nCino Inc (NCNO) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to nCino third quarter financial results conference call for the year 2025.

大家好，歡迎參加 nCino 2025 年第三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，今天的會議正在錄音。

Now, I will pass the call over to the Director of Investor Relations, Harrison Masters.

現在，我將把電話轉給投資者關係總監哈里森馬斯特斯。

Please proceed.

請繼續。

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

下午好，歡迎參加 nCino 2025 財年第三季財報電話會議。

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

今天與我一起參加電話會議的還有 nCino 的董事長兼執行長 Pierre Naude；以及 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.

在本次電話會議中，我們將就趨勢、策略和業務預期表現做出前瞻性陳述。

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目前的觀點和預期，包含截至今天所做的某些假設，並受到我們向美國證券交易委員會提交的文件和其他公開文件、金融服務業和全球經濟狀況中描述的各種風險和不確定性的影響。 nCino 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財務結果的非 GAAP 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 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.

與可比較 GAAP 指標的對帳表可在今天的收益報告中查閱，該報告可在我們的網站上查閱，也可作為本次電話會議前提交給美國證券交易委員會的 8-K 表格的附件查閱，也可在我們投資者關係網站 investor.ncino.com 上的收益報告中查閱。

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

說完這些，我會把電話轉給皮埃爾。

Good afternoon, and thanks for joining us today.

下午好，感謝您今天加入我們。

We are very pleased with our third-quarter financial results, once again exceeding expectations for both revenues and non-GAAP operating income.

我們對第三季的財務表現非常滿意，收入和非公認會計準則營業收入再次超出預期。

Our sales momentum increased in the third quarter, with gross bookings accelerating quarter-over-quarter and year-over-year.

我們的銷售動能在第三季有所增強，總預訂量較上季和年比都有所成長。

The team demonstrated solid execution across the globe, signing over 30 multi-solution deals and generating more gross bookings from net new customers in the last two quarters combined.

該團隊在全球範圍內展示了強大的執行力，在過去兩個季度共簽署了30多項多解決方案交易，並從淨新客戶那裡獲得了更多的總預訂量。

Turning to specific sales highlights from the third quarter.

談談第三季的具體銷售亮點。

Our US community and regional and US enterprise businesses both again had strong sales quarters, and both are well on their way to exceeding their gross bookings targets for the year.

我們的美國社區、區域和美國企業業務均再次實現強勁的銷售季度，並且均有望超越今年的總預訂目標。

Of note in the C&R space was the signing of an over $10 billion credit union for commercial lending, small business lending, Portfolio Analytics, and Banking Advisor under our new pricing framework which Greg will discuss further.

值得注意的是，在 C&R 領域，我們根據新的定價框架簽署了超過 100 億美元的商業貸款、小型企業貸款、投資組合分析和銀行顧問信用合作社協議，Greg 將進一步討論這一點。

In the US enterprise market, we continue to see strength with expansion sales, including signing an agreement for our small business solution with an $80 billion bank, increasing ACV for that account by approximately 15%.

在美國企業市場，我們繼續看到擴張銷售的強勁勢頭，包括與一家 800 億美元的銀行簽署我們的小型企業解決方案協議，使該帳戶的 ACV 增加約 15%。

The scope of this expansion is initially focused on solving a key challenge for compliance with Dodd-Frank 1071 but will be part of a larger journey to automate the bank's small business lending processes and consolidate multiple legacy systems onto nCino.

此次擴展的範圍最初重點是解決遵守《多德—弗蘭克法案》1071 的一個關鍵挑戰，但將成為該銀行小型企業貸款流程自動化和多個遺留系統整合到 nCino 的更大舉措的一部分。

I'm also pleased to announce that shortly after the end of the third quarter, our US enterprise team signed a five-year multi-solution deal also under our new pricing framework with a top 40 bank in the US for commercial lending, small business lending, treasury management, automated spreading, pricing and profitability, and Banking Advisor.

我也很高興地宣布，第三季結束後不久，我們的美國企業團隊也按照我們的新定價框架與美國一家排名前 40 的銀行簽署了一份為期五年的多解決方案協議，涵蓋商業貸款、小企業貸款、資金管理、自動價差、定價和盈利能力以及銀行顧問。

Our financial results also reflect some momentum in mortgage even as mortgage rates remain elevated despite the reduction in the federal funds rate.

儘管聯邦基金利率下調，但抵押貸款利率仍居高不下，我們的財務表現也反映出抵押貸款仍保持一定的成長動能。

We added 11 new mortgage logos in the US in the quarter, including four banks and the farm credit institution, though we did see slightly higher churn due to IMB M&A.

本季度，我們在美國增加了 11 個新的抵押貸款標誌，其中包括四家銀行和一家農業信貸機構，儘管由於 IMB 的併購，我們確實看到客戶流失率略有上升。

Our average mortgage customer ACV is 15% higher than a year ago, highlighting the progress we've made in aligning with larger mortgage lenders over the past couple of years and with bundling products for this market.

我們的平均抵押貸款客戶 ACV 比一年前高出 15％，突顯了我們在過去幾年中與大型抵押貸款機構合作以及為該市場捆綁產品方面所取得的進展。

As we previewed on last quarter's call, we saw some increased momentum in international markets.

正如我們在上個季度的電話會議上所預測的那樣，我們看到國際市場有所成長。

You would have seen a press release in August announcing Tokushima Taisho Bank as a new customer in Japan using nCino for commercial lending.

您可能已經看到八月份的新聞稿，宣布德島大正銀行成為日本的新客戶，使用 nCino 進行商業貸款。

This agreement signed in the third quarter makes Tokushima Taisho our largest customer in Japan.

第三季簽署的這項協議使德島大正成為我們在日本最大的客戶。

We are honored to partner with Tokushima Taisho to enhance the value it brings to both its corporate client and its employees.

我們很榮幸與德島大正合作，提升其為企業客戶和員工帶來的價值。

I was in Japan just a couple of weeks ago, visiting customers and prospects, and left more excited than ever about the opportunity we have in that market.

幾週前我去了日本，拜訪了客戶和潛在客戶，離開時我對我們在日本市場擁有的機會比以往任何時候都更加興奮。

In the third quarter, the EMEA team signed an expansion agreement with the largest bank in Norway, bringing the full business bank on to nCino as well as ESG reporting capabilities, Banking Advisor, and credit portfolio management.

第三季度，EMEA 團隊與挪威最大的銀行簽署了擴展協議，將完整的商業銀行業務以及 ESG 報告功能、銀行顧問和信貸組合管理引入 nCino。

The expansion of this customer relationship should serve to continue building our brand awareness in the Nordics and EMEA at large.

這種客戶關係的擴大將有助於繼續提升我們在北歐和整個歐洲、中東和非洲地區的品牌知名度。

The EMEA team also signed our first customer in Luxembourg in third quarter for a joint commercial and mortgage lending solution.

歐洲、中東和非洲團隊也在第三季與盧森堡簽署了我們的第一位客戶，以提供聯合商業和抵押貸款解決方案。

The ongoing emphasis on regulation in Europe continues to be an opportunity for nCino.

歐洲對監管的持續重視對 nCino 來說仍然是一個機會。

For example, the Digital Operational Resilience Act, or DORA, is designed to enhance the operational resilience of digital systems that support financial institutions operating in European markets.

例如，《數位營運彈性法案》（DORA）旨在增強支持在歐洲市場運營的金融機構的數位系統的營運彈性。

As such, financial institutions are looking to aggressively reduce the number of vendors they are using in an effort to mitigate risk and become more efficient.

因此，金融機構正在積極減少所使用的供應商數量，以降低風險並提高效率。

Vendor consolidation is a key priority for many of the institutions we speak with and the nCino platform is the ideal solution for the financial institution on a global basis to run its lending, account opening, onboarding, and ongoing portfolio management needs.

對於我們接觸的許多機構來說，供應商整合都是首要任務，而 nCino 平台是全球金融機構滿足其貸款、開戶、入職和持續投資組合管理需求的理想解決方案。

Turning to Banking Advisor.

向銀行顧問尋求協助。

We continue to be quite pleased with the early traction we have seen.

我們對早期的進展感到非常滿意。

We added 11 new Banking Advisor customers in the quarter across the globe with customers going live in just a few weeks.

本季度，我們在全球增加了 11 位新的銀行顧問客戶，這些客戶僅花了幾週時間就上線了。

As our new pricing framework gets rolled out, we plan for Banking Advisor to be part of every new deal and renewal.

隨著我們的新定價框架的推出，我們計劃將銀行顧問納入每筆新交易和續約的一部分。

We expect this to be well received based on customer feedback or Banking Advisor as well as for the new pricing framework.

我們希望，根據客戶回饋或銀行顧問的意見以及新的定價框架，這項舉措能夠受到歡迎。

In the third quarter, we announced the acquisition of FullCircl, which we subsequently closed on November 1.

第三季度，我們宣布收購 FullCircl，並於 11 月 1 日完成收購。

This transaction is just the latest example of nCino utilizing an acquisition to strategically expand our platform and grow the wallet share opportunity within our large and happy customer base.

這筆交易只是 nCino 利用收購策略性地擴展我們的平台並在我們龐大而滿意的客戶群中增加錢包份額機會的最新例子。

The acquisition of FullCircl brings additional depth to our customer onboarding capabilities with an initial focus on the UK and growing applicability across Europe.

收購 FullCircl 進一步增強了我們的客戶入職能力，最初的重點是英國，隨後逐漸擴展到整個歐洲。

Following the successful acquisition of DocFox earlier this year, which addressed the user experience for onboarding commercial customers, FullCircl marks another step forward in advancing and expanding our onboarding capabilities by adding data aggregation components to the platform.

繼今年稍早成功收購 DocFox 之後，FullCircl 解決了商業客戶入職的用戶體驗問題，透過在平台上添加資料聚合元件，我們在提升和擴展入職能力方面又邁出了一步。

Today, onboarding, which is the process by which financial institution is verify the legitimacy of a prospective client or business for the prevention of things such as money laundering and fraud is a highly manual and time-intensive process with a lot of complexity, particularly when onboarding larger and more sophisticated organizations.

如今，入職培訓是金融機構驗證潛在客戶或企業合法性以防止洗錢和詐欺等事件發生的流程，它是一個高度手動且耗時的過程，具有很大的複雜性，尤其是在培訓規模更大、更複雜的組織時。

FullCircl aggregates a premium data supply that our customers would otherwise be gathering from fragmented sources.

FullCircl 聚合了優質的數據供應，否則我們的客戶將不得不從分散的來源收集這些數據。

Access to this data within the nCino platform will enable financial institutions to streamline application processes and improve client life cycle management across other processes being performed on nCino yielding a powerful combined integrated offering.

透過存取 nCino 平台中的這些數據，金融機構可以簡化申請流程，並改善在 nCino 上執行的其他流程中的客戶生命週期管理，從而提供強大的組合整合產品。

We currently have 10 mutual customers in the UK, and we believe all our UK clients can benefit from the combined businesses as we look to further expand this offering across the channel to Continental Europe to create even more cross-sell opportunities.

我們目前在英國有 10 個共同客戶，我們相信所有英國客戶都可以從合併後的業務中受益，因為我們希望進一步將這項服務擴展到整個管道到歐洲大陸，以創造更多的交叉銷售機會。

Based on the onboarding capabilities, we brought onto the platform this year with DocFox and FullCircl.

