nCino Inc at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Wouldn't be Barclays Conference without nCino. So for those of us that remember nCino back from the 2020 IPO, we remember a leading platform in commercial lending here in the US and a growing international story. Can you just talk about how the story has evolved since then? And what focus areas and new markets are sort of top of mind? Maybe we'll start there.

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Yes, absolutely. I want to zoom in just a little bit, right? I mean, we just reported third-quarter results last week. Maybe just for the benefit of the group, can we just recap some of the key takeaways that maybe you were most proud of as you look back at nCino's third quarter?

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Absolutely. Maybe that's a good segue just to talk about your end market and kind of maybe how that's evolved. Obviously, we had an uptick in interest rates and kind of the liquidity crisis a couple of years ago, which led to some sluggishness, I think, in kind of end market spending. But over the last few quarters, it kind of felt like things have picked up nicely, right? I mean, just going back to your point just on bookings and year to date and hopefully looking into Q4. Maybe the question, Greg, is how would you say the end market is faring currently? And sort of what do you feel like is as you keep your finger on the pulse, what's customers willing to suspend and invest right now?

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Yes, absolutely. Maybe we can dig into some of the specific businesses here, and I want to start with US commercial lending. So that's really where nCino got a start. And I think an investor question that I get once in a while is, how much more runway is there for growth in US commercial in terms of like adding new bank logos, for example, right? Like the story international is very clear, right? But in the US, how do you think about where we are in kind of that adoption curve?

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Got you. Got you. Maybe we can talk about the other side of the lending business, which is international. Those markets can be a bit of an S-curve, right, in terms of getting your initial reference customers, you brought up some great examples from Japan and where you started in UK, for example. Maybe a two-part question. Remind us what are some of the other key international markets where nCino has the presence. And then secondly, how would you sort of describe the competitive landscape? Because I think one of the strengths of the business here in the US is that this is really the leading platform when it comes to US commercial lending. Is it the same internationally as well? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 7:35PM, NCNO.OQ - nCino Inc at Barclays Global Technology Conference

Question: Saket Kalia - Barclays Capital Inc. - Analyst : You had a new leader there, if I'm not mistaken, right?

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Absolutely. So we've talked about kind of commercial lending, right, both US and internationally. I want to maybe move to consumer banking as well since I think at Investor Day back in May, we heard that that was the fastest-growing portion of ACV, and you correct me there if I'm wrong. But would you say that most of the opportunity in consumer banking is white space kind of similar to what commercial was, I think, earlier in the journey? And maybe relatedly, how is that competitive landscape sort of -- maybe talk us through the competitive landscape on the consumer side.

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Understood. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 7:35PM, NCNO.OQ - nCino Inc at Barclays Global Technology Conference

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Got it. Got it. I think the pricing model for consumer banking is platform-based. So I'm going to use this as a segue to touch on that topic because I think it's important. Remind us how -- Greg you talked about a $200 billion bank, I mean, remind us how platform pricing works versus kind of the current seat-based model on the commercial side? And maybe where -- what inning are we in and sort of that transition, if you will, the platform pricing?

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Maybe that's -- I mean, a good reminder. I mean, I think that 27% just a few quarters through. I think you've talked about this phenomenon of kind of early renewals -- is that what's driving it? Do customers really want to get that banking advisor and that's why maybe they're coming back to the table a little sooner than they typically would talk about that early renewal kind of kind of aspect that we've seen?

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Yes, yes, absolutely. So we've talked about commercial. We've talked about consumer. I want to hit on one of the last pieces here, which is mortgage, which has actually been growing pretty nicely this year, right? And I think some of that has been driven by just sort of mortgage volumes as interest rates have eased a little bit. Talk to us a little bit about that business. What's your outlook on kind of how mortgage volumes could kind of contribute? Maybe just a quick detour on the mortgage business and kind of the state of the union.

Question: Saket Kalia - Barclays Capital Inc. - Analyst : That's great to hear. That's really --

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Well, what's great about mortgage businesses having covered Ellie Mae in the past. I mean, as you gain share in tough markets, the upswing only becomes that much more fun, right? So knock on wood, right, that --

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Absolutely. Absolutely. I want to shift over to the model a little bit. And maybe start with ACV, which is a new disclosure you made this year and has been super helpful. You've been able to raise the revenue guide through this year, all while keeping your ACV guide unchanged. Can you just talk about that dynamic a little bit? And I think more importantly, how should we think about ACV this year being a leading indicator for revenue in future years?

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Organically.

Question: Saket Kalia - Barclays Capital Inc. - Analyst : That path to Rule of 40, right, by the exiting next year, right? I think it's always been that North Star. So maybe that's a -- do you want to talk about -- I want to keep on -- maybe one last question on ACV. ACV revenue, one of the things about the new platform pricing model was maybe a change in rev rec, right, like faster rev rec because going back to the IPO, this was a seat-based kind of activation model, so it would really take a long time for kind of bookings to waterfall into revenue. But I think with platform pricing that could potentially change. Remind us, is that happening right now? Is there anything that we should be

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Absolutely. Maybe just to move to margins, right? Going back to kind of that Rule of 40 that you've talked about. I think nCino was up to over 25% operating margins here this past quarter. Again, you've been targeting to get back to get to Rule 40 exiting next year. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 7:35PM, NCNO.OQ - nCino Inc at Barclays Global Technology Conference Kind of through a combination of reaccelerating organic growth, as we talked about, and then also continuing to expand margins. Maybe the question, Greg, is what are some of the key levers for margin expansion that come to mind as you think about that plan, right, kind of exiting next year?

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Yes. I think that professional services item is really interesting. And kind of the -- obviously, this is a SaaS business, that's really that higher gross margin piece. That's very high lifetime value as well. Talk to us about sort of where you think the services revenue mix goes right? Because there are two aspects to the gross margin, you could obviously improve things like utilization and pricing and whatnot, right? But then also as a mix of the total business, that headwind can also kind of change over time. So what's the right mix of professional services revenue as you think about the future?

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Yes, absolutely. I want to wrap up here just on capital allocation. nCino, I think, did a $100 million buyback authorization that finished this past quarter. And of course, this week, you authorized a new $100 million buyback to replace it. And I think this was the first time we've kind of -- this is kind of the first time that we've returned capital through buybacks before. How do you and Sean and the Board kind of think about just about that capital allocation strategy going forward? Open ended.

Question: Saket Kalia - Barclays Capital Inc. - Analyst : Yes. I think I couldn't think of a better place to end. So with that, Greg, thank you so much for the time. Really enjoyed it.