nCino Inc at Goldman Sachs Communacopia & Technology Conference Transcript

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

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : So you've been in nCino since 2015. You've seen the company through a lot of phases, a number of acquisitions this newest AI wave that you've been making with banking adviser and other products. Maybe just talk a little bit about the history of the company and how we got to where we are today.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Yeah. Maybe talk a little bit about -- if we go a little bit further back in time for those not as familiar, what was it about sort of back office within a bank or a credit union that wasn't working that you found the opportunity to go displace.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Okay. Great. Maybe before we dig into the business, let's talk about the most recent quarter, beat and raise on revenue, raised the full year guide. You sort of gave tea leaves around bookings and you have the same ACV growth guidance for the year. I know there's a lot of complexity in that in the revenue versus the ACV and some of these metrics. So maybe distill that for people and give us the message that you're trying to give on the second quarter call.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Maybe talk a little bit about that deregulation point a little bit. How has that changed your conversations with financial institutions broadly? And how is that a tailwind for your business?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Okay. That's really helpful. We've heard a lot about the depth of software in recent weeks and months across a number of different applications because of what's happening in the large language model layer, in particular, and what you're seeing on the infrastructure side? Talk a little bit about nCino's moat and maybe take it from two different places, right? The company itself and the data that you actually have and maybe the financial services end market as a whole from your perspective.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Yeah. And I think it's a really good point around the data moat in particular. Maybe just give us a couple of examples digging a little deeper into the data opportunity as to what specific guardrails there are or aren't in using financial institution data. You mentioned it's heavily regulated industry. Are there any limiters on what you can do with the data even on an anonymized basis? And then maybe just at a high level, how specifically are you utilizing the data? Is that data being fed directly into some of these models that you're using with these financial institutions, maybe just parse that out for us.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Yeah. And I know about your close relationship with Salesforce. What role are they playing or not playing in terms of your innovation at this point? I know you had a really close relationship and there are certain areas now where they're a little less involved with you guys specifically. Maybe just give us a high-level overview of where that relationship sits today?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : And maybe give investors a sense for how you work alongside integrate with Salesforce Financial Services Cloud. I know that's a big part of a lot of financial institutions. So how does where does nCino sit in the stack relative to that product?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Got it. Very helpful. So I want to go to banking adviser, right? Now since we're on this AI topic. You announced 16 new capabilities at inside. I think you call them skills. And I think the way you've described initial uptake at your customers, although it's early, is quite strong, and I know you're doing a lot of training there. Maybe just give us the latest, I know we heard a lot on the latest earnings call, but give us the latest around banking adviser, customer uptake and how you're seeing that flow through your customers as you bring them onto the new pricing model, which we can get to as well in a second.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Has anything surprised to you when you are talking to customers, you're bringing a Bank Advisor in and you're having those initial conversations around contests and how to use this training usage, et cetera, which longer term, presumably, that usage is an upside driver to your revenue. Any surprises in the way initially that's being received? Or how well skilled folks in banks are to use products like this? Just any high-level color for that cohort of power users and where they are versus where you might have expected them to be.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Okay. Really helpful. And maybe take a step back and on the pricing model change itself. Maybe for those in the audience not as familiar, why make the change that you did? How much of the base from an ACV perspective is on the new pricing model now and what should we expect in terms of both the cadence of that pricing model being adopted going forward and impacts to your top line?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : I want to get into some of the other growth drivers. But before that, you mentioned the path of one, right, and having one human in the loop -- is that how banks think about how they ultimately want their back offices to look in the future? Is there any pushback either internally from software power users or the banks themselves around the idea that they will be such a lean headcount organization in that function? Or would you say there's a lot of receptivity to that?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Okay. very useful. Let's get into another growth driver of yours, which is mortgage. That business has outperformed. I know you've sort of taken the guidance philosophy around that, that you don't want to call a macro environment. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 9:25PM, NCNO.OQ - nCino Inc at Goldman Sachs Communacopia & Technology Conference But maybe just agnostic of the macro, talk to us a little bit about the cross-sell opportunity there, how you think you've done in taking that mortgage product? I know it's been a number of years now, but cross-selling that into your base and then maybe just talk about conceptually how we should think about the upside as I think most, if not all, of that base is now over to the new pricing model that focuses specifically on assets and volumes.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Okay. Switching gears to the account onboarding account opening space. We've heard not just in the commercial space, but also in the retail space, there seems to be a lot of focus from financial institutions on onboarding and account opening. Talk a little bit about why that is, and then we'll dig into some of your products.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Yes, let's talk a little bit about new customers, right? And I know that this is part of that broader strategy. But as you think about, in particular, the core commercial business, both -- and I guess we can take this in 2 ways in the US and internationally, what in your mind is the catalyst to get some of that net new activity picking back up? I know it's sort of you've seen it in the growth rates start to bottom out, and we may see that in flexion. So it seems like that is turning around a little bit in your business today. But maybe just walk us through on the net new side, how you're viewing that opportunity where we are today and what the opportunity looks like longer term.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Great. And then on the commercial side, Who are you competing with? Or I guess, said differently, if you don't really see any one competitor, what is the driver of a bank deciding to go ahead with nCino or run an RFP that includes you versus not, right? Is it really down to budget constraints and regulatory or capital requirement burdens. What is the driver? Would you say of an inflection in the number of companies coming to market and your win rates?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Yes. That's really helpful. In the last couple of minutes here, I want to just touch on the margin equation. And I know you've talked about rule of 40, right, and that obviously includes margin expansion. So how are you thinking about balancing growth reacceleration with margin expansion in this environment?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : And then if you think a little bit further forward on capital allocation, obviously, you've made some acquisitions recently. Any natural adjacencies we should think about for you in terms of further M&A activity, any way we should be thinking about just broader capital allocation priorities for you going forward?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Okay. Last one for you. I know we're coming up against time. What is the biggest priority for you over the next 6 to 12 months? And then if you look beyond the next 6 to 12 months, over the next 3 to 5 years, what are you most excited about as it pertains to the opportunity.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Great way to end. Greg, thanks so much for being here.