nCino, Inc. Common Stock Piper Sandler 5th Annual Growth Frontiers Conference

It's a pleasure to be here.

Yeah, absolutely. Again, thanks everyone for being here. We help financial institutions loan money quicker. We help them make those loans on a more informed, intelligent basis. We help them reduce risk. We help them operate more efficiently, and we help them provide their end users, their customers, a better user experience. We do that across four parts of the bank. So lending, any type of lending from commercial, to small business, to consumer, including mortgage, account opening, onboarding of customers, and then ultimately portfolio monitoring. We do that on a global basis. We've got a little over 20% of our revenue is actually outside of the U.S. And that's what our focus is.

Yeah. Excited about the results and, again, very pleased with the activities of our team. We had a good quarter. Ultimately I think the core business that we have, is operating well. There's a lot of activity, a lot of sales activity out there. The pipelines look good. We did talk about mortgage, obviously in this interest rate environment, the mortgage part of our business, which is about 15% of our subscription revenues, is dealing with some headwinds. But I think overall, whether it's through better execution and again, very proud of the team, and ultimately just technology and what's going on with AI, an exciting time for the company. We're seeing that with the conversations we're having with our customers.

Yeah, absolutely. As we're thinking about the rest of the year and beyond, it's continued strong execution, as I just noted, really pleased with what we've been seeing across the organization. But if you go back to last year, we laid out five very specific growth initiatives. I think we're excited about the progress that we're seeing across each one of them. In no particular order, international. Again, we just announced early actually in the Q3, we announced this on our call early in the third quarter, a nice sizable win. We expect it may be our largest deal of the year. So getting that done early in the third quarter was great. Our international business, we said, is accretive to growth. So excited about that. A lot of white space out there.

About half of our SAM is actually outside of the United States, and as I mentioned earlier, only a little over 20% of our revenue right now is outside of the United States. Opportunity there. Our mortgage business, which again, there are market headwinds, but we continue to see opportunities. We highlighted a couple of wins on the call, selling or cross-selling mortgage into our depository customer base. So banks and credit unions standardizing on nCino, again, across their lending portfolio, including mortgage. We talked about our credit union business, which is something that we stood up last year. Seeing good momentum, penetrating deeper and wider in the credit union space. Onboarding, which is another one of our growth initiatives. We had a nice win that we announced.

If you look at our press release, for Onboarding, which we think is a great cross-sell opportunity for us across our entire customer base, but specifically into our commercial customer base. Finally, obviously AI being a huge topic. A lot of momentum on the AI front. We announced over 230 customers are now paying us for our AI capabilities, which is really exciting to see. Above and beyond just those capabilities, I think, again, AI is driving a lot of discussions with the customers and prospects in the market. We've always said historically our biggest competitor, particularly upmarket in the larger bank space, was just do nothing, right? Delay the decision, kick the can down the road.

I think one of the takeaways with what's going on with AI is the market realizing you just can't continue to do that if you want to be competitive from a technology standpoint. So really excited what we're doing there and really excited about the innovation that's coming out of our R&D organization around our AI technology.

Yeah. So we embarked upon this pricing transition a couple of years ago, and the real catalyst for it was historically we were a seat-based model like many SaaS companies, but we were seeing the efficiency gains that we were driving with our customers. We realized that the more efficient we made them, the less seats they would need, which obviously isn't a great long-term business model. We made the decision to align, instead of seats to assets and really align the value proposition. So as our customers grew their assets on the nCino platform, we would be able to participate in that growth. Our average contract length's about 4 years. So in theory, it should take us about 4 years to transition the model or transition the customer base to the new model. But 6 quarters in, we're at about 48%, which is really exciting to see.