nCino, Inc. (NASDAQ:NCNO) Q4 2023 Earnings Call Transcript

Pierre Naude: And I want to make sure that the renewals is not slippage. A renewal is a contract time when the contract renewal comes up. And it may be that in one year, we had a massive Q4 and the next year, we had a smaller Q4. And what will happen is when that renewal is three or five years old, if they all lump together, last year in Q4, then had a big New York quarter or if they didn’t — maybe they’re all long to together previous year, then my renewal is lower for last year. That’s where that comes from, okay? The deals cancel because once the contract is up, it has to renew or they have to go somewhere else.

Greg Orenstein: Yes. And last year, we had some long duration renewals, which obviously would impact that number as well.

Pierre Naude: This is massive coming into that RPO. I hope that answers your question, hopefully.

Adam Bergere: Yes. Just last point of clarification. Is it fair to say that duration did come down on a year-over-year basis than Q4 to Q4?

Pierre Naude: Let’s take a look into that, and we can follow up and follow up.

Operator: Thank you. There are no further questions. At this time, I’d like to turn the call back over to Pierre for any closing remarks.

Pierre Naude: To everyone on this call, thank you so much for coming to our earnings call today. As always, we are grateful for the support of our stockholders, customers and partners and for the tireless efforts of our employees across the globe. Thank you, and have a good evening.

Operator: Thank you. This does conclude the presentation. You may now disconnect.