基於入職培訓功能，我們今年將 DocFox 和 FullCircl 引入該平台。

We believe we have increased the size of our global SAM by approximately $800 million based on observed attach rates within our mutual customers.

根據我們共同客戶的觀察附加率，我們認為我們的全球 SAM 規模已增加約 8 億美元。

As evidenced by these acquisitions and recent enhancements developed by our internal product development organization, our focus across the business remains on delivering greater efficiencies that create real business value for our customers.

從這些收購以及我們內部產品開發部門最近的改進可以看出，我們整個業務的重點仍然是提供更高的效率，為我們的客戶創造真正的商業價值。

In the recent issue of American Banker, the president and CEO of First Horizon spoke about tangible economic value delivered with our new deal proposal feature.

在最近一期的《美國銀行家》雜誌中，First Horizo​​n 總裁兼執行長談到了我們的新交易提案功能所帶來的實際經濟價值。

He shared that the deployment of this feature has cut 1,500 hours in staff work on a yearly basis, with 44% fewer screens, 21% fewer clicks, and 20% fewer required fields when filling our digital forms for internal tasks.

他分享說，該功能的部署每年為員工減少了 1,500 小時的工作時間，在填寫內部任務的數位表格時，螢幕減少了 44%，點擊次數減少了 21%，必填欄位減少了 20%。

It's important to note that these improvements are compared to an earlier nCino experience, demonstrating the ongoing innovation and value we deliver for customers long after their initial deployment.

值得注意的是，這些改進與早期的 nCino 體驗相比，展示了我們在客戶首次部署後很長一段時間內為他們提供的持續創新和價值。

In the third quarter, we also announced Joaquín de Valenzuela as the new Managing Director for our EMEA operations.

第三季度，我們也宣布任命 JoaquÃn de Valenzuela 為我們歐洲、中東和非洲地區業務的新董事總經理。

Joaquín has extensive experience leading large cross-functional teams and go-to-market efforts across the European continent.

JoaquÃn 在領導大型跨職能團隊和整個歐洲大陸的行銷工作方面擁有豐富的經驗。

We look forward to building on the momentum created by existing EMEA leadership, especially as we add the capabilities of FullCircl to the platform.

我們期待在現有 EMEA 領導層創造的勢頭的基礎上再接再厲，特別是在我們將 FullCircl 的功能添加到平台之後。

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

說完這些，我會把電話轉給格雷格。

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

謝謝皮埃爾，也謝謝大家今天下午加入我們，共同回顧我們的 2025 財年第三季財務業績。

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，我評論中引用的所有數字都是非 GAAP 基礎的。

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.

與可比較 GAAP 指標的對帳表可在今天的收益報告中查看，該報告可在我們的網站上找到，也可作為本次電話會議前提交給美國證券交易委員會的 8-K 表格的附件。

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

正如皮埃爾所說，我們對第三季的財務表現非常滿意。

Total revenues for the third quarter of fiscal '25 were $138.8 million, an increase of 14% year-over-year.

25財年第三季總營收為1.388億美元，年增14%。

Subscription revenues for the third quarter were $119.9 million, also an increase of 14% year-over-year, representing 86% of total revenues, both ahead of the top end of our guidance.

第三季的訂閱收入為 1.199 億美元，年增 14%，佔總營收的 86%，均高於我們預期的最高水準。

Mortgage subscription revenues were $20.7 million or 17% of subscription revenues in the quarter, representing year-over-year growth of 16%.

本季抵押貸款訂閱收入為 2,070 萬美元，佔訂閱收入的 17%，較去年同期成長 16%。

Mortgage subscription revenues outperformed our previous expectations for the quarter, due in part to completing the rollout and go-live of a large national homebuilder, which we had expected to take place in the fourth quarter.

抵押貸款訂購收入超過了我們之前對該季度的預期，部分原因是完成了一家大型全國房屋建築商的推出和上線，我們原本預計該項工作將在第四季度完成。

Mortgage churn in Q3 was approximately $3 million, slightly higher than our expectations due to M&A in the IMB space.

第三季的抵押貸款流失率約為 300 萬美元，由於 IMB 領域的併購，略高於我們的預期。

In light of IMB M&A activity, we are forecasting mortgage churn of approximately $2 million in the fourth quarter and approximately $10 million for the full year, up from our prior expectation of $8 million.

鑑於 IMB 的併購活動，我們預測第四季度抵押貸款流失量約為 200 萬美元，全年抵押貸款流失量約為 1000 萬美元，高於我們先前預期的 800 萬美元。

We have been asked what a hypothetical increase in mortgage volumes would equate to an increased mortgage revenues.

有人問我們，抵押貸款額度假設增加多少才相當於抵押貸款收入增加。

Noting that we will continue to update our modeling as mortgage volumes increase and we see more history on the actual impact to each individual mortgage customer.

請注意，隨著抵押貸款量的增加以及對每個抵押貸款客戶的實際影響的更多歷史記錄，我們將繼續更新我們的模型。

We are currently forecasting that a 20% increase in mortgage lending by our customers on volume-based pricing, which is about 50% of our US mortgage customers will yield an approximately 10% increase in revenues from these customers with the delta taking into account that not all of these customers will exceed their minimums.

我們目前預測，以批量定價計算，我們的客戶抵押貸款將增加 20%，這大約占我們美國抵押貸款客戶的 50%，從這些客戶產生的收入將增加約 10%，並且這個增量已經考慮到並非所有這些客戶都會超過最低限額。

Professional services revenues were $18.9 million in the quarter, growing 10% year-over-year.

本季專業服務收入為 1,890 萬美元，年增 10%。

Non-US revenues were $29.6 million or 21% of total revenues in the third quarter, up 26% year-over-year or 23% in constant currency.

第三季非美國地區營收為 2,960 萬美元，佔總營收的 21%，較去年同期成長 26%，以固定匯率計算成長 23%。

Non-GAAP gross profit for the third quarter of fiscal '25 was $93.2 million, an increase of 15% year-over-year.

25財年第三季非GAAP毛利為9,320萬美元，較去年同期成長15%。

Non-GAAP gross margin was 67.2% compared to 66.5% in the third quarter of fiscal '24.

非公認會計準則毛利率為 67.2%，而 24 財年第三季為 66.5%。

Non-GAAP gross margin continues to benefit from our amended agreement with Salesforce along with product mix.

非公認會計準則毛利率持續受惠於我們與 Salesforce 修訂的協議以及產品組合。

Non-GAAP operating income for the third quarter of fiscal '25 was $28 million compared with $20.4 million in the third quarter of fiscal '24, a 38% increase year-over-year.

25 財年第三季的非 GAAP 營業收入為 2,800 萬美元，而 24 財年第三季為 2,040 萬美元，年增 38%。

Our non-GAAP operating margin for the third quarter was 20% compared with 17% in the third quarter of fiscal '24.

我們第三季的非 GAAP 營業利潤率為 20%，而 24 財年第三季為 17%。

Paired with improved gross margins, we have further expanded operating margins through thoughtful hiring and operating expense management including with regard to our integration activities for recent acquisitions.

除了毛利率提高之外，我們還透過周到的招聘和營運費用管理（包括最近收購的整合活動）進一步擴大了營業利潤率。

We also benefited from approximately $1 million of prior-year payroll tax adjustments in the quarter.

本季我們也受惠於約 100 萬美元的去年工資稅調整。

Non-GAAP net income attributable to nCino for the third quarter of fiscal '25 was $24.4 million or $0.21 per diluted share compared to $16.2 million or $0.14 per diluted share in the third quarter of fiscal '24.

25 財年第三季歸屬於 nCino 的非 GAAP 淨收入為 2,440 萬美元或每股攤薄收益 0.21 美元，而 24 財年第三季為 1,620 萬美元或每股攤薄收益 0.14 美元。

Our remaining performance obligation, or RPO, and was $1.095 billion as of October 31, 2024, up 19% over $917.1 million as of October 31, 2023, with $730 million in the less-than-24-months category, up 16% from $627.6 million as of October 31, 2023.

截至 2024 年 10 月 31 日，我們的剩餘履約義務或 RPO 為 10.95 億美元，比 2023 年 10 月 31 日的 9.171 億美元增長 19%，其中 7.3 億美元屬於少於 24 個月的類別，比 2023 年 16% 16% 的 16%。

We ended the third quarter with cash and cash equivalents of $258.3 million, including restricted cash, which reflected the refinancing of our revolving credit facility and included $129.7 million that was subsequently utilized to acquire FullCircl on November 5.

截至第三季度，我們的現金和現金等價物為 2.583 億美元，其中包括受限現金，這反映了我們的循環信貸額度的再融資，其中包括隨後於 11 月 5 日用於收購 FullCircl 的 1.297 億美元。

During the third quarter, we repaid $10 million on our revolving credit facility and ended the quarter with $166 million of principal outstanding.

第三季度，我們償還了 1,000 萬美元的循環信貸額度，本季末未償還本金為 1.66 億美元。

Net cash provided by operating activities was $5.8 million compared to $5.9 million in the third quarter of fiscal '24.

經營活動提供的淨現金為 580 萬美元，而 24 財年第三季為 590 萬美元。

Capital expenditures were $680,000 in the quarter, resulting in free cash flow of $5.1 million for the third quarter of fiscal '25.

本季資本支出為 68 萬美元，導致 25 財年第三季的自由現金流為 510 萬美元。

Unbilled accounts receivable increased to $17 million, up from $6.1 million as of October 31, 2023, reflecting an increase in contracts where revenue recognition exceeded billings.

未開立發票應收帳款從 2023 年 10 月 31 日的 610 萬美元增加至 1,700 萬美元，這反映了收入確認超過帳單的合約增加。

Turning now to the changes we have discussed for the past year around our new pricing and monetization strategy, which we are calling the intelligent solution framework, I would like to reinforce a couple of points.

現在談談我們過去一年來討論過的有關新定價和貨幣化策略的變化，我們稱之為智慧解決方案框架，我想強調幾點。

As a reminder, we are transitioning to platform pricing with the fees we charge for commercial and consumer lending customers will be based on the assets of the financial institution.

提醒一下，我們正在轉向平台定價，我們向商業和消費貸款客戶收取的費用將基於金融機構的資產。

Specifically, the assets on which fees are based and those being evaluated on an annual basis under these agreements will be those relevant to the lines of business being supported by nCino software.

具體而言，費用所依據的資產和根據這些協議每年評估的資產將與 nCino 軟體支援的業務線相關。

Assets tied to business units not using nCino will not be relevant to fee calculations.

與未使用 nCino 的業務部門相關的資產將與費用計算無關。

We expect these changes will be immediately beneficial to the subscription revenues we recognize from customers under these agreements.

我們預計這些變化將立即有利於我們根據這些協議從客戶那裡獲得訂閱收入。

We have already seen these changes to our monetization strategy, simplify discussions with customers and prospects, and we expect they will result in more value creation for nCino.

我們已經看到了貨幣化策略的這些變化，簡化了與客戶和潛在客戶的討論，我們預計它們將為 nCino 創造更多價值。

As Pierre noted, the credit union that selected us in the third quarter for commercial lending, small business lending, Portfolio Analytics, and Banking Advisor did so under the Intelligence solution framework as did the top 40 bank in the US, we signed early in the fourth quarter.

