nCino Inc at Raymond James TMT and Consumer Conference Transcript

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

Question: Alexander Sklar - Raymond James - Analyst : Yeah, so maybe just get us started, background on nCino. How do you serve financial institutions? What are the key value propositions of the nCino platform?

Question: Alexander Sklar - Raymond James - Analyst : We'll definitely hit on some of that, especially the AI here, but you just reported the third-quarter results last week. Very nice results in terms of the amount of upside was, I think, a little bit higher than prior quarters. Really nice beat on the profitability side. What were the key kind of takeaways from your seat in terms of the quarter? Anything you thought was maybe underappreciated? 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 09, 2025 / 4:20PM, NCNO.OQ - nCino Inc at Raymond James TMT and Consumer Conference

Question: Alexander Sklar - Raymond James - Analyst : Yeah, maybe we jump ahead and we go into AI, Greg, from that. But I think I had some conversations coming into the quarter. Effectively, the proof points of the amount of adoption on your [AIT], you're at [110] with kind of getting early renewals to get there. What's kind of, what is it that people are getting value out of now or what is it they're testing to see what kind of value they can get out within your kind of AI suite? Any solutions that are moving the needle and then talk about what that actually means financially in terms of uplifts from adopting banking advisor or what the usage component can mean for the model.

Question: Alexander Sklar - Raymond James - Analyst : So is that seeing how fast they can generate and fund a loan? Is that what are some of the things that people are tracking in terms of the efficiency side on getting value out of it? 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 09, 2025 / 4:20PM, NCNO.OQ - nCino Inc at Raymond James TMT and Consumer Conference

Question: Alexander Sklar - Raymond James - Analyst : And when you look at kind of your portfolio of AI skills today, like talk about like what can't be replicated. So you have 110 customers, that means they're opted into sharing their own data. I don't know, maybe it's the data aspect of it, maybe it's embedding into the workflows that they're already doing process wise. What is it that you think you bring from a vertical specifics that that can't be replicated?

Question: Alexander Sklar - Raymond James - Analyst : Got it. So maybe switching gears, new KPI this year, pretty top on all the quarterly calls is around ACV growth. And I think the messaging this year is kind of the target is to kind of accelerate ACV versus where it's been in the last couple of years. You've got, I think, a target for 8% to 9%-ish growth. How do you feel about the progress to that year to date?

Question: Alexander Sklar - Raymond James - Analyst : Definitely had some inbounds trying to diagnose the word choice of exceptionally well positioned versus kind of well positioned to meet or exceed. It clearly seems like an uptick from our end, if that --

Question: Alexander Sklar - Raymond James - Analyst : So Q4 historically is kind of your biggest bookings quarter. I assume no different this year. But what are some of the big swing factors kind of investors should be aware of, whether it's timing of renewals, whether it's kind of broader demand environment? What else are you kind of watching from your seat as you kind of progress towards those targets and specifically kind of go into this Q4 selling season?

Question: Alexander Sklar - Raymond James - Analyst : So on the execution front, go-to-market, there's been some changes in Europe, new head of sales has been in place for a little over a year now. Sean, as CEO has been in place, I don't know, a few quarters now. What's kind of been the big changes on the go-to-market side? What kind of in your seat, do you feel better about incrementally in terms of the team actually executing here exiting this year and for kind of the year's count?

Question: Alexander Sklar - Raymond James - Analyst : So better operating environment, getting a little bit better productivity, it sounds like as well. You did hire quantity-wise, I think you talked about double-digit kind of growth in sales capacity. What's been kind of the growth you've seen from -- are those folks productive yet? What have you seen in terms of growth from that kind of new cohort?

Question: Alexander Sklar - Raymond James - Analyst : You have good international coverage already. Is there still more room kind of on sales capacity as you think about going into next year? Is that something that's still talked about in the executive team?

Question: Alexander Sklar - Raymond James - Analyst : So you've got the team on the ground you need. It sounds like there's some pockets maybe of opportunity. But one of the things that I think has been particularly exciting for the stock this year is the incremental margins have really stepped up. And so you've done this kind of potential reacceleration in growth with some leverage. What's kind of the outlook on the margin side? 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 09, 2025 / 4:20PM, NCNO.OQ - nCino Inc at Raymond James TMT and Consumer Conference Where are these -- some of these efficiencies coming from? How much is still to come as you think about maybe framing it as part of your Rule of 40 target that's out there for the end of next year?

