Good day, ladies and gentlemen, and welcome to the nCino Fourth Quarter and Fiscal Year 2024 Financial Results Conference Call. At this time, all participants are in listen-only mode. After the speakers’ prepared remarks, there'll be a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded. I would like to turn the call over to Harrison Masters, Director of Invest Relations. Please go ahead.

Good afternoon, and welcome to nCino's fourth quarter fiscal 2024 earnings call. With me on today's call are Pierre Naude, nCino's Chairman and Chief Executive Officer; Greg Orenstein, 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. 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 before this call, as well as the earnings presentation on our Investor Relations website at investor.ncino.com. With that, I will now turn the call over to Pierre.

Thank you for joining us this afternoon to discuss our strong finish to a challenging year. We are very pleased to close fiscal ‘24 with the strongest gross sales quarter we've had in the past 10 quarters, increasing 23% over the fourth quarter of fiscal ‘23. We saw strength across all US customer segments and from outside US as well, driving 16% subscription revenues growth for the quarter. We believe our Q4 results reflect a return to more normal buying patterns and behavior, including from our US enterprise customers, which we saw disproportionately impacted by the liquidity crisis last year. The improving tone from customers is also a positive indicator. Our confidence in the rebound, along with our expectations for lower churn this year drives our plan for net sales in fiscal ‘25 to be roughly 50% higher than fiscal ‘24. Despite the macro headwinds, full year subscription revenues in fiscal ‘24 increased 19% year-over-year. I couldn't be more proud of the solid execution of the global nCino team. Through the difficult environment, we remain focused on our customers and on product innovation, demonstrating our loyalty and commitment to them through the inevitable business cycles. Customer relationships are at the center of the nCino culture. The opportunity to expand these partnerships with new products and technology is one of the many reasons we are so excited about the road ahead. A more normal buying cycle and the improving tone from customers follows almost four years of industry upheaval between COVID and unprecedented rise in interest rates and the liquidity crisis. During this time, nCino generated a 41% subscription revenues CAGR and transformed from posting a $14 million non-GAAP operating loss in fiscal ‘21 to generating non-GAAP operating income of $62 million in fiscal ‘24. The success reflects the value of…

Thank you, Pierre. As I'm sure you can appreciate, I've given the decision to leave nCino a great deal of thought. It's never easy to leave a place where you've invested so much of yourself and where you so highly value the people, the friends that you work with. With a mature global go-to-market and sales organization well in place and with interest rates stabilizing and the liquidity crisis behind us, it feels like now is the right time for me to pursue a new challenge. I will always be nCino's biggest supporter, and I look forward to watching the company's continued success. I particularly look forward to watching some of my closest colleagues and friends as they step up to take on additional responsibilities and receive well-earned professional opportunities. I've enjoyed getting to know all of you over the years and I hope to get to work with you again down the road. With that said, let's turn to the strong Q4 results. We are very pleased with the way our sales team finished the year. Our existing customer base continues to be nCino's most strategic asset. About 60% of the business signed in the fourth quarter came from upsells and cross-sells to our existing base. We saw multi-year extensions across the entire business with expanded commitments from 29 institutions in US banking segments in EMEA, APAC, and Canada. In the fourth quarter, we signed a seven-figure expansion agreement for small business at a top 50 US bank and another for deposit account opening in the top 100 US bank. Reinforcing our successful delivery of the single platform, half of the new business signed in the quarter came from solutions other than commercial lending. NIC adoption also increased. 39% of our platform base has now adopted at least one…

Thank you, Josh, and thank you for your friendship and partnership over the past 8.5 years. While I will miss working with you, I know it's time for you to take on a new challenge and I wish you the very best. With that, thanks everyone for joining us this afternoon to review our fourth quarter fiscal 2024 financial results. Please note that all numbers referenced in my remarks are on a non-GAAP basis unless otherwise stated. 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. We are pleased with our fourth quarter fiscal ‘24 financial results. Total revenues for the fourth quarter were $123.7 million, an increase of 13% year-over-year. Full-year total revenues were $476.5 million, an increase of 17% over fiscal ‘23. Subscription revenues for the fourth quarter of fiscal ‘24 were $107.5 million, an increase of 16% year-over-year. Subscription revenues were 87% of total revenues. Full year subscription revenues were $409.5 million, an increase of 19% over fiscal ‘23 and 86% of total revenues for the year. Professional services revenues were $16.2 million in the fourth quarter, a slight decrease year-over-year. Full year professional services revenues were $67.1 million, an increase of 6%. As I noted on our third quarter earnings call and at Investor Day, we intend to prioritize subscription revenues growth over professional services revenues growth on our path towards the Rule of 50. In the fourth quarter we continued to invest in our SI partner ecosystem and in implementation repetitions for newer products which impacted the number of billable hours. We also faced a difficult year-over-year comparison in professional services from our portfolio analytics business, where the fourth…

