nCino Inc (NCNO) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the nCino second quarter fiscal year 2026 financial results conference call. (Operator Instructions) I would not like to hand the conference over to your speaker today, Harrison Masters, Vice President, Investor Relations.

您好，感謝您的耐心等待。歡迎參加 nCino 2026 財年第二季財務業績電話會議。（操作員指示）今天我不想把會議交給你們的發言人，投資者關係副總裁哈里森·馬斯特斯。

Good afternoon, and welcome to nCino's second quarter fiscal 2026 earnings call. With me on today's call are Sean Desmond, nCino's Chief Executive Officer, and Greg Orenstein, CEO's Chief Financial Officer. During the course of this conference call, we will make forward-looking statements regarding trends, strategies, and the anticipated performance of our business.

下午好，歡迎參加 nCino 2026 財年第二季財報電話會議。今天和我一起參加電話會議的有 nCino 的執行長 Sean Desmond 和執行長的財務長 Greg Orenstein。在本次電話會議期間，我們將就我們業務的趨勢、策略和預期業績發表前瞻性聲明。

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 risk and uncertainties described in our SEC filings and other publicly available documents, the financial services industry and global economic conditions.

這些前瞻性聲明是基於管理層目前的觀點和預期，包含截至今日所做的某些假設，並受到我們在提交給美國證券交易委員會的文件和其他公開文件中描述的各種風險和不確定性、金融服務業和全球經濟狀況的影響。

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

nCino公司聲明不承擔更新或修改任何前瞻性聲明的義務。此外，在今天的電話會議上，我們還將討論一些我們認為有助於理解我們財務表現的非GAAP指標。有關與可比較 GAAP 指標的調節表，請參閱我們今天發布的收益報告，該報告可在我們的網站上查閱，也可作為本次電話會議之前提交給美國證券交易委員會的 8-K 表格的附件查閱。

As well as the earnings presentation on our investor relations website at investor.ncino.com. With that, I will turn the call over to Sean.

此外，您也可以造訪我們的投資人關係網站 investor.ncino.com 查看收益報告。接下來，我將把電話交給肖恩。

Good afternoon and thank you for joining us to discuss nCino's second quarter fiscal 2026 results. Before jumping into the details from the quarter, I'd like to remind you of the fundamental challenge we address in nCino's mission in the marketplace.

下午好，感謝各位參加本次會議，共同探討 nCino 2026 財年第二季業績。在深入探討本季細節之前，我想提醒大家，nCino 在市場中致力於解決的根本挑戰是什麼。

Financial institutions around the globe face persistent challenges rooted in legacy and fragmented technology infrastructure that restricts their growth potential, and bottom line performance and causes inefficient and frustrating user experiences for both their employees and customers.

全球金融機構面臨著持續的挑戰，這些挑戰源於傳統且分散的技術基礎設施，限制了它們的成長潛力、獲利能力，並導致員工和客戶體驗低效且令人沮喪。

nCino alleviates critical pain points inflicted by disparate data sources, legacy technology, and manual processes with intelligent automation delivered on a unified, scalable platform powered by AI. nCino stands as the singular cloud native SaS platform that allows financial institutions of all sizes on a global basis to seamlessly manage lending, onboarding, account opening, and portfolio management across all major lines of business.

nCino 利用人工智慧驅動的統一、可擴展平台，透過智慧自動化功能，有效緩解了因資料來源分散、傳統技術和人工流程繁瑣而導致的關鍵痛點。 nCino 是唯一一款雲端原生 SaaS 平台，讓全球各種規模的金融機構都能無縫管理所有主要業務線的貸款、客戶存取、帳戶開立和投資組合管理。

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 have built a competitive mode that is both wide and deep.

因為我們是眾多客戶（包括大多數關鍵業務）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，服務於各種規模的銀行、信用社和獨立營銷商等廣泛而多元化的客戶群體，所以我們相信我們已經建立了一種既廣泛又深入的競爭模式。

Turning to our second quarter. We outperformed our guidance ranges for both our revenues and profitability metrics, and the evolution of our product strategy continues to be validated in the marketplace. With our flagship commercial loan origination solution, we saw strong activity in the North American enterprise market, including significant expansion agreements with Top 2 50 US banks and the Top 5 Canadian banks.

接下來進入第二季。我們在營收和獲利能力指標方面均超出了預期範圍，我們的產品策略的演進也持續在市場上得到驗證。憑藉我們的旗艦商業貸款發起解決方案，我們在北美企業市場取得了強勁的進展，包括與美國前 250 強銀行和加拿大前 5 強銀行達成了重要的擴張協議。

And in the mid-market, we saw an almost seven figure ACV commitment from a net new $10 billion asset bank for commercial lending. We also saw positive traction with our growth initiatives for fiscal 2026, which, as a reminder, are expanding our focus in EMEA, activating the credit union market, realizing the onboarding opportunity, cross-selling mortgage, and embedding AI data and analytics across our unified platform.

在中端市場，我們看到一家淨資產達 100 億美元的新銀行承諾向商業貸款提供近七位數的 ACV 資金。我們還看到，2026 財年的成長計畫取得了積極的進展，需要提醒的是，這些計畫包括擴大我們在 EMEA 地區的業務，激活信用合作社市場，實現客戶准入機會，交叉銷售抵押貸款，以及在我們的統一平台上嵌入人工智慧數據和分析。

On continental Europe, where we see an over $4 billion market opportunity, we signed our first customer in Spain. As we have seen over the history of the company, we expect success with the initial customer in a new geography to validate the nCino value proposition and fuel growth with other financial institutions in that geography.

在歐洲大陸，我們看到了超過 40 億美元的市場機會，我們在西班牙簽下了第一位客戶。從公司發展歷程來看，我們期望在新的地區獲得首位客戶的成功，以驗證 nCino 的價值主張，並推動該地區其他金融機構的成長。

Also in the quarter, Infosys, a strategic partner in the implementation of nCino at ABN Amro Bank, one of the largest banks in the Netherlands, issued a press release announcing a successful go live. This project strategically sought to transform ABN Amro's loan origination and collateral management process by consolidating multiple legacy systems into a single unified platform, enhancing ABN Amro's ability to serve its customers and streamline operations.

本季度，Infosys（荷蘭最大的銀行之一 ABN Amro 銀行 nCino 實施的策略合作夥伴）發布新聞稿，宣布系統已成功上線。該專案旨在透過將多個遺留系統整合到一個統一的平台中，策略性地改變荷蘭銀行的貸款發放和抵押品管理流程，從而增強荷蘭銀行服務客戶和簡化營運的能力。

We expect winds and more importantly go lives like these to precipitate more new business in our newer European markets throughout the second half of this year and beyond. In the credit union market where we previously announced the dedicated focus this year, we signed an expansion deal that included business lending and account opening, commercial lending, commercial pricing and profitability, and incentive compensation, which took a credit union with $12 billion in assets over the seven figure mark for their annual commitments to nCino.

我們預計，像這樣的風向，更重要的是像這樣的生活方式，將在今年下半年及以後，為我們在歐洲新興市場帶來更多的新業務。在我們之前宣布今年將重點關注的信用社市場，我們簽署了一項擴張協議，其中包括商業貸款和賬戶開立、商業貸款、商業定價和盈利能力以及激勵性薪酬，這使得一家資產達 120 億美元的信用社對 nCino 的年度承諾超過了七位數。

Overall, our credit union team added six new logos and 35 cross sales in the second quarter. Moving to onboarding in the second quarter, an existing UK Challenger Bank customer increased their ACV with nCino over 80% by broadening their adoption to include onboarding, demonstrating the market demand for technology that helps financial institutions manage the end to end client relationship.

總體而言，我們的信用社團隊在第二季新增了 6 個新標識，並實現了 35 筆交叉銷售。在第二季度轉向客戶導入環節後，一家現有的英國挑戰者銀行客戶透過擴大 nCino 的應用範圍，將客戶導入環節納入其中，使其 ACV 增長了 80% 以上，這表明市場對能夠幫助金融機構管理端到端客戶關係的技術的需求。

From acquisition to ongoing interactions and due diligence monitoring, ensuring a compliant, smooth and personalized experience. Turning to mortgage, the market showed signs of momentum in the second quarter with expansion activity from over 50 nCino mortgage customers, about half of which were depository institutions, evidencing the demand in our customer base to leverage our best in class unified platform across lines of business within their institution.

從收購到持續互動和盡職調查監控，確保合規、順暢和個人化的體驗。再來看抵押貸款市場，第二季市場呈現成長勢頭，超過 50 家 nCino 抵押貸款客戶開展了擴張活動，其中約一半是存款機構，這證明了我們的客戶群有需求在其機構內利用我們一流的統一平台來拓展各個業務線。

Seeing this level of activity across both depositories and IMBs with our mortgage solution is a positive signal. And as Greg will touch upon in his remarks, the year over year subscription revenues growth we saw in mortgage this quarter demonstrates that the platform pricing shift we made with mortgage over the past couple of years will prove beneficial as the industry recovers.

看到我們的抵押貸款解決方案在存款機構和獨立抵押貸款機構中都獲得瞭如此高的活動水平，這是一個積極的信號。正如 Greg 將在他的演講中提到的那樣，本季度我們在抵押貸款領域看到的訂閱收入同比增長表明，過去幾年我們在抵押貸款領域進行的平台定價調整，將在行業復甦時被證明是有益的。

Finally, on the AI front, I'm very excited to share our progress and what we believe will be as transformative for financial services as our pioneering move to cloud banking was over a decade ago. Banking advisor represents the first pillar of our AI strategy, and over 80 customers have now purchased this technology. Banking advisor represents an AI powered interface designed exclusively for financial institutions.

