購買了它。我認為它確實完善了推向市場的功能。正如皮埃爾指出的，通常情況下，您的 RFP 是一個盒子，我們無法檢查，您會因此而受到懲罰。但最終，現在我們能夠提供這種淨新技術，我們認為市場正在要求它，因為我們沒有看到像我們在消費者方面擁有的其他淨新技術。

Helpful color, and just Greg for you, one quick follow-up on CRPO, the growth did accelerate here on a year-over-year basis in the quarter. It sounds like you're flagging uncertain -- continued uncertainty in that mortgage market. But was all of the backlog build here in the quarter tied to kind of commercial? Was it like strong renewal? Just any additional color on why that CRPO growth actually accelerated even in an arguably very tough environment.

有用的顏色，還有 Greg 為您服務，這是 CRPO 的快速後續行動，本季度的同比增長確實加速了。聽起來你似乎在暗示抵押貸款市場存在不確定性——持續的不確定性。但本季所有積壓的訂單是否都與商業相關？是不是就像強勁的更新一樣？即使在可以說非常艱難的環境下，CRPO 的成長實際上仍在加速，只是任何額外的解釋。

Yes. Look, it was a good quarter and also just the mix that we had, which we always highlight can impact RPO came into play. We talk about the commercial side. We had 3 commercials. I know we frequently get questions about commercial saturation. We had 3 customers that each expanded with us over 40% from an ACV perspective, just solely expanding their commercial usage of us this quarter. And so we still see plenty of opportunity on the commercial side.

是的。看，這是一個不錯的季度，而且我們一直強調的組合可以影響 RPO 發揮作用。我們談論商業方面。我們有 3 個廣告。我知道我們經常收到有關商業飽和度的問題。從 ACV 的角度來看，我們有 3 位客戶，每位客戶都與我們合作擴展了 40% 以上，本季僅擴展了他們對我們的商業使用。因此，我們在商業方面仍然看到很多機會。

The other thing with mix, Brent, shows a little bit of the enterprise customers, again, coming back to buy as the events of last year and the liquidity crisis get further and further in the rearview mirror. So that's another thing that I'd highlight. And I guess, finally, just to Pierre's earlier comments, when we talk about commercial, and again, people talk about commercial lending, we have the historic workflow commercial lending business that we started from -- but as we think about commercial, and as you guys think about commercial, we really would urge you or encourage you to think about it more broadly with all of the other things that we're bringing to those commercial customers like the continuous credit monitoring that we announced with M&T like banking adviser like DocFox, like auto spreading like commercial pricing and profitability.

另一件事是布蘭特原油，這表明隨著去年的事件和流動性危機越來越遠​​，企業客戶再次回來購買。這是我要強調的另一件事。我想，最後，對於皮埃爾之前的評論，當我們談論商業時，人們再次談論商業貸款，我們擁有我們開始的歷史性工作流程商業貸款業務 - 但當我們考慮商業時，你們考慮商業，我們真的會敦促您或鼓勵您更廣泛地考慮我們為這些商業客戶提供的所有其他事情，例如我們與M&T 宣布的持續信用監控，例如DocFox 等銀行顧問，就像汽車傳播一樣商業定價和盈利能力。

And so as we look at that commercial customer base, again, we view it as a tremendous asset, and we think there's a lot of runway there for us.

因此，當我們再次審視商業客戶群時，我們將其視為一筆巨大的資產，我們認為那裡有很多跑道可供我們使用。

A lot of cross-sell for sure, very clear. Thank you.

肯定有很多交叉銷售，非常清楚。謝謝。

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。

Pierre, great to hear on the record first quarter bookings. I wanted to dig your comments in particular on the U.S. Tier 1 and enterprise activity, I think you said you kind of started coming back. What do you see from that segment in the quarter? And how should we think about that segment contributing to bookings this year relative to kind of its current mix in your business today?

皮埃爾，很高興聽到第一季的預訂量創紀錄。我想特別了解您對美國一級和企業活動的評論，我想您說過您已經開始回來了。您對本季該細分市場有何看法？相對於您目前的業務組合，我們應該如何看待該細分市場今年對預訂的貢獻？

What I'm seeing is the same excitement. Obviously, they have bigger staffs and a bit more sophistication on the IT side, but the same excitement with the same questions around the usage of AI and data.

我所看到的是同樣的興奮。顯然，他們在 IT 方面擁有更多的員工和更複雜的技術，但對於人工智慧和數據的使用同樣的問題也同樣令人興奮。

Remember, if you look at the critical mass of data by bank, you could say that JPMorgan Chase and maybe Wells Fargo has got critical mass. But the rest of them don't have enough on the loan book to actually have a representative picture of all the areas and states in the U.S.

請記住，如果您查看銀行的臨界數據，您可以說摩根大通和富國銀行已經達到了臨界數據。但其餘人的貸款簿上沒有足夠的資金來真正了解美國所有地區和州的代表性情況。

With our data lake and the products we are building on and the way we actually anonymize and take these data into a big data lake, and then provide to them much deeper insights into the activities of commercial lending, as well as automating the review processes. We all love to think about commercial loan origination. Most of the work actually sits in quarterly and 6 monthly and annual reviews of existing loans and making sure the book is priced as well as collateralized and covenant in the right way.

