nCino, Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Encino first quarter fiscal 2022 earnings conference call. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Greg Orenstein. Chief Corporate Development and Legal Officer. Please go ahead.

Thank you and good afternoon and welcome to Encino's first quarter fiscal 2022 earnings call for the quarter ended April 30th, 2021. With me on today's call are Pierre Naudet, Encino's President and Chief Executive Officer, and David Rudeau, our Chief Financial Officer. During the course of this conference call, we may make forward-looking statements regarding trends, strategies, and the anticipated performance of our business. These forward-looking statements are based on management's current views and expectations, entail certain assumptions made as of today's date, and are subject to various risks and uncertainties described in our SEC filings and other publicly available documents, including those related to the impacts of COVID-19 on our business, the financial services industry, and global economic conditions. NCINO disclaims any obligation to update or revise any forward-looking statements. Further, on today's call, we will also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A reconciliation to comparable GAAP metrics can be found in today's earning release, which is available on our website and as an exhibit to the Form 8K furnished with the SEC just before this call. With that, thank you for joining us, and I will turn it over to Pierre.

Thanks, Greg. Good afternoon, and thanks for joining us. We're very pleased with the results of our first quarter, maintaining the strong momentum from year end. In the first quarter of FY22, we closed more net new customer business than upsell for the first time since the start of the pandemic, reflecting financial institutions' increased demand for digital solutions across their product portfolio. Subscription revenues increased 47%, while once again, we ended the quarter with a record pipeline for the company, Our results reflect the accelerating digital transformation of financial services, a topic you've heard us discuss before, as have most companies in the industry. When I think back to the early days of Encino, a lot of our time was spent educating banks and credit unions about the benefits of moving to the cloud. It's clear they now understand the significant value the cloud offers. Today, we no longer need to focus on the why for digital transformation. Instead, we spend time on the how. The past year has made it evident for every institution that they need to embrace a digital strategy. Prior to COVID, the rest of the world lagged behind the US in cloud adoption. However, our first quarter results highlight that international markets are starting to catch up. As international is one of our four key growth pillars for the year, and international momentum was particularly robust this quarter, I'd like to spend some time today focusing on that element of our growth strategy. As a reminder, the other three growth areas for us are maintaining commercial product leadership, accelerating retail banking, and broadening our Encino IQ or NIC analytics offerings. We are excited to announce that we added a nearly $1 trillion asset bank as a commercial customer in Canada. one of the big five. This deal was a terrific expansion of our Canadian footprint. They were looking to replace their outdated, disparate systems with Encino's digital platform in order to increase efficiency and automation while providing enhanced client service. Again, it's clear that the cloud is the future for banks of all sizes around the world. We are also very excited this quarter to close our first deal in Germany, which we announced in May. You may recall that last quarter I said I challenged our team to land a reference customer in each of the new European markets we entered. They have clearly risen to the challenge and are off to a great start. Hamburg Commercial Bank, or H-Corp, will deploy the Encino Bank operating system as part of its IT modernization. H-Corp is a Hamburg-based commercial bank with operations across Germany's metropolitan regions and its select European markets. H-Corp is a terrific entry into this highly regulated market, and based upon our past experience, we are optimistic we can leverage this deal to land more German customers. Turning to the U.S., we were pleased to sign an approximately $8 billion regional bank who will begin their relationship with Encino with retail lending and deposit account opening. It really does feel like most community and regional banks are now focused on their longer-term strategies with the distraction of COVID and Triple P largely behind them. I've spoken previously about the farm credit system, a growing niche market for us here in the U.S. This quarter, we were pleased that two farm credit system institutions at $22 billion and $25 billion in assets expanded their use of Encino, illustrating our continued momentum within this market sector and our ability to upsell into our customer base. As you all know by now, while we enjoy signing new deals at Encino, what we really celebrate is the go-live. We continue working to streamline integrations and accelerate delivery, leveraging our best practices and gold standards to create a prescriptive deployment framework. Customers are very receptive to this approach, particularly in the community bank space, which allows for a faster deployment schedule and a quicker time to value. as demonstrated with a $3.5 billion community bank we took live in the first quarter with our deposit account opening solution. Another success in the CNR segment was a new $3 billion community bank buying seats for the entire platform, commercial lending, retail lending, and deposit account opening. Our goal is for all our customers to utilize the complete platform So seeing one embrace this approach from the beginning is very exciting. The key to all of these wins is not only our incredible team of people, but our industry-leading products and ongoing commitment to innovation. We continue to invest in innovation during the first quarter by adding several new features and product enhancements across our platform as part of our spring release. One highlight was a new no-touch loan process for retail banking. Using this product, a customer can apply for an unsecured loan, the bank can review the file, approve the loan, and generate electronic documents for signature within minutes and without any human intervention. The efficiency and cost effectiveness of this approach cannot be overstated. We're very excited about this latest release. which gets us closer to our high-tech, low-touch vision for retail banking. As we also have discussed many times, our product vision marries the Encino Bank operating system with the insights of Nick. Our emphasis on data, machine learning, and analytics in our platform roadmap aligns with banks' need to differentiate based on insights and personalizations. The awareness derived from data analytics can be used to improve decision making, increase efficiency, and mitigate risk. And that's just what we are bringing to our customers with our platform. We took a big step forward with Nick this quarter with the early adopted launch of our commercial pricing and profitability solution. Commercial pricing enables customers to price commercial loans on platform within the Encino commercial loan regeneration system. to optimize loan pricing based on the unique policies and financial targets of each bank. Repricing can be performed at each critical stage of the loan origination process based upon negotiations and business development opportunities with clients. Automated spreading, also part of the NIC platform, gained significant traction in the quarter. It is now deployed on three continents, Europe, Australia, and North America. Customers using the product are reporting that automated spreading can reduce the time it takes to spread and process documents by 75%, accelerating loan underwriting and empowering credit analysts to develop a holistic understanding of credit risk instead of painstakingly reentering data. All of these innovative products came to life for customers and partners at our recent annual user conference, Insight, which we held in May. We had over 2,000 people register for the two-day virtual conference, representing hundreds of financial institutions and partner companies from 24 countries. As part of the conference, we held our first-ever Encino Financial Services Impact Awards to recognize our customers who are doing great work and achieving exceptional results with the Encino platform. The winner of these awards included Santander UK, Barclays, and CoBank. Congratulations to the winning customers and all who were nominated for these awards based upon their success with the Encino Bank operating system. We are honored to be in business with you. For those listening today, if you would like to watch a replay of the conference, which includes many product demos, you can find a link on the investor relations section of Encino's website under events and presentations. Finally, I want to share a recent company and community update that I'm incredibly proud of. As you've heard me say before, at Encino, our culture is our passion, and it's a huge differentiator for us in the market. We have an ambitious growth strategy, and we can only be successful by continuing to attract the best talent. As part of this focus, we recently committed to a long-term project working with the city of Wilmington, to create the Encino Sports Complex. Our funding will not only help ensure that youth in our community have access to sports like soccer, lacrosse, and rugby, a personal favorite of mine growing up in South Africa, but it also makes Wilmington, North Carolina, an even more attractive place to live for both current and future Encino employees. So now, let me wrap up and turn the call over to David to share financial details on the first quarter and how our strong results allow us to increase our full-year outlook. David, over to you.