nCino Inc (NCNO) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to nCino's first-quarter fiscal year 2026 financial results conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持，歡迎參加 nCino 2026 財年第一季財務業績電話會議。（操作員指示）提醒一下，今天的節目正在錄製。

And now I'd like to introduce your host for today's program, Harrison Masters, Director of Investor Relations. Please go ahead, sir.

現在我想介紹今天節目的主持人、投資者關係總監哈里森馬斯特斯 (Harrison Masters)。先生，請繼續。

Good afternoon, and welcome to nCino's first-quarter fiscal 2026 earnings call. With me on today's call are Sean Desmond, nCino's Chief Executive Officer; and Greg Orenstein, nCino's Chief Financial Officer.

下午好，歡迎參加 nCino 2026 財年第一季財報電話會議。今天與我一起參加電話會議的還有 nCino 的執行長 Sean Desmond 和 nCino 的財務長 Greg Orenstein。

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

在本次電話會議期間，我們將就趨勢、策略和預期業務表現做出前瞻性陳述。這些前瞻性陳述是基於管理階層目前的觀點和預期，包含截至今日所做的某些假設，並受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所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. 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.

此外，在今天的電話會議上，我們還將討論一些我們認為有助於理解財務結果的非公認會計準則指標。與可比較 GAAP 指標的對帳可以在今天的收益報告中找到，該報告可以在我們的網站上找到，也可以作為本次電話會議前提交給美國證券交易委員會的 8-K 表格的附件找到，也可以在我們的投資者關係網站 investor.nCino.com 上找到收益介紹。

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

說完這些，我會把電話轉給肖恩。

Good afternoon, everyone, and thank you for joining us to discuss nCino's first-quarter fiscal 2026 results. Before I get into the details of the quarter, I want to take a moment to remind you of the core problem we're solving in why nCino exists.

大家下午好，感謝您加入我們討論 nCino 2026 財年第一季業績。在介紹本季的細節之前，我想花點時間提醒您我們正在解決的 nCino 存在的核心問題。

Across the globe, financial institutions continue to wrestle with inefficiencies caused by legacy infrastructure. Too many are constrained by fragmented technology stacks and silo data, which slow down decision-making, limit the ability to leverage data and analytics to make more informed and real-time decisions, limit the ability to leverage AI to further automate tasks across the institution, and inhibit growth and the ability to reduce expenses. These operational roadblocks are precisely what nCino is designed to eliminate.

在全球範圍內，金融機構仍在努力解決遺留基礎設施造成的效率低下問題。太多機構受到分散化技術堆疊和孤立資料的限制，這減慢了決策速度，限制了利用數據和分析做出更明智和即時決策的能力，限制了利用人工智慧進一步實現整個機構任務自動化的能力，並抑制了成長和降低開支的能力。這些操作障礙正是 nCino 的設計初衷。

We are reimagining these processes and delivering world-class experiences across the customer life cycle. NCino is the only cloud-based SaaS provider that enables financial institutions to seamlessly manage lending, onboarding, account opening, and portfolio management across all major lines of business connected on a unified, scalable platform powered by AI. Because we are the system of record for so many of our customers' most critical operations, and because our solutions are deployed in over 20 countries across a broad and diverse customer base of banks, credit unions, and IMBs of all sizes, we believe we've built a competitive moat that is both wide and deep.

我們正在重新構想這些流程並在整個客戶生命週期中提供世界一流的體驗。NCino 是唯一一家基於雲端的 SaaS 供應商，它使金融機構能夠在由 AI 驅動的統一、可擴展平台上無縫管理所有主要業務線的貸款、入職、開戶和投資組合管理。由於我們是眾多客戶最關鍵運營的記錄系統，並且我們的解決方案已部署在 20 多個國家/地區，涵蓋各種規模的銀行、信用合作社和 IMB 等廣泛而多樣化的客戶群，因此我們相信我們已經建立了既寬又深的競爭護城河。

Turning to Q1 results. This was a strong start to the year and an important first step in turning nCino from a great company into a great long-term business that executes with precision and capitalizes on the sizable opportunities ahead. We delivered total revenues ahead of guidance, driven by strength in our subscription revenues line. We are pleased with the demand we see building in the market, which was confirmed by the reception to the AI capabilities and omnichannel experiences we showed last week at our Annual nSight Customer Conference.

轉向第一季業績。這是今年的一個強勁開端，也是將 nCino 從一家偉大的公司轉變為一家能夠精準執行並利用未來巨大機會的偉大長期企業的重要第一步。由於訂閱收入的強勁成長，我們的總收入超出了預期。我們對市場日益增長的需求感到高興，上週我們在年度 nSight 客戶大會上展示的 AI 功能和全通路體驗的反響也證實了這一點。

I'm also pleased to report that our non-GAAP operating income also came in ahead of expectations. It's early in the year, but I'm extremely encouraged not just by the financial results we're reporting today, but by the internal KPIs we track closely to run the business. Bookings of new annual contract value are progressing well. Of course, there is work to do, but we remain confident in the full year ACV plan we outlined last quarter.

我還很高興地報告，我們的非公認會計準則營業收入也超出了預期。雖然今年才剛開始，但我感到非常鼓舞，不僅是因為我們今天報告的財務業績，還因為我們密切追蹤的業務營運內部關鍵績效指標 (KPI)。新年度合約價值的預訂進展順利。當然，還有很多工作要做，但我們對上個季度概述的全年 ACV 計劃仍然充滿信心。

As you know, ACV is the leading indicator of future subscription revenues growth, and we believe we are on track. At nSight last week, we showcased the culmination of a large multiyear and multiproduct body of development work that delivered significant enhancements to our onboarding capabilities created enhanced omnichannel digital experiences for our customers' clients, reinforced the scalability of our mortgage solutions, and embedded intelligence across our workflows. Having fulfilled these commitments to our customers, we see incremental growth initiatives available as extensions of the core opportunity we have been pursuing for over a decade.

如您所知，ACV 是未來訂閱收入成長的領先指標，我們相信我們正走在正軌上。上週在 nSight 上，我們展示了多年、多種產品的大規模開發工作的成果，這些工作顯著增強了我們的入職能力，為客戶的客戶創造了增強的全通路數位體驗，增強了我們的抵押貸款解決方案的可擴展性，並在我們的工作流程中嵌入了智慧。在履行了對客戶的這些承諾後，我們將增量成長計畫視為十多年來一直追求的核心機會的延伸。

AI is central to our long-term differentiation and our approach, which we believe leverages the largest process-centric data set in fintech is uniquely powerful. At our nSight conference, we released 16 new banking adviser capabilities, building on the two that were already generally available. These new capabilities are designed to help customers save time, lower costs, and improve productivity. And because banking adviser drives incremental usage of the nCino platform, we see these enhancements as key drivers of future subscription revenue growth.

人工智慧是我們長期差異化的核心，我們相信，我們的方法利用金融科技中最大的以流程為中心的資料集，具有獨特的強大功能。在我們的 nSight 會議上，我們發布了 16 項新的銀行顧問功能，這些功能以已經普遍提供的兩項功能為基礎。這些新功能旨在幫助客戶節省時間、降低成本並提高生產力。由於銀行顧問推動了 nCino 平台的增量使用，我們認為這些增強功能是未來訂閱收入成長的關鍵驅動力。

One of the initiatives I highlighted at Investor Day is the mortgage cross-sell opportunity. In the first quarter, a $25 billion regional bank doubled their annual commitment to nCino through the adoption of our mortgage and our consumer lending solutions, accompanying a five-year renewal. This institution will be able to provide a consistent experience for their clients across all consumer loan products, including mortgage. We expect this differentiated experience will be a true competitive advantage for them in the marketplace.

我在投資者日強調的舉措之一是抵押貸款交叉銷售機會。第一季度，一家價值 250 億美元的地區性銀行透過採用我們的抵押貸款和消費貸款解決方案，將其對 nCino 的年度承諾增加了一倍，並進行了為期五年的續約。該機構將能夠為其客戶提供所有消費貸款產品（包括抵押貸款）的一致體驗。我們預計這種差異化的體驗將成為他們在市場上的真正競爭優勢。

Another growth initiative I discussed is the credit union market, where we see a $1 billion of SAM opportunity that has been unlocked through the readiness of our solutions for that market. In Q1, an $800 million credit union who had an existing relationship with nCino through our portfolio analytics solution chose to also adopt our consumer lending, including indirect auto, commercial lending, and account opening solutions. The nCino platform was truly the differentiator here as the credit union was looking to consolidate vendors and streamline operations on a unified platform across their institution.

我討論的另一個成長計劃是信用合作社市場，我們看到一個價值 10 億美元的 SAM 機會，透過我們為該市場準備的解決方案，這個機會已經釋放。在第一季度，一家價值 8 億美元的信用合作社透過我們的投資組合分析解決方案與 nCino 建立了合作關係，並選擇採用我們的消費貸款，包括間接汽車、商業貸款和開戶解決方案。nCino 平台確實是這裡的差異化因素，因為信用合作社希望整合供應商並簡化整個機構統一平台上的運作。

And finally, we saw good progress on the international front with a significant add-on deal at a top Canadian bank and a new logo in Japan. International expansion is core to our strategy, which goes beyond the EMEA growth initiatives I spoke of at Investor Day. The global opportunity for nCino is large, and we evaluate it with a broad lens. We are excited by the progress so far this year in Europe and in Japan and look forward to updating you on wins later this year as opportunities get over the finish line.

最後，我們在國際領域取得了良好進展，與加拿大一家頂級銀行達成了一項重要的附加交易，並在日本推出了新標誌。國際擴張是我們策略的核心，它超越了我在投資者日上談到的歐洲、中東和非洲地區成長計畫。nCino 的全球機會很大，我們將以廣闊的視角對其進行評估。我們對今年迄今為止在歐洲和日本取得的進展感到非常興奮，並期待在今年晚些時候隨著機會的到來向您通報勝利情況。

Before turning it over to Greg, I want to offer a brief perspective on the macro environment. We are, of course, sensitive to what's happening out there. It's a fluid situation that continues to evolve. That said, our financial institution customers remain well-positioned. Many of them have healthy balance sheets and are projecting growth in both loan portfolios and earnings. We're also seeing encouraging signs of stability in the mortgage market, even while some interest rate volatility persists.