借助我們的資料湖和我們正在建立的產品，以及我們實際匿名化並將這些資料放入大數據湖的方式，然後為他們提供對商業貸款活動的更深入的見解，以及自動化審核流程。我們都喜歡考慮商業貸款的發放。大部分工作實際上是對現有貸款進行季度、六個月和年度審查，並確保以正確的方式定價、抵押和契約。

So there's a massive middle back office operation happening without loan origination at all, okay? And that's where the opportunity is to drive this automation. And that's where RDC or retailer corporation's partnership with us is so helpful. And then you pair that next to the generative AI tools we're putting together in there, and it's going to literally remove chunks of processes that we've built over 12 years into the workflow.

因此，在根本沒有發放貸款的情況下，發生了大規模的中後台操作，好嗎？這就是推動自動化的機會所在。這就是 RDC 或零售商公司與我們的合作關係如此有幫助的地方。然後你將其與我們正在整合的生成式人工智慧工具配對，它將真正刪除我們在工作流程中建立了 12 年多的流程區塊。

And that's the interesting part here is that we can now take a broad footprint of what we laid out for a bank because we know exactly what they do. We can automate some of this and drive a lot more efficiently and a lower-cost operation. And we will share in that efficiency as they pay us for these products.

有趣的是，我們現在可以廣泛了解我們為銀行製定的計劃，因為我們確切地知道他們在做什麼。我們可以將其中一些自動化，並以更有效率、更低成本的方式推動營運。當他們為這些產品付錢給我們時，我們將分享這種效率。

Okay. Great. Yes. I know RDC was a big part of the nSight keynote this year. So, good to hear that color. One more for you, Pierre or Paul's on, I don't know if he's taking part of the Q&A, but can you just talk about what the launch of SimpleNexus, the front end, the omnichannel capabilities? And maybe I'll just lump in some of the indirect auto functionality that you talked about in response to Brent's question.

好的。偉大的。是的。我知道 RDC 是今年 nSight 主題演講的重要組成部分。所以，很高興聽到這個顏色。 Pierre 或 Paul 的，我不知道他是否參加了問答，但您能簡單談談 SimpleNexus 的推出、前端、全通路功能嗎？也許我會簡單介紹一下您在回答布倫特問題時談到的一些間接自動功能。

What does that mean for the retail lending segment? I know Greg called out, that's one of the areas you're going to spend more on in the back half of the year. So what's changed there in your mind on consumer lending?

這對零售貸款領域意味著什麼？我知道格雷格喊道，這是你下半年要花更多錢的領域之一。那麼您對消費貸款的看法發生了什麼變化呢？

So let's talk about the consumer-facing side of this, okay? What if American Airlines changes their whole booking operations and issuing tickets, et cetera, but you still have to make a phone call. You go out for the old stuff. It didn't help you but it helped them in the middle back office. For us putting up probably the most sophisticated, elegant front-end solution, where consumers now can do this stuff and go self-service, it removes the burden from the bank. It gives them a modern platform. It drives self-service to an extent, not known in banking today, okay? So now all of a sudden, people start believing that all that hard work we did for the middle back office, if you plug that front end in, it drives that consumer adoption and self-service, they were always coveting for. And that's the difference that this front end is making.

那我們來談談面向消費者的方面，好嗎？如果美國航空改變了整個預訂操作和出票等操作，但您仍然需要打電話，該怎麼辦？你出去尋找舊東西。這對你沒有幫助，但對中後台的他們有幫助。對我們來說，建立可能是最複雜、最優雅的前端解決方案，消費者現在可以做這些事情並進行自助服務，它減輕了銀行的負擔。它為他們提供了一個現代化的平台。它推動自助服務達到了當今銀行業所不知道的程度，好嗎？因此，現在突然間，人們開始相信，我們為中後台所做的所有艱苦工作，如果插入前端，就會推動消費者採用和自助服務，這是他們一直夢寐以求的。這就是這個前端所帶來的不同。

It is the final piece of the puzzle. But we never wanted to do it until we've got the middle back office clean. Otherwise, you've got this cool front end, and you wait 3 days for an answer, okay? We are moving to a world where 5 years from now I believe consumer and small business banking at the low end should be mostly driven by self-service and intuitive tools that drives intelligence behind the scenes to advise and help consumers to be totally self-service.

這是拼圖的最後一塊。但在我們清理中後台之前，我們從來不想這樣做。否則，你已經有了這個很酷的前端，你還要等 3 天才能得到答案，好嗎？我們正在邁向這樣一個世界：五年後，我相信低端消費者和小型企業銀行業務應該主要由自助服務和直觀工具驅動，這些工具驅動幕後智能，為消費者提供建議和幫助，實現完全自助服務。

It should be so simplistic, just like your iPhone come in a box, you don't get a manual, you don't go to a training course. The same is going to happen. We're going to take banking to that same level of efficiency and automation. The Allegro one is just to fill a hole on indirect lending because that's what the market space wants. And if they get this end-to-end solution that can do that as well, they can literally rip and replace their current disparate systems. They've got between 10 and 15 systems doing all the stuff we're doing. We're going to go in with a single platform, elegant front end, totally different self-service, you come halfway through application walk into the brands. Everything is right there.

它應該如此簡單，就像你的 iPhone 裝在盒子裡一樣，你不需要手冊，你不需要參加訓練課程。同樣的事情也會發生。我們將使銀行業達到相同的效率和自動化水準。 Allegro 只是為了填補間接貸款的空白，因為這正是市場空間所需要的。如果他們獲得同樣可以做到這一點的端到端解決方案，他們實際上可以拆除並替換當前的不同系統。他們有 10 到 15 個系統來完成我們正在做的所有事情。我們將採用單一平台、優雅的前端、完全不同的自助服務，您在應用程式中途進入品牌。一切都在那裡。

The brands person will pick you up and say here's where you left off, I'll finish it for you. So lots of excitement around that. And if you hear the feedback we get from some of our largest customers around the mortgage experience, where people literally wrote them letters to say, I want to take the dog for walk while I sat and applied for a mortgage, on a very complex product and solution, that's the kind of elegance we want to drive into the market.

