nCino (NCNO) BofA Securities 2024 Global Technology Conference summary

Strategic vision and product evolution

• Expanded from U.S. community banking to global markets, aiming for a unified platform covering all lending and onboarding needs.

• Significant investment in nIQ, a data analytics and AI initiative, since 2019, enhancing customer insights.

• Launched new commercial products, including Commercial Pricing and Profitability, Auto Spreading, and acquired DocFox for commercial onboarding.

• Recently GA'd Banking Advisor, a GenAI product suite, at the user conference.

Market environment and demand trends

• 2023 was challenging due to the U.S. banking liquidity crisis, but demand rebounded as institutions refocused on efficiency.

• Efficiency is now the top priority for 70% of surveyed customers; recent quarters saw record gross bookings.

• Larger banks paused post-crisis, while community banks remained steady; enterprise banks are now returning to the market.

Financial performance and guidance

• Achieved record Q1 gross bookings, maintaining momentum from a strong Q4.

• Improved operating income led to increased bottom-line guidance, with some profits reinvested for growth.

• Focus on prudent, achievable guidance and commentary over RPO or Billings due to variability.

• Faster revenue recognition driven by product mix and platform-based sales.