最後，在人工智慧領域，我非常興奮地與大家分享我們的進展，我們相信這將像十多年前我們率先邁向雲端銀行一樣，為金融服務帶來改變。銀行顧問是我們人工智慧策略的第一支柱，目前已有超過 80 位客戶購買了這項技術。銀行顧問是一個由人工智慧驅動的介面，專為金融機構設計。

Unlike generic AI solutions, banking advisor is deeply integrated into nCino workflows and understands financial products, process workflows, regulatory nuances, and day to day banking realities.

與通用人工智慧解決方案不同，銀行顧問深度整合到 nCino 工作流程中，了解金融產品、流程工作流程、監管細微差別和日常銀行業務實際情況。

Banking advisor is evolving to become the primary interface through which our customers will experience increasingly sophisticated AI capabilities and fully agentic workflows, which we plan to start rolling out to the market next quarter.

銀行顧問正在演變為客戶體驗日益複雜的人工智慧功能和全智慧工作流程的主要介面，我們計劃在下個季度開始向市場推出這些功能。

As our product development organization continues to deepen and widen our AI mode, and as more and more financial institutions look to nCino to help them navigate their AI journey, we are laser focused on ensuring the successful adoption of banking advisor by the initial cohort of customers.

隨著我們的產品開發組織不斷深化和擴展我們的人工智慧模式，以及越來越多的金融機構尋求 nCino 來幫助他們駕馭人工智慧之旅，我們正全力確保首批客戶成功採用銀行顧問服務。

Financial institutions don't just need AI tools. They want a partner. They trust who deeply understands banking, has a proven ability to drive industry-wide change, and possesses the data foundation necessary to build truly differentiated AI capabilities. nCino has been that partner through our customers' introduction to the cloud, and we strongly believe no company is better positioned than nCino to lead the AI transformation of financial services.

金融機構需要的不僅是人工智慧工具。他們想要一個伴侶。他們信任那些對銀行業有著深刻理解、擁有推動產業變革的卓越能力，並且具備建立真正差異化人工智慧能力所需的數據基礎的公司。 nCino 一直是我們客戶邁向雲端的合作夥伴，我們堅信，沒有任何一家公司比 nCino 更適合引領金融服務業的人工智慧轉型。

Specifically, nCino provides mission critical systems for our customers. We understand the regulatory complexities and nuances our customers must navigate and comply with on a global basis. We are a trusted data partner with a deep appreciation for the confidential nature of our customers' information and the infrastructure required to protect it.

具體來說，nCino 為我們的客戶提供關鍵任務系統。我們了解客戶在全球範圍內必須應對和遵守的監管複雜性和細微差別。我們是值得信賴的資料合作夥伴，我們深知客戶資訊的保密性以及保護這些資訊所需的基礎設施的重要性。

And we understand the context in which AI tools are used because of our singular financial services vertical market focus across commercial, consumer, and mortgage lines of business. These factors, along with our scale, global presence, reputation in the market, and best of breed product portfolio, make us uniquely positioned to be the worldwide leader in AI banking.

我們了解人工智慧工具的使用背景，因為我們專注於商業、消費和抵押貸款等各個業務領域的金融服務垂直市場。這些因素，加上我們的規模、全球影響力、市場聲譽和一流的產品組合，使我們擁有獨特的優勢，成為人工智慧銀行的全球領導者。

AI is coming up in virtually every customer conversation, and we are already seeing our AI first approach contributing as a differentiator that helps move deals over the finish line, including being a catalyst for customers to transition to our new pricing framework. With that, I'll hand the call over to Greg to walk you through our financial results.

人工智慧幾乎出現在與客戶的每一次對話中，我們已經看到我們以人工智慧為先導的方法正在成為一種差異化因素，有助於促成交易，包括促使客戶過渡到我們新的定價框架。接下來，我會把電話交給格雷格，讓他為大家介紹我們的財務表現。

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

謝謝肖恩，也謝謝各位今天蒞臨我們的節目。請注意，除非另有說明，否則我發言中提到的所有數字均為非GAAP財務數據。有關與可比較 GAAP 指標的調節表，請參閱我們今天發布的收益報告，該報告可在我們的網站上查閱，也可作為本次電話會議之前提交給美國證券交易委員會的 8K 表格的附件查閱。

In the second quarter, total revenues were $148.8 million up 12% year over year. Subscription revenues were $130.8 million up 15% year over year on a reported basis and 10% organically. As noted on slide 15 of our second quarter earnings presentation of the approximately $4.3 million overperformance against the top end of our second quarter subscription revenues guidance, $900,000 was a result of solid execution against our plan.

第二季總營收為 1.488 億美元，年增 12%。訂閱收入為 1.308 億美元，按報告數據計算年增 15%，以自然成長計算年增 10%。正如我們在第二季度收益簡報第 15 頁中所述，我們第二季度訂閱收入超出預期上限約 430 萬美元，其中 90 萬美元是由於我們計劃的實際執行所致。

$1.7 million was due to overperformance from our US mortgage business, where we saw subscription revenues of $20.9 million up 22% year over year and $1.6 million was a result of favorable foreign exchange rates relative to plan. Professional services revenues were $18.1 million a decrease of 2% year over year.

其中 170 萬美元是由於美國抵押貸款業務的超額收益，該業務的訂閱收入為 2090 萬美元，同比增長 22%；另外 160 萬美元是由於相對於計劃而言有利的匯率。專業服務收入為 1,810 萬美元，年減 2%。

As I addressed at our investor day in May, well, it will take some time to see results, professional services’ gross profit growth will be the focal point of our internal operating plans versus driving additional professional services revenues growth. And we remain focused on realizing quicker deployment timelines through the use of AI and sandbox banking, and by taking a more prescriptive approach to projects.

正如我在五月的投資者日上所說，要看到成效還需要一段時間，專業服務——毛利成長將是我們內部營運計畫的重點，而不是推動額外的專業服務收入成長。我們將繼續致力於透過人工智慧和沙盒銀行技術，以及對專案採取更具指導性的方法，來實現更快的部署時間表。

Non-US total revenues were $33.5 million, up 22% or 19% in constant currency. Non-US subscription revenues were $27.4 million, up 30% or 27% in constant currency, and 10% organically. Please note our discussion of constant currency excludes any currency impact on revenues from full circle. Non-GAAP operating income was $30 million or 20% of total revenues.

美國以外地區的總收入為 3,350 萬美元，成長 22%，以固定匯率計算成長 19%。非美國地區的訂閱收入為 2,740 萬美元，成長 30%（以固定匯率計算成長 27%），有機成長 10%。請注意，我們對固定匯率的討論不包括匯率對整個循環收入的任何影響。非GAAP營業收入為3000萬美元，佔總收入的20%。

Overperformance against our subscription revenues guidance contributed approximately $3.7 million of non-GAAP operating income, and the balance of our overperformance against guidance came from solid execution on efficiency initiatives. We ended the quarter with $123.2 million in cash, including restricted cash, and $203.5 million outstanding on our line of credit.

訂閱收入超出預期貢獻了約 370 萬美元的非 GAAP 營業收入，其餘超出預期的部分則來自效率提升措施的有效執行。本季末，我們持有現金 1.232 億美元（包括受限現金），未償還信貸額度為 2.035 億美元。

We repurchased approximately 750,000 shares of our common stock in the second quarter at an average price of $26.89 per share, for total consideration of approximately $20 million. When added to the stock we acquired in the first quarter, we have repurchased approximately $2.6 million shares at an average price of $23.53 per share for total consideration of approximately $60.6 million against the $100 million authorization.

第二季度，我們以每股 26.89 美元的平均價格回購了約 75 萬股普通股，總對價約 2,000 萬美元。加上我們在第一季獲得的股票，我們已回購了約 260 萬股股票，平均每股價格為 23.53 美元，總對價約為 6,060 萬美元，超過了 1 億美元的授權額度。

As we stated last quarter, our capital focus for the time being will be on realizing the benefits of the prior acquisitions we have made and on share repurchases. Our platform pricing transition continues to proceed according to our expectations, including price uplifts, and we have now converted approximately 21% of our ACB to platform pricing.

正如我們上個季度所述，我們目前的資本重點將放在實現我們先前收購的收益以及股票回購。我們的平台定價轉型正按預期進行，包括價格上調，目前我們已將約 21% 的 ACB 轉換為平台定價。

Now turning to guidance. For the third quarter of fiscal 2026, we expect total revenues of $146 million to $148 million and subscription revenues of $127.5 million to $129.5 million an increase of 6% and 7% respectively at the midpoints of the ranges, including approximately $5.5 million of inorganic subscription revenues from full circle and sandbox banking.

現在進入指導環節。對於 2026 財年第三季度，我們預計總收入為 1.46 億美元至 1.48 億美元，訂閱收入為 1.275 億美元至 1.295 億美元，分別比預期範圍的中點增長 6% 和 7%，其中包括來自全方位銀行和沙盒銀行的約 550 萬美元的非內生訂閱收入。

Non-GAAP operating income in the third quarter is expected to be $31.5 million to $33.5 million and non-GAAP net income attributable to nCino per share is expected to be $0.20 to $0.21 based upon $117 million diluted shares outstanding.

