nCino, Inc. (NASDAQ:NCNO) Q2 2025 Earnings Conference Call August 27, 2024 4:30 PM ET
Company Participants
Harrison Masters - Director, IR
Pierre Naude - Chairman, CEO
Greg Orenstein - CFO
Conference Call Participants
Adam Hotchkiss - Goldman Sachs
Terry Tillman - Truist Securities
Aaron Kimson - Citizens JMP
Saket Kalia - Barclays
Charles Nabhan - Stephens
Alex Sklar - Raymond James
Michael Infante - Morgan Stanley
John Gomez - Scotiabank
Joe Vruwink - Baird
Robert Trout - Macquarie Capital
Ryan Tomasello - KBW
Chris Kennedy - William Blair
Operator
Good day, and thank you for standing by, and welcome to nCino Second Quarter Fiscal Year 2025 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 conference is being recorded.
I would now like to hand the conference over to your speaker today, Harrison Masters, Director, Investor Relations. Please go ahead.
Harrison Masters
Good afternoon and welcome to nCino's second quarter fiscal 2025 earnings call. With me on today's call are Pierre Naude, nCino's Chairman and 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 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.ncino.com.
With that, I will turn the call over to Pierre.
Pierre Naude
Thank you, Harrison, welcome, and thank you for joining us today. We are very pleased with our second quarter financial results, once again exceeding our guidance for both subscription and total revenues, as well as for non-GAAP operating income.
Before I turn the call over to Greg, to provide you with additional financial details on the second quarter, I would like to walk you through what we are seeing in the market. In the United States, sentiment in the financial services industry has improved quite a bit from a year ago, with FI balance sheets generally healthy and net interest margin headwinds abating. Buying behavior in both the US enterprise and community and regional markets accelerated in the first half of fiscal 2025, with gross bookings in the US up 36% over the first half of last year, including mortgage, and up 67% without mortgage. This momentum has been driven primarily by expansion opportunities within our existing customer base as more and more customers embrace our single platform.