品牌人員會接你並說這是你上次停下來的地方，我會幫你完成的。圍繞這一點有很多令人興奮的事情。如果你聽到我們從一些最大的客戶那裡得到的關於抵押貸款體驗的反饋，人們確實寫信給他們說，我想在我坐下來申請抵押貸款的時候帶著狗去散步，在一個非常複雜的產品上和解決方案，這就是我們想要推向市場的優雅。

Our next question comes from Saket Kalia with Barclays.

我們的下一個問題來自巴克萊銀行的 Saket Kalia。

Pierre, maybe for you. I'd love to just double-click a little bit on just the consumer business a little bit. To your earlier point, right, like you're kind of building a whole sort of end-to-end system there on consumer. Maybe if you could just talk about it from a demand perspective. Qualitatively, how do you feel about the pipeline for consumer lending this year? And as that tool set has matured, how are you kind of looking at competitive win rates right now, of course, all and totally?

皮埃爾，也許適合你。我想雙擊一下消費者業務。對於您之前的觀點，就像您正在為消費者建立一整套端到端系統一樣。也許你能從需求的角度來談談這個問題。從品質上來說，您對今年消費貸款的管道有何看法？隨著該工具集的成熟，您現在如何看待競爭獲勝率？

Yes. So I would remind you that consumer includes indirect lending, mortgage, consumer finance unsecured, secured non-real estate. And then when you get to real estate, it's mortgage plus HELOCs, et cetera, okay? So it's a fairly big bundle. And anyone has been to nSight, it's actually one of the things I noticed is we've got all these consumer products and there are different booths and you walk around, and it's actually one big consumer platform, okay?

是的。所以我提醒大家，消費包括間接貸款、抵押貸款、無擔保消費金融、有擔保的非房地產。然後當你談到房地產時，它是抵押貸款加上 HELOC，等等，好嗎？所以這是一個相當大的包。任何人都去過 nSight，這實際上是我注意到的一件事，我們擁有所有這些消費產品，並且有不同的展位，你走來走去，它實際上是一個大型消費平台，好嗎？

What we are seeing is that banks have done the commercial piece with us. And now the single platform story is resonating. They're beginning to see that not only do we need to do the investment, all right? And I'll point you to that $15 billion asset bank that grew HCV 7x by signing up with us even without having commercial on there yet. I'm seeing demand coming.

我們看到銀行已經和我們一起完成了商業部分。現在，單一平台的故事正在引起共鳴。他們開始意識到我們不僅需要進行投資，好嗎？我會向您介紹一家價值 150 億美元的資產銀行，該銀行透過與我們簽約，使 HCV 增長了 7 倍，即使該銀行尚未投放廣告。我看到需求來了。

By the way, it's just like the iPhone. On Day 1, you loved your Blackberry. I've never seen you using the BlackBerry, but I'm 100% sure you had one, okay? And so it takes people a little bit to say, okay, it's real now. And guess what you have to realize, banking cannot afford the personal services for products that's unprofitable. That's just simple math in banks today. I meet with many, many CEOs or banks.

順便說一句，它就像 iPhone 一樣。第一天，您就愛上了您的黑莓手機。我從未見過你使用黑莓手機，但我 100% 確定你有一台，好嗎？所以人們需要一點時間才能說，好吧，現在這是真的了。猜猜您必須意識到什麼，銀行無法負擔無利可圖的產品的個人服務。這對今天的銀行來說只是簡單的數學計算。我會見了很多很多的執行長或銀行。

And that's the most common theme apart from efficiency is we cannot keep on spending time and money with people on products that's unprofitable. So the automation drive and the efficiency drive is going to do that. So by the way, the pipeline is healthy. We feel good about it. Customer reference is healthy and the existing projects where we're installing consumer is healthy. So I feel overall that as we have more success, that demand will actually grow.

除了效率之外，最常見的主題是我們不能繼續在無利可圖的產品上花費時間和金錢。因此，自動化驅動和效率驅動將做到這一點。順便說一句，管道是健康的。我們對此感覺很好。客戶參考是健康的，我們正在安裝消費者的現有項目也是健康的。因此，我總體認為，隨著我們取得更多成功，這種需求實際上會成長。

Got it. Got it. That makes a ton of sense. Greg, maybe for my follow-up for you. I'd love to just get your thoughts just about the Services business right now. I think strategically, we've talked about it in the past, how it might be nice to maybe work with more SI partners there to sort of balance some of the work. And it looks like some of that Services mix is going down as just a percentage of total revenue. Maybe the question is, where are we on that journey? And how do you think about that mix longer term?

知道了。知道了。這很有道理。格雷格，也許是為了我對你的後續行動。我現在很想了解您對服務業務的想法。我認為從戰略上講，我們過去已經討論過，與更多的 SI 合作夥伴合作來平衡一些工作可能會很好。看起來其中一些服務組合佔總收入的比例正在下降。也許問題是，我們在這段旅程中處於什麼位置？從長遠來看，您如何看待這種組合？

Yes. Saket , I think that journey just continues as is. I think us, as we've talked about pretty consistently, wanting to push Services as much as we can to our SI partners continues to be the strategy. And you may see some lumpiness from time to time based on a project not going to a partner because maybe they wanted us to do it or going to a partner.