第三季非GAAP營業收入預計為3,150萬美元至3,350萬美元，歸屬於nCino的非GAAP每股淨收入預計為0.20美元至0.21美元，基於1.17億股稀釋後流通股計算得出。

If you turn the slide 16 of our second quarter earnings presentation, you'll see for the full year, we are flowing through the $900,000 second quarter execution base beat and increasing our full year subscription revenues guidance by $2.7 million. We are also increasing our outlook for US mortgage subscription revenues growth for the full year by the approximately $1.7 million over performance in the second quarter.

如果您翻到我們第二季財報的第 16 頁，您會看到，就全年而言，我們實現了第二季 90 萬美元的執行基數超預期，並將全年訂閱收入預期提高了 270 萬美元。我們同時將全年美國抵押貸款認購收入成長預期上調約 170 萬美元，高於第二季的預期。

While we are planning for mortgage subscription revenues to be down both year over year and taking seasonality into account sequentially in the third quarter, we now expect US mortgage subscription revenues growth of approximately 5% for fiscal '26, up from our prior guidance of flat year over year.

儘管我們預計第三季抵押貸款訂閱收入將年減，並考慮到季節性因素，環比下降，但我們現在預計 2026 財年美國抵押貸款訂閱收入將增長約 5%，高於我們之前預期的同比持平。

The accretive subscription revenues growth contributed by our mortgage business in the second quarter is the result of volume growth concentrated in some large IMB and home builder customers. Our mortgage team did a tremendous job acquiring these customers in the lows of the mortgage cycle, and we are quite encouraged by these results.

第二季度，我們抵押貸款業務帶來的訂閱收入成長，主要得益於一些大型獨立抵押貸款機構和房屋建築商客戶的業務量成長。我們的抵押貸款團隊在抵押貸款週期低迷時期出色地完成了客戶獲取工作，我們對這些結果感到非常鼓舞。

However, in keeping with our new guidance philosophy, we are not extrapolating this over performance to the rest of the year at this time. With respect to FX, our prior subscription revenues guidance for fiscal '26 assumed a relatively strong US, which weakened in the second quarter.

然而，根據我們新的指導理念，我們目前不會將這項業績推論到今年剩餘時間。關於外匯方面，我們先前對 2026 財年訂閱營收的預期是基於美國經濟相對強勁的假設，但美國經濟在第二季走弱。

Our revised full year subscription revenues outlook includes adding approximately $2.1 million of foreign currency benefit relative to our plan for the fiscal year, which includes approximately $1.6 million realized in the second quarter with the $500,000 balance of the benefit expected in the fourth quarter when the US dollar was strongest last year.

我們修訂後的全年訂閱收入預期包括增加約 210 萬美元的外匯收益，這與我們本財年的計劃相比有所增加，其中包括第二季度實現的約 160 萬美元收益，剩餘的 50 萬美元收益預計將在去年美元走強的第四季度實現。

Full circle and sandbox banking have been contributing subscription revenues in accordance with the plan. So our outlook for fiscal '26 inorganic subscription revenues of $17.5 million remains unchanged. For fiscal '26, we now expect subscription revenues of $513.5 million to $517.5 million up from our prior guidance of $507 million to $511 million, representing 10% growth at the midpoint of the range and 9% in constant currency.

Full circle 和沙盒銀行業務一直按照計畫貢獻訂閱收入。因此，我們對 2026 財年非有機訂閱收入 1,750 萬美元的預期保持不變。我們現在預計 2026 財年的訂閱收入為 5.135 億美元至 5.175 億美元，高於我們之前預期的 5.07 億美元至 5.11 億美元，按區間中點計算增長 10%，按固定匯率計算增長 9%。

As a reminder, our second half fiscal '26 year over year subscription revenues comparisons are negatively impacted by an approximately 3% headwind in both the 3rd and 4th quarters as a result of one-time subscription revenues that occurred in the second half of fiscal '25.

提醒各位，由於 2025 財年下半年出現了一次性訂閱收入，導致 2026 財年下半年的訂閱收入同比數據在第三季度和第四季度分別受到約 3% 的負面影響。

We also continue to expect the fourth quarter to represent the lowest year over year subscription revenues growth for the year. For fiscal '26, we now expect total revenues of $585 million to $589 million, up from our prior guidance of $578.5 million to $582.5 million representing growth of approximately 9% at the midpoint of the range and 8% in constant currency.

我們也預計，第四季將是全年訂閱收入年增率最低的季度。我們現在預計 2026 財年總營收為 5.85 億美元至 5.89 億美元，高於我們先前預測的 5.785 億美元至 5.825 億美元，按區間中點計算成長約 9%，以固定匯率計算成長約 8%。

We now expect our fiscal '26 non-GAAP operating income to be $117.5 million to $121.5 million up from our prior range of $112 million to $116 million, representing an approximately 24% increase over fiscal '25 at the midpoint.

我們現在預計 2026 財年非 GAAP 營業收入將達到 1.175 億美元至 1.215 億美元，高於先前預期的 1.12 億美元至 1.16 億美元，比 2025 財年中點成長約 24%。

Non-GAAP net income attributable to nCino per diluted share is now expected to be $0.77 to $0.80 based upon a weighted average of approximately $118 million diluted shares outstanding, which does not factor in any additional share repurchases beyond those we have made to date. This guidance assumes interest expense incurred under our credit facility of approximately $15 million for the fiscal year.

根據約 1.18 億股稀釋後流通股的加權平均值，歸屬於 nCino 的非 GAAP 每股淨收益預計為 0.77 美元至 0.80 美元，這還不包括我們迄今為止已進行的任何其他股票回購。該指導意見假設本財年根據我們的信貸安排產生的利息支出約為 1500 萬美元。

Finally, our fiscal '26 outlook for ACV is $564 million to $567 million representing growth of 10% at the midpoint of the range, which reflects constant currency as unlike revenues, ACV is measured in rates at the end of the period. Our guidance represents net additions to ACV of $48 million to $51 million in the year, including $4.5 million from the acquisition of Sandbox Banking.

最後，我們對 2026 財年 ACV 的預期為 5.64 億美元至 5.67 億美元，按區間中點計算成長 10%，這反映了固定匯率，因為與營收不同，ACV 是以期末利率計算的。我們的預期是，本年度 ACV 淨增加 4,800 萬美元至 5,100 萬美元，其中包括收購 Sandbox Banking 帶來的 450 萬美元。

Our confidence in meeting or exceeding this outlook is underscored by the net bookings we achieved in the first half of the year, and the opportunities we see in the pipeline for the remainder of the year. I'll remind you that ACV bookings have historically been seasonally stronger in the second half of the year, hence the rationale for an annual cadence of our disclosure of this metric.

我們上半年取得的淨預訂量以及下半年即將出現的機會，都印證了我們對實現或超越這個預期目標的信心。我提醒各位，ACV 預訂量歷來在下半年季節性地更為強勁，因此我們才決定每年披露一次該指標。

In closing, we are quite pleased with the progress we have made in the first half of the year, and are very excited about the deal activity and sales opportunities we are seeing in the market. We remain confident that we are on track to achieving rule of 40 around the fourth quarter of fiscal '27 as stated on our fourth quarter fiscal '25 earnings call. With that, I will open the line for questions.

最後，我們對今年上半年的進展感到非常滿意，並且對市場上的交易活動和銷售機會感到非常興奮。我們仍然有信心，正如我們在 2025 財年第四季財報電話會議上所說，我們將在 2027 財年第四季左右實現 40 法則。接下來，我將開放提問環節。

(Operator Instructions)

（操作說明）

Brent Bracelin, Piper Sandler Companies.

Brent Bracelin，Piper Sandler 公司。

Thank you. Good afternoon. Greg, it's great to see the biggest revenue beat here since the lockdown days and the digital surge we first sought. Based on our estimates, it looks like organic growth re-accelerated for the first time in three years.

謝謝。午安.格雷格，很高興看到自疫情封鎖時期和我們最初追求的數位化浪潮以來，營收實現了最大幅度的成長。根據我們的估計，有機成長似乎在三年來首次再次加速。

Can you maybe frame the drivers behind the strength that you're seeing and whether those are sustainable or whether there's some one-time things that helped you this quarter? Thanks.

您能否分析一下您目前業績強勁成長的驅動因素，以及這些因素是否具有可持續性，或者是否有一些一次性因素在本季對您有所幫助？謝謝。

Yeah, thanks, Brett. Yeah, I think first and foremost, again, just solid execution from the team and so appreciative of everyone's efforts. Everyone is very focused on executing the plan. I think taking a step back, I think the macro in general is more supportive than what we've seen getting back to your comments about kind of the pre pre-COVID days.

是啊，謝謝你，布雷特。是的，我認為首先也是最重要的是，團隊執行力很強，非常感謝每個人的努力。每個人都非常專注於執行計劃。我認為，從宏觀角度來看，總體而言，情況比你之前提到的新冠疫情爆發前的日子要好得多。

The headwinds that we've been navigating have generally subsided. And ultimately, as we talked about on the call from a deal activity standpoint and from a sales opportunity standpoint, we haven't seen this level of activity in quite some time. And so we feel good about the business and I think the team is very focused on just execution.

我們之前遇到的逆風已經基本減弱。最後，正如我們在電話會議中從交易活動和銷售機會的角度所討論的那樣，我們已經很久沒有看到這種程度的活動了。因此，我們對公司業務感到滿意，我認為團隊非常專注於執行。

Helpful color there and then Sean, maybe for you on AI it sounds like you're getting some nice early proof points that you have some differentiation we're seeing in other areas, applied AI in these domain specific areas are also having success.