[Operator Instructions] Our first question comes from Terry Tillman with Truist Securities. Your line is open.

Yeah, good afternoon, everybody. First, I did want to say, Josh, I guess congratulations and good luck with the new opportunity we'll miss you. And I'm sure you're going to miss our great questions. I guess my first question, and then I have a follow-up is on the enterprise side. Pierre, I think you were talking about enterprise demand normalizing. I guess is it starting to shift or pivot in terms of some of the products they're looking at? In particular, I'm wondering, are you seeing green shoots for these larger transformational commercial loan origination deals, which typically were much larger, or is it really a lot of the other products in the diversification playing out? And then I have a follow-up.

Yeah, I would say -- thanks a lot Terry. I would say that the larger banks is returning to more of a strategic posture, which means they are beginning to look at larger transformations. It's very early on in the buying cycle, but most of the actual activity is on the non-loan origination or non-commercial loan origination systems. So it sinks under than commercial loan origination. And as we always reminded you, we see our customer base as a massive asset to this company. And you can see now how we're beginning to cross sell into them with existing products as these products start scaling and become more attractive to larger banks as well, as well as the community and regional space. You can also see how the DocFox acquisitions meet tremendously accretive to those accounts. That is a critical issue for them, how to deposit account opening and onboarding with a robust KYC and AML functionality. So I think we are proving out the case that our customer base is not a drag, but actually a positive for us.

Got it, thanks for that, Pierre. And I guess my follow-up question is related to the $6 million, Greg. I think you disclosed that that was the annualized subscription revenue. Is that what you're assuming for FY ‘25? And if it's like SimpleNexus, you have some pretty significant revenue synergies. Are you baking anything in there? Thank you.

Yeah, thanks, Terry. Obviously, we don't break down that detail from a fiscal ‘25 or specific product guidance perspective. But as was noted in the call, we're going to focus on integration and make sure from a product perspective we've got that single platform motion going to market starting in the community base. And so we would expect the momentum to build as the year progresses is how we're looking at that contribution from DocFox.

Okay, thank you.

Thanks, Terry.

Thank you. [Operator Instructions] Our next question comes from Adam Hotchkiss with Goldman Sachs. Your line is open.

Great, thanks for taking the questions. I guess to start, I just wanted to touch a little bit more on the expansion of your partnership with Salesforce. I appreciate the detail on the model, Greg, but could you just talk a little bit more about what, if at all, is changing on the technology side from an integration perspective. Thanks.

Yeah, I'll take that. Thanks, Greg. So the first thing is, we in Salesforce get together with our customers and we always look at opportunities to improve how the platform, which is force.com, and then the CRM functionality, the call center functionality from Salesforce integrate into nCino to make it a seamless experience for the banker. And so on the one hand, Salesforce is expanding some platform elements so that we can integrate easier to it and better. And on top of that, it'll provide a much better client experience. And I always use this example. Think of your iPhone as a platform with a number of apps on there. And if they start sharing data, that makes it just so much more seamless. And although we've had that in the past, we are now taking that to a new dimension where more vertical capabilities of Salesforce becomes available to nCino. So it gives us deeper integration, it gives us more cross-sell opportunities as well as co-sell opportunities. And I'm very optimistic with the product direction of Salesforce and how we piggyback on that, as well as the coordination in the field for us to enlarge our deals.

Okay, great, that's really helpful. And then I just wanted to talk a little bit more about banking advisors, some of the early adopters. How quickly do you think you can realistically ramp adoption of some of these features into the base? And then just any initial thoughts on how you think about the potential ACV uplift for existing customers would be helpful.

