nCino Inc (NCNO) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

And welcome to nCino's second quarter fiscal year 2025 financial results conference call.

歡迎參加 nCino 2025 財年第二季財務業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Harrison Masters, Director of Investor Relations.

現在我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)。

Please go ahead.

請繼續。

Good afternoon, and welcome to nCino's second quarter fiscal 2025 earnings call.

下午好，歡迎參加 nCino 2025 財年第二季財報電話會議。

With me on today's call are Pierre Naude, nCino's Chairman and Chief Executive Officer; and Greg Ornstein, nCino's Chief Financial Officer.

與我一起參加今天電話會議的有 nCino 董事長兼執行長 Pierre Naude；以及 nCino 財務長 Greg Ornstein。

During the course of this conference call, we will make forward-looking statements regarding trends, strategies, and the anticipated performance of our business.

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。

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. nCino disclaims any obligation to update or revise any forward-looking statements.

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中描述的各種風險和不確定性的影響。 nCino 不承擔更新或修改任何前瞻性聲明的義務。

Further, on today's call, we will also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results.

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。

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 8K furnished with the SEC just before this call, as well as the earnings presentation on our investor relations website at investor.ncino.com.

與可比較GAAP 指標的對帳可以在今天的收益發布中找到，該收益發布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8K 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。

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

這樣，我會將電話轉給皮埃爾。

Thank you, Harrison.

謝謝你，哈里森。

Welcome, and thank you for joining us today.

歡迎，感謝您今天加入我們。

We are very pleased with our second-quarter financial results, once again exceeding our guidance for both subscription and total revenues, as well as for non-GAAP operating income.

我們對第二季的財務表現感到非常滿意，再次超越了我們對訂閱和總收入以及非公認會計原則營業收入的指導。

Before I turn the call over to Greg to provide you with additional financial details on the second quarter, I would like to walk you through what we are seeing in the market.

在我將電話轉給格雷格以向您提供第二季度的更多財務詳細信息之前，我想向您介紹一下我們在市場上看到的情況。

In the United States, sentiment in the financial services industry has improved quite a bit from a year ago, with FI balance sheets generally healthy and net interest margin headwinds abating.

在美國，金融服務業的情緒比一年前有了很大改善，金融機構的資產負債表整體健康，淨利差的不利因素有所減弱。

Buying behavior in both the US enterprise and community and regional markets accelerated in the first half of fiscal '25, with gross bookings in the US up 36% over the first half of last year, including mortgage, and up 67% without mortgage.

25 財年上半年，美國企業、社區和區域市場的購買行為加速，美國的總預訂量比去年上半年增長了 36%（包括抵押貸款），不包括抵押貸款則增長 67%。

This momentum has been driven primarily by expansion opportunities within our existing customer base as more and more customers embrace our single platform.

隨著越來越多的客戶接受我們的單一平台，這一勢頭主要是由我們現有客戶群的擴張機會所推動的。

As of the end of second quarter, our US enterprise and community and regional businesses were both over 50% of their way to their total gross bookings goals for the year.

截至第二季末，我們的美國企業、社區和區域業務均已完成全年總預訂量目標的 50% 以上。

In our US mortgage business, we signed six new mortgage customers in the second quarter, four of which were financial institutions.

在我們的美國抵押貸款業務中，我們第二季簽署了六家新的抵押貸款客戶，其中四家是金融機構。

Lending volumes and market activity did remain relatively suppressed in what would otherwise historically be a seasonally strong selling quarter.

在歷史上季節性強勁的銷售季度中，貸款量和市場活動確實仍然相對受到抑制。

We maintain our view that US mortgage revenues will be dilutive to overall growth for nCino this fiscal year, but we expect interest rate cuts to be a catalyst for re-accelerated growth in this business starting in the fourth quarter and as we look into next year, consistent with our previous comments.

我們仍然認為美國抵押貸款收入將稀釋 nCino 本財年的整體成長，但我們預計降息將成為該業務從第四季度開始以及展望明年重新加速成長的催化劑，與我們先前的評論一致。

We are very pleased to have successfully navigated through the difficult mortgage market over the past couple of years.

我們很高興在過去幾年中成功度過了困難的抵押貸款市場。

And with approximately 40% of our US mortgage logos and 45% of our US mortgage revenues now on our new pricing model, we believe we are very well situated to benefit from the expected increase in mortgage activity, including from one of the largest homebuilders in the United States, which began the nationwide rollout of the nCino Mortgage Solution in July.

我們大約40% 的美國抵押貸款徽標和45% 的美國抵押貸款收入現在採用我們的新定價模式，我們相信我們完全有能力從抵押貸款活動的預期增長中受益，其中包括來自美國最大的住宅建築商之一的抵押貸款活動。

Turning to our business outside of the US, our pipelines have grown nicely this time last year, but the international markets we operate in remain more challenged than in the US.

談到我們在美國以外的業務，去年這個時候我們的管道成長良好，但我們經營的國際市場仍然比美國面臨更大的挑戰。

As a reminder, our pipelines outside of the US are comprised primarily of new logo opportunities, which do inherently take longer to close in any business climate and can be much more lumpy in light of the large bank nature of this business.

提醒一下，我們在美國以外的管道主要由新標誌機會組成，在任何商業環境下，這些機會本質上都需要更長的時間才能完成，而且鑑於這項業務的大型銀行性質，這些機會可能會更加不穩定。

That said, we do expect our international operations to add a healthy number of new logos in the second half of the year.

也就是說，我們確實預計我們的國際業務將在今年下半年添加大量新標誌。

You'll recall on our fourth quarter earnings call, I said [having] roughly around 40% of our total gross bookings in the first half of the year is a more normal picture for the year.

您可能還記得，在我們第四季的財報電話會議上，我說過，今年上半年的總預訂量約佔總預訂量的 40% 左右，這是今年較為正常的情況。

Gross bookings for the first six months were approximately 36% towards our annual goal, highlighted by overperformance in our legacy US business, while our US mortgage and international businesses were more challenged.

前六個月的總預訂量約為我們年度目標的 36%，這主要體現在我們傳統的美國業務表現出色，而我們的美國抵押貸款和國際業務則面臨更大的挑戰。

As we look at our sales pipelines, we believe we are on track to meet our gross bookings goal for the year.

當我們審視我們的銷售管道時，我們相信我們有望實現今年的總預訂目標。

We are particularly encouraged to see an increasingly number of large enterprise opportunities in both our newer and established markets.

我們尤其感到鼓舞的是，在我們的新興市場和成熟市場中看到越來越多的大型企業機會。

On a net bookings basis, we ended the first half of the year up approximately 17% year over year, and we believe we are on track to our goal of net bookings being up 50% year over year.

以淨預訂量計算，我們上半年年增約 17%，我們相信我們正在實現淨預訂量年增 50% 的目標。

In the second quarter, over half of our total company bookings came from outside of commercial lending, including over half of new customer deals.

第二季度，我們公司總預訂量的一半以上來自商業貸款之外，其中包括一半以上的新客戶交易。

And we added eight new consumer lending and five new deposit account opening customers, two of which added both solutions.

我們還增加了八個新的消費貸款客戶和五個新的存款帳戶開戶客戶，其中兩個客戶同時添加了這兩種解決方案。

Legacy systems and processes continue to bog down the middle and back office of financial institutions, and our digital channels and automation are bringing speed and efficiency they never thought possible.

遺留系統和流程繼續困擾金融機構的中後台，而我們的數位管道和自動化正在帶來他們從未想過的速度和效率。

For example, a $2 billion bank in New England shared they have taken a 41-minute deposit account opening process down to just 4 minutes for business clients and removed the need for a banker to get involved.

例如，新英格蘭一家價值 20 億美元的銀行表示，他們已將企業客戶 41 分鐘的存款帳戶開戶流程縮短至 4 分鐘，並且無需銀行家參與。

Another community bank in Tennessee reduced approval times for consumer loans by 95%.

田納西州的另一家社區銀行將消費貸款的批准時間縮短了 95%。

In the consumer banking world, the speed with which a financial institution can fulfill requests for products and services has everything to do with client satisfaction.

在消費銀行領域，金融機構滿足產品和服務要求的速度與客戶滿意度密切相關。

With a quicker [yes] nCino consumer lending and deposit account opening, customers are realizing a true competitive advantage.

透過更快[是的] nCino 消費者貸款和存款帳戶開設，客戶正在實現真正的競爭優勢。

And with more product depth, we are delivering even more value to the lines of business already on our platform.

隨著產品深度的增加，我們正在為我們平台上已有的業務線提供更多價值。

For example, a $20 billion bank became one of our largest portfolio and leading customers, expanding their adoption from commercial lending and deposit account opening to also include portfolio analytics for CRE stress testing.

例如，一家價值 200 億美元的銀行成為我們最大的投資組合和領先客戶之一，將其採用範圍從商業貸款和存款帳戶開立擴展到 CRE 壓力測試的投資組合分析。

By bringing back-office portfolio-level risk analysis onto the same platform used for originations, this bank is enhancing the availability and suitability of data for risk management.

透過將後台投資組合層級的風險分析引入用於發起的相同平台上，該銀行正在增強風險管理資料的可用性和適用性。

Again and again, customers demonstrate that adopting multiple solutions on a single platform from nCino yields a consistent and more enjoyable client experience and more efficient operations within the institution.

客戶一次又一次證明，在 nCino 的單一平台上採用多種解決方案可以帶來一致且更愉快的客戶體驗，並在機構內實現更有效率的營運。

Efficiency continues to be a core mandate for every financial institution.

效率仍然是每個金融機構的核心任務。

And we continue to make investments to reduce the cost of ownership by reducing implementation timelines, hardening plug-and-play third-party integrations, and streamlining ongoing administration.

我們持續進行投資，透過縮短實施時間、強化即插即用第三方整合以及簡化持續管理來降低擁有成本。

One of the largest banks in New Zealand went live with nCino during the second quarter, a key milestone in the program that will allow this FI to retire over 40 legacy systems.

紐西蘭最大的銀行之一在第二季啟用了 nCino，這是該計劃的一個重要里程碑，該計劃將使該金融機構淘汰 40 多個遺留系統。

We aim for that level of efficiency across every business line in the financial institution.

我們的目標是在金融機構的每個業務線中實現這種效率水準。

Turning to Banking Advisor.

轉向銀行顧問。

We are quite pleased with the progress we have made bringing our unique data capabilities and AI to financial services through this product family.

我們對透過此產品系列將獨特的數據功能和人工智慧引入金融服務所取得的進展感到非常滿意。

Even though Banking Advisor only became generally available in the second quarter, we signed eight Banking Advisor deals in the quarter across the community, regional, and enterprise market segments in the US and Canada, and have taken our first customer live with it.

儘管 Banking Advisor 在第二季度才全面推出，但我們在本季在美國和加拿大的社區、區域和企業市場領域簽署了八項 Banking Advisor 協議，並已經吸引了我們的第一個客戶。

Our knowledge base and narratives drafting skills have strongly resonated with FIs across asset classes, representing a diverse cross-section of our customer base.

我們的知識庫和敘述起草技能引起了跨資產類別的金融機構的強烈共鳴，代表了我們客戶群的多元化。

Long-term, our Banking Advisor roadmap is focused on opportunities to go even deeper with intelligence and automation, enabled by our unique access to financial institutions' data, which the team has done a great job obtaining consent to use.

從長遠來看，我們的銀行顧問路線圖專注於透過我們對金融機構資料的獨特存取權實現更深入的智慧和自動化的機會，我們的團隊在獲得使用許可方面做得很好。

On the M&A front, we are pleased with the progress we have made integrating both DocFox and Allegro.

在併購方面，我們對整合 DocFox 和 Allegro 所取得的進展感到滿意。

In particular, the market response to the commercial onboarding and account opening functionality we acquired with DocFox has far exceeded our expectations.

特別是，市場對我們透過 DocFox 獲得的商業入門和開戶功能的反應遠遠超出了我們的預期。

We are actively exploring opportunities to accelerate this integration along with the rollout of this product outside of the US, especially as customers are looking to purchase this product as part of our single platform versus on a standalone basis.