在交給格雷格之前，我想先對宏觀環境做一個簡單的介紹。當然，我們對外面發生的事情很敏感。這是一個不斷變化的局勢。儘管如此，我們的金融機構客戶仍然處於有利地位。其中許多銀行擁有健康的資產負債表，並預計貸款組合和收益都會成長。儘管利率波動仍然存在，但我們也看到抵押貸款市場出現令人鼓舞的穩定跡象。

Because we planned conservatively in this part of the business, that stability contributed to our outperformance in Q1. And finally, our U.S. customers are telling us that potential deregulation could free up capital streamline decision-making and open the door to further adoption of best-in-class technology platforms like ours. Taken together, these are solid early positive signals that reinforce the confidence we have in our strategy, our product portfolio, our team, and our ability to execute.

由於我們在這部分業務上進行了保守的規劃，這種穩定性促成了我們在第一季的優異表現。最後，我們的美國客戶告訴我們，潛在的放鬆管制可能會釋放資本，簡化決策，並為進一步採用像我們這樣的一流技術平台打開大門。總而言之，這些都是堅實的早期正向訊號，增強了我們對我們的策略、產品組合、團隊和執行能力的信心。

You may have seen that we filed an 8-K yesterday disclosing a restructuring event that affected approximately 7% of our global workforce. We do not take these actions lightly and it does not diminish our appreciation for the contributions of these employees.

您可能已經看到，我們昨天提交了一份 8-K 報告，披露了一項重組事件，影響了我們全球約 7% 的員工。我們不會輕視這些行動，但這並不會減少我們對這些員工所做貢獻的感激之情。

As a result of re-examining our processes and organizational structure, including the ways we build and deliver software, which I had the opportunity to see up close during my tenure as the company's Chief Product Officer, we identified opportunities to streamline our operations, including by leveraging AI tools. This restructuring event is indicative of our belief that we can reduce bureaucracy and be more efficient, including by bringing new product functionality to market even faster while also delivering durable accelerating growth with the ultimate aim of maximizing shareholder value, which is our primary mandate.

透過重新審視我們的流程和組織結構，包括我們建構和交付軟體的方式（我在擔任公司首席產品長期間有機會近距離觀察），我們發現了簡化營運的機會，包括利用人工智慧工具。這次重組事件顯示我們相信，我們可以減少官僚主義，提高效率，包括更快地將新產品功能推向市場，同時實現持久的加速成長，最終目標是實現股東價值最大化，這是我們的首要任務。

In closing, I'm very encouraged by the start to the year we've had and by the feedback we're receiving on both our existing and our new products. The conversations we're having with customers are more focused, more strategic and more forward-leaning than they were just a few months ago. I'm more excited about what lies ahead, and I look forward to updating you on our progress again on our second quarter earnings call.

最後，我對我們今年的開局以及我們現有產品和新產品收到的回饋感到非常鼓舞。與幾個月前相比，我們與客戶的對話更加集中、更具策略性、更具前瞻性。我對未來更加興奮，並期待在第二季財報電話會議上再次向您通報我們的進展。

With that, I'll turn it over to Greg to walk you through the financial details.

接下來，我會把主題交給格雷格，讓他向您介紹財務細節。

Thanks, Sean, and thank you all for joining us today. Please note that all numbers referenced in my remarks other than revenues are on a non-GAAP basis, unless otherwise stated. A reconciliation to comparable GAAP metrics can be found in today's earnings release, which is available on our website and as an exhibit to the Form 8-K furnished with the SEC just before this call.

謝謝，肖恩，也謝謝大家今天加入我們。請注意，除非另有說明，我評論中引用的除收入以外的所有數字都是非 GAAP 基礎。您可以在今天的收益報告中查看與可比較 GAAP 指標的對賬，該報告可在我們的網站上獲取，也可以作為本次電話會議前提交給美國證券交易委員會 (SEC) 的 8-K 表格的附件。

In Q1, total revenues were $144.1 million and rose 13% year over year. Subscription revenues were $125.6 million and rose 14% year over year on a reported basis and 9% organically. Subscription revenues growth was driven by successful execution against our operating plan. Subscription revenues growth was also seasonally aided by approximately $800,000 of U.S. mortgage revenues that exceeded expectations. Professional services revenues were $18.5 million, an increase of 5% year over year. Professional services revenues exceeded expectations in the quarter due to requisite revenue recognition adjustments of subscription fees to professional services revenues.

第一季總營收為 1.441 億美元，年增 13%。訂閱收入為 1.256 億美元，年增 14%，有機成長 9%。訂閱收入的成長得益於我們成功執行營運計劃。訂閱收入的成長也受到美國抵押貸款收入（約 80 萬美元，超出預期）的季節性推動。專業服務收入為 1850 萬美元，年增 5%。由於對訂閱費和專業服務收入進行了必要的收入確認調整，本季專業服務收入超出預期。

Non-U.S. total revenues were $31.6 million, up 22% year over year or 23% in constant currency. Non-U.S. subscription revenues were $25.9 million, up 31% year over year or 32% in constant currency. Non-GAAP operating income was $24.8 million or 17% of total revenues. Over performance of subscription revenues contributed to the overperformance of non-GAAP operating income offset in part by severance expenses of approximately $0.5 million incurred in the first quarter. Non-GAAP net income attributable to nCino was $18.4 million or $0.16 per diluted share.

美國以外地區的總收入為 3,160 萬美元，年增 22%，以固定匯率計算成長 23%。美國以外的訂閱收入為 2,590 萬美元，年增 31%，以固定匯率計算成長 32%。非公認會計準則營業收入為 2,480 萬美元，佔總收入的 17%。訂閱收入的超額表現導致非公認會計準則營業收入的超額表現，但第一季發生的約 50 萬美元的遣散費部分抵消了這一影響。歸屬於 nCino 的非 GAAP 淨收入為 1,840 萬美元，即每股 0.16 美元。

Turning to an update on our share repurchase program, we repurchased approximately 1.8 million shares during the first quarter at an average price of $22.17 for a total consideration of $40.6 million. As we stated last quarter, our capital focus for the time being will be on realizing the benefits of the prior acquisitions we've made and on share repurchases.

談到我們股票回購計畫的最新情況，我們在第一季以平均 22.17 美元的價格回購了約 180 萬股，總對價為 4,060 萬美元。正如我們上個季度所說，我們目前的資本重點將放在實現我們先前收購的收益和股票回購上。

Now turning to guidance. For the second quarter of fiscal '26, we expect total revenues of $142 million to $144 million, with subscription revenues of $124.5 million to $126.5 million, an increase of 8% and 10%, respectively, at the midpoint of the ranges. Note that the sequential change in total revenues is impacted by us not flowing through the Q1 overachievement in Mortgage and Professional Services revenues. Non-GAAP operating income in the second quarter is expected to be $23.5 million to $24.5 million, and non-GAAP net income attributable to nCino per share to be $0.13 to $0.14.

現在轉向指導。對於 26 財年第二季度，我們預計總營收為 1.42 億美元至 1.44 億美元，其中訂閱營收為 1.245 億美元至 1.265 億美元，分別成長 8% 和 10%，為區間中位數。請注意，由於我們沒有考慮到第一季抵押貸款和專業服務收入的超額完成，總收入的連續變化受到了影響。預計第二季非公認會計準則營業收入為 2,350 萬美元至 2,450 萬美元，非公認會計準則每股歸屬於 nCino 的淨收入為 0.13 美元至 0.14 美元。

Our annual user conference is expected to contribute an approximately $2.5 million sequential increase to sales and marketing expenses in the second quarter. This guidance assumes interest expense incurred under our credit facility of approximately $4 million and is based upon a weighted average of approximately 119 million diluted shares outstanding before any share repurchases.

我們的年度用戶大會預計將使第二季的銷售和行銷費用環比增加約 250 萬美元。本指引假設我們的信用安排產生的利息費用約為 400 萬美元，並基於任何股票回購前約 1.19 億股稀釋流通股的加權平均值。

For fiscal '26, we are off to a strong start to the year and are reiterating our guidance to add $48 million to $51 million to ACV on a constant currency basis, including approximately $4.5 million from the acquisition of Sandbox Banking. This represents 19% organic net ACV bookings growth at the midpoint of the range which should accelerate subscription revenues growth in fiscal '27. For fiscal '26, we are flowing through a majority of our Q1 subscription revenues outperformance to our full-year guidance, but in keeping with the guidance philosophy for mortgage we introduced last quarter, we are not flowing through the approximately $800,000 of seasonal overperformance in U.S. mortgage subscription revenues.

對於 26 財年，我們開局強勁，並重申我們的指導方針，即以固定匯率計算，ACV 增加 4800 萬至 5100 萬美元，其中包括收購 Sandbox Banking 所獲得的約 450 萬美元。這意味著有機淨 ACV 預訂量成長 19%，處於該範圍的中點，這應該會加速 27 財年的訂閱收入成長。對於 26 財年，我們將第一季訂閱收入的大部分超額表現計入全年預期，但根據我們上個季度推出的抵押貸款指導理念，我們不會將美國抵押貸款訂閱收入中約 80 萬美元的季節性超額表現計入全年預期。

We now expect our subscription revenues to be $507 million to $511 million, up from $503 million to $507 million. Our updated guidance for subscription revenues represents approximately 8.5% growth at the midpoint of the range. Excluding currency fluctuations, our organic subscription revenue growth rate in fiscal '26 is expected to be approximately 5% at the midpoint of the range up from the 4% noted on our Q4 earnings call.

我們現在預計訂閱收入將達到 5.07 億美元至 5.11 億美元，高於 5.03 億美元至 5.07 億美元。我們更新後的訂閱收入預期中位數約為 8.5% 的成長。排除貨幣波動的影響，我們 26 財年的有機訂閱營收成長率預計約為 5%，高於我們第四季財報電話會議上指出的 4%。

Please note this guidance assumes the fourth quarter will represent the lowest year-over-year subscription revenue growth and continues to assume no year-over-year increase in U.S. mortgage subscription revenues. Note also that our inorganic contribution expectations from FullCircl and Sandbox Banking remain unchanged from last quarter. Taking all this together, we now expect total revenues of $578.5 million to $582.5 million, up from our prior guidance range of $574.5 million to $578.5 million, representing approximately 7% growth at the midpoint of the range.