It's very early stage for banking advisor. We've got early adopters going with it. But in the end, banking advisor is going to be a tremendous productivity tool and it'll be based on obviously the size of the deployment which correlates with the size of the bank. It'll be based on the number of skills. It'll be heavily ROI based because we have to begin to understand how is it complementing specific roles and how it may even replace humans at certain places in the production line. Okay? So, the feedback we're getting right now is very positive, but it's early days. And, Josh, do you want to comment on that?

I think what's important to note back to your question about how quickly we can ramp adoption of that. Our early adopters represent pieces of the US enterprise, US community regional and international customers. So this is something we feel will be globally applicable, and that's why we've taken that approach with the innovation. It will be a much faster implementation than an nCino transformation. And that aligns with a lot of our other cross-sale and NIC solutions that you've seen. You've heard us talk about record-setting portfolio analytics deals. Those are also quick to adopt. I think that translates nicely to lots of our customers the problems that we solve and to how quickly we can see a ramp from that.

Yeah, and Adam, it's Greg just to note, well again, not necessarily breaking down product contribution. I will note, because I think it's important that we're not assuming revenue in fiscal ‘25 from banking advisor. So again, consistent with our rollout model, very methodical, make sure it's battle tested. And ultimately, that's what we're focused on doing this year.

Okay, really helpful. Thanks, everyone.

Thank you. Our next question comes from Alex Sklar with Raymond James. Your line is open.

Great. Thank you. The first question is for Pierre, Josh, or Paul, if he's on. But you highlighted some of the fiscal ‘24 issues that impacted growth and I just wanted to see if you could elaborate a little bit more on the visibility going to FY ’25, that should drive that comment around 50% greater net bookings. And specifically how should we think about that between kind of improved gross bookings versus improved churn? Thanks.

Yeah. Hey, Alex. It's Greg. Just on the churn, I think it's a combination of both in terms of, again, improved gross bookings, a little bit more consistent than what we saw last year, particularly in light of the liquidity crisis in Q1, but again, also an expectation as I tried to detail in my prepared remarks around the lower expectation [of the] (ph) churn. And so those two, I think, helped drive that 50% number and some of the confidence that we see going into as the year begins and the pipelines that we have.

Yeah, I want to emphasize our capacity on the field has increased year-over-year because we believe there's a massive opportunity and our TAM and SAM supports that. That gross bookings growth along with lesser churn gives us a significant upside on the net bookings.

Okay, and then just a quick follow up. Any way you think about how that should flow into fiscal ‘25 versus fiscal ‘26? Is that mostly a ‘26 issue?

Yeah, so if you look at our revenue certainty or visibility as the year starts, we're sitting around 93% to the middle of the guidance, okay? And so what we booked the first half of the year, there's two main factors. It's mix of product, in other words, how quickly it becomes revenue. It will be churned, as we see those indicators, because there's some unknowns in churn always. We've been conservative, but you never know what's going to happen. So those are the two main factors. And can we get the bookings early enough in the year, which -- I'll give you just a rough understanding of, if we can by mid-year have roughly around 40% of our total gross bookings for the year in, that is much more of a normal picture for the year and you get 60% in the back half. That first six months of bookings still impacts this year's P&L. And as you get later to the end of the year, that impacts a lot more into next year's P&L, okay? So that gives you some color how we see. So actually, if you look at this year's financial results, we need to get bookings early and often, and we need to contain churn. And those are the main factors for this year's financials.

Great. Thank you both for that color.

Thanks, Alex.

Thank you. Our next question comes from Nick Altmann with Scotiabank. Your line is open.

Awesome. Thanks guys. I wanted to ask a question on the mortgage side of the business. It sounds like there is a pretty nice rebound in Q4, but can you maybe just talk about where you're at with the transition to more of a consumption-based model? And going off that, how should we be thinking about the impacts to the model in FY ‘25?

Yeah, Nick, if you think about the transition to more consumption base, which again has a committed platform fee and then which comes with a specific number of loans for that and then to the extent that there's additional volume we would get upside from that. From a logo perspective, it's about 25% to 30% of our mortgage base, probably a little bit higher from a revenue perspective. And so that's where we are from a transition standpoint. Some customers, again, like the old seat-based model and it works for them and we're comfortable with that. Again, we started this because a lot of customers who were trying to navigate the rise in interest rates came to us and wanted some relief and we agreed to work with them as the market was struggling through that, but again, we wanted upside on the other side and they worked with us for that. So I think we're positioned nicely as volumes come back. That said, if you go back to my prepared remarks, we aren't expecting much improvement in the mortgage market until Q4 of this year. If you look at the MBA statistics, Q3 is where they see a pop. But again, we want to be prudent with our modeling as we think about the business and we think about managing the business. So that's where we are as it relates to the mortgage opportunity.