隨著該產品在美國境外的推出，我們正在積極探索加速這種整合的機會，特別是當客戶希望將該產品作為我們單一平台的一部分而不是單獨購買時。

With that, I'll hand it over to Greg to cover our financials.

這樣，我會將其交給格雷格來負責我們的財務事宜。

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

謝謝皮埃爾，也謝謝大家今天下午與我們一起回顧我們 2025 財年第二季度的財務業績。

Please note that all numbers referenced in my remarks are on a non-GAAP basis unless otherwise stated.

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。

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 8K furnished with the SEC just before this call.

與可比較 GAAP 指標的對帳可以在今天的收益發布中找到，該收益發布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 8K 表格的附件。

As Pierre noted, we are very pleased with our second-quarter financial results.

正如皮埃爾指出的那樣，我們對第二季的財務表現感到非常滿意。

Total revenues for the second quarter of fiscal '25 were $132.4 million, an increase of 13% year over year.

2025 財年第二季的總營收為 1.324 億美元，年增 13%。

Subscription revenues for the second quarter were $113.9 million, an increase of 14% year over year, representing 86% of total revenues, both ahead of the top end of our guidance.

第二季訂閱營收為 1.139 億美元，年增 14%，佔總營收的 86%，均高於我們指引的上限。

Mortgage subscription revenues were approximately [$17 million], or 15% of subscription revenues in the quarter, representing year-over-year growth of 4%.

抵押貸款訂閱收入約為 [1,700 萬美元]，佔本季訂閱收入的 15%，較去年同期成長 4%。

Churn, including for mortgage, continued to moderate through the second quarter and remained in line with our $20.5 million churn forecast for the year.

包括抵押貸款在內的客戶流失率在第二季度繼續放緩，並與我們今年 2,050 萬美元的客戶流失率預測保持一致。

As we have discussed, mortgage churn peaked in October last year and total churn peaked in the fourth quarter which negatively impacts our growth rates this year.

正如我們所討論的，抵押貸款流失率在去年 10 月達到頂峰，總流失率在第四季度達到頂峰，這對我們今年的成長率產生了負面影響。

Professional services revenues were $18.5 million in the quarter, growing 7% year over year.

該季度專業服務收入為 1850 萬美元，年增 7%。

Our customers and prospects continue to exhibit a sensitivity to consulting rates, which we are addressing by more strongly recommending gold-standard, out-of-the-box deployments in order to reduce implementation timelines and administration costs post-go-live.

我們的客戶和潛在客戶繼續對諮詢費率表現出敏感性，我們正在透過更強烈地推薦黃金標準、開箱即用的部署來解決這個問題，以減少實施時間表和上線後的管理成本。

Non-US revenues were $27.5 million, or 21% of total revenues in the second quarter, up 25% year over year.

第二季非美國營收為 2,750 萬美元，佔總營收的 21%，較去年同期成長 25%。

International revenues are more dependent on new customer sales given the smaller installed customer base and the fact some of our newer solutions are not yet available outside of the United States.

鑑於已安裝的客戶群較小，而且我們的一些較新的解決方案尚未在美國以外地區提供，國際收入更依賴新客戶的銷售。

We expect further moderation of international revenues growth, more in line with overall companies' revenue growth, until the new logo sales we plan to sign in the second half of this year impact revenues.

我們預計國際收入成長將進一步放緩，與公司整體收入成長更加一致，直到我們計劃在今年下半年簽署的新標誌銷售對收入產生影響。

Non-GAAP gross profit for the second quarter of fiscal '25 was $86.7 million, an increase of 13% year over year.

2025 財年第二季非 GAAP 毛利為 8,670 萬美元，較去年同期成長 13%。

Non-GAAP gross margin was 66% compared to 65% in the second quarter of fiscal '24.

非 GAAP 毛利率為 66%，而 2024 財年第二季的毛利率為 65%。

Non-GAAP gross margin benefited from our amended agreement with Salesforce and from the larger mix of subscription revenues.

非 GAAP 毛利率受益於我們與 Salesforce 修訂後的協議以及更大的訂閱收入組合。

Non-GAAP operating income for the second quarter of fiscal '25 was $19.3 million, compared with $11.2 million in the second quarter of fiscal '24.

25 財年第二季的非 GAAP 營業收入為 1,930 萬美元，而 24 財年第二季的非 GAAP 營業收入為 1,120 萬美元。

Our non-GAAP operating margin for the second quarter was 15%, compared with 10% in the second quarter of fiscal '24.

我們第二季的非 GAAP 營運利潤率為 15%，而 2024 財年第二季的營運利潤率為 10%。

Our annual Insight User Conference contributed approximately $2 million to a sequential increase in sales and marketing costs.

我們的年度 Insight 用戶大會為銷售和行銷成本的連續成長貢獻了約 200 萬美元。

Additionally, the acquisitions completed in the first quarter contributed approximately $7 million of annualized costs to research and development.

此外，第一季完成的收購為研發貢獻了約 700 萬美元的年化成本。

Non-GAAP net income attributable to nCino for the second quarter of fiscal '25 was $15.8 million, or $0.14 per diluted share, compared to $10 million or $0.09 per diluted share in the second quarter of fiscal '24.

'25 財年第二季非公認會計原則歸屬於 nCino 的淨利為 1,580 萬美元，或稀釋後每股 0.14 美元，而 24 財年第二季為 1,000 萬美元，或稀釋後每股 0.09 美元。

Our remaining performance obligation, or RPO, was $1.04 billion as of July 31, 2024, up 12% over $929 million as of July 31, 2023, with $698 million in the less than 24 months category, up 10% from $636 million as of July 31, 2023.

截至2024 年7 月31 日，我們的剩餘履約義務(RPO) 為10.4 億美元，比截至2023 年7 月31 日的9.29 億美元增長12%，其中24 個月以內類別為6.98 億美元，比截至2023 年7 月31 日的6.36 億美元成長10% 2023 年 7 月 31 日。

We ended the second quarter with cash and cash equivalents of $126.8 million, including restricted cash.

第二季末，我們的現金和現金等價物為 1.268 億美元，其中包括限制性現金。

Net cash provided by operating activities was $5 million, compared to $12 million in the second quarter of fiscal '24.

經營活動提供的淨現金為 500 萬美元，而 2024 財年第二季為 1,200 萬美元。

Capital expenditures were $444,000 in the quarter, resulting in free cash flow of $4.6 million for the second quarter of fiscal '25.

該季度的資本支出為 444,000 美元，導致 25 財年第二季的自由現金流為 460 萬美元。

We repaid $15 million on our revolving credit facility in the second quarter and plan to pay down the remaining $40 million of borrowed principal during the rest of this fiscal year as we generate cash.

我們在第二季償還了 1,500 萬美元的循環信貸額度，並計劃在本財年剩餘時間內在產生現金的情況下償還剩餘的 4,000 萬美元的借入本金。

Note that unbilled accounts receivable has increased by $4.8 million since January 31 of this year.

請注意，自今年 1 月 31 日以來，未開立應收帳款增加了 480 萬美元。

Unbilled accounts receivable are recorded when revenues earned on a contract exceed what has been billed to date for that contract.

當合約賺取的收入超過該合約迄今已開立的帳單時，就會記錄未開立的應收帳款。

For nCino, this typically occurs when fees increase during the contract term, including under platform pricing arrangements, and revenue recognition aligns to the satisfaction of performance obligation rather than to billings.

對於 nCino 來說，這種情況通常發生在合約期間內費用增加時（包括平台定價安排下），而收入確認與履約義務的履行而不是帳單保持一致。

These platform pricing arrangements are becoming more commonplace for us as we execute on our strategy to evolve to a platform pricing model.

隨著我們執行發展平台定價模式的策略，這些平台定價安排對我們來說變得越來越普遍。

Accordingly, comparisons to previous quarters calculated billings may not accurately reflect trends in our business.

因此，與前幾季計算的帳單進行比較可能無法準確反映我們業務的趨勢。

And deferred revenues are increasingly less predictive of the revenues that will be recognized in subsequent periods.

遞延收入越來越難以預測後續期間將確認的收入。

Turning to guidance.

轉向指導。

For the third quarter, we expect total revenues of $136 million to $138 million, with subscription revenues of approximately $117 million to $119 million.

我們預計第三季總營收為 1.36 億至 1.38 億美元，其中訂閱收入約為 1.17 億至 1.19 億美元。

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.

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。

As noted, our current expectations for fiscal 25 currently remain in line with the $20.5 million we discussed on our two previous earnings calls.

如前所述，我們目前對 25 財年的預期與我們在之前兩次財報電話會議上討論的 2050 萬美元保持一致。

Our financial outlook includes 5% subscription revenues growth for US mortgage this fiscal year, with no year-over-year growth expected in the third quarter.

我們的財務前景包括本財年美國抵押貸款訂閱收入成長 5%，但預計第三季不會出現年增。

Our guidance maintains our assumption that increased mortgage lending volumes do not start to positively impact revenues until the fourth quarter.

我們的指引維持了我們的假設，即抵押貸款數量的增加直到第四季度才會開始對收入產生積極影響。

We continue to assume Banking Advisor's contribution to subscription revenues this year will be de minimis, as we are offering it at an attractive initial price point to garner adoption.

我們仍然認為銀行顧問今年對訂閱收入的貢獻將是微不足道的，因為我們以有吸引力的初始價格點提供它以吸引採用。

Our efforts to transition the company's revenue model to platform pricing continue in earnest.

我們繼續認真努力將公司的收入模式轉變為平台定價。

Our new and expansion sales of consumer lending, deposit account opening, and US mortgage solutions are on platform pricing; and we continue to refine solution bundles, pursuant to which, we will roll out platform pricing across the remainder of our business later this year.

我們的消費貸款、存款帳戶開立和美國抵押貸款解決方案的新銷售和擴展銷售均採用平台定價；我們將繼續完善解決方案捆綁包，據此，我們將在今年稍後在我們的其餘業務中推出平台定價。

Beginning with this formal pricing change, we expect Banking Advisor to be part of every new deal, and we expect usage will drive a more meaningful contribution to revenues next year and beyond.

從這次正式的定價變化開始，我們預計銀行顧問將成為每筆新交易的一部分，我們預計使用將為明年及以後的收入帶來更有意義的貢獻。

Non-GAAP operating income in the third quarter is expected to be approximately $21 million to $22 million. and non-GAAP net income attributable to nCino per share to be $0.15 to $0.16. This is based upon a weighted average of approximately 118 million diluted shares outstanding.

第三季非公認會計準則營業收入預計約 2,100 萬美元至 2,200 萬美元。非 GAAP 歸屬於 nCino 的每股淨利潤為 0.15 美元至 0.16 美元。這是基於約 1.18 億股稀釋後流通股的加權平均數。

For the full year, in light of the outperformance in the second quarter, we are increasing our non-GAAP operating income outlook and now expect non-GAAP operating income for fiscal '25 to be $87 million to $90 million.

就全年而言，鑑於第二季的優異表現，我們提高了非 GAAP 營業收入預期，目前預計 25 財年的非 GAAP 營業收入為 8,700 萬美元至 9,000 萬美元。

For full fiscal year '25, non-GAAP net income attributable to nCino per share is expected to be $0.66 to $0.69 based upon a weighted average of approximately 117 million basic shares outstanding.

25 年整個財年，基於約 1.17 億股已發行基本股的加權平均數，nCino 每股非公認會計原則淨利潤預計為 0.66 至 0.69 美元。

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

這樣，我們將開通提問熱線。

And thank you.

謝謝你。

(Operator Instructions) Adam Hotchkiss, Goldman Sachs.

（操作指示）Adam Hotchkiss，高盛。

Great.

偉大的。

Thanks so much for taking the questions.

非常感謝您提出問題。

I guess to start, Pierre, it'd be great to just understand at the high level where financial institutions broadly are on willingness to spend.