是的。 Saket，我認為這段旅程就這樣繼續下去。我認為，正如我們一直在談論的那樣，希望盡可能地向我們的 SI 合作夥伴提供服務仍然是我們的策略。您可能會不時看到一些不順利的情況，因為專案沒有交給合作夥伴，因為也許他們希望我們這樣做或去找合作夥伴。

But ultimately, we think that's a fairly steady-state business. And it provides a lot of value for our customers, whether it's us directly implementing it, supporting the customers or working with our SI partners. And again, that's how our folks here really learn more and more about the product and get more and more feedback from our customers about the product, which then goes right back into our R&D organization and helps drive the continued innovation.

但最終，我們認為這是一個相當穩定的業務。它為我們的客戶提供了許多價值，無論是我們直接實施、支援客戶或與我們的 SI 合作夥伴合作。再說一次，這就是我們這裡的員工真正了解越來越多的產品信息，並從客戶那裡獲得越來越多的關於產品的反饋的方式，然後這些反饋又回到我們的研發組織，幫助推動持續創新。

I just want to emphasize, or add to that, that projects go better when nCino has people on it. So we always emphasize, regardless of the size of the bank, even SI-s involved that nCino put some people on the project. So just because of the closest to the product people, they come home on weekends, they come home on Fridays, they go talk to product, they understand how it was built.

我只是想強調，或補充一點，當 nCino 有人參與時，專案會進展得更好。所以我們總是強調，無論銀行規模大小，甚至參與的SI-s，nCino都會派一些人來參與這個專案。因此，僅僅因為與產品人員最接近，他們週末回家，週五回家，他們去與產品交談，他們了解它是如何構建的。

And so you'll see the current percentage of revenue will probably continue. We don't deemphasize services, but we try to keep a nice balance to make sure customer sets face up, we get new product feedback.

因此，您會看到當前的收入百分比可能會繼續下去。我們不會淡化服務，但我們會盡力保持良好的平衡，以確保客戶接受並獲得新產品回饋。

Next question comes from Terry Tillman with Truist Securities.

下一個問題來自 Truist Securities 的 Terry Tillman。

Pierre, Greg and Harrison. Maybe the first question. I remember on prior calls, I would attempt to do a local language when you would have an international win. So whether it's French or Dutch or I think maybe one time in New Zealand. You talked about the Enterprise business being strong in the U.S. community banks and just generally, you're seeing a pickup in the U.S. .

皮埃爾、格雷格和哈里森。也許是第一個問題。我記得在之前的電話中，當你想要贏得國際比賽時，我會嘗試使用當地語言。所以無論是法國的還是荷蘭的，或者我想也許是在新西蘭。您談到美國社區銀行的企業業務表現強勁，整體而言，您看到美國的業務有所回升。

It seemed like international revenue was strong at 34% year-over-year growth. But how was it in terms of new business with new logos and/or expansion sales with international customers? And then I have a follow-up.

國際收入似乎很強勁，年增 34%。但在使用新標誌的新業務和/或擴大國際客戶銷售方面情況如何？然後我有一個後續行動。

Yes. Yes, we had -- I mean, you can make an English accent. We had a -- We had a great U.K. institution that signed up for us that we're proud of. But I would remind you that the international business is more of an enterprise business. So it's lumpy. The pipe is healthy. We feel good about that.

是的。是的，我們有——我的意思是，你可以說英語口音。我們有一個偉大的英國機構為我們簽約，我們對此感到自豪。但我想提醒您，國際業務更多的是企業業務。所以是塊狀的。管道健康。我們對此感覺很好。

Plus, I'll remind all Americans on the call that Canada is not America. So we've got Canada, you've got the U.K., Ireland. I would say we're very excited about Spain. We've got a nice operation in Spain going and realize we've got Spanish banks outside of Spain as customers.

另外，我會提醒所有參加電話會議的美國人，加拿大不是美國。我們有加拿大，有英國、愛爾蘭。我想說我們對西班牙感到非常興奮。我們在西班牙的業務進展順利，並意識到我們在西班牙境外擁有西班牙銀行作為客戶。

And what we're beginning to see since we put a focus on Spain, the Nordics and around the Netherlands and Belgium or Benelux, we are seeing increasingly demand in those regions, but specifically Spain, we're very excited about. Spain is also the entry point for us into Latin America where those very large Spanish banks wants platforms to do global business with.

自從我們把重點放在西班牙、北歐以及荷蘭、比利時或比荷盧經濟聯盟週邊地區以來，我們開始看到這些地區的需求不斷增長，特別是西班牙，我們對此感到非常興奮。西班牙也是我們進入拉丁美洲的切入點，那些西班牙大型銀行希望有平台進行全球業務。

And so that's an exciting development. And I should also mention that Japan looks very healthy. There are some very exciting developments. As you can imagine, it's a slow-moving market as we get more traction and get more references. But we had 2 different institutions from Japan coming out to nSight. I had meetings with them in general and just exciting developments because of the size and the breadth of what they want to do with us.

