nCino, Inc.

Ladies and gentlemen, thank you for standing by, and welcome to Encino's fourth quarter and full year fiscal 2022 earnings 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 will need to press star 1 on your telephone. If you require any further assistance, please press star 0. It is now my pleasure to introduce Brittany Riley, Investor Relations.

Good afternoon and welcome to Encino's fourth quarter and full year fiscal 2022 earnings call. With me on today's call are Pierre Nade, Encino's Chief Executive Officer, David Rudeau, Chief Financial Officer, and Josh Glover, President and Chief Revenue Officer. During the course of this conference call, we will make forward-looking statements regarding trends, strategies, and the anticipated performance of our business, including, without limitation, the acquisition and integration of SimpleMexis. 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 and economic conditions. Encino 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 8-K, furnished with the SEC just before this call. With that, I will now turn the call over to Pierre.

Good afternoon. And thank you for joining us today to discuss our fourth quarter and full year fiscal 2022 results. I'm glad to be here today to share with you the success we achieved in fiscal year 22 and how we are thinking about fiscal 23 and beyond. We had a tremendous year. We achieved $274 million in total revenues in fiscal year 2022, an increase of 34% over fiscal 21. Our fourth quarter was especially strong, with some significant wins in our core Encino business. Shortly before this call, we issued a press release announcing one of those key wins, a new expansion deal with Wells Fargo, one of the big four banks in the U.S. As you recall, we first signed Wells Fargo for commercial lending in the second quarter of fiscal 22. That project has kicked off and is going well. So well, in fact, that during the fourth quarter, Wells Fargo signed another deal with us to expand the Encino Bank operating system into their consumer and small business bank for small business lending. We are extremely proud of our partnership with Wells Fargo and their trust in our team and our platform to further enable their future growth. Our international footprint also grew in the fourth quarter as we continued to execute on our vision of being the worldwide leader in cloud banking. Josh will touch on specifics of our international business shortly, but it was a strong year as we planted the Encino flag in numerous new markets from Germany to Japan to France to Spain to South Africa, while continuing to grow our more mature international markets such as Canada and the UK. Another major highlight for us in the fourth quarter was completing our acquisition of SimpleNexus, a leading cloud-based mobile-first home ownership software company. I want to thank all of our teams involved for their hard work and efforts to get this deal done before our fiscal year end. This acquisition is an important element of our strategy as we continue to drive digital transformation across the financial services industry. So I want to take a minute to share some statistics with you on SimpleNexus and the opportunity we see for this business. Today, SimpleNexus serves more than 45,000 loan originators at more than 300 independent mortgage banks and over 100 banks and credit unions nationwide. We expect the number of banks and credit unions using our SimpleNexus software to continue increasing in fiscal 23, as we work to aggressively cross-sell this transformative solution within our existing Encino customer base. To capitalize on this opportunity, our Encino and SimpleNexus sales teams have established lead sharing and referral programs, and these programs are starting to gain traction. As a reminder, SimpleNexus has a perceived subscription-based revenue model similar to Encino, enabling the company to generate financial results that are more predictable, recurring, and not based on mortgage transaction volumes. You've heard me say before that one out of every seven mortgage loans originated in the U.S. in 2021 was processed through Simple Nexus. This equated to more than $500 billion in mortgage loans. This is a powerful statistic, and as we look ahead, there are several key trends in the industry that we can leverage to continue driving growth for our Simple Nexus business. First, as I shift to a purchase market, after years of record home refinance activity, the industry expects refis to decrease significantly this year as interest rates increase. However, the demand for home purchases continue to grow. According to Fannie Mae's March forecast, Purchase mortgage volume for 2022 is estimated at $1.9 trillion, approximately 4.5% above mortgage purchase volumes in 2021. We believe SimpleNexus is particularly well-suited for the purchase market as their mobile-first application connects realtors, borrowers, and loan officers all in the same platform. Loan officers utilizing Simple Nexus will find it easier to share and provide referrals with the third parties involved in a home purchase. As demand for new homes continues to increase, we see opportunities for continued growth and differentiation in this segment. Second, demand for electronic closings has increased significantly since the start of the pandemic. As with nearly every aspect of our financial lives, Consumers want to be able to complete transactions digitally without having to meet face-to-face or visit a branch in person. With Nexus Closing, simple Nexus e-closing platform, borrowers and lenders have access to a modern, fully integrated closing solution that supports traditional, hybrid, and fully digital closings from electronic documentation, upload to remote online notarization. Finally, a third key trend we see is the expansion of the Hispanic home ownership market. A recent study from the Urban Institute forecast that Hispanic buyers will comprise 70% of home ownership growth from 2020 to 2040, serving as the growth engine of American home buying. There is an incredible opportunity to help this traditionally underserved and growing market. In response, during the fourth quarter of fiscal 2022, SimpleNexus launched Nexus Bilingual, a new feature that makes the loan process more accessible to prospective Spanish-speaking homebuyers. We see these three key trends as tailwinds for us in fiscal 23 and beyond. And with our SimpleNexus best-in-class, mobile-first product suite, we can support all of the people systems, and stages of the home ownership process with a seamless cloud-native end-to-end solution. Julie Sweet, the CEO of Accenture, one of Encino's largest and longest-standing SI partners, was recently quoted as saying, cloud is the enabler, data is the driver, and then AI will be the differentiator. I could not agree more. We are uniquely positioned to be the premier cloud software provider for financial institutions of all sizes all around the globe. We have a fantastic opportunity to drive digital transformation, including by leveraging data and AI through our NIC offerings into every corner of every community, regional and enterprise bank, challenger bank, credit union, and independent mortgage bank. And we've just barely scratched the surface. We are excited that this company, which we started 10 years ago here in Wilmington, North Carolina, is now a global company approaching 400 million in annual revenues in fiscal 23. I'm incredibly proud of our team and believe the best is yet to come. And with that, I'll turn it over to Jos.