請注意，該指南假設第​​四季度的訂閱收入年增幅最低，並繼續假設美國抵押貸款訂閱收入比去年同期不會增加。還要注意的是，我們對 FullCircl 和 Sandbox Banking 的無機貢獻預期與上一季相比保持不變。綜合考慮所有這些因素，我們現在預計總收入為 5.785 億美元至 5.825 億美元，高於我們之前預測的 5.745 億美元至 5.785 億美元，相當於該範圍中點的增長約 7%。

Turning to the 8-K regarding the restructuring event that Sean referenced, we expect to realize approximately $24 million of gross annualized expense savings from these and other cost-saving actions. In our initial non-GAAP operating income guidance for fiscal '26, we assumed we would realize approximately $6 million in gross annualized expense savings during the year. Through the actions we are taking, we accelerated the $6 million in planned cost savings and increased it by an additional approximately $18 million.

談到肖恩提到的有關重組事件的 8-K 表，我們預計透過這些和其他成本節約行動，可實現約 2,400 萬美元的年度總費用節省。在我們最初的 26 財年非公認會計準則營業收入指引中，我們假設我們將在當年實現約 600 萬美元的年度總費用節省。透過我們正在採取的行動，我們加快了 600 萬美元的計劃成本節約，並將其額外增加了約 1800 萬美元。

We are initially flowing through approximately $5 million of the incremental savings through to our updated fiscal '26 non-GAAP operating income guidance which will primarily benefit the second half of this fiscal year. This approach to guidance is intended to preserve flexibility in operating the business, including the ability to make additional investments in AI technology to drive further efficiencies in the business if opportunities present themselves.

我們最初將把大約 500 萬美元的增量節省資金用於更新的 26 財年非 GAAP 營業收入指引，這將主要惠及本財年的下半年。這種指導方法旨在保持業務運營的靈活性，包括在機會出現時對人工智慧技術進行額外投資以進一步提高業務效率的能力。

The net cost savings will primarily benefit our R&D expense line as well as our cost of goods sold line. Specifically, we expect to achieve expense savings on our R&D line as several major development milestones are now behind us with respect to various product initiatives. And as Sean noted, we have identified opportunities to streamline our development operations, including by further leveraging AI tools.

淨成本節省將主要惠及我們的研發費用線以及銷售成本線。具體來說，我們預計在研發方面能夠節省開支，因為在各種產品計劃方面，我們已經取得了幾個重大的發展里程碑。正如肖恩所指出的，我們已經找到了簡化開發營運的機會，包括進一步利用人工智慧工具。

On the cost of goods sold line, we expect to deliver projects more efficiently as a result of redesigning our products to be implemented quicker and through the use of AI tools. It will take some time to see our PSO margins increase as we close out on legacy projects and ramp up the use of AI tools but we are confident enough in our ability to achieve efficiency gains in our PSO and customer support organizations from the use of AI and initiatives like [Project Sub-Zero] that we discussed at Investor Day to take this action at this time.

在銷售成本方面，我們希望透過重新設計產品以便更快地實施並使用人工智慧工具，更有效率地交付專案。隨著我們結束遺留項目並加大對人工智慧工具的使用，我們的 PSO 利潤率需要一段時間才能提高，但我們有足夠的信心，透過使用人工智慧和我們在投資者日討論過的 [Project Sub-Zero] 等計劃，我們能夠提高 PSO 和客戶支援組織的效率，從而在此時採取這一行動。

We expect to incur approximately $7.5 million to $9 million in onetime restructuring costs, primarily in the second quarter to realize these savings, of which we expect approximately $1 million will be noncash. These restructuring costs will be excluded from our non-GAAP operating income results but will impact fiscal '26 free cash flow. We now expect our fiscal '26 non-GAAP operating income to be $112 million to $116 million, up from a prior range of $107 million to $111 million. This represents an approximately 19% increase over fiscal '25 at the midpoint.

我們預計將產生約 750 萬至 900 萬美元的一次性重組成本，主要在第二季度實現這些節省，其中我們預計約 100 萬美元將為非現金。這些重組成本將不計入我們的非公認會計準則營業收入結果，但會影響 26 財年的自由現金流。我們現在預計 26 財年非 GAAP 營業收入將達到 1.12 億美元至 1.16 億美元，高於先前的 1.07 億美元至 1.11 億美元。這比 25 財年中期增加了約 19%。

At Investor Day, I mentioned that we added about 14% more sales capacity for fiscal '26. To be clear, this was embedded in our initial guidance for the year, and there has not been an update to that number as a result of the restructuring. Non-GAAP net income attributable to nCino per diluted share is now expected to be $0.69 to $0.72 for fiscal '26, up from our prior guidance of $0.66 to $0.69 and excluding the impact of currency fluctuations and is based upon a weighted average of approximately 119 million diluted shares outstanding, which does not factor in any additional share repurchases beyond those we have made to date. This guidance also assumes interest income -- interest expense incurred under our credit facility of approximately $15 million for the fiscal year.

在投資者日，我提到我們在 26 財年增加了約 14% 的銷售能力。需要明確的是，這已包含在我們今年的初步指導中，並且由於重組，該數字尚未更新。目前預計 26 財年歸屬於 nCino 的非 GAAP 每股攤薄淨利潤為 0.69 美元至 0.72 美元，高於我們之前預測的 0.66 美元至 0.69 美元，且不包括貨幣波動的影響，並且基於約 1.19 億股攤薄流通股的加權股票的加權數，其中不包括我們迄今為止所購買的任何股票。本指南也假設利息收入—本財政年度我們信貸安排下產生的利息支出約為 1,500 萬美元。

And with that, we will open up the line for questions.

接下來，我們將開放問答熱線。

(Operator Instructions)

（操作員指示）

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay. Great. Hey, guys. Thanks for taking my questions here and good to see a strong start to the year.

好的。偉大的。嘿，大家好。感謝您在這裡回答我的問題，很高興看到今年有一個好的開始。

Thanks, Saket.

謝謝，Saket。

Absolutely. Sean, maybe just to start with you. You touched on this a little bit in your prepared remarks, but I was wondering if you could just talk about how you're thinking about underlying demand and sort of willingness to invest right now with your bank clients? I know you spend a lot of time with customers and you touched on some positive conversations. But I'm curious just what data points do you look at? And what gives you confidence in sort of strong underlying demand?

絕對地。肖恩，也許我先從你開始。您在準備好的演講中稍微談到了這一點，但我想知道您是否可以談談您如何看待潛在需求以及您現在與銀行客戶進行投資的意願？我知道您花了很多時間與客戶相處，並且進行了一些積極的對話。但我很好奇你到底看的是哪些數據點？那麼什麼讓您對強勁的潛在需求充滿信心呢？

Yes. Thanks for the question, Saket, and I do have a lot of confidence in the demand that we're seeing. I think that was validated at our user conference last week at nSight in Charlotte with the full nCino ecosystem on full-on display. And we have very steady interest across the board on our solutions across onboarding, cross account opening, loan origination as well as portfolio monitoring. And we do measure the pipeline activity and look at that for the right coverage and the growth in that coverage and make sure we're aligning investments toward that as well.

是的。謝謝您的提問，Saket，我對我們所看到的需求確實很有信心。我認為這在我們上週於夏洛特 nSight 舉行的用戶會議上得到了驗證，會議全面展示了完整的 nCino 生態系統。我們對入職、跨帳戶開立、貸款發放以及投資組合監控等解決方案有著非常穩定的興趣。我們確實會衡量管道活動，並觀察其是否具有正確的覆蓋範圍以及覆蓋範圍的成長情況，並確保我們也根據此調整投資。

And by and large, despite the macro, which Greg referred to in his comments, we are seeing mostly a state of course from a narrative from our banks and hearing that budgets are set for the year and business imperatives to drive efficiency into the operating model of our financial institution customers is remaining strong in terms of demand.

總體而言，儘管格雷格在評論中提到了宏觀因素，但從銀行的敘述來看，我們主要看到的是形勢平穩，並且聽說今年的預算已經確定，而業務要求提高金融機構客戶運營模式的效率，因此需求依然強勁。

Got it. Got it. That's helpful. Maybe for my follow-up, Greg, for you. I was wondering if you could just dig into professional services gross margins a little bit. You touched on this in sort of the plan to improve it, but it's been a drag on gross margin here for a couple of quarters now. What's driven that? And how do you think about the path to improvement?

知道了。知道了。這很有幫助。也許對於我的後續行動，格雷格，對你來說。我想知道您是否可以稍微深入了解專業服務的毛利率。您在改進計劃中提到了這一點，但最近幾個季度以來，這已經拖累了毛利率。是什麼原因導致的呢？您認為改進的途徑是什麼？

Yes. Thanks, Saket. I'll say price pressure or cost pressure on services really has been concentrated in the community bank space in the U.S. particularly over the last two or so years when obviously it was a more challenged market for our banking customers. And so we've done a few things. One is from a project and product perspective, as I commented on, we redesigned some of our products so that they could be implemented quicker, more efficiently, right, to ultimately improve margins. And the second thing, and again, we highlighted it at Investor Day, reiterated in my prepared remarks, with what we're seeing with AI, we see a lot of opportunities to improve that gross margin as well.

是的。謝謝，Saket。我想說的是，服務的價格壓力或成本壓力確實集中在美國社區銀行領域，特別是在過去兩年左右的時間裡，這顯然對我們的銀行客戶來說是一個更具挑戰性的市場。因此我們做了一些事情。一是從專案和產品的角度來看，正如我所說，我們重新設計了一些產品，以便它們能夠更快、更有效地實施，最終提高利潤率。第二件事，我們在投資人日再次強調了這一點，並在我準備好的發言中重申了這一點，透過我們在人工智慧領域看到的情況，我們也看到了許多提高毛利率的機會。

And so it is a focus area for us. I'd say it's an opportunity for us. And I think it's something that we are executing on. It will take a little bit of time, right, as we, again, as I commented, work through the legacy projects that we have and truly ramp up some of these AI tools that we are seeing and experimenting with and doing POCs with. But it's an opportunity we see that we can execute on. And so it's something that we will see over the coming quarters' results from.