皮埃爾，我想首先，如果能夠從高層了解金融機構的整體支出意願，那就太好了。

I know you talked about the strength and referenceability of the legacy US business, but maybe just talk a little bit about how you're building trust around some of these newer products, like Banking Advisor and DocFox, continuous credit monitoring, and how we should see those flow through the model.

我知道您談到了美國傳統業務的優勢和可參考性，但也許只是談談您如何圍繞這些新產品（例如 Banking Advisor 和 DocFox）建立信任，持續信用監控，以及我們應該如何查看模型中的流程。

Yeah.

是的。

Thanks a lot, Adam.

非常感謝，亞當。

Here's what we see.

這是我們所看到的。

In the US, it's more of a volume business, though.

不過，在美國，這更多的是批量業務。

I don't see as many very large transformation projects like we've seen in the past, but it's good volume.

我沒有看到像過去那樣多的大型轉型項目，但數量很大。

People are continuously innovating and upgrading and tuning what they do in their systems, and you could see that in the results.

人們不斷創新、升級和調整他們在系統中所做的事情，你可以在結果中看到這一點。

So there's clearly a return to normalcy in the market year.

因此，市場今年顯然會恢復正常。

When you look at the international markets, that's an enterprise market.

當你看國際市場時，這是一個企業市場。

So what you'll see is it's more lumpy, it's big deals.

所以你會看到它更加凹凸不平，這是一件大事。

But here's the good news.

但這裡有個好消息。

We are looking at the pipelines, and I'm beginning to see these big transformation deals.

我們正在研究管道，我開始看到這些重大轉型交易。

Because if you look back at history, they are somewhat behind the US in this cycle of cloud adoption, automation, drive, and efficiency.

因為如果你回顧歷史，他們在雲端採用、自動化、驅動和效率的循環中某種程度上落後於美國。

What I'm beginning to see is that in places like Japan, Australia, and in Europe, et cetera, I'm beginning to see on the pipeline some of these bigger transformation deals again, which bodes very well for us.

我開始看到的是，在日本、澳洲和歐洲等地，我開始再次看到一些更大的轉型交易正在醞釀中，這對我們來說是個好兆頭。

When it comes to new technologies, there's always your hype cycle.

當談到新科技時，總會有炒作週期。

People adopt it early, then they want to start seeing the benefits.

人們很早就採用它，然後他們想開始看到它的好處。

They want to start hearing what's going on.

他們想開始聽聽發生了什麼事。

Is it accurate?

準確嗎？

How does it pass master with regulators, et cetera?

它如何透過監管機構等的監管？

But I will tell you, I'm very pleased with that number of deals on Banking Advisor so quickly.

但我會告訴你，我對 Banking Advisor 上如此快速的交易數量感到非常滿意。

We've got a concerted effort to build out the skill set on that because that's going to drive revenue.

我們齊心協力建立這方面的技能，因為這將增加收入。

So you have to realize, AI and Banking Advisor is going to be not only a differentiator for us, but it's also going to be a revenue generator.

所以你必須意識到，人工智慧和銀行顧問不僅將成為我們的差異化因素，而且將成為我們的收入來源。

So we're excited about that.

所以我們對此感到興奮。

So overall, more positive tone.

總的來說，語氣更加積極。

It is just timing as these deals come up, especially in international.

這些交易的出現恰逢其時，尤其是在國際交易中。

And of course, the mortgage market is impacted by rates.

當然，抵押貸款市場受到利率的影響。

So we all are waiting for September, which we believe will start changing the yield curve as well as that marketplace.

因此，我們都在等待 9 月份，我們相信 9 月份將開始改變殖利率曲線以及市場。

Yeah.

是的。

And Adam, just to add one other thing, in terms of the lumpiness of the international markets, Pierre touched upon a couple of countries.

亞當還補充了另一件事，就國際市場的不穩定而言，皮埃爾談到了幾個國家。

But we see in Japan, EMEA, Australia, New Zealand, those pipes are up 30% year over year and again with some of those larger opportunities.

但我們看到在日本、歐洲、中東和非洲、澳洲、紐西蘭，這些管道年增了 30%，其中一些更大的機會再次出現。

And so we're encouraged by what we're seeing out there, not just in the US, but on a global basis.

因此，我們對所看到的情況感到鼓舞，不僅是在美國，而且是在全球範圍內。

Although, of course, it never comes as quickly as we'd like.

當然，儘管它永遠不會像我們希望的那麼快。

Okay, got it.

好的，明白了。

Thanks.

謝謝。

That's helpful.

這很有幫助。

And Greg, could you just maybe bridge us between some of the positive commentary around US demand and new products and the sequential step down in RPO.

格雷格（Greg），您能否幫助我們了解有關美國需求和新產品的一些積極評論以及恢復點目標（RPO）的連續下降。

And then maybe just also remind us how some of that commentary generally flows through the model with things like RPO and fillings, and what explains the step down there.

然後也許還提醒我們，一些評論通常如何透過 RPO 和填充等內容貫穿模型，以及如何解釋其中的步驟。

Yeah, from an RPO standpoint, again, consistently, we highlight the lumpiness of that and again, not using that as a great metric.

是的，從 RPO 的角度來看，我們始終如一地強調這一點的笨重性，而不是將其用作一個很好的指標。

Perfect example this quarter, Adam, we highlighted in our press release that we renewed a relationship with our largest client in the UK.

亞當，本季的完美例子，我們在新聞稿中強調，我們與英國最大的客戶續簽了關係。

We renewed it for a three-year deal, right?

我們續簽了三年合約，對嗎？

Had that been a five-year deal, that would have skewed RPO meaningfully, right?

如果這是一份為期五年的協議，這會對 RPO 產生重大影響，對嗎？

And so, again, we're always cautious and urge you guys to be cautious as you look at that.

因此，我們始終保持謹慎態度，並敦促大家在看待這一問題時保持謹慎。

From a renewal standpoint this quarter, nothing out of the ordinary.

從本季續訂的角度來看，沒有什麼異常。

Although I would call out, from a duration standpoint, some of the mortgage renewals were a little lower than normal.

儘管我想說，從期限的角度來看，一些抵押貸款續約率略低於正常水平。

And so that also would have impacted RPO.

因此這也會影響 RPO。

But overall, again, getting back to what we highlighted in our Q4 and Q1 call, we like to be halfway through the year at around 40% of our total gross bookings for the year.

但總的來說，再次回到我們在第四季和第一季電話會議中強調的內容，我們希望今年中期的預訂量能佔全年總預訂量的 40% 左右。

And we see ourselves within striking distance of that.

我們認為自己距離這目標已經很近了。

So I think as we sit here from the first half of the year, I think we're feeling pretty good when we look at what we see ahead of us in the second half of the year.

因此，我認為，當我們從今年上半年坐在這裡時，當我們看到下半年的情況時，我認為我們感覺非常好。

Okay.

好的。

Very helpful.

非常有幫助。

Thanks, Pierre.

謝謝，皮埃爾。

Thanks, Greg.

謝謝，格雷格。

Thanks, Adam.

謝謝，亞當。

And thank you.

謝謝你。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

Yeah, thanks for taking my questions.

是的，謝謝你回答我的問題。

Hi, Pierre, Greg, Harrison, and Joanne.

嗨，皮埃爾、格雷格、哈里森和喬安妮。

Just the first question is -- because it was in the prepared remarks, and I think you all talked about it multiple times.

第一個問題是——因為這是在準備好的發言中，我想你們都多次談論過它。

But in terms of -- I'm just trying to understand, how important is platform deals and platform pricing structure is going to be In terms of hitting this 50% net bookings growth for this year?

但就——我只是想了解，就今年實現 50% 的淨預訂成長而言，平台交易和平台定價結構有多重要？

And in that same vein, as we look into next year, I think the idea is like, look, the business is coming back and potentially sub-revenue could accelerate leaving the year into next year.

同樣，當我們展望明年時，我認為這個想法是，看，業務正在復蘇，潛在的子收入可能會加速從今年進入明年。

How important is platform monetization into the next year as well?

明年平台獲利有多重要？

And then I had a follow-up for Greg.

然後我對格雷格進行了跟進。

Yeah.

是的。

I would say, look, it's going to happen late in the year.

我想說，看，這將在今年晚些時候發生。

And we're going to start with -- renewal is a new business.

我們首先要說的是──更新是一項新業務。

We haven't specified the specific date.

我們還沒有指定具體日期。

We're busy with field enablement, et cetera.

我們正忙於現場支援等工作。

But we are not dependent on that pricing structure change to make the numbers.

但我們並不依賴定價結構的變化來得出這些數字。

We've been running the company like this for 12 years.

我們這樣經營公司已經12年了。

We know exactly how to do this.

我們確切地知道如何做到這一點。

We're going to make sure the field is prepared, but I would not say our numbers and how the years can perform is dependent on our change to platform pricing at all.

我們將確保該領域已做好準備，但我不會說我們的數字以及這些年的表現完全取決於我們對平台定價的改變。

I would tell you that platform deals, which means they buy everything for us, that moves the needle.

我想告訴你，平台交易，這意味著他們為我們購買一切，這推動了發展。

And we love those, okay?

我們喜歡那些，好嗎？

But the pricing model is not necessarily this year dependent on that.

但今年的定價模式不一定取決於此。

And also remember, our average contract duration is about 3.8, 4 years.

另請記住，我們的平均合約期限約為 3.8 年、4 年。

And therefore, it's going to take us three to four years to get through this cycle as renewals come up to change people over to platform pricing.

因此，隨著續約的到來，我們將需要三到四年的時間才能完成這個週期，讓人們轉向平台定價。

Yeah, that's helpful, Pierre.

是的，這很有幫助，皮埃爾。

Thanks for that.

謝謝你。

And I guess, Greg, just to follow up.

我想，格雷格，只是為了跟進。

In terms of cash flow in 2Q, anything you could call out there related to timing or collections?

就第二季的現金流量而言，您可以指出與時間或收款相關的任何內容嗎？

And for the full year, does anything change about how we should be thinking about free cash flow for the full year?

對於全年來說，我們應該如何思考全年的自由現金流是否會改變？

Thank you.

謝謝。

Yeah, thanks, Terry.

是的，謝謝，特里。

You may have heard in my comments focusing you guys on the unbilled AR, which was up by just under $5 million since the beginning of the year.

你們可能在我的評論中聽說過，你們把注意力集中在未開票的 AR 上，自今年年初以來，該項目的收入增長了近 500 萬美元。

And just to reiterate what I said, unbilled AR is recorded when revenues earned on a contract exceed what's been billed.

重申我所說的，當合約賺取的收入超過已計費的收入時，就會記錄未計費的 AR。

And that typically occurs when prices increase (inaudible) is so important for us because we expect these customers to be around 10, 15-plus years.

這種情況通常發生在價格上漲（聽不清楚）對我們來說非常重要的時候，因為我們預期這些客戶的年齡約為 10、15 年以上。

And so we always want to have that be the stepping off point when we go into a renewal discussion.

因此，當我們進行續約討論時，我們總是希望以此作為出發點。

And so we're seeing some of that as we transition, and maybe even a little bit more of that as we transition to platform pricing and navigate this.

因此，當我們過渡時，我們會看到其中的一些情況，當我們過渡到平台定價並進行導航時，甚至可能會看到更多的情況。

And so that's driving some of that differentiator in billings, ultimately.

因此，這最終會推動帳單的差異化。

And again, this ultimately is a reflection of 606, where you straight line what you bill over the term of an agreement.

再說一次，這最終是 606 的反映，即您在協議期限內直接收取費用。

And again, your billing may not match up with what you're recognizing earlier in the contract.

同樣，您的帳單可能與您在合約早期所確認的內容不符。

You're ultimately going to bill more than revenue later in the contract.

最終，您在合約後期收取的費用將超過收入。

So over time, it's a wash.

所以時間一長，就洗掉了。

And it certainly doesn't change our long-term view of cash, although there could be some impact in the short term.

這當然不會改變我們對現金的長期看法，儘管短期內可能會產生一些影響。

Is that responsive to your question, Terry?

