Q1 2026 nCino Inc Earnings Call Transcript
Key Points
- Ncino Inc (NCNO) reported total revenues of $144.1 million for Q1, a 13% increase year over year, with subscription revenues rising by 14%.
- The company exceeded expectations in non-GAAP operating income, reporting $24.8 million, or 17% of total revenues.
- Ncino Inc (NCNO) showcased significant enhancements to its platform at the Annual nSight Customer Conference, including 16 new AI-driven banking adviser capabilities.
- The company saw strong international growth, with non-U.S. total revenues up 22% year over year, and a significant add-on deal at a top Canadian bank.
- Ncino Inc (NCNO) is leveraging AI to streamline operations and improve efficiency, which is expected to drive future subscription revenue growth.
- Ncino Inc (NCNO) announced a restructuring event affecting approximately 7% of its global workforce, indicating potential internal challenges.
- Professional services gross margins have been a drag on overall gross margin, with ongoing cost pressures in the community bank space.
- The company is not flowing through the approximately $800,000 of seasonal overperformance in U.S. mortgage subscription revenues to its full-year guidance.
- There are concerns about decelerating subscription revenue growth in fiscal 2026, with difficult comps expected in the second half of the year.
- The restructuring is expected to incur $7.5 million to $9 million in onetime costs, impacting fiscal '26 free cash flow.
Thank you for standing by, and welcome to nCino's first-quarter fiscal year 2026 financial results conference call. (Operator Instructions) As a reminder, today's program is being recorded.
And now I'd like to introduce your host for today's program, Harrison Masters, Director of Investor Relations. Please go ahead, sir.
Good afternoon, and welcome to nCino's first-quarter fiscal 2026 earnings call. With me on today's call are Sean Desmond, nCino's 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
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