正如皮埃爾所指出的，第三季度選擇我們為其提供商業貸款、小型企業貸款、投資組合分析和銀行顧問服務的信用合作社是在智能解決方案框架下進行的，我們在第四季度初簽約的美國前 40 家銀行也是如此。

We expect all new customer and contract renewal discussions beginning February 1, to be under this new framework, including in our commercial lending business.

我們預計，從 2 月 1 日開始的所有新客戶和合約續約討論都將在這一新框架下進行，包括我們的商業貸款業務。

As a reminder, mortgage revenues under the Intelligence solution framework are generated from a minimum monthly loan volume commitment with revenue upside as those minimums are exceeded.

提醒一下，智慧解決方案架構下的抵押貸款收入來自於每月最低貸款額承諾，超過最低貸款額就會產生收入。

Turning to guidance.

轉向指導。

For the fourth quarter, we expect total revenues of $139.5 million to $141.5 million, with subscription revenues of approximately $122.5 million to $124.5 million.

對於第四季度，我們預計總營收為 1.395 億美元至 1.415 億美元，其中訂閱收入約為 1.225 億美元至 1.245 億美元。

For full fiscal year '25, we now expect total revenues of $539 million to $541 million with subscription revenues of $467 million to $469 million.

對於整個 25 財年，我們預計總收入為 5.39 億至 5.41 億美元，其中訂閱收入為 4.67 億至 4.69 億美元。

This guidance takes into account lower expectations for mortgage revenues in the fourth quarter in light of continued elevated mortgage rates.

該指引考慮了抵押貸款利率持續上升導致第四季度抵押貸款收入預期下降。

We expect FullCircl to contribute approximately $4 million to both subscription and total revenues in the fourth quarter.

我們預計 FullCircl 在第四季度將為訂閱量和總收入貢獻約 400 萬美元。

Implementation efforts for FullCircl products are de minimis.

FullCircl 產品的實施工作量非常小。

So, consequently, there generally are no professional services revenues.

因此，一般來說沒有專業服務收入。

Non-GAAP operating income in the fourth quarter is expected to be approximately $23.25 million to $24.25 million, and non-GAAP net income attributable to nCino per share to be $0.18 to $0.19. This is based upon a weighted average of approximately 118 million diluted shares outstanding.

第四季非GAAP營業收入預計約2,325萬美元至2,425萬美元，每股非GAAP歸屬於nCino的淨利預計為0.18美元至0.19美元。這是基於約 1.18 億股稀釋流通股的加權平均值。

In light of the significant outperformance in the third quarter, we are increasing our non-GAAP operating income outlook and now expect non-GAAP operating income for fiscal '25 to be $95 million to $96 million.

鑑於第三季的出色表現，我們上調了非 GAAP 營業收入預期，目前預計 25 財年非 GAAP 營業收入為 9,500 萬美元至 9,600 萬美元。

For full fiscal year '25, non-GAAP net income attributable to nCino per share is expected to be $0.72 to $0.73 based upon a weighted average of approximately 117 million diluted shares outstanding.

在整個 25 財年，基於約 1.17 億股稀釋流通股的加權平均數，預計 nCino 每股非 GAAP 淨利潤為 0.72 美元至 0.73 美元。

Finally, as we have discussed over the past year, we have been providing quite a few new and different financial metrics and have been actively engaging with our shareholder base to solicit feedback on the KPIs and disclosures that are most helpful to the investment community and better understanding and modeling the business.

最後，正如我們在過去一年中討論過的那樣，我們一直在提供相當多新的和不同的財務指標，並積極與股東接觸，徵求對投資界最有幫助的KPI和披露的反饋，以更好地理解和模擬業務。

We believe these different metrics would be helpful in providing additional transparency into the business while we navigated market headwinds from the unprecedented rise in interest rates to the liquidity crisis.

我們相信，在我們應對從前所未有的利率上升到流動性危機等市場阻力的同時，這些不同的指標將有助於提高業務的透明度。

We would like to thank everyone for the feedback that has been provided, including those that participated in interviews with our outside investor relations firm over the past quarter.

我們要感謝所有人提供的回饋，包括上個季度參加我們外部投資者關係公司採訪的回饋。

In response to this feedback, we plan to provide an updated go-forward KPI framework, starting with our fourth quarter's earnings report.

為了回應這項回饋，我們計劃從第四季的收益報告開始提供更新的未來 KPI 框架。

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

現在，我們將開始回答大家的提問。

(Operator Instructions) Michael Infante with Morgan Stanley.

（操作員指示）摩根士丹利的 Michael Infante。

Hey, guys, thanks for taking our question.

嘿，夥計們，感謝你們回答我們的問題。

Greg, I just wanted to circle back to the fourth-quarter outlook.

格雷格，我只是想回到第四季的展望。

I appreciate the commentary on FullCircl's contribution in 4Q.

我很欣賞對 FullCircl 在第四季度的貢獻的評論。

But could you just help us sort of decompose if you sort of back out FullCircl contribution sort of what the building blocks are to the fiscal 4Q guidance reduction on an organic subscription basis?

但是，如果您退出 FullCircl 貢獻，您能否幫助我們分解一下，在有機訂閱基礎上減少財政第四季度指引的基礎是什麼？

I heard you on the $2 million of mortgage churn, but I just wanted to figure out the residual.

我聽說了 200 萬美元的抵押貸款週轉率，但我只是想算出剩餘金額。

Thanks.

謝謝。

Yeah.

是的。

Thanks, Michael.

謝謝，麥可。

Yes, those are really the two big puts and takes in terms of the change in Q4 guidance.

是的，就第四季指引的變化而言，這確實是兩個重大的利弊。

You mentioned FullCircl, in terms of the organic piece, it would really be a reflection of that increased churn that we commented on as well as, again, as we look at the MBA forecast and volumes for mortgages, notwithstanding the fact that the Fed's fund rate was reduced, we haven't seen mortgage rates come down.

您提到了 FullCircl，就有機部分而言，它實際上反映了我們所評論的流失率增加，同樣，當我們查看 MBA 預測和抵押貸款量時，儘管美聯儲的基金利率有所降低，但我們還沒有看到抵押貸款利率下降。

And so, we wanted to take that into account.

所以，我們想考慮到這一點。

You can recall, throughout the year, we were looking toward Q4 as a potential increase in mortgage volumes.

您可以回想一下，我們全年都在期待第四季度的抵押貸款量有可能增加。

We kind of timed the Fed's fund rate change right and the lowering of interest rates.

我們對聯準會基金利率調整和降低利率的時機進行了準確把握。

But again, without the corresponding lowering of mortgage rates, we are trying to be prudent and cautious as we think about what the impact is going to be in the fourth quarter.

但是，如果沒有相應降低抵押貸款利率，我們會盡量謹慎小心，考慮第四季會產生什麼影響。

Okay.

好的。

Understood.

明白了。

So, as I think about fiscal 4Q and the exit rate and sort of extrapolating that into next year, FullCircl $4 million.

因此，當我考慮財政第四季和退出率並將其推斷到明年時，FullCircl 為 400 萬美元。

Is it appropriate to annualize that into next year?

將其年度化到明年是否合適？

And as we look at the implied organic subscription numbers in fiscal 4Q, again, is that a relatively reasonable run rate to assume for next year?

當我們再次查看第四財季隱含的有機認購數字時，這是否是明年相對合理的運行率假設？

Thanks.

謝謝。

Yeah.

是的。

I think, Michael, we're going to stay away from guidance for next year, and we'll wait until our Q4 call for that before talking more about next year's performance.

邁克爾，我認為我們將不會對明年的業績做出任何預測，我們將等到第四季度會議後再進一步談論明年的表現。

Thanks, Greg.

謝謝，格雷格。

(Operator Instructions) Adam Hotchkiss with Goldman Sachs.

（操作員指示）高盛的亞當·霍奇基斯。

Great.

偉大的。

Thanks so much for taking the question.

非常感謝您回答這個問題。

Greg, just a follow-up on the Q4 commentary.

格雷格，我只是對第四季度的評論進行後續跟進。

Curious how you think about how the other pieces of the business performed outside of mortgage, and so far what you're seeing in Q4.

好奇您如何看待抵押貸款之外的其他業務部分的表現，以及到目前為止您在第四季度看到的情況。

I know there's a lot of larger deals that typically close into December and January.

我知道有很多較大的交易通常會在十二月和一月結束。

So, any early indicators on how that pipeline is shaping up and how if at all, affected the guidance change?

那麼，有任何早期指標表明該管道的進展如何嗎？

Yeah.

是的。

No, I think, again, from the last time we spoke, you would have seen us sign and we talked about it, deals internationally, right?

不，我想，從我們上次談話開始，你就會看到我們簽署了協議，我們也討論過國際交易，對嗎？

We talked about the deals in the Nordics.

我們談論了北歐的交易。

We talked about the Luxembourg deal.

我們討論了盧森堡交易。

We talked about the largest deal we've had in Japan.

我們討論了我們在日本達成的最大交易。

So, it was really nice to get those off the board.

所以，能夠解決這些問題真是太好了。

And then in Q4, shortly after third quarter ended, we signed that large enterprise deal in the US, something we're excited about, obviously, we've been working on for quite some time.

然後在第四季度，也就是第三季結束後不久，我們在美國簽署了一項大型企業協議，這讓我們感到非常興奮，顯然，我們已經為此努力了很長時間。

And as you think about that deal, that really was the largest remaining deal we had for this year as we think about some of those larger opportunities.

當你想到這筆交易時，你會發現，當我們考慮一些更大的機會時，這確實是我們今年剩下的最大的交易。

And so, the fact that we've got that signed already, certainly, I think, bodes well.

所以，我們已經簽署了該協議，我認為，這無疑是一個好兆頭。

And so, as we look at the pipe for the rest of the year and what we're expected to execute on, let's say, much more singles and doubles, Adam, versus having to hit that home run.

因此，當我們展望今年剩餘時間的前景以及我們預計要執行的任務時，比如說，更多的單打和雙打，亞當，而不是必須打出本壘打。

And so, we've got a lot of volume we need to go through.

所以，我們有很多事情要處理。

But yes, I think as we see where we are versus the last time we spoke, some of those large logos that we referenced, it's nice to see those signed and that's focused on implementing them versus signing them.

但是的，我認為正如我們所看到的，與我們上次談話時相比，我們提到的一些大標識，很高興看到那些標識被簽署，而且重點是實施它們而不是簽署它們。

Great.

偉大的。

Okay.

好的。

That's really helpful.

這真的很有幫助。

And then, Pierre, just on the Intelligence solution framework, I appreciate the commentary on the top 40 institution that went on to the new pricing model.

然後，皮埃爾，就智慧解決方案框架而言，我很欣賞對採用新定價模型的前 40 家機構的評論。

Just curious how that process went versus your expectations.

只是好奇這個過程與您的預期相比如何。

And anything you'd highlight that either from a pushback perspective or from a worked-well perspective, anything you'd highlight for folks as we get to the point where you're putting all the renewals on the new pricing model?

無論是從延遲的角度還是從運作良好的角度來看，當我們將所有續約納入新的定價模式時，您想為大家強調什麼？

Appreciate it.

非常感謝。

Yeah.

是的。

We're actually getting very positive feedback on it.

