My name is Cris Kennedy. I'm a research analyst at William Blair, who covers the fintech and payment space. For a complete list of research disclosures and/or potential conflicts of interest, please visit our website at williamblair.com. Next up, we have nCino from the company. We have the CFO, Greg Orenstein, and in the audience, Harrison Masters from IR. The company was founded in 2011. They provide software that helps their clients become more efficient and ultimately grow. The company has evolved over the years, and now they're clearly focused on AI banking and providing that solution. I think the important thing to know is this is a highly complex, highly regulated market that's not easy to disrupt, and I'm sure Greg's going to talk about that. Let me pass it over to Greg. Great. Thank you. Thank you all for joining us here today. It's a pleasure to be here talking about nCino and what we do. As you know, the platform for agentic banking. Of course, we have to go through the forward-looking statements disclaimer, so please note the attached so our lawyers are happy. Thank you for noticing that. Expanding upon what Cris mentioned, we were founded to help financial institutions across the globe digitize, automate, and streamline their business processes, really boosting efficiencies. Efficiency is a keyword you'll hear today and as you learn more about the company, and creating better banking experiences for our customers' customers. For nCino's customers, we serve as the system of record for the operational processes and resulting decisions that drive revenue growth, and importantly, mitigate risk. Today, we serve some of the largest institutions across the globe, as well as community banks, regional banks, here in the U.S., credit unions and independent mortgage banks. We help them more efficiently and effectively do four things: onboard customers, make any type of loan, open any type of account, and ultimately monitor portfolios. We do that through a single unified technology platform that is powered by artificial intelligence. Our depth and breadth of customer relationships, the unique data set that we have, our history of technology innovation that has been built on over a decade and a half of deep domain expertise inside the highly regulated world of banking, it really uniquely positions us to lead the AI-based transformation happening in the financial services industry. You'll note financial results for fiscal year 2026 on the slide, which for us ended on January 31st. This is just a snapshot of last year, where we made meaningful progress on increasing profitability while re-accelerating top-line revenue growth. Last year was also the best sales year in the history of the company, and the fourth quarter specifically was the best sales quarter that we've had in the history of the company. We exited last year and entered this year with a lot of momentum around the globe. The nCino platform brings together AI and data in one place, eliminating the chaos of disconnected systems and giving financial institutions a unified foundation, again, to onboard clients faster, originate loans smarter, and more deeply understand their customers and their business. With intelligence embedded across every solution, our customers can see what's coming, act quickly on what matters, and build relationships that last with their customers. One of the things that makes nCino's platform different isn't just a specific single feature. It's how everything works seamlessly together. AI operates invisibly in the background, delivering results in seconds while maintaining institutional knowledge and compliance standards our customers can validate and, most importantly, trust, not only for their internal purposes, but in connection with the regulatory oversight that they're subject to. The nCino platform has been built to surround and provide a complete 360-degree view of a customer's customer, which contrasts to legacy technology infrastructure that historically has been organized by financial institution line of business. With nCino, a customer can originate any type of loan, open any type of account, and onboard any customer across primary lines of business of commercial, small business, and consumer, including mortgage. We do that on a unified platform that is scalable for a bank of any size, and that's something that's very unique to nCino. The same code that runs a small community bank here in the U.S. runs some of the largest banks here in the U.S., as well as globally. Again, that's very unique in the competitive landscape. Most of the competition we see on a global basis is actually concentrated here in the U.S., down market in the community bank and credit union space. Those vendors have had a challenge historically of demonstrating the ability to scale. When a bank thinks about growth, thinks about wanting to grow, whether it's organically or through acquisition, nCino really is the alternative for them to have that platform that they know they can grow on and not have to worry about replacing the platform over time. One of the other unique things about nCino is our ability to serve banks across the globe. As noted on the slide, we have customers in over 25 countries, and over 20% of our subscription revenues last quarter were generated outside of the U.S. We can handle over 100 currencies and languages. Financial institutions across the globe, they're faced with similar challenges. While there are regulatory and cultural nuances to solve for, we always joke the old adage, "A loan is a loan is a loan," and other similarities hold true on a global basis. Our value proposition resonates. There's not an institution that I've spoken to in my over 10.5 Years at the company that does not have a desire and need to focus on becoming more efficient. That is exactly what we're here to help them do. That is