這是一個令人興奮的發展。我還應該提到日本看起來非常健康。有一些非常令人興奮的進展。正如你可以想像的那樣，隨著我們獲得更多的關注和更多的參考，這是一個緩慢變化的市場。但我們有 2 個來自日本的不同機構加入了 nSight。我與他們進行了一般性的會面，由於他們希望與我們合作的規模和廣度，我們取得了令人興奮的進展。

And Salesforce also has a big presence in Japan. So that's also helpful for us. So I feel good about the international business, but I want to comment, in the short term, because of the addition of DocFox and Allegro and the emphasis on going deeper into the credit union space and adding sales and marketing there, you may see that the U.S. accelerates growth a little bit. And then international will catch up again.

Salesforce 在日本也有很大的影響力。所以對我們也有幫助。所以我對國際業務感覺良好，但我想評論一下，在短期內，由於 DocFox 和 Allegro 的加入，以及對深入信用合作社領域並在那裡增加銷售和營銷的重視，你可能會看到美國的增長略有加快。然後國際將再次迎頭趕上。

That does not diminish the size or the opportunity internationally. And just say over time, as we invest because when we start building for community regional, then we grow it up, okay? You may see that phenomena a little bit.

這並不會減少國際規模或機會。只是說，隨著時間的推移，當我們投資時，因為當我們開始為社區區域建設時，我們就會成長，好嗎？你可能會看到一點這種現象。

Got it. Well, maybe I'll just go ahead and give a little bit of Japanese [Foreign Language], but -- so the second question, and then I'll stop for everybody's sake is on the NIC side, I think 39% of the platform customers are using at least one of the solutions at the end of last quarter. I assume that maybe that ticks up a little bit. Just anything Greg could share on that.

知道了。好吧，也許我會繼續講一點日語（外語），但是——所以第二個問題，然後我會為了大家的利益而停下來的是 NIC 方面，我認為 39%截至上季度末，平台客戶至少正在使用其中一種解決方案。我想這可能會增加一些。格雷格可以分享的任何內容。

And then secondly, look, it seemed like after you launched auto spreading, you had a lot of good early wins. And I didn't hear a lot about new auto spreading deals but maybe you had them, but it does seem like it's a really great efficiency play. So is there still more in the tank, so to speak, in terms of getting more customers to subscribe to that?

其次，你看，在你推出自動傳播之後，你似乎取得了許多良好的早期勝利。我沒有聽說過很多關於新的汽車傳播交易的消息，但也許你有過，但看起來這確實是一個非常高效的遊戲。那麼，可以說，在吸引更多客戶訂閱方面，還有更多的空間嗎？

Yes. We do share a great interest there. If anybody who was at nSight, will remember I talked about data consumption. And the excitement with AI around that. Today, a lot of that technology is based on OCR technologies. And in the future, it's going based on AI with vision, capabilities, which is going to give you a 5.9% accuracy percentage.

是的。我們確實對那裡有很大的興趣。如果任何在 nSight 工作過的人都會記得我談到過數據消耗。以及圍繞人工智慧的興奮。如今，許多技術都基於 OCR 技術。未來，它將基於具有視覺、功能的人工智慧，這將為您提供 5.9% 的準確率。

And so I think that whole auto spreading document ingestation business is going to change tremendously over the next 6 to 18 months, okay? And we have the tech, we have the people building it. I get personal demos on the stuff. So there's great excitement around how that continuous end-to-end value prop is playing out. And I think that's going to accelerate that product again. Greg, anything to add?

因此，我認為整個自動傳播文件攝取業務將在未來 6 到 18 個月內發生巨大變化，好嗎？我們擁有技術，我們有開發技術的人員。我得到了關於這些東西的個人演示。因此，關於持續的端到端價值支撐如何發揮作用，人們非常興奮。我認為這將再次加速該產品的發展。格雷格，有什麼要補充的嗎？

Yes. Terry, you can assume, again, it's just from a quarter ago that there would have been a small tick up in that percentage. The other thing, just getting back to the U.K. accent, that lender that we announced did purchase auto spreading as well. And so we didn't highlight it. But I think more and more, again, as we bring these products to market, they'll be packaged.

是的。特里，你可以再次假設，就在一個季度前，這個百分比會有小幅上升。另一件事，回到英國口音，我們宣布的貸款人也購買了自動貸款。所以我們沒有強調它。但我再次認為，當我們將這些產品推向市場時，它們將被包裝。

And ultimately, again, this is about a platform, right? And all the things that we can do for a bank on a single platform. And so the lines may get blurred a little bit over time as we again continue to expand broader and broader and deeper and deeper in the financial institution.

最終，這又是一個平台，對吧？以及我們可以在單一平台上為銀行做的所有事情。因此，隨著時間的推移，隨著我們再次繼續在金融機構中越來越廣泛、越來越深入地擴張，界線可能會變得有點模糊。

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. Really interesting use cases on the banking adviser front. Pierre, Greg, I was curious, I think you previously mentioned that you weren't expecting any revenue contribution from Banking Advisor in FY '25. Is that still the right way to think about it, despite the product velocity and customer excitement that you guys are seeing? Or do you think we can see some uplift this year?

邁克爾·因方特 (Michael Infante) 替補詹姆斯。銀行顧問方面非常有趣的用例。皮埃爾、格雷格，我很好奇，我想您之前提到過，您預計 25 財年銀行顧問不會帶來任何收入貢獻。儘管你們看到了產品的速度和客戶的興奮，但這仍然是正確的思考方式嗎？或者您認為今年我們會看到一些提升嗎？

Yes. It's still not part of our plan, Michael. And again, I think getting back to the Banking Advisers, Same with DocFox, we highlighted what we brought on to nCino when we purchased it. Again, the focus this year is on making sure we integrate that and really make it fully part of the single platform versus having a separate product. So nothing's changed in either one of those cases at this point in time.