我們實際上得到了非常積極的回饋。

Realize because now for the first time, we're aligning with the bank's success.

意識到這一點，因為現在我們第一次與銀行的成功保持一致。

It's a simplified structure we're not nickel-ing and dime-ing them about seats and little add-ons all the time.

這是一個簡化的結構，我們不會總是向他們收取座位和小附加費。

So, so far, it's very early in the race.

所以，到目前為止，比賽還處於非常早期的階段。

But so far, we're seeing very good feedback from the customers.

但到目前為止，我們看到了客戶的非常好的回饋。

The value is tied to the loan portfolio.

該價值與貸款組合掛鉤。

So, we grow with the customers, which is good.

因此，我們與客戶一起成長，這很好。

And simplifying the buying experience is very good.

簡化購買體驗非常好。

So, the old renewal process was easier and simpler.

因此，舊的更新過程更加容易和簡單。

And so, we're seeing all the right behavior what we expected so far, putting that in place.

因此，我們看到所有正確的行為都符合我們目前預期，並將其付諸實現。

So, I'm very pleased with that.

我對此非常滿意。

Okay.

好的。

Thank you very much.

非常感謝。

Thanks, Adam.

謝謝，亞當。

Terry Tillman with Truist Securities.

Truist Securities 的 Terry Tillman。

Great.

偉大的。

Thanks for taking the questions.

感謝您回答這些問題。

This is Bobby Dee on for Terry.

這是 Bobby Dee 代替 Terry 上場。

My first one is for Pierre.

我的第一個禮物是給皮埃爾 (Pierre) 的。

Pierre, we picked up some commentary or speculation that you may be retiring sometime soon.

皮埃爾，我們聽到一些評論或猜測說您可能很快就會退休。

Is there any perspective you can share on some of that commentary in the market?

您能分享一下對市場上的一些評論的看法嗎？

And then I had one follow-up.

然後我進行了一次後續行動。

Thank you.

謝謝。

Yeah.

是的。

I'm battling a cold, so I didn't realize I sound that old, and that's how people took it.

我正在與感冒作鬥爭，所以我沒有意識到我聽起來那麼老，而人們就是這麼認為的。

Look, we and the board take our governance responsibility and obligation very serious, including having succession planning process and the plan for me.

你看，我們和董事會非常重視我們的治理責任和義務，包括為我制定繼任計畫流程和計畫。

There will come a day where obviously somebody will step up into my role.

顯然，終有一天會有人接替我的位置。

I told the board that my commitment is to make sure when we find the right person, that will be a smooth transition, whatever period that takes to get it done.

我告訴董事會，我的承諾是確保當我們找到合適的人選時，能夠實現平穩過渡，無論需要多長時間。

Our focus is more on finding the right person versus specific timeline.

我們的重點更在於找到合適的人選，而不是特定的時間表。

I love what I'm doing.

我熱愛我所做的事情。

I enjoy this company, very proud what we built here but we have to find the right person to really take this thing on and accelerate what we built here, and I'm excited about that.

我喜歡這家公司，對我們在這裡建立的一切感到非常自豪，但我們必須找到合適的人來真正承擔這項任務，並加速我們在這裡建立的一切，我對此感到興奮。

Appreciate that.

非常感謝。

And then just any updates or customer feedback to share from the initial cohort of Banking Advisor customers, including the one customer that went live in 2Q?

那麼，從最初的銀行顧問客戶群（包括第二季上線的客戶）能分享一些什麼更新或客戶回饋嗎？

And are you all able to share how many customers went live in 3Q?

你們能否分享一下第三季有多少客戶上線？

Thank you.

謝謝。

I think we said we added 11 again this quarter.

我想我們說過本季我們又增加了 11 個。

It's early days.

現在還為時過早。

People are literally adopting this.

人們確實正在採用這一做法。

It's such a new technology and so on and realize we provide a deep banking experience I'll tell you what's exciting to me about it is, we had a skill-a-thon in the company here where I just unleashed everybody in support, everybody in technology, you could be from sales what ideas we have for skills to put in Banking Advisor because initially, we had four of these skills that we came up with and both into the product.

這是一項新技術等等，我們意識到我們提供了深度的銀行體驗，我會告訴你令我興奮的是，我們在公司舉行了一場技能馬拉松，我釋放了所有支援人員、技術人員，你可以來自銷售部門，我們有什麼想法可以將技能放入銀行顧問中，因為最初，我們提出了這四種技能，並將其融入產品中。

And what I've seen now is we've got identified skills we can add to the product over the next six to eight months of -- went from four to 48, which is tremendous.

我現在看到的是，我們已經確定了可以在未來六到八個月內添加到產品中的技能——從 4 個增加到 48 個，這是非常了不起的。

So, can you imagine if you start putting all of these skills in place, people can just click, and the machines start doing it for them versus manual tasks?

那麼，你能想像如果你開始將所有這些技能落實到位，人們只需點擊一下，然後機器就會開始為他們完成任務，而不是手動完成任務嗎？

So, I'm very excited, obviously, to prioritize this and get it rolled out and implement it.

因此，我顯然非常高興優先考慮這一點、並將其推廣和實施。

But this is going to be a fairly quick transition into this whole intelligent platform.

但這將是向整個智慧平台的相當快速的轉變。

We don't have too much yet from customers going live because they're very careful and cautious how they do this.

目前我們還沒有收到太多客戶上線的消息，因為他們在做這件事時非常小心和謹慎。

I want to remind you, guys, we are in a regulated industry.

我想提醒你們，夥計們，我們處於一個受到監管的行業。

And in these industries, you have to certify that what's called a model actually reflect accuracy as well as traceable and auditable.

在這些行業中，您必須證明所謂的模型確實反映了準確性以及可追溯性和可審計性。

And as such, the initial getting into the water is very slow.

因此，最初入水時速度非常慢。

But once it takes offer, we can just upgrade them and get them from one skill to 10 skills to 40, that will literally be an upgrade as we roll out upgrades and updates.

但一旦它被接受，我們就可以升級他們，讓他們從一項技能增加到 10 項技能，甚至 40 項技能，隨著我們推出升級和更新，這實際上是一種升級。

So, I think at our next conference in May, we're going to start showcasing all of these skills and the productivity improvements, and that's going to be quite exciting.

因此，我認為在我們 5 月的下一次會議上，我們將開始展示所有這些技能和生產力的改進，這將非常令人興奮的。

And we'll keep you up to date as we get feedback from customers because this is top of mind for all of us.

一旦收到客戶的回饋，我們就會及時向您通報，因為這是我們所有人最關心的問題。

Thank you.

謝謝。

Brent Bracelin with Piper Sandler.

布倫特·布雷斯林和派珀·桑德勒。

Thank you.

謝謝。

Good afternoon.

午安.

Pierre, I wanted to ask about cross-sell.

皮埃爾，我想問交叉銷售的情況。

You clearly have a large installed base of commercial banking customers.

你們顯然擁有龐大的商業銀行客戶群。

You're layering on additional product capabilities, expand the TAM with DocFox, FullCircl, you've got Banking Advisor.

您正在分層添加額外的產品功能，使用 DocFox、FullCircl 擴充 TAM，您就擁有了銀行顧問。

When do these products get fully integrated?

這些產品什麼時候能夠完全整合？

And your best guess on the timing when you start to see material cross-sell?

您對於何時開始看到材料交叉銷售的最佳猜測是？

Do you think it's another six months, another year this materializes?

您認為還需要六個月或一年的時間才能實現這一目標嗎？

These are large customers.

這些都是大客戶。

Just trying to think through cross-sell and timing as you layer in these new products, when it could have an impact.

當您分層推出這些新產品時，試著思考交叉銷售和時機，看看何時會產生影響。

Yeah.

是的。

So, there's two elements here.

因此，這裡有兩個要素。

The first one I want to comment about the acquisitions separate from homegrown products, Okay?

首先我想先評論一下與自主產品無關的收購，可以嗎？

And then the second thing is just the sales or booking patterns I'm seeing.

第二件事就是我看到的銷售或預訂模式。

I would remind you that every quarter we comment on -- is it mostly commercial, mostly non-commercial.

我要提醒你們，我們每季的評論大多是商業性的，大多是非商業性的。

Last quarter, again, more than 50% of bookings came from non-commercial products.

上個季度，超過 50% 的預訂來自非商業產品。

So, to me, the cross-sell and the platform play is already proving itself, has been happening for the past few quarters.

所以，對我來說，交叉銷售和平台運作已經證明了自己，並且已經在過去幾個季度中發生了。

So, I'm very pleased with that.

我對此非常滿意。

The second thing is when you do these acquisitions, we let the new company that's now becoming nCino continue with their current pipelines and keep on selling independently, but then we start laying out the vision of the integrated product.

第二件事是，當你進行這些收購時，我們讓現在成為 nCino 的新公司繼續其現有的產品線並繼續獨立銷售，但隨後我們開始規劃整合產品的願景。

And then typically, what happens is the moment you get that out in the market, the direct sales starts slowing down because people say, wait a minute, why would I keep on this way?

然後通常發生的情況是，當你將其推向市場時，直銷開始放緩，因為人們會說，等一下，我為什麼要繼續這樣做？

If I can get a fully integrated product, which is a single platform experience, et cetera.

如果我能獲得一個完全整合的產品，即單一平台體驗等等。

And so, what we're seeing is you get your initial bunch of sales, that kind of slows down a little bit.

所以，我們看到的是，你最初的銷售量有所放緩。

We integrate the products, we launch them as an integrated solution, and then sales take off really fast, okay.

我們整合產品，將其作為整合解決方案推出，然後銷售量迅速上升，好的。

And that's the patterns I'm seeing with these acquisitions.

這就是我在這些收購中看到的模式。

They are tremendously accretive.

它們具有極大的增值性。

I can tell you the excitement I'm seeing around the onboarding solution of the added capabilities both on the DocFox or the front-end experience, and now FullCircl with the data experience coming in there.

我可以告訴你，我看到關於入職解決方案的興奮之情，無論是在 DocFox 還是前端體驗上，現在 FullCircl 也加入了資料體驗。

I believe these solutions as we showcase them, at our next insight, people will start seeing the value and the excitement is building.

我相信，當我們展示這些解決方案時，在我們的下一次洞察中，人們將開始看到它的價值，而且興奮感正在不斷增強。

The feedback I'm getting from customers as we showcase it, because we do early tests and test marketing with clients, is very positive.

由於我們與客戶進行了早期測試和測試行銷，因此在展示產品時我從客戶那裡得到的回饋非常積極。

And I stand by my earlier comments that I believe commercial onboarding is going to be very close to as large for this company as what commercial loan origination was.

我堅持我之前的評論，我相信商業入職對於這家公司來說將非常接近商業貸款發放的規模。

Very helpful color there.

那裡的顏色非常有用。

Greg, I would love to double-click in the mortgage, kind of going in here you earmarked maybe $8 million to churn, even with rates going lower, you're seeing more churn, I think another $2 million here in Q4, $10 million for the year.

格雷格，我很想雙擊抵押貸款，在這裡你預留了大概 800 萬美元用於週轉，即使利率下降，你也會看到更多的周轉，我認為第四季度還會有 200 萬美元，全年為 1000 萬美元。

When do you think the mortgage churn kind of pauses?

您認為抵押貸款週轉何時會停止？

Is the worst behind you?