very natural to us. That's the business that we've always been in, helping our customers become more efficient. We did that when we took them from on-premise technology to the cloud. Again, now with AI, we actually have just a newer technology that helps us create further efficiencies with our customers. We are proudly unique in our ability, again, to serve globally, and particularly in our vertical with a single platform and a single common code base. We lean into opportunities specifically in EMEA. We originally were focused in the U.K. and Ireland, where we had very early success and built up a very nice customer base. Our attention, continuing to support and expand that over the last year or two, has been more aggressively moving on to the continent. Our largest logo last year was actually from a bank in Austria driven by our EMEA team, which we're real proud of. Another geo that we've been very excited about and continue to be very bullish about is Japan. In the fourth quarter last year, we cracked into the mega banks with an over $2 trillion financial institution to pick us to help standardize their operations. We also have operations in the Middle East and customers there, and we see increased opportunities for growth in Southeast Asia. If you take a step back and look at our SAM, we have a sizable global opportunity. Today, we have a very well-established go-to-market motion. We measured our SAM at $10 billion at the time of our IPO back in 2020. Since then, we've almost been able to double it through the addition of projects and expansions from a geographical perspective. This SAM calculation was derived by extrapolating ACV and our existing base to relevant financial institution assets, which is how we think about the opportunity going forward given our new pricing model, which allows nCino to participate in the growth of our customers' assets. We see a large greenfield opportunity on the continent in Europe as well as in APAC, as I touched upon a few moments ago, and a tremendous opportunity to cross-sell within our installed base where we have already helped our customers realized a lot of business value and where we have deep, longstanding, very positive, and constructive customer relationships. At nCino, we measure success based on the outcomes we deliver for our customers. When you can have a conversation about how you've helped a bank grow their loan portfolio, increase deposits, or how you've helped them remove time and expense from a process, that elevates you from being just a vendor to being a strategic partner. That is the position that we want to be with our customers. We frequently hear C-suite referring to nCino when they speak to their shareholders on public earnings calls because the value proposition has been demonstrated again and again, it sends a clear message to the market that they, that financial institution, i s committed to becoming more efficient. We have a proud heritage of success in customer outcomes with some more recent ones depicted on the statistics at the top of this slide. These outcomes have been achieved largely with the technology that's been available to our customers over the last decade and almost a half. Now obviously we've got new technology that we're incredibly excited about, as are our customers, which is AI. We believe that we are uniquely positioned to deliver AI to our customers to reshape the work of banking, much of which is already performed on our platform today. We have a foundation of contextual data. We have the governance and security infrastructure. We have the trust, most importantly, of our customers. We own the process, right? We've demonstrated for almost a decade and a half that we can make financial institutions more efficient. We've been iterating on our product every day to continue that over the history of the company. AI is just a new and very exciting tool available to make our solution even better. There are three components to our AI strategy. The first one is Banking Advisor. Whoops. The first one is Banking Advisor, and you can think about that as the chat interface and the foundational set of generative AI tools for nCino. The second one are Digital Partners. That's our term for agents. Think of those as persona-based agents that leverage the Banking Advisor tools to accomplish work that would otherwise be performed by human bankers. Now, the banker is an orchestrator with human judgment preserved in the process where and if it makes sense. The last one is we've got the third leg as our MCP or API interconnectivity layer. At our customer conference a few weeks ago, we talked about and unveiled the Agentic Operating System, which is the architecture on which we at nCino have built our AI capabilities. The AOS, what it really does is it supports three things. One is it provides governance and observability in orchestrating AI. The Agentic Operating System is how we direct agents today. The second thing is it provides customers the ability to build their own agents. The third thing is it provides the connectivity and interoperability with other systems. For example, if a bank has developed a call center agent, that agent can traverse the customer's nCino environment to access client data to facilitate a support call. We actually have a short demonstration video I'd like to share so you just get a small appreciation for some of the value that we can deliver through our Banking Advisor and Digital Partner capability. Let's see if this is going to go. Meet Summit Industries. They're expanding manufacturing capabilities and need working capital. Once the information's been gathered, the relationship team simply tells our new Service Digital Partner about the deal. The Digital Partner takes it from there. Complexity replaced by simplicity. Fast-forward six months. Summit is well into their expansion. The Analyst