Greg, maybe I can give some further color just so that people understand what the mortgage impact is on the company as a whole. Today, mortgage is about 16% of total revenue. And then if you look at where I would say is your trend and instability is, that is more than the IMB market and that makes up only 11%. Then you look at the overall picture that we said in your press release that mortgage grew 14% year-over-year, which I think with all these headwinds is a fantastic accomplishment, number one. But also you have to understand that the IMB market is only 11% of the total company. So that impact is not massive on the company as a whole. It's painful and I want to see it change. But overall, this company has got a financial and a business model that is way beyond mortgage and much stronger to support certainty for us as we make these projections.

Awesome. Thanks, guys.

Thanks, Nick.

Thank you. Our next question comes from James Faucette with Morgan Stanley. Your line is open.

Hi, everyone. It's [indiscernible] for James. Thanks for taking our question. I just wanted to follow up on Nick's question on mortgage. It sounds like you're modeling minimal improvement in the market throughout the year, even though the business grew 14% on a subscription basis, in a market that was down quite meaningfully in ‘23. If we, Greg, you alluded to this, if we look at some of the industry estimates, it looks like on an aggregate basis for ‘24, we're going to see about a 20% to 30% year-over-year growth relative to ‘23. So, granted a lot of that will be concentrated in the back half, but I'm curious if you could just walk through the rationale for minimal improvement in the mortgage business in fiscal year ‘25 and whether or not that could prove to be conservative. Thanks.

Yeah, thanks, Michael. So only a couple of things. One is, again, we want to be prudent with our model and our guidance and forecasting. We launched last year a plan and six weeks into it, Silicon Valley Bank happened and so we're sensitive to that. From a year over year growth perspective, again, the churn that we identified in the mortgage side of fiscal ‘24, you see the impact of that really in fiscal ‘25. And so as we think about year-over-year growth, that's a big drag on that business. That said, again, I think the team's done a great job navigating through with the 14% year-over-year growth and 10% in the fourth quarter. And as I've said before, I think one of the focus areas was aligning with the larger, more successful IMBs, if you look at that part of that business. And as the dust is settling, again, I think you're left with a smaller number of larger, better capitalized IMBs. And again, we've worked hard to support those. And as volumes come back, and we expect to benefit from that. The other thing from a mortgage perspective, if you go back to Josh's comments earlier around sales in Q4, the number of financial institutions that were cross-selling and not only just cross-selling but are actually bringing nCino into the financial institution again is another part that should bring some stability to that business as we get through the year. Net of it is, we want to be prudent and I think there's a debate about when interest rates are going to go down and the impact of that on mortgage rates. And I think we're probably taking a view of it happening a little bit later in the year than maybe some other people.

Appreciate that, Greg. Makes sense. For my second question, I'm curious if you could give us a status update just in terms of how the synchronization of the SimpleNexus front end to the rest of the retail lending offering is going. When do you expect to complete that, and how do you think that will ultimately impact adoption of the product more generally, particularly after last quarter's win on the retail side? Thanks.

Yeah, so as you could hear, the number of banks or financial institutions we're selling that front end to now is increasing, and that velocity or momentum is good. At our nSight user conference, which is in May, we will demonstrate the end-to-end product. It will come with fully developed APIs, and we are very excited about that. I can tell you with vendor consolidation and the platform approach we've taken, we just see a significant, what I would say, interest in this platform because it gives the big banks the ability to do their own front end, and it gives through the APIs, and it gives the smaller banks the ability to adopt the platform end-to-end, okay? And now you throw in the DocFox acquisition, which is going to cover -- the SimpleNexus will cover your consumer and individual oriented businesses and use cases. And then you bring in DocFox and you cover your deposit account opening and onboarding for the commercial side and the heavy complex side. So I just think that this piece of the puzzle is coming together. DocFox will take us six months for the first integration milestone and SimpleNexus will be after our nSight conference in May. It'll be fully in the market and we'll sell this across the platform.