Question: Alexander Sklar - Raymond James - Analyst : Well, why don't we kind of hit on some of those growth vectors? We talked about AI already. So maybe I'll start with mortgage. I think it's 15%-ish of revenue. It's starting to get accretive to growth again after what's been a tough few years just given interest rate environment. What are you seeing on kind of the gross new booking opportunity side and as far as that driving some of the reacceleration this year versus what's been just a more stable volume environment?

Question: Alexander Sklar - Raymond James - Analyst : Do you feel like your overall visibility is kind of significantly improved given some of those headwinds have gone away? Like are customers kind of operating at a consistent level when you look at the apples-to-apples amount of volume coming through that might change or how you kind of think about providing an outlook in that sector, which has a little bit more volatility? Or it's kind of the thought process we're happy with how we've been approaching on an external standpoint, probably keep more of the same there?

Question: Alexander Sklar - Raymond James - Analyst : Okay. You talked about one of the things, the other benefits you got from mortgages, you were able to bring that front end that you acquired from SimpleNexus and bring it to other parts of the organization. So on the consumer non-mortgage part of the business, what kind of unlock have you seen since you kind of fully stood up and launched kind of the new front end for that solution?

Question: Alexander Sklar - Raymond James - Analyst : It's still newer. Do you think that's an opportunity down the road where you could actually see lands that include mortgage and consumer collectively at kind of the outset for a new customer? Is that something that you're seeing kind of bubble up in the pipeline at all?

Question: Alexander Sklar - Raymond James - Analyst : Yeah. Okay. On International, it's one of the biggest pieces of the TAM. Obviously, a slightly different value prop in different geographies. But ultimately, you've got proof points in some of the major geos you're operating in. What kind of needs to happen from your seat to reinflect the International business to start being accretive to growth? I think this year, you called out the most recent quarter, mid-single-digit type growth. What's out there in terms of aggregate opportunity? And what kind of changes things from an inflection standpoint?

Question: Alexander Sklar - Raymond James - Analyst : Okay. And when you talk about accretive growth for next year, is that the kind of reported subscription growth or is that how you think about future kind of bookings for that region?

Question: Alexander Sklar - Raymond James - Analyst : So one of the other new things kind of that you started this year is the platform pricing model shift. So moving from what historically on the commercial side of the business has been a seat-based model to more of an asset-based pricing model, can you talk about kind of the drivers behind that, the progress to date, what it actually means for the financials as you've gone through that progress? 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 09, 2025 / 4:20PM, NCNO.OQ - nCino Inc at Raymond James TMT and Consumer Conference

Question: Alexander Sklar - Raymond James - Analyst : Okay. Another future kind of growth tailwind bubbling up is your end market bank M&A, so the customer M&A. You gave a new stat on the quarter. I think you said over maybe a decade-long period, there's been 270 customer transactions and you were the winner effectively in 95% of those. So maybe just as bank M&A starts inflecting again, maybe talk about what that's kind of meant for the model historically. And especially under the new pricing model, could it actually be more of a driver going forward than it has in the past?

Question: Alexander Sklar - Raymond James - Analyst : All right. More to come there. Maybe we'll open up to the audience if there's any questions. All right. So you've got -- you made several acquisitions over the last, I'll call it, 18 months. But as you've been integrating Sandbox and FullCircl and DocFox, how are you seeing those kind of start to impact kind of aggregate pipeline growth?

Question: Alexander Sklar - Raymond James - Analyst : AAnd maybe with the exception of FullCircl, which today is mostly UK, Ireland, maybe going to Mainland Europe, but applicability across your entire installed base for the rest of those. Is that a fair way to think about it?

Question: Alexander Sklar - Raymond James - Analyst : Okay. Maybe just -- see, we're out of time here, so just to wrap up. But I don't know if this is coming out of the quarter or the year, but what do you think is still kind of the most underappreciated aspect of the nCino story? And what might change that as we kind of go into calendar '26? 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 09, 2025 / 4:20PM, NCNO.OQ - nCino Inc at Raymond James TMT and Consumer Conference

Question: Alexander Sklar - Raymond James - Analyst : No, and still obviously very early days there.

Question: Alexander Sklar - Raymond James - Analyst : More to come. All right, well, thanks, Greg, for joining us. Thanks, everyone, in the audience.