Digital Partner is continuously monitoring credit in the background, notifying the relationship team with intelligent alerts on risk status changes, and ultimately protecting the institution. When reviews are due, the Analyst Digital Partner picks it up again. Covenant testing, financial spreading, key ratio analysis, a fully drafted relationship review ready for the credit team to approve. This is the dual workforce. Your best capital, your human capital, stays where it matters most, on decisions, relationships, and outcomes. That's not just AI, that's nCino. Yeah. Again, I think one of the things that's very exciting for us as a technology company is the trust that we have with our customers, the relationships we have with our customer. Obviously, there's a lot of noise in the market about AI. We see them looking to us to help lead them on this AI journey. Our AI solutions are unique. They've been specifically tailored to the challenges faced by financial institutions, automating the tedious manual work that previously consumed banker time and robbed business value. nCino has the domain expertise to identify where AI can be applied to deliver measurable efficiency improvements, like increasing deal velocity and mitigating risks before they impact the P&L of a financial institution. We also have benchmarking data that informs our AI roadmap and is also available to our customers so they can appreciate the outcomes they're getting from our platform and how they compare on an anonymized basis to their peers. I'm not aware of another competitor in the market with the same positioning and ability to deliver AI that nCino has. Just as we ushered our customers into the era of the cloud, nCino is emerging as the trusted partner that can lead them on this AI transformation journey. Switching gears from strategy to an update on our financials. We released earnings a week or so ago. We posted a really strong first quarter of fiscal 2027, achieving the Rule of 40 a couple of quarters earlier than anticipated, which we define as subscription revenues growth plus non-GAAP operating income margin. We outperformed guidance across all key metrics and have guided to accelerated organic subscription revenue growth for this fiscal year. A key enabler of the accelerating subscription revenue growth has been an acceleration in organic international subscription revenues. We were pleased to report this was again accretive to overall subscription growth in the first quarter, and we are seeing the fruits of renewed focus in continental Europe with our largest deal last year. Again, Japan, we had a great win there, and last year we tripled the size of ACV in our Japanese business. Again, continue to be very excited about the opportunities we see in that country. Lastly, I'm especially proud of how the organization has continued to operate more efficiently. In the first quarter of fiscal 2027, non-GAAP operating income increased 79% over the first quarter of fiscal 2026, and free cash flow increased 54% to $80.8 million, which is nearly the amount of free cash flow we generated all of fiscal 2026. Recognizing that free cash flow has increasingly become the common denominator for valuations in our space, we have, for the first time this year, provided annual guidance for that metric. The increasing free cash flow that we have been able to generate and that we see our ability to continue to generate has enabled us to repurchase 11 million shares of our stock for approximately $219 million over the last five quarters, including 6.1 million shares in the first quarter of fiscal 2027 at a price of $15.20 a share. In sum, we're really pleased with our latest financial results and the progress made over the last several quarters at the company. We are incredibly excited about the position we find ourselves in as a trusted vendor in the highly regulated world of banking as we lead our customers on the AI journey to again transform the way they operate their financial institutions. With that, Cris. Yeah. Yes. I'll start out with AI. Now you have a presence in the largest of the largest institutions, all the way down to community banks. Just talk about what you're hearing from your customers and how they're viewing AI. Yeah. Obviously, it's top of mind for most, if not all, folks. Really what we're seeing them look to us towards is to be a trusted partner. Again, I mentioned it earlier, there's a lot of noise and confusion out there. They're being inundated with ideas and opportunities, what our job is to help hold their hand, if you will, and walk them on this AI journey. For us, it's an incredibly exciting time. We've got a lot of product out there live and referenceable. We had customers up on stage at our user conference just a couple of weeks ago talking about the efficiency gains that they are already seeing. Ultimately, that's the position that we want to be in, which is to help them understand the value of it, the efficiency gains that they can get from it, again, l ook to nCino to help take them on that journey. For us, yeah, this is just a massive opportunity that we see. It's been a very energizing one. Almost feels like, again, earlier days of the company, creating this category called cloud banking, which did not exist. We find ourselves again, creating new ground. Again, I think we are uniquely positioned to provide benefit and efficiency gains for our customers. Understood. You clearly have a product roadmap. Can you just talk about the opportunities for you to monetize some of the newer products you have in AI? Yeah. We started a couple of years ago on a journey of transitioning away from seat-based pricing to, for us, as our foundation asset pricing, based on the assets that a financial institution has on our platform. We formalized that going into last year. We commented on our call last week that we