NCNO - nCino Inc. (NCNO) Q1 2025 Earnings Call Transcript
2024-05-29 20:57:07 ET
nCino, Inc. (NCNO)
Q1 2025 Results Conference Call
May 29, 2024 4:30 PM ET
Company Participants
Harrison Masters - Director, IR
Pierre Naude - Chairman, CEO
Greg Orenstein - CFO
Conference Call Participants
Adam Hotchkiss - Goldman Sachs
Ryan Tomasello - KBW
Brent Bracelin - Piper Sandler
Alex Sklar - Raymond James
Saket Kalia - Barclays
Terry Tillman - Truist Securities
Michael Infante - Morgan Stanley
Adam Bergere - Bank of America
Charles Nabhan - Stephens
Robert Trout - Macquarie Capital
Chris Kennedy - William Blair
Presentation
Operator
Good day, and thank you for standing by. Welcome to the nCino First Quarter Fiscal Year 2025 Financial Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions].
I would now like to hand the conference over to your speaker today, Harrison Masters, Director of Investor Relations.
Harrison Masters
Good afternoon. and welcome to nCino's first quarter fiscal 2025 earnings call. With me on today's call are Pierre Naude, nCino's Chairman and Chief Executive Officer; and Greg Orenstein, nCino'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.
nCino 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 8-K furnished with the SEC just before this call, as well as the earnings presentation on our Investor Relations website at investor.incno.com.
With that, I will now turn the call over to Pierre.
Pierre Naude
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 U.S. 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 U.S. market for almost 2 years. With more visibility into their own financial performance, more and more financial institutions have been able to refocus on strategic initiatives to improve their operations, create additional operating efficiencies, provide better user experiences for their clients and improve their competitive positioning....
nCino, Inc. (NCNO) Q1 2025 Earnings Call Transcript