nCino, Inc.

Good day, and thank you for standing by. Welcome to Encino Second Quarter Fiscal Year 2023 Financial Results Conference Call. At this time, all participants are in 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 will need to press star 1 1 on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today. Harrison Masters, Investor Relations. Please go ahead.

Good afternoon and welcome to Encino's second 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 the financial services industry and global economic conditions. CONSINO 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 and is 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.

Thank you, Harrison, and thank you all for joining us today to discuss our second quarter fiscal 23 results. Our team executed extremely well in the second quarter, highlighted by our strong top-line performance of $99.6 million in total revenues, a 50% increase over the second quarter of fiscal 22, which includes simple nexus revenues. Excluding Simple Nexus, we grew subscription revenues by 29% organically. During the second quarter, we saw continued global demand for our platform, including strong growth across our newer product solutions. As illustrated by the Rabobank announcement we issued shortly before this call, Rabobank selected our NIC automated spreading solution to transform their financial spreading capabilities within Australia and New Zealand. This partnership represents a multi-currency, cross-country commitment and is our largest auto-sparing deal to date. We all know we're in a challenging mortgage market, but despite that, our SimpleNexus teammates had another strong quarter, growing subscription revenues 73% year-over-year or 47% organically. You will hear more about SimpleNexus from Josh shortly, but we believe the strength in the quarter further highlights the unique quality of this business, including its mobile-first cloud-based home ownership platform and superior subscription-based business model, which is fueling continued growth and market share gains in a difficult mortgage market. The uncertainty in the economy isn't just tied to the mortgage market, so let me spend a minute on the macro outlook, as it is top of mind for all of us right now. Overall, I would characterize the global market as having become more complex, with different dynamics in different geographies. On the plus side, higher interest rates are generally positive for financial institutions, and the demand we see in our sales pipeline for our products has never been stronger, reflecting the ongoing need for financial institutions to digitally transform in order to stay relevant and competitive, specifically We are seeing strength in the US, Canada, and Asia Pacific markets. However, we are seeing some weakness in Europe, highlighted by longer deal cycles. We continue to closely monitor how the macro environment is impacting the market. In the meantime, I am pleased that we are once again increasing our full year revenue guidance. David will provide more details later on in the call and how we view the second half of the year. I would like to highlight the progress we made in the second quarter towards profitability and reinforce that we remain committed to achieving non-GAAP profitability next year, even as we continue to invest in the business. In fact, we are improving our non-GAAP operating loss guidance by $12 million for the full year from our guidance last quarter. The key focus for us has been a more measured approach to hiring. We believe we have plenty of opportunity within our existing employee base to support future growth while driving incremental operating leverage. That said, we will continue to responsibly invest in growth, which remains our top priority, and we will make additional strategic hires where needed to drive growth and revenue expansion. We are in the early innings of growing a global business and capturing a $16 billion serviceable addressable market. And we see the current environment as a time to invest with discipline to extend our market leadership. The executive appointments announced recently proved this point. I am sure you all saw our announcement last month of Matt Hanson's appointment as Encino's Chief Product Officer. After conducting an extensive external search, It became evident that we had the strongest candidate right here in the Encino family. Matt, founder of SimpleNexus, is now overseeing all of Encino's product development and engineering organization globally. We also appointed Ben Miller, co-founder of SimpleNexus as its CEO, taking over for Kathleen Shriner-Gates, who is staying on with us in an advisory capacity. And we announced two other appointments to our executive leadership team during the quarter, including Jamie Punishill as our chief market officer and Chris Ainsworth as our first chief people officer. I am excited about the deep domain expertise and diverse perspectives each of these individuals brings to Encino. These additions to our leadership team will enable us to further scale, maximize market share, and drive profitable growth while continuing to attract and retain top talent and deliver the best products in the industry. And with that, I'll turn the call over to Josh to go through more business highlights from the quarter. Josh?