have now over 40% of our customer base on platform pricing. Really, we saw with the efficiency gains that we were driving, that over time, and the more that we were able to automate over time, customer would need fewer and fewer seats, which is obviously not a great business model. We are more aligned with them with asset growth from a value standpoint. As their assets grow, we're able to participate in that growth. We do that by bands, asset bands, and so a customer will get a price for a particular asset band, and then each year on the anniversary date of the customer contract, we'll go and we'll recalculate the assets that are sitting on our platform. To the extent that they move from one band to another band, the invoice or the price for the new year will be based on the new price band. Historically, asset growth has tracked GDP, and so we see the opportunity with each customer to be about 2%-3% uplift each year based on that asset growth. Not every customer's going to move assets. Some may move multiple assets depending on growth. At least from an opportunity standpoint, intra-contract to be able to raise prices as we continue to drive value for our customer, we're able to participate in there. In addition to that, with AI, we've got Intelligence Unit consumption opportunities, which is really for us, if you go back, is a new growth opportunity, right? One that 18 months, two years ago really didn't exist. We are selling bundles of what we call Intelligence Units. We have over 200 customers that have purchased our AI technology, that have purchased these Intelligence Units. In order to use our AI technology, you need to be on our new pricing platform. It's actually been a catalyst for customers to renew early, which has been a great trend to see, right? Because in order to use the AI, again, they need to be on the pricing model. The way it works is each month they get a monthly allocation. To the extent they exceed that allocation, well, they would need to come back and buy more. We've been very transparent and vocal about our focus for the short term, which we said as we think about this year, is on adoption. If we do the adoption thing right, the revenues are going to come. It's great to see usage going up. We gave a statistic that since October, if you go back to our Q4 call at the end of March, we had seen usage increase over 25 times towards the end of March. If you use that same October starting point, over 38 times through the third week of May in terms of increased usage. I think the trends are great. The adoption is going well, and ultimately the receptivity or desire for our customers to use our AI technology, I think has exceeded our expectations. Got it. On the flip side of that, there are costs associated with tokens. Just how are you managing or thinking about that as this business continues to grow? Sure. There's an internal and external component to that. Obviously, internally, think about leveraging cloud code and things like that. It is something that we're monitoring closely, and very importantly, making sure we're getting the returns on the investments that we're making. We talked about on our earnings call last week, some of the statistics and some of the efficiency gains that we're seeing. So I think we feel good about that, but it is something that we're monitoring, and making sure we have the right guidelines and infrastructure in place so that people are using the right models to solve the right problems. Right? So that's from an internal perspective. A year ago we talked about an initiative, for example, in terms of some of the returns for our professional services organization, as we've been very focused on increasing our gross margins in professional services. We had something that we called internally Project Sub Zero, to bring that timeline down and get our margins up. We were very pleased in Q1 to show 10% margins for our professional services organization, which was a very nice leap. Again, that's driven in part by some of the AI investments that we've made and some of the efficiency gains that we've seen from them. From an external standpoint, I think a few things. One is, I think about least cost routing in terms of model use, and which model you need to solve what problem. The other thing I'd highlight, and I noted this on our earnings call, not every one of our Intelligence Units that gets consumed actually requires a third-party LLM. We have things like our Automated Spreading, which is proprietary machine learning data that we have, that we leverage, that helps drive the results from that. That's internal. It does use Intelligence Units, but ultimately that's an internal product that we have. Again, that would come at a very high margin for us. I think that mix also, because we have all of this other data that we're helping drive intelligence and provide information to our customers with, is part of the additional value add that we can provide from an AI standpoint. Thank you. The CEO came in maybe just over a year ago. He kind of outlined five strategic initiatives. Can you just provide an update on those initiatives? Absolutely. Again, wanting to get back to growth, right? Again, hopefully we've been able to demonstrate continued consistent improvement from an operating margin standpoint. Want to make sure this business is growing at a rate that is reflective of the quality of this business, and we haven't been happy where that was. There's some external factors that impacted that, and obviously always there's things that we can do better. Driving re-acceleration of growth, it was nice to see that trajectory change this year. That was in large part due to the five initiatives that we talked about, that you mentioned, Cris. One is international. Again, last year internationally, we had the highest gross bookings year that we have had outside of