Yeah. So, Michael, again, nSight in May. We look forward to showing that to our customer base and prospects there. Again, we're really excited about that technology. Make sure you're there.

Got it. Thank you both.

Thank you. Our next question, Chris Kennedy with William Blair. Your line is open.

Yeah, good afternoon. Thanks for taking the question. Pierre, you talked about at least 15% subscription revenue growth in 2026. Can you just talk about kind of the puts and takes to that number as you sit here today?

Yes, so the first thing is, if we accomplish the goals for our bookings for this year that we feel very confident about, if you look at the macroeconomic environment, if you look at customer conversations we're having, et cetera, that is your first foundational milestone to that. The second one is, over the next nine months, we are going to launch a number of new products that is very quick to market, much smaller installation cycles. And I believe that will drive momentum where we actually have a higher ACV number come the end of the year, but it'll translate into revenue growth for next year. So the new products, along with the omnichannel frontend we're launching, along with DocFox being fully integrated, okay, I think all of those, and then you look at mortgage when that recovers, and I do believe there's a point, the rates -- mortgage rates will not come down that much. I think it's more of a point of house prices will reach an equilibrium and that the consumer will realize because of life events they have to move. And if you combine all of those, some of you have turned more to a normal market, that upside in mortgage is going to be significant for us as well. So the combination of all of that, I think will drive a growth rate for next year is north of 15%.

Great. Thanks for that. And then you talked about a churn going back to normal. Do you still think the normal is kind of 2% to 3% going forward? Thanks a lot.

Yeah, I think it would probably be more towards the 3-ish percent risk just because, again, the IMB piece to it, which is a little bit more volatile. But I think, again, we're taking a step down this year. We still expect elevated churn, as we noted. But ultimately, particularly if you look at the legacy nCino side, it's fairly consistent, so there's no new news there. And as mortgage settles, we would expect to be closer down to that 3-ish percent than where we are last year, and certainly where we are this year -- where we were last year. So, Dave, where we are this year.

Yeah, the products we're installing is very sticky. It's long term. These are generational buying decisions. And once banks standardize on this kind of software, they stay on it for a very long time. So, I feel confident that churn rate will come down to that. Over time, as the rest of the business grows as well, you'll find that our mortgage business in banking will grow significantly, which is a much more stable customer base. We love the IMB space. We're going to focus on it and sell that. Two-thirds of mortgages are made there. However, over time, that will become a smaller and smaller portion of the business overall, just because we're outgrown on the other side of the balance sheet.

Understood. Thanks for taking the questions.

Thanks, Chris.

Thank you. Our next question comes from Robert Trout with Macquarie Capital. Your line is open.

Yes, good afternoon. Thanks to both of you, and congratulations to Josh as well. My first question, I know we've covered the pricing evolution and the trends that you're seeing on the consumer and mortgage side. With regards to that eventual shift on the commercial side, I know you've said, Greg, that you want to work out all the kinks and everything on the consumer side before you begin to deploy that on the commercial -- to the commercial segment. But with the DocFox acquisition, and as Pierre mentioned, rounding out the pieces of the puzzle, is there any thought to perhaps accelerating that hybrid pricing model transition on the commercial side versus a quarter ago?

Yeah, thanks Bob. Potentially. Ultimately, the rollout of platform pricing is really a cross-functional and organizational effort and that will play out throughout the year as we get that muscle solidified here internally and are able to do that on a very consistent basis. And so you're right, again, our focus has been on mortgage and on consumer, but ultimately as the year progresses and certainly as we get into next year, we would expect to focus on commercial as well, starting with net new customers and then again as renewals come up, addressing it from a renewal perspective. So it'll be an evolution throughout the year and into next year, but again that's where we're going and again it's really been reinforced as we talked about efficiency here a lot on this call and in the prepared remarks. And again, I think we're making our customers more efficient, which means fewer seats, which means they're also getting more value from our products. And so focusing on that value from the sales standpoint versus the number of seats is the right thing for us to be doing.

Thank you, that makes perfect sense. And then my follow up just on the -- very pleased to hear that still on track for the targeted drive to Rule of 50. Within the various levers that you have that will get you there, when you think about the fact that for, let's say three out of the next four quarters, you expect the mortgage segment's growth to be dilutive to the company average before, rebounding in the fourth quarter, but you still very much believe that you'll get the Rule of 50 and you'll hit your gross margin of 78% to 80% and it doesn't have to be linear. So what would be potentially the positively offsetting factors when you have, say, a couple of quarters of weakness in say mortgage or any other?