因此這是我們關注的領域。我想說這對我們來說是一個機會。我認為這是我們正在執行的事情。這需要一點時間，對吧，正如我所說，我們再次完成現有的遺留項目，並真正提升我們正在看到、試驗和進行 POC 的一些 AI 工具。但我們看到這是一個可以實現的機會。我們將在未來幾季的結果中看到這一點。

Very helpful. Thanks, guys.

非常有幫助。謝謝大家。

Thanks, Saket.

謝謝，Saket。

Terry Tillman, Truist.

特里·蒂爾曼（Terry Tillman），Truist。

Great. Thanks for taking the questions. This is Bobby Dee on for Terry. First one for Sean. Sean, now that you've had some time engaging with analysts and investors, what do you think is most misunderstood about the story? And then I have one follow-up. Thank you.

偉大的。感謝您回答這些問題。這是 Bobby Dee 代替 Terry 上場的。第一個是肖恩。肖恩，現在您已經與分析師和投資者進行了交流，您認為這個故事中最容易被誤解的是什麼？然後我還有一個後續問題。謝謝。

Yeah. I have been spending time with you all in the past three months, I see good alignment and understanding of the story. I walked away from Investor Day last week, especially after the formal presentation and taking questions with the confidence that the group understands our focus on execution discipline, our commitment to the metrics that we're tracking around ACV rule of and free cash flow, and they understand what our growth initiatives are across leaning into the onboarding opportunity, the credit union space, mortgage beyond IMBs, and the EMEA opportunity as well as the momentum in Japan.

是的。在過去的三個月裡，我一直和你們在一起，我看到了對這個故事的良好協調和理解。我上週參加了投資者日活動，特別是在正式演講和回答問題之後，我充滿信心地了解到，小組成員了解我們對執行紀律的關注、我們對圍繞 ACV 規則和自由現金流跟踪的指標的承諾，他們了解我們的增長計劃包括入職機會、信用合作社領域、IMB 以外的抵押貸款、EMEA 機會以及日本的發展勢頭。

And finally, our strategy around AI, which we got to double down on. So I don't have a lot of discomfort that there's a misunderstanding of the nCino strategy right now.

最後，我們要加倍努力實施圍繞人工智慧的策略。因此，對於目前對 nCino 策略的誤解，我並沒有感到太多不適。

Much appreciate it. And then with omnichannel experiences, can you talk about the sales strategy there? Would this be something existing customers can easily upgrade into? Are there pricing implications from an upgrade? And how important is omnichannel to the overall platform go-to-market strategy? Thank you.

非常感謝。那麼，對於全通路體驗，您能談談那裡的銷售策略嗎？現有客戶是否可以輕鬆升級到該產品？升級對價格有影響嗎？全通路對於整體平台行銷策略有多重要？謝謝。

Yes. Thanks for the question. And you all heard the story that we had two primary goals stated at nSight. One was that we fulfilled the commitments that we made to our customers and omnichannel is a big part of that, that we would have a consistent experience for the banker and their customer, whether digital or and brands across our solutions.

是的。謝謝你的提問。大家都聽過，我們在 nSight 提出了兩個主要目標。一是我們履行了對客戶的承諾，全通路是其中很重要的一部分，我們將為銀行家和他們的客戶提供一致的體驗，無論是數位的還是品牌的，在我們的解決方案中。

And as we upgrade customers to that omnichannel experience, there's not incremental cost. It's simply part of the platform. Of course, if a customer is on commercial and they come to nCino for a new solution, there's incremental ACV there. But if they're upgrading an older version of nCino to the current, they simply get omnichannel with that and there's not additional spend.

當我們為客戶提供全通路體驗時，不會增加任何成本。它只是平台的一部分。當然，如果客戶是商業客戶，他們來到 nCino 尋求新的解決方案，那麼那裡的 ACV 就會增加。但是，如果他們將舊版本的 nCino 升級到當前版本，他們只需獲得全通路，無需額外支出。

Thank you.

謝謝。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Hey, guys. Thanks for taking the questions here. I did want to ask a question on kind of the workforce reduction and the office space reductions.

嘿，大家好。感謝您在這裡回答問題。我確實想問一個有關裁員和減少辦公空間的問題。

And I guess first question, how to think about further utilization opportunities in the office space from here? And then how to think about any sort of reinvestments from the workforce changes. How is AI playing into the workflow efficiency. It definitely sounds like you're gaining some efficiency in the R&D department, but anywhere else where AI is playing a role in workforce efficiency? Thank you.

我想第一個問題是，如何從這裡考慮辦公空間的進一步利用機會？然後如何看待勞動力變化帶來的任何形式的再投資。人工智慧如何影響工作流程效率。這聽起來確實像是研發部門的效率有所提高，但人工智慧在其他地方是否也發揮了作用，提高員工效率？謝謝。

Yes. And can you restate the first part about the office question? I want to make sure I understand that.

是的。您能重述一下有關辦公室問題的第一部分嗎？我想確保我理解這一點。

Yes. You guys got rid of some office space. Is that part of the utilization optimization complete? Or is there any more office space to potentially downsize from here?

是的。你們擺脫了一些辦公空間。利用率優化的這一部分完成了嗎？或者這裡是否還有更多辦公空間可以縮小？

Got you. Yes. Thank you. Listen, we have our campus headquarters here in Wilmington, North Carolina and as you all know, seven offices is beyond that globally. We have some overage in capacity that basically when we moved across facilities over time, we hung on to some older space as we moved into newer space, just to safeguard whether or not we would need that at a future date. At this point, the new building serves our needs holistically. And we had a large conference room down the road that held about 100 people, and we'd only use it a couple of times a year. It just wasn't a good use of our money. We have plenty of territory and town hall space right here in Wilmington.

明白了。是的。謝謝。聽著，我們的校園總部位於北卡羅來納州威爾明頓，眾所周知，我們在全球設有七個辦事處。我們的產能有些過剩，基本上，當我們隨著時間的推移遷移設施時，我們在遷移到新空間時保留了一些舊空間，只是為了確保將來是否需要這些空間。從這一點上看，新大樓全面滿足了我們的需求。我們在路上有一個很大的會議室，可以容納大約 100 人，但我們每年只使用幾次。這根本就不是對我們錢的正確運用。我們在威爾明頓擁有充足的領土和市政廳空間。

And then beyond that, we're always going to look for opportunities to right-size our investments with how we're seeing return there. But I think we're right-sizing our major office and geo locations, and we don't have a lot of over-aging capacity there.

除此之外，我們總是會尋找機會，根據我們所看到的回報來調整我們的投資規模。但我認為，我們的主要辦公室和地理位置的規模是合理的，而且我們在那裡沒有太多的老化產能。

Specifically in terms of how we think about investments in the future, listen, in terms of the workforce reduction, there are probably a combination of contributing factors there. One is just with the discipline that we have and the commitment we have to making difficult decisions for the betterment of the business in the long term, there probably were some overdue decisions we need to make on our capacity alignment. There have been shifts in the market, shifts in the landscape and roles in our organization that were no longer as relevant to the point in time needs that our customers have today, and we simply acted on those.

具體來說，就我們如何看待未來的投資而言，聽著，就裁員而言，可能有多種因素促成這一結果。一方面，我們有著嚴格的紀律，並承諾為了長期改善業務而做出艱難的決定，因此，我們可能需要在產能調整方面做出一些遲來的決定。市場發生了變化，我們的組織格局和角色也發生了變化，這些變化不再與我們的客戶今天所擁有的時間點需求相關，我們只是根據這些變化採取了行動。

Those are never easy decisions. Those are never fund decisions, but they're right decisions for the long-term viability of nCino. And so we move from there. Beyond that, there are certainly efficiencies to be gained as we move forward and modernize how we build software and reimagine that build and realign with partners in our technology stack.

這些都不是輕易的決定。這些從來都不是資金決策，但對於 nCino 的長期生存能力來說，它們是正確的決策。所以我們從那裡出發。除此之外，隨著我們不斷前進並實現軟體建構方式的現代化、重新構想軟體建構方式以及與我們技術堆疊中的合作夥伴重新協調，效率肯定會有所提高。

And that all adds up to a reality that I think we're going to actually increase our velocity in terms of our software build cycles with less head, and that doesn't -- with that less headcount. And that doesn't necessarily mean do more with less. It means be optimized, be more efficient, be leaner and meaner and go attack the market.

所有這些都表明，我認為我們實際上將以更少的人力來提高軟體建置週期的速度，但這並不意味著員工人數就會減少。但這並不一定意味著用更少的錢做更多的事情。這意味著要優化、要有效率、要精簡、要進軍市場。

Thanks, Sean. And maybe a follow-up here for Greg. Billings, I know billings may not be the best indicator for you guys but I did notice it decelerated a little bit in growth here. And so I do understand there's probably some inorganic contributions in there and billings dynamic with rev rec.

謝謝，肖恩。或許這是對 Greg 的後續報導。比林斯，我知道比林斯可能不是你們最好的指標，但我確實注意到這裡的成長速度略有放緩。因此我確實知道其中可能存在一些無機貢獻以及與 rev rec 相關的帳單動態。

But just wanted to, as we build our models, just wanted to understand if there's anything we need to know within billings this quarter or how to think about deferred revenue over the next several quarters as we build our models out? Thank you.

但是，當我們建立模型時，我們只是想了解本季度的帳單中是否有我們需要了解的內容，或者在建立模型時如何考慮未來幾季的遞延收入？謝謝。

Thanks, Koji. Yes, nothing to note. I mean billings, which is one of the reasons we don't guide to it, can be lumpy, certainly with larger customers and just depending on timing of deal signing and ultimately, again, the billings. And so nothing to note different from prior quarters that I would call out at this point in time.