肖恩，你剛才提到的顏色或許對你有幫助。也許對你來說，人工智慧方面似乎已經取得了一些不錯的早期成果，證明你與其他領域相比具有一些差異化優勢。在這些特定領域應用人工智慧也取得了成功。

Banking advisor looks like you're now at 80 customers. I think you talked about maybe a little under 20 entering the year, what's resonating there and how important are these fully agentic workflows coming out next quarter in building on that momentum? Thanks.

銀行顧問，看來您現在已經有 80 位客戶了。我想你提到過年初的時候可能接近 20 個，是什麼引起了共鳴？下個季度推出的這些完全智慧化的工作流程對於鞏固這股勢頭有多重要？謝謝。

Yeah, I appreciate the question. Indeed, AI is coming up in every customer conversation we have in the field, and it is contributing meaningfully to wins thus far the first half of the year. So we're excited to build on that momentum and it also pulls through the platform story.

是的，感謝你的提問。事實上，人工智慧在我們與客戶的每一次交流中都會被提及，並且在今年上半年迄今的成功中發揮了重要作用。所以我們很高興能夠在此基礎上繼續發展，這也與平台的故事相契合。

Customers recognize that we have built up a decade of process centric data and a point of view on that data that informs decisions as well as recommendations we can make to help banks improve their efficiency, and that's ultimately our overarching goal here at nCino. So we're excited about that, the uptake on banking advisor.

客戶意識到，我們在過去十年中累積了以流程為中心的數據，並基於這些數據形成了獨特的觀點，這不僅能為決策提供依據，還能為我們提出的建議提供依據，從而幫助銀行提高效率，而這正是 nCino 的最終目標。所以我們對此感到興奮，對銀行顧問的需求成長感到興奮。

We do have to remember there is a change management journey there, right, as we roll out banking advisor skills, we are changing fundamentally the way people do their jobs, and they, as they embrace that, there's a learning curve, and so we're busy investing in the adoption of that, helping people navigate that, and that's fun work to be doing because we've always aspired to just change the way people do their jobs in this industry.

我們必須記住，這其中存在著一個變革管理的過程，對吧？隨著我們推廣銀行顧問技能，我們正在從根本上改變人們的工作方式，而當他們接受這種改變時，會有一個學習曲線，所以我們正忙於投資於技能的採用，幫助人們應對這一過程，這是一項很有趣的工作，因為我們一直渴望改變這個行業中人們的工作方式。

And then finally when it comes to agentic experiences, we believe we're going to deliver them, even earlier than we anticipated this, in this call last quarter. So, we are seeing teams come to the table with a genetic experiences reimagining existing and seeing a workflow that are going to show up before the end of this year, and that's exciting. That's exactly the conversation our customers want to have.

最後，關於智慧體體驗，我們相信我們將能夠實現這些體驗，甚至比我們在上個季度電話會議上預期的還要早。所以，我們看到各個團隊帶著基因體驗來到談判桌前，重新構想現有的流程，並看到了將在今年年底前出現的流程，這令人興奮。這正是我們的客戶想要進行的對話。

And they remind us that while they're excited. They're also going to be conservative in terms of how they adopt these. So we're finding the right balance between getting excited about agentic workflows but driving that out in a very in a very realistic as well as mature sort of a way that we're not compromising risk and compliance within the institution.

他們提醒我們，儘管他們很興奮。他們在採納這些措施方面也會採取保守的態度。因此，我們正在努力找到合適的平衡點，既要對智慧工作流程感到興奮，又要以非常現實和成熟的方式推進，以免損害機構內部的風險和合規性。

Helpful color there, guys. Thank you.

顏色很有用，夥計們。謝謝。

Thanks man.

謝謝老兄。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Yeah. Hi Sean, Greg and Harrison. Maybe I should try this Buenas Tardes. Don't laugh at me. I'm my Spanish. Good to see the Spanish win, but I think there was a little la there. But I first wanted to focus on platform pricing and then I want to follow up with mortgage. So as you have these platform pricing conversations and it sounded like you had some success with top2 50 banks and then the Top 5 Canadian bank.

是的。嗨，肖恩、格雷格和哈里森。也許我應該試試這杯Buenas Tardes。別笑我。我是我的西班牙人。很高興看到西班牙隊獲勝，但我認為其中有點瑕疵。但我首先想專注於平台定價，然後再跟進抵押貸款事宜。所以，在進行這些平台定價討論時，聽起來你與排名前 50 的銀行以及排名前 5 的加拿大銀行都取得了一些成功。

What kind of uplift are you seeing and then how important and how is that actually tracking in terms of your expectations you had on platform pricing, and how do you think about that and to next year, given probably there's even a larger base of renewals and then I had a mortgage follow up question. Thank you.

您看到了什麼樣的成長？這種成長有多重要？它與您之前對平台定價的預期相比，實際表現如何？您如何看待明年的情況？考慮到明年續約客戶基數可能會更大。之後我還有一個關於抵押貸款的後續問題。謝謝。

Yeah, thanks for the question, Terry. A few things I think to unpack there. First and foremost, just in terms of the pricing transition, as we noted in the prepared remarks, so far, I think it's going well in accordance with our expectations. And so we're really pleased with that. The team's invested a lot of time and energy and enablement to execute that.

是的，謝謝你的提問，特里。我覺得有幾點要解釋一下。首先，就價格過渡而言，正如我們在準備好的演講稿中所提到的，到目前為止，我認為進展順利，符合我們的預期。所以，我們對此非常滿意。團隊投入了大量的時間、精力和資源來實現這一目標。

So far, we are seeing price uplifts consistent with our expectations. We've told folks that we like to target around a 10% uplift just on an apples to apples basis. So no additional product, just switching from on renewal to the new model.

目前來看，價格上漲與我們的預期相符。我們已經告訴大家，我們希望在同等條件下達到 10% 左右的提升。所以不需要額外產品，只是從續訂機型切換到新機型。

Ultimately the biggest cohort of migrations or renewals this year is going to be in the fourth quarter. So, we want to work through that before we kind of come out with what we see through that because again that's going to be the largest cohort for this year.

今年最大的遷移或續約潮將出現在第四季。所以，我們希望先解決這個問題，然後再公佈我們透過這個問題得出的結論，因為這將是今年規模最大的群體。

But it's going well, going in accordance with our expectations, and we see people embracing it, particularly as Sean noted with the with the AI and the banking adviser skills that are part of that transition.

但一切進展順利，符合我們的預期，我們看到人們欣然接受，特別是正如肖恩所指出的，人工智慧和銀行顧問技能是這項轉型的一部分。

That's great. And just on the mortgage side, it's impressive to hear about 5% versus flat. I think Sean, you were talking about it almost sounds like there's some share gains. This isn't a reliance on mortgage industry changing or getting better, but IMBs and then home builders. Is there more you can pull from them just winning in a tough market, whether it's in 3Q or beyond, or, how much do you have to start seeing the industry get better? Thank you.

那太棒了。就抵押貸款方面而言，聽到利率降至 5% 而不是保持不變，確實令人印象深刻。肖恩，我覺得你剛才說的好像是股價有上漲。這並不是指望抵押貸款行業發生改變或變得更好，而是指獨立抵押貸款機構（IMB）和房屋建築商。在市場競爭激烈的環境下，無論是在第三季還是之後，他們僅僅取得勝利還能帶來什麼？或者，你還需要看到多少才能開始看到產業好轉？謝謝。

Yeah, so we are excited about the momentum there. I think the convergence of churn settling down to our historic low norms there in addition to the activity we see in the pipeline is resulting in, and a picture where we have more deal activity out there than we've had in quite some time.

是的，我們對這方面的發展動能感到興奮。我認為，客戶流失率穩定在我們歷史低位，再加上我們看到的在建專案活動，導致目前的交易活動比很長一段時間以來都要多。

In fact, I had a number of the field mortgage employees in my office just yesterday talking about this activity and the excitement and the number of meetings I have just in the next month with some customers in that IMB space that you mentioned as well as depository institutions where we're energized by that.

事實上，就在昨天，我的辦公室裡還有一些負責現場抵押貸款的員工在談論這項業務，以及我接下來一個月將要與一些你提到的IMB領域的客戶和存款機構舉行的會議，我們對此感到非常興奮。

So, I don't think we need to rely on any announcements from the NBA. We don't need to rely on any correlations to interest rates. We simply need to execute and have the best tech in the marketplace. We have a relatively crowded space there with a lot of competitors. That's healthy that keeps us sharp, and I feel really good about our position competing in that space. Thanks, nice job.

所以，我認為我們不需要依賴NBA的任何公告。我們無需依賴任何與利率的相關性。我們只需要執行到位，並擁有市場上最好的技術。我們那裡的市場競爭比較激烈，有許多競爭對手。這有利於保持我們的敏銳度，我對我們在該領域的競爭地位感到非常滿意。謝謝，幹得漂亮。

Thanks, Terry.

謝謝你，特里。

Ryan Tomasello, Keefe, Bruyette & Woods North America.

Ryan Tomasello，Keefe, Bruyette & Woods 北美公司。

Hi, everyone, thanks for taking the questions. I wanted to start on the credit union wins you called out, I think six net new logos in that category, which seems strong. Just any context around what drove those, if any of those were competitive takeaways.

大家好，感謝大家回答問題。我想先談談你提到的信用社的勝利，我認為該類別新增了六個標誌，這看起來很不錯。只是想了解這些做法背後的原因，以及其中是否有任何與競爭相關的收穫。

And regarding the broader activation of that new go to market team, do you feel like that salesforce is now kind of fully hitting its stride in this pace of sales, or there's still more ramp, as pipelines build with that new go to market activation? Thanks.