I think one of the things that we're really proud about, we talked about the turmoil really that this business and the industry has gone through over the last couple of years between COVID and the rise in interest rates and the liquidity crisis, Bob, we stayed very focused on executing our strategy, both product-wise as well as our geographic footprint. And so, again, I think we've got multiple levers in the business in order to help us or support us on our path to reach that Rule of 50 on that long-term target that we discussed back in September. And it's from mortgage, it's from new products, it's from AI, it's from our consumer lending product being in a place where again, we can sign a $200 billion enterprise bank as we announced in the third quarter. It's the new omnichannel. And so, again, I think it's just been a credit to the team, a lot of focus over the last couple years to position us to be ready and really have this kind of convergence of the market hopefully coming back and settling after the turmoil that we've seen aligning very nicely with the maturing of our products and our go-to-market motion. And so again, I think it really spans products and geographies and I think we've got multiple different levers to help drive growth over the next several years.

That's great to hear. Thank you very much, guys.

Thank you, Bob.

Thank you. Our next question comes from Brent Bracelin with Piper Sandler. Your line is open.

Good afternoon. Thanks for taking the question. This is [JR] (ph) on for Brent. Just a quick clarification for me. I'm wondering if you can quantify how much of this building RPO you would attribute to the enterprise deals that slip from the third quarter versus any other source of uplift. Thank you.

Thanks, JR. You know, wouldn't get that level of specificity. What I would highlight is as we talked about seeing traction across all kind of market segments, that total RPO really is a reflection of duration. As you're aware, it's those enterprise customers that generally sign the longer contracts. Again, with those enterprise customers signing, it was very much extend and expand with those. And so, that was really what was driving. But I wouldn't highlight one specific deal versus, again, just a strong quarter of gross sales and a strong renewal quarter as part of that. As things came together nicely, very much more in line with what our historic expectations have been versus, again, what we've seen over the prior several quarters where it was much more lumpy than normal.

Great. Makes lot of sense. Thank you.

Thank you.

Thank you. And our last question comes from Alex Markgraff with KBCM. Your line is open.

Hey everyone, thanks for taking my question here. Just wanted to follow up on some of the commentary around normalizing a normalizing sales environment. When you think about the normalization that you've seen so far, really, in the fourth quarter, just curious, I mean, what does that represent versus the, I don't know if I'll call it sort of backlog of paused demand that has built up more recently? That's sort of the first part of it. And then as you think about fiscal ‘25, what is sort of the operating assumption as to how quickly some of that demand sort of resumes and deals are signed?

Hey, thank you for the question. This is Josh. I think the biggest shift that we've seen is really the motivation that the customer has as we engage with them. We see a more resounding and consistent focus on efficiency from our customer base than we've seen since we started the company. Look, if you look at last year, you had the market took a shock, but when they've come back and realized that their margins are still compressed and they understand the environment they're in, they're getting more questions about their credit quality. The ability to continue banking but do so more efficiently is something that we're seeing in all segments across the globe. And so obviously you understand the efficiency lift that nCino gives, no team and no ecosystem is better equipped than nCino crew is to deliver that efficiency. That's probably been the biggest change that we've seen. So a big piece when we talk about return to engagement and returning sentiment is a pretty crystal clear focus from the customers we serve on delivering more efficiency.

Thanks.

Thank you. There are no further questions at this time. I'd like to turn the call back over to Pierre Naude for closing remarks.

Thank you so much, operator. When we founded nCino, our goal was to make our customers successful. That vision hasn't changed. Today, our solutions brings all of our financial institutions' lending, onboarding, and account opening operations onto a single trusted platform. I know of no other truly multi-tenant SaaS company in the financial services industry with a product richness and ability to serve the needs of the largest financial institutions across the globe to community banks, credit unions, and IMBs. nCino had the vision and technology to take banks into the cloud. And now we have the deep domain expertise and unmatched data to help them embrace and leverage AI. Thank you all for joining us today. I hope many of you will be able to attend our annual user conference, nSight, in May to see what's coming next. Thank you so much.

Thank you. [Technical Difficulty] program. You may now disconnect. Everyone, have a great evening.