最糟糕的時期已經過去了嗎？

Is it still TBD?

是否仍需確定？

What's your visibility into churn beyond Q4 as you think about headwinds to that market, it feels like we should be at a point where churn should be behind you, but that clearly is not the case.

當您考慮到該市場面臨的阻力時，您對第四季度之後的客戶流失有何看法？

Yeah.

是的。

Brent, I think what we've seen, and this is consistent with comments, I think, last quarter on the call as well is the churn has turned from -- if you look back the last, call it, two years, it was, I think, much more heavily weighted toward mortgage lenders shutting down or going out of business.

布倫特，我認為我們已經看到，這與上個季度電話會議上的評論一致，那就是客戶流失已經轉變——如果回顧過去兩年，我認為，當時更多的是抵押貸款機構倒閉或破產。

I think we've seen that largely stabilize, right?

我認為我們已經看到它基本上穩定了，對嗎？

It doesn't mean there's not going to be one that pops up.

這並不意味著不會出現這樣的情況。

But again, I think we've seen that settle down as mortgage lenders have turned from being unprofitable for each loan they were doing to now being able to start to make money.

但是，我認為我們已經看到這種情況逐漸穩定下來，因為抵押貸款機構已經從每筆貸款無利可圖轉變為現在能夠開始賺錢。

So, I think overall, that's positive.

所以，我認為總的來說，這是積極的。

And then it puts you into again, which I think is frankly a sign of maybe a more stable or a healthier market is where you see some M&A.

然後它再次將你帶入其中，我認為這坦率地表明也許是一個更穩定或更健康的市場，你會看到一些併購。

And that's hard to predict.

這很難預測。

Obviously, we've tried hard, and we've talked about it many times, aligning ourselves with some of these large mortgage lenders out there.

顯然，我們已經盡力了，並且已經多次談論過這個問題，並與一些大型抵押貸款機構達成了一致。

And so, as M&A happens, we certainly hope to be the beneficiary of that.

因此，隨著併購的發生，我們當然希望成為其中的受益者。

But we know it's not always the case.

但我們知道情況並非總是如此。

And I think in this circumstance, again, it was just an IMB being acquired.

我認為在這種情況下，這只是 IMB 被收購。

It's hard to speculate about when that may happen, but there's an impact.

很難猜測這種情況何時會發生，但會產生影響。

But again, I think overall, that bodes well for a improving market versus the churn that we saw previously, which was much more around unprofitability and folks shutting down.

但是，我認為總體而言，這對市場改善來說是一個好兆頭，而不是我們之前看到的客戶流失，而先前的流失更多是由於無利可圖和人們倒閉。

Got it.

知道了。

Makes sense.

有道理。

Thank you.

謝謝。

Thank you.

謝謝。

Saket Kalia with Barclays.

巴克萊銀行的 Saket Kalia。

Hey, guys, how are you doing?

嘿，夥計們，你們好嗎？

Thanks for taking my questions here.

感謝您在這裡回答我的問題。

Pierre, maybe just to start with you.

皮埃爾，也許我們先從你開始。

I think from the customer examples that you threw out in the call, it sounds like just the US activity is doing a lot better than expected.

我認為，從您在電話中列舉的客戶範例來看，美國的活動似乎比預期的要好得多。

My question is maybe more on the international side.

我的問題可能更多是關於國際方面的。

Can you just touch on maybe how much of the performance internationally is kind of coming from just the different macro environments out there versus other factors, right, like market maturity or anything else?

您能否簡單談談，國際上的表現在多大程度上來自於不同的宏觀環境，而不是其他因素，例如市場成熟度或其他什麼？

Does that make sense?

這樣有道理嗎？

Yeah.

是的。

So, look, if you look at the map internationally, we've got a great UK, Ireland business.

所以，如果你看看國際地圖，你會發現我們在英國和愛爾蘭擁有出色的業務。

We struggled to penetrate the continent.

我們費了很大勁才打進這塊大陸。

That's why we hired Joaquín, he lives in Madrid, Spain is one of our target areas, I've got Santander, both in the UK.

這就是我們聘用 JoaquÃn 的原因，他住在馬德里，西班牙是我們的目標地區之一，我還有桑坦德銀行，這兩家銀行都在英國。

as well as the US and to me, there's no reason why we shouldn't penetrate those very large Spanish banks that also then carries you into Latin America.

以及美國。

So, that is a positive highlight for us for the future.

所以，這對我們未來來說是一個正面的亮點。

But we've not been successful there.

但我們在那裡並未成功。

In the Nordics, you saw the announcement there.

在北歐，您可以看到那裡的公告。

This focused territory approach that we're taking now, we see some results coming from it.

我們現在採取的這種重點區域方法已經取得了一些成果。

Japan, I was in Japan, excited about Japan.

日本，我去過日本，對日本感到很興奮。

Culturally, I don't speak the language, so you get there, you get the translators, and you listen to everything, I've never seen a group of Japanese people that excited in my life, but I haven't been that much exposed, but I'm just telling you it is very positive.

從文化上講，我不會說當地的語言，所以你到了那裡，找來翻譯，聽他們講述一切，我這輩子從來沒有見過一群如此興奮的日本人，但我也沒有接觸過那麼多，但我只是告訴你，這是非常積極的。

It was the largest banking conference in Japan for the year.

這是日本今年最大的銀行業會議。

We had great attendance.

我們的出席率很高。

People on stage spoke very positively about the company.

台上的人們對該公司的評價非常正面。

And then you go down to Asia Pac, Australia, and New Zealand, got a great installed base in New Zealand.

然後你去亞太地區、澳洲和紐西蘭，在新西蘭獲得了巨大的安裝基礎。

To me, that business is just slower.

對我來說，這項業務進展比較慢。

It's a smaller market.

這是一個較小的市場。

People tend to look at the map and think it's a big market.

人們往往看著地圖就認為這是一個大市場。

South Africa is doing well for us.

南非對我們來說發展得很好。

That local businesses keep on selling and doing well.

確保當地企業持續銷售並經營良好。

So, as you look at all over the place, great installed basis, whereas the momentum on sales, I see the Nordics, and I see Japan as momentum.

因此，當你看到各地都有很好的安裝基礎，而銷售勢頭強勁，我看到北歐和日本都有這樣的勢頭。

And then for the future, I look at Spain for momentum and across the place.

展望未來，我展望西班牙的發展動能以及未來發展方向。

I still believe Germany is more of a place where we have to do an acquisition or something to get a solid enough footprint to tackle that marketplace.

我仍然相信，我們必須透過收購或其他方式在德國獲得足夠穩固的立足點，以佔領該市場。

Got it.

知道了。

Very helpful.

非常有幫助。

Greg, maybe for my follow-up for you, I know RPO was never a metric that you manage the business to or that you really focus us on, but the growth there accelerating, and I know that that can really depend on mix of business and, of course, duration.

格雷格，也許我可以跟進一下，我知道 RPO 從來都不是您管理業務或真正關注我們的指標，但那裡的增長正在加速，我知道這實際上取決於業務組合，當然還有持續時間。

But just to make sure the question is asked, can you just speak to some of that RPO strength this quarter?

但為了確保問題得到解決，您能否談談本季的一些 RPO 優勢？

Yeah.

是的。

Saket, I think it really was just executing.

Saket，我認為這真的只是執行。

I think it was a nice mix of net new business as well as renewals.

我認為這是淨新增業務和續約業務的良好組合。

Nothing unusual to call out from that perspective.

從這個角度來看，並沒有什麼不尋常之處。

And so, I think it was just good execution from the team.

所以，我認為這只是團隊的良好執行。

And to your point, you said when you asked Pierre the question, we've talked about mortgage from a US perspective, but hopefully, that comment in terms of both our community and regional and enterprise businesses, having another good quarter, both of them as well as being well underway to exceeding their targets for the year, something, again, you can take from that as it relates to that RPO number.

至於你提到的問題，當你向皮埃爾提問時，你說我們已經從美國的角度討論了抵押貸款問題，但希望就我們的社區、地區和企業業務而言，這一評論能帶來另一個良好的季度業績，它們都有望超越今年的目標，這一點，你可以從中得出與 RPO 數字相關的結論。

Very helpful.

非常有幫助。

Thanks, guys.

謝謝大家。

Thanks.

謝謝。

(Operator Instructions) Alex Sklar with Raymond James.

（操作員指示）Alex Sklar 和 Raymond James。

Thank you.

謝謝。

Greg, maybe just following up on your answer right there to Saket's question.

格雷格，也許只是跟進你對薩凱特問題的回答。

The commentary on the strong gross bookings and on your way to exceed the targets for the year.

關於強勁的總預訂量以及您超越今年目標的方式的評論。

You did call out, to offset those is the higher IMD churn.

您確實指出，要抵消這些影響，需要更高的 IMD 流失率。

So, how should we think about that net 50% bookings target?

那麼，我們該如何看待50%淨預訂量的目標呢？

Is that still in play given those two factors of the higher gross bookings, but to slightly higher gross -- lower gross retention.

考慮到總預訂量較高但總預訂量略高、總保留率較低的兩個因素，這種情況是否仍然有效？

I'm curious how those kind of offset.

我很好奇這些是如何抵消的。

Thanks.

謝謝。

Yeah.

是的。

Thanks, Alex.

謝謝，亞歷克斯。

Look, that remains our target.

瞧，這仍然是我們的目標。

But as you all know, the fourth quarter has historically been our largest bookings quarter of the year.

但眾所周知，第四季歷來是我們一年中預訂量最大的季度。

So, we'll hold off commenting on that at this time, but we're certainly focused on executing toward that target.

因此，我們暫時不會對此發表評論，但我們肯定會專注於實現這一目標。

Okay.

好的。

Great.

偉大的。

And then maybe one for each of you on FullCircl.

然後也許在 FullCircl 上為你們每個人提供一個。

But Pierre, just some more color on what you saw in first FullCircl.

但是皮埃爾，你只需要對你在第一個 FullCircl 中看到的內容進行更詳細的介紹。

Why now?

為什麼是現在？

And then Greg how much of that $4 million hitting subscription revenue?

那麼格雷格，這 400 萬美元中有多少是用於訂閱收入？

And any color on kind of the growth rate this year of the FullCircl business?

您能透露一下今年 FullCircl 業務的成長率嗎？

Thanks.

謝謝。

Yes.

是的。

So, as I explained earlier, DocFox acquisition was all about the interaction between the banker, the client, and the onboarding processes.

所以，正如我之前解釋的那樣，DocFox 的收購完全是關於銀行家、客戶和入職流程之間的互動。

So, think of the workflow, think of the tools they have on their desktops in their browsers, and on their phones to actually facilitate a complex process of exchanging documents and information.

因此，想想工作流程，想想他們在桌面瀏覽器和手機上使用的工具，以實際促進交換文件和資訊的複雜過程。

That's why we got DocFox as a front end similar to what SimpleNexus was on the consumer or individual side.

這就是為什麼我們將 DocFox 作為前端，類似於 SimpleNexus 在消費者或個人方面的前端。

But then if you look at ongoing client health management, so look at Europe, if a company has a board of directors, and all of a sudden, they swap one out, somebody from, let's say, the Middle East, that's on a terrorist watch list.