謝謝，Koji。是的，沒什麼要注意的。我的意思是，帳單可能會不穩定，這是我們不提供指導的原因之一，尤其是對於較大的客戶來說，這只取決於交易簽署的時間，最終還是取決於帳單。因此，目前我所指出的與前幾季相比沒有什麼不同。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Ryan Tomasello, KBW.

瑞安·托馬塞洛（Ryan Tomasello），KBW。

Hi, everyone. Thanks for taking the questions. I actually wanted to touch on something that you highlighted last quarter on the consumer lending side. I know you called out a really strong end to the year. I think 40 consumer lending deals signed in the fourth quarter. I guess how much of that momentum was driven by the sales force activation in the credit union space? And just generally, how should we be thinking about the timing for that to start to kick in more meaningfully the benefit of that activation?

大家好。感謝您回答這些問題。我實際上想談談您上個季度在消費貸款方面強調的一些內容。我知道您說今年的結尾確實很精彩。我認為第四季度簽署了 40 筆消費貸款協議。我猜這種勢頭有多少是由信用合作社領域的銷售隊伍啟動所推動的？一般來說，我們應該如何考慮何時才能更有意義地開始發揮這種活化的好處？

And as a follow-up, as we think about momentum this year in the consumer lending category, I would assume that last year, you were baking in some amount of ACV bookings, assuming momentum in that category of revenue. But any color on how you're thinking about targets for this year on the consumer lending side, just given it seems like you're already kicking off the year with good momentum, you cited the $800 million deal here?

作為後續問題，當我們思考今年消費貸款類別的發展勢頭時，我會假設去年您已經消化了一定數量的 ACV 預訂量，假設該類別的收入勢頭良好。但是，您如何看待今年消費貸款的目標？鑑於您似乎已經以良好的勢頭開啟了新的一年，您在這裡提到了 8 億美元的交易？

Yes. So we are clearly excited about consumer lending. With respect to your first question on the 20 deals we signed in Q4, there was really no tangible impact on the activation of the credit union go-to-market team as we were assembling that team for the majority of the back half of last year, and I believe they're just hitting their stride now. So that all have been independent and before we fully activated that team. So we think there's further upside there.

是的。因此，我們顯然對消費貸款感到興奮。關於您關於我們在第四季度簽署的 20 筆交易的第一個問題，這對信用合作社上市團隊的啟動實際上沒有產生任何實質性的影響，因為我們在去年下半年的大部分時間裡都在組建該團隊，我相信他們現在正處於最佳狀態。因此，在我們完全啟動該團隊之前，一切都是獨立的。因此我們認為還有進一步上漲的空間。

And then as far as the second question, listen, we're excited in the first quarter. We had a nice mix from a revenue standpoint. About half of our revenues for commercial, the other half distributed across consumer and mortgage. The momentum in the pipeline activity is encouraging in consumer across banks as well as credit unions and across market segments, down market and upmarket as evidenced by the reference you made to First Citizens being on stage with us at Investor Day.

至於第二個問題，聽著，我們對第一季感到興奮。從收入角度來看，我們的收入組合很好。我們的收入大約有一半來自商業，另一半來自消費者和抵押貸款。各銀行、信用合作社和各個細分市場（低端市場和高端市場）的消費者通路活動勢頭令人鼓舞，正如您提到的 First Citizens 在投資者日與我們同台演出所證明的那樣。

Yes. And just to clarify, on commercial was a little less than half of our bookings for the quarter, I think you said revenues and the rest was split between consumer and mortgage.

是的。需要澄清的是，商業預訂量略低於本季預訂量的一半，我想您說的是收入，其餘部分則分配給了消費者和抵押貸款。

Thank you, Greg.

謝謝你，格雷格。

Welcome, Sean.

歡迎光臨，肖恩。

And then, Greg, regarding the expense savings, you're flowing through, I think, roughly, I think you said only $5 million of the total $18 million in savings. I guess I understand the approach to wanting to preserve flexibility. But how should we think about additional upside to the full-year guidance from those savings once you've had the chance to evaluate additional reinvestment opportunities? Thanks.

然後，格雷格，關於費用節省，我認為，粗略地說，您說的只是在總共 1800 萬美元的節省中的 500 萬美元。我想我理解想要保持靈活性的方法。但是，一旦您有機會評估額外的再投資機會，我們應該如何看待這些儲蓄對全年指導的額外好處？謝謝。

Sure, Ryan. Yes. Obviously, we'll update you as the year progresses. If you take the $18 million and expenses will basically be a Q2 event. So you get about half out of that $18 million, you would think in the second half of the year. Again, we're going ahead and flowing $5 million of that through as we sit here today.

當然，瑞安。是的。顯然，我們會隨著時間的推移向您通報最新情況。如果你拿出 1800 萬美元，那麼費用基本上就是第二季的事件。因此，你會認為你會在下半年獲得這 1800 萬美元中的一半。再次，我們今天將繼續推進並投入 500 萬美元。

And as the year progresses, we'll either flow more through and/or come to you and highlight some investments that we made, again, with the belief that it's going to meet our return expectations and ultimately help drive us to meeting that Rule-of-40 target that we put out there for around the fourth quarter of next year.

隨著時間的推移，我們將向您提供更多資訊和/或重點介紹我們所做的一些投資，我們相信這些投資將滿足我們的回報預期，並最終幫助我們實現我們在明年第四季度左右設定的 40 規則目標。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Yeah, Ryan.

是的，瑞安。

Nick Altmann, Scotiabank.

加拿大豐業銀行的尼克‧阿爾特曼。

Awesome. Thank you, guys. Last week at the Investor Day, you noted sales headcount was up 14% year over year and the incremental quota-carrying capacity was helping underpin some of the growth assumptions. Just given the reduction in force, can you just clarify whether that 14% growth rate in sales capacity was inclusive of the reduction in force? And then just a follow-up is maybe can you guys just unpack some of the assumptions around sales productivity as it relates to that FY '26 ACV target? Thanks.

驚人的。謝謝你們。在上週的投資者日上，您指出銷售人員數量同比增長了 14%，而增量配額承載能力有助於支撐一些成長假設。考慮到裁員，您能否澄清一下，14%的銷售能力成長率是否包括裁員？然後接下來的問題是，你們能否解釋一下與 26 財年 ACV 目標相關的一些有關銷售生產力的假設？謝謝。

Yes. On the first question, Nick, sales was not impacted by the actions that we announced last night. And so that 14% is still appropriate. And then if you could just repeat the second question.

是的。關於第一個問題，尼克，我們昨晚宣布的行動並沒有對銷售產生影響。所以 14% 仍然是合適的。然後，如果您可以重複第二個問題。

Yes, maybe just unpack some of the assumptions around sales productivity as it relates to the ACV target with the context of the 14% growth in quota-carrying capacity?

是的，也許只是在配額承載能力成長 14% 的背景下，解開與 ACV 目標相關的一些有關銷售生產力的假設？

I mean, ultimately, you can assume that we over sign our targets and take into account. When we do bring on new people that there's an appropriate generally a six-ish month ramp that can vary depending on the background of the sales individual that joins the company. But we take all that into account as we think about the plan. And we spoke about specifically areas that we invested in, including the credit union market, which we just touched upon. EMEA, we've been very vocal in terms of the opportunity that we see there as well as investing in sales capacity as we go more aggressively towards the continent.

我的意思是，最終，你可以假設我們超額完成了我們的目標並考慮到了這一點。當我們確實招募新人時，通常會有一個適當的六個月左右的晉升期，具體時間會根據加入公司的銷售人員的背景而有所不同。但我們在考慮計劃時會考慮到所有這些因素。我們具體地談到了我們投資的領域，包括我們剛才提到的信用合作社市場。在歐洲、中東和非洲地區，我們一直積極談論我們在那裡看到的機遇，並在我們更積極進軍該大陸的過程中投資銷售能力。

And then Japan as well is an opportunity that we see. And so we feel good about the investments that we've made. Again, we didn't make them previously because, again, from a market perspective, we were very judicious in terms of rolling those out with the returns. But with what we see in the market, we feel like it's the appropriate thing to do. And again, as we think about sales capacity and the actions that we took, we did not touch our sales capacity.

我們也看到了日本的一個機會。因此，我們對所做的投資感到滿意。再說一次，我們之前沒有這樣做，因為從市場角度來看，我們在推出這些回報方面非常明智。但根據我們在市場上看到的情況，我們覺得這是適當的做法。再次，當我們考慮銷售能力和我們採取的行動時，我們並沒有影響我們的銷售能力。

Okay. Great. And then just my quick follow-up is, what are the growth signals you guys are looking for that would give you confidence to reinvest some of those cost savings back into the business rather than showing more margin expansion? Thanks.

好的。偉大的。然後我的快速跟進是，你們正在尋找什麼樣的成長訊號，可以讓你們有信心將部分成本節省重新投資到業務中，而不是顯示更多的利潤率擴張？謝謝。

Yes. Listen, building upon what Greg said, I mean, the maturity of the solutions that we have delivered in showcased last week at nSight do indicate that we, in fact, have more things to sell, right? And so that also contributes to capacity the indicators we look for are some of the age old tried and true, good old-fashioned pipeline and activity management, right? And we're seeing a nice uptick there just in the overall activity in the field before nSight and lots of great warm leads coming out of the event as well that we think will continue to build on that momentum.

是的。聽著，根據格雷格所說，我的意思是，我們上週在 nSight 上展示的解決方案的成熟度確實表明我們實際上有更多的東西可以出售，對嗎？因此，這也有助於提高容量，我們所尋找的指標是一些古老而可靠的、良好的老式管道和活動管理，對嗎？我們看到，在 nSight 之前，該領域的整體活動呈現良好的上升趨勢，而這項活動也湧現出許多非常好的熱門線索，我們認為這種勢頭將繼續保持下去。

And we feel like it's early days, but the interest in the inbound questions we're getting around leveraging our AI solutions, specifically banking adviser and how soon can we partner with customers to co-build agentic experiences and showcase those and deliver those in a more componentized fashion without having to go for the whole platform, all in one shot is really encouraging as well. So pipeline activity is always the leading indicator of health and hygiene in the sales process, and we're looking at that and focused on that with our execution.