是的。這仍然不是我們計劃的一部分，邁克爾。再次，我想回到銀行顧問，與 DocFox 一樣，我們強調了購買 nCino 時給它帶來的好處。同樣，今年的重點是確保我們將其整合並真正使其完全成為單一平台的一部分，而不是擁有單獨的產品。因此，目前這兩種情況都沒有改變。

Got it. That's helpful. Maybe, Pierre, just a high-level strategic question for you and a follow-up on the earlier question. But Obviously, there's been some developments just in terms of Basel III end game. I'm curious, it seems like we'll probably get some form of resolution towards the end of this year. But it seems like just in terms of easing of capital requirements more broadly, it could be a potential uplift just in terms of tech spend more broadly. But just any higher level of conversations that you're having with either current or prospective customers on that front would be helpful.

知道了。這很有幫助。皮埃爾，也許這只是向您提出的高級策略問題，以及先前問題的後續問題。但顯然，巴塞爾協議 III 的最後階段已經取得了一些進展。我很好奇，看來我們可能會在今年年底得到某種形式的解決方案。但似乎僅就更廣泛地放寬資本要求而言，就更廣泛地技術支出而言，這可能是潛在的成長。但是，您與目前或潛在客戶在這方面進行的任何更高級別的對話都會有所幫助。

I think the banks are in a wait and see mode on that. There clearly is an appetite in some pockets for more banking mergers. And I think there's a common assumption under the current administration, that will be very difficult. So there's all of that waiting in the wings for the election, for the administration, for seeing what's happening at the FDIC.

我認為銀行對此正處於觀望狀態。一些地方顯然有更多銀行業合併的興趣。我認為現任政府有一個共同的假設，那就是這將非常困難。因此，所有這些都在等待選舉、等待政府、等待 FDIC 發生什麼。

So I think that's one element where the bankers are sitting, waiting in a year like this year to see what's going to play out. But apart from that, when you're inefficient, you're inefficient. And if your are behind on your tax spend, you're behind your tax spend.

因此，我認為這就是銀行家在像今年這樣的一年裡等待的一個因素，看看會發生什麼。但除此之外，當你效率低時，你就效率低。如果你拖欠了你的稅收支出，你就拖欠了你的稅收支出。

And what I'm hearing is that people don't record the same ways in 2009, '10, '11 and '12. When we started the company, we literally could feel the pent-up demand of people who didn't spend and then realize they fell behind. And the people who keep up with tech, they are the winning banks, and they attract the best people. So I'm seeing more of a careful strategic move forward to actually not fall behind.

我聽到的是，人們在 2009 年、'10、'11 和 '12 的錄製方式有所不同。當我們創辦公司時，我們確實能感受到那些不花錢的人被壓抑的需求，然後意識到他們落後了。那些跟上科技步伐的人，他們就是獲勝的銀行，他們吸引了最優秀的人才。因此，我看到更多的是謹慎的策略舉措，以確保不落後。

Our next question comes from Adam Bergere with Bank of America.

我們的下一個問題來自美國銀行的 Adam Bergere。

Just to clarify, overall, it sounds like customer activity improved in Q1. But would you say for the Mortgage business in isolation that, that had ticked down, and that's ultimately what informed the choice to maintain the full year guide?

需要澄清的是，整體而言，聽起來第一季的客戶活動有所改善。但您是否會說，對於單獨的抵押貸款業務來說，抵押貸款業務已經下降，這最終是決定維持全年指南的原因嗎？

No, I wouldn't say it ticked down again. We signed 15 new logos, including some competitive takeaways. And again, that business still grew almost double digits again in this difficult market. And so again, I think that positions us incredibly well as we get through this year and beyond.

不，我不會說它又下降了。我們簽署了 15 個新徽標，其中包括一些有競爭力的要點。再說一次，在這個困難的市場中，該業務仍然再次成長了近兩位數。再說一遍，我認為這讓我們在今年及以後的日子裡處於非常有利的位置。

Ultimately, again, we gave guidance a short time ago, right at the end of March. And it may just be a hangover from last year, but again, we're sensitive on the churn side. Like I said, it seems like some of the IMB's closing has settled down a little bit, but we can't say that it's over. And it's hard to predict M&A. And like I said, I think we would hope to be on the winning side to the extent that there is any M&A in the IMB space, but we just don't know. And so again, just trying to be prudent.

最終，我們不久前（即三月底）再次給出了指導。這可能只是去年的後遺症，但同樣，我們對客戶流失方面很敏感。正如我所說，IMB 的一些關閉似乎已經穩定下來，但我們不能說它已經結束。而且很難預測併購。就像我說的，我認為只要 IMB 領域有任何併購，我們都希望成為贏家，但我們只是不知道。再說一次，只是想保持謹慎。

And again, you saw the overperformance on the bottom line and what we did with that. And as the year progresses and we're able to update our guidance, we will, based on the information we've got next time we speak to you.

再次，您看到了盈利的超額表現以及我們對此所做的事情。隨著時間的推移，我們將能夠根據下次與您交談時獲得的資訊來更新我們的指導。

Awesome. That's helpful context. And as a quick follow-up, are you able to break out any inorganic contribution to RPO, CRPO billings from DocFox at all?

