nCino, Inc.

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'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. 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, Director of Investor Relations. Please go ahead.

Good afternoon, and welcome to Encino's second 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 gap metrics can be found in today's earnings release, which is available on our website and as an exhibit to the Form 8-K furnished with the SEC just before this fall, as well as the earnings presentation on our investor relations website at investor.ensino.com. With that, I will turn the call over to Pierre.

Thank you, Harrison. Welcome and thank you for joining us today. We are very pleased with our second quarter financial results. Once again, exceeding our guidance for both subscription and total revenues, as well as for non-GAAP operating income. Before I turn the call over to Greg to provide you with additional financial details on the second quarter, I would like to walk you through what we are seeing in the market. In the United States, sentiment in the financial services industry has improved quite a bit from a year ago, with FI balance sheets generally healthy and net interest margin headwinds abating. Buying behavior in both the U.S. enterprise and community and regional markets accelerated in the first half of fiscal 25, with gross bookings in the U.S. up 36%. over the first half of last year, including mortgage, and up 67% without mortgage. This momentum has been driven primarily by expansion opportunities within our existing customer base as more and more customers embrace our single platform. As of the end of second quarter, our U.S. enterprise and community and regional businesses were both over 50%, of their way to their total gross bookings goals for the year. In our US mortgage business, we signed six new mortgage customers in the second quarter, four of which were financial institutions. Lending volumes and market activity did remain relatively suppressed in what would otherwise historically be a seasonally strong selling quarter. We maintain our view that US mortgage revenues will be dilutive to overall growth for Encino this fiscal year, but we expect interest rate cuts to be a catalyst for re-accelerated growth in this business starting in the fourth quarter and as we look into next year, consistent with our previous comments. We are very pleased to have successfully navigated through a difficult mortgage market over the past couple of years and with approximately 40% of our U.S. mortgage logos and 45% of our U.S. mortgage revenues now on our new pricing model. We believe we are very well situated to benefit from the expected increase in mortgage activity, including from one of the largest homebuilders in the United States, which began their nationwide rollout of the Encino Mortgage Solution in July. Turning to our business outside of the U.S., Our pipelines have grown nicely this time last year, but the international markets we operate in remain more challenged than in the U.S. As a reminder, our pipelines outside of the U.S. are comprised primarily of new logo opportunities, which do inherently take longer to close in any business climate and can be much more lumpy in light of the large bank nature of this business. That said, we do expect our international operations to add a healthy number of new logos in the second half of the year. You'll recall on our fourth quarter earnings call, I said having roughly around 40% of our total gross bookings in the first half of the year is a more normal picture for the year. Gross bookings for the first six months were approximately 36% towards our annual goal, highlighted by overperformance in our legacy US business, while our US mortgage and international businesses were more challenged. As we look at our sales pipelines, we believe we are on track to meet our gross bookings goal for the year. We are particularly encouraged to see an increasing number of large enterprise opportunities in both our newer and established markets. On a net bookings basis, We ended the first half of the year up approximately 17% year-over-year, and we believe we are on track to our goal of net bookings being up 50% year-over-year. In the second quarter, over half of our total company bookings came from outside of commercial lending, including over half of new customer deals, and we added eight new consumer lending and five new deposit account opening customers. two of which added both solutions. Legacy systems and processes continue to bog down the middle and back office of financial institutions, and our digital channels and automation are bringing speed and efficiency they never thought possible. For example, a $2 billion bank in New England shared they have taken a 41-minute deposit account opening process down to just four minutes for business clients and removed the need for a banker to get involved. Another community bank in Tennessee reduced approval times for consumer loans by 95%. In the consumer banking world, the speed with which a financial institution can fulfill requests for products and services has everything to do with client satisfaction. With a quicker yes and see no consumer lending and deposit account opening, customers are realizing a true competitive advantage. And with more product depth, we are delivering even more value to the lines of business already on your platform. For example, a $20 billion bank became one of our largest portfolio analytics customers, expanding their adoption from commercial lending and deposit account opening to also include portfolio analytics for CRE stress testing. By bringing back offers, portfolio-level risk analysis onto the same platform used for originations, this bank is enhancing the availability and suitability of data for risk management. Again and again, customers demonstrate that adopting multiple solutions on a single platform from Encino yields a consistent and more enjoyable client experience and more efficient operations within the institution. Efficiency continues to be a core mandate for every financial institution, and we continue to make investments to reduce the cost of ownership by reducing implementation timelines, hardening plug and play third-party integrations, and streamlining ongoing administration. One of the largest banks in New Zealand went live with Encino during the second quarter, a key milestone in the program that will allow this FI to retire over 40 legacy systems. We aim for that level of efficiency across every business line in the financial institution. Turning to Banking Advisor, we are quite pleased with the progress we have made bringing our unique data capabilities and AI to financial services to this product family. Even though Banking Advisor only became generally available in the second quarter, we signed eight Banking Advisor deals in the quarter across the community, regional, and enterprise market segments in the US and Canada, and have taken our first customer live with it. Our knowledge base and narratives drafting skills have strongly resonated with FIs across asset classes, representing a diverse cross-section of our customer base. Long-term, our Banking Advisor roadmap is focused on opportunities to go even deeper with intelligence and automation, enabled by our unique access to financial institutions data, which the team has done a great job obtaining consent to use. On the M&A front, we are pleased with the progress we have made integrating both DocFox and Allegro. In particular, the market response to the commercial onboarding and account opening functionality we acquired with DocFox has far exceeded our expectations. We are actively exploring opportunities to accelerate this integration along with the rollout of this product outside of the U.S., especially as customers are looking to purchase this product as part of our single platform versus on a standalone basis. With that, I'll hand it over to Greg to cover our financials.