特里，這能回答你的問題嗎？

Yeah.

是的。

Yeah.

是的。

I mean, it is helpful.

我的意思是，這很有幫助。

I mean, it sounds like there's just some mechanics.

我的意思是，聽起來好像只有一些機制。

And like you said, you explained it.

就像你說的，你解釋了。

But in the second half of the year, I mean, even with that in mind, I mean, should we see some seasonal strength then?

但在今年下半年，我的意思是，即使考慮到這一點，我的意思是，我們應該看到一些季節性的強勢嗎？

Like just maybe you can just remind us on seasonal strength and free cash flow, notwithstanding the dynamics you called out.

就像也許你可以提醒我們季節性的實力和自由現金流，儘管你喊出了動態。

Thanks.

謝謝。

Yeah, sure.

是的，當然。

Yeah, recall the first half of the year for us is more cash generation than the second half.

是的，回想一下，我們上半年產生的現金比下半年多。

So from a seasonality perspective, historically, we have had lower cash generation in the second half.

因此，從季節性角度來看，從歷史上看，我們下半年的現金產生量較低。

And that's based a lot on just timing of deals historically and when we ultimately bill.

這在很大程度上取決於歷史上的交易時間以及我們最終計費的時間。

Got it.

知道了。

Thank you.

謝謝。

Thanks, Terry.

謝謝，特里。

And thank you.

謝謝你。

Aaron Kimson, Citizens JMP.

亞倫金森 (Aaron Kimson)，公民 JMP。

Hey, thank you guys for the questions.

嘿，謝謝你們的提問。

First one, what would you say are the one or two largest execution risks associated with the pricing transition on the commercial side?

第一個問題，您認為與商業方面的定價過渡相關的一兩個最大的執行風險是什麼？

And will the pricing transition be accompanied by a lot of operational changes to sales management structure, top plans, new roles or it's just going to be pricing?

定價轉型是否會伴隨著銷售管理結構、頂層計畫、新角色等方面的大量營運變化，還是只是定價？

Yeah, we've done extensive market studies around this.

是的，我們對此進行了廣泛的市場研究。

And to no surprise, the customers actually prefer this new pricing model we're going to roll out for the simple reason.

毫不奇怪，客戶實際上更喜歡我們即將推出的這種新定價模式，原因很簡單。

They are used to buying either on asset size or consumption models.

他們習慣根據資產規模或消費模式進行購買。

And I want to make 100% sure all of you understand that we are not moving to a pure consumption model.

我想百分之百確定你們所有人都明白，我們不會轉向純粹的消費模式。

We are moving to a guaranteed foundational pricing that will be based either on volume or on the asset size of the institution.

我們正在轉向保證的基礎定價，該定價將基於機構的數量或資產規模。

And then when they exceed that, they will pay a unit cost that's higher than what's in the bundle guaranteed pricing to actually motivate them to push their minimums up, okay?

然後，當他們超過這個價格時，他們將支付高於捆綁保證定價的單位成本，以真正激勵他們提高最低價格，好嗎？

So there'll be a small play on volume variation, but it'll be a smaller play in the financials of the company.

因此，銷售量變化會產生較小的影響，但對公司財務狀況的影響較小。

Our studies show that people will much prefer that versus nickel and diming, 2 seats, 10 seats, 15 seats, if I use the seats or not, okay?

我們的研究表明，與鎳和調光、2 個座位、10 個座位、15 個座位相比，人們會更喜歡這種座位，無論我是否使用這些座位，好嗎？

Second to that, from a strategic perspective, we are helping banks to be more efficient and more effective, and I think that will accelerate with the adoption of AI analytics and machine learning.

其次，從策略角度來看，我們正在幫助銀行提高效率和效益，我認為隨著人工智慧分析和機器學習的採用，這將會加速。

And as you do this, you're purely a seed-based business.

當你這樣做時，你純粹是一家以種子為基礎的企業。

Then essentially, when you make them successful, they're going to pay you less.

從本質上講，當你讓他們成功時，他們付給你的錢就會減少。

And that's not a good business model.

這不是一個好的商業模式。

So I don't see a lot of risk from a client backlash perspective or renewal perspective.

因此，從客戶強烈反對或更新的角度來看，我認為沒有太多風險。

The biggest thing for us is we do disciplined execution internally.

對我們來說最重要的是我們在內部進行嚴格的執行。

I am personally involved with our sales leaders, our marketing leaders of how we roll this out.

我親自與我們的銷售領導者、行銷領導者一起討論我們如何推出這項專案。

And I can tell you, I'm highly confident this is going to be a very positive thing for the company.

我可以告訴你，我非常有信心這對公司來說將是一件非常正面的事情。

Thank you.

謝謝。

That's really helpful.

這真的很有幫助。

And then just when we talk about -- I think it was on the F4Q call, subscription revenue growth on track to exceed 15% in FY26.

然後，就在我們談論——我認為是在 F4Q 電話會議上時，2026 財年訂閱收入增長預計將超過 15%。

Is that in part driven by an acceleration in nCino mortgage that you talked about it kicking in in fiscal 4Q of '25 continuing into next year?

這在一定程度上是由 nCino 抵押貸款加速推動的嗎？

Or do you have visibility to that still happening just with the core commercial business and consumer X mortgage?

或者您是否知道核心商業業務和消費者 X 抵押貸款仍在發生這種情況？

Yeah.

是的。

We are not giving further -- or addressed FY26 yet in any way, shape, or form, We have to stick to our comments from earlier around that, and then we're going to focus on executing this year.

我們不會以任何方式、形式或形式提供進一步的資訊或解決 26 財年的問題，我們必須堅持先前的評論，然後我們將專注於今年的執行。

Because when we book from now onto the end of the year, it's largely going to contribute to next year's growth.

因為當我們從現在到年底進行預訂時，這在很大程度上將為明年的成長做出貢獻。

So it's always really important for the team to focus on closing business as early as we can this year and actually set us up for next year for great success.

因此，對於團隊來說，今年儘早專注於結束業務並為明年取得巨大成功做好準備始終非常重要。

And Aaron, just to add to that again.

亞倫，再次補充。

If you look at what we've been doing from a breadth and depth of product perspective, you mentioned mortgage.

如果你從產品的廣度和深度來看我們一直在做的事情，你提到了抵押貸款。

We talked about DocFox, we talked about Banking Advisor, we talked about where we are on the consumer lending side, we talked about Allegro, we talked about the international opportunity, again, lumpiness, But we see a lot of opportunity there.

我們談到了 DocFox，我們談到了銀行顧問，我們談到了消費貸款方面的情況，我們談到了 Allegro，我們談到了國際機會，再次，塊狀，但我們在那裡看到了很多機會。

I think that's one of the things that we're excited about as we put the last couple of years between liquidity crisis, interest rates, and COVID behind us, all the investments that we've made and the levers that we have for meeting our long-term targets from a growth standpoint.

我認為這是我們感到興奮的事情之一，因為我們將過去幾年的流動性危機、利率和新冠疫情拋在腦後，我們所做的所有投資以及我們為滿足我們的目標而擁有的槓桿從成長的角度來看，長期目標。

And so to Pierre's point right now, I think it's really just about keeping our heads down and executing And I think we believe that all of the ingredients are there for us to continue to track towards those targets.

因此，就皮埃爾現在的觀點而言，我認為這實際上只是我們要低頭執行，而且我認為我們相信所有的要素都可供我們繼續實現這些目標。

Thank you guys so much.

非常感謝你們。

Thanks, Aaron.

謝謝，亞倫。

And thank you.

謝謝你。

Saket Kalia, Barclays.

薩基特·卡利亞，巴克萊銀行。

Okay, great.

好的，太好了。

Hey, guys.

嘿，夥計們。

Thanks for taking my questions here.

感謝您在這裡提出我的問題。

Hey, Saket.

嘿，薩凱特。

Hey Greg.

嘿格雷格。

Hey, Pierre.

嘿，皮埃爾。

Hey, guys.

嘿，夥計們。

Pierre, maybe just to start with you., Clearly, a strong, solid US and a very strong pipeline internationally.

皮埃爾，也許只是從你開始。

Maybe just to make sure the question is asked, can you just talk about how the competitive landscape internationally looks versus the US?

也許只是為了確保問題被提出，您能否談談國際上與美國相比的競爭格局如何？

Are those roughly similar in terms of competitive landscape or is there anything different that you're seeing as you as you get deeper and deeper into those markets?

這些市場在競爭格局方面是否大致相似，或者當您越來越深入這些市場時，您發現有什麼不同嗎？

Yeah, no.

是的，不。

So there's a number of differences.

所以存在著很多差異。

The first one is motivation to buy.

第一個是購買動機。

If you look at the US, it's very shareholder and profitability and efficiency focused.

如果你看看美國，你會發現它非常注重股東、獲利能力和效率。

If you look at Europe and mostly the nationals, it's more compliance regulation focused.

如果你看看歐洲，大部分是國民，你會發現它更注重合規性監管。

And these are not massive 0 to 100.

而且這些數字並不大，從 0 到 100。

But if you go 45, 55, that's how these balances come in.

但如果你達到 45、55，這些餘額就會出現。

So when you enter there, you have to understand the motivation is more towards compliance, regulation, government regulations, et cetera.

所以當你進入那裡時，你必須明白動機更多是為了合規、監管、政府法規等等。

So that's one big difference.

這是一大差別。

The second one we see is that -- and this came out of a lot of these pricing studies and market research we did -- in the US, we sell more platform deals, which is your community and regional space will take everything we got and they believe in the simplified IT infrastructure.

我們看到的第二個是——這是我們所做的大量定價研究和市場研究的結果——在美國，我們銷售更多的平台交易，這是你的社區和區域空間將佔據我們所擁有的一切，他們相信簡化的 IT 基礎架構。

When you go to the enterprise, you could get the whole commercial bank or at least half of it in one shot.

你去企業，一舉拿下整個商業銀行，或至少一半。

When you go to Europe, those are a bit more fewer and far between, and people prefer to buy point solutions that they can slot into the IT infrastructure.

當你去歐洲時，這些問題要少一些，而且間隔要遠一些，人們更喜歡購買可以插入 IT 基礎架構的單點解決方案。

So it's a bit smaller, a bit more focused, because the P&Ls are also slightly different to you, okay?

所以它更小一點，更集中一點，因為損益表對你來說也略有不同，好嗎？

So those are some of the nuances we see in the markets.

這些是我們在市場上看到的一些細微差別。

We actually make sure that we price and we package and have the flexibility to address these markets as they want to buy, as opposed to us.

實際上，我們確保我們的定價和包裝能夠靈活地滿足這些市場的需求，因為他們想要購買，而不是我們。

On the flip side, it's the same phenomena just behind the US.

另一方面，美國也出現同樣的現象。

If you look at once you get into a market and that market really begins to understand what we do, then the dominoes fall.

如果你一旦進入一個市場，而那個市場真正開始理解我們所做的事情，那麼多米諾骨牌就會倒下。

New Zealand's a great example of that.

紐西蘭就是一個很好的例子。

The UK is another good example of that, okay?

英國是另一個很好的例子，好嗎？

And I'm seeing early signs in other markets like Australia and Japan of that coming along as well.

我在澳洲和日本等其他市場也看到了這種趨勢的早期跡象。

South Africa is a much smaller market, but we've now got a great presence with the DocFox acquisition, which is all now nCino customers, as well as our direct-to-bank market there.

南非是一個小得多的市場，但我們現在透過收購 DocFox 獲得了很大的影響力，這些客戶現在都是 nCino 的客戶，以及我們在那裡的直接銀行市場。

Got it.

知道了。

Got it.

知道了。

That's super helpful, Pierre.

這非常有幫助，皮埃爾。

Greg, maybe for my follow-up for you, I know we've talked a lot about platform pricing.

格雷格，也許為了我對你的後續行動，我知道我們已經討論了很多關於平台定價的問題。

But I want to just maybe focus the question a little bit.