我們覺得現在還為時過早，但人們對我們利用人工智慧解決方案的興趣越來越大，特別是銀行顧問，以及我們多久才能與客戶合作，共同建立代理體驗，並以更加組件化的方式展示和交付這些體驗，而不必使用整個平台，一次性完成所有工作，這也確實令人鼓舞。因此，管道活動始終是銷售過程中健康和衛生的主要指標，我們正在關注這一點，並在執行過程中重點關注這一點。

Great. Thank you.

偉大的。謝謝。

Thanks, Nick.

謝謝，尼克。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Hi, thank you. Sean, maybe first, just want to follow up on Saket's question on your macro comments in the prepared remarks. Just relative to what you spoke to on the last call in early April, I know Q1 is not a big bookings quarter, but any change in buying behavior or sales cycles here at the end of May or coming out of insight relative to a couple of months ago?

你好，謝謝。肖恩，也許首先，我只是想跟進薩克特關於你在準備好的評論中的宏觀評論的問題。就您在 4 月初的上次電話會議上所說的內容而言，我知道第一季的預訂量並不是很大，但與幾個月前相比，5 月底的購買行為或銷售週期有什麼變化嗎？或者有什麼洞察結果嗎？

No material changes in that behavior. We're seeing, again, a nice uptick in pipeline activity. But in terms of buying cycles, behaviors, indicators that people are willing to go on that journey with us to explore how to gain efficiencies and drive those into their operating model through our solutions, those are pretty steady and consistent.

該行為沒有發生實質變化。我們再次看到管道活動出現良好成長。但就購買週期、行為以及人們願意與我們一起探索如何提高效率並透過我們的解決方案將其納入其營運模式的指標而言，這些都是相當穩定且一致的。

I do think, and I'm very encouraged that by accelerating the velocity of our delivery of solutions as well as the deployment and implementation time frames that that could actually speed up sales cycles because that historically has been a friction point, and that's an area that we're being very intentional about investing to remove that friction from the sales process. So I'm hopeful that, that would result in the second half of the year. Compression of sales cycles, that's the intent.

我確實認為，並且我感到非常鼓舞的是，透過加快我們交付解決方案的速度以及部署和實施的時間框架，這實際上可以加快銷售週期，因為這在歷史上一直是一個摩擦點，而這正是我們非常有意投資以消除銷售過程中的摩擦的一個領域。所以我希望這會在今年下半年取得成果。壓縮銷售週期，這就是目的。

Okay. Great color. Greg, maybe a follow-up for you. Just on mortgage and the unchanged '26 outlook, I appreciate not wanting to flow through some of that upside. But can you talk about was that upside driven by volume you saw in the quarter? Are you seeing retention improvements relative to last year? Or is that kind of on the new gross bookings upside? Thanks.

好的。顏色很棒。格雷格，也許我可以跟進一下你的情況。僅就抵押貸款和不變的 26 年前景而言，我很感激我不想損失一些好處。但是您能否談談這種上漲是否是由本季的銷售所推動的？與去年相比，您是否看到保留率有所提高？或者這對新的總預訂量有什麼好處？謝謝。

Yes, Alex, I think it was a combination of sales of volumes and also of, again, continued positive trends from a churn standpoint. I mentioned at Investor Day that Q4 was our lowest churn quarter for mortgage last year, and Q1 was lower than Q4. So I think that whole combination came together for that overperformance. But again, consistent with the philosophy that we laid out, we'll take it one quarter at a time with that business in this market.

是的，亞歷克斯，我認為這是銷售量和客戶流失率持續保持正面趨勢的結合。我在投資者日提到，去年第四季是我們抵押貸款流失率最低的季度，而第一季的流失率低於第四季。所以我認為所有這些因素共同促成了這個超額表現。但是，按照我們提出的理念，我們將在這個市場上逐季推進這項業務。

Okay, great. Thank you, both.

好的，太好了。謝謝你們兩位。

Thank you.

謝謝。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Good afternoon. Thanks for taking my question. Can you just talk broadly about the decelerating subscription revenue growth in fiscal 2026? And then kind of what the implications are for 2027?

午安.感謝您回答我的問題。您能否大致談談 2026 財年訂閱營收成長放緩的原因？那麼這對 2027 年有何影響？

Yes. I think, Chris -- it's Greg. Thanks for the question. I think it goes back to what we talked about on last quarter's call. In the second half of the year, we referenced that we're going to have difficult comps. But I think there's nothing new to report from really what we talked about last quarter as we laid out the year and our expectations for the year.

是的。我認為，克里斯——是格雷格。謝謝你的提問。我認為這可以追溯到我們上個季度電話會議上討論的內容。我們曾提到，今年下半年我們將會面臨困難。但我認為，從我們上個季度討論的今年的情況和對今年的期望來看，沒有什麼新內容可以報告。

Again, we had a good first quarter. I think we are pleased with the execution from the team. It's nice to beat and raise and flow some of that through. And ultimately, again, I think from our perspective, as we set out the groundwork for this year on our Q4 call, it's just executing to it. So long story short, nothing new to report, but ultimately, the second half of the year it's the same comment I made last quarter around difficult second half comps.

我們的第一季再次表現良好。我認為我們對團隊的表現感到滿意。擊敗並提升並流經其中的一些是很好的。最後，我再次認為，從我們的角度來看，正如我們在第四季度電話會議上為今年奠定的基礎一樣，這只是在執行。長話短說，沒有什麼新消息要報告，但最終，下半年的情況與我上個季度對困難的下半年業績所做的評論相同。

Understood. Thank you for that. And then we really appreciate the ACV mix by category, U.S. mortgage, commercial and consumer. Is there any way to think about kind of how that mix should evolve as you think about the business in three years or so? Thanks.

明白了。謝謝你。然後，我們非常欣賞按類別劃分的 ACV 組合，即美國抵押貸款、商業和消費者。當您考慮三年左右的業務時，有什麼方法可以思考這種組合應該如何發展嗎？謝謝。

Yes. I mean, listen, predicting what's going to happen on the macro events and how that's going to impact different solutions got everybody in a bind specifically on the mortgage side in the past few years. We're going to follow closely what happens across the landscape, and we believe that having a diversified and broad platform at scale sets us up and positions us very well no matter what's happening. Because when one line of business is up another line of business might be down and it comes out of the wash and similar in terms of the imperatives and outcomes we deliver to our customers.

是的。我的意思是，聽著，預測宏觀事件將會發生什麼以及這將如何影響不同的解決方案，這讓每個人都陷入困境，特別是在過去幾年的抵押貸款方面。我們將密切關注整個產業的發展，我們相信，無論發生什麼，擁有一個多元化、廣泛的平台都能讓我們處於有利地位。因為當一條業務線上升時，另一條業務線可能會下降，並且它會從中脫穎而出，並且在我們向客戶提供的命令和結果方面也是如此。

So core commercial remains very healthy. I've been getting a lot of questions about that. The pipeline is healthy in commercial. The activity the deals across market segments is in a good place, and we're reading out to you the mix of consumer and mortgage is a very healthy proportion of our mix as well. And that all is before we contemplate an influx from the intelligence unit consumption of banking adviser and agentic AI.

因此核心商業仍然非常健康。我收到了很多關於此的問題。該管道在商業上表現良好。跨市場交易活動處於良好狀態，我們可以向您表明，消費者和抵押貸款的組合也占我們組合的非常健康的比例。而這一切都發生在我們考慮銀行顧問和代理人工智慧的智慧單元消費湧入之前。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Thank you.

謝謝。

Aaron Kimson, Citizens.

亞倫金森（Aaron Kimson），公民。

Great. Thanks, guys. Sean, last week, you talked about the importance of the process-centric data nCino has on its customers. The thesis that AI is going to increasingly verticalize software has been out there for some time.

偉大的。謝謝大家。肖恩，上週，您談到了 nCino 以流程為中心的數據對客戶的重要性。人工智慧將日益垂直化軟體的論點已經存在了一段時間。

But as we begin to move into a world of AI agents, do you have a strong stance on the future competitive positioning of agents from vertical vendors like yourself versus horizontal vendors that also have large relationships with financial institutions? And why do nCino or other vertical vendors have the advantage there?

但是，當我們開始進入人工智慧代理商的世界時，您是否對像您這樣的垂直供應商的代理商與與金融機構有密切關係的水平供應商的未來競爭定位有堅定的立場？為什麼 nCino 或其他垂直供應商在那裡具有優勢？

Yes. I appreciate you recognizing the importance of the process-centric point of view we have on data, which allows us to really understand how the money flows through the workflow today. And as we start to wrap agents around those workflows and fully automate those experiences, they'll be informed by how that capital flows.

是的。我很感激您認識到以流程為中心的資料觀點的重要性，這使我們能夠真正了解資金在當今工作流程中的流動方式。當我們開始讓代理商參與這些工作流程並完全自動化這些體驗時，他們就會了解資本的流動方式。

There are lots of folks out there who have transactional data but it's really that workflow-oriented interactive data that gives you a process-centric point of view and then enables you to go ahead and deliver insights to your customers by role and by persona to the production line, where they need to make decisions on behalf of their customers on the next product or service to offer. So we think that's very differentiating, and that's why vertical AI is so compelling.

許多人都擁有交易數據，但實際上，面向工作流程的互動式數據可以為您提供以流程為中心的視角，然後使您能夠繼續向客戶提供按角色和角色劃分的見解，並將其傳遞到生產線，生產線需要代表客戶就下一個要提供的產品或服務做出決策。所以我們認為這是非常有差異化的，這也是垂直人工智慧如此引人注目的原因。

We saw the same trends and patterns from horizontal cloud into vertical cloud. And I think we'll see the same thing exponentially here in banking in the next few years.

我們從水平雲到垂直雲看到了相同的趨勢和模式。我認為，未來幾年，銀行業也會呈指數級成長。

That's really exciting. And then as a follow-up, has there been any feedback on the nCino mortgage demonstration at the top four bank last week? And does that customer currently use a homegrown solution or a competitive solution for mortgage? Thanks, guys.

