nCino (NCNO) Barclays 23rd Annual Global Technology Conference summary

Business evolution and market expansion

• Expanded from commercial lending to small business, consumer, and mortgage, offering a unified platform for global financial institutions.

• Achieved significant international growth, with strong presence in UKI, Spain, Nordics, and Japan, and about half of addressable market outside the US.

• International revenue now represents 21% of subscription revenues, with ongoing focus on continental Europe and Japan.

• Competitive landscape internationally is favorable, with the main challenge being customer inertia rather than direct competitors.

• Success in new markets often driven by initial customer wins and word of mouth, with leadership investments supporting expansion.

Financial performance and product innovation

• Delivered another beat-and-raise quarter, highlighted by a 600 basis point increase in operating margin year-over-year and quarter-over-quarter.

• Over 110 customers have adopted the Banking Advisor AI, driving early renewals and accelerating platform pricing adoption.

• Mortgage business grew over 20% year-over-year in Q3, reflecting market stability and successful execution during prior industry turmoil.

• Consumer banking product is growing steadily, with success tied to the platform approach and cross-selling to existing commercial customers.

• Platform pricing transition is underway, with 27% of ACV on the new model, targeting a 10% price uplift and aligning value with customer outcomes.

Market environment and customer trends

• Financial institutions' balance sheets are healthy, and spending has normalized after recent industry headwinds.

• AI is a key catalyst for customer engagement and sales activity, with innovation showcased through live products.

• US commercial lending still offers growth opportunities through deeper product penetration and cross-selling.

• Consumer banking remains largely a rip-and-replace opportunity, with the platform's unified approach providing a competitive edge.

• Mortgage market stability and share gains position the business for potential tailwinds in the coming year.