至於新市場推廣團隊的全面啟動，您是否覺得該銷售團隊現在已經完全適應了目前的銷售節奏，還是隨著新市場推廣活動的啟動，銷售管道的建立，還需要進一步提升？謝謝。

Yeah, I think the six deals are a validation of why we made the investment to activate this team. We have the technology. We have the solutions. We're solving the same business problems, but we're speaking the language of a segment of the market that we just had not been as focused on before as we talk about execution, discipline and focus, and that's an area that we're laser focused, and that team is enthused and energized by that opportunity.

是的，我認為這六筆交易證明了我們當初投資組建這支團隊的決定是正確的。我們擁有這項技術。我們有解決辦法。我們解決的是同樣的業務問題，但我們用的是我們之前不太關注的市場區隔領域的語言。我們談論執行力、紀律和專注力，而這正是我們重點關注的領域，團隊也因此充滿熱情和活力。

So I expect that we'll continue that momentum there. We have opportunities in automated small business. We have opportunities in mortgage. We have opportunities in commercial and consumer lending, all just core bread and butter things that we do here at nCino. And then we have an opportunity to cross sell the platform, right?

所以我認為我們會繼續保持這種勢頭。我們在自動化小型企業領域擁有許多機會。我們在抵押貸款領域有很多機會。我們在商業貸款和消費貸款方面都有機會，這些都是我們在 nCino 所做的核心業務。這樣我們就有機會交叉銷售該平台，對吧？

We have a well-established credit union customer base based on doing business there for over a decade, and we're seeing opportunities to cross sell there with that team. So it's a matter of focus and it's exciting to see that one of our key growth initiatives is being validated at this point in the year.

我們與信用社建立了穩固的客戶基礎，這得益於我們十多年來在該機構的業務往來，我們看到了與該團隊進行交叉銷售的機會。所以關鍵在於專注於重點，令人興奮的是，我們一項重要的成長計畫在今年這個時候得到了驗證。

Great. And then now that you have several quarters of banking adviser usage data, and I think you called out roughly 80 customers onboarded. Any color on sizing, the type of uplift you're seeing from those usage credit credits to ACVs. I understand that banking advisor doesn't actually count towards ACV, but any way to size that in terms of the usage benefits would be helpful. Thanks.

偉大的。現在你們已經掌握了幾個季度的銀行顧問使用數據，而且我認為你們提到了大約 80 位新客戶。尺寸上的任何顏色，以及您從這些使用積分到 ACV 所看到的提升類型。我知道銀行顧問實際上並不計入年度合約價值 (ACV)，但任何能夠根據使用效益來衡量其價值的方法都將有所幫助。謝謝。

Yeah, Ryan, for this year it's, I think we've mentioned this, but just to reinforce, it's not part of our fiscal '26 financial plan. Right now the focus of the team is getting that technology in as many of our customers' environments as we can and as Sean said is then taking them on that journey kind of cohort by cohort, enabling them to leverage the technology and so that will take some time to work through.

是的，瑞安，今年的情況是，我想我們已經提到過，但為了再次強調，它不屬於我們 2026 財年的財務計劃。目前團隊的重點是盡可能地將這項技術應用到我們客戶的環境中，正如肖恩所說，然後我們將分批帶領他們完成這個過程，使他們能夠利用這項技術，因此這需要一些時間來完成。

And so that's where our focus right now is very much on the adoption of the technology, and we'll see how that plays out as the year progresses in anticipation of having that be part of our plan for next year. But again, we want to get a little bit more data and more data points from the evolution, but we are very pleased with what we're seeing so far, and the receptivity to, people again looking to us and nCino to take them on this AI journey.

因此，我們目前的重點是推廣這項技術，我們將觀察這一年的發展情況，並期待將其納入我們明年的計劃。但是，我們希望從發展過程中獲得更多數據和數據點，但我們對目前所看到的情況以及人們的接受度非常滿意，人們再次期待我們和 nCino 帶領他們踏上這段人工智慧之旅。

Great, thanks for taking the questions.

太好了，謝謝你回答這些問題。

Michael Infante, Morgan Stanley.

麥可‧因凡特，摩根士丹利。

Hey guys, nice results. Thanks for taking my question. Greg, you're obviously called out, your commentary just in terms of your ability to meet or exceed the full your ACB outlook. I just wanted to ask on the sort of two buckets you called out between, performance in the quarter versus what you see in the pipe, like how would you sort of speak to your level of visibility and sort of how that has improved throughout the quarter. Thanks.

嘿，夥計們，結果不錯。謝謝您回答我的問題。格雷格，很明顯，有人點名批評你，你的評論僅僅針對你能否達到或超過ACB的全部預期。我只是想問您提到的兩個方面，即本季度業績與您所看到的潛力，您如何看待您的可見度，以及它在本季度是如何提高的。謝謝。

Yeah, thanks for the question, Michael. Yeah, again, I did note our confidence. Ultimately, we've got to go execute, right? We have to go get the business, but the business is out there, and as I think we said, we feel good about it. We have not seen this level of deal activity and opportunities and, as I said, in quite some time.

是的，謝謝你的提問，麥可。是的，我再次注意到了我們的自信。最終，我們還是得去執行，對吧？我們必須去爭取生意，但生意就在那裡，正如我們所說，我們對此充滿信心。我們已經很久沒有看到如此高水準的交易活動和機會了，正如我所說。

So that's encouraging team focused on execution. And yeah, in terms of, looking at the AC guide again, I think we feel good with really both components. What we did in the first half on a net bookings basis, as well as the pipeline. So I think both of those are contributing again to our to our confidence and then like I said, it's just about execution.

所以這是一個令人鼓舞的、專注於執行的團隊。是的，再看一下空調指南，我覺得我們對這兩個組件都挺滿意的。我們在上半年的淨預訂量以及專案儲備方面所取得的成績。所以我認為這兩方面都增強了我們的信心，然後就像我說的，關鍵就在於執行力。

Helpful and then just a quick housekeeping follow up on Ryan's question. So just on the banking adviser, despite all of the success that you're seeing on go lives and some of the positive usage trends, the assumption from a revenue contribution basis for banking advisor specifically is that you're still not going to see any revenue from that product this year, is that correct?

很有幫助，然後又快速地補充了一些關於 Ryan 問題的注意事項。所以，就銀行顧問產品而言，儘管您在產品上線方面取得了成功，並且出現了一些積極的使用趨勢，但從銀行顧問產品的收入貢獻角度來看，您今年仍然不會從該產品中獲得任何收入，是這樣嗎？

That's correct, certainly from an overage perspective, that's right. And again, the focus is on adoption, and helping again, as Sean said, help our customers transform the way that they do business with technology. Thanks.

沒錯，從超齡的角度來看，確實如此。再次強調，重點在於推廣應用，正如肖恩所說，幫助我們的客戶改變利用科技開展業務的方式。謝謝。

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛集團。

Great. Thanks so much for taking the question. I wanted to ask on DocFox's and in full circle, obviously a number of months since those have been generally available, what are we know what was sort of the performance highlights there in the quarter and then how are you feeling about the pipeline of those two products and maybe just, onboarding and account opening category more broadly into the back half of the year and into calendar '26. Thanks.

偉大的。非常感謝您回答這個問題。我想問一下關於 DocFox 的問題，以及，顯然自從這些產品普遍上市以來已經過去了幾個月，我們知道本季度業績亮點是什麼，然後您對這兩個產品的研發進度有何看法，以及您對下半年和 2026 年的入職和開戶類別有何看法。謝謝。

Yeah, with respect to the integration of full circle, we're on track to revenue plan as noted in prepared remarks, and we're really happy with the technical work that is ongoing there that we could deliver a full CLM solution customer life cycle management in the MBM market.

是的，關於全方位整合，正如我們在準備好的發言稿中提到的，我們正按計劃推進收入目標，我們對正在進行的技術工作感到非常滿意，我們能夠在 MBM 市場提供完整的 CLM 解決方案（客戶生命週期管理）。

With respect to DocFox's, consistent with the message we've been delivering this year, we have been doing the technical work that will set up sales cycles the back half of this year that we think will be a creative next year. So the lion's share of that work has been completed.

關於 DocFox，與我們今年一直傳達的訊息一致，我們一直在進行技術工作，為今年下半年的銷售週期做準備，我們認為這將在明年帶來創意。所以，大部分工作已經完成。

The teams continue to get a fully end to end integrated onboarding straight through into origination and onboarding into account opening, scenarios, and that's exactly what our customers are asking for.

團隊將繼續獲得從發起和開戶到場景設定的完整端到端整合式客戶匯入流程，而這正是我們的客戶所要求的。

And Adam just as a reminder, we were just as a reminder, we released that at the end of May and so to Sean's point, we release that an insight and so seeing this pipeline build, that's what we've been focused on, and we would expect to see results, over the coming quarters.

亞當，我再提醒一下，我們是在五月底發布的，正如肖恩所說，我們發布了一些見解，看到這個管道不斷建立，這就是我們一直關注的重點，我們預計在接下來的幾個季度會看到成果。

Okay, thanks Greg and John, really helpful and then Greg, just on the comment you made around reiterating the fiscal '27 rule of 40 by the end of the year, with that, with the revenue growth outperformance and then the sort of operating income out performance that's commensurate with that so far this year.

好的，謝謝 Greg 和 John，真的很有幫助。 Greg，關於你之前提到的 2027 財年年底前達到 40 的規則，以及今年迄今為止收入增長超預期和營業收入超預期的情況。

Any changes to the way you're thinking about the relative contribution from revenue growth versus operating margin or which one you're prioritizing or thinking about versus the other maybe versus when you talked to us three months ago thank you.