但我想稍微集中一下這個問題。

I thought it was a really useful stat that you gave just on -- I think it's 40% or 45% of the mortgage business, depending on revenue or logos, 40% or 45% of that business that's being priced on sort of a platform basis.

我認為這是一個非常有用的統計數據，你剛才給出的——我認為這是抵押貸款業務的40% 或45%，具體取決於收入或徽標，該業務的40% 或45% 是在某種平台上定價的基礎。

Again, just focusing on the mortgage component, do you see that getting to 100% at some point?

再說一遍，只專注於抵押貸款部分，您是否認為在某個時候會達到 100%？

And does that take three to four years to go through that process like Pierre mentioned earlier?

是否像皮埃爾之前提到的那樣需要三到四年的時間才能完成這個過程？

Or could that happen at a slightly different timeframe?

或者這會在稍微不同的時間範圍內發生嗎？

Thanks for the question, Saket.

謝謝你的提問，薩凱特。

For mortgage, those contracts are a little bit shorter in duration on average.

對於抵押貸款來說，這些合約的平均期限要短一些。

And so that could happen quicker than the four years, more, I'd say probably in the two to three year range.

因此，這可能會比四年更快發生，我想說可能會在兩到三年內發生。

And in terms of those discussions and receptivity, I think just like with the legacy nCino business, I think very well received.

就這些討論和接受度而言，我認為就像傳統的 nCino 業務一樣，我認為非常受歡迎。

If you think about it, the seat-based pricing that we did for nCino legacy's business, as well as for that mortgage business, right?

如果您想一想，我們為 nCino Legacy 業務以及抵押貸款業務採用的基於席位的定價，對吧？

And we acquired SimpleNexus.

我們收購了 SimpleNexus。

They had a seat-based business as well.

他們也有基於座位的業務。

But those were really the anomaly.

但這些確實是異常現象。

And so we really have come around as we've evolved platform pricing throughout the company.

因此，隨著我們在整個公司範圍內不斷發展平台定價，我們確實已經轉變了態度。

And it's more in line with what our buyers or our customers are buying and how they buy.

它更符合我們的買家或客戶正在購買的東西以及他們的購買方式。

And so I think it's been very well received throughout the company.

所以我認為它在整個公司都受到了很好的歡迎。

And we'll continue to execute on that strategy as we drive towards 100% adoption over time.

隨著時間的推移，我們將繼續執行該策略，爭取 100% 採用率。

Saket, just a few other things about mortgage I think it's important to realize.

Saket，還有一些關於抵押貸款的其他事情，我認為認識到這一點很重要。

Sure, SimpleNexus was mostly an IMB provider.

當然，SimpleNexus 主要是一家 IMB 供應商。

That's where they focused and that's where they built a good brand.

這就是他們專注的地方，也是他們建立良好品牌的地方。

When it came over to nCino, we widened that whole scope and said, look, we've got a good brand in banking.

當談到 nCino 時，我們擴大了整個範圍，並說，看，我們在銀行業擁有良好的品牌。

We'll go there.

我們會去那裡。

We've got home builders, which is another sector, and then IMBs.

我們有房屋建築商，這是另一個部門，然後是 IMB。

The one sector that is still struggling today is the IMB sector.

今天仍然陷入困境的一個行業是 IMB 行業。

Although the great news is a few weeks ago, we all read that the IMBs are now on average profitable.

儘管好消息是幾週前的事，但我們都讀到 IMB 現在平均獲利。

And then we all expect a rate cut in September somewhere.

然後我們都預計 9 月會降息。

So that size of that market is, I think, through the trough, and they are going to start doing better, the industry as a whole, okay?

所以我認為這個市場的規模已經度過了低谷，他們將開始做得更好，整個產業，好嗎？

Number one.

第一。

The homebuilders, we've done fantastic with that.

房屋建築商，我們在這方面做得非常出色。

They see the implementations we've done.

他們看到了我們所做的實施。

They see the actual success we provide some of their competitors, as well as the innovation and the investment we make into the product.

他們看到我們為他們的一些競爭對手提供的實際成功，以及我們對產品的創新和投資。

And then you come over to banking.

然後你就轉向銀行業。

Banking mortgage, which was much lower priority with SimpleNexus, we've now focused on it, deployed the teams, is actually year-over-year 46% up over last year.

銀行抵押貸款在 SimpleNexus 中的優先順序要低得多，我們現在專注於它，部署了團隊，實際上比去年增長了 46%。

So what we're doing with that business is -- and banking is a lot less risky for the mortgage business because once they bought, it stays there, okay?

所以我們在這項業務上所做的是——銀行業對於抵押貸款業務來說風險要小得多，因為一旦他們購買了，它就會留在那裡，好嗎？

It's not like IMBs doing M&A all the time or trying to shut down the business.

這不像 IMB 一直在進行併購或試圖關閉業務。

So I believe that business for us is a lot more balanced now.

所以我相信我們的業務現在更加平衡了。

It's more growth-oriented.

它更注重成長。

And as soon as this rate cut comes and the volumes go up, I'm actually highly optimistic that mortgage will start performing at a different level for us.

一旦降息和交易量增加，我實際上非常樂觀地認為抵押貸款將開始以不同的水平為我們服務。

And just to add, Saket, that 46% data point that Pierre gave you was in ACB bookings year over year for the FI space.

Saket，補充一下，Pierre 為您提供的 46% 的數據點是 FI 空間的 ACB 預訂量。

Got it.

知道了。

Super helpful, guys.

非常有幫助，夥計們。

Thank you.

謝謝。

Thanks, Saket.

謝謝，薩凱特。

Thank you, Saket.

謝謝你，薩凱特。

And thank you.

謝謝你。

Charles Nabhan, Stephens.

查爾斯·納布漢，史蒂芬斯。

Good afternoon, and thank you for taking my question.

下午好，感謝您提出我的問題。

Pierre, could you talk about the mix of business you're driving domestically from new bookings, net new, versus cross-sell?

皮埃爾，您能談談您在國內透過新預訂、淨新預訂和交叉銷售推動的業務組合嗎？

I guess what I'm getting at here is, as you broaden the product set, could we expect to see a shorter booking to bill cycle as you cross that (inaudible) space?

我想我在這裡得到的是，當您擴大產品集時，當您跨越該（聽不清楚）空間時，我們是否可以期望看到更短的預訂到帳單週期？

And I'm just trying to think about what that could mean for the 24-month portion of the RPO as well as your revenue visibility over the next couple of years.

我只是想思考這對於 RPO 的 24 個月部分以及未來幾年的收入可見性意味著什麼。

Yeah.

是的。

I was going to say the first half of the year was 80-20 cross-sell, 80% cross-sell, 20% new logos.

我想說今年上半年有 80-20 次交叉銷售，80% 交叉銷售，20% 新標誌。

The back half of the year looks almost like the opposite.

今年下半年看起來幾乎相反。

I cannot project exactly what it's going to look like.

我無法準確預測它會是什麼樣子。

But if I look at the pipelines and the balance of business, a lot more new logo deals versus cross-sell.

但如果我看看管道和業務平衡，就會發現更多的新商標交易而不是交叉銷售。

We used to run at 50-50.

我們以前跑的速度是50-50。

We now have got so many cross-selling products.

我們現在有很多交叉銷售的產品。

I think that 50-50 is going to move more like a 60-40, if you ask me just to guess here, because we're going to have commercial onboarding.

我認為 50-50 將會變得更像 60-40，如果你讓我在這裡猜測的話，因為我們將進行商業引導。

You're going to have all your NIC products.

您將擁有所有 NIC 產品。

You're going to have Banking Advisor, your AI products, your analytics products, okay?

你將擁有銀行顧問、人工智慧產品、分析產品，好嗎？

We've got consumer that's very new.

我們有非常新的消費者。

We've got small business coming in.

我們有小企業進來。

You've got the past account opening.

您有過去開戶的記錄。

This last quarter, again, the non-commercial products was over 50% of bookings.

上個季度，非商業產品再次佔預訂量的 50% 以上。

So clearly, the company has balanced the business to a much different extent than what it used to be.

很明顯，該公司的業務平衡程度與以前有很大不同。

So I would just tell you, the back end of the half is going to be the inverse of the first half.

所以我只想告訴你，下半場的後半場將與上半場相反。

But yes, over time, that 60-40 versus 50-50 is what I foresee on cross-sell 60%, new logo is 40%.

但是，是的，隨著時間的推移，我預計交叉銷售 60% 是 60-40 與 50-50，新徽標是 40%。

Got it.

知道了。

And as a follow-up, could you talk about where you're investing internationally, perhaps from a geographic standpoint as well as introducing greater product parity into some of your less mature markets?

作為後續行動，您能否談談您在哪些方面進行國際投資，也許從地理角度來看，以及在一些不太成熟的市場中引入更大的產品平等？

Yeah.

是的。

So our current international focus is as follows.

所以我們目前的國際重點如下。

We've got a great operation in Canada; then the UK islands, the Hapuras.

我們在加拿大開展了出色的業務；然後是英國群島，哈普拉斯群島。

And then we focus on the Nordics, the Benelux, and Spain.

然後我們將重點放在北歐、比荷盧經濟聯盟和西班牙。

We have decided to de-emphasize Germany and France.

我們決定不再強調德國和法國。

There may be a day we go back in there.

也許有一天我們會回到那裡。

But for right now, let's focus on Spain.

但現在，讓我們關注西班牙。

It's got great, massive international banks that stretch us into Latin America as well as -- we've got a number of great logos outside of Spain of those Spanish banks.

它有偉大的、大規模的國際銀行，將我們的業務延伸到拉丁美洲——我們在西班牙以外的地方也有許多西班牙銀行的偉大標誌。

And then you go down to New Zealand, Australia.

然後你去紐西蘭、澳洲。

Obviously, we've got South Africa with the DocFox acquisition as well as we've had some customers there beforehand.

顯然，我們透過收購 DocFox 獲得了南非，並且我們之前已經在那裡擁有了一些客戶。

So New Zealand and then Japan.

那麼紐西蘭，然後是日本。

And that's where we're going to focus right now.

這就是我們現在要關注的重點。

That is a massive TAM and SAM.

這是一個巨大的 TAM 和 SAM。

These countries are tea-drinking countries, English-speaking, similar laws, similar banking structures, et cetera.

這些國家是喝茶的國家、講英語的國家、相似的法律、相似的銀行結構等等。

And we have found success there as well as we follow where Salesforce have had success under data residency.

我們已經在這方面取得了成功，並且我們追隨 Salesforce 在資料駐留方面取得的成功。

I feel very good about that.

我對此感覺很好。

I think what we have to do now is focus on these.

我認為我們現在要做的就是專注於這些。

We're building new product out of the UK as well as Australia for both onboarding as well as mortgage.

我們正在英國和澳洲開發新產品，用於入職和抵押貸款。

We've had some wins there.

我們在那裡取得了一些勝利。

Those products are coming along nicely.

這些產品進展順利。

So what I would say is we've got a very focused strategy in markets where we feel it's familiar and we can be successful.

所以我想說的是，我們在我們認為熟悉並且能夠取得成功的市場上製定了非常集中的策略。

Got it.

知道了。

I appreciate the color.

我很欣賞它的顏色。

Thank you.

謝謝。

Thanks.

謝謝。

And thank you.

謝謝你。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉，雷蒙德·詹姆斯。

Great, thank you.

太好了，謝謝。

Pierre, just in terms of the confidence you expressed around achieving that 50% net bookings growth this year, I think the lapping of the mortgage headwinds part is clear.

皮埃爾，就您對今年實現 50% 淨預訂增長的信心而言，我認為抵押貸款逆風部分的影響是顯而易見的。

Could you elaborate a little bit more on your pipeline comments?

能否詳細說明一下您的管道評論？

Where are you sitting here most optimistic today in terms of reiterating that 50% outlook?

就重申 50% 的前景而言，您今天坐在這裡最樂觀的是什麼？

And then a related question, the third quarter historically is not a big enterprise buying quarter.

還有一個相關的問題，從歷史上看，第三季並不是大企業的採購季度。

I know you talked about some tier one enterprise activity back in the pipeline, both in the US and Europe.

