nCino, Inc. (NASDAQ:NCNO) Q3 2024 Results Conference Call November 29, 2023 4:30 PM ET

Company Participants

Harrison Masters - Investor Relations

Pierre Naude - Chairman and Chief Executive Officer

Gregory Orenstein - Chief Financial Officer

Josh Glover - President and Chief Revenue Officer

Conference Call Participants

Adam Hotchkiss - Goldman Sachs

Saket Kalia - Barclays

Terry Tillman - Truist Securities

Adib Choudhury - William Blair

Adam Bergere - Bank of America

Alex Sklar - Raymond James

James Faucette - Morgan Stanley

Nick Altmann - Scotiabank

Alex Markgraff - KBCM

Robert Trout - Macquarie Capital

Operator

Thank you for standing by, and welcome to nCino's Third Quarter Fiscal Year 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's call is being recorded.

I would now like to turn the call over to your host, Mr. Harrison Master, Investor Relations. Please go ahead.

Harrison Masters

Good afternoon and welcome to nCino's third quarter fiscal 2024 earnings call. With me on today's call are Pierre Naude, nCino's Chairman and Chief Executive Officer; Gregory 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 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 for joining us this afternoon to review our third quarter fiscal 2024 performance. We had another solid quarter despite the continued unsettled macroeconomic environment.

We exceeded the high end of our revenue guidance with subscription revenues of $104.8 million, up 19% year-over-year, and total revenues of $121.9 million, up 16% year-over-year. Once again, we significantly increased profitability, posting a 17% non-GAAP operating income margin even as we continue to invest in the business, specifically in product innovation.