您對營收成長與營業利潤率的相對貢獻的看法是否有所改變？或者您更重視哪一個？或者您考慮哪一個而不是另一個？也許與您三個月前和我們談話時的看法有所不同，謝謝。

Yeah, you bet. Look, our focus, as has been on growth, and obviously we've had some headwinds to navigate and as I mentioned earlier, from a macro perspective, it is quite a bit more supportive, and those headwinds have largely subsided and so we're always going to err on the side of growth. We think there's a tremendous opportunity out there for us. We think we have an unparalleled product portfolio.

當然。你看，我們一直以來的重點都是成長，顯然我們也遇到了一些阻力，正如我之前提到的，從宏觀角度來看，情況已經好轉很多，這些阻力也基本上消退了，所以我們始終會優先考慮增長。我們認為外面有很多絕佳的機會等著我們。我們認為我們擁有無與倫比的產品組合。

We think we are leading the market in terms of AI. And so Adam, we're always going to err on the side of growth, but when we made that commitment around the fourth quarter of next year with the rule of 40, we did not differentiate. We just, that was the commitment and obviously we want to see as much of that come from growth as we possibly can.

我們認為我們在人工智慧領域處於市場領先地位。所以亞當，我們總是會傾向於成長，但是當我們在明年第四季左右做出「40法則」的承諾時，我們並沒有區別對待。這就是我們的承諾，顯然我們希望盡可能看到成長帶來的成果。

Great. Thanks so much, Greg.

偉大的。非常感謝，格雷格。

Aaron Kimson, Citizens.

Aaron Kimson，市民。

Great. Thanks guys. Sean, are you finding today or do you anticipate in the future that any of the newer vision around banking advisor or functionality like the updated nCino mortgage is compelling enough to drive early renewals and thus bring forward pricing tailwinds versus the tailwinds being spread out over a four year renewal cycle?

偉大的。謝謝各位。肖恩，你認為目前還是未來，銀行顧問或功能方面的新理念，例如更新後的 nCino 抵押貸款，是否足以推動提前續約，從而提前帶來價格利好，而不是像四年續約週期那樣分散帶來價格利好？

Yes, the answer is yes. We have been seeing that play out in some early renewal scenarios in the first half of this year. In some cases where we have customers that might not be up for renewal until next fiscal year and beyond, the interest in banking adviser is pulling forward conversations that we're having in the field.

是的，答案是肯定的。在今年上半年的一些早期續約案例中，我們已經看到了這種情況的發生。在某些情況下，我們的客戶可能要到下一個財政年度甚至更晚才會續約，因此，客戶對銀行顧問的興趣促使我們在現場進行相關對話。

And having them run toward embracing the new pricing model that we have our customers on and as you all know, on the one hand, the new pricing model is directly aligned with the outcomes that we want to deliver to our customers. On the other hand, it is a change, and change is hard.

讓他們欣然接受我們為客戶制定的新定價模式，正如大家所知，一方面，新的定價模式與我們想要為客戶帶來的成果直接相關。另一方面，這是一種改變，而改變是困難的。

So I am really excited to hear that customers, because of banking advisor as a proxy to drive renewal conversations, are pulling those forward.

因此，我很高興地聽到，由於銀行顧問作為推動續約對話的代理人，客戶正在加快續約進程。

That's great to hear. And then as a follow up, I just wanted to ask, given the noise around circles IPO in June and then the community bank lobby playing a big role in the ultimate wording of the Genius Act in July, how do you think about the potential risks of stable coins on the community banks that make up about 3 or so of your US core revenue as the regulatory framework evolves in the future?

聽到這個消息真是太好了。然後，作為後續問題，我想問一下，鑑於 6 月份 Circles IPO 引發的爭議，以及社區銀行遊說團體在 7 月份《天才法案》最終措辭中發揮的重要作用，隨著監管框架在未來的發展，您如何看待穩定幣對佔您美國核心收入約 3% 的社區銀行的潛在風險？

We're watching carefully what's going on in the market and we're listening intently to our customers and in the past three weeks, we've had a number of banks of all sizes visit us here in Wilmington and we're close and in tune with the field. What I would tell you is that is a question that our customers are asking us, and when we read that question back, they're saying it's not a big priority at the moment.

我們正在密切關注市場動態，並認真傾聽客戶的意見。在過去的三個星期裡，許多不同規模的銀行都來我們位於威爾明頓的辦事處考察，我們與市場保持密切聯繫，並了解市場動態。我想告訴大家的是，這是我們客戶問我們的問題，當我們把這個問題回饋給他們時，他們表示目前這並不是一個重要的優先事項。

So in terms of the problems we solve and what we do for our customers on boarding, account opening lo loan origination and portfolio monitoring. As we ask, should we prioritize stablecoin solutioning within that context, they're not pushing us hard right now. But we're listening carefully, and we'll be on the front foot when they're ready.

因此，就我們解決的問題以及我們為客戶所做的工作而言，包括客戶註冊、帳戶開立、貸款發放和投資組合監控。當我們詢問是否應該在此背景下優先考慮穩定幣解決方案時，他們目前並沒有大力推動我們。但我們正在密切關注，一旦他們準備好，我們就會搶得先機。

Thank you.

謝謝。

Cristopher Kennedy, William Blair & Company

克里斯多福甘迺迪、威廉布萊爾公司

Good afternoon. Thanks for taking the question. Just wanted to follow up on the fiscal 2027 commentary. Any way to think about kind of what this business could grow at in 2027?

午安.感謝您回答這個問題。想就 2027 財年的評論做個後續說明。有什麼方法可以預測一下這家公司到 2027 年可能會成長到什麼程度嗎？

Yeah, Chris, I think right now we're just focused on executing 26, and so I don't want to get ahead of ourselves, thinking about fiscal '27, but again, as we sit here today from a deal activity standpoint, we feel good about where the business is.

是的，克里斯，我認為我們現在只專注於執行 2026 年的計劃，所以我不想操之過急，去考慮 2027 財年，但再說一遍，就我們目前的交易活動而言，我們對公司的業務狀況感到滿意。

We feel good about the deal activity we see out there, the opportunities, the discussions we're having on a global basis, and I think as I noted, it's just really all about going and getting the business closed. And obviously, as the year progresses and as we get into next year that'll form our opinion about next year.

我們對目前的交易活動、機會以及我們在全球範圍內進行的討論都感到滿意，而且我認為正如我之前提到的，這一切的關鍵就在於完成交易。顯然，隨著時間的推移，進入明年，這將影響我們對明年的看法。

Got it. Understood. Thank you for that. And then just broadly clear the pipeline of opportunities is really strong right now. What are you seeing out there in the market that's driving that? Clearly you have more a better product side or more robust products, but what are you seeing out there in the market that's driving that pipeline? Thanks for taking the question.

知道了。明白了。謝謝。而且可以肯定的是，目前的機會管道非常強勁。您認為市場上有哪些因素在推動這種趨勢？顯然，你們的產品更好或更強大，但是你們在市場上看到了什麼，正在推動產品線的發展？感謝您回答這個問題。

Yes, thank you. Number one, I think the macro is supportive, reinforcing some of the great comments earlier that some of the headwinds that we faced are behind us. I also think that the reality that we have this very unique inflection point in the technology in AI that is available to drive outcomes is something that is driving customer conversations, and pulling forward, as I mentioned, not only renewals but just interest in how customers can get outcomes that we've always delivered but now deliver even faster, right, and with better quality.

是的，謝謝。首先，我認為宏觀經濟情勢有利，這印證了先前一些精彩的評論，即我們面臨的一些不利因素已經過去。我也認為，人工智慧技術正處於一個非常獨特的轉折點，它能夠推動成果的實現，這正在推動客戶對話，並如我所提到的，不僅促進續約，也激發客戶對如何更快、更準確、更高品質地獲得我們一直以來所提供的成果的興趣。

So not only are the headwinds behind us and we have this inflection point but back to controlling what we can control. There's an intense focus on the pipeline coverage and ratios that we have in all segments and in all businesses.

所以，不僅逆風已過，我們迎來了轉折點，而且重新開始控制我們能夠控制的事情。我們高度重視所有業務板塊和所有業務領域的管道覆蓋率和比率。

So we look across commercial, consumer and mortgage, and we look at our North American enemy and APAC business, and every conversation starts and ends with what we're doing to drive that pipeline and the activity in that pipeline. So, execution always comes down to people and accountability. And I think the sense of urgency and accountability in those pipeline conversations is what's driving some of the activity as well.

因此，我們縱觀商業、消費和抵押貸款業務，審視我們在北美的競爭對手和亞太地區的業務，每一次對話都以我們如何推動業務發展和業務活動為起點和終點。所以，執行力最終取決於人和責任感。我認為，這些管道建設對話中所體現的緊迫感和責任感也是推動部分行動的因素。

Thank you.

謝謝。

Alexander Sklar, Raymond James

Alexander Sklar，Raymond James

Great. Thanks, Sean. Maybe following up on your on your answer there, the last question just in terms of international pipeline, you've got a new leadership teams have been in place now for almost a year. You had a couple of wins in the prepared remarks.

偉大的。謝謝你，肖恩。或許可以接著您剛才的回答，最後一個問題，就國際人才儲備而言，你們的新領導團隊已經到位近一年了。你在事先準備好的發言稿中獲得了一些好評。

Any color on what you're seeing from a contribution to bookings or pipeline growth relative to the 10% kind of organic subscription growth you talked about this quarter? Are you seeing the kind of signs of re-acceleration come through?