我知道您談到了美國和歐洲正在醞釀的一些一級企業活動。

Is that still a fair way to think about that segment, though, that it can be more back fourth quarter of the year weighted?

不過，這仍然是考慮該細分市場的公平方式嗎？

Thanks.

謝謝。

Yeah, I believe we're going to have a good third quarter, but then fourth quarter is going to be big for us.

是的，我相信我們的第三季將會表現出色，但第四季對我們來說將會很重要。

That is additionally how the quarters flow out, especially the enterprise.

這也是季度流出的方式，尤其是企業。

Many of these banks' year ends in October or September, so their budget years kick in.

許多銀行的年度結束於十月或九月，因此他們的預算年度開始。

We've got great visibility into that.

我們對此有很好的了解。

We understand their board dates.

我們了解他們的董事會日期。

We know exactly when they make decisions.

我們確切地知道他們何時做出決定。

Many of this stuff is pre-approved.

其中許多東西都是預先批准的。

They just have to get for a final board approval.

他們只需要獲得董事會的最終批准。

So we do see a massive fourth quarter as well, but third quarter is not going to be negative.

因此，我們確實也看到了第四季的強勁成長，但第三季不會出現負面影響。

It's just a normal seasonality that you're going to see there.

這只是你在那裡看到的正常季節性。

I want to make some comments on the community bank space.

我想對社區銀行空間發表一些評論。

It's like a machine.

它就像一台機器。

It just rolls forward, okay?

它只是向前滾動，好嗎？

And that's why I love that business so much.

這就是為什麼我如此熱愛這個行業。

I think the mortgage, well, we start seeing a slight improvement as the rates come down and the IMBs becomes more profitable.

我認為，隨著利率下降和 IMB 變得更有利可圖，我們開始看到抵押貸款略有改善。

Enterprise in the US is on a good footing.

美國企業發展勢頭良好。

We mentioned over 50% of bookings already exceeded this year so far.

我們提到到目前為止，超過 50% 的預訂量已經超過了今年。

Then you go international.

然後你就走向國際。

A little bit more lumpy, but I'm seeing all the right movement and all the right behavior.

有點不穩定，但我看到了所有正確的動作和所有正確的行為。

So we are feeling confident that those numbers we put on the table is not only makeable, it's within reach.

因此，我們有信心，我們提出的這些數字不僅是可以實現的，而且是可以實現的。

There's always a case, a middle case, a low case, and a great case.

總是會有一個案例、一個中等案例、一個低案例和一個大案例。

And we feel that we've struck the right balance to actually make those numbers.

我們認為我們已經取得了正確的平衡來實際實現這些數字。

Okay.

好的。

Thanks for that color, Pierre.

謝謝你的顏色，皮埃爾。

Greg, this may be one for you.

格雷格，這可能適合你。

I appreciate all the color in your prepared remarks on comparability issues of deferred revenue.

我很欣賞您準備好的關於遞延收入可比性問題的評論。

I know you've always talked down RPO as a key metric.

我知道您總是將 RPO 作為一個關鍵指標。

In the past, you've given some color on ACV or ARR growth just to combat that RPO.

過去，您對 ACV 或 ARR 成長進行了一些描述，只是為了回應 RPO。

Is there anything you can tell us in terms of like how ACV or ARR bookings kind of fared in second quarter?

您能否告訴我們第二季 ACV 或 ARR 預訂的情況？

Thanks.

謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

Yeah, nothing beyond what we noted in our prepared remarks.

是的，沒有什麼超出我們在準備好的發言中指出的內容。

We did try to give you quite a bit of color in terms of some of the metrics that we had laid out in enabling you guys to track us in our progress towards those numbers.

我們確實嘗試在我們制定的一些指標方面為您提供相當多的信息，以便讓您能夠追蹤我們在實現這些數字方面的進展。

That was really our thought as we came into this call.

當我們參加這次電話會議時，這確實是我們的想法。

Okay, great.

好的，太好了。

Thank you both.

謝謝你們倆。

Thanks, Alex.

謝謝，亞歷克斯。

And thank you.

謝謝你。

Michael Infante, Morgan Stanley.

麥可‧因方特，摩根士丹利。

Great.

偉大的。

Thanks for taking our question.

感謝您提出我們的問題。

Pierre, deposit attraction and retention has commanded pretty outsized mindshare for bank executives over the last 12 to 18 months.

皮埃爾，在過去 12 到 18 個月裡，吸引存款和保留存款在銀行高層中佔據了相當大的份額。

I'd be curious to get your perspective on a potential inflection in loan growth in calendar year '25 and whether or not that could be a catalyst for the US market to get a bit more constructive on some of the larger-scale transformations.

我很想知道您對 25 日曆年貸款成長的潛在變化的看法，以及這是否會成為美國市場在一些更大規模的轉型中更具建設性的催化劑。

That is a very good point.

這是一個非常好的觀點。

Because they buy with intentions over their -- attention span is what they actually believe they have to solve.

因為他們的購買意圖超出了他們的注意力範圍，這是他們實際上認為自己必須解決的問題。

I do think there will be an inflection point in loan activity.

我確實認為貸款活動將會出現拐點。

However, what we're seeing now is the markets have matured.

然而，我們現在看到的是市場已經成熟。

The companies understand what they're doing.

這些公司了解他們在做什麼。

They understand what nCino does, which is clearly the market leader.

他們了解 nCino 的業務，這顯然是市場領導者。

We're moving now towards portfolio management, which, if you look at the workload of that book of business of the bank, origination is important.

我們現在正在轉向投資組合管理，如果你看看銀行業務簿的工作量，你會發現發起很重要。

It's a great cost driver, and you can get efficiencies there.

這是一個巨大的成本驅動因素，您可以在那裡提高效率。

But now, the big next thing is going to be that portfolio management and automation of calculating your risk and exposure and how can you project that and how can you impact the balance sheet.

但現在，下一件大事將是投資組合管理和計算風險和曝險的自動化，以及如何預測它以及如何影響資產負債表。

And so we're seeing great traction and interest in how we're going to do portfolio management and help the people actually to use the systems we put in place more effective.

因此，我們看到人們對如何進行投資組合管理並幫助人們更有效地實際使用我們建立的系統有很大的吸引力和興趣。

That's not only important from an efficiency perspective, but also a differentiation for us.

這不僅從效率的角度來看很重要，對我們來說也是一個差異化優勢。

So I see that as a driver as well, as well as the loan demand that you're talking about.

所以我認為這也是一個驅動因素，以及你所說的貸款需求。

Understood.

明白了。

That's clear.

很清楚。

Maybe Greg, a quick one for you just on the mortgage business.

也許是格雷格，請快速為您介紹抵押貸款業務。

I think I was looking at some of the MBA expectations for volume growth in '25 and looks like a pretty healthy snapback to call it 20% growth next year versus close to 40% declines in '24.

我認為我正在研究 MBA 對 25 年銷量成長的一些預期，看起來這是一個相當健康的回升，稱明年增長 20%，而 24 年則下降近 40%。

Obviously, SimpleNexus took a ton of share this year.

顯然，SimpleNexus 今年佔據了大量份額。

I'm just curious just in terms of a general framework for how to think about that.

我只是好奇如何思考這個問題的一般框架。

Is there any reason to think that the mortgage business wouldn't grow in line with broader market growth or even at a premium to the overall market just given the level of share that you've taken this year?

考慮到您今年所佔的份額水平，是否有任何理由認為抵押貸款業務的成長不會與更廣泛的市場成長一致，甚至不會高於整體市場？

Thanks for the question, Michael.

謝謝你的提問，麥可。

Again, as we've talked about with these contracts where we have the guaranteed platform price and then that comes -- or what comes with that is a certain number of loans that they're entitled to.

再次，正如我們討論的這些合同，我們有保證的平台價格，然後隨之而來 - 或者隨之而來的是他們有權獲得的一定數量的貸款。

What we still need more data on as volumes ultimately do start to increase is where those minimums were set versus the go forward business of each of our customers, right?

隨著數量最終開始增加，我們仍然需要更多數據來了解這些最低限度的設定與每個客戶的未來業務，對吧？

And so we still need some more data points to understand when they're going to trip over the minimums.

因此，我們仍然需要更多的數據點來了解它們何時會超過最小值。

And ultimately, that's going to be upside revenue.

最終，這將是收入的成長。

We think we've positioned ourselves incredibly well to participate in that increased volume, but a little bit too soon, I think, to determine whether it's going to align with that 20% or be some other number.

我們認為我們已經將自己定​​位得非常好，可以參與增加的交易量，但我認為，現在要確定它是否會與 20% 或其他數字保持一致，還為時過早。

But that was really one of the reasons we had such a focus on changing those contracts and that really being the first evolution of the platform was to be able to benefit from and participate in that increased volume, which, as you said I think folks are expecting next year to be a positive year and obviously a big change from what we've seen over the last two years.

但這確實是我們如此關注改變這些合約的原因之一，而且平台的第一次演變實際上是能夠受益於並參與增加的交易量，正如你所說，我認為人們正在預計明年將是積極的一年，與過去兩年相比，顯然會有很大的變化。

And the other thing -- again, we talked about growth this year, but I think that mortgage business has performed incredibly well over the last two years during, obviously, incredibly difficult time period.

另一件事——我們再次討論了今年的成長，但我認為抵押貸款業務在過去兩年中顯然在極其困難的時期表現得非常好。

And I think those logos that we've been able to take and the market share that we've been able to gain, again, puts us in a perfect spot to be able to benefit from that without being able to specifically answer your question, because I think we just need more data points and trends in order to do that.

我認為我們能夠採用的那些徽標以及我們能夠獲得的市場份額再次使我們處於完美的位置，能夠從中受益，而無需具體回答您的問題，因為我認為我們只需要更多的數據點和趨勢才能做到這一點。

Understood.

明白了。

That's good color.

這顏色真好啊

Thank you both.

謝謝你們倆。

Thanks, Michael.

謝謝，麥可。

And thank you.

謝謝你。

Nick Altmann, Scotiabank.

尼克·阿爾特曼，豐業銀行。

Hey, guys. it's John Gomez on for Nick Altman.

嘿，夥計們。約翰·戈麥斯 (John Gomez) 替補尼克·奧爾特​​曼 (Nick Altman)。

Thanks for taking my question.

感謝您提出我的問題。

Can you talk about the pipeline in terms of how it has changed when thinking about retail versus commercial?

您能否談談在零售與商業方面管道發生了怎樣的變化？

And any changes to the pipeline makeup heading into the second half and where reps are leaning into?

下半年的管道構成有什麼變化以及代表們傾向於哪些方面？

From a pipeline perspective, John, what we're seeing now is more like high 50s to 60s non-commercial.

約翰，從管道的角度來看，我們現在看到的更像是 50 年代到 60 年代的非商業作品。

And so again, that trend continues as some of those non-commercial products mature and ultimately, we get more referenceability from them.

同樣，隨著其中一些非商業產品的成熟，這種趨勢仍在繼續，最終我們從它們中獲得了更多的參考性。

And so we're excited about that mix.

所以我們對這種組合感到興奮。

I mentioned earlier about Japan, EMEA, and Australia, New Zealand.

我之前提到過日本、歐洲、中東和非洲以及澳洲、紐西蘭。

Again, those pipes just being up 30% year over year on an aggregate basis.

同樣，這些管道的總量同比僅增長了 30%。

But as we think about commercial and non-commercial, it's 40, 60-ish as we look at the pipe right now, non-commercial being the higher number.

但當我們考慮商業和非商業時，我們現在查看管道時，它是 40、60 左右，非商業是更高的數字。

And we see it maturing, and we see it growing.

我們看到它成熟，我們看到它成長。

And ultimately, we're just looking at our colleagues and team to focus on executing and getting these deals over the line.

最終，我們只是讓我們的同事和團隊專注於執行和完成這些交易。

Got it, that's helpful.

明白了，很有幫助。

And as a follow-up, with your comment on the pipeline mix leaning more heavily to net new versus the first half, are you seeing more multi-product discussions up front for those net new customers?

