nCino, Inc.

Good day, and thank you for standing by. Welcome to Encino first quarter fiscal year 2023 financial results conference call. At this time, all participants on a listen-only mode. After the speaker's 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 this call is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your host today, to Brittany Riley. investor relations, you may begin.

Good afternoon, and welcome to Encino's first quarter fiscal 2023 earnings call. With me on today's call are Pierre Naudet, Encino's Chairman and 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 SimpleNexus. 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. 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 earnings release, which is available on our website 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 first quarter results for fiscal 2023. We had another strong quarter and a solid start to the year. Our team executed extremely well in the first quarter, highlighted by our strong top-line performance with $94.2 million in total revenues, an increase of 51% over the first quarter of fiscal 2022, which includes the addition of simple nexus revenues for the first full quarter. Subscription revenues grew 55%, or 29% organically, not including the addition of simple nexus. Year-over-year RPO growth for the first quarter was 48%, or 38% organically, and our non-GAAP operating margin improved to negative 4%. I am pleased that we are once again raising our revenue outlook for the full year. Additionally, we told you last quarter that we were committed to being profitable on a non-GAAP operating income basis and free cash flow positive in fiscal 2024, and our updated guidance reflects good progress towards achieving that objective. We continue to see strong demand for technology investments and digital transformation across the financial services sector, as well as the positive impact that Encino has on our customers' business. While we are aware of the various business headwinds across the globe, most banks are well capitalized today and are still looking to deploy capital to its highest use. In a rising interest rate environment, Banks are typically more profitable and in an even better position to continue growing and investing. We've heard this theme repeated in recent discussions with our customers and in earnings reports from financial institutions. Regardless of how many times the Fed may raise rates, financial institutions are always looking for ways to become more efficient, to streamline their operations, and to remain compliant. And Encino helps them achieve all three of these goals. For example, Connect One Bank, an $8 billion asset bank headquartered in New Jersey, recently reported their first quarter earnings, and their chairman and CEO, Frank Sorrentino, stated on the call, Supporting our industry-leading efficiency ratio is our ability to leverage technology and streamline internal processes. A great example of this is our partnership with Encino. which has been instrumental in this regard. We partnered with Encino in 2017 when our total asset size was just 4 billion to help deploy a single cloud-based platform throughout the organization and business lines. And today, we've more than doubled in size and yet we've been able to create efficiencies as we continue to build scale. This is just one example of how the Encino Bank operating system is enabling growth and efficiency gains for our customers. Connect One Bank is an existing Encino customer, and we also welcomed new customers during the first quarter in the US, APAC, and EMEA. One of these new customers was a UK financial services provider with over $1 trillion in assets, becoming our second largest EMEA deal in company history. In addition to continued demand for the Encino Bank opening system, we also show strong interest in your simple nexus solutions. As interest rates rise, mortgage lenders are shifting their focus to finding ways to improve their operational efficiency and invest in technologies that will deliver high levels of borrower satisfaction. We view this window of time in the U.S. mortgage market as a strategic opportunity for our Simple Nexus business. Strong companies with the right focus, execution, and business model have the opportunity to become even stronger during difficult times and take market share away from competitors. And that is exactly what the Simple Nexus team is focused on doing. From a solution perspective, there is heightened demand for technology that can help automate facilitate and expedite mortgage closings, such as those provided by the simple Nexus e-Close, e-Note and e-Vault solutions. While it's still early days and the mortgage market has experienced a rapid increase in interest rates, I continue to be extremely impressed by the overall quality of this asset that we acquired. From the superior mobile-first technology to the strength of the team, and to its superior subscription-based revenue model, which we have highlighted to you on several occasions. As a collective organization, we remain laser-focused on taking care of our customers, both great software and transforming an industry through innovation, reputation, and speed. This will be the front and center next week when we host Insight, our annual user conference in Raleigh, North Carolina. Insight is by far my favorite event, and it will be the first time we've held it in person since June 2019. We have nearly 1,400 registered attendees from 15 different countries representing 250 financial institutions, as well as dozens of consulting and technology partners from across the financial services ecosystem. It's going to be an incredible three days with colleagues, customers, and partners from around the globe as we continue to drive this industry forward together. I'll now turn the call over to Josh to go through more business highlights from the first quarter. Josh?