但如果你看一下持續的客戶健康管理，看看歐洲，如果一家公司有一個董事會，突然間，他們換了一個人，比如說來自中東的人，這個人在恐怖分子監視名單上。

How does the bank find that out?

銀行如何發現這一點？

How would they know?

他們怎麼會知道？

And that's by compliance rules, they have to know that at all times.

這是合規規則，他們必須始終知道這一點。

FullCircl has integrations and data that continuously monitoring the health for the legality of the client makeup to make sure you keep that customer legally or do you warn them that you cannot do business with them because of that.

FullCircl 具有整合和資料功能，可持續監控客戶構成的合法性，以確保您合法地留住該客戶，或者您是否警告他們您因此無法與他們開展業務。

Just like portfolio management from a credit quality perspective, these are tremendously manual and labor-intensive processes.

就像從信用品質角度進行的投資組合管理一樣，這些都是大量手動和勞動密集的過程。

And so, putting this into an end-to-end experience where the customers can get monitored automatically through integrations and data, and we can do early warnings and actually prevent them from getting in trouble regulators, in Europe specifically, this played very strong because of the multinational nature of so many companies there.

因此，將其置於端到端體驗中，客戶可以透過整合和數據自動進行監控，我們可以進行早期預警，並實際上防止他們陷入麻煩的監管機構，特別是在歐洲，由於那裡許多公司都具有跨國性質，這一點非常重要。

And that's what excited me.

這就是讓我興奮的事情。

So, we are building this onboarding experience second to none.

因此，我們正在建構這種無與倫比的入職體驗。

And I believe, again, we can take it to all our commercial customers and cross-sell there.

而且我相信，我們可以將其帶給所有商業客戶並在那裡進行交叉銷售。

And Alex, on the follow-up question, we commented $4 million in Q4, and that's all subscription revenue.

亞歷克斯，關於後續問題，我們評論說第四季度的收入為 400 萬美元，這都是訂閱收入。

There's generally no professional services with -- associated with that product and that implementation.

通常沒有與該產品和該實施相關的專業服務。

Okay.

好的。

Great.

偉大的。

Thanks for that.

謝謝。

And just real quick, Greg, any color on what that was growing this year just as we try and think about for next year?

格雷格，我們想簡單說一下，當我們考慮明年的時候，今年的成長情況怎麼樣？

No, we haven't commented on that.

不，我們還沒有對此發表評論。

Obviously, we'll factor that in as we come out with our Q4 call and give guidance for next year.

顯然，我們會在發布第四季度電話會議並為明年提供指導時考慮到這一點。

As Pierre talked about, we want to focus on getting that integrated.

正如皮埃爾所說，我們希望集中精力實現這一點的整合。

Again, we have a history with them in terms of partnering.

再次，我們與他們有著合作的歷史。

And so, that, I think, always helps.

所以，我認為這總是有幫助的。

But ultimately, we'll focus on getting that business integrated and getting our go-to-market motion together.

但最終，我們將專注於整合該業務並共同推動我們的行銷行動。

And again, as we come back and talk to you guys on the next call, I think we'll have additional color around how that's going to contribute to our growth next year and beyond.

再次，當我們在下次電話會議上回來與你們交談時，我想我們將對這將如何促進我們明年及以後的增長有更多的了解。

All right.

好的。

Great.

偉大的。

Thank you both.

謝謝你們兩位。

Thanks, Alex.

謝謝，亞歷克斯。

Koji Ikeda with Bank of America.

美國銀行的 Koji Ikeda。

Yeah.

是的。

Hey, guys.

嘿，大家好。

Thanks so much for taking the questions.

非常感謝您回答這些問題。

A couple from me here.

這裡有幾對來自我這裡。

I wanted to ask on the mortgage volumes.

我想詢問有關抵押貸款額度的問題。

And you gave some excellent color in the prepared remarks, thinking about volume increases and what it would contribute in revenues based on those volume increases.

您在準備好的發言中給出了精彩的闡述，思考了銷售量的增加以及銷售增加將對收入帶來哪些貢獻。

But you said something interesting about customers exceeding contract minimums.

但是您說了一些關於客戶超出合約最低限額的有趣事情。

And so, the minimums.

這就是最低限度。

And so, the question here is, at what level of volume increase would it be required to get all the customers above minimum commitment levels?

所以，這裡的問題是，需要在什麼水平上增加銷售量才能使所有客戶都超過最低承諾水平？

Very specific question, which we appreciate.

這個問題非常具體，我們對此表示感謝。

It's something we'd follow back up with you on it.

我們會跟進此事。

It does differ.

確實有所不同。

As we've talked about, we went to this model change in a very challenging time for that market.

正如我們所討論的，我們在該市場非常具有挑戰性的時期進行了這種模式轉變。

And so, again, I think we're pleased when we would get some of those customers to commit to any minimums.

因此，我認為，當我們能讓一些客戶承諾最低限度時，我們會感到高興。

And our belief has been that minimums, for the most part, were set generally low right, in terms of what they were comfortable signing up for.

我們一直認為，大多數情況下，最低限額都定得較低，以他們願意簽署的條件為準。

I think the challenge that we've had is, again, there's been a lot of talk about mortgage volume increases.

我認為我們面臨的挑戰是，人們再次討論抵押貸款量增加的問題。

And we've been telling folks, it's really important for us to see volumes go through each one of those customers because the minimums are going to be at different levels.

我們一直告訴大家，了解每位客戶的訂單量非常重要，因為最低訂單量會處於不同的水平。

And as volume comes back, again, it may come back at different levels for different lenders, right?

隨著交易量的回升，對於不同的貸款人來說，交易量的回升水平可能會有所不同，對嗎？

So maybe more aggressive, some may have gone out and try to accumulate a whole bunch of loan officers in terms of expanding their footprint.

因此，也許會更積極一些，一些公司可能會出去嘗試累積一大批貸款人員，以擴大其業務範圍。

And so, we really want to see that track record and that history of that data go through before I think we can give more clarity.

因此，我們確實希望看到該數據的記錄和歷史記錄，然後才能給出更清晰的解釋。

But we try to give some indication for you guys from a modeling perspective with what we see.

但我們試著從建模的角度根據所見為大家提供一些指導。

And as I noted, the more data we get.

正如我所說，我們獲得的數據越多。

And once we actually see, I think volumes meaningfully increase, we'll be able to come back with, I think, more specificity, so you guys can continue to tweak your models and be as accurate as possible.

一旦我們真正看到數量有意義地增加，我們將能夠得出更具體的結論，這樣你們就可以繼續調整模型，盡可能地準確。

Got it.

知道了。

Thanks, Greg.

謝謝，格雷格。

I really appreciate that.

我真的很感激。

And maybe a follow-up here, more philosophical for Pierre or Greg.

或許這裡還有後續內容，對 Pierre 或 Greg 更有哲學意義。

As you head into next year, fiscal '26, what's -- what do you think is the bigger driver for your customers to increase spend with nCino?

當您進入明年即 26 財年時，您認為什麼是促使您的客戶增加在 nCino 上的支出的最大驅動力？

Is it quite simply lower interest rates?

這是否只是降低利率？

Or is it more a resilient economy that would really drive more spend from your customers?

或者說它是一種更具彈性的經濟，能夠真正推動客戶增加支出？

That's an interesting question.

這是一個有趣的問題。

What I'm seeing, and I've been with a number of CEOs, yes, literally in the past months is that as you go through these administrations, and we started the company in late 2011 with Obama administration in place.

我看到的情況是，而且我在過去幾個月裡與多位執行長交流過，就是在經歷這些政府換屆之後，我們在 2011 年底奧巴馬政府執政期間創立了這家公司。

And then, of course, Trump came in, then Biden, et cetera.

然後，當然，川普上台了，然後是拜登，等等。

What you see as you go from a defensive posture with regulators and compliance to more of an upbeat go -- go activity -- economic activity if you go through these cycles.

如果你經歷這些週期，你會看到，當你從對監管機構和合規性的防禦姿態轉變為更樂觀的經濟活動。

And what I'm seeing again is there's an optimistic outlook on the economy as a whole.

我再次看到整個經濟狀況呈現樂觀態勢。

There's an excitement about M&A.

人們對併購十分熱衷。

We typically are on the winning side of M&A because the people who bought nCino are the more forward-looking, but it does introduce a little bit of risk because if the non-nCino Bank buys nCino Bank, we've had successes where we actually take them up into the acquirer, but we've also had -- it's a minority, but we have cases where we lose the account, okay.

我們通常站在併購的勝利者一方，因為購買 nCino 的人更有遠見，但它確實帶來了一點風險，因為如果非 nCino 銀行收購 nCino 銀行，我們會成功將它們納入收購方，但我們也有——雖然是少數，但我們也有失去帳戶的情況，好吧。

So, I would tell you, they are excited about our ability to bring -- on the macro level, that there's going to be M&A, there will be an increased economic activity, which I think is good for all of us.

所以，我想告訴你，他們對我們的能力感到興奮——從宏觀層面來看，將會發生併購，將會增加經濟活動，我認為這對我們所有人都有好處。

They believe the rates will still keep on coming down until it's at a neutral level.

他們相信利率將持續下降，直到達到中性水準。

So, all of those things is positive for the banks.

因此，所有這些事情對銀行都是有利的。

On top of that, the continuous innovation we do in a single platform is playing out all over the place.

最重要的是，我們在單一平台上進行的持續創新正在各個地方展開。

As I mentioned earlier on my bookings, more than 50% is noncommercial.

正如我之前提到的，我的預訂超過 50％ 是非商業性的。

So, all of that combined makes me optimistic that we will continue on this pattern and of course, AI.

所以，所有這些讓我樂觀地認為我們將繼續這種模式，當然還有人工智慧。

That's going to be a major game changer for us, along with this new pricing model.

這對我們來說將是一個重大的改變，同時這個新的定價模式也會改變我們。

So, if you package all of that together, I feel pretty positive.

所以，如果將所有這些打包在一起，我會感到非常積極。

And just one more thing to add is, as you talk about AI, obviously, a focus everywhere.

還有一點要補充的是，當你談論人工智慧時，顯然它無所不在。

Again, Banking Advisor, really excited about another 11 deals being signed.

再次，銀行顧問對另外 11 項協議的簽署感到非常興奮。

And as was mentioned, coming February 1, every deal that we do is going to have Banking Advisor in it and seeded.

如同前面所提到的，從 2 月 1 日起，我們所做的每筆交易都會有銀行顧問參與並提供種子資金。

We've talked in the past about the data and how, again, we've been fortunate and focused on accumulating data, both commercial lending data, mortgage data as well as consumer lending data.

我們過去曾討論過數據，以及我們如何幸運地專注於累積數據，包括商業貸款數據、抵押貸款數據以及消費者貸款數據。

But what we've also been very focused on is getting consents from our customer to use that data.

但我們也非常注重獲得客戶對我們使用該數據的同意。

And I think that puts us in a unique position.

我認為這使我們處於獨特的地位。

And as we sit here today, we've got, I think, four of our 10 largest customers that we've received their consents.

今天，我想，我們的十大客戶中，有四家已經獲得了他們的同意。

And you can appreciate those larger customers being some of the largest banks in the country.

您會發現這些大客戶都是國內一些最大的銀行。

And so, I think that bodes well as we talk about AI and we talk about Banking Advisor and we think about next year and beyond, get us in a pretty unique position with what we've been able to create and leverage the platform to do.