作為後續行動，與上半年相比，您對管道組合的評論更傾向於淨新客戶，您是否會看到針對這些淨新客戶的更多多產品討論？

Are you seeing more multi-department or more geographical reach within those deals?

您是否在這些交易中看到了更多的跨部門或更大的地理覆蓋範圍？

Any color there would be helpful.

任何顏色都會有幫助。

I think it depends on the geo -- getting back to Pierre's comments earlier, who you're selling to from a geographic perspective.

我認為這取決於地理位置——回到皮埃爾之前的評論，從地理角度來看你要賣給誰。

In the US, I'd say yes, less so internationally.

在美國，我會說是的，但在國際上則不然。

And then again, within the US, as you talk about community versus maybe enterprise bank, as we mentioned, that platform, multiproduct sale, we see continued traction there.

再說一次，在美國，當你談論社區銀行與企業銀行時，正如我們所提到的，該平台、多產品銷售，我們看到那裡的持續吸引力。

And again, I think that's a reflection of the maturation of some of those newer products, like consumer lending.

再說一遍，我認為這反映了一些新產品（例如消費貸款）的成熟。

We talked about the eight new loan consumer lending deals that we got this quarter, the five DAO deals that we got this quarter.

我們討論了本季獲得的 8 筆新貸款消費貸款交易，以及本季獲得的 5 筆 DAO 交易。

And so we're excited about that and that trend.

因此，我們對此和趨勢感到興奮。

And thank you.

謝謝你。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great, thanks for taking my questions.

太好了，感謝您回答我的問題。

I think Pierre made the comment earlier that when he looks at the pipeline, he sees larger enterprises across both new and established markets.

我認為皮埃爾早些時候曾說過，當他審視管道時，他看到新興市場和成熟市場中都有更大的企業。

I guess, is an imminent rate cut enough to catalyze decisions for some of those big enterprises in the pipeline?

我想，即將到來的降息是否足以促使一些正在醞釀中的大企業做出決策？

Does it happen within the next two quarters or are you kind of going into this expecting maybe a potential lag and this all ultimately just aids the outlook into the next fiscal year?

它會在接下來的兩個季度內發生嗎？

No, I don't see that these people are sitting there, waiting for a rate cut to make a strategic decision.

不，我沒有看到這些人坐在那裡等待降息以做出戰略決策。

These deals that we're working on is 9, 12, 16 months old.

我們正在處理的這些交易已有 9、12、16 個月了。

You have to prepare the full Board, you prepare the management team.

你必須準備好整個董事會，準備好管理團隊。

And they look at actually the much bigger picture strategically, where the bank is going to be two, three, five years from now.

他們實際上從策略角度著眼於更大的前景，即銀行在兩年、三年、五年後的發展。

I would say the driver is more, how do you utilize intelligence of the future if you don't have an operating platform that allows you to standardize your methods, your procedures, and how your people interact with data and their customers, okay?

我想說的是，驅動因素更多的是，如果你沒有一個操作平台來標準化你的方法、程序以及你的員工與數據及其客戶的交互方式，你如何利用未來的智能，好嗎？

It's back to the old IT infrastructure issue.

這又回到了舊有的 IT 基礎架構問題。

I mentioned in my prepared remarks that one bank is going live with at most 40 systems.

我在準備好的發言中提到，一家銀行最多會啟用 40 個系統。

I mean, those are the issues they deal with.

我的意思是，這些就是他們要處理的問題。

Will the rate cut help a little bit to nudge somebody forward?

降息會有助於推動某人前進嗎？

It may be.

可能是的。

But in our conversations, it's a lot more strategic around where they see the bank three and five years from now.

但在我們的談話中，他們對銀行三年和五年後的看法更具戰略意義。

Joe, when you look at the business, really the only, I'd say, rate sensitivity that we really have is on the IMB side of the business or home builders maybe as well.

喬，當你審視業務時，我想說，我們真正擁有的唯一的評級敏感性可能是在企業或房屋建築商的 IMB 方面。

But when you look at the rest of the business, historically, it's not been very rate sensitive.

但當你看看其他業務時，從歷史上看，它對利率並不是非常敏感。

Obviously, when you have what we went through over the last two years with this unprecedented rise in rates and the liquidity crisis, well, that's unusual and that did impact our customer base.

顯然，當你看到我們過去兩年經歷的史無前例的利率上升和流動性危機時，這很不尋常，而且確實影響了我們的客戶群。

But as we distance ourselves from that and get back to what may be more of a normal operating environment, again, really where the interest rate cut will be impactful is on that IMB part of our business on the mortgage side.

但當我們遠離這種情況並回到可能更正常的營運環境時，降息真正產生影響的是我們抵押貸款方面的 IMB 業務部分。

Okay, that's helpful.

好的，這很有幫助。

And then I wanted to go back to the mortgage conversation, specifically thinking about those MBA forecasts, if those are proven out.

然後我想回到房貸對話，特別考慮 MBA 的預測，如果這些預測得到證實的話。

Purchase origination is going to be quite good in 2025 and 2026, not back to the heyday of 2021, but also you have a more robust offering now.

2025 年和 2026 年的購買發起將會相當好，不會回到 2021 年的鼎盛時期，但現在也有更強大的產品。

The pricing structure is going to be different, and you certainly have a customer set that's consolidated.

定價結構將會有所不同，而且您肯定有一個整合的客戶群。

When you stack up all of that -- and we obviously know how SimpleNexus was growing on a pro forma basis.

當你把所有這些都加起來時，我們顯然知道 SimpleNexus 是如何在預期的基礎上發展的。

When you compare the next two years versus prior history, can you relate those two at all in terms of what you would expect your growth rates in mortgage to settle out at in a upturn, not historically robust, but a better environment in '25 and '26?

當您將未來兩年與之前的歷史進行比較時，您能否將這兩者與您預期抵押貸款增長率在好轉時穩定下來的水平聯繫起來，雖然不是歷史上強勁的，但在25 世紀和20 世紀是一個更好的環境'26？

I think you're going to see a difference in our performance depending -- is it the bank?

我想你會看到我們的表現有所不同──是銀行嗎？

is it the IMB?

是IMB嗎？

Is it the homebuilder, okay?

是房屋建築商嗎？

So you have to slice and dice the market, firstly, to understand how the contracts are structured, as well as how the buying patterns and the type of contracts that these people like.

因此，你必須先對市場進行切片和切塊，了解合約的結構，以及這些人喜歡的購買模式和合約類型。

Will a rate cut and increased volume help us?

降息和增加交易量對我們有幫助嗎？

Absolutely.

絕對地。

And I've always been very conservative, didn't believe these things were going to come.

我一直很保守，不相信這些事情會發生。

Now I believe it's going to come in September.

現在我相信它會在九月到來。

And then we have to see what that does to inflation.

然後我們必須看看這對通貨膨脹有何影響。

I'll be very frank with you.

我會很坦白地對你說。

I'm still a little bit concerned that if you cut rates too soon, too fast, then wage inflation will get us, and then, boom, they stop the rate cutting, okay?

我還是有點擔心，如果降息太快、太快，那麼薪資上漲就會讓我們陷入困境，然後，繁榮，他們會停止降息，好嗎？

So we're not right now looking at next year, number one.

所以我們現在不著眼於明年，第一。

I want to see more evidence.

我想看更多證據。

And number two, I want to slowly see how the US economy reacts to a rate cut and what actually the activity is beyond that, and what the unemployment rate is as a result.

第二，我想慢慢看看美國經濟對降息的反應，以及除此之外的實際活動，以及由此導致的失業率。

Thank you.

謝謝。

Thank you.

謝謝。

Robert Trout, Macquarie Capital.

羅伯特‧特勞特，麥格理資本。

Thank you.

謝謝。

Good afternoon, Pierre, Greg, Harrison.

下午好，皮埃爾、格雷格、哈里森。

Thank you all for taking my question.

謝謝大家回答我的問題。

I guess if I could just start with how you think about striking the balance in showing your customers the ROI initially.

我想我是否可以先談談您如何考慮在最初向客戶展示投資回報率方面取得平衡。

You mentioned striking the balance between adoption and demonstrable repetitive ROI because I think you've mentioned in your prepared remarks that Banking Advisor this year was started at a pretty attractive introductory price to drive adoption, which of course makes sense.

您提到要在採用率和可證明的重複投資回報率之間取得平衡，因為我認為您在準備好的發言中提到，今年的Banking Advisor 以相當有吸引力的介紹價格開始，以推動採用，這當然是有道理的。

How do you kind of -- is there a framework that you use as you introduce these new products, particularly as you get deeper into portfolio management to not give something away, not for free, but in a way where people see what it's worth, but not at a price that scares them initially?

當你介紹這些新產品時，特別是當你深入投資組合管理時，你是否會使用一個框架，不要放棄某些東西，不是免費的，而是以一種讓人們看到它的價值的方式，但價格並沒有讓他們一開始感到害怕？

Yeah, Robert.

是的，羅伯特。

Thanks.

謝謝。

That's a very insightful question.

這是一個非常有洞察力的問題。

So here's what we do.

這就是我們所做的。

We literally go into these banks based on usage analytics we have got currently in our systems, okay?

我們實際上是根據系統中目前的使用情況分析來進入這些銀行的，好嗎？

So remember, before when I go in with a new system, they've got no metrics, no understanding.

所以請記住，在我使用新系統之前，他們沒有指標，也沒有理解。

And we literally had to get verbal measurements, and people would tell us, look, it takes us about this.

我們確實必須進行口頭測量，人們會告訴我們，看，它需要我們了解這一點。

And it's guesstimates, and it's far off.

這只是猜測，而且還很遙遠。

With nCino in place, if it's an existing customer, we can literally measure, you're spending four minutes on this task, 10 minutes on that task, et cetera.

有了 nCino，如果是現有客戶，我們可以從字面上衡量，您在該任務上花費了 4 分鐘，在該任務上花費了 10 分鐘，等等。

And then we show them back in bars and say, this 10-minute task is going to come down to two minutes.

然後我們把他們帶回酒吧並說，這個 10 分鐘的任務將減少到兩分鐘。

Just an example, okay?

只是舉個例子，好嗎？

So people immediately see the value of what we're doing there.

因此，人們會立即看到我們在那裡所做的事情的價值。

And then just like with all new products, you go in with a low platform pricing and you do a usage counting there.

然後就像所有新產品一樣，您以較低的平台定價進入，並在那裡進行使用計數。

And the more they use it, the more they're going to pay you.

他們使用它的次數越多，他們付給你的錢就越多。

And then the more they use it and they pay you, that unit cost is a bit more expensive than the guaranteed one, and then they move the minimums up, which gives us guaranteed recurring revenue.

然後他們使用它的次數越多，他們付錢給你，單位成本就會比保證的成本貴一點，然後他們提高最低限度，這給我們帶來了有保證的經常性收入。

So we're going to follow that same model.

所以我們將遵循相同的模型。

In the early stage, we're willing, just like we did with mortgage in the tough times, to go in with a lower guaranteed number and a higher upside for us as they start adopting and using it.

在早期階段，就像我們在困難時期處理抵押貸款一樣，當他們開始採用和使用它時，我們願意以較低的保證金額和較高的優勢為我們提供幫助。

If you see that product in action, it really is the closest thing to magic I've seen.

如果你看到該產品的實際應用，它確實是我見過的最接近魔法的東西。

And so I think what we're driving now is adoption and market penetration.

所以我認為我們現在正在推動的是採用和市場滲透。

And then as the product matures, it will settle down more to enhancing the skills and broadening the skills to get a much wider adoption in the bank and actually drive what I would say is material revenues for us.

然後，隨著產品的成熟，它將更多地致力於增強技能和拓寬技能，以便在銀行獲得更廣泛的採用，並真正為我們帶來我所說的物質收入。

It's very helpful.

這非常有幫助。

Thank you, Pierre.

謝謝你，皮埃爾。

And then if I could just ask a very quick follow-up.