驚人的。這是有用的背景。作為快速跟進，您是否能夠從 DocFox 中分解出對 RPO、CRPO 帳單的任何無機貢獻？

Yes, DocFox and I'll say this DocFox just like our mortgage business and also the indirect lending business we have, just note that those things are billed on a monthly basis. And so again, from a deferred perspective, you're not going to necessarily see it sitting there. If you think about billings, you're not going to see it sitting there as well. And so we haven't broken those out. Again, those are pretty small pieces of the overall RPO bucket.

是的，DocFox，我會說這個 DocFox 就像我們的抵押貸款業務以及我們擁有的間接貸款業務一樣，只是請注意，這些事情是按月計費的。同樣，從延遲的角度來看，你不一定會看到它坐在那裡。如果你考慮一下比林斯，你就不會看到它也坐在那裡。所以我們還沒有把它們分解出來。同樣，這些只是整個 RPO 桶中很小的一部分。

Our next question comes from Charles Nabhan with Stephens.

我們的下一個問題來自查爾斯·納布漢和史蒂芬斯。

Had a high-level strategic question and a quick follow-up on the model. On the high level, on the strategic question, one of the themes coming out of nSight was the modernization of your APIs and your -- the growth in your partner ecosystem. So I was hoping you could touch on that a little bit in terms of the investments you've made and the strategic importance of that channel.

有一個高級戰略問題並對該模型進行了快速跟進。在高層面上，在策略議題上，nSight 的主題之一是 API 的現代化以及合作夥伴生態系統的成長。因此，我希望您能談談您所做的投資以及該管道的策略重要性。

Yes. So depending on the market segment you're in, some banks like their own front end. Some banks want to build maybe their own generative AI models, interfacing to nCino. Some banks have got big data legs they want to share with us, and we have to integrate with it. So there's multiple reasons for people who want to integrate with nCino as the central platform.

是的。因此，根據您所在的細分市場，一些銀行喜歡自己的前端。一些銀行希望建立自己的生成人工智慧模型，與 nCino 介接。有些銀行擁有大數據，他們想與我們分享，我們必須與之整合。因此，人們想要與 nCino 作為中央平台整合有多種原因。

And a few years ago, we decided that we're going to have this API strategy, and then we're going to get to eat our own dog food. Which means the same APIs we use for our consumer front end, our commercial front ends will all be exactly the same APIs that we make available to the market, including to SIs to build to our products.

幾年前，我們決定採用這個 API 策略，然後我們就可以吃自己的狗糧了。這意味著我們用於消費者前端的 API 相同，我們的商業前端也將與我們向市場（包括 SI 建立我們的產品）提供的 API 完全相同。

For instance, in the case of generative AI now, we will open up that modeling so that SIs can work with our customers and add more skills. That's to our benefit, it's to the bank's benefit to the SIs benefit. So that this whole ecosystem can proliferate throughout the bank and be everywhere. That is the whole goal of a platform play.

例如，就現在的生成式人工智慧而言，我們將開放該模型，以便 SI 可以與我們的客戶合作並添加更多技能。這對我們有利，對銀行有利，對系統整合商有利。這樣整個生態系統就可以在整個銀行擴散並且無所不在。這就是平台遊戲的全部目標。

That's the whole goal of making available the intelligence and the assets that's sitting under the platform. And I think that's good for nCino. So we feel the direction of open APIs, which by the way, you could monetize is a good thing for the company as well as our customers.

這就是提供平台下的情報和資產的總體目標。我認為這對 nCino 有好處。所以我們覺得開放 API 的方向，順便說一句，你可以透過它獲利，這對公司和我們的客戶來說都是一件好事。

Got it. That's helpful. And just as a quick follow-up on the model, you had highlighted some factors that led to the outperformance on operating income, including bad debt and lower hiring. Could you speak to the degree to which those factors are built into the second quarter guide as well as any variables we could potentially think of as we move through the year in terms of expenses?

知道了。這很有幫助。正如對該模型的快速跟進一樣，您強調了一些導致營業收入表現優異的因素，包括壞帳和招聘減少。您能否談談這些因素在第二季指南中的納入程度，以及我們在今年的支出方面可能想到的任何變數？

Yes, Charles, that was taken into consideration as we looked at Q2 and the rest of the year. All those things we wanted to highlight so you guys appreciated. Again, the overperformance, what drove it.

是的，查爾斯，我們在研究第二季和今年剩餘時間時考慮了這一點。我們想強調的所有這些事情都是為了讓你們欣賞。再次強調，超額表現是推動其發展的動力。

And again, we elaborated a little bit further around what would impact specifically Q2. But as you look at our guidance and the updated bottom line guidance that we provided, that takes those factors into account.

我們再次詳細闡述了對第二季的具體影響。但當您查看我們的指南和我們提供的更新後的底線指南時，您會發現這些因素已被考慮。

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。

Pierre and Greg and Harrison. Just one quick question because I know we're running out of time. It wouldn't be a quarter if I didn't ask about the pricing shift and the momentum that you're getting there. Given what seems like -- it's been a pretty positive reception for a few quarters now on the consumer side, is there any change to your timetable? Would you potentially accelerate that shift away from seats and towards hybrid, if you will, on the commercial side?

皮埃爾、格雷格和哈里森。只是一個簡短的問題，因為我知道我們的時間不多了。如果我沒有詢問價格變化和您所達到的勢頭，那麼就不會是一個季度。考慮到消費者方面這幾季以來的反應相當積極，你們的時間表有什麼改變嗎？如果您願意的話，您是否有可能在商業方面加速從座椅轉向混合動力的轉變？

We have some deals we already do on a platform basis. That's how we're testing the market. So actually, sales leadership has the capability to apply that new model as they see fit. In the meantime, we're working with a consulting firm to really package and price the correct way so we do it once and roll it out and don't have to pull it back like my solar system, updated me and I didn't like it. So what we have to do is to be very thoughtful because look, by asset size and by solution type, not only do we have to optimize pricing, we have to make sure there's expansion capabilities. We have to make sure it's competitive in the market, and we have to make sure it makes sense to the customer and how they view pricing in the future.