對於本季度您提到的10%左右的自然訂閱成長，您能否提供一些關於預訂量或銷售通路成長貢獻的具體資訊？你是否看到了重新加速發展的跡象？

We are absolutely seeing signs of re-acceleration in the pipeline activity in terms of disclosing the ratios on bookings. We're going to stick to our core ACV metrics and read those out on an annual basis, but I'm really pleased with what Joaquín and his second line leadership team that he's put in place since joining in November is driving. We have been very candid about our focus on continental Europe beyond the UK and Ireland.

從預訂比例的揭露來看，我們已經明顯看到專案進度活動正在加速的跡象。我們將繼續堅持核心 ACV 指標，並每年公佈這些指標，但我對 Joaquín 和他自 11 月加入以來組建的二線領導團隊所取得的成就感到非常滿意。我們一直坦誠地表示，我們的重點是英國和愛爾蘭以外的歐洲大陸。

And that's starting to play out in the pipeline and in the conversation, the activity in the field, and we're tracking closely the size of deals as well, and I'm excited about the volume, that we have both upmarket, and down market in EMIA and then I'm excited about the integration of full circle and our ability to really lean into the CLM opportunity.

這種情況開始在專案流程、對話和現場活動中顯現出來，我們也在密切關注交易規模，我對交易量感到興奮，我們在EMIA地區既有高端市場也有低端市場，而且我對全方位整合以及我們真正抓住CLM機遇的能力感到興奮。

So pipeline activity is strong. Joaquín is doing a nice job. I'm headed over there next month and excited about our EMIA summit where we have all our customers in a single place and to make some of the rounds in the field.

因此，管道建設活動十分活躍。華金做得很好。我下個月要去那裡，很興奮能參加我們的EMIA高峰會，屆時我們所有的客戶都會齊聚一堂，我還會進行一些實地考察。

Okay. Great color there. And then maybe a follow-up for you, Greg. Just in terms of the mortgage volume upside you saw in the first half of the year. I know you kind of said, keeping with guidance philosophy, not embedding that, but what is embedded in the second half in terms of mortgage?

好的。顏色真漂亮。接下來或許還有個問題想問你，格雷格。僅就今年上半年抵押貸款量的成長而言。我知道你之前說過，要秉持指導理念，不把這些內容嵌入到抵押貸款中，但是抵押貸款的後半部分具體嵌入了什麼內容呢？

What is it kind of a thought that the, that volumes were pulled forward or any other factor in terms of how you shook out on the mortgage outlook?

您認為，是貸款量提前發放，還是其他因素影響了您對房貸前景的看法？

Yeah, Alex, I think as we look at the second quarter again, not wanting to get ahead of ourselves, ultimately assuming maybe there's some seasonality as well in terms of the second quarter, and so we flowed through obviously the beat, but again, just lessons learned from last year. We're going to stick with our guidance philosophy and not, extrapolate in terms of what interest rates may do, what mortgage rates may do, and what mortgage volumes may do.

是的，Alex，我認為當我們再次審視第二季度時，我們不想操之過急，最終假設第二季度也存在一些季節性因素，所以我們顯然順利完成了目標，但同樣，這只是從去年吸取的教訓。我們將繼續堅持我們的指導理念，不會根據利率走勢、抵押貸款利率走勢和抵押貸款規模走勢進行推斷。

We're trying to be very transparent in terms of giving you that detail so you guys can have that information and see what we're seeing. And again, as the as the year progresses and we get more data points, we'll obviously be able to come back to you guys with updated thoughts around what we're seeing in that market.

我們力求做到非常透明，向你們提供這些細節，讓你們能夠了解情況，看到我們所看到的東西。而且，隨著時間的推移，我們會獲得更多的數據點，屆時我們顯然能夠向大家帶來關於我們在城市場所看到的最新想法。

Ultimately, again, I think very proud of the team, the work that was done during the very difficult days over the last couple of years to go out and gain market share, grab new logos. And it's encouraging with what we're seeing, from certainly some of those customers, particularly some of the larger IMB and home builder customers that we've bought on over the last couple of years.

最後，我再次為團隊感到非常自豪，感謝他們在過去幾年非常艱難的日子裡所做的工作，他們努力爭取市場份額，贏得新的品牌標誌。從我們目前所了解的情況來看，這令人鼓舞，尤其是一些客戶，特別是過去幾年我們新增的一些大型獨立建築商和房屋建築商客戶。

All right. Great. Thank you both.

好的。偉大的。謝謝你們兩位。

Koji Ikeda, BofA Securities

池田浩司，美國銀行證券

Hey guys, thanks so much for taking the questions. Maybe a question for Sean. What do you think will be the stronger driver of growth over the next several years? And improving demand environment from, presumably lower interest rate and looser regulatory environment or your vertical AI strategy?

各位，非常感謝你們回答這些問題。或許可以問問肖恩。您認為未來幾年更強勁的成長驅動力是什麼？需求環境的改善，可能是因為利率降低、監管環境放鬆，還是因為你的垂直人工智慧策略？

So, appreciate the question and would love to provide prescriptive forecasts and exactly where all the growth is coming from, but I would lead with the power of the platform, and the diversified revenue streams that we do have here at nCino across the things we do in the lines of business where we do them.

所以，感謝您的提問，我很樂意提供具體的預測，並詳細說明所有成長的來源，但我會先強調平台的強大功能，以及我們在 nCino 各個業務領域所擁有的多元化收入來源。

And we have always been a company that is going to bet on ourselves, and the investments we're making that align with where we think the growth is going to be in the ecosystem. Right now you do see a massive inflection point with AI. I don't necessarily think AI by itself drives revenue growth.

我們一直是一家相信自己的公司，我們所做的投資都與我們認為生態系統中未來的成長方向一致。現在人工智慧正處於一個巨大的轉折點。我並不認為人工智慧本身就能推動營收成長。

I think outcomes that we deliver to our customers drive revenue growth, and AI will be the best proxy to deliver those outcomes, and we will capitalize on that, and we'll lead the industry. But we're going to control what we can control.

我認為我們為客戶帶來的成果能夠推動營收成長，而人工智慧將是實現這些成果的最佳途徑，我們將充分利用這一點，引領產業發展。但我們會控制我們能控制的事。

We can't control interest rates; we can't control the regulatory environment; we can't control what the Fed is going to announce tomorrow. So we're going to stay focused on betting on ourselves with those growth initiatives.

我們無法控制利率；我們無法控制監管環境；我們無法控制聯準會明天將宣布什麼。因此，我們將繼續專注於透過這些成長計劃來押注自身。

Got it. No, thanks, Sean. And maybe a follow up question here for Greg. When I go back to the investor day from earlier this year, and then your comments today about focusing on professional services both margins. How should we be thinking about the pace of gross margin, professional services growth margin improvements from here?

知道了。不，謝謝你，肖恩。也許我還有一個後續問題想問格雷格。當我回顧今年早些時候的投資者日，以及您今天關於關注專業服務利潤率的發言時。我們該如何看待毛利率和專業服務成長利潤率的未來提升速度？

Will it be more gradual or are there things that you're working through that can really drive a step function improvement in gross margins? Thanks.

毛利率的成長會比較緩慢，還是有一些正在努力解決的問題可以真正推動毛利率的階躍式成長？謝謝。

Yeah, Koji, I think at this point we would expect it to be somewhat gradual. And first and foremost we need to close off on some of the projects that we've been involved in, right, and ramp those down as those come to completion in parallel with things like we talked about at the Investor Day Project 700, for example, which is one of the initiatives we have, those ramping up.

是的，Koji，我認為目前來看，這個過程應該是漸進的。首先，我們需要結束一些我們參與過的項目，對吧？隨著這些項目陸續完成，我們需要逐步減少它們的投入，同時推進一些我們在投資者日上討論過的「Project 700」項目，這是我們正在推進的計劃之一。

And so we're going to work through those as the year progresses, but again, I think that positions as well as we get into some point in next year, starting to see the benefits of those activities as we sit here today. That's kind of how we're thinking about it.

因此，我們將在今年逐步解決這些問題，但我認為，到了明年某個時候，我們將開始看到這些活動的好處，就像我們今天坐在這裡一樣。我們也是這麼想的。

So it's again, it's a ramp down and a ramp up in parallel, but it's very much a focus of the team. We see the opportunity there to improve gross margins meaningfully from where we are and again it's just all about executing to get there.

所以，這又是一個逐步減少和逐步增加的過程，但這也是團隊的重點工作。我們看到了大幅提高毛利率的機會，而關鍵在於如何有效執行才能實現這一目標。

Got it. Thank you.

知道了。謝謝。

[ Joe Roong, Baird.]

[ Joe Roong，貝爾德。 ]

Great. Thanks for taking my question. I wanted to go back to the pricing model, so 21% of ACV switched over. I think the bulk of that is mortgage. When you hone in on the renewals with big commercial customers, and the press release called out a few of these. Is that looking any different than the experience at large, and then maybe a second, adjunct.

偉大的。謝謝您回答我的問題。我希望恢復先前的定價模式，因此 21% 的 ACV 進行了轉換。我認為其中大部分是房貸。當你專注於大型商業客戶的續約事宜時，新聞稿中就提到了其中的一些案例。這看起來與整體體驗有何不同，然後或許還有第二種、輔助性的體驗。

When you think broadly across your customer base and starting this conversation, the new pricing model provide an opportunity to widen the aperture of how customers think about using nCin. So is aligning yourself with the idea of growing assets a more accommodating conversation than forcing banks to think about seats, for instance?