然後我是否可以要求一個非常快速的跟進。

I know the mortgage industry, the IMB space, has already gone through their commission realignment, if you will, a decade or so ago, more than that.

我知道抵押貸款行業，即 IMB 領域，如果你願意的話，在大約十年前就已經經歷過佣金調整，比這還要多。

But with the NAR storm of chaos and confusion and the potential for dislocation in that market short term, are you at all worried that particularly, certainly within the IND space, there might be some ripples that spill over into the mortgage market -- mortgage origination market?

但是，隨著 NAR 風暴的混亂和混亂，以及該市場短期內可能出現混亂，您是否擔心，特別是在 IND 領域，可能會產生一些連鎖反應，蔓延到抵押貸款市場——抵押貸款發放市場？

The great news is that we've got a product that we sell to our clients to help them with compensation and how to structure it.

好消息是，我們有一款產品出售給客戶，以幫助他們獲得補償以及如何建立它。

So in this new environment, we actually can help them to do that better, number one.

因此，在這個新環境中，我們實際上可以幫助他們做得更好，這是第一名。

Number two, regardless of how mortgage brokers and real estate agents are going to get paid, people are still going to buy houses.

第二，無論抵押貸款經紀人和房地產經紀人如何獲得報酬，人們仍然會買房。

And the moment the volume goes up, the transaction is going to come through us.

一旦交易量上升，交易就會透過我們進行。

It's by far the best product on the market.

它是迄今為止市場上最好的產品。

We're making the investments.

我們正在進行投資。

So I feel very optimistic that automation and what we do in that market is going to be actually the winner, as opposed to manual processes.

因此，我非常樂觀地認為，與手動流程相比，自動化以及我們在該市場所做的事情實際上將成為贏家。

And that market's a relationship market.

這個市場是一個關係市場。

But the more we can take the friction out of that model, the better for the market and for us.

但我們越能消除這種模式中的摩擦，對市場和我們來說就越好。

Excellent point.

很棒的一點。

Thank you.

謝謝。

And thank you.

謝謝你。

Ryan Tomasello, KBW.

瑞安·托馬塞洛，KBW。

Thank you.

謝謝。

On the international front, Pierre, I was hoping you could expand upon the product roadmap there.

在國際方面，皮埃爾，我希望您能夠擴展那裡的產品路線圖。

You mentioned in your prepared remarks the opportunity for bringing DocFox in particular to international customers at some point.

您在準備好的演講中提到了在某個時候將 DocFox 尤其是帶給國際客戶的機會。

So curious how you would rank order what different features of the platform still represent an opportunity to expand internationally as you look across what you have in the US product set.

很好奇，當您查看美國產品集中的產品時，您會如何排列該平台的哪些不同功能仍然代表著國際擴張的機會。

I would say the biggest next opportunity is commercial onboarding.

我想說下一個最大的機會是商業入職。

That is a universal problem.

這是一個普遍問題。

And our market testing has shown that everybody is clamoring for a product like that in the commercial small business space, okay, to really take that from a six-month process down to a weeks and months process, okay?

我們的市場測試表明，每個人都在商業小型企業領域迫切需要這樣的產品，好吧，真正將其從六個月的過程縮短到幾周和幾個月的過程，好嗎？

It literally is that difficult for them to open accounts.

從字面上看，他們開立帳戶就是那麼困難。

The second big product that we're working on there is a mortgage product.

我們正在開發的第二個大產品是抵押貸款產品。

It will span from Canada into the UK, Ireland, down to Australia and New Zealand.

它將從加拿大延伸到英國、愛爾蘭，再到澳大利亞和紐西蘭。

So those are the two, I would say, big workflow automation type products.

我想說，這就是兩個大型工作流程自動化類型產品。

But then you have to realize all your NIC products, as well as Banking Advisor, are global products coming out of the chute.

但隨後您必須認識到您的所有 NIC 產品以及 Banking Advisor 都是從市場上脫穎而出的全球產品。

So every customer of nCino will get the benefit of our intelligence and data initiatives as we go forward.

因此，隨著我們的發展，nCino 的每位客戶都將受益於我們的情報和數據計劃。

And they don't need that specific customization for local environments.

他們不需要針對本地環境進行特定的客製化。

And then there's still a ton of commercial business left for us internationally.

此外，我們在國際上仍然有大量的商業業務。

So we can go in on three fronts from major footprints, and then you start automating that with your Banking Advisor, NIC Products.

因此，我們可以從主要足跡進入三個方面，然後您開始使用您的銀行顧問、NIC 產品實現自動化。

So I feel pretty good about the footprint we've got there.

所以我對我們在那裡的足跡感覺非常好。

Great.

偉大的。

And then a follow-up for Greg, maybe a two-part question here on US mortgage.

然後是格雷格的後續問題，可能是關於美國抵押貸款的兩部分問題。

Greg, last quarter you talked about M&A-driven mortgage churn as a particular area that you're being more mindful of in terms of the guide.

格雷格，上個季度您談到了併購驅動的抵押貸款流失，這是您在指南中更加關注的一個特定領域。

I guess if you look at the mix across the US customer base, mortgage customer base, are there any dynamics that make M&A something that's more likely to go against you over the intermediate term?

我想，如果你看看美國客戶群、抵押貸款客戶群的組合，是否有任何動態因素使得併購在中期更有可能對你不利？

And then as a follow-up on the churn piece, if you can quantify where that came in in the first half of the year and what your expectations are for the back half, just trying to understand the weighting there in terms of whether or not churn could be a potential source of upside as we look at the second half of the year.

然後，作為流失部分的後續行動，如果您可以量化上半年的情況以及您對下半年的期望，只需嘗試了解是否存在的權重展望今年下半年，客戶流失可能是潛在的上漲來源。

Thanks

謝謝

Yeah.

是的。

Thanks for the questions, Ryan.

謝謝你的提問，瑞安。

On the M&A front, I don't think there's anything unique that would pose it as a specific risk.

在併購方面，我認為沒有任何獨特的因素會帶來特定的風險。

We've tried hard to align ourselves with the winners in the IMB space.

我們努力與 IMB 領域的贏家保持一致。

And to that point, we've tried hard and worked hard to align ourselves with some of the bigger players out there.

到目前為止，我們一直在努力與一些更大的參與者保持一致。

And so, M&A, it certainly can go against you.

因此，併購肯定會對你不利。

It's hard to predict, right, when you're forecasting.

當你進行預測時，很難預測，對吧。

But to the extent that there is on the mortgage side, we certainly would hope to be a beneficiary.

但就抵押貸款方面而言，我們當然希望成為受益者。

Even when we've not been in the past, some of our best salespeople are frankly the loan officers that use our product at a specific IMB and they go somewhere else and they insist on SimpleNexus, now nCino Mortgage, being part of their work life.

即使我們過去沒有經歷過，坦白說，我們的一些最好的銷售人員也是在特定IMB 使用我們產品的信貸員，他們去了其他地方，堅持將SimpleNexus（現在是nCino Mortgage）作為他們工作生活的一部分。

And so that actually can be a benefit as well. even when a deal does go against us.

所以這其實也是一個好處。即使交易確實對我們不利。

But nothing unique to call out there.

但那裡沒有什麼獨特之處。

It's just really more reflection that we're seeing some stabilization in that space.

我們看到該領域出現了一些穩定，這確實是更多的反思。

IMBs are starting to make money again, which is great for the industry.

IMB 再次開始賺錢，這對該行業來說是件好事。

And so as you think about churn, it's less about IMBs going out of business, which is what we experienced a majority of over the past two years, and more around potential M&A.

因此，當你想到客戶流失時，你會發現，與其說 IMB 倒閉（這是我們在過去兩年中經歷的大部分情況），不如說是潛在的併購。

To your second question around churn we forecasted out of the $20.5 million churn for this year, $8 million in the mortgage space.

關於您關於客戶流失的第二個問題，我們預測今年 2,050 萬美元的客戶流失中，有 800 萬美元來自抵押貸款領域。

To the first half of the year, we got $4.5 million.

到今年上半年，我們拿到了450萬美元。

And so we think we're right on track and again expect the second half of the year to be more stable.

因此，我們認為我們正走在正軌上，並再次預計今年下半年會更加穩定。

And so I think we feel good about where we are today.

所以我認為我們對今天的處境感覺良好。

Great.

偉大的。

Appreciate the color.

欣賞顏色。

Thanks, Ryan.

謝謝，瑞安。

And thank you.

謝謝你。

Chris Kennedy.

克里斯肯尼迪。

William Blair.

威廉·布萊爾.

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

When you think about the new products that you have and your commentary about the pipeline, is there a way to think about how the ACV mix will evolve for nCino as you think about the next three years or so?

當您思考您擁有的新產品以及您對產品線的評論時，是否有辦法思考在未來三年左右的時間裡，nCino 的 ACV 組合將如何發展？

I think you will see the current pattern holding, where it will be more than 50% non-commercial, I see that pattern continuing because there's so much bigger market for us left in that thing.

我想你會看到目前的模式，其中超過 50% 是非商業性的，我認為這種模式會繼續下去，因為我們在這方面還有更大的市場。

The second thing is, I think you're going to see the 60-40 I talked about earlier about new business versus cross-sell, the cross-sell being 60 and 40.

第二件事是，我想你會看到我之前談到的新業務與交叉銷售的 60-40，交叉銷售是 60 和 40。

That's a second way to look at it.

這是第二種看待它的方式。

And then thirdly, if you look at the US -- we are looking at the market year continuously.

第三，如果你看看美國——我們會連續一年關注市場。

I mentioned earlier in previous calls, we are going to focus on credit unions more.

我之前在之前的電話會議中提到過，我們將更專注於信用合作社。

And as you put dedication to those kind of markets, I think the US will outpace international in bookings for the next three years just because of the sheer volume of institutions here and the breadth of the product set that we've got here.

當你專注於這類市場時，我認為美國在未來三年的預訂量將超過國際，因為這裡的機構數量龐大，而且我們在這裡擁有的產品範圍很廣。

So that's how I look at the development of not only pipes, but ACV bookings and the transition into revenue of that.

這就是我不僅看待管道的發展，還看待 ACV 預訂及其向收入的轉變的方式。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

You're welcome.

不客氣。

And thank you.

謝謝你。

And I am showing no further questions.

我沒有提出任何進一步的問題。

I would now like to turn the call back over to Pierre Naude, Chief Executive Officer, for closing remarks.

現在我想將電話轉回執行長皮埃爾諾德 (Pierre Naude)，讓其致閉幕詞。

Thank you, operator.

謝謝你，接線生。

Thank you all to be on the call today and with your insightful questions, et cetera.

感謝大家今天參加電話會議並提出富有洞察力的問題等等。

Here's my summary of what I'm seeing in the market.

這是我對市場上看到的情況的總結。

Great execution by the team.

團隊執行力出色。

The team is well positioned.

球隊的定位很好。

Strategically, we are as well positioned as ever in this company.

從策略上講，我們在這家公司的地位一如既往。

We've come out of two years of COVID, then a liquidity crisis.

我們已經度過了兩年的新冠疫情和流動性危機。

And now, we're going to start seeing rate cuts.

現在，我們將開始看到降息。

So I truly believe that there's better macroeconomic environments coming.

所以我堅信更好的宏觀經濟環境即將到來。

At the same time, we kept our heads down, we kept on investing in products, et cetera.

同時，我們保持低調，繼續投資產品等等。

And all of that is going to culminate in a great positioning for this company.

所有這一切最終將為該公司帶來良好的定位。

So I'm not only optimistic, I'm actually feeling pretty good about what I'm seeing in the pipelines, the early signs there.

因此，我不僅感到樂觀，而且實際上對我在管道中看到的情況以及那裡的早期跡象感覺非常好。

So I appreciate your analysis and your insights into our business.

因此，我感謝您對我們業務的分析和見解。

And hopefully, you can see the enthusiasm we have as we go forward.

希望您能看到我們前進時的熱情。

Thank you very much.

非常感謝。

Talk to you all later.

稍後再和大家聊。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。