我們已經在平台上進行了一些交易。這就是我們測試市場的方式。因此，實際上，銷售領導層有能力應用他們認為合適的新模式。同時，我們正在與一家諮詢公司合作，以真正正確的方式進行包裝和定價，這樣我們就可以一次性完成並推出，而不必像我的太陽系那樣將其拉回來，更新了我，我沒有喜歡它。所以我們要做的就是要非常深思熟慮，因為從資產規模和解決方案類型來看，我們不僅要優化定價，還要確保有擴展能力。我們必須確保它在市場上具有競爭力，我們必須確保它對客戶以及他們如何看待未來的定價有意義。

And to bring all those elements together, I'm rather going to take the next 2 months to get this finalized and get it right. And then we will make it very clear on these calls with you all that how that will impact your modeling and how the company's future will look based upon that.

為了將所有這些元素整合在一起，我寧願用接下來的 2 個月時間來最終確定並做好它。然後我們將在這些電話中與大家明確說明這將如何影響您的建模以及公司的未來將如何基於此。

I will say, I think to Pierre's note, we are working with a third party to help drive. And as you get into it, it's complex, right? It's much different than just changing a pricing SKU, on a price list. And so I think we're on track with that. I think there's good momentum internally to leverage on what we've done on Mortgage and Consumer, as we've previously talked about.

我想說的是，我認為在皮埃爾的說明中，我們正在與第三方合作來幫助推動。當你深入其中時，你會發現它很複雜，對吧？這與僅更改價目表上的定價 SKU 有很大不同。所以我認為我們正在步入正軌。我認為，正如我們之前討論的那樣，內部有良好的勢頭來利用我們在抵押貸款和消費者方面所做的工作。

And again, I think it also gives us an opportunity to look at the business a little bit differently in terms of bringing -- in light of the breadth and depth of the product, bringing different bundles together and pricing them together to really make buying nCino much easier and much more straightforward. And that's something that I think our customers will appreciate as well as our sales folks.

再說一次，我認為這也讓我們有機會以稍微不同的方式看待這項業務——根據產品的廣度和深度，將不同的捆綁包放在一起並一起定價，以真正促進購買 nCino更容易、更直接。我認為我們的客戶和銷售人員都會欣賞這一點。

So I think we're excited about it. But to Pierre's point, we're going to be very methodical about it, make sure we do it right, cross every t, dot every i, and I think we're on track in terms of our internal plan to execute on that.

所以我認為我們對此感到興奮。但就皮埃爾的觀點而言，我們將非常有條理地處理這件事，確保我們做得正確，交叉每一個t，點每一個i，我認為我們在執行這方面的內部計劃方面正在走上正軌。

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。

Just a quick one. Any way to think about free cash flow for the rest of the year? I know there's some seasonality here.

只是快一點。有什麼辦法可以考慮今年剩餘時間的自由現金流嗎？我知道這裡有一些季節性。

Yes. Thanks, Cris. We don't guide to free cash flow. We did note that Q1 is historically our strongest cash flow quarter. I don't see us tracking any differently in terms of how we have historically in terms of from Q1 throughout the year to Q4.

是的。謝謝，克里斯。我們不指導自由現金流。我們確實注意到，第一季是我們歷史上現金流最強的季度。我認為我們從第一季到第四季的歷史記錄沒有任何不同。

But yes, otherwise, really nothing to note. Again, obviously, we have been increasing our cash and ultimately, that's been allowing us to do things like make these tuck-in acquisitions that really can help drive growth and value.

但是的，除此之外，真的沒什麼值得注意的。顯然，我們一直在增加現金，最終使我們能夠做一些事情，例如進行這些真正有助於推動成長和價值的收購。

Thank you. I would now like to turn the call back over to Pierre Naude for any closing remarks.

謝謝。現在我想將電話轉回給皮埃爾·諾德（Pierre Naude），請他發表結束語。

Thank you, operator, and thank you all for attending today. We've always said that customers are at the heart of nCino's mission, so the opportunity to spend 3 days with customers and partners at nSight earlier this month fuels my excitement about the road ahead. We learn so much from our customers. They shape our product road map and drive our technology innovation.

謝謝接線生，也謝謝大家今天出席。我們一直說客戶是 nCino 使命的核心，因此本月初有機會在 nSight 與客戶和合作夥伴一起度過 3 天，這讓我對未來的道路更加興奮。我們從客戶身上學到了很多。他們塑造了我們的產品路線圖並推動了我們的技術創新。

We are grateful for their trust in us and the opportunity to continue shaping the financial services industry. And as always, I appreciate the hard work and loyalty of the Global nCino team. After another quarter of solid execution, I'm excited for your continued efforts, as we work together to accelerate the digital transition of financial institutions around the world. Thank you all. Talk to you later.

我們感謝他們對我們的信任以及繼續塑造金融服務業的機會。一如既往，我感謝 Global nCino 團隊的辛勤工作和忠誠度。經過又一個季度的紮實執行，我對你們的持續努力感到興奮，我們將共同努力加速全球金融機構的數位轉型。謝謝你們。我們回聊。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。