nCino, Inc.

good day and thank you for standing by welcome to the encino first quarter fiscal year 2025 financial results conference call at this time all participants are in a listen-only mode please be advised that today's conference is being recorded after the speaker's presentation there will be a question and answer session to ask a question please press star 1 1 on your telephone and wait for your name to be announced to withdraw your question please press star 1 1 again I would now like to hand the conference over to your speaker today, Harrison Masters, Director of Investor Relations.

Good afternoon, and welcome to Encino's first quarter fiscal 2025 earnings call. With me on today's call are Pierre Naudet, Encino's Chairman and Chief Executive Officer, and Greg Ornstein, Encino's Chief Financial Officer. During the course of this conference call, we will 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, 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 and as an exhibit to the Form 8K furnished with the SEC just before this call, as well as the earnings presentation on our investor relations website at investor.ensino.com. With that, I will now turn the call over to Pierre.

Thank you, Harrison, and thank you all for joining us today. We are very pleased with the start to the year. We built on the sales momentum from Q4, with gross sales in the first quarter exceeding our plan and establishing a company record for gross sales in the first quarter. We saw strength across the business with existing customers expanding their adoption of our platform, most notably in the US enterprise and community and regional markets. Last quarter, I noted that we expected net sales for fiscal 25 to increase approximately 50% over last year. Our strong Q1 performance certainly increases our confidence in achieving that goal. At year end, we pointed to stabilization of interest rates as key to the improving tone of customer conversations and more normalized buying behavior. The December 2023 Federal Reserve Open Market Committee meeting provided stability that was missing in the US market for almost two years. With more visibility into their own financial performance, more and more financial institutions have been able to refocus on strategic initiative to improve their operations, create additional operating efficiencies, provide better user experiences for their clients, and improve their competitive positioning. This is translating to more technology spent. 72% of the executives we polled in an internal survey this month responded that their IT budgets have increased from last year, with 44% citing an increase of over 5%. While interest rate stability has been a positive for most of our business, rates being higher for longer have kept the mortgage market under pressure. Despite the difficult market conditions, our U.S. mortgage business continued to perform well, adding 15 new logos and again exceeding internal quarterly gross sales targets with strength in both the FI and IMB market segments. The difficult mortgage market over the past couple of years has reinforced the imperative for mortgage lenders to leverage technology to improve profitability, provide a more enjoyable and efficient customer experience and attract the best talent. Our results again reflect our success in displacing competitors and cross-selling into our banking installed base. We are currently in a waiting game for the first Fed rate cut and the puts and takes of the demand equation do add up a level of difficulty in predicting how and when rate cuts will impact mortgage volumes. That said, We are confident that our market-leading technology and our ongoing commitment to product innovation will continue to yield share gains. Obviously, there are nuances by market, but we see priorities generally aligned across all of the markets we serve. The liquidity crisis a year ago and the ensuing difficult business cycle imparted some lasting lessons for our customers and prospects. Operational efficiency matters. and quality, digital experiences are table stakes for their clients. As the only cloud native single platform that spans lending, onboarding, and account opening operations across business lines within a financial institution, we are uniquely positioned to bring efficiency and a modern digital experience to financial services. This was on full display for over 1,600 attendees at Insight, our annual user conference, held in Charlotte just two weeks ago. In responding to a registration survey, more than 70% of attendees confirmed that improved efficiency was the number one priority for their institution in 2024. This aligns directly with our mission of bringing people, processes, and data together on a single, customer-centric platform. As the first steps toward digital transformation can begin anywhere within a financial institution, we've been focused on ensuring that all of our solutions are market leading. For example, in the first quarter, an over $15 billion asset bank expanded their use of Encino from treasury onboarding to include small business and consumer lending, as well as deposit account opening. We expanded ACV by nearly seven times within this account in Q1, even though They are not yet a customer of our flagship commercial lending solution. In April, we announced a number of announcements to our consumer lending solution, including the Omnichannel experience we've discussed for the past few quarters. Inside was the GA launch of Omnichannel, and we couldn't be more excited about the incredibly positive reaction and feedback from our customers for this product as we make the same truly mobile-first, point-of-sale experience. already an important differentiator for our U.S. mortgage solution, available across all of consumer lending. Rounding out our consumer lending enhancements are new capabilities for indirect auto lending made possible through the recent tuck-in technology process of Allegro. In evaluating the built partner by decision to solve for indirect lending, we decided the most efficient way to accelerate development for the specialized verticals. was to acquire the technology from a valued partner in the credit union space, ThruStage Financial Group. You'll also recall we discussed the acquisition of DocFox on our last earnings call. This acquisition provides us with new onboarding and account opening capabilities for small business and commercial banking. Insight was the first opportunity for many of our customers to see how the solution digitizes and streamlines a traditionally high touch, inefficient, and time-consuming process. The feedback has been tremendous, including over 100 new sales and leads generated at Insight. We continue working with early adopters on an integrated product initially targeted at the community and regional banking market in the U.S. One mutual customer has reported onboarding time for business accounts being cut from two weeks to under an hour with DocFox. In our early testing of the market, we have found solving the commercial onboarding platform for FIs can yield around half of the ACV we expect for commercial lending. We are incredibly excited about the opportunity for DocFox, which will be referred to as the Encino Commercial Onboarding and Account Opening Solution, and look forward to expanding this offering for U.S. enterprise customers later this year. Having laid a foundation with an integrated platform of best-in-class solutions, we are uniquely positioned to continue leading the digital transformation of financial services with automation, data, and intelligence. Our newest NIC offering does exactly that. Continuous credit monitoring leverages our partner rich data companies' AI decisioning platform to automate what were previously manual loan review tasks at the customer and portfolio level. Through this collaboration, we are setting a new standard in how financial institutions manage credit risk. We were pleased to announce M&T, an Ancino customer since 2016, as our first U.S. customer on continuous credit monitoring. This solution will enable M&T to detect more early warning signs and provide insights to M&T's employees to drive even more timely and tailored banking experiences for their clients. This is just one example of how key partnerships extend and enhance our platform. And perhaps the most innovative developments shown at Insight were the banking advisor products. We demonstrated how we have productized generative AI to automate the creation of deal and credit memos, to quickly interpret policies, to chat with, upload, locate and file documents, and to turn PDFs into data. Our customers are so excited by this breakthrough technology that we actually got reprimanded by the fire marshal for overcrowding at the Insight Banking Advisor booth. As a reminder, Encino first earned our customers' trust as we led them on the journey of cloud adoption. Our goal is to install that same trust as their partner in the journey to adopt AI. Encino is differentiated as a vendor in financial services, not only by our global reach and inability to serve institutions of all sizes, but by being home to the mission critical lending, account opening, and onboarding processes across a single platform. for all of our financial institutions' products and services. Encino's roots are in the business process re-engineering, and with AI, we have the ability to drive intelligence and automation like never before. With that, I'll turn the call over to Greg to take us through the financials.