the United States. That is accretive to growth, we said, that's been very nice to see. Again, I think we see continued opportunities there, as again, it makes up about half of our overall SAM. The second one is we formed a credit union team. We've been selling to credit unions for years. We really wanted to make sure we had a team that was just exclusively focused on that market. There's some nuances there between credit unions and banks, and it's important that we're sensitive to those. They had a good year last year, not only getting the team organized and up and running, but also building pipeline. In the first quarter, we announced that they signed their largest deal to date, that team, so real pleased to see that. That was a multi-product platform sale. Pleased to see that. The third thing would be mortgage, cross-selling our fantastic mortgage solution into our large bank and credit union customer base, particularly going up market. We were able to announce in the fourth quarter, signing a top 35 bank and $80 billion asset bank for mortgage, which was a great cross-sell as they use other solutions from nCino. The other one's AI, which obviously we've talked about. The final one's onboarding. There's two components to that really through acquisition. One was we acquired a company called FullCircl in the U.K. I've been pleased with that. That business, it's evolved into a client lifecycle management opportunity, not just in the U.K. Where it was initially based and focused, but again, as we move more aggressively on the continent, we're taking that product with us, from an onboarding perspective. In the U.S., we had an acquisition we did called DocFox. We've talked over the last quarter or three that the integration of that post-acquisition took us longer than we wanted it to. I think as we sit here today, we feel really good about that product, it being fully integrated into the overall platform experience. Our expectation as the year progresses is that we'll have some nice data points to talk about there. All those have been moving along very nicely and I think pleased to see that. That, again, helps drive that re-acceleration of growth that we've been so focused on. Great. The company started in the commercial segment, and then they evolved into the consumer segment. Consumer is probably, I don't know, under 15% of ACV or so. Can you just talk about the journey in the consumer segment for nCino and the opportunity there? Yeah. It has been a journey. We had great success initially with our commercial offering, expanded into small business and then to consumer. I think appreciated there are differences between the consumer, not only regulatory environment, but also just expectations from a user standpoint. Ultimately the consumer, what we really see resonates is it as part of our platform story. We've had good success both up market selling a $200 billion bank, but particularly, I'd say in the credit union space and the community bank space. We have a very compelling consumer offering. We feel good about that is it's more, I'd say singles and doubles just in terms of size of deals, right, versus commercial tend to be larger. Sometimes they get a little more attention on the commercial side than the consumer side when you have five bullet points to highlight in a particular moment. We have a competitive and I think compelling consumer standalone product. I think it becomes even more compelling as part of our overall platform story, where a financial institution is able to standardize their commercial small business consumer mortgage, onboarding and account opening all on nCino and get the efficiencies from doing that versus having multiple different point solutions, which is historically how they purchased their software. You talked about it in your presentation, just once again, just talk about the competitive moat within this bank tech market. Yeah. Look, I think in this world, everyone's concerned about changes in technology. From our perspective, we have been and continue to be in the change management business, right? What we drive our customers to do is change the way that they operate their financial institution to be more efficient, to be more competitive. Again, now there's a new technology to do that. We have a customer base of a couple of thousand customers across the globe, including banks of all sizes. I think that trust factor, the fact that this is what we do, right, we now have new tools to do it even better, is exciting. We have demonstrated an ability, unlike any other competitor out there, to scale, again, all the way up to the largest banks in the world. We have housed our customers' data for almost a decade and a half. That trust component, which I keep coming back to, is evidenced by the fact that we have over $11 trillion of assets that sit on our platform that our customers have given us consent to use the data supporting that to help some of our product initiatives, like the benchmarking that I referenced earlier in my prepared remarks. While new technology comes and goes, and obviously this is an exciting time, we sell to a very conservative, highly regulated market. I think most importantly for them is that they can trust their vendor. They know they've got a vendor that innovates, right, and that they're getting the return on their investments that they make and who can safely lead them on this AI journey, frankly, at a pace that they're comfortable with. We see customers who are jumping feet first head first, if you will, and others who are going to be more on the tail end. They all have different speeds. They all have different risk tolerances. We understand that. Again, I think that's why we're uniquely positioned to be a huge beneficiary of AI in banking. All right. We're going to end it there. There's a breakout upstairs. Thank you all for your time.