BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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nCino Celebrates Fiscal Year 2024 Success and Outlines Future Growth Strategies
March 26, 2024, WILMINGTON, N.C. — nCino, Inc. (NASDAQ: NCNO), the cloud banking leader for the global financial services industry, proudly announced its financial achievements for both the fourth quarter and the entire fiscal year 2024, ending January 31, 2024. With notable revenue growth and significant advancements in subscription services, nCino is setting the stage for continued success and innovation in the banking technology sector.
Fiscal Year 2024: A Year of Robust Growth and Strategic Expansion
nCino reported a 13% year-over-year increase in total revenues for the fourth quarter, reaching $123.7 million. The fiscal year 2024 saw total revenues climb to $476.5 million, marking a 17% increase from the previous year. Subscription revenues, a key indicator of the company's recurring business strength, rose by 19% to $409.5 million for the fiscal year, highlighting nCino's solid customer base and the growing demand for its cloud-based banking solutions.
Strategic Leadership Transition
In a strategic move to align its leadership team with future growth objectives, nCino announced a transition within its Chief Revenue Officer role. Josh Glover, who has significantly contributed to nCino's global revenue expansion, will depart to pursue a new opportunity outside of the financial services industry. Paul Clarkson, a veteran in managing nCino’s Global Revenue organization, has been promoted to Executive Vice President Global Revenue, ensuring continuity and focus on the company’s ambitious revenue goals.
Operational Highlights and Client Successes
nCino's operational success in the fiscal year 2024 was marked by several key client engagements and product expansions, including:
- The expansion of its relationship with one of the nation's largest independent mortgage banks and with Desjardins Group, the largest cooperative financial group in North America.
- Signing a top UK non-bank lender and a $4 billion bank in Texas for comprehensive lending solutions across multiple business lines.
- Securing multi-year extensions with eleven customers, each contributing over $1 million in annual subscription fees, underscoring nCino's ability to foster long-term client relationships.
- The strategic acquisition of DocFox, further enhancing nCino's product offerings and market reach.
Looking Ahead: Financial Outlook for FY 2025
As nCino moves into fiscal year 2025, it projects total revenues to be between $538.5 million and $544.5 million, with subscription revenues expected to range from $463.0 million to $469.0 million. Non-GAAP operating income is forecasted to be between $84.0 million and $86.0 million, with non-GAAP net income per diluted share anticipated to be between $0.60 and $0.64.
Pierre Naudé, CEO and Chairman of nCino, expressed gratitude towards Josh Glover for his contributions and welcomed Paul Clarkson’s elevation to Executive Vice President Global Revenue. Naudé’s confidence in Clarkson’s leadership and the team’s capability to drive forward nCino’s growth trajectory reflects the company’s commitment to maintaining its momentum and executing on its strategic vision for the future.
As nCino continues to innovate and expand its reach within the financial services industry, its focus remains on delivering exceptional value to its clients through cutting-edge technology and superior customer experiences. With a strong financial foundation and a clear vision for the future, nCino is well-positioned to capitalize on the opportunities ahead, driving further growth and success in the evolving landscape of cloud banking.
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