這真是令人興奮。那麼作為後續問題，上週在四大銀行舉行的 nCino 抵押貸款示威活動有任何反饋嗎？該客戶目前是否使用自主研發的解決方案或競爭性解決方案來處理抵押貸款？謝謝大家。

Yes. So that was a fantastic discussion. We were honored to participate in. We've got great feedback as we always do where we show our solutions that we're proud of. Of course, those size and scale banks typically have long cycles. And all we know is we got positive feedback on what we showed.

是的。這是一次非常精彩的討論。我們很榮幸能夠參與其中。當我們展示令我們感到自豪的解決方案時，我們得到了非常好的回饋。當然，這些規模的銀行通常週期較長。我們所知道的是，我們所展示的內容得到了正面的回饋。

Michael Infante, Morgan Stanley.

摩根士丹利的邁克爾·因凡特。

Hey, guys. Thanks for taking my question. Sean, obviously, a healthy amount of new product velocity, which I'm sure is at least partially playing into the pipeline improvements that you mentioned. But it also seems like loan growth itself at the banks that we track has been trending better and is expected to grow faster than deposits broadly. So I'm just curious whether or not that loan growth acceleration dynamic is helping to catalyze some incremental demand?

嘿，大家好。感謝您回答我的問題。肖恩，顯然，新產品的速度非常快，我相信這至少在某種程度上促進了你提到的管道改進。但我們追蹤的銀行貸款成長本身似乎也呈現更好趨勢，預計整體成長速度將快於存款成長速度。所以我只是好奇貸款成長加速的動態是否有助於催化一些增量需求？

Yes, absolutely. It's been a core part of our value proposition from day one, both on not only loan origination, but then through monitoring and servicing and there's an uptick in interest of our continuous credit monitoring solution that is now gaining a lot of traction in the market. So we believe there's upside from an ACV standpoint in core commercial with loan growth and across the portfolio, absolutely.

是的，絕對是。從第一天起，它就是我們價值主張的核心部分，不僅涉及貸款發放，還涉及監控和服務，而且我們持續信用監控解決方案的興趣不斷上升，目前在市場上獲得了很大的吸引力。因此，我們相信，從 ACV 的角度來看，隨著貸款成長以及整個投資組合的擴大，核心商業貸款絕對具有上漲空間。

Helpful. And Greg, maybe just a quick housekeeping item. On the reiterated ACV outlook of 48% to 51%. I wasn't aware that the net new ACV additions had contemplated the 4.5% from Sandbox Banking. Now it seems like it does. So I just wanted to clarify whether or not that was embedded into last quarter's ACV outlook. Thanks.

很有幫助。格雷格，也許這只是一個快速的整理事項。重申 ACV 前景為 48% 至 51%。我不知道淨新增 ACV 是否已考慮到沙盒銀行的 4.5%。現在看來確實如此。所以我只是想澄清一下這是否包含在上個季度的 ACV 展望中。謝謝。

Yes, Michael, it was. Yes, no change there. So the 19% is organic, but the Sandbox is part of that.

是的，邁克爾，確實如此。是的，沒有變化。因此，19% 是有機的，但沙盒是其中的一部分。

Got it. Thanks, guys.

知道了。謝謝大家。

Thank you, Michael.

謝謝你，麥可。

Charles Nabhan, Stephens.

查爾斯·納布漢，史蒂芬斯。

Hi, guys. Congrats on the result. Thank you for taking my question. I had a quick one on international performance.

嗨，大家好。恭喜你取得這樣的成果。感謝您回答我的問題。我快速地了解了一下國際表現。

Year-over-year growth of 31%, very strong. I remember, if I think back a couple of quarters ago, you had extend that growth internationally would at some point converge with the overall revenue growth. So my question is what's led to that outperformance? And is the outperformance in international relative to overall growth excluding mortgage sustainable over the next year or so based on the pipeline?

年成長31%，非常強勁。我記得，如果回想幾個季度前，你必須擴大國際成長，在某個時候會與整體營收成長趨同。所以我的問題是，是什麼導致了這種優異的表現？並且，根據通路來看，未來一年左右，國際成長相對於不包括抵押貸款的整體成長的優異表現是否可持續？

Yes. Thanks for the question. I think the big contribution to that was the FullCircl acquisition. So that certainly helped drive the international growth. But ultimately, again, I think you've heard whether it was at Investor Day or even in our prepared remarks today the, I think, excitement our optimism around the opportunity that we have.

是的。謝謝你的提問。我認為對此做出最大貢獻的是收購 FullCircl。這無疑有助於推動國際成長。但最終，我想您已經聽到了，無論是在投資者日，還是在我們今天的準備好的發言中，我認為，我們對所擁有的機會感到興奮和樂觀。

Internationally, we've talked specifically around Japan and our excitement and optimism there as well as in the focus on the continent in Europe. And so we do think that there's opportunities for growth there that could very much outsize or be accretive to the rest of the company as we get into next year and beyond.

在國際上，我們特別談論了日本以及我們對日本的興奮和樂觀，同時也關注歐洲大陸。因此，我們確實認為，那裡存在著成長機會，隨著明年及以後的發展，這些成長機會可能會遠遠超過或增值公司的其他部分。

Got it. And then the follow-up, I know it's still kind of early days on Sandbox, but you've done a number of acquisitions over the past year. And I was hoping you could just kind of give us a quick high-level update on what's working, what's not working with FullCircl and DocFox and now, Allegro?

知道了。然後是後續問題，我知道 Sandbox 還處於早期階段，但在過去的一年裡，你們已經進行了許多收購。我希望您能向我們簡要介紹一下 FullCircl、DocFox 和 Allegro 的運作和運行障礙？

So across the board, we've been active on the acquisition kind of agenda for the past 14 or so months with respect to the opportunity in onboarding and delivering on the integration of DocFox with the rest of our platform. We're ready to go press the gas and sell that out to our community and regional banks in the U.S. and that we expect the pipeline activity is already showing that we'll be busy in those sales cycles or the back half of the year.

因此，總體而言，在過去 14 個月左右的時間裡，我們一直在積極開展收購活動，尋求機會將 DocFox 納入我們平台的其他部分並實現整合。我們已準備好壓榨天然氣並將其出售給美國的社區和地區銀行，我們預計管道活動已經表明我們將在這些銷售週期或下半年忙碌。

From a FullCircl standpoint, we already had accretive FullCircl deals continue, and that momentum shows up in some of the year-over-year growth numbers already. But it positions us really well to capture the opportunity more broadly on the continent in EMEA and expand out our integrations that would be required to do that. So we've got an eye on what we need to do to go beyond the U.K. and Ireland with FullCircl.

從 FullCircl 的角度來看，我們已經繼續進行增值的 FullCircl 交易，而且這種勢頭已經體現在一些同比增長數字上。但它確實使我們能夠更好地抓住歐洲、中東和非洲地區大陸的更廣泛機遇，並擴大實現這一目標所需的整合。因此，我們正在考慮如何讓 FullCircl 走出英國和愛爾蘭。

Allegro gives us that hooks into the indirect auto lending solution, which is an imperative for credit unions, and that is just a nonstarter if you go into the credit union market without that capability. So I would argue that, that unlocks almost every opportunity we look at in the credit union space for consumer lending specifically. We also have a lot of momentum and opportunity for commercial and small business in the credit union markets.

Allegro 為我們提供了間接汽車貸款解決方案，這對信用合作社來說是必不可少的，如果你在進入信用合作社市場時沒有這種能力，那麼這根本就是無稽之談。因此，我認為，這幾乎釋放了我們在信用合作社領域看到的每一個機會，特別是針對消費者貸款。我們也為信用合作社市場中的商業和小型企業提供了巨大的發展動力和機會。

And then Sandbox Banking, arguably stole the show at nSight last week is such a core part of our AI strategy. I think that was probably underappreciated prior to the events. A lot of associated Sandbox Banking with real-time core integrations for our consumer lending solution where we are live and in production with many customers prior to that acquisition. But it really will underpin our entire data strategy, play a key role in integrating that process-centric data that we already talked about.

然後，沙盒銀行，可以說在上週的 nSight 上搶盡了風頭，是我們人工智慧策略的核心部分。我認為在事件發生之前這可能沒有被充分重視。許多相關的沙盒銀行與我們的消費者貸款解決方案的即時核心集成，在收購之前我們就已與許多客戶一起上線並投入生產。但它確實將支撐我們的整個數據策略，在整合我們已經討論過的以流程為中心的數據方面發揮關鍵作用。

And as you see the market aggressively positioning on data capture, Sandbox Banking has a very financial services-oriented point of view on ingesting that data and interpreting that data and reading that data and preparing us to capture on the AI opportunity. So that's where we are with the collective integrations, and they're all giving us momentum in our pipeline activity.

正如您所看到的，市場積極定位於數據捕獲，而沙盒銀行則具有非常面向金融服務的觀點，它吸收、解釋和讀取這些數據，並幫助我們抓住人工智慧的機會。這就是我們進行集體整合的現狀，它們都為我們的管道活動提供了動力。

Got it. Appreciate all the color. Thanks again.

知道了。欣賞所有的色彩。再次感謝。

Thanks for the questions.

感謝您的提問。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當·霍奇基斯。

Great. Thanks so much for taking the questions. Sean, you mentioned that deployment has been a pretty heavy friction point for your customers. Can you just give a little more detail on what the biggest friction points are on the implementation side? And how you think that's actually impacted pipeline conversion versus just it being sales cycle length? And then maybe what gives you the confidence in that improving as soon as the second half of the year?

偉大的。非常感謝您回答這些問題。肖恩，您提到部署對您的客戶來說是一個相當大的摩擦點。您能否更詳細地說明實施方面最大的摩擦點是什麼？您認為這實際上如何影響通路轉換，而不是只是影響銷售週期長度？那麼是什麼讓您有信心在今年下半年實現改善呢？

Sure. And to fully appreciate the reality there, we have to understand the shifts in the market and the landscape over time, and also understand that nCino grew up with a core value proposition of a solution that was highly configurable. And that uniquely differentiated ourselves from legacy competitors that for years were rigid and say, you get what you get, right? And there was no configurability or optionality in those solutions.

