nCino, Inc. (NASDAQ:NCNO) Q4 2024 Earnings Call Transcript March 26, 2024 4:30 PM ET
Company Participants
Harrison Masters - Director of IR
Pierre Naude - Chairman and CEO
Josh Glover - President and CRO
Greg Orenstein - CFO
Conference Call Participants
Terry Tillman - Truist Securities
Adam Hotchkiss - Goldman Sachs
Alex Sklar - Raymond James
Nick Altmann - Scotiabank
Chris Kennedy - William Blair
Robert Trout - Macquarie Capital
Alex Markgraff - KBCM
Operator
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.
Harrison Masters
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.
Pierre Naude
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.