因此，我認為這是個好兆頭，因為我們談論人工智慧，我們談論銀行顧問，我們思考明年及以後，憑藉我們能夠創建和利用平台來做的事情，我們將處於一個非常獨特的地位。

Thanks, guys.

謝謝大家。

Thanks for taking the questions.

感謝您回答這些問題。

Thank you.

謝謝。

Ryan Tomasello with KBW.

KBW 的 Ryan Tomasello。

Thanks for taking the questions.

感謝您回答這些問題。

Greg, just wanted to double-click again on the 4Q guidance, just the back of the envelope math stripping out FullCircl and also looking at this organically removing DocFox.

格雷格，只是想再次雙擊第四季度指引，只需在信封背面進行數學運算即可剝離出 FullCircl，同時查看有機地刪除 DocFox。

I think the rough math implies that you'll be exiting the year somewhere with an organic subscription growth rate in like the high single to low double digits.

我認為，粗略的計算表明，到今年年底，你的有機訂閱成長率將達到高個位數到低兩位數。

I guess, does that math sound right to you?

我想，你覺得這個計算正確嗎？

And how should we think about that exit run rate in the context of your confidence in the 15% subscription revenue growth target that you've called out for next year, which I assume was an organic target?

那麼，在您對明年 15% 的訂閱收入成長目標充滿信心的情況下，我們應該如何看待退出運行率？

Yeah.

是的。

So, as it relates to that, Ryan, that 15% remains our target.

因此，Ryan，就此而言，15% 仍然是我們的目標。

But just as I said with the net bookings commentary, the fourth quarter is obviously our largest bookings quarter historically.

但正如我在淨預訂量評論中所說的那樣，第四季度顯然是我們歷史上預訂量最大的季度。

And so, we'll refresh our guide and outlook for next year on our Q4 call.

因此，我們將在第四季度電話會議上更新對明年的指導和展望。

And so, we would note that as we talk about the breakdown of growth, I don't want to do kind of a quick back of the envelope to reconcile what you said.

因此，我們注意到，當我們談論成長細分時，我不想快速地從頭到尾地去檢查你所說的話。

And so, from that perspective, I'd say I follow up with you.

因此，從這個角度來看，我會跟進您的情況。

But as we talk about M&A, M&A is something that we will continue to evaluate as we look to continue to expand our SAM in our product offerings, just as we always look at buy versus build versus partner.

但當我們談論併購時，我們會繼續評估併購，因為我們希望繼續擴大我們的產品供應中的 SAM，就像我們總是考慮購買、建造還是合作一樣。

And so, from our perspective, M&A is part of our corporate strategy.

因此，從我們的角度來看，併購是我們公司策略的一部分。

We feel really good about the deals that we've done.

我們對已完成的交易感到非常滿意。

And as we think about year-over-year comps, keep in mind, as you noted, we do have M&A in this year as we think about what FullCircl will bring ultimately next year as well in comps.

當我們考慮同比業績時，請記住，正如您所說，我們今年確實進行了併購，同時我們也在考慮 FullCircl 明年最終將為同比業績帶來什麼。

But as it relates to your single kind of breakdown, let me confirm that and close off to make sure I give you an accurate answer.

但由於它與您的單一類型的故障有關，請允許我確認這一點並結束，以確保我給您一個準確的答案。

Okay.

好的。

Thanks.

謝謝。

And then, Pierre, just a follow-up question for you.

然後，皮埃爾，我再問你一個後續問題。

I think one of the dynamics that wasn't called out maybe as much in your remarks was this optimism around deregulation and this sigh of relief that banks are breathing with the new administration.

我認為您在演講中可能沒有過多提到的一個動態是對放鬆管制的樂觀情緒，以及銀行在新政府領導下鬆了一口氣的感覺。

I guess, has that dynamic come into conversations at all with customers?

我想，這種動態在與顧客的對話中出現過嗎？

And is this something that you see is helping to unlock demand appetite for larger-scale tech deployments just as banks are presumably a little less distracted if this deregulatory theme really comes into play?

您是否認為這有助於釋放對更大規模技術部署的需求慾望，就像如果放鬆管制的主題真正發揮作用，銀行可能會少一些分心一樣？

Thanks.

謝謝。

I think there's a sense -- and by the way, the new administration is very vocal about deregulation and removing government barriers.

我認為有這樣的道理——順便說一句，新政府非常主張放鬆管制和消除政府壁壘。

I am not a bank regulator that could tell you exactly what the answer is what they should do.

我不是銀行監理者，無法確切地告訴你答案就是他們該做什麼。

But I can just tell you from the sentiment I'm hearing from bankers is that there is a positive outlook for the future, both on regulation applying to the right level of bank.

但我可以從銀行家那裡聽到的觀點來看，未來前景是樂觀的，監管也適用於銀行的正確層面。

The smaller banks especially struggle with an overburdened regulated environment.

小型銀行尤其面臨負擔過重的監管環境。

I can tell you I've been at conferences where I listened to CEOs of the Big four.

我可以告訴你，我曾經參加過一些會議，在會上我聽過四大會計師事務所執行長的演講。

And if they start explaining to you the number of people they've got answering to regulators and trying to be perfect and never make a mistake, it really sounds cumbersome for those companies.

如果他們開始向你解釋他們有多少人負責向監管機構匯報，並力求完美、從不犯錯，這對這些公司來說確實聽起來很麻煩。

And I think you've seen people like Jamie Dimon to make public statements about it.

我想你也看過傑米·戴蒙 (Jamie Dimon) 等人就此事發表公開聲明。

So, there is a sigh of relief that they may become a better level of regulation into banking as they go forward.

因此，人們可以鬆一口氣，因為隨著銀行業監管的不斷推進，銀行監管水準可能會提高。

And that typical optimism drives people to start looking at other things.

這種典型的樂觀情緒促使人們開始注意其他事物。

I will also remind you that before this election, we had this liquidity crisis which weighed on the banks, and they were worried about survival.

我還要提醒你們，在這次選舉之前，我們面臨流動性危機，這給銀行帶來了壓力，他們擔心生存問題。

Now, you get this little positive push and now people start looking much more strategically at their businesses.

現在，你得到了一點積極的推動，現在人們開始更有策略地看待他們的業務。

Then you throw M&A into the mix.

然後你再將併購加入其中。

And all of a sudden, they go, any possibility is possible in front of them.

突然之間，他們覺得一切都有可能。

They can buy banks, they can sell the bank, they can drive up loan volumes, regulation will be easier for them, and that drives economic activity.

他們可以收購銀行，可以出售銀行，可以增加貸款量，監管對他們來說會更容易，進而推動經濟活動。

So, I think that overall positive and optimistic posture is boding well for us.

因此，我認為整體積極樂觀的態度對我們來說是好兆頭。

Great.

偉大的。

Appreciate the color.

感謝色彩。

Cris Kennedy with William Blair.

克里斯甘迺迪和威廉布萊爾。

Good afternoon.

午安.

Thanks for all the detail, and thanks for taking the question.

感謝您提供的所有詳細信息，也感謝您回答這個問題。

Greg, can you just give us an update on the fiscal 2025 expectation for revenue churn?

格雷格，您能否向我們介紹 2025 財年營收流失的預期情況？

I think it was 5% previously.

我認為以前是5%。

What's your current expectation?

您目前的期望是什麼？

Yeah.

是的。

We still are around that 5% mark, Cris.

我們仍然處於 5% 左右的水平，克里斯。

It was at 20.5%.

比例為 20.5%。

We talked about raising it through Q3 churn by the $2 million for mortgage.

我們討論了透過第三季的流失來增加 200 萬美元的抵押貸款。

It's still in around about 5%.

目前仍約為5%。

So, last year, 9%, again, trending the right way.

因此，去年 9% 的增幅再次朝著正確的方向發展。

So, that's where we are.

這就是我們現在的狀況。

Okay.

好的。

Thank you for that.

謝謝你。

And then you also alluded to providing additional KPIs.

然後您還提到提供額外的 KPI。

Is there any kind of preview you can give?

能提供什麼預覽嗎？

Is that ACV?

那是 ACV 嗎？

Is it business mix?

是業務組合嗎？

What more are you thinking about disclosing going forward?

您接下來還想揭露什麼資訊？

Thank you.

謝謝。

Thank you, Cris.

謝謝你，克里斯。

And again, appreciate all the discussions we've had really over the past year in terms of what's most helpful.

再次感謝我們在過去一年中就什麼是最有幫助的事情進行的所有討論。

But ultimately, we'll lock down that framework and communicate it formally on our Q4 call.

但最終，我們將鎖定該框架並在第四季度電話會議上正式傳達它。

Obviously, with the feedback we've gotten, we've got kind of a working plan internally.

顯然，根據我們收到的回饋，我們內部製定了一種工作計劃。

But we'll wait to just start the new year fresh with those KPIs and go forward from there.

但我們會等待新的一年以這些 KPI 為起點，繼續前進。

Great.

偉大的。

Thank you.

謝謝。

Thank you, Chris.

謝謝你，克里斯。

Nick Altmann with Scotiabank.

加拿大豐業銀行的 Nick Altmann。

Awesome.

驚人的。

Thank you.

謝謝。

Pierre, you talked about earlier how Banking Advisor is going to be part of every net new deal as well as renewal in I guess on the positive side, perhaps there's going to be some ACV uplift there.

皮埃爾，您之前談到銀行顧問將如何成為每筆淨新交易以及續約的一部分，我想從積極的一面來看，也許會有一些 ACV 的提升。

So, can you maybe just touch on that aspect of it?

那麼，您能簡單談談這方面的內容嗎？

On the flip side of the equation, you're bringing in a generative AI product into some of these deals.

另一方面，你會將生成式 AI 產品引入一些交易中。

Those deals might take longer, they might have to go through a more lengthy approval process.

這些交易可能需要更長的時間，可能需要經過更長的審批程序。

So, maybe just talk about the puts and takes there and whether we might see some sales cycle elongation, albeit with the benefit of an ACV uplift?

因此，也許只是談論其中的利弊，以及我們是否會看到銷售週期延長，儘管有 ACV 提升的好處？

Thanks.

謝謝。

Yeah.

是的。

So, let me talk about renewals first, and then we'll go to net new sales.

因此，讓我先談談續約，然後我們再談談淨新銷售額。

Renewals, so that's where you learn how these things go and who's pushing back, etc., because the renewals is a mix of big customers, large customers, small customers, medium customers, and they've known us and we've got a reputation.

續約，這樣你就可以了解事情進展如何，誰在推遲，等等，因為續約是大客戶、大型客戶、小客戶、中型客戶的混合，他們了解我們，我們有聲譽。

So, far with renewals, I've not seen Banking Advisor upholding any of it.

因此，到目前為止，我還沒有看到銀行顧問支持任何一項續約。

As a matter of fact, they welcome the fact that they can get it and get access to this.

事實上，他們很高興能夠得到它並且能夠使用它。

We are a trusted vendor with a long history of supplying critical software to these banks.

我們是值得信賴的供應商，長期為這些銀行提供關鍵軟體。

And to date, I have not seen any pushback on that.

到目前為止，我還沒有看到對此有任何反對。

I'll also comment to you that we do see an ACV uplift because of Banking Advisor as well as an uplift because of the new pricing structure.