當你從更廣泛的客戶群角度思考並開始這場對話時，新的定價模式提供了一個機會，可以拓寬客戶對使用 nCin 的思考範圍。那麼，讓自己認同資產成長的理念，是否比強迫銀行考慮席次等問題更容易達成共識？

Yes, yeah, absolutely. The reality is, on the one hand, the legacy seat model may have seemed very, simplistic for customers to understand, and it wasn't a map, but it is hard, especially for a large enterprise institution to understand exactly how many users three years from now are going to be on the platform when you're talking about, thousands of users in some cases.

是的，沒錯。事實上，一方面，傳統的席位模式可能看起來非常簡單，容易被客戶理解，而且它也不是一張地圖，但另一方面，對於大型企業機構來說，要準確了解三年後平台上會有多少用戶，尤其是在某些情況下用戶數量達到數千的情況下，是非常困難的。

And the conversation that I'd much rather have that I think our customers would much rather have is what outcomes are you going to deliver and what efficiency you're going to drive into the institution. If we can identify where the friction is, whether that's in closing time or underwriting time or loan cycle times, and we can read that back through operations analytics and meaningfully reduce that friction.

我更願意進行的對話，也是我認為我們的客戶更願意進行的對話，是你們將帶來哪些成果，以及你們將為機構帶來哪些效率提升。如果我們能夠找出摩擦點，無論是在成交時間、承保時間或貸款週期時間，我們都可以透過營運分析來解讀這些訊息，並有效地減少摩擦。

And within the institution and they're much more willing to spend and scale within nCino. So we like the way the early day pricing conversations are heading, although again I will remind everybody that changes heart and so when you do something new, there's some initial education that needs to happen once people understand the outcome correlation, it plays really well.

而且在機構內部，他們更願意在 nCino 上投入資金和擴大規模。所以我們對早期定價討論的走向感到滿意，儘管我再次提醒大家，價格會改變人們的想法，所以當你做一些新的事情時，需要進行一些初步的教育，一旦人們理解了結果的相關性，它就會運作得很好。

And Joe, just to give a little bit more clarity out of the 21%, about a third of that platform pricing would be mortgage.

喬，為了讓大家更清楚地了解這 21% 的意義，平台定價中大約有三分之一是抵押貸款。

Okay. That's great, thanks, Greg. Just on the updated forecast and what's assumed for the second half and appreciate all the mortgage commentaries. So maybe this question is outside of mortgage and just on the core subscription bookings. I seem to recall that entering the year you were not assuming much transacted during the first half, and so therefore limited revenue contribution in this fiscal year.

好的。太好了，謝謝你，格雷格。僅就更新後的預測以及對下半年的假設，感謝所有關於抵押貸款的評論。所以，這個問題可能與抵押貸款無關，而只是關於核心訂閱預訂。我記得年初的時候，你們預計上半年交易量不會很大，因此本財年的收入貢獻有限。

Can you maybe comment just on how your first half bookings compared to plan, maybe not a number, but were they better? And then, how does the second half bookings plan look like it's shaping up because I think that'll bear some influence on, these fiscal 2027 questions and maybe how to think about your exit velocity into next year's number.

您能否評論上半年的預訂情況與計劃相比如何，不用具體說明數字，但實際情況是否比計劃更好？那麼，下半年的預訂計畫進度如何呢？因為我認為這會對 2027 財年的問題產生一定影響，或許還會影響你如何看待明年業績的退出速度。

Yeah, look, I think, and I noted on a net bookings basis from a first half standpoint. We were pleased with how the company executed and performed, and again that gives us confidence as we think about meeting or exceeding our ACV guide for the year.

是的，你看，我認為，而且我注意到，從上半年的淨預訂量來看，情況確實如此。我們對公司的執行和表現感到滿意，這再次增強了我們對實現或超越年度 ACV 目標的信心。

And so as we go into the second half of the year, like I said, that we feel good about the business. The business is out there. It's just about executing, and that's what the team is really focused on. It's great to see, great to see that focus and we in our football season, right, it's just, we remind ourselves it's a four-quarter game and we want to finish all four quarters strong. That's what we're focused on doing.

所以，正如我所說，進入下半年，我們對業務感覺良好。商機就在那裡。關鍵在於執行，這也是團隊真正關注的重點。很高興看到這一點，很高興看到這種專注，在我們的足球賽季中，我們總是提醒自己這是一場四節比賽，我們希望在每節比賽中都保持強勢。這就是我們目前的工作重點。

(Operator Instructions)

（操作說明）

Charles Nabhan, Stephens Inc.

Charles Nabhan，Stephens 公司

Hey guys, congrats on the result and thank you for taking my question. I wanted to focus on the inorganic piece of the business and just get a sense for, how we should think about the growth rate of full circle and sandbox as they transition into organic over the next year or so. Are those businesses growing? Is the growth rate of those businesses accretive, neutral, or deluded to the overall growth rate?

各位，恭喜你們取得好成績，謝謝你們回答我的問題。我想專注於業務的非有機成長部分，並了解一下，在未來一年左右的時間裡，隨著 Full Circle 和 Sandbox 向有機成長過渡，我們應該如何看待它們的成長率。這些企業在成長嗎？這些企業的成長率對整體成長率是增益的、中性的，還是誤導的？

Yeah, thanks for the question. Both full circle and sandbox are on track to revenue plan, as noted in the prepared remarks. And moreover, I'm excited about the technical work that is progressing there. So they're in line with our internal expectations, and I would expect as we further integrate those solutions, for instance, full circle to have an end to end CLM reality in the marketplace and we bring some of the sandbox use cases to market beyond some of the initial support of banking adviser that they'll be more creative next year.

謝謝你的提問。正如準備好的發言稿中所述，Full Circle 和 Sandbox 都按計劃實現了收入目標。而且，我對那裡正在推進的技術工作感到興奮。所以它們符合我們的內部預期，我預計隨著我們進一步整合這些解決方案，例如，在市場上實現端到端的 CLM 現實，並將一些沙盒用例推向市場，超越最初對銀行顧問的支持，他們明年會更有創造力。

But right now they're on track. I would also just anecdotally add, from a, integration gateway opportunity point of view, the sandbox banking team that we have ingested has become part of the nCino. The broader team right now is probably one of the most in-demand teams at the company and have injected a great deal of not only integration, but as well as AI DNA here. So that, that's energized us on a lot of fronts.

但目前他們正按計劃進行。我還要補充一點，從整合式網關機會的角度來看，我們引進的沙盒銀行團隊已經成為 nCino 的一部分。目前，這個團隊可能是公司裡最搶手的團隊之一，他們不僅注入了大量的整合能力，還注入了大量的人工智慧基因。所以，這在很多方面都激勵了我們。

Got it. And as a follow up, and apologies in advance if you noted this already, how much of the mortgage book is on a volume or platform-based pricing model? I know if you, I know recently it was about half, but just curious, where we stand today and any color on the mix of bank credit union versus IMBs would be would be helpful as well.

知道了。另外，如果您已經提到過這一點，我先在此致歉：抵押貸款業務中有多少是按交易量或平台定價的？我知道，最近大概是一半左右，但我只是好奇，我們現在的狀況如何？如果能提供一些關於銀行、信用社和獨立行銷商 (IMB) 比例的信息，那就太好了。

Yeah, I think there are two questions in there, Charles, so I think the first part of the question was about a third of that 21% that's on platform pricing is mortgage. And again that's where we started this pricing platform pricing transition. So again, I think we feel real good about the at-bats that we've had there and the execution of that. I think the second question was the breakdown between IMBs and depositories.

是的，查爾斯，我認為這裡有兩個問題，所以我認為問題的第一部分是關於平台定價中 21% 的部分中，大約有三分之一是抵押貸款。而這正是我們開始此次定價平台定價轉型的地方。所以，我覺得我們對目前的打擊表現和執行都非常滿意。我認為第二個問題是IMB和託管機構之間的細分。

I think from a logo perspective, historically been more weighted to IMBs. I'm sorry, from a logo perspective, it's about balance from a revenue perspective, it's been more weighted towards, I'll call the IMBs and home builders, the non-depositories. And again, a lot of that goes to some of those large customers that we referenced that, some of them helped with the overperformance in the second quarter.

我認為從標誌設計的角度來看，歷史上 IMB 的權重更高。抱歉，從標誌設計的角度來看，這關乎平衡；而從收入的角度來看，則更側重於……我稱之為IMB和房屋建築商，也就是非存款機構。而且，這很大程度上要歸功於我們提到的那些大客戶，他們幫助我們在第二季取得了超額表現。

Got it appreciate all the caller guys thank.

收到了，感謝所有來電者。

Thank you for the questions.

謝謝大家的提問。

Thank you. I would not like to turn the call back over to Sean Desmond for any closing remarks.

謝謝。我不想把電話轉回給肖恩·德斯蒙德做總結發言。

Yes, thank you. We appreciate the time today. We appreciate the questions. I hope everybody enjoys the long weekend ahead of us, as we look forward to speaking again next quarter, and run toward the back half of the year.

是的，謝謝。我們非常感謝您今天抽出時間。感謝您提出的問題。希望大家都能享受即將到來的長週末，我們期待下個季度再次見面，並迎接下半年的到來。

Take care.

小心。

Thank you. This concludes the conference. Thank you for your participation. You may not disconnect.

謝謝。會議到此結束。感謝您的參與。您不得斷開連線。