當然。為了充分了解現實情況，我們必須了解市場和格局隨時間的變化，還要了解 nCino 成長過程中的核心價值主張是高度可配置的解決方案。這使得我們與多年來一直僵化地宣稱「你得到你得到的東西」的傳統競爭對手有了獨特的區別，對嗎？而且這些解決方案不具備可配置性或可選性。

And at that time, there was also a very big appetite for long consultative projects that were heavy in their investment from a consulting dollar standpoint in order to configure those solutions and tailor them in a very unique way for institutions who want it differently. So what happened in the landscape is twofold, right? One is the market shifted in terms of appetite to spend consulting dollars and have these long projects. And as a result, people realize they can't have their cake and eat it, too.

當時，人們對長期諮詢計畫有著很大的興趣，從諮詢費用的角度來看，這些計畫投入很大，以便配置這些解決方案，並以非常獨特的方式為有不同需求的機構量身定制。那麼景觀中發生的事情是雙重的，對嗎？一是市場對花費諮詢費用和開展這些長期計畫的興趣發生了變化。結果，人們意識到魚與熊掌不可兼得。

In other words, if I can't have this long tailored configurable implementation, then I do want to box it in and I am willing to have less flexibility there. And I also want a vendor who's going to give me a robust experience and deliver as much functionality as they possibly can with a solution that's scalable over time.

換句話說，如果我不能擁有這個長期定制的可配置實現，那麼我確實想把它裝箱，並且我願意在那裡減少靈活性。我還希望供應商能夠為我提供強大的體驗，並提供盡可能多的功能以及可擴展的解決方案。

And so that's how we've evolved our solution set as we've reined in the configurability. We've given customers less optionality and we've delivered more functionality, which has all resulted in probably some of the longer than we would like time frames to deliver the convergence and the maturity of solutions that we saw at nSight last week. But now we position customers to really lean into the offerings that we have without having these long drawn-out projects and large-dollar consulting spends.

這就是我們在控制可配置性的同時改進解決方案集的方式。我們為客戶提供了更少的可選性，並提供了更多的功能，這些功能都可能導致我們花費比預期更長的時間來實現我們上週在 nSight 上看到的解決方案的融合和成熟。但現在我們讓客戶真正依賴我們提供的產品，而無需這些漫長的項目和大量的諮詢費用。

Okay. That's really helpful color, Sean. It does. It does. That was really helpful. And then, Greg, just another housekeeping item. I think you mentioned revenue recognition adjustment to services. Any color on what that is, what the magnitude might be and then whether that's going to be ongoing in future periods? Thanks.

好的。這顏色真的很有幫助，肖恩。確實如此。確實如此。這真的很有幫助。然後，格雷格，這只是另一件家務事。我認為您提到了服務收入確認調整。您能解釋一下這是什麼現象、其嚴重程度如何以及在未來是否會持續下去嗎？謝謝。

Sure, Adam. Yes. I mean we evaluate stand-alone selling price of subscription and services, right, which can result in reallocating fees between revenue lines. So nothing out of the ordinary, but just in terms of the actual results this quarter versus where we were expecting it to come in, that was an impact. So nothing new, nothing of note other than, again, just making sure you guys appreciate it why it was a little bit ahead of where we expected it to be.

當然，亞當。是的。我的意思是我們評估訂閱和服務的獨立售價，對的，這會導致在收入線之間重新分配費用。所以沒有什麼不尋常的，但就本季的實際結果與我們預期的結果相比，這確實產生了影響。所以沒有什麼新的，沒有什麼值得注意的，只是再次確保你們能夠理解為什麼它比我們預期的要好一點。

Okay. Understood. Thank you so much.

好的。明白了。太感謝了。

Thank you.

謝謝。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Good afternoon. Thanks for taking my question. This is JR on for Brent. Just one for us today. The credit union space has been a topic you've touched on frequently. Can you maybe remind us about the differences in competitive dynamics in that end of the market compared to the enterprise or regional bank space?

午安.感謝您回答我的問題。這是 JR 代替布倫特上場。今天我們只說一個。信用合作社領域是您經常談論的一個話題。您能否提醒我們該市場與企業或區域銀行領域相比在競爭動態上有何不同？

Yes. The opportunity for nCino to realize that our solutions and the value proposition of our solutions resonate with the credit union market. In other words, we don't have to go and build separate products because we're delivering on the same outcomes.

是的。nCino 有機會認識到我們的解決方案及其價值主張與信用合作社市場產生共鳴。換句話說，我們不必去建立單獨的產品，因為我們實現的是相同的結果。

On the other hand, the credit unions have a unique culture from banks and differentiate in terms of how they serve their member and the local communities they play in and quite honestly, manage their balance sheets, right? And so what we realized over time is that although we're solving the same business problem and delivering a very similar technology solution, the way our teams go out and build relationships in those markets really matters, right? And they expect folks to understand the dynamic in the credit union.

另一方面，信用合作社與銀行有著獨特的文化，在服務其會員和所在當地社區的方式上有所不同，坦白說，在管理資產負債表方面也有所不同，對嗎？因此，隨著時間的推移，我們意識到，儘管我們解決的是相同的業務問題並提供了非常相似的技術解決方案，但我們的團隊在這些市場中建立關係的方式確實很重要，對嗎？他們希望人們了解信用合作社的動態。

Therefore, we put leadership in place that has historically worked in credit unions over time and we have a whole team that largely sources from spending careers in credit unions and building those relationships. And not to be discounted are the 800-plus credit union customers that we already claim with our portfolio analytics solution and footprint, and we have the world's largest credit union using our commercial solutions.

因此，我們任命了曾在信用合作社長期工作的領導層，並且我們擁有一支主要透過在信用合作社的職業生涯和建立這些關係而獲得的整個團隊。而且，我們已透過投資組合分析解決方案和足跡獲得了 800 多家信用合作社客戶的青睞，而世界上最大的信用合作社也使用我們的商業解決方案。

So there's already traction and momentum. And just with the renewed focus and a team that wakes up in the morning and thinks only about the credit union and their member versus the bank and the credit union, I think, positions us to really build momentum there.

因此，已經存在吸引力和動力。我認為，只要重新集中精力，團隊每天醒來只考慮信用合作社及其成員而不是銀行和信用合作社，我們就能真正在那裡建立發展勢頭。

Got it. Makes sense. Thank you.

知道了。有道理。謝謝。

Alex Markgraf, KBCM.

亞歷克斯·馬克格拉夫（Alex Markgraf），KBCM。

Hi, guys. Thanks for taking the question. Just a couple of follow-ups on the efforts around deployment. Sean, maybe just for the 200 hours that you've referenced, can you just clarify what we should be sort of comparing that to today? And then, Greg, if you could maybe speak to the impact that, that sort of improved delivery timing would have on timing of revenue recognition over the midterm, that would be helpful. Thank you.

嗨，大家好。感謝您回答這個問題。這只是關於部署工作的幾個後續行動。肖恩，也許就您提到的 200 個小時而言，您能否澄清一下我們應該將其與今天進行比較？然後，格雷格，如果你可以談談這種改進的交付時間對中期收入確認時間的影響，那將會很有幫助。謝謝。

Yes. And the 200 hours is a bold, audacious goal, and we have set the bar higher. And we're excited to run toward that with everything we have. What I would tell you is that in the community and regional bank landscape across our solution set, those projects are historically anywhere from 2 to 6-ish months and up in the enterprise that can vary from 6 to 18 months, depending on the culture of those institutions to change management discipline and how far they're coming from their legacy experience. So yes, we're talking about going from months to years to months to days.

是的。200 小時是一個大膽、無畏的目標，我們設定的標準更高。我們很高興能盡我們所能實現這個目標。我想告訴你的是，在我們的解決方案集中的社區和區域銀行領域中，這些項目的歷史週期從 2 到 6 個月不等，而在企業中則從 6 到 18 個月不等，這取決於這些機構的文化，以改變管理紀律，以及他們與傳統經驗的差距。是的，我們談論的是從幾個月到幾年到幾個月到幾天。

Yes. And on the second question, it doesn't impact subscription revenue recognition. Going back to my comments on Investor Day, again, our focus is going to be on professional services gross profit growth versus again, driving more professional services revenues because we do think we will be able to do projects quicker and ultimately leverage AI and other efficiency initiatives that we have and that's going to help drive our margins over time.

是的。關於第二個問題，它不會影響訂閱收入確認。回到我在投資者日的評論，我們的重點將放在專業服務毛利成長上，而不是再次推動更多的專業服務收入，因為我們確實認為我們將能夠更快地完成項目，並最終利用人工智慧和我們擁有的其他效率舉措，這將有助於提高我們的利潤率。

Does that answer your questions?

這回答了你的問題嗎？

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Sean Desmond, Chief Executive Officer, for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將該計劃交還給首席執行官肖恩·德斯蒙德 (Sean Desmond)，以便他發表進一步的評論。

Sure. Before we close, I'd like to thank the entire nCino ecosystem that was on full display last week in Charlotte at our user conference. I'd like to thank our employees for their tireless work they put in to ensure that this has now become the marquee event in fintech annually.

當然。在結束之前，我想感謝上週在夏洛特用戶會議上全面展示的整個 nCino 生態系統。我要感謝我們的員工，他們的不懈努力確保了這項活動現在已成為金融科技領域每年的盛事。

I'd like to thank our customers for showing up in full force and validating that our prioritization is in line with their needs. And I'd like to thank our partners, both our SI and tech partners who play an invaluable role in our go-to-market strategy. Finally, I'd like to thank you all, our investors who I think were very additive to the event and having Investor Day coupled with nSight gives a lot of perspective and value.

我要感謝我們的客戶全力支持，並確認我們的優先順序符合他們的需求。我還要感謝我們的合作夥伴，包括我們的 SI 和技術合作夥伴，他們在我們的行銷策略中發揮了不可估量的作用。最後，我要感謝大家，我們的投資者為這次活動做出了巨大的貢獻，投資者日和 nSight 的結合為活動帶來了許多視角和價值。

So collectively, I think we all return to our offices wherever we are with a renewed focus on our execution strategy and ready to go. So thank you for your time this afternoon. We appreciate it.

因此，我認為，無論我們身在何處，我們都會回到辦公室，重新專注於我們的執行策略，並準備出發。非常感謝您今天下午抽出時間。我們對此表示感謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。