我還要告訴您，我們確實看到了由於銀行顧問而導致的 ACV 提升以及由於新的定價結構而導致的 ACV 提升。

So, we do expect on a continual basis to get increased subscription revenues because of the new pricing structure as well as the inclusion of Banking Advisor, that bodes well for us.

因此，我們確實期望透過新的定價結構以及銀行顧問的加入不斷獲得增加的訂閱收入，這對我們來說是個好兆頭。

When it comes to new deals, the Banking Advisor is so integrated into the solution.

當談到新交易時，銀行顧問就會融入解決方案中。

It literally just becomes a differentiator, and people start realizing that.

它實際上成為了一種差異化因素，人們開始意識到這一點。

How do you work without this?

如果沒有這個你怎麼工作？

It's like me giving you a flip phone and start saying, Live with that for a week, and you cannot google anybody.

這就像我給你一部翻蓋手機並開始說，用它生活一周，你就不能用谷歌搜尋任何人了。

You cannot search anything.

您無法搜尋任何內容。

You cannot use your airline apps on your phone, et cetera.

您無法在手機上使用航空公司應用程式等等。

At the moment people see the possibilities of how the system is going to work in the future, it becomes a massive plus because, again, remember, every time we launch a skill like that, we actually prove to them it's certified, it's auditable, it's traceable and explainable, which is what regulators will come after.

目前，人們看到了該系統未來運作的可能性，這成為一個巨大的優勢，因為，再說一遍，記住，每次我們推出這樣的技能時，我們實際上都會向他們證明它是經過認證的，是可審計的，是可追溯和可解釋的，這正是監管機構所追求的。

So, I feel very good that we've got the positioning and the brand to actually get this out without it being an obstacle.

因此，我很高興我們有了這樣的定位和品牌，能夠順利地實現這一目標。

I've not seen elongated sales cycles because of that.

我並未看到銷售週期因此而延長的情況。

Got it.

知道了。

Okay.

好的。

And then, Greg, just circling back to the implied organic Q4 guidance.

然後，格雷格，我們回到隱含的有機第四季指引。

Any change to your guidance philosophy as we look at that growth rate exiting the year?

當我們看到今年年底的成長率時，您的指導理念有任何改變嗎？

Thanks.

謝謝。

Thanks for the question.

謝謝你的提問。

And just after scribbling here, it would be low double digits in Q4 from a growth rate perspective.

我在這裡簡單寫了一下，從成長率的角度來看，第四季的成長率將是兩位數的低點。

If you exclude the M&A that we did this fiscal year, so to confirm that.

如果排除我們在本財年進行的併購，那麼就可以確認這一點。

But from a guidance perspective, no different.

但從指導角度來看，沒有什麼不同。

Look, we've beaten the top line every quarter and the bottom line.

你看，我們每季的營收和淨利都超過了預期。

We've raised the bottom line.

我們已經提高了底線。

We've been, I'd say, cautious or prudent on the top line.

我想說，我們在營收方面一直很謹慎或審慎。

Again, not wanting to get too ahead of ourselves, particularly with some of the volatility in mortgage.

再說一遍，我們不想太過超前，特別是在抵押貸款出現波動的情況下。

And I think that's played out as we sit here in Q4, and again, there was a interest rate reduction, but really not a mortgage rate one.

我認為這在第四季度已經顯現出來，利率再次下降，但實際上不是抵押貸款利率下降。

So, I think that's consistent and has played out prudently as we think about guidance.

因此，我認為這是一致的，並且在我們考慮指導時已經審慎地發揮作用。

But from an overall guidance perspective, there's no change in terms of how we've approached this year.

但從整體指導角度來看，我們今年的做法並沒有改變。

Great.

偉大的。

Thank you.

謝謝。

(Operator Instructions) Aaron Kimson with Citizens JMP.

（操作員指示）Aaron Kimson 與 Citizens JMP 合作。

Hey, thanks for the questions.

嘿，謝謝你的提問。

I have two on digital account opening, given the focus there.

鑑於重點在那裡，我有兩篇關於開設數位帳戶的文章。

First, is your deposit -- or deposit account opening, excuse me.

首先，是你的存款──或者說是存款帳戶的開立，不好意思。

Is your deposit account opening product something you see mostly credit unions and community banks implementing today?

您所看到的存款帳戶開立產品是否為目前大多數信用合作社和社區銀行所採用的產品？

Or are you seeing success selling that product as is into enterprise banks as well?

還是您看到該產品也能成功銷售給企業銀行？

It goes across the spectrum.

它涉及整個範圍。

It typically is part of a platform sale.

它通常是平台銷售的一部分。

We don't run around trying to sell stand-alone by itself, our value proposition is the full platform end-to-end experience and how it works across the bank.

我們不會到處試圖銷售獨立的產品，我們的價值主張是全平台的端到端體驗以及它如何在整個銀行中運作。

And by the way, just a reminder, it is both in brands as well as a self-service tool, which differentiates us.

順便說一句，提醒一下，這既是品牌，也是自助服務工具，這是我們的不同之處。

Many of the people talk about digital account opening.

很多人都在談論數位開戶。

And it's actually more of an add-on to an existing old middle back-office system, but we do see success across the spectrum.

它實際上更像是現有舊中後台系統的附加元件，但我們確實看到了它在整個範圍內的成功。

Got it.

知道了。

And I think you kind of answered my second question just around the strategic importance of owning that deposit account opening relationship, right?

我想您已經回答了我的第二個問題，即擁有存款帳戶開立關係的策略重要性，對嗎？

I mean, the uplift you see there and owning that real estate, but it sounds like you're attaching that.

我的意思是，您看到那裡的提升和擁有那處房地產，但聽起來您正在附加這一點。

You're -- it's in all your lands.

你們——它存在於你們所有的土地上。

So, I think you answered my question.

因此，我想你回答了我的問題。

Thank you.

謝謝。

Yes.

是的。

I always view it as, look, with zero interest rates, deposits were free and people are like, well, why would you do this?

我總是認為，看，零利率，存款是免費的，人們會問，好吧，你為什麼要這樣做？

And then the world change, and all of a sudden, the deposit was important again.

然後世界發生了變化，突然之間，押金又變得重要。

I would tell you, in the end, the only benefit banks have in the marketplace is that they have cheaper deposits.

我想告訴你，最終銀行在市場上唯一的好處就是擁有更便宜的存款。

Otherwise, you can get money from private equity in other places.

否則，你也可以從其他地方的私募股權投資中獲得資金。

And they've got a presence in the branch network.

他們在分支網絡中佔有一席之地。

But in the end, banks compete with the other, and they have to be good raising deposits.

但最終，銀行之間會相互競爭，因此它們必須善於吸收存款。

And I believe that we've got a solution that will be an integrated solution that feels the same experience across all channels.

我相信我們已經找到了一個解決方案，它將是一個整合的解決方案，讓使用者在所有管道上感受到相同的體驗。

And so, the bank can optimize their workplace, their workforce as well as their customers have a nice, easy, simple experience across all platforms.

這樣，銀行可以優化他們的工作場所，讓他們的員工以及客戶在所有平台上獲得愉快、輕鬆、簡單的體驗。

Does that answer your question?

這回答了你的問題嗎？

All good.

一切都很好。

Thanks.

謝謝。

Charles Nabhan with Stephens.

查爾斯·納布漢 (Charles Nabhan) 和史蒂文斯 (Stephens)。

Hey, guys, thanks for getting me in, and I apologize if I missed this, but you had mentioned that the home-builder deal fell into 3Q.

嘿，夥計們，感謝你們邀請我，如果我錯過了這個，我很抱歉，但你們提到房屋建築商的交易落入了第三季度。

Could you quantify the impact that may have had on the quarter and specify whether -- how much is in professional services versus subscription?

您能否量化這對本季可能產生的影響，並具體說明專業服務與訂閱的影響各佔多少？

Yeah.

是的。

Thanks for the question.

謝謝你的提問。

I don't think we're going to break down a particular customer and their impact.

我認為我們不會詳細分析特定客戶及其影響。

I think the main point there was a couple of things.

我認為主要有以下幾點。

One, ultimately, again, good execution in terms of the implementation and us finishing that up ahead of where we were forecasting it.

首先，最終，在實施方面再次表現良好，我們比預測的提前完成了任務。

I think that's the main thing and ultimately, again, getting them live, as volumes do pick up, again, having such a large customer leveraging nCino should ultimately help us again as we expand market share and hopefully and get increased revenue from increased volume.

我認為這是主要的事情，最終，再次讓它們上線，隨著交易量的回升，再次，擁有如此大的客戶利用 nCino 最終應該會再次幫助我們擴大市場份額，並希望從增加的交易量中獲得增加的收入。

Got it.

知道了。

And as a follow-up, I had somewhat of a philosophical question.

作為後續問題，我有一個哲學問題。

In the past, you've talked about M&A as a catalyst to demand in that acquiring banks tend to get their house in order from a middle back-office standpoint before they go out and do deals.

過去，您曾談到併購是需求的催化劑，因為收購銀行在出去進行交易之前往往會從中後台的角度整理好自己的內部事宜。

And I know it's early given the timing of the administration change.

我知道，考慮到政府換屆的時間，現在還為時過早。

But I wanted to see if that's something you envision occurring, whether you're already having conversations around -- centered around that concept or type of activity.

但我想看看這是否是您所設想的事情，是否已經圍繞著該概念或活動類型進行了討論。

Yeah.

是的。

That is a normal talk track for us to explain to banks that if you want to be an acquiring bank, you better have your middle back office in place, get all your channels in place because when you bring that bank on, what is your operating methodology?

這是我們向銀行解釋的正常談話方式，如果您想成為收單銀行，那麼您最好設立中後台辦公室，建立所有管道，因為當您引入這家銀行時，您的運作方法是什麼？

What is your standard operating procedures.

您的標準作業程序是什麼？

Otherwise, with a bunch of point solutions, you have to train them on all your systems, it's disparate, et cetera.

否則，對於一堆點解決方案，您必須在所有系統上對它們進行訓練，它們是分散的，等等。

And that's why we've seen in the past, banks actually got bought because they had nCino, and then it got taken up into the bigger bank we acquired as well.

這就是為什麼我們過去看到，一些銀行實際上因為擁有 nCino 而被收購，然後它也被我們收購的更大的銀行所吸收。

So, it's been a catalyst for acquisitions.

所以，它成為了收購的催化劑。

I believe that pattern will play out again as we go into next year.

我相信，進入明年，這種模式將再次發揮作用。

And I'm very optimistic that it could be positive for us.

我非常樂觀地認為這將對我們產生正面的影響。

Great.

偉大的。

Appreciate all the color.

欣賞所有的色彩。

Thank you.

謝謝。

And this concludes our Q&A session.

我們的問答環節到此結束。

I will turn it back to Pierre Naude for closing comments.

我將把主題交還給 Pierre Naude 來做最後評論。

Thank you, operator, and thank you, everyone, for joining us today.

謝謝接線生，也謝謝大家今天的參與。

We appreciate your analysis, your insights, and your feedback, and we're looking forward to talking to you next quarter.

我們感謝您的分析、見解和回饋，我們期待下個季度與您交談。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Ladies and gentlemen, this concludes our program for today.

女士們、先生們，今天的節目到此結束。

You may now disconnect.

您現在可以斷開連線。